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'ff4c78502460b194135dbebbe7bc1bc879b98b26'|'Swiss watch sector set for smartwatch boom - LVMH executive'|'Business News - Sun Jan 1, 2017 - 12:26pm GMT Swiss watch sector set for smartwatch boom - LVMH executive Displays of the Tag Heuer ''''smartwatch'''' is seen during a news conference in New York November 9, 2015. LVMH''s Tag Heuer became on Monday the first Swiss watchmaker to offer a ''''smartwatch'''' to customers that combines Swiss design with U.S. technology, seeking to tap a... REUTERS/Shannon Stapleton ZURICH Switzerland''s luxury watch sector can profit from a smartwatch boom as more consumers seek high-end versions of the technology, an industry veteran was quoted as saying. Swiss watchmakers, who once dismissed smartwatches as a fashion accessory, are racing to grab a share of a fast-growing market via technology partnerships and stepping up investments. "If it is true that Apple ( AAPL.O ) has sold around 20 million Apple Watches and has a market share of around 50 percent, then the potential is enormous," said Jean-Claude Biver, head of LVMH ( LVMH.PA ) watch brands including TAG Heuer, Hublot and Zenith. "A luxury market arises as soon as people want to differentiate themselves from the masses. That is the case here as well. With our know-how, Swiss quality and prestige we have the best preconditions to master this segment too," he told Swiss paper SonntagsBlick. TAG Heuer, for instance, partnered with U.S. technology firms Google ( GOOGL.O ) and Intel ( INTC.O ) for its TAG Heuer Connected watch, whose first units offered at just under 1,400 Swiss francs ($1,375) apiece sold out quickly last year. The Swiss watch industry, which includes Swatch ( UHR.S ) and Richemont ( CFR.S ), may overall be selling fewer timepieces as exports decline 15 months in a row but it is not facing an existential crisis as in the 1970s, Biver said. He said the industry was instead consolidating as top brands boost market share. (Reporting by Michael Shields; Editing by Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-swiss-watches-idUKKBN14L12A'|'2017-01-01T19:26:00.000+02:00'
'f7e24dbc26a8163ac550019a5786e6e9bd3472bb'|'BNP Paribas goes head to head with Credit Agricole'|'Bankruptcy News - Tue Jan 3, 2017 - 9:39am EST BNP Paribas goes head to head with Credit Agricole By Alice Gledhill LONDON, Jan 3 (IFR) - BNP Paribas and Credit Agricole will share the podium for issuing the first senior non-preferred bonds in US dollars after the former bypassed an outstanding mandate from its peer early on Tuesday morning. BNPP swept up Asian orders for the seven-year note (Baa2/A-/A+/AH) before marketing in Europe and the US, turning the tables on Credit Agricole which unexpectedly opened that market in euros at the end of 2016. BNPP later added a euro tranche on the back of strong reverse enquiry out of Europe. Credit Agricole, which priced the first of this new type of debt in mid-December, announced follow-up US dollar five and/or 10-year maturities (Baa2/BBB+/A) on December 27, opening books at the US open on Tuesday despite speculation that it might put the trade on hold. "I''m sure Credit Agricole isn''t happy about it," said one banker. The bank could not be immediately reached for comment. Others said BNPP''s strategy made sense. "They''re doing it the right way; you don''t need to reserve your slot, especially in dollars. They''re picking a good day to get both deals done," said a second banker. BNPP''s euro and dollar deals looked to be roughly in line at IPTs, he said. The issuer started marketing the dollar tranche at Treasuries plus 170/175bp and the long six-year euro at swaps plus 105bp area. BNP Paribas intends to print 30bn of the new-style senior debt by 2019, the largest volume among the French banks. The securities, which sit between outstanding preferred senior and Tier 2 debt, are designed to help banks comply with incoming rules demanding larger stacks of debt to absorb losses in a crisis. "BNPP''s strategy seems a bit more piecemeal than I''d expected given their target," said another syndicate official, who had expected the bank to offer multiple tranches. The bank''s euro 2.875% Sep 2023 preferred senior, just shorter than the new Oct 2023s, was bid at 44bp over swaps on Tuesday morning, according to Tradeweb. Credit Agricole and Societe Generale paid between 30bp and 40bp over their traditional senior bonds for respective Dec 2026 and Apr 2022 trades, with 10bp-15bp new issue concessions on top. The first two deals were well received, with investors placing more than 8.5bn in combined orders. Societe Generale''s Apr 2022s are bid more than 5bp tighter than reoffer, at swaps plus 84.7bp, but Credit Agricole''s Dec 2026s have widened to 123.4bp after pricing at 115bp. The spread on BNPP''s euro tranche fixed at swaps plus 92bp for a 1bn deal, but there was no book update available. (Reporting by Alice Gledhill, editing by Helene Durand, Julian Baker) Next In Bankruptcy News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/banks-bonds-idUSL5N1ET253'|'2017-01-03T21:39:00.000+02:00'
'b9f8b5d59a6daae9bf53e1fdc4fea3a8d9eecae4'|'ANZ sells Shanghai Rural stake for $1.3 billion - Reuters'|'SYDNEY Australia and New Zealand Banking Group Ltd ( ANZ.AX ) said on Tuesday it will sell its 20 percent stake in Shanghai Rural Commercial Bank Co Ltd [SHRCB.UL] for A$1.8 billion ($1.3 billion), as part of its broader sell-down of Asian assets."The sale reflects our strategy to simplify our business and improve capital efficiency," ANZ Deputy Chief Executive Graham Hodges said in a statement.China COSCO Shipping Corp and Shanghai Sino-Poland Enterprise Management Development Corp were named as the purchasers in the deal, representing a price-to-book ratio of about 1.1 times Shanghai Rural''s net assets as of December 2015.The move is part of ANZ''s move to reduce its Asian exposure, which includes the sale of wealth and retail businesses in Singapore, Hong Kong, China, Taiwan and Indonesia to DBS Group ( DBSM.SI ).For banks, holding minority stakes in lenders like Shanghai Rural is proving to be expensive under new rules that require them to set aside equity capital against such investments.ANZ invested a total of A$568 million to acquire the stake in 2007, but has since come under investor pressure to exit minority stakes in Asia and to boost its Tier-I capital ratio, the core measure of a bank''s financial strength.ANZ said the sale would boost its tier-I capital ratio by about 40 basis points. The bank said its ratio was 9.6 percent in its annual report in November.The sale, agreed on Saturday, is subject to conditions and regulatory approvals and is expected to be completed by mid-2017.(Reporting by Tom Westbrook; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-australia-anz-bank-china-idINKBN14M18L'|'2017-01-02T20:42:00.000+02:00'
'b080eb2196d38aa17a5b7d6b2c5600ce369d5ff5'|'Wall Street set for big gains on first trading day of 2017'|'Money News - Tue Jan 3, 2017 - 7:25pm IST Wall Street set for big gains on first trading day of 2017 Traders work on the floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., December 30, 2016. REUTERS/Stephen Yang/File Photo By Yashaswini Swamynathan Wall Street looked set for big gains on Tuesday, the first trading day of 2017, with all eyes on the Dow Jones Industrial Average as it zeroes in on the historical 20,000 mark. After coming within a hair''s breadth of the milestone in December as part of a post-election rally, the Dow will make a fresh attempt at breaching the mark. The Dow rose 13.4 percent in 2016 - its best performance in three years - registering strong gains in the past two months as investors bet that Presidential-elect Donald Trump would introduce market friendly policies such as tax cuts and simpler regulation. Dow futures advanced by triple-digit points on Tuesday, helped by a jump in oil prices and upbeat economic data from China. Brent crude hit an 18-month high of $58.06 after a deal to limit oversupply came into effect on Sunday. China''s factory activity picked up more than expected in December giving the manufacturing sector a solid boost heading into 2017, according to a private business survey. "We expect a strong start to the day''s trading session, as oil prices and the macro news set the stage for the direction of the equities markets this year," Peter Cardillo, chief market economist at First Standard Financial, wrote in a client note. The dollar index was on a tear, notching its best day in nearly three weeks at 103.44, while higher inflation data sent European stocks to a one-year high. Dow e-minis were up 133 points, or 0.67 percent at 8:26 a.m. ET (1326 GMT), with 28,004 contracts changing hands. S&P 500 e-minis were up 15.25 points, or 0.68 percent, with 153,651 contracts traded. Nasdaq 100 e-minis were up 37.25 points, or 0.77 percent, on volume of 23,297 contracts. Data on tap includes the ISM Manufacturing Purchasing Manufacturer''s index (PMI), which is expected to have edged up to 53.6 in December from 53.2 in the previous month. The report is due at 10:00 a.m. ET (1700 GMT). Technology stocks including Ebay, Micron Tech, Amazon.com and Facebook were primed for gains Bank of America, JPMorgan, Goldman Sachs and Wells Fargo were up between 0.9 percent and 2 percent after Barclays raised its price targets on the stocks. General Motors slipped by half a percent to $34.65 after Trump slammed the carmaker in a tweet for sending Mexican-made models of its Chevy Cruze to U.S. car dealers without paying border taxes. Marathon Petroleum rose 3.8 percent to $52.25 after the company said it would explore a spinoff of its retail business, caving to pressure from activist investor Elliott Management. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN14N166'|'2017-01-03T20:55:00.000+02:00'
'3a6f33df436c4ced380700d0bad1e4ae0c9c83d2'|'Trump threatens General Motors with ''big border tax'' over imported cars - Business'|'President-elect Donald Trump threatened to slap a tax on General Motors for importing compact cars to the US from Mexico in another tweet targeting a US company.But GM makes the vast majority of compact Chevrolet Cruzes in Lordstown, Ohio, near Cleveland. Trump tweeted early Tuesday that GM was sending Mexican-made Cruzes to the US tax-free. He told GM to make the cars in the US “or pay big border tax!” GM imports only hatchback versions of the Cruze from a factory in Ramos Arizpe, Mexico, and those amount to only a small percentage of the 172,000 Cruzes sold by GM through November, spokesman Patrick Morrissey said. He was working to get the exact number. The hatchback is built in Mexico for global distribution, Morrissey said. Trump takes credit for saving Ford factory that was not closing Read more GM shares fell by about 1% immediately after the tweet, but have bounced ahead of the opening bell Tuesday. Cruze hatchback production amounts to less than a day of output at the Lordstown plant, said Glenn Johnson, president of a United Auto Workers union local at the factory. The union, he said, was not protesting the move to build the hatch in Mexico. “It makes for news, that’s all,” Johnson said of Trump’s tweet. The Lordstown factory, he said, was not equipped to build the hatch. GM did import some Cruze sedans from Mexico last year to meet demand as it was rolling out a new version of the Cruze, Morrissey said, but that has stopped and all sedans sold in the US are now made in Ohio, he said. The hatchback version just went on sale in the fall. The tweet was the latest threat from Trump to tax automakers that move production to Mexico and ship products back to the US under the North American Free Trade agreement. Last year, Trump went after Ford for plans to shift production of the compact Focus to Mexico. Jobs at the Detroit-area factory that now makes Focuses would be preserved because the plant is to get a new small pickup truck and SUV. But Trump’s targets have ranged from US retailers and defense contractors to tech companies. Amazon.com , Boeing and Macy’s have been the subject of Trump tweets in the past.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/03/donald-trump-general-motors-tax-chevrolet-cruz'|'2017-01-03T21:49:00.000+02:00'
'514d60fcd06d13f0aea1ebb747f80ca60bc81892'|'Japan December manufacturing activity expands at fastest pace in a year - PMI'|'Money News - Wed Jan 4, 2017 - 8:10am IST Japan December manufacturing activity expands at fastest pace in a year - PMI A man works at a factory that manufactures iron pipe fittings in the Keihin industrial zone in Kawasaki, south of Tokyo, Japan, April 16, 2013. REUTERS/Toru Hanai/File Photo TOKYO Japanese manufacturing activity expanded at the fastest pace in a year in December as orders picked up, a private survey showed on Wednesday, in an encouraging sign that the struggling economy may be regaining momentum. The Final Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) rose to 52.4 in December on a seasonally ajudted basis, higher than a preliminary reading of 51.9 and a final 51.3 in November. The index remained above the 50 threshold that separates expansion from contraction for the fourth consecutive month and showed activity expanded at the fastest pace since December 2015. The final output component of the PMI index also rose to a one-year high of 53.8 in December from 52.4 in November. The preliminary reading for December was 53.1. The final index for new orders, which measures both domestic and external demand, rose to a one-year high of 53.2, versus a preliminary 52.8 and 51.1 in the previous month. Much of the jump in demand appeared to be in the form of domestic orders, though survey respondents also reported increases in sales to Europe, China and North America. Japan''s exports, factory output and consumer spending have recently shown signs of recovery, offering some hope for policymakers struggling to pull the economy out of stagnation. (Reporting by Stanley White; Editing by Kim Coghill) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-pmi-idINKBN14O06L'|'2017-01-04T09:40:00.000+02:00'
'0fb3c29cdecec48ee2686d00a72aa2f7d53ba91d'|'TABLE- Top 20 selling vehicles in U.S. in December'|'Jan 4 The following are the 20 top-selling vehicles in the U.S. in December as reported by the automakers and ranked by total units. Top 20 selling vehicles in U.S. in December RANK VEHICLE Dec-16 Dec-15 PCT CHNG 1 Ford F-Series P/U 87,512 85,211 +2.7 2 Chevy Silverado-C/K P/U 54,272 62,992 -13.8 3 Ram P/U 47,556 41,398 +14.9 4 Nissan Rogue 40,477 26,479 +52.9 5 Honda CR-V 37,778 31,185 +21.1 6 Toyota RAV4 37,214 31,866 +16.8 7 Honda Accord 33,873 35,056 -3.4 8 Toyota Camry 33,412 37,299 -10.4 9 Honda Civic 31,482 32,796 -4.0 10 Toyota Corolla 31,209 33,692 -7.4 11 Chevrolet Equinox 27,195 21,827 +24.6 12 Ford Escape 25,788 27,954 -7.7 13 Toyota Highlander 25,425 16,100 +57.9 14 Nissan Altima 24,763 29,462 -15.9 15 GMC Sierra P/U 23,290 27,438 -15.1 16 Jeep Grand Cherokee 23,250 20,566 +13.1 17 Chevrolet Malibu 22,764 12,155 +87.3 18 Hyundai Elantra 19,556 14,242 +37.3 19 Ford Fusion 19,132 25,576 -25.2 20 Ford Explorer 19,030 18,892 +0.7 Top 20 selling vehicles in U.S. through December RANK VEHICLE YTD 2016 YTD 2015 PCT CHNG 1 Ford F-Series P/U 820,799 780,354 +5.2 2 Chevy Silverado-C/K P/U 574,876 600,544 -4.3 3 Ram P/U 489,418 450,122 +8.7 4 Toyota Camry 388,618 429,355 -9.5 5 Toyota Corolla 378,210 368,431 +2.7 6 Honda Civic 366,927 335,384 +9.4 7 Honda CR-V 357,335 345,647 +3.4 8 Toyota RAV4 352,154 315,412 +11.6 9 Honda Accord 345,225 355,557 -2.9 10 Nissan Rogue 329,904 287,190 +14.9 11 Nissan Altima 307,380 333,398 -7.8 12 Ford Escape 307,069 306,492 +0.2 13 Ford Fusion 265,840 300,170 -11.4 14 Chevrolet Equinox 242,195 277,589 -12.8 15 Chevrolet Malibu 227,881 194,854 +16.9 16 GMC Sierra P/U 221,680 224,139 -1.1 17 Ford Explorer 216,294 224,309 -3.6 18 Nissan Sentra 214,709 203,509 +5.5 19 Jeep Grand Cherokee 212,273 196,312 +8.1 20 Hyundai Elantra 208,319 241,706 -13.8 (Compiled by Bengaluru Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/autosalesusa-top-idINL4N1EU3Z5'|'2017-01-04T16:47:00.000+02:00'
'2b106115599d83e560bce9c847f689377853ccdc'|'Prices rise and businesses grow, but ECB probably not for turning'|'Business News - Wed Jan 4, 2017 - 9:28am EST Prices rise and businesses grow, but ECB probably not for turning The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski By Francesco Canepa - FRANKFURT FRANKFURT A sharp rebound in euro zone inflation and a better-than-expected business outlook are certain to fire up demands from some hardliners for the European Central Bank to choke off it ultra-generous monetary policy. But don''t bet on the bank doing it just yet. The ECB is still looking at a highly uncertain economic and political landscape in the coming year and is far from declaring victory in its throw-money-at-it campaign to boost inflation to what it sees as normal and to create sustained economic growth. Consumer prices, a key gauge of economic health, rose by 1.1 percent in the 19-country euro zone last month, nearly twice as fast as in November and the highest pace in more than three years. Composite purchasing manager indexes for France, Germany and the euro zone as a whole also came in higher that anyone polled by Reuters had forecast. That implies better-than-expected business expansion. It also means the ECB could hail the latest reading as evidence that its ultra-loose monetary policy is finally driving inflation toward its target of almost 2 percent. But there are caveats a-plenty. First, the inflation increase was partly the result of a stabilization in oil prices, the effect of which are set to start falling out of the data by March. This is a far cry from the "sustained" increase in inflation that ECB President Mario Draghi wants to see before stopping the bond-buying program. "The inflation effect of oil prices will be a brief intermezzo," Thomas Gitzel, chief economist at private bank VP Bank. "The ECB must therefore continue to exercise humility (and) the money tap remains open for the time being." Once energy and volatile food prices are stripped out, inflation did accelerate in December, but only to 0.9 percent. Economists at Barclays expect it to average just 1 percent this year. This is key because ECB director Benoit Coeure said last week the central bank needed to see this ''core'' measure, which is a good indicator of economic activity, "clearly exceed 1 percent". Indeed, euro zone bond yields edged lower on Wednesday as investors appeared to focus on the region''s core inflation rather than high overall price growth. With the picture improving and the latest rebound in oil prices not yet factored into the ECB''s December projections, the central bank may have to revise up its forecasts, but few expect this to translate into immediate policy action. "The ECB will take note of this, but will wait for further confirmation before it reacts with its monetary policy," Joerg Zeuner, chief economist at German development bank KfW, said. POLITICS The optimism found on financial markets about a huge U.S. stimulus once Donald Trump''s administration gets under way is also taken with a pinch of salt by Frankfurt. ECB Vice President Vitor Constancio, for example, has warned about the damage to Europe and the global economy if the new U.S. president elect followed through on his protectionist pledges. Ford Motor Co''s scrapping of a planned Mexican car factory to add 700 jobs in Michigan following Trump''s criticism will have done little to ease such concerns. Finally, the ECB is wary of making any change to its bond-buying machine - which has acted as a safety net for the euro zone economy by taming market pressure and lowering borrowing costs for governments - in a year dense with political risk. Voters in France, Germany, the Netherlands and possibly Italy will go to the polls amid rising support for anti-euro parties. Having just extended the asset-purchase program until December, the ECB''s aim is to hold off any more moves until after the September vote in Germany, where its policy are viewed by many Germans as depressing returns for savers and inflating property prices "Unless the economic situation were to change dramatically, the ECB should have no reason to deviate from this path," economists at Berenberg wrote in a note. None of which, of course, is likely to mute calls from Germany for an early end to the ECB''s 2.3 trillion euros ($2.40 trillion) money-printing program. German data on Tuesday showing domestic inflation within a whisker of the ECB''s target set off grumbles from conservative politicians and leading economists. For a graphic on Eurozone: an economic snapshot, click here here (Reporting By Francesco Canepa) Chided by Trump, Ford scraps Mexico factory, adds Michigan jobs FLAT ROCK, Mich./WASHINGTON Ford Motor Co on Tuesday scrapped a planned Mexican car factory and added 700 jobs in Michigan following criticism by Donald Trump, as the U.S. president-elect turned his attention toward rival General Motors Co with the threat of a "big border tax" over compact cars made in Mexico.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ecb-policy-idUSKBN14O1HZ'|'2017-01-04T21:28:00.000+02:00'
'1eb3dc4690dd180887b80a17534e9721f4b84c68'|'UPDATE 1-Magnitude 7.2 earthquake strikes off coast of Fiji -USGS'|'Environment - Tue Jan 3, 2017 - 5:33pm EST Magnitude 7.2 earthquake strikes off coast of Fiji: USGS SYDNEY A powerful earthquake of magnitude 7.2 struck off the island nation of Fiji on Wednesday, the U.S. Geological Survey (USGS)said. The quake, which struck at 10:52 a.m. (1652 EST on Tuesday), was located 175 miles (282 km) southwest Fiji''s capital, Suva, at a shallow depth of 9.4 miles (15 km), the USGS said. The Pacific Tsunami Warning Centre issued a local tsunami warning and said that hazardous tsunami waves were possible and could strike the coastline of Fiji by 11:45 a.m. (1745 EST on Tuesday). "We felt it ever so slightly in Suva," Sune Gudnizt, head of the United Nations'' Office for the Coordination of Humanitarian Affairs told Reuters by telephone. (Reporting by Tom Westbrook; Editing by Sandra Maler) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-quake-fiji-idUSKBN14N1X0'|'2017-01-04T05:26:00.000+02:00'
'a7ea822d6bb9c46158b0de26b6344f88aa3601de'|'Retailer Next cuts 2016/17 profit guidance, warns on 2018'|' 33am GMT Retailer Next cuts 2016/17 profit guidance, warns on 2018 Shoppers pass a branch of Next retail in London, Britain, September 15, 2016. REUTERS/Toby Melville/File Photo LONDON British clothing retailer Next ( NXT.L ) on Wednesday cut profit guidance for its current financial year and also warned on the outlook for the following year, saying it is preparing the company for tougher times. Updating on Christmas trading Next said its central guidance was for pretax profit of 792 million pounds for its year to Jan. 2017, down from 805 million pounds previously. The firm also forecast a pretax profit of 680-780 million pounds for its 2017-18 year, below analysts'' average forecast of 784 million pounds, according to Reuters data. Next said full price sales in the 54 days to Dec. 24, the bulk of its fourth quarter, fell 0.4 percent. That compares to a third quarter fall of 3.5 percent. (Reporting by James Davey; editing by Kate Holton)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-next-uk-outlook-idUKKBN14O0IZ'|'2017-01-04T14:23:00.000+02:00'
'c4d73d963720426380a37ecc0d4b9b78e5ccfe02'|'Lufthansa says to hire more than 3,000 new staff in 2017'|'Business News - Wed Jan 4, 2017 - 4:23am EST Lufthansa says to hire more than 3,000 new staff in 2017 The tail of a parked plane is pictured during a pilots strike of German airline Lufthansa at Frankfurt airport, Germany, November 30, 2016. REUTERS/Kai Pfaffenbach FRANKFURT German airline Lufthansa ( LHAG.DE ) plans to hire more than 3,000 new staff in 2017, most of them flight attendants, it said in a statement on Wednesday. Lufthansa Group airlines - Austrian, Swiss and Eurowings - are hiring more than 2,200 staff in total, it said. Lufthansa Technik is planning to recruit 450 new staff. Lufthansa cabin crew and pilots have gone on strike several times over the last few years as the airline battles to reduce costs. Its cabin-crew union UFO said last month the latest talks over pay and working conditions had failed. (Reporting by Georgina Prodhan; Editing by Harro ten Wolde) Next In Business News Exclusive: Wall Street lawyer Jay Clayton emerges as Trump’s top SEC choice BOSTON/WASHINGTON Wall Street lawyer Jay Clayton, who has worked on high-profile initial public offerings such as Alibaba Group, is a leading candidate to head the U.S. Securities and Exchange Commission in the Trump administration, two sources familiar with the matter said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-lufthansa-hiring-idUSKBN14O0SU'|'2017-01-04T16:23:00.000+02:00'
'bf32eaf7cf8aef2e65097c1b4adb1272cfd2ba22'|'Judge halves $1 billion award in J&J hip implants case'|'Wed Jan 4, 2017 - 5:27am GMT Judge halves $1 billion award in J&J hip implants case The logo of healthcare company Johnson & Johnson is seen in front of an office building in Zug, Switzerland July 20, 2016. REUTERS/Arnd Wiegmann A U.S. judge almost halved the award in a December jury verdict that ordered Johnson & Johnson and its DePuy Orthopaedics unit to pay more than $1 billion to plaintiffs in six lawsuits who said they were injured by DePuy''s Pinnacle hip implants. U.S. District Judge Ed Kinkeade in Dallas cited "constitutional considerations" that limit how much plaintiffs may recover in punitive damages but upheld the jury''s findings that the implants were defectively designed and that the companies failed to warn consumers about the risks. Around $500 million of punitive damages would be cut from the more than $1 billion awarded to the plaintiffs who are California residents that were implanted with the hip devices and experienced tissue death, bone erosion and other injuries they attributed to design flaws. The complainants claimed the companies promoted the implants as lasting longer than devices that include ceramic or plastic materials. DePuy ceased selling the metal-on-metal Pinnacle devices in 2013 after the U.S. Food and Drug Administration strengthened its regulations on artificial hips. J&J and DePuy paid $2.5 billion that year to settle more than 7,000 lawsuits over its ASR metal-on-metal hip devices. (Reporting by Rama Venkat Raman in Bengaluru, additional reporting by Nate Raymond in New York; Editing by Sunil Nair) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-johnson-johnson-verdict-idUKKBN14O0DF'|'2017-01-04T12:15:00.000+02:00'
'886423609050850cbdd88407ce2c83942086e2dd'|'Oman seeks banks'' proposals for dual-tenor international bond issue -sources'|'Financials  28am EST Oman seeks banks'' proposals for dual-tenor international bond issue -sources By Davide Barbuscia and Tom Arnold - DUBAI DUBAI Jan 3 The government of Oman has approached banks for an international bond issue with tranches of five and 10 years as the country plugs a budget deficit caused by lower oil prices, banking sources familiar with the situation said on Tuesday. The sultanate has asked international lenders to submit proposals for a U.S. dollar debt transaction likely to be around $1 billion or more. Banks are expected to submit their proposals by the end of this week, said the sources. One source said the government was keeping an open mind on whether the issue would be in the form of conventional bonds or sukuk. Oman''s undersecretary of finance Nasser al-Jashmi told Reuters: "As part of executing our funding plan, we have recently issued a request for proposals to a number of banks to act as issue managers. "We expect to receive the proposals shortly and will finalise our selection process by end-January to start working on potential issuance later during the year." He added: "Our external funding plan includes issuance of both conventional bonds and sukuk, as well as a term loan from the bank market." The new bond deal will most likely involve banks that arranged debt issues for Oman last year, the banking sources said. That suggests banks such as Citi, National Bank of Abu Dhabi and Natixis are likely candidates as lead banks. Oman''s budget deficit is forecast to be 3 billion rials ($7.8 billion) in 2017, according to the sultanate''s budget plan, published this week. The finance ministry said it would cover this year''s deficit with 2.1 billion rials of international borrowing, 400 million rials of domestic borrowing and the drawdown of 500 million rials from financial reserves. Last year, the government raised a $1 billion international syndicated loan in January and issued a five- and 10-year $2.5 billion international bond in June, followed by a $1.5 billion tap of the same bond in September. (Additional reporting by Fatma Alarimi in Muscat; Editing by Andrew Torchia) Next In Financials European prompt power prices volatile on wind, temperatures FRANKFURT, Jan 3 European spot power prices on Tuesday were volatile, driven by weather patterns, with day ahead prices pressured by a rising supply of wind power in major producer Germany and as a colder weather later this week pushed up prices in that period.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/oman-bonds-idUSL5N1ET10C'|'2017-01-03T15:28:00.000+02:00'
'b3381b644d5a1a97355bfaa5700ae1f61ae00433'|'China factory expanded less than expected in December - official PMI'|'Business News - Sun Jan 1, 2017 - 1:16am GMT China factory expanded less than expected in December - official PMI A worker sprinkles water onto a road at a construction site in Beijing, China, December 31, 2016. REUTERS/Thomas Peter BEIJING Activity in China''s manufacturing sector expanded less than expected in December, an official survey showed, giving the world''s second-largest economy less momentum heading into what promises to be a turbulent 2017. The official Purchasing Managers'' Index (PMI) stood at 51.4 in December, compared with the previous month''s 51.7, but above the 50-point mark that separates growth from contraction on a monthly basis. Analysts polled by Reuters had predicted a reading of 51.5, pointing to a modest expansion in December as industrial firms continued to benefit from higher sales prices and a recovery in demand fuelled by a construction boom. (Reporting by Ben Blanchard; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-pmi-factory-official-idUKKBN14L0OL'|'2017-01-01T08:16:00.000+02:00'
'f0a525c5328e9fd0e5226b498ce36445fdbeb5fb'|'Sugar mills shut early as drought hits cane crop - trade body'|'INWire - Tue Jan 3, 2017 - 6:11pm IST Sugar mills shut early as drought hits cane crop - trade body A farmers uses a machete to cut sugarcane as he harvests a field outside Gove village in Satara district, about 260km (161 miles) south of Mumbai May 10, 2011. REUTERS/Vivek Prakash/Files MUMBAI More than two dozen mills in India''s top sugar producing Maharashtra state have stopped crushing due to cane shortage while many more mills are likely to shut before February end, a producers'' body said on Tuesday. Sugar mills in Maharashtra typically operate between November to April, but this year cane supplies have fallen due to back-to-back droughts. Out of 147 sugar mills that started operations this year, 25 mills have stopped crushing as on Dec. 31, Indian Sugar Mills Association said in a statement. The country produced 8.09 million tonnes of the sweetener between Oct. 1 and Dec. 31, 0.4 percent higher than a year earlier, as crushing began few weeks earlier, it said. The world''s biggest consumer is likely to produce 23.4 million tonnes of sugar in 2016/17, down about 7 percent from a year ago as back-to-back droughts ravaged the cane crop. (Reporting by Rajendra Jadhav; Editing by Vyas Mohan) Next In INWire'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-sugar-output-idINKBN14N118'|'2017-01-03T17:28:00.000+02:00'
'49142f73511212c9f06908bd7bc020ba7d309cec'|'Fidelity unit to launch products in China, first among foreign asset managers'|'By Samuel Shen and Michelle Price - SHANGHAI/HONG KONG SHANGHAI/HONG KONG Fidelity International has become the first global asset manager allowed to launch investment products in China through a wholly-owned local subsidiary, as Beijing further liberalizes its capital markets.Fidelity said on Wednesday that its Shanghai-based unit has registered with the Asset Management Association of China (AMAC), qualifying it to create onshore investment products for Chinese institutions and wealthy individuals.Previously, foreign asset managers looking to distribute investment products in China had to operate through minority-owned joint ventures with Chinese firms, but Beijing has been gradually loosening the reins.A growing number of foreign financial institutions, including Aberdeen Asset Management ( ADN.L ), U.S. hedge fund Bridgewater Associates and Vanguard have recently set up wholly foreign-owned enterprise (WFOE) in China, but they still need AMAC registration to launch onshore products."This is a significant milestone to facilitate our expansion in the world''s second-largest economy," Mark Talbot, managing director, Asia Pacific, Fidelity International, said in a statement.Since 2004, Fidelity has been offering offshore capabilities to Chinese investors through partnering with banks under the Qualified Domestic Institutional Investor (QDII) scheme, and "this latest development expands our capabilities to support Chinese clients'' needs to invest both onshore and offshore."Fidelity also owns a quota of $1.2 billion under the Qualified Foreign Institutional Investor (QFII) scheme, which allows foreign institutions to buy Chinese stocks and bonds.In a statement on its website, AMAC said it supports more qualified foreign companies to register as private fund management companies in China, in a bid to promote the opening of China''s capital markets.Fidelity''s subsidiary, FIL Investment Management (Shanghai) Company Ltd, completed its registration with AMAC on Jan 3.(Editing by Jacqueline Wong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fidelity-international-china-idINKBN14O12C'|'2017-01-04T07:58:00.000+02:00'
'9de8a3a585117116b66feb12ce60a17105bfcea3'|'Fed policymakers agree Trump fiscal boost poses inflation risk'|'By Jason Lange and Lindsay Dunsmuir - WASHINGTON WASHINGTON Almost all Federal Reserve policymakers thought the economy could grow more quickly because of fiscal stimulus under the Trump administration and many were eyeing faster interest rate increases, minutes from the central bank''s December meeting showed.The minutes, released on Wednesday, showed how broadly views within the Fed are shifting in response to President-elect Donald Trump''s promises of tax cuts, infrastructure spending and deregulation.Such changes could boost inflation and might set the stage for a confrontation between a president seeking to boost economic growth and the Fed, which is tasked with keeping the economy from overheating."About half of the participants incorporated an assumption of more expansionary fiscal policy in their forecasts," according to the minutes from the Dec. 13-14 meeting, referring to the 17 policymakers who participated."Almost all also indicated that the upside risks to their forecasts for economic growth had increased," the minutes stated.The central bank''s policy-setting committee unanimously raised interest rates last month by a quarter of a point and policymakers signaled a faster pace of rate increases in 2017 than previously expected. That was seen as the Fed''s first reaction to Trump''s victory in the Nov. 8 election.But the minutes showed policymakers might signal an even more aggressive path of rate increases if inflationary pressures rose. Trump campaigned on promises to double America''s pace of economic growth and "rebuild" the country''s infrastructure.Fed policymaker projections released last month pointed to a labor market heating up to just a little stronger than its longer-run normal level.The minutes, however, showed "many participants judged that the risk of a sizable undershooting of the longer-run normal unemployment rate had increased somewhat and that the Committee might need to raise the federal funds rate more quickly."At the same time, Fed policymakers "emphasized their considerable uncertainty" about future economic policy changes.Trump will take office on Jan. 20 and has yet to outline in detail his economic policy plans.U.S. short-term interest rate futures rose slightly after the release of the minutes but not enough to suggest altered expectations for the central bank''s rate hike path this year.Traders continued to price in two rate hikes this year and slightly less than a 50 percent chance of a third, based on the price of fed funds futures contracts traded at CME Group''s Chicago Board of Trade.U.S. stock prices were largely unchanged by the minutes, with the Standard & Poor''s 500 index .SPX holding a gain of about 0.5 percent. The dollar weakened against the euro and the British pound.The Trump administration is expected to add more so-called inflation hawks to the Fed''s ranks, which could offset a dovish tilt this year on the policy-setting committee and rattle a fragile consensus to go slow on rate hikes.(Reporting by Jason Lange and Lindsay Dunsmuir; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-usa-fed-minutes-idINKBN14O20D'|'2017-01-04T16:31:00.000+02:00'
'1c0810bb900df7401b3aea23c5b7a36ab3934646'|'France''s Vivendi taps Genish as chief convergence officer'|'Business News - Wed Jan 4, 2017 - 9:26pm GMT France''s Vivendi taps Genish as chief convergence officer The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. REUTERS/Charles Platiau SAO PAULO Vivendi SA has tapped Amos Genish to lead an effort to converge the French media company''s content, platforms and media distribution strategies. According to a statement, Genish was tapped as Vivendi''s chief convergence officer and will be based in London and Paris. Genish sold Brazilian phone carrier GVT SA to Vivendi in 2009. Vivendi ended up selling GVT to the local unit of Spain''s Telefónica SA in 2015. (Reporting by Guillermo Parra-Bernal; Editing by Chris Reese) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-moves-vivendi-genish-idUKKBN14O27I'|'2017-01-05T04:26:00.000+02:00'
'e05446b15ed1cc5d5b8d97c1d19ce4a80e415acc'|'BRIEF-J&J''s DePuy Synthes acquires technology from Interventional Spine Inc'|'Jan 3 (Reuters) -* DePuy Synthes acquires Interventional Spine expandable cage technology to accelerate growth in spine* DePuy Synthes Products - Financial terms of transaction have not been disclosed* DePuy Synthes says it is also acquiring Interventional Spine''s facet screw system for open and percutaneous spine surgery Source text:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/finance/article/idINASC09PCC'|'2017-01-03T15:09:00.000+02:00'
'b6b7e2e7a4abae003ce71e08bbd50f911138d61d'|'J&J''s DePuy Synthes acquires technology from Interventional Spine Inc'|'Jan 3 (Reuters) -* DePuy Synthes acquires Interventional Spine expandable cage technology to accelerate growth in spine* DePuy Synthes Products - Financial terms of transaction have not been disclosed* DePuy Synthes says it is also acquiring Interventional Spine''s facet screw system for open and percutaneous spine surgery Source text:'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://feeds.reuters.com/~r/reuters/mergersNews/~3/_80-gcW1nDY/idUSASC09PCC'|'2017-01-03T21:09:00.000+02:00'
'e3375c4a3a62625d2b2322366779a841c57b676b'|'EU regulators delay ChemChina/Syngenta merger decision to April 12'|'Deals - Tue Jan 3, 2017 - 11:43am EST EU regulators delay ChemChina/Syngenta merger decision to April 12 A Syngenta logo is pictured in their office in Singapore, February 12, 2016. REUTERS/Edgar Su/File Photo BRUSSELS European Union antitrust regulators have extended the deadline for a decision on ChemChina''s proposed buy of Swiss pesticides and seeds group Syngenta ( SYNN.S ) by 10 working days to April 12. The European Commission which handles competition cases for the European Union, extended the deadline on Tuesday, its website showed. Syngenta was not immediately available for comment. The Commission opened an in-depth investigation into state-owned ChemChina''s $43 billion bid in October, saying the companies had not allayed concerns over the deal. (Reporting by Julia Fioretti; editing by Susan Thomas) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-syngenta-ag-m-a-chemchina-idUSKBN14N1GK'|'2017-01-03T23:43:00.000+02:00'
'4efac91ff9ca91209690140eee76423c6d4fc7c2'|'LPC: Refinancing drags fees on US leveraged loans to 4-year low'|'By Lynn Adler - NEW YORK NEW YORK Jan 6 Bank earnings from underwriting leveraged loans sank to a four-year low in 2016, as a fourth-quarter burst of refinancing deals that typically pay lower fees than new loans followed three quarters of sluggish business before the U.S. presidential election, according to Freeman Consulting Services.While total U.S. leveraged lending rose, fees shrank by a similar percentage."The market improved steadily throughout the year, and borrowers that got a deal through in Q1 at a higher rate were able to get back into the market and refinance later in the year," said Jeff Nassof, a director at Freeman Consulting. "That drives up the volume, but fees on refinancing deals tend to be much smaller than for new-money transactions."Leveraged loan fees paid to banks fell 12% in 2016 to about $8.1 billion, the lowest since $7.5 billion in 2012, Freeman data shows.Meanwhile, total leveraged lending rose by almost 12% last year to $875 billion, according to Thomson Reuters LPC. Refinancing accounted for roughly 47% of that issuance.Leveraged buyouts are expected to accelerate this year, amid investor optimism that the Trump administration will usher in tax cuts and looser regulations, bankers and analysts have said.Demand is growing for floating-rate assets, which will boost new issuance and thus bank fee income.Brendan Dillon, co-head of global leveraged finance, said this year will be if not a record year, then a top two or three year for leveraged buyouts."First quarter 2017 will be one of our best quarters ever at UBS for leveraged finance," he said.Fed policymakers are expecting President-elect Donald Trump''s vows of tax cuts, infrastructure spending and deregulation to pose inflation risk, leading to faster rate increases."There are a lot of open regulatory issues with the new administration," with some seen as favorable for leveraged lending, Nassof said.M&A SLUMPOverall U.S. investment banking fees last year dropped the most since the financial crisis, as market volatility sapped merger and acquisition activity.Fees on business including M&A advisory, equity and bond underwriting as well as syndicated loan arrangement dropped 9% in 2016 to a four-year low of $41.2 billion, after sliding by 2% in the previous year, according to Freeman Consulting. This is the biggest annual slump since a 36% plunge in 2008.While dealmaking escalated in the fourth quarter, U.S. M&A sank 17% for the full year to $1.7 trillion, Thomson Reuters data shows."Deals in 2016 tended to be very large corporate acquisitions, while the middle market has been fairly quiet," said Nassof. "Smaller deals pay higher fees in percentage terms than mega deals, and we think there''s a good chance the M&A market transitions toward middle-market deals that have a large fee impact." (Reporting By Lynn Adler; Editing by Christopher Mangham and Michelle Sierra)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/loans-fees-idINL1N1EW0SO'|'2017-01-06T12:29:00.000+02:00'
'49396de1a9b746cf2ca50d447d53b60091f04211'|'We talk about a sharing economy, but lack the will to make it happen - Frank Trentman - Opinion'|'I s this the year we finally get to grips with all our stuff? If so, it has been a long time coming. Forecasters and commentators say we have entered a new era where people prefer to share rather than own, and prize experiences over possessions. Retailers worry about the implications for them of a public sated on “peak stuff” . Official figures suggest that Britons are consuming ever fewer resources. And witness the worldwide success of the rationalisation bible, Marie Kondo ’s The Life-Changing Magic of Tidying Up: The Japanese Art of Decluttering and Organising.If having more no longer satisfies us, perhaps we’ve reached ‘peak stuff’ - Will Hutton Read more It’s an encouraging thesis with which to start a new year. If only it were true. The talk is of the sharing economy, but the reality is that very little is being done on a large-scale level to reduce our high-consumption lifestyles. While it might feel virtuous to Marie Kondo your wardrobe, we urgently need to address the vast amount of often unseen resources that support our modern way of life.To be fair, there are some signs of hope. The first repair café opened in Amsterdam in 2009. Since then, a thousand of these places have sprung up across Europe and North America, giving people a chance to share tools, materials and knowledge.The bulk of the so-called sharing economy, however, follows a different model. On New Year’s Eve more than half a million people on the planet stayed in a home rented via Airbnb . Much of this is not about sharing but about renting and profit. It increases the demand for resources, rather than reducing it. Hotels earn less, but hosts earn more – which they spend on additional holidays. Lodgers save on cheaper accommodation and take more mini-breaks to Florence and Barcelona. Meanwhile, the total number of people owning second homes (and a second set of domestic appliances) steadily rises.Car clubs have become a common sight. But let’s put it in perspective. In the UK, Zipcar has 1,500 cars. At the same time, Britons bought more than 2.7m new cars last year, more than ever before. Yes, perhaps, young people are less car-oriented today, but it might also just be a lag – housing costs and university fees have gone up and mean that cars are bought at 30, not at 20.Sharing is not some new paradigm. Modern societies have done it for a long time – from the cooperatives to municipal baths and playgrounds. While growing in some commercial sectors, we are seeing it being chopped down in others, such as public libraries.The story of “from stuff to fluff” is a similar mix of hopeful thinking and bad history. Visits to film and music festivals have sky-rocketed in the last decade. But let’s remember that more than 12,000 people flocked to the rehearsal of Handel’s Fireworks in 1749 in Vauxhall Gardens, causing a three-hour-long traffic jam on London Bridge. Experiences have been an essential ingredient in the rise of consumption over the last 500 years, from pleasure gardens to football stadiums. Nor is it wise to think of possessions and experiences as separate: since the 17th century, shopping for pleasure has been about making purchase a sensation.Commentators have been complaining of people accumulating too many possessions since the sumptuary laws of the 15th and 16th centuries. In ancient Rome, Seneca warned the young were being corrupted by the pursuit of things and leisure, and before him so did Plato.Today, services make up a bigger share of the world economy than ever – more than 40% in value-added terms, compared with 30% in 2008. But this does not mean the volume of goods and merchandise has fallen. It has grown in total, just a bit less fast than services. Since 1998, merchandise trade has more than doubled. More than four times as many containers travelled back and forth between Europe and Asia in 2013 as in 1995.Facebook Twitter Pinterest A hybrid Toyota Prius might save petrol, but it eats up valuable rare-earth elements. Photograph: Karen Bleier/AFP/Getty Images And a lot of leisure and other “experiential” services depend on material and resources. Zip-wiring in a jungle might feel more virtuous than buying a designer handbag, but you do not get there by teletransportation. In 2007, the French travelled 42bn kilometres to pursue their hobbies and another 12bn to eat out. That takes a lot of fuel.Our love of digital services often leads to the idea that these somehow must be ethereal. But behind virtual communication there lurks a lot of physical matter: power stations, data centres, cables, batteries and cooling systems. Our mobile phones and headphones would not work without lanthanides. A hybrid Toyota Prius might save petrol but it also needs 9kg (20lb) of rare-earth elements, and that’s just for its battery. Information and communications technology already account for 15% of the service sector’s electricity consumption in France.Adam Smith, the great moral philosopher and economist, noted in his 1759 Theory of Moral Sentiments that people spent more and more on “trinkets” and “little conveniences” and then designed new pockets in order to carry a greater number. Today, you can buy magic jackets with a dozen, even 20 pockets, to accommodate a tablet, phone and other digital devices.If you believe we are in the midst of “dematerialisation”, open your wardrobe, cupboard and attic and do a count. One third of all the clothes in British wardrobes are not worn once in a year. Recall how few electronic products you had in the 1970s: according to the Energy Saving Trust, all gains in energy efficiency between 1972 and 2002 were wiped out by the doubling in electricity use that came with the greater number and frequent use of domestic appliances.We are not dealing here with a peculiarly Anglo-Saxon phenomenon. Contrary to popular image, Scandinavians are not that austere either. In Stockholm, for example, the number of electronic appliances tripled between 1995 and 2014.The idea of peak stuff rests in part on distorted and inadequate numbers. At the Office of National Statistics’ latest count (2016), the average Briton consumed 10 tonnes of raw materials in 2013, down from 15 tonnes in 2001. That looks heart-warming, but is a bit of an optical illusion. For it only counts the materials used in the UK. We are considered to have used more fossil fuel and minerals if we make a car in Luton with British coal and iron and steel than if we import a car made in Brazil or Poland. We really need to know about all the materials used. In effect, since the 1980s, Britain has off-shored the environmental consequences of its own consumption.What’s needed is a level of thinking and a scale of action commensurate to the problem. By all means, buy fewer gifts next Christmas, but don’t fool yourself that this will accomplish much. Shopping is part of it, but our entire lifestyle is using up resources at unsustainable levels. Consumers carry a big, heavy “ecological rucksack” on their shoulders full of all the materials needed to service their lifestyle. It amounts to between 45 and 85 tonnes a year per person, depending on where you are in the rich world. This includes leisure, travel and comfy homes with central heating.Changing that lifestyle must be the fundamental focus. This is not impossible; modern history is one rich story of successive lifestyle changes. But these have rarely been the result of individual choices. States and social movements played critical roles, harnessing the power and moral authority of collective opinion. If we are to bridge the gap between aspiration and achievement, this must be their task again.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/commentisfree/2017/jan/06/sharing-economy-selfish-consumption-fundamental-rethink'|'2017-01-06T02:00:00.000+02:00'
'9724e217830354a4532adeef99b0395945c86163'|'Britain''s productivity malaise persists into second half of 2016 - ONS'|'Business News - Fri Jan 6, 2017 - 12:44pm GMT Britain''s productivity malaise persists into second half of 2016 - ONS Staff work on the Jaguar XJ production line at their Castle Bromwich Assembly Plant in Birmingham November 29, 2011. REUTERS/Eddie Keogh By David Milliken - LONDON LONDON British productivity struggled to break out of its post-financial crisis rut in the three months after June''s vote to leave the European Union, highlighting the long-term economic challenges ahead, official figures showed on Friday. Robust growth in productivity - or how much value employees create during each hour at work - is key to boosting long-run living standards, but has been particularly weak in Britain since the 2008-09 recession. Bank of England chief economist Andy Haldane said on Thursday that productivity at more than three-quarters of British companies was stagnant, and finance minister Philip Hammond pledged in November to spend 23 billion pounds ($28 billion) tackling the problem. Figures from the Office for National Statistics on Friday showed that hourly output in the three months to the end of September was only 0.4 percent higher than the previous year, far below its pre-crisis average of just over 2 percent. Partly, this reflects a slump at the end of 2015 when productivity fell 0.9 percent. Growth in the first nine months of 2016 was better, with quarterly rates of 0.4-0.5 percent. Nonetheless, most economists see challenges ahead as Britain prepares to leave the EU. "The UK has a lot of catching up to do," said Howard Archer, chief UK economist at IHS Markit. "While the 2016 quarter-on-quarter increases in productivity ... indicate that there has recently been some much-needed improvement, it is notable that they follow a considerable period of poor productivity." The ONS said British productivity stood 15.5 percent below where it would have been if productivity growth had returned to its pre-crisis trend. Explanations for weak productivity vary. Highly productive sectors such as financial services and oil and gas contracted after the financial crisis and there has been rapid growth in low-skilled, low-paid jobs. Haldane on Thursday cited long-standing concerns about low public infrastructure investment and a patchy education system that has produced weak results for poorer and less able pupils. While Britain''s economy has grown strongly since June''s vote to leave the European Union, most economists think future restrictions on migration and the probable increase in bureaucracy involved in trading with Europe will harm productivity growth. "As we leave the EU, the country needs to work harder than ever to demonstrate our doors remain open to the world," said Yael Selfin, an economist at accountants KPMG. June''s Brexit vote has led to a fall of nearly 20 percent in the value of the pound, which businesses said this week was pushing prices up by the most in five years. Friday''s data suggested that underlying inflation pressures - which are not directly caused by the weak pound, and concern the BoE more - are also rising at their fastest rate in nearly three years. Unit labour cost growth, a measure of how much employers pay staff for a given amount of output, grew by an annual 2.3 percent, the most since the last three months of 2013. For graphic on UK productivity: here (Graphic by Andy Bruce; Editing by Kevin Liffey) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-productivity-idUKKBN14Q10W'|'2017-01-06T19:44:00.000+02:00'
'59f036664bb61e533c9a70a9678753d762639f5e'|'Fed''s Evans says three hikes in 2017 not implausible'|'Business News  53pm EST Fed''s Evans says three hikes in 2017 not implausible Chicago Federal Reserve President Charles Evans speaks at the Chicago Banking Symposium in Chicago, Illinois, United States, June 3, 2015. REUTERS/Jim Young CHICAGO Chicago Fed President Charles Evans, one of the Fed''s most dovish policymakers, said on Friday he believes the central bank could raise rates three times this year if economic data comes in a bit stronger than he expects. "I still think two moves is not an unreasonable expectation ...but it''s going to depend on how the data roll out, and if it’s a little bit stronger, three is not going to be implausible," Evans told reporters after on the sidelines of an American Economic Association conference. Evans is a voting member of the Fed''s policy-setting committee this year. (Reporting by Ann Saphir and Jason Lange; Editing by Chizu Nomiyama) Next In Business News Volkswagen, Justice Dept. nearing $3 billion deal to resolve diesel allegations WASHINGTON Volkswagen AG and the U.S. Justice Department are nearing an agreement to resolve the government''s civil and criminal investigations that would require the German automaker to pay a penalty of more than $3 billion, sources briefed on the talks said on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-fed-evans-rates-idUSKBN14Q287'|'2017-01-07T01:51:00.000+02:00'
'0d7f6ac49eb01ba71bcffb1fe4cd29ef7803015f'|'Bahrain''s Asma Capital buys $147 mln stake in UAE utility Utico''s water business'|'Private Equity - Sun Jan 1, 2017 - 10:13am EST Bahrain''s Asma Capital buys $147 mln stake in UAE utility Utico''s water business DUBAI Jan 1 Bahrain-based investment firm Asma Capital has agreed to buy a stake in the water business of private United Arab Emirates utility company Utico in a deal worth $147 million, the companies said on Sunday. Asma is buying "a significant minority stake", they said without revealing the exact size. The deal includes equity and project finance and will be completed in the first quarter of 2017. The purchase is being conducted through the IDB Infrastructure Fund II, which is managed by Asma Capital. Asma is owned by sovereign institutions including Islamic Development Bank, Saudi Arabia''s Public Investment Fund and Public Pension Agency, and the ministries of finance of Bahrain and Brunei. Asma aims to invest further with Utico in its other projects and businesses, Asma said without elaborating. Utico, which has investments in the UAE, said it hoped to become involved in projects overseas; in August, it announced it would invest about $185 million to more than double its water desalination capacity in two years. (Reporting by Andrew Torchia; Editing by Adrian Croft) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/emirates-utilities-idUSL5N1ER0H5'|'2017-01-01T22:13:00.000+02:00'
'263692fb90be1544e58efc1ef23eb40e59603a71'|'Volkswagen CEO to stay away from Detroit auto show'|'Business News - Wed Jan 4, 2017 - 2:20pm EST Volkswagen CEO to stay away from Detroit auto show Volkswagen CEO Matthias Mueller, gives a speech during the Handelsblatt Automotive Summit 2016 in Munich, southern Germany, November 9, 2016. REUTERS/Michael Dalder BERLIN Volkswagen ( VOWG_p.DE ) chief executive Matthias Mueller will miss the Detroit auto show next week, the German carmaker said on Wednesday, amid uncertainty over its chances of settling a U.S. criminal investigation into its emissions scandal. Volkswagen (VW) reached an agreement before Christmas to compensate U.S. owners of about 80,000 polluting 3.0-litre diesel cars, pushing up the costs of its emissions test cheating in the world''s No. 2 car market to $17.5 billion. But VW is still in talks with the U.S. Department of Justice (DoJ) and could spend billions of dollars more to reach a criminal settlement, with sources saying a deal could be struck before the Obama administration leaves on Jan. 20. "There will be no separate event of the VW group (in Detroit) and in view of this fact, the group''s executive board will not attend the show," a spokesman at VW''s Wolfsburg headquarters said by email. At the 2016 Detroit show, Mueller drew criticism after telling National Public Radio that VW "didn''t lie" when first asked about irregularities between real-life and test emissions in its diesel cars. The CEO''s comments came before Mueller''s first meeting with U.S. regulators and sparked a media firestorm in the United States, with some analysts saying they complicated efforts to clear up the emissions scandal. VW''s decision to not have Mueller and fellow managers of the group''s nine-member executive board attend the 2017 Detroit show suggests the company wants to avoid taking risks as it nears an agreement with the DoJ. VW fears a reboot of its core brand in the United States could be delayed by six months or more if it fails to reach a deal with the outgoing administration, as the new DoJ team would need time to get organized, a source at VW told Reuters. VW plans to drop diesel vehicles in the United States and refocus on sport-utility and electric cars to try to revive its fortunes after the emissions scandal. Despite a 20 percent jump in December sales, the decline in registrations of VW brand vehicles in the United States last year accelerated to 7.6 percent from a 4.8 percent drop in 2015. (Reporting by Andreas Cremer; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-volkswagen-emissions-detroit-idUSKBN14O21L'|'2017-01-05T02:17:00.000+02:00'
'49f948792dbd39376e2f38a5ee9c92b7e7c11262'|'Automakers could post record 2016 U.S. sales on Wednesday: poll'|'Business News - Wed Jan 4, 2017 - 9:14am EST Automakers could post record 2016 U.S. sales on Wednesday: poll Rush-hour traffic passes through Washington, U.S., December 20, 2016. REUTERS/Joshua Roberts - RTX2VXTJ By Bernie Woodall - DETROIT DETROIT Major automakers in the U.S. market are expected to show robust December auto sales on Wednesday, perhaps high enough for 2016 results to break the record high set the previous year, according to a poll by Thomson Reuters. December auto sales are forecast at an average 17.7 million vehicles on a seasonally adjusted annualized basis, according to a Thomson Reuters poll of 35 economists. If sales reach that level in December, 2016 will set a new annual record. Investors will watch to see if consumer discounts, which cut into company profits, are also at a record high, which analysts expect. December sales will also give a hint of what is in store in 2017. Industry consultants LMC Automotive and J.D. Power forecast 2017 sales between 17.4 million and 17.5 million, just below what is expected for 2016. Ford Motor Co ( F.N ) Chief Executive Officer Mark Fields said on Tuesday he expected auto sales to be helped by "pro-growth" policies expected by the incoming administration of President-elect Donald Trump. Most automakers including the top three U.S.-based companies General Motors Co ( GM.N ), Ford and Fiat Chrysler Automobiles ( FCAU.N )( FCHA.MI ) will report by mid-morning Wednesday. Nissan Motor Co''s ( 7201.T ) luxury brand Infiniti said earlier Wednesday its December U.S. sales totaled 18,200 vehicles, up 20 percent from a year earlier. U.S. full-year Infiniti sales rose 4 percent to 153,500 vehicles. Globally, Infiniti sold 230,000 vehicles in 2016, an increase of 7 percent from a year earlier. Analysts polled by Reuters expect GM''s December U.S. sales to increase by about 3.5 percent from a year earlier, while Ford declines about 2.5 percent and Fiat Chrysler drops between 10 percent and 15 percent. Japan''s Toyota Motor Corp ( 7203.T ) sales are expected to decline between 1 percent and 4 percent from December 2015, according to analysts. (Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-autos-idUSKBN14O1H4'|'2017-01-04T21:14:00.000+02:00'
'c732e3071deb139233be4de054dc57fda068a94a'|'3i seeks buyers for lingerie chain Agent Provocateur - sources'|'  2:55pm GMT 3i seeks buyers for lingerie chain Agent Provocateur - sources LONDON Private equity firm 3i ( III.L ) has hired investment bank Rothschild to sell its troubled upmarket lingerie chain Agent Provocateur, two sources familiar with the matter said. One source said sovereign wealth funds and high net worth individuals, as well as distressed debt specialists, had been approached about the sale of the brand, which is promoted by celebrities such as the Kardashian sisters and Alexa Chung. The source added that 3i was considering retaining a minority stake in the business, adding that the level of interest would determine what happens next. 3i and Rothschild both declined to comment. In November the London-listed investor said the retailer had been hit by a luxury spending slowdown. Its problems had been compounded by what 3i called the inconsistent execution of a recent store expansion programme and accounting issues. 3i, which announced the acquisition of the chain in 2007, wrote down the value of the investment by 39 million pounds in the six months ending Sept. 2016. Prior to this in March 2016, it had said the business was valued at 42 million pounds. Restructuring company AlixPartners has been working with Agent Provocateur as 3i looks at its options for the company, one of the sources said. AlixPartners declined to comment. According to filings for the 52 weeks to March 28, 2015, profit after tax for the underwear brand, which operates in more than 30 countries, was 3.7 million pounds, down from 4.7 million pounds in the year before. Turnover rose to 61.7 million pounds from 53.1 million pounds. Agent Provocateur was created in 1994 by Joseph Corre, son of British fashion designer Vivienne Westwood. Its manufacturing operations consist of suppliers in Britain, Asia, continental Europe and North Africa. The company says manufacturing in Britain and Europe has declined over the last decade but it continues to use European laces, fabrics and trims where possible. (Reporting by Dasha Afanasieva; Editing by Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-3i-agentprovocateur-sale-idUKKBN14N1A8'|'2017-01-03T21:55:00.000+02:00'
'a433e878056b40ab0593f5fb15aa0a3ba6842a81'|'Volvo knocked off top spot in Sweden by VW'|'Volvo outsold in Sweden for first time since 1962 by Ivana Kottasova @ivanakottasova January 3, 2017: 8:16 AM ET Volvo''s safety goal: No deaths by 2020 For the first time in 54 years, the best-selling car in Sweden is not a Volvo. The Volkswagen Golf knocked Volvo''s most popular luxury models off the throne in 2016, according to sales figures released by BIL Sweden, the country''s automaker association. The last time a foreign car sat atop Sweden''s sales list was 1962, when the Volkswagen Beetle zoomed to the top of the ranking. Bertil Molden, managing director of BIL Sweden, was quick to point out that while the Golf was the top-ranked model in 2016, the Volvo brand still dominates. Three of the top five models on the sales ranking were from Volvo, and the brand accounted for around one fifth of all vehicles sold in Sweden last year. Sweden is Volvo''s second biggest market after China. The VW Beatle was the last foreign car to top Volvo in Sweden. The V70 had been Sweden''s favorite car for decades, but Volvo stopped producing the model last summer. It''s been replaced by the pricier V90 (sales of the models were combined this year for ranking purposes). Combined sales of the V70, V90 and S90 (the 90 series sedan) dropped 25% in 2016 to 21,321. That was enough to push the Volvo out of the top spot. Molden said the slump was partly because of the production switch to the 90 series. "The replacement ... started nearly two months later due to changes in the factory," he said. "Of course you lose volume in the meantime ... it happens to all suppliers." He said the new 90 series will likely reclaim the title for Volvo in 2017. Volvo did not respond to a request for comment. The Volvo V90. Volvo is one of the Sweden''s most recognizable brands. A popular saying in the country is that you''re grown up when you have "villa, Volvo, vovve," or a house, a Volvo and a dog. The company was sold by Ford to the Chinese carmaker Geely in 2010. In 2015, Volvo launched a new marketing campaign emphasizing its heritage. It featured Swedish soccer star Zlatan Ibrahimovic and the slogan "Made by Sweden." CNNMoney (London) First published January 3, 2017: 8:08 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/03/autos/volvo-sweden-sales-vw-golf/index.html'|'2017-01-03T20:18:00.000+02:00'
'8a4950c73027a4a5995c7f659614f94be2ded0ee'|'Investment banking fees fall 7 percent in 2016 dragged down by equity raisings'|'Wed Jan 4, 2017 - 12:06pm GMT Investment banking fees fall 7 percent in 2016 dragged down by equity raisings left right People walk by the JP Morgan & Chase Co. building in New York in an October 24, 2013 file photo. REUTERS/Eric Thayer/Files 1/2 left right A sign is displayed in the reception of Goldman Sachs in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo 2/2 LONDON Investment banking fees fell 7 percent worldwide in 2016, dragged down by a 23 percent fall in equity capital market (ECM) fees, Thomson Reuters data showed on Wednesday, raising the pressure on banking giants fighting to restore profitability. The sharpest falls were in Europe Middle East and Africa where a 20 percent drop in total fees in southern Europe, still suffering from the fallout of the 2008-09 financial crisis, depressed the wider region. The decline hit global investment banks battling to regain profitability after the financial crisis and ensuing regulatory changes made it harder to profit from their traditional lines of business. U.S. bulge bracket bank JP Morgan ( JPM.N ) was once again paid the most globally despite its investment banking fees declining almost 5 percent, coming top in EMEA and the Americas, followed by Goldman Sachs ( GS.N ). Boutiques Evercore, Lazard [LAZ.N] and Rothschild ( ROTH.PA ) bucked the downward trend, each increasing investment banking fees by more than 10 percent. Japan''s Mizuho Financial Group ( 8411.T ) and Industrial & Commercial Bank of China ( 601398.SS ) also enjoyed a bump in fees. Banks'' takings from debt capital markets (DCM) underwriting totaled $24.8 billion, up 6 percent compared to 2015, increasing DCM''s contribution to overall fees to 29 percent from 26 percent. Post-Soviet states, hurt by the fall in the oil price and the slowdown in Russia, saw a resurgence in investment banking fees. A 51 percent increase in Russia put the 2016 fee pool at $348 million, a tiny fraction of the contribution from China, the world''s second biggest economy, where fees totaled $10 billion. Fees paid out by the biggest financial sponsors saw a sharp decline. Dropping its spend by 35 percent, Blackstone Group ( BX.N ) lost the number one spot to Carlyle Group ( CG.O ) which spent $395 million worldwide. (Reporting by Dasha Afanasieva; Editing by Adrian Croft) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-investmentbanking-fees-idUKKBN14O18Q'|'2017-01-04T19:04:00.000+02:00'
'9b613a6d578412b1f68df47fc260146fc27ee798'|'German stocks - Factors to watch on January 4'|'FRANKFURT, Jan 4 (Reuters)The following are some of the factors that may move German stocks on Wednesday:BMW DAIMLER VWU.S. chip maker Intel will take a 15 percent stake in German digital mapping firm HERE, it said on Tuesday, as it seeks to build its presence in automated driving technology.LINDELinde has selected Adel, Georgia as the site of a new atmospheric gases plant.VOLKSWAGENA federal judge on Tuesday delayed the sentencing a German man who is the only person to face U.S. criminal charges over Volkswagen''s diesel emission cheating scandal, as he cooperates with prosecutors still investigating the matter.ANALYSTS'' VIEWSBAYER - JP Morgan raises to "overweight" from "neutral"OVERSEAS STOCK MARKETSDow Jones +0.6 pct, S&P 500 +0.8 pct, Nasdaq +0.9 pct at close.Nikkei +2.5 pct, Shanghai stocks +0.8 pct.Time: 7.31 GMT.GERMAN ECONOMIC DATAGerman December Services PMI due at 0855 GMT. Seen stable at 53.8.EUROPEAN FACTORS TO WATCHDIARIESREUTERS TOP NEWS (Reporting by Harro ten Wolde and Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/germany-stocks-factors-idINL5N1ET3FU'|'2017-01-04T04:32:00.000+02:00'
'28c23faa352275e2e6dccea5b74a976fcc07831f'|'Toshiba shares fall on media report of profit padding'|'Technology   12:39am GMT Toshiba shares fall on media report of profit padding Workers prepare the New Year''s eve numerals above a Toshiba sign in Times Square Manhattan, New York City, U.S., December 26, 2016. REUTERS/Andrew Kelly TOKYO Toshiba shares fell more than five percent on Wednesday after media reported that Japan''s security watchdog suspects it of padding profits by 40 billion yen ($339.59 million) over three years. Asahi Shimbun newspaper reported on Tuesday, when Tokyo markets were closed, that the Securities and Exchange Surveillance Commission would present allegations of profit padding to prosecutors. (Reporting by Hideyuki Sano; Editing by Stephen Coates) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN14O029'|'2017-01-04T07:38:00.000+02:00'
'065b2bb363936939bb3dc29177bef6eeca6bd361'|'Insurers paid out $50 billion for natural disasters in 2016'|'Environment  16am GMT Insurers paid out $50 billion for natural disasters in 2016 FRANKFURT Insurers paid out around $50 billion for natural disaster claims last year, reinsurer Munich Re said on Wednesday, while another $125 billion of losses were uninsured. It was the costliest twelve months for natural catastrophe losses in the last four years, the world''s largest reinsurer said in its annual review of natural catastrophes. The insured damage last year was above both the $27 billion registered in 2015 and the 10-year average of $45.1 billion, Munich Re said. (Reporting by Georgina Prodhan; Editing by Harro ten Wolde) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-disaster-insurance-idUKKBN14O0XG'|'2017-01-04T17:14:00.000+02:00'
'4677cb55adf47b7b65cec6c0858c5fd5a5d718ec'|'UPDATE 1-Chinese bike-share start-up Mobike raises $215 mln in fresh funding'|'Technology News  44am EST Chinese bike-share start-up Mobike raises $215 million in fresh funding A MoBike sign is seen in Guangzhou, Guangdong Province, China, October 8, 2016. REUTERS/Stringer BEIJING Chinese bike-sharing start-up Mobike has closed a $215 million series D funding round led by Tencent Holdings and Warburg Pincus LLC. Mobike, founded in 2015, is one of several bike-sharing services in China and allows users to find, unlock and pay to rent the company''s bicycles through a smartphone app. New investors include Chinese travel company Ctrip.com International, private equity firm TPG Capital and Huazhou Hotels Group, Mobike said in a statement on Wednesday. Mobike, which did not disclose its latest valuation, aims to tap demand from Chinese white-collar workers seeking an alternative to congested roads and public transport in the country''s largest cities. Bike-sharing apps have flourished in the past year, even as investment in other Chinese sharing economy start-ups has cooled. One of Mobike''s main competitors, ofo, recently raised $130 million from investors including smart hardware business Xiaomi Inc and taxi-hailing company Didi Chuxing. The bike services have also been lauded by advocates of China''s goal to build a network of smart cities. "Our investment in Mobike demonstrates our commitment to supporting the development of the sharing economy and smart cities in China," said Tencent Chairman and Chief Executive Pony Ma in the joint statement. Previous investors Sequoia Capital and Hillhouse Capital also participated in the D series funding. Mobike currently operates in nine cities within China and raised $100 million as part of an October funding round in which Tencent also participated. (Reporting by Cate Cadell; Editing by David Goodman) Next In Technology News Faraday Future unveils electric vehicle in Las Vegas to kick off CES LAS VEGAS Electric vehicle start-up Faraday Future showed off in Las Vegas on Tuesday a prototype of a vehicle set for production next year as the China-backed company strives to win credibility in the crowded sector and weather its funding challenges.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-china-mobike-funding-idUSKBN14O1C9'|'2017-01-04T19:27:00.000+02:00'
'1846faef3434340ceb4ee05dc6730176e395fbad'|'Sinopec mandates 6 banks to advise on unit revamp ahead of IPO-IFR'|'Financials - Wed Jan 4, 2017 - 12:15am EST Sinopec mandates 6 banks to advise on unit revamp ahead of IPO-IFR HONG KONG Jan 4 China Petroleum and Chemical Corp (Sinopec) has mandated six banks to advise it on a restructuring of its fuels distribution unit ahead of a planned initial public offering in Hong Kong, IFR reported on Wednesday, citing people close to the deal. Sinopec tapped China International Capital Corp Ltd (CICC) , China Merchants Securities, CITIC Securities Co Ltd , Citigroup, Goldman Sachs and Morgan Stanley for the financial advisory role, added IFR, a Thomson Reuters publication. The company had invited 14 banks to pitch for the role, people close to the deal previously told Reuters. The advisers will help the unit, Sinopec Marketing Co Ltd, transition from a limited liability company, which has less than 50 shareholders, into a corporation that can have a multitude of investors and a board of directors, among other things, one person said. The IPO could raise about $12 billion, a separate person said, though the value is subject to market conditions at the time of the listing. Sinopec and all the six banks didn''t immediately reply to a Reuters request for comment on the advisory role and restructuring of Sinopec Marketing. (Reporting by Fiona Lau of IFR; Additional reporting by Elzio Barreto and Julie Zhu; Editing by Muralikumar Anantharaman) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sinopec-corp-ipo-idUSL4N1EU1TD'|'2017-01-04T12:15:00.000+02:00'
'48ea38eab297d88c08d6f8bbfa24567fbe8aa616'|'CANADA STOCKS-TSX rises, led by energy and financials as oil rallies'|'TORONTO Jan 3 Canada''s main stock index rose on Tuesday, with the heavyweight energy and financial groups leading broad-based gains as oil rose.The Toronto Stock Exchange''s S&P/TSX composite index was up 115.67 points, or 0.76 percent, at 15,403.26, shortly after the open. Nine of the index''s 10 main groups were higher. (Reporting by Fergal Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-stocks-open-idINL1N1ET0HC'|'2017-01-03T11:38:00.000+02:00'
'ef59464fb6f42b12fbaace703c1f5185b0eba941'|'Ford scraps plan for $1.6 billion plant in Mexico after Trump criticism'|'Tue Jan 3, 2017 - 7:30pm GMT Ford scraps plan for $1.6 billion plant in Mexico after Trump criticism left right Ford Motor Co. president and CEO Mark Fields makes a major announcement during a news conference at the Flat Rock Assembly Plant in Flat Rock, Michigan, U.S. January 3, 2017. REUTERS/Rebecca Cook 1/6 left right Ford Motor Co. Flat Rock Assembly Plant is seen in Flat Rock, Michigan, U.S. January 3, 2017. REUTERS/Rebecca Cook 2/6 left right An entrance to the Ford Motor Co. Flat Rock Assembly Plant is seen in Flat Rock, Michigan, U.S. January 3, 2017. REUTERS/Rebecca Cook 3/6 left right Ford Motor Co. president and CEO Mark Fields makes a major announcement during a news conference at the Flat Rock Assembly Plant in Flat Rock, Michigan, U.S. January 3, 2017. REUTERS/Rebecca Cook 4/6 left right The Ford logo is seen at their plant in Cuatitlan Izcalli, Mexico October 18, 2016. REUTERS/Carlos Jasso 5/6 left right Ford Motor Co. assembly workers listen during a news conference as Ford president and CEO Mark Fields makes a major announcement at the Flat Rock Assembly Plant in Flat Rock, Michigan, U.S. January 3, 2017. REUTERS/Rebecca Cook 6/6 By Bernie Woodall and David Shepardson - FLAT ROCK, Mich./WASHINGTON FLAT ROCK, Mich./WASHINGTON Ford Motor Co ( F.N ) said Tuesday it will cancel a planned $1.6 billion factory in Mexico and invest $700 million at a Michigan factory, after President-elect Donald Trump had harshly criticized the Mexico investment plan. The second largest U.S. automaker said it would build new electric, hybrid and autonomous vehicles at the Flat Rock, Michigan plant and add 700 jobs. Ford Chief Executive Mark Fields said the decision to cancel the new Mexico factory was the result of sagging demand for small cars in North America and not because Trump was elected president. He told Fox Business that the automaker would have made the same decision even if Trump had not been elected. "There was no quid pro quo because there was no negotiation" with Trump over the decision to cancel the plant, Fields said. Fields told reporters the decision related to the need to "fully utilize capacity at existing facilities" amid declining sales of small and medium sized cars such as the Focus and Fusion. Fields also endorsed "pro growth" tax and regulatory policies advocated by Trump and the Republican-led Congress. "This is a vote of confidence for President-Elect Trump and some of the policies he may be pursuing," Fields said. Trump repeatedly said during the election campaign that if elected he would not allow Ford to open the new plant in Mexico, which he called an "absolute disgrace" and would slap hefty tariffs taxes on imported Ford vehicles. Ford executive chairman Bill Ford Jr. told reporters he spoke with Trump to notify him of the decision. The company said the decision was influenced by Trump''s policy goals such as lowering taxes and regulations but that there were no negotiations over the decision announced on Tuesday. By contrast, Trump''s team held talks with United Technologies Corp ( UTX.N ) in November before the company agreed to keep about 800 jobs at its Carrier air conditioning unit in Indiana out of 2,100 set to go to Mexico. Trump has also held high profile meetings with the chief executives of Boeing and Lockheed Martin to talk about the cost of military contracts. Also on Tuesday, Trump threatened to impose a "big border tax" on General Motors Co ( GM.N ) for making some of its Chevrolet Cruze cars in Mexico. The New York businessman, who has vowed to bring back American jobs that have been outsourced overseas and be tough on illegal immigration from Mexico, takes office on Jan. 20. Fields said Ford will build a battery electric SUV with a 300-mile driving range at the Michigan plant by 2020 -- taking on companies like Tesla Motors Inc ( TSLA.O ), Volkswagen AG ( VOWG_p.DE ) and GM -- and will launch production there by 2021 of a fully autonomous vehicle without a steering wheel or a brake pedal for use in ride services fleets. Ford also plans new hybrid versions of its F-150 pickup truck, Mustang and police vehicles by 2020 as the auto industry faces rising fuel efficiency mandates. Ford will add 700 jobs at the Flat Rock plant, Fields said, to cheers from union workers gathered at the factory for the announcement. TRUMP PREDICTION Ford in April announced it would invest $1.6 billion in the new plant in San Luis Potosi, Mexico to build small cars. The company said it will shift production from Michigan of its Focus to an existing plant in Hermosillo, Mexico. When Trump announced his campaign in June, 2015, he said Ford would cancel its planned Mexico investments. "They’ll say,‘Mr. President we’ve decided to move the plant back to the United States — we’re not going to build it in Mexico.’ That’s it. They have no choice," Trump said. Trump tweeted a link on Tuesday to a story about the decision. Ford shares rose 3.3 percent to $12.54, up $0.41 a share, while the Mexican peso fell on Tuesday to touch its weakest level in seven weeks. Ford said it will add two new unnamed products at its Michigan Assembly Plant in Wayne, Michigan, where the Focus is manufactured today. (Reporting by David Shepardson; Editing by Chizu Nomiyama and Alistair Bell) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ford-mexico-idUKKBN14N1EO'|'2017-01-04T02:28:00.000+02:00'
'80ba54589003d3a4627d7ffde0f27b99fb759228'|'MOVES-Strategy chief Gienal quits Zurich Insurance'|'Financials  01pm EST MOVES-Strategy chief Gienal quits Zurich Insurance ZURICH Jan 3 Zurich Insurance''s head of group strategy Claudio Gienal has left the company, a spokesman for the Swiss insurer said on Tuesday. Gienal and his team of 40 staff had helped to craft Chief Executive Mario Greco''s plans for the company, outlined in a strategy update in November. "In mid-December, Claudio Gienal decided to leave the company," the spokesman said in an emailed statement, confirming a report by Swiss finance website finews.ch. Zurich did not comment on the reasons for Gienal''s exit and Gienal did not respond immediately to an emailed request for comment. Gienal''s replacement is Giovanni Giuliani, who joined Zurich from Generali in August and will also retain his current role as head of group innovation, business development and global lines. Greco, who joined Zurich from Generali in March, had said in November that the insurer would maintain its current dividend of 17 Swiss francs ($16.51) while aiming in its 2017-19 goals to increase its total payout to a more ambitious 75 percent of net profit. ($1 = 1.0296 Swiss francs) (Reporting by Joshua Franklin; Editing by David Goodman) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/zurich-ins-moves-idUSL5N1ET3B5'|'2017-01-04T00:01:00.000+02:00'
'11162205ae64f05499ce3629ef583a4da88de68d'|'Swiss stocks - Factors to watch on Jan 3'|'ZURICH Jan 2 The following are some of the main factors expected to affect Swiss stocks on Tuesday:COMPANY STATEMENTS* Barry Callebaut AG said it closed the acquisition of the chocolate production facility from Mondelz International in Belgium as announced on Sept 15 after the completion of works council consultations and closing conditions* OC Oerlikon said on Friday that its acquisition of Citim had successfully closed.* Gottex Fund Management said on Friday that all proposals put forward by the board at an extraordinary general meeting were approved by shareholders, including the company''s name change to LumX and the reduction of the nominal value of the shares to 0.10 Swiss francs from 1 franc.ECONOMY* The Swiss SVME purchasing managers'' association and Credit Suisse release PMI figures for December 2016 at 0830 GMT. (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL5N1EP2IQ'|'2017-01-03T02:17:00.000+02:00'
'b32f6dbe0d1806058f03941fc612c3ab7f84d570'|'UK''s BBA Aviation to merge aircraft management business with Gama Aviation''s U.S. unit'|'  7:41am GMT UK''s BBA Aviation to merge aircraft management business with Gama Aviation''s U.S. unit British aircraft services firm BBA Aviation Plc ( BBA.L ) would merge its aircraft management and charter business with London-listed Gama Aviation Plc''s ( GMAA.L ) U.S. aircraft management unit, the companies said on Tuesday. The combined entity will have around 200 aircraft under management, making it the largest aircraft management business in the United States, Gama Aviation said in a statement. The merger is expected to be earnings-neutral to Gama Aviation in 2017 and 2018, and earnings-accretive thereafter. (Reporting by Rahul B in Bengaluru; Editing by Subhranshu Sahu)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bba-aviation-jointventure-gama-aviati-idUKKBN14N0G1'|'2017-01-03T14:41:00.000+02:00'
'1b76c38b2dedea9688a49ef72efcc1f327ff11c1'|'ETFs globally gather record cash in 2016 - BlackRock'|'Business News - Tue Jan 3, 2017 - 5:15am GMT ETFs globally gather record cash in 2016 - BlackRock By Trevor and Hunnicutt - NEW YORK NEW YORK Investors funnelled $375 billion into exchange-traded funds in 2016, investment manager BlackRock Inc said on Tuesday, a global record that came as investors looked to cut costs. The total, which is preliminary, compares with $348 billion in 2015 and includes a record $286 billion haul in the United States, home to the funds'' biggest market. ETFs are a basket of stocks or other assets traded by individual investors and institutions. Fund managers from BlackRock to Vanguard and Schwab SCHW.N offer index ETFs that try to track, not beat, the market. They have sliced management fees on some funds to as little as $3 annually for every $10,000 managed. All three companies announced price cuts last year. Those low fees along with other cost savings and conveniences have helped the more than $3 trillion ETF business take assets from rival financial products, including actively managed funds that attempt to beat the market but may fall short of that goal. U.S.-based active stock funds recorded $288 billion in withdrawals in 2016, the largest on record, according to preliminary Thomson Reuters Lipper data through November. ETF issuers were also able to draw investors into "smart beta" products that often attempt to beat the markets but do so based on a set of rules governing how they invest, rather than a portfolio manager making those calls. The products can be pricier for investors than traditional index funds while still undercutting active managers. "The fact that we''re at new-record inflows with such a slow start is a pretty strong reversal," said David Perlman, an ETF researcher at UBS UBSG.S. Markets started 2016 in bad shape, after the U.S. Federal Reserve raised rates and as oil prices cratered. Stocks managed to rebound from a February low, but events including the U.S. presidential race and the British vote to exit the European Union kept investors skittish. Money moved to the perceived safety of the fixed-income market, and BlackRock''s early data showed bond ETFs taking in a record $115 billion in 2016. New York-based BlackRock, with $1.3 trillion in global ETF assets, is the largest provider of such funds, as well as the world''s largest money manager overall. It said its iShares ETF brand attracted $140 billion during the year. (Reporting by Trevor Hunnicutt; Editing by Tom Brown) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-investment-etf-idUKKBN14N0A7'|'2017-01-03T12:15:00.000+02:00'
'6b55ea5bedcf9657f5b9121048def34ff46bc5da'|'Twitter’s controversial China chief leaves company'|'Add to myFT Twitter’s controversial China chief leaves company Kathy Chen is latest in a string of executives to depart the US social media group Read next by: Tom Hancock in Shanghai Twitter’s controversial managing director for Greater China, Kathy Chen , has announced her departure from the company after just eight months in the job, the latest in a stream of senior executives to leave the social media group. “I will take some time off to recharge, study about different cultures and then pursue more international business opportunities,” Ms Chen said in a tweet late on Saturday. The US company has recently seen a string of high-profile departures. Adam Messinger , chief technology officer, announced his departure last month, weeks after Adam Bain , chief operating officer and the person credited with building up Twitter’s advertising and marketing operations, also said he was leaving. Grappling with heightened competition from US rivals including Facebook and Snapchat, the social network has been pruning its global workforce as it tries to spur user base growth and profitability, and has been in talks with several potential acquirers. Despite being blocked in mainland China, Twitter has a highly active Chinese-language user base, with millions of users in the country who apparently access the service using virtual private networks. China’s state-run media has also embraced the platform, as have companies such as Huawei. Ms Chen became Twitter’s first Greater China chief in April as part of the company’s efforts to extend its reach to Chinese advertisers. She was reportedly the only person left in the company’s Hong Kong office after October, when a number of staff were moved to an Asia-Pacific headquarters in Singapore. Her previous leadership of a company that developed internet filtering products in conjunction with China’s Ministry of Public Security sparked concerns that she would advocate censorship in an effort to gain Twitter access to the mainland’s vast number of internet users. At the time of her appointment, Twitter said Ms Chen’s main role would be drumming up advertising from Chinese companies. In a separate tweet at the weekend she said: “Now that the Twitter Apac team is working directly with Chinese advertisers, this is the right time for me to leave the company.” In spite of playing a role last year in a range of political upheavals including the US election, Twitter has struggled to find potential buyers. In October Salesforce.com ruled itself out as a bidder, all but ending the microblogging site’s attempts to find a buyer after other potential acquirers including Google and Walt Disney pulled out. Twitter could not immediately be reached for comment on Monday, a public holiday in China. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/us'|'https://www.ft.com/content/68cd654c-d0b9-11e6-b06b-680c49b4b4c0'|'2017-01-02T14:37:00.000+02:00'
'1433cc6a77675ed125da69c67dccade2f16c8037'|'UK grocery prices up in December but still below 2015 - report'|'  1:35pm GMT UK grocery prices up in December but still below 2015 - report Customers shop at a Sainsbury''s store in London, Britain December 3, 2015. REUTERS/Neil Hall LONDON UK grocery prices rose slightly from November to December, according to data from tracking website mySupermarket.com, but prices remained lower than the previous year due to competition that has limited the impact of Brexit-related cost inflation. A basket of 35 commonly bought grocery items cost 83.33 pounds ($102.4) in December, mySupermarket.com said on Tuesday, up from 83.18 in November. The rise was driven by higher prices for fresh items such as bananas, grapes and carrots, it said. Overall, the basket was still nearly 3 percent cheaper than it was in December 2015, the company said, as big retailers such as Tesco ( TSCO.L ), Asda ( WMT.N ) and Sainsbury''s ( SBRY.L ) battle for shoppers. Economists and retail experts expect inflation to creep into the UK market after last year''s vote to leave the European Union caused a steep drop in the value of the British currency, making imported goods more expensive. "Despite a rise in December, our Groceries Tracker Basket costs less in December compared to January and shows how the highly competitive price wars between retailers has helped protect shoppers from any subsequent rises caused by current affairs," said mySupermarket CEO Gilad Simhony in a statement. The tracker covers nearly 5,000 products across supermarkets Tesco, Asda, Aldi [ALDIEI.UL], Sainsbury''s, Ocado ( OCDO.L ), Lidl [LIDUK.UL] and Morrisons ( MRW.L ). (Reporting by Martinne Geller; editing by Susan Thomas)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-prices-idUKKBN14N14O'|'2017-01-03T20:35:00.000+02:00'
'2913c5cd39bbbcd9321f942373b86a203174f856'|'LPC-EMEA lending slumps to four-year low of US$914bn in 2016'|'By Alasdair Reilly and Claire Ruckin - LONDON LONDON Jan 3 Syndicated lending in Europe, the Middle East and Africa (EMEA)slumped to US$914bn in 2016, showing a 21% year-on-year fall, according to Thomson Reuters LPC data, as refinancing activity tumbled and acquisitions remained patchy.Total EMEA volume in 2016 was the lowest since US$703bn raised in 2012 as global economic and political developments made companies reluctant to brave market volatility.Persistently low oil and commodities prices, the UK''s shock vote to leave the European Union and the US election surpressed activity, despite the highly attractive terms on offer in the loan market."Although it was not a great year, there was a good level of M&A into and out of Europe. While cyclical corporate flow business was slow, it remained steady with a particular focus on the mid-market," a senior banker said.Although the year saw several cross-border multi-billion dollar acquisition financings, M&A loan volume dropped 15% to US$263bn in 2016 and activity remained sporadic and inconsistent.This was despite the ready availability of bridge loan financing and quick and cheap refinancing through the bond market, buoyed by the European Central Bank''s corporate bond buying programme.German drug and crop chemical group Bayer financed its agreed US$66bn acquisition of US-based Monsanto with a US$56.9bn bridge loan, which was the largest EMEA loan of the year. The financing closed in October and Bayer quickly issued a 4bn convertible bond in November to part refinance the loan.Agrochemical related M&A had already featured in 2016 after China National Chemical Corp backed its acquisition of Swiss seeds and pesticides company Syngenta with a US$20.2bn non-recourse bridge loan, which closed in April. That financing was raised in conjunction with a US$12.7bn, one-year recourse loan syndicated in Asia.A US$18bn bridge loan backing Dublin-based rare disease drugmaker Shire''s US$32bn merger with US peer Baxalta and a US$13.1bn bridge loan that funded French yoghurt maker Danone''s acquisition of US organic foods producer WhiteWave Foods were both quickly refinanced with bonds.Bankers are hopeful of a pick-up in activity in 2017, spurred by a US$20bn loan to finance British American Tobacco''s proposed acquisition of the part of Reynolds American it does not already own and a £12.2bn(US$14.96bn) bridge loan backing Twenty-First Century Fox''s bid for European pay-TV group Sky plc. REFINANCING IN RETREATMost investment grade companies had already locked in low-priced loans, which caused a 29% drop in refinancing to US$430bn in 2016, down from US$605bn in 2015.The refinancing focus moved from highly rated corporates to cross-over credits, smaller mid-market companies and other other larger companies with specific financing requirements.Global diversified natural resource company Glencore launched an early refinancing of a one-year loan in January after it was hit hard by a slump in commodities in 2015. The US$7.7bn loan was signed in May.Swiss-headquartered LafageHolcim signed a 3.5bn loan in January which replaced existing credit facilities when its merger was completed.German auto supplier ZF Friedrichshafen closed a 3.5bn loan refinancing after the company''s credit ratings were upgraded to BB+/Ba1 and peer Schaeffler refinanced 4.4bn of debt in its group holding companies as part of a wider deleveraging plan.A handful of plain vanilla refinancings for top blue chip companies were seen, including a 10.5bn-equivalent refinancing for Nestle and a 6bn self-arranged refinancing for French telecom company Orange SA, which was priced at only 25bp.LEVERAGED FALLLeveraged lending fell 15% to US$182.7bn in 2016 compared to a year earlier, despite an increase in dealflow in the second half as an influx of cash produced an upturn in refinancing and repricing activity.Total volume was the lowest since US$117.4bn of deals raised in 2012 amid a general decline in leveraged acquisitions and non-event driven activity."We had a strong finish. I''m not convinced there''s a whole batch of new business in there, there was quite a lot of refinancing and opportunistic stuff that inflated the numbers," a loan banker said.Leveraged M&A activity financing private equity firms and leveraged companies'' acquisitions of US$68.3bn made up 37% of all leveraged lending, but was 18% lower than US$83.4bn in 2015. The remaining 63% totalled US$114.4bn, showing a 14% drop on US$132.8bn in 2015.The first half of 2016 saw volume of US$79.8bn as pricing widened on uncertainty. Volume rose to US$102.9bn in the second half as an inflow of money caused a repricing wave.Recapitalisations climbed to US$7.4bn in 2016, showing a hefty 124% year-on-year increase from US$3.3bn in 2015, as sponsors tried to take advantage of excess investor liquidity to extract value from existing portfolio companies.A 4.97bn refinancing, repricing and new money loan for global tea and coffee company Jacobs Douwe Egberts in November, part of a larger cross-border financing, was the biggest European leveraged loan of 2016, followed by a 2.589bn refinancing for Dutch cable company Ziggo in August, which formed part of a larger US$3.6bn-equivalent cross-border loan.JP Morgan topped the EMEA syndicated loan bookrunner table in 2016, with a US$47bn market share and 87 deals. BNP Paribas claimed second spot with a US$40.2bn market share and 195 deals, while HSBC clinched third spot with a US$37.5bn market share and 155 deals. ($1 = 0.8153 pounds) ($1 = 0.9626 euros)(Additional reporting by Hannah Brenton; Editing by Tessa Walsh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emea-loans-idINL5N1ET2TP'|'2017-01-03T13:28:00.000+02:00'
'ebfb25fa2150e31679ab81417e1ef1dd94abe156'|'Saudi''s Riyad Bank recommends lower cash dividend for H2 2016'|'Financials  51am EST Saudi''s Riyad Bank recommends lower cash dividend for H2 2016 DUBAI Jan 4 The board of Riyad Bank has proposed paying a cash dividend of 0.30 riyals ($0.08) per share for the second half of 2016, Saudi Arabia''s fourth-largest lender by assets said on Wednesday. The lender paid shareholders a dividend of 0.35 riyals per share for the corresponding period of 2015. ($1 = 3.7506 riyals) (Reporting By Tom Arnold; Editing by Susan Fenton) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/riyad-bank-dividend-idUSD5N1E9002'|'2017-01-04T19:51:00.000+02:00'
'56595a80b05596342aada006a0af42db9e163d49'|'Apple confirms $1 billion investment in SoftBank tech fund: WSJ'|'Apple Inc ( AAPL.O ) confirmed its plans to invest $1 billion a tech fund being set up by Japan''s SoftBank Group Corp ( 9984.T ), the Wall Street Journal reported on Wednesday."We believe their new fund will speed the development of technologies which may be strategically important to Apple," the Journal Quote: d Apple spokeswoman Kristin Huguet as saying.SoftBank has said it is investing at least $25 billion in the fund and has been in talks with Saudi Arabia''s Public Investment Fund for an investment that could go up to $45 billion.SoftBank has also said that it plans to make future large-scale investments via the tech fund, rather than on its own.Reuters reported in December, citing sources familiar with the matter, that Apple had held talks with SoftBank about the investment.Apple and SoftBank did not immediately respond to requests for comment.(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-softbank-group-apple-idINKBN14O1X9'|'2017-01-04T15:26:00.000+02:00'
'1fde85e7498e59da1eda0002488effc6793fefa0'|'CANADA STOCKS-TSX set for another day of gains, futures up 0.11 pct'|' 38am EST CANADA STOCKS-TSX set for another day of gains, futures up 0.11 pct Jan 4 Canadian stocks futures rose on Wednesday, a day after the main index touched its highest intraday level in more than 20 months. March futures on the S&P TSX index were up 0.11 percent at 7:15 a.m. ET. Canada''s main stock index rose on Tuesday, as financial, gold and energy shares gained on the first trading day of 2017. No economic data is scheduled for release on Wednesday. Investors awaited the release of the minutes of the U.S. Federal Reserve''s December meeting in which the central bank raised interest rates. Dow Jones Industrial Average e-mini futures were up 0.14 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.16 percent and Nasdaq 100 e-mini futures were up 0.15 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES Canadian oil and natural gas producer Encana Corp said it expects its margins in 2017 to exceed its previous target on lower costs and an expected rise in output in the second half of this year. ANALYST RESEARCH HIGHLIGHTS Canadian Pacific Railway Ltd : Loop Capital raises price target to C$221 from C$206 Dundee Precious Metals Inc : Paradigm Capital raises target price to C$5 from C$2.75 Westjet Airlines Ltd : Cowen and Company raises rating to "market perform" from "underperform" COMMODITIES AT 7:15 a.m. ET Gold futures : $1,165.8; +0.33 pct US crude : $52.64; +0.59 pct Brent crude : $55.81; +0.63 pct LME 3-month copper : $5,527.50; +0.49 pct U.S. ECONOMIC DATA DUE ON WEDNESDAY 0945 ISM-New York Index for Dec: Prior 720.5 0945 ISM NY Business Conditions for Dec: Prior 52.5 1330 Domestic car sales for Dec: Expected 5.15 mln; Prior 5.21 mln 1330 Domestic truck sales for Dec: Expected 8.70 mln; Prior 8.92 mln 1330 Total vehicle sales for Dec: Expected 17.70 mln; Prior 17.87 mln 1330 All car sales for Dec: Prior 7.16 mln 1330 All truck sales for Dec: Prior 10.71 mln FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.34) (Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL4N1EU3A5'|'2017-01-04T19:38:00.000+02:00'
'eae22c5d3a6c256f9c03d98f84f68952571656f7'|'Televisa says FCC approves higher Univision stake threshold'|'MEXICO CITY Mexican broadcaster Televisa said on Wednesday the U.S. Federal Communications Commission (FCC) had given approval for Televisa to own up to 40 percent of U.S. Spanish-language peer Univision''s voting stock and up to 49 percent of its common shares.The decision came as the FCC approved a move to raise the total number of shares in Univision that can be held by foreign investors to 49 percent from 25 percent, Televisa, Mexico''s dominant broadcaster, said in a statement.(Reporting by Veronica Gomez)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-televisa-univision-idINKBN14O1GS'|'2017-01-04T11:33:00.000+02:00'
'9690d9170c805b28b08bc5d2d015212724a0c265'|'Faraday Future unveils electric vehicle in Las Vegas to kick off CES'|'Technology News - Wed Jan 4, 2017 - 8:09am GMT Faraday Future unveils electric vehicle in Las Vegas to kick off CES left right A Faraday Future FF 91 electric car is displayed on stage during an unveiling event at CES in Las Vegas, Nevada January 3, 2017. REUTERS/Steve Marcus 1/9 left right Nick Sampson (C), senior vice president of product R&D and engineering at Faraday Future, talks with Richard Kim (L), vice president of design at Faraday Future, and YT Jia (C), founder and CEO of LeEco, as he exits a Faraday Future FF 91 electric car during an unveiling event in Las Vegas, Nevada January 3, 2017. REUTERS/Steve Marcus 2/9 left right Nick Sampson (L), senior vice president of product R&D and engineering at Faraday Future, shakes hands with YT Jia (L), founder and CEO of LeEco, in front of a Faraday Future FF 91 electric car during an unveiling event in Las Vegas, Nevada January 3, 2017. REUTERS/Steve Marcus 3/9 left right Hong Bae, director of ADAS and self driving at Faraday Future, celebrates as a self-driving Faraday Future FF 91 electric car finds a parking space and self-parks during a live demonstration in Las Vegas, Nevada January 3, 2017. REUTERS/Steve Marcus 4/9 left right A Faraday Future FF 91 electric car returns to the stage after an exhibition of speed during an unveiling event at CES in Las Vegas, Nevada January 3, 2017. REUTERS/Steve Marcus 5/9 left right A Faraday Future FF 91 electric car arrives on stage for an exhibition of speed during an unveiling event at CES in Las Vegas, Nevada January 3, 2017. REUTERS/Steve Marcus 6/9 left right Nick Sampson, senior vice president of product R&D and engineering at Faraday Future, speaks in front of a Faraday Future FF 91 electric car during an unveiling event at CES in Las Vegas, Nevada January 3, 2017. REUTERS/Steve Marcus 7/9 left right The rear of a Faraday Future FF 91 electric car is shown during an unveiling event at CES in Las Vegas, Nevada January 3, 2017. REUTERS/Steve Marcus 8/9 left right A Faraday Future FF 91 electric car is displayed on stage during an unveiling event at CES in Las Vegas, Nevada January 3, 2017. REUTERS/Steve Marcus 9/9 By Alexandria Sage and Paul Lienert - LAS VEGAS LAS VEGAS Electric vehicle start-up Faraday Future showed off in Las Vegas on Tuesday a prototype of a vehicle set for production next year as the China-backed company strives to win credibility in the crowded sector and weather its funding challenges. The "FF 91", described by its designer Richard Kim as "weird-pretty", is a luxury electric SUV Faraday executives say will be the most technologically advanced on the market when it goes into production in early 2018. Advance reservations for the car - which insiders say will retail for about $180,000 - are being taken for $5,000. "You''re about to witness day one of a new era of mobility," said Nick Sampson, senior vice president of engineering and research and development. "We''re going to show the first of a new species." But cash shortages and a recent spate of executive departures have raised questions about the company''s prospects. Faraday is funded and controlled by Chinese billionaire Jia Yueting, the chief executive officer of China''s Leshi Holdings Co Ltd, also known as LeEco ( 300104.SZ ), which is showing its own prototype electric car, the LeSee Pro, at CES. He is also an investor in California-based Lucid Motors, a competing electric vehicle start-up attending CES this year. Faraday debuted at CES last year with a concept car not intended to be produced, raising eyebrows over the company''s legitimacy and Jia''s overall strategy. A cash crunch at LeEco and Faraday''s missed payments to a contractor working on its $1 billion Nevada factory have spurred more questions in recent months over Faraday''s financial situation. In late December, LeEco said it was in talks to secure 10 billion yuan ($1.4 billion) from an unidentified strategic investor. Faraday executives would not comment on the company''s financials. "We''re hoping to … convince people that we''re real, we are doing a real product, it''s not just a vaporware Batmobile to create attention, but we now have a serious product," Sampson told reporters during a tour of Faraday''s headquarters in Gardena, California, in December. Executives say the car''s modular architecture and flexible battery layout will allow for a faster rollout of future models. The car will have a range of about 378 miles (608 km) per charge. Its electric motors will generate a combined 1,050 horsepower. The FF 91, a long, low, futuristic SUV with a roomy interior has no handles, as doors will open as a driver approaches. Holograms will be projected on the windshield to alert drivers of needed information. The car will come equipped with a package of sensors, including cameras, radar and lidar, to enable self-driving capability at a future date. Near the end of the launch, Jia - wearing a black LeEco hoodie - drove the car onstage. He got out of the car and was asked to push a button to make it drive itself to center stage. The car did not move at first. It made it on a second try. (Reporting by Alexandria Sage and Paul Lienert in Las Vegas; Editing by Lisa Shumaker and Muralikumar Anantharaman) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tech-ces-faraday-idUKKBN14O084'|'2017-01-04T12:00:00.000+02:00'
'cae8972bc8479611421b620a486ca720710b069b'|'French consumer confidence at nine-year high in December - INSEE'|'Business News - Wed Jan 4, 2017 - 7:59am GMT French consumer confidence at nine-year high in December - INSEE Shoppers carry shopping bags as they take care of their last-minute Christmas holiday gift purchases outside department stores in Paris, France, December 23, 2016. REUTERS/Charles Platiau PARIS French consumer confidence for December stood at a nine-year high, the official INSEE statistics agency said, as unemployment fears receded slightly while households also felt more confident about their personal finances. The December reading for consumer confidence came in at 99 points - stable compared to a revised 99 points for November, up from 98 previously. The two new readings were the highest since October 2007, INSEE said on Wednesday. The index, which is not closely correlated to consumer spending trends, hit an all-time low in May and June 2013 at 79. The highest level since the survey was conducted on a monthly basis was 125 in January 2001. (Reporting by Sudip Kar-Gupta; Editing by Andrew Callus) Next In Business News Faraday Future unveils electric vehicle in Las Vegas to kick off CES LAS VEGAS Electric vehicle start-up Faraday Future showed off in Las Vegas on Tuesday a prototype of a vehicle set for production next year as the China-backed company strives to win credibility in the crowded sector and weather its funding challenges.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-economy-confidence-idUKKBN14O0ME'|'2017-01-04T14:59:00.000+02:00'
'165d2e03d822a067c5e9e009f63c73583b8ce2de'|'China regulator sets rules for insurers'' compliance management'|'Business News - Tue Jan 3, 2017 - 10:47pm EST China regulator sets rules for insurers'' compliance management SHANGHAI China''s insurance regulator launched new rules on Wednesday to tighten insurers'' compliance management systems, it said in a notice on its official website. The move is the latest in a barrage of measures introduced in the last month by the China Insurance Regulatory Commission (CIRC), which has been taking steps against overbearing shareholders and risky acquisitions in an attempt to clean up the industry. The rules cover insurance firms and insurance asset management companies and must be implemented by July 1 this year. The holding company of an insurance conglomerate must set up a compliance management system to oversee the entire group, according to the new rules. The rules also set out who in a company is responsible for which elements of compliance, for example, the board of directors are ultimately responsible for compliance management while the general manager is responsible for reviewing policy. An insurance company shall ensure the independence of the compliance department and if the firm dismisses the person in charge of compliance it has to report to the CIRC and provide a reason within 10 days, according to the rules. (Reporting by Engen Tham in Shanghai and Beijing monitoring desk; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-china-insurance-regulations-idUSKBN14O099'|'2017-01-04T10:45:00.000+02:00'
'ee2cf6501a6276ce9e4fce760ee8e10f4eb9477d'|'Strong Danish crown to keep central bank alert in 2017 - Danske'|'Financials - Tue Jan 3, 2017 - 9:14am EST Strong Danish crown to keep central bank alert in 2017 - Danske By Teis Jensen - COPENHAGEN COPENHAGEN Jan 3 Denmark''s central bank will remain on high alert in 2017 to defend its safe-haven currency, which is expected to face more upward pressure from booming U.S. investments and political risks in Europe, the country''s biggest bank said on Tuesday. The Danish crown, considered a hedge against political uncertainty in the euro zone by many investors, reached its strongest level against the euro since 2012 in December. A large share of Danish pension savings are invested in U.S. stocks, so the recent rally there has resulted in "substantial wealth gains for Danish savers" and further strengthened the foundation under the crown, Danske Bank A/S said in a 2017 outlook note. Upcoming elections in The Netherlands, France, Germany and potentially also Italy, and the negotiations about Britain''s exit from the European Union, could also strengthen the crown further. "We could see additional DKK (crown) buying if EU and euro opposition gains further ground this year," Danske said. A strengthening of the crown would in turn lead the central bank to intervene by selling crowns for foreign currency. Under Europe''s Exchange Rate Mechanism (ERM2), a surrogate for euro adoption, the crown is pegged within plus or minus 2.25 percent of a central rate of 7.46038 per euro. In practice, Denmark''s central bank has held it in a much tighter range of 0.50 percent either way, via periodic currency interventions and, more rarely, changing the certificate of deposit rate. Danske said it expected the key rate to remain at the current -0.65 percent throughout 2017. The central bank will disclose its foreign exchange reserves as of the end of December at 1500 GMT on Tuesday. (Editing by Jacob Gronholt-Pedersen, editing by Larry King) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/denmark-cenbank-currency-idUSL5N1ET2BM'|'2017-01-03T21:14:00.000+02:00'
'5e038a2d1102b2d544160a3dd5eb5548ab92fa59'|'Icahn sweetens offer for Federal-Mogul for third time'|'Deals - Tue Jan 3, 2017 - 10:25am EST Icahn sweetens offer for Federal-Mogul for third time Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network''s Neil Cavuto show in New York February 11, 2014. REUTERS/Brendan McDermid Billionaire Carl Icahn''s investment firm, Icahn Enterprises LP ( IEP.O ), sweetened its offer for a third time to buy shares of Federal-Mogul Holdings Corp ( FDML.O ) it does not already own. The latest offer of $10 per share represents a discount of 3 percent to Federal-Mogul''s Friday close and is double the closing price on Feb. 26, the day before Icahn made his first offer of $7 a share. Icahn Enterprises owns about 82 percent of the auto parts maker. (Reporting by Sruthi Shankar in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-federal-mogul-m-a-icahn-idUSKBN14N1C4'|'2017-01-03T22:25:00.000+02:00'
'248f9391907a8bcd3722881af4cc3d391bf3bb74'|'EU mergers and takeovers (Jan 3)'|'Market  24am EST EU mergers and takeovers (Jan 3) BRUSSELS Jan 3 The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- Czech e-commerce services company Rockaway Capital SE, energy company EC Investments and Czech financial services company PPF Group N.V. to acquire Sully systems, which will act as a holding company (approved Dec. 21) NEW LISTINGS -- Investment firm TPG Capital to acquire majority stake in Intel Corp''s cyber security unit (notified Dec. 23/deadline Feb. 6/simplified) -- Bunge to buy two European oilseed processing facilities from Cargill (notified Dec. 23/deadline Feb. 6) -- Swedish private equity fund Altor Fund IV to acquire rest of customer service provider Transcom Worldwide (notified Dec. 23/deadline Feb. 6/simplified) EXTENSIONS AND OTHER CHANGES FIRST-STAGE REVIEWS BY DEADLINE JAN 5 -- UK engineering company Smiths Group to acquire U.S.-based Morpho Detection from French aerospace company Safran (notified Nov. 23/deadline Jan. 5) JAN 6 -- Chinese insurance company Fosun to acquire German fashion house Tom Tailor (notified Nov. 24/deadline Jan. 6/simplified) JAN 11 -- U.S. medical devices maker Abbott Laboratories to acquire U.S. diagnostics company Alere (notified Nov. 29/deadline Jan. 11) JAN 13 -- Investment firm HIG Capital to acquire shares in Dutch recycling company Ecore (notified Dec. 1/deadline Jan. 13/simplifed) -- U.S. conglomerate Koch Industries to acquire U.S. peer Guardian Industries (notified Dec. 1/deadline Jan. 13/simplified) JAN 17 -- German automotive parts supplier Rheinmetall Automotive and Chinese automobile radiator company Zhejan Yinlun Machinery to form joint venture JV (notified Dec. 5/deadline Jan. 17/simplified procedure) -- U.S. investment firm KKR & Co. to take sole control of Japanese auto parts supplier Calsonic Kansei Corp (notified Dec. 5/deadline Jan. 17/simplified) JAN 18 -- Private equity firm Permira to acquire online fashion products retailer Schustermann & Borenstein (notified Dec. 6/deadline Jan. 18/simplified) -- Private equity firm Permira to acquire German fashion retailer and exporter Schustermann & Borenstein (notified Dec. 6/deadline Jan. 18/simplified) JAN 19 -- Smiths Detection U.S. Holdings, subsidiary of British technology group Smiths Group, to acquire sole control of U.S.-based Morpho Detection (notified Nov. 23/deadline Jan. 19) JAN 20 -- U.S. investment group KKR to acquire a majority stake in Swedish bed and mattrass maker Hilding Anders (notified Dec. 8/deadline Jan. 20/simplified) -- South Africa''s Barloworld Ltd and Germany''s BayWa to establish BHBW joint venture for agriculture and materials handling operations in southern Africa (notified Dec. 8/deadline Jan. 20/simplified) -- U.S. investment group KKR to acquire a majority stake in Swedish bed and mattrass maker Hilding Anders (notified Dec. 8/deadline Jan. 20/simplified) -- South Africa''s Barloworld Ltd and Germany''s BayWa to establish BHBW joint venture for agriculture and materials handling operations in southern Africa. (notified Dec. 8/deadline Jan. 20/simplified) JAN 23 -- France''s Schneider Electric and DB Energie to form a joint venture (notified Dec. 9/deadline Jan. 23/simplified) JAN 25 -- Japanese holding company Sompo Holdings Inc to acquireNew York-listed insurer Endurance Specialty Holdings Ltd (notified Dec. 13/deadline Jan. 25/simplified) JAN 26 -- Japan''s Mitsubishi Chemical Holdings Corporation and Ube Industries to acquire joint control of electrolytes makers Changshu MC Ionic Solutions CN Co Ltd and AET Electrolyte Technologies (Zhangjiagang) Co. Ltd (notified Dec. 14/deadline Jan. 26/simplified) -- EP Investment and EP Investment II to jointly acquire Czech utility Energeticky a prumyslovy holding, a.s. (EPH) (notified Dec. 14/deadline Jan. 26/simplified) JAN 30 -- ArcelorMittal Distribution Services France and Cellino to create a joint venture Steelcame Srl active in industrial sheet metal workshop and steel distribution (notified Dec. 16/deadline Jan 30) JAN 31 -- Hitachi Chemical Company and Italy''s Fiamm to form joint venture in automotive and industrial lead-acid batteries (notified Dec. 19/deadline Jan 31/simplified) -- Austria''s Alpha Bank and investment management firm Centerbridge to take joint control over debt management service coordinator Kaican (notified Dec. 19/deadline Jan 31/simplified) FEB 2 -- REI Germany Cross Docks and CBRE Group Inc together with Poste Vita to acquire indirect joint control ofver 10 real estate assets in Germany (notified Dec. 21/deadline Feb. 2/simplified) -- Private equity investor Advent International Corp to acquire industrial parts maker Brammer (notified Dec. 21/deadline Feb. 2/simplified) -- Canada-listed holding company Fairfax <FFH.TO >and Sagard Holdings, a subsidiary of Power Corporation of Canada, to acquire joint control of sports good manufacturer PSG (notified Dec. 21/deadline Feb. 2/simplified) FEB 3 -- Private equity firm Cerberus Group to buy majority stake in Staples Europe from Staples (notified Dec. 22/deadline Feb. 3/simplified) -- UK private equity fund adviser Apax Partners to take sole control of diagnostic service provider Unilabs (notified Dec. 22/deadline Feb. 3/simplified) FEB 6 -- TPG Capital to acquire majority stake in Intel Corp''s cyber security unit (notified Dec. 23/deadline Feb. 6/simplified) -- Bunge to buy two European oilseed processing facilities from Cargill (notified Dec. 23/deadline Feb. 6) -- Swedish private equity fund Altor Fund IV to acquire rest of customer service provider Transcom Worldwide (notified Dec. 23/deadline Feb. 6/simplified) FEB 23 -- German cement producers Heidelbergcement and Schwenk to jointly acquire Mexican peer Cemex''s Croatian unit (notified Sept. 5/deadline extended to Feb. 23 from Oct. 10 after the European Commission opened an in-depth investigation) FEB 28 -- U.S. chemicals company Dow Chemical to merge with DuPont (notified June 22/deadline Feb. 28) MARCH 13 -- Deutsche Boerse and the London Stock Exchange plan to merge (notified Aug. 24/deadline extended to March 6 from Feb. 13 after the companies asked for more time, then by further five working days) MARCH 29 -- Chinese state-owned company China National Chemical Corp (ChemChina) to acquire Swiss pesticides and seeds group Syngenta (notified Sept. 23/deadline March 29) SUSPENDED -- Azerbaijan''s state energy company SOCAR to buy stakes in Greek natural gas grid operator DESFA from Greek natural gas utility DEPA (notified Oct. 1/deadline suspended on Jan. 21) GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case. Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days. SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Compiled by Foo Yun Chee) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/eu-mergers-idUSL5N1ET18Q'|'2017-01-03T18:24:00.000+02:00'
'7dcbac1ff366b32c9f36b58686291383b0e4147f'|'LSE sells clearing business to Euronext in bid to win merger approval'|'By Andreas Kröner London Stock Exchange Group ( LSE.L ) has agreed to sell its French clearing business to Euronext ( ENX.PA ) for 510 million euros ($534 million), as it seeks to win regulatory approval for its proposed merger with Deutsche Boerse ( DB1Gn.DE ).The European Commission has expressed antitrust concerns about the $28 billion merger and the impact on the clearing of derivatives contracts in particular. The Commission, in a document on the issue, has not made clear if the sale of the French clearing business, LCH Clearnet SA, would be enough to dispel its concerns, two sources told Reuters.One person directly involved in the merger process said he did not believe the sale alone would address the Commission’s concerns."I have doubts that this is enough," he said. He suggested that LSE might also opt to sell Borsa Italiana, operator of the Milan stock exchange, to help address antitrust concerns, although a second source familiar with the process said that a sale of Borsa Italiana was not being discussed at the moment.An LSE spokeswoman said the company could not comment beyond its statement on the sale on Tuesday. Deutsche Boerse representatives declined to comment.LSE Group and LCH Group Limited said in a joint statement that they had agreed on the terms of Euronext''s all-cash offer, after announcing last month that they were in exclusive talks with Euronext on a sale.LSE and Deutsche Boerse plan to formally submit the Clearnet SA sale as a remedy to the European Commission''s concerns in the next few days sources told Reuters.A major hurdle to LSE''s merger with Deutsche Boerse is how antitrust regulators define the derivatives market.Deutsche Boerse is hoping that the European Commission will treat over-the-counter (OTC) derivatives contracts and on-exchange traded derivatives as two separate markets, sticking to a market definition the Commission confirmed back in 2012.Deutsche Boerse''s Eurex is mainly active in exchange-traded derivatives, while the LSE''s LCH.Clearnet is active in the OTC business.But Deutsche Boerse has acknowledged that the European Commission may change its mind, prompting the merger partners to make concessions such as selling LCH Clearnet SA to avoid the LSE-Deutsche Boerse combination being regarded as a dominant player."It seems the market definition is changing," Deutsche Boerse Chief Financial Officer Gregor Pottmeyer said about the European Commission''s antittrust deliberations in November.For pan-European exchange operator Euronext, buying Clearnet will give it control of a platform for which it provides much of the revenue and will make it less reliant on a competitor''s clearing services.LUCRATIVE BUSINESSClearing is becoming a much more lucrative business as global reforms introduced after the 2007-09 financial crisis mean banks must clear the bulk of their derivatives trades to make them safer and more transparent."If the DB-LSE-merger is completed, then Euronext will be strengthened at the core of the euro zone capital market with this transaction," Euronext CEO Stephane Boujnah told CNBC, adding that Euronext is also considering other takeovers. "The reason why we are confident we can capture those opportunities is because we have significant firing power in our balance sheet, in particular because of our extremely low level of debt.", Boujnah said.Euronext said it expected the deal to add to its earnings in double digits from the first full year, before costs pegged at 40 million euros. It forecast cost savings of 13 million euros before taxes.Euronext shares were up 2.6 percent at 1006 GMT at 40 euros on Tuesday, while LSE Group and Deutsche Boerse shares were virtually flat at 2,901 pence and 79.41 euros respectively.The Commission is due to decide on the merger on March 13, after extending its review deadline for the second time.It stated its objections to the merger in December, but outlined fewer concerns than in its first letter sent to both exchange operators in September.(Additional reporting by Vidya L Nathan in Bengaluru, editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lse-m-a-euronext-clearnet-idINKBN14N0X1'|'2017-01-03T08:49:00.000+02:00'
'76f57c70cfc2fd04c3db754c1a72848279c6ba52'|'ANZ sells Shanghai Rural stake for $1.3 billion'|'Deals -  42pm GMT ANZ sells Shanghai Rural stake for $1.3 billion The logo of the Australia New Zealand Bank Group (ANZ) is displayed on their main office building in Melbourne, Australia, July 27, 2016. REUTERS/David Gray SYDNEY Australia and New Zealand Banking Group Ltd ( ANZ.AX ) said on Tuesday it will sell its 20 percent stake in Shanghai Rural Commercial Bank Co Ltd [SHRCB.UL] for A$1.8 billion ($1.3 billion), as part of its broader sell-down of Asian assets. "The sale reflects our strategy to simplify our business and improve capital efficiency," ANZ Deputy Chief Executive Graham Hodges said in a statement. China COSCO Shipping Corp and Shanghai Sino-Poland Enterprise Management Development Corp were named as the purchasers in the deal, representing a price-to-book ratio of about 1.1 times Shanghai Rural''s net assets as of December 2015. The move is part of ANZ''s move to reduce its Asian exposure, which includes the sale of wealth and retail businesses in Singapore, Hong Kong, China, Taiwan and Indonesia to DBS Group ( DBSM.SI ). For banks, holding minority stakes in lenders like Shanghai Rural is proving to be expensive under new rules that require them to set aside equity capital against such investments. ANZ invested a total of A$568 million to acquire the stake in 2007, but has since come under investor pressure to exit minority stakes in Asia and to boost its Tier-I capital ratio, the core measure of a bank''s financial strength. ANZ said the sale would boost its tier-I capital ratio by about 40 basis points. The bank said its ratio was 9.6 percent in its annual report in November. The sale, agreed on Saturday, is subject to conditions and regulatory approvals and is expected to be completed by mid-2017. (Reporting by Tom Westbrook; Editing by Stephen Coates) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-australia-anz-bank-china-idUKKBN14M18L'|'2017-01-03T06:38:00.000+02:00'
'fe883e732baf9a833e2685d1277c24651b55240f'|'MOVES-TD Bank names Giamo head of regional commercial bank'|' 42pm EST MOVES-TD Bank names Giamo head of regional commercial bank Jan 3 TD Bank, a subsidiary of the Toronto-Dominion Bank, named Christopher Giamo head of regional commercial bank. Giamo, who joined TD Bank in 1998, has 21 years of industry experience and previously worked at Bank of New York and CoreStates Financial Corp. He will replace Fred Graziano, who retired after 25 years at the bank. (Reporting by Gayathree Ganesan in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/td-moves-christophergiamo-idUSL4N1ET2W2'|'2017-01-04T02:42:00.000+02:00'
'cd5f94e26a179ccd3a84e69963d5f2d65af0d94f'|'Global banking regulators postpones approval of new rules'|'Business News  39am GMT Global banking regulators postpones approval of new rules FRANKFURT Global banking regulators have postponed a meeting at which they were expected to approve new capital rules designed to avert a repeat of the financial crisis, the Bank for International Settlements (BIS) said on Tuesday. "More time is needed to finalize some work, including ensuring the framework''s final calibration," the Basel Committee said on the BIS website. "A meeting of the GHOS (Group of Central Bank Governors and Heads of Supervision), originally planned for early January, has therefore been postponed. The Committee is expected to complete this work in the near future." (Reporting by Francesco Canepa; Editing by Louise Ireland) Next In Business News Dollar back on trend, hits two-week high vs yen LONDON The U.S. dollar racked up its biggest rise in two weeks in 2017''s first full day of European trading on Tuesday, as dealers and investors in London returned to push the greenback to within 1 percent of December''s long-term highs. Remittances to Mexico jump by most in 10 years after Trump win MEXICO CITY Remittances to Mexico posted their biggest jump in over ten years in November in a possible reaction to the U.S. election victory of Donald Trump, who threatened to block the transfers and eroded confidence in the peso currency during the campaign. Venezuela issues $5 billion to state-run bank: source CARACAS Venezuela has issued $5 billion in bonds maturing in 2036 to a state-owned bank, a source familiar with the situation said on Monday, in an unorthodox operation that does not immediately bring in new funds for the cash-strapped OPEC nation. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-banks-regulations-idUKKBN14N0R4'|'2017-01-03T17:35:00.000+02:00'
'9455cc73978da705929fedcb6f8a165291115cfe'|'Intel seeking indirect stake in mapping firm HERE: German cartel office'|'FRANKFURT Chip maker Intel ( INTC.O ) has sought approval to buy a stake in HERE, a digital mapping firm controlled by Germany''s carmakers Daimler DAIGN.DE, BMW ( BMWG.DE ) and Volkswagen ( VOWG_p.DE ), a filing to the German cartel office showed.HERE could not immediately be reached for comment. Intel declined to comment. Germany''s cartel office would not comment on the size of the stake sought by Intel.The filing dated Jan. 2 said Intel Corporation is seeking an indirect stake in HERE International B.V.In July, BMW teamed up with Intel and Mobileye ( MBLY.N ) to develop self-driving cars by 2021.(Reporting by Sabine Wollrab, Ilona Wissenbach, Matthias Inverardi, Edward Taylor and Irene Preisinger, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-intel-here-equity-idINKBN14N0RN'|'2017-01-03T07:41:00.000+02:00'
'a1ec514392260520589d75030ca4b5eb9c0d1a85'|'Brazil''s Renova says considering asset sales, new partners to reduce debt'|'SAO PAULO Brazilian renewable power generation company Renova Energia SA said in a securities filing on Tuesday it is considering to sell assets and bring new shareholders as ways to reduce its debt.Reuters reported on Monday Renova ( RNEW11.SA ) is in talks to sell its wind farm Alto Sertao II to the Brazilian unit of AES Corp ( AES.N ) for up to 700 million reais ($214 million).. According to the filing, Renova does not have yet an agreement on terms of a potential asset sale, nor a formal decision to sell.(Reporting by Bruno Federowski; Editing by Sandra Maler)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-renova-energia-divestiture-aes-corp-idUSKBN14N1S6'|'2017-01-03T23:37:00.000+02:00'
'4c79f0547daadf239eec7410388386abbc14bf7d'|'Deals of the day- Mergers and acquisitions'|'Jan 4 The following bids, mergers, acquisitions and disposals were reported by 1045 GMT on Wednesday:** Maersk, the world''s largest container shipping line, has teamed up with Alibaba to allow customers to reserve space on its vessels through the Chinese company, illustrating growing cooperation between e-commerce and logistics firms.** Dubai Islamic Bank (DIB), the largest Islamic bank in the United Arab Emirates, said that it had sold its stake in Jordan Dubai Islamic Bank.** Britain''s competition watchdog said it has concerns with MasterCard Inc''s acquisition of UK payment processing company VocaLink Holdings, following a review of the ownership and competitiveness of companies supporting those systems.** Lonza has concluded the divestment of its peptides business in Belgium to PolyPeptide Laboratories Holding, the Swiss group said.** Brazilian renewable power generation company Renova Energia SA said in a securities filing on Tuesday it is considering to sell assets and bring new shareholders as ways to reduce its debt. (Compiled by Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1EU2VT'|'2017-01-04T08:13:00.000+02:00'
'521831e18679f6a95ca4a04527364a0757dc329c'|'Exclusive: Sullivan lawyer Jay Clayton seen as Trump’s top choice for SEC'|'Politics - Tue Jan 3, 2017 - 5:57pm EST Exclusive: Sullivan lawyer Jay Clayton seen as Trump’s top choice for SEC A general exterior view of the U.S. Securities and Exchange Commission (SEC) headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst By Svea Herbst-Bayliss and Steve Holland - WASHINGTON WASHINGTON Wall Street lawyer Jay Clayton has emerged as the top candidate to head the U.S. Securities and Exchange Commission for the Trump administration, two sources familiar with the matter said on Tuesday. Clayton is a partner at Sullivan & Cromwell who has specialized in public and private mergers and has an expertise in capital market offerings. Clayton was not immediately available to comment. (Reporting by Svea Herbst-Bayliss in Boston and Steve Holland Washington D.C.; Editing by David Gregorio) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-sec-idUSKBN14N1Y9'|'2017-01-04T05:57:00.000+02:00'
'2f7836917bf493f088932644f4b6ad8702d2c114'|'Indian shares inch up on upbeat global economic data'|'Financials  25am EST Indian shares inch up on upbeat global economic data * NSE, BSE indexes up about 0.1 pct * Auto stocks lead gains, Tata Motors up 2.3 pct * Focus on quarterly corporate results, govt budget-analyst By Samantha Kareen Nair Jan 4 Indian shares edged up on Wednesday tracking U.S. and Asian counterparts on upbeat global economic data, but gains were tempered by caution ahead of corporate results and the government''s annual budget. Shares in the U.S. and Asia were boosted by a round of factory surveys from China, the euro zone and United States that pointed to more momentum in the global economy. U.S. factory activity accelerated to a two-year high in December, while manufacturing in the euro zone grew at its fastest pace in five years and China''s factory activity was better than expected. "While positive global data could help strengthen foreign inflows which in turn could support market gains, the market is unlikely to find a big direction for now because key focus is on the budget session and upcoming earnings season," said Siddhartha Khemka, head of research at Centrum Wealth. Corporate results are scheduled to start next week and the government''s budget is due on Feb. 1. India''s services industry ended 2016 on a sour note, contracting for a second month in a row in December as orders shrank amid a severe cash shortage, according to a private business survey on Wednesday. The broader NSE index was up 0.12 percent at 8,202.2 as of 0514 GMT, while the benchmark BSE index was 0.07 percent higher at 26,662.63. Auto stocks contributed most to gains on the indexes, rising as much as 1.1 percent to their highest since Nov. 11. Tata Motors and Bajaj Auto were up 2.3 percent and 1.1 percent, respectively. Denim fabric manufacturer Nandan Denim Ltd surged as much as 13.5 pct to its highest since Nov. 16 after the Reserve Bank of India raised the company''s foreign investment limit. Bharti Airtel declined for a second session, falling as much as 1.7 percent after the company said it would offer free data to woo new and existing 4G customers, intensifying a price war in the sector. (Reporting by Samantha Kareen Nair in Bengaluru; Editing by Amrutha Gayathri) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-stocks-idUSL4N1EU1XY'|'2017-01-04T13:25:00.000+02:00'
'6be24ba2aface59bab3ff14ad46121372d6fe2bc'|'PRESS DIGEST - Wall Street Journal - Jan 4'|'Market News - Wed Jan 4, 2017 - 12:14am EST PRESS DIGEST - Wall Street Journal - Jan 4 Jan 4 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Ford Motor Co scrapped a plan to build a $1.6 billion small-car factory in Mexico that Donald Trump had slammed, a move announced just hours after the President-elect knocked General Motors Co on Twitter for importing compact cars from Mexico to sell in the U.S. on.wsj.com/2hPy97k - Exxon Mobil Corp has awarded former Chief Executive Rex Tillerson a $180 million retirement package as the company moves to break financial ties with President-elect Donald Trump''s nominee for secretary of state. on.wsj.com/2hPI5xC - Qualcomm Inc views its latest smartphone chip as a "connected device" chip, a bid to outdistance rivals such as Intel Corp in the burgeoning market for gadgets and equipment with computing and communications capabilities built in. on.wsj.com/2hPNBR1 - Tesla Motors Inc''s fourth-quarter sales rose 27 percent - but not enough for the Silicon Valley auto maker to reach its goal of delivering at least 80,000 vehicles in 2016. on.wsj.com/2hPG70h - Lawyers representing owners of tainted Volkswagen diesel-powered cars in Germany filed the first lawsuit seeking consumer compensation for damages from the car maker''s diesel scandal in a test case that could turn up pressure on it to compensate millions of European customers. on.wsj.com/2hPGKqB - Intel Corp is acquiring a 15 percent stake in Here International B.V. for an undisclosed sum, joining the digital mapmaker''s core shareholders BMW AG, Daimler AG and Volkswagen AG''s Audi unit in developing navigation technology for self-driving cars. on.wsj.com/2hPznQi - Fox News anchor Megyn Kelly is leaving to join NBC News, taking on a variety of roles for the broadcast network after rising to prominence over the course of more than a dozen years at the cable news juggernaut. on.wsj.com/2hPG7xj (Compiled by Subrat Patnaik in Bengaluru) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1EU1U2'|'2017-01-04T12:14:00.000+02:00'
'4c64920ac2770be0a9724253a4fe60f407c29b67'|'Puerto Rico seeks proposals for legal, financial advisers'|'By Nick Brown - NEW YORK NEW YORK Puerto Rico''s new governor wasted no time seeking advisers to help the island restructure $70 billion in debt, requesting late on Tuesday that firms submit their qualifications as legal and financial advisers.Governor Ricky Rossello, who was sworn in on Monday, had sharply criticized the financial policies of his predecessor, Alejandro Garcia Padilla, during the 2016 campaign.Those policies were shaped in large part by law firm Cleary Gottlieb Steen & Hamilton and financial adviser Millstein and Co. Both firms have represented the island since 2014, as it descended into economic crisis.The announcement from the Fiscal Agency and Financial Advisory Authority, the island''s primary fiscal agent, could bring the firms'' tenures to an end.Garcia Padilla pushed for sharp reductions in debt payments to Puerto Rico''s creditors and ordered several defaults during his term. Rossello, who favors U.S. statehood for the island, believes it should try to limit such cuts while imposing belt-tightening measures like consolidating public agencies.Firms have until Friday to submit their qualifications. Those that have represented Puerto Rico''s creditors are not barred from vying for a contract.According to Puerto Rico''s comptroller''s office, Cleary and Millstein are under contract through this fiscal year, which ends on June 30, although Rossello can review those agreements. Cleary was to be paid $11 million, and Millstein was to get $9 million under the deals.Puerto Rico owes $18 billion in general obligation debt, backed only by a constitutional promise; $15 billion in so-called COFINA debt backed by sales tax proceeds; and billions more in debt at public agencies like power authority PREPA and water utility PRASA.Nearly half the island''s 3.5 million residents live in poverty. Its unemployment rate is more than twice the U.S. average, and its population continues to fall as locals flock to the U.S. mainland.Creditors are barred from suing Puerto Rico over missed debt payments at least through Feb. 15 under a federal rescue law known as PROMESA. The law, passed last year, calls for the island to try to reach consensual compromises with creditors in the meantime.Facilitating those talks will fall to a federal oversight board that has hired its own advisers. It is unclear how much clout Puerto Rico''s government advisers would have in those talks.(Reporting by Nick Brown; Editing by Daniel Bases and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-puertorico-debt-advisers-idINKBN14O1XJ'|'2017-01-04T15:29:00.000+02:00'
'764685164c5b0cfdc98e8d28072a65a31089f476'|'Volkswagen CEO to stay away from Detroit auto show'|' 45am IST Volkswagen CEO to stay away from Detroit auto show Volkswagen CEO Matthias Mueller attends the start of the annual shareholder meeting in Hanover, Germany June 22, 2016 REUTERS/Fabian Bimmer BERLIN Volkswagen ( VOWG_p.DE ) chief executive Matthias Mueller will miss the Detroit auto show next week, the German carmaker said on Wednesday, amid uncertainty over its chances of settling a U.S. criminal investigation into its emissions scandal. Volkswagen (VW) reached an agreement before Christmas to compensate U.S. owners of about 80,000 polluting 3.0-litre diesel cars, pushing up the costs of its emissions test cheating in the world''s No. 2 car market to $17.5 billion. But VW is still in talks with the U.S. Department of Justice (DoJ) and could spend billions of dollars more to reach a criminal settlement, with sources saying a deal could be struck before the Obama administration leaves on Jan. 20. "There will be no separate event of the VW group (in Detroit) and in view of this fact, the group''s executive board will not attend the show," a spokesman at VW''s Wolfsburg headquarters said by email. At the 2016 Detroit show, Mueller drew criticism after telling National Public Radio that VW "didn''t lie" when first asked about irregularities between real-life and test emissions in its diesel cars. The CEO''s comments came before Mueller''s first meeting with U.S. regulators and sparked a media firestorm in the United States, with some analysts saying they complicated efforts to clear up the emissions scandal. VW''s decision to not have Mueller and fellow managers of the group''s nine-member executive board attend the 2017 Detroit show suggests the company wants to avoid taking risks as it nears an agreement with the DoJ. VW fears a reboot of its core brand in the United States could be delayed by six months or more if it fails to reach a deal with the outgoing administration, as the new DoJ team would need time to get organised, a source at VW told Reuters. VW plans to drop diesel vehicles in the United States and refocus on sport-utility and electric cars to try to revive its fortunes after the emissions scandal. Despite a 20 percent jump in December sales, the decline in registrations of VW brand vehicles in the United States last year accelerated to 7.6 percent from a 4.8 percent drop in 2015. (Reporting by Andreas Cremer; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/volkswagen-emissions-detroit-idINKBN14O23C'|'2017-01-05T03:15:00.000+02:00'
'32eab43cdcfe25f773392bd7ba8aef1c18182b66'|'China regulator sets rules to curb property insurance products risk'|'Business News - Tue Jan 3, 2017 - 5:37am EST China regulator sets rules to curb property insurance products risk SHANGHAI China''s insurance regulator launched new rules on Tuesday to curb the risks associated with property insurance products, it said in a notice on its official website. The move is the latest in a slew of measures introduced by the China Insurance Regulatory Commission (CIRC), which has been taking steps against overbearing shareholders, funding term mismatches and risky acquisitions, among others. Insurers cannot issue products to cover an investment risk that can make a profit as well as a loss, an event that leads to no real loss or where the event insured against will definitely occur, the guidelines said. The premiums paid for a product must be determined in line with the calculation of the actual risk and insurance liability, the guidelines added. "There is a lack of historical data for many products, so the pricing process is unscientific," the regulator said in a question and answer with journalists. The aim is to ensure reasonableness, so that insurers do not earn overly high premiums for insured risks, it added. Last week, the regulator said it might slash the upper limit of a single shareholder''s stake in an insurance company to one-third, from 51 percent now, to prevent any improper transfer of benefits. (Reporting by Engen Tham in Shanghai and Beijing monitoring desk; Editing by Clarence Fernandez) Next In Business News Dollar back on trend, hits two-week high vs yen LONDON The U.S. dollar racked up its biggest rise in two weeks in 2017''s first full day of European trading on Tuesday, as dealers and investors in London returned to push the greenback to within 1 percent of December''s long-term highs. Remittances to Mexico jump by most in 10 years after Trump win MEXICO CITY Remittances to Mexico posted their biggest jump in over ten years in November in a possible reaction to the U.S. election victory of Donald Trump, who threatened to block the transfers and eroded confidence in the peso currency during the campaign. Venezuela issues $5 billion to state-run bank: source CARACAS Venezuela has issued $5 billion in bonds maturing in 2036 to a state-owned bank, a source familiar with the situation said on Monday, in an unorthodox operation that does not immediately bring in new funds for the cash-strapped OPEC nation. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-china-insurance-regulations-idUSKBN14N0QW'|'2017-01-03T17:30:00.000+02:00'
'f2704dbd08a08f1aad5c2f43febc7cb6fd6011d2'|'Indonesia penalises JPMorgan for ''underweight'' call - officials'|'By Nilufar Rizki and Eveline Danubrata - JAKARTA JAKARTA Indonesia will drop JPMorgan Chase & Co from providing some services to the government after the bank''s research arm said investors should reduce their exposure to the country, senior finance ministry officials said on Tuesday."After we did a comprehensive review, we said no need to use JPMorgan''s services as a primary (bond) dealer and a perception bank," Suahasil Nazara, the head of the ministry''s fiscal policy office, told Reuters.A 2006 government decree says a perception bank is one appointed by the finance minister to receive transfers of state revenue not related to imports, including tax, onshore excise and non-tax revenue.Nazara said the penalty on JPMorgan was already in effect.In an equities research note dated Nov. 13, JPMorgan downgraded its investment recommendation on Indonesia to "underweight" from "overweight", citing higher risk premiums for emerging markets after Donald Trump won the U.S. presidential election."Bond markets are starting to price in faster growth and higher deficit," the bank wrote, adding that the "spike in volatility" may stop or reverse flows into fixed-income assets in emerging markets.However, the bank said in the note that the downgrade on Indonesia and Brazil was a "tactical" response to Trump''s victory. Both economies are improving, with lower policy rates likely to support valuations for 2017, it added.A JPMorgan spokeswoman said on Tuesday that it continued to operate its business in Indonesia as usual. "The impact on our clients is minimal, and we continue to work with the Ministry of Finance to resolve the matter," she said by email.The finance ministry''s Nazara said the bank''s analysis "did not make sense" because it recommended a "neutral" position for Brazil, which is better than for Indonesia, despite what he said was a more stable political situation in the Southeast Asian nation."We have asked them to clarify their assessment. They''ve explained to us, but we found their argument not credible. It''s not that we think we''re so great, but we look at ourselves and we look at other countries'' economies," Nazara said."Our mindset is, if you''re doing business here in Indonesia, the spirit is to maintain stability. Don''t create unnecessary volatility to create business," he added.Robert Pakpahan, Indonesia''s director general for budget financing and risk management, told reporters on Tuesday that JPMorgan''s research should not have a major impact on Indonesia''s future bond issuance, but the sanction on JPMorgan would remain in place "until we say otherwise".Primary dealers of Indonesian government bonds as of Nov. 25 included Citibank, Deutsche Bank AG, Hongkong and Shanghai Banking Corporation Limited and local lender PT Bank Central Asia Tbk, according to the finance ministry''s website. ( bit.ly/2iKae6n )Indonesia''s 10-year credit default swap, a contract used to measure credit risk in fixed-income products, and the yield on its benchmark 10-year bonds spiked after the U.S. election, though they have since dipped.Trump signalled more protective U.S. trade policies, raising concerns about the impact on developing markets.Analysts have said Indonesia''s economy should be supported by domestic consumption, which makes up more than half of gross domestic product.But the relatively high foreign ownership of government bonds and Indonesia''s lack of depth of financial markets make it vulnerable to capital reversals, they say.Indonesia''s central bank said shortly after the Federal Reserve raised U.S. interest rates in December that it was on guard against "reversals" of capital flows into the country.However, Fitch Ratings revised in December Indonesia''s credit rating outlook to positive, citing a relatively low government debt burden, favourable growth outlook and an improving business environment.(Reporting by Nilufar Rizki and Eveline Danubrata; Additional reporting by Gayatri Suroyo, Hidayat Setiaji and Fransiska Nangoy; Editing by Richard Borsuk and Will Waterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-bonds-jpmorgan-idINKBN14N0O7'|'2017-01-03T06:55:00.000+02:00'
'af60c3681ea808b5c5c120b0e6310ccfde7e15e6'|'Singapore asks banks to establish clients'' tax residency status under new rules'|'Fri Jan 6, 2017 - 6:43am GMT Singapore asks banks to establish clients'' tax residency status under new rules SINGAPORE Singapore has asked financial institutions to establish the tax residency status of all their account holders and report some of the financial data to authorities, as new rules on financial data sharing kick in to fight tax evasion. Singapore from Jan. 1 began complying with the Common Reporting Standard (CRS), an internationally agreed standard which would allow countries to automatically exchange financial data for tax purposes. Offshore wealth centers Singapore, Switzerland and Hong Kong are among the over 100 jurisdictions who have committed to start exchanging information to combat tax evasion by 2018, in an initiative led by the Organisation for Economic Cooperation and Development (OECD). Singapore''s tax authorities said account holders of financial institutions such as banks and insurance firms, should provide the institutions with information to establish their tax residency status when asked. The institutions will report to the Inland Revenue Authority of Singapore the information of account holders who are tax residents of jurisdictions with whom Singapore has signed agreements to share data from 2018. Singapore has signed such agreements with a number of countries such as Australia and Britain, but is yet to sign a bilateral agreement with Indonesia, whose citizens are the biggest clients for the city state''s private banks. Singapore''s private banking industry faced pressure last year from an Indonesian tax amnesty that came amid heightened global scrutiny over undeclared wealth. (Reporting by Saeed Azhar; Editing by Stephen Coates) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-singapore-tax-idUKKBN14Q0JU'|'2017-01-06T13:38:00.000+02:00'
'3cb3f1600a8e3bb7169ae863fbaa44baa06275c0'|'Former Belgian central bank governor Luc Coene dies'|'  9:48am EST Former Belgian central bank governor Luc Coene dies BRUSSELS Jan 6 The former governor of Belgium''s central bank ECB governing council member Luc Coene has died, Belgian media reported on Friday. Coene, who would have turned 70 this year, took office as the head of Belgium''s central bank in April 2011 and held the job until he was replaced by Jan Smets in March 2015. Before becoming central bank governor, Coene was a senator with the Flemish liberal party (Open-VLD) and became a deputy governor of the bank in 2003. He also headed the committee overseeing the rescue of Belgian banks during the financial crisis and the break-up of Belgo-Dutch financial group Fortis. Belgium''s central bank was not immediately available for comment. (Reporting by Robert-Jan Bartunek, editing by Larry King) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/belgium-cenbank-coene-idUSL5N1EW32P'|'2017-01-06T21:48:00.000+02:00'
'42efe676d051a9332168f51b2ba7b7416599594f'|'UPDATE 1-Former Belgian central bank governor Luc Coene dies'|'  10:10am EST UPDATE 1-Former Belgian central bank governor Luc Coene dies (Adds confirmation, PM reaction) BRUSSELS Jan 6 The former governor of Belgium''s central bank ECB governing council member Luc Coene has died, the Belgian central bank said on Friday. Coene, who would have turned 70 this year, took office as the head of Belgium''s central bank in April 2011 and held the job until he was replaced by Jan Smets in March 2015. Before becoming central bank governor, Coene was a senator with the Flemish liberal party (Open-VLD) and became a deputy governor of the bank in 2003. He also headed the committee overseeing the rescue of Belgian banks during the financial crisis and the break-up of Belgo-Dutch financial group Fortis. Belgian Prime Minister Charles Michel expressed his condolences on social media. "My thoughts are with the family and friends of Luc Coene. He was a talented economist who became a passionate governor," Michel said. (Reporting by Robert-Jan Bartunek, editing by Larry King) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/belgium-cenbank-coene-idUSL5N1EW395'|'2017-01-06T22:10:00.000+02:00'
'e0d312f8d2722de3b5ab9b199e0e2c7e6d9f1c03'|'Verizon executive says company unsure about Yahoo deal'|'Technology   8:44pm GMT Verizon executive says company unsure about Yahoo deal left right A photo illustration shows a Yahoo logo on a smartphone in front of a displayed cyber code and keyboard on December 15, 2016. REUTERS/Dado Ruvic/Illustration 1/2 left right A Verizon sign is seen at a retail store in San Diego, California, U.S. on April 21, 2016. REUTERS/Mike Blake/File Photo 2/2 A senior Verizon Communications Inc ( VZ.N ) executive said on Thursday that the company was unsure about its planned acquisition of Yahoo Inc''s ( YHOO.O ) internet business. Yahoo came under renewed scrutiny by federal investigators and lawmakers last month after disclosing the largest known data breach in history, prompting Verizon to demand better terms for its planned purchase. "I can''t sit here today and say with confidence one way or another because we still don''t know," Marni Walden, president of product innovation and new businesses at Verizon, said at the Citi 2017 Internet, Media & Telecommunications Conference in Las Vegas. Walden added that the merits of the deal still made sense and that there were certain aspects of the investigation that had yet to be completed. She did not provide a time-frame for the completion of the deal. "We think it will take weeks at least, we don''t have a desire to have it drag on forever, that''s not our intent," Walden said. However, AOL Chief Executive Tim Armstrong told CNBC that he expected the Verizon-Yahoo deal would likely go through. AOL was acquired by Verizon in 2015 for $4.4 billion. cnb.cx/2iUh4pX Yahoo''s shares were up 3.09 percent at $41.30, while Verizon''s shares were relatively unchanged in late afternoon trading. (Reporting by Aishwarya Venugopal and Narottam Medhora in Bengaluru; Editing by Maju Samuel and Sriraj Kalluvila) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-yahoo-m-a-verizon-idUKKBN14P215'|'2017-01-06T03:39:00.000+02:00'
'bc5a23820edc38712639ef42f4bd27a90b1c5bdb'|'AT&T does not expect to seek FCC approval to buy Time Warner'|'Deals  48pm GMT AT&T does not expect to seek FCC approval to buy Time Warner An AT&T sign is seen outside a branch in Rolling Meadows, Illinois, U.S., October 24, 2016. REUTERS/Jim Young WASHINGTON AT&T Inc said on Friday it expects to bypass a powerful telecommunications regulator in its planned $85.4 billion acquisition of Time Warner Inc ( TWX.N ). Dallas-based AT&T said in a securities filing that it anticipates Time Warner will not need to transfer any of its FCC licenses to AT&T, which would likely mean the deal will only need the approval of the U.S. Justice Department. The deal faces hurdles including the fact that in October President-elect Donald Trump said he was opposed to the merger. (Reporting by David Shepardson; Editing by Chizu Nomiyama) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-time-warner-m-a-at-t-idUKKBN14Q1UE'|'2017-01-06T22:37:00.000+02:00'
'd0f8722684d817122203bb3acd0c8e49b532b7cb'|'Turkey''s Isbank says sees credit growth at 12-13 pct in 2017'|'Financials - Fri Jan 6, 2017 - 8:55am EST Turkey''s Isbank says sees credit growth at 12-13 pct in 2017 ISTANBUL Jan 6 Turkey''s Isbank said on Friday that it predicted its credit growth at 12 to 13 percent in 2017, while it expected its deposits to rise by 14 to 15 percent. In a statement to the Istanbul Stock Exchange, Isbank said it expected the overall banking sector''s credit and deposits growth to be at 12 percent for this year. (Reporting by Ceyda Caglayan; Writing by Humeyra Pamuk; Editing by Daren Butler) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/turkey-isbank-idUSI7N1EE02F'|'2017-01-06T20:55:00.000+02:00'
'636b0df34e471714ef2269cedb636c4c43af5686'|'Companies blast out bonds on new year momentum'|'* January volumes expected to hit three-year highs* Demand pours into new trades* M&A-led bond flurry expectedBy Laura BenitezLONDON, Jan 4 (IFR) - European companies capitalised on high investor cash reserves and positive new year momentum on Wednesday to fire out bonds while market conditions remain favourable.Auto firms BMW, RCI and PSA Banque France are among those raising financing this week, where year-to-date volumes are expected to hit three-year highs."Investors have high cash balances and are looking for credit opportunities, let''s see how far this Trump-led rally can continue for," one syndicate banker said.Issuers are making the most of the strong market backdrop and looking to avoid a repeat of 2016 when the European bond market was disrupted several times as unexpected political turns made investors nervous and caused pricing technicals to swing out of favour.Bankers and investors expect this year''s political calendar to spark a similar level of uncertainty and disruption, which will see borrowers grab safe market windows while they can.Brexit negotiations and France''s presidential election are some of the events expected to cause potential market volatility in the coming months.SPEEDING INToday''s deals have so far lured strong investor demand, illustrated by an over 4bn order book for BMW Finance''s dual tranche four and 7.5-year benchmark deal.Elsewhere, PSA Banque France, rated Baa2 (positive) by Moody''s, is marketing a 500mn no-grow three-year deal, while auto spare parts manufacturer Valeo, rated Baa2/BBB, will price a 500m six-year and attracted over 3bn of demand.Germany-based chemicals group BASF is looking to lock in more sterling financing to further capitalise on the Bank of England''s stimulus programme.BASF, rated A1/A/A (Moody''s/S&P/Scope), is marketing a long eight-year sterling deal, after selling the BoE''s first eligible bond for its corporate bond buying programme at the close of September last year.Elsewhere, German healthcare group Fresenius kicked off 2017''s jumbo M&A-linked bond supply on Tuesday, in what is expected to be a busy year for the European market.Fresenius is preparing to meet investors for the next stage of financing its 5.76bn acquisition of Spain''s biggest hospital chain IDC Salud Holding (Quironsalud).Bankers say that M&A financing could make a big impact on January''s overall bond volumes, while expecting the European market to generally take a decent chunk out of a busy M&A pipeline throughout 2017.British American Tobacco is expected to tap the market for M&A-linked supply, after it made a US$47bn bid for the rest of US tobacco company Reynolds American it does not already own.Investors expect most of the financing to be issued in the US dollar market but say low costs could mean they issue a reasonable portion in euros in early 2017.Bayer is another candidate with a hotly anticipated M&A-related deal, having said it will sell a mix of senior and hybrid debt to help finance its US$66bn takeover of US seed company Monsanto.Bayer expects to close the transaction by the end of 2017.This start of the year activity will give bond investors comfort for the rest of the month, bankers say, while primary issuance in other corners, namely the financials and SSA markets, are also well underway for a busy January. (Reporting By Laura Benitez)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/corporatebonds-euro-idINL5N1EU1CT'|'2017-01-04T08:54:00.000+02:00'
'2f89d87764cf431cb7cfb6432cbf5d7f3182afde'|'Apple confirms $1 billion investment in SoftBank tech fund - WSJ'|'Money News - Thu Jan 5, 2017 - 12:14am IST Apple confirms $1 billion investment in SoftBank tech fund - WSJ People line up at an Apple store shortly before it opens in Beijing, China, January 3, 2017. REUTERS/Thomas Peter Apple Inc ( AAPL.O ) confirmed its plans to invest $1 billion a tech fund being set up by Japan''s SoftBank Group Corp ( 9984.T ), the Wall Street Journal reported on Wednesday. "We believe their new fund will speed the development of technologies which may be strategically important to Apple," the Journal quoted Apple spokeswoman Kristin Huguet as saying. ( on.wsj.com/2iAMXpE ) SoftBank has said it is investing at least $25 billion in the fund and has been in talks with Saudi Arabia''s Public Investment Fund for an investment that could go up to $45 billion. SoftBank has also said that it plans to make future large-scale investments via the tech fund, rather than on its own. Reuters reported in December, citing sources familiar with the matter, that Apple had held talks with SoftBank about the investment. Apple and SoftBank did not immediately respond to requests for comment. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/softbank-group-apple-idINKBN14O1YQ'|'2017-01-05T01:44:00.000+02:00'
'4231de2b58109e92491f1df04543fd90e64efe28'|'German private-sector growth reaches five-month high in December - PMI'|'Economic   2:32pm IST German private-sector growth reaches five-month high in December - PMI Germany''s services remained in good health in December although growth slowed slightly, a survey showed on Wednesday, another sign that the private sector will have contributed to an expansion in the fourth quarter of 2016. Markit''s final composite Purchasing Managers'' Index (PMI), tracking the activity in manufacturing and services that together account for more than two-thirds of the economy, rose to a five-month high of 55.2 in December from 55.0 in November. The reading was well above the 50 line that separates growth from contraction and came in better than a preliminary estimate of 54.8 that was published last month. The main driver for the acceleration was, as previously reported, strong growth in manufacturing, which reached a 35-month high in December. Business activity for services eased in the last month of 2016 to 54.3 from November''s reading of 55.1. "Though losing some growth momentum since November''s high, Germany''s service sector finished the year in good shape," said Markit economist Philip Leake. "Business activity rose solidly, driven by another robust increase in new orders." Services continued to hire new staff to cope with rising workloads and existing backlogs. The German economy grew 0.7 percent in the first quarter and 0.4 in the second. It is expected to rebound in the fourth quarter after growth halved to 0.2 percent in the third. Markit forecasts Europe''s largest economy will grow 1.9 percent in 2016, Leake said. "Ongoing activity growth at German service providers was accompanied by an accelerated upturn at manufacturers," he said. "As a result, growth of private sector output picked up slightly to a five-month high. With services expectations also improving in December, the outlook for 2017 is bright." (Reporting by Joseph Nasr, editing by Larry King) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/germany-economy-pmi-idINKBN14O0QN'|'2017-01-04T16:02:00.000+02:00'
'51cb9176431311ce4afbdcfb3a9cf29537b71c80'|'JGBs slip on weaker Treasuries, caution ahead of 10-yr auction'|'TOKYO Jan 4 Japanese government bond prices slipped on Wednesday, dragged down by lower U.S. Treasuries and caution ahead of the 10-year debt auction later in the week.A rise in Nikkei on the first trading day of the year also weighed on JGBs as it reduced the appetite for safe-haven government bonds.The benchmark 10-year JGB yield was up 2.5 basis points at 0.065 percent and the 30-year yield rose 3 basis points to 0.740 percent.Japan''s finance ministry will auction 2.4 trillion yen ($20.34 billion) of 10-year JGBs on Thursday.Treasury yields rose overnight after stronger-than-expected Institute for Supply Management (ISM) numbers which showed U.S. factory activity accelerated to a two-year high in December.($1 = 118.0100 yen) (Reporting by the Tokyo markets team)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL4N1EU1TH'|'2017-01-04T01:50:00.000+02:00'
'd522b1fd0ca4f533d4e52837e0620447e058c3d0'|'UPDATE 1-Chevron resumes operation at Gorgon LNG train 1 after month-long outage'|' 17am EST UPDATE 1-Chevron resumes operation at Gorgon LNG train 1 after month-long outage * Gorgon LNG train 1 resumes operation - spokesman * Asian spot LNG prices at near 2-year high (Adds details, context) By Mark Tay SINGAPORE, Jan 4 Chevron Corp said on Wednesday it has resumed production of liquefied natural gas (LNG) at one of its two units at the $54 billion Gorgon project, located off Western Australia, after an outage of slightly more than a month. "Gorgon LNG Train 1 operation resumed earlier this week," a spokesman for Chevron wrote in an emailed statement. "Production was halted in late November 2016 to assess and address some performance variations," the statement said, without disclosing details of the "variations". Output at the plant''s train 2 production line was unaffected during the period, the spokesman said. The Gorgon project had continued to produce and load cargoes, he said. The massive Gorgon project has been plagued by a string of operational issues since it started up in March 2016. Despite the continued production form the second train, the supply disruption led to an urgent demand for replacement cargoes to fulfil customer commitments, according to traders familiar with the matter. That helped spot LNG prices for delivery to North Asia LNG-AS rise to near two-year highs of $9.50 per million British thermal units (mmBtu) last week, their highest level since early 2015, compared with spot levels around $7/mmBtu before news of the Gorgon train 1 outage broke in late November. (Reporting by Mark Tay; Editing by Richard Pullin and Kenneth Maxwell)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chevron-gorgon-idUSL4N1EU1SS'|'2017-01-04T12:17:00.000+02:00'
'334069e3a4beb6ab738bc36cd016fe6442d9ec3c'|'Apple confirms $1 billion investment in SoftBank tech fund - WSJ'|'Deals - Wed Jan 4, 2017 - 6:26pm GMT Apple confirms $1 billion investment in SoftBank tech fund: WSJ The logo of Apple is seen at a store in Zurich, Switzerland November 22, 2016. REUTERS/Arnd Wiegmann Apple Inc ( AAPL.O ) confirmed its plans to invest $1 billion a tech fund being set up by Japan''s SoftBank Group Corp ( 9984.T ), the Wall Street Journal reported on Wednesday. "We believe their new fund will speed the development of technologies which may be strategically important to Apple," the Journal quoted Apple spokeswoman Kristin Huguet as saying. SoftBank has said it is investing at least $25 billion in the fund and has been in talks with Saudi Arabia''s Public Investment Fund for an investment that could go up to $45 billion. SoftBank has also said that it plans to make future large-scale investments via the tech fund, rather than on its own. Reuters reported in December, citing sources familiar with the matter, that Apple had held talks with SoftBank about the investment. Apple and SoftBank did not immediately respond to requests for comment. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-softbank-group-apple-idUKKBN14O1X9'|'2017-01-05T01:23:00.000+02:00'
'928e2cdd276d8c322cb7be6943df0b42dba322ab'|'Tesla posts 9.4 percent fall in quarterly deliveries'|'Tue Jan 3, 2017 - 10:11pm GMT Tesla posts 9.4 percent fall in quarterly deliveries Tesla Destination Chargers that are currently under construction are seen at its planned store in Hanam, South Korea, December 22, 2016. REUTERS/Kim Hong-Ji Tesla Motors Inc ( TSLA.O ) said on Tuesday fourth-quarter deliveries fell 9.4 percent due to short-term production hurdles from the transition to a new autopilot hardware. Deliveries fell to about 22,200 vehicles in the fourth quarter from 24,500 vehicles in the preceding quarter. Total deliveries for 2016 of 76,230 also fell short of the company''s projection of 80,000 to 90,000. Shares of the company, led by entrepreneur Elon Musk, were down nearly 2 percent at $212.90 in extended trading. Tesla said production challenges, which started at the end of October and lasted through early December, shifted vehicle production toward the end of the quarter, resulting in delayed deliveries. "We tried to recover these deliveries and expedite others by the end of the quarter, time ran out before we could deliver all customer cars," the electric carmaker said. Nearly 2,750 vehicles missed being counted as deliveries in the quarter due to last-minute delays in transport or because of the inability of customer to physically take delivery. In addition to the fourth-quarter deliveries, about 6,450 cars were in transit and these would be counted in the first quarter, the company said. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-tesla-deliveries-idUKKBN14N1W1'|'2017-01-04T05:13:00.000+02:00'
'b6f91ad114a276edff0e4412cdbb11eafb85ef42'|'A shorter working week could revolutionise city life - Guardian Sustainable Business'|'W hat do you think of when you think of city life? Working hard and playing hard? Being on the move 24 hours a day among the brightly coloured lights, manoeuvring through crowds while avoiding eye contact? Traffic jams and hooting horns, stimulation and frustration?And out of the city? Peacefulness, starlight, space, tedium? An advertisement for a holiday break in Cornwall talks of “the importance of slowing down – escaping city life”. It doesn’t have to be like this, but only if employers start to move towards the gains that are there for the taking.City life is indeed fast. This has been studied using walking speed as a proxy: between the early 1990s and 2006, average city walking speed increased by 10% , with the biggest changes in Guangzhou (China) and Singapore.And while working hours are not necessarily longer overall in cities than in rural areas (where proportionately more people are self-employed or work from home), certainly high-pressure industries such as finance and insurance, where all-night and weekend work is expected, are concentrated in cities.Overworking is bad for our health and wellbeing. The Mental Health Foundation says that “the pressure of an increasingly demanding work culture in the UK is perhaps the biggest and most pressing challenge to the mental health of the general population”. The fetishisation of work is making us miserable. Let’s learn to live again - Anna Coote Read more Common sense tells us that life is better when it is balanced, with time to look after ourselves and our loved ones, and to experience life in the round, as well as to strive and achieve. As the New Economics Foundation has pointed out , the fetishisation of work is making us miserable.A healthier, slower city life is possible if employers allow more flexible working. A third of workers say their boss thinks the ideal employee should be available 24 hours a day, according to a recent poll run by Relate , and that work should come before home life. Over a quarter work longer hours than they would choose.More flexible working and shorter hours would be better for employers as well as for employees. As the Timewise Foundation says, employers attract extra candidates and a more diverse pool if they hire flexibly, because many talented workers cannot consider a full-time role.Also, both efficient work and the best ideas come from workers with energy – whoever did their best work when they were exhausted?And less time commuting to and from work would, theoretically, reduce transport chaos and pollution in our cities and allow us to spend more time in our local communities.A few companies are starting to get the picture. Californian advertising company Steelhouse announced in 2016 a long weekend every month for all its employees. Japanese clothing company Uniqlo , the year before, offered the option of four longer working days. UK charity Working Families benchmarks the flexible working practices of its employer members; in 2016 its top employers included a number of big names from the finance sector, such as Citi, Deloitte and EY.But crazy fast-must-be-better city culture still dominates. Will 2017 be the year the balance tips and enlightened businesses start to support our cities to become more human and humane places that are better for all?Sign up to be a Guardian Sustainable Business member and get more stories like this direct to your inbox every week. You can also f ollow us on Twitter .'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jan/04/shorter-working-week-revolutionise-city-life'|'2017-01-04T13:00:00.000+02:00'
'4c68d3907155fee7abffcbc6f91c909b4e9ee9ce'|'Louis Vuitton senior designer to take lead at French label Chloé - sources'|'Wed Jan 4, 2017 - 12:41pm GMT Louis Vuitton senior designer to take lead at French label Chloé: sources A man walks past a boutique of the Louis Vuitton luxury goods company in Beijing, China, November 30, 2016. Picture taken November 30, 2016. REUTERS/Thomas Peter By Astrid Wendlandt - PARIS PARIS French fashion house Chloé is set to name as it new creative director Natacha Ramsay-Levi, second-in-command to Louis Vuitton designer Nicolas Ghesquiere, sources told Reuters, as the industry braces for a fresh round of leadership changes. After a year marked by a series of reshuffles at labels such as Hugo Boss ( BOSSn.DE ), Kering''s ( PRTP.PA ) Yves Saint Laurent and Balenciaga and LVMH''s ( LVMH.PA ) Dior and Celine amid lower luxury spending, 2017 should see another round of musical chairs. The departure of Louis Vuitton''s Ramsay-Levi raises questions about the future inner workings of the design studio, headed by Ghesquiere, who made his name at Balenciaga before joining Louis Vuitton in 2013. The appointment would also mean disruption for Richemont-owned Chloé ( CFR.S ), as Ramsay-Levi is associated with modern looks involving hard fabrics such as leather and synthetics, at odds with the label''s traditional flowing romantic silhouettes. Citing the success of Hedi Slimane at Yves Saint Laurent and Demna Gvasalia at Balenciaga, fashion consultants argue that a new artistic direction, if thought out well, can be good for a brand because it gets consumers'' attention and can help boost sales. Chloé''s current creative director, Clare Waight Keller, a mother of three, decided not to renew her contract, which ends in March. Since her family moved back to London from Paris in June, she had been commuting between the two cities and wished to stop, the sources said. Analysts estimate Chloé, Richemont''s ( CFR.S ) biggest fashion brand, generates sales of around 400 million euros ($417.20 million). Richemont and Chloé declined to comment. Industry sources have said Ghesquiere could end his collaboration with Louis Vuitton before his contract was up for renewal, which LVMH said was in 2018. Ghesquiere told French TV channel Canal Plus last year he wished to create his own label but did not provide details. In recent months, several fashion recruitment sources said Louis Vuitton executives were actively scouting for a replacement. LVMH and Louis Vuitton declined to comment on Ramsay-Levi''s departure. THE GO-BETWEEN At Louis Vuitton, Ramsay-Levi was a key member of Ghesquiere''s team. As design director, she was the only person the studio''s designers and assistants regularly spoke to, as Ghesquiere rarely interacted with them directly, former studio employees told Reuters. Ramsay-Levi, who worked more than a decade with Ghesquiere at Balenciaga, on top of being his go-between, understood well his creative directions and translated them into concrete looks and products she asked designers to produce. There has been high staff turnover at Louis Vuitton''s design studio the past two years, partly due to the brand''s long working hours and stressful environment, former employees have told Reuters. Many studio staff are on three-month or one-month renewable contracts which prevents them from having days off or compensation for over-time. WWD reported last month that Ramsay-Levi was in talks with Chloé but it did not say Waight Keller had decided not to renew her contract. Waight Keller, who had joined Chloé in 2011 from Pringle of Scotland where she was artistic director and worked at Gucci, Calvin Klein and Ralph Lauren, is parting ways on a high note, the sources said. Cartier owner Richemont said in November the French label "enjoyed a geographically broad-based double-digit growth rate (in half-year sales), largely driven by leather," helped by the popularity of the Drew and Faye leather bags. (Reporting by Astrid Wendlandt, editing by Louise Heavens) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-lvmh-richemont-idUKKBN14O1BZ'|'2017-01-04T19:42:00.000+02:00'
'5d8f2afa3890f30db6451adceacbc71061a41fea'|'Deutsche Bank chairman rules out European merger - Frankfurter Allgemeine'|'Business News - Sun Jan 1, 2017 - 2:22pm GMT Deutsche Bank chairman rules out European merger - Frankfurter Allgemeine Deutsche Bank supervisory board chairman Paul Achleitner addresses the bank''s annual general meeting in Frankfurt, Germany, May 19, 2016. REUTERS/Kai Pfaffenbach BERLIN Deutsche Bank ( DBKGn.DE ) Chairman Paul Achleitner has ruled out a European merger or a state bailout after the lender''s mortgage settlement with the U.S. Department of Justice, Frankfurter Allgemeine Sonntagszeitung reported. The bank, Germany''s biggest, last week announced a $7.2 billion (5.83 billion pound) settlement with the U.S. Department of Justice over its sale and pooling of mortgage securities in the run-up to the 2008 financial crisis. "The management board in principle looks at everything that could help the business," Achleitner said in an interview with the weekly newspaper published on Sunday. "At the moment, however, enthusiasm for a pan-European merger is muted as we have other priorities," he said, when asked why Deutsche does not merge with Italy''s UniCredit ( CRDI.MI ) or another lender. Deutsche, which is trying to simplify its operations to make it more efficient, will keep its investment banking operations and ensure they comply with political and regulatory rules, Achleitner said. Supervisors including Germany''s Bundesbank and the European Central Bank have called for more consolidation in the banking sector, saying there are still too many banks despite a steady fall in the number of branches since the 2008 financial crisis. Higher capital requirements would put European banks at a competitive disadvantage to their U.S. rivals, Achleitner said, referring to efforts by the Basel committee of supervisors to tighten bank capital rules to avoid a repeat financial crisis. "The global rules, established with the Basel accord, must not one-sidedly reflect the views of the Americans," Achleitner said. The former finance chief of Allianz ( ALVG.DE ) said European banks needed to defend their interests more vigorously against rivals in the United States where lenders are helped by state-sponsored bodies such as Fannie Mae, allowing them to shed part of the risk of mortgages. "It''s obvious that national interests are increasingly being defined and represented in a more robust fashion," Achleitner said. "It''s about time that we Europeans stand up for our interests too." Separately, Achleitner said government aid for players in the financial industry would not become an issue in Germany. "No one in Germany needs to worry about rescuing banks," said Achleitner, who confirmed he will stand for re-election as chairman at the bank''s annual general meeting in May. By contrast, the Italian government has earmarked 20 billion euros ($21 billion) to bolster its ailing lenders. The Bank of Italy said on Thursday that total costs for the state bailout of Banca Monte dei Paschi di Siena ( BMPS.MI ) would come to about 6.6 billion euros. (Reporting by Andreas Cremer; editing by Gareth Jones/Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-bank-strategy-idUKKBN14L161'|'2017-01-01T21:22:00.000+02:00'
'e00f4bf203297b0aecbf51751f84bf82ac2761f0'|'MIDEAST STOCKS-Saudi stocks rise with second tier outperforming'|'Financials - Sun Jan 1, 2017 - 3:40am EST MIDEAST STOCKS-Saudi stocks rise with second tier outperforming DUBAI Jan 1 Saudi Arabia''s stock market rose in early trading on Sunday with activity focusing on second- and third-tier stocks rather than blue chips. The main Saudi index was up 0.5 percent in the first hour. Petrochemical and banking blue chips were little changed but major gains were seen in stocks such as conglomerate Jazan Development, which jumped 5.9 percent after announcing a 0.50 riyal per share dividend for 2016. Saudi Automotive Services surged its 10 percent daily limit after saying it would post a special gain of 4.4 million riyals ($1.2 million) for the fourth quarter after selling two of its equities investment portfolios. Nama Chemicals plunged by its 10 percent daily limit for a second straight day. It resumed trading last week after its shares were suspended for a day because its accumulated losses had reached more than 75 percent of its capital. The company now plans a capital reduction. Oman''s stock index dropped 0.7 percent as Oman Telecommunications tumbled 4.0 percent and rival Ooredoo Oman sank 6.7 percent. On Thursday, the Capital Market Authority said Oman''s telecommunications companies would pay a royalty to the government of 12 percent of revenues in 2017, up from 7 percent. Other markets in the Gulf, as well as Cairo''s exchange, were closed for New Year holidays. (Reporting by Andrew Torchia; editing by David Clarke) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1ER06F'|'2017-01-01T15:40:00.000+02:00'
'f208c8dcb11b7682dd0fc6a16e84ee8191716fe4'|'Israeli banks to begin reporting on foreigners'' accounts'|'Financials - Sun Jan 1, 2017 - 4:53am EST Israeli banks to begin reporting on foreigners'' accounts TEL AVIV Jan 1 Israeli financial institutions will have to start sending details of foreigners'' bank accounts to the authorities by the end of 2017, as part of a global push to boost tax collection, the Finance Ministry said on Sunday. Israel''s tax authority will then forward the information onto the account-holders'' home countries - and, in exchange, get details of accounts held by Israelis abroad, the ministry added. The global scheme, agreed through the Organisation for Economic Cooperation and Development (OECD), covers banks, insurance companies, investment funds and other institutions. The ministry said it was preparing a final version of regulations to be submitted to parliament''s finance committee for approval. (Reporting by Tova Cohen) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/israel-tax-banks-idUSL5N1ER087'|'2017-01-01T16:53:00.000+02:00'
'a42bd36ed2c5d28836ffba033a66f15aae5b6992'|'Few people seen selling yuan for dollars on first day of China''s forex quota re-set'|'Business News - Tue Jan 3, 2017 - 6:23am EST Few people seen selling yuan for dollars on first day of China''s forex quota re-set A 100 yuan banknote (R) is placed next to a $100 banknote in this picture illustration taken in Beijing November 7, 2010. REUTERS/Petar Kujundzic By Lusha Zhang and Engen Tham - BEIJING/SHANGHAI BEIJING/SHANGHAI China''s authorities have sounded the alarm in recent weeks over the risk of capital outflows from the economy, but there was little evidence at Beijing and Shanghai banks on Tuesday that Chinese individuals were rushing to lock in 2017 quotas to buy foreign exchange. Only a trickle of people at banks were seen selling yuan for dollars on the first business day of the new year, when buyers in theory could have made use of their quotas. Under China''s capital controls, individuals are permitted to buy up to $50,000 in foreign exchange a year, and data shows January is typically a standout month for onshore foreign currency deposits. The yuan shed nearly 7 percent against the dollar last year, its poorest showing since 1994, as policymakers struggled to contain capital outflows and preserve foreign exchange reserves in the face of a slowing economy and resurgent dollar. Authorities have tightened monitoring of foreign exchange transactions out of concern over capital outflows. China''s currency regulator this week began requiring Chinese individuals who want to buy foreign currencies to specify the purpose of the purchase and provide additional information, and said it would monitor transactions more closely and frequently as well as punish rule-breakers. At major bank branches in two of China''s biggest cities, there were no queues on Tuesday, and the few individuals who changed money reported doing so with relative ease. SMOOTH AND QUICK "The whole process of changing money was pretty smooth and quick," said an office worker surnamed Xu, who withdrew $500 from an ICBC branch in Beijing on Tuesday for a coming vacation in the United States. Several other customers at banks in the two cities reported similar ease when changing amounts of money well below the quota. However, it is unclear how much foreign currency exchange was being conducted online on Tuesday. Central bank data shows onshore foreign exchange deposits rose by almost 32 percent in the first 11 months of 2016, propelled in part by the yuan''s fall to eight-year lows. Aside from the rising forex deposits, there has been little indication of growing unease among ordinary Chinese - although the authorities were taking no chances, repeating a mantra that the economy is improving and there is no basis for depreciation of the yuan in the long term. Yang Zhao, chief China economist at Nomura in Hong Kong, said there wasn''t any widespread panic about the falling yuan, so he had not expected a surge in demand. In recent months, analysts have noted that the yuan was not alone in falling against the dollar, with most other emerging market currencies also suffering, which has helped keep sentiment around the yuan from souring too much. Zhao said restrictions on use of foreign exchange limited anyone''s options and so acted as a disincentive anyhow. "You can''t buy real estate. You can''t purchase anything. Basically you can only park that FX in your deposit account onshore with interest rates that are very low," he said. (Additional reporting by Shanghai and Beijing newsroom; Writing by John Ruwitch) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-banks-forex-idUSKBN14N0VN'|'2017-01-03T18:23:00.000+02:00'
'13e1bd9931eaa188a4bd05399d529fd38b6d0d15'|'Euro zone prices grow faster than expected in December'|'Business News  06am GMT Euro zone prices grow faster than expected in December Shoppers carry shopping bags as they take care of their last-minute Christmas holiday gift purchases outside department stores in Paris, France, December 23, 2016. REUTERS/Charles Platiau BRUSSELS Euro zone consumer prices grew faster than expected in December, an estimate from the European Union''s statistics office Eurostat showed on Wednesday, driven mainly by higher costs of energy, as well as food, alcohol and tobacco and services. Eurostat said prices in the 19 countries sharing the euro rose 1.1 percent year-on-year last month, sharply accelerating from a 0.6 percent annual, increase in November and 0.5 percent in October. The European Central Bank wants to keep inflation below, but close to 2 percent and has been buying 60 billion euros worth of euro zone government bonds each month to inject more cash into the banking system and stimulate price rises in the economy. Eurostat estimated that energy prices jumped 2.5 percent year-on-year in December, the first rise in more than a year, while food alcohol and tobacco prices rose 1.2 percent and services were also 1.2 percent more expensive than a year earlier. The factor that held inflation down was non-energy industrial goods, the prices of which rose only 0.3 percent year-on-year, the same as in the four previous months. (Reporting By Jan Strupczewski; editing by Robert-Jan Bartunek) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-inflation-idUKKBN14O0W2'|'2017-01-04T17:05:00.000+02:00'
'061b97e853b9a7d1f798e5e7b855368b5c1674c5'|'Miniature homes – in pictures - Money'|'Miniature homes – in pictures Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger CloseFrom Suffolk to Somerset and Surrey, these tiny spaces are small wondersAnna TimsWednesday 4 January 2017 07.00 GMTHome: Stanton Drew, near Bristol, SomersetThis was built in the 18th century as a toll house, hence its uneasy position on a tiny island on a junction. Its dainty looks have made it a well-known landmark, so you’ll want to get in shape before you sunbathe on your unfenced triangle – but if you’re happy to be in the heart of things it’s a budget foothold in the Chew Valley. Stairs lead out of a hexagonal kitchen to a hexagonal bedroom with a vaulted beamed and trussed ceiling and fireplace. And that’s it, aside from the minute shower off the kitchen. Cost: £110,000. Onthemarket , 01275 317930 Photograph: OnthemarketFacebook Twitter PinterestHome: Long Melford, near Sudbury, SuffolkWhat it lacks in size it makes up for in character. You’ll have to stoop in the single tent-shaped eaves bedroom, the kitchen is doll-sized and there’s only space for a downstairs shower room. But it’s prettily beamed with leaded casements offering views over the local manor, and it’s been lavishly upgraded with handmade solid wood units and underfloor heating in the kitchen and a wood-burning stove in the sitting room. The garden is cannily landscaped into terraces to catch the first and last of the sun. Yours for £219,995. David Burr , 01787 883144 Photograph: David BurrFacebook Twitter PinterestHome: The Ferry Point, Shepperton, SurreyYou’ll need to have gone easy on the festive fats, for this floating home is less than 7ft wide, although cunning arithmetic has ensured that modern essentials are stylishly accommodated. The washing machine and dryer are under the bed, there’s a mirrored power shower, and a Rayburn and a butler sink in the kitchen, while the 20ft galley is warmed by a wood-burning stove. From the seating area in the bow you can gaze over the greenery of Shepperton Lock, seven miles from Heathrow. On the market for £100,000. River Homes , 020 8977 4500 Photograph: River HomesFacebook Twitter PinterestHome: Werrington, near PeterboroughBlink and you miss it sandwiched there between its looming neighbours. You could get two bedrooms out of it if you sacrificed the tiny dining room, but there’s not a lot of space to eat in the kitchen, and since the front door opens straight into the vaulted, mock-beamed living room you might not want the extra bulk of a table there. The upstairs bedroom, dainty in size, used to be a mezzanine but someone’s bricked in behind the balustrade. There’s a pocket-sized garden round the back and an allocated parking space. Cost: £110,000. Connells , 01733 579412 Photograph: ConnellsFacebook Twitter PinterestAway: Riomaggiore, Liguria, ItalyIt’s a five-minute walk from the road to this two-roomed house clinging to a hillside, but you can also use the monorail which arrives close by. The biggest thing about it is the views down terraced olive groves to the sea. Inside there isn’t room for a staircase: you have to go outside to ascent to the bedroom and bathroom, while the skinny living area has ceiling beams and a french door overlooking the panorama. It has been structurally renovated but could do with some fine tuning. Yours for £115,755. La Fenice Immobiliare di Ciucci Matteo , 00 39 347 299 4889 Photograph: La Fenice Immobiliare di Ciucci MatteoFacebook Twitter Pinterest'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/gallery/2017/jan/04/miniature-homes-in-pictures'|'2017-01-04T15:00:00.000+02:00'
'fdcec1c8c017a57fffe60482a73eaf576eed2560'|'FTSE 350 pension deficits widen threefold in 2016 - Mercer'|'  10:25am GMT FTSE 350 pension deficits widen threefold in 2016 - Mercer Wads of British Pound Sterling banknotes are stacked in piles at the GSA Austria (Money Service Austria) company''s headquarters in Vienna July 22, 2013. REUTERS/Leonhard Foeger/File Photo LONDON The combined defined benefit, or final salary, pension deficits of FTSE 350 .FTLC companies increased threefold last year, hit by a sharp drop in corporate bond yields, consultants Mercer said on Wednesday. The accounting deficit of the schemes rose to 137 billion pounds at the end of December, 2016 from 39 billion pounds a year earlier, Mercer said in a statement. Corporate bond yields fell by more than 100 basis points in 2016, increasing the liabilities on company balance sheets, which can affect firms'' ability to pay dividends and crimp merger activity. "Pension scheme trustees and sponsors face the new year with significant uncertainty," Le Roy van Zyl, a Mercer senior consultant, said, pointing to the impact of Britain''s vote to leave the European Union, new leadership in the United States, as well as upcoming French presidential elections. (Reporting by Carolyn Cohn; editing by Simon Jessop)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-company-pensions-idUKKBN14O0XE'|'2017-01-04T17:25:00.000+02:00'
'94e0cb992d274c1ffe0601ff253bf9518c65072f'|'CBS close to deal to get on Hulu''s live streaming service -source'|'Company  32pm EST CBS close to deal to get on Hulu''s live streaming service -source Jan 4 CBS Corp is close to signing a deal to have its content on Hulu''s live streaming service, which is expected to go live later this year, according to a source familiar with the situation. Under the deal, the New York-based broadcaster, whose shows include news magazine "60 Minutes" and the comedy "The Big Bang Theory," will bring in more than $3 per monthly subscriber for its channels, with increases that could eventually get to more than $4, the source said. The source requested anonymity because the deal is not yet public. The Wall Street Journal first reported news of the agreement, which is expected to be announced Wednesday. For Hulu, the addition of CBS''s shows is a potential edge since its competitor AT&T DirectTV has not inked a deal with CBS for its own live streaming platform, DirecTV Now, which went live late last year. In December, CBS Chief Executive Leslie Moonves said he expected to reach a deal with AT&T DirecTV to be on the platform. Hulu is owned by CBS''s competitors, Walt Disney Corp , Twenty-First Century Fox, Comcast Corp and Time Warner inc. (Reporting By Jessica Toonkel; Editing by Alan Crosby) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cbs-corp-hulu-deal-idUSL1N1EU13P'|'2017-01-05T01:32:00.000+02:00'
'ce422773acd457c827b5fc37b2494d0f5921c735'|'Volkswagen CEO to stay away from Detroit auto show'|'Business News - Wed Jan 4, 2017 - 7:20pm GMT Volkswagen CEO to stay away from Detroit auto show Volkswagen CEO Matthias Mueller wipes his nose as he addresses a news conference at Volkswagen''s headquarters in Wolfsburg, Germany June 16, 2016. REUTERS/Fabian Bimmer/File Photo BERLIN Volkswagen ( VOWG_p.DE ) chief executive Matthias Mueller will miss the Detroit auto show next week, the German carmaker said on Wednesday, amid uncertainty over its chances of settling a U.S. criminal investigation into its emissions scandal. Volkswagen (VW) reached an agreement before Christmas to compensate U.S. owners of about 80,000 polluting 3.0-litre diesel cars, pushing up the costs of its emissions test cheating in the world''s No. 2 car market to $17.5 billion. But VW is still in talks with the U.S. Department of Justice (DoJ) and could spend billions of dollars more to reach a criminal settlement, with sources saying a deal could be struck before the Obama administration leaves on Jan. 20. "There will be no separate event of the VW group (in Detroit) and in view of this fact, the group''s executive board will not attend the show," a spokesman at VW''s Wolfsburg headquarters said by email. At the 2016 Detroit show, Mueller drew criticism after telling National Public Radio that VW "didn''t lie" when first asked about irregularities between real-life and test emissions in its diesel cars. The CEO''s comments came before Mueller''s first meeting with U.S. regulators and sparked a media firestorm in the United States, with some analysts saying they complicated efforts to clear up the emissions scandal. VW''s decision to not have Mueller and fellow managers of the group''s nine-member executive board attend the 2017 Detroit show suggests the company wants to avoid taking risks as it nears an agreement with the DoJ. VW fears a reboot of its core brand in the United States could be delayed by six months or more if it fails to reach a deal with the outgoing administration, as the new DoJ team would need time to get organised, a source at VW told Reuters. VW plans to drop diesel vehicles in the United States and refocus on sport-utility and electric cars to try to revive its fortunes after the emissions scandal. Despite a 20 percent jump in December sales, the decline in registrations of VW brand vehicles in the United States last year accelerated to 7.6 percent from a 4.8 percent drop in 2015. (Reporting by Andreas Cremer; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-detroit-idUKKBN14O21K'|'2017-01-05T02:20:00.000+02:00'
'0d83e7bc7cfcf67145b6e1fa29c2bf120649d08d'|'Faraday Future unveils electric vehicle in Las Vegas to kick off CES'|'Business News  20am GMT Faraday Future unveils electric vehicle in Las Vegas to kick off CES The Faraday Future FFZERO1 electric concept car is unveiled during a news conference in Las Vegas, U.S., January 4, 2016. REUTERS/Steve Marcus/File Photo By Alexandria Sage and Paul Lienert - LAS VEGAS LAS VEGAS Electric vehicle start-up Faraday Future showed off its first production vehicle prototype in Las Vegas on Tuesday as the China-backed company strives to win credibility in the crowded sector and weather its funding challenges. The "FF 91," described by its designer Richard Kim as "weird-pretty" is an electric car Faraday executives say will be the most technologically advanced on the market when it goes into production in early 2018. Advance reservations for the car - which insiders say will retail for about $180,000 - are being taken for $5,000. "You''re about to witness day one of a new era of mobility," said Nick Sampson, senior vice president of engineering and research and development. "We''re going to show the first of a new species." But cash shortages and a recent spate of executive departures have raised questions about the company''s prospects. Faraday is funded and controlled by Chinese billionaire Jia Yueting, the chief executive officer of China''s Leshi Holdings Co Ltd, also known as LeEco ( 300104.SZ ), which is showing its own prototype electric car, the LeSee Pro, at CES. He is also an investor in California-based Lucid Motors, a competing electric vehicle start-up attending CES this year. Faraday debuted at CES last year with a concept car not intended to be produced, raising eyebrows over the company''s legitimacy and Jia''s overall strategy. A cash crunch at LeEco and Faraday''s missed payments to a contractor working on its $1 billion Nevada factory have spurred more questions in recent months over Faraday''s financial situation. In late December, LeEco said it was in talks to secure 10 billion yuan ($1.4 billion) from an unidentified strategic investor. Faraday executives would not comment on the company''s financials. "We''re hoping to … convince people that we''re real, we are doing a real product, it''s not just a vaporware Batmobile to create attention, but we now have a serious product," Sampson told reporters during a tour of Faraday''s headquarters in Gardena, California in December. Executives say the car''s modular architecture and flexible battery layout will allow for a faster rollout of future models. The car will have a range of about 378 miles (608 km) per charge. Its electric motors generate a combined 1,050 horsepower. The futuristic-looking vehicle has no handles, as doors will open as a driver approaches. Holograms will be projected on the windshield to alert drivers of needed information. The car will come equipped with a package of sensors, including cameras, radar and lidar, to enable self-driving capability at a future date. (Reporting by Alexandria Sage and Paul Lienert in Las Vegas; Editing by Lisa Shumaker) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tech-ces-faraday-idUKKBN14O08U'|'2017-01-04T10:20:00.000+02:00'
'8ff2e6b18a0f9ce72e6120b3e72da881ec2a7c9e'|'Russia''s Rosneftegaz closes Rosneft privatisation deal'|'Business News - Wed Jan 4, 2017 - 6:33pm GMT Russia''s Rosneftegaz closes Rosneft privatisation deal The shadow of a worker is seen next to the logo of Russia''s Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside the city of Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo MOSCOW Russian state holding company Rosneftegaz on Wednesday closed a deal with the Qatar Investment Authority (QIA) and commodities trader Glencore ( GLEN.L ) to sell a 19.5 percent stake in state-owned oil major Rosneft ( ROSN.MM ), Rosneft said. The privatisation deal, which Rosneft Chief Executive Igor Sechin called the largest in Russia''s history, was announced by Rosneft in a meeting with President Vladimir Putin in December. Its success suggests the lure of taking a share in one of the world''s biggest oil companies outweighs the risks associated with Western sanctions imposed on Russia over the conflict in Ukraine. "The technical procedures for closing (the deal) required the preparation and signing of more than 50 documents and agreements," Rosneft said in a statement. "All this reflects the unprecedented complexity of the deal." Italy''s Intesa Sanpaolo ( ISP.MI ) said on Tuesday it would provide a loan for up to 5.2 billion euros ($5.4 billion) to help the QIA and Glencore purchase the stake. (Reporting by Katya Golubkova and Jack Stubbs; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-rosneft-privatisation-idUKKBN14O1XR'|'2017-01-05T01:33:00.000+02:00'
'303ef49372ef77f50a5d5669604b6d1d288d1d9a'|'CI Financial reports assets under management'|'Jan 3 Ci Financial Corp* CI Financial reports assets under management* CI Financial Corp - Reported preliminary assets under management at December 31, 2016 of $117.5 billion and total assets of $155.6 billion* CI Financial Corp - CI''s average assets under management for Q4 were $114.8 billion, versus $112.3 billion for Q3 of 2016* CI Financial Corp says assets under management grew by $6.4 billion or 5.8 percent in 2016 and increased 0.3 percent in month of December '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/finance/article/idINASC09PDU'|'2017-01-03T18:58:00.000+02:00'
'224970961ae7c789fc9f5a58d14cb68c5faf3c14'|'Slum transformation: a project to put temporary dwellings on the map - Global Development Professionals Network'|'T owards the end of 2016 police set fire to the homes of 30,000 slum dwellers living on the edge of the seafront in Lagos, Nigeria, displacing tens of thousands of people. In Indonesia, a landmark case has been launched claiming unlawful and forcible eviction by the government. In Arumbakkam in India, slum dwellers are petitioning their local authorities to change their mind about eviction.All over the world slum dwellers are in conflict with authorities who struggle to decide what to do with slums. Should they leave them where they are and help make them adequate places to live? Or should they eradicate them and leave people homeless or searching for replacement housing? How can slums be upgraded without causing huge stress and strife to all concerned if authorities do not have the financial resources to implement major projects?The traditional solution is to tear down slums and then to install public infrastructure such as water, sewage, electricity (along new roads) – and then build new houses in a planned way and re-house the slum dwellers there. This is what happened in Rio de Janeiro in advance of the 2016 Olympics , but this solution is fraught with problems, may not be inclusive and can only occur if finances permit.Four myths about slums: ''Don''t assume people want to leave'' Read more The UN recently adopted a New Urban Agenda to help tackle this issue with the goal of upgrading slums and granting slum dwellers access to safe and affordable housing with basic services by 2030. And the global goals, agreed by the world’s governments in 2015, include proposed indicators for achieving SDG 11.1 : slum dwellers should be covered by social protection programme , able to access primary health care , access safe water , access safe sanitation and not have poor indoor air quality due to cooking .We’ve been working on a new project based in Kolkata, India which shows that improving older slums to meet the indicators set out by the New Urban Agenda is better and cost effective. We do this by using one simple method: giving people an address.In the slums where we work we give each dwelling a unique postal address based on its geo location within the slum. This postal address helps planners map out the area more effectively and makes sure that each household is included.This is relatively simple and inexpensive for two reasons. Firstly, anyone with GPS equipment can now identify the geo-coordinates of any place on the planet. Secondly with Google Maps, mapping is freely available to anyone with access to the internet.To ensure that no dwelling is left behind, a census can identify the scale of the issues involved. An accurate census helps answer important questions like the durability of the home, the number of people living in each room, access to toilets and water, and access to social entitlements like primary health care. The answers can then aid planners in making a strategy best suited for that particular slum. Slum dwellers can help with this process too, allowing them to work in cooperation with NGOs, local public representatives and government officials.Children of the Dustbin Estate: growing up on a Lagos swamp Read more With the help of our project, nine slums have been postal addressed so far, with community and local councillors engaged in the whole process. The slum dwellers use their new postal address for opening bank accounts, getting ID cards and social benefits. And they can then receive mail delivered directly to their homes by India’s postal service.Local NGOs then use the data gathered to identify the slum dwellers and ensure they are all able to access primary health care and education. The slums where this process has happened are improving themselves with very little help from the authorities.Slum eradication and achieving the New Urban Agenda indicators should not automatically mean the tearing down of slums. By empowering slum dwellers to map and postal address their community, showing them how to carry out a census and calculate the scale of the issues they face, slum upgrading can occur successfully and without the use of displacement or violence. Alex Pigot, CEO and co-founder of Addressing the Unaddressed . Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter. Join the conversation with the hashtag #Dev2030 .'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jan/04/how-do-you-upgrade-slums-a-new-system-is-literally-going-house-to-house'|'2017-01-04T02:00:00.000+02:00'
'b27aeb880f77f2cdabd9f76c55a84ea87a519142'|'Australia shares rise to 17-month high in strong start to 2017'|' 55pm EST Australia shares rise to 17-month high in strong start to 2017 By Shashwat Pradhan Jan 3 Financials and materials lifted Australian shares to a near 17-month high on the first trading day of the year, with the benchmark topping 5,700 points. The S&P/ASX 200 index rose 58.9 points, or 1 percent, to 5,724.7 by 0123 GMT, its highest since August 2015. The index climbed 7 percent in 2016, its best yearly performance since 2013, as gains in most commodity prices powered a bull run among miners. The financial sector accounted for most of the gains on Tuesday, led by Australia and New Zealand Banking Group , Australia''s third-largest bank by market cap, which rose as much as 1.7 percent to touch a 16-month high. It was the single biggest contributor to the benchmark''s gains. The bank said it would sell its stake in Shanghai Rural Commercial Bank Co Ltd to China COSCO Shipping and Shanghai Sino-Poland Enterprise Management Development for A$1.8 billion ($1.3 billion). The sale is expected to increase the bank''s APRA CET1 capital ratio by around 40 basis points. "Gains in financials are definitely broad-based. There are specific situations such as (ANZ''s stake sale) that are clearly positive - but gains are right across the board," said James McGlew, executive director of corporate stockbroking at Argonaut. The benchmark also got a lift from miners, with BHP Billiton and Rio Tinto rising 1.6 percent and 1.5 percent, respectively. Chinese steel and iron ore prices snapped long losing streaks in 2016. Retail giants Wesfarmers Ltd and Woolworths Ltd both rose more than 1 percent. Oil major Woodside Petroleum climbed 1.6 percent while Beach Energy was up 1.8 percent. U.S. oil prices rose in the first trading hours of 2017 on Tuesday, buoyed by a deal for OPEC and non-OPEC production cuts which kicked off on Sunday. At the other end, the gold index slipped 1.1 percent after prices for the precious metal eased on Friday as gains from a weak dollar was offset by profit-taking at the end of a year in which bullion gained about 8 percent. Gold miner Evolution Mining fell 1.9 percent while Newcrest Mining slid 1.3 percent. Volumes were largely tepid, with 126.6 million shares changing hands, around 20 percent of the 30-day average of 641.6 million shares, according to Thomson Reuters data. New Zealand''s share market was closed for a public holiday and will re-open on Wednesday. The benchmark S&P/NZX 50 index gained 8.8 percent in 2016. For more individual stocks activity click on ($1 = 1.3899 Australian dollars) (Reporting by Shashwat Pradhan; Additional reporting by Aparajita Saxena in Bengaluru; Editing by Jacqueline Wong) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-midday-idUSL4N1ET09P'|'2017-01-03T08:55:00.000+02:00'
'1237a5eced096007dfc8a2149ac2d2a8cd6b0107'|'UPDATE 1-UK''s BBA Aviation to merge aircraft management business with Gama Aviation''s US unit - Reuters'|'(Adds details, shares)Jan 3 British aircraft services firm BBA Aviation Plc will merge its aircraft management and charter business with London-listed Gama Aviation Plc''s U.S. aircraft management unit, the companies said on Tuesday.The combined entity will have around 200 aircraft under management, making it the largest aircraft management business in the United States, Gama Aviation said in a statement.The merger is expected to be earnings-neutral to Gama Aviation in 2017 and 2018, and earnings-accretive thereafter.Gama said the merger is expected to deliver cost synergies of not less than $2 million over two years.BBA Aviation and Gama Aviation each have a 24.5 percent shareholding of the enlarged entity while the remaining 51 percent is owned by a small number of individual U.S. shareholders, the company said.BBA Aviation acquired its aircraft management and charter services business through the acquisition of Landmark Aviation for $2.065 billion in September 2015.Shares in BBA Aviation were up 0.5 percent at 285 pence at 0803 GMT. (Reporting by Rahul B in Bengaluru; Editing by Subhranshu Sahu and Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bba-aviation-jointventure-gama-aviation-idINL4N1ET1D2'|'2017-01-03T05:10:00.000+02:00'
'1edc231f6e700c1640de02d77b2cc4800371d968'|'LSE sells clearing business to Euronext in bid to win merger approval'|'Deals - Tue Jan 3, 2017 - 6:49am EST LSE sells clearing business to Euronext in bid to win merger approval A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo By Andreas Kröner London Stock Exchange Group ( LSE.L ) has agreed to sell its French clearing business to Euronext ( ENX.PA ) for 510 million euros ($534 million), as it seeks to win regulatory approval for its proposed merger with Deutsche Boerse ( DB1Gn.DE ). The European Commission has expressed antitrust concerns about the $28 billion merger and the impact on the clearing of derivatives contracts in particular. The Commission, in a document on the issue, has not made clear if the sale of the French clearing business, LCH Clearnet SA, would be enough to dispel its concerns, two sources told Reuters. One person directly involved in the merger process said he did not believe the sale alone would address the Commission’s concerns. "I have doubts that this is enough," he said. He suggested that LSE might also opt to sell Borsa Italiana, operator of the Milan stock exchange, to help address antitrust concerns, although a second source familiar with the process said that a sale of Borsa Italiana was not being discussed at the moment. An LSE spokeswoman said the company could not comment beyond its statement on the sale on Tuesday. Deutsche Boerse representatives declined to comment. LSE Group and LCH Group Limited said in a joint statement that they had agreed on the terms of Euronext''s all-cash offer, after announcing last month that they were in exclusive talks with Euronext on a sale. LSE and Deutsche Boerse plan to formally submit the Clearnet SA sale as a remedy to the European Commission''s concerns in the next few days sources told Reuters. A major hurdle to LSE''s merger with Deutsche Boerse is how antitrust regulators define the derivatives market. Deutsche Boerse is hoping that the European Commission will treat over-the-counter (OTC) derivatives contracts and on-exchange traded derivatives as two separate markets, sticking to a market definition the Commission confirmed back in 2012. Deutsche Boerse''s Eurex is mainly active in exchange-traded derivatives, while the LSE''s LCH.Clearnet is active in the OTC business. But Deutsche Boerse has acknowledged that the European Commission may change its mind, prompting the merger partners to make concessions such as selling LCH Clearnet SA to avoid the LSE-Deutsche Boerse combination being regarded as a dominant player. "It seems the market definition is changing," Deutsche Boerse Chief Financial Officer Gregor Pottmeyer said about the European Commission''s antittrust deliberations in November. For pan-European exchange operator Euronext, buying Clearnet will give it control of a platform for which it provides much of the revenue and will make it less reliant on a competitor''s clearing services. LUCRATIVE BUSINESS Clearing is becoming a much more lucrative business as global reforms introduced after the 2007-09 financial crisis mean banks must clear the bulk of their derivatives trades to make them safer and more transparent. "If the DB-LSE-merger is completed, then Euronext will be strengthened at the core of the euro zone capital market with this transaction," Euronext CEO Stephane Boujnah told CNBC, adding that Euronext is also considering other takeovers. "The reason why we are confident we can capture those opportunities is because we have significant firing power in our balance sheet, in particular because of our extremely low level of debt.", Boujnah said. Euronext said it expected the deal to add to its earnings in double digits from the first full year, before costs pegged at 40 million euros. It forecast cost savings of 13 million euros before taxes. Euronext shares were up 2.6 percent at 1006 GMT at 40 euros on Tuesday, while LSE Group and Deutsche Boerse shares were virtually flat at 2,901 pence and 79.41 euros respectively. The Commission is due to decide on the merger on March 13, after extending its review deadline for the second time. It stated its objections to the merger in December, but outlined fewer concerns than in its first letter sent to both exchange operators in September. (Additional reporting by Vidya L Nathan in Bengaluru, editing by Susan Fenton) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-lse-m-a-euronext-clearnet-idUSKBN14N0X1'|'2017-01-03T18:49:00.000+02:00'
'253c66db162df4aa3a478cca88316fe4c4a75169'|'Ifo urges end to ECB bond buys if eurozone inflation hits German level'|'  2:26pm GMT Ifo urges end to ECB bond buys if eurozone inflation hits German level Clemens Fuest, Co-Director of the Centre for European Economic Research (ZEW) speaks during an interview with Reuters in Frankfurt February 10, 2014. REUTERS/Ralph Orlowski BERLIN The European Central Bank should end its bond-buying programme if Germany''s stronger-than-expected inflation reading for December is reflected across the euro zone, the head of Germany''s Ifo economic institute said. German consumer prices, harmonised to compare with other European countries (HICP), rose by 1.7 percent on the year in December after an increase of 0.7 percent in November, the Federal Statistics Office said on Tuesday. "This jump in inflation is a signal to exit from the ECB''s expansive monetary policy," Ifo chief Clemens Fuest told the Frankfurter Allgemeine Zeitung. "If these figures are confirmed for the euro zone as a whole, the ECB should end the bond buy programme in March 2017." A Reuters poll pointed to euro zone inflation data, due on Wednesday, to show a reading of 1.0 percent for December. (Writing by Paul Carrel; Editing by Michael Nienaber)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-germany-idUKKBN14N185'|'2017-01-03T21:26:00.000+02:00'
'09842f9b34ce8a1795cc4b78434ef23c83cc0386'|'MIDEAST STOCKS-Profit-taking weighs on Gulf but Qatar resilient in early trade'|'Financials - Wed Jan 4, 2017 - 3:03am EST MIDEAST STOCKS-Profit-taking weighs on Gulf but Qatar resilient in early trade DUBAI Jan 4 Profit-taking weighed on Gulf stock markets in early trade on Wednesday while Qatar''s index remained relatively resilient. Abu Dhabi''s index pulled back 0.6 percent with Abu Dhabi Commercial Bank, which had closed 4.4 percent higher on Tuesday, dropping 1.4 percent. Dubai''s main index edged down 0.2 percent as builder Drake & Scull retreated 1.4 percent and peer Arabtec pulled back 2.9 percent. But Dubai Islamic Bank was up 0.4 percent after saying it had completed the sale of its stake in Jordan Dubai Islamic Bank to Bank Al Etihad and Etihad Islamic Investment Co. DIB held 20.8 percent in the Jordanian bank; the value of the sale was not disclosed. In Riyadh, the index edged down 0.1 percent in early trade as most large-cap shares lagged, with petrochemical producer Saudi Basic Industries down 0.5 percent. Shares in mid-sized Advanced Petrochemical fell 0.2 percent after the company, the first to publish fourth- quarter earnings in the kingdom, reported quarterly net income of 210 million riyals ($56 million), up 44 percent from a year ago and beating NCB Capital''s estimate of 198 million riyals. Qatar''s index added 0.1 percent after the previous session''s 1.6 percent rise. Real estate developer United Development was the chief gainer, adding 2.1 percent. A monthly Reuters survey of leading Middle East fund managers at the end of December found them bullish on regional equities in general, especially the UAE and Qatar, where they intended to capture high annual dividend yields. (Reporting by Celine Aswad; Editing by Andrew Torchia and Raissa Kasolowsky) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1EU0XL'|'2017-01-04T15:03:00.000+02:00'
'8039adfa1457fc67d4e8158123f5697790845084'|'Nissan''s premium brand Infiniti sells 230,000 vehicles in 2016'|'Business News  12am GMT Nissan''s premium brand Infiniti sells 230,000 vehicles in 2016 Carlos Ghosn, Chairman and CEO of Nissan, introduces the 2017 Infiniti Q60 at the North American International Auto Show in Detroit, Michigan, January 11, 2016. REUTERS/Gary Cameron Nissan Motor''s ( 7201.T ) premium brand Infiniti sold more than 230,000 vehicles globally in 2016, a 7 percent annual rise, Infiniti said on Wednesday, a record year for a marque that trails rivals in the increasingly crowded premium market. The brand distantly lags German luxury competitors like BMW AG ( BMWG.DE ), which can sell almost as many vehicles in a single month, and second-tier luxury leaders like Toyota''s ( 7203.T ) Lexus, which sells at least twice as many cars each year. Infiniti annual sales grew 4 percent year-on-year in the United States, its largest market, to more than 138,300, while China sales rose 3 percent to 41,590. In December, Infiniti sold 27,200 vehicles globally. (Reporting by Jake Spring in BEIJING; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nissan-infiniti-sales-idUKKBN14O0X7'|'2017-01-04T17:12:00.000+02:00'
'd28c4fedd38ebb6a9ff5b96b9de2e4c9bcda602b'|'Emerging markets portfolios post lowest inflows since 2008 - report'|'Money News - Wed Jan 4, 2017 - 9:19am IST Emerging markets portfolios post lowest inflows since 2008 - report United States one dollar bills are seen on a light table at the Bureau of Engraving and Printing in Washington November 14, 2014. REUTERS/Gary Cameron/File Photo By Dion Rabouin Emerging market portfolios recorded their lowest total inflows since 2008 as investors responded to global shocks last year by buying fewer developing country assets, a report showed on Tuesday. Nonresident investors cut inflows to emerging market assets to $28 billion in 2016, with debt portfolios recording substantial outflows, the Institute for International Finance said. In December, portfolio outflows totaled $3.4 billion, predominately in debt, to give 2016 the weakest inflows for emerging markets since the global financial crisis. The $28 billion of inflows for the year was also 90 percent below the average from 2010 to 2014, IIF said. Emerging markets have been particularly hard hit since the election in November of Donald Trump as U.S. president. "No single factor stands out as the cause of the retrenchment in portfolio flows to emerging markets," IIF said in a statement. "Rising U.S. yields - partly as a result of the reflationary ''Trump trade'' but also attributable to a more hawkish Fed - have been the main contributor to the weakness. However, idiosyncratic events in a number of EM countries, including Turkey and India, have weighed on domestic prospects, exacerbating portfolio outflows." IIF reported earlier this year that Trump''s victory had triggered a substantial reversal in fund flows, sparking the longest continuous "reversal alert" since the organization began issuing the report in 2005. Win Thin, Brown Brothers Harriman''s global head of emerging market currency strategy, noted uncertainty over terrorism and an attempted coup in Turkey, political instability in South Africa, nuclear threats from North Korea, and austerity and political risks in Brazil were also causes for concern. "There’s a lot of country specific risk and that’s on top of a negative macro backdrop," Thin said. "That’s why I’m pretty negative on EM for the first half of this year." Emerging market debt portfolios had $33.8 billion of outflows, while equity funds drew in $61.4 billion. Net capital flows from China were the primary driver of outflows with an estimated $96 billion during the year, rising from $70 billion in October. Turkey had the largest net capital inflows, at $37 billion, followed by India at $33 billion and Mexico at $30 billion. However, year-to-date net capital inflows to Brazil and India were almost less than half their 2015 levels. The IIF tracks portfolio flows to eight countries - Indonesia, India, Korea, Thailand, the Philippines, South Africa, Brazil and Hungary. (Editing by Dan Grebler and Jeffrey Benkoe) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/emerging-markets-iif-idINKBN14O09D'|'2017-01-04T10:45:00.000+02:00'
'3eff7c98de1b5b234199e97e67bbbc151f21f3df'|'SK Innovation to invest up to $2.5 billion in 2017 to boost growth'|'SEOUL SK Innovation Co Ltd ( 096770.KS ), which owns South Korea''s top refiner SK Energy, said on Sunday it will spend up to 3 trillion won ($2.49 billion) in chemicals, oil exploration and battery businesses to boost its global growth.Kim Joon, president of SK Innovation, said in a statement that the investments would target new growth options and innovate its business, even though 2017 is expected to be a tough business environment.Under the plan, SK Innovation aims to continue its investment on mergers and acquisitions in chemicals and oil exploration sectors as well as expansion of its battery plants, according to the statement.SK Innovation said in September last year it would expand its businesses in China through joint venture or mergers and acquisitions of Chinese chemical companies.In 2013, SK Innovation subsidiary SK Global Chemical invested a total of 3.3 trillion won ($3 billion) into the Sinopec-SK Wutan Petrochemical joint venture.SK Innovation also said last April that it will begin building electric vehicle battery factories in China but the plan was delayed due to regulatory uncertainty in China, two company officials told Reuters.Despite the setback in China, SK Innovation plans to increase its battery production by expanding its battery plants in South Korea.($1 = 1,206.2500 won)(Reporting By Jane Chung; Editing by Michael Perry)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-southkorea-skinnovation-idINKBN14L0PJ'|'2016-12-31T22:48:00.000+02:00'
'70dab5dda1101ae4a5dcc790d3bd277cb9d70957'|'China services growth slows in December'|'Business News - Sun Jan 1, 2017 - 1:09am GMT China services growth slows in December BEIJING Growth in China''s services sector expanded in December at a slower pace than in the previous month, an official survey showed on Sunday. The official non-manufacturing Purchasing Managers'' Index (PMI) stood at 54.5 in December, compared with the previous month''s reading of 54.7, but well above the 50-point mark that separates growth from contraction on a monthly basis. China is counting on growth in services to offset persistent weakness in exports that is dragging on the world''s second-largest economy. The economy expanded at a steady 6.7 percent in the third quarter and looks set to hit Beijing''s full-year growth target, fuelled by stronger government spending, record bank lending and a red-hot property market. (Reporting by Ben Blanchard; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-pmi-services-official-idUKKBN14L0OF'|'2017-01-01T08:09:00.000+02:00'
'8cba19f3b4ff7bab358b6b228346b13d85712be2'|'Ireland sees 2016 budget deficit of 0.9 percent of GDP'|'  4:52pm GMT Ireland sees 2016 budget deficit of 0.9 percent of GDP DUBLIN Ireland''s Finance Ministry said on Wednesday it expected its budget deficit to be around 0.9 percent in 2016, in line with the last official forecast in October but weaker than Finance Minister Michael Noonan suggested in comments last month. "Budget 2017 forecast a General Government Deficit for 2016 of 0.9 percent of GDP. The exchequer figures for end-2016, released today, support that forecast," the ministry said in a statement. The 2015 deficit was 1.9 percent. Noonan last month told journalists that the deficit could fall as low as 0.7 or 0.8 percent if tax receipts were strong enough, but December''s tax returns published earlier on Wednesday were weaker than forecast. (Reporting by Conor Humphries; Editing by Alison Williams) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-economy-budget-deficit-idUKKBN14O1QK'|'2017-01-04T23:52:00.000+02:00'
'75895c0772b138fc1b4fba2a56c35fa3073fa042'|'Dollar strength lifts Japan shares, crimps commodities'|' 30am GMT Dollar strength lifts Japan shares, crimps commodities left right People walk past an electronic board showing Japan''s Nikkei average outside a brokerage in Tokyo, Japan, November 18, 2016. REUTERS/Toru Hanai 1/2 left right A pedestrian and financial journalist look at their phones as they are reflected in a window in front of a board displaying stock prices at the Australian Securities Exchange (ASX) in Sydney, Australia, November 9, 2016. REUTERS/David Gray 2/2 By Wayne Cole - SYDNEY SYDNEY The U.S. dollar held near 14-year peaks on Wednesday as an abundance of upbeat global economic data boosted Wall Street and signs of quickening inflation dented fixed-income debt. The strength of the U.S. currency pressured commodity prices and helped knock oil off an 18-month top, but gave Japan''s exporter-heavy stock market a fillip. The Nikkei .N225 climbed 1.2 percent in early trade, recovering from two sessions of losses. Markets elsewhere in Asia were more hesitant having already rallied on Tuesday. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was all but flat after rising for six straight sessions. The brightening mood followed upbeat factory surveys from China, the euro zone and United States. Analysts at Barclays said their measure of global manufacturing confidence hit its highest since December 2013. U.S. factory activity accelerated to a two-year high amid a surge in new orders, while manufacturing in the euro zone grew at its fastest pace in five years. Notably, the U.S. ISM showed a sharp pick up in raw material prices which only fueled expectations that the Trump Administration''s proposed stimulus measures will generate more inflation. Wall Street''s rally was further aided by gains in Verizon Communications and technology companies Alphabet and Facebook. The Dow .DJI ended Tuesday up 0.6 percent, while the S&P 500 .SPX gained 0.85 percent and the Nasdaq .IXIC 0.85 percent. Ford Motor ( F.N ) jumped 3.79 percent on news it would cancel a planned $1.6-billion factory in Mexico and invest $700 million at a Michigan factory, after Trump had harshly criticized the Mexico investment plan. The same news slugged the Mexican peso, leaving it at its lowest-ever close against the U.S. dollar MXN= . DOLLAR IN DEMAND The dollar''s strength was broad-based and it hit a 14-year peak on a basket of currencies at 103.82 .DXY before profit-taking pulled it back a bit to 103.25. It also ran into selling against the yen after failing to clear major chart resistance around 118.60/66. Early Wednesday it was trading at 117.74 JPY= . A floundering euro EUR= was pinned at $1.0409, having dived as deep as $1.0342 overnight. The euro''s decline came despite a jump in domestic bond yields after data showed German inflation hit its highest level in more than three years in December. While much of the increase was due to transitory factors such as energy, long-term inflation expectations still rose to their highest since December 2015 EUIL5YF5Y=R. Overall euro zone numbers due later Wednesday are expected to show inflation picked up to an annual 1 percent, from 0.6 percent previously. German 10-year bond yields leaped 10 basis points to a two-week high of 0.29 percent DE10YT=TWEB. In commodity markets, the dollar''s ascent caused losses for everything from copper to iron ore. Oil prices ended Tuesday down more than 2 percent having been up as much at one stage. Early Wednesday, U.S. crude CLc1 had clawed back 27 cents to stand at $52.60 a barrel. Brent futures LCOc1 had yet to trade after falling $1.26 to $55.56 overnight. (Reporting by Wayne Cole; Editing by Eric Meijer)   Exclusive: Wall Street lawyer Jay Clayton emerges as Trump’s top SEC choice BOSTON/WASHINGTON Wall Street lawyer Jay Clayton, who has worked on high-profile initial public offerings such as Alibaba Group, is a leading candidate to head the U.S. Securities and Exchange Commission in the Trump administration, two sources familiar with the matter said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN14O01J'|'2017-01-04T07:30:00.000+02:00'
'f0e411a19048304c5e4d764dd9ee9adce6b3fd21'|'Virgin gets back on track with rail ticket refunds - Money'|'A few weeks ago we covered the case of GC of London who had forgotten his disabled person’s railcard while on a Virgin West Coast train between Manchester Piccadilly and London Euston. He had to buy two new tickets at full price (an eye-watering £201.85 each compared with £35.65 for the advance tickets with the railcard).GC found his railcard at the end of the journey but, despite sending in a claim for a refund, was denied this by Virgin. The operator also refused to pay up after we intervened, saying it was company policy. However, the case triggered howls of outrage from other readers and passenger group Transport Focus, and Virgin subsequently issued a full refund.The Department for Transport has since announced changes to ticketing policy that give more flexibility in the cases of passengers who have made a mistake. These will come into force in March. Virgin has also changed its policy on its West Coast line (it was the case on the East Coast since the start of the franchise) and will automatically refund the cost of the new ticket if the person finds their railcard after the journey and takes it to their local ticket office.A Virgin Trains spokeswoman said: “We are constantly looking to improve the experiences of our customers and understand that sometimes mistakes can happen, like forgetting or misplacing your railcard on the day of travel. In this situation you will still need to purchase a new ticket to travel, but we have introduced a policy to refund the cost of the new ticket when customers take their railcard and proof of purchase for the tickets to the ticket office.”We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/jan/04/virgin-gets-back-on-track-with-rail-ticket-refunds'|'2017-01-04T15:00:00.000+02:00'
'5ee8ff6a09d66dfd0abc185a502c2ddd4f0214cc'|'Indian services activity contracts for second month in December after cash ban'|'India''s services industry ended 2016 on a sour note, contracting for a second month in a row in December as orders shrank amid a severe cash shortage, a private business survey showed on Wednesday.The Nikkei/Markit Services Purchasing Managers'' Index was little changed at 46.8 in December from November''s 46.7. A reading below 50 indicates contraction.A new business sub-index, an indicator of domestic and foreign demand, fell to a 39-month low of 46.0 in December from 46.7, even though firms cut prices of their goods despite input costs rising at a faster pace."The Indian service economy ended 2016 on a grim note, with the average PMI activity index reading for the Oct-Dec quarter the lowest since early-2014," said Pollyanna De Lima, an economist at IHS Markit.Prime Minister Narendra Modi on Friday defended his decision to withdraw high denomination bank notes from circulation in early November, as a deadline to end severe cash shortages passed with Indians still queuing at banks to deposit savings and withdraw money.Modi abolished 500 and 1,000 rupee bills, taking out 86 percent of cash in circulation, in a bid to fight corruption. But the move has caused major disruptions in the cash-reliant economy.Service providers continued to remain optimistic about growth in the year ahead, but the business expectations sub-index slumped to a 12-month low."Business confidence among service providers plunged to one of the lowest in the series'' 11-year history, suggesting that an imminent rebound from the rupee-demonetisation downturn is unlikely," De Lima said.A sister survey on Monday showed factory growth plunged into contraction last month, with the currency crackdown hurting output and new orders.The Reserve Bank of India unexpectedly kept its key policy rate unchanged at 6.25 percent on its December 7 meeting, despite calls for action in the face of an intense cash shortage following the demonetisation drive.The central bank has cut rates by 175 basis points since the start of 2015 but opted to wait before judging the full effects of the currency ban.A composite PMI, which includes both manufacturing and services, fell to 47.6 in December from 49.1, its lowest in over three years.(Reporting By Krishna Eluri; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/india-economy-pmi-services-idINKBN14O0C4'|'2017-01-04T02:03:00.000+02:00'
'9bec57de4ece38da9595255d5eda4989238678c9'|'Deutsche Bank to pay $95 million to resolve U.S. tax case'|'Wed Jan 4, 2017 - 9:22pm GMT Deutsche Bank to pay $95 million to resolve U.S. tax case A statue is pictured next to the logo of Germany''s Deutsche Bank in Frankfurt, Germany September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo NEW YORK Deutsche Bank AG ( DBKGn.DE ) has agreed to pay $95 million to resolve a U.S. government lawsuit accusing the German bank of using shell companies to evade significant tax liabilities in 2000, according to court papers filed on Wednesday. As part of the settlement, Deutsche Bank has also agreed to admit and accept responsibility for various conduct at issue in the lawsuit, which had sought more than $190 million, according to court papers filed in federal court in Manhattan. (Reporting by Nate Raymond in New York; Editing by David Gregorio) Up Next U.S. December auto sales on pace for record high, led by GM DETROIT Sales of new cars and trucks in the United States likely set new records for December and the full year, automakers said on Wednesday, and investors bid up shares in the sector as strong consumer confidence and stable fuel prices bolstered the industry''s outlook.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-deutsche-bank-lawsuit-idUKKBN14O26X'|'2017-01-05T04:10:00.000+02:00'
'492d049216a8211f10504924dcb3c33a12242534'|'UK construction PMI touches nine-month high in December, costs jump'|' 41am GMT UK construction PMI touches nine-month high in December, costs jump Cranes are seen on a construction site in London''s financial district of Canary Wharf, Britain December 1, 2016. REUTERS/Kevin Coombs LONDON Activity in Britain''s construction sector expanded at the fastest rate in nine months in December, boosted by more house building, but sterling''s weakness drove the biggest rise in costs in over five years, an industry survey   The Markit/CIPS purchasing managers'' index (PMI) rose to 54.2 in December, its strongest since March and well ahead of expectations in a Reuters poll for it to hold steady at November''s reading of 52.8. Coupled with Tuesday''s strong manufacturing PMI, the figures offer signs that Britain''s economy maintained momentum through the end of 2016, though the picture will become clearer once data for the far larger services sector appear on Thursday. But the figures also highlight the challenge Britain will face this year from sterling''s plunge after the June vote to leave the European Union, which has pushed up business and household costs. Markit said building costs rose last month at   April 2011, and that companies reported shortages of materials, possibly because of extra demand as they stocked up to beat further price increases. "UK construction companies noted that the weaker sterling exchange rate had resulted in higher costs for a wide range of imported materials," survey author Tim Moore wrote. Britain looks   strongest-performing   most economists predict a slowdown in growth to 1.1 percent this year from double that in 2016 as inflation climbs. House building accelerated in December, growing at the fastest rate since January, and may get extra momentum if government plans announced on Monday to build 200,000 new rural homes overcome local planning restrictions. Civil engineering staged its biggest pick-up in growth in nearly two years, Markit said, but demand for commercial projects such as factories and shops remained lacklustre. This reflected "an ongoing drag from subdued investment spending and heightened economic uncertainty," Moore said. The Bank of England has identified weaker business investment - caused by uncertainty about the terms on which Britain will leave the EU - as one of the main channels through which growth will weaken this year. The latest official figures show that British construction output shrank by 0.6 percent in the three months to October, slightly less of a decline than in the previous three month period.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-economy-pmi-idUKKBN14O0TV'|'2017-01-04T16:41:00.000+02:00'
'd57ce441d5a10335932072ce6982a27f79bf6724'|'Dubai Islamic Bank requests proposals for dollar sukuk - sources'|'Financials  44am EST Dubai Islamic Bank requests proposals for dollar sukuk - sources By Davide Barbuscia - DUBAI DUBAI Jan 4 Dubai Islamic Bank (DIB) has asked banks to submit proposals to arrange a potential U.S. dollar-denominated sukuk issue, sources familiar with the situation said on Wednesday. The planned debt transaction would be of benchmark size, which usually means upwards of $500 million, said the sources, adding that the request for proposals was sent a few days ago. A DIB spokesman was not immediately available to comment. The Islamic lender joins a number of banks in the Gulf region planning to raise debt internationally to improve their liquidity, which has been squeezed by low oil prices. Among them, Bahrain''s Gulf International Bank and Kuwait''s Warba Bank have in the last few weeks appointed banks for conventional and Islamic bond issues respectively. DIB''s latest sukuk sale was a $500 million, five-year issue in March last year which offered a 3.6 percent profit rate. The bond, listed on the Dubai Financial Market and on the Irish Stock Exchange, was part of a $2.5 billion sukuk programme. It also has an outstanding $300 million sukuk maturing imminently, issued in 2012 by DIB''s subsidiary Tamweel, a Dubai-based sharia-compliant mortgage provider. That bond has a 5.15 percent profit rate. Dubai Islamic Bank is rated Baa1 by Moody''s and A by Fitch. (Editing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/dib-sukuk-idUSL5N1EU2NO'|'2017-01-04T19:44:00.000+02:00'
'ac21a46f754805f0017b87a45bf91f75004d4e2f'|'Retailer B&M says record Christmas drives strong third quarter'|' 25am GMT Retailer B&M says record Christmas drives strong third quarter LONDON Britain''s B&M European Value Retail ( BMEB.L ) said it saw strong trading in its peak Christmas period, helping UK like-for-like sales rise 7.2 percent in its third quarter. Chief Executive Simon Arora said the general merchandise group''s performance showed the strength of its value-based offer. "We have delivered our best ever Christmas trading and served over 5.5 million customers in a single week in the UK alone as we continue to gain market share," he said on Wednesday. "Our German business Jawoll has also performed well and our first steps towards a faster pace of expansion are going to plan." The company reported total group revenue of 789.1 million pounds ($967 million) for the quarter, up 20.5 percent in constant currency. (Reporting by Paul Sandle; editing by Sarah Young)   Faraday Future unveils electric vehicle in Las Vegas to kick off CES LAS VEGAS Electric vehicle start-up Faraday Future showed off in Las Vegas on Tuesday a prototype of a vehicle set for production next year as the China-backed company strives to win credibility in the crowded sector and weather its funding challenges.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-b-m-european-results-idUKKBN14O0JN'|'2017-01-04T14:25:00.000+02:00'
'bb5be1d9fb3bfe0e1e2a3216e546d06d54db1caa'|'Japan December manufacturing activity expands at fastest pace in a year - PMI'|' 34am GMT Japan December manufacturing activity expands at fastest pace in a year: PMI Smoke is emitted from a chimney as a man fishes at the Keihin industrial zone in Kawasaki, Japan, March 28, 2016. REUTERS/Yuya Shino/File Photo TOKYO Japanese manufacturing activity expanded at the fastest pace in a year in December as orders picked up, a private survey showed on Wednesday, in an encouraging sign that the struggling economy may be regaining momentum. The Final Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) rose to 52.4 in December on a seasonally adjusted basis, higher than a preliminary reading of 51.9 and a final 51.3 in November. The index remained above the 50 threshold that separates expansion from contraction for the fourth consecutive month and showed activity expanded at the fastest pace since December 2015. The final output component of the PMI index also rose to a one-year high of 53.8 in December from 52.4 in November. The preliminary reading for December was 53.1. The final index for new orders, which measures both domestic and external demand, rose to a one-year high of 53.2, versus a preliminary 52.8 and 51.1 in the previous month. Much of the jump in demand appeared to be in the form of domestic orders, though survey respondents also reported increases in sales to Europe, China and North America. Japan''s exports, factory output and consumer spending have recently shown signs of recovery, offering some hope for policymakers struggling to pull the economy out of stagnation. (eporting by Stanley White; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-pmi-idUKKBN14O01P'|'2017-01-04T07:33:00.000+02:00'
'5172e529f3cfa0baff7702fae1c44319e2d408b6'|'Investors hold fewest net shorts on U.S. Treasuries since November -JPM'|'NEW YORK Jan 4 The margin on bearish bets on longer-dated U.S. Treasuries over bullish positions shrank to its smallest since late November as bargain-minded investors emerged after the recent bond market selloff, a J.P. Morgan survey released on Wednesday showed.Some fund managers stepped up their Treasury purchases in the latter half of December after the benchmark 10-year yield hit 2.64 percent, the highest since September 2014, after the Federal Reserve raised short-term interest rates by a quarter point on Dec. 14, analysts said.The share of "long" investors who said they were holding more longer-dated U.S. government debt than their portfolio benchmarks was 11 percent, matching the level on Dec. 12 when J.P. Morgan released its last Treasury survey.The firm''s survey of clients include bond fund managers, central banks and sovereign wealth funds.The share of "short" investors, who said they were holding fewer longer-dated Treasuries than their benchmarks, tumbled to 20 percent from 39 percent three weeks earlier.Nevertheless, short investors outnumbered long investors, or net shorts, by nine percentage points, which was the lowest since Nov. 28. That compared with 28 percentage points on Dec. 12, which was the biggest difference since June 28, 2015.In addition to hints the Fed might increase interest rates faster in 2017, inflation worries intensified following an agreement among major oil producers to cut output, propelling crude prices to an 18-month high.Uneasiness about inflation stemming from a possible fiscal stimulus package under a Trump administration has underpinned the jump in longer-dated U.S. yields since the Nov. 8 election.On Wednesday, the 10-year yield was last at 2.450 percent, unchanged from on Tuesday but up about 60 basis points since Donald Trump''s presidential victory.The share of "neutral" investors, who said on Tuesday they were holding amounts of longer-dated Treasuries that match their benchmarks, rose to 69 percent, up from 50 percent on Dec. 12, J.P. Morgan''s survey showed. (Reporting by Richard Leong; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/treasuries-jpmorgan-idINL1N1EU14F'|'2017-01-04T15:39:00.000+02:00'
'dd2d28804bcb46a51b7d17629d27ab9646397340'|'Boeing gets $8.25 bln order for 737 MAX 8 planes from GE leasing'|'Money News - Wed Jan 4, 2017 - 11:20pm IST Boeing gets $8.25 bln order for 737 MAX 8 planes from GE leasing Boeing''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon/Files Boeing Co said on Wednesday it had received an order for 75 of its 737 MAX 8 aircraft, valued at $8.25 billion at list prices, from General Electric Co''s commercial aircraft leasing and financing arm. The 737 MAX has 3,419 orders so far, Boeing said. ( bit.ly/2j9PoRi ) (Reporting by Ankit Ajmera in Bengaluru; Editing by Ted Kerr) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/boeing-orders-gecas-idINKBN14O1U6'|'2017-01-05T00:50:00.000+02:00'
'0ea03f21ea1978b2b7da56765d449f7d035c65fd'|'Boeing gets $8.25 billion order for 737 MAX 8 planes from GE leasing'|'Deals - Wed Jan 4, 2017 - 12:23pm EST Boeing gets $8.25 billion order for 737 MAX 8 planes from GE leasing The Boeing Company logo is projected on a wall at the ''''What''s Next?'''' conference in Chicago, Illinois, U.S., October 4, 2016. REUTERS/Jim Young Boeing Co ( BA.N ) said on Wednesday it had received an order for 75 of its 737 MAX 8 aircraft, valued at $8.25 billion at list prices, from General Electric Co''s ( GE.N ) commercial aircraft leasing and financing arm. The 737 MAX has 3,419 orders so far, Boeing said. ( bit.ly/2j9PoRi ) (Reporting by Ankit Ajmera in Bengaluru; Editing by Ted Kerr) Next In Deals Televisa says FCC approves higher Univision stake threshold MEXICO CITY Mexican broadcaster Televisa said on Wednesday the U.S. Federal Communications Commission (FCC) had given approval for Televisa to own up to 40 percent of U.S. Spanish-language peer Univision''s voting stock and up to 49 percent of its common shares.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-boeing-orders-gecas-idUSKBN14O1SR'|'2017-01-05T00:23:00.000+02:00'
'a9ffeea86abb5780504e0777e65dc3bb015c7c89'|'Sensex, Nifty end flat on caution ahead of earnings, budget'|'Money News - Wed Jan 4, 2017 - 4:08pm IST Sensex, Nifty end flat on caution ahead of earnings, budget People look at a screen displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai February 28, 2015. REUTERS/Shailesh Andrade/Files The Sensex and Nifty ended flat on Wednesday as positive sentiment from upbeat global economic data was offset by caution ahead of corporate results starting later this month and the government''s annual budget in early February. The Nifty ended down 0.02 percent at 8,190.5, while the Sensex closed down 0.04 percent at 26,633.13. (Reporting by Samantha Kareen Nair in Bengaluru; Editing by Amrutha Gayathri) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-stocks-sensex-nifty-idINKBN14O0ZG'|'2017-01-04T17:38:00.000+02:00'
'e890d26aade7a0550015b121cec0329a6832b438'|'UPDATE 1-Trump to nominate Wall Street lawyer Clayton to lead U.S. SEC'|'Company News - Wed Jan 4, 2017 - 11:45am EST UPDATE 1-Trump to nominate Wall Street lawyer Clayton to lead U.S. SEC (Adds more background, reaction to the planned nomination) By Sarah N. Lynch WASHINGTON Jan 4 President-elect Donald Trump said on Wednesday he intends to nominate Walter "Jay" Clayton, an attorney who advises clients on major Wall Street deals, to lead the U.S. Securities and Exchange Commission. "Jay Clayton is a highly talented expert on many aspects of financial and regulatory law, and he will ensure our financial institutions can thrive and create jobs while playing by the rules at the same time," Trump in a statement. "We need to undo many regulations which have stifled investment in American businesses, and restore oversight of the financial industry in a way that does not harm American workers." Clayton is a partner in the New York office of law firm Sullivan & Cromwell who specializes in advising clients on public and private mergers and acquisitions and capital-raising efforts. He also helps companies navigate regulatory and enforcement actions, including a number of cases that involved mortgage securities. Clayton has worked for high-profile clients, including the initial public offerings of Alibaba Group Holding Company and Oaktree Capital Group. During the height of the 2008 financial crisis, Clayton also worked on major deals involving big banks, including Barclays Capital''s acquisition of Lehman Brothers'' assets, the sale of Bear Stearns to JP Morgan Chase, and the U.S. Treasury Department''s capital investment in Goldman Sachs , according to his law firm''s website. By selecting an attorney who is deeply steeped in capital-raising deals, Trump is likely signaling that the SEC will be looking to scale back regulations that some critics see as burdensome and may be hindering corporate growth. Many Republicans in recent years have criticized the SEC for focusing too much on enforcement, and not enough on its other missions, which include writing rules that help promote capital formation. "In light of Jay''s vast experience in capital formation, his appointment as SEC Chair is a strong positive signal the economy is a top priority of President-elect Trump and his team, and that the SEC will work together with Main Street to meet the country''s economic goals of full employment and healthy growth," said Jonathan Macey, a professor at the Yale Law School. (Reporting by Sarah N. Lynch and Doina Chiacu; Editing by Chizu Nomiyama and Tom Brown) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-sec-idUSL1N1EU0TP'|'2017-01-04T23:45:00.000+02:00'
'0b79c6de84f55b51a3d2fcb6f360851dc8c0d832'|'China to hike power prices for outdated steel equipment - state planner'|' 23pm IST China to hike power prices for outdated steel equipment - state planner BEIJING China will impose higher power costs for steel mills operating outdated production equipment, the country''s economic planner said in a statement on Tuesday. The National Development and Reform Commission (NDRC) order utilities to raise power prices to 0.5 yuan ($0.0719) per kilowatt-hour (kWh) from 0.3 yuan per kWh for steel mills preserving equipment that ought to be eliminated. Steel firms owning restricted equipment will be charged 0.1 yuan per kWh more than current power prices, without defining what restricted equipment is. The policy aims at promoting capacity cutting in the steel industry. ($1 = 6.9571 Chinese yuan renminbi) (Reporting by Muyu Xu and Beijing newsroom; Editing by Christian Schmollinger) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-steel-idINKBN14N0O5'|'2017-01-03T16:53:00.000+02:00'
'0c0fb77bf97b84a67ae762e9443458dc15e27895'|'Apple partner Wistron seeks to expand India smartphone parts plant - government official'|'  2:14pm IST Apple partner Wistron seeks to expand India smartphone parts plant - government official The new iPhone 7 smartphone goes on sale inside an Apple Inc. store in Los Angeles, California, U.S., September 16, 2016. REUTERS/Lucy Nicholson/Files By Sankalp Phartiyal - MUMBAI MUMBAI Smartphone component maker Wistron Corp, which counts Apple Inc among its customers, has applied for permission to expand its plant in Bengaluru, a high-ranking regional government official said on Monday. The Taiwanese contract manufacturer has also requested that its application be fast-tracked, the official at the state government of Karnataka told Reuters. The move comes less than two weeks after the Wall Street Journal reported that Apple was in talks with the Indian government about the possibility of assembling products in one of the world''s biggest smartphone markets, where the U.S. tech firm controls less than 2 percent. Apple setting up production in India would be a significant win for the government which has embarked on a major campaign to attract global manufacturers under the slogan "Make in India". "Wistron has approached us to expedite certain clearances with regards to the augmentation and expansion of its existing unit," said the official, who was not authorised to speak publicly on the matter and so declined to be identified. Whether Apple will begin manufacturing in India is unknown, but Wistron''s desire to expand "pretty quickly" could represent "several steps in that direction," the official said. Apple did not immediately respond to an email seeking comment. Wistron could not be reached for comment. Analysts have said local manufacturing could come as part of a wider strategy for Apple to expand in India and even lower prices after Chief Executive Tim Cook visited the country in May and met Prime Minister Narendra Modi. "Certainly that (local manufacturing) will help in some level of cost optimization," said Gartner research director Anshul Gupta. "Because looking at the current tax structure, local facilities do provide some kind of cost advantage." Another of Apple''s Taiwanese suppliers, Hon Hai Precision Industry Co Ltd - commonly known as Foxconn - also has a manufacturing facility in southern India. (Reporting by Sankalp Phartiyal; Editing by Christopher Cushing) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/apple-wistron-india-plant-idINKBN14M0AP'|'2017-01-02T15:44:00.000+02:00'
'd8babaa051c66a71c6ea66ff53bbf29198de56bb'|'European shares hit highs as PMI data comes as New Year''s gift'|'By Kit Rees and Atul Prakash - LONDON LONDON Major European equity indexes climbed to new highs in thin trading on Monday, with strong manufacturing reports from the region boosting sentiment on the first trading day of 2017.Italy''s FTSE MIB index was up 1.7 percent at its close, hitting its highest level since January 2016. Germany''s DAX rose 1 percent after reaching to its highest in nearly 17 months, while France''s CAC gained 0.4 percent following a 13-month peak earlier in the day.The euro zone''s blue-chip Euro STOXX 50 index was up 0.6 percent, the highest level since December 2015, with a brighter macroeconomic picture helping the broader market. The pan-European STOXX 600 rose 0.5 percent and held at one-year highs.British and Swiss markets were closed.IHS Markit''s 2016 manufacturing Purchasing Managers'' Index for the euro zone registered 54.9 in December, its highest since April 2011. That was well above both the 50 mark which separates growth from contraction, and above November''s 53.7.German manufacturing growth reached its highest in almost three years, driven by rising demand from Asia and the United States. French manufacturing hit a 5-1/2 year high, and Italian manufacturing activity grew at its fastest rate since June."It’s nice to see some good economic numbers on the first trading day of the ... year. It has improved sentiment and could help the market to set new highs in the coming months," said Koen De Leus, chief economist at BNP Paribas Fortis."However, the road ahead looks bumpy because of several political risks in Europe. Overall, I am positive on European stocks this year as valuations are quite attractive compared to the United States and company margins are slowly improving, helped as well by the cheap euro."Italian shares were also boosted by a rally in the country''s lenders. The Italian banking index rose 2.3 percent, supported by a 9.1 percent jump in Banco BPM on the first day of trading for the newly merged bank.Banco BPM said on Monday that the new lender, created after a merger between Banco Popolare and BPM, started with a share capital of 7.1 billion euros.Other Italian banks were also up, with shares in UBI Banca and Bper Banca up 4.9 percent and 4.2 percent respectively.Trading was thin, with volumes at 35 percent for the CAC index and 41.8 percent for the euro STOXX 50 of their 90-day daily averages.Britain''s blue-chip FTSE 100 index closed 2016 at a record high on Friday after clocking a yearly gain of 14.4 percent, the best performer among major European stock indexes, with a sharp decline in sterling after the vote to leave the EU helping exporters and stronger metals prices boosting miners.(Reporting by Kit Rees and Atul Prakash; Editing by Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/europe-stocks-idINKBN14M0XR'|'2017-01-02T14:22:00.000+02:00'
'321a71586b1c17d40a23eac54ed7b950de5460b4'|'New Indian land laws to expedite projects hurt farmers, activists say'|'Non-Cyclical Consumer Goods - Mon Jan 2, 2017 - 9:04am EST New Indian land laws to expedite projects hurt farmers, activists say By Rina Chandran MUMBAI, Jan 2 (Thomson Reuters Foundation) - Farmers and activists are protesting legislative efforts in two south Indian states that would make it easier to acquire land for infrastructure projects, as the battle for scarce land in the country becomes more contentious. Andhra Pradesh state will introduce a law to accelerate land acquisitions for "public purposes", Chief Minister N. Chandrababu Naidu said over the weekend. Neighbouring Telangana state last week passed a law that drops the federal requirements for public consensus and a social impact study for land acquired for infrastructure projects. "Telangana''s new law shuts the doors on farmers and other vulnerable communities who depend on the land for their livelihood," said Kiran Kumar Vissa at Rythu Swarajya Vedika, an umbrella organisation of non-profits focused on agriculture. "It puts all the power in the hands of the state and wealthy land owners. The state will become nothing but a real estate agent for corporations." His organisation has held protests in Telangana''s capital Hyderabad, and plans a statewide campaign against the law, he told the Thomson Reuters Foundation. Telangana Chief Minister K. Chandrasekhara Rao defended the new law, saying India''s 2013 Land Acquisition Act had slowed Telangana''s development projects. "It is not possible to do development projects without taking land. We have a right to amend the act," Rao said. Land-related conflict is the main reason behind stalled industrial and development projects in India, affecting millions of people and putting billions of dollars of investment at risk, according to a recent report. Federal law requires consensus to buy land, a social impact assessment, rehabilitation for those displaced, and compensation up to four times the market value. States including Rajasthan and Gujarat have introduced laws that dilute some of the federal law''s provisions. Activists say states'' ability to bypass these requirements sets a dangerous precedent, dismantling vital checks and balances. The All India Kisan Sabha, a union fighting for peasants'' and farmers'' rights, has also held protests. India has introduced several land laws in the past decade to give the vulnerable more rights, but many of these laws are diluted and do not protect poor farmers enough, activists say. In Telangana, protests had erupted over the state''s plan to acquire land for a reservoir with its controversial GO123 order that diluted several conditions of the federal law. Andhra Pradesh recently introduced a land pooling scheme for its capital city Amaravati that activists say puts pressure on owners to give up their land. The proposed new law gives the state even greater power, said E.A.S. Sarma, a land rights activist. "In the name of expediting infrastructure projects, the new law does away with key safeguards," he said. "The proposed amendments are highly regressive, anti-farmer and facilitate human rights violations. You can expect to see more protests." (Reporting by Rina Chandran @rinachandran, editing by Alisa Tang. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women''s rights, trafficking, corruption and climate change. Visit news.trust.org to see more stories.) Next In Non-Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-landrights-lawmaking-idUSL5N1ES00X'|'2017-01-02T21:04:00.000+02:00'
'0399c4e8aa7d2414fe50495e3831f29bd42741e0'|'UniCredit investor Cariverona still undecided on cash call: source'|'Deals - Wed Jan 4, 2017 - 12:06pm EST UniCredit investor Cariverona still undecided on cash call: source The headquarters of UniCredit bank in Milan, Italy, February 8, 2016. REUTERS/Stefano Rellandini MILAN The Cariverona foundation has still not made up its mind whether it will underwrite the 13 billion euro ($13.6 billion) rights issue of Italy''s UniCredit ( CRDI.MI ), a foundation source said on Wednesday. Italian daily Il Sole 24 Ore said on Wednesday leading UniCredit shareholders, including CariVerona which owns 2.7 percent of the bank, were all inclined to buy into the share sale to avoid a dilution of their stakes. "The governance structures of the Foundation are continuing to carefully look into all the aspects and developments of the UniCredit turnaround," the source said. In December, Italy''s biggest bank by assets said it planned to raise 13 billion euros ($13.6 billion) in the country''s biggest-ever share issue to shore up its balance sheet and shield itself from a broader banking crisis. (Reporting by Gianluca Semeraro, editing by Emilio Parodi, writing by Stephen Jewkes) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-eurozone-banks-unicredit-cariverona-idUSKBN14O1R6'|'2017-01-05T00:06:00.000+02:00'
'8de87c774df681fb922bd7e5d8b8ef55ff943ded'|'Hong Kong stocks snap 4-day winning streak on outflow worries'|'Financials  16am EST Hong Kong stocks snap 4-day winning streak on outflow worries Jan 4 Hong Kong stocks ended slightly lower on Wednesday, snapping a four-session winning streak, as a stronger U.S. dollar added to worries about capital outflows from emerging markets. The Hang Seng index closed down 0.1 percent at 22,134.47 points, while the Hong Kong China Enterprises Index slipped 0.2 percent to 9,440.99. The dollar index, a measure of the greenback''s value against six major currencies, climbed to a 14-year intraday high overnight, leaving emerging markets vulnerable to a rotation of capital back the United States as investors look for better yields. But investor anxiety was expected to ease, with the HIS Volatility Index, a gauge of market stress, falling nearly 4.7 percent by the close. Most sectors advanced modestly on Wednesday. Industrial stocks led gains, rising around 1.4 percent. Declines in oil prices hurt shares of energy majors . U.S. crude futures retreated more than 2 percent overnight as the dollar rallied and traders took profits. (Reporting by Jackie Cai and John Ruwitch; Editing by Kim Coghill) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-stocks-hongkong-close-idUSZZN2NX000'|'2017-01-04T15:16:00.000+02:00'
'9770dfebcdb0cc643dba166893a80fd45ebf7e29'|'CANADA STOCKS-TSX extends 20-month high; financials, industrials rise'|' 34am EST CANADA STOCKS-TSX extends 20-month high; financials, industrials rise (Adds details on specific stocks, updates prices) * TSX rises 78.19 points, or 0.51 percent, to 15,481.22 * Nine of the TSX''s 10 main groups move higher TORONTO, Jan 4 Canada''s main stock index rose to a fresh 20-month high on Wednesday as financial and industrial shares led a broad-based rally and Encana Corp jumped on an improved outlook. The most influential movers on the index included its biggest bank, Royal Bank of Canada, which rose 1.1 percent to C$92.50, and Encana, which gained 4.7 percent to C$16.81. The Canadian oil and natural gas producer said it expects its margins in 2017 to exceed a previous target on lower costs and an expected rise in output in the second half of the year. The broader energy group was slightly lower even as oil prices edged higher. At 10:16 a.m. ET (1516 GMT), the Toronto Stock Exchange''s S&P/TSX composite index rose 78.19 points, or 0.51 percent, to 15,481.22. It reached its highest since April 15, 2015. If the index breaches 15,524.75 it will hit its highest since September 2014, when it hit its record high. Nine of the index''s 10 main groups were in positive territory and advancers outnumbered decliners by more than 2-to-1. WestJet Airlines Ltd rose 2.3 percent to C$23.60 and Canadian National Railway added 0.9 percent to C$91.32, helping the industrials sector rise 0.9 percent. The financials group gained 0.6 percent, as insurer Manulife Financial Corp added 1 percent and most of the country''s big banks pushed higher. Investors awaited the release of minutes from the U.S. Federal Reserve''s December meeting, at which the central bank decided to raise interest rates, for hints on the pace of any future hikes. The minutes are due to be released at 2:00 p.m. (1900 GMT). The materials group, which includes precious and base metals miners and fertilizer companies, added 0.4 percent. On the negative side of the ledger, major gold producer Barrick Gold Corp slipped 0.8 percent to C$21.87 and Valeant Pharmaceuticals International Inc fell 2.2 percent to C$20.07. (Reporting by Alastair Sharp; Editing by Meredith Mazzilli)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1EU0QV'|'2017-01-04T22:34:00.000+02:00'
'a42f2297bc496488f155eaceedf2b2978e5a7a1b'|'Competition watchdog sees concerns with MasterCard''s VocaLink deal'|' 31am GMT Competition watchdog sees concerns with MasterCard''s VocaLink deal LONDON Britain''s competition watchdog said it has concerns with MasterCard Inc''s MA.N acquisition of payment processing company VocaLink Holdings. "A number of industry participants have raised concerns with the transaction," the Competition and Markets Authority said on Wednesday. The companies are two of three most credible providers of infrastructure services to the LINK network of automated teller machines, the CMA said, meaning the merger could reduce LINK''s negotiating power with those providers if they combined. MasterCard said in July it would buy a 92.4 percent stake in London-based VocaLink Holdings Ltd for about $920 million (750 million pounds). (Reporting By Lawrence White; Editing by Susan Fenton)   Faraday Future unveils electric vehicle in Las Vegas to kick off CES LAS VEGAS Electric vehicle start-up Faraday Future showed off in Las Vegas on Tuesday a prototype of a vehicle set for production next year as the China-backed company strives to win credibility in the crowded sector and weather its funding challenges.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vocalink-m-a-mastercard-competition-idUKKBN14O0JV'|'2017-01-04T14:31:00.000+02:00'
'f89fe3d3e7ff0e944e2265f51ad739f773971bc7'|'GM Dec U.S. sales up 8 pct, sees record for industry in 2017'|'Money News - Wed Jan 4, 2017 - 9:55pm IST GM Dec U.S. sales up 8 pct, sees record for industry in 2017 The GM logo is seen at the General Motors Warren Transmission Operations Plant in Warren, Michigan October 26, 2015. Photo taken October 26. REUTERS/Rebecca Cook/Files By Bernie Woodall - DETROIT DETROIT General Motors Co on Wednesday reported an unexpected 8 percent rise in December U.S. auto sales while Ford Motor Co also beat forecasts, indicating that 2016 results will beat a record high set last year. “Key economic indicators, especially consumer confidence, continue to reflect optimism about the U.S. economy, and strong customer demand continues to drive a very healthy U.S. auto industry,” said Mustafa Mohatarem, GM’s chief economist. “We believe the U.S. auto industry remains well positioned for sales to continue at or near record levels in 2017.” Analysts polled by Reuters expected GM''s December U.S. sales to increase by about 3.5 percent from a year earlier. Ford''s December U.S. sales increased 0.3 percent while Wall Street estimated a decline of about 2.5 percent. The better-than-expected results helped boost shares of GM, up 4.4 percent, and Ford up 4.2 percent. GM said December industry sales will be a robust 18.2 million vehicles on a seasonally adjusted annualized basis, far exceeding the 17.7 million vehicles forecast by 35 economists polled by Thomson Reuters. Ford Chief Executive Officer Mark Fields said on Tuesday the auto industry and Ford will be helped by "pro-growth" policies expected by the incoming administration of U.S. President-elect Donald Trump. GM and Ford notched the gains as they kept inventory at healthy levels. GM ended the year with 71 days of inventory, meeting its target of about 70 days of supply. Ford ended with 70 days of U.S. inventory. Analysts were concerned that GM''s inventory levels were high, but the data showed otherwise. Ford was led by the F-Series pickup truck, which rose 2.7 percent to 87,512. The model line was the top-selling pickup truck in the United States for a 40th consecutive year. Japan''s Toyota Motor Corp reported a 2 percent gain. Analysts expected a decline of 1 percent to 4 percent. Fiat Chrysler Automobiles'' sales slid 10 percent while analysts looked for a decrease of between 10 percent and 15 percent. The fall was partly due to production ending on several sedan models. However, sales at its Jeep brand, which has been its strongest since the 2008-2009 recession, fell 6 percent in December. Jeep Cherokee sales fell 25 percent as rivals fielded new models in the increasingly competitive midsize SUV segment. Investors will watch to see if consumer discounts, which cut into company profits, are also at a record high, which analysts expected. Nissan Motor Co''s sales rose 10 percent in December, led by its luxury brand Infiniti, which gained 20.6 percent. (Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-autos-idINKBN14O1OO'|'2017-01-04T23:25:00.000+02:00'
'73072ae37b4fd44f58c6de4ce458884fc51430ea'|'Fidelity unit to launch products in China, first among foreign asset managers'|'Business News  58am EST Fidelity unit to launch products in China, first among foreign asset managers By Samuel Shen and Michelle Price - SHANGHAI/HONG KONG SHANGHAI/HONG KONG Fidelity International has become the first global asset manager allowed to launch investment products in China through a wholly-owned local subsidiary, as Beijing further liberalizes its capital markets. Fidelity said on Wednesday that its Shanghai-based unit has registered with the Asset Management Association of China (AMAC), qualifying it to create onshore investment products for Chinese institutions and wealthy individuals. Previously, foreign asset managers looking to distribute investment products in China had to operate through minority-owned joint ventures with Chinese firms, but Beijing has been gradually loosening the reins. A growing number of foreign financial institutions, including Aberdeen Asset Management ( ADN.L ), U.S. hedge fund Bridgewater Associates and Vanguard have recently set up wholly foreign-owned enterprise (WFOE) in China, but they still need AMAC registration to launch onshore products. "This is a significant milestone to facilitate our expansion in the world''s second-largest economy," Mark Talbot, managing director, Asia Pacific, Fidelity International, said in a statement. Since 2004, Fidelity has been offering offshore capabilities to Chinese investors through partnering with banks under the Qualified Domestic Institutional Investor (QDII) scheme, and "this latest development expands our capabilities to support Chinese clients'' needs to invest both onshore and offshore." Fidelity also owns a quota of $1.2 billion under the Qualified Foreign Institutional Investor (QFII) scheme, which allows foreign institutions to buy Chinese stocks and bonds. In a statement on its website, AMAC said it supports more qualified foreign companies to register as private fund management companies in China, in a bid to promote the opening of China''s capital markets. Fidelity''s subsidiary, FIL Investment Management (Shanghai) Company Ltd, completed its registration with AMAC on Jan 3. (Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-fidelity-international-china-idUSKBN14O12C'|'2017-01-04T17:55:00.000+02:00'
'e3689a16f63f9e2135a3d06719d9130869ca09c9'|'MOVES-TD Bank names Giamo head of regional commercial bank'|'Jan 3 TD Bank, a subsidiary of the Toronto-Dominion Bank, named Christopher Giamo head of regional commercial bank.Giamo, who joined TD Bank in 1998, has 21 years of industry experience and previously worked at Bank of New York and CoreStates Financial Corp.He will replace Fred Graziano, who retired after 25 years at the bank.(Reporting by Gayathree Ganesan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/td-moves-christophergiamo-idINL4N1ET2W2'|'2017-01-03T16:42:00.000+02:00'
'18668853213bd41f41f8de60f0f68dae1be51f24'|'Israel''s ''flying car'' passenger drone moves closer to delivery'|'Business News - Tue Jan 3, 2017 - 6:00pm GMT Israel''s ''flying car'' passenger drone moves closer to delivery left right A worker works on a prototype of the Cormorant, a drone, at Urban Aeronautics'' workshop in Yavne, Israel December 22, 2016. REUTERS/Amir Cohen 1/6 left right A worker works on a prototype of the Cormorant, a drone, at Urban Aeronautics'' workshop in Yavne, Israel December 22, 2016. REUTERS/Amir Cohen 2/6 left right Rafi Yoeli, founder and CEO of Urban Aeronautics, stands next to a prototype of the Cormorant, a drone, at the company''s workshop in Yavne, Israel December 22, 2016. REUTERS/Amir Cohen 3/6 left right A worker works on a prototype of the Cormorant, a drone, at Urban Aeronautics'' workshop in Yavne, Israel December 22, 2016. REUTERS/Amir Cohen 4/6 left right Part of a prototype of the Cormorant, a drone, is pictured at Urban Aeronautics'' workshop in Yavne, Israel December 22, 2016. REUTERS/Amir Cohen 5/6 left right A prototype of the Cormorant, a drone, is pictured at Urban Aeronautics'' workshop in Yavne, Israel December 22, 2016. REUTERS/Amir Cohen 6/6 By Elana Ringler - YAVNE, Israel YAVNE, Israel After 15 years of development, an Israeli tech firm is optimistic it will finally get its 1,500 kg (1.5 tonne) passenger carrying drone off the ground and into the market by 2020. The Cormorant, billed as a flying car, is capable of transporting 500kg (around half a tonne) of weight and travelling at 185 km (115 miles) per hour. It completed its first automated solo flight over terrain in November. Its total price is estimated at $14 million. Developers Urban Aeronautics believe the dark green drone, which uses internal rotors rather than helicopter propellers, could evacuate people from hostile environments and/or allow military forces safe access. "Just imagine a dirty bomb in a city and chemical substance of something else and this vehicle can come in robotically, remotely piloted, come into a street and decontaminate an area," Urban Aeronautics founder and CEO Rafi Yoeli told Reuters. Yoeli set up the company, based in a large hanger in Yavne, central Israel, in 2001 to create the drone, which he says is safer than a helicopter as it can fly in between buildings and below power lines without the risk of blade strikes. There is still plenty of work required before the autonomous vehicle hits the market. The Cormorant, about the size of a family car and previously called the ''Air Mule'', is yet to meet all Federal Aviation Administration standards and a test in November saw small issues with conflicting data sent by on board sensors. With 39 patents registered to create the vehicle, Yoeli has little concern about competitors usurping him. One industry experts said the technology could save lives. "It could revolutionise several aspects of warfare, including medical evacuation of soldiers on the battlefield," said Tal Inbar, head of the UAV research centre at Israel’s Fisher Institute for Air and Space Strategic Studies. (Writing by Patrick Johnston in LONDON Editing by Jeremy Gaunt) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-israel-flyingcar-idUKKBN14N18W'|'2017-01-04T01:00:00.000+02:00'
'a8618af6c532d9d88ad269a7736aa0dbae4d827a'|'Next could give formal profit alert - Sky News'|'Business News - Tue Jan 3, 2017 - 8:05pm GMT Next could give formal profit alert - Sky News Shoppers pass a branch of Next retail in London, Britain, September 15, 2016. REUTERS/Toby Melville/File Photo British clothing retailer Next Inc ( NXT.L ) could give a formal profit warming for its 2017 financial year in its fourth-quarter trading update, Sky News reported, citing a source. bit.ly/2iM9FsD A spokeswoman for the company said Next would report its quarterly trading update on Wednesday as scheduled without providing further details. The retailer was downbeat about prospects for 2017 when it reported its quarterly results in November. In November, the company projected full-price sales for its year to January 2017 in a range of down 1.75 percent to up 1.25 percent. (Reporting by Vishal Sridhar in Bengaluru; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-next-uk-outlook-idUKKBN14N1QN'|'2017-01-04T03:05:00.000+02:00'
'd41d992fe5299cf19f2fb9b198ee01c50bb7d4cf'|'FTSE hits record high on first trading day of 2017'|'Business News  29am GMT FTSE hits record high on first trading day of 2017 People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Alistair Smout - LONDON LONDON FTSE 100 index rose to a record high on Tuesday, extending an end-of-year rally into 2017, led by InterContinental Hotels ( IHG.L ). Britain''s FTSE 100 was up 22.50 points, or 0.3 percent, at 7,165.33 by 1012 GMT, as the London Stock Exchange re-opened after a long weekend. It set a high of 7,205.21 in early deals, rising above the peak it reached at the end of 2016, built on a 5.3 percent rally in December, its strongest monthly performance since July 2013. It ended 2016 up 14.4 percent for the year, outperforming major European bourses. Weakness in sterling after Britain voted to leave the European Union has helped to support British stocks, especially those with international exposure in dollars. Mining stocks rose by more than 100 percent in 2016, while banks posted an impressive recovery in the second half of the year. Growth-sensitive stocks such as banks and miners gained again on Tuesday, with some attributing optimism in early deals to strong PMI data out of China. "The China data is key, and we''ve seen a sustained period of good numbers, so that is quite a big deal," said James Hughes, chief market analyst at GKFX, who added that the recent rally could nevertheless be overdone. "We''ve had a very strong movement in the FTSE 100... but when you rally this strongly, I worry that when it turns around, the downward move could be quite aggressive." Top riser was InterContinental Hotels ( IHG.L ), up 3.1 percent after an upgrade to "overweight" from "equal-weight" from Barclays, lifting the stock to an all-time high. Barclays is a top-rated broker on the stock, and said that IHG was the best play in the leisure sector on a possible rebound in U.S. growth. The index fell back from highs as sterling rose following data that showed UK manufacturing growth unexpectedly hit a 2-1/2-year high. Top faller was retailer Next ( NXT.L ), which suffered from a downgrade by Deutsche Bank to "hold" from "buy". Next fell more than 30 percent in 2016, but the analysts said that even with this fall, the stock did not look especially cheap. "The sector has already de-rated, mainly on the changed demand and currency outlook due to Brexit, and valuations are typically at historical average levels – cheap but in some cases not cheap enough," analysts at Deutsche Bank said in a note. "Reflecting our caution on apparel and impact of channel shift we downgrade Next to Hold." (Reporting by Alistair Smout; Editing by Andrew Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN14N0QF'|'2017-01-03T17:29:00.000+02:00'
'c0f2b9bcb382c02598ba8d97539d91dd2d7a8168'|'UPDATE 1-DoubleLine Total Return bleeds $3.5 bln, biggest monthly outflow ever'|'(Adds additional flow data)NEW YORK Jan 3 The DoubleLine Total Return Bond Fund posted a net outflow of $3.5 billion in December, its biggest one-month outflow ever, data from research firm Morningstar showed on Tuesday.The roughly $55.7 billion fund, which is DoubleLine''s flagship, attracted a net $3.05 billion in new cash throughout all of 2016, the Morningstar data showed. The fund''s December outflow marks its second-straight net cash withdrawal after it bled $1.4 billion in November.Overall, the DoubleLine open-end mutual funds collectively posted a net outflow of $3 billion in December and a total net inflow of $7.9 billion in 2016, the Morningstar data showed.The DoubleLine Total Return Bond Fund invests primarily in mortgage-backed securities and is run by DoubleLine Chief Executive Jeffrey Gundlach and the firm''s president, Philip Barach.DoubleLine did not immediately respond to an email request for comment. (Reporting by Sam Forgione; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/funds-doubleline-outflow-idINL1N1ET0WI'|'2017-01-03T15:19:00.000+02:00'
'6dee0a635afd4008827e71b34dfa11aaff0fb3aa'|'Transmar''s U.S. cocoa unit files for bankruptcy'|'NEW YORK The U.S. unit of Transmar Group Ltd has filed for bankruptcy protection just weeks after the parent company''s European operation declared insolvency following "unfavorable" cocoa contracts and British pound fluctuations, court filings showed.Transmar Commodity Group Ltd, which sells cocoa products to major chocolate makers including Hershey Co ( HSY.N ) and Nestle ( NESN.S ), voluntarily filed Chapter 11 bankruptcy to the Southern District of New York United States Bankruptcy Court on Dec. 31.Transmar Group is a major buyer and processor of cocoa beans with operations in the United States, Europe, South America and West Africa.The U.S. subsidiary plans to operate throughout the proceedings, said Robert Frezza, chief restructuring officer for Transmar, in a Jan. 3 court filing.The filing came shortly after Transmar Group''s European operation Euromar Commodities GmbH, a German cocoa grinder and significant customer to the U.S. company, declared insolvency in early December, adding to Transmar Commodity Group''s financial distress, Frezza said.Transmar Group''s rapid expansion, which continued as recently as 2015, combined with volatile cocoa prices caused problems, Frezza said, pointing to difficulties integrating their infrastructure and corporate governance.Euromar, an indirect subsidiary of Transmar Group, has been one of Transmar Commodity Group''s primary customers of cocoa products, with sales volumes increasing significantly between 2013-2015, the filing said."During this time of high growth at Euromar, Euromar entered into various unfavorable forward purchase contracts, including certain unhedged forward contracts, which resulted in enormous losses for Euromar when the price of cocoa in the market moved in ways that Euromar had not anticipated," Frezza said.Another source of pressure for Euromar came after the United Kingdom voted in June 2016 to leave the European Union, causing fluctuations in the pound GBP= , the currency that much of the world''s cocoa is traded.Transmar''s filing showed an estimated number of creditors of 200-999, and estimated assets between $100 million to $500 million.(Reporting by Marcy Nicholson; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cocoa-transmar-bankruptcy-idINKBN14O26D'|'2017-01-04T18:01:00.000+02:00'
'e78945ec068b001e451a88adc65a7edc23fb7655'|'Intesa Sanpaolo to provide 5.2 billion euro loan in Rosneft deal'|'Business   1:24am GMT Intesa Sanpaolo to provide 5.2 billion euro loan in Rosneft deal The Intesa Sanpaolo logo is seen in Milan, Italy, in this January 18, 2016 file photo. REUTERS/Stefano Rellandini MILAN Italy''s Intesa Sanpaolo ( ISP.MI ) said it would provide a loan for up to 5.2 billion euros (4.2 billion pounds) to help commodities trader Glencore ( GLEN.L ) and Qatar''s sovereign wealth fund buy a 19.5 percent stake in Russian oil company Rosneft ( ROSN.MM ). The consortium, of which Qatar Investment Authority and Glencore each own 50 percent, is buying the stake from the Russian state for 10.2 billion euros. A spokesman for Intesa Sanpaolo said on Tuesday Italy''s biggest retail bank was underwriting the loan in full. Intesa will then seek to involve other lenders in the deal, creating a syndicate of banks to each take on a portion of the loan, the spokesman said. "By its underwriting, Intesa Sanpaolo, in compliance with international rules, bolsters ... its relation with two big international players," he said. "The underwriting, to be syndicated, has strong protection in terms of collateral and guarantees." (Reporting by Gianluca Semeraro and Valentina Za,) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-glencore-rosneft-intesa-sp-idUKKBN14O04B'|'2017-01-04T08:24:00.000+02:00'
'd529ffdff4cf4055c7e37e946c27eca14adb5821'|'Will Donald Trump''s election put America first and global conflict next?'|'Donald Trump’s election as President of the United States does not just represent a mounting populist backlash against globalisation. It may also portend the end of Pax Americana – the international order of free exchange and shared security that the US and its allies built after the second world war.That US-led global order has enabled 70 years of prosperity. It rests on market-oriented regimes of trade liberalisation, increased capital mobility, and appropriate social-welfare policies; backed by American security guarantees in Europe, the Middle East, and Asia, through Nato and various other alliances.Trump, however, may pursue populist, anti-globalisation, and protectionist policies that hinder trade and restrict the movement of labour and capital. And he has cast doubt on existing US security guarantees by suggesting he will force America’s allies to pay for more of their own defence. If Trump is serious about putting “America first”, his administration will shift US geopolitical strategy toward isolationism and unilateralism, pursuing only the national interests of the homeland.When the US pursued similar policies in the 1920s and 1930s, it helped sow the seeds of the second world war. Protectionism – starting with the Smoot-Hawley Tariff , which affected thousands of imported goods – triggered retaliatory trade and currency wars that worsened the Great Depression. More important, American isolationism – based on a false belief that the US was safely protected by two oceans – allowed Nazi Germany and Imperial Japan to wage aggressive war and threaten the entire world. With the attack on Pearl Harbor in December 1941, the US was finally forced to take its head out of the sand.Today, too, a US turn to isolationism and the pursuit of strictly US national interests may eventually lead to a global conflict. Even without the prospect of American disengagement from Europe, the European Union and the eurozone already appear to be disintegrating, particularly in the wake of the UK’s June Brexit vote and Italy’s failed referendum on constitutional reforms in December. Moreover, in 2017, extreme anti-Europe left or rightwing populist parties could come to power in France and Italy, and possibly in other parts of Europe.Without active US engagement in Europe, an aggressively revanchist Russia will step in. Russia is already challenging the US and the EU in Ukraine, Syria, the Baltics, and the Balkans, and it may capitalise on the EU’s looming collapse by reasserting its influence in the former Soviet bloc countries, and supporting pro-Russia movements within Europe. If Europe gradually loses its US security umbrella, no one stands to benefit more than the Russian President, Vladimir Putin.Trump’s proposals also threaten to exacerbate the situation in the Middle East. He has said he will make America energy independent, which entails abandoning US interests in the region and becoming more reliant on domestically produced greenhouse-gas-emitting fossil fuels. And he has maintained his position that Islam itself, rather than just radical militant Islam, is dangerous. This view, shared by Trump’s incoming National Security Adviser, General Michael Flynn, plays directly into Islamist militants’ own narrative of a clash of civilizations.What the US economy doesn''t need from Donald Trump - Joseph Stiglitz Read more Meanwhile, an “America first” approach under Trump will likely worsen the longstanding Sunni-Shia proxy wars between Saudi Arabia and Iran. And if the US no longer guarantees its Sunni allies’ security, all regional powers – including Iran, Saudi Arabia, Turkey, and Egypt – might decide that they can defend themselves only by acquiring nuclear weapons, and even more deadly conflict will ensue.In Asia, US economic and military primacy has provided decades of stability; but a rising China is now challenging the status quo. US President Barack Obama’s strategic “pivot” to Asia depended primarily on enacting the 12-country Trans-Pacific Partnership, which Trump has promised to scrap on his first day in office. Meanwhile, China is quickly strengthening its own economic ties in Asia, the Pacific, and Latin America through its “one belt, one road” policy, the Asian Infrastructure Investment Bank, the New Development Bank (formerly known as the BRICS bank), and its own regional free-trade proposal to rival the TPP.If the US gives up on its Asian allies such as the Philippines, South Korea, and Taiwan, those countries may have no choice but to prostrate themselves before China; and other US allies, such as Japan and India, may be forced to militarise and challenge China openly. Thus, an American withdrawal from the region could very well eventually precipitate a military conflict there.As in the 1930s, when protectionist and isolationist US policies hampered global economic growth and trade, and created the conditions for rising revisionist powers to start a world war, similar policy impulses could set the stage for new powers to challenge and undermine the American-led international order. An isolationist Trump administration may see the wide oceans to its east and west, and think that increasingly ambitious powers such as Russia, China, and Iran pose no direct threat to the homeland.But the US is still a global economic and financial power in a deeply interconnected world. If left unchecked, these countries will eventually be able to threaten core US economic and security interests – at home and abroad – especially if they expand their nuclear and cyberwarfare capacities. The historical record is clear: protectionism, isolationism, and “America first” policies are a recipe for economic and military disaster.• Nouriel Roubini is a professor at NYU’s Stern School of Business. He was senior economist for international affairs in the Clinton White House and has worked for the IMF, the Federal Reserve, and the World Bank. © Project Syndicate'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/03/donald-trump-america-first-global-conflict-nouriel-roubini'|'2017-01-03T02:00:00.000+02:00'
'5e3bdad649feb4d4c88740f787376d5dc9ad3c31'|'Irish PMI climbs to 17-month high as manufacturers shrug off Brexit'|'Business News - Tue Jan 3, 2017 - 6:05am GMT Irish PMI climbs to 17-month high as manufacturers shrug off Brexit Office buildings under construction are reflected in the water in the Capital Dock area of Dublin, Ireland December 5, 2016. REUTERS/Clodagh Kilcoyne DUBLIN, Growth in Irish manufacturing rose in December to its highest in 17 months, a survey showed on Tuesday, suggesting an initial setback after Britain voted to leave the European Union may have been short-lived. Ireland is widely considered the EU member most at risk from the departure of Britain, its key trading partner. Manufacturing growth slowed before and just after Britain''s June referendum. The Investec Manufacturing Purchasing Managers'' Index improved in December for the third month in a row, to 55.7 from 53.7 in November, staying above the 50 mark that separates growth from contraction for the 43rd consecutive month. The index had slipped to its lowest in more than three years in July, reaching 50.2, when new orders dipped into negative territory. But its recovery picked up by the end of 2016, with the sub-index measuring new business rising to 57.4 from 53.2 in November. "Today''s release shows that the sector exited 2016 with a very strong tailwind behind it, supporting our previous contention that the worst of the pressure seen in the aftermath of the UK’s Brexit vote has passed," Investec Ireland chief economist Philip O''Sullivan said. "While growth slowed precipitously following the UK''s Brexit vote, the accelerated pace of expansion seen since shows the sector has gotten back on track, presumably aided by the kicker from a strong US dollar and ongoing domestic strengthening." O''Sullivan said the fact that companies increased the quantity of their purchases to a 19-month high in tandem with an eighth consecutive monthly contraction in stocks of purchases was "a potent sign of confidence" that the spike in new orders could be sustained. Growth in the Irish gross domestic product accelerated in the three months after Britain decided to quit the EU, leading Irish Finance Minister Michael Noonan to say last month the immediate impact of Brexit had been more benign than initially expected. Detailed PMI data are only available under licence from Markit and customers need to apply to Markit for a licence. (Reporting by Padraic Halpin, editing by Larry King) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-pmi-idUKKBN14N0B5'|'2017-01-03T13:05:00.000+02:00'
'73743fedf30b5244ea4b39f69e60ebc65d9d4878'|'Chevron resumes operation at Gorgon LNG train 1 after month-long outage'|'Company  30pm EST Chevron resumes operation at Gorgon LNG train 1 after month-long outage SINGAPORE Jan 4 Chevron Corp said on Wednesday it has resumed production at one of its two units at the Gorgon liquefied natural gas (LNG) plant off Western Australia after an outage of slightly more than a month. "Gorgon LNG Train 1 operation resumed earlier this week. Production was halted in late November 2016 to assess and address some performance variations," a spokesman for Chevron, operator of Gorgon, said in an emailed statement. (Reporting by Mark Tay; Editing by Richard Pullin) Next In Company News UPDATE 1-Faraday Future unveils electric vehicle in Las Vegas to kick off CES LAS VEGAS, Jan 3 Electric vehicle start-up Faraday Future showed off in Las Vegas on Tuesday a prototype of a vehicle set for production next year as the China-backed company strives to win credibility in the crowded sector and weather its funding challenges.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chevron-gorgon-idUSL4N1EU1RG'|'2017-01-04T11:30:00.000+02:00'
'001e9c1d13ee76413f9a0652f031220ae2f4bd2e'|'Actelion pulls out of health conference amid M&A activity'|'ZURICH Swiss biotech group Actelion ( ATLN.S ) has canceled a scheduled appearance at next week''s JP Morgan healthcare conference in San Francisco, it said on Wednesday.A spokesman gave no reason for the move, which comes after Actelion entered exclusive talks with Johnson & Johnson (J&J) ( JNJ.N ) last month about a possible transaction.Chief Executive Jean-Paul Clozel has represented Actelion at the high-profile conference in the past, but it was not immediately clear who was set to speak this year.People familiar with the matter told Reuters last week that J&J was negotiating a deal that would separate Actelion''s commercialized portfolio from its research and development assets. Any deal could emerge by late this month.The deal structure would allow J&J to acquire Actelion with a cash offer in the region of $260 per share. It also would let Actelion shareholders benefit financially from Actelion''s R&D pipeline, the people said.(Reporting by Paul Arnold; Writing by Michael Shields; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-actelion-m-a-johnson-johnson-idINKBN14O1MW'|'2017-01-04T12:45:00.000+02:00'
'955aea9ba5fca89e67a62f3dfaff9efb4a49b042'|'Argentina decrees telecoms rule changes to increase competition - Reuters'|'BUENOS AIRES Argentina has loosened regulations to allow more competition in its telecoms sector and widen internet penetration, according to a decree published on Monday that the government hopes will attract billions of dollars in investments.Companies will no longer be barred from simultaneously providing cable TV, internet, fixed line and mobile phone services.Satellite TV company DirecTV will for example be allowed to sell internet services while cable operator Cablevision SA gets the green light to enter the 4G mobile telephone market.But the main telephone players including Telefonica, Telecom Argentina and Claro will only be able to offer paid television starting in January 2018, according to the decree.A source at the local branch of Spain''s Telefonica, said the measure was unfair and that Telefonica is evaluating judicial action against the government, the company source said.Analysts have said phone companies were at a disadvantage to cable operators, which can offer internet and television through the same fiber optic cable. Phone companies need to improve their network cables in order to deliver television.The telecom reform is one of many changes on PresidentMauricio Macri''s agenda as he tries to attract investment into an economy that was highly regulated, cut off from international capital markets and largely ignored by foreign investors for a decade before he took office.Macri''s government expects the telecom reform to help draw in $20 billion in investment over four years.The first article of the decree, published in the government''s official bulletin, says the state will: "Implement the basic rules to achieve a greater degree of convergence of networks and services under competitive conditions, promote the deployment of next generation networks and the penetration of broadband internet access throughout the national territory."(Reporting by Hugh Bronstein and Walter Bianchi; Editing by W Simon and Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-argentina-telecoms-idINKBN14M0NF'|'2017-01-02T18:43:00.000+02:00'
'eedf3ddd004627bcd9028f1a767ba137683ac040'|'After banknote ban, sees 7 percent growth in first half of 2017/18 - sources'|'By Manoj Kumar and Mayank Bhardwaj - NEW DELHI NEW DELHI India expects growth of around 7 percent in the first half of the next fiscal year, two officials said, painting a rosier picture for the economy than many economists after Modi''s shock move to abolish large banknotes.Nearly 90 percent of transactions used to be in cash in India, which was gripped by a severe shortage of currency after Modi''s Nov. 8 decision to take 500-rupee and 1,000-rupee notes, worth about $7.5 and $15, out of circulation overnight.Several private economists have said the move could drag down growth in the next fiscal year to 6.5 percent to 7 percent, as small businesses fired workers, consumer demand fell and farmers'' winter sowing efforts were hit.Demonetisation, as it is termed, has become a major election issue in states going to the polls this year, such as Uttar Pradesh, India''s most populous state with 200 million people, where the performance of Modi''s ruling Bharatiya Janata Party could shape his political future.The notes, accounting for 86 percent of the cash in circulation, were withdrawn in an effort to crush India''s huge shadow economy, boost tax revenues and promote the use of bank accounts and digital transactions, but perceptions that the ambitious operation was botched have hurt Modi''s standing.The government officials, involved in budget discussions for the 2017/18 fiscal year, acknowledged that growth in Asia''s third-largest economy would still be less than the 7.75 percent initially projected for the current fiscal year.It could even fall as low as 4 percent in this year''s January-March quarter, they said.The budget, expected to be presented on Feb. 1, leaves Modi little room to hand out large, populist sops, despite demands by politicians, businessmen and other lobby groups for relief to the industry and taxpayers."There is no scope for big-ticket spending, like debt waivers for farmers, or transferring money into poor people''s accounts," said one of the officials, who requested anonymity as they were not authorized to speak to the media.Still, the officials said the finance ministry''s internal projections leave sufficient room to allocate funds for investments and infrastructure spending, without derailing India''s fiscal deficit target.India plans to cut its fiscal deficit to 3 percent of GDP in the fiscal year to March 2018, versus this year''s target of 3.5 percent.Modi can fund increases of 10 percent to 15 percent in some ministries'' budgets and focus on job creation in areas such as farming, construction and small businesses, the officials said.Finance Minister Arun Jaitley could announce tax incentives for individuals and firms to boost consumer demand, amid lingering uncertainty over the implementation of a nationwide goods and services tax, said one of the officials.A senior farm ministry official said budget spending on the sector for the next fiscal year could rise to about 500 billion rupees ($7.37 billion), up 40 percent on the current year.Major subsidies, including those on food, fertilisers and petroleum products, estimated at about 2.32 trillion rupees ($34.22 billion) for this fiscal year, are expected to go up only marginally, the officials said.The officials said good monsoon rains could accelerate growth in the second half of the year.Modi is staying within budget limits so far, despite a series of incentives to poor people, farmers, women and small businesses announced on New Year''s Eve.The incentives would only cost about 35 billion rupees a year, said Soumya Kanti Gosh, chief economic adviser at state-owned State Bank of India.($1=67.8179 Indian rupees)(Editing by Clarence Fernandez)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/demonetisation-india-modi-corruption-bud-idINKBN14Q0HA'|'2017-01-06T03:14:00.000+02:00'
'd81375e2c3695b56923d3be11c30696273df9260'|'Investors all ears as Trump set to break silence'|'  5:55pm GMT Investors all ears as Trump set to break silence FILE PHOTO: Republican presidential nominee Donald Trump arrives for his election night rally at the New York Hilton Midtown in Manhattan, New York, U.S., November 9, 2016. REUTERS/Andrew Kelly/File Photo By Hugh Lawson - LONDON LONDON U.S. and Chinese data and an expected news conference by U.S. President-elect Donald Trump in the coming week may shed some light on the state of the world''s two biggest economies - and the outlook for relations between them. Trump, who takes office on Jan. 20, has said he will hold a news conference on Wednesday. It will be his first since winning the November election, although he has been outspoken on Twitter. Investors will welcome any insights he may give on his policies regarding China as well as the domestic economy. "This occasion could be an opportunity for Trump to highlight key priorities, with markets especially alert to details regarding tax reform, infrastructure spending plans and his China trade stance," Standard Chartered said in a weekly note to investors. Some analysts are concerned about the broad economic and political impacts of Trump''s relations with the rest of the world. "Trump''s plans for trade and foreign policy in particular are fraught with considerable threats to the real economy," Commerzbank currency strategist Thu Lan Nguyen wrote, suggesting a trade war with China or Mexico may do the U.S. economy more harm than good. On the U.S. domestic front, expectations of heavy spending under Trump to create jobs in the Rust Belt states that swung the election his way have helped lift consumer sentiment to multi-year highs and driven up Treasury yields in a burst of "Trumpflation." One gauge of that sentiment will be U.S. retail sales data for December due on Friday. They are expected to show a 0.7 percent rise from the previous month, according to a Reuters poll of economists. Another will be the University of Michigan consumer sentiment index, also out on Friday, which economists polled by Reuters expect to come in at 98.5, the highest reading since early 2004. As 2017 progresses, some economists see U.S. wage growth and tax cuts outweighing the impact of higher interest rates and oil prices to keep shoppers driving the economy forward. "Higher interest rates and rising gasoline prices will be headwinds for the consumer sector, but solid labour income and the prospects for personal tax cuts will eventually support decent consumption growth," Credit Suisse said in a weekly report. CHINA BURNING DOLLARS In a reflection of the prolonged weakness of China''s yuan, data this Saturday is expected to show Beijing''s forex reserves dwindled to just above $3 trillion in December - the lowest level since February 2011. While the yuan has soared in recent days, helping create a liquidity squeeze in Hong Kong, a Reuters poll showed it is expected to slide at least 4 percent more this year, hurt by fiscal stimulus and faster interest rate hikes in the United States. "It remains to be seen whether tightening yuan liquidity conditions in Hong Kong and reports of capital controls being introduced will be sufficient to halt the slide" in the yuan, analysts at Investec said in a weekly note to clients. Another fear for investors may be whether the prolonged slide of the yuan sets off a vicious cycle of more outflows, currency depreciation and rising inflation, on which China issues December data on Tuesday. Adding to China''s problems, Trump has vowed repeatedly to label Beijing a currency manipulator, a move that would heighten tensions between the two major trading nations. BREXIT BLUES The fall in sterling since Britain voted to leave the European Union has so far failed to boost British industrial production, a poor sign for overall economic growth in the last quarter of 2016. Manufacturing and broader industrial output data due on Wednesday are expected to show a rebound in November from a sharp contraction in October, although the rise may not be enough to have a positive effect on fourth-quarter GDP data due out at the end of January. "We tend to the view that the manufacturing sector probably expanded only very modestly in Q4. However this is unlikely to be the case for industrial production, where a second successive quarterly decline appears virtually inevitable," Investec chief economist Philip Shaw said in a note. (Additional reporting by Nichola Saminather in SINGAPORE, Elias Glenn in SHANGHAI and David Milliken in LONDON Editing by Jeremy Gaunt)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-economy-weekahead-idUKKBN14Q1P6'|'2017-01-07T00:55:00.000+02:00'
'962ba3c6b05e7c258bdf277314a84ad3c4382737'|'Australia shares set to extend gains; NZ steady'|'Financials  20pm EST Australia shares set to extend gains; NZ steady Jan 5 Australian shares are expected to open higher on Thursday, tracking gains on Wall Street after it emerged U.S. policymakers were eyeing faster interest rate rises in response to U.S President-elect Donald Trump''s fiscal stimulus plans. The local share price index futures edged up 0.5 percent to 5,724 points, a 12.4-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.06 percent on Wednesday, extending the previous session''s gains, to hit its highest close since May 29, 2015. New Zealand''s benchmark S&P/NZX 50 index is steady in early trade. Almost all U.S. Federal Reserve policymakers thought the U.S. economy could grow more quickly because of fiscal stimulus under the Trump administration and many were eyeing faster interest rate increases, minutes from the central bank''s December meeting showed. For a summary of overnight action across global markets, double click on For a digest of the day''s business stories in Australian newspapers, double click on (Reporting by Hanna Paul in Bengaluru; editing by Richard Lough) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-morning-idUSL4N1EU45D'|'2017-01-05T04:20:00.000+02:00'
'6efc367ed00d028114e82c1bdb175c9c7d9631f4'|'Japan must respond firmly to excessive currency moves -govt spokesman'|'Business News  32am EST Japan must respond firmly to excessive currency moves: government spokesman Light is cast on a Japanese 10,000 yen note as it''s reflected in a plastic board in Tokyo, in this February 28, 2013 picture illustration. REUTERS/Shohei Miyano/Illustration/File Photo TOKYO Japan must respond firmly to excessive moves in the foreign exchange market as it wants to keep the environment favorable for Japanese businesses, the top government spokesman said on Wednesday. Chief Cabinet Secretary Yoshihide Suga told a TV program the government should closely monitor the market to spot any speculative and one-sided move, but declined to comment on current levels of the yen currency. The comment pointed to government concern about a return of gains in the yen, despite its weakening since late last year. It followed remarks by Prime Minister Shinzo Abe that the economy will remain the top priority this year. (Reporting by Tetsushi Kajimoto; Editing by Clarence Fernandez) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-japan-economy-currency-idUSKBN14O1BC'|'2017-01-04T19:22:00.000+02:00'
'477d52691ba88ec0bd9bf29d82ffc19ff1d08148'|'U.S. banks gear up to fight Dodd-Frank Act''s Volcker rule'|'Business News - Wed Jan 4, 2017 - 6:11am GMT U.S. banks gear up to fight Dodd-Frank Act''s Volcker rule A souvenir license plate is seen outside the New York Stock Exchange in Manhattan, New York City, U.S., December 21, 2016. REUTERS/Andrew Kelly By Olivia Oran Big U.S. banks are set on getting Congress this year to loosen or eliminate the Volcker rule against using depositors'' funds for speculative bets on the bank''s own account, a test case of whether Wall Street can flex its muscle in Washington again. In interviews over the past several weeks, half a dozen industry lobbyists said they began meeting with legislative staff after the U.S. election in November to discuss matters including a rollback of Volcker, part of the Dodd-Frank financial reform that Congress enacted after the financial crisis and bank bailouts. Lobbyists said they plan to present evidence to congressional leaders that the Volcker rule is actually bad for companies, investors and the U.S. economy. Big banks have been making such arguments for years, but the industry''s influence waned significantly in Washington after the financial crisis. The Obama administration''s regulators and enforcement agencies have been tough on banks, while lawmakers from both parties have seized opportunities to slam Wall Street to score political points. Banks now see opportunities to unravel reforms under President-Elect Donald Trump''s administration and the incoming Republican-led Congress, which appear more business-friendly, lobbyists said. While an outright repeal of the Volcker rule may not be possible, small but meaningful changes tucked into other legislation would still be a big win, they said. "I don''t think there will be a big, ambitious rollback," said one big-bank lobbyist who was not authorized to discuss strategy publicly. "There will be four years of regulatory evolution." Proponents of the Volcker rule say lenders that benefit from government support like deposit insurance should not be gambling with their balance sheets. They also argue such proprietary bets worsened the crisis and drove greedy, unethical behaviour across Wall Street. Bankers intend to counter that proprietary trading had little to do with the root causes of the crisis. They say Volcker is inherently flawed because it can be challenging to tell whether a trader is speculating or filling customer demand. As the industry begins a fresh lobbying push, watchdogs say they are worried about big banks going back to a casino-like past. "Wall Street is salivating at their reversal of fortune,” said Dennis Kelleher, CEO of Better Markets, which pushes for tighter financial regulation. “If you get to keep profits and stick taxpayers with the losses, why not?" Changing the rule through Congress would require 60 votes in the Senate, including support from at least eight Democrats. Lobbyists say they intend to court business-friendly Democrats like Joe Manchin in West Virginia, Heidi Heitkamp in North Dakota, Joe Donnelly in Indiana, Jon Tester in Montana, and possibly Angus King in Maine. However, Senators on the left like Elizabeth Warren in Massachusetts and Bernie Sanders in Vermont, loud and frequent critics of Wall Street, could pressure anyone who supports a law that helps big banks. “It''s dangerous to consider any effort to modify or repeal Volcker in isolation of a larger package of banking reforms,” said Mark Chorazak, who specializes in financial regulation at law firm Simpson Thatcher & Bartlett LLP. “Even if there is strong support to amend, it may take a lot of time to play out.” In particular, banks want to reverse language in the final Volcker rule that assumes all trades are proprietary unless banks can prove otherwise, lobbying sources said. Banks also want to clarify language that instructs them to hold only enough securities to satisfy "reasonably expected near-term demand" from customers. In making arguments to roll back the rule, bankers and lobbyists plan to avoid talk of industry profits. Instead, they intend to lean on the idea that Volcker is reducing market liquidity, thereby hurting companies, investors and the economy. As Tom Quaadman, executive vice president at the U.S. Chamber of Commerce''s Center for Capital Markets Competitiveness, put it in an interview, Volcker needs to change "so businesses can get started, grow, and create well-paying jobs." (Reporting by Olivia Oran in New York; Editing by Lauren Tara LaCapra and David Gregorio) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-banks-volcker-idUKKBN14O0EW'|'2017-01-04T13:11:00.000+02:00'
'1709e63e45df5fdc61c635ba4519e7f932a30488'|'Sanofi, Regeneron lose bid to overturn Amgen win in patent case'|'Business   1:21am GMT Sanofi, Regeneron lose bid to overturn Amgen win in patent case A logo is seen in front of the entrance at the headquarters French drugmaker Sanofi in Paris October 30, 2014. REUTERS/Christian Hartmann/File Photo By Brendan Pierson A federal judge on Tuesday refused to throw out a court verdict upholding two Amgen Inc ( AMGN.O ) patents related to the company''s cholesterol drug, a defeat for Sanofi SA ( SASY.PA ) and Regeneron Pharmaceuticals Inc ( REGN.O ), which make a rival drug. In an October 2014 lawsuit, Amgen had sought to stop Paris-based Sanofi and Tarrytown, New York-based Regeneron from selling Praluent, a drug intended to lower bad LDL cholesterol by blocking a protein known as PCSK9. Amgen makes a rival drug called Repatha, and it said Praluent infringed the Thousand Oaks, California-based company''s patents related to the protein. A jury found Amgen''s patents valid in March. Following that verdict, Sanofi and Regeneron moved for U.S. District Judge Sue Robinson, who is presiding over the case, to overturn the verdict and order a new trial. She denied that motion on Tuesday. Regeneron shares were down 2.6 percent in after-hours trading, and Amgen shares rose 1.6 percent. "The court''s ruling today is an important step in this case and confirms the jury''s finding that the patents which protect Repatha are valid and infringed by Sanofi," Amgen spokeswoman Kristen Davis said in an email. Sanofi spokeswoman Ashleigh Koss said in an email that the company was disappointed with the ruling. "It is our longstanding position that Amgen''s asserted patent claims are invalid, and we intend to appeal today''s ruling," she said. Regeneron, which developed Praluent in partnership with Sanofi, could not immediately be reached for comment. Damages have yet to be set, and Robinson has not decided whether to block Sanofi and Regeneron from selling Praluent. The defendants said after the verdict that they planned to appeal to the U.S. Federal Circuit Court of Appeals, which reviews patent disputes. The U.S. Food and Drug Administration approved Praluent and Repatha to reduce bad cholesterol in 2015. The drugs are more costly than other treatments targeting bad cholesterol, with a list price topping $14,000 annually. (Reporting by Brendan Pierson in New York; Editing by Dan Grebler and Richard Chang) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sanofi-fr-amgen-idUKKBN14O042'|'2017-01-04T08:21:00.000+02:00'
'61f1cd1c8533a551b9bb0ddac453d427a6081a72'|'U.S. judge delays sentencing of VW employee aiding in emission probe'|'Business News - Tue Jan 3, 2017 - 11:10pm GMT U.S. judge delays sentencing of VW employee aiding in emission probe The logo of German car maker Volkswagen is seen outside a garage in Vienna, Austria, September 29, 2016. REUTERS/Leonhard Foeger By David Shepardson - WASHINGTON WASHINGTON A federal judge on Tuesday delayed the sentencing a German man who is the only person to face U.S. criminal charges over Volkswagen''s diesel emission cheating scandal, as he cooperates with prosecutors still investigating the matter. In September, James R. Liang, who has worked for Volkswagen ( VOWG_p.DE ) since 1983 and was part of a team of engineers who developed a diesel engine, pleaded guilty after being charged with conspiring to commit wire fraud and violating U.S. clean air laws. Liang was scheduled to be sentenced on Feb. 1, but U.S. District Judge Sean Cox in Detroit issued an order delaying the sentencing until May 3 "to allow more time for defendant’s cooperation in the investigation." Liang is "cooperating with the government in the investigation and the potential prosecution of others," the court filing said. Liang, a German citizen who lives in Newbury Park, California, was charged with conspiring with current and former VW employees to mislead the U.S. government about software that federal regulators called a "defeat device," which allowed the automaker to sell diesel vehicles for more than six years that emitted more smog-forming gases than U.S. emission standards allow. A lawyer for Liang did not immediately return a message seeking comment. The Justice Department and Volkswagen declined to comment. Liang was one of the engineers in Wolfsburg, Germany, directly involved in developing the defeat device for the Volkswagen Jetta in 2006, according to the indictment. Engineers had quickly realized the diesel engines they were designing for vehicles targeted at the U.S. market could not meet government clean air standards while appealing to customers, the indictment stated. Volkswagen has agreed to spend as much as $17.5 billion (14 billion pounds) in the United States to resolve claims from owners as well as federal and state regulators over polluting diesel vehicles. Last month, Volkswagen reached a $1 billion settlement with U.S. regulators, offering to buy back about 20,000 of 80,000 polluting luxury VW, Audi and Porsche vehicles with 3.0-liter engines. VW also agreed to fix the remaining 60,000. Volkswagen could still spend billions of dollars more to resolve a U.S. Justice Department criminal investigation and federal and state environmental claims and come under oversight by a federal monitor. Settlement talks have been ongoing and it is possible a deal could be reached before Jan. 20, according to sources briefed on the matter. (Reporting by David Shepardson; Editing by Tom Brown) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN14N1Z2'|'2017-01-04T06:10:00.000+02:00'
'e934e46e71ea565fff4e1d7e5fb8f1a37be6e6ba'|'Greek prosecutor raids Novartis Athens offices in bribery probe'|'Business News - Wed Jan 4, 2017 - 6:23am EST Greek prosecutor raids Novartis Athens offices in bribery probe The logo of Swiss pharmaceutical company Novartis is seen on its headquarters building in Basel, Switzerland October 27, 2015. REUTERS/Arnd Wiegmann ATHENS Greek corruption prosecutors have raided the Athens offices of Swiss drug maker Novartis ( NOVN.S ) as part of an ongoing probe over bribery allegations after media reports, a court official told Reuters on Wednesday. "In the framework of a judicial probe that was ordered in December, prosecutors raided the offices of Novartis over the last few days to search for possible bribery," said the official, who declining to be identified. The investigation was ordered after the country''s justice minister responded to media reports alleging bribes by Novartis to doctors and public officials. "The prosecutors do not have any other evidence apart from the reports and have asked U.S. judicial authorities for assistance," the court official said. Novartis did not respond to a request for immediate comment. The Swiss drug maker is fighting a widening lawsuit by U.S. prosecutors who allege its sales force ran a decade-long doctor kickback scheme involving sham events that led to overcharging the federal government. The drugmaker has disputed the allegations, which were filed in 2013, but faces an investigation in Turkey after an anonymous whistleblower alleged the company paid bribes there through a consulting firm to secure business advantages worth an estimated $85 million. In 2015 Novartis paid $390 million to settle U.S. allegations that it used kickbacks to specialty pharmacies to inappropriately push the sales of its drugs. (Reporting by George Georgiopoulos and Lefteris Papadimas; additional reporting by Michael Shields in Zurich; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-novartis-greece-corruption-idUSKBN14O156'|'2017-01-04T18:23:00.000+02:00'
'bbf6b2fee4e99e232d0f0c354b59a4da5749313d'|'Icahn sweetens offer for Federal-Mogul for third time - Reuters'|'Billionaire Carl Icahn''s investment firm, Icahn Enterprises LP ( IEP.O ), sweetened its offer for a third time to buy shares of Federal-Mogul Holdings Corp ( FDML.O ) it does not already own.The latest offer of $10 per share represents a discount of 3 percent to Federal-Mogul''s Friday close but is double the closing price on Feb. 26, the day before Icahn made his first offer of $7 a share.Federal-Mogul''s shares were down 2.7 percent at $10.03 on Tuesday.Icahn Enterprises raised the offer for the first time to $8 per share in June and to $9.25 per share in September.The latest offer comes after Icahn failed to get enough Federal-Mogul stock owners to tender their shares in favor of the deal.Icahn Enterprises, which owns about 82 percent of the auto parts maker, said the $10 per share offer was its "best and final" price.The investment firm will pay about $304.3 million for the 18 percent stake under the latest offer, according to Reuters calculations.Icahn Enterprises, which bought auto parts retailer Pep Boys-Manny Moe & Jack for $1 billion in February, is bidding for the remaining stake in Federal-Mogul as it builds on its holdings within the auto parts supply chain.(Reporting by Sruthi Shankar in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-federal-mogul-m-a-icahn-idINKBN14N1C4'|'2017-01-03T14:06:00.000+02:00'
'87a8bcd760ae821c0e74327b7490d3355c1f2f1f'|'Cause for alarm at Next as Wolfson''s policy shift betrays his pessimism'|'L ord Wolfson’s default setting is caution. So, as shopkeepers across the land await the coming squeeze on consumers’ incomes, it is not a surprise to hear the chief executive of Next drifting closer to outright gloom .The slowdown in spending on clothing and footwear, which he says started in November 2015, will continue this year. Next’s post-Christmas sale was a flop. Inflation is arriving and a weaker pound means prices will have to rise by up to 5%. Then there are cost pressures from the “national living wage”, business rates, the apprenticeship levy, etc. Next''s gloomy 2017 forecast drags down fashion retail shares Read more In short, conditions look rough. Next’s profits could fall anywhere between 2% and 14% in the next financial year, after a predicted decline of 3.6% in the current period.It would be silly to say the Next empire – expanded spectacularly over the past 20 years via the catalogue and online Directory business – is crumbling. Next may be over-reliant on consumer credit – and the clothes may be dowdier since the departure of the design guru Christos Angelides in 2014 – but most of the pressures described by Wolfson apply to the majority of mass-market clothing retailers. Pre-tax profits of £792m-ish this year will still mean Next makes substantially more profit than Marks & Spencer. The company is also carrying less debt than M&S.Yet there was a detail in Wednesday’s trading update that should alarm the Next fan club. For the time being, Wolfson is giving up on share buybacks and will hand surplus cash – expected to be £255m-£345m – to shareholders via special dividends next year.At other companies, one might applaud the prudence. But Wolfson is the acknowledged maestro of the buy-back game. Next buys its shares when they are cheap according to a return-on-capital model Wolfson has refined over the years; and it refuses to buy when the formula says they are expensive, as when the price rose to £81 in late 2015.The policy sounds like mere common sense, but the logic escapes too many companies (M&S again) who buy at any price whenever they have a few quid on hand. The relevant point now is that Next no longer stands at £81. After today’s 11% tumble, it’s almost at £42. You’d expect Wolfson to be itching to grab a few at almost half the old share price. But he’s not. If Next is not buying its shares when it can afford to do so, it’s hard to see why others should rush in.Nothing has been ruled out permanently, it should be said: the statement allowed the possibility of buy-backs if trading turns out to be better than expected. But the shift in policy – attributed to “the exceptional levels of uncertainty in the clothing sector” and the lack of visibility on “the approach the UK government will be taking to Brexit” – looks highly significant. Wolfson is saying he doesn’t know how bad things will turn out, or when conditions will improve for retailers. Be warned: his forecasting record is strong.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/jan/04/next-lord-wolfson-buyback-policy-shift-alarm-pessimism'|'2017-01-04T02:00:00.000+02:00'
'be8cedd2a26c8072ac4888be7db9a6932664ce4c'|'UniCredit investor Cariverona still undecided on cash call: source'|'MILAN The Cariverona foundation has still not made up its mind whether it will underwrite the 13 billion euro ($13.6 billion) rights issue of Italy''s UniCredit ( CRDI.MI ), a foundation source said on Wednesday.Italian daily Il Sole 24 Ore said on Wednesday leading UniCredit shareholders, including CariVerona which owns 2.7 percent of the bank, were all inclined to buy into the share sale to avoid a dilution of their stakes."The governance structures of the Foundation are continuing to carefully look into all the aspects and developments of the UniCredit turnaround," the source said.In December, Italy''s biggest bank by assets said it planned to raise 13 billion euros ($13.6 billion) in the country''s biggest-ever share issue to shore up its balance sheet and shield itself from a broader banking crisis.(Reporting by Gianluca Semeraro, editing by Emilio Parodi, writing by Stephen Jewkes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eurozone-banks-unicredit-cariverona-idINKBN14O1R6'|'2017-01-04T14:06:00.000+02:00'
'370e1e362c8354a8dea5b3155b556ea0744d433c'|'Trump - Toyota faces big tax if it builds Corolla cars for U.S. in Mexico'|'By David Shepardson - WASHINGTON WASHINGTON U.S. President-elect Donald Trump on Thursday targeted Toyota Motor Corp ( 7203.T ), threatening to impose a hefty fee on the Japanese automaker it if builds its Corolla cars for the U.S. market at a plant in Mexico."Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for U.S. NO WAY! Build plant in U.S. or pay big border tax," Trump said in a post on Twitter.Toyota, which announced its plan to build the Mexican facility in April 2015, had no immediate comment.Following Trump''s tweet, the automaker''s American Depositary Receipts, its stock traded on the U.S. market, fell 0.5 percent to $120.45 on the New York Stock Exchange.This was Trump''s latest broadside against automakers building cars in Mexico.Toyota President Akio Toyoda said in Japan on Thursday that the automaker has no immediate plans to curb production in Mexico, preferring to wait until after Trump''s Jan. 20 inauguration before deciding whether to make any changes.Automakers in the United States have been slammed by Trump for building cars in lower-cost factories south of the border, which he said costs American jobs. Pressure to curb that production intensified this week after Ford Motor Co ( F.N ) scrapped plans to build a $1.6 billion assembly plant in Mexico after Trump harshly criticized the investment.Ford, however, still plans to shift production of small cars to Mexico from Michigan."We will consider our option as we see what policies the incoming president adopts," Toyoda said at an industry gathering in Tokyo on Thursday, when asked whether his company was considering any changes to a production plant the automaker was building in Mexico.Trump has also said General Motors Co ( GM.N ) could become subject to tariffs on Mexico-made cars for the U.S. market, and that he would like to renegotiate terms of the North American Free Trade Agreement (NAFTA) signed with Canada and Mexico, or scrap it altogether.(Reporting by Susan Heavey and David Shepardson; Editing by Chizu Nomiyama and Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-toyota-idINKBN14P29F'|'2017-01-05T15:51:00.000+02:00'
'bfd9a44d774b9f33ae15ff1f2e9ae5ad1a4d90ef'|'Insurers drag down European shares, FTSE holds near record'|'LONDON Jan 5 European shares headed lower for a second straight session on Thursday after recent strong gains, with insurers leading the market lower after JP Morgan cut its rating for several companies in the sector.RSA Insurance fell 2.2 percent after JP Morgan downgraded the stock to "neutral" from "overweight", while Hannover Rueck fell 2.7 percent after the investment bank cut its price target to 102 euros from 108 euros.The European insurance index was down 0.9 percent, the biggest faller in the pan-European STOXX 600 index, which fell 0.3 percent. The STOXX 600, which hit a one-year high on Tuesday, closed 0.1 percent lower in the previous session.Worst performer across the European benchmark was Rolls Royce which fell more than 3 percent. The stock suffered a price target at JPMorgan.Rolls-Royce led the loser board on Britain''s FTSE 100 index which held near record highs underpinned by a 1.3 percent rise in the UK mining index following an increase in industrial metals prices on brightening outlook for Chinese metals demand.Embattled retailer Next PLC fell another 2 percent in early trades setting its shares up for the worst three-day loss in nearly two decades. (Reporting by Atul Prakash and Helen Reid, Editing by Vikram Subhedar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/europe-stocks-idINL5N1EV12J'|'2017-01-05T05:27:00.000+02:00'
'9cc656cb2030e1149c9241c490b4c569f5087301'|'Norway PM says UK lacks negotiating experience, fears "very hard Brexit"'|'Economic News - Thu Jan 5, 2017 - 5:07pm IST Norway PM says UK lacks negotiating experience, fears "very hard Brexit" Norway''s Prime Minister Erna Solberg speaks during a wreath laying ceremony outside a government building on the fifth anniversary of the attacks by mass killer Anders Behring Breivik in Oslo, Norway July 22, 2016. NTB Scanpix/Vegard Wivestad Groett/ via REUTERS/File Photo By Andreas Rinke - SEEON, Germany SEEON, Germany Britain lacks experience in international negotiations due to its long membership of the European Union and this can slow talks, the prime minister of non-EU Norway told Reuters, adding that she feared "a very hard Brexit". British Prime Minister Theresa May intends to launch by the end of March the two-year process of negotiating to leave the EU. They are expected to be some of the most complicated international talks Britain has engaged in since World War Two. Norwegian Prime Minister Erna Solberg said she hoped Britain would be able to negotiate an agreement that keeps it very close to the EU but said it would be a difficult task. "And we do feel that sometimes when we are discussing with Britain, that their speed is limited by the fact that it is such a long time since they have negotiated" alone on such issues, she said in an interview late on Wednesday while attending a meeting of the Bavarian Christian Social Union (CSU)in southern Germany. "I fear a very hard Brexit but I hope we will find a better solution," she added. Though not in the EU, Norway is a member of the bloc''s single market and allows free movement for EU workers. It also contributes to the EU budget and participates in Europe''s open-border Schengen agreement. Some Britons favour a Norway-style close relationship with the EU after Brexit. Others argue for a ''hard Brexit'' that would take Britain out of both the single market and the bloc''s customs union. Britain has never joined the Schengen scheme. Prime Minister May has so far said little publicly about her negotiating position, arguing that to do so would weaken London''s hand in the talks. In a move that highlighted tensions at the heart of the British government over how to handle Brexit, Britain''s ambassador to the EU, Ivan Rogers, resigned this week. In his letter of resignation he also referred to a lack of negotiating experience within the British civil service. "Serious multilateral negotiating experience is in short supply in Whitehall, and that is not the case in the (European) Commission or in the (European) Council," he wrote. The Commission in Brussels handles trade and some other negotiations on behalf of the EU''s member states. Britain joined the bloc in 1973. Solberg said it would be very hard for Britain to accept the EU''s "four freedoms" - of movement of goods, capital, people, and services - without having a vote in the EU Council. "I hope that we will find a solution that leaves Britain as a partner in a lot of the European activities that we need them to be a partner in," the Norwegian leader added. (Reporting by Andreas Rinke; Writing by Paul Carrel; Editing by Gareth Jones) Next In Economic News After banknote ban, India sees 7 percent growth in first half of 2017/18 - sources NEW DELHI India expects growth of around 7 percent in the first half of the next fiscal year, two officials said, painting a rosier picture for the economy than many economists after Prime Minister Narendra Modi''s shock move to abolish large banknotes.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-norway-idINKBN14P17S'|'2017-01-05T18:37:00.000+02:00'
'8d1c8d2a84cba32552d114ca9908dda5b051343a'|'Ex-divs take 0.4 points off FTSE 100'|'Company   5:15am EST Ex-divs take 0.4 points off FTSE 100 LONDON, Jan 5 The following FTSE 100 companies went ex-dividend on Thursday, meaning investors no longer qualify for the latest dividend payout. According to Reuters calculations at current market prices, the effect of the resulting adjustment to prices by market-makers has taken 0.4 points off the index. COMPANY (RIC) DIVIDEND ESTIMATED (pence) IMPACT BR LAND 5.84 0.2365251 CO MICRO 23.6 0.2069968 FOCUS Among FTSE 250 companies going ex-dividend are: COMPANY (RIC) DIVIDEND (pence) AUTO TRAD 1.7 AVEVA GROUP 13 DAIRY CREST 6.2 FOR COL INV TR 2.45 GVC HOLDINGS 12.5 MCCARTHY 3.5 MURRAY INTL TR 10.5 PARAGON GROUP 9.2 PAYPOINT 38.9 (Reporting by Alistair Smout) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-exdiv-idUSL5N1EV1Y6'|'2017-01-05T17:15:00.000+02:00'
'421c0f60e9533cbf85da3194011e82d88c1a3a32'|'Lebanon to restart oil, gas licensing round after three-year delay'|'Company  19am EST Lebanon to restart oil, gas licensing round after three-year delay BEIRUT Jan 5 Lebanon intends to restart its first oil and gas licensing round after a three-year delay, the energy minister said on Thursday, hoping to kick-start the development of a hydrocarbon industry. In its first sitting since being formed in December, Lebanon''s new cabinet passed two decrees on Wednesday defining the blocks and specifying conditions for production and exploration tenders and contracts. Lebanon will offer five offshore blocks for exploration and production and is to hold another pre-qualification round for companies interested in bidding, Minister of Energy and Water Cesar Abou Khalil told a news conference. Beirut estimates it has 96 trillion cubic feet of natural gas reserves and 865 million barrels of oil offshore, but squabbling between parties has prevented the passage of vital laws needed to develop the sector. In 2013, 46 companies qualified to take part in bidding for oil and gas tenders, 12 of them as operators, including Chevron , Total and Exxon Mobil. Abou Khalil said he expects these 46 companies to be interested still and that Lebanon will hold another pre-qualification process to increase competition and secure the best deal. The next stage is for the government to agree a tax regime for the nascent hydrocarbon industry. On Wednesday, the cabinet also agreed to form a ministerial committee to discuss the draft tax law. Abou Khalil said the committee would meet on Thursday. "The committee is committed to finalise comments on the tax law (with) the shortest delay," he said. "It might take a couple of weeks, and then we will go back to the council of ministers and we will transfer the (draft) law to the parliament, where it is expected to be passed in the first legislative session." (Reporting by Lisa Barrington and Laila Bassam; Editing by Dale Hudson) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lebanon-economy-oil-idUSL5N1EV2FS'|'2017-01-05T19:19:00.000+02:00'
'eceb4e9ced941c66e58205e486336175c15fdc2b'|'Insurers drag down European shares, FTSE holds near record'|'Business News - Thu Jan 5, 2017 - 8:30am GMT Insurers drag down European shares, FTSE holds near record A man walks through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett LONDON European shares headed lower for a second straight session on Thursday after recent strong gains, with insurers leading the market lower after JP Morgan cut its rating for several companies in the sector. RSA Insurance ( RSA.L ) fell 2.2 percent after JP Morgan downgraded the stock to "neutral" from "overweight", while Hannover Rueck HNRGN.DE fell 2.7 percent after the investment bank cut its price target to 102 euros from 108 euros. The European insurance index .SXIP was down 0.9 percent, the biggest faller in the pan-European STOXX 600 index , which fell 0.3 percent. The STOXX 600, which hit a one-year high on Tuesday, closed 0.1 percent lower in the previous session. Worst performer across the European benchmark was Rolls Royce ( RR.L ) which fell more than 3 percent. The stock suffered a price target at JPMorgan. Rolls-Royce led the loser board on Britain''s FTSE 100 index .FTSE which held near record highs underpinned by a 1.3 percent rise in the UK mining index .FTNMX1770 following an increase in industrial metals prices on brightening outlook for Chinese metals demand. Embattled retailer Next PLC ( NXT.L ) fell another 2 percent in early trades setting its shares up for the worst three-day loss in nearly two decades. (Reporting by Atul Prakash and Helen Reid, Editing by Vikram Subhedar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN14P0Q0'|'2017-01-05T15:30:00.000+02:00'
'037d82259926f0a781a594021f024645225152b5'|'China''s insurance ownership proposals seen blocking riskier use of premiums'|'HONG KONG Proposed ownership limits at Chinese insurance companies could effectively stop conglomerates such as China Evergrande Group ( 3333.HK ) and Baoneng Group from using their insurance units to help fund acquisitions and riskier investments.The draft China Insurance Regulatory Commission''s (CIRC) proposals, unveiled last week, would cap individual ownership limits in insurance companies at 33 percent, down from a previous limit of 51 percent.Industry professionals say the regulator is looking to stop non-financial owners using insurance customers'' premiums to make risky acquisitions or speculate on property and stocks, putting customers and the insurer at risk."As some of such non-insurance-related businesses and investments go wild, they weaken the risk-control capacity and solvency of some Chinese insurers and may further impair the safety and soundness of the entire insurance sector," said Clifford Chance''s Beijing-based partner Tiecheng Yang.Equity investments accounted for 15-20 percent of large insurers'' assets as of end-June, up from 10-15 percent at the end of 2014, according to rating agency Fitch, and industry executives say smaller insurers have built up even bigger exposure.The CIRC proposal, which is unlikely to apply to large, mostly state-backed insurers, will be implemented after consultation with the industry, and the regulator has not set a firm timeline for implementation.Some Chinese companies, especially property developers, have been investing heavily in the insurance sector to access quick and cheap funds to fuel a buying and expansion spree in China and beyond.That led to a bitter takeover battle by Evergrande and Baoneng for control of China Vanke Co Ltd ( 2.SZ ), the mainland''s biggest property company by sales.Since late 2015, Baoneng has used a clutch of group units including majority-owned insurance arm Foresea Life to build up a 25 percent stake in Vanke and is now the largest shareholder in the company, whose shares have dropped 16 percent in 2016. Evergrande units have amassed 14 percent in Vanke, as per its regulatory disclosure in November.Evergrande Life Insurance has also been aggressively investing in stock markets in the last few months and currently has direct equity investments in about a dozen small, listed Chinese companies, a Reuters review of its investment portfolio showed. The review shows it is among the top 10 shareholders in firms ranging from a pipeline maker with a market value of $834 million to a building decorations company worth $4 billion.If the draft rules are implemented, there would be no majority owner able to dictate such investments, the industry officials said."The CIRC is very serious about stamping down on these risky investment practices," said Sam Radwan, co-founder of consultant ENHANCE International, which works with CIRC and China''s top insurers. "They will enforce the rules in cases where it''s giving them headaches."CIRC did not respond to Reuters request for comment. Evergrande declined to comment on the CIRC proposal, while calls to Baoneng''s Foresea Life head office were not answered.CIRC CONCERNSLast month CIRC indicated its concern by suspending Evergrande Life from conducting stock market investments due to what it called its speculative, frequent, high-volume trading.On the suspension, Evergrande told Reuters that the life insurance unit would improve its stock investment system and ensure its management of financial risks functions effectively.CIRC also suspended Foresea Life last month from selling universal life products, and instructed the firm to "improve customer service, (and) strengthen risk monitoring and response to maintain company stability".Universal life products, which are short-term investment products with death benefits, sometimes with high guaranteed returns, generate 90 percent of Foresea''s premium income.CIRC''s latest proposal follows a slew of initiatives this year to curb risky practices in the insurance sector, the world''s second largest, which have raised concerns about possible contagion risks to the financial system.The proposal also includes provisions to stop insurers feeding premiums into their wealth management products, which, industry officials said, are aimed at curbing their short-term liabilities and easing pressure to generate higher returns.That pressure has pushed insurers increasingly into non-standard assets that are considered riskier and less easily converted into cash when liquidity is tight.A Reuters survey of the accounts of China''s top five listed insurers in June showed their holding of assets other than shares, bonds and cash had more than quadrupled in five years to 984 billion yuan ($150 billion)."The appeal of Chinese insurance companies is the ability to raise easy capital in the form of short to medium-term wealth management products," said Jonathan Ha, CEO of Red Pulse, a Shanghai-based markets research firm."The new rules would make it more troublesome (for insurers), however, and also stand as a strong indication from regulators that such practices are now being carefully scrutinized."(Reporting by Sumeet Chatterjee; Additional reporting by Clare Jim, Engen Tham, Saeed Azhar, Katy Wong, Gabriel Yiu and Jessica M. Yu; Editing by Lisa Jucca and Will Waterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-china-insurance-regulations-idUSKBN14P0BP'|'2017-01-05T07:26:00.000+02:00'
'b1e39d16f2d2e1296248a7f7753f2e7a716df36a'|'Bitcoin jumps above $1,000 for first time in three years'|'  1:58pm GMT Bitcoin jumps above $1,000 for first time in three years A Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. REUTERS/Benoit Tessier/File Photo By Jemima Kelly - LONDON LONDON Digital currency bitcoin kicked off the new year by jumping above $1,000 for the first time in three years late on Sunday, having outperformed all central-bank-issued currencies with a 125 percent climb in 2016. Bitcoin - a web-based "cryptocurrency" that has no central authority, relying instead on thousands of computers across the world that validate transactions and add new bitcoins to the system - jumped 2.5 percent to $1,022 on the Europe-based Bitstamp exchange, its highest since December 2013. Though the digital currency has historically been highly volatile - a tenfold increase in its value in two months in late 2013 took it to above $1,100, before a hack on the Tokyo-based Mt. Gox exchange saw it plunge to under $400 in the following weeks - it has in the past two years been more stable. Its biggest daily moves in 2016 were around 10 percent, still very volatile compared with fiat currencies, but markedly lower than the trading of 2013, which saw daily price swings of as much as 40 percent. Bitcoin may have been boosted in the past year by increased demand in China on the back of a 7 percent annual fall in the value of the yuan in 2016, the Chinese currency''s weakest showing in over 20 years. Data shows most bitcoin trading is done in China. Bitcoin is used to move money across the globe quickly and anonymously and does not fall under the purview of any authority, making it attractive to those wanting to get around capital controls, such as China''s. It is also may appeal to those worried about a lack of supply of cash, such as in India, where Prime Minister Narendra Modi removed high-denomination bank notes from circulation in November. "The growing war on cash, and capital controls, is making bitcoin look like a viable, if high risk, alternative," said Paul Gordon, a board member of the UK Digital Currency Association and co-founder of Quantave, a firm seeking to make it easier for institutional investors to access digital currency exchanges. Though bitcoin is still some way off the all-time high of $1,163 that it reached on the Bitstamp exchange in late 2013, there are now more bitcoins in circulation - 12.5 are added to the system every 10 minutes. Its total worth is at a record-high above $16 billion, putting its value at around the same as that of an average FTSE 100 company. (Reporting by Jemima Kelly; Editing by Peter Graff)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-bitcoin-idUKKBN14M0IF'|'2017-01-02T18:48:00.000+02:00'
'ec333a4d84820eef0ba6e2e3dd37837b1c0593b1'|'Sterling hits 2-week high vs euro after strong manufacturing PMI'|'Financials - Tue Jan 3, 2017 - 4:48am EST Sterling hits 2-week high vs euro after strong manufacturing PMI LONDON Jan 3 Sterling rose to a two-week high against the euro on Tuesday - the first day of London trading in 2017 - after a survey suggested British manufacturing growth climbed to a two-and-a-half-year high last month. The monthly purchasing managers index (PMI) for the manufacturing sector rose to 56.1, the strongest reading since June 2014, exceeding all forecasts in a Reuters poll, which pointed to a decline to 53.1. The pound strengthened to 84.675 pence per euro after the data, its strongest since Dec. 22. That left it up 0.6 percent on the day, having traded at 85.01 pence before the results of the survey were released. Against a broadly stronger dollar, sterling turned positive on the day to trade as high as $1.2290, up from $1.2258 before the data. Britain''s FTSE 100 drifted down from record highs as sterling rose, but remained up 0.4 percent for the day. (Reporting by Jemima Kelly and Alistair Smout; editing by Patrick Graham) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-markets-sterling-idUSL5N1ET18J'|'2017-01-03T16:48:00.000+02:00'
'b0a9923666d49a7bae0cd91975844deea3ab6b1d'|'Fincantieri''s bid for STX France approved by South Korean court'|'By Joyce Lee and Elisa Anzolin - SEOUL/MILAN SEOUL/MILAN A South Korean court approved on Tuesday Italy''s Fincantieri ( FCT.MI ) as the preferred bidder to buy shipbuilder STX France, helping Fincantieri move closer to a deal that could boost its position in the cruise shipbuilding market.The Seoul court spokesman, who announced the decision on Tuesday, declined to give further details on the situation, while a Fincantieri spokesman also declined to comment.The sale of STX France, which specializes in building cruise ships and is profitable, forms part of the broader sale of businesses from the demise of the South Korean STX shipbuilding group.Italy''s 230-year old Fincantieri makes vessels ranging from cruise ships and luxury yachts, to military aircraft carriers.In 2015, the company - formerly wholly owned by the Italian state - recorded sales of 4.2 billion euros ($4.4 billion) and it debuted on the Milan stock exchange in 2014.Shares in the company were up 2.5 percent at 0.49 euros by 1105 GMT (6:05 a.m. ET)."The deal would definitively strengthen Fincantieri''s leadership position in the cruise segment and in the medium-long term we believe it could also enhance the group''s fundamentals," Banca IMI analysts wrote in a research note last week.Kepler Cheuvreux has also said the acquisition would raise Fincantieri''s market share in the cruise shipbuilding segment to around 60 percent from 40-45 percent.The holiday cruises industry has recently shown some signs of resilience to headwinds such as the Zika virus scare that deterred travelers and currency volatility, with Royal Caribbean Cruises ( RCL.N ) in October expressing confidence over meeting its 2017 profit forecast.Fincantieri has declined to comment on the price it offered for STX France. Banca IMI has previously said it expected Fincantieri to offer below 100 million euros for the asset.France holds a 33 percent minority stake in STX France, which delivered last year the largest passenger ship ever built, called the ''Harmony of the Seas''.The French government said in October it was not planning to take a majority stake in STX France, but would retain its minority blocking stake and added it expected a say in any ownership change.(Reporting by Joyce Lee and Eliza Anzolin; Writing by Sudip Kar-Gupta in Paris; Editing by Alexandra Hudson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stx-france-m-a-fincantieri-southkorea-idINKBN14N0W7'|'2017-01-03T08:33:00.000+02:00'
'eff76adaf662fdcbb7d9e3d3a32e581e36df47f5'|'Indonesia penalises JPMorgan for rating its bonds ''underweight'''|'JAKARTA Jan 3 Indonesia has penalised JPMorgan Chase & Co after the investment bank''s research arm recommended a smaller exposure to the country''s sovereign bonds, a senior finance ministry official said on Tuesday."After we did a comprehensive review, we said no need to use JPMorgan''s services as a primary (bond) dealer and a perception bank," Suahasil Nazara, the head of the ministry''s fiscal policy office, told Reuters.A 2006 government decree says a perception bank is one appointed by the finance minister to receive transfers of state revenue not related to imports, including tax, onshore excise and non-tax revenue.Nazara said the penalty on JPMorgan has already taken effect.The decision was taken after JPMorgan issued a note in November downgrading its rating for Indonesian bonds to "underweight" from "overweight", he said.The official said the bank''s analysis "did not make sense" because it recommended a "neutral" position for Brazil, a better rating than for Indonesia, despite what he said was a more stable political situation in the Southeast Asian nation."We have asked them to clarify their assessment. They''ve explained to us, but we found their argument not credible. It''s not that we think we''re so great, but we look at ourselves and we look at other countries'' economies," Nazara said."Our mindset is, if you''re doing business here in Indonesia, the spirit is to maintain stability. Don''t create unnecessary volatility to create business," he added.BUSINESS AS USUALA JPMorgan spokeswoman said on Tuesday that it continued to operate its business in Indonesia as usual. "The impact on our clients is minimal and we continue to work with the Ministry of Finance to resolve the matter," she said in an email.In a note dated Nov. 13, JPMorgan downgraded emerging markets including Indonesia and Brazil, citing higher risk premiums for their credit default swaps after Donald Trump won the U.S. presidential election."Bond markets are starting to price in faster growth and higher deficit," the bank wrote, adding that the "spike in volatility" may stop or reverse flows into fixed-income assets in emerging markets.However, the bank said in the note that the downgrade on Indonesia and Brazil was a "tactical" response to Trump''s victory. Both economies are improving, with lower policy rates likely to support valuations for 2017, it added.Indonesia''s 10-year credit default swap, a swap contract used to measure credit risk in fixed-income products, and the yield of its benchmark 10-year bonds spiked after the U.S. election, though they have since dipped.Trump signalled more protective U.S. trade policies, raising concerns about the impact on developing markets.Analysts have said that Indonesia''s economy should be supported by domestic consumption, which makes up more than half of gross domestic product.But the relatively high foreign ownership of government bonds and Indonesia''s lack of depth of financial markets make it vulnerable to capital reversals, they say.In 2015, then-Finance Minister Bambang Brodjonegoro said he had given JPMorgan a sanction that "will be disturbing for them and make them uncomfortable" after it recommended an "underweight" position on Indonesian bonds. He didn''t say what the sanction was. ( reut.rs/2is0VKj ) (Reporting by Nilufar Rizki and Eveline Danubrata; Additional reporting and writing by Gayatri Suroyo; Editing by Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-bonds-jpmorgan-idINL4N1ET0QX'|'2017-01-03T03:13:00.000+02:00'
'5eda2c76e20cb68e216b961c687a1f68fb792753'|'Deals of the day- Mergers and acquisitions'|' 45am EST Deals of the day- Mergers and acquisitions Jan 3 The following bids, mergers, acquisitions and disposals were reported by 1030 GMT on Tuesday: ** Israel''s Electra Consumer Products has agreed to buy upstart mobile phone operator Golan Telecom for 350 million shekels ($91 million), ending months of speculation over Golan''s future. ** Australia and New Zealand Banking Group Ltd said it will sell its 20 percent stake in Shanghai Rural Commercial Bank Co Ltd for A$1.8 billion ($1.3 billion), as part of its broader sell-down of Asian assets. ** China Evergrande Group said it would sell 13.16 percent of the enlarged shares in a property subsidiary to eight investors for a total 30 billion yuan ($4.32 billion), as part of its Shenzhen backdoor listing plan. ** British aircraft services firm BBA Aviation Plc will merge its aircraft management and charter business with London-listed Gama Aviation Plc''s U.S. aircraft management unit, the companies said. ** Euronext said it has offered 510 million euros($533.92 million) to buy the London Stock Exchange Group''s French clearing business, helping clear the way for LSE Group''s proposed $28 billion merger with Deutsche Boerse . ** Brazil''s renewable power generation company Renova Energia SA is in talks to sell its wind farm Alto Sertao II to the Brazilian unit of AES Corp, known as AES Brasil, for 600 million reais to 700 million reais, a source with direct knowledge of the matter told Reuters on Monday. (Compiled by Akankshita Mukhopadhyay in Bengaluru) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/deals-day-idUSL4N1ET1RW'|'2017-01-03T17:45:00.000+02:00'
'e324e4240d591b3f0e5debf91ba71da23ae000bd'|'Corrected - Oil business seen in strong position as Trump tackles tax reform'|'Money News - Thu Jan 5, 2017 - 1:33am IST Corrected - Oil business seen in strong position as Trump tackles tax reform left right U.S. President-elect Donald Trump talks to reporters as he and his wife Melania Trump arrive for a New Year''s Eve celebration with members and guests at the Mar-a-lago Club in Palm Beach, Florida, U.S. December 31, 2016. REUTERS/Jonathan Ernst/File Photo 1/4 left right Rex Tillerson, chairman and CEO of ExxonMobil, testifies about the company''s acquisition of XTO Energy before the House Energy and Environment Subcommittee on Capitol Hill in Washington January 20, 2010. REUTERS/Joshua Roberts/File Photo 2/4 left right Former Texas Governor Rick Perry exits after meeting with U.S. President-elect Donald Trump at Trump Tower in Manhattan, New York City, U.S., November 21, 2016. REUTERS/Brendan McDermid/File Photo 3/4 left right Oklahoma Attorney General Scott Pruitt in a meeting at his office in Oklahoma City, July 29, 2014. REUTERS/Nick Oxford/File Photo 4/4 By David Morgan - WASHINGTON WASHINGTON (This version of the story was corrected to remove a reference in paragraph 8 to ConocoPhillips, which is not an integrated oil company) Big Oil could be in a unique position to protect its interests against a Republican proposal to tax imports, given that President-elect Donald Trump''s cabinet is studded with oil champions sensitive to the risk of higher gasoline prices. Trump''s emerging leadership includes Exxon Mobil Corp ( XOM.N ) Chief Executive Officer Rex Tillerson as secretary of state, former Texas Governor Rick Perry as energy secretary and Oklahoma Attorney General Scott Pruitt as Environmental Protection Agency administrator. Trump himself has made no secret of his support for the energy sector. And in Congress, both Republicans and Democrats have close industry ties, including House tax panel chairman Kevin Brady, a Texas Republican whose district takes in the northern Houston suburbs. House Republicans want to adopt a sweeping tax reform that would sharply reduce tax rates for corporations and end the taxation of U.S. corporate overseas profits. But a provision known as border adjustability is stirring up controversy. Though intended to boost U.S. manufacturing by exempting export revenues from tax, the provision worries some industries because it would also tax imports. Because U.S. oil refiners import about half the crude oil they use to make gasoline, diesel and other products, analysts say the change could lead to higher gasoline prices and potentially undermine economic growth. Integrated oil companies such as Exxon, Chevron Corp ( CVX.N ), BP Plc ( BP.L ) and Royal Dutch Shell Plc ( RDSa.L ) could also be hit, depending on whether they are net importers. But the industry''s allies would likely move to soften any rough edges, analysts say. "I don''t see this mix of leadership figures in the House, Senate and the White House, doing something that has the effect of raising gasoline prices," said Peter Cohn, an energy analyst with Height Securities, a Washington-based investment firm. The danger is that a move to protect the oil refiners could open the door to assistance for other industries, including retailers and automakers, which would also face higher costs if no longer able to deduct the cost of imports from their taxable income. Such a knock-on effect could prevent border adjustability from raising an expected $1 trillion in revenues to help pay for lower tax rates over the next decade. "We hope that raising these concerns early in the process will allow members of Congress to consider the issues carefully," Chet Thompson, president of the American Fuel and Petrochemical Manufacturers trade group, said in a statement. Brady said earlier this month that his committee was sensitive to the impact on specific businesses and "listening very closely to how we can make sure we smooth that out." Moreover, some economists dismiss industry worries about higher import costs, saying the dollar''s value would rise in response to such sweeping tax changes and ultimately reduce the cost of imports. Currency markets would adjust to higher oil prices by lowering the dollar value of crude, they predict. "This argument by the oil industry is, frankly, all wrong," said Douglas Holtz-Eakin, former director of the nonpartisan Congressional Budget Office, who now heads the American Action Forum think tank. "Refiners are going to be basically held harmless. They''ll have a lower dollar price of oil. Net cost is the same. And they go about their business. I''m unsympathetic,” he added. Height Securities'' Cohn said Trump and his advisers could look for ways to soften any blow to refiners and their customers: "Trump doesn''t want to have refineries closing on his watch." Oil already benefits from several tax code provisions in place for decades that would be eliminated under the House Republican plan. But they stand to gain more than they will lose. For instance, an existing tax deduction for domestic production lets oil producers shave down their corporate tax rate to 32 percent from the top headline rate of 35 percent. Under the congressional Republicans'' plan, the corporate rate would be cut to 20 percent; under Trump''s plan, to 15 percent. Similarly, companies that now write off intangible drilling costs or get a tax allowance for asset depletion would be able to immediately expense capital investments. Then there is a tax credit oil companies claim for fees from foreign countries. Congressional Republicans would eliminate foreign taxes altogether, while Trump would maintain taxation at a substantially lower rate. (Editing by Kevin Drawbaugh and Lisa Shumaker) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trump-oil-tax-idINKBN14N0Z5'|'2017-01-05T03:03:00.000+02:00'
'35596a2947967178b6b25dae4b8e7062f2920ddd'|'Final salary pension deficit of biggest listed firms in UK ''hits £137bn'' - Money - The Guardian'|'The combined final salary pension deficit of the UK’s 350 largest listed companies more than trebled to reach £137bn in 2016, despite the stock market ending the year on a high, according to a leading consultancy. The retirement consultancy Mercer said a sharp fall in corporate bond yields and higher inflation expectations had both hit schemes. It found that the combined accounting deficit of FTSE 350 company schemes rose to £137bn on 30 December , even though the FTSE 100 index ended the year at an all-time high that day. At the end of December 2015 the corresponding deficit was £39bn. Alan Baker, Mercer’s UK defined benefit risk leader, said: “After a very challenging year, pension deficits increased again and end the year more than three times higher than the end of 2015. This continues to put real pressure on any risk management plans, and will require trustees and corporate sponsors to work closely together.”Strong investment returns and company pension contributions were offset by the market turmoil following both the Brexit vote and Donald Trump’s surprise US election victory, which had a big impact on bond yields.Overall, corporate bond yields fell by more than 100 basis points during 2016, increasing liabilities on companies’ balance sheets, said Mercer. Added to this, economists have warned that inflation is likely to rise sharply in 2017, to around 3%.Le Roy van Zyl, a senior consultant at Mercer, said companies and pension scheme trustees faced “significant uncertainty”. He added: “Brexit is likely to move beyond a mere intention, and the effect of new leadership in the US will become clear – not to mention other major events, such the French presidential elections. If we look at how volatile conditions have been, and how volatile they may well continue to be, schemes will have to be responsive on a variety of issues.”Mercer’s data relates to about 50% of all UK pension scheme liabilities and analyses pension deficits calculated using the approach companies have to adopt for their corporate accounts.Shortly before Christmas, another pensions consultancy, Hymans Robertson, warned that 2017 would be a challenging year for the UK’s final salary schemes. It said many companies would be “even less willing” than before to divert money into their schemes to plug deficits, adding: “Rightly or wrongly, the focus of corporates will be on improving profitability, seeking growth opportunities and protecting earnings.”Meanwhile, the International Longevity Centre UK thinktank recently said that while around half of all final salary schemes were now closed to new members, the number of retiring workers receiving a final salary pension would remain in the millions well into the latter half of this century.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/jan/04/final-salary-pension-deficit-biggest-listed-firms-uk'|'2017-01-04T02:00:00.000+02:00'
'06c4fe5446bd055532e1dc6b636808a322896ab7'|'Energy hedge fund Andurand up 22.2 pct in 2016 - source'|'Financials  37am EST Energy hedge fund Andurand up 22.2 pct in 2016 - source LONDON Jan 4 British energy-focused hedge fund Andurand Capital made gains of 22.2 percent in 2016, a source familiar with the matter told Reuters on Wednesday. The London-based Andurand Commodities Fund run by former BlueGold Chief Investment Officer Pierre Andurand, had $1.65 billion in assets under management as of the start of January 2017. Andurand''s fund primarily invests in oil but also looks at currencies, metals other commodities. (Reporting by Maiya Keidan; editing by Carolyn Cohn) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hedgefunds-andurand-idUSL5N1EU1SV'|'2017-01-04T17:37:00.000+02:00'
'e3db14c5d81fde1fd33ad4ec094755d3078a02cd'|'Angola LNG plant resumes production after December shutdown'|'Jan 4 The Angolan liquefied natural gas (LNG) export facility has resumed production after being taken offline in late December, a spokeswoman for the Chevron-led venture said."I confirm that Angola LNG''s plant has restarted production," spokeswoman Barbara Freitas-Daniels said.The plant was taken offline as part of a controlled shutdown on around Dec. 22 for engineers to perform a "minor intervention", Freitas-Daniels said at the time.Angola LNG has been repeatedly shut for lengthy periods since it first started up in mid-2013, including a more than two-year shutdown from April 2014 to June 2016 to fix design flaws. (Reporting by Oleg Vukmanovic in Milan, editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/angola-lng-idINL5N1EU211'|'2017-01-04T08:13:00.000+02:00'
'c25895697e0ac8aa07211faf166a7cb9c5e29d1d'|'Competition watchdog sees concerns with MasterCard''s VocaLink deal'|'LONDON Britain''s competition watchdog said it has concerns with MasterCard Inc''s ( MA.N ) acquisition of payment processing company VocaLink Holdings."A number of industry participants have raised concerns with the transaction," the Competition and Markets Authority said on Wednesday.The companies are two of three most credible providers of infrastructure services to the LINK network of automated teller machines, the CMA said, meaning the merger could reduce LINK''s negotiating power with those providers if they combined.MasterCard said in July it would buy a 92.4 percent stake in London-based VocaLink Holdings Ltd for about $920 million.(Reporting By Lawrence White; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vocalink-m-a-mastercard-competition-idINKBN14O0JJ'|'2017-01-04T04:26:00.000+02:00'
'ff4de062797b3dcac5501dfd7861c33fb23cb01d'|'Tesla falls short of car delivery goal for 2016'|'Tesla falls short of car delivery goal for 2016 by Seth Fiegerman @sfiegerman January 3, 2017: 5:47 PM ET Inside Tesla''s enormous battery factory Tesla''s push to ramp up car shipments ran out of gas in the final months of the year. Tesla ( TSLA ) delivered 76,230 cars to customers in 2016, far more than the roughly 50,000 cars it delivered a year earlier. But the company fell short of its goal for 80,000 deliveries. The announcement pushed Tesla''s stock down more than 2% in after hours trading Tuesday. The electric car maker blamed its "transition to new Autopilot hardware" for missing car delivery estimates in the holiday quarter. Tesla rolled out updated self-driving hardware to all its vehicles in October, following a fatal accident involving a driver using autopilot. The autopilot effort pushed back more car production to the end of the quarter, forcing Tesla to scramble to make its deliveries. Related: Elon Musk''s push for autopilot unnerves some Tesla employees "Although we tried to recover these deliveries and expedite others by the end of the quarter, time ran out before we could deliver all customer cars," the company said in a statement on Tuesday. Tesla also missed its delivery estimates in the first two quarters of 2016. However, the company touted ambitious plans to boost the number of cars delivered to 50,000 in the second half of the year from around 30,000 in the first half. While Tesla has succeeded in increasing its rate of car production, the company has nonetheless experienced growing pains as it invests in autopilot, its first mass market model and the gigantic new Gigafactory .   5:47 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/03/technology/tesla-deliveries-autopilot/index.html'|'2017-01-04T05:48:00.000+02:00'
'9d45891319fb4f6d53bb066bd159d28f1c7fa1e4'|'Snarling traffic, gridlock at CES belies mobility promises'|'Technology  18pm GMT Snarling traffic, gridlock at CES belies mobility promises left right A man in a mechanized robotic costume points the way for showgoers to the CES Unveiled event at CES in Las Vegas, January 3, 2017. REUTERS/Rick Wilking 1/2 left right Workers hang signage in the lobby of the Las Vegas Convention Center as they prepare for the 2017 International CES technology trade show in Las Vegas, Nevada January 3, 2017. REUTERS/Steve Marcus 2/2 By Alexandria Sage - LAS VEGAS LAS VEGAS At one of the year''s top technology conventions where "mobility" is the buzzword, it is a real pain to get around. Over 165,000 people from 150 countries descend on Las Vegas this week for CES, the annual show where exhibitors are boasting of ways to ease commuting. But gridlock, long wait times and frazzled attendees are the reality here, underscoring the limitations of the nascent mobility technology that is front and center at the show. Automotive companies attending the event, whether carmakers BMW and Toyota Motor Corp or major auto suppliers like Bosch [ROBG.UL] and Delphi Automotive Plc , are promoting self-driving cars, ride services, and applications that help plan transportation options to ease urban congestion. The convergence of the bustling Las Vegas Strip and one of the year''s largest trade shows demonstrates how far these concepts have to go. "Las Vegas is the poster child for dysfunctional traffic," said Gartner Research Director Michael Ramsey. "Imagining the future, let''s say there''s a cab working autonomously - it''s still going to be in the middle of this mess inching down the road!" Chinese-backed electric car maker Faraday Future staged an event on Tuesday to show off an electric vehicle that executives said will park itself and eventually self-drive. "Mobility won''t be a buzzword, but a normal part of everyone''s lives," said Nick Sampson, Faraday''s senior vice president of engineering and research and development. Nevertheless, it took half an hour for journalists attending the launch to travel a mere 6.5 miles (10.5km) to the event by bus. At a presentation by Tier One auto supplier Bosch, executives said it takes on average a half hour to find a parking place in busy urban centers. The company is supplying technology to carmakers allowing cars to park themselves. Congestion is not exclusive to Las Vegas, of course. Tesla Motors Inc Chief Executive Elon Musk, in neighboring California, tweeted about gridlock weeks before the conference: "Traffic is driving me nuts. Am going to build a tunnel boring machine and just start digging." Small start-ups at CES are capitalizing on traffic headaches to highlight their products. Some companies send maps and guides with the quickest routes to their events. Autobrain offers to spare attendees long taxi lines with airport pickups to show off an after-market device allowing drivers to locate their cars, call roadside assistance or receive safety alerts. Companies such as GenZe and Kymco see scooters as the most efficient way to travel in a crowded urban environment. GenZe said its electric scooter was a means "to avoid the hassle and delay of bumper-to-bumper traffic on the Strip and beyond." GenZe Chief Marketing Officer Tom Valasek said the irony of the CES show touting easier mobility was not lost on his team: "Even if you get an Uber, you sit in traffic anyway." (Reporting by Alexandria Sage; Editing by Richard Chang) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-tech-ces-mobility-idUKKBN14O213'|'2017-01-05T03:09:00.000+02:00'
'97cc8f9bf406afdb0770b969803de4f9312b2865'|'UPDATE 1-Norway''s housing inflation at nine-year high in December'|'Financials - Wed Jan 4, 2017 - 8:24am EST UPDATE 1-Norway''s housing inflation at nine-year high in December (recasts, adds analyst and CEO comments) OSLO Jan 4 The inflation in Norway''s housing prices accelerated to 12.8 percent year-on-year in December, the highest rate since mid-2007, real estate industry data showed on Wednesday, further reducing the probability of central bank rate cuts. Seasonally adjusted housing prices rose by 1.1 percent in December from November, Real Estate Norway said, above a central bank forecast of 0.8-0.9 percent as low interest rates, easy access to credit and population growth drove demand. The central bank in December held its key policy rate unchanged at a record-low 0.5 percent and said it would most likely stay flat for a significant time, but added the chance of a rate cut was still greater than that of a hike. "As long as house price inflation remains at this level it is unlikely that the central bank will cut interest rates further unless the economy is exposed to new large negative shocks," DNB Markets economist Jeanette Strom Fjaere wrote. Handelsbanken Capital Markets said it expected interest rates to remain at 0.5 percent for the foreseeable future. "We also believe Norges Bank will continue to worry about financial instability stemming from the housing market for a long time, unless the housing market cools considerably faster than Norges Bank now expects," Handelsbanken added. Real Estate Norway Chief Executive Christian Dreyer predicted housing prices will grow on average by between 9 and 11 percent in 2017, compared to an average increase of 8.3 percent in 2016 from 2015. As home building picks up pace however, and the growth in population starts to level off, the market may begin to cool, he added. "We are getting closer to a balance, and we are closer to covering demand," Dreyer said, adding that a tightening of mortgage regulations, announced in December, would probably have an effect on prices. "But I don''t fear a sharp correction in the short term," he added. Norway''s crown currency edged higher against the euro to stand at 8.9855 at 1320 GMT from 9.0081 just ahead of the 1000 GMT release. The housing data was compiled by Real Estate Norway, FINN and Eiendomsverdi. (Reporting by Camilla Knudsen and Ole Petter Skonnord, editing by Terje Solsvik) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/norway-housing-idUSL5N1EU1V8'|'2017-01-04T20:24:00.000+02:00'
'6e6c013b5e93b001e27e3355cbc5e4b31422fde9'|'Indian shares end flat on caution ahead of earnings, budget'|'Financials  24am EST Indian shares end flat on caution ahead of earnings, budget Jan 4 Indian shares ended flat on Wednesday as positive sentiment from upbeat global economic data was offset by caution ahead of corporate results starting later this month and the government''s annual budget in early February. The broader NSE index ended down 0.02 percent at 8,190.5, while the benchmark BSE index closed down 0.04 percent at 26,633.13. For the midday report, click (Reporting by Samantha Kareen Nair in Bengaluru; Editing by Amrutha Gayathri) Next In Financials SE Asia Stocks-Upbeat; Thailand ends at 20-month high By Susan Mathew Jan 4 Southeast Asian stocks ended higher on Wednesday as positive sentiment spilled over from Wall Street and European markets overnight on upbeat factory data from the United States and the euro zone. U.S. factory activity accelerated to a two-year high in December, while construction spending hit a 10-1/2-year high in November. In the euro zone, manufacturing activity hit the fastest pace in more than five years in December. Philippine shares rose MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-stocks-idUSB8N1EG005'|'2017-01-04T17:24:00.000+02:00'
'ff396629ec5e9d426e492446f26cf5c1dbcf1a9c'|'UPDATE 4-New York commuter train derails in Brooklyn, more than 100 injured'|'Industrials - Wed Jan 4, 2017 - 11:05am EST UPDATE 4-New York commuter train derails in Brooklyn, more than 100 injured (Updates number of injuries, adds details and quotes from governor) By Jonathan Oatis BROOKLYN, N.Y. Jan 4 A New York City commuter train derailed at a Brooklyn terminal after ramming into a bumper during Wednesday''s morning rush hour, leaving more than 100 people with non-life-threatening injuries, city officials said. Dozens of emergency crews swarmed Atlantic Terminal after the Long Island Railroad train went off the tracks inside the busy transportation hub at about 8:30 a.m. local time, the New York City Fire Department said. The train failed to stop on time and struck a bumping block at a fairly low rate of speed, which caused it to derail, New York Governor Andrew Cuomo said at a briefing at the crash site. About 103 people were injured in the accident, the New York Fire Department said in a Twitter message. Earlier Deputy Assistant Chief Dan Donoghue said at the briefing that 11 people had to go to the hospital. The derailment, which severely damaged the train''s front two cars, was the second major accident involving New York City''s commuter railroads in the past three months. In late September, a New Jersey Transit train crashed into a terminal in Hoboken, New Jersey, killing one woman and injuring 114 people, including the engineer. Cuomo, who has made infrastructure improvements a centerpiece of his agenda, said Wednesday''s incident was minor in comparison. The most serious injury in the crash was a broken leg, he said. "There was an extensive damage in Hoboken," Cuomo said. "That train was coming in much faster, did much more damage." In Brooklyn, police and firefighters, some holding stretchers, were entering the terminal as emergency vehicles blocked traffic. Commuters, meanwhile, described a frightening and chaotic scene on social media. "People flying everywhere," Serena Janae, who said she was a passenger on the derailed train, wrote on Facebook. The U.S. Federal Railroad Administration and the National Transportation Safety Board said they were sending investigators to the scene. Atlantic Terminal, which also connects commuters to nine city subway lines, is one of New York''s busiest stations. Officials said crews were working to restore service at the terminal by the evening rush hour. (Additional reporting by Gina Cherelus and David Shepardson; Writing by Laila Kearney; Editing by Frank McGurty and Lisa Von Ahn) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/new-york-derailment-idUSL1N1EU0U2'|'2017-01-04T23:05:00.000+02:00'
'd0be27cb5444daf0d08209386da1b00c4b33278e'|'Alibaba, in new tack, sues two vendors who it says sold fake watches'|'Technology News - Wed Jan 4, 2017 - 5:46am EST Alibaba, in new tack, sues two vendors who it says sold fake watches The logo of Alibaba Group is seen inside the company''s headquarters in Hangzhou, Zhejiang province early November 11, 2014. REUTERS/Aly Song HONG KONG China''s Alibaba Group Holding Ltd has sued two vendors it says sold fake Swarovski watches on its Taobao e-commerce platform, its first legal action against counterfeiters amid persistent allegations that fake goods are widely available on its sites. The news of the lawsuit comes less than two weeks after the United States returned Taobao to its blacklist of "notorious marketplaces" known for the sale of counterfeit and intellectual property rights violating goods after four years off the list. Alibaba''s lawsuit claims 1.4 million yuan ($201,671) in damages for contract and goodwill violations, the company said in a statement on Wednesday. The statement did not name the vendors. "We want to mete out to counterfeiters the punishment they deserve in order to protect brand owners," the statement quoted Zheng Junfang, Chief Platform Governance Officer of Alibaba Group, as saying. "We will bring the full force of the law to bear on these counterfeiters so as to deter others from engaging in this crime wherever they are." Alibaba said it identified the counterfeiters after detecting a merchant selling fake Swarovski watches on Taobao, China''s most popular consumer-to-consumer online shopping platform. It then initiated a "test-buy purchase program" to buy a watch, which was later confirmed by Swarovski to be counterfeit. Calls to the Austrian company for a comment were not answered. Alibaba said it provided information to the Shenzhen Luohu District police, who subsequently raided the watch seller on August 10, confiscating more than 125 fake Swarovski watches worth nearly 2 million yuan. A second counterfeit Swarovski seller on Taobao was also identified during the action. Alibaba said the legal action would not be its last, and it had already compiled a list of counterfeiters against whom it would take similar actions. Alibaba says it takes the fight against fakes seriously and has gone to great lengths to try to rid its online marketplaces of intellectual property rights violators, but critics point out that counterfeits remain prevalent and argue the company has not done nearly enough. (Reporting by Jessica Macy Yu; Editing by John Ruwitch and Muralikumar Anantharaman) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-alibaba-counterfeits-idUSKBN14O111'|'2017-01-04T17:46:00.000+02:00'
'7b288a85407caa8c3f7c227b808670f494509ea4'|'Judge halves $1 bln award in J&J hip implants case'|'Business  27am EST Judge halves $1 billion   The logo of healthcare company Johnson & Johnson is seen in front of an office building in Zug, Switzerland July 20, 2016. REUTERS/Arnd Wiegmann   U.S. District Judge Ed Kinkeade in Dallas cited "constitutional considerations" that limit how much plaintiffs may recover in punitive damages but upheld the jury''s findings that the implants were defectively designed and that the companies failed to warn consumers about the risks. Around $500 million of punitive damages would be cut from the more than $1 billion awarded to the plaintiffs who are California residents that were implanted with the hip devices and experienced tissue death, bone erosion and other injuries they attributed to design flaws. The complainants claimed the companies promoted the implants as lasting longer than devices that include ceramic or plastic materials. DePuy ceased selling the metal-on-metal Pinnacle devices in 2013 after the U.S. Food and Drug Administration strengthened its regulations on artificial hips. J&J and DePuy paid $2.5 billion that year to settle more than 7,000 lawsuits over its ASR metal-on-metal hip devices. (Reporting by Rama Venkat Raman in Bengaluru, additional reporting by Nate Raymond in New York; Editing by Sunil Nair) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-johnson-johnson-verdict-idUSKBN14O0DF'|'2017-01-04T12:11:00.000+02:00'
'4a30a44e1b08641a79b517ce08b6d82e33e9d42d'|'India''s HDFC Bank to cut lending rates by 75-90 bps - source'|'Financials  30am EST India''s HDFC Bank to cut lending rates by 75-90 bps - source MUMBAI Jan 4 India''s HDFC Bank Ltd is set to cut its marginal cost of funds-based lending rates (MCLR) across maturities by 75 to 90 basis points, effective Jan. 7, a source with direct knowledge said on Wednesday. The bank will set its one-year MCLR at 8.15 percent, while the six-month MCLR will be set at 8 percent, the source, who declined to be named, told Reuters. Several Indian banks including top lender State Bank of India lowered their lending rates this week after the government''s scrapping of high-value bank notes led to billions of dollars in new deposits. (Reporting by Devidutta Tripathy; Editing by Amrutha Gayathri) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hdfc-bank-rates-idUSL4N1EU38Q'|'2017-01-04T19:30:00.000+02:00'
'21a924e910b16741e9506d2d0b92784399d88079'|'UPDATE 1-Dubai Islamic Bank sells stake in Jordanian bank'|'Deals - Wed Jan 4, 2017 - 8:51am EST Dubai Islamic Bank sells stake in Jordanian bank A view of a branch of Dubai Islamic Bank branch along Khalid Bin Al-Waleed Road in Dubai May 30, 2010. REUTERS/Mosab Omar/File Photo By Tom Arnold - DUBAI DUBAI Dubai Islamic Bank DISB.DU (DIB), the largest Islamic bank in the United Arab Emirates, has sold its stake in Jordan Dubai Islamic Bank, it said on Wednesday, as it chases growth in fledgeling Islamic banking markets. The Jordanian bank has quadrupled in size over the past five years, with assets of more than $1.1 billion and a network of 21 branches, DIB said in an investor presentation, and proceeds from the stake sale will be redeployed to markets where Islamic banking is in the early stages of growth. DIB held 20.8 percent in Jordan Dubai Islamic Bank through a 40 percent shareholding in MESC Investments, which has sold the stake to Jordan-based Bank Al Etihad UBSI.AM and Etihad Islamic Investment Company, according to a statement from DIB, which invested in Jordan in 2008. The value of the sale was not disclosed, but DIB will look to invest the money in markets including Pakistan, Indonesia and East African countries, according to another investor presentation, adding that a key strategy of its overseas growth is to be an "active player" in any entity in which it is invested. Indonesia and Pakistan together account for about a quarter of the world''s Muslim population, while Muslims make up about 10 percent of the 44 million-strong Kenyan population. DIB has had a presence in Pakistan since 2006 and also holds a 39.6 percent stake in Indonesia''s Bank Panin Syariah. In Kenya, DIB is awaiting a license from the central bank to begin operating. (Editing by Louise Heavens and David Goodman) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-dib-equity-bank-al-etihad-idUSKBN14O1FW'|'2017-01-04T20:33:00.000+02:00'
'391aa78549d25c7d6de6ba3e2d78004909dfd2a8'|'Board of Brazil''s Vale taps Jorge Buso Gomes as vice-chairman'|'SAO PAULO Jan 4 The board of Brazil''s Vale SA tapped Fernando Jorge Buso Gomes as vice-chairman, to replace Sergio Figueiredo Clemente.According to a securities filing on Wednesday, Moacir Nachbar Junior will be Gomes'' alternate. The board seat of which Luiz Maurício Leuzinger is the alternate will remain vacant, the filing said. (Reporting by Bruno Federowski; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/vale-sa-board-idINE6N1DJ012'|'2017-01-04T17:59:00.000+02:00'
'c6841ec594ca7d1c2ae51f4c25a5c4b08aec3235'|'Greece''s NBG likely to sell its insurance unit this year -CEO'|'Financials - Wed Jan 4, 2017 - 9:00am EST Greece''s NBG likely to sell its insurance unit this year -CEO SOFIA Jan 4 National Bank of Greece (NBG) expects to sell its subsidiary National Insurance this year and plans other sales as part of its restructuring, its chief executive said on Wednesday. Last month Greece''s second largest lender hired Goldman Sachs and Morgan Stanley as advisers on the sale of the insurance unit, banking sources close to the deal said. "It has been public that from a business point of view we would have liked to keep the insurance company," NBG''s Chief Executive Leonidas Fragkiadakis told Reuters. "However, it''s part of our restructuring and we will be focused on performing on our commitments. There is a process going on and we are at its early stages," he said. When asked when a deal could be reached, he said he expected a sale within the year, declining to elaborate further. NBG has agreed to sell its Bulgarian unit, United Bulgarian Bank, to Belgian bank KBC Group in a 610 million euro ($636.72 million) deal last week. It sold its Turkish unit Finansbank to Qatar National Bank for 2.7 billion euros in June. Fragkiadakis said the Greek lender, with units in Serbia, Macedonia, Albania, Romania and Cyprus, plans further divestment of units abroad as part of the bank''s restructuring and will bet on the domestic market to return to profitability. "I cannot comment on which countries, but there is still future on divestment plans," he said. The CEO said the bank, which turned profitable in the third quarter, was on track to meet bad loan reduction targets set by the Bank of Greece. "Up to now our performance has shown that we are on track. I do not want to be overextending, but I am confident that with a smooth economic environment in Greece, we will meet the targets," he said. ($1 = 0.9580 euros) (Reporting by Tsvetelia Tsolova, editing by Louise Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/nbg-restructuring-idUSL5N1EU2VO'|'2017-01-04T21:00:00.000+02:00'
'8de3f4e5748966f1b8d99e4286ff6fc4c60de237'|'CMA voices concerns over Mastercard''s Vocalink deal'|'The competition watchdog has raised concerns that a takeover of a payments system by Mastercard could have an impact on the Link cash machine network.The Competition and Markets Authority has given Mastercard a week to tackle its concerns that its takeover of Vocalink will restrict the number of companies able to provide systems to Link, which operates more than 70,000 automatic teller machines (ATMs) around the UK.Andrea Coscelli, acting chief executive of the CMA, said: “The Link ATM network provides an essential service for millions of customers. It’s important that Link has a good choice of providers when it comes to supplying the necessary infrastructure so it can take advantage of the opening up of payment systems to competition.UK credit binge approaching levels not seen since 2008 crash Read more “These concerns warrant a closer investigation in the event that Mastercard cannot address them at this stage.”It was announced in July that the US card provider Mastercard would buy Vocalink, owned by a consortium of high street banks, for about £700m. At the time, Philip Hammond heralded the deal as showing international companies had confidence in the UK after Brexit. Vocalink and Mastercard are two of three possible providers of services to Link, the CMA said.The competition body did not find any concerns about the impact of the transaction on Bacs, the automated clearing service, or faster payments (FPS), which allows real-time payments between banks. It said there are many credible alternatives to VocaLink and Mastercard in these two areas.Mastercard said: “We’re pleased to have the opportunity to address their one concern, regarding the Link ATM scheme, in the timeframe provided. This acquisition promises to bring greater choice and innovation to the payment ecosystem, enabling people, governments and businesses to pay the way they want to pay.”The CMA said a number of industry participants have raised concerns with the transaction and the CMA investigated a number of theories of harm including loss of competition in payment infrastructure services to Bacs, FPS and Link.The government has been trying to encourage competition into the mechanisms by which money is moved around the financial system and has set up the Payments Systems Regulator to oversee the market.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/04/cma-mastercard-vocalink-competition-link-atm'|'2017-01-04T02:00:00.000+02:00'
'027986b4a8f19a512a3a26517353cdbbb5d4a221'|'Sterling hits two-week high vs. euro after strong manufacturing PMI'|'Foreign Exchange Analysis  25am GMT Sterling hits two-week high vs. euro after strong manufacturing PMI Wads of British Pound Sterling banknotes are stacked in piles at the GSA Austria (Money Service Austria) company''s headquarters in Vienna July 22, 2013. REUTERS/Leonhard Foeger By Jemima Kelly - LONDON LONDON Sterling hit a two-week high against the euro on Tuesday - the first day of London trading in 2017 - after a survey suggested British manufacturing growth climbed to a two-and-a-half-year high last month. The monthly purchasing managers index (PMI) for the manufacturing sector rose to 56.1, the strongest reading since June 2014. That exceeded all forecasts in a Reuters poll, which pointed to a decline to 53.1, adding to signs the economy ended 2016 strongly. [nL5N1ET1D9] The pound strengthened to 84.60 pence per euro after the data, its strongest since Dec. 22. That left it up 0.6 percent on the day, having traded at 85.01 pence before the results of the survey were released. Against a broadly stronger dollar, sterling turned positive to trade as high as $1.2296, up from $1.2258 before the data. But that left it just 0.1 percent up on the day, and still close to a two-month low of $1.2201 hit last week. The pound tumbled 16 percent against the dollar and 14 percent against the euro in 2016, its worst annual performance in eight years, with the bulk of those falls coming after Britain voted to leave the European Union on June 23. Uncertainty over how Britain leaves the bloc and worries over the economic impact that will have are continuing to weigh on the currency and mean that even positive data surprises tend to have only limited - and temporary - impact on the pound. "The market seems to be reacting quite sceptically to the strength of the data, possibly because it appears to be so at odds with the way the hard data for manufacturing have been coming in recently, which is soft and setting us up for a weak Q4," RBC Capital Markets currency strategist Adam Cole said. "The main question for most economists is still the timing of the negative impact of the referendum outcome ... It''s going to be hard for sterling to make a lot of traction on the back of economic data which is still lagging events." Britain''s blue-chip FTSE 100 index drifted down from record highs as sterling rose, but remained up 0.4 percent for the day. PMI surveys for the construction industry and the dominant services sector are due on Wednesday and Thursday. "With Brexit-related uncertainty likely to rise again with actual exit negotiations coming closer, we believe sterling upside should stay fairly limited," Credit Agricole analysts wrote in a research note. (Additional reporting by Alistair Smout; Editing by Alison Williams) Next In Foreign Exchange Analysis'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-markets-sterling-idUKKBN14N0Q3'|'2017-01-03T17:25:00.000+02:00'
'b627361be84ed979048107324ca04e736cc1b840'|'WRAPUP 1-Chided by Trump, Ford scraps Mexico factory, adds Michigan jobs'|'By Bernie Woodall and David Shepardson - FLAT ROCK, Mich./WASHINGTON FLAT ROCK, Mich./WASHINGTON Jan 3 Ford Motor Co on Tuesday scrapped a planned Mexican car factory and added 700 jobs in Michigan following criticism by Donald Trump, as the U.S. president-elect turned his attention toward rival General Motors Co with the threat of a "big border tax" over compact cars made in Mexico.Ford CEO Mark Fields called the move "a vote of confidence" in Trump, but primarily a response to a decline in the North American demand for small cars like those that would have been made at the Mexican plant. He said the company would have made the same decision even if Trump had not been elected.Ford will cancel plans unveiled in April to spend $1.6 billion to build the new plant in San Luis Potosi, Mexico, a project that Trump urged the company to abandon and described as an "absolute disgrace" during the election campaign.The No. 2 U.S. automaker also said it would invest $700 million in the Flat Rock, Michigan factory plant and would make new electric, hybrid and autonomous vehicles there.Trump''s efforts to browbeat the U.S. car industry show that he may go further than other modern presidents to try to influence corporate decisions, especially those related to trade and investment.Investors on Tuesday sold off shares of Kansas City Southern railroad, a company that is heavily dependent on shipping goods across the U.S.-Mexico border.In a Twitter post hours before Ford''s announcement, Trump wrote, "General Motors is sending Mexican made model of Chevy Cruze to U.S. car dealers-tax free across border. Make in U.S.A. or pay big border tax!" GM, the largest U.S. automaker, said making some of the Cruze cars in the plant in Coahuila, Mexico was part of its strategy to serve global customers, not sell those vehicles in the United States.Trump''s GM tweet was his latest broadside aimed at an American company over jobs, imports and costs even before he takes office on Jan. 20.Such remarks have signaled an uncommon degree of intervention for an incoming U.S. president into the affairs of U.S. corporations.Mexico''s government said it regrets Ford''s decision and has made sure that the company will reimburse the state for any costs associated with the investment.Ford spokeswoman Jennifer Flake said the automaker will save $500 million by not opening the new plant in the near term, but will have some undisclosed costs to retool the other Mexican plant to build the Focus. GM shares were up 0.5 percent, or $0.17, to $35.00. Ford shares rose 3.3 percent, or $0.40 a share, to $12.53.TRUMP NOTIFIEDTop Ford executives personally notified Trump and Vice President-elect Mike Pence of their decision. Fields praised tax and regulatory proposals advocated by Trump and his fellow Republicans who control Congress."Our view is that we see a more positive U.S. manufacturing business environment under President-elect Trump and the pro-growth policies and proposals that he''s talking about, so this is a vote of confidence for President-elect Trump and some of the policies that they may be pursuing," Fields said.Trump said during the presidential campaign that if elected he would not allow Ford to open the new plant in Mexico and would slap hefty tariffs taxes on imported Ford vehicles.Trump during the campaign also accused Mexico of sending criminals and rapists into the United States and vowed to build a border wall to combat illegal immigration.Since winning the Nov. 8 election, Trump has targeted a wide range of American companies also including United Technologies Inc, Boeing Co and Lockheed Martin Corp. Trump also has touted decisions by companies to keep some production in the United States, including United''s Carrier unit in Indiana.Trump previously vowed to hit companies that shift production from America to other countries with a 35 percent tax on their exports into the United States. He also has denounced the North American Free Trade Agreement between the United States, Mexico and Canada.Fields said there were no negotiations between Ford and the incoming president over the decision to cancel the Mexico plant or invest in Michigan.Ford will build a battery electric SUV with a 300-mile (482-km) driving range at the Michigan plant by 2020, and will launch production there by 2021 of a fully autonomous vehicle without a steering wheel or a brake pedal for use in ride services fleets. Ford also plans new hybrid versions of its F-150 pickup truck, Mustang and police vehicles by 2020.GM said it sold about 190,000 Cruze cars in the United States in 2016. All of the sedan versions sold in the United States, or about 185,500, were built at its plant in Lordstown, Ohio. About 4,500 hatchback versions of the Cruze were assembled in Mexico and sold in the United States.Union workers gathered at the Flat Rock factory cheered Fields as he announced the new jobs. Hiring of the 700 new workers there will probably start in 2018 and the majority of it in 2020, Fields said. (Writing by Will Dunham; Editing by Alistair Bell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-autos-idINL1N1ET0V9'|'2017-01-03T17:44:00.000+02:00'
'f487d6364bdcd4b1087e9094ad116a104345bcf5'|'Lufthansa says to hire more than 3,000 new staff in 2017'|'Wed Jan 4, 2017 - 9:23am GMT Lufthansa says to hire more than 3,000 new staff in 2017 The tail of a parked plane is pictured during a pilots strike of German airline Lufthansa at Frankfurt airport, Germany, November 30, 2016. REUTERS/Kai Pfaffenbach FRANKFURT German airline Lufthansa ( LHAG.DE ) plans to hire more than 3,000 new staff in 2017, most of them flight attendants, it said in a statement on Wednesday. Lufthansa Group airlines - Austrian, Swiss and Eurowings - are hiring more than 2,200 staff in total, it said. Lufthansa Technik is planning to recruit 450 new staff. Lufthansa cabin crew and pilots have gone on strike several times over the last few years as the airline battles to reduce costs. Its cabin-crew union UFO said last month the latest talks over pay and working conditions had failed. (Reporting by Georgina Prodhan; Editing by Harro ten Wolde) Up Next Exclusive: Wall Street lawyer Jay Clayton emerges as Trump’s top SEC choice BOSTON/WASHINGTON Wall Street lawyer Jay Clayton, who has worked on high-profile initial public offerings such as Alibaba Group, is a leading candidate to head the U.S. Securities and Exchange Commission in the Trump administration, two sources familiar with the matter said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-lufthansa-hiring-idUKKBN14O0SU'|'2017-01-04T16:21:00.000+02:00'
'e9cecfd1cb9f648c6e50aa2d32c960e1ffdae331'|'Indonesia tries to assure banks they won''t be penalized if research is ''credible'''|'Business News - Wed Jan 4, 2017 - 6:27am EST Indonesia tries to assure banks they won''t be penalized if research is ''credible'' A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files By Hidayat Setiaji and Eveline Danubrata - JAKARTA JAKARTA Indonesia''s finance ministry sought on Wednesday to assure banks and research firms that they will not be sanctioned for their assessment of the country as long as it is "credible". Indonesia cut its business ties with JPMorgan Chase & Co ( JPM.N ) because its research was "not credible and not objective", Suahasil Nazara, head of the Ministry of Finance''s fiscal policy office, told reporters. Some analysts have said that the decision has raised concern about whether the government would penalize other research providers for reports that are deemed to be negative. Nazara dismissed such worries. "There is no need to be afraid as long as it''s credible," he said. "The point is, don''t worry, go ahead with an analysis of Indonesia''s economy that is as credible as possible, by using the available data and facts." In a note dated Nov. 13, JPMorgan analysts downgraded their investment recommendation on Indonesia stocks to "underweight" from "overweight", citing higher risk premiums for emerging markets after Donald Trump won the U.S. presidential election. Indonesia has dropped JPMorgan''s services as a primary dealer for domestic sovereign bonds and as an underwriter for bonds sold to the global markets, Nazara said. The U.S. bank is also no longer what Indonesia terms a perception bank. The government said in a 2006 decree that perception banks are appointed by the finance minister to receive transfers of state revenue not related to imports, including tax, onshore excise and non-tax revenue. JPMorgan is allowed to continue its business in the private sector, Nazara said. The government assurances are unlikely to dispel the worries. "This has made us more cautious although we''ll still try our best to safeguard our research independence," said a Jakarta-based analyst at a foreign bank, who declined to be identified. (Reporting by Hidayat Setiaji and Eveline Danubrata; Editing by Robert Birsel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-indonesia-bonds-jpmorgan-idUSKBN14O15I'|'2017-01-04T18:27:00.000+02:00'
'b9cd2449d84de3ee7fd7ae1f96640ea4ce2a03f8'|'Moroccan central bank approves five Islamic banks'|'Financials  06pm EST Moroccan central bank approves five Islamic banks RABAT Jan 2 Morocco''s Central Bank said on Monday it has approved five requests to open Islamic banks in Morocco and allowed three French banks to sell Islamic products. The regulatory approvals concern the three major Moroccan banks Attijariwafa Bank, BMCE of Africa and Banque Centrale Populaire (BCP), and two smaller lenders Credit Agricole (CAM) and Credit Immobilier et Hotelier (CIH). Subsidiaries of French banks Societe Generale, Credit du Maroc and BMCI won permission to sell Islamic products, a statement from Bank al-Maghrib said. (Reporting By Aziz El Yaakoubi; Editing by Robin Pomeroy) Next In Financials New U.S. Congress prepares to undo Obamacare, weigh Trump personnel picks WASHINGTON, Jan 2 A new, Republican-controlled U.S. Congress convenes on Tuesday eager to repeal major portions of President Barack Obama''s healthcare law and roll back environmental and financial industry regulations, but could quickly become embroiled in fights over President-elect Donald Trump''s Cabinet choices. UPDATE 1-Venezuela issues $5 billion to state-run bank -source CARACAS, Jan 2 Venezuela has issued $5 billion in bonds maturing in 2036 to a state-owned bank, a source familiar with the situation said on Monday, in an unorthodox operation that does not immediately bring in new funds for the cash-strapped OPEC nation.  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/morocco-cenbank-islamicfunds-idUSL5N1ES1OL'|'2017-01-03T04:06:00.000+02:00'
'600136f69311e85db2f80115bee2fceadb864cee'|'German factory growth reaches close to three-year high in December - PMI'|' 08am GMT German factory growth reaches close to three-year high in December - PMI Volkswagen CEO Matthias Mueller and Stephan Weil (C) Prime Minister of Lower Saxony and member of the VW Supervisory board look at the Golf 7 production line during a tour of the VW factory in Wolfsburg, Germany October 21, 2015. REUTERS/Julien Stratenschulte/File photo BERLIN German manufacturing growth reached its highest in almost three years in December, driven by rising demand from Asia and the United States, a survey showed on Monday, suggesting the sector will contribute to an expansion in the fourth quarter. Markit''s Purchasing Managers'' Index (PMI) for manufacturing, which accounts for about a fifth of the economy, rose to 55.6 from 54.3 in November to reach its highest level in 35 months. That was slightly above a flash reading and well above the 50 line that separates growth from contraction. "Strong growth in December meant that goods producers enjoyed their best quarter in nearly three years during Q4," Markit economist Philip Leake said. "The manufacturing sector is therefore likely to help overall GDP growth accelerate from the modest 0.2 percent pace seen in the third quarter." He added that companies reported solid improvement in domestic demand as well as new business wins in Asia, Europe and the United States. "There were also encouraging signs for further growth in 2017. Companies look set to hire in an effort to raise operating capacity, following the sharpest increase in backlogs of work since early-2014," Leake said. Expansions of output and new orders underpinned the overall improvement in conditions, Market said, noting that new business increased for the 25th consecutive month with the rate of growth just below the record over that period. Responding to the rising demand, manufacturers raised their output at a quicker pace. The rise in production was the highest since July, it said. Inflationary pressures also increased in December. Input costs rose at the fastest pace since June 2011. The weaker euro helped to drive up import costs, Markit said. The survey was another positive sign after Ifo''s closely watched business climate index showed last month that morale among executives rose in December to its highest level since February 2014. The economy grew 0.7 percent in the first quarter and 0.4 in the second. For the year, economic institutes predict a growth rate of 1.9 percent, mainly driven by soaring private consumption and higher state spending on migrants.  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-pmi-idUKKBN14M0BN'|'2017-01-02T16:08:00.000+02:00'
'6fb911bfe8f236e6b372e8a37b37d0add47b36a7'|'RPT-UPDATE 1-U.S. scrambles to clear egg exports to bird flu-hit Korea'|'(Repeats earlier story for wider readership with no change to text.)By Tom PolansekCHICAGO Dec 30 U.S. officials are urgently seeking an agreement with South Korea that would allow imports of American eggs so farmers can cash in on a shortage caused by the Asian country''s worst-ever outbreak of bird flu.The two sides are negotiating over terms of potential shipments after South Korea lifted a ban on imports of U.S. table eggs that it imposed when the United States grappled with its own bout of bird flu last year, according to the U.S. Department of Agriculture.If an agreement is reached, U.S. shipments could bring some relief to South Koreans who have faced soaring egg prices and rationing since the outbreak there began last month.The egg shipments also would help U.S. farmers cope with an oversupply that is depressing prices.The opportunity to profit by filling South Korea''s shortfall with U.S. eggs has sent brokers and traders into overdrive.About 26 million birds, more than a quarter of South Korea''s poultry stock, have been culled to control the outbreak, and most of the birds have been egg-laying hens.Strains of bird flu, which can be spread to poultry by wild birds, have been detected across Asia and in Europe in recent weeks. Two people in China and one person in Hong Kong have died in the outbreaks.The United States could reach agreement to open trade with South Korea as early as next week, said Mark Perigen, national supervisor for shell eggs for a division of the USDA."Everybody''s working hard to get it done," Perigen said in an interview on Friday, adding that USDA employees had worked during holiday vacations on the issue."They''re desperate for eggs over there, and the government realizes that," Perigen said.South Korea''s embassy in Washington did not immediately respond to a phone message seeking comment.Glenn Hickman, chief executive of Hickman''s Eggs in Arizona, has received calls from brokers searching for U.S. eggs to ship to South Korea."Everybody in Korea who needs eggs has Googled everybody in the world who might have eggs," Hickman said."We''re getting calls from brokers who have no idea even the right questions to ask us," he added. "It''s just somebody who knows how to freight stuff from the U.S. to Korea."With no agreement yet between the two countries, Hickman is asking employees to take contact information for the potential customers.United States Egg Marketers, a cooperative of farmers that was established to export eggs, has received "numerous inquiries about this already, including from people who have never exported anything in their lives," said Eka Inall, the group''s president."Our phone is blowing up, our email is blowing up," she said.Last year, U.S. food companies imported eggs from Europe after bird flu ravaged domestic chicken flocks and sent egg prices to record highs.Since then, U.S. prices have tumbled as farmers have ramped up production.The United States produced 7.44 billion table eggs in November, up 11.5 percent from a year earlier, and there were 312 million hens laying table eggs on Dec. 1, up 8 percent from a year before, according to USDA.On Dec. 26, the average price for a dozen large white U.S. eggs was $1.17, down from a high of $2.88 in August 2015, according to market data firm Urner Barry."Current conditions in the U.S. are definitely a motivating factor to get this thing done," Brian Moscogiuri, an Urner Barry egg analyst, said about U.S. efforts to start shipments to South Korea.If South Korea begins importing U.S. eggs, its residents may need to adjust to a different appearance of the food staple.Jim Sumner, president of the U.S. Poultry and Egg Export Council, said many Koreans prefer brown colored eggs, while the United States mostly produces white eggs."As they say, beggars can''t be choosers," he said.(Editing by Matthew Lewis and Michael Perry)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/health-birdflu-southkorea-usa-repeat-upd-idINL1N1ES02H'|'2017-01-01T23:47:00.000+02:00'
'b9f5a9e1556e7448311becedde18192162f8cabf'|'China''s new rule on yuan transfers not a capital control measure - Xinhua'|'Business News - Sun Jan 1, 2017 - 11:03pm EST China''s new rule on yuan transfers not a capital control measure: Xinhua A customer holds a 100 Yuan note at a market in Beijing, August 12, 2015. REUTERS/Jason Lee BEIJING China''s new rules on cash transactions and overseas transfers of yuan currency are not forms of capital controls, the state news agency Xinhua said, citing a central bank economist. Banks and other financial institutions in China will have to report all domestic and overseas cash transactions larger than 50,000 yuan ($7,201.50), compared with 200,000 yuan previously, the central bank said on Friday. Ma Jun, chief economist of the People''s Bank of China (PBOC), said the responsibility of reporting such transactions will be assumed by financial institutions, and there will be no extra documentation or official approval procedures required for companies or individuals, according to the Xinhua report issued late on Sunday. Ma added that other major economies have similar rules. China is maintaining the same quota of $50,000 for each individual''s annual foreign exchange purchase. The central bank has said the recent move was aimed at better monitoring of money laundering and financing for terrorism rather than targeting normal business activities, Xinhua said. Beijing has announced a string of rules in recent months to stem capital outflows after its yuan currency skidded to more than eight-year lows. (Reporting by Chen Aizhu and Cheng Fang; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-china-yuan-idUSKBN14M032'|'2017-01-02T11:01:00.000+02:00'
'930337e245ae89c0e1667bebca4cb5df0af2cef9'|'All Leisure Holidays stops trading with 400 holidaymakers abroad - Business'|'The holiday firm that operates the Swan Hellenic and Voyages of Discovery cruise programmes has stopped trading, with hundreds of customers overseas.The Civil Aviation Authority (CAA) said it would ensure All Leisure Holidays’ 400 holidaymakers currently abroad would be repatriated at no extra cost under the terms of the Atol protection scheme.The vast majority will be able to return to the UK using airline tickets included as part of their booking, the CAA added.Travel trade organisation Abta said about 13,000 All Leisure Holidays customers were due to travel on future departures. These have now been cancelled and a full refund will be given.About two-thirds of customers are protected under the Atol scheme, which covers flight and cruise packages, with the remaining holidaymakers on UK departing cruises able to get their money back through Abta.Andy Cohen, head of Atol at the CAA, said: “We understand this will be concerning news for anyone who has booked to travel with the company.“However, the Atol scheme exists for exactly this kind of situation and we are making immediate arrangements so all Atol protected customers can claim full refunds as quickly as possible.“We are also arranging for people currently overseas to get back home to the UK at no extra cost – meaning no one will be left stranded abroad.”The CAA set up a dedicated helpline for those affected on 0808 164 8810. Further information is available at www.atol.org.uk and a refund claim form will be available shortly, the CAA said.'|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/business/2017/jan/04/all-leisure-holidays-stops-trading-400-holidaymakers-abroad'|'2017-01-04T22:07:00.000+02:00'
'2cd22502e119b3487453a86c97564c8bdf901d1d'|'Investment banking fees fall 7 percent in 2016 dragged down by equity raisings'|'LONDON Jan 4 Investment banking fees fell 7 percent worldwide in 2016, dragged down by a 23 percent fall in equity capital market (ECM) fees, Thomson Reuters data showed on Wednesday, raising the pressure on banking giants fighting to restore profitability.The sharpest falls were in Europe Middle East and Africa where a 20 percent drop in total fees in southern Europe, still suffering from the fallout of the 2008-09 financial crisis, depressed the wider region.The decline hit global investment banks battling to regain profitability after the financial crisis and ensuing regulatory changes made it harder to profit from their traditional lines of business.U.S. bulge bracket bank JP Morgan was once again paid the most globally despite its investment banking fees declining almost 5 percent, coming top in EMEA and the Americas, followed by Goldman Sachs.Boutiques Evercore, Lazard and Rothschild bucked the downward trend, each increasing investment banking fees by more than 10 percent. Japan''s Mizuho Financial Group and Industrial & Commercial Bank of China also enjoyed a bump in fees.Banks'' takings from debt capital markets (DCM) underwriting totalled $24.8 billion, up 6 percent compared to 2015, increasing DCM''s contribution to overall fees to 29 percent from 26 percent.Post-Soviet states, hurt by the fall in the oil price and the slowdown in Russia, saw a resurgence in investment banking fees. A 51 percent increase in Russia put the 2016 fee pool at $348 million, a tiny fraction of the contribution from China, the world''s second biggest economy, where fees totalled $10 billion.Fees paid out by the biggest financial sponsors saw a sharp decline. Dropping its spend by 35 percent, Blackstone Group lost the number one spot to Carlyle Group which spent $395 million worldwide.(Reporting by Dasha Afanasieva; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/investmentbanking-fees-idINL5N1EU1YI'|'2017-01-04T09:02:00.000+02:00'
'c6caad79de8fd728b76e8b3113e8e5c319c6b08c'|'Foreign holdings of Chinese govt bonds rise in Dec, up 70 pct in 2016'|'Financials - Wed Jan 4, 2017 - 2:45am EST Foreign holdings of Chinese govt bonds rise in Dec, up 70 pct in 2016 SHANGHAI Jan 4 Foreign investors increased their stakes in China''s government bonds for a 14th straight month in December, and their holdings at the end of 2016 were 70 percent above the year-earlier level. Overseas institutions raised their holdings by 6.9 billion yuan ($992.03 million) last month, bringing the total to 423.7 billion yuan, according to Reuters calculations based on data from the official bond clearing house. At the end of 2015, foreign holdings of Chinese treasury bonds were 248.4 billion yuan. Holdings of Chinese debt rose in 2016 "as authorities have eased the restrictions and welcome foreign capital flowing into the country," said a Beijing-based trader at a Chinese bank. Beijing opened up its interbank bond market to more types of foreign investors in February 2016 and relaxed foreign exchange repatriation rules in May. Some traders said China''s official inclusion in the International Monetary Fund''s reserve basket, known as Special Drawing Rights, on Oct. 1 also boosted foreign interest. Low-risk government bonds were among the favorites by overseas investors, who expanded their portfolios to purchase more government-backed Chinese policy bank bonds in December, according to data from the Central Depository and Clearing Co. Foreign buying of policy bank bonds in December increased by 12.6 billion yuan from November, when it decreased 1.6 billion yuan from the previous month, official data showed. Chinese policy bank bonds are issued by the China Development Bank, the Agricultural Development Bank of China, and the Export-Import Bank of China. INCREASES UNSUSTAINABLE? Overall, foreign institutions raised their holdings of all types of Chinese debt by 21.9 billion yuan in December to 778.85 billion yuan, data from the Central Depository and Clearing Co. showed. For 2016, foreigners purchased 176.2 billion yuan of all types of Chinese bonds. Some traders said the rapid increase in foreign holdings may not be sustainable this year as some were concerned that the government would unveil more measures to curb capital outflows. The Chinese authorities rolled out policies over the past two months to tighten their grip on cross-border cash flow overseas after the yuan slid to 8-1/2 year lows. A sliding yuan also dampened interest in yuan-denominated assets, but Chinese yields remained attractive compared with similar U.S. notes. On Wednesday afternoon, the yield on China''s benchmark 10-year government bonds was 3.146 percent compared with around 2.47 percent for the U.S. notes. ($1 = 6.9554 Chinese yuan) (Reporting by Winni Zhou and John Ruwitch; Editing by Richard Borsuk) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-debt-foreigners-idUSL4N1ET1O9'|'2017-01-04T14:45:00.000+02:00'
'6db4ed27928ad4b37d50c325bc8576734bd5ddfb'|'U.S. office vacancy rate falls in fourth quarter - Reis'|'Business News - Wed Jan 4, 2017 - 4:31am GMT U.S. office vacancy rate falls in fourth quarter - Reis U.S. office vacancy rate declined in the fourth quarter to the lowest level since the second quarter of 2009, according to real estate research firm Reis Inc ( REIS.O ). The national vacancy rate declined in the fourth quarter to 15.7 percent from 15.9 percent in the preceding quarter, Reis said in a report. However, asking and effective rents growth decelerated in the quarter from the third. Asking rent grew by 0.3 percent, while effective rent rose by 0.4 percent in the most recent quarter, according to the report. Asking and effective rents had risen 0.4 percent in the third quarter. "... over time as demand continues to exceed new construction, vacancy should decline and rent growth will likely pick up as a result," said Barbara Denham, senior economist at Reis. Construction activity rose from the third quarter, with 8.53 million square feet of new office construction completed during the quarter. The recent employment growth should pull the vacancy rate down further in 2017, while rent growth should accelerate back towards a 3 percent annual growth rate, the firm said. (Reporting by Rachit Vats in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-property-usa-office-idUKKBN14O0B8'|'2017-01-04T11:31:00.000+02:00'
'26222d7f255601209cf498d9526ad005f028a0af'|'TREASURIES-Yields inch up for second day ahead of Fed minutes'|'By Gertrude Chavez-Dreyfuss - NEW YORK NEW YORK Jan 4 U.S. Treasury debt yields edged higher on Wednesday for a second straight day in quiet trading as they continued to benefit from increased market appetite for risk with the rise in stocks and oil prices as well as an improving global economic environment."Yesterday we had a confluence of factors that led to higher yields: we had strong inflation numbers from overseas; we had oil starting to rally," said Subadra Rajappa, head of U.S. rates strategy at Societe Generale in New York."This is just momentum from yesterday''s selloff that''s really pushing yields higher today," she added.The U.S. economic calendar was thin on Wednesday so investors focused on the minutes of the latest Federal Reserve monetary policy meeting due later in the session. The minutes were expected to provide justification for the increase in U.S. interest rates last month and could reinforce the market''s general belief that the economy can absorb further tightening.The risk, however, is that the Fed tries to downplay the increases in interest rate forecasts, or the so-called dot-plot, by emphasizing the fact it only took a few forecast changes to tip the scale, said BMO Capital Markets in a research note."While the dot-plot is certainly that sensitive, the Chairwoman (Fed Chair Janet Yellen) was unable to walk the market back from the initial bearish response and so we''d be skeptical of any attempts to do so via the minutes," the bank said.Analysts also said the overall bias of the market was for higher Treasury yields, which move inversely to prices, amid what is known as "rate-lock selling" during an expected heavy corporate issuance calendar this month.Wall Street dealers typically lock in borrowing costs for corporate bonds they are underwriting by selling Treasuries as a hedge before the deal is completed. Once the bond is sold, the dealer buys back Treasuries to exit the rate-lock.In mid-morning trading, the U.S. 10-year note was down 1/32 in price to yield 2.457 percent, compared with 2.454 percent late on Tuesday.U.S. 30-year bond prices were down 2/32, yielding 3.053 percent, up from Tuesday''s 3.05 percent.U.S. two-year note prices were flat, yielding 1.234 percent , compared with 1.226 percent on Tuesday. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Chizu Nomiyama and Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1EU0MA'|'2017-01-04T12:24:00.000+02:00'
'979e8bb19b87155103f2493642429f88319da9b9'|'GLOBAL MARKETS-Accelerating economic activity, inflation sustain investors'' festive fizz'|'Company News  31am EST GLOBAL MARKETS-Accelerating economic activity, inflation sustain investors'' festive fizz * Business activity, inflation rise * HSBC offers global growth "rare treat" By Jamie McGeever LONDON, Jan 4 Upbeat global economic data and growing signs that inflation on both sides of the Atlantic is accelerating fuelled a second day of 2017 gains across world stock markets on Wednesday, and lifted the euro and oil prices. A batch of reports from Europe showed that French consumer confidence hit a nine-year high, business activity across the euro zone rose at the fastest pace in more than five years and inflation in the euro zone is its highest in over three years. This followed similarly upbeat reports this week on U.S., British, Chinese and Japanese business activity and helped steer investors towards riskier assets that benefit from higher interest rates - such as equities - and away from lower-yielding assets, including bonds. "Over the month, confidence increased in the manufacturing sector and stabilised in services, amid solid new orders and businesses, strong optimism and elevated backlog of works," said Apolline Menut, economist at Barclays. "This suggests that euro area activity is poised for a strong start in 2017," she said. Economists at HSBC on Wednesday raised their 2017 and 2018 forecasts for global growth and inflation, the first time in nearly five years they have upped these outlooks over a two-year horizon. At midsession in Europe on Wednesday, Europe''s index of leading 300 shares was flat at 1,445 points, supported by a 0.5-percent rise in financials but capped by the strength of the single currency. The FTSEuroFirst 300 hit a 1-year high on Tuesday. One of the biggest movers on major European bourses was UK retailer Next. Its shares fell as much as 14 percent after a profit warning. The stock has lost nearly 40 percent over the past year. MSCI''s benchmark global index rose for a second day to trade 0.3 percent higher, and its index of major Asian shares excluding Japan rose for a seventh consecutive day, gaining 0.4 percent. U.S. futures pointed to a higher opening of up to 0.2 percent on Wall Street, priming the Dow Jones for another test of the 20,000-point mark. FED MINUTES The potential for further U.S. rate hikes this year ensured profit-taking on the dollar''s run on Tuesday was limited to 0.2 percent against a basket of currencies. The dollar''s strength in Asian trading helped Japan''s exporter-heavy stock market rally toward its biggest daily increase for almost two months. In its first trading day of the year, the Nikkei climbed 2.50 percent and looked set for the highest close since December 2015. It was further aided by domestic data showing factory activity had expanded at the fastest pace in a year. The euro rose 0.3 percent to $1.0435, and the dollar gave up earlier gains against the yen to trade little changed at 117.75 yen. The continued grind higher in euro zone inflation is lifting inflation expectations closer to the European Central Bank''s target of just below 2 percent. This offers some welcome relief to ECB policymakers who for years have struggled to lift growth and inflation. The focus for investors now turns to the minutes of the Federal Reserve''s policy meeting last month, when it raised rates. "It will be interesting to see just how much the (incoming Trump administration''s) fiscal stimulus plans contributed to the interest rate forecasts from Fed policymakers in December and whether there is potential for the pace to be faster still," said Craig Erlam, senior market analyst at Oanda. U.S. Treasury yields inched up marginally, rising almost two basis points to 2.47 percent before easing back, but German and UK yields were down a basis point at 0.25 percent and 1.31 percent, respectively. Germany''s 10-year yield had hit a two-week high of 0.29 percent on Tuesday. In commodity markets, oil prices recovered from a fall of more than 2 percent on Tuesday. U.S. crude bounced back 0.5 percent to stand at $52.58 a barrel, while Brent futures rose 0.5 percent to $55.74. Gold took advantage of the dollar''s slip to trade 0.6 percent higher at $1,165 an ounce. (Editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL5N1EU2HP'|'2017-01-04T19:31:00.000+02:00'
'772c25504f6c474377cf6afc4f91f8055a70338e'|'Private equity firm Onex nears deal to acquire Ferrara Candy-sources'|'Deals - Americas -  12pm EST Private equity firm Onex nears deal to acquire Ferrara Candy: sources By Lauren Hirsch and Greg Roumeliotis Private equity firm Onex Corp ( ONEX.TO ) is nearing a deal to acquire Ferrara Candy Co, potentially valuing one of the largest U.S. makers of non-chocolate confectionary at close to $1.3 billion, including debt, people familiar with the matter said. The deal would be a big bet for the Canadian buyout firm on Ferrara''s increasing clout and pricing power in the seasonal candy market. It would give it ownership of a bounty of iconic brands, including Fruit Stripe gum and Now & Later chews. Onex has prevailed in an auction for Ferrara and is now negotiating final terms with its owner, private equity firm L Catterton, the people said on Friday, cautioning that it is still possible that negotiations break down without a deal. The sources asked not to be identified because the negotiations are confidential. L Catterton declined to comment, while Ferrara and Onex did not respond to requests for comment. The Oakbrook Terrace, Illinois-based company''s origins date back to 1908 when Salvatore Ferrara started selling Italian pastries and sugar coated candy almonds. It was sold to private equity firm L Catterton in 2012, after the founder''s son, Nello Ferrara, died. Under L Catterton''s ownership, Ferrara merged with another of the buyout firm''s portfolio companies, Farley''s & Sathers Candy company. Farley''s and Sathers had been an acquirer of many candy brands from larger candy companies, including sugar coated jelly brand Chuckles from Hershey Co ( HSY.N ). L Catterton also brought in new executive teams and focused on innovation, including new flavors and packaging design. Cinnamon-flavored Red Hots, for example, now come in flavors such as Kick’n Mango Lime and Dark Chocolate Red Hots. Ferrara competes with other candy companies that include snickers Mars Inc, whose products include M&Ms and Snickers, and Hershey Co ( HSY.N ), whose offerings include its namesake chocolate kisses and Reese''s Pieces. The broader confectionary industry has struggled in recent years, as consumer preference have shifted toward healthier alternatives. Still, the sector is attractive to private equity firms because it is less affected by economic downturns and appeals to consumers of all ages. Because of its consistency, it remains an important category for retailers, giving brand-owners negotiating power. Net sales for Ferrara for the twelve months ending March 31 were approximately $880 million, according to credit ratings agency Moody''s Investors Service Inc. (Reporting by Lauren Hirsch and Greg Roumeliotis in New York; Editing by Bernard Orr) Next In Deals - Americas'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ferrara-candy-m-a-onex-corp-idUSKBN14Q2IX'|'2017-01-07T06:07:00.000+02:00'
'f84812e94041924bcba130886e84e951fe8b9965'|'UPDATE 2-Morgan Stanley, UBS to raise stakes in China securities JVs to 49 pct-sources'|'* Morgan Stanley owns 33.3 pct stake in China securities JV* UBS holds about 25 pct stake in China securities JV* Morgan Stanley awaiting regulator''s approval for stake hike (Adds consultant comment, details on China securities business)By Sumeet Chatterjee and Elzio BarretoHONG KONG, Jan 9 Morgan Stanley and UBS Group AG are set to raise their stakes in separate Chinese securities joint ventures to 49 percent, people with direct knowledge of the moves said, betting on strong deals momentum in the world''s second-largest economy.China allowed foreign banks to boost share holdings in securities joint ventures to a maximum 49 percent in 2012 from the previous cap of a third to help modernise the country''s capital markets.Foreign investments banks with securities joint ventures in China, however, have not as yet raised their stakes as most of the ventures were small or struggling to break even due to sluggish onshore deals.But the prospect of China moving soon to allow global banks to own majority stakes in securities joint ventures and growing volumes of equity issuance and trading businesses have motivated some foreign banks to explore raising their holdings."The China securities market is ripe for growth, and foreign investment banks will look to put more money there when it comes to boosting revenue. It''s a long-term bet," said Benjamin Quinlan, CEO of consultancy Quinlan & Associates.Morgan Stanley and its Chinese joint venture partner, Huaxin Securities, have agreed to a proposal to raise the U.S. investment bank''s stake in the venture to 49 percent from 33.3 percent, two people with knowledge of the plan said.The stake increase by Morgan Stanley is awaiting approval from the Chinese securities regulator, one of the sources said.Swiss bank UBS, which registered its Chinese securities joint venture in 2006, is also in talks to raise its stake in UBS Securities to 49 percent from 25 percent, two separate sources told Reuters.One of the sources with knowledge of the UBS plans said the bank expected the process to be completed later this year.All the people declined to be named as the details of the stake hikes were not public yet. Spokesmen for Morgan Stanley and UBS declined to comment. News of the plans was first reported by the Wall Street Journal.GROWING DEALSMorgan Stanley Huaxin Securities'' offerings include underwriting and sponsoring of stocks and bonds. UBS China securities joint venture businesses include fixed income, equity underwriting and financial advisory.Morgan Stanley China securities joint venture posted a net profit of 30 million yuan ($4.33 million) in 2015, according to the latest data on the website of the Securities Association of China, compared with a loss of 470,000 yuan in 2014.The net profit at UBS China securities joint venture in 2015 was 296 million yuan, up from 118 million yuan a year ago.Reuters reported in June last year that Credit Suisse was also planning to boost its stake in its Chinese securities joint venture to 49 percent, up from 33.3 percent now.The foreign banks'' bigger push in China comes at a time when a pickup in onshore equity and bond issuance in China is helping the nation''s home-grown investment banks to grab a bigger share of the fee pool.Equity capital market deals in Shanghai rose 2.8 percent in 2016, while volumes at Shenzhen''s SME board and its tech-heavy ChiNext board surged by 74 percent and 64 percent respectively, buoyed by follow-on share sales, Thomson Reuters data showed.($1 = 6.9327 Chinese yuan renminbi) (Reporting by Sumeet Chatterjee, Elzio Barreto and Julie Zhu; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-banks-securities-idINL4N1EZ15K'|'2017-01-09T01:46:00.000+02:00'
'b7e974ae17b89f93a3bf39fb8bc98a9290e69d12'|'Oil prices fall as Iranian crude tanker exports surge, U.S. adds more rigs'|' 48am GMT Oil prices fall as Iranian crude tanker exports surge, U.S. adds more rigs Rigging equipment is pictured in a field outside of Sweetwater, Texas June 4, 2015. REUTERS/Cooper Neill By Henning Gloystein - SINGAPORE SINGAPORE Oil prices fell early on Monday as Iran increased exports undermining efforts by other oil producers to curb a global fuel supply overhang and as U.S. drillers increased activity for a 10th week. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $56.97 per barrel at 0019 GMT, down 13 cents from their last close. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $53.79 per barrel, down 20 cents. Traders said that the lower prices were a result of rising exports from Iran that come just as other members of the Organization of the Petroleum Exporting Countries (OPEC) cut supplies in an effort to end a global glut. Iran has sold more than 13 million barrels of oil held on tankers at sea, capitalizing on an OPEC output cut deal from which it is exempted to regain market share and court new buyers, according to industry sources and data. The amount of Iranian oil held at sea has dropped to 16.4 million barrels, from 29.6 million barrels at the beginning of October, according to Thomson Reuters Oil Flows data. Before that sharp drop, the level had barely changed in 2016; it was 29.7 million barrels at the start of last year, the data showed. Iran''s surging tanker exports weren''t the only indicator of plentiful supplies. In the United States, U.S. energy companies last week added oil rigs for a tenth week in a row, extending the drilling recovery into an eighth month as crude prices remained at levels at which many U.S. drillers can operate profitably. "The next leg up in prices probably won''t occur until the traders see evidence that production levels are falling. In the meantime, rising U.S. drilling activity and output is likely to keep prices in check," ANZ bank said on Monday. Drillers added four oil rigs in the week to Jan. 6, bringing the total count up to 529, the most since December 2015, energy services firm Baker Hughes Inc BHI.N said on Friday. As a result of the increased drilling for new production, U.S. oil output C-OUT-T-EIA has risen by over 4 percent since its 2016 low to almost 8.8 million barrels per day, although production remains 8.74 percent below its 2015 peak. (Reporting by Henning Gloystein; Editing by Michael Perry) Up Next Fiat Chrysler ups the ante as automakers respond to Trump DETROIT Fiat Chrysler Automobiles on Sunday said it will invest $1 billion to modernize two plants in the U.S. Midwest and create 2,000 jobs, upping the ante as automakers respond to threats from President-elect Donald Trump to slap new taxes on imported vehicles.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN14T01E'|'2017-01-09T07:40:00.000+02:00'
'abd6b6aecbbf0d91a4e5827f6b21d6a5bab9343f'|'Sportswear retailer Pou Sheng sacks finance chief, stock down 37 percent'|'Business News - Mon Jan 9, 2017 - 2:01am GMT Sportswear retailer Pou Sheng sacks finance chief, stock down 37 percent HONG KONG Sportswear and footwear retailer Pou Sheng International (Holdings) Ltd ( 3813.HK ) said it had sacked its chief financial officer over false sales records and its chief executive officer had resigned. Shares of Pou Sheng, a unit of Yue Yuen Industrial Holdings ( 0551.HK ), fell as much as 37 percent on Monday morning to HK$1.30, the lowest since Jan. 28 , 2016. Shares of Yue Yuen plunged 8.4 percent. That compares with a 0.1 percent gain in the benchmark index .HSI . Pou Sheng said it discovered "incorrect sales records" in December, which could potentially lead to recognition of revenue for sales transactions that did not take place before the end of 2016. ( bit.ly/2iXYDDD ) The amount of sales was not significant but it revealed weak financial controls, it said in a filing to the Hong Kong bourse late on Sunday. The company said it terminated the employment of chief financial officer Chen Kuo-Lung on Jan. 6 while chief executive officer Kwan Heh-Der had resigned. The incident and departures of the executives had not created any material adverse impact on the daily business operations of the company, Pou Sheng added. (Reporting by Donny Kwok; Editing by Stephen Coates) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pou-sheng-intl-accounts-idUKKBN14T043'|'2017-01-09T09:01:00.000+02:00'
'cef09e59ee10907eba49879b31d31f78845b6371'|'Mars to buy pet healthcare provider VCA for $7.7 billion'|'Deals - Mon Jan 9, 2017 - 6:12pm GMT Mars to buy pet healthcare provider VCA for $7.7 billion left Mars bars are seen in this picture illustration taken February 23, 2016. REUTERS/Dado Ruvic/Illustration 1/2 left right Pedigree brand dry dog food is seen at the Safeway store in Wheaton, Maryland February 13, 2015. REUTERS/Gary Cameron 2/2 Candy and pet food conglomerate Mars Inc is buying veterinary hospital operator VCA Inc ( WOOF.O ) for $7.7 billion in a deal that will give the maker of Pedigree pet food an even bigger share of the $4 billion global pet healthcare market. The deal will help family-owned Mars, better known for candies such as M&Ms and Snickers, add about 800 pet hospitals to its network of more than 900 clinics, which includes the 61-year-old Banfield pet hospital chain. McLean, Virginia-based Mars is already the biggest pet food company in the world - it held a quarter of the $71.77 billion global pet food market as of 2015 - followed by Nestle SA ( NESN.S ), the maker of the Purina cat and dog food brand. Mars and Nestle also hold the mantle of being the No.1 and No.3 confectionary makers in the world, respectively, according to Euromonitor data. Candy makers have been diversifying their business as calorie-conscious consumers increasingly shun sugary sweets, a trend that has weighed on the $183 billion global confectionery market. Rival Hershey Co ( HSY.N ) is also expanding beyond chocolates - it bought Krave, a beef jerky maker, in 2015, while Mondelez International Inc ( MDLZ.O ) recently introduced Good Thins, its first snack brand in more than a decade. "While most of Mars Pet is focused on food, the firm had long dabbled in pet healthcare services," Morningstar analyst Debbie Wang wrote in a note. "Considering that growth in pet healthcare has averaged 7-8 percent over the long term, the addition of VCA would help Mars tap into this appealing market." Mars said it would offer $93 per share, a premium of 31.4 percent to VCA''s Friday closing price. Including debt, the deal is valued at $9.1 billion. VCA''s shares were up 19.8 percent at $90.60 in afternoon trading on Monday. The company, founded in 1986, had annual sales of $2.13 billion in 2015. Mars, which also owns the BluePearl chain of emergency and specialty veterinary care clinics, had annual pet food sales of $17.80 billion in 2015, according to Euromonitor data. Morgan Stanley & Co. LLC and BDT & Co were Mars'' financial advisers, while Skadden, Arps, Slate, Meagher & Flom provided legal advice. Barclays was VCA''s financial adviser and Akin Gump Strauss Hauer & Feld LLP and Potter Anderson Corroon LLP were legal advisers. (Reporting by Siddharth Cavale and Sruthi Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-vca-m-a-mars-inc-idUKKBN14T1FH'|'2017-01-10T01:12:00.000+02:00'
'fdb158a1f3d031348f17ca3555b3c7308ab4998a'|'Britain''s FTSE sets fresh record high on first trading day of 2017'|'Money News - Tue Jan 3, 2017 - 10:57pm IST Britain''s FTSE sets fresh record high on first trading day of 2017 A worker shelters from the rain as he passes the London Stock Exchange in the City of London at lunchtime October 1, 2008. REUTERS/Toby Melville/File Photo By Helen Reid and Alistair Smout - LONDON LONDON Britain''s top share index hit a further record high on Tuesday, extending an end-of-year rally into 2017, with financials and commodities-related stocks leading the market upwards. The FTSE 100 ended 0.5 percent higher at 7,177.89 points as the London Stock Exchange reopened after a long weekend. It set a record high of 7,205.45, rising above the peak reached at the end of 2016 after a 5.3 percent rally in December, its strongest monthly performance since July 2013. The index ended 14.4 percent higher in 2016, outperforming major European bourses, as a weakening in sterling after Britain voted to leave the European Union helped support British stocks, especially those with international exposure in dollars. The start of the year paints a stark contrast to the beginning of 2016, when concerns over Chinese growth roiled equities globally. "Given a year ago (when) investors came back from the Christmas break to see markets plummet, it is no doubt a big relief that this year has started more positively. The PMI numbers are surprisingly strong," said Adrian Lowcock, investment director at Architas. Miners, which surged more than 100 percent in 2016, were up 1.1 percent, while the oil and gas index gained 1.0 percent as commodity prices improved. Other growth-sensitive sectors, such as banks, were also among top gainers, as strong PMI readings in Britain, China and the United States suggested the global economy was in good shape heading into 2017. UK banks, up 2.2 percent, were also helped by news saying global banking regulators postponed the approval of long-awaited rules designed to avert a repeat of the financial crisis after failing to agree on the minimum amount of capital banks must hold. The development meant that the implementation of a tough regulatory environment was pushed back, cheering some investors. Barclays, Lloyds and Standard Chartered were up 2.1 to 3.8 percent. InterContinental Hotels rose 1.3 percent after an upgrade to "overweight" from "equal-weight" from Barclays, lifting the stock to an all-time high. Top faller was retailer Next, which suffered from a downgrade by Deutsche Bank to "hold" from "buy". It closed 4.3 percent lower after tumbling by more than 30 percent in 2016. Deutsche Bank analysts said that even with this slump, the stock did not look especially cheap. "The sector has already de-rated, mainly on the changed demand and currency outlook due to Brexit, and valuations are typically at historical average levels – cheap but in some cases not cheap enough," they said in a note. (Editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-stocks-idINKBN14N1J8'|'2017-01-04T00:27:00.000+02:00'
'c34ce96e3ae1dea7ddaae235b8c5c91032c4b080'|'ECB lending guidelines could drive riskier LBOs underground'|'Private Equity  19pm EST ECB lending guidelines could drive riskier LBOs underground * Non-bank lenders could gain from ECB leverage rules * US trend towards self-syndication may come to Europe * Opportunities for regulatory arbitrage abound By Robert Smith LONDON, Jan 3 (IFR) - Proposed leveraged lending guidelines from the European Central Bank could force riskier lending into unregulated channels and create unintended opportunities for arbitrage as well as breed market distortion. In an attempt to curb banks from underwriting riskier LBOs, the European banking watchdog has put forward a red line of 6x leverage in its draft guidance on "leveraged transactions", closely mirroring guidelines introduced by US regulators in 2013. Fears are growing, however, that Europe could see similar unintended consequences to the US, where the introduction of the threshold has driven highly leveraged lending underground. "It''s a bit of a game of whack-a-mole, because not only will the non-bank lenders step into the breach and provide larger and larger loans, but what we''ve seen happen in the US is that the banks have actually stepped up their lending to these private credit institutions," said Luke McDougall, a leveraged finance partner at Paul Hastings. US private credit and direct lending funds once specialised in mid-market buyouts. However, they have raised enough firepower in recent years to supplant the institutional high-yield bond and leveraged loan packages typically required for large-cap deals, such as Thoma Bravo''s US$3bn take-private acquisition of data analytics firm Qlik Technologies in June. UNREGULATED CHANNELS A senior manager at a London-based credit fund that specialises in direct lending said the ECB''s proposed rules would only hasten the debt market''s shift into "unregulated channels". "It makes no difference to us whether a deal is publicly syndicated or not, but if I was on the cap markets desk at a bank, I''d be worried," he said. "You''re only going to see more and more self-syndicated deals." Private equity firms in the US are already cutting out banks to syndicate LBO debt themselves, a phenomenon KKR spearheaded on its Mills Fleet Farm buyout at the end of 2015. One leveraged finance banker said that direct lending funds are already targeting more highly leveraged transactions than banks, irrespective of the ECB''s new regulation, however. "The return hurdles these guys originally set are getting harder and harder to achieve - the only way they can do it is pushing the needle on leverage," he said. And a second banker said he thought that concerns around leverage were "neither here nor there", as there is "no regulation on any terms" in the direct lending market. "There is a broader concern that those kinds of products are underpricing illiquidity, so it''ll be interesting to see how they perform over the course of the credit cycle," he added. "They''re going very well in terms of raising money and building assets right now, but when you''ve lent 8x levered money to a small business and the credit cycle starts to turn, you could see those liquidity issues come to the fore." AGGRESSIVE ADJUSTMENTS Another concern is that guidelines will create scope for regulatory arbitrage, with lenders willing to provide more aggressive terms elsewhere to compensate for lower leverage. The US has seen some banks make larger and larger adjustments to companies'' earnings in order to comply with the 6x leverage threshold, rather than eschewing riskier deals. The Federal Reserve last month reprimanded underwriters of mixed martial arts franchise the UFC''s LBO, according to press reports, for making large add-backs to Ebitda to comply with the guidance. "We''re getting to the point now where the definition of Ebitda is going to have to be regulated," said one high-yield portfolio manager. "I have no doubt this resulted from the regulation on leverage; the quid pro quo has been more aggressive use of documentation." The ECB has already looked to head off some of the abuses seen in the US, explicitly stating in its draft that its leverage thresholds are based on "unadjusted Ebitda". But private equity firms, no longer able to leverage companies as high as they would like to initially, can simply pressure underwriters to give them greater flexibility to do so in future. "The sponsor-friendly movements we''ve seen in Ebitda adjustments are not primarily on out-of-the-box leverage, as that tends to be heavily diligenced, but more on aggressive pro forma allowances around future actions," said McDougall. "Sponsors are also pushing for looser and looser debt incurrence covenants, meaning a deal could be compliant on day one but have headroom to lever up on day two." Trying to grapple with these minutiae of leveraged finance documentation could create even more headaches for the ECB. "It''s very difficult for regulators to account for events that have not happened yet," McDougall added. "And if they''re more proscriptive, it will only produce even more opportunities for arbitrage." (Reporting by Robert Smith; Editing by Helene Durand and Philip Wright) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ecb-banks-debt-idUSL5N1EB2EO'|'2017-01-04T00:19:00.000+02:00'
'0cac51d3d36a37f14c885cfd6a3a3c5500b8257c'|'Indonesia penalises JPMorgan for rating its bonds ''underweight'''|'Tue Jan 3, 2017 - 6:24am GMT Indonesia penalizes JPMorgan for rating its bonds ''underweight'' A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files JAKARTA Indonesia has penalized JPMorgan Chase & Co after the investment bank''s research arm recommended a smaller exposure to the country''s sovereign bonds, a senior finance ministry official said on Tuesday. "After we did a comprehensive review, we said no need to use JPMorgan''s services as a primary (bond) dealer and a perception bank," Suahasil Nazara, the head of the ministry''s fiscal policy office, told Reuters. A 2006 government decree says a perception bank is one appointed by the finance minister to receive transfers of state revenue not related to imports, including tax, onshore excise and non-tax revenue. Nazara said the penalty on JPMorgan ( JPM.N ) has already taken effect. The decision was taken after JPMorgan issued a note in November downgrading its rating for Indonesian bonds to "underweight" from "overweight", he said. The official said the bank''s analysis "did not make sense" because it recommended a "neutral" position for Brazil, a better rating than for Indonesia, despite what he said was a more stable political situation in the Southeast Asian nation. "We have asked them to clarify their assessment. They''ve explained to us, but we found their argument not credible. It''s not that we think we''re so great, but we look at ourselves and we look at other countries'' economies," Nazara said. "Our mindset is, if you''re doing business here in Indonesia, the spirit is to maintain stability. Don''t create unnecessary volatility to create business," he added. BUSINESS AS USUAL A JPMorgan spokeswoman said on Tuesday that it continued to operate its business in Indonesia as usual. "The impact on our clients is minimal and we continue to work with the Ministry of Finance to resolve the matter," she said in an email. In a note dated Nov. 13, JPMorgan downgraded emerging markets including Indonesia and Brazil, citing higher risk premiums for their credit default swaps after Donald Trump won the U.S. presidential election. "Bond markets are starting to price in faster growth and higher deficit," the bank wrote, adding that the "spike in volatility" may stop or reverse flows into fixed-income assets in emerging markets. However, the bank said in the note that the downgrade on Indonesia and Brazil was a "tactical" response to Trump''s victory. Both economies are improving, with lower policy rates likely to support valuations for 2017, it added. Indonesia''s 10-year credit default swap IDGV10YUSAC=MG, a swap contract used to measure credit risk in fixed-income products, and the yield of its benchmark 10-year bonds ID10YT=RR spiked after the U.S. election, though they have since dipped. Trump signaled more protective U.S. trade policies, raising concerns about the impact on developing markets. Analysts have said that Indonesia''s economy should be supported by domestic consumption, which makes up more than half of gross domestic product. But the relatively high foreign ownership of government bonds and Indonesia''s lack of depth of financial markets make it vulnerable to capital reversals, they say. In 2015, then-Finance Minister Bambang Brodjonegoro said he had given JPMorgan a sanction that "will be disturbing for them and make them uncomfortable" after it recommended an "underweight" position on Indonesian bonds. He didn''t say what the sanction was. ( reut.rs/2is0VKj ) (Reporting by Nilufar Rizki and Eveline Danubrata; Additional reporting and writing by Gayatri Suroyo; Editing by Richard Borsuk) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-indonesia-bonds-jpmorgan-idUKKBN14N0BS'|'2017-01-03T13:24:00.000+02:00'
'570ee2fb225e2ba2a5aa39dc0e17c433ca4549c0'|'UPDATE 1-France follows in Poland''s slipstream with inaugural Green bond'|'  5:05am EST UPDATE 1-France follows in Poland''s slipstream with inaugural Green bond (Adds background, quote) By Tom Porter LONDON, Jan 3 (IFR) - The Republic of France has mandated banks to lead manage an inaugural Green bond, the second such deal from a sovereign issuer. Credit Agricole, which is sole structuring advisor, and Morgan Stanley will arrange a series of investor calls and meetings to introduce the sovereign''s Green bond framework. The euro-denominated trade will be issued in the 15 to 25-year part of the curve and will follow a roadshow starting January 6. Government agencies, corporates and banks issued US$81bn-equivalent in the Green format in 2016, according to the Climate Bonds Initiative. Yet, until a 750m five-year from the Republic of Poland in December 2016, sovereigns had been notably absent from the asset class. The issuer''s first sovereign Green bond issue did not appear to offer a pricing benefit against its vanilla curve, though it brought new investors to the issuer. A lead on France''s debut would not be drawn on whether the sovereign could expect a pricing benefit but said the Green aspects of the deal would likely pull in more investors than a standard OAT print. "The Poland deal was relatively small and relatively short," said the banker. "The key point here is that this is an OAT; the format is the same and it will be targeting benchmark size for an OAT." France''s implied 15-year yield went up in secondary trading following the announcement on Tuesday morning, from 1.05% to 1.13%, according Tradeweb data. The same banker said the country''s 20-year spreads were around 20bp over mid-swaps and its 30-year spreads in the low 40bp area over mid-swaps on Tuesday morning in London. Barclays, BNP Paribas, Credit Agricole, Morgan Stanley, Natixis and Societe Generale are joint lead managers. France is rated Aa2/AA/AA/AAA. (Reporting by Tom Porter, Editing by Helene Durand, Philip Wright) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/france-bonds-idUSL5N1ET183'|'2017-01-03T17:05:00.000+02:00'
'297896ae21dd9a0164b7a8d2ec0a5443f611b752'|'Pakistan inflation eases to 3.70 percent in December - Reuters'|'ISLAMABAD Pakistan''s annual inflation rate eased to 3.70 percent in December from 3.81 percent in November, the Bureau of Statistics said on Monday.On a month-on-month basis, prices decreased by 0.68 percent in December compared with November, the bureau said.Average inflation for the July-December period stood at 3.88 percent, compared with the same period last year.The steepest rise in year-on-year prices was seen in the prices of gram flour, pulse gram and besan. The steepest drop in year-on-year prices was in the price of onions, tomatoes and chicken.(Reporting and writing by Kay Johnson; Editing by Paul Tait)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/pakistan-inflation-idINKBN14M05U'|'2017-01-02T04:05:00.000+02:00'
'744a94934171257d9b0244c3e3c2bb2527c428fe'|'Owner of Brazil juice maker Natural One sells stake to Gávea - sources'|'  7:08pm GMT Owner of Brazil juice maker Natural One sells stake to Gávea - sources By Tatiana Bautzer - SAO PAULO SAO PAULO The owner of Brazilian juice maker Natural One SA has sold a minority stake to Brazilian investment firm Gávea Investimentos Ltda for an undisclosed price, according to two sources with knowledge of the matter. Ricardo Ermirio de Moraes, who founded Natural One a decade ago in the southeastern town of Jarinu and was its sole shareholder, agreed to the deal with Gávea on Dec. 28, the sources said. Moraes is a member of the family that owns Brazil''s largest industrial conglomerate, Votorantim SA. He was previously president of orange juice producer Citrovita SA, which is owned by his family, before founding Natural One. Discussions with rival beverage companies such as Coca Cola Co ( KO.N ) and Britain''s Britvic Plc ( BVIC.L ) failed to reach terms that interested Moraes, the sources added. Three investment firms also looked at the sale, first reported by Reuters on Nov. 1. At that time, Moraes was seeking a $150 million valuation for the whole company, though he had not yet decided whether to sell the control or a minority stake. Gávea and Natural One did not immediately respond to requests for comment. In a message to clients seen by Reuters, Natural One said "Gávea will play an important role in the company´s global growth," improving its capital structure and corporate governance. Gávea will invest through its vehicle GIF V, which manages 1.1 billion reais ($335 million), the statement added. The Brazilian investment firm has acquired stakes in 45 companies since 2006. ($1 = 3.2796 reais) (Reporting by Tatiana Bautzer; Editing by Alan Crosby)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-natural-one-stake-gavea-idUKKBN14M12D'|'2017-01-03T02:08:00.000+02:00'
'5b43354fd96bc957b3b05647e4dd7d9fa1e8aea0'|'Samsung Elec CEO says firm should make no product quality compromise'|'Cyclical Consumer Goods  54pm EST Samsung Elec CEO says firm should make no product quality compromise SEOUL Jan 2   should make no compromises on the quality of its products, Chief Executive Kwon Oh-hyun said on Monday, asking employees to improve manufacturing processes and safety inspections. The executive, in a New Year''s speech to Samsung employees disclosed by the firm, also warned of growing political and economic uncertainties from risks such as trade protectionism and foreign exchange rates.   Kim Coghill) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/samsung-elec-smartphones-ceo-idUSS6N1CU00S'|'2017-01-02T07:54:00.000+02:00'
'b36eb04b5a8cf03a08bb47b412456686d3db8c66'|'New drug approvals fall to six-year low in 2016'|'Global Energy   8:16am GMT New drug approvals fall to six-year low in 2016 A logo is seen in front of the entrance at the headquarters French drugmaker Sanofi in Paris October 30, 2014. REUTERS/Christian Hartmann/File Photo By Ben Hirschler - LONDON LONDON Last year turned out to be a disappointing one for new drug approvals with the U.S. Food and Drug Administration clearing just 22 new medicines for sale, the lowest number since 2010 and sharply down on 2015''s tally of 45. Across the Atlantic, the European Medicines Agency recommended 81 new prescription products against a 2015 total of 93. Unlike the FDA, the EMA includes generic drugs in its list. The slowdown suggests the pharmaceuticals industry may be returning to more normal productivity levels after a spike in approvals in 2014 and 2015, when the haul of new drugs reaching the market hit a 19-year high. Several factors led to the fall in the approval rate in 2016, John Jenkins, the FDA''s director of the office of new drugs, told a conference last month. Notably, five new drugs that had been scheduled for approval in 2016 ended up winning an early green light at the end of 2015. There was also a decline in drugs being filed for approval and the FDA rejected or delayed more applications in 2016 than in the previous two years. Some of the delayed drugs may yet go on to win approval in 2017, including Roche''s ( ROG.S ) multiple sclerosis treatment Ocrevus and Sanofi ( SASY.PA ) and Regeneron''s ( REGN.O ) sarilumab for rheumatoid arthritis. Most industry executives remain upbeat about the hunt for new medicines, given recent advances in fighting cancer and an improved understanding of the genetic basis of other diseases, which has resulted in full development pipelines at many firms. But it remains challenging to get new drugs through the approval process and to secure a decent financial return once they are launched, given resistance from healthcare insurers and governments to the rising cost of medical treatment. According to consultancy Deloitte, returns on research and development investment at the top 12 pharmaceutical companies fell to just 3.7 percent in 2016 from a high of 10.1 percent in 2010. Increasing political pressure over the high prices of many modern medicines is a growing challenge at a time when biotech and pharma companies are developing more drugs targeted at niche patient populations. The issue is exemplified by the last drug to win FDA approval in 2016. Spinraza, from Biogen ( BIIB.O ) and Ionis Pharmaceuticals ( IONS.O ), is the first medicine to treat patients with spinal muscular atrophy, a rare and often fatal genetic disease. It comes at a huge cost of $125,000 per dose. That price, implying a total cost of $625,000 to $750,000 for patients in the first year and $375,000 in subsequent years, is likely to invite "a storm of criticism, up to and including Presidential tweets", according to Leerink analysts. President-elect Donald Trump has vowed to bring down drug prices. (Editing by Louise Heavens) U.S. oil rig count recovers to end 2016 near year-ago levels -Baker Hughes Dec 30 The U.S. oil rig count ended 2016 just below year-ago levels as drillers added rigs this week as part of the biggest recovery since a global oil glut crushed the market over two years. Drillers added two oil rigs in the week to Dec. 30, bringing the total count up to 525, the most since December 2015 and 11 shy of the 536 rigs seen at the end of 2015, energy services firm Baker Hughes Inc said on Friday. Since crude prices recovered from 13-year Corporate makeovers drive corporate takeovers in 2016 M&A bonanza NEW YORK/LONDON A telecommunications carrier seeks to become a TV network and movie studio owner. A major software company acquires one of the world''s largest social networks. A smartphone maker snaps up a manufacturer of internet-connected audio speakers for cars. In 2016, mega deals became ever more transformative. BEIJING China unveiled plans on Friday to allow more foreign investment in banking, insurance, securities and credit-rating firms, as part of a wider opening up of the world''s second-largest economy. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pharmaceuticals-approvals-idUKKBN14M08P'|'2017-01-02T15:16:00.000+02:00'
'587d460815778e5ecaa0c1fb3d6ccf5d495529e2'|'EU regulators delay ChemChina/Syngenta merger decision to April 12'|'BRUSSELS European Union antitrust regulators have extended the deadline for a decision on ChemChina''s proposed buy of Swiss pesticides and seeds group Syngenta ( SYNN.S ) by 10 working days to April 12.Syngenta said in a statement the two companies had asked for the extension to allow "sufficient time for the discussion of remedy proposals".The European Commission opened an in-depth investigation into state-owned ChemChina''s $43 billion bid in October, saying the companies had not allayed concerns over the deal.The Commission''s website showed the deadline had been extended by 10 days on Tuesday."ChemChina and Syngenta remain fully committed to the transaction and are confident of its closure," the Swiss company said.(Reporting by Julia Fioretti and Joshua Franklin in Zurich; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-syngenta-ag-m-a-chemchina-idINKBN14N1GK'|'2017-01-03T14:04:00.000+02:00'
'1c477aaaf48d66e7735f8ccb43b30d8a1b20afdc'|'Trump attacks GM over Chevy Cruze production, threatens tax'|'  2:56pm GMT Trump attacks GM over Chevy Cruze production, threatens tax left right General Motors introduces the new 2016 Chevy Cruze vehicle at the Filmore Theater in Detroit, Michigan June 24, 2015. REUTERS/Rebecca Cook 1/2 left right U.S. President-elect Donald Trump and his wife Melania Trump arrive for a New Year''s Eve celebration with members and guests at the Mar-a-lago Club in Palm Beach, Florida, U.S. December 31, 2016. REUTERS/Jonathan Ernst 2/2 By Bernie Woodall and David Shepardson - DETROIT/WASHINGTON DETROIT/WASHINGTON U.S. President-elect Donald Trump on Tuesday blasted General Motors Co ( GM.N ) and threatened to impose a "big border tax" for making some Chevrolet Cruze cars in Mexico, which the U.S. carmaker defended as part of a strategy to serve global customers, not sell them in the United States. "General Motors is sending Mexican made model of Chevy Cruze to U.S. car dealers-tax free across border. Make in U.S.A. or pay big border tax!" Trump said in a post on Twitter. GM said it makes its Cruze sedan in the United States and that all of those sold in the United States are made in a plant in Lordstown, Ohio. "GM builds the Chevrolet Cruze hatchback for global markets in Mexico, with a small number sold in the U.S." it said in a statement posed on its website without giving numbers. Shares of GM ( GM.N ) rose 1 percent to $35.19 after falling about 1 percent following Trump''s tweet before the market opened. Last month. Trump announced the formation of a council to advise him on job creation, a group comprised of leaders from a variety of major U.S. corporations including GM Chief Executive Officer Mary Barra. GM said in 2015 it would build its next-generation Chevrolet Cruze compact in Mexico as automakers look to expand in the Latin American nation to take advantage of low labor costs and free trade agreements. GM said in 2015 it would invest $350 million to produce the Cruze at its plant in Coahuila as part of the $5 billion investment in its Mexican plants announced in 2014. GM said earlier this year it would import some Cruze cars from Mexico. According to Automotive News, GM began producing the Cruze in Mexico last year, making 52,631 cars there. In comparison, it built 319,536 of them in the United States. Previous versions of the Cruze sold in Mexico were made in a GM South Korea plant, it reported. The shift is part of a larger trend among Detroit’s Big Three automakers to produce more small cars for the North American market in Mexico in an effort to lower labor costs, while using higher-paid U.S. workers to build more profitable trucks, sport utility vehicles and luxury cars. In November, GM said it planned in early 2017 to lay off 2,000 employees at two U.S. auto plants, including the one in Lordstown. U.S. small car sales have been hurt by lagging consumer demand and low gas prices. GM''s U.S. Cruze sales are down 18 percent through November. Representatives for the United Auto Workers union could not be reached immediately for a response to Trump''s tweet. Trump''s comments are the latest in a string of Tweets targeted at companies over jobs, imports and costs before he takes office on Jan. 20, including United Technologies Corp''s ( UTX.N ) Carrier unit and U.S. defence companies. The Republican, who will succeed Democratic President Barack Obama, campaigned with tough rhetoric on trade and promises to protect American workers and called out several companies by name, including GM rival Ford Motor Co ( F.N ) (Additional reporting by Susan Heavey; Editing by Jeffrey Benkoe)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-gm-idUKKBN14N1AI'|'2017-01-03T21:56:00.000+02:00'
'549104ad1f82c577f3a1a0258b87fb3dce301c53'|'SpaceX to resume rocket flights after explosion'|'SpaceX to resume rocket flights after explosion Space company founded by billionaire Elon Musk plans another launch on January 8 Read next by: Hannah Kuchler in San Francisco SpaceXplans to resume launching rockets next week, after completing an investigation into a spectacular launch pad explosion that destroyed a rocket and a satellite in September. The space company founded by billionaire Elon Musk on Monday said it will attempt its first launch in months on January 8, from the Vandenberg space launch complex in California. Its rocket will carry satellites from Iridium, a US company that aims to build the world’s largest commercial satellite constellation. This launch will mark a return to flight operations four months after a SpaceX rocket was engulfed in flames while being filled with fuel — destroying the rocket’s payload: an Israeli satellite in part intended to help Facebook beam internet connections to people in Africa. That explosion also threw the $285m acquisition of Spacecom, the owner of the satellite, by China’s Beijing Xinwei Group into jeopardy. SpaceX said in a statement its probe into the September failure, conducted in conjunction with agencies including the Federal Aviation Administration and Nasa, had discovered a build-up of oxygen between a pressure vessel and a tank. As a result, the pressure vessel failed when the trapped oxygen broke fibres and created friction — leading to the explosion of a helium canister. SpaceX is making short term changes to avoid a repeat of those conditions, while redesigning the vessels to prevent any such incidents in the long term. “SpaceX greatly appreciates the support of our customers and partners throughout this process, and we look forward to fulfilling our manifest in 2017 and beyond,” the company said. For the company, the investigation into the explosion was the “most difficult and complex” in its 14-year history, according to Mr Musk. He said in a tweet at the time that the engines had not been on, and there was no apparent heat source. But it was far from the first high-profile failure for the company, which is leading a broader push by entrepreneurs generally to shake-up the space industry. In June 2015, a SpaceX-owned Falcon 9 rocket blew up minutes after take-off, destroying cargo heading for the International Space Station. Six months later, the mission succeeded, putting a satellite into orbit and managing the complex return of a spent booster rocket to Earth. Iridium said it was “pleased” with SpaceX’s announcement of the results of the investigation and the plans to return to flight. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies'|'https://www.ft.com/content/0acb0732-d10a-11e6-9341-7393bb2e1b51'|'2017-01-03T01:10:00.000+02:00'
'62dc9706bc73673f1199d2640a4179cd840cffe2'|'Ford expands Alexa use, heating up auto personal assistant battle'|'Technology   4:09am GMT Ford expands Alexa use, heating up auto personal assistant battle The Ford logo is seen in a rim of car in Cuautitlan Izcalli, Mexico January 4, 2017. REUTERS/Carlos Jasso By Alexandria Sage - LAS VEGAS LAS VEGAS Ford Motor Co ( F.N ) is expanding the use of Amazon.com Inc''s ( AMZN.O ) Alexa personal assistant in its vehicles to allow drivers to talk to their cars - demanding anything from a nearby cheeseburger to a weather forecast - marking a leap by the Detroit automaker to incorporate a technology initially targeted for home use. The expanding alliance between Ford and Amazon, announced on Wednesday at the CES tech show in Las Vegas, underscores the importance to both automakers and internet commerce companies of connecting consumers on the move to a richer array of digital services. Don Butler, Ford''s executive director of connected vehicle and services, told Reuters the technology represented the "deepest integration of any OEM (carmaker) inside a vehicle with Alexa." The two companies are talking about how to take the Alexa partnership further, according to Butler. "Digital assistant is one tool that is increasingly prevalent in the industry," he said. Rival General Motors Co ( GM.N ) plans to roll out IBM''s ( IBM.N ) Watson artificial intelligence software in its OnStar system early next year in order to market services to drivers in their cars. Similarly, Daimler''s ( DAIGn.DE ) Mercedes-Benz will use Alphabet Inc''s ( GOOGL.O ) Google Assistant ( GOOGL.O ), a rival product, to let car owners interact with their vehicles from home via Google Home. Ford''s move follows its October announcement that it would use Alexa in three of its vehicle models by the end of 2016 to allow drivers to communicate with their smart home devices, such as heaters, lights or security systems. Automotive personal assistants are being studied by every major automaker, according to Gartner research director Michael Ramsey, who said: "There''s a lot of vetting going on." One company that stands to benefit is Nuance Communications Inc ( NUAN.O ). The supplier to Ford, GM and other carmakers provides natural language speech command technology to allow drivers to speak more or less conversationally to digital assistants. Nineteen percent of the 160 million cars that use Nuance''s technology over the past 15 years have come out just in the past year, said Fatima Vital, Nuance''s senior director of marketing automotive. One major decision auto companies must make is whether to give consumers a version of the smartphone systems they already use - Apple Inc''s ( AAPL.O ) CarPlay or Google''s Android Auto - or a third option. By using their own systems, carmakers can retain full control of valuable data that otherwise could be captured by Apple and Google from vehicles. SHARED APP PLATFORM Currently, personal assistants are enabled using either phones as their mode of connectivity, such as at Ford, or through modems built directly into vehicles, as GM and the German automakers have done. Ford plans to have 10 million vehicles in North America and 20 million globally equipped with embedded modems by 2020. Ford cars will talk with Alexa through a new mobile app connected to SmartDeviceLink, an open-source platform that allows developers to create apps compatible with all automakers within the system, avoiding the need to adapt them to the specifications of each carmaker individually. Carmakers and their suppliers who have joined Ford in the SmartDeviceLink ecosystem, announced Wednesday, are Toyota ( 7203.T ), Peugeot ( PEUP.PA ), Mazda ( 7261.T ), Suzuki ( 7269.T ), Elektrobit, Luxoft and Xevo. (Additional reporting by Paul Lienert; Editing by Bill Rigby) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-tech-ces-ford-idUKKBN14P0B7'|'2017-01-05T11:02:00.000+02:00'
'8c274b3c9d807d621230939769e710411df411a8'|'MIDEAST STOCKS-Egypt surges to record; Dubai, Qatar outperform Gulf'|'Financials  48am EST MIDEAST STOCKS-Egypt surges to record; Dubai, Qatar outperform Gulf * Egypt jumps in heaviest volume since mid-November * Palm Hills rises strongly for second day * Gulf bourses exposed to foreign funds outperform this week * Dubai Islamic Insurance soars amid merger speculation * Saudi flat but petrochemicals up as oil nears $57 By Celine Aswad DUBAI, Jan 5 Egypt''s stock market closed the week at a record high on Thursday as foreign funds continued to buy, while Gulf markets inched up on the back of firmer crude oil and global bourses. Cairo''s index closed 1.7 percent higher at 12,824 points in the heaviest traded volume since mid-November. "Since the float of the currency on Nov. 3 the market has not witnessed a correction and foreign funds have been flooding the market with fresh money, helping maintain positive appetite towards equities," said Mohamed El Nabarawy, head of asset management at Cairo''s HC Securities & Investment. Eighty percent of traded shares in the EGX30 index were bid up on Thursday, with Palm Hills Development jumping 5.1 percent. On Wednesday, the developer surged 8.5 percent after signing an agreement with the Ministry of Housing to buy a major plot in West Cairo for a new project near its existing developments. Egypt''s net foreign reserves rose to $24.265 billion at the end of December from $23.058 billion at the end of November after the disbursement of loans from foreign donors, the central bank said on Thursday. Nabarawy said this would help boost confidence that Egypt''s currency drought was starting to reverse, though over the long term, dollar inflows should come primarily from foreign direct investment, tourism and exports. "Non-loaned sources of inflows are more productive in the long term than borrowed money." GULF Positive sentiment in global stock markets spread to Gulf bourses, supporting those markets most exposed to foreign funds. Dubai''s index rose 0.3 percent to 3,628 points but traded volume dropped by roughly a third from Wednesday. The index rose 2.7 percent this week, nearing technical resistance at the mid-December peak of 3,659 points. Dubai Islamic Insurance and Reinsurance jumped 14.0 percent to 1.09 dirhams on Thursday in its heaviest trade since early 2014. The stock soared its 15 percent limit on each of the previous three days, and it has doubled in price since Dec. 27. Some traders speculate there may be mergers in the insurance industry following last year''s news of a big Abu Dhabi banking merger. Dubai Investments rose 3.7 percent after announcing on Wednesday the launch of a new 3 billion-dirham ($817 million) real estate project in Dubai. Doha''s index, another market actively traded by foreign funds, recouped early losses to add 0.3 percent and finished the week up 2.4 percent. Telecommunications provider Ooredoo closed 0.3 percent higher at 105.30 riyals, 1.7 riyals above its intra-day low. Saudi Arabia''s index closed on the day and dropped 0.2 percent in the first week of the year. The petrochemical sub-index swung 0.2 percent higher after Brent oil futures bounced 2 percent overnight and climbed back near $57.00 a barrel. Bellwether Saudi Basic Industries rose 0.5 percent. But the banking sector was weak with Riyad Bank dropping 2.2 percent after its board recommended a slightly lower cash dividend distribution for the second half of 2016 compared to the corresponding period in 2015. THURSDAY''S HIGHLIGHTS * The index edged up 0.01 percent to 7,199 points. DUBAI * The index rose 0.3 percent to 3,628 points. ABU DHABI * The index added 0.3 percent to 4,602 points. QATAR * The index inched up 0.3 percent to 10,717 points. EGYPT * The index gained 1.7 percent to 12,824 points. KUWAIT * The index rose 0.8 percent to 5,831 points. OMAN * The index added 0.6 percent to 5,793 points. BAHRAIN * The index lost 0.1 percent to 1,206 points. (Editing by Andrew Torchia, Larry King) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1EV3BN'|'2017-01-05T21:48:00.000+02:00'
'2af063650c9581925e53f11b4ef89c0836c61edb'|'European day-ahead power prices jump on cold weather'|'Financials  17am EST European day-ahead power prices jump on cold weather FRANKFURT Jan 5 French day-ahead power prices were up 18 percent and those in neighbouring Germany up 3.5 percent in the European wholesale market early on Thursday as cold weather boosted demand. The French Friday baseload delivery price stood at 86.25 euros ($91.03) a megawatt hour while the equivalent German price was 51.76 euros. Thomson Reuters data showed that Germany will likely add 2.3 gigawatt (GW) in demand day-on-day and France 3.8 GW. Temperatures are due to plunge by 4 degrees Celsius and 3.5 degrees respectively in the two countries that together represent two thirds of European power usage. Traders said the Epiphany holiday that is observed in three out of 16 German states and Austria had capped demand, and in turn, prices. ($1 = 0.9475 euros) (Reporting by Vera Eckert, editing by Susan Thomas) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/power-europe-spot-idUSL5N1EV16V'|'2017-01-05T15:17:00.000+02:00'
'316d250c0fa40fc3bdee60cad77ec8f1988920e3'|'French govt favourable towards Fincantieri''s bid for STX France'|'Deals  48am EST French government favorable toward Fincantieri''s bid for STX France FILE PHOTO Shipbuilders ride past a giant poster November 9, 2016 at the STX Les Chantiers de l''Atlantique shipyard site in Saint-Nazaire, western France. A South Korean court approved Italy''s Fincantieri SpA as preferred bidder to buy shipbuilder STX France, the court... REUTERS/Stephane Mahe/File Photo By Emmanuel Jarry - PARIS PARIS A leading French minister expressed support on Wednesday for a bid by Italy''s Fincantieri''s ( FCT.MI ) for shipbuilder STX France, adding that the government would aim to keep the shipbuilder''s main site running at Saint Nazaire. "We said we wanted a European, industrial company ... Fincantieri is a European, industrial company. So it would be hard for us to say ''no'' to them," French Industry Minister Christophe Sirugue told RMC Radio. The sale of STX France, which specializes in building cruise ships at the Saint-Nazaire shipyard and is profitable, forms part of a broader sell-off of businesses following the demise of the South Korean STX shipbuilding group. The French state owns 33 percent of STX France, and Sirugue said the government was keen to keep the Saint Nazaire site in the west of the country. Italy''s 230-year old Fincantieri makes a wide range of vessels from cruise ships to military aircraft carriers, and acquiring STX France would boost its presence in the cruise shipbuilding part of the market. Sirugue said France wanted state-controlled military shipbuilder DCNS, in which Thales ( TCFP.PA ) holds around 35 percent, to take a minority stake in STX France that would definitely be below 50 percent of the company. Saint Nazaire''s high point last year was production of the largest passenger ship ever built, the ''Harmony of the Seas''. (Reporting by Emmanuel Jarry; Writing by Sudip Kar-Gupta; Editing by Richard Balmforth) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-stx-france-fincantieri-idUSKBN14O1CM'|'2017-01-04T19:31:00.000+02:00'
'e8b04361e49e43da7e4fe649d7ca4bf6e571fe17'|'China plans to spend $115 billion on railways in 2017 - Xinhua'|'Business   2:26pm IST China plans to spend $115 billion on railways in 2017: Xinhua People stand next to a train at a railway station in Nanjing, Jiangsu Province, China June 6, 2016. REUTERS/Aly Song SHANGHAI China plans to spend 800 billion yuan ($115.09 billion) on building railways this year, the same budget as last year, to grow its network to 150,000 kilometers, state news agency Xinhua reported on Wednesday. China plans to add 2,100 kilometres of track this year, mostly in its central and western regions, and electrify 4,000 kilometres of railways, Xinhua reported, citing a statement released by national operator China Railway Corporation after an annual work conference. The country, which had set an annual spending target of 800 billion yuan for the last three years, used 801.5 billion yuan on railway construction in 2016, according to local media reports citing the national operator. It plans to spend 3.5 trillion yuan on building railway tracks over 2016-2020, Xinhua said. Railway spending was at a high of 840 billion yuan in 2010 before a high-speed rail crash that led to the arrest of numerous officials on corruption charges and the breakup of the railway ministry. In recent months, the government sped up approvals of construction projects including railways to support slowing economic growth, adding to China Railway''s debt burden which stood at 4.21 trillion yuan at the end of June. ($1 = 6.9509 Chinese yuan) (Reporting by Brenda Goh; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-china-railways-idINKBN14O0Q3'|'2017-01-04T15:53:00.000+02:00'
'abb9da4387743f3347fee0ad2140e0a2a06c7df8'|'Tesla starts battery cell production at gigafactory'|'Technology News - Wed Jan 4, 2017 - 11:24am EST Tesla starts battery cell production at gigafactory FILE PHOTO: A Panasonic Corp''s lithium-ion battery, which is part of Tesla Motor Inc''s Model S and Model X battery packs, is pictured with the Tesla Motors logo during a photo opportunity at the Panasonic Center in Tokyo, Japan, November 19, 2013. REUTERS/Yuya Shino/File Photo Electric car maker Tesla Motors Inc has started mass production of lithium-ion battery cells at its gigafactory in Nevada along with Japan''s Panasonic Corp, the company said on Wednesday. The cylindrical "2170 cells", which will be used to power Tesla''s energy storage products and the new Model 3 sedan, have been jointly designed by Tesla and Panasonic, its longstanding battery partner. The gigafactory will initially produce battery cells for the company''s Powerwall 2 and Powerpack 2 energy products, Tesla said. The production of cells for Tesla''s first mass-market car, the Model 3, is expected to begin in the second quarter. The company said the gigafactory will produce 35 gigawatt-hours per year of lithium-ion battery cells by 2018. At peak production, the gigafactory is expected to employ 6,500 workers and create between 20,000 and 30,000 additional jobs in the surrounding regions, Tesla said. (Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-tesla-gigafactory-idUSKBN14O1OK'|'2017-01-04T23:24:00.000+02:00'
'75081fb91a5280f5f43e7c6a5a5fd1547e7edef8'|'Maersk, Alibaba team up to offer online booking service for ship space'|' 15am GMT Maersk, Alibaba team up to offer online booking service for ship space left right A sign of Alibaba Group is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016. REUTERS/Aly Song/File Photo 1/2 left right Empty Maersk shipping containers are seen stacked at Peel Ports container terminal in Liverpool northern England, December 9, 2016. REUTERS/Phil Noble 2/2 SHANGHAI The world''s largest container shipping line Maersk has teamed up with Alibaba ( BABA.N ) to allow shippers of goods to reserve space on its vessels through the Chinese e-commerce giant, in a move that bypasses traditional middleman freight forwarders. Maersk, a unit of Denmark''s A.P. Moller-Maersk ( MAERSKb.CO ), began offering the service to Chinese shippers on Alibaba''s OneTouch booking website on Dec. 22, a spokeswoman for the shipping line said on Wednesday. Shippers traditionally go through freight forwarders to book space on container ships, but shipping lines like Maersk are allowing cargo owners to directly book shipments via the internet. And e-commerce companies are increasingly venturing into logistics activities in a bid to gain better control over their supply chain networks. Amazon.com ( AMZN.O ) has registered a Chinese unit as a freight forwarder and has leased aircraft to handle more of its own deliveries in the United States. Alibaba, owner of China''s largest e-commerce platforms, has been making inroads into logistic services in recent years by taking stakes in couriers and buying warehouses. The company was not immediately available to comment. Maersk said this was part of the shipping line''s strategy to provide digitised services for customers and that it plans to launch more pilot programs on third party portals. Acquired by Alibaba in 2010, OneTouch targets small and medium-sized Chinese exporters with online services such as customs clearance and logistics. It also allows them to book air freight and parcel delivery services and supports its parent''s Alibaba.com business-to-business marketplace. "The initial launch ...allows existing Alibaba OneTouch (registered) users to lock in the price of required cargo spaces on selected routes by pre-paying a deposit amount," the Maersk spokeswoman said. "This service will be offered on selected routes and ports initially." It is currently offered on routes from eight Chinese ports, including Shanghai and Ningbo, to ports in Europe and Asia, according to the OneTouch website. (Reporting by Brenda Goh; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-alibaba-maersk-idUKKBN14O0SB'|'2017-01-04T16:15:00.000+02:00'
'5e0c34c56e7e0ebbf574a50e8c27cb707bf41cb4'|'John Lewis posts strong sales growth in pre-Christmas week'|'  11:17am GMT John Lewis posts strong sales growth in pre-Christmas week Shoppers pass a branch of John Lewis in London, Britain, September 15, 2016. REUTERS/Toby Melville LONDON John Lewis [JLP.UL] [JLPLC.UL], Britain''s biggest department store chain, said sales in the week before Christmas soared 36 percent as shoppers splurged on household items and the figures were boosted by two extra trading days compared to the same period in 2015. That contrasted with a 9.4 percent drop in department store sales in the following week ended Dec. 31, when there were fewer trading days due to the timing of public holidays. The employee-owned firm reported similar trends at its upmarket grocery chain Waitrose, with sales in the week to Dec. 24, up 31.1 percent, on strong demand for sparkling wine and party food, while they fell 12.5 percent in the week to Dec. 31. (Reporting by Sarah Young, editing by Paul Sandle)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-john-lewis-table-idUKKBN14O14K'|'2017-01-04T18:17:00.000+02:00'
'd0119f9be6640dfa898b8933f2e0c9ad5b9e921a'|'Ireland sees 2016 budget deficit of 0.9 pct of GDP'|'Financials - Wed Jan 4, 2017 - 11:50am EST Ireland sees 2016 budget deficit of 0.9 pct of GDP DUBLIN Jan 4 Ireland''s Finance Ministry said on Wednesday it expected its budget deficit to be around 0.9 percent in 2016, in line with the last official forecast in October but weaker than Finance Minister Michael Noonan suggested in comments last month. "Budget 2017 forecast a General Government Deficit for 2016 of 0.9 percent of GDP. The exchequer figures for end-2016, released today, support that forecast," the ministry said in a statement. The 2015 deficit was 1.9 percent. Noonan last month told journalists that the deficit could fall as low as 0.7 or 0.8 percent if tax receipts were strong enough, but December''s tax returns published earlier on Wednesday were weaker than forecast. (Reporting by Conor Humphries; Editing by Alison Williams) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ireland-economy-budget-deficit-idUSS8N1E400A'|'2017-01-04T23:50:00.000+02:00'
'1c13f2a4d2a2ebe80b81f4a3157f12ebd78272c4'|'Strong dollar lifts Japan shares toward 13-month high'|'Business News - Wed Jan 4, 2017 - 6:02am GMT Strong dollar lifts Japan shares toward 13-month high left right A TV cameraman films an electronic board showing stock prices after the New Year opening ceremony at the Tokyo Stock Exchange (TSE), held to wish for the success of Japan''s stock market, in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon 1/3 left right People walk past an electronic board showing Japan''s Nikkei average outside a brokerage in Tokyo, Japan, November 18, 2016. REUTERS/Toru Hanai 2/3 left right Visitors use their mobile phones before a ceremony marking the end of trading in 2016 at the Tokyo Stock Exchange (TSE) in Tokyo, Japan December 30, 2016. REUTERS/Toru Hanai 3/3 By Wayne Cole - SYDNEY SYDNEY The U.S. dollar crept nearer to 14-year peaks on Wednesday as an abundance of upbeat global economic data boosted Wall Street and signs of quickening inflation dented fixed-income debt. Spreadbetters pointed to a firm opening for European bourses, while E-Mini futures for the S&P 500 ESc1 added another 0.1 percent. The strength of the U.S. currency kept a lid on commodity prices, but helped Japan''s exporter-heavy stock market rally toward its biggest daily increase in almost two months. In its first trading day of the year, the Nikkei .N225 climbed 2.50 percent and looked set for the highest finish since December 2015. It was further aided by domestic data showing factory activity had expanded at the fastest pace in a year. MSCI''s broadest index of Asia-Pacific stocks outside Japan .MIAPJ0000PUS was on track for a seventh straight session of gains, with shares up 0.2 percent. The brightening mood followed a round of upbeat factory surveys from China, the euro zone and United States. Analysts at Barclays said their measure of global manufacturing confidence hit its highest since December 2013. U.S. factory activity sped to a two-year high amid a surge in new orders, while manufacturing in the euro zone grew at its fastest pace in five years. Notably, the U.S. ISM showed a sharp pick up in raw material prices, which stoked speculation stimulus measures proposed by U.S. President-elect Donald Trump could generate more inflation. Wall Street''s rally was further aided by gains in Verizon Communications ( VZ.N ) and technology companies Alphabet ( GOOGL.O ) and Facebook ( FB.O ). The Dow .DJI ended Tuesday up 0.6 percent, while the S&P 500 .SPX gained 0.85 percent and the Nasdaq .IXIC 0.85 percent. Ford Motor ( F.N ) jumped 3.79 percent on news it would cancel a planned $1.6-billion factory in Mexico and invest $700 million at a Michigan factory, after Trump harshly criticized the Mexico investment plan. The same news slugged the Mexican peso, leaving it at its lowest-ever close against the U.S. dollar MXN= . DOLLAR IN DEMAND The dollar''s strength was broad-based and it hit a 14-year peak on a basket of currencies at 103.82 .DXY before profit-taking pulled it back a touch to 103.32. After an early pause on the yen, the U.S. currency edged up to 118.11 JPY= and back toward major chart resistance around 118.60/66. A floundering euro EUR= was pinned at $1.0402, having dived as deep as $1.0342 overnight. The euro''s decline came despite a jump in domestic bond yields after data showed German inflation hit its highest level in more than three years in December. While much of the increase was due to transitory factors such as energy, long-term inflation expectations still rose to their highest since December 2015 EUIL5YF5Y=R. Overall euro zone numbers due later Wednesday are expected to show inflation picked up to an annual 1 percent, from 0.6 percent previously. ECONALLEZ German 10-year bond yields leaped 10 basis points to a two-week high of 0.29 percent DE10YT=TWEB. In commodity markets, oil prices steadied after losing more than 2 percent on Tuesday. U.S. crude CLc1 clawed back 40 cents to stand at $52.73 a barrel, while Brent futures LCOc1 added 43 cents to $55.90. (Reporting by Wayne Cole; Editing by Eric Meijer and Randy Fabi) Next In Business News U.S. banks gear up to fight Dodd-Frank Act''s Volcker rule Big U.S. banks are set on getting Congress this year to loosen or eliminate the Volcker rule against using depositors'' funds for speculative bets on the bank''s own account, a test case of whether Wall Street can flex its muscle in Washington again.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN14O01F'|'2017-01-04T13:02:00.000+02:00'
'15781227f8b3b575dfe53d7532721c1cc190cd35'|'No Brexit panic yet as foreigners buy UK bonds at record pace'|'  5:38pm GMT No Brexit panic yet as foreigners buy UK bonds at record pace FILE PHOTO - Participants hold a British Union flag and an EU flag during a pro-EU referendum event at Parliament Square in London, Britain June 19, 2016. REUTERS/Neil Hall/File Photo By Jamie McGeever and Andy Bruce - LONDON LONDON Britain''s shock   Union has yet to scare off overseas investors, who are snapping up British government bonds at the fastest pace on record, figures on Wednesday showed. This suggests that foreigners have doubled down on gilts and are taking advantage of the slide in sterling since the June 23 Brexit vote to load up on assets that are now around 20 percent cheaper. The pound''s steep fall is also likely to have forced central banks to buy more British bonds in order to stick to their mandates and keep the sterling weighting of their foreign exchange reserves steady, analysts said. The BoE figures show, however, that domestic investors are going completely the other way and selling British government bonds at the fastest pace on record. Overseas investors bought 15.61 billion pounds ($19 billion)of gilts in November last year, the highest for a single month since October the year before, the BoE said. That brought the rolling three-month total purchases up to 39.43 billion pounds, the highest since BoE records began in 1986, Reuters calculations show. Domestic investors sold 14.61 billion pounds of gilts, bringing the three-month rolling total sales to 67.68 billion pounds, also the highest since 1986. "With the currency so cheap, it looks like overseas investors have bought heavily on a non-hedged basis," said Antoine Bouvet, rates strategist at Mizuho Securities in London. "The slide in sterling helped the stock market move higher, so perhaps there was some reallocation among domestic investors there too," he said. Britain''s benchmark FTSE 100, which derives some 70 percent of its earnings from abroad and therefore benefits from a lower pound, hit its highest ever closing level this week .FTSE . The Brexit shock initially sent sterling, stocks and gilt yields tumbling, and prompted the BoE to cut interest rates to a new low and revive its bond-buying stimulus programme. Alan Clarke, UK and euro zone economist at Scotiabank, noted that holdings of gilts at British insurers and pension funds decreased markedly after they started selling gilts to the BoE in 2009. The latest BoE data showing a big drop in domestic gilt holdings may signal a renewal of this trend, Clarke said, reflecting the BoE expanding its gilt purchases programme by 40 billion pounds in August 2016. By contrast, some overseas central banks and sovereign wealth funds will have been under pressure to top up sterling portfolios battered by the pound''s post-Brexit vote plunge. "It''s a currency effect - gilts are cheaper to buy but also a lot of these overseas investors are mandated to maintain a certain percentage of their portfolios in sterling assets, which means they have been compelled to buy gilts," Clarke said. While stocks and bond yields have recovered GB10YT=RR since last June, the pound has remained under the cosh GBP= and was the worst-performing major currency in the world last year. Britain''s current account deficit is 5.9 percent of gross domestic product, meaning Britain relies on "the kindness of strangers", in the words of BoE governor Mark Carney, to balance its books. ($1 = 0.8131 pounds) (Reporting by Jamie McGeever and Andy Bruce; Editing by Tom Heneghan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-bonds-investment-idUKKBN14O1TQ'|'2017-01-05T00:38:00.000+02:00'
'7bbf39efd393143adbd6ddc19b6c9387cc620e52'|'Credit Suisse, AstraZeneca among top BofA-ML''s top European picks for first quarter'|'Global Energy   11:38am GMT Credit Suisse, AstraZeneca among top BofA-ML''s top European picks for first quarter left right The logo of Swiss bank Credit Suisse is seen at its headquarters at the Paradeplatz in Zurich, Switzerland November 3, 2016. REUTERS/Arnd Wiegmann 1/2 left right A man walks past a sign at an AstraZeneca site in Macclesfield, central England May 19, 2014. REUTERS/Phil Noble/File Photo 2/2 LONDON Credit Suisse and AstraZeneca are among Bank of America-Merrill Lynch''s top picks for the first quarter of 2017, as the market is overly pessimistic on both stocks, according to analysts at the bank. BofA-ML picked out six key "buy" calls and 4 "underperforms" as their top ideas in EMEA for the first quarter. The analysts highlighted Swiss bank Credit Suisse ( CSGN.S ) as a candidate to outperform, saying that the markets division was set to beat expectations and lead to positive surprises. "After years of watching the gradual erosion of Markets revenue forecasts, we now believe consensus estimates are far too bearish for 2017," analysts at BofA-ML said in a note. The bank said its 2018 pre-tax profit forecasts for Credit Suisse were 10 percent above consensus, but still 10 percent below company targets. AstraZeneca ( AZN.L ) is favoured as the firm has an "under-appreciated pipeline which offers potential for premium growth" compared to sector peers, the analysts say. The company has five drugs with a combined potential $18 billion in peak sales due to see final stage results in the U.S. over the next 12-18 months, BofA-ML analysts note. The other "buys" are British American Tobacco ( BATS.L ), Telecom Italia ( TLIT.MI ), payments processor Worldpay ( WPG.L ) and media group ProSieben ( PSMGn.DE ). Among stocks expected to underperform are Italian luxury stock Luxottica ( LUX.MI ) and Airbus ( AIR.PA ). The bank says that greater competition and waning brand momentum make it harder for Luxottica to justify a 30 percent premium valuation, while Airbus also looks expensive given its own headwinds, including slowing order momentum. Dutch coatings and paints maker Akzo Nobel ( AKZO.AS ) and Sweden''s Sandvik SAN.ST are highlighted as the other two key "underperform" ideas. (Reporting by Alistair Smout, Editing by Vikram Subhedar) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-bofa-idUKKBN14N0WE'|'2017-01-03T18:38:00.000+02:00'
'7635e226203adb476cd9009334763251fb0a1e65'|'Prices rise and businesses grow, but ECB probably not for turning'|'Business News - Wed Jan 4, 2017 - 2:29pm GMT Prices rise and businesses grow, but ECB probably not for turning The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski By Francesco Canepa - FRANKFURT FRANKFURT A sharp rebound in euro zone inflation and a better-than-expected business outlook are certain to fire up demands from some hardliners for the European Central Bank to choke off it ultra-generous monetary policy. But don''t bet on the bank doing it just yet. The ECB is still looking at a highly uncertain economic and political landscape in the coming year and is far from declaring victory in its throw-money-at-it campaign to boost inflation to what it sees as normal and to create sustained economic growth. Consumer prices, a key gauge of economic health, rose by 1.1 percent in the 19-country euro zone last month, nearly twice as fast as in November and the highest pace in more than three years. Composite purchasing manager indexes for France, Germany and the euro zone as a whole also came in higher that anyone polled by Reuters had forecast. That implies better-than-expected business expansion. It also means the ECB could hail the latest reading as evidence that its ultra-loose monetary policy is finally driving inflation toward its target of almost 2 percent. But there are caveats a-plenty. First, the inflation increase was partly the result of a stabilization in oil prices, the effect of which are set to start falling out of the data by March. This is a far cry from the "sustained" increase in inflation that ECB President Mario Draghi wants to see before stopping the bond-buying program. "The inflation effect of oil prices will be a brief intermezzo," Thomas Gitzel, chief economist at private bank VP Bank. "The ECB must therefore continue to exercise humility (and) the money tap remains open for the time being." Once energy and volatile food prices are stripped out, inflation did accelerate in December, but only to 0.9 percent. Economists at Barclays expect it to average just 1 percent this year. This is key because ECB director Benoit Coeure said last week the central bank needed to see this ''core'' measure, which is a good indicator of economic activity, "clearly exceed 1 percent". Indeed, euro zone bond yields edged lower on Wednesday as investors appeared to focus on the region''s core inflation rather than high overall price growth. With the picture improving and the latest rebound in oil prices not yet factored into the ECB''s December projections, the central bank may have to revise up its forecasts, but few expect this to translate into immediate policy action. "The ECB will take note of this, but will wait for further confirmation before it reacts with its monetary policy," Joerg Zeuner, chief economist at German development bank KfW, said. POLITICS The optimism found on financial markets about a huge U.S. stimulus once Donald Trump''s administration gets under way is also taken with a pinch of salt by Frankfurt. ECB Vice President Vitor Constancio, for example, has warned about the damage to Europe and the global economy if the new U.S. president elect followed through on his protectionist pledges. Ford Motor Co''s scrapping of a planned Mexican car factory to add 700 jobs in Michigan following Trump''s criticism will have done little to ease such concerns. Finally, the ECB is wary of making any change to its bond-buying machine - which has acted as a safety net for the euro zone economy by taming market pressure and lowering borrowing costs for governments - in a year dense with political risk. Voters in France, Germany, the Netherlands and possibly Italy will go to the polls amid rising support for anti-euro parties. Having just extended the asset-purchase program until December, the ECB''s aim is to hold off any more moves until after the September vote in Germany, where its policy are viewed by many Germans as depressing returns for savers and inflating property prices "Unless the economic situation were to change dramatically, the ECB should have no reason to deviate from this path," economists at Berenberg wrote in a note. None of which, of course, is likely to mute calls from Germany for an early end to the ECB''s 2.3 trillion euros ($2.40 trillion) money-printing program. German data on Tuesday showing domestic inflation within a whisker of the ECB''s target set off grumbles from conservative politicians and leading economists. For a graphic on Eurozone: an economic snapshot, click here here (Reporting By Francesco Canepa)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-policy-analysis-idUKKBN14O1HZ'|'2017-01-04T21:26:00.000+02:00'
'609d6044943752e4f87577a53ef444541146231d'|'Macri turns to fiscal hawk in Argentina reshuffle'|'Macri turns to fiscal hawk in Argentina reshuffle Sacked finance minister Prat-Gay had drawn fire over slow economic recovery Read next by: Benedict Mander in Buenos Aires President Mauricio Macri has appointed a fiscal hawk as treasury minister as part of his first major cabinet reshuffle in an effort to reinvigorate Argentina’s tepid economic growth. Mr Macri sacked Alfonso Prat-Gay , his finance minister, on Monday due to internal conflicts within the economic team. Mr Prat-Gay’s treasury and finance ministry has been divided in two with economist Nicolás Dujovne, who is regarded as a fiscal hardliner, taking over as treasury minister. The appointment puts greater focus on the fiscal consolidation seen as essential for Argentina’s economy. “Having an unapologetic fiscal hawk in one of the two new economy ministry divisions sends a positive signal to the markets,” says Walter Stoeppelwerth, head of research at Balanz Capital, an investment bank in Buenos Aires. Argentina’s fiscal deficit has long been seen as the cause of a string of economic crises over the past half century. But it remains to be seen if Mr Dujovne can effectively implement his plans next year, with legislative elections due that Mr Macri needs to win to ensure his market-orientated economic reform programme continues. Analysts at Banco Mariva, a local bank, see a “change in style but not in substance” in the reshuffle, in which Luis Caputo, Mr Prat-Gay’s finance secretary, takes over as finance minister in recognition of his role in Argentina’s return to the international capital markets earlier this year. “The promotion of Caputo shows Macri’s administration does not want to hurt its relationship with Wall Street, knowing that Argentina will need to raise about $30bn in the market in 2017 to finance next year’s fiscal needs,” wrote analysts at Banco Mariva. Having an unapologetic fiscal hawk in one of the two new economy ministry divisions sends a positive signal to the markets Walter Stoeppelwerth, Balanz Capital Under Mr Prat-Gay, a well connected former central bank governor and currency strategist at JPMorgan, Argentina managed to rebuild its broken financial relations with the rest of the world. That included removing distortionary currency controls, putting an end to a debt default that had dragged on since Argentina’s 2001 economic crisis, and a tax amnesty under way aimed at luring back some of the $400bn that Argentines hold in foreign bank accounts. “Prat-Gay made significant contributions to some historic triumphs for Macri,” says Mr Stoeppelwerth. However, he has faced growing criticism as the economy has taken longer to recover than he predicted. Most observers attribute Mr Prat-Gay’s departure to personal differences within the government’s economic team after Mr Macri watered down the role of Argentina’s traditionally powerful economy “super minister”. Instead, he distributed responsibility for economic policy around several ministries. “The country is not going to be saved by one enlightened person, but a team,” said Mario Quintana, the secretary for interministerial co-ordination at the cabinet office. Related article President’s promised green shoots of recovery are long overdue Sunday, 1 January, 2017 “There is not going to be a change in policy, because economic policy is decided by president Macri. Yes there will be nuances, and the incorporation of Nicolás [Dujovne] will help greatly in the ordering of public spending and the elaboration of a tax reform,” added Mr Quintana. Mr Quintana described Mr Dujovne as an “expert in fiscal strategy”, pointing out that he has worked as an adviser at Mr Macri’s Think Foundation. Many observers consider him already to be an insider. Mr Dujovne, who writes a weekly column in La Nación, an influential newspaper, and frequently appears on television chat shows, has repeatedly warned that Argentina is ill-prepared for a tightening in global financial conditions after the victory of Donald Trump in the US presidential elections. Arguing that the fiscal deficit is unsustainable and markets will not continue funding Argentina indefinitely, Mr Dujovne has raised the possibility of requesting an “easily obtained” $25bn loan from the International Monetary Fund. That is a controversial proposal for many Argentines given the IMF’s role in the 2001 crisis, with the previous populist government severing relations with the multilateral lender in 2006. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/banks'|'https://www.ft.com/content/4836d1c6-cc48-11e6-864f-20dcb35cede2'|'2016-12-28T00:19:00.000+02:00'
'ffadf6363d0d1af999a98f1456b012864f42dc39'|'Spanish economy may have beaten 3.2 percent goal in 2016 - minister'|'Business News - Sun Jan 1, 2017 - 11:05am GMT Spanish economy may have beaten 3.2 percent goal in 2016 - minister People walk past the El Corte Ingles department store in central Madrid, Spain, November 13, 2015. REUTERS/Andrea Comas MADRID Spain''s economic growth may have exceeded the 3.2 percent pace officially projected by the government for 2016, Economy Minister Luis de Guindos said in a radio interview on Sunday. De Guindos also said Spain would be looking to maintain its net debt issuance target for 2017 at around 35 billion euros (30 billion pounds). A household spending revival, led by a turnaround in the job market, has helped Spain extend its recovery from a deep recession in spite of still high unemployment and political uncertainty. De Guindos told Cadena Ser radio that economic output last year could have been above 2015 levels. The government''s official growth projection for both 2015 and 2016 is 3.2 percent. "At this time the estimate we''re handling is that growth may have been higher in 2016 than in 2015," De Guindos said. He forecast that inflation, which rebounded sharply in December as global oil prices surged, would average around 1 percent in 2017. Spain took 10 months to form a government in 2016 after two inconclusive elections, before conservative leader Mariano Rajoy was reinstated for a second term as prime minister in October. With a weak minority in parliament, Rajoy is still wrangling with opposition parties over a budget plan for 2017 that would convince the EU that Spain can reach its deficit targets. De Guindos said he believed the European Commission would not demand extra measures to reach a deficit goal of 3.1 percent of output in 2017 after the Spanish government outlined plans to hike some taxes. It aims to eliminate some tax breaks for companies and raise levies on alcohol, tobacco and sugared drinks. (Reporting by Sarah White; Editing by Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-spain-economy-idUKKBN14L0Y7'|'2017-01-01T18:05:00.000+02:00'
'fc0dcaff39bdcc2fc1950a71994054cc16ef2b63'|'Board of Brazil''s Vale taps Jorge Buso Gomes as vice-chairman'|'Company  59pm EST Board of Brazil''s Vale taps Jorge Buso Gomes as vice-chairman SAO PAULO Jan 4 The board of Brazil''s Vale SA tapped Fernando Jorge Buso Gomes as vice-chairman, to replace Sergio Figueiredo Clemente. According to a securities filing on Wednesday, Moacir Nachbar Junior will be Gomes'' alternate. The board seat of which Luiz Maurício Leuzinger is the alternate will remain vacant, the filing said. (Reporting by Bruno Federowski; Editing by Chris Reese) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vale-sa-board-idUSE6N1DJ012'|'2017-01-05T03:59:00.000+02:00'
'bba0926d7f44bef8febb92132007bf6b2e858fe2'|'MOVES-Credit Suisse blocks attempt by Jefferies to lure senior bankers'|'Jan 4 Credit Suisse AG said it has blocked an attempt by Jefferies Group LLC to lure a number of its senior bankers.Of the eight bankers that had agreed to take on new roles at Jefferies, five are remaining at the Swiss bank, according to Credit Suisse spokeswoman Nicole Sharp.This includes Jonathan Moneypenny, who had agreed to join Jefferies to co-head its global leveraged finance capital markets business, Reuters reported on Tuesday. Moneypenny has reversed his decision and will remain at the Swiss bank, Sharp said.Jeb Slowik, who had also been hired at Jefferies to co-head leveraged finance originations, will also remain at Credit Suisse.A number of other Credit Suisse senior loan team members, including Joseph Kieffer, John Bown and Brad Capadona, are joining Jefferies, Reuters reported on Tuesday.Credit Suisse is trying to protect its leveraged finance franchise, which is among the most active on Wall Street, as Jefferies tries to rebuild its own.Jefferies had also agreed to hire three senior investment bankers from Credit Suisse''s real estate investment banking business. All three will now stay at Credit Suisse, including Dean Decker, who had been hired to co-head Jefferies'' global real estate, gaming and lodging banking business.A Jefferies spokesman did not respond to requests for comment.This is the second time that Jefferies has tried to lure a number of Credit Suisse bankers in recent months.Last year, a group of five Credit Suisse technology investment bankers left for Jefferies, prompting a court case. (Reporting by Olivia Oran in New York; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/credit-suisse-moves-idINL1N1EU0YV'|'2017-01-04T15:00:00.000+02:00'
'df2a28018658b78966f088150959ef42f2bd858e'|'Aggreko wins contract to provide power at 2018 Winter Olympics'|' 55am GMT Aggreko wins contract to provide power at 2018 Winter Olympics UK''s Aggreko Plc ( AGGK.L ) said on Wednesday it had been appointed the official temporary power provider for the 2018 Winter Olympics in Pyeongchang. The company, which is the world''s largest temporary power provider, said it would provide power across 18 competition venues and broadcast centre as part of a contract expected to be valued at around $40 million (32.6 million pounds). Aggreko had earlier pulled out of a tender to supply generators to the Olympic Games in Rio de Janeiro in 2016, after not being awarded the first tranche of contracts. The contract win comes amid a tough period for Aggreko, which said late last year it was reviewing the value of its North American fleet of oil and gas rental generators after further weakness in that market hit its quarterly revenue. Aggreko would be a sponsor for the Pyeongchang Olympics as part of the deal, it said on Wednesday. Asia''s first Winter Olympics outside Japan will see the coastal city of Gangneung host figure skating, curling, ice hockey, speed and short-track skating events, while Pyeongchang, some 180 kilometres east of Seoul, will stage mountain events. (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pyeongchang-olympics-aggreko-idUKKBN14O0LY'|'2017-01-04T14:55:00.000+02:00'
'75ff3fe8fb6270465b40feba1c3aa3e124f525df'|'Oil prices edge up as dollar retreats from 14-year high'|'Economic News - Wed Jan 4, 2017 - 6:53am IST Oil prices edge up as dollar retreats from 14-year high Pump jacks are seen at the Lukoil company owned Imilorskoye oil field outside the west Siberian city of Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices edged up on Wednesday, recovering some losses from the previous day when the U.S.-dollar hit a 14-year peak and weighed on crude markets. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $52.58 per barrel at 0026 GMT, up 25 cents, or 0.5 percent, from the last settlement. International Brent crude futures LCOc1 had yet to trade. Traders said that the increase was due to a dip in the U.S. dollar, making dollar-traded fuel purchases for countries using other currencies at home slightly cheaper. The move came after the dollar hit a 14-year peak .DXY on the back of strong U.S. economic data. Despite Wednesday''s dip in the dollar, analysts expect the greenback to remain strong in the near future. "The dollar remains supported due to the fact that the Fed has not only turned hawkish but it has already started its policy tightening cycle, while the rest of the major central banks are pretty much dovish across the board," said Fawad Razaqzada, market analyst at futures brokerage Forex.com. Analysts said moves in foreign exchange markets would likely be a strong driving factor in crude markets, as investors weigh the prospects of money markets over commodity futures. In physical oil markets, all eyes are on plans by major oil producers like the Organization of the Petroleum Exporting Countries (OPEC) to cut crude supplies from this month in an effort to end global oversupply that has dogged markets for over two years. Reflecting a tightening market, top oil exporter Saudi Arabia is expected to raise official selling prices (OSP) for all its crude grades to Asia in February. OSPs for physically delivered crude to customers around the world are a key indicator in determining the prices for crude oil futures like Brent or WTI. "Crude oil has risen... on expectations of reduced supply excess," Razaqzada said. (Reporting by Henning Gloystein; Editing by Richard Pullin) Next In Economic News Sri Lanka central bank sees higher growth in 2017 despite risks COLOMBO Sri Lanka''s central bank expects the economy to expand between 5.5 and 6.0 percent in 2017, higher than last year''s estimated pace of at least 4.5 percent but lower than earlier forecast due to potential global headwinds, the governor said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN14O03X'|'2017-01-04T08:23:00.000+02:00'
'abcc95ee8deffe5df5c01c6c49e7358506022a0f'|'Polish stock exchange appoints Rafal Antczak as new CEO'|'Financials  37am EST Polish stock exchange appoints Rafal Antczak as new CEO WARSAW Jan 4 Shareholders of Poland''s state-run stock exchange dismissed on Wednesday the bourse''s Chief Executive Officer Malgorzata Zaleska and appointed economist Rafal Antczak as the new head. Zaleska was appointed at the start of 2016 as part of a wider management reshuffle in state-controlled firms following parliamentary election in October 2015 won by the conservative Law and Justice party (PiS). But the dismissal of PiS treasury minister Dawid Jackiewicz in September, who had been criticised by some PiS politicians for appointing his colleagues as executives and managers in the companies, triggered another wave of personnel changes. The bourse faces challenges attracting new issuers and raising capitalisation after the government''s plans to cut dividends and increase tax revenues from state-run firms added to the impact of a 2013 pension system overhaul which hit pension funds. Polish government has a 51.76-percent stake in the exchange, which is vulnerable to government decisions as more than half of the 20 blue chips listed in Warsaw, mostly utilities and banks, also have the state among their shareholders. (Reporting by Anna Koper; Writing Agnieszka Barteczko; Editing by Lidia Kelly) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/bourse-poland-idUSW8N1E3000'|'2017-01-04T17:37:00.000+02:00'
'2d79f47e83a6436a3ac6626086b12d446ee69907'|'UPDATE 1-Moroccan central bank approves five Islamic banks'|' 36pm EST UPDATE 1-Moroccan central bank approves five Islamic banks (Adds details and background) By Aziz El Yaakoubi RABAT Jan 2 Morocco''s Central Bank has approved five requests to open Islamic banks in the country and allowed three French banks to sell Islamic products, it said on Monday. Islamic banks and insurers are setting up in Morocco after new legislation allowed them into the market, and the central bank has set up a central sharia board with a body of Islamic scholars to oversee the new sector. The North African country had long rejected Islamic banking due to concerns about Islamist movements, but its financial market lacks liquidity and foreign investors, both of which Islamic finance could attract. The central bank had said it received seven requests to open Islamic banks. The regulatory approvals concern the three major Moroccan banks Attijariwafa Bank, BMCE of Africa and Banque Centrale Populaire (BCP), and two smaller lenders Credit Agricole (CAM) and Credit Immobilier et Hotelier (CIH). Morocco''s biggest private bank Attijariwafa won the approval while it is still in talks with a partner, the central bank said. The bank''s managing director, Ismail Douiri, told Reuters in October that Attijariwafa was in advanced talks with the Islamic Development Bank (IDB). Douiri said IDB would be a technical partner with a minority stake of between 10 and 20 percent. Morocco''s BCP has chosen Guidance Financial Group, BMCE has picked Bahrain-based Al Baraka Banking Group, while CIH is partnering with Qatar International Islamic Bank. Moroccan state-owned bank Credit Agricole (CAM) has also won regulatory approval to create a unit with the Islamic Corporation for the Development of the Private Sector (ICD), a subsidiary of the Saudi-based IDB. The two parners have said they would inject 200 million dirhams ($19.70 million) of capital into the offshoot and raise that to 400 million dirhams later. Subsidiaries of French banks Societe Generale, Credit du Maroc and BMCI won permission to sell Islamic products. Islamic finance, based on principles that ban interest and pure monetary speculation, has grown rapidly over the past decade. Morocco will issue its first ever Islamic bond (sukuk) in the domestic market in the first half of 2017, the finance minister said last month. However, parliament has yet to to approve a bill regulating Islamic insurance, or takaful. ($1 = 10.1540 Moroccan dirham) (Reporting By Aziz El Yaakoubi; Editing by Robin Pomeroy) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/morocco-cenbank-islamicfunds-idUSL5N1ES1P5'|'2017-01-03T04:36:00.000+02:00'
'f910372dcdc63149b00b3d58a957a4a48f4e001e'|'EU regulators delay ChemChina/Syngenta merger decision to April 12'|'Deals - Tue Jan 3, 2017 - 4:57pm GMT EU regulators delay ChemChina/Syngenta merger decision to April 12 A Syngenta logo is pictured in their office in Singapore, February 12, 2016. REUTERS/Edgar Su/File Photo BRUSSELS European Union antitrust regulators have extended the deadline for a decision on ChemChina''s proposed buy of Swiss pesticides and seeds group Syngenta ( SYNN.S ) by 10 working days to April 12. Syngenta said in a statement the two companies had asked for the extension to allow "sufficient time for the discussion of remedy proposals". The European Commission opened an in-depth investigation into state-owned ChemChina''s $43 billion bid in October, saying the companies had not allayed concerns over the deal. The Commission''s website showed the deadline had been extended by 10 days on Tuesday. "ChemChina and Syngenta remain fully committed to the transaction and are confident of its closure," the Swiss company said. (Reporting by Julia Fioretti and Joshua Franklin in Zurich; editing by Susan Thomas) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-syngenta-ag-m-a-chemchina-idUKKBN14N1GK'|'2017-01-03T23:57:00.000+02:00'
'7f5b4dcfd7676cf8b8e5d35a9c6d0ceecb1f079e'|'Intel to take stake in German mapping firm HERE in automated driving push'|'Business News - Tue Jan 3, 2017 - 6:45pm GMT Intel to take stake in German mapping firm HERE in automated driving push The logo of Intel, the world''s largest chipmaker is seen at their offices in Jerusalem, April 20, 2016. REUTERS/Ronen Zvulun/File Photo FRANKFURT U.S. chip maker Intel will take a 15 percent stake in German digital mapping firm HERE, it said on Tuesday, as it seeks to build its presence in automated driving technology. A filing to the German cartel office on Tuesday showed Intel has sought approval to buy a stake in the company, which is controlled by German carmakers Daimler, BMW and Volkswagen. Intel and HERE said in a statement that they had also signed an agreement to collaborate on the research and development of real-time updates of high definition (HD) maps for highly- and fully-automated driving. Intel did not disclose how much it would pay for the stake but said the transaction is expected to close in the first quarter. The deal highlights a shift in the dynamics of research and development in the car industry, which until recently saw automakers largely dictating terms for suppliers to manufacture their proprietary technologies at specified volumes and prices. Now carmakers are increasingly striking partnerships with technology firms using open technology standards, seeking to harness their expertise in areas including machine learning and mapping as they race against Silicon Valley companies such as Google, Tesla and Apple to develop driverless vehicles. Last month two Chinese companies and Singapore''s sovereign wealth fund GIC agreed to buy a 10 percent stake in HERE and in July, BMW teamed up with Intel and Mobileye to develop self-driving cars by 2021. BMW, Daimler and Volkswagen bought HERE for 2.8 billion euros (2.3 billion pounds) in 2015 from mobile equipment maker Nokia of Finland. Last September, HERE said it would introduce a new set of traffic services allowing drivers to see for themselves what live road conditions are like miles ahead using data from competing automakers, an industry first. ($1 = 0.9592 euros) (Reporting by Irene Presinger and Harro ten Wolde; Editing by Susan Thomas and Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-here-equity-intel-idUKKBN14N1FL'|'2017-01-04T01:45:00.000+02:00'
'4a53ba848b0604dd0944bffdadd3e97333e73677'|'RPT-Britain avoids M&A collapse as foreign buyers go Brexit bargain hunting'|'(Repeats story published on Dec. 30 with no changes to text)* UK M&A value down from 2015 but in trend* Foreign buyers snap up UK companies with dollars* Goldman, JPMorgan, Lazard top UK dealmaking league* SoftBank-ARM, Twenty-First Century Fox-Sky top two dealsBy Pamela Barbaglia and Guy FaulconbridgeLONDON, Dec 30 Britain avoided a collapse in mergers and acquisitions activity after the shock Brexit vote as foreign companies used sterling''s spectacular devaluation against the U.S. dollar to snap up British companies, Thomson Reuters data shows.British M&A totalled $177.5 billion in 2016, down sharply from the record $394.8 billion reached in 2015 - a year when the UK data was skewed by two of three biggest global deals - but was in line with the longer 5-year trend.Total annual mergers and acquisitions values averaged $139.3 billion for the five years to the start of 2015. Britain also retained its place as the third largest M&A market after the United States and China.Behind the headline numbers, there was another clear trend: foreign buyers - such as Rupert Murdoch''s Twenty-First Century Fox - shopping with dollars for bargains while domestic UK-to-UK dealmaking fell off sharply."Brexit should never have been talked up as an Armageddon moment for UK M&A, especially with such a sharp devaluation in the currency which has clearly been a stimulus for overseas buyers," Tim Gee, London-based M&A partner at law firm Baker & McKenzie, told Reuters."Much of the activity in 2016 was skewed towards foreign buyers with less UK-to-UK activity," Gee said. "Total activity levels were not really knocked that much by Brexit but who was doing the buying did shift - deal values in 2016 are very similar to the historical trend."Inbound M&A was $143.7 billion, again down from 2015 but way above the $85.9 billion annual average for the 5 years to 2015, while domestic M&A was $33.7 billion, down from an average of $53.4 billion over the same period.There were just 1,355 domestic deals - the lowest figure in nearly two decades of Thomson Reuters data.2015 was a record year for dealmaking involving UK-listed companies thanks to a series of jumbo deals including Anheuser-Busch Inbev''s $110.3 billion acquisition of SABMiller and Shell''s $53 billion merger with BG Group.BREXIT ''ARMAGEDDON''?The June 23 vote took many investors and chief executives by surprise, triggering the deepest political and financial turmoil in Britain since World War Two and the biggest ever one-day fall in sterling against the dollar.On the day of the vote, sterling traded above $1.50 but is now trading below $1.23 and fell below $1.15 at one point in October.While opponents of leaving the EU had warned that the United Kingdom''s economy would stall and investment stop if voters opted to exit, the data since the Brexit vote has shown the economy was resilient.Just a week after Theresa May entered Downing Street to replace David Cameron as British prime minister, Softbank founder Masayoshi Son made a $30.7 billion move for UK-based chip designer ARM Holdings."I am one of the first people to bet with a big size on the UK after Brexit," Son, who is ranked by Forbes as Japan''s second richest man with a $14.9 fortune, told reporters in London at the time. "Talking is easy. I am proving it...This is my big bet."The second biggest deal of the year was struck by Murdoch: a $14.6 billion deal to buy European pay-TV firm Sky.People familiar with the matter told Reuters the American media corporation pounced after the Brexit vote sent the pound down against the U.S. dollar and Sky''s share price tumbling."The worst predictions surrounding Brexit and its potential impact on our economy have so far failed to materialize," Derek Shakespeare, co-head of UK M&A at Barclays, told Reuters. "With the weaker pound UK businesses have become 10 to 20 percent cheaper.""But the devil is in the detail: we have several years ahead of us to understand what the trading relationship with the EU will look like. So there''s a degree of caution when looking at transactions in Britain," he said."BREXIT MEANS BREXIT"Goldman Sachs, the world''s top dealmaker, was top again in Britain''s league tables, followed by JPMorgan and Lazard which rose to third place in Britain above Deutsche Bank, UBS, Centerview Partners LLC and Morgan Stanley , Thomson Reuters data showed."Geopolitical events such as Brexit have impacted CEO confidence for deal-making over the first part of the year and through the summer," said Gilberto Pozzi, co-head of global M&A at Goldman Sachs."We are now seeing a rebound in M&A activity although boards remain quite cautious in reviewing the opportunities and the pros and cons of M&A transactions," Pozzi said.Barclays'' Shakespeare said many private equity funds have recently sold assets and cashed out of high multiples thus boosting their ability to raise funds.So what will happen in 2017?Baker & McKenzie''s Gee said he expected low levels of activity among financial institutions and basic materials, resources and commodities while M&A hot spots would include technology, innovation and healthcare."It will be a mildly better performance next year than this years with overall uptick in deal value," Gee said. "There is a limit to how long you can sit on your hands."Prime Minister May, who has repeatedly used the example of Softbank''s ARM purchase as evidence that investors are confident in Britain, has promised to trigger formal Brexit talks by the end of March.But May has given few details about what sort of exit deal she will seek to negotiate."Investment coming into the UK is down amid uncertainty around Brexit and that uncertainty will linger into next year," said Dwayne Lysaght, head of UK M&A at JP Morgan."That said, I think uncertainty is becoming the new norm, and the fundamentals for dealmaking remain intact," he said.(Writing by Guy Faulconbridge; editing by Anna Willard)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-eu-ma-idINL5N1ET11U'|'2017-01-03T05:40:00.000+02:00'
'1095e947cae46f25af9972b07a1434b8f416ac0f'|'US STOCKS SNAPSHOT-Wall St opens higher, Dow eyes 20,000'|' 34am EST US STOCKS SNAPSHOT-Wall St opens higher, Dow eyes 20,000 Jan 3 U.S. stocks kicked off the new year with big gains on Tuesday, with all eyes on the Dow Jones Industrial Average as it zeroes in on the historic 20,000 mark. The Dow was up 152.92 points, or 0.77 percent, at 19,915.52, the S&P 500 was up 16.98 points, or 0.758432 percent, at 2,255.81 and the Nasdaq composite was up 41.68 points, or 0.77 percent, at 5,424.80. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1ET2HW'|'2017-01-03T21:34:00.000+02:00'
'9b7e6ffbb82ad8dc9f9ea31bc4e4d6f5aa097ac7'|'Few people seen selling yuan for dollars on first day of China''s forex quota re-set'|'Foreign Exchange Analysis - Tue Jan 3, 2017 - 11:26am GMT Few people seen selling yuan for dollars on first day of China''s forex quota re-set A 100 yuan banknote (R) is placed next to a $100 banknote in this picture illustration taken in Beijing November 7, 2010. REUTERS/Petar Kujundzic By Lusha Zhang and Engen Tham - BEIJING/SHANGHAI BEIJING/SHANGHAI China''s authorities have sounded the alarm in recent weeks over the risk of capital outflows from the economy, but there was little evidence at Beijing and Shanghai banks on Tuesday that Chinese individuals were rushing to lock in 2017 quotas to buy foreign exchange. Only a trickle of people at banks were seen selling yuan for dollars on the first business day of the new year, when buyers in theory could have made use of their quotas. Under China''s capital controls, individuals are permitted to buy up to $50,000 in foreign exchange a year, and data shows January is typically a standout month for onshore foreign currency deposits. The yuan shed nearly 7 percent against the dollar last year, its poorest showing since 1994, as policymakers struggled to contain capital outflows and preserve foreign exchange reserves in the face of a slowing economy and resurgent dollar. Authorities have tightened monitoring of foreign exchange transactions out of concern over capital outflows. China''s currency regulator this week began requiring Chinese individuals who want to buy foreign currencies to specify the purpose of the purchase and provide additional information, and said it would monitor transactions more closely and frequently as well as punish rule-breakers. At major bank branches in two of China''s biggest cities, there were no queues on Tuesday, and the few individuals who changed money reported doing so with relative ease. SMOOTH AND QUICK "The whole process of changing money was pretty smooth and quick," said an office worker surnamed Xu, who withdrew $500 from an ICBC branch in Beijing on Tuesday for a coming vacation in the United States. Several other customers at banks in the two cities reported similar ease when changing amounts of money well below the quota. However, it is unclear how much foreign currency exchange was being conducted online on Tuesday. Central bank data shows onshore foreign exchange deposits rose by almost 32 percent in the first 11 months of 2016, propelled in part by the yuan''s fall to eight-year lows. Aside from the rising forex deposits, there has been little indication of growing unease among ordinary Chinese - although the authorities were taking no chances, repeating a mantra that the economy is improving and there is no basis for depreciation of the yuan in the long term. Yang Zhao, chief China economist at Nomura in Hong Kong, said there wasn''t any widespread panic about the falling yuan, so he had not expected a surge in demand. In recent months, analysts have noted that the yuan was not alone in falling against the dollar, with most other emerging market currencies also suffering, which has helped keep sentiment around the yuan from souring too much. Zhao said restrictions on use of foreign exchange limited anyone''s options and so acted as a disincentive anyhow. "You can''t buy real estate. You can''t purchase anything. Basically you can only park that FX in your deposit account onshore with interest rates that are very low," he said. (Additional reporting by Shanghai and Beijing newsroom; Writing by John Ruwitch) Next In Foreign Exchange Analysis China''s yuan may see more volatility vs. dollar after basket change HONG KONG China''s yuan is likely to see more volatility against the U.S. dollar this year after its foreign exchange market operator changed the way it calculates a key yuan index by nearly doubling the number of foreign currencies in its basket.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-banks-forex-idUKKBN14N0VZ'|'2017-01-03T18:26:00.000+02:00'
'2801558df5b4028b05124322db30fdb5d8faeead'|'Euro zone factories entering 2017 in good shape, PMI shows'|' 08am GMT Euro zone factories entering 2017 in good shape, PMI shows High voltage switch gear is seen in a show room of German industrial group Siemens in Berlin, Germany, April 21, 2016. REUTERS/Fabrizio Bensch LONDON Manufacturers in the euro zone started 2017 on a solid footing, after ramping up activity at the fastest pace in more than five years in December and building up a burgeoning order book, a survey showed on Monday. IHS Markit''s final 2016 manufacturing Purchasing Managers'' Index for the euro zone registered 54.9 in December, in line with an earlier flash estimate and its highest since April 2011. That was above both the 50 mark which separates growth from contraction and November''s 53.7. An index measuring output, which feeds into the composite PMI, jumped to a 32-month high of 56.1 from 54.1. "Euro zone manufacturers are entering 2017 on a strong footing, having ended 2016 with a surge in production," said Chris Williamson, chief business economist at IHS Markit. "To put the PMI data into perspective, the five-and-a-half-year high reached in December is broadly consistent with factory output growing at an impressive annual rate of approximately 4 percent." Suggesting this month will also be strong, a new orders sub-index climbed to 55.9 from 54.4, its highest since April 2011, even though companies raised prices at the fastest rate in over five years. "Policymakers will be doubly pleased to see the manufacturing sector''s improved outlook being accompanied by rising price pressures," Williamson said. In a surprise move last month, the European Central Bank cut asset purchases but promised protracted stimulus to aid a still-fragile recovery and bolster weak inflation.  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-pmi-idUKKBN14M0CF'|'2017-01-02T16:08:00.000+02:00'
'0dc91e48910ab32e2abeab4eb4244c5dccaf34fe'|'MIDEAST STOCKS-Gulf mixed in early trade, Omani falls after budget'|'Financials - Mon Jan 2, 2017 - 3:28am EST MIDEAST STOCKS-Gulf mixed in early trade, Omani falls after budget DUBAI Jan 2 Gulf stock markets were mixed in early trade on Monday as most reopened after the New Year, with some investors yet to return from holidays. Oman fell after authorities announced a tight budget for 2017. Dubai''s index edged up 0.4 percent as much activity focused on speculative stocks including Islamic Arab Insurance , which jumped 14.2 percent and was the most heavily traded issue. Abu Dhabi fell 0.5 percent, partly due to a 5.7 percent slide in Abu Dhabi National Energy. Qatar edged down 0.1 percent as Islamic bank Masraf Al Rayan dropped 0.5 percent after saying it would suspend the activities and licence of its brokerage business, Al Rayan Financial Brokerage Co. It said the brokerage''s paid-up capital represented just 0.06 percent of the bank''s total assets. Saudi Arabia''s index gained 0.3 percent with petrochemicals lagging slightly. Travel agency Al Tayyar, which climbed 7.4 percent on Sunday in unusually heavy trade, added a further 3.8 percent. Oman''s index dropped 0.5 percent after the government released a 2017 budget plan on Sunday that projected a smaller deficit but included fresh austerity steps and tight curbs on spending because of low oil prices. Oman Telecommunications dropped 1.4 percent after tumbling 4.3 percent on Sunday in response to a hike in the royalty that it must pay the government. Ooredoo Oman fell 0.7 percent after plunging 7.9 percent on Sunday. (Reporting by Andrew Torchia; editing by John Stonestreet) Next In Financials German and French share indexes start 2017 on a weaker note LONDON, Jan 2 Germany''s DAX and France''s CAC share indexes fell on the first trading day of 2017 on Monday, with Dialog Semiconductor, the maker of chips used in smartphones made by Apple and Samsung Electronics, featuring among the top fallers.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1ES0GQ'|'2017-01-02T15:28:00.000+02:00'
'c685260a73f61130c301e26dfb646299a83bc18b'|'UPDATE 1-Southern Europe''s bond yields begin 2017 at multi-week lows'|'* Periphery leads fall in yields on first trading day of 2017* Risk appetite boosted by upbeat PMI data* European stocks at one-year high* German Bund yields hit eight-week low (Writes through)By Dhara RanasingheLONDON, Jan 2 Borrowing costs in Italy and Portugal fell to multi-week lows on Monday after strong euro zone manufacturing data and a rally in equity markets boosted appetite for lower-rated euro zone bond markets.Italy and Portugal were among the poorest performing bond markets in the euro zone last year, with annual yields rising for the first time since a 2011 debt crisis in the bloc on investor concerns over banks, fiscal policy and political stability.But with data on Monday showing factories in the region ramped up activity in December at the fastest pace in over five years, appetite for riskier assets received a lift.Euro zone stocks climbed to their highest level in over a year, while southern Europe led a fall in government bond yields.Portugal''s 10-year government bond yield fell 9 basis points to its lowest level for almost four weeks at 3.70 percent . Italy''s 10-year government bond yield fell to an eight-week low of 1.73 percent, also down 9 bps on the day, while Spanish bond yields fell 8 bps to 1.32 percent ."You have new risk mandates and risk appetite tends to be stronger at the start of the year," said Nordea chief market strategist Jan Von Gerich."The PMI data for some of the peripherals was more significant than for the euro area as a whole -- In Italy it shows the recent political uncertainty is not reflected in the data."Italian manufacturing activity grew in December at its quickest pace since June, the Markit/ADACI Purchasing Managers Index showed on Monday, signalling an acceleration in economic growth at the end of the year.INFLATION TEST LOOMSMost other euro zone bond yields were also lower, with safe-haven bonds in Germany drawing some support after a New Year''s Day gun attack in Istanbul that killed 39 people.Germany''s benchmark 10-year bond yield fell to an eight-week low around 0.16 percent, but trading was generally subdued with several markets closed for the New Year holiday.Analysts remained cautious on the outlook for euro zone bonds, with flash euro zone inflation data on Wednesday shaping up as a key test of sentiment.A bounce in oil prices, signs of stronger economic growth and a reassessment of the growth outlook after the election of Donald Trump as U.S. president have lifted inflation expectations.Euro zone market inflation expectations, measured by the five-year breakeven forward, are near their highest levels in more than a year.Economists polled by Reuters forecast euro zone inflation to hit the 1 percent year-on-year level in December."That (1 percent inflation) would mark a significant change in the overall inflation environment," said Commerzbank rates strategist Michael Leister."If the market''s perception of the underlying picture changes, this brings forward the tapering debate significantly and that is the big risk we are looking out for."The European Central Bank has not discussed ending its asset-purchase programme, ECB Executive Board Member Benoit Coeure told a German newspaper on Friday, though he said that would have to happen at some point. (Editing by Louise Ireland and Richard Lough)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-idINL5N1ES0ST'|'2017-01-02T08:58:00.000+02:00'
'f899fd85feeafc87e7783f3152ec9ee23a07489f'|'Observer business agenda’s review of the year - Business - The Guardian'|'W hen you start the year as a FTSE 100 company, but end it in second place on the list of the “modern Christmas cracker jokes” (according to UKTV’s comedy channel Gold) you can assume it’s been a challenging year.The company in question is, of course, Sports Direct, which spent 2016 engulfed by a crisis over pay and working conditions at its depot in Shirebrook, Derbyshire, where it was revealed that workers were effectively receiving less than the national minimum wage after unpaid body searches and tough financial penalties for slight lateness. Hence the chart-topping gag: what do workers at Sports Direct get for Christmas dinner? Answer: about five minutes.But was that really the funniest Sports Direct crack of the year? Maybe not. There was the one where founder Mike Ashley went through a mock security check as part of a PR campaign to demonstrate he really was a man of the people, only to then pull a wad of £50 notes out of his pocket; a similar joke about the company buying a private jet, but allowing staff to rent it for a commercial rate; plus another one when MPs visited Shirebrook only to discover they were being secretly recorded. Still, the most hilarious joke was surely delivered by chairman Keith Hellawell in September, when he refused to resign.A great year for fiction … in British politics The Man Booker prize for fiction went to Paul Beatty in 2016 for The Sellout – and no doubt it was well deserved too. But it was scandalous what names were missed off the shortlist.Somehow the judges overlooked the claims of the Leave campaign in June’s referendum for “We send the EU £350m a week: let’s fund our NHS instead” as well as its rivals in the Remain camp for all sorts of far-fetched plots in its entry, Project Fear.Pages from that tome included IMF boss Christine Lagarde’s “We have done our homework and we haven’t found anything positive to say about a Brexit vote”; JP Morgan chief Jamie Dimon’s warning he could cut 4,000 UK jobs if Britain voted to leave the EU; plus, of course, then chancellor George Osborne’s warning that he’d have to slash public spending and increase taxes in an emergency budget to tackle a £30bn “black hole”.We did vote to leave, of course, and FTSE quickly crashed, making all of the above look quite smart. The FTSE then rose above where it was before and never got that low again – while economic data stubbornly refused to fit in with the Remainers’ expectations. They currently look less smart.Shy and retiring Green heads for a big bash It is now eight months since BHS collapsed and six months since its former owner Sir Philip Green promised to “sort” the £571m pension deficit . BHS is still bust while Green is still working on a solution (and shouting at people).That is despite a year in which the constantly cross shopkeeper has been battling it out with his old pal Mike Ashley for the Fred Goodwin Silver Salver, which this page likes to award to Britain’s most despised business person.Green’s reputation plummeted in 2016 after BHS failed just a year after he had sold the business to the astonishingly unsuitable Dominic Chappell for £1. Both men were then hauled in front of a joint select committee to explain themselves, an exercise that only succeeded in trashing their reputations some more.The MPs found that the department store had been subjected to “systematic plunder” by former owners, while Green gave “insufficient priority” to the pension scheme.Still, let’s look on the bright side. Green is partial to having a small birthday party every five years (you know the sort of thing: music by Stevie Wonder, topless modelling by Simon Cowell) and his 2017 birthday is a significant one. In March, the retailing knight turns 65, at which point he’ll be able to draw his state, er, pension.So, Vladimir, where do you keep your savings? Facebook Twitter Pinterest Cameron and Putin: divergent fortunes. Photograph: TASS / Barcroft Media April saw the release of the Panama Papers , an unprecedented leak of 11.5 million files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca. The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung , which shared them with the International Consortium of Investigative Journalists (ICIJ). The ICIJ then shared them with a large network of international partners, including the Guardian , Observer and the BBC. Perhaps the most startling tale to emerge was the network of secret offshore deals and vast loans worth $2bn laying a trail to Russia’s president, Vladimir Putin. The president’s name did not appear in any of the records, but his friends earned millions from deals that seemingly could not have been secured without his patronage, while the documents suggested Putin’s family benefited from this money.The leak also showed a Panama-based offshore trust set up by David Cameron’s late father had benefited the then prime minister. He ended up making a complete hash of his response by stalling for three days, with four partial statements issued by Downing Street, before confessing he owned shares in the tax haven fund, which he sold for £31,500 just before becoming PM in 2010. Putin’s year improved. Cameron’s didn’t.Gears start to grind in the gig economy Not a great year if you run a business in the so-called gig economy, as a number of moves threatened to improve the lot of workers at firms from Hermes to Deliveroo to Uber – and, possibly, undermine their business models.The UK’s chief taxman referred Hermes to HMRC compliance officers following complaints by couriers that they were being paid at levels equivalent to below the “national living wage”.The move came after newspaper reports revealed that some self-employed couriers for the company, which delivers for retailers including John Lewis and Next, were taking home less than the legal minimum.Some 78 couriers subsequently made complaints to Frank Field, the chairman of the Commons work and pensions select committee.Meanwhile, Deliveroo was told in August that it must pay its workers the minimum wage unless a court rules that they are self-employed, while in November delivery firm CitySprint became embroiled in a similar dispute over the gig economy, when it faced demands to treat its freelance couriers as workers.That came a month after a tribunal ruled that Uber drivers were not self-employed and should be paid the national living wage, in a landmark case which could affect tens of thousands of workers in the gig economy. Uber immediately said it would appeal.Facebook Twitter Pinterest Deliveroo riders: an improving lot? Photograph: Neil Hall/Reuters The long and the short of it, courtesy of Sky “If there is one issue I regard as crucial to successful investment, it is the need for a long-term approach ... Many people in the financial services industry now acknowledge the need for a seismic shift to long-termism, though sometimes this looks like lip service.”That was Martin Gilbert, boss of Aberdeen Asset Management, in a blogpost in 2015. And it is also the same Gilbert who, wearing another hat as deputy chairman of Sky, sought instant gratification by waving through the idea that Rupert Murdoch’s £10.75-a-share bid for the TV group was fair – a conclusion he and his committee came to “after a period of negotiation” that lasted about 48 hours.Anyway, through 21st Century Fox Murdoch formally lodged an £11.7bn bid in December to take control of the two-thirds of Sky he doesn’t already own, meaning he will now need to gain regulatory approval for the deal, which values Sky at more than £18bn.If it goes through, he would control Sky’s operations in the UK, Germany and Italy in addition to his ownership of the Times, Sunday Times and Sun , and the radio group TalkSport.Still, some shareholders and analysts accuse Sky of selling on the cheap, pointing out that the shares were at the offer level as recently as February.How Glasenberg dug himself out of a hole Considering he has made a habit of topping “not-so-rich” lists since floating Glencore in 2011, 2016 was a stellar year for the commodity trader’s second-largest shareholder and chief executive, Ivan Glasenberg .The shares have soared by about 200%, taking the value of his holding to more than £3bn and alleviating the crisis that reduced Glasenberg to his last billion.That turnaround was achieved by hauling Glencore out of its debt hole. Borrowings have been reduced from $30bn to $17.5bn by selling $6bn of assets, cutting expenditure and raising $2.5bn of fresh capital at 125p a share. Glasenberg himself had to write a $211m cheque during that cash call (which is rather impressive) but that punt has paid off handsomely and dividends are set to resume next year.Still, let’s not be too charitable. For all the successes of 2016, it merely reversed some of the pain of previous years. Glasenberg’s aggressive use of debt created the crisis for the company and the shares are still only worth about half of what they were when they listed at 530p, almost six years ago. Something like 2016’s performance is required in 2017, therefore.Leicester won – but the bookies didn’t lose Facebook Twitter Pinterest Leicester City: not the bookies’ nightmare one might imagine. Photograph: Xinhua / Barcroft Images When Leicester City won the Premier League in May – having started the season as a 5,000-1 shot – all the quoted bookmakers started whining that they had paid out £25m, which was dubbed “the biggest loss in British history on a single sporting market”.What a load of old nonsense that was. What really happened was the bookies coined it in all season on the back of unbelievably freakish results, only to hand a fraction of that back at the death.Even so, as this page never tires of pointing out, the myth of the bookies being fleeced by Leicester’s triumph comes second only to the even more unbelievable line that the Foxes’ triumph was football’s “greatest fairytale”. No: it was only the third-greatest footballing fairytale in the East Midlands in the past 44 years.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/01/observer-business-review-of-the-year'|'2017-01-01T02:00:00.000+02:00'
'e9e64b0aa70b394c0615f986fe72ffd0bc28e124'|'Russia''s Rosneftegaz closes Rosneft privatization deal'|'MOSCOW Russian state holding company Rosneftegaz on Wednesday closed a deal with the Qatar Investment Authority (QIA) and commodities trader Glencore ( GLEN.L ) to sell a 19.5 percent stake in state-owned oil major Rosneft ( ROSN.MM ), Rosneft said.The privatization deal, which Rosneft Chief Executive Igor Sechin called the largest in Russia''s history, was announced by Rosneft in a meeting with President Vladimir Putin in December.Its success suggests the lure of taking a share in one of the world''s biggest oil companies outweighs the risks associated with Western sanctions imposed on Russia over the conflict in Ukraine."The technical procedures for closing (the deal) required the preparation and signing of more than 50 documents and agreements," Rosneft said in a statement. "All this reflects the unprecedented complexity of the deal."Italy''s Intesa Sanpaolo ( ISP.MI ) said on Tuesday it would provide a loan for up to 5.2 billion euros ($5.4 billion) to help the QIA and Glencore purchase the stake.(Reporting by Katya Golubkova and Jack Stubbs; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-rosneft-privatisation-idINKBN14O1XP'|'2017-01-04T15:31:00.000+02:00'
'ac24363f9979643617272814137f188929b02f1e'|'Exxon Mobil, Tillerson agree to cut all ties'|'Politics - Tue Jan 3, 2017 - 10:18pm EST Exxon Mobil, Tillerson agree to cut all ties FILE PHOTO - Chairman and chief executive officer Rex W. Tillerson speaks at a news conference following the Exxon Mobil Corporation Shareholders Meeting in Dallas, Texas, May 28, 2008. REUTERS/Mike Stone/File Photo Exxon Mobil Corp said it reached an agreement with Rex Tillerson, its former chairman and chief executive, to cut all ties with the company to comply with conflict-of-interest requirements associated with his nomination as secretary of state. If Tillerson''s appointment is confirmed, the value of more than 2 million deferred Exxon Mobil shares that he would have received over the next 10 years would be transferred to an independently managed trust and the share awards will be canceled, the company said. Tillerson will also surrender entitlement to more than $4.1 million in cash bonuses and other benefits, the company said. (Reporting by Subrat Patnaik in Bengaluru; Editing by Gopakumar Warrier) Next In Politics Exclusive: Wall Street lawyer Jay Clayton emerges as Trump’s top SEC choice BOSTON/WASHINGTON Wall Street lawyer Jay Clayton, who has worked on high-profile initial public offerings such as Alibaba Group, is a leading candidate to head the U.S. Securities and Exchange Commission in the Trump administration, two sources familiar with the matter said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-exxon-mobil-tillerson-idUSKBN14O08N'|'2017-01-04T10:18:00.000+02:00'
'f7b9a081baec580ae6b21721328ead72deb6c6ab'|'U.S. judge delays sentencing of VW employee aiding in emission probe'|'Business News - Tue Jan 3, 2017 - 6:06pm EST U.S. judge delays sentencing of VW employee aiding in emission probe A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia, Poland, September 9, 2016. REUTERS/Kacper Pempel/File Photo By David Shepardson - WASHINGTON WASHINGTON A federal judge on Tuesday delayed the sentencing a German man who is the only person to face U.S. criminal charges over Volkswagen''s diesel emission cheating scandal, as he cooperates with prosecutors still investigating the matter. In September, James R. Liang, who has worked for Volkswagen ( VOWG_p.DE ) since 1983 and was part of a team of engineers who developed a diesel engine, pleaded guilty after being charged with conspiring to commit wire fraud and violating U.S. clean air laws. Liang was scheduled to be sentenced on Feb. 1, but U.S. District Judge Sean Cox in Detroit issued an order delaying the sentencing until May 3 "to allow more time for defendant’s cooperation in the investigation." Liang is "cooperating with the government in the investigation and the potential prosecution of others," the court filing said. Liang, a German citizen who lives in Newbury Park, California, was charged with conspiring with current and former VW employees to mislead the U.S. government about software that federal regulators called a "defeat device," which allowed the automaker to sell diesel vehicles for more than six years that emitted more smog-forming gases than U.S. emission standards allow. A lawyer for Liang did not immediately return a message seeking comment. The Justice Department and Volkswagen declined to comment. Liang was one of the engineers in Wolfsburg, Germany, directly involved in developing the defeat device for the Volkswagen Jetta in 2006, according to the indictment. Engineers had quickly realized the diesel engines they were designing for vehicles targeted at the U.S. market could not meet government clean air standards while appealing to customers, the indictment stated. Volkswagen has agreed to spend as much as $17.5 billion in the United States to resolve claims from owners as well as federal and state regulators over polluting diesel vehicles. Last month, Volkswagen reached a $1 billion settlement with U.S. regulators, offering to buy back about 20,000 of 80,000 polluting luxury VW, Audi and Porsche vehicles with 3.0-liter engines. VW also agreed to fix the remaining 60,000. Volkswagen could still spend billions of dollars more to resolve a U.S. Justice Department criminal investigation and federal and state environmental claims and come under oversight by a federal monitor. Settlement talks have been ongoing and it is possible a deal could be reached before Jan. 20, according to sources briefed on the matter. (Reporting by David Shepardson; Editing by Tom Brown) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-volkswagen-emissions-idUSKBN14N1YX'|'2017-01-04T06:06:00.000+02:00'
'af1f794f05e4d2571ecd6395cb88d5a2b3b104a0'|'European shares pull back from one-year high as Next slumps'|' 50am EST European shares pull back from one-year high as Next slumps (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets) * STOXX 600 down 0.2 percent * Next drags down peers after profit warning * Services PMI strong, inflation data up next * Credit Suisse leads banks higher By Alistair Smout LONDON, Jan 4 European shares edged down from a one-year high on Wednesday, with retailers in focus after standout faller Next cut its profit guidance and cautioned on future trade. The STOXX 600 was down 0.2 percent, pulling back from a one-year high hit in the previous session and on course to snap a three-session winning run. UK fashion retailer Next fell as much as 14 percent and was last down 8.2 percent, making it the biggest percentage faller on the STOXX 600. The stock has lost nearly 40 percent over the past year. "The expected sales recovery ahead of Christmas failed to happen, and this rolls through to cautious company sales and (profit) guidance for 2018," Andrew Hughes, retail analyst at UBS, said in a note. The move dragged down other high street retailers with UK exposure. Marks & Spencer dropped 4.6 percent and Primark owner Associated British Foods fell 3.2 percent. The STOXX 600 retail index was down 1 percent, the biggest sectoral faller. The exception was B&M. The value retailer was the top STOXX 600 riser, up 7 percent, after reporting record Christmas trading. The STOXX 600 is up nearly 12 percent in the seven weeks since lows hit following the U.S. presidential election, as investors bet that global growth and inflation will rise under President-elect Donald Trump. Euro zone services PMIs provided further evidence of economic strength, as businesses ended 2016 by ramping up activity at the fastest pace for five-and-a-half years. Euro zone inflation figures due at 1000 GMT are expected to provide further evidence of rising price pressures. "Euro zone inflation is taking off due to powerful base effects in energy prices," said David Kohl, strategist at Julius Baer. In financials, Credit Suisse shares were up 2.5 percent and in sight of their highest levels in a year following an upgrade by Barclays. Banks rose 0.4 percent, the top sectoral riser. UK-listed housebuilders were also among top sectoral gainers, after Deutsche Bank said there was close to 30 percent upside in the sector. French pharma firm Ipsen hit a record high after Natixis upgraded the stock to "buy" from "hold".  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1EU1JH'|'2017-01-04T16:50:00.000+02:00'
'749f26190ae86773a023db16c7b402c111287bcd'|'The fintech entrepreneur doubling as Arnold Schwarzenegger’s sidekick - Guardian Small Business Network'|'How did your business Moola [an online money management service] start? I’m sure it’s the same for everyone in financial services: you’re often approached by friends asking you what they should do with their money [Godfrey has worked in financial management since 1997]. For me this was magnified because I was being asked the same question on television while appearing as a money and consumer expert [Godfrey’s credits include the BBC, ITV and Sky News].There is a savings crisis in the UK. Millions [according to Deloitte research the number is 5.5 million] have a bit of money to invest but no access to financial advice.People are making more financial transactions online and I felt this change in behaviour was not being catered for. Meanwhile, finance has been shrouded in jargon and complexity, which has alienated people.With Moola, which was launched at the end of 2016, I wanted to offer something different. The advice is jargon-free and it provides a stripped down service to small investors. For financial advisers it takes away the regulatory and administrative burden of looking after smaller clients, making it more cost-effective.''I launched a foreign exchange business with no money'' Read moreSo far, we have a few thousand people signed up and we have been working with venture capital and private equity firm Octopus Investments and their network of independent financial advisers and customers for the last couple of months.How does Moola make money? It gives users access to online investment services for a fee [the lowest cost for investors is £200]. We keep the price down by offering a simplified service and automating wherever possible.The fee is a small slice of what’s invested. It covers the cost of safeguarding the money, background checks, guiding towards investment options, putting the money to work and monitoring it from then on.Where would you like to take it? The vision is to change the landscape of finance, making it inclusive and accessible, so that everyone can grow their money, regardless of how much money they have or how much they understand about investing.It could help people who feel left behind financially, such as those who made their feelings known in the Brexit vote.You recently appeared as an adviser to Arnold Schwarzenegger on The Celebrity Apprentice in the US – how did that opportunity come about? It took seven years of blood, sweat and tears. I started from scratch in the media, dedicating time to build a network of contacts and develop the on-camera skills needed.Of course, I also had to build a track record in business, from firms running $10bn [£8bn] of people’s money [Brooks Macdonald], to my own startup.As one of few official contributors for CNBC outside of the US, I’d already been broadcasted to millions of American viewers on a regular basis. Also, the network that runs The Apprentice is NBC, the owner of CNBC, and therefore I was “in the family”.For this new season, with Arnold Schwarzenegger as the new boss, there was even more of a focus on entertainment. And the show had moved to California from New York [and Trump Towers], so my running a financial technology startup was a perfect fit [with California’s reputation for successful technology startups].As the boardroom adviser, my role was to assess all contestants during the tasks and then report back to Arnold on their performances and suggest who he should fire and save. In the celebrity version, the contestants battled it out for their chosen charities.What was it like? It was fun, surreal and absolutely fascinating to see behind the scenes. It was inspiring to be around such powerful and prominent personalities. With each task kept to a time limit, it meant shooting the show was full-on. It was also hard work offering real, tangible business insights while being entertaining. But I loved every second of it.What was it like to do business in front of a camera crew? The biggest difference between TV and real life is the time restrictions. It’s unlikely you’d have to launch a new brand or close a deal within the 24-hour period in which an Apprentice task is shot. But the skills you need to succeed are the same, and so are the challenges. It’s just like learning about business on fast forward.While you were over there, did you get a sense of the buzz around the election? What were people’s views of Donald Trump? Like with Brexit over here, the rise of someone outside of politics showed how split the country is in terms of the millions of people who feel disenfranchised and left behind.Why do you think finance is dominated by men? It’s a self-perpetuating scenario where the lack of women has put off more women from rising through the ranks. But a successful business needs a balance of skills. Diversity of age, gender and background is required to represent customer needs, challenge the business strategy and deliver tailored solutions.The way to solve the problem is to initiate a virtuous circle of [diverse] role models and mentors showing how it can be done and shifting the balance.ClassPass co-founder: ditching unlimited pass was tough Read more Is there anything you would do differently if you started again?Nope. I’ve made mistakes but they made me tougher. You probably learn more from a misstep than by getting something right first time.What is your proudest moment? Advising the legendary Arnold Schwarzenegger and being in the company of titans such as Warren Buffett, Jessica Alba, Tyra Banks and Steve Ballmer on The Celebrity Apprentice is a contender.Starting Moola with a talented team, backed by industry leaders and authorised by our regulator is another. They’re only beaten by marrying my soulmate, having the most amazing son and a daughter on the way.What advice would you give to other aspiring entrepreneurs? Solve a problem rather than sell a product, validate the need before you build, find a great team.Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/small-business-network/2017/jan/04/fintech-entrepreneur-arnold-schwarzeneggers-sidekick'|'2017-01-04T15:15:00.000+02:00'
'bf585463327422434ea12accab11da96df6ac7df'|'PRESS DIGEST - Wall Street Journal - Jan 4'|'Jan 4 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Ford Motor Co scrapped a plan to build a $1.6 billion small-car factory in Mexico that Donald Trump had slammed, a move announced just hours after the President-elect knocked General Motors Co on Twitter for importing compact cars from Mexico to sell in the U.S. on.wsj.com/2hPy97k- Exxon Mobil Corp has awarded former Chief Executive Rex Tillerson a $180 million retirement package as the company moves to break financial ties with President-elect Donald Trump''s nominee for secretary of state. on.wsj.com/2hPI5xC- Qualcomm Inc views its latest smartphone chip as a "connected device" chip, a bid to outdistance rivals such as Intel Corp in the burgeoning market for gadgets and equipment with computing and communications capabilities built in. on.wsj.com/2hPNBR1- Tesla Motors Inc''s fourth-quarter sales rose 27 percent - but not enough for the Silicon Valley auto maker to reach its goal of delivering at least 80,000 vehicles in 2016. on.wsj.com/2hPG70h- Lawyers representing owners of tainted Volkswagen diesel-powered cars in Germany filed the first lawsuit seeking consumer compensation for damages from the car maker''s diesel scandal in a test case that could turn up pressure on it to compensate millions of European customers. on.wsj.com/2hPGKqB- Intel Corp is acquiring a 15 percent stake in Here International B.V. for an undisclosed sum, joining the digital mapmaker''s core shareholders BMW AG, Daimler AG and Volkswagen AG''s Audi unit in developing navigation technology for self-driving cars. on.wsj.com/2hPznQi- Fox News anchor Megyn Kelly is leaving to join NBC News, taking on a variety of roles for the broadcast network after rising to prominence over the course of more than a dozen years at the cable news juggernaut. on.wsj.com/2hPG7xj(Compiled by Subrat Patnaik in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1EU1U2'|'2017-01-04T02:14:00.000+02:00'
'23195af2c38132505060aadb146b1f7677bc4b59'|'French government favourable toward Fincantieri''s bid for STX France'|'Business News - Wed Jan 4, 2017 - 11:09pm GMT French government favourable toward Fincantieri''s bid for STX France left right The logo of STX Europe is seen at the STX Les Chantiers de l''Atlantique shipyard site in Saint-Nazaire, western FranceJanuary 4, 2017. REUTERS/Stephane Mahe 1/4 left right French Junior Minister Christophe Sirugue attends a press conference at the STX Les Chantiers de l''Atlantique shipyard site in Saint-Nazaire, western France, western France, January 4, 2017. REUTERS/Stephane Mahe 2/4 left right The logo of STX is seen during a press conference at the STX Les Chantiers de l''Atlantique shipyard site in Saint-Nazaire, western France, western France, January 4, 2017. REUTERS/Stephane Mahe 3/4 left right FILE PHOTO Shipbuilders ride past a giant poster November 9, 2016 at the STX Les Chantiers de l''Atlantique shipyard site in Saint-Nazaire, western France. A South Korean court approved Italy''s Fincantieri SpA as preferred bidder to buy shipbuilder STX France, the court spokesman said January 3, 2017. REUTERS/Stephane Mahe/File Photo 4/4 By Emmanuel Jarry - PARIS PARIS A leading French minister expressed support on Wednesday for a bid by Italy''s Fincantieri''s ( FCT.MI ) for shipbuilder STX France, adding that the government would aim to keep the shipbuilder''s main site running at Saint Nazaire. "We said we wanted a European, industrial company ... Fincantieri is a European, industrial company. So it would be hard for us to say ''no'' to them," French Industry Minister Christophe Sirugue told RMC Radio. The sale of STX France, which specializes in building cruise ships at the Saint-Nazaire shipyard and is profitable, forms part of a broader sell-off of businesses following the demise of the South Korean STX shipbuilding group. The French state owns 33 percent of STX France, and Sirugue said the government was keen to keep the Saint Nazaire site in the west of the country. Italy''s 230-year old Fincantieri makes a wide range of vessels from cruise ships to military aircraft carriers, and acquiring STX France would boost its presence in the cruise shipbuilding part of the market. Sirugue said France wanted state-controlled military shipbuilder DCNS, in which Thales ( TCFP.PA ) holds around 35 percent, to take a minority stake in STX France that would definitely be below 50 percent of the company. Saint Nazaire''s high point last year was production of the largest passenger ship ever built, the ''Harmony of the Seas''. (Reporting by Emmanuel Jarry; Writing by Sudip Kar-Gupta; Editing by Richard Balmforth) Next In Business News Deutsche Bank to pay $95 million to end U.S. tax fraud case NEW YORK Deutsche Bank AG agreed to pay $95 million (77 million pounds) to resolve a U.S. government lawsuit accusing the German bank of tax fraud for using "insolvent" shell companies to hide significant tax liabilities from the Internal Revenue Service in 2000.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stx-france-fincantieri-idUKKBN14O2C9'|'2017-01-05T06:09:00.000+02:00'
'c442293bee3f1627519515fe83b11f24a99d2f0b'|'UK house price average surges by £4,000 in December - Business'|'The average UK house price surged by nearly £4,000 in December in the fastest acceleration in values since the Brexit vote, according to Halifax.Prices rose by 1.7% in December alone, reaching a new all-time high of £222,484 and pushing the ratio of house prices to earnings close to a new record. The latest surge in prices follow a slew of end-of-year predictions forecasting a marked slowdown in the market in 2017. Halifax said prices in the final quarter of the year were 2.5% higher than in the previous quarter, while the annualised rate of increase rose to 6.5% in December from 6% in November. Luton, a one-hour commute from central London, recorded the biggest percentage rise in house prices among major UK towns and cities over the past year, according to recent separate research by Halifax. Prices in the Bedfordshire town jumped by 19.4% in 2016 from £214,934 to £256,636. The Guardian view on the housing crisis: right to rent - Editorial Read more The eastern outer London borough of Barking and Dagenham experienced the second biggest rise in average house prices with an increase of 18.6%. Dunstable – Luton’s near neighbour – completed the top three with a 17.9% rise.Martin Ellis, Halifax housing economist, predicts that house price inflation will subside in 2017 despite December’s surge. “House prices finished 2016 strongly. Slower economic growth, pressure on employment and a squeeze on spending power, together with affordability constraints, are expected to reduce housing demand during 2017. “UK house prices should, however, continue to be supported by an ongoing shortage of property for sale, low levels of housebuilding, and exceptionally low interest rates. Overall, annual house price growth nationally is most likely expected to slow to 1%-4% by the end of 2017. The relatively wide range for the forecast reflects the higher than normal degree of uncertainty regarding the prospects for the UK economy this year.” While final year-end figures for transactions have yet to be announced, Halifax estimates total UK home sales for 2016 will be broadly unchanged from 2015 and 2014, at around 1.2m. “Nearly six months on from the Brexit thunderbolt, prices are once again picking up speed slowly and steadily,” said Jonathan Hopper, managing director of Garrington Property Finders. “The chronic imbalance between demand and supply is playing a big part in driving up prices.Russell Quirk of online estate agent eMoov said economists are wrong to predict flat or falling prices in 2017. “It would seem positive news on house prices simply will not go away despite the efforts of some to make us accept that the market will weaken in the wake of EU referendum angst.“As we have said time and again, the UK housing market is fundamentally robust, bulletproof even, and we do not subscribe to the view of the naysayers that we will see price reductions in 2017. The clever money, given today’s numbers, is yet more positive news which will serve to underpin the overall economy this year.”Economist Howard Archer of IHS Global Insight raised his forecast for 2017 house prices from zero to 2%. “This is a modest upward revision from our previous forecast of flat house prices in 2017 due to the fact that house prices are carrying more momentum into 2017 than we had expected and also the fact that we have slightly upgraded our UK GDP growth forecast for 2017 to 1.4% (from 1.3%).“We believe the fundamentals for house buyers will progressively deteriorate during 2017 with consumers’ purchasing power weakening markedly and the labour market likely softening. Increasing economic uncertainty is also likely to weigh down on consumer confidence and willingness to engage in major transactions such as buying a house. Housing market activity and prices are also likely to be pressurised by stretched house prices to earnings ratios and tight checking of prospective mortgage borrowers by lenders.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/09/uk-house-prices-surge-4000-pounds-december-2016'|'2017-01-09T02:00:00.000+02:00'
'46fd169927bc04b3f20d85b8f6dd6b710c2729da'|'Global banking regulators postpones approval of new rules'|'Market News - Tue Jan 3, 2017 - 5:32am EST Global banking regulators postpones approval of new rules FRANKFURT Jan 3 Global banking regulators have postponed a meeting at which they were expected to approve new capital rules designed to avert a repeat of the financial crisis, the Bank for International Settlements (BIS) said on Tuesday. "More time is needed to finalise some work, including ensuring the framework''s final calibration," the Basel Committee said on the BIS website. "A meeting of the GHOS (Group of Central Bank Governors and Heads of Supervision), originally planned for early January, has therefore been postponed. The Committee is expected to complete this work in the near future." (Reporting by Francesco Canepa; Editing by Louise Ireland) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/global-banks-regulations-idUSF9N1BP01W'|'2017-01-03T17:32:00.000+02:00'
'17a62530bf36b6c0654c91b7040196aa4579f8a2'|'European blue chip stocks offer great income opportunities - Barron''s'|'  7:01pm GMT European blue chip stocks offer great income opportunities - Barron''s A Shell logo is seen reflected in a car''s side mirror at a petrol station in west London, Britain, January 29, 2015. Picture taken January 29, 2015. REUTERS/Toby Melville/File Photo By Jarrett Renshaw - NEW YORK NEW YORK European blue-chip stocks Nestle ( NESN.S ), Royal Dutch Shell ( RDSa.L ), Novartis ( NOVN.S ) and Unilever ( ULVR.L ) are expected to be among the best income-producing stocks of 2017, Barron''s said in a report. Many European companies offering dividends finished in the red, hurt by the rise in the U.S. dollar, Barron''s said, noting that valuations have gotten more reasonable and dividend yields have grown. The European companies were listed as part of Barron''s annual list of best income ideas, which this year looked at 10 different sectors, including electric utilities, master-limited partnerships and municipal bonds. In the U.S. market, electric utilities such as Duke Energy Corp ( DUK.N ) and real estate investment trusts (REITs) including Simon Property Group ( SPG.N ) offer good income-generating opportunities in 2017, Barron''s reported. Utility Sempra Energy ( SRE.N ) and REITs Boston Properties ( BXP.N ) and Equity Residential ( EQR.N ) also made the Barron''s list. Treasuries, telecoms and master-limited partnerships are less appealing, Barron''s said. (Reporting By Jarrett Renshaw)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stocks-barron-s-idUKKBN14L1BP'|'2017-01-02T02:01:00.000+02:00'
'fb27b6b4168a4ad00fdb027047d065263e44fb3e'|'Kia Motors says plans to sell 3.17 million vehicles globally in 2017'|'Mon Jan 2, 2017 - 12:03am GMT Kia Motors says plans to sell 3.17 million vehicles globally in 2017 Kia Motor''s new K5 is seen during its unveiling ceremony in Seoul, South Korea July 12, 2016. REUTERS/Kim Hong-Ji - SEOUL Kia Motors Corp ( 000270.KS ) aims to sell 3.17 million vehicles globally in 2017, the South Korean company said on Monday, up slightly from its 2016 goal of 3.12 million. The company also said it fell short of its 2016 sales target but did not give details. Hyundai Motor Co ( 005380.KS ) said earlier on Monday it aims to sell 5.08 million vehicles globally in 2017, up slightly from its 2016 goal. (Reporting by Hyunjoo Jin; writing by Se Young Lee; Editing by Muralikumar Anantharaman and Paul Tait) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-kia-motors-sales-idUKKBN14L1DG'|'2017-01-02T07:01:00.000+02:00'
'b46cd8085e6d5e1ef68b5c38e4511f5df66a987d'|'Hyundai, Kia global sales fall two percent; miss target'|'Business   6:45am GMT Hyundai, Kia global sales fall two percent; miss target Hyundai Motor''s sport utility vehicle (SUV) Tucson and sedan Granduer (black) are seen at its dealership in Seoul, South Korea, December 15, 2016. Picture taken December 15, 2016. REUTERS/Kim Hong-Ji SEOUL Hyundai Motor ( 005380.KS ) and affiliate Kia Motors ( 000270.KS ) on Monday said their global sales dropped 2 percent to 7.88 million vehicles in 2016 from the preceding year, falling short of their target of 8.13 million vehicles. It is the first time since 1998 that the South Korean duo, which together rank fifth in global sales, posted an annual sales fall. Hyundai Motor shipped 4.86 million vehicles compared with its target of 5.01 million. Kia Motors sold 3.02 million vehicles, shy of its goal of 3.12 million. (Reporting by Hyunjoo Jin; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hyundai-motor-sales-idUKKBN14L1D1'|'2017-01-02T13:45:00.000+02:00'
'05a324e94f0bbf9075ff9eaa32f26a67ef796b0d'|'SpaceX aims for Jan. 8 return to flight with Falcon rocket - Reuters'|'By Irene Klotz - CAPE CANAVERAL, Fla. CAPE CANAVERAL, Fla. Elon Musk’s SpaceX plans to resume flying rockets next week following an investigation into why one of them burst into flames on a launch pad four months ago, the company said on Monday.In a statement, SpaceX said it expected to launch a Falcon 9 rocket from California''s Vandenberg Air Force Base on Jan. 8 to put 10 satellites into orbit for Iridium Communications Inc.SpaceX had suspended flights after the same model rocket went up in a blaze on Sept. 1 as it was being fueled for a routine pre-launch test in Florida.The explosion at Cape Canaveral Air Force Station in Florida destroyed the $62 million rocket and a $200 million communications satellite.Space X, owned and operated by Tesla Motors Inc. Chief Executive Officer Musk, has a backlog of more than 70 missions for NASA and commercial customers, worth more than $10 billion.The company statement said that accident investigators concluded that a canister of helium inside the rocket’s upper-stage oxygen tank had exploded.In the short term, SpaceX plans to revamp its fueling procedures so that the super-cold liquid oxygen will not build up between the helium tank’s liner and its outer covering, it added.SpaceX said accumulation of oxygen in a void or buckle in the liner most likely led to the explosion.“In the long term, SpaceX will implement design changes to the (helium canisters) to prevent buckles altogether,” the statement said.The company did not say when new helium canisters would be ready to fly, but that using warmer temperature helium and a slower fueling operation will prevent them from bursting.“Iridium is pleased with SpaceX’s announcement on the results of the September 1 anomaly as identified by their accident investigation team, and their plans to target a return to flight,” company spokeswoman Diane Hockenberry said in a statement.SpaceX has not said how much damage the Sept. 1 accident did to its primary Florida launch pad, nor when a new second pad in Florida, located at NASA’s Kennedy Space Center, will be put into service.(Reporting by Irene Klotz, Editing by W Simon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-space-spacex-idINKBN14M0VI'|'2017-01-02T13:15:00.000+02:00'
'325d2e5cb421e6c5f083ffd7436b00843bd3edbe'|'UPDATE 1-UK''s BBA Aviation to merge aircraft management business with Gama Aviation''s US unit'|'Company News - Tue Jan 3, 2017 - 3:10am EST UPDATE 1-UK''s BBA Aviation to merge aircraft management business with Gama Aviation''s US unit (Adds details, shares) Jan 3 British aircraft services firm BBA Aviation Plc will merge its aircraft management and charter business with London-listed Gama Aviation Plc''s U.S. aircraft management unit, the companies said on Tuesday. The combined entity will have around 200 aircraft under management, making it the largest aircraft management business in the United States, Gama Aviation said in a statement. The merger is expected to be earnings-neutral to Gama Aviation in 2017 and 2018, and earnings-accretive thereafter. Gama said the merger is expected to deliver cost synergies of not less than $2 million over two years. BBA Aviation and Gama Aviation each have a 24.5 percent shareholding of the enlarged entity while the remaining 51 percent is owned by a small number of individual U.S. shareholders, the company said. BBA Aviation acquired its aircraft management and charter services business through the acquisition of Landmark Aviation for $2.065 billion in September 2015. Shares in BBA Aviation were up 0.5 percent at 285 pence at 0803 GMT. (Reporting by Rahul B in Bengaluru; Editing by Subhranshu Sahu and Sunil Nair) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bba-aviation-jointventure-gama-aviation-idUSL4N1ET1D2'|'2017-01-03T15:10:00.000+02:00'
'e43a59f9d674d2abcb8e550feb6df2412992dc52'|'TVH raises Lavendon offer to slightly above offer from Loxam'|'Deals - Tue Jan 3, 2017 - 1:12pm GMT TVH raises Lavendon offer to slightly above offer from Loxam Belgian equipment rental company TVH Group NV said on Tuesday it had raised its offer for Britain''s Lavendon Group Plc ( LVD.L ) to 444 million pounds ($545 million), slightly pipping an offer from French rival Loxam SAS [LOXAM.UL]. TVH said on Tuesday it was now offering 261 pence per Lavendon share, up from its previous offer of 251 pence. Loxam offered 260 pence per share on Dec. 28. TVH also said it now owned about 20.4 percent of Lavendon. Lavendon shares, which have nearly doubled in value since Nov. 22 when TVH disclosed its buyout proposal, were up 1 percent at 267 pence at 1239 GMT on the London Stock Exchange. TVH Group and Loxam are eyeing the British company''s market share in the equipment rental business in both the UK and the Middle East. Loxam, which made its interest in Lavendon public in late November, offered 260 pence per share last Wednesday, valuing the company at 442 million pounds. Lavendon directors have said they intend to unanimously recommend Loxam''s offer. (Reporting by Vidya L Nathan in Bengaluru,) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-lavendon-group-m-a-tvh-group-idUKKBN14N135'|'2017-01-03T20:11:00.000+02:00'
'99d5887dbb67f54d7e420d4fb9de9f52070c5dab'|'Nivalis Therapeutics announces review of strategic alternatives'|'Jan 3 Nivalis Therapeutics Inc* Nivalis Therapeutics announces review of strategic alternatives* Nivalis Therapeutics Inc - board of directors has initiated a process to explore and review a range of strategic alternatives* Nivalis Therapeutics Inc - board has established a special committee to explore and evaluate strategic alternatives* Nivalis Therapeutics Inc - company also intends to streamline its operations in order to preserve its capital and cash resources* Nivalis Therapeutics Inc says has engaged Ladenburg Thalmann & Co. Inc. To act as its strategic financial advisor for review process* Nivalis Therapeutics - intends to complete its ongoing SNO-7 trial of cavosonstat in patients with cf who are currently taking kalydeco (ivacaftor)* Nivalis Therapeutics - to explore and review a range of strategic alternatives to maximize stockholder value from clinical assets and cash resources* Nivalis Therapeutics - potential strategic alternatives that may be explored include acquisition, merger, business combination other strategic deals* Nivalis Therapeutics Inc - ongoing SNO-7 trial of cavosonstat in patients with cf is expected to be completed in Q1 of 2017 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/finance/article/idINASC09PED'|'2017-01-03T20:13:00.000+02:00'
'44a5fd4997948baa958f18315b95198dea2ec0ce'|'Samsung Elec in talks with LG Display for LCD panel supply - Yonhap'|'Business News - Wed Jan 4, 2017 - 8:35am GMT Samsung Elec in talks with LG Display for LCD panel supply - Yonhap An LG Electronics'' logo is pictured on a TV displayed at a shop in Seoul, South Korea, April 26, 2016. REUTERS/Kim Hong-Ji/File Photo SEOUL Samsung Electronics Co Ltd is in talks with South Korea''s LG Display Co Ltd about a potential liquid crystal display (LCD) panel supply deal for televisions, South Korea''s Yonhap News Agency reported on Wednesday. "There are no specifics decided yet but the two companies are deliberating on the matter carefully and seriously," Kim Hyun-suk, head of Samsung''s TV business, was quoted as saying by Yonhap on the sidelines of the CES trade show in Las Vegas. Japan''s Nikkei newspaper reported in December that a joint venture company between Taiwan''s Hon Hai Precision Industry Co Ltd and Sharp Corp will halt the supply of LCD panels to Samsung, the world''s top TV maker, sometime in 2017 as Hon Hai seeks to help boost Sharp''s TV business. LG Display, the world''s top LCD panel maker, does not have a supply relationship agreement with Samsung''s TV business as its top shareholder and sister firm LG Electronics Co Ltd competes against Samsung in the TV market. Samsung did not immediately comment on the report. An LG Display spokeswoman said the company does not comment on client-related matters. (Reporting by Se Young Lee; Editing by Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-samsung-elec-lg-display-idUKKBN14O0OK'|'2017-01-04T15:35:00.000+02:00'
'0adf4acba8f1f7d2728bbe60a7fa91806ce5cc65'|'U.S. stock ETFs collect record cash in December -TrimTabs'|'Money - Wed Jan 4, 2017 - 11:15am EST U.S. stock ETFs collect record cash in December: TrimTabs A trader works on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., January 3, 2017. REUTERS/Lucas Jackson Investors stormed into equities in December, pouring a record $59.9 billion into U.S.-based domestic stock exchange-traded funds, TrimTabs Investment Research said on Wednesday. The figure tops the previous monthly record of $50.7 billion set in November. Stocks have rallied on the potential for lower U.S. corporate taxes and fewer regulations, after the Nov. 8 election gave Republicans who support those policies control of the presidency and the U.S. Congress. The Russell 2000 has gained more than 15 percent since then. "U.S. equity ETFs have had inflows on all but six trading days since the U.S. presidential election, and the buying volume has been by far the strongest we''ve ever seen," TrimTabs Chief Executive David Santschi said in a statement. "Fund flows tend to be a good shorter-term contrary indicator, so the post-election buying spree bodes poorly for U.S. equities." TrimTabs'' ETF data dates back to 1993, when the first such funds started trading in the United States. Overall, investors funneled a record $286 billion into U.S.-based ETFs in 2016, BlackRock Inc data showed on Tuesday. Many ETFs are relatively low cost and aim merely to track the market, not to beat it. (Reporting by Trevor Hunnicutt; Editing by Nick Zieminski) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-investment-funds-trimtabs-idUSKBN14O1OE'|'2017-01-04T23:11:00.000+02:00'
'931320991eac12858ba17ae1531057964313e0fa'|'REFILE-Delta Air Lines forecasts smaller drop in key revenue measure'|'(Corrects to ''Wednesday'' from ''Thursday'' in the first paragraph)Jan 4 Delta Air Lines Inc said on Wednesday it expected a smaller decline in fourth-quarter passenger unit revenue, a closely watched revenue measure, than it had previously forecast.The No. 2 U.S. airline said it expects passenger unit revenue, which compares sales to flight capacity, to be down 2.5-3.0 percent for the current quarter, compared with its previous forecast of a decline of 3 percent. ( bit.ly/2j98WW0 ) (Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/delta-air-outlook-idINL4N1EU3H4'|'2017-01-04T11:42:00.000+02:00'
'e74dc5d2ba24fc691f5325efc6c341bfb83adfbb'|'Turkmenistan halts gas exports to Iran over payment row, Tehran says'|'Business News - Sun Jan 1, 2017 - 5:45pm GMT Turkmenistan halts gas exports to Iran over payment row, Tehran says DUBAI Turkmenistan stopped gas exports to Iran on Sunday in a long-running dispute over arrears, Iran''s state gas company said, days after Tehran said the issue had been temporarily resolved. "Türkmengaz suddenly and ... in an illogical manner, contradictory to the agreement, halted gas deliveries to Iran this morning, demanding quick payment of the disputed amount," the National Iranian Gas Company (NIGC) aid in a statement carried by the oil ministry news website SHANA. Turkmengaz had no immediate comment. Tehran said in December that Turkmenistan had threatened to stop gas exports because of arrears, which amounted to about $1.8 billion and dated back more than a decade. Iran wanted to refer the issue to arbitration. But on Friday, Iranian oil minister Bijan Namdar Zanganeh was quoted by Mehr news agency as saying that Turkmenistan had reached a temporary agreement with Tehran to continue gas exports. Iran has major natural gas fields in the south but has imported gas from Turkmenistan since 1997 for distribution in its northern provinces, especially during the winter. (Reporting by Dubai newsroom; Additional reporting by Olzhas Auyezov in Almaty; Editing by Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iran-turkmenistan-gas-idUKKBN14L1AE'|'2017-01-02T00:45:00.000+02:00'
'be9ad094266e7255f80217d6dd96e6a0151f8a66'|'SK Innovation to invest up to $2.5 billion in 2017 to boost growth'|'Deals - Sun Jan 1, 2017 - 1:48am GMT SK Innovation to invest up to $2.5 billion in 2017 to boost growth SEOUL SK Innovation Co Ltd ( 096770.KS ), which owns South Korea''s top refiner SK Energy, said on Sunday it will spend up to 3 trillion won ($2.49 billion) in chemicals, oil exploration and battery businesses to boost its global growth. Kim Joon, president of SK Innovation, said in a statement that the investments would target new growth options and innovate its business, even though 2017 is expected to be a tough business environment. Under the plan, SK Innovation aims to continue its investment on mergers and acquisitions in chemicals and oil exploration sectors as well as expansion of its battery plants, according to the statement. SK Innovation said in September last year it would expand its businesses in China through joint venture or mergers and acquisitions of Chinese chemical companies. In 2013, SK Innovation subsidiary SK Global Chemical invested a total of 3.3 trillion won ($3 billion) into the Sinopec-SK Wutan Petrochemical joint venture. SK Innovation also said last April that it will begin building electric vehicle battery factories in China but the plan was delayed due to regulatory uncertainty in China, two company officials told Reuters. Despite the setback in China, SK Innovation plans to increase its battery production by expanding its battery plants in South Korea. ($1 = 1,206.2500 won) (Reporting By Jane Chung; Editing by Michael Perry) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-southkorea-skinnovation-idUKKBN14L0PJ'|'2017-01-01T08:46:00.000+02:00'
'bef29b8803e8780121d6718a2c4277917048e7d1'|'MOVES-Cantor Fitzgerald appoints Anshu Jain as president'|'Company News - Mon Jan 2, 2017 - 12:26pm EST MOVES-Cantor Fitzgerald appoints Anshu Jain as president Jan 2 Financial services company Cantor Fitzgerald LP has appointed Anshu Jain, the former co-chief executive of Deutsche Bank AG, as its president, the company said in a statement on Monday. Jain, who has more than three decades of experience in the financial services industry, will work with Chief Executive Howard Lutnick, according to the statement. The company said that Shawn Matthews will remain the president and chief executive officer of its broker-dealer subsidiary Cantor Fitzgerald & Co. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Alan Crosby) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cantorfitzgerald-moves-anshujain-idUSL4N1ES1CY'|'2017-01-03T00:26:00.000+02:00'
'1dd00ce61e83887e02fc4a6464f48bb19855fb0b'|'RPT-UPDATE 2-Growth in China''s factories, services slows in December - official PMI'|'Economic News - Sun Jan 1, 2017 - 7:10pm EST RPT-UPDATE 2-Growth in China''s factories, services slows in December - official PMI (Repeats story issued on Sunday) BEIJING Jan 1 China''s manufacturing sector expanded for a fifth month in December, but growth slowed a touch more than expected in a sign that government measures to rein in soaring asset prices are starting to have a knock-on effect on the broader economy. The official Purchasing Managers'' Index (PMI) stood at 51.4 in December compared with 51.7 in November. A reading above 50 indicates an expansion on a monthly basis while one below 50 suggests a contraction. December''s reading was slightly below the forecast in a Reuters poll for 51.5. A housing boom in the second half of 2016 and a government spending spree on infrastructure have helped boost prices for commodities from cement to steel, giving the manufacturing sector a much-needed lift. But the government is cracking down on speculative property buying, and signals from policymakers that more will be done to contain asset bubbles and rising debt - even at the expense of slower growth - means extra stimulus measures could be limited. "Today''s PMI figures suggest that the change of policy tone has taken its toll, as the authorities are seriously concerned about the asset bubbles," said Zhou Hao, senior economist at Commerzbank. Factory output slowed in December, with the sub-index hitting 53.3 compared with 53.9 the previous month. Total new orders were flat at 53.2, logging the same as in November, while new export orders fell to 50.1 from 50.3. Jobs were again lost, with the employment sub-index sitting at 48.9, compared to 49.2 in November, as the country pledged to cut excess capacity over a range of industries. A sub-index for smaller firms fell, and performance for larger companies also worsened. The Markit/Caixin PMI, a private gauge of manufacturing activity which focuses more on small- and mid-sized firms, is due on Jan. 3. Analysts in a Reuters poll expect it to fall to 50.7 from the previous month''s reading of 50.9. A separate reading on the services sector showed the pace of growth slowed in December, Sunday''s data showed. The official non-manufacturing Purchasing Managers'' Index (PMI) stood at 54.5 in December, down from 54.7 in November, but well above the 50-point mark. China is counting on growth in services - which account for more than half of gross domestic product - to offset persistent softness in exports that is dragging on the economy. Private investment has also remained stubbornly weak. But GDP still looks set to hit Beijing''s 2016 growth target of 6.5 to 7 percent, after expanding 6.7 percent for each of the first three quarters. (Reporting by Ben Blanchard, Elias Glenn and Ryan Woo; Editing by Richard Pullin) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-economy-pmi-factory-official-repea-idUSL4N1ES007'|'2017-01-02T07:10:00.000+02:00'
'312129216473e2f58c8d965cf7565b13afb2377b'|'Owner of Brazil juice maker Natural One sells stake to Gávea: sources'|'By Tatiana Bautzer - SAO PAULO SAO PAULO The owner of Brazilian juice maker Natural One SA has sold a minority stake to Brazilian investment firm Gávea Investimentos Ltda for an undisclosed price, according to two sources with knowledge of the matter.Ricardo Ermirio de Moraes, who founded Natural One a decade ago in the southeastern town of Jarinu and was its sole shareholder, agreed to the deal with Gávea on Dec. 28, the sources said.Moraes is a member of the family that owns Brazil''s largest industrial conglomerate, Votorantim SA. He was previously president of orange juice producer Citrovita SA, which is owned by his family, before founding Natural One.Discussions with rival beverage companies such as Coca Cola Co ( KO.N ) and Britain''s Britvic Plc ( BVIC.L ) failed to reach terms that interested Moraes, the sources added.Three investment firms also looked at the sale, first reported by Reuters on Nov. 1.At that time, Moraes was seeking a $150 million valuation for the whole company, though he had not yet decided whether to sell the control or a minority stake.Gávea and Natural One did not immediately respond to requests for comment.In a message to clients seen by Reuters, Natural One said "Gávea will play an important role in the company´s global growth," improving its capital structure and corporate governance.Gávea will invest through its vehicle GIF V, which manages 1.1 billion reais ($335 million), the statement added. The Brazilian investment firm has acquired stakes in 45 companies since 2006.(Reporting by Tatiana Bautzer; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-natural-one-stake-gavea-idINKBN14M127'|'2017-01-02T16:05:00.000+02:00'
'cc444988a77f252c5a0b21cfb947d86e08288831'|'Samsung Electronics CEO says firm should make no product quality compromise'|'Business News - Mon Jan 2, 2017 - 12:59am GMT Samsung Electronics CEO says firm should make no product quality compromise Choi Soon-sil, a long-time friend of South Korean President Park Geun-hye who is at the center of the South Korean political scandal involving Park, arrives for her first court hearing in Seoul, South Korea, December 19, 2016. Korea Pool/via REUTERS ATTENTION EDITORS - THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. SOUTH KOREA OUT. TPX IMAGES OF THE DAY - RTX2VLQJ SEOUL Samsung Electronics Co Ltd ( 005930.KS ) should make no compromises on the quality of its products, Chief Executive Kwon Oh-hyun said on Monday, asking employees to improve manufacturing processes and safety inspections. The executive, in a New Year''s speech to Samsung employees disclosed by the firm, also warned of growing political and economic uncertainties from risks such as trade protectionism and foreign exchange rates. (Reporting by Se Young Lee; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-samsung-elec-smartphones-ceo-idUKKBN14M00S'|'2017-01-02T07:59:00.000+02:00'
'257b503bf3da7d67472816ccdc4188c3186fc186'|'TABLE-Indonesia sells 15 trillion rupiah bonds at auction, as targeted'|'Financials - Tue Jan 3, 2017 - 4:03am EST TABLE-Indonesia sells 15 trillion rupiah bonds at auction, as targeted Jan 3 Indonesia''s finance ministry sold 15 trillion rupiah ($1.11 billion) of bonds at an auction on Tuesday, in line with the indicative target. Total incoming bids were 36.90 trillion rupiah, higher than 29.29 trillion rupiah received in the previous auction on Dec. 6. The highest bid-to-cover ratio was 2.45 for the T-bills maturing in April 2017. Following are results of the auction. Bids are in trillions of rupiah, yields are in percent. T-bills T-bills Bonds Bonds Bonds maturing maturing maturing maturing maturing Apr 2017 Jan 2018 May 2022 May 2027 May 2036 <IDFR006 <IDFR0059= <IDFR007 1=>> 2=> Incoming 14.975 7.255 7.593 5.203 1.875 bids (trln rph) Winning 6.100 5.300 - 3.600 - bids (trln rph) - 4.100 4.300 - 2.520 - Competitiv e bids (trln rph) - Non 2.000 1.000 - 1.080 - competitiv e bids (trln rph) Lowest 5.74000 6.64000 7.50000 7.70000 8.11000 yield (pct) Highest 6.40000 7.50000 7.75000 8. 8.42000 yield (pct) Weighted 5.93287 6.78674 - 7.79954 - avg yield Bid-to-cov 2.45 1.37 - 1.45 - er ratio NOTE: The highest and lowest yields refer to incoming bids, not bids absorbed by the ministry. ($1 = 13,475 rupiah) (Compiled by Nilufar Rizki in Jakarta; Editing by Sherry Jacob-Phillips) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/indonesia-economy-debt-idUSL4N1ET1DH'|'2017-01-03T16:03:00.000+02:00'
'7bd73e538abb37e0bbe5c2630ed2138757effc07'|'U.S. construction spending hits 10-1/2-year high'|'Business News - Tue Jan 3, 2017 - 10:11am EST U.S. construction spending hits 10-1/2-year high Workers construct a new house in Leyden Rock in Arvada, Colorado, U.S. on August 30, 2016. REUTERS/Rick Wilking/File Photo WASHINGTON - U.S. construction spending rose more than expected in November, reaching its highest level in 10-1/2 years, which could provide a lift to fourth-quarter economic growth. The Commerce Department said on Tuesday that construction spending increased 0.9 percent to $1.18 trillion, the highest level since April 2006. It was boosted by gains in both private and public sector investment., Construction spending in October was revised up to show a 0.6 percent rise instead of the previously reported 0.5 percent increase. Construction spending was up 4.1 percent from a year ago in November. Economists polled by Reuters had forecast construction spending rising 0.6 percent in November. November''s better-than-expected increase and October''s upward revision to construction spending could prompt economists to raise their gross domestic product estimates for the fourth quarter. Spending on private construction projects jumped 1.0 percent in November to its highest level since July 2006 as single-family home building, as well as home renovations, increased. Investment in private nonresidential structures -- which include factories, hospitals and roads -- rose 0.9 percent after tumbling 1.5 percent the prior month. Public construction spending gained 0.8 percent in November to the highest level since March. It was the fourth straight month of increases. Outlays on state and local government construction projects rose 0.6 percent, also gaining for a fourth consecutive month. Federal government construction spending surged 3.1 percent after rising 0.2 percent in October. (Reporting By Lucia Mutikani; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-economy-idUSKBN14N1AM'|'2017-01-03T22:11:00.000+02:00'
'e9747864e01e9752c68a4e853d77ade1512d9a46'|'Sri Lankan rupee ends thin session weaker, seen under pressure'|' 07am EST Sri Lankan rupee ends thin session weaker, seen under pressure COLOMBO Jan 2 The Sri Lankan rupee closed weaker in its first session of the year on Monday as a lack of inflows weighed on sentiment, dealers said. The currency fell 3.9 percent in 2016. Rupee forwards were active, with one-month forwards ending slightly weaker at 150.95/151.00 per dollar compared with Friday''s close of 150.75/85. One-week forwards traded at 150.10/25 per dollar while spot-next forwards and the spot rupee were hardly traded, dealers said. "The rupee is under pressure and it will continue to slide if we don''t see steady inflows," said one currency dealer. On Friday, the central bank raised the spot currency reference rate to 150.00, a record low against the dollar. The banking regulator raised the spot reference rate by a total of 50 cents last week. That followed a 40-cent increase in each of the previous two weeks amid sustained pressure on the currency. Officials from the central bank were not immediately available for comment. The bank kept its benchmark interest rates steady on Friday for a fifth straight month as expected, saying credit growth was responding to earlier tightening measures. Dealers said the market was bracing for some depreciation in the rupee in January after the central bank said this would not necessarily be negative for the economy. (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Mark Trevelyan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sri-lanka-forex-idUSL4N1ES187'|'2017-01-02T19:07:00.000+02:00'
'7d930d843ac79db9f7751889886991faca3b06b3'|'China''s new rules on yuan transfers are not capital controls - Xinhua'|'Business News - Mon Jan 2, 2017 - 10:14am GMT China''s new rules on yuan transfers are not capital controls - Xinhua A Chinese national flag flutters outside the headquarters of the People''s Bank of China, the Chinese central bank, in Beijing, April 3, 2014. REUTERS/Petar Kujundzic BEIJING China''s new rules on overseas currency transfers are not capital controls, the official Xinhua news agency reported, even as some banks told customers that purchases of foreign currency for property, securities and life insurance were not allowed. Capital outflows have been a growing concern for the government in the past year as it attempted to put the economy back on track and keep the currency stable without exhausting its foreign exchange reserves, which tumbled to $3.052 trillion in November, the lowest in almost six years. Starting in July 2017, banks and other financial institutions in China will have to report all domestic and overseas cash transactions of more than 50,000 yuan ($7,201), compared with 200,000 yuan previously, the central bank said on Friday. Banks will also need to report any overseas transfers by individuals of $10,000 or more. The responsibility of reporting such transactions will be assumed by financial institutions, and there will also be no extra documentation or official approval procedures required for companies or individuals, Xinhua reported late on Sunday, citing Ma Jun, chief economist of the People''s Bank of China (PBOC). The government has said its checks on transactions are meant to target money laundering, terrorism financing and fake outbound investment transactions, and not normal, legitimate business activities. China''s foreign exchange regulator said late on Saturday that from Jan. 1 it would step up scrutiny on individual foreign currency purchases and strengthen punishment for illegal money outflows, although the $50,000 annual individual quota will remain unchanged. Regulations allow Chinese nationals a foreign exchange quota of $50,000 a year. Since Sunday, Bank of Shanghai ( 601229.SS ) and China Merchants Bank ( 600036.SS ) customers have been required to fill out a new online form when applying to purchase foreign exchange through their respective mobile banking apps. The form restricted foreign exchange from being used to buy overseas property, securities, life insurance or other investment-style insurance products. Approved uses of funds were restricted to non-investment uses including tourism, schooling, business travel, and medical care. Customers must also indicate how they plan to use the foreign currency and when they plan to spend it. Reuters was not able to reach Bank of Shanghai and China Merchants Bank for comment due to a public holiday on Monday. Reuters was also unable to immediately confirm if all banks in China were using the new application form. (Reporting by Chen Aizhu, Cheng Fang and Elias Glenn; Additional writing by Ryan Woo; Editing by Jacqueline Wong) Next In Business News New drug approvals fall to six-year low in 2016 LONDON Last year turned out to be a disappointing one for new drug approvals with the U.S. Food and Drug Administration clearing just 22 new medicines for sale, the lowest number since 2010 and sharply down on 2015''s tally of 45.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-yuan-idUKKBN14M0FN'|'2017-01-02T17:14:00.000+02:00'
'e115e3c76030c4991c4849cca3544aeb1c4f6a2d'|'RWE to foot nuclear waste bill by mid-2017 - Die Welt'|'Business News - Mon Jan 2, 2017 - 4:04am GMT RWE to foot nuclear waste bill by mid-2017 - Die Welt A fuel station for e-cars of German power supplier RWE, one of Europe''s biggest electricity and gas companies is pictured in Berlin, March 14, 2016. REUTERS/Wolfgang Rattay BERLIN RWE ( RWEG.DE ) will be able to pay the 6.8 billion euros ($7.15 billion) requested by the government to fund the storage of nuclear waste in one lump sum by the middle of 2017, newspaper Die Welt reported, citing the firm''s chief executive. German utilities RWE, E.ON ( EONGn.DE ), EnBW ( EBKG.DE ) and Vattenfall [VATN.UL] agreed with the government in October to start contributing this year to a 23.6 billion euro fund in exchange for shifting liability for nuclear waste storage to the state, giving investors greater clarity over their future finances. The companies had been pushing to get favourable terms of payment and the October deal allows them to transfer the funds at one stroke or in several more costly instalments over the next decade. "We don''t need to draw on the possibility of payment by instalments," RWE CEO Rolf Martin Schmitz said in an interview with the daily newspaper published on Monday, adding that RWE was "well positioned" after raising billions in a stock listing of a minority holding in energy group Innogy ( IGY.DE ). But the firm will step up cost-cutting efforts and cut 2,300 jobs in Germany, the Netherlands and Great Britain between 2015 and 2020 to cushion the impact of low wholesale electricity prices, Schmitz said. (Reporting by Andreas Cremer; Editing by Robin Pomeroy) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rwe-nuclear-idUKKBN14M033'|'2017-01-02T11:04:00.000+02:00'
'f0e4e06cd9a6d6657a6fdb73f54f8223856d63f1'|'FACTBOX - India takes steps to ease impact from ban on banknotes'|'  2:21pm IST FACTBOX - India takes steps to ease impact from ban on banknotes People queue outside a bank to withdraw cash and deposit their old high denomination banknotes in Mumbai, India December 2, 2016. REUTERS/Danish Siddiqui/Files MUMBAI India''s Prime Minister Narendra Modi shocked the country on Nov. 8 by abolishing 500 and 1,000 rupee notes, which accounted for 86 percent of the cash in circulation. The move was aimed at cracking down on the shadow economy, but has brought India''s cash economy to a virtual standstill. The government and the Reserve Bank of India have since taken a slew of measures to ease the pain from its measures. They are detailed below in chronological order. DEC. 31 - Resident Indians, NRIs out of India Nov 9-Dec 30 given more time to exchange old notes DEC. 30 - RBI raises daily limit of withdrawals from ATMs to 4,500 rupees from 2,500 - Monthly limits on mobile wallets, cards transactions to stay at 20,000 INR till further notice - Eases rules for sourcing cash for non-bank ATMs DEC. 29 - RBI allows banks to provide additional working capital loans to small enterprises DEC. 26 - RBI allows 60 day grace period for some farmers to repay crop loans due Nov. 1 to Dec. 31 DEC. 21 - RBI rolls back measure on 5,000 rupees deposit limit, says deposits won''t face scrutiny DEC. 19 - RBI to allow deposits of up to 5,000 rupees in old notes til Dec. 30 after scrutiny from banks DEC. 16 - RBI caps merchant discount rates for some card payments from Jan. 1, 2017 to March 31, 2017 - RBI waives fees for some Immediate Payment Services from Jan. 1, 2017 to March 31, 2017 - Tourists can change FX up to 5,000 rupees per week till Dec 31, from pvs deadline of Dec 15 DEC. 13 - RBI advices banks to preserve CCTV recordings at branches between Nov 8 to Dec 30 DEC. 8 - Govt announces incentives on retail purchases of some products on cashless transactions DEC. 7 - RBI withdraws temporary order for banks to place deposits under cash reserve ratio DEC. 2 - Govt raises limit for market stabilisation bonds to 6 tln rupees to absorb extra liquidity DEC. 1 - Govt says old 500 notes can no longer be used at petrol stations, airline ticket counters NOV. 30 - RBI allows banks to use all cash to meet hiked cash reserve requirement ratio - RBI tightens monthly withdrawal rules from "Jan Dhan" accounts for poor NOV. 28 - Govt announces tax amnesty scheme for unreported cash; will charge 50 pct in taxes, surcharges - People would also have to park quarter of total sum in non-interest bearing deposit for 4 yrs - RBI to allow withdrawals above 24,000 INR weekly limit of deposits made in legal tender. - Those withdrawals would be in new 2,000, 500 rupee bills NOV. 26 - RBI says orders banks to place 100 pct of deposits between Sept-Nov under cash reserve ratio NOV. 25 - RBI expands basket of securities that can be accepted for collateral under money market ops - RBI says old currency notes can be exchanged at RBI branches - RBI says tourists can exchange foreign currency worth up to INR 5,000 per week till Dec 15 NOV. 24 - Govt stops over the counter exchange of old banknotes; can only be deposited - Govt to ensure adequate cash supply for pensioners, armed forces personnel - Allows certain payments in old 500 rupees notes including at tolls, hospitals for limited time NOV. 23 - India govt says will offer 210 bln rupees in farm credit to farmers NOV. 22 - RBI sets balance kept in prepaid wallets, cards (PPIs) at 20,000 rupees from 10,000 til Dec 30 - Merchants can transfer up to 50,000 rupees from PPIs to banks til Dec 30 - Monthly limits on transactions via PPIs raised to 20,000 rupees for 10,000 til Dec 30 - RBI asks state-run Nabard to disburse up to 230 bln rupees for crop loans NOV. 21 - RBI allows cash withdrawal of up to 250,000 rupees for wedding-related expenses - RBI allows farmers to withdraw up to 25,000 rupees a week from their loan, deposit accounts - RBI gives small borrowers 60 more days before loans of up to 10 mln INR are marked substandard - Govt allows farmers to purchase seeds from state-run outlets with old 500 rupee notes NOV. 18 - RBI sets limit of cash withdrawal at card swiping machines at 2,000 rupees per day NOV. 17 - Govt allows farmers to withdraw up to 25,000 rupees a week against the crop loans - Govt extends time limit for farmer to pay crop insurance premiums by 14 days - Cuts limit for over-the-counter exchange of old bills at banks to 2,000 rupees from 4,500 NOV. 15 - Govt says banks must use indelible ink to ensure people change cash only once NOV. 14 - India extends deadline for payments in old notes including for petrol for limited time - Govt says to instal new micro cash machines acrouss country - Govt asks banks to waive off transaction charges on debit, credit cards - Govt says to raise the cash withdrawal limit from current accounts to 50,000 rupees per week NOV. 13 - RBI raises cap on weekly cash withdrawals from banks to 24,000 rupees from 20,000 - Removes per-day withdrawal limit cap of 10,000 rupees - Raises limit for over-the-counter exchange of old bills at banks to 4,500 rupees from 4,000 - Waives ATM fees for all transactions by savings bank customers til Dec. 30 - Govt increases withdrawal limits at recalibrated ATMs to 2,500 rupees/day from 2,000 rupees NOV. 11 - Extends deadline for payments in old notes including for petrol for limited time NOV. 8 - India abolishes 500, 1,000 rupee notes in fight against ''black money'' - 500, 1000 rupee notes must be tendered into banks, RBI by Dec. 30 - Caps exchange of old bills over-the-counter at banks at 4,000 rupees - Caps cash withdrawals from bank accounts at 10,000 rupees per day till Nov 24 - Caps cash withdrawals from bank accounts at 20,000 rupees per week till Nov 24 - Caps cash withdrawals from ATMs at 2,000 rupees per day per card till Nov. 18 - Caps cash withdrawals from ATMs at 4,000 rupees per day per card from Nov. 19 - Allows certain payments in old notes including for petrol for limited time (Compiled by Rafael Nam and Swati Bhat) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-demonetisation-idINKBN14M0B7'|'2017-01-02T15:51:00.000+02:00'
'97d5dc83b35361099e89c2989db3c4f4d4b6521d'|'Argentina decrees telecoms rule changes to increase competition'|'BUENOS AIRES Jan 2 Argentina has loosened regulations to allow more competition in its telecoms sector and widen internet penetration, according to a decree published on Monday that the government hopes will attract billions of dollars in investments.Companies will no longer be barred from simultaneously providing cable TV, internet, fixed line and mobile phone services.Satellite TV company DirecTV will for example be allowed to sell internet services while cable operator Cablevision SA gets the green light to enter the 4G mobile telephone market.The first article of the decree, published in the government''s official bulletin, says the state will: "Implement the basic rules to achieve a greater degree of convergence of networks and services under competitive conditions, promote the deployment of next generation networks and the penetration of broadband internet access throughout the national territory."The telecom reform is one of many changes on President Mauricio Macri''s agenda as he tries to attract investment into an economy that was highly regulated, cut off from international capital markets and largely ignored by foreign investors for a decade before he took office and started implementing reforms a year ago.(Reporting by Hugh Bronstein Editing by W Simon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-telecoms-idINL1N1ES0AH'|'2017-01-02T10:00:00.000+02:00'
'efa1f3e88651c0e1b6dc55b388c8d7ef7903d066'|'BNP Paribas goes head to head with Credit Agricole'|'By Alice Gledhill LONDON, Jan 3 (IFR) - BNP Paribas and Credit Agricole will share the podium for issuing the first senior non-preferred bonds in US dollars after the former bypassed an outstanding mandate from its peer early on Tuesday morning.BNPP swept up Asian orders for the seven-year note (Baa2/A-/A+/AH) before marketing in Europe and the US, turning the tables on Credit Agricole which unexpectedly opened that market in euros at the end of 2016. BNPP later added a euro tranche on the back of strong reverse enquiry out of Europe.Credit Agricole, which priced the first of this new type of debt in mid-December, announced follow-up US dollar five and/or 10-year maturities (Baa2/BBB+/A) on December 27, opening books at the US open on Tuesday despite speculation that it might put the trade on hold."I''m sure Credit Agricole isn''t happy about it," said one banker. The bank could not be immediately reached for comment.Others said BNPP''s strategy made sense. "They''re doing it the right way; you don''t need to reserve your slot, especially in dollars. They''re picking a good day to get both deals done," said a second banker.BNPP''s euro and dollar deals looked to be roughly in line at IPTs, he said. The issuer started marketing the dollar tranche at Treasuries plus 170/175bp and the long six-year euro at swaps plus 105bp area.BNP Paribas intends to print 30bn of the new-style senior debt by 2019, the largest volume among the French banks. The securities, which sit between outstanding preferred senior and Tier 2 debt, are designed to help banks comply with incoming rules demanding larger stacks of debt to absorb losses in a crisis."BNPP''s strategy seems a bit more piecemeal than I''d expected given their target," said another syndicate official, who had expected the bank to offer multiple tranches.The bank''s euro 2.875% Sep 2023 preferred senior, just shorter than the new Oct 2023s, was bid at 44bp over swaps on Tuesday morning, according to Tradeweb.Credit Agricole and Societe Generale paid between 30bp and 40bp over their traditional senior bonds for respective Dec 2026 and Apr 2022 trades, with 10bp-15bp new issue concessions on top.The first two deals were well received, with investors placing more than 8.5bn in combined orders. Societe Generale''s Apr 2022s are bid more than 5bp tighter than reoffer, at swaps plus 84.7bp, but Credit Agricole''s Dec 2026s have widened to 123.4bp after pricing at 115bp.The spread on BNPP''s euro tranche fixed at swaps plus 92bp for a 1bn deal, but there was no book update available. (Reporting by Alice Gledhill, editing by Helene Durand, Julian Baker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/banks-bonds-idINL5N1ET253'|'2017-01-03T11:39:00.000+02:00'
'4de90fdc25c4446374f6bfd2c73671b6887a2e81'|'Nigeria to close capital''s airport for 6 weeks from 8 March'|'Industrials - Tue Jan 3, 2017 - 9:30am EST Nigeria to close capital''s airport for 6 weeks from 8 March ABUJA Jan 3 Nigeria plans to close the airport in the capital Abuja for six weeks from 8 March to repair its runway, the aviation ministry said on Tuesday, pushing the move back later than previously scheduled. The decision to shut the airport and divert Abuja-bound flights to Kaduna, an airport used primarily for domestic flights about 160 km (100 miles) to the north, was taken after airlines threatened to stop flying to the capital. The government had said the six week closure would begin in February. But a statement issued on Tuesday, which said the aviation minister would discuss the matter with stakeholders, said the "proposed closure" was set to start on 8 March. No reason was given for the change of date. The meeting with aviation industry figures, on Thursday, is to brief them on efforts being made to ensure that the use of Kaduna''s airport is "seamless and hitch-free" said aviation ministry spokesman James Odaudu. Analysts have said that the temporary closure of Abuja airport, the country''s second busiest after the commercial capital Lagos, will have a negative impact on Africa''s biggest economy, which fell into recession in 2016 for the first time in 25 years. Passengers travelling to Abuja will have to fly to Kaduna and travel in bus shuttles, guarded by security provided by the government, to the capital on a pot-holed road where kidnappings have taken place in the last few years. Kaduna''s international airport handled 12 flights in December 2015, the last month for which Nigeria''s airports authority has figures, compared with 812 that used Abuja International. The government has said German company Julius Berger will carry out repairs on Abuja''s damaged runway. (Reporting by Felix Onuah; Writing by Alexis Akwagyiram) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/nigeria-airport-idUSL5N1ET2M7'|'2017-01-03T21:30:00.000+02:00'
'947fdb933548a94d8685dd4c6112fb6d2572001b'|'North American movie box office sets record in 2016 - Reuters'|'NEW YORK The North American movie box office raked in $11.4 billion in 2016, making it the highest-earning year in history, according to box office tracker comScore.Last year''s total eclipsed the previous record of $11.14 billion in 2015.The crop of blockbuster movies in 2016 was topped by "Finding Dory," which tallied $486.3 million in sales in the United States and Canada, comScore said.The latest Star Wars movie, "Rogue One," finished the year in second place, but it was only released on Dec. 16 in the United States and continues to enjoy strong sales.Disney had six of North America''s top 10 grossing movies in 2016 and all of the top three, including "Captain America: Civil War," which took in $408 million, according to comScore."Forgetful fish, super-heroes, household pets and space travelers led the charge in a year that was marked by an incredibly diverse selection of films from every genre and of every size and scope from all the studios," comScore''s senior media analyst, Paul Dergarabedian, said in a news release on Sunday.(Reporting by Jarrett Renshaw; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-boxoffice-record-idINKBN14L1CN'|'2017-01-01T18:09:00.000+02:00'
'87105803d35a7a33a37db48c8e7646f42954c219'|'Italy''s December manufacturing PMI rises to six-month high'|'Business News - Mon Jan 2, 2017 - 9:27am GMT Italy''s December manufacturing PMI rises to six-month high Italian manufacturing activity grew in December at its fastest rate since June, a survey showed on Monday, signalling an acceleration in economic growth at the end of the year. The Markit/ADACI Purchasing Managers Index (PMI) rose to 53.2 in December from 52.2 in November, above the 50 mark that separates growth from contraction. The PMI also showed that manufacturing orders and output both increased to their highest levels since June. The sub-index for new orders rose to 54.7 from 53.2 in November, driven by orders from abroad. The positive PMI is welcome news for Prime Minister Paolo Gentiloni, who took over leadership of the euro zone''s most chronically sluggish economy in December. The government forecasts 0.8 percent growth last year, less than half of what is forecast for the German economy. But growth rebounded in the third quarter, rising 0.3 percent from the previous three months, compared with a 0.1 percent increase in the second quarter. Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-economy-pmi-idUKKBN14M0DY'|'2017-01-02T16:27:00.000+02:00'
'08a11f07f39948555158f1cb2a17bb8df9fdaf3b'|'Shops ''face perfect storm of rising costs and falling spending'''|'Shops in Britain face a perfect storm of rising costs and falling consumer spending in 2017, one of the world’s leading commercial property agents has warned, raising the possibility of more closures after the demise of BHS last year.Retailers will have to contend with rising inflation, labour costs and taxes at the same time as consumers tighten their belts, piling on the pressure for businesses that are already having to deal with the rise of online shopping, according to property agent JLL.The warning of a “perfect storm” for retailers is similar to comments made by Dave Lewis, the chief executive of Tesco, in late 2015 that the industry faced a “potentially lethal cocktail” . Lewis warned that retailers face £14bn of extra costs over the next five years due to an increase in business rates, the apprenticeship levy and the introduction of the “ national living wage ”.The British Retail Consortium has warned that the strain on the sector and the structural changes taking place could lead to up to 900,000 jobs being lost and 74,000 shops being closed over the next decade . In total the industry in the UK employs about 3m people and has 270,000 shops.In its annual predictions for the year ahead, JLL warned that retailers would be hurt by the weakness in sterling leading to an increase in the cost of importing goods. However, it said that any fall in consumer spending is unlikely to be uniform across the country, with major high streets and shopping centres demonstrating “resilience at the expense of less relevant centres that have been slow to respond to cyclical and structural change”.Tim Vallance, head of UK retail and leisure at JLL, said: “In 2017, retailers will endure a ‘perfect storm’ of rising inflation, labour costs, import costs and in some cases business rates, ongoing ecommerce–led structural change, in addition to a potential reduction in consumer spend. “In particular, rising import costs as a result of post-referendum currency fluctuations may have to be passed on to the consumer, or retailer margins will be cut. Larger retailers will be better positioned to bear the impact, offsetting it by currency hedging and economies of scale.”Retailers will feel particularly squeezed from April, when the national living wage will increase from £7.20 to £7.50 and business rates will move in line with the latest revaluation of Britain’s property. The revaluation of business rates is expected to result in a sharp increase in tax payments for shops in central London, supermarkets, and shopping centres. However, struggling town centres, especially in the north and west of the country, should enjoy a much-needed tax cut.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/02/shops-rising-costs-falling-consumer-spend-closures-retailers'|'2017-01-02T02:00:00.000+02:00'
'f5826a8133f007c73eb22bc2b1384e44570677cf'|'VW faces first legal test case over emissions in Germany'|'Business News - Tue Jan 3, 2017 - 5:28pm GMT VW faces first legal test case over emissions in Germany BERLIN German consumer rights champion myRight filed the first legal test case against Volkswagen ( VOWG_p.DE ) in Germany on Tuesday, raising pressure on the carmaker to compensate customers in Europe over the emissions scandal. Europe''s largest automaker has pledged billions to compensate U.S. owners of Volkswagen (VW) diesel-powered cars, but has so far rejected any compensation for the 8.5 million affected vehicles in Europe where different legal rules weaken the chances of affected customers winning a pay out. Instead, VW is in the process of removing the illicit software that cheated emissions tests and insists the technical fixes will inflict no loss of value on car owners in Europe. It hopes to have completed repairs to all affected vehicles by the end of the year. MyRight, which has gathered more than 100,000 VW owners through its web site, has accused VW of breaching European Union law by selling cars with software that was banned under EU rules, according to the 93-page legal document seen by Reuters. Rather than seeking compensation for a decline in value, the lawsuit aims to force VW to repurchase the vehicles at the original price, myRight founder Jan-Eike Andresen said. MyRight has mandated U.S. law firm Hausfeld to pursue the claims. Hausfeld represents aggrieved VW owners and shareholders on both sides of the Atlantic. The purpose of the proceedings by myRight is to act as a model - resolving generic or common issues for other related cases. However, unlike in a U.S. class action, it does not have the legal effect of resolving all individual claims. Wolfsburg-based Volkswagen, has said the software fitted into the engine at the centre of the scandal, codenamed EA 189, does not violate European law and declined comment on the myRight suit. "We have taken note that myRight has announced the submission of diesel lawsuits for Jan. 3. The lawsuits have not yet been made available to us which is why we cannot comment on the contents at the moment," the carmaker said. (Reporting by Andreas Cremer. Additional reporting by Jan Schwartz; Editing by Alexandra Hudson) A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia, Poland, September 9, 2016. REUTERS/Kacper Pempel/File Photo Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-lawsuit-idUKKBN14N1FD'|'2017-01-04T00:28:00.000+02:00'
'c54fb7a9cc1ab3a4b8d1643bc37a46d338b5beb3'|'German Ifo think tank chief says Italy risks quitting euro zone'|'  6:34pm GMT German Ifo think tank chief says Italy risks quitting euro zone Italy''s Prime Minister Paolo Gentiloni arrives to hold a traditional end-year press conference in Rome, Italy December 29, 2016. REUTERS/Alessandro Bianchi BERLIN The head of Germany''s Ifo economic institute believes Italians will eventually want to quit the euro currency area if their standard of living does not improve, he told German daily Tagesspiegel. "The standard of living in Italy is at the same level as in 2000. If that does not change, the Italians will at some stage say: ''We don''t want this euro zone any more''," Ifo chief Clemens Fuest told the newspaper. He also said that if Germany''s parliament were to approve a European rescue programme for Italy, it would impose on German taxpayers risks "the size of which it does not know and cannot control." He said German lawmakers should not agree to do this. Italy is not seeking such a rescue programme. The government in Rome is focusing on underwriting the stability of its banking sector, starting with a bailout of Monte dei Paschi di Siena ( BMPS.MI ). (Writing by Paul Carrel; Editing by Robin Pomeroy) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-italy-germany-idUKKBN14L1BB'|'2017-01-02T01:34:00.000+02:00'
'c85654f4e7da23991f823d47530265dce61a2c4c'|'State Bank of India cuts lending rate by 90 bps across maturities'|'Business News - Sun Jan 1, 2017 - 3:33am EST State Bank of India cuts lending rate by 90 bps across maturities An electrician puts lights on the logo of State Bank of India at its main branch in Mumbai, India, March 9, 2016. REUTERS/Danish Siddiqui/File Photo MUMBAI State Bank of India ( SBI.NS ), the country''s biggest lender by assets, said on Sunday it had cut its lending rates by 90 basis points for maturities ranging from overnight to three-year tenures, after experiencing a surge in deposits. After the move, its so-called overnight marginal cost of funds-based lending rate (MCLR) fell to 7.75 percent from 8.65 percent, while three-year loan rates will now be 8.15 percent from 9.05 percent previously. Lending rates were also cut across other maturities effective Sunday. Banks have received an estimated 14.9 trillion rupees ($219.30 billion) in old 500, and 1,000 rupees notes from depositors since the government in Nov. 8 unexpectedly banned the banknotes in a bid to fight counterfeiting and bring unaccounted cash to the economy. That had raised expectations banks would have room to cut lending rates, which is seen as vital to increase credit growth and spark a revival in private investments. Although India''s gross domestic product grew 7.3 percent in the July-September quarter from a year earlier, the fastest pace of growth among large economies, much of that has been led by consumer demand. Lower lending rates will be welcome by the Reserve Bank of India, which has cut the policy rate by 175 bps since the start of 2015 but has felt banks were being too slow in cutting their lending rates. The SBI move also comes after Prime Minister Narendra Modi on Saturday admonished banks to "keep the poor, the lower middle class, and the middle class at the focus of their activities," and to act with the "public interest" in mind. Modi''s comments were made in a special New Year''s eve speech in which he defended his ban on higher value cash notes and announced a slew of incentives including channeling more credit to the poor and the middle class. ($1 = 67.9445 Indian rupees) (Reporting by Rafael Nam; Editing by Michael Perry) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-state-bank-of-india-lending-rate-idUSKBN14L0V4'|'2017-01-01T15:30:00.000+02:00'
'11c44081dd0affacfddcce6ffa6afe4f9aa1df85'|'French auto market ends second rebound year with December gain'|'Business News - Sun Jan 1, 2017 - 11:49am GMT French auto market ends second rebound year with December gain Workers for French car manufacturer Peugeot polish cars during preparation works for the international car show ''''IAA'''' in Frankfurt September 12, 2009. The world''s biggest car show will open September 15. REUTERS/Kai Pfaffenbach PARIS French car sales rose 5.8 percent in December, according to industry data published on Sunday, closing a second consecutive year of strong growth in Europe''s third-biggest auto market. Registrations rose to 194,388 cars last month from 183,720 a year earlier, the CCFA industry association said. The full-year total topped 2 million, a 5.1 percent increase from 2015. Renault ( RENA.PA ) gained on competitors in its domestic market last year, with an 8 percent sales increase led by its no-frills Dacia brand. Rival PSA ( PEUP.PA ), maker of Peugeot, Citroen and DS cars, lost market share as sales stagnated. In December, both French carmakers underperformed the market expansion, with Renault registrations increasing a modest 0.6 percent and PSA down 3.5 percent. The French auto market, which ranks behind Germany and Britain by volume, has been in recovery since 2015, when car sales rose 6.8 percent. That followed four straight years of decline and an almost flat 2014. Delivery van registrations rose 3.2 percent in December and 8.1 percent over the year, the CCFA also said. Light vehicle sales, which combine vans and cars, rose 5.6 percent in 2016. (Reporting by Laurence Frost and Gilles Guillaume; editing by David Clarke) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-vehicleregistrations-idUKKBN14L0ZR'|'2017-01-01T18:49:00.000+02:00'
'2f87fff498e6f7c54f52409a36c67f0635057883'|'China December factory activity rises to near four-year high - Caixin PMI'|'Business News - Tue Jan 3, 2017 - 2:18am GMT China December factory activity rises to near four-year high - Caixin PMI A woman works in the Tianye Tolian Heavy Industry Co. factory in Qinhuangdao in the QHD economic development zone, Hebei province, China December 2, 2016. REUTERS/Thomas Peter BEIJING China''s factory activity picked up more than expected in December as demand accelerated, with output reaching a near six-year high, a private business survey showed on Tuesday, giving the manufacturing sector a solid boost heading into 2017. The Caixin/Markit Manufacturing Purchasing Managers'' index (PMI) rose to 51.9 on a seasonally adjusted basis, from 50.9 in November and easily beating analysts'' forecasts of 50.7. The index has been slowly building momentum thanks to a lending and construction boom, and has now been above the 50-point neutral level which separates expansion in activity from contraction for six straight months. Output rose at the fastest pace since January 2011, with a reading of 53.7, and new orders also increased significantly, though companies continued to cut staff and at a slightly faster rate from November. Order growth was fuelled by stronger domestic demand as new export orders remained sluggish. The private survey tends to focus more on small and mid-sized Chinese firms, which have had a harder time gaining traction than larger, state-backed firms. An official factory survey on Sunday showed activity in the sector expanded for a fifth month in December, though growth slowed a touch more than expected as government measures to rein in soaring asset prices start to have an effect on the broader economy. After a rocky start to the year, China''s economy looks set to hit Beijing''s 2016 growth target of 6.5 to 7 percent, after expanding 6.7 percent for each of the first three quarters. Data last week showed profits at industrial companies rose at the fastest pace in three months in November, with the extra income offering some relief for the many debt-laden companies in smokestack industries. Profits in November rose 14.5 percent to 774.6 billion yuan ($111 billion) from a year earlier, the highest since August''s record 19.5 percent spike, National Bureau of Statistics (NBS) said. Prices charged by Chinese manufacturers for their goods increased for the 10th straight month, boding well for profit margins. "The Chinese manufacturing economy continued to improve in December...," Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, said in a note with the report. "However, it is still to be seen if the stabilization of the economy is consolidated due to uncertainties in whether restocking and consumer price rises can be sustainable." China''s industrial sector has benefited this year from infrastructure and housing spending, which has spurred demand for materials from cement to steel. Reductions in excess capacity have further buoyed prices of raw materials. But despite the rebound, most analysts say the economy will face challenges in 2017 as the impact of previous stimulus wears off and as the property sector slows. Auto sales could also slow from double-digit growth seen this year. There are also signals from China''s top leaders that more will be done in 2017 to crack down on asset bubbles and tackle a mountain of debt, even at the expense of slower growth, meaning additional stimulus measures could be limited. China''s massive export sector also faces risks next year after the surprise election of Donald Trump as the next U.S. president. Trump has threatened tariffs on Chinese imports. The Chinese government should set a more flexible target for economic growth this year to give more space for reform efforts, a central bank adviser told the official Xinhua news agency in comments published on Sunday. (Reporting by Elias Glenn;   Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-pmi-factory-caixin-idUKKBN14N02G'|'2017-01-03T09:18:00.000+02:00'
'3b55259c05ad6786bb1bfe443c62bcf493fff9dd'|'Dog fight - Start-ups take aim at errant drones'|'Business News -  14pm GMT Dog fight - Start-ups take aim at errant drones By Jeremy Wagstaff and Swati Pandey A boom in consumer drone sales has spawned a counter-industry of start-ups aiming to stop drones flying where they shouldn''t, by disabling them or knocking them out of the sky. Dozens of start-up firms are developing techniques - from deploying birds of prey to firing gas through a bazooka - to take on unmanned aerial vehicles (UAVs) that are being used to smuggle drugs, drop bombs, spy on enemy lines or buzz public spaces. The arms race is fed in part by the slow pace of government regulation for drones. In Australia, for example, different agencies regulate drones and counter-drone technologies. "There are potential privacy issues in operating remotely piloted aircraft, but the Civil Aviation Safety Authority''s role is restricted to safety. Privacy is not in our remit," the CASA told Reuters. "There''s a bit of a fear factor here," says Kyle Landry, an analyst at Lux Research. "The high volume of drones, plus regulations that can''t quite keep pace, equals a need for personal counter-drone technology." The consumer drone market is expected to be worth $5 billion by 2021, according to market researcher Tractica, with the average drone in the United States costing more than $500 and packing a range of features from high-definition cameras to built-in GPS, predicts NPD Group, a consultancy. Australian authorities relaxed drone regulations in September, allowing anyone to fly drones weighing up to 2kg without training, insurance, registration or certification. Elsewhere, millions of consumers can fly high-end devices - and so can drug traffickers, criminal gangs and insurgents. Drones have been used to smuggle mobile phones, drugs and weapons into prisons, in one case triggering a riot. One U.S. prison governor has converted a bookshelf into an impromptu display of drones his officers have confiscated. Armed groups in Iraq, Ukraine, Syria and Turkey are increasingly using off-the-shelf drones for reconnaissance or as improvised explosive devices, says Nic Jenzen-Jones, director of Armament Research Services, a consultancy on weapons. A booby-trapped drone launched by Islamic State militants killed two Kurdish Peshmerga fighters and wounded two French soldiers in October near Mosul. The use of drones by such groups is likely to spread, says Jenzen-Jones. "There''s an understanding that the threat can migrate beyond existing conflict zones," he told Reuters. ANTI-DRONES This is feeding demand for increasingly advanced technology to bring down or disable unwanted drones. At one end of the scale, the Dutch national police recently bought several birds of prey from a start-up called Guard From Above to pluck unwanted drones from the sky, its CEO and founder Sjoerd Hoogendoorn said in an email. Other approaches focus on netting drones, either via bigger drones or by guns firing a net and a parachute via compressed gas. Some, like Germany''s DeDrone, take a less intrusive approach by using a combination of sensors - camera, acoustic, Wi-Fi signal detectors and radio frequency (RF) scanners - to passively monitor drones within designated areas. Newer start-ups, however, are focusing on cracking the radio wireless protocols used to control a drone''s direction and payload to then take it over and block its video transmission. Singapore''s TeleRadio Engineering uses RF signals in its SkyDroner device to track and control drones and a video feed to confirm targets visually. DroneVision Inc of Taiwan, meanwhile, says it is the first to anticipate the frequency hopping many drones use. Founder Kason Shih says his anti-drone gun - resembling a rifle with two oversized barrels, coupled with a backpack - blocks the drone''s GPS signals and video transmission, forcing it back to where it took off via the drone''s own failsafe features. VARIED CLIENTELE Clients, the start-up companies say, range from intelligence agencies to hotels. DroneVision, for example, helped local police down 40 drones flying around Taipei 101, one of the world''s tallest buildings and a magnet for drone users, in a single day. In the Middle East, upscale hotels are talking to at least two companies about blocking drones from taking shots of their celebrity guests longing poolside or in the privacy of their bathrooms. And even while the military, Jenzen-Jones says, may have the capability to bring down drones, demand is shifting to nimbler, more agile devices to cope with attacks using smaller off-the-shelf devices. "The key is looking for systems that are scalable, lightweight and easily deployable," he said. DroneShield ( DRO.AX ), an Australian-listed company, says it has sold its drone detection equipment to an Asian national security agency it declined to identify, and the Turkish prime minister''s office. HEY, REGULATORS The problem, such companies say, is that regulations on the use of drones - and about countering them - are still in their infancy. In countries like the United States and Australia, for example, drones are considered private property, and they can only be jammed by government agencies. "Mitigation capabilities," says Jonathan Hunter, CEO of Department 13 ( D13.AX ), "are therefore limited." Oleg Vornik, chief financial officer of DroneShield, however, says: "This is expected to change shortly as governments start to recognise that critical infrastructure facilities such as airports need to be able to defend themselves against drones." In the United States, the Federal Aviation Administration is testing various counter-drone technologies at several airports. Interest in the space will only grow. London will next year host the world''s first two conferences on counter-drone technologies, says Jenzen-Jones. But there will also likely be consolidation. DroneShield''s Vornik says the company has counted 100 counter-drone start-ups, and is talking to more than a dozen of them as potential acquisition targets. It''s too early, Vornik says, to see evidence of moves to get around anti-drone technology. But Amazon.com ( AMZN.O ) last month tested deliveries in the UK via drones, and published a patent describing how it might defend drones from threats, ranging from a bow and arrow to signal jammers. (Reporting by Jeremy Wagstaff and Swati Pandey; Editing by Ian Geoghegan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tech-drones-idUKKBN14M184'|'2017-01-03T06:14:00.000+02:00'
'83a897e957b8b817c5d3652b899b1c452ab42011'|'VW faces first legal test case over emissions in Germany'|'Business News - Tue Jan 3, 2017 - 11:22am EST VW faces first legal test case over emissions in Germany A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia near Poznan, Poland September 9, 2016. German car manufacture company officially open factory in Wrzesnia on October 24, 2016. Picture taken on September 9, 2016. REUTERS/Kacper Pempel BERLIN German consumer rights champion myRight filed the first legal test case against Volkswagen ( VOWG_p.DE ) in Germany on Tuesday, raising pressure on the carmaker to compensate customers in Europe over the emissions scandal. Europe''s largest automaker has pledged billions to compensate U.S. owners of Volkswagen (VW) diesel-powered cars, but has so far rejected any compensation for the 8.5 million affected vehicles in Europe where different legal rules weaken the chances of affected customers winning a pay out. Instead, VW is in the process of removing the illicit software that cheated emissions tests and insists the technical fixes will inflict no loss of value on car owners in Europe. It hopes to have completed repairs to all affected vehicles by the end of the year. MyRight, which has gathered more than 100,000 VW owners through its web site, has accused VW of breaching European Union law by selling cars with software that was banned under EU rules, according to the 93-page legal document seen by Reuters. Rather than seeking compensation for a decline in value, the lawsuit aims to force VW to repurchase the vehicles at the original price, myRight founder Jan-Eike Andresen said. MyRight has mandated U.S. law firm Hausfeld to pursue the claims. Hausfeld represents aggrieved VW owners and shareholders on both sides of the Atlantic. The purpose of the proceedings by myRight is to act as a model - resolving generic or common issues for other related cases. However, unlike in a U.S. class action, it does not have the legal effect of resolving all individual claims. Wolfsburg-based Volkswagen, has said the software fitted into the engine at the center of the scandal, codenamed EA 189, does not violate European law and declined comment on the myRight suit. "We have taken note that myRight has announced the submission of diesel lawsuits for Jan. 3. The lawsuits have not yet been made available to us which is why we cannot comment on the contents at the moment," the carmaker said. (Reporting by Andreas Cremer. Additional reporting by Jan Schwartz; Editing by Alexandra Hudson) Next In Business News Trump assails GM over car production in Mexico, threatens tax DETROIT/WASHINGTON President-elect Donald Trump on Tuesday threatened to impose a "big border tax" on General Motors Co for making some of its Chevrolet Cruze compact cars in Mexico, an arrangement the largest U.S. automaker defended as part of its strategy to serve global customers, not sell them in the United States.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-lawsuit-idUSKBN14N1FF'|'2017-01-03T23:22:00.000+02:00'
'0723ee70c541d0919710fa650d7403d2affa538d'|'Intesa lines up year''s first AT1 issue'|'By Alice Gledhill LONDON, Jan 3 (IFR) - Intesa Sanpaolo is preparing to issue the year''s first Additional Tier 1 transaction, the riskiest bond a bank can sell, brushing off the crisis elsewhere in the Italian banking sector to tackle a 4bn issuance target for 2017.The bank announced on Tuesday that it had mandated Banca IMI, Barclays, BNP Paribas, Credit Suisse, Goldman Sachs and HSBC as joint lead managers for a euro-denominated perpetual non-call 10-year trade.The Italian banking sector has barely left the spotlight in recent months, after a rescue plan for the country''s third largest lender, Banca Monte dei Paschi di Siena, failed to lift off, forcing the government to step in.But outstanding debt from Intesa, among the country''s strongest lenders, has proved largely resilient to the volatility. Its 1.25bn 7% non-call January 2021 AT1 bond widened to around 9.25% in the run-up to the Italian constitutional referendum in early December, but has since tightened to 7.34%.Intesa is not the only Italian bank to mull AT1 issuance in recent weeks. UniCredit took the market by surprise last month when its sold its first AT1 since 2014, but opted for a club deal over a broadly syndicated one.The 500m non-call June 2022 bond priced with an eye-watering 9.25% coupon just a day after the bank unveiled a 13bn rights issue to plug a 12.2bn hole primarily created by bad loan provisions. It has since rallied hard to 105.80 from its par issue price, according to Eikon prices.Intesa''s mandate comes almost exactly a year after it priced the perpetual non-call January 2021, also the first AT1 of the year and just weeks before Europe''s subordinated bond market suffered a heavy sell-off, derailing further AT1 issuance until March.It plans to price 4bn in AT1 by the end of 2017 to optimise its capital efficiency, it said in a statement on Tuesday.The bonds will be written down temporarily if the bank''s Common Equity Tier 1 ratio drops below 5.125%. (Reporting by Alice Gledhill; Editing by Helene Durand, Philip Wright)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/intesa-sp-bonds-idINL5N1ET3GG'|'2017-01-03T14:12:00.000+02:00'
'8c7097f21a25e4ca5947e51f58521e6e33e5f36a'|'BRIEF-Carnegie Technologies Holdings to submit $8.50/share proposal to buy Magicjack'|'Jan 5 Carnegie Technologies Holdings LLC:* Announced nomination of five candidates for election to Magicjack''s board of directors* Intends to submit a proposal to purchase Magicjack for $8.50 per share* Founder Paul M. Posner is holder of approximately 1.6% of shares in Magicjack VocalTec Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/finance/article/idINFWN1EV0J1'|'2017-01-05T12:29:00.000+02:00'
'27352e5538c0f384e4bd53c024902fe145bb357e'|'Uber drivers are employees ''eligible for company social security contributions'' - Swiss agency'|' 09am GMT Uber drivers are employees ''eligible for company social security contributions'' - Swiss agency A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London, Britain October 28, 2016. REUTERS/Toby Melville/Illustration ZURICH Uber drivers are employees for which the company must pay social security contributions, a Swiss insurance agency has ruled, dealing a blow to the U.S. ride-hailing platform that says drivers are freelance contractors. The California-based startup whose cab service has expanded worldwide stands accused in many countries of bypassing national labour protection standards and shunning collective negotiation with drivers who work on freelance terms. Suva - which as a provider of Swiss obligatory on-the-job accident insurance helps decide which workers are freelance - found Uber Technology [UBER.UL] drivers are staff because they faced consequences if they did not meet Uber rules and could not set prices and payment terms independently, broadcaster SRF reported. SRF cited an appeal ruling in one driver''s case it said it had seen. Suva was not immediately available for comment. Labour representatives hailed the ruling, but local Uber boss Rasoul Jalali pointed out to SRF that the Suva decision was not the final word. "If we cannot find an agreement with Suva, we will have to rely on the courts," he said. Founded in 2009, Uber has taken the world by storm but come up against opposition too. Various services it has proposed have been banned in some countries and it faces numerous battles in U.S. courts over labour standards, safety rules and pricing policies that trigger fare surges at peak times. (Reporting by Michael Shields; Editing by Nick Macfie)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-swiss-uber-idUKKBN14P0J7'|'2017-01-05T14:09:00.000+02:00'
'dde8674e55c413e51d6a544465a4b9529f14c5e8'|'Goldman Sachs raises 10-year U.S. yield forecast to 3 pct for end-2017'|'Financials  21am EST Goldman Sachs raises 10-year U.S. yield forecast to 3 pct for end-2017 LONDON Jan 5 Goldman Sachs on Thursday raised its end-year forecast for the 10-year U.S. Treasury yield to 3.0 percent from 2.75 percent, as investors price in further U.S interest rate increases and an expected fiscal boost from the incoming Trump administration. "Over the balance of the year, we expect the trend of higher 10-year government bond yields to extend," the U.S. investment bank''s rates strategists wrote in a note to clients on Thursday. If the U.S. and global economy performs as well as they expect, the yield will rise to around 3.25 percent at the start of 2018 before stabilizing around 3.50-3.75 percent in 2019-20. The 10-year U.S. yield, considered the global benchmark long-term interest rate, was trading at 2.42 percent on Thursday. According to Goldman''s analysts, that''s closer to their estimates of ''fair value'' than at any time since 2013 but still on the low side. The yield fell to a multi-decade low of 1.3210 percent in July last year but has been rising since, driven by a global bond market selloff as investors bet that U.S. and global inflation is coming back to life. (Reporting by Jamie McGeever; editing by Patrick Graham; Editing by) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/global-markets-usyield-idUSL5N1EV15G'|'2017-01-05T15:21:00.000+02:00'
'cf5cc77c8dc404df17e905b7245cab208155d140'|'China state arms maker pledges ''mixed ownership'' reforms'|'Business News - Thu Jan 5, 2017 - 6:12am EST China state arms maker pledges ''mixed ownership'' reforms A VT5 lightweight main battle tank, built by China North Industries Corp (Norinco), is on display at Airshow China in Zhuhai, Guangdong province November 3, 2016. Picture taken November 3, 2016. REUTERS/Tim Hepher SHANGHAI The China North Industries Group (Norinco), a central government-run arms manufacturer, has decided to pursue a "mixed ownership" model as part of China''s ambitious reform program for state-owned enterprises (SOEs), the company said. In a terse statement published on its official website on Wednesday, Norinco said it had "decided to actively and steadily promote the development of a mixed ownership economy" and would work to improve its corporate governance. The statement appeared to open the prospect there could be some private investment in the arms maker or its subsidiaries, but it gave no details. Norinco describes itself as a "backbone" for the development of weapons and military-use communications equipment in China. It had total assets of 336.8 billion yuan ($48.91 billion) and a total workforce of 276,600 by the end of 2015. At a top-level economic work conference held in December, Chinese leaders promised to make significant progress in introducing mixed ownership reforms in sectors like electricity, railways, telecommunications and the military industries. The central government issued guidelines in 2015 aimed at boosting the performance of its SOEs. It said it would close down the most uncompetitive firms and reform the ownership structure of those that remained. The reforms are expected to allow private capital to invest in SOEs, though restrictions are likely to remain in place in the sensitive military sector. The State Council, China''s cabinet, said in a document issued last July that central government-run SOEs in areas vital to the country''s economy and security, including defense, power and communications infrastructure, would be fortified and strengthened. China''s massive but debt-ridden SOEs have been urged to transform themselves into "innovative and globally competitive world class multinationals" through management reforms and new ownership structures. But while the government hopes state firms will eventually become more responsive to the market, the reforms have also been designed to make them better able to fulfil their "functional use" in important strategic sectors, including national defense. President Xi Jinping has also repeatedly stressed that the reforms will strengthen the "leading role" the Chinese Communist Party plays in running SOEs. (Reporting by David Stanway; Additional Reporting by Matthew Miller in BEIJING; Editing by Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-china-norinco-idUSKBN14P165'|'2017-01-05T18:01:00.000+02:00'
'1cafef92c89e34601ed9c7b96109e0ec72755946'|'FTSE 100 on course for new record but William Hill warns on profits - Business'|'Leading shares are on course for an eighth successive closing high, equalling the record set in 1997.The FTSE 10 0 is currently up 17.83 points at 7227.88, as the slump in sterling following Theresa May’s latest hints at a hard Brexit boosted overseas earnings. Mining shares are among the gainers, with Glencore up 7.05p at 295.50p and Anglo American adding 24.5p at 1159.5p.But Lloyds Banking Group is 0.5p lower at 65.4p after the UK government sold down another part of its shareholding, leaving Blackrock as the bank’s biggest investor. Nicholas Hyett, equity analyst at Hargreaves Lansdown, said:Today’s announcement confirms that more shares have been sold to the institutions through the trading plan and the taxpayer is no longer the largest shareholder in Lloyds. The taxpayer stake has now fallen below 6%.Retail investors had the disappointment of being denied involvement in a Lloyds share sale, although there is still time and plenty of opportunity to rectify this with the remaining [near] £2bn stake.Engineering support and outsourcing group Babcock International has lost 14.5p to 925p as analysts at Deutsche Bank moved from buy to hold:We like Babcock’s unique market position and high barriers to entry but downgrade to Hold as we do not see enough upside at this time. The stock is not expensive, leaving room for some price recovery on e.g. contract news, but in our view investors will need to see repeated strong reporting for a material and sustainable re-rating. While cash generation has been good, certain drags mean the valuation on cash metrics looks less attractive than on earnings multiples. Organic growth should improve next year, however we remain cautious on UK outsourcing as a whole and are not prepared to assume a return to previously seen growth levels.Fellow outsourcer Capita has fallen13p to 502.5p and is leading the FTSE 100 fallers.Among the other losers William Hill is down 11.1p to 286.6p as the bookmaker warned annual profits would come in at the lower end of expectations at £260m. In November it said they would be at the higher end of a £260m to £280m range. The company, which is searching for a new chief executive, blamed “unfavourable football and horseracing results impacting the sector in December.”Interim chief executive Philip Bowcock said the “customer friendly results at the back end of the year” meant profits were £20m below expectations. The company has been the subject of failed bids recently, and faces increased competition as rivals merge to gain critical mass. Numis analyst Richard Stuber said:Whilst a profit warning on the back of a gross margin miss should not be overstated, this is the 3rd warning in 12 months and focuses us once again on William Hill’s near term shortcomings, including UK retail exposure, losing market share online and the lack of a permanent CEO.Hargreaves Lansdown’s Hyett said:We can forgive a run of poor sporting results. An unbroken run of Chelsea wins in the period covered by today’s announcement, for example, won’t have been enjoyable for any of the bookies and is clearly beyond William Hill’s control.The bigger problem is that while performance in the online division is improving, it’s doing so at a snail’s pace. With the distracting merger talks of last year now behind it, the group seems to be knuckling down to the job of sorting out the core business. Hopefully, the renewed focus and improving trends will start to deliver some results.Canaccord Genuity said:Management pointed to an ongoing improvement in wagering in Online and also in its Australian business through its second half. So operationally, there are some signs of recovery.But as expected, the group was hit by a particularly weak run of results through December across Football (not just the Premier League) and Racing. On Boxing Day, for example, the top 6 Premier League teams all won, as did the favourite in the King George V1 Chase. As a result, operating profit for 2016 will come in at “around£260m”, right at the bottom of its guidance range,which compares with our £275.2m forecast.Elsewhere Ashmore has dropped 7% to 277.9p as Barclays cut its target price on the emerging markets specialist from 325p to 270p, with an underweight rating. It said:We remain cautious on EM-exposed names, given rising US yields and deteriorating EM sentiment after the US elections.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/marketforceslive/2017/jan/09/ftse-100-on-course-for-new-record-but-william-hill-warns-on-profits'|'2017-01-09T17:18:00.000+02:00'
'11c1905ff4870efb907e27e313a1e5fff74f35d2'|'French December factory activity strongest since 2011 - PMI'|' 02am GMT French December factory activity strongest since 2011 - PMI A general view shows employees working to produce calissons d''Aix at the French manufacturer factory Roy Rene in Puyricard near Aix en Provence, France, December 15, 2016 which are traditional sweets from Provence, made with almonds and candied melon and created in France in... REUTERS/Jean-Paul Pelissier PARIS French manufacturers ended 2016 on a strong note with activity at a 5-1/2 year high in December while hiring and new orders jumped, a monthly survey showed on Monday. Data compiler IHS Markit said its final purchasing managers'' index rose to 53.5 in December from 51.7 in November, unchanged from a preliminary reading. The increase brought the index to its highest level since May 2011 and marked the third month in a row above the 50-point line dividing expansions in activity from contractions. "Favourable demand conditions had encouraged firms to raise output, which resulted in the sharpest round of job creation in 5-1/2 years," IHS Markit economist Alexander Gill said. "These are positive signs for France as the country contends with high levels of unemployment," he added. Companies increased staffing levels as the flow of new orders grew at the strongest pace since May 2011, suggesting the spurt of activity in December may be more than a month-long blip.  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-economy-pmi-idUKKBN14M0BW'|'2017-01-02T16:02:00.000+02:00'
'e1d74b7fa1ff76bb434866ae0e497a51ee1f35c4'|'South Korea considers "measures" as China blocks charter flights'|'World News - Mon Jan 2, 2017 - 5:03am EST South Korea considers ''measures'' as China blocks charter flights left A view of the Asiana Airline''s head office in Seoul August 8, 2013. REUTERS/Kim Hong-Ji 1/2 left right South Korea''s finance minister Yoo Il-ho (C) gets a briefing in front of a car carrier during his visits to a port in Pyeongtaek, South Korea, January 15, 2016. REUTERS/Kim Hong-Ji 2/2 By Hyunjoo Jin - SEOUL SEOUL South Korea''s government and airline companies will meet on Tuesday to discuss China''s rejection of applications by Korean carriers to add charter flights between the two countries for early this year, a government official said on Monday. South Korean Finance Minister Yoo Il-ho said on Sunday he would look into whether China''s decision, which came ahead of a traditional surge in Lunar New Year travel, was "related to" the planned deployment of a U.S. anti-missile system in South Korea. Yoo told reporters there were "several suspected cases of non-tariff barriers" following last year''s decision to deploy the U.S. Terminal High Altitude Area Defense (THAAD) system and South Korea needed to determine China''s "real intention". China''s foreign ministry did not immediately respond to a request for comment on a holiday, while China''s Civil Aviation Administration was not immediately reachable. China worries that the THAAD''s powerful radar can penetrate its territory and has objected to the deployment, which South Korea and the United States say is aimed solely at countering any threat from North Korea. South Korean carriers Asiana Airlines, Jeju Air and Jin Air, an affiliate of Korean Air Lines, said their applications for charter flights to China were rejected for January and February, with no reason given. "It is regrettable," a spokesman at Jeju Air said. The companies already operate scheduled flights to China but wanted to add charter flights at busy times. The transport ministry had sent a letter to China''s ministry seeking cooperation on the proposed flights and it would also meet the companies to ponder a next step, a ministry official said. "We will hold a closed-meeting with major airline affiliates tomorrow morning to discuss measures,” the ministry official said, without elaborating on what type of measures might be considered. China Eastern Airlines and China Southern Airlines had asked South Korea to hold off on approving their applications to add charter flights in January, citing "a situation in China", said the official who is not authorized to speak to media and declined to be identified. A China Eastern press official denied that it had asked South Korea to hold off approving applications to add charter flights. A China Southern media official was not immediately available. The Korea Tourism Organization said charter flights typically accounted for 4 to 5 percent of available seats between the two countries. "Travelers can switch over to regular scheduled flights, so we do not expect huge losses," said Han Hwa-joon, China team director. Shares in South Korean cosmetics-related companies and airlines dropped on news reports of the charter denials. Korean cosmetics are a hot-selling item for visitors from China, South Korea''s biggest source of tourists. Shares in cosmetics maker Amorepacific Corp were down 5 percent on Monday, their biggest daily percentage loss since Oct. 25 and Korean Air Lines Co Ltd shares fell 2.2 percent to their lowest level since July 14. (Reporting by Hyunjoo Jin; Additional reporting Yun Hwan Chae and Dahee Kim in SEOUL and Chen Aizhu in BEIJING; Editing by Tony Munroe, Robert Birsel) Next In World News Blast in Baghdad''s Sadr City kills at least 16 BAGHDAD/TIKRIT, Iraq At least 16 people were killed by a car bomb in a busy square in Baghdad''s sprawling Sadr City district on Monday, while Islamic State attacks on military positions north of the capital killed 16 pro-government fighters, sources said.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-southkorea-china-airlines-idUSKBN14M0F7'|'2017-01-02T16:41:00.000+02:00'
'2e2dfd3177ee6d396d4a8119ceea65e421afda4d'|'MIDEAST STOCKS-Gulf mixed, Oman falls after budget; Egypt edges down'|'Financials - Mon Jan 2, 2017 - 8:58am EST MIDEAST STOCKS-Gulf mixed, Oman falls after budget; Egypt edges down * Much Dubai activity focuses on stocks below 1 dirham * Saudi''s Al Tayyar pulls back after surge on Sunday * Omani telecommunications firms continue slid on royalty hike * Bahrain lists first sharia-compliant retail REIT * Egypt''s Qalaa surges in heaviest trade since listing By Andrew Torchia DUBAI, Jan 2 Gulf stock markets were mixed on Monday as most reopened after the New Year, with Oman falling after the release of an austere state budget for 2017. Egypt edged down although foreign investors remained net buyers of stocks. Dubai''s index rose 0.2 percent as much activity focused on speculative stocks with prices below 1 dirham. Islamic Arab Insurance, the most heavily traded stock, rocketed 15 percent in its largest volume since April. Abu Dhabi fell 0.3 percent, partly due to a 7.6 percent slide in Abu Dhabi National Energy. Qatar edged down 0.1 percent. Islamic bank Masraf Al Rayan dropped that much after saying it would suspend its brokerage business, Al Rayan Financial Brokerage Co. It said the brokerage''s paid-up capital represented just 0.06 percent of the bank''s total assets. Saudi Arabia''s index ended 0.1 percent higher but 0.7 percent off its intra-day peak, with petrochemicals lagging slightly. Travel agency Al Tayyar, which had climbed 7.4 percent on Sunday in unusually heavy trade, fell back 1.3 percent. Oman dropped 0.8 percent after the government released a 2017 budget plan on Sunday that projected a smaller deficit but included fresh austerity steps and tight curbs on spending because of low oil prices. Oman Telecommunications lost 2.1 percent after tumbling 4.3 percent on Sunday in response to an increase in the royalty that it must pay the government. Rival Ooredoo Oman fell 2.0 percent after plunging 7.9 percent on Sunday. Bahrain listed its first sharia-compliant retail real estate investment trust, Eskan Bank Realty Income Trust. The REIT rose 7 percent in very thin trade. In Egypt, the index pulled back 0.4 percent but exchange data showed non-Arab foreign investors remained net buyers of stocks by a small margin, continuing a streak that began with the floating of the Egyptian pound on Nov. 3. Investment firm Qalaa Holdings was the most heavily traded stock, shooting up 9.7 percent to 1.13 pounds in its largest daily volume since it listed in late 2009. The stock has been in a downtrend for several years from a peak of 5.45 pounds in 2014, but it may now be reversing that trend. Its surge in the past two days triggered a reverse head & shoulders pattern formed by the highs and lows since June and pointing up to around 1.40 pounds. MONDAY''S HIGHLIGHTS * The index edged up 0.1 percent to 7,247 points. DUBAI * The index rose 0.2 percent to 3,539 points. ABU DHABI * The index fell 0.3 percent to 4,534 points. QATAR * The index edged down 0.1 percent to 10,429 points. EGYPT * The index fell 0.4 percent to 12,291 points. KUWAIT * The index added 0.5 percent to 5,775 points. OMAN * The index dropped 0.8 percent to 5,700 points. BAHRAIN * The index edged down 0.1 percent to 1,220 points. (editing by David Stamp)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1ES162'|'2017-01-02T20:58:00.000+02:00'
'907cbf0df96678a3d10ae5681a504ede00021831'|'BRIEF-Spain to sell up to 4.75 bln eur in bonds on Thursday'|'Jan 2 Spain''s Treasury:* Says to issue up between 3.25 billion and 4.75 billion euros ($5 billion) in bonds at an auction on Thursday* Says to issue between 3 billion and 4 billion euros in three bonds due 2021, 2026 and 2046* Says to issue between 250 million and 750 million euros in an inflation-linked bond due 2030 Source text for Eikon: ($1 = 0.9557 euros) (Reporting by madrid.newsroom@thomsonreuters.com)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/finance/article/idINE8N1C900M'|'2017-01-02T10:16:00.000+02:00'
'91a86b6c2a02d5a3db4c4ee6bca9a62c2d1d7b96'|'Dubai mortgage lender Amlak renegotiates part of 2014 debt deal'|'Financials  36am EST Dubai mortgage lender Amlak renegotiates part of 2014 debt deal By Tom Arnold - DUBAI DUBAI Jan 3 Dubai''s Amlak Finance said on Tuesday that it had renegotiated parts of a debt restructuring which the Islamic mortgage provider agreed with creditors following the local property market crash of 2008. Amlak, in which Dubai''s biggest developer Emaar Properties owns a 45 percent stake, reached a debt restructuring deal in 2014 following a government cash injection and six years of negotiations with creditors. At the time, Amlak did not give the size of the debt being restructured, but bankers estimated it at about $2.7 billion. In Tuesday''s statement, Amlak said a "super majority" of creditors had formally approved its new business plan. Creditors agreed to waive a number of restrictive covenants, which included adjustments to restrictions to allow Amlak to expand its mortgage book, raise more funds and add new business, it said. The changes will be in full compliance with central bank rules for Islamic finance companies, it said. The 2014 debt restructuring allowed creditors to swap 1.3 billion dirhams ($354 million) of their original debt into a "convertible instrument" to be redeemed over a 12-year period as Amlak sells some real estate assets. The new business plan would help "the prospects of redeeming the contingent convertible instrument earlier than previously anticipated," Amlak CEO Arif Alharmi said. Other Dubai companies have also sought to revisit debt restructuring deals signed with creditors after the 2008 financial crisis in a bid to secure more favourable terms. State-owned Dubai World received creditor backing in 2015 for a $14.6 billion debt deal, a renegotiation of an agreement it had signed in 2011. ($1 = 3.6726 UAE dirham) (Editing by Jason Neely) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/amlak-finance-debt-idUSL5N1ET2GH'|'2017-01-03T20:36:00.000+02:00'
'cb9c09f8f085765d4f983570c2123b5e9529c0ff'|'Intel seeking indirect stake in mapping firm HERE - German cartel office'|'FRANKFURT Jan 3 Chip maker Intel has sought approval to buy a stake in HERE, a digital mapping firm controlled by Germany''s carmakers Daimler, BMW and Volkswagen, a filing to the German cartel office showed.HERE could not immediately be reached for comment. Intel declined to comment. Germany''s cartel office would not comment on the size of the stake sought by Intel.The filing dated Jan. 2 said Intel Corporation is seeking an indirect stake in HERE International B.V.In July, BMW teamed up with Intel and Mobileye to develop self-driving cars by 2021. (Reporting by Sabine Wollrab, Ilona Wissenbach, Matthias Inverardi, Edward Taylor and Irene Preisinger, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/intel-here-equity-idINL5N1ET1HS'|'2017-01-03T07:35:00.000+02:00'
'0b863e7469f4f7ad611d089e3dab5b65857c1ee0'|'Argentines declare $97.8 billion in tax amnesty - government'|'Business News - Mon Jan 2, 2017 - 10:45pm GMT Argentines declare $97.8 billion in tax amnesty - government BUENOS AIRES Argentina declared $97.842 billion in assets by the completion of a second phase of a tax amnesty programme that ended on Dec. 31, the government said on Monday. The vast majority, $84.13 billion, were assets held abroad, the AFIP tax agency said in a report. Argentines had until the end of 2016 to declare assets and pay a 10 percent fine to protect themselves from prosecution for tax evasion. They can still declare until March 31, though the penalty for non-real estate assets will rise to 15 percent. Billions more are expected to be declared, particularly in properties, for which a 5 percent fine would remain unchanged. President Mauricio Macri''s centre-right government hopes previously undeclared funds will be invested in Argentina to help the economy emerge from recession and boost revenue to help it trim the fiscal deficit in years to come. With 46 percent of undeclared assets abroad held in the United States, the amnesty programme is likely benefiting from a tax information agreement with the U.S. signed on Dec. 23. Argentina''s government said earlier on Monday that tax revenue in 2016 was up 35 percent from 2015 due to the amnesty as well as inflation seen at around 40 percent last year. (Reporting by Caroline Stauffer; Editing by Alan Crosby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-argentina-economy-amnesty-idUKKBN14M17F'|'2017-01-03T05:45:00.000+02:00'
'0ad140a4872eb9cbef41b752d6e68022225749c1'|'Euro zone business growth fastest in more than five years in December - PMI'|'Economic   2:34pm IST Euro zone business growth fastest in more than five years in December - PMI People walk past the windows of an H&M store in Barcelona, Spain, December 30, 2016. REUTERS/Regis Duvignau/Files Businesses across the euro zone ended 2016 by ramping up activity at the fastest pace for five-and-a-half years, a survey showed on Wednesday, as a weaker currency boosted demand for their goods and services in December. The expansion, which came alongside companies raising prices at the steepest rate since mid-2011, will be welcomed by policymakers at the European Central Bank, who for years have struggled to lift growth and inflation. IHS Markit''s final composite Purchasing Managers'' Index for the euro zone rose to 54.4 in December from November''s 53.9. That beat a 53.9 flash estimate and took the index to its highest since May 2011. The index has been above the 50 mark that divides growth from contraction since mid-2013 and was in November. "Manufacturers and, to a lesser extent, service sector companies are benefiting from the weaker euro, which is both boosting goods exports and encouraging demand for services exports such as tourism," said Chris Williamson, chief business economist at IHS Markit. Williamson said the data point to fourth-quarter economic growth of 0.4 percent, in line with the prediction in a Reuters poll last month. A sub-index measuring output prices leapt to 51.7 from 50.6, its highest since July 2011. An official preliminary estimate due at 1000 GMT is expected to show inflation rose to 1 percent in the bloc last month, still a long way from the ECB''s 2 percent target ceiling. The PMI for the dominant services industry dipped to 53.7 from November''s 53.8, but was well above the flash 53.1. Manufacturers enjoyed their best month in more than five years in December, a sister survey showed on Monday. Suggesting companies will start this year on a solid footing, a December sub-index measuring new business in the service industry matched November''s 10-month high of 53.5. "Euro zone service providers linked higher levels of business activity to a combination of solid inflows of new orders and rising backlogs of work," IHS Markit said. (Reporting by Jonathan Cable, editing by Larry King) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-economy-pmi-idINKBN14O0R6'|'2017-01-04T16:04:00.000+02:00'
'8f68787eda1f99ee11878c0d1d2282f852d88348'|'Ex-Barclays trader pleads guilty in U.S. in forex probe'|'Business  21pm GMT Ex-Barclays trader pleads guilty in U.S. in forex probe NEW YORK A former trader at Barclays Plc ( BARC.L ) pleaded guilty on Wednesday to U.S. charges arising from a global investigation of the manipulation of foreign-exchange prices at major banks, the U.S. Justice Department said. Jason Katz, a former trader at Barclays who later worked at BNP Paribas SA, ( BNPP.PA ) pleaded guilty in federal court in Manhattan to participating in a price-fixing conspiracy, becoming the first individual to admit wrongdoing in the criminal probe. (Reporting by Nate Raymond in New York; Editing by Dan Grebler) Next In Business News U.S. December auto sales on pace for record high, led by GM DETROIT Sales of new cars and trucks in the United States likely set new records for December and the full year, automakers said on Wednesday, and investors bid up shares in the sector as strong consumer confidence and stable fuel prices bolstered the industry''s outlook.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-barclays-court-forex-idUKKBN14O24H'|'2017-01-05T03:20:00.000+02:00'
'a05fe94565913c2acdcc4802f6696a53a23a8af0'|'Fed policymakers agree Trump fiscal boost poses inflation risk'|'Business News - Wed Jan 4, 2017 - 7:12pm GMT Fed policymakers agree Trump fiscal boost poses inflation risk A police officer keeps watch in front of the U.S. Federal Reserve in Washington October 12, 2016. REUTERS/Kevin Lamarque/File Photo By Jason Lange and Lindsay Dunsmuir - WASHINGTON WASHINGTON Almost all Federal Reserve policymakers thought the economy could grow more quickly because of fiscal stimulus under the Trump administration and many were eyeing faster interest rate increases, minutes from the central bank''s December meeting showed. The minutes, released on Wednesday, showed how broadly views within the Fed are shifting in response to President-elect Donald Trump''s promises of tax cuts, infrastructure spending and deregulation. Such changes could boost inflation and might set the stage for a confrontation between a president seeking to boost economic growth and the Fed, which is tasked with keeping the economy from overheating. "About half of the participants incorporated an assumption of more expansionary fiscal policy in their forecasts," according to the minutes from the Dec. 13-14 meeting, referring to the 17 policymakers who participated. "Almost all also indicated that the upside risks to their forecasts for economic growth had increased," the minutes stated. The central bank''s policy-setting committee unanimously raised interest rates last month by a quarter of a point and policymakers signalled a faster pace of rate increases in 2017 than previously expected. That was seen as the Fed''s first reaction to Trump''s victory in the Nov. 8 election. But the minutes showed policymakers might signal an even more aggressive path of rate increases if inflationary pressures increase. Trump campaigned on promises to double America''s pace of economic growth and "rebuild" the country''s infrastructure. Fed policymaker projections released last month pointed to a labour market heating up to just a little stronger than its longer-run normal level. The minutes, however, showed "many participants judged that the risk of a sizable undershooting of the longer-run normal unemployment rate had increased somewhat and that the Committee might need to raise the federal funds rate more quickly." Fed Chair Janet Yellen told reporters following the December rate hike that Trump''s election had put the central bank under a "cloud of uncertainty." The Republican businessman will take office on Jan. 20 and has yet to describe in detail his economic policy plans. Prices on interest rate futures suggest Wall Street investors are betting the Fed will next raise rates in June and might only hike twice by the end of the year, according to CME Group. The Trump administration is expected to add more so-called inflation hawks to the Fed''s ranks, which could offset a dovish tilt this year on the policy-setting committee and rattle a fragile consensus to go slow on rate hikes. (Reporting by Jason Lange and Lindsay Dunsmuir; Editing by Paul; Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-minutes-idUKKBN14O20V'|'2017-01-05T02:12:00.000+02:00'
'd71d93a6e3e1b6e4d370447a8e4f61553845dd3f'|'CEE MARKETS-MOL jumps 2 pct on upgrade, Hungarian stocks rally continues into 2017'|'By Krisztina Than BUDAPEST, Jan 4 Shares of oil and gas group MOL jumped 2 percent on Wednesday after a hike in the stock''s target price, boosting the Budapest bourse, where a rally has continued into the new year after a stellar performance in 2016. Other regional stock markets were mixed, with Prague''s main index up a quarter of a percent but Poland''s - central and eastern Europe''s most liquid market, which gained 5 percent last year, down a third of a percent in early trade. Hungarian shares rose by a third in 2016, with blue-chip names benefiting from the country''s sound economic fundamentals, a hike in Hungary''s debt rating to investment grade and an improvement in the banking sector. Shares of OTP Bank, the region''s biggest independent lender, hit their highest level since early 2008, before the global financial crisis, early on Wednesday, at 8,470 forints by 0919 GMT. News that the Croatian government may buy MOL''s stake in Croatian oil company INA has boosted MOL''s shares in the last two weeks. MOL and Zagreb have locked horns for years over control of INA, and a potential end to the deadlock has triggered a relief rally, Monika Kiss, an analyst at brokerage Equilor said. "This story has been eroding MOL''s share price for years," she said, adding that some investors were also hoping for an extraordinary dividend payout from MOL if it gets cash for its INA stake. But she said the devil would be in the details of the potential transaction and how well MOL can invest the money. Deutsche Bank raised its target price for MOL to 24,300 from 20,800 earlier on Wednesday. MOL traded 2.15 percent higher at 21,350 forints at 0912 GMT, pushing the stock marker index 0.7 percent higher. "The rally (in Hungarian stocks) could continue this year, but I think it won''t last for 12 months," Kiss said. In currency markets, Poland''s zloty briefly hit an eight-week high early on Wednesday and was 0.1 percent firmer by mid-morning. "As long as... data releases from the global economy remain good, the zloty could likely stay relatively strong," BZ WBK analysts said in a note. Investors are awaiting reviews of Poland''s credit ratings by Moody''s and Fitch which are scheduled for Jan. 13. The zloty and Polish bonds suffered last year from conflict between Poland''s new nationalist-minded government and European institutions, as well as market worries over political stability and the country''s fiscal standing. CEE MARKETS SNAPSH AT 1015 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 27.020 27.025 +0.02 -0.05% 0 5 % Hungary 308.82 308.95 +0.04 0.00% forint 00 50 % Polish zloty 4.3900 4.3948 +0.11 0.32% % Romanian leu 4.5205 4.5228 +0.05 0.32% % Croatian 7.5680 7.5655 -0.03% -0.17% kuna Serbian 123.32 123.43 +0.09 0.02% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 935.02 932.86 +0.23 +1.46 % % Budapest 32383. 32169. +0.66 +1.19 02 13 % % Warsaw 1983.3 1989.6 -0.32% +1.82 3 4 % Bucharest 7175.7 7164.3 +0.16 +1.28 2 5 % % Ljubljana 707.43 707.96 -0.07% -1.42% Zagreb 2025.7 2025.1 +0.03 +1.55 1 9 % % Belgrade 718.10 717.37 +0.10 +0.10 % % Sofia 589.45 587.10 +0.40 +0.51 % % BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.978 -0.117 -019bp -10bps s 5-year -0.226 -0.051 +030b -4bps ps 10-year 0.484 -0.038 +022b -3bps ps Poland 2-year 2.138 0.002 +293b +2bps ps 5-year 2.998 -0.025 +352b -2bps ps 10-year 3.749 -0.007 +349b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.2 0.14 0.12 0 IBOR=> Hungary <BU 0.36 0.42 0.52 0.36 BOR=> Poland <WI 1.775 1.83 1.905 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1EU1EJ'|'2017-01-04T06:49:00.000+02:00'
'be089550973c2f50fd14688ff7b1eaba3726842a'|'Commodity trader ED&F Man acquires UK pulses specialist Maviga'|'Business News - Wed Jan 4, 2017 - 2:22pm GMT Commodity trader ED&F Man acquires UK pulses specialist Maviga PARIS Agricultural commodity trading group ED&F Man has acquired Maviga Plc, a British firm specialising in pulses, as it targets rising demand for protein crops for use in food, the companies said on Wednesday. Maviga sources and ships around 250,000 tons of bagged and bulk products annually, including dried edible pulses and other niche crops like sesame seeds. It generated sales of over $300 million in 2015 and a pretax profit of $8 million. Financial details of the transaction were not disclosed. "The global market for edible pulses is growing rapidly," Philip Howell, ED&F Man''s chief executive, said in a joint statement by the two companies. "It is estimated that the world''s population will be 9 billion by 2050; this will place an even greater reliance on leguminous protein." Privately owned, British-based ED&F Man''s activities include a large sugar and coffee trading business as well as financial and brokerage services. (Reporting by Gus Trompiz; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ed-f-man-m-a-maviga-idUKKBN14O1HS'|'2017-01-04T21:22:00.000+02:00'
'b8bf3063e2bcbd87702454bee7350bfbc5694a78'|'SE Asia Stocks-Upbeat; Thailand ends at 20-month high'|'Financials  13am EST SE Asia Stocks-Upbeat; Thailand ends at 20-month high By Susan Mathew Jan 4 Southeast Asian stocks ended higher on Wednesday as positive sentiment spilled over from Wall Street and European markets overnight on upbeat factory data from the United States and the euro zone. U.S. factory activity accelerated to a two-year high in December, while construction spending hit a 10-1/2-year high in November. In the euro zone, manufacturing activity hit the fastest pace in more than five years in December. Philippine shares rose 2.5 percent to close at their highest in nearly a month on the back of foreign buying. Foreign investors net bought 184 million pesos worth of stocks on Wednesday. Telecom and financial stocks led the gains with PLDT Inc firming up nearly 7 percent and Security Bank Corp closing 6 percent higher. Thai stocks closed at their highest since April 2015, up more than 1 percent, extending gains for a seventh consecutive session. Energy and basic materials led gains with Bangchak Petroleum PCL gaining 1.5 percent as oil prices edged up on Wednesday while steel company Asia Metal PCL rose 6 percent. Sentiment in Thailand was also buoyed by a rise in December headline consumer prices for a ninth straight month. Singapore stocks rose 0.77 percent with casino operator Genting Singapore and energy heavyweight Sembcorp Industries climbing 4.0 percent and 2.5 percent, respectively. Meanwhile, Indonesian shares recovered early losses to end higher at 0.5 percent with consumer non-cyclicals leading the gains. Clove cigarette maker Hanjaya Mandala Sampoerna Tbk PT and Unilever Indonesia Tbk PT gained over 3 percent each. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: Change on day Market Current Previous Close Pct Move Singapore 2921.31 2898.97 0.77 Bangkok 1563.58 1542.94 1.34 Manila 7030.95 6861.31 2.47 Jakarta 5301.183 5275.971 0.48 Kuala Lumpur 1647.47 1635.53 0.73 Ho Chi Minh 674.70 672.01 0.40 Change on year Market Current End 2016 Pct Move Singapore 2921.31 2880.76 1.41 Bangkok 1563.58 1542.94 1.34 Manila 7030.95 6840.64 2.80 Jakarta 5301.183 5296.711 0.08 Kuala Lumpur 1647.47 1641.73 0.35 Ho Chi Minh 674.70 664.87 1.50 (Reporting by Susan Mathew in Bengaluru; Editing by Vyas Mohan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southeast-asia-stocks-idUSL4N1EU2S9'|'2017-01-04T17:13:00.000+02:00'
'4a2b0645f0a8362459181119ad17fab91fd8159d'|'Britain to build 17 towns and villages to ease housing squeeze'|' 23am GMT Britain to build 17 towns and villages to ease housing squeeze Sold new build homes are seen on a development in south London in this file photo dated June 3, 2014. REUTERS/Andrew Winning LONDON Britain''s government announced plans on Monday to build 17 new towns and villages across the English countryside in a bid to ease a chronic housing shortage. The new "garden" communities - from Cumbria in the north to Cornwall on England''s southern-most tip - would be part of a scheme to build up to 200,000 new homes, housing and planning minister Gavin Barwell said in a statement. That would still be a fraction of the million houses the government has said it wants to see built from 2015-2020 in an already densely populated nation. Successive governments have promised to tackle a shortage that has seen house prices spiral in London and other major cities, out of the reach of many buyers. But developers have complained about a lack of available land and strict planning laws that outlaw development on "greenbelt" land around existing towns and give local councils the power to block construction. Britain asked local authorities last year to say if they were interested in having new garden developments - based on a 19th century idea of housing growing populations in self-contained towns surrounded by countryside. Barwell announced the locations for the first time on Monday and said the state would loosen planning restrictions and give 7.4 million pounds ($9.10 million) to help fund the building. The three newly announced towns, with more than 10,000 homes each, will be built near Aylesbury, Taunton and Harlow, the government said. The new garden villages, including Bailrigg in Lancaster, Long Marston in Stratford-on-Avon, Welborne in Hampshire and Culm in Devon, would each have 1,500-10,000 properties. Together with seven other garden towns already announced, the new developments could provide almost 200,000 homes, Barwell said. (Reporting by Kylie MacLellan; Editing by Andrew Heavens)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-housing-idUKKBN14M0HG'|'2017-01-02T18:23:00.000+02:00'
'5e876a60300b21a26338174a560f745ac7dcb943'|'Exclusive: Brazil''s Renova to sell wind farm Alto Sertao II to AES Brasil for up to 700 million reais - source'|'SAO PAULO Brazil''s renewable power generation company Renova Energia SA is in talks to sell its wind farm Alto Sertao II to the Brazilian unit of AES Corp for 600 million reais to 700 million reais ($214 million), a source with direct knowledge of the matter told Reuters on Monday.The talks are advanced, according to the person, who did not give a time frame for closing the deal. The proceeds will be used to reduce the company''s debt, the source added. Units in Renova were up 4.8 percent, at 6.30 reais, in Monday morning trading. Neither company immediately responded to requests for comment.(Reporting by Guillermo Parra-Bernal; Writing by Tatiana Bautzer; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-renova-energia-m-a-aes-tiete-energ-ex-idINKBN14M0OL'|'2017-01-02T10:21:00.000+02:00'
'52992254337ddc212c296e84017880d43ffc79d2'|'Spanish manufacturing expands in December at fastest pace since Jan - PMI'|'Business   8:21am GMT Spanish manufacturing expands in December at fastest pace since Jan - PMI MADRID Spanish factory activity expanded at the fastest pace in 11 months in December driven by strong orders and increasing output, a survey showed on Monday, adding to expectations of more economic growth in the last quarter. Markit''s Purchasing Managers'' Index (PMI) of manufacturers rose to 55.3 in December from 54.5 in November. The index has held above the 50 line separating growth from contraction every month since November 2013. "The Spanish manufacturing PMI signalled that the sector ended 2016 on a high, with growth back at the levels seen at the start of the year. The picture is much more positive than in the summer when output and new orders stagnated," senior economist at Markit Andrew Harker said. New factory orders expanded at their fastest pace since the beginning of the year in December, rising to 57.1 from 55.4 a month earlier. The government has said it expects the economy to expand at up to 0.8 percent, quarter on quarter, in the October to December period. Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-spain-economy-pmi-idUKKBN14M08Y'|'2017-01-02T15:21:00.000+02:00'
'cccfafed4668f7fdeca22afcf32a101de276aa3c'|'RPT-State Bank of India cuts lending rate by 90 bps across maturities'|' 37am EST RPT-State Bank of India cuts lending rate by 90 bps across maturities (Repeats to widen distribution without changes to text) MUMBAI Jan 1 State Bank of India, the country''s biggest lender by assets, said on Sunday it had cut its lending rates by 90 basis points for maturities ranging from overnight to three-year tenures, after experiencing a surge in deposits. After the move, its so-called overnight marginal cost of funds-based lending rate (MCLR) fell to 7.75 percent from 8.65 percent, while three-year loan rates will now be 8.15 percent from 9.05 percent previously. Lending rates were also cut across other maturities effective Sunday. Banks have received an estimated 14.9 trillion rupees ($219.30 billion) in old 500, and 1,000 rupees notes from depositors since the government in Nov. 8 unexpectedly banned the banknotes in a bid to fight counterfeiting and bring unaccounted cash to the economy. That had raised expectations banks would have room to cut lending rates, which is seen as vital to increase credit growth and spark a revival in private investments. Although India''s gross domestic product grew 7.3 percent in the July-September quarter from a year earlier, the fastest pace of growth among large economies, much of that has been led by consumer demand. Lower lending rates will be welcome by the Reserve Bank of India, which has cut the policy rate by 175 bps since the start of 2015 but has felt banks were being too slow in cutting their lending rates. The SBI move also comes after Prime Minister Narendra Modi on Saturday admonished banks to "keep the poor, the lower middle class, and the middle class at the focus of their activities," and to act with the "public interest" in mind. Modi''s comments were made in a special New Year''s eve speech in which he defended his ban on higher value cash notes and announced a slew of incentives including channelling more credit to the poor and the middle class. ($1 = 67.9445 Indian rupees) (Reporting by Rafael Nam; Editing by Michael Perry) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/state-bank-of-india-lending-rate-idUSL4N1ES0ZE'|'2017-01-02T12:37:00.000+02:00'
'ba45b6b80d69906dedcbc393eee9c67ee76dff84'|'Bank of Israel says preparing for "renormalisation" of interest rates'|' 29am EST Bank of Israel says preparing for "renormalisation" of interest rates JERUSALEM Jan 2 Israel''s central bank said on Monday that its medium-term policy goals would include preparing for an interest rate rise, though it gave no detailed time frame for when it might begin a tightening cycle with economic growth seen slowing this year. Price stability would remain its chief aim, the Bank of Israel said, adding that an anticipated recovery in the global economy required the regulator to "prepare for a renormalisation of monetary policy" in the longer term. "To that end, the Bank of Israel will continue to align the macroeconomic projection abilities with conditions created after the crisis and to take into account considerations related to financial stability when formulating monetary policy," it said. The central bank last week held its benchmark interest rate at 0.1 percent for a 22nd straight month. Its own economists project steady rates through the third quarter of 2017 and a 15 basis point increase in the fourth quarter. Israel has been in deflation for more than two years, with the annual inflation rate at -0.3 percent in November. Inflation is expected to reach 1 percent late this year, the bottom of the government''s 1-3 percent annual inflation target. Israel''s economy grew a provisional 3.8 percent in 2016 and is forecast to grow 3.2 percent this year. Other three-year targets included increasing banking competition and efficiency, it said. The bank said it wanted to bolster competition in retail credit areas, including lending to small businesses and the provision of payment and settlement systems, by supporting technology changes and setting up a national credit data register. The central bank said per capita GDP may decline sharply later this decade due to changes in demographics. It said it would recommend to government policies support growth by boosting productivity and developing infrastructure and human capital. It also said it would continue looking to expand the range of markets and assets in which it invests foreign exchange reserves. (Reporting by Steven Scheer; editing by Richard Lough) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/israel-cenbank-idUSL5N1ES10G'|'2017-01-02T20:29:00.000+02:00'
'b6fd28532cb91eedac178ac9bd16c36c35b0e6e1'|'India''s Nifty index snaps four-day rally; bank stocks hit'|'Financials - Mon Jan 2, 2017 - 5:19am EST India''s Nifty index snaps four-day rally; bank stocks hit Jan 2 India''s NSE index ended lower on Monday in the first trading session of 2017, snapping a four-session winning streak as banks fell on worries their profitability would be hit after reducing lending rates. The NSE bank index fell 1.14 percent, with State Bank of India, which cut its marginal cost of funds-based lending rate (MCLR) by 90 basis points across maturities, declining 2.6 percent. The broader NSE index ended 0.08 percent lower at 8,179.50, snapping a four-day rally. The benchmark BSE index closed down 0.12 percent at 26,595.45, after rising in the last two sessions. For the midday report, click here (Reporting by Samantha Kareen Nair in Bengaluru; Editing by Sunil Nair) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-stocks-idUSB8N1DV02M'|'2017-01-02T17:19:00.000+02:00'
'd6b2cde3977299efbbf85ebe8f3eb5efd972ba31'|'Protesters hang banner during NFL game to protest North Dakota pipeline'|'Jan 1 Two protesters dangling from a ceiling support at Minneapolis'' U.S. Bank Stadium unfurled a banner criticizing the Dakota Access Pipeline during a National Football League game on Sunday between the Minnesota Vikings and Chicago Bears, police said.The banner urged Minneapolis-based U.S. Bank to divest from the $3.8 billion pipeline crossing four states. Construction in North Dakota prompted protests by Native Americans and environmentalists who say the project will harm water resources and sacred lands. The federal government ruled in December against that stretch of the project.The protesters, a man and a woman, climbed down after the game ended and were arrested, police said in a statement. After undergoing medical evaluations, the pair were jailed on burglary and trespassing charges, and another woman was issued a trespass notice and released, the statement said.The protesters climbed to the top of the stadium and hung a banner reading: "DIVEST" in big letters as well as "#NoDAPL," according to media images.Play was not interrupted during the game, won by the Vikings 38-10, but police said a section of seats below the banner was cleared as a precaution.Five demonstrators were arrested last week in the first protests since the federal government decided against the project.Opposition to the pipeline has been backed by military veterans, celebrities and actors, including Mark Ruffalo, Shailene Woodley and Susan Sarandon.Energy Transfer Partners LP, which is building the pipeline, has gone to federal court for a permit to finish the job. It has said it is committed to seeing the project completed without rerouting the line.The company has said the 1,172-mile (1,885-km) pipeline, which is nearly finished, would be a more efficient and safer means to transport oil from the Bakken shale of North Dakota.(Reporting by Ian Simpson in Washington; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/northdakota-pipeline-protests-idUSL1N1ER0DM'|'2017-01-02T03:23:00.000+02:00'
'0ef52ac7c5e022978ddf0fddeb719e781f4d0cfb'|'Sri Lankan rupee edges down ahead of cenbank policy statement; stx fall'|' 30am EST Sri Lankan rupee edges down ahead of cenbank policy statement; stx fall COLOMBO Jan 3 The Sri Lankan rupee edged down in thin trade on Tuesday amid worries over slowing foreign fund inflows, even as market players awaited central bank''s key policy statement later in the day, dealers said. Rupee forwards were active, with one-month forwards quoting at 151.00/15 per dollar at 0558 GMT, compared with Monday''s close of 150.95/151.00. The currency fell 3.9 percent in calendar 2016. One-week forwards, spot-next forwards and the spot rupee were hardly traded, dealers said. "The market is quiet and waiting for some strong inflows," a currency dealer said, asking not to be named. "Most of the market players are also waiting for the central bank''s road map on the financial policies for this year." The central bank will announce its policies and indicative targets for 2017 at 0930 GMT. The rupee has been under pressure due to imports and foreign investors exiting government securities, dealers said. On Friday, the central bank raised the spot currency reference rate to 150.00, a record low against the dollar. The banking regulator raised the spot reference rate by 50 cents last week, after a 40-cent increase in each of the previous two weeks amid sustained pressure on the currency. Officials from the central bank were not immediately available for comment. The central bank kept its benchmark interest rates steady on Friday for a fifth straight month as expected, saying credit growth was responding to earlier tightening measures. Dealers said the market was bracing for some depreciation in the rupee in January after the central bank said depreciation of the currency was not necessarily negative for the economy. Sri Lankan shares were down 0.51 percent at 6,161.01 as of 0607 GMT. Turnover stood at 57.1 million rupees ($381,940). ($1 = 149.5000 Sri Lankan rupees) (Reporting by Shihar Aneez and Ranga Sirilal; Editing by Vyas Mohan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sri-lanka-markets-idUSL4N1ET11R'|'2017-01-03T13:30:00.000+02:00'
'5a371455501540d1ae0e4d5799fa95c0bb32d0e6'|'Dollar resumes its ascent, Asia keeps wary eye on yuan'|' 46pm GMT Dollar resumes its ascent, Asia keeps wary eye on yuan South Korean won, Chinese yuan and Japanese yen notes are seen on U.S. 100 dollar notes in this file photo illustration shot December 15, 2015. REUTERS/Kim Hong-Ji By Wayne Cole - SYDNEY SYDNEY The U.S. dollar held on to broad gains on Tuesday, resuming its ascent after last week''s brief wobble as the prospect of rising U.S. interest rates this year kept sentiment bullish on the long-run. A holiday in Japan made for quiet early trade, leaving the dollar steady at 117.36 yen JPY= but well up on Friday''s trough of 116.05. Against a basket of currencies, the dollar was firm at 102.800 .DXY having climbed 0.6 percent overnight. The euro was sulking at $1.0461 EUR= despite strong manufacturing data for the currency bloc, having surrendered all of Friday''s brief spike to $1.0700. A dearth of liquidity was largely behind the wild swings, though the market is now so long dollars that it is vulnerable to sudden corrections. Data released on Friday showed speculators increasing their bets on the dollar in the week up to last Tuesday after cutting positions for the first time since October in the previous week. The greenback had soared to 14-year highs in December on speculation the U.S. Federal Reserve will hike rates as many as three times this year, and that President-elect Donald Trump will stoke growth and inflation with debt-funded tax cuts. Treasury yields have jumped in anticipation while central banks in the euro zone and Japan are still working to keep their short-term yields deep in negative territory. As a result, U.S. two-year debt US2YT=RR pays 200 basis points more than German debt and 138 basis points more than Japanese paper. "Following a period of consolidation between now and late January, we believe the USD will put on another 10 percent of gains over the next eighteen months," said Richard Grace, chief currency strategist at CBA. Grace argued Trump''s proposed plans for a U.S. company tax cut could be particularly bullish for the dollar since it would likely encourage a wave of repatriation by domestic firms and demand for U.S. equities by foreign investors. "We anticipate some twelve-to-eighteen months of USD strength, beginning when the Trump Administration gets its tax cuts through the Congress," he added, citing late March as likely timing for passage. Dealers are also keeping a wary eye on the yuan as annual quotas covering how much foreign currency Chinese individuals can buy are reset this week. China''s foreign exchange regulator said on Saturday that the $50,000 annual individual quota will remain unchanged, but some banks have told customers that purchases of foreign currency for buying property, securities and life insurance were not allowed. The new rules on overseas currency transfers are not capital controls, the official Xinhua news agency reported, There has been talk investors could rush to sell the yuan fearing further depreciation in the currency, forcing the country''s central bank to run down its reserves to head off a self-fulfilling spiral. Some in the market have hedged that risk by shorting the Australian dollar, typically used as a liquid proxy for the yuan. The Aussie was stuck at $0.7179 AUD=D4 on Tuesday, just above the recent seven-month trough of $0.7160. (Editing by Kim Coghill) Venezuela issues $5 billion to state-run bank: source CARACAS Venezuela has issued $5 billion in bonds maturing in 2036 to a state-owned bank, a source familiar with the situation said on Monday, in an unorthodox operation that does not immediately bring in new funds for the cash-strapped OPEC nation.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-forex-idUKKBN14M18R'|'2017-01-03T06:30:00.000+02:00'
'b9e9d2ccc8af9c1801d89556e38caf12c80ec806'|'Prices plunge as 2017 coal, carbon and power turn bearish'|'Global Energy News - Tue Jan 3, 2017 - 10:44am GMT Prices plunge as 2017 coal, carbon and power turn bearish UK prompt gas prices plunged on Tuesday, the first full trading day of 2017, as weak demand and ramped-up North Sea supply wiped out more of last month''s gains, matched by sell-offs on European coal, carbon and power markets. Trading in 2017 got off to a bearish start with the exception of Brent crude oil, rising to $58 a barrel amid hopes for production cuts, even as power plant fuels faced sharp selling pressure. [O/R] The price of gas for instant delivery TRGBNBPWKD fell by 3.15 pence or 5.95 percent to 49.75 pence per therm by 0943 GMT, having seen a near two-week run of gains that ended on Monday when a select few prompt contracts traded. Britain''s gas market was oversupplied by 31.4 million cubic metres per day (mcm/day) as domestic output from the North Sea fully recovered from a spate of short-lived outages last month. Daily gas demand is pegged at 321.9 mcm/day, according to National Grid, and is below analysts'' expectations as milder weather has reduced the need for heating. Gas for Wednesday delivery TRGBNBPWKD also fell by 3.15 pence or 5.95 percent to 49.75 pence per therm. Related commodity markets were dragged lower on Monday, with benchmark European carbon prices CFI2Zc1 down 5.05 percent at 5.83 euros a tonne. The leading API2 2018 coal contract TRAPI2Yc1 was 2.05 percent lower at $63 a tonne, while volatile French and German day-ahead power prices registered double-digit losses, helped by rising wind power supply. Supplies from the UK Continental Shelf were strong following patchy output from terminals including St. Fergus Shell, St. Fergus Mobil and Bacton in December, Thomson Reuters analysts said. However, Norwegian gas capacity will be reduced by 8.3 mcm for Tuesday due to an outage at the Sleipner gas field. There was no sign yet of any effect on supplies. Flows through Norway''s Langeled pipeline to Britain were running at peak capacity of around 74 mcm/day. In the Netherlands, the day-ahead gas price at the TTF hub TRNLTTFD1 was 0.50 euro lower at 18.90 euros per megawatt-hour. (Reporting by Oleg Vukmanovic; Editing by Dale Hudson) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-gas-idUKKBN14N0RW'|'2017-01-03T17:44:00.000+02:00'
'819413630b4a6d9d570d92627748cff6d91f706e'|'Cash crunch pushed Indian factory activity into contraction in December'|'BENGALURU, Indian factory activity plunged into contraction last month as a cash crunch following Modi''s currency crackdown severely hurt output and demand, a survey found on Monday.The Nikkei/Markit Manufacturing Purchasing Managers'' Index INPMI=ECI fell to 49.6 in December from November''s 52.3, its first reading below the 50 mark that separates growth from contraction since December 2015.It was also the biggest month-on-month decline since November 2008, just after the collapse of Lehman Brothers triggered a financial crisis and brought on a global recession."Having held its ground in November following the unexpected withdrawal of 500 and 1,000 bank notes from circulation, India''s manufacturing industry slid into contraction at the end of 2016," said Pollyanna De Lima, economist at survey compiler IHS Markit."Shortages of money in the economy steered output and new orders in the wrong direction, thereby interrupting a continuous sequence of growth that had been seen throughout 2016."The output sub-index at 49.0 was its lowest this year, though the rate of contraction was only slight.The new orders sub-index which measures both foreign and domestic demand was also knocked to its weakest in 2016.Contractions in momentum were reported across all major sub-indexes in the survey, such as purchasing activity and employment, highlighting the blow to the economy after the government''s demonetization drive.Modi''s decision to scrap high-value banknotes as part of a crackdown on tax dodgers and counterfeiters removed 86 percent of the currency in circulation virtually overnight, denting consumption in a country where the vast majority of people still rely on cash for day-to-day activities.Economists have begun slashing GDP forecasts and some of the more pessimistic views are that growth will halve from the 7.3 percent year-over-year rate clocked in July-September, especially as consumer spending accounts for over half of India''s output.The survey also showed output prices rose at a subdued pace last month, while input prices climbed sharply, suggesting manufacturers had little power to pass on rising costs.With consumer inflation at a two-year low in November, that could fuel hopes of an interest rate cut by the Reserve Bank of India at its next policy review.The central bank unexpectedly kept its key policy rate unchanged at 6.25 percent earlier this month, despite calls for action in the face of the intense cash shortage.The RBI said the impact of the cash squeeze may be short-lived and it needed more time to see if the move would cause more lasting damage to economic activity.(Reporting by Sumanta Dey; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/us-india-economy-pmi-idINKBN14M03P'|'2017-01-02T02:09:00.000+02:00'
'631867ca3ba807f2684ea0a0e41daa46b6fe59df'|'Russian oil output in December stays at record highs'|' 54am GMT Russian oil output in December stays at record highs A worker checks the valve of an oil pipe at an oil field owned by Russian state-owned oil producer Bashneft near the village of Nikolo-Berezovka, northwest of Ufa, Bashkortostan, Russia January 28, 2015. REUTERS/Sergei Karpukhin/File Photo MOSCOW Russian oil production in December stood unchanged at 11.21 million barrels per day (bpd), flat month on month and at its highest in almost 30 years, energy ministry data showed on Monday. Russia is preparing to cut output by 300,000 bpd during the first half of 2017 as a part of a global pact with OPEC aimed at rebalancing the market. Oil prices LCOc1 ended at $56.82 last year, more doubling from lows hit early last year. In tonnes, production rose to 47.402 million in December from 45.884 million in November. In 2016 in total, output reached 547.499 tonnes, or 10.96 million bpd, up from 10.72 million in 2015. <O/RUS1> According to preliminary data, which excludes some producing units at some firms, output month on month was slightly down at Rosneft, including Bashneft, and at Gazprom Neft. Lukoil, Tatneft and production-sharing agreements showed an increase. The Russian energy ministry has said that its planned output reduction would be gradual as production cannot be cut abruptly due to weather and technological conditions. "Russian producers have significantly increased drilling over 2016 in efforts to stem field decline," Toril Bosoni from the International Energy Agency told Reuters. "While little information on the duration of production cuts has been made public, provisionally we assume that output will rise gradually again during the second half of 2017." For 2017 as a whole, the Russian energy ministry forecasts oil production at 548-551 million tonnes, or 11.01-11.07 million bpd. Natural gas production in Russia in December rose to 66.38 billion cubic metres (bcm), or 2.14 bcm a day, from 62.59 bcm in November. (Reporting by Katya Golubkova and Vladimir Soldatkin; editing by Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-oil-output-idUKKBN14M0BH'|'2017-01-02T15:54:00.000+02:00'
'02ce913352412f5f61790f969179d8debb9b6087'|'Norway''s c.bank warns of housing boom risks, OBOS sees 2017 surge'|'Financials - Mon Jan 2, 2017 - 10:21am EST Norway''s c.bank warns of housing boom risks, OBOS sees 2017 surge OSLO Jan 2 Norway''s central bank governor warned Norwegians on Monday against taking out over-sized mortgages in a booming housing market as the country''s biggest property manager OBOS predicted an eight percent price surge to new record highs in 2017. Oeystein Olsen said the bank''s main interest rate, now 0.5 percent, was exceptionally low and that borrowers should ensure they could make repayments at far higher levels. High house prices and rising household debt have become major concerns for the Norwegian central bank. The boom has defied a halving of the price of Norway''s oil exports since 2014 that has put a brake on overall economic growth. "We never give promises but most probably the interest rate will remain low for a long time and at least through 2017," Olsen told independent TV2 in an interview. "But when people invest, especially in houses, people should take into account that current rates are exceptionally low. The current interest rate is 0.5 percent and you should at least add three percentage points on top of that to come close to a level I would call a normal rate," he said. Separately on Monday, Norway''s biggest building association OBOS, which mainly builds apartment blocks and is owned by its 390,000 members, predicted that prices in the Oslo area would rise by 16 percent in 2017 and by eight percent in the whole country. In December, prices for OBOS apartments in Oslo rose 2.3 percent to a record high average price of 63,525 Norwegian crowns ($7,346.05) per square meter compared to November, equal to a rise of 29.5 percent for the full year. For the whole country, OBOS prices rose 1.6 percent to an average of 55,565 crowns per meter in December, or 24.3 percent year over year. In total 8,466 OBOS second-hand houses apartments sold in 2016. ($1 = 8.6475 Norwegian crowns) (Reporting By Ole Petter Skonnord; Editing by Alister Doyle and Gareth Jones) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/norway-housing-market-cbank-idUSL5N1ES19D'|'2017-01-02T22:21:00.000+02:00'
'f9a8d77fdff4adfc1b2e7fdbfd7286088c9145ee'|'UPDATE 1-Oman 2017 state budget projects smaller deficit, continued austerity'|'(Adds details of revenue measures, debt, context)By Fatma AlarimiMUSCAT Jan 1 Oman''s government released a 2017 budget plan on Sunday that projected a smaller deficit but included fresh austerity steps and tight curbs on spending because of low oil prices, which are hurting state revenues.Government spending this year is projected to total 11.7 billion rials ($30.4 billion) and revenues 8.7 billion rials, which would result in a deficit of 3 billion rials.That compares with the government''s original 2016 budget plan of 11.9 billion rials in spending, 8.6 billion rials in revenues and a 3.3 billion rial deficit.The finance ministry said the government planned a string of steps this year to boost non-oil revenues, including changes to income tax, new taxation of goods such as tobacco and alcohol, and changes to fees charged for hiring foreign workers.Tax exemptions for companies will be cut, electricity tariffs raised for large corporate and government consumers, and fees amended for some services provided by ministries and government bodies.Shares in two telecommunications firms, Oman Telecommunications and Ooredoo Oman, fell sharply on Sunday after they said the royalty which they paid to the government had been raised to 12 percent from 7 percent."Due to the financial pressure on the state budget caused by public salaries, openings for new jobs in the public sector will be limited. It will be up to the private sector to create jobs and employ job seekers," the ministry said.Oman lacks the ample oil and fiscal reserves of its wealthy neighbours and its finances have been hit hard by the plunge of oil prices since 2014. In 2015, its deficit was worth 16.5 percent of gross domestic product, according to the International Monetary Fund.The 2017 budget assumes an average oil price of $45 a barrel. The ministry said it would cover the deficit this year with 2.1 billion rials of international borrowing, 400 million rials of domestic borrowing and the drawdown of 500 million rials from financial reserves.Oman has said it plans to sell stakes in a string of state companies over the next several years. Procedures to sell shares in the first of these, Muscat Electricity Distribution Co, will be completed in the first half of 2017, the ministry said.The 2016 budget was also based on an oil price assumption of $45 a barrel but, partly because oil actually averaged $39 last year, the deficit came in much higher than expected at about 5.3 billion rials. (Writing by Andrew Torchia; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oman-budget-idINL5N1ER09M'|'2017-01-01T15:03:00.000+02:00'
'2df36ea1a0c95e95f356a1d5633bd2852a679539'|'Oil business seen in strong position as Trump tackles tax reform'|'Business News - Tue Jan 3, 2017 - 12:19pm GMT Oil business seen in strong position as Trump tackles tax reform left right ExxonMobil Chairman and CEO Rex Tillerson speaks during the IHS CERAWeek 2015 energy conference in Houston, Texas April 21, 2015. REUTERS/Daniel Kramer/File Photo 1/3 left right U.S. President-elect Donald Trump talks to reporters as he and his wife Melania Trump arrive for a New Year''s Eve celebration with members and guests at the Mar-a-lago Club in Palm Beach, Florida, U.S. December 31, 2016. REUTERS/Jonathan Ernst 2/3 left right Former Texas Governor Rick Perry exits after meeting with U.S. President-elect Donald Trump at Trump Tower in Manhattan, New York City, U.S., December 12, 2016. REUTERS/Brendan McDermid 3/3 By David Morgan - WASHINGTON WASHINGTON Big Oil could be in a unique position to protect its interests against a Republican proposal to tax imports, given that President-elect Donald Trump''s cabinet is studded with oil champions sensitive to the risk of higher gasoline prices. Trump''s emerging leadership includes Exxon Mobil Corp ( XOM.N ) Chief Executive Officer Rex Tillerson as secretary of state, former Texas Governor Rick Perry as energy secretary and Oklahoma Attorney General Scott Pruitt as Environmental Protection Agency administrator. Trump himself has made no secret of his support for the energy sector. And in Congress, both Republicans and Democrats have close industry ties, including House tax panel chairman Kevin Brady, a Texas Republican whose district takes in the northern Houston suburbs. House Republicans want to adopt a sweeping tax reform that would sharply reduce tax rates for corporations and end the taxation of U.S. corporate overseas profits. But a provision known as border adjustability is stirring up controversy. Though intended to boost U.S. manufacturing by exempting export revenues from tax, the provision worries some industries because it would also tax imports. Because U.S. oil refiners import about half the crude oil they use to make gasoline, diesel and other products, analysts say the change could lead to higher gasoline prices and potentially undermine economic growth. Integrated oil companies such as Exxon, Chevron Corp ( CVX.N ), BP Plc ( BP.L ), Royal Dutch Shell Plc ( RDSa.L ) and ConocoPhillips ( COP.N ) could also be hit, depending on whether they are net importers. But the industry''s allies would likely move to soften any rough edges, analysts say. "I don''t see this mix of leadership figures in the House, Senate and the White House, doing something that has the effect of raising gasoline prices," said Peter Cohn, an energy analyst with Height Securities, a Washington-based investment firm. The danger is that a move to protect the oil refiners could open the door to assistance for other industries, including retailers and automakers, which would also face higher costs if no longer able to deduct the cost of imports from their taxable income. Such a knock-on effect could prevent border adjustability from raising an expected $1 trillion in revenues to help pay for lower tax rates over the next decade. "We hope that raising these concerns early in the process will allow members of Congress to consider the issues carefully," Chet Thompson, president of the American Fuel and Petrochemical Manufacturers trade group, said in a statement. Brady said earlier this month that his committee was sensitive to the impact on specific businesses and "listening very closely to how we can make sure we smooth that out." Moreover, some economists dismiss industry worries about higher import costs, saying the dollar''s value would rise in response to such sweeping tax changes and ultimately reduce the cost of imports. Currency markets would adjust to higher oil prices by lowering the dollar value of crude, they predict. "This argument by the oil industry is, frankly, all wrong," said Douglas Holtz-Eakin, former director of the nonpartisan Congressional Budget Office, who now heads the American Action Forum think tank. "Refiners are going to be basically held harmless. They''ll have a lower dollar price of oil. Net cost is the same. And they go about their business. I''m unsympathetic,” he added. Height Securities'' Cohn said Trump and his advisers could look for ways to soften any blow to refiners and their customers: "Trump doesn''t want to have refineries closing on his watch." Oil already benefits from several tax code provisions in place for decades that would be eliminated under the House Republican plan. But they stand to gain more than they will lose. For instance, an existing tax deduction for domestic production lets oil producers shave down their corporate tax rate to 32 percent from the top headline rate of 35 percent. Under the congressional Republicans'' plan, the corporate rate would be cut to 20 percent; under Trump''s plan, to 15 percent. Similarly, companies that now write off intangible drilling costs or get a tax allowance for asset depletion would be able to immediately expense capital investments. Then there is a tax credit oil companies claim for fees from foreign countries. Congressional Republicans would eliminate foreign taxes altogether, while Trump would maintain taxation at a substantially lower rate. (Editing by Kevin Drawbaugh and Lisa Shumaker) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-oil-tax-idUKKBN14N0Y8'|'2017-01-03T19:19:00.000+02:00'
'7a99b818d5375a7cfac3a63bde497edc276593f0'|'Oil prices rise as markets eye OPEC, non-OPEC production cuts'|'Tue Jan 3, 2017 - 12:40am GMT Oil prices rise as markets eye OPEC, non-OPEC production cuts A flame rises from a chimney at Taq Taq oil field in Arbil, in Iraq''s Kurdistan region, August 16, 2014. REUTERS/Azad Lashkari By Jane Chung - SEOUL SEOUL U.S. oil prices rose in the first trading hours of 2017 on Tuesday, buoyed by a deal for OPEC and non-OPEC production cuts which kicked off on Sunday. U.S. benchmark West Texas Intermediate (WTI) CLc1 crude oil prices were up 35 cents, or 0.7 percent, at $54.07 at 0010 GMT, not far from last year''s high of $54.51 reached on Dec. 12. International Brent crude oil LCOc1 was yet to trade after closing up 68 cents at $56.82 per barrel on Friday. Oil markets were closed on Monday after New Year''s holiday. Jan. 1 marked the official start of the deal agreed by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day. January will serve as an indicator for whether the agreement can stick. Libya, one of two OPEC member countries exempt from the deal, increased its production to 685,000 barrels per day (bpd) as of Sunday, up from around 600,000 a day in December, according to an official from the National Oil Corporation (NOC). Among OPEC member countries, Oman notified its customers last week that it will cut its crude term allocation volumes by 5 percent in March. Non-OPEC member Russia''s oil production in December remained unchanged at 11.21 million bpd, but it was preparing to cut output by 300,000 bpd in the first half of 2017 as part of its efforts to join the global deal to reduce oversupply and rebalance the market. (Reporting by Jane Chung; Editing by Richard Pullin) Up Next Venezuela issues $5 billion to state-run bank: source CARACAS Venezuela has issued $5 billion in bonds maturing in 2036 to a state-owned bank, a source familiar with the situation said on Monday, in an unorthodox operation that does not immediately bring in new funds for the cash-strapped OPEC nation.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN14N00L'|'2017-01-03T07:33:00.000+02:00'
'1d6ab2a49c4fe1fd9afbecdea6c79540b89bfc70'|'LATAM CLOSE-No deals price in LatAm primary market'|'Company   3:52pm EST LATAM CLOSE-No deals price in LatAm primary market * Brazilian bankruptcy filings at 11-year high: Experian * Argentina treasury minister to propose broad tax reform: La Nacion * Brazil''s Fibria raises R$1.25bn from CRA issue * Ford cancels US$1.6bn Mexico plant after Trump criticism By Mike Gambale NEW YORK, Jan 3 (IFR) - No deals priced in the LatAm primary market on Tuesday. Here is how the region''s sovereign credit spreads ended 2016. SOVEREIGN 12/30 12/29 12/28 1D 10D 2015/16 HIGH ARGENTINA 426 428 429 -2 -54 - BARBADOS 643 639 637 4 46 659 (2/11/16) BRAZIL 302 299 297 3 0 542 (2/11/16) CHILE 84 80 75 4 15 143 (2/11/16) COLOMBIA 199 199 197 0 4 412 (2/11/16) COSTA RICA 439 434 432 5 9 587 (2/11/16) DOMINICAN REP 395 392 390 3 1 542 (2/11/16) ECUADOR 654 656 665 -2 -19 1765 (2/11/16) EL SALVADOR 521 521 516 0 7 840 (2/11/16) GUATEMALA 262 260 255 2 3 385 (2/11/16) JAMAICA 363 359 357 4 19 519 (2/11/15) MEXICO 201 197 197 4 10 278 (2/11/16) PANAMA 181 178 175 3 18 272 (2/11/16) PERU 167 162 160 5 11 291 (2/10/16) TRINIDAD & TOBAGO 220 213 215 7 13 173 (1/15/15) URUGUAY 232 226 224 6 8 344 (2/11/16) VENEZUELA 2294 2291 2279 3 63 3713 (2/12/16) Source: Bank of America Merrill Lynch Master Index PIPELINE Argentina''s Finance Minister Luis Caputo said last month that the administration was considering tapping the debt markets in January, according to Reuters. The country needs US$22bn of debt financing this year, plus an additional US$21bn for refinancing needs, he said. Inversiones Atlantida, the largest financial group in Honduras, has finished roadshows to market a potential debut US dollar bond through Oppenheimer. Expected ratings are B/B by S&P and Fitch. Argentina''s Province of Entre Rios has finished roadshows ahead of a possible US dollar bond. Citigroup, HSBC and Santander organized investor meetings. Expected ratings are B-/B by S&P and Fitch. Colombian glass company Tecnoglass has wrapped up investor meetings ahead of an up to US$225m debut dollar bond with a tenor of between five and seven years. Expected ratings are Ba3/BB- by Moody''s and Fitch. Bank of America Merrill Lynch and Morgan Stanley have been mandated as joint bookrunners. (Reporting by Mike Gambale; Editing by Paul Kilby and Marc Carnegie) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-bonds-emerging-close-idUSL1N1ET0G2'|'2017-01-04T03:52:00.000+02:00'
'e8b75389dfc6addbecf8200a0723dc8639d3d944'|'MIDEAST STOCKS-Saudi rises, Oman hit by higher telecommunications tax'|'Financials  20am EST MIDEAST STOCKS-Saudi rises, Oman hit by higher telecommunications tax * Saudi banks underperform * Much activity focuses on second-, third-tier stocks * Travel agency Al Tayyar surges * Two Oman telecommunications firms tumble * Other Gulf markets closed for New Year By Andrew Torchia DUBAI, Jan 1 Saudi Arabia''s stock market rose on Sunday with much activity focusing on second- and third-tier stocks rather than blue chips, while Oman''s bourse was dragged down by a higher tax on telecommunications companies. The main Saudi index added 0.4 percent. Banking stocks were soft but major gains were seen in a few stocks such as conglomerate Jazan Development, which jumped 5.4 percent after announcing a 0.50 riyal per share dividend for 2016. Saudi Automotive Services surged its 10 percent daily limit after saying it would post a special gain of 4.4 million riyals ($1.2 million) for the fourth quarter after selling two of its equities investment portfolios. Travel agency Al Tayyar, beaten down last year by the slump in Saudi consumer spending, climbed 7.4 percent in unusually heavy trade. Nama Chemicals plunged its 10 percent daily limit for a second straight day. It resumed trading last week after its shares were suspended for a day because its accumulated losses had reached more than 75 percent of its capital. The company now plans a capital reduction. In Oman, the stock index dropped 0.7 percent as Oman Telecommunications tumbled 4.3 percent and rival Ooredoo Oman sank 7.9 percent. On Thursday, the Capital Market Authority said Oman''s telecommunications companies would pay a royalty to the government of 12 percent of revenues in 2017, up from 7 percent. Other markets in the Gulf, as well as Cairo''s exchange, were closed for New Year holidays. SUNDAY''S HIGHLIGHTS * The index added 0.4 percent to 7,238 points. OMAN * The index fell 0.7 percent to 5,745 points. (Editing by Adrian Croft) Israeli banks to begin reporting on foreigners'' accounts TEL AVIV, Jan 1 Israeli financial institutions will have to start sending details of foreigners'' bank accounts to the authorities by the end of 2017, as part of a global push to boost tax collection, the Finance Ministry said on Sunday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1ER04P'|'2017-01-01T21:20:00.000+02:00'
'e196d9d9e40c5f24d2e1b1a41aaf25881f654ab1'|'MIDEAST STOCKS-UAE, Qatar may stay firm, Saudi stagnate on oil'|'  MIDEAST   DUBAI   MSCI''s broadest index of Asia-Pacific shares outside Japan is up 0.1 percent but oil prices pulled back 2 percent overnight. In Dubai, Amlak Finance may attract interest after saying it renegotiated parts of a debt restructuring which the Islamic mortgage provider agreed with creditors following the local property market crash of 2008. Amlak said creditors agreed to waive a number of covenants, adjusting restrictions to allow the company to expand its mortgage book, raise more funds and add new business. A monthly Reuters survey of leading Middle East fund managers at the end of December found them bullish on regional equities in general, especially the UAE and Qatar, where they intended to capture high annual dividend yields. But they were more cautious on Saudi Arabia for now because they felt valuations were starting to become rich again. (Reporting by Celine Aswad; Editing by Andrew Torchia) Next In Financials China''s   week'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1EU0CH'|'2017-01-04T12:54:00.000+02:00'
'244f708215c689f2fb7fa502434743a5410a254b'|'Delta Air Lines forecasts smaller drop in key revenue measure'|' 20am EST Delta Air Lines forecasts smaller drop in key revenue measure Passengers check in at a counter of Delta Air Lines in Mexico City, Mexico, August 8, 2016. REUTERS/Ginnette Riquelme/File Photo Delta Air Lines Inc ( DAL.N ) said on Thursday it expected a smaller decline in fourth-quarter passenger unit revenue, a closely watched revenue measure, than it had previously forecast. The No. 2 U.S. airline said it expects passenger unit revenue, which compares sales to flight capacity, to be down 2.5-3.0 percent for the current quarter, compared with its previous forecast of a decline of 3 percent. ( bit.ly/2j98WW0 ) (Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Business News Chided by Trump, Ford scraps Mexico factory, adds Michigan jobs FLAT ROCK, Mich./WASHINGTON Ford Motor Co on Tuesday scrapped a planned Mexican car factory and added 700 jobs in Michigan following criticism by Donald Trump, as the U.S. president-elect turned his attention toward rival General Motors Co with the threat of a "big border tax" over compact cars made in Mexico.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-delta-air-outlook-idUSKBN14O1HE'|'2017-01-04T21:20:00.000+02:00'
'3f771387a588d6853b2fe32b87a2299f274d6d7d'|'German private-sector growth reaches five-month high in December - PMI'|'Business News - Wed Jan 4, 2017 - 8:59am GMT German private-sector growth reaches five-month high in December - PMI People sit at Solar bar in Berlin, Germany, September 2, 2016. REUTERS/Hannibal Hanschke BERLIN (Germany''s services remained in good health in December although growth slowed slightly, a survey showed on Wednesday, another sign that the private sector will have contributed to an expansion in the fourth quarter of 2016. Markit''s final composite Purchasing Managers'' Index (PMI), tracking the activity in manufacturing and services that together account for more than two-thirds of the economy, rose to a five-month high of 55.2 in December from 55.0 in November. The reading was well above the 50 line that separates growth from contraction and came in better than a preliminary estimate of 54.8 that was published last month. The main driver for the acceleration was, as previously reported, strong growth in manufacturing, which reached a 35-month high in December. Business activity for services eased in the last month of 2016 to 54.3 from November''s reading of 55.1. "Though losing some growth momentum since November''s high, Germany''s service sector finished the year in good shape," said Markit economist Philip Leake. "Business activity rose solidly, driven by another robust increase in new orders." Services continued to hire new staff to cope with rising workloads and existing backlogs. The German economy grew 0.7 percent in the first quarter and 0.4 in the second. It is expected to rebound in the fourth quarter after growth halved to 0.2 percent in the third. Markit forecasts Europe''s largest economy will grow 1.9 percent in 2016, Leake said. "Ongoing activity growth at German service providers was accompanied by an accelerated upturn at manufacturers," he said. "As a result, growth of private sector output picked up slightly to a five-month high. With services expectations also improving in December, the outlook for 2017 is bright." Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-pmi-idUKKBN14O0QF'|'2017-01-04T15:59:00.000+02:00'
'831a91fedabc76ec29c91ab783ea0f4a38e0e948'|'UPDATE 1-Chevron resumes operation at Gorgon LNG train 1 after month-long outage'|'* Gorgon LNG train 1 resumes operation - spokesman* Asian spot LNG prices at near 2-year high (Adds details, context)By Mark TaySINGAPORE, Jan 4 Chevron Corp said on Wednesday it has resumed production of liquefied natural gas (LNG) at one of its two units at the $54 billion Gorgon project, located off Western Australia, after an outage of slightly more than a month."Gorgon LNG Train 1 operation resumed earlier this week," a spokesman for Chevron wrote in an emailed statement. "Production was halted in late November 2016 to assess and address some performance variations," the statement said, without disclosing details of the "variations".Output at the plant''s train 2 production line was unaffected during the period, the spokesman said. The Gorgon project had continued to produce and load cargoes, he said.The massive Gorgon project has been plagued by a string of operational issues since it started up in March 2016.Despite the continued production form the second train, the supply disruption led to an urgent demand for replacement cargoes to fulfil customer commitments, according to traders familiar with the matter.That helped spot LNG prices for delivery to North Asia LNG-AS rise to near two-year highs of $9.50 per million British thermal units (mmBtu) last week, their highest level since early 2015, compared with spot levels around $7/mmBtu before news of the Gorgon train 1 outage broke in late November.(Reporting by Mark Tay; Editing by Richard Pullin and Kenneth Maxwell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/chevron-gorgon-idINL4N1EU1SS'|'2017-01-04T02:17:00.000+02:00'
'5c8af433b8972dda1bfc4e54c4a1595cd5dfc796'|'M&A boutique Robey Warshaw earns $45 million from dealmaking boom'|'  3:05pm GMT M&A boutique Robey Warshaw earns $45 million from dealmaking boom By Anjuli Davies - LONDON LONDON Robey Warshaw, the boutique M&A firm that has landed some of the mega-merger deals of the decade, earned nearly 37 million pounds in profit in its past financial year, recently released filings show. Founded in London only three years ago by Simon Robey and Simon Warshaw, former high flyers at Morgan Stanley ( MS.N ) and UBS ( UBSG.S ) respectively, the firm now ranks fourth in Britain for merger and acquisitions business, Thomson Reuters data shows. The tiny firm has only 15 employees, yet it has landed advisory roles on some of the largest deals of the decade. Among them were the $100 billion-plus acquisition of British brewer SABMiller by AB InBev ( ABI.BR ) and oil major Shell''s ( RDSa.L ) $70 billion purchase of oil and gas company BG. Small firms such as Robey Warshaw have been snapping up veteran bankers fleeing bureaucracy and shrinking paychecks at the big players and are proving popular among companies that value their niche expertise and independent advice without the the type of cross-selling sometimes favoured by big banks. Such boutique firms now earn nearly half of all M&A fees in Europe, winning market share and top dealmakers from global investment banks, Reuters reported in August. Recently released filings show that Robey Warshaw achieved turnover of 43.4 million pounds in the year to March 31, up from 23.9 million pounds a year earlier. Profit of 36.6 million pounds, up from 19.4 million pounds in the previous year, was shared by the firm''s three partners -- Simon Robey, Simon Warshaw and Philip Apostolides, also a former Morgan Stanley banker. The highest-paid partner was eligible for 18.2 million pounds of the annual profit, illustrating how lucrative boutique firms can be for senior dealmakers. Megadeals such as the AB Inbev-SAB Miller and BG-Shell acquisitions drove up global M&A volumes by 41 percent to a record $4.4 trillion in 2015. In 2016, global M&A volumes fell 17 percent from that peak to $3.6 trillion. British M&A totalled $177.5 billion in 2016, down sharply from a record $394.8 billion in 2015 -- which featured those two megadeals -- but in line with the five-year trend. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-robey-warshaw-results-idUKKBN14O1KJ'|'2017-01-04T22:05:00.000+02:00'
'6d1a76a629fccb6abc74c94b0c667aec81f6642e'|'EMERGING MARKETS-Turkish lira at new record low on inflation, security concerns'|'By Claire Milhench - LONDON LONDON Jan 3 The Turkish lira hit a fresh record low on Tuesday, pummelled by higher-than-expected inflation and security worries after militant attacks, though strong Chinese factory activity data boosted broader emerging equities to near three-week highs.The lira traded almost at 3.6 per dollar, down 1.4 percent, after sharp rises in food and drink prices pushed Turkish inflation to 1.64 percent in December for an annualised 8.53 percent.That further soured sentiment towards Turkish assets, already battered by a series of militant attacks in recent months, including a New Year''s Day mass shooting.Worries about a slowdown in the economy and plans for an executive presidency have also undermined confidence. The security situation also makes it unlikely that tourism, a key part of the economy, will recover in 2017."The inflation number is worse than expected ... it''s an awful number and obviously there is a lag of months before the full effect of lira depreciation ... is reflected, so one would expect core inflation to remain high from here," said Paul Fage, an emerging market strategist at TD Securities.Ten-year government bond yields rose to three-week highs, Turkish five-year credit default swaps rose three basis points (bps) from Monday''s close to 273 bps, according to Markit data and Turkish stocks fell 0.3 percent.Fage noted that a presidential adviser had said a rate hike would "break the economy''s back", implying intense pressure on the central bank to avoid much-needed rate hikes."It''s unlikely they will do the big emergency hikes they did in the past and if they do hike it will be the order of 25-50 bps," he added.Other emerging markets were broadly supported by robust manufacturing data and a rally in oil prices, with the benchmark emerging stocks index up 0.2 percent, though the dollar''s 1 percent rise capped gains.The focus was on the Chinese yuan which slipped 0.2 percent, despite state bank support after weakening 6.63 percent in 2016, its biggest annual fall since 1994.Chinese citizens have started to make use of their annual $50,000 foreign exchange conversion quota. But the regulator said on Saturday that it would increase scrutiny on currency purchases and strengthen punishment for illegal outflows.Commerzbank highlighted the overnight Hong Kong interbank rate''s surge to 18.5 percent, "a signal that China''s currency is under great pressure again". Liquidity tightening is a typical phenomenon when the currency is facing huge sell-off pressure, the bank''s analysts said.However, China''s factory output rose to a near six-year high in December, Purchasing Managers (PMI) data showed.This helped lift China''s mainland shares around 1 percent and Hong Kong stocks almost 0.7 percent, to three-week highs.Korean stocks also rose 0.9 percent, closing at a 10-week high after index heavyweight Samsung Electronics hit a record high.Moscow shares hit a new record high, up 2 percent, supported by a 2.3 percent rally in Brent crude oil futures to around $58 a barrel. The rouble also gained 0.6 percent against the dollar in thin holiday trade.In central Europe, Polish stocks gained around 1 percent to hit their highest since April 2016 after PMIs showed manufacturing expanding at the fastest pace in 17 months. For GRAPHIC on emerging market FX performance 2016, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2016, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see ) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 863.19 +1.31 +0.15 +0.11Czech Rep 928.92 +4.88 +0.53 +0.79Poland 1978.20 +21.48 +1.10 +1.55Hungary 32097.12 -1.93 -0.01 +0.29Romania 7123.32 +38.27 +0.54 +0.54Greece 649.33 +2.72 +0.42 +0.88Russia 1178.53 +26.20 +2.27 +2.27South Africa 44187.73 +285.74 +0.65 +0.65Turkey 77462.37 -292.09 -0.38 -0.87China 3136.28 +32.65 +1.05 +1.05India 26641.88 +46.43 +0.17 +0.06Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 27.01 27.01 -0.00 -0.01Poland 4.40 4.41 +0.28 +0.12Hungary 309.14 309.00 -0.05 -0.10Romania 4.52 4.53 +0.15 +0.25Serbia 123.33 123.33 +0.00 +0.02Russia 60.84 61.18 +0.56 +0.70Kazakhstan 333.33 333.33 +0.00 +0.10Ukraine 27.00 27.00 +0.00 +0.00South Africa 13.75 13.74 -0.09 -0.15Kenya 102.65 102.37 -0.27 -0.27Israel 3.85 3.85 -0.13 -0.04Turkey 3.59 3.54 -1.30 -1.77China 6.96 6.94 -0.22 -0.22India 68.30 68.14 -0.24 -0.52Brazil 3.29 3.29 -0.00 -0.97Mexico 20.72 20.73 +0.05 -0.01Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 359 -6 .07 7 39.57 1(Additional reporting by Sujata Rao; Editing by Raissa Kasolowsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-idINL5N1ET1EH'|'2017-01-03T07:54:00.000+02:00'
'f3f70824a84c3d552c42aa2718dbdc539f4584a3'|'British Airways'' cabin crew announce 48-hour strike for Jan. 10 - Reuters'|'LONDON British Airways ( ICAG.L ) cabin crew plan to hold a 48-hour strike starting on Jan. 10, after suspending previous plans to walk out over Christmas, trade union Unite said on Tuesday.Crew who serve as part of British Airways'' ''mixed fleet'' - and have poorer terms and conditions than some longer-serving staff - rejected a pay offer from BA shortly before Christmas."Unite remains hopeful that a negotiated settlement which meets our members'' aspirations can be achieved and would urge British Airways to engage constructively in meaningful talks to address poverty pay," the trade union said.(Reporting by Andy Bruce, writing by David Milliken)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/iag-strike-ba-idINKBN14N1MY'|'2017-01-03T15:27:00.000+02:00'
'90898c13ba88d373b47c00dffb861e8498e2aa00'|'Airbus executive sees low risk of order cancellations'|' 17am GMT Airbus executive sees low risk of order cancellations A picture shows Airbus Group site in Suresnes, near Paris, France, December 15, 2016. REUTERS/Benoit Tessier PARIS Order cancellations are not a major risk factor for the aerospace industry this year, a senior Airbus ( AIR.PA ) executive said on Thursday, dampening concerns about a downturn in the aerospace industry''s cycle amid fragile global economies. "The risk of order cancellations is not very high on our list of risks for this year," Marwan Lahoud, executive vice-president of international, strategy and public affairs, told a briefing as head of France''s Gifas aerospace industry lobby. On the challenges of increasing aerospace production to keep up with past strong orders, the head of French aerospace supplier Daher, Patrick Daher, said most companies had absorbed the investments needed to meet their production targets. "The obstacles should diminish in 2017 compared to 2016," he told the same briefing, referring to the risk of delays and quality problems that disrupted some deliveries last year. Lahoud declined to comment on Airbus deliveries. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-aerospace-idUKKBN14P0TR'|'2017-01-05T16:17:00.000+02:00'
'264e5a519ec9330544ecf083f2ecb9f7206c6089'|'Japanese throng shrines to pray for profitable 2017'|'Business News  07am GMT Japanese throng shrines to pray for profitable 2017 left right Shinto maidens tinkle bells during a ceremony for companies wishing for prosperous business in front of an altar at the start of the new business year at Kanda Myojin Shrine in Tokyo, Japan, January 4, 2017. REUTERS/Toru Hanai 1/10 left right Japan''s Prime Minister Shinzo Abe (C) waves as he and his cabinet ministers are led by a shinto priest (front L) during a customary New Year''s visit at Ise shrine in Ise, central Japan, in this photo taken by Kyodo January 4, 2017. Mandatory credit Kyodo/via REUTERS 2/10 left right People receives a sacred sake from Shinto maidens as a ritual after a ceremony for companies wishing for prosperous business at the start of the new business year at Kanda Myojin Shrine in Tokyo, Japan, January 4, 2017. REUTERS/Toru Hanai 3/10 left right Shinto priests walk past lanterns after attending a ritual to usher in the upcoming New Year at the Meiji Shrine in Tokyo, Japan, December 31, 2016. REUTERS/Kim Kyung-Hoon 4/10 left right Shinto priests walk under a sign celebrating the Year of the Rooster as they attend a ritual to usher in the upcoming New Year at Meiji Shrine in Tokyo, Japan, December 31, 2016. REUTERS/Kim Kyung-Hoon 5/10 left right Shinto priests walk in a line to attend a ritual to usher in the upcoming New Year at the Meiji Shrine in Tokyo, Japan, December 31, 2016. REUTERS/Kim Kyung-Hoon 6/10 left right Participants show off their writings at a New Year calligraphy contest in Tokyo, Japan. REUTERS/Kim Kyung-Hoon 7/10 left right A man walks past an electronic board showing stock prices outside a brokerage in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon 8/10 left right A man walks past an electronic board showing stock prices outside a brokerage in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon 9/10 left right A girl participates in a New Year calligraphy contest in Tokyo, Japan, January 5, 2017. REUTERS/Kim Kyung-Hoon 10/10 By Kiyoshi Takenaka - TOKYO TOKYO Thousands packed a 1,300-year-old Shinto shrine in downtown Tokyo on Wednesday, the first official working day of 2017 in Japan, to pray for good luck and economic success in the new year. Investors did their part to kick off the year on a positive note, sending the Nikkei 225 index soaring 2.5 percent to its highest in 13 months. Prime Minister Shinzo Abe was greeted by squealing crowds as he visited the Ise Grand Shrine, the holiest site in Japan''s Shinto religion, near where Group of Seven leaders met last year for a summit. "We will put the highest priority on the economy," said Abe, dressed in a formal morning coat, at his New Year''s press conference. Although the yen''s recent weakness against the dollar has lifted sentiment among the nation''s vital exporters, the country faces persistent challenges in a sluggish, deflationary economy and an aging, shrinking population. Abe smiled and high-fived some onlookers during his shrine visit, but his speech highlighted the serious problems facing Japan. "The trend of the diminishing number of children coupled with growing population of the elderly is rapidly progressing," he said. "Deflation ... has been weighing on the Japanese economy for nearly 20 years and shaken our confidence on sustainable growth." Abe also highlighted a "tougher" security environment surrounding Japan, a nod to China''s aggressive maritime expansion and North Korea''s nuclear and missile programmes. Japan needed to tackle its economic problems head-on, Abe said, pledging to stick with his three-pronged "Abenomics" strategy of monetary easing, fiscal stimulus and structural reforms, which he referred to as his three "arrows." In the Chinese zodiac, 2017 is the Year of the Rooster, which some investors believe will bring robust economic activity. "If the saying that markets in the year of the monkey (2016) and rooster are raucous holds true, then this year will be clamorous indeed," Akira Kiyota, chief executive of Japan Exchange Group, said at the Tokyo Stock Exchange''s opening ceremony. "Though I hope all this year''s commotion will be positive," he added. In downtown Tokyo, the Kanda Shrine was packed - typical of many shrines and Buddhist temples over New Years. The shrine is popular among company employees and business owners because as it is dedicated to two of seven lucky gods. "I''d like to do my best as company president and I prayed for my employees'' health," said businessman Yoshimichi Morishita. (Reporting by James Daniel, Teppei Kasai, Kiyoshi Takenaka; Editing by Malcolm Foster and Nick Macfie) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-new-year-japan-idUKKBN14O0YB'|'2017-01-05T17:07:00.000+02:00'
'8b05ee713fdcc27e225c4f58c7d53e7e4f602368'|'Taiwan ATM heist linked to European hacking spree - security firm'|'Business   4:32am GMT Taiwan ATM heist linked to European hacking spree - security firm By Jim Finkle and J.R. Wu - BOSTON/TAIPEI BOSTON/TAIPEI The group that orchestrated the theft of over $2 million from cash machines at Taiwan''s First Commercial Bank in July was also behind an ATM hacking spree in more than a dozen European nations last year, according to cyber security firm Group-IB. The methods that the so-called Cobalt group used in Europe matched those used in Taiwan, Group-IB said in its latest client report. Three Eastern European men were arrested in Taiwan in July on suspicion of collecting cash stolen from ATMs owned by First Commercial Bank, a unit of First Financial Holding Co Ltd ( 2892.TW ). Attorneys for the three defendants in an ongoing trial in Taipei told Reuters their clients were not familiar with Cobalt. The men - identified in court documents as Peregudovs Andrejs of Latvia, Colibaba Mihail of Romania and Pencov Nicolae of Moldova - were among a total of 22 individuals, all foreign nationals, that Taiwanese authorities suspect of taking part in the theft, where most of the money was subsequently recovered. The suspects used malware dubbed "ATM spitter" in the First Commercial Bank attacks, as well as similar hacks in countries including Armenia, Belarus, Britain, Bulgaria, Estonia, Georgia, Kyrgyzstan, Moldova, the Netherlands, Poland, Romania, Russia and Spain, Group-IB said in a report to its customers that Reuters reviewed on Thursday. Group-IB first detailed the European spree in a report published in November, identifying the hackers as the Cobalt group. The firm linked Cobalt to the Taiwan heist in its report last week. Investigators in Taiwan told Reuters they were not aware of any links between Cobalt and the hackers behind the First Commercial Bank heist. "What we can say is the people behind this hacking were very good," a Taiwanese investigator familiar with the case told Reuters, on condition of anonymity because the investigator was not authorised to speak with media. The defendants, who maintain their innocence, said in a court hearing on Wednesday that they were not members of any international crime organization. Taipei prosecutors have said they suspect First Commercial Bank''s network was breached at a London branch office. (Reporting by Jim Finkle in BOSTON and J.R. Wu in TAIPEI; Editing by Christopher Cushing) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-taiwan-cyber-atms-idUKKBN14P0CR'|'2017-01-05T11:32:00.000+02:00'
'efecc4dfc5bccdb8aef6bf68fc0f9bc3fc2d901a'|'PRESS DIGEST- New York Times business news - Jan 5'|'Company  27am EST PRESS DIGEST- New York Times business news - Jan 5 Jan 5 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Apple Inc, complying with what it said was a request from Chinese authorities, removed news apps created by The New York Times from its app store in China late last month. nyti.ms/2iS9agQ - Struggling with sagging sales over another crucial holiday shopping season, Macy''s Inc announced on Wednesday that it was eliminating more than 10,000 jobs as part of a continuing plan to cut costs and close 100 stores. nyti.ms/2hUMHBj - The digital publishing company Medium on Wednesday laid off 50 employees - a third of its staff - as part of a larger redefinition of its business model, its founder announced in a blog post. nyti.ms/2iKHKMk - Genetic engineering start-up Synthego said Wednesday that it had raised $41 million in a new round of financing. The round includes the participation of Jennifer Doudna, the biochemist who helped discover the Crispr-Cas9 gene-editing technique that made altering DNA significantly easier. nyti.ms/2iDfAmm - Hulu, one of several companies vying to create a lower-cost alternative to cable bundles, will include CBS when its streaming television service is unveiled this year, the company announced on Wednesday. nyti.ms/2j6OYqB (Compiled by Rama Venkat Raman in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1EV27X'|'2017-01-05T13:27:00.000+02:00'
'015800f2ec74d37e23c5fc634ac403fa4c38d8e9'|'China home prices, property investment likely to rise in 2017 -think tank'|'Financials  24am EST China home prices, property investment likely to rise in 2017 -think tank BEIJING Jan 5 China''s average home prices are forecast to rise 4.1 percent in 2017 from the previous year, while growth in property investment would rise 5.4 percent, a state-owned newspaper reported on Thursday. Wild spurts in China''s property prices fuelled worries of asset bubbles this year, particularly in the biggest cities, spurring policymakers to enforce curbs in more than 24 cities. "Provided current policies don''t change, people will still expect home prices to rise in 2017, due to expectations of further yuan depreciation and more U.S. rate hikes," the Economic Daily said, citing the Chinese Academy of Sciences. Average home prices across China will rise to 7,435 yuan ($1,079.6) per square metre, while property investment would total 10.6 trillion yuan ($1.54 trillion) in 2017, the Academy said. But it said the property market would still face downward pressure in 2017, as monetary policy had showed signs of tightening, on top of restrictive housing policies introduced in 2016 that had cooled demand. Growth in total home sales would slow to 5.3 percent in 2017, with sales by floor area rising marginally by 1.1 percent to 1.3 billion square metres, it added. New construction starts in real estate were also expected to rise at 6.2 percent on the year to 1.78 billion square metres, it said. Reforms in real estate registration and residence permits are two key areas for the government to quickly develop a long-term mechanism to regulate the property market, it added. ($1=6.8870 Chinese yuan renminbi) (Reporting by Yawen Chen and Michael Martina; Editing by Clarence Fernandez) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-economy-property-idUSL4N1EV3IO'|'2017-01-05T19:24:00.000+02:00'
'44353180d2936f5f05c1f110f70ffaa7af5946a2'|'Malaysia''s 1MDB appoints Parker Randall as auditor'|' 29am EST Malaysia''s 1MDB appoints Parker Randall as auditor KUALA LUMPUR Jan 5 Malaysian state fund 1Malaysia Development Bhd (1MDB) said on Thursday it had appointed Parker Randall as its auditor, the fourth firm to look at the company''s books since its establishment in 2009. Deloitte quit as the firm''s auditor in February last year while KPMG and Ernst & Young were fired in 2015. 1MDB said in a statement it "has submitted forms 11 and 52 to the Companies Commission of Malaysia on January 3, confirming the appointment of Parker Randall as auditor for 1MDB". (Reporting by Liz Lee; Editing by Christian Schmollinger)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/malaysia-1mdb-idUSL4N1EV36P'|'2017-01-05T17:29:00.000+02:00'
'9e558c16bf61cffb328a5adf6e768e89680076ad'|'BA passengers face renewed strike disruption'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/companies/airlines'|'https://www.ft.com/content/ae775a26-d1e0-11e6-b06b-680c49b4b4c0?ftcamp=published_links%2Frss%2Fcompanies_airlines%2Ffeed%2F%2Fproduct'|'2017-01-04T06:51:00.000+02:00'
'67666c67341130ac6f6cdd4b109204077aa312ff'|'UPDATE 1-Boeing jetliner orders fell short in 2016'|'(Adds detail of orders)By Alwyn ScottSEATTLE Jan 6 Boeing Co said on Friday it delivered 748 jetliners in 2016 and booked net orders for 668 aircraft, short of its goal of having orders match deliveries.The aircraft maker reached its target of delivering at 745 to 750 jetliners last year.Investors watch orders closely to gauge Boeing''s future aircraft production levels and revenue, since airlines wait for aircraft to be delivered before paying for most of each plane.On Wednesday, Boeing said it booked firm orders for 80 of its 737 MAX 8 aircraft, valued at $8.8 billion at list prices, upping its 2016 tally but leaving it short of its goal.Before the new tally, Boeing had orders equivalent to about seven years of production, but the majority are for single-aisle 737 planes, and sales of its more expensive widebodies such as the 777 remain sluggish. (Reporting by Alwyn Scott; Editing by Chizu Nomiyama and Steve Orlofsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/boeing-orders-idINL1N1EW0YH'|'2017-01-06T13:22:00.000+02:00'
'bc8402acbd17f22740d3b523c618d13ee195102d'|'MOVES-Jefferies hires two energy bankers from Barclays'|'Funds   6:03pm EST MOVES-Jefferies hires two energy bankers from Barclays By Davide Scigliuzzo NEW YORK, Jan 5 (IFR) - Jefferies has hired two senior leveraged finance bankers focused on the energy sector from Barclays, two people familiar with the situation told IFR on Thursday. The pair, Paul Cugno and Robert Anderson, will start in their new roles as managing directors on Monday. They have worked together for 12 years, first at Lehman Brothers and then at Barclays after the British bank purchased the former''s North American investment banking and capital markets business in 2008. At Barclays, Cugno most recently served as head of natural resources, power and infrastructure debt capital markets, while Anderson worked as a managing director in the high-yield and leveraged loan capital markets group. Cugno joined Lehman''s leveraged finance business in 2000 after a three-year stint at Scotia Capital, while Anderson joined the bank in 2004, according to their LinkedIn profiles. Jefferies has made an aggressive push to bolster its leveraged financing business in recent months, attempting to hire a number of senior investment bankers from Credit Suisse before the Swiss bank managed to convince the majority of them to stay. Barclays declined to comment. (Reporting by Davide Scigliuzzo; Editing by Natalie Harrison) Next In Funds News Ex-Jefferies trader lied to customers, jurors are told NEW HAVEN, Conn., Jan 5 Bond trader Jesse Litvak lied to customers about mortgage securities prices because he wanted to make more money for his employer, a federal prosecutor said on Thursday, as a retrial of the former Jefferies Group Inc managing director got underway.'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/moves-jefferies-cugno-anderson-idUSL1N1EV22A'|'2017-01-06T06:03:00.000+02:00'
'f244e93e745012338aa1350266b82d7ce32c5bf7'|'Deals of the day- Mergers and acquisitions'|'(Adds SM Energy, Intel, Delek, Marathon Petroleum; Updates Euronext)Jan 3 The following bids, mergers, acquisitions and disposals were reported by 1430 GMT on Tuesday:** Refiner Delek U.S. Holdings Inc said it had agreed to buy the shares of Alon USA Energy Inc it does not already own in a deal that values Alon USA at about $868 million.** Marathon Petroleum Corp, under pressure from activist investor Elliott Management, said a special committee of its directors would review its retail business, including considering a tax-free separation.** U.S. oil and gas producer SM Energy Co said on Tuesday it would sell certain assets in the Eagle Ford shale of South Texas to a unit of KKR for $800 million.** Chip maker Intel has sought approval to buy a stake in HERE, a digital mapping firm controlled by Germany''s carmakers Daimler, BMW and Volkswagen , a filing to the German cartel office showed.** Israel''s Electra Consumer Products has agreed to buy upstart mobile phone operator Golan Telecom for 350 million shekels ($91 million), ending months of speculation over Golan''s future.** Australia and New Zealand Banking Group Ltd said it will sell its 20 percent stake in Shanghai Rural Commercial Bank Co Ltd for A$1.8 billion ($1.3 billion), as part of its broader sell-down of Asian assets.** China Evergrande Group said it would sell 13.16 percent of the enlarged shares in a property subsidiary to eight investors for a total 30 billion yuan ($4.32 billion), as part of its Shenzhen backdoor listing plan.** British aircraft services firm BBA Aviation Plc will merge its aircraft management and charter business with London-listed Gama Aviation Plc''s U.S. aircraft management unit, the companies said.** London Stock Exchange Group has agreed to sell its French clearing business to Euronext for 510 million euros ($534 million), as it seeks to win regulatory approval for its proposed merger with Deutsche Boerse .** Brazil''s renewable power generation company Renova Energia SA is in talks to sell its wind farm Alto Sertao II to the Brazilian unit of AES Corp, known as AES Brasil, for 600 million reais to 700 million reais, a source with direct knowledge of the matter told Reuters on Monday. (Compiled by Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1ET1RW'|'2017-01-03T11:30:00.000+02:00'
'c54cb81d92543d2a3e8ff73d1887a820828befbe'|'Steel ministry seeks lower import taxes on key raw materials'|'By Neha Dasgupta and Mayank Bhardwaj - NEW DELHI NEW DELHI India''s steel ministry wants lower import taxes on a number of key steelmaking raw materials, including nickel, to protect the domestic industry from the rising costs of basic resources, a senior government official said on Tuesday.Finance Minister Arun Jaitley could announce some of these measures when he presents his annual budget for the 2017/18 fiscal year on Feb. 1.The finance ministry could even scrap the current 5 percent import duty on nickel, largely used in stainless steel production, Aruna Sharma, the top civil servant at the steel ministry, told Reuters."Nickel is not present in India at all, so our argument is there is no point in having the customs import duty on it. There is a case to do away with it," Sharma said.The ministry has also sounded out the government about lower dividend payouts by state-owned companies, including Steel Authority of India Ltd (SAIL), the biggest steel producer, due to their poor financial health, Sharma said.India''s steel sector, which accounts for 1.3 trillion rupees ($19.06 billion) of bad debt in the banking sector, is likely to get some relief from banks working on a proposal, Sharma said, without giving details."A formula has been worked out by the banking system. Now, it is between individual banks and companies engaged in the talks. This will help relieve the stress a little bit," she said.Sharma ruled out an earlier proposal from banks that involved SAIL taking over the assets of a debt-laden company.Also, the steel ministry has sought an allocation of about 400 million rupees in the budget for the 2017/18 fiscal year, more than double than in the previous fiscal year."We need the modern, latest technology. And that''s why next year we''ll spend almost the entire budgetary allocation for research," Sharma said.Separately, Sharma said South Korean steel maker Hyundai Steel had shown interest in investing in India."Hyundai Steel is also looking at us, (for) investing here. We''ve told them that there will be a preference to manufacture in India," Sharma said alluding to Prime Minister Narendra Modi''s pledge to establish industries in India.Last month Steel Minister Chaudhary Birender Singh told Reuters Japan and South Korea were keen to invest in India''s steel sector and their officials had already met with him.($1 = 68.18 rupees)(Reporting by Neha Dasgupta, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/india-steel-import-tax-idINKBN14N0ZI'|'2017-01-03T09:20:00.000+02:00'
'f9f18f6a6d5d12b294815bee4836b8e56967cc72'|'Britain''s Next could give formal profit alert - Sky News'|' 53pm EST Britain''s Next could give formal profit alert: Sky News Mannequins are pictured in the window of a Next clothing store in London, Britain, March 26, 2009. REUTERS/Luke MacGregor/File Photo British clothing retailer Next Inc ( NXT.L ) could give a formal profit warming for its 2017 financial year in its fourth-quarter trading update, Sky News reported, citing a source. bit.ly/2iM9FsD A spokeswoman for the company said Next would report its quarterly trading update on Wednesday as scheduled without providing further details. The retailer was downbeat about prospects for 2017 when it reported its quarterly results in November. In November, the company projected full-price sales for its year to January 2017 in a range of down 1.75 percent to up 1.25 percent. (Reporting by Vishal Sridhar in Bengaluru; editing by Susan Thomas) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-next-uk-outlook-idUSKBN14N1QM'|'2017-01-04T02:48:00.000+02:00'
'bbf8da8b0d58e888c48fc5febbc50b045ef3932d'|'UPDATE 1-Twitter''s China boss Kathy Chen quits after 8 months'|'* Chen says Twitter''s Hong Kong office will remain open* Twitter spokespeople in US, Singapore not available for comment (Changes dateline, updates with details)NEW YORK/BEIJING Jan 3 Twitter Inc executive Kathy Chen, brought in to run Greater China just over eight months ago, has quit, according to a tweet sent by her over the weekend.Twitter has been blocked in China since 2009 but is still used through virtual private networks (VPN).Domestically, the Sina Weibo microblogging platform and Tencent''s WeChat messaging app are more widely used. But Chinese entities, including the state news agency Xinhua, use Twitter to reach audiences abroad.Chen, who had worked with Microsoft and Cisco , was brought in to lure more Chinese advertisers to the platform. At the time, social media criticism focused on her early work with Chinese state-affiliated enterprises."Now that the Twitter APAC team is working directly with Chinese advertisers, this is the right time for me to leave the company," she wrote.Twitter grew its Greater China advertiser base nearly 400 percent over the past two years, she wrote, making it one of the company''s fastest growing revenue markets in Asia Pacific.Its Chinese advertisers have included Chinese smartphone maker Xiaomi, online shopping giant Alibaba Group, white goods producer Qingdao Haier and flag carrier Air China."We remain committed to this market," Chen said, adding the company''s Hong Kong office would remain open.Twitter has been undergoing a significant shakeup, and not only in Asia, announcing in October that it would cut more than nine percent of its global workforce to keep costs down. Parminder Singh, managing director for India, Southeast Asia and the Middle East, left the company in early November.Twitter spokespeople in the United States and Singapore were not immediately available for comment. (Reporting by David Randall; Editing by Clara Ferreira-Marques and Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/twitter-chen-idINL1N1ET01E'|'2017-01-02T23:37:00.000+02:00'
'a197e59558fe2f739e08d9d44d94a60bab5cb1cd'|'Euronext offers 510 million euros for LSE''s French clearing business'|'  7:38am GMT Euronext offers 510 million euros for LSE''s French clearing business Company stock price information are displayed on screens as they hang above the Paris stock exchange, operated by Euronext NV, in La Defense business district in Paris, France, December 14, 2016. REUTERS/Benoit Tessier Euronext ( ENX.PA ) said it has offered 510 million euros (434.41 million pounds)to buy the London Stock Exchange''s (LSE) ( LSE.L ) French clearing business, helping clear the way for LSE Group''s proposed $28 billion merger with Deutsche Boerse ( DB1Gn.DE ). LSE Group and LCH Group Limited confirmed that the companies have agreed on the terms of Euronext''s all-cash offer. The European Commission had stated its objections to the LSE''s merger with Deutsche Boerse in December, but outlined fewer concerns than in its first letter sent to both exchange operators in September. Its concerns were focused on the clearing of derivatives contracts. Clearing has become a major issue since global reforms introduced after the 2007-09 financial crisis mean banks must clear the bulk of their derivatives trades to make them safer and more transparent. (Reporting by Sanjeeban Sarkar and Vidya L Nathan in Bengaluru, editing by Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lse-m-a-euronext-clearnet-idUKKBN14N0FN'|'2017-01-03T14:38:00.000+02:00'
'620302af84d1969727a0453d7e59029b41a3fa82'|'China regulator sets rules to curb property insurance products risk'|'Business News - Tue Jan 3, 2017 - 4:07pm IST China regulator sets rules to curb property insurance products risk SHANGHAI China''s insurance regulator launched new rules on Tuesday to curb the risks associated with property insurance products, it said in a notice on its official website. The move is the latest in a slew of measures introduced by the China Insurance Regulatory Commission (CIRC), which has been taking steps against overbearing shareholders, funding term mismatches and risky acquisitions, among others. Insurers cannot issue products to cover an investment risk that can make a profit as well as a loss, an event that leads to no real loss or where the event insured against will definitely occur, the guidelines said. The premiums paid for a product must be determined in line with the calculation of the actual risk and insurance liability, the guidelines added. "There is a lack of historical data for many products, so the pricing process is unscientific," the regulator said in a question and answer with journalists. The aim is to ensure reasonableness, so that insurers do not earn overly high premiums for insured risks, it added. Last week, the regulator said it might slash the upper limit of a single shareholder''s stake in an insurance company to one-third, from 51 percent now, to prevent any improper transfer of benefits. (Reporting by Engen Tham in Shanghai and Beijing monitoring desk; Editing by Clarence Fernandez) Next In Business News Dollar back on trend, hits two-week high vs yen LONDON The U.S. dollar racked up its biggest rise in two weeks in 2017''s first full day of European trading on Tuesday, as dealers and investors in London returned to push the greenback to within 1 percent of December''s long-term highs. Remittances to Mexico jump by most in 10 years after Trump win MEXICO CITY Remittances to Mexico posted their biggest jump in over ten years in November in a possible reaction to the U.S. election victory of Donald Trump, who threatened to block the transfers and eroded confidence in the peso currency during the campaign. Venezuela issues $5 billion to state-run bank: source CARACAS Venezuela has issued $5 billion in bonds maturing in 2036 to a state-owned bank, a source familiar with the situation said on Monday, in an unorthodox operation that does not immediately bring in new funds for the cash-strapped OPEC nation. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-china-insurance-regulations-idINKBN14N0QW'|'2017-01-03T17:33:00.000+02:00'
'5f1512e104dde17be6854ad02c40ae48de66d702'|'''Bad Boys of Brexit'' headed for screen, says Farage associate'|'By Estelle Shirbon - LONDON LONDON Three film production companies including Netflix are interested in making a warts-and-all screen dramatization of Nigel Farage''s insurgent Brexit campaign, according to an associate of Farage.This would be another extraordinary twist for Farage, who from the fringes of British politics achieved his life''s goal when Britons voted to leave the European Union last June, and has since befriended U.S. President-elect Donald Trump.The project would be based on "The Bad Boys of Brexit", an account of Farage''s campaign by Arron Banks, a multi-millionaire British insurance tycoon who bankrolled the campaign, according to Andy Wigmore, a spokesman for Banks."We have three interested parties in the rights to the book and we will be meeting representatives from three studios including a Netflix representative on Jan. 19 in Washington DC," Wigmore told Reuters in a text message.Farage, Banks, Wigmore and others in their circle will travel to Washington for Trump''s inauguration as president, which will take place on Jan. 20."We have invited all of them (the studio representatives) to our pre-inaugural drinks party ... We have also invited many of Trump''s team to the event," said Wigmore.Netflix did not immediately respond to a request for comment.The Sunday Telegraph newspaper earlier reported that Hollywood studio Warner Bros. was also interested, but it was unclear from Wigmore''s texts to Reuters whether those who have approached Banks included representatives of Warner Bros.The subtitle of Banks'' book is "Tales of Mischief, Mayhem and Guerrilla Warfare in the EU Referendum Campaign". It is described on its publisher''s website as "an honest, uncensored and highly entertaining diary of the campaign that changed the course of history".Asked whether Farage was likely to appear as himself in any screen adaptation of his campaign, Wigmore said: "Yes we all expect to make a Quentin Tarantino appearance", a reference to the director''s cameo appearances in his own movies.Despite handing over the reins of the anti-EU party UKIP to a successor in November, Farage, typically pictured with pint of beer in hand, remains the most prominent face of Brexit in the eyes of many Britons and is rarely out of the headlines.He spoke at a Trump rally during the U.S. presidential election campaign and visited the president-elect at Trump Tower after his election. A picture of the two men smiling broadly in front of a pair of golden doors circulated widely.Trump later embarrassed Prime Minister Theresa May''s government by tweeting that many people would like to see Farage represent Britain as ambassador to the United States. The government responded that there was no vacancy.(Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-britain-eu-movie-idINKBN14L18D'|'2017-01-01T13:11:00.000+02:00'
'6f5c727f735304ebdb212b7391cf3b0aadc0ad2c'|'Samsung''s chip, screen sales to drive fourth quarter profit to three-year high - analysts'|'Business News  11am GMT Samsung''s chip, screen sales to drive fourth quarter profit to three-year high - analysts left right The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, November 29, 2016. REUTERS/Kim Hong-Ji 1/3 left right Employees walk past a building of Samsung Electronics in Seoul, South Korea, November 8, 2016. REUTERS/Kim Hong-Ji 2/3 left right Men take a look at Samsung Electronics'' TV sets during Korea Electronics Show 2016 in Seoul, South Korea, October 27, 2016. REUTERS/Kim Hong-Ji 3/3 By Se Young Lee - SEOUL SEOUL Samsung Electronics Co Ltd ( 005930.KS ) is likely to forecast its best quarterly profit in nearly three years on Friday, analysts said, with robust memory chip sales easing the pain of the costly failure of a flagship smartphone. The South Korean firm discontinued sales of the Galaxy Note 7 phones after some of the devices caught fire, warning of a $2.1 billion hit to its profit in the fourth quarter of 2016 due to expenses tied to an ongoing global recall and lost sales. But investors are betting a surge in sales of memory chips and organic light-emitting diode screens for smartphones will translate to strong earnings growth for the October-December period and through 2017. Samsung''s operating profit likely rose for a second straight quarter to 8.4 trillion won (5.68 billion pounds) over October-December, according to a Thomson Reuters StarMine SmartEstimate derived from a survey of 15 analysts, up 37 percent from a year ago and the highest since the first quarter of 2014. "We look for the memory business to post a big earnings improvement and contribute 50 percent of its (Samsung''s) total operating profit for Q416," Daiwa said in a report. Memory chip prices have spiked recently on demand for more firepower on mobile devices. But it is the sales of the higher-end 3D NAND chips which have rallied significantly, helping Samsung rake in profits given it is ahead of its rivals such as Toshiba Corp ( 6502.T ) and SK Hynix ( 000660.KS ) in the mass production of these chips, analysts said. Samsung''s semiconductor profit likely surged to a record 4.5 trillion won for the fourth quarter and 13.1 trillion won for 2016, Eugene Investment said in a report, adding chip earnings will grow further this year on firm demand. HDC Asset Management''s fund manager Park Jung-hoon agreed that the components business outlook appeared "pretty solid". "We''ll have to see how the mobile business does ... but I think Samsung''s operating profit should be able to come in somewhere around mid-30 trillion won range (this year)." For the recently ended quarter, Samsung''s mobile earnings likely rebounded from the dismal third quarter on healthy sales of the Galaxy S7 and S7 edge smartphones, analysts said. Hyundai Securities expects Samsung''s mobile division''s operating profit at 2.2 trillion won, in line with a year earlier and up sharply from 99 billion won in July-September. The company''s shares hit a record 1.831 million won on Tuesday this week ahead of the earnings forecast on Friday. They surged 43 percent in 2016 - the most since 2012 - suggesting investors did not expect a serious business impact from Samsung''s name being dragged into a growing political scandal in the country. (Reporting by Se Young Lee; Editing by Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-samsung-elec-outlook-idUKKBN14O07Y'|'2017-01-04T10:11:00.000+02:00'
'08b6fc0bd870cf2ded44819bd210a0bb4e401986'|'Exxon Mobil, Tillerson agree to cut all ties'|'Business News - Wed Jan 4, 2017 - 3:54am GMT Exxon Mobil, Tillerson agree to cut all ties left right Chairman and chief executive officer Rex W. Tillerson speaks at a news conference following the Exxon Mobil Corporation Shareholders Meeting in Dallas, Texas, May 28, 2008. REUTERS/Mike Stone/File Photo 1/2 left right ExxonMobil Chairman and CEO Rex Tillerson speaks during the IHS CERAWeek 2015 energy conference in Houston. 2/2 Exxon Mobil Corp ( XOM.N ) and Rex Tillerson agreed to sever all ties to comply with conflict-of-interest requirements as the company''s former chairman and chief executive awaits confirmation as U.S. secretary of state. If his appointment is confirmed, the value of more than 2 million deferred Exxon Mobil shares (worth about $182 million at Tuesday''s closing price) that Tillerson would have received over the next 10 years will be transferred to an independently managed trust, the company said in a statement. The share awards will be cancelled and Tillerson will also surrender entitlement to more than $4.1 million in cash bonuses, scheduled to pay out over the next three years, and other benefits, Exxon Mobil said. Separately, Tillerson also committed to the State Department that, if confirmed, he would sell the more than 600,000 Exxon shares he currently owns, the company said. Exxon said last month its president, Darren Woods, will become chief executive and chairman in January following the retirement of Tillerson. Tillerson could face a rocky confirmation process, given concerns among both Democrats and Republicans about his ties to Russia. Exxon stock has gained 6.5 percent since election results of Nov. 8 up to Tuesday''s close of $90.89. (Reporting by Subrat Patnaik in Bengaluru; Editing by Gopakumar Warrier) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-exxon-mobil-tillerson-idUKKBN14O09N'|'2017-01-04T10:54:00.000+02:00'
'0a91f53e67016012e2a636b6bdcf79b7ac1f0817'|'Ares Management says will earn transaction fee of about $3 bln'|'Jan 4 Ares Management Lp* Ares management extends market-leading position in direct lending asset class through support of Ares Capital Corporation''s acquisition of American Capital, Ltd.* Ares Management Lp - it will begin earning fees on approximately $3 billion of incremental aum Source text for Eikon: '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/finance/article/idINASC09PE8'|'2017-01-03T19:48:00.000+02:00'
'50e534b9bd824933d5c5750726db18507670e5d0'|'DCP Midstream Partners to buy assets of Philips-Spectra JV'|'DCP Midstream Partners LP ( DPM.N ) said it had acquired the assets of a joint venture between Phillips 66 ( PSX.N ) and Spectra Energy Corp ( SE.N ), to create the largest natural gas liquids producer and gas processor in the United States.As part of the deal, the joint venture, DCP Midstream LLC, will pay DCP Midstream Partners (DPM) $424 million in cash and get 31.1 million DPM units.DPM will also assume $3.15 billion of DCP Midstream LLC''s debt.The deal will simplify the company''s corporate structure, Wouter van Kempen, chief executive of DCP Midstream and DPM, said.The combined company, which has an enterprise value of $11 billion, will be renamed DCP Midstream LP and will trade with the ticker symbol "DCP" on the New York Stock Exchange.DPM said it would build a new 200 million cubic feet per day (mmcf/d) processing plant to increase its capacity in Colorado''s Denver-Julesburg basin by 50 percent. The plant is expected to come online in late 2018.DPM is managed by its general partner, DCP Midstream GP LP, which in turn is managed by an entity owned by DCP Midstream LLC.(Reporting by Swetha Gopinath and Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dcp-midstream-llc-m-a-idINKBN14O18F'|'2017-01-04T09:12:00.000+02:00'
'6ee1f5740e7b1e3fe3f346a009ebc7b573f8cae3'|'UK''s Southern rail strike next week reduced to three days'|'Industrials - Wed Jan 4, 2017 - 5:16am EST UK''s Southern rail strike next week reduced to three days LONDON Jan 4 Train drivers on Britain''s Southern rail commuter network have cut a planned six-day strike on one of London''s main commuter networks next week to three days, the ASLEF union said on Wednesday. Strikes will now take place on January 10, 11 and 13 after ASLEF reduced the walkout which was due to last from January 9 to 14, the latest action in a long-running dispute over whose role it should be to open and close train doors. Southern train services connect Brighton and Gatwick Airport to London, and are run by GTR, a joint venture owned by London-listed Go-Ahead and France''s Keolis. The network has been hit by months of industrial action, with stoppages by ASLEF and the RMT, which represents conductors, causing Britain''s worst rail disruption for two decades in December. "ASLEF''s move shows pure contempt for the travelling public and it still causes massive disruption over next week," a Southern spokesman said. "These strikes are pointless and they should call the whole thing off and let common sense prevail." (Reporting by Sarah Young; editing by Michael Holden) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/britain-railways-strike-idUSL5N1EU1PP'|'2017-01-04T17:16:00.000+02:00'
'0a9a809c4025f2d18c258ac1557dc45393112c77'|'French government favorable toward Fincantieri''s bid for STX France'|'By Emmanuel Jarry - PARIS PARIS A leading French minister expressed support on Wednesday for a bid by Italy''s Fincantieri''s ( FCT.MI ) for shipbuilder STX France, adding that the government would aim to keep the shipbuilder''s main site running at Saint Nazaire."We said we wanted a European, industrial company ... Fincantieri is a European, industrial company. So it would be hard for us to say ''no'' to them," French Industry Minister Christophe Sirugue told RMC Radio.The sale of STX France, which specializes in building cruise ships at the Saint-Nazaire shipyard and is profitable, forms part of a broader sell-off of businesses following the demise of the South Korean STX shipbuilding group.The French state owns 33 percent of STX France, and Sirugue said the government was keen to keep the Saint Nazaire site in the west of the country.Italy''s 230-year old Fincantieri makes a wide range of vessels from cruise ships to military aircraft carriers, and acquiring STX France would boost its presence in the cruise shipbuilding part of the market.Sirugue said France wanted state-controlled military shipbuilder DCNS, in which Thales ( TCFP.PA ) holds around 35 percent, to take a minority stake in STX France that would definitely be below 50 percent of the company.Saint Nazaire''s high point last year was production of the largest passenger ship ever built, the ''Harmony of the Seas''.(Reporting by Emmanuel Jarry; Writing by Sudip Kar-Gupta; Editing by Richard Balmforth)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stx-france-fincantieri-idINKBN14O1CM'|'2017-01-04T09:48:00.000+02:00'
'0db52039988b634a6079763051b4d69d709720bf'|'Portugal starts recapitalisation of state-owned lender CGD'|'Business News - Wed Jan 4, 2017 - 6:28pm GMT Portugal starts recapitalisation of state-owned lender CGD LISBON Portugal started a planned recapitalisation of state-owned lender CGD on Wednesday by converting 945 million euros of contingent convertible bonds (CoCo) into equity and transferring 500 euros of shares to the bank, the finance ministry said. The recapitalisation, which will include a direct capital injection by the state of up to 2.7 billion euros in the second phase, was agreed with the European Commission in August. The ministry said in a statement the convertible bonds were transferred to CGD on Wednesday as was the 500 million euros of CGD shares held by state holding company ParCaixa. Portuguese banks are still reeling from two bank rescues in 2014 and 2015 that undermined investor confidence. CGD, Portugal''s largest bank by assets, needs to bolster its capital because of massive bad loans on its books. CGD posted a net loss of 189 million euros in the first nine months of last year. (Reporting By Axel Bugge; Editing by Angus MacSwan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-portugal-banks-idUKKBN14O1XF'|'2017-01-05T01:28:00.000+02:00'
'4e33f21e5acd297fab42b19d64eae54fbcb6145b'|'Macau gambling revenue falls 3.3 pct in 2016, 3rd year in a row - Reuters'|'HONG KONG Jan 1 Gambling revenue in the Chinese territory of Macau fell for a third year in a row in 2016 as a prolonged anti-corruption campaign and slowing economic growth sapped sentiment in the world''s largest casino hub.Gambling revenue fell 3.3 percent to 223.2 billion patacas ($28.0 billion) last year, government data showed on Sunday, in line with with analyst forecasts of a drop of 3 percent to 4 percent.However, December revenue rose 8 percent from a year earlier to 19.8 billion patacas.New casino resorts, which opened in the third quarter, helped attract mass gamblers and spark a resurgence in VIP spenders who have steered clear since Chinese President Xi Jinping rolled out his campaign against corruption at the start of 2014.Analysts have called a bottom to Macau''s gaming industry amid a perception that the campaign is waning and the southern Chinese enclave is no longer a top priority for the central government.But they remain mixed on the sustainability and pace of recovery in 2017 for operators Sands China, Wynn Macau , Galaxy Entertainment, MGM China, Melco Crown and SJM Holdings."Macau gaming, now firmly at the bottom of the cycle, has better long-term prospects given investments in new supply, improvements in mass market indicators and under-penetration of gaming throughout the rest of Asia," said Fitch in a December note.A specially administered region, Macau is the only place in China where casino gambling is legal.The latest wave of casino properties is set to open in Macau from 2017, with The 13 Holdings and MGM, followed by SJM''s casino in 2018. The new resorts come as Macau faces increasing competition from neighbouring casino hubs including Saipan, the Philippines, Cambodia and South Korea.Local authorities have been trying to push the development of non gaming amenities to make the former Portuguese enclave less reliant on casinos, which contribute more than 80 percent of government revenues.The build-out of neighbouring Hengqin island and developments including a new ferry terminal, increased rail links and a bridge linking Macau to Hong Kong and the mainland province of Zhuhai are expected to help increase visitation to the former Portuguese enclave over the next few years.($1 = 7.9790 patacas) (Reporting by Farah Master; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/macau-gambling-revenues-idINL4N1DV1O2'|'2017-01-01T05:20:00.000+02:00'
'047ea9de1a7e08be8e850dca646ea3c435761c7d'|'Australia shares range-bound as commodities weaken; NZ hits near 5-wk high'|'Financials  17pm EST Australia shares range-bound as commodities weaken; NZ hits near 5-wk high By Aparajita Saxena Jan 4 Australian shares drifted in a narrow range on Wednesday, with a slight upside bias extending the previous session''s 19-month high. Weaker commodity prices neutralised leads from Wall Street overnight. Wall Street shares rose sharply on Tuesday, after powering ahead for two months on expectations that the Trump Administration will stimulate the economy with tax cuts, infrastructure spending and financial deregulation. The S&P/ASX 200 index was flat at 5,733.8, up 0.6 points or 0.01 percent at 1245 GMT. "One of the things we are expecting this year is further increases in volatility. The outlook globally remains mostly positive but there are very significant risks," said Michael McCarthy, chief market strategist at CMC Markets. "Markets continue to gyrate wildly around that central case of a modestly improving global economy," he added. Financials led overall gains, with Commonwealth Bank underpinning the market. The other three "Big Four" banks rallied as well. Material stocks continued their climb, but growth was restricted by dips in copper, iron ore and oil prices. Oil prices slipped more than 2 percent on Tuesday, as the U.S. dollar rallied to its highest point since 2002, and traders booked profits. Oil major Woodside Petroleum fell 0.5 percent, undermining the energy index''s solid rally last week. A higher U.S. dollar also hurt copper, which backtracked from its two-week high on Tuesday. Iron ore on China''s Dalian Commodity Exchange settled down 0.7 percent at 550.5 yuan a tonne. Iron-ore major Rio Tinto fell 1.3 percent in thin trading, while BHP Billiton shaved off some early gains. A higher closing in China steel prices on Tuesday, however, helped Fortescue Metals Group, which rose 1.7 percent. Gold miners Oceana Gold Corp and Evolution Mining rose on the back of stronger gold prices, that firmed a percent to flirt with three-week highs. Real-estate was the worst-performing sector on the S&P/ASX 200, erasing 0.08 percent from the index. Shopping-centre operator Scentre Group fell 1.5 percent after two weeks of solid gains. New Zealand''s benchmark S&P/NZX 50 index started the year 0.8 percent or 53.53 points up, at 6,934.75, hitting its highest in nearly five weeks. Gains were largely led by industrial and material stocks. Health care shares helped the rally as well, with retirement villages operator Arvida Group hitting a record high. ANZ Banking''s New Zealand shares rose 2.7 percent to their highest in 16 months, while Auckland International Airport jumped 2.7 percent. A2 Milk was among the losers, after international milk prices posted their largest fall in three months at the year''s first auction early on Wednesday. For more individual stocks activity click on (Reporting by Aparajita Saxena; Additional reporting by Shashwat Pradhan in Bengaluru; Editing by Eric Meijer) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-midday-idUSL4N1EU07P'|'2017-01-04T08:17:00.000+02:00'
'2ad77b715ffb77af9e6643b6f6034a2cedda7335'|'European retail stocks in the spotlight in quiet European open'|'Business News - Wed Jan 4, 2017 - 8:29am GMT European retail stocks in the spotlight in quiet European open A Marks & Spencer logo is seen in front of one of their food stores in Paris, France, November 8, 2016. REUTERS/Christian Hartmann LONDON European shares steadied on Wednesday with retailers in focus after contrasting updates from Next ( NXT.L ) and B&M European Value Retail ( BMEB.L ). The STOXX 600 was little changed steadying after three straight sessions of gains. UK retailer Next was the stand-out laggard, down 14 percent after warning on profits. The stock has lost nearly 40 percent over the past year. The move dragged down other high street retailers with UK exposure. Marks & Spencer ( MKS.L ) dropped 5.3 percent, while Primark owner Associated British Foods ( ABF.L ) fell 4.9 percent. The exception was B&M ( BMEB.L ). The variety retailer was the top STOXX 600 riser, up 4.1 percent, after saying it had reported record Christmas trading. In financials, Credit Suisse ( CSGN.S ) shares were up 2.5 percent and in sight of hitting their highest levels in a year following an upgrade at Barclays. (Reporting by Alistair Smout, Editing by Vikram Subhedar) Next In Business News Faraday Future unveils electric vehicle in Las Vegas to kick off CES LAS VEGAS Electric vehicle start-up Faraday Future showed off in Las Vegas on Tuesday a prototype of a vehicle set for production next year as the China-backed company strives to win credibility in the crowded sector and weather its funding challenges.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN14O0NV'|'2017-01-04T15:26:00.000+02:00'
'e2fec102652a08f65fb80f3affb717825bff037f'|'ETFs globally gather record cash in 2016 - BlackRock'|'By Trevor Hunnicutt - NEW YORK NEW YORK Investors funneled $375 billion into exchange-traded funds in 2016, investment manager BlackRock Inc said on Tuesday, a global record that came as investors looked to cut costs.The total, which is preliminary, compares with $348 billion in 2015 and includes a record $286 billion haul in the United States, home to the funds'' biggest market.ETFs are a basket of stocks or other assets traded by individual investors and institutions. Fund managers from BlackRock to Vanguard and Schwab offer index ETFs that try to track, not beat, the market. They have sliced management fees on some funds to as little as $3 annually for every $10,000 managed. All three companies announced price cuts last year.Those low fees along with other cost savings and conveniences have helped the more than $3 trillion ETF business take assets from rival financial products, including actively managed funds that attempt to beat the market but may fall short of that goal.U.S.-based active stock funds recorded $288 billion in withdrawals in 2016, the largest on record, according to preliminary Thomson Reuters Lipper data through November.ETF issuers were also able to draw investors into "smart beta" products that often attempt to beat the markets but do so based on a set of rules governing how they invest, rather than a portfolio manager making those calls. The products can be pricier for investors than traditional index funds while still undercutting active managers."The fact that we''re at new-record inflows with such a slow start is a pretty strong reversal," said David Perlman, an ETF researcher at UBS.Markets started 2016 in bad shape, after the U.S. Federal Reserve raised rates and as oil prices cratered. Stocks managed to rebound from a February low, but events including the U.S. presidential race and the British vote to exit the European Union kept investors skittish.Money moved to the perceived safety of the fixed-income market, and BlackRock''s early data showed bond ETFs taking in a record $115 billion in 2016.New York-based BlackRock, with $1.3 trillion in global ETF assets, is the largest provider of such funds, as well as the world''s largest money manager overall. It said its iShares ETF brand attracted $140 billion during the year.(Reporting by Trevor Hunnicutt; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/investment-etf-idINKBN14N0AF'|'2017-01-03T02:26:00.000+02:00'
'ccd9b9319fa7441d575d8bc40e56923af2575787'|'China''s economy could grow 6.5 percent in 2017; devaluation could stabilise yuan - think tank'|'Tue Jan 3, 2017 - 2:17am GMT China''s economy could grow 6.5 percent in 2017; devaluation could stabilize yuan: think tank An employee works at a steel factory in Dalian, Liaoning Province, China, June 27, 2016. REUTERS/Stringer SHANGHAI China''s economic growth could slow to 6.5 percent this year from about 6.7 percent in 2016, a government-run think tank said on Tuesday, while suggesting a one-off devaluation could help stabilize the yuan currency. In an article in the Shanghai Securities News, the forecasting department at State Information Center (SIC) said momentum from new technology would continue to stimulate economic growth but could not stop the broader slowing trend. Industrial output could grow 5.9 percent this year, down from an estimated 6.1 percent in 2016, it said. Meanwhile, authorities should increase the role of the market in formation of the yuan exchange rate CNY=CFXS , increase the currency''s flexibility "and even conduct a one-off devaluation of the renminbi, and thereby maintain renminbi stability at a balanced level", it said. The yuan fell nearly 7 percent last year - its biggest annual loss against the dollar since 1994 - under pressure from sluggish economic growth and a strong dollar. China''s last one-off currency devaluation, a 2 percent move in August 2015, shocked global markets and was widely viewed by traders and economists as a failure. With the yuan still weakening and capital outflows steadily eroding China''s forex reserves, pundits have discussed the possibility of a second devaluation, but there has been little indication that policymakers were considering such a move. Capital outflows have been a growing concern for the government in the past year as it attempted to put the economy back on track and keep the currency stable without exhausting its reserves, which tumbled to $3.052 trillion in November, the lowest in almost six years. The SIC said China "should appropriately control capital outflows... keep tight control over state-owned firms'' overseas investments in property, antiquities, sports teams" and other non-core or non-technological transactions. China''s fundamentals including its economy, monetary policy, trade surplus and the ability to attract foreign investment all point to the fact that there is no need for the government to worry too much about the total amount of foreign exchange reserves it holds, the state-owned People''s Daily said on Tuesday. "China has no need to ''regard foreign exchange reserves as gold''," the overseas edition of People''s Daily said. China''s foreign exchange regulator said late on Saturday that from the start of the year it would step up scrutiny on individual foreign currency purchases and strengthen punishment for illegal money outflows, although the $50,000 annual individual quota will remain unchanged. China''s economy grew 6.7 percent in the third quarter of 2016 from a year earlier and looked set to achieve the government''s full-year forecast of 6.5-7 percent, buoyed by higher government spending, a housing rally and record bank lending that have also led to an explosive increase in debt. Many analysts believe growth is lower than official data suggests, but acknowledge that the construction boom has given activity a better-than-expected boost this year. (Reporting by John Ruwitch, Jing Wang and Winni Zhou;   Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-thinktank-idUKKBN14N03G'|'2017-01-03T09:16:00.000+02:00'
'28548d0de763b1c4ac47b28e6fda71c7d71d11a7'|'India''s BSE exchange gets market regulator''s clearance for IPO'|'Deals - Tue Jan 3, 2017 - 4:16am EST India''s BSE exchange gets market regulator''s clearance for IPO People walk out of the Bombay Stock Exchange (BSE) building in Mumbai, June 29, 2015. REUTERS/Danish Siddiqui/Files MUMBAI BSE Ltd, India''s second-biggest stock exchange, got clearance for its long-awaited initial public offering (IPO) from the Securities and Exchange Board of India (SEBI), according to the regulator''s website. Asia''s oldest exchange had filed a draft prospectus for the IPO with SEBI in September, seeking to list its shares on larger rival National Stock Exchange (NSE). The IPO is expected to raise about $200 million, and could be launched as early as this month, banking sources have said. A listing would come ahead of the NSE, which filed its IPO prospectus last month. Bankers had said the NSE could raise as much as $1 billion, making it potentially India''s biggest IPO since Coal India ( COAL.NS ) raised $3.5 billion in 2010. (Reporting by Abhirup Roy and Devidutta Tripathy; Editing by Subhranshu Sahu; Editing by Subhranshu Sahu) Next In Deals Exclusive: Brazil''s Renova to sell wind farm for up to $214 million SAO PAULO Brazil''s renewable power generation company Renova Energia SA is in talks to sell its wind farm Alto Sertao II to the Brazilian unit of AES Corp , known as AES Brasil, for 600 million reais to 700 million reais ($214 million), a source with direct knowledge of the matter told Reuters on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-bse-ltd-ipo-idUSKBN14N0KT'|'2017-01-03T16:04:00.000+02:00'
'bcab33e37a411635f841bae6d65a794132f4efd8'|'Peru demands cash payment from Odebrecht in plea deal talks'|'Business News - Mon Jan 2, 2017 - 10:53pm GMT Peru demands cash payment from Odebrecht in plea deal talks A general view of the headquarters of Odebrecht, a large private Brazilian construction firm, in Lima, Peru, February 24, 2016. REUTERS/Janine Costa LIMA The office of Peru''s attorney general announced on Monday that it has asked Odebrecht for a "significant sum" of money as part of talks towards a plea deal, after the Brazilian company acknowledged distributing bribes to unnamed Peruvian officials. The total amount Odebrecht will be required to pay will be negotiated with the company after it makes an initial deposit, said Hamilton Castro, the lead prosecutor investigating the public works contracts in Peru that Odebrecht may have won through bribes. Last month Odebrecht, at the centre of Brazil''s biggest ever graft scandal, signed a plea deal in the United States in which it admitted to distributing hundreds of millions of dollars to secure contracts in several countries in Latin America, including $29 million in Peru from which it obtained more than $143 million in benefits. "The illegal earnings that the company obtained must be returned to the Peruvian state, that''s why we''re negotiating a significant sum of cash that must be deposited in public coffers as prepayment. It will not be the total sum," Castro told a press conference. Castro, who traveled to Switzerland to talk with prosecutors about Odebrecht last year, said he expects prosecutors abroad to provide the names of Peruvian officials who took bribes from Odebrecht in coming months. But Castro said direct talks with the company would quicken the investigation that he started in November after intelligence revealed potential bribes in Peru. Odebrecht did not immediately respond to requests for comment. Peru was the first country outside Brazil where the family-owned construction company ventured nearly four decades ago. It is home to some of Odebrecht''s most ambitious projects, including an irrigation tunnel through the Andes and a highway through the Amazon. (Reporting By Mitra Taj, Additional reporting By Bruno Federowski in Sao Paulo; Editing by Tom Brown) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-peru-corruption-odebrecht-idUKKBN14M172'|'2017-01-03T05:53:00.000+02:00'
'9a116b2c4bbb6fd5202acc2efab1ecb1d599300a'|'Australia shares set for a cautious start to 2017'|' 38pm EST Australia shares set for a cautious start to 2017 Jan 3 Australian shares face a cautious start to the new year, following a weak lead from Wall Street last Friday, with trading likely to be thin on Tuesday as many investors remain off work for their summer holidays. U.S. stocks slumped on the last trading day of the year, led down by Apple and other big tech stocks. In subdued holiday trading, the S&P 500 declined for a third consecutive session. The Australian benchmark index climbed 7 percent in 2016, its best yearly performance since 2013, as gains in most commodity prices powered a bull run among miners. New Zealand''s benchmark S&P/NZX 50 index will be shut for a public holiday and will re-open on Wednesday. The benchmark gained 8.8 percent in 2016. For a summary of overnight action across global markets, double click on For a digest of the day''s business stories in Australian newspapers, double click on (Reporting By Shashwat Pradhan in Bengaluru; Editing by Gareth Jones) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-morning-idUSL4N1ES1ER'|'2017-01-03T04:38:00.000+02:00'
'1b416f2019d7b5a451cff373992e80440b4c0148'|'China launches rural assets reforms to boost farmers'' incomes'|'BEIJING China has kicked off reforms to allow farmers to turn their assets into shares in various ventures to help boost their incomes, the country''s agriculture minister said on Tuesday."At the present, it''s urgent to safeguard farmers'' property rights and it''s more difficult to sustain increases in farmers'' incomes,” Han Changfu told a news conference."The reform will help boost farmers'' property-related incomes."But the government will push forward the reform in an orderly manner given its complexity, he said.Under the reform plan, farmers will be allowed to turn their assets, including land use rights and operating assets, into shares in various ventures, Han said.The government will carry out "verification and evaluation" of collectively owned rural assets, which will be finished in around 3 years, starting from 2017."After that, operating assets will be quantified and allocated to members of collective economic organizations in the form of shares or allotments," Han said, adding that such reform will be completed in around 5 years.No details were given.China''s villages have accumulated total assets of 2.86 trillion yuan ($411.27 billion), Han estimated.China has relaxed rules to allow farmers to transfer their land rights to help promote more efficient, large-scale farms, amid an exodus of farm workers to the cities.Farmland in China is collectively owned and farmers only have the right to contract and use the land. Many rural migrant workers have leased out their land to those who stay in the countryside or commercial entities.(Reporting by Kevin Yao; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-china-rural-economy-idINKBN14N0AB'|'2017-01-03T02:23:00.000+02:00'
'31f28356660311f222c0499005598b8e93cb6812'|'China probes former top aviation official for graft'|'Business News - Tue Jan 3, 2017 - 4:55am EST China probes former top aviation official for graft A plane flies over the setting sun in the sky at Beijing International Airport, China, March 2, 2016. REUTERS/Kim Kyung-Hoon/File Photo - RTX2RA0J SHANGHAI China''s corruption watchdog is investigating a former vice-minister of the aviation regulator for disciplinary violations, saying he had paid below market price for property during his tenure. The official concerned, Xia Xinghua, who had worked in the Civil Aviation Administration of China (CAAC) from 2009 to 2014, has been expelled from the ruling Communist Party, the Central Commission for Discipline Inspection (CCDI) said on Tuesday. Xia, who often represented the CAAC in meeting with foreign executives and regulators, also took holidays in the guise of work trips and played illegally in golf games others had paid for, the watchdog said. "As a leading party cadre, Xia had a weak concept of discipline and violated party regulations," it said in a statement on its website, employing the usual euphemism for graft. Xia went on to become the chairman of the China Civil Airports Association (CCAA), which represents more than 100 airports, in April 2014, after leaving the aviation regulator, the airport body says on its website. An official of the airport body declined to comment, and officials of the aviation regulator did not respond to telephone calls. Reuters was unable to reach Xia for comment. China''s far-reaching crackdown on graft has swept through several industries and led to the arrest and jailing of senior politicians and executives. In 2015, the watchdog announced a probe into the deputy head of the aviation regulator. The fight against corruption has gained "crushing momentum," the Communist Party said last month. (Reporting by Brenda Goh; Additional Reporting by SHANGHAI Newsroom; Editing by Clarence Fernandez) Next In Business News Dollar back on trend, hits two-week high vs yen LONDON The U.S. dollar racked up its biggest rise in two weeks in 2017''s first full day of European trading on Tuesday, as dealers and investors in London returned to push the greenback to within 1 percent of December''s long-term highs. Remittances to Mexico jump by most in 10 years after Trump win MEXICO CITY Remittances to Mexico posted their biggest jump in over ten years in November in a possible reaction to the U.S. election victory of Donald Trump, who threatened to block the transfers and eroded confidence in the peso currency during the campaign. Venezuela issues $5 billion to state-run bank: source CARACAS Venezuela has issued $5 billion in bonds maturing in 2036 to a state-owned bank, a source familiar with the situation said on Monday, in an unorthodox operation that does not immediately bring in new funds for the cash-strapped OPEC nation. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-china-corruption-aviation-idUSKBN14N0NX'|'2017-01-03T16:42:00.000+02:00'
'8e4a59b84ff529e6c922076f3c0ec3ca2270e396'|'HMRC empowered to name and shame tax evasion ''enablers'' - Business'|'Tax advisers, accountants and lawyers who aid the super-rich with offshore tax evasion will face tough new penalties from New Year’s Day, with HMRC now able to publicly name and shame “enablers”.The Treasury said the government’s new powers would see individuals or corporates who take deliberate action to help others evade paying tax facing fines of up to 100% of the tax they helped evade or £3,000, whichever is highest. The secret life of a tax adviser: it’s not about devising fancy avoidance schemes - Anonymous Read more The new crackdown, first announced by then-chancellor George Osborne in the 2015 budget, will mean HMRC can, for the first time, penalise the facilitators of tax evasion who help to physically move funds abroad or advise on offshore tax saving. Announcing the new penalties, financial secretary to the treasury Jane Ellison said: “Tax evasion is a crime and as a government we have led reform of the international tax system to root it out. Closer to home we are creating a tax system where taxes are fair, competitive and paid. The raft of measures we have introduced to tackle avoidance and evasion will create a level playing field for the vast majority of people and businesses who play fair and pay what is due.”A new corporate criminal offence of failing to prevent the facilitation of tax evasion will also be introduced this year, with companies held liable if an individual acting on its behalf as an employee or contractor facilitates tax evasion. Previous rules meant a corporate criminal prosecution was only possible if there was proof that the board of directors were aware and involved in facilitating the evasion.The Treasury said HMRC has secured more than £2.5bn specifically from offshore tax evaders since 2010. However, the department was criticised last November after its new specialist tax evasion unit only successfully pursued one criminal prosecution , despite having identified potential evasion and avoidance worth nearly £2bn after examining the tax affairs of 6,500 super-rich individuals.Also coming into force on 1 January is a new requirement to correct past tax evasion, which will see anyone who has failed to correct past evaded taxes by 30 September 2018 hit with tough new penalties. The Treasury said more action was planned in the coming months, including a consultation on a new requirement for businesses and individuals who create complex offshore financial arrangements that bear the hallmarks of enabling tax evasion to notify them to HMRC.May pledged during her leadership campaign that she would pursue companies and individuals who took part in deliberate tax avoidance. “It doesn’t matter to me whether you’re Amazon, Google or Starbucks: you have a duty to put something back, you have a debt to fellow citizens and you have a responsibility to pay your taxes,” she said .'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/01/hmrc-tax-evasion-enablers-fines'|'2017-01-01T17:53:00.000+02:00'
'c5ad586883f00ad7195769bcbef34092633080b4'|'German unemployment falls more than expected in December'|'Business News - Tue Jan 3, 2017 - 9:01am GMT German unemployment falls more than expected in December BERLIN German unemployment fell more than expected in December, keeping the jobless rate in Europe''s biggest economy at a record low, data from the Federal Labour Office showed on Tuesday. "The positive development related to unemployment continued at the end of the year," Frank-Juergen Weise, head of the Federal Labour Office, said. "The strong increase in employment that has been going on for a long time slowed since the summer months, but demand for new workers remains at a high level," he added. The seasonally adjusted jobless total fell by 17,000 to 2.638 million, the Labour Office said. That was more than three fold the 5,000 forecast in a Reuters poll. The adjusted unemployment rate remained at 6.0 percent, the lowest level since German reunification in 1990. In 2016 as a whole, a record 43.4 million people were employed in Germany as the labour market thrives in an environment of a continued economic upswing, low interest rates and increased state spending. (Reporting by Joseph Nasr; Editing by Michael Nienaber) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-unemployment-idUKKBN14N0JY'|'2017-01-03T16:01:00.000+02:00'
'37e18e5a9353f81b002509ce63a29290daec25bb'|'US STOCKS-Wall St set for big gains on first trading day of 2017'|'Funds News - Tue Jan 3, 2017 - 8:52am EST US STOCKS-Wall St set for big gains on first trading day of 2017 * Brent crude approaches $60 as output cut deal takes effect * Banks stocks rise premarket on Barclays price target raise * GM slips after Donald Trump slams carmaker in tweet * Futures up: Dow 133 pts, S&P 15.25 pts, Nasdaq 37.25 pts (Adds details, comments, updates prices) By Yashaswini Swamynathan Jan 3 Wall Street looked set for big gains on Tuesday, the first trading day of 2017, with all eyes on the Dow Jones Industrial Average as it zeroes in on the historical 20,000 mark. After coming within a hair''s breadth of the milestone in December as part of a post-election rally, the Dow will make a fresh attempt at breaching the mark. The Dow rose 13.4 percent in 2016 - its best performance in three years - registering strong gains in the past two months as investors bet that Presidential-elect Donald Trump would introduce market friendly policies such as tax cuts and simpler regulation. Dow futures advanced by triple-digit points on Tuesday, helped by a jump in oil prices and upbeat economic data from China. Brent crude hit an 18-month high of $58.06 after a deal to limit oversupply came into effect on Sunday. China''s factory activity picked up more than expected in December giving the manufacturing sector a solid boost heading into 2017, according to a private business survey. "We expect a strong start to the day''s trading session, as oil prices and the macro news set the stage for the direction of the equities markets this year," Peter Cardillo, chief market economist at First Standard Financial, wrote in a client note. The dollar index was on a tear, notching its best day in nearly three weeks at 103.44, while higher inflation data sent European stocks to a one-year high. Dow e-minis were up 133 points, or 0.67 percent at 8:26 a.m. ET (1326 GMT), with 28,004 contracts changing hands. S&P 500 e-minis were up 15.25 points, or 0.68 percent, with 153,651 contracts traded. Nasdaq 100 e-minis were up 37.25 points, or 0.77 percent, on volume of 23,297 contracts. Data on tap includes the ISM Manufacturing Purchasing Manufacturer''s index (PMI), which is expected to have edged up to 53.6 in December from 53.2 in the previous month. The report is due at 10:00 a.m. ET (1700 GMT). Technology stocks including Ebay, Micron Tech , Amazon.com and Facebook were primed for gains Bank of America, JPMorgan, Goldman Sachs and Wells Fargo were up between 0.9 percent and 2 percent after Barclays raised its price targets on the stocks. General Motors slipped by half a percent to $34.65 after Trump slammed the carmaker in a tweet for sending Mexican-made models of its Chevy Cruze to U.S. car dealers without paying border taxes. Marathon Petroleum rose 3.8 percent to $52.25 after the company said it would explore a spinoff of its retail business, caving to pressure from activist investor Elliott Management. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1ET26D'|'2017-01-03T20:52:00.000+02:00'
'513d4c35293340d9660ca3d572f2fda1a9b224ed'|'Sensex, Nifty rise slightly as banks recover'|'Money   12:23pm IST Sensex, Nifty rise slightly as banks recover A man walks out of the Bombay Stock Exchange (BSE) building in Mumbai, India June 20, 2016. REUTERS/Danish Siddiqui/Files By Samantha Kareen Nair Sensex and Nifty edged up on Tuesday as banks recovered from the previous session''s losses on hopes of a pickup in credit growth following cuts in lending rates. However, gains were limited as data released late on Monday showed India''s annual infrastructure output growth slowed to 4.9 percent in November, compared with 6.6 percent in the previous month, as crude oil and natural gas production declined. Indian sovereign bonds were headed for a fifth session of gains on signs of better-off fiscal situation following the government''s move to curtail its market borrowing for the rest of the financial year. India narrowed its weekly borrowings for the rest of the financial year by shaving 30 billion rupees each from the scheduled six weekly bond auctions until Feb. 10, the Reserve Bank of India said late on Monday. ( bit.ly/2islPJt ) "With focus on the upcoming budget, markets are expected to be rangebound with a slight upward bias, helped by a pre-budget positive sentiment," said Neeraj Dewan, director at Quantum Securities. Indian banks, led by market leader State Bank of India, announced sharp cuts to their lending rates after a recent surge in deposits. The Nifty was up 0.34 percent at 8,207.1 as of 0643 GMT, while the Sensex was 0.29 percent higher at 26,672.31. The NSE bank index rose as much as 0.81 percent, with State Bank of India gaining up to 1.15 percent and Punjab National Bank rising 2.51 percent. Meanwhile, TVS Motors and Hero MotoCorp fell 3 percent and 2.2 percent, respectively, on weak December sales. bit.ly/2isx4BI (Reporting by Samantha Kareen Nair in Bengaluru; Editing by Subhranshu Sahu) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-stocks-sensex-nifty-idINKBN14N0D7'|'2017-01-03T13:53:00.000+02:00'
'e6631b4f520856c6ce022523d0fe8d60fac97256'|'Trump Organization says it has no plans to build Buenos Aires tower'|'Industrials - Tue Jan 3, 2017 - 5:09pm EST Trump Organization says it has no plans to build Buenos Aires tower By Caroline Stauffer - BUENOS AIRES BUENOS AIRES Jan 3 The Trump Organization has no plans to build in Buenos Aires, a spokeswoman told Reuters on Tuesday, ending speculation a new Trump office tower would soon appear near the landmark obelisk in the heart of Argentina''s capital. The city government said in late November it had declined to authorize a permit to build an office tower linked to the U.S. president-elect, clarifying that developers would have to file new paperwork for it to be reconsidered. The "Trump Tower" project made international headlines after a local news report that Trump mentioned the proposed office complex when Argentine President Mauricio Macri put in a congratulatory call to him after his Nov. 8 election. The Macri administration said the report was untrue and that the project was not mentioned during the call. Macri knew Trump from his days working as a businessman but had said before the election he preferred Democrat Hillary Clinton. "There are no plans to build in Buenos Aires," said the Trump Organization spokeswoman, who asked not to be named. Trump, a businessman who has never held public office, has real estate and leisure holdings all over the world, sparking concerns his investments could color his decision-making after he becomes president on Jan. 20. He has said he will remove himself from day-to-day business operations before taking office, avoiding potential conflicts of interest by transferring control of his businesses to his three eldest children. His company pulled out of a hotel venture in Rio de Janeiro last month. Developers YY Development Group, which built a nearly completed Trump Tower at the Punta del Este resort in Uruguay, told the Argentine paper La Nacion this week that the Buenos Aires project had been called off for now. The Buenos Aires city government said in November the Trump project first surfaced in early 2007 when a firm identified as Kubic S.A. filed a building request for a plot of land now used as a downtown parking lot. The plan was approved, but expired when construction did not begin within a stipulated three-year period, the city''s statement said. Last August, the city said, a firm called Repetto Oeste SA sought to revive the 2007 plan, but the request was not authorized. (Reporting by Caroline Stauffer; Editing by Peter Cooney) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-trump-argentina-idUSL1N1ET1BW'|'2017-01-04T05:09:00.000+02:00'
'e8963ac320f6c26bacf0a83f3482f4a437b29cd9'|'Puerto Rico governor seeks more time on fiscal plan, lawsuit freeze'|'By Nick Brown - NEW YORK NEW YORK Jan 5 Puerto Rico''s new governor is seeking more time to present a fiscal turnaround plan for the struggling U.S. territory, saying the Jan. 31 deadline set by the commonwealth''s federal oversight board is too tight.In a letter to the board dated Jan. 4, a representative for Governor Ricardo Rossello, who was sworn in on Monday, sought at least a 45-day extension, which would push the deadline to present a plan to March 17.Under the territory''s federal rescue law known as PROMESA, passed last year, Puerto Rico''s governor has to present a blueprint for the island''s financial future that must be approved by the federally-appointed board tasked with managing its dire fiscal position.The board last year set a Jan. 31 deadline for the plan, but Elias Sanchez, Rossello''s liaison to the board, said the deadline would give the administration too little time to assess Puerto Rico''s finances or attempt restructuring talks.The governor also sought a 75-day extension of PROMESA''s so-called automatic stay provision, which prevents creditors from suing Puerto Rico over missed debt payments. With the stay set to expire on Feb. 15, Rossello asked the board to extend it until May 1.That would give the island more time to try to negotiate restructuring talks with holders of $70 billion in debt issued by Puerto Rico and its public agencies.If the deadline expired in February, it could force Puerto Rico or the board to preemptively push some public agencies into a legal process under PROMESA akin to U.S. bankruptcy protection, known as Title III, the letter said."We are very concerned that a rushed process to certify a fiscal plan by January 31, 2017, and a view that the movement of the PROMESA stay on February 15, 2017, is an intractable deadline, could prematurely precipitate Title III filings for some or all" of the government''s public debt issuers, the letter stated.Puerto Rico owes $18 billion in general obligation debt, backed only by a constitutional promise; $15 billion in so-called COFINA debt backed by sales tax proceeds, and billions more in debt at myriad public entities, such as the PREPA power authority and PRASA water utility.The island has an unemployment rate more than twice the U.S. average, its 3.5 million population is shrinking as locals flock to the mainland and nearly half of those who remain live in poverty.(Reporting by Nick Brown; editing by Daniel Bases, G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-fiscal-idINL1N1EV1FY'|'2017-01-05T16:09:00.000+02:00'
'173dacfd3009ca16bc6ddcb34d5c58ad8e24be52'|'Chinese fantasy role playing game has 50m active players'|'Chinese fantasy role playing game has 50m active players Tencent’s Honor of Kings based on game from US developer it acquired in 2011 Read next January 2, 2017 by: Tom Hancock in Shanghai Honor of Kings , a role-playing game for smartphones, has attracted 50m active daily users, after adding 5m a month since it was launched by internet company Tencent last year — making it more popular than Nintendo ’s global sensation Pokémon Go . Although the game is almost unknown outside of China, Honor of Kings , which sees players battle mythical beasts in a fantasy landscape, now has an army of players roughly equal to the total population of South Korea. The rise of the dragon-battling game underlines the transition in Chinese gaming away from PCs towards mobile, and the continued reliance of top Chinese titles on imported designs. Honor of Kings is essentially a mobile version of the world’s most played game, League of Legends , which was created by US developer Riot Games. “If you were to put the two pictures of the two games side by side you’d probably confuse them,” said Daniel Ahmad of Niko Partners, a consultancy that estimates China''s number of smartphone gamers has risen to 400m. Tencent bought a controlling stake in Riot in 2011 and acquired all its remaining shares in December 2015. The Shenzhen-based company also led a Chinese consortium which last year paid $8.6bn for a majority stake in Finland’s Supercell, maker of some of the world''s most popular mobile games including Clash of Clans which claims more than 100m active daily users. Mr Ahmad said the Riot acquisition was “more about what can they take from the company and bring to China,” adding: “They invest in games which do well globally and help those companies to do better in China.” Also known as Kings of Glory , Honor of Kings was responsible for much of Tencent’s reported 87 per cent jump in revenue from mobile games in the third quarter of 2016, which contributed to a 43 per cent rise in net profits from a year earlier. About half of Tencent’s total revenues comes from its games business, making it the world’s biggest games company by revenue. Honor of Kings ’ average user plays for almost six hours a week, and spends Rmb41 ($6) on the game each month, according to Niko Partners. Like most mobile games in China, it is free to download; Tencent gets revenue from selling in-game extras such as upgraded characters and weapons. So far, the game has been downloaded more than 200m times. Benjamin Wu, an analyst at Shanghai-based consultancy Pacific Epoch, predicted the game’s daily users could reach 70m this year. In comparison, Pokémon Go had some 45m people actively playing worldwide at its peak in July, but that number dropped to around 30m a month later, according to data from analytics company Apptopia. Unlike Nintendo’s game, however, Honor of King s’ users are almost entirely based in China. Tencent plans to launch a Korean version this year. The Chinese title’s growth was driven in part by promotion on Tencent’s social media platforms WeChat and QQ, which have hundreds of millions of users in the country. Online streams of competitors playing the game have drawn in millions of viewers on E-sports platforms like Panda TV, owned by Wang Sicong, the son of China''s richest man Wang Jianlin . Some of the mobile game’s growth, however, comes at the expense of the original PC-based League of Legends title. “More and more users are switching from the PC to mobile,” said Mr Wu. “Tencent is not doing well on PC games in last two quarters.” Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/asiapacific'|'https://www.ft.com/content/cb77ac42-ccff-11e6-864f-20dcb35cede2'|'2017-01-02T08:29:00.000+02:00'
'7a2fdcfde85eaa5edc346016364282eba5f12c0b'|'Trump - Toyota faces big tax if it builds Corolla cars for U.S. in Mexico'|'Business News  43pm GMT Trump - Toyota faces big tax if it builds Corolla cars for U.S. in Mexico left right A 2016 Toyota Prius hybrid is seen at the Washington Auto Show in Washington January 29, 2016. REUTERS/Gary Cameron 1/2 left right U.S. President-elect Donald Trump talks to members of the media as retired U.S. Army Lieutenant General Michael Flynn stands next to him at Mar-a-Lago estate in Palm Beach, Florida, U.S., December 21, 2016. REUTERS/Carlos Barria 2/2 By David Shepardson - WASHINGTON WASHINGTON U.S. President-elect Donald Trump on Thursday targeted Toyota Motor Corp ( 7203.T ), threatening to impose a hefty fee on the Japanese automaker it if builds its Corolla cars for the U.S. market at a plant in Mexico. "Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for U.S. NO WAY! Build plant in U.S. or pay big border tax," Trump said in a post on Twitter. This was Trump''s latest broadside against automakers building cars in Mexico and first against a foreign automaker. The president-elect''s attacks on investments by companies in Mexico have cast a shadow over cross-border production networks central to more than $583 billion a year in trade between the two countries. The value of the Mexican peso has skidded amid fears that Trump''s policies would harm Latin America''s second-biggest economy. Toyota, which announced its plan to build a new Mexican facility in April 2015, said the plant in Guanajuato city would not take away from U.S. employment. "Toyota looks forward to collaborating with the Trump administration to serve in the best interests of consumers and the automotive industry," Toyota spokesman Scott Vazin said. Trump''s tweet confuses Toyota''s existing Baja plant with the planned $1 billion plant in Guanajuato city. Baja produces around 100,000 pick-up trucks and truck beds annually. The plant in Guanajuato will build Corollas and have an annual capacity of 200,000 when it comes online in 2019, shifting production of the small car from Canada. Following Trump''s tweet, the automaker''s American Depositary Receipts traded on the U.S. market, fell 0.5 percent to $120.45 on the New York Stock Exchange. Toyota President Akio Toyoda said in Japan on Thursday that the automaker has no immediate plans to curb production in Mexico, preferring to wait until after Trump''s Jan. 20 inauguration before deciding whether to make any changes. "We will consider our option as we see what policies the incoming president adopts," Toyoda said at an industry gathering in Tokyo on Thursday before Trump''s tweet, when asked whether his company was considering any changes to a production plant the automaker was building in Mexico. Automakers in the United States have been slammed by Trump for building cars in lower-cost factories south of the border, which he said costs American jobs. Pressure to curb that production intensified this week after Ford Motor Co ( F.N ) scrapped plans to build a $1.6 billion assembly plant in Mexico after Trump harshly criticized the investment. Ford, however, still plans to shift production of small cars to Mexico from Michigan, even as it uses $700 million from the planned Mexico investment to expand its operations in Flat Rock, Michigan, and add 700 jobs. During the campaign, Trump criticized barriers to U.S. auto exports to Japan and said the U.S. government did not do enough to open the market to more American-made vehicles. "Until you open your markets, you’re not selling any more cars over here,” Trump said of Japan in an August 2015 interview with the Detroit News. “That’s going to force people to build in the United States." Toyota has extensive U.S. investments, operates 10 U.S. plants in eight states and builds more than 2 million vehicles in the United States annually. Trump has also said General Motors Co ( GM.N ) could become subject to tariffs on Mexico-made cars for the U.S. market, and that he would like to renegotiate terms of the North American Free Trade Agreement signed with Canada and Mexico, or scrap it altogether. (Reporting by Susan Heavey and David Shepardson; Editing by Jonathan Oatis and Lisa Shumaker) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-toyota-idUKKBN14P2D5'|'2017-01-06T02:43:00.000+02:00'
'f800b9afbfd5452299be5b39d47b7797ab163af2'|'Insurers drag down European shares, FTSE holds near record'|' 27am EST Insurers drag down European shares, FTSE holds near record LONDON Jan 5 European shares headed lower for a second straight session on Thursday after recent strong gains, with insurers leading the market lower after JP Morgan cut its rating for several companies in the sector. RSA Insurance fell 2.2 percent after JP Morgan downgraded the stock to "neutral" from "overweight", while Hannover Rueck fell 2.7 percent after the investment bank cut its price target to 102 euros from 108 euros. The European insurance index was down 0.9 percent, the biggest faller in the pan-European STOXX 600 index, which fell 0.3 percent. The STOXX 600, which hit a one-year high on Tuesday, closed 0.1 percent lower in the previous session. Worst performer across the European benchmark was Rolls Royce which fell more than 3 percent. The stock suffered a price target at JPMorgan. Rolls-Royce led the loser board on Britain''s FTSE 100 index which held near record highs underpinned by a 1.3 percent rise in the UK mining index following an increase in industrial metals prices on brightening outlook for Chinese metals demand. Embattled retailer Next PLC fell another 2 percent in early trades setting its shares up for the worst three-day loss in nearly two decades. (Reporting by Atul Prakash and Helen Reid, Editing by Vikram Subhedar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1EV12J'|'2017-01-05T15:27:00.000+02:00'
'79d0229b068153212b184c55be634b09bd8691d6'|'Former Ares Management partners to form new private equity fund'|'Business News - Thu Jan 5, 2017 - 3:31pm EST Former Ares Management partners to form new private equity fund Two former Ares Management LP ( ARES.N ) private equity executives have joined forces to form a new firm called LightBay Capital focused on middle-market buyouts and distressed debt investments, according to people familiar with the matter. Nav Rahemtulla and Adam Stein, who resigned from Ares last summer and are based in Los Angeles, are working with placement agent UBS Group AG ( UBSG.S ) on preparing to launch a new private equity fund, whose target size has not yet been finalized, the people said this week. The sources asked not to be identified because the fundraising plans are not public. LightBay Capital and UBS offered no comment. Rahemtulla and Stein were most recently heads of Ares'' healthcare and consumer/retail private equity investing, respectively. They worked together at Ares for more than 15 years. (Reporting by Greg Roumeliotis in New York; Editing by Sandra Maler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-fund-lightbay-idUSKBN14P2F6'|'2017-01-06T03:26:00.000+02:00'
'bd91126351545ddab0cdd4a1c2f858f697e31936'|'J&J, Actelion approach Swiss takeover board over deal structure - paper'|'Global Energy News - Fri Jan 6, 2017 - 7:04am GMT J&J, Actelion approach Swiss takeover board over deal structure - paper The logo of healthcare company Johnson & Johnson is seen in front of an office building in Zug, Switzerland July 20, 2016. REUTERS/Arnd Wiegmann ZURICH Johnson & Johnson and Actelion have asked Switzerland''s takeover board about the viability of a complicated takeover deal the U.S. healthcare company is discussing with the Swiss biotech firm, newspaper Tages-Anzeiger reported on Friday, without saying how it got the information. The two companies asked about the proposal under which Johnson & Johnson would acquire Actelion while separating its commercialised portfolio from its research and development assets, a deal structure first reported by Reuters last week. The panel''s preliminary review was still going on, the paper said. The Tages-Anzeiger quotes a spokesman for the takeover board as saying it does not comment on specific transactions. The Swiss takeover board, which determines whether a deal meets legal requirements, did not immediately respond to a request by Reuters for comment. An Actelion spokesman also did not immediately respond to a request for comment. The proposed deal structure would allow J&J to acquire Actelion with a cash offer in the region of $260 per share, a little more than what it had offered when it walked away from negotiations earlier in December. It also would allow Actelion shareholders to benefit financially from Actelion''s R&D pipeline, people familiar with the matter told Reuters. In return for a minority stake in the remaining business to develop new drugs, Johnson & Johnson could invest $1 billion to $2 billion over several years into Actelion''s research activities as part of the deal, the Tages-Anzeiger reported, again without saying where the information came from. (Reporting by Joshua Franklin; Editing by Michael Shields) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-actelion-m-a-johnson-johnson-swiss-idUKKBN14Q0L4'|'2017-01-06T14:04:00.000+02:00'
'a25a6c2ba55d43a707972a70a6fcce6d7007fd6b'|'Preview: Japan seen posting 29th straight monthly current account surplus in November'|'Business  09pm IST Japan seen posting 29th straight monthly current account surplus in November Chimneys of an industrial complex and Tokyo''s skyline are seen from an observatory deck at an industrial port in Kawasaki, Japan, October 24, 2016. REUTERS/Kim Kyung-Hoon TOKYO Japan is expected to show a 29th straight current account surplus in November as exports recovered and on income from overseas investment, a Reuters poll showed on Friday. The current surplus was seen at around 1.5 trillion yen ($12.94 billion) in November after a 1.7 trillion yen surplus in October, the poll of 17 analysts found. "Overseas economies are recovering which helps Japan''s exports," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Insurance. "Also, the weak yen inflates income from investment overseas...so the current account surplus will likely stay at solid level for the moment." The yen has weakened sharply against the dollar since November on expectations the incoming Trump Administration''s policies would encourage inflation, which would in turn prompt the U.S. Federal Reserve to raise interest rates. The yen stood around 116 yen vs dollar JPY=EBS on Friday after touching 118.66 yen in mid-December, its weakest since last February. The finance ministry will publish the current account data at 8:50 a.m. on Thursday Jan. 12. (23:50 GMT Wednesday) (Reporting by Kaori Kaneko; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-japan-economy-currentaccount-idINKBN14Q0JG'|'2017-01-06T13:36:00.000+02:00'
'5df2c26fdd91f5fcef25f04a5ff616007c0be017'|'Lone Star picked as top candidate to buy Portugal''s Novo Banco'|'Business News - Thu Jan 5, 2017 - 10:59pm GMT Lone Star picked as top candidate to buy Portugal''s Novo Banco People use ATM machines at a Novo Banco branch in downtown Lisbon, Portugal, March 21, 2016. REUTERS/Rafael Marchante By Axel Bugge - LISBON LISBON U.S. private equity firm Lone Star will work "tirelessly" to reach an agreement with Portugal to buy Novo Banco, it said on Thursday after it became the top candidate to acquire the bank carved out of collapsed Banco Espirito Santo (BES). Portugal''s central bank said earlier it plans to hold further talks with Lone Star after selecting it ahead of other prospective purchasers including China''s Minsheng Financial Holding and U.S. funds Apollo and Centerbridge. Portugal had hoped to decide on the sale of Novo Banco by the end of last year, ahead of a final August 2017 deadline for the sale. "We will continue to work tirelessly with the Bank of Portugal... and the Portuguese Government to confirm a final agreement to support Novo Banco for the long-term benefit of its customers, employees, creditors, and the overall Portuguese economy," Lone Star Europe president Oliver Brahin said in a statement. The central bank said that Lone Star''s proposal "is the one that goes the furthest," in ensuring stability of the financial system and confidence in Novo Banco. But the central bank added that Lone Star set conditions in its offer that could have an impact on public accounts, which it will seek to "minimise or remove in the deeper negotiations that start now." The finance ministry welcomed the next stage of the negotiations aiming to overcome those conditions. "The government always underlined that this sales process to private investors must ensure that there is no impact on public finances or cost to taxpayers," it said in a statement. Lone Star made no mention of conditions on its offer, but it was "deeply optimistic about Portugal" and its economic future, Brahin said. The firm promised to provide the capital and expertise necessary to maintain Novo Banco as a "pillar of the Portuguese banking system," he said. The finance ministry welcomed the next stage of the negotiations aiming to overcome those conditions. "The government always underlined that this sales process to private investors must ensure that there is no impact on public finances or cost to taxpayers," it said in a statement. Finance Minister Mario Centeno said on Wednesday that Portugal was not ready to complete the sale of Novo Banco, adding that the government was not prepared to present a state guarantee for the potential buyer. Portugal salvaged Novo Banco, or the "good bank" in a 4.9-billion-euro rescue of BES in 2014, which collapsed under the weight of debts of its founding family. An attempt to sell Novo Banco in 2015 failed because the bids were considered too low. The Portuguese authorities have not said how much they are seeking for Novo Banco. The government itself put up 3.9 billion euros ($4.1 billion) for the rescue of BES but analysts doubt it will recover anything near that figure in the sale. The rescue has led to a series of court cases by shareholders and other stakeholders hit by the process, prompting bidders to fear future litigation. The central bank said that the next phase of negotiations with Lone Star does not prevent other bidders from returning with improved offers. (Reporting By Axel Bugge; Editing by Elaine Hardcastle and Alexandra Hudson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-novo-banco-m-a-lone-star-idUKKBN14P2LF'|'2017-01-06T05:59:00.000+02:00'
'93a48d0146715009a79076126c8033b2b6019850'|'Twitter China head Kathy Chen leaves company'|'Mon Jan 2, 2017 - 10:49pm GMT Twitter China head Kathy Chen leaves company The Twitter logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2016. REUTERS/Brendan McDermid NEW YORK Twitter Inc ( TWTR.N ) executive Kathy Chen, who courted potential Chinese advertisers for the social media platform, announced her departure from the company in a tweet on Saturday. "Now that the Twitter APAC team is working directly with Chinese advertisers, this is the right time for me to leave the company," she wrote. Twitter grew its Greater China advertiser base nearly 400 percent over the past two years, she wrote, making it one of the company''s fastest growing revenue markets in Asia Pacific. Twitter, which has been under pressure to post profits, said in October it would cut 9 percent of its global workforce to keep costs down. Parminder Singh, the former managing director for Twitter in India and the Middle East, left the company in early November. Twitter did not reply to an email seeking comment. (Reporting by David Randall; Editing by David Gregorio) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-twitter-chen-idUKKBN14M17P'|'2017-01-03T05:46:00.000+02:00'
'25834c250d1e041641bc791032c13b4544391d90'|'Mexico says does not expect Ford move to spark similar decisions'|'Company   3:59pm EST Mexico says does not expect Ford move to spark similar decisions MEXICO CITY Jan 3 Mexico''s economy minister said on Tuesday he did not believe that Ford Motor Co.''s decision to cancel its planned $1.6 billion factory in San Luis Potosi state will trigger a series of similar decisions. Economy Minister Ildefonso Guajardo told local radio that the decision was specific to Ford''s changing demand as well as the company''s stance towards U.S. President-elect Donald Trump. Ford, the second largest U.S. automaker, said it would build new electric, hybrid and autonomous vehicles at the Flat Rock, Michigan plant and add 700 jobs. (Reporting by David Alire Garcia, Dave Graham and Veronica Gomez) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ford-mexico-guajardo-idUSE1N1DI020'|'2017-01-04T03:59:00.000+02:00'
'bc8c13f11845e3c62ad2b639afde3e86dbeb6fde'|'Bahrain''s Asma Capital buys $147 mln stake in UAE utility Utico''s water business'|'DUBAI Jan 1 Bahrain-based investment firm Asma Capital has agreed to buy a stake in the water business of private United Arab Emirates utility company Utico in a deal worth $147 million, the companies said on Sunday.Asma is buying "a significant minority stake", they said without revealing the exact size. The deal includes equity and project finance and will be completed in the first quarter of 2017.The purchase is being conducted through the IDB Infrastructure Fund II, which is managed by Asma Capital. Asma is owned by sovereign institutions including Islamic Development Bank, Saudi Arabia''s Public Investment Fund and Public Pension Agency, and the ministries of finance of Bahrain and Brunei.Asma aims to invest further with Utico in its other projects and businesses, Asma said without elaborating. Utico, which has investments in the UAE, said it hoped to become involved in projects overseas; in August, it announced it would invest about $185 million to more than double its water desalination capacity in two years. (Reporting by Andrew Torchia; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emirates-utilities-idINL5N1ER0H5'|'2017-01-01T12:13:00.000+02:00'
'61675c9a694593bfa3f3fa9c3d1760a25512851c'|'UPDATE 1-BB Seguridade names new CEO, while Banco do Brasil shuffles VPs'|'Financials   3:58pm EST UPDATE 1-BB Seguridade names new CEO, while Banco do Brasil shuffles VPs (Adds changes to VP positions at Banco do Brasil) RIO DE JANEIRO Dec 31 BB Seguridade Participações SA, the insurance unit of Brazil''s state-controlled lender Banco do Brasil SA, said in a securities filing that its board on Friday elected Jose Mauricio Pereira Coelho as its new chief executive officer. The 50-year-old Coelho, until now the chief financial officer of Banco do Brasil itself, takes the helm at a time when BB Seguridade, like most banks and insurers, is struggling with a difficult outlook for financial companies amid a deep recession in Brazil. In the filing, released late on Friday, BB Seguridade said that Coelho''s predecessor as chief executive, 45-year-old Marcelo Augusto Dutra Labuto, would assume the role of chairman of BB Seguridade''s board. Separately, Banco do Brasil in a statement said that Labuto will also take the role of vice president of retail businesses at the bank, which continues to restructure following a cost-cutting program that included branch closures and offering early retirement to about 9000 employees. The bank also named new vice presidents to head four other departments. Márcio Hamilton Ferreira will lead internal controls and risk management, while Alberto Monteiro de Queiroz Netto will head financial management and investor relations. José Eduardo Pereira Filho becomes vice president for government affairs and Walter Malieni Júnior will manage retail distribution and human resources. (Reporting by Pedro Fonseca. Editing by W Simon and Nick Zieminski) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/bb-seguridade-executives-idUSL1N1EQ0CQ'|'2017-01-01T03:58:00.000+02:00'
'97dd47923c67271ccaf0ca58729bda1b1d541c62'|'German and French share indexes start 2017 on a weaker note'|'Business News - Mon Jan 2, 2017 - 8:31am GMT German and French share indexes start 2017 on a weaker note Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, December 30, 2016. REUTERS/Staff/Remote LONDON Germany''s DAX and France''s CAC share indexes fell on the first trading day of 2017 on Monday, with Dialog Semiconductor, the maker of chips used in smartphones made by Apple and Samsung Electronics, featuring among the top fallers. Shares in Dialog Semiconductor ( DLGS.DE ) fell 2 percent after a report said late on Friday that Apple ( AAPL.O ) would trim production of iPhones by about 10 percent in the January-March quarter of 2017. The DAX index .GDAXI was trading 0.4 percent lower by 0820 GMT after climbing to its highest level since August 2015 in the previous session, while the CAC .FCHI dropped 0.2 percent, retreating from Friday''s near 13-month high. The Euro zone''s blue-chip Euro STOXX .STOXX50E was trading 0.3 percent lower. Trading volumes were expected to be thin as several markets, including the United Kingdom and the United States, were closed for a public holiday. (Reporting by Atul Prakash; Editing by Alistair Smout) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN14M0A3'|'2017-01-02T15:31:00.000+02:00'
'a382561a22d16979f33c2be205f7afde03826d46'|'Contraction of Greek factory activity eases in December, but jobs cut - PMI'|' 15am GMT Contraction of Greek factory activity eases in December, but jobs cut - PMI An employee moves a roll of printing paper at the factory of ''''Typorganosi S.A'''' company in northwestern Athens November 12, 2014. REUTERS/Alkis Konstantinidis ATHENS Jan 2 A downturn in Greek manufacturing slowed in December as declines in output and new orders eased, but companies cut jobs for the first time in seven months as backlogs of work shrank, a survey showed on Monday. Markit''s Purchasing Managers'' Index (PMI) for manufacturing, which accounts for about 10 percent of the Greek economy, rose to a four-month high of 49.3 points last month from 48.3 in November. A reading below 50 denotes a contraction in activity. Manufacturers saw a further decline in new orders, including from abroad. They cited softer demand and the instability of the country''s financial sector, although the fall was the weakest since September. "Firms struggled with a lack of work during the month, a result of weaker demand for Greek manufactured goods and lowered their workforce for the first time since May," said IHS Markit economist Samuel Agass. "Overall, 2016 has been a challenging year for the sector which continues to remain well short of a full recovery. Firms will be hopeful that the new year can bring renewed growth but until consumption picks up the likelihood remains slim." Faced with fewer workloads, companies cut their headcounts, although the pace of job shedding was slight, the survey showed. "Although the overall downturn eased to the weakest in four months with output and new orders contracting at softer rates, the latest deterioration capped off the worst quarter of the year for Greek goods producers," Agass said. Manufacturers faced a substantial increase in input costs in December, mainly linked to higher prices for steel, zinc and dairy products, forcing them to raise output prices for the first time in 70 months.  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-greece-economy-pmi-idUKKBN14M0CP'|'2017-01-02T16:15:00.000+02:00'
'a6e0bddc5affb33a36b93717ae1b0be7b84e52ea'|'U.S. office vacancy rate falls in fourth quarter - Reis'|'Company  30pm EST U.S. office vacancy rate falls in fourth quarter - Reis Jan 3 U.S. office vacancy rate declined in the fourth quarter to the lowest level since the second quarter of 2009, according to real estate research firm Reis Inc. The national vacancy rate declined in the fourth quarter to 15.7 percent from 15.9 percent in the preceding quarter, Reis said in a report. However, asking and effective rents growth decelerated in the quarter from the third. Asking rent grew by 0.3 percent, while effective rent rose by 0.4 percent in the most recent quarter, according to the report. Asking and effective rents had risen 0.4 percent in the third quarter. "... over time as demand continues to exceed new construction, vacancy should decline and rent growth will likely pick up as a result," said Barbara Denham, senior economist at Reis. Construction activity rose from the third quarter, with 8.53 million square feet of new office construction completed during the quarter. The recent employment growth should pull the vacancy rate down further in 2017, while rent growth should accelerate back towards a 3 percent annual growth rate, the firm said. (Reporting by Rachit Vats in Bengaluru; Editing by Sriraj Kalluvila) Next In Company News UPDATE 1-Faraday Future unveils electric vehicle in Las Vegas to kick off CES LAS VEGAS, Jan 3 Electric vehicle start-up Faraday Future showed off in Las Vegas on Tuesday a prototype of a vehicle set for production next year as the China-backed company strives to win credibility in the crowded sector and weather its funding challenges.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/property-usa-office-idUSL4N1ET2YA'|'2017-01-04T11:30:00.000+02:00'
'b54b4ebb5b735e7b1a9888a9f39b67bef71355df'|'UPDATE 1-China watchdog to bolster private bank supervision'|'Financials - Thu Jan 5, 2017 - 6:53am EST UPDATE 1-China watchdog to bolster private bank supervision (Adds detail) BEIJING Jan 5 China''s banking regulator have issued guidelines aimed at strengthening governance at the country''s emerging private banks in the latest move by regulators to beef up risk management among financial services firms. The China Banking Regulatory Commission (CBRC) guidelines call for private banks to exercise prudential supervision in such areas as related-party transactions, while clearly defining their business strategy and customers, according to a notice published on the CBRC website on Thursday. The CBRC also called for private banks to strengthen shareholding management to ensure that the actual controllers of equity are properly recognised. In a separate statement, the regulator said that the guidelines are aimed at "improving competitivness and risk management" at private banks and promoting "overall stability". China''s financial regulators have issued a slew of regulations and guidelines in recent weeks in an effort to bolster risk management and supervision at the country''s lenders, insurers and other financial institutions. The CBRC issued licences to five private banks in 2014 and has since issued initial licences to a further 12 lenders. (Reporting by Matthew Miller and Beijing Monitoring Desk; Editing by Susan Thomas and David Goodman) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-banking-regulator-idUSL4N1EV3EF'|'2017-01-05T18:53:00.000+02:00'
'acc7a5c3e17fac700d8eb071bd75f4dfb2a49978'|'Toshiba chairman says banks ready to offer conditional financial support'|'Global Energy   5:34am GMT Toshiba chairman says banks ready to offer conditional financial support Toshiba Corp incoming chairman Shigenori Shiga attends a news conference at the company headquarters in Tokyo, Japan May 6, 2016. REUTERS/Issei Kato TOKYO Toshiba Corp''s chairman said its creditor banks are ready to provide financial support to the Japanese conglomerate, with conditions attached, following disclosures that it faces a multi-billion-dollar writedown of a U.S. nuclear business. "At this moment, I have been told that (banks) will continue to provide support," Shigenori Shiga told reporters on Thursday on the sidelines of an industry gathering. Shiga said banks'' support would be conditional upon Toshiba giving them "solid explanations" about the potential writedown and how to improve its financial health. The company is seeking creditors'' support to weather yet another financial blow, even as it still tries to recover from a $1.3 billion accounting scandal in 2015. Last week, it revealed it may have to book several billion dollars in charges related to a U.S. nuclear power plant construction company acquisition. Toshiba has said it would finalise the losses by mid-February. Toshiba Chief Executive Satoshi Tsunakawa visited banks, including its main creditors Sumitomo Mitsui Financial Group Inc (SMFG) and Mizuho Financial Group, last week, sources with direct knowledge of the matter said. At the meetings, Toshiba''s explanation did not go beyond what it disclosed at the news conference, the sources said. Toshiba is expected to inform its main creditors the finalised writedown figures by the end of this month, said the sources, who were not authorised to discuss the matter publicly. Some bankers expressed frustration as Toshiba was supposed to have gone through a complete checkup of its financial health after the 2015 accounting scandal that tarnished its image. "Before we give them any financial help, it should come completely clean and have no surprises any more," said a senior executive at one of the banking groups. Toshiba was not immediately available to comment. A Mizuho spokesman declined to comment. SMFG officials were not immediately available for comment. (Reporting by Makiko Yamazaki and Taiga Uranaka; Editing by Muralikumar Anantharaman) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-banks-idUKKBN14P0E9'|'2017-01-05T12:34:00.000+02:00'
'0be7ec58f65c9f3c5be065cf9954dc2a9628d70c'|'Sri Lankan rupee weaker; moral suasion caps fall'|'  12:57am EST Sri Lankan rupee weaker; moral suasion caps fall COLOMBO Jan 5 The Sri Lankan rupee traded weaker on Thursday due to dollar buying by foreign banks, but the central bank''s moral suasion prevented further decline, two days after the monetary authority''s chief signalled a change in its intervention policy to defend the currency. Central Bank Governor Indrajith Coomaraswamy said on Tuesday that defending the rupee with foreign exchange reserves "doesn''t seem sensible" as it has always been followed by a sharp depreciation in the currency. Rupee forwards were active, with one-month forwards trading at 151.00/30 per dollar at 0535 GMT, compared with Wednesday''s close of 150.90/10. "The one week forwards traded at 150.40 and 150.50, but moral suasion forced reversal of deals below 150.40," said a currency dealer who declined to be named. "There is (dollar) demand from some foreign banks probably for bond outflows." One-week forwards were quoted around 150.35/56 per dollar, compared with Wednesday''s close of 150.20/30, while spot-next forwards and the spot rupee were hardly traded, dealers said. The central bank said in a policy document on Tuesday that experience had clearly demonstrated that maintaining "an overvalued exchange rate at the expense of external reserves" was unsustainable. A smooth market-based exchange rate would prevent highly disruptive adjustments after periods of stable rates artificially maintained by continuous central bank intervention. The central bank said it was time to stop this pattern and commence building up of external reserves through sustainable foreign exchange inflows. The rupee has been under pressure due to rising imports and net selling of government securities by foreign investors, dealers said. On Friday, the central bank raised the spot currency reference rate to 150.00, a record low against the dollar. Sri Lankan shares were steady at 6,153.39 as of 0524 GMT. Turnover stood at 480 million rupees ($3.21 million). ($1 = 149.4000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Amrutha Gayathri) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sri-lanka-markets-idUSL4N1EV1X3'|'2017-01-05T12:57:00.000+02:00'
'9a6d4d737e766f6dbdbd4890ce0d2b2fd3c472df'|'Saudi Aramco discuss possible oil supply cuts of up to 7 pct for February - sources'|'Money News - Thu Jan 5, 2017 - 4:03pm IST Saudi Aramco discuss possible oil supply cuts of up to 7 pct for February - sources An oil tank is seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji/Files SINGAPORE/NEW DELHI State oil giant Saudi Aramco has started talks with customers globally to discuss possible supply cuts of up to 7 percent for Saudi crude loadings in February, three sources with knowledge of the matter said on Thursday. The potential supply cuts are aimed at meeting Saudi Arabia''s commitment to cut production in a deal by the Organization of the Petroleum Exporting Countries to reduce global oversupply and prop up prices. Saudi Aramco will be receiving nominations for crude supplies from its customers in February and is assessing which grades it could cut, one of the sources said. Saudi oil buyers are expected to be notified by Jan. 10 of their respective crude allocations for February. (Reporting by Florence Tan in SINGAPORE, Nidhi Verma in NEW DELHI and Rania El-Gamal in DUBAI; Editing by Christian Schmollinger) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/saudi-oil-opec-aramco-idINKBN14P12C'|'2017-01-05T17:33:00.000+02:00'
'9f3d3b0acf992765dd5c0859b1aeffbd9f38c159'|'Indian watchdog issues guidelines to evaluate company boards'|'Business   9:22am EST Indian watchdog issues guidelines to evaluate company boards The logo of the Securities and Exchange Board of India (SEBI), India''s market regulator, is seen on the facade of its head office building in Mumbai, India, July 13, 2015. REUTERS/Shailesh Andrade By Abhirup Roy - MUMBAI MUMBAI India''s capital markets regulator on Thursday issued guidance on how companies should evaluate the performance of their directors to ensure objectivity and improve corporate governance. Among the guidelines, companies should consider whether discussions among board members are healthy and free-flowing, whether critical and dissenting suggestions are welcome and whether conflicts of interest are monitored and dealt with, the Securities and Exchange Board of India (SEBI) said. The note is intended as guidance and does not constitute new rules, the regulator added. ( bit.ly/2hUKa6F ) The new guidance comes at a time when a boardroom battle at Tata Sons [TATAS.UL], the holding company of the $100 billion Tata conglomerate, has highlighted the vulnerability of independent company directors in India when they come up against a dominant shareholder. Tata Sons is waging a bitter battle against former chairman Cyrus Mistry, who has complained of mismanagement and corporate governance failures within the company. It has also ousted Nusli Wadia, an independent director who sat on the boards of three of its listed companies, after he publicly backed Mistry''s claims. SEBI did not mention any specific companies in its note. "The purpose of the guidance note is to educate the listed entities and their boards of directors about various aspects involved in the board evaluation process and improve their overall performance as well as corporate governance standards to benefit all stakeholders," the regulator said. Companies should check that they are allowing independent directors to perform their roles effectively and check whether directors are allowed to exercise their own judgment and voice their opinions freely, it added. Evaluations should be performed internally through questionnaires and oral assessments, as well as through external experts to ensure objectivity, the SEBI said, adding that action plans should be based on these evaluations. A 2016 report by proxy advisory firm InGovern said that, under its five-star rating system, only five of India''s top 100 companies merited three stars for providing effective board evaluations. InGovern founder Shriram Subramanian described the SEBI guidelines as a useful start but said that they still fell below standards on board evaluations in Britain and the United States. "Even if (Indian) companies adopt this guidance note in its entirety, it would fall short of global best practice," he said. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-india-regulator-governance-idUSKBN14P1P8'|'2017-01-05T20:45:00.000+02:00'
'695948f0709f7324f7e90e43778a5f1d9e24c421'|'France ready to save nuclear group Areva whoever wins presidency'|'Business News - Wed Jan 4, 2017 - 9:57am EST France ready to save nuclear group Areva whoever wins presidency A view shows the Areva Tower, the headquarters of the French nuclear reactor maker Areva, at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. REUTERS/Jacky Naegelen/File Photo By Geert De Clercq - PARIS PARIS A government-led rescue of French nuclear group Areva and the wider atomic energy industry may cost the state as much as 10 billion euros ($10.45 billion), but political support is almost certain whoever wins the presidential election in May. While taxpayers will ultimately pick up the huge bill, the main election contenders - from the Socialists and conservatives to the far-right National Front - broadly back the bailout, which involves splitting up Areva. ( AREVA.PA ) On top of its dire financial state, Areva is beset by technical, regulatory and legal problems. But given its importance to a nuclear industry that generates three quarters of France''s electricity and employs 220,000 people, the next government probably has little choice but to stand by the scheme hatched under outgoing Socialist President Francois Hollande. France has a small but fierce anti-nuclear movement and some critics oppose investing billions in extending the life of ageing reactors. Nevertheless, nuclear energy is broadly accepted, even though neighboring Germany has decided to ditch it altogether following the 2011 disaster at Japan''s Fukushima plant. "I am convinced that the 21st century will need nuclear," said conservative presidential candidate Francois Fillon. "That is why we must support the industry during this difficult period," the former prime minister wrote in his manifesto. Although Fillon is a frontrunner, the election outcome remains uncertain. However, even if National Front candidate Marine Le Pen pulls off an upset, she too has promised to stand by the nuclear industry. While Germany is replacing lost nuclear output with wind and solar power capacity, Le Pen said "so-called green energies are not realistic yet". In her manifesto, she said nuclear was necessary in the medium term to meet targets for cutting carbon emissions and maintaining French energy independence. The nuclear industry rescue also involves a cash injection for power utility EDF ( EDF.PA ), which operates France''s 58 nuclear reactors and will buy part of Areva''s business. But for all the domestic support, Brussels must also rule on whether the bailout complies with European Union rules on state aid. Shareholders of two companies that will emerge from the restructured Areva are due to vote on the plan on Feb. 3. The timing of the EU decision is unknown, but an Areva spokeswoman said: "We hope for an answer from the European Commission within a timeframe that is compatible with the shareholder meetings." GRAPHIC: Areva shares, uranium price: tmsnrt.rs/2hNy4iZ ONCE THE CHAMPION Once the champion of France''s nuclear industry, 87 percent state-owned Areva has seen its equity wiped out by years of losses. Among its biggest problems is a nuclear plant it is building in Olkiluoto, Finland. Work is almost a decade behind schedule and huge cost overruns have led to Finnish utility TVO and Areva claiming billions from each other. A similar project in Flamanville, France is also running years late, with costs spiralling. Areva has also had to take heavy writedowns on its African uranium mines while foreign orders have generally slumped since the Fukushima accident. On top of this, U.S. and other regulators are investigating possible safety problems related to the suspected falsification of documents at Areva''s Le Creusot plant, which makes components for reactors worldwide. In a restructuring that means an end to Areva as an integrated nuclear group, the firm will sell its reactor unit Areva NP to EDF. The French state will effectively nationalize the Olkiluoto liabilities and Areva will receive a mainly state-funded cash injection of 5 billion euros ($5.2 billion) to refloat it as a uranium mining and nuclear fuel group. The government is also seeking Japanese and Chinese investors to buy minority stakes in the fuel group, provisionally called NewCo, for one billion euros. Such third-party involvement - which is likely to be crucial for winning EU state-aid clearance - could reduce the net cost to four billion, but the state''s liabilities won''t end there. Areva''s rescue closely involves 85 percent state-owned EDF. The utility has agreed to buy a majority stake in the reactor unit Areva NP based on a value of 2.5 billion euros. The hope is that outside investors will buy minority stakes in Areva NP too. Last week Russian nuclear group Rosatom also expressed interest in participating in Areva''s restructuring. While EU sanctions on Russia would be a problem, Fillon has promised to pursue warmer relations with Moscow if elected. SAFETY-RELATED OUTAGES EDF itself has been weakened by low power prices, high debt and a series of safety-related outages at its Areva-designed reactors. Now it is taking on more heavy spending commitments. In an 18 billion pound ($22 billion) project approved last year, EDF plans to build two reactors at Britain''s Hinkley Point plant. This was Areva''s first reactor sale in almost a decade. EDF also needs to spend 50 billion euros on upgrading its French reactors and will sink billions more into helping to save Areva. To fund this, EDF plans a 4 billion euro capital increase in early 2017, to which the state will contribute 3 billion. The state has agreed to take EDF''s dividend on 2015 earnings in shares, saving the utility 1.8 billion euros in cash, and will accept the same on 2016 and 2017 earnings. So, combining the capital increases for Areva and EDF with the foregone dividend income on the 2015-17 earnings, the total cost to the state is set to add up to around 10 billion euros - although the exact amount will depend on the size of third-party investors'' stakes in NewCo. In most countries such a bill would provoke a political row. In Britain, Hinkley Point is highly controversial due to its cost and the involvement of Chinese investors in a strategic industry. Prime Minister Theresa May held up signing of the deal for several weeks after taking office last year. But France is different. As well as Fillon and Le Pen, Hollande''s former economy minister Emmanuel Macron, who is running as an independent, also supports nuclear energy. The Socialists have yet to pick a candidate but their choice is almost certain to back the present Socialist government''s plan. "France is well known for heated debates about taxes, family issues and labor reform, but nuclear is one of the few things which every government has supported for decades," said Jean-Marc Ollagnier, Paris-based head of global consultancy Accenture''s resources and energy unit. STAYING ALIVE The civil nuclear program has not only reduced dependence on oil from the unstable Middle East. Via state nuclear agency CEA, it is also linked to France''s atomic weapons program and nuclear submarine fleet, whose propulsion systems are made by an Areva unit. Letting Areva fail would mean relying on foreign groups such as Toshiba-owned Westinghouse ( 6502.T ) to service EDF''s reactors and handle their fuel, which is unthinkable within France''s policy of energy self-reliance. Areva is also due to play a crucial role in extending the lifespan of EDF''s reactors. Most were connected to the grid between 1980 and 1990, and designed to operate for 40 years. Fillon supports EDF''s wish to extend this to 60 years. But critics note that while France struggles to sell nuclear reactors abroad, Denmark''s Vestas ( VWS.CO ) and Germany''s Siemens ( SIEGn.DE ) are winning export deals for wind turbines. Former environment minister Corinne Lepage blames an old boy''s network of graduates from France''s elite engineering schools for defending nuclear at any cost. She opposes EDF extending the life of its oldest reactors, saying it should instead start decommissioning them. EDF could build this into a business in dismantling reactors while gradually switching to renewable energy, she told Reuters. "We need a massive reconversion plan for EDF staff. These are engineers. If they can handle nuclear reactors, they can also handle wind turbines and solar panels," she said. (editing by David Stamp)'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-areva-restructuring-france-idUSKBN14O1JW'|'2017-01-04T21:52:00.000+02:00'
'd36a2badb66b9f63ffd9542780efb27ebd3186dc'|'Japanese company to buy UK''s second biggest tyremaker for £215m - Business'|'Japanese firms’ appetite for British takeovers looks set to continue into 2017, as Sumitomo Rubber Industries agreed a £215m deal to buy Micheldever Tyre Services, the UK’s second largest tyremaker.Micheldever, based in the small picturesque Hampshire village of the same name, is owned by private equity group Graphite Capital, which has previously sold Maplin Electronics and Paperchase.If Graphite’s latest sale goes through, it will mean the top two British tyremakers are now in Japanese hands, after Kwik-Fit was sold to trading house Itochu for £637m in 2011.It will also provide further evidence of a growing appetite among Japanese investors for UK assets.Japanese companies spent $33.7bn (£27.4bn) on 43 British firms last year, according to figures from financial markets analysis firm Dealogic, up from 29 deals worth $9.5bn in the previous year.The lion’s share of last year’s spending was accounted for by SoftBank’s £24bn acquisition of smartphone chip maker ARM Holdings , unveiled in July.But Japanese companies struck a series of less high-profile deals during 2016, both before and after the slump in the value of sterling triggered by the UK’s vote to leave the European Union .The second largest deal of 2016 was Takeda Pharmaceuticals’ $790m acquisition of Cambridge-based Crescendo Biologics.Sumitomo appears twice in the top five, after agreeing to spend $138m to buy the Dunlop sporting goods brand from Sports Direct , although that deal has yet to complete.Earlier in the year, Japanese instant noodle firm Nissin built a stake of more than 19% in Premier Foods, the maker of Mr Kipling cakes and Oxo cubes.A distribution agreement between the two firms was among the factors that complicated a takeover bid for Premier Foods from US firm McCormick, the company behind Schwartz dried spices.McCormick eventually walked away from the deal after Premier Foods held out for a higher offer.Graphite Capital is understood to have been seeking a buyer for some time before Sumitomo expressed its interest.The two sides have now struck a £215m deal, 3.7 times Graphite’s initial investment in 2006, with Sumitomo expected to continue the firm’s expansion, subject to the transaction winning regulatory approval from the European Union.MTS has grown under Graphite’s ownership, increasing turnover from £150m to more than £320m and expanding its workforce from 600 people to 1,600.MTS chief executive Duncan Wilkes said the deal would ensure the same management would continue to run the firm, which supplies about 6m tyres a year.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/05/japanese-company-to-buy-uks-second-biggest-tyremaker-micheldever-tyre-services'|'2017-01-05T21:36:00.000+02:00'
'76d5ec16007126ba84d7bd0f472e78966a933991'|'U.S. Labor department sues Google for compensation data'|'Internet News - Thu Jan 5, 2017 - 5:10am IST U.S. Labor department sues Google for compensation data Attendees wait for the program to begin during the presentation of new Google hardware in San Francisco, California, U.S. October 4, 2016. REUTERS/Beck Diefenbach The U.S. Department of Labor said on Wednesday it filed a lawsuit against Alphabet Inc''s ( GOOGL.O ) Google unit seeking access to the company''s compensation data and documents as part of a routine compliance evaluation. The Office of Federal Contract Compliance Programs (OFCCP) said it had sought the data about the company''s equal opportunity program in September 2015. The company failed to submit despite many opportunities, the OFCCP said. As a federal contractor, Google must agree to permit the federal government to inspect and copy records and information relevant to its compliance with the equal employment laws administered by OFCCP. The company has provided hundreds of thousands of records over the last year to comply with the OFCCP''s current audit, a Google spokesperson told Reuters. "However, the handful of OFCCP requests that are the subject of the complaint are overbroad in scope, or reveal confidential data, and we''ve made this clear to the OFCCP, to no avail," the spokesperson said. The OFCCP said it would ask the court to cancel all of Google''s current government contracts and to debar the company from entering into future contracts if it failed to comply. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-alphabet-lawsuit-idINKBN14O2D9'|'2017-01-05T06:38:00.000+02:00'
'7ea922d5dc5873f1ca80934939392083235ccce6'|'Bank of Cyprus emergency funding repaid'|'Financials  34am EST Bank of Cyprus emergency funding repaid * ELA funding was legacy of Cyprus financial crisis * Bank has repaid 11.4 billion euros in total ATHENS Jan 5 Bank of Cyprus, which was forced to recapitalise by seizing customer savings in 2013, said on Thursday that it has fully repaid emergency liquidity assistance (ELA) to the island''s central bank. The lender said it had repaid 11.4 billion euros in total. Most of it was a legacy of Laiki, a lender that was shut down during the financial crisis that gripped Cyprus in March 2013. Both banks switched to using ELA provided by the Cypriot central bank in 2012 and 2013 after being cut off from the European Central Bank''s funding window. Under terms of a 10 billion euro EU/IMF bailout for Cyprus, Bank of Cyprus was forced to acquire operations of Laiki, including its ELA debt, and convert into equity a portion of deposits held by its own clients to recapitalise the lender. Bank of Cyprus has undertaken extensive deleveraging of non-core assets since 2013 and successfully raised equity in 2014 as it sought to shore up its finances. The last outstanding ELA debt was repaid on Thursday, the bank said in a statement, adding that had repaid 3.8 billion euros of ELA during 2016 and early 2017. "This should further strengthen stakeholders'' confidence that the bank is becoming a stronger, safer and a more focused institution capable of delivering appropriate shareholder returns over the medium term," Bank of Cyprus Chief Executive John Patrick Hourican said in a statement. (Reporting by Michele Kambas; Editing by David Goodman) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/bankofcyprus-debt-idUSL5N1EV2HC'|'2017-01-05T19:34:00.000+02:00'
'45f0610bf4f07980535fd55ffa4943df457c4e26'|'Annual western European car sales hit highest level since 2007'|'  3:36pm GMT Annual western European car sales hit highest level since 2007 Rows of Renault cars and vans are parked outside their Flins automobile plant in Aubergenville, France, January 17, 2016. REUTERS/Jacky Naegelen FRANKFURT Car sales in western Europe rose 2.1 percent in December to take the total for the year to just under 14 million vehicles, the best result since 2007, according to industry data compiled by LMC Automotive. December sales increases in large markets Italy, France and Germany helped to offset a dip in sales in Britain, lifting western Europe monthly registrations to 1.085 million vehicles, LMC said on Thursday. December car registrations rose 3.7 percent in Germany, were up by 13.1 percent in Italy and gained 5.8 percent in France last month. British sales on the other hand dipped 1.1 percent, LMC data shows. LMC''s figures are based on a combination of national data and estimates for some smaller markets. The annual figure for the region was an increase of 5.8 percent from 2015. "Further growth is expected in 2017 as ongoing recovery takes place, in particular, in Spain and Italy, though more limited growth in Germany, and a contraction in the UK, will see the pace of regional growth slow this year," LMC''s Head of Sales Forecasting Jonathon Poskitt said on Thursday. The year-end sales boost helped lift the seasonally adjusted annual rate of car sales to 14.5 million cars in December, a 3.3 percent rise compared with 14.04 million in November. (Reporting by Edward Taylor; Editing by Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vehicleregistrations-europe-idUKKBN14P1UJ'|'2017-01-05T22:36:00.000+02:00'
'806678227690f39372603ab97f557c8a1073cb4e'|'Ex-Barclays trader pleads guilty in U.S. in forex probe'|'Business News - Thu Jan 5, 2017 - 1:26am GMT Ex-Barclays trader pleads guilty in U.S. in forex probe By Nate Raymond - NEW YORK NEW YORK A former Barclays Plc ( BARC.L ) trader pleaded guilty on Wednesday to U.S. charges arising from a global investigation into the manipulation of foreign-exchange prices at major banks, the U.S. Department of Justice said. Jason Katz, a former Barclays trader who later worked at BNP Paribas SA ( BNPP.PA ), pleaded guilty in Manhattan federal court to participating in a price-fixing conspiracy, becoming the first person to admit criminal wrongdoing in the probe. Katz''s plea came after Barclays and three other banks last year pleaded guilty to conspiring to manipulate currency prices. Barclays agreed to pay $2.4 billion to resolve related U.S. and UK probes. Prosecutors said that from January 2007 until July 2013, Katz, while working at three different financial firms, conspired with traders at other firms to fix prices in Central and Eastern European, Middle Eastern and African currencies. "These conspirators engaged in blatant collusion and succeeded in manipulating exchange rates for multiple currencies to their advantage," Deputy Assistant Attorney General Brent Snyder said in a statement. As part of his plea deal, Katz agreed to cooperate with the Justice Department in its ongoing investigation. He also reached an agreement announced by the Federal Reserve Board that would ban him from the banking industry. Following a court hearing, Katz was released on a $150,000 bond. His lawyer did not respond to requests for comment. According to regulatory filings and his LinkedIn profile, Katz joined Barclays in July 2010 from Standard Bank, and worked in its New York offices until September 2011, when he join BNP Paribas as director of emerging markets foreign exchange trading. Katz left BNP in July 2013, the Federal Reserve said, and joined Australia & New Zealand Banking Group Ltd ( ANZ.AX ), according to his LinkedIn profile. He is the third person to face U.S. criminal charges in connection with the foreign-exchange probe. In July, an HSBC Holdings Plc ( HSBA.L ) executive, Mark Johnson, was arrested and charged along with a former executive for participating in a fraudulent scheme involving a $3.5 billion currency transaction. Johnson has pleaded not guilty. Beyond Barclays, the other banks that pleaded guilty in May 2015 in the foreign-exchange probe included a unit of Citigroup Inc ( C.N ), JPMorgan Chase & Co ( JPM.N ) and the Royal Bank of Scotland Group Plc ( RBS.L ). A fifth bank, UBS Group AG ( UBSG.S ), pleaded guilty to manipulating benchmark interest rates. All five banks are scheduled to be sentenced on Thursday in a federal court in Connecticut. The case is U.S. v. Katz, U.S. District Court, Southern District of New York, No. 17-cr-003. (Reporting by Nate Raymond in New York; Editing by Andrew Hay and Lisa Shumaker) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-barclays-court-forex-idUKKBN14O24F'|'2017-01-05T08:26:00.000+02:00'
'beaabd1c8b314fbd84d2f115a8c41a4786daa03f'|'Oil prices firm on U.S. crude inventory fall, record car sales'|' 39am GMT Oil prices firm on U.S. crude inventory fall, record car sales An employee holds a gas pump at a petrol station in Sao Paulo, Brazil, November 8, 2016. REUTERS/Paulo Whitaker By Henning Gloystein - SINGAPORE SINGAPORE Oil prices were firm on Thursday, buoyed by data showing a fall in U.S. crude inventories and by record car sales in the United States. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $53.26 per barrel at 0024 GMT, unchanged from their settlement on Wednesday, when prices rose around 2 percent. International Brent crude oil futures were yet to trade. Traders said that WTI had been lifted by a report by the American Petroleum Institute (API) stating that U.S. crude inventories fell 7.4 million barrels in the week ended Dec. 30 to 482.7 million, compared with analyst expectations for a decrease of 2.2 million barrels. "We expect Asia to trade on the positive-side today, supported by the API number," said Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore. Prices were also lifted by U.S. car and truck sales, which were up 3.1 percent in December from the same month last year, and hit a record 17.55 million overall in 2016. A fall in the dollar away from a 14-year peak hit earlier this week also supported Brent futures, traders said, as a cheaper greenback makes dollar-traded fuel purchases cheaper for countries using other currencies at home. Swings in the dollar also impact crude as financial speculators weigh the differing profit potentials of foreign exchange and commodity futures. (Reporting by Henning Gloystein; Editing by Joseph Radford)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN14P02C'|'2017-01-05T07:38:00.000+02:00'
'08e00f9596b811e09f28adceb88dec451b4f38dc'|'Arsenal shareholder Kroenke buys into leading French vineyard'|'Cyclical Consumer Goods  41am EST Arsenal shareholder Kroenke buys into leading French vineyard PARIS Jan 5 U.S. sports magnate Stanley Kroenke, who is the majority shareholder of London soccer club Arsenal, has bought into leading French vineyard Bonneau du Martray, the parties behind the deal said on Thursday. The French family which owns the site, best-known for the highly-ranked ''Grand Cru'' Corton-Charlemagne and Corton wines, said it had sold a majority stake to Kroenke. The financial terms were not disclosed. Billionaire Kroenke''s business and sports empire includes Arsenal as well as the U.S. Denver Nuggets basketball team and the Rams American Football team, although he also owns Californian vineyards such as Jonata and The Hilt. Jean-Charles Le Bault de la Moriniere, whose family has owned the Domaine Bonneau du Martray site in Burgundy for nearly 200 years, said the deal would boost their overseas presence. "We are very happy to have struck this partnership with Stan Kroenke and his team, which will allow us to strengthen our international presence even more," he said in a statement. Arsenal are currently fifth in England''s top-ranked Premier League, having gradually slipped down from first place after suffering two consecutive defeats in December. (Reporting by Pascale Denis; Writing by Sudip Kar-Gupta; editing by John Irish) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/soccer-arsenal-vineyard-idUSL5N1EV2QX'|'2017-01-05T20:41:00.000+02:00'
'4587d23e8c79e1d3ff7e271c051817934c2700ef'|'MIDEAST STOCKS - Factors to watch - Jan 5'|'Jan 5 Here are some factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Asian stocks edge higher on Wall Street cues; oil up* MIDEAST STOCKS-Egypt hits record high as Palm Hills surges, Saudi lags* Oil dips on doubts over touted production cuts* PRECIOUS-Gold hits 4-week high as dollar weakens* Middle East Crude-March Oman flips to premium* Brazil''s BRF launches unit focused on Muslim food markets* More than 2,000 Iraqis a day flee Mosul as military advances* Iraqi forces gaining momentum in Mosul - U.S. coalition chief* Morocco Q4 GDP rises 1.2 percent yr/yr as drought hurts farmers* New Lebanese govt OKs oil decrees to start stalled tender process* Turkey says Istanbul attacker''s identity established, manhunt goes on* Arab separatists in Iran say attacked pipelines in west, Tehran issues denial* Turkey''s Erdogan calls on banks to lower interest rates* Britain''s Hammond meeting Gulf leaders this week - finance ministry* Turkish monthly gold imports highest for two years in Dec - Borsa Istanbul* Japan''s Inpex in running to develop major Iran oilfield -media* Vitol clinches $1 bln pre-finance oil deal with Iran-sourcesEGYPT* Egypt arrests four in connection with church bombing, death toll rises* Egypt approves bankruptcy law to spur investment* Egypt to buy local wheat crop at global prices in coming season* Egypt''s non-oil business activity shrinks for 15th consecutive month, but decline slowsSAUDI ARABIA* U.S. to transfer four Guantanamo Bay detainees to Saudi Arabia* S.Korea''s S-Oil to sell $1 bln diesel, naphtha, jet fuel to Saudi Aramco* Saudi''s Riyad Bank recommends lower cash dividend for H2 2016* Saudi non-oil economy continues recovering in December - PMIUNITED ARAB EMIRATES* Dubai Islamic Bank sells stake in Jordanian bank* Dubai Islamic Bank requests proposals for dollar sukuk - sources* Dubai airport passenger traffic up 9.4 pct in November* UAE non-oil business growth accelerates in DecemberKUWAIT* Kuwait''s Agility expects logistics profit, revenue growth in 2017* Kuwait Petroleum Corp committed to OPEC oil output cut -state news agencyBAHRAIN* Bahrain''s GIB appoints lenders to arrange international bond - sources (Compiled by Dubai newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL5N1EV00Q'|'2017-01-05T00:04:00.000+02:00'
'7ca79d0ec17a8bd4f46ef15603d0dbe13475e3a5'|'LPC-CVC''s Corialis buy backed with 635m-equivalent loan'|'By Claire Ruckin and Hannah Brenton - LONDON LONDON Jan 5 CVC Capital Partners'' buyout of Belgian aluminium systems manufacturer Corialis will be backed with a 635m-equivalent leveraged loan, banking sources said on Thursday.Credit Suisse, Rabobank and UBS are physical bookrunners, while BNP Paribas and Deutsche Bank are bookrunners on the financing, the sources said.The loan is expected to launch for syndication to investors within the next couple of weeks, the sources said.The financing is split between a 505m-equivalent first-lien tranche, including a 150m sterling-denominated carve out as well as a 130m-equivalent sterling-denominated second-lien tranche, pre-placed with Park Square Capital, MV Credit and EQT.CVC was not immediately available to comment. MV Credit and EQT declined to comment.CVC announced on December 9 it had entered into exclusive negotiations with Advent International to acquire Corialis.Corialis is a supplier of aluminium systems for windows, doors, conservatories and curtain walls across countries including Belgium, France, the UK and Poland. (Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/corialis-loans-idINL5N1EV31G'|'2017-01-05T10:04:00.000+02:00'
'055112682ee99da3218165fa392ba52a7282a9e8'|'PREVIEW - China data to show economy gained momentum heading into 2017 but risks abound'|'Business   3:22pm IST China data to show economy gained momentum heading into 2017 but risks abound Workers build wooden scaffolding at a construction site in Beijing, China, December 31, 2016. REUTERS/Thomas Peter SHANGHAI A raft of data from China in coming weeks is expected to show the world''s second-largest economy carried solid momentum into 2017, thanks to heavy government stimulus and a construction boom that breathed new life into its ailing smokestack industries. But Beijing''s decision to double down on spending to meet its official growth target may have come at a high price, as policymakers will have their hands full in 2017 trying to defuse financial risks created by the explosive growth in debt. Expectations for further depreciation of the yuan currency are creating further headaches for the government, even as U.S. President-elect Donald Trump threatens to brand China a currency manipulator and impose heavy tariffs on Chinese goods. China is due to report fourth-quarter and full-year gross domestic product on Jan. 20. GDP grew at exactly 6.7 percent for each of the first three quarters, smack in the middle of the government''s 2016 target range of 6.5-7 percent. Factory and service sector surveys for December published earlier this week showed activity accelerated, with strong order books boding well for business in coming months. However, despite signs of economic stabilization and even improvement this year, money has been leaving China on the back of the yuan''s steady decline against the surging U.S. dollar. The extent to which authorities have battled to stabilize the yuan may be seen in foreign exchange reserve data on Jan. 7. China''s foreign exchange reserves likely fell to $3 trillion in December, from $3.052 trillion at the end of November and the lowest since April 2011, according to median estimates from analysts surveyed by Reuters. The Chinese currency lost around 6.5 percent against the dollar last year, with expectations strong for continued weakness. In recent weeks, the government has stepped up oversight of individual foreign exchange purchases and outbound investments by companies, saying it wants to close loopholes for speculative outflows. More restrictions are expected this year. But if forex reserves continue to be depleted at a fast pace and capital flight continues, some strategists believe China''s leaders may have little choice but to sanction a big "one-off" devaluation. Trade and inflation data will follow on Jan. 10 and Jan. 13, respectively, with fourth-quarter GDP and December fixed asset investment, retail sales, and industrial output on Jan. 20. Loan and money data is expected anytime Jan. 10-15. A weaker yuan does help China''s exports, which rose in yuan terms in November. But analysts expect shipments in dollar terms from the world''s largest exporter declined 3.5 percent in December, compared with a 0.1 percent increase in the previous month, while imports likely rose 2.4 percent, down from 6.7 percent growth. China''s trade surplus is forecast to have been $46.50 billion in December, versus November''s $44.61 billion, with growing attention on its large trade surplus with the U.S. Inflation will also be on the radar in 2017, with any sign that consumer price increases are accelerating increasing the chances of policy tightening, which could throw a wrench into an economy still driven by rapid credit growth. Fueled largely by stronger demand and higher prices for building materials and coal, China''s producer prices likely rose 4.5 percent in December, which would be the fastest since November 2011 and a rapid turnaround from when wholesale prices were in decline just four months prior. Consumer prices likely rose 2.3 percent in December, the same pace as in November. While a strong recovery of commodities prices have pushed up industrial profits, there has been little indication of higher prices being pushed on to the consumer yet. Analysts say policymakers are not likely to worry much about inflation unless the consumer price index rises above 3 percent. Highlighting how much money was pumped into the economy last year, banks are expected to have extended a record amount of credit, despite signs that the country''s leaders are worried about the risks of prolonged debt-fueled stimulus. Banks probably extended 700 billion yuan ($101.73 billion) in new loans in December, down from the previous month but still easily putting the 2016 total over 2015''s record 11.72 trillion yuan. The growth rate of outstanding loans likely held steady at 13.1 percent year-on-year, while M2 money supply expanded at a slightly stronger pace of 11.5 percent. Industrial output and retail sales probably grew 6.1 percent and 10.7 percent, respectively, easing marginally from November, while fixed asset investment growth was likely steady at 8.3 percent. Industrial output likely dipped as authorities closed some factories to battle heavy smog in northern China, and as government attempts to control red-hot property prices have slowed the pace of new home construction and investment. (Reporting by Elias Glenn; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-china-economy-data-idINKBN14P0WQ'|'2017-01-05T16:36:00.000+02:00'
'96331908d8d5ef550116f21a6e91a79944c40fbb'|'UPDATE 1-Lone Star picked as top candidate to buy Portugal''s Novo Banco'|'Company  32am EST UPDATE 1-Lone Star picked as top candidate to buy Portugal''s Novo Banco (Updates with finance ministry statement) By Axel Bugge LISBON Jan 5 U.S. private equity firm Lone Star is the leading candidate to buy Novo Banco, the bank carved out of collapsed Banco Espirito Santo (BES), Portugal''s central bank said in a statement. The central bank now plans to hold further talks with Lone Star after selecting it ahead of other prospective purchasers including China''s Minsheng Financial Holding and U.S. funds Apollo and Centerbridge. Portugal had hoped to decide on the sale of Novo Banco by the end of last year, ahead of a final August 2017 deadline for the sale. "At the current moment of the negotiation, the potential proposal by Lone Star is the one that goes the furthest," in ensuring stability of the financial system and confidence in Novo Banco, the central bank said in a statement. But the central bank added that Lone Star set conditions in its offer that could have an impact on public accounts, which it will seek to "minimise or remove in the deeper negotiations that start now." The finance ministry welcomed the next stage of the negotiations aiming to overcome those conditions. "The government always underlined that this sales process to private investors must ensure that there is no impact on public finances or cost to taxpayers," it said in a statement. Finance Minister Mario Centeno said on Wednesday that Portugal was not ready to complete the sale of Novo Banco, adding that the government was not prepared to present a state guarantee for the potential buyer. Portugal salvaged Novo Banco, or the "good bank" in a 4.9-billion-euro rescue of BES in 2014, which collapsed under the weight of debts of its founding family. An attempt to sell Novo Banco in 2015 failed because the bids were considered too low. The Portuguese authorities have not said how much they are seeking for Novo Banco. The government itself put up 3.9 billion euros ($4.1 billion) for the rescue of BES but analysts doubt it will recover anything near that figure in the sale. The rescue has led to a series of court cases by shareholders and other stakeholders hit by the process, prompting some bidders to request state guarantees to protect them against potential future legal liabilities. The central bank said that the next phase of negotiations with Lone Star does not prevent other bidders from returning with improved offers. ($1 = 0.9515 euros) (Reporting By Axel Bugge; Editing by Keith Weir and Elaine Hardcastle) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/novo-banco-ma-lone-star-idUSL5N1EV42S'|'2017-01-05T22:32:00.000+02:00'
'639ba6d9881368aa4bf3bf7e007f6ae36ede44a0'|'Dubai Financial Market planning to allow short-selling'|'Financials  31am EST Dubai Financial Market planning to allow short-selling DUBAI Jan 3 Dubai Financial Market (DFM) , the Gulf''s only listed stock exchange, said on Tuesday that it planned to introduce covered short-selling, a move that could increase trading liquidity. "DFM is planning implementation of regulated short-selling on a selected list of eligible securities in accordance with international recommendations under local market conditions in the coming months, subject to regulatory approvals of its rules," it said in a statement to Reuters. The exchange has completed consultations on the operating model and is now working on technical enhancements of its planned short-selling system, it said. Covered short-selling involves investors borrowing shares and selling them in the hope of repurchasing them later at a lower price. Regulators in the Gulf have until now shied away from the practice because of concern that it could destabilise markets, but some countries including Saudi Arabia and Qatar have said they plan to introduce it. Abu Dhabi Securities Exchange Chief Executive Abdullah al-Blooshi said last week that the bourse would introduce covered short-selling in the first quarter of 2017. He said the exchange was acting after the United Arab Emirates market regulator approved rules for the practice. (Reporting by Tom Arnold; editing by Andrew Torchia and Jason Neely) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/dubai-financial-markets-idUSL5N1ET14O'|'2017-01-03T16:31:00.000+02:00'
'e65dea540b6de7d92c5d53b15adbe409d9408dbd'|'TABLE-Foreign trading in South Korean stocks'|' 27am EST TABLE-Foreign trading in South Korean stocks SEOUL, Jan 3 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0726 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 3 *171.1 -174.9 -11.2 ^January 2 27.4 -84.7 38.6 December 29 128.6 -296.8 156.2 December 28 126.8 -414.8 281.0 December 27 93.4 173.6 -258.8 December 26 -31.2 125.3 -87.9 December 23 -100.5 228.3 -125.5 December 22 -50.0 75.9 -29.7 December 21 78.2 -69.1 -8.2 December 20 60.6 -29.1 -33.5 December 19 5.0 -79.5 78.8 December 16 67.7 -162.1 25.4 December 15 -3.3 66.0 -67.6 December 14 176.3 -189.0 13.2 December 13 112.0 -14.7 -101712.5 Month to date 198.5 -259.6 27.4 Year to date 198.5 -259.6 27.4 * Offshore investors have been net buyers for five consecutive sessions, bringing their total purchase for the period to a net 547.3 billion Korean won ($454.92 million) worth. ^ January 2 figures revised. ($1 = 1,203.0700 won) (Reporting by Yun Hwan Chae) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southkorea-stocks-trading-idUSL4N1ET1AG'|'2017-01-03T14:27:00.000+02:00'
'b3b46523025ef4b453f81ac59c3c7f45fe5ef935'|'Refiner Delek to buy rest of Alon USA in $868 mln deal'|'Commodities - Tue Jan 3, 2017 - 7:59am EST Refiner Delek to buy rest of Alon USA in $868 million deal Refiner Delek U.S. Holdings Inc said it had agreed to buy the shares of Alon USA Energy Inc it does not already own in a deal that values Alon USA at about $868 million. Delek on Tuesday offered 0.504 of its shares for each outstanding share of Alon USA. The company, which holds about 47 percent of Alon USA, had offered 0.44 of its shares in October. Based on Delek''s closing price of $24.07, the offer works out to $12.13 per share, a 6.6 percent premium to Alon USA''s Friday close. (Reporting by Swetha Gopinath in Bengaluru; Editing by Maju Samuel) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-alon-usa-energy-m-a-delek-us-hldg-idUSKBN14N11W'|'2017-01-03T19:57:00.000+02:00'
'8d3d9d2a0865b6e13859942852e10dd4d1997211'|'Trump remains opposed to AT&T-Time Warner deal - BBG'|'Business News - Thu Jan 5, 2017 - 7:25pm GMT Trump remains opposed to AT&T-Time Warner deal - BBG An AT&T logo is seen at a AT&T building in New York City, October 23, 2016. REUTERS/Stephanie Keith Donald Trump remains opposed to AT&T Inc''s ( T.N ) planned $85.4 billion (69 billion pounds)acquisition of Time Warner Inc ( TWX.N ), Bloomberg reported, citing people close to the president-elect. Trump, who has been silent about the transaction for months, told a friend in the last few weeks that he still considers the merger to be a bad deal, Bloomberg reported. ( bloom.bg/2jfkJlx ) He believed the deal would concentrate too much power in the media industry, Bloomberg said. Shares of AT&T were down 0.2 percent, while Time Warner''s stock was down 1.6 percent. Trump''s chief strategist, Steve Bannon, is also opposed to the deal, Bloomberg reported, citing another person. Trump during his campaign had said AT&T''s proposal to buy the owner of CNN and the Warner Bros movie studio was an example of a "power structure" that was rigged against him and voters. Trump''s transition team, AT&T and Time Warner did not immediately respond to requests for comment. (Reporting by Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-time-warner-m-a-at-t-trump-idUKKBN14P2C6'|'2017-01-06T02:25:00.000+02:00'
'60f3a1f37fdce8903efb2baf084b0781e6fcc044'|'British car industry body warns of sales downturn as uncertainty kicks in - Business'|'The British car industry has warned of a sales downturn this year as the economic uncertainty that followed the Brexit vote kicks in.A fifth consecutive year of growth saw nearly 2.7m new car registrations in the UK last year, a rise of 2.2% on 2015. But the Society of Motor Manufacturers and Traders said it expected growth to reverse, with a sales decline of 5-6%, as the cost of new cars rises due to sterling’s fall. An end to cheap financing deals would also hit sales, it said.But Mike Hawes, the SMMT’s chief executive, said the domestic market remained comparatively strong. “This is historically an incredibly high level. We’re not talking about a collapse,” he said, adding that the market had been more resilient than expected after the EU referendum . But, he said: “Clearly, we have not seen the full effects [of Brexit] yet.”Tesla to hike UK prices by 5% in the new year Read more About 85% of new cars are imported, mostly from Europe, and although manufacturers had hedged currencies and absorbed costs, the weak pound would see prices rise by about 2-3% next year, he said. Interest rate rises, which could be triggered by rising inflation, would threaten a market where motorists regularly switch to new cars through loan and trade-in deals. With 80% of sales coming through such deals, Hawes said, vehicles had been affordable as long as interest rates were low.Hawes said the boom had also been driven by the raft of new models available and rapid changes in technology. “Every niche imaginable is being filled by not just one brand but a number of them,” he said. “And people want connectivity in their cars.”Minis, luxury vehicles and SUVs have seen the biggest growth in the new car market, with traditional family saloons becoming less popular, he said.The number of electric vehicles sold has continued to grow quickly, but from a small base. Just under 89,000, or 3.3%, of all cars sold in 2016 were hybrid, electric or used an alternative fuel. Despite the diesel emissions scandal and concerns about air quality, diesel still represented almost 48% of all cars sold. While sales figures for individual manufacturers are not released until the end of the week, the VW Group, which admitted in late 2015 to having designed vehicles to cheat emissions tests, had a “very good year” for sales in 2016, said Hawes.British car manufacturing figures for 2016 will be published this month, but Hawes indicated that any hopes that the Brexit vote would be accompanied by a patriotic desire to buy British did not appear to be supported by the data. Rather, Hawes said, British manufacturers may have been harmed by a European consumer boycott – due to the Brexit vote – cited by the Jaguar Land Rover boss, Ralf Speth, in the autumn.The SMMT said the eventual Brexit settlement with Europe would be critical, with tariffs likely to add up to £1,500 to the price of an imported car.Hawes said: “The strength of the market does depend on maintaining good economic and trading conditions so cost of vehicles can remain competitive. We don’t want to see tariffs.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/05/british-car-industry-body-warns-of-sales-downturn-as-uncertainty-kicks-in'|'2017-01-05T02:00:00.000+02:00'
'3684b1c7a83f5c6152948fb4724e2f3283927cec'|'Motorists logged 1.6 percent on U.S. roads in Oct.- DOT'|'U.S. - Thu Jan 5, 2017 - 12:01pm EST Motorists logged 1.6 percent rise on U.S. roads in October: DOT Cars travel on city streets and highway overpasses in San Diego, California, U.S. in this February 10, 2016 file photo. REUTERS/Mike Blake/File Photo NEW YORK Motorists logged 270.6 billion miles on U.S. roads and highways in October, a 1.6 percent increase from a year earlier and the most ever for the month, according to data released Thursday by the U.S. Department of Transportation. Through October, motorists logged 2.69 trillion miles on U.S. roads, the most ever for the first 10 months of the year, federal data shows. (Reporting By Jarrett Renshaw; Editing by Chizu Nomiyama) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-usa-motorists-miles-idUSKBN14P21L'|'2017-01-05T23:57:00.000+02:00'
'faad4fe512fb49bac8606c597097e6a44dd689ec'|'MIDEAST STOCKS-Dubai, Qatar may extend gains, petchems may recover slightly in Saudi'|'Financials  45am EST MIDEAST STOCKS-Dubai, Qatar may extend gains, petchems may recover slightly in Saudi DUBAI Jan 5 Stock markets in Dubai and Qatar, where foreign funds are most active, may continue climbing on Thursday as global markets extend their gains and after oil bounced overnight. MSCI''s broadest index of Asia-Pacific stocks outside Japan is up 0.6 percent and U.S. shares ended higher on Wednesday. Brent oil futures rose 1.8 percent to settle at $56.46 a barrel overnight. Stock indexes in Dubai and Qatar are each up a little over 2 percent so far this year, in line with emerging markets. Dubai''s index, last at 3,617 points, faces near-term technical resistance at the mid-December peak of 3,659 points. Saudi Arabia''s index has been vulnerable to profit- taking over the last two sessions as investors cashed out of stocks trading above what analysts estimate to be fair value. But petrochemical shares, which were the main drag on Wednesday, may attract some interest after oil prices bounced back overnight. Riyad Bank may come under some pressure after it proposed paying a cash dividend of 0.30 riyal per share for the second half of 2016, down from 0.35 riyal for the corresponding period of 2015. In Kuwait, logistics firm Agility may attract some interest after a senior executive told Reuters that it expects profit and revenue in its logistics business to grow faster in 2017 than it did in the previous year. (Reporting by Celine Aswad; Editing by Andrew Torchia) Next In Financials Sri Lankan rupee weaker; moral suasion caps fall COLOMBO, Jan 5 The Sri Lankan rupee traded weaker on Thursday due to dollar buying by foreign banks, but the central bank''s moral suasion prevented further decline, two days after the monetary authority''s chief signalled a change in its intervention policy to defend the currency.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1EV0CU'|'2017-01-05T12:45:00.000+02:00'
'2da46d0f45adfd5f8f12f05e35a521ce56ef021b'|'Exclusive: Viacom to announce executive changes - sources'|' 29pm GMT Exclusive: Viacom to announce executive changes - sources A woman exits the Viacom Inc. headquarters in New York April 30, 2013. REUTERS/Lucas Jackson/File Photo By Jessica Toonkel and Liana B. Baker Viacom Inc ( VIAB.O ) is expected to announce changes to its executive ranks, as new chief executive Bob Bakish seeks to turn around the ailing media company, two sources told Reuters on Wednesday. Viacom is expected to promote Sarah Kirshbaum Levy, the chief operating officer of its Nickelodeon network, to chief operating officer of its global entertainment group, the sources said. Viacom created the group late last year to combine its international division with its music and entertainment group as well as TV Land and CMT. Additionally, Viacom is expected to make a handful of executive cuts in its music and entertainment group, which includes cable networks Comedy Central and MTV and had been led by 25-year veteran Doug Herzog, who left the company this week, the sources said. The sources wished to remain anonymous because they are not permitted to speak to the media. (This story corrects day of week in first paragraph to Thursday from Wednesday.)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-viacom-reorg-exclusive-idUKKBN14P23T'|'2017-01-06T00:29:00.000+02:00'
'8b18bf3ff8c020ffd202857590735612e94c521e'|'U.S. 30-year mortgage rates post 1st fall since U.S. election - Freddie'|'Bonds News  14am EST U.S. 30-year mortgage rates post 1st fall since U.S. election - Freddie NEW YORK Jan 5 Interest rates on U.S. 30-year fixed-rate mortgages posted their first weekly decline since the U.S. presidential election on Nov. 8 which Donald Trump won, mortgage finance agency Freddie Mac said on Thursday. The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 4.20 percent in the week ended Jan. 2, it said. Last week, 30-year mortgage rates averaged 4.32 percent, which was the highest since 4.33 percent in the week of April 24, 2014. (Reporting by Richard Leong; Editing by Chizu Nomiyama) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-mortgages-freddie-mac-idUSW1N1D3011'|'2017-01-05T22:14:00.000+02:00'
'ec431c6e1ba67c61cf30657c8d4b9e1a8a12433c'|'UPDATE 1-Qatar Airways CEO says swapping Airbus A320neo order for A321neos'|'Market News  39am EST UPDATE 1-Qatar Airways CEO says swapping Airbus A320neo order for A321neos (Adds context, quotes) By Tom Finn DOHA Jan 5 Qatar Airways is to swap its order for up to 80 Airbus A320neos for the larger, longer-range A321 version, the airline''s chief executive said on Thursday. The Doha-based carrier has refused to take delivery of A320neos since December 2015 over performance issues with the aircraft''s engines. "We are going to take all A321s, there will be no more A320s," Chief Executive Akbar al-Baker told reporters in Doha. An Airbus spokesperson was not immediately available for comment. The airline is also deciding whether to switch the engine order for the narrow-body jets from Pratt & Whitney, a unit of United Technologies Corp, to CFM, a joint venture between General Electric Co and Safran SA of France. "We are still negotiating," al-Baker said. Qatar Airways has refused to accept A320neos powered by Pratt & Whitney engines because they require additional time to start under certain conditions. The airline said in May it was cutting frequencies on more than a dozen routes from its Doha hub because of delays in acquiring new aircraft from Airbus. Airbus successfully completed its first test flight for the A321neo in February 2016. However, in December it delayed delivery of its first A321neo to Hawaiian Holdings Inc by three months. Airbus''s delivery schedule saw delays through 2016, in part because of problems with engine and cabin parts suppliers. Al-Baker has said he wants the A321neos from 2018. Qatar Airways is also moving closer to taking a 49 percent stake in Italy''s Meridiana, which it originally planned to finalise in October 2016. "By the end of the month we should have put all the loose ends together," al-Baker said without providing further details. (Reporting by Tom Finn; writing by Alexander Cornwell; editing by Jason Neely and Adrian Croft) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/qatar-airlines-airbus-group-idUSL5N1EV2DF'|'2017-01-05T19:39:00.000+02:00'
'6f339fa4d92a1b7137414f872f8f88627f79bdac'|'China stocks end flat, yuan rebound grabs the spotlight'|'Business News - Thu Jan 5, 2017 - 2:19am EST China stocks end flat, yuan rebound grabs the spotlight A 100 Yuan note is seen in this illustration picture in Beijing March 7, 2011. REUTERS/David Gray/File Photo SHANGHAI China''s main indexes barely changed on Thursday after a three-session winning streak, with investor attention largely diverted by a dramatic rebound in the offshore yuan. The blue-chip CSI300 index .CSI300 was flat at 3,367.79 points, while the Shanghai Composite Index .SSEC gained 0.2 percent to 3,165.41 points. Investors'' were muted in their response towards a private survey showing that growth in China''s services sector accelerated to a 17-month high in December. Attention was squarely on the Chinese currency, which has rebounded sharply against the U.S. dollar in the offshore market, sparking speculation that Beijing wants a firm grip on the yuan before President-elect Donald Trump''s inauguration later this month. Sectors were mixed. Gains were led by transport .CSI300TRANS and energy shares .CSI300EN, while consumer .CSI300CS and healthcare .CSI300HC took a breather. State-owned enterprise (SOE) reform was the main driver behind the rally of some heavyweight blue-chips, as China vowed to push forward mixed-ownership reforms in several key sectors, including aviation, railway and telecommunications. SOE Reform bellwether China United Network Communications ( 600050.SS ) settled up 5.7 percent, within sight of an 16-month high hit on late December. The stock soared 89 percent since end September. (Reporting by Luoyan Liu and John Ruwitch; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-china-stocks-idUSKBN14P0KN'|'2017-01-05T14:11:00.000+02:00'
'382101b55fd902f16a66626c92073b70fe7ca666'|'SunEdison settles contract fight to help close $150 million sale'|'By Jim Christie Bankrupt renewable energy company SunEdison Inc has reached a deal with a spinoff company that helps clear the way for a $150 million sale of its solar materials business to a Chinese buyer, according to court papers filed on Tuesday.Chinese solar equipment maker GCL-Poly Energy Holdings Ltd agreed to buy the business in August, part of SunEdison''s drive to shed assets to raise money to repay its creditors.The sale ran into trouble due to an objection from SunEdison Semiconductor, which was spun off by SunEdison in 2014.The spin-off company argued in an October court filing it had not consented to transfer of intellectual property licenses as part of the deal.SunEdison has resolved that objection to help close the sale and will extend a services agreement with its affiliate through September at reduced rates.In addition, SunEdison Semiconductor gets an administrative expense claim of nearly $2.7 million and a general unsecured claim non-priority claim of about $16.5 million, compared with the $40 million in unsecured claims it had asserted.Once the fastest-growing U.S. renewable energy company, SunEdison filed for Chapter 11 bankruptcy protection in April after a binge of debt-fueled acquisitions proved unsustainable.A hearing at which the settlement could be approved will be held in U.S. Bankruptcy Court in Manhattan on Jan. 24, two days ahead of SunEdison''s target date for filing a Chapter 11 plan.(Reporting by Jim Christie; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bankruptcy-sunedison-inc-idINKBN14P00D'|'2017-01-04T21:03:00.000+02:00'
'5af0b43966ee294777bb1b161ad1afcc04a022ab'|'China services sector activity rises to 17-month high in December - Caixin PMI'|'Business News - Thu Jan 5, 2017 - 1:51am GMT China services sector activity rises to 17-month high in December - Caixin PMI Customers eat at a restaurant as a cooked pig sits on a cart on the street outside in Hong Kong, China, December 12, 2016. REUTERS/David Gray BEIJING Growth in China''s services sector accelerated to a 17-month high in December, a private survey showed, adding to views that the world''s second-largest is entering the new year with stronger momentum. The strong pick-up mirrored improvements in manufacturing surveys earlier this week, as market watchers debate whether China''s leaders will settle for a more modest growth target this year in order to focus on more pressing issues such as an explosive growth in debt. The services PMI rose to 53.4 in December on a seasonally adjusted basis from 53.1 in November, the Markit/Caixin services purchasing managers'' index (PMI) showed. The December reading was the highest since July 2015, and well above the 50-mark that demarcates expansion in activity from contraction on a monthly basis. New business for services firms also rose at the fastest pace in 17 months, while business expectations were at a 4-month high, though an employment sub-index remained stubbornly weak and input prices rose the fastest in nearly two years. Companies surveyed said that higher raw materials prices were the biggest factor in higher prices, but strong competition meant they weren''t able to pass along higher costs to customers, pointing to pressure on profit margins. An index of prices charged held basically stable at 50.5 in December. Caixin''s composite PMI covering both the manufacturing and services sectors matched a near 4-year high of 53.5 in December from the previous month''s 52.9, pointing to solid and more balanced growth for the economy overall. The upbeat findings broadly echo those of official and private manufacturing surveys earlier this week that showed improving conditions across broad sectors of the economy. "The Chinese economy performed better in the fourth quarter than in the previous three quarters," Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, said in a note with the report, adding that full-year growth was certain to meet the government''s target of 6.5-7 percent. China is slowly making progress in shifting its economic growth model away from a heavy reliance on exports and investment, with consumption contributing 71 percent of growth in the first nine months of 2016. But auto sales are forecast to slow to single-digit growth this year, home sales are on a downward trend and even China''s red-hot film industry grew only 3.7 percent last year. Even as fears of an economic hard landing have greatly diminished, other risks have become more pronounced. The foreign trade environment looks increasingly uncertain amid threats by U.S. President-elect Donald Trump to slap tariffs on China''s shipments into its largest export market, and to brand Beijing a currency manipulator. Credit is growing significantly faster than GDP and likely hit a record high last year, while speculation in housing, commodities and even government debt markets have raised the risks of asset bubbles as overall leverage in the economy is still rising. These risks have led to expectations that financial and monetary conditions will be tighter this year, while pressure from a weakening yuan and capital outflows will also keep the focus on risk containment at the expense of growth. "All known macroeconomic risks of China are still elevated. Persistent loss of foreign reserves, rising debt-to-GDP ratio, the risk of bubble burst in the property market, and the liquidity crunch in the domestic bond market etc will continue to work in unison to pressure economic growth lower," DBS said in a note on Wednesday. "It is no coincidence that the leadership is reportedly to accept even slower growth this year." (Reporting by Elias Glenn; Editing by Kim Coghill; Elias.Glenn@thomsonreuters.com; +86 138 1600 5903; Reuters Messaging: elias.glenn@thomsonreuters.com) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-pmi-services-caixin-idUKKBN14P04Z'|'2017-01-05T08:51:00.000+02:00'
'71777894a5188aeef1ac347fd84921a370ccd82f'|'UPDATE 1-APAC loans hit three-year low despite Chinese M&A boom'|'(Updates Asia Pacific''s overall syndicated loan volumes in first and second paragraphs of story first published on December 30)By Prakash ChakravartiHONG KONG, Jan 5 (LPC) - Syndicated loan volumes in Asia Pacific, excluding Japan, fell for the second consecutive year slipping to a three-year low of US$462.8bn in 2016 as slower economic growth and geopolitical turbulence curtailed bank lending despite a surge in M&A activity from China that boosted North Asian loans.Lending in 2016 of US$462.8bn from 1,290 transactions, was down 1.8% from US$471.26bn in 2015, and is the lowest annual figure since 2013 when US$462bn was raised from 1,289 loans. Fourth-quarter 2016 volume of US$103.14bn was also the lowest fourth-quarter tally since 2012 and 1.85% lower year on year.China, Asia''s largest syndicated loan market, (ex-Japan), led the market with a wave of event-driven financings backing China Inc''s overseas acquisition spree. It pushed M&A lending in 2016 to US$80.8bn, equalling the previous record set in 2007 and almost 70% higher compared with US$47.86bn raised for the segment in 2015."The loan market in 2016 has been supported by a significant increase in M&A activity, with a broader universe of Chinese corporates in particular being very acquisitive and completing jumbo-sized, cross-border acquisitions as they look to acquire technology and grow outside of their home market," said Amit Lakhwani, head of loan syndicate & distribution, Asia, at Standard Chartered Bank.Asian lending and M&A deals in particular, received a huge fillip with a US$12.7bn bridge loan for China National Chemical Corp''s (ChemChina) massive SFr43bn (US$43.45bn) bid for Swiss seeds and pesticides company Syngenta AG, which was the global M&A highlight of a volatile year.The recourse financing was the largest from Asia (ex-Japan) and was part of a bigger US$32.9bn debt package supporting ChemChina''s acquisition, which still requires regulatory approvals. The debt also included a US$20.2bn non-recourse bridge loan at the Syngenta level.While Asian and European lenders participated in the recourse and non-recourse loans, opportunities for international banks to lend in event-driven loans for Chinese state-owned enterprises are shrinking as Chinese banks continue to step forward to lead the strategic segment."In 2016, we have observed the deal-corridor narrowing for foreign banks wishing to play in the corporate and LBO acquisition space, with the Chinese and Taiwanese banks playing a far more predominant role across the board," said Lyndon Hsu, head of leveraged and acquisition finance, Asia Pacific at HSBC.Some privately-owned Chinese companies used foreign lenders for their overseas forays. Chinese internet giant Tencent Holdings Ltd raised US$3.5bn in an acquisition financing in October from a group of 17 international and Chinese banks for its purchase of Finnish mobile gaming firm Supercell Oy.The acquisition was Tencent''s largest and also the world''s largest buyout of a game developer. The financing was the borrower''s debut M&A loan and followed the completion of two plain vanilla loans with tight pricing only a few months earlier.The financings backing ChemChina and Tencent''s acquisitions, among others, boosted Hong Kong''s loan volumes, which is a centre for offshore Chinese borrowings. Loan volume in the territory hit a record US$106bn, showing a 22% rise in 2016. China and Hong Kong were the only Asian loan markets to register activity of more than US$100bn, although overall China volumes fell 9.1% to US$135bn in 2016 despite the record M&A boost as the economic slowdown in the country took its toll. LIMITED GROWTH India was the star among major Asian loan markets, showing the biggest percentage increase in 2016, as the country''s borrowers tapped offshore loans frequently with state-owned oil and gas companies and pharmaceutical companies raising funds for overseas acquisitions.Indian offshore borrowing of US$21.25bn in 61 deals was 37% higher than 2015''s tally. Indonesian companies also relied heavily on foreign currency borrowing, which lifted the country''s 2016 total to US$12.58bn, almost 50% higher than in 2015. Both markets reversed declines seen in 2015 as their corporates offered welcome diversification from lending to China, which has dominated regional lending since 2013.Japan posted an 8.5% increase in volumes to US$234.67bn, compared with US$216.33bn in 2015, as borrowers sought to lock in cheap long-term funding using hybrid loans in a negative interest rate environment.Taiwan saw the biggest annual decline in 2016, dropping 27% to US$34bn as corporates grappled with a slowing economy, mirroring similar issues in neighbouring China. Loans from Greater China of US$285.22bn in 2016 were 2.1% lower than US$291.28bn raised in 2015.Australia saw lower activity for the second year in a row with lending dropping 8.4% to US$72.8bn in 2016, while Singapore was flat at US$38.68bn.Other Asian blue chip firms followed Tencent''s example and were also able to reduce their borrowing costs tapping into a deal-starved investor base.Several high-grade credits including Chinese oil behemoth CNOOC Ltd, Indian state-owned oil & gas bellwether ONGC Videsh Ltd and financial services giant Blackstone Group, among others, visited the loan markets more than once during the year to raise funds, either for refinancing or for acquisitions."Liquidity conditions remained strong throughout the year, however subdued deal flow resulted in most loan investors struggling for assets to meet budgets. This supply-demand imbalance led to significantly competitive behaviour, which resulted in pricing tightening across most markets, with structures becoming looser and tenors being pushed out," said Lakhwani.The year also saw rare borrowers such as the Democratic Socialist Republic of Sri Lanka, Hong Kong rail operator MTR Corp Ltd and Airport Authority Hong Kong, Malaysian banks Malayan Banking Bhd and Public Bank Bhd , Indian mortgage lender Housing Development Finance Corp, state-owned Bank Negara Indonesia, among others, giving lenders opportunities to gain exposure to quality credits.Most of these borrowers returned to the loan markets after several years to take advantage of lower pricing and abundant bank liquidity. Sri Lanka made an impressive return to the loan markets in September after an eight year absence to sign its largest syndicated facility after increasing a three-year loan to US$700m from a targeted size of up to US$500m.Earlier in March, the Islamic Republic of Pakistan and the Government of Mongolia also tapped loan markets, while the Independent State of Papua New Guinea followed in November with a debut US$200m five-year borrowing that is expected to be launched into syndication in January. ROAD AHEAD While Asian borrowers enjoyed benign loan market conditions in 2016, the year ahead poses more potential threats as the full impact of Britain''s vote to exit the European Union, Donald Trump''s victory in the US presidential elections and the US Federal Reserve''s move to increase interest rates plays out across global financial markets.Industry participants are bracing for a different year in 2017 amid expectations of a further drop in China-related borrowing as the country continues to grapple with a slowing economy."After a lukewarm 2016 for the loan market dominated by China-linked issuance, 2017 looks set to be different with an expected rise in deal volumes from Southeast Asia and India and potentially lower China volumes, influenced by talk of greater control on capital flows and a slowdown in outbound M&A activity," said Amit Khattar, head of loan trading and syndication, Asia, at Deutsche Bank.Meanwhile, lenders'' focus to generate returns amid tepid deal flow will keep pressure on pricing, as banks review their strategies and higher funding costs force them to continue culling customers or pass costs on."Banks continue to have excess liquidity to deploy and report that they are short on assets, meaning these conditions will continue into 2017, absent any major event," said Lakhwani."Loan pricing especially in US dollars could see a mild increase from 2016 reflecting increased US dollar cost of funds, while liquidity from investors will remain robust," said Khattar. (Reporting By Prakash Chakravarti; editing by Tessa Walsh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/asiapac-loans-idINL4N1EV2OL'|'2017-01-05T05:22:00.000+02:00'
'5c31d7cac05abf37ee2e0452ab96c68e7f5b5449'|'UPDATE 1-Persimmon shrugs off Brexit uncertainty to post sales, revenue rise'|'Financials - Thu Jan 5, 2017 - 3:12am EST UPDATE 1-Persimmon shrugs off Brexit uncertainty to post sales, revenue rise (Adds details, CEO quote) LONDON Jan 5 Britain''s second-biggest housebuilder by volume Persimmon said sales had risen 15 percent since Britons voted in June to leave the European Union but that it would be hard to better last year''s strong performance in 2017. Persimmon, which built 15,171 homes across Britain last year, also posted an expected 8 percent rise in 2016 revenue to 3.14 billion pounds ($3.9 billion) and said profits for the year would be at the top-end of expectations. Pre-tax profit for 2016 is forecast to rise nearly 20 percent to 755 million pounds, according to a Thomson Reuters poll of 12 analysts. Persimmon said it built 7,933 homes in the six months to the end of December but it did not give a sales figure in its trading update on Thursday. But it said the strong demand seen in 2016 would be difficult to beat this year. "We''re not anticipating big growth," Chief Executive Jeff Fairburn told Reuters. "The first part of the year was a very good trading time for us in terms of sales so I think the comparables are going to be quite tough...and perhaps a bit of uncertainty about trading," he said. An increase in stamp duty property tax introduced in April last year encouraged some buyers to push forward their sales to the first three months of the year, boosting sales in the period, according to a number of surveys. Persimmon said it would continue to buy land for future developments, one of the biggest costs borne by a housebuilder, but added that uncertainty created by the June 23 referendum outcome might affect its decision-making. ($1 = 0.8102 pounds) (Reporting by Costas Pitas, Editing by Paul Sandle and Susan Thomas) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-eu-persimmon-idUSL5N1EV0W5'|'2017-01-05T15:12:00.000+02:00'
'cf510df95064809e636f28484b6d4a6a56cb8756'|'Swiss stocks - Factors to watch on Jan 5'|'ZURICH Jan 5 The following are some of the main factors expected to affect Swiss stocks on Thursday:CREDIT SUISSEThe Swiss bank said it has blocked an attempt by Jefferies Group LLC to lure a number of its senior bankers. Of the eight bankers that had agreed to take on new roles at Jefferies, five are remaining at the Swiss bank, according to Credit Suisse spokeswoman Nicole Sharp.For more news, clickCOMPANY STATEMENTS* SGS announced the grant of a 3 million Swiss franc ($2.95 million) loan to Sensima Inspection, Switzerland, as part of a new partnership. The company also said it has successfully completed the ISO 17025 audit and can now offer certification to ISO 17065 for hover boards destined for sale and distribution in North America, for UL 2272 Electrical Systems for Self-Balancing Scooters.* Baloise said Basler Versicherungen in Germany has received approval from the country''s Federal Financial Supervisory Authority (BaFin) to transfer the closed portfolio held by the German branch of Baloise Life Ltd to the Frankfurter Leben Group.* Emmi said it is taking over U.S. family company Jackson-Mitchell, Inc, in an effort to boost its presence in the goat''s milk market. The parties have agreed not to disclose the purchase price, Emmi said.* Jungfraubahn Holding said 916,500 guests visited Jungfraujoch in 2016.* Syngenta said its annual general meeting will take place on April 25, 2017 at the earliest, on June 30, 2017 at the latest. The actual date will be communicated as soon as possible, the company said.* NAGRA, Kudelski''s digital TV division, and MStar Semiconductor, Inc. announced MStar''s plan to adopt the TVkey direct-to-TV security technology in its EMC SoCs for 4K Ultra HD HDR televisions, pending finalization of the new TVkey licensing body.ECONOMY* Swiss CPI data due at 0815 GMT.($1 = 1.0173 Swiss francs) (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL5N1EU369'|'2017-01-05T03:10:00.000+02:00'
'3f12696114d0e8d39e0126b4072dd72bfc675d9e'|'China Mengniu offers to buy out Modern Dairy for $826 million'|'HONG KONG China Mengniu Dairy Co Ltd ( 2319.HK ) has offered to buy out China Modern Dairy Holdings Ltd ( 1117.HK ) for $826 million in a deal that will help it secure a stable supply of raw milk.This follows China Mengniu''s purchase of 965.47 million shares in Modern Dairy at HK$1.94 apiece, from a joint venture of KKR China Growth Fund L.P. ( KKR.N ) and CDH Fund IV L.P, that raised its stake in Modern Dairy to 39.9 percent from the current 25.4 percent. Under Hong Kong''s corporate rules, the owner of more than a 30 percent stake in a company will have to make an offer to buy out the shares it does not already own.China Mengniu said it will make an offer for the remaining China Modern Dairy shares at the same price of HK$1.94 each, a 7-percent premium to their Wednesday close. It expects to spend another HK$6.4 billion ($826 million) on that transaction, boosting its stake further to 91 percent.China Modern Dairy shares surged almost 10 percent to HK$1.98 - the highest since Dec. 14 - after news of the offer. China Mengniu''s stock fell as much as 2 percent, versus a near 1 percent gain in the benchmark Hang Seng Index .HSI .Following the deal, Modern Dairy will remain listed in Hong Kong as some of its shareholders, including Chief Executive Lina Gao, said they would not sell their stocks, the filing shows.China Mengniu said it would fund the purchase through internal resources and external debt facilities.The deal will enhance the business collaboration and will ensure the continuity of high quality and safe raw milk supply to Mengniu Group, the filing said.Headquartered in China''s eastern province of Anhui, China Modern Dairy is the country''s largest dairy farming firm in terms of herd size and the largest raw milk producer.(Reporting by Donny Kwok; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mengniu-dairy-china-modern-dairy-idINKBN14P0AV'|'2017-01-05T01:02:00.000+02:00'
'3c9925ad2f7ac62d3aca7d683440158936065ba1'|'VW must face U.S. investor lawsuit in emissions scandal'|' 24am GMT VW must face U.S. investor lawsuit in emissions scandal A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia, Poland, September 9, 2016. REUTERS/Kacper Pempel/File Photo By David Shepardson - WASHINGTON WASHINGTON Volkswagen AG ( VOWG_p.DE ) and former Chief Executive Officer Martin Winterkorn must defend an investor lawsuit in California over the company''s diesel emissions cheating scandal, a U.S. judge has ruled. The plaintiffs, mostly U.S. municipal pension funds, have accused VW of not having informed the market in a timely fashion about the issue as well as understating possible financial liabilities, according to the 41-court document seen by Reuters. The pension funds include those representing Arkansas State Highway Employees and Miami Police. The lawsuits said VW''s market capitalization fell by $63 billion after the diesel cheating scandal became public in September 2015. The plaintiffs had invested in VW through American Depositary Receipts (ADR), a form of equity ownership in a non-U.S. company that represents the foreign shares of the company held on deposit by a bank in the company''s home country. "Volkswagen is convinced that the accusations raised by buyers of the corporate securities (so-called American Depositary Receipts) lack any foundation," a spokesman at VW''s German headquarters said by email. "It''s our intention to make this clear in the further course of proceedings," he added. VW shares did not react to the latest legal developments and were trading up 0.7 percent at 139.7 euros as of 1115 GMT (6:15 a.m. ET). SECRET SOFTWARE U.S. District Judge Charles Breyer rejected a request by VW brand chief Herbert Diess to have the proposed securities fraud lawsuits tossed out of a California court. Other defendants include VW''s U.S. unit and its Audi of America unit and the former head of its U.S. unit, Michael Horn. Volkswagen argued that German courts were the proper place for investor lawsuits. Breyer said in his ruling that "because the United States has an interest in protecting domestic investors against securities fraud" the lawsuits should go forward in a U.S. court. CEO Winterkorn resigned days after the scandal became public and much of the company''s management has changed since 2015. VW in September 2015 admitted using sophisticated secret software in its cars to cheat exhaust emissions tests, with 11 millions vehicles worldwide affected. The cheating allowed nearly 580,0000 VW''s U.S. diesel vehicles sold since 2009 to emit up to 40 times legally allowable pollution levels. The lawsuits said VW and its executives misled the investing public "assuring them to the contrary — namely, that the diesel vehicles met all applicable emissions standards" and it "understated the liabilities that it would suffer as a result of its known emissions non-compliance." Volkswagen has agreed to spend as much as $17.5 billion in the United States to resolve claims from owners and federal and state regulators over polluting diesel vehicles. Volkswagen could still spend billions of dollars more to resolve a U.S. Department of Justice criminal investigation and federal and state environmental claims; come under oversight by a federal monitor and face other conditions. The Justice Department and VW are in settlement talks and it is possible a deal could be reached before Jan. 20, when President Barack Obama leaves office, according to sources briefed on the matter. (Reporting by David Shepardson; Additional reporting by Andreas Cremer in Berlin; Editing by Grant McCool/Keith Weir) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-idUKKBN14P01R'|'2017-01-05T18:23:00.000+02:00'
'bed05744c9e5095b958a7acacfb000fc8af0aa6e'|'CEE MARKETS-Richter pushes Budapest stocks to new all-time high'|'By Marton Dunai BUDAPEST, Jan 5 Hungarian stocks hit another all-time high on Thursday, the fourth record in as many sessions, on the back of a strong showing by drug maker Richter, which said it planned to boost its global standing after a strong year last year. Richter gained 1.7 percent, outperforming peers, after CEO Erik Bogsch said the company planned to be "much more aggressive" in female health care product acquisitions and strengthen its footing in Latin America and China. Oil group MOL, which led gains on Wednesday, corrected a little, while the country''s top bank OTP extended gains slightly after reaching a fresh nine-year high earlier this week. Hungarian stocks were up 0.2 percent at 0935 GMT, with Warsaw down a third of a percent and Prague flat. Currencies were weaker or little changed with regional units tracking the EUR/USD cross, a dealer said in Budapest. Hungary''s forint fell slightly against the euro, following the dollar''s gains most closely, he said. "All eyes are on the U.S., where interest rates are back to positive territory and moves are plausible both from the Fed and obviously with the incoming new President," the dealer said. "Europe, and euro exchange rates, are less interesting." In the Czech Republic, where the central bank has kept the crown from strengthening past 27 against the euro, a senior policy maker said it did not have to strengthen sharply after the intervention ends. Bank Vice-Governor Vladimir Tomsik said in an article published by Hospodarske Noviny the bank needs to lock in its 2-percent inflation target before abandoning the regime. Romania''s leu might benefit in the longer run from a calmer political period after a Social Democrat-led coalition government won a vote of confidence in parliament on Wednesday, returning to power after a one-year break. While there are concerns over sharp fiscal slippage and the rule of law, these have yet to materialise. Markets'' attention will be focused on the 2017 budget plan, likely to be approved later this month. "With a new government sworn in late yesterday, a calmer domestic political backdrop and favourable regional trends, the Romanian currency could continue to strengthen in the following period," ING said in a note to clients. CEE MARKETS SNAPSHOT AT 1035 CET CURRENCIES Latest Previous Daily Change bid close change in 2017 Czech crown 27.0200 27.0245 +0.02 -0.05% % Hungary 308.8500 307.8750 -0.32% -0.01% forint Polish zloty 4.3775 4.3705 -0.16% 0.60% Romanian leu 4.5080 4.5082 +0.00 0.60% % Croatian 7.5780 7.5745 -0.05% -0.30% kuna Serbian 123.5700 123.6200 +0.04 -0.18% dinar % Note: daily calculated previous close at 1800 change from CET STOCKS Latest Previous Daily Change close change in 2017 Prague 934.44 934.21 +0.02 +1.39 % % Budapest 32706.03 32649.04 +0.17 +2.20 % % Warsaw 1993.31 1999.93 -0.33% +2.33 % Bucharest 7223.75 7215.49 +0.11 +1.96 % % Ljubljana 716.74 715.33 +0.20 -0.12% % Zagreb 2021.47 2022.98 -0.07% +1.33 % Belgrade 717.85 716.56 +0.18 +0.07 % % Sofia 589.50 588.99 +0.09 +0.52 % % BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.925 0.03 -016bp +2bps s 5-year -0.201 0.005 +031b +0bps ps 10-year 0.485 -0.016 +020b -2bps ps Poland 2-year 2.123 -0.003 +289b -1bps ps 5-year 2.988 -0.018 +350b -3bps ps 10-year 3.704 -0.005 +342b -1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.2 0.15 0.13 0 IBOR=> Hungary <BU 0.37 0.42 0.49 0.35 BOR=> Poland <WI 1.775 1.8325 1.9 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1EV1WZ'|'2017-01-05T07:33:00.000+02:00'
'0ef0e5fd4157fc95ec44da1d8558e682a312a151'|'UPDATE 2-Viacom names global entertainment group COO'|'(Adds detail from internal memo, changes sourcing)By Jessica Toonkel and Liana B. BakerJan 5 Viacom Inc on Thursday named Sarah Levy, the chief operating officer of its Nickelodeon network, COO of its global entertainment group, as new Chief Executive Bob Bakish seeks to turn around the ailing media company.Viacom is also set to make a handful of executive cuts in its music and entertainment group, which includes cable networks Comedy Central and MTV and had been led by 25-year veteran Doug Herzog, who left the company this week, two sources told Reuters on Thursday.The sources wished to remain anonymous because they are not permitted to speak to the media.Viacom created the global entertainment group late last year to combine its international division with its music and entertainment group as well as TV Land and CMT.In her new role Levy will oversee a number of functions for the global entertainment group, including strategy and business development, research and operations, according to a memo reviewed by Reuters to employees from Bakish."By aligning GEG operations, we''re taking an important step towards becoming a more integrated organization," Bakish said in the memo.Viacom named Bakish, former head of its international business, as acting CEO at the end of October, and then permanent CEO on Dec. 12 when it announced the end of merger explorations with CBS Corp.Viacom, which also owns Nickelodeon and Paramount, has been struggling to improve ratings and ad revenue. Last year, the company''s stock fell 14.7 percent.Bakish is hoping to turn Viacom around. His strategy includes improving relations with the media company''s television distributors as well as a focus on fixing MTV, he told Reuters in an interview late last year.Denise Denson, who headed distribution, left the company in December.Viacom, which is majority owned by Sumner Redstone and his daughter Shari Redstone, was embroiled in a corporate governance drama for much of last year. In August, the Redstones won a battle to maintain control of the company, resulting in the dismissal of former CEO Philippe Dauman. (Reporting By Jessica Toonkel in New York and Liana B. Baker in San Francisco; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/viacom-reorg-idINL1N1EV1AR'|'2017-01-05T16:18:00.000+02:00'
'b950a4294e75cb34554286c42443dc1cb84f2e50'|'Didi Chuxing bets against Uber in Brazil'|'Didi Chuxing bets against Uber in Brazil by Sherisse Pham @Sherisse January 5, 2017: 6:35 AM ET 5 stunning stats about Uber Ride-hailing wars make for strange bedfellows. In a move that renews its rivalry with Uber, China''s Didi Chuxing announced a "strategic investment" in Brazilian startup 99 on Thursday. The funding round is worth over $100 million but includes other investors, according to a source familiar with the deal. The move pits old foes Didi and Uber against each other in Brazil, a market that the U.S. app company has targeted for expansion. It''s also the latest in a long line of investments that have created a tangled web of alliances in the ride hailing industry. Uber and Didi fought each other for years in China before Uber sold its business in the country to Didi in 2016. Uber became Didi''s largest shareholder as part of the deal. Didi took a minority stake in Uber, too. Related: After exiting China, Uber shifts focus to Latin America Now the companies appear to be renewing their battle in Brazil. In a press release announcing the investment, the CEO of 99 praised Didi and appeared to take a swipe at global industry leader Uber. "99 is incredibly excited to partner with Didi, the world''s largest and best ride-sharing platform," Peter Fernandez said. After retreating in China, Uber shifted its attention and resources to Latin America. The company has been operating in Brazil since 2014 and Sao Paulo is Uber''s second-busiest city in the world after Mexico City. The investment in 99 is Didi''s first major foray in Latin America. The Latin America triangle is just the latest oddity in Uber and Didi''s complicated relationship. Before Didi bought Uber''s Chinese operations, it struck up a strategic partnership with Lyft -- Uber''s main competitor in the U.S. CNNMoney (Hong Kong) First published January 5, 2017: 6:33 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/05/technology/didi-chuxing-brazil-99-uber-rival/index.html'|'2017-01-05T18:35:00.000+02:00'
'b018ab6f61c443e61257e912da769f62940437e1'|'PRESS DIGEST- British Business - Jan 5'|' 27pm EST PRESS DIGEST- British Business - Jan 5 Jan 5 - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times The Competition and Markets Authority has raised concerns over Mastercard Inc''s takeover of VocaLink Holdings, warning that the deal could give the credit and debit card provider too strong a hold over part of the United Kingdom''s payment systems. bit.ly/2hShkbX Poor Christmas trading at Next Plc has delivered a blow to the entire retail industry, hitting confidence and dragging down the shares in many listed stores groups yesterday. bit.ly/2j6eCvM The Guardian The discount retail chain B&M European Value Retail SA revealed a bumper Christmas trading period with sales up to 7.2 percent at established UK stores in 13 weeks to Dec. 24. bit.ly/2hS8RWh David Metcalf, a founding member of the Low Pay Commission and former chairman of the Migration Advisory Committee, was named on Thursday as the first director of Labour Market Enforcement. bit.ly/2j6fXmd The Telegraph ConvaTec Group Plc, the wound dressings manufacturer, has bought Dutch rival Eurotec Beheer for 25 million euros ($26.30 million), in the company''s first acquisition since listing on the stock market in October. bit.ly/2j6eTi2 Britain''s economy is bouncing back from the slump in business confidence which struck in the wake of the Brexit vote, with services, manufacturing and construction firms all reporting solid growth in the final months of 2016. bit.ly/2j6dg4d Sky News Next Plc has warned its shoppers they face price rises of up to 5 percent in the year ahead, with a series of cost pressures potentially knocking annual profits by as much as 14 percent. bit.ly/2hSh4cV Currency trading broker FxPro has shelved plans for a London stock market flotation amid a crackdown by regulators on financial spread-betting groups. bit.ly/2j6hWXS The Independent Mark Clare is to replace Baroness Ford as the chairman of Grainger Plc, breaking up the first all-female board of a FTSE company. ind.pn/2hShmR6 Department store chain John Lewis Plc saw sales surge by more than a third in the run-up to Christmas, with a similar boost of 31.1 percent at its Waitrose supermarkets, despite tough trading conditions for retailers. ind.pn/2j6ht7O ($1 = 0.9507 euros) (Compiled by Vishal Sridhar; Editing by Lisa Shumaker)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL4N1EU4C0'|'2017-01-05T08:27:00.000+02:00'
'b29e383f24a25a349fe6a244131f13301aeac72e'|'UK new car sales hit record high in 2016 but signs of slowdown ahead - SMMT'|' 20am GMT UK new car sales hit record high in 2016 but signs of slowdown ahead - SMMT A Bentley Mulsanne Speed, a Bentley Flying Spur, and a Bentley GTC Speed (L-R) are lined up in the courtyard of a hotel in central London January 7, 2015. REUTERS/Andrew Winning LONDON British new car registrations hit a record 2.69 million units in 2016 despite concerns from some analysts that June''s Brexit vote would dent sales but demand will fall by around 5 percent this year, a car industry body said on Thursday. Full-year sales rose 2.3 percent in 2016 but year-on-year registrations fell in December by 1.1 percent, only the third annual drop in nearly five years, the Society of Motor Manufacturers and Traders said. Demand from individual consumers has fallen in every month since April with overall growth supported by strong rises in business demand. However, in December fleet demand fell for the first time in nearly a year, suggesting that it will be difficult to match last year''s performance in 2017. (Reporting by Costas Pitas, editing by David Milliken)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-autos-registrations-final-idUKKBN14P0UB'|'2017-01-05T16:20:00.000+02:00'
'b6ef35bf19cf9f477821acbb578913556ccc102c'|'LG Display says in talks with Samsung Electronics on supplying LCD TV panels'|'Business News - Thu Jan 5, 2017 - 1:14am GMT LG Display says in talks with Samsung Electronics on supplying LCD TV panels An LG Electronics'' logo is pictured on a TV displayed at a shop in Seoul, South Korea, April 26, 2016. REUTERS/Kim Hong-Ji/File Photo SEOUL South Korea''s LG Display Co Ltd ( 034220.KS ) was in talks with Samsung Electronics Co Ltd ( 005930.KS ) about a supply agreement for television display panels, LG Display Chief Executive Han Sang-beom said. The executive told reporters on the sidelines of the CES trade show in Las Vegas on Thursday that no specifics have been agreed to and that it would be difficult to supply Samsung with panels even if a deal was reached during the first half of 2017, due to the time required to develop products requested by Samsung and ensure supply to other customers was not disrupted. (Reporting by Se Young Lee) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lg-display-samsung-elec-idUKKBN14P045'|'2017-01-05T08:14:00.000+02:00'
'4d7a1859ecfcbefe31d749fddc69fc9513f1b742'|'Brazil''s Renova says considering asset sales, new partners to reduce debt'|'SAO PAULO Brazilian renewable power generation company Renova Energia SA said in a securities filing on Tuesday it is considering to sell assets and bring new shareholders as ways to reduce its debt.Reuters reported on Monday Renova ( RNEW11.SA ) is in talks to sell its wind farm Alto Sertao II to the Brazilian unit of AES Corp ( AES.N ) for up to 700 million reais ($214 million).. According to the filing, Renova does not have yet an agreement on terms of a potential asset sale, nor a formal decision to sell.(Reporting by Bruno Federowski; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-renova-energia-divestiture-aes-corp-idINKBN14N1S6'|'2017-01-03T17:37:00.000+02:00'
'4517b25a34329cdc73d15942926dca007da9ba13'|'BB Seguridade names new CEO, while Banco do Brasil shuffles VPs'|'Business News - Sat Dec 31, 2016 - 9:01pm GMT BB Seguridade names new CEO, while Banco do Brasil shuffles VPs RIO DE JANEIRO BB Seguridade Participações SA, the insurance unit of Brazil''s state-controlled lender Banco do Brasil SA, said in a securities filing that its board on Friday elected Jose Mauricio Pereira Coelho as its new chief executive officer. The 50-year-old Coelho, until now the chief financial officer of Banco do Brasil itself ( BBAS3.SA ), takes the helm ata time when BB Seguridade ( BBSE3.SA ), like most banks and insurers, is struggling with a difficult outlook for financial companies amid a deep recession in Brazil. In the filing, released late on Friday, BB Seguridade said that Coelho''s predecessor as chief executive, 45-year-old Marcelo Augusto Dutra Labuto, would assume the role of chairman of BB Seguridade''s board. Separately, Banco do Brasil in a statement said that Labuto will also take the role of vice president of retail businesses at the bank, which continues to restructure following a cost-cutting program that included branch closures and offering early retirement to about 9000 employees. The bank also named new vice presidents to head four other departments. Márcio Hamilton Ferreira will lead internal controls and risk management, while Alberto Monteiro de Queiroz Netto will head financial management and investor relations. José Eduardo Pereira Filho becomes vice president for government affairs and Walter Malieni Júnior will manage retail distribution and human resources. (Reporting by Pedro Fonseca. Editing by W Simon and Nick Zieminski) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bb-seguridade-executives-idUKKBN14K0MJ'|'2017-01-01T04:01:00.000+02:00'
'477d624f69974f70057252e3b7e7b8f3455a2a66'|'Morocco picks financial and legal advisers for LNG import plan'|'Financials - Tue Jan 3, 2017 - 7:39am EST Morocco picks financial and legal advisers for LNG import plan RABAT Jan 3 Moroccan state-owned power utility ONEE has picked HSBC Middle East Limited as financial adviser for its plan to boost its imports of liquefied natural gas (LNG), ONEE said in a statement on Tuesday. It has also chosen the law firm Ashurst LLP as legal adviser for the same plan. The HSBC contract is worth $7 million while Ashurst will earn around $2 million, the statement said. The entire project, worth up to $4.6 billion, includes the import of up to 7 billion cubic metres (bcm) of gas by 2025, the construction of a jetty, terminal, pipelines and gas-fired power plants. (Reporting by Aziz El Yaakoubi; Editing by Adrian Croft) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/morocco-lng-idUSL5N1ET293'|'2017-01-03T19:39:00.000+02:00'
'892bc64f8e33ada0347112b911866b8008d07acc'|'India bonds yields fall to near one-month low as government cuts borrowing'|'Money News - Tue Jan 3, 2017 - 12:49pm IST India bonds yields fall to near one-month low as government cuts borrowing Brokers trade at their computer terminals at a stock brokerage firm in Mumbai January 6, 2015. REUTERS/Shailesh Andrade/Files MUMBAI Indian bonds rallied on Tuesday, with yields falling to the lowest levels in nearly a month, after the government reduced the amount of bond sales in January and February after a recent surge in inflows into a government-run deposits scheme. The government will sell 660 billion rupees ($9.69 billion)in debt in January and February, the central bank said in a statement on Monday, or 180 billion rupees less than previously budgeted. The reduced borrowing had been expected after the government''s move in November to ban 500 and 1,000 rupee notes sparked a surge in those bills into postal office deposits, swelling state coffers just as New Delhi gears up to announce its annual budget sometime in February. The 10-year benchmark bond yield fell 6 basis points to 6.34 percent. It had dropped to 6.29 percent earlier in the day, its lowest since Dec. 7. The 10-year bond yield had already fallen 11 bps on Monday as traders covered short positions on the first trading day of 2017. "The borrowing cut decision shows that the government is serious about its fiscal discipline path, which is a good news for upcoming budget," said a trader at a foreign bank. Traders added bond markets would soon turn their focus on the Reserve Bank of India''s next policy review in Feb. 7. Bond markets had been hit in December after the RBI unexpectedly kept interest rates on hold, despite fears that the ban on banknotes would severely dent economic growth after it sparked big cash shortages. But the RBI instead opted for caution, saying the impact from India''s cash move may prove transitory. Traders say whether the RBI will cut rates will depend on the government''s budget for the next fiscal year, expected sometime during the first few days in February. Traders say a disciplined budget that keeps spending under control could ease the RBI''s fears about inflaton and raise the prospect of additional rate cuts. ($1 = 68.0900 Indian rupees) (Reporting by Suvashree Dey Choudhury; Editing by Kim Coghill) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-bonds-market-idINKBN14N0ER'|'2017-01-03T14:19:00.000+02:00'
'ec9fe71915ff5b91bd00e0896edd2789dcc66f28'|'Trump remains opposed to AT&T-Time Warner deal: Bloomberg'|'Business News - Thu Jan 5, 2017 - 2:13pm EST Trump remains opposed to AT&T-Time Warner deal: Bloomberg An AT&T sign is seen outside a branch in Rolling Meadows, Illinois, U.S., October 24, 2016. REUTERS/Jim Young Donald Trump remains opposed to AT&T Inc''s ( T.N ) planned $85.4 billion acquisition of Time Warner Inc ( TWX.N ), Bloomberg reported, citing people close to the president-elect. Trump believes the deal would concentrate too much power in the media industry, Bloomberg reported. Shares of AT&T were down 0.3 percent, while Time Warner''s stock was down 1.4 percent. Trump during his campaign had said AT&T''s proposal to buy the owner of CNN and the Warner Bros movie studio was an example of a "power structure" that was rigged against him and voters. Trump''s transition team was not immediately available for comment. (Reporting by Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-time-warner-m-a-at-t-trump-idUSKBN14P2B3'|'2017-01-06T02:13:00.000+02:00'
'd50dcdd1848983a3504d1202c50daee9e6d7dc2e'|'UPDATE 3-Portuguese yields rise to highest in almost a year as supply looms'|'* Portuguese yields rise to highest since Feb 2016* Markets anticipate syndicated-Portuguese bond sale in Jan* Hefty month of supply puts upward pressure on yields* Bund yields fall in late trade as US Treasury yields fall (Writes through)By Dhara Ranasinghe and John GeddieLONDON, Jan 5 Spanish and Portuguese borrowing costs rose on Thursday, as bond sales from France and Spain turned investors'' attention to hefty supply in the region this month.Spain''s 10-year bond yield rose to a three-week high after the country auctioned 4.1 billion euros of bonds. France sold about 9.5 billion euros ($9.97 billion) of long-dated debt on Thursday .In a volatile day of trade, yields were also pushed around by competing factors: the minutes of the last U.S. Federal Reserve meeting that struck a more uncertain tone than expected, supply, inflation worries and a fall in U.S. bond yields.But the biggest moves came in the euro zone''s periphery, where analysts said investors were positioning for a month of hefty supply.Portugal''s 10-year bond yield soared 14 basis points to 4.08 percent, its highest level in almost a year, as investors speculated that the country would probably also sell bonds via a syndicate of banks in January -- typically one of the busiest months for debt supply in the region."There are pre-supply concessions ahead of an anticipated syndicated bond issue in Portugal," said DZ Bank strategist Christian Lenk. "If you look at the past two years, we have seen a bond issue in the first half of January so it is a well-known pattern."Spain''s 10-year bond yield rose as much as 10 bps to 1.54 percent -- its highest in three weeks.French and Italian counterparts also hit three-week highs and Germany''s benchmark 10-year Bund yield briefly rose to 0.3 percent, its highest in a little more than two weeks.But by late trade most euro zone bond yields had trimmed their rises or, as in the case of Germany and France, moved back down as U.S. Treasury yields fell.Both U.S. and euro zone bond markets drew some comfort from the minutes of the Dec. 13-14 meeting of Fed policymakers, released late on Wednesday.The minutes cast some doubt on the pace of interest rate rises in the world''s largest economy, which will have a knock-on affect on the euro zone.They showed that policymakers were considering faster rate increases, assuming economic growth accelerates because of fiscal stimulus under President-elect Donald Trump.But they also spelled out downside risks that could limit economic growth, such as trade barriers, the dollar''s appreciation and uncertainty on fiscal measures."''Wait and see'' remains the best way to describe the Fed''s attitude, but the minutes show it is getting concerned that a hotter economy may warrant a less gradual hiking path," said Mizuho''s head of euro rates strategy, Peter Chatwell. (Editing by Larry King)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-idINL5N1EV0X9'|'2017-01-05T13:58:00.000+02:00'
'8c280a3f5b7255cb9f3fe3dc682928f4152d18b9'|'Bond drought casts shadow on euro zone''s financial system'|'Financials  22am EST Bond drought casts shadow on euro zone''s financial system * Funds pay record fees for German, French bonds * Scarcity undoes ECB stimulus, threatens stability * Chart on collateral squeeze since QE: * reut.rs/2hymSHD By Francesco Canepa FRANKFURT, Jan 5 The European Central Bank''s bond-buying programme was intended to rescue the euro zone''s economy by flooding it with cash, but it is also siphoning off one of its most valuable assets: high-quality government debt. The worst drought of German and French bonds on record is undoing some of the ECB''s own stimulus and raising questions about the functioning of the financial system, bankers and analysts said. Aggressive ECB bond buying have deprived investment funds of collateral they need to raise money and guarantee their trading positions: high-rated and liquid debt such as that issued by Germany. For a chart: reut.rs/2hymSHD The cost of borrowing German and other high-rated bonds has risen to record highs over the past week, despite ECB efforts to make more of the bonds it owns available to borrowers . The bonds have historically been used to raise cash against collateral in so-called repurchase agreements, or repos. But the ECB''s negative interest rates has turned the system on its head: companies are now paying to swap their cash for German debt. Last Friday, they were paying some 4.9 percent to borrow German debt, more than on any day on ICAP records going back to 2006. The rate had since eased to 1.5 percent, but that was still twice as high as before Christmas. Consequently, investors have no incentive to sell those relatively safe bonds and invest in riskier assets - contradicting one of the objectives that the ECB''s quantitative easing programme (QE) aims to achieve. "QE is about the quantitative aspect but also getting investors to take on more risk, and that simply doesn''t have to happen if the repo market gets more expensive," Peter Chatwell, head of euro rates strategy. Worse, the scarcity of bonds to borrow could leave banks and investment funds struggling to meet sudden obligations to post collateral - in a market sell-off, for example. In extreme cases, that could lead to the firm''s being put into default by its clearing house, the middle man between parties in a trade. "The bond scarcity increases systemic risk," one senior banker said. "If one bank fails to deliver to a central clearing counterparty, this could put it into default." The rise in the cost of borrowing bonds was probably exacerbated by thin supply over New Year, when banks that lend the paper are reluctant to deploy resources before their full-year results. But the record rates, far higher than at any point thus far, suggested the problem was more fundamental and likely to occur again at crunch times, such as the end of quarters. That raises questions about the effectiveness of the ECB''s bond-for-cash scheme, begun in December to allow banks to borrow ECB holdings of government bonds in return for cash. Market participants said one of the faults of the scheme was that euro zone central banks were only allowed to lend bonds at existing market rates, meaning their power to influence them was limited. The problem was exacerbated by tougher post-crisis regulation, which had limited banks'' ability to make the market while increasing funds'' need for high-quality bonds to use as collateral. "Maybe the ECB will take more action, the door is not shut for them never to change the rules again," David Schnatz, rates strategist at Commerzbank, said. "But the whole repo problem is likely to stay with us for some time and it is likely to get worse before it gets better." The ECB declined to comment. (Additional reporting By Dhara Ranasinghe, editing by Larry King) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ecb-bonds-idUSL5N1EV3YW'|'2017-01-05T22:22:00.000+02:00'
'1de028e7d6be91be57c385959434c3191045fa2d'|'UPDATE 2-Corzine in $5 mln settlement with US CFTC over MF Global collapse'|' 29pm EST UPDATE 2-Corzine in $5 mln settlement with US CFTC over MF Global collapse (Recasts, adds details of settlement, comments, dateline, byline) By Jonathan Stempel NEW YORK   Thursday''s accord with the U.S. Commodity Futures Trading Commission resolves the last piece of litigation against Corzine over MF Global''s rapid descent into bankruptcy on Oct. 31, 2011, as an estimated $1.6 billion of customer money went missing. The agreement, which has been approved by a federal judge, bars Corzine from ever working for a futures commission merchant or registering with the CFTC. He also cannot ask insurers to cover the fine. "I am pleased to have reached this settlement," Corzine, who turned 70 on Jan. 1, said in a statement. "As the CEO of MF Global in 2011, I have accepted responsibility for its failure, and I deeply regret the impact it had on customers, employees, shareholders and others." Andrew Levander, Corzine''s lawyer, noted that none of the criminal and civil probes into MF Global''s demise led to charges that Corzine engaged in intentional misconduct or fraud. In a related settlement, Edith O''Brien, MF Global''s former assistant treasurer, agreed to pay a $500,000 civil fine and accept an 18-month industry ban to resolve claims that she "aided and abetted" the misuse of customer funds. O''Brien''s lawyer, Christopher Barber, declined to comment. The CFTC said MF Global improperly used nearly $1 billion of customer funds to shore up liquidity during the last week of October 2011, rather than keep the funds separate. This commingling occurred as margin calls, credit rating downgrades and Corzine''s big wager on European sovereign debt left customers and investors increasingly worried about the New York-based company''s survival. The CFTC said Corzine failed to properly supervise employees handling customer funds, while O''Brien authorized the illegal transfer of customer funds to MF Global accounts as the specter of bankruptcy loomed. Customers were fully repaid in 2014. Corzine and other former MF Global executives last year reached a $132 million settlement with a trustee liquidating the company on behalf of creditors. A year earlier, executives reached a $64.5 million settlement of separate investor litigation. Portions of the earlier payouts were covered by insurance. Corzine, a Democrat, is also a former U.S. senator, and now manages his own money. He said he plans to focus on "issues that have always been important in my life: my family, community and philanthropic causes, and markets." (Reporting by Jonathan Stempel in New York; Editing by Bernadette Baum)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mfglobal-corzine-idUSL1N1EV1CU'|'2017-01-06T02:29:00.000+02:00'
'f013b1e40aa50c4f47847f35d3415d760f1472e1'|'Exclusive: BRF seeks IPO of halal food unit by early April, sources say'|'Commodities - Thu Jan 5, 2017 - 9:15am EST Exclusive: BRF seeks IPO of halal food unit by early April, sources say By Guillermo Parra-Bernal and Tatiana Bautzer - SAO PAULO SAO PAULO BRF SA, the world''s largest poultry exporter, wants to raise about $1.5 billion from the sale of a 20 percent stake in a subsidiary focused on the halal processed food market via an initial public offering, two people with direct knowledge of the plan said on Thursday. São Paulo-based BRF expects the pricing of the One Foods Holdings Ltd''s IPO by late March or early April, depending on market conditions, said the sources. BRF, a Brazilian behemoth created through the merger of two rivals in 2009, is likely to pick London as the listing place for One Foods, they added. Proceeds could be used to help propel the expansion of One Foods into Asian Muslim nations. One Foods, which operates ten plants and has 15,000 employees, already controls 45 percent of the poultry market in Saudi Arabia, United Arab Emirates, Kuwait, Qatar and Oman. One Foods was formally launched as a standalone company this week, underscoring BRF''s wish to expand in the buoyant market independently from other regions. The market for halal meat, which complies with Muslim dietary rules, could grow to $60 billion by 2020. Shares of BRF gained as much as 1.6 percent to 49.68 reais on Thursday, cutting losses to 8.4 percent over the past 12 months. Banco BTG Pactual''s trading desk said in a note that a One Foods IPO would help BRF "unlock a lot of value." BRF has hired the investment-banking units of Bank of America and Morgan Stanley to underwrite the IPO, with Citigroup acting as an adviser, the sources said. None of the companies had a comment. Both BRF and the banks dropped the idea of a listing in the United Arab Emirates, where One Foods is based, the sources said. According to one source, BRF estimates One Foods has an enterprise value close to $6.5 billion. Enterprise value includes market capitalization, debt, minority interest and cash. (Additional reporting by Paula Arend Laier in São Paulo; Editing by Diane Craft and Jeffrey Benkoe) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-one-foods-holdings-ipo-idUSKBN14P1OB'|'2017-01-05T21:15:00.000+02:00'
'cc0411f3789a57882b7411d01155a7a6090360de'|'U.S. crude stocks fall sharply, products surge'|'Business News - Thu Jan 5, 2017 - 11:11am EST U.S. crude stocks fall sharply, products surge Oil pump jacks are seen next to a strawberry field in Oxnard, California February 24, 2015. Crude oil futures fell on Tuesday as expectations that this week''s reports will show U.S. crude inventories rose again countered supportive news of Libyan oilfields being shut. REUTERS/Lucy Nicholson U.S. crude stocks fell last week as refineries hiked output, while gasoline stocks increased and distillate inventories rose, the Energy Information Administration said on Thursday. Crude inventories fell by 7.1 million barrels in the week to Dec. 30, compared with analysts'' expectations for an decrease of 2.2 million barrels. Refinery crude runs rose by 132,000 barrels per day, EIA data showed. Refinery utilization rates rose by 1 percentage points. Gasoline stocks rose by 8.3 million barrels, compared with analyst expectations in a Reuters poll for a 1.8 million-barrel gain. Distillate stockpiles, which include diesel and heating oil, rose by 10.1 million barrels, versus expectations for a 1.1 million-barrel increase, the EIA data showed. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.074 million barrels, EIA said. U.S. crude imports fell last week by 1 million barrels per day. (Reporting By David Gaffen)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-oil-eia-idUSKBN14P1XP'|'2017-01-05T23:11:00.000+02:00'
'136930a2aece9cb6757903e21965229cf850e818'|'Suntory not considering listing U.S. unit Beam'|'TOKYO Suntory Holdings Ltd [SUNTH.UL] said on Thursday it was not considering an initial public offering of Beam Suntory Inc [BSI.UL], denying a media report that it was eying a listing of its U.S. spirits unit on the New York Stock Exchange.The Mainichi newspaper had reported that the Japanese food and beverages conglomerate was in talks with overseas investment banks about a listing of Beam as it seeks funds to expand its footprint in emerging markets."There is no truth at all" to the report, said a Suntory Holdings spokeswoman in Tokyo.Beam Suntory, the world''s third-largest spirits company known for Jim Beam and Maker''s Mark bourbons, was formed in 2014 when Suntory bought its U.S. rival Beam for $14 billion.(Reporting by Chris Gallagher; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-beam-suntory-ipo-idINKBN14O2DX'|'2017-01-04T20:59:00.000+02:00'
'844412502ec296cf8b7461e5e6a876c9b2067350'|'FX website Finance Magnates agrees to buy peer ForexLive'|'Deals - Thu Jan 5, 2017 - 12:35pm GMT FX website Finance Magnates agrees to buy peer ForexLive LONDON Currency market news and information website Finance Magnates has agreed to purchase online peer ForexLive for an undisclosed sum, according to a statement from the companies seen by Reuters on Thursday. The deal is the latest sign of investment in the market in the provision of news, data and analysis to thousands of small independent traders who are becoming an increasingly influential part of the $5 trillion a day global currency market. A source with knowledge of the deal said it had been completed at the end of 2016 after being held up by some haggling over price following the $40 million purchase of another similar service, DailyFX, by leading UK broker IG Limited. Combined traffic on Israel-based Finance Magnates and ForexLive surpasses 1.5 million visitors per month according to analytics site similarweb, the statement said. Previously viewed as a sideshow to the trading between banks and big investment and pension funds that forms the core of the global currency market, trading through online brokers like IG ( IGG.L ), FXCM FXCM.N or CMC Markets ( CMCX.L ) has grown steadily in the last three years. A retreat in wholesale volumes has also made retail accounts a larger part of overall market activity, and industry estimates trading in the second quarter was worth the equivalent of $335 billion a day. "You can see that there is interest in this area from the brokers, who are looking to offer more analysis to clients on their platforms," the source said. "This deal takes one more of those firms out of the market (as a potential purchase)." (Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-forexlive-m-a-finance-magnates-idUKKBN14P1D9'|'2017-01-05T19:32:00.000+02:00'
'8d646e0ebc3c71dccbd55c497e95cbab74f61132'|'Otonomy''s ear infection drug succeeds in late-stage trial'|'Health  21am EST Otonomy''s ear infection drug succeeds in late-stage trial Drug developer Otonomy Inc said on Thursday its drug to treat acute otitis externa (AOE), an infection in the outer ear canal, met the main goal in a late-stage trial. The drug, Otiprio, is approved for use in pediatric patients during tympanostomy tube placement surgery. The company said it would submit a supplemental marketing approval application with the U.S. Food and Drug Administration in the first half of 2017. (Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-otonomy-trials-idUSKBN14P1BO'|'2017-01-05T19:18:00.000+02:00'
'020630a727d55c359e9ec9775c7d95ba67d0d756'|'Higher UK inflation likely to hurt consumer spending - BoE''s Haldane'|'Business   1:40pm GMT Higher UK inflation likely to hurt consumer spending - BoE''s Haldane Shoppers cross the road in Oxford Street, in London, Britain August 14, 2016. REUTERS/Peter Nicholls/File Photo LONDON Higher inflation is likely to hurt British consumer spending this year although such an outcome is not inevitable, Bank of England Chief Economist Andy Haldane said on Thursday. Haldane said the effects the sterling''s slump since voters decided in June to leave the European Union was starting to trickle through in to higher shop prices. "That will in turn produce something of a squeeze on the spending power of consumers and may lead them to throttle back somewhat in their spending plans," Haldane said at an event in London hosted by the Institute for Government, a think tank. "It might not happen, they might choose to run down their savings. But it''s possible, indeed I''d say likely that there will be something of a slowdown." (This story corrects name of organisation hosting event.) (Reporting by David Milliken and Ritvik Carvalho, writing by Andy Bruce, editing by William Schomberg) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-haldane-consumers-idUKKBN14P1J7'|'2017-01-05T20:40:00.000+02:00'
'3f6766297252b59317b494cede2faf0a92beac48'|'Macy''s cuts 2016 adjusted profit forecast as holiday sales weigh'|'Business   5:00pm EST Macy''s cuts 2016 adjusted profit forecast as holiday sales weigh A sign marks the Macy''s store in downtown Boston, Massachusetts, U.S., May 10, 2016. REUTERS/Brian Snyder Macy''s Inc ( M.N ), the biggest U.S. department store operator, cut its 2016 adjusted profit forecast, largely due to weak holiday season sales. The company''s shares were down 8.9 percent at $32.63 in extended trading on Wednesday. Macy''s cut its adjusted profit forecast for the year ending Jan. 30 to $2.95-$3.10 per share from $3.15-$3.40 per share it previously expected. The company said its comparable sales on an owned plus licensed basis fell 2.1 percent in November and December. On an owned basis, comparable sales fell 2.7 percent during the period. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News U.S. December auto sales on pace for record high, led by GM DETROIT Sales of new cars and trucks in the United States likely set new records for December and the full year, automakers said on Wednesday, and investors bid up shares in the sector as strong consumer confidence and stable fuel prices bolstered the industry''s outlook.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-macy-s-outlook-idUSKBN14O28R'|'2017-01-05T04:58:00.000+02:00'
'e7b388c18e79c51eea6d844ed5e6f98c7686325b'|'Ex-employee sues Snapchat, alleges it misled investors - Hollywood Reporter'|'Technology News - Thu Jan 5, 2017 - 6:57am GMT Ex-employee sues Snapchat, alleges it misled investors: Hollywood Reporter A portrait of the Snapchat logo in Ventura, California December 21, 2013. REUTERS/Eric Thayer/File Photo A former employee has dragged Snapchat to court accusing the messaging app of misleading investors and trading partners to drive up its initial public offering, the Hollywood Reporter said citing a court document. In the lawsuit filed on Wednesday in a California court by Anthony Pompliano, who earlier worked with Facebook Inc, also alleged he was fired for being a whistleblower, the magazine reported. bit.ly/2iRTH07 Snap Inc, Snapchat''s parent company, rejected the allegations. "We''ve reviewed the complaint. It has no merit. It is totally made up by a disgruntled former employee," a Snap spokeswoman told Reuters in an emailed statement. The ex-employee, who led Snapchat''s growth team during his three weeks with the company, said he learned of misrepresentations and urged executives to rectify the problems. Pompliano claimed he was pressurized to breach Facebook''s confidential and proprietary information, the magazine said. "Snapchat fraudulently induced Pompliano away from Facebook to run Snapchat''s new user growth and engagement team by falsely representing to him, among other things, the company''s growth," the Hollywood Reporter quoted his counsel as saying in the court document, a partially obscured copy of which was posted on the magazine''s website. Snapchat filed for an IPO in November and is one step closer to the biggest U.S. stock market debut since 2014. The case was filed in the Superior Court of the State of California for the County of Los Angeles. (Reporting by Rama Venkat Raman and Subrat Patnaik in Bengaluru; Editing by Gopakumar Warrier) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-snapchat-lawsuit-idUKKBN14P0H8'|'2017-01-05T13:34:00.000+02:00'
'e765f0c5657e67c83e144965ee4c45fed7e87785'|'Southern European bond yields hit multi-week lows'|'LONDON Jan 2 Borrowing costs in Italy and Portugal fell to multi-week lows on Monday after strong data and a rally in equity markets boosted appetite for lower-rated euro zone bond markets.Portugal''s 10-year government bond yield fell 9 basis points to its lowest for almost four weeks at 3.71 percent , while Italy''s 10-year government bond yield fell to an eight-week low of 1.75 percent.Manufacturers in the euro zone started 2017 on a solid footing, after ramping up activity at the fastest pace for more than five years in December, a survey showed on Monday. (Reporting by Dhara Ranasinghe; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-idINL5N1ES0QU'|'2017-01-02T07:30:00.000+02:00'
'55270135319701b539bbfea19432db2f718f5e61'|'TABLE-Foreign trading in South Korean stocks'|' 23am EST TABLE-Foreign trading in South Korean stocks SEOUL, Jan 2 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0720 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 2 *29.9 -87.2 38.6 ^December 29 128.6 -296.8 156.2 December 28 126.8 -414.8 281.0 December 27 93.4 173.6 -258.8 December 26 -31.2 125.3 -87.9 December 23 -100.5 228.3 -125.5 December 22 -50.0 75.9 -29.7 December 21 78.2 -69.1 -8.2 December 20 60.6 -29.1 -33.5 December 19 5.0 -79.5 78.8 December 16 67.7 -162.1 25.4 December 15 -3.3 66.0 -67.6 December 14 176.3 -189.0 13.2 December 13 112.0 -14.7 -102.5 December 12 84.8 14.8 -96.4 Month to date 29.9 -87.2 38.6 Year to date 29.9 -87.2 38.6 * Offshore investors have been net buyers for four consecutive sessions, bringing their total purchase for the period to a net 378.7 billion Korean won ($313.82 million) worth. ^ December 29 figures revised. ($1 = 1,206.7500 won) (Reporting by Jeong-eun Lee) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southkorea-stocks-trading-idUSL4N1ES128'|'2017-01-02T14:23:00.000+02:00'
'cc7b3c8d7d6a4ce90b4f18c224077aa2c73b33bd'|'Hyundai Motor says aims to sell 5.08 million vehicles globally in 2017'|'Sun Jan 1, 2017 - 11:21pm GMT Hyundai Motor says aims to sell 5.08 million vehicles globally in 2017 Men talk in front of a Hyundai Motor dealership in Seoul, South Korea, April 25, 2016. REUTERS/Kim Hong-Ji SEOUL Hyundai Motor Co ( 005380.KS ) aims to sell 5.08 million vehicles globally in 2017, the South Korean company said on Monday, up slightly from its 2016 goal. Hyundai Motor said in a regulatory filing it plans to sell 4.4 million vehicles overseas and another 683,000 vehicles domestically. The firm set a 2016 total sales target of 5.01 million but did not disclose actual sales for last year. (Reporting by Hyunjoo Jin and Se Young Lee; Editing by Muralikumar Anantharaman and Paul Tait) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-hyundai-motor-sales-idUKKBN14L1D3'|'2017-01-02T06:18:00.000+02:00'
'01ce404310e345d7256b57af759a0246aa296285'|'China''s new rule on yuan transfers not a capital control measure - Xinhua'|'Business News - Mon Jan 2, 2017 - 9:33am IST China''s new rule on yuan transfers not a capital control measure: Xinhua A customer holds a 100 Yuan note at a market in Beijing, August 12, 2015. REUTERS/Jason Lee BEIJING China''s new rules on cash transactions and overseas transfers of yuan currency are not forms of capital controls, the state news agency Xinhua said, citing a central bank economist. Banks and other financial institutions in China will have to report all domestic and overseas cash transactions larger than 50,000 yuan ($7,201.50), compared with 200,000 yuan previously, the central bank said on Friday. Ma Jun, chief economist of the People''s Bank of China (PBOC), said the responsibility of reporting such transactions will be assumed by financial institutions, and there will be no extra documentation or official approval procedures required for companies or individuals, according to the Xinhua report issued late on Sunday. Ma added that other major economies have similar rules. China is maintaining the same quota of $50,000 for each individual''s annual foreign exchange purchase. The central bank has said the recent move was aimed at better monitoring of money laundering and financing for terrorism rather than targeting normal business activities, Xinhua said. Beijing has announced a string of rules in recent months to stem capital outflows after its yuan currency skidded to more than eight-year lows. (Reporting by Chen Aizhu and Cheng Fang; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-china-yuan-idINKBN14M032'|'2017-01-02T11:02:00.000+02:00'
'9655500ea3db1b8bd2803616582849fa23c9a6fd'|'U.S. judge blocks transgender, abortion-related Obamacare protections'|'Financials - Sat Dec 31, 2016 - 8:17pm EST U.S. judge blocks transgender, abortion-related Obamacare protections By Steve Gorman Dec 31 A federal judge in Texas on Saturday issued a court order barring enforcement of an Obama administration policy seeking to extend anti-discrimination protections under the Affordable Care Act to transgender health and abortion-related services. The decision sides with Texas, seven other states and three Christian-affiliated healthcare groups challenging a rule that, according to the judge, defines sex bias to include "discrimination on the basis of gender identity and termination of pregnancy." In granting an injunction one day before the new policy was to take effect, U.S. District Judge Reed O''Connor held that it violates the Administrative Procedure Act, a federal law governing rule-making practices. The judge also ruled that plaintiffs were likely to prevail in court on their claim that the new policy infringes on the rights of private healthcare providers under the Religious Freedom Restoration Act. As explained in O''Connor''s 46-page opinion, the plaintiffs argued that the new regulation would "require them to perform and provide insurance coverage for gender transitions and abortions, regardless of their contrary religious beliefs or medical judgment." The same judge issued a similar court order in August blocking a separate Obama administration policy that would have required public schools, over the objections of 13 states, to allow transgender students to use restrooms of their choice. It was not immediately clear whether the Obama administration, which has just 20 days left in office, would seek to appeal the injunction. White House spokeswoman Katie Hill decried the latest injunction. "Today''s decision is a setback, but hopefully a temporary one, since all Americans - regardless of their sex or sexual orientation - should have access to quality, affordable health care free from discrimination," she said. The Affordable Care Act (ACA), also known as Obamacare, was passed in 2010 with an anti-discrimination clause designed to prevent insurers from charging customers more or denying coverage based on age or sex. The rule in dispute on Saturday was adopted by the U.S. Health and Human Services (HHS) Department to implement those provisions, including definitions for sex discrimination that encompassed transgender and abortion services. According to the court opinion, gender identity was defined under that rule as "an individual''s internal sense of gender, which may be male, female, neither, or a combination of male and female, and which may be different from an individual''s sex assigned at birth." (Additional reporting by Jeff Mason in Honolulu; Editing by Mary Milliken) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-obamacare-idUSL1N1ER00U'|'2017-01-01T08:17:00.000+02:00'
'1b2e6f70b859bd024ee25023678d2c953dbd05e2'|'FX website Finance Magnates agrees to buy peer ForexLive'|'LONDON Currency market news and information website Finance Magnates has agreed to purchase online peer ForexLive for an undisclosed sum, according to a statement from the companies seen by Reuters on Thursday.The deal is the latest sign of investment in the market in the provision of news, data and analysis to thousands of small independent traders who are becoming an increasingly influential part of the $5 trillion a day global currency market.A source with knowledge of the deal said it had been completed at the end of 2016 after being held up by some haggling over price following the $40 million purchase of another similar service, DailyFX, by leading UK broker IG Limited.Combined traffic on Israel-based Finance Magnates and ForexLive surpasses 1.5 million visitors per month according to analytics site similarweb, the statement said.Previously viewed as a sideshow to the trading between banks and big investment and pension funds that forms the core of the global currency market, trading through online brokers like IG ( IGG.L ), FXCM FXCM.N or CMC Markets ( CMCX.L ) has grown steadily in the last three years.A retreat in wholesale volumes has also made retail accounts a larger part of overall market activity, and industry estimates trading in the second quarter was worth the equivalent of $335 billion a day."You can see that there is interest in this area from the brokers, who are looking to offer more analysis to clients on their platforms," the source said. "This deal takes one more of those firms out of the market (as a potential purchase)."(Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-forexlive-m-a-finance-magnates-idINKBN14P1D9'|'2017-01-05T09:35:00.000+02:00'
'05c31f1b46abb59f881274b3adb90f1ab00ab262'|'LatAm issuers prep deals as bankers brace for busy month ahead'|'Company   4:54pm EST LatAm issuers prep deals as bankers brace for busy month ahead By Paul Kilby NEW YORK, Jan 4 (IFR) - Three Latin American issuers announced roadshows on Wednesday, kicking off what is expected to be a busy January for the region''s new issue market. Honduras, Argentine power generator Genneia and Brazilian pulp and paper company Fibria are already preparing dollar bond sales next week and more are likely to follow. Sovereigns such as Argentina, Chile and Paraguay are heard eyeing the dollar markets, while Brazil is reportedly considering a euro trade as well. Among corporates, state-owned oil companies like Argentina''s YPF and Brazil''s Petrobras will also likely move forward with deals in coming months. "I would expect issuers to start tapping under current market conditions ahead of what could be a volatile 2017," Ricardo Navarro, a portfolio manager at asset management firm Noctua, told IFR. After a rocky November following Donald Trump''s surprise electoral victory in the US on November 8, Latin American credit spreads have been steadily grinding tighter. The reference spread on JP Morgan EMBI Global Diversified Index is now back at 339bp after spiking to a recent high of 383bp in the week following the US election. The cost of protection in Brazil - which has been struggling to emerge from its worst recession in decades - has also enjoyed dramatic declines. The sovereign''s five-year CDS, for example, was trading at 263bp on Wednesday, dropping from a recent high of 326.5bp on November 14, according to Thomson Reuters data. Investors and issuers have found some comfort in some of Trump''s cabinet picks, a more stable Treasury market and rising oil prices, which have been supportive for the commodity exporting region. With billions of dollars in financing needs this year, Argentina is likely to waste little time and could well set the tone for the month ahead. Local press is already reporting that an up to US$10bn deal could come as soon as January 10, and Finance Minister Luis Caputo has been quoted saying the company needs to raise over US$40bn this year. While the sovereign should find a receptive audience for its bonds, investors will be more circumspect this year as the government struggles to reinvigorate the economy. In December, President Mauricio Macri fired his former Finance Minister Alfonso Prat-Gay, the man credited with master minding Argentina triumphant return to the bond markets last year. The abundance of sovereign issuance last year also hasn''t sat well with some investors who thought that the government had gone back on promises to issue just once in 2016. "They damaged their reputation for failing to keep their issuance goals in 2016," said Sean Newman, a senior portfolio manager at Invesco. "There is a credibility gap they need to restore." Yields on the country''s 7.5% 2026 have been inching higher since the beginning of the year and as of Wednesday stood at around 7%. "They will need to come at least 50bp back to the curve," said Newman. "They have to come to cheap (with the market) knowing another US$12bn could come behind it." TERMING OUT Another jumbo issue could come from Petrobras which still needs to term out debt maturities, and has long been rumored to be eyeing another bond sale. "Everyone expects them to come in January," another investor told IFR. "They may be waiting to increase (domestic) fuel prices again." While the oil company fell short of its divestment target to raise US$15.1bn, investors largely feel the company is heading in the right direction, and is still seen as cheap to the sovereign. Petrobras''s 8.75% 2026 is trading at a G-spread of around 498bp versus a G-spread of about 298bp on Brazil''s 6% 2026. "People want to buy this stuff as it is liquid," said a DCM banker. "Its 10-year is trading 200bp back to the sovereign and people feel it could come in some more." Many issuers as such are being encouraged to tap ahead of any potential rate jolts and before possible upsets once Trump takes office on January 20. "Come January 20 when Trump becomes president people will decide quickly whether these prices are justified," Navarro said. (Reporting By Paul Kilby; editing by Shankar Ramakrishnan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-bonds-idUSL5N1EU4HB'|'2017-01-05T04:54:00.000+02:00'
'7a10fcb947a2ce0da76456b2be56e7d3282263ac'|'OPEC oil output falls from record high ahead of planned cuts - Reuters survey'|'Business News - Thu Jan 5, 2017 - 1:07pm GMT OPEC oil output falls from record high ahead of planned cuts: Reuters survey FILE PHOTO: A man points a fuel nozzle at the camera for a photograph at a gas station belonging to Venezuelan state oil company PDVSA in Caracas, Venezuela, July 21, 2016. REUTERS/Carlos Jasso/File Photo By Alex Lawler - LONDON LONDON OPEC''s oil output in December fell from a record high ahead of a deal to cut production, a Reuters survey found on Thursday, helped by attacks on Nigeria''s oil industry and top exporter Saudi Arabia trimming exports. The decline, the first since May according to Reuters surveys, occurred despite higher exports from second-largest OPEC producer Iraq and a further upward trend in Libyan output. Supply from OPEC in December fell to 34.18 million barrels per day (bpd) from a revised 34.38 million bpd in November, according to the survey based on shipping data and information from industry sources. Oil LCOc1 hit an 18-month high of $58.37 a barrel on Tuesday, boosted by an OPEC agreement to lower supply from Jan. 1. The supportive impact of the agreement on prices may not occur straight away, an analyst at SEB said. "We are not necessarily set for an immediate price take-off. One problem is the very high OPEC production in fourth-quarter 2016," said Bjarne Schieldrop, chief commodities analyst at SEB. "The still-rising crude oil production in Libya is also creating concerns that OPEC''s cuts might be less effective." Based on the December survey, OPEC is pumping 1.68 million bpd above the 32.50 million bpd production target that it agreed on Nov. 30 to adopt from Jan. 1 in its first supply cut decision in eight years. OPEC output started to climb following its decision in late 2014 to retain market share rather than cut supply to prop up prices. Saudi Arabia, Iraq and Iran all pumped more and production also increased due to the return of Indonesia in 2015 and Gabon in July 2016 as OPEC members. In December, the biggest reduction came from Nigeria, although not as a result of deliberate cuts to boost prices. No Forcados crude was exported following an attack on a pipeline, and shipments of the Agbami stream fell most likely due to planned maintenance work, sources in the survey said. Nigeria and Libya are both exempt from the OPEC supply cut agreement because of output losses caused by conflict. Nigerian militant group Niger Delta Avengers said in November it had attacked the Forcados pipeline. Saudi Arabia, which said it pumped a record amount in November, supplied less in December, sources in the survey estimated. Exports were lower because customers asked for less crude, not because of cutbacks implemented under the OPEC deal. "Exports are down markedly from a massive November number," said one source who tracks Saudi output. "The bottom line is December is down from November with regard to supply to market." Among countries with higher output, the largest increase of 70,000 bpd was in Libya, where a two-year blockade was lifted in December on pipelines leading from two western fields. The recovery remains at risk from political conflict. Output also climbed in Iraq, the survey found, with exports from the country''s south most likely exceeding November''s record rate of 3.407 million bpd, according to shipping data and industry sources. Iran, which was allowed to raise output under the OPEC deal as sanctions had crimped its supply, pumped 30,000 bpd more. The Reuters survey is based on shipping data provided by external sources, Thomson Reuters flows data, and information provided by sources at oil companies, OPEC and consulting firms. (Editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-opec-oil-survey-idUKKBN14P1FP'|'2017-01-05T20:02:00.000+02:00'
'7540c85389e89ef4b710f002adb62ae1dde4ab65'|'UPDATE 1-Political doubt dampens recovery hopes of Brazil auto sector'|'Company  55am EST UPDATE 1-Political doubt dampens recovery hopes of Brazil auto sector (Adds details, forecasts) By Alberto Alerigi SAO PAULO Jan 5 Brazil''s auto sector has revised downwards its expectations for a rebound in vehicle sales this year to just 4 percent from the high single digits, the Anfavea automakers association said on Thursday, with political uncertainty and a recession still weighing on a market that saw sales slump 20 percent last year. Anfavea President Antonio Megale said that while production of vehicles in Brazil would jump by 11.9 percent this year to 2.4 million units, sales of new vehicles would only creep up 4 percent to 2.13 million units. Exports are forecast to climb 7 percent this year to 558,000 units, he said, helped by stronger sales to Colombia, Chile and Ecuador. A trade deal with Argentina helped boost exports last year by 25 percent. "We had a forecast for a much stronger number (for sales) but we have reduced it to 4 percent because of the economic situation and, principally, because of the political environment that we are facing," Megale told a news conference. Megale had said late last year that he expected a sales increase for the industry as a whole this year in the high single digits. Yet corruption allegations implicating Brazilian President Michel Temer and his party are casting doubt on his ability to remain in office and causing cracks in his coalition, amid growing calls for early elections. That could destabilize a return to economic growth expected this year and derail Temer''s agenda of restoring fiscal discipline, which has been welcomed by business leaders and foreign investors. The tepid rebound in auto sales this year comes after a painful 2016 as Brazil''s worst recession in more than a century slashed demand for new vehicles. Anfavea said sales of newly produced cars in Brazil fell by 20.2 percent in 2016 to 2.05 million units, while production slumped 11.2 percent. In a sign of recovery, vehicle sales in December rose by 14.7 percent month on month, the association said. The recovery in sales is unlikely to spell a major return to hiring by the sector, Megale said, as the industry as a whole has about 50 percent idle capacity. Anfavea''s more modest growth forecast for this year was in line with a prediction by the car dealership association Fenabrave that sales would grow 2.3 percent in 2017. (Reporting by Alberto Alerigi; Editing by Daniel Flynn and David Gregorio) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-autos-idUSL1N1EV12L'|'2017-01-05T23:55:00.000+02:00'
'ed5464054a1d2cd32b16e64ac1ca295ee7ef5e39'|'Irish bad bank on target to clear senior debt by year-end'|'Financials  04am EST Irish bad bank on target to clear senior debt by year-end DUBLIN Jan 5 Ireland''s state-run "bad bank" is on target to clear all its remaining senior debt by the end of 2017, a year ahead of schedule and subject to market conditions, the National Asset Management Agency (NAMA) said on Thursday. NAMA used 31.8 billion euros ($33.55 billion) of senior and junior debt to rid local banks of 74 billion worth of risky property loans from 2010 following the country''s financial crash, and had cut its outstanding debt to less than 9 percent by the end of 2016. It reiterated that it expects to return a lifetime profit of 2.3 billion euros to the government from its loan and property sales and said it had received planning permission to add a further 7,300 residential properties to the 4,700 new homes already built in a commitment to complete 20,000 by 2020. ($1 = 0.9480 euros) (Reporting by Padraic Halpin; Editing by Andrew Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ireland-nama-idUSS8N1CA00U'|'2017-01-05T22:04:00.000+02:00'
'e7a486f8b028fa29494eeb42491c9f275548376d'|'Hong Kong stocks rise to 3-week high on commodities; China flat'|'* SSEC +0.1 pct, CSI300 flat, HSI +1.3 pct* Caixin services PMI rises to 17-month high in December* Energy majors rally on oil and coal strengthSHANGHAI, Jan 5 Hong Kong stocks climbed to a three-week high on Thursday morning, buoyed by strength on Wall Street, improving private sector activity and strong resource shares.China stocks were flat and trading was thin, with investor attention largely diverted to the strong and dramatic rebound in the offshore yuan currency.The Hang Seng index added 1.3 percent, to 22,422.76 points. The benchmark is poised to rise the most in six weeks if the market maintains gains in the afternoon session. The Hong Kong China Enterprises Index rose 1.6 percent, to 9,590.04 points.The market drew some inspiration from continued strength in U.S. equities, amid sustained optimism that President-elect Donald Trump''s fiscal stimulus promises would translate into faster U.S. economic growth.Minutes from the Federal Reserve''s December meeting showed that almost all Fed policymakers thought the economy could grow more quickly on Trump hopes and many were eyeing faster interest rate increases.The market also drew some support from improved conditions in Hong Kong''s private sector as reflected by the Nikkei Purchasing Managers'' Index (PMI), which in December recorded the first expansion in 22 months.The Hong Kong survey followed encouraging manufacturing data earlier in the week from China and the United States which offered fresh signs of global economic recovery.Nearly all sectors in Hong Kong advanced by the lunch break, with the biggest gain seen in the energy sector, which jumped 3 percent.Index heavyweight PetroChina Co Ltd jumped nearly 4.2 percent by midday, as oil managed to hold on to Wednesday''s chunky gains.CHINA STOCKSIn China, the CSI300 index was unchanged at 3,367.19 points, while the Shanghai Composite Index gained 0.1 percent, to 3,162.37 points.Investors'' responses were muted towards a private survey showing that growth in China''s services sector accelerated to a 17-month high in December.Much attention was on the Chinese currency, which rebounded sharply against the U.S. dollar in the offshore market overnight, as Beijing intervened, sparking speculation that it wants a firm grip on the currency ahead Trump''s inauguration later this month.Sector performance in China was mixed, with strength in energy countered by weakness in infrastructure stocks.The consumer staples sector dipped around 0.5 percent after a four-day winning streak as investors locked in profits.An index tracking transportation stocks edged lower after China said it would not increase its railway construction budget in 2017.(Reporting by Jackie Cai and John Ruwitch; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-stocks-midday-idUSL4N1EV1O2'|'2017-01-05T07:59:00.000+02:00'
'0528d123643e4be9881980fcea1d8e68f2d9d502'|'LyondellBasell plans to retain Houston refinery after asset review'|'By Jessica Resnick-Ault - NEW YORK NEW YORK Jan 5 LyondellBasell said on Thursday that it would retain its Houston-area refinery following a review of strategic options for the business."During the normal course of business it is not unusual for a company to periodically review its asset portfolio," said Michael Waldron, vice president of corporate communications for LyondellBasell. The refinery has the ability to process 264,000 barrels a day of crude. (Reporting By Jessica Resnick-Ault; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lyondell-refinery-idINL1N1EV0SY'|'2017-01-05T12:09:00.000+02:00'
'c1277dee757cad59eb115ef05fde6222e232d2cf'|'Indian shares end near two-month high'|'Financials  26am EST Indian shares end near two-month high Jan 5 Indian shares ended higher on Thursday, led by financial and automobile stocks as sentiment was bolstered by gains in regional markets, following upbeat global economic data and an overnight bounce in oil prices. The benchmark BSE index closed up 0.92 percent at 26,878.24, after touching its highest level since Nov. 11. The broader NSE index ended up 1.02 percent at 8,273.8, after hitting its highest level since Nov. 15. For the midday report, click here (Reporting by Samantha Kareen Nair in Bengaluru; Editing by Sherry Jacob-Phillips) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-stocks-idUSB8N1EG00C'|'2017-01-05T17:26:00.000+02:00'
'62bd48ef8a114169ce7aa99a67c8d4d911a77d9f'|'PIC completes 190 mln stg buyout for GKN Group Pension Scheme'|'Financials  15am EST PIC completes 190 mln stg buyout for GKN Group Pension Scheme LONDON Jan 5 Specialist insurer Pension Insurance Corporation has completed a 190 million pound ($233.34 million) pensioner buyout for the GKN Group Pension Scheme, it said on Thursday. The buyout covers certain current pensioner members of the scheme, who will eventually leave the scheme and become PIC policyholders, PIC said in a statement. The remaining members of the scheme have been transferred to a new GKN pension scheme and the existing scheme is being wound up, PIC added. Falling bond yields have increased the pension deficits of UK companies, encouraging them to complete deals with insurers to offload their pension risk. Willis Towers Watson predicts 30 billion pounds in pension liabilities will be insured through buy-ins, buy-outs and longevity swaps in 2017, compared with 11 billion pounds in 2016. ($1 = 0.8143 pounds) (Reporting by Carolyn Cohn, Editing by Maiya Keidan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/gkn-pension-pic-idUSL5N1EV1K0'|'2017-01-05T16:15:00.000+02:00'
'01f923b01319d69b3d598c8a4f37f4be9b9de671'|'Jury orders DuPont to pay $10.5 million in punitive damages over leaked chemical'|'Business News - Thu Jan 5, 2017 - 10:56am EST Jury orders DuPont to pay $10.5 million in punitive damages over leaked chemical The Dupont logo is displayed on a board above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S. on December 22, 2015. REUTERS/Lucas Jackson/File Photo A U.S. jury in Ohio on Thursday ordered DuPont to pay $10.5 million in punitive damages to a man who said he developed testicular cancer from exposure to a toxic chemical leaked from one of the company’s plants, according to the plaintiff''s lawyer Robert Billott. The federal jury awarded Kenneth Vigneron $2 million in compensatory damages in December. This is the third time jurors in Columbus, Ohio federal court have found DuPont liable for individuals’ injuries linked to perfluorooctanoic acid, known as PFOA or C-8, which is used to make Teflon. (Reporting by Erica Teichert; Editing by Bernadette Baum) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-du-pont-verdict-idUSKBN14P1VD'|'2017-01-05T22:48:00.000+02:00'
'5ee26dddb3c16328caac950e23e510b23b8b8119'|'IT research firm Gartner to buy CEB to expand business analysis'|'Technology   12:53pm GMT IT research firm Gartner to buy CEB to expand business analysis IT research and advisory company Gartner Inc ( IT.N ) said on Thursday it would buy CEB Inc ( CEB.N ), a provider of business research and analysis, in a cash-and-stock deal valued at $2.6 billion to expand its business services. The deal will broaden Gartner''s research business through the addition of CEB''s services, which include research and analysis related to human resources, sales, finance and the law. Gartner is offering $54 in cash and 0.2284 of its shares for each CEB share. The deal represents a premium of about 25 percent to CEB''s Wednesday close. CEB''s shares were up 16.4 percent at $72.05 in premarket trading, below the implied offer price of $77.25 per share. Gartner''s shares, which closed at $101.79 on Wednesday, were untraded. Gartner shareholders will own about 91 percent of the combined company. CEB, headquartered in Arlington, Virginia, has a 35-day "go-shop" period during which it can solicit alternative proposals. Stamford, Connecticut based-Gartner said the deal would immediately add to adjusted earnings per share on completion, expected in the first half of 2017, and be "double-digit percentage accretive" to adjusted EPS in 2018. Evercore and Goldman, Sachs & Co advised Gartner. Centerview Partners LLC was lead adviser to CEB, with Allen & Co LLC also advising. (Reporting by Laharee Chatterjee and Narottam Medhora in Bengaluru; Editing by Ted Kerr) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ceb-us-m-a-gartner-idUKKBN14P1BF'|'2017-01-05T19:51:00.000+02:00'
'b3946b147a2e5b993d8010b18a6abc9b489d3505'|'Nikkei drops as yen strengthens; Sharp soars on report to list LCD venture'|'Company  46am EST Nikkei drops as yen strengthens; Sharp soars on report to list LCD venture TOKYO Jan 5 Japan''s Nikkei fell on Thursday as the dollar fell against the yen on uncertainy over what the new U.S. presidency will bring, while Sharp Corp jumped after a report that it will consider listing its LCD joint venture between it and Hon Hai. The Nikkei share average dropped 0.4 percent to 19,520.69 points. Sharp surged 11 percent after the Nikkei reported in the afternoon that the company will consider an initial public offering for Sakai Display Products Corp, the LCD joint venture between it and Hon Hai Precision Industry Co. The dollar has been weak against the yen throughout Asian trading as minutes from the U.S. Federal Reserve''s December meeting showed concerns that quicker economic growth under President-elect Donald Trump could require faster interest rate increases. In afternoon trade, the dollar stepped further away from a 14-year peak against a basket of major currencies as the market was spooked by sharp falls in the dollar against the Chinese yuan. The dollar slipped almost one percent at one point to 116.08 yen. At 0630 GMT, it was at 116.26. The broader Topix gained 0.1 percent to 1,555.68 and the JPX-Nikkei Index 400 advanced 0.1 percent to 13,950.40. (Reporting by Ayai Tomisawa; editing by Simon Cameron-Moore) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1EV298'|'2017-01-05T13:46:00.000+02:00'
'61fd84b38de0f628ed41309495df831880da7c10'|'China home prices, property investment likely to rise in 2017 - think tank'|'Business News - Thu Jan 5, 2017 - 12:26pm GMT China home prices, property investment likely to rise in 2017 - think tank New properties are seen near a square in Zhengzhou, Henan province, China, September 23, 2016. REUTERS/Yawen Chen/File Photo BEIJING China''s average home prices are forecast to rise 4.1 percent in 2017 from the previous year, while growth in property investment would rise 5.4 percent, a state-owned newspaper reported on Thursday. Wild spurts in China''s property prices fuelled worries of asset bubbles this year, particularly in the biggest cities, spurring policymakers to enforce curbs in more than 24 cities. "Provided current policies don''t change, people will still expect home prices to rise in 2017, due to expectations of further yuan depreciation and more U.S. rate hikes," the Economic Daily said, citing the Chinese Academy of Sciences. Average home prices across China will rise to 7,435 yuan ($1,079.6) per square metre, while property investment would total 10.6 trillion yuan (1.24 trillion pounds) in 2017, the Academy said. But it said the property market would still face downward pressure in 2017, as monetary policy had showed signs of tightening, on top of restrictive housing policies introduced in 2016 that had cooled demand. Growth in total home sales would slow to 5.3 percent in 2017, with sales by floor area rising marginally by 1.1 percent to 1.3 billion square metres, it added. New construction starts in real estate were also expected to rise at 6.2 percent on the year to 1.78 billion square metres, it said. Reforms in real estate registration and residence permits are two key areas for the government to quickly develop a long-term mechanism to regulate the property market, it added. (Reporting by Yawen Chen and Michael Martina; Editing by Clarence Fernandez) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-property-idUKKBN14P1CF'|'2017-01-05T19:26:00.000+02:00'
'098013a7de2eda8579cd0ccea9f283c4fd3d20f6'|'China''s banking regulator to bolster private bank supervision'|'Private Equity - Thu Jan 5, 2017 - 6:20am EST China''s banking regulator to bolster private bank supervision BEIJING Jan 5 China''s banking regulator on Thursday issued guidelines aimed at strengthening governance at the country''s emerging private banks, the latest move by regulators to beef up risk management among financial services firms. The China Banking Regulatory Commission (CBRC) guidelines call for private banks to exercise prudential supervision in such areas as related-party transactions, while clearly defining their business strategy, according to a notice published on the CBRC website. (Reporting by Beijing Monitoring Desk; editing by Susan Thomas) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-banking-regulator-idUSB9N1EN00W'|'2017-01-05T18:20:00.000+02:00'
'9dad8c73f8872036000eeccf8e06269c861c24fb'|'Euro zone producer prices rise in November, consumer goods prices subdued'|'Business News - Thu Jan 5, 2017 - 10:32am GMT Euro zone producer prices rise in November, consumer goods prices subdued A woman looks at fruits and vegetables at a market stall in Madrid January 29, 2013. REUTERS/Juan Medina/File Photo BRUSSELS Euro zone producer prices rose for the third consecutive month in November on a monthly basis, mostly driven by soaring energy prices which offset subdued prices for consumer goods, estimates released on Thursday by Eurostat showed. The European Union''s statistics office said prices at factory gates in the 19 countries sharing the euro increased 0.3 percent month-on-month in November and 0.1 percent from a year earlier. Both figures were above market forecasts. Economists polled by Reuters had produced an average forecast of a 0.1 percent monthly rise and a 0.1 percent year-on-year decline. The November increase of the monthly reading is slower than the 0.8 percent rise recorded in October, but confirms a positive trend begun in September when producer prices went up 0.1 percent, after falling 0.2 percent in August. The monthly rise was driven in November by energy prices which were the strongest component of the reading. They increased 0.7 percent, slowing down from a 2.6 percent increase in October. Producer prices are an indication of consumer price trends, because unless cushioned by intermediaries and retailers, their changes translate directly into the final prices of goods and services for consumers. The rise of industrial prices is positive news for the European Central Bank which wants consumer prices to rise below, but close to 2 percent over a two-year horizon. Consumer inflation in December was 1.1 percent, the highest level since September 2013, Eurostat estimated on Wednesday. Subdued prices for consumer goods confirmed however that inflation trends were still not structurally changed and remained mostly driven by volatile energy prices. In November, prices of non-durable consumer goods, such as clothing, went up 0.1 percent on the month, below the total industry average. Prices of durable consumer goods, such as cars or refrigerators, were the only component to show a decline, easing 0.1 percent month-on-month. Capital goods, like machinery, saw prices unchanged, signalling little appetite for new investment. Prices for intermediate goods went up by 0.5 percent. (Reporting by Francesco Guarascio)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-ppi-idUKKBN14P0ZI'|'2017-01-05T17:32:00.000+02:00'
'9496a96a7d1bcd3a570e4c6cc247086631908c23'|'Smart glove helps stroke patients'|'Smart glove helps stroke patients rehabilitate by Selena Larson @selenalarson January 5, 2017: 8:59 AM ET This smart glove turns physical therapy into a game After his father and two uncles suffered strokes, Hoyoung Ban decided to develop a device to help people regain control of their hands. Called the Rapael Smart Glove from Neofect, the white glove wraps around a patient''s hand andhas movement and position sensors on the fingers and wrists. An Android app that connects via Bluetooth takes users through games and activities that strengthen the muscles in the hands and arms. Hospitals and rehab centers in Europe, Asia and the U.S. already use the glove to treat patients. At CES 2017, Neofect is launching Rapael for patients outside clinics. For $99 a month, people can rent the FDA-approved smart glove and companion Android tablet to rehab hands and wrists at home. After suffering strokes or traumatic brain injuries, people can lose control of limbs or other muscles in the body. About 795,000 people in the U.S. have a stroke each year, according to the CDC , and they can cause long-term disabilities. Some stroke patients lose full muscle mobility -- the Rapael glove only benefits patients who have at least some movement in their hands. Related: LG shows off chore-performing robots and a TV as thin as wallpaper "I saw the rehabilitation process, and it was very painful for the patient and our family," Ban said. He began working on the device in 2010, and started selling it to clinics in 2014. Recovery time after a stroke varies. Patients may only need to rent the glove for a few months, or they could require more support. The glove takes patients through forearm, wrist, and finger motions -- playing cards, pouring wine and tossing baseballs. The app tracks the playtime, progress and success rate so doctors and patients can see how mobilityis improving. Ban told CNNMoney his company is creating a glove for pediatric patients with smaller hands, too. The idea of gamifying rehabilitation could eventually be applied to other injuries or loss of movement, he said. The company will make their app available for Android users to practice moving their hands, but the real benefit is in tracking patients'' progress as they use the device. CNNMoney (Las Vegas)   8:59 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/05/technology/smart-glove-stroke-ces-2017/index.html'|'2017-01-05T21:11:00.000+02:00'
'e3a8e3a201ca219825157ddc7d9c07866a7c60dd'|'Austrian bank Bawag eyes Allianz private bank OLB: sources'|'FRANKFURT Austrian bank BAWAG PSK [CCMLPB.UL], backed by US financial investor Cerberus, is bidding for German private bank Oldenburgische Landesbank ( OLBG.F ), two sources familiar with the matter told Reuters on Thursday.Bawag is currently doing due diligence on OLB, one source said, indicating the sale process is at an advanced stage.The bank is currently 90 percent owned by insurer Allianz ( ALVG.DE ), which put it up for sale in the autumn. Sources have said that U.S. private equity group Apollo ( APO.N ) and Germany''s Commerzbank ( CBKG.DE ) have submitted offers for the bank, which has assets of 13 billion euros ($13.6 billion).BAWAG declined to comment specifically on OLB, but said its financial position allowed it to grow both organically and via acquisitions."BAWAG remains interested in acquisitions, but we will not comment on concrete plans at present," a spokeswoman said.Allianz also declined comment on the sale process.(Reporting by Alexander Huebner; Additional reporting by Alexandra Schwarz-Goerlich in Vienna; Writing by Victoria Bryan; Editing by Edward Taylor)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-allianz-bank-bawag-idINKBN14P15C'|'2017-01-05T08:07:00.000+02:00'
'dcf036ebe03c2e956d0bbc50f8d680248be69bc4'|'U.S. private hiring slows in December, jobs market still solid'|'Economic News - Thu Jan 5, 2017 - 8:07pm IST U.S. private hiring slows in December, jobs market still solid A man holds a leaflet at a military veterans'' job fair in Carson, California October 3, 2014. REUTERS/Lucy Nicholson/File Photo U.S. private employers added 153,000 jobs in December, fewer than in November, but the labor market remained solid, a report by a payrolls processor showed on Thursday. Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 170,000 jobs, with estimates ranging from 140,000 to 200,000. Private payroll gains in the month earlier were revised down to 215,000 from an originally reported 216,000 increase. The report is jointly developed with Moody''s Analytics. "Job growth remains strong but is slowing," Mark Zandi, Moody’s Analytics'' chief economist, said in a statement. Private industries produced a monthly average of 174,000 jobs in 2016, slower than a 209,000 monthly pace in 2015, according to ADP. "The gap between employment growth in the service economy and losses on the goods side persists. Smaller companies are struggling to maintain payrolls while large companies are expanding at a healthy pace,” Zandi said. The ADP figures come ahead of the U.S. Labor Department''s more comprehensive non-farm payrolls report on Friday, which includes both public and private-sector employment. Economists polled by Reuters are looking for U.S. private payroll employment to have grown by 170,000 jobs in December, up from 156,000 the month before. Total non-farm employment is expected to have risen by 178,000. The unemployment rate is forecast to tick up to 4.7 percent from 4.6 percent a month earlier. The economy, being close to full employment, is on track to produce about 1.25 million jobs per year over the next four to five years, Zandi said on a conference call with reporters. Changes in government policies that encourage more immigration, productivity and investments could raise the 1.25 million annual growth rate, he said. (Reporting by Richard Leong; Editing by Meredith Mazzilli) Next In Economic News PREVIEW - China data to show economy gained momentum heading into 2017 but risks abound SHANGHAI A raft of data from China in coming weeks is expected to show the world''s second-largest economy carried solid momentum into 2017, thanks to heavy government stimulus and a construction boom that breathed new life into its ailing smokestack industries. After banknote ban, India sees 7 percent growth in first half of 2017/18 - sources NEW DELHI India expects growth of around 7 percent in the first half of the next fiscal year, two officials said, painting a rosier picture for the economy than many economists after Prime Minister Narendra Modi''s shock move to abolish large banknotes. BEIJING China was hit with a record number of retaliatory trade measures last year, the Ministry of Commerce said on Thursday, with countries around the world claiming it had flooded global markets with cheap steel and other products. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-economy-adp-idINKBN14P1QE'|'2017-01-05T21:37:00.000+02:00'
'b3ad6bcd93daf1650d98dba9b6eea79b0baae3d2'|'Exclusive: Viacom to announce executive changes - sources'|' 30pm EST Exclusive: Viacom to announce executive changes - sources A woman exits the Viacom Inc. headquarters in New York April 30, 2013. REUTERS/Lucas Jackson/File Photo By Jessica Toonkel and Liana B. Baker Viacom Inc ( VIAB.O ) is expected to announce changes to its executive ranks, as new chief executive Bob Bakish seeks to turn around the ailing media company, two sources told Reuters on Thursday. Viacom is expected to promote Sarah Kirshbaum Levy, the chief operating officer of its Nickelodeon network, to chief operating officer of its global entertainment group, the sources said. Viacom created the group late last year to combine its international division with its music and entertainment group as well as TV Land and CMT. Additionally, Viacom is expected to make a handful of executive cuts in its music and entertainment group, which includes cable networks Comedy Central and MTV and had been led by 25-year veteran Doug Herzog, who left the company this week, the sources said. The sources wished to remain anonymous because they are not permitted to speak to the media. (Reporting By Jessica Toonkel in New York and Liana B. Baker in San Francisco; Editing by Meredith Mazzilli)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-viacom-reorg-idUSKBN14P23W'|'2017-01-06T00:26:00.000+02:00'
'd845ce899e8c122082039a664d3199f46393c59d'|'South Korea bans sales of some Nissan, BMW and Porsche models'|'Business News - Mon Jan 2, 2017 - 1:29pm GMT South Korea bans sales of some Nissan, BMW and Porsche models left right A view shows the logo of Porsche on a car in Moscow, Russia, July 6, 2016. REUTERS/Maxim Zmeyev 1/3 left right A Nissan logo is pictured at a car dealership in Sunderland, Britain June 29, 2016. REUTERS/Andrew Yates/File Photo 2/3 left right A view shows the logo of BMW on a car in Moscow, Russia, July 6, 2016. REUTERS/Maxim Zmeyev 3/3 SEOUL South Korea has banned the sale of 10 models of Nissan ( 7201.T ), BMW ( BMWG.DE ) and Porsche vehicles after the carmakers were found to have fabricated certification documents, in the latest fallout from the Volkswagen emissions scandal. The government announced in August that it would ban all 10 models after conducting an investigation into whether foreign carmakers besides Volkswagen AG ( VOWG_p.DE ) falsified documents on emissions and noise-level tests. Nine of the models have been banned since last month and Nissan''s Qashqai diesel sport utility vehicle has been banned since June, the environment ministry said on Monday. It said it has also fined the carmakers'' local units a combined 7.17 billion won (4.79 million pounds) for the affected 4,523 vehicles already sold in South Korea. Spokespersons at the South Korean units of Nissan Motor Co Ltd and BMW AG acknowledged the findings in the government investigation, saying they would try to achieve certification for those affected models again. A spokesperson at Porsche AG, which is owned by Volkswagen, was not immediately available for comment. South Korea has been tough with Volkswagen, filing complaints against local executives, suspending sales of most of its models and imposing fines for alleged forging of documents on emissions or noise-level tests. In the latest move, South Korea said last month that it will file criminal complaints against five former and current executives at Volkswagen AG''s South Korean unit and fine the company a record 37.3 billion won for false advertising on vehicle emissions. South Korea''s sales of imported cars fell 7 percent in the first 11 months of last year, heading for their first annual sales decline since 2009. (Reporting by Hyunjoo Jin; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-southkorea-carmakers-idUKKBN14M0OV'|'2017-01-02T20:29:00.000+02:00'
'01a48741093008ed812b201b4c9941d466a7c503'|'German factory growth reaches close to three-year high in December - PMI'|' 58am GMT German factory growth reaches close to three-year high in December - PMI Volkswagen CEO Matthias Mueller and Stephan Weil (C) Prime Minister of Lower Saxony and member of the VW Supervisory board look at the Golf 7 production line during a tour of the VW factory in Wolfsburg, Germany October 21, 2015. REUTERS/Julien Stratenschulte/File photo BERLIN German manufacturing growth reached its highest in almost three years in December, driven by rising demand from Asia and the United States, a survey showed on Monday, suggesting the sector will contribute to an expansion in the fourth quarter. Markit''s Purchasing Managers'' Index (PMI) for manufacturing, which accounts for about a fifth of the economy, rose to 55.6 from 54.3 in November to reach its highest level in 35 months. That was slightly above a flash reading and well above the 50 line that separates growth from contraction. "Strong growth in December meant that goods producers enjoyed their best quarter in nearly three years during Q4," Markit economist Philip Leake said. "The manufacturing sector is therefore likely to help overall GDP growth accelerate from the modest 0.2 percent pace seen in the third quarter." He added that companies reported solid improvement in domestic demand as well as new business wins in Asia, Europe and the United States. "There were also encouraging signs for further growth in 2017. Companies look set to hire in an effort to raise operating capacity, following the sharpest increase in backlogs of work since early-2014," Leake said. Expansions of output and new orders underpinned the overall improvement in conditions, Market said, noting that new business increased for the 25th consecutive month with the rate of growth just below the record over that period. Responding to the rising demand, manufacturers raised their output at a quicker pace. The rise in production was the highest since July, it said. Inflationary pressures also increased in December. Input costs rose at the fastest pace since June 2011. The weaker euro helped to drive up import costs, Markit said. The survey was another positive sign after Ifo''s closely watched business climate index showed last month that morale among executives rose in December to its highest level since February 2014. The economy grew 0.7 percent in the first quarter and 0.4 in the second. For the year, economic institutes predict a growth rate of 1.9 percent, mainly driven by soaring private consumption and higher state spending on migrants.  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/germany-economy-pmi-idUKKBN14M0BN'|'2017-01-02T15:58:00.000+02:00'
'e0e75dca1bfa09a76a4a93f92b50d7e697f2a3d0'|'CEE MARKETS-Currencies range-bound, investors assess strong Polish, Czech PMI'|'By Krisztina Than BUDAPEST, Jan 2 Central European currencies opened the new year a touch weaker in thin trading, unfazed by strong December purchasing manager indices published on Monday. The December manufacturing readings could be a harbinger of a pickup in growth in the European Union''s eastern wing in 2017, supported by fiscal loosening and an acceleration of investments in the region. "Investments have been a drag in CEE in 2016, mainly due to the major slowdown in EU fund inflows. This should reverse next year," Erste Bank said in a note. Economic growth in Central Europe outpaced the euro zone last year, and this year could bring about an acceleration in GDP growth, analysts said. Data published on Monday showed Poland''s manufacturing index rising to a 17-month high of 54.3 in December, while the Czech PMI index climbed to a 9-month high. Hungary''s PMI dropped in December from November due to end-year production shutdowns, but still remained strong. Hungary launched fiscal stimulus late last year, cutting the corporate tax rate and social taxes, and raising wages. This could push economic growth to above 4 percent this year, the government said. Prime Minister Viktor Orban''s cabinet sees economic growth rising to 4.1 percent this year and 4.3 percent in 2018, when elections are due. In 2016 growth is expected below 3 percent. "Although Hungary seems to also be aggressively easing its fiscal stance lately, we see Poland and Romania at the limit as far as the 3 percent of GDP nominal Maastricht (budget deficit) threshold is concerned," Erste Bank said. In Romania the Social Democrats'' election victory has heightened uncertainty over the country''s ability to keep its budget deficit below the EU''s ceiling, as their governing programme includes ambitious spending plans. Inflation is also expected to pick up in Central Europe, on the back of higher oil prices, faster consumption and rising wages. "Tight labour markets, structural funds flowing freely under the new semester and the implications of these for CPI inflation and rates will be the focus in CEE," Nomura analyst Peter Attard Montalto said in a note. "We expect Hungary to have the most upside risk on inflation, followed by Romania...," he added. As for stock markets, Budapest shares, which rose by a third in 2016 boosted by Hungary''s upgrades to investment grade, were about half a percent lower on Monday. The Prague Stock Exchange''s main index was down 0.2 percent. The region''s most liquid market in Poland added 5 percent last year, and was flat on Monday. CEE MARKETS SNAPSHOT AT 0934 CET CURRENCIES Latest Previous Daily Change bid close change in 2017 Czech crown 27.020 27.019 +0.00% -0.05% Hungary forint 309.500 309.045 -0.15% -0.22% Polish zloty 4.413 4.408 -0.10% -0.19% Croatian kuna 7.551 7.556 +0.07% +0.05% Serbian dinar 123.330 123.300 -0.02% +0.02% Note: daily change calculated from previous close at 1800 CET STOCKS Latest Previous Daily Change close change in 2017 Prague 919.01 921.61 -0.28% -0.28% Budapest 31829.72 32003.05 -0.54% -0.54% Warsaw 1940.91 1947.92 -0.36% -0.36% Ljubljana 0.00 717.59 +0.00% -100.0% Zagreb 1996.10 1994.84 +0.06% +0.06% Belgrade 717.37 714.72 +0.37% +0.00% Sofia 586.43 586.51 -0.01% +0.00% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech Republic spread 2-year -0.99 -0.094 -022bps -11bps 5-year -0.18 +0.039 +037bps +5bps 10-year 0.480 +0.013 +029bps +3bps Poland 2-year 3.260 +0.060 +307bps +7bps 5-year 0.000 +0.000 +000bps +0bps 10-year 0.000 +0.000 +000bps +0bps FORWARD RATE AGREEMENTS'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1ES0O4'|'2017-01-02T06:56:00.000+02:00'
'04435e48132c79cd3e702b574b9863325a255782'|'RPT-UPDATE 1-U.S. scrambles to clear egg exports to bird flu-hit Korea'|'Company News - Sun Jan 1, 2017 - 9:47pm EST RPT-UPDATE 1-U.S. scrambles to clear egg exports to bird flu-hit Korea (Repeats earlier story for wider readership with no change to text.) By Tom Polansek CHICAGO Dec 30 U.S. officials are urgently seeking an agreement with South Korea that would allow imports of American eggs so farmers can cash in on a shortage caused by the Asian country''s worst-ever outbreak of bird flu. The two sides are negotiating over terms of potential shipments after South Korea lifted a ban on imports of U.S. table eggs that it imposed when the United States grappled with its own bout of bird flu last year, according to the U.S. Department of Agriculture. If an agreement is reached, U.S. shipments could bring some relief to South Koreans who have faced soaring egg prices and rationing since the outbreak there began last month. The egg shipments also would help U.S. farmers cope with an oversupply that is depressing prices. The opportunity to profit by filling South Korea''s shortfall with U.S. eggs has sent brokers and traders into overdrive. About 26 million birds, more than a quarter of South Korea''s poultry stock, have been culled to control the outbreak, and most of the birds have been egg-laying hens. Strains of bird flu, which can be spread to poultry by wild birds, have been detected across Asia and in Europe in recent weeks. Two people in China and one person in Hong Kong have died in the outbreaks. The United States could reach agreement to open trade with South Korea as early as next week, said Mark Perigen, national supervisor for shell eggs for a division of the USDA. "Everybody''s working hard to get it done," Perigen said in an interview on Friday, adding that USDA employees had worked during holiday vacations on the issue. "They''re desperate for eggs over there, and the government realizes that," Perigen said. South Korea''s embassy in Washington did not immediately respond to a phone message seeking comment. Glenn Hickman, chief executive of Hickman''s Eggs in Arizona, has received calls from brokers searching for U.S. eggs to ship to South Korea. "Everybody in Korea who needs eggs has Googled everybody in the world who might have eggs," Hickman said. "We''re getting calls from brokers who have no idea even the right questions to ask us," he added. "It''s just somebody who knows how to freight stuff from the U.S. to Korea." With no agreement yet between the two countries, Hickman is asking employees to take contact information for the potential customers. United States Egg Marketers, a cooperative of farmers that was established to export eggs, has received "numerous inquiries about this already, including from people who have never exported anything in their lives," said Eka Inall, the group''s president. "Our phone is blowing up, our email is blowing up," she said. Last year, U.S. food companies imported eggs from Europe after bird flu ravaged domestic chicken flocks and sent egg prices to record highs. Since then, U.S. prices have tumbled as farmers have ramped up production. The United States produced 7.44 billion table eggs in November, up 11.5 percent from a year earlier, and there were 312 million hens laying table eggs on Dec. 1, up 8 percent from a year before, according to USDA. On Dec. 26, the average price for a dozen large white U.S. eggs was $1.17, down from a high of $2.88 in August 2015, according to market data firm Urner Barry. "Current conditions in the U.S. are definitely a motivating factor to get this thing done," Brian Moscogiuri, an Urner Barry egg analyst, said about U.S. efforts to start shipments to South Korea. If South Korea begins importing U.S. eggs, its residents may need to adjust to a different appearance of the food staple. Jim Sumner, president of the U.S. Poultry and Egg Export Council, said many Koreans prefer brown colored eggs, while the United States mostly produces white eggs. "As they say, beggars can''t be choosers," he said. (Editing by Matthew Lewis and Michael Perry) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/health-birdflu-southkorea-usa-repeat-upd-idUSL1N1ES02H'|'2017-01-02T09:47:00.000+02:00'
'7b2c4ca401ff23d739efa6a86aa6e2e66fab14b7'|'New Year, new high for euro zone stock markets'|'Business News - Mon Jan 2, 2017 - 5:31am EST New Year, new high for euro zone stock markets Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, December 30, 2016. REUTERS/Staff/Remote By Jemima Kelly - LONDON LONDON Euro zone stocks climbed to their highest in over a year on Monday - the first trading day of 2017 for those markets that were open - after data showed manufacturers in the currency bloc ramped up activity at the fastest pace in over five years. With all of Asia''s major markets closed for the New Year holiday - along with Britain and Switzerland in Europe - trade was thin, which analysts said could cause some volatility. The United States and Canada will also be closed. The euro zone''s blue-chip Euro STOXX 50 index rose half a percent to its highest since December 2015 after the purchasing managers'' index (PMI) for factories in the currency bloc came in at 54.9 - well above the 50 mark that separates growth from contraction. The euro, though, took no comfort from the figures, slipping 0.3 percent back below $1.05 after climbing to as high as $1.07 during a flash surge in low trading volumes in Asia on Friday. Analysts said that was mainly due to a resumption of an up-trend in the greenback that saw it surge to 14-year highs in December on the view the U.S. Federal Reserve will hike rates as many as three times this year, and that Donald Trump''s administration will stoke growth and inflation with a program of fiscal expansion. The dollar index - which measures the greenback against six major rivals - climbed 0.4 percent. "In the last days of 2016 we saw the dollar retreat somewhat, and there might be some sense of a correction from Europe this morning. I don''t see any fundamental drivers for the moves," said Commerzbank currency strategist Esther Reichelt, in Frankfurt. Italy''s top share index hit its highest level since January last year, outperforming other major European stock indexes, with a rally in its banks and a strong manufacturing report improving sentiment. Italy''s FTSE MIB index was up 1.3 percent by 1000 GMT after rising to its highest since January 15 of 2016. Germany''s DAX was up 0.9 percent at its highest in nearly 17 months, while France''s CAC was up 0.3 percent after hitting a 13-month peak earlier in the day. As European stocks climbed, a rally in risk appetite also pushed down the yields on lower-rated government bonds in the euro zone to multi-week lows. Italian, Spanish and Portuguese 10-year bond yields were down roughly 8 basis points each on the day. ISTANBUL ATTACK A gun attack in Istanbul that killed 39 people was seen having little impact on markets, with the Japanese yen - traditionally used as a safe haven - falling 0.3 against the dollar, close to an 11-month low. Islamic State claimed responsibility on Monday for the New Year''s Day mass shooting, which was carried out by a lone gunman in a packed nightclub in the Turkish city. "After all the big political shocks last year and muted market reaction, it is tempting to argue that the markets are very resilient," said Finland-based Nordea chief market strategist Jan Von Gerich. "I would say this is too optimistic an assumption and I think we will see more volatility this year." The Turkish lira slipped 0.4 percent after the attack to 3.5384 per dollar, close to a record low of 3.5840 lira touched in December. "The problem is that this once again stresses the increasing instability and the security issues, and we’re seeing tourist numbers going down, which will have a lasting negative impact on the Turkish economy...and that’s Turkish lira-negative," said Commerzbank''s Reichelt. Data released earlier in the day showed China''s manufacturing sector expanded for a fifth month in December, though growth slowed a touch more than expected in a sign that government measures to rein in soaring asset prices are starting to have a knock-on effect on the broader economy. The Chinese yuan suffered its biggest annual loss in more than 20 years in 2016, with an almost 7 percent fall making it the worst-performing currency in Asia. Digital currency bitcoin started the year by jumping above $1,000 for the first time since late 2013. (Additional reporting by Dhara Ranasinghe and Atul Prakash in London; Editing by Peter Graff) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN14M0G3'|'2017-01-02T17:31:00.000+02:00'
'29fc2c1f9cc0ca0241fa227b55796b0ce2b6935b'|'Whirlpool added insult to injury with parking charge'|'Having read your articles about the potential fire risk of Whirlpool tumble dryers, I contacted the firm to see if my Hotpoint machine was part of the recall. I had been told previously it was not, but decided to double-check. It said it had made a mistake and that it did require a fix – in itself not impressive. When I booked an engineer, however, I was told I would have to cover the parking costs at my flat, which I think adds insult to injury. It’s not a huge amount but I objected on principle. This is appalling customer service and may put off people from organising an essential modification for a potentially serious fire risk. Also, why should I have to pay for something that is a fault in Hotpoint’s manufacturing process? I would have thought Whirlpool would be trying to repair its reputation rather than passing on costs to customers. CE, Edinburgh The irony is that if you had taken up the offer of a new machine for £99 you would not have had to pay parking for the delivery van. We have been following this situation closely for the past year and also question the way Whirlpool is treating customers whose machines could burst into flames.We contacted the company, which has agreed to waive the parking charge. It said in a statement: “The safety of consumers is our number one priority, which is why we work hard to resolve all customer matters as quickly as we can. Our customer services team has contacted CE and can confirm that her concerns have been addressed.”What about everyone else though? There must be numerous customers whose machines have to be modified but who live in built-up centres and don’t necessarily have free parking outside their homes.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/02/whirlpool-hotpoint-safety-recall-tumble-dryer-parking-charge'|'2017-01-02T14:00:00.000+02:00'
'18720ea3dbaef2f3373aa8bfcc2fc641aec53af4'|'Retailer B&M reveals hearty Christmas trading period'|'The discount retail chain B&M has revealed a bumper Christmas trading period as cautious shoppers looked to save money.Sales rose 7.2% at the group’s UK established stores in the 13 weeks to Christmas Eve, with 1.1% of that lift coming from an extra day of trading. The company said underlying growth had increased thanks to strong seasonal product ranges and better service from one of the group’s two distribution centres, which had problems last year. Next''s gloomy 2017 forecast drags down fashion retail shares Read more Sales of gifts, decorations and confectionery performed particularly well and B&M, which is chaired by Sir Terry Leahy, a former boss of Tesco , told analysts it had to bring in sale stock early to meet customer demand.B&M’s chief executive, Simon Arora, said: “We have once again demonstrated the strength, relative appeal and popularity of our model at a time of uncertainty for consumers generally and continuing structural change in the retailing sector. We have delivered our best ever Christmas trading and served over 5.5 million customers in a single week in the UK alone as we continue to gain market share.”Total group sales rose 20.5% in the quarter to £789.1m as B&M opened 14 more stores in the UK, taking the total to 533, and seven more Jawoll stores in Germany, taking its total there to 73.Its shares rose 7% to 296.5p in morning trading on Wednesday, the best performer across the FTSE 100 and 250 indexes, as some analysts said they planned to upgrade their profit forecasts for the year. The strong sales at B&M – which Arora bought in 2005 with his brother – bode well for discounters despite talk of a fightback by the major supermarket chains before Christmas .David Jeary, an analyst at Canaccord Genuity, said: “B&M delivered the first positive surprise of the retail Christmas reporting season.” He said the group had enjoyed its strongest quarter since 2013 with a performance well ahead of the basically flat figures of the prior four quarters. Jeary, however, said it was surprising that B&M had indicated only that it was confident of meeting profit forecasts for the year, rather than beating them.“Clearly, the strength of Christmas trading has translated into improved management confidence. The lack of upgrade we believe stems from some natural management caution with regard to the remainder of the year,” he said.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/04/retailer-b-and-m-christmas-trading-period-strongest-quarter-since-2013'|'2017-01-04T02:00:00.000+02:00'
'4651c2a4013596c537f949e3634d21a3978a0f6d'|'Nikkei edges down as strong yen bites but supported by global gains'|'* US jobs data on Friday in focus for clues on US rate outlook* Takata soars for 4th day on hopes it will settle criminal charges with USBy Ayai TomisawaTOKYO, Jan 5 Japan''s Nikkei share average edged down on Thursday as a stronger yen hurt some exporters, but the downside was limited as strong U.S. shares supported overall sentiment.The Nikkei eased 0.1 percent to 19,568.93 points in midmorning trade after flirting with positive territory, while the broader Topix rose 0.2 percent to 1,557.06.The dollar slipped to 116.63 yen after having peaked at 118.605 on Tuesday as minutes from the U.S. Federal Reserve''s December meeting showed concerns that quicker economic growth under President-elect Donald Trump could require faster interest rate increases.U.S. stock investors took heart from the minutes, chasing the market higher overnight."A U.S. rate hike is positive for Japanese stocks as it is translated (as a sign of) a U.S. economic recovery. Investors cautiously stay focused on the release of U.S. jobs data this Friday," said Isao Kubo, an equity strategist at Nissay Asset Management.But he added that as the dollar-yen levels remain the main focus in the Japanese market, a rise in the yen can sour sentiment so trading is likely to be subdued throughout the day.Automakers languished after rising on the previous day. Toyota Motor Corp dropped 0.8 percent and Honda Motor Co shed 0.1 percent.On the other hand, drugmakers attracted buyers. Astellas Pharma rose 1.3 percent, while Shionogi & Co gained 2.1 percent.Takata Corp hit its daily-limit high for a fourth straight day on continued expectations that criminal charges with the U.S. Department of Justice on its defective airbags may settle this month.It later pared gains and was up 1.7 percent by late morning.The JPX-Nikkei Index 400 advanced 0.2 percent to 13,966.58. (Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1EV1DP'|'2017-01-04T23:22:00.000+02:00'
'cf3c0d00db53d2e3751e09f730db3ca5a24159e3'|'SE Asia Stocks-Gain on global cues; Philippines at near 2-mth high'|'Financials  41am EST SE Asia Stocks-Gain on global cues; Philippines at near 2-mth high By Ambar Warrick Jan 5 Southeast Asian stock markets ended higher on Thursday as overnight gains on Wall Street and a series of upbeat factory data from across the globe earlier in the week boosted sentiment. U.S. shares extended gains overnight, inching closer to the elusive 20,000 mark, while world stocks rallied on Thursday after strong Chinese data added to the optimism. Philippine shares rose 2.5 percent to end at their highest in nearly 2 months after the country''s central bank governor said he expected the economy to sustain growth momentum. ( bit.ly/2iGXgXt ) The index gained for a third straight session, aided by heavy foreign buying. Foreign investors net bought 727.9 million pesos worth of stocks on Thursday, compared with 184 million pesos in the previous session. "I think the optimistic picture painted by the economic planning team of the government had a hand in the market''s performance", said Jose Vistan of AB Capital Securities. "The BSP governor said fundamentals are expected to grow by 7 percent again this year, which should put the Philippines among the fastest growing countries among Southeastern markets". Industrial and financial stocks led the gains with SM Investments rising 6 percent to close at its highest level in over two months. Singapore gained 1.1 percent, with real estate and financial stocks pushing the index higher. DBS Group Holdings, the island state''s biggest bank by market value, rose 1.6 percent. "Both the U.S. markets as well as the Hong Kong markets are strong; Singapore is benefitting from strength in neighbouring markets", said an analyst from Singapore. Malaysia firmed up by 0.75 percent to close at a near two-month high, helped by a rally in financial and telcom shares. MayBank rose 1.36 percent. Thailand shares gained 0.5 percent to their highest close in 21 months, while Vietnam gained marginally. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: CHANGE ON DAY Market Current previous Pct Move close Singapore 2954.14 2921.31 1.12 Bangkok 1571.05 1563.58 0.48 Manila 7209.44 7030.95 2.50 Jakarta 5325.504 5301.183 0.46 Kuala Lumpur 1659.82 1647.47 0.75 Ho Chi Minh 675.81 674.7 0.16 Change so far this year Market Current End prev Pct Move yr Singapore 2954.14 2880.76 2.55 Bangkok 1571.05 1542.94 1.82 Manila 7209.44 6840.64 5.40 Jakarta 5325.504 5296.711 0.54 Kuala Lumpur 1659.82 1641.73 1.10 Ho Chi Minh 675.81 664.87 1.60 (Reporting by Ambar Warrick; Additional reporting Christina Martin in Bengaluru; Editing by Vyas Mohan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southeast-asia-stocks-idUSL4N1EV330'|'2017-01-05T17:41:00.000+02:00'
'62e9e9042a7149010be19bd415caa2a1e4263b35'|'Sharp to consider listing its LCD venture with Foxconn - Nikkei'|'Business   5:36am GMT Sharp to consider listing its LCD venture with Foxconn - Nikkei A logo of Sharp Corp is pictured at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2016 at the Makuhari Messe in Chiba, Japan, October 3, 2016. REUTERS/Toru Hanai/File Photo - TOKYO Japan''s Sharp Corp will consider an initial public offering for Sakai Display Products Corp, the LCD joint venture between it and Hon Hai Precision Industry Co (Foxconn) of Taiwan, the Nikkei business daily reported on Thursday. "We''ll think about it from here on," the Nikkei quoted an unnamed senior Sharp executive as telling reporters. The comment comes after the joint venture announced plans last week to build an $8.8 billion factory in China to produce liquid crystal displays. (Reporting by Chris Gallagher; Editing by Stephen Coates) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sakai-display-ipo-idUKKBN14P0C7'|'2017-01-05T12:36:00.000+02:00'
'716eb91cc53bb4dbd13d13b976c355f630c3ccd7'|'Deutsche Bank names Philippe Vollot as new anti-financial crime chief'|'Big Story 10  44am EST Deutsche Bank names Philippe Vollot as new anti-financial crime chief Germany''s Deutsche Bank headquarters are pictured in Frankfurt, Germany, October 5, 2016. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Bank has named Philippe Vollot as its new head of fighting financial crime, it said, replacing Peter Hazlewood who is leaving the post after just six months. Vollot, previously the lender''s Chief Operating Officer for regulation, compliance and anti-financial crime, has been with Germany''s biggest bank for more than 13 years, the bank said on Thursday in an internal memo seen by Reuters. Deutsche Bank wants to raise the number of staff in anti-financial crime operations by around 50 percent this year to more than 1,150 people, it said. Germany''s biggest bank is seeking to settle money-laundering allegations in Russia, faces further investigations into alleged U.S. sanction breaches in Iran and elsewhere, and into suspected manipulation of foreign exchange rates. (Reporting by Alexander Huebner. Writing by Andreas Cremer.) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-deutsche-bank-compliance-idUSKBN14P1QV'|'2017-01-05T21:40:00.000+02:00'
'3dcc6468540e3226344f0acb8a10edb8cc1ed9aa'|'Japan PM asks business leaders for wage hikes in 2017'|'Business News - Thu Jan 5, 2017 - 5:50am GMT Japan PM asks business leaders for wage hikes in 2017 Shinzo Abe, Japan''s prime minister, attends a working lunch with Vladimir Putin, Russia''s president, (not pictured), at the prime minister''s official residence in Tokyo, Japan, December 16, 2016. REUTERS/Tomohiro Ohsumi/Pool TOKYO Japan''s Prime Minister Shinzo Abe asked business leaders on Thursday to support a sustainable economic recovery by raising employee wages in the new year, in keeping with their policy of the last few years. "I thank you for the high-level wage increases over the past three years," Abe said in a speech at a New Year reception hosted by major business lobbies. "I would like to ask you to raise wages again this year, a wage hike that would be at least as big as last year''s. Only with wage increases that would not fall behind increases in prices, Japan can extricate itself from deflation and take the path for sustainable, strong economic growth." (Reporting by Kiyoshi Takenaka; Editing by Simon Cameron-Moore) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-abe-idUKKBN14P0EX'|'2017-01-05T12:50:00.000+02:00'
'f9f49afb6770cacb6dfba96bf9270f9742ba0d2d'|'Introducing Britain''s new EU ambassador'|'What you need to know about Britain''s new EU ambassador by Charles Riley @CRrileyCNN January 5, 2017: 4:50 AM ET 2016: The year of the Brexit vote Britain has a new man in Brussels. Prime Minister Theresa May has moved quickly to fill a key government vacancy, announcing the appointment of Tim Barrow as the country''s ambassador to the European Union after his predecessor''s controversial resignation. Barrow will play a key role in negotiating Britain''s exit from the EU, but he''ll need to get up to speed quickly: May has promised to trigger talks with Brussels by the end of March. Here''s what you need to know about the man stepping into one of the toughest jobs in Europe: Deep European experience Barrow is a career diplomat who most recently served as political director at the Foreign Office. He has also spent a five-year stint as ambassador to Russia and two years as Britain''s envoy in Kiev. The diplomat has a deep knowledge of Brussels, having done two tours of duty in Europe''s power center. He''s also seen as having an effective working relationship with Foreign Secretary Boris Johnson. Related: Why Brexit talks just got much harder for the U.K. Taking over after a storm Barrow will be replacing Ivan Rogers, another experienced diplomat whose sudden resignation this week resulted in a political firestorm. Rogers, who had been criticized by Brexit supporters, appeared to be frustrated by the government''s approach to Brexit talks. In a farewell note published by British media, Rogers encouraged his staff to continue to challenge "ill-founded arguments and muddled thinking." Prominent Brexit supporters quickly suggested that May choose a successor who fully supported Britain''s separation from the EU, a plan that drew a sharp rebuke from other politicians who said it was important to retain impartiality in civil service positions. Barrow, however, appears to be very much in the mold of his predecessor, having spent a career representing the U.K. Related: How prepared is Britain for Brexit? ''Practical'' and ''fearless'' Charles Crawford, a former ambassador who worked with Barrow, described him in a radio interview as "someone who''s very practical." "Tim will be fearless .. in putting to ministers the choices," Crawford said. "But they have to take the decisions." Major questions remain about the government''s priorities for Brexit negotiations, a reality made clear by Rogers'' goodbye note to staff. "We do not yet know what the government will set as negotiating objectives for the U.K.''s relationship with the EU after exit," he wrote. CNNMoney (London) First published January 5, 2017: 4:35 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/05/news/brexit-tim-barrow-uk-ambassador-eu/index.html'|'2017-01-05T16:50:00.000+02:00'
'c15ee669120189cea8040e6f290ad3b4f3ec878b'|'UPDATE 1-GM''s China vehicle sales rise 7.1 pct y/y in 2016'|'Company  33am EST UPDATE 1-GM''s China vehicle sales rise 7.1 pct y/y in 2016 * GM, local JVs sold 3.9 mln vehicles in China last year * Budget Baojun brand sales jump 49 percent (Adds Baojun, context) By Jake Spring BEIJING, Jan 5 General Motors Co and its joint venture partners sold 3.87 million vehicles in China in 2016, up 7.1 percent from the previous year, cementing the country''s position as the U.S. automaker''s top market for a fifth consecutive year. GM did not immediately provide its December sales figures for China, the world''s largest auto market. Sales of GM''s budget Baojun brand, developed for China with JV partners SAIC Motor and Guangxi Automobile Group, that surged nearly 50 percent last year helped drive growth. GM has pledged to introduce more models in the fast growing sport-utility vehicle and multi-purpose vehicle segments by 2020. Global automakers like GM recorded stronger-than-expected sales last year in China, buoyed by the country''s move to cut taxes on small-engine cars. Demand for cars surged throughout the second half of last year as consumers sought to buy ahead of a planned expiry of the tax incentive at the end of 2016. The tax cut, which halved the purchase tax on cars with engines of 1.6 litres or smaller to 5 percent, is now being rolled back and will rise to 7.5 percent this year before returning to 10 percent in 2018 - a move analysts say will prevent a steep drop in sales growth. GM produces vehicles in China through a joint venture with SAIC, the country''s largest automaker, as well as a three-way tie-up with SAIC and Guangxi Automobile Group, formerly known as Wuling Motors. (Reporting by Jake Spring; Editing by Himani Sarkar) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gm-china-sales-idUSL4N1EV24N'|'2017-01-05T13:33:00.000+02:00'
'76998450cd95998f29b60f67bd7bea4d1955e1dc'|'Egypt''s Finance Ministry to issue $800 mln 1-year dollar-denominated T-bill'|'Financials - Thu Jan 5, 2017 - 11:19am EST Egypt''s Finance Ministry to issue $800 mln 1-year dollar-denominated T-bill CAIRO Jan 5 Egypt''s Finance Ministry will issue $800 million in one-year dollar-denominated treasury bills to local banks and foreign financial institutions on January 9, the central bank said in a statement on Thursday. The auction deadline is Jan. 9, 2017, and the maturity date for the issuance is Jan. 9, 2018, the statement said. The government has turned mainly to the local money market to finance its public deficit since a popular uprising in early 2011 that deterred many foreign investors. (Reporting by Asma Alsharif; Editing by Dominic Evans) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/egypt-debt-treasuries-idUSL5N1EV4EU'|'2017-01-05T23:19:00.000+02:00'
'a4252289741ffbae9b6f5e4905b3e5f2af928735'|'Indian shares rise, tracking regional markets'|'Financials - Thu Jan 5, 2017 - 2:00am EST Indian shares rise, tracking regional markets * NSE, BSE indexes up about 0.9 pct * Financials, auto stocks lead gains By Samantha Kareen Nair Jan 5Indian shares rose on Thursday, tracking gains in regional markets on upbeat global economic data and an overnight bounce in oil prices, with investors cautiously optimistic ahead of quarterly results and the federal budget. MSCI''s broadest index of Asia-Pacific stocks outside Japan rose more than 1 percent, extending a rally that has seen it gain 2 percent in the opening days of 2017. India''s benchmark BSE index hit its highest in nearly two months, while the broader NSE index hit a near one-month high. Traders said the Indian market would ultimately be driven by corporate earnings, with Tata Consultancy Services and Infosys scheduled to post their quarterly results on Jan. 12 and Jan. 13, respectively. India is also gearing up to its annual budget, and investors hope Prime Minister Narendra Modi''s government would keep spending under control and promote growth after its move to ban higher-value banknotes paralysed large parts of the economy. "The budget is expected to be fiscally disciplined, with hopes that the government may take measures to boost economic recovery post the demonetisation impact," said Tirthankar Patnaik, India strategist at Mizuho Bank. "The key driver for markets will be earnings growth. Due to the impact of demonetisation, we believe that earnings growth numbers will pare down initially." The broader NSE index was up 0.92 percent at 8,266.4 as of 0626 GMT, after touching its highest since Dec. 9 earlier in the session. The benchmark BSE index was 0.87 percent higher at 26,865.1, after hitting its highest since Nov. 11. All sectors on the NSE index rose, with financials and auto stocks gaining the most. ICICI Bank and State Bank of India rose more than 1 percent, while Tata Motors and Hero MotoCorp rose over 3 percent and 2 percent, respectively. (Reporting by Samantha Kareen Nair in Bengaluru; Editing by Amrutha Gayathri) Next In Financials UPDATE 1-Turkey''s Dogan Holding says two detained in police raids in Gulen-linked probe ISTANBUL, Jan 5 Turkish police detained the chief legal advisor and a former chief executive of Dogan Holding, one of the country''s biggest conglomerates, on Thursday in a probe into the network of a U.S.-based cleric blamed for a failed coup, sending its shares tumbling.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-stocks-idUSL4N18S3JT'|'2017-01-05T14:00:00.000+02:00'
'1afb5d8c65430a0274b6f949a2d632f6c0d91b31'|'Exclusive: Nissan halts joint development of luxury cars with Daimler - sources'|'Thu Jan 5, 2017 - 5:15pm GMT Exclusive: Nissan halts joint development of luxury cars with Daimler - sources Carlos Ghosn, Chairman and CEO of Nissan, introduces the 2017 Infiniti Q60 at the North American International Auto Show in Detroit, Michigan, January 11, 2016. REUTERS/Gary Cameron By Laurence Frost - PARIS PARIS Nissan is halting joint development of luxury cars with Daimler''s Mercedes-Benz, sources close to the companies told Reuters, suspending a key project in their seven-year partnership and potentially hitting profitability at a new shared factory in Mexico. Nissan ( 7201.T ) decided in October its premium Infiniti brand would not use "MFA2", an upgraded Daimler ( DAIGn.DE ) car platform that the companies have jointly funded, in part because Infiniti was not performing well enough to absorb Mercedes technology costs, the sources said. "It wasn''t possible to close a deal on the basis of MFA2," said one of the people. "The targets set by Infiniti were too difficult to achieve." The move could reduce efficiency at a $1 billion shared factory opening this year in Aguascalientes, Mexico, where the companies had planned to use the same compact car architecture to cut complexity and production costs, two of the sources said. It could also ultimately force Nissan to write down part of a 250 million pound ($306 million) investment at its UK plant that included Mercedes-based tooling, they added. Daimler and Nissan pursue joint programs only when "beneficial for both sides", the companies said in separate statements to Reuters, without directly addressing emailed questions about their plans for MFA2 vehicles. Projects are constantly reviewed against targets to account for "developments beyond the control of management", they added, and discussions about joint development of future premium compact cars are ongoing. Nissan''s decision deals a blow to the broad cooperation deal struck between Renault-Nissan boss Carlos Ghosn and his Daimler counterpart Dieter Zetsche in 2010. It also underscores the mixed results of Nissan''s battle over almost three decades to transform Infiniti into a significant global player in the lucrative luxury car market. The decision predates Donald Trump''s election as the next U.S. president, the sources said, and was unrelated to campaign vows to penalize Mexican imports that have rattled the auto industry. Ford ( F.N ) on Tuesday scrapped a planned compact car plant in the country. Nissan and Daimler are pushing ahead with Aguascalientes, where they will build Infiniti and Mercedes models for the U.S. and other markets from a single assembly line opening in 2017. The project nonetheless faces weakening U.S. demand for smaller cars that contributed to Ford''s cancellation and has further raised profitability hurdles for new Infiniti compacts. Persistently low oil prices accelerated the market shift to larger vehicles in 2016, Ford sales chief Mark LaNeve said on Wednesday. "All the growth was SUVs and trucks." PREMIUM STRUGGLE Infiniti has struggled outside the United States, last year selling 16,000 vehicles in Western Europe and 230,000 globally - less than 5 percent of Nissan''s overall tally and barely one-tenth of Mercedes''s expected 2 million deliveries. The first Infiniti appeared in 1989, the same year as the launch model for Toyota''s ( 7203.T ) upscale Lexus brand - which has since grown three times bigger by sales. Modern carmakers pursue economies of scale by increasing the number of models built on each underlying platform - an adaptable chassis accommodating different body sizes, engines and alternative component sets for every part of the vehicle. The retreat on luxury compacts leaves intact the sharing of engines between Infiniti and Mercedes, and small cars between Renault and Daimler''s Smart. The three groups also collaborate on vans and pickups. But joint premium car development for Mexican production was "one of the largest projects between the Renault-Nissan alliance and Daimler", Ghosn said when unveiling the program in 2014. A year later, after upgrading its plant in Sunderland, England, Nissan began building the Infiniti Q30 hatchback on the current MFA architecture developed for the Mercedes A-Class and derivatives. The plant added the QX30 SUV in 2016, extending Infiniti''s push into smaller vehicles. Nissan has now ditched plans to use the updated Mercedes platform for successors to those models planned for Aguascalientes, the sources said - or for any future Infinitis. Other cancellations include a compact Mercedes-based Infiniti Q40 sedan earmarked for the plant in 2018. Instead the single, less efficient assembly line will build Mercedes cars including an A-Class sedan and subsequent mini-SUV alongside Infiniti vehicles based on Renault-Nissan architecture, starting with a new QX50 SUV this year. PRICING POWER Nissan was forced to conclude that the Infiniti brand would not command the higher prices required to turn a profit on vehicles stuffed with Mercedes technology, one source explained. "One of the lessons learned is that if you have the costs of a luxury vehicle but not the pricing, it''s hard to be profitable," he said. Nissan may end up writing down some Sunderland investment in Mercedes-based tooling that had been intended to outlast the current Q30 and QX30, people with knowledge of the matter said. The company is still paying its share of MFA2 development costs running to hundreds of millions of euros for a platform it no longer plans to use, they said, but will leave Daimler with a higher share of some production costs in Aguascalientes. The setback may also show the limits of Ghosn''s consensual approach to economies of scale as head of both Renault ( RENA.PA ) and Nissan, whose 18-year-old alliance is underpinned by significant cross-shareholdings. The slow pace of integration has contributed to upheaval at the recently created alliance powertrain division, charged with converging Renault and Nissan engineering. Plans to build Infinitis on Mercedes technology had encountered resistance at Nissan from the start, one source said. "Once again, Ghosn has been unable to break through the wall of engineers to force commonality." (Additional reporting by Joe White in Detroit and Edward Taylor in Frankfurt; Editing by Mark Potter) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-nissan-daimler-idUKKBN14P22Z'|'2017-01-06T00:11:00.000+02:00'
'75812fb690c1264a1b44d836e6b8ad3bb58570df'|'UPDATE 1-Singapore files 16 charges against Falcon branch manager amid 1MDB-linked probe'|'Energy  51am EST UPDATE 1-Singapore files 16 charges against Falcon branch manager amid 1MDB-linked probe * Swiss national is first foreigner charged in relation to 1MDB * Charges: false statements, failure to disclose suspect deals * Lawyer says branch manager intends to plead guilty next week * 1MDB-tied probe is Singapore''s biggest against money laundering (Adds details of the charges) By Fathin Ungku SINGAPORE, Jan 5 Singapore prosecutors on Thursday filed 16 charges against the local branch manager of Swiss-based Falcon Private Bank AG, as part of an ongoing investigation tied to scandal-hit state investment fund 1Malaysia Development Bhd (1MDB). The bank, which is also under investigation at home, was the second Swiss lender whose Singaporean unit was ordered to cease operations last year after BSI Bank Ltd. The action came as the city-state tried to repair the reputation of its financial centre which played host to some 1MDB-related activity. 1MDB, founded by Malaysia''s Prime Minister Najib Razak, is the subject of money laundering investigations in at least six countries, including Switzerland, Singapore and the United States. U.S. investigators traced nearly $700 million that was sent from an account at Falcon in Singapore in 2013 to accounts in Malaysia belonging to "Malaysian Official 1", which U.S. and Malaysian officials have told Reuters refers to Najib. Najib, who also chaired 1MDB''s advisory board, has denied wrongdoing and said Malaysia will cooperate with international investigations. 1MDB has also denied wrongdoing. In Singapore on Thursday, prosecutors filed 10 charges of providing false information, five charges of failing to disclose suspicious information and one charge of failing to submit suspicious transactions against Swiss national Jens Sturzenegger, who headed Falcon''s local branch. Falcon is owned by Abu Dhabi''s International Petroleum Investment Co PJSC . The charge sheet states Sturzenegger, who was arrested in October, gave false information to officials at the Monetary Authority of Singapore and Singapore Police Force''s Commercial Affairs Department. In one instance, Sturzenegger said he became aware of Malaysian financier Low Taek Jho through press articles though he knew him "in person", the charge sheet showed. Singapore authorities previously identified the financier, commonly known as Jho Low, as a person of interest in 1MDB-related investigations. Low is also named in civil lawsuits filed by the U.S. Department of Justice, which allege more than $3.5 billion was misappropriated from 1MDB. Authorities in Singapore have frozen Low''s assets though the 34-year-old has not been charged with any offence related to 1MDB. Reuters could not reach Low for comment. Falcon''s Sturzenegger intends to plead guilty at a hearing on Jan. 11, his lawyer Tan Hee Joek from Tan See Swan & Co told the court. It was not immediately clear on which charges he would plead guilty. Singapore last year jailed three ex-BSI bankers, seized assets and sanctioned several lenders in what it has called its most complex, sophisticated and largest money-laundering case. (Reporting by Fathin Ungku; Editing by Christopher Cushing) Next In Energy'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/malaysia-scandal-falcon-idUSL4N1EV1S7'|'2017-01-05T12:51:00.000+02:00'
'b41e8b90c6ed5621f617f3e96339bfe7d9a44fb5'|'PureCircle warns on H1 profit as U.S. shipment seizure bites'|'  7:54am GMT PureCircle warns on H1 profit as U.S. shipment seizure bites Sweetener maker PureCircle Ltd ( PURE.L ) said the detainment of shipments of its low-calorie sweetener stevia in the U.S. would lead to a 14 percent drop in first-half group sales. In June, U.S. Customs had seized shipments of stevia extracts brought into the country by PureCircle from China after it obtained information that they are produced by convict labour. The company said it expects group gross profit for the first half to fall 19 percent to $18 million and a $5 million drop in core earnings to $8 million. PureCircle had said in June that the detention of stevia in the U.S. could impact sales and profit. The U.S. market accounts for one-third of the company''s sales. (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-purecircle-outlook-idUKKBN14P0NC'|'2017-01-05T14:54:00.000+02:00'
'9f66f01a0d0a0da9fa314904d774e80570dac946'|'China services sector activity rises to 17-month high in December - Caixin PMI'|'  2:05am GMT China services sector activity rises to 17-month high in December: Caixin PMI A cook delivers a fried rice with pineapple from the kitchen at Dim Sum Icon restaurant in Hong Kong, China July 25, 2016. Picture taken July 25, 2016. REUTERS/Bobby Yip BEIJING Growth in China''s services sector accelerated to a 17-month high in December, a private survey showed, adding to views that the world''s second-largest is entering the new year with stronger momentum. The strong pick-up mirrored improvements in manufacturing surveys earlier this week, as market watchers debate whether China''s leaders will settle for a more modest growth target this year in order to focus on more pressing issues such as an explosive growth in debt. The services PMI rose to 53.4 in December on a seasonally adjusted basis from 53.1 in November, the Markit/Caixin services purchasing managers'' index (PMI) showed. The December reading was the highest since July 2015, and well above the 50-mark that demarcates expansion in activity from contraction on a monthly basis. New business for services firms also rose at the fastest pace in 17 months, while business expectations were at a 4-month high, though an employment sub-index remained stubbornly weak and input prices rose the fastest in nearly two years. Companies surveyed said that higher raw materials prices were the biggest factor in higher prices, but strong competition meant they weren''t able to pass along higher costs to customers, pointing to pressure on profit margins. An index of prices charged held basically stable at 50.5 in December. Caixin''s composite PMI covering both the manufacturing and services sectors matched a near 4-year high of 53.5 in December from the previous month''s 52.9, pointing to solid and more balanced growth for the economy overall. The upbeat findings broadly echo those of official and private manufacturing surveys earlier this week that showed improving conditions across broad sectors of the economy. "The Chinese economy performed better in the fourth quarter than in the previous three quarters," Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, said in a note with the report, adding that full-year growth was certain to meet the government''s target of 6.5-7 percent. China is slowly making progress in shifting its economic growth model away from a heavy reliance on exports and investment, with consumption contributing 71 percent of growth in the first nine months of 2016. But auto sales are forecast to slow to single-digit growth this year, home sales are on a downward trend and even China''s red-hot film industry grew only 3.7 percent last year. Even as fears of an economic hard landing have greatly diminished, other risks have become more pronounced. The foreign trade environment looks increasingly uncertain amid threats by U.S. President-elect Donald Trump to slap tariffs on China''s shipments into its largest export market, and to brand Beijing a currency manipulator. Credit is growing significantly faster than GDP and likely hit a record high last year, while speculation in housing, commodities and even government debt markets have raised the risks of asset bubbles as overall leverage in the economy is still rising. These risks have led to expectations that financial and monetary conditions will be tighter this year, while pressure from a weakening yuan and capital outflows will also keep the focus on risk containment at the expense of growth. "All known macroeconomic risks of China are still elevated. Persistent loss of foreign reserves, rising debt-to-GDP ratio, the risk of bubble burst in the property market, and the liquidity crunch in the domestic bond market etc will continue to work in unison to pressure economic growth lower," DBS said in a note on Wednesday. "It is no coincidence that the leadership is reportedly to accept even slower growth this year." (Reporting by Elias Glenn; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-pmi-services-caixin-idUKKBN14P05A'|'2017-01-05T08:51:00.000+02:00'
'0bd356e993b1363943ebf75116ec1d9bb81701b2'|'MOVES-UBS appoints ex-Commerzbank exec Bonacker as its new strategy chief'|'Financials  36pm EST MOVES-UBS appoints ex-Commerzbank exec Bonacker as its new strategy chief ZURICH Jan 5 UBS has appointed former Commerzbank executive Michael Bonacker as its new head of group strategy, the bank said on Thursday, confirming an earlier report in German business magazine Manager. Bonacker joins Switzerland''s biggest lender from German private bank BHF-Bank, where he was head of asset management and corporate banking. Before that he was head of group development and strategy at Commerzbank, Germany''s second largest bank, where he was involved in shaping its direction following the financial crisis. At UBS Bonacker will take charge of Group Corporate Development & Performance, succeeding Dierk von Schuckmann who will become Chief Financial Officer at Asset Management. "Michael will join the Finance Executive Committee and will be based in Zurich," an internal memo seen by Reuters said. A UBS spokeswoman confirmed the memo to Reuters. Bonacker follows Martin Blessing, who has taken over the leadership of UBS''s Swiss business, as another prominent Commerzbank executive to join UBS. (Reporting by Angelika Gruber, writing by John Revill, editing by David Evans) Next In Financials UPDATE 1-France''s far-right FN scrambles to raise cash for election battle PARIS, Jan 5 France''s far-right National Front is struggling to raise millions of euros it needs to fund its presidential election campaign, but leader Marine Le Pen vowed: "We will find one bank somewhere in the world that is willing to lend us that money."'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/moves-creditsuisse-bonacker-idUSL5N1EV4MB'|'2017-01-06T00:36:00.000+02:00'
'6eb5808df8517518733fe7d430727b3bf36645c5'|'Kuwait''s Equate Petrochemical to launch dollar sukuk soon - sources'|'By Davide Barbuscia and Tom Arnold - DUBAI DUBAI Jan 5 Kuwait''s Equate Petrochemical ( IPO-EQUP.KW ) is expected to launch in the first quarter, and potentially as soon as this month, a U.S. dollar sukuk issue, sources familiar with the situation said on Thursday.The potential sukuk issue would be part of the company''s $2 billion sukuk programme, and would follow Equate''s debut $2.25 billion conventional bond sale last October.The petrochemical producer, a joint venture involving Petrochemical Industries Co and the Dow Chemical Co, has not officially appointed banks to manage the sukuk sale, but the banks which led Equate''s previous bond transaction are very likely to arrange the new deal, the sources said.Telephone calls to Equate''s offices in Kuwait seeking comment were not answered.The company''s $2.25 billion bond, consisting of a $1 billion long five-year bond maturing in 2022 and a $1.25 billion 10-year bond, was arranged by Citi, HSBC, JP Morgan and NBK Capital.In June 2016 Equate took out a $5 billion syndicated loan, while in 2015 it raised $6 billion of bridge financing, which was mostly used to pay for the acquisition of the petrochemical company MEGlobal from Dow Chemical. The $6 billion loan was arranged by Citi, HSBC, JP Morgan, Kuwait Finance House and National Bank of Kuwait.Kuwait Finance House, a sharia-compliant lender, could be involved in Equate''s sukuk issue alongside its international relationship banks, said one source.In December, Moody''s gave a Baa2 rating to Equate''s sukuk programme, which matches the issuer rating of Equate itself. (Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/equate-sukuk-idINL5N1EV32L'|'2017-01-05T10:06:00.000+02:00'
'a2f9160419fdd0ef4ad35c928aeb19aa67f525c0'|'U.S. jury orders DuPont to pay $10.5 mln in punitive damages over leaked chemical'|'Company   10:45am EST U.S. jury orders DuPont to pay $10.5 mln in punitive damages over leaked chemical Jan 5 A U.S. jury in Ohio on Thursday ordered DuPont to pay $10.5 million in punitive damages to a man who said he developed testicular cancer from exposure to a toxic chemical leaked from one of the company''s plants, according to the plaintiff''s lawyer Robert Billott. The federal jury awarded Kenneth Vigneron $2 million in compensatory damages in December. This is the third time jurors in Columbus, Ohio federal court have found DuPont liable for individuals'' injuries linked to perfluorooctanoic acid, known as PFOA or C-8, which is used to make Teflon. (Reporting by Erica Teichert; Editing by Bernadette Baum) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/du-pont-verdict-idUSL1N1EV0Y5'|'2017-01-05T22:45:00.000+02:00'
'b9bef7af7604b2f02f29e927d8df38f532d4b59a'|'Persimmon shrugs off Brexit uncertainty to post sales, revenue rise'|'Business News -  16am GMT Persimmon shrugs off Brexit uncertainty to post sales, revenue rise A sign is displayed at a Persimmon construction site in Dartford, southern Britain August 21, 2015. REUTERS/Neil Hall/Files LONDON Britain''s second-biggest housebuilder by volume Persimmon ( PSN.L ) said sales had risen 15 percent since Britons voted in June to leave the European Union but that it would be hard to better last year''s strong performance in 2017. Persimmon, which built 15,171 homes across Britain last year, also posted an expected 8 percent rise in 2016 revenue to 3.14 billion pounds and said profits for the year would be at the top-end of expectations. Pre-tax profit for 2016 is forecast to rise nearly 20 percent to 755 million pounds, according to a Thomson Reuters poll of 12 analysts. Persimmon said it built 7,933 homes in the six months to the end of December but it did not give a sales figure in its trading update on Thursday. But it said the strong demand seen in 2016 would be difficult to beat this year. "We''re not anticipating big growth," Chief Executive Jeff Fairburn told Reuters. "The first part of the year was a very good trading time for us in terms of sales so I think the comparables are going to be quite tough...and perhaps a bit of uncertainty about trading," he said. An increase in stamp duty property tax introduced in April last year encouraged some buyers to push forward their sales to the first three months of the year, boosting sales in the period, according to a number of surveys. Persimmon said it would continue to buy land for future developments, one of the biggest costs borne by a housebuilder, but added that uncertainty created by the June 23 referendum outcome might affect its decision-making. (Reporting by Costas Pitas, Editing by Paul Sandle and Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-persimmon-idUKKBN14P0OP'|'2017-01-05T15:16:00.000+02:00'
'8d15b03820bd4463bd4c6b93bc193718b069c3ce'|'LPC-CVC''s Corialis buy backed with 635m-equivalent loan'|'New Issues News  04am EST LPC-CVC''s Corialis buy backed with 635m-equivalent loan By Claire Ruckin and Hannah Brenton - LONDON LONDON Jan 5 CVC Capital Partners'' buyout of Belgian aluminium systems manufacturer Corialis will be backed with a 635m-equivalent leveraged loan, banking sources said on Thursday. Credit Suisse, Rabobank and UBS are physical bookrunners, while BNP Paribas and Deutsche Bank are bookrunners on the financing, the sources said. The loan is expected to launch for syndication to investors within the next couple of weeks, the sources said. The financing is split between a 505m-equivalent first-lien tranche, including a 150m sterling-denominated carve out as well as a 130m-equivalent sterling-denominated second-lien tranche, pre-placed with Park Square Capital, MV Credit and EQT. CVC was not immediately available to comment. MV Credit and EQT declined to comment. CVC announced on December 9 it had entered into exclusive negotiations with Advent International to acquire Corialis. Corialis is a supplier of aluminium systems for windows, doors, conservatories and curtain walls across countries including Belgium, France, the UK and Poland. (Editing by Christopher Mangham) Next In New Issues News REFILE-ICAP completes broking sale to Tullett LONDON, Dec 30 (IFR) - ICAP has completed the sale of its global hybrid broking operations and began trading as a more streamlined company called NEX Group on Friday. Tullett Prebon, which acquired the operations in an all-share deal worth £1.28bn, started trading as TP ICAP.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/corialis-loans-idUSL5N1EV31G'|'2017-01-05T20:04:00.000+02:00'
'3853d39241785274ba09b1168c23a81cc3f29f0d'|'German real wages rose less sharply in 2016 due to inflation - study'|'Business News -  28am GMT German real wages rose less sharply in 2016 due to inflation - study BERLIN Real wages for German workers with collective agreements rose less sharply in 2016 than in the previous two years, a study showed on Thursday, suggesting consumers'' purchasing power is being hit by rising inflation. That could weaken future domestic support for overall economic output at a time when Europe''s biggest economy is increasingly relying on private consumption to propel growth. Household spending has become the most important driver of economic expansion in Germany as consumers are benefiting from record-high employment, increased job security, rising wages and low borrowing costs. The study by the Institute of Economic and Social Research (WSI) showed nominal wages for the roughly 19 million workers with collective agreements rose by 2.4 percent on average in 2016. Since the national inflation rate (CPI) rose to 0.5 percent last year, real wages increased by only 1.9 percent in 2016, the WSI study said. That is a weaker increase than in the previous two years. Real wages of workers with collective agreements rose by 2.4 percent in 2015 and by 2.2 percent in 2014. The next round of wage negotiations starts on Jan. 18, when Verdi, Germany''s biggest white collar union, is set to demand a 6 percent pay hike for more than 2 million civil servants and other public sector employees at the regional level. The government expects soaring private consumption and increased state spending to have propelled overall growth to 1.8 percent in 2016, the strongest GDP expansion in five years. For 2017, Berlin predicts a slowdown to 1.4 percent due to weaker exports and fewer working days. With inflation expected to jump to 1.5 percent this year due to rising energy prices, that would further weaken consumers'' purchasing power. (Reporting by Rene Wagner and Michael Nienaber; Editing by Catherine Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-wages-idUKKBN14P17E'|'2017-01-05T18:28:00.000+02:00'
'4732e621e58bc519c2cff880529ff84a9becd551'|'Initial Samsung production target is 10 million Galaxy S8 phones - media'|'  7:26am GMT Initial Samsung production target is 10 million Galaxy S8 phones: media Tim Baxter, president and COO of Samsung Electronics America, speaks during a Samsung Electronics news conference at the 2017 CES in Las Vegas, Nevada January 4, 2017. REUTERS/Steve Marcus SEOUL Samsung Electronics Co Ltd ( 005930.KS ) has set an initial production target of 10 million Galaxy S8 smartphones, South Korea''s Electronic Times reported on Thursday, citing unnamed sources. Samsung is counting on the S8 to rejuvenate sales after it scrapped the Galaxy Note 7 smartphones last year in one of the biggest product safety failures in tech history. The firm has yet to disclose what caused some Note 7 phones to catch fire on their own. The newspaper said the world''s top smartphone maker would start production in March and planned to start selling them in April. Galaxy S7 phones went on sale in March last year. A Samsung spokesman said the company did not comment on speculation. (Reporting by Se Young Lee; Editing by Nick Macfie)   Ford expands Alexa use, heating up auto personal assistant battle LAS VEGAS Ford Motor Co is expanding the use of Amazon.com Inc''s Alexa personal assistant in its vehicles to allow drivers to talk to their cars - demanding anything from a nearby cheeseburger to a weather forecast - marking a leap by the Detroit automaker to incorporate a technology initially targeted for home use.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-samsung-elec-smartphones-idUKKBN14P0LF'|'2017-01-05T14:24:00.000+02:00'
'1aa822676df337217788309a592c99ae1d7c89b6'|'China''s choices narrowing as it burns through forex reserves to support yuan'|' 11am GMT China''s choices narrowing as it burns through FX reserves to support yuan A 100 yuan banknote (R) is placed next to a $100 banknote in this picture illustration taken in Beijing November 7, 2010. REUTERS/Petar Kujundzic By Nichola Saminather - SINGAPORE SINGAPORE As China''s foreign exchange reserves threaten to tumble below the critical $3 trillion mark, the biggest fear for investors is not whether Beijing can continue to defend the yuan but whether it will set off a vicious cycle of more outflows and currency depreciation. Data this week is expected to show China''s forex reserves precariously perched just above $3 trillion at end-December, the lowest level since February 2011, according to a Reuters poll. While the world''s second-largest economy still has the largest stash of forex reserves by far, it has been churning through them rapidly since August 2015, when it stunned global investors by devaluing the yuan and moving to what it promised would be a slightly freer and more transparent currency regime. Since then, authorities have repeatedly intervened to support the yuan when it weakened too sharply, burning through half a trillion dollars of reserves and prompting them to sell some of their massive holdings of U.S. government bonds. They also have put a tightening regulatory chokehold on individuals and businesses who want to move money out of the country, while denying they were imposing new capital controls. Concerns over the speed with which China is depleting its ammunition are swirling, with some analysts estimating it needs to retain a minimum of $2.6 trillion to $2.8 trillion under the International Monetary Fund''s adequacy measures. "There has been quite a bit of anxiety and speculation because the way many people in China talk about it is ‘will the government defend the 7-per-dollar level or the 3 trillion dollars'',” said Louis Kuijs, head of Asia economics at Oxford Economics in Hong Kong. China stepped into both its onshore and offshore yuan markets this week to shore up the yuan as it neared the 7 level, sparking speculation that it wants to regain a firm grip ahead of the Jan. 20 inauguration of U.S. President-elect Donald Trump, who has threatened to brand Beijing a currency manipulator. But if forex reserves continue to be depleted at a fast pace and capital flight continues, some strategists believe China''s leaders may have little choice but to sanction another big "one-off" devaluation. That could set off competitive currency devaluations by other struggling emerging economies, even as the world braces for greater trade protectionism under Trump. MORE CONTROLS To slow the yuan''s decline without depleting reserves at an ever faster pace, analysts and economists expect authorities to turn to even tighter regulatory measures, including more scrutiny of outbound investments, overseas lending and export revenues, and closing loopholes in existing capital controls. But as fast as authorities jump to control one exit ramp, others may open up unless Beijing can reverse the market''s mind-set that the yuan is on a one-way depreciation path. "It doesn''t matter if there''s actually enough reserves or not," said Joey Chew, Asia foreign exchange strategist at HSBC, who believes China doesn''t need a buffer of more than $2 trillion. "If people think there won''t be enough they''ll try to get out and it becomes a self-fulfilling mechanism. "The authorities are already aware that trying to run down reserves will be counterproductive, which is why they''re relying on regulatory controls," she added. As recently as last week, authorities introduced requirements for financial institutions to report all single domestic and overseas cash transactions of more than 50,000 yuan ($7,212.72) from July onwards, down from 200,000 yuan previously. The authorities also stepped up scrutiny on individual foreign currency purchases, although they kept the $50,000 annual individual quota in place. "Previously, capital controls had been relatively loose and authorities had turned a blind eye to individual forex purchases because of abundant foreign exchange reserves," said Jerry Hu, an economist at Shanghai Securities. "But they are now strengthening supervision in order to change expectations." With regulators also pledging to increase scrutiny of major outbound deals, "it''s not impossible to see that we''ll see further moves in that area," Kuijs said. China could also encourage its domestic exporters to convert more of their earnings into yuan, HSBC''s Chew said. Chew believes new capital controls are unlikely. “There are a lot of controls already,” she said. “They were maybe not as strictly enforced, so they’ll focus on improving that. But the tweaks may not be enough. We still expect capital outflows and we still expect RMB depreciation.” Dwyfor Evans, head of Asia-Pacific macro strategy at State Street Global Markets, also feared authorities may be limited in how they respond. “Chinese officials have few policy options,” he said. “If they allow faster depreciation, this will only spur pressures for greater outflows. And a one-off devaluation risks a repeat of the market turbulence evidenced twice in the past 18 months." (Additional reporting by Kevin Yao in BEIJING; Editing by Vidya Ranganathan and Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-forex-reserves-analysis-idUKKBN14P0QV'|'2017-01-05T16:05:00.000+02:00'
'041877f90576434419508c84112697d6bd71bf4b'|'UK Stocks-Factors to watch on Jan 5'|'Jan 5 Britain''s FTSE 100 index is seen opening flat to 4 points higher, or up as much as 0.06 percent, on Thursday, according to financial bookmakers. * The UK blue chip index closed slightly firmer at 0.17 percent higher at 7,189.74 points, near a record high, on Wednesday as a rally in housebuilders was offset by a slump in retailers after Next issued a profit warning. * BARCLAYS: A former Barclays Plc trader pleaded guilty on Wednesday to U.S. charges arising from a global investigation into the manipulation of foreign-exchange prices at major banks, the U.S. Department of Justice said. * BHP BILLITON: Workers at BHP Billiton-owned Escondida, the world''s biggest copper mine, could go on strike in February if collective contract talks with the company are unsuccessful, union spokesman Carlos Allende told Reuters on Wednesday. * GLENCORE: Russian state holding company Rosneftegaz closed a deal with the Qatar Investment Authority (QIA) and commodities trader Glencore to sell a 19.5 percent stake in state-owned oil major Rosneft, Rosneft said on Wednesday. * EX-DIVS: BT Group, Dixons Carphone and Experian will trade without entitlement to their latest dividend pay-out on Thursday, trimming 2.15 points off the FTSE 100 according to Reuters calculations * UK ECONOMY: Britain''s economy retained its momentum through the final months of 2016, but inflation pressures mounted at the fastest pace since records began almost 20 years ago, a major business survey showed on Thursday. * UK CAR SALES: British new car sales hit a record of 2.7 million units in 2016 despite fears that the Brexit vote could hit demand, although there are signs that registrations will fall this year, preliminary industry data showed on Thursday. * UK IMMIGRATION: Britain should look at introducing a regionally based immigration system in which visas could be issued for specific areas of the country, a parliamentary committee said in a report on Thursday. * OIL: Oil prices dipped on Thursday on doubts producers would fully deliver on promises to cut output, although record U.S. automobile sales and falling crude stocks offered markets some support. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Persimmon PLC Trading Statement Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Esha Vaish in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL4N1EV20R'|'2017-01-05T03:41:00.000+02:00'
'ab133c774f6e3e1fae38369abbf5bbd74f31c13c'|'Ascential to sell Drapers and Nursing Times as it ditches ''heritage'' brands - Media'|'Ascential, the events and publishing business once known as Emap, is to sell more than a dozen “heritage” titles including the fashion bible Drapers, Architects’ Journal and Nursing Times.The sell-off will leave Ascential with just one print title, Retail Week, which it is keeping due to its strategic fit with the digital brands Planet Retail and One Click Retail. The publisher, which made an £800m stock market flotation in February last year, said it was selling off the 13 titles to focus on its “largest brands and those with the highest growth potential”.The titles, which are being hived off into a separate business while buyers are sought, include Construction News, Health Service Journal, Local Government Chronicle and Middle Eastern Economic Digest (MEED).“Ascential’s growth strategy continues to be to focus its resources and investment on its largest brands and those with the highest growth potential,” said Duncan Painter, chief executive of Ascential. “This move will further focus our portfolio on our largest market leading products. The heritage brands, with large, loyal audience communities, provide an exciting opportunity for new owners.”The 13 titles made revenue of £63m last year, and about £10m in operating profits, with just under £9m in revenue coming from print advertising.In 2015, Ascential announced it was “retiring” the venerable Emap brand , which had been a publishing institution for almost 70 years. In the 1980s and 1990s Emap expanded via a series of launches and acquisitions to become a major UK media company encompassing local newspapers, trade and consumer magazines and radio. At the time Ascential said it intended to close the print editions of its titles over a two-year period as part of a focus on digital publishing and events associated with the magazine brands. Ascential continues to own a large array of businesses including the Cannes Lions advertising festival, fashion information business WGSN, environmental data business Groundsure and Glenigan.Painter said Ascential’s top five brands accounted for 56% of total group revenues and 71% of adjusted profits.Guardian Media Group, the publisher of the Guardian and Observer, owns a 14.9% stake in Ascential.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/media/2017/jan/05/ascential-drapers-nursing-times-emap-retail-week'|'2017-01-05T02:00:00.000+02:00'
'995d37ed9703406323c11d26b18ba149b1802d92'|'German economists call for ECB rate rise after euro zone CPI rise'|' 13am GMT German economists call for ECB rate rise after euro zone CPI rise The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski BERLIN German economists called on the European Central Bank on Thursday to raise interest rates after euro zone consumer prices grew faster than expected in December. The European Central Bank aims for an inflation level of just under 2 percent but has undershot the target for years. It has been buying tens of billions of euros of government bonds each month to inject more cash into the banking system and stimulate price rises in the economy. But data on Wednesday showing that prices in the 19 countries sharing the euro rose 1.1 percent on the year last month have stirred a historic fear of inflation among Germans that goes back to the 1920s. "It is time for a normalization," Stefan Bielmeier, chief economist at DZ Bank told Bild daily. "Now a change in interest rates is doable." DIW institute chief Marcel Fratzscher told the paper: "The sooner the inflation rate in Europe reaches the goal of 2 percent, the quicker the ECB can raise interest rates. Savers would also benefit from this." Isabel Schnabel, one of the panel of economists that advises Chancellor Angela Merkel''s government, told Bild an end to ultra-expansive monetary policy should come soon. The comments add to a chorus from Europe''s biggest economy after the head of the Ifo institute Clemens Fuest said a jump in German inflation was a signal for the ECB to end its expansive monetary policy and its bond buying program. German consumer prices, harmonized to compare with other European countries (HICP) rose by 1.7 percent on the year in December after increasing 0.7 percent in November, the Federal Statistics Office said on Tuesday. (Reporting by Madeline Chambers; Editing by Catherine Evans) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-policy-germany-idUKKBN14P0OE'|'2017-01-05T15:10:00.000+02:00'
'67085e26413a96aab9d760f16801104bd7307739'|'Sri Lanka shares fall; foreign selling inches close to 1 bln rupees'|'Basic Materials  31am EST Sri Lanka shares fall; foreign selling inches close to 1 bln rupees COLOMBO Jan 5 Sri Lankan shares fell for a fifth straight session and ended at a nine-month low on Thursday as foreign investors continued to sell shares, offloading close to one billion rupees worth of stocks in the first four sessions of the new year. Foreign investors sold a net 181.7 million rupees ($1.22 million) worth of equities on Thursday, extending the net outflow in the first four trading sessions of the year to 996.6 million rupees. Worries over a weakening rupee, rising interest rates and continued foreign selling in index heavyweight John Keells Holdings Plc also weighed on the sentiment. The Colombo stock index ended 0.09 percent down at 6,147.52, its lowest close since April 4. The bourse fell 9.7 percent in 2016, its second straight annual decline. The index has been trading in the oversold territory since Tuesday with 14-day relative strength index breaking below 30, Thomson Reuters data showed. A level between 30 and 70 indicates the market is neutral. Conglomerate John Keells, which saw net foreign selling of 2.34 million shares that accounted for 62 percent of the day''s turnover of 802.4 million rupees, ended 0.14 percent lower. Talks of a high net worth foreign investor exiting from Keells has triggered panic selling, dealers said. "Foreign selling in Keells is still continuing and that has brought the market down," said Dimantha Mathew, head of research, First Capital Equities (Pvt) Ltd. Analysts said interest rate volatility and policy uncertainties are also hurting investor sentiment. Yields on treasury bill auctions rose 5-6 basis points at a weekly auction on Wednesday, a day after the central bank governor signalled less intervention to defend the currency as market has braced for a depreciation. Shares in Hemas Holdings Plc dropped 2.20 percent while biggest listed lender Commercial Bank of Ceylon Plc lost 0.77 percent. ($1 = 149.4000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Vyas Mohan) Next In Basic Materials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/sri-lanka-stocks-idUSL4N1EV3CA'|'2017-01-05T19:31:00.000+02:00'
'f74d07827485fbebf8d3c2f9f1f1ea9b4ef512e8'|'Apple''s App Store generates $20 billion for developers in 2016'|'Business News - Thu Jan 5, 2017 - 1:56pm GMT Apple''s App Store generates $20 billion for developers in 2016 An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar Apple Inc ( AAPL.O ) said its App Store generated $20 billion (16.25 billion pounds) for developers in 2016, a 40 percent jump from 2015. The App Store also received nearly $240 million in orders on New Year''s Day, its highest single day ever, the company said on Thursday. (Reporting by Narottam Medhora in Bengaluru; Editing by Maju Samuel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-apple-appstore-idUKKBN14P1L5'|'2017-01-05T20:56:00.000+02:00'
'ab6031a926508eba6e4b09997cbe696b93f6b947'|'China Mengniu pays $241 mln to boost stake in China Modern Dairy'|' 48pm EST China Mengniu pays $241 mln to boost stake in China Modern Dairy HONG KONG Jan 5 China Mengniu Dairy Co Ltd said on Thursday it would pay HK$1.87 billion ($241 million) to raise its stake in China Modern Dairy Holdings Ltd to secure a stable supply of raw milk. China Mengniu, which currently owns 25.4 percent of Modern Dairy, said it would buy 965.47 million shares in China Modern Dairy from a joint venture of KKR China Growth Fund L.P. and CDH Fund IV, L.P. at HK$1.94 per share. The purchase would boost China Mengniu''s stake in the company to 39.9 percent. The joint venture would cease to hold any shares in China Modern Dairy following the deal. China Mengniu will be required to make a general offer for all outstanding shares it does not already own in China Modern Dairy, the two companies said in a joint statement. China Mengniu said it would fund the purchase through internal resources and external debt facilities, while it aimed to maintain the listing status of China Modern Dairy after the deal. ($1 = 7.7548 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Himani Sarkar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mengniu-dairy-china-modern-dairy-idUSL4N1EV05C'|'2017-01-05T07:48:00.000+02:00'
'e114d41547b19a1a47050b873d711270f49c42b3'|'Abu Dhabi levies fee on expat tenants to boost revenues'|'Financials  23am EST Abu Dhabi levies fee on expat tenants to boost revenues ABU DHABI Jan 5 The emirate of Abu Dhabi has imposed a fee on expatriates renting homes there as it seeks to increase state revenues that have fallen due to low crude prices. The municipal fee, equivalent to 3 percent of a tenant''s annual rent, will take effect retroactively from February 2016, the Abu Dhabi Department of Municipal Affairs & Transport said on Thursday. Last January the largest member of the United Arab Emirates hiked water and electricity charges, and in July the International Monetary Fund estimated the government would run a fiscal deficit of 6.9 percent of gross domestic product in 2016. Authorities decided on the fee last year but delayed its introduction because procedures to implement it were not yet in place. The department did not say how much the measure, from which UAE nationals are exempt, would raise. Neighbouring Dubai, the financial hub of the UAE, charges tenants a 5 percent municipality fee. The emirates do not levy income tax. (Reporting by Stanley Carvalho; Editing by Andrew Torchia and John Stonestreet) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/emirates-property-tax-idUSL5N1EV2D8'|'2017-01-05T19:23:00.000+02:00'
'429fe4d66183b8b06d4a51f32f9c8bb8ec1fb583'|'Prime property predictions for 2017'|'Prime property predictions for 2017: Christie’s International Real Estate is first in series Industry specialists make their predictions for the residential market 6 hours ago by Dan Conn This is a year of greater unpredictability. However, the markets seem willing to overlook the uncertainty given the expected pro-business stance of the Trump presidency and other governments. For global buyers, I believe investment in high-end residential real estate will continue to be viewed as safe and attractive. Currency moves will fuel increased demand in high-end markets in stable environments. On a relative basis, London may be a more attractive location for global buyers in 2017, as will Paris due to the weakened Euro. Uncertainty surrounding the US election coupled with the strong dollar may give Asian buyers greater impetus to invest in markets closer to home (within Asia as well as in Australia and New Zealand). Technology hubs will also continue to attract capital. Specifically housing markets in small-to-mid-sized tech hub cities such as Lisbon, Dublin, and Portland, Oregon, will benefit from regional migration and strengthening economies. High-end real estate in the Pacific Northwest seems likely to benefit most from price appreciation in percentage terms. Dan Conn is the CEO of Christie’s International Real Estate In November 2016 Christie’s International Real Estate published a report on 10 cities to watch in 2017 - here Next up: Savills'|'ft.com'|'http://www.ft.com/rss/companies/property'|'https://propertylistings.ft.com/propertynews/united-kingdom/4921-prime-property-predictions-for-2017-christie-s-international-real-estate-is-first-in-series.html?ftcamp=published_links%2Frss%2Fcompanies_property%2Ffeed%2F%2Fproduct'|'2017-01-05T17:15:00.000+02:00'
'6aa7bebbc21a6fa2bcb1ea5851b5f7e759ab778a'|'Dutch court upholds Groningen 24 bcm/year gas output cap'|'Company News - Thu Jan 5, 2017 - 8:17am EST Dutch court upholds Groningen 24 bcm/year gas output cap AMSTERDAM Jan 5 A Dutch court on Thursday upheld a decision by the government to cap production at the Groningen gas field at 24 billion cubic metres (bcm) until Oct. 1, 2021. The court was responding to requests for a preliminary injunction against the June decision, opposed by groups who would like to see production at Groningen reduced further or stopped. Production at the field, Europe''s largest, has been cut several times from 53.9 bcm in 2013 as criticism mounted that the Cabinet had failed to consider the risk to citizens from earthquakes caused by production. (Reporting by Toby Sterling; editing by Jason Neely) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/netherlands-energy-groningen-idUSA5N1CB012'|'2017-01-05T20:17:00.000+02:00'
'777022fead515d9660d9c932fdce8f3f914f20ff'|'PRESS DIGEST- Canada - Jan 5'|'Jan 5 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.THE GLOBE AND MAIL** Richmond, British Columbia is pressing ahead with regulations to crack down on short-term rentals amid complaints that services such as Airbnb are disrupting neighbours and taking away housing in a tight rental market. tgam.ca/2ie4AIS** Greater Vancouver''s housing market exited 2016 in a slump but still managed to finish with the third-highest sales year on record. Residential sales totalled 1,714 last month, down 39.4 percent from December 2015, the Real Estate Board of Greater Vancouver said on Wednesday. tgam.ca/2iefgHB** Kevin O''Leary says attacks on him by Conservative leadership candidates are bringing badly needed excitement to the race, after Tory hopeful Lisa Raitt launched a website to stop the reality-TV star from entering the contest. tgam.ca/2ie74HiNATIONAL POST** Canada and the United States have highly integrated oil and gas markets, but their governments will pursue opposite energy policies starting this year: Canada is taxing and restricting oil and gas activity and infrastructure to meet international climate change commitments, while the U.S. under Donald Trump will be liberalizing it and pushing its energy renaissance to the next level. bit.ly/2ieeJFn** Limited housing supply in the key Canadian markets of Vancouver and Toronto will help maintain national house price inflation this year, even as recent government and regulatory curbs kick in to slow the growth rate, according to Oxford Economics. bit.ly/2ieeeLH** Rather than one of the country''s biggest banks with a vast international presence like Royal Bank of Canada, or a leading playing in the oil and gas market like Suncor Energy Inc, instead National Bank of Canada stood out for analysts at Citigroup. bit.ly/2ie6OIp** The Canadian labour market may have topped expectations and steadily added jobs in 2016, but the vast majority were part-time positions and the "meagre" growth in full-time work was concentrated in industries susceptible to a slowdown, TD Economics says in a new report. bit.ly/2iefHlj (Compiled by Shalini Nagarajan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-canada-idINL4N1EV3EP'|'2017-01-05T09:03:00.000+02:00'
'cf97b156c9ce2e1941162550f05f8c41511a2a2a'|'Australia shares end higher for third consecutive session; NZ flat'|'  1:15am EST Australia shares end higher for third consecutive session; NZ flat (Updates to close) Jan 5 Australian shares closed higher in thin trade on Thursday mirroring gains on Wall Street, pushed up by financials and basic materials stocks gaining on higher base metal prices. The S&P/ASX 200 index ended 0.3 percent, or 16.89 points higher, to 5753.3. Trading volumes were 0.7 times the 30-day average. U.S. shares ended higher on Wednesday despite Federal Reserve''s December meeting showing concerns that quicker economic growth under President-elect Donald Trump could require faster interest rate increases to ward off inflation. The basic materials index gained 0.42 percent, its highest since Sept. 2, 2014, powered by an overnight surge in copper price on a brightening demand outlook for Chinese metals. Copper miners Oz Minerals Ltd and Sandfire Resources NL gained 3.42 percent and 3.61 percent respectively. Mining giant BHP Billiton Ltd rose 0.1 percent, tracking three consecutive session of gains, while peer Rio Tinto Ltd gained 0.2 percent. The gold index closed 2.5 percent higher on the back of rising gold prices, with Newcrest Mining Ltd gaining 1.8 percent. The financial index gained 0.45 percent to end at its highest in over 17 months, with the "Big Four" banks leading the rally. Australia and New Zealand Banking Group Ltd followed suite by ending at its highest in 17 months up 0.4 percent, while National Australia Bank Ltd gained 0.9 percent. Engineering and construction giant WorleyParsons Ltd rose 2.4 percent after announcing renewal of a general engineering services contract with Saudi Aramco. New Zealand''s benchmark S&P/NZX 50 index ended flat as losses in industrials and consumer cyclicals were offset by gains in telecom services and utilities. Auckland International Airport Ltd ended 1.1 percent lower, while Spark New Zealand Ltd gained 2.9 percent, its highest in nearly a month. (Reporting by Sandhya Sampath in Bengaluru; Editing by Eric Meijer) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-close-idUSL4N1EV24W'|'2017-01-05T13:15:00.000+02:00'
'392c74db56e76091fd5b0bb1de92d0e040a4ef32'|'U.S. set to become energy exporter by 2026 - EIA'|'Business News - Thu Jan 5, 2017 - 5:54pm GMT U.S. set to become energy exporter by 2026 - EIA NEW YORK The United States is projected to become a net energy exporter over the next decade due to rising natural gas exports and falling petroleum product imports, the U.S. Energy Information Administration said on Thursday. While the United States has been a net energy importer since 1953, declining energy imports and growing exports that started over the past year will allow that trend to switch by 2026, the EIA said. In late 2015, the U.S. government lifted a decades-old ban on U.S. crude exports, while natural gas exports from the Lower 48 began in 2016. "The U.S. could be completely, and the phrase that was used at one time, energy independent," EIA Administrator Adam Sieminski said during a conference presenting the agency''s 2017 annual energy outlook. In its report, total energy consumption will likely increase by 5 percent between 2016 and 2040 in the reference, base case, the EIA added. Energy production increases from 2016 to 2040 will range from nearly flat under the most pessimistic assumption about costs and resources to nearly 50 percent growth over that period if higher production at lower cost is possible. "Total energy production increases by more than 20 (percent) in the reference case, from 2016 through 2040, led by increases in crude oil and natural gas production," the EIA added. (Reporting by Catherine Ngai; Editing by David Gregorio) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eia-oil-outlook-idUKKBN14P24P'|'2017-01-06T00:54:00.000+02:00'
'628cf3f1aeb5dab084ddb9db6c520506cf7afc45'|'UPDATE 1-Wal-Mart unit Sam''s Club chief executive to retire next month'|'Company News - Fri Jan 6, 2017 - 9:55am EST UPDATE 1-Wal-Mart unit Sam''s Club chief executive to retire next month (Adds details) Jan 6 Wal-Mart Stores Inc said Rosalind Brewer, the chief executive of its warehouse club stores Sam''s Club, would be retiring from the company effective Feb. 1, and would be replaced by John Furner. The world''s biggest retailer''s shares were down 1.3 percent in early trading on Friday and was the top percentage loser among Dow-listed stocks. Brewer served as executive vice president, president and chief executive of Sam''s Club segment since February 2012. Furner, currently the chief merchandising officer at Sam''s Club, is a company veteran having joined Wal-Mart in 1993. Prior to his current role, Furner, 42 served in various capacities, including being the chief merchandising officer of Walmart China. Sam''s Club, the smallest of Wal-Mart''s three business units, operates membership-only warehouse clubs in 48 states in the United States and in Puerto Rico. The business accounted for about 12 percent of the company''s fiscal 2016 net sales. (Reporting by Siddharth Cavale in Bengaluru; Editing by Shounak Dasgupta) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/walmart-moves-idUSL4N1EW3YV'|'2017-01-06T21:55:00.000+02:00'
'27dca027283c94b31528c772fda0fe778e7d3e4e'|'AT&T does not expect to seek FCC approval to buy Time Warner'|'WASHINGTON AT&T Inc said on Friday it expects to bypass a powerful telecommunications regulator in its planned $85.4 billion acquisition of Time Warner Inc ( TWX.N ).Dallas-based AT&T said in a securities filing that it anticipates Time Warner will not need to transfer any of its FCC licenses to AT&T, which would likely mean the deal will only need the approval of the U.S. Justice Department. The deal faces hurdles including the fact that in October President-elect Donald Trump said he was opposed to the merger.(Reporting by David Shepardson; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-time-warner-m-a-at-t-idINKBN14Q1UE'|'2017-01-06T12:48:00.000+02:00'
'4c71852dea64c22915feed3ca8513148e58e988a'|'N.Y. Fed raises U.S. GDP growth view toward 2 percent'|'Business News - Fri Jan 6, 2017 - 11:35am EST N.Y. Fed raises U.S. GDP growth view toward 2 percent The rising sun lights One World Trade as it stands over the Manhattan borough of New York, U.S., November 2, 2016. REUTERS/Lucas Jackson NEW YORK The New York Federal Reserve on Friday raised its outlook on U.S. economic growth in final quarter of 2016 and first three months of 2017 to near 2 percent following "parameter revisions" and stronger-than-forecast manufacturing data. U.S. gross domestic product was on track to expand at an annualized pace of 1.89 percent in fourth quarter of 2016, faster the previous forecast of 1.77 percent a week ago, while GDP in the first quarter was on course to grow by an annualized pace of 1.94 percent, swifter than last week''s estimate of 1.70 percent, the New York Fed''s Nowcast model showed. (Reporting by Richard Leong, Editing by Franklin Paul) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-economy-nyfed-idUSKBN14Q1ZD'|'2017-01-06T23:35:00.000+02:00'
'1e365f858973161ef98a549689cdf525d1c4fa6a'|'UPDATE 1-Budget carrier Fastjet to sell stake to S.African airline Solenta'|'Industrials  29am EST UPDATE 1-Budget carrier Fastjet to sell stake to S.African airline Solenta (Adds result of placement) Jan 5 Budget airline Fastjet Plc said South African carrier Solenta would become a 28 percent shareholder in the company and that it had raised $28.8 million through a share placement. Africa-focused Fastjet said on Thursday it would buy a special purpose vehicle (SPV) held within the Solenta group by issuing nearly 95.6 million shares. The SPV has three wet-leased aircraft and the supply of other services over the next five years. The share issue was priced at 16.3 pence each, representing a nearly 2 percent discount to Fastjet''s Wednesday close of 16.625 pence, the company said. The company said it had placed 143.4 million shares, raising proceeds in line with its target. Fastjet also added that its Chief Executive Nico Bezuidenhout had subscribed to 124,522 shares, taking a 0.04 percent stake in the company. Fastjet said it would use the proceeds for working capital purposes, allowing it to implement new revenue generating measures and reach cash flow break-even by the fourth quarter of 2017. The company said Solenta would have the right to nominate two members to its board. Fastjet is looking to cut costs amid tough conditions in its home market, Tanzania. In March, it warned that it would no longer be cash flow-positive this year. Shares in Fastjet were up 3.7 percent at 17 pence by 1222 GMT, clocking trading volumes that were 5.8 times its 30-day average. In November, Fastjet''s chairman resigned bowing to the pressure from its second largest investor to sack him for failing to relocate the airline''s head office quickly and criticised him for a high cost base. (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri) Next In Industrials Sri Lanka shares fall; foreign selling inches close to 1 bln rupees COLOMBO, Jan 5 Sri Lankan shares fell for a fifth straight session and ended at a nine-month low on Thursday as foreign investors continued to sell shares, offloading close to one billion rupees worth of stocks in the first four sessions of the new year.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/fastjet-fundraising-idUSL4N1EV3H4'|'2017-01-05T19:29:00.000+02:00'
'63ab8627bcdad3423618f1de567d6cd0e3ab55b8'|'Fenner sees FY results above expectations'|'  7:28am GMT Fenner sees FY results above expectations British engineering company Fenner Plc said it expected the current full-year results to be "comfortably above" its earlier expectations as order intake and customer enquiries improved. The company said it was also benefiting from an earlier round of job cuts at its bigger business, Engineered Conveyor Solutions (ECS), and there has been some increase in order intake from the coal industry. Fenner''s ECS unit makes conveyor belts for miners and other industrial users. Its other unit makes polymer products. (Reporting by Vidya L Nathan in Bengaluru; Editing by Amrutha Gayathri)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fenner-outlook-idUKKBN14Q0MO'|'2017-01-06T14:28:00.000+02:00'
'bc310e39399f824063432b814a113e86cf4247b9'|'Toyota shares slide after targeted by Trump over Mexico manufacturing'|'Business News - Fri Jan 6, 2017 - 12:27am GMT Toyota shares slide after targeted by Trump over Mexico manufacturing The logo of Toyota is pictured at at the 37th Bangkok International Motor Show in Bangkok, Thailand, March 22, 2016. Picture taken March 22, 2016. REUTERS/Chaiwat Subprasom TOKYO Shares of Toyota Motor Corp ( 7203.T ) tumbled on Friday after U.S. President-elect Donald Trump threatened to impose a hefty fee on the automaker if it builds its Corolla cars for the U.S. market at a plant in Mexico. Toyota dropped as much as 3.1 percent to 6,830 yen in early trade. Other Japanese carmakers fell. Honda Motor Co ( 7267.T ) lost 2.4 percent and Nissan Motor Co ( 7201.T ) shed 2.0 percent, underperforming the broad Topix .TOPX index, which slipped 0.7 percent. A stronger yen was also expected to weigh on shares of automakers. (Reporting by Ayai Tomisawa; Editing by Chris Gallagher) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-toyota-stocks-idUKKBN14Q01X'|'2017-01-06T07:27:00.000+02:00'
'fce8047ed5c276a5f41c84e53ee0722600afae95'|'U.S. intelligence chief says Russia involvement in 2016 election unprecedented'|'Cyclical Consumer Goods  36am EST U.S. intelligence chief says Russia involvement in 2016 election unprecedented WASHINGTON Jan 5 U.S. Director of National Intelligence James Clapper said on Thursday that Russia has a "long history" of interfering in elections, but that U.S. officials had never encountered activity like its efforts during the 2016 U.S. campaign. "The Russians have a long history of interfering in elections. Theirs and other people''s... This goes back to the 60s, from the heyday of the Cold War," he testified to the Senate Armed Services Committee. However, he added, "I don''t think we''ve ever encountered a more aggressive or direct campaign to interfere in our election process than we''ve seen in this case." (Reporting by Patricia Zengerle and Dustin Volz; Editing by Chizu Nomiyama) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-russia-cyber-dni-idUSL1N1EV0WO'|'2017-01-05T23:36:00.000+02:00'
'c49445084d38f2847cc32e0699ea113dfae23adc'|'Stanley Black & Decker to buy Sears'' Craftsman brand for $900 million'|'Power tool maker Stanley Black & Decker Inc ( SWK.N ) said it agreed to buy Sears Holdings Corp''s ( SHLD.O ) Craftsman tool brand for $900 million in cash.Sears had been looking at options for its tools business as it struggles to stanch a year-long decline in sales.(Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sears-divestiture-stanley-black-idINKBN14P1FI'|'2017-01-05T10:04:00.000+02:00'
'682d3e61e626b3aba8a553ccdecbba79a63dfe3e'|'IT research firm Gartner to buy CEB to expand business analysis'|'IT research and advisory company Gartner Inc ( IT.N ) said on Thursday it would buy CEB Inc ( CEB.N ), a provider of business research and analysis, in a cash-and-stock deal valued at $2.6 billion to expand its business services.The deal will broaden Gartner''s research business through the addition of CEB''s services, which include research and analysis related to human resources, sales, finance and the law.Gartner is offering $54 in cash and 0.2284 of its shares for each CEB share. The deal represents a premium of about 25 percent to CEB''s Wednesday close.CEB''s shares were up 16.4 percent at $72.05 in premarket trading, below the implied offer price of $77.25 per share. Gartner''s shares, which closed at $101.79 on Wednesday, were untraded.Gartner shareholders will own about 91 percent of the combined company.CEB, headquartered in Arlington, Virginia, has a 35-day "go-shop" period during which it can solicit alternative proposals.Stamford, Connecticut based-Gartner said the deal would immediately add to adjusted earnings per share on completion, expected in the first half of 2017, and be "double-digit percentage accretive" to adjusted EPS in 2018.Evercore and Goldman, Sachs & Co advised Gartner. Centerview Partners LLC was lead adviser to CEB, with Allen & Co LLC also advising.(Reporting by Laharee Chatterjee and Narottam Medhora in Bengaluru; Editing by Ted Kerr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ceb-us-m-a-gartner-idINKBN14P1BF'|'2017-01-05T09:53:00.000+02:00'
'fb3bdcfc32490c49b0b3dc1fea25a05c6d5b5ff9'|'CORRECTED-LG Display says in talks with Samsung Elec on supplying LCD TV panels'|'Cyclical Consumer Goods - Wed Jan 4, 2017 - 8:16pm EST CORRECTED-LG Display says in talks with Samsung Elec on supplying LCD TV panels (Corrects 2nd paragraph to say LG Display CEO spoke on Wednesday, not Thursday) SEOUL Jan 5 South Korea''s LG Display Co Ltd was in talks with Samsung Electronics Co Ltd about a supply agreement for television display panels, LG Display Chief Executive Han Sang-beom said. The executive told reporters on the sidelines of the CES trade show in Las Vegas on Wednesday that no specifics have been agreed to and that it would be difficult to supply Samsung with panels even if a deal was reached during the first half of 2017, due to the time required to develop products requested by Samsung and ensure supply to other customers was not disrupted. ($1 = 1,192.4000 won) (Reporting by Se Young Lee) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/lg-display-samsung-elec-idUSS6N1CU00T'|'2017-01-05T08:16:00.000+02:00'
'ef8290568b0e4ce612cfc7afb7944ca5443ac1b6'|'Pimco Total Return posts $3.2 bln outflow in December - Morningstar'|'NEW YORK Jan 6 Investors pulled $3.2 billion from the Pimco Total Return Fund, once the world''s largest bond fund, in December, bringing last year''s total cash withdrawals to $16.1 billion, Morningstar said on Friday.The Pimco Income Fund posted net inflows of $1.5 billion last month, for a total cash inflow of $13.7 billion in 2016, Morningstar data showed. All of Pimco''s U.S. open-end mutual funds collectively posted $1.7 billion in net outflows last month, for 2016 total cash outflows of $16.6 billion. (Reporting by Sam Forgione)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/funds-pimco-outflows-idINL1N1EW139'|'2017-01-06T14:23:00.000+02:00'
'4c0e60048bf10f9675a0e3e38d8a0f2565945ea0'|'Egyptian importers face bankruptcy after currency float'|'Commodities  35am EST Egyptian importers face bankruptcy after currency float left right A vendor waits for customers at a market in Abbdien square in Cairo, Egypt October 20, 2016. REUTERS/Amr Abdallah Dalsh 1/4 left right A man counts foreign banknotes at a money changer in central Cairo, Egypt December 27, 2016. REUTERS/Mohamed Abd El Ghany 2/4 left right A worker goes about his day while waiting for customers at a supermarket in Cairo, Egypt, October 26, 2016. REUTERS/Amr Abdallah Dalsh 3/4 left right Egyptians walk through a market at Abbdien square in Cairo, Egypt October 20, 2016. REUTERS/Amr Abdallah Dalsh 4/4 By Asma Alsharif - CAIRO CAIRO Mohsen al-Gedamy has run a successful business for the past seven years importing beans, a staple food for many Egyptians, but after the currency was suddenly floated late last year he now faces bankruptcy. He is among thousands of importers caught out by the float in November, which has since halved the official value of the Egyptian pound, leaving them with ballooning dollar debts. "We''ve been handcuffed and thrown into the sea," Gedamy said in an interview in a Cairo cafe after a three-hour drive from his home town of Minya in Upper Egypt to explain to his bank that he cannot repay his debt at the new rate. They say their predicament will worsen shortages of essential goods in Egypt, where the government is undoing state controls in return for international loans vital to stability since a 2011 uprising scared off investors and tourists. President Fatah Abdel al-Sisi, elected in 2014 after ousting Egypt''s first freely elected government amid mass protests, is under pressure to revive the economy, keep prices under control and create jobs to avoid a backlash from the public. Protest demands in the 2011 revolution included "bread, freedom and social justice" which meant importers of essential goods like Gedamy had been given special treatment until now. The government told banks to prioritize such companies in distributing scarce foreign currency and many importers took out credit lines from their banks, depositing collateral of about 120 percent at the official rate of 8.8 per dollar. While they understood the risk of a currency devaluation, they believed the central bank would provide dollars to cover import backlogs if it adjusted the exchange rate, just as it did when it devalued the pound in March. On Nov. 3, the central bank floated the pound without covering the import backlog, and it depreciated to near 19 pounds per U.S. dollar. Gedamy has an overdraft amounting to $900,000. He had left collateral of around 8 million Egyptian pounds but now the bank is demanding he pay another 8 million pounds. He says it has already taken legal action and that he could face imprisonment, although the government is in the process of scrapping that penalty for bankruptcy. Ahmed Hindawi, who imports wheat, another staple, is in a similar situation. "We are not facing difficulty, we are facing bankruptcy. My debt with the bank is equal to 150 percent of my equity capital," he said. His firm has accumulated overdrafts worth $2.5 million with his bank. Even though he left a collateral of 24.4 million pounds for the loan, his bank now expects him to pay an additional 28 million pounds, he said. "I cannot cover that. I will have to tell them ''thank you very much, come and take my company, along with its factory and the clothes on my back ... I will leave the company to them and be on my way," Hindawi said. "If we all do this the economy will halt." BANKRUPTCY In a full page ad in the state newspaper Al Ahram, trade and industry firms appealed to Sisi late last month to intervene urgently. Bankers had estimated the accumulated overdrafts at near $10 billion and the firms warned that if their companies went bankrupt it could mean the loss of two million jobs and a shortage of essential goods. The banks, which do not want to take on any loss themselves, are backing them up. "The debt is in dollars, not Egyptian pounds and it is not the bank''s problem that the exchange rate was changed," said one Cairo-based banker, who asked to remain anonymous because he is not authorized to speak to media. "The central bank should have closed all the backlog for the importers before the free float. I think it will intervene. They cannot leave the companies this way," he added. The Egyptian cabinet approved the country''s first bankruptcy law on Wednesday, which would abolish imprisonment in cases of bankruptcy, but it needs to pass through parliament before it can be implemented, a process that could take weeks or months. Ditching its currency peg helped Egypt secure a $12 billion three-year loan from the International Monetary Fund to support a reform program under which the government has introduced Value Added Tax, cut electricity subsidies and sharply raised import duties, all in the space of a few months. These have had a big impact on ordinary people, making intervention from the central bank or the government to help importers politically unpalatable. Last month, Central Bank Governor Tarek Amer ruled out intervention in the currency market, dampening hopes it might provide an exceptional dollar sale to clear backlogs at a stronger Egyptian pound rate for struggling importers. "The market thought we would still need to support the new FX regime. No," he said. "We want this newborn child to start standing on its own feet and supporting itself." (Editing by Philippa Fletcher)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-egypt-currency-importers-idUSKBN14Q0IY'|'2017-01-06T13:00:00.000+02:00'
'9afa122b2f460ac2c993ad6c50d8d06b522e1ca9'|'Investors all ears as Trump set to break silence'|'  2:55pm GMT Investors all ears as Trump set to break silence U.S. President-elect Donald Trump speaks briefly to reporters between meetings at the Mar-a-lago Club in Palm Beach, Florida, U.S. December 28, 2016. REUTERS/Jonathan Ernst By Hugh Lawson - LONDON LONDON U.S. and Chinese data and an expected news conference by U.S. President-elect Donald Trump in the coming week may shed some light on the state of the world''s two biggest economies - and the outlook for relations between them. Trump, who takes office on Jan. 20, has said he will hold a news conference on Wednesday. It will be his first since winning the November election, although he has been outspoken on Twitter. Investors will welcome any insights he may give on his policies regarding China as well as the domestic economy. "This occasion could be an opportunity for Trump to highlight key priorities, with markets especially alert to details regarding tax reform, infrastructure spending plans and his China trade stance," Standard Chartered said in a weekly note to investors. Some analysts are concerned about the broad economic and political impacts of Trump''s relations with the rest of the world. "Trump''s plans for trade and foreign policy in particular are fraught with considerable threats to the real economy," Commerzbank currency strategist Thu Lan Nguyen wrote, suggesting a trade war with China or Mexico may do the U.S. economy more harm than good. On the U.S. domestic front, expectations of heavy spending under Trump to create jobs in the Rust Belt states that swung the election his way have helped lift consumer sentiment to multi-year highs and driven up Treasury yields in a burst of "Trumpflation." One gauge of that sentiment will be U.S. retail sales data for December due on Friday. They are expected to show a 0.7 percent rise from the previous month, according to a Reuters poll of economists. Another will be the University of Michigan consumer sentiment index, also out on Friday, which economists polled by Reuters expect to come in at 98.5, the highest reading since early 2004. As 2017 progresses, some economists see U.S. wage growth and tax cuts outweighing the impact of higher interest rates and oil prices to keep shoppers driving the economy forward. "Higher interest rates and rising gasoline prices will be headwinds for the consumer sector, but solid labor income and the prospects for personal tax cuts will eventually support decent consumption growth," Credit Suisse said in a weekly report. CHINA BURNING DOLLARS In a reflection of the prolonged weakness of China''s yuan, data this Saturday is expected to show Beijing''s forex reserves dwindled to just above $3 trillion in December - the lowest level since February 2011. While the yuan has soared in recent days, helping create a liquidity squeeze in Hong Kong, a Reuters poll showed it is expected to slide at least 4 percent more this year, hurt by fiscal stimulus and faster interest rate hikes in the United States. "It remains to be seen whether tightening yuan liquidity conditions in Hong Kong and reports of capital controls being introduced will be sufficient to halt the slide" in the yuan, analysts at Investec said in a weekly note to clients. Another fear for investors may be whether the prolonged slide of the yuan sets off a vicious cycle of more outflows, currency depreciation and rising inflation, on which China issues December data on Tuesday. Adding to China''s problems, Trump has vowed repeatedly to label Beijing a currency manipulator, a move that would heighten tensions between the two major trading nations. BREXIT BLUES The fall in sterling since Britain voted to leave the European Union has so far failed to boost British industrial production, a poor sign for overall economic growth in the last quarter of 2016. Manufacturing and broader industrial output data due on Wednesday are expected to show a rebound in November from a sharp contraction in October, although the rise may not be enough to have a positive effect on fourth-quarter GDP data due out at the end of January. "We tend to the view that the manufacturing sector probably expanded only very modestly in Q4. However this is unlikely to be the case for industrial production, where a second successive quarterly decline appears virtually inevitable," Investec chief economist Philip Shaw said in a note. (Additional reporting by Nichola Saminather in SINGAPORE, Elias Glenn in SHANGHAI and David Milliken in LONDON Editing by Jeremy Gaunt)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-economy-weekahead-idUKKBN14Q1PA'|'2017-01-06T21:55:00.000+02:00'
'c15263c3c56244f799c86460638f383bfd958c51'|'UPDATE 1-Frontier Airlines hires banks to plan IPO - New York Times'|'(Adds details)Jan 5 Low-cost carrier Frontier Airlines is preparing for an initial public offering and has hired banks to plan the debut, The New York Times reported, citing people familiar with the matter.Frontier Airlines has hired Deutsche Bank AG, JPMorgan Chase & Co and Evercore to manage the debut, the newspaper reported. nyti.ms/2jgXFCTThe Denver-based airline is aiming to raise about $500 million, valuing the company at about $2 billion, NYT said, citing sources.A spokesman for Frontier Airlines, which is owned by private equity firm Indigo Partners, declined to comment. Deutsche Bank, JPMorgan Chase and Evercore were not immediately available for comment outside U.S. business hours.Bloomberg had reported last year in March that the company had hired Barclays Plc, Deutsche Bank, JPMorgan Chase, Citigroup Inc to work on its IPO. bloom.bg/2hWtUXM(Reporting by Rama Venkat Raman in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/frontier-airlines-ipo-idINL4N1EW1JU'|'2017-01-06T00:32:00.000+02:00'
'3586b59b4eaa681e1d4df83ea31002d7e9cb8f96'|'U.S. employment growth seen strong in December, wages up'|'Fri Jan 6, 2017 - 6:07am GMT U.S. employment growth seen strong in December, wages up People wait in line to enter the Nassau County Mega Job Fair at Nassau Veterans Memorial Coliseum in Uniondale, New York October 7, 2014. REUTERS/Shannon Stapleton/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON U.S. employers likely maintained a solid pace of hiring in December while raising wages, putting the economy on a path to stronger growth and further interest rate increases from the Federal Reserve this year. Nonfarm payrolls probably increased by 178,000 jobs last month after a similar rise in November, according to a Reuters survey of economists. The unemployment rate is forecast ticking up to 4.7 percent from a nine-year low of 4.6 percent in November. Average hourly earnings are expected to rebound with a 0.3 percent rise, benefiting from a calendar quirk, after dipping 0.1 percent in November. That would push the year-on-year increase to 2.8 percent from 2.5 percent in November. The Labor Department''s closely watched employment report on Friday will add to data ranging from housing to manufacturing and auto sales in suggesting that President-elect Donald Trump is inheriting a strong economy from the Obama administration. The employment report will be published at 08:30 a.m. (1330 GMT). "It will show the economy finished 2016 on a strong note with buoyant activity," said Thomas Costerg, a U.S. economist at Standard Chartered Bank in New York. "It''s a stronger starting point for the Trump administration. There is prevailing optimism across the economy which bodes well for 2017." Trump, who takes over from President Barack Obama on Jan. 20, has pledged to increase spending on the country''s aging infrastructure, cut taxes and relax regulations. These measures are expected to boost growth this year. But the proposed expansionary fiscal policy stance could increase the budget deficit. That, together with faster economic growth and a labor market that is expected to hit full employment this year could raise concerns about the Fed falling behind the curve on interest rate increases. The U.S. central bank raised its benchmark overnight interest rate last month by 25 basis points to a range of 0.50 percent to 0.75 percent. The Fed forecast three rate hikes this year. "With the specter of a fiscal stimulus lifting growth and inflation further, there is a risk that the Fed will have to raise interest rates at a faster pace," said Harm Bandholz, chief U.S. economist at UniCredit Research in New York. December payrolls could, however, come below expectations. First-time applications for unemployment benefits increased between the November and December survey periods, with some economists attributing the rise to cold weather. Also arguing for a slowdown in job growth, service industry employment fell sharply in December from a 13-month high the prior month. Still, any payrolls print above 100,000 would be considered enough to absorb new entrants into the labor market. Fed Chair Janet Yellen has said the economy needs to create just under 100,000 jobs a month to keep up with growth in the work-age population. JOB GROWTH SLOWING Employment growth in the first 11 months of 2016 averaged 180,000 jobs per month, down from an average gain of 229,000 per month in 2015. The slowdown in job growth is consistent with a labor market that is near full employment. There has been an increase in employers saying they cannot fill vacant positions because they cannot find qualified workers. The skills shortage has been prominent in the construction industry. "The labor market is tight. Indeed, maybe the biggest complaint that firms have is their ability to find qualified workers," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. "If that is the case, then hiring will be limited and may actually slow going forward. The option is for wages to rise." Even as the labor market tightens, there still remains some slack, which is holding back wage growth. The labor force participation rate, or the share of working-age Americans who are employed or at least looking for a job, remains near multi-decade lows. Some of the decline reflects demographic changes. December''s job gains are likely to be broad, though manufacturing employment was probably unchanged after declining for four straight months. Further increases are expected in construction employment, which gained 19,000 jobs in November. The retail sector, which has shed jobs for two consecutive months, is a wild card. Department store giants Macy''s ( M.N ) and Kohl''s Corp ( KSS.N ) this week reported a drop in holiday sales. Macy''s said it planned to cut 10,000 jobs beginning this year. Department stores have suffered from stiff competition from online rivals including Amazon.com ( AMZN.O ). Government employment likely increased in December for an eighth straight month. It was boosted by a surge in local government hiring in November, which was likely driven by the Nov. 8 U.S. election. (Reporting by Lucia Mutikani; Editing by Andrea Ricci) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-economy-idUKKBN14Q0GN'|'2017-01-06T13:04:00.000+02:00'
'3409dba3543a6f6aca897bf1218dd92c3db3e510'|'Elbit System wins Brazilian army contract worth $100 million'|'Business News - Sun Jan 8, 2017 - 7:38am GMT Elbit System wins Brazilian army contract worth $100 million JERUSALEM Israeli defense electronics firm Elbit Systems Ltd ( ESLT.TA ) said on Sunday its Brazilian subsidiary Ares won a contract worth about $100 million to supply remote controlled weapon stations to the Brazilian army. The weapons stations, named REMAX, will be supplied over a five-year period and an initial production order, valued at approximately $7.5 million, has been received, Elbit ( ESLT.O ) said. Chief Executive Bezhalel Machlis said there has been growing demand across the world for the remote controlled weapon stations.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-elbit-systems-brazil-idUKKBN14S066'|'2017-01-08T14:38:00.000+02:00'
'd83576fb45e53b9fefd7b2fbce5483c8166a4f18'|'Last day for SeaWorld killer whale show in California'|'Company   4:00am EST Last day for SeaWorld killer whale show in California By Alex Dobuzinskis Jan 8 SeaWorld in San Diego will host its last killer whale performance on Sunday, the culmination of its promise to phase out the decades-old show after criticism of its treatment of the captive marine mammals. SeaWorld Entertainment Inc President and Chief Executive Officer Joel Manby said in 2015 that the company would replace its signature theatrical killer whale show at the San Diego park with a new presentation focusing on conservation and orcas'' natural behavior. SeaWorld last year also announced it would stop breeding killer whales in captivity, several months after the California Coastal Commission voted to bar the company from continuing to breed the marine mammals in the state. The last so-called One Ocean show scheduled for Sunday brings to a close a commercially successful series of performances that have been held at SeaWorld San Diego under different names since the 1960s. Some fans continue to call the show by its previous name of "Shamu." The last theatrical orca show at SeaWorld San Diego comes after the death on Friday at Sea World Orlando of Tillikum, an orca involved in the deaths of three people which was featured in the 2013 documentary film "Blackfish." The film made the case against keeping orcas in captivity. SeaWorld said that after Sunday''s final One Ocean show it will transition on Monday to an educational orca program, with bleachers set up around the killer whale underwater viewing area for guests to watch a presentation on the animals. The company also plans to debut its larger education program called Orca Encounter in San Diego this summer. "SeaWorld Orlando and SeaWorld San Antonio will follow by 2019," the company added. Some activists have called for SeaWorld to release the more than 20 orcas it keeps at its three parks into coastal sanctuaries, but the company contends that whales born or raised in captivity would likely die in the wild. (Reporting by Alex Dobuzinskis in Los Angeles) Next In Company News Automakers, suppliers team up to share costs of self-driving cars LAS VEGAS, Jan 8 Automotive suppliers and automakers are expanding alliances to develop self-driving car technology that can serve multiple automakers, as the race to put such vehicles on the road separates companies that can go it alone from those that need help sharing the financial and technical burdens.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/california-seaworld-idUSL1N1EY04M'|'2017-01-08T16:00:00.000+02:00'
'815c1df96d4e181580cb3272adf933adfd4586b6'|'CBS close to deal to get on Hulu''s live streaming service -source'|'Jan 4 CBS Corp is close to signing a deal to have its content on Hulu''s live streaming service, which is expected to go live later this year, according to a source familiar with the situation.Under the deal, the New York-based broadcaster, whose shows include news magazine "60 Minutes" and the comedy "The Big Bang Theory," will bring in more than $3 per monthly subscriber for its channels, with increases that could eventually get to more than $4, the source said. The source requested anonymity because the deal is not yet public.The Wall Street Journal first reported news of the agreement, which is expected to be announced Wednesday.For Hulu, the addition of CBS''s shows is a potential edge since its competitor AT&T DirectTV has not inked a deal with CBS for its own live streaming platform, DirecTV Now, which went live late last year.In December, CBS Chief Executive Leslie Moonves said he expected to reach a deal with AT&T DirecTV to be on the platform.Hulu is owned by CBS''s competitors, Walt Disney Corp , Twenty-First Century Fox, Comcast Corp and Time Warner inc. (Reporting By Jessica Toonkel; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cbs-corp-hulu-deal-idINL1N1EU13P'|'2017-01-04T15:32:00.000+02:00'
'd819dc6715ab6b612c1b73b316ceacdda4c84ac6'|'UPDATE 1-Vietnam Airlines shares soar 40 pct on debut, giving it $2.1 bln value'|'Industrials  34am EST UPDATE 1-Vietnam Airlines shares soar 40 pct on debut, giving it $2.1 bln value * Shares hit 39,200 dong by midday break vs 28,000 dong open price * Volumes thin due to low free-float - trader * Jump could boost govt stake divestment plan (Adds trader''s comments, context) By My Pham HANOI, Jan 3 Shares of Vietnam Airlines surged 40 percent on their stock market debut on Tuesday, valuing the firm at $2.1 billion, as investors sought exposure to the flagship carrier to tap into strong air travel growth in the Southeast Asian nation. A strong stock market showing could prove beneficial to the Vietnamese government''s stake divestment plan. The government wants to sell off its stake in several state firms, including brewers Sabeco and Habeco, and use stock market prices as benchmarks to value its holdings in them. Vietnam Airlines shares hit 39,200 Vietnam dong ($1.72) at the midday break on the Unlisted Public Company Market compared to their opening price of 28,000 dong, data from the secondary exchange showed. There were bids for 1.3 million HVN shares, while just 700 shares were bought, the data showed. The carrier is 86 percent owned by the government, with another 8.8 percent belonging to Japan''s ANA Holdings, meaning very few shares are freely available for trading. "There was limited supply due to the low free-float, while sellers were few as shareholders were waiting for higher prices," said Duong Manh Dung, a trader at VnDirect Securities. Vietnam''s airline market is growing at one of the fastest rates in Asia Pacific, boosted by a burgeoning middle class, with the country''s airlines placing multi-billion dollar aircraft orders and the Southeast Asian nation unveiling plans to shore up infrastructure. Vietnam Airlines said on Monday its 2016 pre-tax profit hit a record high of 2.5 trillion dong, jumping 140 percent from a year earlier. It has a 70 percent stake in Vietnamese low-cost carrier Jetstar Pacific, with Australia''s Qantas holding the rest. Its other domestic affiliate is Vietnam Air Service Company and it also owns 49 percent of Cambodia Angkor Air, a joint venture with the Cambodian government. The airline commands about half of the domestic market while the two affiliates have another combined 15 percent share. Together, they announced deals last year to buy 20 Airbus jets worth an estimated $4.1 billion to expand their fleet. The stock market debut of Vietnam Airlines comes as private sector rival VietJet is gearing up to make its market debut and has been valued at $1.2 billion, according to Thomson Reuters publication IFR. Vietnam late last year also saw several major share sales and listings, including a $3.72 billion listing of its top brewer Sabeco where the government owns nearly 90 percent and is keen to unload its entire stake by 2017. Other closely watched offerings were the listing of Habeco and the sale of a portion of state shares in dairy products maker Vinamilk. Vietnam has been seeking to accelerate the initial public offerings (IPOs) of state-owned companies and list their shares to boost investment and increase transparency. ($1=22,750 dong) (Reporting by My Pham; Editing by Muralikumar Anantharaman) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/vietnam-airlines-listing-idUSL4N1ET0WR'|'2017-01-03T15:34:00.000+02:00'
'896d994a44813ced07fbf1d0faa33adc856c21d6'|'ANZ sells Shanghai Rural stake for $1.3 billion'|'Deals - Mon Jan 2, 2017 - 6:42pm EST ANZ sells Shanghai Rural stake for $1.3 billion The logo of the Australia New Zealand Bank Group (ANZ) is displayed on their main office building in Melbourne, Australia, July 27, 2016. REUTERS/David Gray SYDNEY Australia and New Zealand Banking Group Ltd ( ANZ.AX ) said on Tuesday it will sell its 20 percent stake in Shanghai Rural Commercial Bank Co Ltd [SHRCB.UL] for A$1.8 billion ($1.3 billion), as part of its broader sell-down of Asian assets. "The sale reflects our strategy to simplify our business and improve capital efficiency," ANZ Deputy Chief Executive Graham Hodges said in a statement. China COSCO Shipping Corp and Shanghai Sino-Poland Enterprise Management Development Corp were named as the purchasers in the deal, representing a price-to-book ratio of about 1.1 times Shanghai Rural''s net assets as of December 2015. The move is part of ANZ''s move to reduce its Asian exposure, which includes the sale of wealth and retail businesses in Singapore, Hong Kong, China, Taiwan and Indonesia to DBS Group ( DBSM.SI ). For banks, holding minority stakes in lenders like Shanghai Rural is proving to be expensive under new rules that require them to set aside equity capital against such investments. ANZ invested a total of A$568 million to acquire the stake in 2007, but has since come under investor pressure to exit minority stakes in Asia and to boost its Tier-I capital ratio, the core measure of a bank''s financial strength. ANZ said the sale would boost its tier-I capital ratio by about 40 basis points. The bank said its ratio was 9.6 percent in its annual report in November. The sale, agreed on Saturday, is subject to conditions and regulatory approvals and is expected to be completed by mid-2017. (Reporting by Tom Westbrook; Editing by Stephen Coates) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-australia-anz-bank-china-idUSKBN14M18L'|'2017-01-03T06:42:00.000+02:00'
'84d84a8699045db41f5869116c5e26fa92e935b4'|'China stocks start 2017 firmer, liquidity stress fades; HK up'|'Industrials - Mon Jan 2, 2017 - 11:41pm EST China stocks start 2017 firmer, liquidity stress fades; HK up * SSEC 0.7 pct, CSI300 0.7 pct, HSI 0.5 pct * Mainland PMI posts solid performance * Liquidity stress eases as 2017 starts SHANGHAI, Jan 3 China stocks started the first trading day of 2017 on a solid footing, as concerns of a liquidity crunch faded and data showed more signs of the economy stabilising. Hong Kong shares also gained, reversing initial losses, with support from the mainland outweighing the bearish influence from a stronger U.S. currency. Both the CSI300 index and the Shanghai Composite Index gained 0.7 percent at the end of the morning session, to 3,333.16 points and 3,125.56 points, respectively. The CSI300 index ended 2016 with an 11.3 percent loss - its worst performance for five years. Both the Hang Seng index and the Hong Kong China Enterprises Index gained 0.5 percent, to 22,108.84 points and 9,441.66 points, respectively. Investors on the mainland welcomed a private business survey showing China''s factory activity picked up more than expected in December as demand accelerated, with output reaching a near six-year high. In addition, an official factory survey on Sunday showed activity in the sector expanded for a fifth month in December, but it slowed more than expected as Beijing'' effort to curb asset prices has begune to weigh on the broader economy. The market was buoyed by banks being more willing to lend due to the better liquidity situation at the start of the year, according to Tian Weidong, analyst at Kaiyuan Securities. "But it''s still too early to tell if the momentum would be sustainable, since the trade volume remains low." Tian said solid manufacturing data had some influence on sentiment, without altering the market''s trend. "The data will hold for at least two or three months and people have expectations for that," he said, noting that the data was in part supported by early gains in the commodity sector, generally viewed as a leading economic indicator. Concerned over capital outflows weakening the yuan, China''s foreign exchange regulator said late on Saturday that it was stepping up scrutiny on individual foreign currency purchases and would strengthen punishment for illegal money outflows. Nearly all sectors gained, with consumer discretionary sector the strongest performer, rising more than 1 percent by the lunch break. Sector performance was mixed, with strength among property stocks countered by weakness in the services sector . (Reporting by Jackie Cai and John Ruwitch; Editing by Simon Cameron-Moore) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-stocks-midday-idUSL4N1ET0EM'|'2017-01-03T11:41:00.000+02:00'
'6c2fd54f4c5f0509f5d48f0af0024ceb51f22c42'|'SE Asia Stocks-Rise on Wall Street gains; Philippines hits near 2-mth high'|'Financials - Thu Jan 5, 2017 - 12:17am EST SE Asia Stocks-Rise on Wall Street gains; Philippines hits near 2-mth high By Ambar Warrick Jan 5 Southeast Asian stock markets rose on Thursday, following gains on Wall Street and buoyed by an overnight bounce in crude oil prices. Sentiment was also boosted by a string of upbeat factory and service sector surveys across the globe this week. U.S. shares ended higher on Wednesday even after minutes from the Federal Reserve''s December meeting showed concerns that quicker economic growth under President-elect Donald Trump could require faster interest rate hikes to ward off inflation. Crude prices rose nearly 2 percent overnight before dipping in Asian trade on Thursday over doubts world producers would fully deliver on promises to cut output. MSCI''s broadest index of Asia-Pacific stocks outside Japan was last up 0.9 percent. Philippine shares rose as much as 1.7 percent to their highest in nearly two months, bolstered by industrial and financial stocks with SM Investments gaining 4.6 percent to a seven-week high. Consumer prices rose to a two-year high in December due to higher food and transport costs, in line with a Reuters poll, but the full-year average inflation remained below the central bank''s target range, the statistics agency said on Thursday. Singapore shares gained as much as 1.3 percent in their biggest percentage rise in nearly two months, led by financials and telcos. DBS Group Holdings, the island state''s biggest bank by market value, posted its sharpest intraday percentage gain in nearly two months by adding 2.3 percent. "Singapore has not performed well over the past few weeks as compared to its regional peers," said Manny Cruz, an analyst with Manila-based Asiasec Equities Inc. "Given the improvement in sentiment among Asian markets, investors have started to look at certain sectors in Singaporean equities." Thailand hit a 20-month high and was headed for its eighth consecutive session of gains, while Vietnam fell slightly. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: AS OF 0410 GMT Market Current Previous Pct Move close Singapore 2956.82 2921.31 1.22 Bangkok 1573.59 1563.58 0.64 Manila 7153.37 7030.95 1.70 Jakarta 5322.831 5301.183 0.41 Kuala Lumpur 1654.88 1647.47 0.45 Ho Chi Minh 673.43 674.7 -0.19 Change on year Market Current End 2016 Pct Move Singapore 2956.82 2880.76 2.64 Bangkok 1573.59 1542.94 1.99 Manila 7153.37 6840.64 4.60 Jakarta 5322.831 5296.711 0.49 Kuala Lumpur 1654.88 1641.73 0.80 Ho Chi Minh 673.43 664.87 1.30 (Reporting by Ambar Warrick; Additional reporting by Susan Mathew; Editing by Subhranshu Sahu) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southeast-asia-stocks-idUSL4N1EV1UH'|'2017-01-05T12:17:00.000+02:00'
'add28835a384bc85338bc7e05c45a8136d56c595'|'Iraq begins reducing oil output in keeping with OPEC decision - minister'|' 03am GMT Iraq begins reducing oil output in keeping with OPEC decision - minister Iraq''s Oil Minister Jabar Ali al-Luaibi talks to journalists during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. REUTERS/Heinz-Peter Bader BAGHDAD Iraq has begun implementing measures to reduce national oil output in keeping with an OPEC decision, the oil minister said on Thursday. "Iraq affirms its commitment to the OPEC decision which was taken in the last meeting in Vienna by putting in place a studied plan to reduce production from the country''s fields from the start of the new year," Jabar Ali al-Luaibi said in a statement. OPEC agreed in November to cut output by 1.2 million barrels per day from January 2017 to support prices. Iraq, OPEC''s second-largest producer, agreed to reduce output by 200,000 bpd to 4.351 million bpd. Reliant on oil sales for most of its income, Iraq had resisted production cuts, saying it needed revenue to fund a war against Islamic State militants who seized a third of the country''s territory in 2014. But it has accepted a lower production reference level as part of the OPEC deal that estimated its output at 4.561 million bpd. Iraq is reviewing several options to implement the reduction, including cuts from Kirkuk oilfield, southern fields being developed by oil majors or other state-run areas, Luaibi told Reuters last month. Luaibi said his ministry was in discussions with foreign companies operating Iraq''s giant southern fields to implement some cuts during scheduled maintenance. Prime Minister Haider al-Abadi said on Tuesday the autonomous Kurdish region was exporting more than its allocated share of oil. (Reporting by Stephen Kalin; editing by Susan Thomas)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iraq-oil-opec-idUKKBN14P0SJ'|'2017-01-05T16:03:00.000+02:00'
'eff890689ed4e02012aa823d8c045385545277a9'|'Apple yanks New York Times apps in China'|'Apple yanks New York Times apps in China by Sherisse Pham @Sherisse January 5, 2017: 2:41 AM ET All the news that''s fit to ban -- that''s essentially China''s position on The New York Times. After blocking the U.S. publication''s English and Chinese websites for nearly five years, Chinese authorities have now had Apple ( AAPL , Tech30 ) pull New York Times news apps from the App Store in China. "We have been informed that the app is in violation of local regulations. As a result, the app must be taken down off the China App Store," Apple said in a statement. "When this situation changes, the App Store will once again offer the New York Times app for download in China." The New York Times ( NYT ) called the removal of its English- and Chinese-language apps late last month "deeply regrettable," saying it had asked Apple to reconsider its decision. "The request by the Chinese authorities to remove our apps is part of their wider attempt to prevent readers in China from accessing independent news coverage by The New York Times of that country -- coverage which is no different from the journalism we do about every other country in the world, including the United States," Times spokeswoman Eileen Murphy said in a statement. Related: Facebook could pay heavy price if it censors news to please China Amnesty International said the move by Apple is part of a growing trend of big tech companies effectively aiding China in its crackdown on free speech. "It''s extremely worrying that Apple is kowtowing to China''s censorship by deleting New York Times apps," said Patrick Poon, an Amnesty researcher. The apps allowed readers in mainland China to access Times articles without having to use a Virtual Private Network, or VPN, to skirt the country''s huge censorship apparatus, known as the Great Firewall. Other international news apps, including those of The Wall Street Journal, the Financial Times and CNN, were still available on the App Store in China on Thursday. The New York Times app still worked for users who had previously downloaded it. Apple declined to specify which regulations the Times allegedly breached. It may be connected to new rules that went into effect in August, stipulating that apps mustn''t disseminate banned content. The Cyberspace Administration of China, the country''s top internet regulator, didn''t respond to a request for comment. Related: Apple movies and iBooks shut down in China Apple makes a significant chunk of its revenue in China and many of its products are assembled there. It''s also not the only tech company bending to the Chinese government''s will. Microsoft ( MSFT , Tech30 ) ''s Chinese chatbot refuses to talk about sensitive topics like the 1989 crackdown on Tiananmen Square protests or Chinese President Xi Jinping. Facebook ( FB , Tech30 ) CEO Mark Zuckerberg has made no secret of his desire to get the giant social network unblocked in China. His company is reported to have built a censorship tool that would keep certain posts out of people''s news feeds. Apple has also been on the receiving end of China''s content crackdown. Last year, Chinese regulators shut down its iBooks and iTunes Movies services. -- Nanlin Fang contributed to this report. CNNMoney (Hong Kong) First published January 5, 2017: 2:41 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/05/technology/apple-nyt-china-app-store-remove/index.html'|'2017-01-05T14:43:00.000+02:00'
'f54628e08422983e78a549a09c2ea95cb30a4a8a'|'China''s miners gamble on spot coal despite Beijing pressure'|'Commodities  52am EST China''s miners gamble on spot coal despite Beijing pressure FILE PHOTO: Workers unload coal at a storage site along a railway station in Hefei, Anhui province October 27, 2009. REUTERS/Jianan Yu/File Photo By Meng Meng and Josephine Mason - BEIJING BEIJING China''s top coal miners have mostly resisted pressure from Beijing to sign long-term fixed-price deals this year, in a bet that there''s more money to be made in the spot market before government efforts to ease a supply crunch take effect. Miners including two of the nation''s largest, China Coal and Shenhua, have signed deals with utilities, the top consumers of thermal coal, for only about 40 percent of their 2017 output at discounts to the spot market, according to four sources familiar with the contracts. Getting miners to agree fixed-price deals - a break with their usual practice - was a major part of the government''s months-long scramble to avert a winter energy crisis and protect power companies'' profits from runaway thermal coal prices. Electricity companies pushed for more such deals, but the miners, which sometimes assign as much as 60 percent of their output to the utilities but at variable prices, dug in their heels. "Utilities would love to sign more long-term contracts because the price is cheaper, whereas Shenhua wants to cut the share on contract," said a purchasing manager with one of the top utilities, China Resources Power Holdings Co., who declined to be named due to company policy. Initially, Shenhua asked some coal-fired power companies to agree to as little as 30 percent of their annual tonnage on fixed-price terms, he said. The supply crisis and soaring prices were largely a problem of Beijing''s own making after it closed mines and limited output earlier in the year as part of its drive to tackle overcapacity and inefficiency in state-owned heavy industry. The effects were felt across the world, as China is the world''s largest consumer and importer of coal, with spot prices in Australia, the Pacific benchmark, doubling in just four months to $120 per ton by mid-November, their highest in 2-1/2 years. In China, domestic physical prices shot to 607 yuan ($88.30) per ton in the first week of November, up from around 400 yuan in April. The government''s reversal of policy to let miners re-open mothballed capacity and the securing of some fixed-price deals have helped bring spot prices down 20 percent since then, but they remain high by historical standards. When the first fixed-price contracts were sealed in early November, they were at around 585 yuan per ton, two traders and a miner said, a 100-yuan discount to the futures and physical markets. ChinaCoal and Shenhua declined to comment. SPOT OPPORTUNITIES But miners have kept a lot of tonnage available for sale at spot prices because they hope prices will either rise again or at least stay strong for longer, as it takes time for production to pick up. China''s Coal Association has said the miners are struggling to ramp up output quickly because they have to rehire staff and comply with stiffer safety standards. "They believe the forward curve coupled with the price negotiated during the last negotiation is undervalued versus their opportunities in the spot market," said Patrick Markey, managing director of commodity advisory Sierra Vista Resources in Singapore. Nearby domestic futures prices are around 600 yuan/ton, but they slip to around 488 yuan by July, which suggests the market thinks the miners, who have only just returned to profit after a few lean years, are taking quite a risk. China Coal Energy Co Ltd returned to profitability in the second quarter with its best quarterly earnings in three years, while China Shenhua Energy Co Ltd reported its best quarterly profit since the final quarter of 2014. If the miners have misjudged, however, it could be welcome news to the utilities, many of which are unprofitable above 600 yuan/ton. CR Power Group''s breakeven in Jiangsu province is as high as 685 yuan/ton, but in Inner Mongolia it is as low as 430. BMI Research analysts believe the fourth quarter of 2016 was the peak, as domestic output increases after falling 10 percent in the first half. It forecasts prices from Australia''s Newcastle port will be around $60-70 per ton for 2017, down from four-year highs above $100 in November. Demand growth from utilities is also likely to stagnate this year as Beijing resumes its drive for a more efficient state sector and shifts toward cleaner, renewable power sources, the analysts said. (Additional reporting by Muyu Xu; Editing by Will Waterman) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-coal-miners-idUSKBN14P0YP'|'2017-01-05T16:31:00.000+02:00'
'8e31bc5fd1ff81d71fafcd1177182b40320d5a16'|'100 Best Jobs in America'|'Kyle Craig, software developer at IBM''s Mobile Innovation Lab Median Pay : $97,100 Top Pay : $133,000 10-year job growth : 19% Whether you''re Snapchatting with friends or catching Pokémon, you probably spend time every day using the creations of mobile app developers. That means growing demand for developers who build and update apps so they''re secure, user-friendly, and sought after. They aren''t necessarily saving the world, but mobile app developers get to create something that can reach millions of people on a daily basis. Why it''s great: Mobile app developers are the first to test out the latest phones, tablets, and wearable devices. "If you like playing around with technology and exploring all the possibilities it offers, this can be a really fun job," says mobile app developer Kyle Craig. Quality of life ratings: NEXT: Risk Management Dir. Notes: All pay data from PayScale.com . Median pay is for an experienced worker (at least five or seven years in the field). Top pay represents the 90th percentile. Job growth is estimated for 2014-24, and based on people working in broader ''job family'' from the Bureau of Labor Statistics. For more details, see How We Picked the Best Jobs . Sources: PayScale.com , Bureau of Labor Statistics, and CNNMoney research By Beth Braverman @CNNMoney - Last updated January 05 2017 01:03 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/gallery/pf/2017/01/05/best-jobs-2017/index.html'|'2017-01-05T19:32:00.000+02:00'
'f50dce09428aac3037ebc94fc3fcfae1684129e9'|'Audi sales hit record in 2016, despite losing ground to rivals'|'Business News - Fri Jan 6, 2017 - 6:03pm EST Audi sales hit record in 2016, despite losing ground to rivals The logo of German car manufacturer Audi is seen at a building of a car dealer in Duebendorf, Switzerland November 22, 2016. REUTERS/Arnd Wiegmann BERLIN German luxury-car brand Audi said its deliveries rose to a new record last year despite the diesel emissions scandal, although that would likely not be enough to save it from dropping into third place behind luxury rivals Mercedes-Benz ( DAIGn.DE ) and BMW ( BMWG.DE ) in global sales rankings. The key contributor to Volkswagen ( VOWG_p.DE ) group profit increased sales of luxury cars and sport-utility vehicles to 1.87 million units from 1.80 million in 2015, a spokesman said on Saturday. Ingolstadt-based Audi raised deliveries by 4 percent in the United States where VW''s emissions test-cheating scandal broke in 2015 and reported 6.4 percent more sales in Britain, its No. 2 European market, the spokesman said, confirming figures first reported by German daily newspaper Die Welt in its Saturday edition. Audi is due to publish official figures for December on Monday, same as parent VW. They are expected to show it has dropped into third place from second in terms of global luxury car brands. The luxury-car maker may start selling diesel vehicles again in the U.S. after deliveries were banned in the wake of the emissions manipulations, though a decision hasn''t been taken yet, Die Welt quoted sales chief Dietmar Voggenreiter as saying in an interview. By contrast, VW''s namesake brand plans to drop the technology in the U.S. as it reboots its strategy in the Americas post-dieselgate, brand chief Herbert Diess has said. (Reporting by Andreas Cremer; Editing by Victoria Bryan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-audi-vehicleregistrations-idUSKBN14Q2IM'|'2017-01-07T06:03:00.000+02:00'
'6fa6138377b4864f4460180c4aee6a3c02063a02'|'AT&T says Time Warner purchase could avoid FCC scrutiny'|'  5:05pm GMT AT&T says Time Warner purchase could avoid FCC scrutiny An AT&T sign is seen outside a branch in Rolling Meadows, Illinois, U.S., October 24, 2016. REUTERS/Jim Young By David Shepardson - WASHINGTON WASHINGTON AT&T Inc expects to be able to bypass a powerful telecommunications regulator in its planned $85.4 billion acquisition of Time Warner Inc ( TWX.N ), the companies said in regulatory filings on Friday. Time Warner said that since it does not plan to transfer any Federal Communications Commission licenses to AT&T, it would likely not need FCC approval and would only need the consent of the U.S. Justice Department. AT&T could forego the FCC by unloading a Time Warner broadcast station, analysts say. Despite its big media footprint, Time Warner has only one FCC-regulated broadcast station, WPCH-TV in Atlanta. But it has other more minor FCC licenses. Time Warner said in its filing it does not anticipate it "will not need to transfer any of its FCC licenses to AT&T in order to continue to conduct its business operations after the closing." The deal faces other hurdles. For example, President-elect Donald Trump has said he opposes the merger, and on Friday a transition official told Reuters that Trump still was against the deal. Time Warner shareholders will meet on Feb. 15 to decide whether to approve the deal. The Justice Department has to prove a proposed deal harms competition in order to block it. But the FCC has broad leeway to block a merger it deems is not in the "public interest" and can impose additional conditions. AT&T and Time Warner filed a premerger notification with the Justice Department on Nov. 4, and on Dec. 8 the Justice Department issued a second information request. AT&T, which has repeatedly clashed with the FCC over the past several years over major industry regulations, said in October that one benefit of its purchase is that Time Warner is "lightly regulated compared to much of AT&T''s existing operations." (Additional reporting by Steve Holland; Editing by Chizu Nomiyama and Jeffrey Benkoe)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-time-warner-m-a-at-t-idUKKBN14Q1UC'|'2017-01-07T00:05:00.000+02:00'
'a08babbcda38290f84dcec44625cd2a9a5e37076'|'Trump: Toyota faces big tax if it builds Corolla cars for U.S. in Mexico'|'Business News - Thu Jan 5, 2017 - 1:28pm EST Trump: Toyota faces big tax if it builds Corolla cars for U.S. in Mexico left right U.S. President-elect Donald Trump speaks during a USA Thank You Tour event in Hershey, Pennsylvania, U.S., December 15, 2016. REUTERS/Lucas Jackson 1/2 left right The Toyota logo is seen at a dealership of Japan''s Toyota Motor Corp in Brussels October 10, 2012. REUTERS/Francois Lenoir 2/2 WASHINGTON U.S. President-elect Donald Trump on Thursday targeted Toyota Motor Co ( 7203.T ), threatening to impose a hefty fee on the Japanese automaker it if builds its Corolla cars for the U.S. market at a plant in Mexico. "Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for U.S. NO WAY! Build plant in U.S. or pay big border tax," Trump said in a post on Twitter. Toyota, which announced its plan to build the Mexican facility in April 2015, had no immediate comment. (Reporting by Susan Heavey and David Shephardson; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-toyota-idUSKBN14P27S'|'2017-01-06T01:28:00.000+02:00'
'05092b3ba18a871f6339546947378bbb883c3d16'|'U.S. job growth slows, but wages rebound strongly'|'  1:57pm GMT U.S. job growth slows, but wages rebound strongly People wait in line to enter the Nassau County Mega Job Fair at Nassau Veterans Memorial Coliseum in Uniondale, New York, U.S. October 7, 2014. REUTERS/Shannon Stapleton/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON U.S. employment increased less than expected in December but a rebound in wages pointed to sustained labour market momentum that sets up the economy for stronger growth and further interest rate increases from the Federal Reserve this year. Nonfarm payrolls increased by 156,000 jobs last month, the Labor Department said on Friday. The gains, however, still remain above a level that is considered sufficient to absorb new entrants into the labour market. October and November''s data was revised to show 19,000 more jobs added than previously reported. The economy created 2.16 million jobs in 2016. Average hourly earnings increased 10 cents or 0.4 percent, benefiting from a calendar quirk, after slipping 0.1 percent in November. That pushed the year-on-year increase in average hourly earnings to 2.9 percent, the largest increase since June 2009, from 2.5 percent in November. The unemployment rate ticked up to 4.7 percent from a nine-year low of 4.6 percent in November as more people entered the labour force, a sign of confidence in the jobs market. The employment report added to data ranging from housing to manufacturing and auto sales in suggesting that President-elect Donald Trump is inheriting a strong economy from the Obama administration. Trump, who takes over from President Barack Obama on Jan. 20, has pledged to increase spending on the country''s aging infrastructure, cut taxes and relax regulations. These measures are expected to boost growth this year. But the proposed expansionary fiscal policy stance could increase the budget deficit. That, together with faster economic growth and a labour market that is expected to hit full employment this year could raise concerns about the Fed falling behind the curve on interest rate increases. The U.S. central bank raised its benchmark overnight interest rate last month by 25 basis points to a range of 0.50 percent to 0.75 percent. The Fed forecast three rate hikes this year. Economists polled by Reuters had forecast payrolls rising by 178,000 jobs last month and the unemployment rate ticking up one tenth of a percentage point to 4.7 percent. Employment growth in 2016 averaged 180,000 jobs per month, down from an average gain of 229,000 per month in 2015. The slowdown in job growth is consistent with a labour market that is near full employment. There has been an increase in employers saying they cannot fill vacant positions because they cannot find qualified workers. The skills shortage has been prominent in the construction industry. Even as the labour market tightens, there still remains some slack, which is holding back wage growth. The labour force participation rate, or the share of working-age Americans who are employed or at least looking for a job, rose one-tenth of percentage point to 62.7 percent in December. The participation rate remains near multi-decade lows. Some of the decline reflects demographic changes. December''s job gains were broad, with manufacturing payrolls rising 17,000 after declining for four straight months. Construction payrolls fell 3,000 in December after three consecutive months of increases. Retail sector employment rose 6,300 after increasing 19,500 in November. Department store giants Macy''s ( M.N ) and Kohl''s Corp ( KSS.N ) this week reported a drop in holiday sales. Macy''s said it planned to cut 10,000 jobs beginning this year. Department stores have suffered from stiff competition from online rivals including Amazon.com ( AMZN.O ). Government employment increased 12,000 in December. (Reporting by Lucia Mutikani; Editing by Andrea Ricci)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN14Q0GJ'|'2017-01-06T21:18:00.000+02:00'
'c1a12f033162ce467bc11c48f0946d3c105affbf'|'Bitcoin extends losses, slides another 12 percent on China warning'|'Fri Jan 6, 2017 - 1:43pm GMT Bitcoin extends losses, slides another 12 percent on China warning A customer feeds cash currency in to a Bitcoin ATM located in Flat 128, a boutique in New York''s West Village, U.S. on August 22, 2014. REUTERS/Brendan McDermid/File Photo LONDON Bitcoin plunged another 12 percent on Friday after China''s central bank urged investors to take a rational approach to the digital currency, which has is on track for its heaviest two-day falls in two years. Bitcoin had gained more than 40 percent in two weeks to hit a three-year high of $1,139.89 on Wednesday, just shy of its all-time record of $1,163 on the Europe-based Bitstamp exchange. But the digital currency - which has shown an inverse correlation to the Chinese yuan in recent months - plunged as the yuan soared on Thursday, falling as much as 20 percent at one point, before closing the day around 10 percent down on the day. On Friday it fell to $887, having lost almost a quarter of its value since Wednesday''s peak. Bitcoin prices had showed abnormal fluctuations, the Shanghai head office of the People''s Bank of China (PBOC) said in a notice. It stressed bitcoin is not a currency and cannot be circulated as a real currency in the market. (Reporting by Jemima Kelly; editing by Sujata Rao) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-bitcoin-idUKKBN14Q1M1'|'2017-01-06T20:39:00.000+02:00'
'57eb32cc11f33b12939d0e0cb6354fb893b70611'|'Sterling to slip a little further after EU divorce process starts - Reuters poll'|'Business News - Fri Jan 6, 2017 - 12:24pm GMT Sterling to slip a little further after EU divorce process starts: Reuters poll A pile of one pound coins is seen in a photo illustration shot June 17, 2008. REUTERS/Toby Melville/Illustration/File Photo By Jonathan Cable - LONDON LONDON Sterling will slip a touch more against the euro and dollar after Britain begins its official divorce process from the European Union, a Reuters poll found, while identifying risks that the falls could be steeper. The pound GBP= has fallen about 17 percent against the dollar since the June 23 vote to leave the EU, trading near $1.24 on Friday, and according to the poll of around 60 foreign exchange strategists surveyed this week it will dip a little further. In a month''s time it will be worth $1.22 but at the end of March, by when Prime Minister Theresa May aims to trigger Article 50 which starts the two-year countdown to Brexit, the poll said cable would be at $1.21. "In the wake of the very strong UK data the fact that sterling has lagged other currencies slightly against the dollar suggests politics is dominating," said Colin Asher at Mizuho Securities. "I would expect that to continue probably for most of the year. Sterling will be difficult to predict given the very substantial negative positioning," added Asher, who was the most accurate forecaster of sterling in Reuters polls last year. There have been no clear indications as to what direction negotiations will take, but many think May will take a hard line on immigration at the potential expense of Britain''s access to the single market, hindering trade and further hurting sterling. So in six months and in a year''s time, medians in the poll said cable would be at $1.20. The dollar rallied in 2016 and that will continue this year on expectations that tax cuts promised by President-elect Donald Trump will force the Federal Reserve to raise rates more quickly. [EUR/POLL] Pound forecasts were lowered a little from a December poll and with no clarity about how the talks will proceed, 17 of 27 people who answered an extra question said risks to their forecasts were negative. "Risks are to the downside because the Brexit process is uncharted territory. However, if the UK is granted access to the single market, sterling should be able to recover," said Asmara Jamaleh at Intesa Sanpaolo. While no-one forecast the pound would fall as low as parity with the greenback, a few thought it could go below $1.10. The most optimistic analyst pegged sterling at $1.35 at the end of the year. Sterling has struggled against the euro EURGBP= but only two analysts in the poll thought the two currencies would reach parity. Medians in the poll said one euro, currently worth 85.5 pence, would get you 85.0p in a month, 86.0p in three months and 87.0p at the end of the year. (Polling by Shrutee Sarkar and Sarmista Sen; editing by John Stonestreet) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-forex-poll-sterling-idUKKBN14Q1FI'|'2017-01-06T19:21:00.000+02:00'
'e5d99f146fd173e86d5f6e29e0f8739edd7f7a28'|'Solid Christmas for UK supermarkets before uncertain 2017'|'Business  16am GMT Solid Christmas for UK supermarkets before uncertain 2017 Grey clouds hang over a Tesco Extra store in New Malden in southwest London, Britain June 4, 2014. REUTERS/Luke MacGregor/File Photo By James Davey - LONDON LONDON Britain''s three quoted major supermarkets are expected to report this week that they enjoyed solid Christmas trading, though investor concern about a potential squeeze on consumer spending in 2017 means the focus is on their outlooks. Shares in market leader Tesco and Morrisons, the UK''s fourth biggest grocer, soared 38 percent and 55 percent respectively in 2016, reflecting a recovery in trading. That coincided with a slowdown in sales growth at German discounters Aldi [ALDIEI.UL], which will update on Christmas on Jan. 9, and Lidl [LIDUK.UL] as Britain''s traditional supermarkets cut their prices, and continued problems at sector laggard Asda, the No. 3 player. The share price of No. 2 Sainsbury''s was held back by uncertainty over the merits of its 1.1 billion pounds ($1.36 billion) takeover of household goods retailer Argos. Robust growth in consumer spending has been one of the main factors sustaining Britain''s economy since last June''s vote to leave the European Union. However, retailers fear a reduction in spending as inflation begins to erode real earnings growth in 2017. Sterling''s devaluation since the Brexit vote - down 12 percent against other major currencies - has also driven up supermarkets'' import costs, as have commodity price increases. They also face further cost pressures from the national minimum wage, business rates and utilities. There are also signs that Asda, the British arm of Wal-Mart, will make life tougher for rivals in 2017. Analysts say a new management team is starting to make an impact, putting more staff on the shop floor and generally improving store standards. While underlying sales slumped 5.8 percent in its third quarter, they anticipate a significant improvement when it reports fourth quarter results next month. Analysts expect Tesco (on Jan. 12) to report UK like-for-like sales growth of 1.25 to 2 percent for its third quarter to Nov. 26 and growth of 0.6 to 1.5 percent for the six weeks to Jan. 7, building on four straight quarters of underlying growth. Morrisons (on Jan. 10) is expected to report underlying sales growth of 1.1 percent for the nine weeks to Jan. 1, according to an average of analysts'' forecasts, a fifth consecutive quarter of growth. Sainsbury''s (on Jan. 11) could be perceived as the relative loser of the three, with analysts on average forecasting a like-for-like sales fall of 0.8 percent for its third quarter to Jan. 7, though it is still expected to report volume growth and underlying sales growth at Argos of 1.5 percent. However, it is important to note that Sainsbury''s, unlike Tesco and Morrisons, is not in turnaround mode and has not had to rebase its like-for-like sales performance. Updates due next week from a raft of other UK retailers, including from Marks & Spencer, department stores John Lewis [JLP.UL] and Debenhams, Primark owner AB Foods and ASOS.L, will also shine a light on prospects for the sector. Marks & Spencer will (on Jan. 12) report on its third quarter to Dec. 31. Analysts are on average forecasting like-for-like sales growth in its clothing and home division of 0.2 percent with underlying sales in its food business down 0.4 percent. Such an outcome in clothing would represent an improvement on the second quarter''s 2.9 percent fall and provide some encouragement to investors that new boss Steve Rowe''s turnaround plan has found some traction. Last week rival Next reported disappointing Christmas sales, cut its profit forecast and highlighted "exceptional" levels of uncertainty in the sector. (Editing by Anna Willard) Automakers, suppliers team up to share costs of self-driving cars LAS VEGAS Automotive suppliers and automakers are expanding alliances to develop self-driving car technology that can serve multiple automakers, as the race to put such vehicles on the road separates companies that can go it alone from those that need help sharing the financial and technical burdens.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-supermarkets-idUKKBN14S07O'|'2017-01-08T15:16:00.000+02:00'
'9b05494e8517f2acbbca1abbc99c0a199aa59a43'|'Home is where the hearth is – in pictures - Money'|'Home is where the hearth is – in pictures Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Rekindle your love affair with fireplaces and check out these Suffolk, Wiltshire and Essex propertiesAnna Tims Friday 6 January 2017 23.45 GMT Cowlinge, near Newmarket, Suffolk This 17th-century cottage housed the village blacksmith and offers a hospitably sized fireplace in the living room. The place is larger than it looks, with two receptions, three double bedrooms (one of them downstairs) and a garage beneath that quiff of thatch. Guide price: £315,000. David Burr , 01638 669035 Photograph: 2016 Mike Higginson/frazaz.comFacebook Twitter Pinterest Collingbourne Ducis, near Marlborough, Wiltshire Warm your cockles by the living room inglenook and get cosy in the beamed kitchen that leads off it. Even the two bedrooms upstairs have 16th-century beams. However, it’s a commute downstairs and through the sitting room to the bathroom. Price: £315,000. Humberts , 01672 519222 Facebook Twitter Pinterest Leavenheath, near Colchester, Essex Downstairs, this four-reception house is a forest of beams and there is a massive inglenook. There’s also a lake and outdoor swimming pool. However, three of the four bedrooms are accessed by separate staircases. Guide price: £625,000. Beresfords , 01245 807265 Photograph: Gary Dod/©Adrydog 2015Facebook Twitter Pinterest'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/jan/06/home-is-where-the-hearth-is-in-pictures'|'2017-01-07T06:45:00.000+02:00'
'49a671113c5524c0aff22789d26af5d632cfba6f'|'RPT-China''s Iran oil imports to hit record on new production - sources'|'Energy - Thu Jan 5, 2017 - 6:00pm EST RPT-China''s Iran oil imports to hit record on new production - sources (Repeats earlier story for wider readership with no change to text.) By Chen Aizhu BEIJING Jan 5 China''s Iranian crude oil imports may rise to a record this year as state-owned oil firms lift more crude through their upstream investments while extending their current supply contracts, senior industry and trading sources said. Chinese firms were expected to lift between 3 million to 4 million barrels more Iranian oil each quarter in 2017 than last year, four sources with knowledge of the matter estimated. That would be about 5 percent to 7 percent higher than the 620,000 barrels per day (bpd) of Iranian crude the country has imported during the first 11 months of 2016, according to the customs data. Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), won an exemption from the group''s production cuts agreed to on Nov. 30 and may raise output slightly. China''s demand for foreign crude could touch new highs as state-run refiners start up new plants and as Beijing allows more independent refiners to import crude, with the country forecast to remain a key driver of 2017 demand growth. State refiner Sinopec Corp and state-run oil trader Zhuhai Zhenrong Corp, the two biggest Chinese lifters of Iran''s oil, are set to roll over annual supply agreements with National Iranian Oil Co (NIOC), with combined volumes of about 505,000 bpd, two sources with knowledge of the agreements said. Additionally, China National Petroleum Corp (CNPC) and Sinopec expect to lift more oil this year from two oilfields they operate under service contracts, the sources said. A press official with Sinopec said the company does not comment on operational matters. CNPC and NIOC did not immediately respond to requests for comment. Sinopec signed a development deal for the Yadavaran field in late 2007 with CNPC signing a deal for the North Azadegan field in 2009, after Japanese and European companies pulled out of the projects, both in the southwestern Iranian province of Khuzestan, due to sanctions over Iran''s nuclear programme. Both fields started pumping oil in early 2016, with North Azadegan reaching full production in the third quarter and Yadavaran in the fourth quarter, and they are currently pumping at around 160,000 bpd. "The terms of return on investment are still being finalised ...but it''s safe to say Sinopec is going to lift more from Yadavaran this year than last," said a Beijing-based oil executive familiar with Sinopec''s operations on Yadavaran. A separate senior trading source estimated that Sinopec could lift about 4 million barrels of Yadavaran crude, considered a heavy grade with an API gravity rating of about 25, every quarter this year. The person did not give an earlier comparison. After first shipments last October, CNPC is expected to lift an average of about 3 million barrels from North Azadegan each quarter, said a second senior trader with knowledge of CNPC''s Iranian production. (Additonal reporting by; Rania El Gamal in DUBAI; Editing by Christian Schmollinger) Next In Energy'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-iran-oil-idUSL4N1EV3BQ'|'2017-01-06T06:00:00.000+02:00'
'db93d375859be669c3c4713d2fb1b71f46861f2d'|'TABLE-Santander Brasil, Itaú top Brazil''s M&A rankings last year'|'SAO PAULO, Jan 6 Companies in Brazil announced $54.308 billion worth of mergers and acquisitions in 2016, up 23 percent from a year earlier, a Thomson Reuters report showed on Friday, but the number of deals fell to 578 from 676 in 2015, the biggest drop in three years. The following tables show the ranking of the top 10 M&A advisers in Brazil last year, by the value and number of deals. For a story on dealmaking trends for 2017, click. RANKING VALUE, INCLUDING NET DEBT OF TARGET: RANK RANK FINANCIAL ADVISOR VALUE OF DEALS 2016 2015 (Jan 1-Dec 31 2016) 1 5 Banco Santander Brasil SA $19.240 bln 2 2 Banco Bradesco SA $13.763 bln 3 1 Itau Unibanco Holding SA $12.227 bln 4 9 JPMorgan Chase & Co $10.083 bln 5 12 Bank of America Merrill $8.120 bln Lynch 6 6 Grupo BTG Pactual SA $8.027 bln 7 4 Goldman Sachs Group Inc $3.876 bln 8 26 Citigroup Inc $3.598 bln 9 3 Rothschild & Co $3.350 bln 10 n.a. Credit Agricole SA $3.339 bln Subtotal with Financial $49.932 bln Advisor Subtotal without Financial $4.389 bln Advisor INDUSTRY TOTAL $54.320 bln NUMBER OF DEALS: RANK RANK FINANCIAL ADVISOR NUMBER OF DEALS 2016 2015 (Jan 1-Dec 31 2016) 1 1 Itaú Unibanco Holding SA 39 2 2 Grupo BTG Pactual SA 27 3 3 Banco Bradesco SA 26 4 5 Banco Santander Brasil SA 16 5 7 BR Partners Banco do 12 Investimento 6 n.a. JPMorgan Chase & Co 10 7 4 Rothschild & Co 10 8 8 Credit Suisse Group AG 9 9 12 Citigroup Inc 8 10 10 Bank of America Merrill 7 Lynch Subtotal with Financial 180 Advisor Subtotal without Financial 398 Advisor INDUSTRY TOTAL 578 (Reporting by Guillermo Parra-Bernal; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-ma-outlook-idINL1N1EV0V0'|'2017-01-06T00:01:00.000+02:00'
'd5df5aacc66b9e060b6b609fe8cd13881eb14e0a'|'AT&T does not expect to seek FCC approval to buy Time Warner'|'Deals - Fri Jan 6, 2017 - 10:34am EST AT&T does not expect to seek FCC approval to buy Time Warner An AT&T sign is seen outside a branch in Rolling Meadows, Illinois, U.S., October 24, 2016. REUTERS/Jim Young WASHINGTON AT&T Inc said on Friday it expects to bypass a powerful telecommunications regulator in its planned $85.4 billion acquisition of Time Warner Inc ( TWX.N ). Dallas-based AT&T said in a securities filing that it anticipates Time Warner will not need to transfer any of its FCC licenses to AT&T, which would likely mean the deal will only need the approval of the U.S. Justice Department. The deal faces hurdles including the fact that in October President-elect Donald Trump said he was opposed to the merger. (Reporting by David Shepardson; Editing by Chizu Nomiyama) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-time-warner-m-a-at-t-idUSKBN14Q1UE'|'2017-01-06T22:34:00.000+02:00'
'831dc48490f93bad80b9ceb9d7e85025951f82f1'|'Fed''s Kashkari says he''s optimistic about bank plan under Trump'|'  6:42pm GMT Fed''s Kashkari says he''s optimistic about bank plan under Trump Minneapolis Fed President Neel Kashkari speaks during an interview at Reuters in New York February 17, 2016. REUTERS/Brendan McDermid CHICAGO Neel Kashkari, the president of the Minneapolis Federal Reserve Bank who wants to force U.S. banks to hold more capital in order head off a future financial crisis, on Saturday said he was optimistic about his plan''s chances under incoming president Donald Trump. "I''m optimistic that if Congress now says we are going to take a fresh look at bank regulation, we are going to take a fresh look at Dodd Frank, there may be a real opportunity to weigh in and say, let''s be much more aggressive on capital requirements," Kashkari told the American Economic Association. (Reporting by Ann Saphir; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-fed-kashkari-idUKKBN14R0LD'|'2017-01-08T01:21:00.000+02:00'
'e028135ce2bdcd7bfd7ade4a445f56d6a45a019b'|'MIDEAST STOCKS-Gulf may consolidate with firm tone, Dubai faces chart barrier'|'Financials - Sun Jan 8, 2017 - 12:54am EST MIDEAST STOCKS-Gulf may consolidate with firm tone, Dubai faces chart barrier DUBAI Jan 8 Gulf stock markets may consolidate with a firm tone on Sunday although Dubai faces technical resistance that could hold in the near term at least. The international market environment is modestly positive, with Wall Street firm and oil prices having edged up at the end of last week. Dubai''s index rose 2.7 percent to 3,628 points last week but faces resistance at the mid-December peak of 3,659 points, and pulled back from near that level on Thursday. In Qatar, Gulf Warehousing may attract modest interest after recommending an annual cash dividend of 1.60 riyals per share, up slightly from 1.50 riyals in the previous year. It said net profit climbed 11 percent last year. In Saudi Arabia, builder Abdullah Abdul Mohsin al-Khodari and Sons could rise after saying it secured a 69 million riyal ($18.4 million) contract with the Ministry of Environment, Water and Agriculture. The amount is small but Khodari, like other Saudi construction companies, suffered from a severe cut-back in state contract awards last year and the new contract may indicate money is flowing again. (Reporting by Andrew Torchia) Next In Financials Anbang in talks with Kushner for NY building overhaul -source NEW YORK, Jan 7 China''s Anbang Insurance Group is in talks to invest in a project to redevelop a flagship New York City building owned by Kushner Companies, the family real estate business run by U.S. President-elect Donald Trump''s son-in-law Jared Kushner, according to a person familiar with the discussions.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1EY01O'|'2017-01-08T12:54:00.000+02:00'
'078b669fe5b1c7b03eeccd755f681d3afdc615bd'|'Republican senators urge Trump to embrace findings on Russia hacking - Reuters'|'By Ginger Gibson - WASHINGTON WASHINGTON Jan 8 Two senior Republican senators urged President-elect Donald Trump to punish Russia in response to U.S. intelligence agencies'' conclusion that President Vladimir Putin personally directed efforts aimed at influencing the outcome of the November election.In a joint appearance on NBC''s "Meet the Press" on Sunday, Republican Senators Lindsey Graham and John McCain said evidence was conclusive that Putin sought to influence the election - a point that Trump has refuted repeatedly by arguing it might be impossible to tell who was responsible."In a couple weeks, Donald Trump will be the defender of the free world and democracy," Graham said. "You should let everybody know in America, Republicans and Democrats, that you''re going to make Russia pay a price for trying to interfere."Both senators said they remain unsure if they will support Trump''s pick for secretary of state, former Exxon Mobil Corp Chairman and CEO Rex Tillerson, who has been criticized for his close ties to Putin. The Senate Foreign Relations Committee is scheduled to hold a hearing on Wednesday to consider Tillerson''s nomination.Three U.S. intelligence agencies released a joint report on Friday that concluded that Putin directed efforts to help Trump''s electoral chances by discrediting his Democratic rival Hillary Clinton.Hackers penetrated the Democratic National Committee''s email server and separately stole emails from John Podesta, who chaired Clinton''s campaign. The emails were then posted online and used to embarrass Clinton, including by Trump who frequently used the content as political ammunition.Russia was trying to undermine public faith in the democratic process, damage Clinton, making it harder for her to win and harm her presidency if she did, the unclassified report said.McCain said he supports continued investigations into the hacks."We need to come to grips with it and get to the bottom of it and overall come up with a strategy in this new form of warfare that can basically harm our economy, harm our elections, harm our national security," he said.Trump, whose views on Russia are out of step with his party, has repeatedly dismissed claims that the Russians were trying to help him, arguing that the charges against Russia are the product of his political opponents trying to undermine his victory.On Friday, after receiving his intelligence briefing, Trump did not squarely address whether he was told of the agencies'' belief Russia carried out the hacking.Instead, he said: "Russia, China, other countries, outside groups and people are consistently trying to break through the cyber infrastructure of our governmental institutions, businesses and organizations" including the DNC.On Saturday, Trump wrote on Twitter that having a better relationship with Russia is a "good thing.""Only ''stupid'' people or fools, would think that is bad!" he tweeted. "We have enough problems around the world without yet another one. When I am President, Russia will respect us far more than they do now and both countries will, perhaps, work together to solve some of the many great and pressing problems and issues of the WORLD!"(Reporting by Ginger Gibson; Editing by Mary Milliken)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-cyber-russia-republicans-idINL1N1EX0GO'|'2017-01-08T11:00:00.000+02:00'
'5730daeee29a24b9e357e9c2c7d9633709fb4072'|'Fed''s Powell says signs of financial excess are ''isolated'''|'  4:32pm GMT Fed''s Powell says signs of financial excess are ''isolated'' Federal Reserve Governor Jerome Powell delivers remarks during a conference at the Brookings Institution in Washington August 3, 2015. REUTERS/Carlos Barria CHICAGO Low interest rates have helped the Federal Reserve get close to meeting its goals for employment and inflation and have yet to create financial instability, Federal Reserve Governor Jerome Powell said on Saturday. "Low rates can lead to excessive leverage and broadly unsustainable asset prices - things that we watch carefully for and do not observe at this point," Powell said in prepared remarks for an economics conference in Chicago. Powell, a financial specialist at the U.S. central bank who has a vote on rate policy at every Fed meeting, did not comment on when the Fed will next raise rates or how many times it will do so this year. He said the Fed''s policy of keeping rates near zero for seven years through December 2015 had made the financial system more stable by helping the economy. Tighter regulations also have made Wall Street more sound, he said. But the benefits of low rates also come with trade-offs and the Fed is watching the U.S. stock market, corporate borrowing and other potential weak spots for financial stability. So far, he said, the areas where there are signs of excess are "isolated." "Valuations in commercial real estate are high in some markets. And in the nonfinancial corporate sector, gross leverage is high by historical standards," he said, although he noted that firms held a lot of liquid assets so "net leverage is not elevated." (Reporting by Jason Lange; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-powell-idUKKBN14R0HW'|'2017-01-07T23:32:00.000+02:00'
'1e547afdf5a948f990dda349ecdbac317f8a1ea8'|'UK eyeing customs union access, work visas for some sectors - report'|'Business News - Sat Jan 7, 2017 - 11:02pm GMT UK eyeing customs union access, work visas for some sectors: report Britain''s Prime Minister Theresa May leaves a EU Summit in Brussels, Belgium December 15, 2016. REUTERS/Yves Herman LONDON Britain is looking to secure privileged EU customs union access, work visas and tax breaks for certain sectors as part of a plan to protect key industries when it exits the European Union, the Sunday Times newspaper reported. Prime Minister Theresa May has so far said very little about her negotiating position for Brexit but she is due to lay out her thinking in a speech this month. Business leaders have called on May to avoid a ''hard Brexit'' where the government prioritizes immigration controls over access to the single market, and the Sunday Times said Downing Street was working on a plan to help ease disruption. It said the government would fight to give key industries "privileged" access to the European customs union. It would also give work visas to help those companies reliant on foreign workers and would provide tax breaks and training as part of a new industrial strategy. The newspaper, without citing sources, also said May would indicate to her European partners that she was prepared to walk away from the European market without a deal if it did not suit the country. A spokeswoman for May''s office declined to comment on the report. (Reporting by Kate Holton; Editing by Diane Craft)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-industry-idUKKBN14R0NZ'|'2017-01-08T05:58:00.000+02:00'
'88b7e923f56f0318208c48f30ac7dfdf5edcc886'|'Taking flight from BA as it washes its hands of our problems - Money'|'I booked premium economy return flights with British Airways from Manchester to Mexico City via Heathrow. Unfortunately, due to fog and because a passenger decided not to fly, the Manchester flight was delayed so I missed my flight from Heathrow to Mexico City. British Airways rebooked me on an Iberia flight to Madrid, but this was also delayed so I had to stay in a hotel in Madrid overnight. I got a lunchtime flight the next day and arrived 24 hours later than originally planned. The next problem is that my luggage did not arrive at Mexico City and I was without it for six days. The bag was given to me by BA at Mexico City airport for my homeward flight. BA says it is not responsible for the baggage going missing (even though it had generated a lost baggage reference) and that luggage is the responsibility of the last airline you flew with. I spent a lot on essential items while in Mexico. Finally, I had to travel in economy on the outward flight because Iberia doesn’t have premium economy cabin class. BA has refused to help me. JM, via email What a dreadful journey, and very sad that BA washed its hands of you, even though it booked you on to its sister airline – part of the same IAG group.Delays caused by fog are not covered by compensation rules, while the later delay in Madrid is down to Iberia. Technically, as BA said, the last airline you travel with is responsible for baggage, but given that they are the same company BA could have done more.We have had many complaints about BA service in recent months. When we asked its press office to intervene in this instance, staff decided that you must send all the details again – to Iberia.Iberia, as far as we are aware, is now handling this, but you have still not received any compensation. According to back-office staff who have contacted Money after previous appearances in this column, the company is fixated on cost cutting, which is bound to have a negative effect on customer service.Regarding being charged for premium economy but only getting economy seats, BA says you must take this up with the travel agent that issued the tickets. We are shocked it won’t do more. Some readers say they are already boycotting BA and you can see why.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/08/ba-compensation-flight-delays-lost-luggage-tickets'|'2017-01-08T14:00:00.000+02:00'
'3581b16def9454b96a990401bf13122573ecf799'|'Investors balk at ''squeezed middle'' of UK retail firms'|'Business   4:33pm GMT Investors balk at ''squeezed middle'' of UK retail firms By Alasdair Pal - LONDON LONDON The worst start to a trading year for Next PLC ( NXT.L ) shares since 1991 underscores the plight of mid-tier UK retailers hit by a combination of fierce online competition and higher costs driven by a weaker pound. Traditional British stores, particularly those relying on clothing, risk getting caught in no-man''s land as bargain-hunting consumers find cheaper alternatives while the rising popularity of online shopping, now nearly a fifth of UK retail sales, eats into their business. Profit margins, already crimped by heavy discounting in efforts to maintain market share, now face additional headwinds as sterling weakness pushes up sourcing costs. Next shares, down 18 percent in the first two trading days of 2017, have fallen 41 percent in the past year. Debenhams ( DEB.L ) and Marks & Spencer ( MKS.L ) are down about a quarter and short-selling, where funds borrow shares and sell them in the hope of buying back later at a lower price, has ticked higher in recent months. The troubles echo a trend seen across UK grocers where discount chains such Lidl and Aldi ate into the profits of long-established chains such as Sainsbury, Tesco and Morrison. While Next warned of tough times, B&M European Value Retail ( BMEB.L ) said it enjoyed record Christmas sales. At the top end of the market, John Lewis, Britain''s biggest department store chain which also runs upmarket grocery brand Waitrose, saw sales in the week before Christmas soar 36 percent. "It mirrors what happened in the supermarket space," said Richard Marwood, a fund manager at Royal London Asset Management. "It was the people in the middle who struggled." Marwood, who owns B&M shares, said that the company is enjoying the benefits of recent expansion but the jump in like-for-like sales suggested it was attracting more consumers looking for cheaper alternatives to traditional stores. B&M, which sells products from toys to soft furnishings, is a top pick in the European retail sector for analysts at Deutsche Bank and Bank of America-Merrill Lynch. Higher inflation and lower wage growth looks set to make 2017 "the year of value" in UK retail, according to analysts at Deutsche Bank, which this week downgraded Next and Debenhams. UK wage growth will fall below 1 percent in 2017, according to the OECD, while inflation in food and fuel is set to pick up - meaning consumers will have less to spend on discretionary items like clothing. DOLLAR DILEMMA Retailers buy a significant proportion of their goods in U.S. dollars from manufacturers in Asia, selling on to British consumers in pounds. "The fundamental issue is that you’ve seen a nearly 20 percent trade-weighted depreciation of sterling over the course of the last 12 months," said Jeremy Lawson, chief economist at Standard Life Investments. A weaker pound is a direct hit to profits. And in an already tough environment retailers have little wiggle room on prices. "They can hold the shop prices and hit margins, or they can put up prices but will have an impact on volume of sales," RLAM''s Marwood said. Next is among those worst hit by currency moves, according to analysts at HSBC, as it pays in dollars for around 70 percent of its cost of goods sold. Rivals like ASOS ( ASOS.L ) and Inditex ( ITX.MC ), which source more of what they sell closer to home, are poised to benefit and grab market share by being even more competitive on prices, analysts at Bank of America-Merrill Lynch said in a note to clients. VALUE BUY Five hedge funds have significant short positions on Debenhams totalling 7 percent, an all-time high, according to latest data from the UK''s market regulator, the Financial Conduct Authority. On M&S, the ratio has more than doubled to 2.2 percent over the last three months of 2016. High levels of bearishness do leave stocks susceptible to bounces, however, if there is a rush of short-covering. Also, with valuations already depressed, some investors are not as downbeat on the sector. Retailers "trade close to financial crisis multiples", suggesting sentiment may be too pessimistic on some companies, according to Tineke Frikkee, a fund manager at Smith & Williamson who owns shares in Debenhams and M&S. For brave investors, bargain-hunting in shares of beaten-down retailers might just pay off. In 1991, the last time shares of Next started the year with a double-digit decline, they ended up more than 250 percent. (Additional reporting by Tricia Wright and Alistair Smout; Editing by Mark Trevelyan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-retail-idUKKBN14O1PE'|'2017-01-04T23:33:00.000+02:00'
'c875455aa46e3293d531ad72b4f5c79244ed77fd'|'Dollar strength lifts Japan shares, crimps commodities'|'Money News - Wed Jan 4, 2017 - 6:06am IST Dollar strength lifts Japan shares, crimps commodities Pedestrians stand in front of an electronic board showing stock and foreign currency markets information outside a brokerage in Tokyo, Japan, December 1, 2016. REUTERS/Kim Kyung-Hoon By Wayne Cole - SYDNEY SYDNEY The U.S. dollar held near 14-year peaks on Wednesday as an abundance of upbeat global economic data boosted Wall Street and signs of quickening inflation dented fixed-income debt. The strength of the U.S. currency pressured commodity prices and helped knock oil off an 18-month top, but gave Japan''s exporter-heavy stock market a fillip. The Nikkei .N225 climbed 1.2 percent in early trade, recovering from two sessions of losses. Markets elsewhere in Asia were more hesitant having already rallied on Tuesday. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was all but flat after rising for six straight sessions. The brightening mood followed upbeat factory surveys from China, the euro zone and United States. Analysts at Barclays said their measure of global manufacturing confidence hit its highest since December 2013. U.S. factory activity accelerated to a two-year high amid a surge in new orders, while manufacturing in the euro zone grew at its fastest pace in five years. Notably, the U.S. ISM showed a sharp pick up in raw material prices which only fuelled expectations that the Trump Administration''s proposed stimulus measures will generate more inflation. Wall Street''s rally was further aided by gains in Verizon Communications and technology companies Alphabet and Facebook. The Dow .DJI ended Tuesday up 0.6 percent, while the S&P 500 .SPX gained 0.85 percent and the Nasdaq .IXIC 0.85 percent. Ford Motor ( F.N ) jumped 3.79 percent on news it would cancel a planned $1.6-billion factory in Mexico and invest $700 million at a Michigan factory, after Trump had harshly criticized the Mexico investment plan. The same news slugged the Mexican peso, leaving it at its lowest-ever close against the U.S. dollar MXN= . DOLLAR IN DEMAND The dollar''s strength was broad-based and it hit a 14-year peak on a basket of currencies at 103.82 .DXY before profit-taking pulled it back a bit to 103.25. It also ran into selling against the yen after failing to clear major chart resistance around 118.60/66. Early Wednesday it was trading at 117.74 JPY= . A floundering euro EUR= was pinned at $1.0409, having dived as deep as $1.0342 overnight. The euro''s decline came despite a jump in domestic bond yields after data showed German inflation hit its highest level in more than three years in December. While much of the increase was due to transitory factors such as energy, long-term inflation expectations still rose to their highest since December 2015 EUIL5YF5Y=R. Overall euro zone numbers due later Wednesday are expected to show inflation picked up to an annual 1 percent, from 0.6 percent previously. ECONALLEZ German 10-year bond yields leaped 10 basis points to a two-week high of 0.29 percent DE10YT=TWEB. In commodity markets, the dollar''s ascent caused losses for everything from copper to iron ore. Oil prices ended Tuesday down more than 2 percent having been up as much at one stage. Early Wednesday, U.S. crude CLc1 had clawed back 27 cents to stand at $52.60 a barrel. Brent futures LCOc1 had yet to trade after falling $1.26 to $55.56 overnight. (Reporting by Wayne Cole; Editing by Eric Meijer) Next In Money News U.S. manufacturing, construction sectors shine as year ended WASHINGTON U.S. factory activity accelerated to a two-year high in December amid a surge in new orders and rapidly rising raw material prices, indicating that some of the drag on manufacturing from prolonged dollar strength and a slump in oil prices was fading.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN14O01T'|'2017-01-04T07:36:00.000+02:00'
'626dc7cad4781d6960954d1be74d362d48b9a736'|'Boeing sales decline despite late buying spree'|'Boeing sells 80 jets to Iran Air It''s getting harder out there for a jet salesman. Boeing ( BA ) raked in 668 orders in 2016, down 13% from 2015. The full-year order tally, released Friday, fell from the 768 new orders it won in 2015. The new order totals fell for the second year in a row as airlines slowed new purchases after years of record buying. Boeing and Airbus are facing a challenging landscape for sales and are focusing their attention on delivering on their swollen order books. Boeing ended 2016 with more than 5,700 commercial aircraft on order. One key target missed by the aerospace and defense giant was its aim of winning new orders roughly equal its 2016 jetliner deliveries. The plane maker delivered 748 airliners in 2016, down slightly from its 2015 record of 762. Boeing attributed the expected drop in deliveries to producing some updated 737 Max jets and U.S. Air Force refueling tankers in 2016 that won''t be delivered until this year and beyond. Nearly two-thirds of its deliveries last year were for single-aisle 737s, the workhorses of the global airline fleet. The aerospace giant added 278 new orders in its final update, including commitments for 186 airliners for unidentified buyers, a late rally that swelled its orders by nearly 50%, but still fell short of its target. Boeing''s customers canceled 180 airplanes in 2016, up from 108 in 2015, a sign of increasing caution by jet buyers. Boeing''s European rival, Airbus, will release its full year order and delivery tally on January 11. Boeing wins 848 gross orders for 2016, including a late 278-jet rally. With 180 cancelations (668 net), it missed its ~745 order target. pic.twitter.com/qc1hAryAUn — Jon Ostrower (@jonostrower) January 6, 2017 The world''s new planes in 2017 The Chicago-based company begins 2017 in an uncertain political landscape. President-elect Donald Trump has upended the certainty of Boeing''s orders with its biggest single customer block, the airlines of China. And Republican majorities in the House and Senate have vowed to fight Boeing''s 80 jet deal with Iran Air. Trump & Boeing: It''s not about Air Force One, it''s about China Inside its factories, the aerospace giant begins a busy year. The company will begin introducing to airlines its updated 737 Max single aile jet, but will reduce output by 40% of its most profitable big airliner, the long-range 777. Boeing will also bring a new twin-aisle jet to its lineup this year, a 320-seat version of its 787 Dreamliner currently being assembled in South Carolina. It will also start early production of its new flagship 400-seat 777X airliner, which delivers in 2020. CNNMoney (Seattle)   2:52 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/01/06/news/companies/boeing-2016-order-tally/index.html'|'2017-01-06T21:52:00.000+02:00'
'de8098f4bfe155c5a47b4af13bb119f1e17efb4a'|'AB InBev and Keurig to develop alcoholic drinks dispenser for the home'|'Deals - Fri Jan 6, 2017 - 6:04pm GMT AB InBev and Keurig to develop alcoholic drinks dispenser for the home View of Anheuser-Busch InBev logo outside the brewery headquarters in Leuven August 12, 2010. REUTERS/Jan Van De Vel LONDON Anheuser Busch InBev ( ABI.BR ) and Keurig Green Mountain have teamed up to develop a home appliance that could dispense alcoholic drinks in the home, similar to Keurig''s existing machine for soft drinks. The companies on Friday announced a research and development joint venture that will focus on the North American market with the aim of developing a system that could work with beer, spirits, cocktails and mixers. Financial terms of the venture were not disclosed. AB InBev is the world''s largest brewer with brands like Budweiser and Stella Artois. Keurig is part of privately held JAB Holding, owner of the world''s biggest standalone coffee business. (Reporting by Martinne Geller; editing by Susan Thomas) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-anheuser-busch-keurig-venture-idUKKBN14Q24Y'|'2017-01-07T01:02:00.000+02:00'
'68b2e133d42f2449f6901f1ef90272809b617356'|'FTSE falters after record close but Worldpay and Lloyds lead risers'|'Ahead of the US jobs data later, leading UK shares are struggling to hit another record high.Two more days of closing highs would beat the eight-day record set in 1997, but so far the FTSE 100 is down 5.10 points at 7190.21.Leading the risers is payments processor Worldpay , up 7.1p at 285.2p, as analysts at Exane BNP Paribas raised their recommendation from neutral to outperform. They said: We remain cautious on Worldpay’s eCom margins and capex but factor in faster sales growth. Also, we up EBITDA forecasts for Worldpay US: we believe the division now has the right assets to compete in the SMB [small to medium size business] space. In all, we revise our group EBITDA forecasts by 4% for 2017 and 7% for 2018.Lloyds Banking Group is close behind, up 1.3p at 65.95p after analysts at Barclays lifted their target price and rating:UK economic prospects remain challenging and uncertain but less severe than we had previously anticipated. On revised economic assumptions, our detailed credit quality analysis suggests that provisions will peak below 35bp and we expect the net interest margin to rise helped by the interest rate environment and the planned MBNA credit card acquisition. Together these drive around 15% upgrades to our underlying earnings estimates in 2017 and 2018, suggesting that Lloyds can make a near 13% return on total equity over the next three years and return close to a quarter of its market cap to shareholders. We expect this to drive share price outperformance and upgrade Lloyds to overweight with a 75p price target (from equal weight, 55p).Persimmon has put on another 22p to £19.62 after the housebuilder’s positive update this week.With gold slipping from a one month high as the dollar strengthened ahead of the non-farm payrolls numbers, precious metal miners are among the biggest fallers in the leading index. Fresnillo has fallen 30p to £13.68 while Randgold Resources is down 125p at £65.80.Outsourcing group Capita is 8p lower at 512p after UBS cut its price target from 575p to 540p. It said:Capita was the worst performer in Support Services in 2016 (-57%). Disposals, restructuring, and reinvestment are all required to return Capita to a path of long-term earnings growth but we do not think these New Year’s resolutions will be ticked off quickly. Around 10 times EV/EBITA, around 11 times PE (pro-forma for disposals) suggests the market is pricing in no long-term growth – but deflationary trends are only accelerating and we expect the UK environment to remain pressurised. We cut numbers a further 4-9% (with 2016 estimated margins falling to around 12%), lower our price target to 540p, and remain neutral.Among the mid-caps, broking group TP Icap has jumped 33.5p to 466.9p after a positive trading statement. The group, formed when Tullett Prebon bought Icap’s voice broking business, said it has seen a surge in trading volumes in the final months of last year, boosted by Donald Trump’s victory in the US presidential election and speculation about higher interest rates. Peel Hunt analyst Stuart Duncan said:The strength of trading in the fourth quarter has surprised on the upside, with a benefit from both increased activity levels and a further foreign exchange tailwind. The net effect is a significant increase to December 2016 forecasts (+14%). Key for TP ICAP is delivering the benefits of the recently completed transaction. Our recommendation remains hold. But consumer credit group International Personal Finance has dropped 9% to 160p after it said it would appeal against a ruling by the Polish tax authority relating to 2008 business. It said it would pay £20m assessed by the authority in order to make the appeal, and said it expected a similar decision related to 2009 which would give rise to a similar liability.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/marketforceslive/2017/jan/06/ftse-falters-after-record-close-but-worldpay-and-lloyds-lead-risers'|'2017-01-06T16:57:00.000+02:00'
'ac7699e467b178e6fbe7e1f502e854c341bd3792'|'CORRECTED-UPDATE 1-Teva forecasts 2017 revenue, profit below estimates'|'(Corrects paragraph 4 to say analysts'' EPS expectations were $5.41, not $5.82 and revenue estimate was $24.82 billion, not $25.32 billion)Jan 6 Teva Pharmaceutical Industries Ltd , the world''s biggest generic drug maker, forecast 2017 revenue and profit missing analysts'' estimates.Teva shares were down 3.3 percent at $36.70 in premarket trading on Friday.The Israel-based company said it expects earnings per share of $4.90-$5.30 on revenue of $23.8 billion-$24.5 billion.Analysts on average were expecting a profit of $5.41 per share on revenue of $24.82 billion, according to Thomson Reuters I/B/E/S.Launch delays for some drugs led Teva in November to trim forecasts for earnings and revenue for 2016."2016 was a transition year for Teva. The entire healthcare sector has faced significant headwinds, and we have not been immune," Chief Executive Erez Vigodman said in a statement on Friday.Teva also said the 40 milligram dose of its flagship multiple sclerosis drug, Copaxone, is not expected to face generic competition in the United States in 2017.However, the entry of two generic competitors in the U.S. in February could reduce revenues by $1 billion-$1.2 billion, and hurt adjusted profit by 65 cents-80 cents. (Reporting by Divya Grover in Bengaluru; Editing by Saumyadeb Chakrabarty and Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/teva-pharm-ind-outlook-idINL4N1EW3PE'|'2017-01-06T11:48:00.000+02:00'
'ed19d41d3f7e0992b6d68cc08b16969580e53d9b'|'Said Business School acts to head off Brexit risk'|'Said Business School acts to head off Brexit risk Wider sector concerned that applications will fall and staff will have to go Read next by: Jonathan Moules Saïd Business School has moved to underline its global credentials as fears take hold among UK business schools that Brexit will damage their international standing. The school at Oxford university has joined the Global Network for Advanced Management to emphasise its links with the rest of the world. “Joining this network is part of a commitment to saying that we think we have to work together with other schools and we have to be open,” said Kathy Harvey, associate dean responsible for Saïd ’s MBA degree programme. She was put in charge of building international ties before the June referendum, but said the task has now gained an added urgency. Widespread concern has been expressed by business schools that applications from overseas students will drop and staff will leave after Brexit. According to the Higher Education Statistics Agency, 13 per cent of academic business school staff in the UK are EU nationals. Saïd’s business school building was completed in 2001 with a £23m gift from Wafic Saïd, the Syrian businessman, and its current cohort on the postgraduate degree programme includes students from 58 countries, 94 per cent of them born outside the UK. Peter Tufano, Saïd’s dean, said: “All great institutions — even Oxford — benefit by working with others.” Some UK schools hope that the decline in the pound will make their fees cheaper compared with overseas rivals, but most are worried that the UK appears less welcoming to foreigners. Gnam has eight schools in Europe, nine in Asia and the Pacific Islands, five in the Middle East and Africa and seven in the Americas. These include Insead , whose MBA programme topped last year’s Financial Times global ranking , the London School of Economics and UC Berkeley’s Haas School of Business in California. The network was the brainchild of Ted Snyder, Gnam’s chair and dean at Yale School of Management . He described Oxford as a “global leader with unmatched intellectual resources”, adding that it would strengthen the network’s existing work, sharing case study material and organising student exchange programmes. Gnam initiatives include an agreement between Yale, HEC Paris and Egade, in Mexico, making it mandatory for first-year MBA students to collaborate across the three continents on certain projects that earn degree credits. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/world/uk/business'|'https://www.ft.com/content/d3fadeea-d333-11e6-9341-7393bb2e1b51'|'2017-01-07T00:16:00.000+02:00'
'38b38f6616cd95e3e1b0bec4432071555f6ef506'|'Amazon''s Alexa moves in on Google''s Android system'|'Business News - Sat Jan 7, 2017 - 12:16am GMT Amazon''s Alexa moves in on Google''s Android system left right Mike George, VP Alexa, Echo and Appstore for Amazon, speaks during the LG press conference at CES in Las Vegas, U.S., January 4, 2017. REUTERS/Rick Wilking 1/4 left right Steve Rabuchin, Amazon president of Amazon Alexa speaks during the Huawei keynote address at CES in Las Vegas, January 5, 2017. REUTERS/Rick Wilking 2/4 left right Steve Rabuchin, Amazon president of Amazon Alexa (R) shakes hands with Richard Yu, CEO of Huawei Consumer Business Group during the Huawei keynote address at CES in Las Vegas, January 5, 2017. REUTERS/Rick Wilking 3/4 left right Steve Rabuchin, Amazon president of Amazon Alexa speaks during the Huawei keynote address at CES in Las Vegas, January 5, 2017. REUTERS/Rick Wilking 4/4 By Julia Love Amazon.com Inc’s ( AMZN.O ) digital assistant appeared almost everywhere at the CES technology show this week in Las Vegas, even making an unexpected appearance on rival Google’s Android system. Companies ranging from appliance maker Whirlpool Corp ( WHR.N ) to Ford Motor Co ( F.N ) unveiled products featuring Alexa, the digital assistant from Amazon that responds to voice commands. Most strikingly, Chinese firm Huawei Technologies Co [HWT.UL], which manufactures smartphones running on the Android operating system produced by Alphabet Inc''s ( GOOGL.O ) Google, announced that its flagship handset will come with an app that gives users access to Alexa in the United States. The adoption of Alexa by a prominent Android manufacturer indicates that Amazon may have opened up an early lead over Google as the companies race to present their digital assistants to as many people as possible, analysts said. Many in the technology industry believe that such voice-powered digital assistants will supplant keyboards and touch screens as a primary way consumers interact with devices. While the shift is only in the early stages, Google must establish a strong presence quickly, particularly on Android devices, to maintain its dominance in internet search, said analyst Jan Dawson of Jackdaw Research. “To the extent that voice becomes more important and something other than Google’s voice assistant becomes the most popular voice interface on Android phones, that’s a huge loss for Google in terms of data gathering, training its AI (artificial intelligence), and ultimately the ability to drive advertising revenue,” he said. Alexa debuted on the Amazon Echo smart speaker, and Amazon is establishing a broad array of hardware and software partnerships around it. The competing Google Assistant launched last year on the company’s Pixel smartphone, after appearing on Google''s messaging app, and has begun to roll out to third-party devices as well. Graphics processor maker Nvidia Corp ( NVDA.O ) announced at CES that its Shield television will feature the assistant. While Google has expressed an interest in bringing its assistant to other Android smartphones, the decision to debut the feature on its own hardware may have strained relations with manufacturers, Dawson said. “It highlights just what a strategic mistake it can be for services companies to make their own hardware and give it preferential access to new services,” he said. A spokeswoman for Google declined to comment. While Amazon has a head start, Google is no by no means out of the race, given the strength of its internet search technology. The Google Assistant can already field queries that Alexa cannot, said Sergei Burkov, chief executive of Alterra.ai, an artificial intelligence company. “A huge part of an assistant is search,” he said. “Google is a search company. Amazon is not.” (Reporting by Julia Love in Las Vegas; Editing by Bill Rigby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ces-android-alexa-idUKKBN14R009'|'2017-01-07T07:16:00.000+02:00'
'c41cf6140807ceaf200ead7579bec1bf215dff62'|'Canada says no Canadian connection to Fort Lauderdale shooting'|'Industrials  01pm EST Canada says no Canadian connection to Fort Lauderdale shooting OTTAWA Jan 6 The man suspected of shooting dead five people in Fort Lauderdale airport on Friday did not fly from Canada and was not on a Canadian flight, said a spokeswoman for the Canadian embassy in Washington. "There is no Canadian connection," said Christine Constantin. Citing U.S. officials, she said the suspect had flown from Anchorage, Alaska to Fort Lauderdale via Minneapolis, Minnesota. A Florida law enforcement official earlier said the shooter had been on a Canadian flight. (Reporting by David Ljunggren; Editing by James Dalgleish) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/florida-shooting-canada-idUSL1N1EW1T6'|'2017-01-07T05:01:00.000+02:00'
'dda2d42c528746087aa00cc5ede8b25287c6dc77'|'Oil edges up, but strong dollar, OPEC cut doubts weigh'|' 12pm GMT Oil edges up, but strong dollar, OPEC cut doubts weigh An employee holds a gas pump at a petrol station in Sao Paulo, Brazil, November 8, 2016. REUTERS/Paulo Whitaker By Devika Krishna Kumar - NEW YORK NEW YORK Oil rose slightly on Friday on increased buying ahead of the weekend, but a strong U.S. dollar and lingering doubts that not all OPEC producers would cut output in line with an agreement, pressured prices. End of week position-squaring combined with relatively low volumes during the first trading week of the year led to the market being choppy, traders said. Brent crude futures LCOc1 were trading 19 cents higher at $57.08 per barrel at 11:34 a.m. EST (1634 GMT), after moving in a $56.28-to-$57.47 range. U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 24 cents at $54.00 a barrel, after trading between $53.32 and $54.32. The contracts were on track for a slight gain on the week. "There''s a lot of volatility, or at least changes in direction," ABN Amro senior energy economist Hans van Cleef said. "People think the long-term trend is up, but after a gain of a few dollars, they take profit." The dollar .DXY gained broadly against major currencies after the U.S. non-farm payrolls report showed a slowing in hiring in December but an increase in wages, setting the economy up for further interest rate increases from the Federal Reserve this year. A stronger greenback makes oil more expensive for holders of other currencies. While top exporter Saudi Arabia, along with fellow Gulf members Abu Dhabi and Kuwait, have shown signs of cutting production in line with an agreement reached by OPEC and other producers, market watchers have doubts about overall compliance. Saudi Arabia''s state oil producer Saudi Aramco has started talks with customers globally on possible cuts of 3 percent to 7 percent in February crude loadings. A Kuwaiti oil official said that country had also reduced production in line with the deal, and there are also reports of supply cuts from Abu Dhabi. "Market balances are unquestionably tightening, but concerns pertaining to the pace at which the global storage glut will be drawn down toward historically normal levels will be the focal point for the year ahead," said Michael Tran, director of energy strategy at RBC Capital Markets in New York. "While the market has centred its attention on the notional size of the announced cuts from both OPEC and Non-OPEC countries and whether or not the group will deliver on its promises, we believe that an important factor is being overlooked ... the deal inadvertently tightens the medium and heavy balances incrementally more than the light, sweet market." The market was also watching for U.S. oil rig count data from energy services firm Baker Hughes Inc ( BHI.N ) at about 1 p.m. EST. (Additional reporting by Libby George in London, Henning Gloystein in SINGAPORE and Osamu Tsukimori in TOKYO; Editing by Marguerita Choy and Susan Thomas)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN14P0W1'|'2017-01-07T00:12:00.000+02:00'
'ecc004e144785ad71b68c6e1f9450d3bda6df7c7'|'Toyota shares slide after targeted by Trump over Mexico manufacturing'|' 13am IST Toyota shares slide after targeted by Trump over Mexico manufacturing A Toyota Mirai car is seen during a presentation at the 16th Shanghai International Automobile Industry Exhibition in Shanghai, China April 21, 2015. REUTERS/Aly Song/File Photo TOKYO Shares of Toyota Motor Corp ( 7203.T ) tumbled on Friday after U.S. President-elect Donald Trump threatened to impose a hefty fee on the automaker if it builds its Corolla cars for the U.S. market at a plant in Mexico. Toyota dropped as much as 3.1 percent to 6,830 yen in early trade. Other Japanese carmakers fell. Honda Motor Co ( 7267.T ) lost 2.4 percent and Nissan Motor Co ( 7201.T ) shed 2.0 percent, underperforming the broad Topix .TOPX index, which slipped 0.7 percent. A stronger yen was also expected to weigh on shares of automakers. (Reporting by Ayai Tomisawa; Editing by Chris Gallagher) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trump-toyota-stocks-idINKBN14Q01V'|'2017-01-06T07:43:00.000+02:00'
'ab7b1648c0ee83f389a33547e5fa991064f48f74'|'Could Next be new M&S: profitable but terminally unexciting?'|'A reliable high street stalwart and City favourite for years, fashion chain Next rocked the City last week as it admitted to having had a gloomy Christmas , after a poor year, and warned of an even gloomier outlook for 2017.Traditionally the first major retailer to report on Christmas trading, Next has long been viewed as a bellwether for the high street and news of its poor performance dragged down the share prices of Marks & Spencer and others. Even Next’s ever-reliable winter sale – when eager customers queue up for its 5am Boxing Day opening – was a disappointment, with sales down 7% on last year.The company said store sales in the weeks before Christmas were down 3.5%, and profits for 2017-18 could come in a full £100m below market forecasts thanks to extra costs from rises in the minimum wage for over-25s, business rates and the new apprenticeship levy.The shares plunged 14% and are now changing hands at just over £40 – valuing the chain at £6bn – down from almost £80 little more than 12 months ago. And even £40 is too high for Next boss Lord Wolfson, it would seem. In recent years he has bought back shares worth hundreds of millions of pounds ; now he has chosen instead to pay special dividends – a move that suggests he still doesn’t think the shares are good value.Wolfson blamed the poor performance on unseasonal weather and a shift in consumer spending away from fashion in favour of eating out and holidays. It also forecast that fashion sales were likely to be squeezed further in 2017 as inflation leaves consumers with less money spare for non-essentials.But a number of analysts believe Next’s problems are more fundamental, with some voicing fears that it is running into the problems that have beset Marks & Spencer for years – ageing customers, dull ranges and a tired brand.Emily Stella of Verdict Retail said: “Next’s customer is ageing, and it is not attracting the people they think are their core customer – 25-44-year-olds who are buying furniture and childrenswear as well as clothing. It really needs to improve its product and make something more relevant and inspirational for that demographic.”Verdict’s research indicates that less than half of Next’s shoppers, 46%, are now in that key 25-44 age group, compared with 64% a decade ago. Younger shoppers have defected to competitors such as Zara, Ted Baker, Primark and online retailer Asos.“It could be going down the same route as M&S, which is not where anyone wants to be going,” said Stella.For years, the Next Directory online and catalogue business benefited from a combination of an attractive credit offer and slick delivery – both of which outclassed its rivals. “Directory has been driven by consumer credit rather than the desirability of the product,” said veteran analyst Tony Shiret. “Now credit has become more widely available.”Shiret added that by focusing on credit, Next had failed to invest enough in keeping its online operations up to speed. Last Christmas, there was a dramatic shift towards buying via smartphones, and Next did not at the time have a specialist mobile site.Next’s UK online sales rose just 1.4% in the year to 24 December – a poor performance compared with the 18% growth for online fashion in general last year, according to trade body IMRG.“There is clear evidence that in terms of an online offering, Next has been squeezed by new, more nimble entrants,” said Clive Black of Shore Capital. He believes last year was the “apex of profit generation” for Next and that erosion of earnings is likely to continue.Last week, Wolfson promised to spend £10m in the coming year on improving its website and online marketing, but there are other problems.Fixing Next’s fashion ranges may be trickier. Wolfson has admitted that all UK growth is coming from selling brands other than Next. The group’s Label catalogue sells its own young fashion brand, Lipsy, alongside brands such as Calvin Klein, Nike, Whistles and Ted Baker, but those names are not stocked in Next’s high street stores and that’s where the real disappointment lay over Christmas.Partly of course, Next has the same issue as its great rival Marks & Spencer in being a mature business with high market share – which means finding new converts is tough. It’s a long time since Next has excited fashion editors, but that didn’t stop it enjoying fairly consistent growth for years. However, 2014’s loss of product director Christos Angelides after 28 years may have hit it harder than expected.The retailer is still generating big profits, and the cerebral Wolfson is by no means in panic mode. In recent years he has focused on larger department store-style locations and points to a downturn in Christmas shopper numbers in those shops of only 4%. “We don’t think it’s a turning point,” he says.But if the retailer can’t revive shoppers’ interest, closing stores, or downsizing, may have to move on to the agenda.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/07/is-next-doomed-to-be-new-marks-and-spencer'|'2017-01-07T02:00:00.000+02:00'
'b308c792517b0e9b2a4d32e2fb897efc92c74dad'|'Iran seeks investors for 25 petrochemical projects'|'  5:49pm GMT Iran seeks investors for 25 petrochemical projects A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005. REUTERS/Raheb Homavandi/File Photo DUBAI Iran is seeking investment to build 25 petrochemical projects, an official at the state-run National Petrochemical Company (NPC) was quoted on Saturday as saying. The NPC is proposing joint or individual investor participation in building the projects, Farnaz Alavi, NPC''s director for planning and development, was quoted as saying by the oil ministry''s news website SHANA. Providing feedstock for five more projects were also being studied Alavi said, without giving further details. In July, Alavi told SHANA that $32 billion in foreign investment was needed to build 28 petrochemical projects. The projects include factories to produce ammonia and urea, as well as gas-to-olefins (GTO) and gas-to-propylene (GTP) plants. In July 2015, Iran agreed to curtail its nuclear programme in exchange for relief from crippling economic sanctions. On Monday, Iran said 29 companies from more than a dozen countries could bid for upstream oil and gas projects using the new, less restrictive Iran Petroleum Contract (IPC) model. (Reporting by Dubai newsroom; editing by Susan Thomas)   VW in advanced talks for multi-billion settlement on U.S. criminal probe WASHINGTON Volkswagen and the Justice Department are nearing a deal to resolve criminal and civil allegations over the German automaker''s diesel cheating while it won long-awaited approval from the Environmental Protection Agency to fix about 70,000 diesel vehicles, crucial steps toward moving past a scandal that has cost it billions of dollars and its reputation.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iran-petrochemicals-idUKKBN14R0K4'|'2017-01-08T00:49:00.000+02:00'
'3c9a45531f0a63520eba62d972039b30dd22de16'|'Frontier Airlines hires banks to plan IPO - New York Times'|'Jan 5 Low-cost carrier Frontier Airlines is preparing for an initial public offering and has hired banks to plan the debut, The New York Times reported, citing people familiar with the matter.Frontier Airlines has hired Deutsche Bank AG, JPMorgan Chase & Co and Evercore to manage the debut, the newspaper reported. nyti.ms/2jgXFCTThe Denver-based airline is aiming to raise about $500 million, valuing the company at about $2 billion, NYT said, citing sources.(Reporting by Rama Venkat Raman in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/frontier-airlines-ipo-idINL4N1EW1IJ'|'2017-01-05T23:40:00.000+02:00'
'becb8630ae856f6978b71c855e7931eff68119a6'|'Deals of the day- Mergers and acquisitions'|'Jan 6 The following bids, mergers, acquisitions and disposals were reported by 1030 GMT on Friday:** Private equity firms Bain Capital and Advent are close to buying German payment group Concardis for about 700 million euros ($741 million), three people familiar with the process told Reuters.** India''s Supreme Court barred Aircel Ltd from transferring the ownership of its airwaves while a corruption case centered on a past deal involving the mobile phone carrier was ongoing, potentially delaying an agreed merger.The action comes as Aircel and the wireless network division of Reliance Communications Ltd work towards merging.** Carlyle Group LP is exploring a sale of nutritional-supplements maker Nature''s Bounty Co, Bloomberg reported, citing people familiar with the matter.** Johnson & Johnson and Actelion have asked Switzerland''s takeover board about the viability of a complicated takeover deal the U.S. healthcare company is discussing with the Swiss biotech firm, newspaper Tages-Anzeiger reported on Friday, without saying how it got the information. (Compiled by Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1EW36U'|'2017-01-06T07:47:00.000+02:00'
'd498229f0afc8a4ed4755a390f96f77535c590cd'|'Engie CEO says there are no plans to take over Suez'|'PARIS Engie ( ENGIE.PA ) Chief Executive Isabelle Kocher said on Friday the French utility has no plans for a full takeover of its 33 percent-owned waste and water unit Suez, responding to a report that Engie was considering such a move.Kocher did not rule out Engie could change the level of its stake in Suez, but said this was not on the current agenda.Suez shares ( SEVI.PA ) rose about 5 percent before Christmas, and have held on to those gains since, after business radio station BFM said Engie was examining a full takeover bid."We are happy with the current level of our stake," Kocher told reporters.Kocher said the municipal authorities that make up a large part of the firm''s customers are interested in getting global solutions from their suppliers and that city mayors typically want a range of services from heating networks to public lighting, security, air quality and traffic.But she added that this does not mean there is a need to integrate Suez more tightly into Engie."Dealing with the Suez issue is not a priority today," she said.In February, Kocher started a three-year transformation of Engie, selling 15 billion euros ($15.9 billion) of assets in coal-powered generation and in oil and gas exploration to refocus the group on gas, renewable energy and energy services.She said that following the sale of its Polish Engie Energia Polska unit to state-owned Polish utility Enea ENAE.WA late last year for an enterprise value of about 250 million euros, Engie has realized about half of its planned asset sales.She added that the company is in no hurry to sell the rest and will bide its time so it can get a good price."We will take the full three years to execute our asset sales plan," she said.Kocher said Engie had closed or sold 9 gigawatts of coal-fired power generation capacity, from 15 GW at the start of the program. She added that Engie''s Hazelwood, Australia power station would be closed in coming weeks.Kocher also denied any wrongdoing in a European Union antitrust probe into tax deals granted by Luxembourg to Engie.The European Commission said in September it had concerns the tax rulings granted by Luxembourg since 2008 appeared to treat the same financial transaction as both debt and equity, leading to double non-taxation of companies in the GDF Suez group, as Engie was formerly known.(Reporting by Geert De Clercq; Editing by Dale Hudson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-engie-suez-idINKBN14Q1UW'|'2017-01-06T12:44:00.000+02:00'
'85d629ef53eb8fd8922e6e8cbb12cf199f118327'|'Tepco to name underwriters this month for landmark bond sale: DealWatch'|'By Issei Hazama - TOKYO TOKYO Tokyo Electric Power Co ( 9501.T ) will select underwriters this month for its first bond sale since the 2011 Fukushima nuclear reactor disaster, people close to the deal told Thomson Reuters DealWatch.The issue is expected to be worth at least $1 billion according to one of the people.The deal is being closely watched by Japan''s corporate bond market, which Tepco dominated before the March 2011 earthquake and tsunami triggered the world''s worst nuclear accident since Chernobyl in 1986, bringing the company to its knees.Tepco has been gauging demand for the landmark bond offering, as once-skeptical investors become more comfortable with the utility''s outlook after the government provided more details on decommissioning and compensation costs, sources said last week.Tepco, which is looking to sell the bond by the end of March, will hold meetings next week with several brokerages, who will make pitches to the company for a mandate to sell the bonds, said the people close to the deal, who asked not to be identified because the discussions are private.A Tepco spokesman on Friday said there was no change to the utility company''s previously announced plans to sell the bond by the end of March but that he was unaware of any plans to meet brokers next week.The utility, once Asia''s largest, was essentially nationalized after Fukushima. It has struggled to contain radiation at the site and compensate victims of the accident while preparing to decommission the crippled power station.The meeting will discuss investor demand, the likely size of the issue, the premium over government-bond yields Tepco will need to pay and the feasibility of selling the bond by Tepco''s target date, they said.Tepco is considering a multi-tranche issue with maturities of three-, five- and 10-years, they said."At the very least, it will be worth 100 billion yen," said one source. In the year leading up to the Fukushima disaster, Tepco sold 235 billion yen of bonds.Sources have said Tepco will likely need to pay investors about 1 percentage point above the corresponding Japanese government bonds yields. This would be a rich premium considering other electric utilities pay about a third of that spread for their debt funding.The government also owns 50.1 percent of the company following its bailout, seen by some investors as an implicit state guarantee on the company.There are, however, some potential snags to Tepco''s plans to issue by the end of March. According to one person familiar with the government''s thinking, the government wants Tepco to delay the bond sale until after April, when legal changes allowing more financial support to the utility are enacted.(Reporting by Issei Hazama; Writing by Thomas Wilson; Editing by William Mallard and Sam Holmes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tepco-bonds-sale-idINKBN14Q13G'|'2017-01-06T07:18:00.000+02:00'
'5f173b627acaf647135c03624e040f61c83bb56e'|'New policies coming to America could take weight off Fed - Powell'|'By Jason Lange - CHICAGO CHICAGO A push by Washington for more business-friendly regulation and fiscal support for the economy could improve America''s mix of policies which in recent years have relied too much on the Federal Reserve, Fed Governor Jerome Powell said.Powell, speaking on Saturday at a conference, did not mention the incoming Trump administration by name but his comments suggest some Trump policies will be welcomed by U.S. central bankers who have been urging other institutions to do more to help the economy."We may be moving more to a more balanced policy with what sounds like more business-friendly regulation and possibly more fiscal support," Powell told an economics conference in Chicago.President-elect Donald Trump, who takes office on January 20, has promised to double America''s pace of economic growth, "rebuild" its infrastructure and slash regulatory burdens.About half of the Fed''s 17 policymakers factored a fiscal stimulus into their economic forecasts published in December, according to minutes from the Fed''s December policy meeting.That expected stimulus has led several policymakers to say the Fed will likely raise rates more quickly, but Powell said new policies could also ease the Fed''s burden."Monetary policy (might be) able to hand it off and I think that''s a healthier thing," he said. "We may be moving to a more balanced policy mix."Following a Congress-enacted fiscal stimulus during and immediately after the 2007-09 recession, the Fed in recent years has been widely seen as the economic authority working the hardest to help the economy.But throughout 2016, Fed policymakers worried publicly that the U.S. economy was stuck in a low growth path and central banking tools could do little to fix this. Central bankers urged Congress and the U.S. president to pass laws that would help make U.S. businesses and workers more productive.Fed officials say they still do not know much about how the new administration will change policy. Dallas Fed President Robert Kaplan said on Friday some new policies could help economic growth and others might slow it down. [nL1N1EW1EN]"Be careful what you wish for," Kaplan said.Minneapolis Fed President Neil Kashkari, also speaking in Chicago on Saturday, said some banking regulations could tighten under Trump in order to prevent future bailouts. [nU5N17902H]The U.S. labor market is widely viewed as close to full strength and inflation has shown signs of moving closer to the Fed''s 2 percent target. Powell said there appeared to be higher chances the U.S. economy could outperform expectations.(Reporting by Jason Lange; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/usa-fed-trump-idINKBN14S03H'|'2017-01-08T01:35:00.000+02:00'
'19e9b14e169cb7f1087726dad1ebdce6f98550c5'|'UPDATE 1-North Korea says can test-launch ICBM at any time- KCNA'|'(Adds details, Quote: s, background)By Jack Kim and Tony MunroeSEOUL Jan 8 North Korea said on Sunday it can test launch an intercontinental ballistic missile at any time from any location set by leader Kim Jong Un, saying the United States'' hostile policy was to blame for its arms development.Kim said on Jan. 1 that his nuclear-capable country was close to test-launching an intercontinental ballistic missile (ICBM)."The ICBM will be launched anytime and anywhere determined by the supreme headquarters of the DPRK," an unnamed Foreign Ministry spokesman was Quote: d as saying by the official KCNA news agency, using the acronym for the country''s name.The North is formally known as the Democratic People''s Republic of Korea.The United States said on Thursday that North Korea had demonstrated a "qualitative" improvement in its nuclear and missile capabilities after an unprecedented level of tests last year.Experts have said that while North Korea may be close to testing an ICBM, it would likely take years to perfect the weapon.Once fully developed, a North Korean ICBM could threaten the continental United States, which is around 9,000 km (5,500 miles) from the North. ICBMs have a minimum range of about 5,500 km (3,400 miles), but some are designed to travel 10,000 km (6,200 miles) or further.U.S. President-elect Donald Trump responded on Monday to Kim''s comments on an ICBM test by declaring in a tweet that "It won''t happen!"A U.S. State Department spokesman said last week that the United States does not believe that North Korea is capable of mounting a nuclear warhead on a ballistic missile.North Korea has been under U.N. sanctions since 2006 over its nuclear and ballistic missile tests. The sanctions were tightened last month after Pyongyang conducted its fifth and largest nuclear test on Sept. 9."The U.S. is wholly to blame for pushing the DPRK to have developed ICBM as it has desperately resorted to anachronistic policy hostile toward the DPRK for decades to encroach upon its sovereignty and vital rights," KCNA Quote: d the spokesman as saying."Anyone who wants to deal with the DPRK would be well advised to secure a new way of thinking after having clear understanding of it," the spokesman said, according to KCNA. (Reporting by Jack Kim, Tony Munroe and Ju-min Park; Editing by Angus MacSwan and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/northkorea-missiles-idUSL4N1EY06G'|'2017-01-08T16:35:00.000+02:00'
'aafc1e232d9f8917099328b1eeb8d4413d732728'|'Malaysia''s Nov exports surge 7.8 pct y/y, more than forecast'|'Industrials - Thu Jan 5, 2017 - 11:04pm EST Malaysia''s Nov exports surge 7.8 pct y/y, more than forecast * Nov exports +7.8 pct y/y vs Reuters poll +1.4 pct * Nov imports +11.2 pct y/y vs poll f''cast +3.0 pct * Trade surplus 9.03 bln rgt vs poll f''cast of 10.1 bln rgt * Exports to China +12 pct y/y, U.S. +9.9 pct, EU +12.3 pct KUALA LUMPUR, Jan 6 Malaysia''s exports increased significantly in November, led by rising shipments of manufactured and agricultural goods, government data showed on Friday. Exports in November expanded 7.8 percent from a year earlier, faster than the 1.4 percent increased forecast by a Reuters poll. In October, exports fell 8.6 percent, the biggest drop in 18 months. The rise in manufactured and agricultural goods exports were led by shipments of electrical and electronic products, and palm oil and palm-based goods, according to data from the International Trade and Industry Ministry. Malaysia''s imports in November also rose, by 11.2 percent from a year earlier, following October''s 6.6 percent decline. The trade surplus in November slightly narrowed to 9.03 billion ringgit ($2.02 billion), from 9.8 billion ringgit the previous month. Exports to the United States rose 9.9 percent from a year earlier in November, while those to Europe gained 12.3 percent. Exports to China rose 12 percent, due to higher demand for electrical and electronic products and palm-based goods. Malaysia reports trade figures in ringgit. For a graphic on Malaysia''s exports and imports, click: link.reuters.com/xyb28s KEY DATA (Exports and imports in percent, trade in billions of ringgit) Nov Oct Sept Aug July June May Apr Exports 72.8 69.2 68.0 67.6 59.9 66.5 59.92 61.35 y/y% 7.8 -8.6 -3.0 1.5 -5.3 3.4 -0.9 1.6 Imports 63.8 59.4 60.5 59.1 57.9 60.9 56.66 52.29 y/y% 11.2 -6.6 -0.1 4.9 -4.8 8.3 3.1 -2.3 Balance 9.03 9.76 7.56 8.51 1.91 5.52 3.26 9.06 MAIN EXPORTS Nov 2016 % of % change (bln rgt) total vs year ago Electrical & 26.2 36.0 13.4 Electronic Products Palm oil & Palm-based 4.9 6.7 28.9 products Liquefied natural gas 3.1 4.3 -22.5 Chemicals and 5.2 7.1 15.5 products Crude oil 2.5 3.4 -7.4 Petroleum products 5.2 7.1 -11.9 Machinery 3.1 4.3 6.9 Metal 3.0 4.1 -16.7 EXPORT MARKETS (bln rgt) % of total % yr/yr China 10.9 15.0 11.2 Singapore 10.5 14.4 15.4 Japan 6.1 8.4 -1.5 USA 6.7 9.2 9.8 Thailand 3.9 5.4 -0.6 ($1 = 4.4700 ringgit) (Reporting by Emily Chow; Editing by Richard Borsuk) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/malaysia-economy-trade-idUSK7N12N01H'|'2017-01-06T11:04:00.000+02:00'
'6c514d975d006b9343f41f8360c4f48b595cc277'|'Wells Fargo giving raise to 25,000 entry level workers'|'Buffett: Wells Fargo is ''a great bank that made a terrible mistake'' Wells Fargo is giving 25,000 tellers and other entry level workers a raise at a time when the bank is struggling to overcome a morale problem caused by the fake account fiasco. Wells Fargo ( WFC ) said the pay hike to a minimum of $13.50 an hour is aimed at attracting and retaining talent, not a response to the scandal. The increase from $12 an hour takes effect January 8 and follows similar moves by other major banks, including Bank of America ( BAC ) , amid the improving jobs market. The Wells Fargo news was first reported by the Charlotte Observer. Wells Fargo confirmed the change initially impacts roughly 25,000 mostly entry level employees, including tellers, phone bankers and customer service representatives. The new minimum salary range is $13.50 to $17.00. Wells Fargo previously raised its entry pay to a range of $12 to $16 an hour in March. A Wells Fargo spokeswoman said the latest pay hike is "completely unrelated" to the fake account scandal. "This is part of our normal course of business where we understand what''s happening in the competitive landscape and how we retain and attract top talent," she said. Related: Inside Wells Fargo, workers say the mood is grim Just last month rival Bank of America announced at an industry conference that over the next few months it would boost pay for its lowest-paid workers to $15 an hour. Likewise, an 18% bump in pa y for JPMorgan Chase ( JPM ) frontline workers to $12 an hour is set to take effect in February. The Wells Fargo pay hike comes as the bank struggles to overcome the firestorm created by the bank''s alleged mistreatment of workers and creation of as many as 2 million unauthorized accounts. As CNNMoney previously reported , almost half a dozen Wells Fargo workers say they were fired prior to the fake account settlement after calling the bank''s confidential ethics hotline. More recently, current Wells Fargo employees have described a grim mood inside the bank following the scandal. "The culture is toxic," one Wells Fargo home mortgage consultant told CNNMoney. Tim Sloan, who took over as Wells Fargo''s CEO after longtime boss John Stumpf abruptly retired, has acknowledged the company''s culture has "weaknesses" that have caused a morale problem. Sloan apologized to employees for the "pain you have experienced as team members as a result of our company''s failures."   6:10 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/01/05/investing/wells-fargo-raises-minimum-pay/index.html'|'2017-01-06T01:10:00.000+02:00'
'a4c6429edbf423c90e625f0a6bcfe25a68685ddf'|'Sri Lankan shares rise on bargain hunting, snap 5-day losing streak'|'Basic Materials - Fri Jan 6, 2017 - 7:32am EST Sri Lankan shares rise on bargain hunting, snap 5-day losing streak COLOMBO Jan 6 Sri Lankan shares edged higher on Friday, ending a five-day losing streak and recovering from a nine-month low hit in the prior session as investors picked up battered down shares. Foreign investors turned net buyers on Friday after offloading shares for five straight sessions. The bourse hit a nine-month low on Thursday as foreign investors sold close to one billion rupees worth of stocks in the first four sessions of 2017 amid worries over a weakening rupee and rising interest rates hurt sentiment. Foreign investors bought a net 26.95 million rupees ($180,026.72) worth of equities on Friday. They have been net sellers to the tune of 969.69 million rupees so far this year. The Colombo stock index ended 0.09 percent up at 6,153.02, edging up from its lowest close since April 4 hit on Thursday. It fell 0.64 percent for the week and was down 9.7 percent in 2016, its second straight annual decline. The index has been trading in the oversold territory since Tuesday with the 14-day relative strength index breaking below 30, Thomson Reuters data showed. A level between 30 and 70 indicates the market is neutral. The day''s turnover was at 273.7 million rupees. "Market edged up in thin volumes despite continued selling pressure," said Dimantha Mathew, head of research, First Capital Equities (Pvt) Ltd. Analysts said interest rate volatility and policy uncertainties are also hurting investor sentiment. Yields on treasury bill auctions rose 5-6 basis points at a weekly auction on Wednesday, a day after the central bank governor signalled less intervention to defend the currency as market has braced for a depreciation. Shares in Ceylon Tobacco Company Plc rose 1.17 percent while Colombo Cold Stores Plc rose 1.26 percent and Dialog Axiata Plc rose 0.95 percent. Shares in biggest listed lender Commercial Bank of Ceylon Plc rose 0.42 percent while Conglomerate John Keells ended 0.43 percent up. Talks of a high net worth foreign investor exiting from Keells has triggered panic selling, dealers said. ($1 = 149.7000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Vyas Mohan) Next In Basic Materials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sri-lanka-stocks-idUSL4N1EW3KL'|'2017-01-06T19:32:00.000+02:00'
'db44721a1dd4d5d4228326d7378ca7595e7f8084'|'Interface announces restructuring plan'|'Jan 6 Interface Inc* Interface announces restructuring plan* Interface announces restructuring plan* Announced a new restructuring plan that will result in pre-tax restructuring charges in q4 of 2016 and q1 of 2017* Interface inc - to exit specialty retail channel and will eventually close majority of its flor retail stores between january and end of april 2017* Interface inc says expects to incur a pre-tax restructuring and asset impairment charge in q4 of 2016 of about $17-19 million, followed by additional charge in q1 of $7-9 million* Will relocate flor''s headquarters from chicago to interface''s headquarters in atlanta* Interface Inc - charges to include workforce reductions of about 70 flor team members, number of other employees in commercial business in americas, europe* Planned charge in q1 of 2017 is primarily related to exit costs associated with flor retail stores* Anticipated charges, which total approximately $25-27 million, are part of a continued effort to streamline costs Source text for Eikon: '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/finance/article/idINASC09PS9'|'2017-01-05T19:03:00.000+02:00'
'f1b33be9c5a80efcdba2489a9bca7190aa56a4ff'|'GLOBAL ECONOMY WEEKAHEAD - Investors all ears as Trump set to break silence'|'By Hugh Lawson - LONDON LONDON U.S. and Chinese data and an expected news conference by U.S. President-elect Donald Trump in the coming week may shed some light on the state of the world''s two biggest economies - and the outlook for relations between them.Trump, who takes office on January 20, has said he will hold a news conference on Wednesday. It will be his first since winning the November election, although he has been outspoken on Twitter.Investors will welcome any insights he may give on his policies regarding China as well as the domestic economy."This occasion could be an opportunity for Trump to highlight key priorities, with markets especially alert to details regarding tax reform, infrastructure spending plans and his China trade stance," Standard Chartered said in a weekly note to investors.Some analysts are concerned about the broad economic and political impacts of Trump''s relations with the rest of the world."Trump''s plans for trade and foreign policy in particular are fraught with considerable threats to the real economy," Commerzbank currency strategist Thu Lan Nguyen wrote, suggesting a trade war with China or Mexico may do the U.S. economy more harm than good.On the U.S. domestic front, expectations of heavy spending under Trump to create jobs in the Rust Belt states that swung the election his way have helped lift consumer sentiment to multi-year highs and driven up Treasury yields in a burst of "Trumpflation."One gauge of that sentiment will be U.S. retail sales data for December due on Friday. They are expected to show a 0.7 percent rise from the previous month, according to a Reuters poll of economists.Another will be the University of Michigan consumer sentiment index, also out on Friday, which economists polled by Reuters expect to come in at 98.5, the highest reading since early 2004.As 2017 progresses, some economists see U.S. wage growth and tax cuts outweighing the impact of higher interest rates and oil prices to keep shoppers driving the economy forward."Higher interest rates and rising gasoline prices will be headwinds for the consumer sector, but solid labor income and the prospects for personal tax cuts will eventually support decent consumption growth," Credit Suisse said in a weekly report.CHINA BURNING DOLLARSIn a reflection of the prolonged weakness of China''s yuan, data this Saturday is expected to show Beijing''s forex reserves dwindled to just above $3 trillion in December - the lowest level since February 2011.While the yuan has soared in recent days, helping create a liquidity squeeze in Hong Kong, a Reuters poll showed it is expected to slide at least 4 percent more this year, hurt by fiscal stimulus and faster interest rate hikes in the United States."It remains to be seen whether tightening yuan liquidity conditions in Hong Kong and reports of capital controls being introduced will be sufficient to halt the slide" in the yuan, analysts at Investec said in a weekly note to clients.Another fear for investors may be whether the prolonged slide of the yuan sets off a vicious cycle of more outflows, currency depreciation and rising inflation, on which China issues December data on Tuesday.Adding to China''s problems, Trump has vowed repeatedly to label Beijing a currency manipulator, a move that would heighten tensions between the two major trading nations.BREXIT BLUESThe fall in sterling since Britain voted to leave the European Union has so far failed to boost British industrial production, a poor sign for overall economic growth in the last quarter of 2016.Manufacturing and broader industrial output data due on Wednesday are expected to show a rebound in November from a sharp contraction in October, although the rise may not be enough to have a positive effect on fourth-quarter GDP data due out at the end of January."We tend to the view that the manufacturing sector probably expanded only very modestly in Q4. However this is unlikely to be the case for industrial production, where a second successive quarterly decline appears virtually inevitable," Investec chief economist Philip Shaw said in a note.(Additional reporting by Nichola Saminather in SINGAPORE, Elias Glenn in SHANGHAI and David Milliken in LONDON Editing by Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/global-economy-weekahead-idINKBN14Q1PO'|'2017-01-08T02:03:00.000+02:00'
'9dfcef2dc4942396a5074c28b769c27187ec6754'|'Elbit System wins Brazilian army contract worth $100 million'|'JERUSALEM Israeli defense electronics firm Elbit Systems Ltd ( ESLT.TA ) said on Sunday its Brazilian subsidiary Ares won a contract worth about $100 million to supply remote controlled weaponstations to the Brazilian army.The weapons stations, named REMAX, will be supplied over a five-year period and an initial production order, valued at approximately $7.5 million, has been received, Elbit ( ESLT.O ) said.Chief Executive Bezhalel Machlis said there has been growing demand across the world for the remote controlled weaponstations.(Reporting by Ari Rabinovitch)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-elbit-systems-brazil-idINKBN14S061'|'2017-01-08T04:36:00.000+02:00'
'92d9289e24271e83cda7c8ba87bcb7d4846886db'|'KBC interested in banking opportunities in Slovakia'|'Financials  34am EST KBC interested in banking opportunities in Slovakia SOFIA Jan 4 Belgian banking and insurance group KBC is interested in looking for acquisition opportunities in Slovakia, in line with its plan to expand in its core markets in central Europe, KBC Group Chief Executive Johan Thijs said on Wednesday. KBC signed a 610 million euro ($636 mln) deal to acquire United Bulgarian Bank from National Bank of Greece last week and is on track to control the third largest lender in the Balkan country after it closes the transaction by June. The deal was in line with KBC''s plans to be among the top three banks and the top four insurers in its core markets that include Belgium, Bulgaria, Hungary, the Czech Republic and Slovakia by 2020. "We do have our market leadership in several countries, but with a position of number four in Slovakia, we would be loving to look into acquisitions if possible in that country," Thijs told reporters. "And definitely on the insurance side we have there some potential to grow our business as well." He said KBC has no ambition to expand beyond its current core markets. (Reporting by Tsvetelia Tsolova; Editing by Adrian Croft) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/kbc-slovakia-idUSL5N1ET2AA'|'2017-01-04T19:34:00.000+02:00'
'6aff82cde1d1b6c567f35cdc3acd6e76e80054b0'|'European shares edge higher, Britain''s FTSE hits new peak'|'Company News  18pm EST European shares edge higher, Britain''s FTSE hits new peak * Britain''s FTSE 100 hits new record high * Housebuilders and miners support the index * STOXX Europe 600 index ends flat (Adds detail, updates prices at close) By Kit Rees and Atul Prakash LONDON, Jan 5 European shares hovered near recent highs on Thursday, with Britain''s top equity index hitting a new peak following a rally in housebuilders and miners. The pan-European STOXX 600 index, which climbed to a one-year high earlier this week, was up 0.1 percent at the close, while Britain''s blue-chip FTSE 100 was also up 0.1 percent after reaching an all-time high of 7,211.96 points. Persimmon rose 7.2 percent after Britain''s second-biggest housebuilder by volume said sales had risen 15 percent since Britons voted in June to leave the European Union. It posted an 8 percent rise in 2016 revenue and said profits for the year would be at the top end of expectations. "With solid increases in average selling prices and legal completions, Persimmon''s growth continues despite the uncertainty around the UK''s impending exit from the EU," said George Salmon, analyst at Hargreaves Lansdown. "With a healthy balance sheet, demand outstripping supply and no sign of borrowing costs rising in the foreseeable future, Persimmon looks in a strong position." Other property-related stocks also rose, with Taylor Wimpey up 5 percent. The market was also supported by miners. Precious metals miners Fresnillo, Randgold Resources and Centamin were 4.5 to 6.4 percent higher after gold touched its highest in four weeks on a weaker dollar. Newly merged Italian bank Banco BPM advanced nearly 4 percent, outperforming a 0.7 percent increase in Italy''s banking index and bringing total gains since the stock first started trading to more than 20 percent. Shares in Banco BPM debuted on Jan. 2 and around 7 percent of the new bank''s capital changed hands this week amid growing demand for riskier assets and indications from analysts the lender may beat targets set under its business plan. European insurers came under pressure following a note from JP Morgan. The European insurance index fell 0.8 percent, pressured by Hannover Rueck, which fell 2.9 percent after JP Morgan cut its price target for the stock and RSA Insurance, which fell as much as 2.2 percent after the investment bank downgraded it to "neutral" from "overweight". "RSA was one of the best performing stocks in the Insurance sector in 2016 ... Since it has now reached our 585p target price, we move to Neutral. Our EPS estimates are essentially unchanged," JP Morgan analysts said in a note. The worst performer across the benchmark STOXX 600 index was Finnish oil refiner Neste Oyj, which dropped 5.6 percent after a bearish note from Morgan Stanley. (Reporting by Kit Rees and Atul Prakash; editing by John Stonestreet) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1EV4FI'|'2017-01-06T00:18:00.000+02:00'
'45b9c147f43d91bc60f2e01b7ab64800967a17cc'|'Trump remains opposed to AT&T-Time Warner deal - BBG'|'Jan 5 Donald Trump remains opposed to AT&T Inc''s planned $85.4 billion acquisition of Time Warner Inc , Bloomberg reported, citing people close to the president-elect.Trump believes the deal would concentrate too much power in the media industry, Bloomberg reported. ( bloom.bg/2jfkJlx )Shares of AT&T were down 0.3 percent, while Time Warner''s stock was down 1.4 percent.Trump during his campaign had said AT&T''s proposal to buy the owner of CNN and the Warner Bros movie studio was an example of a "power structure" that was rigged against him and voters.Trump''s transition team was not immediately available for comment. (Reporting by Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/time-warner-ma-att-trump-idINL4N1EV4C3'|'2017-01-05T16:08:00.000+02:00'
'3ec019e7123133b2374918e1dd4de831b55e8f23'|'Amazon''s Alexa moves in on Google''s Android system'|'Money News - Sat Jan 7, 2017 - 5:35am IST Amazon''s Alexa moves in on Google''s Android system Mike George, VP Alexa, Echo and Appstore for Amazon, speaks during the LG press conference at CES in Las Vegas, U.S., January 4, 2017. REUTERS/Rick Wilking By Julia Love Amazon.com Inc’s ( AMZN.O ) digital assistant appeared almost everywhere at the CES technology show this week in Las Vegas, even making an unexpected appearance on rival Google’s Android system. Companies ranging from appliance maker Whirlpool Corp ( WHR.N ) to Ford Motor Co ( F.N ) unveiled products featuring Alexa, the digital assistant from Amazon that responds to voice commands. Most strikingly, Chinese firm Huawei Technologies Co [HWT.UL], which manufactures smartphones running on the Android operating system produced by Alphabet Inc''s ( GOOGL.O ) Google, announced that its flagship handset will come with an app that gives users access to Alexa in the United States. The adoption of Alexa by a prominent Android manufacturer indicates that Amazon may have opened up an early lead over Google as the companies race to present their digital assistants to as many people as possible, analysts said. Many in the technology industry believe that such voice-powered digital assistants will supplant keyboards and touch screens as a primary way consumers interact with devices. While the shift is only in the early stages, Google must establish a strong presence quickly, particularly on Android devices, to maintain its dominance in internet search, said analyst Jan Dawson of Jackdaw Research. “To the extent that voice becomes more important and something other than Google’s voice assistant becomes the most popular voice interface on Android phones, that’s a huge loss for Google in terms of data gathering, training its AI (artificial intelligence), and ultimately the ability to drive advertising revenue,” he said. Alexa debuted on the Amazon Echo smart speaker, and Amazon is establishing a broad array of hardware and software partnerships around it. The competing Google Assistant launched last year on the company’s Pixel smartphone, after appearing on Google''s messaging app, and has begun to roll out to third-party devices as well. Graphics processor maker Nvidia Corp ( NVDA.O ) announced at CES that its Shield television will feature the assistant. While Google has expressed an interest in bringing its assistant to other Android smartphones, the decision to debut the feature on its own hardware may have strained relations with manufacturers, Dawson said. “It highlights just what a strategic mistake it can be for services companies to make their own hardware and give it preferential access to new services,” he said. A spokeswoman for Google declined to comment. While Amazon has a head start, Google is no by no means out of the race, given the strength of its internet search technology. The Google Assistant can already field queries that Alexa cannot, said Sergei Burkov, chief executive of Alterra.ai, an artificial intelligence company. “A huge part of an assistant is search,” he said. “Google is a search company. Amazon is not.” (Reporting by Julia Love in Las Vegas; Editing by Bill Rigby) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ces-android-alexa-idINKBN14R007'|'2017-01-07T07:05:00.000+02:00'
'0b6cddb226b828e7cb32dc1298010b5aa03687be'|'Boeing''s 2016 orders lowest since 2010, deliveries hit target'|'Business News - Sat Jan 7, 2017 - 1:15am GMT Boeing''s 2016 orders lowest since 2010, deliveries hit target left right Invited guests for the world premiere of the Boeing 787 Dreamliner are reflected in the fuselage of the aircraft at the 787 assembly plant in Everett, Washington, July 8, 2007 REUTERS/Robert Sorbo/File Photo 1/2 left right FILE PHOTO: Boeing facilities are seen in Los Angeles, California, U.S. April 22, 2016. REUTERS/Lucy Nicholson/File Photo 2/2 By Alwyn Scott - SEATTLE SEATTLE Boeing Co ( BA.N ) fell 80 planes short of its goal for new orders in 2016, but likely clinched the title of world''s biggest planemaker for another year. Boeing on Friday said it delivered 748 jetliners last year and booked net orders for 668 aircraft worth about $94 billion at list prices. Boeing had predicted orders would roughly match deliveries, which it forecast at between 745 and 750 planes. Boeing''s delivery total likely means the Chicago-based aerospace and defence company beat European rival Airbus ( AIR.PA ) on output. Airbus has forecast at least 670 deliveries in 2016, and is due to reports totals on Wednesday. Investors watch orders and deliveries closely to gauge future aircraft production levels and revenue, since airlines make most of the payment when aircraft are delivered. Boeing shares were up about 0.1 percent at $158.86 in mid-day trading. Airlines have slowed their shopping for jets, especially large widebody models, causing Boeing''s "book to bill" ratio of new sales to deliveries to fall to its lowest level since 2004. Even so, Boeing''s orders fell less than expected, suggesting aggressive sales campaigns at year-end, analysts said. Airbus has a price advantage thanks to the strong U.S. dollar, putting pressure on Boeing''s sales team. Looking to 2017, "it''s going to be tough for Boeing not to get more aggressive on pricing," said Ken Herbert, an analyst at Canaccord Genuity. Boeing''s deliveries also slowed as the company began building the new 737 MAX narrowbody at its factory in Renton, Washington. The first MAX planes take longer to assemble than older 737 models, and cannot be delivered until Boeing finishes flight tests and gets government certification. Even so, Boeing delivered two more 737s in the latest quarter than in the same quarter of 2015. "That says something about the production system," said Howard Rubel, analyst at Jefferies. OUTPUT RISING AS SALES SLOW Deliveries likely will rise this year as MAX planes that welled up in inventory are delivered. But the gain will be tempered by a 40 percent cut in production of 777 widebodies. Analysts expect 777 deliveries will fall to 3.5 a month in 2018, from 8.3 currently, as the successor 777X model enters production. "What we''ll be interested to hear is whether (Airbus and Boeing) expect orders to continue to decline in 2017 at the same time that they are raising production," said Rob Stallard, analyst at Vertical Research Partners. The forecasts are typically released with fourth-quarter results. The final days of 2016 marked a busy time for Boeing''s new sales chief Ihssane Mounir. The sales force booked 198 net new orders since Dec. 20, including 189 orders from unidentified customers. The tally did not include any of its pending orders for Iran, the company said. The total included 194 orders worth about $21 billion at list prices for Boeing''s 737 MAX. It also included an order for four 787 Dreamliners from Uzbekistan Airways. Boeing had already disclosed a large part of the tally earlier in the week, when it said it booked 80 orders for its 737 MAX. The new tally lifts Boeing''s total backlog to 5,715 commercial jets, equivalent to about seven years of production, the majority of which are 737 planes. Sales of more expensive widebodies such as the 777 and 787 remain sluggish. (Reporting by Alwyn Scott; Editing by Meredith Mazzilli and Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-boeing-orders-idUKKBN14R00Z'|'2017-01-07T08:15:00.000+02:00'
'b5ef9d092e63aed4d787c7f9c14c7c347bb6d891'|'UK house price growth picks up speed again - Halifax'|'Financials  42am EST UK house price growth picks up speed again - Halifax LONDON Jan 9 Growth in British house prices picked up speed for the second month in a row in December and a shortage of homes on the market is expected to support prices in 2017, mortgage lender Halifax said on Monday. In the three months to December, house prices were 6.5 percent higher compared with the same period a year earlier, up from growth of 6.0 percent in the three months to November, Halifax said. A Reuters poll of economists had expected an increase of 5.8 percent. In monthly terms, house prices jumped by 1.7 percent in December, the strongest increase since March. Martin Ellis, an economist with Halifax, said yearly price growth was expected to slow to between 1 and 4 percent by the end of 2017. "The relatively wide range for the forecast reflects the higher than normal degree of uncertainty regarding the prospects for the UK economy this year," he said in a statement. (Reporting by William Schomberg, editing by David Milliken) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-houseprices-halifax-idUSL5N1EZ1I1'|'2017-01-09T15:42:00.000+02:00'
'de512ac4e855f85a95045434fc9ac16eeaea5460'|'Good Christmas? M&S set to surprise as retailers reveal festive sales - Business'|'Marks & Spencer is expected to defy the high street gloom by delivering its first increase in clothing sales at Christmas for six years.M&S is among the big retailers lining up this week to reveal sales over the critical trading period. Major supermarkets Morrisons and Tesco , as well as department store chain John Lewis, are expected to have weathered the storm but groups exposed to a tough clothing market and a steep decline in high street shoppers have suffered.After only one Christmas in charge, M&S chief executive Steve Rowe is expected to report a small increase in like-for-like clothing sales in the third quarter aided by the inclusion of extra sale trading days in the period. Cold weather at was also helpful after 2015’s mild conditions dented demand for coats and knitwear.Last week’s dismal figures from Next , which wiped £2bn off retailers’ share price on the day, fuelled fears that Christmas 2016 was a washout for clothing retailers as Britons cut spending on clothing. But while the upset at Next capped a long period of financial outperformance, M&S’s progress follows five years of dire figures, with clothing sales down nearly 6% over the last two Christmases.Independent retail analyst Nick Bubb predicted a 3.7% increase in like-for-like sales at John Lewis for the six weeks to 31 December, a figure underpinned by the strength of its click and collect business. But Bubb fears heavy discounting in the Christmas run up will have eaten into the employee-owned retailer’s profits . John Lewis’s “never knowingly undersold” promise means it has to match rivals’ price cuts. “The worry is that increased discounting/price matching will have cost John Lewis quite a bit of gross margin,” said Bubb. “Also the skewing of sales growth to online will have been expensive in terms of fulfilment and distribution costs.”Although the UK clothing market is in decline, Retail Economics analyst Richard Lim predicts Britons will have spent £700m more in December than in 2015, a 1.7% increase that will push takings for the month to £42.1bn. “Overall I think retailers had a reasonable but not spectacular Christmas,” he said. “Although the conditions for 2017 look bleak, consumers told us the Brexit vote has not had an impact on their incomes yet.” The speed at which sales are transferring from physical stores to a digital high street is one of the biggest trends weighing on retailers with extensive store networks. According to the association for online retailers IMRG , online sales increased 21.2% in November compared with a year ago. The £16.5bn spent in November was the biggest ever monthly spend, pushing online takings to £118.5bn for the first 11 months of the year.While established retailers such as M&S and Debenhams struggle to eke out growth – analysts predict underlying sales at constant currency exchange rates will be down 1% at Debenhams – online fashion sites Asos and Boohoo are riding the online boom, with growth rates of 30% and more than 40%, respectively.“M&S is still very much in recovery mode under Steve Rowe,” said David Jeary, an analyst at Canaccord Genuity. “I’m still nervous in terms of their experience on the clothing front. Some people are looking for a small positive increase in like-for-like sales but I’m not persuaded of that and think it will be a small negative number.” Analyst pedictions on the performance of M&S’s key clothing business range from a 2% decline to a 1.5% rise. Its food business is expected to deliver a small decline in underlying sales. “If they delivered another 6% decline [on clothing] the market would clobber them,” said Jeary. With food a key component of the Christmas spending spree analysts are optimistic that, as in 2015, the major supermarket chains will deliver decent figures, with Morrisons leading the pack amid its renaissance under chief executive David Potts. The City has pencilled in like-for-like sales growth of 1.1% for the 9 weeks to 1 January for the Bradford-based grocer. Bernstein analyst Bruno Monteyne said Morrisons will be the “relative winner” of the listed pack with growth of 2.5%. Growth at Aldi and Lidl slowed towards the end of 2016 but Monteyne predicted the discounters will have gained market share in December.Market leader Tesco is also expected to have traded well but it is up against strong figures compared with last year. As a result James Anstead, an analyst at Barclays, one of the grocer’s house brokers, predicted like-for-like sales will be flat over the six-week Christmas trading period. At Sainsbury’s, the UK’s second largest grocer, analysts have pencilled in a 0.8% fall in like-for-like sales and growth of 1.6% at its Argos chain – although the latter’s profit margins could have been damaged by a fierce price war on toys with Tesco .'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/08/good-christmas-marks-and-spencer-surprise-retailers-festive-sales'|'2017-01-08T21:14:00.000+02:00'
'88995bf97437358f0619427195890bd2a38331ba'|'RPT-China''s miners gamble on spot coal despite Beijing pressure'|'  6:00pm EST RPT-China''s miners gamble on spot coal despite Beijing pressure (Repeats Thursday story with no changes) * Coal mines hope prices stay strong as output slow to rise * Miners agree some fixed-price deals with utilities for 2017 * But keeping most 2017 output available for spot market * Spot prices already down from highs, highlighting strategy risk * Analysts say Q4 2016 marked peak for prices By Meng Meng and Josephine Mason BEIJING, Jan 5 China''s top coal miners have mostly resisted pressure from Beijing to sign long-term fixed-price deals this year, in a bet that there''s more money to be made in the spot market before government efforts to ease a supply crunch take effect. Miners including two of the nation''s largest, China Coal and Shenhua, have signed deals with utilities, the top consumers of thermal coal, for only about 40 percent of their 2017 output at discounts to the spot market, according to four sources familiar with the contracts. Getting miners to agree fixed-price deals - a break with their usual practice - was a major part of the government''s months-long scramble to avert a winter energy crisis and protect power companies'' profits from runaway thermal coal prices. Electricity companies pushed for more such deals, but the miners, which sometimes assign as much as 60 percent of their output to the utilities but at variable prices, dug in their heels. "Utilities would love to sign more long-term contracts because the price is cheaper, whereas Shenhua wants to cut the share on contract," said a purchasing manager with one of the top utilities, China Resources Power Holdings Co., who declined to be named due to company policy. Initially, Shenhua asked some coal-fired power companies to agree to as little as 30 percent of their annual tonnage on fixed-price terms, he said. The supply crisis and soaring prices were largely a problem of Beijing''s own making after it closed mines and limited output earlier in the year as part of its drive to tackle overcapacity and inefficiency in state-owned heavy industry. The effects were felt across the world, as China is the world''s largest consumer and importer of coal, with spot prices in Australia, the Pacific benchmark, doubling in just four months to $120 per tonne by mid-November, their highest in 2-1/2 years. In China, domestic physical prices shot to 607 yuan ($88.30) per tonne in the first week of November, up from around 400 yuan in April. The government''s reversal of policy to let miners re-open mothballed capacity and the securing of some fixed-price deals have helped bring spot prices down 20 percent since then, but they remain high by historical standards. When the first fixed-price contracts were sealed in early November, they were at around 585 yuan per tonne, two traders and a miner said, a 100-yuan discount to the futures and physical markets. ChinaCoal and Shenhua declined to comment. SPOT OPPORTUNITIES But miners have kept a lot of tonnage available for sale at spot prices because they hope prices will either rise again or at least stay strong for longer, as it takes time for production to pick up. China''s Coal Association has said the miners are struggling to ramp up output quickly because they have to rehire staff and comply with stiffer safety standards. "They believe the forward curve coupled with the price negotiated during the last negotiation is undervalued versus their opportunities in the spot market," said Patrick Markey, managing director of commodity advisory Sierra Vista Resources in Singapore. Nearby domestic futures prices are around 600 yuan/tonne, but they slip to around 488 yuan by July, which suggests the market thinks the miners, who have only just returned to profit after a few lean years, are taking quite a risk. China Coal Energy Co Ltd returned to profitability in the second quarter with its best quarterly earnings in three years, while China Shenhua Energy Co Ltd reported its best quarterly profit since the final quarter of 2014. If the miners have misjudged, however, it could be welcome news to the utilities, many of which are unprofitable above 600 yuan/tonne. CR Power Group''s breakeven in Jiangsu province is as high as 685 yuan/tonne, but in Inner Mongolia it is as low as 430. BMI Research analysts believe the fourth quarter of 2016 was the peak, as domestic output increases after falling 10 percent in the first half. It forecasts prices from Australia''s Newcastle port will be around $60-70 per tonne for 2017, down from four-year highs above $100 in November. Demand growth from utilities is also likely to stagnate this year as Beijing resumes its drive for a more efficient state sector and shifts towards cleaner, renewable power sources, the analysts said. ($1 = 6.8742 Chinese yuan) (Additional reporting by Muyu Xu; Editing by Will Waterman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-coal-miners-idUSL4N1EV306'|'2017-01-06T06:00:00.000+02:00'
'556ed21673b35ba9d29bbe56c23a1a331eaec622'|'DCNS CEO says ''very likely'' will enter into STX France''s capital'|'PARIS The head of French state-controlled military shipbuilder DCNS said on Friday it was "very likely" that DCNS would enter into the capital of STX France, which is in the process of being sold."It is very likely that this will occur via an entry into the capital," DCNS Chairman and Chief Executive Herve Guillou told reporters at a news briefing on Friday, adding that he expected the issue to be resolved in two to three months.The sale of STX France, which specializes in building cruise ships at the Saint-Nazaire shipyard and is profitable, forms part of a broader sell-off of businesses following the demise of the South Korean STX shipbuilding group.Italian shipbuilder Fincantieri ( FCT.MI ) has made a bid, but France - which owns 33 percent of STX France - wants to ensure that the French state remains a key stakeholder in STX France.France owns some 65 percent of DCNS, while defense electronics group Thales ( TCFP.PA ) owns the rest of DCNS.(Reporting by Matthieu Protard; Writing by Sudip Kar-Gupta; Editing by Ingrid Melander)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stx-france-dcns-idINKBN14Q1RG'|'2017-01-06T11:56:00.000+02:00'
'44ffb9b65d9e39f2d2626ef356f0d34b8e647175'|'Sri Lanka delays southern port JV with Chinese firm'|'Energy - Thu Jan 5, 2017 - 11:12am EST Sri Lanka delays southern port JV with Chinese firm By Shihar Aneez and Ranga Sirilal - COLOMBO COLOMBO Jan 5 Sri Lanka has delayed a joint venture with China Merchants Port Holdings Company Ltd to develop a port in its south, where China has also offered to build an investment zone, a top government official said on Thursday. The nation''s cabinet has already approved the deal under which Sri Lanka will lease 80 percent of Hambantota port to the Hong Kong-based listed firm for 99 years for $1.12 billion. The delay was due to unfinished negotiations between the stakeholders, Malik Samarawickreme told reporters in Colombo. "It will take 10-14 more days to finalise all the agreements. We are hoping to finalise everything by end of January. We don''t want to rush," he said. Samarawickreme said a joint venture share holding agreement between the Chinese firm and state-run ports authority, the 99-year lease agreement, and the "most crucial" concessionary agreement still have to be signed. A government document had said the project was to be launched on Jan. 7 along with the commemoration of President Maithripala Sirisena''s completion of second year in office. The delay also follows protests by people in Hambantota who say the government is trying to evict thousands of families to provide the 15,000 acres of land for an industrial zone for Chinese investors along with the port deal. The government has denied the claim and said land will be provided from four southern districts and not only from Hambantota. The government signed an initial deal last month with the Chinese company which has already made a payment of $5 million as a security deposit. The company will pay 10 percent of the $1.12 billion within one month of signing all the agreements, and the remaining 90 percent within six months of signing the transaction documents, an official government document showed. The port was built with the help of Chinese loans and contractors in 2010 under former, China-friendly president Mahinda Rajapaksa, as part of efforts to develop the country''s infrastructure after ending a 26-year war in 2009. Rajapaksa, who is now an opposition legislator and trying to make a political comeback, last week criticised the plan to grant 15,000 acres for Chinese investment in his constituency, saying it will deprive people of agricultural land. China''s interest in the port may reflect its ambition to build a "Maritime Silk Route" to the oil-rich Middle East and onwards to Europe. That makes some countries, including India and the United States, nervous with Sri Lanka''s proximity to shipping lanes through which much of the world''s trade passes en route to China and Japan. (Reporting by Ranga Sirilal and Shihar Aneez, editing by David Evans) Next In Energy'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/sri-lanka-ports-idUSL4N1EV32B'|'2017-01-05T23:12:00.000+02:00'
'b7f9b9716a89e043d1beea8044f3a1660fe5d584'|'CANADA STOCKS-TSX falls in broad retreat, led by resource stocks'|'Company News  11am EST CANADA STOCKS-TSX falls in broad retreat, led by resource stocks (Adds details on specific stocks, updates prices) * TSX down 61.85 points, or 0.4 percent, at 15,524.73 * All of the TSX''s 10 main groups move lower TORONTO, Jan 6 Canada''s main stock index fell in early trading on Friday, with gold miners and other materials stocks leading a broad retreat from the three-day rally that started the year. At 9:42 a.m. ET (1442 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was down 61.85 points, or 0.4 percent, at 15,524.73 despite booming jobs and trade data. All of the index''s 10 main groups were in negative territory, with four declining issues for every gainer. The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.3 percent. The composite index had made sharp gains in the first three sessions of the year, taking it within striking distance of an all-time high, and it remained on track for a 1.6 percent rise over the course of the shortened week. The most influential weights on the index included Tahoe Resources Inc, which fell 8.7 percent to C$13.52 after the miner forecast 2017 capital spending above estimates, analysts said. Tahoe also said it expected flat gold production in 2017 and lower silver output, lagging consensus expectations. Fertilizer company Potash Corp declined 1.1 percent to C$24.56, while diversified miner Teck Resources Ltd lost 1.6 percent to C$28.13. The energy group retreated 0.5 percent as oil prices were little changed. The financials group and industrial both slipped 0.3 percent. Gold futures fell 0.6 percent to $1,172.2 an ounce, while copper prices declined 0.6 percent to $5,547.5 a tonne. The economy unexpectedly added 53,700 jobs last month, data from Statistics Canada showed. Another report showed Canada posted an unexpected trade surplus of C$526 million in November, its first in more than two years. (Reporting by Alastair Sharp; Editing by Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1EW0T8'|'2017-01-06T22:11:00.000+02:00'
'c03fb49c7b5624963850ea0127527a9ba5a13c4a'|'Dubai''s DAMAC Properties expects to maintain 25 pct dividend - CFO'|'Financials - Sun Jan 8, 2017 - 9:34am EST Dubai''s DAMAC Properties expects to maintain 25 pct dividend - CFO By Alexander Cornwell - DUBAI DUBAI Jan 8 Dubai''s DAMAC Properties expects to maintain its 25 percent cash dividend policy for 2016 despite profit declines in the first three quarters, its group chief financial officer said on Sunday. The developer''s board set a minimum 25 percent cash dividend target in 2014 for the following two years. The board followed the recommendation in 2015, however, is yet to announce a dividend for 2016. "There is no reason to speculate we will not adhere to this," Adil Taqi told Reuters at DAMAC''s headquarters in Dubai, adding that it would be unlikely to be more than the target and would require regulatory approval. Profit at DAMAC, which is building a $6 billion golf complex with Donald Trump, fell 23 percent to 2.84 billion dirhams ($773.23 million) in the nine months to September, according to Reuters calculations. Dubai''s property market, where DAMAC''s business is concentrated, has softened over the past two years as buyers became more cautious amid weaker oil prices and cuts to regional government spending. The market is likely to move "sideways" in 2017 compared with 2016, when the company expects to reach around 7 billion dirhams in sales, Taqi said. "I don''t envisage huge growth." The majority of buyers in 2017 will continue to be from the Gulf Arab region, wider Middle East and India, sales to Chinese investors look set to grow though Western Europe "might not be so important" due to a weak pound, he added. DAMAC expects Dubai''s market to rebound in the "second or third quarter of 2019" in the lead up to the Expo 2020 world''s fair the emirate is set to host. "I think this will be phenomenal for Dubai," Taqi said. He also said DAMAC was considering its options for refinancing debt maturing over the next two years, including a $100 million sukuk in March, of which it has already paid off $25 million, and $650 million sukuk in 2019. ($1 = 3.6729 UAE dirham) (Reporting by Alexander Cornwell; Editing by Alison Williams) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/damac-dividend-idUSL5N1EY0DW'|'2017-01-08T21:34:00.000+02:00'
'b95ab814b8205ce0c1bdfcc37be81dab7e4f01fe'|'Rolls-Royce boss pledges future in UK despite Brexit qualms - Business - The Guardian'|'Rolls-Royce Motor Cars has pledged not to turn its back on the UK amid concerns that firms could shift their headquarters overseas after the Brexit vote.The luxury carmaker, which is owned by Germany’s BMW , posted its second-highest annual sales in more than a century, up 6% on last year to 4,011 vehicles.And Rolls-Royce Motor Cars chief executive, Torsten Müller-Otvös, took the opportunity to pledge the firm’s future in the UK, just months after he warned staff that their jobs could be affected by Brexit.“Success for Rolls-Royce is success for Great Britain and we reaffirm our commitment to maintaining the home of Rolls-Royce in the UK,” he told Sky.In a letter leaked to the Guardian earlier this year , Müller-Otvös told British staff that an exit from the European Union would drive up costs and prices and could affect the company’s “employment base”.But the comments issued alongside the company’s sales figures indicate that even if staff are affected, the company does not plan to abandon its headquarters at Goodwood in West Sussex, southern England.“We are deeply committed to a long-term, sustainable, successful growth strategy and this result, amidst a backdrop of global uncertainty, affirms this approach,” said Müller-Otvös.“2016 has proven the perfect year to sign off the successful first chapter of the renaissance of Rolls-Royce.”Fewer car owners and more driverless vehicles in future, survey reveals Read more In Müller-Otvös’ letter to staff earlier this year, he said both Rolls-Royce and the wider BMW Group would be adversely affected by Brexit. “Free trade is important for international business,” he wrote. “Rolls-Royce Motor Cars exports motor cars throughout the EU and imports a significant number of parts through the region.“For BMW Group, more than half of MINIs built and virtually all the engines and components made in the UK are exported to the EU, with over 150,000 new cars and many hundreds of thousands of parts imported from Europe each year.“Tariff barriers would mean higher costs and higher prices and we cannot assume that the UK would be granted free trade with Europe from outside the EU. “Our employment base could also be affected, with skilled men and women from most EU countries included in the 30 nationalities currently represented at the home of Rolls-Royce here at Goodwood.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/09/rolls-royce-pledges-future-uk-despite-brexit'|'2017-01-09T02:00:00.000+02:00'
'37541846b37811b9cc0ada3c5413ad678cc550c1'|'UBS plans to raise stake in China securities JV to 49 percent: sources'|'  8:15pm EST UBS plans to raise stake in China securities JV to 49 percent: sources The logo of Swiss bank UBS is seen on a building in Zurich, Switzerland December 19, 2012. REUTERS/Michael Buholzer HONG KONG UBS Group AG ( UBSG.S ) plans to raise its stake in its Chinese securities joint venture to 49 percent from about 25 percent, sources with direct knowledge of the development said on Monday. China allowed foreign banks to boost shareholdings in securities joint ventures to a maximum 49 percent in 2012 from the previous cap of a third to help modernize the country''s capital markets and boost capital flows into the country. But foreign investments banks with securities joint ventures in China have not as yet raised their stakes as most of the ventures were small or struggling to break even due to sluggish onshore deals. News of the UBS stake increase plan was first reported by the Wall Street Journal. A spokesman for UBS declined to comment. (Reporting by Sumeet Chatterjee, Elzio Barreto and Julie Zhu; Editing by Stephen Coates) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-ubs-group-china-jointventure-idUSKBN14T026'|'2017-01-09T08:15:00.000+02:00'
'c4b3173f13752667e17b600cd6e6dae92bbfb5c8'|'UPDATE 1-Morgan Stanley, UBS to raise stakes in China securities JVs to 49 pct-sources'|'Funds News - Sun Jan 8, 2017 - 9:18pm EST UPDATE 1-Morgan Stanley, UBS to raise stakes in China securities JVs to 49 pct-sources * Morgan Stanley owns 33.3 pct stake in China securities JV * UBS holds about 25 pct stake in China securities JV * Morgan Stanley awaiting regulator''s approval for stake hike (Adds details on plans, background on China securities market) HONG KONG, Jan 9 Morgan Stanley and UBS Group AG are set to raise holdings in their separate Chinese securities joint ventures to 49 percent, people with direct knowledge of the developments said on Monday. China allowed foreign banks to boost share holdings in securities joint ventures to a maximum 49 percent in 2012 from the previous cap of a third to help modernise the country''s capital markets and boost capital flows into the country. Foreign investments banks with securities joint ventures in China, however, have not as yet raised their stakes as most of the ventures were small or struggling to break even due to sluggish onshore deals. But the prospect of China moving soon to allow investment banks to own majority stakes in their Chinese securities joint ventures, and strong deals momentum, have encouraged some foreign banks to explore raising their holdings, the sources said. Morgan Stanley and its Chinese joint venture partner, Huaxin Securities, have agreed to a proposal to raise the U.S. investment bank''s stake in the venture to 49 percent from 33.3 percent, two people with knowledge of the plan said. The stake increase is awaiting approval from the Chinese securities regulator, they said. Swiss bank UBS, which registered its Chinese securities joint venture in 2006, is also in talks to raise its stake in UBS Securities to 49 percent from 25 percent, two separate sources told Reuters. All the people decline to be named as the details of the stake hikes were not public yet. Spokesmen for Morgan Stanley and UBS declined to comment. News of the plans was first reported by the Wall Street Journal. (Reporting by Sumeet Chatterjee, Elzio Barreto and Julie Zhu; Editing by Stephen Coates) Next In Funds News The Limited owner almost doubles investment, but closing all stores Jan 6 Sun Capital Partners Inc, the private equity owner of Limited Stores LLC, disclosed on Friday it has almost doubled its investment in the troubled U.S. women''s apparel retailer, even as it announced that it will shut all approximately 250 The Limited stores amid losses.'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/china-banks-securities-idUSL4N1EZ15K'|'2017-01-09T09:18:00.000+02:00'
'f39626d0213ce3ec1bdd9096c5b45671cf7b198f'|'UPDATE 4-Indonesia plans regulation to ensure bond dealers produce "factual" research'|'Business News - Sat Jan 7, 2017 - 1:37am EST Indonesia plans regulation to ensure bond dealers produce ''factual'' research By Hidayat Setiaji and Gayatri Suroyo - JAKARTA JAKARTA Indonesia is planning regulation to ensure primary bond dealers produce only "factual" research, senior government officials said, in a move that is likely to add to bankers'' concerns about a growing backlash over negative investment commentary. The officials'' remarks came after the Indonesian government cut its business ties with JPMorgan Chase & Co ( JPM.N ) following a November downgrade by the U.S. bank in its Indonesian stocks recommendation to "underweight" from "overweight". While Indonesia has subsequently sought to reassure banks and research firms that they will not be sanctioned for their assessment of the country as long as it is "credible", some Jakarta-based analysts at foreign banks have said they were becoming more cautious. Suahasil Nazara, the Finance Ministry''s head of fiscal policy office, said on Friday that primary bond dealers have to ensure their assessments of Indonesia are based on facts and do not cause a disruption to the financial system. "The point is, the analysis has to be credible and correspond to factual data," Nazara said in a text message. A primary bond dealer is a bank or a securities firm appointed by the finance minister that can buy government bonds in auctions and resell them in the secondary market. Indonesia had 19 such dealers as of Nov. 25. The regulation will "hopefully" be released next week and will govern the accountability of analysis or the release of information, Robert Pakpahan, director-general of budget financing and risk management, said in a text message. "The publication of analysis and opinion that is inaccurate, speculative in nature and not based on facts will not be allowed," Pakpahan said, adding that the regulation has to be approved by the finance minister. In the JPMorgan case, the Finance Ministry dropped the U.S. bank''s services as a primary dealer for domestic sovereign bonds and as an underwriter for bonds sold to the global market. The bank also no longer receives certain transfers of state revenue. JPMorgan said in response that the impact on its clients was minimal and that it continued to operate its business as usual in Indonesia. FOREIGN OWNERSHIP Indonesia''s sensitivity to negative commentary is likely enhanced due to the relatively high foreign ownership of its sovereign bonds and broader concerns over potential capital outflows, analysts have said. Emerging markets, including Indonesia, are vulnerable to potentially disruptive capital outflows as expectations of faster U.S. interest rate hikes and President-elect Donald Trump''s promise of fiscal stimulus push the dollar higher. More protectionist trade policies under Trump could intensify that pressure. Foreigners hold more than 37 percent of Indonesia''s government bonds, while the local capital market lacks depth and liquidity, making the perception of foreign investors particularly important for the Southeast Asian nation. Foreign investors sold 20.15 trillion rupiah ($1.5 billion) of Indonesian government bonds in the three weeks after Trump won the U.S. presidential election on Nov. 8. JPMorgan''s skirmish with the Indonesian government also highlights the conflicts that banks face when their analysts express a negative view on a country or a company. Banks ranging from Morgan Stanley ( MS.N ) in China to Banco Santander ( SAN.MC ) in Brazil have faced rows with governments in emerging markets, although the pressure has usually been less explicit than faced by JPMorgan in Indonesia. In some cases that had led to a chilling effect where analysts cut back on even run-of-the-mill research, leaving investors in the dark as to any risks or opportunities. David Sumual, chief economist at PT Bank Central Asia Tbk (BCA), said the "fire-wall" between the bank''s business and research divisions had been reinforced since the global financial crisis in 2008. Sumual said his research is based on the data that is available to him, but "there''s still a disclaimer that this can change from time to time and the ultimate decision still lies with the investors." BCA ( BBCA.JK ) is Indonesia''s biggest bank by market value and one of the country''s primary dealers. ($1 = 13,360.00 rupiah) (Reporting by Hidayat Setiaji and Gayatri Suroyo; Writing by Eveline Danubrata; Editing by Ed Davies and Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-indonesia-bonds-research-idUSKBN14R04H'|'2017-01-07T13:36:00.000+02:00'
'51607db97b50f7ef6e4c2f0161d3fae84df79fc4'|'AB InBev and Keurig to develop alcoholic drinks dispenser for the home'|'LONDON Anheuser Busch InBev ( ABI.BR ) and Keurig Green Mountain have teamed up to develop a home appliance that could dispense alcoholic drinks in the home, similar to Keurig''s existing machine for soft drinks.The companies on Friday announced a research and development joint venture that will focus on the North American market with the aim of developing a system that could work with beer, spirits, cocktails and mixers.Financial terms of the venture were not disclosed.AB InBev is the world''s largest brewer with brands like Budweiser and Stella Artois. Keurig is part of privately held JAB Holding, owner of the world''s biggest standalone coffee business.(Reporting by Martinne Geller; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-anheuser-busch-keurig-venture-idINKBN14Q24Y'|'2017-01-06T15:04:00.000+02:00'
'a3625895faa1b1a3e624634c7ff5f7960e63deca'|'RPT-UPDATE 2-Zuma''s ex-wife given boost in South Africa leadership race'|'(Repeats to additional subscribers)* ANC women''s league backs Dlamini-Zuma as party leader* Party to pick successor to President Zuma in December* Dlamini-Zuma is Zuma''s ex-wife, African Union chair* Vice President Ramaphosa expected to be main rivalBy Joe BrockJOHANNESBURG, Jan 7 The chances of South African President Jacob Zuma''s ex-wife, Nkosazana Dlamini-Zuma, becoming the next leader of the African National Congress were given a boost on Saturday with the endorsement of the ruling party''s women''s division.The ANC will pick a new leader at a conference in December and, given its national dominance since coming to power at the end of apartheid in 1994, the winner is likely to go on to be South Africa''s next president when elections are held in 2019.Dlamini-Zuma, the chairwoman of the African Union, is viewed as a frontrunner. She is a Zulu, the largest tribe in South Africa, and is expected to have the backing of her former husband, who will have a major say in who succeeds him.The Women''s League''s endorsement is the first for a specific candidate by a national section of the ANC and will intensify the debate over who will take the party forward after it suffered its worst local election results last year.Dlamini-Zuma was regarded as a capable technocrat during her time as South Africa''s minister of home affairs between 2009 and 2012 and has since gained international exposure during her time as the first female head of the AU.However, critics of Dlamini-Zuma, a medical doctor trained in South Africa and Britain, say she should have done more to intervene when former president Thabo Mbeki denied that HIV causes AIDs and imposed anti-scientific policies.Mbeki''s stance has been blamed by health activists for more than 300,000 preventable deaths. Dlamini-Zuma was foreign minister in Mbeki''s cabinet and one of his closest allies.Vice President Cyril Ramaphosa, a unionist-turned-business tycoon, is viewed as her most likely rival after powerful trade unions endorsed him last year.Neither Dlamini-Zuma, 67, or Ramaphosa, 64, have declared their intention to run.Ramaphosa, who was once touted as a successor to Nelson Mandela, would be the first choice for many investors because his background in commerce suggests he will support more pro-business policies than many in the traditionally left-wing ANC.However, he will face criticism from opponents for his role at platinum producer Lonmin where he was a director and shareholder when violence led to police shooting dead 34 striking miners in 2012. An investigation has cleared him of wrongdoing.The Women''s League has a block of votes at the party conference and are a critical lobbying group for the ANC, particularly in galvanising support among female voters."After careful consideration and opening our eyes as wide as possible, Nkosazana Dlamini-Zuma is the only suitable candidate," the Women''s League said in a statement."Her legacy and influence is known and well documented throughout the history pages of the republic and beyond."Many South Africans believe it is time the ANC had a female leader, a rarity on a continent with strong patriarchal heritage. Zuma has previously said that South Africa is ready for a female president. (Editing by Alison Williams and Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/safrica-politics-idINL5N1EX0IF'|'2017-01-07T18:23:00.000+02:00'
'49615918b39d2b7b1e949ab73a723d692dbbe23a'|'MOVES-Dubai''s Network International appoints new CEO'|'Funds News - Sun Jan 8, 2017 - 6:43am EST MOVES-Dubai''s Network International appoints new CEO DUBAI Jan 8 Network International, the largest payment processing firm across the Middle East and Africa, has appointed Simon Haslam as chief executive, it said on Sunday. Haslam, who was previously the president and chief executive of U.S.-based Elavon, succeeds Bhairav Trivedi, who will continue to serve as an adviser to the Network International board and also work on special projects for the firm during the transition period. The Dubai-based company is jointly owned by Emirates NBD , Dubai''s largest bank, and private equity firms, Warburg Pincus and General Atlantic. (Reporting by Tom Arnold; Editing by Mark Potter) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/network-international-moves-idUSD5N1EF00B'|'2017-01-08T18:43:00.000+02:00'
'759608fa37ca80667de6d7b74ce68fb2c926111f'|'LVMH''s Biver sees recovery for Swiss watch industry in 2017 - report'|'Business News - Sun Jan 8, 2017 - 12:39pm GMT LVMH''s Biver sees recovery for Swiss watch industry in 2017 - report Jean-Claude Biver, Chief Executive Executive of Tag Heuer and LVMH''s head of watches, poses at his office in Paris, France, December 8, 2016. Picture taken December 8, 2016 REUTERS/Jacky Naegelen ZURICH The head of LVMH''s ( LVMH.PA ) watch business Jean-Claude Biver is positive about the prospects for the Swiss watch industry in 2017, he tells Schweiz am Sonntag in an interview. "I am convinced that the New Year will bring growth to our industry," Biver said in the article published on Sunday. "Exports will recover and rise again," he says, saying the an improvement was already underway although it was not evident everywhere. The Swiss watch industry had a tough 2016, with exports falling 10 percent to 17.74 billion francs in the first 11 months of the year, according to the Federation of the Swiss Watch Industry, as sales in key markets like Hong Kong fell. Biver said he was optimistic for LVMH''s watch brands, which include Hublot, TAG Heuer and Zenith. "I see a better year for the LVMH watch division, although in 2016 we could still achieve overall growth of four percent." (Reporting by John Revill. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lvmh-swiss-watches-idUKKBN14S0HW'|'2017-01-08T19:39:00.000+02:00'
'1f72d8b8d67631bf7c5925321b0022b5e9fdcead'|'Audi sales hit record in 2016, despite losing ground to rivals'|'Business News - Fri Jan 6, 2017 - 11:29pm GMT Audi sales hit record in 2016, despite losing ground to rivals The logo of German car manufacturer Audi is seen at a building of a car dealer in Duebendorf, Switzerland November 22, 2016. REUTERS/Arnd Wiegmann BERLIN German luxury-car brand Audi said its deliveries rose to a new record last year despite the diesel emissions scandal, although that would likely not be enough to save it from dropping into third place behind luxury rivals Mercedes-Benz ( DAIGn.DE ) and BMW ( BMWG.DE ) in global sales rankings. The key contributor to Volkswagen ( VOWG_p.DE ) group profit increased sales of luxury cars and sport-utility vehicles to 1.87 million units from 1.80 million in 2015, a spokesman said on Saturday. Ingolstadt-based Audi raised deliveries by 4 percent in the United States where VW''s emissions test-cheating scandal broke in 2015 and reported 6.4 percent more sales in Britain, its No. 2 European market, the spokesman said, confirming figures first reported by German daily newspaper Die Welt in its Saturday edition. Audi is due to publish official figures for December on Monday, same as parent VW. They are expected to show it has dropped into third place from second in terms of global luxury car brands. The luxury-car maker may start selling diesel vehicles again in the U.S. after deliveries were banned in the wake of the emissions manipulations, though a decision hasn''t been taken yet, Die Welt quoted sales chief Dietmar Voggenreiter as saying in an interview. By contrast, VW''s namesake brand plans to drop the technology in the U.S. as it reboots its strategy in the Americas post-dieselgate, brand chief Herbert Diess has said. (Reporting by Andreas Cremer; Editing by Victoria Bryan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-audi-vehicleregistrations-idUKKBN14Q2IN'|'2017-01-07T06:29:00.000+02:00'
'4384647748270fc3878d0d3ceac1f8d2199dedd1'|'RPT-Investors balk at "squeezed middle" of UK retail firms'|'Financials - Thu Jan 5, 2017 - 2:30am EST RPT-Investors balk at "squeezed middle" of UK retail firms (Repeats with no changes to text) * Next has worst start to trading in 25 years * Weaker pound, online shopping hurt traditional retailers * Short-selling ticks higher in Debenhams, M&S By Alasdair Pal LONDON, Jan 4 The worst start to a trading year for Next PLC shares since 1991 underscores the plight of mid-tier UK retailers hit by a combination of fierce online competition and higher costs driven by a weaker pound. Traditional British stores, particularly those relying on clothing, risk getting caught in no-man''s land as bargain-hunting consumers find cheaper alternatives while the rising popularity of online shopping, now nearly a fifth of UK retail sales, eats into their business. Profit margins, already crimped by heavy discounting in efforts to maintain market share, now face additional headwinds as sterling weakness pushes up sourcing costs. Next shares, down 18 percent in the first two trading days of 2017, have fallen 41 percent in the past year. Debenhams and Marks & Spencer are down about a quarter and short-selling, where funds borrow shares and sell them in the hope of buying back later at a lower price, has ticked higher in recent months. The troubles echo a trend seen across UK grocers where discount chains such Lidl and Aldi ate into the profits of long-established chains such as Sainsbury, Tesco and Morrison. While Next warned of tough times, B&M European Value Retail said it enjoyed record Christmas sales. At the top end of the market, John Lewis, Britain''s biggest department store chain which also runs upmarket grocery brand Waitrose, saw sales in the week before Christmas soar 36 percent. "It mirrors what happened in the supermarket space," said Richard Marwood, a fund manager at Royal London Asset Management. "It was the people in the middle who struggled." Marwood, who owns B&M shares, said that the company is enjoying the benefits of recent expansion but the jump in like-for-like sales suggested it was attracting more consumers looking for cheaper alternatives to traditional stores. B&M, which sells products from toys to soft furnishings, is a top pick in the European retail sector for analysts at Deutsche Bank and Bank of America-Merrill Lynch. Higher inflation and lower wage growth looks set to make 2017 "the year of value" in UK retail, according to analysts at Deutsche Bank, which this week downgraded Next and Debenhams. UK wage growth will fall below 1 percent in 2017, according to the OECD, while inflation in food and fuel is set to pick up - meaning consumers will have less to spend on discretionary items like clothing. DOLLAR DILEMMA Retailers buy a significant proportion of their goods in U.S. dollars from manufacturers in Asia, selling on to British consumers in pounds. "The fundamental issue is that you''ve seen a nearly 20 percent trade-weighted depreciation of sterling over the course of the last 12 months," said Jeremy Lawson, chief economist at Standard Life Investments. A weaker pound is a direct hit to profits. And in an already tough environment retailers have little wiggle room on prices. "They can hold the shop prices and hit margins, or they can put up prices but will have an impact on volume of sales," RLAM''s Marwood said. Next is among those worst hit by currency moves, according to analysts at HSBC, as it pays in dollars for around 70 percent of its cost of goods sold. Rivals like ASOS and Inditex, which source more of what they sell closer to home, are poised to benefit and grab market share by being even more competitive on prices, analysts at Bank of America-Merrill Lynch said in a note to clients. VALUE BUY Five hedge funds have significant short positions on Debenhams totalling 7 percent, an all-time high, according to latest data from the UK''s market regulator, the Financial Conduct Authority. On M&S, the ratio has more than doubled to 2.2 percent over the last three months of 2016. High levels of bearishness do leave stocks susceptible to bounces, however, if there is a rush of short-covering. Also, with valuations already depressed, some investors are not as downbeat on the sector. Retailers "trade close to financial crisis multiples", suggesting sentiment may be too pessimistic on some companies, according to Tineke Frikkee, a fund manager at Smith & Williamson who owns shares in Debenhams and M&S. For brave investors, bargain-hunting in shares of beaten-down retailers might just pay off. In 1991, the last time shares of Next started the year with a double-digit decline, they ended up more than 250 percent. (Additional reporting by Tricia Wright and Alistair Smout; Editing by Mark Trevelyan) Next In Financials Greek police arrest militant from Revolutionary Struggle group ATHENS, Jan 5 Greek police early on Thursday arrested a militant, who was in hiding with her child and whose Revolutionary Struggle group has carried out more than a dozen attacks, including one on the U.S. embassy in Athens in 2007. REFILE-Danske Bank Markets slashes Norway 2017 GDP forecast (Fixes format) OSLO, Jan 5 The Norwegian economy will recover more slowly than previously anticipated, economists at Danske Bank Markets predicted on Thursday. The forecast for growth in the mainland economy in 2017 was cut to 1.8 percent from a previous estimates made in October of 2.3 percent, while growth in 2018 was seen at 2.2 percent. Despite the cut, and that investments by the oil industry will continue to decline, there were several positive signs. "There COPENHAGEN, Jan 5 Danske Bank on Thursday lowered its forecast for Denmark''s economic growth this year, but warned that there is a risk of economic overheating within the next few years, the bank said in a note. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-stocks-retail-idUSL5N1EU3TR'|'2017-01-05T14:30:00.000+02:00'
'a3b6a345866f1a1e2f7da83c9cd5943cb14c1b8c'|'Honda CEO says no immediate plan to curb production in Mexico'|'Business News - Thu Jan 5, 2017 - 3:26am EST Honda CEO says no immediate plan to curb production in Mexico Honda Motor Co. President and CEO Takahiro Hachigo is seen through screens of laptop computers as he speaks during a round-table meeting at the company headquarters in Tokyo, Japan November 21, 2016. REUTERS/Issei Kato TOKYO Honda Motor Co ( 7267.T ) has no immediate plans to curb production in Mexico, the company''s president said on Thursday, as automakers come under pressure from U.S. President-elect Donald Trump to build more cars in the United States. "We produce cars in Mexico for markets including North America and Europe and we have no immediate plan to change this," Takahiro Hachigo, also the CEO of the company, said at a industry gathering in Tokyo to mark the New Year. (Reporting by Naomi Tajitsu; Editing by Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-honda-mexico-production-idUSKBN14P0P7'|'2017-01-05T15:20:00.000+02:00'
'81488e399cbfc6b2f69d14723bc2c0633c5e1c87'|'UK services sector sees fastest growth since July 2015 - PMI'|'LONDON Britain''s economy finished 2016 strongly, growing at the fastest rate since mid-2015, even though companies faced some of the fastest-rising costs of the past five years as sterling weakened after Britain voted to leave the European Union, an industry survey showed.The Markit/CIPS Purchasing Managers'' Index (PMI) for the services sector rose to a 17-month high of 56.2 in December, beating all forecasts in a Reuters poll of economists and rising a full point from November''s reading.Britain''s economy looked to have expanded 0.5 percent in the last three months of 2016, said Markit, which compiled the PMI.Similar surveys of manufacturers and construction companies earlier in the week also beat expectations, lifting the all-sector PMI to its highest since July 2015, too."A buoyant service sector adds to signs that the UK economy continues to defy widely-held expectations of a Brexit-driven slowdown," Markit''s chief business economist, Chris Williamson, said on Thursday.Markit''s PMIs initially pointed to a big decline in business activity in July, shortly after the vote to leave the European Union in June. That plunge prompted the Bank of England to open a major new stimulus plan in August.But the PMIs quickly rebounded and official data showed Britain''s economy actually increased speed after the referendum.A separate survey of businesses by the British Chambers of Commerce - the largest of its kind - also suggested earlier on Thursday that the economy kept its momentum in the final months of 2016. But inflation pressures ballooned at the fastest pace since that survey was launched almost 20 years ago.Nonetheless, most economists forecast that a slowdown will hit Britain in 2017 as companies pass on the higher costs incurred after the pound weakened, squeezing incomes.In addition, Prime Minister Theresa May aims to start formal Brexit talks before the end of March, which may curtail Britain''s future access to EU markets.Shares in British retailers slid on Wednesday after clothing chain Next ( NXT.L ) reported poor Christmas sales and cut its profit forecast, partly due to rising costs.Thursday''s PMI - which does not include retailers - showed that other businesses in Britain''s services sector were passing cost increases on to customers at the fastest rate since 2011."Anecdotal evidence linked cost pressures to the weak sterling exchange rate, and higher food and fuel prices in particular," Markit said. Costs for wages, plastic packaging and IT also rose, it added.Many economists expect inflation to rise towards 3 percent this year, from less than 1 percent for 2016 overall, and a Reuters poll suggests the growth rate will halve to 1.1 percent.But for now businesses are still enjoying strong demand, with companies in the Markit all-sector survey reporting the strongest inflow of new orders since March 2015.'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-economy-pmi-idINKBN14P0XN'|'2017-01-05T06:48:00.000+02:00'
'bd50ffdc216a8fa4e71056b4cdecb753ac7ba1d0'|'Jobless claims fall to near 43-year low'|'Business News - Thu Jan 5, 2017 - 2:15pm GMT Jobless claims fall to near 43-year low Job seekers break out to visit corporate employment personnel at a U.S. Chamber of Commerce Foundation ''''Hiring Our Heroes'''' military job fair in Washington January 8, 2016. REUTERS/Gary Cameron By Lucia Mutikani - WASHINGTON WASHINGTON The number of Americans filing for unemployment benefits fell to near a 43 year-low last week, pointing to further tightening in the labour market. Initial claims for state unemployment benefits dropped 28,000 to a seasonally adjusted 235,000 for the week ended Dec. 31, the Labour Department said on Thursday. That was close to the 233,000 touched in mid-November, which was the lowest level since November 1973. Claims for the prior week were revised to show 2,000 fewer applications received than previously reported. But with claims data for six states and one territory estimated because of the New Year''s holiday, last week''s drop likely exaggerates the labour market''s strength. The four-week moving average of claims, considered a better measure of labour market trends as it irons out week-to-week volatility, fell 5,750 to 256,750 last week. In a second report, payrolls processor ADP said private employers added 153,000 jobs in December after increasing their payrolls by 215,000 in November. The ADP national employment report is jointly developed with Moody''s Analytics. Prices for U.S. Treasuries were trading higher after the data, while U.S. stock futures were weaker. The dollar .DXY fell against a basket of currencies. EYES ON PAYROLLS Initial jobless claims have now been below 300,000, a threshold associated with a healthy labour market, for 96 consecutive weeks. That is the longest stretch since 1970, when the labour market was much smaller. The labour market is considered to be at or near full employment, with the jobless rate at a nine-year low of 4.6 percent. Tightening labour market conditions and gradually firming inflation allowed the Federal Reserve to raise its benchmark overnight interest rate last month by 25 basis points to a range of 0.50 percent to 0.75 percent. While the U.S. central bank forecast three rate hikes for 2017, minutes of the Dec. 13-14 policy meeting released on Wednesday suggested the pace of increases would largely be determined by the labour market and fiscal policy. Economists polled by Reuters had forecast first-time applications for jobless benefits falling to 260,000 in the latest week. Claims briefly pushed higher last month and in November, but economists blamed the gyrations on difficulties adjusting the data around moving holidays. A Labour Department analyst said there were no special factors influencing last week''s data. That data has no bearing on December''s employment report, which is scheduled for release on Friday, as it falls outside the survey period. According to a Reuters survey of economists, nonfarm payrolls likely increased by 178,000 jobs in December after the same gain in November. Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid rose 16,000 to 2.11 million in the week ended Dec. 24. The four-week average of the so-called continuing claims increased 26,250 to 2.07 million. In a third report, global outplacement consultancy Challenger, Gray & Christmas said U.S.-based employers announced plans to cut 33,627 jobs from payrolls last month, up 25 percent from November. Still, that was below the monthly average of 43,910 job cuts for 2016. Layoffs last month were led by the defence, automotive, energy, transportation and government sectors. Employers announced 526,915 layoffs last year, down 12 percent from 2015. (Reporting by Lucia Mutikani; Additional reporting by Richard Leong in New York; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN14P1O8'|'2017-01-05T21:15:00.000+02:00'
'fb7edcdab3b030cc18679b420d13ca2122d5dea1'|'Exclusive: U.S. drugmaker Merrimack nears deal with France''s Ipsen - sources - Reuters'|'By Carl O''Donnell and Greg Roumeliotis U.S. cancer drug developer Merrimack Pharmaceuticals Inc ( MACK.O ) is close to selling its most developed products to French peer Ipsen SA ( IPN.PA ) in a deal that could be worth more than $1 billion, people familiar with the matter said on Sunday.The deal would give Merrimack the resources to fund the development of three new compounds targeting pancreatic, lung, and other types of cancers. It would boost Ipsen''s portfolio, which has traditionally focused on endocrinology.Under the terms of the deal that could be announced as early as Monday, Ipsen would acquire Merrimack''s pancreatic cancer treatment Onivyde, as well as Doxil, a generic ovarian cancer drug Merrimack developed in partnership with Teva Pharmaceutical Industries Ltd ( TEVA.TA ) unit Actavis LLC, the sources said.Merrimack would be paid upfront in cash for a little more than half of the deal''s value, and would stand to receive the remainder of the potentially more than $1 billion consideration in milestone payments, the sources added.Merrimack would use the proceeds to fund research and development, pay down debt, and declare a special dividend to shareholders, according to the sources.The sources asked not to be identified because the deal has not yet been announced. Merrimack and Ipsen did not immediately respond to requests for comment.Merrimack announced last October that Chief Executive Officer Robert Mulroy would step down. Merrimack named Chairman Gary Crocker as interim CEO and launched a search for a chief. It has yet to announce a permanent replacement.The Cambridge, Massachusetts-based company also plans to restructure operations, included slashing costs by $200 million over the next two years and slimming down its development pipeline.The company, which has a market capitalization of $467 million, has cut 22 percent of its workforce.In December, Merrimack said it was cancelling its research efforts on a compound called MM-302 that would have been a potential treatment for breast cancer.Merrimack received regulatory approval to launch Onivyde in the United States late in 2015, and has been ramping up its sales efforts.Ipsen has been looking for acquisitions and tie-ups to strengthen its presence in the United States, the world''s biggest pharmaceutical market, where it generates only a small percentage of sales.The Paris-based company had so far counted on Somatuline, which is currently the only drug approved in the United States to treat neuroendocrine tumors, to anchor itself in the Americas.(Reporting by Carl O''Donnell and Greg Roumeliotis in New York; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-merrimack-m-a-ipsen-idINKBN14S0UP'|'2017-01-08T15:39:00.000+02:00'
'c97409d3c14cd128280fc239e41b12f3270022c4'|'Saudi''s Mobily appoints new CEO'|'Financials  43am EST Saudi''s Mobily appoints new CEO DUBAI Jan 9 Saudi Arabian telecom operator Etihad Etisalat (Mobily) said on Monday it has appointed Ahmed Abdelsalam Abdelrahman to replace its chief executive Ahmad Farroukh. Mobily''s board accepted the resignation of Farroukh and approved Abdelrahman''s appointment effective Jan. 9, the telco said in a bourse statement. The appointment follows the Dec. 25 announcement from minority owner United Arab Emirates telecommunications conglomerate Etisalat that its management agreement with Mobily had ended and the two parties were working on a new arrangement. (Reporting by Alexander Cornwell, editing by Louise Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mobily-moves-ceo-idUSL5N1EV0AN'|'2017-01-09T20:43:00.000+02:00'
'd2da25425a315574bed4d7b2b9f28cd17e00d92d'|'Brazil''s BNDES to focus lending on projects of high social impact'|'Company News - Thu Jan 5, 2017 - 8:19am EST Brazil''s BNDES to focus lending on projects of high social impact RIO DE JANEIRO Jan 5 Brazil''s state development bank BNDES plans to focus loan disbursements on areas of high social impact like education, healthcare, infrastructure and the environment, Chief Executive Officer Maria Silvia Bastos Marques said on Thursday. The bank, which is considered as the main source of long-term financing for companies in Brazil, will raise the revenue threshold used to classify small and mid-sized firms so they have more access to credit, Bastos told reporters in Rio de Janeiro. (Reporting by Marta Nogueira; Writing by Guillermo Parra-Bernal) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-bndes-loans-idUSE6N182029'|'2017-01-05T20:19:00.000+02:00'
'd383347d14873811e73544c3f1febeaf50435649'|'Danske Bank lowers Danish growth forecast for 2017'|'Financials - Thu Jan 5, 2017 - 3:00am EST Danske Bank lowers Danish growth forecast for 2017 COPENHAGEN Jan 5 Danske Bank on Thursday lowered its forecast for Denmark''s economic growth this year, but warned that there is a risk of economic overheating within the next few years, the bank said in a note. Denmark''s biggest bank said it now expected the country''s gross domestic product (GDP) to grow by 1.5 percent in 2017 down from a September estimate of 1.7 percent. It said it expected the Danish economic recovery to remain on track, supported by a growing labour force and stronger global and domestic demand. "There is a risk of the economy overheating within the next few years, although it could also take the opposite course," it said. It said it expected the Danish economy to grow by 1.8 percent next year, its first forecast for 2018. (Reporting by Teis Jensen, editing by Nikolaj Skydsgaard) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/denmark-economy-danske-idUSL5N1EV12Z'|'2017-01-05T15:00:00.000+02:00'
'772e078dd3673e05beeb48a04a923a2d2190b936'|'Automakers, suppliers team up to share costs of self-driving cars'|'Technology News - Sun Jan 8, 2017 - 6:58pm GMT Automakers, suppliers team up to share costs of self-driving cars An autonomous car from Delphi departs Treasure Island for a cross-country trip from San Francisco to New York City in San Francisco, California March 22, 2015. REUTERS/Stephen Lam By Paul Lienert and Alexandria Sage - LAS VEGAS LAS VEGAS Automotive suppliers and automakers are expanding alliances to develop self-driving car technology that can serve multiple automakers, as the race to put such vehicles on the road separates companies that can go it alone from those that need help sharing the financial and technical burdens. While some companies, such as Tesla Motors, General Motors and Ford Motor, are trying to develop proprietary driverless systems, a larger group of automakers appears to have decided it makes more sense to develop self-driving technology in collaboration with suppliers – as many other features such as anti-lock brakes or radar-enabled cruise control already are. "What''s going on in the industry right now is like a hyper version of musical chairs - and the music is still playing," said Gill Pratt, chief executive officer of Toyota Research Institute. "Everyone is changing partners." Several suppliers - notably Mobileye, Nvidia and Delphi Automotive - are among the more popular technology partners in the self-driving race, with multiple alliances around the globe. "If you want to build a truly autonomous car, this is a task for more than one player," said Amnon Shashua, chief executive of Mobileye, an Israeli-based supplier of mapping and vision-based sensing systems. "The technological challenges are immense," Shashua told Reuters. "I would compare it to sending a man to the moon." Mobileye supplies cameras, chips and software for driver assist systems - the building blocks for self-driving cars - to more than two dozen manufacturers around the globe. The company was an early supplier of vision systems to Tesla, but the two companies had an acrimonious and public breakup last summer after the driver of a Tesla Model S was killed while operating his vehicle using Tesla''s Autopilot system. Since the break with Tesla, Mobileye has secured two critical partnerships to develop self-driving systems: With German automaker BMW and U.S. chipmaker Intel, and with longtime supplier Delphi. The Delphi-Mobileye alliance involves a turn-key system that the partners plan to offer to smaller automakers that lack the resources to develop such systems on their own. It will be ready for production by 2019, said Jeff Owens, Delphi''s chief technology officer, with a projected wholesale cost of about $5,000. The alliance with BMW and Intel is expected to draw additional vehicle manufacturers and suppliers, according to Elmar Frickenstein, BMW''s senior vice president for automated driving. "We would like to create a standard system for everybody to use by 2021," Frickenstein said. "That would share the costs and speed up the process of development and adoption." Eventually, BMW and its partners could offer self-driving hardware and software sets or an entire driverless system on a non-exclusive basis to companies ranging from Uber [UBER.UL] to Google, Frickenstein said. A blueprint for collaboration is BMW''s joint ownership with Daimler AG and Volkswagen AG''s ( VOWG_p.DE ) Audi of Here, the mapping company acquired in late 2015 from Nokia. Since then, both Intel and Mobileye have teamed with Here to pool and share data. Chipmaker Nvidia also is ramping up its partnerships in self-driving technology and systems, this week announcing deals with Audi and Here, as well as German suppliers ZF [ZFF.UL] and Bosch [ROBG.UL]. "We''re not looking to develop a proprietary system," said Dirk Hoheisel, the member of Bosch''s board of management who oversees autonomous driving. "We want to work with others to develop a standard platform and open standards for self-driving systems, especially around data and mapping." While pursuing similar partnerships with suppliers, Audi sees its role as a vehicle manufacturer evolving to that of systems integrator. "There''s not one supplier out there who can provide the whole solution - no one who knows everything, every part of what''s needed to make an autonomous car," said Alejandro Vukotich, Audi''s head of development for driver assistance systems. Some key components of self-driving systems - cybersecurity, for instance - should remain the responsibility of vehicle manufacturers, said Guillaume Devauchelle, head of innovation and scientific development at French supplier Valeo. But carmakers also will continue to rely on suppliers to provide specific self-driving technologies, he said. "There will be a mix because it''s quite a complex system (with) sensing, data fusion, artificial intelligence, connectivity, man-machine interface and so on," Devauchelle said. "Those are big blocks." (In 9th paragraph, corrects cost of Delphi turn-key system to $5,000 from $8,000.) (Reporting by Paul Lienert and Alexandria Sage in Las Vegas; Editing by Nick Zieminski) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-autos-selfdriving-idUKKBN14S048'|'2017-01-08T15:21:00.000+02:00'
'ad262c388c69308f0a5a5571579900e803dde6e3'|'Saudi embrace of ride-hailing apps drives economic, social change'|'By Celine Aswad - DUBAI DUBAI Saudi Arabia hopes its plan to bring a further 1.3 million women into the workforce by 2030 will be given a lift from ride-hailing apps Uber and Dubai-based rival Careem.The cars, which the government says should only be driven by Saudi men, offer women, who are banned from driving in the conservative Muslim country, an alternative to being driven to work by chauffeurs, male relatives or the shabby taxi system.Ride-hailing apps have come under intense scrutiny from governments and regulators across the globe as they disrupt traditional taxi businesses.But Saudi Arabia courted Uber and Careem, offering state investments, to support its Vision 2030 economic reform plan.With a budget squeezed by lower oil prices, the plan aims to draw workers away from government jobs by creating 450,000 private sector positions by 2020. Uber and Careem say they will create up to 200,000 jobs for Saudi men in the next two years.By offering women a way to get to work, it should also help meet the plan''s goal of increasing the female workforce by five percentage points in the next five years to 28 percent."This is the next best thing to women being able to drive, because you are in control of your time, no more wasteful waiting around,” said Marwa Afandi, a 36-year-old marketing executive.With the workforces of Uber and Careem easily expected to overtake the 65,000 nationals employed by state oil giant Saudi Aramco, the kingdom has invested in both companies.Saudi''s sovereign wealth fund put $3.5 billion into Uber in June 2016 while state-controlled Saudi Telecom Co announced on Dec. 18 it bought 10 percent of Careem for $100 million."The percentage of Careem captains who are Saudi has jumped from effectively zero to 60 percent in the last 12 months, and we aim to employ 70,000 Saudis by end 2017," said Abdulla Elyas, co-founder of Careem.SOCIALLY ACCEPTABLEWomen already account for around 80 percent of Uber and Careem''s passengers, the companies say."In a country where they (women) cannot get behind the wheel we are offering both the women and the government a win-win solution," said Zeid Hreish, Uber''s general manager in Saudi.A personal driver offers the most cache for middle- and upper-class women. But as these cost as much as 3,000 riyals (651.47 pounds) a month, around 20 percent of the average monthly household income, women are always looking for cheaper options.Some wealthier Saudi women have never used the country''s existing taxi system because it is not seen as acceptable for them to travel in the older vehicles that are often provided.Uber and Careem offer an alternative because they require their drivers to use cars that are less than three years old. Uber works with car financing companies in Saudi Arabia to get deals to help its drivers buy newer cars.The use of the app for booking a car also allows a passenger to select a particular driver and some believe that the use of smart phone technology brings a better class of driver.There is little difference in price between a journey with Uber or Careem and a local taxi company but the industry does not feel threatened because it caters to a different market - road-side taxi hailers are usually lower income men and do not own smartphones. "We have very little overlapping demand with Careem and Uber," said an assistant manager at a Jeddah-based limousine company, who wished not to be named.Careem is however, developing a subsidised rides programme for low-income working Saudi women with the Ministry of Labour.EVOLVING ATTITUDESThe high female engagement with such apps also reflects how social attitudes are evolving in the conservative kingdom.Traditional social norms dictate local women cannot interact with men to which they are not related. However, the ride-hailing scenario has jumped ahead of such restrictions, aided by a zero tolerance policy for driver complaints operated by Uber and Careem."I am comfortable in the car with the driver because we are getting a professional service from a company where the driver will be held accountable for any complaints made against him," said Alia Shayef, a 42-year-old banker living in Jeddah.But some riders and drivers remain uneasy about the mixing of genders. An 18 year old university student in Riyadh said that since more Saudis became Uber and Careem drivers her father has forbidden her to use those apps.A Careem driver also admitted he does not take any female riders to avoid cultural clashes and any risk of complaint.The proliferation of ride-sharing services has also done little to take away the yearning for women to drive. Some are concerned that it has made it even less likely that the government will ever allow women to get behind a steering wheel.In June when Uber announced the Saudi wealth fund had invested in its business some Saudi women took to Twitter to unveil their disapproval with the hashtag "Saudi women announce Uber boycott," trending within hours of the news.JOBS FOR MENThe state investment is partly aimed at bolstering the employment of local men at a time of rising unemployment.The Ministry of Transportation in November said Uber and Careem must "limit the jobs to Saudi nationals" although legal non-Saudi drivers may continue to work for the companies.Working for a globally-recognised company such as Uber is a draw for tech-savvy Saudis, helping some overcome the stigma of being a driver.“Uber is a trend and people want to follow it, and be a part of the digital revolution,” said Abdulelah Bassyoni, founder and managing director of Saudi-based digital consultancy Brain Technology.Despite this, both Careem and Uber say most drivers work part-time, alongside government jobs that they are reluctant to leave cause of the perceived security and benefits.Nasser, a 30-year-old Riyadh said he was working as an Uber driver to top up his government salary with extra cash."It is crazy to think anyone would leave their government position, it is a blessing to have it," he said.(Editing by David French and Anna Willard)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/saudi-economy-ridehailing-apps-idINKBN14S088'|'2017-01-08T05:21:00.000+02:00'
'a8a12979a5ae58ad241b02935dfcd509e7f1cf4d'|'UBS plans to raise stake in China securities JV to 49 percent: sources'|'HONG KONG UBS Group AG ( UBSG.S ) plans to raise its stake in its Chinese securities joint venture to 49 percent from about 25 percent, sources with direct knowledge of the development said on Monday.China allowed foreign banks to boost shareholdings in securities joint ventures to a maximum 49 percent in 2012 from the previous cap of a third to help modernize the country''s capital markets and boost capital flows into the country.But foreign investments banks with securities joint ventures in China have not as yet raised their stakes as most of the ventures were small or struggling to break even due to sluggish onshore deals.News of the UBS stake increase plan was first reported by the Wall Street Journal.A spokesman for UBS declined to comment.(Reporting by Sumeet Chatterjee, Elzio Barreto and Julie Zhu; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ubs-group-china-jointventure-idINKBN14T026'|'2017-01-08T22:15:00.000+02:00'
'26c151f6536a65e88657415b92e1534eb1acd8bd'|'Solid Christmas for UK supermarkets before uncertain 2017'|'Business News - Sun Jan 8, 2017 - 3:19am EST Solid Christmas for UK supermarkets before uncertain 2017 Customers enter and exit a Tesco shop in London, Britain, December 8, 2011. REUTERS/Suzanne Plunkett/File Photo By James Davey Britain''s three quoted major supermarkets are expected to report this week that they enjoyed solid Christmas trading, though investor concern about a potential squeeze on consumer spending in 2017 means the focus is on their outlooks. Shares in market leader Tesco ( TSCO.L ) and Morrisons ( MRW.L ), the UK''s fourth biggest grocer, soared 38 percent and 55 percent respectively in 2016, reflecting a recovery in trading. That coincided with a slowdown in sales growth at German discounters Aldi ALDIEI.UL, which will update on Christmas on Jan. 9, and Lidl LIDUK.UL as Britain''s traditional supermarkets cut their prices, and continued problems at sector laggard Asda, the No. 3 player. The share price of No. 2 Sainsbury''s was held back by uncertainty over the merits of its 1.1 billion pounds ($1.36 billion) takeover of household goods retailer Argos. Robust growth in consumer spending has been one of the main factors sustaining Britain''s economy since last June''s vote to leave the European Union. However, retailers fear a reduction in spending as inflation begins to erode real earnings growth in 2017. Sterling''s devaluation since the Brexit vote - down 12 percent against other major currencies - has also driven up supermarkets'' import costs, as have commodity price increases. They also face further cost pressures from the national minimum wage, business rates and utilities. There are also signs that Asda, the British arm of Wal-Mart ( WMT.N ), will make life tougher for rivals in 2017. Analysts say a new management team is starting to make an impact, putting more staff on the shop floor and generally improving store standards. While underlying sales slumped 5.8 percent in its third quarter, they anticipate a significant improvement when it reports fourth quarter results next month. Analysts expect Tesco (on Jan. 12) to report UK like-for-like sales growth of 1.25 to 2 percent for its third quarter to Nov. 26 and growth of 0.6 to 1.5 percent for the six weeks to Jan. 7, building on four straight quarters of underlying growth. Morrisons (on Jan. 10) is expected to report underlying sales growth of 1.1 percent for the nine weeks to Jan. 1, according to an average of analysts'' forecasts, a fifth consecutive quarter of growth. Sainsbury''s (on Jan. 11) could be perceived as the relative loser of the three, with analysts on average forecasting a like-for-like sales fall of 0.8 percent for its third quarter to Jan. 7, though it is still expected to report volume growth and underlying sales growth at Argos of 1.5 percent. However, it is important to note that Sainsbury''s, unlike Tesco and Morrisons, is not in turnaround mode and has not had to rebase its like-for-like sales performance. Updates due next week from a raft of other UK retailers, including from Marks & Spencer ( MKS.L ), department stores John Lewis JLP.UL and Debenhams ( DEB.L ), Primark owner AB Foods ( ABF.L ) and ASOS.L ( ASOS.L ), will also shine a light on prospects for the sector. Marks & Spencer will (on Jan. 12) report on its third quarter to Dec. 31. Analysts are on average forecasting like-for-like sales growth in its clothing and home division of 0.2 percent with underlying sales in its food business down 0.4 percent. Such an outcome in clothing would represent an improvement on the second quarter''s 2.9 percent fall and provide some encouragement to investors that new boss Steve Rowe''s turnaround plan has found some traction. Last week rival Next ( NXT.L ) reported disappointing Christmas sales, cut its profit forecast and highlighted "exceptional" levels of uncertainty in the sector. ($1 = 0.8079 pounds) (Editing by Anna Willard; james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-britain-supermarkets-idUSKBN14S07Q'|'2017-01-08T15:19:00.000+02:00'
'f77d24a723949d319e73043893f051743a828883'|'Iran takes ownership of first passenger jet under sanctions deal'|'  9:50am GMT Iran takes ownership of first passenger jet under sanctions deal An Airbus A321 with the description ''''The Airline of the Islamic Republic of Iran'''' below the tail fin is parked at the Airbus facility in Hamburg Finkenwerder, Germany, December 19, 2016. REUTERS/Fabian Bimmer Airbus said on Sunday Iran''s state airline IranAir had accepted its first new jet, marking a key step in opening up trade under a nuclear sanctions deal between Iran and major powers. The Airbus A321 jetliner has been painted in IranAir livery and is expected to be delivered later this week. "The technical acceptance has been done with formal delivery still to be done," an Airbus spokesman said. A spokesman for Iran''s civil aviation authority said the aircraft had been placed on the country''s aircraft register, indicating IranAir had taken ownership of the aircraft, the first of around 200 Western aircraft ordered since sanctions were lifted.  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iran-aircraft-idUKKBN14S0AC'|'2017-01-08T16:50:00.000+02:00'
'10ccfbaf6b28651f981691a796dc9c5ecbded36c'|'UK law firm to launch legal action against Volkswagen over diesel scandal'|'Business News - Mon Jan 9, 2017 - 9:24am GMT UK law firm to launch legal action against Volkswagen over diesel scandal A VW sign is seen outside a Volkswagen dealership in London, Britain, November 5, 2015. REUTERS/Suzanne Plunkett/File photo LONDON British law firm Harcus Sinclair UK said on Monday it was launching legal action in Britain against German carmaker Volkswagen ( VOWG_p.DE ), seeking compensation for British drivers affected by the diesel emissions scandal. The German carmaker is involved in lawsuits in several countries and is racing to resolve criminal and civil allegations with the United States'' Department of Justice after it said it cheated diesel emissions tests. In Britain, Europe''s second biggest autos market, 1.2 million cars are affected and the law firm, which is being supported by Slater and Gordon, said it would take its case to the High Court and seek compensation for consumers. "We will argue that you received a vehicle that should never have been licensed for sale because it did not meet the required emissions standards," the firm said on its website. "We believe that the Court will assess the difference between what you paid for your vehicle and the inherent value of what you actually received." (Reporting by Costas Pitas, editing by Estelle Shirbon) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-britain-idUKKBN14T0V0'|'2017-01-09T16:24:00.000+02:00'
'c04d3c5f4817a61b9e9b65ed3973a502c6135e26'|'Vivendi looks to Israeli businessman to fuel convergence push'|'Fri Jan 6, 2017 - 4:46pm GMT Vivendi looks to Israeli businessman to fuel convergence push The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. REUTERS/Charles Platiau/File Photo By Ana Mano and Guillermo Parra-Bernal - SAO PAULO SAO PAULO Israeli businessman Amos Genish was vital to Vivendi SA''s ( VIV.PA ) successful foray in Brazil a few years ago. Now the French media company has turned to him to create a single platform for digital, content and media distribution services, something its rivals are struggling to do. Credited for pioneering the adoption of digital services at the helm of two Brazilian phone companies, Genish, 56, could engage in partnerships with mobile carriers as a way to channel Vivendi''s videos, songs and games to consumers across Europe more easily. His appointment this week as Vivendi''s first chief convergence officer comes as global media companies bet on megadeals to increase their presence in entertainment-rich regions like the Americas, Europe and Asia while struggling to make efficient use of their digital capabilities and content. Genish''s ties with Spain''s Telefónica SA ( TEF.MC ), which he competed against and then presided over in Brazil until November, could prove useful for Vivendi to disseminate content in other countries without having to acquire phone carriers, analysts said. "This will be a trump card for Vivendi in the forging of new partnerships with global carriers," Natixis analyst Jerôme Bodin said. "In particular, he knows Telefónica and its Latin American businesses inside out." Genish''s new role, integrating all the content that Vivendi''s platforms produce and delivering it efficiently to customers, exemplifies how global media companies are responding to digital rivals such as Netflix Inc ( NFLX.O ) and Amazon.com Inc ( AMZN.O ). "Now it seems there is an organic strategy that aims to create value through making the existing platform more efficient, and not only through acquisitions," said João Moura, head of Brazilian industry group Telcomp. Controlled by French billionaire Vincent Bolloré, Vivendi wants to become one of Europe''s dominant media companies. Founded as a water utility during the reign of Napoleon III, it reshaped itself after embarking on a whirlwind of acquisitions and asset sales in the late 1990s. Vivendi owns France''s No. 1 pay TV service Canal+, music label Universal Music Group and YouTube competitor Dailymotion. It also controls large stakes in Italy''s Mediaset SpA ( MS.MI ) and Telecom Italia SpA ( TLIT.MI ). FROM GVT TO TELEFÓNICA Convincing carriers to channel content in different regions might help Vivendi sidestep the threat of rival media companies that are trying to combine their assets. Some such deals are facing more scrutiny from regulators, consumers and politicians. To that end, Rupert Murdoch''s Twenty-First Century Fox Inc ( FOXA.O ) struck a $14.6 billion agreement last month to buy the 61 percent of Sky Plc ( SKYB.L ) it does not already own. British politicians have vowed to monitor the deal closely. U.S. President-elect Donald Trump remains opposed to AT&T Inc''s ( T.N ) planned $85.4 billion takeover of Time Warner Inc ( TWX.N ), Bloomberg News said on Thursday. Reuters reported last month that Bolloré was bidding for a stake in Imagina, Spain''s No. 1 sports broadcasting rights company, while he also faces off with former Italian Prime Minister Silvio Berlusconi over control of Mediaset. Itaú BBA analyst Susana Salaru said Genish''s move to Vivendi meant a loss for Telefónica, which will miss his entrepreneurial spirit and knowledge of an industry poised for consolidation in coming years. A former Israeli army captain, Genish founded phone company GVT SA in 1999 and transformed it into a fast-growing carrier. Vivendi bought GVT after a fierce bidding war with Telefónica in 2010 and kept him as chief executive officer. Four years later, Vivendi sold GVT to Telefónica, realizing a capital gain of more than $4 billion, when it exited Brazil during a dispute among shareholders, including Bolloré, over the company''s focus and soaring debt. Following Telefónica''s purchase of GVT, Genish became CEO of local subsidiary Telefónica Brasil SA ( VIVT4.SA ). Under him, data surpassed voice as the main revenue source for the company''s wireless unit, the first time a local carrier achieved this. Under Genish, shares of Telefónica Brasil rose about 11 percent, and he more than doubled targeted cost savings from the GVT acquisition. He also tried to boost the company''s digital services division, whose 40 million clients use 80 applications developed through partnerships and in-house. One of these is Studio+, a new provider of short films for cellphone viewing. (Editing by Lisa Von Ahn) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-moves-vivendi-genish-idUKKBN14Q207'|'2017-01-06T23:43:00.000+02:00'
'090b7d89da89b83a06ade3e946c03d862e4cec3e'|'China studying tax cuts to reduce burden on firms'|' 20am IST China studying tax cuts to reduce burden on firms SHANGHAI China will study new measures aimed at cutting taxes and reducing the overall cost burden on firms, a spokesman with the country''s finance ministry said late on Thursday. The Ministry of Finance spokesman was responding to state media reports that China''s current tax regime was not good for the sustainable development of the country''s enterprises. The spokesman, who was not named, said in a statement published on the ministry''s official website that China had already cut income tax on enterprises to 25 percent from 33 percent, putting it close to the international average. It had also introduced tax incentives to high-tech enterprises and enterprises in less-developed western regions, cutting the rate to 15-20 percent, he said. In the future, China will "make efforts to improve the tax system and study new tax cutting measures to further lighten the burden on enterprises while at the same time implement existing policies to cut taxes and reduce fees," he was quoted as saying. He also said China would work to abolish miscellaneous government charges imposed on enterprises. He said the number of charges had already been reduced, but the system remained "relatively complex" and needed to be simplified further. (Reporting by David Stanway; Editing by Jacqueline Wong) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-companies-tax-idINKBN14Q037'|'2017-01-06T07:50:00.000+02:00'
'90fa3b20b4b586bd9f3808c53f52edcda4fb6bd6'|'UK rail: the thin controllers'|'• Cookie policy © The Financial Times Ltd 2016 FT and ''Financial Times'' are trademarks of The Financial Times Ltd.The Financial Times and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice . SHARE THIS QUOTE Tweet this quote Printed from: http://www.ft.com/cms/s/3/a5eb827c-d40d-11e6-b06b-680c49b4b4c0.html Print a single copy of this article for personal use. Contact us if you wish to print more to distribute to others. © The Financial Times Ltd 2017 FT and ‘Financial Times’ are trademarks of The Financial Times Ltd. Privacy policy - Terms - Copyright'|'ft.com'|'http://www.ft.com/rss/lex'|'https://www.ft.com/content/a5eb827c-d40d-11e6-b06b-680c49b4b4c0'|'2017-01-06T23:31:00.000+02:00'
'849bd030083ef05e8f06ce74426fddf1ba9d88c2'|'China state tabloid scolds New York Times for investigative reports'|'BEIJING An influential Chinese state-run tabloid has chided the New York Times over its reporting practices after Apple Inc removed the newspaper''s app from its China app store at the request of the Chinese government.The Global Times editorial, released on Friday, said the New York Times had in the past four years been "trying to wield influence in China''s internal affairs" by doing investigative stories on sensitive subjects. It did not give specific examples."China is sincere in opening itself up but the prerequisite is to ensure its political security," said the editoral in the Global Times, an influential tabloid published by the ruling Communist Party''s official People''s Daily. "The Western media should not question China if it is to close its doors by scrutinizing one particular issue."Apple removed the newspaper''s English and Chinese-language apps on Dec. 23, citing requests from authorities.The Global Times said Apple "cares most about business, so it is willing to respect Chinese laws", adding that Apple faced tough competition from local brands in Greater China.The New York Times pointed to a recent investigative report on government subsidies offered to Apple supplier Foxconn, also known as Hon Hai Precison Industry Co, as a possible reason for the ban.In an report on the app''s removal, the New York Times cited their own spokeswoman as saying the app was removed shortly after a journalist made requests to government authorities, Foxconn and Apple seeking comment for the story.The New York Times called on Apple to reconsider the ban, and said the block was part of a wider attempt to prevent readers from accessing the U.S. publication.The newspaper is one of many foreign publications that is blocked within the country by China''s cyberauthority. But the apps from other blocked news sites, including the Wall Street Journal and the Financial Times, remain available on the China app store as of Friday.The internet regulator has yet to respond to Reuters'' queries on the matter."The development of the internet in China must respect China''s laws and regulations, in principle," foreign ministry spokesman Geng Shuang said on Thursday in response to a question about the apps.(Reporting by Cate Cadell; Editing by Martin Howell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/apple-new-york-times-state-media-idINKBN14Q0EU'|'2017-01-06T02:36:00.000+02:00'
'6d3de931cd7b30cefd38269bbbf50625cb2b43cf'|'Stricter due diligence may slow Brazil M&A deals this year'|'By Guillermo Parra-Bernal and Tatiana Bautzer - SAO PAULO SAO PAULO Stricter legal and regulatory scrutiny may slow mergers and acquisitions in Brazil this year, compounding the impact of a harsh recession and lingering political turmoil that is keeping buyers and sellers at odds over valuations, bankers and lawyers said.In recent months, trade unions and citizen advocacy groups have increased pressure on industry watchdogs and federal auditors to stop state asset sales aimed at cutting Brazil''s debt. More companies tapped antitrust authorities to review rival industry tie-ups, putting the brakes on several deals.For example, federal audit court TCU halted Petróleo Brasileiro SA''s ( PETR4.SA ) asset sale program in December, saying its terms should be more transparent. The decision led the state-controlled oil company known as Petrobras to miss a two-year, $15.1 billion goal by more than $1 billion.Likewise, fallout from the "Operation Car Wash" corruption probe has led to increased due diligence in asset sales for engineering conglomerate Odebrecht SA and others ensnared in the scandal. The usual time for such proceedings has doubled over the past year, taking up to six months in some cases, lawyers said.Thomson Reuters data shows at least 14 planned divestitures or takeovers worth more than $8 billion that could have been announced last year have been left for 2017, as buyers have become more cautious of reputational and legal risks in Latin America''s largest economy.Although M&A activity gained steam in recent months, tougher compliance, the harshest recession in a century and the political aftershocks of the Car Wash probe are putting off announcements, said Flávio Valadão, head of M&A at Banco Santander Brasil SA, which topped Thomson Reuters'' 2016 advisory rankings for Brazil.The sale of a majority voting stake in Petrobras'' fuel distribution unit and Odebrecht''s exit from a Peru gas pipeline project were among the deals stuck in the mud last year."Legal and regulatory hurdles along with a growing zeal for compliance have become day-to-day features in Brazil investment banking," said Marcus Silberman, Bank of America Merrill Lynch''s head of Brazil M&A. "It makes it more challenging for buyers and sellers to close a deal."Companies announced $54.308 billion worth of Brazil-related mergers last year, up 23 percent from 2015, the rankings showed. Still, the number of announced deals fell to 578 from 676, the biggest drop in three years, according to the data.TOPPING THE CHARTSSantander Brasil ( SANB11.SA ), the local unit of Spain''s Banco Santander SA ( SAN.MC ), topped value rankings after working on 16 deals worth $19.24 billion.Itaú Unibanco Holding SA''s ( ITUB4.SA ) Itaú BBA unit led the number of deal rankings after working on 39 transactions, followed by Grupo BTG Pactual SA ( BBTG11.SA ) at 27.At Santander Brasil, Valadão and his team advised State Grid Corp of China on the $10 billion purchase of power utility CPFL Energia SA ( CPFE3.SA ), Brazil''s biggest M&A deal last year.Silberman''s Bank of America Merrill Lynch worked with Santander on the deal, which is pending a buyout of minority shareholders.For years, investment banks have derived nearly half of their annual revenue in Brazil from M&A work. As dealmaking suffered with the country''s economy, banks have turned to structured lending to make up for declining advisory fees.PRICING CHALLENGESLikewise, transactions slated to close months ago, such as steelmaker Cia Siderúrgica Nacional SA''s sale of a stake in an iron ore mining unit, have stalled as bids tend to come in below asking prices, according to people involved in the deals.Yet bankers and lawyers expect companies trying to restructure more than 150 billion reais ($47 billion) of debt to cave in to pressure from creditors and speed up asset sales, which could drive prices lower."Bankruptcy protection and debt restructuring cases that involve divestitures should gain extra steam in coming months," said Carlos Frederico Bingemer, a partner at Rio de Janeiro-based law firm Barbosa, Müssnich & Aragão.Car Wash-related M&A casualties include Petrobras'' decision to reconsider exiting Braskem SA ( BRKM5.SA ), Latin America''s largest maker of resins, the people said. Potential buyers fretted about the involvement of Odebrecht, Braskem''s largest shareholder, in the probe, those sources added.Petrobras and Odebrecht had no immediate comment.''BUYER''S MARKET''Despite the long list of suspended deals, advisory work remains intense, forcing banks to shuffle staff from areas with lighter workloads to handle more M&A and debt restructuring transactions.Marco Gonçalves, BTG Pactual''s head of M&A, said the power, healthcare and infrastructure industries could help produce a stable stream of deals in coming months. Bidders are also eyeing assets in troubled sectors, where sellers need fresh capital as valuations sink.Still, such needs pose a challenge for buyers and sellers alike, as the time frame for an economic recovery in Brazil remains unclear and concern about global market volatility grows, Gonçalves said."More deals should be announced, for sure, although not at the price sellers would like to see," he said. "The M&A market in Brazil continues to be a buyer''s market."(Editing by Daniel Flynn and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brazil-m-a-outlook-idINKBN14Q097'|'2017-01-06T00:04:00.000+02:00'
'4ac708388d9483c97662c9af546362bea3aa4c52'|'U.S.-based stock funds attract $2.4 bln in weekly period -Lipper'|'Company  57pm EST U.S.-based stock funds attract $2.4 bln in weekly period -Lipper NEW YORK Jan 5 Investors pumped $2.4 billion into U.S.-based stock funds during the week through Jan. 4, Lipper data showed on Thursday, marking the second straight week of inflows. Taxable bond funds took in $1.2 billion during the week, following three straight weeks of withdrawals, the research service said. (Reporting by Trevor Hunnicutt; Editing by Bernard Orr) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/investment-mutualfunds-lipper-idUSL1N1EV1XG'|'2017-01-06T04:57:00.000+02:00'
'89dff9dd95b7b527392db244d9d48b7f09b2510c'|'UPDATE 1-Vertex issues revenue outlook for cystic fibrosis treatments'|'Company News  20pm EST UPDATE 1-Vertex issues revenue outlook for cystic fibrosis treatments (Adds expectations from analysts) Jan 8 Vertex Pharmaceuticals Inc said on Sunday that it expected full-year 2017 revenue from its Orkambi cystic fibrosis treatment of $1.1 billion to $1.3 billion and revenue from its Kalydeco treatment of $690 million to $710 million. The company provided the outlook in a news release ahead of a presentation on Monday at the annual JPMorgan healthcare conference in San Francisco. The outlook for Orkambi appeared to be below expectations of brokerage firm analysts but closer to levels anticipated by institutional investors, Evercore ISI analyst John Scotti said in a research note after the announcement. The company said it expected later this month to report fourth-quarter Orkambi revenue of about $276 million. If that sales rate continues, the company will achieve at least the low end of its 2017 forecast, analysts at RBC Capital Markets said in a note. Vertex said it expected the number of people using its cystic fibrosis medicines to increase in 2017 and generate data that will be used in treating the underlying cause of the disease. (Reporting by David Henry in New York and Deena Beasley in Los Angeles.; Editing by Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vertex-pharms-outlook-idUSL1N1EZ013'|'2017-01-09T08:20:00.000+02:00'
'fef189145d07a049b5bd32cb46b37963bd768802'|'On Divorce Day: is your business protected? - Guardian Small Business Network - The Guardian'|'A divorce is one of those things you don’t anticipate, plan or want to be party to. It’s tough to go through, especially when children are involved, but throw a business into the mix and there will be even more to consider. In an ideal world, you will have a pre- or post-nuptial agreement, your house ownership will be clearly documented, and your business will have a partnership or a shareholders’ agreement. However, as a commercial lawyer I know this is rarely the case. Let’s be honest, ensuring you have the documentation outlining clearly allocated shares isn’t the most romantic proposition.But divorces do happen and they can be bad for business if not handled correctly – in the worst-case scenario, it could be the end of your business as well as your marriage. If you own a company with your partner, what do you need to know?The 50/50 split Without legal documentation, the starting point in family proceedings is that joint assets are divided 50/50. Alternatively, your shareholding in the business when you set up (even if it’s since changed) will determine the division.If a business decision is required during proceedings – such as renewing a commercial lease or approving an incoming investor – and you both own the company equally (by law or by default), but cannot agree, this could end with the company being wound up. We have acted for many clients in this situation. Often, one partner plays no real role in the business, but they use joint ownership as a means to negotiate for more in the divorce. In another instance, one client lost everything because he never documented loans he’d made to the company. When he and his wife divorced, his extra investment wasn’t recognised.Hiding assets I have seen a variety of tactics deployed by couples when personal relationships sour. Delayed account preparation for the proceedings is common especially where one partner is an active director, with a relationship with the accountant, and refuses the other party access. Theoretically, an accountant must remain impartial on behalf of the company, but in reality this can be very difficult. Gifting away or liquidating assets of a company at a lower value ahead of anticipated divorce also happens a lot. One of the spouses could sell business assets to a friend, intending to re-buy them later, for example. Legal documents should specify that more than one signature is required to sell and specify how these assets are valued but often 50/50 owners don’t think about doing this. Luckily, if assets are undersold, the family court has powers to reverse the transaction or “count in” the asset at the actual value instead so that no real loss is suffered by the other party. How to protect your business Divorce isn’t something we want to contemplate while happily married, but if you run a business with your spouse, you should consider:Transferring all intellectual property (IP) rights to the company – IP can be one of the business’s most valuable assets. If jointly owned, one party will need to buy out the other if they want to use it post divorceDrawing up a founders’ agreement, setting out what happens in the event of a dissolution or dispute Agreeing restrictive clauses to prevent the departing spouse from stealing clients, setting up in direct competition or sharing confidential information. Specifying who owns what shares and clearly documenting any loans to the company Getting a pre- or post-nuptial agreement. These can be very persuasive during divorce proceedings, providing each party has had independent legal advice Making sure that your will mirrors these terms too, so that in the event of your death, it is clear how your shares or their cash value will be distributed Amicable resolution It is possible to find common ground during a divorce, providing both parties are open to finding an amicable resolution and some due diligence has been done in advance: Have well-drafted contractual documents in place, covering the terms of the working relationship and how it can come to an end Keep clear and distinct financial records, covering monies paid in and withdrawn. Clearly record any loans made to the company and document the terms for the repayment of that loan Instruct lawyers and good accountants, who are known to resolve issues, rather than litigate Consider exploring mediation and/or arbitration to discuss matters Above all, any business founders should have their house in order to protect the enterprise and themselves. Clear legal documents mean that if a divorce does materialise, the business interests can be unravelled fairly, as easily as possible. Karen Holden is the founder of A City Law Firm Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jan/09/divorce-day-business-protected-spouse-marriage-breakdown'|'2017-01-09T14:40:00.000+02:00'
'160806e9572a7ddcd0db7581d622196aa97a46ca'|'Bumpy road for Chinese driverless car ambitions'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/companies/asiapacific'|'https://www.ft.com/content/762d3984-d3ec-11e6-9341-7393bb2e1b51?ftcamp=published_links%2Frss%2Fcompanies_asia-pacific%2Ffeed%2F%2Fproduct'|'2017-01-06T19:16:00.000+02:00'
'a171ae560cb72efcae9938d659758bcb26ffd516'|'UK braced for spate of travel strikes'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/companies/transport'|'https://www.ft.com/content/098c900c-d407-11e6-9341-7393bb2e1b51?ftcamp=published_links%2Frss%2Fcompanies_transport%2Ffeed%2F%2Fproduct'|'2017-01-06T19:28:00.000+02:00'
'd9430ca315245c06a8d43166789c99c145066032'|'China December forex reserves fall for sixth month, near $3 trillion level'|'Economic News - Sat Jan 7, 2017 - 10:24am IST China December forex reserves fall for sixth month, near $3 trillion level The dollar sign (R) is seen alongside the signs for other currencies above a currency exchange shop in Mongkok shopping district in Hong Kong, China, October 30, 2014. REUTERS/Damir Sagolj/Files BEIJING China''s foreign exchange reserves fell for a sixth straight month in December to the lowest since early 2011, but held just above the critical $3 trillion level, as authorities stepped in to support the yuan ahead of U.S. President-elect Donald Trump''s inauguration. Reserves fell by a slightly less than expected $41 billion last month to $3.011 trillion, central bank data showed on Saturday, following a drop of $69.06 billion in November. Economists polled by Reuters had forecast reserves would drop $51 billion to $3.001 trillion. China''s reserves fell nearly $320 billion in 2016, after a record drop of $513 billion in 2015. Concerns over the speed with which China is depleting its ammunition are swirling, with some analysts estimating it needs to retain a minimum of $2.6 trillion to $2.8 trillion under the International Monetary Fund''s (IMF''s) adequacy measures. The yuan depreciated 6.6 percent against the surging dollar in 2016, its biggest one-year loss since 1994, and it is expected to weaken further this year despite authorities'' aggressive attempts to slow its descent this week. Adding to pressure on the currency, Trump has vowed to label China a currency manipulator on his first day in office and has threatened to impose huge tariffs on imports of Chinese goods. China has stepped up efforts in recent weeks to shore up the yuan and curb capital outflows, sparking speculation it wants a firm grip on the currency ahead of Trump''s inauguration on Jan. 20 and the long Lunar New Year holidays at the end of the month. It has tightened restrictions on individuals and companies who want to move funds out of the country, while denying it is imposing fresh capital controls. This week the central bank has also set higher daily guidance rates for the yuan, hiking it the most in a decade on Friday. China''s foreign exchange regulator, the State Administration of Foreign Exchange (SAFE), said in late December that net cross-border capital outflows were expected to narrow in the fourth quarter in 2016. The People''s Bank of China (PBOC) said in a quarterly report last Friday that it would push reforms of the yuan regime, while keeping the currency basically stable in 2017. The PBOC also raised reporting requirements for overseas transfers last Friday. Reporting threshold for cash and overseas transfers cut to 50,000 yuan from 200,000 yuan. SAFE recently said it would step up monitoring of individual foreign exchange purchases to close loopholes, but the $50,000 yearly quota would not change. While the yuan has soared this week as China tried to punish speculators, a Reuters poll showed it is expected to slide at least 4 percent more this year, largely as expectations of interest rate hikes in the United States drive the dollar higher. If pressure on the yuan persists, analysts suspect China will continue to tighten the screws on capital outflows via administrative and regulatory means, while intervening selectively in onshore and offshore markets to discourage short sellers from building up excessive bets against the currency. But if forex reserves continue to be depleted at a rapid pace and capital flight continues, some strategists believe China''s leaders may have little choice but to sanction another big "one-off" devaluation, which would likely roil global financial markets and fuel fresh tension with the U.S. China''s gold reserves fell to $67.878 billion at end-December, from $69.785 billion at end-November. They totalled 59.240 million fine troy ounces, unchanged from the previous month. (Reporting by Cheng Fang and Sue-Lin Wong; Editing by Kim Coghill) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-forex-reserves-idINKBN14R03G'|'2017-01-07T11:54:00.000+02:00'
'da422528fc8087c222e63e4fba43ed2405211664'|'Persimmon sees quicker plan for building on margin'|'Persimmon sees value of planning when building on the margin Housebuilder’s gross margin in the second half improved upon level in the first by: Matthew Vincent Unless Hansard’s stenographer has been doing our local government minister a disservice, Sajid Javid is no Mark Twain. At least not yet. Later this month, however, he will gain an opportunity to rewrite one of the American wit’s best known aphorisms: “Buy land — they’re not making it any more.” Because, in his Housing White Paper, Mr Javid could tell UK councils that they really can “make” more land. And for housebuilders like Persimmon , that would be no laughing matter. Not that this was apparent on Thursday, when the UK’s second-largest housebuilder was laughing all the way to the (land) bank. Persimmon reported an 8 per cent rise in revenues for 2016, to £3.14bn, and a 60 per cent rise in net cash, to £913m, despite replacing 120 per cent of the land it built on. Most notably, it said that its gross margin in the second half was likely to exceed the 26.9 per cent achieved in the first. With buyers enjoying state incentives and cheap mortgages, there seems little reason to doubt that this momentum will slow. No wonder Deutsche Bank saw 30 per cent upside in UK housebuilders’ shares, and Persimmon led the FTSE 100’s risers. But can margin growth be sustained? Some costs must rise. Persimmon said that raw materials sourced from Europe and beyond — timber, porcelain, tiles, brassware — would add 1-1.5 per cent to the bill, taking overall build cost inflation to 3.5 per cent. Labour costs may rise a little, too. Some of its longer-term guidance on margins sounded like estate-agent-speak: “They will gradually plateau”; “Incremental gain will narrow”; “improvement year on year will diminish”. However, that will be nothing compared to what happens if the government forces councils to release more land with planning permission. Why, then, did Persimmon sound so unperturbed? It seemed to welcome a freer planning system, which would potentially cut the value of land banks and housebuilders’ pricing power. One explanation is that Persimmon, and others, really only want one aspect of the planning process reformed: not the difficulty (that’s a valuable barrier to entry), nor the cost (so is that), but the speed. If Persimmon can get on to sites quicker — past the “design, newts and bats” stage, as one analyst put it — they can increase volumes but maintain price. Could it be that this is all Mr Javid’s White Paper will propose ? If so, it will share a theme with another Mark Twain story about home improvement: the application of whitewash. Sports Direct’s coronation Marks and Spencer’s shareholder meetings were always a draw, for the catering as much as the questions from the floor. But neither can be said of Sports Direct ’s. At the retailer’s Shirebrook headquarters, the cling-filmed coronation chicken sandwiches are served with a garnish of concealed surveillance devices, if the claims of visiting MPs can be believed, and there is little point in questioning a board controlled by majority shareholder Mike Ashley. Little wonder, then, that most of the shareholders who tried to remove chairman Keith Hellawell on Thursday voted by proxy rather than in person. Going to Shirebrook with corporate governance complaints is like taking coals, or vanity football team ownership, to Newcastle. Thursday’s vote was triggered when a majority of independent shareholders first opposed Mr Hellawell’s re-election last September. But now, as then, Mr Ashley has simply used his 55 per cent stake to overrule them , making this one of the most pointless corporate events of all time. Mr Hellawell was to be given another nine months to win over his doubters, who wanted him to address such concerns as Mr Ashley’s daughter’s boyfriend managing the group’s property, his brother’s company being paid for overseas delivery services, and his other daughter being involved with beauty products sold in the stores. But Mr Ashley has since suggested that his chairman should stay on regardless. Just don’t bother with a meeting next time. And cancel the sarnies. Very good, Johnson “What ho, Jeeves!” “Good afternoon, Mr Wooster. Will you be taking breakfast?” “No time, Jeeves. Got to see some City type Oofy Prosser teed up last night at The Drones. Wants to buy our dry cleaning business in Belgravia.” “I believe you may be referring to my suit sponging and pressing service, sir. What was the consideration?” “Eight and a quarter mill. Oofy reckons we could pay ourselves a divi.” “Ahem, sir. Might I draw your attention to the pension fund deficit?” “Ah, yes. Better bung a goodish pile to the widows and orphs — Code of the Woosters and all that.” “Very good, sir.” And very good, Johnson Service, latter-day seller of the Jeeves cleaning chain, which has done exactly that . Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/retail'|'https://www.ft.com/content/29f47334-d356-11e6-b06b-680c49b4b4c0'|'2017-01-06T02:29:00.000+02:00'
'9cc767005824b40a2715c1a490e0a4fe684c7900'|'Euro zone economy starts year in chipper mood, Germany outlook bright'|'Business News - Fri Jan 6, 2017 - 12:57pm GMT Euro zone economy starts year in chipper mood, Germany outlook bright An employee of German car manufacturer Mercedes Benz works on the interior of a GLA model at their production line at the factory in Rastatt, Germany, in this January 22, 2016 file photo. REUTERS/Kai Pfaffenbach/Files By Michael Nienaber - BERLIN BERLIN Economic sentiment in the euro zone surged to a post-crisis record in December and German industrial orders pointed to a busy final quarter for factories in Europe''s powerhouse with the government expecting the upswing to carry into 2017. The overall strong data, released on Friday by the European Commission in Brussels and the Economy Ministry in Berlin, suggested vibrant business activity in the euro zone at the turn of the year despite increased political uncertainties. It matched strong data this week from purchasing managers and signs of an uptick in inflation. "The euro zone has started the year on a positive note," ING economist Bert Colijn said, adding that Italy''s referendum last month and the subsequent concerns about its banking sector had not dented confidence in the currency bloc as a whole. "Improving order books, strong employment expectations and strengthening assessments of production in recent months outweigh increased political volatility for the moment." The European Commission''s monthly survey showed economic sentiment rose to 107.8 in December from 106.6 in November - its strongest level since March 2011 and well above the long-term average of 100. Separately, the European Commission''s business climate indicator rose to its highest level since June 2011 - above all forecasts in a Reuters poll. Together with the strong figures from Wednesday''s Purchasing Managers'' Index (PMI), the data suggested that "the euro zone economy enjoyed a much-needed growth spurt at the end of 2016," Stephen Brown at Capital Economics said. Berenberg economist Holger Schmieding agreed, saying the euro zone economy was now on course for a solid 2017 start after having delivered a robust finish to 2016. "Together with the potential spillover from a strong fiscal boost in the United States, this introduces some upside risk to our forecast of 1.5 percent growth in 2017 after 1.6 percent last year," Schmieding added. WEAK EURO In Germany, industrial orders fell in November after surging in the prior month, but the monthly drop was widely expected and the broader picture remained bright as a weaker euro exchange rate helped to push up demand from countries outside the bloc. Contracts for "Made in Germany" goods were down 2.5 percent on the month, the Economy Ministry said. That was slightly weaker than the consensus forecast of a fall of 2.3 percent. But revised figures showed orders had surged 5.0 percent in October, meaning that over the two months, bookings rose by 3.5 percent, with industrial orders from countries outside the euro zone jumping 6.4 percent. The Economy Ministry said the results together pointed to "a very favourable development" in the final quarter and that the expected upswing in the industrial sector was likely to carry into the first quarter of 2017. Commerzbank economist Marco Wagner said the overall positive picture reflected a slight pick-up in global demand. "The euro has weakened in the past months - that clearly helps to push up demand from outside the bloc too," he said. The German economy is widely seen to have rebounded in the fourth quarter after its quarterly growth rate halved to 0.2 percent in the third due to weaker exports. Commerzbank''s Wagner said he expected GDP growth of 0.5 percent in the three months to December and a similar rate in the first quarter of this year. The data also prompted J.P. Morgan to upgrade its Q4 GDP growth estimate for Germany by 0.5 percentage points to 2.0 percent (q/q seasonally adjusted annual rate). For 2016 as a whole, the government expects rising private consumption and increased state spending to have propelled growth in Europe''s largest economy to 1.8 percent, which would be the strongest in five years. Underpinning this prediction, German retail sales rose by between 1.8 and 2.1 percent on the year in 2016 in real terms, the Federal Statistics Office said on Friday. Record-high employment, increased job security, rising real wages and ultra-low borrowing costs have boosted the spending power of Germans, making consumption the main driver of growth in a traditionally export-driven economy. (Reporting by Michael Nienaber in Berlin and Jan Strupczewski and Francesco Guarascio in Brussels; Editing by Paul Carrel/Jeremy Gaunt) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-sentiment-idUKKBN14Q14E'|'2017-01-06T19:57:00.000+02:00'
'7fa29faecd8e61fa645202a5b67c259392608b18'|'Novartis joins forces with Ionis on cardiovascular treatments'|'Health  11pm IST Novartis joins forces with Ionis on cardiovascular treatments The logo of Swiss drugmaker Novartis is seen at its headquarters in Basel October 22, 2013. REUTERS/Arnd Wiegmann ZURICH Novartis has agreed with Ionis Pharmaceuticals Inc and its affiliate Akcea Therapeutics Inc to license two experimental treatments that aim to reduce cardiovascular risk in patients with high levels of lipoproteins, the Swiss drugmaker said on Friday. The therapies called AKCEA-APO(a)-LRx and AKCEA-APOCIII-LRx have the potential to lower lipoproteins Lp(a) and ApoCIII by up to 90 percent, it said. Novartis has also entered into a stock purchase agreement with Ionis, it added without elaborating. Novartis can exercise its options to license and commercialize the two products after they hit specified development milestones and before phase 3 trials for each program begin. Novartis would then be responsible for worldwide development and commercialization of both assets. (Reporting by Michael Shields)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-novartis-ionis-idINKBN14Q0J8'|'2017-01-06T13:33:00.000+02:00'
'f2835f1c0f121d98f9168430c93b221f6e6999d0'|'Gap posts surprise comparable sales rise in December'|'  10:29pm GMT Gap posts surprise comparable sales rise in December left right View of the logo of a GAP clothing store on the Champs Elysee in Paris, France, March 3, 2016. REUTERS/Jacky Naegelen 1/2 left right View of the logo of a GAP clothing store on the Champs Elysee in Paris, France, March 3, 2016. REUTERS/Jacky Naegelen/File Photo 2/2 Apparel retailer Gap Inc ( GPS.N ) reported a surprise rise in December comparable sales, helped by strong demand for its Gap and Old Navy brands, a bright spot in the overall retail gloom. The company''s shares rose 7.4 percent to $24.98 in after-market trading on Thursday. Gap, which is also shutting stores and reducing overhead costs, said it now expected full-year 2016 adjusted profit to be modestly above the higher end of the previously forecast range of $1.92 per share. The company''s comparable sales for December rose 4 percent, while analysts on average had expected a fall of 0.7 percent. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Sriraj Kalluvila)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gap-outlook-idUKKBN14P2K3'|'2017-01-06T05:29:00.000+02:00'
'13afa00fe7ab6d407bc88e33ade05970aed32eb4'|'European banks strike while the iron is hot'|'Financials  20am EST European banks strike while the iron is hot By Alice Gledhill LONDON, Jan 5 (IFR) - The primary market for European bank debt has got off to its strongest start in years as a barrage of issuers, taking heed from a challenging 2016, makes the most of conducive conditions. European financials are on track to price more than 34bn-equivalent across euros, sterling and US dollars in the first three days, steaming past the 23.5bn-equivalent raised in the first week of 2016, according to IFR data. The assault across the covered, senior and subordinated sectors indicates issuers'' desire to make the most of conditions while they last given the challenges presented by looming political risk, setting 2017 up as another difficult year. European banks need a strong start after a stop-start 2016, in what will be a crucial year for building up the new layers of loss-absorbing debt demanded by global and European regulators. "There has been competition among issuers - they''ve all got a lot of stuff to do, particularly the French, so there''s been a bit of a rush," said one FIG DCM banker. "And with the market open, and good demand, it''s encouraged people to continue with their plans, or to accelerate them." The market has opened more strongly than many were expecting, with the reappearance of southern European subordinated bank debt testament to that newfound confidence. Intesa and Santander opened the euro Additional Tier 1 and Tier 2 markets respectively on Wednesday. "We''re moving into more uncertain times so it makes a world of sense to take funding off the table," said a second banker. "New issue premiums are skinny and also valuations have also come in quite significantly." BBVA for example sold a 1bn 0.625% five-year senior at swaps plus 55bp on Wednesday, the smallest ever coupon for a syndicated Spanish senior bond and well inside the 85bp reoffer of the 1bn Jan 2021 it sold a year ago. That note was bid at 42bp at the open, around 20bp tighter since early December. TAKING NO CHANCES Euro covered issuers are proving willing to offer a touch more spread than usual to maximise size, with seven out of the week''s ten benchmark tranches in a 1bn size or over. Six issuers priced a combined 8.75bn in the first two days, prior to another three deals on Thursday - Compagnie de Financement Foncier''s 1.5bn Sep 2023 at swaps plus 5bp, Coventry''s 500m Jan 2024 at 18bp over and Helaba''s 1.25bn five-year at swaps minus 9bp and 750m 10-year at 7bp through. Activity in the sterling covered market, which is pricing more tightly than euros and dollars, also showed no sign of flagging, with Deutsche Pfandbriefbank and Commonwealth Bank of Australia together taking out another £600m. In senior, Banque Federative du Credit Mutuel drew more than 3.4bn in orders as it sold a 1.25bn Jan 2022 senior at swaps plus 37bp, while Allianz opened the euro insurance market with a 1bn 2047 non-call 2027 Tier 2 at swaps plus 235bp. Others spotted the opportunity to reopen old issues - Iceland''s Arion to top up its 300m Dec 2021 senior to 500m, and La Banque Postale to sell a 150m tap of its 500m 3% Tier 2 due 2028. With more banks eager to issue ahead of close periods, issuance is likely to remain elevated - but perhaps not for long. "I can''t believe this pace will continue," said the first banker. "We have a pipeline still, into next week and the end of the month. But I think things will slow down in the middle of next week." (Reporting by Alice Gledhill, editing by Alex Chambers and Julian Baker) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/banks-bonds-idUSL5N1EV24C'|'2017-01-05T22:20:00.000+02:00'
'52b38e48a5cb04cb15cb96ebdb2c9a860c95e6d2'|'UK, China, South Africa downgrade calls loom for Moody''s'|'Thu Jan 5, 2017 - 2:01pm GMT UK, China, South Africa downgrade calls loom for Moody''s People walk on the bund in front of the financial district of Pudong in Shanghai, China March 9, 2016. REUTERS/Aly Song By Marc Jones - LONDON LONDON Moody''s is likely to make key rating calls on Britain, China and South Africa among others this year as rising political risk and debt levels push the number of countries on a downgrade warning back to a record high. From Europe''s Brexit strains and looming elections to the battles of China, South Africa and Brazil to re-orientate their economies, not to mention Donald Trump''s first months as U.S. president, the rating agency faces a daunting list of decisions. "A quarter of the sovereigns are on a negative outlook, which is the highest proportion we''ve had since 2012," the peak of the euro crisis, Alastair Wilson, Moody''s managing director of sovereign risk told Reuters in an interview. The immediate pressure may not be quite so "acute" but the geographic spread of the negative ratings is now much wider, he said, adding: "I think in some ways (that) is more concerning." Top names on the watch list include Britain, which Moody''s still rates at triple-A and euro zone heavyweight Baa2 Italy as well as Aa3 China, Baa2 South Africa, A3 Mexico and Ba2 Brazil. Moody''s is due to review the UK on June 2 and then on September 22. By then formal EU divorce proceedings should have started and Wilson said the "mood music" of the talks should be enough to decide whether to strip London of its triple-A. "Brexit is negative for the UK from a credit perspective, the question is how negative. We will only start to learn that over the next few months or year as the negotiations really pick up steam," he said. For Baa2 negative Italy, steps over the last couple of weeks to tackle its banking problems could be positive, though it may not be if more than the 20 billion euros set aside is needed. Political uncertainty in Italy, including a constitutional court decision later this month and the potential for fresh elections in which the populist Five Star party could perform well, pose the other main risk. "If we conclude that a party (that won elections) are likely to be able to articulate and achieve reforms, or at least not to reverse reforms, that will be credit positive, if not it will be negative," Wilson said. More broadly, any sign that the risk of a euro break-up is growing again would be highly damaging. French election hopeful Marine Le Pen said on Wednesday France should leave the euro, while Italy''s Five Star has made similar noises, although such a possibility still appears remote. "A country leaving the euro would be profoundly negative for sovereign creditors, therefore if we saw something that said to us this risk is rising... it would be negative for the rating," said Wilson. PRESSURE ON EMERGING ECONOMIES China is another concern. It has been on a negative outlook since last March as it grapples with over-indebted state firms and over-heated big city property prices and heads towards a twice-a-decade leadership reshuffle this year. "The negative outlook is something that we will look at over the course of 2017," Wilson said. Beijing is facing a "trilemma" of wanting to sustain growth and financial and political stability, while also trying to reform a lop-sided economy, he said. "The negative outlook reflects uncertainty. It reflects the concerns that actually the outcome (of Beijing''s policy actions) may be more supportive of growth and stability than reform, and that would be negative for China because it does need reform." Brazil must also push through reforms while other oil producing countries - Russia and Mexico are both on negative outlook - are still at risk despite the rebound in crude. "If oil prices go to $70 a barrel I think I would still be saying the same thing, which is that the fundamentals of the industry haven''t changed," he said. South Africa is a key decision too. Moody''s rates it one notch higher at Baa2 than S&P and Fitch, which have it on the last rung of ''investment grade''. "Certainly it''s fair to say (political) noise has risen in recent months, but that isn''t necessarily significant from a credit perspective." South Africa''s institutional strength had also been bolstered by a key court throwing out a recent fraud case against the country''s finance minister, Wilson added. Possibly the biggest unknown for 2017, though, and one that fits the global political risk theme, is what impact Donald Trump will have when he takes over as U.S. president this month. "We will watch and try to understand what will happen with policy. We might learn about that in the next few weeks, it might take us a few months," Wilson said. On the United States'' AA+ stable rating, he added: "The institutions aren''t profoundly changed and the challenges are more to do with the government''s own balance sheet and what steps this administration takes to contain the growth of social security and healthcare liabilities." (Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ratings-moody-s-global-idUKKBN14P1MR'|'2017-01-05T20:52:00.000+02:00'
'b53d3c9f2893a62384b352cac6491ac50200125f'|'German power for Jan 9 delivery rises 10 percent to 52 euros/MWh'|'Financials  39am EST German power for Jan 9 delivery rises 10 percent to 52 euros/MWh FRANKFURT Jan 5 German baseload power for delivery on Jan. 9 rose 10.2 percent to 52 euros a megawatt hour (MWh) on Thursday on expectations of higher demand and forecasts of low renewable supply. Day-ahead contracts in Germany and France also rose due to cold weather, which lifted demand. Thomson Reuters data showed next Monday''s projected German usage at 69.8 gigawatt (GW), compared with 61.3 GW recorded for Thursday, and relatively modest wind and solar output levels that day. Industrial activity returns next week as school holidays end in several states. Traders said this overrode the effect of rising thermal plant supply of several GW to be provided by operators, citing data supplied by power exchange EEX. (Reporting by Vera Eckert, editing by Susan Thomas) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/europepower-jan-idUSL5N1EV1N6'|'2017-01-05T16:39:00.000+02:00'
'd2362e6da14ba56081db92d9fff9716c1bb39afa'|'RPT-Indonesia''s bid to get faster growth stumbles on high loan rates'|'Financials - Wed Jan 4, 2017 - 11:09pm EST RPT-Indonesia''s bid to get faster growth stumbles on high loan rates (Repeats story from Wednesday) * Interest rates of loans stay above president''s 9 pct target * Lower lending rates seen as critical for stronger growth * Central bank cut its policy rate six times in 2016 By Gayatri Suroyo and Cindy Silviana JAKARTA, Jan 4 When Indonesian President Joko Widodo 11 months ago called for the interest rates that borrowers pay banks to "fall, fall, fall" and become single digit, businesses in Southeast Asia''s largest economy cheered. But as 2017 begins, lending rates remain double-digit, well above his 9 percent target, even though the central bank cut its benchmark interest rate six times last year. The situation threatens to undermine Widodo''s efforts to reinvigorate stalled economic growth. Getting more investment is critical to raising annual growth to 7 percent from 5 percent - another ambitious Widodo target - at a time revenue shortfalls mean the government can''t jack up spending. The marginal decline in loan rates frustrates regulators. "We called banks and asked why their interest rates are still high," Nelson Tampubolon, chief banking supervisor at the Financial Services Authority (OJK), told Reuters. Banks, which have trimmed credit expansion as the economy has slowed, say liquidity conditions make it hard to cut lending rates. Officials hope 2017 will be better. Lending picked up in November, helped by higher commodity prices. And funds returning home under a tax amnesty will bolster deposits, which some banks say are insufficient to support new lending. OJK targets lending to rise 13.5 percent this year, well above 2016''s level of about 7-9 percent. But among the factors clouding the outlook are anticipated hikes in U.S. interest rates, which could pull more money out of emerging nations, and uncertainty about world trade with Donald Trump as U.S. president. BIG PAST DEVALUATIONS Traditionally, interest rates on rupiah loans have been high, partly because of the Indonesian currency''s history, which includes whopping devaluations. During the 1997-98 Asian financial crisis, the rupiah plummeted to as low as 17,000 to the dollar from about 2,000, inflation once topped 80 percent and scores of Indonesian banks collapsed. Recently, the rupiah has been stable: it appreciated 2.6 percent in 2016, and inflation has been under 4 percent. In October, Indonesia''s average loan rate on working capital loans was 11.60 percent, more than double the central bank''s benchmark rate then of 4.75 percent. According to the World Bank, in 2015 Indonesia''s lending rates were higher than those of Vietnam and even Papua New Guinea, one of the poorest Asian nations. ( bit.ly/2hM314G ) Some Indonesian banks enjoy a return on equity of more than 20 percent and the industry''s average net interest margin was 5.65 percent. Juda Agung, BI''s executive director of economic and monetary policy, told a recent forum that the slow pace at which cental bank rate cuts were transmitted "shows banks are trying to widen their margin" and that they "are not competitive." WANTED: DEPOSITS Banks say they need to protect net interest margins, worry about potential bad debts and don''t have enough new deposits. BI data showed that Indonesia''s base money, or cash in circulation, contracted as of November from end-2015. "What can we do when we don''t have the money?" asked Sunarso, Bank Rakyat Indonesia''s vice president director, who said higher government spending was needed to push up the economic growth rate. Money has also been pulled out of bank deposits after a regulation ordering pension funds to hold more bonds and some funds were withdrawn to pay penalties under the tax amnesty. Some lenders are lifting deposit rates to attract customers, with Bank Central Asia raising them by 1 percentage point in December. Some borrowers say that if loan rates were lower, they could get make bigger investments. Hanafi, the owner of property development company in Pekanbaru on Sumatra island, said paying 14 percent annual interest for a $226,000 loan stymies business, adding that he would "build more houses if capital was cheaper". (Additional reporting by Hidayat Setiaji; Editing by Ed Davies and Richard Borsuk) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/indonesia-banks-rates-idUSL4N1EV1TN'|'2017-01-05T11:09:00.000+02:00'
'65ff008e20a95a5108562454578b99772c00d9f8'|'China''s yuan closes up nearly 1 percent against the dollar'|'Market News - Thu Jan 5, 2017 - 3:54am EST China''s yuan closes up nearly 1 percent against the dollar SHANGHAI Jan 5 China''s spot yuan finished up nearly 1 percent against the dollar on Thursday, supported by gains by the offshore yuan. The spot market opened at 6.9280 per dollar and was changing hands at 6.8817 at 4:30 p.m (0830 GMT), 489 pips away from the previous late session close and 0.71 percent firmer than the midpoint. The yuan had settled at 6.9485 at 4:30 pm on Wednesday, and finished that day''s late session at 6.9306. The spot rate is currently allowed to trade with a range 2 percent above or below the official fixing on any given day. China takes the official market closing price at 4:30 p.m. (0830 GMT) into consideration when it fixes the official guidance rate, in an effort to let market forces play a bigger role in determining the yuan''s value. The market also has a special evening session lasting until 11:30 p.m. (Reporting by Winni Zhou and John Ruwitch in SHANGHAI and Michelle Chen in HONG KONG; Editing by Richard Borsuk) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-yuan-close-idUSL4N1EV2R1'|'2017-01-05T15:54:00.000+02:00'
'5f0f3b363d54a8355c78073b764ee500fe0bcb64'|'Monsanto swings to quarterly profit'|'U.S. seeds and agrochemicals company Monsanto Co ( MON.N ), which is being bought by Germany''s Bayer <AG BAYGn.DE> for $66 billion, swung to a quarterly profit, helped by higher demand from South America.The net profit attributable to Monsanto was $29 million, or 7 cents per share, in the first quarter ended Nov. 30, compared with a loss of $253 million, or 56 cents per share, a year earlier.Net sales of the company, known for its genetically engineered corn, soybean and the Roundup herbicide, rose more than 19 percent to $2.65 billion.(Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-monsanto-results-idINKBN14P1GS'|'2017-01-05T10:17:00.000+02:00'
'49fffa32b1c448a146a9242ff604bb89e87af488'|'ASIA CREDIT CLOSE: Aoyuan rallies amid firm market sentiment'|'Financials - Thu Jan 5, 2017 - 3:09am EST ASIA CREDIT CLOSE: Aoyuan rallies amid firm market sentiment SINGAPORE, Jan 5 (IFR) - Asian credits were firm as buyers returned from their December holidays to put cash to work. Credit spreads were tighter on the support of gains in the regional stock markets. The iTraxx Asia investment-grade index was about 2.5bp tighter at 114bp/116bp on a similar narrowing in some of the more liquid sovereign benchmarks, such as China and Indonesia. The Philippines saw its 5-year CDS pull in nearly 4bp to 103bp/106bp. Asian high-yield bonds were firmer, with China Aoyuan Property Group''s newly priced 2020s surging half to three-quarters of a point. The notes, Asia''s first high-yield issue of the year, priced at par with a yield of 6.35%. "I see a lot of buyers in the market for high-yield paper, though there was a bit of short-covering, but the sense from these guys is that there will not be a big sell-off in January," said one trader. "Fundamentally, the picture has not changed and there are still a couple of headline risks." Yingde Gas 2020s performed marginally better today with quotes around 86.75, after dropping one point yesterday, but still well below 89.25 indicated on January 3. The company repaid a HK$820m bank loan due on January 3 using a new offshore bank facility secured against onshore pledged deposits. Market players will keep a close eye on January 10, when a board meeting is due to be held. (Reporting by Kit Yin Boey; editing by Dharsan Singh) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/markets-asia-debt-idUSL4N1EV2MT'|'2017-01-05T15:09:00.000+02:00'
'bdb7acba2ceaf71303ceabfc6e06043475f63066'|'UK economy keeps momentum but inflation pressures mount - BCC survey'|'Business News - Thu Jan 5, 2017 - 12:06am GMT UK economy keeps momentum but inflation pressures mount - BCC survey Shoppers carry bags past a Christmas window display on New Bond Street in London, Britain December 18, 2016. REUTERS/Neil Hall By Andy Bruce - LONDON LONDON Britain''s economy retained its momentum through the final months of 2016, but inflation pressures mounted at the fastest pace since records began almost 20 years ago, a major business survey showed on Thursday. The British Chambers of Commerce (BCC) said sales and hiring improved modestly in the fourth quarter, adding to signs that Britain likely outpaced most advanced economies in 2016. But its quarterly survey also pointed to complications stemming from last June''s vote to leave the European Union. A record number of manufacturers expect to raise prices in the next three months - a direct consequence of the weak pound, still down almost 12 percent on a trade-weighted basis since June 23. More businesses in the services sector plan to raise prices than at any time since early 2011. While businesses reported a marginal improvement in export sales during the fourth quarter, the BCC said there was little evidence that sterling''s weakness had prompted a boom in overseas demand. Inflation pressures were particularly acute for manufacturers, who are suffering from soaring raw material costs. The BCC''s price records extend back to the second quarter of 1997. "Overall, our findings suggest growth will continue in 2017, albeit at a more modest pace," said Adam Marshall, the BCC''s director general. "Inflation has emerged in our survey as a rising concern for many businesses. Both manufacturing and services firms say they are under pressure, particularly from the rising cost of inputs, which is squeezing margins and may weaken future investment." INFLATION OVERSHOOT? The BCC''s survey - the largest of its kind - will be of interest to Bank of England policymakers. Although they have said they are willing to tolerate some overshoot of their 2 percent inflation target while the weak pound feeds through into prices, they have warned that there are limits. Despite a sharp increase in inflation, the BCC said pressure on pay settlements remained low by historical standards - another sign that British wages in real terms are likely to drop sharply, or even shrink, later this year. The BCC''s measures of investment intentions increased slightly during the fourth quarter, albeit only after hitting four-year lows in the previous three months. Still, businesses became a little more optimistic about the outlook compared with the previous quarter, even if confidence in both turnover and profit remained relatively low compared with levels over the past three years. Britain''s economy looks on track to expand by more than 2 percent in 2016 - faster than almost all other big advanced economies except perhaps the United States. Economists polled by Reuters expect Britain''s growth rate to more than halve in 2017 to 1.1 percent. [ECILT/GB] The BCC surveyed more than 7,200 companies between Nov. 7 and Nov. 28. The Markit/CIPS Services Purchasing Managers'' Index for December, another closely-watched business survey, is due at 0930 GMT. Economists polled by Reuters expect it to show growth slowed slightly. (Reporting by Andy Bruce; Editing by Gareth Jones) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-bcc-idUKKBN14P00B'|'2017-01-05T07:06:00.000+02:00'
'4cbdea37e5eaf8e185e98684f1289b31ec7a4433'|'REFILE-Danske Bank Markets slashes Norway 2017 GDP forecast'|'Financials - Thu Jan 5, 2017 - 3:01am EST REFILE-Danske Bank Markets slashes Norway 2017 GDP forecast (Fixes format) OSLO, Jan 5 The Norwegian economy will recover more slowly than previously anticipated, economists at Danske Bank Markets predicted on Thursday. The forecast for growth in the mainland economy in 2017 was cut to 1.8 percent from a previous estimates made in October of 2.3 percent, while growth in 2018 was seen at 2.2 percent. Despite the cut, and that investments by the oil industry will continue to decline, there were several positive signs. "There are still no signs of serious second-round effects from the oil downturn, sectoral or geographical. Quite the opposite, it seems that growth outside the oil sector is accelerating," Danske said. Danske believes the Norwegian central bank''s interest key policy interest rate has bottomed out at 0.50 percent, and that it will be kept steady in 2017. In its December monetary policy report, Norges Bank said it would probably keep 0.50 percent in 2017 an into 2018. Norway economy forecasts (numbers in percent, estimates from September in brackets): 2017 2018 MAINLAND GDP 1.8 (2.3) 2.2 PRIVATE CONSUMPTION 2.0 (2.2) 2.2 UNEMPLOYMENT (NAV) 3.0 (3.3) 3.0 (Reporting By Ole Petter Skonnord, editing by Terje Solsvik) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/norway-forecast-danske-bank-idUSL5N1EV13L'|'2017-01-05T15:01:00.000+02:00'
'856ca9a8b60cae7adb8fca21e2619b560ac75189'|'TABLE-Santander Brasil, Itaú top Brazil''s M&A rankings last year'|'Bonds News - Thu Jan 5, 2017 - 10:01pm EST TABLE-Santander Brasil, Itaú top Brazil''s M&A rankings last year SAO PAULO, Jan 6 Companies in Brazil announced $54.308 billion worth of mergers and acquisitions in 2016, up 23 percent from a year earlier, a Thomson Reuters report showed on Friday, but the number of deals fell to 578 from 676 in 2015, the biggest drop in three years. The following tables show the ranking of the top 10 M&A advisers in Brazil last year, by the value and number of deals. For a story on dealmaking trends for 2017, click. RANKING VALUE, INCLUDING NET DEBT OF TARGET: RANK RANK FINANCIAL ADVISOR VALUE OF DEALS 2016 2015 (Jan 1-Dec 31 2016) 1 5 Banco Santander Brasil SA $19.240 bln 2 2 Banco Bradesco SA $13.763 bln 3 1 Itau Unibanco Holding SA $12.227 bln 4 9 JPMorgan Chase & Co $10.083 bln 5 12 Bank of America Merrill $8.120 bln Lynch 6 6 Grupo BTG Pactual SA $8.027 bln 7 4 Goldman Sachs Group Inc $3.876 bln 8 26 Citigroup Inc $3.598 bln 9 3 Rothschild & Co $3.350 bln 10 n.a. Credit Agricole SA $3.339 bln Subtotal with Financial $49.932 bln Advisor Subtotal without Financial $4.389 bln Advisor INDUSTRY TOTAL $54.320 bln NUMBER OF DEALS: RANK RANK FINANCIAL ADVISOR NUMBER OF DEALS 2016 2015 (Jan 1-Dec 31 2016) 1 1 Itaú Unibanco Holding SA 39 2 2 Grupo BTG Pactual SA 27 3 3 Banco Bradesco SA 26 4 5 Banco Santander Brasil SA 16 5 7 BR Partners Banco do 12 Investimento 6 n.a. JPMorgan Chase & Co 10 7 4 Rothschild & Co 10 8 8 Credit Suisse Group AG 9 9 12 Citigroup Inc 8 10 10 Bank of America Merrill 7 Lynch Subtotal with Financial 180 Advisor Subtotal without Financial 398 Advisor INDUSTRY TOTAL 578 (Reporting by Guillermo Parra-Bernal; Editing by Lisa Von Ahn) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/brazil-ma-outlook-idUSL1N1EV0V0'|'2017-01-06T10:01:00.000+02:00'
'd2b52fcc00f50aaeff40be7c1fa58cc787e5ed96'|'Sales surge for global carmakers in China, Honda overtakes rivals'|'Fri Jan 6, 2017 - 6:28am GMT Sales surge for global carmakers in China, Honda overtakes rivals A flag with the company logo flies outside the Honda Motor Co. plant in Yorii, Saitama prefecture, Japan, March 8, 2016. REUTERS/Thomas Peter By Jake Spring - BEIJING BEIJING Sales surged for global automakers in China in 2016 as consumers rushed to buy cars to make the most of a tax incentive, with Honda Motor Co Ltd ( 7267.T ) seeing a particularly brisk pace of business ahead of Ford ( F.N ) and Toyota Motor Corp ( 7203.T ). Toyota has traditionally led Honda in China - the world''s largest auto market - but last year Honda sped past with a year-on-year sales growth of 24 percent to 1.25 million vehicles, helped by a steady stream of fresh models particularly in the hot sport-utility vehicle segment. Toyota reported an 8.2 percent rise in 2016 sales. The automaker expects to sell at least 1.2 million vehicles this year, roughly flat with 2016. Ford reported a growth in China sales of 11.9 percent to 1.24 million vehicles in 2016, not including sales of its premium Lincoln brand, according to a Reuters calculation. All three companies, however, continued to lag sales by Nissan ( 7201.T ) in China. Nissan''s sales grew 8.4 percent to 1.35 million vehicles in the country last year. Earlier this week, General Motors Co ( GM.N ) and its joint venture partners reported sales of 3.87 million vehicles in China for 2016, up 7.1 percent, cementing the country''s position as the U.S. automaker''s top market for a fifth consecutive year. Demand for cars in the Asian country got a shot in the arm last year from China''s move to cut taxes on small-engine cars. The tax incentive, which halved the purchase tax on cars with engines of 1.6 liters or smaller to 5 percent, is now being rolled back. The tax will rise to 7.5 percent this year before returning to 10 percent in 2018 - a move analysts say will prevent a steep drop in sales growth. (Reporting by Jake Spring; Additional reporting by Norihiko Shirouzu and Beijing monitoring team; Editing by Himani Sarkar) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-autos-sales-idUKKBN14Q0I9'|'2017-01-06T13:27:00.000+02:00'
'f9f23907ff183090959a6f350014457e672ab97e'|'Schumer urges delay in confirmation hearings, says reviews incomplete'|'WASHINGTON Jan 9 Senate Democratic leader Chuck Schumer on Monday pushed against rushing through confirmation hearings scheduled this week for at least seven of President-elect Donald Trump''s Cabinet nominees, saying the nominees need a thorough vetting."Jamming all these hearings into one or two days, making members run from committee to committee, makes no sense," Schumer said in a speech. "It is only fair that they are given a thorough and thoughtful vetting." (Reporting by Doina Chiacu; Editing by Toni Reinhold)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-confirmation-schumer-idINW1N1DW00F'|'2017-01-09T16:42:00.000+02:00'
'3362a9fa35bc3ef334d8d5f2ab01e5a8c78bd6cb'|'CEE MARKETS-Czech crown surges in forwards, 2-year bond yield at record low'|'* Crown strongest in 6-month forwards since Sept 2015 * Tuesday''s inflation data could underpin crown cap exit * Czech 2-yr bond yield at record low, well below Bunds * Forint, zloty retreat from 2-month highs vs euro By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, Jan 9 The Czech crown extended its gains in six-month forward contracts on Monday, lifted by hopes that inflation data will support expectations for a removal of the central bank''s (CNB) ceiling on the crown in mid-2017. On the spot market, the crown was glued to the cap, which keeps it weaker than 27 against the euro, while Hungary''s forint and the Polish zloty were off Friday''s 2-month highs. The crown exchange rate implied in 6-month forwards jumped to 26.759, its strongest since Sept. 2015. The jury is still out on investors'' trading strategies for 2017 in Central Europe as they weigh its healthy outlook for economic growth against rising U.S. interest rates and risks from European politics, including Britain''s EU exit. Data released on Friday for Czech industrial output showed a robust rise in November and underpinned expectations that the CNB would be able to keep its pledge to abandon the crown cap in the middle of this year. The cap was launched in late 2013 to help the economy by keeping the crown weak and fight deflation risks, which existed at that time. The bank said on Friday in the minutes of its last meeting that economic growth was robust. December inflation figures due on Tuesday are expected to show a pick-up in annual price growth to 1.9 percent, within a whisker of the CNB''s 2 percent target, up from November''s 1.5 percent. The bank''s crown selling to keep it weak slowed somewhat in December according to Friday''s figures, after more than doubling its fx reserves since 2013, but the new year may have brought renewed pressure on the cap, analysts said. "We expect the CNB to continue to guide markets towards an exit of the floor by mid-2017 to avoid any speculative pressures on the floor, but we expect an earlier removal of the floor if speculative pressures increase substantially," analysts at Goldman Sachs said in a note. The bank will shrug off a rise in petrol prices that will lift headline inflation, but if core inflation also rises, it may exit the cap in May instead of waiting until August, Nomura analyst Peter Attard Montalto said in a note. Speculation about the crown''s exit from the cap and a subsequent rise in the currency have also fuelled demand for Czech government bonds despite their ultra-low yields. Government yield curves continued to steepen in the region on Monday. The yield on the two-year Czech paper dropped 6 basis points to a record low of -1.166 percent, 44 basis points below the corresponding German Bund, a record-wide spread. CEE SNAPS AT 1107 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 10 35 1% % Hungary 308.0 307.2 -0.26 0.24% forint 800 900 % Polish 4.378 4.356 -0.51 0.59% zloty 2 1 % Romanian 4.504 4.505 +0.0 0.68% leu 5 5 2% Croatian 7.575 7.579 +0.0 -0.26 kuna 0 5 6% % Serbian 123.5 123.7 +0.1 -0.15 dinar 400 500 7% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 937.6 937.5 +0.0 +1.7 6 2 1% 4% Budapest 32811 32855 -0.13 +2.5 .65 .87 % 3% Warsaw 2002. 1998. +0.1 +2.7 21 76 7% 9% Bucharest 7239. 7219. +0.2 +2.1 86 27 9% 9% Ljubljana 731.9 728.9 +0.4 +2.0 7 1 2% 0% Zagreb 2035. 2030. +0.2 +2.0 12 28 4% 2% Belgrade <.BELEX15 717.7 714.8 +0.4 +0.0 > 4 8 0% 5% Sofia 595.5 592.0 +0.6 +1.5 3 0 0% 5% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -1.16 -0.06 -044b -6bps > 6 1 ps 5-year <CZ5YT=RR -0.25 -0.01 +022 +0bp > 4 2 bps s 10-year <CZ10YT=R 0.506 0.016 +021 +3bp R> bps s Poland 2-year <PL2YT=RR 2.109 0.009 +284 +1bp > bps s 5-year <PL5YT=RR 3.01 0.044 +349 +5bp > bps s 10-year <PL10YT=R 3.723 0.047 +343 +6bp R> bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.2 0.16 0.14 0 PRIBOR=> Hungary < 0.41 0.47 0.56 0.34 BUBOR=> Poland < 1.79 1.85 1.915 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1EZ24R'|'2017-01-09T07:34:00.000+02:00'
'562ea5f4d63483a46f5ff89085b5a36cbbf99e26'|'S&P sees ECB staying in support mode until 2018'|'Business News - Mon Jan 9, 2017 - 10:56am GMT S&P sees ECB staying in support mode until 2018 FILE PHOTO: The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the ''''Luminale, light and building'''' event in Frankfurt, Germany, March 12, 2016. EUTERS/Kai Pfaffenbach/File Photo LONDON Rating agency Standard and Poor''s said it did not expect the European Central Bank to switch away from its supportive monetary policy before 2018, despite signs that inflation pressures are beginning to return. A report by S&P''s chief European economist and a colleague said 2017 was likely to mark the return of inflation in the euro zone, though core readings that strip out more volatile goods such as crude oil should remain subdued and give the ECB leeway to maintain support. "The ECB could choose to look through the rise in energy inflation as temporary," the report said. "Monetary policy is likely to remain accommodative until core inflation experiences a sustained adjustment of its path, probably not before 2018." At its last policy meeting in December, the central bank cut its pro-stimulus bond purchase programme to 60 billion euros (51.83 billion pounds) a month from April from the current 80 billion euros but extended the scheme until the end of 2017 - three months longer than expected. It also held its main refinancing rate at zero and its deposit rate at -0.4 percent. [L5N1E323H] Since then - and following December''s spike in inflation - some economists and policymakers, notably in Germany, have urged the ECB to raise interest rates. S&P says reports of the kind published on Monday do not have a direct influence on its ratings but views on broad issues like ECB stimulus are often cited by its sovereign analysts in euro zone ratings decisions. (Reporting by Marc Jones; editing by John Stonestreet) Next In Business News European shares dip, sterling falls on Brexit comments LONDON The dollar edged higher on Monday, boosted by robust U.S. wage growth data strengthening the case for more Federal Reserve interest rate increases, while Britain''s pound fell on Prime Minister Theresa May''s hint at no membership of the EU''s single market. UK house price growth picks up speed again - Halifax LONDON Growth in British house prices picked up speed for the second month in a row in December, helped by a shortage of homes to buy, but price increases are likely to slow in 2017, mortgage lender Halifax said on Monday. LONDON British law firm Harcus Sinclair UK said on Monday it had launched legal action in Britain against Volkswagen , seeking thousands of pounds of compensation each for British drivers affected by the carmaker''s diesel emissions scandal. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-ratings-s-p-idUKKBN14T125'|'2017-01-09T17:52:00.000+02:00'
'6a03aa361fb0e9b65325fc2702b6245469e21096'|'UPDATE 1-Brazil''s Petrobras announces new bond, debt tender'|'Bonds News  25am EST UPDATE 1-Brazil''s Petrobras announces new bond, debt tender (ADDS tender details) By Paul Kilby NEW YORK, Jan 9 (IFR) - Brazilian state-owned oil company Petrobras announced a new bond sale on Monday as it seeks to finance a debt tender. The company is approaching accounts with five and 10-year bonds at initial price thoughts of 6.5% area and 7.75% area, respectively. In the tender, the borrower is targeting US dollar-denominated 3% 2019s, floating-rate 2019s, 7.875% 2019s, 5.75% 2020s, 4.875% 2020s and floating-rate 2020s. If holders tender by the early bird date of January 23, they will receive a purchase price of 100.625, 101.625, 110.50, 104.875, 102.75 and 101.625, respectively. Petrobras is also offering to buy back euro-denominated 3.25% 2019s at 105.125 if holders tender by the early bird date. The bond is set to price later on Monday. Bradesco, Citigroup, HSBC, Itau and Morgan Stanley are acting as leads. (Reporting by Paul Kilby; Editing by Marc Carnegie) Next In Bonds News Petrobras to buy back up to $2 bln of debt in cash, offer new bonds SAO PAULO, Jan 9 Petróleo Brasileiro SA has launched a program to buy back up to $2 billion of existing bonds in cash and the offering of new debt, as the world''s most indebted oil company seeks to refinance debt maturing before the end of the decade.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/petrobras-gl-fin-bonds-idUSL1N1EZ0I2'|'2017-01-09T20:25:00.000+02:00'
'84eeb4062896790c6567f649bfd66a9db580ea6f'|'Tesco says 500 jobs to go in UK distribution network shake-up'|'Business News - Mon Jan 9, 2017 - 7:01pm GMT Tesco says 500 jobs to go in UK distribution network shake-up A man pushes a pram past a Tesco supermarket near Altrincham, northern England, April 22, 2015. REUTERS/Phil Noble LONDON Tesco, Britain''s biggest retailer, has proposed a shake-up of its distribution network that will result in the loss of a net 500 jobs, it said on Monday. The plan will include reducing the number of Tesco''s distribution centres from 25 to 23 in the UK, with centres at Welham Green, central England, and Chesterfield in northern England, closing. All warehouse operations that are currently carried out by logistics companies Wincanton and Deutsche Post''s DHL [DHL.UL], will also be brought in house, while management structures across the distribution network will be simplified. A spokesman for Tesco said that while the changes will result in about 1,000 jobs being cut, new roles will create about 500 jobs at other sites. Tesco is Britain''s largest private sector employer with over 310,000 workers. In October Chief Executive Dave Lewis set out a plan that would see the retailer earn between 3.5 pence and 4 pence of operating profit for every 1 pound spent by shoppers, up from 2.18 pence currently, as sales rise and costs are cut through efficiencies in stores and in its distribution network. Tesco is due to report on its Christmas trading performance on Thursday. (Reporting by James Davey; Editing by Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tesco-redundancies-idUKKBN14T25F'|'2017-01-10T02:01:00.000+02:00'
'23107175075625c5720f5d1bad859c1531461bab'|'''Dangal'' shatters Bollywood box office record'|'Aamir Khan''s latest film "Dangal" is now Bollywood''s highest grossing movie of all time, breaking the record set by his previous release "PK" in 2014."Dangal" pulled in around 3.45 billion rupees ($50 million) in net domestic revenue by Sunday, trade sources said, overtaking PK''s box office haul of 3.38 billion rupees ($49 million).The film, directed by Nitesh Tiwari, is based on real-life wrestler Mahavir Singh Phogat and his struggle to turn his daughters into world-class wrestlers. The film is still in cinemas and doesn''t face competition till January''s big release next week - Shah Rukh Khan''s "Raees".Aamir Khan''s penchant for choosing stories that reflect Indian themes and a publicity blitzkrieg seems to have paid off. Three of the four top-grossing Hindi films of all time feature the 51-year-old actor in the lead, with only Salman Khan''s 2015 "Bajrangi Bhaijaan" breaking the monopoly.The critically acclaimed "Dangal" opened in cinemas on Dec. 23 and took in more than a billion rupees ($14 million) in domestic ticket sales in three days.For a movie industry with only one blockbuster for much of 2016 (Salman Khan''s "Sultan", also the story of a wrestler), the success of "Dangal" comes as a huge relief to film-makers, and allayed concerns that box office collections would be affected by India''s demonetisation of high-value currency notes.About the Author Reporting by Shilpa Jamkhandikar; editing by Tony Tharakan The views expressed in this article are not those of Reuters News. This article is website-exclusive and cannot be reproduced without permission.'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/bollywood-dangal-record-movie-idINKBN14T1MZ'|'2017-01-09T11:53:00.000+02:00'
'52d5ef10d40b27d0fa5a39225ddf80f53203f829'|'Austrian bank Bawag eyes Allianz private bank OLB - sources'|'FRANKFURT Jan 5 Austrian bank BAWAG PSK , backed by US financial investor Cerberus, is bidding for German private bank Oldenburgische Landesbank , two sources familiar with the matter told Reuters on Thursday.Bawag is currently doing due diligence on OLB, one source said, indicating the sale process is at an advanced stage.The bank is currently 90 percent owned by insurer Allianz , which put it up for sale in the autumn. Sources have said that U.S. private equity group Apollo and Germany''s Commerzbank have submitted offers for the bank, which has assets of 13 billion euros ($13.6 billion).BAWAG declined to comment specifically on OLB, but said its financial position allowed it to grow both organically and via acquisitions."BAWAG remains interested in acquisitions, but we will not comment on concrete plans at present," a spokeswoman said.Allianz also declined comment on the sale process. ($1 = 0.9533 euros) (Reporting by Alexander Huebner; Additional reporting by Alexandra Schwarz-Goerlich in Vienna; Writing by Victoria Bryan; Editing by Edward Taylor)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/allianz-bank-bawag-idINL5N1EV24M'|'2017-01-05T07:59:00.000+02:00'
'0cc493323e9d33577b615509fbf19d5289a04b2e'|'Value of Canadian equity issues hits record high in 2016'|'By John Tilak - NEW YORK NEW YORK Jan 5 The value of Canadian equity issues rose to an all-time high in 2016, driven by large deals in the energy and mining sectors, according to Thomson Reuters data released on Thursday.Equity issues increased nearly 19 percent last year to C$51.2 billion ($38.56 billion) from C$43.1 billion in 2015, the figures showed. That broke the previous high of C$49.4 billion in 2009.The top six advisers for the year were Toronto Dominion Bank , Royal Bank of Canada, Bank of Montreal , Canadian Imperial Bank of Commerce, Bank of Nova Scotia and National Bank of Canada.The biggest transactions of the year were TransCanada''s raising of C$4.4 billion and C$3.5 billion, respectively, in two deals to help fund its acquisition of Columbia Pipeline, and Suncor Energy''s C$2.9 billion equity issue.The trend of an increasing number of large deals spilled over from 2015 into 2016."If 2015 was the year of the big deals, this was the year of the mega deals," said Peter Miller, head of Canadian equity capital markets at BMO Capital Markets.The year also signaled a "reopening of the mining market," he added.Mining transactions in the period included Franco-Nevada Corp''s C$1.3 billion capital raise and Silver Wheaton Corp''s C$820 million offering."Billion-dollar deals used to be a rarity. Now they''re starting to come with regularity," said Tyler Swan, head of execution, equity capital markets, at CIBC.Initial public offerings were in short supply in 2016, with retailer Aritzia Inc''s foray one of the few issues to hit the Canadian market last year."A rebound in IPOs will be the story of 2017," Swan said. He sees initial public offerings in sectors such as technology, retail, energy and power. ($1 = 1.3279 Canadian dollars) (Reporting by John Tilak; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-newissues-rankings-idINL1N1EV016'|'2017-01-05T09:00:00.000+02:00'
'26c11f5316feeb8cd45f200626db50df92625451'|'How can we reverse the UK''s falling recycling rates? Send in your questions for our live Q&A - Guardian Sustainable Business'|'Photograph: Charly Triballeau/AFP/Getty Images Supported by About this content Thursday 5 January 2017 07.00 GMT Last modified on Thursday 5 January 2017 07.03 GMTShare on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Key events Show 3.53pm GMT 15:53 The panel guests 3.53pm GMT 15:53 How to join and ask a question 3.53pm GMT 15:53 What we''ll be discussing Live feed Show 3.53pm GMT 15:53What we''ll be discussing Recycling rates in the UK have been stalling over the past five years. Government figures published in December show that the recycling rate in England actually fell from 44.8% in 2014 to 43.9% in 2015.This debate will explore potential solutions: how can producers and consumers be incentivised to recycle more? Would a tax on the manufacturers of packaging, for example, encourage better design? Do local authorities need clearer guidelines to prevent confusion among consumers?Join us and our panel of experts in the comments section of this page on Thursday 19 January at 1-2pm (GMT) to discuss.Updated at 3.55pm GMTFacebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 3.53pm GMT 15:53The panel guests Helen Roberts , innovation director, LINPAC Chris Baker , european general manager, TerraCycle David Palmer Jones , CEO of SUEZ recycling and recovery UK Steve Morgan , technical manager, RecoupIain Ferguson , environment manager, Coop Updated at 3.56pm GMTFacebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 3.53pm GMT 15:53How to join and ask a question Make sure you’re a registered user of the Guardian and join us in the comments section below, which will open on the day of the live chat.You can send questions for the panel in advance by emailing tom.levitt@theguardian.com or tweeting @GuardianSustBiz using the hashtag #AskGSBUpdated at 3.55pm GMTFacebook Twitter Google plus Share Share this post Facebook Twitter Google plus close'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/sustainable-business/live/2017/jan/05/recycling-rates-uk-declining'|'2017-01-05T15:00:00.000+02:00'
'fa9e697326db3589414c1da3b82d9eb07a2a5e11'|'Toshiba chairman says banks ready to offer financial support'|'TOKYO Jan 5 Toshiba Corp Chairman Shigenori Shiga said on Thursday he had heard that the Japanese conglomerate''s banks were ready to provide financial support after it was hit earlier in the week by fresh reports of profit padding.Shiga spoke to reporters at a New Year industry gathering of electrical and electronic machinery makers in Tokyo.(Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/toshiba-accounting-banks-idUST9N1AW00L'|'2017-01-05T06:58:00.000+02:00'
'64b71af4a148528e07db070385f5ab67a25a8ff5'|'China Mengniu pays $241 mln to boost stake in China Modern Dairy'|'HONG KONG Jan 5 China Mengniu Dairy Co Ltd said on Thursday it would pay HK$1.87 billion ($241 million) to raise its stake in China Modern Dairy Holdings Ltd to secure a stable supply of raw milk.China Mengniu, which currently owns 25.4 percent of Modern Dairy, said it would buy 965.47 million shares in China Modern Dairy from a joint venture of KKR China Growth Fund L.P. and CDH Fund IV, L.P. at HK$1.94 per share.The purchase would boost China Mengniu''s stake in the company to 39.9 percent. The joint venture would cease to hold any shares in China Modern Dairy following the deal.China Mengniu will be required to make a general offer for all outstanding shares it does not already own in China Modern Dairy, the two companies said in a joint statement.China Mengniu said it would fund the purchase through internal resources and external debt facilities, while it aimed to maintain the listing status of China Modern Dairy after the deal. ($1 = 7.7548 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mengniu-dairy-china-modern-dairy-idINL4N1EV05C'|'2017-01-04T21:48:00.000+02:00'
'c1e46eb637513ffdbadcdbf0947d3b2ceaf7fd15'|'New futures may help fill FX credit gap - CME'|'Business News  57pm EST New futures may help fill FX credit gap: CME Arrangement of various world currencies including Chinese Yuan, US Dollar, Euro, British Pound, in this picture illustration taken January 25, 2011. REUTERS/Kacper Pempel/Illustration/File Photo LONDON CME Group said on Thursday it would offer monthly futures contracts on a handful of major currencies from Feb. 27, the latest step by the world''s main derivatives exchange to expand its role in the $5 trillion a day market in foreign exchange. The Chicago-based group''s ( CME.O ) head of FX, Paul Houston, said the expansion of its current quarterly contracts was in response to demand from clients and may help fill a shortfall of funding that has helped cut overall global FX volumes in recent years. With financial investors running up against limits on the capital they need to hold against over-the-counter currency derivatives trades, industry figures say exchange-based products like those offered by CME are one natural way of filling the gap. Volumes at CME, while still smaller than those on the spot currency trading platforms run by Thomson Reuters ( TRI.TO ) and NEX Group ( NXGN.L ), have risen steadily and now run at around $84 billion a day. The new contracts include U.S. dollar rates against the euro, yen, British pound and Australian and Canadian dollars as well as the euro against sterling and will allow investors to hedge for four consecutive monthly periods. "The launch of FX monthly futures is in response to feedback from global customers who want to trade FX futures for the capital efficiencies they bring but require increased granularity to meet their hedging needs," Houston said. "We are a central counterparty so we can help solve any credit issues, and part of the launch of the monthlies is to offer clients more choice." (Reporting by Patrick Graham; Editing by Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cme-currencies-idUSKBN14P259'|'2017-01-06T00:54:00.000+02:00'
'4bcc758803b689372edd953f2bc1cef4ec45b8f3'|'Thales wins French military drones contract'|'Industrials - Thu Jan 5, 2017 - 6:07am EST Thales wins French military drones contract PARIS Jan 5 Defence electronics group Thales has won a contract to supply the French armed forces with 35 mini-drones surveillance systems, the country''s defence ministry said on Thursday. The initial contract is for 35 of the systems, although France has an option to increase the order for up to 70. A spokesman for the armed forces department declined to comment on the value of the contract, although another source with knowledge of the matter said a full order for 70 of the systems was worth 104.3 million euros ($109.4 million). Last year, France struck a similar deal with Thales'' peer Safran, when the country ordered 14 tactical Patroller drones from Safran''s Sagem unit in a deal worth about 300 million euros. ($1 = 0.9536 euros) (Reporting by Sudip Kar-Gupta and Cyril Altmeyer; Editing by Marc Joanny and Dominique Vidalon) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/thales-drones-idUSL5N1EV23O'|'2017-01-05T18:07:00.000+02:00'
'2494a2ceae66397c3c31c990358f89b5a03800f9'|'Flush with funds, Israeli tech firms delay exits'|'By Tova Cohen - TEL AVIV TEL AVIV Whenever potential buyers have approached Tel Aviv-based Fiverr, the technology firm has said no; like a growing number of Israeli start-ups, it has enough backing from private investors to stay independent for longer.Traditionally, many of Israel''s numerous tech companies have sold out at an early stage to global giants like Cisco, IBM and Microsoft. Only a few - such as cyber security leader Check Point Software - have reached a significant size.But now start-ups are using a sharp rise in private investment to pursue growth, often aiming for eventual stock market flotations. With founders looking longer term rather than trying to make quick money, acquisitions of Israeli technology firms fell in 2016 to their lowest level in six years.Fiverr, backed by large venture capital funds including California-based Accel and Bessemer, is among those hoping to follow the Check Point model.Its online marketplace allows freelancers to offer services ranging from logo design to cartoons, and translations to psychic readings. Asking prices range from $5 to $10,000.A consumer-oriented company focused on the U.S. market, Fiverr raised $60 million in November 2015, bringing its total funding to date to $110 million."Fiverr should be a multi-billion dollar business. This is why we aren''t looking to be acquired," Chief Executive Micha Kaufman told Reuters. "Eventually a company like ours will go public."Fiverr declined to disclose the company''s current valuation or name the would-be buyers that have approached it in the past couple of years.Israel''s high tech industry is well established, using skills of workers trained in the military and intelligence sectors. Tax breaks and government funding have encouraged start-ups, and also drawn in entrepreneurs from abroad.But acquisitions of Israeli high-tech companies more than halved last year to $3.5 billion, according to PricewaterhouseCoopers.Stock market listings in the sector are also dwindling as investors increasingly prefer bigger tech companies. After eight initial public offerings valued at $3.4 billion in 2015, only two IPOs totaling $44 million took place in 2016 - one in London and the other in Tel Aviv.Instead, private investment is rising. In the first nine months of 2016 Israeli start-ups raised $4 billion, up 27 percent from a year earlier, according to the Israel Venture Capital Research Centre (IVC), which has forecast a record year in 2016.Investment in more established late stage companies surged 47 percent to $1.6 billion in the first nine months, IVC said.The Aleph VC fund said four of its 12 companies have declined offers from would-be buyers in the hundreds of millions of dollars."I''m seeing for first time that many founders are saying no to M&A. It''s a good thing," Aleph partner Eden Shochat said. "These bigger companies create pockets of knowledge ... which is required to build an industry."Aleph was structured to allow 12 years for investors to cash in, instead of the seven years typical for the venture capital sector, he said.Accel, which has just opened an Israeli office, said it can invest $50 million in a growth stage company and has raised a fifth fund of $500 million to invest in Israel and Europe."The fact that money is available has clearly impacted the level of exits," Accel partner Philippe Botteri said.Adam Fisher, a partner who manages Bessemer''s Israel office, expects this trend of holding out to continue as long as growth funding, especially from new sources such as China, is abundant.LESS EFFICIENTFisher believes the availability of growth capital also has disadvantages. The risk is that generously-funded companies may be less efficient than those running on a shoestring.Moreover, rejecting an offer to hold out for more money limits the number of potential buyers, while an IPO may also not be possible if stock market investors consider a firm has yet to grow big enough for a flotation.Gone are the days of the tech boom in the late 1990s when relatively small firms listed on the U.S. Nasdaq market."Startups often need growth financing to reach the current IPO threshold of $100 million revenue run rate, but by no means does that imply that growth financing will create an IPO candidate," Fisher said.Despite the country''s reputation as a center for innovation, many global buyers prefer the more established markets of the United States and Europe. Rubi Suliman, high-tech leader for PwC Israel, said there are still not enough buyers who are familiar and comfortable enough with Israeli high-tech to drive a wave of deals."When potential buyers are relatively scarce, deal prices are expected to go down," he said.Taking the IPO route could also prove difficult for Israeli firms in certain business areas. Some of the largest private companies in revenue terms are in the online advertising sector, which public markets have turned against.The valuation of Israeli adtech firm Matomy, for example, has nearly halved since it went public in London in 2014.With Facebook and Google owning much of the distribution and profit from selling ads directly to the advertiser, the pie for adtech firms is much smaller, said Nir Blumberger, Accel''s Israel-based partner and a former corporate development executive at Facebook.Amounts made by investors exiting adtech firms through sales or IPOs fell to $238 million in 2016 from about $600 million in 2015, according to IVC and the Meitar law firm.In cyber security technology, the need for firms'' services is growing but a proliferation of start-ups means competition is stiff. Cyber start-ups raised more funds last year than in 2015, but exits nearly halved to $660 million, IVC data shows."I still foresee this will be a big area for M&A and IPOs in the future but it will take a while to be built into a revenue stream," said Shochat.A third group is automotive tech, boosted by the success of Mobileye which makes driver warning systems aimed at preventing accidents. Investment in start-ups nearly doubled in 2016 to $680 million though exits brought in only $190 million.Investors caution that companies in this sector require a lot of money over a very long period.(editing by David Stamp)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-israel-tech-idINKBN14P1OS'|'2017-01-05T11:18:00.000+02:00'
'03e55f6769081c4b1cd8f707bd37335b89486e44'|'Japan December services PMI rises to 11-month high'|' 40am GMT Japan December services PMI rises to 11-month high People look at advertisements of restaurants in Tokyo, Japan, October 4, 2016. REUTERS/Toru Hanai TOKYO Activity in Japan''s services sector expanded in December at the fastest pace in 11 months, a private survey showed on Thursday, in a sign that economic growth could pick up due to gains in consumer spending. The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) rose to a seasonally adjusted 52.3 in December from 51.8 in November. The index remained above the 50 threshold that separates expansion from contraction for the third consecutive month, and rose to its highest since January 2016. New business expanded at the fastest rate since July 2015, Markit said, as surveyed companies opened new stores that reached new customers. December was the fifth straight month in which new business increased. Services account for around two-thirds of Japan''s gross domestic product (GDP), so expansion in that sector could help overall economic growth. Economists expect Japan''s GDP to expand by an annualised 0.6 percent in October-December, according to a Reuters poll of economists taken early last month. That would be slower than the 1.3 percent annualised growth in July-September, but some economists could raise their forecasts after data in late December showed industrial production picked up pace and retail sales rose (Reporting by Stanley White; Editing by Richard Borsuk)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-pmi-services-idUKKBN14P02M'|'2017-01-05T07:40:00.000+02:00'
'187c006caa20bd2225b0d35f0a0563ba264fd8ec'|'UK car sales hit record high in 2016 - preliminary data'|'Business News - Thu Jan 5, 2017 - 12:09am GMT UK car sales hit record high in 2016 - preliminary data LONDON British new car sales hit a record of 2.7 million units in 2016 despite fears that the Brexit vote could hit demand, although there are signs that registrations will fall this year, preliminary industry data showed on Thursday. Full-year sales beat the previous record of 2.63 million set in 2015 and overcame expectations from some analysts that the June 23 referendum result would lead to a slump in 2016. However, demand in December fell by over 1 percent, only the third year-on-year drop in nearly five years, the Society of Motor Manufacturers and Traders (SMMT) said, pushed down by the first fall in fleet car demand for nearly a year. Consumer spending has been the main motor of economic growth since the Brexit vote, although car sales to individual consumers have fallen in every month since April, compensated until December by business demand, which lifted overall figures. The SMMT, which is due to publish full data at 0900 GMT, said it expected registrations to fall by 5 percent this year as it becomes harder to keep beating record sales and that the fall in the pound caused by Brexit vote could also affect demand. "The strong pound in terms of imports (has) enabled manufacturers to offer some very compelling incentives," SMMT CEO Mike Hawes said. "With the weakening of the pound, that margin has diminished so the really attractive offers won''t be as readily available and that is more likely to flow through to the purchase pattern," he said. Over 85 percent of cars sold in Britain, Europe''s second biggest car market, are imported with dealers using cheap finance deals, interest-free offerings, added extras and free insurance as a way to tempt consumers. But in recent months, several car manufacturers have raised their prices in Britain to offset the fall in the value of the pound against the dollar and the euro. Hawes said he expected a "lumpy" performance in 2017 but that sales in March, generally the biggest sales month of the year as new licence plates are introduced, will not be affected by the formal start of EU divorce talks due in the same month. "There will be a lot of attention and noise around that. Does that translate into consumer purchasing patterns? Probably not immediately," he said. (Reporting by Costas Pitas, editing by David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-autos-registrations-idUKKBN14P00X'|'2017-01-05T07:09:00.000+02:00'
'355fe6754a17a5918ab2c804ceab43a769b16dff'|'Asian stocks edge higher on Wall Street cues; oil up'|'Business News - Thu Jan 5, 2017 - 12:26am GMT Asian stocks edge higher on Wall Street cues; oil up A stock quotation board displaying Japan''s Nikkei average is seen before a ceremony marking the end of trading in 2016 at the Tokyo Stock Exchange (TSE) in Tokyo, Japan December 30, 2016. REUTERS/Toru Hanai HONG KONG Asian stocks edged higher on Thursday, underpinned by a firm Wall Street after minutes from the Federal Reserve''s December meeting suggested a less hawkish stance from policymakers. Oil prices rose on expectations of drops in U.S. inventories. MSCI''s broadest index of Asia-Pacific stocks outside Japan .MIAPJ0000PUS gained 0.2 percent, on track for a eighth consecutive session of gains. Early Asian markets such as Australia rose 0.4 percent. "The FOMC dot plots project three interest rate hikes in 2017 however the market is less optimistic with Fed Fund futures pricing in two hikes," said James Woods, global investment strategist at Rivkin Securities in Sydney. "The market will now focus on Trump’s first 100 days where he sets the tone for his presidency and whether or not he will be able to implement his policies." The Dow Jones Industrial Average .DJI rose 0.3 percent to end at 19,942.16 and the S&P 500 .SPX gained 0.57 percent to 2,270.75 after minutes showed most Federal Reserve policymakers thought the economy could grow more quickly because of fiscal stimulus under the Trump administration. The FOMC minutes noted upside risk to growth forecasts and uncertainty over the level of fiscal stimulus, while some members warned that the tighter labor market could signal a more aggressive path of rate increases. In currencies, the dollar briefly stumbled after policymakers noted extended gains in the greenback would weigh on inflation though it managed to pare losses by the end of a choppy U.S. session. The dollar was trading around the 117 handle against the Japanese yen JPY= while it edged lower against the euro EUR= . China''s offshore yuan CNH=D3 was the only notable exception with the currency posting its biggest daily gain against the dollar in a year. Oil managed to hold on to Wednesday''s chunky gains on expectations U.S. oil inventories have dropped and on signs that the world''s top oil exporters will stick to agreed output cuts that took effect this week. Crude futures CLc1 rose 0.2 percent. (Reporting by Saikat Chatterjee; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN14P01N'|'2017-01-05T07:21:00.000+02:00'
'286cf3c468013bd04494b7ba11c51a6a61be30f0'|'Under-fire Sports Direct chairman faces second shareholder vote'|' 23am GMT Under-fire Sports Direct chairman faces second shareholder vote Keith Hellawell chairman of sportwear retailer Sports Direct arrives at the company''s AGM after his offer to resign was rejected by the board, at the company''s headquarters in Shirebrook, Britain, September 7, 2016. REUTERS/Darren Staples LONDON Sports Direct ( SPD.L ) investors will vote on the re-election of chairman Keith Hellawell later on Thursday, four months after he was rejected by a majority of independent shareholders who said he had overseen a string of management and governance failures. Hellawell is likely to win the ballot at a special meeting because he has the support of founder and chief executive Mike Ashley, who owns 55 percent of the sportswear retailer. However, the 74-year-old former police chief constable and government drugs czar pledged in September he would step down at the next annual shareholder meeting later this year if he once again did not receive the backing of independent investors. Aberdeen Investment Management plans to vote against Hellawell on Thursday, saying that although the company had made progress since the last meeting, it was still "deeply concerned" about governance. Hellawell said in September he had offered to resign, but the board had persuaded him to stay to oversee improvements in working practices and independent scrutiny. Sports Direct was condemned by lawmakers last year for its treatment of workers, including paying some less than the minimum wage for shifts at its warehouse in central England. An independent report commissioned by the company found "serious shortcomings" in working practices, which it is taking steps to tackle. Investors, already counting the cost of the damage to the company''s reputation, have also endured a slump in profits at the sportswear retailer, in part caused by Britain''s vote to leave the European Union, which has pushed up its costs. The stock has halved over the last six months. Shareholder advisory group ISS is also opposed to Hellawell''s re-appointment in the second ballot, called under new rules that give independent shareholders more say. "As chairman, Keith Hellawell has overseen a period of serious operational, governance, and risk oversight concerns which have materially affected the company''s outlook and damaged shareholder value," it said. (Reporting by Paul Sandle; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sports-direct-chairman-meeting-idUKKBN14P0UL'|'2017-01-05T16:23:00.000+02:00'
'1f87fe4690ed0ddba8e8681bd34fed12d0cddd37'|'Sears'' comparable sales slump 12-13 pct in holiday shopping season'|' 56am EST Sears'' comparable sales slump 12-13 pct in holiday shopping season Jan 5 Struggling retailer Sears Holdings Corp said on Thursday its comparable sales for November and December fell by 12-13 percent, the latest department store operator to report disappointing sales during the holiday shopping season. The company''s shares rose 6.1 percent, however, after its earlier announcement that it would sell its Craftsman tools business to Stanley Black & Decker Inc for $900 million. Sears, which also announced the closure of 41 of its namesake stores and 109 Kmart stores, said it had set up a special committee to market real estate properties with the goal of raising more than $1 billion. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Ted Kerr)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sears-outlook-idUSL4N1EV3ZA'|'2017-01-05T21:56:00.000+02:00'
'18e969745bf4c618a59d966fa45d6557dc9e340a'|'UPDATE 1-Brazil''s BNDES to focus on projects of high social impact'|'Bonds News  36am EST UPDATE 1-Brazil''s BNDES to focus on projects of high social impact (Adds details, background throughout) By Marta Nogueira and Guillermo Parra-Bernal RIO DE JANEIRO/SAO PAULO Jan 5 Brazil''s state development bank BNDES plans to focus loan disbursements on areas of high social impact from education to healthcare and infrastructure, taking a first step towards rooting out decades of cheap financing for large business. As part of the plan, BNDES will raise the revenue threshold to classify small and mid-sized firms so they have preferential access to credit, Chief Executive Officer Maria Silvia Bastos Marques told reporters in Rio de Janeiro. Other focus areas include innovation and the environment, she said. The bank''s new lending policy, which Bastos had announced a few months ago, takes effect later this month. With the new guidelines, the bank wants to incentivize companies or projects in those sectors to access credit at a below-market interest rate known as TJLP, the benchmark for BNDES loans. About 1,500 firms across Brazil could gain additional access to BNDES loans with the new guidelines, she said. By giving more access to cheap financing to small- and mid-sized companies, Bastos is discouraging rampant borrowing by Brazil''s largest firms, which widely enjoyed subsidized credit during 13 years of left-wing Workers Party administrations that ended last year. "We''ll be more actively financing projects, to have a positive impact on what''s good for the Brazilian society," Bastos said. "This is not about giving out credit just to show off that ''we''re lending some a lot.''" Since her appointment last May, Bastos has implemented the most ambitious turnaround of BNDES in two decades while reversing years of costly support for handpicked local groups. She has imposed tougher terms for disbursements, asked BNDES-appointed board members to tighten scrutiny of decisions at major companies and boosted the bank''s role as a guardian of corporate transparency. Bastos argues that an over-reliance on state lenders for long-term credit had put a heavy burden on BNDES, fanned regulatory uncertainty and made subsidies costlier than initially thought. The TJLP rate that BNDES charges on most loans has for decades run below the benchmark Selic overnight lending rate, partly because of an urge by politicians to boost growth and create jobs. However, the implicit subsidy in the subsidized loans could cost taxpayers about 1 percent of gross domestic product this year. Under the new rules, BNDES will keep financing up to 80 percent of the value of a project. Previously, that limit varied accordingly with the strategic importance of an industry. (Editing by Bernadette Baum) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/brazil-bndes-loans-idUSL1N1EV0MI'|'2017-01-05T21:36:00.000+02:00'
'8d66abd13b9217da316fb9f0b22d1d3ffe6a3bff'|'Sawiris says to discuss Oi bid with Brazil government: paper'|'SAO PAULO Egyptian billionaire Naguib Sawiris will travel to Brazil in two weeks to persuade the government his bid is the best option to rescue Oi SA ( OIBR4.SA ), the carrier operating under bankruptcy protection, he told newspaper Folha de S.Paulo.The Egyptian entrepreneur said he plans to turn the company around in one year, repeating what his Orascom TMT Holding SAE ( OTMT.CA ) group did in 2011 in a merger with Italy''s Wind Telecomunicazioni SpA [WINVFT.UL], the report said.Cerberus Capital Management LP and Elliot Management Corp also have had talks with Oi regarding a potential bid.In December, Sawiris and a group of Oi creditors devised a plan to take over and capitalize the ailing carrier, which is Brazil''s fourth-largest wireless operator, with a market share of around 18 percent.Their plan entails a $1.25 billion share offering that Sawiris and certain Oi creditors vowed to fully subscribe to if no other investors are interested.If the Egyptian''s bid is successful, Sawiris told Folha that a recuperated Oi could be merged with TIM Participações ( TIMP3.SA ), Brazil''s second-largest wireless carrier, with a market share of 25.41 percent.Rio de Janeiro-based Oi owes regulator Anatel and government lenders Banco do Brasil SA, Caixa Econômica Federal SA and BNDES a combined 20 billion reais ($6.2 billion) - making the government the carrier''s second-biggest creditor after bondholders.(Writing by Ana Mano, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brazil-telecom-oi-idINKBN14T16R'|'2017-01-09T08:39:00.000+02:00'
'0386d3276da06a43c6e3d9689163855589922816'|'SE Asia Stocks-Largely down; Singapore heads for fifth straight gain'|'Financials  03am EST SE Asia Stocks-Largely down; Singapore heads for fifth straight gain By Sandhya Sampath Jan 9 Most Southeast Asian stock markets fell on Monday while Asian peers edged up on the back of gains on Wall Street and in the dollar. U.S. stocks ended higher on Friday, fuelled by optimism about President-elect Donald Trump, while the dollar stood tall against rivals after the latest U.S. payrolls data indicated strong underlying wage growth, strengthening the case for more rate hikes in 2017. Trump''s presidential election win sparked a major realignment in markets, with expectations of tax cuts, fiscal spending and deregulation sending U.S. bond yields and dollar higher, while prompting capital outflows from emerging economies. "We are seeing how the dollar is peaking at least in the short term, showing signs that it might stabilise, and of course, the U.S. bond rate is also stabilising in the short term. Those might be the factors that may have led to a rotation back into emerging markets," said April Lee-Tan, vice president and head of research at Manila-based COL Financial. Singapore shares hit their highest in over a month and were headed for a fifth straight session of gains. Strong U.S. jobs data is good for Singapore as most of the city-state''s exports go to the United States, said Mikey Macainag, an analyst with Sunsecurities Inc. Gains in Singapore were led by oil & gas stocks despite a fall in crude prices. Industrial conglomerate Sembcorp Industries Ltd gained as much as 3 percent to its highest since April 21, 2016. Philippine shares were flat after gaining 6 percent last week as gains in telecom services and utilities were offset by losses in financials and consumer cyclicals. "I think the consensus view right now is of course that investors are expecting a weak BOT (balance of trade) position, although we don''t have any specific forecast for that," said Lee-Tan, ahead of the release of the data, expected on Tuesday. Thai shares fell, dragged down by energy stocks with PTT Pcl, the country''s largest energy firm, losing 0.3 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: Change at 0420 GMT STOCK MARKETS Market Current previous close Pct Move Singapore 2977.11 2962.63 0.49 Bangkok 1566.05 1571.48 -0.35 Manila 7246.79 7248.2 -0.02 Jakarta 5332.06 5347.022 -0.28 Kuala Lumpur 1670.82 1675.49 -0.28 Ho Chi Minh 683.51 679.8 0.55 Change this year Market Current End 2016 Pct Move Singapore 2977.11 2880.76 3.34 Bangkok 1566.05 1542.94 1.50 Manila 7246.79 6840.64 5.9 Jakarta 5332.06 5296.711 0.67 Kuala Lumpur 1670.82 1641.73 1.77 Ho Chi Minh 683.51 664.87 2.8 (Reporting by Sandhya Sampath; Additional reporting by Susan Mathew; Editing by Subhranshu Sahu) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southeast-asia-stocks-idUSL4N1EZ1N4'|'2017-01-09T12:03:00.000+02:00'
'dedc4e4dcb052915f96961c556c9cbdbd345ef23'|'No ex-divs on the FTSE 100 on Jan.12'|'Market News  43am EST No ex-divs on the FTSE 100 on Jan.12 LONDON, Jan 9 No FTSE 100 companies will go ex-dividend on Thursday, although several mid-caps will go ex-div, after which investors will no longer qualify for the latest dividend payout. Among FTSE 250 companies going ex-dividend are: COMPANY (RIC) DIVIDEND (pence) Countryside 3.4 F&C Commercial Property Trust Limited 0.5 NB Global Floating Rate Income Closed Fund 0.85 QinetiQ Group 2 Scottish Investment Trust PLC 17.25 WH Smith 30.5 Workspace Group 10.88 Workspace Group 10.88 (Reporting by Kit Rees) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-stocks-exdiv-idUSL5N1EZ492'|'2017-01-09T21:43:00.000+02:00'
'bbecaebff55f54c61631d61059e009f9a7b19b26'|'FTSE slips from record high though broker upgrades help gainers'|'Business News - Fri Jan 6, 2017 - 10:20am GMT FTSE slips from record high though broker upgrades help gainers A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. REUTERS/Suzanne Plunkett By Kit Rees - LONDON LONDON FTSE 100 index retreated on Friday, slipping from a record high reached in the previous session, though Worldpay Group ( WPG.L ) and Lloyds ( LLOY.L ) benefited from bullish broker upgrades. The blue chip FTSE 100 .FTSE index was flat in percentage terms at 7,187.98 points by 0953 GMT, outperforming the broader European market. After ending 2016 on a record high, the FTSE 100 has rallied further to hit two fresh record highs since, its last at 7,211.96 points. Shares in lender Lloyds ( LLOY.L ) rose 2 percent after broker Barclays raised its rating on the stock to "overweight" from "equal-weight" and increased its target price, citing an expected rise in net interest margin for the bank. "We expect Lloyds to return over 10 bln pounds of capital to shareholders through to 2019, equivalent to almost a quarter of its current market cap or a little under 15p per share," analysts at Barclays said in a note. Likewise an upgrade to "outperform" from "neutral" helped shares in payments processor Worldpay ( WPG.L ) jump 2.6 percent to a two-month high, while Smiths Group ( SMIN.L ) rose 1.2 percent after Goldman Sachs began its coverage of the stock with a "buy" rating. Goldman Sachs also started with a "buy" rating on mid cap valve-maker Rotork ( ROR.L ), sending its shares 3.5 percent higher. Together with a 7.7 percent rise in TP ICAP ( TCAPI.L ), this helped underpin the UK mid cap index .FTMC , which was flat in percentage terms. TP ICAP, formerly called Tullett Prebon, rallied after a strong trading update which said it expected 2016 revenue to be 12 percent higher than the 796 million pounds ($986 million) reported in 2015, helped by a spike in trading volumes following the U.S. presidential election. "The expectation of future interest rate rises in the wake of the U.S. presidential election has seen an increase in volatility and market activity," analyst Paul McGinnis at Shore Capital markets said in a note. "This has benefited the company’s traditional products areas such as interest rate derivatives, fixed income and Treasury products, all of which have been generally weak in the years since the credit crisis." Precious metals miners Fresnillo ( FRES.L ), Randgold Resources ( RRS.L ) and Polymetal International ( POLYP.L ) weighed on the blue chips, falling 1.3 percent to more than 2 percent as the price of gold slipped ahead of data that is expected to show U.S. non-farm payrolls increased last month. (Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN14Q13S'|'2017-01-06T17:20:00.000+02:00'
'eee81b2314489d79c90732342e2ba9b2fb8500e0'|'U.S. approves first fix for 70,000 polluting VW diesel vehicles'|'U.S. - Fri Jan 6, 2017 - 12:03pm EST U.S. approves first fix for 70,000 polluting VW diesel vehicles A U.S. flag flutters in the wind above a Volkswagen dealership in Carlsbad, California, U.S. May 2, 2016. REUTERS/Mike Blake WASHINGTON The U.S. Environmental Protection Agency has approved a fix for about 70,000 polluting Volkswagen ( VOWG_p.DE ) diesel vehicles, it said on Friday. The German automaker agreed to buy back up to 475,000 polluting 2009-2015 vehicles in June at a cost of as much as $10.033 billion, or fix them if regulators approved. The vehicles covered by the approved fix are the 2015 diesel Volkswagen Beetle, Golf, Golf SportWagen, Jetta, Passat and 2015 diesel Audi A3. The fix involves an initial software change available now. A second phase of the fix will start about a year from now when VW will install more software updates and new hardware, including a diesel particulate filter, diesel oxidation catalyst and NOx catalyst. (Reporting by David Shepardson; Editing by Lisa Von Ahn) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-volkswagen-emissions-idUSKBN14Q21P'|'2017-01-07T00:03:00.000+02:00'
'7e20633c706c0305c178a8340460b3bf60925520'|'VW, Justice Department nearing $3 billion agreement to resolve diesel allegations'|' 11pm GMT VW, Justice Department nearing $3 billion agreement to resolve diesel allegations A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia, Poland, September 9, 2016. REUTERS/Kacper Pempel/File Photo By David Shepardson Volkswagen AG ( VOWG_p.DE ) and the U.S. Justice Department are nearing an agreement to resolve the government''s civil and criminal investigations that would require the German automaker to pay a penalty of more than $3 billion (2.4 billion pounds), sources briefed on the talks said Friday. The agreement is not final and could still change or fall apart but a deal could be announced as early as next week. Volkswagen is also expected to face oversight by an outside monitor and agree to other significant reforms in connection with its diesel cheating scandal as part of a likely deferred prosecution agreement. VW has previously agreed to pay up to $17.5 billion to resolve claims by U.S. owners, federal and state regulators and dealers. A VW spokesman in Germany declined to confirm the report, saying the automaker is in discussions with authorities. Volkswagen and the Justice Department have held intensive talks this week aimed at resolving the case before President Barack Obama leaves office on Jan. 20. Sources briefed on the talks said if a deal wasn''t reached before then it could significantly delay an agreement. VW admitted in September 2015 to installing secret software known as "defeat devices" in 475,000 U.S. 2.0-liter diesel cars to cheat exhaust emissions tests and make them appear cleaner in testing than they really were. In reality, the vehicles emitted up to 40 times the legally allowable pollution levels. The company later admitted to also using "defeat devices" in the 3.0-liter vehicles. The 80,000 3.0-liter U.S. vehicles had an undeclared auxiliary emissions system that allowed the vehicles to emit up to nine times allowable limits. The scandal hurt VW''s global business and reputation, and led to the ouster of longtime CEO Martin Winterkorn. VW has been barred from selling any new diesels in the United States since late 2015.  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-fine-idUKKBN14Q252'|'2017-01-07T01:11:00.000+02:00'
'51274b6bd4ffef1e53b44277c0d6e556d6f05169'|'The couple who made Tiger roar … and millions of pounds in the process - Business'|'Philip and Emma Bier made a life-changing amount of money this week by selling their stake in the Danish homewares retailer Tiger for millions of pounds.The London-based couple brought the quirky Scandinavian brand to Britain with just £200,000 in 2005, scraping together the funds by remortgaging their home. Not only that, but they gave up their careers to do so. Philip, 40 at the time, was a self-employed photographer, while Emma had worked as an interior designer for Waitrose supermarkets.“We have brought it to way beyond our expectations in numbers of shops, staff, finances, and in finding out our own capabilities,” Philip says. “Neither of us had real business experience before. If you rewind to when we started and you said to us ‘Could you run 44 shops, including one on Oxford Street, and have a thousand staff ?’. I would have said ‘No way’.“If you had applied logic to it, it was so full of holes. I had no experience of employing anybody and no book-keeping or financial training. It was a brand that nobody knew, and we were underfunded, incredibly underfunded, with hindsight.”Philip says he decided to change careers because he wanted see his children leave university with no debt, which he considered impossible in photography, an industry under pressure from a digital revolution.He declines to say exactly how much the sale of their stake was worth, only that it has been an “amazing return on our initial investment” and that his ambition for his two children has been met. “It depends on what happens to tuition fees,” he says with a smile. “But we should be ok with that, yes.”Tiger makes millions for couple who brought Danish store to UK Read moreIn 2015, the most recent accounts available, their share of the Tiger business – which covers London and the south-east – generated sales of £41m and profits of £7m. There are now 44 shops in the region.Tiger was initially described by analysts as a “posh Poundland” , but the Biers believe it has developed into an affordable Danish design store. Tiger now sells products for up to £60 and has shops on Kings Road in Chelsea and Oxford Street in London.One of Tiger’s most popular products over the last decade was a fake Mona Lisa painting. “At first I was like, ‘Ok, nobody is going to buy that’,” Philip says. But then he realised “we had loads of artists buying them to use the frame. There is no way you could buy that kind of frame for £10.”The Biers initially came across Tiger when shopping in the Danish capital, Copenhagen, where Philip hails from. Emma, from Liverpool, thought it could thrive in the UK.“When I first saw Tiger there I loved it,” she explains. “Philip hates shopping and I would make sure that every visit I would happen to go in there because it’s a fun place and there is always something I would buy. I just thought it would be a brilliant idea to bring it to the UK. We knew the guy who had started it – somebody that Philip had known through school and through family. We used to see him a little bit socially and say ‘You know, this would be such a brilliant idea to bring this to the UK’.”Philip, whose sister Susanne is an award-winning director and directed the BBC TV series The Night Manager, adds: “There was disconnect between the prices and the product and the environment from a British perspective. That is what fascinated me about Tiger - because something is a low price doesn’t mean it needs to be nasty or negative or anything like that.”Facebook Twitter Pinterest The Flying Tiger shop in Stratford, east London. Photograph: Hakan Yazici/PR Company HandoutTheir idea to bring the business to Britain took off when Philip saw a shop to let in Crouch End, north London, that he thought would be a good site for the brand. He called Lennart Lajboschitz, the founder of Tiger, and although that site became a Tesco Express the call led to a serious effort to find a shop.He found it in Basingstoke in 2005, but the key momentcame a year later when the couple had to remortgage their house again to open a second shop in Hammersmith, west London.“We were really maxed out in 2006. That was when we were all in,” Philip says. “That was stressful. If Hammersmith had not been going well then the likehood is that we would have run out of money. But it was amazing. It was right opposite Primark and I never understood why nobody jumped at it. On the first day my biggest concern was people getting squashed. It was so packed with people. The security told me just ‘Relax, it is always like this in Primark.’The Biers opened the Hammersmith shop in October 2006 and by Christmas Day had got their money back. From Hammersmith, they expanded rapidly. Philip Bier acted as the managing director while Emma Bier focused on merchandising, product, and interior design, including designing the company’s head office in Tottenham Court Road, central London. It is now one of the fastest-growing retailers in Britain, with retail consultant Mary Portas saying last year it could have been used to save BHS.The arrangement with Lajboschitz was so informal that they did not have a contract for three years, but eventually the Biers had a 50% stake in the business with Tiger’s parent company, Zebra, holding the other half. Under the terms of the agreement, Zebra had an obligation to buy back the Bier’s stake when they decided to sell and the couple had to give 12 months’ notice.Emma says the couple had always planned to run the business for around 10 years and that now felt like the right time to sell. “If we had carried on we might have started feeling that we were getting a bit – not bored – but maybe that we wanted to reach out and do other things.”The couple will now take a break before making their next move. “I have been quite clear in my mind that I want to take time to think,” Philip says.Facebook Twitter Pinterest Philip Bier with a must-have bubble machine. Photograph: Linda Nylind for the GuardianTheir options include looking for another brand to bring into the UK, while Emma is also interested in working with design students and Philip is intrigued by the politics of retail and local government, such as managing high streets. First, however, he intends to splash out on a top-of-the-range camera.The biggest lesson from their experience, they say, is that you don’t know your own capabilities unless you challenge yourself.“Lennart [the founder] was very instrumental in that,” Philip adds. “When I said we are going to open three or four shops, he would say, ‘Why are you not opening 10?’“It is quite liberating when you start thinking about what it is that is stopping you doing things. What goes on in your own head is probably the biggest block. If you can unblock that then you can do what you like … within reason.”'|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/business/2017/jan/06/the-couple-who-made-tiger-roar-and-millions-of-pounds-in-the-process'|'2017-01-07T02:32:00.000+02:00'
'dbb4ba97a49759122690eca6bd4915f28c66d8b7'|'China state arms maker pledges ''mixed ownership'' reforms'|'Business News - Thu Jan 5, 2017 - 11:12am GMT China state arms maker pledges ''mixed ownership'' reforms A VT5 lightweight main battle tank, built by China North Industries Corp (Norinco), is on display at Airshow China in Zhuhai, Guangdong province November 3, 2016. REUTERS/Tim Hepher SHANGHAI The China North Industries Group (Norinco), a central government-run arms manufacturer, has decided to pursue a "mixed ownership" model as part of China''s ambitious reform programme for state-owned enterprises (SOEs), the company said. In a terse statement published on its official website on Wednesday, Norinco said it had "decided to actively and steadily promote the development of a mixed ownership economy" and would work to improve its corporate governance. The statement appeared to open the prospect there could be some private investment in the arms maker or its subsidiaries, but it gave no details. Norinco describes itself as a "backbone" for the development of weapons and military-use communications equipment in China. It had total assets of 336.8 billion yuan ($48.91 billion) and a total workforce of 276,600 by the end of 2015. At a top-level economic work conference held in December, Chinese leaders promised to make significant progress in introducing mixed ownership reforms in sectors like electricity, railways, telecommunications and the military industries. The central government issued guidelines in 2015 aimed at boosting the performance of its SOEs. It said it would close down the most uncompetitive firms and reform the ownership structure of those that remained. The reforms are expected to allow private capital to invest in SOEs, though restrictions are likely to remain in place in the sensitive military sector. The State Council, China''s cabinet, said in a document issued last July that central government-run SOEs in areas vital to the country''s economy and security, including defence, power and communications infrastructure, would be fortified and strengthened. China''s massive but debt-ridden SOEs have been urged to transform themselves into "innovative and globally competitive world class multinationals" through management reforms and new ownership structures. But while the government hopes state firms will eventually become more responsive to the market, the reforms have also been designed to make them better able to fulfil their "functional use" in important strategic sectors, including national defence. President Xi Jinping has also repeatedly stressed that the reforms will strengthen the "leading role" the Chinese Communist Party plays in running SOEs. (Reporting by David Stanway; Additional Reporting by Matthew Miller in BEIJING; Editing by Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-norinco-idUKKBN14P164'|'2017-01-05T18:12:00.000+02:00'
'94eec43ecc536b4e8d43d0d9385dd0aa30817611'|'S.Korea says will monitor situation after Japan suspends FX swap talks'|'Financials  48pm EST S.Korea says will monitor situation after Japan suspends FX swap talks SEOUL Jan 6 South Korea said on Friday that it will monitor the situation over the status of currency swap talks with Japan, responding to comments from Tokyo that the negotiations had been suspended. Japan''s chief government spokesman earlier said that it has suspended talks on a new currency swap agreement due to South Korea''s decision to keep a monument to victims of Japan''s wartime sexual slavery near the Japanese consulate in Busan. A South Korean finance ministry official in charge of foreign exchange policies declined to comment further on Japan''s decision. The two nations agreed last August agreed to start talks on a new currency swap to bolster defenses against global financial uncertainties. (Reporting by Shin-hyung Lee, Cynthia Kim; Editing by Kim Coghill) Next In Financials Fitch Affirms Longfor at ''BBB-''; Outlook Stable (The following statement was released by the rating agency) HONG KONG, January 05 (Fitch) Fitch Ratings has affirmed Longfor Properties Co. Ltd.''s (Longfor) Long-Term Issuer Default Rating (IDR) at ''BBB-''. The Outlook is Stable. Fitch has also affirmed Longfor''s foreign-currency senior unsecured rating and its outstanding senior unsecured notes at ''BBB-''. A full list of rating actions can be found at the end of this commentary. China-based Longfor''s ratings are supported by its established h'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southkorea-japan-swaps-idUSS6N1BK04W'|'2017-01-06T09:48:00.000+02:00'
'ecd207a844eb7100132eb9a1bf6eb39507a9b5a7'|'INVESTMENT FOCUS-Europe''s banks to ride the yield curve higher'|'Company News - Fri Jan 6, 2017 - 9:51am EST INVESTMENT FOCUS-Europe''s banks to ride the yield curve higher * European bank sees first earnings upgrades in 6 years * Negative factors that have long weighed on sector ebbing * German yield curve steepens: : reut.rs/2iY4VjL * Europe vs U.S. bank profits: reut.rs/2a27exm * European bank EPS revisions: reut.rs/2hZS2XS By Dhara Ranasinghe and Vikram Subhedar LONDON, Jan 6 Improving economic conditions, a steeper government bond yield curve and an overall decline in bad debts suggest 2017 is shaping up as the healthiest year for Europe''s banks in almost a decade. The brighter outlook for the sector has in recent weeks prompted the first upgrades to analysts'' earnings forecasts since 2010 while banking stocks, underperformers for three straight years, have raced to their highest levels since last January. This marks a sharp contrast to a year ago when concerns about weak economic growth, the impact of negative interest rates on bank profits and higher regulatory costs provoked sharp falls in banking stocks across the region. The steeper curve, which shows a rise in long-dated bond yields, is a boon for banks as they make money by borrowing short-term funds cheaply from central banks and lending them to clients at higher rates over the longer term. reut.rs/2iY4VjL "Banks had faced a perfect storm, which was low growth, concerns around asset quality, low levels of trading volumes, regulation, negative interest rates and an ever flatter yield curve that was destroying their net-interest margin," said David Riley, head of credit strategy at BlueBay Asset Management in London. "Each of those has now dissipated." Companies in Europe rely heavily on banks for financing; a study by the Centre for European Policy Studies, a think tank, estimates that 77 percent of their funding needs are met by bank lending. That compares with just 40 percent in the United States, where firms make greater use of corporate bonds. On a relative basis, that makes the health of Europe''s banks far more important for the region''s companies and wider economy. Profits at European banks have more than halved since 2008, while those at U.S. peers have recovered from the crisis that followed the collapse of Lehman Brothers and hit record highs last year. reut.rs/2a27exm Now, better economic growth in Europe along with a healthier banking system would reverse trends that have plagued the region''s prospects in recent years. While risks remain, in particular high levels of bad debts at Italian banks and uncertainty around Britain''s exit from the European Union, the backdrop for the banks as a whole has improved. PIVOTAL YEAR Net interest income, a key gauge of bank profitability, is likely to trough in the first half of the year for European banks, according to analysts at Morgan Stanley. They rate UBS of Switzerland, along with Spain''s Bankia and CaixaBank as among their top stock picks in the sector. "Three Rs - Reflation, Restructuring and Regulations - will make 2017 a pivotal year," the analysts said in a note to clients. Steepening government bond yield curves across the globe as investors bet on higher inflation, economic growth and greater state spending are also turning into a tailwind for banks. The curve steepens when the gap between long-and short-dated yields widens, often reflecting a broadly healthy economy and financial system. The gap between two-year and 10-year yields in Germany, the euro zone''s benchmark issuer, is at 96 basis points - almost double where it was six months ago. That spread shares a close relationship with banking stocks in the euro area. reut.rs/2iXHcjP Typically, investors demand higher yields for lending to governments for longer periods to compensate for the greater inflation and credit risks. While banks benefit from a rise in long-term yields, the curves, especially between two- and 10-year debt, have until recently been the flattest in many years. This was due to central banks'' policies of stimulating economies through buying bonds and a perception that growth and inflation would stay low for years. A recognition by central banks that negative interest rates are harmful to the banking sector and outweigh the benefits of lower rates has underpinned investors'' optimism, analysts say. The European Central Bank said last month that bonds with maturities of between 1 and 2 years will be included in its purchases and that it would buy debt yielding less than its -0.4 percent deposit rate, if necessary. Those measures, targeting buying at the short-end of the yield, had an immediate steepening impact on the yield curve. That followed a more explicit change in policy by the Bank of Japan in September to target government bond yields. Nicolas Forest, global head of fixed income at Candriam Investors Group, sees the hand of ECB President Mario Draghi. "At the end of the day it is very clear that Draghi wanted to steepen the yield curve to help the banking sector," Forest said. "He knows that a negative deposit rate has distortions in the markets and negative rates are like a taxation for the banks, so to balance that they decided to remove the yield floor." (Additional reporting by Andrew MacAskill; editing by David Stamp) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-banks-yield-curve-investment-focu-idUSL5N1EW1PR'|'2017-01-06T21:51:00.000+02:00'
'433aae726b38433b77a8392c0033444706affcf6'|'Japan defends Toyota after Trump broadside over Mexican plant'|'Business News - Fri Jan 6, 2017 - 5:34am GMT Japan defends Toyota after Trump broadside over Mexican plant A Toyota logo is seen on media day at the Mondial de l''Automobile, the Paris auto show, in Paris, France, September 29, 2016. REUTERS/Jacky Naegelen/File Photo By Thomas Wilson - TOKYO TOKYO The Japanese government defended Toyota Motor Corp ( 7203.T ) on Friday as an "important corporate citizen" of the United States, after President-elect Donald Trump singled out the automaker and threatened to slap punitive tariffs on its Mexico-built cars. Trump has repeatedly hit out at U.S. companies for using lower-cost factories abroad at the expense of jobs at home. He has slammed U.S. automakers, including Ford ( F.N ) which this week scrapped a planned $1.6 billion Mexico plant. But the attack overnight on Toyota is his first against a foreign automaker. "Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for U.S. NO WAY! Build plant in U.S. or pay big border tax," Trump tweeted. Toyota shares fell more than 3 percent before recovering, and Honda Motor Co ( 7267.T ) and Nissan Motor Co ( 7201.T ) slid around 2 percent - even as the government and analysts sought to brush off the impact of the attack. Chief Cabinet Secretary Yoshihide Suga told reporters on Friday that Toyota was an "important corporate citizen", while Trade Minister Hiroshige Seko stressed the contribution of Japanese companies to U.S. employment. "We think the impact on business performance is limited," Akira Kishimoto, a senior analyst at JP Morgan, said in a note. "A cool judgement is needed." Toyota''s exposure to Mexico is limited, Kishimoto said, adding that even an "extreme case" tariff of 20 percent would hit its operating profit by around 6 percent. Trump has threatened a 35 percent tariff on cars imported from Mexico. Toyota is just one of a host of companies operating in Mexico. It has an assembly plant in Baja California, where it produces the Tacoma pick-up truck, and where it could increase production. Trump''s tweet, however, confused Toyota''s existing Baja plant with the planned $1 billion plant in Guanajuato, where construction got under way in November, days after the election. The Guanajuato plant will build Corollas and have an annual capacity of 200,000 when it comes online in 2019, shifting production of the small car from Canada. Baja produces around 100,000 pick-up trucks and truck beds annually. Toyota said in September it would increase output of pick-up trucks by more than 60,000 units annually. Other Japanese automakers and suppliers in Mexico include Nissan, which has been in Mexico for decades after choosing it as the site for its first assembly plant outside Asia. Nissan has two facilities there, producing 830,000 units in the year to March 2016. Honda operates two assembly and engine plants with a total annual capacity of 263,000 vehicles, and a transmission plant with an annual capacity of 350,000 units. Aisin Seiki Co ( 7259.T ) and Denso Corp ( 6902.T ), both suppliers to Toyota and other carmakers, have two and three plants, respectively, in Mexico. Parts makers tend to cluster near assembly plants under the industry''s "just-in-time" production philosophy. (Reporting by Thomas Wilson and Ayai Tomisawa, additional reporting by Naomi Tajitsu and Kaori Kaneko; Editing by Clara Ferreira-Marques and Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-toyota-stocks-idUKKBN14Q01P'|'2017-01-06T12:27:00.000+02:00'
'963f985e934fe3126e2ffa5587514ca7d04218c6'|'CEE MARKETS-Leu steady as rates held steady, crown forwards surge'|'* Leu flat, Romanian central bank keeps rates on hold * Romanian bank might signal worry over loose budget * Forint hits 2-month high on stable economy, politics * Czech crown at 2-month high in forwards on data, cbank By Sandor Peto and Luiza Ilie BUDAPEST/BUCHAREST, Jan 6 The leu steadied near 4-week highs against the euro on Friday as Romania''s central bank kept rates on hold but might signal concern over fiscal policy loosening. The leu sharply rebounded this week from six-month lows hit late last year amid a row between Romania''s president and the Social Democrat party - winners of the parliamentary election last month - over the next prime minister. Uncertainty has ended as the new cabinet led by Sorin Grindeanu won a confidence vote in parliament on Wednesday. But concerns remain that the budget deficit will rise above the European Union''s ceiling, 3 percent of economic output. The central bank kept its main interest rate on hold at a record low 1.75 percent. It is due to hold a news conference at 1300 GMT. Its comments may signal a shift towards monetary tightening, ING analysts said. "Ahead of today''s US labour market report and with fewer domestic reasons to move the market, the EUR/RON should continue its consolidation period above 4.50, at least until the US data is out," they said in a note. The leu traded steady at 4.507 against the euro at 1001 GMT. Other Central European currencies were also steady, except for the forint which firmed 0.3 percent to a 2-month high, underpinned by Hungary''s solid trade surpluses and political stability. Hungary posted a huge budget deficit of 907 billion forints ($3.13 billion) in December, but the full-year deficit at about 2 percent of economic output was still below the target, Economy Minister Mihaly Varga said. Hungarian government bonds yields rose, with their curve steepening. Investors observe rising inflation risks in the world and in Central Europe, where central banks have kept monetary screws loose and governments have increased spending to stimulate their economies. Czech bonds continued to attract investors, with the 2-year yield bid at -0.983 percent, down 6 basis points and 27 basis points below corresponding Bund yields. Demand is fueled by expectations that the central bank will abandon its cap, which keeps the crown weaker than 27 against the euro, around the middle of 2017. Those expectations were underpinned on Friday by a 7 percent annual surge in industrial output in November and by the minutes of the bank''s last meeting in which it said economic growth was robust. The crown rate against the euro implied in 6-month forwards hit a 2-and-1/2-month high at 26.7897. CEE SNAPS AT 1101 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 10 45 1% % Hungary 307.2 308.1 +0.3 0.53% forint 000 850 2% Polish 4.359 4.362 +0.0 1.01% zloty 7 9 7% Romanian 4.507 4.508 +0.0 0.62% leu 0 5 3% Croatian 7.578 7.579 +0.0 -0.30 kuna 0 5 2% % Serbian 123.5 123.6 +0.1 -0.15 dinar 400 600 0% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 936.0 934.0 +0.2 +1.5 6 7 1% 7% Budapest 32817 32750 +0.2 +2.5 .47 .00 1% 4% Warsaw 1998. 1999. -0.06 +2.6 76 93 % 1% Bucharest 7223. 7200. +0.3 +1.9 53 57 2% 5% Ljubljana 727.7 722.2 +0.7 +1.4 4 8 6% 1% Zagreb 2030. 2022. +0.3 +1.7 28 98 6% 8% Belgrade <.BELEX15 715.5 714.8 +0.1 -0.25 > 5 2 0% % Sofia 588.8 589.6 -0.13 +0.4 7 1 % 2% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.98 -0.05 -026b -6bps > 3 8 ps 5-year <CZ5YT=RR -0.26 -0.09 +022 -11bp > 3 2 bps s 10-year <CZ10YT=R 0.482 -0.00 +023 +0bp R> 3 bps s Poland 2-year <PL2YT=RR #VALU 0 #VALU -1bps > E! E! 5-year <PL5YT=RR #VALU 0 #VALU -1bps > E! E! 10-year <PL10YT=R #VALU 0 #VALU +1bp R> E! E! s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.2 0.15 0.13 0 PRIBOR=> Hungary < 0.36 0.4 0.47 0.34 BUBOR=> Poland < 1.77 1.84 1.895 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1EW1M5'|'2017-01-06T07:29:00.000+02:00'
'15a2e2bf971eda624b73ace23c18638b531306a9'|'Trump presses Democrats on Obamacare, calls for bipartisan fix'|'Financials  20am EST Trump presses Democrats on Obamacare, calls for bipartisan fix WASHINGTON Jan 5 U.S. Republican President-elect Donald Trump on Thursday kept up his attacks on Democrats and Obamacare while calling for a bipartisan effort in Congress to come up with a healthcare alternative that would lower costs and improve care. In a series of tweets, Trump, who takes office later this month, blasted Senate Democratic Leader Charles Schumer and his fellow Democrats, who have vowed to preserve President Barack Obama''s legacy-defining healthcare law even as Republicans move ahead with their long-sought bid to scrap it. "The Democrats, lead by head clown Chuck Schumer, know how bad ObamaCare is and what a mess they are in. Instead of working to fix it, they do the typical political thing and BLAME," Trump tweeted. "It is time for Republicans & Democrats to get together and come up with a healthcare plan that really works - much less expensive & FAR BETTER!" he added. Schumer ramped up his attacks on Trump''s planned healthcare overhaul on Thursday, calling for a congressional investigation into the president-elect''s pick to lead the U.S. Department of Health and Human Services, U.S. Representative Tom Price, a Georgia Republican, over his reported stock trades in healthcare companies. On Wednesday, Obama met with Democrats on Capitol Hill as they formed a strategy that appeared aimed at warning that Republicans risk throwing the entire U.S. healthcare system into disarray by dismantling the Affordable Care Act, without a plan to replace it. With no replacement by Republicans, as early as 2018 the roughly 20 million people who gained health insurance under the law could see their coverage in jeopardy. Vice President-elect Mike Pence, after separately meeting with Republicans who control both the House and Senate, said on Wednesday repealing the 2010 law was the "first order of business" of the Trump administration. Republicans criticize Obamacare as an excessive government intrusion into the healthcare market and contend it is harming job growth by burdening businesses. They say they have a plan to replace it but have offered few details. Pence said Trump would work with congressional leaders to ensure a smooth health care transition through legislation and executive action. Democrats acknowledge they lack the votes to stop repeal legislation being pushed by Republicans, who will control the White House and both chambers of Congress when Trump takes office. On Thursday, Schumer and other top Democrats on the Senate health and finance committees planned a morning press conference to call for a House Office of Congressional Ethics investigation into Price''s investments. Price, an orthopedic surgeon, traded more than $300,000 in stocks of health-related companies over four years, the Wall Street Journal reported in late December, while advocating legislation that potentially could have affected their stock prices. (Reporting by Rick Cowan, Susan Cornwell, Susan Heavey and David Alexander; Editing by Peter Cooney and Jeffrey Benkoe) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-obamacare-idUSL1N1EV0GV'|'2017-01-05T20:20:00.000+02:00'
'1479273f4f099e37b138a24b3536ec5a08991807'|'JGBs lifted by stronger Treasuries, BOJ''s buying operation'|'TOKYO Jan 6 The Japanese government bond prices rose on Friday, lifted by overnight gains in U.S. Treasuries and a debt-buying operation by the Bank of Japan.The 20-year JGB yield and the 30-year yield both fell by 1.5 basis points to 0.595 percent and 0.745 percent, respectively.The benchmark 10-year yield stood flat at 0.055 percent amid caution towards the U.S. non-farm payrolls report due later in the day.The BOJ purchased 410 billion yen ($3.54 billion) of JGBs on Friday with maturities ranging from five years to 10 years as a part of its regular bond-purchasing operation.U.S. Treasuries gained broadly on Thursday following weaker-than-expected ADP private sector employment data. Uncertainty about the incoming Trump administration has also recently supported debt.Investors are now focused on Friday''s U.S. non-farm payrolls report in which economists expected jobs gains of 178,000 in December.($1 = 115.6900 yen)(Reporting by the Tokyo markets team; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL4N1EW1Y3'|'2017-01-06T01:39:00.000+02:00'
'2f188b4a554b8e19e976644c7829842c44472805'|'U.S. approves first fix for 70,000 polluting VW diesel vehicles'|'Environment - Fri Jan 6, 2017 - 5:31pm GMT U.S. approves first fix for 70,000 polluting VW diesel vehicles A U.S. flag flutters in the wind above a Volkswagen dealership in Carlsbad, California, U.S. May 2, 2016. REUTERS/Mike Blake By David Shepardson - WASHINGTON WASHINGTON The U.S. Environmental Protection Agency has approved a fix for about 70,000 polluting Volkswagen ( VOWG_p.DE ) diesel vehicles, it said on Friday. The German automaker agreed to buy back up to 475,000 polluting 2009-2015 vehicles in June at a cost of as much as $10.033 billion, or fix them if regulators approved. The vehicles covered by the approved fix are the 2015 diesel Volkswagen Beetle, Golf, Golf SportWagen, Jetta, Passat and 2015 diesel Audi A3. The fix involves an initial software change available now. A second phase of the fix will start about a year from now when VW will install more software updates and new hardware, including a diesel particulate filter, diesel oxidation catalyst and NOx catalyst. In October, a federal judge approved VW''s settlement with regulators and U.S. owners of 475,000 polluting diesel vehicles with smaller 2.0-liter engines, including an offer to buy back or fix all of the cars. VW is still waiting for approval for fixes for about 400,000 remaining 2.0 liter vehicles. "With today''s approval, VW can offer vehicle owners the choice to keep and fix their car, or to have it bought back," the EPA said in a statement, adding that test data demonstrated the fix would "not affect vehicle fuel economy, reliability, or durability." (Reporting by David Shepardson; Editing by Lisa Von Ahn) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-idUKKBN14Q21P'|'2017-01-07T00:31:00.000+02:00'
'7f1025ea73acabdc7c9e078fc9519e55dc017a6b'|'Romania seeks World Heritage status for Transylvania village in gold mine row'|'Basic Materials - Fri Jan 6, 2017 - 1:06pm EST Romania seeks World Heritage status for Transylvania village in gold mine row By Paola Totaro and Claudia Ciobanu LONDON, Jan 6 (Thomson Reuters Foundation) - Romania has asked the United Nations to make a Transylvanian village boasting 18th century houses and intact Roman mining shafts into a World Heritage site in a surprise 11th hour move that could protect it from a gold mine project. The request to list Rosia Montana was announced as the government of Dacian Ciolos handed over power this week to the incoming Social Democrat Prime Minister Sorin Grindeanu, who won elections last month. Romania''s outgoing culture minister said in a statement late Thursday that a request had been sent to the U.N. Educational, Scientific and Cultural Organization (UNESCO). This was an unexpected move by the government which last week stated it would not proceed with the UNESCO application that dates back to 2011 and has been caught up in a fight over a gold project. "Protection of national treasures is one of the main responsibilities of the Ministry of Culture," said an online statement by the government. Rosia Montana, which sits atop one of Europe''s largest gold deposits, has been at the centre of a battle between villagers and the Canada-listed mining company Gabriel Resources for more than 15 years. Gabriel Resources said the $1.5 billion project to build Europe''s largest gold mine would provide a major boost for Romania''s economy and create hundreds of jobs for the Transylvania region - the legendary home of Dracula. But Rosia Montana''s residents feared the mine would destroy their village and surrounding hills and farming lands as well as pollute the local environment. Campaign groups cautiously welcomed the government''s application to UNESCO, but said the battle had not yet been won. "We have won this battle so many times but the company just kept coming back with new allies and new governments," Tudor Bradatan, a spokesman for the "Save Rosia Montana" campaign, told the Thomson Reuters Foundation by telephone. No one from Gabriel Resources was immediately available to comment. Opposition to the mine ignited a wave of national protests in 2013 described as the biggest since the early 1990s anti-communist marches. Under pressure from locals and global environmentalists, the then government blocked the mine but last year Gabriel Resources took the fight to the World Bank''s international arbitration tribunal to seek a reported $4 billion in compensation. The tribunal began hearing the case on Sept. 23 but no second hearing is yet set. (Reporting by Paola Totaro and Claudia Ciobanu, Editing by Katie Nguyen and Belinda Goldsmith; Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women''s rights, trafficking, property rights and climate change. Visit news.trust.org) Next In Basic Materials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/romania-gold-village-idUSL5N1EW3H4'|'2017-01-07T01:06:00.000+02:00'
'f622051e6c633173729b6182d7055f5b31b7f941'|'Honda CEO says no immediate plan to curb production in Mexico'|'Thu Jan 5, 2017 - 8:26am GMT Honda CEO says no immediate plan to curb production in Mexico Honda Motor Co. President and CEO Takahiro Hachigo is seen through screens of laptop computers as he speaks during a round-table meeting at the company headquarters in Tokyo, Japan November 21, 2016. REUTERS/Issei Kato TOKYO Honda Motor Co ( 7267.T ) has no immediate plans to curb production in Mexico, the company''s president said on Thursday, as automakers come under pressure from U.S. President-elect Donald Trump to build more cars in the United States. "We produce cars in Mexico for markets including North America and Europe and we have no immediate plan to change this," Takahiro Hachigo, also the CEO of the company, said at a industry gathering in Tokyo to mark the New Year. (Reporting by Naomi Tajitsu; Editing by Himani Sarkar) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-honda-mexico-production-idUKKBN14P0P7'|'2017-01-05T15:22:00.000+02:00'
'dd8384d608bf294cac0166497ee7aa1e21a130fd'|'National Bank tops Canadian debt advisory in 2016'|'Financials  21pm EST National Bank tops Canadian debt advisory in 2016 By John Tilak and Matt Scuffham - NEW YORK/TORONTO NEW YORK/TORONTO Jan 5 National Bank of Canada was the top adviser on Canadian debt issues for corporations and governments in 2016, ending Royal Bank of Canada''s 10-year reign, data from Thomson Reuters on Thursday showed. Royal Bank of Canada held the No. 1 position every year from 2006 to 2015. In 2016, RBC took the second spot, followed by Toronto Dominion Bank, Bank of Montreal , Canadian Imperial Bank of Commerce and Bank of Nova Scotia. The value of debt issues rose 1 percent to C$163.6 billion, excluding self-led issuance by banks, from about C$162.3 billion in 2015. While 2016 started off slowly with increased volatility and sluggish credit markets, deals started to gain momentum from the second quarter. "There was a lot of stress and concern about oil prices and China. Once oil recovered and Brexit was out of the way, people realized the world is not going to end," said Sean St. John, head of fixed income, debt and equity capital markets at National Bank Financial. "Oil moved back up and that story alone gave people confidence," he added. Oil prices touched a low of $27.10 a barrel on Jan. 20, but ended the year 45 percent higher at $56.82 after major producers agreed to cut output to reduce a global supply glut. The U.S. Federal Reserve''s move to raise interest rates could be a positive catalyst for the market, some bankers said. The Fed tightened credit in December for the second time since 2008, citing continued U.S. economic growth and a steady decline in unemployment. "That''s given people some degree of confidence that this is a beginning of an increase in rates," said Rob Brown, co-head of debt capital markets at RBC. "So that could potentially lead to front-end loaded issuance next year, with market participants looking to capitalize on what are still relatively low funding costs before they move even higher," he said. Some of the year''s biggest deals included several by Canada Housing Trust, which issues bonds from federal housing agency Canadian Mortgage & Housing Corp, as well as issues from Canadian Natural Resources and Sun Life Financial . "It was the year of larger deals. It speaks to the overall breadth and depth of the market," said Richard Sibthorpe, head of Canadian debt capital markets at BMO. Cross-border activity was a robust theme in 2016, Sibthorpe said, adding that he expected deal volume in 2017 to be very similar to 2016 levels. (Reporting by John Tilak and Matt Scuffham; Editing by Richard Chang) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/canada-debt-rankings-idUSL1N1EV0SW'|'2017-01-06T01:21:00.000+02:00'
'31613df7067557203049467b827076580ffb497d'|'''Bonds are back'', for a little while, at least - BAML'|'Business News - Fri Jan 6, 2017 - 4:16pm GMT ''Bonds are back'', for a little while, at least - BAML LONDON Investors piled back into bonds in the past week, directing the largest inflow into these funds for three months, although the pause in the bond market selloff will probably only be fleeting, Bank of America Merrill Lynch said on Friday. The $6.3 billion (5.12 billion pounds) inflow into bond funds in the week to Wednesday follows a torrid few months for bonds, which have sold off sharply as investors have bet on a pick-up in inflation and growth. The week covered the New Year period, so many fund managers would have been on holiday. But those at their desks put money to work, with equity funds chalking up $5.5 billion inflows and emerging market debt funds their first inflow in nine weeks, of $1.9 billion. "A wobble in risk assets would be no surprise in the coming weeks, with traders looking to play a pullback," wrote BAML''s investment strategy team, led by Michael Hartnett in New York, in a note titled: "Bonds are Back". U.S. stocks and banks are among the most vulnerable to profit-taking, they said. Uncertainty and unease surrounding U.S. president-elect Donald Trump''s inauguration, volatile trading in Chinese currency and money markets and a potential U.S. interest rate rise could all tempt investors to play safe in the coming weeks. "(But) structurally, we remain bullish risk in the coming quarters," they wrote. In the week to Wednesday, investors poured cash into high-yield bond funds for the sixth week in a row ($900 million) and a hefty $3.6 billion into investment-grade bond funds. Gold funds saw an eighth consecutive weekly outflow, the longest losing streak in three years, while in equities Japanese funds posted the largest outflow in six weeks ($1.4 billion) but U.S. funds pulled in $2.6 billion, BAML said. (This story removes reference to 2016 bond fund performance in second paragraph.) (Reporting by Jamie McGeever; Editing by Catherine Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-funds-flow-baml-idUKKBN14Q15Q'|'2017-01-06T23:16:00.000+02:00'
'e481c6a788157f92c6a3c28bd69de16638cdc97d'|'China removes tariff on oil, gas drilling equipment in key prospecting regions'|'Money News - Fri Jan 6, 2017 - 1:23pm IST China removes tariff on oil, gas drilling equipment in key prospecting regions An off-shore oil drilling platform is seen under construction at a plant in Qingdao, Shandong province, China, November 1, 2015. REUTERS/Stringer/Files BEIJING China has removed a tariff imposed on drilling equipment used in 20 oil and natural gas prospecting fields in western China in a move to boost oil production, the Ministry of Finance said on Friday. The tax reduction, to be applied until Dec. 31, 2020, applies to oil blocks and natural gas reserves in four regions including Xinjiang, Inner Mongolia, Tibet and Qinghai province, the ministry said. For jointly developed oil fields, China also removed valued added tax for over 100 types of equipment, it said. (Reporting by Meng Meng; Editing by Kenneth Maxwell) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-tariffs-oil-idINKBN14Q0PD'|'2017-01-06T14:53:00.000+02:00'
'ea7808757969d2b64c2dcc1e07726b7280788be6'|'EFG Hermes to buy UK solar power portfolio for $580 million'|'LONDON EFG Hermes'' renewable energy platform Vortex has agreed to buy a portfolio of solar power assets in Britain for 470 million pounds ($580 million) from Sun Edison''s Terraforma ( TERP.O ).The portfolio includes 24 solar parks, has a combined 365 megawatts (MW) of power and an estimated useful life of around three decades, EFG said on Friday.The price includes around 300 million pounds of debt, which Vortex said it planned to refinance before completing the deal.Malaysian utility firm Tenaga Nasional Berhad ( TENA.KL ) (TNB) will fund half of the 170 million pound equity portion of the transaction. The remaining 50 percent will be underwritten by EFG Hermes which plans on eventually holding 5 percent of the equity, consistent with previous transactions undertaken by Vortex.The parent company of Terraforma, Sun Edison, filed for Chapter 11 bankruptcy protection in April after a binge of debt-fuelled acquisitions proved unsustainable.Vortex was advised by Deloitte and Global Capital Finance.(Reporting by Dasha Afanasieva; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-efg-uk-renewables-idINKBN14Q1SS'|'2017-01-06T12:11:00.000+02:00'
'325ca2a65841a5f9846ca1d6667dbd9f2b9b76ef'|'Nikkei slips as Toyota reels from Trump threat, Fast Retailing fall'|'Money News - Fri Jan 6, 2017 - 11:48am IST Nikkei slips as Toyota reels from Trump threat, Fast Retailing fall An employee of the Tokyo Stock Exchange (TSE) works at the bourse at TSE in Tokyo, Japan, February 9, 2016. REUTERS/Issei Kato/Files TOKYO Japan''s Nikkei share average dropped on Friday as automakers dragged after incoming U.S President Donald Trump threatened to slap punitive taxes on Toyota cars imported into the United States from Mexico, while Fast Retailing weighed on the market. The Nikkei fell 0.3 percent to 19,454.33. For the week, it was up 1.8 percent. Fast Retailing Co dived 6.7 percent and contributed a hefty negative 109 points to the benchmark index after saying that same-store sales at its Uniqlo clothing outlets in Japan fell 5 percent in December from a year earlier. Toyota Motor Corp fell more than 3 percent at one point after Trump threatened to impose heavy taxes on the automaker if it builds its Corolla cars in Mexico for the U.S. market. Toyota later trimmed the drops and ended 1.7 percent lower. Other Japanese carmakers also fell, with Honda Motor Co and Nissan Motor Co falling 1.9 percent and 2.2 percent, respectively. The broader Topix dropped 0.2 percent to 1,553.32 and the JPX-Nikkei Index 400 fell 0.2 percent to 13,928.49. (Reporting by Ayai Tomisawa; Editing by Simon Cameron-Moore) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-stocks-close-idINKBN14Q0HF'|'2017-01-06T13:18:00.000+02:00'
'bb5aa0f9984e2824c6847f746f5beb4ae097d49f'|'Argentina says tax revenue rose 90 percent in December'|'  8:19pm GMT Argentina says tax revenue rose 90 percent in December BUENOS AIRES Argentina''s tax revenues rose 90 percent in December from a year earlier to 275.542 billion pesos ($17.28 billion), a record high for monthly collections in pesos, the AFIP tax agency said on Monday. Annual tax collection in 2016 was 2.07 trillion pesos, up 34.6 percent from 2015. The government''s tax intake is increasing as Argentines participate in a tax amnesty program. ($1 = 15.945 Argentine pesos) (Reporting by Caroline Stauffer; Editing by Peter Cooney)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-argentina-tax-idUKKBN14M14K'|'2017-01-03T03:19:00.000+02:00'
'cbff0ed6e1fa8eb2525c02959b2fe4f4c3206f10'|'China should set more flexible GDP growth target in 2017 - central bank adviser'|'Business News - Mon Jan 2, 2017 - 2:10pm GMT China should set more flexible GDP growth target in 2017 - central bank adviser An employee works at a steel factory in Dalian, Liaoning Province, China, June 27, 2016. REUTERS/Stringer BEIJING China should set a more flexible economic growth target this year to create more room for reforms, a central bank adviser told the official Xinhua news agency, suggesting a range of 6.0 to 7.0 percent versus 6.5 to 7.0 percent in 2016. China has made reform of its lumbering and uncompetitive state-owned enterprises - many in heavy industries - a priority as excess capacity and idle workers bleed what precious resources such "zombie" companies have. Policymakers are counting on growth in the services sector to help counter the ill effects of the restructuring while weak global demand and persistent weakness in exports drag on the world''s second-largest economy. As the economy''s old growth drivers lose momentum, the new ones are still not robust enough to substitute them, which is the biggest problem for China''s economy at present, said Huang Yiping, a member of the central bank monetary policy committee. "Reforms should target facilitating economic restructuring and eliminating ''old capacity'' from the market," he told Xinhua in an interview published on Monday. Separately, Huang also said that as more Chinese residents look overseas to diversify their investment portfolios, capital outflows will "last for a certain period". (Reporting by Ryan Woo; editing by David Stamp) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-reform-idUKKBN14M0QZ'|'2017-01-02T21:10:00.000+02:00'
'2b104017c5fe60f16cd0d1d6d40c2170175bf429'|'Australia shares likely to open higher, NZ flat'|'  4:24pm EST Australia shares likely to open higher, NZ flat Jan 9 Australian shares are expected to trade higher on Monday, mirroring gains on Wall Street that saw the Nasdaq and S&P500 hit record-highs on Friday, boosted by Apple Inc. The record trading session followed a U.S. Labor Department report that showed the economy added fewer-than-expected jobs last month but wages increased, suggesting resilience in the labor market.[ nL1N1EV1GW] The local share price index futures rose 0.2 pct to 5,730, a 25.6 point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.04 percent on Friday. New Zealand''s benchmark S&P/NZX 50 index was flat in early trade. For a summary of overnight action across global markets, double click on For a digest of the day''s business stories in Australian newspapers, double click on (Reporting by Sindhu Chandrasekaran in Bengaluru; Editing by Alexandra Hudson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-morning-idUSL4N1EY08M'|'2017-01-09T04:24:00.000+02:00'
'9b22d809927c02b11c4bcd3c4c8bb39822fb86bd'|'Dollar, U.S. yields in retreat as ''Trump trade'' unwinds'|' 29am IST Dollar, U.S. yields in retreat as ''Trump trade'' unwinds A money counter counts 100 U.S dollar banknotes in Kiev, Ukraine, October 31, 2016. REUTERS/Valentyn Ogirenko By Hideyuki Sano - TOKYO TOKYO The U.S. dollar wobbled near three-week lows and U.S. bonds were bought back with the 10-year yield at one-month lows on Friday, as investors wound back ''Trump trade'', helping to lift the world''s stocks to 1-1/2-year highs. Asian shares were no exception, with MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS up 0.1 percent in early trade, and Australian shares at a 1-1/2-year high. Japan''s Nikkei .N225 , however, dropped 0.7 percent due to the yen''s gains. "What''s going on is a correction of the ''Trump trade'' since the election. The markets have been trying to fully price in his policies just based on hopes," said Koichi Yoshikawa, executive director of finance at Standard Chartered Bank. "From now on, it''s not going to be a simple one-way bet." The victory of Republican Donald Trump in the U.S. presidential election in November had sparked a major realignment in markets. Expectations of his tax cuts, fiscal spending and deregulations have boosted U.S. bond yields and the dollar, to the detriment of many emerging economies that have benefitted from cheap dollar funding and capital inflows from investors shunning low U.S. yields. The dollar slumped to a three-week low of 115.21 yen JPY= , having shed 1.6 percent on Thursday, its biggest fall in five months. It last stood at 115.54 yen. The euro also posted its biggest gain in seven months, of 1.1 percent, on Thursday and last fetched $1.0590 EUR= . The dollar''s index against a basket of six major currencies .DXY =USD tumbled to 101.40, falling more than two percent from its 14-year high of 103.82 set on Tuesday. Fuelling the dollar''s retreat was China''s move this week to clamp down on capital outflows and stem the fall in the yuan ahead of Trump''s inauguration on Jan. 20. The cost of borrowing the yuan HICNHONDF= has surged this week in Hong Kong, the main offshore yuan trading centre, making it too costly for speculators to sell the yuan against the dollar. The offshore yuan CNH=D4 gained more than two percent in the last two sessions, their biggest two-day gains on record, to a two-month high of 6.7833 per dollar. It last stood at 6.7939. Investors also rushed out of their selling positions in U.S. bonds, one of the most convincing plays since the election because Trump''s policies are seen as stoking inflation. The 10-year U.S. Treasuries yield hit a one-month low of 2.344 percent US10YT=RR, having fallen about 30 basis points from its two-year high of 2.641 percent touched on Dec. 15. Investors also scaled back their expectations of the Fed''s rate hikes this year, with Federal Funds rate futures <0#FF:> pricing in two rate hikes compared with two and a half at the peak in December. Markets largely shrugged off U.S. economic data published on Thursday which was generally strong. The increase in private payrolls was on the weaker side of market expectations, however, raising some concerns about the upcoming jobs data due at 1330 GMT. On Wall Street, the S&P 500 Index .SPX dipped 0.1 percent as retailers such as Macy''s ( M.N ) and Kohl''s ( KSS.N ) slumped on weak holiday sales. Financials were also hit by a fall in U.S. bond yields but hi-tech shares, which have underperformed since Trump''s election victory partly on concerns about his rocky relationship with Silicon Valley, shone. The Nasdaq Composite .IXIC rose 0.2 percent to hit a record high, led by gains in online retailer Amazon.com ( AMZN.O ). The dollar''s decline also helped to underpin many emerging markets, lifting MSCI''s broadest gauge of the world''s stock markets .MIWD PUS to 1-1/2-year high. It is up 1.8 percent since the start of 2017. Oil prices held firm, supported by news that Saudi Arabia had cut production to meet OPEC''s agreement to reduce output. International benchmark Brent crude futures LCOc1 rose 0.8 percent to settle at $56.89 a barrel on Thursday. West Texas Intermediate crude CLc1 were traded at $53.71 a barrel, down 0.1 percent in Asia but still up 1.2 percent for the week. (Editing by Jacqueline Wong) After banknote ban, India sees 7 percent growth in first half of 2017/18 - sources NEW DELHI India expects growth of around 7 percent in the first half of the next fiscal year, two officials said, painting a rosier picture for the economy than many economists after Prime Minister Narendra Modi''s shock move to abolish large banknotes.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN14Q03U'|'2017-01-06T07:59:00.000+02:00'
'dfba9f5378e673ed9402de33b1a7496ea65fbdf0'|'Carlyle explores sale of vitamin maker Nature''s Bounty - Bloomberg'|'Carlyle Group LP is exploring a sale of one of the largest U.S. herbal supplement maker, Nature''s Bounty Co, Bloomberg reported on Friday.Carlyle has held talks with potential advisers about selling the Ronkonkoma, New York-based Nature''s Bounty, Bloomberg reported, citing people familiar with the matter. ( bloom.bg/2jibKjG )Nature''s Bounty, formerly known as NBTY Inc, could fetch as much as $6 billion in a sale, Bloomberg reported. Carlyle bought NBTY in 2010.While finding a buyer for the whole business is the preferred option, the private equity may also decide to shop the international unit separately, Bloomberg said citing two of the people.Carlyle and Nature''s Bounty, whose brands include "Solgar" and "MET-Rx", were not available to comment outside regular U.S. business hours.(Reporting by Subrat Patnaik in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nature-s-bounty-m-a-carlyle-group-idINKBN14Q0Y0'|'2017-01-06T06:48:00.000+02:00'
'525b87164626b2266a369b5869841d503230261d'|'Southern European sub debt returns'|'Financials  04am EST Southern European sub debt returns * Intesa, Santander reopen market after seven-month hiatus * Bank of Cyprus Tier 2 mandate cements risk-on sentiment By Alice Gledhill LONDON, Jan 6 (IFR) - Intesa Sanpaolo and Santander seized on thriving issuance conditions to sell Southern Europe''s first broadly syndicated subordinated bonds since May 2016, signalling a change in fortunes for the region''s lenders. The banks reopened the euro Additional Tier 1 and Tier 2 markets respectively, a turnaround after benchmark supply evaporated in the second half of last year as challenging conditions and unappealing pricing kept mandates on the shelf. The sea-change in conditions has been such that even Bank of Cyprus is considering selling a euro Tier 2 that would be its first public debt sale since bailing in investors in 2013. Such a deal would be an encouraging sign for the region''s smaller, lower rated lenders. Bullish sentiment at the start of 2017 provided the catalyst to unblocking the pipeline and will help the banks build buffers of loss-absorbing debt to meet new regulatory requirements. "Credit spreads towards the end of December tightened nicely," said one syndicate official. "Levels become very palatable very quickly  A lot were priced out, but suddenly Italian and Spanish credits are looking a lot more likely to have access to the market." A Santander 1.5bn 3.25% Tier 2 due 2026, for example, tightened by 45bp last month to about 240bp over mid-swaps, while clarity around Banca Monte dei Paschi di Siena, which urgently needs to raise capital, also provided a boost. Intesa Sanpaolo proved virtually immune to the troubles in Italian banking. It priced the first public Italian AT1 benchmark since January 2016, a 1.25bn 7.75% perpetual non-call 10-year (Ba3 /B+/BB-/BB) issue, on 4.5bn of demand despite a minimal premium. "BMPS has got through about 75% of the saga, which is a positive result, and everyone thinks the UniCredit rights issue is going to work," said Matthew Rees, a portfolio manager at Legal & General Investment Management. "The tail risk has been massively reduced for Italian banks." STRICT DOOR POLICY Renewed market access will come as a relief for banks under pressure to shore up their balance sheets, and needing to comply with new global and European rules demanding higher stacks of loss-absorbing debt. Like other European jurisdictions, Spain and Italy are expected to introduce a new form of senior debt to help build those buffers, but the requisite legislation is unlikely to be passed before the second half of this year. Lenders are expected to prioritise Tier 2 issuance in the meantime, with CaixaBank a prime candidate after a deal was rumoured late last year. "The market would salivate," said the first banker. "It''s a good name, but pays a bit more spread." However, spreads may still be too high to swallow for smaller lenders. Banco de Credito Social Cooperativo and Banco Mare Nostrum were forced to pay 9% coupons for sub-benchmark Tier 2 trades in recent months, and others may prefer to see levels retrace further before trying their luck. The AT1 market looks even more challenging, particularly where lean capital buffers could see regulators force lenders to suspend coupons. "I don''t know if the market is there," said Andres Calzado Catala, head of Iberia FIG DCM at Nomura. " banks will do Tier 2 first, and then could look into AT1." LITMUS TEST Bank of Cyprus (Caa2/B-) will provide a gauge of investor sentiment towards Southern Europe''s lower rated lenders as it tries to bring a 10-year non-call five-year after a London roadshow early next week. Despite its chequered past, leads reckon there is now appetite for the credit, which must issue debt to comply with European rules known as Minimum Requirement for Own Funds and Eligible Liabilities. "The question is, when is the market willing and able to take them?" said one banker close to the deal. "At the back end of last year there was clearly volatility, but you can get things done in Q1 that you can''t in Q4, especially for more niche names." Bondholders suffered heavy losses during the Cypriot banking crisis, but the lender this week repaid in full its 11.4bn Emergency Liquidity Assistance in what it described as a "significant milestone" in its journey back to strength. "It''s certainly interesting," said Legal & General''s Rees. "It will be very high yielding and could definitely attract some faster money. If they are starting to get on the mend, it could be one of those restructuring stories that makes sense." (Reporting by Alice Gledhill, editing by Helene Durand, Matthew Davies) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/banks-bonds-idUSL5N1EV4KK'|'2017-01-06T23:04:00.000+02:00'
'2ef6a3a884f1686f647c07926d6d249ea133b129'|'MOVES-Dubai''s Network International appoints new CEO'|'DUBAI Jan 8 Network International, the largest payment processing firm across the Middle East and Africa, has appointed Simon Haslam as chief executive, it said on Sunday.Haslam, who was previously the president and chief executive of U.S.-based Elavon, succeeds Bhairav Trivedi, who will continue to serve as an adviser to the Network International board and also work on special projects for the firm during the transition period.The Dubai-based company is jointly owned by Emirates NBD , Dubai''s largest bank, and private equity firms, Warburg Pincus and General Atlantic. (Reporting by Tom Arnold; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/network-international-moves-idIND5N1EF00B'|'2017-01-08T08:43:00.000+02:00'
'36a11ea66400e2deb3c88e922aabb4b386a02266'|'UPDATE 2-Indonesia plans regulation to ensure bond dealers produce credible research'|'* Primary dealers must not disrupt financial system - official* Indonesia cut business ties with JPMorgan after downgrade* Emerging markets are vulnerable to capital outflows (Adds comment from analyst, bond ownership data, details)By Hidayat Setiaji and Gayatri SuroyoJAKARTA, Jan 6 Indonesia plans regulation to ensure primary bond dealers produce only research that is "credible", a senior finance ministry official said on Friday.Emerging markets, including Indonesia, are vulnerable to capital outflows after Donald Trump won the U.S. election and signalled more protectionist policies.Foreigners hold more than 37 percent of Indonesia''s government bonds, while the local capital market lacks depth and liquidity, making the perception of foreign investors particularly important for the Southeast Asian nation.Primary bond dealers have to ensure their assessments of Indonesia are based on facts and do not cause a disruption to the financial system, said Suahasil Nazara, the Finance Ministry''s head of fiscal policy office."The point is, the analysis has to be credible and correspond to factual data," Nazara said in a text message.A primary bond dealer is a bank or a securities firm appointed by the finance minister that can buy government bonds in auctions and resell them in the secondary market. Indonesia had 19 such dealers as of Nov. 25.Nazara''s comment came after Indonesia cut business ties with JPMorgan Chase & Co following a November downgrade by the U.S. bank in its Indonesian stocks recommendation, to "underweight" from "overweight".The Finance Ministry dropped JPMorgan''s services as a primary dealer for domestic sovereign bonds and as an underwriter for bonds sold to the global market.Foreign investors sold 20.15 trillion rupiah ($1.5 billion) of Indonesian government bonds in the three weeks after Trump won the U.S. presidential election on Nov. 8.JPMorgan''s skirmish with the Indonesian government highlights the conflict banks face when their analysts express a negative view on a country or a company.Banks ranging from Morgan Stanley in China to Banco Santander in Brazil have faced rows with governments in emerging markets, although the pressure has usually been less explicit than faced by JPMorgan in Indonesia.David Sumual, chief economist at PT Bank Central Asia Tbk (BCA), said the "fire-wall" between the bank''s business and research divisions had been reinforced since the global financial crisis in 2008.Sumual said his research is based on the data that is available to him, but "there''s still a disclaimer that this can change from time to time and the ultimate decision still lies with the investors."BCA is Indonesia''s biggest bank by market value and one of the country''s primary dealers. ($1 = 13,360.00 rupiah) (Reporting by Hidayat Setiaji and Gayatri Suroyo; Writing by Eveline Danubrata; Editing by Ed Davies and Janet Lawrence)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-bonds-research-idINL4N1EW3M3'|'2017-01-06T11:24:00.000+02:00'
'6df1fd489e543fd1c48de24c31e4ed39d614f63e'|'ECB''s Mersch says too early to declare victory over weak economy'|'Market News - Fri Jan 6, 2017 - 7:21am EST ECB''s Mersch says too early to declare victory over weak economy PARIS Jan 6 It is still premature to declare victory over economic weakness in the euro zone despite the latest figures showing a pick-up in inflation, European Central Bank Executive Board member Yves Mersch said on Friday. "Statistics from just one month is not going to change our position," Mersch told a conference in Paris. Mersch, considered a hawk, added that wages were not growing fast enough in the bloc to fuel inflationary pressure. Inflation - below the bank''s 2 percent target for over 3 years - is now on the way up, probably exceeding 1 percent early next year, in what could provide relief for the ECB but also an argument for hawks on its Governing Council to reduce stimulus. (Reporting by Leigh Thomas; Writing by Michel Rose; Editing by Sudip Kar-Gupta) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ecb-policy-mersch-idUSP6N1A500I'|'2017-01-06T19:21:00.000+02:00'
'cffa0b6871fd582aaec2b8d3d32b1fa726e27137'|'AB InBev and Keurig to develop alcoholic drinks dispenser for the home'|'Deals - Fri Jan 6, 2017 - 1:04pm EST AB InBev and Keurig to develop alcoholic drinks dispenser for the home View of Anheuser-Busch InBev logo outside the brewery headquarters in Leuven August 12, 2010. REUTERS/Jan Van De Vel LONDON Anheuser Busch InBev ( ABI.BR ) and Keurig Green Mountain have teamed up to develop a home appliance that could dispense alcoholic drinks in the home, similar to Keurig''s existing machine for soft drinks. The companies on Friday announced a research and development joint venture that will focus on the North American market with the aim of developing a system that could work with beer, spirits, cocktails and mixers. Financial terms of the venture were not disclosed. AB InBev is the world''s largest brewer with brands like Budweiser and Stella Artois. Keurig is part of privately held JAB Holding, owner of the world''s biggest standalone coffee business. (Reporting by Martinne Geller; editing by Susan Thomas) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-anheuser-busch-keurig-venture-idUSKBN14Q24Y'|'2017-01-07T01:04:00.000+02:00'
'6e6c6f64b15669faae2f1dfc00db44b342064081'|'TerraForm to sell some UK solar projects'|'  1:58pm GMT TerraForm to sell some UK solar projects TerraForm Power Inc ( TERP.O ), the "yieldco" of bankrupt solar company SunEdison Inc ( SUNEQ.PK ), said it would sell some UK solar projects to Vortex, the renewable energy investment platform of Egypt''s EFG Hermes ( HRHO.CA ), for about $580 million. TerraForm said on Friday its unit, TerraForm Power Operating LLC, would sell 24 operating solar projects representing 365 megawatts (MW). TerraForm Power will continue to own an 11 MW operating solar plant in the UK, which it expects to divest in the future. Yieldcos are publicly traded subsidiaries that hold renewable energy assets, including assets bought from their parents or sponsors. (Reporting by John Benny in Bengaluru; Editing by Maju Samuel)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-terraform-power-divestiture-idUKKBN14Q1NC'|'2017-01-06T20:58:00.000+02:00'
'cc819678d0491456775a993eddcb8864bb011912'|'The ''January effect'' for stock markets is fading - Goldman'|'Business News - Fri Jan 6, 2017 - 10:34am GMT The ''January effect'' for stock markets is fading - Goldman A trader works on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., January 5, 2017. REUTERS/Lucas Jackson By Helen Reid - LONDON LONDON U.S. and UK equity indexes holding near record highs, a brighter earnings outlook and rising forecasts for economic growth have all spurred talk of the "January effect," or the notion that the first month of the year is always bullish for stocks. Data suggests otherwise. A Goldman Sachs analysis of returns since 1999 noted that the January effect has faded compared to a longer history going back to 1974. 2016 was a particularly rough January for U.S. and European equity markets which suffered one of their worst starts to a calendar year on record. Since 1999 the data shows average performance for January has been -0.5 percent against +0.2 percent for all months, relegating the "January effect" to the status of market folklore. On average, the STOXX 600 has risen 1.5 percent in January since 1974, compared with an average of 0.7 percent for all months, thought those numbers are flattered by a 27 percent surge in January 1975. However, the bank''s analysis does find evidence that reallocations across regions are more common in January, a trend that has picked up over the past decade. The S&P 500 index is more likely to underperform the STOXX 600 in January, when the American index''s valuations look stretched at the end of the year, the Goldman''s research found. This could be because investors are more likely to shift their regional allocation into markets trading at a discount when starting new mandates at the beginning of the year. The S&P 500 trades at just above 17 times forward earnings, close to its highest since 2004, according to Thomson Reuters data. The STOXX 600 trades at about 15 times, putting the differential between the two near its widest in seven years. While the January effect is no longer as strong as it was, the other market adage -- "sell in May and go away" -- still held some truth particularly in Europe where stocks are generally weaker over the summer, Goldman wrote. (Reporting by Helen Reid, Editing by Vikram Subhedar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stocks-goldman-idUKKBN14Q158'|'2017-01-06T17:34:00.000+02:00'
'9d02cf4733e6574470aec6b1ae18a7c35ad20fdc'|'Lufthansa 2017 growth plans driven by Air Berlin, Brussels deals'|' 24pm GMT Lufthansa 2017 growth plans driven by Air Berlin, Brussels deals A Lufthansa aircraft moves on the tarmac of Riga International Airport in Riga, Latvia, December 21, 2016. REUTERS/Ints Kalnins By Victoria Bryan - BERLIN BERLIN Lufthansa ( LHAG.DE ) outlined plans for 4 percent capacity growth in 2017, not including recent deals to expand budget brand Eurowings, as Europe''s airlines engage in a race for customers against a backdrop of rising fuel prices. The German carrier said in an investor presentation on Friday that its network airlines - Lufthansa, Austrian and Swiss - would grow the number of seats on offer by 3 percent, while Eurowings would grow 19 percent. Including recent deals to lease 38 planes and crew from Air Berlin plus take over Brussels Airlines, group growth would be a reported 12.5 percent, according to the slides. UBS earlier downgraded Lufthansa shares to "sell" from "neutral", saying it was concerned that yields - a measure of pricing - would remain negative in 2017, as European carriers continue to add seats despite likely being unable to pass on increased fuel costs to passengers. Expanding Eurowings is Lufthansa''s response to the rise of low-cost carriers in Europe, notably Ryanair ( RYA.I ), which is set to usurp Lufthansa as Europe''s largest carrier by passenger numbers, after the Irish budget airline said it carried 117 million people last year, a 15 percent increase on 2015. Up until the end of November the Lufthansa group had carried almost 102 million passengers and typically carries 8-9 million in the last month of the year, meaning it is unlikely to catch Ryanair when it reports annual passenger numbers on Tuesday. Showing a wish to take some capacity out of the market as well, Lufthansa said that of the 33 A320 planes coming to Eurowings from the Air Berlin lease deal, up to 20 would be used to replace existing Eurowings planes that currently run at higher costs. Lufthansa estimated its fuel costs would rise to 5.3 billion euros ($5.60 billion) in 2017, from 4.9 billion in 2016. The group had previously predicted a 2016 fuel bill of 4.85 billion euros and said fuel costs had risen more than expected in the fourth quarter due to the rising oil price and a strengthening dollar. Lufthansa also on Friday confirmed a forecast for 2016''s adjusted earnings before interest and tax (EBIT) to remain around 2015''s level of 1.8 billion euros. It is expected to give a first forecast for 2017 profit when it reports full-year results in March. Barclays analysts earlier said they expected it would be difficult for Lufthansa to maintain adjusted EBIT at 2016 levels this year, given rising fuel prices. (Reporting by Victoria Bryan; Editing by Adrian Croft)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lufthansa-outlook-idUKKBN14Q21M'|'2017-01-07T00:01:00.000+02:00'
'66fa609bfe5a32dd779cc60dc6ac67d249ac4cbc'|'Canada''s competition watchdog closes two-year Apple probe'|'Technology News - Fri Jan 6, 2017 - 10:56am EST Canada''s competition watchdog closes two-year Apple probe People walk by the Apple Store in the Eaton Centre shopping mall in Toronto, March 16, 2012. REUTERS/Mark Blinch TORONTO Canada''s Competition Bureau on Friday said it had not found sufficient evidence that Apple Inc had engaged in anti-competitive conduct, closing a two-year investigation into the iPhone maker. The watchdog launched a probe into Apple''s business practices in December 2014 to investigate allegations the company''s Canadian unit had used anti-competitive clauses to force domestic operators to sell rival devices at higher prices than they otherwise would have and restricting how they could market and sell iPhones. "The Bureau did not find evidence to suggest that the Apple terms resulted in a significant effect on competition," the antitrust watchdog said in a statement. (Reporting by Alastair Sharp; Editing by Paul Simao) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-canada-apple-idUSKBN14Q1W0'|'2017-01-06T22:56:00.000+02:00'
'3f2b0c7b59e71c5144ae200fd7fa888990b656f4'|'Rex Tillerson cuts ties with Exxon Mobil via $180m retirement package - US news'|'Rex Tillerson, Donald Trump’s nominee for secretary of state, is severing ties with Exxon Mobil through a $180m retirement package one week before his Senate confirmation hearing begins.Rex Tillerson named as Donald Trump''s secretary of state Read moreTillerson will surrender, if confirmed, all unpaid stock that was part of his pay package, more than two million shares. In exchange, the company will make a cash payment equal to the value of those shares to a trust to be overseen by a third party, according to a regulatory filing Wednesday with the Securities and Exchange Commission.Because of the way the compensation is being dispensed, Tillerson will give up about $7m, compared with what he would have been paid had he retired in March as he had planned to do before the nomination.Tillerson, who worked for Exxon for more than 40 years, would have reached the company’s mandatory retirement age of 65 by March, after which he would have received the payout from Exxon over a period of 10 years.If Tillerson returns to the oil and gas industry within 10 years, the money in the trust would be paid out to charities of the controlling trustee’s choosing.With the appointment of Tillerson as secretary of state comes a host of thorny conflict-of-interest issues . The placing of the funds into a trust is intended to allay concerns that decisions made by Tillerson as a member of the Trump cabinet could help him or his former associates.Darren Woods, a 25-year Exxon veteran who had served as the company’s president, took over as CEO of Exxon Mobil at the start of the new year.Tillerson began his career at Exxon as a production engineer straight out of the University of Texas at Austin in 1975. He replaced longtime CEO Lee Raymond in 2006 and led the company during one of the most turbulent periods in its history, which included the 2008 financial crisis, and a collapse in oil prices since mid-2014 that has sharply diluted Exxon’s profits.'|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/us-news/2017/jan/04/rex-tillerson-exxon-mobil-retirement-package-secretary-state'|'2017-01-04T22:16:00.000+02:00'
'831b5f214f2c4cb11d05ff1deb4ae9584ce25868'|'MOVES-Jefferies hires two energy bankers from Barclays'|'By Davide Scigliuzzo NEW YORK, Jan 5 (IFR) - Jefferies has hired two senior leveraged finance bankers focused on the energy sector from Barclays, two people familiar with the situation told IFR on Thursday.The pair, Paul Cugno and Robert Anderson, will start in their new roles as managing directors on Monday.They have worked together for 12 years, first at Lehman Brothers and then at Barclays after the British bank purchased the former''s North American investment banking and capital markets business in 2008.At Barclays, Cugno most recently served as head of natural resources, power and infrastructure debt capital markets, while Anderson worked as a managing director in the high-yield and leveraged loan capital markets group.Cugno joined Lehman''s leveraged finance business in 2000 after a three-year stint at Scotia Capital, while Anderson joined the bank in 2004, according to their LinkedIn profiles.Jefferies has made an aggressive push to bolster its leveraged financing business in recent months, attempting to hire a number of senior investment bankers from Credit Suisse before the Swiss bank managed to convince the majority of them to stay.Barclays declined to comment. (Reporting by Davide Scigliuzzo; Editing by Natalie Harrison)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/moves-jefferies-cugno-anderson-idINL1N1EV22A'|'2017-01-05T20:03:00.000+02:00'
'55266b13f722eb10e6a61c53066936b9fa45fd81'|'South Korea court convicts ex-Reckitt Benckiser unit chief in sterilizer case'|'Fri Jan 6, 2017 - 3:08am GMT South Korea court convicts ex-Reckitt Benckiser unit chief in sterilizer case A protestor poses with a sample bottle during a demonstration ahead of Reckitt Benckiser''s annual general meeting, over claims that a sterilising hygiene product made by the company has led to deaths in South Korea, in London, Britain May 5, 2016. REUTERS/Toby Melville SEOUL A South Korean court convicted on Friday a former head of the local unit of the British consumer goods maker Reckitt Benckiser ( RB.L ) over the sale of humidifier sterilizers linked to deadly lung injuries, sentencing him to seven years in prison, Yonhap news agency said. The Seoul Central District Court found the former executive, Shin Hyun-woo, guilty of criminal negligence for failing to inspect the safety of the product and allowing its sale, Yonhap reported. In May last year, the current head of the company''s South Korean unit apologized and accepted responsibility. The South Korean government said in 2015 that 92 people were believed to have died from causes related to humidifier sterilizer products, not all of them made by the Reckitt Benckiser unit. (Reporting by Jack Kim; Editing by Stephen Coates) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-reckitt-benc-grp-southkorea-idUKKBN14Q09F'|'2017-01-06T09:59:00.000+02:00'
'9ddb9283aac85e5e50da9916dc0d9338d5db0e4d'|'Walmart Canada, Visa reach deal after fee dispute'|'  6:00pm EST Walmart Canada, Visa reach deal after fee dispute TORONTO Jan 5 Wal-Mart Stores Inc and Visa Inc reached an agreement to continue offering Visa as a payment option for customers in Canada, the two companies said on Thursday. Last summer, Walmart Canada said it would stop accepting Visa cards after a public dispute with the credit card provider over what the retail giant called "unacceptably high" merchant fees. Three stores in Thunder Bay, Ontario, and 16 stores in the province of Manitoba were impacted by the initial roll-out of the decision last year. These stores will resume accepting Visa on Friday. A Walmart Canada spokesman said details of the agreement were confidential. The original decision would have eventually impacted more than 370 outlets across Canada. No U.S. locations were affected. Retailers have long complained about merchant fees charged by credit card companies. But Walmart and Visa''s negotiations were unusually public, with Visa taking up ads in Canadian newspapers, saying Walmart was using its customers as pawns in its bid to get lower fees. (Reporting by Solarina Ho; Editing by Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/walmart-visa-canada-idUSL1N1EV1W3'|'2017-01-06T06:00:00.000+02:00'
'c16214c75e4b777d57947208fe2f5bb87227fc9d'|'China''s 2016/2017 sugar output at more than 2.3 million tonnes by last December - state planner'|'Money  18pm IST China''s 2016/2017 sugar output at more than 2.3 million tonnes by last December - state planner Labourers work on piles of sugarcanes at a sugar refinery in Menghai county, Yunnan province December 6, 2011. REUTERS/Wong Campion/Files BEIJING China''s 2016/17 sugar production had reached more than 2.3 million tonnes by December, the state planner said on Friday, citing data from the China Sugar Association. One of the world''s top sugar importers, China''s crushing season typically starts each year in November. Sales in the 2016/17 season so far have reached 1.2 million tonnes, added the National Development and Reform Commission. (Reporting by Beijing Monitoring Desk and Dominique Patton) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-sugar-idINKBN14Q0K0'|'2017-01-06T13:48:00.000+02:00'
'12b7586e8a3a941330066ab74ebae3efb824424d'|'MIDEAST STOCKS-UAE markets rise in early trade, rest of Gulf little changed'|'Financials - Sun Jan 8, 2017 - 2:45am EST MIDEAST STOCKS-UAE markets rise in early trade, rest of Gulf little changed DUBAI Jan 8 United Arab Emirates stock markets rose in early trade on Sunday, boosted by local retail investors'' buying stocks priced below 1 dirham, while most other Gulf bourses moved little. Dubai''s index climbed 1.3 percent to 3,675 points in the first 90 minutes, testing technical resistance at the mid-December peak of 3,659 points. Nine of the 10 most heavily traded stocks rose and six of them were priced below 1 dirham. Two of them were insurance firms, with Dubai Islamic Insurance jumping 8.3 percent and Islamic Arab Insurance adding 6.5 percent. For the past couple of weeks, some traders have been speculating there may be mergers in the insurance industry following last year''s news of a big Abu Dhabi banking merger. Abu Dhabi''s index climbed 0.6 percent in a broad-based rise, with Abu Dhabi National Bank gaining 2.3 percent. Elsewhere, local investors were less positive. Qatar''s index edged down 0.1 percent as Mesaieed Petrochemical , the most heavily traded stock, slipped 1.8 percent. Gulf Warehousing fell 1.2 percent despite recommending an annual cash dividend of 1.60 riyals per share, up slightly from 1.50 riyals in the previous year. It said net profit climbed 11 percent last year. Saudi Arabia''s index edged up 0.2 percent with much activity again focusing on lower-priced, second-tier stocks favoured by local retail investors rather than institutions. However, builder Abdullah Abdul Mohsin al-Khodari and Sons rose 3.1 percent after saying it had secured a 69 million riyal ($18.4 million) contract from the Ministry of Environment, Water and Agriculture. (Reporting by Andrew Torchia; Editing by Mark Potter) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1EY039'|'2017-01-08T14:45:00.000+02:00'
'77cb56b3a61a8a565532a31181fce6306e708465'|'RPT-Automakers, suppliers team up to share costs of self-driving cars'|'By Paul Lienert and Alexandria Sage - LAS VEGAS LAS VEGAS Jan 8 Automotive suppliers and automakers are expanding alliances to develop self-driving car technology that can serve multiple automakers, as the race to put such vehicles on the road separates companies that can go it alone from those that need help sharing the financial and technical burdens.While some companies, such as Tesla Motors, General Motors and Ford Motor, are trying to develop proprietary driverless systems, a larger group of automakers appears to have decided it makes more sense to develop self-driving technology in collaboration with suppliers - as many other features such as anti-lock brakes or radar-enabled cruise control already are."What''s going on in the industry right now is like a hyper version of musical chairs - and the music is still playing," said Gill Pratt, chief executive officer of Toyota Research Institute. "Everyone is changing partners."Several suppliers - notably Mobileye, Nvidia and Delphi Automotive - are among the more popular technology partners in the self-driving race, with multiple alliances around the globe."If you want to build a truly autonomous car, this is a task for more than one player," said Amnon Shashua, chief executive of Mobileye, an Israeli-based supplier of mapping and vision-based sensing systems."The technological challenges are immense," Shashua told Reuters. "I would compare it to sending a man to the moon."Mobileye supplies cameras, chips and software for driver assist systems - the building blocks for self-driving cars - to more than two dozen manufacturers around the globe. The company was an early supplier of vision systems to Tesla, but the two companies had an acrimonious and public breakup last summer after the driver of a Tesla Model S was killed while operating his vehicle using Tesla''s Autopilot system.Since the break with Tesla, Mobileye has secured two critical partnerships to develop self-driving systems: With German automaker BMW and U.S. chipmaker Intel , and with longtime supplier Delphi.The Delphi-Mobileye alliance involves a turn-key system that the partners plan to offer to smaller automakers that lack the resources to develop such systems on their own. It will be ready for production by 2019, said Jeff Owens, Delphi''s chief technology officer, with a projected wholesale cost of about $8,000.The alliance with BMW and Intel is expected to draw additional vehicle manufacturers and suppliers, according to Elmar Frickenstein, BMW''s senior vice president for automated driving."We would like to create a standard system for everybody to use by 2021," Frickenstein said. "That would share the costs and speed up the process of development and adoption."Eventually, BMW and its partners could offer self-driving hardware and software sets or an entire driverless system on a non-exclusive basis to companies ranging from Uber to Google, Frickenstein said.A blueprint for collaboration is BMW''s joint ownership with Daimler AG and Volkswagen AG''s Audi of Here, the mapping company acquired in late 2015 from Nokia . Since then, both Intel and Mobileye have teamed with Here to pool and share data.Chipmaker Nvidia also is ramping up its partnerships in self-driving technology and systems, this week announcing deals with Audi and Here, as well as German suppliers ZF and Bosch."We''re not looking to develop a proprietary system," said Dirk Hoheisel, the member of Bosch''s board of management who oversees autonomous driving. "We want to work with others to develop a standard platform and open standards for self-driving systems, especially around data and mapping."While pursuing similar partnerships with suppliers, Audi sees its role as a vehicle manufacturer evolving to that of systems integrator."There''s not one supplier out there who can provide the whole solution - no one who knows everything, every part of what''s needed to make an autonomous car," said Alejandro Vukotich, Audi''s head of development for driver assistance systems.Some key components of self-driving systems - cybersecurity, for instance - should remain the responsibility of vehicle manufacturers, said Guillaume Devauchelle, head of innovation and scientific development at French supplier Valeo.But carmakers also will continue to rely on suppliers to provide specific self-driving technologies, he said."There will be a mix because it''s quite a complex system (with) sensing, data fusion, artificial intelligence, connectivity, man-machine interface and so on," Devauchelle said. "Those are big blocks." (Reporting by Paul Lienert and Alexandria Sage in Las Vegas; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-autos-selfdriving-idINL1N1EW1U7'|'2017-01-08T09:00:00.000+02:00'
'71a5cd20e0028c9a792bf1e4484daa8c62067b9b'|'Shanghai suspends sales of commercial office projects'|'Global Energy News - Sun Jan 8, 2017 - 4:17am GMT Shanghai suspends sales of commercial office projects SHANGHAI Municipal authorities in Shanghai suspended sales of commercial office projects from Jan. 6, in the latest move to crack down on irregularities in the property market amid concerns about soaring prices. The suspension came after the municipality''s housing and urban-rural development committee received increasing complaints about "illegal sales and unauthorized alterations" to commercial housing projects, it said in an online statement published over the weekend. "The committee, along with other relevant departments, has launched the focused clean-ups and verifications starting Jan. 6, and signing contracts online for such projects would be suspended during the period," it said. The committee added that it had found "relatively serious unauthorized changes" to commercial office projects in the city, with some privately installing gas pipelines to change the nature of the use of the housing. Housing developers used "false propaganda to seriously mislead housing buyers" for such projects, according to the statement. Media reported in late December that the city had suspended planning and management approvals for apartment-style office buildings that have residential function. The country''s first- and second- tier cities have rolled out a slew of measures over the past few months, including higher mortgage down payments and tighter real estate-related loans, in an attempt to cool their housing markets after a rally in housing prices. (Reporting by Winni Zhou, Yawen Chen and Alexandra Harney; Editing by Kim Coghill) Next In Global Energy News U.S. drillers add oil rigs for 10th week in a row -Baker Hughes Jan 6 U.S. energy companies this week added oil rigs for a tenth week in a row, extending the drilling recovery into an eighth month as crude prices remained near an 18-month high. Drillers added four oil rigs in the week to Jan. 6, bringing the total count up to 529, the most since December 2015, energy services firm Baker Hughes Inc said on Friday. That was the first time the current rig count topped the year ago level since January 2015. A year ago,'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-property-shanghai-idUKKBN14S031'|'2017-01-08T11:17:00.000+02:00'
'37fbece8aed9d684634198fd0ba07751952bf5ef'|'China Mengniu offers to buy out Modern Dairy for $826 million'|'HONG KONG China Mengniu Dairy Co Ltd ( 2319.HK ) has offered to buy out China Modern Dairy Holdings Ltd ( 1117.HK ) for $826 million in a deal that will help it secure a stable supply of raw milk.This follows China Mengniu''s purchase of 965.47 million shares in Modern Dairy at HK$1.94 apiece, from a joint venture of KKR China Growth Fund L.P. ( KKR.N ) and CDH Fund IV L.P, that raised its stake in Modern Dairy to 39.9 percent from the current 25.4 percent. Under Hong Kong''s corporate rules, the owner of more than a 30 percent stake in a company will have to make an offer to buy out the shares it does not already own.China Mengniu said it will make an offer for the remaining China Modern Dairy shares at the same price of HK$1.94 each, a 7-percent premium to their Wednesday close. It expects to spend another HK$6.4 billion ($826 million) on that transaction, boosting its stake further to 91 percent.China Modern Dairy shares surged almost 10 percent to HK$1.98 - the highest since Dec. 14 - after news of the offer. China Mengniu''s stock fell as much as 2 percent, versus a near 1 percent gain in the benchmark Hang Seng Index .HSI .Following the deal, Modern Dairy will remain listed in Hong Kong as some of its shareholders, including Chief Executive Lina Gao, said they would not sell their stocks, the filing shows.China Mengniu said it would fund the purchase through internal resources and external debt facilities.The deal will enhance the business collaboration and will ensure the continuity of high quality and safe raw milk supply to Mengniu Group, the filing said.Headquartered in China''s eastern province of Anhui, China Modern Dairy is the country''s largest dairy farming firm in terms of herd size and the largest raw milk producer.(Reporting by Donny Kwok; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-mengniu-dairy-china-modern-dairy-idUSKBN14P0AV'|'2017-01-05T07:02:00.000+02:00'
'd51052ccf2b12607cb497a68e745e6470cfed913'|'Alexion says no need to revise earnings, shares rise'|'Jan 4 Alexion Pharmaceuticals Inc on Wednesday filed its delayed third-quarter 2016 financial report with U.S. regulators and said an investigation into allegations regarding sales practices found no need to restate previous financial results.Shares of Alexion, which rose 3.7 percent to close at $127.11 in regular trading, were up more than 6 percent after hours.The biotechnology company disclosed in November it was investigating allegations made by a former employee regarding sales practices involving its costly blood disorder drug Soliris.Alexion said Wednesday its board''s audit and finance committee found no instances of improper revenue recognition, but did find a material weakness in internal controls over financial reporting as of December 31, 2015 and subsequent quarters. This was attributed to "senior management not setting an appropriate tone at the top."Alexion said it would report full-year 2016 results, and its financial outlook, on February 16. The company said it still expected full-year 2016 adjusted earnings per share of $4.50 to $4.65 on revenue of $3.05 billion to $3.10 billion.Alexion reported third quarter results in October but delayed filing its 10-Q financial report for the period while it carried out the internal investigation.The company last month announced the resignations of its chief executive officer and chief financial officer."We have already initiated remedial actions to maintain a strong internal control environment and are committed to setting a tone at the top that is fully aligned with our ethical standards and values," interim CEO David Brennan said in a statement. (Reporting by Deena Beasley; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/alexion-pharms-outlook-idINL1N1EU1U2'|'2017-01-04T21:07:00.000+02:00'
'0be6607f68031d6d31cb50deae3ae39d023d56fc'|'China''s banking regulator to bolster private bank supervision'|'BEIJING Jan 5 China''s banking regulator on Thursday issued guidelines aimed at strengthening governance at the country''s emerging private banks, the latest move by regulators to beef up risk management among financial services firms.The China Banking Regulatory Commission (CBRC) guidelines call for private banks to exercise prudential supervision in such areas as related-party transactions, while clearly defining their business strategy, according to a notice published on the CBRC website.(Reporting by Beijing Monitoring Desk; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-banking-regulator-idINB9N1EN00W'|'2017-01-05T08:20:00.000+02:00'
'2f7d18906444ab47edfeb52949a2eef646418e87'|'UPDATE 1-U.S. Democrats, citing Russia, Exxon, want Tillerson hearing delay'|'Company News - Wed Jan 4, 2017 - 7:15pm EST UPDATE 1-U.S. Democrats, citing Russia, Exxon, want Tillerson hearing delay (Updates with quotes from McCain, Coons) By Patricia Zengerle WASHINGTON Jan 4 Rex Tillerson, President-elect Donald Trump''s nominee for secretary of state, won over Republicans during meetings at the U.S. Senate on Wednesday, but Democrats want more time to consider his record, especially his ties to Russia. Senator Bob Corker, the Republican chairman of the Senate Foreign Relations Committee, described Tillerson as "very much in the mainstream" of U.S. foreign policy thinking. Tillerson, Exxon Mobil''s former chairman and chief executive, drove the company''s expansion in Russia and opposed sanctions imposed over its annexation of Crimea. Many lawmakers, including Republicans, have expressed concerns about Tillerson''s relationship with Moscow, given its differences with Washington not only over Ukraine but the civil war in Syria. Asked on Wednesday if he could support Tillerson, Republican Senator John McCain, a leading U.S. critic of Russia, told reporters: "Sure. There''s also a realistic scenario that pigs fly," the Houston Chronicle reported. U.S. intelligence officials have concluded that Russia intervened in the 2016 election to help the Republican Trump. Corker, whose committee will conduct Tillerson''s confirmation hearing, which is expected to start on Jan. 11, told reporters he was comfortable Tillerson would lead a robust U.S. policy toward Russia. Senator Ben Cardin, the top Democrat on the foreign relations panel, said after his meeting with Tillerson that he had not reached any conclusion on him. "We''re just at the beginning of the process," Cardin told reporters after spending about an hour with the nominee. Tillerson did not speak to reporters. Russia and Tillerson''s view of sanctions are expected to be a focus of Tillerson''s confirmation hearing, which could last for two days next week. Democrats have called for a delay before Tillerson''s hearing, given the complexity of his financial records and ties to Exxon after spending decades at the oil giant. Cardin said it was too soon to discuss Tillerson''s agreement announced late on Tuesday to sever all ties to Exxon Mobil to comply with conflict-of-interest requirements. Senator Chris Coons, another Democrat on the foreign relations panel, said next week may be too soon for the hearing, given Republicans'' plans to vote at the same time to repeal Democratic President Barack Obama''s healthcare law. "It strikes me as trying to get too many things done at the same time," he said. Coons said he was "generally encouraged" by some of Tillerson''s answers during their 1-1/2-hour meeting but had not decided whether to support his nomination. (Reporting by Patricia Zengerle; Additional reporting by Susan Cornwell; Editing by Alistair Bell and Peter Cooney) Next In Company News Suntory not considering listing US unit Beam TOKYO, Jan 5 Suntory Holdings Ltd said on Thursday it was not considering an initial public offering of Beam Suntory Inc, denying a media report that it was eying a listing of its U.S. spirits unit on the New York Stock Exchange.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-congress-tillerson-idUSL1N1EU1SP'|'2017-01-05T07:15:00.000+02:00'
'd1110377525bec9d774e56987871eac27e513a51'|'Irish services sector rebounds further from Brexit lows - PMI'|'Business News - Thu Jan 5, 2017 - 7:49am GMT Irish services sector rebounds further from Brexit lows - PMI A general view of the inside of the Coffee To Get Her restaurant near Dublin city centre which becomes a bar and club in the evenings October 8, 2012. REUTERS/Cathal McNaughton DUBLIN Growth in Ireland''s services strengthened in December, returning to near the level it had reached before neighbouring Britain voted to leave the European Union, a survey showed on Thursday. Given the countries'' close trading links, Ireland is widely considered the EU economy most at risk from Britain''s decision to leave. Growth slowed in both services and manufacturing after the British referendum in June. After the reading for manufacturing activity rose to its highest level in 17 months earlier this week, the Investec Services Purchasing Managers'' Index improved to a five-month high of 59.1 in December from 56.0 in November. That kept the index well above the 50 mark that separates growth from contraction, after it fell to a three-and-a-half- year low of 54.6 in October from a near-perfect three-year run above the 60-mark before the referendum. It was also ahead of the euro zone average of 54.4 in December, which was the fastest increase in activity in five-and-a-half years, as a weaker currency boosted demand for goods and services across the 19 euro states. The sub-index measuring new export orders among Irish firms, which contracted for the first time since 2011 in November, rose to 54.1 from 49.8, a recovery some respondents put down to new business from Britain. "The rate of growth in activity across much of Ireland''s private sector picked up in late 2016 after the ''soft patch'' endured in the wake of the UK''s vote for Brexit," Investec Ireland chief economist Philip O''Sullivan said, referring to both Irish PMI surveys. "While political developments have the potential to put a dent in the pace of growth once again this year, we draw comfort from the fact that the Irish manufacturing and services sectors proved sufficiently resilient to continue expanding in spite of all the challenges that the past year produced." Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-economy-pmi-idUKKBN14P0MS'|'2017-01-05T14:49:00.000+02:00'
'7aa59c17261e900cc401459da9335270731f7fb2'|'Christmas boost for easyJet as 5.6m people fly in December'|'EasyJet enjoyed a big rise in passenger numbers in December as Britons put aside concerns about the falling pound to seek out winter sun in the Canaries or Spain. European city breaks were also popular in the run-up to Christmas.The budget airline flew nearly 5.6 million passengers last month, 731,720 more than a year earlier – a 15.1% rise. This took the number of passengers transported in 2016 to 74.5 million, up 6.6% on the previous year.Lower fares have helped, with easyJet cutting prices by about 6% in each of the past two years, passing on lower fuel costs in the wake of the oil price slump. Fuel makes up a third of the airline’s overall costs.Traffic to Mediterranean beach destinations rose by nearly a quarter, as Brits headed to Tenerife, Lanzarote and Malaga, as well as taking a new route to La Palma.EasyJet profits fall due to weak pound and discount fares Read more Figures from Gatwick, also released on Friday, painted a similar picture. Britain’s second largest airport said 43 million people travelled through it last year – a new record. The airport recorded 3.1 million passengers in December, 15% more than a year earlier. The airport operator said there was a clear split in December, with travellers opting for either very cold or very hot climes. Popular wintry destinations included Finland and Iceland, while winter sun was sought in La Palma, the Canary Islands, St Lucia and Providenciales in the Turks and Caicos Islands.EasyJet said passengers also flocked to cities across Europe in the run-up to Christmas, with a year-on-year increase of 15% in December. Among the most popular destinations were London, Amsterdam, Paris, Geneva and Milan. Many Brits also flew home for Christmas, with travel within the UK increasing by 16% year on year.EasyJet vows to recruit more female pilots Read more This comes as welcome news for the airline, which had a rough ride over the year as a whole. EasyJet recorded a sharp fall in annual profits – its first decline in six years – after being hit by the slide in sterling, multiple terrorist attacks and airport strikes. It expects a further drop this year.Its rival Ryanair also recorded strong growth in passenger numbers in December: earlier this week it reported a 20% rise to 9 million customers. The Irish carrier transported 117 million people last year, up 15% on 2015.Long-haul travel is also booming, according to Gatwick, growing nearly 27% last month. Toronto airport saw the biggest increase in passenger numbers in 2016, at 97%, as holidaymakers followed in Prince Harry’s footsteps . Belfast International was also popular, with an 83% jump in passenger numbers last year. Gatwick credited the “Game of Thrones effect” as tourists travelled to Northern Ireland to visit locations for the TV series .'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/06/christmas-boost-for-easyjet-as-56m-people-fly-in-december'|'2017-01-06T16:59:00.000+02:00'
'6a7796f360a127ed5680b861cc2bb2bbb689edd4'|'Obama''s labour market report card: not bad, could have done better - Business'|'So that’s it. The last jobs report of Barack Obama’s presidency has been published and the figures encapsulate his eight-year presidency. Job creation in December was not bad at 156,000, simply a bit mediocre. Better was expected.In Obama’s defence, he was left the worse possible legacy. The world’s biggest economy was in freefall when he arrived in the White House in early 2009. Lehman Brothers had gone bust six weeks before the November 2008 presidential election and the Federal Reserve had taken emergency action to stimulate growth as fears grew that the clock was about to be turned back to the 1930s.The full Grapes of Wrath nightmare was avoided, but the economy lost jobs in every month of 2009 and didn’t start to recover until February 2010. Since then, jobs have been created every month.It’s hard to overestimate the importance of a strong labour market for the US. The health of the jobs market matters for every country, but more so in the US because by the standards of the developed world, it has a relatively ungenerous welfare state.So how does Obama’s record stack up? The answer is that it depends on what is measured and what it is measured against.By the standards of his predecessors in the White House during the seven decades since the end of the second world war, Obama’s record is distinctly modest. The number of employed people increased on average by around 1% a year over his two terms. Only three presidents since 1945 - the two George Bushes and Dwight Eisenhower - have a worse record.The monthly increase or decrease in non-farm payrolls is a key indicator of the health of the US jobs market, but it is not the only one. Another yardstick, the total labour market participation rate, has been falling steadily since the late 1990s and dropped more steeply under Obama than under George W Bush. The US participation rate is 10 percentage points lower than that of the UK.As in Britain, the recovery from the financial crisis has seen weak wage growth, especially during Obama’s first term. The squeeze on real wages has meant the gap between rich and poor has continued to widen.If the comparison is with other developed countries, the US does better, at least in terms of job creation and unemployment. Donald Trump arrives in the White House with the jobless rate at 4.7%, less than half that of the eurozone, and reasonably close to what the Federal Reserve considers to be full employment.The main reason for the divergence in labour market performance between the US and Europe over the past eight years is that US policy has been much more strongly skewed towards stimulus.The guiding principle has been the need to avoid a second Great Depression, while eurozone policy makers have, at least until recently, focussed on keeping inflation low.The Fed was quicker to cut interest rates than the European Central Bank, and years ahead in its willingness to use quantitative easing - bond purchases from the private sector - as a way of creating money. It was a priority for Obama in his first term to sort out the bad-debt problems of US banks. Europe is still struggling with weak banks burdened with non-performing loans.Would Hillary Clinton have won the 2016 presidential election had Obama’s labour market record been better? Perhaps, although it is worth pointing out that the much stronger jobs and wage growth under Bill Clinton failed to prevent Al Gore losing -admittedly controversially - in 2000.What can be said is that Obama leaves the US labour market in better shape than he found it, bequeathing Trump a much better legacy than he received himself.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/06/obamas-labour-market-report-card-not-bad-could-have-done-better'|'2017-01-06T22:17:00.000+02:00'
'cb1304bf4ceef04c85ad7d32708f8cc3b5604b2a'|'Google pushes virtual reality harder with new phones from partners'|'  1:26am GMT Google pushes virtual reality harder with new phones from partners left right Amit Singh, vice president of Google business operations virtual reality and augmented reality speaks during the Huawei keynote address at CES in Las Vegas, January 5, 2017. REUTERS/Rick Wilking 1/5 left right Amit Singh, vice president of Google business operations virtual reality and augmented reality speaks during the Huawei keynote address at CES in Las Vegas, January 5, 2017. REUTERS/Rick Wilking 2/5 left right Amit Singh, vice president of Google business operations virtual reality and augmented reality speaks during the Huawei keynote address at CES in Las Vegas, January 5, 2017. REUTERS/Rick Wilking 3/5 left right Amit Singh, vice president of Google business operations virtual reality and augmented reality talks about his company''s VR headset during the Huawei keynote address at CES in Las Vegas, January 5, 2017. REUTERS/Rick Wilking 4/5 left right Amit Singh, vice president of Google business operations virtual reality and augmented reality speaks during the Huawei keynote address at CES in Las Vegas, January 5, 2017. REUTERS/Rick Wilking 5/5 By Julia Love Alphabet Inc''s Google ( GOOGL.O ) quickened the pace of its push into virtual and augmented reality this week as its hardware partners announced new devices featuring the company’s technology at the CES electronics show in Las Vegas. Google has been trying to position the vast network of smartphones running its Android operating system for virtual and augmented reality, known as VR and AR, fields that many in the technology industry say are poised to go mainstream after years of niche appeal. Chinese manufacturer Huawei Technologies Co [HWT.UL] announced on Thursday that two of its phones will soon work with Daydream View, a VR headset released last year by Google. Meanwhile, Taiwanese manufacturer AsusTek Computer Inc ( 2357.TW ) announced that its ZenFone AR will support both Daydream and Google’s Tango software for AR, in which computer-generated content is overlaid on the real world. While the announcements expand the line-up of participating phones, Google still has much to do to take its technology to the masses, said analyst Jan Dawson of Jackdaw Research, noting that Samsung Electronics Co ( 005930.KS ), the largest Android manufacturer, has yet to sign on. “Google’s ecosystem for both AR and VR is in the very early days,” he said. As growth in the global smartphone market shows signs of slowing, some manufacturers are voicing optimism that AR and VR will revive consumer enthusiasm. “This is the next wave of technology that is really going to get consumers excited about smartphones,” Erik Hermanson, Asus’s head of marketing for mobile products, said at the show. But mainstream consumer interest in the technology remains largely unproven. Apps might be expected to stimulate demand, but until Google’s technology is available on a wider range of phones, it will be tough to persuade developers to build for the platform, analysts said. “We are waiting for app developers to really use the platform for what it’s for,” Amit Singh, a vice president for VR at Google, told reporters. In addition to supporting Daydream, Huawei said that it is exploring opportunities for Tango with Google. The Asus phone became the first to support both technologies. Google has stressed that the programs do not overlap for now, but by pursuing both, the company can position itself for success regardless of whether AR or VR becomes a mainstream hit. “By having options for both, they can cover the full potential market,” said analyst Bob O’Donnell of TECHnalysis Research. (Reporting by Julia Love; Editing by Bill Rigby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ces-google-vr-idUKKBN14Q057'|'2017-01-06T08:24:00.000+02:00'
'da0fde7b3dde943a85153df132e0112730c3d12d'|'J&J, Actelion approach Swiss takeover board over deal structure - paper'|'Deals - Americas - Fri Jan 6, 2017 - 12:31pm IST J&J, Actelion approach Swiss takeover board over deal structure: paper The logo of healthcare company Johnson & Johnson is seen in front of an office building in Zug, Switzerland July 20, 2016. REUTERS/Arnd Wiegmann ZURICH Johnson & Johnson ( JNJ.N ) and Actelion ( ATLN.S ) have asked Switzerland''s takeover board about the viability of a complicated takeover deal the U.S. healthcare company is discussing with the Swiss biotech firm, newspaper Tages-Anzeiger reported on Friday, without saying how it got the information. The two companies asked about the proposal under which Johnson & Johnson would acquire Actelion while separating its commercialized portfolio from its research and development assets, a deal structure first reported by Reuters last week. The panel''s preliminary review was still going on, the paper said. The Tages-Anzeiger quotes a spokesman for the takeover board as saying it does not comment on specific transactions. The Swiss takeover board, which determines whether a deal meets legal requirements, did not immediately respond to a request by Reuters for comment. An Actelion spokesman also did not immediately respond to a request for comment. The proposed deal structure would allow J&J to acquire Actelion with a cash offer in the region of $260 per share, a little more than what it had offered when it walked away from negotiations earlier in December. It also would allow Actelion shareholders to benefit financially from Actelion''s R&D pipeline, people familiar with the matter told Reuters. In return for a minority stake in the remaining business to develop new drugs, Johnson & Johnson could invest $1 billion to $2 billion over several years into Actelion''s research activities as part of the deal, the Tages-Anzeiger reported, again without saying where the information came from. (Reporting by Joshua Franklin; Editing by Michael Shields) Next In Deals - Americas'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-actelion-m-a-johnson-johnson-swiss-idINKBN14Q0KP'|'2017-01-06T13:58:00.000+02:00'
'e5fccec62638d6f4c35781f6503ba1134197d693'|'Rupee to fall to record low over coming year: Reuters poll'|'INWire - Fri Jan 6, 2017 - 11:46pm IST Rupee to fall to record low over coming year: Reuters poll FILE PHOTO: A notice is pasted at a shop stating the refusal of the acceptance of the old 500 and 1000 Indian rupee banknotes and acceptance of the new 500 and 2000 Indian rupee banknotes, in Allahabad, India, November 10, 2016. REUTERS/Jitendra Prakash/File photo By Krishna Eluri - BENGALURU BENGALURU The rupee is expected to fall further against the U.S. dollar this year to a record low, hit by rising global bond yields and an economic blow from New Delhi''s dramatic currency crackdown launched two months ago, a Reuters poll found. The rupee performed a bit better than most of its regional peers in 2016, weakening just over 2 percent as India''s economy, the fastest-growing in Asia, roared ahead for most of the year. But capital outflows intensified toward the end of 2016 after Donald Trump won the U.S. presidential election and Indian Prime Minister Narendra Modi announced the end of high-value bank notes. The rupee is forecast to weaken to 68.50 a dollar in one month versus 67.73 at Thursday''s close, the poll of nearly 30 foreign exchange strategists carried out this week showed. It is expected to fall further to 69.50 by year-end. That 12-month consensus is the weakest for several years and would mark a record low. Just three months back the view in a Reuters poll was for the rupee to trade at 67.73 in a year. "We see a less rosy scenario in the capital account and current account front in the coming two years, with global bond yields and money flowing back to the U.S.," said Bhupesh Bameta, head of FX research at Edelweiss Financial Services in Mumbai. Since Trump''s election victory, markets have realigned over expectations his administration will bring in sweeping tax cuts, infrastructure projects and deregulation. The 10-year U.S. Treasury yield has rallied more than 25 percent since the election, hitting a two-year high of 2.641 percent on Dec. 15. The Fed also raised the federal funds rate last month for the first time in a year. The central bank signaled a faster pace of rate increases this year based on expectations for fiscal stimulus. In India, Modi''s demonetization drive has hampered both industrial and services output, with a private survey this week showing factory activity and services took a hit last month, lending credence to worries that it would dent growth. "Given the demonetization exercise, the attraction for gold may come back again," Bameta said. "(Given) the fact that there was no meaningful depreciation of the rupee over the last two years when everything else was depreciating, a correction...is due." (For other stories from the FX poll) (Polling By Shaloo Srivastava and Khushboo Mittal; Editing by Ross Finley and Randy Fabi) Next In INWire Global stocks, dollar recover ground after U.S. jobs report NEW YORK Stocks overcame early weakness, and the dollar and U.S. Treasury debt yields rallied on Friday, after December''s U.S. non-farm payrolls report showed a slowing in hiring but an increase in wages, setting the economy up for further interest rate increases from the Federal Reserve this year. Stocks, dollar recover ground after U.S. jobs report NEW YORK Stocks overcame early weakness, and the dollar and U.S. Treasury debt yields rallied on Friday, after December''s U.S. non-farm payrolls report showed a slowing in hiring but an increase in wages, setting the economy up for further interest rate increases from the Federal Reserve this year. Anarchists threaten to disrupt Trump inauguration, police say ready WASHINGTON Anarchist groups have threatened to shut down Republican Donald Trump''s swearing-in as U.S. president, but police in Washington said on Friday they believe the thousands of security officers assigned to the event will be able to head off any disruption. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/forex-poll-rupee-idINKBN14Q260'|'2017-01-06T17:07:00.000+02:00'
'e37ca9e59c4c1d7f844e8e145c8bf4f7e4cdca59'|'UPDATE 1-Upscale retailer Neiman Marcus withdraws IPO'|'(Adds industry background, company details)By Lauren Hirsch and Siddharth CavaleJan 6 Neiman Marcus Group LLC said on Friday it would withdraw its initial public offering, nearly two years after the upscale department store chain filed with regulators to go public.The company''s formal withdrawal reflects the challenges facing the high-end retailer, as the broader industry struggles under the weight of competitive pressure from off-price retailers and online companies such as Amzazon.com Inc.Neiman Marcus declined to comment on the reason for pulling the offering.The Dallas-based company filed with regulators to go public in August 2015. Amid market jitters, it decided to delay those plans later that year, Reuters had reported in October.Neiman Marcus, which also operates the Bergdorf Goodman and MyTheresa brands, was acquired by private equity firm Ares Management LP and Canada Pension Plan Investment Board three years ago for $6 billion. (Reporting by Siddharth Cavale in Bengaluru and Lauren Hirsch in New York; Editing by Saumyadeb Chakrabarty and Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/neiman-marcus-gp-ipo-idINL4N1EW4D7'|'2017-01-06T16:03:00.000+02:00'
'78a64ee7cfbe817652afbe9bd4c5a6971edace13'|'European shares close up from lows after U.S. jobs data'|'  12:06pm EST European shares close up from lows after U.S. jobs data * STOXX Europe 600 index roughly steady * FTSE set for 5th week of gains * U.S. non-farm payrolls disappoint, but earnings strong * Nets drops following downgrade (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets) By Alistair Smout and Atul Prakash LONDON, Jan 6 European stocks rallied from lows on Friday after a stronger than anticipated increase in earnings in a flagship U.S. jobs report made up for a weaker-than-forecast payrolls figure. The benchmark STOXX 600 index posted its best weekly performance since the middle of December as it turned higher following the non-farm payrolls report. U.S. employment increased less than expected in December but a rebound in wages pointed to sustained labor market momentum that sets up the economy for stronger growth and further interest rate increases from the Federal Reserve this year. The STOXX 600, which had been down 0.4 percent ahead of the data, closed down just 0.1 percent. Britain''s commodity-heavy FTSE 100 index ended up 0.2 percent, and posted its highest closing level ever. It also posted a fifth straight week of gains. The STOXX 600 remained 0.4 percent down from a one-year high set earlier this week, but was still up 1.1 percent this week. The index is up around 12 percent from November''s lows, as investors have bet that the election of Republican Donald Trump as U.S. president might result in fiscal stimulus, buoying growth and inflation globally. "The big upward revision to November and a 2.9 percent increase in average hourly wages are going to be enough to let markets keep their faith in the Trump reflation trade, and the U.S. Federal Reserve plans further interest rate increases," said Russ Mould, investment director at AJ Bell. Precious metals miners Fresnillo and Randgold Resources fell 3.5 percent and 2.8 percent respectively after gold slipped from one-month peaks, hindered by dollar strength. UBS analyst Daniel Major stayed positive on the sector''s outlook. "Despite the uncertain gold price backdrop, looking into 2017 the European gold miners are in good shape from a cost and balance sheet perspective," he said. Large-cap gold miners including Randgold and Fresnillo also faced less pressure than some of their peers to lift capex to replace depleting reserves and offset declining production over the next 2-3 years, he said. Danish payments firm Nets dropped 3.1 percent and heading for its biggest decline since its IPO in September after a downgrade to "sell" from "hold" by Danske Bank. Shares in Fiat Chrysler Automobiles gained 7 percent, the biggest riser in the STOXX 600 index, after Goldman Sachs added the stock to its "Conviction List" and raised its target price to 16.5 euros from 9.9 euros. "In our view the market significantly underappreciates FCA''s ability to improve its NAFTA (North America) price-mix via shifting production away from mass-market cars and into more profitable vehicles," Goldman Sachs analysts said in a note. (Editing by Mark Heinrich)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1EW3O2'|'2017-01-07T00:06:00.000+02:00'
'328f71c11b19ddc1a92a229efca155db8d3ae96a'|'ASIA CREDIT CLOSE: Credits end week with another strong session'|'Financials - Fri Jan 6, 2017 - 2:57am EST ASIA CREDIT CLOSE: Credits end week with another strong session HONG KONG, Jan 6 (IFR) - Asian credit markets wrapped up a constructive week with investment-grade and high-yield names benefiting from a strong bid to start the year. The iTraxx Asia ex-Japan IG index was spotted 2bp tighter at 112.25/114.25. Constituent CDS, such as China and Malaysia, were 2bp and 3bp tighter, respectively. The index was a full 7bp tighter for the week. China Aoyuan Property Group''s new 2020s maintained their rally and were up another fifth of a point to a bid of 100.701 according to Tradeweb. The B3/B-/BB- rated bonds were issued at par on Wednesday. The sovereign segment was also bid well. Philippines 2026s were over half a point higher, while Indonesia 2027s were up almost a full point before closing the session about a quarter of a point higher. Syndicate bankers are convinced that the primary market will be busier next week, with more of the market back from holidays and a constructive tone supporting new issuers. Issuers will also look to get transactions done ahead of the January 20 US presidential inauguration and the Chinese New Year holidays during the last week of the month. (Reporting by Spencer Anderson; editing by Dharsan Singh) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/markets-asia-debt-idUSL4N1EW2QI'|'2017-01-06T14:57:00.000+02:00'
'dc05d49d12b38afad6e1d15b8ff994d9f04523d4'|'U.S. job growth slows, but wages rebound strongly'|'By Lucia Mutikani - WASHINGTON WASHINGTON U.S. employment increased less than expected in December but a rebound in wages pointed to sustained labour market momentum that sets up the economy for stronger growth and further interest rate increases from the Federal Reserve this year.Nonfarm payrolls increased by 156,000 jobs last month, the Labor Department said on Friday. The gains, however, still remain above a level that is considered sufficient to absorb new entrants into the labour market.October and November''s data was revised to show 19,000 more jobs added than previously reported. The economy created 2.16 million jobs in 2016.Average hourly earnings increased 10 cents or 0.4 percent, benefiting from a calendar quirk, after slipping 0.1 percent in November. That pushed the year-on-year increase in average hourly earnings to 2.9 percent, the largest increase since June 2009, from 2.5 percent in November.The unemployment rate ticked up to 4.7 percent from a nine-year low of 4.6 percent in November as more people entered the labour force, a sign of confidence in the jobs market.The employment report added to data ranging from housing to manufacturing and auto sales in suggesting that President-elect Donald Trump is inheriting a strong economy from the Obama administration.Trump, who takes over from President Barack Obama on Jan. 20, has pledged to increase spending on the country''s aging infrastructure, cut taxes and relax regulations. These measures are expected to boost growth this year.But the proposed expansionary fiscal policy stance could increase the budget deficit. That, together with faster economic growth and a labour market that is expected to hit full employment this year could raise concerns about the Fed falling behind the curve on interest rate increases.The U.S. central bank raised its benchmark overnight interest rate last month by 25 basis points to a range of 0.50 percent to 0.75 percent. The Fed forecast three rate hikes this year.Economists polled by Reuters had forecast payrolls risingby 178,000 jobs last month and the unemployment rate ticking up one tenth of a percentage point to 4.7 percent.Employment growth in 2016 averaged 180,000 jobs per month, down from an average gain of 229,000 per month in 2015. The slowdown in job growth is consistent with a labour market that is near full employment.There has been an increase in employers saying they cannot fill vacant positions because they cannot find qualified workers. The skills shortage has been prominent in the construction industry.Even as the labour market tightens, there still remains some slack, which is holding back wage growth. The labour force participation rate, or the share of working-age Americans who are employed or at least looking for a job, rose one-tenth of percentage point to 62.7 percent in December.The participation rate remains near multi-decade lows. Some of the decline reflects demographic changes.December''s job gains were broad, with manufacturing payrolls rising 17,000 after declining for four straight months. Construction payrolls fell 3,000 in December after three consecutive months of increases.Retail sector employment rose 6,300 after increasing 19,500 in November. Department store giants Macy''s ( M.N ) and Kohl''s Corp ( KSS.N ) this week reported a drop in holiday sales. Macy''s said it planned to cut 10,000 jobs beginning this year.Department stores have suffered from stiff competition from online rivals including Amazon.com ( AMZN.O ).Government employment increased 12,000 in December.(Reporting by Lucia Mutikani; Editing by Andrea Ricci)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-economy-idINKBN14Q0GL'|'2017-01-06T16:22:00.000+02:00'
'a64e1fa6d054070eb2aeb26125450ef953e442c7'|'Eight dos and don''ts for launching a successful business - Guardian Small Business Network - The Guardian'|'Despite the internet making it easier than ever for small businesses to take on the big guys and win, the fact is that the first year of business can be difficult. Any successful entrepreneur is likely to have experienced failure more than once – myself included. I’ve succeeded a couple of times but I also have a nice back catalogue of flops.But, as American inventor and businessman Thomas Edison said: “I have not failed 10,000 times. I have succeeded in proving that those 10,000 ways will not work.”In the early noughties I saw an opportunity in starting a business that would allow anyone to take photos and make money from selling them online. We launched snapdaq.com, where anyone could store, rate, sell and buy photos. But it failed.Having converted early adopters, our customer growth hit a wall. Looking back, the reasons why are pretty obvious. It was clunky and difficult to use. We lacked a marketing budget to foster a community. And then after a year or so some great looking competitors launched. With the start of a new year I thought I’d share exactly what I’ve gained from failures like these and how I would do things differently in my first year of running a business.1 Draw a list of the strengths and weaknesses of your businessStrategy is about understanding what your business does, what it’s good at, as well as where the problems lie. If you know these issues from the start, then you’re going to be prepared for a lot more things that come your way.2 Have a one line answer to what your business doesThe most common question I get is “what does your business do?”. If you’re still scratching your head after 30 seconds then I bet potential customers will be too. You should be able to sell the benefits of what you do better than anyone else around you. And there’ll be many times when summing up what you do in a sentence can make, or break, future business opportunities.3 Don’t be blinded by day-to-day operationsFrom my experience most businesses have virtually no strategy at all. Instead they are focused on doing the day-to-day, which can bog you down. The danger is you then lose focus on where you want your business to be heading, and what you need to do to get there. If you’re caught in the eye of the storm you need to be able to step back from the firefighting and gain some perspective on reaching your business goals. Enlist others to help with this if needed.4 Think about what you can bring the most value toIn a similar way, when you start and grow a small business, you have to think carefully about your time. Spend it on activities that deliver the highest measurable return. The biggest source of capital in your business is your time. It is your job to decide what’s important for you and resist doing what is urgent for other people. I find it incredibly helpful to completely ignore the temptation to work through my email inbox – as hard as it is to do.5 Don’t prioritise new business over current customersUS research has shown that less than 1% of businesses deliver an excellent customer experience. I think this is because most businesses don’t put service front and centre. In the first year of business, looking after newly won customers should be the cornerstone of sustainable growth – they are your biggest advocates for new customers and the reason you have been able to kickstart your business.6 Share feedback across the businessSend feedback surveys, understand what your customers like and what they don’t, especially if they have decided to leave. Make sure that everyone in your business reads the best and worst customer feedback and show the connection between what people do and what that means for the customer. Allowing employees to meet customers will help them understand their experience and how best to assist them. 7 Use your network to find freelancersFreelancers can bring huge value to your business. My tip is to use your network and hire people you like, as well as those who are sharp. This will help you prioritise and focus on your business objectives and goals.8 Use culture for profitThere is a direct link between the culture of a business and its profitability – a workplace that has the right mix of fun, dedication, ethics and creativity can add drive significant value, remove a gossip culture and prevent high staff turnover. You are responsible for the culture of your business. Create the right one.Nick Leech is digital director at 123-reg, a small business domain registrar, and has launched a series of business ventures including an online advertising company, a directory of green businesses and a mobile app agency. Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/jan/06/advice-launching-successful-business-first-year'|'2017-01-06T02:00:00.000+02:00'
'd5d33041a4bf8218c4e29ba02990e298c2950685'|'Bain Capital, Advent to buy Concardis for 700 million euros: sources'|'FRANKFURT Private equity firms Bain Capital and Advent are close to buying German payment group Concardis for about 700 million euros (598.3 million pounds), three people familiar with the process told Reuters on Friday.Concardis offers card payment terminals as well as payment technology for e-commerce groups and is viewed as a non-core business by its key owners.With a 16 percent stake, Deutsche Bank ( DBKGn.DE ) is the group''s largest shareholder, while smaller stakes are held by Commerzbank ( CBKG.DE ), Unicredit ( CRDI.MI ) as well as savings and cooperative banks.Concardis is hoping a new owner will invest in new technologies and an expansion of its business, which is so far heavily reliant on Germany.Last year, Concardis posted core earnings of 33.9 million euros on sales of 480 million euros last year.Concardis and Advent declined to comment.Bain Capital was not immediately available to comment.(Reporting by Alexander Heubner; Writing by Harro ten Wolde; Editing by Christoph Steitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-concardis-m-a-idINKBN14Q101'|'2017-01-06T06:49:00.000+02:00'
'e7b9a7bdea55701cc92a7d6b5bd89744f81c100b'|'VW faces first legal test case over emissions in Germany'|'Tue Jan 3, 2017 - 4:41pm GMT VW faces first legal test case over emissions in Germany A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia near Poznan, Poland September 9, 2016. German car manufacture company officially open factory in Wrzesnia on October 24, 2016. Picture taken on September 9, 2016. REUTERS/Kacper Pempel BERLIN German consumer rights champion myRight filed the first legal test case against Volkswagen ( VOWG_p.DE ) in Germany on Tuesday, raising pressure on the carmaker to compensate customers in Europe over the emissions scandal. Europe''s largest automaker has pledged billions to compensate U.S. owners of Volkswagen (VW) diesel-powered cars, but has so far rejected any compensation for the 8.5 million affected vehicles in Europe where different legal rules weaken the chances of affected customers winning a pay out. Instead, VW is in the process of removing the illicit software that cheated emissions tests and insists the technical fixes will inflict no loss of value on car owners in Europe. It hopes to have completed repairs to all affected vehicles by the end of the year. MyRight, which has gathered more than 100,000 VW owners through its web site, has accused VW of breaching European Union law by selling cars with software that was banned under EU rules, according to the 93-page legal document seen by Reuters. Rather than seeking compensation for a decline in value, the lawsuit aims to force VW to repurchase the vehicles at the original price, myRight founder Jan-Eike Andresen said. MyRight has mandated U.S. law firm Hausfeld to pursue the claims. Hausfeld represents aggrieved VW owners and shareholders on both sides of the Atlantic. The purpose of the proceedings by myRight is to act as a model - resolving generic or common issues for other related cases. However, unlike in a U.S. class action, it does not have the legal effect of resolving all individual claims. Wolfsburg-based Volkswagen, has said the software fitted into the engine at the center of the scandal, codenamed EA 189, does not violate European law and declined comment on the myRight suit. "We have taken note that myRight has announced the submission of diesel lawsuits for Jan. 3. The lawsuits have not yet been made available to us which is why we cannot comment on the contents at the moment," the carmaker said. (Reporting by Andreas Cremer. Additional reporting by Jan Schwartz; Editing by Alexandra Hudson) Up Next Trump assails GM over car production in Mexico, threatens tax DETROIT/WASHINGTON President-elect Donald Trump on Tuesday threatened to impose a "big border tax" on General Motors Co for making some of its Chevrolet Cruze compact cars in Mexico, an arrangement the largest U.S. automaker defended as part of its strategy to serve global customers, not sell them in the United States.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-lawsuit-idUKKBN14N1FF'|'2017-01-03T23:21:00.000+02:00'
'2f3459ff2d08d15c636c11780951bb350dcf9b8c'|'UK Stocks-Factors to watch on Jan 3'|' 41am EST UK Stocks-Factors to watch on Jan 3 Jan 3 Britain''s FTSE 100 index is seen opening up around 0.19 percent at 7156 points on Tuesday, according to financial bookmakers. * The UK blue chip index closed 2016 at a record high level on Friday, with a blistering rally in mining stocks and a sharp fall in sterling after June''s shock Brexit vote boosting the market. The benchmark index closed 0.3 percent higher at a life-time peak of 7,142.83 points on Friday, surpassing the previous record of 7,129.83 set in October this year. * 3I: 3i is considering selling Agent Provocateuras as it looks at options to turn round the struggling high-end lingerie retailer, the Financial Times reported on Tuesday. * IRAN ENERGY: Iran has named 29 companies from more than a dozen countries as being allowed to bid for oil and gas projects using the new, less restrictive Iran Petroleum Contract (IPC) model, the oil ministry news website SHANA reported on Monday. * PHARMACEUTICAL APPROVALS: Last year turned out to be a disappointing one for new drug approvals with the U.S. Food and Drug Administration clearing just 22 new medicines for sale, the lowest number since 2010 and sharply down on 2015''s tally of 45. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sherry Jacob-Phillips)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1ET0Y8'|'2017-01-03T13:41:00.000+02:00'
'5a4ad5d659eb20f9ce4622ad31d4109e28e4dfcc'|'LPC-EMEA lending slumps to four-year low of US$914bn in 2016'|'Private Equity - Tue Jan 3, 2017 - 11:28am EST LPC-EMEA lending slumps to four-year low of US$914bn in 2016 By Alasdair Reilly and Claire Ruckin - LONDON LONDON Jan 3 Syndicated lending in Europe, the Middle East and Africa (EMEA)slumped to US$914bn in 2016, showing a 21% year-on-year fall, according to Thomson Reuters LPC data, as refinancing activity tumbled and acquisitions remained patchy. Total EMEA volume in 2016 was the lowest since US$703bn raised in 2012 as global economic and political developments made companies reluctant to brave market volatility. Persistently low oil and commodities prices, the UK''s shock vote to leave the European Union and the US election surpressed activity, despite the highly attractive terms on offer in the loan market. "Although it was not a great year, there was a good level of M&A into and out of Europe. While cyclical corporate flow business was slow, it remained steady with a particular focus on the mid-market," a senior banker said. Although the year saw several cross-border multi-billion dollar acquisition financings, M&A loan volume dropped 15% to US$263bn in 2016 and activity remained sporadic and inconsistent. This was despite the ready availability of bridge loan financing and quick and cheap refinancing through the bond market, buoyed by the European Central Bank''s corporate bond buying programme. German drug and crop chemical group Bayer financed its agreed US$66bn acquisition of US-based Monsanto with a US$56.9bn bridge loan, which was the largest EMEA loan of the year. The financing closed in October and Bayer quickly issued a 4bn convertible bond in November to part refinance the loan. Agrochemical related M&A had already featured in 2016 after China National Chemical Corp backed its acquisition of Swiss seeds and pesticides company Syngenta with a US$20.2bn non-recourse bridge loan, which closed in April. That financing was raised in conjunction with a US$12.7bn, one-year recourse loan syndicated in Asia. A US$18bn bridge loan backing Dublin-based rare disease drugmaker Shire''s US$32bn merger with US peer Baxalta and a US$13.1bn bridge loan that funded French yoghurt maker Danone''s acquisition of US organic foods producer WhiteWave Foods were both quickly refinanced with bonds. Bankers are hopeful of a pick-up in activity in 2017, spurred by a US$20bn loan to finance British American Tobacco''s proposed acquisition of the part of Reynolds American it does not already own and a £12.2bn(US$14.96bn) bridge loan backing Twenty-First Century Fox''s bid for European pay-TV group Sky plc. REFINANCING IN RETREAT Most investment grade companies had already locked in low-priced loans, which caused a 29% drop in refinancing to US$430bn in 2016, down from US$605bn in 2015. The refinancing focus moved from highly rated corporates to cross-over credits, smaller mid-market companies and other other larger companies with specific financing requirements. Global diversified natural resource company Glencore launched an early refinancing of a one-year loan in January after it was hit hard by a slump in commodities in 2015. The US$7.7bn loan was signed in May. Swiss-headquartered LafageHolcim signed a 3.5bn loan in January which replaced existing credit facilities when its merger was completed. German auto supplier ZF Friedrichshafen closed a 3.5bn loan refinancing after the company''s credit ratings were upgraded to BB+/Ba1 and peer Schaeffler refinanced 4.4bn of debt in its group holding companies as part of a wider deleveraging plan. A handful of plain vanilla refinancings for top blue chip companies were seen, including a 10.5bn-equivalent refinancing for Nestle and a 6bn self-arranged refinancing for French telecom company Orange SA, which was priced at only 25bp. LEVERAGED FALL Leveraged lending fell 15% to US$182.7bn in 2016 compared to a year earlier, despite an increase in dealflow in the second half as an influx of cash produced an upturn in refinancing and repricing activity. Total volume was the lowest since US$117.4bn of deals raised in 2012 amid a general decline in leveraged acquisitions and non-event driven activity. "We had a strong finish. I''m not convinced there''s a whole batch of new business in there, there was quite a lot of refinancing and opportunistic stuff that inflated the numbers," a loan banker said. Leveraged M&A activity financing private equity firms and leveraged companies'' acquisitions of US$68.3bn made up 37% of all leveraged lending, but was 18% lower than US$83.4bn in 2015. The remaining 63% totalled US$114.4bn, showing a 14% drop on US$132.8bn in 2015. The first half of 2016 saw volume of US$79.8bn as pricing widened on uncertainty. Volume rose to US$102.9bn in the second half as an inflow of money caused a repricing wave. Recapitalisations climbed to US$7.4bn in 2016, showing a hefty 124% year-on-year increase from US$3.3bn in 2015, as sponsors tried to take advantage of excess investor liquidity to extract value from existing portfolio companies. A 4.97bn refinancing, repricing and new money loan for global tea and coffee company Jacobs Douwe Egberts in November, part of a larger cross-border financing, was the biggest European leveraged loan of 2016, followed by a 2.589bn refinancing for Dutch cable company Ziggo in August, which formed part of a larger US$3.6bn-equivalent cross-border loan. JP Morgan topped the EMEA syndicated loan bookrunner table in 2016, with a US$47bn market share and 87 deals. BNP Paribas claimed second spot with a US$40.2bn market share and 195 deals, while HSBC clinched third spot with a US$37.5bn market share and 155 deals. ($1 = 0.8153 pounds) ($1 = 0.9626 euros) (Additional reporting by Hannah Brenton; Editing by Tessa Walsh) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/emea-loans-idUSL5N1ET2TP'|'2017-01-03T23:28:00.000+02:00'
'0f1bb1d62560e12d74b0c94ab1ef3c026b4cd521'|'Brazil''s BRF says halal food unit IPO remains an option'|'SAO PAULO Jan 6 BRF SA, the world''s largest poultry exporter, said on Friday an initial public offering of a subsidiary focused on the halal processed food market remains a strategic option.Reuters reported on Thursday that BRF wants to raise about $1.5 billion from the sale of a 20 percent stake in the unit, known as One Foods Holdings Ltd. In a Friday securities filing in response to the report, BRF said the IPO could take place in London but it is also gauging a private placement. (Reporting by Bruno Federowski; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/one-foods-holdings-ipo-idINE6N1DJ018'|'2017-01-06T18:18:00.000+02:00'
'd7ebeefda280124b6cde297fcadd7e09e93802d9'|'Next dashes recovery hopes by slashing profit guidance'|'Next dashes recovery hopes by slashing profit guidance Retail bellwether tries to soothe investors with promise of special dividends Read next by: Mark Vandevelde , Retail Correspondent Next, the clothing chain that analysts regard as a bellwether of British fashion, has dashed hopes of a high street recovery after a “difficult” winter season forced the retailer to cut its full-year profit guidance. Rising import costs meant that next year would be worse still, the company warned. But it sought to calm investors on Wednesday with a plan to return about £250m of surplus cash to investors via four special dividends next year. The figures represented “a dire start to 2017”, said Jamie Merriman, an analyst at Bernstein. “We expect investors to be somewhat surprised by the change in cash return plan. Despite the easy comparisons provided by unseasonable weather in 2016, a weaker consumer in 2017 will lead to an even tougher sales environment for the retailers.” The shares closed 14.3 per cent lower in London, at £40.85. Next had hoped to improve on the poor sales figures recorded a year ago, when its Directory website and catalogue business prematurely ran out of some popular items. Instead, full-price sales in the run-up to Christmas were 0.4 per cent lower. The retailer’s post-Christmas sale suffered an even sharper reversal, with revenues down 7 per cent on the previous year. Related article The only certainty is that the retailer looks increasingly mature Friday, 6 January, 2017 Next said it expected full-year profit to be £792m, towards the bottom of its previously guided range, and was bracing for a further fall of between 2 and 14 per cent next year. The company — which is led by Lord Wolfson, who was a prominent supporter of the campaign for Britain to leave the EU — said it was announcing dividends to give “additional certainty” to investors who had “little visibility of the approach the UK government will be taking to Brexit”. “I’d rather [the government] came up with a good plan rather than a quick one,” Lord Wolfson said. “The key is whether we go into it as an outward looking nation that wants to embrace Europe and the rest of the world.” Like other British clothing retailers, Next has struggled to deal with erratic weather patterns that make it difficult to stock seasonal items that consumers want to buy. It is also contending with a move away from fashion spending, leading to the first sustained fall in the number of garments sold in the UK in more than a decade, as consumers prioritise spending on leisure and “experiences”. The Next Directory business, which sells clothes via catalogues and online, has benefited from the trend towards online shopping. But it makes most of its profit from customers who buy on credit — a dwindling band, who are proving difficult to replace. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/retail-consumer'|'https://www.ft.com/content/125a9830-d256-11e6-9341-7393bb2e1b51'|'2017-01-04T15:40:00.000+02:00'
'47ff72991695ecce4f2417044ad63c813caf6bef'|'U.S. makes early finding of injury from some softwood lumber from Canada'|'Commodities  50am EST U.S. makes early finding of injury from some softwood lumber from Canada WASHINGTON The U.S. International Trade Commission said on Friday it had made a preliminary finding of injury from certain softwood lumber products from Canada. The finding, made in a statement, follows an announcement on Dec. 16 that the commission was starting antidumping duty and countervailing duty investigations into the imports, after a petition from an association representing a group of U.S. lumber companies. The action reignites a long-standing trade dispute between the two nations that in the past resulted in the United States imposing billions of dollars in tariffs on the widely used building products. (Reporting by Eric Walsh; Editing by Mohammad Zargham) Next In Commodities Palladium jumps on bets government spending, tax cuts will boost car sales LONDON Palladium has soared away from its peers this week on bets that the autocatalyst metal, sold down at the end of last year, will benefit if tax cuts and higher government spending in the major car markets of China and the United States boost auto sales.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-lumber-canada-idUSKBN14Q20L'|'2017-01-06T23:40:00.000+02:00'
'4cdaa70f6cdedb6414e0533fa20aac67409f9c56'|'Jamie Oliver to close 6 restaurants after costs rise'|'All the benefits of a standard Digital Subscription plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets Brexit Briefing - Your essential guide to the impact of the UK-EU split'|'ft.com'|'http://www.ft.com/rss/companies/uk'|'https://www.ft.com/content/a7512a92-d41f-11e6-b06b-680c49b4b4c0?ftcamp=published_links%2Frss%2Fcompanies_uk%2Ffeed%2F%2Fproduct'|'2017-01-06T22:52:00.000+02:00'
'0da120e1a42844d28408547380924aff88d622f1'|'Traders see more U.S. rate hikes in 2017 after wage data - Reuters'|'NEW YORK Traders on Friday expected the Federal Reserve would raise U.S. interest rates further in 2017 following data that showed a pickup in wage growth in December, reinforcing the notion inflation is closing in on Fed''s 2 percent goal.Average hourly earnings rose 0.4 percent last month, reversing from a 0.1 percent fall in November. That brought the year-over-year rise in earnings to 2.9 percent, the biggest increase since June 2009, government data showed.The surprisingly strong spike in hourly wages was muted by a weaker-than-forecast 156,000 rise in nonfarm payrolls."We have been waiting for wage growth. We are finally seeing it," said Jeffrey Cleveland, chief economist at Payden & Rygel in Los Angeles.Interest rates futures implied traders expected a 67 percent chance the U.S. central bank would increase the target range on short-term borrowing costs to at least 0.75-1.00 percent at its June 13-14 policy meeting FFM7, compared with a 62 percent chance on Thursday, according to CME Group''s FedWatch program.They implied traders expected a 72 percent chance the Fed would raise its target range to at least 1.00-1.25 percent at its Dec. 12-13 meeting FFZ7, up from 67 percent on Thursday, the CME FedWatch program showed.The overall solid jobs report came after the Fed this week released minutes on its Dec. 13-14 meeting where it raised interest rates by a quarter point due to an improving job market and expectations of rising inflation.Fed policymakers thought the economic expansion could accelerate from the possible tax cuts, federal spending and looser regulations President-elect Donald Trump and a Republican-controlled Congress have pledged to implement.A livelier U.S. economy would allow the Fed to normalize interest rates as it seeks to raise them further from the emergency low levels it adopted during the global credit crisis in December 2008.The December jobs report was not strong enough to change the view that the Fed would only raise rates twice in 2017, analysts said.Investors and the Fed are awaiting for details on fiscal stimuli from Trump and Republican lawmakers to evaluate their boost to business activity and the overall economy."It doesn''t mean the Fed is behind the curve and they have to raise rates faster," Cleveland said.(Reporting by Richard Leong; Editing by Chizu Nomiyama and Meredith Mazzilli)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-usa-moneymarkets-idUSKBN14Q1R6'|'2017-01-06T20:07:00.000+02:00'
'ff693b56e69ce5e781d6dfafbdff564483fd8283'|'Samsung says it’s out of spares for my 18-month-old washing machine - Money'|'When my 18-month-old washing machine sprang a leak, Samsung sent a technician and he diagnosed a tear in the drum. Then things started to go downhill. We chased for information for two weeks until Samsung told us we were not covered under warranty because the damage had been caused by a “foreign object”. We asked if we could pay for a repair. However, another 10 days passed before the company declared that this was impossible as it didn’t have the necessary spares, even though the model was still on sale. Among the useless responses I was given during my hours on the phone was that I could try sourcing the part on its website (where spare parts aren’t sold), and that I should contact an approved repair company which, of course, couldn’t help as there were no parts. I contacted the UK executive office and was told that manufacturers are obliged to support a product for six years by supplying spares and repairs, or an alternative resolution if these are unavailable. But since then it has stopped replying. So I have a relatively new £1,700 machine that hasn’t worked for three months, and an 18-month-old boy. Help! TS, London It looks as though Samsung got distracted by its exploding Galaxy phones while you were enduring launderettes.That six-year reassurance is a red herring. It refers to the six years in which you can claim a refund, repair or replacement for a purchase that turns out to be inherently faulty. If your machine was damaged after purchase this doesn’t apply. There is, in fact, no legislation that requires manufacturers to stock spares for a set period.Under a voluntary agreement, members of the Association of Manufacturers of Domestic Appliances used to keep spares for eight years after production stopped, but now its guidelines simply state that manufacturers will try to retain spares for as long as there is a market.This is scant comfort for anyone investing in a new appliance and Samsung should have tried harder to find a solution.It does exert itself when the Observer gets in touch. Miraculously it manages to find the non-existent component and arranges to have your machine fixed. “Although, on this occasion, there were some delays, a satisfactory conclusion has been reached,” a spokesperson says.If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/jan/06/samsung-washing-machine-spares-repair'|'2017-01-06T02:00:00.000+02:00'
'ddd441ddebcdb3626162395b2f194e3d94594ba5'|'Dollar, U.S. yields in retreat as ''Trump trade'' unwinds'|'  12:55am GMT Dollar, U.S. yields in retreat as ''Trump trade'' unwinds A man looks at an electronic board showing Japan''s Nikkei average outside a brokerage in Tokyo, Japan, December 1, 2016. REUTERS/Kim Kyung-Hoon By Hideyuki Sano - TOKYO TOKYO The U.S. dollar wobbled near three-week lows and U.S. bonds were bought back with the 10-year yield at one-month lows on Friday, as investors wound back ''Trump trade'', helping to lift the world''s stocks to 1-1/2-year highs. Asian shares were no exception, with MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS up 0.1 percent in early trade, and Australian shares at a 1-1/2-year high. Japan''s Nikkei .N225 , however, dropped 0.7 percent due to the yen''s gains. "What''s going on is a correction of the ''Trump trade'' since the election. The markets have been trying to fully price in his policies just based on hopes," said Koichi Yoshikawa, executive director of finance at Standard Chartered Bank. "From now on, it''s not going to be a simple one-way bet." The victory of Republican Donald Trump in the U.S. presidential election in November had sparked a major realignment in markets. Expectations of his tax cuts, fiscal spending and deregulations have boosted U.S. bond yields and the dollar, to the detriment of many emerging economies that have benefited from cheap dollar funding and capital inflows from investors shunning low U.S. yields. The dollar slumped to a three-week low of 115.21 yen JPY= , having shed 1.6 percent on Thursday, its biggest fall in five months. It last stood at 115.54 yen. The euro also posted its biggest gain in seven months, of 1.1 percent, on Thursday and last fetched $1.0590 EUR= . The dollar''s index against a basket of six major currencies .DXY =USD tumbled to 101.40, falling more than two percent from its 14-year high of 103.82 set on Tuesday. Fuelling the dollar''s retreat was China''s move this week to clamp down on capital outflows and stem the fall in the yuan ahead of Trump''s inauguration on Jan. 20. The cost of borrowing the yuan HICNHONDF= has surged this week in Hong Kong, the main offshore yuan trading center, making it too costly for speculators to sell the yuan against the dollar. The offshore yuan CNH=D4 gained more than two percent in the last two sessions, their biggest two-day gains on record, to a two-month high of 6.7833 per dollar. It last stood at 6.7939. Investors also rushed out of their selling positions in U.S. bonds, one of the most convincing plays since the election because Trump''s policies are seen as stoking inflation. The 10-year U.S. Treasuries yield hit a one-month low of 2.344 percent US10YT=RR, having fallen about 30 basis points from its two-year high of 2.641 percent touched on Dec. 15. Investors also scaled back their expectations of the Fed''s rate hikes this year, with Federal Funds rate futures <0#FF:> pricing in two rate hikes compared with two and a half at the peak in December. Markets largely shrugged off U.S. economic data published on Thursday which was generally strong. The increase in private payrolls was on the weaker side of market expectations, however, raising some concerns about the upcoming jobs data due at 1330 GMT. On Wall Street, the S&P 500 Index .SPX dipped 0.1 percent as retailers such as Macy''s ( M.N ) and Kohl''s ( KSS.N ) slumped on weak holiday sales. Financials were also hit by a fall in U.S. bond yields but hi-tech shares, which have underperformed since Trump''s election victory partly on concerns about his rocky relationship with Silicon Valley, shone. The Nasdaq Composite .IXIC rose 0.2 percent to hit a record high, led by gains in online retailer Amazon.com ( AMZN.O ). The dollar''s decline also helped to underpin many emerging markets, lifting MSCI''s broadest gauge of the world''s stock markets .MIWD PUS to 1-1/2-year high. It is up 1.8 percent since the start of 2017. Oil prices held firm, supported by news that Saudi Arabia had cut production to meet OPEC''s agreement to reduce output. International benchmark Brent crude futures LCOc1 rose 0.8 percent to settle at $56.89 a barrel on Thursday. West Texas Intermediate crude CLc1 were traded at $53.71 a barrel, down 0.1 percent in Asia but still up 1.2 percent for the week. (Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN14Q03S'|'2017-01-06T07:55:00.000+02:00'
'ec81b91ef7a04df7cec000daaab0074c248549e2'|'US high-grade starts 2017 with third-largest week ever'|'By Will Caiger-Smith NEW YORK, Jan 6 (IFR) - The new year started with a bang in the US investment-grade bond market, which clocked its third-busiest week ever this week with almost US$55bn in issuance.In a supply frenzy expected to last all month, borrowers raced to sell new debt ahead of any volatility caused by more rate hikes and the incoming Donald Trump presidency.The list of issuers was full of familiar names, but the size of the deals and the sheer depth of investor demand caught even seasoned bankers off guard.More than US$44bn was raised on just Tuesday and Wednesday, the hottest start to a new year at least since the financial crisis."The pace we started the year with took us all by surprise," said Simon Mayes, head of US FIG syndicate at BNP Paribas."The issuers we''re seeing aren''t surprising - it''s more the size of the deals and how well they have done."Yankee bank bonds dominated the first two business days of 2017, with Barclays, Lloyds, Credit Suisse and National Australia Bank providing some of the largest deals.Barclays took advantage of the Bank of England''s approval of callable bonds for new loss absorbing debt regulations to sell a US$5bn deal that attracted a whopping US$13.65bn of orders.BNP Paribas, Credit Agricole and Societe Generale meanwhile jumped into the new non-preferred senior asset class that was enshrined in French law late last year.BNPP''s US$1.75bn deal was in particularly high demand, being three times subscribed with an order book of US$5.3bn.SNEAKING INWhile most US banks are expected to hit the market after reporting earnings in mid-January, Citigroup sneaked in with a US$5.25bn deal on Wednesday.The trade, which attracted US$9.6bn of orders, included an 11-year non-call 10 tranche with a new fixed-to-floating coupon structure that banks said eased the cost of the call option."Once you strip out the interest-rate risk, the value of the option is less meaningful," said a banker away from the deal.Other large US banks are expected to sell similar structures in the coming weeks as they strive to meet total loss absorbing capacity requirements by January 2019.The Fed confirmed the proposed rules in December, approving callable structures as well as imposing a hard deadline rather than the planned phase-in of the rules over several years."Now they don''t have the phase-in on the deadline for TLAC, that could make their issuance a little more urgent," said Beth Schroeder, a senior analyst at investment firm Loomis Sayles.The week''s menu of deals also included several large corporates, including the finance arms of Ford and Toyota, Warren Buffett''s Berkshire Hathaway and John Deere.IN BEFORE TRUMPThe rush has come amid expectations that 2017 could be volatile given more potential rate hikes and uncertainty about the impact of any new policies once Donald Trump takes office."The community realizes there is the potential for a lot of macro and geopolitical event-risk later this year, which could lead markets to struggle and not be as accommodative," said one credit strategist.It is also driven by a need to take advantage of a market set up to absorb large amounts of flow at the start of year.Money is coming in from around the world, thanks to a mindset among investors to focus on quality paper that comes with a yield pick-up - themes that look to continue from 2016.Lipper reported a net inflow of more than US$2.18bn into investment-grade funds for the week ended January 4. For full year 2016, the net inflow topped US$46.9bn.High-grade bond spreads have now tightened by 10bp since the US election in November and 92bp since their most recent peak last February, according to Bank of America Merrill Lynch.And despite all the volume this week, almost every piece of that paper has been trading tighter than new issue levels, giving investors more incentive to continue their buying spree.This in turn should encourage more high-grade bond issuers to come now rather than wait, said market participants."There could be trouble on the horizon given how much good news is priced in at these levels - the more likely move is 25bp wider than 25bp tighter," said Edward Arden, head of FIG at TD Securities."But you dance while the music is playing, so right now everyone is dancing." (Reporting by Will Caiger-Smith; Editing by Shankar Ramakrishnan, Marc Carnegie and Matthew Davies)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uscorpbonds-bonds-volume-idINL1N1EV1IT'|'2017-01-06T13:19:00.000+02:00'
'9c00c2c7bee9ee2870dd309733fd829cdd8137d2'|'China nibbles at Samsung share to take 50 percent of India''s smartphone market - Reuters'|'By Sankalp Phartiyal - MUMBAI MUMBAI Chinese brands took their largest ever slice of the $10-billion Indian smartphone market in late 2016, accounting for more than one in every two phones sold - a growing market share that ate into sales from top-selling Samsung Electronics.Samsung, the single most popular smartphone brand in India, commanded a roughly 30 percent market share just over a year ago. That slipped to 21 percent in November, according to tech research firm Counterpoint, the last month for which data is available.Meanwhile - thanks to low cost, improved technology and an advertising blitz - Chinese brands like Oppo, Lenovo, OnePlus, Gionee and Xiaomi took a combined share of over 50 percent, compared to just 19 percent a year ago."Chinese brands are offering quality that is at par with Samsung, at a better price," said Manish Khatri, who owns two multi-brand smartphone outlets in Mumbai. "Of every 10 phones I sell, almost six to seven are now Chinese brands."Celebrity endorsements from Bollywood actors like Hrithik Roshan and Ranveer Singh, along with huge sponsorship campaigns by brands such as Oppo and Gionee of the wildly popular Indian Premier League cricket franchise have helped improve perception of Chinese brands - once derided for their low quality."In a country like India, there are two religions - one is Bollywood and the second is cricket," said Arvind R Vohra, Gionee''s India head, noting that both avenues have helped popularize its brand.Chinese brand executives said innovative product features such as powerful selfie cameras with flash, quicker charging and longer-lasting batteries have also helped them thrive in India, one of the world''s biggest and fastest growing smartphone markets.In the large and ultra-competitive $120 to $440 mid-market smartphone segment, Chinese vendors have more than doubled their market share to 68 percent, while Samsung has lost 14 percentage points since November 2015, according to Counterpoint."Being a global company is Samsung''s biggest curse," says Neil Shah of Counterpoint, adding Samsung cannot compete on price like their Chinese rivals, who are focused more on low-cost markets like China, India and Indonesia.Shah said Chinese vendors'' access to low-cost components and their expertise in designing metal casing for cheap phones has let brands like Oppo, OnePlus and Lenovo offer better quality products than Samsung, which uses plastic for its cheapest models.Adding to Samsung''s woes last year was the arrival of billionaire Mukesh Ambani''s new telecom venture Jio, with heavily subsidised handsets to get customers on its 4G network.Dyaneshwar Sarde, a 33-year-old Indian farmer who earlier used a Samsung device, said he wanted to buy a 4G smartphone to use Reliance Jio."Samsung phones were comparatively expensive, so I ended up buying a Lenovo a friend recommended."India''s home-grown brands such as Micromax, Lava and Karbonn are feeling the heat even more, according to Counterpoint, with their total market share having dropped to less than 20 percent from over 40 percent last year.(Reporting by Sankalp Phartiyal; Editing by Clara Ferreira-Marques and Randy Fabi)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-india-smartphones-china-idINKBN14Q0ZH'|'2017-01-06T06:38:00.000+02:00'
'de36ef9456bbfb49b96284aaacf009c7eda2273e'|'EURO DEBT SUPPLY-Four euro zone states sell debt next week, others rumoured'|'LONDON Jan 6 The Netherlands, Austria, Germany and Italy are all scheduled to sell bonds at auction in the coming week with a host of other euro zone states expected to soon sell debt via syndication.* The Netherlands on Tuesday will tap its bond maturing in 2047 for between 750 million euros and 1.25 billion euros.* Austria will also sell 1.1 billion euros in bonds by reopening 2047 and 2026 issues on Tuesday, while Germany will sell 1 billion euros of an inflation-linked 10-year bond.* Germany returns on Wednesday to sell five billion euros of a new fixed-rate 10-year bond.* On Thursday, Italy is scheduled to sell medium- to long-term debt with further details due to be released on Monday.* Portugal is expected to sell a 7- or 10-year bond directly via a group of banks, Thomson Reuters markets news service IFR reported on Wednesday, with Belgium and Spain also rumoured to sell debt via this syndicated method in the coming weeks. (Compiled by John Geddie; Editing by Abhinav Ramnarayan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-outlook-idINL5N1EW3C0'|'2017-01-06T12:27:00.000+02:00'
'ce4695d777f16da5d80a1cae0427200837094893'|'PRESS DIGEST- Financial Times - Jan 6'|'Company News - Thu Jan 5, 2017 - 8:24pm EST PRESS DIGEST- Financial Times - Jan 6 Jan 6 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Top official at Brexit ministry opposed Tim Barrow as EU ambassador on.ft.com/2hY1fQo Royal Mail moves to close defined-benefit pension fund on.ft.com/2hYoABt Head of Barclays Japan questioned in Libor probe on.ft.com/2hY5U54 Overview Olly Robbins, the permanent secretary at the Department for Exiting the European Union, wanted to take control of United Kingdom''s negotiations with Brussels and "vigorously opposed" the appointment of Tim Barrow as Britain''s envoy to the European Union, according to several officials close to the process. The United Kingdom''s Royal Mail Plc is moving forward with plans to close a 90,000-member pension fund, saying it had begun consulting workers on the future of the 7.4 billion pounds ($9.18 billion) defined-benefit scheme. Barclays Plc''s Japan boss Mark Dearlove was interviewed by the United Kingdom''s Serious Fraud Office before Christmas as part of the agency''s third criminal probe into whether the bank manipulated the London Interbank Offered Rate. ($1 = 0.8063 pounds) (Compiled by Ismail Shakil in Bengaluru; Editing by Lisa Shumaker) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL4N1EW15P'|'2017-01-06T08:24:00.000+02:00'
'636fb88274e50676fc61e27cdb5ff9ea2c42bc99'|'As Trump targets Toyota over Mexico, Nissan faces bigger risk'|'  1:03am IST As Trump targets Toyota over Mexico, Nissan faces bigger risk Nissan signs are seen outside a Nissan auto dealer in Broomfield, Colorado October 1, 2014. REUTERS/Rick Wilking/Files By Naomi Tajitsu - TOKYO TOKYO U.S. President-elect Donald Trump has threatened Toyota Motor Corp ( 7203.T ) over its Mexican-built cars, but the biggest risk from a punitive tariff would be for its compatriot Nissan Motor Co ( 7201.T ), the largest automaker operating in the country. Trump has criticised U.S. companies like General Motors ( G.N ) and Ford Motor Co ( F.N ) which manufacture abroad, accusing them of costing U.S. jobs. On Thursday he took on Toyota, warning the world''s largest automaker that it would face a "big border tax" if it exported Mexico-built cars to the U.S. market. But it is Nissan, Japan''s second-largest automaker, which would be the bigger victim of any tax punishment. Nissan built its first overseas plant in Mexico in 50 years ago and now produces more than 800,000 cars there, mainly its entry-level Versa and Sentra sedans. Nissan''s production dwarfs that of Toyota, Honda Motor Co ( 7267.T ) and Mazda Motor Corp ( 7261.T ) in Mexico. It exports roughly half of its output to the United States, where it also has production plants. Vehicles made in Mexico comprise roughly one-quarter of Nissan''s total U.S. vehicle sales, industry experts say, compared with around 30 percent for smaller rival Mazda, but less than 10 percent for Toyota and Honda. Japanese automakers together produced around 1.4 million vehicles in Mexico in the year ended March, nearly 40 percent of the country''s total output. According to the Japan External Trade Organization, they plan to ramp up production to 1.9 million by 2019. Current production in Mexico is dwarfed by the number of cars they produce in the United States, their single largest market, where Japan''s top three automakers alone produced around 4 million vehicles in 2015. Trump has said he plans to renegotiate the North American Free Trade Agreement between the United States, Canada and Mexico, and has vowed to impose a 35 percent tariff on cars exported to the United States from Mexico. According to JP Morgan estimates, an increase in tariffs on cars exported from Mexico to the United States to even 10 percent would hit Nissan''s consolidated operating earnings by 10.3 percent, more than 5.5 percent at Mazda. Toyota would see a hit of 0.7 percent, while Honda 2.2 percent. All four Japanese automakers building cars in Mexico said they have no immediate plans to change operations. But Nissan and Renault SA (RENA.PA) CEO Carlos Ghosn told Reuters he was watching the incoming Trump administration closely and would respond to whatever policies it adopts. "I don’t want to preempt or try to guess what’s going to happen," Ghosn said in an interview on Thursday, on the sidelines of the CES technology show in Las Vegas, Nevada. "It’s not a question that we are afraid or not afraid, we’re dealing with 160 markets in the world, different powers, different policies, different approaches, so we are used to adapting our strategy to different policies," he said. One Asian auto executive told Reuters his company long ago made a strategic decision to make Mexico a production hub in North America, and that it is tough to alter its strategy overnight. "We can''t turn back the clock on these decisions," said the executive, who did not have clearance to speak to media and so declined to be identified. "What we need to explain more clearly (to Trump) is that most automakers are not cutting production capacity or jobs in the United States to make Mexico an additional production hub." Still, analysts said automakers would likely think twice about expanding production in the country in the coming years. "As long as this administration is in place I suspect (Nissan is) not going consider any additional capacity there," CLSA analyst Chris Richter said. Trump''s criticisms come just as Japanese automakers are shuffling their production portfolios to boost supply of popular, higher-margin sport utility vehicles (SUV) and trucks for the U.S. market. Honda last year announced it would expand its U.S. production capacity to build more of its CR-V SUV, while shifting production from Mexico. Toyota has said that its Guanajuato plant under construction in Mexico will produce the entry level Corolla sedan, a vehicle segment currently produced at its plants in Mississippi and Ontario, Canada. Demand for the cars has slumped in recent years as cheap gasoline prices has prompted drivers to buy more SUVs. "We''re always considering ways to increase production in the United States, regardless of the political situation," Toyota President Akio Toyoda told reporters on Thursday. (Reporting by Naomi Tajitsu and Maki Shiraki; Additional reporting by Norihiko Shirouzu in Tokyo, Leah Duncan in Las Vegas and Bernie Woodall in Detroit; Editing by Tom Brown) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-autos-nissan-idINKBN14Q12G'|'2017-01-07T02:33:00.000+02:00'
'e2668b4cbcd75c6b2360ce9dcdd0d508da79992c'|'Beware SoftBank’s investment behemoth'|'All the benefits of a standard Digital Subscription plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets Brexit Briefing - Your essential guide to the impact of the UK-EU split'|'ft.com'|'http://www.ft.com/rss/companies/asiapacific'|'https://www.ft.com/content/5f1dbfc0-d33d-11e6-9341-7393bb2e1b51?ftcamp=published_links%2Frss%2Fcompanies_asia-pacific%2Ffeed%2F%2Fproduct'|'2017-01-06T20:52:00.000+02:00'
'5f20e6df744232301836b115d76b591a9bde8ddc'|'Samsung Electronics forecasts fourth-quarter profit at over three-year high'|'Business   11:57pm GMT Samsung Electronics forecasts fourth-quarter profit at over three-year high A flag bearing the logo of Samsung Electronics is pictured at its headquarters in Seoul, South Korea, November 29, 2016. REUTERS/Kim Hong-Ji By Se Young Lee - SEOUL SEOUL Samsung Electronics Co Ltd ( 005930.KS ) said on Friday its fourth-quarter operating profit likely leapt 50 percent from a year earlier to its highest in more than three years, beating expectations on strong memory chip and display sales. The South Korean technology giant said October-December profit was likely 9.2 trillion won (6 billion pounds), the highest since the third quarter of 2013 and well above the 8.2 trillion won tipped by a Thomson Reuters StarMine SmartEstimate from a survey of 21 analysts. The estimate was also higher than any individual forecast in the survey. The upbeat outlook comes despite the anticipated $2.1 billion profit hit the firm earlier forecast for the quarter due to the withdrawal of the fire-prone Galaxy Note 7 premium smartphone in October, one of the biggest product safety failures in tech history. Investors anticipate a surge in sales of memory chips and organic light-emitting diode screens for smartphones will more than make up for the Note 7 setback, and translate to strong earnings growth for the October-December period and through 2017. The world''s biggest maker smartphones, TVs and memory chips will not disclose detailed earnings, including the performance of its individual businesses, until late January. Analysts expect Samsung''s chip division to earn a record of more than 4 trillion won in operating profit in October-December thanks to strong demand from smartphone makers, including major client Apple Inc ( AAPL.O ), and high-end data storage products. Many analysts also expect the mobile division''s quarterly profit to rebound from the third quarter, when the firm booked the bulk of its Note 7 losses, and post its first annual gain in three years thanks to healthy sales of Galaxy S7 smartphones. Samsung Electronics said fourth-quarter revenue likely fell 0.6 percent from a year earlier to 53 trillion won. (Reporting by Se Young Lee; Editing by Stephen Coates) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-samsung-elec-results-idUKKBN14P2MZ'|'2017-01-06T06:57:00.000+02:00'
'4f1fd0708a4b1900c562d09d1add94117150631c'|'Australia shares subdued ahead of U.S. jobs data; NZ hits 2-mth high'|' 23pm EST Australia shares subdued ahead of U.S. jobs data; NZ hits 2-mth high By Shashwat Pradhan Jan 6 Australian shares were flat on Friday as investors took a cautious stance ahead of the closely-watched U.S. jobs report due out later, with declines in materials capping gains in industrials and telecom stocks. The S&P/ASX 200 index ticked 0.1 percent higher, or 6.6 points to 5,759.9 by 0110 GMT, its highest since June 2015. The index was poised for a third-straight weekly gain in what would be its longest streak of weekly gains since July last year. The market is bracing for Friday''s U.S. non-farm payrolls report in which economists expected jobs gains of 178,000 in December, after the same gain in November. "If they come out with really bad numbers then it is likely that it will cause a bit of a panic in Australia because they will think it is the end of the run," said Tony Cunningham from Cunningham Peterson Sharbanee Securities. Australian gold index rose after the yellow metal climbed to its highest price in one month on Thursday. Gold producer Newcrest Mining drove the gains, advancing as much as 2.3 percent to hit a seven-week high. Australian rubber products maker Ansell Ltd jumped as much as 2.9 percent to touch its highest in 17 months. Telecom giant Telstra Ltd extended gains into a fourth-straight session, rising 0.9 percent to vault to a four-month high. Aconex Ltd and Transurban Group were the other big gainers, rising 2.4 percent and 1.3 percent, respectively. At the other end, materials was the biggest drag on the index. Global miner Rio Tinto Ltd nudged lower 0.3 percent while South32 Ltd slipped 1.2 percent. Amusement park owner Ardent Leisure slumped as much as 6.7 percent to record its biggest intraday percentage loss in more than two months, before paring some of the losses, after it reported a sales drop following a fatal accident at its Dreamworld theme park. New Zealand''s benchmark S&P/NZX 50 index inched lower 0.1 percent, or 5.2 points, to 6,970.4 after rising to a two-month high earlier in the session. The index is poised to rise 1.3 percent this week. Gains in utilities and telecom stocks were offset by declines in industrials and healthcare. Tegel Group Ltd and Sky Network Television Ltd were among the top percentage gainers on the benchmark, rising 1.4 percent and 1.5 percent respectively. For more individual stocks activity click on (Reporting by Shashwat Pradhan; Additional reporting by Hanna Paul in Bengaluru; Editing by Randy Fabi) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-midday-idUSL4N1EW0VF'|'2017-01-06T08:23:00.000+02:00'
'699915154942c48f5261c6b3772ca3ff354da10a'|'Motor racing-Manor F1 team goes into administration'|'LONDON Jan 6 The Formula One starting grid risks being reduced to 10 teams this season after Manor, the sport''s smallest and least successful outfit, went into administration on Friday.FRP Advisory LLP said in a statement that they had been appointed administrators to Just Racing Services Ltd (JRSL), the British-based team''s operating company.Manor Grand Prix Racing Ltd, the company which holds the rights to participate in the championship, is not in administration."During recent months, the senior management team has worked tirelessly to bring new investment to the team to secure its long term future, but regrettably has been unable to do so within the time available," said joint administrator Geoff Rowley."Therefore, they have been left with no alternative but to place JRSL into administration."(Reporting by Alan Baldwin, editing by Ed Osmond)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/motor-f1-manor-statement-idINL5N1EW22D'|'2017-01-06T08:48:00.000+02:00'
'955f493ae09ed5f8c01dff173f9dcb391dc6c3c1'|'Factory goods orders fall, but trend points to recovery'|'Aerospace & Defense - Fri Jan 6, 2017 - 10:05am EST Factory goods orders fall, but trend points to recovery Workers at South Carolina Boeing work on a 787 Dreamliner for Air India at the plant''s final assembly building in North Charleston, South Carolina December 19, 2013. REUTERS/Randall Hill WASHINGTON Jan 6 New orders for U.S.-made goods fell in November, weighed down by a plunge in the volatile civilian aircraft category, but the underlying trend suggested manufacturing is gradually firming. Factory goods orders declined 2.4 percent, the Commerce Department said on Friday after an upwardly revised 2.8 percent increase in October. November''s drop followed four straight months of gains and was the biggest decline since December 2015. Economists polled by Reuters had forecast factory orders decreasing 2.2 percent in November after a previously reported 2.7 percent gain in October. The department also said orders for non-defense capital goods excluding aircraft -- seen as a measure of business confidence and spending plans -- rose 0.9 percent in November as reported last month. Shipments of these so-called core capital goods, which are used to calculate business equipment spending in the gross domestic product report, gained 0.2 percent in November as previously reported. A report this week showed factory activity hitting a two-year high in December, driven by a surge in new orders. Manufacturing, which accounts for about 12 percent of the economy, is gaining some muscle after a prolonged period of decline, spurred by a strong dollar and lower oil prices. The sector is getting a lift from rising oil prices, which have led to an increase in well drilling. Still, manufacturing remains constrained by dollar strength. In November, orders for transportation equipment tumbled 13.2 percent, the largest drop since August 2014, reflecting a 73.8 percent decline in civilian aircraft orders. Orders for primary metals jumped 2.2 percent, the biggest rise since December 2015. Machinery orders increased 1.4 percent, the largest gain since January last year. There were increases in orders for computers and electronic products, and electrical equipment, appliances and components. Shipments of overall factory goods slipped 0.1 percent in November after rising 0.2 percent the prior month. Inventories of factory goods increased 0.2 percent. That left the inventories-to-shipments ratio unchanged at 1.34 in November. Unfilled orders at factories dipped 0.1 percent after rising 0.8 percent in October. (Reporting by Lucia Mutikani, Editing by Andrea Ricci) Next In Aerospace & Defense'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-economy-factory-idUSKBN14Q1S8'|'2017-01-06T22:05:00.000+02:00'
'5e1a8a0b189d2083637e0ac2ef2fa7046398433f'|'Oil steady after gains on Saudi output cuts'|'Fri Jan 6, 2017 - 12:40am GMT Oil steady after gains on Saudi output cuts A female employee fills the tank of a car at a petrol station in Cairo, Egypt, February 24, 2016. REUTERS/Mohamed Abd El Ghany TOKYO Oil prices were little changed on Friday after gaining nearly 1 percent the day before on news that Saudi Arabia had cut production to meet OPEC''s agreement to reduce output. Saudi Arabia has been curbing oil output in January by at least 486,000 barrels per day (bpd) to 10.058 million bpd, fully implementing OPEC''s agreement to slow production, according to a Gulf source familiar with Saudi oil policy. NYMEX crude for February delivery was down 7 cents at $53.69 a barrel by 0016 GMT, after closing up 50 cents on Thursday. For the week, the contract is likely to be largely steady. London Brent crude for March delivery was yet to trade after settling up 43 cents at $56.89 a barrel. Prices had fallen earlier on Thursday after data showed a surprisingly large increase in U.S. gasoline and distillate inventories. U.S. crude stocks dropped sharply to end the year, the Energy Information Administration said, with a draw of 7.1 million barrels, but stocks of gasoline and distillates surged as refiners ramped up production to reduce crude inventories, a year-end practice to avoid higher taxes. (Reporting by Osamu Tsukimori; Editing by Joseph Radford) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN14Q02N'|'2017-01-06T07:39:00.000+02:00'
'186962891d9443c3b8477aa586bcf7243e294794'|'Apple plans first retail store in South Korea, posts hiring notices'|'Business News - Fri Jan 6, 2017 - 2:19am GMT Apple plans first retail store in South Korea, posts hiring notices The Apple logo is seen on the facade of the new Apple Store in Paris, France, January 5, 2017. REUTERS/Charles Platiau SEOUL Apple Inc said it was planning to open a retail store in South Korea, its first in the country that is home to its smartphone archrival Samsung Electronics Co Ltd. The iPhone maker listed hiring notices for 15 positions dated Thursday on its website, including a store leader and business manager. The listings did not specify the exact location or when those who are hired will begin working. "We''re excited about opening our first Apple Store in Korea, one of the world''s economic centers and a leader in telecommunication and technology, with a vibrant K-culture," Apple told Reuters in a statement Friday. "We''re now hiring the team that will offer our customers in Seoul the service, education and entertainment that is loved by Apple customers around the world." Apple declined to comment on where in Seoul its retail store would be or when it would open. But South Korea''s Yonhap News Agency said in a report on Friday that construction was underway for the store at a location in a southern district of Seoul and that the work will likely be completed by end-November. (Reporting by Nataly Pak, writing by Se Young Lee; Editing by Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-apple-southkorea-idUKKBN14Q06H'|'2017-01-06T09:19:00.000+02:00'
'346aecb2152cde1859b3792025328041107b0252'|'Upscale retailer Neiman Marcus withdraws IPO'|'Funds News  34pm EST Upscale retailer Neiman Marcus withdraws IPO Jan 6 Neiman Marcus Group LLC said on Friday it would withdraw its initial public offering, nearly two years after the upscale department store chain filed with regulators to go public. The Dallas-based company owned by private equity firm Ares Management LP filed with regulators to go public in August 2015. The company pushed back the proposed IPO to 2016, citing market jitters, Reuters had reported in October. The company declined to comment on the reason for pulling the offering. (Reporting by Siddharth Cavale in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/neimanmarcus-ipo-idUSL4N1EW4CQ'|'2017-01-07T01:34:00.000+02:00'
'517c0bdfb3b414c1a54faee3d789fc7355b85669'|'PRESS DIGEST- British Business - Jan 6'|'Company News - Thu Jan 5, 2017 - 8:16pm EST PRESS DIGEST- British Business - Jan 6 Jan 6 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times Britain''s retail sector weathered its fourth poor December in a row with negative like-for-like sales growth on the high street amid volatile consumer sentiment, according to BDO, the accountancy and business advisory firm. bit.ly/2hWbLcH The London-listed carrier Fastjet Plc raises another $48 million through a placing of shares with City institutions and a cash injection from the South African aviation services group Solenta. bit.ly/2hWfmaM The Guardian A former Snapchat employee has accused the tech company of lying about its user numbers to deceive investors ahead of a possible initial public offering. bit.ly/2hWa8vF RMT, the union behind a series of strikes disrupting services on the Southern rail network has accepted an offer of direct talks with the government in an attempt to solve the long-running dispute. bit.ly/2hWjW8E The Telegraph JPMorgan Chase & Co''s CEO Jamie Dimon has warned the French president that the country is unlikely to lure banking jobs away from London after Brexit unless the nation overhauls employment legislation. bit.ly/2hWh9ML Royal Mail has launched a consultation into changes to its final salary pension scheme amid threats of strike action from unions. bit.ly/2hWb3MD Sky News Sports Direct International Plc founder Mike Ashley rescued chairman Keith Hellawell for a second time after a fresh vote by independent investors rejected his reappointment. bit.ly/2hW3llL Discount supermarket Aldi Inc said on Thursday it will increase minimum wages for its British employees by 1.5 percent from February. bit.ly/2hWlAHJ The Independent Warner Bros, a unit of Time Warner Inc, has committed to keep its European headquarters in London in a move seen as a vote of confidence for UK''s entertainment industry in the wake of Britain''s vote to leave the EU. ind.pn/2hWhDTa The resilience of the economy in the wake of Brexit vote has not prompted the Bank of England to change its view that Britain will suffer near-term damage from Brexit, the Bank''s chief economist, Andy Haldane, said on Thursday. ind.pn/2hWbFC0 (Compiled by Vishal Sridhar; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL4N1EW04P'|'2017-01-06T08:16:00.000+02:00'
'b3b3de8374ff1053c28cf9e80e0b9d9e0b04b766'|'Singapore asks banks to establish clients'' tax residency status under new rules'|'Business News  43am EST Singapore asks banks to establish clients'' tax residency status under new rules SINGAPORE Singapore has asked financial institutions to establish the tax residency status of all their account holders and report some of the financial data to authorities, as new rules on financial data sharing kick in to fight tax evasion. Singapore from Jan. 1 began complying with the Common Reporting Standard (CRS), an internationally agreed standard which would allow countries to automatically exchange financial data for tax purposes. Offshore wealth centers Singapore, Switzerland and Hong Kong are among the over 100 jurisdictions who have committed to start exchanging information to combat tax evasion by 2018, in an initiative led by the Organisation for Economic Cooperation and Development (OECD). Singapore''s tax authorities said account holders of financial institutions such as banks and insurance firms, should provide the institutions with information to establish their tax residency status when asked. The institutions will report to the Inland Revenue Authority of Singapore the information of account holders who are tax residents of jurisdictions with whom Singapore has signed agreements to share data from 2018. Singapore has signed such agreements with a number of countries such as Australia and Britain, but is yet to sign a bilateral agreement with Indonesia, whose citizens are the biggest clients for the city state''s private banks. Singapore''s private banking industry faced pressure last year from an Indonesian tax amnesty that came amid heightened global scrutiny over undeclared wealth. (Reporting by Saeed Azhar; Editing by Stephen Coates) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-singapore-tax-idUSKBN14Q0JU'|'2017-01-06T13:34:00.000+02:00'
'85d210d021f766b1d06c39ffe24d4d9dbad5c6fb'|'Fed''s Lacker says interest rates may have to rise more briskly'|' 08pm GMT Fed''s Lacker says interest rates may have to rise more briskly File photo: Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, participates in NABE Economic Policy Conference in Washington March 5, 2013. REUTERS/Yuri Gripas By Lindsay Dunsmuir - WASHINGTON WASHINGTON The U.S. Federal Reserve may have to raise interest rates quicker than markets currently predict should the Trump administration''s fiscal stimulus boost the economy, Richmond Fed President Jeffrey Lacker said in prepared remarks on Friday. "Monetary policy rates are likely to increase, and my view is that they may need to increase more briskly than markets appear to expect, depending on developments as the year unfolds," Lacker wrote in a speech that due to a family emergency was delivered in Baltimore by another Richmond Fed official. The U.S. central bank raised rates last month for only the second time since the 2007-2009 financial crisis, and predicted three rate hikes this year to keep apace with President-elect Donald Trump''s promises of tax cuts and increased spending. Lacker is not a voting member on the Fed''s rate-setting committee this year but participates fully in its deliberations. In his remarks, the Richmond Fed chief also forecast GDP growth of 2.0 percent in 2017, falling to 1.75 pct from 2018 onwards. He forecast that inflation this year would rise close to the Fed''s 2 percent target. U.S. employment rose less than expected in December but a rebound in wages pointed to sustained labour market momentum, the Labor Department said in its closely-watched monthly jobs report on Friday. Earlier this week, minutes from the Fed''s December policy meeting showed most policymakers felt the economy could grow more quickly under Trump and that, coupled with a low unemployment rate, may hasten higher inflation. Lacker has repeatedly advocated a swifter pace of rate rises than many of his Fed colleagues in order to ward off possible inflationary pressures. He said last month that the Fed would likely need more than three rate hikes in 2017. In Friday''s remarks, he once again warned against getting behind the curve on inflation. "Greater fiscal stimulus implies higher interest rates than would otherwise be warranted," Lacker said. "Otherwise, inflation pressures are likely to become elevated." (Reporting by Lindsay Dunsmuir; Editing by Paul Simao)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-lacker-idUKKBN14Q25L'|'2017-01-07T01:08:00.000+02:00'
'0a1cacf85bef77e1dde3e0db7d4b019b30e60185'|'Markets await last US jobs data of the Obama era - business live - Business - The Guardian'|'7.51am GMT 07:51 Michael Hewson, chief market analyst at CMC Markets, has been looking ahead to those eagerly-awaited US jobs numbers. He’s not overly optimistic, in the light of a separate set of employment numbers released yesterday by the ADP Research Institute. Their figures suggest just 153,000 new jobs were added in December, down sharply from 215,000 in November.For the last two years the November and December jobs numbers have been pretty strong numbers due largely to large amounts of temporary hiring that takes place in the lead up to Thanksgiving and Christmas.In 2016 this jobs growth hasn’t been on anywhere the same scale with ADP for December showing half the additional jobs from twelve months ago while the November BLS numbers were also underwhelming, which might suggest that today’s number could disappoint.Expectations are for a number in the region of 180k, but it wouldn’t surprise if we came in below that.Updated at 7.53am GMT Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 7.45am GMT 07:45 Let’s have a look at how traders are expecting Europe’s stock markets to open today. According to City trading firm IG Index, it’s going to be flatter than a pancake out there. US jobs data later in the day might change all of that, of course.IGSquawk (@IGSquawk) Our European opening calls: $FTSE 7195 -0.01%$DAX 11576 -0.08%$CAC 4898 -0.06% $IBEX 9482 -0.06% $MIB 19621 -0.11%January 6, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 7.42am GMT 07:42 The agenda: US jobs data and Sky bid deadline Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. With a fortnight to go until President Obama leaves office, the US Bureau of Labor Statistics will release the final monthly jobs data (known as non-farm payrolls ) of his eight-year administration. The US economy is forecast to have created 175,000 jobs in December. Unemployment is expected to be up slightly from 4.6% to 4.7%.Over in the City of London, Rupert Murdoch’s 21st Century Fox has until 5pm today to lodge a formal bid for the 61% of BSkyB it does not own. Sky and Fox have already reached preliminary agreement on an £11.2bn deal , five years after Murdoch was forced to abandon a similar deal amid public disgust at the role of his media empire in the phone-hacking scandal.The FTSE100 has closed at an all-time high for six days in a row, the longest streak of records since 1997. The blue-chip index will need to repeat the trick both today and Monday to match the eight-day record set 19 years ago.Updated at 7.52am GMT Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/live/2017/jan/06/markets-await-last-us-jobs-data-of-the-obama-era-business-live'|'2017-01-06T02:00:00.000+02:00'
'6aba17879a0b65cb886b07f14669383b00327909'|'Apple is not the only tech company kowtowing to China’s censors - Melissa Chan - Opinion'|'N ews of Apple pulling the New York Times app from its store in China has been met with the expected outrage on social media. One online advocacy organisation labelled Apple the “world leader in globalising Chinese censorship”. Tom Grundy of Hong Kong Free Press , an independent online news outlet, tweeted that Apple was now “eagerly assisting” in censorship . And the New York Times’s own correspondent, Chris Buckley, asked on Twitter whether Apple owed an explanation to the paper’s Chinese readers.I actually think we should hold some of our fire, or at least stop short of singling Apple out as the worst offenderI have experience with Chinese censorship, as both target and witness of it. As a reporter there for five years, I – along with the rest of the foreign press corps – often faced attempts at both the local and national level to interfere with and stop our coverage. And as someone who happened to be in China when social media and cloud-based technology started taking off, I also wrote many stories on China’s moves to block Facebook, Twitter and Google. Here’s a list of major websites blocked in the country .As much as I have spoken up against Chinese censorship, and as often as I berate Mark Zuckerberg’s blatant kowtowing in order to get Facebook back into China , I actually think we should hold some of our fire, or at least stop short of singling Apple out as the worst offender. I say this as someone who has also covered Silicon Valley as a Bay Area-based correspondent.In the United States, Apple has a strong track record as an industry leader against government attempts to access users’ data. It has butted heads directly with the Obama administration over issues of privacy and security, calling it a fight for civil liberties. It has taken unpopular positions, including refusing to cooperate with the FBI to help agents read the encrypted data from domestic terrorist Syed Farook’s iPhone. This is a technology company that has appeared to have at least tried, at times, to do the right thing.Of course, Apple has not manufactured iPhones in China without scandal. From stories of factory workers being made ill by the chemicals used to make iPhone touch screens, to a spate of suicides at a manufacturer’s campuses , Apple’s record is checkered. Cynics might add that Apple only shoulders responsibility when it also happens to improve the company’s bottom line, or when it’s easy. In the United States, Apple has recourse to a functioning legal system to launch its battles. In China, where the rule of law is weak , it means a much tougher environment and far fewer options when the company disagrees with government decisions.The situation is complicated by the tremendous leverage the Chinese government has over Apple. Not only is the iPhone manufactured there, but sales of Apple products in China account for a quarter of its global revenue.Apple has not explained its latest decision and which law the New York Times fallen foul to. The newspaper has a Chinese-language edition of its paper. In 2012, Beijing blocked both the Chinese and English-language websites , but readers could continue reading articles if they downloaded the apps to their iPhones. Now, Apple has removed both English and Chinese-language apps from its store, making it impossible to read the New York Times unless users know how to employ circumvention tools.Maybe the larger the company, the more scrutiny it should receive. In that spirit, Apple’s decision to pull the apps deserves full moral fury. But keep in mind that every single US tech company in China makes compromises in order to enter the market. LinkedIn restricts its content . Evernote , like Apple, stores Chinese account holders’ data on Chinese servers so that authorities may access the information. Microsoft censors . None of this is right.Apple removes New York Times app in China Read more Few foreign companies have taken the moral stand that Google did by exiting China. I remember when the company made that decision . Supporters of a more open China dropped off flowers outside its Beijing offices, excited that it had made such a bold move.But if anybody had hoped Google’s defection would launch an exodus, it never happened. Since then, Chinese censorship and attempts to control foreign companies have only become more odious, with no indication it will let up. Apple’s problem today, is another foreign company’s conundrum tomorrow. Its dependance on China serves as a case study for how the story will repeatedly, dismally play out. All this stops only when the financial incentives to do business in China, and with China , disappear.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/commentisfree/2017/jan/06/apple-china-censors-new-york-times'|'2017-01-06T22:14:00.000+02:00'
'ed2fce4bd3f7e003da13d22e02ceeff8751895ac'|'ECB hawk says too early to declare victory over weak economy'|'Business News - Fri Jan 6, 2017 - 1:52pm GMT ECB hawk says too early to declare victory over weak economy Yves Mersch, Member of the Executive Board of the European Central Bank presents an oversized newly unveiled 10 euro note at the headquarters of the European Central Bank (ECB) in Frankfurt, January 13, 2014. REUTERS/Ralph Orlowski PARIS It is premature to declare victory over economic weakness in the euro zone despite the latest figures showing a pick-up in inflation, European Central Bank director Yves Mersch said on Friday, batting back pressure from Germany. The ECB has been facing fresh calls from some German economists this week to dial back its unprecedented monetary stimulus, which includes a 2.3 trillion euros ($2.44 trillion) bond-buying program. Mersch''s pushback was particularly significant as he is considered a ''hawk'', meaning he has often sided with Germany in highligting the risks and limitations of the ECB''s ultra-easy monetary policy. Euro zone price growth rose by more than 1 percent for the first time in three and a half years in December, although this was mainly due to a stabilization in oil prices. "Statistics from just one month is not going to change our position," Mersch, a member of the ECB''s Executive Board, told a conference in Paris. "In terms of inflation, it''s above all due to energy prices." Mersch added that wages were not growing fast enough in the bloc to fuel inflationary pressure and noted that core prices, which strip out energy and food, had barely risen last month. Inflation - below the bank''s 2-percent target for more than 3 years - is now on the way up, in what could provide relief for the ECB but also an argument for hawks on its Governing Council to reduce stimulus. Some German economists called on the ECB on Thursday to raise interest rates after December''s inflation rebound, which stirred a fear of inflation among Germans that goes back to the 1920s. Price growth in the euro zone''s largest economy was among the highest among the 19 euro zone countries at 1.7 percent last month. The ECB targets inflation of almost 2 percent. (Reporting by Leigh Thomas; Writing by Michel Rose and Francesco Canepa; Editing by Sudip Kar-Gupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-policy-mersch-idUKKBN14Q1FD'|'2017-01-06T20:41:00.000+02:00'
'bf3c53ce8c60d1f39fc1ee579d1a82807cdcbd1e'|'Apple pulls New York Times app in China after government request'|'  3:20am GMT Apple pulls New York Times app from iTunes store in China left right FILE PHOTO: An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar 1/2 left right The Apple Inc. store is seen on the day of the new iPhone 7 smartphone launch in Los Angeles, California, U.S., September 16, 2016. REUTERS/Lucy Nicholson 2/2 Apple Inc ( AAPL.O ) has removed the New York Times Co''s ( NYT.N ) news apps from its app store in China, following a request from the Chinese authorities. Apple removed both the English-language and Chinese-language apps from the iTunes store in China on Dec. 23, according to the New York Times, which first reported the action. "The request by the Chinese authorities to remove our apps is part of their wider attempt to prevent readers in China from accessing independent news coverage by The New York Times of that country," the New York Times spokeswoman Eileen Murphy told Reuters. "We have asked Apple to reconsider their decision," Murphy said. The Chinese government began blocking The Times''s websites in 2012, after a series of articles on the wealth amassed by the family of Wen Jiabao, who was then prime minister, according to the New York Times report. "We have been informed that the app is in violation of local regulations," Fred Sainz, an Apple spokesman told Reuters. Apps from other international publications, including The Financial Times and The Wall Street Journal, were still available in the app store, the New York Times reported. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-apple-new-york-times-china-idUKKBN14O29L'|'2017-01-05T14:30:00.000+02:00'
'62e9ee1900ba481141aee20342f4f391d2ce4a7e'|'REFILE-UK Stocks-Factors to watch on Jan 5'|'Company  54am EST REFILE-UK Stocks-Factors to watch on Jan 5 (Refiles to drop item on ex-dividend stocks) Jan 5 Britain''s FTSE 100 index is seen opening flat to 4 points higher, or up as much as 0.06 percent, on Thursday, according to financial bookmakers. * The UK blue chip index closed slightly firmer at 0.17 percent higher at 7,189.74 points, near a record high, on Wednesday as a rally in housebuilders was offset by a slump in retailers after Next issued a profit warning. * BARCLAYS: A former Barclays Plc trader pleaded guilty on Wednesday to U.S. charges arising from a global investigation into the manipulation of foreign-exchange prices at major banks, the U.S. Department of Justice said. * BHP BILLITON: Workers at BHP Billiton-owned Escondida, the world''s biggest copper mine, could go on strike in February if collective contract talks with the company are unsuccessful, union spokesman Carlos Allende told Reuters on Wednesday. * GLENCORE: Russian state holding company Rosneftegaz closed a deal with the Qatar Investment Authority (QIA) and commodities trader Glencore to sell a 19.5 percent stake in state-owned oil major Rosneft, Rosneft said on Wednesday. * UK ECONOMY: Britain''s economy retained its momentum through the final months of 2016, but inflation pressures mounted at the fastest pace since records began almost 20 years ago, a major business survey showed on Thursday. * UK CAR SALES: British new car sales hit a record of 2.7 million units in 2016 despite fears that the Brexit vote could hit demand, although there are signs that registrations will fall this year, preliminary industry data showed on Thursday. * UK IMMIGRATION: Britain should look at introducing a regionally based immigration system in which visas could be issued for specific areas of the country, a parliamentary committee said in a report on Thursday. * OIL: Oil prices dipped on Thursday on doubts producers would fully deliver on promises to cut output, although record U.S. automobile sales and falling crude stocks offered markets some support. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Persimmon PLC Trading Statement Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Esha Vaish in Bengaluru; Editing by Sunil Nair) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1EV20R'|'2017-01-05T13:54:00.000+02:00'
'dbf6c4d3a7e7d9af6e863c62742e201f6c2fd89d'|'How Congress might crack down on H-1B abuse'|'How Congress might crack down on H-1B abuse by Sara Ashley O''Brien @saraashleyo January 6, 2017: 1:17 PM ET What is an H-1B visa? A popular visa program may soon get a makeover. Employers say H-1B visas are crucial because they allow foreign workers to fill skill gaps in the American workforce. Foreigners are in hot pursuit of them, too: Last year demand was three times more than the annual limit of 85,000. But critics of the program say some outsourcing firms exploit H-1B visas to hire foreign workers. They contract them to work for big companies who end up paying them less than Americans would make for the same jobs. For years, lawmakers have been debating proposals to change the program. Now a window might be opening. President-elect Donald Trump has said he wants to crack down on misuse of visas , though he has not detailed how. Rep. Darrell Issa, a California Republican, introduced a bill this week that he says will punish outsourcing companies. Under his legislation, any company paying H-1B workers less than $100,000 would have to show they couldn''t hire Americans for the same jobs. Existing law has a similar requirement but sets the threshold at $60,000, a level established in 1998, and doesn''t apply to foreign workers with master''s degrees. Issa''s bill would do away with that exemption. The idea is to make it more expensive and complicated for companies to use H-1B visas, and to hurt companies that exploit the program. Issa''s bill, like the current law, would apply only to companies with more than 50 employees and for whom H-1B workers make up at least 15% of the workforce. Related: Uncertainty over Trump''s immigration policy leads foreign engineers to ditch startups The bill addresses Trump''s concerns about high-skilled immigration, says Neil Ruiz, a specialist in migration and economic development at George Washington University Law School. "This bill shows the direction of where they may go in immigration reform: Let people in -- but make sure you''re protecting American workers and set the bar high," he said. The visa has special significance for Silicon Valley because the tech industry is worried about attracting and retaining foreign engineering talent. Tech industry advocates have lobbied for years to increase the number of visas to meet the growing demand. Rep. Zoe Lofgren, a Democrat who represents Silicon Valley, says Issa''s legislation is inadequate and won''t stop outsourcing. "It''s just a fig leaf," she told CNNMoney. Lofgren has drafted a more comprehensive bill that would award visas by which employers offer the highest salaries. Under both the current system and Issa''s proposal, visas are awarded by lottery, even after companies go through all the paperwork. "That would avoid this program undercutting the wages of American workers," she said. "It lets the market forces work." Related: Trump''s crackdown on ''visa abuse'': Experts weigh in Lofgren says she plans to introduce her bill within weeks. It will also propose changes to how permanent visas are awarded, eliminating limits allocated by country. Lofgren believes that this will help clear up some of the high demand for H-1B visas, which she said is, in part, due to long wait lists in countries like India. H-1B visas are for three years and can be renewed for three more. "Trump has said he''s against outsourcing. If he is, he can take a look at this bill that could actually work," she said. "If he''s not serious, there''s nothing I can do about it." Calvin Moore, a spokesman for Issa, said his bill, originally introduced last year, is a good entry point for reform. "The point of the bill is to be a modest reform on the pieces of H-1B reform that we think have the most buy-in and that we think are most achievable early in the Congress," he told CNNMoney. Plenty of industries outside Silicon Valley rely on the H-1B visa program. Foreign journalists, doctors, professors, models , sports coaches and even zookeepers compete for them. Employers are all required to pay, at minimum, the prevailing wage for the job, which ranges depending on skill level, job description and where the job is. Immigration lawyers are waiting to see whether changes will take effect before the upcoming H-1B season. The government begins accepting applications April 1.   1:17 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/06/technology/h1b-reform-bill/index.html'|'2017-01-07T01:17:00.000+02:00'
'34c272010afa7883b8c0842a6efdeea228081f86'|'Smartphone wipes in Japanese bathroom stalls'|'Travelers react to smartphone wipes in Japanese bathroom stalls by Sara Ashley O''Brien @saraashleyo January 6, 2017: 1:15 PM ET Travelers passing through Tokyo''s Narita International Airport have spotted an unusual offering in bathroom stalls: toilet paper for smartphones. The airport''s smartphone wipe dispensers, available in 86 stalls throughout the arrival hall, hang next to traditional toilet paper dispensers. The move encourages people to take a moment to disinfect their screens. "Welcome to Japan," reads each individual wipe. Although the initiative rolled out in December, surprised travelers continue to share photos and reactions on Twitter. "Toilet paper for smartphones ... only in #Japan," one user tweeted. When people ask if Japan is Olympic ready, I just show them these smartphone sanitary wipe dispensers in toilet cubicles. pic.twitter.com/KPiTG4ihli — Karan Singh (@madebykaran) January 6, 2017 Only in Japan ''toilet paper for smartphones''Don''t forget to wipe before you swipe! pic.twitter.com/mHwDf0nhoP Related: The weirdest tech from CES 2017''s opening day Japanese telecom company NTT Docomo, the company behind the effort,unveiled the wipes in a video about bathroom hygiene. It also included tips on how to squat using a Japanese toilet and how to use a bidet. On its YouTube page, NTT Docomo cited research that smartphone screens carry five times the amount of germs than toilet seats. — Carolina Parisi LUX (@carolaparisi72) January 4, 2017 Toilet seats might carry three types of bacterias, but phones can carry between 10 to 12 types -- including E.coli and fecal bacteria, according to a BuzzFeed report . The wipes can be flushed down the toilet after use. The dispensers will stay up until March 15, 2017.   1:15 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/06/technology/japan-smartphone-toilet-paper/index.html'|'2017-01-07T01:20:00.000+02:00'
'b7050146f1cfe4de01c0a99098c65e7d981ae708'|'China data to show economy gained momentum heading into 2017 but risks abound'|' 52am GMT China data to show economy gained momentum heading into 2017 but risks abound Workers build wooden scaffolding at a construction site in Beijing, China, December 31, 2016. REUTERS/Thomas Peter SHANGHAI A raft of data from China in coming weeks is expected to show the world''s second-largest economy carried solid momentum into 2017, thanks to heavy government stimulus and a construction boom that breathed new life into its ailing smokestack industries. But Beijing''s decision to double down on spending to meet its official growth target may have come at a high price, as policymakers will have their hands full in 2017 trying to defuse financial risks created by the explosive growth in debt. Expectations for further depreciation of the yuan currency are creating further headaches for the government, even as U.S. President-elect Donald Trump threatens to brand China a currency manipulator and impose heavy tariffs on Chinese goods. China is due to report fourth-quarter and full-year gross domestic product on Jan. 20. GDP grew at exactly 6.7 percent for each of the first three quarters, smack in the middle of the government''s 2016 target range of 6.5-7 percent. Factory and service sector surveys for December published earlier this week showed activity accelerated, with strong order books boding well for business in coming months. However, despite signs of economic stabilization and even improvement this year, money has been leaving China on the back of the yuan''s steady decline against the surging U.S. dollar. The extent to which authorities have battled to stabilize the yuan may be seen in foreign exchange reserve data on Jan. 7. China''s foreign exchange reserves likely fell to $3 trillion in December, from $3.052 trillion at the end of November and the lowest since April 2011, according to median estimates from analysts surveyed by Reuters. The Chinese currency lost around 6.5 percent against the dollar last year, with expectations strong for continued weakness. In recent weeks, the government has stepped up oversight of individual foreign exchange purchases and outbound investments by companies, saying it wants to close loopholes for speculative outflows. More restrictions are expected this year. But if forex reserves continue to be depleted at a fast pace and capital flight continues, some strategists believe China''s leaders may have little choice but to sanction a big "one-off" devaluation. Trade and inflation data will follow on Jan. 10 and Jan. 13, respectively, with fourth-quarter GDP and December fixed asset investment, retail sales, and industrial output on Jan. 20. Loan and money data is expected anytime Jan. 10-15. A weaker yuan does help China''s exports, which rose in yuan terms in November. But analysts expect shipments in dollar terms from the world''s largest exporter declined 3.5 percent in December, compared with a 0.1 percent increase in the previous month, while imports likely rose 2.4 percent, down from 6.7 percent growth. China''s trade surplus is forecast to have been $46.50 billion in December, versus November''s $44.61 billion, with growing attention on its large trade surplus with the U.S. Inflation will also be on the radar in 2017, with any sign that consumer price increases are accelerating increasing the chances of policy tightening, which could throw a wrench into an economy still driven by rapid credit growth. Fueled largely by stronger demand and higher prices for building materials and coal, China''s producer prices likely rose 4.5 percent in December, which would be the fastest since November 2011 and a rapid turnaround from when wholesale prices were in decline just four months prior. Consumer prices likely rose 2.3 percent in December, the same pace as in November. While a strong recovery of commodities prices have pushed up industrial profits, there has been little indication of higher prices being pushed on to the consumer yet. Analysts say policymakers are not likely to worry much about inflation unless the consumer price index rises above 3 percent. Highlighting how much money was pumped into the economy last year, banks are expected to have extended a record amount of credit, despite signs that the country''s leaders are worried about the risks of prolonged debt-fueled stimulus. Banks probably extended 700 billion yuan ($101.73 billion) in new loans in December, down from the previous month but still easily putting the 2016 total over 2015''s record 11.72 trillion yuan. The growth rate of outstanding loans likely held steady at 13.1 percent year-on-year, while M2 money supply expanded at a slightly stronger pace of 11.5 percent. Industrial output and retail sales probably grew 6.1 percent and 10.7 percent, respectively, easing marginally from November, while fixed asset investment growth was likely steady at 8.3 percent. Industrial output likely dipped as authorities closed some factories to battle heavy smog in northern China, and as government attempts to control red-hot property prices have slowed the pace of new home construction and investment. (Reporting by Elias Glenn; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-data-idUKKBN14P0WQ'|'2017-01-05T16:40:00.000+02:00'
'5d81b0b8b04ed513fc7f5223a48efbc14e568f3f'|'Indian shares rise; banks gain, Bharti Airtel falls'|'Financials  26am EST Indian shares rise; banks gain, Bharti Airtel falls Jan 3 Indian shares ended higher as lenders such as State Bank of India recovered from the previous session''s losses, but mobile operators fell after Bharti Airtel unveiled a plan with free 4G data, sparking competition fears. The broader NSE index ended up 0.16 percent at 8,192.25, while the benchmark BSE index closed up 0.18 percent at 26,643.24. State Bank of India gained 0.53 percent while Bharti Airtel declined 2.1 percent. For the midday report, click (Reporting by Samantha Kareen Nair in Bengaluru; Editing by Sherry Jacob-Phillips) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-stocks-idUSB8N1EG000'|'2017-01-03T17:26:00.000+02:00'
'2af49ca545e876973f579e2ca5a09228c039a5e2'|'Twitter China head Kathy Chen leaves company'|'Business News  49pm EST Twitter China head Kathy Chen leaves company The Twitter logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2016. REUTERS/Brendan McDermid NEW YORK Twitter Inc ( TWTR.N ) executive Kathy Chen, who courted potential Chinese advertisers for the social media platform, announced her departure from the company in a tweet on Saturday. "Now that the Twitter APAC team is working directly with Chinese advertisers, this is the right time for me to leave the company," she wrote. Twitter grew its Greater China advertiser base nearly 400 percent over the past two years, she wrote, making it one of the company''s fastest growing revenue markets in Asia Pacific. Twitter, which has been under pressure to post profits, said in October it would cut 9 percent of its global workforce to keep costs down. Parminder Singh, the former managing director for Twitter in India and the Middle East, left the company in early November. Twitter did not reply to an email seeking comment. (Reporting by David Randall; Editing by David Gregorio) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-twitter-chen-idUSKBN14M17P'|'2017-01-03T05:21:00.000+02:00'
'4457d03d02359424beab1bbaa0b813be37b03552'|'UPDATE 1-U.S. muni supply rises 12.2 pct in 2016, California top issuer'|'Company   4:00pm EST UPDATE 1-U.S. muni supply rises 12.2 pct in 2016, California top issuer (Adds refunding volume, underwriter and issuer rankings, insured and private placement totals) Jan 3 U.S. states, cities, schools and other issuers sold $423.8 billion of debt in the municipal market in 2016, a 12.2 percent increase over 2015 and the largest annual supply since 2010''s record $430.4 billion, according to Thomson Reuters data on Tuesday. Refundings of outstanding bonds, which accounted for nearly $261 billion of 2016''s total, outpaced new bond sales as issuers took advantage of market rates that hit all-time lows last summer. Bank of America Merrill Lynch was the top muni underwriter with 518 deals totaling nearly $66 billion, followed by Citigroup with 529 deals totaling $49 billion. J.P. Morgan Securities came in third with 402 deals totaling $41.5 billion. The three firms had the same rankings in 2015. California was the biggest issuer with 13 deals totaling $8.9 billion. New York''s Dormitory Authority and Metropolitan Transportation Authority rounded out the top three. Insured bonds totaled $25.3 billion, up only 0.5 percent from 2015. The amount of privately placed muni debt fell by 15.4 percent to $21.3 billion, Thomson Reuters data showed. (Reporting by Karen Pierog; Editing by Leslie Adler and Grant McCool) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-municipal-supply-idUSL1N1ET17M'|'2017-01-04T04:00:00.000+02:00'
'198175d9c50a7e802c1b40b9d842de8b4bfb8c5d'|'In sign of more hawkish Fed, Evans nods to three rate hikes'|'  8:01pm GMT In sign of more hawkish Fed, Evans nods to three rate hikes Chicago Federal Reserve President Charles Evans answers a question at the Chicago Banking Symposium in Chicago, Illinois, United States, June 3, 2015. REUTERS/Jim Young By Ann Saphir and Jason Lange - CHICAGO CHICAGO Chicago Federal Reserve President Charles Evans said on Friday the central bank could raise interest rates three times this year, faster than he had expected just a few months ago and in line with the majority of his colleagues. The comments from Evans, a voting member of the Fed''s policy committee this year and one of the U.S. central bank''s most outspoken doves, were a fresh sign the Fed is gearing up for potentially faster rate hikes in the face of above-potential economic growth and firmer inflation. "I still think two (Fed rate hikes) is not an unreasonable expectation ... but it''s going to depend on how the data roll out, and if it''s a little bit stronger, three is not going to be implausible," Evans told reporters after on the sidelines of an American Economic Association conference. Two other U.S. policymakers, Cleveland Fed President Loretta Mester and Richmond Fed President Jeffrey Lacker, said Friday they would support even faster rate hikes. The central bank''s policy-setting committee unanimously raised interest rates last month by a quarter of a point and policymakers signalled they expect to raise rates three more times in 2017. But minutes from that meeting released earlier this week showed policymakers might signal an even more aggressive path of rate increases if inflationary pressures rise, a view that Evans'' comments bolstered. Incoming U.S. President Donald Trump has promised to double America''s pace of economic growth and "rebuild" the country''s infrastructure. Evans said Friday he had joined many of his colleagues in factoring extra fiscal stimulus into his forecasts. He has gained confidence, he said, that the economy will grow 2 percent to 2.5 percent this year and inflation will move up to the Fed''s 2-percent target by next year. Still, Evans warned, unless accompanied by an unexpected burst of improvement in productivity or labour, faster growth could "eventually put strong pressure on resources and drive up wages and inflation," forcing the Fed to raise rates in response. “I’ve been a little more, seeing a little more strength in the economy,” Cleveland Fed''s Mester told Fox Business Network on Friday, adding that more than three rate hikes this year is "probably" appropriate. Richmond Fed''s Lacker, one of the Fed''s most prominent hawks, agreed, saying the Fed "may need to increase more briskly than markets appear to expect." Markets currently are pricing in two or three rate hikes this year. (Reporting by Ann Saphir and Jason Lange in Chicago and Lindsay Dunsmuir in Washington; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-idUKKBN14Q2B9'|'2017-01-07T03:01:00.000+02:00'
'cc52f2769b613e0f49c21c824694c6e3f08a26cd'|'Asian stocks rise for eighth day on PMIs; yuan soars ahead of inauguration'|' 10am GMT Asian stocks rise for eighth day on PMIs; yuan soars ahead of inauguration left right A man looks at an electronic board showing Japan''s Nikkei average outside a brokerage in Tokyo, Japan, December 1, 2016. REUTERS/Kim Kyung-Hoon 1/3 left right A currency dealer walks in front of electronic boards showing the Korea Composite Stock Price Index (KOSPI) and the exchange rate between the U.S. dollar and South Korean won, at a dealing room of a bank in Seoul, South Korea, December 17, 2015. REUTERS/Kim Hong-Ji 2/3 left right A man walks past an electronic board showing Japan''s Nikkei average outside a brokerage in Tokyo, Japan, November 18, 2016. REUTERS/Toru Hanai 3/3 By Saikat Chatterjee - HONG KONG HONG KONG Asian stocks climbed for an eighth consecutive day on Thursday, buoyed by further gains on Wall Street and an overnight bounce in oil prices that bolstered energy and resource shares. Also underpinning the cautious streak of optimism has been a steady stream of upbeat factory and service sector surveys out of the U.S., Europe and Asia this week, prompting some banks to raise their global growth forecasts for 2017. European stocks are set to take their cues from a firm Asia with index futures pointing to modest gains. MSCI''s broadest index of Asia-Pacific stocks outside Japan .MIAPJ0000PUS rose more than 1 percent, extending a rally that has seen it gain 2 percent in the opening days of 2017. India .NSE and Hong Kong .HSI led gains, while Japan''s Nikkei .N225 slipped 0.3 percent as the yen edged up on the dollar. Philippine shares .PSI rose to their highest levels in nearly two months and Singapore .STI shares rose 1.3 percent. "Recent economic data is pretty good so markets are in risk-on mode overall and the dollar is supported. But U.S. bond yields are being capped so the dollar is losing the driver behind its rally," said Yukio Ishizuki, currency strategist at Daiwa Securities. U.S. shares ended higher on Wednesday even after minutes from the Federal Reserve''s December meeting showed concerns that quicker economic growth under the Trump Administration could require faster interest rate increases to ward off inflation. [.N] The FOMC minutes noted upside risk to growth forecasts and uncertainty over the level of fiscal stimulus, while some members warned that the tighter labour market could signal a more aggressive path of rate increases. Still, with just over two weeks before U.S. President-elect Donald Trump takes office, Fed officials and global investors are also waiting for evidence that his campaign promises will be approved by Republican lawmakers and kick the U.S. economy into higher gear. "The December minutes reinforce our view that the FOMC remains on a cautious and gradual rate hike trajectory amid an uncertain fiscal and economic outlook," OCBC said in a note. Despite the extended bounce in Asian stocks, valuations remain at moderate levels, suggesting more institutional inflows if market conditions remain benign. Valuations for Asian stocks are near 10-year averages in terms of price-to-book and a price-to-earnings multiples, according to Reuters data. Growth in China''s services sector accelerated to a 17-month high in December, a private survey showed, adding to views that the world''s second-largest is entering the new year with stronger momentum. The strong pick-up mirrored improvements in manufacturing surveys earlier this week, as market watchers debate whether China''s leaders will settle for a more modest growth target this year in order to focus on more pressing issues such as an explosive growth in debt. In currencies, the dollar briefly stumbled after policymakers noted extended gains in the greenback would weigh on inflation, though it managed to pare losses by the end of a choppy U.S. session. The dollar was trading around 116.3 handle against the Japanese yen JPY= while China''s offshore yuan CNH=D3 strengthened against the dollar after posting its biggest daily gain against the dollar in a year. China stepped into both its onshore and offshore yuan markets to shore up the faltering yuan for a second day on Wednesday, sparking speculation that it wants a firm grip on the currency ahead of Trump''s inauguration on Jan. 20. [CNY/] U.S. Treasuries consolidated recent gains after the Fed minutes with two-year bond yields US2YT=RR edging lower to 1.22 percent. After rising nearly 2 percent overnight, oil prices dipped in Asian trade on doubts that producers would fully deliver on promises to cut output, although record U.S. automobile sales and falling crude stockpiles offered markets some support. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were flat at $53.25 per barrel and Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $56.39 per barrel. [O/R] (Additional reporting by Hideyuki Sano in Tokyo; Editing by Eric Meijer and Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN14P01E'|'2017-01-05T14:10:00.000+02:00'
'72d6d0a1fe54d68087be02b3af5fdcf96ea78004'|'Budget carrier Fastjet to sell stake to S.African airline Solenta'|'Industrials - Thu Jan 5, 2017 - 5:17am EST Budget carrier Fastjet to sell stake to S.African airline Solenta Jan 5 Budget airline Fastjet Plc said South African carrier Solenta would become a 28 percent shareholder in the company and that it would also raise at least $28.8 million through a share placement. Africa-focused Fastjet said on Thursday it would buy a special purpose vehicle (SPV) held within the Solenta group by issuing nearly 95.6 million shares. The SPV has three wet-leased aircraft and the supply of other services over the next five years. The share issue is priced at 16.3 pence each, representing a nearly 2 percent discount to Fastjet''s Wednesday close of 16.625 pence, the company said. Fastjet said it would use the proceeds for working capital purposes, allowing it to implement new revenue generating measures and reach cash flow break-even by the fourth quarter of 2017. The company said Solenta would have the right to nominate two members to its board. Fastjet is looking to cut costs amid tough conditions in its home market, Tanzania. In March, it warned that it would no longer be cash flow-positive this year. In November, Fastjet''s chairman resigned bowing to the pressure from its second largest investor to sack him for failing to relocate the airline''s head office quickly and criticised him for a high cost base. (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/fastjet-fundraising-idUSL4N1EV2TC'|'2017-01-05T17:17:00.000+02:00'
'7432e9f5dd477a95555df18fb8d13b469433549e'|'Nikkei slips as Trump tax threat hits Toyota, Fast Retailing slumps'|'Company  13pm EST Nikkei slips as Trump tax threat hits Toyota, Fast Retailing slumps * Toyota falls after Trump threatens on Mexico manufacturing plans * Fast Retailing contributes hefty negative 91 points to Nikkei * Nikkei up 1.8 percent so far for week By Ayai Tomisawa TOKYO, Jan 6 Japan''s Nikkei share average dropped on Friday morning as automakers dragged after incoming U.S President Donald Trump threatened to slap punitive taxes on Toyota cars imported into the United States from Mexico. Index heavyweight Fast Retailing also dragged on the market after reporting weak monthly sales. The Nikkei fell 0.4 percent to 19,439.24 in midmorning trade, after hitting as low as 19,354.44 earlier, although the benchmark index is up 1.8 percent for the week so far. Fast Retailing Co dived 5.6 percent and contributed a hefty negative 91 points to the benchmark index after saying that same-store sales at its Uniqlo clothing outlets in Japan fell 5 percent in December from a year earlier. Toyota Motor Corp fell more than 3 percent at one point after Trump threatened to impose heavy taxes on the automaker if it builds its Corolla cars in Mexico for the U.S. market. Other Japanese carmakers also fell, with both Honda Motor Co and Nissan Motor Co falling more than 2 percent. Analysts said that investors are focused on U.S. jobs data due out later in the day, and overall trading will likely be subdued before a long weekend in Japan. Markets in Japan will be closed on Monday for a national holiday. "In the near-term, investors are looking at the volatile dollar-yen moves," said Nobuhiko Kuramochi, a strategist at Mizuho Securities. That said, the current dollar-yen levels are still favourable for Jan-March earnings for Japanese exporters, which had expected a much stronger yen, Kuramochi added. "The Nikkei is likely to gain further in the next few weeks on hopes that companies'' earnings will be stronger than expected," he said. At 0147 GMT, the dollar rose 0.6 percent at 116.02 yen after falling 1.6 percent overnight. The broader Topix dropped 0.4 percent to 1,549.92 and the JPX-Nikkei Index 400 fell 0.4 percent to 13,899.25. (Reporting by Ayai Tomisawa; Editing by Eric Meijer) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1EW1AF'|'2017-01-06T09:13:00.000+02:00'
'68d38367e88712da6a3c462d20054acd98a65dfb'|'PRESS DIGEST - Wall Street Journal - Jan 6'|'Bonds News - Fri Jan 6, 2017 - 12:20am EST PRESS DIGEST - Wall Street Journal - Jan 6 Jan 6 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Donald Trump blasted Toyota Motor Corp for its plan to build a new Mexican plant, just hours after the head of the Japanese auto maker signaled a willingness to work with the new administration. on.wsj.com/2ihIF3G - Apple Inc said its App Store generated record revenue of more than $20 billion for developers in 2016, as that business roughly maintained its growth rate even as iPhone sales volumes declined. on.wsj.com/2ihMaXF - Struggling retailer Sears Holdings Corp has bought itself some breathing room through maneuvers that include the sale of its Craftsman brand for $900 million and the closure of 150 additional stores as it grapples with a prolonged sales slump and mounting losses. on.wsj.com/2ihIWTY - Verizon Communications Inc is unsure whether it will proceed with its $4.83 billion purchase of Yahoo Inc''s core business, a top Verizon executive said, weeks after the internet company disclosed a second massive data breach. on.wsj.com/2ihCjRK - T-Mobile US Inc plans to eliminate additional fees and taxes on the bills for its new data plan, the latest move by the wireless carrier to differentiate itself from rivals. on.wsj.com/2ihxIPy - Fox News tapped veteran journalist and commentator Tucker Carlson to replace Megyn Kelly in one of its most prominent time slots, underscoring that the cable news network has no intention of moving away from its conservative roots. on.wsj.com/2ihxuHZ - A U.S. federal judge ruled that drugmakers Sanofi SA and partner Regeneron Pharmaceuticals Inc infringed the patent that rival Amgen Inc holds for its new cholesterol drug. on.wsj.com/2ihAHre - Shake Shack Inc''s chief financial officer, who successfully led the burger chain through its 2015 initial public offering, plans to leave company in March, according to a regulatory filing. on.wsj.com/2ihCA7g - Wal-Mart Stores Inc will resume accepting Visa Inc cards in its Canadian stores in the wake of a dispute over credit-card fee terms, the two companies said Thursday. on.wsj.com/2ihEXHg - Samsung Electronics Co estimated that its fourth-quarter operating profit rose 49.8 percent from a year earlier, its biggest quarter of profits in more than three years, as the world''s biggest smartphone maker leaned heavily on components to drive growth after billions of dollars were wiped out from a massive recall of its Galaxy Note 7 smartphones. on.wsj.com/2ihG9dD - Online advertising network Taboola has acquired Israel-based website personalization technology firm Commerce Sciences, the companies said. Terms of the deal were not disclosed. on.wsj.com/2ihD90F (Compiled by Subrat Patnaik in Bengaluru) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1EW1SZ'|'2017-01-06T12:20:00.000+02:00'
'd6d98abf7d66f17b386107a8bd7f021f6d7993d1'|'DCNS CEO says "very likely" will enter into STX France''s capital'|'Deals - Fri Jan 6, 2017 - 9:56am EST DCNS CEO says ''very likely'' will enter into STX France''s capital French naval shipbuilder DCNS CEO Herve Guillou poses during the flag ceremony for Egyptian BPC Anwar El-Sadat in Saint-Nazaire, western France, September 16, 2016. REUTERS/Stephane Mahe PARIS The head of French state-controlled military shipbuilder DCNS said on Friday it was "very likely" that DCNS would enter into the capital of STX France, which is in the process of being sold. "It is very likely that this will occur via an entry into the capital," DCNS Chairman and Chief Executive Herve Guillou told reporters at a news briefing on Friday, adding that he expected the issue to be resolved in two to three months. The sale of STX France, which specializes in building cruise ships at the Saint-Nazaire shipyard and is profitable, forms part of a broader sell-off of businesses following the demise of the South Korean STX shipbuilding group. Italian shipbuilder Fincantieri ( FCT.MI ) has made a bid, but France - which owns 33 percent of STX France - wants to ensure that the French state remains a key stakeholder in STX France. France owns some 65 percent of DCNS, while defense electronics group Thales ( TCFP.PA ) owns the rest of DCNS. (Reporting by Matthieu Protard; Writing by Sudip Kar-Gupta; Editing by Ingrid Melander) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-stx-france-dcns-idUSKBN14Q1RG'|'2017-01-06T21:45:00.000+02:00'
'e0c9f4ba0a3db72125120d2835503e6cf7b97b3e'|'Jaguar Land Rover buys stake in car technology firm CloudCar'|'  2:03pm GMT Jaguar Land Rover buys stake in car technology firm CloudCar Signs are seen outside the Jaguar Land Rover plant at Halewood in Liverpool, northern England, September 12 , 2016. REUTERS/Phil Noble LONDON Britain''s biggest carmaker Jaguar Land Rover ( TAMO.NS ) said on Friday it was buying a minority stake in connected car technology firm CloudCar, as automakers seek out new partnerships and investments to build high-tech models. Car manufacturers are developing connected cars, which use the internet to improve customers'' driving experiences and allow vehicles to communicate with each other, in a race with tech giants such as Google ( GOOGL.O ). In October, Jaguar Land Rover (JLR), parent company Tata Motors ( TAMO.NS ) and U.S. carmaker Ford ( F.N ) tested connected cars using technology designed to speed up journeys and cut accidents, the first such trials in Britain. CloudCar, which has developed technology including to improve voice activation, has been a supplier to JLR for several years, with plans to use the next generation of its technology in Jaguar''s first fully electric model. On Friday, the carmaker said it would invest $15 million (12 million pounds) and acquire an unspecified stake in the firm. "This investment is integral to Jaguar Land Rover''s vehicle technology programme," said Executive Director of Corporate Strategy Hanno Kirner, adding he wanted to work with other carmakers. "The eventual need to integrate into the car hundreds of driver-focused global cloud services and content means this platform is an excellent example where cooperation ... can improve outcomes for customers, as well as reducing costs." (Reporting by Costas Pitas; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-jaguarlandrover-cloudcar-idUKKBN14Q1NG'|'2017-01-06T21:03:00.000+02:00'
'a65726f348f0165ec9cf73f88852af44c85aeba3'|'Japan economy minister declines comment on Trump''s Toyota tweet'|'Company  02pm EST Japan economy minister declines comment on Trump''s Toyota tweet TOKYO Jan 6 Japanese Economy Minister Nobuteru Ishihara said on Friday he had no comment on tweets by U.S. President-elect Donald Trump about Toyota Motor Corp before Trump takes office. Trump threatened in a tweet to impose heavy taxes on the automaker if it builds its Corolla cars for the U.S. market at a plant in Mexico. (Reporting by Stanley White; Editing by Chris Gallagher) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-toyota-ishihara-idUST9N1DA02B'|'2017-01-06T09:02:00.000+02:00'
'36e2d84f7f23493c0858e17c23c6a12e7c21b245'|'EFG Hermes to buy UK solar power portfolio for $580 million'|'  3:12pm GMT EFG Hermes to buy UK solar power portfolio for $580 million The building of EFG-Hermes, also known as Egyptian Financial Group Hermes Holding Co SAE, is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015. REUTERS/Asmaa Waguih LONDON EFG Hermes'' renewable energy platform Vortex has agreed to buy a portfolio of solar power assets in Britain for 470 million pounds from Sun Edison''s Terraforma ( TERP.O ). The portfolio includes 24 solar parks, has a combined 365 megawatts (MW) of power and an estimated useful life of around three decades, EFG said on Friday. The price includes around 300 million pounds of debt, which Vortex said it planned to refinance before completing the deal. Malaysian utility firm Tenaga Nasional Berhad ( TENA.KL ) (TNB) will fund half of the 170 million pound equity portion of the transaction. The remaining 50 percent will be underwritten by EFG Hermes which plans on eventually holding 5 percent of the equity, consistent with previous transactions undertaken by Vortex. The parent company of Terraforma, Sun Edison, filed for Chapter 11 bankruptcy protection in April after a binge of debt-fuelled acquisitions proved unsustainable. Vortex was advised by Deloitte and Global Capital Finance. (Reporting by Dasha Afanasieva; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-efg-uk-renewables-idUKKBN14Q1SU'|'2017-01-06T22:12:00.000+02:00'
'276debfa66aa147e3252ee4ee8c638b2273e6904'|'Private equity firm Onex nears deal to acquire Ferrara Candy: sources'|'By Lauren Hirsch and Greg Roumeliotis Private equity firm Onex Corp ( ONEX.TO ) is nearing a deal to acquire Ferrara Candy Co, potentially valuing one of the largest U.S. makers of non-chocolate confectionary at close to $1.3 billion, including debt, people familiar with the matter said.The deal would be a big bet for the Canadian buyout firm on Ferrara''s increasing clout and pricing power in the seasonal candy market. It would give it ownership of a bounty of iconic brands, including Fruit Stripe gum and Now & Later chews.Onex has prevailed in an auction for Ferrara and is now negotiating final terms with its owner, private equity firm L Catterton, the people said on Friday, cautioning that it is still possible that negotiations break down without a deal.The sources asked not to be identified because the negotiations are confidential. L Catterton declined to comment, while Ferrara and Onex did not respond to requests for comment.The Oakbrook Terrace, Illinois-based company''s origins date back to 1908 when Salvatore Ferrara started selling Italian pastries and sugar coated candy almonds. It was sold to private equity firm L Catterton in 2012, after the founder''s son, Nello Ferrara, died.Under L Catterton''s ownership, Ferrara merged with another of the buyout firm''s portfolio companies, Farley''s & Sathers Candy company. Farley''s and Sathers had been an acquirer of many candy brands from larger candy companies, including sugar coated jelly brand Chuckles from Hershey Co ( HSY.N ).L Catterton also brought in new executive teams and focused on innovation, including new flavors and packaging design. Cinnamon-flavored Red Hots, for example, now come in flavors such as Kick’n Mango Lime and Dark Chocolate Red Hots.Ferrara competes with other candy companies that include snickers Mars Inc, whose products include M&Ms and Snickers, and Hershey Co ( HSY.N ), whose offerings include its namesake chocolate kisses and Reese''s Pieces.The broader confectionary industry has struggled in recent years, as consumer preference have shifted toward healthier alternatives.Still, the sector is attractive to private equity firms because it is less affected by economic downturns and appeals to consumers of all ages. Because of its consistency, it remains an important category for retailers, giving brand-owners negotiating power.Net sales for Ferrara for the twelve months ending March 31 were approximately $880 million, according to credit ratings agency Moody''s Investors Service Inc.(Reporting by Lauren Hirsch and Greg Roumeliotis in New York; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ferrara-candy-m-a-onex-corp-idINKBN14Q2IX'|'2017-01-06T20:12:00.000+02:00'
'786c990ea6bec6d695859fecea97f081f39407ef'|'Murder, she wrote: the missing bankers thriller - Business'|'When thousands of bankers reportedly disappear, a special committee is called in to investigate. Will it solve the mystery and save the UK economy? Or have the City jobs vanished forever?That all sounds like a case for superintendent Andrew Fenwick, the hero of the acclaimed crime novels of Elizabeth Corley, who in her far more tedious career is also vice-chair of Allianz Global Investors.The premise would be quite neat, of course, as she will be up in front of the Treasury select committee on Tuesday, to talk about the UK’s future economic relationship with the European Union.Corley’s appearance – along with HSBC chairman Douglas Flint and London Stock Exchange boss Xavier Rolet – comes as City firms hint that they are planning to shift loads of jobs to Europe in the wake of the UK’s Brexit vote (aka, seeing what concessions they can get out of the government).Last week, Andrew Gray, head of Brexit at PricewaterhouseCoopers, which is advising several financial institutions on this matter, said announcements could start in late February. This must have rather irritated Corley’s fellow panellist Flint, whose bank once enjoyed a near-monopoly on making threats about leaving the UK. Now his rivals have brazenly nicked his ruse.Another case for Fenwick, perhaps?Bonus ball goes on This week marks the start of the most serious banking stress tests of them all – the ones where the strain put on bankers’ braces, as they trouser annual bonuses, is scrutinised to the full.Yes, it is the beginning of the banking reporting season, where no one takes much notice of profits, but instead focuses on the far more important issue of how much these delightfully self-effacing characters have earned for themselves.JP Morgan kicks off a season that sees bankers sashaying along the corridor to the boss’s office to be given their “number” – a number that dictates what flash motor they can buy – and how much the rest of us love them for it.Last year is not expected to be unveiled as a blockbuster for bonuses, but even average years for this trade look like stellar ones for mere mortals. Meanwhile, bonuses never seem to vanish when bankers make a complete Horlicks of things and shave a few points off GDP.Or as JP Morgan boss Jamie Dimon, once put it: “I want to acknowledge our mistakes ... and try to stop stepping in dogshit – which we do every now and then.”Retail’s moment of truth Total like-for-like sales were down by 0.1% in December from a very weak base of minus 5.3% in December 2015. At the time, that was the worst monthly result seen since 2008.Yes – that’s the cheery new year’s message for the retail sector delivered by BDO on Friday, via its high street sales tracker report.The gloomy news from the accountancy firm tied in rather neatly with a similar downbeat statement last week by Next – once the darling of the retailing sector – where boss Lord Wolfson’s usual cautious setting veered towards dejection.Wolfson said that the slowdown in spending on clothing and footwear, which began in November 2015, was likely to continue this year, while the retailer’s post-Christmas sale (frequently cited as the textbook example of how to do such things) had flopped.That doesn’t mean that everyone else on the high street had a shocker, of course, but we’ll have a better idea of who did after an action-packed series of announcements this week.We have trading statements from Tesco, Sainsbury’s and Morrisons, plus a host of more general retailers including Joules, SuperGroup, Marks & Spencer, Debenhams, Booker, Ted Baker and Dunelm.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/08/banks-brexit-elizabeth-corleyselect-committee'|'2017-01-08T14:00:00.000+02:00'
'90674105cb502bac66c7e098f9796edad36a9f3c'|'HSH Nordbank optimistic about finding a buyer - paper'|'BERLIN Jan 8 German shipping finance provider HSH Nordbank sees a good chance of finding a buyer, its finance chief said."Despite the difficult market environment, we have very good prospects of selling the bank," Oliver Gatzke told the Boersen Zeitung newspaper.HSH Nordbank met potential buyers in London in November ahead of the German lender''s planned privatisation this year, people close to the matter told Reuters.HSH''s owners - the northern German states of Schleswig-Holstein and Hamburg jointly hold 85 percent - have to privatise the bank by the end of February 2018 and have mandated Citi to organise the process, due to start in early 2017.HSH, which had total assets of 90 billion euros ($95 billion) and posted a profit of 160 million euros as of June, sought backing from its owners after risky assets turned sour in 2008, and it got hit further by the slump in global trade after the financial crisis.The EU Commission, HSH and its owners negotiated for years over a plan to restore HSH to health and avoid future state aid.Gatzke said he could not imagine the bank would have to be wound up, as the EU Commission demands in case no buyer is found."We sense a lot of interest and are very optimistic that we will reach a big circle of investors, who will make expressions of interests at the start of February," he said.HSH is eyeing European and Asian banks as possible buyers and Gatzke said the company was also speaking to specialised investors, who concentrate on private equity and debt funds.($1 = 0.9499 euros) (Reporting by Emma Thomasson; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hsh-nordbank-sale-idINL5N1EY0FS'|'2017-01-08T11:51:00.000+02:00'
'416f8aa53007802ec817420eecc9b227176ab9a8'|'Trafficker leaves migrants in freezing German motorway car park'|'Industrials - Sun Jan 8, 2017 - 7:34am EST Trafficker leaves migrants in freezing German motorway car park BERLIN Jan 8 A people smuggler left 19 migrants, including five children, at a motorway parking area in freezing temperatures in southern Germanyy and fled the scene, police said on Sunday. Police said the temperature was -20 degrees Celsius (-4 degrees Fahrenheit) on Saturday when they found the migrants, one of whom had approached two other people at the parking area to raise the alarm after their driver left them. They were freezing cold when the emergency services reached them near Brannenburg, just across the border from Austria. The migrants, who were not carrying passports, said they came from Iraq, Iran and Syria. They told police they had paid between 500 euros and 800 euros ($526-842) per person to be taken from an Italian refugee centre to Germany. Police said in a statement a munhunt had so far been fruitless for the driver of the van, carrying British licence plates. Four of the migrant children were taken into the care of a youth welfare office. The other migrants were taken to a reception centre for refugees, police said. Chancellor Angela Merkel''s open-door policies have allowed into Germany about 1.1 million refugees from Syria, Iraq, Afghanistan and elsewhere since mid-2015. The migrant flow has slowed sharply, but Merkel''s conservative Bavarian allies want an annual refugee cap - a demand she has refused. ($1 = 0.9499 euros) (Writing by Paul Carrel; Editing by Angus MacSwan) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/europe-migrants-germany-idUSL5N1EY09X'|'2017-01-08T19:34:00.000+02:00'
'1afebd0a13209f65b3b6f54d2691faddb5bcb995'|'Pimco Total Return posts $3.2 bln outflow in December - Morningstar'|'Funds  23pm EST Pimco Total Return posts $3.2 bln outflow in December - Morningstar NEW YORK Jan 6 Investors pulled $3.2 billion from the Pimco Total Return Fund, once the world''s largest bond fund, in December, bringing last year''s total cash withdrawals to $16.1 billion, Morningstar said on Friday. The Pimco Income Fund posted net inflows of $1.5 billion last month, for a total cash inflow of $13.7 billion in 2016, Morningstar data showed. All of Pimco''s U.S. open-end mutual funds collectively posted $1.7 billion in net outflows last month, for 2016 total cash outflows of $16.6 billion. (Reporting by Sam Forgione) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/funds-pimco-outflows-idUSL1N1EW139'|'2017-01-07T00:23:00.000+02:00'
'dd8b1ae0ef8bab51d39dad1592bd5c6bb84553f1'|'Volkswagen must face U.S. investor lawsuit in emissions scandal - judge'|'Business News - Thu Jan 5, 2017 - 1:30am GMT Volkswagen must face U.S. investor lawsuit in emissions scandal - judge The logo of German car maker Volkswagen is seen outside a garage in Vienna, Austria, September 29, 2016. REUTERS/Leonhard Foeger By David Shepardson - WASHINGTON WASHINGTON Volkswagen AG ( VOWG_p.DE ) and former Chief Executive Officer Martin Winterkorn must defend an investor lawsuit in California over the company''s diesel emissions cheating scandal, a U.S. judge ruled on Wednesday. U.S. District Judge Charles Breyer also rejected a request by VW brand chief Herbert Diess to have the proposed securities fraud lawsuits tossed out of a California court. Other defendants include VW''s U.S. unit and its Audi of America unit and the former head of its U.S. unit, Michael Horn. The investors suing are mostly U.S. municipal pension funds that invested in VW through American Depositary Receipts (ADR), a form of equity ownership in a non-U.S. company that represents the foreign shares of the company held on deposit by a bank in the company’s home country. Volkswagen argued that German courts were the proper place for investor lawsuits. Breyer said in his ruling that "because the United States has an interest in protecting domestic investors against securities fraud" the lawsuits should go forward in a U.S. court. The pension funds include those representing Arkansas State Highway Employees and Miami Police. The lawsuits said VW''s market capitalisation fell by $63 billion (51 billion pounds) after the diesel cheating scandal became public. A VW spokeswoman had no immediate comment Wednesday. Winterkorn resigned days after the scandal became public and much of the company''s management has changed since 2015. VW in September 2015 admitted using sophisticated secret software in its cars to cheat exhaust emissions tests, with 11 millions vehicles worldwide affected. The cheating allowed nearly 580,0000 VW''s U.S. diesel vehicles sold since 2009 to emit up to 40 times legally allowable pollution levels. The lawsuits said VW and its executives misled the investing public "assuring them to the contrary — namely, that the diesel vehicles met all applicable emissions standards" and it "understated the liabilities that it would suffer as a result of its known emissions non-compliance." Volkswagen has agreed to spend as much as $17.5 billion in the United States to resolve claims from owners and federal and state regulators over polluting diesel vehicles. Volkswagen could still spend billions of dollars more to resolve a U.S. Department of Justice criminal investigation and federal and state environmental claims; come under oversight by a federal monitor and face other conditions. The Justice Department and VW are in settlement talks and it is possible a deal could be reached before Jan. 20, when President Barack Obama leaves office, according to sources briefed on the matter. (Reporting by David Shepardson; Editing by Grant McCool) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN14P04C'|'2017-01-05T08:17:00.000+02:00'
'907b2b714d565bfa3a5baa370b55e192ce12e07b'|'Brazil''s BNDES calls guarantees on $250 million Concebra loan'|'Financials  27pm EST Brazil''s BNDES calls guarantees on $250 million Concebra loan SAO PAULO Jan 4 Brazilian development bank BNDES has called guarantees on a 796.4 million reais ($247.6 million) bridge loan to a subsidiary of logistics operator TPI Triunfo Participações e Investimentos SA . According to a Wednesday securities filing, BNDES had originally lent 690 million reais to Concebra Concessionaria das Rodovias Centrais do Brasil SA starting in June 2014 and expiring on Dec. 15 last year. Concebra made good on interest payments due on October, November and December 2016, the filing said. Banco do Brasil SA and Banco de Desenvolvimento de Minas Gerais SA offered guarantees of 100 million reais and 60 million reais each, the filing said, with the rest covered by Triunfo. ($1 = 3.2160 reais) (Reporting by Bruno Federowski; Editing by Bill Rigby) Next In Financials UPDATE 1-Venezuela names economy czar, oil minister in cabinet shuffle CARACAS, Jan 4 Venezuelan President Nicolas Maduro on Wednesday shuffled his cabinet by naming a new economy czar to oversee the OPEC country''s decaying socialist system and a new oil minister to confront the economic difficulties caused by low oil prices.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/tpi-triunfo-part-bndes-idUSL1N1EU1TR'|'2017-01-05T06:27:00.000+02:00'
'bf8e3ff1b33fb43bbea7ff492eb0e7b0c7c5465f'|'PIC completes 190 million sterling buyout for GKN Group Pension Scheme'|' 24am GMT PIC completes 190 million sterling buyout for GKN Group Pension Scheme LONDON Specialist insurer Pension Insurance Corporation has completed a 190 million pound pensioner buyout for the GKN Group ( GKN.L ) Pension Scheme, it said on Thursday. The buyout covers certain current pensioner members of the scheme, who will eventually leave the scheme and become PIC policyholders, PIC said in a statement. The remaining members of the scheme have been transferred to a new GKN pension scheme and the existing scheme is being wound up, PIC added. Falling bond yields have increased the pension deficits of UK companies, encouraging them to complete deals with insurers to offload their pension risk. Willis Towers Watson predicts 30 billion pounds in pension liabilities will be insured through buy-ins, buy-outs and longevity swaps in 2017, compared with 11 billion pounds in 2016. (Reporting by Carolyn Cohn, Editing by Maiya Keidan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gkn-pension-pic-idUKKBN14P0UT'|'2017-01-05T16:24:00.000+02:00'
'f47e088915094df179f46490db1d3cf4650013bb'|'Verizon exec says company unsure about Yahoo deal'|'Business News - Thu Jan 5, 2017 - 4:59pm GMT Verizon exec says company unsure about Yahoo deal A sign advertising internet company Yahoo is pictured in downtown San Francisco, California February 4, 2016. REUTERS/Mike Blake/File Photo A senior executive of Verizon Communications Inc ( VZ.N ) said on Thursday the company was unsure about its planned acquisition of Yahoo Inc''s ( YHOO.O ) internet business. "I can''t sit here today and say with confidence one way or another because we still don''t know," Marni Walden, president of product innovation and new businesses, said at the Citi 2017 Internet, Media & Telecommunications Conference in Las Vegas. Yahoo came under renewed scrutiny by federal investigators and lawmakers last month after disclosing the largest known data breach in history, prompting Verizon to demand better terms for its planned purchase. However, Walden added that the merits of the deal still made sense. (Reporting by Aishwarya Venugopal and Narottam Medhora in Bengaluru; Editing by Maju Samuel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-yahoo-m-a-verizon-idUKKBN14P21B'|'2017-01-06T00:15:00.000+02:00'
'970037a60f78b4b38cdd8b9a00787f8c45b33f6f'|'Persimmon shrugs off Brexit uncertainty to post sales, revenue rise'|'Financials  15am EST Persimmon shrugs off Brexit uncertainty to post sales, revenue rise LONDON Jan 5 Britain''s second biggest housebuilder by volume Persimmon said its sales were up since Britons backed leaving the European Union and posted an expected 8 percent rise in full-year revenue to 3.14 billion pounds ($3.9 billion). Persimmon, which built 15,171 homes across Britain last year, said its sales rate increased by 15 percent between July and December and that reservations remained healthy during the autumn season, echoing the positive sentiment expressed by many of its peers. It said it would continue to buy land for future developments, one of the biggest costs borne by a housebuilder, but added that uncertainty created by the June 23 referendum outcome might affect its decision-making. (Reporting by Costas Pitas, Editing by Paul Sandle) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-eu-persimmon-idUSFWN1EV00M'|'2017-01-05T14:15:00.000+02:00'
'3ca93772e1e6cf6245236c0d5964544550be30e8'|'Uber driver is employee, not freelancer - Swiss agency'|'Technology   7:05am GMT Uber drivers are employees ''eligible for company social security contributions'': Swiss agency A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London, Britain October 28, 2016. REUTERS/Toby Melville/Illustration ZURICH Uber drivers are employees for which the company must pay social security contributions, a Swiss insurance agency has ruled, dealing a blow to the U.S. ride-hailing platform that says drivers are freelance contractors. The California-based startup whose cab service has expanded worldwide stands accused in many countries of bypassing national labor protection standards and shunning collective negotiation with drivers who work on freelance terms. Suva - which as a provider of Swiss obligatory on-the-job accident insurance helps decide which workers are freelance - found Uber Technology [UBER.UL] drivers are staff because they faced consequences if they did not meet Uber rules and could not set prices and payment terms independently, broadcaster SRF reported. SRF cited an appeal ruling in one driver''s case it said it had seen. Suva was not immediately available for comment. Labor representatives hailed the ruling, but local Uber boss Rasoul Jalali pointed out to SRF that the Suva decision was not the final word. "If we cannot find an agreement with Suva, we will have to rely on the courts," he said. Founded in 2009, Uber has taken the world by storm but come up against opposition too. Various services it has proposed have been banned in some countries and it faces numerous battles in U.S. courts over labor standards, safety rules and pricing policies that trigger fare surges at peak times. (Reporting by Michael Shields; Editing by Nick Macfie) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-swiss-uber-idUKKBN14P0J9'|'2017-01-05T20:45:00.000+02:00'
'78db71ce7e8c0efa20f8e33b4c607a4f1ee5f64f'|'Sports Direct chairman should keep his pledge and save some dignity - Business'|'Remember Keith Hellawell’s solemn vow, delivered to TV cameras only last September, that he would stand down if outside shareholders didn’t back him in a year’s time?He spoke more in sorrow than in anger, having seen a 53% vote against his re-election, which was repeated in Thursday’s non-binding poll . He understood investors’ frustrations. Lessons had been learned. He had offered to resign but Mike Ashley had asked him to stay. He would prove his worth over the next 12 months. If outside shareholders still wanted him out next September, he’d go without a quibble.Four months later, Ashley would like Hellawell to ignore everything he said and carry on regardless. In other words, Ashley was so alarmed by Thursday’s result – which, unsurprisingly, showed outsiders’ views haven’t softened one jot – that he thinks Hellawell is a dead man walking if he intends to honour his pledge. Thus the solution, in Ashley’s eyes, is to ask Hellawell to renege on his promise.Perhaps we shouldn’t be surprised. If Ashley, owner of 55% of Sports Direct, really wanted to share his boardroom with a strong and independent chairman who would hold him to account, he would have appointed one years ago.The list of Hellawell’s slip-ups is long. He gave a lamentable performance in front of a committee of MPs in March 2015 when questioned about Sports Direct’s behaviour during the collapse of a Scottish subsidiary, USC, and subsequent purchase of the stores from the administrator after 200 people had lost their jobs at 15 minutes’ notice. Hellawell said he had not known about the administration until the day before it happened and had not read the administrator’s report. Would any other chairman of a FTSE 100 company, as Sports Direct was at the time, be so incurious or unprepared?Lack of curiosity seems to be a hallmark. In the Shirebrook fall-out, Hellawell blamed some shortcomings on duff intelligence. “One of the biggest disappointments is we found that information was not correct,” he said. But, come on, the Unite union and the media had been raising the alarm for years. A former chief constable of West Yorkshire could surely have turned over a few stones himself.Or consider Hellawell’s claim to have engaged regularly with shareholders, one of the first duties of a chairman of a public company. Standard Life – in the vanguard of those calling for Hellawell to go – said last September that the board’s responses to its inquiries had been “unconvincing or non-existent”.After that record, and after two votes of no confidence by outside shareholders, the only honourable course for Hellawell is to stick to his pledge to quit if he gets a third thumbs-down. Maybe, at the final hour, he’ll summon the courage to say no to Ashley. He would salvage a scrap of dignity if he does, but don’t bet a penny on that outcome.Homes sweet homes for Persimmon Facebook Twitter Pinterest Persimmon may now be converting £1 in every £4 of revenue into gross profit Photograph: Neil Hall/Reuters “We expect our gross margin in the second half [of 2016] will have improved further,” said housebuilder Persimmon in its end-of-year update , without stating what the new figure will be. Here’s a guess: the profit margin was 23.8% in the first half of the year so Persimmon may now be converting £1 in every £4 of revenue into gross profit.Few companies run on 25% profit margins and fewer enjoy a return on capital employed of 35.6%, which was Persimmon’s half-time score. One could congratulate the company on running a tight ship but do not be surprised if Sajid Javid, the communities secretary, takes a different line. He has a white paper on housing in the offing and hasn’t been shy in saying life for big housebuilders is too cushy. Build more houses, and build them faster, argues Javid, because current volumes are “nowhere near good enough”.Up to a point, Javid’s frustration is fair. Persimmon sold 599 more homes in 2016 than in 2015, an increase of 4%, which doesn’t obviously suggest it is busting a gut. On the other hand, what weapons does Javid hold? Persimmon says it is building on every plot where it has planning permission and would argue that skilled builders are in short supply (and maybe shorter still post-Brexit).Javid will have enough problems selling his planning reforms to those Tory MPs who detect a policy for more urban sprawl, as opposed to intelligent city regeneration. When the dust settles, one suspects the white paper will hold few terrors for big housebuilders. Persimmon’s shares rose 7%, lifting the whole sector. Life is indeed (too) gentle for the big boys, but it’s hard to argue with the market’s view that it can continue for a while yet.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/jan/05/sports-direct-chairman-should-keep-his-pledge-and-save-some-dignity'|'2017-01-06T02:44:00.000+02:00'
'a19abf84c33e9face1a880356755132d8048e12a'|'Ex-Jefferies trader lied to customers, jurors are told'|'Business   3:37pm EST Ex-Jefferies trader lied to customers, jurors are told Jesse Litvak, a former managing director at Jefferies Group Inc., walks to U.S. District Court in for his hearing New Haven, Connecticut July 23, 2014. REUTERS/Mike Segar By Mary Ellen Godin - NEW HAVEN, Conn. NEW HAVEN, Conn. Bond trader Jesse Litvak lied to customers about mortgage securities prices because he wanted to make more money for his employer, a federal prosecutor said on Thursday, as a retrial of the former Jefferies Group Inc managing director got underway. Litvak faces securities fraud charges for having allegedly misled his customers from 2009 to 2011, causing them to overpay for bonds they bought and be paid less for bonds they sold. Prosecutors have said Litvak''s fraud boosted profit by about $2.25 million at Jefferies, a unit of Leucadia National Corp ( LUK.N ), and also increased his bonus. "The evidence will show the lies meant more money for Jefferies and less for customers," Heather Cherry, an assistant U.S. attorney, told jurors in her opening argument in the New Haven, Connecticut federal court. But lawyers for Litvak have countered that his customers, including asset managers such as AllianceBernstein LP ( AB.N ), were sophisticated enough to know if he was cheating them, and relied on other factors such as their own computer models in deciding when to buy and sell, and at what prices. A lawyer for Litvak told jurors that his client''s banter on open chat networks about the transactions, which may be introduced as evidence, may qualify as "car salesman" talk, but that his client never misrepresented the bonds he dealt with. The retrial gives prosecutors a fresh chance to crack down on alleged deceptive Wall Street sales tactics. Litvak, who worked in Jefferies'' office in Stamford, Connecticut, was originally charged in January 2013, convicted in March 2014, and sentenced to two years in prison. But a federal appeals court overturned the conviction in December 2015, citing errors by the trial judge and a lack of evidence that Litvak defrauded the government in connection with a financial crisis-era federal bailout. It nonetheless said he could be retried for cheating customers, and said the trial judge should allow more defense testimony on what they were thinking. Litvak''s retrial is expected to last about three weeks. Its outcome could have a bearing on the fates of six traders facing similar charges, including three from Nomura Holdings Inc ( 8604.T ), two from Royal Bank of Scotland Group Plc ( RBS.L ) and one from Cantor Fitzgerald. The RBS traders have pleaded guilty, but may under certain conditions withdraw the pleas if Litvak wins, court records show. (Reporting by Mary Ellen Godin in New Haven, Connecticut; Editing by David Gregorio) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-jefferies-litvak-idUSKBN14P2FH'|'2017-01-06T03:30:00.000+02:00'
'e74f68aa6fe6f851903ae29b0d0261755d99dca3'|'Russia''s Gazprom reports record gas exports as Europe shivers'|'Commodities - Sat Jan 7, 2017 - 8:12am EST Russia''s Gazprom reports record gas exports as Europe shivers A view shows the company logo of Gazprom company installed on the roof of its office building in Moscow, August 10, 2015. REUTERS/Maxim Shemetov MOSCOW Russia''s Gazprom said on Saturday its daily supplies of natural gas to countries outside of the former Soviet Union have reached a record high due to cold weather in Europe. Gazprom pumped 615.5 million cubic meters of gas to countries outside the former USSR borders on Jan. 6, beating its previous record hit on Jan. 5 by nearly 1 million cubic meters. "We have reached a totally new level of gas exports in conditions of a cold snap, lower extraction volumes in Europe and higher demand for gas on the energy market," Gazprom''s CEO Alexei Miller said in a statement. Gazprom delivers around a third of EU''s gas, and the recent spike in European demand boosted Gazprom''s supplies through Nord Stream pipeline to an all-time high of 165.2 million cubic meters in the past few days, up from 160.75 million cubic meters on Jan. 1., Gazprom said. The current volumes of gas supply, if extrapolated throughout the year, exceed the Nord Stream''s projected volumes by 10 percent, Miller said. (Reporting by Vladimir Soldatkin; Writing by Andrey Ostroukh; Editing by Stephen Powell) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gazprom-exports-record-idUSKBN14R0DD'|'2017-01-07T20:06:00.000+02:00'
'796cce9dd2d2ffeb04c32ae656ad887a96d505d4'|'Florida shooting highlights limits of U.S. airport security'|'Industrials  15pm EST Florida shooting highlights limits of U.S. airport security By Joseph Ax - NEW YORK NEW YORK Jan 6 The deadly shooting at a Florida airport on Friday is likely to rekindle an ongoing debate over whether screening systems should be even more exacting. But experts say preventing attacks like the one on Friday, when a gunman opened fire in a baggage claim area at Fort Lauderdale-Hollywood International Airport, is almost impossible given the large public areas at U.S. airports, despite the billions of dollars spent on security. "To the extent it was not in a secure area, it doesn''t really identify any issues around airport security," said Robert Mann, an aviation consultant. "A guy walks into a bar, a guy walks into an airport baggage claim room - neither of them are secure." Friday''s attack killed five people and injured at least eight, authorities said. Security at most major airports worldwide is generally focused on protecting aircraft from potential attackers and deadly devices, rather than the airports themselves. As a result, much of the space at terminals is easily accessible to the public, with no formal screening before passengers go through checkpoints to get to their departure gates. The debate over whether to extend security screening to public areas intensified following the bombings inside a terminal at Brussels Airport in March 2016, which killed 32 people and injured hundreds. Some critics have cited as a model Israel''s Ben Gurion Airport, where private security companies trained by the national security agency Shin Bet and backed by police officers profile passengers, question individual travelers and use bomb detectors at the airport''s entrance. But experts say that approach has drawbacks, possibly just shifting the target to another part of the airport. "It is logistically impractical to try to protect these areas, unfortunately, and the reason is no matter how far you move the boundary out, you will always have some sort of soft target area," Henry Harteveldt, an airline industry analyst, said. The cost of implementing that type of screening would also be prohibitive, given the number of major U.S. airports. In response to the Florida shooting, law enforcement agencies at several U.S. airports said they beefed up security presence, including in Chicago and New York. Friday''s shooting, in which the gunman apparently retrieved a checked gun from his luggage, loaded it in a bathroom and then opened fire, could prompt debate about whether travelers should be permitted to stow guns in checked bags, Harteveldt said. Addressing one potential danger often simply creates an opportunity for another type of threat, Mann said. "It''s essentially whack-a-mole," Mann said. "That''s what security has always been." (Reporting by Joseph Ax; Additional reporting by Jeffrey Dastin; Editing by Daniel Wallis and) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/florida-shooting-security-idUSL1N1EW1U9'|'2017-01-07T05:15:00.000+02:00'
'44248ad1bdb7d8b22f463a9f0d00b5cca34dfb15'|'U.S. Senator Corker expects support for Trump secretary of state pick'|'Company News - Fri Jan 6, 2017 - 9:49am EST U.S. Senator Corker expects support for Trump secretary of state pick WASHINGTON Jan 6 The chairman of the U.S. Senate Foreign Relations Committee said on Friday he expected Rex Tillerson, President-elect Donald Trump''s nominee to be secretary of state, to win strong support in the Senate during his confirmation process. "I predict that he is going to be overwhelmingly supported," Republican Senator Bob Corker told reporters at a breakfast sponsored by the Christian Science Monitor. Corker'' s committee will conduct Tillerson''s confirmation hearing next week. (Reporting by Patricia Zengerle; Editing by Doina Chiacu) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-congress-tillerson-idUSL1N1EW0RA'|'2017-01-06T21:49:00.000+02:00'
'75fd3afe1bef39725b438e8004533b1a337dbf3c'|'Fed''s Kaplan says backs gradual rate increases in 2017'|'CHICAGO The U.S. economy is ready for gradual interest rate increases this year and it remains too early to know whether Trump administration policies will boost economic growth, Dallas Federal Reserve Bank President Robert Kaplan said on Friday."We should be removing accommodation in 2017. I think we can do it gradually and patiently," Kaplan, who has a vote on Fed interest rate policy this year, told an economics conference in Chicago, adding that he was not ready to "pre-judge" changes in tax and spending policies in the incoming administration.(Reporting by Ann Saphir and Jason Lange; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-fed-kaplan-idINKBN14Q2IP'|'2017-01-06T20:23:00.000+02:00'
'12498fa296e156c02f545819be7faafba5e01817'|'Aldi to become highest-paying supermarket in UK - Business'|'Aldi is to give more than 3,000 staff a pay rise in an effort to leapfrog fellow German discounter Lidl to become the highest-paying supermarket in the UK.Employees at the fast-growing supermarket chain will earn £8.53 per hour and £9.75 if they live in London, starting from 1 February.While Aldi’s hourly rate in the capital will be the same as the new minimum announced in November by Lidl , staff outside London will earn 7p an hour more.Both supermarket chains have now matched or bettered the the voluntary minimum pay suggested by the Living Wage Foundation .Aldi said the increase means it is now the highest paying company in the supermarket sector, adding that 3,356 staff stood to benefit.It pointed out that it also paid staff for breaks, which it claimed Lidl did not.Aldi’s UK chief executive, Matthew Barnes, said: “We recognise the valuable contribution that our thousands of store employees make every day. Their dedication and commitment is a key reason why Aldi is the UK’s fastest-growing supermarket.“We employ the best people in retail and invest in their training to enable them to carry out a range of different roles in store. “We remain committed to being the best supermarket employer in Britain. This means that we will continue to provide employees with rates of pay and benefits that are the highest in the supermarket sector.” Aldi is in the midst of a recruitment drive, hiring about 4,000 new staff in its bid to take the number of UK stores from 700 to 1,000 by 2022. Its 700th UK store will open next month.In November, Lidl said it would hand a 2.4% pay rise to its lowest-paid staff to put them on the independently verified living wage .The discounter said 5,500 employees – a quarter of its UK workforce – would benefit from the pay rise, which puts them on a minimum of £8.45 an hour, or £9.75 an hour in London. The workers in England, Scotland and Wales will get the pay rise from 1 March.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/05/aldi-to-become-highest-paying-supermarket-in-uk'|'2017-01-05T02:00:00.000+02:00'
'673312dfb9c616f9934d10d7da271c96dc9ddcfe'|'As Trump targets Toyota over Mexico, Nissan faces bigger risk'|'  7:36pm GMT As Trump targets Toyota over Mexico, Nissan faces bigger risk FILE PHOTO - A Nissan logo is pictured at a car dealership in Sunderland, Britain June 29, 2016. REUTERS/Andrew Yates/File Photo By Naomi Tajitsu - TOKYO TOKYO U.S. President-elect Donald Trump has threatened Toyota Motor Corp ( 7203.T ) over its Mexican-built cars, but the biggest risk from a punitive tariff would be for its compatriot Nissan Motor Co ( 7201.T ), the largest automaker operating in the country. Trump has criticised U.S. companies like General Motors ( G.N ) and Ford Motor Co ( F.N ) which manufacture abroad, accusing them of costing U.S. jobs. On Thursday he took on Toyota, warning the world''s largest automaker that it would face a "big border tax" if it exported Mexico-built cars to the U.S. market. But it is Nissan, Japan''s second-largest automaker, which would be the bigger victim of any tax punishment. Nissan built its first overseas plant in Mexico in 50 years ago and now produces more than 800,000 cars there, mainly its entry-level Versa and Sentra sedans. Nissan''s production dwarfs that of Toyota, Honda Motor Co ( 7267.T ) and Mazda Motor Corp ( 7261.T ) in Mexico. It exports roughly half of its output to the United States, where it also has production plants. Vehicles made in Mexico comprise roughly one-quarter of Nissan''s total U.S. vehicle sales, industry experts say, compared with around 30 percent for smaller rival Mazda, but less than 10 percent for Toyota and Honda. Japanese automakers together produced around 1.4 million vehicles in Mexico in the year ended March, nearly 40 percent of the country''s total output. According to the Japan External Trade Organization, they plan to ramp up production to 1.9 million by 2019. Current production in Mexico is dwarfed by the number of cars they produce in the United States, their single largest market, where Japan''s top three automakers alone produced around 4 million vehicles in 2015. Trump has said he plans to renegotiate the North American Free Trade Agreement between the United States, Canada and Mexico, and has vowed to impose a 35 percent tariff on cars exported to the United States from Mexico. According to JP Morgan estimates, an increase in tariffs on cars exported from Mexico to the United States to even 10 percent would hit Nissan''s consolidated operating earnings by 10.3 percent, more than 5.5 percent at Mazda. Toyota would see a hit of 0.7 percent, while Honda 2.2 percent. All four Japanese automakers building cars in Mexico said they have no immediate plans to change operations. But Nissan and Renault SA (RENA.PA) CEO Carlos Ghosn told Reuters he was watching the incoming Trump administration closely and would respond to whatever policies it adopts. "I don’t want to preempt or try to guess what’s going to happen," Ghosn said in an interview on Thursday, on the sidelines of the CES technology show in Las Vegas, Nevada. "It’s not a question that we are afraid or not afraid, we’re dealing with 160 markets in the world, different powers, different policies, different approaches, so we are used to adapting our strategy to different policies," he said. One Asian auto executive told Reuters his company long ago made a strategic decision to make Mexico a production hub in North America, and that it is tough to alter its strategy overnight. "We can''t turn back the clock on these decisions," said the executive, who did not have clearance to speak to media and so declined to be identified. "What we need to explain more clearly (to Trump) is that most automakers are not cutting production capacity or jobs in the United States to make Mexico an additional production hub." Still, analysts said automakers would likely think twice about expanding production in the country in the coming years. "As long as this administration is in place I suspect (Nissan is) not going consider any additional capacity there," CLSA analyst Chris Richter said. Trump''s criticisms come just as Japanese automakers are shuffling their production portfolios to boost supply of popular, higher-margin sport utility vehicles (SUV) and trucks for the U.S. market. Honda last year announced it would expand its U.S. production capacity to build more of its CR-V SUV, while shifting production from Mexico. Toyota has said that its Guanajuato plant under construction in Mexico will produce the entry level Corolla sedan, a vehicle segment currently produced at its plants in Mississippi and Ontario, Canada. Demand for the cars has slumped in recent years as cheap gasoline prices has prompted drivers to buy more SUVs. "We''re always considering ways to increase production in the United States, regardless of the political situation," Toyota President Akio Toyoda told reporters on Thursday. (Reporting by Naomi Tajitsu and Maki Shiraki; Additional reporting by Norihiko Shirouzu in Tokyo, Leah Duncan in Las Vegas and Bernie Woodall in Detroit; Editing by Tom Brown) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-autos-nissan-idUKKBN14Q12U'|'2017-01-07T02:36:00.000+02:00'
'74ae7223c46651a95fc5d83b3a5fea49b20aa703'|'EMERGING MARKETS-Latam currencies seesaw on U.S. data; Mexico cenbank supports peso'|'By Bruno Federowski SAO PAULO, Jan 6 Latin American currencies seesawed on Friday after mixed U.S. jobs data, while the Mexican peso strengthened after the central bank intervened for a second day. The Brazilian real strengthened as much as 0.3 percent but then turned lower to weaken 0.6 percent at the session low. The Colombian peso slipped 0.7 percent in early afternoon trading. U.S. nonfarm payrolls increased less than expected in December but wages strongly rebounded. Traders have been closely following U.S. economic reports to try to figure out how many times the Federal Reserve could raise interest rates this year. Many believe the U.S. central bank will be forced to be more aggressive due to U.S. President-elect Donald Trump''s anticipated policies of heavy spending and lower taxes, potentially dampening the allure of high-yielding emerging markets. Trump''s campaign pledge to curtail trade ties with Mexico has pummeled the Mexican peso, leading the central bank to sell dollars for two straight days to cushion the currency''s decline. The bank confirmed on Friday it had sold dollars during the Asian trading session after a similar operation during Mexican and U.S. trading hours the day before. Key Latin American stock indexes and currencies at 1525 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 880.86 -0.1 2.26 MSCI LatAm 2390.82 -0.51 2.67 Brazil Bovespa 61662.42 -0.66 2.38 Mexico IPC 46278.20 -0.95 1.39 Chile IPSA 4174.86 0.27 0.57 Chile IGPA 20833.11 0.23 0.48 Argentina MerVal 18272.82 0.27 8.01 Colombia IGBC 10285.53 -0.31 1.55 Venezuela IBC 32453.52 -0.49 2.36 Currencies daily % YTD % change change Latest Brazil real 3.2032 -0.21 1.44 Mexico peso 21.3100 0.53 -2.66 Chile peso 666.5 -0.74 0.63 Colombia peso 2909 0.74 3.18 Peru sol 3.369 -0.15 1.34 Argentina peso (interbank) 15.8400 0.80 0.22 Argentina peso (parallel) 16.74 0.78 0.48 (Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-latam-idINL1N1EW0W3'|'2017-01-06T12:43:00.000+02:00'
'eb1385d7316fa60b441d5946b4788bc11c1038b0'|'U.S. sues D-Link, alleges lax security in routers, cameras'|'Business News - Fri Jan 6, 2017 - 5:51am GMT U.S. sues D-Link, alleges lax security in routers, cameras By Diane Bartz and Jim Finkle - WASHINGTON/BOSTON WASHINGTON/BOSTON The U.S. Federal Trade Commission filed a lawsuit against D-Link Corp on Thursday, accusing the Taiwan-based manufacturer of failing to take reasonable steps to protect its routers and internet-linked security cameras from hackers. The FTC brought the charges as part of a broader effort to improve security of internet-connected devices, including routers, webcams, digital video recorders and other widely used consumer electronics devices. The company said in a statement it would "vigorously defend itself against the unwarranted and baseless charges". The FTC "fails to allege, as it must, that actual consumers suffered or are likely to suffer actual substantial injuries," it added. Concerns about security of internet-connected devices, which are sometimes referred to collectively as the internet of things, or IoT, have surged since last year when hackers used armies of compromised routers, webcams and other electronic devices to launch a series of increasingly powerful attacks that severed access to some of the world''s biggest websites. Security experts blamed those attacks on lax security in large numbers of IoT devices from dozens of manufacturers. They have called on the industry to better secure their equipment, removing easy-to-exploit vulnerabilities such as the use of default passwords that give hackers the keys to remotely access machines over the web. Allison Nixon, director of security research with cyber intelligence firm Flashpoint, said the FTC''s action could encourage IoT manufacturers to beef up security. "I think vendors are going to take it seriously," she said. "The IoT world needs to shape up quickly because this is a big problem." The FTC''s complaint alleged that D-Link neglected to protect the devices from "widely known and reasonably foreseeable risks of unauthorized access," even as it highlighted security features in communications with consumers. The FTC asked the U.S. District Court for the Northern District of California to order D-Link to improve its security practices and to pay the agency''s legal costs. The agency filed the case after issuing guidelines on securing IoT devices in 2015. FTC commissioners voted 2-1 to approve the filing of the lawsuit. The Democratic chairwoman Edith Ramirez and commissioner Terrell McSweeny voted yes, but the lone Republican commissioner, Maureen Ohlhausen, opposed the filing of the lawsuit. (Reporting by Diane Bartz; Additional reporting by J.R. Wu in Taipei; Editing by Bernard Orr and Stephen Coates) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-d-link-ftc-idUKKBN14P2ME'|'2017-01-06T12:51:00.000+02:00'
'96ebc2b2c2567f2f3204d5764cbd3af009ee4640'|'Boeing nears $10.1 billion order from India''s Spicejet - Bloomberg'|'  1:00am GMT Boeing nears $10.1 billion order from India''s Spicejet - Bloomberg The Boeing Company logo is projected on a wall at the ''''What''s Next?'''' conference in Chicago, Illinois, U.S., October 4, 2016. REUTERS/Jim Young Indian budget airline SpiceJet Ltd ( SPJT.BO ) is expected to order at least 92 Boeing Co ( BA.N ) 737 jetliners, as it looks to bolster its presence in the world''s fastest growing aerospace market, Bloomberg reported on Thursday. The deal, which would more than double SpiceJet''s 40-plane fleet, may be closed within weeks Bloomberg reported, citing people with direct knowledge of the decision. ( bloom.bg/2iGOB9c ) The order could be worth about $10.1 billion (8 billion pounds), the publication reported. Boeing declined to comment while SpiceJet was not immediately available outside regular business hours. (Reporting by Nikhil Subba in Bengaluru; Editing by Lisa Shumaker) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-boeing-orders-spicejet-idUKKBN14Q044'|'2017-01-06T08:00:00.000+02:00'
'0bd419d77b75221a8f929c762e2538bf4dcdf5bc'|'Sharply cut lending rates after low-cost deposits, Modi nudge'|'  2:27pm IST Banks sharply cut lending rates after low-cost deposits, Modi nudge The logo of State Bank of India is pictured at its headquarters in Mumbai, India, March 9, 2016. REUTERS/Danish Siddiqui MUMBAI Several banks, including top lender State Bank of India, announced sharp cuts in lending rates after a surge in deposits following a government ban on high-value bank notes. SBI, the country''s biggest lender by assets, said on Sunday it had cut its so-called marginal cost of funding-based lending rates (MCLR) by 90 basis points for maturities ranging from overnight to three-year tenures. Still, lenders also took steps to protect their margins. SBI, for example, raised the premium it charges on home loans to 65 basis points above the reduced one-year MCLR of 8 percent, according to details released on Monday. The lender did not specify why it raised the premium. bit.ly/18a4Tz0 Banks have received an estimated 14.9 trillion rupees ($219.30 billion) in old 500, and 1,000 rupees notes from depositors since the government on Nov. 8 unexpectedly banned the banknotes in a bid to fight counterfeiting and bring unaccounted cash to the economy. That had raised expectations banks would have room to cut lending rates, which is seen as vital to increase credit growth and spark a revival in private investments. Although India''s gross domestic product grew 7.3 percent in the July-September quarter from a year earlier, the fastest pace of growth among large economies, much of that has been led by consumer demand. Lower lending rates will be welcome by the Reserve Bank of India, which has cut the policy rate by 175 bps since the start of 2015 but has felt banks were being too slow in cutting their lending rates. SBI''s move comes after Prime Minister Narendra Modi on Saturday admonished banks to "keep the poor, the lower middle class, and the middle class at the focus of their activities," and to act with the "public interest" in mind. Modi''s comments were made in a special New Year''s eve speech in which he defended his ban on higher-value cash notes and announced a slew of incentives including channelling more credit to the poor and the middle class. Among others, state-run Punjab National Bank cut its MCLR rates by 70 basis points, Union Bank of India cut its MCLR rates by 65 to 90 basis points, while Dena Bank cut its one-year MCLR rate by 75 basis points. Private sector lender Kotak Mahindra Bank cut rates by up to 45 basis points. ($1 = 67.9445 Indian rupees) (Reporting by Rafael Nam and Devidutta Tripathy; Editing by Jacqueline Wong) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/state-bank-of-india-lending-rate-idINKBN14M0AR'|'2017-01-02T15:48:00.000+02:00'
'2e845cef994cc671c1677af38ec06b7e96b6dde7'|'Saudi''s Yamama Cement secures 1 bln riyals in funds for new plant'|'Financials - Mon Jan 2, 2017 - 9:00am EST Saudi''s Yamama Cement secures 1 bln riyals in funds for new plant DUBAI Jan 2 Saudi Arabia''s Yamama Cement Company has secured 1 billion riyals ($266.6 million) in Islamic financing to partially fund the building of a new factory, it said on Monday. The three-year financing includes 750 million riyals from National Commercial Bank and 250 million riyals from Samba Financial Group, it said in the statement. The company signed a 4.2 billion riyal contract with Germany''s ThyssenKrupp Industrial Solutions in November 2015 to build the plant, it said at the time. It will be located 100 kilometres outside the Saudi capital Riyadh, with daily production capacity of 20,000 tonnes of clinker. ($1 = 3.7506 riyals) (Reporting By Sami Aboudi; Writing by Tom Arnold; Editing by Louise Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/yscc-financing-idUSL5N1ES154'|'2017-01-02T21:00:00.000+02:00'
'25957cc27103b22dc88d2322e463928b85e8639b'|'Sale of small Italian banks to UBI delayed at Commission''s request: sources - Reuters'|'By Andrea Mandala - MILAN MILAN The sale of three small Italian banks, rescued in 2015, to bigger rival UBI ( UBI.MI ) has been delayed by at least a week at the request of the European Commission, three sources close to the matter said.The sale of Banca Etruria, Banca Marche and CariChieti to UBI, Italy''s fifth-largest lender, was expected to be finalised by the end of 2016.These three banks and a fourth, CariFerrara, were rescued from bankruptcy in 2015 but Italy is now struggling to find buyers for them after rejecting bids from private equity funds over the summer.UBI has expressed an interest in buying three of the lenders, but set conditions including for the banks'' new non-performing loans to be taken off their balance sheets and the option to use its own internal risk models to weigh the lenders'' assets.Before the deal is concluded, the Commission has asked Italy''s resolution fund, which owns the banks, to ask the rejected bidders if they are still interested, the people said."It''s a necessary step linked to legal issues and requested by Brussels to ensure a competitive process, also given the fact that UBI''s offer is worse than the old proposals," one of the sources said.The Commission had no comment, while the ECB declined to comment.The objective is to find out whether any of the bidders might consider resubmitting their offer. Should one of them decide to re-enter the race, a new timeline would be set to conduct due diligence and present new offers.The three binding bids received last year included offers from U.S. investment funds Apollo Global Management ( APO.N ) and Lone Star, sources said at the time."If there is no response, the deal with UBI can be finalised pretty quickly. There are no major obstacles," the first source said.A second source added that a deal with UBI was already "taken for granted and could be finalised within days".In order to facilitate the sale to UBI, Italian bank bailout fund Atlante has presented an offer for two-thirds of the 3.7 billion euros ($4 billion) of gross problematic loans of the three small banks, sources said last week.(Additional reporting by Francesco Canepa in Frankfurt and Robert-Jan Bartunek in Brussels; Writing by Agnieszka Flak; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eurozone-banks-italy-ubi-idINKBN14M11O'|'2017-01-02T15:48:00.000+02:00'
'9a1c1b89baef4412e34b909bd48e2265307653b5'|'Bitcoin jumps above $1,000 for first time in three years'|' 48am GMT Bitcoin jumps above $1,000 for first time in three years A Bitcoin logo is displayed at the Bitcoin Center New York City in New York''s financial district, U.S. on July 28, 2015. REUTERS/Brendan McDermid/File Photo By Jemima Kelly - LONDON LONDON Digital currency bitcoin kicked off the new year by jumping above $1,000 for the first time in three years late on Sunday, having outperformed all central-bank-issued currencies with a 125 percent climb in 2016. Bitcoin - a web-based "cryptocurrency" that has no central authority, relying instead on thousands of computers across the world that validate transactions and add new bitcoins to the system - jumped 2.5 percent to $1,022 on the Europe-based Bitstamp exchange, its highest since December 2013. Though the digital currency has historically been highly volatile - a tenfold increase in its value in two months in late 2013 took it to above $1,100, before a hack on the Tokyo-based Mt. Gox exchange saw it plunge to under $400 in the following weeks - it has in the past two years been more stable. Its biggest daily moves in 2016 were around 10 percent, still very volatile compared with fiat currencies, but markedly lower than the trading of 2013, which saw daily price swings of as much as 40 percent. Bitcoin may have been boosted in the past year by increased demand in China on the back of a 7 percent annual fall in the value of the yuan in 2016, the Chinese currency''s weakest showing in over 20 years. Data shows most bitcoin trading is done in China. Bitcoin is used to move money across the globe quickly and anonymously and does not fall under the purview of any authority, making it attractive to those wanting to get around capital controls, such as China''s. It is also may appeal to those worried about a lack of supply of cash, such as in India, where Prime Minister Narendra Modi removed high-denomination bank notes from circulation in November. "The growing war on cash, and capital controls, is making bitcoin look like a viable, if high risk, alternative," said Paul Gordon, a board member of the UK Digital Currency Association and co-founder of Quantave, a firm seeking to make it easier for institutional investors to access digital currency exchanges. Though bitcoin is still some way off the all-time high of $1,163 that it reached on the Bitstamp exchange in late 2013, there are now more bitcoins in circulation - 12.5 are added to the system every 10 minutes. Its total worth is at a record-high above $16 billion, putting its value at around the same as that of an average FTSE 100 company. (Reporting by Jemima Kelly; Editing by Peter Graff)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-bitcoin-idUKKBN14M0IV'|'2017-01-02T18:48:00.000+02:00'
'fe23b3972cd23d13d10d64cd534cdf13d779c364'|'Happy new year? 2017 rings in more commuter misery and higher bills'|'M any people will be understandably relieved to say goodbye to 2016, a year when the currency and stock markets went into flux at Britain’s decision to leave the European Union. Unfortunately, in personal finance terms at least, 2017 also looks bleak as consumers are expected to start seeing the full effects of the Brexit vote and how the drop in value of sterling will translate to the supermarket shelf.Elsewhere, householders can expect an increase in the cost of electricity, while motorists may see premiums on the up. Commuters, already worn down by strike-interrupted trains, can expect to see ticket prices go up yet again.There is some light at the end of the tunnel – the national living wage is due to go up in April, while for homebuyers, house price rises are expected to slow, although this will be tempered by an increase in demand as a result of the lack of housing stock on the market.So with the unlikely events of 2016 behind us, here are some of the key things to look out for in 2017:High street price rises There is expected to be a headache for consumers when they return to the tills as prices rise on the back of fluctuations in the post-EU referendum pound.Spikes in prices on high street goods, ranging from milk and wine to headphones and TVs, are expected as retailers’ hedges against currency fluctuations – a form of insurance policy against movements in the pound – end. Apple Mac users saw raised prices on machines in October as the technology giant updated the cost in line with the low exchange rate between the dollar and sterling.Raid on buy-to-let landlords Former chancellor George Osborne announced in July 2015 a cut in tax relief on mortgage interest payments for buy-to-let landlords.These changes, which will see mortgage interest deductions slashed from 100% to zero, will be phased in between this coming April and April 2020. Instead, when income tax on a landlord’s profits from their property, and any other income sources, are totted up they will be granted a “tax credit” worth 20% of the mortgage interest to offset against income tax, whatever rate they pay.HMRC has estimated that just one in five landlords will be affected by the changes, but representative groups have said it will have a devastating impact on their finances.House prices versus demand Anyone hoping to buy a house in the coming year will be both heartened and dismayed by some of the latest predictions.The Royal Institution of Chartered Surveyors has said it expects house price growth to be half that of 2016. However, demand is expected to outstrip supply as a result of insufficient housebuilding.It is expected that the number of sales will reduce from 1.25m in 2016 to between 1.15m and 1.2m. Property firm Savills predicts prices will remain flat across the UK, with falls in the north of England, Wales and Scotland. In the east of England it expects 2.5% growth. Nationwide said it expects the average UK price to increase by 2% over the year, below the rate of growth reported in 2016.More commuter frustration Another year, another train fare increase for weary commuters. The Campaign for Better Transport has estimated that fares have gone up by 23.5% between 1995 and 2016 – and 2017 isn’t expected to show any respite.The rail industry has announced that they will go up by an average 2.3% from 2 January, a move which has been criticised by unions.The increases are being driven by much higher increases on the reprivatised east coast route. While regulated fares, such as season tickets and off-peak returns, which are set by the government, are to increase by 1.9%, fares on Virgin Trains East Coast will go up by 4.9% overall.Increased protections The amount of cash savers will have protected in banks and building societies that go bust is likely to be raised to £85,000 from the end of January because of the slump in the value of the pound since the Brexit vote.The limit was cut to £75,000 in July 2015 when sterling was stronger, to keep the UK banking system in step with the rest of the EU. But the increase is required to keep the UK in line with an EU-wide deposit protection limit of €100,000.A cap on London Airbnb From the spring, Airbnb will ban hosts in London from renting out entire homes for more than 90 days a year without official consent. The San Francisco-based company will automatically stop people letting their homes for more than this limit unless they have the necessary planning permission from a local authority.London is the third biggest city in terms of places to stay on the sharing economy website, with a listing of more than 40,000.It is already against the law to flout the 90-day rule, but local authorities complained of not having the resources or data to enforce it. With the move by Airbnb, there will be automated limits to ensure listings are not shared for more than 90 days.Rise in ‘national living wage’ This will increase from £7.20 to £7.50 an hour from April. The government’s target is for it to reach £9 by 2020.New Isa A lifetime Isa to help young people save for their first home or retirement – or both – will be available from April.The account allows for savings with no tax on the interest earned, and a government contribution equal to 25% of everything saved. The maximum amount which can be saved into the Isa each year is £4,000, and the government will give a £1,000 bonus on that amount. The account can be opened by people at any time between the ages of 18 and 40, and a bonus earned each year until they reach 50.Increase in energy prices Householders should brace themselves for bigger bills when they turn on the lights or put on the kettle. EDF Energy has said it will raise electricity prices by 8.4% from March, with the other “big six” energy providers expected to match the increases.The French company also said that it will cut gas prices by 5.2%, but blamed rising costs for the increase in its electricity tariff. The changes mean that dual-fuel customers (those taking both electricity and gas) with EDF will see their bills rise by 1.2%, to an average of £1,082 a year.The announcement followed a rise in wholesale energy prices, which are up by about a third since last spring.Insurance also on the up It is expected that car insurance will rise from June as insurers pass on higher costs, and the rise in the insurance premium tax takes effect. Drivers typically pay about £50 a year to the Treasury for this, but it will go up to more than £60 from June.Average underlying insurance premiums rose sharply in 2016 on the back of problems with whiplash claims and the cost of replacing advanced technological features such as parking sensors on bumpers after accidents. The AA has said that it expects the average “shop around” premium to break £600 in 2017.And finally … The deadline for online self-assessment tax returns is well publicised as being at the end of January, but that never seems to stop the imaginative excuses for tardy paperwork.HMRC has said that among the excuses rejected this year were someone’s details being engulfed in a yacht fire, while another’s were the victim of a child’s scribbling. If you are filing, do it on time or else risk a fine of at least £100.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/02/new-year-2017-commuter-misery-higher-bills-national-living-wage-lifetime-isa'|'2017-01-02T13:59:00.000+02:00'
'37e387fbae7f18787b4e1232f91a15caa2ced855'|'Kia Motors says plans to sell 3.17 million vehicles globally in 2017'|'Business News - Sun Jan 1, 2017 - 7:03pm EST Kia Motors says plans to sell 3.17 million vehicles globally in 2017 Kia Motor''s new K5 is seen during its unveiling ceremony in Seoul, South Korea July 12, 2016. REUTERS/Kim Hong-Ji - SEOUL Kia Motors Corp ( 000270.KS ) aims to sell 3.17 million vehicles globally in 2017, the South Korean company said on Monday, up slightly from its 2016 goal of 3.12 million. The company also said it fell short of its 2016 sales target but did not give details. Hyundai Motor Co ( 005380.KS ) said earlier on Monday it aims to sell 5.08 million vehicles globally in 2017, up slightly from its 2016 goal. (Reporting by Hyunjoo Jin; writing by Se Young Lee; Editing by Muralikumar Anantharaman and Paul Tait) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-kia-motors-sales-idUSKBN14L1DG'|'2017-01-02T07:03:00.000+02:00'
'0380f52b07ab0e8a25760ee47399bac3ebe0fcd2'|'Qatar''s Masraf Al Rayan to halt brokerage business'|' 34am EST Qatar''s Masraf Al Rayan to halt brokerage business DUBAI Jan 2 Masraf Al Rayan, Qatar''s second-largest bank by market capitalisation, said on Monday that it had decided to suspend the activities and licence of its brokerage business, Al Rayan Financial Brokerage Company. After obtaining the necessary approvals from regulatory authorities, the bank said the last date of trading for the company would be Jan. 12. All remaining stocks held by clients will be then transferred to their accounts at the Qatar Central Securities Depository before the termination of activities on Feb. 23. Al Rayan Financial Brokerage Company has a paid up capital of 50 million riyals ($13.7 million), representing 0.06 percent of the total assets of the bank as of Sept. 30, 2016, it said. ($1 = 3.6410 Qatar riyals) (Reporting by Tom Arnold) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/masraf-al-rayan-brokerage-idUSD5N1E9007'|'2017-01-02T13:34:00.000+02:00'
'e074a32064f765a4c01c0db51c88b2a6b5f35143'|'Portugal central bank picks Lone Star as top candidate to buy Novo Banco'|'LISBON Jan 5 Portugal''s central bank has chosen U.S. private equity firm Lone Star as the leading candidate to buy Novo Banco, the bank carved out of collapsed Banco Espirito Santo (BES), the central bank said in a statement.The central bank now plans to hold further talks with Lone Star after selecting it ahead of other prospective purchasers including China''s Minsheng Financial Holding and U.S. funds Apollo and Centerbridge.Portugal had hoped to decide on the sale of Novo Banco by the end of last year ahead of a final August 2017 deadline for the sale."At the current moment of the negotiation, the potential proposal by Lone Star is the one that goes the furthest," in ensuring stability of the financial system and confidence in Novo Banco, the central bank said in a statement.But the central bank added that Lone Star set conditions in its offer that could have an impact on public accounts, which it will seek to "minimise or remove in the deeper negotiations that start now."Finance Minister Mario Centeno said on Wednesday that Portugal was not ready to complete the sale of Novo Banco, adding that the government was not prepared to present a state guarantee for the potential buyer.Portugal salvaged Novo Banco, or the "good bank" in a 4.9-billion-euro rescue of BES in 2014, which collapsed under the weight of debts of its founding family. An attempt to sell Novo Banco in 2015 failed because the bids were considered too low.The Portuguese authorities have not said how much they are seeking for Novo Banco. The government itself put up 3.9 billion euros ($4.1 billion) for the rescue of BES but analysts doubt it will recover anything near that figure in the sale.The rescue has led to a series of court cases by shareholders and other stakeholders hit by the process, prompting some bidders to request state guarantees to protect them against potential future legal liabilities.The central bank said that the next phase of negotiations with Lone Star does not prevent other bidders from returning with improved offers. ($1 = 0.9515 euros) (Reporting By Axel Bugge; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/novo-banco-ma-lone-star-idINL5N1EV1JY'|'2017-01-05T06:34:00.000+02:00'
'8536b845dcf005a1c016cd08bd48a1e34a87a612'|'China allows foreign institutions to launch onshore private funds'|'By Samuel Shen and Engen Tham - SHANGHAI SHANGHAI China has opened the way for foreign asset managers to begin launching private investment funds in the country through local subsidiaries, by publishing long-awaited registration rules for such investmments.The step removes a key technical hurdle to foreign entry 1-1/2 years after China agreed to deregulate its private fund market as part of commitments made during the U.S.-China 8th Strategic and Economic Dialogue in June, 2015.The rules were published by the Asset Management Association of China (AMAC) on its website late on Thursday."The rules have clarified several issues that have previously puzzled foreign fund managers, and now, China''s private fund industry is fully open, on a technical level," said Ivan Shi, head of data analytics at Shanghai-based fund consultancy Z-Ben Advisors.However, foreign asset managers will only be permitted to trade via China-based systems and as long as their onshore and offshore businesses are separate.In the mutual fund space, foreigners will still need to operate through minority-owned ventures with Chinese partners.The new rules came two days after Fidelity International became the first global asset manager allowed to launch investment products in China through a wholly-owned local subsidiary, after registering with AMAC.At least eight other foreign asset managers, including Aberdeen Asset Management (ADN.L), Bridgewater Associates, and Vanguard have also set up wholly foreign-owned enterprise (WFOE) in China, but have yet to register with AMAC in order to launch onshore products.In addition to detailing the registration process for foreign asset managers, the AMAC rules also made clear that applicants must not take trading instructions from offshore systems or institutions.Instead, trading terminals should be installed onshore, transactions should be transparent and easy to trace, while trading data should be comprehensive and accessible, according to the rules.In addition, foreign institutions should separate their onshore and offshore businesses in an appropriate manner, and should take measures to avoid conflict of interest.(Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-funds-regulation-idINKBN14Q0M9'|'2017-01-06T04:24:00.000+02:00'
'9c9bf6554a3db82fcd71913665c7761c805ab9b1'|'Slim consortium clinches Mexico City airport terminal project'|'Company  02pm EST Slim consortium clinches Mexico City airport terminal project MEXICO CITY Jan 6 A consortium including a construction company controlled by billionaire Carlos Slim has clinched the terminal project at Mexico City''s new $13 billion airport, Mexican authorities said on Friday. The construction arm of Slim''s Grupo Carso and his majority-owned FCC, submitted a bid of 84.8 billion Mexican pesos ($3.98 billion) for the project. The consortium also includes Spain''s Acciona and Mexican firms ICA, Constructora Y Edificadora GIA+A (GIA), Promotora y Desarrolladora Mexicana (Prodemex), and the construction unit of Grupo Hermes. (Reporting by Alexandra Alper) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-airport-idUSL1N1EW0YT'|'2017-01-07T02:02:00.000+02:00'
'6cb4098801cb354183b09b306b9b53ed632e6cce'|'European shares off lows after U.S. jobs data'|'Company News - Fri Jan 6, 2017 - 9:43am EST European shares off lows after U.S. jobs data * STOXX Europe 600 index steady * FTSE set for 5th week of gains * U.S. non-farm payrolls disappoint, but earnings strong * Nets set for biggest fall following downgrade (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets) By Alistair Smout and Atul Prakash LONDON, Jan 6 European stocks rallied from lows on Friday after a stronger than expected increase in earnings in a flagship U.S. jobs report made up for a weaker-than-forecast payrolls figure. The benchmark STOXX 600 index stayed on track for its best weekly performance since the middle of December, as it turned higher following the non-farm payrolls report. U.S. employment increased less than expected in December but a rebound in wages pointed to sustained labor market momentum that sets up the economy for stronger growth and further interest rate increases from the Federal Reserve this year. The STOXX 600, which had been down 0.4 percent ahead of the data, was last flat. Britain''s commodity-heavy FTSE 100 index was also flat after hitting a record high the previous day, and was on track for its fifth straight week of gains. The STOXX 600 remained 0.8 percent down from a one-year high set earlier this week, but was still up 1.1 percent this week. The index is up around 12 percent from November''s lows, as investors have bet that the election of Republican Donald Trump as U.S. president might result in fiscal stimulus, buoying growth and inflation globally. "The big upward revision to November and a 2.9 percent increase in average hourly wages are going to be enough to let markets keep their faith in the Trump reflation trade and the U.S. Federal Reserve plans further interest rate increases," said Russ Mould, investment director at AJ Bell. Precious metals miners Fresnillo and Randgold Resources fell more than 2.3 percent after gold slipped from one-month highs, hindered by dollar strength. UBS analyst Daniel Major stayed positive on the sector''s outlook. "Despite the uncertain gold price backdrop, looking into 2017 the European gold miners are in good shape from a cost and balance sheet perspective," he said. Large-cap gold miners including Randgold and Fresnillo also faced less pressure than some of their peers to lift capex to replace depleting reserves and offset declining production over the next 2 to 3 years, he said. Danish payments firm Nets was the top faller, down 3.4 percent and heading for its biggest decline since its IPO in September after a downgrade to "sell" from "hold" by Danske Bank. Shares in Fiat Chrysler Automobiles rose 5.1 percent, the biggest riser in the STOXX 600 index, after Goldman Sachs added the stock to its "Conviction List" and raised its target price to 16.5 euros from 9.9 euros. "In our view the market significantly underappreciates FCA''s ability to improve its NAFTA (North America) price-mix via shifting production away from mass-market cars and into more profitable vehicles," Goldman Sachs analysts said in a note. (Editing by Mark Heinrich) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1EW2ZT'|'2017-01-06T21:43:00.000+02:00'
'592f03cd7fc26f81c19f9a6654b3abd768f50c9b'|'Sterling skids as dollar rallies on U.S. labour data'|'FRB - Fri Jan 6, 2017 - 12:20pm EST Sterling skids as dollar rallies on U.S. labour data U.S. dollar and British pound notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration By Patrick Graham and Jemima Kelly - LONDON LONDON Sterling fell back against a dollar that was boosted by U.S. labour market data on Friday but still ended the week slightly higher, riding out nerves about the British government''s preparations for Brexit talks due to start in March. Prime Minister Theresa May is expected to try and quash charges of indecisiveness - The Economist''s front page this week calls her "Theresa Maybe" - with a speech later this month outlining her central aims for talks with the other 27 members of the European Union. There may be little comfort in that for financial investors, however, with British newspapers reporting the speech will make control of immigration a red line that will not be sacrificed in return for membership of the EU single market. Worries about a big economic hit as a result of such a stance have been at the heart of sales of sterling since the referendum vote to leave the EU last June. Yet, helped by better-than-expected economic data, the currency has proved fairly robust since early November. It hit a 2-1/2-week high of $1.2432 on Thursday, and though it was over a cent lower than that on Friday at around $1.2310 it was still up about 0.3 percent on the week. "This is mostly a dollar move - in terms of data flow there''s been nothing from the UK that''s really caught the market''s attention," said BNP Paribas currency analyst Sam Lynton-Brown. The dollar received a boost when data showed a rebound in wages that, despite U.S. employment increasing less than expected in December, pointed to sustained labour market momentum. That likely sets up the economy for stronger growth and further interest rate increases from the Federal Reserve this year. The greenback''s strength explained sterling''s weakness in that currency pair, but the pound was also down half a percent against the euro at 85.77 pence. Strategists said this could be partly due to position adjustment ahead of the weekend, as well as continued Brexit uncertainty. "Brexit remains a dominant theme for the direction of the pound," said Derek Halpenny, head of global market research at Japan''s MUFG in London. He said that as important as the government''s stance on immigration and the single market would be whether May puts more emphasis on seeking a longer transitional period to smooth an exit that would otherwise be due within two years of starting talks. "The longer the transition, the less concerned markets should be over negative implications, which should help support the pound," he said. (Editing by Richard Lough) Sterling skids as dollar rallies on U.S. labour data LONDON, Jan 6 Sterling fell back against a dollar that was boosted by U.S. labour market data on Friday but still ended the week slightly higher, riding out nerves about the British government''s preparations for Brexit talks due to start in March. Fitch Affirms Macy''s, Inc. at ''BBB''; Outlook Revised to Negative (The following statement was released by the rating agency) NEW YORK, January 06 (Fitch) Fitch Ratings has affirmed the long-term Issuer Default Rating (IDR) on Macy''s, Inc. (Macy''s) and Macy''s Retail Holdings, Inc. (MRHI) at ''BBB'' and affirmed the short-term IDR at ''F2''. The Rating Outlook has been revised to Negative from Stable. A full list of rating actions follows at the end of this release. The Negative Outlook reflects Fitch''s reduced confidence in Macy''s ability to stabilize compara WRAPUP 2-Robust job gains, trade data boost hopes for Canadian economy OTTAWA, Jan 6 Canadian job growth surged in December as full-time employment finally rebounded, turning concern about a weak labor market on its head and raising hopes the economy may have turned the corner after two years of pain caused by low oil prices.  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/uk-britain-markets-sterling-idUSKBN14Q0X8'|'2017-01-07T00:18:00.000+02:00'
'901633f61f44374d427c8c46344bf9d40d3efc11'|'Engie CEO says there are no plans to take over Suez'|'Business News  46pm GMT Engie CEO says there are no plans to take over Suez Isabelle Kocher, Chief Exective Officer of French gas and power group Engie, attends the French employer''s body MEDEF union summer forum on the campus of the HEC School of Management in Jouy-en-Josas, near Paris, France, August 30, 2016. REUTERS/Charles Platiau PARIS Engie ( ENGIE.PA ) Chief Executive Isabelle Kocher said on Friday the French utility has no plans for a full takeover of its 33 percent-owned waste and water unit Suez, responding to a report that Engie was considering such a move. Kocher did not rule out Engie could change the level of its stake in Suez, but said this was not on the current agenda. Suez shares ( SEVI.PA ) rose about 5 percent before Christmas, and have held on to those gains since, after business radio station BFM said Engie was examining a full takeover bid. "We are happy with the current level of our stake," Kocher told reporters. Kocher said the municipal authorities that make up a large part of the firm''s customers are interested in getting global solutions from their suppliers and that city mayors typically want a range of services from heating networks to public lighting, security, air quality and traffic. But she added that this does not mean there is a need to integrate Suez more tightly into Engie. "Dealing with the Suez issue is not a priority today," she said. In February, Kocher started a three-year transformation of Engie, selling 15 billion euros (12.83 billion pounds) of assets in coal-powered generation and in oil and gas exploration to refocus the group on gas, renewable energy and energy services. She said that following the sale of its Polish Engie Energia Polska unit to state-owned Polish utility Enea ENAE.WA late last year for an enterprise value of about 250 million euros, Engie has realized about half of its planned asset sales. She added that the company is in no hurry to sell the rest and will bide its time so it can get a good price. "We will take the full three years to execute our asset sales plan," she said. Kocher said Engie had closed or sold 9 gigawatts of coal-fired power generation capacity, from 15 GW at the start of the program. She added that Engie''s Hazelwood, Australia power station would be closed in coming weeks. Kocher also denied any wrongdoing in a European Union antitrust probe into tax deals granted by Luxembourg to Engie. The European Commission said in September it had concerns the tax rulings granted by Luxembourg since 2008 appeared to treat the same financial transaction as both debt and equity, leading to double non-taxation of companies in the GDF Suez group, as Engie was formerly known. (Reporting by Geert De Clercq; Editing by Dale Hudson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-engie-suez-idUKKBN14Q1V2'|'2017-01-06T22:46:00.000+02:00'
'6868e0472f78504ef36b4036021e98f79dff9f2c'|'Samsung Electronics says fourth-quarter operating profit likely up 50 percent year-on-year'|'Money News - Fri Jan 6, 2017 - 5:12am IST Samsung Electronics says fourth-quarter operating profit likely up 50 percent year-on-year Samsung Electronics'' Galaxy S7 is displayed at its headquarters in Seoul, South Korea, January 5, 2017. Picture taken on January 5, 2017. REUTERS/Kim Hong-Ji SEOUL Samsung Electronics Co Ltd ( 005930.KS ) said on Friday its fourth-quarter operating profit likely rose 50 percent from a year earlier, beating expectations as memory chips and displays likely made up for the scrapped Galaxy Note 7 smartphone. Samsung said October-December profit was likely 9.2 trillion won ($7.8 billion), compared with 8.2 trillion won tipped by a Thomson Reuters StarMine SmartEstimate from a survey of 21 analysts. Revenue for the quarter was likely down 0.6 percent to 53 trillion won, the company said. Samsung did not provide further details and will release full earnings results at end-January. ($1 = 1,180.5500 won) (Reporting by Se Young Lee; Editing by Stephen Coates) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/samsung-elec-results-idINKBN14P2N8'|'2017-01-06T06:42:00.000+02:00'
'8c664883a580c1d66708b9dcbd31481857ffa5eb'|'LG Electronics says it likely swung to fourth quarter operating loss'|'Business News - Fri Jan 6, 2017 - 6:29am GMT LG Electronics says it likely swung to fourth quarter operating loss FILE PHOTO - The LG company logo is seen following an event during the annual Consumer Electronics Show (CES ) in Las Vegas, Nevada January 6, 2014. REUTERS/Robert Galbraith/File Photo SEOUL South Korea''s LG Electronics Inc ( 066570.KS ) said on Friday it likely swung to an operating loss of 35 billion won (23.72 million pounds) in the fourth quarter, falling short of market expectations. LG did not elaborate on reasons why it expected to record a loss, compared with a 349 billion won profit a year earlier. The result would compare with a Thomson Reuters StarMine SmartEstimate of 98 billion won in profit derived from a survey of 21 analysts. Revenue for the quarter likely rose 1.5 percent to 14.8 trillion won, LG said. LG did not offer further details and will disclose full results, including individual businesses'' performance, at the end of January. (Reporting by Se Young Lee; Editing by Christopher Cushing) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lg-elec-results-idUKKBN14Q0IH'|'2017-01-06T13:29:00.000+02:00'
'8932d15ec145ffd40ed7fd3fd566c85d6df2e3b8'|'Asian shares rise as U.S. interest rates ease, China steps up yuan defence'|'  6:49am GMT Asian shares rise as U.S. interest rates ease, China steps up yuan defence A man walks past an electronic board showing stock prices outside a brokerage in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon By Hideyuki Sano - TOKYO TOKYO Asian shares recovered to four-week highs on Friday as a surge in the dollar and its borrowing costs sparked by Donald Trump''s election eased, with the U.S. 10-year yield slipping to one-month lows. European shares were expected to be little changed, with financial spreadbetters expecting a flat to 0.1 percent rise in Britain''s FTSE and a flat to slightly weaker opening in Germany''s DAX. The U.S. dollar stayed near three-week lows against a basket of currencies though it bounced back slightly as the Chinese yuan gave up some of its massive gains made in the previous two days despite Friday''s strong midpoint fixing by China''s central bank. "The market appears to be on risk-on mode. It could be because of stabilising U.S. yields. It could be signs of stability in Europe, or a recovery in oil. Anything that has been battered by higher U.S. rates is coming back," Yoshinori Shigemi, global market strategist at JPMorgan Asset Management. MSCI''s gauge of the world''s stock markets hit its highest levels in a year and a half, taking its gains since the start of the year to 1.7 percent, helped by this week''s generally upbeat economic readings in the United States, China and Europe. In Asia, MSCI''s ex-Japan Asia-Pacific shares index hit four-week high before paring gains to stand little changed. It has gained 2.7 percent in the first week of 2017. In contrast, Japan''s Nikkei, one of the best performers since Republican Trump won the Nov. 8 election, dropped 0.3 percent as the yen gained versus the dollar. "What''s going on is a correction of the ''Trump trade'' since the election. The markets have been trying to fully price in his policies just based on hopes," said Koichi Yoshikawa, executive director of finance at Standard Chartered Bank in Tokyo. "From now on, it''s not going to be a simple one-way bet," he said. Trump''s surprise victory had sparked a major realignment in markets. Expectations that his administration will bring tax cuts, higher spending and deregulation have boosted U.S. bond yields and the dollar, to the detriment of many emerging economies that have benefited from cheap dollar funding and had attracted trillions of dollars from investors shunning low U.S. yields. Already under pressure from profit taking as the Trump rally wanes, the dollar extended losses on Thursday as China stepped up efforts to support the yuan, sparking speculation that it wants a firm grip on the currency ahead of Trump''s Jan. 20 inauguration. "Chinese authorities might be wary because of rising possibility that the U.S. President-elect Trump might impose restrictions on trade with China," said Takahiko Sasaki, market economist at Mizuho Bank. While there are many hurdles for designating China as a currency manipulator or slapping on a higher tariff, Washington could impose more anti-dumping duties, he added. Trump has said he would name China as a currency manipulator and slap a punitive 45 percent tariff. The cost of borrowing the yuan in Hong Kong, the main offshore yuan trading centre, sky-rocketed, making it too costly for speculators to sell the yuan against the dollar. The offshore yuan gained more than 2 percent in the last two sessions, its biggest two-day gain on record, to a two-month high of 6.7833 per dollar before it eased back about 0.5 percent in Asia on Friday to 6.8120. The dollar also slumped to a three-week low of 115.21 yen, having shed 1.6 percent on Thursday, its biggest fall in five months. It bounced back 0.4 percent on Friday to 115.80 yen. The euro also posted its biggest gain in seven months, of 1.1 percent, on Thursday and last fetched $1.0588. The dollar''s index against a basket of six major currencies tumbled to 101.30, falling more than two percent from its 14-year high of 103.82 set on Tuesday. Investors also rushed out of their selling positions in U.S. bonds, one of the most convincing plays since the election because Trump''s policies are seen as stoking inflation. The 10-year U.S. Treasuries yield hit a one-month low of 2.344 percent, having fallen about 30 basis points from its two-year high of 2.641 percent touched on Dec. 15. Investors also scaled back their expectations of the Fed''s rate hikes this year, with Federal Funds rate futures pricing in two rate hikes compared with two and a half at the peak in December. Markets largely shrugged off U.S. economic data on Thursday which was generally strong. The increase in private payrolls was on the weaker side of market expectations, however, raising some concerns about the upcoming jobs data due at 1330 GMT. On Wall Street, the S&P 500 Index dipped 0.1 percent as retailers such as Macy''s and Kohl''s slumped on weak holiday sales. Financials were also hit by a fall in U.S. bond yields, but hi-tech shares shone. They have underperformed since Trump''s victory partly on concerns about his rocky relationship with Silicon Valley. The Nasdaq Composite rose 0.2 percent to hit a record high, led by gains in online retailer Amazon.com. Oil prices were steady as the start of supply cuts by Saudi Arabia and Abu Dhabi supported the market, but doubts that all producers will implement output reductions agreed in a landmark deal last year kept markets from rising further. International benchmark Brent crude futures traded at $56.76 per barrel, down 0.2 cents from their close the previous day. (Editing by Richard Borsuk and Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN14Q03Q'|'2017-01-06T13:49:00.000+02:00'
'725fcbaf23e89e0d2d6593d7d943d4eda1d2af7c'|'HKEx says connecting China''s bond markets would aid offshore yuan liquidity'|'Financials - Fri Jan 6, 2017 - 8:58am EST HKEx says connecting China''s bond markets would aid offshore yuan liquidity HONG KONG Jan 6 A cross-border platform linking China''s onshore and offshore debt markets could boost offshore yuan liquidity, Hong Kong''s stock exchange said in a report posted on its website on Friday. Such a "Bond Connect" would expand an existing scheme by allowing foreign institutions to use yuan bonds held offshore as collateral in the onshore repo market, helping them raise funds and channelling liquidity from the onshore to offshore market. Since 2015, foreign institutions have been allowed to conduct bond repos in the mainland interbank market but they can only use onshore bonds as collateral. Setting up the platform could thus "not only increase the offshore RMB (yuan) liquidity, but also improve the tradability and usability of offshore RMB assets and sustain the stability of the offshore RMB market", the report said. Offshore yuan liquidity has become very tight since the Christmas holiday due to seasonal factors and a shrinking pool of offshore yuan. The CNH Hong Kong Interbank Offered Rate benchmark (CNH Hibor), set by the city''s Treasury Markets Association (TMA), was fixed at 61.3 percent on Friday for overnight contracts, its highest level in a year. The overnight implied deposit rate for offshore yuan even jumped to 112 percent on Friday morning trade. But market players have said even a scheme like that proposed might not improve offshore yuan liquidity as foreign interest in offshore Chinese bonds has dwindled as the yuan''s sharp depreciation in 2016 offsets their relatively high yields. (Reporting by Meg Shen; Editing by Catherine Evans) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-yuan-bondconnect-idUSL4N1EW3NQ'|'2017-01-06T20:58:00.000+02:00'
'fdf75838901cc22d5a77fb6173c24743a145cdf4'|'Oil steady after gains on Saudi output cuts'|' 16am IST Oil steady after gains on Saudi output cuts A man pumps petrol for his car at a petrol station in Hanoi, Vietnam December 20, 2016. REUTERS/Kham/File Photo TOKYO Oil prices were little changed on Friday after gaining nearly 1 percent the day before on news that Saudi Arabia had cut production to meet OPEC''s agreement to reduce output. Saudi Arabia has been curbing oil output in January by at least 486,000 barrels per day (bpd) to 10.058 million bpd, fully implementing OPEC''s agreement to slow production, according to a Gulf source familiar with Saudi oil policy. NYMEX crude for February delivery CLc1 was down 7 cents at $53.69 a barrel by 0016 GMT, after closing up 50 cents on Thursday. For the week, the contract is likely to be largely steady. London Brent crude for March delivery LCOc1 was yet to trade after settling up 43 cents at $56.89 a barrel. Prices had fallen earlier on Thursday after data showed a surprisingly large increase in U.S. gasoline and distillate inventories. [EIA/S] U.S. crude stocks dropped sharply to end the year, the Energy Information Administration said, with a draw of 7.1 million barrels, but stocks of gasoline and distillates surged as refiners ramped up production to reduce crude inventories, a year-end practice to avoid higher taxes. (Reporting by Osamu Tsukimori; Editing by Joseph Radford) Next In Money News After banknote ban, India sees 7 percent growth in first half of 2017/18 - sources NEW DELHI India expects growth of around 7 percent in the first half of the next fiscal year, two officials said, painting a rosier picture for the economy than many economists after Prime Minister Narendra Modi''s shock move to abolish large banknotes.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN14Q031'|'2017-01-06T07:46:00.000+02:00'
'4f21e2d67d3b1dce026c874c2ae69f6792eb30ae'|'German industry orders fall more than expected in November'|'Business News - Fri Jan 6, 2017 - 2:09am EST German industry orders fall more than expected in November BERLIN Weak demand both at home and abroad drove a bigger-than-expected fall in German industrial orders in November, marking a slight correction after a surge in the prior month, data showed on Friday. Contracts for goods ''Made in Germany'' were down by 2.5 percent on the month, the Economy Ministry said. That was the biggest monthly drop since November 2014 and compared with a Reuters consensus forecast for a fall of 2.3 percent. Domestic demand decreased 2.8 percent while foreign orders fell 2.3 percent, with demand from euro zone countries down 2.7 percent. The data for October was revised up to a rise of 5.0 percent from a previously reported increase of 4.9 percent. This marked the biggest monthly rise since July 2014. (Reporting by Michael Nienaber; Editing by Paul Carrel) Next In Business News China''s yuan holds gains as PBOC hikes mid-point by most since 2005 SHANGHAI China''s yuan held onto its gains after a two-day rally on Friday as borrowing rates for its offshore component soared and the central bank set a stronger guidance rate for the currency, signaling no respite in official efforts to contain speculation.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-germany-economy-orders-idUSKBN14Q0LH'|'2017-01-06T14:05:00.000+02:00'
'f259fe8412fc300e3a0025e57a9641777c77e3af'|'UPDATE 1-Goldman Sachs raises 10-year U.S. yield forecast to 3 pct for end-2017'|'Financials  42am EST UPDATE 1-Goldman Sachs raises 10-year U.S. yield forecast to 3 pct for end-2017 (Adds UK, Japanese yield forecast changes) By Jamie McGeever LONDON Jan 5 Goldman Sachs on Thursday raised its forecasts for bond yields around the world in the coming years, predicting that the global fixed income selloff has further to run as inflation and economic growth accelerate. Goldman now expects the 10-year U.S. Treasury yield to end this year at 3.0 percent, up from its previous call for 2.75 percent, as investors price in further U.S interest rate increases and an expected fiscal boost from the incoming Trump administration. The U.S. investment bank also said it expects higher British and Japanese yields than previously anticipated, especially UK gilt yields amid the economic and financial uncertainty surrounding Brexit and increased UK bond supply. "Over the balance of the year, we expect the trend of higher 10-year government bond yields to extend," Goldman''s rates strategists wrote in a note to clients on Thursday. If the U.S. and global economy performs as well as they expect, the yield will rise to around 3.25 percent at the start of 2018 before stabilizing around 3.50-3.75 percent in 2019-20. The 10-year U.S. yield, considered the global benchmark long-term interest rate, was trading at 2.42 percent on Thursday. According to Goldman''s analysts, that''s closer to their estimates of ''fair value'' than at any time since 2013 but still on the low side. The yield fell to a multi-decade low of 1.3210 percent in July last year but has been rising since, driven by a global bond market selloff as investors bet that U.S. and global inflation is coming back to life. The 10-year UK gilt yield is expected to end this year at 1.90 percent, up from Goldman''s previous forecast of 1.65 percent and current level of around 1.35 percent. It''s expected to hit 3.0 percent by 2020, Goldman reckons. Japan''s 10-year yield is seen rising to 0.20 percent this year and 0.50 percent next year, compared with the previous forecasts of 0.15 percent and 0.30 percent, respectively. The Bank of Japan currently has a policy of pinning the 10-year yield at around zero in a bid to stimulate growth and inflation. Goldman kept its German Bund yield forecasts unchanged at 0.80 percent this year, 1.35 percent next year and rising to 2.10 percent by 2020. (Reporting by Jamie McGeever; Editing by Patrick Graham and Raissa Kasolowsky) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/global-markets-yields-idUSL5N1EV1W0'|'2017-01-05T17:42:00.000+02:00'
'338d9aa68021f8ad7d72f6c3efb4165ddb0604b2'|'Viacom names global entertainment group COO'|'Thu Jan 5, 2017 - 7:20pm GMT Viacom names global entertainment group COO A woman exits the Viacom Inc. headquarters in New York April 30, 2013. REUTERS/Lucas Jackson/File Photo By Jessica Toonkel and Liana B. Baker Viacom Inc ( VIAB.O ) on Thursday named Sarah Levy, the chief operating officer of its Nickelodeon network, COO of its global entertainment group, as new Chief Executive Bob Bakish seeks to turn around the ailing media company. Viacom is also set to make a handful of executive cuts in its music and entertainment group, which includes cable networks Comedy Central and MTV and had been led by 25-year veteran Doug Herzog, who left the company this week, two sources told Reuters on Thursday. The sources wished to remain anonymous because they are not permitted to speak to the media. Viacom created the global entertainment group late last year to combine its international division with its music and entertainment group as well as TV Land and CMT. In her new role Levy will oversee a number of functions for the global entertainment group, including strategy and business development, research and operations, according to a memo reviewed by Reuters to employees from Bakish. "By aligning GEG operations, we''re taking an important step toward becoming a more integrated organization," Bakish said in the memo. Viacom named Bakish, former head of its international business, as acting CEO at the end of October, and then permanent CEO on Dec. 12 when it announced the end of merger explorations with CBS Corp ( CBS.N ). Viacom, which also owns Nickelodeon and Paramount, has been struggling to improve ratings and ad revenue. Last year, the company''s stock fell 14.7 percent. Bakish is hoping to turn Viacom around. His strategy includes improving relations with the media company''s television distributors as well as a focus on fixing MTV, he told Reuters in an interview late last year. Denise Denson, who headed distribution, left the company in December. Viacom, which is majority owned by Sumner Redstone and his daughter Shari Redstone, was embroiled in a corporate governance drama for much of last year. In August, the Redstones won a battle to maintain control of the company, resulting in the dismissal of former CEO Philippe Dauman. (Reporting By Jessica Toonkel in New York and Liana B. Baker in San Francisco; Editing by Meredith Mazzilli) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-viacom-reorg-idUKKBN14P23W'|'2017-01-06T02:20:00.000+02:00'
'afd1e87647dbf70cf3abf88896e91730cfb848db'|'CBS signs deal to be on Hulu''s live-streaming platform'|'CBS Corp has signed a deal to have its broadcast network and some cable programming on Hulu''s live streaming service, which is expected to go live this year, the companies said Wednesday.Under the deal, the New York-based broadcaster''s sports programming, including its NFL games and the NCAA Division 1 Basketball Championship, as well as CBS Sports Network and POP, an entertainment channel, will be on Hulu. Hulu subscribers will also be able to subscribe to CBS Corp''s Showtime for an additional price.CBS, whose shows include news magazine "60 Minutes" and the comedy "The Big Bang Theory," will bring in more than $3 per monthly subscriber for its channels, with increases that could eventually get to more than $4, according to a source familiar with the situation. The source requested anonymity because the deal is not yet public.The Wall Street Journal first reported news of the agreement.For Hulu, the addition of CBS''s shows is a potential edge since its competitor AT&T DirectTV ( T.N ) has not inked a deal with CBS for its own live streaming platform, DirecTV Now, which went live late last year.In December, CBS Chief Executive Leslie Moonves said he expected to reach a deal with AT&T DirecTV to be on the platform.Hulu is owned by CBS''s competitors, Walt Disney Corp, Twenty-First Century Fox, Comcast Corp and Time Warner inc.(Reporting by Jessica Toonkel; Editing by Alan Crosby and James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cbs-corp-hulu-deal-idINKBN14O1Y1'|'2017-01-04T19:24:00.000+02:00'
'ba224ef8f20a08f0bd8b0410228a0cced36e935d'|'U.S. 10-year yield seen rising to 3 pct in 2017 -Credit Suisse'|'Funds  59pm EST U.S. 10-year yield seen rising to 3 pct in 2017 -Credit Suisse NEW YORK Jan 5 Benchmark U.S. 10-year Treasury yields will climb to 3 percent at the end of 2017 as investors demand higher compensation in anticipation of a pick up in business activity from possible fiscal programs under a Trump administration, Credit Suisse analysts said on Thursday. The possibility that the Federal Reserve would raise interest rates up to three times in 2017 would propel bond yields higher from current levels, they said. "It will therefore take some combination of an increase in real and inflation risk premia, and a rise in inflation expectations to push nominal yields higher. Expectations for the terminal rate may also increase as markets price a Fed response to rising inflation," Credit Suisse analysts Praveen Korapaty, William Marshall and Jonathan Cohn wrote in a research report. Bond yields around the world rose sharply following Donald Trump''s surprise U.S. presidential win on Nov. 8. Investors dumped bond holdings on the notion that Trump''s proposed economic policies, including tax cuts, infrastructure spending and looser regulations, would result in higher inflation and federal borrowing. A vicious five-week selloff slashed about $2 trillion in value from bond markets around the world, as investors reallocated from fixed income to stocks and other assets. During that time, the U.S. 10-year yield reached 2.64 percent, its highest since September 2014. Perception that the Fed might raise interest rates at a more aggressive pace than previously thought due to faster growth and inflation from possible fiscal stimuli further reduced bonds'' appeal. Since mid-December, bond yields have retreated on bargain-hunting and as traders await details on Trump''s fiscal programs. The U.S. 10-year yield on Thursday eased to a one-month low of 2.37 percent. "We expect a brief respite, followed by a resumption in the selloff in fixed income as the details of the Trump economic agenda become clearer," the Credit Suisse analysts said. They expected the 10-year yield would advance to 2.8 percent in the end of the first half and reach 3.0 percent by year end. They projected the two-year Treasury yield would rise to 1.45 percent in the first half and 1.80 percent at the end of 2017. (Reporting by Richard Leong; Editing by Meredith Mazzilli) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-bonds-creditsuisse-idUSL1N1EV1NB'|'2017-01-06T02:59:00.000+02:00'
'a29d4936995d188208457b28cb4cd546c776eea3'|'Strong data helps limit damage to struggling sterling'|'Foreign Exchange Analysis  05am GMT Strong data helps limit damage to struggling sterling The new polymer 5 pound Sterling note featuring Sir Winston Churchill, is unveiled at Blenheim Palace in Oxfordshire, Britain June 2, 2016. REUTERS/Joe Giddens/Pool By Marc Jones - LONDON LONDON Sterling slipped back against the dollar and took its biggest tumble against the yen in over two weeks on Thursday, although more upbeat UK economic data, this time from the dominant services sector, helped limit the damage. The services Purchasing Managers'' Index (PMI) beat all forecasts, showing the key engine of the economy grew in December at the fastest rate since mid-2015. A run of economic surveys this week have shown no impact yet from the UK''s soon-to-start Brexit negotiations. The PMI release lifted sterling back above $1.23 from $1.2280 beforehand and roughly halved its losses on the euro and the yen to leave it at 85.27 pence per euro and buying 143.53 yen. The pound had been having its worst day against both in two weeks, buffeted by wider FX markets turbulence after China orchestrated a sharp jump in the yuan. [/FRX] If the data continues to be strong "it should question many analysts'' view that the pound will be sluggish," said Nordea bank FX Strategist Aurelija Augulyte. "We would love to see cable (GBP/USD) at $1.25 within a couple of months." Traders were also digesting news from late on Wednesday that a senior career diplomat, Tim Barrow, had been appointed as envoy to the European Union after the previous ambassador had suddenly quit and criticised the government''s Brexit plans.[nL5N1EU0SP] The pound tumbled 16 percent against the dollar and 14percent against the euro in 2016, its worst annual performance in eight years, with the bulk of those falls coming after Britain voted on June 23 to leave the European Union. Uncertainty over how Britain leaves the bloc and worries over the likely economic impact are continuing to weigh on the currency but the run of positive data surprises are now raising questions for analysts. "Sterling lately seems to have become be a bit low-beta against the dollar so the move here has been about this crazy intervention from China, which has halted the dollar rally and forced a lot of position squaring," said Saxo bank''s head of FX strategy John Hardy. (Reporting by Marc Jones; Editing by Catherine Evans) Next In Foreign Exchange Analysis China''s yuan soars against dollar as liquidity tightens offshore HONG KONG/SHANGHAI China''s yuan soared against the U.S. dollar on Thursday following a sharp rise in the offshore spot rate as China worked to stem capital flows and stabilise the currency ahead of Donald Trump''s inauguration as U.S. president and the Lunar New Year.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-markets-sterling-idUKKBN14P0ZV'|'2017-01-05T17:05:00.000+02:00'
'88bb34adda87db17556202ef70b1f5ae1abd11fe'|'Kuwait Stock Exchange appoints new chairman'|'Financials - Sat Jan 7, 2017 - 3:45am EST Kuwait Stock Exchange appoints new chairman RIYADH Jan 7 The Kuwait Stock Exchange has selected a new chairman for its board of directors, following the appointment of its previous chairman as oil minister in December, it said in a statement on Saturday. The bourse named as chairman Mohammed Ahmed Alsaqqaf, a member of the board''s executive committee and nomination and remuneration committee. Kuwait''s emir appointed previous chairman Essam Abdul Mohsen al-Marzouq to head the oil ministry after opposition candidates won around half of the parliament''s 50 seats last month, a rebuke of austerity measures brought on by low oil prices. (Reporting by Katie Paul; Editing by Dale Hudson) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/kuwait-bourse-idUSL5N1EX04V'|'2017-01-07T15:45:00.000+02:00'
'885b0bc8043408d7766a1ac7bbe794bf21d15709'|'Asian stocks set to gain on U.S. data; yuan in focus'|' 38am GMT Asian stocks set to gain on U.S. data; yuan in focus Men walk past an electronic board showing Japan''s Nikkei average outside a brokerage in Tokyo, Japan, November 18, 2016. REUTERS/Toru Hanai HONG KONG Asian stocks are poised to rise on Monday and the dollar firmed against a basket of currencies after the latest payrolls data highlighted U.S. jobs and wages growth. Financial markets will be carefully tuned to President-elect Donald Trump''s news conference on Wednesday with his views on global trade and China under close scrutiny, although investors would be wary of chasing any big market moves higher. MSCI''s ex-Japan Asia-Pacific shares index .MIAPJ0000PUS was broadly flat, holding near one-month highs. Australia''s S&P/ASX200 rose 0.5 percent. Japan is closed for a holiday. U.S. stocks ended at record highs fueled by optimism about Trump''s plans to stimulate the economy with lower taxes and infrastructure spending. Both the Nasdaq .IXIC and the S&P 500 .SPX ended at record highs. In currencies, the dollar started the week on a firm note after Friday''s data showed a rebound in U.S. wages pointing to sustained labor market momentum and more rate increases from the U.S. Federal Reserve. "With expectations of more rate hikes on the horizon, we believe the dollar will resume its upward trend versus emerging market Asia currencies in the coming weeks," Gao Qi, an FX strategist at ScotiaBank in Singapore wrote in a client note. The dollar was trading at 117.14 yen .JPY, nearly 2 percent above the Friday''s lows of around 115. It was steady at 102.23 against a basket of currencies .DXY China''s yuan CNY=CFXS will be under particular scrutiny after weekend data showed foreign exchange reserves declined to near six-year lows as authorities stepped up their intervention to protect the currency. Bonds were stung by the strong U.S. data with both two-year and 10-year U.S. Treasury yields inching higher as market participants pondered the probability of more rate hikes in 2017.The yield on two-year U.S. Treasury notes US2YT=RR was perched at 1.21 percent versus Thursday''s low of 1.17 percent. Oil prices edged lower thanks to a stronger dollar and growing concerns over whether OPEC producers would stick to an agreement to cut output. Brent crude futures LCOc1 were down 0.2 percent in early trade. (Reporting by Saikat Chatterjee; Editing by Eric Meijer) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN14T00P'|'2017-01-09T07:35:00.000+02:00'
'c7d084b08cb2072c896fe224c904ad0e0892bbef'|'Japan rallies to defend Toyota after Trump warning'|'Japan rallies to defend Toyota after Trump warning Carmaker threatened with heavy penalties over making cars for the US market in Mexico Read next by: Kana Inagaki in Tokyo Japanese government officials pushed back against Donald Trump’s criticism of Toyota as the attack on the country’s most powerful corporate name sent shockwaves across Japan Inc. Chief executives of Japanese companies including Sony ’s Kazuo Hirai and Nissan ’s Carlos Ghosn weighed in, while analysts feared the president-elect’s targeting of Toyota would lead to a broader fallout on Japan-US trade relations. “ Toyota is responsible for large employment at US plants such as in Kentucky. It’s questionable whether the new US president has a grasp of how many vehicles Toyota builds in the US,” said Taro Aso, Japan’s finance minister. Hiroshige Seko, minister for trade and industry, added that the Japanese government would do its part to explain to the US administration about the contribution of the country’s car industry to the American economy. Mr Ghosn on Thursday called for clear rules and even-handed treatment for carmakers looking to build vehicles in the US or import them into the country. “We need laws, regulations, expectations, policies to be announced and we follow it,” Mr Ghosn told the Financial Times. “Because this has got to apply to everybody, we’re all in the same boat.” The comments came after Mr Trump warned Japan’s biggest carmaker that it will face heavy penalties if it chooses to make cars for the US market in Mexico, tweeting “NO WAY” to Toyota’s plan to build a new plant in Mexico. Shares of Japanese carmakers tumbled on Friday: Toyota fell 1.7 per cent, Nissan 2.2 per cent and Mazda 3.2 per cent. “Toyota is equivalent to Japan as a whole, so Mr Trump’s criticism could be interpreted as a message to the Japanese government,” said Koji Endo, motor industry analyst at SBI Securities, expressing concerns about the impact on bilateral trade negotiations once Mr Trump is officially appointed later this month. Mr Trump has threatened to slap a 35 per cent tariff on companies that send factories to Mexico. But he is facing resistance from Republicans in Congress, which under normal circumstances would have to pass such a measure. Paul Ryan, the Republican Speaker of the House of Representatives, said this week: “No, we’re not going to be raising tariffs...We think tax reform is the better way of addressing imbalances, leveling the playing field without starting trade wars, without having the adverse effects that you get with protectionism or trade wars.” Related article Renault-Nissan chief wants clear policy from president-elect who has targeted industry Sunday, 8 January, 2017 Analysts say Mr Trump’s focus on Toyota, after Ford this week announced that it would pull plans for a $1.6bn Mexican plant , is not surprising but ironic for the Japanese carmaker who was the latecomer among global rivals in shifting production to Mexico. Toyota, which has an existing manufacturing facility in Baja to build the Tacoma pick-up truck, only made about 6 per cent of 2.2m vehicles sold in the US in Mexico during the January to November period, compared with 33 per cent for Nissan and 47 per cent for Mazda, according to SBI Securities. In 2015, Toyota announced plans to spend $1bn building a new facility in the central state of Guanajuato that will make Corolla vehicles from 2019. The decision was a symbolic one for Akio Toyoda, Toyota’s chief executive, as it marked the lifting of a three-year moratorium on plant construction. It also underscored the company’s recovery since Mr Toyoda faced a US congressional grilling in 2010 in the wake a massive recall of spontaneously accelerating Toyota vehicles. Having experienced the US recall crisis and the subsequent political backlash, analysts say Toyota may eventually adjust its strategy in Mexico, either by reducing the planned number of vehicle production or increasing the capacity of existing US plants in Texas or Mississippi. “The company will carefully try to avoid taking action that would leave a negative impression on the new US administration,” said Masahiro Akita, analyst at Credit Suisse. “Considering how Toyota has operated in the past, it wouldn’t be surprising if the company makes a policy shift.” In response to Mr Trump’s tweet, Toyota has said no US jobs would be lost as a result of its planned new plant in Mexico. Mr Toyoda has also said the company would “see what policies the incoming president adopts” before deciding whether to take action. Still, Mr Akita said a complete reversal of Toyota’s plan to construct a new plant in Guanajuato was unlikely considering Mr Toyoda’s concerns about the impact on employment and the regional economy. Additional reporting by Richard Waters in Las Vegas and Shawn Donnan in Washington Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/industrials'|'https://www.ft.com/content/06e7fc2c-d3dc-11e6-9341-7393bb2e1b51'|'2017-01-06T17:02:00.000+02:00'
'5263dbd6646813187b63d9ab87475a34c50b64c0'|'British PM rules nothing in or out in Brexit talks - spokeswoman'|'World News - Mon Jan 9, 2017 - 3:22pm IST British PM rules nothing in or out in Brexit talks - spokeswoman Britain''s Prime Minister Theresa May arrives at a European Union leaders summit in Brussels, Belgium December 15, 2016. REUTERS/Francois Lenoir LONDON British Prime Minister Theresa May is ruling nothing in or out before starting departure talks with the European Union and wants the best deal for businesses to trade with the single market, her spokeswoman said on Monday. The pound fell to two-month lows after traders felt May had indicated during an interview on Sunday that Britain would dramatically rework trade ties with the EU after Brexit. "She hasn''t ruled anything in or out - she''s said she wants the best possible deal for trading with and operating within the single market," the spokeswoman said. (Reporting by Elizabeth Piper, Editing by Kylie MacLellan) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-may-idINKBN14T0XW'|'2017-01-09T16:49:00.000+02:00'
'a7ea90e4d06ad33af5447ce37f0a9878257a5d90'|'MIDEAST STOCKS-Dubai''s index may extend gains in line with Asia, but Saudi may be weak'|'  12:50am EST MIDEAST   DUBAI   MSCI''s ex-Japan Asia-Pacific shares index rose 0.3 percent and Brent crude futures were trading at $56.83 per barrel in early trade, down 0.5 percent from Friday''s close. Dubai''s main index, last at 3,692 points, was technically bullish, trading above the 200-day simple moving average and closed on Sunday above technical resistance at the mid-December peak of 3,659 points. A second straight close above that level would confirm a break, leaving the next chart barrier at the October 2015 peak of 3,740 points. Although the majority of the active stocks on Sunday were the small- and mid-sized ones, many investors believe that the market still has further upside as valuations continue to be supportive. The index is trading at a price-to-earnings ratio of 9.7 times, a discount to regional markets. But Saudi Arabia''s index, which has lost 1.0 percent since the start of the year despite a 3.0 percent climb in Brent futures, may continue its descent as investors ready their portfolios for fourth-quarter results and cash out of a market that has risen about 20 percent since November. Many of the petrochemical shares, which are the most vulnerable to changes in oil prices, are perceived by analysts to be fairly priced with some trading at a premium, leaving investors with little room to add further. "Some of the large-cap shares, which offer attractive dividends, will continue to hold firm, investors will not cash out before their respective distribution days," said a Jeddah-based analyst. (Reporting by Celine Aswad; Editing by Amrutha Gayathri) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1EZ0E9'|'2017-01-09T12:50:00.000+02:00'
'f702bb81ee8c82ff8a42c5529cf87242f8a09f53'|'Ex-Visium hedge fund manager to face trial on U.S. fraud charges'|'Funds News - Mon Jan 9, 2017 - 1:00am EST Ex-Visium hedge fund manager to face trial on U.S. fraud charges By Nate Raymond - NEW YORK NEW YORK Jan 9 A former portfolio manager at Visium Asset Management LP is scheduled to face trial on U.S. charges stemming from an investigation that led to the New York-based hedge fund''s closure last year. Jury selection is set to begin on Wednesday in Manhattan federal court in the case of Stefan Lumiere, Visium founder Jacob Gottlieb''s former brother-in-law, who is accused of engaging in a scheme to falsely inflate the value of securities in a bond fund. The trial follows a criminal probe that prompted the $8 billion investment firm''s wind-down and charges against three others, including Sanjay Valvani, a Visium portfolio manager who committed suicide in June after being accused of insider trading. According to court papers, Lumiere, 46, served as the portfolio manager for a fund called Visium Credit Opportunities Fund from May 2009 to April 2013. From 2011 to 2013, prosecutors said, Lumiere and others, including portfolio manager Christopher Plaford, schemed to defraud investors by mismarking the value of securities held by the fund, which invested in debt issued by healthcare companies. Prosecutors said the practices caused the fund''s net asset value to be overstated by tens of millions of dollars each month and deceived investors into believing the bonds were relatively liquid, when they were not. Lumiere, who was arrested in June, has pleaded not guilty to conspiracy, securities fraud and wire fraud charges. His lawyers are expected at trial to challenge prosecutors'' claims that the securities'' prices were mismarked and unreasonable, according to court papers. At trial, prosecutors are likely to call as a cooperating witnesses Plaford, who pleaded guilty in June in connection with the mismarking scheme and the separate insider trading matter. Prosecutors are also expected to call a former Visium trader who has been cooperating with authorities since 2013 and covertly recorded Lumiere. The cooperating witness has been helping authorities in hopes of recovering a monetary reward, according to court papers. While not named in court papers, the witness is Jason Thorell, a person familiar with the matter said. Lumiere''s lawyers say the details of the potential reward indicates he is seeking a recovery from the U.S. Securities and Exchange Commission, which can award whistleblowers up to 30 percent of any money it collects in a case. The SEC declined comment. Thorell did not respond to a request for comment. The case is U.S. v. Lumiere, U.S. District Court, Southern District of New York, No. 16-cr-00483. (Reporting by Nate Raymond in New York; Editing by Noeleen Walder and Steve Orlofsky) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-fraud-visium-idUSL1N1EP15Z'|'2017-01-09T13:00:00.000+02:00'
'a2f9a88bbac58062cb465559adc9d139335a061a'|'Toyota to invest $10 billion in U.S. over five years'|' 13pm GMT Toyota to invest $10 billion in U.S. over five years left right The 2018 Camry XSE (L) and the 2018 Camry XLE are introduced during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Mark Blinch 1/2 left right Jim Lentz, president and CEO of Toyota Motor Sales, U.S.A. speaks during an interview in New York, March 28, 2013. REUTERS/Brendan McDermid 2/2 By David Shepardson - DETROIT DETROIT Toyota Motor Corp ( 7203.T ) will invest $10 billion (£8.2 billion) in the United States over the next five years, the same as in the previous five years, North America Chief Executive Jim Lentz said on Monday, to meet demand and upgrade plants to build more fuel-efficient models. The Japanese automaker has come under fire by President-elect Donald Trump for its plans, announced in 2015, to shift production of its Corolla to Mexico from Canada. Lentz said in an interview at the Detroit auto show the decision was not in response to Trump''s remarks made in a recent tweet, but was part of Toyota''s business strategy to invest in the United States, where it has 10 plants in eight states. Planning for the new Mexico plant began about two years before it was announced in 2015, said Lentz, describing such decisions as long-term ones. Lentz said he had not spoken with Trump. The $10 billion includes Toyota''s new North American headquarters in Texas that is under construction and major improvements to its plants. Toyota plans to expand some of its U.S. plants over the next five years, said Lentz, declining to say if that effort would boost jobs. Toyota, which employs 40,000 in the United States, added more than 5,000 U.S. jobs over the last five years, he said. Toyota President Akio Toyoda appeared at the show later on Monday to tout the company''s investment plans and its updated flagship Toyota Camry that is built in Kentucky. "We are deeply grateful to the millions of customers who have made Camry the number one selling car in America for the last 15 years," Toyoda said. Lentz said "everyone" agrees with Trump''s goals of boosting manufacturing and U.S. employment, in part because "it helps us sell more cars." "We have to run our business as a global business," he said. "I have to make sure that we are competitive." The company is focussed on reminding policymakers in Washington about its extensive U.S. manufacturing operations, Lentz said. Lentz said Vice President-elect Mike Pence, who was Indiana governor, knew Toyota well because of its manufacturing operations in the state. He warned that a "border adjustability tax," like the one proposed by Trump if the carmaker builds the Corolla in Mexico instead of the United States, could hike the price of cars and hurt auto employment. Such a tax could add $1,000 to cost of a Kentucky-built Camry because of some foreign-made parts. After the critical tweet from Trump, "you have to respectfully state your position and then move on," he said. (Reporting by David Shepardson and Norihiko Shirouzu in Detroit; Editing by Nick Zieminski and Bernadette Baum)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-autoshow-toyota-idUKKBN14T26N'|'2017-01-10T02:13:00.000+02:00'
'0df6847da3ec2bb9a3eca59d45476f7da33c3d8b'|'US STOCKS-Futures dip with oil prices; all eyes on Dow 20,000'|'Business News  30am EST U.S. stock futures dip with oil prices; all eyes on Dow 20,000 Traders work on the floor of the New York Stock Exchange (NYSE) shortly before the closing bell in New York, U.S., January 6, 2017. REUTERS/Lucas Jackson By Yashaswini Swamynathan U.S. stock index futures were slightly lower as oil prices dipped on Monday, after the Dow Jones Industrial Average came tantalizingly close to 20,000 on Friday. The Dow hit 19,999.63 points on Friday after a late pop in Apple ( AAPL.O ) and other technology stocks. Wall Street has rallied since Donald Trump won the U.S. election in November as investors bet he will stimulate the economy with lower taxes and infrastructure spending. But the rally has led to lofty valuations – the S&P 500 is trading at about 17 times expected earnings, compared to its 10-year average of 14. That could make investors cautious as they gear up for the fourth-quarter earnings season. The first peek into how companies fared last quarter will be provided later this week by big U.S. banks, including JPMorgan ( JPM.N ), Bank of America ( BAC.N ) and Wells Fargo ( WFC.N ). S&P 500 companies overall are expected to post a 6.1 percent increase in profit in the quarter, according to Thomson Reuters I/B/E/S. Oil prices fell 1.8 percent on Monday as signs of growing U.S. production outweighed optimism that other producers were sticking to a deal to cut supplies in a bid to bolster prices. [O/R] Meanwhile, investors looking for more insight on the future path of interest rates await a speech at 9:00 a.m. ET (1400 GMT) by Eric Rosengren, president of the Boston Federal Reserve bank. Atlanta Fed President Dennis Lockhart is scheduled to speak later in the day. Merrimack''s ( MACK.O ) shares rose more than 40 percent to $5.06 premarket after the company agreed to sell its oncology assets to France''s Ipsen SA ( IPN.PA ) in a deal worth about $1 billion. Vertex Pharma ( VRTX.O ) lost 5.2 percent to $75.25 after the company gave a full-year revenue forecast for its Orkambi cystic fibrosis treatment, which an Evercore ISI analyst said appeared to miss analysts'' expectations. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza) Next In Business News McDonald''s sells most of China, HK business to CITIC, Carlyle for $2.1 billion HONG KONG McDonald''s Corp has agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd and Carlyle Group LP for up to $2.1 billion, seeking to expand rapidly without using much of its own capital. Fiat Chrysler ups the ante as automakers respond to Trump DETROIT Fiat Chrysler Automobiles on Sunday said it will invest $1 billion to modernize two plants in the U.S. Midwest and create 2,000 jobs, upping the ante as automakers respond to threats from President-elect Donald Trump to slap new taxes on imported vehicles. LONDON Oil fell 2 percent on Monday as signs of growing U.S. production outweighed optimism that many other producers, including Russia, were sticking to a deal to cut supplies in a bid to bolster the market. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN14T1B2'|'2017-01-09T19:25:00.000+02:00'
'8eda298fbdf3446ffe1b7027e43d2cf8e1c72f63'|'UK law firm seeks compensation for VW drivers over diesel scandal'|'By Costas Pitas - LONDON LONDON A British law firm has launched legal action against Volkswagen ( VOWG_p.DE ), seeking thousands of pounds of compensation each for UK drivers affected by the carmaker''s emissions scandal.The German company is involved in lawsuits in several countries and is racing to resolve criminal and civil allegations with the United States'' Department of Justice after admitting it cheated diesel emissions tests.Separately on Monday, the New York Times reported the Federal Bureau of Investigation had arrested a Volkswagen executive on charges of conspiracy to defraud the United States, underscoring how the company is still struggling to move on from the scandal 16 months after it erupted.In Britain, Europe''s second-biggest autos market, 1.2 million cars are affected and Harcus Sinclair UK, which is being supported by Slater and Gordon, said around 10,000 drivers had already signed up to the legal action before Monday''s launch.The firm will pursue a group action, the nearest British equivalent of a U.S. class action, at the High Court and is asking other drivers affected to come forward and join the case."We will argue that you received a vehicle that should never have been licensed for sale because it did not meet the required emissions standards," the firm said on its website."We believe that the Court will assess the difference between what you paid for your vehicle and the inherent value of what you actually received."A spokesman for Volkswagen said the company would "robustly" defend itself in the case and reiterated it did not believe customers would lose out due to the scandal."We expect no decline in the residual values of the affected vehicles as a result of this issue," he said.Last year, a Spanish court ruled in favour of a buyer of a Volkswagen car with altered emissions software, ordering two of the German firm''s local units to pay a 5,000 euro (4,330 pound) fine to the car''s owner.But the British authorities have been accused by some consumers and lawmakers of being too slow to act for not pursuing compensation or criminal proceedings.In December, the European Union began legal action against Britain, Germany and five other member states for failing to police emissions test cheating by carmakers.Volkswagen has been hit hard in Britain since the scandal erupted in 2015, with sales of its VW brand cars down 7.5 percent in 2016 despite the overall market rising by over 2 percent to hit a record high.The first hearing in the group action case is due to take place on Jan. 30, a spokeswoman for Harcus Sinclair UK said.(Reporting by Costas Pitas; Editing by Estelle Shirbon and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-volkswagen-emissions-britain-idINKBN14T0VA'|'2017-01-09T08:52:00.000+02:00'
'46f2566d04ba33e4eddad7b12cebf1fb430b221e'|'UPDATE 1-Nigerian oil union threatens three-day strike at Exxon Mobil, Chevron'|'Commodities   Nigerian oil union threatens three-day strike at Exxon Mobil, Chevron LAGOS A Nigerian oil labor union is set to stage a three-day strike at Chevron and Exxon Mobil fuel depots from Wednesday in a protest over sackings pending the outcome of talks with the government, union officials said on Monday. The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) said it would make its final decision on the matter after its leaders meet officials from the ministries of petroleum and labor, as well as the state oil company, on Tuesday in the capital, Abuja. "There will be a total shutdown of production terminals, distribution and filling stations. We are talking about the downstream sector," said Tokunbo Korodo, who chairs the union''s southwestern Lagos zone, of the planned walkout. He said 10,000 workers would go on strike. Chika Onuegbu, a senior figure in another labor union - Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) - said his members would await the outcome of government talks before deciding whether or not to strike. Exxon Mobil and Chevron could not immediately be reached for comment. Nigerian labor unions have criticized oil companies for sacking workers in recent months. Last week NUPENG held a strike at Total''s fuel depots in a row over sackings but it was suspended after one day because an agreement was reached. No details have emerged about the deal. The OPEC member has been hit by low crude prices and a wave of militant attacks in its southern Niger Delta oil hub throughout 2016 which has hampered production capability. (Reporting by Alexis Akwagyiram, Anamesere Igboeroteonwu and Ulf Laessing; Additional reporting by Libby George, in London, editing by Jason Neely and Louise Heavens) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nigeria-oil-idUSKBN14T1L1'|'2017-01-09T21:22:00.000+02:00'
'6fe1ce493919ec1d97ebd848f13076d236f17fa9'|'UPDATE 1-McDonald''s sells most of China, HK businesses to CITIC, Carlyle for $2.1 bln'|'* CITIC, CITIC Capital to own 52 pct of business, Carlyle 28 pct* McDonald''s to retain 20 pct stake to keep China growth exposure (Adds details of the deal)By Elzio BarretoHONG KONG, Jan 9 McDonald''s Corp has agreed to sell a majority stake in its China and Hong Kong businesses to state-backed conglomerate CITIC Ltd and Carlyle Group LP for up to $2.1 billion, part of its efforts to switch to a less capital-intensive business model.The deal caps months of negotiations between the fast-food chain, private equity firms including Carlyle and TPG Capital Management LP as well as several Chinese suitors.McDonald''s originally wanted to raise up to $3 billion from the sale of the business, but later decided to keep a minority stake to benefit from exposure to future growth in China, a person with direct knowledge of the plans previously told Reuters.Hong Kong-listed CITIC Ltd will own about 32 percent of the business, with CITIC Capital, an affiliate company that manages private equity funds and other alternative assets, holding another 20 percent.Carlyle will control 28 percent of the business, while McDonald''s will retain a 20 percent stake, the companies said.The fast food chain company operates owns most of its 2,400 restaurants in mainland China as well as roughly the 240 it has in Hong Kong. It plans to add 1,500 more over the next five years in both areas.McDonald''s said in March it was reorganizing operations in the region, looking for strategic partners in China, Hong Kong and South Korea. (Reporting by Elzio Barreto; Additional reporting by Rushil Dutta in Bengaluru; Editing by Gopakumar Warrier and Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mcdonalds-china-citic-idINL4N1EZ1VF'|'2017-01-09T04:05:00.000+02:00'
'a2d30d5f8ce5295f0655f1d9c3c7b575494ddeec'|'Money can''t buy single market access, ex-British EU official warns'|'Business News - Fri Jan 6, 2017 - 9:46am GMT Money can''t buy single market access, ex-British EU official warns Jonathan Faull, director-general of a task force for strategic Issues related to the UK referendum, delivers a talk at the offices of The Institute of International and European Affairs in Dublin, Ireland November 25, 2015. REUTERS/Cathal McNaughton LONDON Britain will not be able to buy access to the single market following its exit from the EU, a former top UK official at European Commission warned, casting doubt on mooted government plans for Britain''s future relationship with the bloc. British Prime Minister Theresa May intends to launch the two-year process of negotiations to leave the EU by the end of March and some members of her government have suggested this could include paying to maintain access to the single market. But Jonathan Faull, who worked in the Commission for 38 years until retiring in 2016, said paying to access the tariff-free zone was not how the EU worked. "Can you buy access to the single market? It''s not something that''s on sale in that way," he told the BBC''s Newsnight programme late on Thursday. That contrasts with the idea floated by Brexit minister David Davis, who has said that after the UK leaves the EU, giving it control over migration, the country could continue to make payments into the EU budget in order to maintain access for its exporters to the single market. One area in which Britain did have a strong hand to negotiate with the EU as defence co-operation which the bloc will want to continue, Faull said. "But that''s more complicated if you''re outside the EU, because part of the mechanisms used for this purpose are today EU mechanisms," he said. Faull''s warning that Britain won''t be able to buy EU single market access comes at a time of change for Britain''s Brexit negotiating team. Ivan Rogers, the country''s envoy to the EU, quit earlier this week and was replaced by Tim Barrow. Prime Minister May has so far said little publicly about her negotiating position ahead of what are expected to be some of the most complicated international talks Britain has engaged in since World War Two. Some investors fear the government will prioritise curbing immigration, a so-called "hard Brexit", over ensuring Britain maintains single market access. Faull dismissed the idea that Britain could have an arrangement with the bloc similar to that of non-EU member Norway, pointing out that Norway makes budgetary contributions to the EU as well as accepting the free movement of people. "It''s (Norway is) not buying access to the single market in that sense, it''s taking part in a project," Faull said. (Reporting by Sarah Young; editing by Michael Holden) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-faull-idUKKBN14Q0ZQ'|'2017-01-06T16:07:00.000+02:00'
'b70a45a9eb79f121f723be969c3a3d4f268b5bd7'|'CANADA STOCKS-TSX rises with gold miners, other resource stocks'|'Company  10pm EST CANADA STOCKS-TSX rises with gold miners, other resource stocks TORONTO Jan 5 Canada''s main stock index ended higher on Thursday, extending a 2017 rally into a third day as gold miners and other materials stocks jumped with higher commodity prices. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed up 69.83 points, or 0.45 percent, at 15,586.58. That is less than 100 points off its all-time high hit in September 2014. (Reporting by Alastair Sharp; Editing by James Dalgleish) Next In Company News BRIEF-AEHR Test Systems Q2 non-gaap loss per share $0.08 * AEHR test systems reports second quarter fiscal 2017 financial results'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-close-idUSL1N1EV1UU'|'2017-01-06T04:10:00.000+02:00'
'd020b97059315feb965abca67f7adf5d2579401c'|'Stocks: 6 things to know before the U.S. open'|'Retailers hurting; Government vs. Google; Corona on tap by Alanna Petroff @AlannaPetroff January 5, 2017: 4:49 AM ET Click chart for in-depth premarket data. 1. Market movers -- Macy''s and Kohl''s: Shares in American retailers Macy''s ( M ) and Kohl''s ( KSS ) are plunging in extended trading. Investors are hitting the sell button after Macy''s issued an disappointing earnings report and said it will close 68 stores and cut more than 10,000 jobs. Kohl''s stock is also sharply lower based on disappointing holiday sales. 2. Government vs. Google: The U.S. Department of Labor has filed a lawsuit against Google ( GOOGL , Tech30 ) to get it to turn over employee compensation data. The data request is part of a routine audit into Google''s equal opportunity hiring practices, which is required because of the company''s role as a federal contractor. According to the lawsuit, Google has repeatedly refused to provide employee details. Google responded by criticizing the data requests as "overbroad in scope." This tussle could be bad for Google''s business because the Labor Department is now requesting that a judge order all of Google''s federal contracts canceled unless it complies with the request. 3. Corona on tap: Constellation Brands ( STZ ) , the maker of Corona and other alcoholic drinks, is among the large companies reporting quarterly numbers on Thursday morning. Walgreens Boots Alliance ( WBA ) and Monsanto ( MON ) are also scheduled to hit the earnings stage before the opening bell. Before the Bell newsletter: Key market news. In your inbox. Subscribe now! 4. Economics: The ADP monthly report on U.S. employment is due at 8:15 a.m. ET. The December job creation numbers serve as a preview ahead of Friday''s more closely-watched jobs report from the federal government. Traders are also keen to see the latest U.S. reports on natural gas and crude oil inventories, which come out at 10:30 a.m. and 11 a.m., respectively. 5. Global market overview: Markets are muddling along right now. U.S. stock futures are looking a bit weak. Trading in European markets is muted. Asian markets are closing the day with mixed results. This comes after the Dow Jones industrial average, S&P 500 and Nasdaq all rallied on Wednesday. Each index is within spitting distance of all-time highs set in December.'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/05/investing/premarket-stocks-trading/index.html'|'2017-01-05T16:56:00.000+02:00'
'6bfc1259dfb535026ebeea23b1bf731286991fc3'|'LATAM CLOSE-One issuer raises US$1bn in LatAm primary market'|'* Ecuador makes fourth bond foray in months* Mexican peso at record low on Trump uncertainty* BAML estimates Argentina will raise US$34bn this yearBy Mike GambaleNEW YORK, Jan 10 (IFR) - Below is a recap of primary issuance activity in the LatAm primary market on Tuesday:Number of deals priced: 1Total issuance volume: US$1bnREPUBLIC OF ECUADORThe Republic of Ecuador is readying a tap of its 9.65% 2026 bonds. Citigroup is acting as sole lead on the transaction. The country is rated B/B by S&P and Fitch.IPT: Low to mid 9%GUIDANCE: Tap of 2026 bond at 9.25% (+/- 1/8)LAUNCH: US$1bn tap of 2026 bond at 9.125%PRICED: US$1bn tap of 2026: 103.36; 9.65%C; 9.125%YBOOK: US$2.25bnPIPELINEMetro de Santiago is marketing a 30-year bond issue through Bank of America Merrill Lynch and JP Morgan.The borrower will be London on January 11, New York on January 12 and 13 and Boston on January 17. Investor calls will also be held on January 16. Expected ratings are A+/A by S&P and Fitch. The new 30 year may carry an optional redemption before maturity.Argentine energy company Pampa Energia kicked off roadshows this week as it looks to market a new US dollar bond.The borrower will be in New York on January 11 and 12, in Los Angeles on January 13 and in London on January 16. The company is looking to raise up to US$500m size and considering tenors of five, seven or 10 years.Expected ratings are B3/B-/B+. Citigroup and Deutsche Bank are acting as joint bookrunners, with Credit Agricole and Santander acting as co-managers.Aeropuertos Dominicanos Siglo XXI (Aerodom), an airport operator in the Dominican Republic, is marketing a new US dollar bond that will fund a tender and consent solicitation for outstanding debt.The borrower will end roadshows in New York on January 11. JP Morgan and Scotiabank have been mandated as joint bookrunners to arrange meetings. Expected ratings are BB-/Ba3 by S&P and Moody''s.Proceeds will go to fund a tender and consent solicitation for Aerodom''s 9.25% senior secured notes due 2019 and for general corporate purposes.Brazilian power company Neoenergia is considering a possible US dollar bond debut this year after sending out requests for proposals in late 2016, two market sources told IFR.Neoenergia Group''s principal shareholders are Banco do Brasil''s pension fund Previ, with a 49.01% stake, and Spain''s Iberdrola with a 39% stake, according to the company''s website.Brazilian bioenergy company Raizen started fixed-income investor meetings this week to market a possible US dollar bond. The borrower will visit accounts in London, New York and Boston between January 9 and 11.Expected ratings are BBB-/BBB by S&P and Fitch. Bank of America Merrill Lynch, Bradesco, Citigroup, JP Morgan and Santander have been mandate to coordinate roadshows.The Republic of Honduras, rated B2/B+, has hired Bank of America Merrill Lynch and Citigroup for a US dollar bond roadshow, a bank on the deal told IFR.This week, the borrower will visit investors in Los Angeles, Boston and New York, where it will end marketing for the deal on January 11.Argentina power company Genneia is marketing a US dollar bond with an intermediate tenor through Bank of America Merrill Lynch, Itau and JP Morgan.This week, the company will be in New York, Boston and Los Angeles, where it will end investor meetings on January 11. Ratings are expected to be B3/B+ by Moody''s and Fitch.Brazilian pulp and paper company Fibria Celulose is roadshowing an SEC registered senior unsecured 2027 US dollar denominated Green bond.The borrower ended roadshows in New York and Boston on Tuesday. BNP Paribas, Bank of America Merrill Lynch, Citigroup, HSBC and JP Morgan have been mandated to arrange the investor meetings. Ratings are BBB-/BBB- (negative/stable) by S&P and Fitch.Argentina''s Finance Minister Luis Caputo said last month that the administration was considering tapping the debt markets in January, according to Reuters. Local press have been reporting that the sovereign is looking at an up to US$10bn deal. The country needs US$22bn of debt financing this year, plus an additional US$21bn for refinancing needs, Caputo said.Paraguay is considering raising up to US$550m in the bond market in March, Reuters Quote: d Finance Minister Santiago Pena saying.Inversiones Atlantida, the largest financial group in Honduras, has finished roadshows to market a potential debut US dollar bond through Oppenheimer. Expected ratings are B/B by S&P and Fitch.Argentina''s Province of Entre Rios has finished roadshows ahead of a possible US dollar bond. Citigroup, HSBC and Santander organized investor meetings. Expected ratings are B-/B by S&P and Fitch.Colombian glass company Tecnoglass has wrapped up investor meetings ahead of an up to US$225m debut dollar bond with a tenor of between five and seven years.Expected ratings are Ba3/BB- by Moody''s and Fitch. Bank of America Merrill Lynch and Morgan Stanley have been mandated as joint bookrunners. (Reporting by Mike Gambale; Editing by Paul Kilby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/latam-bonds-emerging-close-idINL1N1F00LC'|'2017-01-10T19:43:00.000+02:00'
'f215770f9e321447ecd210c138de32b697700d6b'|'U.S. 6-month bill high rate 0.59 pct'|'WASHINGTON, Jan 9 The U.S. Treasury Department said its Dutch bidding auction of 6-month bills brought these results: Term: 26-Week High Rate: 0.590% Investment Rate*: 0.600% Price: $99.701722 Allotted at High: 92.42% Total Tendered: $104,806,052,800 Total Accepted: $28,000,463,800 Issue Date: 01/12/2017 Maturity Date: 07/13/2017 CUSIP: 912796LK3 *Equivalent coupon-issue yield (Washington economics newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-debt-bills-idINW1N18905Y'|'2017-01-09T13:46:00.000+02:00'
'2d1f01b1d722855cd9157547e79bddca5fb741a1'|'Oil companies may boost E&P spending after two years of declines - Barclays'|'Global Energy   12:27pm GMT Oil companies may boost E&P spending after two years of declines - Barclays A general view of the Cardon refinery which belongs to the Venezuelan state oil company PDVSA in Punto Fijo, Venezuela July 22, 2016. REUTERS/Carlos Jasso Global oil and gas companies are expected to raise exploration and production (E&P) spending in 2017 by 7 percent, marking the first increase in three years, Barclays said on Monday. Oil prices have recovered after a more than two-year slump caused by a glut due to U.S. shale oil flooding the market. Prices have risen about 21 percent since the OPEC, which accounts for a third of global oil output, signed an agreement in November to curb supply. Brent crude futures LCOc1 were down 2.03 percent at $55.94 a barrel at 1214 GMT (7:14 a.m. ET) on Monday. Prices had fallen to a more than 12-year low of $27.10 last January. "With OPEC putting a floor on oil prices, operators have greater confidence to drill and complete, although the early stages of the recovery will be uneven," Barclays analysts wrote in a report. Barclays also said it expects North American oil companies to lead the spending growth with a 27 percent jump. Production, however, is expected to fall as higher service costs are likely to dilute the effect of a larger budget, the brokerage said. International spending is expected to increase 2 percent, according to Barclays'' survey of 215 global oil and gas companies. The survey was conducted when Brent was trading at about $55 a barrel and WTI at $50 a barrel. Spending on offshore projects is expected to fall 20-25 percent in 2017, compared with estimates of a 34 percent fall in 2016. (Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-energyoulook-research-barclays-idUKKBN14T1B9'|'2017-01-09T19:27:00.000+02:00'
'd6a20f44b8d436284d181188d55b38bc5baf4892'|'French, German week-ahead power prices jump as cold weather boosts demand'|'Financials  42am EST French, German week-ahead power prices jump as cold weather boosts demand FRANKFURT Jan 9 French and German week-ahead power prices leapt on Monday as cold weather and the return of industrial demand boosted usage expectations, while the capacity availability outlook in both countries remained relatively tight. Delivery of baseload power in France was up 47 percent at 90 euros a megawatt hour and the same German contract was up 24 percent at 49 euros/MWh, its discount reflecting Germany''s lower exposure to winter weather and high thermal output. Temperatures at the weekend in France will be down by 3 degrees Celsius from current levels, while Germany''s will be down 1 percent, Thomson Reuters data showed. Demand is returning in the region after school and business holidays have ended. Spot prices for daily delivery this week were highly volatile, representing variable wind supply projections in Germany, traders said. Uncertainty over a possible closure of RWE''s Gundremmingen C reactor boosted day ahead contracts. (Reporting by Vera Eckert, editing by Louise Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/europe-powerprices-idUSL5N1EZ1F1'|'2017-01-09T15:42:00.000+02:00'
'9529a1877267ba90e35575a58a8f8b0735406df2'|'MIDEAST STOCKS-Saudi''s Jarir outperforms on Q4 net profit, UAE markets inch up'|'Financials  27am EST MIDEAST STOCKS-Saudi''s Jarir outperforms on Q4 net profit, UAE markets inch up DUBAI Jan 9 One of Saudi Arabia''s largest retailers reported an increase in fourth-quarter earnings, helping its shares outperform an otherwise weak market, while stock markets in the United Arab Emirates were supported by gains in speculative shares. Jarir Marketing added 0.4 percent after the electronics and bookstore retailer reported a 3.5 percent increase in fourth-quarter net profit on Monday as sales of electronic goods rose. Net profit came in at 215.3 million riyals ($57.4 million) in line with the 203.0 million riyals forecast by analysts. But the overall index extended its decline from the previous session and fell 0.6 percent after 50 minutes of trade. Most petrochemical shares pulled back as Brent crude futures fell towards $56.50 a barrel. Saudi Kayan Petrochemical was down 2.3 percent. Dubai''s index was up 0.1 percent. Some smaller companies in finance and insurance were the top gainers, with Ajman Bank jumping 10.4 percent. Some traders have been speculating there may be consolidation in the finance industry following the merger of National Bank of Abu Dhabi and First Gulf Bank, which is set to complete this year. Abu Dhabi''s index was up 0.5 percent, lifted by gains in small and mid sized shares. Food producer Agthia Group was up 4.1 percent. (Reporting by Celine Aswad; Editing by Louise Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1EZ1D1'|'2017-01-09T15:27:00.000+02:00'
'101b9e68b8bfc06ff26b056437dba02ff0865a64'|'Lufthansa 2017 growth plans driven by Air Berlin, Brussels deals'|'Fri Jan 6, 2017 - 5:28pm GMT Lufthansa 2017 growth plans driven by Air Berlin, Brussels deals Planes of German air carrier Lufthansa AG are seen on the tarmac at Frankfurt airport in Frankfurt, Germany, June 7, 2016. REUTERS/Kai Pfaffenbach/File Photo By Victoria Bryan - BERLIN BERLIN Lufthansa ( LHAG.DE ) outlined plans for 4 percent capacity growth in 2017, not including recent deals to expand budget brand Eurowings, as Europe''s airlines engage in a race for customers against a backdrop of rising fuel prices. The German carrier said in an investor presentation on Friday that its network airlines - Lufthansa, Austrian and Swiss - would grow the number of seats on offer by 3 percent, while Eurowings would grow 19 percent. Including recent deals to lease 38 planes and crew from Air Berlin plus take over Brussels Airlines, group growth would be a reported 12.5 percent, according to the slides. UBS earlier downgraded Lufthansa shares to "sell" from "neutral", saying it was concerned that yields - a measure of pricing - would remain negative in 2017, as European carriers continue to add seats despite likely being unable to pass on increased fuel costs to passengers. Expanding Eurowings is Lufthansa''s response to the rise of low-cost carriers in Europe, notably Ryanair ( RYA.I ), which is set to usurp Lufthansa as Europe''s largest carrier by passenger numbers, after the Irish budget airline said it carried 117 million people last year, a 15 percent increase on 2015. Up until the end of November the Lufthansa group had carried almost 102 million passengers and typically carries 8-9 million in the last month of the year, meaning it is unlikely to catch Ryanair when it reports annual passenger numbers on Tuesday. Showing a wish to take some capacity out of the market as well, Lufthansa said that of the 33 A320 planes coming to Eurowings from the Air Berlin lease deal, up to 20 would be used to replace existing Eurowings planes that currently run at higher costs. Lufthansa estimated its fuel costs would rise to 5.3 billion euros ($5.60 billion) in 2017, from 4.9 billion in 2016. The group had previously predicted a 2016 fuel bill of 4.85 billion euros and said fuel costs had risen more than expected in the fourth quarter due to the rising oil price and a strengthening dollar. Lufthansa also on Friday confirmed a forecast for 2016''s adjusted earnings before interest and tax (EBIT) to remain around 2015''s level of 1.8 billion euros. It is expected to give a first forecast for 2017 profit when it reports full-year results in March. Barclays analysts earlier said they expected it would be difficult for Lufthansa to maintain adjusted EBIT at 2016 levels this year, given rising fuel prices. (Reporting by Victoria Bryan; Editing by Adrian Croft) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-lufthansa-outlook-idUKKBN14Q21V'|'2017-01-07T00:24:00.000+02:00'
'1c89a5d754b9d36dfe43e3b0760ab70b06f43bb1'|'UPDATE 1-France''s Ipsen to buy some Merrimack assets for up to $1 bln'|'(Adds details)Jan 9 French drugmaker Ipsen SA said on Monday it would buy some assets of U.S. peer Merrimack Pharmaceuticals Inc, including its pancreatic cancer treatment Onivyde, for up to $1 billion.Ipsen will pay $575 million at the closing of the deal and up to $450 million more, contingent on some approvals for Onivyde in the United States.The deal would give Merrimack the resources to fund the development of three new compounds targeting pancreatic, lung, and other types of cancers. It would boost Ipsen''s portfolio, which has traditionally focused on endocrinology.Ipsen will get exclusive commercialization rights for Onivyde in the United States, the current licensing agreements with Shire Plc for commercialization rights excluding the United States and with PharmaEngine Inc for Taiwan.The deal also includes Merrimack''s commercial and manufacturing assets, Ipsen said.Merrimack plans to return at least $200 million to stockholders through a special cash dividend, which equates to about $1.54 per outstanding common share.The deal, to be funded by Ipsen''s existing cash and lines of credit, would be dilutive to the drugmaker''s earnings in 2017 but will add to it from 2018 both in operating margin and earnings per share, the company said.MTS Health Partners LP and Dechert LLP advised Ipsen on the deal. BofA Merrill Lynch and Credit Suisse Securities (USA) LLC were advisers to Merrimack.Reuters reported the deal on earlier on Sunday, citing people familiar with the matter. (Reporting by Ismail Shakil in Bengaluru; Editing by Peter Cooney and Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/merrimack-pharma-ma-ipsen-idINL1N1EZ01L'|'2017-01-08T23:37:00.000+02:00'
'2474f216585af63823143709d5bfd0c1b40b3695'|'Aldi UK says December sales up 15 percent year on year'|'Business News - Mon Jan 9, 2017 - 8:22am GMT Aldi UK says December sales up 15 percent year on year A company logo is pictured outside a branch of an Aldi supermarket in Manchester, Britain, March 17, 2016. REUTERS/Phil Noble/File Photo LONDON Aldi [ALDIEI.UL], the German-owned discount supermarket, said on Monday total sales at its British business rose more than 15 percent in December compared to the same month in 2015, boosted by strong demand for its higher end products. Aldi highlighted robust trading in its "Specially Selected" range of premium products which it expanded to compete with upmarket retailers such as Waitrose [JLP.UL] and Marks & Spencer ( MKS.L ). Aldi, along with fellow German discounter Lidl [LIDUK.UL], has won UK market share from bigger rivals Tesco ( TSCO.L ), Sainsbury''s ( SBRY.L ), Asda ( WMT.N ) and Morrisons ( MRW.L ) but saw slower sales growth through 2016. (Reporting by James Davey; editing by Sarah Young) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aldi-outlook-idUKKBN14T0QL'|'2017-01-09T15:22:00.000+02:00'
'3617fda642ae5d43e81dc05db1f316dcd49a2c9a'|'Taiwan frees securities firms to handle local currency-denominated spot, derivative products'|'Financials  23am EST Taiwan frees securities firms to handle local currency-denominated spot, derivative products TAIPEI Jan 9 Taiwan''s central bank on Monday said it would ease rules to allow securities firms to handle spot and derivatives products denominated in the local currency against foreign currencies in a bid to expand the industry''s scope of services. The move marks the central bank''s next step in bolstering the competitiveness of brokerages since it allowed the sector to handle foreign exchange business in 2013, the central bank said in a statement. The new rules allow brokerage firms to offer the new services to their customers, it said, but gave no timetable for adoption of the rules. The central bank''s decision will benefit Taiwan''s fragmented securities sector, which has been struggling with the stock market''s declines in turnover. (Reporting by Faith Hung and Loh Liang-sa; Editing by Clarence Fernandez) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/taiwan-cenbank-idUSL4N1EZ2KK'|'2017-01-09T17:23:00.000+02:00'
'96dd9618f87713fa21f422267ced8e0eb53b10a6'|'Morgan Stanley, UBS to raise stakes in China securities joint ventures to 49 percent - sources'|'Mon Jan 9, 2017 - 2:34am GMT Morgan Stanley, UBS to raise stakes in China securities JVs to 49 percent: sources The logo of Morgan Stanley is seen at an office building in Zurich, Switzerland September 22, 2016. REUTERS/Arnd Wiegmann/File Photo HONG KONG Morgan Stanley ( MS.N ) and UBS Group AG ( UBSG.S ) are set to raise holdings in their separate Chinese securities joint ventures to 49 percent, people with direct knowledge of the developments said on Monday. China allowed foreign banks to boost share holdings in securities joint ventures to a maximum 49 percent in 2012 from the previous cap of a third to help modernize the country''s capital markets and boost capital flows into the country. Foreign investments banks with securities joint ventures in China, however, have not as yet raised their stakes as most of the ventures were small or struggling to break even due to sluggish onshore deals. But the prospect of China moving soon to allow investment banks to own majority stakes in their Chinese securities joint ventures, and strong deals momentum, have encouraged some foreign banks to explore raising their holdings, the sources said. Morgan Stanley and its Chinese joint venture partner, Huaxin Securities, have agreed to a proposal to raise the U.S. investment bank''s stake in the venture to 49 percent from 33.3 percent, two people with knowledge of the plan said. The stake increase is awaiting approval from the Chinese securities regulator, they said. Swiss bank UBS, which registered its Chinese securities joint venture in 2006, is also in talks to raise its stake in UBS Securities to 49 percent from 25 percent, two separate sources told Reuters. All the people decline to be named as the details of the stake hikes were not public yet. Spokesmen for Morgan Stanley and UBS declined to comment. News of the plans was first reported by the Wall Street Journal. (Reporting by Sumeet Chatterjee, Elzio Barreto and Julie Zhu; Editing by Stephen Coates) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-banks-securities-idUKKBN14T058'|'2017-01-09T09:22:00.000+02:00'
'2150e25c188a40332c0ea9d1e434ce87ac28a991'|'Goldman names Elisha Wiesel as new chief information officer, replacing Chavez'|'Company News  34pm EST Goldman names Elisha Wiesel as new chief information officer, replacing Chavez Jan 9 Goldman Sachs Group Inc has named a new chief information officer as former head Marty Chavez moves on to become CFO of the Wall Street firm. Elisha Wiesel, currently chief risk officer for the securities division, will replace Chavez, according to an internal memo on Monday and confirmed by bank spokeswoman Tiffany Galvin. Wiesel joined Goldman as an analyst in 1994 in the bank''s commodities division J. Aron, where Chavez also began his career. He was named managing director in 2002 and partner in 2004. (Reporting by Olivia Oran in New York; Editing by Bernard Orr) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/goldman-sachs-wiesel-idUSL1N1EZ1CG'|'2017-01-10T02:34:00.000+02:00'
'8669e26d7146c8a94f72608e23a90307d5f46975'|'German industry output up, exports soar in November'|'Business News - Mon Jan 9, 2017 - 7:14am GMT German industry output up, exports soar in November An employee of German car manufacturer Mercedes Benz works on the interior of a GLA model at their production line at the factory in Rastatt, Germany, January 22, 2016. REUTERS/Kai Pfaffenbach/File Photo BERLIN German industrial production rose for the second consecutive month in November and exports jumped more than expected, data showed on Monday, boosting expectations for a rebound in Europe''s biggest economy in the fourth quarter. Industrial output edged up by 0.4 percent on the month, data from the Economy Ministry showed. This was slightly weaker than the consensus forecast in a Reuters poll for a rise of 0.6 percent. The increase was driven by a 1.5 percent jump in construction output, the strongest monthly gain since February. Manufacturing production was up 0.4 percent while energy output fell 0.4 percent. The October reading was revised up to a rise of 0.5 percent from a previously reported rise of 0.3 percent. Separate data released from the Federal Statistics Office showed on Monday that seasonally adjusted exports rose by 3.9 percent on the month. This was the strongest monthly gain since May 2012 and came in better than the consensus forecast in a Reuters poll for a rise of 0.5 percent. Imports increased by 3.5 percent which was the strongest monthly rise since June 2014 and also much stronger than a predicted increase of only 0.2 percent. The seasonally adjusted trade surplus widened to 21.7 billion euros (18.76 billion pounds) from 20.6 billion euros in October. The November reading was above the Reuters consensus forecast of 21.2 billion euros. (Reporting by Michael Nienaber and Joseph Nasr; Editing by Paul Carrel) Next In Business News  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-idUKKBN14T0KM'|'2017-01-09T14:14:00.000+02:00'
'6f2667dc78fe124527b45b69157c811e77b8dcb7'|'Popolare di Vicenza, Veneto Banca pin hopes on shareholders'' settlement deal'|'By Valentina Za - PADUA, Italy PADUA, Italy Italian lenders Popolare di Vicenza and Veneto Banca have unveiled a proposed settlement deal with disgruntled shareholders that could cost the two banks more than 600 million euros ($634 million), adding to capital pressures that may push them to request state aid.The two banks are seen as the next trouble spot in Italy''s slow-burning banking crisis after the government stepped in at the end of 2016 to bail out the country''s third-biggest lender Banca Monte dei Paschi di Siena ( BMPS.MI ).Popolare di Vicenza''s newly appointed chief executive Fabrizio Viola, who was brought in from Monte dei Paschi to oversee a merger with Veneto Banca, did not rule out the two lenders needing to tap into a new 20 billion-euro fund which Italy set up at the end of last month to help Monte dei Paschi and other struggling banks."Let me first assess how much money we need and then we''ll see how to go about raising it," he told a news conference on Monday.Popolare di Vicenza and Veneto Banca, both among Italy''s 10 biggest banks, were rescued earlier last year by state-sponsored, privately-funded bank rescue fund Atlante after failing to find buyers for share issues totaling 2.5 billion euros to keep them afloat.The rescue all but wiped out the savings of over 200,000 small shareholders, burning through at least 5 billion euros in financial wealth in the northeastern Veneto region, according to local business association Unioncamere Veneto.The two banks now propose repaying 169,000 shareholders, who bought stock in the last 10 years, around 15 percent of investment losses if they agree not to pursue legal action."The settlement proposal aims to make the bank more attractive for potential investors," said Popolare di Vicenza''s chairman, Gianni Mion."The bank will need more capital and it''s unthinkable for investors to put money in a lender weighed down by the uncertainty stemming from pending lawsuits."In addition to funds needed to finance the settlement deal, Popolare di Vicenza and Veneto Banca are set to book fresh loan losses in the fourth quarter as they prepare to sell off around 8 billion euros of bad debts as requested by the ECB.The two lenders are estimated to need as much as 2.5 billion euros in capital due to loan writedowns.Atlante, which was set up with contributions from Italy''s leading financial institutions to prop up struggling banks and prevent a wider crisis, said in December it was pumping another 938 million euros in capital into the two banks.The banks said they would settle separately on a case-by-case basis disputes with shareholders who were lent money to buy the banks'' own shares or had unsuccessfully tried to sell their holdings.The banks said they faced around 16,500 claims from customers. Shareholders who have already turned to the court are not included in the settlement proposal."We want to know the truth over what happened and who is guilty for it," said Sergio Calvetti, a lawyer representing around 4,000 shareholders in the two banks.(Reporting by Valentina Za; editing by Francesca Landini, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-italy-banks-shareholders-settlement-idINKBN14T1OF'|'2017-01-09T15:42:00.000+02:00'
'658df770fdba15272c33281b09e9a565f88d7f30'|'Bovis Homes chief executive steps down after profit warning'|'Business News - Mon Jan 9, 2017 - 7:17am GMT Bovis Homes chief executive steps down after profit warning A Bovis homes flag flies at a housing development near Bolton, northern England, July 9, 2008. REUTERS/Phil Noble LONDON British housebuilder Bovis Homes ( BVS.L ) said its chief executive David Ritchie had stepped down with immediate effect, days after it warned on profit because it failed to complete the number of homes it expected at the end of 2016. The company said on Monday it had appointed finance director Earl Sibley as interim chief executive. (Reporting by Paul Sandle; editing by Sarah Young) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bovis-homes-grp-moves-idUKKBN14T0KV'|'2017-01-09T14:17:00.000+02:00'
'e59574bf136b66ad0f3c7a1845de8a15a375dc18'|'EMERGING MARKETS-Turkish lira hits record low, EM stocks slip'|'By Claire Milhench - LONDON LONDON Jan 9 The Turkish lira hit record lows against the dollar on Monday as expectations of faster tightening by the U.S. Federal Reserve added to domestic economic and political pressures/Emerging market equities in general slipped 0.4 percent.The lira was down more than 2 percent to 3.72 to the dollar after Friday''s data showed U.S. wages rose in December prompting U.S. rate hike expectations. ."The lira has always been one of the most exposed EM currencies to any sign that monetary policy in the U.S. will tighten because of its large external financing requirement," said William Jackson, senior emerging markets economist at Capital Economics."(Turkish) domestic policy-making is playing a role too as it seems the central bank is responding to political pressure not to raise interest rates, so it is likely to be behind the curve in reacting to pressure in the currency," he added.The lira lost 3.2 percent last week, pounded by higher-than-expected inflation and security fears after a series of gun and bomb attacks. The economy has remained sluggish, with a smaller-than-expected rise in industrial production in November, whilst Moody''s has warned that bank profits will be hit by increased non-performing loans.Turkish 5-year credit default swaps rose 3 basis points (bps) from Friday''s close to 273 bps, whilst the yield premium paid by Turkish sovereign bonds over U.S. Treasuries on the JPMorgan EMBI Global Diversified widened out 9 bps to 359 bps.The stronger dollar and expectations of faster Fed tightening also created headwinds for other vulnerable emerging market currencies and contributed to more subdued investor appetite for riskier assets, with the benchmark emerging stocks index down 0.4 percent.The yield premium on the JPMorgan EMBI Global Diversified also widened out 3 bps to 327 bps.The Mexican peso, which remains vulnerable to any restrictions on trade, weakened 0.23 percent. It was still trading above record lows hit last week, which had prompted the Mexican central bank to intervene.On Friday, Trump said Mexico repeated that Mexico would repay the United States for his planned border wall , capping a week in which carmaker Ford cancelled a planned factory in Mexico following criticism from Trump.China''s onshore yuan slipped 0.24 percent and the offshore yuan gave back some of the sharp gains it made last week. But borrowing costs retreated from record highs, with overnight yuan deposit rates falling to around 10 percent from Friday''s high of 87 percent.In recent weeks the Chinese authorities have intervened in both onshore and offshore currency markets by selling dollars aggressively to prevent the yuan from depreciating too quickly, with Trump vowing to label China a currency manipulator.Data released at the weekend showed China''s foreign exchange reserves fell for a sixth consecutive month in December to near-six year lows of $3.011 trillion.Central bank adviser Fan Gong said the decline in forex reserves was good news in the long-run, adding that the yuan had been overvalued for the last three or four years.Chinese mainland stocks were up about 0.5 percent and Hong Kong shares rose 0.25 percent, with China confident it reached 6.7 percent economic growth in 2016.The Russian rouble weakened 0.6 percent versus the dollar and Moscow dollar-denominated stocks retreated 0.8 percent with oil prices falling 1.7 percent to around $56 a barrel.Trump has now accepted that Russia engaged in cyber attacks during the U.S. presidential election and may take action in response. This may prompt a reversal of the view that Western sanctions on Russia will soon be lifted.The South African rand slipped 0.3 percent against the dollar. Over the weekend the chances of President Jacob Zuma''s ex-wife becoming the next leader of the ruling ANC party were given a boost with an endorsement from the party''s women''s division. Zuma also called for an end to ANC infighting.The Polish zloty weakened 0.4 percent against the euro. The central bank is seen keeping interest rates on hold at a record low of 1.5 percent at its rate setting meeting on Wednesday.For GRAPHIC on emerging market FX performance 2016, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2016, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see )Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 877.74 -3.37 -0.38 +1.79Czech Rep 937.06 -0.46 -0.05 +1.68Poland 2001.16 +2.40 +0.12 +2.73Hungary 32808.78 -47.09 -0.14 +2.52Romania 7239.86 +20.59 +0.29 +2.19Greece 654.43 -5.87 -0.89 +1.68Russia 1162.39 -10.20 -0.87 +0.87South Africa 44471.07 +14.58 +0.03 +1.30Turkey 76918.17 -188.40 -0.24 -1.56China 3171.60 +17.28 +0.55 +2.19India 26729.11 -30.12 -0.11 +0.39Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 27.00 27.01 +0.03 +0.02Poland 4.38 4.35 -0.55 +0.64Hungary 307.85 307.03 -0.27 +0.32Romania 4.50 4.50 +0.04 +0.74Serbia 123.56 123.65 +0.07 -0.17Russia 59.95 59.56 -0.66 +2.19Kazakhstan 331.80 331.31 -0.15 +0.56Ukraine 26.90 26.90 -0.00 +0.37South Africa 13.79 13.73 -0.45 -0.44Kenya 103.75 103.60 -0.14 -1.33Israel 3.86 3.84 -0.45 -0.17Turkey 3.72 3.64 -2.17 -5.28China 6.93 6.92 -0.24 +0.13India 68.20 68.09 -0.16 -0.37Brazil 3.22 3.22 +0.00 +0.91Mexico 21.30 21.22 -0.39 -2.75Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 353 3 .06 7 47.88 1'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-idINL5N1EZ1HQ'|'2017-01-09T07:36:00.000+02:00'
'2f6392bedf548013b0120faf44076d8426e87354'|'No one can afford to stop the consumer credit crisis - Business'|'C onsumer debt has raised its ugly head again. According to the latest figures , the total has soared back to a level last seen just before the 2008 financial crash. To the untrained eye, the dramatic increase in spending using credit cards and loans might appear to prefigure a disaster of epic proportions.Excessive consumer debt played a big part in the collapse of Northern Rock, and looking back, this landmark banking disaster appears to have been the harbinger of an even bigger catastrophe when, a year later, Lehman Brothers fell over.This is not a view shared by the Bank of England , which says it need only keep a watching brief. Its complacency is born of forecasts of the ratio between household debt and GDP made by the Office for Budget Responsibility. At the moment, the household debt to GDP ratio is around 140%, compared with almost 170% in 2008. The OBR’s latest analysis predicts that, over the next five years, the combination of consumer and mortgage debt will rise only gradually and fall well short of its pre-crisis peak.There is nothing wrong with judging household debt as a proportion of annual national income to gauge sustainability and the likelihood that borrowers can afford to pay it back. There is nothing wrong with it as long as you assume that GDP has been evenly shared out since the crash and that the people doing the borrowing have higher incomes, thanks to the higher GDP, to cope with repayments.Except that the Bank of England knows most people’s incomes have flatlined for years. It need look no further than official figures, which make it clear that the vast majority have missed out on the gains from GDP growth. Incomes per head have barely recovered since 2008 and are only marginally ahead.Figures put together by the TUC last year from the official annual survey of hours and earnings paint an even gloomier picture. If they are only half right, the capacity of workers on low and average pay to manage debt payments is significantly diminished. It has estimated that, nationally, workers are more than £2,000 a year worse off after inflation is taken into account than they were in 2008 and more than £4,000 worse off in London.This should tell the central bank and the Treasury that a rise to £192bn in unsecured consumer debt in November – only a little short of the £208bn peak – is most definitely a cause for concern.And it therefore makes no sense to brush aside fears about rising debt levels by pointing to higher GDP. A debt-to-GDP figure is just not that relevant when the incomes of the people taking on the debt are stagnant.Threadneedle Street has a second point to make, which is that banks can cope with the debts after years spent shoring up reserves, and a third line of defence, which highlights the lower cost of servicing outstanding debts.Also, the most recent figures show the stock of unsecured credit equalled around 15% of households’ disposable incomes in the third quarter, well below the peak of 21.2% in 2005. And it might also be suggested that the 10.8% growth in consumer credit in November remains below the peak of 21.5% in 1988.All this is true, except that using a growth-rate figure from the 1980s is akin to charting electric car production today – the percentage growth rate is accelerating from a low base.And figures for the stock of unsecured lending would be more relevant were it not for the fact that the economy is now more divided than ever before, and especially between young and old. Baby boomers who have excessive savings and low debts have very different concerns to young families who struggle with low savings and excessive debts.The situation is also likely to get worse. Disposable incomes are going to be squeezed next year as wages rise at a slower rate than prices in the shops, putting even more pressure on consumers to rely on credit. A downturn in the savings ratio has already pointed to weaker household finances.Banks, credit card companies and car loan providers are all offering mouthwatering rates to attract customers. Some, like Lloyds Bank, which wants to buy the credit card firm MBNA, are striving to gain market share and hoover up even more debt-laden customers than the competition.You might think that low interest rates, which undoubtedly keep millions of families afloat, also serve to push many families deeper into debt. You would be right. You might also question who is going to call time on them. The Bank of England is compromised now it has added the role of the chief financial regulator to its interest-rate-setting job. Why would it allow criticism by a regulator it controls of its own interest-rate policy?The Treasury is unlikely to step in when it needs spending on credit to continue or risk a recession. Brexit and the uncertainty it creates means ministers must feed the credit monster, whatever the longer-term consequences.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/08/new-consumer-credit-crisis-no-one-can-afford-to-stop-bank-of-england-interest-rates'|'2017-01-08T14:05:00.000+02:00'
'6cd4a7da2ba4e9ba375bd787f70ca9cc7fcec5a2'|'Exclusive: U.S. drugmaker Merrimack nears deal with France''s Ipsen - sources'|'Deals - Sun Jan 8, 2017 - 6:39pm GMT Exclusive: U.S. drugmaker Merrimack nears deal with France''s Ipsen - sources By Carl O''Donnell and Greg Roumeliotis U.S. cancer drug developer Merrimack Pharmaceuticals Inc ( MACK.O ) is close to selling its most developed products to French peer Ipsen SA ( IPN.PA ) in a deal that could be worth more than $1 billion, people familiar with the matter said on Sunday. The deal would give Merrimack the resources to fund the development of three new compounds targeting pancreatic, lung, and other types of cancers. It would boost Ipsen''s portfolio, which has traditionally focused on endocrinology. Under the terms of the deal that could be announced as early as Monday, Ipsen would acquire Merrimack''s pancreatic cancer treatment Onivyde, as well as Doxil, a generic ovarian cancer drug Merrimack developed in partnership with Teva Pharmaceutical Industries Ltd ( TEVA.TA ) unit Actavis LLC, the sources said. Merrimack would be paid upfront in cash for a little more than half of the deal''s value, and would stand to receive the remainder of the potentially more than $1 billion consideration in milestone payments, the sources added. Merrimack would use the proceeds to fund research and development, pay down debt, and declare a special dividend to shareholders, according to the sources. The sources asked not to be identified because the deal has not yet been announced. Merrimack and Ipsen did not immediately respond to requests for comment. Merrimack announced last October that Chief Executive Officer Robert Mulroy would step down. Merrimack named Chairman Gary Crocker as interim CEO and launched a search for a chief. It has yet to announce a permanent replacement. The Cambridge, Massachusetts-based company also plans to restructure operations, included slashing costs by $200 million over the next two years and slimming down its development pipeline. The company, which has a market capitalization of $467 million, has cut 22 percent of its workforce. In December, Merrimack said it was cancelling its research efforts on a compound called MM-302 that would have been a potential treatment for breast cancer. Merrimack received regulatory approval to launch Onivyde in the United States late in 2015, and has been ramping up its sales efforts. Ipsen has been looking for acquisitions and tie-ups to strengthen its presence in the United States, the world''s biggest pharmaceutical market, where it generates only a small percentage of sales. The Paris-based company had so far counted on Somatuline, which is currently the only drug approved in the United States to treat neuroendocrine tumors, to anchor itself in the Americas. (Reporting by Carl O''Donnell and Greg Roumeliotis in New York; Editing by Jeffrey Benkoe) Next In Deals J&J, Actelion approach Swiss takeover board over deal structure: paper ZURICH Johnson & Johnson and Actelion have asked Switzerland''s takeover board about the viability of a complicated takeover deal the U.S. healthcare company is discussing with the Swiss biotech firm, newspaper Tages-Anzeiger reported on Friday, without saying how it got the information.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-merrimack-m-a-ipsen-idUKKBN14S0UP'|'2017-01-09T01:38:00.000+02:00'
'465774844480207d6c5c250c546d650c95ef2024'|'Indian public accounts panel to question RBI head on cash crunch'|'Business News - Sun Jan 8, 2017 - 5:58am EST Indian public accounts panel to question RBI head on cash crunch People queue outside the Reserve Bank of India (RBI) to exchange their old high denomination bank notes in New Delhi, India, December 30, 2016. REUTERS/Adnan Abidi MUMBAI An Indian parliamentary committee, probing the government''s decision to scrap high-value bank notes, has sent the country''s central bank governor a list of questions on the demonetization process and asked him to appear before it on Jan. 20. The Public Accounts Committee (PAC) has asked the governor of the Reserve Bank of India, Urjit Patel, to explain how the decision for demonetization was taken and for details on its impact on the country''s economy, PAC Chairman K.V. Thomas, also a senior member of the opposition Congress party, told Reuters. Patel, under fire from some politicians over shortages of replacement currency and restrictions on depositing old notes that have caused long queues at banks and ATMs, is already set to testify before another parliamentary committee. Last month, the RBI unexpectedly kept its key policy rate unchanged at 6.25 percent, despite calls for action in the face of an intense cash shortage that threatens to slam the brakes on the world''s fastest-growing large economy. The bank was widely expected to cut the rate by at least 25 bps. Pressure on the central bank and Patel has grown since Prime Minister Narendra Modi stunned the country on Nov. 8 by abolishing 500- and 1,000-rupee ($7.34-$14.69) notes, removing 86 percent of the currency in circulation in a bid to crack down on the "shadow economy". The PAC has asked Patel to provide details on the value of currency that has been returned to the bank, the quantity of "black money" it has received and the amount of new currency released so far, Thomas said. Thomas added that the governor has also been asked about the country''s preparedness to handle cashless transactions. "We had decided to call the RBI governor sometime in December but because the prime minister had asked for 50 days, we decided to postpone it to sometime January," Thomas told Reuters. "We did not want to give it a political color." Apart from Patel, the PAC has also called other finance ministry officials, including the revenue secretary and finance secretary, Thomas said. (Reporting by Nigam Prusty in New Delhi and Abhirup Roy in Mumbai; Editing by Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-india-modi-corruption-cenbank-idUSKBN14S0CD'|'2017-01-08T17:45:00.000+02:00'
'6154b4382b6b7788676a98463e04b9d5aad3a447'|'TABLE-Foreign trading in South Korean stocks'|'Financials - Thu Jan 5, 2017 - 2:26am EST TABLE-Foreign trading in South Korean stocks SEOUL, Jan 5 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0725 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 5 *84.1 -164.5 65.1 ^January 4 214.2 -358.3 127.2 January 3 171.1 -175.0 -11.2 January 2 27.4 -84.7 38.6 December 29 128.6 -296.8 156.2 December 28 126.8 -414.8 281.0 December 27 93.4 173.6 -258.8 December 26 -31.2 125.3 -87.9 December 23 -100.5 228.3 -125.5 December 22 -50.0 75.9 -29.7 December 21 78.2 -69.1 -8.2 December 20 60.6 -29.1 -33.5 December 19 5.0 -79.5 78.8 December 16 67.7 -162.1 25.4 December 15 -3.3 66.0 -67.6 Month to date 496.7 -782.3 219.8 Year to date 496.7 -782.3 219.8 * Offshore investors have been net buyers for seven consecutive sessions, bringing their total purchase for the period to a net 845.6 billion Korean won ($713.19 million) worth. ^ January 4 figures revised. ($1 = 1,185.6600 won) (Reporting by Yun Hwan Chae) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southkorea-stocks-trading-idUSL4N1EV2H5'|'2017-01-05T14:26:00.000+02:00'
'edcdd42af996eda1afdd050430f65e04875d2a95'|'Bitcoin plunges by a fifth'|'Business   7:18pm IST Bitcoin plunges by a fifth A sticker reading ''''Bitcoin accepted here'''' is displayed at the entrance of the Stadthaus town hall in Zug, Switzerland, August 30, 2016. Picture taken August 30, 2016. REUTERS/Arnd Wiegmann LONDON Digital currency bitcoin fell more than 20 percent in the space of four hours of trading on Thursday, putting it on track for its worst daily performance in nearly two years. The web-based "cryptocurrency" had been on a tear for the two previous weeks, gaining more than 40 percent to hit a three-year high of $1,139.89 on Wednesday, just shy of an all-time high of $1,163 on the Europe-based Bitstamp exchange BTC=BTSP . But it dived from around $1.1130 to a low of $885 in between 0925 and 1325 GMT (8:25 a.m. ET) on Thursday, leaving it at its weakest since Dec. 25. (Reporting by Jemima Kelly, Editing by Vikram Subhedar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-bitcoin-idINKBN14P1ID'|'2017-01-05T20:33:00.000+02:00'
'094af45e0bad1ad08d372909c46dd68a87cbc5ea'|'Shanghai suspends sales of commercial office projects'|'Business News - Sat Jan 7, 2017 - 11:14pm EST Shanghai suspends sales of commercial office projects A woman wears a mask as she rides near the Bund during a polluted day in Shanghai, China, January 2, 2017. REUTERS/Aly Song SHANGHAI Municipal authorities in Shanghai suspended sales of commercial office projects from Jan. 6, in the latest move to crack down on irregularities in the property market amid concerns about soaring prices. The suspension came after the municipality''s housing and urban-rural development committee received increasing complaints about "illegal sales and unauthorized alterations" to commercial housing projects, it said in an online statement published over the weekend. "The committee, along with other relevant departments, has launched the focused clean-ups and verifications starting Jan. 6, and signing contracts online for such projects would be suspended during the period," it said. The committee added that it had found "relatively serious unauthorized changes" to commercial office projects in the city, with some privately installing gas pipelines to change the nature of the use of the housing. Housing developers used "false propaganda to seriously mislead housing buyers" for such projects, according to the statement. Media reported in late December that the city had suspended planning and management approvals for apartment-style office buildings that have residential function. The country''s first- and second- tier cities have rolled out a slew of measures over the past few months, including higher mortgage down payments and tighter real estate-related loans, in an attempt to cool their housing markets after a rally in housing prices. (Reporting by Winni Zhou, Yawen Chen and Alexandra Harney; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-china-property-shanghai-idUSKBN14S02W'|'2017-01-08T11:11:00.000+02:00'
'c258d5d9f7ecac55ffe0fd5cd30adca5f4745ac1'|'Exclusive: U.S. drugmaker Merrimack nears deal with France''s Ipsen - sources'|'U.S. cancer drug developer Merrimack Pharmaceuticals Inc ( MACK.O ) is close to selling its most developed products to French peer Ipsen SA ( IPN.PA ) in a deal that could be worth more than $1 billion, people familiar with the matter said on Sunday.The deal would give Merrimack the resources to fund the development of three new compounds targeting pancreatic, lung, and other types of cancers. It would boost Ipsen''s portfolio, which has traditionally focused on endocrinology.Under the terms of the deal that could be announced as early as Monday, Ipsen would acquire Merrimack''s pancreatic cancer treatment Onivyde, as well as Doxil, a generic ovarian cancer drug Merrimack developed in partnership with Teva Pharmaceutical Industries Ltd ( TEVA.TA ) unit Actavis LLC, the sources said.Merrimack would be paid upfront in cash for a little more than half of the deal''s value, and would stand to receive the remainder of the potentially more than $1 billion consideration in milestone payments, the sources added.Merrimack would use the proceeds to fund research and development, pay down debt, and declare a special dividend to shareholders, according to the sources.The sources asked not to be identified because the deal has not yet been announced. Merrimack and Ipsen did not immediately respond to requests for comment.Merrimack announced last October that Chief Executive Officer Robert Mulroy would step down. Merrimack named Chairman Gary Crocker as interim CEO and launched a search for a chief. It has yet to announce a permanent replacement.The Cambridge, Massachusetts-based company also plans to restructure operations, included slashing costs by $200 million over the next two years and slimming down its development pipeline.The company, which has a market capitalization of $467 million, has cut 22 percent of its workforce.In December, Merrimack said it was cancelling its research efforts on a compound called MM-302 that would have been a potential treatment for breast cancer.Merrimack received regulatory approval to launch Onivyde in the United States late in 2015, and has been ramping up its sales efforts.Ipsen has been looking for acquisitions and tie-ups to strengthen its presence in the United States, the world''s biggest pharmaceutical market, where it generates only a small percentage of sales.The Paris-based company had so far counted on Somatuline, which is currently the only drug approved in the United States to treat neuroendocrine tumors, to anchor itself in the Americas.(Reporting by Carl O''Donnell and Greg Roumeliotis in New York; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-merrimack-m-a-ipsen-idUSKBN14S0UP'|'2017-01-08T21:39:00.000+02:00'
'87b696e30390f1a3485230af3bc2760d58e978ae'|'European shares slip, FTSE 100 at a record'|' 58am GMT European shares slip, FTSE 100 at a record A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. REUTERS/Suzanne Plunkett LONDON European shares edged lower on Monday in early deals, though a rise among basic resources stocks helped Britain''s FTSE 100 .FTSE index hit a fresh record high. The pan-European STOXX 600 index was down 0.1 percent. The FTSE 100 .FTSE outperformed its continental peers, gaining 0.3 percent to hit a fresh all-time high of 7,239.26 points. The British blue chip index was on track to mark its tenth session of straight gains, having closed at a record level last Friday. While basic resources .SXPP was the top-gaining sector rallied 0.3 percent, a 4.3 percent fall in Deutsche Lufthansa''s shares ( LHAG.DE ) weighed on travel & leisure .SXTP stocks. British mid cap betting firm William ( WMH.L ) also fell, 2.8 percent, after reporting profit at the bottom of its guidance range. Germany''s Fresenius Medical ( FMEG.DE ) was another top faller, down 3.4 percent after it and U.S. rival DaVita Inc ( DVA.N ) received subpoenas from federal prosecutors investigating their ties with a charity that helps patients pay for kidney dialysis. A downgrade to "hold" from "buy" from Deutsche Bank weighed on Babcock International''s ( BAB.L ) shares, sending the engineering firm 3.5 percent lower. (Reporting by Kit Rees, Editing by Vikram Subhedar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN14T0RN'|'2017-01-09T15:32:00.000+02:00'
'0ec0fbf6902b8df07f7d5c15d70f41e5c91d6382'|'German banks don''t see major G20 regulation shift due to Trump'|'Business News - Mon Jan 9, 2017 - 4:55pm IST German banks don''t see major G20 regulation shift due to Trump BERLIN The election of Donald Trump as U.S. president will not lead to a major shift in financial regulation in the group of 20 leading economies (G20), but it will probably bring some changes for banks, Germany''s BdB banking association said on Monday. "I personally don''t expect the G20 to change its entire course on financial regulation due to Trump, but there could be adjustments in one area or the other," BdB head Michael Kemmer said during a news conference in Berlin. Germany has taken over the presidency of the G20 leading economies, a platform Chancellor Angela Merkel wants to use to safeguard multilateral cooperation under threat following Trump''s U.S. election victory. (Reporting by Gernot Heller,; Writing by Michael Nienaber,; Editing by Joseph Nasr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-germany-g20-banks-idINKBN14T15X'|'2017-01-09T18:14:00.000+02:00'
'833fbce08cd2c42330a99af3f0b26c5bd11038e0'|'Alibaba tells Trump about U.S. store plan for China e-shoppers'|'Business News - Mon Jan 9, 2017 - 5:58pm GMT Alibaba tells Trump about U.S. store plan for China e-shoppers left right U.S. President-elect Donald Trump walks from an elevator with Alibaba Executive Chairman Jack Ma after their meeting at Trump Tower in New York, U.S., January 9, 2017. REUTERS/Mike Segar 1/2 left right U.S. President-elect Donald Trump shakes hands with and Alibaba Executive Chairman Jack Ma after their meeting at Trump Tower in New York, U.S., January 9, 2017. REUTERS/Mike Segar 2/2 NEW YORK Alibaba Executive Chairman Jack Ma met U.S. President-elect Donald Trump on Monday and laid out the Chinese e-commerce company''s new plan to bring a million small U.S. businesses onto its platform to sell to Chinese consumers over the next five year, an Alibaba spokesman said. Alibaba Group Holding Ltd ( BABA.N ) expects the initiative to create a million U.S. jobs as each company adds a position, company spokesman Bob Christie said in a phone call. Trump and Ma emerged from their meeting at Trump Tower in New York together. The president-elect told reporters they had a "great meeting" and would do great things together. Ma called Trump "smart" and "open-minded." He said the two mainly discussed supporting small businesses, especially in the Midwest. Ma said that businesses such as farmers and small clothing makers could tap the Chinese market directly through Alibaba. He called the meeting with Trump "very productive." "We mainly talked about small business and young people and American agriculture products to china. And we also think, that the China and U.S. relationship should be strengthened, should be more friendly," he said. (Reporting by Peter Henderson, David Alexander, Doina Chiacu and Laila Kearney; Editing by Richard Chang) Next In Business News Sterling slides after PM May reignites ''hard Brexit'' fears LONDON Sterling was on track for its biggest daily losses in three months on Monday, sliding around 1 percent to a 10-week low to the dollar after Prime Minister Theresa May said she was not interested in Britain keeping "bits" of its EU membership.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-alibaba-idUKKBN14T1ZC'|'2017-01-10T00:58:00.000+02:00'
'21dcbfc8be14fb74938dc783c367db20bb23340d'|'Bids flat at Croatia''s weekly reverse repo auction'|'Financials - Mon Jan 9, 2017 - 4:41am EST Bids flat at Croatia''s weekly reverse repo auction ZAGREB Jan 9 Bids remained unchanged at Croatia''s reverse weekly repo auction on Monday, the central bank said, at a flat interest rate of 0.3 percent amid smooth liquidity. The bank said it had again accepted all bids, worth 110 million kuna ($15.30 million). Market participants have said the liquidity surplus on the local market currently amounts to almost 15 billion kuna. The overnight interbank rate was quoted at 0.45 percent on Thursday and the one-week spot rate at 0.49 percent. Friday was a public and market holiday. The rates are updated daily at 1000 GMT. Here are the details of Monday''s auction: Auction date Previous action 09/01/17 02/01/17 Yield 0.3 pct 0.3 pct Bids 110 mln HRK 110 mln Assigned 110 mln 110 mln ($1 = 7.1876 kuna) (Reporting by Igor Ilic; Editing by Angus MacSwan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/croatia-repo-idUSL5N1EZ1VA'|'2017-01-09T16:41:00.000+02:00'
'ec54b8f311806196200d6ff0b6b0ac529885c2ac'|'Mike Ashley criticises shareholders of Sports Direct over Keith Hellawell - Business'|'Mike Ashley has criticised Sports Direct shareholders who refused to back the re-election of Keith Hellawell as chairman and publicly questioned the company’s corporate governance.The founder and chief executive of Sports Direct said supportive comments about the retailer and Hellawell from the hedge fund manager Crispin Odey were “highly significant at a time when others have been less forthcoming”.Odey, whose fund owns about 5% of Sports Direct, has said Ashley is a “natural winner” and he is “very happy with him”.He was speaking in an interview with the Times last week after Sports Direct’s independent shareholders again voted against the re-election of the former police chief constable Hellawell.In an unusual stock market statement on Monday, Ashley welcomed Odey’s support for the company.“I am grateful for Crispin’s recent comments about Sports Direct and I’m glad that we will no doubt continue to have an interesting ride together,” he said. “I consider his backing to be highly significant at a time when others have been less forthcoming.“I’m particularly pleased that we are in agreement over the fact that Keith Hellawell is the right man to help deliver further progress. We now intend to concentrate on our medium and long-term goals in order to deliver shareholder value through becoming the ‘Selfridges of sport’.”But Odey has criticised the billionaire tycoon in the past, saying Ashley could not be “house trained” and his failure to appoint a permanent finance director was a “big concern”, and meant there was “too much power in one person’s hands”. Sports Direct has not had a permanent finance director for more than three years .While Odey voted in favour of Hellawell remaining chairman, a string of other major shareholders and City institutions, including Standard Life, Royal London, Hermes and Aberdeen Asset Management, opposed his re-election.Shareholders forced the vote at an extraordinary general meeting last week by rejecting Hellawell at Sports Direct’s annual meeting last September. A total of 54% of votes from Sport Direct’s outside shareholders were against Hellawell’s re-election at the latest meeting. However, he was re-elected to the board after winning 81% of the total vote thanks to the support of Ashley, who owns 55% of the company. Ashley’s majority stake did not count towards the independent vote on Hellawell’s re-election at the first meeting.Hellawell has said he will step down at Sports Direct’s next annual meeting if he does not win the support of the majority of independent shareholders again. However, Ashley said last week that he wants Hellawell to reconsider his position, which inflamed relations with some investors further. Sports Direct also appeared to row back on a commitment to conduct an independent review of working conditions and corporate governance. “In view of continuing frustrations, the board will meet in the near future to reconsider all options in relation to its review of corporate governance,” it said.The company’s reaction to the vote prompted swift criticism. Paul Lee, the head of corporate governance at Aberdeen Asset Management, said: “ The board should focus on delivering the significant governance change that is expected over the next eight months.”Hellawell criticised MPs, trades unions and the media last month for waging a campaign against Sports Direct as it reported a 57% fall in first-half profits.It was the latest disappointing financial statement after the company’s share price halved during 2016. The group was relegated from the FTSE 100 in March.The crisis at Sports Direct was triggered by a Guardian investigation in 2015, which revealed that workers at its Derbyshire warehouse were paid less than the minimum wage. The scandal prompted a parliamentary inquiry last year, in which MPs likened the depot to a Victorian workhouse , reigniting long-held concerns about the level of control Ashley has at the company.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/09/mike-ashley-criticises-sports-direct-shareholders-keith-hellawell-crispin-odey'|'2017-01-10T00:48:00.000+02:00'
'c522857217807a4f956ebaf3a88bb0ddc36dce42'|'UPDATE 1-Russia restores Japanese yen to FX reserves, cuts back on euro'|'Asia  53am EST Russia restores Japanese yen to forex reserves, cuts back on euro Illustrative picture shows Japanese 10,000 yen bank notes spread out at an office of World Currency Shop in Tokyo in this August 9, 2010 illustrative picture. REUTERS/Yuriko Nakao/File Photo MOSCOW Russia''s central bank reinstated the Japanese yen in its international reserves in the second quarter of 2016, while cutting back on the share of euros, the bank said on Monday. The central bank said it held 2.4 percent of its foreign currency reserves in yen as of June 30, 2016, after mentioning no holdings of the Japanese currency as of March 31 in its previous quarterly report. Previously, the central bank, which discloses its foreign currency reserves structure with a lag of six months, had reported having less than 1 percent of its reserves stored in yen-denominated assets. The share of dollars in Russia''s currency reserves rose to 48.3 percent as of June 30, 2016, up from 47 percent as of late March 2016, the central bank''s data showed on Monday. The share of euros in the reserves declined to 35.7 percent as of late June, down from 39.1 percent seen in late March, while the share of the British pound went down to 8.8 percent from 9.3 percent. Canadian dollar assets accounted for 3.7 percent of Russian foreign-currency assets as of mid-2016, versus 3.5 percent three months before. The share of the Australian dollar remained unchanged over the second quarter at 1.1 percent and the share of the Chinese yuan also stood unchanged at 0.1 percent. Russia joined a small group of countries, most of them in Asia, which purchased the Chinese currency for their reserves in late 2015 in an attempt to diversify its strategic holdings of foreign assets. (Reporting by Anton Kolodyazhny; Writing by Andrey Ostroukh; Editing by Christian Lowe) Next In Asia Give us back our troop carriers, Singapore urges Hong Kong SINGAPORE Singapore''s defense minister said on Monday that the nine armored vehicles seized in Hong Kong could not be detained or confiscated but that he welcomed Hong Kong''s pledge that the dispute would be handled in line with the its laws. UPDATE 1-Give us back our troop carriers, Singapore urges Hong Kong SINGAPORE, Jan 9 Singapore''s defence minister said on Monday that the nine armoured vehicles seized in Hong Kong could not be detained or confiscated but that he welcomed Hong Kong''s pledge that the dispute would be handled in line with the its laws. LONDON Britain''s biggest carmaker Jaguar Land Rover (JLR) sold a record 583,312 cars last year as the Indian-owned firm continues its rapid expansion with the aim of building 1 million vehicles a year at the turn of the decade.  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/uk-russia-cenbank-reserves-idUSKBN14T0OO'|'2017-01-09T14:49:00.000+02:00'
'e36232a68bc0919a0ef3416d079f84ff565f2f5e'|'European shares slip as bank losses offset tech gains; FTSE hits new high'|'Market News - Mon Jan 9, 2017 - 12:40pm EST European shares slip as bank losses offset tech gains; FTSE hits new high * Live coverage: cpurl://apps.cp./cms/?pageId=livemarkets * STOXX led lower by banks, oils * Britain''s FTSE 100 hits another peak * SAP hits 22-year high as tech stocks shine (Adds details, closing prices) By Danilo Masoni MILAN, Jan 9 European shares slipped on Monday as a pullback in bank stocks more than offset a stronger tech sector, while a drop in the pound drove Britain''s FTSE 100 index to further record highs. The pan-European STOXX index slid 0.4 percent, while the FTSE 100 rose 0.4 percent after hitting an all-time high of 7,243.76 points in its 10th straight session of gains. The pound sank to more than two-month lows after weekend comments from British Prime Minister Theresa May sparked talk that Britain would drastically rework trade relations with the European Union after Brexit. "Domestic populist politics trumps the trade card for now, it seems and that is weighing on the pound, whilst simultaneously giving another boost to the FTSE 100," Neil Wilson, Senior Market Analyst at ETX Capital, said in a note. Banks were the biggest fallers in Europe - the sector''s index lost 1.7 percent and Italian lenders were down 3.5 percent following a strong start of the year. The sector has outperformed over the past weeks as hopes for fiscal stimulus in the United States under Donald Trump''s administration from Jan. 20 have further boosted bond yields, seen as supportive for bank margins. But after the surge, some brokers have turned less bullish. Credit Suisse reduced its overweight stance on the sector in a global equity strategy note on Friday. Germany''s Fresenius Medical fell 6.8 percent, making it the biggest loser on the STOXX, after it and U.S. rival DaVita Inc received subpoenas from federal prosecutors investigating their ties with a charity that helps patients pay for kidney dialysis. Among the biggest weights to the STOXX were also oil majors Royal Dutch Shell and Total. Oil prices fell sharply as signs that growing U.S. production and record Iraqi exports had raised concerns that additional output would weigh on the market. Among top gainers, French retailer Casino Guichard rose 3 percent after an upgrade from Bank of America Merrill Lynch, citing a simplification of the group''s corporate structure as a positive for the stock. Tech stocks rose 0.7 percent after an upbeat note from Citi, which expects the sector to have another bright year, citing appealing fundamentals and earnings prospects. SAP rose 0.8 percent to a fresh 22-year high after UBS said a survey of customers of the German software maker suggested that the company had room to lift its mid-term goals when it reports results late this month. German carmaker Volkswagen rose 4.9 percent with traders citing hopes a deal to resolve the U.S. diesel emissions scandal could be close. Such hopes overshadowed news of the arrest of a top executive in connection with the investigation. (Additional reporting by Kit Rees; editing by Mark Heinrich) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1EZ5AE'|'2017-01-10T00:40:00.000+02:00'
'488d46a0c54ce92909248cff575959991d785002'|'Jaguar Land Rover sells record 583,313 cars in 2016'|'Business News - Mon Jan 9, 2017 - 6:27am GMT Jaguar Land Rover sells record 583,313 cars in 2016 Signs are seen outside the Jaguar Land Rover plant at Halewood in Liverpool, northern England, September 12 , 2016. REUTERS/Phil Noble LONDON Britain''s biggest carmaker Jaguar Land Rover (JLR) ( TAMO.NS ) sold a record 583,312 cars last year as the Indian-owned firm continues its rapid expansion with the aim of building 1 million vehicles a year at the turn of the decade. Sales were up 20 percent from the previous year, although sales growth slowed to 12 percent year-on-year in December, the carmaker said. The automaker, which spent years in the doldrums before being bought by India''s Tata in 2008, has since invested heavily in new models and expanded production with plants in China and Brazil and construction of a new site in Slovakia under way. Sales of luxury Jaguar models rose 77 percent to 148,730 units in 2016 due to strong demand for a range of new high-end products including the F-PACE, the brand''s first off-roader which was launched last year. Europe was the carmaker''s biggest overall market, accounting for almost a quarter of total demand. The firm said its line-up will continue to expand but it has warned about the negative effect any tariffs on its business imposed as part of a Brexit deal could have if Britain were to lose unfettered access to the single market. Its annual profit could be cut by 1 billion pounds by 2020 if Britain returned to World Trade Organisation rules for trade with the continent, two sources told Reuters last year. (Reporting by Costas Pitas; Editing by Adrian Croft) Next In Business News Morgan Stanley, UBS to raise stakes in China securities JVs to 49 percent - sources HONG KONG Morgan Stanley and UBS Group AG are set to raise their stakes in separate Chinese securities joint ventures to 49 percent, people with direct knowledge of the moves said, betting on strong deals momentum in the world''s second-largest economy.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jaguarlandrover-results-idUKKBN14T0H6'|'2017-01-09T13:27:00.000+02:00'
'5c7b812a34e48b5d41365455d2cd7b441f04e1ea'|'Arle Capital Partners selling 11.25 pct stake in Technogym'|'Deals  06pm EST Arle Capital Partners selling 11.25 percent stake in Technogym LONDON Arle Capital Partners is selling its 11.25 percent holding Milan-listed gym equipment retailer Technogym ( TGYM.MI ) through an offering to international institutional investors, a bank handling the sale said in a statement. Goldman Sachs ( GS.N ), which released the statement, and Mediobanca ( MDBI.MI ) are acting as joint bookrunners for the accelerated book building sale. Arle Capital Partners holds the stake through its wholly-owned subsidiary Salhouse Holding. (Reporting by Dasha Afanasieva; Editing by Greg Mahlich) Next In Deals McDonald''s sells most of China, HK business to CITIC, Carlyle for $2.1 billion HONG KONG McDonald''s Corp has agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd and Carlyle Group LP for up to $2.1 billion, seeking to expand rapidly without using much of its own capital.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-technogym-arle-sale-idUSKBN14T1X7'|'2017-01-10T00:03:00.000+02:00'
'62acdd987320989d8c48a4b2115bd5832ee3ec2f'|'U.S. appeals court revives antitrust lawsuit against Apple'|'Technology News -  29pm GMT   The Apple logo is seen on the facade of the new Apple Store in Paris, France, January 5, 2017. REUTERS/Charles Platiau By Stephen Nellis and Dan Levine - SAN FRANCISCO   The 9th U.S. Circuit Court of Appeals ruling revives a long-simmering legal challenge originally filed in 2012 taking aim at Apple’s practice of only allowing iPhones to run apps purchased from its own App Store. A group of iPhone users sued saying the Cupertino, California, company''s practice was anticompetitive. Apple had argued that users did not have standing to sue it because they purchased apps from developers, with Apple simply renting out space to those developers. Developers pay a cut of their revenues to Apple in exchange for the right to sell in the App Store. A lower court sided with Apple, but Judge William A. Fletcher ruled that iPhone users purchase apps directly from Apple, which gives iPhone users the right to bring a legal challenge against Apple. Apple declined to comment. The courts have yet to address the substance of the iPhone users’ allegations; up this point, the wrangling has been over whether they have the right to sue Apple in the first place. But if the challenge ultimately succeeds, “the obvious solution is to compel Apple to let people shop for applications wherever they want, which would open the market and help lower prices,” Mark C. Rifkin, an attorney with Wolf Haldenstein Adler Freeman & Herz representing the group of iPhone users, told Reuters in an interview. “The other alternative is for Apple to pay people damages for the higher than competitive prices they’ve had to pay historically because Apple has utilized its monopoly.” The case is Pepper et al v. Apple Inc., case number 4:11-cv-06714 in the U.S. District Court for the Northern District of California.   Nellis and Dan Levine; editing by Grant McCool) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-apple-court-idUKKBN14W2VH'|'2017-01-13T03:27:00.000+02:00'
'fb92e43e40cef5691c86994f4a0192ee254cc74a'|'U.S. House panel narrowly backs Mattis waiver'|'Industrials - Thu Jan 12, 2017 - 4:13pm EST U.S. House panel narrowly backs Mattis waiver WASHINGTON Jan 12 The U.S. House of Representatives Armed Services Committee narrowly backed a waiver on Thursday that would allow James Mattis to serve as President-elect Donald Trump''s secretary of defense, despite having retired as a Marine general in 2013. The panel voted 34 to 28, along party lines, for a waiver of a provision of a law on civilian control of the U.S. military requiring a seven-year wait before active-duty military can lead the Department of Defense. Committee Democrats opposed the measure after Trump''s transition team cancelled Mattis'' appearance at a committee hearing. (Reporting by Patricia Zengerle; Editing by Tom Brown) Next In Industrials Peru police clash with crowds protesting road tolls LIMA, Jan 12 Police arrested dozens of protesters and fired tear gas and pellets to disperse crowds in Peru''s capital Lima on Thursday after thousands of residents marched against new road fees in a contract awarded to corruption-plagued Brazilian builder Odebrecht. U.S. motorists drove 4.3 pct more miles in November year-over-year NEW YORK, Jan 12 Motorists drove 262.2 billion miles (422 billion km) on U.S. roads in November, a 4.3 percent increase from a year prior and the highest volumes ever for the month, according to data released Thursday by the U.S. Department of Transportation. LONDON, Jan 12 British Airways "mixed fleet" cabin crew, who make up around 15 percent of BA''s total cabin staff, are to stage a 72-hour pay strike from Thursday next week, their union Unite said. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-congress-mattis-house-idUSL1N1F227D'|'2017-01-13T04:13:00.000+02:00'
'170f2318099de8395b65bf3a2d210b26928fb90b'|'Lowe''s to cut ''less than 1 percent'' of workforce: CNBC'|'Business News - Thu Jan 12, 2017 - 3:50pm EST Lowe''s to cut ''less than 1 percent'' of workforce: CNBC A view of the sign outside the Lowes store in Westminster, Colorado February 26, 2014. REUTERS/Rick Wilking Lowe''s Cos Inc ( LOW.N ), the No. 2 U.S. home improvement chain, is expected to cut "less than 1 percent" of its workforce in the near future, CNBC reported on Thursday, citing a person familiar with the matter. The company is also said to change its store staffing model and reshuffle the roles and responsibilities of some of its staff, CNBC reported. ( cnb.cx/2iMi1Ac ) Lowe''s had about 180,000 full-time and 90,000 part-time employees as of Jan 29, 2016. "While we have no announcements to share, we continually evaluate our staffing model to ensure we have the resources in place to serve customers'' evolving expectations and their home improvement needs," CNBC quoted the company as saying. The company was not immediately available for comment. Lowe''s decision comes amid brick-and-mortar retailers struggling to gain market share as they battle with online competitors such as Amazon.com Inc ( AMZN.O ) who offer similar products at lower prices. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Maju Samuel) Next In Business News Takata to pay $1 billion in U.S. settlement: sources NEW YORK Japan''s Takata Corp is expected to agree to plead guilty to charges as early as Friday as part of a $1 billion settlement with the U.S. Justice Department to resolve a government investigation into deadly air bag ruptures, sources said. U.S. appeals court revives antitrust lawsuit against Apple SAN FRANCISCO iPhone app purchasers may sue Apple Inc over allegations that the company monopolized the market for iPhone apps by not allowing users to purchase them outside the App Store, leading to higher prices, a U.S. appeals court ruled on Thursday. Pharma company executives debate drug pricing increases SAN FRANCISCO Grappling with a backlash against high U.S. prescription drug prices, more pharmaceutical companies are pledging to limit annual increases to under 10 percent - but the tactic is doing little to salve critics, including President-elect Donald Trump, who on Wednesday said drugmakers are "getting away with murder." MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-lowes-redundancies-idUSKBN14W2WJ'|'2017-01-13T03:50:00.000+02:00'
'a9a5d419d1230f1a19c06f6ed4205ece15b1ffbc'|'Saudia Airlines appoints new chairman in management shake-up - SPA'|'Industrials  17am EST Saudia Airlines appoints new chairman in management shake-up - SPA DOHA Jan 9 Saudi Arabia appointed a new chairman of Saudi Arabian Airlines (Saudia) by royal decree on Monday in a management shake-up. Ghassan bin Abdulrahman al-Shabal was appointed chairman of the board of directors of the state-owned airline, said Saudi state news agency SPA. Shabal will replace Sulaiman al-Hamdan, according to the airline''s website. SPA said representatives of the finance, economy and civil service ministries and the Public Investment Fund would be made members of the airline''s board. Saudi Arabia''s air travel industry has benefited from strong population growth and rising incomes since the government announced plans in 2012 to liberalise the domestic aviation market in 2012. At present the state-owned carrier''s only domestic competitor is budget carrier flynas. (Reporting by Tom Finn; Editing by Ruth Pitchford) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/saudia-chairman-idUSL5N1EZ3BI'|'2017-01-09T20:17:00.000+02:00'
'deb5a31b6c2cba0406a3b6297b4aa77343fc7ad9'|'FBI arrests Volkswagen exec on fraud charges - NYT'|'Money News - Mon Jan 9, 2017 - 2:08pm IST FBI arrests Volkswagen exec on fraud charges - NYT The Federal Bureau of Investigation has arrested a Volkswagen AG executive on charges of conspiracy to defraud the United States, the New York Times reported on Monday. Oliver Schmidt, who headed the company''s regulatory compliance office in the U.S. from 2014 to March 2015, was arrested on Saturday by federal investigators in Florida, the newspaper said, citing people familiar with the matter. nyti.ms/2iTA73S VW admitted in September 2015 to installing secret software known as "defeat devices" in 475,000 U.S. 2.0-liter diesel cars to cheat exhaust emissions tests and make them appear cleaner in testing. In reality, the vehicles emitted up to 40 times the legally allowable pollution levels. Volkswagen declined to comment on the reported arrest. "Volkswagen continues to cooperate with the Department of Justice as we work to resolve remaining matters in the United States. It would not be appropriate to comment on any ongoing investigations or to discuss personnel matters," it said. The FBI was not immediately available for comment. Schmidt is expected to be brought before court in Detroit on Monday, the NYT said. Senior VW officials are not attending this year''s Detroit auto show, which is taking place this week. The news comes as Volkswagen was nearing a deal to resolve criminal and civil allegations over its diesel cheating, crucial steps toward moving past the scandal, which has cost it billions of dollars and its reputation. Volkswagen shares were up 2 percent at 141.75 euros by 0816 GMT, at the top of a 0.2 percent-weaker German blue-chip DAX, on the expected deal. (Reporting by Gaurika Juneja in Bengaluru and Edward Taylor in Frankfurt; Editing by Sunil Nair and Louise Heavens) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/volkswagen-usa-idINKBN14T0RX'|'2017-01-09T15:38:00.000+02:00'
'a5bdd641f9ba2915c59895d08adb7dc180c3107a'|'Volkswagen says brand sales rise 2.8 percent in 2016'|'Business News - Mon Jan 9, 2017 - 8:29am GMT Volkswagen says brand sales rise 2.8 percent in 2016 An employee works on an assembly line at the Volkswagen car factory in Palmela, Portugal, December 9, 2016. REUTERS/Rafael Marchante FRANKFURT Volkswagen ( VOWG_p.DE ) said on Monday it closed 2016 with 5.99 million VW brand passenger cars delivered, a rise of 2.8 percent, driven by China, its largest sales market. The company said 2016 deliveries gave it confidence for 2017, a year in which the company expects to launch several new models across all its regions. In China, Volkswagen delivered 303,100 cars in December, a 28.7 percent rise, while in Germany monthly deliveries dropped 14.3 percent to 38,800. (Reporting by Harro ten Wolde; Editing by Georgina Prodhan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-brand-idUKKBN14T0RF'|'2017-01-09T15:29:00.000+02:00'
'400e21c527c12dbf8f23badd3c8e79db115c1488'|'Remove car imports, and U.S.-Mexico trade deficit disappears'|'Ford CEO: U.S. plant expansion is ''vote of confidence'' in Trump America brings in lots of cars and auto parts from Mexico. It''s by far the No. 1 good shipped north of the border. If you take away those shipments, President-elect Donald Trump''s dream would come true: The U.S. wouldn''t have a trade deficit with Mexico. The U.S. imported $78 billion of cars and auto parts in 2015 from Mexico. America''s overall trade deficit with the country that year was $58 billion. So, if all things remain the same and car imports are taken away, the trade deficit with Mexico would disappear. "Cars are by far the largest export from Mexico to the U.S. -- without them, the [Mexican] trade surplus with the U.S. vanishes," says Neil Shearing, chief emerging markets economist at Capital Economics, a research firm. Indeed, cars beat the next top four import categories -- electronic parts, food, computers and TVs -- by a mile. Even if you add the value of those four categories together, they still fall short of the value of all the cars brought across the border, according to figures compiled by Capital Economics. Their value would total a little over $71 billion. No wonder, Donald Trump has targeted automakers . "If you''re going to make a fuss about something, you want to make a fuss about something that''s going to make a difference," says Chris Rogers, research analyst at Panjiva, a global trade research firm. Related: BMW ''absolutely'' committed to new factory in Mexico Trump has warned that car companies like Toyota ( TM ) and GM ( GM ) will face a "big border tax" if they don''t move jobs and production back to the U.S. from Mexico. During his campaign, Trump often compared America''s trade deficit to a company losing money. "We''re losing a tremendous amount of money, according to many stats, $800 billion a year on trade," Trump told the New York Times during his campaign. Some experts disagree with Trump''s portrayal of the U.S. trade deficit in goods. Related: Mexico''s Trump ''contingency plan'' isn''t working "A nation''s trade balance is nothing like a firm''s bottom line," Douglas Irwin, a trade expert at Dartmouth and former Reagan administration official, wrote in Foreign Affairs magazine. "Whereas a company cannot lose money indefinitely, a country...can run a trade deficit indefinitely without compromising its well-being." Irwin points out that Australia has had a trade deficit for decades and it hasn''t had an economic recession for about 25 years. Conversely, Japan often runs a trade surplus and its economy has stagnated for decades. So, would eliminating the trade deficit with Mexico be good for the U.S. economy? In short term, possibly yes. In the long term, very likely no. That''s based on a new report released by Morgan Stanley ( MS ) ''s economics team. They estimated that if Trump uses tariffs of 20% or 45%, U.S. economic growth would get a boost in the first year. That''s because in the economic model for growth, the trade deficit weighs down growth. A narrower deficit would spark short-term growth. But then the pain would come. Morgan Stanley''s economists forecast U.S. economic growth slumping long-term if the trade barriers remain as U.S. exporters would lose out, consumer prices would rise and businesses would cut back investments. CNNMoney (New York)   2:06 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/01/09/news/economy/us-mexico-trump-cars-imports-trade-deficit/index.html'|'2017-01-09T21:06:00.000+02:00'
'75b6c39f043fcac5f83773961faf2c3a1783f732'|'Advent-led GTM buys Brazilian chemical distributor for $172 mln'|'Bonds   4:51pm EST Advent-led GTM buys Brazilian chemical distributor for $172 mln SAO PAULO Jan 10 GTM Holdings SA, Latin America''s No. 1 independent distributor of chemical products, has agreed to pay 550 million reais ($172 million) for Brazilian peer quantiQ, in an effort to boost its presence in the region''s biggest country. Houston-based GTM Holdings will pay 450 million reais when the deal closes, with the remainder being disbursed within the next 12 months. The acquisition of quantiQ, which was fully owned by Braskem SA, will be GTM''s third acquisition over the past year. Braskem is Latin America''s largest resin producer. ($1 = 3.1955 reais) (Reporting by Guillermo Parra-Bernal; Editing by Diane Craft) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/quantiq-ma-gtm-holdings-idUSL1N1F01TY'|'2017-01-11T04:51:00.000+02:00'
'ba2582c6d12696734330347333b32f6c35190b56'|'In sign of more hawkish Fed, Evans nods to three rate hikes'|'Business News - Fri Jan 6, 2017 - 11:23pm GMT In sign of more hawkish Fed, Evans nods to three rate hikes Chicago Federal Reserve President Charles Evans answers a question at the Chicago Banking Symposium in Chicago, Illinois, United States, June 3, 2015. REUTERS/Jim Young By Ann Saphir and Jason Lange - CHICAGO CHICAGO Chicago Federal Reserve President Charles Evans said on Friday the central bank could raise interest rates three times this year, faster than he had expected just a few months ago and in line with the majority of his colleagues. The comments from Evans, a voting member of the Fed''s policy committee this year, reinforced the view that the Fed could step up the pace of its rate hiking campaign if the incoming Trump administration unleashed a fiscal stimulus. Evans has been an outspoken proponent of low-interest rate policy for several years. "I still think two (Fed rate hikes) is not an unreasonable expectation," Evans told reporters in Chicago, adding that if the economic data comes in stronger than expected, "three is not going to be implausible." Two other U.S. policymakers, Cleveland Fed President Loretta Mester and Richmond Fed President Jeffrey Lacker, said Friday they would support even faster rate hikes. "I’ve been ... seeing a little more strength in the economy," Cleveland Fed''s Mester told Fox Business Network, adding that more than three rate hikes this year is "probably" appropriate. But Dallas Fed President Robert Kaplan said he supported a gradual and patient path for hikes, arguing it was too early to know whether Trump policies would boost economic growth. Kaplan and Evans were in Chicago for an economics conference. The Fed raised interest rates last month by a quarter of a point and policymakers signaled they expect to raise rates three more times in 2017. Minutes from that meeting showed policymakers might signal an even more aggressive path of rate increases if inflationary pressures rise. Incoming President Donald Trump has promised to double America''s pace of economic growth and "rebuild" the country''s infrastructure, and about half of the Fed''s 17 policymakers factored a fiscal stimulus into their economic forecasts, according to the minutes. Evans said he was among the policymakers including fiscal stimulus in his forecasts, while Kaplan said he had yet to incorporate expectations of future economic policies. "I want to be judicious about that," Kaplan told reporters in Chicago, saying he does not want to "prejudge what is going to be positive or what is going to be negative." Lacker said in a speech the Fed "may need to increase more briskly than markets appear to expect." Prices for interest rate futures contracts suggest investors are betting on two or three rate hikes this year. (Reporting by Ann Saphir and Jason Lange in Chicago and Lindsay Dunsmuir in Washington; Editing by Chizu Nomiyama and Chris Reese)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-idUKKBN14Q2AK'|'2017-01-07T03:01:00.000+02:00'
'78ec1c538640d1bb6d1b964c64d40f0e122d2616'|'HMD Global launches first Nokia smartphone - Reuters'|'HELSINKI HMD Global, the Finnish company that owns the rights to use Nokia''s brand on mobile phones, announced on Sunday its first smartphone, targeted for Chinese users with a price of 1,699 yuan ($246).The launch marks the first new smartphone carrying the iconic handset name since 2014 when Nokia Oyj chose to sell its entire handset unit to Microsoft.The new device, Nokia 6, runs on Google''s Android platform and is manufactured by Foxconn. It will be sold exclusively in China through online retailer JD.com, HMD said."The decision by HMD to launch its first Android smartphone into China is a reflection of the desire to meet the real world needs of consumers in different markets around the world... it is a strategically important market," HMD said in a statement.Nokia was once the world''s dominant cellphone maker but missed the shift to smartphones, and then chose Microsoft''s Windows operating system for its "Lumia" range.After the 2014 deal, Microsoft continued selling cheaper basic phones under Nokia''s name and Lumia smartphones under its own name, but last year, it largely abandoned both businesses.HMD in December took over the Nokia feature phones business and struck a licensing deal that gave it sole use of the Nokia brand on all phones and tablets for the next decade.It will pay Nokia royalties for the brand and patents, but Nokia has no direct investment in HMD. Nokia Oyj is currently focused on telecom network equipment business and technology patents.HMD CEO Arto Nummela, who was once responsible for Nokia''s sales and product development, told Reuters last month that HMD aims to be one of the key competitive players in the smartphone business where it faces tough competition from Apple, Samsung and dozens of other players.HMD launched some new Nokia basic phones last month. It said on Sunday it was looking to launch more new products in the first half of the year.(Reporting by Jussi Rosendahl and Eric Auchard)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nokia-smartphone-idINKBN14S003'|'2017-01-07T21:23:00.000+02:00'
'8db805cbe44f4e8990a903b3af49afd4c4c11888'|'Israel Discount Bank gets 1.6 bln shekels in commitments for debt issue'|'Financials - Sun Jan 8, 2017 - 8:43am EST Israel Discount Bank gets 1.6 bln shekels in commitments for debt issue JERUSALEM, Jan 8 (Reuters) - * Israel Discount Bank, Israel''s fourth-largest bank, said on Sunday it received commitments of close to 1.6 billion shekels ($417 million) from investors in preparation for a possible bond offering. * Discount said it had accepted 700 million shekels worth. * Annual interest for the subordinated debt in the institutional offering is 3.6 percent. * Discount noted the bank intends to hold the offering in the coming days. ($1 = 3.8398 shekels) (Reporting by Steven Scheer) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/israel-discount-issue-bonds-idUSL5N1EY0D1'|'2017-01-08T20:43:00.000+02:00'
'fbb0c2929450dd26290d87f41dee0868d099a8a8'|'China is confident economy grew 6.7 pct in 2016'|'  10:03am GMT China is confident economy grew 6.7 pct in 2016 An employee works at a steel factory in Dalian, Liaoning Province, China, June 27, 2016. REUTERS/Stringer China is confident to have reached an economic growth of 6.7 percent in 2016, within a targeted range set earlier in the year, Vice Finance Minister Zhu Guangyao said on Sunday. China''s economy expanded at a steady 6.7 percent in the first three quarters last year, and Zhu said he was confident the growth rate would have reached the same level or more in the fourth quarter of 2016. Zhu''s remarks were made at a forum held by Tsinghua University in Beijing. China, which had been aiming for a 6.5-7 percent economic growth for 2016, boosted government spending, saw a housing rally and record high levels of bank lending last year, which, however, also led to an explosive increase in debt. Many analysts believe growth was lower than official data suggests, but acknowledge that the construction boom significantly underpinned the economy. A government-run think tank said earlier this month that China''s economic growth could slow to 6.5 percent in 2017 from about 6.7 percent in 2016. (Full Story) Zhu also said the global economy would face some uncertainty this year amid worries about U.S. policy changes after President-elect Donald Trump takes office on Jan. 20. During his campaign, Trump threatened to declare Beijing a currency manipulator and levy a 45 percent punitive tax on all Chinese goods to reduce a massive U.S. trade deficit with China. (Full Story) (Reporting by Winni Zhou and Alexandra Harney; Editing by Himani Sarkar)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-idUKKBN14S0B3'|'2017-01-08T17:03:00.000+02:00'
'3a510b6a75d0b4b5eda51ae0b98a861c2df2f96b'|'US tax reform is vital but Trump’s plan is flawed'|'US tax reform is vital but Donald Trump’s plan is flawed The changes would harm the global economy and reverberate back to America Monday, 19 December, 2016 Paul Ryan, speaker of the House of Representatives, put forward the central concept of the reforms © Reuters by: Lawrence Summers Corporate tax reform has rightly been identified by both the President-elect and Congress as an immediate priority. There is no doubt that the status quo — where America has the highest statutory rate among major countries and companies hoard cash overseas — can be improved on. Unfortunately, the reforms identified by Paul Ryan, speaker of the House of Representatives, and Donald Trump appear set to damage the tax base and the US and global economies. The central concept put forward by Mr Ryan, which appears to have the support of Mr Trump, is to turn corporate income tax from a tax on the return to capital into a tax only on extraordinary profits. This would be done by taxing corporate cash flows. In addition to the major reduction of the overall rate, the system would change in three fundamental ways. First, all investment outlays can be written off in the year they occur rather than over time. Second, interest payments to bondholders, banks and other creditors will no longer be deductible. Third, companies will be able to exclude receipts from exports in calculating their taxable income and will not be permitted to deduct payments to foreign suppliers or affiliates from income. Unlike some of Mr Trump’s other economic ideas, the corporate cash flow tax is supported by some experts in both political parties. However, it has four major — probably fatal — flaws. First, the tax change will exacerbate inequality, with more than half the benefits going to the top 1 per cent of Americans. Eliminating the corporate tax on the returns to capital and substantially scaling back the rate on extraordinary profits is a radical step that might be defensible on grounds of eliminating double taxation in a world where capital returns are effectively taxed at the individual level. But it is very hard to justify in the current world, where exclusions and preferences mean that most corporate income is not taxed at the individual level and where the estate tax, which could be a backstop, is easily avoided and may well be eliminated. Second, the tax change will capriciously redistribute income, increase uncertainty and place punitive burdens on some sectors. Think of a retailer who imports goods from abroad for 60 cents, incurs 30 cents in labour and interest costs, and then earns a 5 cent margin. With a 20 per cent tax, and no ability to deduct import or interest costs, the taxes will substantially exceed 100 per cent of profits even if there is some offset from a stronger dollar. Businesses that invest heavily, hire extensively and export a large part of their product will have negative taxable income on a chronic basis. It is hard to imagine that the political process will allow annual multibillion-dollar refunds, so they too may be victimised. Then there are the still unresolved questions of what the rules will be on interest deductibility for banks and of the treatment of businesses organised as partnerships that do not pay corporate taxes. Third, the tax change will harm the global economy in ways that reverberate back to America. It will be seen by other countries and the World Trade Organisation as a protectionist act that violates US treaty obligations. Proponents may argue that it should be legal because it is like a value added tax, but the WTO is very clear that income taxes cannot discriminate to favour exports. While the WTO process would grind on, protectionist acts by other nations would be licensed immediately. Related article Investors have high hopes as corporate reporting season approaches Sunday, 8 January, 2017 Proponents of the plan anticipate a rise in the dollar by an amount equal to the 15 to 20 per cent tax rate. This would do huge damage to dollar debtors all over the world and provoke financial crises in some emerging markets . Since US foreign assets are mostly held in foreign currencies, whereas debts are largely in dollars, American losses with even a partial appreciation would be in the trillions. Ironically, China , with its huge reserve hoard, would be a winner. Fourth, the combination of a sharply lower rate, new opportunities for tax arbitrage and the fact that any revenue gains from bringing overseas cash home are one-shot means the Federal revenue base would erode. The result would be cuts in entitlement payments to consumers who spend heavily, tax hikes on individuals and reductions in government spending. Over time, this will slow growth and burden the middle class. There is no need to reinvent the corporate tax wheel. Let’s fix the tax we have by cutting rates, closing shelters, broadening the base and cracking down on tax havens . That would be an important step to making our economy grow faster. It would also be fairer. The writer is Charles W Eliot university professor at Harvard and a former US Treasury secretary Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/us'|'https://www.ft.com/content/7e5900ec-d401-11e6-b06b-680c49b4b4c0'|'2017-01-09T00:26:00.000+02:00'
'46c0c5f56df4eb4ec06651893eb8594703b88b20'|'Brazil''s Petrobras announces new bond, debt tender'|'By Paul Kilby NEW YORK, Jan 9 (IFR) - Brazilian state-owned oil company Petrobras announced a new bond sale on Monday as it seeks to finance a debt tender.The company is approaching accounts with five and 10-year bonds at initial price thoughts of 6.5% area and 7.75% area, respectively.The deal is set to price later on Monday. Bradesco, Citigroup, HSBC, Itau and Morgan Stanley are acting as leads. (Reporting by Paul Kilby; Editing by Marc Carnegie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/petrobras-gl-fin-bonds-idINL1N1EZ0HL'|'2017-01-09T10:08:00.000+02:00'
'1e0af01ff8f5034adc7a0d2b0162b2ccd6ab1635'|'Exclusive: BRF sees $1.5 billion Halal unit IPO by late March - sources'|'By Guillermo Parra-Bernal and Tatiana Bautzer - SAO PAULO SAO PAULO Brazilian food exporter BRF SA is seeking to raise about $1.5 billion from the sale of a 20 percent stake of a unit focused on the halal processed food market via an initial public offering, two people with direct knowledge of the plan said on Thursday.São Paulo-based BRF, the world''s No. 1 poultry exporter, expects to price the One Foods Holdings Ltd''s IPO by late March or early April, depending on market conditions, said the people. London is likely to be picked as the listing place, they said.Proceeds from the IPO could be used to help propel the expansion of One Foods into Asian Muslim nations. The company already controls 45 percent of the poultry market in Saudi Arabia, the United Arab Emirates, Kuwait, Qatar and Oman.The operations of One Foods were formally launched on Wednesday, underscoring BRF''s wish to expand in the buoyant market independently from other regions. The halal meat industry market, which complies with Muslim dietary rules, could grow to $60 billion by the end of the decade.[nL1N1EU1NF]BRF has hired the investment-banking units of Bank of America Corp ( BAC.N ) and Morgan Stanley & Co ( MS.N ) to underwrite the One Foods IPO, with Citigroup Inc ( C.N ) acting as an advisor to the process, the people said.The companies declined to comment.Both BRF ( BRFS3.SA ) and the banks dropped the idea of a listing in the United Arab Emirates, where One Foods is based, the people said. Currently, One Foods operates ten plants, of which eight are in Brazil, and has 15,000 employees.According to the first person, BRF estimates One Foods to have an enterprise value close to $6.5 billion. Enterprise value is a widely used gauge of a company''s total value comprising market capitalization, debt, minority interest and cash.(Reporting by Guillermo Parra-Bernal and Tatiana Bautzer; Editing by Daniel Flynn and Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-one-foods-holdings-ipo-idINKBN14P0BF'|'2017-01-05T01:11:00.000+02:00'
'2a950c8d39365db6137fe46d1166fe8a2b9c08d5'|'MIDEAST STOCKS - Factors to watch - Jan 8'|'Jan 8 Here are some factors that may affect Middle East stock markets on Sunday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Stocks, dollar recover ground after U.S. jobs report* MIDEAST STOCKS-Egypt surges to record; Dubai, Qatar outperform Gulf* Oil edges up; strong dollar, OPEC doubts make buyers cautious* PRECIOUS-Gold slips from one-month high after U.S. data; palladium rises* Middle East Crude-Dubai eases, partials trade volume stays high* OPEC oil output falls from record high ahead of planned cuts -Reuters survey* Iran''s Arvandan sees oil output capacity up at 450,000 bpd by March* Iran capitalises on OPEC oil cut to sell millions of barrels - sources* China''s Iran oil imports to hit record on new production - sources* Iran raises daily gas output by more than 50 pct in three years- oil minister* Iran in talks to export 4 mln barrels of oil per month to Philippines - State TV* Iran seeks investors for 25 petrochemical projects* Quake rattles southern Iran, four Afghan labourers killed - TV* Top U.S. senator expects Trump administration to enforce Iran deal* Syrian rebels deny report of ceasefire near Damascus* Kerry says U.S. encouraging Astana talks on Syria as step to peace* Syrian army, allies press assault to secure capital''s water supply* Russia says has begun drawdown of forces in Syria* Syrian govt decides Aleppo renovation plan - state media* Fuel truck blast kills dozens in north Syrian border town* Iraq begins reducing oil output in keeping with OPEC decision -minister* Iraqi general says 70 percent of east Mosul retaken from Islamic State* Iraqi forces advance against Islamic State in Mosul night raid -spokesman* Entering Mosul from north, Iraqi army faces gruelling urban combat* Iraqi forces close in on Tigris in Islamic State stronghold Mosul* U.S., European weapons used to commit war crimes in Iraq - Amnesty* Lebanon to restart oil, gas licensing round after three-year delay* BRF seeks IPO of halal food unit by early April, sources say* Rosneft purchase leads $82 bln spree by sovereign investors in 2016* North Asia''s winter blast to raise January coal, LNG consumption* Arrivals of migrants to EU by sea two-thirds lower in 2016* Bin Laden son, AQAP leader added to U.S. terror blacklist -State Dept* Libya says will declare force majeure at two ports over smugglingEGYPT* Egypt''s Finance Ministry to issue $800 mln 1-year dollar-denominated T-bill* Yields rise at Egypt''s six-month, one-year T-bill auction* Egypt''s foreign reserves rise to $24.265 bln at end-December* Prominent Egyptian activist Ahmed Maher freed from jail on probation* Egyptian importers face bankruptcy after currency float* One dead, three held in connection with Cairo bomb attackSAUDI ARABIA* Saudi body rules on insider trading in Mobily shares* Saudi central bank lifts home buyers'' bank loan-to-value ratio to 85 pct* Saudi builder Khodari secures $18.4 mln government contract* Four Yemeni detainees transferred from Guantanamo to Saudi Arabia* Two suspected militants killed in Saudi security operation* Saudi prince readies strategy if clerics oppose reforms-reportUNITED ARAB EMIRATES* Abu Dhabi levies fee on expat tenants to boost revenues* UAE bank NBAD confirms departure of four senior managers* UAE''S ADNOC cuts Dec light crude prices more than expected* UAE''s ADNOC plans oil field maintenances in March-April to cut output, meet OPEC targetKUWAIT* Kuwait Stock Exchange appoints new chairman* Kuwait cuts January oil output to agreed OPEC target -oil official* Kuwait''s Equate Petrochemical to launch dollar sukuk soon - sourcesQATAR* Yields rise as Qatar c.bank sells 1.4 bln riyals of T-bills* FIFA says court rules in its favour over Qatar working conditions* Qatar Airways CEO says swapping Airbus A320neo order for A321neos (Compiled by Dubai newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL5N1EX0FH'|'2017-01-08T00:28:00.000+02:00'
'a92ed426ccfea2d393ddcbb6776ce3cc409452d3'|'FCA to invest $1 billion in U.S. plants, make Jeep pickup truck'|'Business News - Sun Jan 8, 2017 - 9:20pm GMT FCA to invest $1 billion in U.S. plants, make Jeep pickup truck FILE PHOTO: An assembly line with 2014 Ram 1500 pickup trucks is seen at the Warren Truck Plant in Warren, Michigan, U.S. on September 25, 2014. REUTERS/Rebecca Cook/File Photo By Nick Carey and Bernie Woodall - DETROIT DETROIT Fiat Chrysler Automobiles ( FCHA.MI ) ( FCAU.N ) said on Sunday that it would invest $1 billion to retool and modernize two plants in the U.S. Midwest, including one that would be able to make the Ram heavy-duty pickup truck currently produced in Mexico. The automaker said the investment would create more than 2,000 production-related jobs. The company also said it planned to add three new Jeep models, including a pickup truck, to its product lineup. The announcement comes as U.S. Republican President-elect Donald Trump has threatened to slap large tariffs on vehicles imported into the United States from Mexico. FCA said it would add two big SUVs, Jeep Wagoneer and Jeep Grand Wagoneer, as well as the Jeep pickup truck to its lineup. U.S. consumers have increasingly shifted toward SUVs and pickup trucks and away from sedans in recent years. (Reporting by Bernie Woodall and Nick Carey; Editing by Alan Crosby and Lisa Von Ahn) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fiatchrysler-usa-idUKKBN14S0WP'|'2017-01-09T04:20:00.000+02:00'
'02dd58e5abde22f2e9dda7d9025c2426462615a9'|'UPDATE 1-Recruiter PageGroup''s Q4 gross profit rises, UK disappoints'|'Industrials - Wed Jan 11, 2017 - 3:02am EST UPDATE 1-Recruiter PageGroup''s Q4 gross profit rises, UK disappoints (Adds details, context) Jan 11 British recruitment firm PageGroup Plc reported a rise in fourth-quarter gross profit, but pointed to a continued cooling in the UK hiring market after Britons backed an exit from the European Union. The company said it expected full-year operating profit to be towards the top end of company compiled forecasts of between 91 million pounds and 100 million pounds. PageGroup, which mainly finds candidates to fill permanent positions, said year-on-year gross profit from its British operations fell 6.7 percent to 33.8 million pounds ($41.1 million) at constant currencies in the quarter, steeper than the 4.7 percent fall seen in the preceding quarter. "In the UK, client and candidate confidence levels deteriorated further, with activity levels also reduced," Chief Executive Steve Ingham said. Contrastingly, PageGroup''s peer Robert Walters on Monday reported a rise in UK gross profit, helped by growth in its domestic outsourcing business and said the UK hiring market was picking up pace as Brexit "uncertainty" started becoming the "new normal". PageGroup''s total gross profit rose 3.8 percent at constant currencies in the quarter, driven by growth in Continental Europe and Latin America, outside Brazil. Positive foreign exchange movements bumped up reported gross profit by 22.4 million pounds in the quarter, the company said. Staffing firms such as PageGroup, Hays, SThree and Robert Walters are seen as gauges of wider economic health because people tend to switch jobs more often when confidence rises. Although most British staffing companies have been hit by uncertainty following the surprise Brexit vote in June, their international businesses have continued to offer protection. PageGroup''s quarterly gross profit from Europe, the Middle East and Africa (EMEA) business rose 12.4 percent to 76 million pounds at constant currencies, indicating that the rest of the continent continued to stay protected against any Brexit fall out. EMEA accounted for 47 percent of its gross profit in the quarter, while UK accounted for 21 percent. Seven countries in the region had record quarters and 12 had record years, PageGroup said. Total gross profit for the year rose 3 percent at constant currencies to 621.1 million pounds. ($1 = 0.8230 pounds) (Reporting by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by Sunil Nair and Gopakumar Warrier) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/pagegroup-outlook-idUSL4N1F12JP'|'2017-01-11T15:02:00.000+02:00'
'297d801c4f8c195299b925a9de2edd40f8968576'|'Banco Santander to issue up to 57 billion euros in debt over two years'|'MADRID Spain''s Banco Santander ( SAN.MC ) will issue between 43 billion and 57 billion euros ($45 billion-$60 billion) in debt over the next two years to meet capital targets aimed at enabling systemically important banks to absorb losses, it said on Wednesday.The euro zone''s second largest bank by market value said the funds would help raise its capital ratio above 11 percent by December 2018 from 10.47 percent last September under the strictest criteria, fully-loaded CET1.The European Central Bank said in November that Santander, Spain''s only global systemically important bank (SIFI), had to maintain its regular CET1 ratio above 7.75 percent in 2017. Santander''s regular CET1 ratio was 12.44 percent in September.Santander will issue between 24 billion and 32 billion euros in 2017 and between 19 billion and 25 billion euros in 2018, it said in a statement to the market regulator. Up to 9 billion euros of debt will be in the form of hybrid bonds, which can be converted into equity, it said.Of the total, its unit Santander Consumer Finance will issue up to 13 billion euros and Santander UK up to 7 billion euros.A spokeswoman for Santander said the debt issuance was in line with their guidance.The bank issued 20.5 billion euros of debt in 2016, according to provisional figures.(Reporting by Angus Berwick; editing by Paul Day/Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-banco-santander-debt-idINKBN14V1BS'|'2017-01-11T08:38:00.000+02:00'
'e876f61bcfb7f4bf12bd1dca87405eff434b70dc'|'Citic, Carlyle to buy stake in McDonald''s China, Hong Kong businesses for $2.08 billion'|'Business News - Mon Jan 9, 2017 - 5:13am GMT Citic, Carlyle to buy stake in McDonald''s China, Hong Kong businesses for $2.08 billion A man walks past at a 24-hour McDonald''s restaurant in Hong Kong, China November 10, 2015. REUTERS/Tyrone Siu Chinese conglomerate Citic Group Corp [CITIC.UL] and Carlyle Group LP ( CG.O ) would buy a majority interest in McDonald''s Corp''s ( MCD.N ) mainland China and Hong Kong businesses for $2.08 billion, the companies said. Citic and Citic Capital will have a stake of 52 percent, while Carlyle and McDonald''s will own 28 percent and 20 percent, respectively in the businesses. Reuters reported in December that McDonald''s was looking to raise $1 billion to $2 billion with the sale of its China and Hong Kong stores. (Reporting By Rushil Dutta in Bengaluru; Editing by Gopakumar Warrier) Next In Business News Morgan Stanley, UBS to raise stakes in China securities JVs to 49 percent - sources HONG KONG Morgan Stanley and UBS Group AG are set to raise their stakes in separate Chinese securities joint ventures to 49 percent, people with direct knowledge of the moves said, betting on strong deals momentum in the world''s second-largest economy. Asian stocks bounce on U.S. cues though dollar gains may clip wings HONG KONG Asian stocks edged higher on Monday, helped by a strong Wall Street, and the dollar stood tall against rivals after the latest U.S. payrolls data indicated strong underlying wage growth, strengthening the case for more rate increases in 2017. STUTTGART, Germany Mercedes-Benz is expected to reach its goal of becoming the largest premium carmaker four years early - a feat achieved, ironically, only after it stopped chasing market share and focused on making stylish high-tech cars loved by consumers. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mcdonalds-china-citic-group-idUKKBN14T0DA'|'2017-01-09T12:13:00.000+02:00'
'222b4e615cb38fdb1ef0476be09be4f7968cac68'|'Bonds lose their shine for India Inc after lending rate cuts'|'Financials  34pm EST Bonds lose their shine for India Inc after lending rate cuts * Cuts in bank lending rates may draw more towards loans By Krishna Merchant SINGAPORE, Jan 9 (IFR) - Cuts in bank lending rates may spur some Indian companies to switch their fundraising back to loans, reversing a recent trend towards to the bond market, investment bankers say. Following the surge in bank deposits triggered by demonetisation late last year, State Bank of India, the country''s largest government-owned lender in asset terms, cut its so-called marginal cost of funds-based lending rates (MCLR) by 90bp. Others like Bank of Baroda, Punjab National Bank, Union Bank of India, Kotak Mahindra Bank and Dena Bank have followed with cuts of 45bp-90bp in their rates. Indian lenders have received an estimated 14.9 trillion rupees ($219.3 billion) in deposits after Prime Minister Narendra Modi banned 500 and 1,000 rupee bank notes last November to curb black money. The lending rates were cut after Modi, in an address to the nation on New Year''s Eve, urged banks to take initiatives to help the poor and the middle class. "Sharp lending rate cuts will slow corporate bonds issues in the near term, especially from A+ and AA- rated borrowers," said Jayen Shah, head of debt capital markets at IDFC Bank. The spreads between short-tenored, lower-rated corporate paper and bank lending rates have compressed. SBI''s MCLR is just 10bp above the yield on AA rated five-year corporate bonds, compared with 100bp in November and December, according to CLSA Research. Even one-year A+ and AA- rated corporate bonds are yielding 7.4 percent and 8.15 percent, respectively, according to Thomson Reuters data, below SBI''s one-year MCLR of 8 percent. The initial estimate is that spreads between bond yields and MCLR have narrowed 45bp-50bp since the banks started cutting lending rates, according to Shah. As a result, lower-rated companies may find it cheaper to continue accessing the loan market versus the bond market. "We believe corporate borrowers stand to benefit the most as they will look to refinance their loans at much lower yields than before," said Kotak Institutional Equities in a research note dated January 3. "We understand that many of these borrowers are the ones that looked to move to MCLR with shorter refinancing time-frames. Given their excessively leveraged position, we believe this segment will stand to benefit the most immediately," reads the Kotak note. Foreign brokerages feel the lending rate cuts will help banks regain market share from bonds. In a January 3 note, CLSA said the cut in loan rates "will make banks competitive against bond markets and aid credit growth". Bond issuance has been growing in a range of 17 percent to 21 percent in the last three years, while credit growth has been hovering at around 8 to 10 percent, according to CLSA research. State banks now expect credit growth to pick up from an all-time low. During a press conference early last week, SBI chairman Arundhati Bhattacharya said the rate cut would boost credit growth 100bp-200bp in the current financial year to March 31. NO SWITCH FOR TOP BORROWERS However, some fixed-income analysts believe that high-rated companies will be reluctant to switch to bank loans. "Public-sector enterprises and AAA rated companies will continue to approach the debt market", as they are able to raise funds for longer tenors, such as 10-year at rates as low as 7.3 percent, which is still cheaper than the bank lending rates, said Ajay Manglunia, head of fixed income at Edelweiss Securities. Others also doubt that credit growth will pick up while it remains difficult for Indian consumers to spend money. "There is still uncertainty when the money will come back to the system," said a rates strategist at a foreign bank. "Why would small and medium enterprises take loans when their businesses have been hurt?" Currently, there are limits on individual withdrawals from bank ATMs, and a lot of small businesses that transact in cash have seen a slowdown following the notes ban. India''s 10-year government yield was hovering at 6.4 percent last week, its lowest level in nearly a month, after the government cut the size of bond sales planned for January and February. The reduction was due to the huge inflows to its so-called market stabilisation scheme (MSS), which sold securities late last year to absorb excessive liquidity. The government will sell bonds of 660 billion rupees, less than the 840 billion rupees budgeted previously. "It''s a very dynamic environment and corporate bond yields are continually readjusting and, until the gap between bond yields and MCLR widens further, some issues may remain on hold," said IDFC''s Shah. (Reporting by Krishna Merchant; editing by Daniel Stanton and Vincent Baby) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-debt-bonds-idUSL4N1EZ1BT'|'2017-01-09T09:34:00.000+02:00'
'2b4bfd17140aecb1a8ab9680d247ac37a3270ee7'|'Iceland''s centre-right parties agree to form government; EU vote eyed'|'REYKJAVIK Jan 10 Iceland''s centre-right Independence, Reform and Bright Future parties have agreed to form a coalition government and will give parliament a vote on whether to hold a referendum on joining the European Union.Together, the coalition will hold 32 of the 63 seats in parliament. The Independence Party will have 21 seats, making it the largest party in the coalition. However, it opposes EU membership while the other two parties both favour it.The Independence and Reform parties accepted the agreement on Monday, Icelandic media reported. Bright Future said it had backed the deal in a vote overnight. The agreement ends a political impasse since a general election in October."The agreement was, after a discussion, voted on by the management by electronic voting and was accepted by the party," Bright Future spokesman Unsteinn Johannsson said.In November, the three parties abandoned an attempt to form a coalition. The Left Greens and the Pirate Party also made unsuccessful attempts to form a government before the mandate was returned to the Independence Party .Iceland applied to join the EU in 2009, a year after a banking crash left the country on the verge of bankruptcy. The crash led many to argue it should have closer ties with Europe and even join the single currency to shield it from future crises.Iceland, already a member of the European Free Trade Association (EFTA), later shelved the talks. (Reporting by Ragnhildur Sigurdadottir; writing by Simon Johnson in Stockholm)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/iceland-government-vote-idINL5N1F01GM'|'2017-01-10T07:02:00.000+02:00'
'be8540d20c5626ab15560ee7ae6019b2d38953e5'|'Powerful storms head for U.S. West after thousands flee floods'|'U.S.  51am EST Powerful storms head for U.S. West after thousands flee floods left right A partially submerged building is seen near the Petaluma River during a winter storm in Petaluma, California, January 8, 2017. REUTERS/Stephen Lam 1/3 left right A man takes a photograph of a rising Petaluma River during a winter storm in Petaluma, California, January 8, 2017. REUTERS/Stephen Lam 2/3 left right Vehicles submerged in flood waters are seen during a winter storm in Petaluma, California, January 8, 2017. REUTERS/Stephen Lam 3/3 Powerful storms packing heavy rain and snow will lash the U.S. West on Tuesday, a day after thousands of people fled their homes to escape floods, forecasters said. A band of heavy downpours will drench northern California and heavy snow will fall in the Sierra Nevada mountains into Wednesday, exacerbating the threat of flooding, the National Weather Service said. The storms are part of weather system called the "Pineapple Express" that has soaked a vast area from Hawaii to the typically drought-prone states of California and Nevada. Just north of San Francisco, the Russian River in Sonoma County flooded early on Monday, forcing the evacuation of more than 3,000 residents, officials said. In Nevada, residents of about 400 homes in Reno were ordered to leave as rains swelled the Truckee River, which flows through the city, a county official said. A woman died after she was struck by a falling tree in the San Francisco area, local officials and media reported. Over the weekend, an ancient giant sequoia tree with a hollowed-out tunnel was toppled by floods in Calaveras Big Trees State Park just southeast of Sacramento. California''s Napa Valley vinyards largely escaped undamaged and the rain was expected to replenish water supplies after five years of drought, said Patsy McGaughy, Napa Valley Vintners spokeswoman. California officially remains in a state of drought as water is still scarce in the south. But northern California''s Lake Oroville, the principal reservoir for the State Water Project, has 2.25 million acre feet of water, more than double the amount it had a year ago, Michael Anderson, state climatologist for the California Department of Water Resources, said. (Reporting by Brendan O''Brien in Milwaukee) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-weather-idUSKBN14U0UH'|'2017-01-10T15:47:00.000+02:00'
'6b03bf1a2962669055704e040ea37a3e767d0a07'|'French services group Sodexo keeps goals despite weak Q1'|'By Dominique Vidalon - PARIS PARIS French food services and facilities management group Sodexo said organic revenue fell 1.5 percent in the first quarter of the 2016/17 fiscal year, reflecting weakness in its energy and resources unit and higher year-ago comparables.Sodexo, which is the world''s No.2 catering services company after Britain''s Compass Group, said it was nevertheless confident of achieving its full year targets as revenue growth would progressively accelerate in the coming quarters.The group said those challenging year-ago revenue comparables would progressively ease off from the second quarter onwards, and added it was banking on a stronger new business pipeline and an improvement at its energy and resources unit, which provides services on oil and gas platforms and mining sites and whose sales fell 4.5 percent in the first quarter.In November, Sodexo had warned the first quarter would be tough against the year-ago quarter, which included the Rugby World Cup contract which gave a boost to its business, saying it would be "very small to slightly negative".Sodexo manages canteens and facilities for office workers, armed forces, schools, hospitals and prisons, and also supplies vouchers for meals and gifts. Its clients range from the Royal Ascot Racecourse in England to the U.S. Marine Corps.Revenue reached 5.45 billion euros ($5.8 billion) in the three months to Nov. 30, an organic decline of 1.5 percent, reflecting contract losses and weak demand in France and Britain, although there was stronger demand for facilities management services in north America.Sodexo kept its forecast for underlying revenue growth of around 3 percent and a rise in operating profit, before exceptional items and excluding currency effects, of between 8 percent and 9 percent, for the full year.Sodexo shares, which rose around 20 percent in 2016, are down around 1 percent so far in 2017.($1 = 0.9429 euros)(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/sodexo-sales-salesfigures-idINKBN14W0PY'|'2017-01-12T04:26:00.000+02:00'
'8602d8235ad220a0af6fb715bef0d015994e0977'|'Audit showed quality issues at Areva''s Creusot foundry'|' 39pm GMT Audit showed quality issues at Areva''s Creusot foundry A worker walks in the foundry at the Areva Creusot Forge site in Le Creusot, France, January 11, 2017. REUTERS/Robert Pratta By Geert De Clercq - PARIS PARIS The Creusot Forge foundry unit of French nuclear group Areva, which is under judicial investigation for suspected falsification of manufacturing documentation, had recurring quality issues, according to an external audit of the firm. The 2015 audit report by Lloyd''s Register Apave, which was ordered by Areva, was published by French anti-nuclear group Sortir du Nuclear, which said it obtained it from French nuclear regulator ASN under a freedom of information request. Areva did not immediately return a request for comment on the report, but Areva components manufacturing head David Emond said on Wednesday irregularities in its manufacturing tracking records posed no safety problems and that Areva is overhauling its quality control monitoring. Inspection agency Lloyd''s Register Apave, which interviewed Creusot staff and did audit checks in June-July 2015, said that since 2010 activities at Areva Creusot Forge have been generally well-organised and controlled. But it added that records of internal audits from 2011 to 2014 demonstrate that there are "consistently over 40 negative quality-related findings each year", and that Creusot Forge has not carried out comprehensive root-cause analysis. In addition, Apave said that it continued to exceed its own targets for closing non-conformance issues. "This indicates that wider and common issues requiring management attention may not be recognised within Areva Creusot Forges," the report said. Apave said it was not possible to reach an overall conclusion regarding activities before 2010. "This is really worrying. It shows that the internal processes are not straight," Sortir du Nucleaire spokeswoman Charlotte Mijeon said. Following the discovery of weak spots in the reactor vessel of a nuclear plant under construction in Flamanville, France in 2014, the ASN ordered Areva to audit its Creusot foundry. Areva said in May 2016 that some manufacturing documentation for components made at Creusot Forge may have been falsified and launched a review of 6,000 nuclear component manufacturing files from the 1965-2013 period. French and foreign nuclear regulators - including the U.S. Nuclear Regulatory Commission - have said that the documentation irregularities, of which Areva has informed its customers, pose no safety risk. But utility EDF ( EDF.PA ) in June 2016 halted its Fessenheim 2 reactor after irregularities were found in tracking files for one of its steam generators, while in October it extended the outage of its Gravelines 5 reactor after finding a major irregularity in the control files for a new Creusot-made steam generator it was about to install. The Paris prosecutor in December opened an investigation into suspected falsifying of documents at Le Creusot. (Reporting by Geert De Clercq; Editing by Ruth Pitchford)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-areva-irregulaties-idUKKBN14W2OP'|'2017-01-13T01:39:00.000+02:00'
'17db62e76e6139efd550f17e3ff8134eb6961741'|'UPDATE 1-France''s Technicolor warns on profits as connected home sales lag'|'Thu Jan 12, 2017 - 3:08pm EST France''s Technicolor warns on profits as connected home sales lag Sandra Carvalho, Chief Marketing Officer of Technicolor, speaks during the LG press conference at CES in Las Vegas, U.S., January 4, 2017. REUTERS/Rick Wilking French media and entertainment company Technicolor ( TCH.PA ) said on Thursday that core profits last year fell short of its forecast, hit by lower than anticipated sales in its Connected Home business and changes in foreign exchange rates. A 5 million euro negative contribution from exited activities also hit profits. The company said it expects to report full year 2016 adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of about 565 million euros. In October it reaffirmed a forecast of 600-630 million euros. In 2015 Technicolor bought Cisco System''s ( CSCO.O ) Connected Devices business, a move intended to boost its presence in the home entertainment market and expand its North American footprint. The company said it was ahead of schedule with synergies from the Cisco Connected Devices acquisition, but revenue in the Connected Home division, which deals in digital and cable set-top boxes, as well as broadband devices, had been affected by the devaluation of Latin American currencies versus the U.S. dollar, hitting client spending in the region. Connected Home revenue was also affected by the decision of two large U.S. customers to cut spending, component shortages and pricing pressure on memory chips. This resulted in a decline of about 12 percent in 2016 connected home revenue. Although the Cisco Connected Devices acquisition has increased new contract wins, particularly in the U.S., the impact on the top line will not be felt until late 2017 or early 2018, the company said. The company also booked a negative foreign exchange impact in its Entertainment Services division of about 10 million euros related to the depreciation of the British pound. Despite the problems in the Connected Home division, the company said free cash flow was in line with its target at above 240 million euros. (Reporting by Alan Charlish; Editing by Greg Mahlich and Alexandra Hudson) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-france-technicolor-idUSKBN14W2NX'|'2017-01-13T03:05:00.000+02:00'
'014f7fc350872e358ba875401ee59f90dd97f5e4'|'CVC Capital in the lead to acquire MSC Software - sources'|'By Liana B. Baker and Greg Roumeliotis Jan 12 Private equity firm CVC Capital Partners Ltd is in advanced talks to acquire MSC Software Corp, a U.S. company that makes simulation computer programs, for more than $800 million, including debt, according to people familiar with the matter.A successful deal would vindicate the buyout strategy of activist hedge fund Elliott Management Corp, which pushed MSC to explore a sale in 2008, and then partnered with private equity firm Symphony Technology Group one year later to take it private for $360 million. Elliott had become MSC''s largest shareholder, and so it rolled its 13.4 percent stake into that deal.CVC has so far prevailed over other private equity firms in an auction for MSC, and could finalize an agreement as early as this month, the sources said this week, cautioning that the outcome could still change and negotiations could end without a deal.The sources asked not to be identified because the sale process is confidential. CVC and Elliott declined to comment, while MSC and Symphony did not respond to requests for comment.Industrial software companies have been in high demand of late. Siemens AG, for example, agreed to acquire Mentor Graphics Corp, a provider of software for designing semiconductors, for $4.5 billion in November.Based in Newport Beach, California, MSC makes simulation software for manufacturers, including products that help car companies test for crash impact, according to its website.Although demand for MSC''s simulation and analysis software is expected to grow at strong rates, the company has struggled to offset revenue declines from some of its maturing businesses, credit ratings agency Moody''s Investors Service Inc said in a research note last year.Jesse Cohn, the senior portfolio manager who runs Elliott''s activism business, sits on MSC Software''s board, and has since built out a dedicated private equity arm for the $29 billion hedge fund called Evergreen Coast Capital. (Reporting by Liana B. Baker and Greg Roumeliotis in San Francisco; Additional reporting by Michael Flaherty in New York; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mscsoftware-ma-cvccapital-idINL1N1F11LU'|'2017-01-12T04:13:00.000+02:00'
'eb9897b83f0d8b065cdcc21a4b7db931e7d8cbb9'|'Legg Mason Inc says Shanda Media reports open market sale of 420,000 shares of co''s stock'|'Jan 11 Legg Mason Inc :* Legg mason inc - Shanda media reports open market sale of 420,000 shares of co''s common stock at average price of $30.76 per share on Jan 9 - SEC filing* Legg mason inc - Shanda media reports open market sale of 340,000 shares of co''s common stock at average price of $31.14 per share on Jan 10 Source text bit.ly/2iiQvfC '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://feeds.reuters.com/~r/reuters/companyNews/~3/YhdI2WZ3DRI/idUSFWN1F10CB'|'2017-01-11T14:47:00.000+02:00'
'd7a3c1dda874db42d5e910081970ccb17b4ba819'|'VW says agrees to pay $4.3 bln to resolve U.S. emissions troubles'|'BERLIN Jan 11 Volkswagen has agreed with the U.S. government to pay $4.3 billion in fines and penalties to resolve its diesel emissions troubles, it said in a statement on Wednesday.As part of the settlement, Volkswagen has agreed to plead guilty to three felony counts under U.S. law: conspiracy to defraud the United States, commit wire fraud and violate the Clean Air Act; obstruction of justice; and entry of goods into the United States by false statement."Volkswagen specifically denies any liability and expressly disputes these claims, which it is settling to avoid the uncertainty and expense of protracted litigation," it said.Volkswagen agreed to pay a criminal fine of $2.8 billion, and $1.45 billion to resolve U.S. federal environmental and customs-related civil claims."The agreements that we have reached with the U.S. government reflect our determination to address misconduct that went against all of the values Volkswagen holds so dear," Chief Executive Matthias Mueller said in an emailed statement published on Wednesday.(Reporting by Andreas Cremer; Editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/volkswagen-emissions-idINFWN1F10R9'|'2017-01-11T15:54:00.000+02:00'
'53e1e3fbef60695569c1c2d7a2f9a6542e94e83c'|'Trump rally makes stock options great again for some CEOs'|'Business News - Wed Jan 11, 2017 - 6:07am GMT Trump rally makes stock options great again for some CEOs left right U.S. President-elect Donald Trump listens to questions from reporters in the lobby at Trump Tower in New York, U.S., January 9, 2017. REUTERS/Mike Segar/File Photo 1/3 left right JP Morgan Chase and Company CEO Jamie Dimon answers a question at the U.S. Senate Banking, Housing and Urban Affairs Committee hearing on Capitol Hill in Washington DC, June 13, 2012. REUTERS/Larry Downing/File Photo 2/3 left right Douglas Oberhelman is pictured on the floor of the New York Stock Exchange in New York December 22, 2014. REUTERS/Carlo Allegri 3/3 By Tim McLaughlin and Ross Kerber - BOSTON BOSTON Donald Trump once described Jamie Dimon as "the worst banker in the United States," but the president-elect has helped make the boss of JPMorgan Chase & Co ( JPM.N ) $50 million richer. Dimon is the top beneficiary among the 30 chief executives who run companies in the Dow Jones Industrial Average index from a stock rally inspired by Trump''s election, according to a Reuters analysis of their option grants. Trump''s proposed policies for lower taxes, less Wall Street regulation and more infrastructure spending have energized the U.S. stock market since the real estate magnate''s Nov. 8 victory. The post-election rally even resurrected the value of an option award held by Goldman Sachs Group Inc ( GS.N ) CEO Lloyd Blankfein that was worthless on the eve of the election. Dimon, a lifelong Democrat, has seen his stock options surge in value by more than $50 million to $146 million since the Republican candidate''s White House win. Trump criticized Dimon in 2013 for reaching a $13 billion settlement with the U.S. government over the sale of toxic mortgages instead of fighting the case. Nevertheless, he appointed Dimon to the President’s Strategic and Policy Forum, a group of high-profile business leaders he set up last month to advise him on economic growth and job creation. Dimon declined to comment on Trump''s criticism or the rise in value of his holdings. JACKPOT Stock options held by Dow 30 CEOs surged in value by 23 percent to about $1 billion in 2016, with most of the gain coming after Trump’s election win. The figures reflect outstanding stock options that could be exercised at the end of 2015. Options that expired or vested in 2016 were excluded from the analysis. In a few cases, CEOs exercised some of those options during 2016, U.S. regulatory filings show. Visa Inc ( V.N ) CEO Charles Scharf did not need a Trump-led stock rally to hit the jackpot. About two weeks before the election, he exercised nearly 800,000 options for gross proceeds of almost $33 million, U.S. regulatory filings show. He resigned from Visa effective Dec. 1. For a look at how the post-election rally has affected Dow 30 stock options, click here ( tmsnrt.rs/2iCbvvT ) Trump campaigned on the slogan "Make America Great Again," vowing to bolster the prospects of the American working class by preventing jobs from moving abroad, restricting immigration and renegotiating trade pacts. In 2015, Trump called high salaries paid to CEOs a "joke" and a "disgrace" and said these were often approved by company boards stacked with CEOs'' friends. PRO-BUSINESS AGENDA To be sure, Trump''s election has helped investors big and small. Hopes of a pro-business agenda have driven the Dow 30 close to 20,000 - a level it has never breached - in a boon for workers'' retirement plans. "With the recent Trump/Republican win, it appears that investors are getting more excited about potential growth and animal spirits are on the rise," top investment strategists at Morgan Stanley said this month in a wealth management report. "This is likely to lead to the final euphoric stage of this cyclical bull market which could be quite powerful in 2017’s first half." Big stock option gains for Goldman Sachs head Blankfein, American Express Co ( AXP.N ) CEO Kenneth Chenault and JP Morgan''s Dimon may be a surprise, given that their companies have reduced or even eliminated option grants in recent years in favour of stock awards tied to hitting financial targets. Blankfein''s 322,104 outstanding options, granted in 2007 with a $204.16 strike price, were under water by $7.3 million on the eve of the presidential election. But by the end of 2016, their value had soared to $11.4 million. That was an $18.7 million swing, thanks to the Trump-inspired stock market rally and the U.S. Federal Reserve''s decision to increase interest rates, a boost for banks and credit card companies. Blankfein declined to comment. Alan Johnson, managing director of pay consulting firm Johnson Associates in New York, said the big gains for the leaders of American Express, Goldman Sachs and JPMorgan reflect how stock option compensation can magnify gains in a company’s share price. “When the stock goes up, with options, you get more leverage,” he said. MEDIOCRE PERFORMANCE Critics of stock options say the grants can produce large amounts of wealth for CEOs even with mediocre performance. One reason is that grants often are not linked to any financial performance metric, such as return on equity. And so as the United States nears the eighth year of a bull market, options can increase in value even if the CEOs are running companies whose share price has lagged broad benchmarks during their tenure. For example, shares of Caterpillar Inc ( CAT.N ) rose 54 percent during Douglas Oberhelman''s tenure as CEO of the big equipment maker from mid-2010 to the end of 2016, while the Dow 30 more than doubled during that span. But the value of Oberhelman''s options rallied during his last year as CEO, climbing to $20.3 million after being under water by nearly $9 million at the start of 2016. The options'' value got a $10.6 million booster shot after Trump''s victory. Caterpillar shares rose 36 percent in 2016, making it one of the best performing stocks on the Dow. Trump has said he would use Caterpillar tractors to build a wall between the United States and Mexico. Caterpillar and Oberhelman declined to comment. Not all CEOs have been winners, however. Coca-Cola Co ( KO.N ) CEO Muhtar Kent, who contributed $2,700 to Hillary Clinton, Trump''s Democratic rival for president, saw the value of his options decline by $11.3 million to $143 million. Coca-Cola shares are off 3 percent since Trump was elected amid lingering concerns about consumers cutting their consumption of sugary drinks. A Coca-Cola spokesman declined to comment. (Reporting By Tim McLaughlin and Ross Kerber in Boston; Editing by Carmel Crimmins and Bill Rigby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-ceos-analysis-idUKKBN14V0H7'|'2017-01-11T13:07:00.000+02:00'
'8bbdc2ff1457a4ada3104052afcae2154055d157'|'UPDATE 1-UK house price growth picks up speed again - Halifax'|'Financials  15am EST UPDATE 1-UK house price growth picks up speed again - Halifax (Adds details, background) LONDON Jan 9 Growth in British house prices picked up speed for the second month in a row in December, helped by a shortage of homes to buy, but price increases are likely to slow in 2017, mortgage lender Halifax said on Monday. House prices have risen more slowly since the shock decision by voters in a referendum last June to leave the European Union but surveys by Halifax and rival lender Nationwide have shown them holding up in late 2016. The resilience has confounded the warnings of former finance minister George Osborne, one of the leading voices in the defeated "Remain" campaign to keep Britain in the EU, who said in May that house prices would fall by between 10 and 18 percent if the country voted to leave the bloc. In the three months to December, house prices were 6.5 percent higher compared with the same period a year earlier, up from growth of 6.0 percent in the three months to November, Halifax said. A Reuters poll of economists had expected an increase of 5.8 percent. The pace of growth remains below a peak of 10.0 percent hit in March 2016. In monthly terms, house prices jumped by 1.7 percent in December, the strongest increase since March. Martin Ellis, an economist with Halifax, said yearly price growth was expected to slow to between 1 and 4 percent by the end of 2017, held back by weaker growth in the overall economy. "The relatively wide range for the forecast reflects the higher than normal degree of uncertainty regarding the prospects for the UK economy this year," he said in a statement. Prime Minister Theresa May is due to start negotiations for Britain''s departure from the EU before the end of March, kicking off a two-year process that may lead to less access to EU markets for British exporters and slower economic growth. Halifax said on Monday there was no sign that the acute shortage of stock of homes available for sale was easing. But Samuel Tombs, an economist with Pantheon Macroeconomics, said mortgage lending rates appeared to have hit a floor and limits on the size of loans compared to incomes were also likely to weigh on lending, cooling the momentum in house prices. (Reporting by William Schomberg; Editing by David Milliken and Gareth Jones) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-houseprices-halifax-idUSL5N1EZ1MM'|'2017-01-09T17:15:00.000+02:00'
'505cf2c64f4bda62d3a29639cc79fa541387ac07'|'UPDATE 1-Nigerian oil union threatens three-day strike at Exxon Mobil, Chevron'|'(Adds Quote: , details)LAGOS Jan 9 A Nigerian oil labour union is set to stage a three-day strike at Chevron and Exxon Mobil fuel depots from Wednesday in a protest over sackings pending the outcome of talks with the government, union officials said on Monday.The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) said it would make its final decision on the matter after its leaders meet officials from the ministries of petroleum and labour, as well as the state oil company, on Tuesday in the capital, Abuja."There will be a total shutdown of production terminals, distribution and filling stations. We are talking about the downstream sector," said Tokunbo Korodo, who chairs the union''s southwestern Lagos zone, of the planned walkout. He said 10,000 workers would go on strike.Chika Onuegbu, a senior figure in another labour union - Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) - said his members would await the outcome of government talks before deciding whether or not to strike.Exxon Mobil and Chevron could not immediately be reached for comment.Nigerian labour unions have criticised oil companies for sacking workers in recent months. Last week NUPENG held a strike at Total''s fuel depots in a row over sackings but it was suspended after one day because an agreement was reached. No details have emerged about the deal.The OPEC member has been hit by low crude prices and a wave of militant attacks in its southern Niger Delta oil hub throughout 2016 which has hampered production capability. (Reporting by Alexis Akwagyiram, Anamesere Igboeroteonwu and Ulf Laessing; Additional reporting by Libby George, in London, editing by Jason Neely and Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nigeria-oil-idINL5N1EZ3Y2'|'2017-01-09T11:22:00.000+02:00'
'eff172ff4a90fa2de496ed2caa106d8a6a512f33'|'Petrobras gets over US$20bn of orders for new bond'|'By Davide Scigliuzzo and Mike Gambale NEW YORK, Jan 9 (IFR) - Brazilian state-owned oil company Petrobras has received orders of more than US$20bn for a two-part bond to refinance debt, three sources close to matter told IFR on Monday.The company set price guidance at 6.25% area on a new five-year bond and 7.5% area on a new 10-year, with area defined as plus or minus 12.5bp.The deal is set to price later on Monday. Bradesco, Citigroup, HSBC, Itau and Morgan Stanley are the lead managers. (Reporting by Davide Scigliuzzo and Mike Gambale; Editing by Marc Carnegie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/petrobras-intl-bonds-idINL1N1EZ19K'|'2017-01-09T16:04:00.000+02:00'
'0157db22eca552883194bb7d61e6ab0989383893'|'Millennium approves capital hike of up to 1.3 billion euros - media'|'Business News - Mon Jan 9, 2017 - 5:41pm GMT Millennium approves capital hike of up to 1.3 billion euros - media LISBON Millennium bcp, Portugal''s largest listed bank, has approved a capital increase of up to 1.3 billion euros (1.13 billion pounds), local media reported on Monday. Online site Economia Online and the site of business daily Jornal de Negocios reported that the bank''s board had approved the measure at a meeting on Monday. A spokesman at the bank said Millennium would not comment. In December, shareholder in Millennium approved an increase of the bank''s voting rights cap to 30 percent, as demanded by China''s Fosun. Fosun bought a 16.7 percent stake in Millennium last year, with a possible further increase of up to 30 percent. (Reporting By Axel Bugge and Sergio Goncalves) Next In Business News UK house price growth picks up speed again - Halifax LONDON Growth in British house prices picked up speed for the second month in a row in December, helped by a shortage of homes to buy, but price increases are likely to slow in 2017, mortgage lender Halifax said on Monday. VW executives concealed diesel cheating - FBI court filing DETROIT Volkswagen (VW) executives decided to cover up cheating of U.S. emissions tests when they were told about it almost two months before the matter became a public scandal in 2015, according to a court filing by U.S. law enforcers seen by Reuters. LONDON The British government is no longer top shareholder in Lloyds Banking Group after reducing its stake to below 6 percent as it aims to return the lender to full private ownership this year. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-millennium-banco-com-port-idUKKBN14T1ZY'|'2017-01-10T00:41:00.000+02:00'
'252c79519175aaa19bba254636753c62481d9ba4'|'Continental says 2016 sales rise three percent to 40.5 billion euros'|' 38am GMT Continental says 2016 sales rise three percent to 40.5 billion euros The name of German tire maker Continental is pictured on a wheel at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer FRANKFURT German automotive supplier Continental ( CONG.DE ) reported a 3 percent rise in 2016 reported sales, helped by its automotive and tire business in the fourth quarter. The company said it had achieved an operating margin of around 10.7 percent in 2016 on sales of around 40.5 billion euros (35.02 billion pounds). "We continued our growth once again in 2016. In the Rubber Group, we sold a record 150 million tires," Chief Executive Elmar Degenhart said in a statement. Continental said it expected sales to increase by more than 6 percent to more than 43 billion euros in 2017. (Reporting by Harro ten Wolde; Editing by Christoph Steitz)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-continental-results-idUKKBN14T0NB'|'2017-01-09T14:38:00.000+02:00'
'eb5aa5d889f44be4a6b152b8bd3436717461f524'|'Caspian pipeline oil exports up 4 pct in 2016 - Reuters'|'MOSCOW Jan 9 Oil exports via the Caspian Pipeline rose 3.6 percent to 44.3 million tonnes in 2016, data from the Caspian Pipeline Consortium (CPC) showed on Monday.Exports are expected to jump by around 40 percent this year as CPC wraps up a five-year expansion plan.The pipeline connects the Tengiz field in Kazakhstan, and a number of other fields, to the sea terminal near Novorossiisk in Russia.CPC''s top shareholders are Russia with 24 percent, Kazakhstan with 20.75 percent and Chevron with 15 percent. (Reporting by Vladimir Soldatkin; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cpc-oil-exports-idINL5N1EZ1PX'|'2017-01-09T06:28:00.000+02:00'
'd0bb678e769695584e2ce77327ddfc37b6adf1a7'|'PRESS DIGEST - Wall Street Journal - Jan 12 - Reuters'|'Jan 12 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- The third-general heir of South Korea''s Samsung Group , Lee Jae-Yong, is being questioned in relation to suspected bribery, prosecutors said. on.wsj.com/2ifaJss- A U.S. grand jury indicted six current and former executives of Volkswagen AG for their alleged part in the U.S. emissions fraud as the investigation shifts from bringing the German car manufacturer to account to prosecuting individual executives. on.wsj.com/2ifbHVn- The Obama administration is expected to launch a formal complaint against the Chinese government with the World Trade Organization over aluminium subsidies, according to people familiar with the matter. on.wsj.com/2ifdw4R- Toyota Motor Corp Chief Executive Akio Toyoda met with Vice President-elect Mike Pence in Washington, following criticism from President-elect Donald Trump about the company''s Mexican production facilities. on.wsj.com/2if7Jw8- The Canadian province of British Columbia said Wednesday Kinder Morgan Inc could proceed with plans to expand its Trans Mountain crude-oil pipeline, representing the final regulatory hurdle for the multibillion-dollar project. on.wsj.com/2ifddqN (Compiled by Abinaya Vijayaraghavan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1F2284'|'2017-01-12T02:24:00.000+02:00'
'ed0cf88f5c0d60a2f52eec636106f02426ef1b4a'|'MIDEAST STOCKS-Saudi recovers on oil rebound, outperforms Gulf'|'Financials  06am EST MIDEAST STOCKS-Saudi recovers on oil rebound, outperforms Gulf DUBAI Jan 12 Blue chips helped carry Saudi Arabia''s stock index higher in early trade on Thursday after oil prices recovered overnight, but profit taking in large capital stocks weighed on other Gulf markets. Riyadh''s equities index had risen 0.6 percent after 45 minutes. Eight of the 12 listed banks advanced, with Saudi British Bank, the sector''s chief gainer, up 1.6 percent. Petrochemical producers were also strong, with all but one of 14 firms recovering some of this week''s losses. Saudi Kayan added 1.2 percent. Blue chips dragged on Dubai and the main index was down 0.1 percent, with Emaar Properties slipping 0.7 percent. However, some small and mid-sized shares continued to be snapped up; Gulf General Investment was the top performer, jumping 4.9 percent. The Abu Dhabi index pulled back 0.6 percent. First Gulf Bank fell 1.5 percent and National Bank of Abu Dhabi lost 2.4 percent. The duo are set to complete a merger in coming months. Qatar''s index was also weak, edging down 0.2 percent as the largest listed stock, Qatar National Bank, lost 0.5 percent. (Reporting by Celine Aswad; Editing by Andrew Torchia and Mark Potter) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1F21HF'|'2017-01-12T15:06:00.000+02:00'
'66a25edd6f07621250cad609d42098fe8567664f'|'Exclusive: Golf club operator ClubCorp explores sale - sources'|'ClubCorp Holdings Inc ( MYCC.N ), a U.S. owner and operator of private golf and country clubs, is exploring a sale after being urged to do so by an activist investor, according to people familiar with the matter.ClubCorp is working with investment bankers on an auction process that is in its early stages, the people said this week.Private equity firms are among the potential buyers, the people added.The sources asked not to be identified because the matter is confidential. A ClubCorp spokeswoman did not respond to a request for comment.(Reporting by Greg Roumeliotis and Lauren Hirsch in New York; Additional reporting by Carl O''Donnell in New York; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-clubcorp-m-a-idINKBN14W2ES'|'2017-01-12T13:33:00.000+02:00'
'58e09876c3eeb29193613f888a73aebebf8a1efd'|'AT&T chief executive at Trump Tower to discuss Time Warner merger: source'|'NEW YORK AT&T ( T.N ) chief executive Randall Stephenson on Thursday visited Trump Tower in New York for talks over the company''s planned merger with Time Warner Inc, according to a source, a deal which has been criticized by President-elect Donald Trump.Stephenson was seen entering the lobbying but declined to answer questions.A source briefed on the matter said Stephenson is holding meetings with the Trump transition team to discuss the company''s planned $85.4 billion merger with Time Warner Inc ( TWX.N ). Trump during the campaign and said regulators should not approve it. It''s not clear if Stephenson is meeting with Trump.(Reporting by Laila Kearney and David Shepardson, Editing by Franklin Paul)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-time-warner-m-a-at-t-trump-idINKBN14W256'|'2017-01-12T11:58:00.000+02:00'
'4cff7cceda1e0b2a8aeeaa09bbef29204a1fe2f4'|'SE Asia Stocks-Largely down; Philippines drops on profit-taking'|'Financials   5:10am EST SE Asia Stocks-Largely down; Philippines drops on profit-taking By Anusha Ravindranath Jan 12 Philippine stocks fell for a second straight session on Thursday, led by telecom and financials as traders took profits, while most other Southeast Asian markets ended marginally lower, with Singapore easing from a fourteen-month high. Philippine shares closed 0.8 percent lower with telecom operator PLDT Inc the top loser, slipping 4.2 percent while Globe Telecom shed 2.4 percent. The market fell on profit-booking in stocks which saw a steep rise in prices in the last few sessions, said Ralph Bodollo, an equity research analyst with Manila-based RCBC Securities. The Singapore index fell from a fourteen-month peak, ending 0.3 percent lower as some of the early gains in financials were offset by losses in industrial stocks. Yangzijiang Shipbuilding Holdings lost 1.78 percent while Jardine Matheson Holdings was down 1.5 percent. Jakarta also shed early gains to finish the session lower, hurt mainly by consumer stocks. Shares of tobacco maker Hanjaya Mandala Sampoerna Tbk PT fell 1.3 percent. Vietnam shares were flat, while Thai stocks reversed gains to end the session lower. Bucking the trend, Malaysian shares rose for a third straight session and finished slightly higher after hitting their highest in four months. Financials and consumer staples added to the gains with British American Tobacco Malaysia Bhd closing 4.12 percent higher and AMMB Holdings Bhd up 0.45 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on day Market Current Previous Pct Move Close Singapore 2993.00 3000.94 -0.26 Bangkok 1568.84 1572.93 -0.26 Manila 7264.55 7321.82 -0.78 Jakarta 5292.75 5301.237 -0.16 Kuala Lumpur 1677.76 1675.21 0.15 Ho Chi Minh 686.96 687.16 -0.03 Change so far this year Market Current End 2016 Pct Move Singapore 2993.00 2880.76 3.90 Bangkok 1568.84 1542.94 1.68 Manila 7264.55 6840.64 6.2 Jakarta 5292.75 5296.711 -0.07 Kuala Lumpur 1677.76 1641.73 2.19 Ho Chi Minh 686.96 664.87 3.32 (Reporting by Anusha Ravindranath in Bengaluru; Editing by Vyas Mohan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southeast-asia-stocks-idUSL4N1F22HE'|'2017-01-12T17:10:00.000+02:00'
'95b3ad8517514a6615b8d42f95fe6c6e93e036aa'|'UPDATE 1-India''s Tata Sons may name new chairman on Thursday-Economic Times'|'Business News - Thu Jan 12, 2017 - 6:27am EST India''s Tata Sons may name new chairman on Thursday: Economic Times Tata Group Deputy Chairman Cyrus Mistry attends the annual general meeting of Tata Steel Ltd., in Mumbai August 14, 2012. REUTERS/Danish Siddiqui MUMBAI India''s $100 billion salt-to-software conglomerate Tata Sons is likely to name a new chairman as early as Thursday, the Economic Times reported, citing unnamed officials. Tata Sons, the holding company of the listed Tata group companies in a business empire ranging from Jaguar Land Rover and steel mills to aviation and salt pans, ousted its chairman Cyrus Mistry in October, sparking a bitter public spat.. Tata Sons was holding a board meeting at 4 p.m. (5:30 a.m. ET), the newspaper said, adding that no agenda for the meeting had been announced. bit.ly/2ifVtM5 The news came as Tata Consultancy Services Ltd ( TCS.NS ), India''s biggest software services company, reported its results on Thursday. TCS head N. Chandrasekaran has been widely rumored to be one of the leading contenders to replace Mistry. "Let''s not speculate," Chandrasekaran said, when asked at a news conference after the TCS results if he was getting the Tata Sons chairman''s role. Ratan Tata, patriarch of one of India''s most influential families, had taken over as interim chairman of Tata Sons after the board ousted Mistry. In October, Tata Sons'' board had set up a five-member selection committee that included Ratan Tata to choose a new chairman within the next four months. When asked if Tata Sons was naming a new chairman on Thursday, a spokesman said the company would not comment on speculation. (Writing by Devidutta Tripathy; Editing by Alex Richardson) Next In Business News Trump policy vacuum sends dollar skidding lower LONDON The dollar sank to a five-week low below 114 yen on Thursday and was on course for its worst week since November, hit by a loss of confidence in the U.S. reflation trade which has dominated markets since Donald Trump''s election.'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-tata-sons-management-chairman-idUSKBN14W1B2'|'2017-01-12T18:23:00.000+02:00'
'e17dfaebbb9a24220aa6720c4de06eb22f62bd73'|'Tesco emerges as Christmas winner as UK grocery inflation returns - Kantar'|'Tue Jan 10, 2017 - 8:29am GMT Tesco emerges as Christmas winner as UK grocery inflation returns - Kantar The signage of Tesco Extra is silhouetted against the sun in London, Britain, September 22, 2014. REUTERS/Luke MacGregor/File Photo LONDON Britain''s biggest supermarket chain Tesco ( TSCO.L ) recorded the fastest growing sales of the country''s four largest players in the Christmas quarter, as inflation returned to the grocery market after more than two years of falling prices. Market researcher Kantar Worldpanel said Tesco sales grew 1.3 percent during the 12 weeks to Jan. 1, outperforming no.2 chain Sainsbury''s ( SBRY.L ), whose sales fell 0.1 percent, Asda ( WMT.N ), down 2.4 percent, and Morrisons ( MRW.L ), up 1.2 percent. Kantar''s data also showed that inflation returned to the market with underlying grocery prices rising 0.2 percentage points during the period, the first increase in prices since 2014. Britain''s overall inflation rate has begun to rise following the slump in the value of the pound caused by the Brexit vote last June, and it is expected to hit around 3 percent this year. The industry data was published after Morrisons, Britain''s No. 4 supermarket group, earlier on Tuesday raised its profit guidance following its strongest underlying Christmas sales for seven years, confirming its recovery under new management. (Reporting by Sarah Young; editing by Kate Holton) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-grocers-kantar-idUKKBN14U0S3'|'2017-01-10T15:27:00.000+02:00'
'f6d071c51cd8b4071a77d51185f2d33e10803d4c'|'Brexit could put tens of thousands finance jobs at risk - executives'|'Business News - Tue Jan 10, 2017 - 8:58pm IST Brexit could put tens of thousands finance jobs at risk: executives Workers are seen in office windows in the financial district of Canary Wharf in London, Britain, November 3, 2015. REUTERS/Kevin Coombs/File Photo By Huw Jones and Andrew MacAskill - LONDON LONDON Tens of thousands of jobs in Britain''s financial services sector could be lost if euro clearing shifts to continental Europe and full access to the bloc''s single market is lost, top industry officials said on Tuesday. London has become the world''s biggest center for clearing euro-denominated financial contracts, and some continental policymakers want this shifted to the euro zone after Brexit. Xavier Rolet, chief executive of the London Stock Exchange Group ( LSE.L ), owner of the world''s biggest clearing house for euro-denominated contracts, said that without clarity on what happens to markets after Brexit, clearing customers in London will leave. Some tens of thousands of jobs could leave London, not just from clearing itself, but also from ancillary services like software and IT, risk management, and administrative staff, Rolet told parliament''s Treasury Select Committee. To avoid customers quitting London when Britain begins formal divorce talks with the EU in March, existing rules should stay in place until 2022 to avoid disruptions that could undermine financial stability, Rolet said. Already, banks with large London operations say they will step up lobbying European officials because they are running out of arguments to convince the British government the industry needs single market access. Douglas Flint, chairman of HSBC bank HBSA.L, told the lawmakers that banks without operations elsewhere in the EU will likely trigger migration plans immediately after EU divorce talks begin in March, estimating that "tens of thousands" of jobs are linked to EU "passporting" rights. Currently, banks have passporting rights, allowing them to operate across the 28-nation bloc from a base in Britain. They could lose this right under Brexit. Possible job losses in banking would depend on how lenders in Britain negotiate new licenses with regulators on the continent, raising question marks about the back office staff across Britain''s regions. This could hit JPMorgan ( JPM.N ), Citigroup ( C.N ) and Deutsche Bank ( DBKGn.DE ) which currently employ thousands of back-office staff in regional cities around Britain in places such as Bournemouth and Glasgow. "Clearly you would need to move the front part of the business," Flint said. "The question would be whether the negotiation would allow the middle and back office, the settlement, the risk management, the accounting and so on to be done out of the EU 27." Rolet said that since Britain''s referendum on the EU, he has heard of calls made by continental European regulators to customers, warning them of the risk of euro clearing leaving Britain. "That resulted in commercial pressure on our business," Rolet said. The EU is reviewing its derivatives trading and clearing rules which could include ways to making it impossible to clear euro-denominated contracts in the UK, Rolet said. "Those sort of pesky, well-targeted, seemingly minor regulations that actually have a major impact on customer behavior." It would amount to an effective control on currencies in the EU and backfire on the bloc, he added. Flint, Rolet and Allianz Global Investors Vice Chair Elizabeth Corley appearing before the lawmakers all said a transitional deal would need to last until at least 2021 to allow companies enough time for a smooth departure from the EU. Flint said one of his biggest concerns is that by Britain leaving the EU the regulatory rules that have converged in the decade since the start of the global financial crisis risk being fragmented, undermining economic stability. "After 10 years of putting it in place it would in my view, be seen with hindsight, as one of the worst actions that could have ever taken place," Flint said. (Reporting by Huw Jones and Andrew MacAskill, editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-britain-eu-finance-idINKBN14U1VY'|'2017-01-10T22:25:00.000+02:00'
'14eff8ef40c8d1383de9e5e85a6cc3deecdc370e'|'Brazil''s IBG eyes Praxair-Linde assets amid merger -Valor'|'SAO PAULO Jan 11 IBG-Indústria Brasileira de Gases Ltda may bid for assets of proposed merger partners Praxair Inc and Linde AG should Brazilian antitrust watchdog Cade force them to divest businesses to approve their deal, Valor Econômico newspaper said on Wednesday.In December, industrial gas companies Linde and Praxair announced plans to merge, creating a $65 billion global entity with extensive business in Brazil.IBG founder Newton de Oliveira told Valor the combined entity would have too much market power. Praxair''s White Martins Ltda controls 59 percent of Brazil''s industrial gas market, while Linde''s unit has 12 percent, Valor Quote: d Oliveira as saying.If Cade orders Praxair and Linde to dispose of some assets, IBG would be interested in acquiring those in Brazil''s north and northeastern regions.IBG, Praxair and Linde were not immediately available to comment on the Valor report.In 2010, Cade found Praxair, Linde and other competitors guilty of price-fixing and market collusion, and imposed a record fine of 2.5 billion reais ($783 million) on them.($1 = 3.1950 reais) (Reporting by Ana Mano; Editing by Guillermo Parra-Bernal and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/linde-ma-praxair-brazil-idINL1N1F10D3'|'2017-01-11T09:22:00.000+02:00'
'5ac025700fd94d66c44d894b5827f16508841182'|'BOJ''s Kuroda told PM Abe U.S. economy growing steadily'|' 36am GMT BOJ''s Kuroda told PM Abe U.S. economy growing steadily left right File Photo: Bank of Japan (BOJ) Governor Haruhiko Kuroda gestures during a news conference at the BOJ headquarters in Tokyo, Japan November 1, 2016. REUTERS/Kim Kyung-Hoon/File Photo 1/2 left right Shinzo Abe, Japan''s prime minister, attends a working lunch with Vladimir Putin, Russia''s president, (not pictured), at the prime minister''s official residence in Tokyo, Japan, December 16, 2016. REUTERS/Tomohiro Ohsumi/Pool 2/2 By Tetsushi Kajimoto and Stanley White - TOKYO TOKYO Bank of Japan Governor Haruhiko Kuroda voiced optimism over the health of the U.S. economy in a meeting with Prime Minister Shinzo Abe on Wednesday. In his first such meeting since September, Kuroda said he received no particular requests from the premier on monetary policy and that there was no specific discussion about U.S. President-elect Donald Trump. "Today''s meeting is one of the meetings that I regularly hold with the prime minister," Kuroda told reporters after the meeting. "I explained recent developments in the global economy. We did not specifically talk about Trump," he said. Kuroda also said he told Abe the U.S. economy was growing steadily. The BOJ has kept monetary policy steady since revamping its policy framework in September last year to one better suited for a long-term battle against deflation. (Writing by Leika Kihara; Editing by Chris Gallagher & Shri Navaratnam)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-kuroda-idUKKBN14V0JO'|'2017-01-11T13:36:00.000+02:00'
'ae6fad648d1f2a6113d0e9f1ae5fe360fbd32089'|'Saudi cuts Feb oil exports to some buyers in India, Malaysia to meet OPEC deal'|'* Cuts Feb supplies to India''s Reliance, HMEL, Malaysia''s Petronas* Most North Asia, India buyers receive near full term supplies* Steady exports to Asia may point to supply cuts in Europe, U.S.By Rania El Gamal and Florence TanDUBAI/SINGAPORE, Jan 11 Saudi Arabia has cut February term crude supplies to refiners in India and Southeast Asia, seeking to comply with an OPEC deal, but it has held most of its exports to the rest of Asia steady for a second month, industry sources said on Wednesday.State oil giant Saudi Aramco reduced February term supplies of mainly heavy crude to Indian refiners Reliance Industries and Hindustan Mittal Energy Ltd (HMEL), as well as to Malaysia''s Petronas, four sources familiar with the matter said.Aramco has also cut oil supplies to another southeast Asian buyer for a second month in February, one of the sources said.That means some major oil companies in Europe and the United States could see reductions of up to 18 percent in their term volumes for February, the source said."Saudi Arabia and Kuwait are focusing their cuts on U.S. and European customers as they target excess inventories and protect market share in Asia," Energy Aspects analyst Virendra Chauhan said.Saudi Aramco and the other companies could not be reached for comment. Details on the amounts of the supply reductions could not be confirmed.Saudi''s February supply reductions to a handful of Asian refiners mark the start of cuts to a region left untouched in January at the onset of the OPEC output deal.The producer maintained strong exports to Asia in January to protect its market share there and because it gets higher netbacks on sales to the East than it does for other regions.The Organization of the Petroleum Exporting Countries (OPEC) agreed to cut production by 1.2 million barrels per day (bpd) in the first half of 2017 to reduce a global supply glut and support prices.World''s top exporter Saudi Arabia cut oil output in January by at least 486,000 bpd to 10.058 million bpd.Still, Saudi Aramco kept February supplies to most North Asian refiners at full volumes for a second month, trade sources said, indicating it will have to continue cutting exports to Europe and the United States to meet its OPEC commitment."I think the Saudis won''t touch volumes to Japan, South Korea and Taiwan. Southeast Asian demand is small when compared to North Asia," a Singapore-based crude analyst with a European oil company said. (Additional reporting by Nidhi Verma in NEW DELHI, Osamu Tsukimori in TOKYO, Mark Tay in SINGAPORE, Jane Chung in SEOUL, Reem Shamseddine in KHOBAR, Emily Chow in KUALA LUMPUR, and Meng Meng and Chen Aizhu in BEIJING; Editing by Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/saudi-oil-asia-idINL4N1F12JB'|'2017-01-11T06:33:00.000+02:00'
'f85f670a6fb235697a8c61cd41577c2ec2de70b0'|'PREVIEW - India inflation seen cooling in December as cash crunch hit demand'|'Economic News - Wed Jan 11, 2017 - 11:47am IST PREVIEW - India inflation seen cooling in December as cash crunch hit demand A woman looks at an item as she shops at a food superstore in Ahmedabad, India October 13, 2016. REUTERS/Amit Dave/File Photo By Krishna Eluri - BENGALURU BENGALURU Inflation in India is expected to have cooled to a two-year low in December as the government''s surprise currency crackdown rattled the economy and severely hurt consumption, a Reuters poll found. Retail inflation likely eased to 3.57 percent from a year earlier, from 3.63 percent in November, the poll of over 30 economists showed. That would be the lowest since November 2014, and well below the Reserve Bank of India''s near-term target of 5 percent by March 2017. Prime Minister Narendra Modi''s decision on Nov. 8 to outlaw high-value bank notes, aimed at curbing corruption and tax evasion, has forced the nation''s 1.2 billion people to scramble to exchange old notes for new and left many companies'' cash-reliant supply chains in tatters. The government insists the impact from the move will be short-lived, but many private economists are trimming their GDP forecasts, reckoning it will linger for one more year. "We expect headline CPI inflation to fall, primarily due to a significant sequential fall in the prices of several food items and many other perishables on account of the cash crunch created by demonetization," said Rupa Rege Nitsure, group chief economist at L&T Financial Services in Mumbai. India''s central bank unexpectedly left its repo rate unchanged at 6.25 percent last month, saying the blow from the cash squeeze may be transitory and expressing concern over the rising risk of inflation from higher global oil prices. If inflation remains below the near-term target, it will give the central bank room to make a rate cut at its next meeting on Feb. 8. Industrial output likely accelerated 1.3 percent in November from a year ago, after falling 1.9 percent in October, the poll also forecast. "The impact of the demonetization drive will be better reflected in weak December readings," wrote Radhika Rao, economist at DBS Bank, in a note. "Subdued capital goods output is likely to be accompanied by a slow patch in consumer durables and non-durables production as inventories build on slower demand." Wholesale price inflation is expected to have picked up last month to 3.50 percent from 3.15 percent in November, according to the poll. (Polling by Shaloo Shrivastava and Khushboo Mittal; Editing by Kim Coghill) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-economy-inflation-idINKBN14V0I2'|'2017-01-11T13:17:00.000+02:00'
'f455493a3ffeef5bc188d633bdf061906ba0d893'|'Supermarkets offer a foretaste of full-year sales'|'Supermarkets’ festive recipe offers foretaste of full-year sales Morrisons reports strongest Christmas sales growth in seven years by: Matthew Vincent Who says Britain has no plan for Brexit? Already, a national institution has been relocated from Brussels to Lincolnshire, bringing huge potential cost savings. Yes, we have taken back control of...the sprout. Some 300 tons of the essential Christmas comestible are now grown in honest East Midlands soil, and available ready-to-boil for just 19p per 500g — all thanks to that great UK consumer champion called, er, Lidl. This matters, even to members of the metropolitan elite who spend all their time following share prices and Lidl’s recipe for Bacon & Brussels sprout Suppli al Telefono. Because UK supermarkets’ Christmas sales now appear more correlated to their full-year financial performance. For investors in Wm Morrison , which has just reported its strongest festive sales growth in seven years, this is an encouraging trend, and one that has already led to its full-year revenue and profit guidance being raised. A strengthening correlation should also be good news for shareholders awaiting updates from J Sainsbury and Tesco in coming days. But, unlike Lidl’s sprout harvest, it has not always been so cut and dried. According to Kantar Worldpanel, the consumer research provider, shopping habits used to change over Christmas. Discounters and lower-cost retailers tended to take a slightly smaller market share as consumers moved upmarket for the holiday season. Think “This is not a sprout, this is an M&S sprout.” However, while the shift upmarket persists — and helped boost sales for Waitrose and Co-op both this Christmas and last — the general direction of other stores’ festive sales continued for the whole year. Lombard’s own research using data from S&P Capital IQ found that, for every single UK supermarket group, the direction of sales at Christmas 2015 remained the same in its ensuing full-year results. Last year, that was bad news for Tesco, Asda, Morrisons and Iceland. But it bodes well for all of them, bar Asda, this time round. Only Sainsbury looks set to buck the trend in 2016-17, as Kantar’s estimate of a 0.1 per cent fall in Christmas sales is unlikely to dent a forecast full-year recovery. As for Lidl, its 7.5 per cent Christmas sales growth presages another full year of UK market share gains, but represents a slowdown from 2015’s 18.5 per cent festive sales surge. As was doubtless overheard around the sprout bowls last month, it is perhaps possible to have too much of a good thing. City canine puts teeth in In time we may celebrate 2016’s bad boys of corporate governance, Sir Philip Green and Mike Ashley, as angels of reform, writes Kate Burgess . Without them, MPs and the government would not be calling for directors to buck up and end the culture of high executive pay and short-term investor payouts that eat into a company’s long-term success. And without Theresa May thumping the table , the Financial Reporting Council, which oversees accountants and companies’ governance, would not be demanding new dentures with which to hold all directors — not just the number crunchers — to account. All it needs, the watchdog says, is for Section 172 of the Companies Act 2006 to be expanded and a couple of paragraphs inserted insisting that directors explain how decisions (for example, on paying dividends and bonuses) affect staff and others. Then the FRC needs to be made an enforcer, so it can chew out directors if their explanations are inadequate. No biggie! But, as it stands, only shareholders (and the Insolvency Service in extremis) can take directors to court for breaches of Section 172 and none have done so, to Lombard’s knowledge. Parliamentarians may balk at giving extra powers to a watchdog not known for its bite or its bark. But, if the government wants to heal the rift between business and the public, it must ensure that someone has their teeth in. Has the Mirror crack’d it? Private companies and the public sector rarely agree on best practice — except in the case of outsourcing. So it is perhaps appropriate that press barons serving both sides of the ideological divide — Richard Desmond of the Express and Simon Fox of Trinity Mirror — are talking about a deal to share back-office operations . Banks do it. Credit Suisse recently held talks with a competitor over cost sharing , as it seeks $2bn of savings. Governments do it. Former minister Francis Maude promised to save taxpayers “up to half a billion a year” by sharing services. But the newspaper men might want to remember that the government failed to deliver its promised savings. And other banks that discussed sharing compliance functions later paid heavily for their shortcomings. For investors, it may be better if the Mirror’s plan were limited to helping the Express sell ads for Diana, Princess of Wales commemorative plates. FRC:  '|'ft.com'|'http://www.ft.com/rss/companies/uk'|'https://www.ft.com/content/bc13ab16-d74f-11e6-944b-e7eb37a6aa8e'|'2017-01-11T02:22:00.000+02:00'
'7c0e5f2c1f08446bc6149ad69dd18c5807650d37'|'Ford affirms 2017 to be less profitable than 2016'|'Money News - Wed Jan 11, 2017 - 5:12am IST Ford affirms 2017 to be less profitable than 2016 A 2018 Ford F-150 ''''King Ranch'''' pickup truck is displayed during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch DETROIT Ford Motor Co ( F.N ) on Tuesday confirmed that it would be less profitable in 2017 than last year, even as cross town rival General Motors Co ( GM.N ) on the same day gave a much more upbeat forecast that surpassed Wall Street expectations. Ford, the second largest U.S. automaker, affirmed that it was on track to deliver about $10.2 billion in adjusted pretax profit in 2016, matching a forecast it gave previously.. Ford shares initially rose 0.5 percent in extended trading but by early Tuesday evening were flat with their closing value of $12.85. GM shares were also trading near their close of $37.35, up 3.7 percent from the previous day. Ford said profit would improve in 2018 but in 2017 the company would be pressured as it increased spending on "emerging opportunities" like self-driving cars and a rise in other costs. The company last week said it was on course to deliver a "high-volume, fully autonomous vehicle for ride sharing in 2021" and a fully electric small SUV with a range of at least 300 miles on a full charge. GM, the largest U.S. automaker, said it expected 2017 earnings per share in a range of $6 to $6.50. Analysts had, on average, predicted the company would post EPS this year of $5.76,   I/B/E/S. Ford on Tuesday declared a first-quarter regular dividend of $0.15 per share and a $200 million supplemental cash dividend, or an additional $0.05 per share. The regular dividend matched that of the first quarter of 2016, but the supplemental dividend was below the $0.25 per share payout announced a year ago. (Reporting by Bernie Woodall; Editing by Andrew Hay) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ford-motor-outlook-idINKBN14U2TH'|'2017-01-11T06:42:00.000+02:00'
'd44057a310a9ecdbc08ef99015fe9d2a1775011c'|'UniCredit may price shares in cash call with 30-40 percent discount - source'|' 46am GMT UniCredit may price shares in cash call with 30-40 percent discount - source The headquarters of UniCredit bank is seen in Milan, Italy, in this February 8, 2016. REUTERS/Stefano Rellandini/File Photo MILAN UniCredit ( CRDI.MI ) may price shares in an upcoming 13 billion euro (11.52 billion pounds) cash call with a 30-40 percent discount, a source close to the matter said on Wednesday, confirming a press report which drove shares down 3 percent. The source said no final decision had yet been taken. UniCredit declined to comment. The source said the bank was considering pricing new shares at between 1.2 euros and 1.3 euros each. "It''s a possibility that''s being studied," the source said. The stock fell 2.7 percent to 2.608 euros by 0838 GMT with traders saying sales had been triggered by Il Messaggero daily, which first reported details of the share issue pricing. A second source close to the matter said UniCredit could launch the share issue soon after it approves full-year results on Feb. 9. (Reporting by Gianluca Semeraro and Valentina Za, editing by Stefano Bernabei)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-banks-unicredit-cash-call-idUKKBN14V0SZ'|'2017-01-11T15:46:00.000+02:00'
'65b929c40a8fde0490f5ae351853e3e3c048f31f'|'Movie chain operator Cineworld''s full-year group revenue rises 8.3 percent'|' 15am GMT Movie chain operator Cineworld''s full-year group revenue rises 8.3 percent British cinema operator Cineworld Group Plc ( CINE.L ) said on Wednesday full-year group revenue rose 8.3 percent on a constant currency basis as movies such as "Star Wars: Rogue One", "Fantastic Beasts and Where To Find Them", and "The Jungle Book" drew record number of viewers to its screens. Group box office revenue increased 7 percent in the year ended Dec. 31, while admissions rose in its key UK & Ireland market and others, including Poland, Hungary and Israel. The company, which operates 226 sites with 2,115 screens across nine countries, said it would add 13 new sites in 2017, including six in the UK. Cineworld''s retail revenue, which comes from sales of items such as popcorn and soft drinks, rose 12.7 percent. The company, founded in 1995, has grown through a string of acquisitions like the bolt-on purchase of five UK cinema units from Empire Cinema Ltd for 94 million pounds in July last year, which included a nine-screen multiplex at Empire Leicester Square in London''s West End. The operator said the film slate for 2017 was "exciting" with releases like "Justice League", "Fast and Furious 8", and "Dunkirk". Separately, the company promoted Deputy Chief Financial Officer Nisan Cohen as CFO with immediate effect. (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair and Subhranshu Sahu) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cineworld-group-outlook-idUKKBN14V0OW'|'2017-01-11T15:15:00.000+02:00'
'962c5acb061cd2551cc54ef4f7a52d333097dae3'|'UPDATE 2-China hikes anti-dumping duties on U.S. animal feed in final ruling'|'(Updating with details throughout)By Josephine Mason and Hallie GuBEIJING Jan 11 China has increased punitive tariffs on imports of a U.S. animal feed ingredient known as distillers'' dried grains (DDGS) from levels first proposed last year, potentially escalating a trade spat between the world''s two largest economies.In a final ruling, the Commerce Ministry said on Wednesday that anti-dumping duties will range from 42.2 percent to 53.7 percent, up from 33.8 percent in its preliminary decision in September. Anti-subsidy tariffs will range from 11.2 percent to 12 percent, up from 10 percent to 10.7 percent.The ruling is a major victory for China''s fledging ethanol industry, which had complained the U.S. industry was unfairly benefiting from subsidies, and follows a year-long government probe.On Wednesday, Beijing said it found the domestic DDGS industry had "suffered substantial harm" due to subsidised imports from the United States.China is the world''s top buyer of DDGS, a by-product of corn ethanol that is used by feed mills as a substitute for corn and soymeal. China imports almost all of its needs from the United States, the largest exporter.The decision is a big blow to the larger U.S. ethanol industry, including global traders Archer Daniels Midland Co (ADM) and Louis Dreyfus, along with biofuel producer Poet LLC, oil refiner and ethanol producer Valero Energy Corp and grains group Andersons Inc.The penalty hike was larger than experts had expected, and comes amid growing tensions between the two countries over China''s corn subsidies and its steel and aluminium exports.U.S. President-Elect Donald Trump, who takes office on Jan. 20, has threatened to impose punitive tariffs on Chinese goods coming into the United States.Many Chinese businesses have already started to wind back imports of U.S. DDGS since the preliminary ruling in September, switching to domestic suppliers or alternatives like soymeal."I don''t buy DGGs from the U.S. anymore and have turned to domestic DDGs, soymeal and rapemeal," said Mr Hu, who is in charge of buying protein in southern China for feed manufacturer New Hope Liuhe. He declined to give his first name as he is not authorised to speak to the media.Imports have steadily dropped in recent months.Shipments in October and November fell to 135,000 tonnes and 163,000 tonnes respectively, about a third of the total in August before the first ruling. In the first 11 months of the year, imports were down 53 percent at just under 3 million tonnes.The new rates will take effect from Thursday and be in force for five years.(Reporting by Josephine Mason and Beijing newsroom; Editing by Christian Schmollinger and Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-grains-usa-idINL4N1F11H1'|'2017-01-11T02:25:00.000+02:00'
'8b1f109f97b45615931ba5fe1a8ff4ee11fc397a'|'UPDATE 1-Airbus deliveries rose 8 pct, orders outpaced Boeing in 2016'|'Market News - Wed Jan 11, 2017 - 4:20am EST UPDATE 1-Airbus deliveries rose 8 pct, orders outpaced Boeing in 2016 (Adds details, Bregier comments) By Tim Hepher TOULOUSE, France Jan 11 Airbus posted an eight percent rise in deliveries last year, beating its own forecasts by a comfortable margin to set a company record, and pulled off a last-minute surge in orders to beat its arch-rival Boeing in the race for new orders. Confirming an estimate published by Reuters, the European planemaker said on Wednesday it had delivered 688 aircraft in 2016, compared with an official company forecast of more than 650 and a goal set by its finance director of more than 670. Deliveries rebounded at the year-end after problems in the supply chain, but Airbus planemaking president Fabrice Bregier told a news conference he was not expecting another record end to the year in 2017 as production levels smooth out. Airbus remained behind the world''s biggest aircraft manufacturer, Boeing, in deliveries but scored another win in the race for new business after posting 731 net orders for 2016. Boeing delivered 748 aircraft and took 668 net orders last year. The surge in Airbus orders included 98 aircraft sold to Iran, the first of which was due to be delivered later on Wednesday. It also included over 100 orders to unidentified customers, which industry sources have linked to Saudi carrier Flynas and the leasing arm of China''s Bank of Communications. But a December sales flurry by both Airbus and Boeing failed to prevent the combined book-to-bill ratio of the two giants dipping below 1 for the first time since 2009, placing a dent in record industry order backlogs amid concerns over the economy. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/airbus-deliveries-idUSL5N1F11QW'|'2017-01-11T16:20:00.000+02:00'
'101a5a8380e90df5eab2d2f9275af2c8b2a646cd'|'After Macau and Vegas, investors ask what''s next for Australia''s Packer'|'Business News - Wed Jan 11, 2017 - 5:38am GMT After Macau and Vegas, investors ask what''s next for Australia''s Packer Australian Businessman and founder of Australia''s Crown Ltd, James Packer smiles while answering questions at an evening business event in Sydney October 25, 2012. REUTERS/Tim Wimborne/File Photo By Byron Kaye - SYDNEY SYDNEY A decade ago, Australian billionaire James Packer had a clear, if unconventional, strategy: to turn his father''s established television-to-newspaper conglomerate into a casino empire, tapping Asia''s richest gamblers. But as that plan falters, partly under the weight of China''s corruption crackdown, Packer has taken cash out of the Crown Resorts business and pulled back in both Las Vegas and Macau in the past two months - unsettling even seasoned investors who say they need to know what the alternative is for the company. A series of technology investments by Packer, largely in Israel, have helped muddy the waters - along with a film production company in which one of Packer''s partners is Steven Mnuchin, who has been nominated for the position of U.S. Treasury Secretary. "It''s pretty hard to digest it all with only a smattering of information," said Angus Gluskie, a fund manager at White Funds Management, which has a small stake in Crown. "We all want to get a handle on what the real agenda is." WALKED AWAY The high roller gambling business has struggled since Beijing''s graft crackdown began in 2014, battering Macau, which had been a potential transit point for illicit money outflows and corrupt officials fleeing China. In late 2015, Packer quit the Crown board saying he wanted to concentrate on casino developments in Las Vegas. Shares in the company rose on the expectation Packer would take parts of Crown private without having the conflicts of interest of being a board member. That plan has come to nought. Last month, Crown said it was walking away from its third attempt to build a casino on Nevada''s famed strip and that it was selling down its stake in the Macau-focused Melco Crown Entertainment to almost nothing from a third of the company. That represented a major pullback from its foray into China. Gaming revenue from Macau has declined every month for more than two years; and the company said turnover from VIP gamblers - largely Asian tourists - at its Australian casinos would likely fall 45 percent in the second half of 2016. Mathan Somasundaram, a strategist with stockbroker Baillieu Holst, said an announcement on Tuesday that Packer would rejoin the Crown board showed that the company''s global ambitions and the businessman''s privatisation plans had ended. "The back tracking of the global expansion was a clear flag that privatisation was going to be too hard to sell," Somasundaram said. "The local business is stable, but likely to see lower growth." Responding to Reuters questions on investor concerns, Crown said the retreat from Macau and Vegas was consistent with a strategy to redeploy capital to growth projects and to cut debt. Crown spokeswoman Natasha Stipanov said Crown''s sale of Melco Crown shares "should make it clearer for investors to more easily evaluate the financial and operating performance of the company''s high quality core Australian assets". Crown has casinos and hotels in Melbourne and Perth, and a casino and high-end hotel development in Sydney. But the uncertainty has hit its shares, with negative sentiment also fuelled by a fresh anti-graft blow from Beijing when 18 of its staff were arrested in China for suspected "gambling crimes" in October. Crown shares are down more than 10 percent since the October arrests and are trading 22 percent below where they were when Packer first shifted to gambling in a 2007 demerger just before the global financial crisis. Australia''s benchmark S&P/ASX 200 has fallen 12 percent during the same period. Separately, Packer has also sold part of his stake, leaving his family with under 50 percent of Crown for the first time since 2013. "I think they have been a bit shellshocked in terms of the volatility that''s coming out of Macau over the last two years or so," said Theo Maas, a partner at Arnhem Investment Management, which holds Crown shares. "The real question is whether you can compensate that with a better relationship with mainland China again or with other southeast Asian customers." WHAT NEXT? As Packer has dramatically scaled back his global ambitions with Crown, the Sydney native has moved away from his home country. He now lives in homes in Los Angeles or Tel Aviv, Israel. He has invested in Israel’s high-tech industry, a sector which has previously proven fruitful for the Australian and may offer clues about his own private investments, if not Crown''s. Crown did not respond to questions about Packer''s reason for moving to Israel or his business there. A source at Australian technology investment company Square Peg, which has interests in about 20 small firms including several in Israel, told Reuters that Packer was an investor though he does not have day-to-day involvement. Packer''s link to Square Peg can be traced to an investment in an online jobs portal, where he made a A$50 million profit selling a stake in Australian jobs website Seek.com Ltd in 2013. The seek founder, Paul Bassat, is a founder of Square Peg. Crown has also bought a 20 percent stake in Los Angeles-headquartered Japanese restaurant chain Nobu, in which actor Robert de Niro is also an investor. Before its retreat offshore, Crown said it would roll out Nobu restaurants in casinos around the world. Crown declined immediate comment on whether that plan was unchanged. "Clearly he''s been a distracted man for some time, and I think some of his top lieutenants are pretty distracted too," said a third Crown investor, who asked not to be named because of the sensitivity of the issue. "I''ve probably got as many questions as you, and I''m not sure I have any of the answers." (Additional reporting by Tova Cohen in TEL AVIV and Jonathan Barrett and Tom Westbrook in SYDNEY; Editing by Martin Howell) Next In Business News Hong Kong court hears Moody''s appeal over ''red flags'' report HONG KONG Hong Kong''s Court of Appeal on Wednesday began hearing Moody''s appeal against a tribunal decision that partly upheld regulatory action imposed on it for a report on Chinese firms, in what is considered a landmark case for the financial centre.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-australia-crown-resorts-packer-analys-idUKKBN14V0FH'|'2017-01-11T12:38:00.000+02:00'
'0c4ad53196ff03ac6f8ab43495b1c4b5df3376ad'|'Australia shares end at 20-month high; New Zealand up'|'  1:01am EST Australia shares end at 20-month high; New Zealand up (Updates to close) Jan 9 Australian shares closed firmer on Monday posting their fifth straight session of gains, pushed up by financials and healthcare companies, in line with U.S. stocks hitting new highs. The S&P/ASX 200 index ended the session up 0.9 percent, or 51.819 points, to 5,807.4, its highest close since May 5, 2015. The financial sector was up with the index gaining 1.5 percent, pushed up by the "Big Four" banks rising more than 1 percent each. Healthcare stocks led gainers on the main index, with CSL Ltd ending up 1.6 percent at its highest since Oct. 21 after the European Commission granted marketing authorisation for haemophilia drug AFSTYLA developed by CSL''s unit. Ramsay Healthcare also gained 3 percent to its highest since Nov. 14. On the other hand, basic material stocks lost as Australia''s Department of Industry, Innovation and Science has forecast a steep decline in iron ore prices, its most valuable export commodity, calling an end to an unexpected rally fuelled by strong demand from China. Iron ore producer Fortescue Metals lost 3.8 percent to end at its lowest in more than two weeks. BHP Billiton shed 0.1 percent while Rio Tinto declined 1.3 percent. New Zealand''s benchmark S&P/NZX 50 index closed 0.6 percent higher, or 42.08 points, to finish the session at 7,012.74, its highest close since Oct. 17 Financial and industrial stocks pulled up the index as Westpac Banking Corp gained 1.8 percent while Auckland International Airport added 1.6 percent. On the losing side, consumer cyclicals eased with Fletcher Building shedding nearly 2 percent in its third consecutive session. (Reporting by Susan Mathew in Bengaluru; Editing by Jacqueline Wong) Next In Financials MIDEAST   DUBAI,   UPDATE 2-France''s Ipsen to buy Merrimack''s pancreatic cancer drug, assets in $1 bln deal Jan 9 French drugmaker Ipsen SA said on Monday it would buy some assets of Merrimack Pharmaceuticals Inc , including pancreatic cancer drug Onivyde, for up to $1 billion, barely a month after the U.S. company stopped a breast cancer drug trial. SHANGHAI, Jan 9 China stocks started the week on a firmer note on Monday, led by defence stocks that surged after a state-run tabloid said China would seek to "take revenge" should U.S. President-elect Donald Trump abandon the "one-China" policy. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-close-idUSL4N1EZ1SU'|'2017-01-09T13:01:00.000+02:00'
'ab9177a0009abfc265f4f4492ed55f2ed080182a'|'Alibaba tells Trump about U.S. store plan for China e-shoppers'|'Technology News - Mon Jan 9, 2017 - 12:35pm EST Alibaba tells Trump about U.S. store plan for China e-shoppers left right U.S. President-elect Donald Trump walks from an elevator with Alibaba Executive Chairman Jack Ma after their meeting at Trump Tower in New York, U.S., January 9, 2017. REUTERS/Mike Segar 1/2 left right U.S. President-elect Donald Trump shakes hands with and Alibaba Executive Chairman Jack Ma after their meeting at Trump Tower in New York, U.S., January 9, 2017. REUTERS/Mike Segar 2/2 NEW YORK Alibaba Executive Chairman Jack Ma met U.S. President-elect Donald Trump on Monday and laid out the Chinese e-commerce company''s new plan to bring a million small U.S. businesses onto its platform to sell to Chinese consumers over the next five year, an Alibaba spokesman said. Alibaba Group Holding Ltd ( BABA.N ) expects the initiative to create a million U.S. jobs as each company adds a position, company spokesman Bob Christie said in a phone call. Trump and Ma emerged from their meeting at Trump Tower in New York together. The president-elect told reporters they had a "great meeting" and would do great things together. Ma called Trump "smart" and "open-minded." He said the two mainly discussed supporting small businesses, especially in the Midwest. Ma said that businesses such as farmers and small clothing makers could tap the Chinese market directly through Alibaba. He called the meeting with Trump "very productive." "We mainly talked about small business and young people and American agriculture products to china. And we also think, that the China and U.S. relationship should be strengthened, should be more friendly," he said. (Reporting by Peter Henderson, David Alexander, Doina Chiacu and Laila Kearney; Editing by Richard Chang) Next In Technology News Supreme Court will not examine tech industry legal shield The U.S. Supreme Court on Monday let stand a lower court''s decision that an online advertising site accused by three young women of facilitating child sex trafficking was protected by a federal law that has shielded website operators from liability for content posted by others.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-alibaba-idUSKBN14T1ZA'|'2017-01-10T00:35:00.000+02:00'
'558b42e30924d44b828615e443fb8c3870e8c98d'|'Board of Kuwait''s Americana endorses Adeptio offer to minority shareholders'|'Financials - Mon Jan 9, 2017 - 6:58am EST Board of Kuwait''s Americana endorses Adeptio offer to minority shareholders DUBAI Jan 9 The board of Kuwait Food Co (Americana) said on Monday an offer from its major shareholder Gulf investment firm Adeptio to buy out minority shareholders at 2.650 dinars was fair, according to a bourse statement. Adeptio, an investment group led by Dubai businessman Mohamed Alabbar, on Oct. 20 acquired a 66.79 percent stake in Americana valued at 711.5 million dinars ($2.33 billion). The consortium was then obliged to launch a mandatory offer to buy Americana''s remaining shares under Kuwaiti securities rules. Americana''s board said that independent consulting firm Consultia concluded that the offer price of 2.650 dinars was fair, the statement said, and the board has endorsed the offer. ($1 = 0.3058 Kuwaiti dinars) (Reporting by Hadeel Al Sayegh, editing by Louise Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/americana-ma-adeptio-idUSD5N1E9009'|'2017-01-09T18:58:00.000+02:00'
'99c41499b9fd885b6c0abfe82a343caa0f1d54e2'|'Canada keen to boost ties, seal trade pact with India'|'Company News   5:14am EST Canada keen to boost ties, seal trade pact with India By Euan Rocha - GANDHINAGAR, India GANDHINAGAR, India Jan 11 Canada is keen to boost its business ties with India and is moving forward with attempts to seal a trade pact with the South Asian country, Canada''s minister of infrastructure and communities told Reuters. "There is an emphasis on signing a trade agreement with India," Amarjeet Sohi said in an interview on Tuesday. "The process was begun in 2014 and we are putting great emphasis on moving the discussions forward." Sohi, speaking on the sidelines of Vibrant Gujarat - a big biennial investor gathering in the western state of Gujarat that is home to India''s Prime Minister Narendra Modi, said that two-way annual trade between the countries currently stood at C$8.3 billion ($6.3 billion) in 2015 and is set to grow steadily. Trade flow with India has grown 30 percent from 2014 levels, but the size of bilateral trade between the nations is relatively small, at about one-tenth the size of Canada''s annual trade flow with China, according to Statistics Canada data. "India is absolutely critical for Canada to engage with, as it is not only a growing economy, but a major regional player." Some of Canada''s largest pension funds and investment firms - ranging from Canada Pension Plan Investment Board, Ontario Teachers Pension Plan to Fairfax Financial and Brookfield Asset Management - have in recent years put billions of dollars into investments within infrastructure, real estate and even start-ups in India. Canadian funds have invested close to C$15 billion in India in recent years and we see a lot of potential of that investment growing, said Sohi. Some of the leading edge companies in Canada focus on urban infrastructure and if you look at the needs of urban centres in India there are lot of opportunities for collaboration and growth in that sector. Canada''s Bombardier Inc, which has a manufacturing base in Gujarat, has been a key supplier of rail locomotives and equipment to the metro systems in both Mumbai and New Delhi. ($1 = 1.3225 Canadian dollars) (Reporting by Euan Rocha; Editing by Himani Sarkar) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-vibrantgujarat-canada-idUSL1N1F10A3'|'2017-01-11T17:14:00.000+02:00'
'd8decd1ec0ef1aef77b5db95ba108b1d59e01b30'|'CORRECTED-American Airlines raises unit revenue forecast'|'Company News - Wed Jan 11, 2017 - 8:49am EST CORRECTED-American Airlines raises unit revenue forecast (Corrects parargaph 1 to say that American Airlines raised its forecasts for the ''fourth'' quarter, not the ''current'' quarter) Jan 11 American Airlines Group Inc raised its forecasts for a key industry revenue measure and pretax margin for the fourth quarter, citing improving average fares. American, the No.1 U.S. airline by passenger traffic said on Wednesday it now expected its fourth-quarter unit revenue to be flat to up 2 percent. The company''s previous forecast ranged from a decline of 1 percent to an increase of 1 percent. Unit revenue compares sales to how many seats an airline flies and how far it flies them. The airline said it now expected its pretax margin excluding items to be between 7 percent and 9 percent, up from its previous forecast of 6 percent to 8 percent. (Reporting by Ankit Ajmera in Bengaluru; Editing by Ted Kerr) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/american-airline-outlook-idUSL4N1F13S7'|'2017-01-11T20:49:00.000+02:00'
'a3f459823b3a1f51e6dac64f36e7f7aa6c32735e'|'World Bank sees higher 2017 global growth, uncertainty over U.S. policy'|' 12am IST World Bank sees higher 2017 global growth, uncertainty over U.S. policy A worker welds in the Tianye Tolian Heavy Industry Co. factory in Qinhuangdao in the QHD economic development zone, Hebei province, China December 2, 2016. REUTERS/Thomas Peter/Files By David Lawder - WASHINGTON WASHINGTON   In its latest Global Economic Prospects report, the multilateral lender said it expected 2017 real gross domestic product growth to rebound to 2.7 percent from a post-financial crisis low of 2.3 percent last year. Growth in advanced economies is expected to edge up to 1.8 percent in 2017 from 1.6 percent in 2016, the World Bank said, while emerging and developing economies will see growth accelerate to 4.2 percent this year from 3.4 percent last year. "After years of disappointing global growth, we are encouraged to see stronger economic prospects on the horizon," World Bank Group President Jim Yong Kim said in a statement. "Now is the time to take advantage of this momentum and increase investments in infrastructure and people." However, there was considerable uncertainty surrounding the forecasts, which did not incorporate the effects of various policy proposals   Trump, which are expected to include increased fiscal stimulus from tax cuts and infrastructure spending, and a more protectionist trade stance. The World Bank forecasts 2017 U.S. growth at 2.2 percent versus 1.6 percent in 2016, but the increase could be considerably larger -- and have effects far beyond U.S. shores. "A surge in U.S. growth -- whether due to expansionary fiscal policies or other reasons -- could provide a significant boost to the global economy," the bank said. However, this could lead to higher interest rates and tighter financial conditions that would have adverse effects on some emerging market countries that depend heavily on external financing. It added that lingering uncertainty over the course of U.S. economic policy could weigh on global growth by keeping investment money on the sidelines until there is more policy clarity. The World Bank said China''s growth would continue to slow, easing to 6.2 percent in 2017 from 6.7 percent in 2016, but growth would edge higher in some Southeast Asian economies, including Indonesia and Thailand. India''s strong growth is expected to accelerate, rising to 7.6 percent in 2017 from 7.0 percent in 2016 as reforms ease domestic supply bottlenecks and increase productivity. (Reporting by David Lawder; Editing by Andrea Ricci) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/worldbank-growth-idINKBN14V087'|'2017-01-11T09:42:00.000+02:00'
'39b942c968a4e60a34c778fff8fcbadb6e3710ef'|'China exchanges still rife with illegal behaviour - paper'|'Business News - Wed Jan 11, 2017 - 6:10am IST China exchanges still rife with illegal behavior: paper SHANGHAI China''s trading exchanges are still rife with illegal behavior despite a recent crackdown by authorities, the official China Securities Journal reported on Wednesday, citing a recent meeting of the country''s securities regulator. The paper said a government-led rectification campaign had helped to bring the situation under control, but there has been a "resurgence" of regulatory breaches at some exchanges. It said some precious metal and crude oil trading venues were suspected of engaging in illegal futures trading activities, while others were suspected of a range of offences including manipulating market prices and defrauding investors. Regulators attending the meeting will work to rectify the problems over the next six months, the newspaper said. China has put its exchanges under greater scrutiny after blaming a crash in its stock markets in 2015 on widespread irregularities, including price manipulation. The China Securities Regulatory Commission has also been accused of allowing the families of its officials to trade in stocks.. China''s police authorities set up five specialist units last year to deal with financial crimes. (Reporting by David Stanway; Editing by Shri Navaratnam) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-china-finance-fraud-idINKBN14V01B'|'2017-01-11T07:35:00.000+02:00'
'bccfe6b02ea218c481a79f4bc3b6e9087ab769ff'|'Arun Jaitley: tax figures show little disruption from cash crackdown'|'Business News - Mon Jan 9, 2017 - 1:00pm IST India''s Jaitley: tax figures show little disruption from cash crackdown Indian Finance Minister Arun Jaitley (L) and World Bank President Jim Yong Kim (R) take the stage for a panel discussion at the annual meetings of the IMF and World Bank Group in Washington, October 7, 2016. REUTERS/James Lawler Duggan/Files NEW DELHI India''s indirect tax receipts grew by an annual 14.2 percent in December, Finance Minister Arun Jaitley said on Monday, adding that the robust figures suggested the government''s cash crackdown had little impact on overall economic activity. Last November, Prime Minister Narendra Modi scrapped 500- and 1,000-rupee banknotes as part of a crackdown on tax dodgers and counterfeiters, leaving companies, farmers and households all in pain. (Reporting by Rajesh Kumar Singh; Editing by Douglas Busvine) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-india-economy-taxes-idINKBN14T0KZ'|'2017-01-09T14:18:00.000+02:00'
'2a15e570dbbb5d8b73ab74e049d292c3d96e4b83'|'European shares steady as Sainsbury''s soars, Cobham tanks'|'Business News - Wed Jan 11, 2017 - 8:19am GMT European shares steady as Sainsbury''s soars, Cobham tanks left right A man walks through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett 1/2 left right Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, January 9, 2017. REUTERS/Staff/Remote 2/2 LONDON European shares steadied on Tuesday in early deals, with retail stocks back in focus after a well-received update from British grocer Sainsbury ( SBRY.L ), though Cobham ( COB.L ) tanked. The pan-European STOXX 600 index was flat in percentage terms, as was the blue-chip FTSE 100 .FTSE , which held close to a record high of 7,284.81 points reached in the previous session. Sainsbury''s ( SBRY.L ) was the top gainer, jumping more than 5 percent after Britain''s second biggest supermarket beat forecasts for underlying sales in its Christmas quarter. This follows peer Morrison''s ( MRW.L ) strong performance in the previous session after it too reported robust figures. Earnings also buoyed shares in Denmark''s Chr Hansen ( CHRH.CO ), which gained 4.6 percent. British aero engineering firm Cobham ( COB.L ) slumped more than 19 percent, however, after it missed its profit target and scrapped its final dividend. Cobham''s 2016 trading profit fell short of a target it had cut just two months before the year-end because of poor trading. (Reporting by Kit Rees, Editing by Vikram Subhedar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN14V0QJ'|'2017-01-11T15:19:00.000+02:00'
'a5c6dcf91a831247b91f9b364974bea3058ea4e2'|'Trump recommits to "major border tax" on foreign-produced U.S. products'|'Politics  11pm EST Trump recommits to ''major border tax'' on foreign-produced U.S. products President-elect Donald Trump speaks during a press conference in Trump Tower, Manhattan. REUTERS/Shannon Stapleton By Alana Wise - NEW YORK NEW YORK President-elect Donald Trump on Wednesday promised a "major border tax" on companies that shift jobs outside the United States, further pressuring American businesses days after Fiat Chrysler Automobiles NV said heavy tariffs could force the company to shutter Mexican plants. Since the Nov. 8 election, Trump has taken to Twitter to call out by name a number of manufacturers with both planned and existing operations outside of the country. On Wednesday, he returned to the issue in his first news conference since the election. Trump, who will be sworn into office on Jan. 20, warned of a "very large border tax" on companies that shift production to foreign countries. "You want to move your plant, and you think, as an example, you''re going to build that plant in Mexico, and you''re going to make your air conditioners or your cars, or whatever you''re making, and you''re going to sell them through what will be a very, very strong border ... Not going to happen. You''re going to pay a very large border tax," he warned. U.S. automakers in particular have felt the brunt of Trump''s ire, as he has called for the industry to return to former manufacturing hubs in the American Midwest from Mexico, which accounts for a fifth of all vehicle production in North America and has attracted more than $24 billion in auto investment since 2010, according to the Ann Arbor, Michigan-based Center for Automotive Research. Trump thanked Fiat Chrysler and Ford Motor Co for announcements in the past week of investments in Midwestern plants. He added that he hoped General Motors Co, the No. 1 American automaker, would take similar steps to expand U.S. operations. On Monday, Fiat Chrysler Chief Executive Sergio Marchionne said, "It''s possible, if the economic terms imposed by the U.S. administration on anything that comes into the United States that, if they''re sufficiently large, that it would make the production of anything in Mexico uneconomical. "We would have to withdraw," Marchionne said. "It is quite possible.” Trump also reiterated his criticism of Lockheed Martin Corp''s F-35 fighter jet program, saying it was "way, way behind schedule and many, many billions of dollars over budget." After the news conference, Lockheed Martin said in a statement read on CNBC, "We understand President-elect Trump''s concerns about the F-35 program and we''ve given him our full commitment to drive down cost aggressively." In its annual State of the American Business Address on Wednesday morning, the U.S. Chamber of Commerce, which traditionally has worked in concert with the Republican Party, urged Trump not to add to the "burdens" of exporters by erecting barriers to trade that could hamper economic growth. (Reporting by Alana Wise; Editing by Jonathan Oatis) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-bordertax-idUSKBN14V2LN'|'2017-01-12T04:06:00.000+02:00'
'd12bae338f80a4fa89398ada7747e5b219887b87'|'Valeant raises $2.1bn through asset sales'|'Valeant raises $2.1bn through asset sales Canadian drugmaker will use deals with L’Oréal and Sanpower to pay down debt Read next by: Harriet Agnew in Paris Valeant Pharmaceuticals International has sold several assets for $2.1bn as the struggling Canadian drugmaker seeks to restructure its business and pay down debt. Valeant , which has lost more than 90 per cent of its market value in the past 18 months, said it would sell prostate cancer drugmaker Dendreon Pharmaceuticals to Chinese conglomerate Sanpower Group — owner of the House of Fraser department stores — for $819.9m in cash. Separately, Valeant also said on Tuesday that it had agreed to sell three skincare brands — CeraVe, AcneFree and Ambi — to French cosmetics company L’Oréal . The three product lines, which have combined annualised revenue of about $168m, represent a further push into the skincare business for L’Oréal. Valeant’s asset sales mark a reversal of the acquisition spree that loaded the company with $30bn of net debt in recent years. The company said it would use the proceeds from the sales to repay debt. A clutch of former McKinsey executives took control of Valeant in 2008, focusing on an aggressive growth strategy of buying rival companies and cutting research budgets while raising drug prices. The buying spree turned Valeant from a small drugmaker into one of the world’s largest pharmaceutical groups, which at its peak was valued at $90bn. But the approach, led by former chief executive Michael Pearson, ended disastrously following a series of scandals ranging from improper accounting to aggressive sales techniques and massive price increases. Valeant’s market value has fallen to $5.34bn, and the company and its former executives are now battling with a number of investigations and lawsuits. Special Report An industry in flux has produced some bitter pills to swallow Tuesday, 10 January, 2017 Valeant is trying to convince investors that it can cope with its debts and has been trying to reduce its crippling burden through disposals, although not always successfully. In November, Valeant abandoned attempts to sell its gastrointestinal division to Japan’s Takeda for $10bn after negotiations between the drugmakers broke down. Valeant bought the business, Salix, for $15.8bn including debt in March 2015 following a bidding war. Dendreon, known for prostate cancer treatment Provenge, filed for bankruptcy in 2014, before Valeant bought its assets at an auction for $495m. Approved in 2010, Provenge pioneered the use of patients’ immune systems to fight tumours but its sales failed to live up to expectations as it was difficult to administer and carried a price tag of more than $90,000. Dendreon’s new owner Sanpower is a Nanjing conglomerate formerly focused on retail and real estate, which has made several acquisition in the retail and healthcare sectors in the past three years. Additional reporting by Tom Hancock in Shanghai Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/us'|'https://www.ft.com/content/7cb39bda-d717-11e6-944b-e7eb37a6aa8e'|'2017-01-10T18:57:00.000+02:00'
'734408e863c529a355ba4d6f082a25e8c4e9d4e1'|'Saudi embrace of ride-hailing apps drives economic, social change'|'Technology  23am GMT Saudi embrace of ride-hailing apps drives economic, social change By Celine Aswad - DUBAI DUBAI Saudi Arabia hopes its plan to bring a further 1.3 million women into the workforce by 2030 will be given a lift from ride-hailing apps Uber and Dubai-based rival Careem. The cars, which the government says should only be driven by Saudi men, offer women, who are banned from driving in the conservative Muslim country, an alternative to being driven to work by chauffeurs, male relatives or the shabby taxi system. Ride-hailing apps have come under intense scrutiny from governments and regulators across the globe as they disrupt traditional taxi businesses. But Saudi Arabia courted Uber and Careem, offering state investments, to support its Vision 2030 economic reform plan. With a budget squeezed by lower oil prices, the plan aims to draw workers away from government jobs by creating 450,000 private sector positions by 2020. Uber and Careem say they will create up to 200,000 jobs for Saudi men in the next two years. By offering women a way to get to work, it should also help meet the plan''s goal of increasing the female workforce by five percentage points in the next five years to 28 percent. "This is the next best thing to women being able to drive, because you are in control of your time, no more wasteful waiting around,” said Marwa Afandi, a 36-year-old marketing executive. With the workforces of Uber and Careem easily expected to overtake the 65,000 nationals employed by state oil giant Saudi Aramco, the kingdom has invested in both companies. Saudi''s sovereign wealth fund put $3.5 billion into Uber in June 2016 while state-controlled Saudi Telecom Co announced on Dec. 18 it bought 10 percent of Careem for $100 million. "The percentage of Careem captains who are Saudi has jumped from effectively zero to 60 percent in the last 12 months, and we aim to employ 70,000 Saudis by end 2017," said Abdulla Elyas, co-founder of Careem. SOCIALLY ACCEPTABLE Women already account for around 80 percent of Uber and Careem''s passengers, the companies say. "In a country where they (women) cannot get behind the wheel we are offering both the women and the government a win-win solution," said Zeid Hreish, Uber''s general manager in Saudi. A personal driver offers the most cache for middle- and upper-class women. But as these cost as much as 3,000 riyals (651.47 pounds) a month, around 20 percent of the average monthly household income, women are always looking for cheaper options. Some wealthier Saudi women have never used the country''s existing taxi system because it is not seen as acceptable for them to travel in the older vehicles that are often provided. Uber and Careem offer an alternative because they require their drivers to use cars that are less than three years old. Uber works with car financing companies in Saudi Arabia to get deals to help its drivers buy newer cars. The use of the app for booking a car also allows a passenger to select a particular driver and some believe that the use of smart phone technology brings a better class of driver. There is little difference in price between a journey with Uber or Careem and a local taxi company but the industry does not feel threatened because it caters to a different market - road-side taxi hailers are usually lower income men and do not own smartphones. "We have very little overlapping demand with Careem and Uber," said an assistant manager at a Jeddah-based limousine company, who wished not to be named. Careem is however, developing a subsidized rides program for low-income working Saudi women with the Ministry of Labour. EVOLVING ATTITUDES The high female engagement with such apps also reflects how social attitudes are evolving in the conservative kingdom. Traditional social norms dictate local women cannot interact with men to which they are not related. However, the ride-hailing scenario has jumped ahead of such restrictions, aided by a zero tolerance policy for driver complaints operated by Uber and Careem. "I am comfortable in the car with the driver because we are getting a professional service from a company where the driver will be held accountable for any complaints made against him," said Alia Shayef, a 42-year-old banker living in Jeddah. But some riders and drivers remain uneasy about the mixing of genders. An 18 year old university student in Riyadh said that since more Saudis became Uber and Careem drivers her father has forbidden her to use those apps. A Careem driver also admitted he does not take any female riders to avoid cultural clashes and any risk of complaint. The proliferation of ride-sharing services has also done little to take away the yearning for women to drive. Some are concerned that it has made it even less likely that the government will ever allow women to get behind a steering wheel. In June when Uber announced the Saudi wealth fund had invested in its business some Saudi women took to Twitter to unveil their disapproval with the hashtag "Saudi women announce Uber boycott," trending within hours of the news. JOBS FOR MEN The state investment is partly aimed at bolstering the employment of local men at a time of rising unemployment. The Ministry of Transportation in November said Uber and Careem must "limit the jobs to Saudi nationals" although legal non-Saudi drivers may continue to work for the companies. Working for a globally-recognized company such as Uber is a draw for tech-savvy Saudis, helping some overcome the stigma of being a driver. “Uber is a trend and people want to follow it, and be a part of the digital revolution,” said Abdulelah Bassyoni, founder and managing director of Saudi-based digital consultancy Brain Technology. Despite this, both Careem and Uber say most drivers work part-time, alongside government jobs that they are reluctant to leave cause of the perceived security and benefits. Nasser, a 30-year-old Riyadh said he was working as an Uber driver to top up his government salary with extra cash. "It is crazy to think anyone would leave their government position, it is a blessing to have it," he said. (Editing by David French and Anna Willard) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-saudi-economy-ridehailing-idUKKBN14S08G'|'2017-01-08T15:10:00.000+02:00'
'66118ecb7ec400abf6315ea45b1405d70a40bd03'|'Boohoo lifts revenue outlook for fifth time in a year'|'Boohoo upgrades revenue forecasts for fifth time in a year UK online retailer’s push to woo Snapchat-loving consumers is paying off Read next Boohoo announces 5th forecast upgrade in 12 months Tuesday, 10 January, 2017 Boohoo, with 5.1m active customers, has benefited as young consumers embrace online clothes shopping at the expense or traditional retail by: Paul McClean Online fashion retailer Boohoo on Tuesday announced its fifth upgrade to revenue forecasts in less than a year, as an extended product range boosted sales growth in the run-up to Christmas. The UK company, which brands itself “the voice and style of the social generation”, said on Tuesday that it expected revenue growth at its core business to be between 43 and 45 per cent for the year to February 28, up from previous estimates of 38-42 per cent. The figures are the latest sign that Boohoo’s push to become the go-to destination for Snapchat-loving consumers is paying off. The Aim-listed group lifted its sales guidance four times during 2016, and its most recent upgrade came less than four weeks ago. On Tuesday, it said that revenues had risen 55 per cent year on year to £114m in the four months to December 31, helped by a broader range of clothes alongside the launch of childrenswear. The group now hopes to crack the US market through organic growth and acquisitions. The US was its fastest-growing division in the run-up to Christmas, with sales rising 230 per cent year on year, and now accounts for just under a fifth of overall revenues. Boohoo is the leading bidder for the assets of Los Angeles-based etailer Nasty Gal , which filed for bankruptcy last month. The Manchester-based company has offered $20m for the US brand and its customer database, and the deal is expected to complete next month unless a higher offer is made by another party. Boohoo’s management says that while the Nasty Gal business has struggled, the brand remains strong. “Nasty Gal is well known in the States — it’s an amazing brand and we want to capture that,” said Neil Catto, chief financial officer at Boohoo. “It was an opportunistic deal to pick up an extremely recognisable brand, which they’ll no doubt roll out across the UK and the rest of the world,” said John Stevenson, analyst at Peel Hunt. “It’s also a less price-conscious brand, so offers access to a higher end of the market.” Mr Catto added that he expected the company’s international sales to rise, driven by the US and Australian markets, and hinted that further acquisitions were possible. “We will have our hands full over the next few months, but we’ll look at further opportunities where we can,” he said. The proposed deal comes just weeks after Boohoo bought a 66 per cent holding in online retailer PrettyLittleThing , for £3.3m cash. PLT, which is run by Umar Kamani, the son of Boohoo’s founder and chief executive Mahmud Kamani, reported revenues of £17m last year, a more than 400 per cent increase on the previous year. PLT’s sales are predominantly in the UK, and its target market of 16- to 24-year-olds is the same as Boohoo’s, but it offers access to a different type of shopper, according to Mr Catto. Its clothes are “edgier, celebrity-inspired, and taken from the catwalk”, and allow for “ Instagram-ready gallery shots”. Related article Customers move online or spend on other products   Boohoo, which has 5.1m active customers, up 31 per cent on the previous year, has benefited as young consumers embrace online clothes shopping at the expense of traditional bricks-and-mortar retailers. But it says that social media platforms such as Instagram and Snapchat have been key to drawing in new customers. It also has deals with online “influencers”, often celebrities or bloggers with a large following, such as pop star Charli XCX. PLT has a deal with Sophia Richie, daughter of US singer Lionel Richie. “Word spreads like wildfire on those platforms — we’re marketing to hundreds of millions but at a fraction of the cost,” said Mr Catto. “We can save on marketing and invest it in our pricing.” Analysts say that Boohoo has also thrived by only selling its own-brand clothing, unlike domestic rival Asos, which acts as a platform for a host of brands. “Boohoo has also innovated a ‘test and repeat’ model to avoid falling foul of changing fashion trends,” said David Reynolds at Jefferies. “While only selling its own products, it launches new products with small order volumes,” he says. “Only around 30 per cent of products are then reordered, but the cost of failure is low. “The next stage is to wholesale its products to other retailers. That will help it to really grow.”  '|'ft.com'|'http://www.ft.com/rss/companies/retail-consumer'|'https://www.ft.com/content/ee59982e-d70e-11e6-944b-e7eb37a6aa8e'|'2017-01-10T17:57:00.000+02:00'
'9ea806441e0fb2183724310fb09fbfa170516679'|'Oil regains some ground after steep slides, but outlook cloudy'|'Wed Jan 11, 2017 - 12:48am GMT Oil regains some ground after steep slides, but outlook cloudy An attendant prepares to refuel a car at a petrol station in Rome January 4, 2012. REUTERS/Max Rossi By Henning Gloystein - SINGAPORE SINGAPORE Oil prices recovered slightly on Wednesday from steep slides the previous day, but traders said markets remained under pressure from signs that planned OPEC output cuts were being poorly implemented and as supplies from elsewhere rose. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $50.98 a barrel at 0028 GMT, 16 cents above their last settlement, but 6.25 percent below the start of the year. Prices for Brent crude futures, the international benchmark for oil prices, were yet to trade. "Traders continued to fret about rising U.S. supply and compliance by OPEC to agreed-upon production cuts," ANZ bank said on Wednesday. The U.S. Energy Information Administration (EIA) said on Tuesday that increased drilling activity was set to boost crude oil production this year by 110,000 barrels per day (bpd) to 9 million bpd compared with a year ago. Last month, it said production would fall by 80,000 bpd. For 2018, oil production is set to rise by 300,000 bpd to 9.3 million bpd, the EIA added. Another concern for traders is high U.S. crude stockpiles, with the EIA is scheduled to release its latest figures on Wednesday. "Traders appeared nervous ahead of this week''s EIA report. With inventories at the highest seasonal level in three decades, another increase in this week''s report could see prices come under further pressure," ANZ said. Outside the United States, there were lingering doubts over compliance with planned production cuts from members of the Organization of the Petroleum Exporting Countries (OPEC). OPEC''s second biggest producer Iraq, plans to raise crude exports from its southern port of Basra to an all-time high in February, keeping shipments high even as OPEC production cuts take effect this month. The country''s State Oil Marketing Company (SOMO) plans to export 3.641 million barrels per day (bpd) of crude in February, according to trade sources and preliminary loading schedules, potentially beating a record of 3.51 million bpd set in December. Some cuts, however, appear to be coming. In Russia, which isn''t an OPEC member but which also agreed to cut output, extreme cold as low as minus 60 degrees Celsius has already helped to knock out production by around 100,000 bpd in the first few days of January, and many oil engineers expect more reductions as production facilities struggle to cope with the extreme conditions. (Reporting by Henning Gloystein; Editing by Joseph Radford) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN14V01V'|'2017-01-11T07:45:00.000+02:00'
'c7135788889e3218907aabf3b01dd0e41c92af10'|'UniCredit shareholder Cariverona sells 0.5 percent stake'|'Deals - Wed Jan 11, 2017 - 12:27pm EST UniCredit shareholder Cariverona sells 0.5 percent stake The Unicredit bank logo is seen on top of the headquader at the Porta Nuova district downtown Milan , Italy, March 10, 2016. REUTERS/Stefano Rellandini MILAN UniCredit''s ( CRDI.MI ) shareholder Fondazione Cariverona has sold an 0.5 percent stake in the lender on the market, the banking foundation said on Wednesday in a statement by a spokesman. Fondazione Cariverona sold the share in "several recent sessions", the statement added, cutting its shareholding to 2.2 percent from 2.7 percent. The statement added that the banking foundation was still assessing its moves with regards to UniCredit''s upcoming 13 billion-euro ($13.7 billion) cash call. (Reporting by Gianluca Semeraro, writing by Giulia Segreti) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-eurozone-banks-unicredit-cariverona-idUSKBN14V275'|'2017-01-12T00:27:00.000+02:00'
'642ba7caf421ea0f479dbd4b4342213170966265'|'MPs tell Theresa May to halt sale of Green Investment Bank - Environment'|'Theresa May has been urged to stop the Green Investment Bank being “killed off” by a sale to private firm Macquarie, amid fears the assets will be stripped and its environmental purpose abandoned.MPs from across the parties raised concerns about the proposed sale in the House of Commons, after Caroline Lucas , co-leader of the Green party, called a debate arguing the whole process should be stopped.Selling off the bank I founded could be the final nail for green Conservatism - Vince Cable Read more Nick Hurd, an energy minister, refused even to confirm that Macquarie was the preferred bidder, citing commercial sensitivity.But Lucas launched into an attack on the Australian investment bank, saying it had a “very, very worrying and dubious track record”. She said: “This preferred bidder, Macquarie, not only has a dismal and terrible environmental record, it also has an appalling track record of asset-stripping. So why has the government given preferred bidder status to this company?”She added: “Will the minister admit that this selling off could lead to the bank being fatally undermined as an enduring institution? Will he stop the killing off of the Green Investment Bank ? Will he halt the sale process with immediate effect?” The Green Investment Bank was set up under the coalition with £3.8bn of government money, with the aim of “greening the economy”, but George Osborne, the former chancellor, took the decision to sell off a majority share .Hurd insisted independent trustees would have a special share to safeguard the environmental purpose of the bank under its new ownership. He also did not appear opposed to the sale of some of the Green Investment Bank’s assets after privatisation, saying: “Let’s not get into a position where we say holding on to assets is good in itself.”Hurd said: “Potential bidders are interested in the Green Investment Bank precisely because of its green specialism. We are asking potential investors to confirm their commitment to Green Investment Bank’s green values and investment principles and how they propose to protect them, as part of their bids for the company.“In addition, the government has approved the creation of a special share, held by independent trustees to protect Green Investment Bank’s green purposes in future. The sale is commercially sensitive, so I cannot comment on the identity of any bidders or the discussions taking place between the government and potential bidders.” Hurd added: “It is precisely because we want the Green Investment Bank to be able to do more, unfettered from the constraints of the state, that we are seeking to put it into the private sector.” However, Lucas’s concerns were echoed by a number of Conservatives . Peter Aldous, MP for Waveney, said the bank was a tremendous success story and catalyst for investment in the green economy. “There is a concern that it won’t be able to perform that role in future. Will my honourable friend consider a pause to the process?” he said.Greg Barker, a Tory peer and former climate change minister, has also written to the prime minister urging her to reconsider over fears the state-owned green bank is not sufficiently protected against the risk of being broken up . Clive Lewis, Labour’s shadow business secretary, called on the government to stop the sale entirely. “The Tories are reportedly preparing to sell it off to a well-known asset stripper, with no guarantees that its green purpose, or any kind of public influence, will be maintained,” he said. “The government should stop the sale of the green investment bank today. Failure to do so will confirm that, however much they try to steal our clothes, underneath it’s still the same old Tories.“Vince Cable, the Lib Dem former business secretary, has also written to the government arguing that the special share would not prevent a breakup.A Macquarie spokeswoman declined to comment on the debate or reports about the future of the Green Investment Bank but pointed towards a statement about its record. The statement said: “Macquarie – and its managed funds – is one of the world’s largest investors in renewable energy, having invested or arranged more than £8.5bn of investment into renewable energy projects since 2010.”'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/environment/2017/jan/11/green-investment-bank-theresa-may-macquarie-caroline-lucas'|'2017-01-11T22:04:00.000+02:00'
'd18069dc8e15e4eac2ee6f36fe14878fdf8dc372'|'Canada''s Shaw turns to Comcast technology to regain market share'|'Technology  19pm EST Canada''s Shaw turns to Comcast technology to regain market share The Shaw logo is pictured on their Barlow Trail building, home to the annual Shaw AGM, in Calgary, Alberta January 14, 2014. REUTERS/Todd Korol TORONTO Canada''s Shaw Communications Inc ( SJRb.TO ) announced a voice-controlled television product on Wednesday that it hopes will help it stem years of market share losses to western Canadian telecom rival Telus Corp ( T.TO ). The product, named BlueSky TV, is available in Calgary and will expand to other markets in coming months, Shaw said in a statement. The product is powered by Comcast Corp''s ( CMCSA.O ) X1 technology, which is making its first foray outside of the United States. Fellow cable company Rogers Communications Inc ( RCIb.TO ), a major television provider in eastern Canada, said in December that it had scrapped development of its own internet-based television platform in favor of X1, which it does not expect to introduce until 2018. Cable companies have struggled to respond to telecom rivals'' internet-based TV services, which have eroded their market dominance. Shaw began offering aggressively priced high-speed internet in mid-July and recently added wireless to its product mix through its purchase of Wind Mobile, which it has renamed Freedom Mobile. The Calgary-based company said BlueSky would be available for as low as C$99.90 ($75.85) a month for 12 months when coupled with its high-end internet on a two-year plan. Shaw is due to report quarterly earnings on Thursday. (Reporting by Alastair Sharp; Editing by Lisa Von Ahn) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-shaw-comms-television-idUSKBN14V2BR'|'2017-01-12T01:15:00.000+02:00'
'71a447d6f9663c0e62be91d760524562993243f1'|'Germany Finance Minister says sure Italy will stick to European bailout rules'|'Business News   7:02pm GMT Germany finance minister says sure Italy will stick to European bailout rules German Finance Minister Wolfgang Schaeuble attends the weekly cabinet meeting at the chancellery in Berlin, Germany, December 14, 2016. REUTERS/Hannibal Hanschke BERLIN German Finance Minister Wolfgang Schaeuble said on Wednesday he had no doubt that Italy would stick to European bailout rules as Italian Economy Minister Pier Carlo Padoan had promised. "I do not have the slightest doubt that he will stick to that," Schaeuble told an event in Berlin. The German finance ministry last month expressed concern about Italian plans to rescue the country''s third biggest lender Monte dei Paschi di Siena ( BMPS.MI ) and said Rome must stick to European rules for such bailouts. At the time, a spokesman for the German ministry said precautionary state recapitalization of banks could only be done under strict conditions, including that the bank must be solvent and creditors must be among the first to suffer losses. (Reporting by Gernot Heller, Writing by Andrea Shalal) Next In Business News Mexico''s peso hits record low on Trump talk of wall, auto tax MEXICO CITY The Mexican peso <MXN=> weakened to a historic low of 22.04 per dollar and the country''s stock index fell on Wednesday, after U.S. President-elect Donald Trump warned U.S. auto companies would face a high tax for products made south of the border.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-banks-italy-germany-idUKKBN14V2EG'|'2017-01-12T02:02:00.000+02:00'
'fc89fb0652a634bd42b6ef19f0dfcf9c0c4f8990'|'United Airlines to cut some management positions'|'Business News - Thu Jan 12, 2017 - 2:37am GMT United Airlines to cut some management positions A United Airlines Boeing 787 taxis as a United Airlines Boeing 767 lands at San Francisco International Airport, San Francisco, California, February 7, 2015. REUTERS/Louis Nastro/File Photo United Continental Holdings Inc ( UAL.N ) expects to cut some management employees as a part of its larger restructuring program. "While we don’t have an exact figure now, a small number of our management team will be affected by reductions," said spokeswoman Megan McCarthy in a statement. However, frontline employees, which include pilots, flight attendants, customer-service and gate agents, would not be affected by the impending changes, she said. The No.3 U.S. airline by passenger traffic is increasing efforts to match margins of No.2 Delta Air Lines Inc ( DAL.N ). United said in October cheap airfares and higher wages from new contracts would squeeze its results in the fall, making it difficult to be as profitable as competitors. Bloomberg earlier reported the staffing cuts. (This story corrects attribution in paragraphs 2-3 to spokeswoman from memo) (Reporting by Vishaka George in Bengaluru and Jeffrey Dastin in New York; Editing by Lisa Shumaker) Next In Business News BoE''s Carney - curbing consumer lending would be ''big call'' LONDON Bank of England Governor Mark Carney said it would be a "big call" for the central bank to rein in rapid growth in consumer lending, which picked up strongly last year and brought some echoes of the period before the global financial crisis.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ual-layoffs-idUKKBN14W075'|'2017-01-12T09:37:00.000+02:00'
'34c0f6d12e09b81def2590acb0b5beb6a86143e5'|'SE Asia Stocks-Weaker dollar, bond yields lift risk appetite; S''pore hits 14-mth high'|'Financials - Thu Jan 12, 2017 - 12:22am EST SE Asia Stocks-Weaker dollar, bond yields lift risk appetite; S''pore hits 14-mth high By Anusha Ravindranath Jan 12 Most Southeast Asian stock markets rose on Thursday, in line with Asian peers, as a weaker U.S. dollar and bond yields fuelled risk appetite in emerging markets after President-elect Donald Trump provided scant clarity on future fiscal policies. The dollar eased against the perceived safe-haven yen on renewed uncertainty about Trump''s policies while lower Treasury yields also undermined the greenback. It fell as low as 114.245 yen, its deepest nadir since Nov. 9. MSCI''s broadest index of Asia-Pacific shares outside Japan climbed 0.8 percent to its highest since late October. The rally in emerging markets is triggered by the correction in the dollar, said April Lee Tan of COL Financial, adding that: "One of the reasons why they were sold off post Trump''s victory was that investors were expecting rapid economic policies out of the United States." Trump''s win in November had sparked a major realignment in markets, with expectations of tax cuts, fiscal spending and deregulation sending U.S. bond yields and dollar higher, while prompting capital outflows from emerging economies. Singapore shares rose as much as 0.7 percent to their highest in 14 months. Financials drove the gains with DBS Group and United Overseas Bank adding 0.9 percent and 0.7 percent, respectively. Global Logistic Properties was the top performer with a rise of 3.2 percent. Malaysian shares climbed as much as 0.45 percent to their highest in four months and were on track for a third straight session of gains, helped by telecom and financial stocks. Telecom operator Axiata Group Bhd rose 1.06 percent and was among the top gainers. Jakarta gained as much as 0.4 percent, helped by financial and real estate stocks, while Thailand rose for a third straight session as an overnight rally in oil boosted energy stocks. Both PTT Pcl and Thai Oil Pcl rose more than 1 percent. Philippine shares fell for a second consecutive session, hurt by losses in financial and industrial stocks, while Vietnam was flat. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS OF 0443 GMT Market Current previous Pct Move close Singapore 3008.1 3000.94 0.24 Bangkok 1574.5 1572.93 0.10 Manila 7301.72 7321.82 -0.27 Jakarta 5312.581 5301.237 0.21 Kuala Lumpur 1678.73 1675.21 0.21 Ho Chi Minh 686.99 687.16 -0.02 Change so far this year Market Current End 2016 Pct Move Singapore 3008.1 2880.76 4.42 Bangkok 1574.5 1542.94 2.05 Manila 7301.72 6840.64 6.74 Jakarta 5312.581 5296.711 0.30 Kuala Lumpur 1678.73 1641.73 2.25 Ho Chi Minh 686.99 664.87 3.32 (Reporting by Anusha Ravindranath in Bengaluru; Editing by Subhranshu Sahu) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southeast-asia-stocks-idUSL4N1F224L'|'2017-01-12T12:22:00.000+02:00'
'4d51f46445dbccc999fe6c9c1c41182a4f049400'|'Sri Lankan rupee marginally up on dollar sales'|'Financials   7:02am EST Sri Lankan rupee marginally up on dollar sales COLOMBO Jan 10 The Sri Lankan rupee ended slightly firmer on Tuesday as foreign banks and some exporters sold dollars, but dealers expect the strength to be short-lived on lingering concerns after the central bank last week changed its intervention policy. The rupee has been under pressure due to rising imports and net selling of government securities by foreign investors, dealers said. Rupee forwards were active, with two-week forwards ending at 150.45/55 per dollar, slightly firmer from Monday''s close of 150.60/75. "There was dollar selling today by exporters," a currency dealer said, asking not to be named. There were some project-related offshore inflows to a foreign bank, another dealer said, while some others said a few foreign banks also sold dollars to buy local bonds. Last week, the central bank''s moral suasion prevented further decline even as the monetary authority signalled a change in its intervention policy. Officials from the central bank were not available for comments. Central Bank Governor Indrajith Coomaraswamy said last week that defending the rupee with foreign exchange reserves "doesn''t seem sensible" as it has always been followed by a sharp depreciation in the currency. The spot rupee was also hardly traded, dealers said. ($1 = 149.7000 Sri Lankan rupees) (Reporting by Shihar Aneez and Ranga Sirilal; Editing by Vyas Mohan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sri-lanka-forex-idUSL4N1F03ND'|'2017-01-10T19:02:00.000+02:00'
'fb1f06d5cf7b98d32ebe40355b5acb9f286ad4ab'|'Wisconsin tribe votes against renewing Enbridge pipeline agreements'|'Commodities  48pm EST Wisconsin tribe votes against renewing Enbridge pipeline agreements By Nia Williams - CALGARY, Alberta CALGARY, Alberta A Native American tribe in Wisconsin has voted against renewing agreements allowing Enbridge Inc to use their land for a major crude oil pipeline, the latest sign of increasing opposition to North American energy infrastructure. The Bad River Band decided not to renew easements on Enbridge''s Line 5 pipeline last week because of concerns about the risk of oil spills, and called for the 64-year-old pipeline to be decommissioned and removed. The move against Line 5 underlines how environmental and aboriginal resistance to energy infrastructure is evolving. Opponents are trying to block existing pipelines and expansions on brownfield sites like Kinder Morgan''s Trans Mountain project, as well as protesting new facilities. "As many other communities have experienced, even a minor spill could prove to be disastrous for our people," Bad River Tribal Chairman Robert Blanchard said in a news release, adding the band would reach out to federal, state and local officials to evaluate how to remove Line 5. Calgary-based Enbridge said it had been discussing the easement renewals since before the agreements expired in 2013, and the pipeline had operated safely through the reservation since 1953. "We are surprised to learn of the Bad River Band’s decision not to renew individual easements within the reservation for Line 5 after negotiating in good faith for the past several years," Canada''s largest pipeline company said in a statement on Monday. "We will be taking some time to review the Band''s decision in detail to determine our next steps." The denial comes after months of protest by Native American and environmental groups against the Energy Transfer Partners Dakota Access Pipeline, which would transport crude from North Dakota to the Midwest. The Army Corps of Engineers in December denied an easement needed to complete the line, which would have allowed the company to drill under Lake Oahe, a water source that has been a focus of the protests. Line 5 carries 540,000 barrel per day of light crude and natural gas liquids from Superior, Wisconsin, to Sarnia, Ontario. Enbridge said the pipeline traverses 12.3 miles of the Bad River reservation and there are 15 tracts of land with expired easements, making up about 20 percent of the right-of-way within the reservation. The tribe has partial ownership in 11 of those. The other 80 percent of tracts within the reservation have easements that expire in 2043 or never expire. (Additional reporting by Liz Hampton in Houston; Editing by Andrew Hay) Next In Commodities Exclusive: Iran capitalizes on OPEC oil cut to sell millions of barrels - sources LONDON Iran has sold more than 13 million barrels of oil that it had long held on tankers at sea, capitalizing on an OPEC output cut deal from which it is exempted to regain market share and court new buyers, according to industry sources and data.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-enbridge-pipeline-wisconsin-idUSKBN14U02L'|'2017-01-10T07:43:00.000+02:00'
'e765d5f5c8dee857a9fb685dff84755107a298d1'|'Bill Gross: Secular bear bond market to begin if 10-yr Treasury yield tops 2.60 pct'|'By Jennifer Ablan - NEW YORK NEW YORK Jan 10 If the yield on the benchmark 10-year Treasury note moves above 2.60 percent, a secular bear bond market has begun, investor Bill Gross warned on Tuesday."Watch the 2.6 percent level. Much more important than Dow 20,000. Much more important than $60-a-barrel oil. Much more important that the Dollar/Euro parity at 1.00. It is the key to interest rate levels and perhaps stock price levels in 2017," Gross wrote in his latest investment outlook to clients.The 10-year Treasury note yield was around 2.37 percent lateon Monday.Gross, who runs the $1.7 billion Janus Global Unconstrained Bond Fund, said: "Happiness has dominated risk markets since early November and despair has characterized global bond markets."The 100 basis point move in the 10-year Treasury yield from 1.40 percent to 2.40 percent has stemmed from the hope for stronger growth by way of Republican fiscal progress, reduced regulation and tax reform, Gross noted. He also said Treasury yields have edged higher on encouraged risk-taking as well as the potential for higher inflation and a more hawkish Federal Reserve."Are risk markets overpriced and Treasuries over-yielded? That is a critical question for 2017," Gross wrote.Gross noted that U.S. President-elect Donald Trump "tweets and markets listen for now, but ultimately their value is dependent on a jump step move from the 2 percent real GDP growth rate of the past 10 years to a 3 percent-plus annual advance."Gross said 3 percent growth rates historically have propelled corporate profits to a somewhat higher clip because of financial and operating leverage dependent on higher growth."We shall see whether Republican/Trumpian orthodoxy can stimulate an economy that in some ways is at full capacity already," Gross said. "To do so would require a significant advance in investment spending which up until now has taken a backseat to corporate stock buybacks and merger/acquisition related uses of cash flow. I, for one, am skeptical of the 3 and more confident of the 2."Gross said demographic negatives associated with an aging population are now more at risk due to rising interest rates, technology''s displacement of human labor, and the deceleration and retreat of globalization, posing threats to productivity and GDP growth."Trump''s policies may grant a temporary acceleration over the next few years, but a 2 percent longer term standard is likely in place that will stunt corporate profit growth and slow down risk asset appreciation," Gross said. (Reporting By Jennifer Ablan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/funds-investing-gross-idINL1N1EZ1P1'|'2017-01-10T09:55:00.000+02:00'
'2839b251241a5d1ab5aa71b6778e55d04d7a6b7e'|'Automakers tout new diesels despite Volkswagen''s troubles'|'Business News  19pm GMT Automakers tout new diesels despite Volkswagen''s troubles left right A Ford F-350 Super Duty Turbo Diesel pickup truck is displayed in the Ford presentation area during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Brendan McDermid 1/2 left right The diesel engine emblem is seen on a pickup truck in the Ford presentation area during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Brendan McDermid 2/2 By David Shepardson - DETROIT DETROIT Automakers unveiled several new diesel models at the Detroit auto show this week, hoping to dispel the doubts created by Volkswagen''s diesel emissions scandal and revive interest in a technology that offers benefits under fuel economy regulations. Ford Motor Co ( F.N ) said it would offer a diesel version of its best-selling F-150 pickup truck for the first time in 40 years, while General Motors Co ( GM.N ) said Sunday it will offer a diesel version of its compact GMC Terrain SUV. Last year, GM announced it will start selling diesel versions of it Chevrolet Equinox and Chevrolet Cruze car, while in November Mazda Motor Co ( 7261.T ) said it would start selling a diesel version of its 2017 CX-5 SUV in the United States later this year. Automakers are pushing diesels in part because they offer higher mileage and better performance, particularly for heavier vehicles, than gasoline engines. The fuel economy boost helps automakers comply with federal greenhouse gas limits. The improvements in towing and acceleration are attributes automakers believe they can sell."I think we''d be very stupid to forego the benefits of diesel," Daimler AG ( DAIGn.DE ) chief executive Dieter Zetsche told reporters at the auto show. With their CO2 emissions 15 to 20 percent below equivalent gasoline engines, he said, diesels will "continue to be very relevant" to efforts to meet climate goals. In April, Daimler said the U.S. Justice Department had asked the carmaker to investigate its emissions certification process for vehicles including its Mercedes brand. Diesels account for a small fraction of U.S. sales, but more than half of all passenger vehicle sales in Europe. Diesel vehicles represented less than 1 percent of all light-duty vehicle sales in the United States last year, according to hybridcars.com. Overall diesel sales in the U.S. fell nearly 30 percent in the United States in 2016, as Volkswagen AG ( VOWG_p.DE ) stopped selling diesel models in late 2015 after admitting it had rigged diesel engines to pass government emissions tests. The company on Tuesday confirmed it is negotiating a settlement of a criminal investigation with the U.S. Justice Department and expects to pay $4.3 billion (£3.5 billion) in penalties and plead guilty to criminal misconduct. VW brand chief Herbert Diess reiterated to reporters on Sunday night in Detroit the brand has no plans to resume sales of diesels. VW is focussing on gasoline-powered vehicles and electric vehicle offerings. Diesels accounted for about a quarter of VW brand sales before the scandal erupted. VW U.S. brand sales were down nearly 8 percent in 2016. Regulatory problems have saddled diesel technology with "an incredibly bad reputation" and made the vehicles "an incredibly undesirable product, although its usefulness is beyond doubt," Fiat Chrysler Automobiles NV chief executive Sergio Marchionne said on the sidelines of the Detroit auto show, without referring to the VW scandal by name. Marchionne said the automaker is spending 500 million euros to meet new European diesel emissions standards. "What''s going to kill diesel is this continuous drain on capital and this continuous scepticism about its value to society," he said. Diesel advocates were optimistic about the technology''s future after the announcements. “These announcements send a strong message that diesel remains an important option for meeting the future vehicle needs of U.S. drivers,” said Allen Schaeffer, the Executive Director of the Diesel Technology Forum. Diesels offer strong performance and good fuel economy, GM said, and the automaker is not having trouble getting its engines approved by federal regulators. "We’re really good at it," said Mark Reuss, the automaker’s executive vice president for product development. "It’s not a bet the farm thing, it’s an option." (Reporting by David Shepardson, Joe White and Laurence Frost in Detroit; Editing by Nick Zieminski) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-autoshow-diesel-idUKKBN14U2JA'|'2017-01-11T03:19:00.000+02:00'
'715e9258b8f1a28d25a19616b49bd1e38c45ea20'|'Japan''s Takeda ready for fresh acquisitions after $5.2 billion Ariad deal'|'TOKYO Japan''s Takeda Pharmaceutical Co ( 4502.T ) flagged its appetite for fresh acquisitions to bolster its drug portfolio after agreeing on Monday to acquire cancer drug maker Ariad Pharmaceuticals ( ARIA.O ) in a $5.20 billion deal.The Ariad transaction, at a 75 percent premium, is the latest example of the world''s pharmaceutical giants paying handsomely to snap up promising drugs owned by rivals in a bid to secure stable revenue growth particularly in the burgeoning therapeutic markets such as treatments for cancer or rare diseasesPfizer Inc ( PFE.N ) agreed in August to pay $14 billion for Medivation Inc, the maker of the $2.2 billion-a-year cancer drug Xtandi. In 2015, AbbVie Inc ( ABBV.N ) forked out $21 billion for Pharmacyclics, giving it ownership with Johnson & Johnson ( JNJ.N ) of blockbuster leukemia drug Imbruvica.Takeda''s move comes as it readies to fend off imminent generic competition for its top-selling blood cancer drug Velcade, with other key products slated to go off patent later from 2020.Its Chief Financial Officer James Kehoe said that sound finances would keep the Japanese company in that hunt for potential hit drugs."Should the right deal come along we have the capacity," Kehoe said during a conference call after Takeda announced the Ariad purchase. The company was in a position to limit its debt burden and retain a strong credit rating, he said.At the end of its last business year that ended on March 31, Takeda had 438 billion yen ($3.79 billion) in cash and cash equivalents.Takeda''s Chief Executive Officer Christophe Weber said on the same call that while there were not many opportunities to buy cancer drugs and central nervous system drugs, such as Alzheimer remedies and bipolar treatments, the company, nevertheless, would make acquisitions "that make sense".Weber said the potential returns from Ariad''s lung cancer treatment, Brigatinib, and its leukemia drug, Iclusig, along with other formulas in its pipeline justified the high premium.Takeda predicts annual sales from Brigatinib, which the U.S. Food and Drug Administration is expected to decide on by April, could exceed $1 billion."It has the potential to be the best in class," Weber said.Both Brigatinib and Iclusig, however, face tough competition, according to MorganStanley MUFG’s pharmaceutical analyst, Shinichiro Muraoka.“Ariad’s new drugs are in the third-fourth order groups in the market, so the competitive edge is not that high. Whether the premium of over 70 percent for the acquisition is justified depends on synergies ahead,” Muraoka said in a note following the announcement.Takeda''s shares gained 0.2 percent to 4,966 yen in Tokyo on Tuesday compared with a 0.5 percent dip in the benchmark Nikkei 225 index .N225 .(Reporting by Tim Kelly; Editing by Michael Perry and Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ariad-pharm-m-a-takeda-pharma-idINKBN14U04O'|'2017-01-10T04:10:00.000+02:00'
'0df6a5ddae875040cc3514e1076848f02718c2a2'|'Volkswagen board expected to meet to approve U.S. diesel settlement'|' 22am EST Volkswagen board expected to meet to approve U.S. diesel settlement A U.S. flag flutters in the wind above a Volkswagen dealership in Carlsbad, California, U.S. May 2, 2016. REUTERS/Mike Blake/File Photo DETROIT Volkswagen AG''s ( VOWG_p.DE ) supervisory board is set to meet on Wednesday to approve a civil and criminal settlement with the U.S. Justice Department that will include a penalty of about $4 billion, sources briefed on the matter said Tuesday. The deal, which is expected to include a guilty plea by the German automaker or one of its corporate entities for its conduct in misleading regulators about diesel emissions, comes as the automaker seeks to move past its "Dieselgate" scandal. As part of a settlement VW would have to agree to significant reforms and will face oversight by an independent monitor. The company declined to comment. (Reporting by David Shepardson in Detroit; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-board-idUSKBN14U1VC'|'2017-01-10T22:22:00.000+02:00'
'54876dd6e69a102c7f9916511bf389dd9669cb18'|'Tesco emerges as Christmas winner as UK grocery inflation returns - Kantar'|'Business News - Tue Jan 10, 2017 - 3:29am EST Tesco emerges as Christmas winner as UK grocery inflation returns - Kantar The signage of Tesco Extra is silhouetted against the sun in London, Britain, September 22, 2014. REUTERS/Luke MacGregor/File Photo LONDON Britain''s biggest supermarket chain Tesco ( TSCO.L ) recorded the fastest growing sales of the country''s four largest players in the Christmas quarter, as inflation returned to the grocery market after more than two years of falling prices. Market researcher Kantar Worldpanel said Tesco sales grew 1.3 percent during the 12 weeks to Jan. 1, outperforming no.2 chain Sainsbury''s ( SBRY.L ), whose sales fell 0.1 percent, Asda ( WMT.N ), down 2.4 percent, and Morrisons ( MRW.L ), up 1.2 percent. Kantar''s data also showed that inflation returned to the market with underlying grocery prices rising 0.2 percentage points during the period, the first increase in prices since 2014. Britain''s overall inflation rate has begun to rise following the slump in the value of the pound caused by the Brexit vote last June, and it is expected to hit around 3 percent this year. The industry data was published after Morrisons, Britain''s No. 4 supermarket group, earlier on Tuesday raised its profit guidance following its strongest underlying Christmas sales for seven years, confirming its recovery under new management. (Reporting by Sarah Young; editing by Kate Holton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-grocers-kantar-idUSKBN14U0S3'|'2017-01-10T15:25:00.000+02:00'
'9b8e15364e00d7763083ea8be8b18e2d327036b9'|'Deals of the day-Mergers and acquisitions'|'(Adds Elliott Associates, Louvre Hotels Group, ASR, ClubCorp Holdings and AES Tietê Energia; Updates Goldcorp and AT&T)Jan 12 The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Thursday:** AT&T Chief Executive Randall Stephenson met in New York with U.S. President-elect Donald Trump, an opponent of the company''s acquisition of Time Warner Inc.** Thyssenkrupp has agreed to buy the 49 percent of maritime technology company Atlas Elektronik it does not already own from Airbus for an undisclosed price, Thyssenkrupp and Airbus said.** Northwestern Mutual Life Insurance Co has set up a $50 million corporate venture fund to invest in fintech startups, in a bid to expand its digital offering and capabilities.** French animal health company Neovia has entered into exclusive negotiations to buy a majority stake in Chinese pet food maker Sanpo, as it anticipates rapid growth in consumer spending on pets in China.** More mergers are likely in Abu Dhabi as institutions there tie up in ways that are positive for their business, Khaldoon Khalifa al-Mubarak, group chief executive of Abu Dhabi state fund Mubadala, said.** Property developer China Vanke,, embroiled in a high-profile corporate power tussle for over a year, said on Thursday its No. 2 shareholder China Resources Group will sell its entire 15.31 percent stake to Shenzhen Metro Group.** Jonathan Palmer, father of Renault Formula One racer Jolyon, has acquired the Donington Park circuit, his Motor Sport Vision (MSV) company said.** Uniper, the power plant and energy trading business spun off by German utility E.ON last year, is a potential takeover target, Goldman Sachs said.** Goldcorp Inc agreed to sell its Los Filos mine in Mexico to Leagold Mining Corp in a deal valued at $438 million, as the world''s No. 3 gold miner by market value focuses more squarely on core assets.** German drugs and pesticides maker Bayer, which will need regulatory approval for its $66 billion deal to buy U.S. seeds giant Monsanto, said company chief executives had a productive meeting with U.S. President-elect Donald Trump.** Swedish compressor and mining gear maker Atlas Copco said it was looking to sell its Road Construction Equipment division, and said it would take an impairment charge of around 2 billion Swedish crowns ($223 million).** European broadcasters TF1, ProSiebenSat.1 and Mediaset said they would join forces in the rapidly growing market for video content broadcast on internet platforms such as YouTube.** Private equity firm Onex Corp is exploring a sale of USI Insurance Services, hoping that a deal will value the U.S. insurance brokerage at as much as $4 billion, including debt, according to people familiar with the matter.** Italy''s top insurer Assicurazioni Generali must remain Italian, UniCredit''s CEO Jean Pierre Mustier told an Italian daily, addressing speculation of a possible takeover by French rival AXA.** Italy took another step to clean up its troubled banking sector with the transfer of three small lenders it rescued from bankruptcy in late 2015 to UBI Banca.** Fundação Cesp, Brazil''s largest private-sector pension fund, said on Wednesday it is not currently holding discussions over the partial or full sale of a 200 million real ($62 million) stake it owns in Vale SA, the world''s largest iron ore producer.** Private equity firm CVC Capital Partners Ltd is in advanced talks to acquire MSC Software Corp, a U.S. company that makes simulation computer programs, for more than $800 million, including debt, according to people familiar with the matter.** Investors are refraining from transactions in Turkey despite significant opportunities and attractive valuations, Ernst & Young said, amid high currency volatility and political uncertainty.** Shenzhen Centralcon Investment Holding Co plans to buy 23.2 percent of China South City Holdings Ltd for HK$3.8 billion ($490 million) to become its biggest shareholder, China South City said.** France will buy out minority shareholders in Areva and delist the troubled nuclear group, the government said as talks with potential investors in a new nuclear fuel company being spun out of Areva neared a conclusion.** Australia''s competition regulator said it will review BP Plc''s A$1.8 billion purchase of 527 petrol stations from Australia''s top grocer, Woolworths Ltd.** Myanmar awarded its fourth - and final - telecoms license to a joint venture between Vietnam''s telecom company Viettel and two local firms, heating up competition in a rapidly growing market by adding a second majority-Myanmar operator.** Elliott Associates LP, a unit of activist hedge fund Elliott Management Corp, disclosed an 8.3 percent stake in Advisory Board Co, saying the company''s stock was "significantly undervalued".** France''s Louvre Hotels Group, part of Chinese hotel firm Jin Jiang International, said it bought a majority stake in Indian hotel chain Sarovar Hotels for an undisclosed amount, further expanding its international footprint.** The Dutch government said it is selling a stake of up to 13.6 percent in insurance company ASR, worth about 468 million euros ($500 million) at current share prices.** Brazilian power generation company AES Tietê Energia SA said it is in advanced talks to buy the wind power complex Alto Sertão II from Renova Energia SA.** ClubCorp Holdings Inc, one of the largest owners and operators of private golf and country clubs in the United States, said it was exploring strategic alternatives after Reuters reported the company was in a process to sell itself. (Compiled by Laharee Chatterjee and Divya Grover in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1F24L0'|'2017-01-12T18:02:00.000+02:00'
'10c37ba4dcc785bba5c457282157245ced714f12'|'Cerberus launches up to $308 mln selldown in Japan''s Seibu -IFR'|'HONG KONG Jan 12 U.S. private equity firm Cerberus Capital Management LP launched a selldown of up to $308 million in railway firm Seibu Holdings, IFR reported on Thursday, citing a term sheet of the transaction.Cerberus is offering 17 million shares of Seibu that will be priced at a discount of between 5.5 percent and 7 percent to their Thursday closing price of 2,076 yen each, added IFR, a Thomson Reuters publication.A Cerberus official in Tokyo was not immediately available for comment on the sale, while Seibu declined to comment.The New York-based firm led a bailout of Seibu in 2006, but clashed with the board over IPO timing that did not take place until 2014. The fund unsuccessfully tried to take control of the company''s board and has since been reducing its stake in Seibu. (Reporting by Fiona Lau of IFR; Additional reporting by Junko Fujita in Tokyo, Writing by Elzio Barreto; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cerberus-capital-seibu-holdings-idINL4N1F232Y'|'2017-01-12T05:52:00.000+02:00'
'64ff3677ec578dae67188645d663f97fb298a3e6'|'Cadbury owner Mondelez raises some prices on weak pound, higher cocoa cost'|'Commodities - Thu Jan 12, 2017 - 1:37pm EST Cadbury owner Mondelez raises some prices on weak pound, higher cocoa cost The logo of Mondelez International is pictured at the company''s building in Zurich November 14, 2012. REUTERS/Michael Buholzer LONDON Cadbury chocolate owner Mondelez International ( MDLZ.O ) said it is taking selective price increases across its brands, as it grapples with higher commodity costs and a weaker British pound. Mondelez in November attracted consumer criticism when it changed the shape of its Toblerone bars, putting more space between its distinctive jagged peaks, in order to recoup some higher costs. Britain''s Guardian newspaper reported that Mondelez was raising the price of its Freddo bars from 25 pence to 30 pence in the spring. A Mondelez spokeswoman declined to discuss specific brands, saying only that there would be "selective" price increases across its range. "It is well reported that food and drink manufacturers have been experiencing increasing commodity costs for some time which, coupled with recent foreign exchange pressures, are making food products more expensive to make," the spokeswoman said, noting the price of cocoa, which it imports into the UK, is up more than 50 percent since 2013. Earlier this week Premier Foods ( PFD.L ), the owner of Mr Kipling cakes, said it was in talks to raise prices, and last year''s row between Unilever ( ULVR.L ) and Tesco ( TSCO.L ) over price increases on goods like Marmite made nationwide headlines. The British pound is still down 18 percent since Britons voted in June to leave the European Union. The weakness makes imported goods more expensive. (Reporting by Martinne Geller in London; Editing by Alexandra Hudson) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-mondelez-freddo-price-idUSKBN14W2OJ'|'2017-01-13T01:37:00.000+02:00'
'2c11078a8bc784cff290a0d4d6d61b960e1bcbf5'|'China''s 2017 crude demand seen rising to record - CNPC research'|'  1:00pm IST China''s 2017 crude demand seen rising to record - CNPC research The logo of CNPC (China National Petroleum Corporation) is pictured at the 26th World Gas Conference in Paris, France, June 2, 2015. REUTERS/Benoit Tessier/File Photo BEIJING China''s crude oil demand will grow by 3.4 percent this year to a record of almost 12 million barrels per day (bpd), the country''s top state-owned oil producer forecast on Thursday, as refiners in the world''s second-biggest oil user ramp up output. The robust outlook for crude combined with surging vehicle sales in the world''s largest auto market boosted oil futures even as the report cautioned that demand growth for products like gasoline and diesel will slow. Total crude oil consumption will hit 594 million tonnes, or 11.88 million bpd, state-owned China National Petroleum Corporation (CNPC) forecast in an annual report released by its research institute. Total refinery throughput will rise by 3.3 percent to 557 million tonnes, or 11.2 million bpd, with refiners adding 702,000 bpd of net capacity. That will help lift crude imports by 5.3 percent to 396 million tonnes, or 7.95 million bpd. (1 tonne crude = 7.3 barrels) (Reporting by Muyu Xu and Beijing newsroom; writing by Josephine Mason; Editing by Christian Schmollinger) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-oil-cnpc-demand-idINKBN14W0QP'|'2017-01-12T14:30:00.000+02:00'
'c709c866be8a43a79c21f22faab642aa4d76e6e8'|'Malaysia considering fund to spur foreign investment in Islamic finance'|' 50am EST Malaysia considering fund to spur foreign investment in Islamic finance KUALA LUMPUR Jan 12 Malaysia''s securities regulator has proposed establishing a fund to invest in the country''s Islamic finance funds and make them more attractive to institutional and foreign investors. The southeast Asian country has carved out a leading role in Islamic finance. Malaysian asset managers hold 132.4 billion ringgit ($30 billion) worth of sharia-compliant assets - among the largest in the world and comparable to Saudi Arabia - but they have often been overshadowed by a thriving market for Islamic bonds, or sukuk, which are often bought directly by investors. The proposed fund, part of an Islamic fund and wealth management blueprint launched on Thursday by the Securities Commission, would invest in multi-currency Islamic investment products managed by Malaysian-based asset managers and including equity products, to increase their size and make them more attractive to investors. The Securities Commission gave no details on the size or timeframe for the launch of its proposed fund, or who would run it and where the money would come from, but a fund acting as a seeder or incubator of Islamic funds would be a first in the industry. "The Securities Commission is still in discussion with various stakeholders. No decision has been made on who will spearhead the fund yet," a spokeswoman for the Commission said. The fund could address challenges that Islamic funds have faced in attracting significant institutional money and foreign investors, the Securities Commission said in the five-year blueprint. "The fund is aimed at accelerating efforts to build the critical mass, establishing channels for international distribution, and supporting innovation and developing market infrastructure for alternative strategies," the regulator said. Investors from the Middle East are the big investors in Islamic finance but can find Malaysian-ringitt funds less attractive as their portfolios are denominated in U.S. dollars or Gulf currencies that are pegged to the dollar. Few Malaysian-managed funds are offered overseas but this is starting to change: CIMB Islamic Asset Management, for example, this week launched an Ireland-domiciled dollar-denominated sukuk fund. Malaysia''s Employees Provident Fund is launching a $25 billion sharia-compliant retirement fund this month, which could serve as a boon to asset managers in the field. Smaller fund managers, however, have cast doubt on whether they would manage any of that money, saying the mandates will probably go to a handful of more established players. ($1 = 4.4560 ringgit) (Reporting by Liz Lee and Bernardo Vizcaino; Editing by Susan Fenton) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/malaysia-funds-islamic-finance-idUSL4N1F23MO'|'2017-01-12T19:50:00.000+02:00'
'53b2bcdcf6b64c80326143d51e87f6b860711f64'|'For a better parallel with Donald Trump, try Enoch Powell - Business - The Guardian'|'U nderstanding the political success of US president-elect Donald Trump is not easy. There have been many glib comparisons with populist politicians of the past, from Huey Long to George Wallace . But the most revealing comparison may be with a historical figure from another country: the British nativist firebrand Enoch Powell in the late 1960s and early 1970s.At first glance, the comparison might seem peculiar. Powell came from a lower-middle-class family. He was a classical scholar of true erudition and a man of principle. He was also a political insider, having served as an MP since 1950 and as the junior minister for housing in Prime Minister Anthony Eden’s government in 1955.Still, the parallels with Trump are undeniable. In his notorious 1968 “ Rivers of Blood ” speech, Powell, a skilled orator, broke decisively with the political mainstream. He decried immigration and denounced the Race Relations Act of 1968, which prohibited discrimination in housing, employment, and lending. The passage giving his controversial speech its name alluded to inner-city riots in the US and invoked Virgil: “Like the Roman, I seem to see ‘the River Tiber foaming with much blood.’”Powell’s equivalent of Trump’s Mexican bogeyman was Indian and Pakistani immigration, which he portrayed as threatening the British way of life. “Ordinary people,” he asserted, knew that the true number of immigrants was larger than official government figures showed. Powell went on to advocate large-scale repatriation of immigrants to their country of origin.The Rivers of Blood speech was denounced as evil by no less than The Times . But it won Powell a dedicated following among working-class voters experiencing hard economic times, discomforted by the “invasion” of their neighbourhoods by Asian and Caribbean immigrants, and prone to conflate the two phenomena.Moreover, the parallels with Trump extend beyond hostility to immigration. Powell was fervently pro-business. He was a committed nationalist who rejected any and all foreign alliances that threatened Britain’s policy independence. He implacably opposed joining the European Union (then the European Economic Community) on the grounds that doing so would compromise British identity and sovereignty. He left the Conservative party over the issue in 1974.Curiously, Powell, like Trump, was also pro-Russian. Notwithstanding his free-market principles, he appreciated the Soviet Union for its second world war sacrifices, its prideful nationalism, and as a counterbalance to other self-interested foreign powers (read: the US).The apex of Powell’s influence was bracketed by the Rivers of Blood, which made him a national figure, and his defection from the Tories. Quitting the party left him a political outcast. Although Powell left the House of Commons once and for all only in 1987, his political influence was increasingly marginal.Why, then, did Powell – unlike Trump – fail to scale the higher reaches of power? And what does his failure tell us about the Trump phenomenon and the prospects for its repetition in other countries?My new year forecast: Trumpian uncertainty, and lots of it Read more First, there were limits on Powell’s ability to mobilise public opinion. He was able to attract attention mainly by delivering speeches and encouraging his followers to circulate the text. With the exception of two tabloids, coverage by the establishment press of his Rivers of Blood speech ranged from sceptical to outright hostile. And the establishment press was all there was. The 1960s and 1970s, recall, were when the BBC ruled the airwaves. Powell had no equivalent of Twitter to spread the word, and there was no Fox News or Breitbart to create an ideological echo chamber.Second, Powell fundamentally believed in the British parliamentary system, having grown up in it. He was reluctant to harness his followers’ nativism and economic insecurity to build an anti-system movement that might weaken the foundations of the country’s parliamentary democracy.Third, public dissatisfaction with British politics in Powell’s heyday was more limited than Americans’ political dissatisfaction in the age of Trump. Even in the economically disastrous 1970s, British voters were not prepared to reject the political status quo . Discontent and disillusion were not “accompanied by a basic questioning of British political institutions”, in the words of Powell’s biographer, Douglas Schoen.Finally, the structure of the political system worked against a maverick such as Powell. In Britain, MPs, not the electorate, choose the prime minister. Only in a full-blown crisis can popular opinion effectively determine who becomes leader. This institutional arrangement creates a high barrier to populist outsiders.Maybe, then, the ultimate lesson of the Powell-Trump comparison is that a presidential system of government, like that in the US, is not superior in terms of the checks it imposes on political extremists. On the contrary, the opposite may be true.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/12/donald-trump-enoch-powell-rivers-of-blood'|'2017-01-12T02:00:00.000+02:00'
'75c08541094fe52fc7fef0e33122872a13b53c9f'|'UPDATE 1-Turkish central bank seeks to defend lira by tightening liquidity'|'Financials   5:13am EST UPDATE 1-Turkish central bank seeks to defend lira by tightening liquidity (Adds economist quotes, details) ISTANBUL Jan 12 Turkey''s central bank tried to tighten lira liquidity on Thursday by encouraging lenders to borrow at a higher rate, taking some pressure off the ailing currency after it plummeted through a series of record lows. The bank did not open its regular one-week repo auction, through which it usually funds the market at 8 percent, leaving banks to resort to its overnight lending rate of 8.5 percent or its late liquidity window at 10 percent. "This will result in the average funding cost reaching 8.5 percent compared with 8.3 percent yesterday. In other words, the central bank will have gone for tightening," said Is Investment economist Muammer Komurcuoglu. Following the central bank move, the lira firmed to 3.8350 to the dollar by 1003 GMT, after weakening as much as 1.5 percent to 3.9290 in early trade. It hit a record low of 3.9417 on Wednesday. The lira was also helped by a weaker dollar. The U.S. currency nursed widespread losses on Thursday after President-elect Donald Trump''s long-awaited news briefing provided scant clarity on future fiscal policies. The lira has lost as much as 10 percent against the dollar since the start of 2017, making it the worst-performing major currency of the new year, as concern about political and economic stability is compounded by doubts about whether the authorities will take decisive steps to stabilise it. Economists say the central bank needs to deliver a sharp interest rate hike to prevent further weakening. But the bank is reluctant to make such an outright move, with President Tayyip Erdogan and the government pre-occupied by slowing growth and eager for lower borrowing costs to spur investment. One banker told Reuters that the central bank had called his firm and encouraged it to use the higher rate at the late liquidity window, but it was not immediately clear why lenders would do so with lira funding available at 8.5 percent. A lira trader said there was no liquidity shortage in the market on Thursday because of social security and state salary payments and described the impact of the central bank move as "psychological". (Reporting by Behiye Selin Taner; Writing by Nick Tattersall; Editing by Daren Butler) Next In Financials SE Asia Stocks-Largely down; Philippines drops on profit-taking By Anusha Ravindranath Jan 12 Philippine stocks fell for a second straight session on Thursday, led by telecom and financials as traders took profits, while most other Southeast Asian markets ended marginally lower, with Singapore easing from a fourteen-month high. Philippine shares closed 0.8 percent lower with telecom operator PLDT Inc the top loser, slipping 4.2 percent while Globe Telecom shed 2.4 percent. The market fell on profit-booking in stocks which saw a steep'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/turkey-lira-idUSL5N1F21CO'|'2017-01-12T17:13:00.000+02:00'
'933eba27c6d460e16d024f04cb81dc585e52e1dc'|'Santander tackles TLAC deficit with senior non-preferred surrogate'|'* Santander to jump starting gun on Spanish senior non-preferred issuance* Spanish lender to introduce contractual clause to bypass legislative delayBy Alice GledhillLONDON, Jan 11 (IFR) - Santander is considering ways to issue a new type of senior bond well in advance of the requisite legislation being passed, allowing it to chip away at an approximate 30bn issuance target over the next two years.The Spanish bank said on Wednesday that it will issue 16bn-20bn in 2017 and another 12bn-15.5bn in 2018 of so-called senior non-preferred, set to become a major new asset class as European banks respond to regulatory demands to beef up their loss absorbing buffers.Though the European Commission endorsed the senior non-preferred format late last year, the legislation permitting this type of issuance is only in place in France and is not expected to be passed elsewhere in Europe before the second half of 2017 at the earliest.But global systemically important banks (GSIBs) like Santander - which must meet a global standard known as total loss-absorbing capacity (TLAC) - cannot necessarily afford to wait that long, and the lender may use contractual provisions to save time."Senior notes would include a contractual status clause which would contemplate a senior second ranking (''senior non-preferred'') in resolution and insolvency," the issuer wrote in a presentation.The senior second ranking status would automatically be aligned with the Spanish law transposing the Insolvency Harmonisation Directive.It would not be the first time that a European bank has tried to preempt changes in the regulatory arena. ING last year sold a Tier 2 bond with an optional redemption allowing it to flip from the opco to the holdco in anticipation of amendments to the Dutch resolution framework."I think that what Santander is doing is a variation of the flipper," said one FIG DCM banker."Although the European Commission talks about implementation by mid-2017, I think there are some countries where that may be a stretch for the domestic legislative timetable, so this structure would allow banks to crack on earlier where they want to."COMING AT A COST?2017 is already poised to be the year of senior non-preferred issuance, but Santander''s proposal indicates that this new market could take off more quickly than expected.UniCredit said in December that it plans to issue senior non-preferred debt in the coming years, but that issuance would be "more back-ended" given concerns around potential legislative delays, for example.A strong start by the French banks should help quash any nerves about investor demand, but bankers warn that the buyside could force Santander to pay up."I think the contractual option does work, but it will probably come at a cost," said another banker."The size [they have to do] is another cost - it''s a massive number. But Santander hasn''t really used the dollar market much in the past, so that''s a good pocket of demand they haven''t really used."Santander plans to issue 12bn-14bn of 2017''s target out of the main issuing entity, with another 2bn-3bn apiece from Santander UK and Santander Holdings USA.Bankers are already pitching similar trades to other lenders though GSIBs, which have more pressing needs, are the prime candidates for issuance."I think that non-GSIB issuers are more likely to bide their time and wait for legislation to be approved, which at worst probably takes a year to implement," said a bank analyst. (Reporting by Alice Gledhill, editing by Helene Durand, Ian Edmondson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/finance/article/idINL5N1F13N4'|'2017-01-11T12:42:00.000+02:00'
'8b71c06b4ffaaac27a0169a216edb296bbe8a47b'|'Financial Times opposes new UK press law'|'Financial Times opposes new UK press law Section 40 carries threat of full liability for legal costs Read next by: David Bond , Media Correspondent Several UK newspaper groups, including the Financial Times, have complained about a new legal provision that will force them to accept state-backed regulation or face paying the legal costs of both sides even in court cases they win. After a 10-week consultation period, which closes on Tuesday, Karen Bradley, the culture secretary, must decide whether to introduce Section 40 of the Crime and Courts Act or scrap it in the face of opposition from the media. Ms Bradley is also weighing whether to start “Leveson 2”— a second public inquiry into the conduct and culture of the UK press, focused this time on the relationship between journalists and the police. The government has promised to introduce tougher independent regulation for the media following a scandal over cases of hacking into phone voicemail and Lord Justice Leveson’s 2012 report on the culture, practices and ethics of the press. More than 5,000 individuals have responded to the consultation through a form published on the website of Hacked Off, a campaign group for victims of press intrusion. In a rare display of industry-wide unity, national and local newspaper publishers and other news organisations have filed submissions calling for ministers to scrap Section 40 — one of the key measures to emerge from the Leveson report. FT letter to Karen Bradley Response to the consultation on Section 40 of the Crime & Courts Act 2013 and part two of the Leveson Inquiry   The statutory provision is designed to encourage newspapers to join an approved regulator by offering them protection from having to pay legal costs in libel, privacy and harassment cases that could have been dealt with by the regulator’s arbitration scheme. If it is brought into force, newspapers that choose not to sign up to an approved regulator would potentially be liable for costs even if they successfully defend themselves in court. Impress, the only regulator to be approved under royal charter so far, is almost entirely funded by a charitable trust set up by the former Formula One boss Max Mosley , a leading campaigner for press reform. Mr Mosley and other campaigners say the mainstream UK newspaper industry’s preferred watchdog, the Independent Press Standards Organisation, lacks teeth and is not sufficiently impartial. Editors and media owners have described Section 40 as unjust, arguing it would destroy investigative journalism and threaten the future of an industry that is already battling deep structural decline as readers and advertising revenues switch online. In its response to the consultation, Associated Newspapers, publisher of the Daily Mail, Mail on Sunday and Metro titles, said: “It is astonishing that, in a 21st-century liberal democracy, the government is even considering implementing this illiberal, oppressive and unjust legislation.” Related article Newspapers pile pressure on ministers ahead of Leveson 2 deadline   The Financial Times, in its submission, said Section 40 is “not fit to be commenced” and should be repealed “entirely”. Leaving it on the statute book, but not brought into force would leave a “legislative Sword of Damocles” hanging over the newspaper industry. The submission added: “It is one thing for a newspaper to be forced to bear its own costs...but to have to pay the costs of an unreasonable or wealthy opponent, who knows that the FT will almost certainly have to pay the bill irrespective of outcome would simply invite unmeritorious litigation that would threaten the FT’s journalistic freedom and activity.” In its submission the Guardian said Section 40 would deter newspapers from pursuing potentially risky stories. “In complex and controversial cases such as terrorism, national security, or where deep source protection sits at the heart of a story, this chilling is likely to be particularly profound,” the Guardian said. Representatives of the newspaper industry have also highlighted the risk that Section 40 poses to local newspaper groups, which have been hit hard by the sharp decline in print advertising revenues over the past two years. Martin Trepte, editor of the Maidenhead Advertiser, which serves Prime Minister Theresa May’s constituency, wrote last week: “Section 40 will encourage a flood of risk-free complaints from people who either wish to prevent us from publishing a story about them, or to punish us for already doing so. “Aside from the fundamental unfairness of having to pay the costs of both sides in a court action — even if we win, those costs will be crippling for a small publisher like ourselves. It is no exaggeration to say we will face being bankrupted in the courts or be forced to avoid covering issues that could lead to a complaint.” On Leveson 2, the FT and other news organisations make the case that many of the issues that were to be considered by a second judge-led inquiry have already been dealt with in a series of criminal trials relating to hacking and collusion between journalists and public officials. “Taken together Section 40 and Leveson II invite a dangerous weakening of the UK news industry and with it the UK’s press’s important continuing contribution to holding power to account,” the FT’s submission said.  '|'ft.com'|'http://www.ft.com/rss/world/uk/business'|'https://www.ft.com/content/23b1af6a-d738-11e6-944b-e7eb37a6aa8e'|'2017-01-11T00:14:00.000+02:00'
'daa258408cde74674f69a3e01d9afc4a122bff6e'|'Volkswagen agrees to $4.3 billion U.S. diesel settlement - sources'|'Business News - Wed Jan 11, 2017 - 4:39pm GMT Volkswagen agrees to $4.3 billion U.S. diesel settlement - sources The Volkswagen logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch By David Shepardson - WASHINGTON WASHINGTON Volkswagen AG ( VOWG_p.DE ) has agreed to a $4.3 billion settlement to resolve the U.S. government''s civil and criminal investigations into the German automaker''s diesel emissions cheating, two sources briefed on the matter said Wednesday. U.S. Attorney General Loretta Lynch and Environmental Protection Agency chief Gina McCarthy will announce the settlement in Washington on Wednesday at a news conference, the government said in a statement. Reuters has learned that prosecutors may charge additional individuals with criminal conduct as early as today, the sources said. On Monday, a VW executive, the second VW employee charged by U.S. prosecutors, was accused of conspiracy to defraud the United States over the company''s emissions cheating and the automaker was charged with concealing the cheating from regulators. The world''s second largest automaker confirmed Tuesday it has negotiated a $4.3-billion concrete draft settlement with U.S. regulators to resolve its diesel emissions issues and plans to plead guilty to criminal misconduct as part of the civil and criminal settlement. The settlement doesn''t impact the government''s ongoing investigation into individual misconduct by current and former VW employees. Volkswagen had previously agreed to spend up to $17.5 billion in the United States to resolve claims by U.S. regulators, owners and dealers and offered to buy back nearly 500,000 polluting vehicles. The automaker was in intensive talks with regulators in recent weeks in an effort to reach a deal before the end of the Obama administration. Without a deal by next week, a final resolution could have been delayed by months until the Trump EPA and Justice Department teams are in place. VW admitted in September 2015 to installing secret software in hundreds of thousands of U.S. diesel cars to cheat exhaust emissions tests and make them appear cleaner than they were on the road, and that as many as 11 million vehicles could have similar software installed worldwide. Much of the company''s senior management departed following the scandal, including chief executive Martin Winterkorn. (Reporting by David Shepardson in Washington and Andreas Cremer in Berlin; Writing by Doina Chiacu; Editing by Chizu Nomiyama and Nick Zieminski) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-epa-idUKKBN14V21W'|'2017-01-11T23:39:00.000+02:00'
'071f643ae60556d6a4496708547236daf9fd7d4e'|'Euro zone bond yields tumble, reflation trades suffer setback after Trump'|'  Euro zone bond yields tumble, reflation trades suffer setback after Trump Traders look at computer screens during Spain''s bonds auction in a broker''s office in Barcelona June 21, 2012. REUTERS/Albert Gea/Files By Dhara Ranasinghe - LONDON LONDON German bond yields moved further away from recent three-week highs on Thursday, after U.S. President-elect Donald Trump shed no light on his future fiscal policies at a long-awaited news conference. Since his election win on Nov. 8, stocks have soared and bonds have taken a beating on expectations that the economic policies of a Trump administration would fuel growth and inflation. But at his first news conference since the election, Trump on Wednesday gave no details on tax cuts and infrastructure spending, putting a dent in the reflation-driven rise in bond yields in recent months. Germany''s 10-year bond yield, the benchmark for borrowing costs in the euro area, fell 5 basis points to 0.21 percent - its lowest level in just over a week. It is down about 12 bps from a three-week high hit on Monday. Other euro zone bond yields fell 2 to 6 bps as U.S. 10-year Treasury yields fell to their lowest level in more than a month at around 2.31 percent. U.S. yields remain almost 50 bps above where they traded just before the U.S election. "Overall, investors are wary ahead of Trump''s inauguration – a case of buy the talk (Trumpflation), but sell the news," analysts at Societe Generale said in a note. The release later in the day of the minutes of the European Central Bank''s December meeting could limit any falls in euro zone bond yields, analysts said. The ECB last month trimmed its asset buys in a surprise move but promised protracted stimulus to aid a recovery in the euro zone economy. It also tweaked its bond-buying programme to address a scarcity of bonds, but those changes have done little to benefit countries such as Portugal and Ireland. "We''ll closely scrutinise the minutes for signs of opposition to the extension of the programme and also for any discussion on raising the share limits," said Martin van Vliet, senior rates strategist at ING. "The fact that they didn''t increase that has implications for smaller markets such as Ireland and Portugal." Italian bonds yields lagged the fall in regional peers ahead of a sale of government debt later in the day. Sentiment towards Italian debt improved on Wednesday after a key court rejected a bid by Italy''s biggest labour union to hold a referendum on recent rule changes that made it easier to fire workers. Still, Italian bonds face another test on Friday, when ratings agency DBRS is set to announce the results of a review of the country''s credit rating. (Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-bonds-idINKBN14W14U'|'2017-01-12T16:48:00.000+02:00'
'905d7522cb232201bbd4d3f8eccfa38de6a13786'|'Trump''s tax cut plans may pressure U.S. credit rating: Fitch'|' 07am GMT Trump''s tax cut plans may pressure U.S. credit rating: Fitch LONDON U.S. President-elect Donald Trump''s plans to slash taxes could threaten the country''s triple-A credit rating over the medium term, the head of EMEA sovereign ratings at the Fitch agency said on Thursday. "We do see increasing medium term pressures (on the U.S. rating)," Ed Parker said at the agency''s annual credit outlook conference. "Even before elections the U.S had highest level of government debt of any triple-A country. If we add on top of that Trump''s plans to cut taxes by $6.2 trillion (£5.05 trillion) over the next 10 years that could add around 33 percent to U.S. government debt," he added. (Reporting by John Geddie; editing by Sujata Rao)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-us-rating-fitch-idUKKBN14W165'|'2017-01-12T17:07:00.000+02:00'
'95c0c293e1bc2f320e6d49e581cd9283ff6b2855'|'TUI Germany says summer demand ''significantly'' up on last year'|'Business News - Thu Jan 12, 2017 - 1:30pm GMT TUI Germany says summer demand ''significantly'' up on last year The logo of of German travel company TUI AG is seen outside of one of its branch offices in Vienna, Austria, December 27, 2016. REUTERS/Leonhard Foeger BERLIN The German unit of European tour operator TUI ( TUIT.L ) said demand for summer 2017 bookings was "significantly" above the level seen at this point last year and that Germans were once again booking their holidays earlier. "Many Germans who didn''t go on holiday last year are booking especially early this year," Sebastian Ebel, head of TUI Germany, said in a statement on Thursday. Early bookings are good for tour operators'' earnings because it makes it less likely for them to have to cut prices at the last minute to fill spaces. Credit Suisse downgraded TUI on Wednesday to "underperform" from "outperform", flagging a tough outlook for its two largest markets - the UK and Germany, accounting for 33 percent and 26 percent of sales, respectively. Last year saw European tourists avoid attack-hit Turkey and Egypt in favour of destinations in the western Mediterranean such as Spain, forcing tour operators and airlines to shift capacity. Greece has replaced Turkey as the second most popular destination for Germans, TUI Germany said, and summer bookings for the country are currently 41 percent above where they were a year ago. Spain, Italy, the Canary Islands and Croatia are also experiencing growth in bookings of over 10 percent, TUI Germany said. The number of visitors to Spain hit a new record in 2016 for a fourth consecutive year, the government said on Thursday. Germany is the world''s third largest spender on foreign travel behind China and the United States. (Reporting by Victoria Bryan; Editing by Greg Mahlich and Alexandra Hudson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tuigroup-germany-idUKKBN14W1VA'|'2017-01-12T20:30:00.000+02:00'
'9cca924515339a8cae30faf882a0424950d7cd49'|'India''s Tata Sons may name new chairman as early as Thursday - Economic Times'|'Business News   10:54am GMT India''s Tata Sons may name new chairman as early as Thursday: Economic Times Tata Group Deputy Chairman Cyrus Mistry attends the annual general meeting of Tata Steel Ltd., in Mumbai August 14, 2012. REUTERS/Danish Siddiqui MUMBAI India''s Tata Sons is likely to name a new chairman as early as Thursday, the Economic Times reported, citing unnamed officials. Tata Sons has called a board meeting at 4 p.m. (5:30 a.m. ET)), the newspaper said, although it said no agenda for the meeting had been announced. bit.ly/2ifVtM5 The $100 billion conglomerate ousted its chairman Cyrus Mistry in October, sparking a bitter public spat. Thursday report comes as Tata Consultancy Services Ltd ( TCS.NS ), India''s biggest software services company, reports its results. TCS head N. Chandrasekaran has been widely speculated to be one of the leading contenders for the role. (Writing by Devidutta Tripathy; Editing by Alex Richardson) Next In Business News Trump policy vacuum sends dollar skidding lower LONDON The dollar sank to a five-week low below 114 yen on Thursday and was on course for its worst week since November, hit by a loss of confidence in the U.S. reflation trade which has dominated markets since Donald Trump''s election.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-tata-sons-management-chairman-idUKKBN14W1B2'|'2017-01-12T17:57:00.000+02:00'
'17e63641d02e7ec622c62611a40866ac5fcac8c4'|'Hong Kong stocks ease as 5-day rally peters out, techs fall'|'Industrials  20am EST Hong Kong stocks ease as 5-day rally peters out, techs fall Jan 12 Hong Kong stocks fell, bucking a regional rally, as investors took a breather after five days of gains in the city. The benchmark Hang Seng index was down 0.5 percent, at 22,829.02 points, while the Hong Kong China Enterprises Index lost 0.1 percent, to 9,723.05 points. Asia stocks rose, partly on relief after U.S. President-elect Donald Trump kept off the subject of tariffs against Chinese exports in a news conference on Wednesday. But the bullish sentiment was cancelled out by profit-taking pressure in the city after the benchmark index added more than 3.6 percent in the past five sessions. The Hang Seng China AH Premium Index, which measures the valuation gap for companies listed on both mainland exchanges and in Hong Kong, rebounded on Thursday after touching a three-month low. The index ended at 120.74, meaning major Hong Kong stocks currently trade at a 20 percent discount to their mainland peers. The discount has halved over the past year, partly due to mainland money flowing into Hong Kong shares. Services shares led a broad-based retreat, with an index tracking the sector down 1.4 percent. The tech sector also fell after index heavyweight Tencent Holdings Ltd dropped more than 1 percent after rising 6.2 percent in the past five sessions. (Reporting by Jackie Cai and John Ruwitch; Editing by Jacqueline Wong) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-stocks-hongkong-close-idUSZZN2NX800'|'2017-01-12T15:20:00.000+02:00'
'e3a2e309426245b3ca26096c37259cb05e054177'|'Sodexo keeps goals despite weak Q1'|'Business News - Thu   Sodexo keeps goals despite weak Q1 The logo of French food services and facilities management group Sodexo is seen at the company headquarters in Issy-les-Moulineaux near Paris, France, March 18, 2016. REUTERS/Gonzalo Fuentes/File Photo GLOBAL BUSINESS WEEK AHEAD PACKAGE Ð SEARCH ÒBUSINESS WEEK AHEAD JULY 4Ó FOR ALL IMAGES - RTX2JK65 PARIS French food services and facilities management group Sodexo ( EXHO.PA ) said organic revenue fell 1.5 percent in the first quarter of the 2016/17 fiscal year, reflecting weakness in its energy and resources unit and higher year-ago comparables. Sodexo, which is the world''s No.2 catering services company after Britain''s Compass Group ( CPG.L ), said it was nevertheless confident of achieving its full year targets as revenue growth would progressively accelerate in the coming quarters. In November, Sodexo had warned the first quarter would be tough against the year-ago quarter, which included the Rugby World Cup contract which gave a boost to its business, saying it would be "very small to slightly negative". Sodexo kept its forecast for underlying revenue growth of around 3 percent and a rise in operating profit, before exceptional items and excluding currency effects, of between 8 percent and 9 percent, for the full year. Sodexo published its first quarter update on its website. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta) Next In Business News BoE''s Carney - curbing consumer lending would be ''big call'' LONDON Bank of England Governor Mark Carney said it would be a "big call" for the central bank to rein in rapid growth in consumer lending, which picked up strongly last year and brought some echoes of the period before the global financial crisis.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sodexo-sales-salesfigures-idUKKBN14W0JD'|'2017-01-12T12:57:00.000+02:00'
'fb7cf1eb82c23d7abe541f98cc3ce340b312b3db'|'China Dec total social financing drops to 1.63 trln yuan'|'Financials   4:15am EST China Dec total social financing drops to 1.63 trln yuan BEIJING Jan 12 China''s total social financing (TSF), a broad measure of credit and liquidity in the economy, fell slightly to 1.63 trillion yuan ($236.37 billion) in December from 1.74 trillion yuan in November, data from the central bank showed on Thursday. TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offers, loans from trust companies and bond sales. It can also hint at trends in the vast shadow banking sector. ($1 = 6.8960 Chinese yuan renminbi) (Reporting by Beijing Monitoring Desk and Sue-Lin Wong; Editing by Kim Coghill) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-economy-socialfinancing-idUSENNH190SU'|'2017-01-12T16:15:00.000+02:00'
'9d7fcc34c0dee38ec0d79731218451bd8f15ef3f'|'Barratt builds fewer homes in London'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/companies/construction'|'https://www.ft.com/content/6d330386-d89c-11e6-944b-e7eb37a6aa8e?ftcamp=published_links%2Frss%2Fcompanies_construction%2Ffeed%2F%2Fproduct'|'2017-01-12T16:05:00.000+02:00'
'ab82c3c7e12e115870953faa90acbb06fed42808'|'Trump wades in on flap over L.L. Bean boycott threats'|'Politics - Thu Jan 12, 2017 - 11:31am EST Trump wades in on flap over L.L. Bean boycott threats Donald Trump Jr. (L) and Vice President-elect Mike Pence are seen in the background as U.S. President-elect Donald Trump gives a press conference in Trump Tower, Manhattan, New York, U.S., January 11, 2017. REUTERS/Shannon Stapleton By Scott Malone - BOSTON BOSTON Donald Trump on Thursday tweeted his support of Maine catalog retailer L.L. Bean after an activist group opposed to the U.S. president-elect called for a boycott of the company. The boycott call began online last week after reports that a member of the Bean family that owns the company, best known for its rubber-bottomed hunting boots, had donated money to Trump''s candidacy. "Thank you to Linda Bean of L.L. Bean for your great support and courage," Trump said in a tweet early Thursday. "People will support you even more now. Buy L.L. Bean." The "Grab Your Wallet" website added the Freeport, Maine-based company to a lengthy list of retailers it urges Trump opponents to boycott because of their ties to the former reality television star, who will be sworn in on Jan. 20. L.L. Bean scrambled to distance itself from Linda Bean''s donations, noting that she was just one of more than 50 members of the founding family associated with the 105-year-old company, which described itself as politically neutral. "Our owners, employees, and customers hold views and embrace causes that are individual and diverse," it said in a statement late Sunday. "We fully acknowledge and respect that some may disagree with the political views of a single member of our 10-person board of directors." A spokeswoman for the company did not immediately respond to a request for comment on Thursday. The president-elect''s tweet drew a swarm of responses from supporters and opponents on Thursday, some of whom vowed to boycott the company, others who said they planned to buy its merchandise in a show of solidarity. Trump has taken on several prominent U.S. companies, including United Technologies Corp''s ( UTX.N ) Carrier air conditioning unit and General Motors Co ( GM.N ) to berate them for manufacturing products outside the United States. His track record of pouncing on high-profile executives has left the leaders of corporate America wary of waking up one morning to find themselves Trump''s latest target. (Reporting by Scott Malone; Editing by Phil Berlowitz) Next In Politics Trump''s Pentagon pick Mattis says U.S. must be ready to confront Russia WASHINGTON President-elect Donald Trump''s pick to lead the Pentagon told Congress on Thursday the United States must be ready to confront Russian behavior in areas where the two countries cannot cooperate, even as he backed Trump''s bid to engage with Moscow. French far right leader Marine Le Pen seen at Trump Tower NEW YORK French far-right presidential hopeful Marine Le Pen was seen at Trump Tower on Thursday, but she declined to say whether she was there to meet with U.S. President-elect Donald Trump, according to a Reuters witness and a media pool report. NEW YORK President-elect Donald Trump escalated a fight with U.S. spy agencies on Wednesday, just nine days before he takes over their command as president, and accused them of practices reminiscent of Nazi Germany. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-ll-bean-idUSKBN14W2ED'|'2017-01-12T23:31:00.000+02:00'
'b970385441e3a220343fb8660d637aed8393e720'|'German GDP grew 1.9 percent in 2016, strongest rate in five years'|'Business News - Thu Jan 12, 2017 - 9:08am GMT German GDP grew 1.9 percent in 2016, strongest rate in five years Towboats tow the container ship ''''Hamburg Express'''' as it passes below the Koehlbrand bridge during its arrival near the Port of Hamburg, August 15, 2012. REUTERS/Morris Mac Matzen/File Photo - RTX2E7GF BERLIN The German economy expanded by 1.9 percent in 2016, the strongest rate in five years and an improvement on the previous year, a preliminary estimate from the Federal Statistics Office showed on Thursday. Europe''s largest economy is benefiting from rising private consumption and increased state spending on refugees, compensating for a weaker contribution from trade amid sluggish demand from major trading partners and emerging markets. Economists polled by Reuters had expected growth in gross domestic product (GDP) of 1.8 percent for 2016 after an expansion rate of 1.7 percent in the previous year. (Reporting by Michael Nienaber and Josepn Nasr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-gdp-idUKKBN14W103'|'2017-01-12T16:08:00.000+02:00'
'1fee0310f90ec541ce76bba8df22e2ca9ca5acf4'|'Asos says it will speed up investment plans as sales rise'|' 34am GMT Asos says it will speed up investment plans as sales rise A model walks on an in-house catwalk at the ASOS headquarters in London April 1, 2014. REUTERS/Suzanne Plunkett LONDON British online fashion retailer Asos ( ASOS.L ) said on Thursday it would accelerate the pace of its infrastructure investment as it expects sales to rise by nearly a third this year following bumper demand over the Christmas period. International sales increased by 52 percent to 362 million pounds in the four months to the end of December, with sales in its home market up by 18 percent to 244 million pounds, the firm said. "With sales for the year now expected to be up by c.25 percent to 30 percent, we''re accelerating our infrastructure investment to handle that growth," Chief Executive Nick Beighton said. ASOS said in December it planned to add 1,500 new jobs at its London headquarters. (Reporting by Costas Pitas; editing by Sarah Young)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-asos-results-idUKKBN14W0QX'|'2017-01-12T14:34:00.000+02:00'
'a18374293a1353374f75a5e168876e9d356ab1a5'|'QE opponents raised voice at last ECB meeting - accounts'|' 41pm GMT QE opponents raised voice at last ECB meeting - accounts The European Central Bank (ECB) headquarters is pictured in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski FRANKFURT Opponents of the European Central Bank''s money-printing programme made their voice heard at the ECB''s latest meeting, at which policy makers extended bond purchases despite improving economic conditions, accounts showed on Thursday. Inflation in the euro zone is rebounding, largely due to a stabilisation in oil prices. This is fuelling calls in Germany for a paring back of the ECB''s aggressive 2.3 trillion euros (£1.99 trillion) monetary stimulus scheme. In a rare sign of open dissent, the minutes of the Dec 8 meeting of the ECB''s Governing Council showed that "a few members" opposed both proposals on the table to continue bond purchases beyond March. "A few members could not support either of the two options that had been proposed, while welcoming the scaling down of purchases," the minutes showed. The ECB''s board had tabled plans to either extend purchases until December at 60 billion euros per month or until September at 80 billion euros. The former option was eventually adopted. (Reporting by Francesco Canepa and Andreas Framke)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-minutes-idUKKBN14W1Q7'|'2017-01-12T19:41:00.000+02:00'
'5e320753b95b85c40eecbe949c5a82e1eeb79bcf'|'Germany posts 6.2 billion euro budget surplus in 2016 - sources'|'Financials   5:15am EST Germany posts 6.2 billion euro budget surplus in 2016 - sources BERLIN Jan 12 Germany''s federal government posted a budget surplus of 6.2 billion euros ($6.60 billion) last year, helped by a strong economy and low borrowing costs, senior government sources said on Thursday, adding they wanted to use the windfall to amortize debt. It is the third consecutive year Europe''s biggest economy has not needed net new borrowing. The 2015 federal surplus was 12.1 billion euros, said the sources. "We want to suggest to the lower house of parliament that this money is used for amortizing debt," said one senior government source. In an election year, the surplus has triggered a debate among Chancellor Angela Merkel''s conservatives and her Social Democrat (SPD) coalition partners over whether the windfall should be used to pay off old debt or raise public investment. Some Bavarian conservatives have called for tax cuts. "We should give citizens something back. In view of low interest rates and rising inflation, we need quick tax reductions," Markus Soeder told Bild daily. The senior government sources said the government wanted to send a signal to European and international partners that having a budget surplus is not at odds with achieving growth. "We are showing that both are possible," said the source. The German economy grew by 1.9 percent in 2016, the strongest rate in five years, the Federal Statistics Office said earlier. ($1 = 0.9398 euros) (Reporting by Gernot Heller; Writing by Madeline Chambers; Editing by Paul Carrel) Next In Financials SE Asia Stocks-Largely down; Philippines drops on profit-taking By Anusha Ravindranath Jan 12 Philippine stocks fell for a second straight session on Thursday, led by telecom and financials as traders took profits, while most other Southeast Asian markets ended marginally lower, with Singapore easing from a fourteen-month high. Philippine shares closed 0.8 percent lower with telecom operator PLDT Inc the top loser, slipping 4.2 percent while Globe Telecom shed 2.4 percent. The market fell on profit-booking in stocks which saw a steep'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/germany-budget-idUSB4N1C400B'|'2017-01-12T17:15:00.000+02:00'
'173d0301b48d5cbb8bb757578928136bc279bcfc'|'Telecom Italia has no intention to merge Tim Brasil with Oi'|'  7:45am GMT Telecom Italia has no intention to merge Tim Brasil with Oi The Telecom Italia logo is seen at the headquaters downtown Milan, Italy, March 10, 2016. REUTERS/Stefano Rellandini /File Photo MILAN Telecom Italia ( TLIT.MI ) has no intention of merging its TIM Participações SA ( TIMP3.SA ) unit with Brazilian wireless carrier Oi SA ( OIBR4.SA ), a spokesman for Telecom Italia said on Tuesday. "Reports on the matter are groundless," the spokesman said. On Monday Egyptian billionaire Naguib Sawiris told newspaper Folha de S.Paulo Oi could be merged with TIM Participações if his bid for the troubled carrier was successful. (Reporting by Stephen Jewkes, editing by Giulia Segreti)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-telecomitalia-m-a-brazil-sawiris-idUKKBN14U0NX'|'2017-01-10T14:45:00.000+02:00'
'6dbc7b97a03663e350d3723bdaff5f958b74dea0'|'Valeant raises $2.1bn through asset sales'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/companies/health'|'https://www.ft.com/content/7cb39bda-d717-11e6-944b-e7eb37a6aa8e?ftcamp=published_links%2Frss%2Fcompanies_health%2Ffeed%2F%2Fproduct'|'2017-01-10T18:57:00.000+02:00'
'3cfaedea286b5de1aa324fcc6748782784afbb58'|'Ryanair seizes Lufthansa''s crown as Europe''s biggest airline by passengers'|'Business News - Tue Jan 10, 2017 - 2:11pm GMT Ryanair seizes Lufthansa''s crown as Europe''s biggest airline by passengers A Ryanair aircraft lands during a foggy day on Riga International Airport in Riga, Latvia, December 21 2016. REUTERS/Ints Kalnins By Victoria Bryan - FRANKFURT FRANKFURT Ireland''s Ryanair ( RYA.I ) has overtaken Lufthansa ( LHAG.DE ) as Europe''s biggest airline by passenger numbers after the German carrier on Tuesday reported a meagre 1.8 percent rise in the number of people it flew in 2016. Lufthansa''s 109.7 million passengers last year fell short of the 117 million passengers reported by low-cost carrier Ryanair last week, a 15 percent increase on the previous year, as Ryanair pulled in passengers with low prices. The year saw strong performances from other budget carriers, with Norwegian Air Shuttle ( NWC.OL ) reporting passenger numbers up 14 percent to 29 million and Wizz Air ( WIZZ.L ) up 19 percent to 22.7 million. EasyJet ( EZJ.L ), which suffered more than low-cost rivals from strikes in France and tourists avoiding destinations hit by attacks, grew passenger numbers 6.6 percent to 74.5 million. Lufthansa is expanding its Eurowings budget brand to try and regain market share lost in Europe and it is set to grow fast this year with deals to lease planes and crew from Air Berlin ( AB1.DE ), plus take over Brussels Airlines. However, Ryanair has set its sights on Germany as one of the countries in which it wants to expand and will in the summer start flying from Lufthansa''s home base of Frankfurt. Lufthansa remains the largest airline group in Europe in terms of revenue because it does more long-haul flying and has its own catering and aircraft maintenance units. Air France-KLM ( AIRF.PA ) reported a 4 percent rise in group passengers to 93.4 million, helped by low-cost unit Transavia, which carried 23 percent more passengers. IAG ( ICAG.L ) carried 100.6 million people in 2016, an increase of 14 percent and overtaking its Franco-Dutch rival, after it acquired Aer Lingus in August 2015. (Additional reporting by Ludwig Burger; Editing by Christoph Steitz and Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lufthansa-traffic-idUKKBN14U1P4'|'2017-01-10T21:11:00.000+02:00'
'e788becce5cb466e5f3555165c86deeacc2f9d0c'|'Anaplan hires CEO ahead of U.S. software firm''s 2017 IPO'|'By Heather Somerville - SAN FRANCISCO SAN FRANCISCO U.S. software company Anaplan, which has raised more than $240 million, has tied up a critical loose end as it steams toward an initial public offering expected this year: hiring a chief executive officer.Anaplan said on Tuesday it snagged longtime Silicon Valley finance executive Frank A. Calderoni to fill the top job at the company, which had been vacant since former CEO Frederic Laluyaux abruptly resigned early last year.Among Calderoni''s key tasks will be readying the company for an IPO, which is widely expected to take place this year. San Francisco-based Anaplan makes software that helps businesses with planning and forecasting."The company has been working toward being ready for an IPO," Calderoni told Reuters on Friday. "The market has opened up. My goal is to make sure we''re ready."Calderoni, 59, has spent the last 17 years as chief financial officer at technology companies such as Cisco Systems Inc ( CSCO.O ) and SanDisk LLC ( SNDK.MX ), often in tandem with a role in operations. Most recently, he has served as chief financial officer and executive vice president of operations at Red Hat Inc ( RHT.N ), an enterprise software company, where he will depart this month after less than two years.He will join Anaplan on Jan. 23 as president, CEO and member of the board. It will be Calderoni''s first stint at a privately held startup.He said he is encouraged by the successes of the few tech companies that went public in the past few months, such as Nutanix Inc ( NTNX.O ) and Twilio Inc ( TWLO.N ), whose stocks continue to trade above their IPO price.Anaplan, which is not profitable, said last year it was on track to surpass $100 million in annual revenue. The company operates in 21 countries and has more than 600 customers and about the same number of employees.Calderoni plans to have a profitability timeline - perhaps a couple years down the road - to share with IPO investors."We need to be able to demonstrate that we''re going to be around," he said.Anaplan''s investors include Shasta Ventures, Salesforce Ventures and DFJ venture capital. Most of the $90 million from the company''s most recent financing a year ago, which came with a $1.1 billion valuation, is still in the bank, the company said.(Reporting by Heather Somerville; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-anaplan-ceo-idINKBN14U1IF'|'2017-01-10T10:02:00.000+02:00'
'236c286eed0731a55683e430c427c8128cfc4539'|'Pakistan fires submarine-based nuclear cruise missile'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/companies/asiapacific'|'https://www.ft.com/content/d0d858aa-d67b-11e6-944b-e7eb37a6aa8e?ftcamp=published_links%2Frss%2Fcompanies_asia-pacific%2Ffeed%2F%2Fproduct'|'2017-01-10T01:20:00.000+02:00'
'95f184d9279d98c2711ec6e61da43464de473696'|'Hong Kong shares edge up tracking Asia, but China dips'|'Industrials - Tue Jan 10, 2017 - 11:47pm EST Hong Kong shares edge up tracking Asia, but China dips * SSEC -0.5 pct, CSI300 -0.5 pct, HSI +0.7 pct * Markets await Trump''s news conference later in the day * Chinese airlines in retreat after sharp gains SHANGHAI, Jan 11 Hong Kong stocks edged up to fresh one-month highs on Wednesday morning tracking regional markets as investors awaited U.S. President-elect Donald Trump''s news conference for clues that could set near-term direction for global markets. China stocks slipped due to an increase in equity supply and as mainland airlines weakened after their recent rally on the back of lower oil prices. The benchmark Hang Seng index headed for a fifth winning session, up 0.7 percent, to 22,899.55 points, while the Hong Kong China Enterprises Index gained 0.6 percent, to 9,726.17 points. Investors are looking to Trump''s first news conference since he won the U.S. presidential election for any hints about his policies. In his campaign, he promised to slash taxes and boost fiscal spending which sent Wall Street to record highs. But he also vowed to brand China a currency manipulator on his first day in office and has threatened to slap huge tariffs on imports from China, raising political uncertainty between the world''s two biggest economies. Nearly all sectors in Hong Kong advanced, led by resource stocks, underpinned by strong commodities prices on the mainland. The sector was up around 2.4 percent at midday. Bucking the broad trend was the utilities sector. The rising U.S. interest rate outlook under Trump''s administration has pressured the high dividend-paying firms'' balance sheets. Hong Kong''s interest rates typically react to U.S. monetary policies due to the Hong Kong dollar''s peg to the greenback. In China, the CSI300 index fell 0.5 percent, to 3,340.94 points at the end of the morning session, while the Shanghai Composite Index lost 0.5 percent, to 3,144.99 points. Analysts say an apparent increase in equity supply, fuelled by faster approvals of initial public offerings (IPO) and stepped-up issuance of additional shares by listed companies, have put liquidity pressure on the market. China''s securities regulator approved 14 IPO applications on Friday, which was expected to raise up to 4.8 billion yuan ($693.3 million). Most sectors lost ground in the mainland market. Transportation stocks, down 1.47 percent, was largely dragged lower by airlines succumbing to profit-taking. China Southern Airlines fell more than 3.2 percent after adding nearly 7.4 percent in the previous session on investor optimism over possible restructuring. The airline has since clarified news reports by saying mix-ownership reform would only be implemented by its parent and hasn''t involved the company. ($1 = 6.9236 Chinese yuan) (Reporting by Jackie Cai and John Ruwitch; Editing by Jacqueline Wong) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-stocks-midday-idUSL4N1F11R2'|'2017-01-11T11:47:00.000+02:00'
'a25af46727d4a7c0755588638cb2dda5f2f11bcc'|'Recruiter PageGroup''s fourth quarter gross profit rises, UK disappoints'|' 06am GMT Recruiter PageGroup''s fourth quarter gross profit rises, UK disappoints British recruitment firm PageGroup Plc reported a rise in fourth-quarter gross profit, but pointed to a continued cooling in the UK hiring market after Britons backed an exit from the European Union. The company said it expected full-year operating profit to be towards the top end of company compiled forecasts of between 91 million pounds and 100 million pounds. PageGroup, which mainly finds candidates to fill permanent positions, said year-on-year gross profit from its British operations fell 6.7 percent to 33.8 million pounds at constant currencies in the quarter, steeper than the 4.7 percent fall seen in the preceding quarter. "In the UK, client and candidate confidence levels deteriorated further, with activity levels also reduced," Chief Executive Steve Ingham said. Contrastingly, PageGroup''s peer Robert Walters on Monday reported a rise in UK gross profit, helped by growth in its domestic outsourcing business and said the UK hiring market was picking up pace as Brexit "uncertainty" started becoming the "new normal". PageGroup''s total gross profit rose 3.8 percent at constant currencies in the quarter, driven by growth in Continental Europe and Latin America, outside Brazil. Positive foreign exchange movements bumped up reported gross profit by 22.4 million pounds in the quarter, the company said. Staffing firms such as PageGroup, Hays, SThree and Robert Walters are seen as gauges of wider economic health because people tend to switch jobs more often when confidence rises. Although most British staffing companies have been hit by uncertainty following the surprise Brexit vote in June, their international businesses have continued to offer protection. PageGroup''s quarterly gross profit from Europe, the Middle East and Africa (EMEA) business rose 12.4 percent to 76 million pounds at constant currencies, indicating that the rest of the continent continued to stay protected against any Brexit fall out. EMEA accounted for 47 percent of its gross profit in the quarter, while UK accounted for 21 percent. Seven countries in the region had record quarters and 12 had record years, PageGroup said. Total gross profit for the year rose 3 percent at constant currencies to 621.1 million pounds. (Reporting by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by Sunil Nair and Gopakumar Warrier) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pagegroup-outlook-idUKKBN14V0O2'|'2017-01-11T15:06:00.000+02:00'
'34b50a3f047efc71f7d272d7b8d3de5868ab431d'|'MOVES-Goldman promotes two technology bankers'|'By Liana B. Baker - SAN FRANCISCO SAN FRANCISCO Jan 10 Goldman Sachs Group Inc has promoted investment bankers Ryan Limaye and Nick Giovanni, naming them co-heads of global Technology Investment Banking, according to an internal memo on Tuesday.Limaye had been previously the head of enterprise technology banking since 2014 while Giovanni had been head of Internet banking since 2012. Both are partners at Goldman."Ryan and Nick will focus on clients and help to set the strategic direction of our technology business as the sector continues to grow in importance for the firm," said Dan Dees and George Lee, two senior bankers who signed the memo.A Goldman Sachs spokeswoman confirmed the contents of the memo.Goldman Sachs was ranked No. 1 in the global technology mergers and acquisitions in the 2016 league tables, according to Thomson Reuters data. (Reporting by Liana B. Baker in San Francisco; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/moves-goldman-technology-idINL1N1F102K'|'2017-01-10T22:46:00.000+02:00'
'a329abbbe1039168bf8bf106b8b467e14f0b06b5'|'Austrian chancellor takes on far right with 10-year jobs plan'|'Company News   12:01pm EST Austrian chancellor takes on far right with 10-year jobs plan WELS, Austria Jan 11 Austria''s centre-left Chancellor Christian Kern on Wednesday launched an apparent bid to win back voters from the far-right Freedom Party (FPO) by presenting a 10-year plan focused on jobs and the economy. Faced with a resurgent FPO that is running first in opinion polls and is buoyed by fears about Europe''s migration crisis and rising unemployment, Kern called for the European Union to allow preference for Austrian citizens in sectors with high joblessness. "That means - only if there is no suitable unemployed person in the country can (a job) be given to new arrivals without restriction," the text of his plan said. It singled out immigration from eastern European member states as a source of pressure on the small country''s job market. (Reporting by Francois Murphy; editing by Mark Heinrich) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/austria-politics-idUSL5N1F14X7'|'2017-01-12T00:01:00.000+02:00'
'67ce2f18aa39391398e0493bda843e862163bd9e'|'World’s biggest carbon capture project on schedule'|'World’s biggest carbon capture project in service on schedule Technology to curb greenhouse gas emissions has struggled to make headway Read next US financials slip on fading rate hopes Tuesday, 6 September, 2016 Coal-fired plant: Coal piles sit outside a power plant in Utah. It is hoped carbon capture technology can be used at coal-fired plants © Getty by: Ed Crooks in New York The world’s largest project capturing carbon dioxide emissions from power generation has come into service in the US on time and on budget, pointing the way towards a potentially viable future for the technology as a way to curb greenhouse gas emissions. The $1bn Petra Nova project, a joint venture between NRG Energy, the US electricity group, and JX Nippon Oil & Gas of Japan, is capturing the carbon dioxide from the equivalent of 240 megawatts of power generation, and covering its costs by using the gas for oil production. The pace of development of carbon capture has been slower than its supporters had hoped. In 2009, Stephen Chu, then President Barack Obama’s energy secretary, said he hoped the US would have up to 10 coal-fired plants with carbon capture in service by 2016. As it has turned out there will be just two in early 2017, with no others on the horizon. But the use of carbon dioxide for enhanced oil recovery — squeezing more crude out of mature oilfields — has opened up a path to commercial viability for a technology that has been struggling to make headway. Petra Nova is intended to capture about 1.4m tonnes of carbon dioxide per year at the WA Parish coal-fired power plant near Houston, sending it down a pipeline 80 miles to the West Branch oilfield, which is jointly owned by NRG, JX and Hilcorp, the US exploration and production company. There it is pumped into the reservoir to push out more oil, and the project partners are paid by selling the oil they produce. The US Department of Energy gave a $190m grant — a little under one-fifth of the project’s costs — but apart from that the project is entirely run on commercial terms, and can cover its costs at today’s oil prices of about $50-$55 per barrel. “Of course the project works much better when crude is at $100 instead of $50. But at least it puts us in a place where we can test the technologies,” says Mauricio Gutierrez, NRG’s chief executive. “And keep in mind that this is a project that was done on a competitive market structure. It was not a utility-sponsored [regulated] rate-based project.” By contrast, the other large carbon capture project now nearing completion in the US, Southern Company’s Kemper plant in Mississippi, a regulated market, has gone way over budget and behind schedule. In 2010, its budgeted cost was agreed with the state’s regulators at $2.88bn. Now, with start-up scheduled for the end of this month, it is estimated at about $7bn. Related article Beijing’s global role in green power contrasts with Trump rhetoric on retrenchment Tuesday, 10 January, 2017 Kemper is an innovative Integrated Gasification Combined Cycle plant, which turns the coal into gas and captures the carbon dioxide before combustion. It is the first of its kind to be built using Southern’s own IGCC technology, and is also about twice the size of Petra Nova, with the capacity to capture about 3m tonnes of carbon dioxide every year. By contrast, Petra Nova is fitted at a standard coal-fired unit, capturing the carbon dioxide from the flue gases using a process from Mitsubishi Heavy Industries that has been in use since 1999. NRG and JX have not revealed the cost of capture, but Jesse Jenkins of the Massachusetts Institute of Technology estimates that it works out at about $70 per tonne, unsubsidised. That is already lower than at the world’s first large-scale carbon capture project at a power plant, at Boundary Dam in Canada. Completed in 2014, it cost more than Petra Nova, about $1.3bn, and captures less carbon dioxide at 1m tonnes per year. Costs are likely to continue to fall. Robert Watson, then chief executive of SaskPower, which runs Boundary Dam, told the MIT Technology Review in 2014 that a second project of the same type could be delivered at a 20-30 per cent lower cost, and NRG’s managers have similarly learned lessons from Petra Nova that they can apply to future investments. “In renewables — wind and solar power — prices have come way down with the help of government incentives,” says Jeff Erikson of the Global CCS Institute, a body backed by governments and companies to support the development of carbon capture technology. “The cost of carbon capture will fall the same way.” In renewables — wind and solar power — prices have come way down with the help of government incentives. The cost of carbon capture will fall the same way Jeff Erikson, of the Global CCS Institute Mr Jenkins said scaling up and making incremental improvements could cut the cost of capture to $35 per tonne of carbon dioxide, which would make it “quite competitive with other low-carbon options available”. The world’s oilfields cannot soak up all the emissions from power generation, and there is a paradox in trying to fight climate change by boosting fossil fuel production. But the total US market for carbon dioxide for oil recovery has been estimated at 20bn tonnes, or 1,400 years of output from Petra Nova, suggesting there is still plenty of demand that could be met. The oil industry could play an important role in supporting this technology that could be the future of fossil fuels.  '|'ft.com'|'http://www.ft.com/rss/companies'|'https://www.ft.com/content/eee0d5d6-d700-11e6-944b-e7eb37a6aa8e'|'2017-01-10T22:13:00.000+02:00'
'75fcc031997c6152e7e2f1d97dfedeae1b21a276'|'LATAM CLOSE-One issuer raises US$700m in primary market'|'* Fibria drops controversial covenant language on bond* Brazil surprises with aggressive rate cut to rescue economy* Petrobras to invest US$19bn in 2017* Argentina mandates Santander, BBVA, Citi, DB, HSBC, JPM for bondBy Mike GambaleNEW YORK, Jan 11 (IFR) - Below is a recap of primary issuance activity in the LatAm primary market on Wednesday:Number of deals priced: 1Total issuance volume: US$700mFIBRIA OVERSEAS FINANCEFibria Overseas Finance Ltd, exp rating BBB-/BBB-, announced a US$ benchmark SEC registered 10-year senior unsecured notes. Bookrunners: BNP Paribas, BofA Merrill Lynch, Citigroup, HSBC, JP Morgan. The notes are guaranteed by Fibria Celulose S.A. UOP: eligible Green projects. Settle: 1/17/2017.IPT: very low 6% areaGUIDANCE: 5.75% area (+/- 5bp)LAUNCH: US$700m at 5.70%PRICED: US$700m 5.5% cpn 10yr (1/17/2027). At 98.491, yld 5.70%.BOOK: US$3bnNIC: 5bp (vs. 5.25% ''24s at 5.40%, add 2bp for maturity extension, FV=5.65%)COMPS:FIBRIA 5.250% May 12, 2024 at a yield of 5.40%PIPELINEMetro de Santiago is marketing a 30-year bond issue through Bank of America Merrill Lynch and JP Morgan.The borrower was in London on January 11, and will head to New York on January 12 and 13 and Boston on January 17. Investor calls will also be held on January 16. Expected ratings are A+/A by S&P and Fitch. The new 30 year may carry an optional redemption before maturity.Argentine energy company Pampa Energia kicked off roadshows this week as it looks to market a new US dollar bond.The borrower will be in New York on January 11 and 12, in Los Angeles on January 13 and in London on January 16. The company is looking to raise up to US$500m size and considering tenors of five, seven or 10 years.Expected ratings are B3/B-/B+. Citigroup and Deutsche Bank are acting as joint bookrunners, with Credit Agricole and Santander acting as co-managers.Aeropuertos Dominicanos Siglo XXI (Aerodom), an airport operator in the Dominican Republic, is marketing a new US dollar bond that will fund a tender and consent solicitation for outstanding debt.The borrower ended roadshows in New York on Wednesday. JP Morgan and Scotiabank have been mandated as joint bookrunners to arrange meetings. Expected ratings are BB-/Ba3 by S&P and Moody''s.Proceeds will go to fund a tender and consent solicitation for Aerodom''s 9.25% senior secured notes due 2019 and for general corporate purposes.Brazilian power company Neoenergia is considering a possible US dollar bond debut this year after sending out requests for proposals in late 2016, two market sources told IFR.Neoenergia Group''s principal shareholders are Banco do Brasil''s pension fund Previ, with a 49.01% stake, and Spain''s Iberdrola with a 39% stake, according to the company''s website.Brazilian bioenergy company Raizen started fixed-income investor meetings this week to market a possible US dollar bond. The borrower will visit accounts in London, New York and Boston between January 9 and 11.Expected ratings are BBB-/BBB by S&P and Fitch. Bank of America Merrill Lynch, Bradesco, Citigroup, JP Morgan and Santander have been mandate to coordinate roadshows.The Republic of Honduras, rated B2/B+, has hired Bank of America Merrill Lynch and Citigroup for a US dollar bond roadshow, a bank on the deal told IFR.This week, the borrower will visit investors in Los Angeles, Boston and New York, where it will end marketing for the deal on January 11.Argentina power company Genneia is marketing a US dollar bond with an intermediate tenor through Bank of America Merrill Lynch, Itau and JP Morgan.This week, the company will be in New York, Boston and Los Angeles, where it will end investor meetings on January 11. Ratings are expected to be B3/B+ by Moody''s and Fitch.Argentina''s Finance Minister Luis Caputo said last month that the administration was considering tapping the debt markets in January, according to Reuters. Local press have been reporting that the sovereign is looking at an up to US$10bn deal. The country needs US$22bn of debt financing this year, plus an additional US$21bn for refinancing needs, Caputo said.Paraguay is considering raising up to US$550m in the bond market in March, Reuters Quote: d Finance Minister Santiago Pena saying.Inversiones Atlantida, the largest financial group in Honduras, has finished roadshows to market a potential debut US dollar bond through Oppenheimer. Expected ratings are B/B by S&P and Fitch.Argentina''s Province of Entre Rios has finished roadshows ahead of a possible US dollar bond. Citigroup, HSBC and Santander organized investor meetings. Expected ratings are B-/B by S&P and Fitch.Colombian glass company Tecnoglass has wrapped up investor meetings ahead of an up to US$225m debut dollar bond with a tenor of between five and seven years.Expected ratings are Ba3/BB- by Moody''s and Fitch. Bank of America Merrill Lynch and Morgan Stanley have been mandated as joint bookrunners. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/latam-bonds-emerging-close-idINL5N1F146H'|'2017-01-11T18:20:00.000+02:00'
'829675ecc413dec434007e192114d41013c23862'|'Snapchat establishes international HQ in Britain'|'Snapchat establishes international HQ in Britain Messaging start-up goes against trend of US tech heading for lower-tax EU countries Read next by: Madhumita Murgia in London and Hannah Kuchler in San Francisco Snap, the company behind Snapchat , has established its international headquarters in Britain, where it will book all sales made outside the US, in a post-Brexit win for the UK. The move by the Los Angeles-based messaging start-up, which plans to go public this year with a valuation of up to $25bn, is an unusual one among top US tech companies. Apple , Google, Facebook, Microsoft , Twitter, Uber and others have chosen the UK’s neighbours, such as Ireland, the Netherlands or Luxembourg as their European base to take advantage of lower-tax regimes. Instead, Snap Group Limited — the company’s new UK entity — will book revenues from all sales made to customers in the UK and sales in any country where Snapchat has no local entity or salesforce, according to a spokeswoman. At first, the Snapchat teams in France, Australia, Canada and Saudi Arabia will be booked through the UK. The start-up, which has yet to turn a profit, is in the earliest stages of generating revenue outside the US and so is unlikely to have significant tax liabilities as yet. But it is expanding advertising quickly from a small base, with research company eMarketer forecasting ad revenue will grow from an estimated $367m last year to almost $1bn this year. Snapchat has more than 150m daily active users worldwide, with about half of them outside the US. London, where the disappearing messages app opened its first overseas office in late-2015, has 75 staff, up from six people a year ago. The company will open a new site near its Soho office and hire additional employees, including a small number of engineers. “We believe in the UK creative industries. The UK is where our advertising clients are, where more than 10m daily Snapchatters are, and where we’ve already begun to hire talent,” said Claire Valoti, general manager of Snap Group in the UK. Snapchat’s decision to base itself purely in London comes amid growing public criticism of Silicon Valley companies’ tax avoidance tactics in the UK. Facebook’s 2015 tax bill showed it had paid less in corporate taxes than a British worker on average wages had paid in income taxes, which it achieved by routing its revenues through Ireland — a technique known as a double Irish. It has recently been forced to restructure its approach and book sales from its largest advertisers in the UK rather than Ireland, after the UK government introduced a “diverted profits” tax to stymie avoidance. Separately, Google’s announcement last January that it would pay £130m in retrospective tax payments to the HM Revenue & Customs tax authority prompted outrage and claims of a sweetheart deal. Snap is putting its affairs in order ahead of plans to go public as early as March, hoping for a valuation of between $20bn and $25bn. It will be the first of a new generation of so-called deca-unicorns — private technology start-ups with valuations above $10bn — to test the public markets. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/us'|'https://www.ft.com/content/a7f0295c-d434-11e6-b06b-680c49b4b4c0'|'2017-01-10T12:02:00.000+02:00'
'425243d21735659e4a426dd3e03a220042ad72fc'|'London estate agent Foxtons expects core earnings to halve in 2016'|'Business News - Wed Jan 11, 2017 - 7:18am GMT London estate agent Foxtons expects core earnings to halve in 2016 A Foxtons estate agent sign is seen outside a branch in west London, Britain July 29, 2016. REUTERS/Peter Nicholls LONDON London-focussed estate agent Foxtons ( FOXT.L ) said it expected core earnings to nearly halve to a lower-than-expected 25 million pounds in 2016, as sales fell for much of last year, hit by the Brexit vote and a property tax hike. The firm had been expected to post full-year EBITDA of 28 million pounds according to a Thomson Reuters poll of analysts and it said on Wednesday that conditions were likely to remain difficult this year. "We expect trading conditions to remain challenging in 2017. Should current levels of sales activity continue in the short term, it is likely that 2017 volumes will be below those in 2016," said Chief Executive Nic Budden. Shortly after the June 23 referendum, Foxtons blamed the decision to leave the European Union for a slump in first-half profit. (Reporting by Costas Pitas; editing by Kate Holton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-foxtons-results-idUKKBN14V0N6'|'2017-01-11T14:18:00.000+02:00'
'556851423c4f7b87d13bcbea2d2369edc122e49e'|'‘Debt is like fire'': Martin Lewis''s guide to using a credit card - Money'|'Get cashback Used wisely, credit cards can be a hugely powerful means of spending. If you can get cashback or rewards, like the 5% cashback for the first three months on an American Express Platinum Cashback Credit Card, you are effectively getting paid to spend.Use protection If you spend between £100 and £30,000, the credit card company is jointly liable with the retailer if anything goes wrong. It is an incredibly valuable protection. And the card company is liable for the entire amount regardless of what put on your credit card. We had a woman who bought a £12,000 kitchen and only paid a £100 deposit using the credit card. The kitchen company went bust and she got the full £12,000 back.Borrow smart If you need to do some planned borrowing for something specific and know that you can repay it, credit cards can be the cheapest way to do do it. You can get cards with 27 months of 0%, or totally free, borrowing. There is nothing close to that anywhere else. But it is only smart if you pay it off in full within that period.Fire risk Debt is like fire. It is a powerful tool used right but use it wrong and you will get burned. If you are using cards to fill in gaps in income on a regular basis, that is a bad sign because it tends to mean you’re overspending. The card becomes your enabler and the risk is a debt spiral in which you are spending all your disposable income on debt. If this is you, take action. Leave your credit card at home. Or put it in a bowl of water in the freezer so that if you really have to use it you are going to have to smash it or wait a while.Minimal gains If you tick the minimum-repayment box you are just keeping yourself in debt – and that is what they want. If you have £3,000 on minimum repayments, it could take 25 years to clear with thousands in costs. But your first repayment was probably about 90 quid. Plan to stick to that amount and you will be clear in more like seven years.Switch wisely You should plan to pay off debt before your 0% period ends but, if you have to shift debt, look for the best guaranteed rate and watch out for one-off fees to make the transfer.Calculate eligibility In the old days, the credit system punished you for shopping around. The only way to know if you would be accepted on a card was to apply. And if you did not get the deal it would mark your credit file, making it harder to get a good deal elsewhere. Moneysavingexpert.com has campaigned against this for years and now has an eligibility calculator on its site for all kinds of cards. It is a kind of soft search that lenders cannot see.No pressure If you have a bad credit score or no credit history, getting a card and spending 50 quid a month, paying it off in full with a direct debit, is a good thing. But if you are in the credit system and you have got a mortgage or other products then you do not need to use your credit cards.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/11/debt-is-like-fire-martin-lewiss-guide-to-using-a-credit-card'|'2017-01-11T22:33:00.000+02:00'
'b2d5f99672806fcc877371acbd304c5d720ac40a'|'Brussels and London form ''fintech bridge'''|'Technology  05pm GMT Brussels and London form ''fintech bridge'' By Jemima Kelly - LONDON LONDON A delegation from Belgium''s financial technology sector came to London with its finance minister this week to set up a "fintech bridge" with the British capital that will enable cooperation on the burgeoning sector. "B-Hive", the part-government-owned platform set up to facilitate innovation between Belgium''s fintech sector and the traditional financial and technology sectors, has signed a memorandum of understanding (MoU) with Innovate Finance, the trade body for Britain''s fintech sector, it said on Wednesday. The initiative follows similar "fintech bridges" Britain has signed with Australia, Singapore and South Korea. Belgian Finance Minister Johan Van Overtveldt told Reuters that the project had come about as a result of a working group that he had set up when he took up his post two years ago, and that he saw London-based Innovate Finance as a role model for B-Hive.   European Union last year raised some worries that start-ups will relocate. Financial firms rely on the EU''s "passporting" system, which allows them to sell their services across the bloc while being registered and regulated just in Britain, thus saving huge amounts of money by not having to set up shop in each member state. But Van Overtveldt said his intention in coming to London was not to lure talent away from the fintech sector, and that London would remain the main center for finance and fintech in Europe. "London is the financial sector of Europe – there’s a lot of infrastructure..., there''s a huge talent pool that is there, there''s the capital availability that is there, so of course even with Brexit, that won’t go away just like that. It’s an important change but we should not underestimate the resilience of London as a financial (and fintech) center." In 2015 Britain''s fintech sector, whose ranges from app-based payment services to crowdfunding and peer-to-peer lending firms, employed over 60,000 people and generated 6.6 billion pounds ($8 billion) in revenue, according to the Treasury. (Reporting by Jemima Kelly; editing by Mark Heinrich) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-belgium-britain-fintech-idUKKBN14V2AG'|'2017-01-12T01:05:00.000+02:00'
'b5dbb59df9a381f360ac0452e5000619df65c4c8'|'Britain''s economy likely expanded 0.5 percent in Q4 - NIESR'|' 02pm GMT Britain''s economy likely expanded 0.5 percent in Q4 - NIESR LONDON Britain''s economy likely expanded by 0.5 percent in the final three months of last year, slowing slightly from the third quarter, the National Institute of Economic and Social Research said on Wednesday. It estimated Britain''s economy grew 2.0 percent in 2016 compared with 2.2 percent during the previous year, in line with the long-run potential growth rate of the economy. But it warned growth over the last year has been unbalanced, led by consumer spending. "Consumers face significant headwinds this year and next, not least the increase in consumer price inflation that is a consequence of pass through from the depreciation of sterling in 2016," NIESR senior research fellow James Warren said. A Reuters poll of economists published last month suggested British economic growth will roughly halve this year to 1.1 percent. (Reporting by Andy Bruce; editing by David Milliken)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-niesr-idUKKBN14V1TX'|'2017-01-11T22:02:00.000+02:00'
'75e30785942147bb7e5c103d702fe013a8204e6a'|'RPT-U.S. finds harm from dumping of washing machines from China'|'Company News   11:39am EST RPT-U.S. finds harm from dumping of washing machines from China (Repeats to additional subscribers with no changes to headline or text) WASHINGTON Jan 10 The U.S. International Trade Commission said on Tuesday it had made a final finding of harm to a U.S. manufacturer after a Commerce Department probe last year found some large residential washers were being imported from China at below fair value. The ITC decision means imposition of final duties on the products of up to 52.5 percent. The investigation followed a petition by Whirlpool Corp over imports of washers manufactured in China by two South Korean companies, Samsung Electronics Co Ltd and LG Electronics Inc. In 2015, imports of such washers from China were valued at an estimated $1.1 billion. (Reporting by Eric Walsh and Tim Ahmann; Editing by Susan Heavey) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trade-china-washers-idUSW1N1DA0HI'|'2017-01-10T23:39:00.000+02:00'
'a3c005d2319941516176827d96ee026450c94fbf'|'Regeneron CEO says Amgen not putting patients first in patent dispute'|'Health News  55pm EST Regeneron CEO says Amgen not putting patients first in patent dispute An Amgen sign is seen at the company''s office in South San Francisco, California October 21, 2013. REUTERS/Robert Galbraith By Bill Berkrot Regeneron Pharmaceuticals Chief Executive Len Schliefer on Monday ripped into Amgen Inc for its insistence on blocking sales of a rival Regeneron cholesterol drug while the appeals process in a patent infringement case plays out. A federal judge last week handed Regeneron and its partner Sanofi a stunning setback by banning sales of their LDL-lowering medicine Praluent, finding it infringed patents held by Amgen on its Repatha cholesterol drug. Regeneron and Sanofi were given 30 days before the ban takes effect to give them time to appeal. That was extended to 45 days on Monday. Speaking at the annual JP Morgan Healthcare Conference in San Francisco, Schliefer said Amgen had refused a request to delay any ban of Praluent sales until the appeal is heard, even though the judge in her ruling had said competition among the two drugs was in the public interest. "If they really cared about patients they wouldn''t rip this drug from patients," the outspoken Schliefer said. "To say that you cannot wait, is that putting patients first? It''s no small wonder that our industry isn''t beloved," he continued. "If this industry is to survive, we have got to do the right thing by patients ... and still adequately reward our investors," Schliefer said. Earlier at the conference, Amgen CEO Robert Bradway reiterated that his company intended to defend its patents. He declined to say whether Amgen would consider a settlement in the case. Amgen did not immediately respond to a request for comment on Schliefer''s statements. The expensive injectable drugs from both companies dramatically lower "bad" LDL cholesterol by blocking a protein called PCSK9. Both companies are expecting data this year that is likely to show that the drugs also cut the risk of heart attacks and deaths. Amgen''s Bradway said he does not expect that data to be added to the Repatha label until 2018, and Amgen would not be allowed to promote those heart benefits until they are in the label. Without proof that the drugs prevent heart attacks, health insurers have been denying payment for three quarters of Repatha prescriptions written, Amgen said. The drug had just $40 million in third quarter sales. Amgen said if all Repatha prescriptions written had been filled it would be well on its way to being a $1 billion drug. Regeneron has run into similar resistance to Praluent with insurers refusing to pay for it. (Reporting by Bill Berkrot; Editing by Leslie Adler) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-regeneron-pharms-amgen-cholesterol-idUSKBN14U02V'|'2017-01-10T07:53:00.000+02:00'
'6539bd491f6237cb963a33533cdeb7e95a4e865a'|'L''Oreal to buy three skincare brands from Valeant for $1.3 billion'|'PARIS French cosmetics group L''Oreal ( OREP.PA ) said on Tuesday it was buying three skincare brands - CeraVe, AcneFree and Ambi - from Valeant ( VRX.TO ) for $1.3 billion, in a cash deal which L''Oreal said would boost its U.S. revenues.L''Oreal said that the three brands had an annualized, combined revenue of around $168 million.""These three brands, built on strong relationships with health professionals and widely distributed, will nearly double the revenue of our Active Cosmetics Division in the U.S. and will help us satisfy the growing demand for active skincare at accessible prices," Frederic Roze, president and chief executive of L''Oréal USA, said in a statement.(Reporting by Sudip Kar-Gupta; Editing by Andrew Callus)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-l-oreal-valeant-idINKBN14U0O3'|'2017-01-10T04:49:00.000+02:00'
'b4c8f9456ac5418c9a48f6a96ad3f6cd8344ffcf'|'France wants ''multiple shareholder'' solution to STX France - Hollande'|'  1:38pm GMT France wants ''multiple shareholder'' solution to STX France - Hollande The logo of STX is seen during a press conference at the STX Les Chantiers de l''Atlantique shipyard site in Saint-Nazaire, western France, western France, January 4, 2017. REUTERS/Stephane Mahe PARIS France wants a "multiple shareholder" solution to STX France, the shipbuilding company being sold off, French President Francois Hollande said on Tuesday. "We are working with the aim that the state can remain a minority shareholder, we want a multiple shareholder solution," Hollande said, speaking at a news conference held with Italian Prime Minister Paolo Gentiloni. Italian shipbuilder Fincantieri ( FCT.MI ) has made a bid for STX France, but France - which owns 33 percent of the company - wants to ensure that the French state remains a key stakeholder in the firm. The head of French state-controlled military shipbuilder DCNS also said last week it was "very likely" that DCNS - in which Thales ( TCFP.PA ) has a minority stake - would enter into the capital of STX France. [nP6N18302J] The sale of STX France, which specialises in building cruise ships at the Saint-Nazaire shipyard and is profitable, forms part of a broader sell-off of businesses following the demise of the South Korean STX shipbuilding group. (Reporting by Jean-Baptiste Vey and Sudip Kar-Gupta; Editing by John Irish)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stx-france-m-a-idUKKBN14U1LT'|'2017-01-10T20:38:00.000+02:00'
'3c88ec9e298a423bf0a7810720f248fa7af72c35'|'Facebook launches "Journalism Project"'|'Technology  32am EST Facebook launches ''Journalism Project'' A man poses with a magnifier in front of a Facebook logo on display in this illustration taken in Sarajevo, Bosnia and Herzegovina, December 16, 2015. REUTERS/Dado Ruvic/Illustration/File Photo Facebook Inc ( FB.O ) launched its " Journalism Project" on Wednesday as the world''s biggest social media network looks to deepen its relationship with news organizations. Facebook listed a number of initiatives under which it would work with journalists and publishers to develop features to give users better and a faster access to news. ( bit.ly/2j6l1u9 ) (Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-facebook-journalismproject-idUSKBN14V1WE'|'2017-01-11T22:28:00.000+02:00'
'e4bd1d13bd6c4f903ba5ab4a6c57a6ebb0fd9505'|'Discount supermarket Lidl UK says enjoyed best ever Christmas trading'|' 12am GMT Discount supermarket Lidl UK says enjoyed best ever Christmas trading A company logo is pictured outside a Lidl supermarket in Vienna, Austria, May 7, 2016. REUTERS/Leonhard Foeger LONDON The British arm of German discount supermarket Lidl said on Wednesday it had enjoyed its most successful Christmas trading period ever, with sales on a year-on-year basis up 10 percent in December. Results from traditional supermarkets Sainsbury''s ( SBRY.L ) and Morrisons ( MRW.L ) suggest that Britain''s supermarkets enjoyed strong trading over Christmas, while market leader Tesco ( TSCO.L ) is expected to do well when it reports on Thursday. Lidl UK, which alongside Aldi has shaken up the market in recent years due to its ultra low prices, said in 2017 it would remain "absolutely focused" on saving customers more money, and would stick to its ongoing expansion plan. (Reporting by Kate Holton and James Davey) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lidl-results-idUKKBN14V0Q9'|'2017-01-11T15:17:00.000+02:00'
'fafa7528f2d870930d147cd9bc64c0012b766d34'|'Italy''s UBI to clinch buy of three rescued banks this week: sources'|'MILAN Italy''s fifth-biggest bank UBI ( UBI.MI ) is expected to agree this week to buy three small lenders that have been rescued from bankruptcy and have failed to attract rival bids, two sources close to the matter said on Tuesday.Following the rescue in November 2015 of Banca Etruria, Banca Marche, CariChieti and CariFerrara, Italy has struggled to find a buyer for them. It rejected bids from private equity funds over the summer as too low.UBI has expressed an interest in buying three of the lenders, but set conditions including the offloading of 2.2 billion euros ($2.3 billion) in bad debts which banking industry bailout fund Atlante is set to acquire.The sale to UBI was expected to be finalised by the end of 2016. But sources said last week the deal had been delayed because the EU Commission had told Italy''s resolution fund, which owns the banks, to ask the rejected bidders if they were still interested.One of the sources said a dozen letters sent out to investors to invite fresh bids had remained unanswered."Over the next few days the deal will be wrapped up," a second source said.(Reporting by Andrea Mandala Writing by Valentina Za; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-italy-banks-ubi-banca-m-a-idINKBN14U2KD'|'2017-01-10T17:38:00.000+02:00'
'b40d69e753a7b95f1a82b43536e8f96b04697a57'|'Ford affirms 2017 to be less profitable than 2016'|' 56pm EST Ford affirms 2017 to be less profitable than 2016 People walk by the Ford display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch DETROIT Ford Motor Co ( F.N ) on Tuesday confirmed that it would be less profitable in 2017 than last year, even as cross town rival   ) on the same day gave a much more upbeat forecast that surpassed Wall Street expectations. Ford affirmed that it was on track to deliver about $10.2 billion in adjusted pretax profit in 2017, matching a forecast it gave three months ago. Ford shares rose 0.5 percent in extended trading after closing at $12.85. (Reporting by Bernie Woodall) Xi to be first Chinese leader to attend Davos World Economic Forum BEIJING/GENEVA President Xi Jinping this month will become the first Chinese head of state to attend the World Economic Forum (WEF) in Davos, which this year will dwell on the rising public anger with globalization and the coming U.S. presidency of Donald Trump.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ford-motor-outlook-idUSKBN14U2OD'|'2017-01-11T04:56:00.000+02:00'
'95d6cca7d1fb53e831a9a0c05fcf11874ac29439'|'TABLE-Foreign trading in South Korean stocks'|'Financials  29am EST TABLE-Foreign trading in South Korean stocks SEOUL, Jan 11 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0728 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 11 *485.8 -55.1 -430.4 ^January 10 99.6 -249.8 128.6 January 9 254.4 -457.4 193.4 January 6 171.3 -136.5 -28.8 January 5 84.1 -164.8 65.5 January 4 214.2 -358.3 127.2 January 3 171.1 -175.0 -11.2 January 2 27.4 -84.7 38.6 December 29 128.6 -296.8 156.2 December 28 126.8 -414.8 281.0 December 27 93.4 173.6 -258.8 December 26 -31.2 125.3 -87.9 December 23 -100.5 228.3 -125.5 December 22 -50.0 75.9 -29.7 December 21 78.2 -69.1 -8.2 Month to date 1,507.8 -1,681.5 82.9 Year to date 1,507.8 -1,681.5 82.9 * Offshore investors have been net buyers for eleven consecutive sessions, bringing their total purchase for the period to a net 1.86 trillion Korean won ($1.56 billion) worth. ^ January 10 figures revised. ($1 = 1,194.3300 won) (Reporting by Jeong-eun Lee) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southkorea-stocks-trading-idUSL4N1F12JM'|'2017-01-11T14:29:00.000+02:00'
'3f1cdd509795ee34c3d62d34d87ead82a342848b'|'Irish food exports to UK slump, offset by growth elsewhere'|'Business News - Wed Jan 11, 2017 - 6:35pm GMT Irish food exports to UK slump, offset by growth elsewhere A woman arranges her stall as she chats to her friend at the Moore Street fruit and vegetable market in Dublin, Ireland April 23, 2016. REUTERS/Clodagh Kilcoyne DUBLIN Uncertainty arising from Brexit led to an 8 percent fall last year in Irish food and drink exports to the United Kingdom, by far their biggest market, but the drop was offset by growth elsewhere. The UK is Ireland''s largest single trade partner, accounting for about 17 percent of exports. For food and drink, that share leaps to 37 percent, leaving the jobs-rich sector vulnerable to neighbouring Britain''s departure from the European Union. Exports to the UK fell by an estimated 8 percent in 2016 to 4.1 billion euros as a weakening of sterling against the euro and resulting competitive pressures impacted trade, Bord Bia, the Irish Food Board, said in its end of year report. Total food and drink exports still rose 2 percent year-on-year, marking the seventh successive year of growth for the sector which, according to Bord Bia, employs around 160,000 or one in eight Irish workers. Sales in other European markets, which account for 32 percent of food and drink exports, increased by 3 percent and trade to the rest of the world rose by 13 percent, including a 35 percent jump in China, which now accounts for close to 8 percent of exports, almost as much as North America. Ireland''s government has encouraged UK-focussed exporters to diversify into other markets, particularly with the potential that a "hard Brexit", where Britain would make a clear break with the EU''s single market in order to control immigration, could end tariff-free trade. Bord Bia said ongoing market uncertainty meant the outlook for exporters was set to remain challenging in 2017, when the British government plans to trigger Article 50 of the Lisbon Treaty to kick off two years of EU divorce talks. "One of the notable features of the achievements (in 2016) is the impact of market diversification in the year in which the UK decided to leave the European Union," Agriculture Minister Michael Creed said in a statement. "The UK will continue to be a critically important market for Irish agri-food products. The triggering of Article 50 and the continued uncertainty around Brexit will present significant challenges for the sector." (Reporting by Padraic Halpin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-ireland-idUKKBN14V2CL'|'2017-01-12T01:35:00.000+02:00'
'ea3a88051dc0dcf319e859e0195df8a39e477209'|'MIDEAST STOCKS-Rebound in oil prices may buoy Gulf'|' 45am EST MIDEAST STOCKS-Rebound in oil prices may buoy Gulf DUBAI Jan 12 Gulf stock markets may be firm on Thursday after oil prices bounced overnight, while smaller stocks may continue to dominate activity in Dubai as the market waits for fourth-quarter earnings. Brent oil futures rebounded sharply on Wednesday, jumping 2.7 percent to $55.10 a barrel. This could encourage some buying-back of Saudi petrochemical shares, although many fund managers believe Saudi valuations are not cheap after the stock market''s surge since October. The Saudi index closed at 6,895 points on Wednesday, falling below technical support at the mid-December low of 7,002 points. Another straight close below support would confirm a break, triggering a double top formed by the December and January peaks and pointing down to around 6,770 points. In Dubai, the index is up 2.6 percent since the start of the week and may continue to find support from finance and insurance shares, which have been volatile since the start of the year on speculation the industry may see further tie-ups after the impending merger of National Bank of Abu Dhabi and First Gulf Bank. "Blue chips have taken the back seat, and trade has been focused on rotating between the smaller shares. This will likely continue until fourth-quarter earnings," said a Dubai-based stock broker. (Reporting by Celine Aswad; Editing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1F20HV'|'2017-01-12T12:45:00.000+02:00'
'db639aa35fb6babe44d619472b052f86f410d264'|'Exclusive - U.S. EPA to accuse Fiat Chrysler of excess diesel emissions: sources'|'  4:00pm GMT Exclusive - U.S. EPA to accuse Fiat Chrysler of excess diesel emissions: sources A new Fiat Chrysler Automobiles sign is pictured after being unveiled at Chrysler Group World Headquarters in Auburn Hills, Michigan May 6, 2014. REUTERS/Rebecca Cook The U.S. Environmental Protection Agency on Thursday will accuse Fiat Chrysler Automobiles NV ( FCHA.MI ) of using software that allowed excess diesel emissions in just over 100,000 U.S. trucks and SUVs sold since 2014, two sources briefed on the matter said. The EPA told the automaker it believes its auxiliary emissions control software allowed vehicles to generate excess pollution in violation of the law. Fiat Chrysler declined to comment. A person briefed on the matter said Fiat Chrysler does not agree with the EPA''s assessment. An automaker can use an auxiliary emissions control device in limited circumstances to protect the engine from damage, but it must be declared to regulators. Fiat Chrysler''s U.S.-listed shares ( FCAU.N ) and Milan-listed shares ( FCHA.MI ) were each down 14 percent on the news. The EPA will announce the findings at an 11 a.m. ET conference call. It comes amid rising scrutiny by EPA of automaker emissions after Volkswagen AG ( VOWG_p.DE ) admitted to cheating diesel emissions tests in 580,000 U.S. vehicles. The EPA has for months declined to certify Fiat Chrysler''s 2017 diesel vehicles for sale in the United States, but the automaker has continued to sell 2016 diesel models. In September 2015, EPA said it would review all U.S. diesel vehicles following an admission from Volkswagen that it installed software in cars allowing them to emit up to 40 times legally permissible level of pollution. On Wednesday, VW agreed to pay $4.3 billion (£3.50 billion) in criminal and civil fines and plead guilty to three felonies for misleading regulators and selling polluting vehicles. The EPA has extensively investigated the vehicles and Fiat Chrysler has turned over significant documents as part of the probe, two people briefed on the matter said. Fiat Chrysler could face fines of up to $37,500 per vehicle if it is proven that it violated emissions rules. The probe covers Fiat Chrysler diesel trucks and SUVs from the 2014-2016 model years. (Reporting by David Shepardson; Editing by Nick Zieminski)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fiatchrysler-emissions-exclusive-idUKKBN14W29Z'|'2017-01-12T22:57:00.000+02:00'
'40f0c34b3fdb09ee40ab558b11054619c578a90d'|'Discontent in Malay heartland may spell trouble for PM Najib'|'By Emily Chow - SUNGKAI, Malaysia SUNGKAI, Malaysia The Malaysian plantation district of Sungkai has become an initial - and unlikely - battleground for an election that embattled Prime Minister Najib Razak is expected to call this year.Sungkai is home to ethnic Malays who work for the national palm plantation operator, Federal Land Development Authority (Felda). Known as "Felda settlers", they have long been among the beneficiaries of government affirmative action programmes for Malays, who form the majority of the population.The Felda settlers have been a rock solid vote bank for Najib''s ruling coalition, even as urban Malays have poured into the opposition camp in recent years, alienated by a series of political scandals.Najib''s coalition lost the popular vote in the last general election in 2013, but still won a majority of seats in Malaysia''s gerrymandered constituencies.Malaysia''s opposition is hoping the settlers could be the next to defect, which was why opposition lawmaker Rafizi Ramli on Sunday night was in Sungkai, a former mining town that now mainly relies on palm oil and rubber planting.The settlers have been angered by Felda''s decision to purchase a 37 percent stake in Indonesian palm oil firm PT Eagle High Plantations ( BWPT.JK ) for $505 million, more than a 100 percent premium based on its closing share price on Wednesday.FELDA''S DEBTSEagle High is owned by one of Indonesia''s richest men, Peter Sondakh, who has done a number of deals in Malaysia and is a longtime friend of Najib.Najib''s office did not respond to requests for comment about the deal. Sondakh has not publicly commented about the deal in Jakarta.Just six months ago, Najib''s United Malays National Organisation (UMNO) party secured a sweeping victory in a by-election in this constituency in northern Perak state.But on Sunday night, more than 300 people gathered on the lawn of a Sungkai resident under a dank tropical night to hear opposition lawmaker Rafizi Ramli tell the cheering crowd: "We will change our prime minister and our government.""Felda''s debts are growing ... and the government will use the settlers money to pay it off," said Rafizi, a 39-year-old lawmaker from People''s Justice Party (PKR)."If we don''t stop this, the debt will be shouldered by our future generations."Felda has said the deal will not impact its existing commitments and programmes to improve the well-being of the settlers. Felda itself is planning a series of roadshows to convince settlers in its plantation areas of the deal''s benefits.QUARTER OF PARLIAMENTFelda settlers are the majority voters in at least 54 of the 222 seats in the national parliament, and has helped bring the UMNO-led Barisan Nasional (National Front) coalition to power in every election since independence in 1957.Even the opposition''s attempt to highlight a multi-billion dollar alleged money-laundering scandal at state investment fund 1Malaysia Development Berhad (1MDB) that erupted in 2015 did not resonate with rural voters.The Felda issue, however, affects them directly."All this while, UMNO has won the elections because there are 54 parliamentary seats in the Felda (settlers) areas. Now I am sure the sentiment has changed," said Mazlan Aliman, president of the National Felda Settlers'' Children Society (ANAK).He estimates that over half of his association members and their families will vote for the opposition party if the Eagle High deal goes through. "If this happens, (Barisan Nasional) will lose in the upcoming elections," Mazlan said.Najib has to call elections by 2018, but a government source told Reuters he may do it earlier, possibly in the second half of this year.ELECTION HEADWINDSThe prime minister is heading into the next election already saddled with the scandal around 1MDB, which has been investigated in a half-dozen countries for money laundering. His government said nearly $700 million of 1MDB money that wound up in Najib''s personal bank account came from an unnamed Saudi.Yet Najib, who has steadfastly denied any wrongdoing, retains a tight grip on UMNO by commanding a vast patronage system that spreads the largesse among ordinary Malays as well as party apparatchiks.He is wielding sticks along with the carrots: Anwar Ibrahim, the charismatic opposition leader, remains in jail on sodomy charges, activists and politicians have been charged with sedition, critical news websites have been closed.Rafizi, the lawmaker who spoke at the Sungkai rally, is himself on bail pending an appeal after he was sentenced to 18 months in jail for leaking a confidential 1MDB document.But the prime minister is fighting economic headwinds. The ringgit currency has fallen by more than a quarter over the past two years, prices have risen after state subsidies were slashed and a national goods and services (GST) tax launched, and economic growth is expected to slow in 2017.All that is being felt in rural Malay heartlands such as Sungkai, and is contributing to the sour faces over the Felda-Eagle High deal.FELDA''S FALLEN FORTUNESFelda, created by Najib''s father and Malaysia''s second prime minister, resettled and employed the rural poor in the palm industry. It helped lead Malaysia to become one of the world''s two largest producers of palm oil, along with Indonesia.The settlers leased government land for palm cultivation and many also own shares in Felda Global Ventures (FGV) ( FGVH.KL ), a unit of Felda that raised over $3 billion in a listing in 2012.But Felda''s fortunes have slumped in recent years - its shares fell by over 60 percent since its IPO. The shares plunged another 5 percent on Dec. 23, when the Eagle High deal was announced."This is a waste of money," said Khalili Kasim, a 64-year-old settler, saying Felda should be providing housing loans, or educational aid instead of putting money into Eagle High."Land owners should be rich, but why are some of us still struggling and living under the poverty line?" Khalili said.But the opposition will be fighting an uphill battle to secure the votes of Felda settlers, who have long been loyal UMNO supporters."In the lead-up to the elections, if they (UMNO) can develop measures that can persuade the voters ... then they can still mitigate the concerns arising from the purchase of Eagle High," said Ibrahim Suffian, director of independent opinion polling firm Merdeka Center."But this is not a done deal; it is a developing story."(Editing by Praveen Menon and Bill Tarrant)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/malaysia-politics-felda-idINKBN14V2S2'|'2017-01-11T20:25:00.000+02:00'
'0f7e9629fcbd9f33d8531bddcc0c6de0017bd9dc'|'UPDATE 1-Canada Nov new housing prices rise 0.2 pct on Ontario strength'|'Economic News  37am EST UPDATE 1-Canada Nov new housing prices rise 0.2 pct on Ontario strength (Adds details of release, background) OTTAWA Jan 12 Canadian new housing prices rose 0.2 percent in November from October amid price increases across much of Ontario, the most populous of the country''s 10 provinces, Statistics Canada said on Thursday. Analysts polled by Reuters had predicted a 0.3 percent advance. Overall, prices climbed in 10 of the survey''s 21 markets, fell in four and were unchanged in seven. The Ontario cities of London and Hamilton saw the largest gains - 1.3 percent and 0.7 percent respectively - with builders citing better market conditions and higher construction costs. Prices in the combined Toronto-Oshawa region, which accounts for 27.92 percent of the Canadian market, inched up 0.4 percent. In Vancouver, where a hot market over recent years has fueled fears of a housing bubble, prices fell 0.3 percent, the first drop since January 2015. Lower negotiated selling prices and new incentives to stimulate sales were the main reasons for the retreat, said Statscan. The new housing price index excludes apartments and condominiums, which the federal government says are a particular cause for concern and which account for one-third of new housing. (Reporting by David Ljunggren; Editing by Bernadette Baum) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/canada-economy-houseprices-idUSL1N1F12GB'|'2017-01-12T20:37:00.000+02:00'
'2e881dce886c64f23d2f5a2f111188db5a13c723'|'S.Korea special prosecutor yet to decide on seeking arrest of Samsung leader'|'Industrials   1:05am EST S.Korea special prosecutor yet to decide on seeking arrest of Samsung leader SEOUL Jan 12 South Korea''s special prosecutor has not yet decided whether to seek an arrest warrant for Samsung Group leader Jay Y. Lee, a spokesman for the investigation team said on Thursday. An investigation of Lee is underway, and a decision on an arrest warrant will not be made until Thursday''s investigation is completed, said Lee Kyu-chul, a spokesman for the special prosecutor''s office. The 48-year-old executive was named a suspect and summoned for questioning early on Thursday. Prosecutors are trying to determine if payments of about 30 billion won ($25 million) Samsung made to the foundations and a business backed by a confidant of President Park Geun-hye were connected to a 2015 decision by the National Pension Service to back a controversial merger of two Samsung Group companies. ($1=1,181.9000 won) (Reporting by Joyce Lee; Writing by Se Young Lee; Editing by Clarence Fernandez) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/southkorea-politics-samsung-group-prosec-idUSS6N14Q04Z'|'2017-01-12T13:05:00.000+02:00'
'c7ed3fcd362ddf65c289c20a472b69af3bd0a5bf'|'LPC-Banks set to launch US$5.5bn-equiv Micro Focus loan'|'By Claire Ruckin - LONDON LONDON Jan 11 Banks are preparing to launch a US$5.5bn-equivalent leveraged loan backing UK software company Micro Focus International''s acquisition of Hewlett Packard Enterprises''(HPE) software business, banking sources said.JP Morgan is leading the corporate leveraged loan, which is the largest-ever sole underwrite of an institutional term loan for a European company, one of the sources said.JP Morgan has been joined by Barclays, HSBC and RBS on the dual-currency, all senior loan, which is due to launch to general syndication in early February, the sources said.Syndication follows a pre-marketing breakfast held in Europe in December that was used to introduce European investors to an issuer well known in the US already, the sources said.The US$5bn term loan will include around 1bn for European investors. There is also a US$500m revolving credit facility, which Bank of America Merrill Lynch has joined, the sources said.Leverage will total around 3.3 times Ebitda and the company has a two-year goal to reduce that to 2.5 times.The loan is expected to attract a lot of interest from institutional investors eager to put new money to work following a lack of event-driven financings.There is also expected to be significant appetite from banks for the term loan paper, as an increasing number of banks see leveraged loans as a viable and attractive place to park money.Micro Focus declined to comment.The US$8.8bn merger, which was announced in September, is structured as a reverse takeover and is expected to close in the third quarter of 2017. The combined company will operate under the name Micro Focus.The deal will be funded through the issuance of Micro Focus shares representing 50.1% of the combined group to HPE and a pre-completion cash payment of US$2.5bn from HPE Software to HPE.The loan will support the pre-completion cash payment by HPE Software, finance a US$400m cash distribution to current Micro Focus'' shareholders, pay fees and royalties as well as refinance Micro Focus'' outstanding debt of around US$1.6bn.Headquartered in Newbury, Micro Focus had a market capitalisation of £4.45bn before the deal. It has been snapping up software companies but this is its largest deal to date. Last year it acquired US firm Serena Software for US$540m. (Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/micro-focus-loans-idINL5N1F13VR'|'2017-01-11T11:48:00.000+02:00'
'db1c1dfff7bf478188485c85ff764e38023d7986'|'Gundlach: ''Trouble for equity markets'' if 10-year yield hits 3 pct'|'Money -  35pm EST Gundlach: ''Trouble for equity markets'' if 10-year yield hits 3 percent Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital LP., speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016. REUTERS/Brendan McDermid NEW YORK There will be "trouble for equity markets" if the yield on the benchmark 10-year Treasury note moves beyond 3 percent, warned Jeffrey Gundlach, chief executive of DoubleLine Capital, on Tuesday. In his first investor webcast this year, Gundlach said after the huge run-up in U.S. stock markets, investors should look to "peel off" their exposure to equities. (Reporting By Jennifer Ablan; Editing by Chris Reese) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-funds-doubleline-gundlach-idUSKBN14U2QJ'|'2017-01-11T05:29:00.000+02:00'
'f3388cb9b8feb507904617a2296073cb913823fe'|'Hedge fund opposes pay and appointments at Zodiac'|'Activist hedge fund opposes pay and appointments at Zodiac CIAM seeks investor support in protest at manufacturing delays and profit warnings Read next by: Harriet Agnew in Paris An activist hedge fund is attempting to drum up support among fellow shareholders in Zodiac Aerospace to oppose proposals on remuneration and director appointments at the struggling French maker of aircraft interiors and safety systems that has issued nine profit warnings in two years. Hedge fund CIAM believes that Zodiac’s poor integration of acquisitions over several years has led to a significant delay in seats manufacturing and resulted in very low profitability. It has hired a proxy solicitor Georgeson to rally other shareholders in the company and is bracing itself for a battle at Zodiac’s general meeting on January 19. “Quarter after quarter Zodiac has continued to issue profit warnings,” says Anne-Sophie d’Andlau, co-founder and managing partner of CIAM. “The company’s governance is not correct and it’s an impediment to turning around performance more quickly and resolving operational issues.” Zodiac families have 36.6 per cent of voting rights and four out of 11 seats on the supervisory board. CIAM believes that at next week’s meeting shareholders should vote against the appointment of Fidoma as the new member of the supervisory board. Fidoma is the holding company of the Domange family, which is already represented on the advisory board by chairman Didier Domange and his wife, Elisabeth. These individual appointments expire in 2018 and if Fidoma were appointed to the board, there would be one transition year where the Domange family was represented by three seats. In addition, CIAM believes that Zodiac’s board needs new blood and that the positions of non-independent board members Gilberte Lombard and Vincent Gerondeau should not be renewed. Zodiac is likely to argue that its non-independent directors comply with the French corporate governance code, the Code Afep Medef. 9 The number of profit warnings that have been issued by Zodiac over the past two years The hedge fund also wants shareholders to vote against the performance shares granted to the chief executive Olivier Zarrouati, his deputy Maurice Pinault and former chief executive Yannick Assouad. Zodiac’s defence is likely to be that management is aligned with shareholders and so they will only receive these share awards if the turnround is successful over a three-year period. Zodiac has suffered from repeated profit warnings because of its inability to deliver seats to customers on time. In its slower-than-expected turnround plan it has incurred extra costs to ensure timely deliveries as it attempted to protect relationships with customers. Zodiac has told shareholders that its turnround is on track. It expects to resume operating performance by the end of 2017 and is aiming for double-digit margins by the end of its 2017-18 fiscal year. The company is also moving from a decentralised to a centralised culture and is bringing on new management processes. The company’s share price has fallen roughly 30 per cent to €22.9 since March 2015. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/airlines'|'https://www.ft.com/content/44c1151a-d738-11e6-944b-e7eb37a6aa8e'|'2017-01-11T00:02:00.000+02:00'
'210af668d5a5a343fc6b4b226e01062622c3ac0c'|'Volkswagen confirms $4.3 billion U.S. settlement over diesel emissions'|'Business News - Tue Jan 10, 2017 - 7:12pm GMT VW says has negotiated $4.3 billion U.S. criminal settlement The Volkswagen logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch BERLIN Volkswagen ( VOWG_p.DE ) has negotiated a concrete draft of a criminal and civil settlement worth $4.3 billion (£3.53 billion) with the U.S. Justice Department and said the impact of the accord on its 2016 financial results cannot yet be defined. Volkswagen (VW) said final conclusion of the settlement is still subject to approval by the carmaker''s management and supervisory boards, adding the two bodies will address the matter still late on Tuesday or on Wednesday. The settlement includes a guilty plea by the German company regarding certain U.S. criminal law provisions and a statement of facts on the basis of which the fines have to be made, VW said. (Reporting by Andreas Cremer)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-deal-idUKKBN14U2F5'|'2017-01-11T02:49:00.000+02:00'
'9572e99e5ec85c5c8a4d961b3f2f5f5d4190b3a1'|'TABLE-Foreign trading in South Korean stocks'|'Financials  26am EST TABLE-Foreign trading in South Korean stocks SEOUL, Jan 10 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0725 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 10 *99.6 -249.7 128.5 ^January 9 254.4 -457.4 193.4 January 6 171.3 -136.5 -28.8 January 5 84.1 -164.8 65.5 January 4 214.2 -358.3 127.2 January 3 171.1 -175.0 -11.2 January 2 27.4 -84.7 38.6 December 29 128.6 -296.8 156.2 December 28 126.8 -414.8 281.0 December 27 93.4 173.6 -258.8 December 26 -31.2 125.3 -87.9 December 23 -100.5 228.3 -125.5 December 22 -50.0 75.9 -29.7 December 21 78.2 -69.1 -8.2 December 20 60.6 -29.1 -33.5 Month to date 1,022.0 -1,626.4 513.3 Year to date 1,022.0 -1,626.4 513.3 * Offshore investors have been net buyers for ten consecutive sessions, bringing their total purchase for the period to a net 1.37 trillion Korean won ($1.15 billion) worth. ^ January 9 figures revised. ($1 = 1,195.3500 won) (Reporting by Yun Hwan Chae) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southkorea-stocks-trading-idUSL4N1F02NA'|'2017-01-10T14:26:00.000+02:00'
'7b42662c90cc1dbd26d0d7902bd71278c98e0e30'|'Recruitment firm Robert Walters'' full-year gross profit rises nine percent'|'  7:50am GMT Recruitment firm Robert Walters'' full-year gross profit rises nine percent Robert Walters ( RWA.L ) reported a 9 percent rise in full-year gross profit on a constant currency basis and said pretax profit for the year would be slightly ahead of market expectations. The company, which places people in finance, engineering, legal and marketing jobs, reported higher quarterly gross profit, driven by growth in all its regions and said UK gross profit rose 16 percent to 23.1 million pounds in the three months ended Dec. 31. Robert Walters, which makes nearly two-thirds of its gross profit outside the UK, said in a trading statement on Tuesday that it had entered two new countries with the opening of offices in Canada and Portugal. (Reporting by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by Sunil Nair)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-robert-walters-outlook-idUKKBN14U0ON'|'2017-01-10T14:50:00.000+02:00'
'bd83f0b0c6a1ed8425d40fadedaa97b384e2b7c1'|'Ukraine central bank says ready to sell up to $100 mln today'|'Financials  56am EST Ukraine central bank says ready to sell up to $100 mln today KIEV Jan 10 The Ukrainian central bank is prepared to sell up to $100 million on Tuesday, it said on its website, without giving further details. According to central bank policy, the regulator intervenes on the currency market to prevent excessive volatility. Last week it attributed recent hryvnia weakness to seasonal factors. On Friday -- the most recent day of trading -- the hryvnia closed at 27.02. The currency has been trading around 27 since December, when it hit ten-month lows. (Reporting by Natalia Zinets; Writing by Alessandra Prentice; Editing by Matthias Williams) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ukraine-cenbank-idUSS8N1BX00W'|'2017-01-10T15:56:00.000+02:00'
'652e5753c1a4d7e624bd26b17e8a7012e12ff473'|'The Guardian view on section 40: muzzling journalism - Editorial - Opinion'|'I t was this newspaper’s revelations of phone hacking by parts of the tabloid press that led in 2011 to Lord Justice Leveson’s inquiry into the “culture, practices and ethics” of an industry. The judge heard striking testimony from victims of media mistreatment, many of whom had awful tales of prolonged harassment and gross invasions of privacy. The airing of illegal practices carried out by the press over years led to very public criminal trials. Individuals went to jail . This seems the right way to do things: journalists expose wrongdoing; the agitation it produces is submitted to; and existing criminal and civil law processes kicked in to administer justice. There was a twist. Leveson clearly thought that parts of the press were out of control, and unresisted pressure built up for collective punishment.What we have ended up with is a form of press regulation – enabled by a medieval piece of constitutional nonsense, the royal charter – consisting of small carrots and big sticks. Newspapers can sign up to a state-approved regulator. The only one endorsed so far is Impress, which is hardly independent given it is funded by Max Mosley, a wealthy victim of press intrusion into his sex life . Impress has distinctly unimpressed, failing to attract any significant national or local news outlets. The sanction has been smuggled into section 40 of the Crime and Courts Act . Those that refuse to join a system of regulation would be subjected to a form of unnatural justice: non-cooperative newspapers face paying the legal costs of both sides even in cases they win. This would have a deeply chilling effect on investigative journalism and help make the wealthy and powerful unaccountable. Editors would be forced to think long and hard before confronting anyone with deep pockets, never mind taking on dozens of millionaires who were outed by this newspaper when it published the hidden offshore tax affairs of the super-rich in the Panama Papers . In cases involving national security, where deep source protection sits at the heart of a story, the result would be not just a colder climate but a freezing one.A free press is a constitutional necessity, not an ornamental timepiece. There is no other option but to repeal section 40. The Guardian believes that the independence of the press is best served by self- not state- regulation . Most others agree. Ipso, an “unapproved” regulator, remains a creature of much of Fleet Street. Impress and Ipso should be allowed to continue to administer their own forms of self-regulation. The Guardian, along with the Financial Times, has decided to pursue its own model of oversight, accountable to readers and the public. Peers in the upper house who threaten to reintroduce section 40 by the back door, in effect threatening the government with what Oliver Letwin described as “trench warfare” , are simply wrong. There is an issue of inequality of justice in this information age. The law must apply to the mighty and the meek in the same way. Politicians should think what weapons ordinary people, down on their luck, can call on to fight their corner. Reformed access to the civil justice system would help.What is missing here is an appreciation of the present. Investigations into past behaviour ignore what the media industry is today. Facebook is by far the most pervasive network for news. Google dwarfs others in terms of media distribution. Sparky websites and blogs vie with traditional newsprint for readers and advertising revenue. Yet there is silence on the means to regulate them. Just as bizarre, given the fact the BBC is being taken to court by Sir Cliff Richard , is that the broadcaster is excluded from the purview of the proposed laws. Left unopposed, we will get an unequal system of media law that targets a specific type of news organisation, not a specific form of poor conduct. Such malpractice will no doubt feature in the outcome of the 43-month-long independent review into the unsolved murder of the private investigator Daniel Morgan , which involves the police and the media.A fitting coda to Leveson would be not another inquiry, but a referral of the proposed merger of 21st Century Fox with Sky to Ofcom . Consolidating media power in the hands of the many accused of wilful blindness to the practices that went on at News International is highly questionable. A press that is free to investigate and criticise is essential for good governance. Newspapers often take advantage of their freedom. But Thomas Jefferson, one of America’s founding fathers, perhaps put it best: “Our liberty cannot be guarded but by the freedom of the press, nor that be limited without danger of losing it.”'|'theguardian.com'|'https://www.theguardian.com/media/mediabusiness'|'https://www.theguardian.com/commentisfree/2017/jan/10/the-guardian-view-on-section-40-muzzling-journalism'|'2017-01-11T03:59:00.000+02:00'
'846d0d9f48d1cfd89045ebbf245eba0447ffb46c'|'UK retail sales lifted by last-minute Christmas rush - Business'|'UK retail sales continued to grow at the end of last year as Britons made a late dash for Christmas gifts and festive foods, according to industry figures that add to signs the economy ended 2016 on a strong note .The British Retail Consortium (BRC) pointed to challenges ahead from rising costs and political uncertainty but said its members went into the new year having enjoyed solid sales growth over the crucial Christmas period. Sales rose 1% in December from the year earlier, on a like-for-like basis. That was an improvement on November and was boosted by last-minute gift-buying and strong food sales.Consumer spending slowed over Christmas period, Visa figures show Read more “Retailers were helped by the timing of Christmas, which fell on a Sunday, giving shoppers the chance to use the weekend for a final dash to the shops delivering a last-minute boost to sales,” said Paul Martin, UK head of retail at KPMG, which helps to compile the BRC report.The BRC’s report chimed with figures from the discount supermarket Aldi that showed total UK sales for December were up 15% on a year earlier, helped by strong demand for festive vegetables, prosecco and its premium products such as “specially selected” mince pies.Separate figures from Barclaycard also suggested that the final three months of 2016 had seen the highest growth for four years in consumer spending, which encompasses leisure activities and petrol as well as spending in shops and online.But there had been a slowdown at the very end of the year, according to Barclaycard, which processes about half the UK’s card transactions. Consumer spending grew 4% year on year in December, a change of pace from growth in excess of 5% in October and November.Echoing other reports , Barclaycard said online retailers enjoyed strong sales, as did pubs and restaurants but high street stores suffered . Spending on clothing was the hardest hit. It also noted some of the rise in spending was down to higher prices, including for petrol , and not because people were buying more in volume terms.Paul Lockstone, managing director at Barclaycard, said: “2016 saw consumer spending growth sign off with a very strong quarter, but the headline number masks a story of softening spend growth as the year came to an end.“This could be an early indication of things to come as consumers seem to have entered 2017 with more caution, citing worries about inflation and the triggering of article 50. Looking ahead, all eyes will be on whether this year will see households begin to feel squeezed by rising prices, leading to a sustained fall in consumer spending on discretionary items in favour of their day-to-day essentials.”Those concerns were echoed by BRC chief executive Helen Dickinson. She said retail sales growth in 2016 as a whole, at 1.2%, was already slower than in 2015.“The challenge for retailers in 2017 will be to create real growth against a backdrop of growing inflationary pressures and persisting economic and political uncertainty,” Dickinson added.Inflation is expected to rise this year as the pound’s weakness since the Brexit vote makes imports more expensive .The market researcher IGD, which compiled the BRC’s grocery figures, said shoppers were worrying about the possible return of food inflation. Its poll of 1,707 people found that three-quarters anticipated higher prices in 2017. With the cost of imports and imminent Brexit talks in focus, it also noted another potential trend.“A surge in patriotism could be another important factor, with 45% believing it’s more important to buy British-produced food now the UK has voted to leave the EU,” said IGD chief executive Joanne Denney-Finch.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/10/uk-retail-sales-christmas-economy'|'2017-01-10T07:01:00.000+02:00'
'382097e3e70638bbca416c52a7a9e92cf8bbfc15'|'Germany''s Uniper an M&A target, says Goldman Sachs'|'FRANKFURT Uniper ( UN01.DE ), the power plant and energy trading business spun off by German utility E.ON ( EONGn.DE ) last year, is a potential takeover target, Goldman Sachs said on Thursday.Goldman Sachs says there are a number of potential buyers and Uniper''s relatively small size makes it a target. E.ON has also said it plans to sell its remaining 46.65 percent stake."We believe that investors might begin to incorporate an M&A premium in their valuations, and we incorporate a weighting to an M&A-based valuation in our price target," the brokerage wrote in a note, starting coverage of Uniper with a "buy" rating.Uniper was spun off from E.ON in September in one of the most drastic corporate responses so far to an ongoing crisis in the power sector that has pushed many conventional coal and gas plants into loss in favor of solar and wind energy.Since its listing on Sept. 12, Uniper''s shares are up by a third and currently trade at 13.68 euros apiece, compared with Goldman Sachs'' target price of 16.6 euros. Of the 21 analysts that cover the stock, 14 have a "buy" recommendation.E.ON has signaled its intention to sell more of Uniper, which has a market valuation of 4.8 billion euros ($5.1 billion), but said further stake sales would not happen before 2018 due to tax reasons.Goldman Sachs singled out Germany''s RWE ( RWEG.DE ), acquisitive Czech energy group EPH and Finland''s Fortum ( FUM1V.HE ), which in November said it was looking for M&A targets in Europe, as "potential consolidators."A spokeswoman for RWE said that the group currently had no such plans.Fortum and Uniper declined to comment.EPH, which last year bought the German lignite activities of Sweden''s Vattenfall [VATN.UL], was not immediately available for comment.(Reporting by Christoph Steitz, Jussi Rosendahl and Jason Hovet, editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-uniper-m-a-goldman-sachs-idINKBN14W1W2'|'2017-01-12T10:40:00.000+02:00'
'3c42bf9b45fe5a3c5313272921b76b93e06c39e8'|'Deals of the day-Mergers and acquisitions'|'Jan 12 The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Thursday:** German drugs and pesticides maker Bayer, which will need regulatory approval for its $66 billion deal to buy U.S. seeds giant Monsanto, said company chief executives had a productive meeting with U.S. president-elect Donald Trump.** Swedish compressor and mining gear maker Atlas Copco said it was looking to sell its Road Construction Equipment division, and said it would take an impairment charge of around 2 billion Swedish crowns ($223 million).** Italy''s Mediaset and France''s TF1 will take a stake in ProSieben''s multi-channel network Studio71 via a capital increase that values the unit at 400 million euros ($425 million), ProSieben said.** Private equity firm Onex Corp is exploring a sale of USI Insurance Services, hoping that a deal will value the U.S. insurance brokerage at as much as $4 billion, including debt, according to people familiar with the matter.** Italy''s top insurer Assicurazioni Generali must remain Italian, UniCredit''s CEO Jean Pierre Mustier told an Italian daily, addressing speculation of a possible takeover by French rival AXA.** Italy''s fifth-largest bank UBI Banca said on Thursday it would launch a share issue for up to 400 million euros ($425 million) to strengthen its capital after offering to take over three small rescued banks.** Fundação Cesp, Brazil''s largest private-sector pension fund, said on Wednesday it is not currently holding discussions over the partial or full sale of a 200 million real ($62 million) stake it owns in Vale SA, the world''s largest iron ore producer.** Private equity firm CVC Capital Partners Ltd is in advanced talks to acquire MSC Software Corp, a U.S. company that makes simulation computer programs, for more than $800 million, including debt, according to people familiar with the matter.** Investors are refraining from transactions in Turkey despite significant opportunities and attractive valuations, Ernst & Young said, amid high currency volatility and political uncertainty.** Shenzhen Centralcon Investment Holding Co plans to buy 23.2 percent of China South City Holdings Ltd for HK$3.8 billion ($490 million) to become its biggest shareholder, China South City said.** France will buy out minority shareholders in Areva and delist the troubled nuclear group, the government said as talks with potential investors in a new nuclear fuel company being spun out of Areva neared a conclusion.** Australia''s competition regulator said it will review BP Plc''s A$1.8 billion purchase of 527 petrol stations from Australia''s top grocer, Woolworths Ltd. (Compiled by Laharee Chatterjee in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1F23MT'|'2017-01-12T08:04:00.000+02:00'
'5d39efdd5d74fabceacefa87680635c71f4fdd86'|'Chicago Stock Exchange responds to fake news'' over China deal'|'By John McCrank - NEW YORK NEW YORK The Chicago Stock Exchange has asked the U.S. Securities and Exchange Commission to remove a letter from its website that fraudulently claims to be from a journalistic organization calling for a halt to the exchange''s sale to a China-led consortium.The letter "is nothing more than ''fake news'' masquerading as investigative journalism," Albert Kim, associate general counsel of the exchange, known as CHX, said in response to the letter on Jan. 6.The author of the disputed letter was attempting to undermine the SEC rule filing process and the integrity of the government, Kim said.Fake news became a prominent feature of last year''s U.S. presidential election, prompting Facebook to take steps to better detect and flag misleading articles on its social media platform.The CHX was referring to a letter attributed to John Ciccarelli on behalf of the Global Investigative Journalism Network (GIJN) and dated Jan. 2.It claimed that the sale of CHX to an investment group led by China''s Chongqing Casin Enterprise Group would give Chinese investors operating through shell companies 99 percent control of CHX and raised serious anti-money laundering concerns.Two days later, Dave Kaplan, executive director of GIJN, wrote to the SEC saying the Ciccarelli letter was a fraud and had no connection to the organization."We can assure you that we did not file these comments and ask that they be withdrawn from the official record," he said.Kevin Goldberg, a lawyer for the GIJN, confirmed Kaplan wrote the second letter.The SEC declined to comment.The letter is still on the SEC''s website. It was not possible to determine the identity of the author.CHX''s Kim said that once the deal closes, 50.5 percent of CHX will be indirectly owned by U.S. citizens, with 49.5 percent indirectly owned by Chinese citizens.The Committee on Foreign Investment in the United States, which scrutinizes foreign acquisitions of U.S. companies for national security concerns, approved the sale of CHX last month, but SEC approval is still needed.Five members of the U.S. Congress asked the SEC to reject the CHX deal in a Dec. 22 letter to the SEC.Led by Representative Robert Pittenger, a Republican on the Financial Services Committee and the Congressional-Executive Commission on China, the lawmakers argued the Chinese investors were involved in market sectors in China that indicated they had close ties to the state.(Reporting by John McCrank. Editing by Carmel Crimmins and Steve Orlofsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-chicagoexchange-m-a-fake-news-idINKBN14U2MS'|'2017-01-10T18:25:00.000+02:00'
'dd65d26f1995a7bde651ec916db0b04f6b0f12a1'|'Aabar set to back UniCredit''s share sale: sources'|'MILAN/ABU DHABI Abu Dhabi''s Aabar Investments is set to buy into an upcoming 13 billion euro ($14 billion) share issue at UniCredit ( CRDI.MI ) to keep its 5 percent stake in Italy''s biggest bank unchanged, three sources familiar with the matter said on Wednesday.UniCredit is expected to launch its jumbo share sale next month as it strives to bolster its capital under new Chief Executive Jean Pierre Mustier.One of the sources said Aabar had confidence in the bank''s future strategy.To keep its stake at the current level, Aabar would need to invest around 650 million euros.UniCredit and Aabar had no comment.(Reporting by Paola Arosio and Stanley Carvalho)'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-eurozone-banks-unicredit-cash-call-idUSKBN14V1BA'|'2017-01-11T14:33:00.000+02:00'
'14d04fbf686206cae3358af0b6d9ca4133d47c4b'|'UPDATE 1-American Airlines raises unit revenue estimate'|'Wed Jan 11, 2017 - 8:56am EST American Airlines raises unit revenue estimate American Airlines aircraft are parked at Ronald Reagan Washington National Airport in Washington, U.S., August 8, 2016. REUTERS/Joshua Roberts American Airlines Group Inc ( AAL.O ), operator of the No. 1 U.S. airline by passenger traffic, raised its estimates for a key industry revenue measure and its pretax margin for the fourth quarter, citing improving average fares. The company, whose shares were up 1.4 percent at $49.15 in premarket trading on Wednesday, said it now expected quarterly unit revenue to be flat to up 2 percent. American had forecast a decline of 1 percent to an increase of 1 percent in unit revenue for the period. Unit revenue compares sales to how many seats an airline flies and how far it flies them. American said it now expected its pretax margin excluding items to be between 7 percent and 9 percent, up from its forecast of 6 percent to 8 percent. Smaller rival Southwest Airlines Co ( LUV.N ) said on Tuesday it expected a smaller decline in fourth-quarter unit revenue, helped by an improvement in average fares for U.S. flights booked at the last minute. Delta Air Lines Inc ( DAL.N ), the No. 2 U.S. carrier, said strong demand in December was behind its decision to revise its passenger unit revenue estimate for the quarter to a decline of 2.5 to 3 percent from its previous forecast of a 3 percent decline. (Reporting by Ankit Ajmera in Bengaluru; Editing by Ted Kerr) Up Next United Air forecasts improved fourth-quarter performance NEW YORK United Continental Holdings Inc. on Tuesday raised its fourth-quarter passenger unit revenue guidance to an expected decline of between 1.25 percent and 1.75 percent from 3 percent to 4 percent, pushing up its expected pre-tax profit margin compared to the fourth quarter of 2015. Ford affirms 2017 to be less profitable than 2016 DETROIT Ford Motor Co on Tuesday confirmed that it would be less profitable in 2017 than last year, even as cross town rival General Motors Co on the same day gave a much more upbeat forecast that surpassed Wall Street expectations. Chipotle Mexican Grill on Tuesday reported a jump in December sales at established restaurants, suggesting the worst may be over for the burrito chain that has struggled to recover from a string of food safety lapses. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-american-airline-outlook-idUSKBN14V1KM'|'2017-01-11T20:55:00.000+02:00'
'4ac65058df4f012041b028dc0e9f87e240b98b3e'|'Fincantieri''s bid for STX France seen finalised in April: French minister'|'By Emmanuel Jarry - PARIS PARIS A bid by Italian shipbuilder Fincantieri ( FCT.MI ) for STX France is likely to be signed formally around Feb. 15 with the deal finalised in April, French industry minister Christophe Sirugue told Reuters on Wednesday."Signature will probably be around February 15, with the closing probably in April," Sirugue told Reuters in an interview.The sale of STX France, which specialises in building cruise ships at the Saint-Nazaire shipyard and is profitable, forms part of a broader sell-off of businesses following the demise of the South Korean STX shipbuilding group.The French state has and aims to keep its 33 percent stake with blocking rights in STX France, which Fincantieri is interested in to gain a foothold in the cruise shipbuilding market.The head of French state-controlled military shipbuilder DCNS also said last week it was "very likely" that DCNS - in which Thales ( TCFP.PA ) has a minority stake - would enter into the capital of STX France."What is needed is for us to keep our 33 percent, it''s imperative since it gives us minority blocking rights," said Sirugue."We shall see what DCNS ends up doing....what is clear is that DCNS, together with the 33 percent held by the state, will not end up with a 50 percent stake," added the minister.(Reporting by Emmanuel Jarry; Writing by Sudip Kar-Gupta; Editing by Leigh Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stx-france-m-a-sirugue-idINKBN14V1Q9'|'2017-01-11T11:24:00.000+02:00'
'6783f898ec8879b6b72574a24fb0a20e90003179'|'Battle lines drawn in the wifi wars – but is a truce possible? - Guardian Small Business Network'|'I t was the year in which the wifi war broke out : cafe owners finally called time on freeloading freelancers exploiting their internet connections while nursing a single coffee for hours on end. In the age of flexible and remote working, the sight of a lone worker at a laptop in a coffee shop has become a symbol of our times. Yet independent coffee houses say the work-focused energy freelancers bring – fluctuating between jargon-heavy Bluetooth conversations or stoic silence – can dampen the atmosphere for other customers and slow turnover. So is it time for peace talks? We asked independent coffee shops and freelancers their views.‘Customers use us as a pop-up office space’ For us, offering customers free wifi seemed like the obvious thing to do. It does, of course, mean that we have customers come in and use us as a pop-up office space, but it has never been an issue. They have coffees (and a cake when they work hard) and are normally just quiet and keep to themselves. And there are of course times when they aren’t working, and we often see these same customers come in for a quick takeaway coffee. Sophie Godding, Coffee in the Wood, south-west London ‘At lunchtime it can be a pain’ They add vibrancy in the “off peak” shoulder periods of our trading day as a quick service restaurant, but when it comes to lunchtime then it can be a pain ... taking up tables and making that coffee last a little too long is fine, but not when 12pm hits and its game time when we need every bit of space for all of our paying customers.” Ed Brown, co-founder Friska Foods, Bristol and Birmingham ‘I’d be prepared to pay a “freelancer tax”’ The major problem with coffee shop freelancing is security – both physical and information. If you need the loo, you’re pretty much hoping everyone else is keeping an eye on your stuff. There’s also the issue of finding a space somewhere. I’d be prepared to pay a “freelancer tax” in these places. For example, if I was staying for more than four hours, I’d pay a couple of quid to cover the cost of my presence in addition to whatever I’d bought. If it meant I didn’t need to make guilt purchases, I’d probably save money. Sean O’Meara, Manchester ‘As soon as I finish my coffee I order something else’ They will have wifi anyway for their own business needs: making it available to their customers simply invites more people in or encourages them to stay longer and spend. There are many coffee shops I wouldn’t dream of going to for a relaxing or social coffee, I go there simply because I can do some work in a different environment. I also wouldn’t dream of working there without having a drink in front of me. As soon as my coffee runs dry, I order something else. On the flipside, I went for dinner with friends last night and the conversation was so good we stayed at our table for about 40 minutes after we had finished our food and drinks – and no one batted an eyelid. Jai Breitnauer, Essex ‘Our customers pay per minute’ Our pay-per-minute sitting room model was born out of people using city centre spaces for reasons that aren’t fit for purpose. A cafe’s business model isn’t designed to have someone sit there all day and buy one cup of coffee. Likewise, if you are looking for a place to work, weak wifi is a pain and the bustle of a cafe can be distracting. We have a mixture of both soft and hard space which serve both social and work purposes. We take large open units so people feel included in the atmosphere but don’t disrupt each other. We find operating a self-service model also gives people the ability to move around the space freely as if it was their own home or office. In our experience, mobile working is becoming more and more common, so I can see this issue escalating. For many people, it’s quite clear that the use of a seat, plugs and wifi is a priority over the typical coffee shop routine. Ben Davies, Ziferblat, Manchester ‘Freelancers are an asset to our cafe’ There’s a funny scene in the comedy Fleabag that sums this scenario up nicely: a guy painstakingly sets up his complicated work gear and doesn’t order anything. Of course, [freelancers] bring a lot of regular business into the cafe too. I think they are more of an asset to our cafe as we rarely have to turn people away due to full tables. Simon Fox, Cooper and Wolf, east London Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jan/12/battle-lines-drawn-wifi-wars-cafe-owners-freelancers'|'2017-01-12T15:35:00.000+02:00'
'34347d18608f058c72dcce983495b6c2df26b1c4'|'UPDATE 1-China regulator says insurers reap $449 bln in premium income in 2016'|'Financials   2:59am EST UPDATE 1-China regulator says insurers reap $449 bln in premium income in 2016 * 2016 premium income 3.1 trln yuan vs 2.4 trln yuan in 2015 * 2016 on-year growth near 30pct vs 20pct in 2015 * CIRC plans to prevent risk in 3 key areas (Adds detail on risk plan, on-year income increase and background) BEIJING, Jan 12 China''s insurance regulator said on Thursday the country''s insurers made 3.1 trillion yuan ($448.6 billion) in premium income in 2016, an almost 30 percent year-on-year rise in an environment of increasingly tighter regulations in the industry. The China Insurance Regulatory Commission (CIRC) also said it plans to focus on risk prevention in three key areas: company governance, insurance products and fund investment, said CIRC spokesman Zhang Zhongning at a news conference in Beijing The news comes amid a flurry of new rules from the insurance regulator to contain risks ranging from risky acquisitions to aggressive product issues. Premium income hit 3.1 trillion yuan last year, a faster pace of growth from 2.4 trillion yuan in 2015 when it grew 20 percent on-year. Draft CIRC proposals published earlier this month would cap individual ownership limits in insurance companies at 33 percent, down from a previous limit of 51 percent, effectively stopping conglomerates such as China Evergrande Group and Baoneng Group from using their insurance units to help fund acquisitions and riskier investments. ($1 = 6.9105 Chinese yuan) (Reporting by Shu Zhang and Nicholas Heath in Beijing; Writing by Engen Tham in Shanghai; Editing by Jacqueline Wong & Shri Navaratnam) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-insurance-idUSL4N1F22SV'|'2017-01-12T14:59:00.000+02:00'
'd03cee9bbc4da1e406c348d3568d22a4384c23c1'|'UPDATE 1-Britain''s John Lewis to ramp up investment to meet online demand'|'Company News - Thu Jan 12, 2017 - 3:59am EST UPDATE 1-Britain''s John Lewis to ramp up investment to meet online demand (Adds background, ASOS) LONDON Jan 12 Britain''s biggest department store John Lewis said it needed to invest heavily in its online business this year after 40 percent of total sales came from the internet over Christmas, showing the speed of change ripping through the industry. Britons have embraced online shopping in recent years, with new collaborations enabling shoppers to buy online and pick up goods at a network of third-party outlets such as petrol stations, railway stations and post offices. The drive to make online shopping fit more easily into customers'' lives has ramped up sales and put Britain at the forefront of the move, with trading updates released this week showing those firms with the best online offerings performing strongly. Online-only fashion retailer ASOS said on Thursday it would also accelerate the pace of its infrastructure investment as it expects sales to rise by nearly a third this year following bumper demand over the Christmas period. "Although we expect to report profits up on last year, trading profit is under pressure," said Charlie Mayfield, chairman of the John Lewis Partnership. "This reflects the greater changes taking place across the retail sector. We expect those to quicken, especially in the next 12 months." John Lewis has been among those leading the way in online sales in recent years but it said on Thursday that although it had enjoyed a strong Christmas performance, it now needed to rebuild to prepare the business for even faster change. John Lewis said it would speed up aspects of its strategy, which would involve a period of significant change, investment and innovation. It did not say how much it would spend on the programme. The John Lewis Partnership, which also owns the upmarket Waitrose supermarkets, said it also expected profit to be affected next year by increasing costs linked to the fall in the pound following the vote to leave the European Union. The John Lewis department store posted underlying sales up 2.7 over the six weeks to December 31, with online sales up 11.8 percent and shop sales up 0.8 percent. Waitrose like-for-like sales rose 2.8 percent. (Reporting by Kate Holton; editing by Estelle Shirbon) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/johnlewis-outlook-idUSL5N1F21OA'|'2017-01-12T15:59:00.000+02:00'
'cfc5a8cc6b8dcee71abb95cd44ca8bd65a3f08f5'|'Honduras sets IPTs of mid-to-high 6% on 2027 US dollar bond'|'Company  07am EST Honduras sets IPTs of mid-to-high 6% on 2027 US dollar bond By Paul Kilby NEW YORK, Jan 12 (IFR) - The Republic of Honduras, rated B2/B+, announced initial price thoughts on Thursday of mid-to-high 6% on a 2027 US dollar bond, according to a lead on the deal. Bank of America Merrill Lynch and Citigroup are acting as leads on the deal, which is expected to price later on Thursday. (Reporting by Paul Kilby; Editing by Natalie Harrison) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/honduras-bond-idUSL1N1F20OO'|'2017-01-12T21:07:00.000+02:00'
'888626978dc5924b23d12948fb466dfcbb5ac885'|'India''s December core consumer price inflation seen at around 4.9 percent'|'Economic   6:03pm IST India''s December core consumer price inflation seen at around 4.9 percent A vegetable vendor counts Indian currency notes as he waits for customers at a wholesale vegetable market   December 14, 2016. REUTERS/Amit Dave/File Photo MUMBAI India''s core consumer price inflation was seen at around 4.9 percent in December, in line with levels in November, two analysts polled by Reuters said on Thursday. Data earlier had showed India''s headline annual consumer price inflation eased to 3.41 percent in December, its lowest level in more than two years, helped by a sharp cooling in food prices,   (Reporting by Suvashree Dey Choudhury) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-economy-core-inflation-dec-idINKBN14W1NY'|'2017-01-12T19:33:00.000+02:00'
'77f1e322a3ae96250f8aea5a459490b70e737cf9'|'Amazon to add more than 100,000 jobs in U.S. hiring spree'|' 20pm GMT Amazon to add more than 100,000 jobs in U.S. hiring spree By Jeffrey Dastin and Emily Stephenson - NEW YORK/WASHINGTON NEW YORK/WASHINGTON Amazon.com Inc ( AMZN.O ) on Thursday said it will create more than 100,000 jobs in the United States, from software development to warehouse work, in its latest move to win over shoppers by investing in faster delivery. The world''s largest online retailer will grow its full-time U.S. workforce by more than 50 percent to over 280,000 in the next 18 months, it said in a press release. Amazon is spending heavily on new warehouses so it can stock goods closer to customers and fulfill orders quickly and cheaply. The new hires, from Florida to Texas and California, will be key to the company''s promise of two-day shipping to members of its Amazon Prime shopping club, which has given it an edge over rivals. At least 16 new U.S. fulfillment centers are in the works for this year and next, said Marc Wulfraat, president of logistics consultancy MWPVL International Inc. Some mark Amazon''s first expansion into population centers like Houston, he said. Amazon declined to comment on where it would hire the most, whether for fulfillment work or corporate roles. "We view this as a positive signal ... of the current trajectory of Amazon''s businesses, as well as management''s confidence," Baird Equity Research analyst Colin Sebastian said in a note. "While there may be some ''political capital'' involved with the timing and details of Amazon''s announcement," he added, "we suspect there is little, if any, shift of employment at Amazon from international locations to the U.S." President-elect Donald Trump has made job creation in the United States a cornerstone of his agenda. Last week, Ford Motor Co ( F.N ) reversed plans for a $1.6 billion factory in Mexico and said it would add 700 jobs in Michigan after receiving criticism from Trump. A spokesman for Trump''s transition team gave the president-elect partial credit for Amazon''s hiring spree. "The president-elect met with heads of several of the tech companies and urged them to keep their jobs and production inside the United States," spokesman Sean Spicer said in his opening remarks in a press call on Thursday. Reported to have a grueling work culture, Amazon has come under fire for operating stifling-hot warehouses and not recording workers'' injuries. The company also is bleeding brick-and-mortar retailers of more jobs than it has created, according to the Institute for Local Self-Reliance. "Amazon is an even lower-paying employer than other warehouse operators," said the institute''s Co-Director Stacy Mitchell. Amazon said it has a focus on safety, conducting millions of checks each year and requiring safety training for workers. It said employee pay is highly competitive and benefits are the same for warehouse workers and executives. It did not immediately comment on its impact on brick-and-mortar jobs. The company''s shares rose 1.8 percent to $813.64. (Reporting by Laharee Chatterjee in Bengaluru, Jeffrey Dastin in New York and Emily Stephenson in Washington; editing by Saumyadeb Chakrabarty and Dan Grebler) Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, January 29, 2016. REUTERS/Mike Segar/File Photo  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-amazon-com-inc-jobs-idUKKBN14W21G'|'2017-01-13T04:11:00.000+02:00'
'c86d9706923e345fff16071971d42e64ec4c8642'|'Some 800 boat migrants rescued during break in weather - Italian coast guard'|' 50pm EST Some 800 boat migrants rescued during break in weather - Italian coast guard By Steve Scherer - ROME ROME Jan 12 Some 800 migrants were plucked from flimsy rubber boats on Thursday, Italy''s coast guard said, as Libya-based people smugglers took advantage of a window of good mid-winter weather to send them to sea. Italian coast guard vessel Diciotti and two ships run by humanitarian groups, the Aquarius and the Golfo Azzurro, went to the rescue of a total of six rubber boats in international waters off the coast of Libya, the coast guard said. Mathilde Auvillain, a spokeswoman for SOS Mediterranee which co-runs the Aquarius, said they aided a small wooden boat carrying 26 people, mostly Nigerians, on Wednesday, while 123 were taken off a rubber dinghy on Thursday. After several days of rough seas, weather conditions improved on Wednesday evening and were expected to remain calm until Friday evening, she told Reuters by telephone. "We are expecting another long year. There''s no sign that things are going to improve. So far this winter we have had no rest. We have not gone a full week without a rescue." Among the 149 rescued by the Aquarius were people from Nigeria, Sudan, Guinea, and Bangladesh, Auvillain said. Last year a record 181,000 boat migrants, mostly from Africa, reached Italy. The majority paid Libyan people traffickers to make the journey. With Libya still plagued by disorder and divided by rival governments and militias, it has become a safe haven for people smugglers and a dangerous place for migrants. "The migrants are fleeing Libya as much as they are coming to Europe," Auvillain said. Last year the Aquarius crew went to the rescue of 7,500 boat migrants, she said. The European Union plans new measures to deter migrants crossing the Mediterranean from Libya, officials said, as Malta urged the bloc on Thursday to act to head off a surge in arrivals from the North African country. The EU all but halted a migrant influx into Greece through a deal last year with Turkey to hold back Syrian refugees. But doing the same in Italy''s case is more problematic because of the lack of effective state authority in Libya. (Reporting by Steve Scherer; editing by Mark Heinrich) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/europe-migrants-italy-idUSL5N1F25N0'|'2017-01-13T00:50:00.000+02:00'
'091631ba5e591e6e7bd2c00728bab71245d18e75'|'World Bank sees higher 2017 global growth, uncertainty over U.S. policy'|'  9:12pm GMT World Bank sees higher 2017 global growth, uncertainty over U.S. policy left right U.S. President-elect Donald Trump tours a Carrier factory with Vice President-elect Mike Pence in Indianapolis, Indiana, U.S., December 1, 2016. REUTERS/Mike Segar 1/2 left right A worker welds in the Tianye Tolian Heavy Industry Co. factory in Qinhuangdao in the QHD economic development zone, Hebei province, China December 2, 2016. REUTERS/Thomas Peter 2/2 By David Lawder - WASHINGTON WASHINGTON The World Bank on Tuesday said global growth would accelerate slightly as recovering oil and commodity prices ease pressures on emerging-market commodity exporters and painful recessions in Brazil and Russia come to an end. In its latest Global Economic Prospects report, the multilateral lender said it expected 2017 real gross domestic product growth to rebound to 2.7 percent from a post-financial crisis low of 2.3 percent last year. Growth in advanced economies is expected to edge up to 1.8 percent in 2017 from 1.6 percent in 2016, the World Bank said, while emerging and developing economies will see growth accelerate to 4.2 percent this year from 3.4 percent last year. "After years of disappointing global growth, we are encouraged to see stronger economic prospects on the horizon," World Bank Group President Jim Yong Kim said in a statement. "Now is the time to take advantage of this momentum and increase investments in infrastructure and people." However, there was considerable uncertainty surrounding the forecasts, which did not incorporate the effects of various policy proposals from U.S. President-elect Donald Trump, which are expected to include increased fiscal stimulus from tax cuts and infrastructure spending, and a more protectionist trade stance. The World Bank forecasts 2017 U.S. growth at 2.2 percent versus 1.6 percent in 2016, but the increase could be considerably larger -- and have effects far beyond U.S. shores. "A surge in U.S. growth -- whether due to expansionary fiscal policies or other reasons -- could provide a significant boost to the global economy," the bank said. However, this could lead to higher interest rates and tighter financial conditions that would have adverse effects on some emerging market countries that depend heavily on external financing. It added that lingering uncertainty over the course of U.S. economic policy could weigh on global growth by keeping investment money on the sidelines until there is more policy clarity. The World Bank said China''s growth would continue to slow, easing to 6.2 percent in 2017 from 6.7 percent in 2016, but growth would edge higher in some Southeast Asian economies, including Indonesia and Thailand. India''s strong growth is expected to accelerate, rising to 7.6 percent in 2017 from 7.0 percent in 2016 as reforms ease domestic supply bottlenecks and increase productivity. (Reporting by David Lawder; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-worldbank-growth-idUKKBN14U2LI'|'2017-01-11T04:06:00.000+02:00'
'0750420fd316a1b13bcdc7bfb14366da49db4155'|'UK factory bosses see worse economy but better sales in 2017 - EEF'|'  7:01pm EST UK factory bosses see worse economy but better sales in 2017 - EEF LONDON Jan 9 British factory bosses are downbeat about the outlook for the economy after last year''s Brexit vote even though they expect their sales both at home and abroad to improve in 2017, an industry survey showed on Monday. An annual survey by manufacturing association EEF showed 47 percent of executives in the sector predicted a decline in Britain''s economic fortunes this year, up from 28 percent in the same survey in 2016. Only 25 percent said they expected to see an improvement. Still, manufacturers were confident they would perform well in the face of uncertainty around Brexit, with half expecting to increase their sales at home and more than 40 percent anticipating improved export sales. British manufacturing had a mixed performance in 2016, with economic growth driven mostly by the much larger services sector and consumer spending. A separate survey from credit card company Visa Europe showed consumer spending expanded at an annual rate of 2.8 percent in the fourth quarter - more than double the pace of the previous two quarters. However, consumer spending power looks likely to wilt in the face of rising inflation following the pound''s post-Brexit vote drop - something that two-thirds of manufacturers in the EEF survey cited as a big risk. Last week a record number of manufacturers in a British Chambers of Commerce survey - the largest of its kind - said they expected to hike selling prices in the coming months. "Global political upheaval means that 2017 looks set to be another bumpy ride, with manufacturers forced to navigate uncertainty, unpredictable economic conditions and a number of risks that have been amplified by Brexit," said Terry Scuoler, chief executive of EEF. Britain''s economy looks on track to have expanded by more than 2 percent in 2016 - faster than almost all other big advanced economies except perhaps the United States. Economists polled by Reuters expect Britain''s growth rate to more than halve in 2017 to 1.1 percent. EEF conducted its survey of 281 manufacturing executives between Nov. 2 and Nov. 23. (Reporting by Andy Bruce; Editing by William Schomberg) Next In Industrials Video shows Florida airport shooter open fire, passengers scatter FORT LAUDERDALE, Fla., Jan 8 The gunman who killed five people at a Florida airport walked calmly through the baggage claim area before wordlessly pulling a handgun from his waistband and shooting at victims who fled or dived to the floor in panic, video showed. CORRECTED-RPT-Automakers, suppliers team up to share costs of self-driving cars LAS VEGAS, Jan 8 Automotive suppliers and automakers are expanding alliances to develop self-driving car technology that can serve multiple automakers, as the race to put such vehicles on the road separates companies that can go it alone from those that need help sharing the financial and technical burdens. CORRECTED-Automakers, suppliers team up to share costs of self-driving cars LAS VEGAS, Jan 8 Automotive suppliers and automakers are expanding alliances to develop self-driving car technology that can serve multiple automakers, as the race to put such vehicles on the road separates companies that can go it alone from those that need help sharing the financial and technical burdens. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/britain-economy-manufacturingmanufacturi-idUSL4N1EW481'|'2017-01-09T07:01:00.000+02:00'
'1168490c7171b4646907809f5e9cbc58c2cb7127'|'FBI arrests Volkswagen exec on fraud charges - NYT'|'Mon Jan 9, 2017 - 7:01am GMT FBI arrests Volkswagen executive on fraud charges: NYT FILE PHOTO: A Volkswagen (VW) logo covered with mud and dust is seen on the wheel of a car in Grafenwoehr, Germany, October 26, 2016. REUTERS/Michaela Rehle/File Photo The Federal Bureau of Investigation arrested a Volkswagen AG ( VOWG_p.DE ) executive on charges of conspiracy to defraud the U.S., the New York Times reported on Monday. Oliver Schmidt, who headed the company''s regulatory compliance office in the U.S. from 2014 to march 2015, was arrested on Saturday by federal investigators in Florida, the newspaper said, citing people familiar with the matter. nyti.ms/2iTA73S Schmidt is expected to be brought before the court on Monday, NYT said. A South Korean court convicted an executive of the company''s local unit on Jan. 6 for document fabrication, obstruction of work and the violation of an environment law. Volkswagen U.S. and the FBI were not immediately available for comment. (Reporting by Gaurika Juneja in Bengaluru; Editing by Sunil Nair) Up Next  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-usa-idUKKBN14T0JA'|'2017-01-09T13:59:00.000+02:00'
'2c68dbd144c1d1602eff4870531b20093d497c12'|'Never-before-heard Bernie Madoff tapes reveal details of ruinous Ponzi scheme - Business'|'Bernard Madoff , the imprisoned confidence trickster, has laid the blame for his ruinous Ponzi scheme at the feet of banks and wealthy investors he claims didn’t care whether his firm was legitimate or not in a series of never-before-heard recordings.The interviews, part of author Steve Fishman’s new podcast, Ponzi Supernova , feature much of Madoff’s characteristic refusal to take responsibility for paying his investors out of each other’s pockets.Bernard L Madoff Investment Securities promised huge returns from canny investments but in reality paid investors with other early investors cash. As the firm became more and more “successful” Madoff said the banks that at first shunned him were suddenly beating down his door: “All of a sudden these banks give you the time of day. They’re willing to give you a billion dollars. I had all of these major banks coming down and entertaining me. It is a head trip,” he tells Fishman.Madoff was found guilty of defrauding thousands of investors of billions of dollars on 29 June 2009. He was sentenced to 150 years in prison with restitution of $170bn and is serving his sentence at the Butner federal correctional complex in Durham, North Carolina.Madoff got away with it for so long because inexperienced regulators chasing him didn’t know what they were looking forFishman , who conducted three hours of interviews with Madoff personally, points out that while the fraudster ruined many lives, roughly half of Madoff’s investors still ended up in the black . “Yeah, he was a criminal talent, with God-given gifts in a sense, but Madoff was Patient Zero,” Fishman said. “What really makes him a pandemic is all the feeder funds [who introduced new clients to Madoff] and the banks,” Fishman told the Guardian. “They take him around the world. They recruit investors, in Latin America and through Europe, and they basically pour gasoline on this dumpster fire. Madoff could have been kind of a local swindler until he meets this massive distribution network.”Facebook Twitter Pinterest Bernard Madoff at the Christmas party at the London offices of Madoff Securities International in 2003. Photograph: Rex FeaturesThe forgeries committed on some clients’ documents, Fishman said, were even done as if to order by some clients. According to ex-FBI agent Steve Garfinkel, Annette Bongiorno, Madoff’s longtime assistant and first employee, would doctor statements on request. Clients would call to complain that Madoff promised 18% but they’d gotten 16%. Bongiorno would respond with an amended statement showing the promised rate. Bongiorno began her own sentence of six years for her role in the scheme in 2014.The 50 best podcasts of 2016 Read moreWhile he will spend the rest of his life in jail, the 73-year-old Madoff is upbeat about his circumstances on the podcast, bragging about how his doors “are not locked at night”.“I have a pretty big picture window – you can’t open it,” he tells Fishman.But life behind bars has not always been easy. Other prisoners say Madoff didn’t learn courtesy quickly enough – one interviewee recounts Madoff trying to change the television to a news report featuring his crimes while another inmate was watching something else. The other – much younger – man ended the dispute with “an open-hand slap”.Madoff got away with it for so long, he and others tell Fishman, because the inexperienced US Securities and Exchange Commission (SEC) regulators chasing him didn’t know what they were looking for, and because his operation stayed one step ahead of the regulator. In one anecdote, Madoff simply rifles through an inspector’s briefcase until he finds that he’s being pursued for “front-running” – the practice of buying for yourself on advance information before you pass it on to investors.That seemed logical, Madoff admits, “except it wasn’t true, and it was illegal!”Others printed out a faked report and put it in the refrigerator so it wouldn’t be obviously warm from the printerMadoff orchestrated office-wide performances for the investigators who were sent to his offices to search for evidence of wrongdoing, former US attorney Matthew Schwartz tells Fishman. Because his investment returns were so big the regulator were suspicious, but they didn’t know how or what was going on. When an investigator asked to see a report that a legitimate firm would have on hand in the course of its normal businesses, Madoff’s second-in-command, Frank DiPascali, stalled for time while downstairs others printed out a faked report, put it in the refrigerator so it wouldn’t be obviously warm from the printer, and “played football with it,” Schwartz says – tossing it back and forth across the room like a football to make it look weathered.Set dressing was also important: on the credenza behind his desk, Madoff displayed a sculpture by the renowned artist Claes Oldenburg of a giant black screw, listing a little to one side. The 1976 sculpture, called Soft Screw, drew nearly $50,000 at Sotheby’s when Madoff’s assets were sold off after his disgrace.When financial regulators visited his firm’s offices, Madoff put the Soft Screw away.'|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/business/2017/jan/12/bernie-madoff-prison-life-ponzi-supernova-podcast-experience'|'2017-01-12T21:00:00.000+02:00'
'dff74812359637edd1651bceeb83390c1a0cf13b'|'Ratings outlook never worse as Italy kicks off year''s crucial calls'|'Thu Jan 12, 2017 - 4:45pm GMT Ratings outlook never worse as Italy kicks off year''s crucial calls The skyline of Porta Nuova''s district is seen in Milan, northern Italy March 5, 2015. REUTERS/Stefano Rellandini By Marc Jones - LONDON LONDON The number of countries at risk of having their credit ratings cut has never been higher as the first of the year''s crucial reviews looms on Friday in the shape of European struggler Italy. Global growth is gradually improving and oil and metals are recovering, but the cross-continent rise in political uncertainty and the hangover from two years of weak commodity prices means many countries still face intense pressures. Roughly a quarter of the 120-130 countries the big rating agencies cover are at risk of a downgrade meaning the 8-year, post-financial crisis fall in credit quality is likely to continue. S&P''s negative outlooks now outnumber positive ones 30-to-7 or a ratio of 4:1, while for Fitch it is 6:1. The triple-A club is shrinking and the proportion of countries with an investment grade BBB- or above with S&P is at an all-time low 52 percent. For the first time in a decade Europe is starting a year with more positive rating outlooks than negative ones, but Italy remains an outlier and its review by DBRS this week is likely to be one of the most closely watched of 2017. The Canadian agency is one of the four used by the European Central Bank and a downgrade would see the ECB increase the ''haircut'' it applies to Italian bonds, piling extra stress on the country''s banks that rely on its interest-free funding. An S&P Capital IQ model using credit default swaps shows markets currently price Italy a full four notches below DBRS'' A (low) rating a statistic that would normally point to a cut. DBRS'' head analyst Fergus McCormick, however, who will help make its decision on Friday, has been reassured by plans to shore up battered bank Monte dei Paschi and doesn''t expect the country to rush to early elections. "The key now is whether the government’s burden-sharing precautionary recapitalization will restore investor confidence in the entire Italian banking system," he told Reuters, adding decisions on the country''s electoral law before the end of the month will be "critical" to the political outlook. Friday will also be a big day for Portugal which is set to be reviewed by Moody''s as market pressures rise again there.. Poland is also on its list, while Fitch rates Iceland which is lifting capital controls but has just taken two months to form a government. Jan. 27 looks busy too with Moody''s getting its first chance to resolve its negative outlook on Brexit-bound Britain and Fitch rating Turkey where the lira is in virtual freefall amid worries about its government and economy. GOING SOUTH Seen as greatly at risk of falling out of the key investment grade group is South Africa, which is struggling with government division and a limping economy that accounts for a roughly a third of sub-Saharan Africa''s GDP. S&P which has been on the brink at BBB- negative for over a year won''t formally review it until June 2. Moody''s which has it a notch higher is scheduled for April 7, while Fitch which is at the same key level as S&P should be sometime between the two. All three are watching to see whether economy falls into recession and if the prized independence of its central bank or finance minister are compromised by political forces. At the same time, the models that point a cut to Italy this week, predict a monster 2-3 notch cut in South Africa''s case. "We expect South Africa to be downgraded," said Aberdeen Asset Management EM portfolio manager Viktor Szabo, "It''s not a certainty, but the main reason is still there and he''s called Jacob Zuma." It is Latin America now however that has the largest number of negative outlooks at 12 in the case of S&P. And even though Europe looks better for once, there are warnings it could quickly sour again with German, French, Dutch and potentially Italian elections looming not to mention Brexit. "The possibility of unexpected political outcomes, could lead to sharp policy shifts in euro zone member states with implications for sovereign ratings," S&P''s top sovereign analyst Moritz Kraemer said. (Reporting by Marc Jones; Editing by Raissa Kasolowsky) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ratings-idUKKBN14W2FL'|'2017-01-12T23:44:00.000+02:00'
'c2f0bf3ef1fc5fa6ef7e834afa571f8183f99775'|'Exclusive: Onex explores $4 billion sale of USI Insurance Services - sources'|'By Greg Roumeliotis Private equity firm Onex Corp ( ONEX.TO ) is exploring a sale of USI Insurance Services, hoping that a deal will value the U.S. insurance brokerage at as much as $4 billion, including debt, according to people familiar with the matter.A sale of USI would underscore the wave of consolidation sweeping the commercial property and casualty insurance market, which has not grown quickly enough to support the smaller brokerages, and has attracted buyout firms keen to cut costs.Onex is working with Bank of America Corp ( BAC.N ) on an auction for USI, the people said this week, cautioning that no deal is certain.The sources asked not to be identified because the sale process is confidential. USI and Onex did not respond to requests for comment, while Bank of America declined to comment.Based in Valhalla, New York, USI delivers property and casualty, employee benefits, personal risk and retirement solutions. It generates more than $1 billion in annual revenue, has a staff more than 4,400, and operates out of 140 local offices serving every U.S. state, according to its website.USI generated earnings before interest, taxes, depreciation and amortization in the 12 months to the end of September of $347 million, and had net debt of $1.8 billion, according to Onex''s most recent quarterly financial report.Onex acquired USI in December 2012 for $2.3 billion from Goldman Sachs Group Inc''s ( GS.N ) private equity arm, funding $702 million of that through equity and borrowing the rest with debt placed on the company.The biggest deal last year in the insurance brokerage sector was the merger of Willis Group Holdings and Towers Watson, which was completed last January and created Willis Towers Watson Plc ( WLTW.O ), a company with a $17 billion market capitalization.Last November, Greg Williams, the chief executive of Acrisure LLC, an insurance brokerage that was controlled by private equity firm Genstar Capital, completed a $2.9 billion management buyout of the company.USI has been very active in buying small regional rivals. It has been seeking to beef up USI ONE Advantage, an interactive platform that helps the company share information with sales consultants sitting in offices around the United States.(Reporting by Greg Roumeliotis in New York; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usiinsuranceservices-m-a-idINKBN14W00M'|'2017-01-11T21:08:00.000+02:00'
'b53608ab0a89c7e6516cc529a8dfbf37acacbb4a'|'China stocks rebound, Hong Kong slips under profit-taking pressure'|'Industrials - Thu Jan 12, 2017 - 12:31am EST China stocks rebound, Hong Kong slips under profit-taking pressure * SSEC +0.2 pct, CSI300 +0.2 pct, HSI -0.3 pct * Mainland energy sector broadly higher SHANGHAI Jan 12 China stocks ticked up on Thursday morning bolstered by energy majors, while Hong Kong''s main index eased off one-month highs on profit-selling pressure after a strong start to the year. Both mainland benchmarks, the CSI300 index and the Shanghai Composite Index, gained 0.2 percent by the lunch break, to 3,341.80 points and 3,143.06 points, respectively. China stocks rebounded in thin trading amid mixed signals over the economy and renewed talk about ongoing reforms at some state-owned enterprises. Government officials say China''s economy has been generally stable at the start of the year, continuing the momentum from second-half 2016, but also noting the economy faces a challenging and complicated trade outlook for 2017. Pan Shaochang, an analyst at Dongguan Securities, identified two major sources of risks to investors: seasonal liquidity stress ahead of the Lunar New Year later this month and expectations for further yuan depreciation. Most sectors advanced modestly in China, but an index tracking resource stocks corrected after hitting a nearly one-month intraday high set the previous session. Shares of Metallurgical Corporation of China Ltd added nearly 5.9 percent on a news report that it would become the first firm to benefit from state-owned enterprises'' reform fund. Energy firms PetroChina and China Petroleum & Chemical Corp gained. In Hong Kong, the Hang Seng index threatened to snap a five-day winning streak, down 0.3 percent at 22,872.40 points, while the Hong Kong China Enterprises Index was unchanged at 9,734.81 points. "No need to be too nervous about falls within 100 points. The market is generally steady today," said Alex Wong, a director at Ample Finance Group. A rise in profit-taking pressures after five days of gains countered optimism that tariffs against Chinese exports were not mentioned in a news conference held by U.S. President-elect Donald Trump. Shares of China South City Holdings Ltd added around 5.5 percent after it said Shenzhen Centralcon Investment Holding Co would buy 23.2 percent of the company for $490 million. (Reporting by Jackie Cai and John Ruwitch; Editing by Jacqueline Wong) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-stocks-midday-idUSL4N1F224J'|'2017-01-12T12:31:00.000+02:00'
'ba7784b4ac2c4472caed86aa9aba2342b568bfc3'|'PRESS DIGEST- New York Times business news - Jan 11'|' 17am EST PRESS DIGEST- New York Times business news   on the New York Times business pages.   on the verge of pleading guilty to criminal charges and paying $4.3 billion in fines, in a deal that would resolve a federal criminal investigation into its cheating on vehicle emissions tests, the automaker said on Tuesday. nyti.ms/2jtdNNH - The publisher of The Daily Mirror, a left-wing British tabloid, said on Tuesday it was in early-stage talks to acquire a minority stake in a new company that would include assets of the Northern & Shell Media Group, which publishes two rival right-wing tabloids, The Daily Express and The Daily Star. nyti.ms/2j64abm   is pushing further into the very sector that it helped to disrupt with a $2.6 billion bid for   Ltd, a department store and mall operator in China. Alibaba, a Chinese e-commerce behemoth, already owned 28 percent of Intime, which is listed in Hong Kong, and made an offer with Shen Guo Jun, the founder of the department store chain, to take the company private. nyti.ms/2j66u27 - Mark Zuckerberg and Priscilla Chan have hired a top political operative to lead the next phase of their philanthropic work at the Chan Zuckerberg Initiative, the limited liability company they set up in 2015 to conduct charitable efforts. David Plouffe, who managed Barack Obama''s 2008 presidential campaign and is chief adviser and a board member at Uber, is leaving the ride-hailing company to join the Chan Zuckerberg Initiative as president of policy and advocacy. nyti.ms/2jtfiLE - John Carlin, who was the Justice Department''s top national security lawyer, has moved to the law firm Morrison & Foerster to lead its global risk and crisis management practice, the firm announced on Tuesday. nyti.ms/2iDPU6a (Compiled by Rama Venkat Raman  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1F11ZG'|'2017-01-11T12:17:00.000+02:00'
'940be646a410568545758b21c4b3133d29d1c4f8'|'Advent-led GTM buys Brazilian chemical distributor for $172 million'|'SAO PAULO GTM Holdings SA, Latin America''s No. 1 independent distributor of chemical products, has agreed to pay 550 million reais ($172 million) for Brazilian peer quantiQ, in an effort to boost its presence in the region''s biggest country.Houston-based GTM Holdings will pay 450 million reais when the deal closes, with the remainder being disbursed within the next 12 months. The acquisition of quantiQ, which was fully owned by Braskem SA, will be GTM''s third acquisition over the past year.Braskem ( BRKM5.SA ) is Latin America''s largest resin producer.($1 = 3.1955 reais)(Reporting by Guillermo Parra-Bernal; Editing by Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-quantiq-m-a-gtm-holdings-idINKBN14U2O7'|'2017-01-10T18:53:00.000+02:00'
'd1dbd748f002c380e907146d1d1fae57037dd1d2'|'SE Asia Stocks-Philippines up on foreign buying; Singapore hits 14-mth closing high'|' 54am EST SE Asia Stocks-Philippines up on foreign buying; Singapore hits 14-mth closing high By Anusha Ravindranath Jan 10 Most Southeast Asian stock markets ended higher on Tuesday, with Philippines extending its rally to a sixth session on a spur of foreign buying, while Singapore closed at its highest in fourteen months. Data from the Philippine Stock Exchange show net foreign buying of 1.8 billion pesos ($37 million) in the first five trading days of 2017. From being one of the most battered markets in the region last year, the Philippines currently leads a rally in Southeast Asia with a near 8 percent gain so far. Foreign buying has increased in the past few trading sessions for Philippines, aiding its continuous run of gains, said Theodore Tan of AP Securities. Philippine index hit its highest in more than two months and closed 1.2 percent higher, backed by gains in financial and real estate companies. SM Prime Holdings closed up 2.3 percent , while Ayala Land added 1.3 percent. Singapore shares closed at its highest since November 2015, buoyed by financials and consumer stocks. Oversea-Chinese Banking Corp Ltd closed up 1.6 percent and was among the best performers. Jakarta closed 0.12 percent lower, dragged down by consumer and telecom stocks. The world''s largest producer of palm oil reported a fall in its annual palm oil exports. Thai stocks ended 0.5 percent higher as financial and telecom shares gained, while Vietnam finished marginally lower. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on day Market Current Previous Pct Move Close Singapore 3006.02 2981.54 0.82 Bangkok 1572.10 1564.08 0.51 Manila 7364.34 7276.34 1.21 Jakarta 5309.924 5316.364 -0.12 Kuala Lumpur 1672.05 1667.9 0.25 Ho Chi Minh 681.07 682.57 -0.22 Change so far this year Market Current End 2016 Pct Move Singapore 3006.02 2880.76 4.3 Bangkok 1572.10 1542.94 1.88 Manila 7364.34 6840.64 7.65 Jakarta 5309.924 5296.711 0.25 Kuala Lumpur 1672.05 1641.73 1.8 Ho Chi Minh 681.07 664.87 2.4 (Reporting by Anusha Ravindranath in Bengaluru; Additional reporting by Christina Martin; Editing by Amrutha Gayathri) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southeast-asia-stocks-idUSL4N1F034R'|'2017-01-10T16:54:00.000+02:00'
'98593488d58e72d5078161424cf660a8e7900a32'|'UPDATE 1-Thai central bank has FX buffers to handle volatility -governor'|'Financials  50am EST UPDATE 1-Thai central bank has FX buffers to handle volatility -governor (Adds quotes, background) By Marc Jones and John Geddie LONDON Jan 10 Thailand has enough foreign exchange reserves to handle market volatility if it flares up again this year, the head of the country''s central bank said on Tuesday and called for more global monetary policy coordination. Emerging market currencies in Asia are being buffeted by a parallel rise in the dollar and a fall in China''s yuan, but Veerathai Santiprabhob said Thailand had the ammunition to cope with any stress. "We have built good buffers to protect us from financial instability," Santiprabhob said at an event hosted by policy think-tank OMFIF. The central bank does not expect flooding in the south of Thailand to have to same impact as floods in 2011 that hit its industrial central region but is currently assessing what impact there could be on the rubber and fishing industries. The Bank of Thailand voted unanimously last month to keep the country''s main interest rate at 1.50 percent, where it has been since April 2015. It currently expects the economy to grow 3.2 percent this year. Santiprabhob said the central bank stands ready to act as necessary. One concern, he said, is a wave of potentially "bad inflation" - that pushes up costs but does little for growth - which could come if President-elect Donald Trump moves to stimulate an already-healthy U.S. economy. However more broadly for emerging markets, he said bets on higher U.S. interest rates did not seem to be causing a repeat of the 2013 ''Taper Tantrum''. "The main challenges (for Thai economy) are micro not macro in nature," he added. (Editing by Catherine Evans) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/thailand-cenbank-idUSL5N1F0357'|'2017-01-10T19:50:00.000+02:00'
'7a993c94dcf6e48ebc75ba90665fe07921570dd2'|'UPDATE 1-Mitsubishi Rayon buys U.S. carbon fibre plant from SGL'|' 12am EST UPDATE 1-Mitsubishi Rayon buys U.S. carbon fibre plant from SGL (Adds more precise deal volume) FRANKFURT Jan 10 Japan''s Mitsubishi Rayon acquired a U.S. carbon fibre production plant from SGL Carbon for an undisclosed price to meet growing demand for composite materials for wind turbine blades and cars. * The deal will add 1,000 tonnes to Mitsubishi Rayon''s carbon fibre output capacity. When combined with an upgrade at its Sacramento plant, output capacity will increase to 14,300 tons from 10,100 this year, the Japanese group said. * The transaction will have a "non-material" positive impact on SGL''s financial results, mainly to be booked for 2016, SGL said, without elaborating. * Mitsubishi Rayon agreed to pay a low double-digit million euro (dollar) amount for the asset, a person close to SGL said. SGL declined to comment while officials at Mitsubishi Rayon were not immediately available for comment outside of regular business hours. * The Wyoming plant with 50 staff was the smallest of its three global carbon fibre production sites and the transaction was part of SGL''s effort to consolidate sites to cut costs and would not constitute a withdrawal from markets, SGL added. * Production capacity will be moved to SGL''s upgraded Muir of Ord site in Scotland. (Reporting by Ludwig Burger)'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/sglsite-ma-mitsubishi-rayon-idUSL5N1F047R'|'2017-01-10T23:12:00.000+02:00'
'20da86fe15f61400f5371b433abe991c0e3d24b1'|'Canada''s Freeland, Russia critic, to be foreign minister - source'|'Company News   11:29am EST Canada''s Freeland, Russia critic, to be foreign minister - source (Adds details on changes, context) OTTAWA Jan 10 Trade Minister Chrystia Freeland will become Canada''s foreign affairs minister in a planned Cabinet shuffle, said a person familiar with the change, putting a Russia critic on the front lines of working with the incoming U.S. Trump administration. The change-up is part of a wider shuffle of Prime Minister Justin Trudeau''s cabinet which will be announced at 2 p.m. ET (1900 GMT) on Tuesday. The person said Freeland would replace Foreign Affairs Minister Stephane Dion. A Freeland spokesman could not immediately be reached while spokespeople for Dion and Trudeau declined to comment. A person with knowledge of the matter said on Monday that Dion was set to be removed as foreign minister. The shuffle will be the first major change Trudeau has made to the Cabinet he appointed in November 2015. Donald Trump is due to succeed U.S. President Barack Obama on Jan. 20. Canada''s relationship with its neighbor to the south could be tested in coming years, with Trump promising to renegotiate the 1994 North American Free Trade Agreement aimed at removing tariff barriers between Canada, Mexico and the United States. The appointment of Freeland, an author and former reporter, to the foreign affairs file could be thorny as she has been harshly critical of Vladimir Putin, the Russian president whom Trump has repeatedly praised. Moscow banned Freeland, who is of Ukrainian descent, in 2014 as part of a series of retaliatory sanctions against Canadian officials. Ottawa had earlier blacklisted many Russian officials to punish the country for its annexation of Crimea. Before running for election in the Canadian parliament, Freeland worked for Reuters, a unit of Thomson Reuters. Among other changes that are expected to be announced, Immigration Minister John McCallum will be appointed Canada''s ambassador to China, the Canadian Broadcasting Corporation (CBC) said. Francois-Philippe Champagne, parliamentary secretary to the finance minister, will become trade minister, the CBC said. (Reporting by Leah Schnurr and David Ljunggren; Editing by Chizu Nomiyama and Howard Goller) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-politics-idUSL1N1F00N9'|'2017-01-10T23:29:00.000+02:00'
'6df3ad293fab973355097fe3f5cbf77067432670'|'UPDATE 1-One year on, top shareholder Packer returns to Crown board'|' 48pm EST UPDATE 1-One year on, top shareholder Packer returns to Crown board * Board reshuffle adds James Packer, new Chairman John Alexander * Company says it will focus on Australia, not global expansion * Crown has already forecast 45 pct hit to Australian VIP turnover * Crown shares drop 2.1 percent (Adds share price reaction, detail of reshuffle and background) By Tom Westbrook SYDNEY, Jan 10 Crown Resorts Ltd''s biggest shareholder, Australian billionaire James Packer, will return to the board, weeks after the casino group effectively scrapped ambitious global plans and retreated from Las Vegas and Macau. Packer had left the board just over a year ago to focus on the international expansion, and returns as part of a broader executive reshuffle designed in part to ease investor concerns about the direction of the Crown group. Crown, which has focused its gaming strategy on Asia''s richest gamblers, has been battered by China''s anti-corruption drive and now its efforts to control capital flight. In December, it scrapped plans to build a casino in Nevada, said it would sell half its stake in Macau-focused Melco Crown Entertainment Ltd and cancelled plans to spin off its international assets. Packer is a 48 percent shareholder, having cut his stake from 53 percent in August 2016. Crown said in a statement that the group would now focus on its core assets in Australia, where it has casinos in Melbourne and Perth and another soon to be built in Sydney. But questions remain among analysts and investors over Crown''s growth, even as he reasserts control and focuses on home turf. Crown shares dropped as much as 2.1 percent in morning trade, underperforming a weaker broader market. "I think the local growth plan would be very limited ... I don''t see a growth story there," said Mathan Somasundaram, a strategist with stockbroker Baillieu Holst. Crown will report 2016 earnings on Feb. 23. It has already warned of a 45 percent slump in VIP turnover for the six months to December at its Australian casinos. As part of the broader reshuffle, Robert Rankin will step down as chairman to be replaced by long-time Packer lieutenant John Alexander on Feb. 1, the company said in a statement. Rankin would remain on the board. Rankin also stepped down as chief executive of Packer''s private company, Consolidated Press Holdings. ($1 = 1.3585 Australian dollars) (Reporting by Tom Westbrook; Editing by Stephen Coates)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/crown-resorts-management-idUSL4N1F002T'|'2017-01-10T09:48:00.000+02:00'
'4a69f337f0ec460879d9ec0eed1a409377a69f7b'|'RPT-Ivory Coast''s two-day mutiny leaves foreign investors unfazed'|'Financials - Wed Jan 11, 2017 - 3:00am EST RPT-Ivory Coast''s two-day mutiny leaves foreign investors unfazed (Repeats to additional clients; no change in text.) * Investors keep faith in Ouattara after two-day revolt * Govt pays soldiers'' bonuses, Ouattara sacks military heads * Ivory Coast dollar bonds little changed By Karin Strohecker LONDON, Jan 10 Soldiers rampaging through Ivory Coast in a two-day mutiny have done little to dent investors'' faith that President Alassane Ouattara will retain control and push ahead with reforms in a country seen as a rare African success story of recent years. Disgruntled soldiers demanding bonuses and wage rises kicked off a revolt on Friday in French-speaking West Africa''s largest economy. Troops in military camps across the country then joined the mutiny, the second in less than three years in the world''s top cocoa exporter. The government conceded to the low-ranking soldiers'' demands and agreed to pay bonuses likely to cost state coffers tens of millions of dollars. Yet Ivory Coast''s dollar-bonds maturing in 2024, 2028 and 2032 - the main exposure point of foreign portfolio investors to the western African nation - have edged down less than a couple of cents across the curve, according to data from Tradeweb. "There is a great deal of confidence in President Ouattara himself and his ability to manage the country since he took over," said Jan Dehn, head of research at emerging market focussed asset manager Ashmore. "But it is also a relatively simple matter: Soldiers had not been paid their salaries for a couple of months, they got pissed off, they went out and caused some havoc.... They paid them the salary, and that is why things calmed down now." Ivory Coast emerged from a 2002-2011 political crisis as one of the continent''s rising stars with an economy that has grown by around 10 percent or just below annually in the four years to 2015, according to World Bank data. It has been praised for structural reforms such as a sweeping overhaul of its cocoa sector and investment in infrastructure. In September, Washington lifted decade-old sanctions against the country citing the successful 2015 presidential election and progress in tackling illegal trafficking of arms and natural resources. To reaffirm his control, Ouattara dismissed the heads of the army, police and gendarmes on Monday. Prime Minister Daniel Kablan Duncan also resigned and dissolved the government. The swiftness with which the mutiny was quelled also reassured investors, said Samir Gadio, head of Africa Strategy FICC Research at Standard Chartered Bank. "What the market sees in Ivory Coast is an improving story in an environment where other Eurobond issuers actually have seen their fundamentals deteriorate in recent years," he said. "Investors have been constructive on Ivory Coast, they recognise that fundamentals have improved, that policy making is on track, and I don''t think that one-off event is going to lead to a significant reassessment of the country''s credit profile." African governments designated as frontier markets have been keen issuers on international capital markets in recent years, but momentum has ground to a halt amid soaring borrowing costs. However some investors warn that Ouattara''s failure to rein in the army, cobbled together from rival rebel groups and government soldiers, could threaten economic recovery and political stability. "This is a very unstable country - both politically and economically. Exports are heavily focused on certain commodities and institutions are very, very underdeveloped," said Lutz Roehmeyer at Landesbank Berlin Investment. While he was not looking to add to the small dollar-bond exposure he currently holds, Roehmeyer said having the West African CFA Franc currency pegged to the euro made local debt a more compelling investment opportunity. Ivory Coast offered a yield of over 5 percent for a CFA issue in December. The government said last year it hoped to develop its local bond market and issue to foreign investors. "If you look at other countries in Africa that had to devalue dramatically last year such as Egypt, Nigeria, Angola or Mozambique you see they already have dramatic problems and that the currency weakness is yet another issue weighing them down, which Ivory Coast does not have. It is a massive bonus to have a stable currency," said Roehmeyer. (Editing by Hugh Lawson) Next In Financials Chinese investors losing appetite for bonds in 2017 SHANGHAI, Jan 11 Stung by a late-2016 tumble in bonds, Chinese investors are signalling a switch into shares this year in the hope of better returns as the economy recovers and as a hedge against rising inflation and tighter monetary policy.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ivorycoast-mutiny-investment-idUSL5N1F11CI'|'2017-01-11T15:00:00.000+02:00'
'55b61baaca87e2c77a1ce105a03b1a7a5963153b'|'Indonesia bars JPMorgan from next dollar sukuk issuance - finmin official'|'JAKARTA Jan 9 Indonesia has barred investment bank JPMorgan Chase & Co from submitting an underwriting proposal for its next U.S. dollar sukuk issuance, a finance ministry official said on Monday."The point is (JPMorgan) will no longer do business with the government," said Suahasil Nazara, head of the fiscal policy office at the ministry of finance.The comments come after a November downgrade by the U.S. bank in its Indonesian stocks recommendation to "underweight" from "overweight".The government has asked other banks to submit proposals by Thursday for a planned U.S. dollar sukuk offering, IFR, a Thomson Reuters publication wrote on Monday.(Reporting by Hidayat Setiaji; Writing by Kanupriya Kapoor; Editing by Jacqueline Wong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-bonds-jpmorgan-idINJ9N1DV01M'|'2017-01-09T04:13:00.000+02:00'
'7dfc7436a89d0d5aabd7f32a5b7da56fd110d0c9'|'Thyssenkrupp labour chief demands better deal than Port Talbot'|'Deals  08pm GMT Thyssenkrupp labor chief demands better deal than Port Talbot A general view shows the Tata steelworks in Port Talbot, Wales, Britain April 26, 2016. REUTERS/Rebecca Naden/File Photo FRANKFURT Workers at German steelmaker Thyssenkrupp will refuse to pick up the tab for concessions being offered to British unions by Tata Steel to further a merger, Thyssenkrupp''s labor chief told Reuters on Monday. Thyssenkrupp and Tata have been in talks for about a year to merge their European steel operations to cut costs and overcapacity, but negotiations have been complicated by Tata''s huge pension deficit in the UK. The German company''s labor chief Wilhelm Segerath said he sees no reason why Thyssenkrupp''s plants should suffer because of job and investment guarantees offered to workers at Port Talbot, Britain''s biggest steel plant, in return for pension cuts. Tata has now offered to guarantee production at Port Talbot, Wales, for five years and to invest across its British business in return for being able to close the final-salary pension scheme to future accrual. "If they get five years, we want at least 10 years," Segerath said. "We won''t accept that our plants will now be endangered in a consolidation. Even an attempt to do so would trigger massive resistance from us." He cited "enormous structural problems" at Port Talbot, which lost a million pounds ($1.22 million) a day in the past financial year but has since turned profitable, mainly thanks to external factors including higher prices and a weaker pound. (Reporting by Tom Kaeckenhoff; Writing by Georgina Prodhan; Editing by David Goodman) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-thyssenkrupp-steel-tata-steel-idUKKBN14T19F'|'2017-01-09T19:05:00.000+02:00'
'b808f10397fc7ab467431956ed2f4b9ea210c997'|'Arrest of VW executive comes as surprise -VW sales chief'|'Company   9:12am EST Arrest of VW executive comes as surprise -VW sales chief DETROIT Jan 9 The arrest of Volkswagen executive Oliver Schmidt caught the company''s management by surprise, sales chief Juergen Stackmann said on Monday. Volkswagen executive Schmidt, who headed the company''s U.S. regulatory compliance office in the U.S. from 2014 to March 2015, was arrested on Saturday in Florida on charges of conspiracy to defraud the United States in connection with the automaker''s emissions-cheating scandal, according to a source briefed on the matter. He will appear in Federal Court in Miami, Florida, on Monday, a spokeswoman for the United States Attorney''s office in Detroit said. "We even don''t know if there is a connection (to Dieselgate)," Stackmann told Reuters on the sidelines of the Detroit auto show, adding he expects more clarity "in the coming days". (Reporting by Jan Schwartz; Writing by Edward Taylor; Editing by Georgina Prodhan) Next In Company News UPDATE 1-Nigerian oil union threatens three-day strike at Exxon Mobil, Chevron LAGOS, Jan 9 A Nigerian oil labour union is set to stage a three-day strike at Chevron and Exxon Mobil fuel depots from Wednesday in a protest over sackings pending the outcome of talks with the government, union officials said on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/detroit-autoshow-stackmann-idUSF9N0ZM02B'|'2017-01-09T21:12:00.000+02:00'
'6a283f179d3564cbb4c7d344ac0fba7661f3a418'|'Aussie major banks make strong start in offshore bond market'|'Financials  29pm EST Aussie major banks make strong start in offshore bond market * Westpac and NAB tap US market for first bond sales of 2017 By John Weavers and Mike Gambale SYDNEY, Jan 9 (IFR) - Two Australian major banks overcame intense competition last week to access the buoyant US dollar bond market, where investors lapped up the latest offerings from the country''s well-regarded Double A rated issuers. The Big Four like to open the year strongly and stay well ahead of the run rate in light of their substantial wholesale funding requirements. For annual bond funding, Commonwealth Bank of Australia and Westpac have needs of around A$30 billion ($21.6 billion) equivalent, while National Australia Bank has issued A$25-$30 billion and ANZ has raised A$20-$25 billion. Up to two thirds of these totals are raised offshore, mainly in the deep US dollar and euro markets, reflecting the shallowness of the local bond scene, as well as Australians'' relatively low bank deposit holdings. Westpac (Aa2/AA-/AA-) was one of six international banks to issue US dollar bonds on the first trading day of 2017, with a US$1.75 billion sale of dual-tranche five-year senior unsecured SEC registered notes. The arrangers were Bank of America Merrill Lynch and HSBC. The $1.25 billion 2.8 percent January 11 2022s attracted an order book of $3 billion and priced 88bp wide of Treasuries, well inside 105bp area initial price thoughts, for a 4bp new-issue concession over Westpac''s 2.0 percent August 2021s. The $500 million floating-rate notes were three times oversubscribed and priced at three-month Libor plus 85bp. Westpac is the only Australian major with SEC registration rights, meaning it can issue bonds off its global medium-term notes programme and attract a wider pool of offshore investors. Identically rated NAB followed a day later with a hefty US$3.5 billion sale of five-piece senior unsecured 144A/Reg S bonds on the US high-grade market''s busiest day since May 2016. Citigroup, Morgan Stanley, NAB and RBC were joint leads on the trade. The $1 billion 2.25 percent three-year, the $1 billion 2.8 percent five-year and the $750 million 3.5 percent 10-year fixed-rate tranches priced 78bp, 90bp and 108bp wide of Treasuries versus 90bp area, 105bp area and 120bp area initial price thoughts, respectively. The $250 million three-year and $500 million five-year floating-rate notes priced at three-month Libor plus 59bp and 89bp. NAB PREMIUM NAB''s trade secured a combined order book of $6.7 billion, while the new issue concessions were seen at 3bp, 2bp and 4bp for the bonds of three, five and 10 years, respectively. The five-year notes swapped back into Australian dollars at around 115bp over the bank bill swap rate (BBSW) benchmark, in line with the current clearing rate for new major bank five-year paper in the domestic market. The three-year swapped back about 78bp wide of BBSW, 10bp or so inside the highs 80s local three-year clearing rate. The better pricing available in the US for shorter-dated paper largely reflects the relative flatness of the Australian curve. NAB paid 2bp more than Westpac''s five-year Global, as the former continues to suffer, at the margin, from historical difficulties, including its ill-fated purchase of Clydesdale Bank. The next day NAB crossed the Atlantic to issue a 300 million Swiss france ($297 million) 0.30 percent 8.75-year (October 31 2025) note at mid-swaps plus 21bp. Also on Thursday CBA kicked off its 2017 issuance programme in the UK where it took advantage of the sterling covered market''s compelling pricing levels. HSBC, Nomura and CBA were joint leads for the 1.125 percent short five-year (December 22 2021) Eurobond offering that exceeded £250-£300 million size expectations with a £350 million ($434 million) print. The notes priced in line with Gilts plus 67bp guidance, inside both the bank''s US dollar curve and euro covered curves. Meanwhile, ANZ is targeting the Japanese market to issue its first bonds of the year with Mitsubishi UFJ Morgan Stanley and Mizuho Securities mandated for seven-year Samurai notes, which are being marketed at 11bp-13bp over yen offer-side swaps. Other tranches may be added to the issue, which will price as early as January 11. (Reporting by John Weavers; editing by Daniel Stanton and Vincent Baby) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-banks-bonds-idUSL4N1EZ1B5'|'2017-01-09T09:29:00.000+02:00'
'33b6835b67c76eb0990ce7ee23d0edec50e83978'|'Don''t expect Trump-style protectionism from Germany'|'By Paul Carrel, Gernot Heller and Arno Schuetze - BERLIN/FRANKFURT BERLIN/FRANKFURT Germany is reviewing its powers to block foreign acquisitions after a spate of Chinese takeovers, but the government''s commitment to free trade beats its concerns about hemorrhaging strategic technologies and will limit any changes.A more hostile German tone towards Chinese takeovers set in last year when Berlin actively, though unsuccessfully, sought to line up a European offer to counter a Chinese bid for industrial robot maker Kuka ( KU2G.DE ).Chancellor Angela Merkel had held up Kuka as an example of a cutting-edge German industrial company, telling workers on a visit to its Augsburg headquarters in 2015: "We can be proud that in Germany companies like Kuka, for example, are at home."The takeover of Kuka by Chinese home appliance maker Midea ( 000333.SZ ) hurt that pride. As a result, Berlin is reviewing its legal means of blocking foreign takeovers, while also pushing for European measures to safeguard key technologies.The government review is being led by Economy Minister Sigmar Gabriel, whose center-left Social Democrats (SPD) are the junior partner in Merkel''s ruling coalition with her conservative bloc. She is ultimately likely to rein him in."If they change something, I don''t think it will be fundamental," said Mikko Huotari at the Mercator Institute for China Studies (MERICS) in Berlin. "Nothing is going to happen if the chancellery does not push this."Merkel is deeply committed to free trade, adopting the motto "Shaping an Interconnected World" for Germany''s G20 presidency this year, with which she is aiming to resist U.S. President-elect Donald Trump''s protectionist instincts.Even during the Kuka takeover, Merkel stressed that Germany is generally open toward investments from China, though in return she said it expects that China opens up and offers the same investment conditions.Since making those comments last June, Merkel has largely stayed out of the Chinese investment issue, leaving Gabriel to lead the review and ruffle feathers during a trip to Beijing in November, when he clashed with China''s trade minister."We didn''t mince our words - on either side," Gabriel told reporters after meeting the minister, when he pressed his concerns about Chinese companies buying German businesses while restricting German firms'' access to Chinese markets.HITTING THE BRAKESGabriel''s bluster is having a tangible impact: Chinese interest in a takeover of German lighting group Osram Licht AG ( OSRn.DE ) has cooled amid signs of mounting political opposition here, two people familiar with the matter said.There is also greater scrutiny of M&A deals in China, where the authorities have begun checking some outbound investment projects as part of a crackdown on illegal cross-border currency deals due to concerns over increased pressure on China''s foreign exchange reserves and external payments.These checks will make it harder for Chinese firms to justify takeovers of German targets unless there is a clear strategic fit, investment bankers say."Both sides are stepping on the brakes a little," said Berthold Fuerst, Deutsche Bank''s Germany co-head of corporate finance.Chinese firms withdrew four M&A deals in Germany last year, three of which had a combined value of $579 million, Thomson Reuters data shows. Data on the value of the fourth was not available.In total, Chinese firms spent nearly $10 billion on 56 M&A deals here last year, Thomson Reuters data shows. Berlin is worried about losing strategic technologies, and trade unions are worried about jobs.While the German government reviews how it handles Chinese takeovers, investment bankers expect China-related deals here to cool off for a while."Chinese corporate buyers can be expected to operate under the radar for a while and also work on deal alternatives, such as the acquisition of minority stakes," said Barclays'' Germany chief Alexander Doll.BEHIND THE BLUSTER...TINKERINGEmbarking on his review of government powers to block foreign takeovers, Gabriel said last June: "One cannot sacrifice German companies and German jobs on the altar of open markets."Germany''s tool for restricting or blocking foreign takeovers is its Foreign Trade and Payments Act, or Aussenwirtschaftsgesetz.Yet Germany''s deep commitment to global free trade, from which it prospers, means major change is unlikely. German officials speak of an "adjustment" of the rules on foreign takeovers, rather than a "tightening".At present, the law only gives Berlin scope to intervene with "restrictions or obligations" in the event that an acquisition "endangers the public order or security of the Federal Republic of Germany".It says such restrictions or obligations "can particularly be imposed" on military equipment, and with companies that produce IT technology products with "security functions to process classified state material".If the government were to interpret these criteria too widely, it would likely run up against resistance from the courts. Berlin has generally been ''hands off'' about foreign acquisitions here.Of 338 government audits of foreign investments since 2008, only one has been initiated by the ministry. The others were all at the request of the foreign buyers, who wanted compliance clearance.One recent example of government intervention came in 2014, when Berlin imposed restrictions on BlackBerry''s ( BB.TO ) acquisition of encryption technology firm Secusmart, only approving the deal after BlackBerry gave assurances confidential information would not be passed on to foreign spy agencies.Berlin has yet to nix a Chinese takeover, though China''s Fujian Grand Chip Investment Fund dropped its bid for German chip equipment maker Aixtron ( AIXGn.DE ) last month after the United States blocked the deal on security grounds.Government sources, speaking on condition of anonymity, said the economy ministry could present proposals to change the rules on screening foreign takeovers before September''s federal election but it was unclear if these would be enacted by then.Huotari at MERICS said Berlin could tighten the rules a bit: "What they might do is change the thresholds of when they look at things, and maybe add dual use goods to the lists of critical technologies."Achieving a higher degree of scrutiny at EU level will also be difficult as France and Germany are the main countries concerned about hemorrhaging technological know-how to China. Other countries - eager for investment - have fewer concerns.Asked about how concerned China is about the extra attention Chinese acquisitions in Germany are now getting from Berlin, Chinese Foreign Ministry spokesman Geng Shuang said business deals between China and Germany were a "win-win".BUSINESS RESISTANCEFor many German businesses, China remains crucial.German automakers continue to enjoy success in the world''s largest car market. Data published by Volkswagen ( VOWG_p.DE ) late last year showed Chinese demand will drive sales growth of its core brand in the coming months.But while the Chinese buy up firms with strategic technologies abroad, foreign auto brands are only allowed to manufacture cars in China through joint ventures with local partners, and typically are limited to two partners.Furthermore, Beijing''s China 2025 plan calls for a progressive increase in domestic components in sectors such as advanced information technology and robotics.This means Germany''s export exposure to China, for years a source of economic strength, is turning into a risk for some sectors where the Chinese are becoming dominant. In recent years, Chinese companies have already unseated their German peers as the world''s biggest suppliers of solar cells.Rather than a partner, German officials see China as a country with interests that it is seeking to promote - by acquiring know-how in technology and high-end engineering."I have never sensed this so strongly before: China does not want any friends, nor partners, for China all that counts is their own interests," one German delegate said during Gabriel''s November trip to China.Yet German business leaders are largely reluctant for their government to impede Chinese takeovers and acquisitions here. Many need the investment and find the Chinese reliable partners.Putzmeister, a German maker of pumps for concrete, has seen its workers'' jobs secured and its sales rise nearly a third since Chinese competitor Sany bought it in 2012."The experience with investors from China is consistently good," said Thilo Brodtmann, chief of Germany''s VDMA engineering industry association. With industry in her ear, Merkel has asked her advisers to brief her on Chinese takeovers even as Gabriel leads his review. She is unlikely to stymie the investment inflow. One government source said: "We mustn''t throw the baby out with the bathwater."For a graphic on Germany-China M&A deals, click here(Additional reporting by Edward Taylor in Frankfurt, Tom Kaeckenhoff in Duesseldorf, and by Michael Martina and Ben Blanchard in Beijing; editing by Anna Willard)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-germany-china-m-a-analysis-idINKBN14T1IO'|'2017-01-09T11:11:00.000+02:00'
'102d2ec0e6cda10faf241e1f5cff8ab8fcd520b9'|'VW shares rise as $4.3 billion emissions deal with U.S. nears'|' 31pm IST VW shares rise as $4.3 billion emissions deal with U.S. nears FILE PHOTO: A Volkswagen logo is seen at a dealership in Seoul, South Korea, August 2, 2016. REUTERS/Kim Hong-Ji/File Photo BERLIN Volkswagen shares rose in early Wednesday trading as investors welcomed news the carmaker is on the cusp of a criminal and civil settlement with the U.S. Justice Department over its emissions test cheating scandal. Volkswagen (VW) said after the market close on Tuesday it was in advanced talks over a $4.3 billion settlement, and it planned to plead guilty to criminal misconduct. VW shares were up 2.1 percent at 149.10 euros by 0840 GMT. "The good news is that VW makes another important step to solve the dieselgate issue in the U.S. but the financial impact seems higher than so far expected by capital markets," DZ Bank analyst Michael Punzet wrote in a note published on Wednesday. The German group said the financial implications of the U.S. deal exceed the 18.2 billion euros ($19.2 billion) it has set aside to cover the costs of its wrongdoing, adding it has yet to quantify the impact of the deal on 2016 group results. Most analysts had expected the U.S. deal, which VW had raced to conclude before the Obama administration bows out on Jan. 20, to cost the carmaker around 3 billion euros. VW admitted in September 2015 to installing secret software in hundreds of thousands of U.S. diesel cars to cheat exhaust emissions tests and make them appear cleaner than they were on the road, and that as many as 11 million vehicles could have similar software installed worldwide. The carmaker''s supervisory board is set to meet on Wednesday to approve the deal. ($1 = 0.9472 euros) (Reporting by Andreas Cremer; Editing by Mark Potter) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/volkswagen-emissions-idINKBN14V0UF'|'2017-01-11T16:01:00.000+02:00'
'f7762b3a7f6a761836f58059c4efcacd2c7a01a0'|'Ford bets on Mustang to power up China profits'|'Business News   5:04am GMT Ford bets on Mustang to power up China profits People walk by the Ford display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch By Norihiko Shirouzu - BEIJING BEIJING Ford Motor Co ( F.N ) is betting on one of its most distinctively American models, the Mustang muscle car, to boost the company''s sales and profits in China. Ford began selling the Mustang in China in early 2015, and it is a niche vehicle, selling at a rate of about 3,000 cars a year. Still, that makes the Mustang, which starts at 399,800 yuan ($57,670) the top-seller in a sporty car segment against more expensive vehicles like the Audi TT and the Nissan Skyline GT-R. Mustang last year outsold the Chevrolet Camaro from General Motors Co ( GM.N ) by nearly 15 to one. With styling that harks back to 1960s Detroit muscle cars, the Mustang stands out in a Ford lineup dominated by practical sedans and sport utility vehicles. Ford''s sales in China grew by 50 percent in 2013 and 20 percent in 2014, but in 2015 the pace slowed to 3 percent. In 2016, Ford added the Lincoln luxury brand to its China lineup and expanded sales by 14 percent. Industry analysts said Ford’s China market profits and profitability were relatively healthy, with operating margins for Ford’s joint ventures with Chongqing Changan Automobile Co Ltd (000625.SZ) and Jiangling Motors Corp (JMC) (000550.SZ) in the 14-16 percent range over the past three years. But competition in the world''s largest car market continues to heat up as global automakers, from GM to Volkswagen AG ( VOWG_p.DE ) to Toyota Motor Corp ( 7203.T ), add more models to product ranges. Indigenous Chinese automakers, too, are launching models that can compete more head-on with global carmakers'' products. Ford officials said the company’s China operations did not have specific profit objectives but were trying to keep margins in their current “healthy” range. "In terms of having a pricing power on your brand, you want people to be choosing your brand for rational reasons, but if you could also (combine) that with emotional reasons, that’s when you get some pricing power,” Peter Fleet, Ford’s executive in charge of sales and marketing for the Asia-Pacific region told Reuters. The Mustang and the F-150 Raptor, a high performance version of Ford''s F-150 large pickup truck, provide the emotion, he said. The formula works for Dong Zirui, a 27-year-old small rental car business owner in the northeastern China city of Tangshan who bought a Mustang late last year. “The Mustang is a rear-wheel-drive car," said Dong who decided to buy the Mustang when he spotted photos of it online. "It’s a savage when you try some drifting stunts with the car." But Dong said he can fit his wife and young son in the car when he needs to. Dealers say the Mustang brings in two types of buyers to Ford stores: younger drivers, mostly younger than 30 years of age, from upper-middle class families, who have recently finished their studies and have financial support from their parents, as well as drivers in their 30s and 40s who have work or life experience outside China. "Ford has a cleaner sheet in China, so there might be an opening for those halo cars to help the company improve its brand image," said James Chao, Asia-Pacific chief for consulting and research firm IHS Markit Automotive, referring to China being a relatively young market. As Chinese consumers typically make car purchasing decisions based on word-of-mouth advice from their family and friends, Mustang buyers can be influential opinion leaders for Ford. Guo Xin, a 30-year-old rally car racer and stunt driver for films and commercials in Beijing, said he liked the Mustang so much that in 2011 he helped form a Mustang Club of China which now has some 2,000 members. "Growing up I used to see the Mustang in movies," said Guo who drives a 2006 Mustang and also owns a 1966 Mustang. Guo''s classic Mustang would turn heads even in Detroit. But he cannot take it out on public roads. Used cars brought in from outside China cannot be registered in the country. (Reporting by Norihiko Shirouzu in Shanghai and Beijing; Editing by Andrew Hay) Next In Business News Hong Kong court hears Moody''s appeal over ''red flags'' report HONG KONG Hong Kong''s Court of Appeal on Wednesday began hearing Moody''s appeal against a tribunal decision that partly upheld regulatory action imposed on it for a report on Chinese firms, in what is considered a landmark case for the financial centre.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-autoshow-ford-mustang-idUKKBN14V0DT'|'2017-01-11T12:04:00.000+02:00'
'95c276b66dfb9791500aa459de06b77f3300b0b3'|'Merck lifts Dow; S&P, Nasdaq flat ahead of Trump speech'|' 26pm IST Merck lifts Dow; S&P, Nasdaq flat ahead of Trump speech Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., January 9, 2017. REUTERS/Lucas Jackson By Yashaswini Swamynathan Healthcare stocks boost the Dow early on Wednesday, while the S&P 500 and the Nasdaq were flat ahead of Donald Trump''s first formal news conference, where he is expected to give more insight into his plans to boost economic growth. The U.S. President-elect, who takes office on Jan. 20, is scheduled to speak in New York at 11:00 a.m. ET (1600 GMT). Trump''s election in November sparked a record-setting rally. But, investors now want evidence on if and how he keeps his campaign-trail promises of stimulating the economy though increased public spending, tax cuts and repatriating U.S. companies'' funds from overseas. The dollar, which has also basked in Trump''s victory, rose to 102.53. However, concerns over some of his protectionist statements have kept investors wary. Oil prices also helped keep the equity market afloat, rising for the first time in three days after Saudi Arabia provided details of a February supply cut to some of its Asian customers. "The overall technical picture for the stock market remains firm and we look for commodities to be the market leaders of the day, thereby, keeping the markets upward trend in place," Peter Cardillo, chief market economist at First Standard Financial, said in a note. Investors are also closely watching the corporate earnings season, which kicks off with big banks on Friday, to see if financial results can support the lofty valuations Wall Street is trading at. The combined profit of S&P 500 companies is estimated to have risen 5.8 percent in the fourth quarter - the best in three years - largely helped by financials stocks, according to Thomson Reuters I/B/E/S. At 9:37 a.m. ET (1437 GMT), the Dow Jones Industrial Average was up 26.22 points, or 0.13 percent, at 19,881.75 and the S&P 500 was down 0.53 points, or 0.02 percent, at 2,268.37. The Nasdaq was down 1.58 points, or 0.03 percent, at 5,550.24. Eight of the 11 major S&P sectors were higher, with the healthcare sector''s 0.25 percent rise the biggest boost. The sector is set for its seventh straight day of gains. Merck surged nearly 5 percent to $62.89 after the FDA agreed to a speedy review of the company''s application to combine immunotherapy with other drugs to treat lung cancer. The stock gave the biggest push to the S&P and the Dow. AstraZeneca and Bristol-Myers, which are also developing similar therapies, dropped 0.7 percent and 1.4 percent, respectively. Rite Aid rose 3.8 percent to $8.64 after the NY Post reported that the drugstore operator''s deal to be acquired by Walgreens would be approved this month. Walgreens rose 1.7 percent. New York Federal Reserve President William Dudley is expected to speak on banking regulations at 01:20 p.m. ET. Declining issues outnumbered advancers on the NYSE by 1,351 to 1,179. On the Nasdaq, 1,263 issues fell and 873 advanced. The S&P 500 index showed five new 52-week highs and no new lows, while the Nasdaq recorded 31 new highs and six new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN14V1RJ'|'2017-01-11T21:56:00.000+02:00'
'7c75ab18da508d0179eadbf640d1f6ee661fb68c'|'Despite soaring stocks, investor pessimism on UK markets runs deep'|'  2:13pm GMT Despite soaring stocks, investor pessimism on UK markets runs deep By Jamie McGeever - LONDON LONDON Stocks have never been higher, the economy is far stronger than most had predicted and the apocalyptic recession forecasts have been quietly withdrawn. Yet for all that, investor pessimism about UK markets runs deep. Nearly seven months after Britain''s vote to leave the European Union, money managers are reluctant to hold any significant exposure to UK Plc, betting that the currency will weaken further and bond yields will continue to rise. Although the rise in the benchmark FTSE 100 index and smaller mid-cap FTSE 250 to all-time highs suggests investors are showing some love to UK stocks, that''s largely just the flip side of the extremely gloomy view on the sterling exchange rate because around 70 percent of FTSE 100 company earnings come from overseas. In fact, UK equity fund outflows last year were the third largest in Europe after German and French redemptions, according to data providers EPFR Global, most of that after the June 23 Brexit vote. Matthias Hoppe, a cross-asset portfolio manager at Franklin Templeton Solutions (FTS) in Frankfurt, went into the Brexit referendum with minimum UK exposure. It''s a position he maintains. "We are trying to avoid UK equities in some of our multi-asset funds. Given the cheap currency, names within the FTSE 100 could be attractive, and they have one of the highest dividend yields in the world. But as long as there is uncertainty about Brexit and the consequences of trade agreements and so on, we only have a very light exposure," Hoppe said. Talks between Britain and the EU over the divorce proceedings are due to open before the end of March, when Prime Minister Theresa May is expected to trigger Article 50 of the EU''s Lisbon Treaty. The negotiations that follow will be some of the most complicated in the region since World War Two. There remains huge uncertainty over immigration, trade ties, access to the EU''s single market and freedom of movement of labour, capital, goods and services. Hoppe, who manages $2.2 billion of assets in the wider FTS portfolio of $40 billion, is equally wary of sterling and UK government bonds. "For gilts, inflation in the UK is going to be higher, so we have no exposure to them," he said. A comparison of investors'' exposure to UK assets now versus the period around the referendum is outlined below. STERLING Chicago futures market data show that speculators held a fairly large net short sterling position of around 50,000 contracts going into the referendum. That increased to almost 100,000 contracts in October around the time of the sterling "flash crash", the biggest net short position in the data''s 20-year history. It has since shrunk, but never below referendum levels. The latest data show the position at around 65,000 contracts. With the pound at its lowest since October around $1.21, those bearish bets could get bigger. (CFTC graphic: tmsnrt.rs/2ifsxyz ) Bank of America Merrill Lynch''s (BAML) monthly fund manager surveys show that short sterling positions were the largest in the surveys'' history in the months after the referendum, peaking in November. Sterling was also its most undervalued on record in the November survey. A Reuters poll this month showed that FX analysts are gloomier on sterling now than they were in December. Currency analysts at HSBC said this week that "fair value" for sterling if there was no Brexit would be around $1.55. A "hard" Brexit, in which immigration controls would take precedence over access to the single market, would see it fall to $1.10. UK EQUITIES According to BAML''s fund manager survey in June last year, investors were 23 percent underweight UK stocks relative to benchmark. That increased to 27 percent in July, and fund managers said they were looking to have the largest UK short position since December 2009. The August survey showed that 53 percent of those surveyed said Britain was the most favoured equity underweight (UW) over the coming year, by far the biggest single UW position. That net UW position was 35 percent relative to their benchmark in November, the biggest since May and approaching levels seen at the height of the global financial crisis when U.S. investment bank Lehman Brothers collapsed in 2008. It was scaled back in December, but the UK remains the most underweighted region globally for over 9 months, BAML said. Fund flows data from EPFR show that there have only been a handful of weekly inflows into UK equity funds since the referendum, all of them extremely small. But the pace of outflows since June has been slowing, suggesting sentiment may be improving. (EPFR UK fund flows: tmsnrt.rs/2jCMDbl ) UK GILTS Money managers are gloomy on UK government bonds. Bank of England figures published last week showed that while overseas investors are buying at the fastest pace since comparable records began over 30 years ago, UK investors are selling at the fastest pace ever. Domestic investors'' selling outweighed foreigners'' buying by a rate of nearly 2:1, figures showed. That''s because domestic investors have been quick to offload their bonds to the BoE, which has been a guaranteed buyer since it resumed quantitative easing bond purchases. Overseas holders, meanwhile, have doubled down on gilt purchases to take advantage of falling prices and because some, such as FX reserve managers, are mandated to keep their sterling reserve levels steady. In June, UK accounts'' rolling three-month total gilt purchases topped 28 billion pounds. That flipped to 67.7 billion pounds of selling by November, a record. Overseas investors were buying gilts at the fastest pace on record in November, with the three-month rolling total nudging 40 billion pounds. It was around 12 billion pounds in June. (UK gilt flows graphic: tmsnrt.rs/2ifttTP ) The 10-year gilt yield is now around 1.35 percent, roughly where it was on the day of the Brexit referendum. It plunged to a record low 0.55 percent in August, just around the time the BoE cut interest rates to a record low 0.25 percent and revived its bond-buying quantitative easing stimulus programme. (Graphics by Jamie McGeever and Andy Bruce; Editing by Sonya Hepinstall)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-markets-idUKKBN14V1P6'|'2017-01-11T21:13:00.000+02:00'
'cfc868393129c2d77cfc4e6e38e8cfde7da16994'|'Brazil''s Funcesp considering selling Vale shares, Valor says'|'SAO PAULO Jan 11 Fundação Cesp, Brazil''s largest private-sector pension fund, is considering the partial or full sale of a 200 million-real ($62 million) stake it owns in Vale SA, the world''s largest iron ore producer, Valor Econômico said on Wednesday.Funcesp, as the São Paulo-based fund is known, is the smallest member of a group of domestic pension funds that form part of Vale''s controlling bloc. Funcesp has 1.1 percent of Litel Participações Ltda, an investment vehicle grouping peers Previ Cauixa de Previdência, Petros Fundação and Funcef Fundação dos Economiários."I think that if the opportunity arises, we could consider, indeed, selling," Martin Glogowsky, president of Funcesp, told Valor in an interview. "We would only move towards a sale from the standpoint of returns."Glogowsky''s remarks come as the agreement that groups Vale''s largest shareholders in a common bloc is poised to expire. The agreement that created Vale''s controlling bloc was written in 1997, when the mining giant was privatized.A press representative for Funcesp confirmed Glogowsky''s remarks.Preferred shares of Vale rose 1.6 percent to 26.58 reais in early morning trading in São Paulo. The stock has more than tripled over the past 12 months.($1 = 3.2172 reais) (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/vale-sa-equity-funcesp-idINL1N1F10JW'|'2017-01-11T09:42:00.000+02:00'
'8583559ba87ef5142531e6683c1849f361de98fd'|'Airbus deliveries rose 8 pct last year'|'PARIS Jan 11 Airbus posted an 8 percent rise in deliveries last year, beating its own forecasts by a comfortable margin, and pulled off a last-minute surge in orders to beat its arch-rival Boeing in the race for new orders.The European planemaker said on Wednesday it had delivered 688 aircraft in 2016, compared with an official company forecast of more than 650 and an informal goal recently set by its finance director of more than 670.That narrowed an output gap with the world''s biggest aircraft manufacturer, Boeing, but Airbus remained ahead in terms of new orders after posting 731 net orders for 2016.Boeing delivered 748 aircraft and took 668 net orders in 2016. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airbus-deliveries-idINFWN1F101E'|'2017-01-11T05:48:00.000+02:00'
'43f8effa22a213611aa3f9c6e52d3b30801071f8'|'M&S enjoys cracking Christmas as clothing sales rise - Business'|'Marks & Spencer has ended the long-running slump in sales at is clothing arm with its best Christmas performance for six years.The retailer said like-for-like clothing sales were up by 2.3% in the 13 weeks to 31 December. This time last year clothing sales had slumped by nearly 6%.The M&S chief executive, Steve Rowe , said “better ranges, better availability and better prices” had helped it improve its performance in a difficult marketplace.Lobster tweets lend Lidl bumper Christmas sales Read more To win back shoppers, Rowe has already cut clothing prices and promised to pay more attention to its most loyal group of shoppers – fiftysomething women he has dubbed “Mrs M&S”. He also slashed the number of promotions run by the store.M&S’s clothing performance was bolstered by the inclusion of an extra five days in the trading period due to last year’s 53-week financial year and the retailer said without this benefit the like-for-like performance would have been 0.8%. Like-for-like sales at its food arm were up by 0.6% but without the extra days that figure was halved to 0.3%.“Our food business continues to grow market share with customers recognising our product as special and different,” said Rowe. Facebook Twitter Pinterest M&S Christmas ad 2016 The retailer ran a big-budget Christmas ad starring Janet McTeer as a glamorous “Mrs Claus” with a James Bond-style alter ego.Last week’s dismal figures from Next , which wiped £2bn off retailers’ share prices on the day, fuelled fears that Christmas 2016 was a washout for clothing retailers as Britons cut spending on clothing.But while the upset at Next capped a long period of financial outperformance, M&S’s progress follows five years of dire figures, with clothing sales down nearly by 6% over the last two Christmases.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/12/m-and-s-christmas-clothing-sales-rise-marks-spencer'|'2017-01-12T14:52:00.000+02:00'
'143a0caa6390238f9f1ee15c12247bbd34ce0cd8'|'Tesco sales rise by 0.7% over festive season - Business - The Guardian'|'Tesco achieved a slightly better than expected 0.7% rise in sales at established stores over Christmas as it enjoyed strong sales of food, clothes and toys.Britain’s biggest food retailer said it had achieved the sales growth despite deciding not to repeat last year’s loyalty card promotion, which it said had hit performance by 0.8%.After five years of decline, Tesco has started to win back market share in the UK as shoppers respond to price cuts and investment in customer service. Record Christmas at Sainsbury’s ''shows logic of Argos takeover'' Read more Underlying sales in the UK rose by 1.8% – towards the top end of analysts’ expectations of between 1.25% and 2% growth for the three months to 26 November.That was a step up in pace from the 0.9% rise reported for the three months to the end of August – the retailer’s third quarter of growth in a row.The big supermarket groups have had a good festive season – Sainsbury’s had a record Christmas week , reporting its first sales growth since March, while Morrisons reported its best Christmas performance in seven years , with sales up 2.9%.'|'theguardian.com'|'http://www.theguardian.com/business/tesco/rss'|'https://www.theguardian.com/business/2017/jan/12/tesco-sales-festive-season'|'2017-01-12T14:36:00.000+02:00'
'fd625730f8d662c72f995a1d6cbec67dc4c4089a'|'Euro zone industry output surges more than expected in November'|' 10am GMT Euro zone industry output surges more than expected in November FILE PHOTO - A worker welds at a Portuguese exporting factory in Pontinha, on the outskirts of Lisbon March 18, 2013. REUTERS/Jose Manuel Ribeiro BRUSSELS Euro zone industrial output increased by much more than expected in November as firms sharply stepped up the production of non-durable consumer goods, such as clothing or foodstuff, a sign of better growth in the last quarter of 2016. The European Union''s statistics office Eurostat said on Thursday industrial production in the 19-country single currency bloc rose in November by 1.5 percent during the month, and by 3.2 percent year-on-year. Both figures were much higher than market expectations. A Reuters poll of economists had forecast an average monthly rise of 0.5 percent and a 1.6 percent increase year-on-year. Eurostat also revised upwards its earlier estimates for October to a 0.1 percent rise on the month instead of the 0.1 percent decline previously estimated and to a 0.8 percent increase year-on-year, up from an initial 0.6 percent. The monthly output rise in November was mostly due to a 2.9 percent increase in the production of non-durable consumer goods, in a sign of companies'' improved expectations for consumption ahead of the Christmas shopping. Production grew markedly on the month also for intermediate goods (1.6 percent) and energy (1.2 percent), while it rose only slightly for capital goods, like machineries, a sign of only limited appetite for long-term investment. Output of durable goods, such as cars or refrigerators, was the only component of the indicator to record a drop, by 0.1 percent on the month, confirming firms'' cautious approach. Gross domestic product in the euro zone grew a modest 0.3 percent in second and third quarter of last year, after a 0.5 percent rise in the first quarter. Economists are pointing to a possible acceleration of GDP growth in the last quarter of the year. The German economy grew by 0.5 percent quarter-on-quarter in the Oct-Dec period, separate data showed on Thursday. For details of Eurostat data click on: (Reporting by Francesco Guarascio; editing by Philip Blenkinsop)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-economy-production-idUKKBN14W16K'|'2017-01-12T17:10:00.000+02:00'
'df7d77e2164e7910819f4c98b4c46b8cafd80336'|'Rex Tillerson: an appointment that confirms Putin''s US election win - US news'|'Rex Tillerson’s nomination as the next secretary of state confirms Vladimir Putin as one of the strategic victors of the US presidential election.Barack Obama has ordered an inquiry into covert Russian intervention in the campaign, which the CIA says was designed to secure a victory for Donald Trump . But whether or not Russian intervention made a significant difference to the outcome, a Tillerson appointment would represent a significant gain for Moscow. He must be confirmed by the Senate.While the other leading candidates for the job held largely traditional and adversarial views on Russia , the outgoing chief executive of Exxon Mobil has a history of close business ties to Putin, who bestowed the Order of Friendship on Tillerson in 2013.Intelligence figures fear Trump reprisals over assessment of Russia election role Read more The Wall Street Journal reported : “Friends and associates said few US citizens are closer to Mr Putin than Mr Tillerson.”The 64-year-old Texas oilman spent much of his career working on Russian deals, including a 2011 agreement giving Exxon Mobil access to the huge resources under the Russian Arctic in return for giving the giant state-owned Russian oil company, OAO Rosneft, the opportunity to invest in Exxon Mobil’s operations overseas.Tillerson is also friends with the head of Rosneft, Igor Sechin, a former interpreter who worked as chief of staff for Putin when he was deputy mayor in St Petersburg in the mid-1990s. Sechin, sometimes described as the second-most-powerful man in Russia, is now under US sanctions. He has said that one of his ambitions is to “ride the roads in the United States on motorcycles with Tillerson”.The 2011 Exxon-Rosneft agreement was frozen when sanctions were imposed on Russia in 2014, following the annexation of Crimea and covert military intervention in eastern Ukraine. Exxon Mobil estimated the sanctions cost it $1bn and Tillerson has argued strenuously for the measures to be lifted.Trump’s choice suggests he wants to make good on his promise to cut deals with Russia instead of containing itThomas Wright, Brookings Institution “We always encourage the people who are making those decisions to consider the very broad collateral damage of who are they really harming with sanctions,” he said, at a shareholders’ meeting. In June, two years after sanctions were imposed and in an apparent show of support for Sechin, Tillerson reportedly turned up at a St Petersburg economic summit.If the sanctions were lifted, the Arctic project would probably go ahead and Tillerson’s retirement fund of Exxon Mobil stock would increase in value. He would most likely have to divest himself of stock by the time he entered the office on the seventh floor of the state department. It might be harder to divorce his judgments entirely from the oil company where he spent his career.“Trump’s choice of Rex Tillerson suggests he wants to make good on his promise to cut deals with Russia instead of containing it,” said Thomas Wright, who has written extensively on Trump’s foreign policy at the Brookings Institution.Facebook Twitter Pinterest Mitch McConnell and John McCain back Russian hacking inquiry “Tillerson has a relationship with Putin and he opposed the sanctions imposed on Russia after the annexation of Crimea. This will alarm those worried about Russian intentions in Europe.”Praising Tillerson in an interview with Fox News Sunday, Trump said: “To me a great advantage is that he knows many of the players in the world and he knows them well.”Lest there be any doubt about which players the president-elect had in mind, Trump added: “He does massive deals in Russia not for himself, but for the company.”‘A culture of intimidation’ Facebook Twitter Pinterest Stacks and burn-off from the Exxon Mobil refinery, at dusk in St Bernard Parish, Louisiana. Photograph: Gerald Herbert/AP In a very real sense, Tillerson has been a head of a state within a state. Exxon Mobil is bigger economically than many countries. It has its own foreign policy and its own contracted security forces.As a state, it has much in common with the one run by Putin and Sechin.Trump''s choice for education secretary raises fears in Detroit Read more “Reporting on Exxon was not only harder than reporting on the Bin Ladens, it was harder than reporting on the CIA by an order of magnitude,” said Steve Coll, who wrote about the company in a book, Private Empire .“They have a culture of intimidation that they bring to bear in their external relations, and it is plenty understood inside the corporation too. They make people nervous, they make people afraid,” Coll, now a journalism professor at Columbia University, told Texas Monthly .Running the state department would not be like running Exxon Mobil, however. For a start, Tillerson would have to audition in front of a sceptical Senate. Even before Trump announced his decision on Tuesday, leading Democrats were painting Tillerson as a Moscow stooge.The New Jersey senator Bob Menendez said on Twitter: “Rex Tillerson as secretary of state would guarantee Russia has a willing accomplice in the president’s cabinet.”With a slim 52-48 majority, it would only take three Republican senators in revolt to cast Tillerson’s job in doubt. He would face aggressive questioning from Republican foreign policy hawks, led by John McCain.“I have obviously concerns about his relationship with Vladimir Putin , who is a thug and a murderer, but obviously we will have hearings on that issue and other issues concerning him will be examined and then it’s the time to make up your mind on whether to vote yes or no,” the Arizona senator told CNN on Saturday.A US foreign policy based on realpolitik rather than on values would be a disaster for RussiaAndrei Kozyrev, former Russian foreign minister McCain’s former chief of staff, Mark Salter, was far more blunt on Twitter. “Tillerson would sell out Nato for Sakhalin oil and his pal, Vlad,” he wrote. “Should be a rough confirmation hearing, and a no vote on the Senate floor.”Facebook Twitter Pinterest Who is Donald Trump’s secretary of state nominee Rex Tillerson? Even if Tillerson would not take over the state department with a free hand to rewrite policy. He would face a striking culture clash with the institution, the bastion of foreign policy orthodoxy, which would have an ally in the secretary of defence nominee, retired general James Mattis, who is likely to oppose any erosion of Nato solidarity in the face of Moscow’s assertiveness in Europe.Nevertheless, Dmitri Trenin, director of the Carnegie Endowment Moscow Center, argued: “Tillerson as secretary of state would signify the greatest discontinuity in US foreign policy since the end of the cold war.“Not just in US-Russian relations: a Trump-Tillerson foreign policy would be squarely focused on US national interests, rather than on its global pretensions or any ideology.”Trenin added: “It would be hard-nosed and no-nonsense, not averse to the use of force, but in response to a real rather than imaginary threat. In one word: realist.”That is a change that would be undoubtedly be welcomed by Putin, whose vision of foreign policy centres on spheres of interest controlled by global powers, run by strongmen like himself.Australian chosen by Trump once called president-elect a ''marketer of fantasy'' Read more Andrei Kozyrev, a former Russian foreign minister, argued that the Kremlin should be careful what it wishes for.“The paradoxical situation now is that Russia is hoping for a US foreign policy based on realpolitik rather than on values, but that would be a disaster for Russia,” said Kozyrev, who is now at the Wilson Center thinktank in Washington. “Why? Because the only interest America has in ending the conflicts in eastern Ukraine … or in Syria is actually in American values … that America should be concerned and do everything to alleviate the humanitarian situation and they should help nations to find their path to democracy.“The realpolitik situation is that Russia is stuck in both military conflicts. If you look at this with a cold eye, you say: ‘Let them go on and let them enjoy the disaster they have in eastern Ukraine,’” Kozyrev said . “Look at Syria. By realpolitik the Americans would rather sit and wait while Russia draws on its resources and gets into bloody conflict.”'|'theguardian.com'|'http://www.theguardian.com/business/oil/rss'|'https://www.theguardian.com/us-news/2016/dec/11/rex-tillerson-secretary-of-state-trump-russia-putin'|'2016-12-13T19:31:00.000+02:00'
'e14e48b3ae9aef96eece9c9143704c6980492fc7'|'BRIEF-Appdynamics sees IPO of 12 mln shares of common stock to be priced between $10 and $12/share - SEC Filing'|'Jan 12 Appdynamics Inc:* Appdynamics Inc sees IPO of 12.0 million shares of common stock to be priced between $10.00 and $12.00 per share - SEC Filing* Appdynamics-In concurrent private placement, existing stockholders indicated interest in buyin up to aggregate of $32.5 million, or 2.95 million shares of co''s common stock, at $11per share* Appdynamics-Intends to use portion of IPO net proceeds and concurrent private placement to fully repay term loan under credit facility Source text: [ bit.ly/2iKaWQF ]'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/finance/article/idINFWN1F20A6'|'2017-01-12T08:46:00.000+02:00'
'db130e8f14fd65cb6ecf1a19cb8e8106949c2928'|'Mark Carney signals Bank of England may raise forecast for UK economy - Business'|'The Bank of England looks set to upgrade its forecasts for the UK economy after admitting that some of the risks posed by the Brexit vote last June have now receded. Giving evidence to the Treasury select committee, governor Mark Carney said the Bank’s actions to avoid a market meltdown after the referendum were a key reason why Threadneedle Street might be raising its forecasts for a second time.Carney also said the government needed to agree a transition deal for quitting the EU and insisted that Brexit posed a greater risk to the remaining members of the EU than the UK.The Bank will publish its latest report on the economy next month and will take on board the stronger than expected performance in the second half of 2016.“I would say, and I’ll say this very lightly, which is that recent data would be consistent with some further upgrade of the forecast but that process has not yet started,” said Carney.In November, the Bank raised its growth forecast from 2% to 2.2 % for 2016 and from 0.8% to 1.4% for 2017. Carney said the Bank had helped to “make the weather” through its emergency actions to boost growth taken in six weeks after the referendum.His testimony coincided with another strong performance by the UK’s leading stock-market quoted companies, with the FTSE 100 closing at a record high for a tenth successive day. Share prices for companies which are dependent on their US dollar earnings have been boosted by the continued weakness of the pound, which on Wednesday hit a near 32-year-low against the American currency of just over $1.20.Carney was quizzed by MPs about the forecasting record of the Bank following remarks last week by Threadneedle Street’s chief economist, Andy Haldane , in which he described the collapse of Lehman Brothers as the economics profession’s “Michael Fish moment” – the UK weather forecaster who in 1987 failed to predict a gigantic storm coming.The governor said the Bank’s overly-pessimistic forecast for the economy in the immediate wake of the Brexit vote was less serious than its failure to spot the financial crisis of 2007-08.“This is about the near-term strength of the economy which is absolutely welcome,” the governor said. “Missing the financial crisis is a big deal ... a different order of magnitude.”Carney defended the Bank, saying it had helped the UK through the potentially difficult post-referendum period in two ways: by cutting interest rates and by ensuring the banking system was “rock solid”.While admitting that Brexit still posed financial stability risks, Carney said the other 27 members of the EU now faced a bigger threat than the UK.“I’m not saying there are not financial stability risks to the UK ... but there are greater financial stability risks on the continent in the short term, for the transition, than there are for the UK.”Carney said other EU nations relied heavily on the City for their financial needs and could face major problems if international banks based in London are no longer able to gain easy access to European countries and corporations. “If you rely on a jurisdiction for three-quarters of your hedging activities, three-quarters of your foreign exchange activity, half your lending and half your securities transactions you should think very carefully about the transition from where you are today to where the new equilibrium will be.”Andrew Tyrie, the Conservative MP who chairs the committee, said the governor had given advice to both the government and the EU about the need for transition arrangements. “ And he’s also told the UK’s negotiating counterparts in the EU that they, more than the UK, are vulnerable to financial stability risks during the period of transition. I hope they are all listening,” said Tyrie.Carney agreed with the analogy made earlier this week by HSBC bank chief Douglas Flint that the risk posed by Brexit to the financial markets was like a Jenga tower in which it was difficult to know which pieces could be removed without endangering the structure.“I think it’s a decent analogy. I think just like when you play Jenga and you start early on, there are some pretty obvious pieces you can take out without imperilling the tower,” he said.“At some point, losing elements of that has outsized – could have outsized – effects, and these are some of the judgements that the government will have to make,” he added.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/11/mark-carney-signals-bank-of-england-may-raise-forecast-for-uk-economy'|'2017-01-12T02:34:00.000+02:00'
'af83aefefe98086a6b9db7110d11cd0ce6f0f6fd'|'Chinese foreign investments up 40 pct to record in 2016 -study'|'Business News - Wed Jan 11, 2017 - 12:47pm EST Chinese foreign investments up 40 percent to record in 2016: study A 100 Yuan note is seen in this illustration picture in Beijing March 7, 2011. REUTERS/David Gray/File Photo BERLIN China''s foreign direct investments soared 40 percent to a record 180 billion euros ($189 billion) in 2016 from a year earlier, according to a study released on Wednesday by the Berlin-based Mercatur Institute for China Studies (MERICS) and Rhodium Group. Chinese investments in the European Union rose 77 percent to over 35 billion euros in 2016, with Germany accounting for 11 billion euros or 31 percent of total Chinese investment in Europe, according to the study by MERICS and Rhodium, a consultancy specializing in Greater China and India. Chinese investors were particularly interested in acquiring technology and advanced manufacturing assets, the report said. At the same time, European investments in China totaled just 8 billion euros, dropping for a fourth straight year, the report said. It said the decline reflected slowing economic growth, looming overcapacity and lower margins in the Chinese market, as well as persistent formal and informal market access barriers for foreign companies in China. "The growing gap in two-way investment flows is fueling European perceptions of a fundamental lack of ''reciprocity'' between the EU and China," the report said. European leaders were increasingly concerned that the sale of core industrial technology could pose risks to Europe''s industrial base given new Chinese policies that viewed overseas deals as a way to displace foreign companies in China and elsewhere, it said. Germany is reviewing its powers to block foreign acquisitions and pushing for European measures to safeguard key technologies after a spate of Chinese takeovers, but experts say changes will be limited given the government''s commitment to free trade. (Reporting by Andreas Rinke and Andrea Shalal; Editing by Toby Chopra) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-china-investment-europe-idUSKBN14V28P'|'2017-01-12T00:37:00.000+02:00'
'81787ba1cb7cec6a70b8a28913258dc127af94fb'|'Peru comptroller says Odebrecht irregularities cost country $283 mln'|'Business News  44pm EST Peru comptroller says Odebrecht irregularities cost country $283 million A sign of the Odebrecht Brazilian construction conglomerate is seen at their headquarters in Lima, Peru, January 5, 2017. REUTERS/Mariana Bazo LIMA Irregularities detected in contracts awarded to Brazilian builder Odebrecht SA, a family-owned conglomerate at the center of a growing graft scandal in Latin American, have cost Peru at least $283 million, the comptroller said on Wednesday. Authorities in Peru have been scrambling to gauge damages that Odebrecht may have wrought in the Andean country since the company acknowledged bribing unnamed officials there and in other countries in the region in a record $3.5 billion global plea deal signed in the United States. Odebrecht won 23 public work contracts worth at least $16.94 billion in Peru between 1998 and 2015, including 16 that have been audited over the years, the comptroller''s office said. Irregularities detected include unjustified cost overruns, improperly forgiven penalties for breaking contractual obligations and higher price tags for projects that competitors offered to do cheaper, Comptroller Edgar Alarcon told a news conference. A project for building a highway across the Amazon that Odebrecht won in 2005 ended up costing nearly twice as much as initially proposed, the comptroller said in a report that described stretches of the highway as subpar. Odebrecht did not immediately respond to requests for comment. The company''s local unit said last week that its top priority was to assist prosecutors and eventually pay Peru reparations. The company agreed to pay Peru an initial $8.9 million in a gesture of goodwill last week as it promised to give prosecutors in the attorney general''s office details on kickback schemes. The $29 million in bribes that Odebrecht has admitted to giving officials in Peru span three presidencies, threatening to expose high-level corruption in the governments of former presidents Ollanta Humala, Alan Garcia and Alejandro Toledo. Current President Pedro Pablo Kuczynski served as finance minister and prime minister in Toledo''s government and will be one of eight former ministers asked to offer testimony in a parallel probe into Odebrecht in the justice ministry, prosecutors said this week. (Reporting By Mitra Taj; Editing by Meredith Mazzilli) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-peru-corruption-odebrecht-idUSKBN14V2NH'|'2017-01-12T04:42:00.000+02:00'
'30995c805bfe856a1c6532a9c6ed22644427038f'|'UniCredit AT1 coupon payments hang on swift capital raise'|'* UniCredit AT1 coupons dependent on tightly timed capital raise* 2016 sell-off unlikely to repeat itselfBy Helene DurandLONDON, Jan 12 (IFR) - Concerns around banks'' ability to pay coupons on their Additional Tier 1 debt were reignited on Thursday, when UniCredit said it might not have capacity to do so if its capital raising plan is not completed on time.The yield on the Italian lender''s 1bn 6.75% perpetual non-call September 2021 AT1, the riskiest type of debt a bank can sell, rose to 8.644% from 8.465% on Thursday as the market tried to get to grips with the possibility of seeing a coupon skipped.The Additional Tier 1 market went through a savage sell-off in the first quarter of 2016, as worries around Deutsche Bank''s ability to pay its AT1 coupons stoked the flames of a broader rout in the asset class.While appetite for risky assets has been strong in 2017, the UniCredit news comes as a reminder of how the market can get caught off guard by some of the more technical aspects of the asset class."If investors were not aware of the risks, then this is another reminder that if you have insufficient capital, then AT1 coupon risk does exist," said a hybrid structuring banker."Should people be caught off guard though and be surprised? Probably not if you follow this closely, and it''s lazy investing if you change your mind based on this press release."While it was anticipated in December that the decision to frontload impairments would have an impact on UniCredit''s Common Equity Tier 1, the bank had not made it as clear as today that it could have a direct impact on AT1 coupon payment capabilities.UniCredit unveiled an ambitious capital raising plan at the end of 2016, including a 13bn rights issue aimed at plugging a 12.2bn hole primarily created by bad loan provisions.That will help cover a 8.1bn provision to cover Fino, a vehicle intended to speed up the rundown of UniCredit''s non-core assets, and to increase its provisions on non-core loans.As the bank is taking such a large hit on capital, it will have an impact on its capital ratio and in turn its so-called Maximum Distributable Items (MDAs).The MDA is effectively a firm''s distributable profit. If it is too low, banks can be barred from paying their AT1 coupons.According to CreditSights, UniCredit''s MDA cushion was 6.1bn as of the third quarter of 2016, which the charges taken by the bank will wipe out.In its statement, the bank said that if its capital raising plan was not successful, it could "have temporarily negative impacts on the capacity of the UniCredit Group ... to pay out coupons on its Additional Tier 1 instruments".The bank is planning to launch the key plank of its capital raise after its full-year results due on February 9, leaving it with a month to complete its rights issue before the coupon on its non-call 2021 AT1 is due to be paid on March 10."While we expect the transaction to be completed successfully and on time for the coupon payment, there is some degree of execution risk which does not appear to be priced in at present, in our view," BNP Paribas analysts wrote in a note on Thursday.One investor said that the level at which the bonds were trading indicated that one coupon could be lost."Coupon risk is an essential part of the construction of AT1 instruments, and while the most recent regulatory developments have pushed for priority of payments for AT1 and a lowering of the hurdle rate to pay them, there is still a tail risk," he said."UniCredit is dependent on completing its right issue and has to raise a massive amount, in absolute terms and in terms of its market capitalisation."THIS TIME, IT''S DIFFERENTBut while the announcement led to a sell-off in some of UniCredit''s AT1 instruments, market participants believe that concerns are unlikely to spread to the rest of the market."We have known for a long time that there are uncertainties linked to the coupon payment calendar, and it''s something that issuers and experts in the asset class know well," said another portfolio manager."It is a reminder that some of the technical aspect of the products can catch the generalists out but, fundamentally, the spirit of the instruments and the way they are issued suggest that coupons should get paid."Other AT1 bonds barely moved on Thursday. Intesa Sanpaolo''s 1.25bn 7.75% perpetual non-call 10-year was bid at 7.781%, roughly in line with Wednesday''s level, for example.That stability reflects the steps taken by regulators during 2016 to make the asset class more investor-friendly, giving banks more breathing room by tweaking Pillar 2 requirements and prioritising AT1 coupon payments over bonuses and dividends."It looks like the situation from one year ago, but I''m not worried," added a hybrid specialist. "It''s very specific and very technical." (Reporting by Helene Durand, additional reporting by Alice Gledhill, editing by Sudip Roy, Philip Wright)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/unicredit-bonds-idINL5N1F2430'|'2017-01-12T12:33:00.000+02:00'
'7042294813c219371d152ff82ee437a3f299719e'|'British Airways cabin crew to stage second strike next week'|' 46pm EST British Airways cabin crew to stage second strike next week LONDON Jan 12 British Airways "mixed fleet" cabin crew, who make up around 15 percent of BA''s total cabin staff, are to stage a 72-hour pay strike from Thursday next week, their union Unite said. Crew who serve as part of BA''s mixed fleet, who have poorer terms and conditions than some longer-serving staff, rejected a pay offer shortly before Christmas and staged a 48-hour strike earlier this week which caused the cancellation of some 40 flights from Heathrow. BA created the mixed fleet of cabin staff in the wake of a long-running dispute over pay and conditions for all cabin staff that ran from 2009 to 2011. There was no immediate comment from BA, which along with Iberia, Aer Lingus and Vueling is part of the International Airlines Group ICAG.L. (Reporting by Stephen Addison; Editing by William Schomberg) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/britain-rikes-airways-idUSL5N1F25S1'|'2017-01-13T00:46:00.000+02:00'
'a0efcaa2e0c3cef8694ce9fd7e187face147a117'|'Lloyds online banking services hit by intermittent glitch'|'  4:10pm GMT Lloyds online banking services hit by intermittent glitch A sign is seen outside a branch of Lloyds Bank in central London February 3, 2014. REUTERS/Luke MacGregor By Anjuli Davies - LONDON LONDON Some Lloyds Banking Group customers were struggling to access their online accounts for a second day after the British bank said on Thursday it was working to identify an intermittent glitch in its system. Responding to complaints on social media from some people who had been unable to access online and app services since Wednesday, Lloyds acknowledged there was a problem but said the vast majority of its customers were able to log in to internet banking services as normal. "We have been having intermittent service issues with internet banking," a spokesman for Lloyds said. "We are working hard to restore a full service for our customers and apologise for any inconvenience caused," adding it was still investigating the cause of the issue. Lloyds has around six million digital customers across brands including the Halifax and Bank of Scotland. Banks are increasingly sensitive to the brand damage caused by IT failings, after a series of incidents over the past few years has prompted customers to be more wary of online security and critical of outages. In November, retailer Tesco Plc''s banking arm said that 2.5 million pounds had been stolen from 9,000 customers over the weekend in what cyber experts said was the first mass hacking of accounts at a western bank. [nL8N1D95SC] (Reporting By Anjuli Davies; Editing by Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lloydsbanking-internet-glitch-idUKKBN14W2CK'|'2017-01-12T23:10:00.000+02:00'
'ccf3fe4cea3c2874734fde87835362f9f725f17d'|'Shell oil workers in Gabon begin ''unlimited'' strike on Thursday'|'Business News   11:02am GMT Shell oil workers in Gabon begin ''unlimited'' strike on Thursday A passenger plane flies over a Shell logo at a petrol station in west London, in this January 29, 2015 file photo. REUTERS/Toby Melville/Files LIBREVILLE Royal Dutch Shell ( RDSa.L ) workers in Gabon began on Thursday an "unlimited" strike at all the company''s operations in the Central African OPEC member country, the workers'' union wrote in a letter to employees. Shell is trying to sell its Gabon assets, which one source estimated could be worth $700 million, leaving workers worried about layoffs or being moved to new locations, the union said. The national union of petroleum employees (ONEP) said the strike "will cover all of Shell Gabon''s operations (Libreville, Port-Gentil, Gamba Rabi, Koula and Toucan)." There was no immediate response from Shell, and it was not clear if oil production was impacted. The union demanded in December that all Shell Gabon employees be transferred to whichever company takes on Shell''s assets, and that no redundancies are made for economic reasons within five years of the deal. Gabon is Africa''s fourth largest oil producer with an output of around 220,000 barrels per day dominated by international oil majors Total ( TOTF.PA ) and Shell. (Reporting by Wilfried Obangome; Writing by Edward McAllister; Editing by Joe Bavier and Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gabon-shell-idUKKBN14W18B'|'2017-01-12T18:02:00.000+02:00'
'ed070bd40bcf77634cf42c9b178902b0e4bce22b'|'VW admits guilt and pays $4.3bn emissions penalty'|'VW admits guilt and pays $4.3bn emissions scandal penalty Six executives based in Germany indicted following cheating probe Read next by: David J Lynch in Washington Volkswagen agreed to plead guilty to three felonies and pay $4.3bn to settle a US Department of Justice investigation as six of its executives were indicted for their role in the diesel emissions scandal that has engulfed the German carmaker for 16 months. The six executives, all based in Germany, include Oliver Schmidt, the group’s former US head of compliance, who was arrested in the US on Monday, and the former heads of engine development and quality management, said Loretta Lynch, US attorney-general. “For years, Volkswagen advertised its vehicles calling them ‘clean diesel’. Our investigation has revealed they were anything but,” Ms Lynch said. Officials said the indictments validated the DoJ’s strategy of targeting individuals in corporate crime prosecutions, which has been criticised as ineffectual since its September 2015 launch by Sally Yates, deputy attorney-general. “The fact that we are announcing charges today against six high-ranking executives at Volkswagen — not just six employees but six high-ranking executives at Volkswagen — demonstrates this is not a paper policy,” Ms Yates said. The settlement comes more than a decade after VW opted to design software to outwit Environmental Protection Agency tests rather than sacrifice power in a new diesel engine. Up to 11m vehicles worldwide were fitted with the “defeat devices” to reduce their nitrogen oxide emissions in laboratory tests. When government regulators grew suspicious, VW executives lied and destroyed documents related to the affair. “Volkswagen’s top executives knew about this illegal activity and deliberately kept regulators, shareholders and consumers in the dark — and they did this for years,” said Andrew McCabe, deputy director of the FBI. The penalty, which includes a criminal fine of $2.8bn, is the second-largest criminal environmental settlement in US history, behind BP’s Deepwater Horizon case. It represents an attempt by one of the world’s largest carmakers to resolve a scandal that ranks as the worst crisis in the company’s history. VW pleaded guilty to charges of conspiracy to violate the Clean Air Act and commit wire fraud, obstruction of justice and making false statements in order to import goods. Insight and analysis Lex VW/Porsche: tailgating Along with Mr Schmidt, a federal grand jury has indicted for their roles in the scheme Heinz-Jacob Neusser, a member of the management board for VW brand; Jens Hadler, former head of engine development; Richard Dorenkamp, another former engine development executive; Bernd Gottweis, a former quality management supervisor; and Jürgen Peter, an executive in VW’s quality management and product safety group. Other than Mr Schmidt, all of the men are in Germany, which generally does not extradite its citizens. The company will pay $1.5bn to settle civil claims by the EPA and US Customs as well as $50m for violations of the Financial Institutions Reform, Recovery and Enforcement Act related to the pooling of car leases into asset-backed securities. David Uhlmann, former head of the DoJ’s environmental crimes unit, said it was significant that the government had not agreed to a deferred prosecution agreement, a more lenient way of dealing with corporate lawbreaking. “It was essential that the justice department insist on a guilty plea given the egregiousness of Volkswagen’s misconduct and the fact it reached very high in the company,” he said. VW shares rose 3.3 per cent on Wednesday, after the company announced late on Tuesday that it was in “advanced discussions” to settle for $4.3bn. Wednesday’s penalties come on top of the $15.3bn that VW agreed in June to pay in a partial civil settlement with federal and state governments and owners of cars fitted with two-litre engines, plus an additional $1bn announced last month related to three-litre engine models. VW said in October that it had set aside €18.2bn ($19.2bn) to cover the costs of the scandal. VW must also accept and pay for an independent monitor of its compliance programmes for three years. The company has agreed to independent audits, establishment of an internal committee and additional vehicle testing. The plea agreement filed in federal court in Detroit shows that the decision to cheat the emissions tests was contentious within VW. Six supervisors, often over their subordinates’ objections, and one company attorney directed specific acts to design the defeat device or conceal its existence from regulators, according to the plea agreement. VW employees destroyed documents as part of a broad cover-up of the engines used in 590,000 cars sold in the US. On August 31 2015, as the cover-up was unravelling, a VW supervisor deleted files containing the term “acoustic function”, a reference to the cheating software, and instructed subordinates to do likewise. A second supervisor instructed his assistant to throw away a computer hard drive containing potentially incriminating files, according to court documents. Inside VW and Audi, “thousands of documents were deleted by approximately 40” employees. After the EPA publicly disclosed VW’s emissions cheating in September 2015, the company’s internal investigation recovered many of the deleted files and turned them over to prosecutors. That co-operation earned the company a 20 per cent reduction in the financial penalty it might have faced, the DoJ said. VW also received $11bn in credit for its settlements with customers and payments into an environmental remediation trust. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/technology'|'https://www.ft.com/content/d998b804-d81a-11e6-944b-e7eb37a6aa8e'|'2017-01-12T03:33:00.000+02:00'
'1cfb4a07344aa5b5ead36fc2f2992a962d99ecc9'|'Prime property predictions for 2017: Nathan Brooker'|'Prime property predictions for 2017: Nathan Brooker Hope for growth in northern Europe and US tech hubs despite political upheaval 3 hours ago by Nathan Brooker After getting all of 2016’s big calls spectacularly wrong, I’m not too confident about predicting what will happen this year. Nevertheless, here goes: 1. The unravelling of London’s prime property boom will begin to slow. After several years of rapid growth, house prices in some parts of central London finished 2016 more than 10 per cent down on where they were in 2015. Unless Brexit negotiations have any more significant shocks in store — and let’s face it, they might — I think negative price growth in prime central London will begin to level off because a) the weaker pound makes homes look cheap to foreign investors and b) ultra-low interest rates show no sign of increase, and so property will still be an attractive tool for capital preservation. I think the picture is murkier for the thousands of glossy new-build apartments that are about to come to market. Those flats are at very high price points already and, while low interest rates can increase buy-to-let investors’ yields, recent stamp duty and tax changes have no doubt reduced incentives. 2. In North America, entrepreneurial cities with active and versatile tech centres will continue to grow albeit modestly. House prices in San Francisco and Vancouver might be reaching — or have reached — their peak, but I think the value of prime homes in Austin, Seattle and Portland will increase further, and probably outperform megacities such as New York and LA. 3. China has dominated house price indices in 2016 — with Nanjing and Shanghai reporting Q3 to Q3 rises of about 40 per cent. I think new government regulations will probably temper the growth and we won’t see anything like those numbers at the end of 2017. 4. Most big European cities experienced moderate price drops in 2016. Oslo bucked the trend, as did Berlin, and as that city shifts towards having more buyers (and fewer renters), there might be opportunities for modest growth. 5. But really, all bets are off. Since the financial crisis of 2008, growth in prime property markets has been facilitated by international capital flows. As western democracies seem ready to embrace protectionist policies, disruptions to the free movement of capital could seriously destabilise global property markets. Nathan Brooker is a property writer for FT House & Home See predictions from Christie’s here and Savills here . Next up: Knight Frank'|'ft.com'|'http://www.ft.com/rss/companies/property'|'https://propertylistings.ft.com/propertynews/united-kingdom/4925-prime-property-predictions-for-2017-nathan-brooker.html?ftcamp=published_links%2Frss%2Fcompanies_property%2Ffeed%2F%2Fproduct'|'2017-01-10T17:05:00.000+02:00'
'72ce4945e3effcc44d178594f8596480a08a8e1c'|'Swiss National Bank says expects 24 billion Swiss francs profit for 2016'|'Business News - Mon Jan 9, 2017 - 6:46am GMT Swiss National Bank says expects 24 billion Swiss francs profit for 2016 The building of the Swiss National Bank (SNB) in Zurich, Switzerland October 26, 2016. REUTERS/Arnd Wiegmann ZURICH Switzerland''s central bank expects to post a profit of more than 24 billion Swiss francs (19.34 billion pounds) for 2016, it said on Monday, as it logged big gains from its vast foreign currency holdings and its negative interest rate policy. The Swiss National Bank ( SNBN.S ) made a profit of 19 billion francs on foreign currency investments that rose to roughly 645 billion francs last year, a similar size to the entire Swiss economy. The bank also made a profit of 3.9 billion francs from the valuation of its gold holdings. The SNB''s profits are not part of its monetary policy mandate. The profit figure compared with a 23.3 billion franc loss recorded by the bank during 2015 when the value of its foreign currency investments fell dramatically. (Reporting by John Revill, editing by John Miller) Next In Business News  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-swiss-snb-results-idUKKBN14T0IG'|'2017-01-09T13:46:00.000+02:00'
'e34f7df66f63d6ce965447f57083041562caeb1b'|'VW unveils electric microbus concept'|'VW unveils electric microbus concept by Peter Valdes-Dapena @peterdrives January 8, 2017: 11:19 PM ET VW unveils better, cheaper electric car Volkswagen revealed an extremely groovy new concept car during the Detroit Auto Show Sunday night. The VW ID Buzz is an all-electric rebirth of the classic microbus. VW didn''t say for certain that it would be produced for sale but, in introducing the ID Buzz, the automaker talked about a "big electric offensive" to begin in 2020. By 2025 the German automaker hopes to be selling 1 million electric vehicles per year. "We are making electric mobility the new trademark of Volkswagen," the automaker said in a statement. The ID Buzz follows on the VW ID electric concept car unveiled at the Paris Motor Show in late September. The ID boasts a 270 mile driving range, according to VW, and a total of 369 horsepower from two electric motors. However , VW did not say how that driving range was calculated. With one electric motor in front and one in back, the ID Buzz has all-wheel drive. It is also capable of fully autonomous driving, according to VW. The driver''s seat can even be turned around 180 degrees to face backward and the steering wheel can also retract into the dashboard. Related: Kia unveils its own European sports sedan While the original VW Microbus was famously underpowered and slow, this one will be able to jump from zero to 60 miles an hour in just five seconds, VW says. Top speed will be limited to 99 miles an hour. The name Buzz plays off the word "Bus," VW said, while ID stands for -- take your pick -- "Idea," "Identity," or "Intelligent Design," among other things. Related: Car sales set another U.S. record VW''s big push on electric vehicles follows the automaker''s recent diesel emissions scandal. Volkswagen was found to have installed software that reduced harmful emissions from many of the automaker''s diesel-powered vehicles only during testing. As part of a plan to make up for that, VW has agreed to promote electric cars. This is not VW''s first electric bus concept. Volkswagen showed off the BUDD-e electric concept bus almost exactly one year ago at the Consumer Electronics Show in Las Vegas. At that time VW said the electric VW bus could be in production by the end of the decade. CNNMoney (New York) First published January 8, 2017: 11:14 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/08/technology/volkswagen-id-buzz-concept/index.html'|'2017-01-09T11:19:00.000+02:00'
'bef84b3e2f8c26a514ef69fcd16bd75f1d51f77e'|'Auto executives, with eye on Trump, highlight U.S. investments'|'Money News - Tue Jan 10, 2017 - 2:11am IST Auto executives, with eye on Trump, highlight U.S. investments left right Hakan Samuelsson (R), president and CEO of Volvo Car Group, hands off keys to the first Volvo XC90T8 Inscription autonomous car to Alex (L) and Paula Hain (2nd R) of Gothenburg, Sweden, along with their daughters Philippa Hain (middle) and Smila Hain, during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Rebecca Cook 1/6 left right The Infiniti QX50 concept car is introduced during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Mark Blinch 2/6 left right The Infiniti QX50 concept car is introduced during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Mark Blinch 3/6 left right Roland Krueger, president of Infiniti Motor Company, introduces the Infiniti QX50 concept car during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Mark Blinch 4/6 left right Mary Barra, CEO and Chairperson of GM, sits with Tony Cervone (R), Senior VP, Global Communications during the presentation of the 2018 Chevrolet Traverse at the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Rebecca Cook 5/6 left right A 2018 Chevrolet Bolt EV is displayed during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Rebecca Cook 6/6 By Bernie Woodall and David Shepardson - DETROIT DETROIT Global auto executives at the Detroit auto show are highlighting their investments in the United States, mindful of President-elect Donald Trump''s attacks on automakers for building vehicles in Mexico. Fiat Chrysler Automobiles ( FCHA.MI )( FCAU.N ) Chief Executive Sergio Marchionne said on Monday that uncertainty over Trump''s trade and tax policies could lead automakers to delay investments in Mexico, and he confirmed plans to create 2,000 jobs at Fiat Chrysler''s U.S. factories. "The reality is the Mexican automotive industry has now for a number of years been tooled-up to try and deal with the U.S. market. If the U.S. market were not to be there, the reasons for its existence are on the line," Marchionne told reporters at the North American International Auto Show in Detroit. FCA announced on Sunday it would spend $1 billion to retool factories in Ohio and Michigan to build new Jeep sport utility vehicle, including a pickup truck, and potentially move production of a Ram heavy-duty pickup truck to Michigan from Mexico. On Monday, Ford confirmed it would build a new Ranger pickup and a new SUV under the storied Bronco name at a Michigan factory that currently builds Focus small cars. During the 2016 presidential campaign, Trump had criticized Ford''s announcement last year that it would move Focus production to Mexico. Last week, Ford scrapped plans to build the $1.6-billion Focus plant in Mexico and said it would invest $700 million in a factory in Michigan. Executives at Ford, Fiat Chrysler and other automakers said during interviews at the auto show their investment decisions are driven by business considerations, not Trump''s comments. Most major automakers in the U.S. market have substantial vehicle-making operations in Mexico, as well as complex networks of parts makers that supply their factories in the United States and support jobs and investment in states such as Ohio and Michigan. Trump praised Ford and Fiat Chrysler''s latest announcements on his Twitter account on Monday. "It''s finally happening - Fiat Chrysler just announced plans to invest $1BILLION in Michigan and Ohio plants, adding 2000 jobs," Trump said in a tweet. In a follow-up tweet, he added: "Ford said last week that it will expand in Michigan and U.S. instead of building a BILLION dollar plant in Mexico. Thank you Ford & Fiat C(hrysler)." INVESTING IN THE UNITED STATES Trump''s focus on U.S. automotive jobs, and uncertainty over what policies he may introduce, have been central topics of discussions among industry officials at the annual auto show. Companies ranging from General Motors Co ( GM.N ) to Honda Motor Co ( 7267.T ) to Daimler AG ( DAIGn.DE ) used the show to highlight new U.S. investments. Toyota Motor Corp ( 7203.T ) will invest $10 billion in the United States over the next five years, the same as in the previous five years, North America Chief Executive Jim Lentz said Monday. Honda ( 7267.T ) will build a new hybrid model that does not have a gasoline counterpart in its lineup. The hybrid will be made in the United States in 2018 at an existing plant, and Honda said it would boost investment at its transmission plant in Georgia. Daimler AG ( DAIGn.DE ) Chief Executive Dieter Zetsche said Sunday the German automaker plans to invest another $1.3 billion to expand sport utility vehicle (SUV) production at a factory in Alabama. German automaker Volkswagen AG ( VOWG_p.DE ) plans to invest $7 billion in the United States between 2015 and 2019. It is weighing whether to build an electric SUV in the United States or Mexico, Hinrich Woebcken, chief executive of the North America Region, told Reuters on Sunday. Volkswagen has had a plant in Mexico for 50 years and it is not shifting any jobs to Mexico from the United States. "We do not make our investment decisions based on administrative cycles," Woebcken said on the sidelines of the Detroit auto show. FCA''s Marchionne said Monday his company''s decision to invest in expanded truck production in the United States "was in the works and has been in the works for a long period of time." Marchionne wanted to get out the news about adding jobs and investment in the United States in case the company encountered more criticism from Trump, a person familiar with the situation said on Sunday. ADJUSTING TO TRUMP Marchionne said he has not made a decision on whether to move production of certain Ram heavy-duty pickups from Mexico to the United States, in part because of uncertainty about tariffs. "There''s no commitment to move the heavy-duty. If tomorrow morning President-elect Trump decides to impose a border tax on anything that comes up from Mexico, then we’ll have to adjust." Marchionne said it would be "very, very costly and uncertain" to repurpose Mexican production for export to markets other than the United States. Ford Motor Co ( F.N ) Chairman Bill Ford Jr and GM Chief Executive Mary Barra have, separately, spoken with Trump in recent days. Ford said he has been "in relatively frequent contact with him." Ford said he is encouraged that overhauling the corporate tax code is high on Trump''s agenda. Barra on Sunday said tax reform and "streamlining regulations ... are just two areas that would be extremely beneficial" for Trump to address. Trump has criticized GM for building cars in Mexico while laying off workers in the United States. Barra, who is on an advisory committee to Trump, told reporters that decisions about where to build specific vehicles are made "two, three four years ago." Overall, she said of Trump, "we have much more in common" than areas of disagreement. Marchionne said that he has not spoken with Trump or anyone on the presidential transition team. Trump takes office Jan. 20. (Reporting by Nick Carey, David Shepardson and Bernie Woodall; Editing by Nick Zieminski) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-autoshow-idINKBN14T2AF'|'2017-01-10T03:41:00.000+02:00'
'f6c2722fba538bd572ab7bcc29b125ea47cb7024'|'HSBC risks losing advantage with year-long delay in Chinese banking push'|'Financials   7:40am EST HSBC risks losing advantage with year-long delay in Chinese banking push * HSBC still waiting for approval for investment bank venture * Venture expected to get the go-ahead eventually * HSBC has big hopes for profit growth from China * China''s economic growth has slowed, delaying projects * Rival banks also planning increased China presence By Lawrence White LONDON, Jan 12 HSBC''s ambitions to establish an investment banking franchise in China have hit a roadblock, with the bank still waiting for approval for its partnership with a state-owned fund more than a year after it announced the venture. The partnership is a key part of the bank''s ambition to grow annual profits in the fast-growing southern region of China from $100 million to $1 billion in the medium term, and as growth in China slows, HSBC has delayed other expansion plans it said would help achieve that goal. HSBC announced on Nov. 2, 2015 the proposed venture with Shenzhen Qianhai Financial Holdings Co Ltd, with HSBC set to own a majority 51 percent stake while foreign peers are currently capped at a maximum of 49 percent in Chinese partnerships. The bank is expected to get the go-ahead for the venture eventually, sources familiar with the matter said, but the delay has reduced the advantage HSBC could have stolen over rivals as China relaxes rules on foreign players in its markets. A spokesman for HSBC in Hong Kong said the bank continues to seek the required approval, declining to comment on the timing. The proposed HSBC-Qianhai firm would be able to trade as well as underwrite stocks and bonds for Chinese firms, unlike foreign rivals who operate under more restrictions. "HSBC a year ago was saying ''here we go'', it was all guns blazing but we are still waiting...," said a Hong-Kong based consultant who works with the bank. HSBC did not publicly set out a timeline for when it expected to receive the go-ahead but the process is taking longer than analysts expected. Chirantan Barua of Bernstein research wrote in April last year that he expected approval by the July-September quarter. The HSBC joint venture has had the longest wait of any pending Sino-foreign securities joint venture, and two such ventures have received approval since HSBC submitted its application, according to data compiled by Hong Kong consultancy firm Quinlan & Associates. LOSING THE EDGE Qianhai is a free trade zone in Shenzhen, a fast-growing city neighbouring Hong Kong that China has earmarked for development as a financial hub. HSBC has a potential edge over foreign bank rivals in China thanks to its ownership of a Hong Kong-based banking subsidiary, The Hongkong and Shanghai Banking Corporation Limited, allowing it to own and control its planned new Chinese joint venture. But now banks including Morgan Stanley and Credit Suisse are set to raise their stakes in their securities joint ventures to the current 49 percent limit in anticipation of being able to have majority control soon, sources told Reuters on Monday. On December 30, China unveiled plans to allow more foreign investment in banking, insurance, securities and credit-rating firms, paving the way for HSBC''s rivals to enjoy controlling stakes despite the lack of a Hong Kong base. CHINA STRATEGY DELAYED The slow progress of HSBC''s investment banking ambitions comes alongside other setbacks in China for Europe''s biggest bank. Decelerating economic growth in the country has delayed HSBC''s plans to hire 4,000 new staff and do more business in the country''s southern region. HSBC in June 2015 announced it would invest in China''s southern Pearl River Delta region, banking on the country''s rapid growth and its own Hong Kong heritage to reinvigorate profit growth after years of restructuring. But HSBC has since revised its ambitions for the scale and speed of that investment as China''s growth slowed. Gulliver said in February last year the bank''s plans to hire 4,000 new staff in the region will happen over five years instead of three. "The June update... was prior to changing views on where the renminbi would be, and China''s GDP has slowed, so all we are saying is the redeployment will take longer," Chief Executive Stuart Gulliver told Reuters by phone in August. HSBC in April last year took analysts and investors on a tour of its operations in the Pearl River Delta (PRD), in a sign of how important the investment there is to the bank''s strategy. "HSBC''s foray into the PRD is not a choice but a necessity to stay relevant as Hong Kong connects with the mainland," Bernstein''s Barua wrote in a report following that April trip. (Reporting By Lawrence White, additional reporting by Michelle Price and Sumeet Chatterjee in Hong Kong; Editing by Elaine Hardcastle) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hsbc-china-idUSL4N1EZ3YE'|'2017-01-12T19:40:00.000+02:00'
'af8212368e82a00b5b1153ab38ec0c4bacda3198'|'Thyssenkrupp buys rest of Atlas Elektronik from Airbus'|'FRANKFURT Thyssenkrupp ( TKAG.DE ) has agreed to buy the 49 percent of maritime technology company Atlas Elektronik it does not already own from Airbus ( AIR.PA ) for an undisclosed price, Thyssenkrupp and Airbus said on Thursday."The full takeover will allow even closer cooperation between Atlas Elektronik and Thyssenkrupp Marine Systems, for example in product development," the German industrial group said in a statement.Airbus said it was selling the stake as part of its defense and space divestment program to focus on its core business.(Reporting by Georgina Prodhan; Editing by Christoph Steitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-thyssenkrupp-airbus-group-atlaselektr-idINKBN14W1JM'|'2017-01-12T08:56:00.000+02:00'
'be0c484fd7e4b1cd7afbc900fa119a475ae312ae'|'Enel buys U.S. energy software firm to bolster digital drive'|'MILAN Italy''s biggest utility Enel ( ENEI.MI ) said on Wednesday it had bought US-based energy software company Demand Energy for an undisclosed sum as part of its digital drive to boost growth.Demand Energy, a leader in the New York City power storage market, has designed software for storage systems in the U.S. and Latin America with an installed capacity of 3 megawatts.It has a further 30 MW of projects in the pipeline.Enel, which works in more than 30 countries, plans to use the software developed by the U.S. firm in its network business around the world."Through this deal we will be able to greatly strengthen our position in the growing battery storage market... expanding the development of renewables and storage both in the United States and globally," Enel''s green energy head Francesco Venturini said.Enel, Europe''s No. 1 utility in terms of customers, is seeking to upgrade its networks to cater for growing renewable energy business and prepare for a digital era when home appliances will be hooked up to the Internet.Earlier on Wednesday Enel said it had signed a framework agreement with Saudi Electricity Company to work on power distribution and digitizing grids.(Reporting by Stephen Jewkes, editing by Pritha Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-enel-m-a-usa-idINKBN14V1RF'|'2017-01-11T11:35:00.000+02:00'
'd066e941608531b755b901be97e1e2de27e762be'|'Tesla taps Apple engineer Autopilot software'|'By Stephen Nellis Electric carmaker Tesla Motors Inc ( TSLA.O ) has hired a key Apple Inc ( AAPL.O ) software engineer to oversee its Autopilot self-driving software efforts, Tesla said in a blog post Tuesday.Chris Lattner, who served at Apple for more than a decade, said in a online message to Apple developers on Tuesday morning that he would "leave Apple later this month to pursue an opportunity in another space" without saying which company he planned to join.Later in the day, Tesla posted a message on the company''s website saying that Lattner had been hired as vice president of Autopilot software but did not say when he would start work there. Tesla declined to comment beyond the announcement. Apple confirmed the departure but would not comment beyond Lattner''s posted message.The move is a significant win for Tesla, bringing a high-profile figure in the world of software development for a position that previously did not have a full-time leader. Tesla''s Autopilot was overseen on an interim basis by the software chief Jinnah Hosein of SpaceX, which is also headed by Tesla Chief Executive Officer Elon Musk.Autopilot is the hardware and software system on Tesla vehicles that allows self-driving in some situations but still requires drivers to keep their hands on the steering wheel. Federal safety regulators in the United States are examining whether Autopilot played a role in a fatal crash in Florida last year.Lattner most recently served as a senior director in the developer tools department at Apple and was best known for introducing Swift, a programming language that made it easier for software developers to write apps for iOS, the operating system that powers iPhones and iPads.In addition to developing Swift at Apple, Lattner also led a successful push to make the programming language “open source,” meaning that developers could incorporate it into their applications without having to pay fees to Apple. The move was a first for Apple, which until then had typically tightly controlled the technology it created. Microsoft Corp ( MSFT.O ) and Google parent Alphabet Inc ( GOOGL.O ) have also either published or contributed to open-source programming languages.(Reporting by Stephen Nellis; editing by Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tesla-apple-idINKBN14V00L'|'2017-01-10T21:21:00.000+02:00'
'2b813651a18b9fa777c513922f5ec9b0a85aa3f7'|'As OPEC cuts, traders send European oil volumes to Asia'|'Wed Jan 11, 2017 - 6:44am GMT As OPEC cuts, traders send European oil volumes to Asia FILE PHOTO - A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria December 10, 2016. REUTERS/Heinz-Peter Bader/File Photo By Florence Tan and Mark Tay - SINGAPORE SINGAPORE European and Chinese traders are shipping a record 22 million barrels of crude from the North Sea and Azerbaijan to Asia this month, seeking to plug any supply gap left by OPEC production cuts. Over 11 million barrels of North Sea Forties crude have either been offloaded or are on their way to Asia, adding to a record 11 million barrels of Azeri crude oil from Azerbaijan, Reuters oil trade flows data showed. The record export volumes come on expectations of tighter Middle East crude supplies due to plans by the Organization of the Petroleum Exporting Countries (OPEC) to cut production in an attempt to prop up prices. Seeing an opportunity to sell North Sea oil profitably in arbitrage deals to Asia, seven supertankers chartered by commodity traders Vitol and Mercuria, European oil major Royal Dutch Shell, and China''s refiner Unipec, have either delivered or are expected to soon offload European crude to China and South Korea this month, according to trade sources and Reuters data. "Asia needs the oil, Europe has it. The OPEC cut has raised prices, and that now makes it profitable to send European oil to Asia," said one senior trader with knowledge of the deals on condition of anonymity as he is not allowed to talk to media. December''s OPEC deal, in which the group agreed to cut production by 1.2 million barrels per day (bpd) in the first half of 2017, pushed up benchmark price Dubai against Brent and West Texas Intermediate, allowing Asia to pull more competitively priced supplies from the Atlantic Basin. An ongoing Brent contango, a market structure where oil becomes more expensive in future months, also enabled traders to lock in profits for crude on long voyages. Shipping North Sea Forties crude from its load port Hound Point in Britain to customers in North Asia, including Japan, South Korea and China, takes over six weeks. BATTLE FOR ASIA The deals highlight the predicament facing OPEC and other producers that have agreed to cuts, including Russia and Oman. While cutting supplies may temporarily lift prices, this gives other producers like western oil firms an opportunity to fill the gap and sell oil to Asia, the world''s biggest demand region. "The real market battleground is East of Suez," said John Driscoll, director of Singapore-based energy consultancy JTD Energy Services, referring to the Suez Canal through which many tankers ship oil between Europe, the Middle East, and Asia. The ships now carrying European oil to Asia have 11 million barrels of Forties crude loaded, beating a previous record of 10 million barrels in December 2015, Thomson Reuters Eikon trade flow data showed. And more oil is to come. Two more Very Large Crude Carrier (VLCC) supertankers with 2 million barrels of Forties crude each are due to arrive in North Asia in February, while three VLCCs have been provisionally booked to load oil this month for arrival in Asia in March-April, the data showed. (Additional reporting by Amanda Cooper in LONDON; Editing by Henning Gloystein and Richard Pullin) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-asia-oil-idUKKBN14V0K7'|'2017-01-11T13:32:00.000+02:00'
'cc32dad06d90757705f52a238d63c7eea417ca62'|'Wells Fargo looks to rebuild reputation with new compensation plan'|'Business News - Wed Jan 11, 2017 - 12:00am GMT Wells Fargo looks to rebuild reputation with new compensation plan A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S., September 26, 2016. REUTERS/Mike Blake Wells Fargo & Co ( WFC.N ) has unveiled a new compensation structure for branch bankers as it tries to recover from a scandal driven by aggressive sales targets that slammed its share price and led to the resignation of Chief Executive John Stumpf. The new plan creates incentives based on customer service rather than sales goals, is longer-term in nature and includes additional monitoring of sales activities, according to an internal document provided by Mary Eshet, a bank spokeswoman. "Our top priority is to communicate the new plan to leaders and team members first and we are focused on ensuring they have the information they need to be successful," Eshet wrote in an email. "This new plan is one step in our efforts to restore trust with team members and customers, and we will continue to make additional changes." Wells Fargo has struggled since September after it agreed with regulators to pay $190 million in fines and restitution to settle charges that its employees wrongly created as many as 2 million accounts without customer authorization. (Reporting by Dan Freed in New York; Editing by Alan Crosby)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-wells-fargo-accounts-compensation-idUKKBN14U2U5'|'2017-01-11T07:00:00.000+02:00'
'841eeeadee135910fa5a6620b2ff9c32b6cdc123'|'UniCredit shareholder Cariverona sells 0.5 percent stake'|'MILAN UniCredit''s ( CRDI.MI ) shareholder Fondazione Cariverona has sold an 0.5 percent stake in the lender on the market, the banking foundation said on Wednesday in a statement by a spokesman.Fondazione Cariverona sold the share in "several recent sessions", the statement added, cutting its shareholding to 2.2 percent from 2.7 percent.The statement added that the banking foundation was still assessing its moves with regards to UniCredit''s upcoming 13 billion-euro ($13.7 billion) cash call.(Reporting by Gianluca Semeraro, writing by Giulia Segreti)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eurozone-banks-unicredit-cariverona-idINKBN14V275'|'2017-01-11T14:27:00.000+02:00'
'f3f2a161741c524c1a1a7ce545037f0315aa3fb1'|'Spencer sells bulk of TP ICAP stake for £200m'|'Michael Spencer sells bulk of TP ICAP stake for £200m Move comes days after business is sold to rival Tullett Prebon Read next by: Philip Stafford Michael Spencer has sold the majority of his near-9 per cent stake in TP ICAP for more than £200m just days after taking ownership of the shares in the newly created interdealer broker. Mr Spencer founded rival broker ICAP and agreed to sell the group’s global broking business and related assets to Tullett Prebon in a £1.2bn all-share deal. At the end of December Tullett was renamed TP ICAP. The addition of 1,500 brokers who negotiate deals over the phone turned it into the world’s largest interdealer broker. On Monday Mr Spencer offloaded nearly 45m shares in TP ICAP, which were mainly held by his investment vehicles IPGL and Netherlands-based Incap. The sale, which was confirmed in a regulatory filing on Tuesday, marked a rapid disposal in a business Mr Spencer said “was going to be a very big success” when it was first announced just over a year ago. The remainder of ICAP — a collection of electronic trading, post-trade and venture capital assets — has been rebranded Nex Group . Mr Spencer, as its chief executive, will focus on building digital trading networks for the over-the-counter markets. Mr Spencer took advantage of bullishness towards TP ICAP’s share price, which is at its highest level since the financial crisis. A trading update last week revealed that the election of Donald Trump as US president and shifting expectations on US interest rates had boosted revenues, pushing the stock up 10 per cent. John Phizackerley, chief executive of TP ICAP, is betting that voice traders will continue to have a critical role for investors and banks needing to offload illiquid assets in derivatives, commodities and fixed income markets. The industry has been upended in recent years by a combination of tough banking regulation, low steady interest rates and the rise of electronic trading. Many companies have consolidated to survive. Some analysts are sceptical of TP ICAP’s longer-term prospects. Daniel Garrod, an analyst at Barclays, said last week that the interdealer broker industry “appears in structural decline, in our opinion” as the banks on which the industry depends continue to retreat from trading in the market. “Products are likely medium-term to migrate over to hybrid/electronic and combining voice teams is likely, leading to customers looking to reduce concentration,” he said. As part of the deal, ICAP shareholders became majority shareholders of TP ICAP and Mr Spencer became the largest shareholder. Mr Spencer typically invests in assets in which he also has a seat on the board and had intended to hold an honorary title of president of the enlarged Tullett. However he relinquished it during the process to gain UK and US antitrust approval for the deal. He will retain around 5m shares in TP ICAP, the regulatory filing said.  '|'ft.com'|'http://www.ft.com/rss/companies'|'https://www.ft.com/content/4b4a8386-d746-11e6-944b-e7eb37a6aa8e'|'2017-01-11T00:33:00.000+02:00'
'1e5167482076f535294fd49572a6d9c0e4733e4d'|'BofA sued by US regulator over ‘unpaid premiums’'|'BofA sued by US regulator over ‘unpaid premiums’ FDIC seeks $542m over claims bank short-changed Deposit Insurance Fund Read next by: Ben McLannahan in New York Bank of America owes at least half a billion dollars in unpaid premiums to the Federal Deposit Insurance Corporation, the US regulator claimed in a lawsuit filed on Monday, dealing a blow to the bank’s attempts to put its legal snarl-ups behind it. BofA has paid tens of billions of dollars in legal settlements since the financial crisis, many of them relating to the troubled assets it picked up during its acquisitions of Countrywide and Merrill Lynch. That long run of lawsuits has resulted in the Charlotte-based bank being required to operate with more capital than most of its peers — a trend that senior executives had been hoping to reverse after a recent run of significantly lower quarterly charges for legal expenses. But on Monday the FDIC added to the bank’s legal woes by claiming that, for a roughly five-year period, it failed to assess its own risks correctly and thus short-changed the Deposit Insurance Fund. To finance the fund, the FDIC runs a “risk-based” assessment system, under which banks — reckoned to represent a greater risk of collapse, and thus prompt a payout to insured depositors — pay more in premiums . According to the regulator, BofA under-reported its counterparty exposures by tens of billions of dollars each quarter by failing to consolidate them properly at the holding-company level. As a result, it paid much less in premiums than it should have paid. The FDIC is focusing on seven quarters between 2013 and 2014, in which the average alleged underpayment was $77m. In its complaint, it said it reserved the right to invoice for at least $1bn, covering the full five-year period. Eugene Scalia, a Washington, DC-based partner with Gibson Dunn, representing BofA, noted that the FDIC made “significant changes” to the relevant rule in 2014, and it is now claiming that what it added in 2014 is actually what the rule said all along. “Our position is that the new words gave the regulation new meaning. That new meaning can’t be applied retroactively, especially because the FDIC never gave Bank of America fair notice of its view prior to this year.” A Bank of America spokesperson noted that the sums in dispute — totalling $542m — are a “fraction” of its annual dues to the FDIC, and stressed that the bank had kept the regulator “regularly updated” on its calculations. The FDIC, which insures deposits up to a limit of $250,000 per depositor, says its mission is to maintain stability and public confidence in the nation’s banking system. It notes that since it was founded in 1933, thousands of banks have collapsed but no depositor has lost a single cent of insured funds. In its complaint, the FDIC noted that one of the key indicators of risk is the extent to which a bank’s exposure to counterparties is concentrated: the greater that concentration, the greater the chance that default or distress at one counterparty could trigger a bank’s failure. Accordingly, if a bank has big exposures to two affiliated counterparties, it should consolidate those exposures and treat it as a single exposure at the holding-company level. Of the nine banks the FDIC considers “highly complex”, with total assets of more than $500bn, BofA was the only one to fail to self-report its risks correctly, according to the regulator. BofA has total risk-weighted assets of about $1.55tn, under rules laid down by the Basel committee, of which $500bn is “operational” RWA — a higher share than peers such as Citigroup, JPMorgan Chase, Goldman Sachs and Wells Fargo. That means the bank is required to hold more capital against potential losses from human error, external threats, fraud and litigation. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/us'|'https://www.ft.com/content/9c82e784-d692-11e6-944b-e7eb37a6aa8e'|'2017-01-10T01:41:00.000+02:00'
'5c763e7a15c1b5203456a93a13b663e4c73ded72'|'Volkswagen agrees to $4.3 billion U.S. diesel settlement'|'Business News   7:07pm GMT Volkswagen agrees to $4.3 billion U.S. diesel settlement A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia, Poland, September 9, 2016. REUTERS/Kacper Pempel/File Photo By David Shepardson - WASHINGTON WASHINGTON Volkswagen AG ( VOWG_p.DE ) has agreed to a $4.3 billion settlement to resolve the U.S. government''s civil and criminal investigations into the German automaker''s diesel emissions cheating, according to documents made public Wednesday. Prosecutors also charged six Volkswagen executives and employees, for their roles in the nearly 10-year conspiracy, including Oliver Schmidt, who was a manager in charge of VW''s environmental and engineering office in Michigan. On Monday, Schmidt was accused of conspiracy to defraud the United States over the company''s emissions cheating and the automaker was charged with concealing the cheating from regulators. According to documents filed in U.S. District Court in Detroit, VW will pay a $1.5-billion civil fine and $2.8-billion criminal fine. It would have faced higher fines if it hadn''t agreed to spend an estimated $11 billion to address consumer vehicles. After the company pleads guilty to the three-count felony criminal information - conspiracy to commit fraud, obstruction of justice and entry of goods by false statement - it will be formally sentenced. VW admitted that six unnamed supervisors between 2006 and 2016 agreed to mislead regulators and customers about the standards. The Justice Department said VW officials told engineers in 2012 to destroy a document that detailed the cheating and that lawyers prodded employees to destroy documents. VW will face oversight by an independent monitor for three years and has agreed to make significant reforms. The company agreed to fire six employees, suspend eight and discipline three who participated in diesel misconduct. The agreement still must be approved by U.S. District Judge Sean Cox in Detroit. The world''s second-largest automaker confirmed Tuesday it had negotiated a $4.3-billion concrete draft settlement with U.S. regulators to resolve its diesel emissions issues and plans to plead guilty to criminal misconduct as part of the civil and criminal settlement. The VW plea agreement says the automaker could have been fined as much as $34.1 billion for its criminal conduct. Volkswagen had previously agreed to spend up to $17.5 billion in the United States to resolve claims by U.S. regulators, owners and dealers and offered to buy back nearly 500,000 polluting vehicles. The automaker was in intensive talks with regulators in recent weeks in an effort to reach a deal before the end of the Obama administration. Without a deal by next week, a final resolution could have been delayed by months until the Trump EPA and Justice Department teams are in place. VW admitted in September 2015 to installing secret software in hundreds of thousands of U.S. diesel cars to cheat exhaust emissions tests and make them appear cleaner than they were on the road, and that as many as 11 million vehicles could have similar software installed worldwide. Much of the company''s senior management departed following the scandal, including chief executive Martin Winterkorn. (Reporting by David Shepardson in Washington and Andreas Cremer in Berlin; Writing by Doina Chiacu; Editing by Chizu Nomiyama and Nick Zieminski) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-epa-idUKKBN14V1T0'|'2017-01-12T01:56:00.000+02:00'
'3562dbe1f83e9b9c6a0e54e23270f6445ccfed6b'|'Dutch state sells 13.6 pct stake in insurer ASR'|'AMSTERDAM Jan 12 The Dutch government said on Thursday it is selling a stake of up to 13.6 percent in insurance company ASR, worth approximately 468 million euros ($500 million) at current share prices.The Netherlands Financial Investments (NLFI) agency said the sale to institutional investors via an accelerated bookbuilding that will close before the start of trade on Friday will reduce the government''s stake in ASR to 50.1 percent.ASR said in a separate statement it intended to purchase 3 million of the 20.4 million shares on offer from the government in a buyback.ASR, once a subsidiary of the now-defunct Fortis group of Belgium, was nationalised by the Dutch state during the 2008 financial crisis. The state sold a 40 percent stake in a reprivatisation in June. ($1 = 0.9377 euros) (Reporting by Toby Sterling; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/asr-nederland-government-stake-idINA5N1CB015'|'2017-01-12T14:08:00.000+02:00'
'37dc65201819f3f56ee2b683163c3b2449cf2060'|'Snapchat picks London for international HQ'|'Forget Ireland. Snapchat picks London as its international HQ by Ivana Kottasova @ivanakottasova January 10, 2017: 6:27 AM ET Chris Sacca: Passing on Snapchat cost me $1 billion Snapchat is not following the tech crowd. Snap, the company behind the app, has picked London as its international headquarters instead of more traditional destinations for major U.S. tech firms including Ireland and Luxembourg. The move is in keeping with Snap''s identity: Its U.S. headquarters is located roughly 300 miles south of Silicon Valley in the colorful beach town of Venice, California. "The U.K. is where our advertising clients are, where more than 10 million daily Snapchatters are, and where we''ve already begun to hire talent," said Claire Valoti, General Manager of Snap. Snap said its U.K. arm will book revenue from sales in the U.K. and other countries where it has no local entity or sales team. The startup has only a few offices outside the U.S.: Paris, Sydney, Toronto and Odessa, Ukraine. At 20%, the U.K. already has one of the lowest corporate tax rates in Europe. The government has hinted at cutting the rate even further in a bit to attract more businesses head of its departure from the European Union. Ireland, meanwhile, has a 12.5% corporate tax rate. The international headquarters of Apple ( AAPL , Tech30 ) , Google ( GOOGL , Tech30 ) , Facebook ( FB , Tech30 ) , Twitter ( TWTR , Tech30 ) and LinkedIn are all located in the country. While the U.K. is on its way out of the EU, Ireland will remain a member of the bloc. Related: Snapchat files for its IPO A huge chunk of Snapchat''s European audience is in the U.K. The company said that one fifth of its daily active users in Europe are in Britain, and so are many of its biggest advertisers. The company has more than 75 staffers in the U.K., up from just six this time last year. It plans to open an additional workspace near its offices in Soho in central London. Snapchat launched just over five years ago and is estimated to be worth between $20 billion and $25 billion . The company famously turned down a $3 billion buyout offer from Facebook in 2013 and has plans to go public. CNNMoney (London) First published January 10, 2017: 6:27 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/10/technology/snapchat-london-uk-headquarters/index.html'|'2017-01-10T18:35:00.000+02:00'
'5c4a953d8ab8cdb772d2b4656eab787522c6bc9e'|'INSIGHT-U.S. companies have new business risk - being labeled "anti-American" by Trump'|'Business News  59pm EST U.S. companies have new business risk - being labeled ''anti-American'' by Trump File Photo: T-shirts made in the USA are for sale at the Walmart Supercenter in Bentonville, Arkansas June 5, 2014. REUTERS/Rick Wilking/File Photo By Lauren Hirsch and Mike Stone - NEW YORK/WASHINGTON NEW YORK/WASHINGTON Some U.S. companies are reviewing potential mergers while others are rethinking job cuts or looking at their manufacturing operations in China for fear of being cast as "anti-American" by President-elect Donald Trump, according to Wall Street bankers, company executives and crisis management consultants. Having seen some of America''s largest companies, including General Motors Co ( GM.N ), Lockheed Martin Corp ( LMT.N ) and United Technologies Corp ( UTX.N ), bluntly and publicly rebuked by Trump on Twitter, many others are worried they may be his next target - especially if they have significant overseas manufacturing, have had U.S. job cuts or price increases for consumers. "Any business that leaves our country for another country, fires its employees, builds a new factory or plant in the other country, and then thinks it will sell its product back into the U.S. without retribution or consequence is WRONG!" Trump, who assumes office on Jan. 20, tweeted in December. Trump campaigned on an "America First" anti-globalization platform that promised the return of thousands of U.S. manufacturing jobs to economically depressed areas. That nationalist rhetoric and Trump''s willingness to use his Twitter account as a cudgel has so rattled some companies that they are putting on hold mergers and acquisitions that may involve significant job cuts or moving production or tax domicile abroad, out of fear that such deals could be seen as "unpatriotic", several top Wall Street bankers said. Bermuda-based White Mountains Insurance Group Ltd ( WTM.N ) had been in talks to sell itself in a transaction that would have been structured as an inversion - where a U.S.-based buyer would move its tax domicile overseas. However, the deal fell apart after the November election partly because potential buyers worried that leaving the U.S. tax home would be seen as "anti-American," three people with knowledge of the matter said. Potential buyers also found the target less attractive because of the likelihood of lower U.S. corporate taxes under the Trump administration, the people said. Representatives of the $3.8 billion company declined to comment. At least two other insurance deals have also fallen apart since the election for similar reasons, said the people, who declined to elaborate and asked not to be named because the matter is not public. Trump''s aggressive anti-China rhetoric has also given some companies pause. James Park, chief executive of wearable fitness device maker Fitbit Inc FIT.O, said he expects all companies that have significant manufacturing operations in China, including his own firm, to prepare contingency plans. Trump has threatened to hit China and Mexico with high tariffs and named vocal China critic Peter Navarro to lead a new White House office overseeing U.S. trade policy. "Whether it’s taking higher costs into account or operationally preparing for moving manufacturing (out of China), companies are thinking about what to do," Park said in an interview. WATCHING TRUMP''S TWEETS Companies are also beefing up their Twitter monitoring for any Trump tweets that could affect them and engaging public relations firms for advice on potential lines of attack and how to respond if they were to come, several U.S. chief executives as well as half a dozen corporate advisers told Reuters. "Back in December the board was already asking questions: ''What’s the plan in terms of what happens if he comes after us, are we ready? The board is asking us if we have a PR firm at the ready, if we have a person monitoring his Twitter," said a top executive at a large U.S. defense contractor. "Our plan is to not get into a fight, and concede immediately. The reality is that we''re trying to stay below the radar," the executive said, asking not to be named because of the sensitivity of the issue. Since his election in November, Trump has ramped up criticism of companies from Ford Motor Co ( F.N ), Toyota Motor Corp ( 7203.T ) and GM, to United Tech and Rexnord Corp ( RXN.N ) over manufacturing in Mexico for U.S. consumers or moving U.S. jobs abroad. Trump also slammed Lockheed Martin and Boeing Co ( BA.N ) for what he called "out of control" costs on their weapons programs. Both Lockheed and Boeing have said they will work to drive down costs of the programs, while Ford scrapped plans to build a $1.6 billion plant in Mexico, and United Tech''s Carrier unit is keeping half of the 2,100 U.S. jobs it was to shift to Mexico. Government relations and public relations advisers say they have received a number of calls from companies wanting help in assessing if they have any red flags that could draw Trump''s ire. Advisers say these potentially include outsourcing of manufacturing, consumer price increases and lower tax rates than peer companies. "We have literally had about a dozen clients ask us how they should be thinking about this in the last few weeks," said George Sard, chairman and CEO of strategic communications firm Sard Verbinnen & Co, adding that he is seeing concern from companies in a wide range of industries. "The week after the election it was non-stop meetings and conference calls and analysis," said Kent Jarrell, crisis and litigation communication expert at APCO Worldwide. "It''s almost like a whole new Trump practice is developing." Corporate leaders, say the advisers, can no longer focus only on maximizing shareholder value; they must now also weigh national interest. "CEOs are talking to their boards saying we''ve got to be viewed pro-America. If something is more on the margin – like layoffs, or moving manufacturing, then they are not going to do it," said one Fortune 500 CEO, who said he had spoken with other U.S. companies. TAKING A PAGE FROM TRUMP PLAYBOOK Sard, of Sard Verbinnen & Co, said that while companies are well advised not to get into a Twitter war with Trump, his firm is advising clients to "learn from his playbook" and be prepared to communicate directly with shareholders, employees, and customers through blogs and social media. There is already evidence that companies are quickly adjusting to the new Trump era. Firms have been more vocal in publicizing job creation and they have sometimes let Trump claim credit. Fiat Chrysler Automobiles ( FCHA.MI ) ( FCAU.N ), the No. 3 automaker in the United States, announced plans on Sunday to create 2,000 U.S. jobs. The timing was partly influenced by CEO Sergio Marchionne''s desire to get the news out ahead of any possible criticism from Trump for the automaker''s overseas manufacturing, a person familiar with the company''s thinking said. Trump has in the past few weeks attacked FCA''s two Detroit rivals, as well as Japan-based Toyota, for their manufacturing operations in Mexico and threatened to impose stiff border taxes on any imports. In December, SoftBank Group Corp ( 9984.T ), majority owner of Sprint Corp ( S.N ), unveiled a $50 billion U.S. investment at the Trump Tower in Manhattan. Trump and SoftBank head Masayoshi Son made the announcement together, and Trump later tweeted: "He would never do this had we (Trump) not won the election!" "You never want to be against the president - especially not one as vocal as (Trump)," the Fortune 500 CEO said. (Additional reporting by Olivia Oran in New York, Liana Baker in San Francisco and David Shepardson in Detroit, Editing by Soyoung Kim and Ross Colvin) Next In Business News Xi to be first Chinese leader to attend Davos World Economic Forum BEIJING/GENEVA President Xi Jinping this month will become the first Chinese head of state to attend the World Economic Forum (WEF) in Davos, which this year will dwell on the rising public anger with globalization and the coming U.S. presidency of Donald Trump.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-companies-insight-idUSKBN14U2I4'|'2017-01-11T02:54:00.000+02:00'
'1eefdfda63cd9c7ff60e410a27303794762c076c'|'Fox News settled sexual harassment claims by former host - WSJ'|'U.S. -  25pm EST Fox News settled sexual harassment claims by former host - WSJ Fox News reached a financial settlement several months ago with former host Juliet Huddy, who claimed she was sexually harassed by two top figures at the cable news network, the WSJ reported, citing   matter. In a letter from her attorney to Fox News, Huddy claimed she had been harassed by "The O''Reilly Factor" host Bill O''Reilly and Fox News co-President Jack Abernethy, the Journal reported. ( on.wsj.com/2jcICXx ) Fox News, a unit of Twenty-First Century Fox Inc, paid a six-figure settlement to Huddy, but believes the claims are false, the Journal reported. The settlement came when Fox News was dealing with sexual harassment claims against former network chief Roger Ailes, the Journal said. Huddy''s attorney, Douglas Wigdor, and Fox News did not immediately respond to requests for comment. (Reporting by Anya George Tharakan in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-twenty-first-fox-huddy-idUSKBN14U2AX'|'2017-01-11T01:12:00.000+02:00'
'e6b735dc8ed5e5cd9cc1574c19aae3411f8bf22d'|'Brexit could put tens of thousands finance jobs at risk - executives'|'Business News - Tue Jan 10, 2017 - 3:29pm GMT Brexit could put tens of thousands finance jobs at risk - executives FILE PHOTO - Participants hold a British Union flag and an EU flag during a pro-EU referendum event at Parliament Square in London, Britain June 19, 2016. REUTERS/Neil Hall/File Photo By Huw Jones and Andrew MacAskill - LONDON LONDON Tens of thousands of jobs in Britain''s financial services sector could be lost if euro clearing shifts to continental Europe and full access to the bloc''s single market is lost, top industry officials said on Tuesday. London has become the world''s biggest centre for clearing euro-denominated financial contracts, and some continental policymakers want this shifted to the euro zone after Brexit. Xavier Rolet, chief executive of the London Stock Exchange Group ( LSE.L ), owner of the world''s biggest clearing house for euro-denominated contracts, said that without clarity on what happens to markets after Brexit, clearing customers in London will leave. Some tens of thousands of jobs could leave London, not just from clearing itself, but also from ancillary services like software and IT, risk management, and administrative staff, Rolet told parliament''s Treasury Select Committee. To avoid customers quitting London when Britain begins formal divorce talks with the EU in March, existing rules should stay in place until 2022 to avoid disruptions that could undermine financial stability, Rolet said. Already, banks with large London operations say they will step up lobbying European officials because they are running out of arguments to convince the British government the industry needs single market access. Douglas Flint, chairman of HSBC bank HBSA.L, told the lawmakers that banks without operations elsewhere in the EU will likely trigger migration plans immediately after EU divorce talks begin in March, estimating that "tens of thousands" of jobs are linked to EU "passporting" rights. Currently, banks have passporting rights, allowing them to operate across the 28-nation bloc from a base in Britain. They could lose this right under Brexit. Possible job losses in banking would depend on how lenders in Britain negotiate new licences with regulators on the continent, raising question marks about the back office staff across Britain''s regions. This could hit JPMorgan ( JPM.N ), Citigroup ( C.N ) and Deutsche Bank ( DBKGn.DE ) which currently employ thousands of back-office staff in regional cities around Britain in places such as Bournemouth and Glasgow. "Clearly you would need to move the front part of the business," Flint said. "The question would be whether the negotiation would allow the middle and back office, the settlement, the risk management, the accounting and so on to be done out of the EU 27." Rolet said that since Britain''s referendum on the EU, he has heard of calls made by continental European regulators to customers, warning them of the risk of euro clearing leaving Britain. "That resulted in commercial pressure on our business," Rolet said. The EU is reviewing its derivatives trading and clearing rules which could include ways to making it impossible to clear euro-denominated contracts in the UK, Rolet said. "Those sort of pesky, well-targeted, seemingly minor regulations that actually have a major impact on customer behaviour." It would amount to an effective control on currencies in the EU and backfire on the bloc, he added. Flint, Rolet and Allianz Global Investors Vice Chair Elizabeth Corley appearing before the lawmakers all said a transitional deal would need to last until at least 2021 to allow companies enough time for a smooth departure from the EU. Flint said one of his biggest concerns is that by Britain leaving the EU the regulatory rules that have converged in the decade since the start of the global financial crisis risk being fragmented, undermining economic stability. "After 10 years of putting it in place it would in my view, be seen with hindsight, as one of the worst actions that could have ever taken place," Flint said. (Reporting by Huw Jones and Andrew MacAskill, editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-finance-idUKKBN14U1VW'|'2017-01-10T22:29:00.000+02:00'
'b11723495373559fb26793784250c47109144612'|'My New Year forecast: Trumpian uncertainty, and lots of it - Business - The Guardian'|'E very January, I try to craft a forecast for the coming year. Economic forecasting is notoriously difficult; but, notwithstanding the truth expressed in Harry Truman’s request for a one-armed economist (who wouldn’t be able to say “on the other hand”), my record has been credible.In recent years, I correctly foresaw that, in the absence of stronger fiscal stimulus (which was not forthcoming in either Europe or the US), recovery from the Great Recession of 2008 would be slow. In making these forecasts, I have relied more on analysis of underlying economic forces than on complex econometric models.For example, at the beginning of 2016, it seemed clear that the deficiencies of global aggregate demand which have been manifest for the last several years were unlikely to change dramatically. Thus, I thought that forecasters of a stronger recovery were looking at the world through rose-tinted glasses. Economic developments unfolded much as I anticipated.Not so the political events of 2016. I had been writing for years that unless growing inequality – especially in the US, but also in many countries throughout the world – was addressed, there would be political consequences. But inequality continued to worsen – with striking data showing that average life expectancy in the US was on the decline .Joseph Stiglitz: what the US economy needs from Donald Trump Read more These results were foreshadowed by a study last year, by Anne Case and Angus Deaton , which showed that life expectancy was on the decline for large segments of the population – including America’s so-called angry men of the Rust Belt.But, with the incomes of the bottom 90% having stagnated for close to a third of a century (and declining for a significant proportion), the health data simply confirmed that things were not going well for very large swaths of the country. And while America might be at the extreme of this trend, things were little better elsewhere.But, if it seemed clear that there would be political consequences, their form and timing were far less obvious. Why did the backlash in the US come just when the economy seemed to be on the mend, rather than earlier? And why did it manifest itself in a lurch to the right? After all, it was the Republicans who had blocked assistance to those losing their jobs as a result of the globalisation they pushed assiduously. It was the Republicans who, in 26 states, refused to allow the expansion of Medicaid, thereby denying health insurance to those at the bottom. And why was the victor somebody who made his living from taking advantage of others, openly admitted not paying his fair share of taxes, and made tax avoidance a point of pride?Donald Trump grasped the spirit of the time: things weren’t going well, and many voters wanted change. Now they will get it: there will be no business as usual. But seldom has there been more uncertainty. Which policies Trump will pursue remains unknown, to say nothing of which will succeed or what the consequences will be.Trump seems hell-bent on having a trade war . But how will China and Mexico respond? Trump may well understand that what he proposes will violate World Trade Organisation rules, but he may also know that it will take a long time for the WTO to rule against him. And by then, America’s trade account may have been rebalanced.But two can play that game: China can take similar actions, though its response is likely to be more subtle. If a trade war were to break out, what would happen?Trump may have reason to think he could win; after all, China is more dependent on exports to the US than the US is on exports to China, which gives the US an advantage. But a trade war is not a zero-sum game. The US stands to lose as well. China may be more effective in targeting its retaliation to cause acute political pain. And the Chinese may be in a better position to respond to US attempts to inflict pain on them than the US is to respond to the pain that China might inflict on Americans. It’s anybody’s guess who can stand the pain better. Will it be the US, where ordinary citizens have already suffered for so long, or China, which, despite troubled times, has managed to generate growth in excess of 6%?More broadly, the Republican/Trump agenda, with its tax cuts even more weighted towards the rich than the standard GOP recipe would imply, is based on the idea of trickle-down prosperity – a continuation of the Reagan era’s supply-side economics, which never actually worked. Fire-breathing rhetoric, or raving 3am tweets, may assuage the anger of those left behind by the Reagan revolution, at least for a while. But for how long? And what happens then?Trump might like to repeal the ordinary laws of economics, as he goes about his version of voodoo economics. But he can’t. Still, as the world’s largest economy leads the way into uncharted political waters in 2017 and beyond, it would be foolhardy for a mere mortal to attempt a forecast, other than to state the obvious: the waters will almost certainly be choppy, and many – if not most – pundit ships will sink long the way.• Joseph Stiglitz is a nobel prizewinner in economics, university professor at Columbia University, a former senior vice-president and chief economist of the World Bank and chair of the US president’s council of economic advisers under Bill Clinton. © Project Syndicate'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/09/my-new-year-forecast-trumpian-uncertainty-and-lots-of-it'|'2017-01-09T02:00:00.000+02:00'
'01d1f65a46a12ed0823243b28cc2213f940ad041'|'William Hill reports profit at bottom of guidance range'|' 35am GMT William Hill reports profit at bottom of guidance range A William Hill bookmaker store is seen in London, Britain July 21, 2016. REUTERS/Peter Nicholls British bookmaker William Hill Plc ( WMH.L ) on Monday reported a fall in full-year operating profit to 260 million pounds, at the lower end of its guidance range, after unfavourable football and horse racing results in December. The company, which in November said it expected operating profit to be at the higher end of its 260-280 million pounds guidance range, said gross win margins were below expectations. It posted an operating profit of 291.4 million pounds for 2015. "The recent run of sporting results have not changed our confidence in a better performance in 2017," William Hill said in the statement. (Reporting by Rahul B in Bengaluru; editing by Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-william-hill-outlook-idUKKBN14T0MX'|'2017-01-09T14:35:00.000+02:00'
'3fc3044ff7dff68f7c47da86c2144ce764bf8398'|'Millennium approves capital hike of up to 1.3 billion euros: media'|'LISBON Millennium bcp, Portugal''s largest listed bank, has approved a capital increase of up to 1.3 billion euros ($1.37 billion), local media reported on Monday.Online site Economia Online and the site of business daily Jornal de Negocios reported that the bank''s board had approved the measure at a meeting on Monday.A spokesman at the bank said Millennium would not comment.In December, shareholder in Millennium approved an increase of the bank''s voting rights cap to 30 percent, as demanded by China''s Fosun. Fosun bought a 16.7 percent stake in Millennium last year, with a possible further increase of up to 30 percent.(Reporting By Axel Bugge and Sergio Goncalves)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-millennium-banco-com-port-idINKBN14T1ZQ'|'2017-01-09T14:38:00.000+02:00'
'7cdf1e591e47bebadfa9749db7e9fa500f738db5'|'ZTE shares fall 3.8 percent in Shenzhen after job cut news'|'Business News - Mon Jan 9, 2017 - 2:08am GMT ZTE shares fall 3.8 percent in Shenzhen after job cut news The company name of ZTE is seen outside the ZTE R&D building in Shenzhen, China April 27, 2016. REUTERS/Bobby Yip/File Photo HONG KONG Shenzhen shares of ZTE Corp ( 000063.SZ ) fell 3.8 percent after Reuters reported that the Chinese telecom equipment maker is axing about 5 percent of its 60,000 global workforce. The stock slid to 15.03 yuan, the lowest since Oct. 24, 2016. Its Hong Kong shares ( 0763.HK ) fell as much as 3.8 percent. The Shenzhen-based company ( 000063.SZ ), which is facing U.S. trade sanctions that could severely disrupt its supply chain, is slashing about 3,000 jobs, including a fifth of positions in its struggling handset business in China, according to company sources. (Reporting by Donny Kwok; Editing by Stephen Coates) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-zte-stocks-idUKKBN14T04G'|'2017-01-09T09:08:00.000+02:00'
'e4ccf84261622172a8e739a849fd5bbdd9e0dedb'|'Christmas sales boost UK retailers, but non-food sales sluggish - BRC'|'Business News - Tue Jan 10, 2017 - 12:05am GMT Christmas sales boost UK retailers, but non-food sales sluggish - BRC A woman walks with shopping during rainfall on Christmas Eve in Loughborough, Britain December 24, 2015. REUTERS/Darren Staples LONDON Jan 10 British retail sales picked up speed in December, an industry survey showed, but sales of bigger ticket items were sluggish, a possible early sign that consumers are bracing for a Brexit hit to their spending power. A separate survey showed a slight slowdown in the number of permanent workers hired via recruitment agencies last month and pay rising at the slowest pace in five months. Economists are watching for any signs of a flagging in the spending by consumers which has helped Britain''s economy to withstand the shock of the vote in June to leave the European Union. The British Retail Consortium said a strong Christmas week boosted spending growth in December to a year-on-year rate of 1.7 percent, up from 1.3 percent in November. Like-for-like sales - which exclude new store openings - saw annual growth of 1.0 percent, up from 0.6 percent in November. "Despite the slow start to the Christmas trading period, the week itself was a bumper one and exceeded expectations," BRC chief executive Helen Dickinson said. While food sales were strong in December, non-food sales were slow, possibly reflecting fewer clearance sales days after Christmas this year than in 2015, according to the BRC. But the pattern was repeated over the three months to December when food sales increased by 2.4 percent, the strongest increase in more than three years and non-food sales rose by only 1.3 percent, the weakest performance since October 2012. Britain''s inflation rate has begun to rise following the slump in the value of the pound caused by the Brexit vote, and it is expected to hit around 3 percent this year. "The challenge for retailers in 2017 will be to create real growth against a backdrop of growing inflationary pressures and persisting economic and political uncertainty," Dickinson said. So far, Britain''s labour market has shown only a few hints of weakening after the Brexit vote. The Recruitment and Employment Confederation said its monthly labour market survey showed permanent staff placements grew in December, but at a slightly slower pace than November''s nine-month peak. The rate of growth of pay for permanent workers was the slowest in five months, it said. By contrast, hiring and pay growth for temporary workers were the fastest since the spring of last year. (Reporting by William Schomberg; editing by Andy Bruce) ((william.schomberg@thomsonreuters.com; +44 20 7542 7778)) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-retail-idUKKBN14U008'|'2017-01-10T07:05:00.000+02:00'
'3aebe82a701f8945228dbebf71d34434f42d1f72'|'Italy''s Target 2 liabilities fall to 356.6 bln euros in December'|'Financials  11am EST Italy''s Target 2 liabilities fall to 356.6 bln euros in December MILAN Jan 9 The Bank of Italy''s liabilities towards other euro zone central banks fell to 356.559 billion euros in December, down from a record high of 358.612 billion euros in November. The balance had been rising month after month since March, according to figures released by the Bank of Italy. The Bank of Italy''s position within the Target 2 system, which settles cross-border payments in the euro zone, is monitored because its rising can indicate financial stress. (Reporting by Giulio Piovaccari; writing by Francesca Landini, editing by Steve Scherer) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-target-idUSI6N1EI008'|'2017-01-09T17:11:00.000+02:00'
'77b01e6c051de78185b13438a05362868871446f'|'U.S. Supreme Court rejects Dow over $1 billion tax deduction claim'|'Funds News  40am EST U.S. Supreme Court rejects Dow over $1 billion tax deduction claim WASHINGTON Jan 9 The U.S. Supreme Court on Monday declined to hear Dow Chemical Co''s bid to revive its claim to more than $1 billion in tax deductions based on partnerships the company entered into that lower courts said were created primarily to avoid tax liability and had no legitimate business purpose. The justices left in place two rulings by the New Orleans-based 5th U.S. Circuit Court of Appeals in favor of the U.S. government over the two partnerships that ran from 1993 to 2003. (Reporting by Lawrence Hurley; Editing by Will Dunham) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-court-dow-idUSW1N1B501Z'|'2017-01-09T21:40:00.000+02:00'
'a1533809f9c54207f6ab0b59143af6550112e693'|'Goldcorp to buy stake in Auryn Resources for C$35 million'|'Market News - Mon Jan 9, 2017 - 11:39am EST Goldcorp to buy stake in Auryn Resources for C$35 million Jan 9 Auryn Resources Inc said on Monday that Goldcorp Inc, the world''s third-largest gold producer by market value, would buy a stake in the Canadian exploration company for C$35 million ($26.49 million), sending its shares up nearly 15 percent. Auryn owns the Committee Bay gold project in Nunavut and the Homestake Ridge gold project in British Columbia. It also owns gold properties in Peru. Large gold producers are increasingly relying on small exploration companies to do the heavy lifting of searching for new deposits and are taking stakes of 10 percent to 20 percent in them. Goldcorp will buy 9.5 million shares in Auryn at C$3.67 each. Shares of Auryn were up 45 Canadian cents, or nearly 15 percent, at C$3.50 on the Toronto Stock Exchange after the deal was announced, while Goldcorp rose 6 Canadian cents to C$19.39. ($1 = 1.3215 Canadian dollars) (Reporting by Nicole Mordant in Vancouver; Editing by Lisa Von Ahn) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/auryn-resources-ma-goldcorp-idUSL1N1EZ0Y2'|'2017-01-09T23:39:00.000+02:00'
'e1b406bd0130ea399f45d723bbfb444a9f8f4b45'|'Toyota to invest $10 billion in U.S. over five years'|'Business News - Mon Jan 9, 2017 - 10:14am EST Toyota to invest $10 billion in U.S. over five years Jim Lentz pauses during an interview in New York, March 28, 2013. REUTERS/Brendan McDermid DETROIT Toyota Motor North America chief executive Jim Lentz said on Monday the Japanese automaker will spend $10 billion in U.S. capital investments over the next five years, matching its investments over the prior five years. The automaker has come under fire from President-elect Donald Trump for announcing in 2015 plans to shift production of its Corolla to Mexico from Canada. Lentz said in an interview at the Detroit auto show the decision is not a response to Trump but part of the automaker''s business strategy to invest in the United States, where it has 10 plants in eight states. (Reporting by David Shepardson and Norihiko Shirouzu in Detroit; Editing by Chizu Nomiyama) Next In Business News Supreme Court rejects Dow over $1 billion tax deduction claim WASHINGTON The U.S. Supreme Court on Monday declined to hear Dow Chemical Co''s bid to revive its claim to more than $1 billion in tax deductions based on partnerships the company entered into that lower courts said were created primarily to avoid tax liability and had no legitimate business purpose.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-autoshow-toyota-idUSKBN14T1NN'|'2017-01-09T22:14:00.000+02:00'
'5f020d22c98957a7559bad0e5268c7103fc4fede'|'U.S. weekly jobless claims rise; import prices push higher'|'  2:11pm GMT U.S. weekly jobless claims rise; import prices push higher A sign marks the entrance to a job fair in New York October 24, 2011. REUTERS/Shannon Stapleton By Lucia Mutikani - WASHINGTON WASHINGTON The number of Americans filing for unemployment benefits rose less than expected last week and the underlying trend remained consistent with a tightening labour market that is starting to spur faster wage growth. Other data on Thursday showed import prices posting their largest gain in nearly five years in the 12 months through December, suggesting that inflation could soon push higher. Import prices are being driven by rising oil prices, but a strong dollar could mitigate some of the impact on inflation. Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 247,000 for the week ended Jan. 7, the Labor Department said. Jobless claims have now been below 300,000, a threshold associated with a healthy labour market, for 97 consecutive weeks. That is the longest stretch since 1970, when the labour market was much smaller. Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 255,000 in the latest week. The four-week moving average of claims, considered a better measure of labour market trends as it irons out week-to-week volatility, fell 1,750 to 256,500 last week. U.S. financial markets were little moved by the data. The labour market is considered to be at or near full employment, with the unemployment rate near a nine-year low of 4.7 percent. Tightening labour markets are starting to push up wage growth. Average hourly earnings increased 2.9 percent in the 12 months through December, the largest gain since June 2009. Rising wages and President-elect Donald Trump''s pledge to cut taxes are expected to boost consumer spending and support economic growth through much of this year. In a second report, the Labor Department said import prices increased 0.4 percent last month after slipping 0.2 percent in November. In the 12 months through December, import prices jumped 1.8 percent, the largest gain since March 2012, after edging up 0.1 percent in the 12 months through November. Import prices excluding petroleum fell 0.2 percent in December after being unchanged the prior month. Import prices are rising as the drag from lower oil prices fades. Oil prices have risen above $50 per barrel. But underlying import prices are likely to remain soft amid sustained dollar strength. The dollar gained 4.4 percent against the currencies of the United States'' main trading partners last year. A tighter labour market and the proposed fiscal stimulus are expected to stoke inflation, which could prompt the Federal Reserve to raise interest rates at a faster pace than currently envisaged. The Fed raised its benchmark overnight interest rate last month by 25 basis points to a range of 0.50 percent to 0.75 percent. The U.S. central bank has forecast three rate hikes for this year. Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid fell 29,000 to 2.09 million in the week ended Dec. 31. That was the first decline in the so-called continuing claims since November. The four-week average of continuing claims rose 16,500 to 2.09 million. (Reporting by Lucia Mutikani; Editing by Andrea Ricci)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN14W1ZN'|'2017-01-12T21:11:00.000+02:00'
'b78028e02e7b44c00300676c7ba167bfefb5897d'|'Mothercare''s UK sales return to growth on online surge'|' 44am GMT Mothercare''s UK sales return to growth on online surge Customers leave a Mothercare shop in London October 11, 2008. REUTERS/Suzanne Plunkett Baby goods retailer Mothercare Plc ( MTC.L ) said third-quarter sales in the UK returned to growth helped by a rise in online orders. The company, which has been trying to revive its British business that has come under pressure from tough competition, said total sales in the UK for the 13 weeks to Jan. 7 rose 0.6 percent with online sales rising 5.5 percent. Sales at UK stores open over a year rose 1 percent during the quarter and online sales now represent about 40 percent of its total UK sales, the company said. (Reporting by Rahul B in Bengaluru; Editing by Gopakumar Warrier)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mothercare-outlook-idUKKBN14W0RY'|'2017-01-12T14:44:00.000+02:00'
'da4c5900db19c43161af9847b0bb151921f59605'|'National Bank of Oman Q4 net profit slips 19.9 pct'|'Financials   4:59am EST National Bank of Oman Q4 net profit slips 19.9 pct DUBAI Jan 12 National Bank of Oman (NBO), the sultanate''s third-largest lender by assets, posted on Thursday a 19.9 percent fall in fourth-quarter net profit, according to Reuters calculations. The lender made a profit of 13.68 million rials ($35.5 million) in the three months to Dec. 31, Reuters calculated based on previous financial statements in lieu of a quarterly breakdown. This was down from 17.07 million rials in the same period of 2015. EFG Hermes had forecast the bank would make a quarterly net profit of 14.35 million rials, while Gulf Baader Capital Markets had estimated 13.50 million rials. NBO reported a net profit for full-year 2016 of 55.8 million rials, down from 60.1 million rials in 2015, a bourse filing showed. (Reporting by Tom Arnold; Editing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/natl-bank-oman-results-idUSD5N1E900M'|'2017-01-12T16:59:00.000+02:00'
'723788b7baae9bb9672887ffe5ce165b9e0e4a0c'|'VW shareholders call for reforms in wake of $4.3 bln U.S. deal'|'Business  47am EST VW shareholders call for reforms in wake of $4.3 billion U.S. deal FILE PHOTO: A Volkswagen logo is seen at a dealership in Seoul, South Korea, August 2, 2016. REUTERS/Kim Hong-Ji/File Photo - RTX2YF74 By Edward Taylor - FRANKFURT FRANKFURT Volkswagen ( VOWG_p.DE ) investors demanded greater transparency and reforms at the carmaker after it admitted to criminal offences in rigging U.S. emissions tests and U.S. prosecutors indicted six current and former managers over the scandal. The German company agreed to pay $4.3 billion in civil and criminal fines in a settlement with the U.S. Justice Department on Wednesday, the largest ever U.S. penalty levied on an automaker. Volkswagen (VW) admitted about 40 employees at its VW and Audi brands deleted thousands of documents in an effort to hide from U.S. authorities the systematic use of so-called defeat devices to rig diesel emissions tests, a scale of wrongdoing that led some investors to call for deep reforms. "What is most disturbing ... is the pattern of deception, both in developing and perfecting the defeat devices, as well as deliberately obstructing the subsequent investigation," said Annie Bersagel, an adviser for responsible investments at Norwegian Mutual Insurance company Kommunal Landspensjonskasse (KLP). KLP and KLP mutual funds have small investments in both VW equities and fixed income products. "Going forward we would like to see more truly independent directors. This may change governance at the company where we see some issues, for example the awarding of large bonuses to current and former managers. We would like to see a clawback provision relating to violations." Ingo Speich, a fund manager at Union Investment which holds about 0.6 percent of VW preference shares, said on Wednesday the company needed to "put everything on the table" about its wrongdoing to regain the trust of investors. VW still faces lawsuits from about 20 U.S. states and from U.S. investors, and will spend years buying back or fixing nearly 580,000 polluting U.S. vehicles. It also faces claims from customers in Europe and Asia, after it admitted in September 2015 that up to 11 million vehicles worldwide could have defeat device software installed. So far, the scandal has cost VW up to $22 billion in the United States alone, in deals with owners, regulators, U.S. states and dealers. Despite the fines, VW has continued to pay bonuses to top managers. For 2015, the year the scandal was uncovered, VW agreed to pay 12 current and former members of the management board at total of 63.2 million euros ($67.2 million) in fixed and flexible remuneration. It said board members would have 30 percent of their variable bonus awards withheld, if the share price remained below 140 euros. VW shares are currently trading at 151.89 euros. SIX EMPLOYEES INDICTED In total, six current and former VW managers have been indicted, including Heinz-Jakob Neusser, former head of development for the VW brand. Five of them are in Germany and it is unclear if they will come to the United States to face charges since Germany typically does not extradite its citizens. While senior managers, none of them are - or were - members of VW''s management board. At a press conference in Washington, U.S. attorney general Loretta E. Lynch said U.S. authorities would continue to pursue those responsible for emissions cheating. "This announcement does not mean that our investigation is complete ... We will continue to pursue the individuals responsible for orchestrating this damaging conspiracy," Lynch said. The indictment said the six managers engaged in a 10-year conspiracy to cheat U.S. emissions tests and then cover up excessive emissions even as regulators questioned irregularities. VW Chief Executive Officer Matthias Mueller said in a statement the company "deeply regrets the behavior that gave rise to the diesel crisis" and vowed to continue changes in how the company operates. See graphic on emissions affair: ( tmsnrt.rs/2fYcm9Q ) See timeline on emissions affair: ($1 = 8.5018 Norwegian crowns) (Additional reporting by Andreas Cremer; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-volkswagen-emissions-idUSKBN14W147'|'2017-01-12T16:37:00.000+02:00'
'041475f586b5661232625385bc946c529c5e938a'|'Peru aims to close deals on $3 bln for state energy company'|'LIMA Jan 11 Peru''s finance minister said Wednesday that he will seek to close deals on $3 billion in financing for state energy company Petroperu, including a loan from Spanish state-backed insurer Cesce, during a trip to Europe next week.In an interview with local broadcaster RPP, Finance Minister Alfredo Thorne said the money would allow Petroperu to pay for remaining upgrades at its Talara refinery and to repair its four-decades old pipeline that remains shuttered after a dozen oil spills in the Amazon last year."We''re going to talk with banks, with the Spaniards, we''re going to talk with the minister who''s giving us this Cesce loan and we''re going to try to close this as soon as possible to obtain $3 billion in financing," Thorne said on RPP.Last month Thorne said Petroperu had opted not to sell bonds to raise financing as announced during the previous government, and would instead seek loans from Cesce, the World Bank and a lending syndicate.The government of President Pedro Pablo Kuczynski, a 78-year-old former investment banker who took office in July, wants to restructure Petroperu to make it more efficient.Last month the first head of Petroperu that Kuczynski named resigned along with the entire board to protest the government''s vetoing of an internal appointment.Petroperu mainly transports and commercializes oil products. It has said it is about halfway finished with the $3.5 billion expansion of Talara.(Reporting By Ursula Scollo; Writing by Mitra Taj; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/peru-petroperu-idINL1N1F115L'|'2017-01-11T13:34:00.000+02:00'
'bad598330fc5218db52fa8b7622bd60cf6045093'|'Japan’s Takeda snaps up Ariad of the US for $5bn'|'Japan’s Takeda snaps up Ariad of the US for $5bn Buyer presses ahead with expansion after failing to acquire Salix from Valeant Read next by: James Fontanella-Khan and David Crow in San Francisco Takeda has agreed to acquire US oncology group Ariad Pharmaceuticals for $5.2bn, in what is likely to be the first in a series of deals for Japan’s largest pharmaceutical group as its chief executive eyes more targets. Christophe Weber, chief executive of Takeda, told the Financial Times that it was part of the company’s business strategy to expand through acquisitions, with a particular focus on the US, as well as emerging markets and Europe. “It is part of our model,” Mr Weber said. “We are focusing on gastrointestinal, oncology and central nervous system. We have a very external facing approach but we are also investing internally as well.” The all-cash transaction, announced on Monday at the first day of the JPMorgan Healthcare conference in San Francisco, the industry’s biggest annual gathering, marks Takeda’s determination to expand in the US after it failed to acquire Salix Pharmaceuticals from Canadian drugmaker Valeant for $10bn in November. Japan’s biggest drugmaker by market value has been on the hunt for a large US deal for several months. The Ariad acquisition, which is Takeda’s first major purchase since 2011, will give it “confidence and momentum” for further expansion, according to a person close to the company. The Financial Times reported in September that Takeda had earmarked as much as $15bn to buy US companies developing drugs for cancer, gastrointestinal conditions and neurological disorders, such as Alzheimer’s disease. Japanese companies, supported by the pro-growth “Abenomics” reforms of Prime Minister Shinzo Abe, have been aggressively seeking opportunities to expand their businesses in the US. But pharma groups have struggled to participate in the flurry of dealmaking of the past three years as they lost out in several auctions to higher bidders. Mr Weber, who as a Frenchman is Takeda’s first non-Japanese chief executive, has been under pressure to revive the fortunes of the drugmaker as patents on a number of its products are set to expire in 2020. Related article Cheap credit and need for new drugs create overheated market, analysts warn Tuesday, 10 January, 2017 Takeda’s deal to buy Ariad could help it address one of the areas where the company wants to bolster its business, say analysts. Ariad develops drugs for rare cancers, including acute leukaemia and lung cancer. Oncology medicines, particularly new treatments that take advantage of innovations in genomics to produce targeted therapies, are seen as critical elements to larger pharma companies’ portfolios, making specialty groups such as Ariad enticing takeover candidates. “The acquisition of Ariad is a unique opportunity that will enable us to positively impact the lives of more patients worldwide, advance our strategic priorities and generate attractive returns for our shareholders,” Mr Weber said. Takeda will pay $24 an Ariad share to acquire the Massachusetts company, a 75 per cent premium to the US drugmaker’s closing share price on January 6. The transaction, which has been approved unanimously by the companies’ boards, is expected to close by the end of next month, according to the two groups. JPMorgan, Goldman Sachs and Lazard acted as financial advisers to Ariad while Paul, Weiss, Rifkind, Wharton & Garrison acted as the company’s legal adviser. Evercore Partners was the sole adviser to Takeda, while legal advice came from Cleary Gottlieb Steen & Hamilton. Additional reporting Adam Samson Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/us'|'https://www.ft.com/content/a1efd25a-d67d-11e6-944b-e7eb37a6aa8e'|'2017-01-10T00:48:00.000+02:00'
'bd0c76f3e907dbe2b384f5c7018d07fe39507458'|'European carmakers hope to catch Tesla with faster e-car chargers'|'Business   7:08am GMT European carmakers hope to catch Tesla with faster e-car chargers left right A Tesla Model S charges at a Tesla Supercharger station in Cabazon, California, U.S. May 18, 2016. REUTERS/Sam Mircovich/File Photo 1/2 left right A Tesla Supercharger station is shown in Cabazon, California, U.S. May 18, 2016. REUTERS/Sam Mircovich/File Photo 2/2 By Christoph Steitz - FRANKFURT FRANKFURT Europe''s biggest carmakers are drawing on the full force of the continent''s industrial prowess to build a network of ultra-fast charging stations as they look to stoke demand for electric cars and break Tesla''s ( TSLA.O ) stranglehold on the market. BMW ( BMWG.DE ), Volkswagen ( VOWG_p.DE ), Ford ( F.N ) and Daimler ( DAIGn.DE ) plan to build about 400 next-generation charging stations in Europe that can reload an electric car in minutes instead of hours. The long time it takes to charge batteries is one of the main disadvantages of electric cars compared to conventional cars with gasoline tanks that can be filled up in seconds. Until now, drivers of electric cars have had to leave their vehicles plugged in for hours at a charging station for a journey between cities, making many long range journeys impractical. Installing new, faster chargers would spur the overall market, and also help the traditional car manufacturers close the gap with Tesla, the Silicon Valley-based e-car leader, which maintains its own network of charging stations. Tesla''s chargers are the fastest in the industry, and are incompatible with existing electric cars made by rivals. The carmakers are roping in experts from the European power and engineering industry, including Germany''s Innogy ( IGY.DE ), E.ON ( EONGn.DE ) and Siemens ( SIEGn.DE ) and Portugal''s Efacec, which are all working on the technology, people familiar with the matter told Reuters. The new 350 kilowatt (kW) chargers would be nearly three times as powerful as Tesla''s. "This is a structured and concerted effort across sectors to tackle the infrastructure issue in a real way," one of the sources said. A spokesman for Ford, speaking on behalf of the consortium, said talks with possible partners had started, adding he expected several energy providers to be part of the planned network, without elaborating further. Tesla''s tech billionaire CEO Elon Musk has hinted that the company will not be outdone, tweeting that 350 kW chargers are a "children''s toy". A Germany-based spokeswoman for the company declined to comment beyond Musk''s remarks. WHO''S AFRAID OF ELON MUSK? European carmakers believe they are on the cusp of a surge in demand for electric vehicles. Daimler CEO Dieter Zetsche expects electric vehicles will make up 15-25 percent of Mercedes sales by 2025. But first, technicians have to solve the problem of conveniently charging them up. Europe already has a network of nearly 72,000 public charging stations for electric cars, but most are so slow they take hours for a meaningful charge. The International Energy Agency says only about 5,800 European charging stations are "fast", which it defines as charging at a rate of 43 kW or more, the equivalent of operating 90 washing machines simultaneously. The fastest chargers in widespread use on the continent so far are the more than 1,800 installed so far by Tesla. At 120 kW, they still need half an hour to give a car enough juice to drive 270 km. As the market for electric cars grows, traditional car makers are going to find it easier to catch up with Tesla, said Graham Evans, automotive analyst at IHS Markit. "Tesla doesn''t really have anyone to answer to, they are independent," he said. "(But) I think that further out the big (automakers) are in a better position to capitalise because of their more extensive resources." Installing thousands of fast chargers across the globe will require billions of dollars in investment and offer an opportunity to manufacturers. The car consortium''s new fast chargers will cost about 200,000 euros (173,827.16 pounds) each. U.S. market leader ChargePoint upped the ante last week by announcing stations of up to 400 kW that will be available from July. Navigant Research analyst Lisa Jerram said the number of players in the nascent market to build ultra-fast charging stations makes it difficult to call out a winner yet. "Development is underway on these chargers so there isn''t a leader at this point," she said. So far, makers of charging stations are focused mainly on getting exposure and market share by installing as many as possible. But sooner or later, investors are going to want to see profits, which means that cost will come to matter more. That holds true even for Tesla, which is starting to adjust its business model as the industry grows up. Tesla cars ordered up until this week have come with free electricity from its charging stations. But owners who order their cars after Jan. 15 will have to pay to power them up once they reach a limit, although the company says the price will always be cheaper than gasoline. "Burning money as a result of the market and technology not being ready is unlikely to be rewarded by shareholders," said Thomas Deser, senior fund manager at Union Investment. (Additional reporting by Edward Taylor and Tom Kaeckenhoff) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-emobility-utilities-idUKKBN14V0LL'|'2017-01-11T14:08:00.000+02:00'
'12fcafa92a0f1348dbefa28dd192878768741388'|'Saudi energy minister: still expects Aramco IPO in 2018'|'ABU DHABI Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that he still expected national oil giant Saudi Aramco IPO-ARMO.SE to conduct a public offer of its shares in 2018.Falih was speaking at a conference in Abu Dhabi. Riyadh has said it plans to sell up to 5 percent of the company in what could be the world''s largest initial public offer of equity, raising tens of billions of dollars.Officials have been working since early last year on complex details of the offer, including legal conditions, how to value Aramco''s assets, and on which exchanges its shares would be listed.(Reporting by Stanley Carvalho; Writing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-aramco-ipo-idINKBN14W15N'|'2017-01-12T07:01:00.000+02:00'
'7028e303c37a4a1685d2ed39fb7e6b03e9f2a811'|'Jupiter says hit by fourth quarter outflows'|' 47am GMT Jupiter says hit by fourth quarter outflows LONDON Jupiter Fund Management ( JUP.L ) said on Thursday clients pulled 373 million pounds from its funds during the fourth quarter, with withdrawals largely by institutional investors exiting its European and multi-manager strategies. Over the 12 months to end-December, though, net mutual fund inflows were 859 million pounds, it added, taking year-end assets under management to 40.5 billion pounds, from 35.7 billion pounds at the end of 2015. Jupiter said the effects of wider market uncertainty on the firm''s performance during the year had been muted, although it expected global political and economic uncertainty to continue to affect investor sentiment in 2017. Jupiter said market gains during the fourth-quarter, with global stock markets at or near record highs, had marginally offset the impact of client withdrawals. Jupiter also said it managed to attract fresh money into its absolute return, fixed income and emerging markets strategies during the period. (Reporting by Simon Jessop; Editing by Rachel Armstrong)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-jupiter-fund-trading-idUKKBN14W0SC'|'2017-01-12T14:47:00.000+02:00'
'5dcedd1a739a1c5c56b9980726739a1e2d4264af'|'United Airlines to cut some management positions'|'United Continental Holdings Inc ( UAL.N ) expects to cut some management employees as a part of its larger restructuring program."While we don’t have an exact figure now, a small number of our management team will be affected by reductions," said spokeswoman Megan McCarthy in a statement.However, frontline employees, which include pilots, flight attendants, customer-service and gate agents, would not be affected by the impending changes, she said.The No.3 U.S. airline by passenger traffic is increasing efforts to match margins of No.2 Delta Air Lines Inc ( DAL.N ).United said in October cheap airfares and higher wages from new contracts would squeeze its results in the fall, making it difficult to be as profitable as competitors.Bloomberg earlier reported the staffing cuts.(This story has been refiled to correct attribution in paragraphs 2-3 to spokeswoman from memo.)(Reporting by Vishaka George in Bengaluru and Jeffrey Dastin in New York; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ual-layoffs-idINKBN14W07Y'|'2017-01-11T23:36:00.000+02:00'
'03f05d94f530d57f945aac43c1c41e69ba291662'|'Indonesia''s Graha to invest over $200 mln to quadruple movie theatres - exec'|'Financials   12:58am EST Indonesia''s Graha to invest over $200 mln to quadruple movie theatres - exec JAKARTA Jan 11 Indonesia''s second-biggest cinema operator, PT Graha Layar Prima Tbk, plans to invest more than $200 million to nearly quadruple its movie theatres to 100 over the next three years, an executive said on Wednesday. The company, which runs the CGV Blitz cinema chain in Indonesia and is backed by South Korea''s CJ CGV Co Ltd , currently has 27 theatres and is making a big push in the country of 250 million people, said Graha''s corporate secretary Mutia Resty. Its expansion plan comes after Indonesia liberalised dozens of industries, including the movie market, last year. Previously, the so-called "negative investment list" shut most of the industry to foreigners. In December, Singapore sovereign wealth fund GIC said it would invest 3.5 trillion rupiah ($260.7 million) in Graha''s rival, PT Nusantara Sejahtera Raya, which operates Indonesia''s biggest cinema chain Cinema 21. (Reporting by Cindy Silviana; Editing by Biju Dwarakanath) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/indonesia-graha-layar-movie-idUSL4N1F11SK'|'2017-01-11T12:58:00.000+02:00'
'514790127572a726027b26247a1dec7a64102de7'|'Brexit adds to caution on LSE, Deutsche Boerse merger - Draghi'|'Deals   6:50pm GMT Brexit adds to caution on LSE, Deutsche Boerse merger: Draghi European Central Bank (ECB) President Mario Draghi addresses a news conference at the ECB headquarters in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski FRANKFURT The European Central Bank needs to carefully analyze a proposed merger between London Stock Exchange Group ( LSE.L ) and Deutsche Boerse ( DB1Gn.DE ), particularly given Britain''s decision to leave the EU, ECB President Mario Draghi said on Wednesday. "When a merger leads to a change in ownership of a euro area bank, as could be the case for entities within Deutsche Boerse and LSE Group that are licensed as banks, the ECB has to analyze it carefully from a prudential perspective," Draghi said in a letter to a member of the European Parliament. "The United Kingdom''s withdrawal (from the EU) may lead to a loss of oversight and supervision of UK central counterparties by the ECB," Draghi added. "Thus, it will be important to find solutions that at least preserve, or ideally enhance, the current level of supervision and oversight." Deutsche Boerse and LSE have been working to overcome regulatory hurdles holding up their $28 billion merger as the European Commission has expressed antitrust concerns, particularly in the case of clearing of derivatives contracts. Seeking to appease regulators, the LSE agreed earlier this month to sell its French clearing business to Euronext ( ENX.PA ) for 510 million euros ($535 million), a move that may still not be enough for Brussels. A major hurdle to the merger is how antitrust regulators define the derivatives market. Deutsche Boerse is hoping that the European Commission will treat over-the-counter (OTC) derivatives contracts and on-exchange traded derivatives as two separate markets, sticking to a market definition the Commission confirmed back in 2012. Deutsche Boerse''s Eurex is mainly active in exchange-traded derivatives, while the LSE''s LCH.Clearnet is active in the OTC business. But Deutsche Boerse has acknowledged that the European Commission may change its mind, prompting some concessions such as the sale of LCH.Clearnet to avoid the combined group being regarded as a dominant player. (Reporting by Balazs Koranyi; Editing by Ruth Pitchford) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-deutscheboerse-lse-ecb-idUKKBN14V2DC'|'2017-01-12T01:49:00.000+02:00'
'e7d0a2b19563348eba8a480d278bc5912630ef02'|'Volkswagen agrees to $4.3 billion U.S. diesel settlement - sources'|'Money   10:55pm IST Volkswagen agrees to $4.3 billion U.S. diesel settlement - sources A Volkswagen logo is seen at a dealership in Seoul, South Korea, August 2, 2016. REUTERS/Kim Hong-Ji/Files By David Shepardson - WASHINGTON WASHINGTON Volkswagen AG has agreed to a $4.3 billion settlement to resolve the U.S. government''s civil and criminal investigations into the German automaker''s diesel emissions cheating, two sources briefed on the matter said Wednesday. U.S. Attorney General Loretta Lynch and Environmental Protection Agency chief Gina McCarthy will announce the settlement in Washington on Wednesday at a news conference, the government said in a statement. Reuters has learned that prosecutors may charge additional individuals with criminal conduct as early as today, the sources said. On Monday, a VW executive, the second VW employee charged by U.S. prosecutors, was accused of conspiracy to defraud the United States over the company''s emissions cheating and the automaker was charged with concealing the cheating from regulators. The world''s second largest automaker confirmed Tuesday it has negotiated a $4.3-billion concrete draft settlement with U.S. regulators to resolve its diesel emissions issues and plans to plead guilty to criminal misconduct as part of the civil and criminal settlement. The settlement doesn''t impact the government''s ongoing investigation into individual misconduct by current and former VW employees. Volkswagen had previously agreed to spend up to $17.5 billion in the United States to resolve claims by U.S. regulators, owners and dealers and offered to buy back nearly 500,000 polluting vehicles. The automaker was in intensive talks with regulators in recent weeks in an effort to reach a deal before the end of the Obama administration. Without a deal by next week, a final resolution could have been delayed by months until the Trump EPA and Justice Department teams are in place. VW admitted in September 2015 to installing secret software in hundreds of thousands of U.S. diesel cars to cheat exhaust emissions tests and make them appear cleaner than they were on the road, and that as many as 11 million vehicles could have similar software installed worldwide. Much of the company''s senior management departed following the scandal, including chief executive Martin Winterkorn. (Reporting by David Shepardson in Washington and Andreas Cremer in Berlin; Writing by Doina Chiacu; Editing by Chizu Nomiyama and Nick Zieminski) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/volkswagen-emissions-epa-idINKBN14V26Z'|'2017-01-12T00:25:00.000+02:00'
'9c5261dadbadcf8be733f6132bf5fc8763722db3'|'Zell''s Equity International, Pátria to merge Brazil self-storage units'|'By Ana Mano - SAO PAULO SAO PAULO Jan 11 Real estate tycoon Sam Zell and investment firm Pátria Investimentos Ltda have combined two leading Brazilian self-storage firms in a joint venture that aims to more than double their capacity by 2020, the companies said on Wednesday.Under their plan, the entity resulting from the merger of Zell''s GuardeAqui and Pátria''s Kipit will open 30 storage facilities in Brazil over the period, an investment that could reach 600 million reais ($187.76 million) based on the average cost to build a unit.Each unit costs about 20 million reais to set up, Fauze Antun, real estate partner at Pátria, said in an interview. He declined to quantify the investments of each of the companies, but said that most of the funds should come from Pátria, since Kipit is the smaller partner.With about 20 units, the joint venture will comprise one-third of Brazil''s leasable self-storage area, the partners said in a statement. The venture, which will operate under the GuardeAqui brand, is roughly 50-50 owned by the partners, Antun said.The goal is to expand GuardeAqui''s leadership in Brazil''s fragmented self-storage market, which gained steam in last the decade on buoyant demand for housing, the companies said. Self-storage gives individuals a way to keep belongings as they move into smaller apartments and homes.Once the venture reaches its target of opening 50 self-storage sites, Zell and Pátria will start considering a potential exit for GuardeAqui, through an initial public offering, a sale to another investor, or another option, Antun said.While self-storage offers some of the most stable returns in real estate, the segment has remained underdeveloped in Brazil because of scarce financing, GuardeAqui Chief Executive Allan Paiotti said in an interview.The sector has a crisis-resilient reputation due to the flexible nature of self-storage leasing contracts and the fact that corporate clients account for half of the business of GuardeAqui and Kipit, Paiotti added.In the last few years, Brazil''s self-storage industry has attracted names such as São Paulo-based Hemisfério Sul Investimentos Ltda and U.S.-based Evergreen Investment Corp, which committed $150 million to create GoodStorage in 2013.Also, Goldman Sachs Group Inc''s special situations unit last year provided an undisclosed amount of expansion capital to privately owned MetroFit, marking the bank''s first investment of that kind in Brazil.Zell''s Equity International entered GuardeAqui in 2011, investing $58 million. Kipit is part of the investment portfolio of Pátria''s roughly three-year-old Real Estate Fund III.($1 = 3.1955 reais) (Reporting by Ana Mano; Editing by Guillermo Parra-Bernal and Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-storage-ma-idINL1N1F00S0'|'2017-01-11T04:00:00.000+02:00'
'b96dc4f8e00ceee79c4b6516076ae6c22d4d7e10'|'Indian auto sales see biggest drop in 16 years'|'Asia - Tue Jan 10, 2017 - 10:49pm IST Indian auto sales see biggest drop in 16 years Workers assemble Ford cars at a plant of Ford India in Chengalpattu on the outskirts of Chennai, India March 5, 2012. To match Exclusive INDIA-AUTOS/FORD MOTOR REUTERS/Babu/File Photo MUMBAI India''s automobile sales saw their biggest monthly fall in 16 years in December after Prime Minister Narendra Modi''s ban on high-value banknotes sparked a severe cash shortage that dented demand for big-ticket items such as cars. Automobile sales fell 18.66 percent in December to 1.2 million units, the biggest monthly drop since the same month in 2000, data from the Society of Indian Automobile Manufacturers showed on Wednesday. Auto sales have seen an especially big drop in rural areas and regions where cash transactions are typically prevalent. Large two wheeler manufacturers have also seen a big impact due to their high exposure to rural markets, the data showed. Two-wheeler sales fell 22 percent in December from the previous month, one of the biggest falls on record, to 910,235 units, while domestic passenger car sales saw a 8.14 percent drop to 158,617 units. The data is in line with other indicators showing Modi''s shock action - aimed at cracking down on tax dodgers and counterfeiters - has hit the economy hard. Earlier this month, a survey found Indian factory activity plunged into contraction in December. Further hitting demand were uncertainties about a new unified national tax rate India is gearing up to unveil later this year, while some consumers were likely also waiting to see whether the government would announce special incentives at its annual budget on Feb. 1. Abdul Majeed, partner at Price Waterhouse, said automakers would face "a challenging quarter." "People tend to hold off on purchase of vehicles till uncertainty is resolved," he said. (Reporting by Swati Bhat and Aditi Shah; Editing by Mark Potter) Next In Asia'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-autos-december-idINKBN14U258'|'2017-01-10T19:17:00.000+02:00'
'63073a3401dcaaa3fdad29d6ebefe5924337f07b'|'Ecuador gets US$2.25bn in orders for tap of 2026 bond'|'Company News  53pm EST Ecuador gets US$2.25bn in orders for tap of 2026 bond NEW YORK, Jan 10 (IFR) - Ecuador set price guidance Tuesday of 9.25% area on a reopening of its 9.65% 2026 bond after receiving more than US$2.25bn in orders, a source with knowledge of the situation told IFR. That came after initial price thoughts of low to mid 9% released earlier in the day. The deal, expected to price later Tuesday via sole lead manager Citigroup, is the oil exporting nation''s second foray in the international bond markets in just over a month. (Reporting by Mike Gambale; Writing by Davide Scigliuzzo; Editing by Marc Carnegie) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ecuador-bonds-idUSL1N1F01C3'|'2017-01-11T01:53:00.000+02:00'
'cd7e7d63002d5f7de80f829d0b91b9bbad60b1fc'|'Farmers helped elect Trump, but will their livelihoods actually improve? - Guardian Sustainable Business'|'T he most significant event in food and agriculture over the past year did not take place on our farms. Nor did it occur in our factories, in our restaurants or on our kitchen tables. It happened in the voting booth.Rural voters turned out in overwhelming support of Donald Trump, throwing a Hail Mary pass against the growing economic hardship felt by these communities. Caught in a toxic cycle of depressed commodity prices, rising debt and plummeting income, it comes as no surprise that American farmers voted en masse for change and the hope of different leadership with new ideas.Trump struck a chord with farmers and other rural voterswho were eager for change and desperate to recapture economic opportunity in their industries and communities. Sadly, the inconsistencies of Trump’s agenda are poised to inflict the greatest damage in these pockets of the country that most faithfully supported him.So far, Trump is assembling an administration that looks unlikely to support the wellbeing of ordinary Americans, including our rural and farming communities. But with a nomination for secretary of agriculture still to come, he has the chance to tap a leader committed to serving the true interests of all of rural America: someone with the vision and strength to rectify campaign promises that will inevitably harm the livelihood of farmers, ranchers and rural citizens.Will new FDA rules curb the rise of antibiotic-resistant superbugs? Read more It does not require close scrutiny to identify where Trump’s proposals would be harmful to American agriculture.Campaign promises to cancel or renegotiate trade agreements hold the potential to eliminate major markets for US agricultural products and raise prices for imports – such as fruit and vegetables from the tropics and southern hemisphere – that Americans have come to expect year-round. You don’t need to be an economist to understand that fewer exports and higher import prices will not stimulate a market economy. In fact, they will work counter to the economic prosperity of American farmers who depend on global trade.Vows to deport undocumented immigrants and build a wall along the Mexican border to constrict the flow of these immigrants would significantly affect the already limited agricultural workforce, as well as the workforce across the food chain that’s heavily comprised of undocumented workers. According to the US Department of Labor’s own count, nearly half of farmworkers in the US are undocumented – a figure widely regarded as an underestimation. Stemming this flow of workers would raise farmers’ costs and lower productivity, threatening the very lifeline of American farming and, in turn, threatening food security nationwide.On top of that, Trump vows to bring jobs back to the US while repeatedly flip-flopping on raising the federal minimum wage. And in an appointment so sinister it almost seems like a hoax, Trump has nominated Andrew Puzder, a fast food CEO and a staunch opponent of raising the minimum wage, to lead the labor department, an entity responsible for overseeing our nation’s labor policy and protecting our workers. Without raising the minimum wage, the new administration will be hard-pressed to to fill vacant agricultural jobs with its blue-collar supporters – many of whom have complained about losing work to immigrants.Trump’s immigration agenda and resistance to raising wages could decimate the domestic production of fruit, vegetables, dairy and processed meats. Low-paying jobs do little to attract American workers, and without immigrant workers to fill the overwhelming gap, farmers will see their production capacity drop and their sales plummet, inevitably raising food prices. The irony of this scenario is palpable: we are the world’s largest agricultural producer, yet policy decisions such as these will worsen our ability to provide enough domestically produced, affordable fruit and vegetables to meet domestic demand.Despite his campaign’s populist, antitrust tone , Trump has appointed Jeff Sessions as attorney general, all but paving the way for extreme consolidation of big agricultural businesses. Sessions is unlikely to instruct the Department of Justice to oppose mergers like the pending $66bn marriage between Monsanto and Bayer , which is set to create the world’s largest seed and chemical company – resulting in fewer choices and higher costs to both farmers and consumers. Failing to block mergers in these industries will further damage already struggling rural economies.Can we feed 10 billion people on organic farming alone? Read more It is also worth noting that the rural and farming populations don’t always share the same interests. About 19% of the country’s population is rural, whereas about 2% are farmers and ranchers , very few of whom share the interests of corporate agribusiness. In siding with large agribusiness interests that want to roll back environmental regulations that protect clean air and water in vast swaths of the country, the Trump administration would threaten the health and wellbeing of the majority of people living in those regions.Mere days away from the inauguration, Trump needs to reconcile his conflicting campaign pledges if his administration is to truly help the rural voters who swept him into power. To start, his administration must survey the entire food system and recognize that great economic opportunities will result from policies that support immigration and higher wages, incorporate environmental protections, address growing domestic demand for healthy food and safeguard our workers’ health. If Trump wants to deliver on his promise of greater prosperity for all, he must enact comprehensive policies that prioritize the wellbeing of the American people over benefits for a select few.We’ve heard that above all else, Trump values loyalty. Now it is his chance to demonstrate loyalty to the base that elected him by appointing a secretary of agriculture who will truly support them.The authors are with the Union of Concerned Scientists’ food and environment program : Ricardo J Salvador is the director and senior scientist and Nora Gilbert is a policy researcher.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jan/12/farmers-for-donald-trump-agriculture-policies-farming'|'2017-01-13T01:02:00.000+02:00'
'bc74055641b00734b2298ce6e6cdfc76a959f10f'|'Exclusive: Golf club operator ClubCorp explores sale - sources'|'  11:33am EST Exclusive: Golf club operator ClubCorp explores sale - sources ClubCorp Holdings Inc ( MYCC.N ), a U.S. owner and operator of private golf and country clubs, is exploring a sale after being urged to do so by an activist investor, according to people familiar with the matter. ClubCorp is working with investment bankers on an auction process that is in its early stages, the people said this week. Private equity firms are among the potential buyers, the people added. The sources asked not to be identified because the matter is confidential. A ClubCorp spokeswoman did not respond to a request   Greg Roumeliotis and Lauren Hirsch in New York; Additional reporting by Carl O''Donnell in New York; Editing by Bernadette Baum) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-clubcorp-m-a-idUSKBN14W2ES'|'2017-01-12T23:33:00.000+02:00'
'f7ddef922594670959109a1c7fefe38edf560388'|'Italy''s Antitrust to probe L''Espresso-Stampa merger: statement'|'Deals - Thu Jan 12, 2017 - 12:14pm EST Italy''s Antitrust to probe L''Espresso-Stampa merger: statement ROME Italy''s Antitrust Authority on Thursday said it would probe the planned merger of Gruppo Editoriale L''Espresso ( ESPI.MI ) with the company that controls Turin''s La Stampa newspaper for possible violations of competition rules. In particular, the authority is examining whether competition in the advertising markets of Turin and Genoa may be compromised, the statement said. The probe must be concluded within 45 days from Jan. 11, the Antitrust said. Fiat Chrysler Automobiles ( FCHA.MI ) announced the sale of La Stampa and another daily, Il Secolo XIX, to L''Espresso in March last year. (Reporting by Steve Scherer, editing by Giulia Segreti) Next In Deals LSE Boerse chiefs travel to meet top German politician: sources FRANKFURT Top executives from Deutsche Boerse and the London Stock Exchange will meet a top German politician to resolve a dispute about where to locate the combined group''s headquarters, three sources said, with pressure growing for it to be in Frankfurt. Exclusive: Golf club operator ClubCorp explores sale - sources ClubCorp Holdings Inc , one of the largest owners and operators of private golf and country clubs in the United States, is exploring a sale after being urged to do so by an activist investor, according to people familiar with the matter. FRANKFURT Uniper , the power plant and energy trading business spun off by German utility E.ON last year, is a potential takeover target, Goldman Sachs said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-gruppo-espresso-lastampa-antitrust-idUSKBN14W2IJ'|'2017-01-13T00:14:00.000+02:00'
'c83e7c6a096d75bb1fb2e3a2a9b662a13d2437b0'|'Jupiter says hit by Q4 outflows'|'Financials  17am EST Jupiter says hit by Q4 outflows LONDON Jan 12 Jupiter Fund Management said on Thursday clients pulled 373 million pounds ($456.44 million) from its funds during the fourth quarter, with withdrawals largely by institutional investors exiting its European and multi-manager strategies. Over the 12 months to end-December, though, net mutual fund inflows were 859 million pounds, it added, taking year-end assets under management to 40.5 billion pounds, from 35.7 billion pounds at the end of 2015. Jupiter said the effects of wider market uncertainty on the firm''s performance during the year had been muted, although it expected global political and economic uncertainty to continue to affect investor sentiment in 2017. Jupiter said market gains during the fourth-quarter, with global stock markets at or near record highs, had marginally offset the impact of client withdrawals. Jupiter also said it managed to attract fresh money into its absolute return, fixed income and emerging markets strategies during the period. ($1 = 0.8172 pounds) (Reporting by Simon Jessop; Editing by Rachel Armstrong) Next In Financials TABLE-Foreign trading in South Korean stocks SEOUL, Jan 12 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0721 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 12 *32.4 -11.9 -31.6 ^January 11 485.5 -55.1 -430.0 January 10 99.6 -249.8 128.6 January 9'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/jupiter-fund-trading-idUSFWN1F10ZH'|'2017-01-12T14:17:00.000+02:00'
'76771a81bc50d4abcd140872213834f664ba7808'|'China pledges support for shipbuilding industry, targets high-end market'|'Financials - Wed Jan 11, 2017 - 11:43pm EST China pledges support for shipbuilding industry, targets high-end market SHANGHAI Jan 12 China aims to capture up to 40 percent of the global high-end marine equipment market over the years through 2020 while reforming and supporting its money-losing shipbuilding industry, the government said on Thursday. The pledges were laid out in a statement published by six ministries on the website of the Ministry of Industry and Information Technology. The statement broadly outlined their plans for Chinese shipbuilding over 2016-2020. The global shipping industry is suffering from a severe downturn that has sapped demand for new vessels. Many shipyards in China, which build mainly mid-to-low-end vessels such as dry bulk carriers, have shut down as a result. In December, the China Association of the National Shipbuilding Industry said new orders for ships at Chinese yards fell 14 percent in January-November from the same period a year earlier. "Our shipbuilding industry is facing its most difficult challenge since financial crisis, making the task to restructure and upgrade the industry urgent and arduous," the government said in the statement. The government said it would encourage the industry to increase spending on research and focus on building more high-end products such as offshore equipment with the aim of cornering 35-40 percent of that market by 2020. It did not disclose its current market share. It also said it would improve the branding of its shipbuilding companies, encourage financial institutions to support the sector with loans and financing, and attract more private capital into the industry. (Reporting by Brenda Goh; Editing by Christopher Cushing) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-shipbuilding-idUSL4N1F223L'|'2017-01-12T11:43:00.000+02:00'
'a52bebc8ef6e08b0b59f098be09db15cc2bd5f69'|'Exxon Mobil discovers new oil reservoir offshore Guyana'|'Commodities  19am EST Exxon Mobil discovers new oil reservoir offshore Guyana The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. REUTERS/Lucas Jackson/File Photo Exxon Mobil Corp said on Thursday drilling results from a third exploration well offshore Guyana showed a new reservoir containing 100-150 million barrels of oil equivalent. The discovery at the Stabroek block is off a border region that is claimed by Venezuela in a territorial controversy dating back more than a century, even though the area functions in practice as Guyanese territory. The Payara field discovery is about 10 miles (16 km) northwest of Exxon''s 1.4-billion barrel Liza oil discovery. The exploration project is led by Exxon, with Hess Corp and an unit of CNOOC Ltd also holding stakes. (Reporting by Swetha Gopinath in Bengaluru; Editing by Shounak Dasgupta) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-exxon-mobil-guyana-idUSKBN14W20T'|'2017-01-12T21:11:00.000+02:00'
'1ef9cd33e45d2c1d664235971c9d7725103b8138'|'Paris seeing interest from Brexit-fleeing firms - French central bank'|' 34pm GMT Paris seeing interest from Brexit-fleeing firms - French central bank The financial district of La Defense is seen at dusk near Paris, France, January 5, 2017. REUTERS/Christian Hartmann PARIS The Bank of France is seeing serious interest from international firms looking to boost their activities in Paris following Britain''s Brexit decision, the French central bank''s governor said on Thursday. In a New Year''s address to the Paris financial sector, Francois Villeroy de Galhau said the industry had to remain mobilised in efforts to attract business to the French capital. "We have signs of very significant interest from international firms with which we are discussing discretely but seriously," Villeroy   Leigh Thomas; editing by Michel Rose)   LSE Boerse chiefs travel to meet top German politician - sources FRANKFURT Top executives from Deutsche Boerse and the London Stock Exchange will meet a top German politician to resolve a dispute about where to locate the combined group''s headquarters, three sources said, with pressure growing for it to be in Frankfurt.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-france-idUKKBN14W2JU'|'2017-01-13T00:34:00.000+02:00'
'8059261f3ad27fa5abedcf3e63b32e6ddd16a60f'|'Jaguar Land Rover sells record 583,313 cars in 2016'|' 46am IST Jaguar Land Rover sells record 583,313 cars in 2016 FILE PHOTO: A worker walks between rows of Jaguar and Land Rover cars as they wait to be shipped from Peel Ports container terminal in Liverpool, northern England, Britain December 9, 2016. REUTERS/Phil Noble/File Photo LONDON Britain''s biggest carmaker Jaguar Land Rover (JLR) sold a record 583,312 cars last year as the Indian-owned firm continues its rapid expansion with the aim of building 1 million vehicles a year at the turn of the decade. Sales were up 20 percent from the previous year, although sales growth slowed to 12 percent year-on-year in December, the carmaker said. The automaker, which spent years in the doldrums before being bought by India''s Tata in 2008, has since invested heavily in new models and expanded production with plants in China and Brazil and construction of a new site in Slovakia under way. Sales of luxury Jaguar models rose 77 percent to 148,730 units in 2016 due to strong demand for a range of new high-end products including the F-PACE, the brand''s first off-roader which was launched last year. Europe was the carmaker''s biggest overall market, accounting for almost a quarter of total demand. The firm said its line-up will continue to expand but it has warned about the negative effect any tariffs on its business imposed as part of a Brexit deal could have if Britain were to lose unfettered access to the single market. Its annual profit could be cut by 1 billion pounds ($1.23 billion) by 2020 if Britain returned to World Trade Organisation rules for trade with the continent, two sources told Reuters last year. ($1 = 0.8119 pounds) (Reporting by Costas Pitas; Editing by Adrian Croft) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/jaguarlandrover-results-idINKBN14T0GS'|'2017-01-09T13:16:00.000+02:00'
'88d73561cc8dce5144e02effe92a8d172ab18b09'|'Economy Minister Gabriel says Bombardier won''t close German plants'|'BERLIN Jan 9 Germany''s Economy Minister Sigmar Gabriel said on Monday that no Bombardier plants in Germany will be closed after a newspaper reported the Canadian company was considering closing plants and cutting a quarter of its workforce of 8,500."It''s not the case that the plants will be closed," Gabriel said, referring to a newspaper report by Handelsblatt business daily."The question at stake is how can the plants be developed further?" Gabriel said after a meeting in Berlin with company officials and state leaders from Brandenburg and Saxony.The newspaper cited industry sources saying Bombardier Transportation is considering closing plants in Germany as part of a plan to cut more than a quarter of the German workforce of 8,500 employees.Bombardier Inc had said in October it would cut 7,500 jobs, mostly in its train-making division, in a second round of layoffs announced last year, following extended delays and budget overruns in its aerospace business.The plants most at risk are those in the towns of Goerlitz and Bautzen, the paper said, adding that 2,500 jobs could go in Germany. Bombardier Transportation declined to comment to the paper, saying only that no decisions had been taken yet. (Reporting by Andreas Kenner; writing by Erik Kirschbaum; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bombardier-germany-gabriel-idINL5N1EZ5IA'|'2017-01-09T16:11:00.000+02:00'
'79f63b5163151ffa6b5d43de40f56c502fc55b45'|'Google shows improved self-driving system in Chrysler Pacifica'|' 36am IST Google shows improved self-driving system in Chrysler Pacifica left right Waymo CEO John Krafcik unveils a Chrysler Pacifica Minivan equipped with a self-driving system developed by the Alphabet Inc unit at the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Joe White 1/6 left right Waymo unveils a Chrysler Pacifica Minivan equipped with a self-driving system developed by the Alphabet Inc unit at the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Joe White 2/6 left right Waymo unveils a self-driving Chrysler Pacifica minivan during the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid 3/6 left right Waymo unveils a self-driving Chrysler Pacifica minivan during the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid 4/6 left right John Krafcik, CEO of Waymo, speaks during the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid 5/6 left right The Waymo logo is displayed during the company''s unveil of a self-driving Chrysler Pacifica minivan during the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid 6/6 By Alexandria Sage and Paul Lienert - DETROIT DETROIT Google unveiled its latest self-driving system in a Chrysler Pacifica minivan during a Sunday preview ahead of the Detroit auto show, saying the technology is more reliable and affordable. The announcement came from John Krafcik, head of Google''s Waymo unit, whose search for partners to develop and install the company''s autonomous driving technology into real cars has so far yielded only an alliance with Fiat Chrysler Automobiles and a pending deal with Honda Motor Co. Headlining a future mobility conference during the show''s media preview, Krafcik said Waymo''s latest set of self-driving hardware and software incorporated a new array of sensors, including an enhanced vision system, improved radar and laser-based lidar, all developed and built in-house. Krafcik said Waymo had reduced the cost of a single lidar unit by 90 percent, to about $7,500. Among major outside suppliers of this technology, Velodyne Lidar Inc and Quanergy Systems Inc both have said they are developing smaller solid-state lidar units that eventually would cost $200 or less. Waymo''s existing test fleet of self-driving cars, including some specially equipped Lexus RX450s and Google''s own "Firefly" prototypes, has accumulated nearly 2.5 million miles in less than eight years, mostly on city streets. Krafcik said Waymo planned to test the first self-driving Pacificas this month on public roads in California and Arizona. He did not say when the system would be ready to install in production vehicles. Delphi Automotive Plc and Mobileye NV have said they are collaborating on a self-driving system that could be sold to automakers beginning in 2019. Ford Motor Co, General Motors Co and BMW AG have said they intend to introduce self-driving cars in 2021. (Reporting by Alexandria Sage and Paul Lienert in Detroit; Editing by Lisa Von Ahn) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-autoshow-google-idINKBN14T0GC'|'2017-01-09T13:06:00.000+02:00'
'1cbde0befa21fd556cd017914bfdce806686cff0'|'Mars to buy pet health care provider VCA for $7.7 billion'|'Deals  35am EST Mars to buy pet health care provider VCA for $7.7 billion Mars bars are seen in this picture illustration taken February 23, 2016. REUTERS/Dado Ruvic/Illustration Candy and pet food maker Mars Inc said it would buy VCA Inc ( WOOF.O ), which runs hospitals for animals, for $7.7 billion. Mars, the maker of Whiskas and Pedigree pet products, will pay $93 per share, a premium of 31.4 percent to VCA''s Friday closing price. The enterprise value of the deal is $9.1 billion including $1.4 billion in debt, the companies said in a statement on Monday. VCA will operate as a separate business unit within Mars Petcare, the biggest pet food maker in the world. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-vca-m-a-mars-inc-idUSKBN14T1FH'|'2017-01-09T20:35:00.000+02:00'
'3f87740a5922a1a556808206abec3fe0bf7860fd'|'Fed''s Rosengren calls for gradual, but faster, interest-rate hikes'|'Economic News - Mon Jan 9, 2017 - 7:35pm IST Fed''s Rosengren calls for gradual, but faster, interest-rate hikes The Federal Reserve Bank of Boston''s President and CEO Eric S. Rosengren speaks during the ''''Hyman P. Minsky Conference on the State of the U.S. and World Economies'''', in New York, April 17, 2013. REUTERS/Keith Bedford/Files HARTFORD, Conn. Boston Fed President Eric Rosengren on Monday called for the U.S. central bank to step up its pace of interest-rate increases from the once-a-year pattern it has pursued since 2015, warning of inflation risks if it does not. "I expect that appropriate monetary policy will need to normalize more quickly than over the past year," Rosengren said in remarks prepared for delivery to the Connecticut Business and Industry Association. At 4.7 percent, unemployment is now at a level that is sustainable over the long-run, he said, and inflation is on track to reach the Fed''s 2-percent target by the end of this year. "Without further gradual increases in interest rates, one might be concerned that the unemployment rate could drift below its long-run sustainable level – and as a result, inflation could eventually exceed the Fed''s 2 percent target," he said. "The stance of monetary policy will need to adjust – to prevent the economy from dramatically overshooting on both elements of the dual mandate, which would place the economic recovery at risk." Rosengren, who does not vote on the Fed''s policy-setting committee this year, was long considered a dove, supporting low rates to boost employment even at the risk of some inflation. Over the past year he has adjusted his stance to be more hawkish, calling for rate hikes even as the Fed kept policy on hold for most of the year. On Monday, he explained that shift as a reaction to the strengthening economic data. The Fed raised interest rates last month by a quarter of a point and policymakers signaled they expect to raise rates three more times in 2017. That pace, which is faster than markets currently expect, "seems reasonable if we continue to see real GDP growing faster than the so-called ''potential'' rate," Rosengren said. While the growth outlook does not require the Fed to raise rates at every Fed policy-setting meeting, as it did during the last tightening cycle from 2004 to 2006, the Fed does need to reduce monetary policy accommodation, he said. "My own forecast is that we will achieve both elements of the dual mandate by the end of 2017 – and as a result, I believe that a still gradual but somewhat more regular increase in the federal funds rate will be warranted." (Reporting by Ann Saphir; Editing by Jacqueline Wong) Next In Economic News ECB should plan for higher interest rates - German bank association BERLIN The European Central Bank''s low interest rates are causing problems for banks and it is time for the ECB to start "a very careful change in policy direction" partly due to a pick-up in inflation, Germany''s BdB banking association said on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-fed-rosengren-idINKBN14T1HU'|'2017-01-09T21:05:00.000+02:00'
'd878ce045e5b24a2cb83719f5d814448ce1e8c24'|'UPDATE 1-Vanke says No. 2 shareholder China Resources mulling plan involving its stock'|'Business News - Thu Jan 12, 2017 - 12:57am EST China Vanke, center of power struggle, says No. 2 shareholder has a plan A sign of China Vanke is seen in Hong Kong, China August 22, 2016. REUTERS/Bobby Yip/File Photo By Clare Jim - HONG KONG HONG KONG Property developer China Vanke ( 2.SZ ) ( 2202.HK ), embroiled in a high-profile corporate power tussle for over a year, said on Thursday its No. 2 shareholder China Resources Group is considering a major plan. The country''s second-largest developer said in a statement it had been informed on Wednesday that China Resources and a unit were ''formulating a major plan involving its holdings in Vanke but are still finalizing the details.'' China Resources said it had nothing further to add at this point. Vanke has been plunged into crisis ever since financial conglomerate Baoneng Group built up a 25 percent stake and sought to oust management. To counter that, it agreed to a $6.9 billion deal with white knight Shenzhen Metro Group but last month called it off saying it could not get major shareholders to agree. Baoneng''s shares will come out of a lock-up period that prevents them from being sold on Jan. 17, according to a Citi report. China Resources, which owns 15.2 percent of Vanke, previously opposed the Shenzhen Metro deal but has said it was not working with Baoneng to oust management. Complicating matters, China Evergrande Group ( 3333.HK ), the country''s biggest homebuilder, quickly built up a stake of 14.07 percent in the latter half of last year but has since said it is not interested in seeking control of its rival. Vanke''s shares were suspended from trade in both Hong Kong and Shenzhen earlier in the day. (Reporting by Clare Jim; Additional reporting by Donny Kwok; Editing by Edwina Gibbs) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-vanke-stocks-idUSKBN14W0GL'|'2017-01-12T11:36:00.000+02:00'
'b678f570740a4721811a00048906d715786cde30'|'Exclusive - Airbus may post 8 percent rise in 2016 deliveries, narrow gap with Boeing'|'Business News - Mon Jan 9, 2017 - 5:43pm GMT Exclusive - Airbus may post 8 percent rise in 2016 deliveries, narrow gap with Boeing left right FILE PHOTO: An employee works at the A320 family final assembly line of Airbus factory in Tianjin, China, August 12, 2015. REUTERS/Damir Sagolj/File Photo 1/3 left right FILE PHOTO: The logo of an Airbus A350-1000 is pictured on a scale model during its maiden flight event in Colomiers near Toulouse, Southwestern France, November 24, 2016. REUTERS/ Regis Duvignau/File Photo 2/3 left right FILE PHOTO: A flight test engineer holds an Airbus Group flag after the first flight of the Airbus A320neo (New Engine Option) in Colomiers near Toulouse, France, September 25, 2014. REUTERS/Regis Duvignau/File Photo 3/3 By Tim Hepher - PARIS PARIS Airbus ( AIR.PA ) is set to post an 8 percent rise in deliveries for 2016, beating expectations, after a sprint to the finish line that narrowed the gap with arch-rival Boeing, according to industry experts and records of aircraft movements. The European planemaker was forced to sharply accelerate deliveries in December to meet its target after production problems earlier in the year. It delivered over 100 jets last month, a Reuters analysis of flight-tracking data supplied by FlightRadar24, unofficial airport data and plane-watcher reports suggests, lifting its 2016 tally well above 680 including 60 of the delayed A320neo. One industry expert estimated the total as high as 688, well above the company''s informal target of more than 670. Airbus remains in second place behind Boeing ( BA.N ), but its upward trajectory contrasts with the 2 percent drop in 2016 deliveries reported by its U.S. nemesis last week, to 748 planes. The higher-than-expected Airbus performance, up from 635 in 2015, is also the latest evidence that planemakers are boosting deliveries to whittle down record order backlogs and hoard cash as they face warnings of slowing demand later this decade. Boeing temporarily slowed output last year for industrial reasons but, like Airbus, plans further output increases. An Airbus spokesman declined to comment. The European planemaker is keeping operational data tightly under wraps ahead of its annual news conference on Wednesday. Airbus''s December deliveries would set a monthly record for the company, beating the previous peak by more than a quarter. The gap between Christmas and New Year, traditionally a groggy period for European industry, saw a record burst of activity at Airbus plants in France and Germany and included one of its busiest ever days with eight jets flying away on Dec. 29. "I was amazed," said a veteran of such operations. Aiming to stay ahead of Boeing in the race for new orders, rather than deliveries where it lags, Airbus may book for December at least part of a recent order for 100 jets from Iran and tie up loose ends including completing a deal with India''s GoAir. It may also announce a significant order from Saudi carrier flynas. Airbus needs to announce at least 259 orders for December to beat Boeing''s 2016 total of 668. With outspoken sales chief John Leahy expected to retire in the second half of this year, Airbus is looking to end 2016 with a flourish, though analysts say prices could suffer due to weakening global economies. CASH GENERATION Airbus delivered at least 70 A320-family narrow-body jets in December, according to the sources and data, also a record. These included at least 17 of the new A320neo, whose ramp-up had been disrupted by delays in receiving new fuel-saving engines from Pratt & Whitney ( UTX.N ). That brought 2016 deliveries of narrow-body jets - the most cash-generating models - to over 540. It also delivered more than 140 wide-bodies. Airbus expected to deliver more than 670 aircraft in 2016, unofficially revised up from 650 in October. It is accelerating deliveries of the existing A320 to keep cash pouring in from airlines while it adopts a more conservative timeframe for the switchover to the A320neo. Narrow-body deliveries generate cash for other developments and are increasingly vital as demand for larger wide-body aircraft suffers from a looming capacity glut. Experts say the delays in A320neo deliveries have masked some pressure on demand for those models too, caused by low oil prices that can make earlier versions just as attractive. On its other main profit-driver, Airbus delivered over 62 long-haul A330s in 2016, according to the estimates. But it was forced to step up customer financing to maintain that pace as major customer Turkey faced turmoil after a failed coup and as European states withheld export credits in a row over Airbus payments to sales agents. Airbus itself provided the financing for all seven new Turkish Airlines A330s in 2016, industry sources say. Despite separate delays due to shortages of cabin equipment, Airbus unexpectedly hit a target for at least 50 deliveries of the newer A350 after 16 in December, sources said last week. That includes one or two jets paid for but not yet in operation. The rush to get planes away extended to the mammoth A380 as Airbus delivered seven in December, including three in two days to dominant customer Emirates. That brought the annual total to 28, up one from the previous year and enough to keep Europe''s troubled superjumbo project at breakeven in 2016. However, it plans to cut A380 output from next year after demand sagged for the world''s largest four-engined jets. The programme took another blow in late December when Dubai-based Emirates, under pressure from the impact of low oil prices on Gulf economies, delayed some 2017 deliveries. That could put the iconic double-decker plane back into loss in 2017, marring celebrations for its 10 years in service. (Reporting by Tim Hepher; Editing by Pravin Char) Next In Business News UK house price growth picks up speed again - Halifax LONDON Growth in British house prices picked up speed for the second month in a row in December, helped by a shortage of homes to buy, but price increases are likely to slow in 2017, mortgage lender Halifax said on Monday. VW executives concealed diesel cheating - FBI court filing DETROIT Volkswagen (VW) executives decided to cover up cheating of U.S. emissions tests when they were told about it almost two months before the matter became a public scandal in 2015, according to a court filing by U.S. law enforcers seen by Reuters. LONDON The British government is no longer top shareholder in Lloyds Banking Group after reducing its stake to below 6 percent as it aims to return the lender to full private ownership this year. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airbus-deliveries-exclusive-idUKKBN14T1PF'|'2017-01-10T00:43:00.000+02:00'
'a0dc27f61677af167b56e27d3fc95b9d12c70565'|'Morgan Stanley plans to raise China securities JV stake to 49 pct - sources'|'HONG KONG Jan 9 Morgan Stanley plans to raise its stake in its Chinese securities joint venture to 49 percent from about 33 percent, people with direct knowledge of the development said on Monday.Reuters earlier on Monday reported that UBS Group AG was also in talks to raise its stake in its China securities joint venture to 49 percent from 25 percent.A spokesman for Morgan Stanley in Hong Kong declined to comment. (Reporting by Sumeet Chatterjee and Julie Zhu; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-banks-securities-idINL4N1EZ13H'|'2017-01-08T22:39:00.000+02:00'
'3a941bfd560547be6abe58dde258829302cdcd49'|'Japan''s Takeda to buy U.S. cancer drug maker Ariad in $5.2 billion deal'|'Deals  44pm IST Japan''s Takeda to buy U.S. cancer drug maker Ariad in $5.2 billion deal Logos of Japanese Takeda Pharmaceutical Co are seen at an office building in Glattbrugg near Zurich March 7, 2012. REUTERS/Arnd Wiegmann/File Photo Japan''s Takeda Pharmaceutical Co Ltd ( 4502.T ) said on Monday it would acquire cancer drug maker Ariad Pharmaceuticals Inc ( ARIA.O ) in a deal valued at $5.20 billion. Under the deal, Takeda will pay $24 in cash for each Ariad share, a premium of about 75 percent to its Friday close. The transaction, which has been approved unanimously by the boards of both companies, is expected to close by the end of February. (Reporting by Natalie Grover in Bengaluru; Editing by Shounak Dasgupta) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-ariad-pharm-m-a-takeda-pharma-idINKBN14T1F7'|'2017-01-09T20:11:00.000+02:00'
'2542344447733bd1d0ffefb4d21a9e74a10fc2a5'|'ECB lowers emergency funding cap for Greek banks to 46.5 bln euros'|' 45am EST ECB lowers emergency funding cap for Greek banks to 46.5 bln euros ATHENS Jan 12 The European Central Bank lowered the cap on emergency liquidity assistance (ELA) Greek banks draw from the domestic central bank by 4.2 billion euros to 46.5 billion euros ($49.49 billion), the Bank of Greece said on Thursday. The move reflected improving liquidity conditions and the stabilisation of private sector deposit flows, it said. The ELA ceiling is valid up to Feb. 1. Greek banks have relied on emergency liquidity assistance (ELA) since February 2015 after being cut off from the ECB''s funding window. Emergency funding is more costly than borrowing directly from the ECB. In June last year the ECB reinstated Greek banks'' access to its cheap funding operations, allowing lenders to reduce their dependence on the emergency liquidity lifeline. ($1 = 0.9396 euros) (Reporting by Renee Maltezou and Angeliki Koutantou) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/greece-banks-funding-idUSA8N1DA022'|'2017-01-12T15:45:00.000+02:00'
'ef81007072f2e2118e2c3709c861f7071bf1922b'|'Global clean energy investment falls to $288 bln in 2016 -research'|'Environment   4:23am EST Global clean energy investment falls to $288 billion in 2016: research LONDON Clean energy investment worldwide fell by 18 percent to $287.5 billion last year due to sharp falls in renewable technology prices and less spending on projects by large markets China and Japan, research showed on Thursday. Chinese investment in renewable sources of energy, such as wind and solar, was $87.8 billion last year, 26 percent lower than an all-time high of $119 billion in 2015, while Japanese investment was 43 percent lower at $22.8 billion, Bloomberg New Energy Finance (BNEF) said in an annual report. "After years of record-breaking investment driven by some of the world''s most generous feed-in tariffs, China and Japan are cutting back on building new large-scale projects and shifting towards digesting the capacity they have already put in place," said Justin Wu, head of Asia for BNEF. China faces slowing power demand and the government is focusing on grid investment so renewable energy can generate to its full potential. Growth in Japan, meanwhile, will not come from utility-scale projects but from small-scale solar systems, BNEF said. Even though overall investment was down, offshore wind experienced a record financing of $29.9 billion in 2016, 40 percent higher than the previous year, as developers in Europe and China took advantage of bigger turbines and improved economics. Acquisition activity in clean energy broke the $100 billion mark for the first time at $117.5 billion in 2016, up from $97 billion in 2015, due to a rise in corporate mergers and acquisitions and renewable energy project purchases, the report said. Renewable technology costs have fallen with raw material costs, improved technology and policy changes that have encouraged the installation of more solar and wind power. (Reporting by Nina Chestney; Editing by Ruth Pitchford) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-global-renewables-investment-idUSKBN14W0ZD'|'2017-01-12T16:00:00.000+02:00'
'a0be55db1dcb56ab710da3fd885539b88cf70114'|'Oil dips on rising U.S. crude inventories, plentiful global supplies'|'Business News - Thu Jan 12, 2017 - 2:13am GMT Oil dips on rising U.S. crude inventories, plentiful global supplies Crude oil drips from a valve at an oil well operated by Venezuela''s state oil company PDVSA, in the oil rich Orinoco belt, near Morichal at the state of Monagas April 16, 2015. REUTERS/Carlos Garcia Rawlins/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices dipped on Thursday on the back of rising U.S. crude inventories and plentiful supplies, despite emerging output cuts from OPEC and other producers. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $52.18 a barrel at 0141 GMT, down 7 cents from their last settlement. Prices for Brent crude futures LCOc1, the international benchmark for oil prices, were at $55.06 a barrel, down 4 cents. Traders said that a crude oil inventory report published by the U.S. Energy Information Administration late on Wednesday implied ongoing oversupply as inventories unexpectedly rose by 4.1 million barrels to 483.11 million barrel. However, record U.S. refinery runs of 17.1 million barrels per day (bpd), up 418,000 bpd on the week, indicated strong demand, preventing bigger price falls. "EIA data showed U.S. refineries increased the amount of crude they processed, pushing the utilization rate to the highest since September. This saw inventories rise ... much more than the market expected," ANZ bank said. Outside the United States, emerging detail of Saudi supply cuts as parts of efforts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers like Russia to curb the global supply glut started to emerge. Despite some February supply reductions to China, India and Malaysia, top crude exporter Saudi Arabia is likely to focus its cuts on Europe and the United States, shielding its biggest customers in Asia. BMI Research said that overall "compliance to the OPEC/non-OPEC oil production cut appears to be positive... (and that) we calculate compliance with production cuts at around 73 percent." The research firm said that compliance with the planned cuts was particularly strong among members of the Gulf Cooperation Council of Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain and Oman. Analysts noted that one aspect of the coordinated production cut which has been overlooked is that under the deal, producers have committed themselves to reducing output, not necessarily exports. "The GCC countries (and Iraq) that have reportedly enacted the bulk of the production cuts are currently in the lowest domestic demand period of the year and have significant flexibility to reduce production but maintain exports," BMI said. In another indicator that there is still plentiful supply available despite the cuts, traders are ceasing the opportunity of higher crude prices following OPEC''s decision to cut output to send record volumes of 22 million barrels of surplus European and Azerbaijani oil to Asia. (Reporting by Henning Gloystein; Editing by Joseph Radford and Kenneth Maxwell) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN14W03V'|'2017-01-12T08:51:00.000+02:00'
'854b10a324d8b245626c850533df90584605fb3d'|'World''s jobless to rise amid slower growth, uncertainty - U.N. agency'|' 10pm GMT World''s jobless to rise amid slower growth, uncertainty - U.N. agency A female job seeker walks as she attends a job fair held for fresh graduates in Tokyo, Japan, March 20, 2016. REUTERS/Yuya Shino/File Photo By Stephanie Nebehay - GENEVA GENEVA The ranks of the world''s jobless are expected to grow this year due to slow growth, political and economic uncertainty and a lack of investment, the International Labour Organization (ILO) said on Thursday. Unemployment is rising in major emerging economies, especially those reliant on commodity exports such as Russia, South Africa and Brazil, the United Nations agency said. Due to the failure to create jobs, global unemployment is forecast to increase by 3.4 million people in 2017, bringing the total to 201 million, it said in its annual report World Employment Social Outlook. "That corresponds to an increase in the rate of unemployment in the world from 5.7 percent in the year that has just closed to 5.8 pct in 2017, and this is a tendency driven by deteriorating labour market conditions, particularly in emerging countries," ILO director-general Guy Ryder told a news briefing. "We have a situation in which, despite relatively high cash holdings, companies seem uncertain about investment. Investment levels are not where they need to be," he added. MIGRATION Globalisation and trade liberalisation are increasingly questioned, Ryder said, noting that the intentions of the incoming U.S. administration of Donald Trump were a "major cause of uncertainty". Long-term unemployment remains stubbornly high in Europe, Canada and the United States, the report said. At the same time, social unrest and a lack of decent wages are prompting job-seekers to migrate from developing regions. "Migration is an essential part of the world of work, it''s an essential part of stimulating future growth, sharing prosperity, making our global economy more inclusive," said Ryder, a former head of the international trade union ICFTU. "The irony, dilemma, paradox of our time is that at a moment when the economic case for migration, taken globally, has probably never been stronger, it seems that the social and political obstacles to migration are becoming even higher." Major commodity-exporting economies are hardest-hit by insufficient jobs. "For instance, we note an increase in the unemployment rate in the Russian Federation, South Africa, Brazil ... and some levelling off at least in Saudi Arabia and again also in Indonesia," said ILO senior economist Steven Tobin. Latin America and the Caribbean remain scarred by recent recessions, while sub-Saharan Africa is in the midst of its lowest level of growth in more than two decades, the report said. Latin America''s unemployment rate is set to rise by 0.3 percent in 2017 to 8.4 percent, largely due to the slowdown in Brazil, the continent''s largest economy, it said. (Reporting by Stephanie Nebehay; Editing by Gareth Jones)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-economy-employment-idUKKBN14W2XJ'|'2017-01-13T04:10:00.000+02:00'
'11558fea1c2555344330a025d79524e7fb4d711e'|'Fiat Chrysler CEO says good chance hitting 2018 targets - source'|'Business News - Thu Jan 12, 2017 - 1:25am GMT Fiat Chrysler CEO says good chance hitting 2018 targets - source Fiat Chrysler Automobiles CEO Sergio Marchionne listens during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Rebecca Cook By Bernie Woodall - DETROIT DETROIT Fiat Chrysler Automobiles ( FCHA.MI ) ( FCAU.N ) Chief Executive Sergio Marchionne told Wall Street analysts on Wednesday that the company''s chances of hitting 2018 financial targets are "significantly greater than 50 percent," according to a person present at the meeting. The targets from Fiat Chrysler''s five-year plan ending in 2018 were initially set in 2014 and updated in January 2016. They include 136 billion euros ($144 billion) of revenue and adjusted net profit of between 4.7 billion euros and 5.5 billion euros. Fiat Chrysler had no comment on the remarks made by Marchionne at the analyst meeting. Last January, the company raised it targets for 2018, and also forecast adjusted operating profit of 8.7 billion to 9.8 billion euros, and adjusted operating margins of 6.4 percent to 7.2 percent. Many analysts expressed doubts about the company achieving the targets when they were set and then upgraded. In Milan, the company''s shares closed Wednesday at 10.47 euros, up 21 percent since the end of December, and in New York, shares closed at $11.09, up 21.6 percent this year. Marchionne confirmed on Monday at the North American International Auto Show in Detroit that he will retire at the end of 2018. ($1 = 0.9448 euros) (Reporting by Bernie Woodall; Editing by Diane Craft and Bill Rigby) Next In Business News BoE''s Carney - curbing consumer lending would be ''big call'' LONDON Bank of England Governor Mark Carney said it would be a "big call" for the central bank to rein in rapid growth in consumer lending, which picked up strongly last year and brought some echoes of the period before the global financial crisis.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fiat-chrysler-targets-idUKKBN14W01H'|'2017-01-12T08:25:00.000+02:00'
'bb6503662ad70196a6a3e65391c0e9f76085fbd5'|'French construction group Vinci sees signs of growth in 2017'|'Cyclical Consumer Goods - Thu Jan 12, 2017 - 10:21am EST French construction group Vinci sees signs of growth in 2017 * Signs of growth for 2017 - CEO Huillard * Possible boost from new French motorways deal * Vinci shares up around 1 pct so far in 2017 By Dominique Vidalon and Gilles Guillaume PARIS, Jan 12 Europe''s largest construction and concessions group Vinci expects group revenue to pick up this year as its construction business recovers and its French market improves, said its chairman and chief executive. "2017 should be a year of upturn for our global business volumes", Xavier Huillard told a news conference on Thursday. "Our orders are quite clearly showing recovery signs and we think that for most of our businesses, the low point in France is behind us...2017 should be a year when Vinci Construction returns to growth," he added. For 2016, Huillard confirmed Vinci''s earlier forecast for a slight decline in revenue due to challenging economic conditions. To counter weakness in its domestic French construction business, Vinci has expanded into faster growing and more profitable concessions such as at foreign airports and motorways, as well as engineering deals in the energy sector. After eight years of recession, French construction activity is, however, seen rising to 1.9 percent in volume in 2016 and should accelerate further to 3.4 percent in 2017, the French building federation (FFB) predicted in December. Vinci also sees possible support from a 1 billion euros ($1.1 billion) motorway sector stimulus package eyed by the French government, motorway operators and regional authorities. Vinci could secure half of that package if the plan materialises, said Huillard, although he also cautioned that talks on the deal were still taking place and were "complex". In September, the French government started selecting projects for this new motorway package, under which operators may bear investment costs in exchange for limited toll hikes. Huillard was speaking during a visit of Vinci''s renovation work for Paris'' historic ''Penthemont'' Abbey. The project, worth some 50 million euros, will see the site house the new headquarters of fashion house Yves Saint Laurent as well as a luxury hotel operated by the Marriott group. Vinci shares were flat in late session trading. The stock is up some 1 percent so far in 2017, having risen 9 percent last year. ($1 = 0.9396 euros) (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta) Next In Cyclical Consumer Goods UPDATE 1-Amazon to go on hiring spree in the United States Jan 12 Amazon.com Inc said on Thursday it plans a hiring spree for warehouses it is building across the United States, making it the latest company to tout U.S. job creation since Donald Trump won the U.S. presidential election in November.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/vinci-frcasts-idUSL5N1F13H0'|'2017-01-12T22:21:00.000+02:00'
'5640366f6ed33630e11c94e27160bd96c55a5807'|'China Vanke''s No. 2 shareholder sells stake to Shenzhen Metro amid power tussle'|'By Clare Jim - HONG KONG HONG KONG Property developer China Vanke ( 2.SZ ) ( 2202.HK ), embroiled in a high-profile corporate power tussle for over a year, said on Thursday its No. 2 shareholder China Resources Group will sell its entire 15.31 percent stake to Shenzhen Metro Group.The stake sale comes just less than one month after the developer called off an asset-swap deal to make subway operator Shenzhen Metro its largest shareholder.Vanke will transfer 1.69 billion A-shares listed in Shenzhen, equivalent to a 15.31 percent stake, at 22.0 yuan a share, with the transaction totaling 37.2 billion yuan ($5.40 billion), the country''s second-largest developer said."China Resources will not own any of the company''s shares after the transaction," Vanke said in a filing to the Shenzhen stock exchange.Vanke''s shares, which were suspended from trade in both Hong Kong and Shenzhen earlier in the day, will resume trade on Friday.Tencent Finance, a local news website, first reported earlier on Thursday that China Resources would sell its 15.2 percent stake to Shenzhen Metro Group.It was not immediately clear if such a move would help Vanke fend off its biggest shareholder, financial conglomerate Baoneng which has built up a 25 percent holding and has sought to oust management. It would also fall short of a previous Vanke plan to make Shenzhen Metro its No. 1 shareholder through an asset swap worth $6.9 billion.Vanke last month called off the deal with Shenzhen Metro saying it could not get major shareholders to agree.China Resources previously opposed the Shenzhen Metro deal but has said it was not working with Baoneng to replace Vanke''s board."The shares (in Vanke) were bought by China Resources'' former chairman and may not fit into its current portfolio," David Hong, head of research at CRIC Hong Kong, said.He said Shenzhen Metro may increase its stake in the future to become Vanke''s largest shareholder.While Baoneng has sought to oust management, it has said little about its intentions. Recent proposed ownership limits at Chinese insurance companies could, however, effectively stop it from using its insurance unit to further fund the acquisition of more shares in Vanke.Baoneng''s shares in Vanke will come out of a lock-up period that prevents them from being sold on Jan. 17, according to a Citi report.Complicating matters, China Evergrande Group ( 3333.HK ), the country''s biggest homebuilder, quickly built up a stake of 14.07 percent in the latter half of last year but has since said it is not interested in seeking control of its rival.Vanke''s shares in Hong Kong lost as much as 30 percent in the first half of last year, hit by uncertainty over the power struggle and share dilution that would have occurred under the deal with Shenzhen Metro. But they recovered most of that ground in the second half when Evergrande quickly built up its stake.(Reporting by Clare Jim; Additional reporting by Donny Kwok, Twinnie Siu and Meg Shen; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vanke-stocks-idINKBN14W0GL'|'2017-01-12T10:06:00.000+02:00'
'3288f0cca89ad0934049ad234fa2ff2f198bae1a'|'TABLE-Foreign trading in South Korean stocks'|'Financials  27am EST TABLE-Foreign trading in South Korean stocks SEOUL, Jan 12 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0721 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 12 *32.4 -11.9 -31.6 ^January 11 485.5 -55.1 -430.0 January 10 99.6 -249.8 128.6 January 9 254.4 -457.4 193.4 January 6 171.3 -136.5 -28.8 January 5 84.1 -164.8 65.5 January 4 214.2 -358.3 127.2 January 3 171.1 -175.0 -11.2 January 2 27.4 -84.7 38.6 December 29 128.6 -296.8 156.2 December 28 126.8 -414.8 281.0 December 27 93.4 173.6 -258.8 December 26 -31.2 125.3 -87.9 December 23 -100.5 228.3 -125.5 December 22 -50.0 75.9 -29.7 Month to date 1,540.0 -1,693.4 51.7 Year to date 1,540.0 -1,693.4 51.7 * Offshore investors have been net buyers for twelve consecutive sessions, bringing their total purchase for the period to a net 1.88 trillion Korean won ($1.59 billion) worth. ^ January 11 figures revised. ($1 = 1,183.0700 won) (Reporting by Nataly Pak) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southkorea-stocks-trading-idUSL4N1F22SR'|'2017-01-12T14:27:00.000+02:00'
'76ccdec0f8b12fee8eaafe1926ff03b2b9279f49'|'PIMCO sees possibility of China floating yuan in 2017'|'  8:03am EST PIMCO sees possibility of China floating yuan in 2017 A vendor holds Chinese Yuan notes at a market in Beijing, August 12, 2015. REUTERS/Jason Lee LONDON Asset management giant PIMCO said on Thursday it thought there was a chance China could freely float its currency, the yuan, this year. The firm''s head of Asian portfolios, Luke Spajic, said in a note Beijing was finding it impossible achieve three goals simultaneously: a stable or fixed foreign exchange rate, free capital movement and an independent monetary policy. Combining tighter financial conditions with this policy trilemma therefore means the yuan would probably remain an "escape valve". "Over the year, our base case is for the yuan to decline against the U.S. dollar by a mid- to high-single-digit percentage," Spajic said. "However, we also think the possibility that the PBOC will allow the yuan to float freely, or at least widen its trading band, has increased." (Reporting by Marc Jones, editing by Nigel Stephenson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-yuan-pimco-idUSKBN14W1T2'|'2017-01-12T20:03:00.000+02:00'
'a884aa71f3cdb4ea584bbd597fcffee1728cdf7d'|'McDonald''s inviting bids for 33 percent stake in Japan unit: WSJ'|'Deals - Thu Jan 12, 2017 - 6:51am EST McDonald''s inviting bids for 33 percent stake in Japan unit: WSJ Customers are seen through the windows of a McDonald''s store (top) in Tokyo, while others stand in line in front of cash registers, July 22, 2014. REUTERS/Yuya Shino/File Photo McDonald''s Corp ( MCD.N ) is inviting bids for a significant stake in its Japan unit McDonald''s Holdings Co Japan Ltd ( 2702.T ), the Wall Street Journal reported, citing people familiar with the situation. The fast-food company owns just under 50 percent of its Japanese unit, and is looking to sell up to 33 percent, with bids due next week, the report said. A number of private-equity firms are considering bids, the report said. Morgan Stanley is running the sale, the newspaper reported, citing one of the sources. McDonald''s — which last week agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd ( 0267.HK ) and Carlyle Group LP ( CG.O ) — said in January last year that it is looking to sell a portion of its stake in its Japanese business. The company did not immediately respond to requests for comment outside regular business hours. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-mcdonalds-japan-divestiture-idUSKBN14W1IV'|'2017-01-12T18:51:00.000+02:00'
'c242d392fc3d135c704f0e1d7eba4602ff4f5cdf'|'ChemChina, Syngenta submit remedy proposals to EU antitrust watchdog'|'Deals - Tue Jan 10, 2017 - 5:11am GMT ChemChina, Syngenta submit remedy proposals to EU antitrust watchdog A woman checks her phone at the headquarters of China National Chemical Corporation in Beijing, July 20, 2009. REUTERS/Stringer/File Photo HONG KONG State-owned China National Chemical Corp (ChemChina) [CNNCC.UL] and Swiss pesticides and seeds group Syngenta AG ( SYNN.S ) on Monday submitted proposed remedies to the European Union''s antitrust watchdog to address concerns over their $43 billion merger. The European Commission''s website showed the companies had submitted "commitments" on Jan. 9, which typically means the parties have proposed remedies such as asset divestment or product pricing commitments. The website did not show any further information on the nature of the commitments. "Details of the remedy proposals are confidential," a spokesman for ChemChina told Reuters. The Commission opened an in-depth investigation into ChemChina''s takeover of Syngenta in October, saying the companies had not allayed concerns over the deal. Syngenta said last week the Commission had agreed to extend the review deadline by 10 working days to April 12 to allow "sufficient time for the discussion of remedy proposals". In an October statement, the Commission highlighted ChemChina''s European subsidiary Adama as one area where the companies had overlapping operations that could cause competition concerns. (Reporting by Michelle Price; Editing by Christopher Cushing) Next In Deals Mars to buy pet healthcare provider VCA for $7.7 billion Candy and pet food conglomerate Mars Inc is buying veterinary hospital operator VCA Inc for $7.7 billion in a deal that will give the maker of Pedigree pet food an even bigger share of the $4 billion global pet healthcare market.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-syngenta-ag-m-a-chemchina-idUKKBN14U0DD'|'2017-01-10T12:00:00.000+02:00'
'04eaa2b375baefdc9758834c443dd767a74fba5f'|'Trump praises Ford, Fiat for U.S. investments'|'  2:39pm GMT Trump praises Ford, Fiat for U.S. investments left right U.S. President-elect Donald Trump arrives to speak during a USA Thank You Tour event at Giant Center in Hershey, Pennsylvania, U.S., December 15, 2016. REUTERS/Lucas Jackson/Files 1/3 left right Ford Motor Co. president and CEO Mark Fields makes a major announcement during a news conference at the Flat Rock Assembly Plant in Flat Rock, Michigan, U.S. January 3, 2017. REUTERS/Rebecca Cook 2/3 left right An entrance to the Ford Motor Co. Flat Rock Assembly Plant is seen in Flat Rock, Michigan, U.S. January 3, 2017. REUTERS/Rebecca Cook 3/3 WASHINGTON President-elect Donald Trump praised Ford Motor Co and Fiat Chrysler Automobiles NV for announcing new investments in the United States after he made U.S. auto production a key part of his campaign. Ford announced last week it would abandon plans to build a $1.6 billion plant in Mexico and invest $700 million in a Michigan plant over four years, while Fiat Chrysler said Sunday it will invest $1 billion and add 2,000 jobs at plants in Ohio and Michigan to build new SUVs and pickup trucks. Both companies have said they made the decision for business reasons and not because of pressure from Trump. (Reporting by Susan Heavey in Washington and David Shepardson in Detroit; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-autos-idUKKBN14T1LJ'|'2017-01-09T21:31:00.000+02:00'
'bdb536e7b7d2f848c7d864914f3ddd49b107eec2'|'Thai c.bank has FX buffers to handle volatility - governor'|'Financials   7:11am EST Thai c.bank has FX buffers to handle volatility - governor LONDON Jan 10 Thailand has enough foreign exchange reserves to handle market volatility if it flares up again this year, the head of the country''s central bank said on Tuesday. Emerging market currencies in Asia are being buffeted by a parallel rise in the dollar and a fall in China''s yuan, but Veerathai Santiprabhob said Thailand had the ammunition to cope with any stress. "We have built good buffers to protect us from financial instability," Santiprabhob said at an event hosted by policy think-tank OMFIF. (Reporting by Marc Jones; editing by John Geddie) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/thailand-cenbank-idUSL9N1EE002'|'2017-01-10T19:11:00.000+02:00'
'6535246e4fed34ab3aa4d550a5a3b9012cd8ec27'|'Flipkart reshuffle signals shift to margins over volume'|'By Sankalp Phartiyal and Shounak Dasgupta - MUMBAI/BENGALURU MUMBAI/BENGALURU Even before he was appointed to run India''s biggest e-commerce company, Kalyan Krishnamurthy had signaled a change: as head of sales at Flipkart he focused on profitable "big ticket" items, a shift away from the industry''s fixation on growth at all costs.That helped turn around the group''s revenues after a series of valuation writedowns, and secured the top job for the veteran of Flipkart''s largest investor, Tiger Global, in a management shakeup this week.Krishnamurthy was named CEO on Monday, while co-founder and outgoing CEO Binny Bansal moved into the new role of group head."The trigger (for the reshuffle)... was repeated mark-downs in its valuation by the fund units of Morgan Stanley and Fidelity," said one source familiar with investor discussions.The person said investors, led by Tiger, were getting increasingly edgy as the writedowns not only stung early investors who bought in at higher valuations, but made it harder for Flipkart to tap the market and raise fresh capital.The company is preparing for an initial public offering, probably in 2018 or 2019.Flipkart and Tiger Global both declined to comment on the reshuffle and its implications.Flipkart has seen its lead in the online market in India eaten into by global giant Amazon.But some company sources credited Krishnamurthy, who joined Flipkart in June to spearhead some of its core sales efforts, with outmaneuvering Amazon during the festive sales push from October onwards.No official data for the period are available, but several analysts and company sources said Flipkart clocked higher gross merchandise value (GMV).A source close to the company said Flipkart''s GMV for the peak month of October was more than 50 billion rupees (£599.02 million).Flipkart and Amazon declined to reveal their sales data.Company sources said Krishnamurthy achieved this by offering discounts and other incentives on more expensive items like televisions, handsets and home appliances, helping it achieve better margins than rivals who paid more attention to volume."He focused the discounts on high demand categories like mobile (phones), TV and large items - washing machines, air conditioners," said one employee.Whether Flipkart can outsmart Amazon over the longer term remains to be seen.Deep pockets are key to winning market share through aggressive discounting, and the American giant has announced a $5 billion investment plan in India.Bank of America Merrill Lynch, in a September 2016 report, said it expected Flipkart''s GMV market share to remain largely unchanged at 44 percent by 2019. By comparison, the brokerage expected Amazon''s share to grow to 37 percent from 28 percent estimated for 2016.FALLING VALUATIONA senior Flipkart executive, who like other company sources declined to be named because he was not authorized to speak to the press, said this week''s management restructuring was on the cards from the day Krishnamurthy joined Flipkart.The source close to Flipkart added that Tiger Global, the U.S. hedge fund that owns about a third of the company, wanted to be more closely involved in Flipkart''s operations.Launched by two former Amazon employees in 2007, Flipkart has grown to become India''s most valuable startup worth $15 billion in 2015.But its valuation has since dropped to below $10 billion by late 2016 amid intensifying competition, and it needs fresh funds to stay ahead of Amazon in the battle for supremacy in the world''s fastest growing internet services market.Talks were held with U.S. retailer Wal-Mart Stores Inc, which is looking to invest between $750 million and $1 billion in Flipkart, Reuters reported in October.Binny Bansal told Reuters in October that the company had cash reserves to last up to three years, but the source close to the firm said Flipkart had about two years before its war chest dried up.The company raised a little over $1 billion in the last two years, but needs to raise more funds in the next six to eight months, according to the same source."Tiger, along with other investors, want to steady the ship and make it IPO-ready as soon as they can," said the source familiar with investor discussions.Binny Bansal also mentioned "IPO readiness" as one of his key objectives as group CEO in an internal memo announcing the reshuffle.Flipkart''s restructuring takes away control of daily operations from Binny Bansal, who replaced Sachin Bansal a year ago as CEO.As group CEO, Binny will oversee the allocation of capital across units while Sachin will be responsible for strategic direction of existing business, Flipkart said in a statement."Investors are happy with the way the founders have stepped aside and given the control to professionals, as it''s very rare in India," one of the sources said.A day after Krishnamurthy took charge, three senior executives including the head of Flipkart''s logistics unit and its chief marketing officer quit the company, according to local media. A company spokesman declined to comment.(Additional reporting by Sumeet Chatterjee in Hong Kong, Rishika Sadam, Gaurika Juneja, Supantha Mukherjee, Ankit Ajmera, Noor Zainab Hussain, Sayantani Ghosh and Rachit Vats in Bengaluru, Rahul Bhatia in Mumbai; Editing by Euan Rocha and Mike Collett-White)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/us-flipkart-online-strategy-idINKBN14W1UU'|'2017-01-12T10:22:00.000+02:00'
'97366e36261c3d56d5062364fc3c4e4c84a0676a'|'Exclusive: Staff at French fashion house Lanvin fear job cuts as sales slump - sources'|'A woman walks past a Lanvin store in Paris, France, January 12, 2017. REUTERS/Christian Hartmann 3/4 left right FILE PHOTO Designer Bouchra Jarrar appears at the end of her Haute Couture Fall/Winter 2014-2015 fashion show July 8, 2014 in Paris, France. REUTERS/Gonzalo Fuentes/File Photo 4/4 By Astrid Wendlandt and Pascale Denis - PARIS PARIS Morale is low at Lanvin with staff expecting job cuts after France''s oldest fashion brand swung into the red in 2016 and new designer Bouchra Jarrar failed to lift sales, sources told Reuters. The company appointed advisory firm Long Term Partners to conduct an audit and it is due to present its findings to Lanvin''s board at the end of this month and recommend ways to reduce the company''s cost base, the sources with first hand knowledge of the matter said. Founded in 1889, Lanvin is one of France''s last major independent fashion brands, part of the country''s fashion heritage, in the same league as LVMH''s ( LVMH.PA ) Christian Dior, Hermes ( HRMS.PA ) and privately owned Chanel. Lanvin expects to post a net loss of more than 10 million euros for 2016 - its first in nearly a decade - against a profit of 6.3 million euros in 2015, sources have said. Many items on its website are being offered at a 50 percent discount. Sources, who spoke on condition of anonymity, said the company''s woes stem in part from the uncertainty created by the arrival of its new designer, as well as the luxury spending downturn and underinvestment. Controlling shareholder, 75-year-old Chinese media magnate Shaw-Lan Wang who is based in Taiwan, has been reluctant to invest in the brand for many years. Wang would also not let her associate, private investor Ralph Bartel who owns 25 percent, inject more cash into the business as it would dilute her stake, the sources said. "It is clear that the company''s situation is deteriorating fast and now it is in a stalemate," one of the sources told Reuters. "But since Mrs Wang simply refuses to sell or (let the capital) be diluted, there is nothing we can do about it. It is so sad for the brand and its staff." Wang shocked the fashion world in 2015 by sacking star designer Alber Elbaz after a boardroom dispute. Elbaz had been at the creative helm for 14 years and was frustrated by Wang''s refusal to invest in Lanvin, particularly in areas crucial to growth such as new boutiques and accessories, several sources said. Lanvin declined to comment, while a spokesman for Wang said she was not available for comment and Long Term Partners did not return calls or emails asking for comment. DOWNWARD SPIRAL Luxury analysts believe that Lanvin, had it benefited from more investment, has all it takes to become France''s answer to Italy''s Valentino, now generating more than 1 billion euros ($1.07 billion) in sales and preparing itself for a flotation. Instead, orders for new collections from multi-brand shops and department stores, which represent around 70 percent of Lanvin''s turnover, fell 30-40 percent in the last half year. Overall, consolidated 2016 sales fell by more than 20 percent to below 170 million euros, from 210 million in 2015, several sources said. Designer Jarrar, appointed in March last year, presented at a show in September a Lanvin woman dressed in black and white tuxedos, very different from Elbaz''s ethereal, light, ultra-feminine silhouettes adorned with clunky jewellery. DISPUTES At its peak in 2012, before Chief Executive Thierry Andretta, now CEO of Britain''s Mulberry, resigned over strategic differences, revenue reached 235 million euros and the company''s operating margins stood at around 10-12 percent. In 2015, Wang refused offers secured by Elbaz for Lanvin, including one of more than 400 million euros from Mayhoola, the Qatari firm that now owns Balmain and Valentino, sources said. Elbaz is still in legal proceedings with Lanvin and Wang over his dismissal and the value of his stake. Dozens of employees have resigned or been sacked and many former key staff are in legal fights, they said. Wang also sold off many of Lanvin''s assets in the past decade, such as its Japanese operations to Japan''s Itochu and its perfume business to Interparfums, which the brand can buy back in 2025. Lanvin is also in a dispute with Itochu over the value of the licence it is able buy back, the sources said. ($1 = 0.9374 euros) (Reporting by Astrid Wendlandt; Editing by Susan Fenton) Next In Business News Tesco caps year of recovery with solid Christmas LONDON Britain''s biggest retailer Tesco reported its best quarter of UK underlying sales growth for over five years and more growth over Christmas, continuing a major recovery in its fortunes, though it cautioned it would not be immune to inflationary pressures.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fashion-lanvin-exclusive-idUKKBN14W2NJ'|'2017-01-13T01:25:00.000+02:00'
'8f0437252e093ffebdff4539b4e09a5a4ade2549'|'Stocks: 5 things to know before the U.S. open'|'Moody markets; Trump hits pharma; Delta flying high? by Alanna Petroff @AlannaPetroff January 12, 2017: 5:07 AM ET Click chart for in-depth premarket data. 1. Moody markets: Traders around the world are taking a step back to consider what the future holds with president-elect Donald Trump leading the United States. U.S. stock futures are pointing down and the dollar is weakening. "Investors have been inclined to downplay the risk of candidate Trump''s trade protectionism being implemented by the new administration," said Paul Donovan, global chief economist at UBS Wealth Management. "That view may need to be revised in view of the style of [his Wednesday] press conference." European markets are all declining in early trading. Most Asian markets ended the day with modest losses. Before the Bell newsletter: Key market news. In your inbox. Subscribe now! 2. Pharma falls: Shares in pharmaceutical companies continue to drop Thursday as investors worry about Trump''s impact on the sector''s profitability. Trump said Wednesday that many pharma companies were "getting away with murder" and that there would be more competitive bidding practices for federal contracts in his administration. Shire ( SHPG ) is among the hardest hit stocks right now, down about 4%. 3. Earnings and economics: Delta Air Lines ( DAL ) is the key company releasing earnings before the open Thursday. It''s expected to detail how it''s dealing with higher fuel and labor expenses. Shares have been trading near all-time highs in recent days. On the economic front, the U.S. Department of Labor is set to release the latest data on weekly unemployment claims at 8:30 a.m. ET. The U.S. Treasury Department is releasing its December budget at 2 p.m. A number of U.S. Federal Reserve officials are scheduled to speak on Thursday. Fed chief Janet Yellen is holding a 7 p.m. town hall event with teachers. 4. UniCredit in the spotlight: Shares in Italy''s biggest bank -- UniCredit ( UNCFF ) -- are weakening on Thursday as the firm said it''s writing off €8.1 billion ($8.6 billion) in bad loans. Shareholders are also set to vote on its plans to raise €13 billion ($13.8 billion) to shore up its finances.'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/12/investing/premarket-stocks-trading/index.html'|'2017-01-12T17:11:00.000+02:00'
'e7825b371bbd3ffbf5008980c4c18e82529adf14'|'Global clean energy investment falls to $288 billion in 2016 - research'|'  Global clean energy investment falls to $288 billion in 2016 - research An employee walks between rows of solar panels at a solar power plant on the outskirts of Dunhuang, Gansu province, China, June 10, 2011. REUTERS/Stringer/File Photo LONDON Clean energy investment worldwide fell by 18 percent to $287.5 billion last year due to sharp falls in renewable technology prices and less spending on projects by large markets China and Japan, research showed on Thursday. Chinese investment in renewable sources of energy, such as wind and solar, was $87.8 billion last year, 26 percent lower than an all-time high of $119 billion in 2015, while Japanese investment was 43 percent lower at $22.8 billion, Bloomberg New Energy Finance (BNEF) said in an annual report. "After years of record-breaking investment driven by some of the world''s most generous feed-in tariffs, China and Japan are cutting back on building new large-scale projects and shifting towards digesting the capacity they have already put in place," said Justin Wu, head of Asia for BNEF. China faces slowing power demand and the government is focusing on grid investment so renewable energy can generate to its full potential. Growth in Japan, meanwhile, will not come from utility-scale projects but from small-scale solar systems, BNEF said. Even though overall investment was down, offshore wind experienced a record financing of $29.9 billion in 2016, 40 percent higher than the previous year, as developers in Europe and China took advantage of bigger turbines and improved economics. Acquisition activity in clean energy broke the $100 billion mark for the first time at $117.5 billion in 2016, up from $97 billion in 2015, due to a rise in corporate mergers and acquisitions and renewable energy project purchases, the report said. Renewable technology costs have fallen with raw material costs, improved technology and policy changes that have encouraged the installation of more solar and wind power. (Reporting by Nina Chestney; Editing by Ruth Pitchford) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-renewables-investment-idINKBN14W14W'|'2017-01-12T16:48:00.000+02:00'
'35069a6871687ae474eb921c17e777522208a0ec'|'UPDATE 1-China''s anti-Teslas: cheap models drive electric car boom'|'* Chinese electric cars can cost just $8,000 after subsidies* China Nissan Leaf model too expensive by comparison - CEO Subsidies reduced 20 pct this year, phased out by 2020* China electric car makers have large-scale advantage - BYD (Adds graphic)By Jake SpringBEIJING, Jan 11 More electric cars are sold in China than in the rest of the world combined, but are mainly locally-branded models that are cheaper and have a shorter range than those offered by foreign automakers such as Tesla and Nissan.The Chinese-branded electric vehicle (EV) market is propped up by huge government subsidies as part of Beijing''s policy to build global leadership in cleaner energy driving.China has spent billions of dollars on subsidies to help companies including Warren Buffett-backed BYD and BAIC Motor achieve large-scale production of plug-in vehicles, which are gaining traction among urban drivers as well as taxi fleets and government agencies.Sales of battery electric and plug-in hybrids increased 60 percent in January-November, to 402,000 vehicles. By 2020, China wants 5 million plug-in cars on its roads.The domestic EVs don''t have the ''wow'' factor of a fast, longer-range and luxury-style Tesla. They sell on price.In Shanghai last year, a two-door battery electric Chery eQ cost around 60,000 yuan ($8,655) after subsidies. Without subsidies, the eQ would cost an additional 100,000 yuan or so. At this week''s Detroit auto show, General Motors showed off its latest Bolt EV, which costs around $30,000 after a $7,500 federal tax credit."EV cars are very cheap (in China), you''ll only spend a little money to buy a car. If you just go to work or use an EV in the city, it''s OK ... for using within 100 kms (62 miles)," said Xie Chao, who works for a chemical company in Shanghai.Xie said he has bought three EVs since 2015 - an Anhui Jianghuai Automobile iEV4, a BAIC EV160 and a Geely Automobile Emgrand EV - one for him to use, one for his wife and one he rents out.Most Chinese electric cars come with similar specifications, so price is the deciding factor, said Dawei Zhang, CEO of EVBuy, a dealer. The eQ has been the top seller in recent months, with decent enough quality at a low price, he said."It''s a transport tool. It''s purely for mobility rather than for showing off, having a big car for all the family, or for any technology factors," he added.Some EV buyers in Beijing and Shanghai said they primarily bought plug-in vehicles to easily get a license plate. Half a dozen of China''s biggest cities tightly control license plates for traditional gasoline cars, but freely award plates that can only be used by plug-in vehicles.For those set on buying a plug-in, price is key."I only considered BYD and BAIC. I definitely can''t afford the 300,000-600,000 yuan price of a luxury-style Tesla or Denza," said Qu Lijian, a 31-year-old government worker in Beijing, who eventually opted for a BYD Qin pure electric car.Denza is a Chinese brand produced by a joint venture between BYD and Daimler.SUBSIDY SLOWDOWNChina''s cocktail of pro-electric policies is a challenge for global automakers, as foreign manufacturers can access subsidies only via joint ventures with local partners, producing cars under new made-for-China brand names such as Denza.But those brands lack the cachet of established foreign marques, and cost more than most local brands even after subsidies.That''s in part because Chinese automakers are more aggressive in lowering their costs regardless of quality, said an executive at a multinational auto parts firm."The lowest price wins (the contract). That''s the process, no questions asked," said the executive, who declined to be identified to avoid impacting future contract bidding."And when you win, they come back and ask you for another price reduction," the executive added, noting less stringent safety regulations in China also help keep costs lower than in the United States.The version of the Leaf that Nissan''s joint venture with Dongfeng Automobile offers in China, under the Venucia brand, "isn''t selling very well," Nissan''s global chief Carlos Ghosn told Reuters in November. Chinese EV buyers don''t want to spend much more than $8,000, after incentives, and the Nissan vehicle is too expensive, Ghosn said.The playing field for foreign brands in China should, though, gradually even out as subsidies are phased out by 2020.This year, subsidies have been reduced by a fifth, likely adding about 15,000 yuan to the price of a Chery eQ, though official 2017 subsidies for individual models aren''t yet clear, notes EVBuy.Local EV manufacturers have, with the help of subsidies, been able to build economies of scale, pushing down their cost per unit and allowing them to spend more on research and development, Li Yunfei, BYD''s deputy chief of branding and public relations, told Reuters."By 2020, China will have no subsidies, but your scale has expanded, your costs have come down, and you''ll be able to hit a price that consumers can accept," he said.While China has grabbed early-mover advantage, global automakers plan to quickly ramp up their plug-in offerings in the world''s biggest market. GM''s local joint venture, for example, promises to spend 26.5 billion yuan ($3.8 billion) on electrification and developing 10 "new energy" models by 2020.It won''t be one-way traffic.Chinese brands such as GAC Motor and BYD are looking to advance on global rivals'' home turf.GAC Motor, part of Guangzhou Automobile Group, debuted its pure electric GE3 sport utility vehicle, among other models, at the Detroit show on Monday. A spokeswoman told Reuters that the company plans to enter the United States by 2019, delaying from an initial target of 2017, without further explanation.Shenzhen-based BYD already sells its electric buses in Africa, Europe and South America and has a factory in the United States. The company is preparing "on all fronts" to enter foreign passenger car markets, Li said, without elaborating."Because Chinese companies have this large Chinese market, when they have big enough scale and their power grows, their products improve and they increasingly understand foreign markets," he said."In the future, they will definitely take the world stage. The potential is huge."($1 = 6.9322 Chinese yuan renminbi)(Reporting by Jake Spring, with additional reporting by Joseph White in DETROIT; Editing by Ian Geoghegan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-autoshow-china-electric-update-1-pix-idINL4N1F21Z7'|'2017-01-12T00:54:00.000+02:00'
'2ca3e52d11d213800897fb4f9170de54d485d098'|'Saudis cut oil output to lowest in two years, pledge further reductions'|'Commodities   9:01am EST Saudis cut oil output to lowest in two years, pledge further reductions Shaybah oilfield complex is seen at night in the Rub'' al-Khali desert, Saudi Arabia, November 14, 2007. REUTERS/Ali Jarekji/File Photo By Rania El Gamal , Maha El Dahan and Stanley Carvalho - ABU DHABI ABU DHABI Saudi Arabia has cut oil output to its lowest in almost two years, its energy minister said on Thursday, as the world''s largest oil exporter leads OPEC''s drive to eradicate a global glut and prop up prices. Energy Minister Khalid al-Falih said output had fallen below 10 million barrels per day - more than it had promised as part of a global output cut deal between OPEC and non-OPEC producers. Such low levels were last seen in February 2015, when Riyadh began to steeply raise production to deal a blow to U.S. shale oil producers, effectively becoming the architect of a prolonged oil price crash. Falih, speaking at the Atlantic Council Global Energy Forum in Abu Dhabi, said output was "not significantly below" 10 million bpd currently and the Kingdom planned to make even deeper cuts in February. This means Saudi Arabia has cut oil production by more than the 486,000 bpd it agreed to late last year under a global deal to curb production and stem a fall in oil prices. Falih also said he expected the oil market to tighten in two to three years, aided by the agreement of OPEC and non-OPEC producers late last year to curb production. "We have been moving toward rebalancing the markets for some time," Falih said. "Even better, the pace of rebalancing will be accelerated by recent production agreements within OPEC and outside. I have confidence in these agreements to bring stability to the global markets." Falih predicted oil demand would grow by over 1 million barrels a day this year. "I am confident that the combination of capping production by 25 countries and growth of demand will continue to balance and prices will respond accordingly," he added. OPEC and non-OPEC producers last month reached their first deal since 2001 to curtail oil output jointly by nearly 1.8 million bpd to help stem a fall in oil prices and ease a supply glut. While Falih said he did not have a specific oil price target, Iraqi oil minister Jabar Ali al-Luaibi told reporters at the same event Iraq wanted to see prices of around $65 a barrel. Brent crude prices LCOc1 were up 77 cents at $55.87 a barrel by 1230 GMT (7:30 a.m. ET). Luaibi said Iraq had slashed its exports by 170,000 bpd and was cutting them further by 40,000 bpd this week. He said Iraq was committed to the success of the production-cut agreement "even though it should have been exempted". OPEC expects global oil inventories to fall by the second quarter of this year in response to the agreement, OPEC Secretary-General Mohammed Barkindo said. Kuwait has cut its oil exports by more than 133,000 bpd mainly to customers in North America and Europe while maintaining full exports to Asia, Kuwaiti Oil Minister Essam Al-Marzouq said. (Writing by Ahmad Ghaddar; editing by Susan Thomas) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-saudi-oil-cuts-idUSKBN14W1Y5'|'2017-01-12T21:01:00.000+02:00'
'902fdf7dccd4472e30a97df051e04ac652a42496'|'CVC hires UBS for sale or IPO of paper firm Lecta - sources'|'Deals  52pm EST CVC hires UBS for sale or IPO of paper firm Lecta: sources MADRID/FRANKFURT/LONDON Private equity firm CVC Capital Partners [CVC.UL] has hired Swiss bank UBS ( UBSG.S ) for the sale of its stake in Lecta, one of southern Europe''s largest paper manufacturers, three sources close to the deal said. CVC has owned Lecta since 1997 and oversaw its restructuring after a slump in demand in the paper industry. In 2015 Barcelona-based Lecta had 1.6 billion euros ($1.69 billion) of revenues and core profit, or EBITDA, of 110 million euros. CVC has hired UBS to either sell Lecta or float it on Spain''s stock market, one source said, adding that CVC had unsuccessfully tried to sell it in the past. The sources did not say whether CVC would retain a stake in Lecta. Representatives for UBS and CVC declined to comment. (Reporting by Andres Gonzalez in Madrid, Arno Schuetze in Frankfurt and Dasha Afanasieva in London; Writing by Angus Berwick; Editing by Sarah White and Julien Toyer) Next In Deals McDonald''s sells most of China, HK business to CITIC, Carlyle for $2.1 billion HONG KONG McDonald''s Corp has agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd and Carlyle Group LP for up to $2.1 billion, seeking to expand rapidly without using much of its own capital.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-lecta-ipo-idUSKBN14T20P'|'2017-01-10T00:43:00.000+02:00'
'd298ad97193cc8a561b488d5a7feaae1e3b65014'|'UPDATE 1-U.S. storm brings floods to California, along with snow and ice'|'Utilities - Sun Jan 8, 2017 - 9:52pm EST UPDATE 1-U.S. storm brings floods to California, along with snow and ice (Recasts with updated forecast, details from California) By Ian Simpson Jan 8 A powerful storm walloped California and other parts of the western United States on Sunday, flooding rivers and shutting roads from mudslides in a state that has struggled with drought for years. From 3 to 8 inches (7.6 to 20 cm) of rain is forecast for central and northern California and the Sierra Nevada mountains through early on Tuesday, and several feet (1-2 metres) of snow is likely for higher elevations, said meteorologist Andrew Orrison at the National Weather Service''s Weather Prediction Center in Maryland. "We''re going to see heavy rain going into the evening and early morning," he said. Locally heavy snow is expected in Nevada, and the northern Rocky Mountains could get several feet of snow as the system moves east over the next day or two, Orrison said. The National Weather Service reported that almost 40 rivers or creeks in Northern California or western Nevada were flooded or threatened to top their banks. The upper Napa River north of San Francisco was expected to cause "extreme damage to all towns along the reach," the California emergency agency said in a statement. An agency spokesman there had been no reports of fatalities or serious damage from the bad weather. Several California highways were closed from landslides or high water. In Washington state, high winds, ice and heavy snow shut roads and created hazardous driving conditions. Iridium Communications said Elon Musk''s SpaceX rocket company had delayed Monday''s launch of a Falcon 9 rocket carrying 10 of its satellites from Vandenberg Air Force Base, north of Los Angeles. The new launch date was set for Saturday. The storm is drawing its strength from the interaction between an "atmospheric river," a plume of water vapor flowing from the tropics toward the West Coast, and a low-pressure area near Oregon, the National Weather Service said. After years of drought, the storm is the latest incident in a strong wet season for California that began in the autumn. Another front is expected on Tuesday. In an encouraging sign, the U.S. Forest Service said the rain had restored moisture levels in Southern California vegetation to a seasonal normal for the first time in five years. The eastern United States experienced cold temperatures on Sunday, the day after a massive storm dumped snow from Georgia to Massachusetts. (Reporting by Ian Simpson in Washington; Additional reporting by Joseph Ax in New York and Irene Klotz in Fort Lauderdale, Fla.; Editing by Lisa Von Ahn and Peter Cooney) Next In Utilities Eastern United States digs out from big snowstorm, braces for cold Jan 7 The eastern United States began digging out on Saturday from a massive storm that dumped heavy snow from Georgia to Massachusetts, knocking out power for thousands of people and causing hundreds of car crashes, officials said as they warned of more cold weather ahead.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-weather-idUSL1N1EZ01C'|'2017-01-09T09:52:00.000+02:00'
'3bc4def252d5b6d22bea189372af88689b6352dd'|'Economy Minister Gabriel says Bombardier won''t close German plants'|' 23pm GMT Economy Minister Gabriel says Bombardier won''t close German plants left right People take pictures of a Frecciarossa 1000 high-speed train by Bombardier Transportation at the InnoTrans railway technology trade fair in Berlin, September 25, 2014. REUTERS/Thomas Peter 1/2 left right German Economy Minister Sigmar Gabriel addresses a news conference in Berlin Germany, December 19, 2016. REUTERS/Fabrizio Bensch 2/2 BERLIN Germany''s Economy Minister Sigmar Gabriel said on Monday that no Bombardier ( BBDb.TO ) plants in Germany will be closed after a newspaper reported the Canadian company was considering closing plants and cutting a quarter of its workforce of 8,500. "It''s not the case that the plants will be closed," Gabriel said, referring to a newspaper report by Handelsblatt business daily. "The question at stake is how can the plants be developed further?" Gabriel said after a meeting in Berlin with company officials and state leaders from Brandenburg and Saxony. The newspaper cited industry sources saying Bombardier Transportation is considering closing plants in Germany as part of a plan to cut more than a quarter of the German workforce of 8,500 employees. Bombardier Inc had said in October it would cut 7,500 jobs, mostly in its train-making division, in a second round of layoffs announced last year, following extended delays and budget overruns in its aerospace business. The plants most at risk are those in the towns of Goerlitzand Bautzen, the paper said, adding that 2,500 jobs could go inGermany. Bombardier Transportation declined to comment to the paper, saying only that no decisions had been taken yet. (Reporting by Andreas Kenner; writing by Erik Kirschbaum; Editing by Adrian Croft)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bombardier-germany-gabriel-idUKKBN14T27B'|'2017-01-10T02:23:00.000+02:00'
'387861d260f40f79e9e53b62d00b9d2c2617b520'|'Millennium approves capital hike of up to 1.3 bln euros - media'|'Deals  38pm EST Millennium approves capital hike of up to 1.3 billion euros: media LISBON Millennium bcp, Portugal''s largest listed bank, has approved a capital increase of up to 1.3 billion euros ($1.37 billion), local media reported on Monday. Online site Economia Online and the site of business daily Jornal de Negocios reported that the bank''s board had approved the measure at a meeting on Monday. A spokesman at the bank said Millennium would not comment. In December, shareholder in Millennium approved an increase of the bank''s voting rights cap to 30 percent, as demanded by China''s Fosun. Fosun bought a 16.7 percent stake in Millennium last year, with a possible further increase of up to 30 percent. (Reporting By Axel Bugge and Sergio Goncalves) Next In Deals McDonald''s sells most of China, HK business to CITIC, Carlyle for $2.1 billion HONG KONG McDonald''s Corp has agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd and Carlyle Group LP for up to $2.1 billion, seeking to expand rapidly without using much of its own capital.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-millennium-banco-com-port-idUSKBN14T1ZQ'|'2017-01-10T00:34:00.000+02:00'
'5aacad98a11f4b37160096051ccbe0a8d99bffb1'|'Hong Kong stocks edge up, utility and services sector strong'|'Cyclical Consumer Goods - Mon Jan 9, 2017 - 3:20am EST Hong Kong stocks edge up, utility and services sector strong Jan 9 Hong Kong stocks edged higher on Monday, led by utility and services stocks, but gains were capped by increasing pressure from profit-taking after a two-week long rally. The benchmark Hang Seng index rose for the third straight day, up 0.3 percent, to 22,558.69 points, after last week having the strongest weekly gains in three months, The Hong Kong China Enterprises Index lost 0.1 percent on Monday, to 9,602.32 points. Analysts said the market was keeping a close watch on the U.S. currency which extended gains from the previous session on Monday, after data showed a rebound in U.S. wages, pointing to sustained labour market momentum and more rate increases from the U.S. Federal Reserve. "The dollar was still on track to rise this year and its influence on the Hong Kong market is not over yet," said Linus Yip, strategist at First Shanghai Securities Ltd. The stronger dollar exerted renewed pressure on the yuan, which stabilised in offshore markets after last week''s surge, offering signs that Beijing was letting market forces dictate the direction of the Chinese currency in Hong Kong so long as the pace of depreciation remains within Beijing''s comfort zone. Most sectors gained ground, with services and utilities stocks among the best performers. Shares of China Gas Holdings Ltd and China Resources Gas Group Ltd jumped around 5 percent and 6.4 percent respectively after China pledged to extend tax waivers for importing some equipment for oil and gas development. (Reporting by Jackie Cai and John Ruwitch; Editing by Richard Borsuk) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-stocks-hongkong-close-idUSZZN2NX500'|'2017-01-09T15:20:00.000+02:00'
'5e10df9c0675b9b1990d5c3debb2355dc64a397a'|'Citic, Carlyle to buy stake in McDonald''s China, HK businesses for $2.08 billion'|'Business News - Mon Jan 9, 2017 - 12:58am EST Citic, Carlyle to buy stake in McDonald''s China, HK businesses for $2.08 billion A woman walks past a McDonald''s outlet in Hong Kong in this July 25, 2014 file photo. REUTERS/Tyrone Siu/Files Photo Citic Ltd ( 0267.HK ) and Carlyle Group LP ( CG.O ) would buy a majority interest in McDonald''s Corp''s ( MCD.N ) mainland China and Hong Kong businesses for $2.08 billion, the companies said. Citic Ltd and Citic Capital will have a stake of 52 percent, while Carlyle and McDonald''s will own 28 percent and 20 percent, respectively in the businesses. Reuters reported in December that McDonald''s was looking to raise $1 billion to $2 billion with the sale of its China and Hong Kong stores. (Reporting By Rushil Dutta in Bengaluru; Editing by Gopakumar Warrier) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-mcdonalds-china-citic-idUSKBN14T0FH'|'2017-01-09T12:58:00.000+02:00'
'064f583445ed94907dddb52fd8210a3f08220d29'|'Oil prices fall as Iranian crude tanker exports surge, U.S. adds more rigs'|'Commodities - Sun Jan 8, 2017 - 7:48pm EST Oil prices fall as Iranian crude tanker exports surge, U.S. adds more rigs Rigging equipment is pictured in a field outside of Sweetwater, Texas June 4, 2015. REUTERS/Cooper Neill By Henning Gloystein - SINGAPORE SINGAPORE Oil prices fell early on Monday as Iran increased exports undermining efforts by other oil producers to curb a global fuel supply overhang and as U.S. drillers increased activity for a 10th week. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $56.97 per barrel at 0019 GMT, down 13 cents from their last close. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $53.79 per barrel, down 20 cents. Traders said that the lower prices were a result of rising exports from Iran that come just as other members of the Organization of the Petroleum Exporting Countries (OPEC) cut supplies in an effort to end a global glut. Iran has sold more than 13 million barrels of oil held on tankers at sea, capitalizing on an OPEC output cut deal from which it is exempted to regain market share and court new buyers, according to industry sources and data. The amount of Iranian oil held at sea has dropped to 16.4 million barrels, from 29.6 million barrels at the beginning of October, according to Thomson Reuters Oil Flows data. Before that sharp drop, the level had barely changed in 2016; it was 29.7 million barrels at the start of last year, the data showed. Iran''s surging tanker exports weren''t the only indicator of plentiful supplies. In the United States, U.S. energy companies last week added oil rigs for a tenth week in a row, extending the drilling recovery into an eighth month as crude prices remained at levels at which many U.S. drillers can operate profitably. "The next leg up in prices probably won''t occur until the traders see evidence that production levels are falling. In the meantime, rising U.S. drilling activity and output is likely to keep prices in check," ANZ bank said on Monday. Drillers added four oil rigs in the week to Jan. 6, bringing the total count up to 529, the most since December 2015, energy services firm Baker Hughes Inc BHI.N said on Friday. As a result of the increased drilling for new production, U.S. oil output C-OUT-T-EIA has risen by over 4 percent since its 2016 low to almost 8.8 million barrels per day, although production remains 8.74 percent below its 2015 peak. (Reporting by Henning Gloystein; Editing by Michael Perry) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-oil-idUSKBN14T01E'|'2017-01-09T07:48:00.000+02:00'
'9adfbad43034ceffa4ef2edf215c72eb86c94216'|'Donald Trump attacks press at news conference'|'Donald Trump attacks press, conflates CNN, BuzzFeed reporting at news conference by Dylan Byers @CNNMoney January 11, 2017: 2:02 PM ET Trump spars with CNN reporter President-elect Donald Trump on Wednesday used BuzzFeed''s controversial publication of unverified memos prepared by a former British intelligence operative to try to discredit the press and deflect unanswered questions about his relationship with Russia. Speaking in his first press conference since the election, Trump called BuzzFeed''s report "fake news" and "phony stuff." Trump also used BuzzFeed''s decision to publish to fault CNN for a verified and substantiated report revealing that a two-page synopsis of those memos had been included as an annex in the classified materials presented last week to Trump and to President Obama. "That fake news was written about primarily by one group and one television station," Trump said, referring to BuzzFeed and CNN, respectively. Trump later said that CNN had gone "out of their way" to build up the report from BuzzFeed, which he called "a failing pile of garbage." Refusing to take a question from CNN''s Jim Acosta, Trump said "your network is terrible" and called it "fake news." Minutes later, though, he took a question from another CNN reporter, Jeremy Diamond. Sean Spicer, the president-elect''s incoming press secretary, was even more outspoken in his criticism of the BuzzFeed report, and incorrectly dismissed the news outlet as "a left-wing blog." "I want to bring your attention to a few points on the report that was published in BuzzFeed last night," Spicer said at the beginning of the press conference. "It''s frankly outrageous and highly irresponsible for a left-wing blog that was openly hostile to the president-elect''s campaign to drop highly salacious and flat-out false information on the internet just days before he takes the oath of office." Spicer also claimed that CNN had picked up the unsubstantiated claims against Trump, which is not true. CNN accurately reported that Trump had been presented with claims of Russian efforts to compromise him, but has not included unverified details from those memos in its reporting. Vice President-elect Mike Pence also criticized the news media for publishing what he called "fake news" and said the American people "are sick and tired of it." In a statement following the press conference , CNN stressed the differences between its decision to publish and BuzzFeed''s. "CNN''s decision to publish carefully sourced reporting about the operations of our government is vastly different than Buzzfeed''s decision to publish unsubstantiated memos," the statement read. "The Trump team knows this. They are using Buzzfeed''s decision to deflect from CNN''s reporting, which has been matched by the other major news organizations. We are fully confident in our reporting. It represents the core of what the First Amendment protects, informing the people of the inner workings of their government; in this case, briefing materials prepared for President Obama and President-elect Trump last week. We made it clear that we were not publishing any of the details of the 35-page document because we have not corroborated the report''s allegations. Given that members of the Trump transition team have so vocally criticized our reporting, we encourage them to identify, specifically, what they believe to be inaccurate." On air, CNN''s Jake Tapper also suggested that BuzzFeed''s report had hurt CNN''s efforts at responsible journalism. "Sean Spicer... suggested that both BuzzFeed and CNN published this dossier full of uncorroborated rumors. That''s not true. That''s false. CNN never did that," he said. "When Mr. Trump went after our own Jim Acosta saying he''s fake news and he isn''t going to call on him, what I suspect we are seeing here is an attempt to discredit legitimate, responsible attempts to report on this incoming administration with irresponsible journalism -- that hurts us all." Related: Tapper: Why Trump''s ''fake news'' claim is wrong Trump, Pence and Spicer''s repeated accusations of "fake news" highlight how a term that began with a specific definition -- content produced with the express intention of deceiving people -- is increasingly being used by members of the Trump transition team to dismiss any reporting that they don''t like. BuzzFeed''s decision to publish the unverified memos had set off a fierce debate on Tuesday night about the ethics of the decision and the responsibilities of journalists. "BuzzFeed News is publishing the full document so that Americans can make up their own minds about allegations about the president-elect that have circulated at the highest levels of the US government," BuzzFeed said in text accompanying the memos. The publication of the memos was immediately criticized by other journalists, including some who were concerned that BuzzFeed''s decision to run the unverified documents would give Trump an opening to dismiss all questions about this information entirely. Related: BuzzFeed''s publication of Trump memos draws controversy "Don''t know about ethics, but now Trump has easy out," tweeted Mark Horowitz, a veteran journalist who has worked at The New York Times. "Respond fiercely to sketchy BuzzFeed leak, not serious CNN story." "On Twitter, unverified info in a memo is crowding out this quite solid reporting by CNN," New York Magazine''s Jonathan Chait observed . CNNMoney (New York) First published January 11, 2017: 2:02 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/11/media/sean-spicer-mike-pence-donald-trump-press-conference/index.html'|'2017-01-12T02:07:00.000+02:00'
'1c3b654b56741d67a8cd49383fd3208b9f443a32'|'Cobham: procyclical prang'|'Save January 11, 2017 Old flying aces reckoned a good landing was one you could walk away from. A great landing left your biplane intact, too. Bob Murphy’s departure last year from Cobham , founded by barnstorming aviator Sir Alan Cobham, was only a good landing. The battered state of the UK aerospace group was emphasised on Wednesday, when new management warned on profits and debt . Chief executives who pander rashly to the market are doomed to disappoint it. “Sunny Bob”, as he was ominously known, sought to diversify out of stagnating defence in 2014. He bought US commercial communications group Aeroflex for a steep 10.5 times multiple of earnings. The defence industry has since rallied. A faltering offshore energy sector has meanwhile hurt demand for Aeroflex’s wares. Dollar debt that part-financed the purchase has ballooned in sterling terms. Problems with a contract for US warplane refuelling kit have thus been harder for Cobham to bear financially. Sir Alan would have termed the result “a bally prang”. Cobham said adjusted operating profits for 2016 are around £245m, £20m below expectations. Net debt of £1bn is some £100m higher. Analysts put the ratio of net debt to earnings before interest, tax, depreciation and amortisation at more than three times. That is steep. Cobham breaches banking covenants at 3.5 times. The shares nosedived 15 per cent to 140p, less than half their 2015 peak but only marginally discounted against peers. The last time debt was so high, Cobham launched a £500m rights issue . Cobham made a statutory pre-tax loss in 2015 and may do so for 2016 too. Even after cancelling an expected £90m final dividend, the company may be forced to raise yet more capital. Unwinding the ill-advised Aeroflex acquisition could repeat Sunny Bob’s cyclical mistiming. But any potential bidders for Cobham eyeing its valuable in-flight refuelling technology would have few qualms about part-financing a takeover through subsequent disposals. The City is more likely to give the company’s propeller another swing if it agrees to jettison some ballast. Email the Lex team at Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/aerospace-defence'|'https://www.ft.com/content/0f331d14-d7e5-11e6-944b-e7eb37a6aa8e'|'2017-01-11T18:17:00.000+02:00'
'da9a5f04f761058736597a6a94379781f36c3b8a'|'U.S. shifts LNG exports to Asia as arb opens up'|'Commodities  57pm EST U.S. shifts LNG exports to Asia as arb opens up The biggest divergence between U.S. and Asian gas prices in a year has created an opportunity for tankers delivering liquefied natural gas, with most departures from a key Louisiana terminal in the last month-and-a-half heading toward East Asia, shipping data released on Wednesday show. The facility, Sabine Pass, owned by Cheniere Energy Inc, opened last year as the first LNG export terminal in the U.S. Lower 48 states. The United States has been exporting gas out of Alaska since 1969. U.S. gas prices at the Henry Hub benchmark in Louisiana this week dropped about 20 percent since hitting a two-year high on Dec. 28, trading around $3.25 per million British thermal units (mmBtu) on Wednesday. Spot gas in Asia has soared by more than 30 percent since early December to a near two-year high of $9.75 per mmBtu. The premium of Asia over U.S. gas has reached its highest level since January 2015, presenting an arbitrage opportunity that LNG traders have rushed to fill. "China is experiencing colder-than-normal conditions, demand has kicked higher and prices have followed," said Matt Smith, director of commodity research at energy data provider ClipperData in Louisville, Kentucky. In addition, China is looking to avoid previous gas shortages that the country has experienced in the past, Smith said. Of the 17 LNG vessels that left Sabine Pass in Louisiana since the start of December, at least 10 have either delivered their cargoes in East Asia or were moving in that direction across the Pacific Ocean, data from Reuters and ClipperData show. Those 10 ships have the capacity to carry about 33.2 billion cubic feet (bcf) of gas, worth about $120.6 million, based on the Henry Hub average. The United States consumes about 75 bcf per day (bcfd) of gas on average. Those 10 included the first shipments from Sabine to both Japan and South Korea. Royal Dutch Shell Plc''s BG Group has the contract for the part of the capacity for parts of the first and second 0.65-bcfd liquefaction trains at Sabine Pass. Gas Natural Fenosa also has a contract for part of the capacity of the second train. Since February, 61 vessels have taken cargos from Sabine, but just three vessels delivered LNG to East Asia between February and the end of November. Another 27 went to either South America or Mexico and five to India; the rest were scattered around the Middle East and Europe. (Reporting by Scott DiSavino; Editing by Richard Chang) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-asia-lng-idUSKBN14V2KX'|'2017-01-12T03:52:00.000+02:00'
'a982dd0352fe4ff58722e28d8675046c9dc35122'|'Brazil gov''t expects to ink fiscal deal with Rio next week'|'  2:58pm EST Brazil gov''t expects to ink fiscal deal with Rio next week BRASILIA Jan 11 The Brazilian government expects to sign late next week a deal to ease the debt burden of the cash-strapped state of Rio de Janeiro in exchange for the implementation of austerity measures, Finance Minister Henrique Meirelles said on Wednesday. After meeting with Rio de Janeiro governor Fernando Pezao and the head of state-run bank Banco do Brasil, Paulo Caffarelli, Meirelles said the government would not give the state new loans but that banks could do so. (Reporting by Marcela Ayres; Writing by Alonso Soto)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-economy-rio-idUSE4N1CH018'|'2017-01-12T02:58:00.000+02:00'
'e4eec38b7761aec4bfd2880ed1088fc02feb0a63'|'UPDATE 1-LATAM CLOSE-One issuer raises US$4bn in LatAm primary market'|'Bonds News -  48pm EST UPDATE 1-LATAM CLOSE-One issuer raises US$4bn in LatAm primary market * Petrobras breaks lull in LatAm primaries with US$4bn issue * LatAm retailer Falabella to invest US$4bn in region * Fitch cuts Odebrecht rig notes to CC from CCC (Adds issue amount in headline) By Mike Gambale NEW YORK, Jan 9 (IFR) - Below is a recap of primary issuance activity in the LatAm primary market on Monday: Number of deals priced: 1 Total issuance volume: US$4bn PETROBRAS Brazilian state-owned oil company Petrobras announced a new bond sale on Monday as it seeks to finance a debt tender. The company is approaching accounts with five and 10-year bonds. Bradesco, Citigroup, HSBC, Itau and Morgan Stanley are acting as leads. IPT: 5-year 6.5% area, 10-year 7.5% area GUIDANCE: 5-year 6.25% area, 10-year 7.50% area. Area = (+/- 0.125bp) LAUNCH: Total US$4bn; US$2bn 5-year at 6.125%, US$2bn 10-year at 7.375% PRICED:US$2bn 5-year; par; 6.125%Y; US$2bn 10-year; par; 7.375%Y BOOK: Over US$20bn at guidance PIPELINE Metro de Santiago is marketing a possible 30-year issue through Bank of America Merrill Lynch and JP Morgan. The borrower was in Los Angeles on Monday and will head to London on January 11, New York on January 12 and 13 and Boston on January 17. Investors calls will also be held on January 16. Expected ratings are A+/A by S&P and Fitch. The new 30 year may carry an optional redemption before maturity. Argentine energy company Pampa Energia will kick off roadshows this week as it looks to market a new US dollar bond. The borrower will be in Boston on January 10, in New York on January 11 and 12, in Los Angeles on January 13 and in London on January 16. The company is looking to raise up to US$500m size and considering tenors of five, seven or 10 years. Expected ratings are B3/B-/B+. Citigroup and Deutsche Bank are acting as joint bookrunners, with Credit Agricole and Santander acting as co-managers. Aeropuertos Dominicanos Siglo XXI (Aerodom), an airport operator in the Dominican Republic, is marketing a new US dollar bond that will fund a tender and consent solicitation for outstanding debt. The borrower was in London and Los Angeles on Monday and will head to Boston on January 10 and New York on January 11. JP Morgan and Scotiabank have been mandated as joint bookrunners to arrange meetings. Expected ratings are BB-/Ba3 by S&P and Moody''s. Proceeds will go to fund a tender and consent solicitation for Aerodom''s 9.25% senior secured notes due 2019 and for general corporate purposes. Brazilian power company Neoenergia is considering a possible US dollar bond debut this year after sending out requests for proposals in late 2016, two market sources told IFR. Neoenergia Group''s principal shareholders are Banco do Brasil''s pension fund Previ, with a 49.01% stake, and Spain''s Iberdrola with a 39% stake, according to the company''s website. Brazilian bioenergy company Raizen started fixed-income investor meetings this week to market a possible US dollar bond. The borrower will visit accounts in London, New York and Boston between January 9 and 11. Expected ratings are BBB-/BBB by S&P and Fitch. Bank of America Merrill Lynch, Bradesco, Citigroup, JP Morgan and Santander have been mandate to coordinate roadshows. The Republic of Honduras, rated B2/B+, has hired Bank of America Merrill Lynch and Citigroup for a US dollar bond roadshow, a bank on the deal told IFR. This week, the borrower will visit investors in Los Angeles, Boston and New York, where it will end marketing for the deal on January 11. Argentina power company Genneia is marketing a US dollar bond with an intermediate tenor through Bank of America Merrill Lynch, Itau and JP Morgan. This week, the company will be in New York, Boston and Los Angeles, where it will end investor meetings on January 11. Ratings are expected to be B3/B+ by Moody''s and Fitch. Brazilian pulp and paper company Fibria Celulose is roadshowing an SEC registered senior unsecured 2027 US dollar denominated Green bond. The borrower was in New York and London on Monday and will head to New York and Boston on Tuesday. BNP Paribas, Bank of America Merrill Lynch, Citigroup, HSBC and JP Morgan have been mandated to arrange the investor meetings. Ratings are BBB-/BBB- (negative/stable) by S&P and Fitch. Argentina''s Finance Minister Luis Caputo said last month that the administration was considering tapping the debt markets in January, according to Reuters. Local press have been reporting that the sovereign is looking at an up to US$10bn deal. The country needs US$22bn of debt financing this year, plus an additional US$21bn for refinancing needs, Caputo said. Paraguay is considering raising up to US$550m in the bond market in March, Reuters quoted Finance Minister Santiago Pena saying. Inversiones Atlantida, the largest financial group in Honduras, has finished roadshows to market a potential debut US dollar bond through Oppenheimer. Expected ratings are B/B by S&P and Fitch. Argentina''s Province of Entre Rios has finished roadshows ahead of a possible US dollar bond. Citigroup, HSBC and Santander organized investor meetings. Expected ratings are B-/B by S&P and Fitch. Colombian glass company Tecnoglass has wrapped up investor meetings ahead of an up to US$225m debut dollar bond with a tenor of between five and seven years. Expected ratings are Ba3/BB- by Moody''s and Fitch. Bank of America Merrill Lynch and Morgan Stanley have been mandated as joint bookrunners. (Reporting by Mike Gambale; Editing by Paul Kilby) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/latam-bonds-emerging-close-idUSL1N1EZ1W8'|'2017-01-10T06:48:00.000+02:00'
'f1a6cb30ea112921f866ee46c0e50ea51448e171'|'UPDATE 1-Wal-Mart plans to cut hundreds of jobs this month - WSJ'|'Business News  57pm EST Wal-Mart plans to cut hundreds of jobs this month: WSJ left right The Wal-Mart logo is pictured on cash registers at a new store in Chicago, January 24, 2012. REUTERS/John Gress 1/2 left right A clown sits inside a bus seen in front of a Wal-Mart store in Mexico City January 11, 2013. REUTERS/Edgard Garrido/File Photo 2/2 Wal-Mart Stores Inc ( WMT.N ) plans to cut hundreds of jobs before the end of January, the Wall Street Journal reported, citing people familiar with the situation. The Bentonville, Arkansas-based retailer plans to eliminate jobs at its headquarters and regional personnel that support stores, according to the report. Many of the eliminations will affect Wal-Mart''s human resources department, a large team that some senior executives believe should be more efficient or whose duties could be handled by outside consultants, the newspaper reported. Other departments could be affected as well, the report said. The company said in September it would cut about 7,000 back-office jobs, mostly in accounting and invoicing positions at its U.S. stores, as part of a program it announced in June. The job cuts follow the company''s plans to invest $2.7 billion in programs that involve training its workforce and a series of wage hikes that took the minimum hourly pay for store workers to $10, part of efforts to improve service at stores and boost sales. The company has also been investing to increase e-commerce sales and improve stores. These measures helped the company report strong online sales growth and a smaller-than-expected decline in earnings for the third quarter despite comparable store sales coming in below estimates. Wal-Mart was not immediately available for comment. (Reporting by Sruthi Ramakrishnan in Bengaluru: Editing by Sriraj Kalluvila and Maju Samuel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-walmart-redundancies-idUSKBN14U2DI'|'2017-01-11T01:52:00.000+02:00'
'c783e651bc9f837eeca5c3969366b108620b26ad'|'UK''s Phoenix Group meets its 2016 cash generation target'|' 02am EST UK''s Phoenix Group meets its 2016 cash generation target Jan 10 Phoenix Group Holdings, Britain''s largest owner of life assurance funds closed to new customers, posted cash generation from operating companies of 486 million pounds ($590.2 million) in 2016, meeting its target of 350-450 million pounds. * Phoenix, which bought French insurer AXA''s UK investment and pensions business last year, said 117 million pounds in cash was generated from the integration of the acquired business. * The cash generation target was set in March last year while the AXA deal was announced in May and completed in November. ($1 = 0.8235 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/phoenix-group-outlook-idUSL4N1F02PI'|'2017-01-10T15:02:00.000+02:00'
'48dc6ff7d2cb23e92ab90d55b35e959dd436e7ef'|'Strike brings more rail misery for London commuters'|' 22am EST Strike brings more rail misery for London commuters LONDON Jan 10 Hundreds of thousands of London commuters were left with no train service on Tuesday as the latest strike in Britain''s worst rail dispute in decades brought more travel misery the day after major disruption on the capital''s underground system. Drivers working for Southern Rail, which runs services from central London to Gatwick Airport and Brighton on the south coast, began a 48-hour stoppage in a dispute about whose job it should be to open and close the train doors which has already led to more than 25 days of strike action. Southern, run by Britain''s largest train operator Govia Thameslink Railway (GTR) - a joint venture owned by London-listed Go-Ahead GOG.L and France''s Keolis, said almost none of its 2,284 services would run and advised its customers not to travel. The strike comes a day after millions of commuters were hit by a walkout by staff on the underground network which closed most metro stations in central London and led to reduced services, causing gridlock on the roads. The Southern dispute began last April over plans to extend the use of driver-only operated (DOO) trains and so reduce the safety role played by the conductor, a second member of onboard staff. The company says many trains on its network and across Britain only require a driver, adding the change would not lead to any job losses or pay cuts and that it wants to increase the number of staff on board trains. The unions representing drivers and conductors say it is a serious safety issue. Angry commuters not only blame the two sides in the dispute but also the government which under the terms of the franchise deal has to pick up the compensation bill for passengers but has so far declined to intervene in the row. It is the longest-running dispute since the privatisation of the rail industry in the mid-1990s and there is little sign it is likely to be settled soon. "With government backing, the company has broken long-standing agreements with the union that make sure train drivers can do their job safely," the ASLEF union said on its website. "No wonder there''s been such a huge loss of trust and goodwill on the part of union members towards the company." Southern''s Chief Operating Officer Nick Brown said the unions wanted to turn the clock back. "We''re not going to give in," he told BBC radio. (Reporting by Michael Holden; editing by Stephen Addison)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-railway-strike-idUSL5N1F02MT'|'2017-01-10T18:22:00.000+02:00'
'73c74863b4e72b1d9588a2fa453e0c2cdbb6810d'|'UPDATE 1-Ecuador eyes low to mid 9% yield on tap of 2026 bonds'|'(Adds secondary levels, background)By Paul KilbyNEW YORK, Jan 10 (IFR) - The Republic of Ecuador set initial price thoughts Tuesday of low to mid 9% on a tap of its 9.65% 2026 bonds.The deal marks the country''s second foray in just little over a month. Ecuador issued US$750m of the 2026s at par on December 8, coming inside initial price thoughts of low 10% area after amassing some US$2.4bn in orders.Those bonds have recently been Quote: d at around 9%, according to Thomson Reuters data.Citigroup is acting as sole lead on the transaction, which is expected to price later on Tuesday. The country is rated B/B by S&P and Fitch. (Reporting by Paul Kilby; editing by Marc Carnegie and Shankar Ramakrishnan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ecuador-bonds-idINL1N1F00TB'|'2017-01-10T12:48:00.000+02:00'
'9f18583d06b79379880b266ba09329da78da3c72'|'Christmas sales boost UK retailers, but non-food sales sluggish - BRC'|'LONDON British retail sales picked up speed in December, an industry survey showed, but sales of bigger ticket items were sluggish, a possible early sign that consumers are bracing for a Brexit hit to their spending power.A separate survey showed a slight slowdown in the number of permanent workers hired via recruitment agencies last month and pay rising at the slowest pace in five months.Economists are watching for any signs of a flagging in the spending by consumers which has helped Britain''s economy to withstand the shock of the vote in June to leave the European Union.The British Retail Consortium said a strong Christmas week boosted spending growth in December to a year-on-year rate of 1.7 percent, up from 1.3 percent in November.Like-for-like sales - which exclude new store openings - saw annual growth of 1.0 percent, up from 0.6 percent in November."Despite the slow start to the Christmas trading period, the week itself was a bumper one and exceeded expectations," BRC chief executive Helen Dickinson said.While food sales were strong in December, non-food sales were slow, possibly reflecting fewer clearance sales days after Christmas this year than in 2015, according to the BRC.But the pattern was repeated over the three months to December when food sales increased by 2.4 percent, the strongest increase in more than three years and non-food sales rose by only 1.3 percent, the weakest performance since October 2012.Britain''s inflation rate has begun to rise following the slump in the value of the pound caused by the Brexit vote, and it is expected to hit around 3 percent this year."The challenge for retailers in 2017 will be to create real growth against a backdrop of growing inflationary pressures and persisting economic and political uncertainty," Dickinson said.So far, Britain''s labour market has shown only a few hints of weakening after the Brexit vote.The Recruitment and Employment Confederation said its monthly labour market survey showed permanent staff placements grew in December, but at a slightly slower pace than November''s nine-month peak.The rate of growth of pay for permanent workers was the slowest in five months, it said.By contrast, hiring and pay growth for temporary workers were the fastest since the spring of last year.((Reporting by William Schomberg; editing by Andy Bruce))'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/britain-economy-retail-idINKBN14U00C'|'2017-01-09T21:11:00.000+02:00'
'bd05f3de183d420457425f942a723ab09efbaee1'|'Citi downgrades Goldman Sachs to ''sell'' on valuation'|'Citigroup downgraded Goldman Sachs Group Inc ( GS.N ) to "sell" citing valuation, sending its stock down as much as 1.6 percent and making it the biggest drag on the Dow Jones Industrial Average .DJI .Citi analyst Keith Horowitz said Goldman would need an additional $4 billion of revenue above current full-year estimates to bridge the gap between current and expected return on tangible equity."While we expect Goldman will see improved trading revenues going forward, the path is relatively uncertain and the bar is relatively high," Horowitz wrote in a note to clients.Analysts on average are expecting 2017 revenue of $32.32 billion, according to Reuters data.The downgrade comes days before the large U.S. banks start reporting fourth-quarter results, their first after the election in November and the Federal Reserve''s rate hike in December.Goldman is expected to report on Jan. 18.Bank stocks have been on a tear since the U.S. election, with the KBW Bank Index .BKX rising 22.6 percent. Goldman Sachs'' shares rose 33.5 percent during the period.The stock was down 0.9 percent at $240.58 in morning trading.(Reporting by Sruthi Shankar in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-goldman-sachs-research-citi-idUSKBN14U1YJ'|'2017-01-10T19:01:00.000+02:00'
'8df4c2b949d3423b6200d2b384410080a5f51fcd'|'Fitch Affirms Ethias S.A. at IFS ''BBB''; off RWP; Outlook Positive'|'(The following statement was released by the rating agency) LONDON, January 10 (Fitch) Fitch Ratings has affirmed Ethias S.A.''s Insurer Financial Strength (IFS) Rating at ''BBB'' and Long-Term Issuer Default Rating (IDR) at ''BBB-'' and removed them from Rating Watch Positive (RWP). The Outlooks are Positive. A full list of rating actions is at the end of this commentary. The rating actions follow an announcement by Ethias that it completed on 23 December 2016 an offer (Switch VI) to certain policyholders of ''First A'' products aimed at strengthening its Solvency II position and reducing the sensitivity of its Solvency II coverage ratio to changes in interest rates. KEY RATING DRIVERS The Positive Outlook reflects Fitch''s expectation that the Switch VI operation will make both Ethias'' Solvency II margin and Fitch''s Prism Factor Based Model (FBM) score less sensitive to interest rate changes. Fitch therefore expects Ethias'' capital and earnings profile to improve in 2017. Fitch will assess Ethias'' Prism FBM score when 2016 financials become available. Despite the cost, estimated by the company at EUR191m, associated with the Switch VI operation, Fitch views this initiative positively as it has improved Ethias'' capital position and is likely to have reduced the group''s sensitivity to interest rate changes. Ethias is exposed to interest-rate risk as life technical liabilities are subject to high minimum guaranteed returns and also because of a duration gap between assets and liabilities in life accounts. However, the gap shrank significantly to 2.2 years as of end-September-June 2016 from 3.2 years in 2015, following reinvestments in long-term Belgian treasury notes and the purchase of hedging derivatives. In November 2016, Ethias launched a commercial initiative, Switch VI, to incentivise customers to redeem capital-intensive "First A" products. Customers were given a 25% premium on the surrender value in redemptions. The offer aimed at reducing Ethias'' exposure to interest rate risk associated with the First A products, under which guarantees are paid until the policyholder reaches the age of 99. Upon the closing of the offer on 23 December 2016, out of EUR1.4bn outstanding reserves (BGAAP), EUR762m were redeemed and a further EUR20m are pending. As a result, the amount of reserves associated with First A products was reduced by around 55%; the average guarantee has remained unchanged at 3.44%. The Switch VI marks another step in Ethias'' efforts to reduce the amount of contracts related to "First A" products. Since 2014, around 80% of reserves related to these products have been redeemed by policyholders. The group''s regulatory Solvency II ratio fell to 116% in 9M16 (excluding transitional measures), driven by lower interest rates, but should improve by 22% since the closing of Switch VI, according to Ethias'' estimates. RATING SENSITIVITIES The ratings could be upgraded if Ethias'' duration gap between assets and liabilities within its life accounts improves from 2.2 years at end-September 2016, provided the Prism FBM score remains at "Strong" or better based on 2016 financials. The Outlook is likely to be revised to Stable if Ethias'' score in Prism FBM weakens to "Adequate" based on 2016 financials or the duration gap fails to improve. FULL LIST OF RATING ACTIONS Ethias S.A.: IFS Rating affirmed at ''BBB''; Off RWP; Outlook Positive Long-Term IDR affirmed at ''BBB-''; Off RWP; Outlook Positive Undated subordinated debt affirmed at ''BB''; Off RWP Dated subordinated debt affirmed at ''BB''; Off RWP Ethias Droit Commun AAM: IFS Rating affirmed at ''BBB''; Off RWP; Outlook Positive Contact: Primary Analyst Federico Faccio Senior Director +44 20 3530 1394 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Louis Nonchez Associate Director +33 144 299 176 Committee Chairperson Chris Waterman Managing Director +44 20 3530 1168 Media Relations: Athos Larkou, London, Tel: +44 203 530 1549, Email: athos.larkou@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Insurance Rating Methodology (pub. 15 Sep 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017357 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://feeds.reuters.com/~r/reuters/financialsNews/~3/vMr8XbCIlY8/idUSFit985597'|'2017-01-10T18:06:00.000+02:00'
'1ba6eb8cb56feb5a8345d808ec0d7a46cab38f61'|'France''s Technicolor warns on profits'|' 36pm GMT France''s Technicolor warns on profits Sandra Carvalho, Chief Marketing Officer of Technicolor, speaks during the LG press conference at CES in Las Vegas, U.S., January 4, 2017. REUTERS/Rick Wilking French media and entertainment company Technicolor ( TCH.PA ) said on Thursday that core profits last year fell short of its forecast, hit by lower than anticipated sales in its connected home business and changes in foreign exchange rates. The company said it expects to report adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of about 565 million euros. In October it reaffirmed a forecast of 600-630 million euros. However, the company said free cash flow was in line with its target at above 240 million euros. (Reporting by Alan Charlish; Editing by Greg Mahlich)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-technicolor-idUKKBN14W2OF'|'2017-01-13T01:36:00.000+02:00'
'e1fee95873138135d3f5325ff176220f3744a64d'|'EU mergers and takeovers (Jan 9)'|'Market News - Mon Jan 9, 2017 - 6:30am EST EU mergers and takeovers (Jan 9) BRUSSELS Jan 9 The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS None NEW LISTINGS -- Private equity firm Onex Corp to acquired Parkdean Resorts, a British operator of caravan holiday parks (notified on Jan. 6/deadline Feb. 10/simplified) EXTENSIONS AND OTHER CHANGES FIRST-STAGE REVIEWS BY DEADLINE JAN 13 -- Investment firm HIG Capital to acquire shares in Dutch recycling company Ecore (notified Dec. 1/deadline Jan. 13/simplifed) JAN 17 -- German automotive parts supplier Rheinmetall Automotive and Chinese automobile radiator company Zhejan Yinlun Machinery to form joint venture JV (notified Dec. 5/deadline Jan. 17/simplified procedure) -- U.S. investment firm KKR & Co. to take sole control of Japanese auto parts supplier Calsonic Kansei Corp (notified Dec. 5/deadline Jan. 17/simplified) JAN 18 -- Private equity firm Permira to acquire online fashion products retailer Schustermann & Borenstein (notified Dec. 6/deadline Jan. 18/simplified) -- Private equity firm Permira to acquire German fashion retailer and exporter Schustermann & Borenstein (notified Dec. 6/deadline Jan. 18/simplified) JAN 19 -- Smiths Detection U.S. Holdings, subsidiary of British technology group Smiths Group, to acquire sole control of U.S.-based Morpho Detection (notified Nov. 23/deadline Jan. 19) -- UK engineering company Smiths Group to acquire U.S.-based Morpho Detection from French aerospace company Safran (notified Nov. 23/deadline Jan. 19 after commitments submitted) JAN 20 -- U.S. investment group KKR to acquire a majority stake in Swedish bed and mattress maker Hilding Anders (notified Dec. 8/deadline Jan. 20/simplified) -- South Africa''s Barloworld Ltd and Germany''s BayWa to establish BHBW joint venture for agriculture and materials handling operations in southern Africa (notified Dec. 8/deadline Jan. 20/simplified) -- U.S. investment group KKR to acquire a majority stake in Swedish bed and mattress maker Hilding Anders (notified Dec. 8/deadline Jan. 20/simplified) -- South Africa''s Barloworld Ltd and Germany''s BayWa to establish BHBW joint venture for agriculture and materials handling operations in southern Africa. (notified Dec. 8/deadline Jan. 20/simplified) JAN 23 -- France''s Schneider Electric and DB Energie to form a joint venture (notified Dec. 9/deadline Jan. 23/simplified) JAN 25 -- Japanese holding company Sompo Holdings Inc to acquire New York-listed insurer Endurance Specialty Holdings Ltd (notified Dec. 13/deadline Jan. 25/simplified) -- U.S. medical devices maker Abbott Laboratories to acquire U.S. diagnostics company Alere (notified Nov. 29/deadline Jan. 25 after commitments submitted) JAN 26 -- Japan''s Mitsubishi Chemical Holdings Corporation and Ube Industries to acquire joint control of electrolytes makers Changshu MC Ionic Solutions CN Co Ltd and AET Electrolyte Technologies (Zhangjiagang) Co. Ltd (notified Dec. 14/deadline Jan. 26/simplified) -- EP Investment and EP Investment II to jointly acquire Czech utility Energeticky a prumyslovy holding, a.s. (EPH) (notified Dec. 14/deadline Jan. 26/simplified) JAN 30 -- ArcelorMittal Distribution Services France and Cellino to create a joint venture Steelcame Srl active in industrial sheet metal workshop and steel distribution (notified Dec. 16/deadline Jan 30) JAN 31 -- Hitachi Chemical Company and Italy''s Fiamm to form joint venture in automotive and industrial lead-acid batteries (notified Dec. 19/deadline Jan 31/simplified) -- Austria''s Alpha Bank and investment management firm Centerbridge to take joint control over debt management service coordinator Kaican (notified Dec. 19/deadline Jan 31/simplified) FEB 2 -- REI Germany Cross Docks, a unit of NN Group, and CBRE Group Inc together with Poste Vita to acquire indirect joint control of over 10 real estate assets in Germany (notified Dec. 21/deadline Feb. 2/simplified) -- Private equity investor Advent International Corp to acquire industrial parts maker Brammer (notified Dec. 21/deadline Feb. 2/simplified) -- Canada-listed holding company Fairfax <FFH.TO >and Sagard Holdings, a subsidiary of Power Corporation of Canada, to acquire joint control of sports good manufacturer PSG (notified Dec. 21/deadline Feb. 2/simplified) FEB 3 -- Private equity firm Cerberus Group to buy majority stake in Staples Europe from Staples (notified Dec. 22/deadline Feb. 3/simplified) -- UK private equity fund adviser Apax Partners to take sole control of diagnostic service provider Unilabs (notified Dec. 22/deadline Feb. 3/simplified) FEB 6 -- TPG Capital to acquire majority stake in Intel Corp''s cyber security unit (notified Dec. 23/deadline Feb. 6/simplified) -- Bunge to buy two European oilseed processing facilities in France and the Netherlands from Cargill (notified Dec. 23/deadline Feb. 6) -- Swedish private equity fund Altor Fund IV to acquire rest of customer service provider Transcom Worldwide (notified Dec. 23/deadline Feb. 6/simplified) -- Predica, an insurance unit of Credit Agricole, and Macquarie take joint control of Groupe Pisto, which manages installations to store and transfer oil products (notified Dec. 23/deadline Feb 6/simplified) FEB 7 -- U.S. factory automation equipment maker Emerson Electric Co to buy pump manufacturer Pentair Plc''s valves and controls business (notified Jan. 3/deadline Feb. 7) FEB 9 -- Sumitomo Rubber Industries Ltd to buy UK firm Micheldever Group (notified Jan. 5/deadline Feb. 9/simplified) FEB 10 -- Private equity firm Onex Corp to acquired Parkdean Resorts, a British operator of caravan holiday parks (notified on Jan. 6/deadline Feb. 10/simplified) FEB 23 -- German cement producers Heidelbergcement and Schwenk to jointly acquire Mexican peer Cemex''s Croatian unit (notified Sept. 5/deadline extended to Feb. 23 from Oct. 10 after the European Commission opened an in-depth investigation) FEB 28 -- U.S. chemicals company Dow Chemical to merge with DuPont (notified June 22/deadline Feb. 28) MARCH 13 -- Deutsche Boerse and the London Stock Exchange plan to merge (notified Aug. 24/deadline extended to March 6 from Feb. 13 after the companies asked for more time, then by further five working days to March 13) APRIL 12 -- Chinese state-owned company China National Chemical Corp (ChemChina) to acquire Swiss pesticides and seeds group Syngenta (notified Sept. 23/deadline extended to April 12) SUSPENDED -- Azerbaijan''s state energy company SOCAR to buy stakes in Greek natural gas grid operator DESFA from Greek natural gas utility DEPA (notified Oct. 1/deadline suspended on Jan. 21) GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case. Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days. SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Compiled by Foo Yun Chee) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/eu-mergers-idUSL5N1EZ2NQ'|'2017-01-09T18:30:00.000+02:00'
'bc47424f112b002116bf05fef5727c803265ff53'|'CEO: Automakers need clarity from Trump'|'Fiat Chrysler CEO: Automakers need clarity from Trump by Chris Isidore @CNNMoney January 9, 2017: 1:51 PM ET Chrysler unveils minivan for Millennials "I need clarity, and we need rules." That''s what Fiat Chrysler CEO Sergio Marchionne had to say Monday morning at the Detroit Auto Show when asked about the automaker''s business plans under President-elect Donald Trump. Marchionne said long-term planning for its Mexican operations are on hold while the auto industry waits to see whether Trump can follow through on his threat to impose a 35% tariff on auto imports from Mexico . He said that the current uncertainty would make it "incredibly imprudent" for Chrysler to invest any more in Mexico at this time. He also added that steep tariffs could mean that Fiat Chrysler pulls back from Mexico entirely. "It''s possible if tariffs are imposed, if they''re sufficiently large, we''d have to withdraw. It is quite possible," he said. "Right now they [rules] are all on the table. We''ll wait." Related: Fiat Chrysler to put $1 billion into U.S. jobs and revive Jeep Last week Ford ( F ) announced it was scrapping plans for a $1.6 billion plant in Mexico and instead investing $700 million in a Michigan plant, a move that will create 700 jobs there. On Sunday, Fiat Chrysler announced its own $1 billion investment in two plants in Michigan and Ohio , creating 2,000 jobs. Trump tweeted about the move, saying "It''s finally happening." But Marchionne said Monday that the strategy had nothing to do with Trump or his trade policies. And he said he isn''t concerned about Trump''s Twitter attacks Fiat Chrysler. "This is new territory for most of us. None of us have had a tweeting president before," he said. The CEO added at a press conference later Monday that he''ll never get into a Twitter war with the president-elect. "If I ever start tweeting, shoot me," Marchionne told reporters. He doesn''t even have a Twitter account. Indeed, Fiat''s investment plans were part of a labor deal Fiat Chrysler reached with the United Auto Workers union in 2015 . It calls for the company to invest a total of $5.3 billion in U.S. plants. "I wish I could give him [Trump] credit for this," the CEO told reporters Monday afternoon. "But the thinking was in place beforehand." Marchionne stressed that the decision made economic sense for the company. "We''re not going to do anything about President-elect Trump," he said. "We''ll just respond to relevant policies." Related: Best loved new cars of 2016 Marchionne said repeatedly that the company needs to know what the trade law will be. "It''s amazing how much time we''re spending discussing things I don''t know anything about," he said, referring to trade policies that have yet to be put in place. "I''m as much in the dark as you are." Fiat Chrysler ( FCAU ) has seven Mexican plants that employ about 11,500 workers. The plants primarily serve the U.S. market, but also build vehicles for Europe, South America and Australia. They build the Fiat 500, Dodge Journey, the Ram ProMaster van and the Ram 1500-3500 pickups. The new Jeep Compass will also be built in Mexico. The company''s Mexican plants also build engines for a number of models assembled at U.S. plants. CNNMoney (New York) First published January 9, 2017: 1:48 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/09/news/economy/marchionne-trump-mexico/index.html'|'2017-01-10T01:51:00.000+02:00'
'747ede48125787d4e7a3b02bed4ad50e172d5c33'|'Blackstone ends talks for $5 bln Energy Transfer stake - Bloomberg'|'Funds News - Mon Jan 9, 2017 - 3:03pm EST Blackstone ends talks for $5 bln Energy Transfer stake - Bloomberg Jan 9 Private-equity firm Blackstone Group LP is no longer looking at buying a $5 billion stake in Energy Transfer Partners, Bloomberg reported on Monday, citing people familiar with the matter. In December, Blackstone was said to be looking at a stake in ETP, the company building the controversial Dakota Access Pipeline. ETP shares slid nearly 2 percent on Monday while the stock of parent Energy Transfer Equity LP shed 5.4 percent. Reuters was unable to verify the report. (Reporting by David Gaffen in New York; Editing by Jeffrey Benkoe) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/energy-transfer-equity-blackstone-group-idUSL1N1EZ1EP'|'2017-01-10T03:03:00.000+02:00'
'437c152a251b679e78f0b1662dda717cb8a1bcc2'|'Airbus finalises deal to sell more than 60 jets to Saudi''s flynas -sources'|'Industrials  01am EST Airbus finalises deal to sell more than 60 jets to Saudi''s flynas -sources By Alexander Cornwell - DUBAI DUBAI Jan 10 Airbus has finalised an agreement to sell more than 60 jets to Saudi Arabian budget carrier flynas, according to industry sources. The order from flynas is expected to cover over 60 A320neo narrow body jets, one of the sources with direct knowledge of the deal told Reuters. Including purchasing options, the agreement includes 100 A320neos, sources said. An order for 60 A320neos would be worth $6.4 billion at list prices. Airbus and flynas   (Reporting Alexander Cornwell in Dubai; Additional reporting by Tim Hepher in Paris; Editing by Susan Fenton) Next In Industrials UPDATE 1-Airbus finalises deal to sell more than 60 jets to Saudi''s flynas - sources DUBAI, Jan 10 Airbus has finalised an agreement to sell more than 60 jets to Saudi Arabian budget carrier flynas, according to industry sources, a move that could help   keep ahead of Boeing in the annual race for new orders.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/airbus-flynas-orders-idUSL5N1F038Q'|'2017-01-10T21:01:00.000+02:00'
'acb77486df97e39e3c6a01f4e101800e7b7054e3'|'Billionaire James Packer rejoins Crown Resorts board'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/companies/travel-leisure'|'https://www.ft.com/content/e501fd02-d6f5-11e6-944b-e7eb37a6aa8e?ftcamp=published_links%2Frss%2Fcompanies_travel-leisure%2Ffeed%2F%2Fproduct'|'2017-01-10T13:26:00.000+02:00'
'936af1325b8ebbbdc911d2a7b105ff925b919160'|'Popolare di Vicenza, Veneto Banca pin hopes on shareholders'' settlement deal'|'Business News - Mon Jan 9, 2017 - 6:44pm GMT Popolare di Vicenza, Veneto Banca pin hopes on shareholders'' settlement deal left right FILE PHOTO: The Banca Popolare di Vicenza headquaters is seen in Vicenza, Italy, March 5, 2016. REUTERS/Stefano Rellandini 1/2 left right FILE PHOTO: The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi 2/2 By Valentina Za - PADUA, Italy PADUA, Italy Italian lenders Popolare di Vicenza and Veneto Banca have unveiled a proposed settlement deal with disgruntled shareholders that could cost the two banks more than 600 million euros (£521 million), adding to capital pressures that may push them to request state aid. The two banks are seen as the next trouble spot in Italy''s slow-burning banking crisis after the government stepped in at the end of 2016 to bail out the country''s third-biggest lender Banca Monte dei Paschi di Siena ( BMPS.MI ). Popolare di Vicenza''s newly appointed chief executive Fabrizio Viola, who was brought in from Monte dei Paschi to oversee a merger with Veneto Banca, did not rule out the two lenders needing to tap into a new 20 billion-euro fund which Italy set up at the end of last month to help Monte dei Paschi and other struggling banks. "Let me first assess how much money we need and then we''ll see how to go about raising it," he told a news conference on Monday. Popolare di Vicenza and Veneto Banca, both among Italy''s 10 biggest banks, were rescued earlier last year by state-sponsored, privately-funded bank rescue fund Atlante after failing to find buyers for share issues totalling 2.5 billion euros to keep them afloat. The rescue all but wiped out the savings of over 200,000 small shareholders, burning through at least 5 billion euros in financial wealth in the northeastern Veneto region, according to local business association Unioncamere Veneto. The two banks now propose repaying 169,000 shareholders, who bought stock in the last 10 years, around 15 percent of investment losses if they agree not to pursue legal action. "The settlement proposal aims to make the bank more attractive for potential investors," said Popolare di Vicenza''s chairman, Gianni Mion. "The bank will need more capital and it''s unthinkable for investors to put money in a lender weighed down by the uncertainty stemming from pending lawsuits." In addition to funds needed to finance the settlement deal, Popolare di Vicenza and Veneto Banca are set to book fresh loan losses in the fourth quarter as they prepare to sell off around 8 billion euros of bad debts as requested by the ECB. The two lenders are estimated to need as much as 2.5 billion euros in capital due to loan writedowns. Atlante, which was set up with contributions from Italy''s leading financial institutions to prop up struggling banks and prevent a wider crisis, said in December it was pumping another 938 million euros in capital into the two banks. The banks said they would settle separately on a case-by-case basis disputes with shareholders who were lent money to buy the banks'' own shares or had unsuccessfully tried to sell their holdings. The banks said they faced around 16,500 claims from customers. Shareholders who have already turned to the court are not included in the settlement proposal. "We want to know the truth over what happened and who is guilty for it," said Sergio Calvetti, a lawyer representing around 4,000 shareholders in the two banks. (Reporting by Valentina Za; editing by Francesca Landini, Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-banks-vicenza-venetobanca-idUKKBN14T24D'|'2017-01-10T01:44:00.000+02:00'
'86819c0067d6eef855939b7cc740c0e8634bbce6'|'Intime''s shares up 38 percent after Alibaba leads offer to take it private'|'HONG KONG Shares of Intime Retail (Group) Co Ltd ( 1833.HK ) were set to surge 38 percent when it resumes trade on Tuesday after Alibaba Group Holding Ltd ( BABA.N ) joined forces with the founder of the department store operator to take it private for $2.6 billion.Intime''s shares were set to open at HK$9.70. Trading in the stock had been halted since Dec. 28.Alibaba Investment Ltd and Shen Guo Jun jointly offered to take Intime private for HK$10 per share, representing a 42.25 percent premium over its last trading price of HK$7.03 each.(Reporting By Anne Marie Roantree; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alibaba-intime-stocks-idINKBN14U04C'|'2017-01-09T22:28:00.000+02:00'
'949872ae4abd0ec1ea8c46c259065b2ad43f9b54'|'Fed officials see quick economic boost from Trump, risks to follow'|'Business News - Thu Jan 12, 2017 - 7:48pm GMT Fed officials see quick economic boost from Trump, risks to follow The Federal Reserve Building stands in Washington April 3, 2012. REUTERS/Joshua Roberts/File Photo By Howard Schneider - NAPLES, Fla. NAPLES, Fla. Federal Reserve officials cautioned on Thursday that the fiscal and tax plans sketched out by the incoming Trump administration could trade a short-term economic boost for longer-run inflation and debt problems they might have to counteract. In an array of appearances Fed regional bank presidents agreed in principle that the policies likely to be pursued by President-elect Donald Trump will raise economic growth - through direct spending, the consumption and investment spurred by tax cuts, and the boost to business from lighter regulation. In a recent survey of businesses in the southeast, said Atlanta Federal Reserve President Dennis Lockhart, executives expressed "optimism around the prospect of fiscal stimulus, tax reduction, spending on infrastructure and some amount of deregulation." But at this point the economy does not really need much short-term help, said Chicago Federal Reserve President Charles Evans, speaking to the American Council of Life Insurers. It needs longer term strategies to expand a labor force constrained by issues like population aging and lagging productivity. The new administration is taking over "at a time of arguably full employment," Evans said. "The U.S. economy could experience a burst of four percent growth for a year or two or more...But unless this is accompanied by sustainable structural improvement in labor and productivity growth, such GDP growth would...ultimately lead to more restrictive financial conditions." Lockhart, who retires at the end of next month, said that if inflation moves too quickly the Fed may be forced into "preemptive" rate increases. Their comments and those of other colleagues showed the dilemma the Fed now faces. After years of hoping other arms of government would do more to help the economy, and ease the demands on the central bank, they now face a situation where the White House and Congress may try too much too fast. In December, at their first policy-setting meeting after Trump''s election, Fed officials indicated they were likely to raise rates at a slightly faster pace in 2017, with a core group of policymakers saying three increases are expected compared to one each in 2015 and 2016. Philadelphia Federal Reserve Bank president Patrick Harker, said on Thursday that while he had not yet changed his policy outlook based on anything Trump might do, as things stand "the economy is displaying considerable strength" without any extra government help. St. Louis Federal Reserve President James Bullard downplayed any immediate inflation concerns during remarks in New York. He said the impact of the tax, spending and other changes Trump might enact would become clear perhaps next year. Fed officials are traditionally cautious about discussing the plans of elected officials, in part to preserve their own distance from politics and set an independent monetary policy. But since Trump''s election they have offered a series of subtle nudges, arguing that efforts to simplify or reform the business tax code, and clarify or reduce some regulations, could make the economy operate better but that a trade war or massive new deficit spending were unwanted risks. In addition, they have noted the drag that population aging has on trend economic growth. Some economists argue the solution is expanded immigration, something counter to the policies Trump advocated as a candidate. (Reporting by Howard Schneider; Additional reporting by Jason Lange, Ann Saphir and Richard Leong; Editing by Paul Simao and Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-idUKKBN14W26R'|'2017-01-13T02:48:00.000+02:00'
'17c588a74072ea0e6f0bb8732c5dacaa78d2ab31'|'Fiat Chrysler leads European shares lower on emissions accusations'|'Business News - Thu Jan 12, 2017 - 5:48pm GMT Fiat Chrysler leads European shares lower on emissions accusations FILE PHOTO: An assembly line with 2014 Ram 1500 pickup trucks is seen at the Warren Truck Plant in Warren, Michigan, U.S. on September 25, 2014. REUTERS/Rebecca Cook/File Photo By Danilo Masoni - MILAN MILAN European shares fell on Thursday weighed down by Fiat Chrysler, which wiped out one sixth of its value in a late session slide after the U.S. accused the car maker of excess diesel emissions, raising worries of heavy fines. The STOXX 600 fell 0.7 percent with the auto sector index .SXAP leading sectoral fallers, dragged down by 16.1 percent slump in Fiat Chrysler shares, the biggest faller on the pan-European benchmark index. In spite of the auto woes and continued losses among pharma stocks on worries over pricing pressure in the U.S., Britain''s blue chip FTSE 100 index inched up 0.03 percent, thinly extending to 13 days its record winning streak. The U.S. Environmental Protection Agency accused Fiat Chrysler of using software that allowed excess emissions in 104,000 U.S. vehicles sold since 2014. The group led by Sergio Marchionne said it was it is "disappointed" with the EPA assertions. "It''s no surprise that another big auto maker is implicated for this was always going to be much bigger than just Volkswagen ...Fines and costs could be crippling if Volkswagen''s experience is anything to go by," Neil Wilson, market analyst at ETX Capital said in a note. A Milan-based trader says the market may conceive liabilities of around $3 billion, or 20 percent of Fiat''s market value, assuming this case is similar to the one that hammered the German carmaker more than one year ago. Fiat''s 16 percent drop was its biggest ever and came as the stock was close to hitting a fresh record high. The auto index .SXAP fell 2.8 percent while elsewhere in the sector Germany''s BMW ( BMWG.DE ) and Daimler ( DAIGn.DE ) and France''s Renault ( RENA.PA ) all fell more than 2.6 percent. "One thing is now clear – this scandal goes well beyond VW and Fiat Chrysler’s involvement raises the possibility that other big carmakers are involved," Wilson added. Europe''s healthcare sector index .SXDP fell 1.9 percent after U.S. President-elect Donald Trump targeted pharmaceuticals'' drug pricing in a press conference. Trump on Wednesday commented on the issue of competitive drug pricing, saying pharmaceutical companies were "getting away with murder" by charging high drug prices. Italy''s UBI Banca ( UBI.MI ) was top gainer of the STOXX, up 9.1 percent on news the bank would buy three rescued Italian banks through a 400 million euro share issue. Swiss luxury goods group Richemont ( CFR.S ) was also a top European gainer, its shares jumping 8.6 percent after its trading update indicated a pick-up in demand for watches and jewellery. Peer Swatch ( UHR.S ) gained 5.4 percent. Britain''s blue-chip FTSE 100 was underpinned by gains among basic resources and precious metals miners, which were boosted by a weaker dollar, with Randgold Resources ( RRS.L ), Fresnillo ( FRES.L ), and Anglo American ( AAL.L ) all up more than 2 percent. (Additional reporting by Helen Reid; Editing by Angus MacSwan) Next In Business News LSE Boerse chiefs travel to meet top German politician - sources FRANKFURT Top executives from Deutsche Boerse and the London Stock Exchange will meet a top German politician to resolve a dispute about where to locate the combined group''s headquarters, three sources said, with pressure growing for it to be in Frankfurt.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN14W2KV'|'2017-01-13T00:48:00.000+02:00'
'69ed6cfb4ab05db30e0c62d5e422223f00fdb658'|'Weekly jobless claims rise less than expected'|'Business News - Thu Jan 12, 2017 - 8:37am EST Weekly jobless claims rise less than expected Job applicants listen to a presentation prior to the opening of a job fair for veterans and their spouses held by the U.S. Chamber of Commerce and the Washington Nationals baseball club at Nationals Park in Washington December 5, 2012. REUTERS/Gary Cameron WASHINGTON Jan 12 The number of Americans filing for unemployment benefits rose less than expected last week and the underlying trend remained consistent with a tightening labor market that is starting to spur faster wage growth. Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 247,000 for the week ended Jan. 7, the Labor Department said on Thursday. Claims for the prior week were revised to show 2,000 more applications received than previously reported. Last week''s data included the New Year holiday. Claims tend to be volatile around this time of the year because of different timings of the various holidays. Claims have fluctuated in a 233,000-275,000 range since mid-November. They have now been below 300,000, a threshold associated with a healthy labor market, for 97 consecutive weeks. That is the longest stretch since 1970, when the labor market was much smaller. Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 255,000 in the latest week. A Labor Department analyst said there were no special factors influencing last week''s data and that only claims for Virginia had been estimated. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 1,750 to 256,500 last week. The labor market is considered to be at or near full employment, with the unemployment rate near a nine-year low of 4.7 percent. Tightening labor markets are starting to push up wage growth. Average hourly earnings increased 2.9 percent in the 12 months through December, the largest gain since June 2009. Rising wages and President-elect Donald Trump''s pledge to cut taxes are expected to boost consumer spending and support economic growth through much of this year. A tighter labor market and firming inflation suggest further interest rate increases from the Federal Reserve this year. The Fed raised its benchmark overnight interest rate last month by 25 basis points to a range of 0.50 percent to 0.75 percent. The U.S. central bank has forecast three rate hikes for this year. Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid fell 29,000 to 2.09 million in the week ended Dec. 31. That was the first decline in the so-called continuing claims since November. The four-week average of continuing claims rose 16,500 to 2.09 million. (Reporting by Lucia Mutikani; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-idUSKBN14W1VG'|'2017-01-12T20:37:00.000+02:00'
'1fb966a67de1320c609b14e39d7f806feb984886'|'Russian banks spooked as large firms get direct access to Moscow markets'|'Financials  39am EST Russian banks spooked as large firms get direct access to Moscow markets MOSCOW Jan 10 Major Russian banks fear a loss of business when large companies gain direct access to currency and money markets next week under new rules that supporters say will boost liquidity on the Moscow Exchange. The new rules, debated for many years and finally due to take effect on Jan. 16 under a central bank decree, are intended to lift market turnover and lower costs for those who trade currencies or money market rates. But they may also disrupt the established balance of power in the market: companies that have always paid commission to commercial banks for certain operations will no longer do so. "This is an impersonation of the role of banks," said Oleg Gorlinsky, head of treasury at VTB, Russia''s second largest bank. "An exchange should not, in my view, be attracting resources from companies in order to pay them some sort of interest rate," he said. Alexey Lyakin, head of treasury at top bank Sberbank , said it would become more expensive for large banks to attract money from the corporate sector once companies can manage their needs on their own. While banks are unhappy with the new state of affairs, it will make life easier for companies, said Dmitry Polevoy, chief economist at ING Bank in Moscow. "But, as always, the truth is somewhere in the middle. Relations between banks and clients will remain in place as there are many more services apart from FX conversion and trading of money market rates," Polevoy said. To qualify for direct trading access on the Moscow Exchange, a firm must have capital of at least 1 billion roubles ($16.6 million), a dedicated treasury department and annual trading volumes of no less than $100 million in the past two years. Bankers claim they can address risks related to trading on currency and money markets better than companies, even big ones. "The functions of taking on interest-rate risk and liquidity risk, transforming resources onto the active side of the balance sheet - those are functions for the banking system," said VTB''s Gorlinsky. ($1 = 60.0883 roubles) (Reporting by Elena Fabrichnaya; Writing by Alexander Winning; Editing by Andrey Ostroukh and Gareth Jones) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/russia-moex-banks-idUSL5N1F040P'|'2017-01-10T22:39:00.000+02:00'
'02565791426da3512d009c93f1be7ec99c66454a'|'Valeant to sell Dendreon unit to China''s Sanpower for $819.9 million'|'Business News - Tue Jan 10, 2017 - 4:03am GMT Valeant to sell Dendreon unit to China''s Sanpower for $819.9 million A sign for the headquarters of Valeant Pharmaceuticals International Inc is seen in Laval, Quebec June 14, 2016. REUTERS/Christinne Muschi/File Photo Valeant Pharmaceuticals International Inc ( VRX.TO ) said its affiliate will sell its Dendreon Pharmaceuticals business to China''s Sanpower Group Co Ltd for $819.9 million in cash. Valeant will use the proceeds to repay its term loan debt under its senior credit facility, the company said on Monday. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Sunil Nair) Next In Business News Asia stocks steady, oil in flux, sterling suffering ''hard'' Brexit fears SINGAPORE Asian stock markets steadied on Tuesday and crude prices inched up from Monday''s three-week low, with investors uncertain whether output cuts by major exporters, led by Saudi Arabia and Russia, will be enough to support the oil market as other producers have increased supplies.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-dendreon-m-a-sanpower-idUKKBN14U0B9'|'2017-01-10T11:03:00.000+02:00'
'f6085fc325bb5c427ea07a6c221881938f1b5414'|'Peru would retain money from Odebrecht deal pending graft probe'|'LIMA Jan 9 Peru would withhold any money Brazil''s Odebrecht SA might make by selling its 55 percent stake in a natural gas pipeline project while prosecutors probe bribes the company has admitted to distributing in the Andean country, the government said Monday.Odebrecht, a family-owned engineering conglomerate at the center of a massive graft scandal in Latin America, might be able to collect the earnings once it clears up its corrupt acts, Finance Minister Alfredo Thorne said."If Odebrecht does sell its stake, it wouldn''t collect," Thorne said in an interview with local TV station Canal N. "That money would turn into a guarantee in the event there was any corruption."Odebrecht declined to comment.Odebrecht must exit the $5 billion pipeline project - a condition of banks that would provide a $4.1 billion loan for construction - before Jan. 24 when a financing deadline must be met, Thorne said.But Odebrecht''s acknowledgement last month in a U.S. plea deal that it had distributed $29 million in bribes to secure public work projects in Peru has clouded its prospects of closing a deal.Last week Odebrecht agreed to give local prosecutors details on its bribes in Peru, depositing an initial $8.9 million in public coffers as a gesture of goodwill.The company, which has had an outsized presence in construction projects in Peru in the past decade, has turned into a symbol of high-level corruption for many Peruvians - fueling calls for its assets to be seized and its contracts revised.Thorne said the government was also preparing a law to unlink financing of the pipeline from consumer electricity bills.Odebrecht and its junior partner Enagas SA won the pipeline contract in 2014 during the previous government after their sole competitor was disqualified the day of the auction.Enagas now controls a 25 percent stake in the project. Peruvian construction group Grana y Montero , whose shares dropped by more than 5 percent on Monday, bought a 20 percent stake in the project from Odebrecht in 2015.Odebrecht has said it invested at least $1 billion in the pipeline, which was about a third finished when work on it ground to a halt last year.A day before the U.S. plea deal was made public, Odebrecht had been finalizing a deal to sell its stake to Brookfield Asset Management Inc, according to Thorne. (Reporting by Mitra Taj; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/peru-odebrecht-idUSL1N1EZ1OK'|'2017-01-10T00:43:00.000+02:00'
'baa1e7c5fb421f492661e2935de54628e41a534e'|'Automakers, suppliers team up to share costs of self-driving cars'|'Business  21am GMT Automakers, suppliers team up to share costs of self-driving cars By Paul Lienert and Alexandria Sage - LAS VEGAS LAS VEGAS Automotive suppliers and automakers are expanding alliances to develop self-driving car technology that can serve multiple automakers, as the race to put such vehicles on the road separates companies that can go it alone from those that need help sharing the financial and technical burdens. While some companies, such as Tesla Motors ( TSLA.O ), General Motors ( GM.N ) and Ford Motor ( F.N ), are trying to develop proprietary driverless systems, a larger group of automakers appears to have decided it makes more sense to develop self-driving technology in collaboration with suppliers – as many other features such as anti-lock brakes or radar-enabled cruise control already are. "What''s going on in the industry right now is like a hyper version of musical chairs - and the music is still playing," said Gill Pratt, chief executive officer of Toyota Research Institute. "Everyone is changing partners." Several suppliers - notably Mobileye ( MBLY.N ), Nvidia ( NVDA.O ) and Delphi Automotive ( DLPH.N ) - are among the more popular technology partners in the self-driving race, with multiple alliances around the globe. "If you want to build a truly autonomous car, this is a task for more than one player," said Amnon Shashua, chief executive of Mobileye, an Israeli-based supplier of mapping and vision-based sensing systems. "The technological challenges are immense," Shashua told Reuters. "I would compare it to sending a man to the moon." Mobileye supplies cameras, chips and software for driver assist systems - the building blocks for self-driving cars - to more than two dozen manufacturers around the globe. The company was an early supplier of vision systems to Tesla, but the two companies had an acrimonious and public breakup last summer after the driver of a Tesla Model S was killed while operating his vehicle using Tesla''s Autopilot system. Since the break with Tesla, Mobileye has secured two critical partnerships to develop self-driving systems: With German automaker BMW ( BMWG.DE ) and U.S. chipmaker Intel ( INTC.O ), and with longtime supplier Delphi ( DLPH.N ). The Delphi-Mobileye alliance involves a turn-key system that the partners plan to offer to smaller automakers that lack the resources to develop such systems on their own. It will be ready for production by 2019, said Jeff Owens, Delphi''s chief technology officer, with a projected wholesale cost of about $8,000. The alliance with BMW and Intel is expected to draw additional vehicle manufacturers and suppliers, according to Elmar Frickenstein, BMW''s senior vice president for automated driving. "We would like to create a standard system for everybody to use by 2021," Frickenstein said. "That would share the costs and speed up the process of development and adoption." Eventually, BMW and its partners could offer self-driving hardware and software sets or an entire driverless system on a non-exclusive basis to companies ranging from Uber [UBER.UL] to Google ( GOOGL.O ), Frickenstein said. A blueprint for collaboration is BMW''s joint ownership with Daimler AG ( DAIGn.DE ) and Volkswagen AG''s ( VOWG_p.DE ) Audi of Here, the mapping company acquired in late 2015 from Nokia ( NOKIA.HE ). Since then, both Intel and Mobileye have teamed with Here to pool and share data. Chipmaker Nvidia ( NVDA.O ) also is ramping up its partnerships in self-driving technology and systems, this week announcing deals with Audi and Here, as well as German suppliers ZF [ZFF.UL] and Bosch [ROBG.UL]. "We''re not looking to develop a proprietary system," said Dirk Hoheisel, the member of Bosch''s board of management who oversees autonomous driving. "We want to work with others to develop a standard platform and open standards for self-driving systems, especially around data and mapping." While pursuing similar partnerships with suppliers, Audi sees its role as a vehicle manufacturer evolving to that of systems integrator. "There''s not one supplier out there who can provide the whole solution - no one who knows everything, every part of what''s needed to make an autonomous car," said Alejandro Vukotich, Audi''s head of development for driver assistance systems. Some key components of self-driving systems - cybersecurity, for instance - should remain the responsibility of vehicle manufacturers, said Guillaume Devauchelle, head of innovation and scientific development at French supplier Valeo ( VLOF.PA ). But carmakers also will continue to rely on suppliers to provide specific self-driving technologies, he said. "There will be a mix because it''s quite a complex system (with) sensing, data fusion, artificial intelligence, connectivity, man-machine interface and so on," Devauchelle said. "Those are big blocks." (Reporting by Paul Lienert and Alexandria Sage in Las Vegas; Editing by Nick Zieminski) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-autos-selfdriving-idUKKBN14S04L'|'2017-01-08T15:21:00.000+02:00'
'4f12f6b77cd18a03a55d9ece1c2f47374be29193'|'Cargill profit jumps on strong beef, turkey demand'|'Global commodities trader Cargill Inc [CARG.UL] on Tuesday reported a sharply higher adjusted quarterly profit led by strong results from its beef and turkey businesses in North America.In the second quarter ended Nov. 30, Cargill''s adjusted operating earnings jumped nearly 80 percent to $1.03 billion, from $574 million in the same quarter a year earlier.Quarterly net income including one-time items fell to $986 million from $1.39 billion a year earlier, when sales of Cargill''s U.S. pork business and a steel mill bolstered results.Revenue slipped to $26.9 billion from $27.3 billion in the same quarter a year ago.(Reporting by Karl Plume in Chicago; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-cargill-inc-results-idUSKBN14U1WM'|'2017-01-10T18:31:00.000+02:00'
'a51c26f1bae35230cf69fb3a9165ea198b2ace78'|'Chipotle Mexican estimates 4.8 percent drop in fourth-quarter comparable sales'|'Business News - Tue Jan 10, 2017 - 8:15am EST Chipotle Mexican estimates 4.8 percent drop in fourth-quarter comparable sales A Chipotle Mexican Grill is seen in Los Angeles, California, U.S. on April 25, 2016. REUTERS/Lucy Nicholson/File Photo Chipotle Mexican Grill Inc ( CMG.N ) said sales at established restaurants likely fell 4.8 percent in the fourth quarter and that costs came in higher than it had previously anticipated. Chipotle''s shares were down 3.2 percent at $381.99 in premarket trading. The company said it incurred higher-than-expected expenses due to higher promotional spending and costs related to television advertising, as it fights to recover from a string of food safety lapses late last year. Food costs were also higher than anticipated due to increased costs of avocados, the company said in a regulatory filing on Tuesday. The company estimated sales of $1.04 billion for the quarter ended December, below the average analyst estimate of $1.05 billion, according to Thomson Reuters I/B/E/S. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-chipotle-outlook-idUSKBN14U1JT'|'2017-01-10T20:15:00.000+02:00'
'83ef2d0cb8053855d970cd6a23f3b3d95137d47c'|'Sensex rises; Tata Motors rallies on JLR sales'|'By Shivam Srivastava Indian shares rose on Tuesday with Tata Motors surging after unit Jaguar Land Rover reported strong sales for 2016 and as recent underperformers recovered, although broader sentiment was cautious ahead of corporate results.The broader NSE index is up 0.61 percent so far this year, but has moved in a narrow range as investors wait to see how earnings shape up in the latest quarter, given fears about the economic impact from India''s move to ditch higher-value notes.Sentiment was also subdued ahead of India''s budget, scheduled on Feb. 1, and caution ahead of key global events such as Donald Trump''s swearing-in as U.S. president later this month."Markets are consolidating like they have been in the past couple of weeks and are in a very narrow range as they wait for the quarterly results and for Donald Trump to take over as president of the U.S," said Dipen Shah, senior vice president, public client group research, Kotak Securities.The broader NSE Nifty was up 0.46 percent at 8,274.15 as of 0620 GMT.The benchmark BSE Sensex was 0.51 percent higher at 26,863.66.Tata Motors surged 2.64 percent after earlier hitting its highest since Nov. 11 as JLR said on Monday sales rose 20 percent to a record last year.Hero Motocorp rose as much as 0.93 percent after declining in the previous two sessions.Among other gainers, Max Ventures and Industries jumped as much as 17.5 pct to 79.40 rupees, its highest since July 8. The company said it will sell 22.5 pct stake to unit of New York Life Insurance Co for 1.21 bln rupees ($17.79 mln)(Reporting by Shivam Srivastava in Bengaluru; Editing by Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-sensex-nifty-stock-markets-idINKBN14U0OB'|'2017-01-10T04:50:00.000+02:00'
'85f4da6673c80dc0bc46625d2299ea68d98c6643'|'German financial watchdog says Basel IV will hit some German banks'|'Business News  53pm EST German financial watchdog says Basel IV will hit some German banks Felix Hufeld, President of Germany''s Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) visits Thomson Reuters office in Frankfurt, Germany, September 22, 2016. REUTERS/Ralph Orlowski FRANKFURT New capital rules being drafted by global banking regulators will burden some German lenders, albeit in a reasonable fashion, the head of German financial watchdog Bafin said. The Basel Committee of banking supervisors from nearly 30 countries earlier this month postponed the approval of long-awaited rules designed to avert a repeat of the financial crisis. The Group of Central bank governors and heads of supervision (GHOS) are now working on a compromise on how much capital lenders have to set aside against loans and other assets. The Basel III reform has proven divisive, with European regulators worrying that higher capital demands would curb bank lending - the prime source of funding for companies in the region. The main sticking point relates to a "floor" on how much capital a bank needs to hold irrespective of what its own model says. Bafin president Felix Hufeld said in a speech on Tuesday that a possible compromise would still be an imposition for some German banks. "But impositions which we as regulators view as appropriate and bearable." Germany''s flagship lender Deutsche Bank ( DBKGn.DE ) is seen among those hardest hit by the new capital rules - unofficially dubbed Basel IV - as they are expected to inflate Deutsche Bank''s risky assets by 125 billion euros or roughly a third. The lender, which is grappling with a $7 billion bill from U.S. authorities over its sale of toxic mortgage securities and is expecting more expensive litigation, is hoping for a late implementation date and a long grandfathering period so it can slowly fill the capital gap. Bafin''s Hufeld said international regulators had withstood the "siren songs" from bank lobby groups, and warned that "there will not be a compromise at any cost". He added, however, that market structures of individual countries would have to be taken into account when deciding to what extent banks can use their own models for assessing risks. While American companies use capital markets as their prime source of finance, European groups still rely mainly on bank loans. At the same time, European banks on average recover more money from bad corporate loans and mortgages than their U.S. peers - factors that new bank rules should reflect, regulators and bank executives have said. (Reporting by Arno Schuetze. Editing by Ludwig Burger.) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-germany-regulation-idUSKBN14U2D5'|'2017-01-11T01:49:00.000+02:00'
'433eac20e66056e0384d6c183c7d185bf1e823e1'|'TUI Germany says summer demand "significantly" up on last year'|'Cyclical Consumer Goods   8:26am EST TUI Germany says summer demand "significantly" up on last year BERLIN Jan 12 The German unit of European tour operator TUI said demand for summer 2017 bookings was "significantly" above the level seen at this point last year and that Germans were once again booking their holidays earlier. "Many Germans who didn''t go on holiday last year are booking especially early this year," Sebastian Ebel, head of TUI Germany, said in a statement on Thursday. Early bookings are good for tour operators'' earnings because it makes it less likely for them to have to cut prices at the last minute to fill spaces. Credit Suisse downgraded TUI on Wednesday to "underperform" from "outperform", flagging a tough outlook for its two largest markets - the UK and Germany, accounting for 33 percent and 26 percent of sales, respectively. Last year saw European tourists avoid attack-hit Turkey and Egypt in favour of destinations in the western Mediterranean such as Spain, forcing tour operators and airlines to shift capacity. Greece has replaced Turkey as the second most popular destination for Germans, TUI Germany said, and summer bookings for the country are currently 41 percent above where they were a year ago. Spain, Italy, the Canary Islands and Croatia are also experiencing growth in bookings of over 10 percent, TUI Germany said. The number of visitors to Spain hit a new record in 2016 for a fourth consecutive year, the government said on Thursday. Germany is the world''s third largest spender on foreign travel behind China and the United States. (Reporting by Victoria Bryan; Editing by Greg Mahlich and Alexandra Hudson) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/tuigroup-germany-idUSL5N1F23Z6'|'2017-01-12T20:26:00.000+02:00'
'4145ce1f2398608e0d3cf5820ffc22b2f73a9133'|'Volkswagen shareholders call for reforms in wake of $4.3 billion U.S. deal'|'Business News - Thu Jan 12, 2017 - 9:49am GMT Volkswagen shareholders call for reforms in wake of $4.3 billion U.S. deal FILE PHOTO - A U.S. flag flutters in the wind above a Volkswagen dealership in Carlsbad, California, U.S. May 2, 2016. REUTERS/Mike Blake/File Photo By Edward Taylor - FRANKFURT FRANKFURT Volkswagen ( VOWG_p.DE ) investors demanded greater transparency and reforms at the carmaker after it admitted to criminal offences in rigging U.S. emissions tests and U.S. prosecutors indicted six current and former managers over the scandal. The German company agreed to pay $4.3 billion (£3.50 billion) in civil and criminal fines in a settlement with the U.S. Justice Department on Wednesday, the largest ever U.S. penalty levied on an automaker. Volkswagen (VW) admitted about 40 employees at its VW and Audi brands deleted thousands of documents in an effort to hide from U.S. authorities the systematic use of so-called defeat devices to rig diesel emissions tests, a scale of wrongdoing that led some investors to call for deep reforms. "What is most disturbing ... is the pattern of deception, both in developing and perfecting the defeat devices, as well as deliberately obstructing the subsequent investigation," said Annie Bersagel, an adviser for responsible investments at Norwegian Mutual Insurance company Kommunal Landspensjonskasse (KLP). KLP and KLP mutual funds have small investments in both VW equities and fixed income products. "Going forward we would like to see more truly independent directors. This may change governance at the company where we see some issues, for example the awarding of large bonuses to current and former managers. We would like to see a clawback provision relating to violations." Ingo Speich, a fund manager at Union Investment which holds about 0.6 percent of VW preference shares, said on Wednesday the company needed to "put everything on the table" about its wrongdoing to regain the trust of investors. VW still faces lawsuits from about 20 U.S. states and from U.S. investors, and will spend years buying back or fixing nearly 580,000 polluting U.S. vehicles. It also faces claims from customers in Europe and Asia, after it admitted in September 2015 that up to 11 million vehicles worldwide could have defeat device software installed. So far, the scandal has cost VW up to $22 billion in the United States alone, in deals with owners, regulators, U.S. states and dealers. Despite the fines, VW has continued to pay bonuses to top managers. For 2015, the year the scandal was uncovered, VW agreed to pay 12 current and former members of the management board at total of 63.2 million euros ($67.2 million) in fixed and flexible remuneration. It said board members would have 30 percent of their variable bonus awards withheld, if the share price remained below 140 euros. VW shares are currently trading at 151.89 euros. SIX EMPLOYEES INDICTED In total, six current and former VW managers have been indicted, including Heinz-Jakob Neusser, former head of development for the VW brand. Five of them are in Germany and it is unclear if they will come to the United States to face charges since Germany typically does not extradite its citizens. While senior managers, none of them are - or were - members of VW''s management board. At a press conference in Washington, U.S. attorney general Loretta E. Lynch said U.S. authorities would continue to pursue those responsible for emissions cheating. "This announcement does not mean that our investigation is complete ... We will continue to pursue the individuals responsible for orchestrating this damaging conspiracy," Lynch said. The indictment said the six managers engaged in a 10-year conspiracy to cheat U.S. emissions tests and then cover up excessive emissions even as regulators questioned irregularities. VW Chief Executive Officer Matthias Mueller said in a statement the company "deeply regrets the behaviour that gave rise to the diesel crisis" and vowed to continue changes in how the company operates. See graphic on emissions affair: ( tmsnrt.rs/2fYcm9Q ) (Additional reporting by Andreas Cremer; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN14W142'|'2017-01-12T16:49:00.000+02:00'
'62ae531cc2f40d5ab917ded0ee4269ec0da9739a'|'Euro zone economic recovery seen on shaky ground ahead of elections - Reuters poll'|'Thu Jan 12, 2017 - 2:16pm GMT Euro zone economic recovery seen on shaky ground ahead of elections: Reuters poll An employee of German car manufacturer Mercedes Benz observes the connection between the bodywork and the chassis of an A class (A-Klasse) model at their production line at the factory in Rastatt, Germany, January 22, 2016. REUTERS/Kai Pfaffenbach By Shrutee Sarkar Recent optimism the euro zone economy has finally turned a corner on growth and inflation is on shaky ground and will only be maintained if there are no major upsets in several national elections this year, a Reuters poll showed on Thursday. Respondents saw the last quarter of 2016 and the first two quarters of 2017 each registering 0.4 percent growth, with average full year growth seen at 1.5 percent this year and next. Inflation would be 1.4 percent in both 2017 and 2018. The euro zone economy grew 0.3 percent in last year''s third quarter, similar to the previous three months, with all members of the currency bloc reporting an expansion, even in peripheral economies such as Greece. There have been signs of more robust growth since, however. Industries across the euro zone cranked up output in November and Germany ended the year with its strongest growth in five years, for example. Yet the poll of over 65 economists this week showed little change in forecasts for growth and inflation with respondents citing uncertainty from rising protectionist sentiments after the Brexit vote last June and Donald Trump''s U.S. election win. Elections are also due this year in Germany, France, the Netherlands and possibly Italy. It was a similar trend across recent Reuters polls on foreign exchanges rates, bond yields and major economies. [POLL/] "Europe may be in for a rough ride this year," said Tomas Holinka, economist at Moody''s Analytics. "While we expect the economy to expand at about the same rate as in 2016, political anxiety about the 2017 voting season could send it off the rails, while tough negotiations over Britain''s exit from the European Union could throttle trade." A majority of respondents who answered an extra question in the poll said the euro zone economy doesn''t have enough momentum to withstand any major political change in the coming year. Italy''s constitutional reform referendum last month sent the euro to a 21-month low against the U.S. dollar and while its impact on financial markets was not as much as the Brexit vote in June 2016, it did boost political uncertainty. A Reuters poll last week predicted the euro will weaken to $1.04 by end-December, from around $1.06 now, and strategists gave a median 50 percent chance it would reach or fall below parity with the dollar in 2017. ECB Having already spent over 1.4 trillion euros ($1.5 trillion) buying mostly sovereign bonds, the ECB last month unexpectedly said it would trim its monthly spend to 60 billion euros from April. It currently spends 80 billion euros a month. That move shocked financial markets since euro zone inflation is still only around half the ECB''s target of just under 2 percent, despite years of money printing twinned with a zero policy rate and a negative deposit rate. While euro zone inflation in December was the highest in 3-1/2 years, the outlook for price growth remained weak. Not a single economist in the sample of over 60 had a 2 percent inflation call this year or next. Economists in the poll unanimously said the ECB''s next move, after April''s planned cut in monthly bond purchases, will be to taper QE further. For its meeting on Jan. 19, all economists said the ECB would hold policy steady. "After the decision to lengthen its QE program until December 2017, the ECB seems to be done easing. But we still believe that there will be a new lengthening of the program into 2018 to allow for some tapering," said Peter Vanden Houte, economist at ING Financial Markets. In contrast, the U.S Federal Reserve, having raised interest rates in December for the second time since the Great Recession, is likely to hike twice more this year, and recent comments from policymakers suggest there could be a third move too. [FED/R] TEPID PERFORMANCE ALL AROUND Long-term growth forecasts for many major economies within the currency bloc were trimmed in the latest poll. Germany, the euro zone''s top economy will grow per quarter to mid-2018. Inflation, which rose at the fastest pace in three years in December, is expected to average 1.6 percent in 2017. France, the second largest economy in the union, will grow 1.1 percent this year and Italy''s 2017 GDP is likely to be 0.8 percent. Ireland, which enjoyed some of the best growth across the bloc in recent years, will expand 3.5 percent this year, the poll found. (Polling by Sujith Pai in BENGALURU, Michael Nienaber in BERLIN, Brian Love IN PARIS Editing by Jeremy Gaunt) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-economy-poll-idUKKBN14W205'|'2017-01-12T21:06:00.000+02:00'
'afbbb8aa94fb2f48bfadd82246e3f2f9f9fde144'|'India''s Tata Sons may name new chairman as early as Thursday - Economic Times'|'Company News   5:51am EST India''s Tata Sons may name new chairman as early as Thursday - Economic Times MUMBAI Jan 12 India''s Tata Sons is likely to name a new chairman as early as Thursday, the Economic Times reported, citing unnamed officials. Tata Sons has called a board meeting at 4 p.m. (1030 GMT), the newspaper said, although it said no agenda for the meeting had been announced. bit.ly/2ifVtM5 The $100 billion conglomerate ousted its chairman Cyrus Mistry in October, sparking a bitter public spat. Thursday report comes as Tata Consultancy Services Ltd , India''s biggest software services company, reports its results. TCS head N. Chandrasekaran has been widely speculated to be one of the leading contenders for the role. (Writing by Devidutta Tripathy; Editing by Alex Richardson) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tata-sons-management-chairman-idUSI8N1D9021'|'2017-01-12T17:51:00.000+02:00'
'0c111e76023213a9875cffd990c3c1a8b28ea9b0'|'Green bond issuance growth to slow after bumper 2016 - HSBC'|'Business News - Wed Jan 11, 2017 - 10:15am GMT Green bond issuance growth to slow after bumper 2016 - HSBC HSBC headquarters building is seen in Pudong financial district in Shanghai December 8, 2010. REUTERS/Carlos Barria/File Photo LONDON The growth in global green bond issuance could slow this year to $90-120 billion, with China unlikely to repeat its record issuance and policymakers abstaining from intervening in the nascent market, HSBC said on Wednesday. Around $90 billion of green bonds were issued last year, more than double the amount of 2015. Chinese green bonds made up 37 percent of issuance, compared with 2 percent in 2015. The proceeds from so-called green bonds help finance projects such as renewable energy, the energy-efficiency sector, green transport and wastewater treatment. HSBC expects issuance to be at around $90-120 billion this year, a growth rate of 0 to 30 percent. "We think growth will slow, as last year’s commencement of Chinese green bond supply was a one-off that cannot be repeated," the bank said in a research note. Policymakers are also not likely to intervene in the green bond market this year while it is still growing and developing standards. "If green quality standards remain high, then we expect that in time, policy practitioners may then step in and help further to accelerate market growth," it added. The green bond market is widely expected to expand steadily in future, as a global climate change agreement and concerns over the environment boost spending on green projects. But it is still a tiny fraction of the overall bond market. Commonly agreed standards on what constitutes a green bond and transparency over how proceeds are used are needed to make the market become more mainstream. HSBC said sovereign green bond issuance could grow slightly in 2017, with up to six governments expected to issue sovereign green bonds. (Reporting by Nina Chestney; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-environment-bonds-hsbc-idUKKBN14V12Z'|'2017-01-11T17:15:00.000+02:00'
'e3c395bb8f2421b5ad697a583b1c853b2af1b6a2'|'UPDATE 2-LME electronic trading to reopen at 0600 GMT - source'|' 54am EST UPDATE 2-LME electronic trading to reopen at 0600 GMT - source * Hong Kong bourse has contacted operator LME * Problem under investigation, LME tells members (Updates with expected start time) SYDNEY Jan 12 The London Metal Exchange''s electronic trading platform LMESelect is set to reopen at 0600 GMT on Thursday after a five hour delay, according to a circular sent to members, two sources at LME member firms said. "It''s opening at 6am London," said one. Both declined to be named because they are not authorised to speak to the media. Information on what caused the outage was not available. A spokesman for LMESelect''s owner, Hong Kong Exchanges and Clearing Ltd (HKEx), said it was checking with the London Metal Exchange, operator of the platform, to find out why trading had failed to start. All media queries to LME go through HKEx during Asian trading hours. Trading on the LME was delayed for almost four hours last July due to technical issues relating to members'' ability to connect to the market. (Reporting by Melanie Burton; Editing by Richard Pullin and Sonali Paul) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/lme-trading-disruption-idUSL4N1F21LO'|'2017-01-12T12:54:00.000+02:00'
'55d99dfed11e3f9755420f053ef12eae15dde331'|'Mr Kipling owner Premier Foods looks to raise prices'|'Business News - Tue Jan 10, 2017 - 9:17am GMT Mr Kipling owner Premier Foods looks to raise prices A Mr Kipling Cherry Bakewell is seen in this illustration taken March 30, 2016. REUTERS/Phil Noble/Illustration LONDON Premier Foods ( PFD.L ), maker of UK classics like Mr Kipling cakes and Bisto gravy, is in talks with retailers over potential mid-single digit percentage price increases, a spokeswoman said on Tuesday, as it seeks to offset higher costs and the weak British pound. "The situation on pricing differs between our different categories and brands and is currently under discussion with our individual retail customers," the spokeswoman said in a statement. "On average we are considering rises around the mid single digit mark." (Reporting by Martinne Geller; Editing by Susan Fenton) Next In Business News L''Oreal to buy three skincare brands from Valeant for $1.3 billion PARIS French cosmetics group L''Oreal is acquiring three specialized skincare brands - CeraVe, AcneFree and Ambi - from Canada''s Valeant Pharmaceuticals International for $1.3 billion (1.07 billion pounds) in cash to expand into one of the fastest growing areas of the beauty industry.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-premierfoods-prices-britain-idUKKBN14U0XK'|'2017-01-10T16:17:00.000+02:00'
'311f62fdb116c181556187913417c2a0fb11a6fa'|'General Frost to the rescue: cold helps Russia comply with OPEC deal'|'Environment - Tue Jan 10, 2017 - 2:19pm GMT General Frost to the rescue: cold helps Russia comply with OPEC deal left right FILE PHOTO: A general view shows an drilling rig at the Lukoil company owned Imilorskoye oil field, as the sun rises, outside the West Siberian city of Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin/File Photo 1/2 left right FILE PHOTO: Employees work on a drilling rig at the Rosneft company owned Samotlor oil field outside the West Siberian city of Nizhnevartovsk, Russia January 26, 2016. REUTERS/Sergei Karpukhin/File Photo 2/2 By Vladimir Soldatkin and Olesya Astakhova - MOSCOW MOSCOW It has defeated armies trying to invade Russia in the past, and now the fabled Russian winter has come to Moscow''s rescue again, this time helping it comply with a deal among world oil exporters on cutting output. Russia, which has in the past been accused of dragging its feet in implementing oil production and exports deals, reduced production by 100,000 barrels a day in the first few days of January, industry sources told Reuters. That is a third of the way towards the total cut Russia promised to deliver by mid-2017. That reduction, or at least part of it, is the result not so much of Russian zeal to honor the agreement as it is to unusually cold temperatures in Siberia that have forced work at oil rigs to grind to a shivering halt. Late last month and in early January, temperatures fell as low as minus 60 Celsius (minus 76 Fahrenheit) across Siberia, rendering metal brittle, causing power supply disruptions, halting cars'' engines and making it impossible for people to work outside in the open air. "Usually, all the working activity is stopped when it is minus 48 (Celsius). Otherwise, you have to face the consequences," an oilman who makes regular work trips to Western Siberia said by phone, requesting anonymity as he was not authorized to talk to the media. "Once, a crane in Noyabrsk (Western Siberia) just tumbled down. Metal doesn''t bend when it is minus 60, it just crumbles," the oilman said in Moscow on Tuesday. Harsh Russian winters played a decisive role in defeating the invading armies of French ruler Napoleon Bonaparte and Nazi dictator Adolf Hitler. The term "General Frost" was coined in recognition of the power of cold weather. The Western Siberian region - which occupies a vast territory between the Urals mountains and the Yenisei river, the geographical center of Russia - accounts for around two thirds of Russia''s total oil production. The winter climate there is always harsh, but it is unusual for temperatures to fall as low as they are now. Another oilman, from the Siberian region of Khanty-Mansiisk, said when cold snaps hit, he had to keep his vehicle''s engine running round the clock, because if it was switched off it was unlikely to start again. NEW WELLS Locals say the cold weather has also prevented maintenance and repair work at oil fields and the drilling of new wells. "We planned to launch a new well, but the cold of minus 50 struck and there were problems with power supplies. We had to postpone it," said a third Russian oilman, who also did not want to be identified. Russia registered one of the sharpest drops in its oil output in the winter of 2005/2006, when Siberia experienced comparable low temperatures. In January 2006, Russian production declined by 180,000 barrels per day, at the time the biggest monthly drop in seven years. Under a deal finalised last year in Vienna, global oil exporters agreed to curb production in order to prop of weak world oil prices. Some oil companies in Russia, which had been producing at post-Soviet record levels, were reluctant to cut, but fell into line after the Kremlin said it supported a global deal. Under the deal, Russia committed to cut its oil output by 300,000 barrels per day (bpd) from the level of 11.247 million bpd reached in October last year. The reduction will come in stages, which Russia cutting output by 200,000 barrels per day by the end of the first quarter, and later by 300,000 bpd. Valery Nesterov, an analyst at Moscow-based Sberbank CIB, said it was too early to say if the cuts observed since the start of January were made in line with the OPEC deal, or if it was down to other factors. "Of course, the extreme cold affects production and drilling, which are typically lower in winter," he said. "There will be a more deliberate decline in the second quarter when Russia will have to catch up with its cuts pledges." Kremlin spokesman Dmitry Peskov said on Tuesday that Russia was fulfilling all its obligations under the global deal on output cuts, but referred questions about the reason for the drop in January to the Energy Ministry. A spokeswoman at the ministry declined to comment. Russian state weather forecaster Hydrometcentre said it expected temperatures in West Siberia''s Khanty-Mansiisk region to stay below minus 30-35 Celsius through to Thursday and at around minus 20 Celsius into next week. (Additional reporting by Ludmila Zaramenskikh; Editing by Alison Williams) Next In Environment Texas $1 billion carbon project to curb emissions, up oil recovery THOMPSONS, Texas NRG Energy Inc and JX Nippon Oil & Gas Exploration Corp said on Tuesday they had begun operations at a $1.04 billion carbon capture facility at a Texas coal-fired power plant and were using the emissions to extract crude from a nearby oilfield.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-russia-oil-output-coldsnap-idUKKBN14U1K6'|'2017-01-10T21:17:00.000+02:00'
'417671e2ea0e1cf2a5195f845c7036aa102473dd'|'GLOBAL MARKETS-Stocks shaky as oil slump, ''hard'' Brexit fears dim mood'|'Company News  55pm EST GLOBAL MARKETS-Stocks shaky as oil slump, ''hard'' Brexit fears dim mood * Asia ex-Japan little changed, Nikkei falls * Oil inches up after Monday''s plunge on Iraq, U.S. supply rise * Sterling slides after British PM comments * Gold, yen rise as investors seek shelter in safe havens By Nichola Saminather SINGAPORE, Jan 10 Asian stock markets were on the back foot on Tuesday as risk appetite evaporated overnight after the year''s strong start, with equities retreating, oil markets roiled by a supply surge and the pound sliding on renewed concerns about a "hard" Brexit. MSCI''s broadest index of Asia-Pacific shares outside Japan was flat in early trade. Japan''s Nikkei dropped 0.2 percent as investors took refuge in the safe-haven yen. Oil prices on Monday posted their biggest one-day loss in six weeks amid fears that record Iraqi crude exports in December and rising U.S. output would undermine OPEC''s efforts to curb a global supply glut. The Organization of the Petroleum Exporting Countries agreed in November to cut output for the first time since the global financial crisis more than eight years ago. Iraq''s oil ministry emphasized that the high levels would not affect the country''s decision to cut January production to comply with the OPEC agreement. But sources told Reuters that Iraq''s State Oil Marketing Company had given three buyers in Asia and Europe full supply allocations for February. "It''s unusual to have these agreements last for very long because inevitably someone cheats," said Daniel Morris, senior investment strategist at BNP Paribas Investment Partners. "It''s certainly conceivable that the (OPEC) agreement falls apart and you get more production than anticipated in addition to already thinking that it should be lower because of dollar strength." Last week, U.S. energy companies added oil rigs for a 10th week in a row, Baker Hughes data showed, with some analysts expecting the U.S. rig count will rise to 850-875 by the end of the year. U.S. crude slumped 3.8 percent on Monday but were steady early on Tuesday, up 0.1 percent at $52.02 a barrel. Global benchmark Brent also dropped 3.8 percent to $54.82 a barrel on Monday. In currencies, sterling slumped 1 percent on Monday, extending Friday''s 1.1 percent slide, after British Prime Minister Theresa May said on Sunday the country would not be keeping "bits" of European Union membership, without providing more detail on her strategy. May''s comments stoked fears of a "hard Brexit", in which border controls are prioritised over market access. EU officials say Britain cannot have access to its single market of 500 million consumers without accepting the principle of free movement and have repeatedly warned May against trying to "cherry pick" the profitable parts of their union. The pound was fractionally higher at $1.2164 early on Tuesday. The drop in risk appetite pushed the dollar lower against the safe-haven yen. The U.S. currency was down 0.28 percent to 115.67 yen in early trade on Tuesday, after declining 0.8 percent on Monday. The dollar index, which tracks the greenback against a basket of six global peers, edged down 0.1 percent to 101.85, extending Monday''s 0.3 percent loss. The euro climbed 0.1 percent to $1.0588 on Tuesday. Gold shone amid investors'' quest for safety. Spot gold , which jumped to a more than one-month high on Monday, added 0.1 percent to $1,182.24 an ounce in early trade on Tuesday. (Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL4N1F005G'|'2017-01-10T07:55:00.000+02:00'
'6982e8524df33f52d432487c418267f08c5ff275'|'Britain in ''front seat'' for U.S. trade deal, top Republican says'|'Politics - Tue Jan 10, 2017 - 2:22am EST Britain in ''front seat'' for U.S. trade deal, top Republican says U.S. President-elect Donald Trump listens to questions from reporters in the lobby at Trump Tower in New York, U.S., January 9, 2017. REUTERS/Mike Segar LONDON Britain will be in the "front seat" to negotiate a new trade deal with the incoming administration of Donald Trump, a top Republican in the United States Senate said, the BBC reported. Senate Foreign Relations Committee Chairman Bob Corker said after meeting British Foreign Secretary Boris Johnson that a trade deal between the two countries would be a priority as Britain prepares to leave the European Union. Ahead of the Brexit vote, President Barack Obama exhorted Britons to stay in the EU and warned that if they left they would be at "the back of the queue" for a U.S. trade deal. Corker said Johnson knows "full well" that "there is no way the United Kingdom is going to take a back seat". "They will take a front seat and I think it will be our priority to make sure that we deal with them on a trade agreement initially but in all respects in a way that demonstrates the long-term friendship that we''ve had for so long," Corker was quoted as saying by the BBC. Trump, while a candidate for the U.S. presidency, hailed Brexit as a "great thing" when visiting Scotland the day after the vote though Britain cannot sign a trade deal until it leaves the EU which under current plans will likely be in 2019. After visits to see aides in Trump Tower in New York and meet members of Congress in Washington, Johnson said: "Clearly, the Trump administration-to-be has a very exciting agenda of change. One thing that won''t change, though, is the closeness of the relationship between the US and the UK. "We are America’s principal partner in working for global security and, of course, we are great campaigners for free trade," Johnson was quoted as saying by the Guardian newspaper. "We hear that we are first in line to do a great free trade deal with the United States. So, it''s going to be a very exciting year for both our countries," Johnson said. (Reporting by Guy Faulconbridge; editing by Michael Holden) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-usa-idUSKBN14U0MQ'|'2017-01-10T14:22:00.000+02:00'
'7b451c57d0007e23365164bec6822ddd8891efc8'|'McDonald’s hopes local model will spur China growth'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/companies/retail-consumer'|'https://www.ft.com/content/ed328e62-d676-11e6-944b-e7eb37a6aa8e?ftcamp=published_links%2Frss%2Fcompanies_retail-consumer%2Ffeed%2F%2Fproduct'|'2017-01-10T20:12:00.000+02:00'
'22ae641f8a9382de7e1dad0f97f747f94f764e64'|'London banks'' Brexit battle heads to Europe'|'Business News - Tue Jan 10, 2017 - 5:58am EST London banks'' Brexit battle heads to Europe A man looks towards the Canary Wharf business district in London, Britain December 11, 2016. REUTERS/Toby Melville By Andrew MacAskill and Anjuli Davies - LONDON LONDON Banks with large London operations say they will step up lobbying European officials because they are running out of arguments to convince the British government the industry needs single market access after Britain leaves the European Union. Banks have focused on pressuring British officials to push for as much market access as possible since voters decided seven months ago to leave the EU. They held fewer meetings with European officials, according to several senior sources in the financial services industry. The focus is shifting because after scores of meetings and research reports, banks, which say they may begin moving staff and operations out of London in the next few months if there is no clarity, feel they are running out of new points to make. Prime Minister Theresa May said on Sunday she was not interested in Britain keeping "bits" of its EU membership, interpreted by some as signaling she will favor immigration controls over access to the single market. Banks are now planning a new round of lobbying to highlight how a hard Brexit could harm the EU and the UK. They have identified French politicians, EU regulators and government officials, as key groups to win over. "The battle for Britain is over, the battle for France is about to begin," said one senior lobbyist. Another senior lobbyist for one of the major global banks said he will spend more time in Brussels this year to target the EU''s chief Brexit negotiator Michel Barnier and his teams as well as Didier Seeuws, a Belgian diplomat, who is helping coordinate the Brexit negotiations. Another lobbyist said he is planning to visit Paris to meet with French politicians and regulators later this month. Britain''s position as Europe''s financial center is emerging as one of the main collision points in the Brexit talks. Some European politicians see an opportunity to challenge British dominance of finance after decades of viewing its free-wheeling "Anglo-Saxon" model of capitalism with suspicion. EU leaders like French President Francois Hollande have said they plan to weaken Britain''s grip on finance by, for instance, demanding the lucrative business of clearing euros should move to the euro zone. Finance is Britain''s most important industry, accounting for about a tenth of its economic output and is its biggest source of business tax revenue. EUROPE''S INVESTMENT BANKER But Britain also acts as "the investment banker for Europe", Bank of England Governor Mark Carney said in November, with more than half the equity and debt raised for European governments and companies done in the UK. Banks will argue that Europe depends on the strength and the depth of the financial sector in London to service its economy and companies. If access to the EU is cut off, regional financial stability could be in jeopardy, they will say. UK-based banks had total outstanding loans of more than 1.1 trillion pounds to European companies and governments at the start of 2016. The British government has also privately appealed to financial organizations to make their case in Europe if they want a transitional period where their ability to operate in the EU would be phased out gradually over several years. Finance minister Philip Hammond told a meeting of finance executives at the end of November they should lobby European governments if they want to secure a post-Brexit transitional deal, according to two people who were present. Hammond made the comments at the annual dinner of the All-Party Parliamentary Group on Wholesale Financial Markets and Services, attended by executives from the major British and international banks, according to the people who attended. "He basically said we need a transitional deal to avoid a cliff edge effect, but the EU also needs to argue for it," one person at the dinner said. "He was implying that we need to help the government prepare the ground." A Treasury spokesman, when asked for comment, reiterated Hammond''s previous statements to lawmakers that Europe will harm itself if they use Brexit to undermine London''s position as the region''s principal financial center. Bankers say more work is needed on forging a consensus between Britain and Europe on what any transitional deal may look like. European officials say they will not discuss such a deal before Britain triggers Article 50 of the EU''s Lisbon Treaty to start the process of leaving the EU. "Everyone has a different definition of what it means in Europe and within Whitehall. We''re trying to get a common view on what transition means," one of the lobbyists said. THAWING RELATIONS The British government''s relationship with business has gradually improved after months of friction after the vote. It hit a low point during the Conservative party conference in October when May attacked a "rootless" international elite and officials privately suggested banks would get no special favors in the Brexit negotiations. Nevertheless, banks feel they have largely finished putting forward their case for single market access. "We feel we''ve been lobbying the UK government to death. We''ve presented every piece of evidence, every report, research, you name it," one of the lobbyists said. "We''ve been repeating ourselves for a month or two now... What else do they really need from us now?" One government official, who asked not to be named, said regular dialogue with the finance sector will continue, but the number of meetings may reduce. "The door is open if people want to talk to us. There is not an arbitrary point at which speaking to people is no longer helpful," the person said. "But it has been intense, as we wanted it to be, and that intensity may ease." (Additional reporting by Huw Jones; editing by Anna Willard) Next In Business News Alibaba''s Ma meets Trump, promises to bring one million jobs to U.S. NEW YORK/BEIJING Alibaba Executive Chairman Jack Ma met U.S. President-elect Donald Trump on Monday and laid out the Chinese e-commerce giant''s new plan to bring one million small U.S. businesses onto its platform to sell to Chinese consumers over the next five years, an Alibaba spokesman said. Toshiba asks creditors not to call in loans: sources TOKYO Toshiba Corp met creditors on Tuesday and asked them not to use provisions in debt agreements to call in their loans early, giving the troubled company time to work out a turnaround plan, sources with knowledge of the matter said. NEW YORK Citigroup Inc stands to get less of a profit boost than other big U.S. banks from lower corporate tax rates expected from the new government in Washington. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-banks-idUSKBN14U178'|'2017-01-10T17:58:00.000+02:00'
'62d0acab4ae1e133512754d30af077ab7da21e58'|'Global air freight demand up 6.8 percent in November - IATA'|'Business News - Tue Jan 10, 2017 - 3:12pm GMT Global air freight demand up 6.8 percent in November - IATA A delegate of the 68th International Air Transport Association (IATA) annual general meeting is pictured through an IATA logo in Beijing June 11, 2012. REUTERS/Jason Lee Demand for global air freight, measured in freight tonne kilometres, grew by 6.8 percent in November, boosted by robust growth in Europe and Africa. The growth rate slightly slowed compared to October, when freight demand hit a 20-month high, the International Air Transport Association''s (IATA) monthly report shows. "Air cargo enjoyed a strong peak season in November. And there are encouraging signs that this growth will to continue into 2017, particularly with the shipment of high-value consumer electronics and their component parts," IATA said on Tuesday. But it, however, warned that the trend in world trade is "still stagnant." Available capacity grew 4.4 percent in the month, meaning that load factors rose by 1.1 percentage points to 47.2 percent. (Reporting by Sylwia Lasek in Gdynia, Editing by Thyagaraju Adinarayan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airlines-iata-freight-idUKKBN14U1U4'|'2017-01-10T22:12:00.000+02:00'
'fdd4d912fe85fa8a9ef479c5595daddd6a233afa'|'UPDATE 1-Alibaba leads $2.55 bln bid for Chinese retailer Intime'|'* Offer represents 42 pct premium to price before trading halt* Alibaba says move to tap new form of retail in China* China''s retail sector worth $4.5 trillion -Alibaba (Adds Alibaba, Intime comments, Intime earnings, context)HONG KONG, Jan 10 E-commerce firm Alibaba Group Holding Ltd and the founder of Intime Retail Group Co Ltd have jointly bid to take the Chinese department store operator private for HK$19.79 billion ($2.55 billion), the partners said on Tuesday.Alibaba Investment Ltd and Shen Guo Jun have offered HK$10 per Intime share. That would represent 42.25 percent more than the stock''s last price of HK$7.03 on Dec. 28 when trading was suspended pending an announcement. The stock price surged 35 percent when trading resumed on Tuesday.The Alibaba group currently holds 27.82 percent of Intime while Shen owns 9.17 percent. The pair plan to finance the purchase through internal cash resources and external debt financing.Intime said in a statement to Hong Kong''s stock exchange that Alibaba and Shen planned to explore development opportunities and implement a series of long-term growth strategies, which could affect its short-term growth."We don''t divide the world into real or virtual economies, only the old and the new," said Alibaba Group Chief Executive Officer Daniel Zhang in a separate statement. "Those who cling on to the old ways of retailing will be disrupted.""Our combination with Intime will enable us to tap into the long-term growth potential of a new form of retail in China powered by Internet technology and data," Zhang said.China''s retail sector is worth $4.5 trillion and is growing at 10.7 percent a year, Alibaba said. The e-commerce firm also said it was working with offline retailers to create a new shopping experience.Alibaba initially took a stake in Intime in 2014 with an investment of $692.25 million.Intime operates 29 department stores and 17 shopping malls in China, mainly in so-called first- and second-tier cities. In August, it posted a 21.3 percent fall in first-half profit amid declining sales, saying e-commerce had transformed the competitive landscape.Its shares fell 8 percent in 2016, compared with a 0.4 percent rise in the benchmark Hang Seng Index.Separately, Alibaba Executive Chairman Jack Ma met U.S. President-elect Donald Trump on Monday and laid out his firm''s plan to bring a million small U.S. businesses onto its e-commerce platform to sell to Chinese consumers over the next five years.($1 = 7.7561 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Anne Marie Roantree and Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/alibaba-intime-privatisation-idINL4N1F0061'|'2017-01-09T22:42:00.000+02:00'
'426f682149dcb1474ef52292ea2b2c456e20d4ba'|'U.S. 30-year mortgage rates fall to lowest in six weeks -Freddie'|'Company News   10:14am EST U.S. 30-year mortgage rates fall to lowest in six weeks -Freddie Jan 12 Interest rates on U.S. 30-year fixed-rate mortgages fell to their lowest levels in six weeks in step with the decline in U.S. government debt yields, mortgage finance agency Freddie Mac said on Thursday. The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 4.12 percent in the week ended Jan. 12, it said. Last week, 30-year mortgage rates averaged 4.20 percent. Two weeks earlier, it was 4.32 percent, which was the highest since 4.33 percent in the week of April 24, 2014. (Reporting by Richard Leong; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-mortages-freddie-mac-idUSW1N1D3016'|'2017-01-12T22:14:00.000+02:00'
'318e84f95f084e372961ca3ad733e926524fe5be'|'Goldcorp to sell Los Filos mine to Leagold'|'Jan 12 Canada''s Goldcorp Inc, the world''s No. 3 gold miner by market value, said on Thursday it would sell its Los Filos mine in Mexico to Leagold Mining Corp for $438 million.Vancouver-based Goldcorp put Los Filos on the block last year as part of a plan to focus on more profitable, core mines.Goldcorp, which hired the Bank of Nova Scotia to sell Los Filos, said it will receive $279 million in cash, $71 million in Leagold shares, and retain certain tax receivables of about $88 million. (Reporting by Susan Taylor and John Benny in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/goldcorp-divestiture-leagold-mining-idINL4N1F24DL'|'2017-01-12T11:31:00.000+02:00'
'8661d5071eb63e9250cd7fe07c5e847d12b617c8'|'German economy surges at fastest rate in five years'|'Business News - Thu Jan 12, 2017 - 1:28pm GMT German economy surges at fastest rate in five years FILE PHOTO: A robot is seen assembling Audi A8 models at their plant in Neckarsulm, Germany, May 21, 2015. REUTERS/Michael Dalder/File Photo By Michael Nienaber and Joseph Nasr - BERLIN BERLIN The German economy expanded at the fastest pace in five years in 2016 and the growth momentum is expected to continue this year as rising private and state spending help Germany cement its position as the locomotive of the euro zone. Europe''s largest economy expanded by 1.9 percent last year, a preliminary estimate from the Federal Statistics Office showed on Thursday, as an environment of low interest rates and a record influx of refugees fuel household and state spending. These factors have compensated for weakening exports, long the pillar of an economy where manufacturing makes up about a fourth of output. Economists polled by Reuters had expected growth in gross domestic product (GDP) of 1.8 percent for 2016 after an expansion rate of 1.7 percent in the previous year. The growth rate of 1.9 percent matched the highest forecast in the poll. The Statistics Office said it estimated growth was around 0.5 percent for the fourth quarter after it halved to 0.2 percent in the July-September period. The Ifo institute said it forecasts a growth rate of 0.5 percent January-March this year. "The German economy in 2016 once again defied an entire series of downside risks, thanks to strong domestic demand," said ING economist Carsten Brzeski, adding that Germany''s biggest risk now was complacency. A breakdown of the 2016 GDP figures showed private consumption rose by an adjusted 2.0 percent on the year, contributing 1.1 percentage points to the overall growth rate. STRONGEST SPENDING SINCE 1992 State spending jumped by 4.2 percent, adding 0.8 percentage points to the overall growth rate. "This was the strongest increase in state consumption since 1992 following German reunification," the head of the Federal Statistics Office Dieter Sarreither said, adding this was due to spending on refugees as well as increased pension entitlements. Economists expect the growth momentum to continue this year, although most forecasts point to a weaker expansion due to calendar effects. "Taking a glimpse into 2017, the German economy remains fundamentally in good shape," said UniCredit''s Andreas Rees. "The growth drivers will change somewhat, since there will be a (moderate) shift from domestic demand to stronger export activity." He expects growth of 1.5 percent this year. The German economy ministry said incoming orders and sentiment indicators point to solid growth in production and a good start for this year. "Overall, the picture of a solid, strong, domestically driven economy remains," it said in a monthly report. Despite the optimism, economists and industry leaders warn that risks remain. Rising inflation fueled mainly by higher oil prices is expected to eat into the purchasing powers of Germans this year, restraining the growth impetus from consumption. State spending could also shrink as refugee arrivals fall. In addition, the possibilities of a protectionist trade policy by U.S. president-elect Donald Trump and state interference in China have been cited as events that could hurt German exporters. COMPANIES INVESTING LITTLE Still, the German GDP data reinforces expectations that euro zone growth, which stood at 0.3 percent in the second and third quarter of last year, accelerated in the last quarter. Better-than-expected industrial output data for Italy and the euro zone as a whole, published on Thursday, heightened expectations. The European Union''s statistics office Eurostat said industrial production in the 19-country single currency bloc rose by 1.5 percent during the month, and by 3.2 percent year-on-year. Both figures were much higher than market expectations. Industrial output in Italy increased 0.7 percent in November following a marginal 0.1 percent gain in October, data showed. A sustained recovery in the euro zone is good news for the German economy. But economists say the government could turn the growth momentum into a longer term solid expansion by implementing structural reforms and increasing investments on infrastructure, digitalization and education. Such suggestions are likely to face resistance from Finance Minister Wolfgang Schaeuble who said on Thursday he wants to use the 6.2 billion euros budget surplus in 2016 on amortizing debt. His focus on austerity, coupled with mounting political risks that are clouding the outlook for exporters, make it unlikely that German companies sitting on billions of euros will boost investments. Thursday''s data showed that investment in machinery and equipment contributed only 0.1 percentage points to overall growth and imports rose more than exports. For a graphic on euro zone economy, click here For a graphic on major European economies, click here (Additional reporting by Madeline Chambers and Paul Carrel in Berlin, Gavin Jones in Rome and Francesco Guarascio in Brussels; Writing by Joseph Nasr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-economy-gdp-idUKKBN14W167'|'2017-01-12T20:27:00.000+02:00'
'6ac16b1aede02ae4e87f24edc8feebcd6400e285'|'EU mergers and takeovers (Jan 12)'|'BRUSSELS Jan 12 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALSNoneNEW LISTINGS-- China''s Weichai Power Co raises its stake in German industrial vehicle and supply chain system maker Kion (notified Jan. 11/deadline Feb. 15/simplified)-- General Electric Co to acquire rotor blade maker LM Wind Power Holding'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eu-mergers-idINL5N1F23SP'|'2017-01-12T09:48:00.000+02:00'
'e26569f9f5cc79bd3cce370981ad4004465e0fa5'|'Parody-defying World Economic Forum must do better - Business'|'I t’s that time of the year when the world’s financial and business “elite” gather in an expensive Swiss ski resort to drink champagne and declare that they are terribly worried about global inequality. This parody-defying event is the World Economic Forum in Davos and, to create the correct veneer of earnest contemplation, the organisers publish an assessment of the risks they think the world faces.This year they have noticed “the growing mood of anti-establishment populism” and judge that reviving economic growth, which has been their cure-all for as long as anyone can remember, may no longer be enough to “remedy fractures in society.” That is why “reforming market capitalism must also be added to the agenda”.Great, so what’s the big idea? Well, it’s really just a list of objectives. Try number one: “Fostering greater solidarity and long-term thinking in market capitalism.” You can’t beat a bit of fostering of solidarity, of course, but how, precisely, do you think this might achieved? You’ll scan the 70-page document in vain if you’re hoping for details. Chief executive pay – a burning issue not only in the UK – gets a passing reference, but only in the context of noting that it has increased “as firms have become larger”.It’s easy to sneer, of course. Some people return from Davos claiming to have been stimulated, and not just by the hospitality of the 120 (count ’em) sponsors, mostly multinational companies. But can anyone recall any vaguely memorable – or even heretical – pronouncements from last year’s event? The only lasting impression is of how unfractured is the society of millionaire bosses enjoying each other’s company at shareholders’ expense. Please, one of you, use next week’s forum to point out the absurdity of Davos .Profit woes expose how far Foxtons has fallen Facebook Twitter Pinterest Foxtons has 50% more branches than it did at flotation in 2013. Photograph: PA A traditional view of Foxtons says the London-focused estate agent is utterly charmless, but the brilliance of its hard-charging, high-fee business model should be acknowledged. Perhaps it is time to revisit this thesis – not the charmless part, naturally, but the idea that Foxtons is as slick as supposed.The latest profit warning on Wednesday revealed how far Foxtons has fallen in these “subdued” times for the London property market. Top-line profits for 2016 are forecast to be £25m on revenues of £133m. A profit margin of 18.8% doesn’t sound too painful but consider Foxtons’ recent history.Between 2010 and 2016, it converted at least 30p in every pound of revenue into profit. The highest profit margin was 35.7% (2013) and the lowest was 30.7% (2015). In that context, a fall to 18.8% counts as a spectacular end to more than half a decade of stability. That’s just how life goes sometimes, say Foxtons loyalists. In the jargon, the business is merely operationally geared – it has slow periods, as now, but then it coins it when the London market revs up. As long as the company doesn’t take on silly levels of debt (a lesson learned the hard way by one-time private equity owner BC Partners), it’s just a question of waiting. In the meantime, there’s a tidy living to be made from reliable lettings, now half the business.Well, maybe. But Foxtons has 50% more branches than it did at flotation in 2013 (65 v 42) yet revenues were lower in 2016 than then (£133m v £139m). Can that all be explained by normal market volatility? Or is Foxtons also having to travel further into outer London to find house sellers willing to pay its “premium” – call it princely – commission rate on sales of 2.5%? Are cut-price agents like Purplebricks, charging substantially lower fees on a flat structure, changing sellers’ perceptions of a fair commission? For now, Foxtons, even as its shares hit 96p, against a float price of 230p, seems unflustered and confident that its profit margins will recover one day. Maybe it will be proved right. But the supermarkets were also confident until discounters Aldi and Lidl showed that the game had changed.Argos deal gives Sainsbury’s reasons to be cheerful Facebook Twitter Pinterest Sainsbury’s plans to put 250 Argos outlets into its stores over the next three years. Photograph: Rex/Shutterstock Christmas at Sainsbury’s was a comfortable snore. Like-for-like sales in the supermarkets advanced at the mighty rate of 0.1% in the quarter and like-for-like volumes were dead flat. One is obliged to say this performance was marginally better than the City had expected – and better than Sainsbury’s had achieved in recent quarters – but the real interest was in newly acquired Argos. That was lively: like-for-like sales up 4%.It’s still early days – and profit figures are awaited – but it’s probably time to concede that the Argos purchase is looking like a smart piece of business. Selling food has become hard graft, and progress may continue to be measured in fractions of percentage points for some time yet. Argos, on the other hand, offers the chance of a fizz of excitement as Sainsbury’s opens stores-within-stores and cross-sells between two sets of customers.There are risks in merging two big supply chains and securing the promised cost-savings from closing redundant Argos high-street outlets – but there were also risks in doing nothing in the age of Amazon.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/jan/11/world-economic-forum-davos-foxtons-argos-sainsburys'|'2017-01-12T02:33:00.000+02:00'
'10c0c79548781144c01e4320da1efa335c730f00'|'Ex-Barclays employee gets prison for insider trading scheme with plumber'|'Business News  13pm EST Ex-Barclays employee gets prison for insider trading scheme with plumber Former Barclays Plc director Steven McClatchey leaves the federal courthouse following his arrest earlier in the day on insider trading charges, in Manhattan, New York, U.S. REUTERS/Nate Raymond NEW YORK A former director at Barclays Plc ( BARC.L ) was sentenced on Wednesday to five months in a U.S. prison for repeatedly tipping off a friend who worked as a plumber to impending mergers underway at the bank so that the friend could engage in insider trading. Steven McClatchey, 58, was also ordered by U.S. District Judge Katherine Polk Failla to pay a $10,000 fine and jointly with the plumber forfeit $76,000 after pleading guilty in July to conspiracy and securities fraud charges. (Reporting by Nate Raymond in New York; Editing by Jonathan Oatis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-insidertrading-barclays-idUSKBN14V2M7'|'2017-01-12T04:10:00.000+02:00'
'dfc9770bce390a6035abcc25398db3803731775a'|'U.S. business lobby wants smooth Obamacare repeal, warns on trade'|'Business News  51pm EST U.S. business lobby wants smooth Obamacare repeal, warns on trade left right A boy waits in line at a health insurance enrollment event in Cudahy, California March 27, 2014. REUTERS/Lucy Nicholson 1/2 left right The federal government forms for applying for health coverage are seen at a rally held by supporters of the Affordable Care Act, widely referred to as ''Obamacare'', outside the Jackson-Hinds Comprehensive Health Center in Jackson, Mississippi, U.S. on October 4, 2013. REUTERS/Jonathan Bachman/File Photo 2/2 By Ginger Gibson - WASHINGTON WASHINGTON The largest U.S. business lobby group on Wednesday said it could be a mistake to quickly repeal Obamacare without developing a replacement healthcare insurance plan and urged the Trump administration not to erect trade barriers. The U.S. Chamber of Commerce faces challenges with the incoming Trump administration, including overcoming deep divisions on key issues like trade while trying to work together on common goals like repealing the 2010 Affordable Care Act. The group opposed the healthcare law, which extended medical coverage to millions of Americans, as an unnecessary burden on business. The Republican-controlled Congress earlier this month began working to repeal it. "As a new healthcare plan takes shape, it''s important to remember things were far from perfect before we started, before Obamacare," Chamber President Tom Donohue said in his annual address outlining the group''s priorities. "Repeal alone is not going to fix our health care, there should be a smooth transition." The lobby group has historically been tightly aligned with Republicans, especially during the Obama administration when it fought against the healthcare law and criticized what it saw as heavy-handed regulation of the financial sector. But it has clashed with U.S. President-elect Donald Trump over his positions on trade and immigration. Trump has threatened large taxes against companies that produce goods in other countries and import them into the United States - a move that would be counter to the U.S. Chamber''s desire to allow for free trade across international boarders. Many in corporate America worry that if the Republican businessman-turned-politician begins to levy taxes against imported goods, nations like China will in turn impose large taxes and fees against U.S. goods that are exported there. "It''s important that the new administration does not add to the burdens facing our exporters or the thousands whose jobs depend on exports by erecting barriers to trade," Donohue said. The Chamber will continue to press Trump on supporting the framework of the Trans-Pacific Partnership, the trade agreement that the incoming president frequently vowed to tear up once taking office, Donohue said. He argued that the agreement, even if recreated under a different name, would bring "significant geopolitical and security benefits." "(Trump) knows the value of trade in terms of economic growth," Donohue said. WORKING WITH ADMINISTRATION Donohue also predicted that U.S. interest rates would rise this year, impacting the dollar and making it more difficult for American companies to compete in foreign markets. In trying to work with the administration on trade, Donohue said Trump''s selection of people to work in his administration, including Wilbur Ross to lead the Commerce Department, is encouraging. "The two things I''ve been most impressed by with this new administration is the quality and the capability of people they’ve appointed," he said. On issues where the Chamber agrees with Trump, Donohue renewed calls to roll back regulations imposed by the 2010 Dodd-Frank Wall Street reform law and said he agreed with calls to change the Consumer Financial Protection Bureau, which has been opposed by Republicans who say it restricts lending. "If this organization is going to be kept - it ought to be kept - it ought to have three, five or various commissioners," Donohue said. (Reporting by Ginger Gibson; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-trump-chamber-idUSKBN14V293'|'2017-01-12T00:48:00.000+02:00'
'4dd24badbfb2b0208a99e496f7200b2899bdddfe'|'Trump says pharmaceutical companies ''getting away with murder'''|'Politics - Wed Jan 11, 2017 - 12:09pm EST Trump says pharmaceutical companies ''getting away with murder'' U.S. President-elect Donald Trump speaks during a news conference in the lobby of Trump Tower in Manhattan, New York City, U.S., January 11, 2017. REUTERS/Lucas Jackson NEW YORK U.S. President-elect Donald Trump on Wednesday said pharmaceutical companies are "getting away with murder" in the prices that they charge the government for medicines, and promised that would change. Trump has made few public comments about drug pricing since he was elected but his campaign platform had included allowing the Medicare healthcare program to negotiate with pharmaceutical companies, which the law currently prohibits. The comments knocked down shares of biotech and pharmaceutical makers by about 2 percent. "We are going to start bidding. We are going to save billions of dollars over time," Trump said. (Reporting by Caroline Humer; Editing by Chizu Nomiyama) Next In Politics Questions about Russia dominate start of Tillerson hearing WASHINGTON Russia''s actions during the U.S. presidential election and its behavior toward Ukraine dominated the confirmation hearing of Rex Tillerson, President-elect Donald Trump''s pick for secretary of state, as senators pressed him on Wednesday on how he would deal with aggression from Moscow.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-drugpricing-idUSKBN14V24J'|'2017-01-12T00:09:00.000+02:00'
'b76640efa2af49cb312084dcc5c9a3ae7999b543'|'Indonesia December motorbike sales fall 15.9 pct y/y'|'Cyclical Consumer Goods   3:59am EST Indonesia December motorbike sales fall 15.9 pct y/y JAKARTA, Jan 11 Motorcycle sales in Indonesia in December fell 15.9 percent from a year earlier, data from an industry association showed on Wednesday. Sales stood at 437,764 motorbikes in December, down from 520,400 sold in the same month last year, also lower than the 570,923 bikes sold in November. About 6 million motorbikes were sold in total in 2016. Motorbikes are hugely popular in Southeast Asia''s biggest economy and their sales are a key indicator of consumption. Sales in December were led by Honda Motor Co Ltd, Yamaha Motor Co Ltd and Kawasaki, the data showed. Sales volume based on data from industry association, AISI, are as follows: Month Volume m/m y/y (in pct) (in pct) 2016 Dec 437,764 -23.3 -15.9 Nov 570,923 -0.05 +6.6 Oct 571,201 +2.8 -5.3 Sept 555,820 +5.4 -7.8 Aug 527,536 72.9 -15.2 Jul 305,153 -41.2 -27.6 Jun 518,878 +12.4 -9.7 May 461,506 -3.5 -1.7 Apr 478,036 -15.14 -8.9 Mar 563,341 +7.3 +3.1 Feb 524,864 26.1 -5.6 Jan 416,263 -20.0 -17.2 2015 Dec 520,400 -2.9 -6.5 (Reporting by Nilufar Rizki; Editing by Jacqueline Wong) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/indonesia-economy-motorbike-idUSJ9N1BP01A'|'2017-01-11T15:59:00.000+02:00'
'3b9cff8c081383cc874e94ea674c96378d5a2d78'|'Ford affirms 2017 to be less profitable than 2016'|'Business News - Tue Jan 10, 2017 - 10:52pm GMT Ford affirms 2017 to be less profitable than 2016 People walk through the Ford display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch DETROIT Ford Motor Co ( F.N ) on Tuesday confirmed that it would be less profitable in 2017 than last year, even as cross town rival General Motors Co ( GM.N ) on the same day gave a much more upbeat forecast that surpassed Wall Street expectations. Ford, the second largest U.S. automaker, affirmed that it was on track to deliver about $10.2 billion (£8.4 billion) in adjusted pretax profit in 2017, matching a forecast it gave previously.. Ford shares initially rose 0.5 percent in extended trading but by early Tuesday evening were flat with their closing value of $12.85. GM shares were also trading near their close of $37.35, up 3.7 percent from the previous day. Ford said profit would improve in 2018 but in 2017 the company would be pressured as it increased spending on "emerging opportunities" like self-driving cars and a rise in other costs. The company last week said it was on course to deliver a "high-volume, fully autonomous vehicle for ride sharing in 2021" and a fully electric small SUV with a range of at least 300 miles on a full charge. GM, the largest U.S. automaker, said it expected 2017 earnings per share in a range of $6 to $6.50. Analysts had, on average, predicted the company would post EPS this year of $5.76, according to Thomson Reuters I/B/E/S. Ford on Tuesday declared a first-quarter regular dividend of $0.15 per share and a $200 million supplemental cash dividend, or an additional $0.05 per share. The regular dividend matched that of the first quarter of 2016, but the supplemental dividend was below the $0.25 per share payout announced a year ago. (Reporting by Bernie Woodall; Editing by Andrew Hay) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ford-motor-outlook-idUKKBN14U2RF'|'2017-01-11T05:52:00.000+02:00'
'768ae6c702b8505ef102d684336b972a599cef30'|'Australia shares edge up; New Zealand ends near 3-month high'|'Financials   1:02am EST Australia shares edge up; New Zealand ends near 3-month high (Updates to close) Jan 11 Australian shares ended higher on Wednesday, driven by a strong rally in basic material stocks on the back of rising iron ore and base metal prices. The S&P/ASX 200 index closed 0.19 percent higher, or 10.798 points, at 5,771.5. The rally in commodity stocks was fuelled by a rise in iron ore prices as steel and iron ore futures in China advanced for a third session on Wednesday. Base metals were also up with copper and zinc gaining. The metals and mining index extended gains into a second straight session, rising 2.7 percent with Rio Tinto adding 3.9 percent and Fortescue Metals climbing 4.5 percent. Gains by miner BHP Billiton, which has significant oil interests, of 2.6 percent were also aided by higher oil prices. Gold Miners Newcrest Mining and Resolute Mining rose 1.2 percent and 1.5 percent, respectively, as gold held near six-week highs. Whitehaven Coal closed 2.6 percent up. Data released on Tuesday showed coal exports from Australian state Queensland, one of the world''s biggest suppliers to China, hit record levels for the third year in a row in 2016. Consumer stocks also gained with Woolworths rising 0.8 percent and Treasury Wine Estates adding nearly 2 percent. Financial stocks, however, fell with three of the ''Big Four'' losing in the range of 0.3 percent to 0.8 percent. Commonwealth Bank of Australia added 0.2 percent. New Zealand''s benchmark S&P/NZX 50 index hit its highest close since Oct. 14, 2016 up 0.46 percent, or 32.01 points, to 7,069.59. Gains were led by a2 Milk Company soaring to a near one-month high at 7 percent. Following suit were Spark New Zealand and Genesis Energy gaining 1.8 and 1.7 percent, respectively. Auckland International Airport also added 1.2 percent. (Reporting by Susan Mathew in Bengaluru; Editing by Jacqueline Wong) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-close-idUSL4N1F123F'|'2017-01-11T13:02:00.000+02:00'
'bfeec7bba79bfc32b85cae5eb8656047eda67e88'|'Investors pile into Czech 2018 bond with negative yield as FX cap exit nears'|'Financials   7:57am EST Investors pile into Czech 2018 bond with negative yield as FX cap exit nears PRAGUE Jan 11 Demand soared to a record high for Czech zero coupon bonds due in 2018 at the country''s first auction of the year on Wednesday, spurred by the looming end to the central bank''s cap on the crown that has investors positioning for a jump in the currency. Investor bids jumped to 32.3 billion crowns ($1.26 billion), the highest ever for any bond and three times the demand seen at the previous auction, in May last year. In February 2016, investors had bid 31.5 billion for the same bond. The average yield sank deeper into negative territory, at -1.722 percent, at Wednesday''s auction. The ministry sold 12.0 billion crowns of the paper. Traders had expected a jump in demand as markets get ready for the central bank to end a more than three-year-old intervention regime keeping the crown weak. The bank''s move could come as early as April. After data on Tuesday showing inflation returned to the central bank''s 2 percent target in December, crown forward rates firmed to the highest since the launch of interventions, with the 1-year rate at 26.50 to the euro. "There was a big move the past few days on FX swap market, people are eager to cover the crowns received into bonds," Komercni Banka fixed income trader Dalimil Vyskovsky said. The finance ministry also auctioned a variable rate bond due 2020 and a 0.95 percent coupon bond due 2030, selling 0.96 billion and 4.0 billion crowns, respectively. Czech yields are the lowest in central Europe, with yields on papers up to six years below zero. More analysts now expect the central bank to exit its crown regime in the second quarter. The bank has made a "hard" commitment not to end the policy before then and said after its last meeting in December that it still saw a likely exit in the middle of 2017. Market players expect the crown to jump several percent once the bank abandons the exchange rate cap that has kept the crown on the weak side of 27 to the euro since 2013. ($1 = 25.7040 Czech crowns) (Reporting by Jason Hovet; editing by Richard Lough) Next In Financials Binary options firm Banc De Binary says winding down operations TEL AVIV, Jan 11 Banc De Binary, one of the biggest and best-known providers of online trading in binary options, which allow investors to bet on short-term moves in financial assets, said it is winding down its business, citing regulatory pressures.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/czech-bonds-idUSL5N1F13C7'|'2017-01-11T19:57:00.000+02:00'
'e6c466e2da4163523bfd5a2153f83e162c064620'|'Hong Kong court hears Moody''s appeal over "red flags" report'|'Business News   11:15pm EST Hong Kong court hears Moody''s appeal over "red flags" report HONG KONG Hong Kong''s Court of Appeal on Wednesday began hearing Moody''s ( MCO.N ) appeal against a tribunal decision that partly upheld regulatory action imposed on it for a report on Chinese firms, in what is considered a landmark case for the financial center. Moody''s Investors Service Hong Kong said in April it would challenge a March 2016 ruling by the Securities and Futures Appeals Tribunal (SFAT) upholding the securities regulator''s claim that Moody''s broke rules governing how regulated firms should behave when it published the report. On Wednesday, Moody''s reprised a key argument refuted by the tribunal, that the report did not constitute a credit rating or a preparation for a credit rating, and was therefore not within the Securities and Futures Commission (SFC) jurisdiction. The SFAT determined last year that Moody''s breached the SFC code of conduct through the publication of the July 2011 report that raised corporate governance concerns over 49 Chinese firms, contributing to a fall in their Hong Kong share prices. The tribunal found the report did constitute a preparation for a credit rating and therefore came under the SFC''s jurisdiction. But Moody''s on Wednesday contested the tribunal''s findings, arguing that although the report discussed some specific elements relevant to a company''s creditworthiness, namely corporate governance and accounting risks, the report''s "red flags" framework was not ultimately used for, nor provided the basis for, evaluating a credit rating. Moody''s barrister Adrian Huggins opened the proceedings at the Hong Kong court on Wednesday arguing there must be a"bright line" between regulated and non-regulated activities. "We need certainty about what is regulated, where we are regulated and where we are not. The line has been blurred unacceptably," he said. The case has been closely watched by the financial industry and corporate governance activists, as it is likely to redefine the limits on what can be written in research reports on public companies, potentially curtailing the activities of research firms in the financial center. (Reporting by Michelle Price; Writing by Sumeet Chatterjee) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-moody-s-hongkong-hearing-idUSKBN14V0C3'|'2017-01-11T11:12:00.000+02:00'
'b3f700b960251ce3eaf7bb27e01795cf4eb9e2e8'|'Asia stocks steady, oil in flux, sterling suffering ''hard'' Brexit fears'|'By Nichola Saminather - SINGAPORE SINGAPORE Asian stock markets steadied on Tuesday and crude prices inched up from Monday''s three-week low, with investors uncertain whether output cuts by major exporters, led by Saudi Arabia and Russia, will be enough to support the oil market as other producers have increased supplies.Sterling, however, languished near its lowest close in three months on renewed concerns about a "hard" Brexit.MSCI''s broadest index of Asia-Pacific shares outside Japan advanced 0.3 percent after a tentative start.Japan''s Nikkei erased earlier losses to trade little changed.China''s CSI 300 was little changed, after China''s producer prices beat expectations to surge to a more than five-year high in December as raw materials prices soared in the face of a weaker yuan.Consumer inflation also rose but missed forecasts.The Shanghai Composite index slipped 0.2 percent.Hong Kong''s Hang Seng added 0.3 percent.Oil prices were marginally steadier on Tuesday after suffering a nearly 4 percent fall on Monday, their biggest one-day loss in six weeks, amid fears that record Iraqi crude exports in December and rising U.S. output, and increased supplies from Iran would undermine an agreement by exporters, led by Saudi Arabia and Russia, to curb production."It’s unusual to have these agreements last for very long because inevitably someone cheats," said Daniel Morris, senior investment strategist at BNP Paribas Investment Partners."It’s certainly conceivable that the agreement falls apart and you get more production than anticipated in addition to already thinking that it (the oil price) should be lower because of dollar strength."U.S. crude crawled up 0.1 percent to $52.04 a barrel, after slumping 3.8 percent on Monday.Global benchmark Brent added 0.15 percent to $55.03, after dropping 3.8 percent to $54.94 a barrel on Monday.Sterling was marginally steadier on Tuesday after sharp drops on Monday and Friday dumped the currency at its lowest level since Oct. 11.Standing at $1.217 on Tuesday, sterling was just 0.1 percent firmer, a negligible improvement after Monday''s fall of 1.0 percent, and Friday''s 1.1 percent drop.Prime Minister Theresa May''s comments on Sunday that Britain would not be keeping "bits" of European Union membership stoked fears of a "hard Brexit", as she said border controls would be prioritised over market access.EU officials say Britain cannot have access to its single market of 500 million consumers without accepting the principle of free movement.The U.S. dollar was down 0.4 percent at 115.585 yen on Tuesday, ahead of a news conference by U.S. President-elect Donald Trump on Wednesday, his first since winning the November election.The dollar index, which tracks the greenback against a basket of six global peers, slipped 0.3 percent to 101.64, extending Monday''s 0.3 percent loss.The euro climbed 0.3 percent to $1.06075 on Tuesday.Gold shone amid investors'' quest for safety. Spot gold, which jumped to a more than one-month high on Monday, widened gains 0.3 percent to $1,184.86 an ounce on Tuesday.(Reporting by Nichola Saminather; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-markets-idINKBN14U0BJ'|'2017-01-10T01:15:00.000+02:00'
'833a8b22bf498da20e632bf276c7ba6ad015e50b'|'Australia offers financial support for crippled Alcoa aluminium plant'|'Company  49am EST Australia offers financial support for crippled Alcoa aluminium plant By Melanie Burton and Sonali Paul - SYDNEY/MELBOURNE SYDNEY/MELBOURNE Jan 9 The Australian government has offered "substantial" financial support to help repair Alcoa Corp''s aluminium smelter in Victoria that was crippled last month by a state-wide blackout, government ministers said on Monday. The outage, which caused molten aluminium to solidify, disrupted some production at the 300,000-tonnes-per-year Portland smelter and raised questions about the facility''s long-term future. The ongoing negotiations between Australia''s government, energy provider AGL Energy, and Alcoa suggest the smelter may eventually resume full production. "The state''s substantial support is aimed at keeping the smelter open and sustainable into the future," state minister Philip Dalidakis in a statement. The government had offered "significant, immediate financial support" as well as the potential for further assistance through Australia''s Clean Energy Finance Corporation, a government-owned bank that invests in renewables, to provide longer-term energy security, said a spokesman for federal minister Greg Hunt. Both ministers declined to comment on the scale of financial support because negotiations were confidential, but Australia''s Fairfax Media reported that Alcoa received an offer of A$240 million ($175.63 million), comprised of $200 million in state funds over four years and a $40 million interest-free loan from Canberra. A spokesman for Alcoa also declined to comment on the negotiations, saying only that the plant continued to operate at a reduced capacity. To seal the deal, pressure is now on AGL Energy to agree to provide cheaper power to the plant as a result of the government''s financial support. A spokeswoman for the energy firm said discussions with Alcoa were ongoing. James Purcell, the member of the state parliament for Western Victoria, said an announcement could be made on Friday if a power supply deal can be reached. "Everyone is working to ensure that the smelter remains open," Dan Tehan, federal member of parliament for the district which includes Portland, told Reuters. Tehan said federal assistance to Alcoa was justifiable in the wake of the power outage that damaged the smelter. "In my view, such an event warrants the government looking at ways it can assist the smelter to get back on its feet and continue operations," he said. "It is critically important to the local economy that we get the smelter back up and running at full production." ($1 = 1.3665 Australian dollars) (Reporting by Melanie Burton in Sydney and Sonali Paul in Melbourne; Editing by Randy Fabi) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/alcoa-corp-australia-smelter-idUSL4N1EZ25U'|'2017-01-09T15:49:00.000+02:00'
'93ecc8d4b5c775670d26271c2f6e4eeb61a95b0b'|'BOJ heavyweight says central banks have considerable control over yields'|'Wed Jan 11, 2017 - 5:56am GMT BOJ heavyweight says central banks have considerable control over yields A Japanese flag flutters atop the Bank of Japan building in Tokyo, Japan, September 21, 2016. REUTERS/Toru Hanai/File Photo By Leika Kihara - TOKYO TOKYO Central banks'' battle with the global financial crisis showed they could exert a "considerable" impact on long-term interest rates even under today''s highly developed financial markets, a senior Bank of Japan official said on Wednesday. But more research is needed on how to pin down the desirable shape of the yield curve and to what extent central banks can control long-term interest rates, said Masayoshi Amamiya, the BOJ''s executive director overseeing monetary policy. "What we learned from various practices of monetary policy implementation and existing empirical studies is that the central bank can bring about a sizable effect on long-term interest rates," Amamiya said in a speech at a seminar. "There are areas where further understanding is called for, such as controllability of interest rates or their effectiveness as a measure to tackle adverse shocks." The BOJ has been studying for the past two years how to measure the desirable shape of the yield curve, though research on this has yet to be completed, Amamiya said. "Assessing the entire yield curve is a process of complicated and comprehensive evaluations that need to consider broad areas," he added. After more than three years of heavy money printing failed to accelerate inflation to its 2 percent target, the BOJ revamped its policy framework in September to one that guides short-term rates at minus 0.1 percent and 10-year bond yields around zero percent. The new framework, dubbed "yield curve control" (YCC), has been put to test as expectations of inflation-inducing policies by incoming U.S. President Donald Trump pushed up global bond yields, including those of Japan''s. One of the most influential bureaucrats in the BOJ, Amamiya is regarded as having played a key part in crafting many of the central bank''s unconventional monetary policies including its quantitative easing program and YCC. Amamiya defended YCC, saying that it has been exerting its intended effects thanks to favorable global market conditions such as rising stock prices and a weak yen. He also said unconventional monetary policies undertaken by major central banks during the global financial crisis in 2008 showed that they can lower long-term rates significantly through aggressive purchases of government bonds. But Amamiya stressed the challenges of the BOJ''s new policy framework, such as uncertainties on how much it can control the longer end of the yield curve. "It is a novel and unprecedented policy globally because ... it is explicit in its aim to control the long- and short-term interest rate system as a whole." (Reporting by Leika Kihara and Stanley White; Editing by Chris Gallagher & Shri Navaratnam) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-economy-boj-idUKKBN14V0GR'|'2017-01-11T12:47:00.000+02:00'
'dd922a39133fcdc907282094f815a6dedbd15f2c'|'BHP Billiton says chairman, CEO hold productive talks with Trump'|'Business News - Tue Jan 10, 2017 - 11:57pm GMT BHP Billiton says chairman, CEO hold productive talks with Trump left right Jacques Nasser (R), Chairman of BHP Billiton, stands with Andrew Mackenzie, CEO of BHP Billiton, in the lobby of Trump Tower in Manhattan, New York, U.S., January 10, 2017. REUTERS/Shannon Stapleton 1/2 left right Andrew Mackenzie, CEO of BHP Billiton, smiles with Jacques Nasser (R), Chairman of BHP Billiton, in the lobby of Trump Tower in Manhattan, New York, U.S., January 10, 2017. REUTERS/Shannon Stapleton 2/2 SYDNEY BHP Billiton ( BHP.AX )( BLT.L ), the world''s biggest miner, said its chairman and chief executive held positive talks with U.S. President-elect Donald Trump on Tuesday, 10 days ahead of him taking office. "BHP Billiton Chairman Jac Nasser and Chief Executive Andrew Mackenzie had a productive meeting with President-Elect Trump and Vice President-Elect Pence today in New York City," the company said in an emailed statement. "They discussed a wide range of subject areas, including the global resources sector, and BHP Billiton''s investment in the U.S.," BHP said. BHP''s U.S. investments include billions of dollars in onshore shale oil and gas production and deepwater oil stakes in the Gulf of Mexico, as well as an undeveloped copper project in Arizona that it co-owns with Rio Tinto ( RIO.AX )( RIO.L ). Trump has promised to initiate big infrastructure renewal programs in the United States that would draw heavily on industrial raw materials, such as those supplied by BHP. (Reporting by James Regan and Sonali Paul; Editing by Richard Pullin)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-bhp-billiton-idUKKBN14U2U3'|'2017-01-11T06:57:00.000+02:00'
'0ac9ab88a532d12217cdeb22282aac2924a675f1'|'South Korea special prosecutors to question Samsung leader as a suspect'|'Business News - Wed Jan 11, 2017 - 5:52am GMT South Korea special prosecutors to question Samsung leader as a suspect Samsung Electronics vice chairman Jay Y. Lee arrives to attend a hearing at the National Assembly in Seoul, South Korea, December 6, 2016. REUTERS/Kim Hong-Ji SEOUL A South Korean special prosecutor''s office on Wednesday said it had summoned Samsung Group leader Jay Y. Lee as a suspect in a widening influence-peddling scandal involving President Park Geun-hye. Prosecutors have been checking whether Samsung''s support for a business and foundations backed by Park''s friend, Choi Soon-sil, was connected to a 2015 decision by the National Pension Service to back a controversial merger of two Samsung Group affiliates. Lee Kyu-chul, spokesman for the special prosecution team, told a briefing Lee was being summoned on Thursday morning over suspicions including bribery, but did not elaborate. Samsung Group could not be immediately reached for comment. (Reporting by Se Young Lee and Ju-min Park; Editing by Clarence Fernandez) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-southkorea-politics-samsung-group-idUKKBN14V0GA'|'2017-01-11T12:52:00.000+02:00'
'ff411a28a83ec02706508c2ae97416824dfbb11a'|'MOVES-EY names Herb Engert as global private equity leader'|'Company   8:00pm EST MOVES-EY names Herb Engert as global private equity leader Jan 11 Accounting services firm Ernst & Young LLP appointed Herb Engert as global private equity leader, effective Jan. 1. Engert, who joined EY in 2002, served as the company''s Americas'' growth markets leader for the last five years. Based in New York, Engert succeeds Jeffrey Bunder. (Reporting by Laharee Chatterjee in Bengaluru) Next In Company News EMERGING MARKETS-Mexican peso hits fresh lows ahead of Trump conference SAO PAULO/MEXICO CITY, Jan 10 Mexico''s peso crashed to historic lows on Tuesday, as concern grew over what policies U.S. President-elect Donald Trump could enact against Latin America''s second-largest economy. Trump has threatened to rip up a key free trade agreement with Mexico and has attacked U.S. companies that have invested there. Last week, Mexico''s central bank intervened in the market to cushion the peso''s decline. The peso extended losses on Tuesday to a new hi MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ernst-young-llp-moves-herb-engert-idUSL4N1F047W'|'2017-01-11T08:00:00.000+02:00'
'a46e69e17c3372eab6c8b10aecc725e3c8286535'|'Asia shares recover losses, markets await Trump news conference'|'Business   6:45am GMT Asia shares recover losses, markets await Trump news conference A man walks in front of a screen showing today''s movements of Nikkei share average outside a brokerage in Tokyo, Japan, June 2, 2016. REUTERS/Issei Kato By Hideyuki Sano - TOKYO TOKYO Asian shares rose to two-month highs on Wednesday as investors looked to President-elect Donald Trump''s news conference later in the day for clues on his policies on taxes, fiscal spending, international trade and currencies. While Trump''s election campaign calls for tax cuts and more infrastructure spending have boosted U.S. shares and the dollar, his protectionist statements and a flurry of off-the-cuff Tweets have kept many investors on edge. European shares are expected to open slightly lower after Tuesday''s gains, with spread-betters seeing Britain''s FTSE .FTSE and Germany''s DAX .GDAXI falling 0.1 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.5 percent, essentially returning to where it was just before the Nov. 8 U.S. presidential election. It has recovered from post-election losses of over 5 percent. The gains were led by South Korean shares .KS11 , which scaled a 1-1/2-year peak as Samsung Electronic ( 005930.KS ), Asia''s biggest company by market cap, hit a record high, cheered by solid earnings published last week. Japan''s Nikkei .N225 ticked up 0.4 percent, snapping three days of losses. On Wall Street, the S&P 500 .SPX ended flat on Tuesday as investors looked to the start of the earnings season this week to assess if record market levels are justified, following a 5 percent gain since the election. "There are underlying expectations that Trump''s tax cuts and infrastructure spending will boost the U.S. economy, which should support markets," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. "On the other hand, if he takes a hard line stance on China in line with his campaign promises, then China would probably take counter-measures, raising concerns about tensions between the U.S. and China," he added. Trump has vowed to label China a currency manipulator on his first day in office on Jan. 20 and has threatened to slap huge tariffs on imports from China.U.S. House of Representatives Speaker Paul Ryan and top members of President-elect Donald Trump''s transition team are discussing a controversial plan to tax imports. Economists have warned that protectionist measures could stifle international trade and hurt global growth. The Mexican peso MXN= is taking the brunt of such concerns, hitting a record low on Tuesday. Trump has attacked automakers for building vehicles in Mexico for export to the United States, forcing some of them to consider changing their investment plans in Mexico. "Mexico has been targeted... It looks hard for Mexico to attract investments in the medium term," said Yukino Yamada, senior strategist at Daiwa Securities. The peso has lost 16 percent of its value against the dollar since Trump was elected. The U.S. currency lost some of its steam against most other currencies as U.S. bond yields have come down, reducing the dollar''s yield allure. The U.S. 10-year yield stood at 2.39 percent US10YT=RR, having fallen considerably from its two-year high of 2.641 percent touched on Dec 15. That pushed the dollar''s index against a basket of six major currencies .DXY =USD back to 102.15, compared to its 14-year high of 103.82 set on Jan 3. The euro EUR= was fetching $1.0543, having gained 0.1 percent so far this week. The dollar traded at 116.10 yen JPY= , not far from a three-week low of 115.06 touched on Jan. 6. Bucking the trend was the British pound GBP=D4 , which wobbled at $1.2166, having hit a 2-1/2-month low of $1.2107 on Tuesday, pressured by UK Prime Minister Theresa May saying she was not interested in Britain keeping "bits" of its EU membership. That fuelled fears she was setting the course for a "hard Brexit" in which immigration control is prioritised over retaining access to the EU''s lucrative single market. The Turkish lira TRYTOM=D3 tumbled as much as 2.5 percent on Wednesday, as the country confronts Islamic State and Kurdish militant bombings, an economic slowdown, and political uncertainty over plans to extend President Tayyip Erdogan''s powers. It has lost 5.7 percent so far this week. Oil edged up on reports of Saudi supply cuts, but prices were prevented from rising further over a lack of detail of these reductions and because of signs of rising supplies from other producers. Global benchmark Brent crude futures LCOc1 traded at $53.70 a barrel, having fallen to $53.58 on Tuesday, touching their lowest level since Dec. 15. (Reporting by Hideyuki Sano; Editing by Shri Navaratnam and Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN14V030'|'2017-01-11T13:45:00.000+02:00'
'708770998bf81eb9c22459ec8b8234d1586081cd'|'BOJ''s Kuroda says he discussed global economy with PM Abe'|'  1:14am EST BOJ''s Kuroda says he discussed global economy with PM Abe File Photo: Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan November 1, 2016. REUTERS/Kim Kyung-Hoon/File Photo TOKYO Bank of Japan Governor Haruhiko Kuroda said on Wednesday he discussed recent global economic developments in a meeting with Prime Minister Shinzo Abe. He said that he received no particular requests from the premier on monetary policy and that there was no specific discussion about U.S. President-elect Donald Trump. (Reporting by Stanley White and Tetsushi Kajimoto; Editing by Chris Gallagher)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-japan-economy-kuroda-idUSKBN14V0HW'|'2017-01-11T13:14:00.000+02:00'
'0ab1bc211511505a18a163451a08960870bdaf20'|'Hong Kong court hears Moody''s appeal over ''red flags'' report'|'Business News   4:17am GMT Hong Kong court hears Moody''s appeal over ''red flags'' report A Moody''s sign is displayed on 7 World Trade Center, the company''s corporate headquarters in New York, February 6, 2013. REUTERS/Brendan McDermid HONG KONG Hong Kong''s Court of Appeal on Wednesday began hearing Moody''s ( MCO.N ) appeal against a tribunal decision that partly upheld regulatory action imposed on it for a report on Chinese firms, in what is considered a landmark case for the financial centre. Moody''s Investors Service Hong Kong said in April it would challenge a March 2016 ruling by the Securities and Futures Appeals Tribunal (SFAT) upholding the securities regulator''s claim that Moody''s broke rules governing how regulated firms should behave when it published the report. On Wednesday, Moody''s reprised a key argument refuted by the tribunal, that the report did not constitute a credit rating or a preparation for a credit rating, and was therefore not within the Securities and Futures Commission (SFC) jurisdiction. The SFAT determined last year that Moody''s breached the SFC code of conduct through the publication of the July 2011 report that raised corporate governance concerns over 49 Chinese firms, contributing to a fall in their Hong Kong share prices. The tribunal found the report did constitute a preparation for a credit rating and therefore came under the SFC''s jurisdiction. But Moody''s on Wednesday contested the tribunal''s findings, arguing that although the report discussed some specific elements relevant to a company''s creditworthiness, namely corporate governance and accounting risks, the report''s "redflags" framework was not ultimately used for, nor provided the basis for, evaluating a credit rating. Moody''s barrister Adrian Huggins opened the proceedings at the Hong Kong court on Wednesday arguing there must be a "bright line" between regulated and non-regulated activities. "We need certainty about what is regulated, where we are regulated and where we are not. The line has been blurred unacceptably," he said. The case has been closely watched by the financial industry and corporate governance activists, as it is likely to redefine the limits on what can be written in research reports on public companies, potentially curtailing the activities of research firms in the financial centre. (Reporting by Michelle Price; Writing by Sumeet Chatterjee) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-moody-s-hongkong-hearing-idUKKBN14V0C8'|'2017-01-11T11:17:00.000+02:00'
'9e8ac7e1dd3415bb89cf5c9c653d44d43be41f4a'|'CANADA STOCKS-TSX ends higher with financials, industrials'|'Company News  10pm EST CANADA STOCKS-TSX ends higher with financials, industrials TORONTO Jan 11 Canada''s main stock index ended higher on Wednesday, boosted by gains for big banks and insurers, base metal miners and industrial stocks, while energy stocks were flat despite big oil price gains. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed up 65.26 points, or 0.42 percent, at 15,491.54. (Reporting by Alastair Sharp; Editing by Meredith Mazzilli) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-close-idUSL1N1F1260'|'2017-01-12T04:10:00.000+02:00'
'9580897d50fccc16e70b05e971aa728d239dfe8b'|'Airbus may win $4 bln order from Bank of Communications Financial Leasing'|'Business News   9:19am EST Airbus may win $4 billion order from Bank of Communications Financial Leasing A picture shows the logo of Airbus Group at the site in Suresnes, near Paris, France, December 15, 2016. REUTERS/Benoit Tessier PARIS/SHANGHAI Airbus ( AIR.PA ) may secure an order worth $4 billion for some 42 narrow-body jets from Shanghai-based Bank of Communications Financial Leasing, industry sources said on Tuesday. The order could be announced as early as Wednesday when the European planemaker announces 2016 commercial results at an annual news conference. The Chinese leasing company, a unit of Bank of Communications ( 601328.SS ), did not respond to a request for comment. Airbus declined to comment. Airbus has been seeking over 200 orders for December to try to maintain an annual lead in orders against rival Boeing ( BA.N ) and to keep pace with its own deliveries, set to have risen an estimated 8 percent to as many as 688 aircraft last year. (Reporting by Tim Hepher and Brenda Goh; Editing by Sudip Kar-Gupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-airbus-bankcomm-idUSKBN14U1Q2'|'2017-01-10T21:17:00.000+02:00'
'a9786d8eea1fb376fb9aa1af593cc9e45134cdc1'|'VietJet revives plans for overseas listing'|'By My Pham - HO CHI MINH CITY HO CHI MINH CITY Vietnamese budget carrier VietJet has revived plans for an overseas listing after a domestic IPO last month that gave it a value of $1.2 billion.Vietnam''s only privately owned airline may consider listing on either the Singapore, Hong Kong or Tokyo bourses, CEO Nguyen Thi Phuong Thao, the nation''s first female billionaire, told Reuters in an interview on Tuesday."VietJet hopes to become Vietnam''s first company to successfully go to the international capital market," Thao, who founded the airline in 2007, said.The airline had earlier planned an overseas listing by early last year, but reports said the plan was put on ice. Thao did not cite a timeline for the listing.Singapore sovereign wealth fund GIC and a Morgan Stanley investment fund are among 26 foreign investors who have bought a combined 24 percent stake in VietJet in recent placements, Thao said. The carrier''s shares will start trading in the domestic market in February.Investors have sought exposure to an airline that is expected to own the biggest share of the domestic market this year, amid strong air travel growth in the Southeast Asian nation.The firm, which is expanding its international routes, has the financial backing it needs to finance the country''s biggest ever aircraft order from both Airbus ( AIR.PA ) and Boeing ( BA.N ), Thao said.It announced in May last year that it had ordered 100 Boeing 737 MAX 200 jets - worth $11.3 billion at list prices - and months later placed a $2.4 billion order with Airbus for 20 A321s.VietJet currently operates about 60 routes both locally and internationally, and expects to have a fleet of 200 aircraft by 2023, Thao said.The CAPA Centre for Aviation has said that VietJet commands 40 percent of Vietnam''s domestic market and it will likely surpass Vietnam Airlines HVN.HNO this year as the country''s biggest domestic carrier.VietJet''s net profit is expected to climb 30 percent in 2017, after its bottomline almost doubled over the past 12 months, Thao said. It had debt of 5 trillion dong ($221.53 million) as of end-September.(Reporting by My Pham; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-airlines-vietjet-finance-idINKBN14U18A'|'2017-01-10T08:11:00.000+02:00'
'e1e842a5c697ecf76db91397871f8c2c8347c8cf'|'UK commercial property capital values fall 2.4 pct in 2016 -CBRE'|'Financials   7:17am EST UK commercial property capital values fall 2.4 pct in 2016 -CBRE LONDON Jan 10 British commercial property capital values fell 2.4 percent in 2016, hurt by changes to stamp duty tax and Britain''s vote to leave the European Union, real estate firm CBRE said on Tuesday. Retail property capital values saw the largest fall, declining 5 percent from a year earlier, while offices dropped 2.5 percent, CBRE said in a statement. Industrial property capital values rose 1.5 percent compared with 2015. Capital value refers to the probable price that would have been paid for a property at the date of valuation. Rental values rose 1.7 percent on the year but remain below pre-Brexit vote levels, CBRE said. The annual total return for UK commercial property investment was 2.7 percent. Capital values rose 0.6 percent in December from the previous month, while rental values gained 0.2 percent. "The traditional end-of-year surge in property markets delivered some good news in monthly valuations... in contrast to the somewhat unstable summer and early autumn," Miles Gibson, head of research at CBRE UK said. "For occupiers across all sectors, 2017 will not be without its challenges." (Reporting by Carolyn Cohn; editing by Simon Jessop) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-eu-property-idUSL5N1F034F'|'2017-01-10T19:17:00.000+02:00'
'27d09150389d3aa5704dfcd98e16651f49cf954e'|'VW group sales hit 2016 record 10.3 million cars despite dieselgate'|'Tue Jan 10, 2017 - 12:40pm GMT VW group sales hit 2016 record 10.3 million cars despite dieselgate Snowflakes are seen on the grille and emblem of a Volkswagen car in Warsaw, Poland December 17, 2016. REUTERS/Kacper Pempel BERLIN Volkswagen ( VOWG_p.DE ) group sales jumped 12 percent in December to take the annual figure to a record 10.3 million vehicles, the carmaker said on Tuesday, even as it grappled with its emissions scandal. Volkswagen (VW) group deliveries including luxury brands Audi and Porsche increased to 933,300 vehicles last month from 834,700 a year earlier, fueled by double-digit gains in China and the United States, with the total for the year up 3.8 percent from 9.93 million in 2015, it said. Toyota ( 7203.T ) said last month it expected to end 2016 with sales of 10.09 million vehicles, slightly below an initial forecast of 10.11 million. The Japanese rival had already slipped behind VW on six-month figures and is expected to report full-year deliveries in early February. (Reporting by Andreas Cremer; Editing by Ludwig Burger) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-vehicleregistrations-idUKKBN14U1G0'|'2017-01-10T19:37:00.000+02:00'
'38e97e14d75f3b2bb9f2779abeb2cc9ff40a96d5'|'VW''s Skoda Auto boosts 2016 deliveries to record 1.13 million cars'|'Business News - Tue Jan 10, 2017 - 10:53am GMT VW''s Skoda Auto boosts 2016 deliveries to record 1.13 million cars A Skoda Kodiaq SUV is displayed at the Mondial de l''Automobile, Paris auto show, during media day in Paris, France, September 29, 2016. REUTERS/Jacky Naegelen PRAGUE Skoda Auto, the Czech unit of carmaker Volkswagen, raised global deliveries by 6.8 percent to a record 1.13 million cars in 2016, lifted by rising sales in Europe and China, the company said on Tuesday. The car company said it expected the launch of a new SUV and an upgrade to its flagship Octavia model to bolster its first half of the new year. "The market launches of the revised Skoda Octavia and the new SUV model Skoda Kodiaq are expected to provide further positive momentum for the brand in the first half of the year," Chief Executive Bernhard Maier said in a statement. Skoda is the Czech Republic''s largest exporter and a bellwether for the economy that has posted solid growth in the past few years. (Reporting by Jason Hovet)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-skoda-idUKKBN14U16U'|'2017-01-10T17:53:00.000+02:00'
'a03768f28866ee6d9b526a11e7139913bdfdd59d'|'VietJet CEO says net profit to climb 30 pct in 2017'|'  1:19am EST VietJet CEO says net profit to climb 30 pct in 2017 HO CHI MINH CITY Jan 10 Private Vietnamese airline VietJet expects net profit to climb 30 percent in 2017, after its bottomline almost doubled over the past 12 months, founder and CEO Nguyen Thi Phuong Thao said in an interview on Tuesday. Thao said the budget airline''s pre-tax profit rose 91.6 percent year-on-year in 2016 to 2.3 trillion dong ($101.9 million). VietJet sold shares last month with a public offering that valued the group at $1.2 billion. The shares are set to begin trading in February. Thao said 26 foreign investors bought shares in recent placements. ($1 = 22,570 dong) (Reporting by My Pham; Editing by Muralikumar Anantharaman) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/airlines-vietjet-idUSL4N1F01Z6'|'2017-01-10T13:19:00.000+02:00'
'ae80a3d4456e8fe6a285c10fffcf736dd3691339'|'MIDEAST STOCKS-Gulf weak after oil falls sharply, UAE outperforms'|'Financials  53am EST MIDEAST STOCKS-Gulf weak after oil falls sharply, UAE outperforms DUBAI Jan 10 Stock markets in Gulf were weak in early trade on Tuesday with Saudi Arabia''s index heading for its third straight session of declines after oil prices fell to three-week lows overnight. The Riyadh index was down 0.5 percent after 35 minutes; 12 of the 14 listed petrochemical shares declined after Brent crude futures retreated 4 percent on Monday. The biggest petrochemical producer, Saudi Basic Industries , fell 0.3 percent. Telecommunications operator Zain Saudi fell 1.2 percent after announcing it would not appeal a 219.5 million riyal ($58.5 million) judgement against it in a legal dispute with rival Mobily. Zain said the payment would have no impact on its financials as it already booked provisions. Mobily was down 1.4 percent after the company announced it had appointed Ahmed Abdelsalam Abdelrahman to replace chief executive Ahmad Farroukh. Qatar''s index fell 0.3 percent with petrochemical producer Industries Qatar pulling back 1.6 percent. Dubai''s index edged down only 0.3 percent to 3,711 points as some of the top gainers from the previous session were sold. Ajman Bank, which jumped 7.8 percent on Monday, retreated 3.0 percent. The index is technically bullish after confirming a break in the last two days above resistance at the mid-December peak of 3,659 points. That level is now support. In neighbouring Abu Dhabi, the index was flat with some large-cap banks making small gains. National Bank of Abu Dhabi was up 0.5 percent. (Reporting by Celine Aswad; Editing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1F018L'|'2017-01-10T14:53:00.000+02:00'
'3def34555a3be7baff47e8dc26f3c9f241bd51ce'|'McDonald''s inviting bids for 33 percent stake in Japan unit: WSJ'|'McDonald''s Corp ( MCD.N ) is inviting bids for a significant stake in its Japan unit McDonald''s Holdings Co Japan Ltd ( 2702.T ), the Wall Street Journal reported, citing people familiar with the situation.The fast-food company owns just under 50 percent of its Japanese unit, and is looking to sell up to 33 percent, with bids due next week, the report said.A number of private-equity firms are considering bids, the report said.Morgan Stanley is running the sale, the newspaper reported, citing one of the sources.McDonald''s — which last week agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd ( 0267.HK ) and Carlyle Group LP ( CG.O ) — said in January last year that it is looking to sell a portion of its stake in its Japanese business.The company did not immediately respond to requests for comment outside regular business hours.(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mcdonalds-japan-divestiture-idINKBN14W1IV'|'2017-01-12T08:51:00.000+02:00'
'a9a8a3bb2ad08f2c6d1be9c1fe7b9d8afa017800'|'UPDATE 1-Tesco caps year of recovery with solid Christmas trading'|' 40am EST Tesco caps year of recovery with solid Christmas trading File photo of a Tesco supermarket seen at dusk in an ''art deco'' style building at Perivale in west London, Britain, January 6, 2015. REUTERS/Toby Melville/Files By James Davey and Kate Holton - LONDON LONDON Britain''s biggest retailer Tesco ( TSCO.L ) reported a 0.7 percent rise in underlying Christmas sales in its home market, capping a year of recovery with a solid performance over the key festive period. Tesco, which like Sainsbury''s ( SBRY.L ), Asda ( WMT.N ) and Morrisons ( MRW.L ) have been battling with the rise of German discounters Aldi and Lidl, said the sustained progress it was making across the group enabled it to reiterate its outlook for the full year. The results, which mirror the stable performances of the other big traditional supermarkets, cap a year in which Tesco started to recover from a loss of sales, profit and market share sparked by the increasing popularity of the ultra cheap discount groups. In the six weeks to Jan. 7, Tesco posted an underlying sales rise in its UK stores of 0.7 percent, in line with analyst forecasts of growth of 0.3 to 1.5 percent. Trading over Christmas built on like-for-like sales growth of 1.8 percent for the 13 weeks to Nov. 26, Tesco''s fiscal third quarter, that was also reported on Thursday, also in line with forecasts. "We are very encouraged by the sustained strong progress that we are making across the group," Chief Executive Dave Lewis said in a statement. "We are well-placed against the medium-term aspirations we outlined in October 2016." (Reporting by James Davey and Kate Holton; editing by Guy Faulconbridge) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-tesco-outlook-idUSKBN14W0RN'|'2017-01-12T14:27:00.000+02:00'
'0ff7606e297368fbd1fde93f58843a980c68441a'|'UPDATE 1-Petrobras to invest $19 bln, has cash for 2 -1/2 years -executives'|'Company News - Wed Jan 11, 2017 - 8:52am EST UPDATE 1-Petrobras to invest $19 bln, has cash for 2 -1/2 years -executives (Rewrites throughout with outlook details, chief financial officer quote) By Marta Nogueira RIO DE JANEIRO Jan 11 Petróleo Brasileiro SA expects to spend 30 percent more in exploration, production and refining projects this year, signaling that efforts to cut debt and preserve cash are helping Brazil''s state-controlled oil company regain investment capacity. Chief Executive Officer Pedro Parente told reporters at an event in Rio de Janeiro that capital spending at Petrobras could rise to $19 billion in 2017 from $14.6 billion in 2016. Investments could be maintained around those levels in coming years if Petrobras sticks to strict fuel pricing and preserves cash, he said. Parente said the company''s pricing policies for gasoline, diesel and other fuels will strictly follow market guidelines and not macroeconomic policy instructions. Parente faces several obstacles including oil price volatility, a corruption scandal highlighting governance flaws, and the legacy of policies that forced the company to enter low-yielding, money-losing business segments. Existing cash of about $22 billion should be enough to allow Petrobras to undertake activities for two and half years, Chief Financial Officer Ivan Monteiro said at the same event. According to Monteiro, management strategies are helping the company regain the trust of global investors and the ability to spend wisely on exploration and production. He expects the company''s debt ratings, currently below investment-grade, to be upgraded at least once before the end of this year. "Our cash and financial position is a source of tranquility for the time being," Monteiro told reporters at the event. CEO Parente wants to cut the company''s $130 billion of debt, amassed after years of state-led policies overstretched the company. Preferred shares, the company''s most widely traded in Brazil, shed 0.3 percent to 15.45 reais in late Wednesday morning trading. The stock is up almost 4 percent this year. In September, Petrobras pledged up to $74.1 billion in capital spending for the 2017-2021 period, compared with a $98.4 billion target in the prior 2015-2019 plan. (Reporting by Marta Nogueira; Additional reporting by Roberto Samora in São Paulo; Writing by Guillermo Parra-Bernal; Editing by Chizu Nomiyama and Grant McCool) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-outlook-idUSL1N1F10MP'|'2017-01-11T20:52:00.000+02:00'
'c3944cb8539af55d83344ce1c92ce75b94b9a2b4'|'Tribune Co shareholders'' legal woes over 2007 buyout near end'|'CHICAGO A New York federal judge has shot down an effort by creditors of the former Tribune Co to claw back $8 billion from shareholders who sold stock in the publisher''s 2007 buyout, bringing a long-running legal battle sparked by its bankruptcy closer to an end.The ruling stems from the tangled litigation following real estate mogul Sam Zell''s leveraged buyout of the Chicago Tribune and Los Angeles Times publisher, which creditors blame for its 2008 bankruptcy.In an attempt to recover money raised from the buyout, Tribune creditors have spent years pursuing unusual claims in court, such as trying to hold passive shareholders accountable for the failed deal.In a ruling published on Monday, Judge Richard Sullivan dismissed such claims and absolved individual shareholders from complying with creditors'' demands that they hand over the money from the sale of their stock in the buyout.The shareholders included retired employees, whose pension funding was in the form of Tribune stock, and pension plans that also held stock at the time of the buyout and sold their shares.Sullivan said the deal was approved by independent directors and that creditors lacked sufficient evidence to allege that those directors had tried to defraud them through the buyout of the publisher.Lawyer Stephen Newman of Strook Strook & Lavin, which represented a California pension fund in the matter, said the opinion was significant because it protects shareholders and provides companies with guidelines to ensure the validity of M&A deals is not questioned later on."This litigation has been pending for a long time, but today''s ruling is a major development that should put an end to it and give some peace of mind to the thousands of retirees who were dragged unwittingly into it," Newman said.Sullivan''s decision could be appealed, which could impact similar litigation brought over Lyondell Chemical Co''s $12.5 billion buyout in 2007.Lyondell filed for bankruptcy a little over a year after the buyout and creditors filed clawback lawsuits against Lyondell''s former shareholders. A decision on a motion to dismiss that lawsuit is still pending.The case is In Re Tribune Company Fraudulent Conveyance Litigation, U.S. District Court for the Southern District of New York, No. 11-MD-2296(Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-tribune-bankruptcy-lbo-idUSKBN14T2EP'|'2017-01-10T01:08:00.000+02:00'
'4f15b1d5df64f5387a58af8a370be500d203230e'|'Fitch Rates Berkshire Hathaway''s Issuance ''A+'''|'(The following statement was released by the rating agency) CHICAGO, January 10 (Fitch) Fitch Ratings has assigned ''A+'' ratings to four new senior notes issued by Berkshire Hathaway Inc. (NYSE:BRK) and its wholly owned finance subsidiary Berkshire Hathaway Finance Corporation (BHFC) totalling USD2.5 billion. The offerings include Euro1.1 billion of senior unsecured notes issued by BRK and USD1.3 billion of senior notes issued by (BHFC) which are fully and unconditionally guaranteed by the parent. The proceeds of the note issuances from BRK will be used to refinance USD1.1 billion of 1.9% senior notes maturing this month. The proceeds from the BHFC notes will be used to refinance USD1.05 billion of floating rate senior notes that also mature this month. KEY RATING DRIVERS BRK''s consolidated financial leverage ratio was 27% as of Sept. 30, 2016 and this ratio is not expected to change, since the issuance is essentially refinancing maturing debt. Further, this level of financial leverage would not trigger any rating sensitivities; however, BRK is approaching Fitch''s limits on financial leverage and interest coverage. Consequently, a material acquisition funded with significant amounts of debt would place downward pressure on BRK''s ratings. Consolidated interest coverage in the first nine months of 2016 was 7.5x excluding realized investment gains and losses on derivatives, which is below Fitch''s expectations of 12x for companies at BRK''s rating level. An alternate calculation of interest coverage, excluding railroad, utilities and energy, was 13.6x in the first nine months of 2016 and is consistent with the current rating category. RATING SENSITIVITIES Key rating triggers that could lead to a future downgrade include: --Deterioration in the credit quality of key insurance subsidiaries (National Indemnity, GenRe, and GEICO) that is no longer consistent with the current ''AA+'' rating. Measures of credit quality include Fitch''s judgment of capitalization, a total financing and commitments ratio greater than 1.5x, net leverage (excluding affiliated investments) over 3.5x or a sharp and persistent reduction in underwriting profits. --A consolidated run-rate debt/total capital ratio that exceeds 30% or a run-rate debt/total capital ratio from the holding company, insurance and finance operations (including debt issued or guaranteed by the holding company) that exceeds 25%. --Material increases in leveraged equity market exposure such as in its equity index put derivative portfolio. --Acquisitions or other actions that reduce outstanding cash below USD10 billion or approximately 5x consolidated interest expense. Key rating triggers that could lead to an upgrade include: --A commitment to lower debt/tangible capital ratios attributed to the holding company, insurance and finance operations. Fitch believes that this would likely require the scaling back of the finance operations. FULL LIST OF RATING ACTIONS Fitch has assigned the following ratings: Berkshire Hathaway, Inc. --Euro550 million 0.250% senior notes due January 2021 at ''A+''; --Euro550 million 0.625% senior notes due January 2023 at ''A+. Berkshire Hathaway Finance Corporation (BHFC) --USD950 million floating rate senior notes due January 2019 at ''A+''; --USD350 million floating rate senior notes due January 2020 at ''A+''. Contact: Primary Analyst Douglas M. Pawlowski, CFA Senior Director +1-312-368-2054 Fitch Ratings, Inc. 70 West Madison Street Chicago, IL 60601 Secondary Analyst Christopher A. Grimes, CFA Director +1-312-368-3263 Committee Chairperson Douglas L. Meyer, CFA Managing Director +1-312-368-2061 Media Relations: Hannah James, New York, Tel: + 1 646 582 4947, Email: hannah.james@fitchratings.com. Relevant Rating Committee: July 18, 2016. Although BRK''s General Reinsurance Corp. subsidiary participated directly in the rating process, BRK did not participate other than through the medium of its public disclosure. Additional information is available at www.fitchratings.com. Applicable Criteria Insurance Rating Methodology - Effective May 17, 2016 to Sept. 15, 2016 (pub. 17 May 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://feeds.reuters.com/~r/reuters/financialsNews/~3/gfMj2Xxl-pw/idUSFit986127'|'2017-01-10T18:09:00.000+02:00'
'dfc820ce7c37353b23034b075013616616b6cf86'|'Japan''s Takeda ready for fresh acquisitions after $5.2 billion Ariad deal'|'Japan  41am GMT Japan''s Takeda ready for fresh acquisitions after $5.2 billion Ariad deal Logos of Japanese Takeda Pharmaceutical Co are seen at an office building in Glattbrugg near Zurich March 7, 2012. REUTERS/Arnd Wiegmann/File Photo - RTX2RH16 TOKYO Japan''s Takeda Pharmaceutical Co ( 4502.T ) said it has the financial capacity for fresh acquisitions to bolster its drug portfolio after agreeing on Monday to acquire cancer drug maker Ariad Pharmaceuticals ( ARIA.O ) in a $5.20 billion deal. The Ariad deal, at a 75 percent premium, is the latest example of pharmaceutical companies paying handsomely to snap up promising drugs owned by rivals in a bid to secure revenue growth. Pfizer Inc ( PFE.N ) agreed in August to pay $14 billion for Medivation Inc, the maker of the $2.2 billion-a-year cancer drug Xtandi. Takeda''s Chief Financial Officer James Kehoe said that the Japanese company''s acquisition spree may continue. "Should the right deal come along we have the capacity," Kehoe said during a conference call after Takeda announced the Ariad purchase. The company was in a position to limit its debt burden and retain a strong credit rating, he said. At the end of its last business year that ended on March 31, Takeda had 438 billion yen ($3.79 billion) in cash and cash equivalents. Takeda''s Chief Executive Officer Christophe Weber said on the same call that while there were not many opportunities to buy cancer drugs and central nervous system drugs, such as Alzheimer remedies and bipolar treatments, the company, nevertheless, would make acquisitions "that make sense." Takeda''s move comes as it readies to face imminent generic competition for its top-selling blood cancer drug Velcade, with other key products slated to go off patent later from 2020. Weber said the potential returns from Ariad''s lung cancer treatment, Brigatinib, and its leukemia drug, Iclusig, along with other formulas in its pipeline justified the high premium. Takeda predicts annual sales from Brigatinib, which the U.S. Food and Drug Administration is expected to decide on by April, could exceed $1 billion. "It has the potential to be the best in class," Weber said ($1 = 115.7000 yen) (Reporting by Tim Kelly; Editing by Michael Perry and Muralikumar Anantharaman) Next In Japan  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ariad-pharm-m-a-takeda-pharma-idUKKBN14U04O'|'2017-01-10T10:38:00.000+02:00'
'97afec253a55a0ead7375b567ab88cf3baf988eb'|'Backpage.com shuts ''adult'' section in face of government pressure'|'Technology News  39am GMT Backpage.com shuts "adult" section in face of government pressure SAN FRANCISCO The online classified advertising site Backpage.com abruptly shut its "adult" section on Monday, yielding to a campaign by some state and federal government officials to close a service they contend promotes prostitution and human trafficking. The unexpected move came on the eve of a hearing convened by a U.S. Senate subcommittee at which Backpage executives had been ordered to testify. In a letter to the subcommittee that rejects the legitimacy of the hearing, Backpage attorneys said the executives would appear but would not testify. The move also comes on the heels of a criminal action in California, where Attorney General Kamala Harris has filed charges of pimping and money-laundering against Backpage CEO Carl Ferrer and the company''s controlling shareholders, Michael Lacey and James Larkin. "The decision of Backpage.com today to remove its Adult section in the United States will no doubt be heralded as a victory by those seeking to shutter the site, but it should be understood for what it is: an accumulation of acts of government censorship using extra-legal tactics," Backpage.com said in a statement. "Like the decision by Craigslist to remove its adult category in 2010, this announcement is the culmination of years of effort by government at various levels to exert pressure on Backpage.com and to make it too costly to continue," it said. The company vowed to continue its legal battles, which have become an important test for the entire internet industry of whether online platforms can be held liable for the content posted on their sites. Backpage.com also cited praise from law enforcement agencies and child-protection organizations who said the site had been helpful in rooting out human trafficking. (Reporting by Jonathan Weber; Editing by Paul Tait) Next In Technology News  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-backpage-idUKKBN14U09I'|'2017-01-10T10:24:00.000+02:00'
'b7933061fb21ab36fec3cf6114351151261b7e43'|'Guggenheim attracts broad fixed-income fund inflows in December'|'By Jennifer Ablan - NEW YORK NEW YORK Jan 10 Guggenheim Investments said Tuesday that it had posted positive net inflows in December, including its flagship Total Return Bond Fund, despite rising rates in global bond markets.Guggenheim''s flagship Total Return Bond Fund, an intermediate-term fund that has outperformed 99 percent of its rivals over three and five years ended December 31, 2016 according to Morningstar, took in $191 million in December, the firm said.The $4.2 billion fund had net inflows of $2.15 billion in 2016, and has experienced net inflows for 36 consecutive months, Guggenheim added.Todd Rosenbluth, director of ETF & Mutual Fund Research at CFRA, said the Total Return Bond Fund "has generated consistently strong performance relative to its peers. In addition, the fund incurs less duration protecting it against rate swings. Investors have gravitated toward those funds as the bond market has proven choppier."Meanwhile, the Guggenheim Macro Opportunities Fund, a $3.92 billion non-traditional bond fund that has also outperformed 99 percent of its rivals over five years, took in $297 million in December, the firm said.Guggenheim Floating Rate Strategies Fund, a bank loan fund that has outperformed 97 percent of peers over five years, took in $280 million in December.Guggenheim Limited Duration Fund, a short-term bond fund, experienced its 37th consecutive month of net inflows since its December 2013 inception. It has outperformed 98 percent of funds in its Morningstar category during that time. (Reporting By Jennifer Ablan; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/funds-guggenheim-idINL1N1F01LB'|'2017-01-10T17:21:00.000+02:00'
'bef995d9921659ae2fe575a30338d308c65a5981'|'Ivory Coast''s two-day mutiny leaves foreign investors unfazed'|'Financials  06pm EST Ivory Coast''s two-day mutiny leaves foreign investors unfazed * Investors keep faith in Ouattara after two-day revolt * Govt pays soldiers'' bonuses, Ouattara sacks military heads * Ivory Coast dollar bonds little changed By Karin Strohecker LONDON, Jan 10 Soldiers rampaging through Ivory Coast in a two-day mutiny have done little to dent investors'' faith that President Alassane Ouattara will retain control and push ahead with reforms in a country seen as a rare African success story of recent years. Disgruntled soldiers demanding bonuses and wage rises kicked off a revolt on Friday in French-speaking West Africa''s largest economy. Troops in military camps across the country then joined the mutiny, the second in less than three years in the world''s top cocoa exporter. The government conceded to the low-ranking soldiers'' demands and agreed to pay bonuses likely to cost state coffers tens of millions of dollars. Yet Ivory Coast''s dollar-bonds maturing in 2024, 2028 and 2032 - the main exposure point of foreign portfolio investors to the western African nation - have edged down less than a couple of cents across the curve, according to data from Tradeweb. "There is a great deal of confidence in President Ouattara himself and his ability to manage the country since he took over," said Jan Dehn, head of research at emerging market focussed asset manager Ashmore. "But it is also a relatively simple matter: Soldiers had not been paid their salaries for a couple of months, they got pissed off, they went out and caused some havoc.... They paid them the salary, and that is why things calmed down now." Ivory Coast emerged from a 2002-2011 political crisis as one of the continent''s rising stars with an economy that has grown by around 10 percent or just below annually in the four years to 2015, according to World Bank data. It has been praised for structural reforms such as a sweeping overhaul of its cocoa sector and investment in infrastructure. In September, Washington lifted decade-old sanctions against the country citing the successful 2015 presidential election and progress in tackling illegal trafficking of arms and natural resources. To reaffirm his control, Ouattara dismissed the heads of the army, police and gendarmes on Monday. Prime Minister Daniel Kablan Duncan also resigned and dissolved the government. The swiftness with which the mutiny was quelled also reassured investors, said Samir Gadio, head of Africa Strategy FICC Research at Standard Chartered Bank. "What the market sees in Ivory Coast is an improving story in an environment where other Eurobond issuers actually have seen their fundamentals deteriorate in recent years," he said. "Investors have been constructive on Ivory Coast, they recognise that fundamentals have improved, that policy making is on track, and I don''t think that one-off event is going to lead to a significant reassessment of the country''s credit profile." African governments designated as frontier markets have been keen issuers on international capital markets in recent years, but momentum has ground to a halt amid soaring borrowing costs. However some investors warn that Ouattara''s failure to rein in the army, cobbled together from rival rebel groups and government soldiers, could threaten economic recovery and political stability. "This is a very unstable country - both politically and economically. Exports are heavily focused on certain commodities and institutions are very, very underdeveloped," said Lutz Roehmeyer at Landesbank Berlin Investment. While he was not looking to add to the small dollar-bond exposure he currently holds, Roehmeyer said having the West African CFA Franc currency pegged to the euro made local debt a more compelling investment opportunity. Ivory Coast offered a yield of over 5 percent for a CFA issue in December. The government said last year it hoped to develop its local bond market and issue to foreign investors. "If you look at other countries in Africa that had to devalue dramatically last year such as Egypt, Nigeria, Angola or Mozambique you see they already have dramatic problems and that the currency weakness is yet another issue weighing them down, which Ivory Coast does not have. It is a massive bonus to have a stable currency," said Roehmeyer. (Editing by Hugh Lawson) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ivorycoast-mutiny-investment-idUSL5N1F055C'|'2017-01-11T01:06:00.000+02:00'
'96f42c9fa941826628acdf37a2ad76d9c9100bb3'|'EU refers Spain to court over digital terrestrial TV subsidies'|'  1:33pm GMT EU refers Spain to court over digital terrestrial TV subsidies BRUSSELS The European Commission said on Tuesday it had referred Spain to the EU Court of Justice over its failure to recover some 300 million euros (261.04 million pounds)in illegal subsidies from digital terrestrial television (DTT) operators. The Commission, which enforces competition rules in the European Union, said it had concluded in two decisions in 2013 and 2014 that subsidies given to DTT operators in remote areas were not in line with EU state aid rules and needed to be recovered. "The Spanish authorities have only recovered a small fraction of the aid. Spain also continues to pay for the operation and maintenance of parts of the DTT network, in breach of the decisions," the Commission said, adding Spain will be referred to the European Court of Justice. The aid helped finance the shift from analogue to digital television. The Commission ruled it was discriminatory as it only benefited terrestrial technology, rather than provision by satellite, cable or over the Internet. It also found it discriminated between different digital terrestrial operators. (Reporting by Robert-Jan Bartunek, editing by Philip Blenkinsop)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-competition-spain-idUKKBN14U1L3'|'2017-01-10T20:33:00.000+02:00'
'03303f41f1a3ccdd55e32ed0e089df3eea4d7810'|'Buoyant German economic growth will be tough to sustain'|'Business News   5:12pm GMT Buoyant German economic growth will be tough to sustain Cranes of German shipyard Blohm&Voss are silhouetted against the setting sun in Hamburg July 22, 2013. REUTERS/Fabian Bimmer By Michael Nienaber - BERLIN BERLIN A “golden decade” of growth and prosperity in Germany risks fading if the government fails to heed calls to increase investment and pursue structural reforms that lay the foundations for a new phase of economic expansion. Europe''s economic powerhouse grew at the fastest rate in half a decade last year, but it is unlikely to top this performance in 2017 and beyond. A consumption-led upswing looks to have reached its peak as a slowdown in wage growth and a pick-up in inflation gradually weakens consumers'' spending power. Meanwhile exports - long the mainstay of growth - could also weaken given political uncertainties such as Brexit and a possible protectionist U.S. trade policy under Donald Trump. Germany''s economy grew by 1.9 percent in 2016 driven by soaring private consumption, increased state spending on refugees and higher construction investment, data showed on Thursday. But analysts polled by Reuters expect economic growth to slow to 1.4 percent in 2017 and 1.5 percent in 2018, with inflation predicted to bounce back to 1.6 percent this year. "German private and public consumption will rise less dynamically in 2017," Ifo economist Timo Wollmershaeuser said, pointing to the higher oil price and a reduced number of refugee arrivals. Meanwhile, real wages for workers with collective agreements rose less sharply in 2016 than in the previous two years, a study showed last week. ING''s Carsten Brzeski said that German real wages would not continue to rise and interest rates would not be cut further. "The simple lack of additional stimulus means that growth should slow down. Not only in 2017 but also in the year beyond," Brzeski said, adding that household and state spending would continue to drive growth - only at a somewhat slower pace. END OF AN ERA Germany has enjoyed an economic super-cycle, kicked-off by the economic reforms from Chancellor Angela Merkel''s predecessor Gerhard Schroeder and prolonged by the European Central Bank''s ultra-loose monetary policy, a weak euro and lower oil prices. Under Schroeder, Germany cut income tax, reduced non-wage labour costs such as employer healthcare contributions and made it easier for firms to hire and fire workers. However economists and senior German officials say a new wave of changes are needed: to improve the country''s infrastructure, underpin the pension system for an ageing population and meet the challenges of digitalisation. They say the government should increase female participation in the labour market by getting rid of tax incentives for parents staying at home, introduce part-time work schemes, and provide better child care. Other demands include strengthening English language skills for children and investing in high-speed internet and digital infrastructure that put Germany on par with world leaders. If the government fails to pursue such reforms, business leaders say the "golden era" of growth and prosperity risks fading. While the government has increased investment more than the euro zone average in recent years due to healthy tax revenues and record-low borrowing costs, the private sector is holding back amid rising political uncertainty. "What the upswing is missing is a contribution from industry," Ifo''s Wollmershaeuser said, adding that companies were not investing enough in equipment and machinery. "There is no impulse from abroad that could turn this upswing into a boom," he added. BDI President Dieter Kempf said this week that future growth was anything but self-evident, given the political challenges threatening Germany. German business leaders are worried that the economy could face headwinds from a protectionist U.S. trade policy under new president Trump and excessive state interference in China. "Strong export growth will not return," Commerzbank analyst Joerg Kraemer said, arguing that demand from China would remain weak and the benefits from past trade liberalisations had been reaped while protectionist sentiment prevented new trade deals. LONG-TERM PROBLEMS There are also structural problems which may prevent German exports from propelling growth strongly as before. "The German government is rolling back the labour market reforms of the former Chancellor Schroeder which is weakening the competitiveness of the German economy," Kraemer said. German wages rose much more strongly than productivity in 2016, meaning that unit labour costs increased for the fourth consecutive year, the Federal Statistics Office said. The Cologne Institute for Economic Research warned that this trend is hurting German companies'' export performance and increasing the risk of losing market share. A global shift away from traditional manufacturing towards services is also a problem - the latter not being a German strength. "Combined with a general tendency towards more protectionism, it is hard to see that German exports will easily return to old strength," ING''s Brzeski concluded. To lay the foundations for more growth, experts such as the government''s panel of economic advisers have repeatedly urged the government to encourage private investment through fresh reforms. But Finance Minister Wolfgang Schaeuble on Thursday suggested using last year''s federal budget surplus of 6.2 billion euros (£5.38 billion) to amortize old debt instead of increasing investment. "In the long run, these problems will hit back and lower growth in Germany," Commerzbank''s Kraemer said. (Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-gdp-analysis-idUKKBN14W2I9'|'2017-01-13T00:12:00.000+02:00'
'2f5f99346200a590a3e86bad0c1e796a159979ee'|'Yellen had ''super risky'' proposal for Fed''s 2011 low-rate vow - transcripts'|'Business News - Thu Jan 12, 2017 - 7:03pm GMT Yellen had ''super risky'' proposal for Fed''s 2011 low-rate vow - transcripts Federal Reserve Chair Janet Yellen holds a news conference following day two of the Federal Open Market Committee (FOMC) meeting in Washington, U.S., December 14, 2016. REUTERS/Gary Cameron By Ann Saphir and Lindsay Dunsmuir - SAN FRANCISCO/WASHINGTON SAN FRANCISCO/WASHINGTON Faced with sharply deteriorating economic conditions in 2011 after ending their second bond-buying programme, Federal Reserve policymakers made an unprecedented bid to shore up the recovery by promising to keep rates low until at least mid-2013. But according to transcripts of the 2011 Fed meetings released for the first time on Thursday, then-Fed vice Chair Janet Yellen wanted an even stronger statement - a vow to keep rates low not just until mid-2013, but until the unemployment rate, then at about 9 percent, fell to 7.5 percent. Yellen, chair of the U.S. central bank since 2014, has resisted calls from Republicans in Congress to tie Fed decisionmaking on rates to a monetary policy rule that uses data on GDP and inflation to determine what interest rate the Fed should target. But at the Fed''s August 9, 2011 meeting, she advocated for something along those lines herself -- tying the Fed''s rate-setting to a threshold for the unemployment rate. The idea was ultimately abandoned in that meeting, panned by several of her colleagues, including St. Louis Fed President James Bullard who called the idea "super risky." But at least two other times in 2011 Yellen embraced controversial steps to ease monetary policy that, like her unemployment rate threshold idea, were initially rejected but later embraced by the policy-setting panel as a whole. In December 2011, for instance, she proposed extending the Fed''s low-rate promise until 2014, which it did the following month. At the same meeting she also backed further purchases of mortgage-backed securities -- a plan that was later implemented in September 2012. Unlike presidents of several regional Fed banks, though, Yellen never dissented in favour of easing, keeping the extent of her dovish views under wraps. Transcripts for Fed policy-setting meetings are released with a five year lag. It is likely Yellen will be replaced when her current term expires in early 2018 by President-elect Donald Trump, who during his campaign last year accused Yellen of leaving rates low to aid the Obama administration. In August 2011, a few policymakers did raise concerns that a promise to leave rates low until mid-2013 could be construed as politically motivated. But most Fed officials were not too concerned about that perception. Instead the discussion centred more around worries that the Fed''s hands could be tied by a low-rate promise, although ultimately the majority did support the change. Three dissented. In early 2011, Yellen, like many of her fellow policymakers, expressed optimism about household spending and economic growth, but as the eurozone crisis worsened and U.S. growth slowed, she made a complete turnaround, calling the case for more easing in August "compelling." Chicago Fed President Charles Evans said he liked Yellen''s idea, and even added some language of his own, suggesting that a rate hike would only be triggered if inflation, at that point lingering well below 2 percent, rose to 2.5 percent. In the end, policymakers went with the mid-2013 low-rate vow, which was, then Fed Chair Ben Bernanke said, "the most modest possible step we could take" in light of the worsening outlook. The following month they embarked on a limited bond-buying programme known as Operation Twist designed to boost the economy further. The Fed ultimately kept rates where they were, only just above zero, until December 2015, when the central bank hiked interest rates for the first time in nearly a decade by a quarter percentage point. A month after the August 2011 Fed meeting, Evans went public with the idea of using an unemployment rate threshold as a guideline for monetary policy, and for the next year or so made speech after speech making the case for the approach. Many months later, Yellen publicly backed what by then was known as the Evans rule, never letting on that it was she who first suggested it. In December 2012, the Fed tied its low-rate vow to the unemployment rate for the first time, a promise it would repeat for the ensuing 12 months. (Reporting by Ann Saphir; Editing by Diane Craft) Next In Business News Tesco caps year of recovery with solid Christmas LONDON Britain''s biggest retailer Tesco reported its best quarter of UK underlying sales growth for over five years and more growth over Christmas, continuing a major recovery in its fortunes, though it cautioned it would not be immune to inflationary pressures.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-transcript-idUKKBN14W2QR'|'2017-01-13T02:03:00.000+02:00'
'c2ab929a79ec0f2feb39fe3239675cd1ae2671a1'|'Sterling slips as investors brace for May Brexit speech'|'Foreign Exchange Analysis   5:08pm GMT Sterling slips as investors brace for May Brexit speech A pile of one pound coins is seen in a photo illustration shot June 17, 2008. REUTERS/Toby Melville/Illustration/File Photo - RTSRQZQ By Jemima Kelly - LONDON LONDON Sterling slipped on Thursday after a spokeswoman said British Prime Minister Theresa May will give a speech next week on her plans for leaving the European Union, which sparked fears that she would suggest Britain will undergo a "hard Brexit". Sterling skidded to its lowest levels for almost 32 years -excluding a "flash crash" in October - this week, after May said over the weekend that Britain would not keep "bits" of EU membership when it leaves the bloc. Investors interpreted this to mean Britain would lose access to the lucrative European single market in order to give priority to reasserting full control of its borders to curb immigration. This scenario has come to be known as "hard Brexit" - a phrase that May herself rejects. The pound had rebounded to as high as $1.2317 GBP=D4 earlier on Thursday against a dollar weakened by a lack of detail on President-elect Donald Trump''s spending plans in his first news conference since his election on Wednesday. But after the news of May''s speech, it slid backwards to trade at $1.2207, slightly lower on the day though well clear of Wednesday''s low of $1.2038. Against a broadly stronger euro, sterling fell 0.9 percent to its weakest in almost two weeks, at 87.34 pence EURGBP=D4. "If you were to look back at recent performances, it’s rare that she’s said anything that’s been taken positively, so the risk - if you had to go one way or another - is that she again pushes the market in the direction of a relatively hard exit, which is not a positive for the currency," said RBC Capital Markets currency strategist Adam Cole. Traders are also awaiting a decision - expected in the coming days - from Britain''s Supreme Court on whether to uphold a High Court ruling last year that said May''s government needed parliamentary approval before triggering "Article 50", which will formally kick off Brexit negotiations with Brussels. Investors reckon that if lawmakers from across the political spectrum - a majority of whom backed staying in the EU in June''s referendum - are involved in activating Article 50, they will push for a "softer" Brexit, which would be sterling-positive. A further boost to sterling could come if Britain is forced to delay its exit talks because of a potential suspension of Northern Ireland''s regional assembly - which a lawyer said on Wednesday was a possibility. The resignation of Northern Ireland Deputy First Minister Martin McGuinness on Monday effectively collapsed the devolved government. "If the Supreme Court were to both affirm the High Court decision and also ruled that the government had to obtain the approval of devolved legislatures, that’s even more positive for sterling. But the noise we’re hearing is that that’s probably not going to happen," said Tan. Bank of England Governor Mark Carney said on Wednesday that the immediate risks from Brexit had fallen, and that the central bank may now raise its forecasts for the UK economy. (Reporting by Jemima Kelly; editing by Mark Heinrich) Next In Foreign Exchange Analysis Dollar tumbles to five-week lows as Trump trade loses steam NEW YORK The U.S. dollar hit its lowest level in five weeks against a basket of major currencies on Thursday and was on course for its worst week since November, hit by a loss of confidence in the U.S. reflation trade a day after a news conference by U.S. President-elect Donald Trump. UK banks'' share of corporate currency business dips LONDON The share of Britain''s biggest banks in the market supplying UK companies'' daily foreign currency needs fell for a second year running in 2016 as firms made more use of new trading platforms and brokers, an industry report showed on Wednesday. NEW YORK The U.S. dollar fell to a one-month low against a basket of major rivals on Wednesday, reversing an early rally after a news conference held by President-elect Donald Trump disappointed dollar bulls who were expecting a pro-growth message. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-sterling-close-idUKKBN14W2I3'|'2017-01-13T00:08:00.000+02:00'
'02d027f4fb7daf13acd4dcb200e58f8402a2d01c'|'Global watchdog finalises rules to tackle asset management risks'|'Business News   12:02pm EST Global watchdog finalizes rules to tackle asset management risks By Huw Jones - LONDON LONDON Global regulators flagged on Thursday they would revisit plans on whether to designate big asset managers such as BlackRock or Vanguard as being globally systemic and requiring tougher scrutiny, despite fierce resistance from the sector. The Financial Stability Board (FSB), which coordinates financial regulation across the Group of 20 economies (G20), published final recommendations on Thursday for addressing actual and potential risks from "structural vulnerabilities" in the asset management sector. The 14 recommendations will be fleshed out by regulators over the coming two years for implementation. They include several modest changes to the original proposals published by the FSB in June last year. "The policy recommendations will better prepare asset managers and funds for future stress events," said Daniel Tarullo, who chairs an FSB committee on supervisory and regulatory cooperation. An initial attempt by the FSB to single out which funds are globally systemically important and needing tougher rules was derailed by IOSCO, the global securities market regulators body after opposition from big funds. This resulted in a switch of focus to the sector''s activities. IOSCO will flesh out many of the FSB''s 14 recommendations in 2017 and 2018 to put into practice. The FSB indicated on Thursday that after the end of 2018 it would revisit its initial proposals on whether to designate funds as being globally systemically important. Some funds had hoped the proposals were dead and buried. Regulators have become concerned about the promise open-ended funds make to give investors their money back on a daily basis, even in stressed markets when liquidity is tight. The fear is that such a "liquidity mismatch" can encourage cash raising through fire sales of assets such as bonds at the risk of undermining wider financial stability through contagion. As many banks have shrunk under the weight of tougher regulation and changes in markets, asset management has grown from $53.6 trillion in 2005 to $76.7 trillion in 2015, or 40 percent of global financial system assets. The recommendations also address the move by asset managers into "shadow-banking" or market financing activities such as lending securities or offering loans to companies as traditional banks retreat. The FSB stopped short of saying how redemptions could be curbed in stressed markets, saying there should be a range of tools such as "gates" and redemption fees. The FSB also recommended on Thursday that regulators should provide guidance on stress testing of individual open-ended funds on their ability to pay back investors quickly in stressed markets. Stress testing, which checks resilience to extreme market shocks, is common in banking since the financial crisis and is burdensome and time-consuming. Some asset managers already do their own stress-testing of individual funds, but this is patchy across the sector. (Reporting by Huw Jones; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-g20-funds-regulations-idUSKBN14W2HJ'|'2017-01-13T00:00:00.000+02:00'
'354835ed0b671e5cde5f3306aeac8c0f7120126a'|'How did Amazon know my new Visa card information before me? - Money'|'I was Christmas shopping on Amazon and realised there was a payment card on my account that I had never seen or used before. I only have one card registered and, although it was due to expire at the end of the month, it was still valid. Amazon told me the new card had been added to my account on 12 December, but couldn’t explain to me how. I knew that my bank was due to send a new card to my mum and dad’s address and planned to collect it when I visited at Christmas. When it arrived, I asked my mum to open the letter on my behalf, and it turned out the last four digits and the expiry date matched the card on my Amazon account. I rang my bank, NatWest, and it told me that I should speak to Visa. I rang Visa and was promptly redirected back to NatWest. Amazon was no help at all. I find it quite worrying that Amazon could get my new bank card details before I had them. IA, Southport NatWest’s press office agrees that this is “odd” and Amazon’s has to do some digging. None of us, it seems, were aware of VAU – Visa Account Updater. This allows subscribing merchants to receive automatic updates to cardholder account information, including account numbers and expiry dates. It sounds ominous, but the idea is to save retailers – and customers – the hassle of recurring payments being declined when a registered card has expired. All companies that subscribe must adhere to the Payment Card Industry Security Standards to ensure the stored data is protected. Mastercard operates a similar scheme. It’s been around since 2006 and most major retailers who offer recurring payments by card use it. The reason so few of us know of it is because its existence is buried in the terms and conditions of the card issuer. If you want to opt out, you have to do it via your bank.If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/12/how-amazon-know-new-visa-card-information-before-me-natwest'|'2017-01-12T14:00:00.000+02:00'
'cfb5de80f54e30b67c4d88ac73589620ae8304b2'|'The changing face of Russian cyber espionage'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/companies/technology'|'https://www.ft.com/content/ea9f93fc-b721-4783-aa7a-d88b3e4e2042?ftcamp=published_links%2Frss%2Fcompanies_technology%2Ffeed%2F%2Fproduct'|'2017-01-11T19:20:00.000+02:00'
'52583d8ce8f2626c39dfa8940f55d27d9fa2e989'|'Banco do Brasil mulls loan to Rio de Janeiro -source'|'Financials  57pm EST Banco do Brasil mulls loan to Rio de Janeiro -source BRASILIA Jan 11 Brazil''s state-run lender Banco do Brasil is considering offering a loan to the cash-strapped government of the Rio de Janeiro state, in an operation that may include other banks, a Banco do Brasil source told Reuters on Wednesday. The loan could be given under the condition that the Treasury offers guarantees to Banco do Brasil, the source said. (Reporting by Alonso Soto; Editing by Chris Reese) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/banco-do-brasil-rio-idUSE4N1CH01A'|'2017-01-12T04:57:00.000+02:00'
'daa500838f01ac2e4b30acce3f4ee31b31e85dca'|'Bharti Airtel to spend $441 million to set up payments bank'|' 41pm IST Bharti Airtel to spend $441 million to set up payments bank A Bharti Airtel office building is pictured in Gurugram, previously known as Gurgaon, on the outskirts of New Delhi, India April 21, 2016. REUTERS/Adnan Abidi/File Photo MUMBAI/NEW DELHI Bharti Airtel Ltd, India''s top wireless carrier, on Thursday unveiled a so-called payments bank, committing an initial investment of 30 billion rupees ($441 million) to build a nationwide network. Airtel Payments Bank is the first among several such niche banks to start operations, after the central bank handed over new permits to bring financial services within the reach of millions who still lack access to formal banking. Payments banks can take deposits and remittances but are not allowed to lend. This new set of banks is expected to increase competition in the sector by offering higher interest rates on deposits. Several of Bharti''s competitors have also received payments bank licenses, including Reliance Industries, which has entered the country''s telecoms sector through unit Jio, as well as Vodafone Group Plc and Idea Cellular. Private-sector lender Kotak Mahindra Bank owns a minority stake in Airtel Payments Bank. Airtel Payments Bank will use 250,000 of Bharti Airtel''s retail mobile services outlets to offer its services and has already added one million customers during its pilot phase, it said in a statement. ($1 = 68.0779 Indian rupees) (Reporting by Devidutta Tripathy and Neha Dasgupta; Editing by Sunil Nair) Next In Money News Flipkart reshuffle signals shift to margins over volume MUMBAI/BENGALURU Even before he was appointed to run India''s biggest e-commerce company, Kalyan Krishnamurthy had signalled a change: as head of sales at Flipkart he focused on profitable "big ticket" items, a shift away from the industry''s fixation on growth at all costs. Supreme   million payment   SpiceJet to seal $10 billion deal with Boeing for 737 jets - sources SINGAPORE/NEW DELHI SpiceJet is set to seal an order for at least 90 new 737 jets from Boeing, two sources said on Thursday, as the low-cost carrier targets an expansion to tap into the South Asian nation''s booming air travel market. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/bharti-airtel-paymentsbank-idINKBN14W1LN'|'2017-01-12T19:11:00.000+02:00'
'148aeec36474dc7b195111580a954214bce0e2e6'|'Japan''s Abe visits Philippines as Duterte''s first top guest'|'World News - Thu Jan 12, 2017 - 4:05am EST Japan''s Abe visits Philippines as Duterte''s first top guest left right Japanese Prime Minister Shinzo Abe bows his head before the Philippine flag during a welcome ceremony at the presidential palace in Manila, Philippines January 12, 2017. REUTERS/Erik De Castro 1/6 left right Japanese Prime Minister Shinzo Abe waves upon arrival for a state visit in metro Manila, Philippines January 12, 2017. REUTERS/Romeo Ranoco 2/6 left right Japanese Prime Minister Shinzo Abe review honour guards upon arrival for a state visit in metro Manila, Philippines January 12, 2017. REUTERS/Romeo Ranoco 3/6 left right Japanese Prime Minister Shinzo Abe and his wife Akie Abe disembark from the plane upon their arrival for a state visit in metro Manila, Philippines January 12, 2017. REUTERS/Romeo Ranoco 4/6 left right Japanese Prime Minister Shinzo Abe is led the way by a Philippine military official to review honour guards upon arrival for a state visit in metro Manila, Philippines January 12, 2017. REUTERS/Romeo Ranoco 5/6 left right Workers sweep the red carpet in preparations for the arrival of Japanese Prime Minister Shinzo Abe and his wife Akie Abe for a state visit in metro Manila, Philippines January 12, 2017. REUTERS/Romeo Ranoco 6/6 By Martin Petty - MANILA MANILA Japanese Prime Minister Shinzo Abe arrived in the Philippines on Thursday for a two-day visit aimed at shoring up ties with its mercurial new leader, and boosting Tokyo''s economic foothold in the face of anticipated competition from China. Abe''s visit is the first by a head of state to the Philippines under President Rodrigo Duterte and comes amid a changing geopolitical landscape, much to do with a dramatic foreign-policy shift by the firebrand leader in Manila. Duterte has been hostile towards traditional ally the United States while reaching out towards historic adversary China, putting Japan in an uneasy spot given its warm ties with Washington and rivalry with Beijing. Upon arrival, Abe headed straight for a meeting with Duterte at the presidential palace in Manila. He will travel to Duterte''s native of Davao on Friday, during which he and his wife will visit Duterte''s family home. Abe described being the first leader to visit Duterte as a "tremendous honor". "I chose the Philippines as my first destination this year and that is testament to my primary emphasis on our bilateral relationship," he said in addressing the meeting. "I''m committed to elevating our bilateral relationship to a higher ground." Abe''s arrival is timely and comes as China seeks to capitalize on Duterte''s openness to its investment in areas that include infrastructure, where Japanese firms have long been important players in Southeast Asia. Japan is one of the biggest investors in the Philippines, mainly in electronics, financial services and auto manufacturing, through firms that include Toyota ( 7203.T ), Mitsubishi ( 8058.T ) and Canon ( 7751.T ). Representatives of more than 20 Japanese companies are due to join Abe in Davao for a meeting with Philippine companies, which are keen to link up in areas like construction and agribusiness, Philippine business sources said. Jose Ma. Concepcion, the Philippines presidential consultant for entrepreneurship, said Chinese business would have no impact on Japan''s interests, and there were plenty of opportunities up for grabs. "If you look at the level of investments, the Japanese are far much more entrenched," he said. "China also has opportunities. The more countries that help us, the better." (Additional reporting by Neil Jerome Morales; Editing by Robert Birsel) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-philippines-japan-idUSKBN14W0XY'|'2017-01-12T15:47:00.000+02:00'
'a2c5944f5b4387f5189224d8365c48ecb31fca75'|'BA cabin crew to hold further three-day strike over ''poverty pay'''|'Almost 3,000 cabin crew from British Airways’ mixed fleet branch at Heathrow will strike again next week in a row over what the union describes as poverty pay.The crew will walk out for three days from next Thursday, following a 48-hour strike this week that led to about 100 flights being cancelled or merged by BA. The union, Unite , says pay at the national carrier is so low that crew are taking second jobs or working while sick because they cannot afford to take a day off.With more crew having joined up since the dispute started, Unite called on BA to raise pay, which starts at £12,192 basic, although the airline says most crew earn at least £21,000 with flying allowances. Oliver Richardson, a national officer of the Unite union, said: “British Airways should be under no illusion about our members’ determination to secure a settlement that addresses their concerns over poverty pay.”All new recruits to BA now join the mixed fleet, which was set up during the bitter industrial dispute of 2010-11 and work on long- and short-haul flights. BA said the strike action was “bizarre and regrettable”. The airline said the last strike had failed to disrupt operations and added: “We will again aim to ensure that all our customers travel to their destinations.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/12/british-airways-cabin-crew-further-three-day-strike-poverty-pay'|'2017-01-12T02:00:00.000+02:00'
'2c75dd669f7e90b461f4d91b2bfd2068598d28c9'|'Top fund manager likens Trump market rally to dotcom bubble - Business'|'Britain’s best known fund manager has likened the current stock market euphoria to the dotcom bubble , even as the FTSE 100 closed at yet another record high.After a volatile day’s trading, the leading index finished 1.88 points higher at 7292.37, marking the 11th consecutive day of record closes and the market’s 13th successive daily rise.But Neil Woodford, who admitted his own fund’s performance in 2016 was disappointing, said the current situation reminded him of the technology bubble which reached a peak on the last day of 1999 and then burst dramatically.He said : “There was a period then when fundamentals didn’t matter at all and markets just became completely momentum-orientated. There was no price that people wouldn’t pay to be positioned in technology stocks and no price that they wouldn’t sell shares that were focused on the old economy.“And in a similar sort of way – maybe not to the same extreme, but in a similar way, we have seen 2016 play out like that. Valuation has become significantly less important. Indeed, arguably irrelevant in this sort of post-Trump period. Momentum has driven the share prices, not fundamentals.”The FTSE 100 has been boosted by a fall in sterling since the Brexit vote , which has helped those companies which make most of their earnings overseas and has also made UK businesses cheaper for overseas investors.Marks & Spencer, Tesco, Primark and JD Sports lead flurry of Christmas trading news – as it happened Read more An early rise in the pound on Thursday, as the dollar weakened, sent the index lower in early trading. The slump in the greenback, which pushed the pound up nearly 1% to $1.2316, followed disappointment that US president-elect Donald Trump had not given details of his proposed spending and tax plans to boost the economy at Wednesday’s press conference.Pharmaceutical companies, hit by renewed threats by Trump to cut the prices they charge for their drugs, were among the losers, while Christmas trading statements from UK retailers proved a mixed bag. But sterling lost its gains as the day progressed and was marginally lower at £1.221 by the time the London stock market closed, helping the leading index edge to its new peak.In the US, the disappointment with Trump’s press conference performance and the lack of economic news from the president-elect sent the Dow Jones Industrial Average down 152 points to 19,802 by lunchtime. On Friday, it had come within one point of breaching the elusive 20,000 barrier. Facebook Twitter Pinterest Neil Woodford. Photograph: REX Chris Beauchamp, chief market analyst at IG, said: “The apparent demise of the rally is being blamed on disappointment following the president-elect’s press conference, but in reality the surge was already running on air, with US markets in particular having essentially gone nowhere since mid-December. This fact was masked by the ongoing hope of Dow 20,000, but it looks like this has been scrubbed from the timetable for the next few weeks.”In the eurozone, a stronger euro saw Germany’s Dax drop 1% and France’s Cac close down 0.5% with exporters among the leading fallers.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/12/top-fund-manager-likens-trump-market-rally-to-dotcom-bubble'|'2017-01-13T01:20:00.000+02:00'
'2adbffe0fd544c6b684e05dc26b700d27dc40039'|'Argentina strikes $15bn a year shale investment deal'|'Argentina strikes $15bn a year shale investment deal Macri tries to revamp production in exchange for subsidies and labour concessions Read next by: Benedict Mander in Buenos Aires President Mauricio Macri is pushing to revamp flagging production at Argentina’s massive shale reserves, with companies agreeing on Tuesday to invest as much as $15bn a year in exchange for lower labour costs and extended state subsidies. The drive to increase investment and productivity in the Vaca Muerta shale deposit in Patagonia, which boasts the second-largest reserves of shale gas in the world, is part of Argentina ’s attempt to recover energy self-sufficiency and emulate the shale boom in the US. Mr Macri proclaimed a “new era” for the country’s languishing energy sector, which will see foreign companies including Chevron , Dow , BP , Shell and Total, as well as Argentina’s state energy company YPF , invest an initial $5bn in 2017, rising to $15bn in subsequent years. Although once a net exporter of energy, a lack of investment in recent years has seen production plummet, leaving Argentina with a costly energy deficit and a dependence on imports that have placed heavy pressure on fiscal accounts. Related article Despite vast reserves of shale oil and gas and huge scope to produce renewable power, the country’s energy market is beset with patchy supply and low capacity Tuesday, 10 January, 2017 In return for the investment commitments from the private sector, the government committed to extending a subsidy being gradually phased out that enables companies to sell gas for three times the international price, with the local price currently fixed at $7.50 per million British thermal units. Mr Macri also announced the elimination of a 15-year-old export duty on oil and oil products. Meanwhile, unions agreed to more flexible working conditions, with high labour costs seen as one of the biggest barriers to the development of Argentina’s Vaca Muerta , which is roughly the size of Belgium. The provincial government of Neuquén, where the vast shale deposits are mostly located, also promised not to increase taxes and to improve transport infrastructure. “This is a demonstration of what we can achieve as an industry when we all work together with the same objective,” said Miguel Angel Gutiérrez, president of YPF, arguing that the cross-sector agreement would boost investment and strengthen the development of Argentina’s unconventional resources. He said that without the agreement, companies would be investing as much as 30 per cent less this year. YPF, which owns 50 per cent of the concessions at Vaca Muerta, saw its New York-listed American depositary receipts rise 9 per cent. Officials hope that the dialogue between the national and regional governments, unions and the private sector that enabled the agreement will presage similar deals in other sectors that will help to stimulate investment and growth, after Argentina’s struggling economy contracted by 3.8 per cent in the third quarter of 2016. Mr Macri, who lacks a majority in Congress, is hoping that the economy will rebound before key legislative elections in October, which analysts say will determine the success of his market-oriented reform programme. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/oil-gas'|'https://www.ft.com/content/031d1674-d74f-11e6-944b-e7eb37a6aa8e'|'2017-01-11T01:43:00.000+02:00'
'c6fb9ea060050a8b3b6b35fea8b9a9283687feaa'|'Morrisons enjoys some ''remarkable'' Christmas cheer - Business - The Guardian'|'Morrisons enjoyed its best Christmas in seven years as the supermarket chain packed its shelves with the most popular products and opened more tills.Britain’s fourth-largest retailer reported a 2.9% increase in sales excluding fuel in the nine weeks to 1 January, with fresh fruit and vegetables, beers, wine and spirits, and its Nutmeg clothing range all performing well. Its new upmarket Best range was also a top performer, the retailer said.It was Morrisons biggest rise in like-for-like sales – those at stores open for more than a year – over the key Christmas trading period in seven years. Total sales excluding fuel rose 2%.David Potts, chief executive of the Bradford-based retailer, said stores had been better prepared to meet demand than in previous years.Phil Dorrell, partner at the consultancy, Retail Remedy, described the Christmas sales jump as “quite remarkable”.He said: “Potts has turned this ship around and whilst navigating a big tanker like this takes time his grip on the tiller is both clear and strong. Morrison’s Christmas marketing campaign was fresh and delivered a relevant food quality feel.”Potts said: “This Christmas we made further improvements to the customer shopping trip. We stocked more of what our customers wanted to buy, more tills were open more often, and product availability improved as over half of sales went through our new ordering system. Both like-for-like and total sales grew, which was very encouraging.”The company raised its full-year guidance following the better-than-expected festive trading season. It now expects underlying pretax profit for the full 2016-17 year to be between £330m and £340m, ahead of analysts’ expectations of around £326m.It maintained its guidance that net debt would be around £1.2bn at the end of the financial year.Shares rose 4% following the positive trading update, making Morrisons the biggest riser on the FTSE 100, helping to push the index to a new record high of 7260.'|'theguardian.com'|'http://www.theguardian.com/business/morrisons/rss'|'https://www.theguardian.com/business/2017/jan/10/morrisons-enjoys-some-remarkable-christmas-cheer'|'2017-01-10T15:05:00.000+02:00'
'bebc80b78661bdbc37ad08f20f89598450d06be7'|'China''s Yuexiu Group signs debt-to-equity swap agreement with ICBC'|'Private Equity - Mon Jan 9, 2017 - 5:06am EST China''s Yuexiu Group signs debt-to-equity swap agreement with ICBC BEIJING Jan 9 China''s state-owned Yuexiu Group has signed a framework debt-to-equity swap agreement with the Industrial and Commercial Bank of China (ICBC), according to a statement posted by the lender on its official website on Monday. China has sought to revive its lumbering state-owned firms that have been dogged by inefficiencies and oversupply as economic growth slows. China''s largest lender said it will help Yuexiu Group, which counts Yuexiu Property and Yuexiu Real Estate Investment Trust among its subsidiaries, to optimize its financial structure. ICBC said debt-to-equity swaps can help reduce corporate financial leverage, improve corporate governance and enhance long-term development. The bank did not disclose how much it will invest in the swap. In December, ICBC signed debt-for-equity swaps with Taiyuan Iron & Steel (Group), Datong Coal Mine Group and Yangquan Coal Industry (Group). (Reporting by Beijing Monitoring Desk and Engen Tham in Shanghai; Editing by Himani Sarkar) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-debt-swap-guangzhouyuexiu-idUSL4N1EZ2ST'|'2017-01-09T17:06:00.000+02:00'
'b4fa412a4d92aae1672692b2ff791e730b3b2e02'|'UPDATE 1-Honduras sets IPTs on 2027 bond'|'(Adds secondary levels)By Paul KilbyNEW YORK, Jan 12 (IFR) - The Republic of Honduras, rated B2/B+, announced initial price thoughts on Thursday of mid-to-high 6% on a 2027 US dollar bond, according to a lead on the deal.The Central American country was last in the international markets in late 2013 when it issued a 2020 to yield 8.75%.That bond has been trading at a bid yield of around 5.50%, while the borrower''s 7.5% 2024 is being Quote: d at around 6.06%, according to Thomson Reuters data.Bank of America Merrill Lynch and Citigroup are acting as leads on the new offering, which is expected to price later on Thursday. (Reporting by Paul Kilby; Editing by Natalie Harrison and Marc Carnegie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/honduras-bond-idINL1N1F20QI'|'2017-01-12T11:37:00.000+02:00'
'd17c0ca6f0e89d22bda99fd4a6e78620e22bc739'|'UPDATE 1-Chile announces peso-denominated 144A/Reg S bond tap'|'(Adds background)By Paul KilbyNEW YORK, Jan 12 (IFR) - The Republic of Chile announced on Thursday a peso-denominated 144A/Reg S bond due February 28 2021, with pricing set as early as January 18.The new bond is a tap of a local instrument that priced last year and will be sold in a Euroclearable format to foreign investors, a source familiar with the deal told IFR.The structure is similar to what has been done in Mexico, where the sovereign and some corporates such as oil company Pemex have sold domestic bonds that can be settled in both Euroclear and locally.The idea is to widen the appeal of local currency instruments among foreign accounts and bring more depth to that market.The security carries a 4.5% annual coupon, accruing from the issuance date of September 1 2016. The deal is governed by Chilean law and is listed on the Santiago Stock Exchange.Bookrunners are BNP Paribas, Citigroup, Goldman Sachs and JP Morgan. Local currency ratings are Aa3/AA/AA-.The bond is being led by BNP Paribas, Citigroup, Goldman Sachs and JP Morgan. The country''s local currency ratings are Aa3/AA/AA-. (Reporting by Paul Kilby; Editing by Marc Carnegie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/chile-bonds-idINL1N1F210A'|'2017-01-12T12:53:00.000+02:00'
'ae7b88a7353fd50dc43dcdd46d593c1164c66286'|'UPDATE 1-Jupiter sees Q4 outflows but grows full-year assets'|'Financials   2:49am EST UPDATE 1-Jupiter sees Q4 outflows but grows full-year assets * Q4 overall net outflows 373 mln stg * Q4 mutual fund outflows 355 mln stg * FY inflows 859 mln stg; year-end assets up 13 pct (Adds detail from statement, CEO quote, bullet points) By Simon Jessop LONDON, Jan 12 Jupiter Fund Management said on Thursday clients pulled 373 million pounds ($456.44 million) from its investment products during the fourth quarter, with withdrawals largely by institutional investors exiting its European and multi-manager strategies. Over the 12 months to end-December, though, net mutual fund inflows were 859 million pounds, it said, raising year-end assets under management by 13 percent to 40.5 billion pounds from 35.7 billion at the end of 2015. Jupiter said the effects of market uncertainty on the firm''s performance during the year had been muted, although it expected global political and economic uncertainty to continue to affect investor sentiment in 2017. Financial market volatility was fuelled during the year by concerns about growth in China, Britain''s vote to leave the European Union and the U.S. election, among other issues, while the year ahead sees a batch of elections in Europe. "Overall, 2016 was positive for Jupiter. We continued to diversify our business by product, client type and geography and delivered strong investment performance after fees across a broad range of strategies," Chief Executive Maarten Slendebroek said. Jupiter said market gains during the fourth quarter, with global stock markets at or near record highs, had marginally offset the impact of client withdrawals. It attracted fresh money into its absolute return, fixed income and emerging markets strategies, Jupiter said. On the Q4 outflows, Numis analyst David McCann, who holds an ''add'' rating on the stock, said: "This was mainly driven by a larger one-off outflow from Merlin Income in October. We calculate that November and December were both positive flow months ...We also calculate (small) positive flows have been delivered so far in January." ($1 = 0.8172 pounds) (Reporting by Simon Jessop; editing by Jason Neely) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/jupiter-fund-trading-idUSL5N1F21C8'|'2017-01-12T14:49:00.000+02:00'
'5107b8fa1cf04138c7fb0bf2a95e282b929cecf2'|'UPDATE 1-Britain''s John Lewis to ramp up investment to meet online demand'|'(Adds background, ASOS)LONDON Jan 12 Britain''s biggest department store John Lewis said it needed to invest heavily in its online business this year after 40 percent of total sales came from the internet over Christmas, showing the speed of change ripping through the industry.Britons have embraced online shopping in recent years, with new collaborations enabling shoppers to buy online and pick up goods at a network of third-party outlets such as petrol stations, railway stations and post offices.The drive to make online shopping fit more easily into customers'' lives has ramped up sales and put Britain at the forefront of the move, with trading updates released this week showing those firms with the best online offerings performing strongly.Online-only fashion retailer ASOS said on Thursday it would also accelerate the pace of its infrastructure investment as it expects sales to rise by nearly a third this year following bumper demand over the Christmas period."Although we expect to report profits up on last year, trading profit is under pressure," said Charlie Mayfield, chairman of the John Lewis Partnership. "This reflects the greater changes taking place across the retail sector. We expect those to quicken, especially in the next 12 months."John Lewis has been among those leading the way in online sales in recent years but it said on Thursday that although it had enjoyed a strong Christmas performance, it now needed to rebuild to prepare the business for even faster change.John Lewis said it would speed up aspects of its strategy, which would involve a period of significant change, investment and innovation. It did not say how much it would spend on the programme.The John Lewis Partnership, which also owns the upmarket Waitrose supermarkets, said it also expected profit to be affected next year by increasing costs linked to the fall in the pound following the vote to leave the European Union.The John Lewis department store posted underlying sales up 2.7 over the six weeks to December 31, with online sales up 11.8 percent and shop sales up 0.8 percent. Waitrose like-for-like sales rose 2.8 percent. (Reporting by Kate Holton; editing by Estelle Shirbon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/johnlewis-outlook-idINL5N1F21OA'|'2017-01-12T05:59:00.000+02:00'
'cdc9a96f7406bec6918e386f896d0e04c720e26b'|'Republic of Iraq names leads for US$1bn five-year USAID bond'|'Financials   10:28am EST Republic of Iraq names leads for US$1bn five-year USAID bond By Robert Hogg Jan 11 (IFR) - The Republic of Iraq has mandated Citigroup, Deutsche Bank and JP Morgan for a US$1bn five-year bond guaranteed by the United States Agency for International Development (USAID), according to a source. USAID is providing a full faith and credit guarantee for the notes which will have a January 18 2022 maturity and a January 18 2017 settlement date. The trade will be unrated. (Reporting by Robert Hogg, Editing by Helene Durand) Next In Financials Ethics chief of Norway''s wealth fund targets excessive greenhouse gas emissions OSLO, Jan 11 The ethics watchdog for Norway''s $880-billion wealth fund will focus this year on identifying firms with unacceptably large emissions of greenhouse gases, and will recommend exclusions from the portfolio across several industries, it said.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/iraq-bonds-idUSL5N1F14J7'|'2017-01-11T22:28:00.000+02:00'
'ee3930f60b56ace22e50ebfb763d5ffeb5c9b7ea'|'Brussels and London form "fintech bridge"'|'Technology News  05pm EST Brussels and London form ''fintech bridge'' By Jemima Kelly - LONDON LONDON A delegation from Belgium''s financial technology sector came to London with its finance minister this week to set up a "fintech bridge" with the British capital that will enable cooperation on the burgeoning sector. "B-Hive", the part-government-owned platform set up to facilitate innovation between Belgium''s fintech sector and the traditional financial and technology sectors, has signed a memorandum of understanding (MoU) with Innovate Finance, the trade body for Britain''s fintech sector, it said on Wednesday. The initiative follows similar "fintech bridges" Britain has signed with Australia, Singapore and South Korea. Belgian Finance Minister Johan Van Overtveldt told Reuters that the project had come about as a result of a working group that he had set up when he took up his post two years ago, and that he saw London-based Innovate Finance as a role model for B-Hive. Britain''s vote to leave the European Union last year raised some worries that start-ups will relocate. Financial firms rely on the EU''s "passporting" system, which allows them to sell their services across the bloc while being registered and regulated just in Britain, thus saving huge amounts of money by not having to set up shop in each member state. But Van Overtveldt said his intention in coming to London was not to lure talent away from the fintech sector, and that London would remain the main center for finance and fintech in Europe. "London is the financial sector of Europe – there’s a lot of infrastructure..., there''s a huge talent pool that is there, there''s the capital availability that is there, so of course even with Brexit, that won’t go away just like that. It’s an important change but we should not underestimate the resilience of London as a financial (and fintech) center." In 2015 Britain''s fintech sector, whose ranges from app-based payment services to crowdfunding and peer-to-peer lending firms, employed over 60,000 people and generated 6.6 billion pounds ($8 billion) in revenue, according to the Treasury. (Reporting by Jemima Kelly; editing by Mark Heinrich) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-belgium-britain-fintech-idUSKBN14V2AG'|'2017-01-12T01:02:00.000+02:00'
'ae622a9696489d37808da18fee208cddc7c76402'|'Fiat Chrysler names operating chiefs for China, Asia Pacific'|'Business News  52pm EST Fiat Chrysler names operating chiefs for China, Asia Pacific A woman walks past a logo of Fiat Chrysler Automobiles (FCA) in Turin March 31, 2014. REUTERS/Giorgio Perottino Fiat Chrysler Automobiles NV ( FCHA.MI ) ( FCAU.N ) on Wednesday named Daphne Zheng as chief operating officer of China and Paul Alcala as the operating chief of Asia Pacific, excluding China. Zheng, who has been with Fiat for more than eight years, served as the managing director of the company''s sales joint venture in China with Guangzhou Automotive Group (GAC). Alcala, a 29-year veteran of Fiat, most recently was the head of China developments for the manufacturing and sales joint ventures in China with GAC. The changes are effective immediately, Fiat said. (Reporting by Divya Grover in Bengaluru; Editing by Maju Samuel) Next In Business News Mexico''s peso hits record low on Trump talk of wall, auto tax MEXICO CITY The Mexican peso <MXN=> weakened to a historic low of 22.04 per dollar and the country''s stock index fell on Wednesday, after U.S. President-elect Donald Trump warned U.S. auto companies would face a high tax for products made south of the border.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fiat-chrysler-moves-idUSKBN14V2KH'|'2017-01-12T03:41:00.000+02:00'
'50219ddf26b7afd1aa7609666499c9c97495578d'|'Brazil court extends deadline for Samarco to pay dam spill guarantee'|'Environment  09pm EST Brazil court extends deadline for Samarco to pay dam spill guarantee The debris of the municipal school of Bento Rodrigues district, which was covered with mud after a dam owned by Vale SA and BHP Billiton Ltd burst, is pictured in Mariana, Brazil, November 10, 2015. REUTERS/Ricardo Moraes/File photo BRASILIA A Brazilian judge has extended the deadline for Samarco and its shareholders Vale SA and BHP Billiton to make a 1.2 billion reais ($375.41 million) payment related to a dam spill to Jan 19, a statement from the court in the state of the Minas Gerais said on Wednesday. The payment was due on Monday (Jan 9), but the companies applied for the date to be pushed back. ($1 = 3.1965 reais) (Reporting by Stephen Eisenhammer; Editing by Andrew Hay) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-samarco-miner-payment-idUSKBN14V2LR'|'2017-01-12T04:05:00.000+02:00'
'6f7d9c37dd13ebe366fe5172ca2c075225ff0e85'|'Coal plant owner Homer City Generation files for bankruptcy'|'Homer City Generation L.P., which owns three coal-fired electric power plants in the United States, filed for bankruptcy on Wednesday.The company, which expects to continue operations during the Chapter 11 process, said the reorganization would eliminate $600 million of its debt.NRG Energy Services will continue as the operator of Homer City''s three plants, which are located near Pittsburgh, Pennsylvania and have an aggregate net capacity of 1,884 megawatts.The reorganization plan was supported by about 86 percent of the Homer City''s secured noteholders, but is subject to approval from the Delaware bankruptcy court, the company said in an emailed statement.(Reporting by Arathy S Nair in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-homer-city-bankruptcy-idINKBN14V1S3'|'2017-01-11T11:43:00.000+02:00'
'bfdf9be7ff3c942460d264ffbdd824c7855e0c90'|'Mexico stock index reverses losses, up 0.42 pct as Trump speaks'|'Company News   12:00pm EST Mexico stock index reverses losses, up 0.42 pct as Trump speaks MEXICO CITY Jan 11 Mexico''s benchmark IPC index reversed losses on Wednesday to rise 0.42 percent as U.S. President-elect Donald Trump answered questions at a news conference in New York. (Reporting by David Alire Garcia) Next In Company News UK banks'' share of corporate currency business dips LONDON, Jan 11 The share of Britain''s biggest banks in the market supplying UK companies'' daily foreign currency needs fell for a second year running in 2016 as firms made more use of new trading platforms and brokers, an industry report showed on Wednesday. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-ipc-idUSE1N1EA003'|'2017-01-12T00:00:00.000+02:00'
'6e2784c0e02f590d2da92c7864f9b277b2d348fe'|'Mahindra group wants to foster in-house start-ups - Chairman Anand Mahindra'|'Money   7:31pm IST Mahindra group wants to foster in-house start-ups - Chairman Anand Mahindra Anand Mahindra, chairman and managing director of Mahindra Group, attends a news conference in Mumbai, India, September 8, 2016. REUTERS/Danish Siddiqui/Files By Aditi Shah - MUMBAI MUMBAI India''s autos-to technology conglomerate Mahindra wants to spur a greater start-up culture within the group, looking to foster new businesses which will compliment its existing products and services. "We don''t believe start-ups are the private preserve of only garage start-ups...The corporate garage is going to be the scene of a lot of action," said Anand Mahindra, executive chairman of, Mahindra group, in an interview with Reuters at an investor gathering in western India on Tuesday. Mahindra & Mahindra, the group''s automotive arm, in September partnered with Indian ride-sharing firm Ola to drive sales of cars, and also to use some of the data on drivers and rides to influence the cars it designs in the future. The partnership will also feed into research on autonomous driving, Mahindra had said at the time. Some of India''s young entrepreneurs have tapped domestic and overseas investors to build companies such as e-commerce groups Flipkart and Snapdeal, now taking on global giant Amazon.com, as well as Ola which competes with Uber Technologies. Only recently though, have Indian corporations begun to look into fostering innovation and start-ups internally, as they seek to avoid being disrupted by up-start companies. Investments in start-ups will be made primarily via Mahindra Partners, the group''s venture capital arm that already houses several startups like Trringo - a farm equipment and tractor rental business and Smart Shift - an Uber equivalent for small goods carriers. Mahindra said they would look for technologies and products which would benefit the group''s existing companies. The group is also looking at investment opportunities in primary health care and diagnostics, as well as in the digital sphere, such as in Blockchain. Blockchain allows for transactions and data transfers to be completed in seconds through a peer-to-peer computer network, with no need for a third party. The technology is viewed as a potential game changer for the banking industry, a sector that Tech Mahindra Ltd, the conglomerate''s IT services arm, is very focused on. (Editing by Euan Rocha and Alexandra Hudson) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-vibrantgujarat-mahindra-idINKBN14V1MH'|'2017-01-11T20:46:00.000+02:00'
'00775b81a10fbec55a80be7f39829cf83ed03c6b'|'U.S. Senate backs waiver allowing Mattis to lead Pentagon'|'Industrials   3:16pm EST U.S. Senate backs waiver allowing Mattis to lead Pentagon WASHINGTON Jan 12 The U.S. Senate overwhelmingly backed a waiver on Thursday that will allow James Mattis to serve as President-elect Donald Trump''s secretary of defense, despite having retired as a Marine General in 2013. The Senate voted 81 to 17 for a one-time waiver of a provision of a law on civilian control of the U.S. military requiring a seven-year wait before active-duty military can lead the Department of Defense. The waiver must still be approved by the House of Representatives Armed Services Committee and full House, and signed into law by the president, to allow Mattis to serve if he is confirmed to lead the Pentagon. (Reporting by Patricia Zengerle; Editing by David Gregorio) Next In Industrials U.S. motorists drove 4.3 pct more miles in November year-over-year NEW YORK, Jan 12 Motorists drove 262.2 billion miles (422 billion km) on U.S. roads in November, a 4.3 percent increase from a year prior and the highest volumes ever for the month, according to data released Thursday by the U.S. Department of Transportation.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-congress-mattis-senate-idUSL1N1F2209'|'2017-01-13T03:16:00.000+02:00'
'cc391fac60dd128b780fa995e9cec6e7f8900278'|'Argentina says clinches 18-month repo deal worth $6 bln with banks'|'BUENOS AIRES Jan 12 Argentina clinched an 18-month financing deal worth $6 billion with a group of six banks on Thursday, Finance Minister Luis Caputo told reporters, adding that the government plans to tap the international bond market for $10 billion in 2017.Argentina expects to sell $7 billion worth of bonds in U.S. dollars and $3 billion in other currencies, Caputo told a news conference. He did not give specifics of expected bond maturities or interest rates.The deal with the banks along with nearly $4 billion in planned multilateral borrowing from institutions including the World Bank and Inter-American Development Bank should reduce the country''s need to go to the international capital markets."It''s very positive news for us," Caputo said on the bank financing agreement, which he said would be backed by the country''s Bonar 24 bonds. (Reporting by Luc Cohen; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-bonds-idINE6N1A101K'|'2017-01-12T18:05:00.000+02:00'
'52c06d553f2760d8cbb22aa7ea1febb4d8ac1c5b'|'U.S. judge orders VW executive detained'|' 28pm GMT U.S. judge orders VW executive detained Volkswagen executive Oliver Schmidt, charged with conspiracy to defraud the United States over the company''s diesel emissions scandal is shown in this booking photo in Fort Lauderdale, Florida, U.S., provided January 9, 2017. Courtesy of Broward County Sheriff''s... REUTERS MIAMI/NEW YORK A U.S. judge on Thursday ordered a Volkswagen executive charged in the Justice Department''s diesel emissions investigation held without bail pending trial. Oliver Schmidt was arrested Saturday at Miami''s International Airport as he planned to fly home after a vacation. He was one of six current and former VW executives charged this week in U.S. District Court in Detroit. The other five are in Germany and are unlikely to be extradited. U.S. Magistrate Judge William Turnoff ruled Schmidt was a flight risk. His lawyers said they planned to appeal the decision. The Justice Department also said Schmidt "faces what would be an effective life sentence" if convicted. Schmidt is charged with eleven felony counts, which could be punished by up to 169 years in prison, the government said. Volkswagen AG ( VOWG_p.DE ) agreed to plead guilty and pay $4.3 billion in civil and criminal fines. (Reporting by Zachary Fagenson in Miami and David Shepardson in New York; Editing by Nick Zieminski)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN14W2Z6'|'2017-01-13T04:28:00.000+02:00'
'463ffb67656b1f02d32519d69f75ab7f0a6b387a'|'Fiat Chrysler used software to cheat diesel emissions testing, EPA alleges'|'The US Environmental Protection Agency has accused a second major car company, Fiat Chrysler , of cheating on its diesel emissions testing by using secret software applications in multiple models.Six Volkswagen executives charged with fraud over emissions cheating Read more The company’s Jeep Cherokee and Dodge Ram vehicles used “management software” that “increases air pollution” from nitrous oxide for three years, the EPA alleged in a notice of violation issued Thursday. Fiat Chrysler said it was “disappointed” in the citation, and it “believes” its emission control systems met applicable requirements.“All automakers must play by the same rules, and we will continue to hold companies accountable that gain an unfair and illegal competitive advantage,” said Cynthia Giles, assistant administrator for EPA’s office of enforcement and compliance assurance. Facebook Twitter Pinterest Volkswagen diesel emissions: what the carmaker did, and why Volkswagen was accused of using similar software on its own diesel vehicles to mask the emissions of the same greenhouse gas in September 2015. Multiple regulators slapped the automaker with $15bn in fines and consumers the world over filed class-action lawsuits against the firm. Shares of Fiat Chrysler immediately dropped 16% on the news.Sergio Marchionne, CEO of Fiat Chrysler, objected to comparisons of Volkswagen and Fiat Chrysler, suggesting that conflating the two was evidence of a different kind of unlawful emission: Anyone who compares Fiat to VW “is smoking illegal material,” Marchionne told Reuters. The jibe is a favorite of Marchionne’s, who accused Mormon former presidential candidate Mitt Romney of the same for objecting to the auto industry bailout.The software used by Fiat Chrysler lowered the emissions of nitrous oxide during testing, the EPA alleges. “By failing to disclose this software and then selling vehicles that contained it, FCA [Fiat Chrysler Automobiles] violated important provisions of the Clean Air Act.” Fiat Chrysler plants in Mexico may close if Trump enacts import tax, CEO says Read more Nitrous oxide accounts for about 8% of the warming impact of current human greenhouse-gas emissions, according to the Intergovernmental Panel on Climate Change.The EPA said it had the authority to force Fiat Chrysler to recall the 2014, 2015 and 2016 Cherokee SUVs and Ram pickup trucks – some 104,000 automobiles – but that it had not yet decided to do so. “Any follow-up action, including the need for a recall, will be determined as part of the ongoing investigation,” spokespeople for the regulator wrote. In general, regulators offer manufacturers a chance to voluntarily recall their product before forcing a recall.Fiat Chrysler “believes that its emission control systems meet the applicable requirements,” the company said in a prepared statement. Fiat Chrysler did not address the EPA’s allegations that the car company had hidden the software from the regulator, instead stating that lowering its cars’ emissions during testing was necessary to “balance EPA’s regulatory requirements for low nitrogen oxide (NOx) emissions and requirements for engine durability and performance, safety and fuel efficiency”.Michelle Krebs, senior analyst with Autotrader, said: “We need to be careful not to jump to the conclusion that the Fiat Chrysler diesel situation is the same as the Volkswagen one. It is clear that the Volkswagen diesel debacle prompted regulators to more closely scrutinize all diesels and obviously they noticed some issues with Fiat Chrysler.”The EPA is working in conjunction with the California Air Resources Board (CARB) on its citation of Fiat Chrysler. “Once again, a major automaker made the business decision to skirt the rules and got caught,” said CARB chair Mary D Nichols.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/12/fiat-chrysler-diesel-emission-cheating-software-epa'|'2017-01-12T02:00:00.000+02:00'
'be22776cb254da0b6e1e8614090d84be236029bc'|'RPT-Anti-establishment wave to help push blockchain into real world in 2017'|'(Repeats Tuesday item)* Blockchain technology backers looking at uses beyond bitcoin* Italy''s 5-Star group planning local law on using blockchain* Establishment banks, corporations jump on the bandwagon* British government examining use for welfare payments* But technology needs more time, some projects will fail -expertsBy Jemima Kelly and Anna IrreraLONDON/NEW YORK, Jan 10 A wave of anti-establishment sentiment sweeping the Western world is likely to help push blockchain - the technology that gave birth to the renegade digital currency bitcoin - out of cyberspace and into the real world in 2017.Blockchain, which allows the web-based currency to function, has attracted some big backers who have risen to prominence partly because of their rejection of traditional power structures - like bitcoin itself.Now they are looking at a wide range of new uses for the technology, with those outside the realm of finance expected to grow most.For example, Italy''s biggest opposition group, the 5-Star Movement, wants blockchain to be used in streamlining public services. In the United States, President-elect Donald Trump has a number of enthusiasts for the technology in his inner circle.Experts caution that blockchain still needs several years of experimentation and development, much like the early days of the internet, and say some projects will never work.Nevertheless, in an ironic departure from blockchain''s libertarian origins, the very establishment that early supporters hoped it would displace is also jumping on the bandwagon.Many of the world''s biggest banks and corporations are trying to harness the technology to make the likes of transacting cross-border payments, issuing debt and recording health data more efficient. Even Britain''s Conservative government is keen to get in on the act.Blockchain allows for transactions and data transfers to be completed in seconds through a peer-to-peer computer network, with no need for a third party. It has therefore attracted those who distrust established authority, such as the central banks that issue traditional currencies.This is particularly the case in its first implementation, bitcoin, which outperformed all conventional currencies in 2016. Iceland''s Pirate Party, the country''s joint second-biggest party, wants bitcoin accepted as legal tender.GRAPHIC - Banking on blockchain tmsnrt.rs/2ekG6wfGRAPHIC - The bitcoin economy tmsnrt.rs/1W1E8mwSPIRIT OF 2016Notwithstanding the corporate interest, blockchain reflects the spirit of the past year when disgruntled Britons rejected the European Union, Italians brought down their prime minister and Americans elected Trump."A global and open blockchain ... lends itself very well to current anti-establishment sentiment," said Jon Matonis, an economist and founding director of the Bitcoin Foundation. "The general theme is removing the role of a third-party auditor or enforcement agency."Still, it was the financial services industry that moved fastest on blockchain development in 2016, seeking ways to reduce costs and cut the time it takes to settle transactions.Some of these applications are expected to move from the laboratory and into operation this year. But 2017 also looks likely to be the year when other sectors, both public and private, find new "use-cases" via which they can adopt the technology."You''re still going to see more and more use-cases and resources being put into financial services, so that pie will still grow. But a larger percentage of use-cases ... will be non-financial," said Nick Williamson, CEO of Credits, a London-based blockchain infrastructure provider.Williamson said countries were looking at using blockchain for improving transparency and accountability in public services. The British government, for example, is examining whether it could help to track and distribute welfare and pension payments.ANTI-ESTABLISHMENT POLITICSIn Italy, the 5-Star Movement - which presents itself as a clean alternative to mainstream parties dogged by corruption probes - has called blockchain a "fundamental topic" that could bring about more trust in the public sector.5-Star plans to propose a law in the Lazio region this month forcing the local government to use blockchain in streamlining and bringing greater transparency to some of its activities, according to a draft seen by Reuters.If successful, this would be the first law in Italy to incorporate the use of blockchain in government. The group also wants to introduce the technology in a regional healthcare reform, 5-star councillor Davide Barillari told Reuters.In the United States, the blockchain sector hopes projects will gain momentum thanks to support from the incoming Trump administration. They say the technology could help run public-sector processes more efficiently, through better tracking of government agencies'' spending or reducing welfare fraud.As a property billionaire, Trump''s anti-establishment credentials are open to question but he has presented himself as a political outsider, and has appointed blockchain and bitcoin champion Congressman Mick Mulvaney as budget director.Mulvaney, who co-founded the Blockchain Caucus in Congress in September to allow lawmakers to coordinate policies on using blockchain, calls the technology a "tremendous revolution".Trump has also chosen Goldman Sachs president Gary Cohn, whose bank has invested in blockchain, as director of the National Economic Council. Billionaire tech investor and bitcoin enthusiast Peter Thiel is a member of the transition team."MYSTICAL CAPABILITIES"For all this support, some feel blockchain has been over-hyped. "It took on quite mystical capabilities this (past) year. I kept reading things on the internet about how it would solve poverty, eliminate hunger," said Dave Birch, a director of innovation at consultancy Consult Hyperion."A lot of people said they would get into blockchain because they thought it was sort of magic."Many in the financial technology industry, Birch included, say it is important not to expect too much too soon."Many blockchain platforms announced the beginning of projects in 2016 that will never be completed. In some cases, the technology simply didn''t work. In others, implementation is taking longer than expected," said Adam Krellenstein, co-founder of blockchain start-up Symbiont.Still, experts hope the doubts will be dispelled as some of the smaller-scale projects - especially in the financial services sector, which has poured hundreds of millions of dollars into blockchain - are put into operation."2016 was a year of ''proofs of concept''; 2017 is much more likely to be a year of implementations," said IBM''s global head of financial markets in London, Keith Bear."CRITICAL MASS OF UNDERSTANDING"Blockchain is unlikely to change the world fundamentally this year, but awareness of it is expected to grow and this should speed up development.Alex Tapscott, founder of investment firm Northwest Passage Ventures, believes blockchain is a "general purpose technology", whose most lasting impact will not be in the financial sector.He sees blockchain enabling decentralised applications to run peer-to-peer services such as ride-sharing, without the need for centralised businesses such as Uber to run operations."2016 was a coming-out party of sorts," he said. "2017 will see the technology reach a certain level of critical mass of understanding."(Reporting by Jemima Kelly in London and Anna Irrera in New York; editing by David Stamp)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-tech-blockchain-idINL5N1F04Q9'|'2017-01-11T04:00:00.000+02:00'
'8749e52192073dfd88cbc94987549407fc12c9ac'|'VW rules out comment on Jones Day emissions inquiry'|'  3:01pm EST VW rules out comment on Jones Day emissions inquiry BERLIN Jan 11 Volkswagen said it will not comment on the findings of U.S. law firm Jones Day''s inquiry into the emissions scandal to avoid impeding ongoing investigations. Jones Day was mandated by Volkswagen''s (VW) supervisory board shortly after the emissions cheating broke in September 2015 to pilot an external probe of the carmaker''s manipulations. The law firm was due to conclude its investigations in the fourth quarter last year, with expectations for it to reveal its findings early this year. "In order not to prejudice or otherwise impede ongoing investigations, the company will not make any further comment on the Statement of Facts or findings of the work of Jones Day," VW said on Wednesday. (Reporting by Andreas Cremer; Editing by Christoph Steitz)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/volkswagen-emissions-idUSFWN1F10RA'|'2017-01-12T03:01:00.000+02:00'
'fa0d21c280b7840b36a38f27fdb1ea8ff52cdff8'|'China exchanges still rife with illegal behaviour - paper'|'Business News -  40am GMT China exchanges still rife with illegal behavior: paper SHANGHAI China''s trading exchanges are still rife with illegal behavior despite a recent crackdown by authorities, the official China Securities Journal reported on Wednesday, citing a recent meeting of the country''s securities regulator. The paper said a government-led rectification campaign had helped to bring the situation under control, but there has been a "resurgence" of regulatory breaches at some exchanges. It said some precious metal and crude oil trading venues were suspected of engaging in illegal futures trading activities, while others were suspected of a range of offences including manipulating market prices and defrauding investors. Regulators attending the meeting will work to rectify the problems over the next six months, the newspaper said. China has put its exchanges under greater scrutiny after blaming a crash in its stock markets in 2015 on widespread irregularities, including price manipulation. The China Securities Regulatory Commission has also been accused of allowing the families of its officials to trade in stocks.. China''s police authorities set up five specialist units last year to deal with financial crimes. (Reporting by David Stanway; Editing by Shri Navaratnam) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-finance-fraud-idUKKBN14V01B'|'2017-01-11T07:34:00.000+02:00'
'543959a78f939d23c7c452fc6def7876e1ec3583'|'Airbus deliveries rose 8 pct last year'|' 48am EST Airbus deliveries rose 8 pct last year PARIS Jan 11 Airbus posted an 8 percent rise in deliveries last year, beating its own forecasts by a comfortable margin, and pulled off a last-minute surge in orders to beat its arch-rival Boeing in the race for new orders. The European planemaker said on Wednesday it had delivered 688 aircraft in 2016, compared with an official company forecast of more than 650 and an informal goal recently set by its finance director of more than 670. That narrowed an output gap with the world''s biggest aircraft manufacturer, Boeing, but Airbus remained ahead in terms of new orders after posting 731 net orders for 2016. Boeing delivered 748 aircraft and took 668 net orders in 2016. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airbus-deliveries-idUSFWN1F101E'|'2017-01-11T15:48:00.000+02:00'
'949f9058b700e3a33331ef148e41b9f2b247a5da'|'ASIA CREDIT CLOSE: Credits constructive; new issues tighter'|'Financials  31am EST ASIA CREDIT CLOSE: Credits constructive; new issues tighter HONG KONG, Jan 11 (IFR) - Asian credit markets had a constructive session on Wednesday with new issues, such as the notes of New World China Land, tighter in the secondary market. "Flows were not particularly strong today, but the overall tone was constructive," said an investment-grade trader. He noted that Hong Kong-based bank treasuries and insurers were seen buying notes of 10 years. "From late last year, the market has been flush with short-dated bonds from Chinese local government financing vehicles, creating demand for long-dated notes as curves deepened," he said. Activities related to mainland investors have yet to pick up, observed a Hong Kong-based credit analyst, saying "mainland banks tend to put their money in short-term products, such as CDs, before the Lunar New Year". This, he said, would give them more flexibility when demand for cash withdrawals rose at Lunar New Year. The iTraxx Asia ex-Japan IG was little changed at 115.500/117.500. CITIC''s 2021s were bid at 113.62, according to Thomson Reuters data. New World China Land''s US$600m new issue tightened to T+235bp. The unrated 10-year issue was reoffered at Treasuries plus 237bp yesterday. China Aoyuan''s 2020s were bid at 100.67, according to Tradeweb. (Reporting by Ina Zhou; editing by Dharsan Singh) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/markets-asia-debt-idUSL4N1F12T2'|'2017-01-11T15:31:00.000+02:00'
'e94cb92dcb47bb1c15991216261be727835557f3'|'Exclusive - Alibaba, part of planned Taiwan fund, won''t seek board seats at local firms - source'|'Technology News - Wed Jan 11, 2017 - 5:54am GMT Exclusive: Alibaba, part of planned Taiwan fund, won''t seek board seats at local firms - source An employee is seen behind a glass wall with the logo of Alibaba at the company''s headquarters on the outskirts of Hangzhou, Zhejiang province, April 23, 2014. REUTERS/Chance Chan/File Photo By Faith Hung - TAIPEI TAIPEI Alibaba Group Holding, which is awaiting regulatory approval for a $45 million fund it is participating in, has promised the Taiwanese government it will not take board seats at local firms the fund invests in, a source with direct knowledge of the matter said. The fund is being raised by China Development Financial Holding (CDF), one of the island''s biggest financial holding firms, and the Chinese e-commerce giant is planning to take a 29.99 percent stake. The deal has yet to be approved by Taiwan''s Investment Commission despite an application three months ago, raising concern that the fund may be rejected amid a chill in political relations with China. It follows a $300 million Taiwan Entrepreneur Fund that Alibaba founder Jack Ma announced in 2015 but while the start-ups that the fund has invested in so far are based in Taiwan, they are not incorporated in Taiwan. Beijing cut off an official communications channel with Taiwan in June, after Taiwan''s President Tsai Ing-wen declined to commit to the "One China" principle that Taiwan is part of China. In a sign of heightened tensions, Taiwan scrambled jets and navy ships on Wednesday as a group of Chinese warships led by China''s sole aircraft carrier sailed north through the Taiwan Strait. Other business deals have been affected. In November, Taiwan''s ChipMOS Technologies said it scrapped a planned $373 million stake sale to China''s Tsinghua Unigroup due to uncertainty about Taiwanese regulatory clearance, the second deal in eight months involving Unigroup and a firm in the island to fall through. The source, who declined to be identified due to the sensitivity of the subject, said Alibaba''s investment plans offered benefits to Taiwan startups. "Alibaba can offer Taiwan entrepreneurs assistance to enter markets not only in China but in Southeast Asia as well," said the source. The commission said that it was appropriate to take a more cautious approach to investments from China. "We welcome foreign investments, and Chinese investments in principle as well," said Emile Chang, the commission''s executive secretary. "But the review process is stricter." Representatives for Alibaba did not respond to requests for comment. Other investors in the fund include Quanta Computer, a supplier of Apple Inc, and Far EasTone Telecommunications, said the source. (Reporting by Faith Hung; Editing by Miyoung Kim and Edwina Gibbs) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-alibaba-taiwan-exclusive-idUKKBN14V0GK'|'2017-01-11T12:59:00.000+02:00'
'f3f7bcf4fdfc0a9099cefe3869bc79d19f1efc62'|'Jaguar Land Rover sells record 583,313 cars in 2016'|'Business News - Mon Jan 9, 2017 - 1:15am EST Jaguar Land Rover sells record 583,313 cars in 2016 Signs are seen outside the Jaguar Land Rover plant at Halewood in Liverpool, northern England, September 12 , 2016. REUTERS/Phil Noble LONDON Britain''s biggest carmaker Jaguar Land Rover (JLR) ( TAMO.NS ) sold a record 583,312 cars last year as the Indian-owned firm continues its rapid expansion with the aim of building 1 million vehicles a year at the turn of the decade. Sales were up 20 percent from the previous year, although sales growth slowed to 12 percent year-on-year in December, the carmaker said. The automaker, which spent years in the doldrums before being bought by India''s Tata in 2008, has since invested heavily in new models and expanded production with plants in China and Brazil and construction of a new site in Slovakia under way. Sales of luxury Jaguar models rose 77 percent to 148,730 units in 2016 due to strong demand for a range of new high-end products including the F-PACE, the brand''s first off-roader which was launched last year. Europe was the carmaker''s biggest overall market, accounting for almost a quarter of total demand. The firm said its line-up will continue to expand but it has warned about the negative effect any tariffs on its business imposed as part of a Brexit deal could have if Britain were to lose unfettered access to the single market. Its annual profit could be cut by 1 billion pounds ($1.23 billion) by 2020 if Britain returned to World Trade Organization rules for trade with the continent, two sources told Reuters last year. (Reporting by Costas Pitas; Editing by Adrian Croft) Next In Business News Fiat Chrysler ups the ante as automakers respond to Trump DETROIT Fiat Chrysler Automobiles on Sunday said it will invest $1 billion to modernize two plants in the U.S. Midwest and create 2,000 jobs, upping the ante as automakers respond to threats from President-elect Donald Trump to slap new taxes on imported vehicles.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-jaguarlandrover-results-idUSKBN14T0GM'|'2017-01-09T13:15:00.000+02:00'
'cc03c439d0c4b3354df6525837900863527f8327'|'BofA-ML downbeat on UK retailers, prefer European peers'|'Business News - Mon Jan 9, 2017 - 9:12am GMT BofA-ML downbeat on UK retailers, prefer European peers Shoppers carry bags on Oxford Street in London, Britain December 18, 2016. REUTERS/Neil Hall LONDON The return of "stark" inflation and the difficulties for retailers in passing higher costs through to customers point to a tough 2017 for UK grocers and supermarkets, Bank of America Merrill Lynch analysts said, adding they prefer peers listed in continental Europe. The lack of further deterioration in the outlook for Europe''s economy and improving consumer confidence are likely to benefit listed food retailers while those focused on the U.S. and emerging markets will see growth, BoFA-ML said. Broadly, higher commodity prices are contributing to returning expectations of food price inflation. That is bad news for the UK supermarket sector which will likely grapple with a slowing economy pushing customers towards cheaper offerings or discounts, the broker said in a note to clients. BofA-ML analysts upgraded France''s Casino ( CASP.PA ) to "Buy" and downgraded WM Morrison ( MRW.L ) to "underperform". Casino shares rose more than 4 percent in early trading. UK supermarkets are poised to report holiday season trading updates this week. (Reporting by Vikram Subhedar, editing by Kit Rees) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-retailers-bofaml-idUKKBN14T0U5'|'2017-01-09T16:12:00.000+02:00'
'2939458a97a7d9429a02d5290c90aa0149c44cab'|'THE REUTERS GRAPHIC: The threat from a nuclear North Korea'|'Industrials - Mon Jan 9, 2017 - 7:00am EST THE REUTERS GRAPHIC: The threat from a nuclear North Korea Jan 9 Pyongyang declared on Sunday that it could test-launch an intercontinental ballistic missile (ICBM) at any time from any location set by leader Kim Jong Un. Here is an interactive guide to North Korea''s nuclear and ballistic missile programmes produced by the Reuters graphics team.( tmsnrt.rs/2inl1WO ) Isolated North Korea exploded two nuclear devices in 2016, including its fifth and largest test in September. It also conducted ballistic missile tests at an unprecedented rate during the year. While experts said North Korea is close to testing an ICBM, it is likely to take years to perfect a weapon that would put the continental United States within range. Despite numerous failed missile tests last year, experts and the U.S. state department have said that North Korea''s nuclear and missile capabilities are improving. (Graphic by Simon Scarr, Weiyi Cai and Wen Foo; Story writing by Tony Munroe; Editing by Martin Howell) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/northkorea-missiles-graphic-idUSL4N1EZ285'|'2017-01-09T19:00:00.000+02:00'
'b5524c18e7f11efca276556a2d85d759b067c874'|'Airbus CEO hopes for smoother production flow in 2017'|'Business News - Wed Jan 11, 2017 - 5:00am EST Airbus CEO hopes for smoother production flow in 2017 Airbus Chief Executive Officer Fabrice Bregier applauds after the maiden flight of the Airbus A350-1000 in Colomiers near Toulouse, Southwestern France, November 24, 2016. REUTERS/Regis Duvignau TOULOUSE Airbus ( AIR.PA ) is expecting a smoother flow of aircraft production in 2017, the planemaker''s chief executive said on Wednesday, after the company reported a record number of deliveries in December. Airbus delivered a record 111 aircraft in December, with the last-minute surge allowing it to meet its delivery target for 2016 after supply chain problems hampered the planemaker earlier in the year. "Don''t go fast to the conclusion that this year we will maintain this delivery [rate] across 2017. We don''t intend to deliver 1,200 aircraft," Fabrice Bregier told a news conference on Wednesday. "We will see for December 2017. But I hope we will not have to strike another record and that we will be a bit smoother during the year," he said, adding that the first six months of 2016 had been unusually difficult from a production perspective. Problems with engines for the A320neo were one of the issues during 2016. Bregier said the Pratt & Whitney ( UTX.N ) engines were now working well, but added: "That doesn''t mean they don''t need to be improved." On the wide-body A350 plane, which experienced delays due to cabin issues, Bregier said he believed the program was largely de-risked and that reliability should rise to above 99 percent in one year. (Reporting by Tim Hepher; Writing by Victoria Bryan; Editing by Sudip Kar-Gupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-airbus-deliveries-idUSKBN14V11F'|'2017-01-11T17:00:00.000+02:00'
'8db3a9ec514452372f999da283a004ae8353ec1e'|'Gold near 6-week peak ahead of Trump news conference'|' 18am IST Gold near 6-week peak ahead of Trump news conference Gold bullion is displayed at Hatton Garden Metals precious metal dealers in London, Britain July 21, 2015. REUTERS/Neil Hall/Files Gold held steady early Wednesday after touching six-week highs in the session before, with investors awaiting more policy cues   Trump''s first news conference since the elections, due later in the day. FUNDAMENTALS * Spot gold was little changed at $1,187.76 an ounce by 0043 GMT. Bullion reached its highest level since Nov. 30 on Tuesday at $1,190.46. * U.S. gold futures gained 0.2 percent to $1,187.80 per ounce. * The market is looking for more clues on Trump''s spending plans in the first news conference since his shock election win in November. * A gauge of U.S. small business confidence rose to a 12-year high in December as optimism about the economy intensified among business owners following the November election, the National Federation of Independent Business said on Tuesday. *   * Richmond Federal Reserve President Jeffrey Lacker, one of the U.S. central bank''s most reliable proponents of interest rate increases, will retire from his post in October, the Richmond Fed said in a statement on Tuesday. * Operations at Canadian miner Yamana Gold Inc''s El Peñón mine in Chile have been suspended for five days after one of its two unions representing underground workers went on strike and blockaded access to the mine, a union leader said on Tuesday. * The Indian Commodity Exchange (ICEX) is planning to launch three futures contracts for diamonds in March to provide exporters with a hedging tool, the exchange said on Tuesday. * There will be "trouble for equity markets" if the yield on the benchmark 10-year U.S. Treasury note moves beyond 3 percent, Jeffrey Gundlach, chief executive of DoubleLine Capital, warned on Tuesday. MARKET NEWS * The dollar trod water early on Wednesday, showing little inclination to move against major peers such as the euro and yen before U.S. President-elect Donald Trump fronts a news conference that could set the market''s near-term direction. DATA AHEAD (GMT) 0500 Japan Leading indicator November 0500 Japan Coincident indicator November 0930 Britain Industrial output November 0930 Britain Trade data November (Reporting by Swati Verma in Bengaluru; Editing by Richard Pullin) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN14V08K'|'2017-01-11T09:48:00.000+02:00'
'df053899f1b37758ed20cf6770abf80943477cfe'|'Brookfield Asset lists proposals potential TerraForm Power deal'|'Brookfield Asset Management Inc ( BAMa.TO ) said it had submitted alternative proposals regarding its interest in buying bankrupt solar company SunEdison Inc''s ( SUNEQ.PK ) "yieldco", TerraForm Power Inc ( TERP.O ).Canada''s largest alternative-asset manager said it would purchase all of TerraForm Power''s outstanding shares for $11.50 in cash for a total consideration of $1.6 billion.An alternative proposal involves Brookfield replacing SunEdison as the sponsor and controlling shareholder of TerraForm Power.Brookfield said it was open to raising the offer to $12.50 per share in cash if it can also buy SunEdison''s other "yieldco", TerraForm Global Inc ( GLBL.O ).Brookfield is TerraForm Power''s largest investor, with a 12.12 percent stake, according to Thomson Reuters data.The asset manager offered $13 for class A and class B shares when it proposed a 50-60 percent stake in TerraForm Power in November.TerraForm Power said last week it would sell some UK solar projects to Vortex, the renewable energy investment platform of Egypt''s EFG Hermes, for about $580 million.Last month, TerraForm Power asked bidders to provide a firm pricing by early January.Hedge fund manager D.E. Shaw & Co LP has also expressed an interest in the yieldco.Yieldcos are publicly traded units that hold renewable energy assets, including those bought from the parent company.TerraForm Power has a market value of $1.9 billion, while TerraForm Global''s market capitalization stands at $759.3 million.(Reporting by Vishaka George in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brookfield-asset-terraform-power-idINKBN14U2TT'|'2017-01-10T20:49:00.000+02:00'
'ab22a4bac6e3b6cefda00104826b937ed4198277'|'French baseload week ahead power prices surge'|'Financials  19am EST French baseload week ahead power prices surge FRANKFURT Jan 10 Hedge purchases to meet winter electricity demand in France, where a number of nuclear plants are offline, drove wholesale electricity prices up on Tuesday, with the baseload contract jumping 87.5 percent to 165 euros a megawatt hour (MWh). This was the contract''s highest level since early November. France will likely see daily power consumption reach 81.8 gigawatt (GW) on average next week, compared with 75.7 GW recorded on Tuesday, according to Thomson Reuters data. Nuclear supply, while more comfortable than in December, is subject to delayed returns of plants after recent standstills. (Reporting by Vera Eckert, editing by Susan Fenton) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/france-power-idUSL5N1F026R'|'2017-01-10T17:19:00.000+02:00'
'a61ad5d04c3c637657b118ea43232e25f986a3f6'|'EU privacy proposal could dent Facebook, Gmail ad revenue'|'Technology News  07pm GMT EU privacy proposal could dent Facebook, Gmail ad revenue left right An illustration photo shows a man holding a smart phone with a Facebook logo as its screen wallpaper in front of a WhatsApp messenger logo, in Zenica February 20, 2014. REUTERS/Dado Ruvic 1/2 left right Andrus Ansip, Commission vice-president for the digital single market (L) and EU Justice Commissioner Vera Jourova hold a joint news conference on the European Commission proposal to extend some rules that now only apply to telecom operators to web companies offering calls and messages using the internet, at the EC headquarters in Brussels, Belgium January 10, 2017. REUTERS/Yves Herman 2/2 By Julia Fioretti - BRUSSELS BRUSSELS Online messaging services such as WhatsApp, iMessage and Gmail will face tougher rules on how they can track users under a proposal presented by the European Union executive on Tuesday which could hurt companies reliant on advertising. The web companies would have to guarantee the confidentiality of their customers'' conversations and get their consent before tracking them online to serve them personalized ads. For example, email services such as Gmail and Hotmail will not be able to scan customers'' emails to serve them targeted ads without getting their explicit agreement. Most free online services rely on advertising to fund themselves. Spending on online advertising in 2015 was 36.4 billion euros, according to the Internet Advertising Bureau (IAB). The proposal by the European Commission extends some rules that now apply to telecom operators to web companies offering calls and messages using the internet, known as "Over-The-Top" (OTT) services, seeking to close a perceived regulatory gap between the telecoms industry and mainly U.S. Internet giants such as Facebook, Google and Microsoft. It would allow telecoms companies to use customer metadata - such as the duration and location of calls - to provide additional services and make more money, something they are barred from doing under the current rules, although the telecoms lobby group ETNO said they remain more constrained than their tech competitors. The proposal will also require web browsers to ask users upon installation whether they want to allow websites to place cookies on their browsers to deliver personalized ads. A previous leaked version would have forced browsers to set the default settings as not allowing cookies - small files placed on people''s computers when they visit a website containing information about their browsing activity. "It''s up to our people to say yes or no," said Andrus Ansip, Commission vice-president for the digital single market. Online advertisers say such rules would undermine many websites'' ability to fund themselves and keep offering free services. "It will particularly hit those companies that ... find it most difficult to talk directly to end users and what I mean by that is tech companies that operate in the background and sort of facilitate the buying and selling of advertising rather than the ones that the user directly engages with," said Yves Schwarzbart, head of policy and regulatory affairs at the IAB. But the CEO of ad tech company Appnext, whose revenues come entirely from advertising spend, said the new rules would bring clarity and would not have a significant impact on business models or revenue. "There is no doubt that it is time for the entire ecosystem to become more transparent and fair to all of the stakeholders. Users want easy access to trustworthy sources of information while feeling safe with the data they share," Elad Natanson said. Companies falling foul of the new law will face fines of up to 4 percent of their global turnover, in line with a separate data protection law set to enter into force in 2018. The proposal will need to be approved by the European Parliament and member states before becoming law. (Additional reporting by Esha Vaish in Bangalore; Editing by Alison Williams/Ruth Pitchford) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-privacy-idUKKBN14U1FL'|'2017-01-11T03:07:00.000+02:00'
'2f3db578fc8dcd19e1f67f09e93973a87740ccba'|'Alstom beats GE in dispute over $800 million train signal contract'|'  9:11pm GMT Alstom beats GE in dispute over $800 million train signal contract A logo is seen on the facade of the main plant of the French engineering giant Alstom SA in Belfort, France, September 15, 2016. REUTERS/Jacky Naegelen By Jonathan Stempel - NEW YORK NEW YORK A U.S. judge on Tuesday said Alstom SA ( ALSO.PA ) may ask an independent accounting firm to resolve a dispute over the French company''s $800 million (£657 million) purchase of General Electric Co''s ( GE.N ) train-signalling business, and rejected GE''s bid for arbitration. U.S. District Judge Jesse Furman in Manhattan said the "plain language" of the November 2014 sales contract justified letting Deloitte Touche Tohmatsu handle the matter first, rather than arbitrators from the International Chamber of Commerce. Furman nonetheless said his decision was not a "back door" through which Deloitte could resolve non-accounting matters. He said that while GE conceded that Deloitte should decide some issues, it remained free to argue that other issues should be arbitrated. Alstom had sued GE last May, accusing the Boston-based conglomerate of breach of contract for refusing to let Deloitte decide whether the purchase price should be adjusted up or down to account for working capital and net debt. A GE spokeswoman had no immediate comment. In court papers GE had accused Alstom of avoiding arbitration in an attempt to "second-guess" its business decisions, and obtain an "after-the-fact discount." The train-signalling transaction closed in November 2015, on the same day that GE bought Alstom''s energy business for an adjusted 9.7 billion euros (£8.4 billion). GE has been repositioning itself around industrial units such as energy and aviation, while turning away from other businesses including finance and home appliances. The case is Alstom et al v. General Electric Co, U.S. District Court, Southern District of New York, No. 16-03568. (Reporting by Jonathan Stempel in New York; Editing by Alan Crosby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ge-alstom-idUKKBN14U2LY'|'2017-01-11T04:11:00.000+02:00'
'de24fab31ef8ecd401dfe9deb325823fdb5f0b31'|'L''Oreal to buy three skincare brands from Valeant for $1.3 billion'|'  8:01am GMT L''Oreal to buy three skincare brands from Valeant for $1.3 billion A customer walks past a cosmetics display of French cosmetics group L''Oreal in Nice, France, April 6, 2016. REUTERS/Eric Gaillard/File Photo PARIS French cosmetics group L''Oreal ( OREP.PA ) said on Tuesday it was buying three skincare brands - CeraVe, AcneFree and Ambi - from Valeant ( VRX.TO ) for $1.3 billion, in a cash deal which L''Oreal said would boost its U.S. revenues. L''Oreal said that the three brands had an annualised, combined revenue of around $168 million. ""These three brands, built on strong relationships with health professionals and widely distributed, will nearly double the revenue of our Active Cosmetics Division in the U.S. and will help us satisfy the growing demand for active skincare at accessible prices," Frederic Roze, president and chief executive of L''Oréal USA, said in a statement. (Reporting by Sudip Kar-Gupta; Editing by Andrew Callus)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-l-oreal-valeant-idUKKBN14U0O9'|'2017-01-10T14:47:00.000+02:00'
'f91245503f3bcd83ce794075ab51d96783190ac5'|'Alibaba''s 1M U.S. jobs promise isn''t realistic'|'Alibaba''s 1 million American jobs promise isn''t realistic by Sherisse Pham @Sherisse January 10, 2017: 5:48 AM ET Jack Ma: President Trump must work with China Alibaba founder Jack Ma met with Donald Trump Monday and pledged to create one million jobs in the U.S. over the next five years through the company''s e-commerce platform. That is a vague and misleading promise. Ma is not going to build factories. He is not planning to set up Alibaba operations centers that would employ tech savvy Americans. And he is not touting a big investment in the U.S. In other words, Ma isn''t promising what most experts and economists would define as job creation. He''s talking about stimulating trade by helping one million small businesses sell American goods to consumers in China and Asia. To create one million jobs would require each of those businesses to hire one new worker. So far so good. But U.S. trade on Alibaba''s Taobao and Tmall shopping sites is currently tiny. More than 7,000 U.S. brands sold $15 million worth of goods to Chinese consumers last year, according to Alibaba spokesperson Rico Ngai. (Alibaba did $17.8 billion in sales on Singles Day in November .) Ma has been pushing since 2015 to increase U.S. sales to China on Alibaba. But getting one million American brands onto its platforms would require a 142-fold increase in business. Realistically, what will likely happen is Mom and Pop stores will set up e-commerce stores on Alibaba as a side business to tap into the China market, says Ben Cavender, director with China Market Research Group. "I don''t see a lot of job creation happening," Cavender said. While Ma did not present any concrete plans for job creation, his meeting with Trump was a good "lobby photo opp," says Duncan Clark, chairman of consultancy firm BDA China and author of "Alibaba: The House That Jack Ma Built". It could also be seen as a way to curry favor with U.S. regulators. The U.S. Trade Representative put Taobao back on its " notorious markets " list last month, citing an "unacceptably high" level of fake goods. Related: Alibaba''s Singles Day: World''s biggest shopping bonanza sets new record Analysts say sophisticated, middle class Chinese consumers have a growing appetite for foreign goods that are more trustworthy than Asian products. Small U.S. companies that specialize in nutrition, supplements, and baby productsshould do well on Alibaba''s platforms, said Cavender. Milk and milk formula products from Australia, New Zealand and Germany were extremely popular during Alibaba''s Singles Day shopping blitz last November, said Clark. Ma''s reported focus on America''s Midwest "makes me think of opportunities for, say, Wisconsin dairy farmers," Clark said. But unless those farmers understand Chinese, they would have to hire a third party to help them set up shop on Taobao or Tmall. Alibaba could also open warehouses in the U.S. where companies could deliver their products,and Alibaba would take care of listing and shipping themto Asia. That would create a few jobs, but Alibaba warehouses are for the most part heavily automated logistics hubs. CNNMoney (Hong Kong) First published January 10, 2017: 5:48 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/10/technology/jack-ma-trump-us-jobs-claim/index.html'|'2017-01-10T17:51:00.000+02:00'
'72689803a3b4ec5b57206e2a757f3960fc6eae8c'|'BHP Billiton says chairman, CEO hold productive talks with Trump'|'Company News - Tue Jan 10, 2017 - 5:51pm EST BHP Billiton says chairman, CEO hold productive talks with Trump MELBOURNE Jan 11 BHP Billiton , the world''s biggest miner, said its chairman and chief executive held positive talks with U.S. President-elect Donald Trump on Tuesday. "BHP Billiton Chairman Jac Nasser and Chief Executive Andrew Mackenzie had a productive meeting with President-Elect Trump and Vice President-Elect Pence today in New York City," the company said in an emailed statement. "They discussed a wide range of subject areas, including the global resources sector, and BHP Billiton''s investment in the U.S." (Reporting by Sonali Paul; Editing by Chris Reese) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-bhp-billiton-idUSS9N1E1024'|'2017-01-11T05:51:00.000+02:00'
'9a6d5e007270a397ade6c49c53abb78108e8059f'|'UPDATE 1-Ivory Coast''s Ouattara names new government with few changes'|'Financials   8:09am EST UPDATE 1-Ivory Coast''s Ouattara names new government with few changes (Adds details of composition of new cabinet) ABIDJAN Jan 11 Ivory Coast President Alassane Ouattara named a new, slightly smaller government on Wednesday, though there were few changes to major positions, according to a statement read on state-owned television. The finance, budget and agricultural ministers held onto their jobs but Thierry Tanoh, the former head of pan-African Ecobank, replaced Adama Toungara as energy minister. Trade minister Jean-Louis Billon also lost his post. Despite a two-day mutiny at the weekend that led to the dismissal of the heads of the army, police and gendarmes, the ministers of defence and the interior both kept their jobs. The cabinet was reduced to 28 ministers from 35 in the previous government and includes seven new members. Ouattara named Amadou Gon Coulibaly, a close adviser and senior figure in his RDR party, as prime minister on Tuesday. (Reporting by Joe Bavier and Loucoumane Coulibaly; Editing by Louise Ireland) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ivorycoast-politics-idUSL5N1F13CP'|'2017-01-11T20:09:00.000+02:00'
'7cdc81122cb62e2c1dc461467f86a92ebb12abd2'|'Copper Mountain announces production results for 2016'|'Jan 11 Copper Mountain Mining Corp* Copper Mountain Mining Corp - Production during Q4 totaled 25.5 million pounds of copper equivalent* Copper Mountain Mining Corp - Copper production is planned to be in range of 75 to 85 million pounds for 2017* Copper Mountain Mining Corp - Planned mining rate is 180,000 tonnes per day for year 2017* Copper Mountain Mining Corp - Total production for 2016 year was 103 million pounds of copper equivalent Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://feeds.reuters.com/~r/reuters/companyNews/~3/7WV6xjzsio8/idUSFWN1F10CE'|'2017-01-11T14:48:00.000+02:00'
'95f0b65dc18eccd6dee5e2b1f9ab50c56bb42b5a'|'MIDEAST STOCKS-Saudi falls below technical support, UAE succumbs to profit taking'|'Financials  49am EST MIDEAST STOCKS-Saudi falls below technical support, UAE succumbs to profit taking DUBAI Jan 11 Saudi Arabia''s stock market fell on Wednesday morning with all but one petrochemical producer retreating after oil dropped near a one-month low overnight, while Dubai pulled back on profit- taking. The Saudi index was down 0.7 percent to 6,957 points, falling below technical support at the mid-December low of 7,002 points. Two straight closes below support would confirm a break, triggering a double top formed by the December and January peaks and pointing down to around 6,770 points. But Yanbu National Petrochemical Co (Yansab) rose 0.9 percent after it reported a 53.4 percent rise in fourth-quarter net profit to 602.85 million riyals ($160.7 million), in line with analysts'' forecasts. All major Saudi banks were weak, with Al Rajhi dropping 0.8 percent. Dubai''s main index, which has been outperforming the region since the start of the year, lost 0.5 percent as large-cap shares weighed on the market. Emaar Properties fell 1.0 percent. But some shares in the insurance sector outperformed with Islamic Arab Insurance, the most heavily traded stock, jumping 4.1 percent. There is speculation that the finance and insurance industries may witness further tie-ups following the impending merger of National Bank of Abu Dhabi and First Gulf Bank. Abu Dhabi''s index lost 0.2 percent, dragged down by a 2.1 percent decline in blue chip Abu Dhabi Commercial Bank and a 0.8 percent fall in Aldar Properties. (Reporting by Celine Aswad; Editing by Andrew Torchia, Larry King) Next In Financials RPT-Ivory Coast''s two-day mutiny leaves foreign investors unfazed LONDON, Jan 10 Soldiers rampaging through Ivory Coast in a two-day mutiny have done little to dent investors'' faith that President Alassane Ouattara will retain control and push ahead with reforms in a country seen as a rare African success story of recent years.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1F115G'|'2017-01-11T14:49:00.000+02:00'
'3fcadadd32b5580d1b75263153e7fa7bcc4890f4'|'UAE airline flydubai in loan talks'|'Financials   9:55am EST UAE airline flydubai in loan talks DUBAI Jan 10 State-owned budget carrier flydubai said on Tuesday it is in talks with banks for a club financing facility to fund future "infrastructure requirements". Lenders Emirates NBD, Noor Bank and Union National Bank are involved in the preliminary discussions, the Dubai-based carrier said in an emailed statement to Reuters. A flydubai spokesperson declined to provide further details on the loan. (Reporting by Alexander Cornwell; Editing by Susan Fenton) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/emirates-flydubai-finance-idUSL5N1F04FK'|'2017-01-10T21:55:00.000+02:00'
'778682d2205f2254b1acfa20f7c5dd79bea5a03a'|'UK commercial property capital values fall 2.4 percent in 2016 - CBRE'|' 21pm GMT UK commercial property capital values fall 2.4 percent in 2016 - CBRE LONDON British commercial property capital values fell 2.4 percent in 2016, hurt by changes to stamp duty tax and Britain''s vote to leave the European Union, real estate firm CBRE said on Tuesday. Retail property capital values saw the largest fall, declining 5 percent from a year earlier, while offices dropped 2.5 percent, CBRE said in a statement. Industrial property capital values rose 1.5 percent compared with 2015. Capital value refers to the probable price that would have been paid for a property at the date of valuation. Rental values rose 1.7 percent on the year but remain below pre-Brexit vote levels, CBRE said. The annual total return for UK commercial property investment was 2.7 percent. Capital values rose 0.6 percent in December from the previous month, while rental values gained 0.2 percent. "The traditional end-of-year surge in property markets delivered some good news in monthly valuations... in contrast to the somewhat unstable summer and early autumn," Miles Gibson, head of research at CBRE UK said. "For occupiers across all sectors, 2017 will not be without its challenges." (Reporting by Carolyn Cohn; editing by Simon Jessop)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-property-idUKKBN14U1E6'|'2017-01-10T19:21:00.000+02:00'
'156aab724f620806f24014e8c4dc8ce67d1a65af'|'Citigroup may benefit less from tax cuts than other U.S. banks'|'Tue Jan 10, 2017 - 5:10am GMT Citigroup may benefit less from tax cuts than other U.S. banks A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. REUTERS/Mike Segar/Files By David Henry - NEW YORK NEW YORK Citigroup Inc ( C.N ) stands to get less of a profit boost than other big U.S. banks from lower corporate tax rates expected from the new government in Washington. A number of bank stock analysts have worked through broad tax proposals by Republicans and President-elect Donald Trump and estimate that a new tax law could increase Citigroup earnings per share only half as much as some rivals. At the same time, Citigroup may have to slash $4 billion or more of the value of an unusually large income tax asset that the bank holds as a result of losses it suffered during the financial crisis of 2007-2009. "If the U.S. cuts corporate tax rates, they will still benefit, just benefit less," said Barclays analyst Jason Goldberg. The differences between Citigroup and its competitors highlight how corporations have different interests in the details of a new tax law, such as how foreign income is treated and how bank business customers might be favored less than individuals. The blueprint for tax reform put forward by Republicans in the U.S. House of Representatives calls for reducing the corporate rate to 20 percent from 35 percent. Trump, who takes office on Jan. 20, has proposed 15 percent. Banks are expected to benefit more from corporate tax cuts than other industries as they tend to pay more taxes as a result of receiving fewer investment credits and deductions, such as those available for oil and gas exploration. Tax cuts could be the icing on the cake for banks as they look forward to higher profits in the coming year. They are already benefiting from higher U.S. interest rates, and lighter regulation under the Trump administration could allow Wall Street banks to re-enter risky but potentially profitable trading business. EARNINGS LIFT The impact of a new tax law is among the topics likely to come up this Friday when JPMorgan Chase & Co ( JPM.N ), Bank of America Corp ( BAC.N ) and Wells Fargo & Co ( WFC.N ), the three biggest U.S. banks by assets, report quarterly results. Citigroup reports the following Wednesday, Jan. 18. The New York-based bank earns about half of its profits overseas, where corporate tax rates are mostly lower than the United States, so it stands to benefit less from lower U.S. tax rates than its rivals with more domestic business, analysts said. A Citigroup spokesman declined to comment on the matter. Goldberg estimates Citigroup will get an 11 percent lift to earnings per share this year due to tax cuts, much less than the 21.4 percent gain he is projecting for JPMorgan. Citigroup executives disclosed a few days after the Nov. 8 election that the bank could have to write down the value of deferred tax assets by $4 billion to $12 billion depending on how the tax law changed and when. The tax assets would be less useful offsetting future taxes if corporate rates were lower. "There''s nothing they can do other than explain it," said Fred Cannon, global director of research at Keefe, Bruyette & Woods. Cannon estimates Citigroup annual earnings per share could be 9.6 percent better with tax changes, about half as much as the 18.9 percent improvement he sees for JPMorgan. MORE MONEY FOR DIVIDENDS More profits left after taxes should make more capital available for additional dividends and share repurchases that could help lift bank stock prices. Analyst Betsy Graseck of Morgan Stanley said in a research note on Friday that the most pressing question she is getting from clients is how lower taxes will impact banks. Graseck has estimated that lower taxes would boost Citigroup earnings per share by 7 percent, Wells Fargo by 19 percent and JPMorgan by 22 percent. John McDonald of Bernstein Research estimates a 10 percent lift for Citigroup, compared with a 13 percent boost for JPMorgan and 19 percent for Wells Fargo. The differences in the analysts'' estimates underscore how much uncertainty there is about tax reform. The estimates vary with different assumptions about the tax rate that ultimately comes out of Washington, as well as a possible shift in how foreign income is taxed and when the changes would take effect. A tax overhaul in 1986 took more than two years, Cannon noted. Cannon based his estimates on a 25 percent cut in the corporate tax rate, arguing that concerns about funding the federal budget and tax cuts for individuals will temper the corporate rate reduction proposed by Republicans and Trump. The more the rate is cut, the less Citigroup would benefit compared with competitors, generally. But the degree of its relative benefits could change, too, if congress also shifts how foreign income is taxed, which Republicans have proposed. How the final U.S. rate compares with rates in particular countries where Citigroup does more or less business than other banks would then come into play, said Cannon. "The devil is in the details," said Goldberg. "There is a lot of uncertainty how this plays out." (Editing by Carmel Crimmins and Bill Rigby) Up Next Alibaba tells Trump about U.S. store plan for China e-shoppers NEW YORK Alibaba Executive Chairman Jack Ma met U.S. President-elect Donald Trump on Monday and laid out the Chinese e-commerce company''s new plan to bring a million small U.S. businesses onto its platform to sell to Chinese consumers over the next five year, an Alibaba spokesman said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-citigroup-taxes-idUKKBN14U0DF'|'2017-01-10T12:02:00.000+02:00'
'f01468bd9c8038938887665012418a16b645c7e3'|'MIDEAST STOCKS-Big losses in oil to weigh on Gulf, Dubai technically bullish'|'Financials   12:40am EST MIDEAST STOCKS-Big losses in oil to weigh on Gulf, Dubai technically bullish DUBAI Jan 10 Stock markets in the Gulf may soften on Tuesday after crude oil prices suffered heavy losses overnight, but Dubai may outperform because it is technically bullish. Brent futures lost nearly 4 percent on Monday over doubts that oil producers'' agreed reductions to output would rebalance an oversupplied market. Petrochemical shares in Saudi Arabia, which make up roughly one-fifth of the stock market''s value, may weigh on a market that has been correcting since the start of this year. The main index is down 1.8 percent since Jan. 1; last at 7,082 points, it has technical support on its mid-December low of 7,002 points. However, shares in the second largest telecommunications firm, Eithad Etisalat (Mobily), may be bid up after the company announced it had appointed Ahmed Abdelsalam Abdelrahman to replace its chief executive Ahmad Farroukh effective Jan. 9. The appointment could help the company move beyong its earnings restatement scandal. Dubai''s index, last at 3,721 points, may fare relatively well after confirming a break in the last two days above resistance at the mid-December peak of 3,659 points. That level is now support. (Reporting by Celine Aswad; Editing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1F00FE'|'2017-01-10T12:40:00.000+02:00'
'48cf5dc6b354f08e74a8adb3401af1c64235b7e5'|'UK online fashion retailer Boohoo upgrades outlook again'|' 20am GMT UK online fashion retailer Boohoo upgrades outlook again LONDON British online fashion retailer Boohoo.com ( BOOH.L ) raised its annual sales guidance after strong demand in the U.S. and on robust trading from Black Friday promotions, issuing its latest in a string of upgrades over the last six months. The firm, which designs, sources and sells own-brand clothing to a core market of 16-24 year-olds in Britain and globally, said on Tuesday it now expected revenue growth for the 12 months ended Feb. 28 to be between 43 and 45 percent, up from previous guidance of between 38 and 42 percent. (Reporting by Sarah Young, Editing by Paul Sandle)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-boohoo-com-outlook-idUKKBN14U0ME'|'2017-01-10T14:20:00.000+02:00'
'b7fdee0a6ed6fe55b55e1d912c281ae8a9567900'|'Puerto Rico pension bondholders get second chance at day in court'|'By Nick Brown - NEW YORK NEW YORK Jan 11 A U.S. federal appeals court has decided creditors of Puerto Rico''s pension bonds are entitled to a hearing on whether they can proceed with a lawsuit against the island''s government over a fiscal emergency law it passed last year.The First U.S. Circuit Court of Appeals on Wednesday ruled holders of bonds issued by Puerto Rico''s Employee Retirement System, its biggest public pension, are entitled to a hearing, overturning a November ruling by a federal judge in Puerto Rico.The appeals court said the lower court was correct, however, in blocking a similar lawsuit by bondholders of Puerto Rico''s highway authority.The lawsuits were two of many filed last year against the ailing U.S. territory, after former Governor Alejandro Garcia Padilla instituted an emergency law allowing him to maintain public services by diverting revenue streams that had been earmarked as collateral for bondholders.Under a federal Puerto Rico rescue law known as PROMESA, passed in 2016, lawsuits over debt payments are frozen while the island tries to reach consensual restructuring deals with holders of $70 billion in debt issued by myriad public entities.But many creditors sued anyway, arguing the fiscal emergency law was unconstitutional, and saying the so-called "stay" of litigation did not apply to them.Puerto Rico''s courts have largely denied these efforts, keeping the stay in place. In November, a San Juan federal judge blocked a handful of these creditors from pursuing their lawsuits without holding a hearing on the issue.Wednesday''s appeals court ruling vacates that decision with respect only to the pension bondholders. It does not allow their lawsuit to proceed, but says the bondholders at least deserve a hearing before a court can decide whether it should proceed.The pension bondholders have said the government''s diversion of funds is harmful to them because it may not leave enough money in the coffers to pay them back.Puerto Rico''s main employee pension faces a shortfall of more than $45 billion, and is less than 1 percent funded, which experts say is among the lowest in the history of U.S. public pensions.The appeals court also disagreed with the lower court''s decision not to allow Puerto Rico''s federal oversight board to participate in any litigation.The board, created under PROMESA to manage Puerto Rico''s finances, had sought to intervene in the lawsuits, to oppose the creditors'' efforts to lift the stay. PROMESA "appears to grant the board such a right," the appeals court said. (Reporting by Nick Brown; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-litigation-idINL1N1F12H1'|'2017-01-11T20:57:00.000+02:00'
'afff55a23e0013bac528dbbb30b38bf55443aac8'|'UK''s Funding Circle, an online marketplace lender, raises $100 million'|'By Anna Irrera - NEW YORK NEW YORK Funding Circle, a peer-to-peer lending marketplace used by small- and medium-sized companies, has raised $100 million in an investment round led by venture capital firm Accel.Existing investors including Baillie Gifford, DST Global and Index Ventures, Ribbit Capital, Rocket Internet, Sands Capital Ventures, Temasek and Union Square Ventures also participated in the round, the company said. Accel, formerly Accel Partners, first backed the company in 2013.Funding Circle, a London-based website founded in 2010 with a presence in the United States and several European countries, is one of Europe''s largest and most valuable fin-tech startups. It connects a small business looking for a loan to investors through its online platform and has originated more than $3 billion in loans for 25,000 businesses globally so far.The company raised $150 million from investors in April 2015, in a round valuing it at more than $1 billion. Valuation for the latest investment was not disclosed.The investment is the largest venture capital funding round in a UK-based fintech startup since the country voted to leave the European Union in June, according to data provider CB Insights. The referendum''s outcome has raised concerns about its impact on Britain''s fintech sector.Tandem Bank in December raised the second largest investment for a UK fintech company since the Brexit vote in a $43.3 million corporate minority round.The round follows a year of increased lending volume for the company, despite some growing pains for the wider peer-to-peer lending industry.Listed P2P lender LendingClub sent shockwaves through the U.S. marketplace lending sector in May when its chief executive and co-founder, Renaud Laplanche, resigned abruptly after an internal review into loan practices. U.S. marketplace lenders had already been experiencing a softening of institutional investor demand for loans.Funding Circle said it has experienced significant growth over the past 12 months, with $483 million lent through its platform alone. In April, it became the first marketplace lending platform in Europe to have its loans securitized.(Reporting by Anna Irrera; Editing by Steve Orlofsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-funding-circle-fundraising-idINKBN14W02B'|'2017-01-11T21:33:00.000+02:00'
'53eebaecc34e704d28149bb3ee9275d72f1924cb'|'Yahoo''s Marissa Mayers to resign from board after Verizon deal closes'|'Yahoo Inc ( YHOO.O ) said Chief Executive Officer Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications Inc ( VZ.N ).Five other directors would also resign after the deal closes, Yahoo said in an filing on Monday. ( bit.ly/2iXrbwn )The company also named Eric Brandt chairman of the board, effective Jan. 9.Verizon''s $4.83 billion deal for Yahoo''s core internet assets came under renewed scrutiny by federal investigators and lawmakers last month after Yahoo disclosed the largest known data breach in history.Mayer said in July that she planned to stay at Yahoo through the transaction''s close.Yahoo said the remaining company would be renamed Altaba Inc after the deal closes.(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-yahoo-m-a-verizon-idINKBN14T2I7'|'2017-01-09T20:37:00.000+02:00'
'22d5b6e4dd01272e770a8542117698dcf414b143'|'China''s December producer prices accelerate at fastest pace in over five years'|' 11am GMT China''s Dec producer prices accelerate at fastest pace in over 5 years A vendor waits for customers at his shop in a market in Beijing, February 18, 2016. REUTERS/Jason Lee BEIJING China''s producer prices surged past expectations to more than five-year highs in December as prices of coal and other raw materials soared, while consumer inflation remained subdued. The pick-up in prices reinforces views that the world''s second-largest economy continues to show signs of stabilization, underpinned by stronger factory activity and domestic demand which is being fueled by a lending and building boom. The producer price index (PPI) jumped 5.5 percent in December from a year earlier, the most since September 2011, compared with a 3.3 percent increase in November, the National Statistics Bureau said on Tuesday. Analysts had expected a 4.5 percent gain, a Reuters poll showed. Raw materials and mining continued to show the fastest gains. The statistics bureau said volatility in exchange rates was one reason for the increase in producer prices, as commodity imports became more expensive. The yuan weakened 6.5 percent against the dollar last year, its worst performance since 1994. Consumer inflation rose 2.1 percent on-year, missing expectations, as food prices rose at a more modest pace. Accelerating prices in the Chinese economy are also contributing to stronger global inflation expectations in 2017. For the first time in nearly five years, economists at HSBC have raised their forecast for global growth and inflation over the next two years based on robust manufacturing activity, a resilient China and above all the fiscal boost expected to come in the United States under incoming President Donald Trump. The sustained producer price jump has not yet started filtering into consumer prices, suggesting the People''s Bank of China will not be under immediate pressure to tighten monetary policy, analysts say. But policy insiders already expect a tilt towards more conservative monetary policy this year as top leaders struggle to strike a balance between supporting the economy with ample credit and preventing a destabilizing build-up in debt. The PBOC reaffirmed it would keep liquidity in the financial system stable while taking steps to prevent asset bubbles and financial risks in its annual work meeting for 2017. The government think tank, the China Academy of Social Sciences (CASS), forecast that the country''s CPI would grow 2.2 percent in 2017 and PPI would rise 1.6 percent for the year. For 2016, CPI rose 2.0 percent while PPI slid 1.4 percent. China''s producer prices turned positive in September on an annual basis for the first time in nearly five years, helped by a rebound in commodity prices. (Reporting by Elias Glenn; Editing by Kim Coghill) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-inflation-idUKKBN14U05Y'|'2017-01-10T09:10:00.000+02:00'
'd81cce18117476536fedd330f5a7e7d0e6e96b42'|'UPDATE 1-LATAM CLOSE-One issuer raises US$4bn in LatAm primary market'|'* Petrobras breaks lull in LatAm primaries with US$4bn issue* LatAm retailer Falabella to invest US$4bn in region* Fitch cuts Odebrecht rig notes to CC from CCC (Adds issue amount in headline)By Mike GambaleNEW YORK, Jan 9 (IFR) - Below is a recap of primary issuance activity in the LatAm primary market on Monday:Number of deals priced: 1Total issuance volume: US$4bnPETROBRASBrazilian state-owned oil company Petrobras announced a new bond sale on Monday as it seeks to finance a debt tender. The company is approaching accounts with five and 10-year bonds. Bradesco, Citigroup, HSBC, Itau and Morgan Stanley are acting as leads.IPT: 5-year 6.5% area, 10-year 7.5% areaGUIDANCE: 5-year 6.25% area, 10-year 7.50% area. Area = (+/- 0.125bp)LAUNCH: Total US$4bn; US$2bn 5-year at 6.125%, US$2bn 10-year at 7.375%PRICED:US$2bn 5-year; par; 6.125%Y; US$2bn 10-year; par; 7.375%YBOOK: Over US$20bn at guidancePIPELINEMetro de Santiago is marketing a possible 30-year issue through Bank of America Merrill Lynch and JP Morgan.The borrower was in Los Angeles on Monday and will head to London on January 11, New York on January 12 and 13 and Boston on January 17. Investors calls will also be held on January 16. Expected ratings are A+/A by S&P and Fitch. The new 30 year may carry an optional redemption before maturity.Argentine energy company Pampa Energia will kick off roadshows this week as it looks to market a new US dollar bond.The borrower will be in Boston on January 10, in New York on January 11 and 12, in Los Angeles on January 13 and in London on January 16. The company is looking to raise up to US$500m size and considering tenors of five, seven or 10 years.Expected ratings are B3/B-/B+. Citigroup and Deutsche Bank are acting as joint bookrunners, with Credit Agricole and Santander acting as co-managers.Aeropuertos Dominicanos Siglo XXI (Aerodom), an airport operator in the Dominican Republic, is marketing a new US dollar bond that will fund a tender and consent solicitation for outstanding debt.The borrower was in London and Los Angeles on Monday and will head to Boston on January 10 and New York on January 11. JP Morgan and Scotiabank have been mandated as joint bookrunners to arrange meetings. Expected ratings are BB-/Ba3 by S&P and Moody''s.Proceeds will go to fund a tender and consent solicitation for Aerodom''s 9.25% senior secured notes due 2019 and for general corporate purposes.Brazilian power company Neoenergia is considering a possible US dollar bond debut this year after sending out requests for proposals in late 2016, two market sources told IFR.Neoenergia Group''s principal shareholders are Banco do Brasil''s pension fund Previ, with a 49.01% stake, and Spain''s Iberdrola with a 39% stake, according to the company''s website.Brazilian bioenergy company Raizen started fixed-income investor meetings this week to market a possible US dollar bond. The borrower will visit accounts in London, New York and Boston between January 9 and 11.Expected ratings are BBB-/BBB by S&P and Fitch. Bank of America Merrill Lynch, Bradesco, Citigroup, JP Morgan and Santander have been mandate to coordinate roadshows.The Republic of Honduras, rated B2/B+, has hired Bank of America Merrill Lynch and Citigroup for a US dollar bond roadshow, a bank on the deal told IFR.This week, the borrower will visit investors in Los Angeles, Boston and New York, where it will end marketing for the deal on January 11.Argentina power company Genneia is marketing a US dollar bond with an intermediate tenor through Bank of America Merrill Lynch, Itau and JP Morgan.This week, the company will be in New York, Boston and Los Angeles, where it will end investor meetings on January 11. Ratings are expected to be B3/B+ by Moody''s and Fitch.Brazilian pulp and paper company Fibria Celulose is roadshowing an SEC registered senior unsecured 2027 US dollar denominated Green bond.The borrower was in New York and London on Monday and will head to New York and Boston on Tuesday. BNP Paribas, Bank of America Merrill Lynch, Citigroup, HSBC and JP Morgan have been mandated to arrange the investor meetings. Ratings are BBB-/BBB- (negative/stable) by S&P and Fitch.Argentina''s Finance Minister Luis Caputo said last month that the administration was considering tapping the debt markets in January, according to Reuters. Local press have been reporting that the sovereign is looking at an up to US$10bn deal. The country needs US$22bn of debt financing this year, plus an additional US$21bn for refinancing needs, Caputo said.Paraguay is considering raising up to US$550m in the bond market in March, Reuters Quote: d Finance Minister Santiago Pena saying.Inversiones Atlantida, the largest financial group in Honduras, has finished roadshows to market a potential debut US dollar bond through Oppenheimer. Expected ratings are B/B by S&P and Fitch.Argentina''s Province of Entre Rios has finished roadshows ahead of a possible US dollar bond. Citigroup, HSBC and Santander organized investor meetings. Expected ratings are B-/B by S&P and Fitch.Colombian glass company Tecnoglass has wrapped up investor meetings ahead of an up to US$225m debut dollar bond with a tenor of between five and seven years.Expected ratings are Ba3/BB- by Moody''s and Fitch. Bank of America Merrill Lynch and Morgan Stanley have been mandated as joint bookrunners. (Reporting by Mike Gambale; Editing by Paul Kilby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/latam-bonds-emerging-close-idINL1N1EZ1W8'|'2017-01-09T20:48:00.000+02:00'
'624c766979bccb51bd45ca2f92a505fffed0d3cb'|'San Diego Chargers moving to Los Angeles this year - team owner'|'Sports News - Thu Jan 12, 2017 - 11:36am EST San Diego Chargers moving to Los Angeles this year: team owner San Diego Chargers'' President and Chief Executive Dean Spanos wears a headset during an interview at the NFL team''s headquarters in San Diego, California January 9, 2013. REUTERS/Mike Blake LOS ANGELES The San Diego Chargers are moving to Los Angeles and the National Football League franchise will play there beginning this coming fall, team owner Dean Spanos said in an open letter posted on the website of the sports franchise. The Chargers have spent more than 55 years in San Diego but have become increasingly unsettled there in recent years due to their inability to obtain a new stadium. (Reporting by Alex Dobuzinskis, Editing by Franklin Paul) Next In Sports News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-nfl-chargers-idUSKBN14W2F1'|'2017-01-12T23:24:00.000+02:00'
'2a88419049d11acab2d7c7da4f9e0ca265de10aa'|'U.S. weather forecaster sees La Nina likely to fade next month'|'Energy  04am EST U.S. weather forecaster sees La Nina likely to fade next month NEW YORK Jan 12 A U.S. government weather forecaster on Thursday said current La Nina conditions are likely to dissipate by February and sees neutral conditions continuing during the first half of 2017. The Climate Prediction Center (CPC), an agency of the National Weather Service, in a monthly forecast said La Nina Conditions continued through December. (Reporting by Chris Prentice)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/weather-elnino-idUSEMNH160RV'|'2017-01-12T21:04:00.000+02:00'
'ca64163e55515d0614df2149dddebba8315bdf9a'|'Oil prices fall as Iranian crude tanker exports surge, U.S. adds more rigs'|'Money   9:40am IST Oil prices fall as Iranian crude tanker exports surge, U.S. adds more rigs Pump jacks are seen at the Lukoil company owned Imilorskoye oil field outside the west Siberian city of Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices fell early on Monday as Iran increased exports undermining efforts by other oil producers to curb a global fuel supply overhang and as U.S. drillers increased activity for a 10th week. Brent crude futures, the international benchmark for oil prices, were trading at $56.97 per barrel at 0019 GMT, down 13 cents from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $53.79 per barrel, down 20 cents. Traders said that the lower prices were a result of rising exports from Iran that come just as other members of the Organization of the Petroleum Exporting Countries (OPEC) cut supplies in an effort to end a global glut. Iran has sold more than 13 million barrels of oil held on tankers at sea, capitalising on an OPEC output cut deal from which it is exempted to regain market share and court new buyers, according to industry sources and data. The amount of Iranian oil held at sea has dropped to 16.4 million barrels, from 29.6 million barrels at the beginning of October, according to Thomson Reuters Oil Flows data. Before that sharp drop, the level had barely changed in 2016; it was 29.7 million barrels at the start of last year, the data showed. Iran''s surging tanker exports weren''t the only indicator of plentiful supplies. In the United States, U.S. energy companies last week added oil rigs for a tenth week in a row, extending the drilling recovery into an eighth month as crude prices remained at levels at which many U.S. drillers can operate profitably. "The next leg up in prices probably won''t occur until the traders see evidence that production levels are falling. In the meantime, rising U.S. drilling activity and output is likely to keep prices in check," ANZ bank said on Monday. Drillers added four oil rigs in the week to Jan. 6, bringing the total count up to 529, the most since December 2015, energy services firm Baker Hughes Inc BHI.N said on Friday. As a result of the increased drilling for new production, U.S. oil output has risen by over 4 percent since its 2016 low to almost 8.8 million barrels per day, although production remains 8.74 percent below its 2015 peak. (Reporting by Henning Gloystein; Editing by Michael Perry) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-prices-idINKBN14T09B'|'2017-01-09T11:09:00.000+02:00'
'c1511093c35ee2db716e4d9425e4952ae0f5a3cd'|'Deals of the day-Mergers and acquisitions'|'Jan 9 The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Monday:** Candy and pet food conglomerate Mars Inc is buying veterinary hospital operator VCA Inc for $7.7 billion in a deal that will give the maker of Pedigree pet food an even bigger share of the $4 billion global pet healthcare market.** Japan''s Takeda Pharmaceutical Co Ltd said it would buy cancer drug maker Ariad Pharmaceuticals Inc in a deal valued at $5.20 billion, to beef up its oncology pipeline.** UnitedHealth Group Inc said it would buy Surgical Care Affiliates Inc for about $2.30 billion, adding heft to its business that provides services including primary and urgent care in ambulances.** McDonald''s Corp has agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd and Carlyle Group LP for up to $2.1 billion, seeking to expand rapidly without using much of its own capital.** French drugmaker Ipsen SA said it would buy some assets of Merrimack Pharmaceuticals Inc, including pancreatic cancer drug Onivyde, for up to $1 billion, barely a month after the U.S. company stopped a breast cancer drug trial.** Private-equity firm Blackstone Group LP is no longer looking at buying a $5 billion stake in Energy Transfer Partners, Bloomberg reported, citing people familiar with the matter.** Turkey has given up moves to seek bids for the privatization of its national lottery in March and will continue to work on the process for it and the country''s horse races, Finance Minister Naci Agbal told broadcaster NTV on Monday.** Private group CEFC China Energy has signed a new deal with a unit of Kazakhstan''s state oil and gas company owning assets mainly in Europe to go ahead with a stake transfer that was agreed a year earlier, CEFC executives said.** Morgan Stanley and UBS Group AG are set to raise their stakes in separate Chinese securities joint ventures to 49 percent, people with direct knowledge of the moves said, betting on strong deals momentum in the world''s second-largest economy.** Egyptian billionaire Naguib Sawiris will travel to Brazil in two weeks to persuade the government his bid is the best option to rescue Oi SA, the carrier operating under bankruptcy protection, he told newspaper Folha de S.Paulo.** Workers at German steelmaker Thyssenkrupp will refuse to pick up the tab for concessions being offered to British unions by Tata Steel to further a merger, Thyssenkrupp''s labour chief told Reuters.** The board of Kuwait Food Co (Americana) said an offer from its major shareholder Gulf investment firm Adeptio to buy out minority shareholders at 2.650 dinars was fair, according to a bourse statement.** The venture arms of Microsoft and Qualcomm have invested in Team8, an Israeli creator of cybersecurity start-ups, as big multinational companies get behind Israel''s burgeoning cyber industry in the face of growing threats.** Ethiopia aims to offer foreign firms stakes in some state-owned companies to help modernise the businesses, the prime minister said in a shift from stressing state investment to drive growth.** French oil major Total has expanded its stake in Uganda''s Lake Albert oil project by snapping up most of Tullow Oil''s stake for $900 million, the companies said.** Arle Capital Partners is selling its 11.25 percent holding Milan-listed gym equipment retailer Technogym through an offering to international institutional investors, a bank handling the sale said in a statement.** Italian lenders Popolare di Vicenza and Veneto Banca have unveiled a proposed settlement deal with disgruntled shareholders that could cost the two banks more than 600 million euros ($634 million), adding to capital pressures that may push them to request state aid.** California-based apparel maker Next Level Apparel has submitted an offer to challenge a $66 million bid from Canadian apparel maker Gildan Activewear Inc for bankrupt American Apparel LLC, a person familiar with the matter said.** Auryn Resources Inc said that Goldcorp Inc , the world''s third-largest gold producer by market value, would buy a stake in the Canadian exploration company for C$35 million ($26.49 million).(Compiled by Divya Grover in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1EZ47G'|'2017-01-09T18:10:00.000+02:00'
'b4453516a2e7607b16ee0b540b0c69b22acb81cc'|'Ex-Visium hedge fund manager to face trial on U.S. fraud charges'|'  6:05am GMT Ex-Visium hedge fund manager to face trial on U.S. fraud charges Stefan Lumiere (C) departs Federal Court after a hearing following his arrest in New York, U.S., June 15, 2016. REUTERS/Lucas Jackson/File Photo By Nate Raymond - NEW YORK NEW YORK A former portfolio manager at Visium Asset Management LP is scheduled to face trial on U.S. charges stemming from an investigation that led to the New York-based hedge fund''s closure last year. Jury selection is set to begin on Wednesday in Manhattan federal court in the case of Stefan Lumiere, Visium founder Jacob Gottlieb''s former brother-in-law, who is accused of engaging in a scheme to falsely inflate the value of securities in a bond fund. The trial follows a criminal probe that prompted the $8 billion investment firm''s wind-down and charges against three others, including Sanjay Valvani, a Visium portfolio manager who committed suicide in June after being accused of insider trading. According to court papers, Lumiere, 46, served as the portfolio manager for a fund called Visium Credit Opportunities Fund from May 2009 to April 2013. From 2011 to 2013, prosecutors said, Lumiere and others, including portfolio manager Christopher Plaford, schemed to defraud investors by mismarking the value of securities held by the fund, which invested in debt issued by healthcare companies. Prosecutors said the practices caused the fund''s net asset value to be overstated by tens of millions of dollars each month and deceived investors into believing the bonds were relatively liquid, when they were not. Lumiere, who was arrested in June, has pleaded not guilty to conspiracy, securities fraud and wire fraud charges. His lawyers are expected at trial to challenge prosecutors'' claims that the securities'' prices were mismarked and unreasonable, according to court papers. At trial, prosecutors are likely to call as a cooperating witnesses Plaford, who pleaded guilty in June in connection with the mismarking scheme and the separate insider trading matter. Prosecutors are also expected to call a former Visium trader who has been cooperating with authorities since 2013 and covertly recorded Lumiere. The cooperating witness has been helping authorities in hopes of recovering a monetary reward, according to court papers. While not named in court papers, the witness is Jason Thorell, a person familiar with the matter said. Lumiere''s lawyers say the details of the potential reward indicates he is seeking a recovery from the U.S. Securities and Exchange Commission, which can award whistleblowers up to 30 percent of any money it collects in a case. The SEC declined comment. Thorell did not respond to a request for comment. The case is U.S. v. Lumiere, U.S. District Court, Southern District of New York, No. 16-cr-00483. (Reporting by Nate Raymond in New York; Editing by Noeleen Walder and Steve Orlofsky)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fraud-visium-idUKKBN14T0G4'|'2017-01-09T13:05:00.000+02:00'
'0075a63c0b425d90207482640b830ca9512e3dc9'|'Morrisons lifts guidance after strong Christmas'|'All the benefits of a standard Digital Subscription plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets Brexit Briefing - Your essential guide to the impact of the UK-EU split'|'ft.com'|'http://www.ft.com/rss/companies/uk'|'https://www.ft.com/content/b5430654-d706-11e6-944b-e7eb37a6aa8e?ftcamp=published_links%2Frss%2Fcompanies_uk%2Ffeed%2F%2Fproduct'|'2017-01-10T15:12:00.000+02:00'
'368e0990e38cc1df95e8772b1231b139497ab4ab'|'ChemChina, Syngenta submit minor concessions to EU watchdog - sources'|'Money News - Tue Jan 10, 2017 - 6:17pm IST ChemChina, Syngenta submit minor concessions to EU watchdog - sources A woman checks her phone at the headquarters of China National Chemical Corporation in Beijing, July 20, 2009. REUTERS/Stringer/File Photo By Chen Aizhu and Michelle Price - BEIJING/HONG KONG BEIJING/HONG KONG China National Chemical Corp (ChemChina) and Swiss pesticides and seeds group Syngenta AG have proposed minor concessions to the EU''s competition watchdog to address concerns over their $43 billion merger plan, sources told Reuters. One person close to the deal said it was unlikely ChemChina would have to sell its Adama Agricultural Solutions Ltd unit. Discussions were focusing on remedying concerns with respect to specific products, some of which Adama may own. This person said the overall divestments would be less than $500 million. "It''s about individual products where competition is scarce," this person said, adding that some of these products were only worth tens of millions of dollars. "My understanding is that [divestments] are very minor," another source close to the deal said. The European Commission''s website showed "commitments" submitted on Jan. 9, which typically means the parties have proposed remedies such as asset divestment or specific product pricing. It did not elaborate on the nature of the commitments. "Syngenta confirms that remedies related to the deal with ChemChina have been submitted to the EC. We will not comment further on that," a Syngenta spokesman said. "ChemChina and Syngenta remain fully committed to the transaction and are confident of its closure." A spokesman for state-owned ChemChina told Reuters details of the remedy proposals were confidential. The Commission began investigating ChemChina''s takeover of Syngenta in October, saying they had not allayed concerns about potentially unfair competitive advantages. The deal has already been approved by regulators in several markets, including by a U.S. national security panel and Australia''s competition watchdog. The Commission''s concerns are widely seen as one of the last major regulatory hurdles, with U.S. antitrust approval also pending. Syngenta said last week the Commission had agreed to extend its review of the deal by 10 working days to April 12 to allow "sufficient time for the discussion of remedy proposals". In its October statement, the Commission highlighted ChemChina subsidiary Adama as one area where ChemChina and Syngenta had an overlapping portfolio of European crop protection products, including herbicide and insecticide. A merger could therefore potentially reduce competition for such products. Israel-based Adama makes generic crop protection and pest control products. It is the largest supplier of generic crop protection products in Europe, according to the Commission. Ioannis Kokkoris, Chair in Law and Economics at Queen Mary University of London, said divesting Adama was the simplest and cleanest means for ChemChina to address competition concerns. "That ChemChina has not done this yet suggests it is trying to mitigate a full divestment of Adama, such as by selling a number of significant activities," said Kokkoris. "The other scenario is that it has agreed to divest Adama and is now discussing top-up remedies." These could include commitments to continue funding research in certain products to ensure the deal does not adversely affect innovation in product development, he said. The Commission''s next step would be to test the proposed remedies against its market model, Kokkoris said. "The companies have identified a list of products that may have caused the Commission''s concerns in respective countries," a senior Beijing-based industry executive with knowledge of the talks told Reuters last week. "Although the progress has taken slightly longer than expected, communication with the Commission has been smooth," said the executive, who was not authorised to speak publicly on the matter and so declined to be identified. (Additional reporting by Arno Schuetze in Frankfurt and Joshua Franklin and Oliver Hirt in Zurich; Editing by Christopher Cushing, Muralikumar Anantharaman and Susan Thomas) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/syngenta-ag-m-a-chemchina-idINKBN14U1H6'|'2017-01-10T19:47:00.000+02:00'
'edac968ea76ee905047b1f92586500124b92d7a5'|'Hong Kong stocks hit 1-month high as China''s commodity markets rally'|'Cyclical Consumer Goods  18am EST Hong Kong stocks hit 1-month high as China''s commodity markets rally Jan 10 Hong Kong stocks hit a one-month high on Tuesday as Chinese commodity prices rallied, offsetting pressure from profit taking in some state-owned enterprises (SOEs) which rose last week on restructuring hopes. The Hang Seng index rose for a fourth consecutive session, ending up 0.8 percent to 22,744.85 points, while the Hong Kong China Enterprises Index gained 0.6 percent to 9,664.19. Shanghai futures contracts for rebar and coking coal surged around 7 percent and 9 percent on the day, respectively, as China''s state planner said the steel and coal sectors will face increasing pressure to cut capacity this year. Earlier in the day, data showed China''s producer prices surged the most in more than five years in December, compared with a year earlier, as a construction boom boosts demand for building materials from cement to steel. Capacity cuts have also fueled the spike in commodity prices, boosting profits. Most sectors were up, but telecommunications and energy fell as investors took profits on sharp gains in index heavyweights China Mobile and CNOOC Ltd seen last week. Shares of Chinese retailer Intime Retail Group soared more than 35 percent on news that e-commerce giant Alibaba Group Holding Ltd was seeking to take Intime private. (Reporting by Jackie Cai and John Ruwitch; Editing by Kim Coghill) Next In Cyclical Consumer Goods REFILE-UPDATE 1-Alibaba''s Ma meets Trump, promises to bring one million jobs to U.S. NEW YORK/BEIJING, Jan 10 Alibaba Executive Chairman Jack Ma met U.S. President-elect Donald Trump on Monday and laid out the Chinese e-commerce giant''s new plan to bring one million small U.S. businesses onto its platform to sell to Chinese consumers over the next five years, an Alibaba spokesman said.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-stocks-hongkong-close-idUSZZN2NX600'|'2017-01-10T15:18:00.000+02:00'
'96b42a17dd21846decc459ab66462a8702aba7a9'|'AB Foods says Primark sales rise over Christmas period'|' 50am GMT Primark same-store sales sag in Germany, Netherlands A shopper walks past a branch of clothing retailer Primark in London, Britain April 27, 2013. REUTERS/Suzanne Plunkett/File Photo LONDON Associated British Foods ( ABF.L ) said like-for-like sales at discount fashion store Primark had fallen in the Christmas period in Germany and the Netherlands as a rapid programme of new openings has eaten into sales at existing shops. AB Foods said that on a constant currency basis sales at Primark were 11 percent higher in the 16 weeks to Jan. 7 compared to the previous year, as it opened more shop space. On a comparable week basis, sales rose 12 percent, the same pace at which average retail selling space increased in the period, equating to flat like-for-like sales. "The lack of return to like-for-like growth at Primark in Q1 will disappoint, even if largely linked to Europe self cannibalisation," said Jefferies analysts in a note. In the UK, Primark reported "good" underlying sales and growing market share, saying stock was well-managed in the period. Next ( NXT.L ) last week cut its profit forecast for the current financial year after a poor Christmas and warned of a further decline in 2017-18, hitting shares of clothing retailers across Europe. On a group basis, the company, which also has big sugar and grocery businesses, said its outlook for the year was unchanged. (Reporting by Sarah Young and Emma Thomasson; editing by Costas Pitas/Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-abf-results-idUKKBN14W0PU'|'2017-01-12T14:45:00.000+02:00'
'38e7462e8390ef94370204bde4733c90c55b36ea'|'TABLE-EPEX SPOT power trading down 6.3 pct in 2016'|'Financials   3:54am EST TABLE-EPEX SPOT power trading down 6.3 pct in 2016 FRANKFURT, Jan 12 The Paris-based EPEX SPOT exchange saw a 6.3 percent fall in prompt electricity trade volumes in 2016 on lower demand and some banks withdrawing from energy but has set its sights on new projects and products this year. "The need for flexibility and products that provide for the fine-tuning of trading portfolios will grow more in 2017," said Wolfram Vogel, director of public and regulatory affairs. Spot electricity trading for much of western Europe declined to 529 terawatt hours (TWh) last year from 565 TWh. EPEX SPOT said one factor was a decline in renewable power production which weighed on day-ahead trade volumes. Germany, Austria and Luxembourg remain the largest zone traded on the exchange, generating the biggest volumes and setting benchmark prices. EPEX SPOT said banks including J.P. Morgan, Merrill Lynch International and Deutsche Bank left EPEX SPOT in 2016, but it retains 278 trading members. Intraday power trading, a smaller segment, rose to its highest level ever, mainly as the volatility of renewables supported demand for products for delivery periods within a given day. Also, France launched a capacity market in December 2016, where the auction organised by EPEX SPOT attracted more liquidity. EPEX SPOT has carried on integrating trading and clearing activities of Dutch peer APX, with whom it merged in 2015. In the first quarter of 2017, Dutch and Belgian day-ahead markets will be added to the EPEX system. Also, there are plans to introduce 15-minute intraday auctions in the Netherlands and 30-minute intraday auctions in France in the second quarter of 2017. Apart from these markets, the bourse hosts spot trading in the UK and Switzerland, and has extended methods to link day-ahead markets in Italy and Slovenia and formed a joint venture with Serbia''s grid operator. It is held by EEX Group, which trades power futures, among other products, and HGRT, a holding group made up of transmission system operators. EEX on Wednesday separately released its 2016 numbers. Following are selected EPEX SPOT numbers with prices in euros per megawatt-hour (MWh). 2016 2015 TOTAL VOLUME 529,340,599 565,152,230 Day-ahead Power 467,708,317 506,759,795 Intraday Power 61,632,282 58,392,435 AVG PRICES (baseload) Day-ahead Germany/Austria 28.98 31.63 Day-ahead France 36.75 38.48 (Reporting by Vera Eckert; editing by Jason Neely) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/power-bourse-epexspot-idUSL5N1F1525'|'2017-01-12T15:54:00.000+02:00'
'19110f836cd19a85cd9f6ea4fd09b5c68dc0e532'|'United Airlines to retire 747s ahead of plan'|'Business News   12:56pm EST United Airlines to retire 747s ahead of plan A United Airlines plane with the Continental Airlines logo on its tail, sits at a gate at O''Hare International airport in Chicago October 1, 2010. REUTERS/Frank Polich United Continental Holdings Inc ( UAL.N ) said on Wednesday it had advanced the retirement of 747s from its service to the fourth quarter of this year from end-2018. United will replace the Boeing 747 fleet, which it has been flying since 1970, with other fuel-efficient, cost-effective and widebody aircraft, Scott Kirby, president, United Airlines, wrote in a blog. bit.ly/2iGGpTH The No.3 U.S. airline by passenger traffic operated 22 747-400 owned and leased aircraft of its total 715 mainline fleet as of Dec. 31, 2015. Boeing Co ( BA.N ) said in July it would consider ending production of 747s as it faced falling orders and pricing pressure. The aircraft maker delivered a total nine 747s in 2016, half the deliveries in 2015. (Reporting by Rachit Vats in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ual-fleet-idUSKBN14V29N'|'2017-01-12T00:50:00.000+02:00'
'c6cf301b24d5f5b893dc66d8cbf1c69bc11894a2'|'REFILE-Canada''s AltaGas in merger talks with Washington Gas parent - WSJ'|'Deals  20pm EST Canada''s AltaGas in merger talks with Washington Gas parent: WSJ Canada''s AltaGas ( ALA.TO ) is in talks to merge with WGL Holdings Inc ( WGL.N ), the parent of natural-gas utility Washington Gas, in a deal worth $5 billion-$6 billion, the Wall Street Journal reported, citing people familiar with the matter. WGL''s shares rose 6.8 percent to $81 in late-afternoon trading on Thursday, while AltaGas''s stock was down 1.3 pct at C$33.65. A deal could be announced this month assuming that the talks do not fall apart, or see another bidder, the report said. ( on.wsj.com/2jcr9kM ) Regulatory or political pushback could be a potential obstacle to any deal, one of the people familiar with the matter told the newspaper. WGL was weighing options in November, including a sale after receiving takeover interest from Spain''s Iberdrola SA ( IBE.MC ). ( reut.rs/2ilgi3H ) AltaGas and WGL were not immediately available for comment. (This version of the story was refiled to add dropped word "with" in headline) (Reporting by Vishaka George in Bengaluru; Editing by Sriraj Kalluvila) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-wgl-holdings-m-a-altagas-idUSKBN14W2XL'|'2017-01-13T04:18:00.000+02:00'
'3a8a6f2e2c3528110f788c58a7d0755b0a8bc3a4'|'Rosneft signs oil supply deal with firm linked to Qatar and Glencore'|'Business News - Tue Jan 10, 2017 - 8:23am GMT Rosneft signs oil supply deal with firm linked to Qatar and Glencore Workers stand next to a logo of Russia''s Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin MOSCOW Russian oil major Rosneft ( ROSN.MM ) has concluded a deal with a company linked to Qatar and commodities trader Glencore to supply up to 55 million tonnes of crude in total over a 5-year period, Rosneft said in a statement on Tuesday. The agreement follows the acquisition of a 19.5 percent stake in Rosneft by Qatar Investment Authority (QIA) fund and Glencore ( GLEN.L ) last month for around 710 billion roubles ($11.8 billion). Under the terms of the acquisition, Glencore had said it would conclude a five-year supply agreement with Rosneft giving it an extra 220,000 barrels a day to trade. The supply deal announced on Tuesday was between Rosneft and QHG Trading LLP. A Rosneft representative said the firm is a Glencore subsidiary. It is registered at the same address as Glencore''s London office. Regulatory filings list company officers as Glencore Energy UK Ltd and Qatar Holding LLC, a unit of the Qatar Investment Authority. Rosneft said in a statement on Tuesday that it may supply QHG Trading with between 4.5 million tonnes and 11 million tonnes of oil per year with the price being set according to a formula pegged to global oil prices. Currently, Rosneft''s largest buyer of oil is Swiss commodities trader Trafigura with estimated annual purchasing volumes of around 20 million tonnes, equal to the entire annual output of two large refineries or enough to meet the consumption of a country such as Spain for half a year. (Reporting by Vladimir Soldatkin; Editing by Christian Lowe) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-rosneft-supply-idUKKBN14U0RF'|'2017-01-10T15:23:00.000+02:00'
'1e7931ef1cd5c2dbe1f20d8b3643d9c3ce4ab670'|'Exclusive - Regulators criticise banks over Uber loan: sources'|'Business News - Tue Jan 10, 2017 - 8:56pm GMT Exclusive - Regulators criticise banks over Uber loan: sources Uber CEO Travis Kalanick speaks to students during an interaction at the Indian Institute of Technology (IIT) campus in Mumbai, India, January 19, 2016. REUTERS/Danish Siddiqui By Olivia Oran and Jonathan Schwarzberg Federal regulators criticized several Wall Street banks over the handling of a $1.15 billion loan they helped arrange for Uber Technologies Inc [UBER.UL] this past summer, according to people with knowledge of the matter. Led by Morgan Stanley ( MS.N ), the banks helped the ride-sharing network tap the leveraged loan market in July for the first time, persuading institutional investors to focus on its lofty valuation and established markets rather than its losses in countries such as China and India. The Federal Reserve and the Office of the Comptroller of the Currency (OCC), which are trying to reign in risky lending across Wall Street, took issue with the way in which the banks carved out Uber''s more mature operations from the rest of the business, the people said, declining to be named because talks with the regulators are private. This so-called "ring-fencing" of certain markets makes companies appear a safer bet because it strips out the parts of their business that are loss-making. Scrutiny of the Uber loan by regulators was not a surprise because it is rare for young, unprofitable technology firms to tap the leveraged loan market which is traditionally restricted to companies with long histories of generating cash. Regulators have said that loans with more than six times leverage may receive a closer look. Goldman Sachs Group Inc ( GS.N ), Barclays PLC ( BARC.L ) and Citigroup ( C.N ) also helped arranged Uber''s loan. Representatives of the banks declined to comment. Uber was immediately not available to comment. Representatives for the Federal Reserve and the OCC declined to comment. Uber does not disclose its financials but Chief Executive Travis Kalanick has said that the company is profitable in its most developed markets in the United States and Europe. The company is losing money in regions such as China, where it has been locked in a battle with rival Didi Chuxing. Last August, Uber said it would sell its China operations to Didi. Uber spends millions of dollars to attract riders and drivers and lost more than $800 million in the third quarter, according to Bloomberg. But Uber proved a popular draw for investors because of their familiarity with its business and because it had recently closed a $3.5 billion round of financing from Saudi Arabia’s sovereign wealth fund, giving it a valuation of $62.5 billion, dwarfing that of blue-chip companies such as General Motors Company ( GM.N ). Debt investors usually focus on a company''s ability to generate cash, or EBITDA, relative to its debt when they are deciding whether to lend money. Uber, however, was analysed on a loan-to-value metric, which focussed on its equity valuation relative to its debt, investors said. This is not the first time that regulators have scrutinised Wall Street banks for leveraged loan transactions. Regulators have been clamping down on risky lending in the wake of the financial crisis. Last year, regulators cautioned Goldman over risks involved in two loans totalling $1.8 billion that backed a $4 billion buyout of Ultimate Fighting Championship. Regulators had focussed on accounting adjustments that inflated the mixed martial arts group''s future profitability. So far, these warnings have not resulted in any fines but banks may avoid riskier lending in the future to avoid the possibility of any punishment from regulators. "Increased scrutiny from the federal regulators could certainly prompt banks to reduce the supply of credit in the leveraged loan markets," said Shawn Thomas, a professor at the University of Pittsburgh''s business school who has written about leveraged lending. Banks are often willing to help raise debt for high profile companies, even if the deal risks regulatory scrutiny, because they hope to land a role in their eventual initial public offerings. (Reporting by Olivia Oran and Jonathan Schwarzberg in New York; Additional reporting by Patrick Rucker in Washington, DC. Editing by Carmel Crimmins and Bernard Orr) Next In Business News Volkswagen confirms $4.3 billion U.S. settlement over diesel emissions DETROIT Volkswagen AG confirmed Tuesday it has negotiated a $4.3 billion (£3.5 billion) concrete draft settlement with U.S. regulators to resolve its diesel emissions issues and plans to plead guilty to criminal misconduct as part of the civil and criminal settlement.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-uber-banks-idUKKBN14U2L7'|'2017-01-11T03:56:00.000+02:00'
'7ceff1ee9d9de7aa8c1f9b1168f3c7f777e9cf64'|'MIDEAST STOCKS - Factors to watch - Jan 10'|'DUBAI Jan 10 Here are some factors that may affect Middle East stock markets on Tuesday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Stocks shaky as oil slump, ''hard'' Brexit fears dim mood* MIDEAST STOCKS-Egypt corrects, Saudi extends losses and UAE outperforms* Oil markets torn between Saudi led supply cuts, rising output elsewhere* PRECIOUS-Gold holds below 5-week high on weaker dollar* Middle East Crude-Chinaoil to receive another two March cargoes* Afghan businesses feel squeeze from government tax drive* Italy reopening embassy in Libya two years after closure* Lebanon''s Aoun visits Riyadh to mend fences with Saudi Arabia* Iran receives Saudi invitation to discuss haj arrangements* Cyprus leaders seek deal in ''historic opportunity'' for peace* Iraq special forces advance in east Mosul, close to linking with army* UN''s Palestinian aid agency urges Trump to revive MidEast peace bid* Syria truce under strain; Assad ready to discuss "everything" at talks* Morocco political deadlock deepens as premier ends coalition talks* U.S. Navy destroyer fires warning shots at Iranian vessels -U.S. officials* Iran to expand military spending, develop missiles* Iraq gives full Feb crude supply to 3 Asia, Europe buyers despite OPEC cut* Some Gulf Arabs commiserate over Iran''s Rafsanjani, Saudi silent* Danske Bank says in talks with Iran central bank on financing* Attacks target Turkey''s economic image, rate hike pressure unacceptable - deputy PMEGYPT* Egypt''s Eurobond roadshow to start next week in Gulf -finance minister* Average yields on Egypt''s T-bonds rise at auction* Faisal Islamic Bank FY standalone profit rises* Egypt''s Finance Ministry issues $888 mln one-year dollar-denominated t-bill* Seven Egyptian police killed in Sinai bomb attack* Sawiris says to discuss Oi bid with Brazil gov''t - paperSAUDI ARABIA* Saudi bourse to start T+2 settlement in second quarter* Saudi''s Mobily appoints new CEO* Saudia Airlines appoints new chairman in management shake-up - SPA* Saudi''s ACWA Power to issue $1 billion bond in February - chairman* Saudi''s Jarir Marketing Q4 profit rises 3.5 pct on rising smartphone salesUNITED ARAB EMIRATES* Dubai loans loom for airport expansion and Expo 2020 - sources* Investment Corporation of Dubai expected to issue dollar bond this month -sources* National Bank of Abu Dhabi issues $885 mln Formosa bondKUWAIT* Kuwait expects big commitment to global supply cut deal* Board of Kuwait''s Americana endorses Adeptio offer to minority shareholdersQATAR* BRF, Qatar to buy Turkish poultry firm Banvit in $470 mln venture* Qatar Electricity and Water unit acquires stake in IPM Indonesia and IPM AsiaOMAN* Saudi-Iran crisis, economic woes strain Oman''s neutrality'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL5N1F003N'|'2017-01-10T00:05:00.000+02:00'
'90df74a223d36301a28389c0242da66e4fdc63d4'|'Price comparison website Gocompare full-year revenue rises 19 percent'|' 26am GMT Price comparison website Gocompare full-year revenue rises 19 percent Price comparison website Gocompare.Com Group Plc ( GOCO.L ) reported a 19 percent jump in full-year revenue to about 142 million pounds and said it had started 2017 from a "position of confidence". The company, which demerged from British insurer esure Group Plc ( ESUR.L ) in November, said adjusted operating profit for the year ended Dec. 31 would rise 30 percent to 30 million pounds ($36 million) from a year earlier, at the top end of its guidance. Gocompare allows customers to compare insurance rates and prices of financial, travel and business products, utilities and household services. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gocompare-com-gr-outlook-idUKKBN14U0MW'|'2017-01-10T14:26:00.000+02:00'
'481df50cc44830012d08dbb0073a48ea722b32b3'|'UPDATE 1-Airbus finalises deal to sell more than 60 jets to Saudi''s flynas - sources'|'Aerospace & Defense  26am EST Airbus finalizes deal to sell more than 60 jets to Saudi''s flynas: sources A picture shows Airbus Group site in Suresnes, near Paris, France, December 15, 2016. European planemaker Airbus is to cut a net total of 934 jobs, including the closure of a site at Suresnes just outside Paris, said a French trade union, as part of a previously announced... REUTERS/Benoit Tessier By Alexander Cornwell - DUBAI DUBAI Airbus ( AIR.PA ) has finalised an agreement to sell more than 60 jets to Saudi Arabian budget carrier flynas, according to industry sources, a move that could help   keep ahead of Boeing in the annual race for new orders. The order from flynas, partly owned by Saudi billionaire Prince al-Waleed bin Talal''s investment vehicle, is expected to cover over 60 A320neo narrow body jets, one of the sources with direct knowledge of the deal told Reuters. An order for 60 A320neos would be worth $6.4 billion at list prices though it is common for manufacturers to grant discounts. Including purchasing options, the agreement includes 100 A320neos, sources said. The order could be announced as early as Wednesday at Airbus'' annual press conference so that it can be included in the planemaker''s 2016 sales numbers, though one source said the buyer might not be identified. The sources requested anonymity as the details were still private. Airbus and flynas   The A320neo sale would be Airbus''s first in the Middle East since Qatar Airways refused deliveries in December 2015 and said it would swap its order for a larger version. Flynas, which launched as Nas Air in 2007 and first turned a profit in 2015, has been negotiating an order for at least 60 narrow body jets with Airbus and rival planemaker Boeing ( BA.N ) since as early as April 2016. Flynas Chief Executive Paul Byrne said on April 27 whichever manufacturer it chose would over time become the sole supplier. The order, which would replace and expand a fleet of leased A320s, would give flynas one of the largest Middle East low cost fleets after state-owned flydubai, which operate 57 Boeing 737-800s and has more than 100 scheduled for delivery by 2023. Flynas is facing increasing competition domestically, where it conducts the majority of its operations. Start-up SaudiGulf Airlines and Saudi-owned, Egypt-based Nesma airline were both granted domestic operating licenses in 2016, while state-owned Saudi Arabian Airlines has announced plans for its own budget carrier, Flyadeal, to launch in mid-2017 with a target of 50 jets by 2020. Qatar Airways-owned Al Maha is waiting for a domestic Saudi operating license. Saudi Arabia wants to expand its aviation and tourism sectors following the success of its Gulf neighbors Qatar and the United Arab Emirates. It plans to encourage non-religious tourism as part of major national reforms aimed at moving the country''s economy away from oil dependence. (Reporting Alexander Cornwell in Dubai; Additional reporting by Tim Hepher in Paris; Editing by Susan Fenton and Mark Potter) Next In Aerospace & Defense'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-airbus-flynas-orders-idUSKBN14U1QR'|'2017-01-10T21:23:00.000+02:00'
'7de589e69b2ea4ae714a4906a413ffb5ae8f2deb'|'GM gives robust 2017 profit forecast, lifting shares'|'Tue Jan 10, 2017 - 6:35pm GMT GM gives robust ''17 profit forecast, lifting shares The GM logo is seen in Warren, Michigan, U.S. on October 26, 2015. REUTERS/Rebecca Cook/File Photo By Nick Carey - DETROIT DETROIT No. 1 U.S. automaker General Motors Co ( GM.N ) on Tuesday gave an upbeat profit outlook for 2017 that was significantly above Wall Street forecasts, countering analysts’ concerns that the U.S. car industry peaked in 2016 after several years of record or near-record sales, sending its shares up more than 5 percent. GM said it expects its earnings for 2016 at the high end of its previous forecast and that profits will rise 2017. "We see from a (U.S.) macroeconomic point of view pretty robust underpinnings for another good year absent some external shock to the system," GM president Dan Ammann told reporters at a press conference. GM shares were up 5.3 percent at $37.90 in afternoon trading, near their highest level in almost two years. The Detroit-based automaker said it expects 2017 earnings per share in a range of $6 to $6.50. Analysts have, on average, predicted the company post EPS this year of $5.76, according to Thomson Reuters I/B/E/S. GM said it expects full-year 2016 EPS at the high end of its previously announced range of $5.50 to $6. Analysts currently expect 2016 EPS of $6.01, according to Thomson Reuters I/B/E/S. In September, rival U.S. automaker Ford Motor Co ( F.N ) lowered its 2016 pre-tax profit forecast, blaming a charge related to a vehicle recall. Ford has been trading at 6.29 times earnings, above GM, which has been trading at 4.12 times earnings. Ford shares rose nearly 3 percent after GM''s profit outlook announcement. Over the next three years, GM said that more profitable crossovers, trucks and SUVs that have dominated sales for several years due to lower gas prices, will "increase significantly" to 52 percent of GM sales volumes from 2017 to 2020, versus 38 percent over the previous six years. The company also announced a $5-billion increase to its share buyback program and additional planned cost savings of $1 billion. The increase in GM''s 2017 EPS will in part reflect the impact of the increased share repurchase program. GM executives said, by 2019 the company expects $2 billion in pre-tax profits from its financial arm, its parts business and its new mobility ventures including OnStar and Maven. The company said it should generate about $6 billion in free cash flow in 2017. The automaker’s bullish forecast comes at a time when the industry has been emphasizing investments in the United States following attacks from President-elect Donald Trump for building vehicles in Mexico. Fiat Chrysler Automobiles ( FCHA.MI ) announced on Sunday it would spend $1 billion to retool factories in Ohio and Michigan to build new Jeep sport utility vehicles, as well as a pickup truck, and potentially move production of a Ram heavy-duty pickup truck to Michigan from Mexico. Last week, Ford scrapped plans to build the $1.6-billion Focus plant in Mexico and said it would invest $700 million in a factory in Michigan. When asked about the company’s plans for investments in Mexico, GM CEO Mary Barra said she could not comment, but emphasized a willingness to cooperate with the incoming Trump administration. "We think there’s many things we can do … working with the administration that are going to make America great again that will strengthen business, that will strengthen growth, which will strengthen jobs," Barra said. "Make America Great Again" was Trump’s slogan during the 2016 U.S. general election campaign. (Reporting By Nick Carey; Editing by Nick Zieminski) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-gm-outlook-idUKKBN14U2A4'|'2017-01-11T01:34:00.000+02:00'
'99b326e69b9301ba8ad5cfdd226912c760f2f9d5'|'PM Modi touts digitized economy to business leaders'|'Economic News - Tue Jan 10, 2017 - 10:06pm IST PM Modi touts digitized economy to business leaders left right India''s Prime Minister Narendra Modi delivers a speech after he inaugurated the country''s first international exchange - India INX in Gujarat International Finance Tec-City (GIFT) in Gandhinagar, India, January 9, 2017. REUTERS/Amit Dave 1/2 left right India''s Prime Minister Narendra Modi (L) receives a memento after he inaugurated the country''s first international exchange-India INX in Gujarat International Finance Tec-City (GIFT) in Gandhinagar, India, January 9, 2017. REUTERS/Amit Dave 2/2 By Rupam Jain and Promit Mukherjee - GANDHINAGAR GANDHINAGAR Prime Minister Narendra Modi told a gathering of business leaders on Tuesday that the country was on the verge of becoming the world''s most digitized economy, and avoided direct mention of the economic hit from demonetisation. Speaking at India''s biggest investor summit, organized in his home state of Gujarat, the 65-year-old said his government was strongly committed to continue reforming the Indian economy. "We are working to adopt and absorb newer technologies, to bring about transparency, and to end discretion," Modi told the summit, adding that foreign direct investment in the country has topped $130 billion in his two-and-a-half years in office. "Believe me, we are on the threshold of becoming the world''s most digitized economy. Most of you wanted this change in India. I am proud to say that it is happening before you. "Creating an enabling environment for business, and attracting investments, is my top priority." Modi''s address to the Vibrant Gujarat investor gathering comes weeks after his shock decision to abolish 500 and 1,000 rupee notes, worth around $7.50 and $15 each. The move caused widespread anger among millions of people across the country, as they endured long queues at banks and ATMs to draw money or deposit old notes about to expire. The radical gambit has been billed as an attempt to root out corruption, end terror financing and move the country into the age of digital payments. But Modi''s government has struggled to produce enough new bank notes to meet demand, leading to a temporary slump in business in an economy that is heavily dependent on cash. India''s corporate earnings expectations have taken a hit. Fears that the note ban will dent profits in the latest quarter have led to a 2.25 percent drop in earnings estimates since Nov. 8 for those companies that are part of the country''s benchmark index, according to Thomson Reuters data. Still, government officials are optimistic that major investment pledges will come out of the meeting, which is being held at a sprawling convention center in Gandhinagar. Skepticism exists, however, over how many of the hundreds of anticipated memorandums of understanding expected to be signed at the week-long summit will translate into real spending. "The summit is a symbolic gesture to lure investment, but companies will only invest if there are changes at the macro policy level," said professor Sebastian Morris of the Indian Institute of Management in Ahmedabad, noting investors need to see infrastructure and support. Later on Tuesday, Modi was set to chair a CEO roundtable attended by nearly 60 top executives, including Cisco''s John Chambers, Trafigura Beheer''s Jeremy Weir, Fairfax Financial''s Prem Watsa and Peter Huntsman of Huntsman Corp, along with Indian business titans such as Mukesh Ambani and Ratan Tata. "This time we want to hand-hold investors and assure them that the business environment is perfect for them to launch new businesses," said Deepak Bagla, managing director of Invest India, a vehicle set up to guide investments into the country. (Additional reporting by Aditi Shah, Euan Rocha and Abhirup Roy; Editing by Mike Collett-White) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-vibrantgujarat-modi-idINKBN14U20V'|'2017-01-10T23:36:00.000+02:00'
'3434ad197232c1dae66a37f3becd1816a5569610'|'Deutsche Boerse, LSE to meet German watchdog to solve HQ issue - sources'|'  4:20pm GMT Deutsche Boerse, LSE to meet German watchdog to solve HQ issue - sources The German share prize index (DAX) board and the trading room of Frankfurt''s stock exchange (Boerse Frankfurt) are photographed with a circular fisheye lens during afternoon trading session in Frankfurt, Germany, February 23, 2016. REUTERS/Kai Pfaffenbach FRANKFURT Top executives from Deutsche Boerse ( DB1Gn.DE ) and LSE ( LSE.L ) are planning to meet German policy makers with veto powers next week as they seek to resolve a stumbling block to the exchanges'' planned merger, three people close to the matter said. At the centre of the discussions between the groups'' chief executives and chairmen as well as German state of Hesse''s prime minister and economy minister will be the issue of where a merged group will be headquartered, the people added. Deutsche Boerse declined to comment, while LSE and Hesse were not immediately available for comment. The unresolved headquarters issue is seen as the last major obstacle next to the antitrust clearance by the EU commission, whose decision is expected by March 13. The owner of the Frankfurt stock exchange is obliged by law to support the development of Frankfurt as a centre for securities trading and Hesse''s market watchdog has yet to give its view on the planned merger. The Wiesbaden, Hesse-based watchdog fears to lose regulatory sway on the merged company if it were based outside Germany, the people said. So far, Deutsche Boerse and LSE had planned to set up joint headquarters in London. A potential compromise would be a structure with dual headquarters in London and Frankfurt, the people said. The meeting will be used to get a better understanding of each others positions and discuss possible solutions, one of the people said, adding that decisions on the topic were not yet expected. (Reporting by Andreas Kroener; Additional reporting by Arno Schuetze; Editing by Harro ten Wolde)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-boerse-m-a-lse-idUKKBN14W2DA'|'2017-01-12T23:20:00.000+02:00'
'02325011d5ec9230b4c2f40b515faf5a58307a3b'|'Insurance gaps leave shipping exposed to growing cyber threats'|'Business News - Thu Jan 12, 2017 - 12:57pm GMT Insurance gaps leave shipping exposed to growing cyber threats A padlock is displayed at the Alert Logic booth during the 2016 Black Hat cyber-security conference in Las Vegas, Nevada, U.S. August 3, 2016. REUTERS/David Becker By Jonathan Saul and Carolyn Cohn - LONDON LONDON Shipping companies grappling with the threat of cyber attacks on vessels are finding insurance policies often fall short, officials involved in both industries say, a risk that could feed through into global prices. Digitalisation means electricity networks, emergency services, industry and agriculture are all vulnerable to hacking by criminal gangs for extortion or, for political reasons, by militant groups or foreign states. But ships are also exposed to interference through electronic navigation devices such as the Global Positioning System (GPS) and lack the backup systems airliners have to prevent crashes. With 90 percent of world trade transported by vessels, the stakes are high. Gaps in insurance for ship owners and the disruptions that could cause have the potential to drive up both industrial and consumer prices. In a particularly secretive industry, information about the nature of attacks is scarce, which insurance and shipping officials say is an obstacle to mitigating the risk. There is also a gap in provision, because most existing cyber or hull insurance policies will not cover the risk of a navigation system being jammed or physical damage to the ship caused by a hacking attack. "Shipping is very vulnerable not just to jamming of their systems but now to spoofing as well," said professor David Last, strategic advisor to the government-affiliated General Lighthouse Authorities of the UK and Ireland, referring to devices that can transmit false GPS signals. The most high-profile reported cyber attacks involving shipping so far had wider targets. Last year, South Korea said hundreds of fishing vessels had returned early to port after its GPS signals were jammed by North Korea, which denied responsibility, and an earlier hack by drug traffickers diverted containers in Belgium''s Antwerp port. Other cases have had a lower profile: U.S. Coast Guard officials have said GPS interference disrupted operations at an undisclosed U.S. port for several hours in 2014 and reported a similar attack at a non-U.S. port, also unnamed, in 2015. In the latter attack, the Coast Guard said affected ships were able to navigate using radar, compasses and landmarks and urged operators to make sure such skills were not lost. It also called for more information-sharing on cyber threats. RANSOMWARE North, a British based international marine mutual liability insurer, said last month there were likely to be gaps in cover as there was little data and risks were not well understood. Jamie Monck-Mason, executive director for cyber and TMT at insurance broker Willis Towers Watson, said attacks on ships were not covered by the insurance shipowners have traditionally held. "Marine hull and cargo policies typically contain a cyber attack exclusion," he said, while adding that large policyholders could negotiate to have the exclusion removed. However, an earlier report by North said attempts to cause shipping accidents were rare at the moment. "The risks of this are currently thought to be low for most companies," it said. A veil was lifted on the scale of the wider problem when CSO Alliance, a trade association for maritime security professionals, said a quarter of the ship owners represented at a confidential workshop it had run admitted cyber incidents in the past year. Ship operator Consolidated Marine Management said in a presentation last month that "ransomware" attacks, where hackers scramble a ship''s computer system and seek a ransom to unscramble it, were one of the main challenges. "SILENT" POLICY Regulators are also concerned that a "silent" property policy - which neither mentions nor excludes cyber attacks - is not adequate, a problem too for other industries that face cyber attacks on their property such as power plants. Britain''s insurance regulator said in November such policies could leave insurers open to large losses from cyber breaches and that policy holders "may find it challenging to understand whether they are covered". The world''s number one container shipping line Maersk ( MAERSKb.CO ) acknowledged the cyber risk to its fleet and said it was working to mitigate it. "We currently see a trend towards the gap in insurance cover being closed," it said. Products are emerging from specialist insurer Sciemus Cyber Ltd as well as large insurers such as American International Group Inc(AIG) ( AIG.N ), while reinsurer Munich Re ( MUVGn.DE ) is also developing cover. "It’s about figuring out how to connect the gap between a property loss and a cyber loss," said Dieter Berg, head of business development, marine at Munich Re and president of the International Union of Marine Insurers. "This is the process of discussion with the client - where is your exposure?" AIG launched a standalone cyber policy last year, CyberEdge Plus, which protects the policyholder from property damage among other issues. It did not immediately respond to a request for pricing comment and has previously declined to discuss pricing. Sciemus was not immediately available to comment on the cost of its policies. It has said it charges energy utilities about $100,000 for $10 million in data breach insurance and as much as seven times that to cover attacks causing physical damage. Following an attack on a Ukrainian power plant in 2015, large utility companies have warned of their exposure to cyber risks in annual reports to regulators and that their insurance coverage might not cover all expenses related to an attack. Those kind of warnings are largely absent from company reports in the shipping world, which is just waking up to the risks and has tight margins to take into account due to a near decade long industry slump. Graeme Charnock, chief financial officer with Peel Ports, which operates Liverpool port among other terminals in the UK and Ireland, said it was going through a risk assessment and would share it with its insurers in due course. "To the extent cover is available, it will ultimately come down to how much it costs as measured against the perceived threats." Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shipping-insurance-cyber-idUKKBN14W1DT'|'2017-01-12T19:57:00.000+02:00'
'54cc06da371283909b8cdc868ae53386eeec08b7'|'MOVES-Concord Resources, Mizuho, RWC Partners'|'Company  07am EST MOVES-Concord Resources, Mizuho, RWC Partners Jan 12 The following financial services industry appointments were announced on Thursday. To inform us of other job changes, email moves@thomsonreuters.com. CONCORD RESOURCES Metals analyst Duncan Hobbs has joined trader Concord in London this month, Hobbs confirmed to Reuters. MIZUHO FINANCIAL GROUP INC The London-based securities and investment banking arm of Mizuho Financial named Borja Rivas as managing director, head of derivatives risk solutions EMEA. RWC PARTNERS The asset management firm appointed Cressida Williams as CFO and Joydeep Lahiri as head of performance, risk and attribution. (Compiled by Laharee Chatterjee in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL4N1F24DJ'|'2017-01-12T21:07:00.000+02:00'
'10e3d925f76a330c60e596573892d9a224fd3bf2'|'HSH Nordbank optimistic about finding a buyer - paper'|'Private Equity - Sun Jan 8, 2017 - 9:51am EST HSH Nordbank optimistic about finding a buyer - paper BERLIN Jan 8 German shipping finance provider HSH Nordbank sees a good chance of finding a buyer, its finance chief said. "Despite the difficult market environment, we have very good prospects of selling the bank," Oliver Gatzke told the Boersen Zeitung newspaper. HSH Nordbank met potential buyers in London in November ahead of the German lender''s planned privatisation this year, people close to the matter told Reuters. HSH''s owners - the northern German states of Schleswig-Holstein and Hamburg jointly hold 85 percent - have to privatise the bank by the end of February 2018 and have mandated Citi to organise the process, due to start in early 2017. HSH, which had total assets of 90 billion euros ($95 billion) and posted a profit of 160 million euros as of June, sought backing from its owners after risky assets turned sour in 2008, and it got hit further by the slump in global trade after the financial crisis. The EU Commission, HSH and its owners negotiated for years over a plan to restore HSH to health and avoid future state aid. Gatzke said he could not imagine the bank would have to be wound up, as the EU Commission demands in case no buyer is found. "We sense a lot of interest and are very optimistic that we will reach a big circle of investors, who will make expressions of interests at the start of February," he said. HSH is eyeing European and Asian banks as possible buyers and Gatzke said the company was also speaking to specialised investors, who concentrate on private equity and debt funds. ($1 = 0.9499 euros) (Reporting by Emma Thomasson; Editing by Mark Potter) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hsh-nordbank-sale-idUSL5N1EY0FS'|'2017-01-08T21:51:00.000+02:00'
'7ecfd8b3cafe20b7955aadd874246def89725766'|'SpaceX delays rocket launch because of lousy weather'|'SpaceX delays rocket launch because of lousy weather by Jill Disis and Danielle Wiener-Bronner @CNNTech January 8, 2017: 12:40 PM ET Elon Musk in 90 Seconds SpaceX is pushing back its next rocket launch because of high winds and rain at its launch site in California. SpaceX''s Falcon 9 rocket, which was scheduled to launch Monday, is now set to take off from Vandenberg Air Force Base on January 14, the company said Sunday. The rocket will launch with 10 Iridium NEXT satellites. The launch will be the company''s first since September 1, when its rocket exploded, destroying itself and a pricey Facebook satellite made by Israeli company Spacecom. Elon Musk''s SpaceX previously said that it was ready to launch on Sunday, January 8, but conceded it had not yet received a necessary license from the Federal Aviation Administration. The FAA granted the license last week, the agency said in a statement Friday. Launch moving due to high winds and rains at Vandenberg. Other range conflicts this week results in next available launch date being Jan 14. — SpaceX (@SpaceX) January 8, 2017 The launch will once again attempt to take a satellite into space -- 10 satellites, actually. "The Iridium team has been anxiously awaiting launch day, and we''re now all the more excited to send those first ten Iridium NEXT satellites into orbit," Iridium CEO Matt Desch said in a statement. Those satellites are designed to increase the company''s speed and bandwidth. Each satellite will also host an aircraft tracking and surveillance system made by flight tracking company Aireon. After the September explosion, SpaceX, NASA, the FAA, the U.S. Air Force and the National Transportation Safety Board launched a probe into the cause of the blast. Last Monday, SpaceX said the investigation had concluded, and blamed a failed pressure vessel in a liquid oxygen tank for the failure. The FAA said Friday it "accepted the investigation report... and has closed the investigation." CNNMoney (New York) First published January 8, 2017: 12:40 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/08/technology/spacex-rocket-launch-postponed/index.html'|'2017-01-09T00:40:00.000+02:00'
'cc283f26abb1b37434a2b120b656639f9f677ddd'|'HMD Global launches first Nokia smartphone'|'Technology News - Sun Jan 8, 2017 - 12:38am GMT HMD Global launches first Nokia smartphone A new Nokia 6 smartphone is seen in this handout image released by HMD to Reuters on January 7, 2017. HMD/Handout via Reuters HELSINKI HMD Global, the Finnish company that owns the rights to use Nokia''s brand on mobile phones, announced on Sunday its first smartphone, targeted for Chinese users with a price of 1,699 yuan ($246). The launch marks the first new smartphone carrying the iconic handset name since 2014 when Nokia Oyj ( NOKIA.HE ) chose to sell its entire handset unit to Microsoft ( MSFT.O ). The new device, Nokia 6, runs on Google''s ( GOOGL.O ) Android platform and is manufactured by Foxconn ( 2354.TW ). It will be sold exclusively in China through online retailer JD.com ( JD.O ), HMD said. "The decision by HMD to launch its first Android smartphone into China is a reflection of the desire to meet the real world needs of consumers in different markets around the world... it is a strategically important market," HMD said in a statement. Nokia was once the world''s dominant cellphone maker but missed the shift to smartphones, and then chose Microsoft''s Windows operating system for its "Lumia" range. After the 2014 deal, Microsoft continued selling cheaper basic phones under Nokia''s name and Lumia smartphones under its own name, but last year, it largely abandoned both businesses. HMD in December took over the Nokia feature phones business and struck a licensing deal that gave it sole use of the Nokia brand on all phones and tablets for the next decade. It will pay Nokia royalties for the brand and patents, but Nokia has no direct investment in HMD. Nokia Oyj is currently focused on telecom network equipment business and technology patents. HMD CEO Arto Nummela, who was once responsible for Nokia''s sales and product development, told Reuters last month that HMD aims to be one of the key competitive players in the smartphone business where it faces tough competition from Apple ( AAPL.O ), Samsung ( 005930.KS ) and dozens of other players. HMD launched some new Nokia basic phones last month. It said on Sunday it was looking to launch more new products in the first half of the year. (Reporting by Jussi Rosendahl and Eric Auchard) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-nokia-smartphone-idUKKBN14S003'|'2017-01-08T07:23:00.000+02:00'
'837bf93a58d9009e3ef03b5450a2aa47b2cbf84f'|'Corbyn’s wage cap plan labelled unworkable but keeps pay on agenda'|'Jeremy Corbyn’s idea for a maximum wage cap has been branded unworkable, but the Labour leader’s focus on tackling the pay gap between bosses and workers was given a warmer reception by campaigners against inequality.Major companies are on alert to attacks on boardroom pay after Theresa May put the issue on the agenda during her campaign to become Conservative party leade r and prime minister in the wake of the vote for Brexit. A consultation paper published in November, however, was criticised for not taking bold enough action to clamp down on boardroom excess .The intervention by the Labour leader is an indication that the issue remains on the agenda, experts said.Maximum wage cap: how might it work? Read more Oliver Parry, head of corporate governance at the Institute of Directors, said: “Boards must see today’s suggestion as a warning of things to come if they do not show they can moderate directors’ remuneration.”But, he said, Corbyn’s suggestion for a maximum pay cap was a “non-starter”.“Politicians simply do not know the right level of pay for the heads of multinational companies, and no successful economy operates with this level of intervention by government,” he added.David Blanchflower, who used to advise Labour and is a former member of the Bank of England’s monetary policy committee, said the idea was “totally unworkable” and a “lunatic idea”.After raising the idea of a “maximum wage cap” in an interview on BBC Radio 4’s Today programme , Corbyn later turned his focus to other ideas to tackling pay inequality. Corbyn said company bosses wanting to be eligible to bid for government contracts should have their pay limited to less than 20 times that of their lowest-paid worker . This would put a cap on the pay of the chief executives of such companies at £262,000 if measured against the £13,104 national living wage. Stefan Stern, head of the High Pay Centre, said a general focus on pay ratios helped tackle the issue of inequality.Data from the High Pay Centre shows that leading bosses now typically earn 129 times more than their employees . Stern has tried to work towards a “40 times club” of FTSE 100 companies, in which executives earned no more than 40 times the average salary of their employees. But Stern said finding companies where the pay ratio was this low, closer to where it was in the 1990s, was difficult.Vast numbers of companies bid for government contracts from consultancies – such as Deliotte which was embroiledin a row over its warning over Brexit last November – and major outsourcing companies such as G4S and Capita. G4S, whose chief executive received more £2m last year, pointed out that contracts from central government contributed to only around 5% of its overall sales. “Our pay rates reflect the global nature of our business, with over 85% of revenue generated outside the UK,” said G4S, which runs prisons and runs services to house asylum seekers in the UK.The fund management industry – which gets a vote on executive pay – has also been considering ways to tackle ballooning boardroom remuneration. Leon Kamhi, head of responsibility at fund managers Hermes, said remuneration committees at individual companies should set out a maximum possible pay for their chief executives .Mark Littlewood, director general at the Institute of Economic Affairs, a free market thinktank, said Corbyn’s ideas had moved from “misguided to simply muddled” and branded the idea for a maximum wage cap to tackle inequality as “dangerous and, for all intents and purposes, a 100% income tax rate”.“Pay ratios are sector discriminatory. A 20:1 ratio would have much less of an effect at a hedge fund than it would on a regular company, which is doubtful the intended consequence. Controlling wealth accumulation is a race to the bottom – the Labour leader would do better to focus on poverty alleviation rather than pay intervention.”The Adam Smith Institute, which also promotes unfettered markets, was also dismissive. Sam Bowman, executive director, said: “A maximum salary cap would hurt British firms and ultimately ordinary British workers. If you’re a worker for a FTSE 100 firm, this is bad news: your job security and wages will suffer if your company isn’t led by the best people in the world. “If you’re saving for a pension, this is bad news: the value of your savings will suffer as British firms become less productive, starved of global top talent. If you rely on the NHS or other public services, this is bad news: tax revenues will fall as these highly-paid executives move abroad.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/10/corbyn-wage-cap-pay-city-labour'|'2017-01-10T02:00:00.000+02:00'
'236e1e99fc6b985a095eb40e9d4f57e4277b2a62'|'Recruitment firm Robert Walters'' FY gross profit rises 9 pct'|'Industrials  41am EST Recruitment firm Robert Walters'' FY gross profit rises 9 pct Jan 10 Robert Walters reported a 9 percent rise in full-year gross profit on a constant currency basis and said pretax profit for the year would be slightly ahead of market expectations. The company, which places people in finance, engineering, legal and marketing jobs, reported higher quarterly gross profit, driven by growth in all its regions and said UK gross profit rose 16 percent to 23.1 million pounds ($28 million) in the three months ended Dec. 31. Robert Walters, which makes nearly two-thirds of its gross profit outside the UK, said in a trading statement on Tuesday that it had entered two new countries with the opening of offices in Canada and Portugal. ($1 = 0.8236 pounds) (Reporting by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by Sunil Nair) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/robert-walters-outlook-idUSL4N1F02ID'|'2017-01-10T14:41:00.000+02:00'
'a0568a3bf40d87c4d827dfebd1dc098328149e16'|'Brazil''s Multiplan board oks capital rise of up to 600 mln reais - filing'|'SAO PAULO Jan 10 The board of Multiplan Empreendimentos Imobiliários SA, a Brazilian real estate company, approved a capital increase of up to 600 million reais ($187.7 million), according to a securities filing late Monday.In the filing, the company said up to 10.2 million voting shares may be issued through a private placement, at a price of 58.50 apiece. The aim is to increase the company''s capital structure vis-à-vis plans to grow through acquisitions and new developments, the filing said.($1 = 3.1967 reais) (Reporting by Ana Mano Editing by Jeremy Gaunt.)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/multiplan-capital-rise-idINE6N1DF005'|'2017-01-10T06:58:00.000+02:00'
'15f91d4b7a44dd388da432494c09620b7fa1ac19'|'Euro zone banking watchdog says not concerned over EU rules in Monte Paschi rescue'|'Business News - Wed   Euro zone banking watchdog says not concerned over EU rules in Monte Paschi rescue Elke Koenig, Chair of the Single Resolution Board, speaks during an interview with Reuters in Brussels, Belgium, August 10, 2016. Picture taken on August 10, 2016. REUTERS/Francois Lenoir BRUSSELS The head of the euro zone banking watchdog said on Wednesday she had no concern about how EU bank failure rules had been applied in the public rescue of Italy''s Banca Monte dei Paschi di Siena ( BMPS.MI ). The Italian government and the EU supervisory authorities "are doing a good job" in the Monte Paschi case, Single Resolution Board chair Elke Koenig told a news conference. The Italian government used a clause in EU rules on banking liquidation to reduce losses on Monte Paschi''s creditors when it decided to rescue the ailing bank in December. "I would not be concerned by that rule," Koenig said. She added that the SRB, which is in charge of overseeing the orderly liquidation of failing banks, "is closely following all relevant developments in Italy and also in other member states". The EU''s bank liquidation rules have been operational since 2016 and are aimed at reducing taxpayers'' costs in bank bailouts. Under the rules, a bank''s creditors are required to bear heavy losses, in a so-called ''bail-in'', before the lender can be bailed out with public money. But an exception to the rules allows states to lower creditors'' losses in extraordinary circumstances. (Reporting by Francesco Guarascio)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-srb-idUKKBN14V155'|'2017-01-11T17:30:00.000+02:00'
'4c78fe35969ce7c9df5bbb152544700b46cc6e80'|'PRESS DIGEST - Wall Street Journal - Jan 11'|' 20am EST PRESS DIGEST - Wall Street Journal   in the Wall Street Journal.   expected to agree to plead guilty to criminal wrongdoing and pay a $4.3 billion penalty to resolve a U.S. Justice Department probe of its diesel-emissions cheating. on.wsj.com/2iZN3Wf - Wal Mart Stores Inc is preparing to cut nearly 1,000 corporate jobs before the end of the month, according to an executive familiar with the situation as the company shifts its focus to e-commerce. on.wsj.com/2iZEYk9   said it would take China''s   Ltd private in a $2.6 billion deal in a bid to extend its online dominance into -physical stores. on.wsj.com/2iZNHD9 - Valeant Pharmaceuticals International Inc reached deals to sell $2.1 billion in assets, the struggling drug maker''s biggest moves yet to refocus around its consumer offerings and pare its heavy debt load. on.wsj.com/2iZSYKR (Compiled by Abinaya Vijayaraghavan  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1F11ZL'|'2017-01-11T12:20:00.000+02:00'
'c863429c8f04b35f8c5653161e40104a1d6821dd'|'Brookdale Senior in deal talks with Blackstone, others: WSJ'|'  1:27pm EST Brookdale Senior in deal talks with Blackstone, others: WSJ The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid Brookdale Senior Living Inc ( BKD.N ) is in talks with private equity firm Blackstone Group LP ( BX.N ) and others about a potential deal to sell a part or all of the company, the Wall Street Journal reported, citing people familiar with the matter. Brookdale''s shares jumped 17.5 percent to $15.11 on the WSJ report. The talks are complex and at an early stage and may not lead to a deal, the Journal reported. Brookdale operates independent living, assisted living and dementia-care communities, with 1,077 communities in 47 U.S. states. The company, which had a market valuation of $2.39 billion as of Monday''s close, did not immediately respond to a request for comment. Blackstone could not be immediately reached for comment. (Reporting by Divya Grover in Bengaluru; Editing by Maju Samuel) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-brookdale-senior-m-a-blackstone-group-idUSKBN14U2BB'|'2017-01-11T01:27:00.000+02:00'
'e2fad072827db4c3089d392f3aa1fd1755b068b5'|'European shares down, health care sector weighs'|'Business News - Thu Jan 12, 2017 - 8:27am GMT European shares down, health care sector weighs left right People walk through the lobby of the London Stock Exchange in London, Britain November 30, 2015. REUTERS/Suzanne Plunkett 1/2 left right The German share price index DAX board is pictured at the stock exchange in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski 2/2 LONDON European shares fell on Thursday in early deals, weighed down by a drop among healthcare stocks after U.S. President-Elect Donald Trump targeted pharmaceuticals'' drug pricing in a press conference. The pan-European STOXX 600 index was down 0.5 percent, and Europe''s healthcare sector index .SXDP dropped 1.6 percent, the biggest sectoral faller. Donald Trump on Wednesday commented on the need for competitive drug pricing, saying pharmaceutical companies were "getting away with murder" by charging high drug prices. Swiss luxury goods group Richemont ( CFR.S ) was the top European gainer, jumping 8 percent after its trading update indicated a pick-up in demand for watches and jewellery. Shares in peer Swatch Group ( UHR.S ) also rose 5.4 percent. Britain''s blue-chip FTSE 100 .FTSE was down 0.3 percent, with retailers Tesco ( TSCO.L ) and AB Foods ( ABF.L ) top fallers after they reported results. (Reporting by Helen Reid, editing by Kit Rees) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN14W0W8'|'2017-01-12T15:27:00.000+02:00'
'348c3212cb8effc5eedb23eabf97a65cb6768904'|'Alibaba''s Ma meets Trump, promises to bring one million jobs to U.S.'|'Business News - Tue Jan 10, 2017 - 8:10am GMT Alibaba''s Ma meets Trump, promises to bring one million jobs to U.S. left right U.S. President-elect Donald Trump shakes hands with and Alibaba executive chairman Jack Ma after their meeting at Trump Tower in New York, U.S., January 9, 2017. REUTERS/Mike Segar 1/4 left right U.S. President-elect Donald Trump walks from an elevator with Alibaba Executive Chairman Jack Ma after their meeting at Trump Tower in New York, U.S., January 9, 2017. REUTERS/Mike Segar 2/4 left right U.S. President-elect Donald Trump shakes hands with and Alibaba Executive Chairman Jack Ma after their meeting at Trump Tower in New York, U.S., January 9, 2017. REUTERS/Mike Segar 3/4 left right U.S. President-elect Donald Trump and Alibaba Executive Chairman Jack Ma speak with members of the news media after their meeting at Trump Tower in New York, U.S., January 9, 2017. REUTERS/Mike Segar 4/4 NEW YORK/BEIJING Alibaba Executive Chairman Jack Ma met U.S. President-elect Donald Trump on Monday and laid out the Chinese e-commerce giant''s new plan to bring one million small U.S. businesses onto its platform to sell to Chinese consumers over the next five years, an Alibaba spokesman said. Alibaba Group Holding Ltd expects the initiative to create one million U.S. jobs as each company adds a position, company spokesman Bob Christie said in a phone call. Alibaba has previously campaigned to bring more small U.S. businesses onto the company''s sites, but this is the first time Ma has discussed specific targets. Trump and Ma emerged from their meeting at Trump Tower in New York together. The president-elect told reporters they had a "great meeting" and would do great things together. Ma called Trump "smart" and "open-minded." Ma said the two mainly discussed supporting small businesses, especially in the Midwest, such as farmers and small clothing makers, who could tap the Chinese market directly through Alibaba, whose Tmall online shopping platform offers virtual store fronts and payment portals to merchants. The company has in recent years been aggressively courting foreign brands to set up Tmall stores to sell to China''s vast and growing middle class by offering to smoothen out Chinese sales, payment and shipping processes. Ma, a Chinese citizen, appears frequently with leaders from the highest echelons of the Communist Party, and both sides have voiced their support and admiration for each other. Trump often targeted China in the election campaign, blaming Beijing for U.S. job losses and vowing to impose 45 percent tariffs on Chinese imports. He also promised to call China a currency manipulator on his first day in office. Alibaba has deep ties with the Chinese government, working closely on some of the country''s core technology development goals including cloud infrastructure and big data. "It''s important, given the anti-China rhetoric that has been coming out, to innoculate the company and himself from that." said Duncan Clark, chairman of investment advisory firm BDA China and author of a book on Alibaba, of Ma''s meeting with Trump. "There''s nothing to lose in talking about what they''re trying to do here which is stimulate demand in China," said Clark. About 7,000 U.S. brands including wholesaler Costco Wholesale Corp and apparel seller Levi''s currently sit on Alibaba''s Tmall, an Alibaba spokeswoman said. They made $15 billion in sales to Chinese consumers last year, she added. But some foreign retailers have had mixed success on Tmall. In September, the Wall Street Journal reported that luxury handbag maker Coach closed its flagship store on Tmall. It quoted a Coach spokeswoman as saying that they wanted to consolidate resources. "It''ll require a big effort," Clark said of Ma''s prediction that the platform could help create one million U.S. jobs. "There''s no one who could prove or disprove how likely that''s going to be," he said. Alibaba did not mention whether Trump and Ma spoke about an ongoing U.S. Securities and Exchange Commission investigation into Alibaba''s accounting practices. Trump''s top choice for the incoming head of the commission, Wall Street lawyer Jay Clayton, worked on Alibaba''s initial public offering. [L1N1EU19Y] The U.S Trade Representative last month returned the Chinese e-commerce giant to an infamous list of blacklisted online retailers over concerns that the company was not doing enough to stop counterfeiting on their sites. (This story corrects to fix typo in para 16) (Reporting by Peter Henderson, David Alexander, Doina Chiacu and Laila Kearney in NEW YORK and Cate Cadell in BEIJING; Editing by Richard Chang and Raju Gopalakrishnan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-alibaba-idUKKBN14U0PG'|'2017-01-10T15:04:00.000+02:00'
'78b2a58bbcda7b7856082a6001a8e2d8c6afb57e'|'Alitalia, shareholders to meet Italian government Monday - Etihad'|' 42am GMT Alitalia, shareholders to meet Italian government Monday - Etihad An Alitalia airplane takes off at the Fiumicino International airport in Rome, Italy February 12, 2016. REUTERS/Tony Gentile SYDNEY Alitalia and its shareholders are to present its new business plan to the Italian government on Monday, top investor Etihad Airways said. Italy''s loss-making national carrier approved on Dec. 22 a short-term financing deal and a new strategy, including job cuts, that allowed it to start negotiations with stakeholders. Alitalia [CAITLA.UL] and its investors are meeting with Italian government ministers to explain the plan, Etihad said in an emailed statement to Reuters on Monday. The Abu Dhabi airline will be represented by its top executive James Hogan, who is also Vice Chairman of Alitalia. Led by Hogan, state-owned Etihad bought a 49 percent stake in Alitalia in 2014 as part of a 1.76 billion euro ($1.85 billion) rescue plan for the loss-making airline. Etihad had pledged to return it to profit by 2017 by slashing costs, turning Rome into an intercontinental hub and adding more lucrative long-haul connections. But two years later, Alitalia is losing at least half a million euros a day and may remain unprofitable for another two to three years, sources have said. "It is vitally important that the airline''s workforce and major stakeholders, such as corporate partners, suppliers and unions, embrace and accept the radical changes we need in order to gain the next round of significant funding from our shareholders, which will be crucial for our future," Alitalia Chief Executive Cramer Ball said on Dec. 22. Etihad, Alitalia''s single largest shareholder, is pushing to turn around the airline. Proposals include cutting up to 2,000 jobs and some unprofitable routes and grounding at least 20 planes, sources have said. There is scepticism whether Alitalia will be able to push through its latest turnaround plan without significant resistance from influential unions. Alitalia did not immediately respond to an emailed request for comment. Etihad said the "full details will be unveiled to the Alitalia workforce later this week." (Reporting by Jamie Freed in Sydney, Writing by Alexander Cornwell in Dubai, editing by Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-alitalia-etihad-government-idUKKBN14T0NR'|'2017-01-09T14:42:00.000+02:00'
'8f5a538fd28e326ee4755d1368a558e652193990'|'Czech central bank board member Benda: will not allow crown jump'|' 29am EST Czech central bank board member Benda: will not allow crown jump PRAGUE Jan 10 The Czech crown will not jump after the central bank ends its weak-crown policy to levels seen before it entered the regime in 2013, central bank board member Vojtech Benda said in a presentation from a business breakfast on Tuesday, reiterating the central bank''s stance. The bank has kept the crown on the weak side of 27 per euro since November 2013 to help revive inflation. The crown had traded around 25.75 when the bank started intervening. Investors have piled into the crown in recent months as rising inflation brings an expected end of the weak-crown policy closer. The bank has said it would be ready to intervene in the market if the crown firms too much, and Benda reiterated that stance in the presentation delivered on Tuesday morning. He said the bank''s stance was that the policy will not be abandoned before the end of the first quarter, and that it saw an exit likely in mid-2017. (Reporting by Jan Lopatka) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/czech-cenbank-benda-idUSS8N1BK01U'|'2017-01-10T20:29:00.000+02:00'
'5f0cab2a3e66c3717818aee89d7f61ede4289abd'|'Israeli high-tech firms raise record $4.8 billion in 2016'|'JERUSALEM Israeli private high-tech companies, a main driver of the country''s economy, raised an all-time high of $4.8 billion in 2016, up 11 percent from 2015, a report showed on Tuesday.The average funding round in 2016 reached a record $7.2 million while the number of deals closed last year slipped 7 percent to 659, according to the Israel Venture Capital Research Center and law firm ZAG.In the fourth quarter, high-tech firms raised $1.02 billion.Traditionally, many of Israel''s tech companies have sold out at an early stage to global giants like Cisco, IBM and Microsoft.But now start-ups are using a sharp rise in private investment to pursue growth, often aiming for eventual stock market flotations. With founders looking longer term rather than trying to make quick money, acquisitions of Israeli tech firms fell in 2016 to their lowest level in six years.Koby Simana, CEO of IVC Research Center, said there was a 30 percent drop in the number of second rounds closed in 2016."This is a troubling trend for the Israeli VC funnel, since the majority of capital goes into later rounds – if there are no companies lined up for later investments, there could be a more serious issue later on," he said.Shmulik Zysman, a partner at the ZAG-S&W firm, said the uptrend in capital raising is expected to continue in 2017, though possibly at slower rates.(Reporting by Steven Scheer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/israel-tech-funding-idINKBN14U13W'|'2017-01-10T07:18:00.000+02:00'
'6529efdc5e39cb8e1729333900757b0f22b391f5'|'MIDEAST STOCKS - Factors to watch - Jan 9'|'Company News - Sun Jan 8, 2017 - 11:31pm EST MIDEAST STOCKS - Factors to watch - Jan 9 DUBAI Jan 9 Here are some factors that may affect Middle East stock markets on Monday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asian stocks bounce on U.S. cues though dlr gains may clip wings * MIDEAST STOCKS-Gulf mostly rises but Saudi slides; foreigners sell in Egypt * Oil prices fall as Iranian crude tanker exports surge, U.S. adds more rigs * PRECIOUS-Gold under pressure on U.S. rate hike prospects * Iraqi forces reach east bank of Tigris in Mosul - Iraqi officer * Former Pakistan army chief to head Saudi-led military alliance -Pakistani media * At least four dead in Palestinian truck-ramming attack in Jerusalem - police * Suicide attacks kill 20 people in eastern Baghdad * Iran takes ownership of first jet under sanctions deal * MOVES-Iranian oil firm NIOC names new international affairs head * EXCLUSIVE-Iran capitalises on OPEC oil cut to sell millions of barrels - sources * Islamic State claims Baghdad car bomb attack - statement * Saudi embrace of ride-hailing apps drives economic, social change * OBITUARY-Rafsanjani, dead at 82, was one of the titans of post-revolutionary Iran * Former Iranian president Rafsanjani dies of heart attack - state media * Iran says finds shale oil reserves in western province * Signs suggest truck driver who killed four soldiers supported Islamic State-Israeli PM * U.N. chief concerned Iran may have violated arms embargo -report * Syrian air strikes resume on rebel-held Damascus water-source valley EGYPT * Yields ease on Egypt''s three, nine-month T-bills in weekly auction * Egypt, world''s largest wheat buyer, appoints new head of agriculture quarantine * Egypt''s GASC postpones tender for raw sugar * Egypt''s pound strengthens at banks as demand from importers eases * Egyptians unimpressed by Sisi''s promise of economic recovery SAUDI ARABIA * Saudi embrace of ride-hailing apps drives economic, social change * Two suspected militants killed in Saudi security operation UNITED ARAB EMIRATES * Dubai''s DAMAC Properties expects to maintain 25 pct dividend * MOVES-Dubai''s Network International appoints new CEO KUWAIT * BRIEF-Kuwait Food convenes meeting on Jan 9 to discuss Adeptio''s mandatory offer BAHRAIN * BRIEF-Aluminium Bahrain records metal production of 971,420 metric tonnes in 2016 Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL5N1EZ09J'|'2017-01-09T11:31:00.000+02:00'
'73be47619a50592588dd5dcdcaa76d70f5242234'|'Big Tobacco’s technology battle heats up'|'All the benefits of a standard Digital Subscription plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets Brexit Briefing - Your essential guide to the impact of the UK-EU split'|'ft.com'|'http://www.ft.com/rss/companies/personal-goods'|'https://www.ft.com/content/3ccee21e-c7a8-11e6-8f29-9445cac8966f?ftcamp=published_links%2Frss%2Fcompanies_personal-goods%2Ffeed%2F%2Fproduct'|'2017-01-10T12:38:00.000+02:00'
'5b88ec15db2c98b2a1639deae7638011d650585a'|'Regeneron CEO says Amgen not putting patients first in patent dispute'|'Business News -  02am GMT Regeneron CEO says Amgen not putting patients first in patent dispute By Bill Berkrot Regeneron Pharmaceuticals ( REGN.O ) Chief Executive Len Schleifer on Monday ripped into Amgen Inc ( AMGN.O ) for its insistence on blocking sales of a rival Regeneron cholesterol drug while the appeals process in a patent infringement case plays out. A federal judge last week handed Regeneron and its partner Sanofi ( SASY.PA ) a stunning setback by banning sales of their LDL-lowering medicine Praluent, finding it infringed patents held by Amgen on its Repatha cholesterol drug. Regeneron and Sanofi were given 30 days before the ban takes effect to give them time to appeal. That was extended to 45 days on Monday. Speaking at the annual JP Morgan Healthcare Conference in San Francisco, Schleifer said Amgen had refused a request to delay any ban of Praluent sales until the appeal is heard, even though the judge in her ruling had said competition among the two drugs was in the public interest. "If they really cared about patients they wouldn''t rip this drug from patients," the outspoken Schleifer said. "To say that you cannot wait, is that putting patients first? It''s no small wonder that our industry isn''t beloved," he continued. "If this industry is to survive, we have got to do the right thing by patients ... and still adequately reward our investors," Schleifer said. Earlier at the conference, Amgen CEO Robert Bradway reiterated that his company intended to defend its patents. He declined to say whether Amgen would consider a settlement in the case. Amgen did not immediately respond to a request for comment on Schleifer''s statements. The expensive injectable drugs from both companies dramatically lower "bad" LDL cholesterol by blocking a protein called PCSK9. Both companies are expecting data this year that is likely to show that the drugs also cut the risk of heart attacks and deaths. Amgen''s Bradway said he does not expect that data to be added to the Repatha label until 2018, and Amgen would not be allowed to promote those heart benefits until they are in the label. Without proof that the drugs prevent heart attacks, health insurers have been denying payment for three quarters of Repatha prescriptions written, Amgen said. The drug had just $40 million in third quarter sales. Amgen said if all Repatha prescriptions written had been filled it would be well on its way to being a $1 billion drug. Regeneron has run into similar resistance to Praluent with insurers refusing to pay for it. (Reporting by Bill Berkrot; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-regeneron-pharms-amgen-cholesterol-idUKKBN14U05O'|'2017-01-10T09:02:00.000+02:00'
'28a2a5283b6d737ed8d7d502d237cc8313e243dd'|'France wants ''multiple shareholder'' solution to STX France: Hollande'|'PARIS France wants a "multiple shareholder" solution to STX France, the shipbuilding company being sold off, French President Francois Hollande said on Tuesday."We are working with the aim that the state can remain a minority shareholder, we want a multiple shareholder solution," Hollande said, speaking at a news conference held with Italian Prime Minister Paolo Gentiloni.Italian shipbuilder Fincantieri ( FCT.MI ) has made a bid for STX France, but France - which owns 33 percent of the company - wants to ensure that the French state remains a key stakeholder in the firm.The head of French state-controlled military shipbuilder DCNS also said last week it was "very likely" that DCNS - in which Thales ( TCFP.PA ) has a minority stake - would enter into the capital of STX France.The sale of STX France, which specializes in building cruise ships at the Saint-Nazaire shipyard and is profitable, forms part of a broader sell-off of businesses following the demise of the South Korean STX shipbuilding group.(Reporting by Jean-Baptiste Vey and Sudip Kar-Gupta; Editing by John Irish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stx-france-m-a-idINKBN14U1OC'|'2017-01-10T11:03:00.000+02:00'
'9716fa5de2be9b473b2b854c5aac2cb8a9202e76'|'U.S. wholesale inventories post biggest rise in two years'|'Industrials   10:01am EST U.S. wholesale inventories post biggest rise in two years WASHINGTON Jan 10 U.S. wholesale inventories in November rose slightly more than previously reported, posting their largest gain in two years and suggesting inventory investment would again support economic growth in the fourth quarter. The Commerce Department said on Tuesday wholesale inventories rose 1.0 percent after slipping 0.1 percent in October. That was the largest increase since November 2014. The department reported last month that wholesale inventories rose 0.9 percent in November. The component of wholesale inventories that goes into the calculation of gross domestic product - wholesale stocks excluding autos - increased 0.7 percent in November. Inventory investment contributed half a percentage point to the economy''s 3.5 percent annualized growth rate in the third quarter. Inventories had weighed on GDP growth since the second quarter of 2015. A report last week showed stocks at manufacturers increased in November for a second straight month. Data on retail inventories due to be released on Friday could shed more light on the size of the boost to fourth-quarter GDP from inventory investment. The Atlanta Federal Reserve currently forecasts GDP rising at a 2.9 percent pace in the fourth quarter. In November, wholesale stocks of farm products surged 5.0 percent after a rise of 2.9 percent in October. Wholesale inventories of petroleum climbed 2.7 percent, while automobile stocks increased 3.2 percent. Machinery inventories fell 0.2 percent in November. Sales at wholesalers rose 0.4 percent in November after a gain of 1.1 percent in October. Sales were lifted by a 1.3 percent rise in sales of machinery as well as a 0.5 percent increase in sales of automobiles. At November''s sales pace it would take wholesalers 1.32 months to clear shelves, up from 1.31 months in October. While that ratio has declined from the 1.37 months touched in January, which was the highest since March 2009, it remains relatively high. That suggests limited scope for a strong increase in wholesale inventory investment. (Reporting by Lucia Mutikani; Editing by Paul Simao) Next In Industrials MIDEAST STOCKS-Egypt rises but foreign funds sell; oil pulls down Saudi DUBAI, Jan 10 Egypt''s stock market rose strongly on Tuesday but foreign funds were net sellers for a second time since the Egyptian pound was floated on Nov. 3. Gulf markets diverged with Saudi petrochemical shares hit by weak oil prices.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-economy-inventories-idUSL1N1EZ1MM'|'2017-01-10T22:01:00.000+02:00'
'8a7a9d64b6ee1ce5dcc34ecdedb86343dd2a31a0'|'Protectionism''s winds of change are blowing, but the left can make it work - Business'|'N ext week will see protectionism take centre stage globally as the Davos elite gathers to vent about its rise , and the Twitter protectionist Donald Trump becomes US president.Yet there is a left, green alternative that could effectively challenge the rise of the extreme right, while giving voters hope for a better future. In my new book Progressive Protectionism: Taking Back Control , I detail why progressives should endorse the controlling of borders to people, capital, goods and services, but not as occurred in the 1930s, when governments attempted to protect domestic jobs while still wanting to compete and export globally at the expense of others.Progressive Protectionism, by contrast, aims to nurture and rebuild local economies in a way that permanently reduces the amount of international trade in goods, money and services and enables nation states to control the level of migration that their citizens desire. This approach can return a sense of optimism to the majority through championing policies geared to achieving more job security, a decrease in inequality and protection of the environment worldwide.Parody-defying World Economic Forum must do better Read more Jeremy Corbyn could play a key role here. His first tremulous steps towards endorsing “managed migration” are, of course, welcome. However, his fantasy that the UK can prosper out of the EU and protect domestic industry ignores how vulnerable a go-it-alone UK will be. Big business will threaten relocation and investment strikes should the government have the temerity to try to significantly improve social, employment and environmental conditions.Instead Corbyn should use next month’s London meeting of European socialist parties to discuss how all EU member states can cooperate to reverse the present political, social and economic instability that haunts the whole continent. This should prioritise the protection and rebuilding of local economies and so provide a positive answer to voters’ concerns. To achieve this, a debate needs to be started about why Europe needs a progressive protectionism to replace the increasingly discredited Treaty of Rome with a “Treaty of Home Europe-wide”. Cross-border issues such as responding to non-European migration, climate change, pollution, crime and military security would still of course require intra-European cooperation.This might sound far fetched, but such an approach by Europe’s left would belatedly allow them to play catch up with the extreme right and Trump. The latter at present has the political monopoly on policies for curbing high migration and protecting local jobs from imports. Given the key elections looming this year in the Netherlands, France and Germany, addressing immigration and insecurity is something the left will have no choice but to do anyway.For this huge transition towards the protection of local economies to be achieved would also need a large scale, coordinated campaign by those who will eventually benefit from such changes. This will involve the constant reiteration of how the “Treaty of Home” will benefit domestic economic activity and services as compared with the present adverse effects of the four so called freedoms. These have included foreign steel and other imports hurting manufacturing, overseas companies snapping up domestic ones, foreign landlords leaving investment homes empty, the gig economy increasing job insecurity and inadequately controlled immigration growing alarmingly.Under pressure from angry, disadvantaged citizens and extreme right parties, European Governments of every political hue are increasingly being forced to take border controls seriously. Those of us who last June voted for remain, but to reform Europe, were frequently told that the political elite would never change direction. However as the complexity, long timetable and costs of Brexit become clearer, once controlling the free movement of people across Europe is on the table, then a second referendum, or a parliamentary vote on the Brexit on offer, could lead to a very different result. It could unite the huge numbers of remainers and Brexiters who want both controls on immigration and a mutually beneficial relationship with our European neighbours. Huge changes are coming in 2017. The successes achieved by Trump and Nigel Farage, the gains expected for Marine Le Pen and Geert Wilders, and the crumbling lead of Angela Merkel will make those who still claim that globalisation and large scale immigration are irreversible appear as quaintly passé as those who once asserted that the sun would never set on the empire. Colin Hines is the author of Progressive Protectionism'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/economics-blog/2017/jan/12/protectionisms-winds-of-change-are-blowing-but-the-left-can-make-it-work'|'2017-01-12T15:00:00.000+02:00'
'42bc82dd9364d3d71a1993110009d35dded20565'|'OPEC secretary-general expects oil inventories to fall by Q2'|'  12:58pm IST OPEC secretary-general expects oil inventories to fall by Q2 A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria December 10, 2016. REUTERS/Heinz-Peter Bader/File Photo ABU DHABI OPEC expects to see global oil inventories fall by the second quarter of this year in response to producers'' agreement to cut output, OPEC Secretary-General Mohammed Barkindo said on Thursday. Speaking to reporters on the sidelines of a conference, Barkindo said OPEC had no specific oil price objective in mind, but wanted a price that would sustain investment in the oil industry. Asked whether there was a risk that Iraq would not keep to its agreement to reduce output, Barkindo said he had met with Iraqi officials and saw no reason to doubt that Iraq would implement its cuts fully. He also said that in general, he was confident that producers were committed to the deal between OPEC and non-OPEC states. It would be premature to say whether the deal will need to be extended beyond six months, he said. (Reporting by Stanley Carvalho and Rania El Gamal; Writing by Andrew Torchia) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/opec-oil-idINKBN14W0QG'|'2017-01-12T14:28:00.000+02:00'
'7ceaf9591a16f4612e7c1b6f78bb8d8dfc497c44'|'Rail strike: search goes on for job Failing Grayling can''t do badly - John Crace - Business - The Guardian'|'B efore his appearance at transport questions in the Commons, Chris Grayling was last seen being pushed to the back of the queue at Clapham Junction railway station as he fought with other commuters to get in to work during Monday’s tube strike.You might have imagined the transport secretary would have rolled with the punches on that one: Failing Grayling has been demoted so often in his political career, as David Cameron and Theresa May have vainly searched for a job he can’t do badly, that there should have been a certain familiarity to his predicament.Quite the opposite. Instead of acceptance, there was rage. The scars still throbbed as Grayling unburdened his heartache. Wisely choosing to focus on the three days of mayhem on Southern rail rather than the tube strike which was in large part a result of an unresolved dispute on Boris Johnson’s watch as London mayor, Failing time and again spoke of the hardship that he and thousands of others had suffered – even going so far as to suggest he was considering legislation to limit further strikes.In Grayling’s view, the strikes were entirely the responsibility of a lazy workforce who were merely using the pretext of safety as a disguise for having a few days off and making commuters’ lives a misery. Never once did it appear to have crossed his mind that at least half the responsibility for the mess lay with Southern operator Govia – a company that most people wouldn’t trust to run a Hornby model railway set safely and to time. No. Failing couldn’t see further than his humiliation at Clapham Junction and was determined to lash out by making sure many more people would feel his pain. Starting with those to the south-east of London .Labour’s Matthew Pennycock asked why the minister was so keen to repeat the mistakes of Southern in his proposed solution for the new Southeastern franchise. Failing was adamant he wasn’t politicising the situation. It was just that he didn’t want a Labour mayor getting his fingers anywhere near his train set.Andy McDonald, the shadow transport secretary, couldn’t believe what he was hearing. “He has put party politics ahead of passengers and clearly prefers to see trains running late than running on time under Labour,” he said. “Will he now agree to an independent assessment of the proposal by a respected figure outside his department, given yesterday’s revelations of conflicting commercial interests, to restore credibility to the process?”The short answer was no. Not until McDonald condemned the strikes and told everyone to go back to work. Next, Failing wanted to move on to the triumph of HS2. You could feel some of the transport secretary’s composure return at this point. No matter how badly he does his job, there’s little chance of him still being in it by the time the first piece of track has been laid. Let alone by the time it was up and running.Could he explain why the Adam Smith Institute had predicted the costs could rise to £80bn with each mile of track costing nine times more than in France, asked the SNP’s Margaret Ferrier. Easy. It was because we were nine times keener on protecting the environment. Where the French just left leurs hérissons (their hedgehogs) to fend for themselves, we were giving all ours intensive therapy and brand-new starter homes. An admirable sentiment. But perhaps the money might have been better spent on the NHS.At which point, the Conservative Martin Vickers woke up, demanding to know why there were now only Saturday train services to Cleethorpes. Failing grinned. He had that covered. He wanted to see more over-crowded trains. Over-crowded trains were a sign of how popular rail travel had become under privatisation. Commuters ought to be thrilled to be squashed together like sardines. And the later trains ran, the better it would be as there would be more people on them. Go Govia.A few Labour MPs started shaking their heads. They were probably trying to work out why he had been so pissed off earlier in the week at his 45-minute delay.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/12/rail-strike-failing-grayling-cant-do-badly'|'2017-01-12T02:00:00.000+02:00'
'0773ca6928de79b88621c37848382b052ea957a3'|'Bank of Cyprus begins marketing 200m minimum subordinated bond'|'By Alice Gledhill LONDON, Jan 12 (IFR) - Bank of Cyprus has opened order books for a 200m minimum subordinated bond according to a lead.Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank and HSBC are marketing the 10-year non-call five-year Tier 2 bond at 9.5% area.The transaction is expected to be rated Caa3 by Moody''s. Bank of Cyprus is rated Caa2 by Moody''s and B- by Fitch.It will be priced later today. (Reporting by Alice Gledhill; editing by Alex Chambers)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bank-of-cyprus-bonds-idINL5N1F2276'|'2017-01-12T06:41:00.000+02:00'
'885e53c290546014da16d7f26c69724941475a27'|'UPDATE 1-UniCredit to complete cash call in time for bond payouts'|'Cyclical Consumer Goods  28am EST UPDATE 1-UniCredit to complete cash call in time for bond payouts (Recasts on share issue and bond coupons) MILAN Jan 12 UniCredit will complete a 13 billion euro ($14 billion) share issue by March 10, in time to make payouts due on some high-risk bonds, the Italian bank''s chief executive said on Thursday. Shareholders in Italy''s largest bank meet on Thursday to approve the country''s biggest ever cash call to help the lender clean up its balance sheet and restructure under Jean Pierre Mustier. New CEO Mustier detailed a plan last month to offload 17.7 billion euros in bad loans and cut 14,000 jobs. The bank said then that it would book 12.2 billion euro in one-off charges in the last quarter, with loan-loss provisions accounting for two thirds of the total. In a statement on Thursday, issued at the behest of market regulator Consob, UniCredit said that fourth-quarter charges could make it difficult for the bank to pay coupons on so-called Additional Tier 1 (AT1) bonds due in March if it does not carry out the share issue. AT1 instruments convert into shares if a bank''s core capital falls below a certain threshold and issuers can also cancel coupon payments at all times. Mustier, however, told La Stampa daily that UniCredit would not have to cancel AT1 payments. "It (the share issue) will be completed in time for the UniCredit bond payment on March 10," he said. Mustier said he had presented the share issue to more than 200 investors and that there was interest from both Europe and the United States, though he ruled out the possibility that a rival bank could buy a stake. "We''ll have only financial investors. Ours is a plan for standalone growth; we won''t turn it into something different," he said. The French banker also sought to dismiss long-standing concerns about a possible takeover of leading Italian insurer Assicurazioni Generali by French rival AXA. "Let''s put a stop to this paranoia," he said in the newspaper interview. Concerns have mounted in Italy that more Italian companies would fall prey to French rivals after Vivendi became the biggest shareholder in Telecom Italia and, more recently, aggressively built a large stake in broadcaster Mediaset. The appointment of a French CEO at Generali, which is headed by Philippe Donnet, and the arrival of Mustier at UniCredit have further stoked speculation. "For me, as an ''Italian citizen'', Generali is crucial for the country ... Generali must remain Italian, Mediobanca must preserve the insurer''s independence," Mustier said. UniCredit is the top shareholder in Mediobanca, which in turn is Generali''s biggest investor. ($1 = 0.9397 euros) (Reporting by Valentina Za; Editing by David Goodman) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-banks-unicredit-idUSL5N1F21M1'|'2017-01-12T16:28:00.000+02:00'
'a776675da4a408b55ed0764a0af0b64adb811a1e'|'John Lewis to cut staff bonus as it warns of ''challenging'' market - Business'|'John Lewis has warned that its annual bonus for staff will be significantly lower than last year as it said it was preparing for a “challenging” year ahead.This will be the fourth consecutive year that the group, which is collectively owned by its staff, has cut the payout. Last year its 91,500 employees, known as partners, were awarded bonuses of 10% of salary, down from 11%, averaging just over over £1,500 each .The highest-ever bonus paid by the group was 24% in 1988, but the peak in recent years was in 2011, at 18%.Lobster tweets lend Lidl bumper Christmas sales Read more Its decision to cut the payout comes despite a strong Christmas and expectations of higher profits. Chairman Charlie Mayfield said: “Although we expect to report profits up on last year, trading profit is under pressure. This reflects the greater changes taking place across the retail sector.“We expect those to quicken, especially in the next 12 months as the effects of weaker sterling feed through. We will now accelerate aspects of our strategy. This will involve a period of significant change, investment and innovation to ensure the partnership’s success.”“We have decided to comment on bonus implications at this stage because the partnership’s strong Christmas trading, the likelihood of higher reported profits, risk overshadowing the importance the board is placing on the challenging market outlook, our determination to maintain a strong balance sheet and our commitment to accelerating our strategy,” the group said.Sales at department stores open more than a year rose by 2.7% in the six weeks to 31 December as the group enjoyed strong fashion and homewares sales online.The Waitrose chain also had a strong Christmas with sales at established stores up by 2.8% over the period, partly thanks to strong trading at the group’s growing network of in-store cafes and restaurants.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/12/john-lewis-cut-staff-bonus-market-waitrose-christmas'|'2017-01-12T16:25:00.000+02:00'
'730b9bf0e2976c0c898894731d6ddb3f18b21fcf'|'UPDATE 1-UK estate agent Foxtons says sales could fall further in 2017'|'Wed Jan 11, 2017 - 3:19am EST Foxtons says sales could fall further in 2017 FILE PHOTO: A Foxtons estate agent sign is seen outside a branch in north London, Britain September 3, 2013. REUTERS/Suzanne Plunkett/File Photo LONDON London-focused estate agent Foxtons said sales could continue to fall this year after a slump in demand pushed down 2016 core earnings by nearly 50 percent, due to a property tax hike and the impact of Britain''s vote to leave the European Union. Foxtons, once a symbol of London''s surging property market, floated in 2013 ahead of the peak of the boom, and has since failed more than once to meet market expectations, including as early as 2014. The firm, known for its chain of coffee shop-style outlets and fleet of Mini cars, said earnings before interest, tax, deprecations and amortization (EBITDA) fell by 46 percent to 25 million pounds last year, lower than the 28 million forecast by a Thomson Reuters poll of analysts. Central London property prices have fallen sharply in recent months, according to a series of surveys, after a tax hike introduced in April hit demand for top-end homes, compounded by the uncertainty for particularly foreign investors of the Brexit vote. "(There was a) significant fall in sales volumes immediately following the first quarter of 2016," said Chief Executive Nic Budden. "Should current levels of sales activity continue in the short term, it is likely that 2017 volumes will be below those in 2016," he said. Britain''s third-largest housebuilder Taylor Wimpey also said on Wednesday that lower selling prices in central London had affected its performance, with the value of its full-year order book falling marginally. While overall revenue fell at Foxtons, fourth-quarter lettings revenue was flat at 13 million pounds, a strong area for the firm which could be hit by the introduction of a ban on lettings fees announced by the government in November. (Reporting by Costas Pitas; Editing by Kate Holton and Mark Potter) Up Next Ford affirms 2017 to be less profitable than 2016 DETROIT Ford Motor Co on Tuesday confirmed that it would be less profitable in 2017 than last year, even as cross town rival General Motors Co on the same day gave a much more upbeat forecast that surpassed Wall Street expectations.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-foxtons-results-idUSKBN14V0QW'|'2017-01-11T15:01:00.000+02:00'
'725c39f06a3acf2e3d9a1b2fe173950ac9326fee'|'UK banks'' share of corporate currency business dips'|'Foreign Exchange Analysis   12:02pm EST UK banks'' share of corporate currency business dips Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration, January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo By Patrick Graham - LONDON LONDON The share of Britain''s biggest banks in the market supplying UK companies'' daily foreign currency needs fell for a second year running in 2016 as firms made more use of new trading platforms and brokers, an industry report showed on Wednesday. Banking researchers East and Partners surveyed more than 2,000 small, medium and large British firms and found falls in both the volume of business done with banks and the number of companies using them as a primary provider. Barclays, HSBC and Lloyds remained the top three providers of currencies to companies, but all lost market share, to 14.3 percent, 13.5 percent and 10.6 percent respectively. Most other banks also saw declines. The only mainstream lenders gaining share were ING, Bank of America Merrill Lynch and Bank of China. The biggest non-bank provider was U.S. group Western Union, rising to 3.4 percent from 3.0 percent, followed by Monex, CMC, IG Markets, Saxo Bank and American Express. Small boutique providers doubled their share to 3.8 percent. "High Street banks continue to hold more than half the market but at best saw no growth or decline in their share," East and Partners'' head of client servicing Simon Kleine said. "There is a lot more shopping around, and we can see the effects both in terms of market and wallet share. Some international banks have seen small increases in share and there''s been a resurgence in growth by many non-bank providers." By offering companies currency at much tighter spreads between buy and sell prices than the rates banks give each other and their biggest clients, brokers have been instrumental in making forex trading as a whole more competitive. The biggest brokers say they have grown strongly by providing more consumer-friendly software for firms to use or by watching over the currency needs of company managers too busy to notice that, say, the dollar has hit levels where they would like, or need, to buy or sell. That has made millions for a generation of forex entrepreneurs but has also begun to draw a response from banks. A number have tightened the spreads offered on ordinary corporate transfers and some, such as German lender Deutsche Bank, have invested in new client service centres in cheaper locations outside London. (Reporting by Patrick Graham; Editing by Ruth Pitchford) Next In Foreign Exchange Analysis'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uk-britain-banks-forex-idUSKBN14V23Q'|'2017-01-11T23:59:00.000+02:00'
'23d65c615177b0f349165d4276feeb944613565c'|'UPDATE 1-Portugal yields fall after bond sale test; Trump appearance eyed'|'Bonds News   8:08am EST UPDATE 1-Portugal yields fall after bond sale test; Trump appearance eyed * Lisbon to sell 3 bn euros of 10-year bonds * President-elect Trump due to speak at 1600GMT * Italian court rules on labour reform referendum (Writes through) By John Geddie and Dhara Ranasinghe LONDON, Jan 11 Portuguese yields edged back from 11-month highs on Wednesday as the country got through one of its toughest bond sales in years, while safe-haven bonds were also in demand with investors nervous about an upcoming Donald Trump press conference. Wrestling a bank crisis, a sluggish economy and reduced support from the European Central Bank, Lisbon is poised to sell three billion euros of a new 10-year bond on Wednesday after attracting demand of more than 8.5 billion euros. "If you look at how much issuance Portugal needs to do this year, and we''re looking at around 16 billion euros, that''s already around 15-20 percent of their issuance in one go in this auction," said Orlando Green, European fixed income strategist at Credit Agricole. "That might be what the market is looking at and that may have given Portugal a small bid today." Germany sold 4 billion euros of 10-year debt on Wednesday at its regular auction, with strategists saying demand was supported by concern about Donald Trump''s first press conference since he won November''s U.S. presidential election. Trump''s calls for fiscal stimulus have pushed up inflation expectations, and with it stocks and bond yields. But his protectionist statements and jibes at China are considered potential sources of diplomatic tension that could roil markets. His press conference is scheduled for 1600GMT. German 10-year yields -- the bloc''s benchmark -- fell 3 basis points to 0.25 percent, keeping clear of Monday''s 0.325 percent three-week high. NORMALISE Portuguese 10-year yields fell 5 basis points to 4.01 percent. So did those in neighbouring Spain, which fell 5 bps to 1.43 percent. Italian yields also fell but lagged the rally slightly after news that its new Prime Minister Paolo Gentiloni had undergone emergency heart surgery . Portugal has been benefiting less than others from the trillions of euros the European Central Bank has spent buying bonds, and it is just one ratings downgrade away from being excluded from the ECB''s bond purchases altogether. Strategists said Portugal''s bond sale could ease concern about a lack of its debt available for the ECB bond-buying programme. "The new benchmark and the resulting injection of liquidity, PSPP-related purchases of Portuguese government bonds could well normalise to some extent, at least in the short term, and unfold their positive yield-compressing effect," DZ Bank strategist Sebastian Fellechner said. In southern Europe, investors are also waiting a ruling on Italy''s constitutional court on whether a request to hold a referendum on a 2014 labour-market reform is in line with the constitution. DZ Bank said it is "pretty unlikely" that a plebiscite will actually be held, even if the constitutional court approves the request. For Reuters new Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Editing by Larry King) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/eurozone-bonds-idUSL5N1F135J'|'2017-01-11T20:08:00.000+02:00'
'd98d3543ab1a85c91f3e78562237cefde1017efd'|'Monte dei Paschi to submit business plan to ECB in coming weeks'|'Business News - Tue Jan 10, 2017 - 6:14pm GMT Monte dei Paschi to submit business plan to ECB in coming weeks People use a cash machine of Monte Dei Paschi bank in downtown in Florence, Italy March 1, 2016. REUTERS/Tony Gentile MILAN Monte dei Paschi di Siena ( BMPS.MI ) will submit a business plan to the European Central Bank in the coming weeks, the Italian Treasury said on Tuesday as it prepares to inject 6.6 billion euros (£5.8 billion) in public money into the ailing bank. Economy Minister Pier Carlo Padoan met with the Tuscan lender''s top executives on Tuesday to start discussing the business plan. "The ECB will need to assess the validity of the plan in relation to the need to strengthen the bank''s capital," the Treasury said. The EU Commission will also need to examine the plan to make sure it complies with EU rules on state aid, it added. (Reporting by Valentina Za, editing by Isla Binnie) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-monte-dei-paschi-idUKKBN14U29P'|'2017-01-11T01:14:00.000+02:00'
'7868a1821ce3118f6e639dea04fb865a87a8ab51'|'China not to license Pokemon Go, similar games as it weighs security risks'|' 48am GMT China not to license Pokemon Go, similar games as it weighs security risks A passenger plays the augmented reality mobile game ''''Pokemon Go'''' by Nintendo inside a bus in Hong Kong, China August 12, 2016. REUTERS/Tyrone Siu By Sijia Jiang - HONG KONG HONG KONG Nintendo''s ( 7974.T ) hit smartphone app, Pokemon Go, and other augmented reality games are unlikely to be rolled out in China any time soon, after the state censor said it would not license them until potential security risks had been evaluated. Although not yet available in China, the world''s biggest smartphone and online gaming market, the location-based game developed by U.S-based Niantic took the world by storm when it was released last year. In the game, players must walk around real-life neighbourhoods to hunt and capture virtual cartoon characters on their smartphone screens. But Pokemon Go has been blamed for road accidents, some of them fatal, involving distracted players, while data privacy concerns over the geolocation app have also stirred controversy. Prompted by "a high level of responsibility to national security and the safety of people''s lives and property," the censor, the State Administration of Press, Publication, Radio, Film and Television, is coordinating with other government departments to evaluate the game''s risks, an industry body said. These risks include the "threat to geographical information security and the threat to transport and the personal safety of consumers", a games panel of the China Audio-video and Digital Publishing Association, which is governed by the censor body, said in a posting on its website. Some Chinese companies have been developing similar games based on augmented reality and location-based services, prompting the panel to seek advice from the top licensing body, it said. The game relies on Google services such as the company''s Maps application, which are blocked in China. Representatives of Niantic did not immediately respond to an emailed request for comment outside their working hours. (Reporting by Sijia Jiang; Editing by Clarence Fernandez)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-pokemon-idUKKBN14U0TV'|'2017-01-10T15:48:00.000+02:00'
'13a1dc918a8139364fdc05f977e35c701626d60f'|'Three alternative sources of investment yield'|'Three alternative sources of income for yield-hungry investors Consultants and fund managers are offering a broader range of assets Read next Renewable energy The rise in developed market government bond yields since Donald Trump’s US election victory has led to claims that the 30-year bond bull market is coming to an end. But for institutional investors, which rely on these income-producing assets to back their liabilities, government bonds remain expensive even after the Trump effect , which looks modest against the longer-term fall in yields. The need to chase yield elsewhere persists, and fund managers remain in the hunt. “We are looking under every stone for ideas to get away from traditional fixed income,” says Hani Redha, a multi-asset portfolio manager at PineBridge Investments. Here are three alternative fixed income asset classes piquing the interest of institutional investors. Catastrophe bonds © AP Catastrophe bonds, commonly known as cat bonds , underwrite the risk of natural disasters, most commonly US hurricanes. They are a useful tool for insurers looking for an alternative to the traditional reinsurance market, particularly given the unpredictability of such events, which makes pricing difficult. For institutional investors, they provide a regular premium income, paid as a spread over Libor or treasuries, and returns are presented as less correlated to traditional assets. These bonds come with what is known as an “attachment point”, where if the cost of the losses caused by the disaster reaches this level, the capital or a portion of it can be called upon by the insurers. Related article In the near term, a focus looms on the Federal Reserve and low interest rates Tuesday, 10 January, 2017 The market has grown steadily since its invention two decades ago, with industry data provider Artemis reporting that the level of capital at risk hit a record of $26.8bn at the end of 2016, from $14.4bn in 2011. Institutions invested in cat bonds include Danish pension manager PKA, which administers three pension funds with total assets of €34bn ($35bn). The manager holds catastrophe bonds as part of a growing alternative investment portfolio. The bonds delivered a return of 15.7 per cent in 2015. The asset requires investors to be comfortable with a high exposure to one geographic area, but also to keep an eye on what point they are at in the insurance pricing cycle, which swings with capital flows and triggering events. Build-to-rent © Getty Build-to-rent is becoming more popular as a fixed income alternative in the UK, a result of changes in both home ownership and investor sentiment. “Five years ago it wasn’t really on the institutional radar,” says Paul Richards, head of real estate at consultancy Mercer. House prices have risen so much in the past decade that many more people are forced to rent for the long term, but the UK’s rental stock is a mixed bag, in terms of the quality of both properties on offer and their landlords. Politicians and regulators are trying to create a more professionalised rental market by tightening lending standards , increasing taxes and abolishing the more exploitative tenancy fees . Long-term holders of capital such as insurance companies and pension funds have traditionally invested in commercial property but have been put off residential assets by the construction and tenancy risks involved. Yet growing demand for longer-term rental properties, with services that encourage higher occupancy levels and the attraction of making a spread above government gilt yields, has started to draw them in. The investments are either structured on a forward-funding basis, which requires the investor to provide capital upfront, or a forward-purchase basis, where payment is triggered by the legal completion of the site. Related article Two new build-to-let developments could point to the future for tenants Tuesday, 10 January, 2017 The latter is a preferred option of institutions keen not to get bogged down in construction, says Mr Richards, but listed housebuilders such as Telford Homes are enjoying a growing business from forward-funded schemes. Telford expects build-to-rent to make up half its business within three years. Dutch pension fund APG, which manages the retirement savings of 4.5m people, has been an early participant, launching an investment vehicle in partnership with housebuilder Grainger in 2013. Now converted into a real estate investment trust, if all goes to plan it will be responsible for 3,000 homes by 2020. In terms of the risks facing the asset class, government policy casts a substantial shadow, as demonstrated by the UK’s decision not to exempt large-scale purchasers from the stamp duty rise for second homes introduced last year. Renewable energy © AFP Renewable energy investment has evolved from a debt-heavy, private equity strategy focused on capital return to an income strategy for longer-term investors. Primarily focused on wind and solar assets, there are various other sub-asset classes such as biomass and hydropower. Fund managers again promise returns that are uncorrelated with traditional asset classes. There is global demand for long-term capital to fund renewable assets. In the UK, the National Audit Office estimates that nuclear and renewable energy will account for three-quarters of the country’s needs in 2035, compared with 46 per cent in 2015. Duncan Hale, a senior investment consultant at Willis Towers Watson, which advises pension funds across the globe, points to UK solar as one of the areas where there are several finished projects in need of long-term funding. “There has been a huge amount built over the past three years, almost exclusively in the 5MW-25MW band, which is being targeted by institutional investors,” he says. Renewables are a varied basket, and each sub-asset class has its own risks, though political risk is again prominent across the board. Some investor concerns around solar have been allayed as the investment has developed, says Mr Hale. Levels of sunshine are fairly stable each year, and infrastructure has improved, he says, but selling prices remain volatile. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/property'|'https://www.ft.com/content/a8bcc6ba-d25e-11e6-b06b-680c49b4b4c0'|'2017-01-10T13:03:00.000+02:00'
'b916343e07c5bc7194a22b2ea15cc3b949b995ce'|'ASIA CREDIT CLOSE: New issues outperform as market absorbs fresh notes'|'Financials   2:49am EST ASIA CREDIT CLOSE: New issues outperform as market absorbs fresh notes SINGAPORE, Jan 12 (IFR) - Asian credits were stable with fresh issues rallying in line with regional equity markets, which hit new 11-week highs. A weakening of the US dollar saw the MSCI''s broadest index of Asia-Pacific shares outside Japan surge 6% to its highest level since late October, according to Reuters. However, stocks were showing signs of weakness in the afternoon as the Shanghai Composite eased 0.5% and the Hang Seng index slipped 0.5%. Asian credit spreads remained steady and broadly unchanged from yesterday. The iTraxx Asia investment-grade index was indicated at 116bp/118bp. Taikung Insurance''s 2022s grabbed market attention in rallying in the early afternoon to 157bp/155bp over US Treasuries - the tightest for the day. The notes had priced at 168bp yesterday. The positive sentiment spilled into Adani Port''s 2022s, which had priced at 215bp yesterday. The new notes tightened to 210bp earlier, but widened slightly to 215bp/213bp in the afternoon. Standard Chartered''s AT1 saw little trade as traders waited for Europe to open for more activities to emerge. The 7.75% notes were stuck around 99.5/100, close to reoffer price at par. The new issues took some shine off other bonds that had priced recently. New World China''s 2027s were less actively traded, but remained strong with quotes at 225bp/223bp, well below reoffer price at 237bp. "There are a lot of new issues out there and, today, we are just starting to see a touch of weakness in the secondary market so far this week," said one trader. "The credits are not going wider, but (its) just that we need to see how much new supply there will be these two weeks. Every issuer is trying to hit the market before the last week of January, when the impact of the Lunar New Year holidays will seep in." (Reporting by Kit Yin Boey; editing by Dharsan Singh) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/markets-asia-debt-idUSL4N1F22WK'|'2017-01-12T14:49:00.000+02:00'
'1c8d83fa5c0915facf559b21460008046cc61e70'|'Marks & Spencer beats Christmas forecasts'|' 15am GMT Marks & Spencer beats Christmas forecasts left right Pedestrians walk past a branch of Marks & Spencer in northwest London, Britain July 8, 2014. REUTERS/Suzanne Plunkett/File Photo 1/2 left right A Marks & Spencer sign is seen outside outside a store in London January 8, 2014. REUTERS/Stefan Wermuth/File Photo 2/2 LONDON Marks & Spencer ( MKS.L ) soundly beat forecasts for Christmas trading as it reported its first quarterly rise in underlying clothing and homeware sales in nearly two years, delivering a boost to new boss Steve Rowe. Clothing & Home like-for-like sales rose 2.3 percent in the 13 Weeks to 31 Dec, beating a market forecast of a rise of 0.2 percent, while food was up 0.6 percent, also ahead of forecasts, it said on Thursday. (Reporting by Paul Sandle; editing by Kate Holton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-m-s-outlook-idUKKBN14W0P3'|'2017-01-12T14:15:00.000+02:00'
'f91170a22f2ddf9dce3517db0992b56e5f81dc89'|'Marks & Spencer, Tesco, Debenhams, Primark and JD Sports lead flurry of Christmas trading news – business live'|'A Christmas Market at Birmingham’s New Street last month. Photograph: Alamy Stock Photo Graeme Wearden Thursday 12 January 2017 07.22 GMT Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Key events Show 7.19am GMT 07:19 Marks & Spencer beats forecasts 7.06am GMT 07:06 The agenda: Masses of Christmas trading news Live feed Show 7.21am GMT 07:21 Today’s results are a boost to Marks & Spencer’s new CEO, Steve Rowe, who recently announced a turnaround plan for the business centered on its food business.Rowe says:“I am pleased with the customer response we have seen to the changes we are making in line with our plan for the business. I would like to thank the whole team for their hard work over this busy period. “In Clothing & Home, better ranges, better availability and better prices helped to improve our performance in a difficult marketplace. We also continued to substantially reduce discounting, including over Black Friday.“Our Food business continues to grow market share with customers recognising our product as special and different. Our Simply Food store pipeline remains strong.”Rowe warms, though, that consumer confidence remains “uncertain” in 2017.Updated at 7.22am GMT Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 7.19am GMT 07:19 Marks & Spencer beats forecasts Marks & Spencer has beaten City forecasts, with sales growth across its food, clothing and homeware operations. The high-street chain grew its like-for-like sales in the UK by 1.3%, led by a 2.3% jump in clothes and homeware.That’s a welcome return to form for M&S, after years of underperformance in this area.Zoe Wood (@zoewoodguardian) Can it be true M&S... clothing and home lfl +2.3%January 12, 2017 Food sales also did well, up 0.6% in a like-for-like basis (stripping out new stores).Here’s the details:Marks & Spencer’s trading update Photograph: M&S Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 7.13am GMT 07:13 And we’re off! A mass of trading news is flashing across the wires as all 12 retailers report their results to the City.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 7.06am GMT 07:06 The agenda: Masses of Christmas trading news You wait ages for a Christmas trading statement, and then 12 come at once. Photograph: Alamy Stock Photo Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. They’re calling it Retail Super Thursday in the City.No fewer than 12 of Britain’s shopping groups are reporting their financial results for the Christmas period this morning, giving a crucial insight into the UK economy.The list includes several big names -- Marks & Spencer , Tesco and Debenhams , along with JD Sports, SuperGroup, Mothercare, Associated British Foods (the owner of Primark), Moss Bros , ASOS , Booker , Dunelm , and AO.com .Mike van Dulken (@Accendo_Mike) A huge number of retailers updating markets tomorrow: AO., ASC, ABF, BDEV, DEB, DNLM, MCLS, MKS, MTC, MOSB, SGP, TSCOJanuary 11, 2017 Veteran analyst Nick Bubb sighs:“ Super Thursday ” is a nightmare for retail analysts with about a dozen Christmas trading announcements all coming out at once at 7am.But it’s worth it, guys, to find out how Britain’s high street and e-commerce sector fared during the first festive period since the Brexit vote.Also coming up.... There’s not much in the economic calendar today, apart from a report on German GDP in 2016 at 9am, eurozone industrial production figures at 10am, and the weekly US jobless report at 1.30pm.Plus, traders will be watching to see if the FTSE 100 can extend its run of record highs....Updated at 7.08am GMT Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close'|'theguardian.com'|'http://www.theguardian.com/business/tesco/rss'|'https://www.theguardian.com/business/live/2017/jan/12/marks-spencer-tesco-debenhams-primark-jd-sports-flurry-christmas-trading-business-live'|'2017-01-12T14:22:00.000+02:00'
'85e9ab0a01605b27b70c5b0b62d7484fd8e3f582'|'UniCredit CEO says important Generali stays Italian-paper'|'Cyclical Consumer Goods  11am EST UniCredit CEO says important Generali stays Italian-paper MILAN Jan 12 Italy''s top insurer Assicurazioni Generali must remain Italian, UniCredit''s CEO Jean Pierre Mustier told an Italian daily on Thursday, addressing speculation of a possible takeover by French rival AXA. Concerns have mounted in Italy that more Italian companies would fall prey to French rivals after Vivendi became the top shareholder in former monopolist Telecom Italia and, more recently, aggressively built a large stake in broadcaster Mediaset. The appointment of a French CEO at Generali, which is headed by Philippe Donnet, and at UniCredit have further stoked speculation. The head of the Lower House Budget Committee said on Wednesday there was a design to make UniCredit French to tighten the grip on Generali and Mediobanca. "Let''s stop being paranoid," Mustier told Italian daily La Stampa. "For me as an "Italian citizen" Generali is crucial for the country ... Generali must remain Italian, Mediobanca must preserve the insurer''s independence." UniCredit is the top shareholder in Mediobanca which in turn is Generali''s biggest investor. Mustier also said UniCredit would complete a bumper capital increase it has announced by March 10. (Reporting by Valentina Za) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-banks-unicredit-idUSI6N1EI01E'|'2017-01-12T14:11:00.000+02:00'
'0c189d37f1a78ac96be48f6365482b7608469edd'|'Maximum wage cap: how might it work? - Business'|'Did Jeremy Corbyn spell out how it might work? It’s unclear exactly what Corbyn meant but, in theory, a future government could legislate for a maximum wage, as it does for the minimum wage. Ministers could also legislate for a maximum ratio between the lowest- and highest-paid employees in an individual workplace.Short of that, ministers could use the tax system or public procurement contracts to reward companies with good remuneration practices.Corbyn proposes law to set a maximum limit for earnings - Politics live Read more Why is Jeremy Corbyn saying this now? Corbyn’s apparently unscripted proposal was the first clear example of a new year Labour relaunch. With his poll ratings grim, Corbyn’s advisers have decided to take a new, more populist approach.They want to emphasise the Labour leader’s credentials as an anti-establishment figure who has never signed up to what they see as a malign post-Thatcherite consensus, which led Labour and Conservative governments to deregulate business and privatise state assets in the belief it was the best thing for Britain’s economy.Would the policy work? It’s not a fleshed-out policy, it’s an aspiration or, perhaps more accurately, a howl of outrage. Corbyn believes many voters share his fury that highly paid corporate executives emerged all but unscathed from the financial crisis that plunged Britain into recession.The Conservatives will accuse him of being a wild leftwinger, and warn that such a policy would send businesses fleeing Britain, but as with some of Donald Trump’s most eye-catching policies, Corbyn’s team will hope what the public take away is someone willing to fearlessly take on fat cats – and the political establishment.Jeremy Corbyn calls for maximum wage law Read more What is the state of high pay in the UK? Sir Martin Sorrell, of the advertising agency WPP, was the highest paid chief executive of a FTSE 100 company in 2015, earning £70.4m. By contrast, the median annual gross pay in the UK in 2016 was £23,099.Workers in banking, excluding insurance and pension funding, have the highest average pay, with workers in the 90th percentile earning £111,183. However, the financial services industry also has the greatest disparity between median earnings and high pay, with a multiple of 3.1, as median wages were £35,793 in 2016.Has gap between the average worker and the highest paid grown? The gap between the pay of the average worker and CEOs has widened in FTSE 100 companies in the past decade. This year 4 January was the date on which the average FTSE 100 CEO’s pay overtook the earnings of the average worker for the year.Some companies in effect cap the pay of their highest earners by setting an earnings multiple based on average pay within the company. In 2004 the average multiple was 94, meaning the highest paid staff earned 94 times that of the average worker in the company. By 2014 that figure had soared to 150.Sorrell’s pay amounted to 1,444 times the average worker’s at the company. The average estimated pay of the Manchester United captain, Wayne Rooney, is £13.5m, while the average annual earnings per player at Manchester United in 2016 was £5.7m, according to the latest Global Sports Salaries Survey.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/10/maximum-wage-cap-how-might-it-work'|'2017-01-10T19:11:00.000+02:00'
'b8b92b8022511f00e5b7d1ad33457717e337cf21'|'Majestic Wine''s sales jump 15.3 percent in Christmas period'|'  7:38am GMT Majestic Wine''s sales jump 15.3 percent in Christmas period A general view of a Majestic Wine Warehouse in Cheadle Hulme, Stockport, north-west England on June 13, 2015. REUTERS/Andrew Yates Britain''s Majestic Wine Plc ( WINEW.L ) said group sales in the Christmas period rose 15.3 percent, aided by a strong performance in its retail and Naked Wine businesses. Sales at Naked Wine, which Majestic acquired in April 2015, rose nearly 30 percent. Life for like sales in its retail business, which trades from 210 outlets in the UK, grew by 7.5 percent. Majestic group sales for the 10 weeks to Jan. 2 rose 15.3 percent from 12.2 percent last year. The company gets nearly 30 percent of its annual sales in the Christmas period. (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-majestic-wine-outlook-idUKKBN14U0NR'|'2017-01-10T14:38:00.000+02:00'
'68894bebea77714ff778e4a448ffa104c38a36fb'|'Samsung Display plans to invest another $2.5 bln in Vietnam -Yonhap'|'Cyclical Consumer Goods - Tue Jan 10, 2017 - 3:33am EST Samsung Display plans to invest another $2.5 bln in Vietnam -Yonhap SEOUL Jan 10 Samsung Electronics Co Ltd''s display panel subsidiary plans to invest another 3 trillion won ($2.51 billion) in Vietnam to boost capacity, South Korea''s Yonhap News Agency reported on Tuesday, citing unnamed sources. Samsung Display is in talks with Vietnamese authorities about the additional investment, Yonhap reported without elaborating further. A Samsung Display spokeswoman declined to comment on the Yonhap report. A person familiar with the matter told Reuters separately on Tuesday the South Korean panel maker is considering additional investment in Vietnam but did not comment further including on how much the company plans to spend. Vietnam is a major smartphone manufacturing base for Samsung Electronics and its subsidiaries, which have already invested billions of dollars in the country. ($1 = 1,196.7700 won) (Reporting by Se Young Lee; Editing by Muralikumar Anantharaman) Next In Cyclical Consumer Goods REFILE-UPDATE 1-Alibaba''s Ma meets Trump, promises to bring one million jobs to U.S. NEW YORK/BEIJING, Jan 10 Alibaba Executive Chairman Jack Ma met U.S. President-elect Donald Trump on Monday and laid out the Chinese e-commerce giant''s new plan to bring one million small U.S. businesses onto its platform to sell to Chinese consumers over the next five years, an Alibaba spokesman said.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/samsung-elec-vietnam-idUSS6N1CU00Z'|'2017-01-10T15:33:00.000+02:00'
'92b4c5876a9752afd6481b280dfe28949d31fbfc'|'UPDATE 1-Portugal net borrowing to reach 12.4 bln euros in 2017 - IGCP'|'Financials  52am EST UPDATE 1-Portugal net borrowing to reach 12.4 bln euros in 2017 - IGCP (Updates with details throughout) LISBON Jan 10 Portugal''s IGCP debt agency said on Tuesday it would issue between 14 and 16 billion euros of treasury bonds in 2017 and the country''s net borrowing needs would reach 12.4 billion euros ($13.11 billion). In the country''s financing programme for 2017, IGCP said the figure for net borrowing this year includes the 2.7 billion euros the government has already pre-funded to capitalise state-owned bank Caixa Geral de Depositos this year. "The financing strategy for 2017 will be focused on the Portuguese government bonds curve with regular issuance of government bonds to promote liquidity and the efficient functioning of the primary and secondary market," the agency said. "Opportunities to perform bond exchanges and buyback will be further explored," it added. Portuguese bond yields have risen sharply in the past few weeks, partly on concerns the European Central Bank may soon reach the limit it can purchase of Portuguese debt under its asset-purchasing programme. The government hopes yields will decline on the back of improving economic fundamentals. IGCP made no mention in the statement of a syndicated bond issue, which some market observers expect to be launched as soon as this week. But it said that its gross issuance amount of government bonds will be met through a combination of auctions and syndicated issues. Bond auctions will be held on the second, fourth or fifth Wednesday of every month. It said it will issue debt under its euro medium term notes programme "depending on market opportunities that suit the overall financing strategy". The IGCP said issuance of treasury bills will have no impact on net financing this year and it will hold bill auctions on the third Wednesday of each month. In the first quarter, treasury bill auctions will be held on Jan. 17, Feb. 17 and March 17. ($1 = 0.9462 euros) (Reporting By Axel Bugge; Editing by Andrew Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/portugal-debt-idUSL5N1F038P'|'2017-01-10T19:52:00.000+02:00'
'baa96a3bd90b9ee9fc4e3d0c936bd0cd57bce484'|'Turkey''s Akbank sees 10-12 pct asset growth in 2017'|'Financials  29am EST Turkey''s Akbank sees 10-12 pct asset growth in 2017 ANKARA Jan 10 Turkish lender Akbank expects to match the banking sector with an annual growth of 10-12 percent in assets, loans and deposits in 2017, it said on Tuesday. Akbank, Turkey''s third-largest listed bank by assets, said in a statement to the Istanbul stock exchange that it expected a 11-13 percent compound annual growth rate between 2017 and 2019. It also said a non-performing loan ratio of 2.5 percent and capital adequacy ratio of 14 percent was forecast this year. (Reporting by Ceyda Caglayan; Writing by Ece Toksabay; Editing by Nick Tattersall) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/turkey-akbank-forecasts-idUSA4N1D1037'|'2017-01-10T22:29:00.000+02:00'
'bdb76bc4aff081a15a0ed4900963f74ae894c896'|'Brexit could put tens of thousands finance jobs at risk: executives'|' 28am EST Brexit could put tens of thousands finance jobs at risk: executives Workers are seen in office windows in the financial district of Canary Wharf in London, Britain, November 3, 2015. REUTERS/Kevin Coombs/File Photo By Huw Jones and Andrew MacAskill - LONDON LONDON Tens of thousands of jobs in Britain''s financial services sector could be lost if euro clearing shifts to continental Europe and full access to the bloc''s single market is lost, top industry officials said on Tuesday. London has become the world''s biggest center for clearing euro-denominated financial contracts, and some continental policymakers want this shifted to the euro zone after Brexit. Xavier Rolet, chief executive of the London Stock Exchange Group ( LSE.L ), owner of the world''s biggest clearing house for euro-denominated contracts, said that without clarity on what happens to markets after Brexit, clearing customers in London will leave. Some tens of thousands of jobs could leave London, not just from clearing itself, but also from ancillary services like software and IT, risk management, and administrative staff, Rolet told parliament''s Treasury Select Committee. To avoid customers quitting London when Britain begins formal divorce talks with the EU in March, existing rules should stay in place until 2022 to avoid disruptions that could undermine financial stability, Rolet said. Already, banks with large London operations say they will step up lobbying European officials because they are running out of arguments to convince the British government the industry needs single market access. Douglas Flint, chairman of HSBC bank HBSA.L, told the lawmakers that banks without operations elsewhere in the EU will likely trigger migration plans immediately after EU divorce talks begin in March, estimating that "tens of thousands" of jobs are linked to EU "passporting" rights. Currently, banks have passporting rights, allowing them to operate across the 28-nation bloc from a base in Britain. They could lose this right under Brexit. Possible job losses in banking would depend on how lenders in Britain negotiate new licenses with regulators on the continent, raising question marks about the back office staff across Britain''s regions. This could hit JPMorgan ( JPM.N ), Citigroup ( C.N ) and Deutsche Bank ( DBKGn.DE ) which currently employ thousands of back-office staff in regional cities around Britain in places such as Bournemouth and Glasgow. "Clearly you would need to move the front part of the business," Flint said. "The question would be whether the negotiation would allow the middle and back office, the settlement, the risk management, the accounting and so on to be done out of the EU 27." Rolet said that since Britain''s referendum on the EU, he has heard of calls made by continental European regulators to customers, warning them of the risk of euro clearing leaving Britain. "That resulted in commercial pressure on our business," Rolet said. The EU is reviewing its derivatives trading and clearing rules which could include ways to making it impossible to clear euro-denominated contracts in the UK, Rolet said. "Those sort of pesky, well-targeted, seemingly minor regulations that actually have a major impact on customer behavior." It would amount to an effective control on currencies in the EU and backfire on the bloc, he added. Flint, Rolet and Allianz Global Investors Vice Chair Elizabeth Corley appearing before the lawmakers all said a transitional deal would need to last until at least 2021 to allow companies enough time for a smooth departure from the EU. Flint said one of his biggest concerns is that by Britain leaving the EU the regulatory rules that have converged in the decade since the start of the global financial crisis risk being fragmented, undermining economic stability. "After 10 years of putting it in place it would in my view, be seen with hindsight, as one of the worst actions that could have ever taken place," Flint said. (Reporting by Huw Jones and Andrew MacAskill, editing by Susan Thomas)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-finance-idUSKBN14U1VY'|'2017-01-10T22:28:00.000+02:00'
'a7845ddd5b633e78bd37ef82916a8e34fc27155a'|'Brent clear-up to test ‘leave no trace’ obligation'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/companies/uk'|'https://www.ft.com/content/75272458-d457-11e6-b06b-680c49b4b4c0?ftcamp=published_links%2Frss%2Fcompanies_uk%2Ffeed%2F%2Fproduct'|'2017-01-09T12:30:00.000+02:00'
'aa3a156d1e905b1cb8d4ea5e9a202dc345da56ba'|'Arnold Donald, Carnival CEO'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/companies/travel-leisure'|'https://www.ft.com/content/3201e790-9abd-11e6-b8c6-568a43813464?ftcamp=published_links%2Frss%2Fcompanies_travel-leisure%2Ffeed%2F%2Fproduct'|'2017-01-08T19:24:00.000+02:00'
'a4528c8ece59898c586c8a27bfcfd30f04ffe0ee'|'CNN says its reports on Trump intel documents different from Buzzfeed''s'|'Company News  20pm EST CNN says its reports on Trump intel documents different from Buzzfeed''s Jan 11 CNN, the news division of Time Warner Inc , said on Wednesday that its decision to publish "carefully sourced reporting" on unverified intelligence documents concerning Donald Trump is "vastly different than Buzzfeed''s decision to publish unsubstantiated memos." CNN''s statement came after President-elect Trump called the news outlet "fake news" and refused to take a CNN reporter''s questions at a news conference. (Reporting By Jessica Toonkel; Editing by Toni Reinhold) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-cnn-idUSL1N1F11L8'|'2017-01-12T01:20:00.000+02:00'
'9f12a81f23283345cdcd78656f311679ddc0731d'|'Futures flat ahead of Trump news conference'|'U.S. stock index futures were little changed on Wednesday ahead of President-elect Donald Trump''s first formal news conference where he is expected to give more insight into his plans to boost economic growth.Trump, who takes office on Jan. 20, is scheduled to speak in New York at 11:00 a.m. ET (1600 GMT).Trump''s election in November sparked a record-setting rally, but investors now want evidence on whether he keeps his campaign-trail promises to stimulate the economy through increased public spending, tax cuts and the repatriation of U.S. companies'' funds from overseas.The dollar .DXY, which has also basked in Trump''s victory, was up against the yen. However, concerns of some of his protectionist statements have kept investors wary.Keeping futures afloat were oil prices, which edged up for the first time in three days after Saudi Arabia provided details of a February supply cut to some of its Asian customers. [O/R]Investors are also closely watching the upcoming corporate earnings season, which kicks off with big banks on Friday, to see if financial results can support the lofty valuations Wall Street is trading at.The combined profit of S&P 500 companies is estimated to have risen 5.8 percent in the fourth quarter - the best in three years - largely helped by financials stocks, according to Thomson Reuters I/B/E/S.New York Federal Reserve President William Dudley is expected to speak on banking regulations at 01:20 p.m. ET.Among stocks, Merck ( MRK.N ) rose 1.85 percent to $61.03 premarket after the FDA agreed to a speedy review of the company''s application to combine immunotherapy with other drugs to treat lung cancer.AstraZeneca ( AZN.N ) and Bristol-Myers ( BMY.N ), which are also developing similar therapies, were down 1.5 percent and 3.3 percent, respectively.Archer Daniels ( ADM.N ) fell 5.6 percent to $41.96 after China increased punitive tariffs on U.S. imports of an animal feed which would affect the global ethanol trader.(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN14V1FS'|'2017-01-11T15:26:00.000+02:00'
'54e5b42f6315184d9f9114f5967460b7d8a4fe55'|'Viacom''s David Lynn to head international media networks unit'|'Jan 11 Media company Viacom Inc said on Wednesday that David Lynn would lead its international media business, Viacom International Media Networks (VIMN), replacing Chief Executive Bob Bakish.Lynn will report to Viacom Chief Executive Bob Bakish who previously lead VIMN.VIMN, which includes popular entertainment channels Nickelodeon, Comedy Central and MTV, has been a bright spot for the company as it struggles with declining advertising revenue and ratings.Lynn will have management oversight of the company''s media networks and related businesses outside the United States, Viacom said.The appointment comes as several high-ranking executives including Doug Herzog and Denise Denson left Viacom last year. (Reporting by Narottam Medhora in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/viacom-reorg-idINL4N1F13QX'|'2017-01-11T09:59:00.000+02:00'
'5b2bb99997badad500cfa86119efe5e9d0b7decb'|'Imperial Brands, China Tobacco plot M&A with joint venture'|'  2:01pm GMT Imperial Brands, China Tobacco plot M&A with joint venture Britain''s Imperial Brands ( IMB.L ), the world''s fourth-biggest tobacco company, has moved to gain a foothold in the largest cigarette market through a joint venture with state-owned China National Tobacco (CNTC). The joint venture, Global Horizon Ventures Limited (GHVL), will be based in Hong Kong and link Imperial with CNTC subsidiary Yunnan Tobacco, which controls over one-fifth of the Chinese market. "Further tobacco and next-generation product launches, as well as potential M&A opportunities, will also be evaluated by GHVL in due course," Imperial Brands said in a statement. The two companies said the joint venture will grow Imperial''s West and Davidoff brands in China, and Yunnan''s Jade and Horizon brands internationally. China is by far the world''s largest tobacco market, selling about 2.5 trillion cigarettes a year, or about one in every third cigarette smoked. The market is dominated by state-owned monopoly CNTC, which set up a different joint venture with British American Tobacco ( BATS.L ) in 2013. (Reporting by Noor Zainab Hussain in Bengaluru and Martinne Geller in London; Editing by Jason Neely and Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-imperial-brands-jv-china-idUKKBN14V1KS'|'2017-01-11T21:01:00.000+02:00'
'92e49618545c0931702536a85b92e3d48ef102d7'|'Department store House of Fraser reports 2.7 percent rise in sales'|' 54am GMT Department store House of Fraser reports 2.7 percent rise in sales Singer Rihanna holds a bottle of her fragrance ''''Reb''l fleur'''' at its launch at a House of Fraser department store on Oxford Street in London August 19, 2011. REUTERS/Stefan Wermuth LONDON British department store House of Fraser on Wednesday reported a 2.7 percent rise in underlying sales over the Christmas period, helped by record trading in the last two weeks of December. House of Fraser also said that Black Friday sales rose 2.7 percent compared to last year, with online business accounting for around 41 percent of total sales across the six day period. The firm''s Christmas period runs from the six weeks to the end of the year. House of Fraser competes with the likes of John Lewis, Marks & Spencer ( MKS.L ) and Debenhams ( DEB.L ) which all update on Christmas trading on Thursday. (Reporting by Alistair Smout; editing by Kate Holton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-house-of-fraser-outlook-idUKKBN14V0TP'|'2017-01-11T15:54:00.000+02:00'
'efb36e338c0cc6557061983d02626bc5484096fd'|'MIDEAST STOCKS-Steeper fall in oil may hurt Saudi, UAE could outperform again'|'Financials   12:51am EST MIDEAST STOCKS-Steeper fall in oil may hurt Saudi, UAE could outperform again DUBAI Jan 11 A further decline in oil prices to their lowest level in nearly a month may cause further selling of Gulf petrochemical shares on Wednesday, with Saudi Arabia''s equities index testing technical support. Brent crude futures fell 2 percent on Tuesday, extending the previous session''s sell-off, because of doubts over producers'' plans to cut output. Petrochemical makers, which make up roughly one-quarter of Saudi Arabia''s market, were the main drag there on Tuesday. The index, last at 7,008 points, looks set to test technical support on its mid-December low of 7,002 points. However, as Saudi earnings reporting season begins, some petrochemical producers are likely to be favoured over others. Santhosh Balakrishnan, senior analyst at Riyad Capital, said Sahara Petrochemical for example had strong key partnerships with global and regional producers allowing it to benefit from cost synergies. Shares in Yanbu National Petrochemical Co (Yansab), a subsidiary of Saudi Basic Industries Corp, may outperform its peers on Wednesday after reporting a 53.4 percent rise in fourth-quarter net profit to 602.85 million riyals ($160.7 million), in line with analysts'' forecasts. United Arab Emirates markets may continue to outperform the region on Wednesday because the UAE economy is less dependent on oil. (Reporting by Celine Aswad; Editing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1F10HK'|'2017-01-11T12:51:00.000+02:00'
'5df8fbb6ea6f44ffb89277adb4f28daf9d5e0a3d'|'Talks with Chinese investors in Areva focus on governance: French minister'|'PARIS The French government''s talks with Chinese investors about taking a minority stake in nuclear fuel group Areva NewCo, which is being split off from Areva ( AREVA.PA ), are focusing on governance, French Industry Minister Christophe Sirugue told Reuters on Wednesday.Areva said last month that two investors have made a 500 million euro ($526.40 million) offer for a combined 10 percent stake in NewCo.It has not specified who they are but a source familiar with the situation said the two investors are Japan''s Mitsubishi Heavy Industries ( 7011.T ) and JNFL. Talks are continuing with China''s National Nuclear Corporation about also taking a minority stake in NewCo."These talks are continuing and focus on governance issues, and on the issue of the balance between the different third-party investor parties," Sirugue told Reuters in an interview.He added that the potential representation on the board of the company is an important issue in the talks, as well as that of the balance between third-party investors.Sirugue said he discussed the governance issue with Chinese Vice Premier Ma Kai during his visit to France in November.Earlier this week, European Union antitrust regulators approved the French government''s plan to inject 4.5 billion euros ($4.8 billion) into embattled nuclear group Areva, saying the rescue would not unduly distort competition.The ruling will allow Areva, whose equity value has been hit by years of losses, to restart as a smaller firm focused on uranium mining and nuclear fuel production and recycling.Legacy Areva SA - the firm left over after NewCo splits off and the reactor unit is sold - will get a 2 billion euro capital increase and will hold the liabilities related to the troubled Olkiluoto 3 project in Finland, which has been hit by delays.(Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-areva-restructuring-investors-idUSKBN14V156'|'2017-01-11T13:49:00.000+02:00'
'dd44c80882d2f8e7778a01e0afd86c40f4936e19'|'Deals of the day-Mergers and acquisitions'|'(Updates DESFA, Adds flynas, CPPIB, Aabar,IBG-Indústria,Impala,National Express, Imperial Brands, Fincantieri, Lone Star)Jan 11 The following bids, mergers, acquisitions and disposals were reported by 1430 GMT on Wednesday:** Saudi Arabia''s flynas has struck a deal with Airbus to buy planes worth $8.6 billion, Kingdom Holding , which owns 34.1 percent of the budget carrier said.** The Canada Pension Plan Investment Board (CPPIB) said on Wednesday it would acquire a 48 percent stake in IT consultancy GlobalLogic Inc from private equity firm Apax Funds.** Abu Dhabi investor Aabar Investments is set to buy more shares in UniCredit in the Italian bank''s upcoming 13 billion-euro ($14 billion) share offer, Italy''s biggest ever cash call, three sources said.** IBG-Indústria Brasileira de Gases Ltda may bid for assets of proposed merger partners Praxair Inc and Linde AG should Brazilian antitrust watchdog Cade force them to divest businesses to approve their deal, Valor Econômico newspaper said.** South African platinum producer Impala Platinum plans to sell its chrome business to focus on its core business, the company said.** National Express agreed to sell a London rail contract to Italy''s Trenitalia, marking the departure of what used to be one of the biggest names in British rail and the arrival of another foreign state-owned operator to the network.** Britain''s Imperial Brands, the world''s fourth-biggest tobacco company, has moved to gain a foothold in the largest cigarette market through a joint venture with state-owned China National Tobacco.** A bid by Italian shipbuilder Fincantieri for STX France is likely to be signed formally around Feb. 15 with the deal finalised in April, French industry minister Christophe Sirugue told Reuters.** A 1.55 billion euro debt financing for Lone Star''s buyout of Germany-based building materials maker Xella is being shown to earlybird investors, banking sources said.** HNA Group, one of China''s most acquisitive conglomerates, said it would extend its reach to New Zealand with the $460 million purchase of asset finance firm UDC, prompting an immediate credit rating downgrade for the nation''s biggest non-bank lender.** American Apparel LLC''s made-in-the-U.S. heritage is uncertain after Canadian apparel maker Gildan Activewear Inc won a bankruptcy auction to acquire the edgy fashion retailer for about $88 million in cash.** Real estate tycoon Sam Zell and investment firm Pátria Investimentos Ltda have combined two leading Brazilian self-storage firms in a joint venture that aims to more than double their capacity by 2020, the companies said.** GTM Holdings SA, Latin America''s No. 1 independent distributor of chemical products, has agreed to pay 550 million reais ($172 million) for Brazilian peer quantiQ Distribuidora Ltda, in an effort to gain more foothold in the region''s biggest country.** A U.S. judge said Alstom SA may ask an independent accounting firm to resolve a dispute over the French company''s $800 million purchase of General Electric Co''s train-signaling business, and rejected GE''s bid for arbitration.** Oil and gas producer Parsley Energy Inc said on Tuesday it would buy acreage in the Permian Basin for about $607 million as the company increases its presence in the oil-rich region.** Brookfield Asset Management Inc said it had submitted alternative proposals regarding its interest in buying bankrupt solar company SunEdison Inc''s "yieldco", TerraForm Power Inc.** Greece wants to keep a majority stake in its gas grid operator DESFA and sell only a small holding to investors after a previous plan to sell a 66 percent stake collapsed, a Greek newspaper reported.** The French government''s talks with Chinese investors about taking a minority stake in nuclear fuel group Areva NewCo, which is being split off from Areva, are focusing on governance, French Industry Minister Christophe Sirugue told Reuters. (Compiled by Laharee Chatterjee in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1F13YC'|'2017-01-11T11:41:00.000+02:00'
'8ad473299607ac4f378d666600aacd79773002f3'|'EXCLUSIVE: Banks forced to cover tracks of China''s forex regulator'|'By Engen Tham and Samuel Shen - SHANGHAI SHANGHAI China''s forex regulator is telling banks to keep its instructions about curbing capital outflows secret and to ensure that research analysts keep any negative views about the yuan''s prospects to themselves, several bankers said.Both demands are seen as an attempt by the authorities to prevent alarm that could trigger further declines in the yuan, the bankers from local and foreign banks said.The yuan lost more than 6 percent against the dollar last year and is at eight-year lows, prompting a flurry of restrictive measures on capital outflows from the State Administration of Foreign Exchange (SAFE), including setting limits on banks'' currency volumes in some cities or provinces and requiring approval for ever smaller transactions.SAFE, which is part of the People''s Bank of China (PBOC), is insisting in oral instructions to dozens of banks that they don''t reveal its role in such restrictions, six bankers said, which was damaging their relationships with clients since they were unable to explain why they were turning away business.SAFE and the PBOC have yet to respond to requests for comment.SAFE''s reticence began at least as far back as August, when its Shanghai branch called at least 20 of the major foreign and domestic banks operating in the city to a meeting with the regional heads of several SAFE departments.A representative from an international bank attending the meeting said there were no written instructions, but a high-ranking SAFE official told them explicitly what was expected of them."You must control your forex deficit, but you can''t say that SAFE is controlling capital outflows," the official told the bankers.The banks were told to "manage sentiment" to prevent public panic, the banker said, and the banks'' research analysts should not broadcast any negative views on the yuan."They told us not to publish bad house views - analyst house views - on the yuan", the person said.A second banker on the forex team of an international bank said his bank had received the same instructions.Where a bank has exceeded the SAFE-set limits for forex transactions in a month, they have to turn business away, but are unable to explain the real reason why, several bankers complained."We''re not going to tell our customers that (our forex business) has stopped; we just have to find ways to turn down the business we''re not allowed to do," said a banker at Chinese Commercial Bank Ping An who had received SAFE instructions from seniors."It''s not good for client relationships," he added, explaining that he had told his clients to go to other banks.Ping An did not return requests for comment.PENALTY THREATIn a verbal order to at least two lenders, SAFE said it would vet all cross-border money transfers worth $5 million or more, down from $50 million, banking sources told Reuters in late November.They also told the banks to interview clients to make sure the forex deals were not for fake transactions, or else face punishment, according to two bankers at separate listed banks.In response to those orders, one of the banks sent an internal notice to employees, seen by Reuters, to alert them to SAFE''s requirements, explaining that the regulator''s penalties could include "cancelling business qualifications" needed for the lender to conduct forex business.The notice passed on SAFE''s instructions that staff should not mention the regulator."Please do not reply to clients using wording such as SAFE controls, or SAFE doesn’t allow or strictly controls FX purchases," it read.Instead, they should adhere to the line provided by SAFE, that the purpose of the changes was to "promote healthy development of outbound direct investment" and "crack down on fake deals", the notice added.China''s foreign exchange reserves fell to $3.05 trillion in November from $3.3 trillion in the first 11 months of 2016, and many traders are betting there will be further outflows as U.S. interest rates rises make dollar assets more attractive.But SAFE wants banks to advise clients to buy yuan and sell dollars, the international bank representative said, a play that is likely to lose clients money."If a person doesn''t have this need, how am I supposed to encourage it?" the banker said.At the same time, SAFE is quietly choking programmes designed to open overseas markets to Chinese investors.Even where institutional investors have been granted quotas to invest overseas, they are finding it increasingly difficult to exchange yuan into another currency."SAFE would tell you that you still need to stand in the queue, and the waiting period is ''uncertain''," said an executive at Shanghai-based China equity fund house Greenwoods.An investment programme set up so global funds can raise Chinese cash to invest overseas has ground to a halt without explanation."The application process seems to be in a state of suspension," Michael Lu, managing director of Greater China Business Development of Dutch money manager Robeco told reporters in November.(Reporting by Samuel Shen and Engen Tham; Editing by Anne Marie Roantree and Will Waterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-regulator-banks-idINKBN14V0CN'|'2017-01-11T01:29:00.000+02:00'
'6e7f495358c06330352141a32d082dfdd8dc1344'|'Make high earners face their low-paid colleagues - Letters - Business'|'Re your article on Labour’s pay cap proposals ( Why now and would it work? , 11 January), can I suggest an approach in line with today’s reality TV obsession? If a company boss or government department head decides that he, or she, is worth 20/50/500 times the average company or departmental wage, then the high earner should be given the opportunity to meet 20/50/500 of the said employees (for some businesses, such as City finance, it might be best for them to meet truly average earners such as nurses or teachers or refuse disposers), and then, after brief summaries of the participants’ working lives, the high earner would be invited to explain why he or she is worth 20/50/500 of the audience members. Questions could then follow from the audience. Anyone refusing to participate shouldn’t be paid more than, say, 15 times the average wage. The process would be repeated every year. It should make for edifying viewing.David Robson Otley, West Yorkshire Jeremy Corbyn is on the right track – we have a pay ratio at Reprieve, and it works - Clive Stafford Smith Read more • Instead of trying to enforce a top pay cap or a lower high/low pay ratio, high pay should be linked to quality contracts for all employees and the protection of the company pension fund. This would mean no zero-hours contracts, no false self-employment contracts, a limited number of agency contracts of short-term fixed periods with automatic transfer to full contracts, and a good ratio of pension contribution. All these should be enforced if the top salaries are above 45:1 ratio. A balanced gender and ethnic minority ratio should also be included as a factor, and the company’s pay policies should be applied to all part-time employees and contracted-out services. Higher scrutiny of companies with no top pay limits is essential to make sure benefits accrue to all employees.Marion Hine Framlingham, Suffolk • Join the debate – email guardian.letters@theguardian.com • Read more Guardian letters – click here to visit gu.com/letters'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/11/make-high-earners-face-their-low-paid-colleagues'|'2017-01-12T03:14:00.000+02:00'
'09424d58363461383c75c282fc442a7ede709690'|'United Airlines to retire 747s ahead of plan'|'Jan 11 United Continental Holdings Inc said on Wednesday it had advanced the retirement of 747s from its service to the fourth quarter of this year from end-2018.United will replace the Boeing 747 fleet, which it has been flying since 1970, with other fuel-efficient, cost-effective and widebody aircraft, Scott Kirby, president, United Airlines, wrote in a blog. bit.ly/2iGGpTHThe No.3 U.S. airline by passenger traffic operated 22 747-400 owned and leased aircraft of its total 715 mainline fleet as of Dec. 31, 2015.Boeing Co said in July it would consider ending production of 747s as it faced falling orders and pricing pressure.The aircraft maker delivered a total nine 747s in 2016, half the deliveries in 2015. (Reporting by Rachit Vats in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ual-fleet-idINL4N1F14BQ'|'2017-01-11T14:50:00.000+02:00'
'7eb81d9dd4831a1d372426f0b4a9c21d9f55d105'|'Indonesia finance ministry issues new rules for bond dealers'|'JAKARTA Jan 11 Indonesia''s finance ministry announced new rules that require primary bond dealers to "safeguard" their partnership with the government and avoid conflicts of interest.Primary dealers "have the duty to safeguard the partnership with the Indonesian government based on professionalism, integrity, the avoidance of conflict of interest, and looking at the interests of the Republic of Indonesia," according to documents uploaded to the ministry''s website on Wednesday.The documents, dated Dec. 30, said the finance minister can revoke the license of a primary dealer if it does not fulfill the stated conditions.The finance minister also has the authority to accept or reject an application to be a primary dealer by taking into consideration the track record of the bank or securities firm, including its working experience with the ministry.The Indonesian government cut its business ties with JPMorgan Chase & Co following a November downgrade by the U.S. bank in its Indonesian stocks recommendation to "underweight" from "overweight". (Reporting by Eveline Danubrata and Gayatri Suroyo; Additional reporting by Fransiska Nangoy; Editing by Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-bonds-idINJ9N1CH01M'|'2017-01-11T00:56:00.000+02:00'
'6ae99f5b778dc8c9ab61291a99854036a605a96e'|'PRESS DIGEST - Wall Street Journal - Jan 11'|'Jan 11 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Volkswagen AG is expected to agree to plead guilty to criminal wrongdoing and pay a $4.3 billion penalty to resolve a U.S. Justice Department probe of its diesel-emissions cheating. on.wsj.com/2iZN3Wf- Wal Mart Stores Inc is preparing to cut nearly 1,000 corporate jobs before the end of the month, according to an executive familiar with the situation as the company shifts its focus to e-commerce. on.wsj.com/2iZEYk9- Alibaba Group Holding Ltd said it would take China''s Intime Retail Group Co Ltd private in a $2.6 billion deal in a bid to extend its online dominance into -physical stores. on.wsj.com/2iZNHD9- Valeant Pharmaceuticals International Inc reached deals to sell $2.1 billion in assets, the struggling drug maker''s biggest moves yet to refocus around its consumer offerings and pare its heavy debt load. on.wsj.com/2iZSYKR (Compiled by Abinaya Vijayaraghavan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1F11ZL'|'2017-01-11T02:20:00.000+02:00'
'7edb226dc89e4c498ce291c50c3073e84cf00b61'|'MOVES-Lloyds Bank North America appoints CEO'|'Company  49am EST MOVES-Lloyds Bank North America appoints CEO Jan 12 Lloyds Bank said Andy Schaeffer would replace Mark Grant as chief executive of its North America business, effective Feb. 1. Schaeffer joined Lloyds Bank North America in July 2014 and was made head of North America markets a year later. He has 25 years of experience in the banking industry. Grant, as previously announced, will return to London as CEO designate of the Group''s Non-Ring-Fenced Bank alongside his responsibilities for Lloyds Bank''s operations in Asia, Europe and North America. (Reporting by Laharee Chatterjee in Bengaluru) Next In Company News GLOBAL MARKETS-U.S. stocks slide, dollar drops as Trump optimism wanes NEW YORK, Jan 12 Wall Street stocks fell nearly 1 percent and the U.S. dollar dropped to a five-week low on Thursday after President-elect Donald Trump''s eagerly awaited news briefing the previous day ignored his fiscal policies, which are expected to boost the economy.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lloyds-bank-north-america-moves-andy-sch-idUSL4N1F24QZ'|'2017-01-12T23:49:00.000+02:00'
'8f8e42b6a295c3b13f5769642a1293f0c609c5ad'|'UPDATE 1-Britain''s Marks & Spencer thumps Christmas forecasts'|' 37am EST Britain''s Marks & Spencer thumps Christmas forecasts Pedestrians walk past a branch of Marks & Spencer in northwest London, Britain July 8, 2014. REUTERS/Suzanne Plunkett/File Photo LONDON Marks & Spencer ( MKS.L ) soundly beat forecasts for Christmas trading as it reported its first quarterly rise in underlying clothing and homeware sales in nearly two years, delivering a boost to new boss Steve Rowe. The British retailer''s clothing & home like-for-like sales rose 2.3 percent in the 13 Weeks to 31 Dec, beating market expectations of a 0.2 percent rise, it said on Thursday, while food was up 0.6 percent, also beating forecasts for a slight fall. Chief Executive Rowe said customers had responded to "better ranges, better availability and better prices" in its clothes, while its "special and different" products helped it increase share in the food market in the festive period. The numbers show Rowe''s strategy of turning around its clothing business, which has struggled for five years, is gaining traction. M&S''s numbers were helped by the timing of the period, with an additional five days of the busy post-Christmas sale falling into the quarter. It estimated timing had a positive effect of about 1.5 percent on clothing & home sales and about 0.3 percent on food. (Reporting by Paul Sandle; editing by Kate Holton) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-m-s-outlook-idUSKBN14W0R3'|'2017-01-12T14:27:00.000+02:00'
'2c98dd123c84ae820ae495bdc8cce1c2fe572cd6'|'Morgan Stanley plans to raise China securities JV stake to 49 pct - sources'|'Funds News  39pm EST Morgan Stanley plans to raise China securities JV stake to 49 pct - sources HONG KONG Jan 9 Morgan Stanley plans to raise its stake in its Chinese securities joint venture to 49 percent from about 33 percent, people with direct knowledge of the development said on Monday. Reuters earlier on Monday reported that UBS Group AG was also in talks to raise its stake in its China securities joint venture to 49 percent from 25 percent. A spokesman for Morgan Stanley in Hong Kong declined to comment. (Reporting by Sumeet Chatterjee and Julie Zhu; Editing by Stephen Coates) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/china-banks-securities-idUSL4N1EZ13H'|'2017-01-09T08:39:00.000+02:00'
'7116472f9df72ac6334f3e96a2430e2ea62136fd'|'CVC hires UBS for sale or IPO of paper firm Lecta: sources'|'MADRID/FRANKFURT/LONDON Private equity firm CVC Capital Partners [CVC.UL] has hired Swiss bank UBS ( UBSG.S ) for the sale of its stake in Lecta, one of southern Europe''s largest paper manufacturers, three sources close to the deal said.CVC has owned Lecta since 1997 and oversaw its restructuring after a slump in demand in the paper industry. In 2015 Barcelona-based Lecta had 1.6 billion euros ($1.69 billion) of revenues and core profit, or EBITDA, of 110 million euros.CVC has hired UBS to either sell Lecta or float it on Spain''s stock market, one source said, adding that CVC had unsuccessfully tried to sell it in the past. The sources did not say whether CVC would retain a stake in Lecta.Representatives for UBS and CVC declined to comment.(Reporting by Andres Gonzalez in Madrid, Arno Schuetze in Frankfurt and Dasha Afanasieva in London; Writing by Angus Berwick; Editing by Sarah White and Julien Toyer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lecta-ipo-idINKBN14T20P'|'2017-01-09T14:52:00.000+02:00'
'6fa9965efcfa695d8b75f399882f3467377b9e25'|'US STOCKS-Oil drop stymies Dow''s march to 20,000; techs send Nasdaq to record'|'Company News - Mon Jan 9, 2017 - 12:59pm EST US STOCKS-Oil drop stymies Dow''s march to 20,000; techs send Nasdaq to record * Oil prices fall over 3 pct, energy sector top index loser * Healthcare deals, tech surge push Nasdaq to record high * Celgene slips as 2016 sales forecast disappoints * Dow down 0.24 pct, S&P down 0.15 pct, Nasdaq up 0.33 pct (Updates to early afternoon) By Yashaswini Swamynathan Jan 9 Declines in financial and energy companies weighed on Wall Street on Monday, stalling the Dow''s pursuit of 20,000, while the Nasdaq hit a record intraday high on gains in technology stocks and a string of deals in the health sector. The energy sector dropped 1.4 percent as oil prices slid on concerns that rising Iraqi exports and U.S. output could dampen the impact of a deal among major producers to limit output. Two-thirds of the 30 Dow components were lower, with Exxon Mobil''s 2.1 percent decline weighing the most, followed by a 1.3 percent drop in Chevron. The declines meant the Dow stayed shy of the psychologically significant 20,000 mark. It came tantalizingly close on Friday, hitting a record of 19,999.63, as the S&P 500 and the Nasdaq also touched records after a late pop in tech stocks. "Our view about the Dow (hitting) 20,000 is not a matter of if, but a matter of when," said Matt Jones, U.S. head of equity strategy at J.P. Morgan Private Bank in New York. At 12:28 p.m. ET (1728 GMT), the Dow Jones Industrial Average was down 48.65 points, or 0.24 percent, at 19,915.15, the S&P 500 was down 3.53 points, or 0.15 percent, at 2,273.45. The Nasdaq Composite was up 17.96 points, or 0.33 percent, at 5,539.01, easing slightly after hitting an all-time high of 5,539.14. Eight of the 11 major S&P sectors were lower. The tech sector was the top gainer. Apple , celebrating the tenth anniversary of the iPhone, rose 1.3 percent to a 13-month high of $119.43. "As we move into the next couple of weeks, the focus will move towards the micro and to specific company earnings and expectation going forward," Jones said. The first peek into how companies fared in the previous quarter will be provided later this week by big banks. S&P 500 companies overall are expected to post a 5.8 percent increase in profit in the quarter, according to Thomson Reuters I/B/E/S. The financial sector was however off 0.34 percent on Monday. Other big-name decliners were P&G and Coca-Cola , which dropped about 1 percent each after Goldman downgraded the stocks to "sell". The healthcare sector gained 0.34 percent, boosted by a string of multi-billion dollar deals. Pet hospital operator VCA jumped 28 percent after agreeing to a $7.7 billion buyout offer from candy and pet foods maker Mars Inc. Ariad Pharma surged nearly 73 percent on a $5.20 billion buyout deal with Japan''s Takeda. Surgical Care Affiliates jumped 16 percent on a deal to be bought by UnitedHealth for about $2.30 billion. Dow component UnitedHealth dipped 0.6 percent. One dim spot in the sector was Celgene, which lost 1.1 percent after issuing a full-year revenue forecast that missed analysts'' expectations. Declining issues outnumbered advancers on the NYSE by 1,604 to 1,276. On the Nasdaq, 1,498 issues fell and 1,294 advanced. The S&P 500 index showed five new 52-week highs and no new lows, while the Nasdaq recorded 47 new highs and 14 new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1EZ3YX'|'2017-01-10T00:59:00.000+02:00'
'91e7d47f674511f6ff37688ebb0c0b342d55b118'|'Australian regulator to review BP purchase of Woolworths'' petrol stations'|'SYDNEY Australia''s competition regulator said on Thursday it will review BP Plc''s ( BP.L ) A$1.8 billion purchase of 527 petrol stations from Australia''s top grocer, Woolworths Ltd ( WOW.AX )."Once a submission is received the ACCC will commence a public review of the proposed acquisition," the Australian Competition and Consumer Commission (ACCC) said in a statement, without adding further detail.Woolworths and BP announced the deal last month, saying it was subject to regulatory approval and that it would not be completed before January 2018.(Reporting by Tom Westbrook; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-woolworths-bp-sale-idINKBN14W08Q'|'2017-01-11T23:23:00.000+02:00'
'b7a4c5585bafd7952d157f2608719b34f8e4e063'|'Britain''s finance industry drops demands for passporting after Brexit'|'Business News - Thu Jan 12, 2017 - 1:20am GMT Britain''s finance industry drops demands for passporting after Brexit People walk accross a plaza in the Canary Wharf financial district at rush hour during a strike on the Underground by members of two unions in protest at ticket office closures and reduced staffing levels, in London, Britain January 9, 2017. REUTERS/Dylan Martinez By Andrew MacAskill and Huw Jones - LONDON LONDON Britain''s finance industry has given up on efforts to keep full access to the European Union after Brexit and is pushing instead for a more limited trade deal that would potentially exclude some financial products. Banks, insurers and asset managers have come to the conclusion there is no realistic chance of maintaining full passporting rights after Brexit that would allow them to sell all their services across the 28-nation bloc from Britain. TheCityUK, the country'' most powerful financial lobby group, has listed 17 points in a two-page document published on Thursday that calls for limited market access for some finance sectors based on a pact in which Britain and the EU would accept each other''s rules. This would keep the door open for cross-border trading of stocks and bonds, and sales of certain other products. The future of London as Europe''s financial centre is one of the biggest issues in Brexit talks because it is Britain''s largest export sector and biggest source of corporate tax revenue. There have been estimates that Britain''s finance industry could lose up to 38 billion pounds ($46.07 billion) in revenue in a so-called "hard Brexit" that would restrict its access to the EU single market. TheCityUK proposals mark a shift away from calls for full passporting rights to be maintained for the finance industry after Brexit. "I am confident that this represents in broad shape the key priorities for the industry," TheCityUK Chief Executive Officer Miles Celic told Reuters. "There are a multiple number of documents out there of stuff at significant length. So there was a sense among our membership to filter down what the key asks were into a single place." By pushing for a bespoke deal there is a risk that some financial sectors may be excluded from any final settlement. With some bankers expecting no market access for some retail financial products. But TheCityUK document is the first attempt to condense the industry''s priorities after months of conflicting lobbying, and comes just two months before Britain plans EU divorce talks. Until now, finance organisations have clashed over who should be leading efforts to lobby the government and what their Brexit response should be. After the June vote, business leaders begged for Britain to stay inside the single market, for example, by having a Norway-style deal that would provide full access to Europe''s markets. But EU leaders have repeatedly warned that single market access is defined by the bloc''s four freedoms — free movement of goods, capital, services and people — and that they cannot be unpicked. Prime Minister Theresa May said on Sunday she was not interested in Britain keeping "bits" of its EU membership, seen by some as a signal that Britain will leave the single market when it leaves the European Union. Britain should seek "access to the widest possible range of financial and related professional products and services," the TheCityUK document says, implying some sectors may lose access under any final deal. TheCityUK proposals call for "clear and upfront transitional arrangements" to bridge the gap between leaving the EU and the start of a bespoke deal, though they do not specify a timeframe. Three top financiers, HSBC Chairman Douglas Flint ( HSBA.L ), London Stock Exchange CEO Xavier Rolet ( LSE.L ), and Allianz Global Investors Vice Chair Elizabeth Corley ( ALVG.DE ), called on Tuesday for transitional arrangements to last two to three years after Brexit. Trade experts have warned that a bespoke trade deal could take far longer. Brexit supporters want a quick break with the bloc. TheCityUK document favours a deal that would build on and go beyond existing so-called equivalence regimes, whereby UK financial firms could continue to serve European customers if they complied with rules the EU deems to be equal. It said that for all products, a mutual recognition arrangement is needed, along with a framework for "recognising and enforcing judgements from UK jurisdictions in the EU and vice versa." This refers to the derivatives sector, where currently swaps contracts negotiated between firms in all EU countries rely on UK court rulings to resolve disputes. TheCityUK document also highlights some positive effects of leaving the EU, in a marked shift from the finance industry''s long-held view that staying an EU member would be the preferred option. "There will be opportunities arising from Brexit, including from new networks of trade and investment agreements, the creation of Sharia-compliant central bank liquidity facilities and FinTech," the document said. ($1 = 0.8248 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-idUKKBN14W008'|'2017-01-12T08:20:00.000+02:00'
'5a966728fd5f8bfec824bd93cb5225b00224587f'|'UPDATE 1-Tesco named the Christmas winner as UK grocery inflation returns - Kantar'|'(Adds table, Kantar comment) LONDON, Jan 10 Britain''s biggest supermarket chain Tesco recorded the fastest growing sales of the country''s four largest players in the Christmas quarter, as inflation returned to the grocery market after more than two years of falling prices. Market researcher Kantar Worldpanel said Tesco sales grew 1.3 percent during the 12 weeks to Jan. 1, outperforming no.2 chain Sainsbury''s, whose sales fell 0.1 percent, Asda , down 2.4 percent, and Morrisons, up 1.2 percent. Kantar''s data also showed that inflation returned to the market with underlying grocery prices rising 0.2 percentage points during the period, the first increase in prices since 2014. Britain''s overall inflation rate has begun to rise following the slump in the value of the pound caused by the Brexit vote last June, and it is expected to hit around 3 percent this year. "The long-anticipated return to inflation suggests that the speed of growth in the overall market will continue to hasten in 2017, and both consumers and retailers will be looking at ways to avoid increasing the cost of the weekly shop," Fraser McKevitt, head of retail and consumer insight at Kantar said. Total supermarket sales in the period grew by 1.8 percent to 27.8 billion pounds, the fastest growth rate since June 2014, helped by bumper festive spending as consumers made the most of Christmas Eve falling on a Saturday. The industry data was published after Morrisons, Britain''s No. 4 supermarket group, earlier on Tuesday raised its profit guidance following its strongest underlying Christmas sales for seven years, confirming its recovery under new management. Market share and sales (percent) 12 wks to 12 wks to pct change Jan. 1, 2017 Jan 3, 2016 in sales Tesco 28.2 28.3 1.3 Sainsbury''s 16.7 17.0 -0.1 Asda 15.5 16.2 -2.4 Morrisons 10.9 11.0 1.2 Co-operative 6.0 6.0 2.4 Aldi 6.0 5.5 11.8 Waitrose 5.3 5.2 3.0 Lidl 4.4 4.2 7.5 Iceland 2.3 2.1 9.6 (Reporting by Sarah Young; editing by Kate Holton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-grocers-kantar-idINL5N1F01JK'|'2017-01-10T05:57:00.000+02:00'
'47a8a5a591e8ea6eae4dbd47441f84c1487896d5'|'Tribune Co shareholders'' legal woes over 2007 buyout near end'|'By Tracy Rucinski - CHICAGO CHICAGO A New York federal judge has shot down an effort by creditors of the former Tribune Co to claw back $8 billion from shareholders who sold stock in the publisher''s 2007 buyout, bringing a long-running legal battle sparked by its bankruptcy closer to an end.The ruling stems from the tangled litigation following real estate mogul Sam Zell''s leveraged buyout of the Chicago Tribune and Los Angeles Times publisher, which creditors blame for its 2008 bankruptcy.In an attempt to recover money raised from the buyout, Tribune creditors have spent years pursuing unusual claims in court, such as trying to hold passive shareholders accountable for the failed deal.In a ruling published on Monday, Judge Richard Sullivan dismissed such claims and absolved individual shareholders from complying with creditors'' demands that they hand over the money from the sale of their stock in the buyout.The shareholders included retired employees, whose pension funding was in the form of Tribune stock, and pension plans that also held stock at the time of the buyout and sold their shares.Sullivan said the deal was approved by independent directors and that creditors lacked sufficient evidence to allege that those directors had tried to defraud them through the buyout of the publisher.Lawyer Stephen Newman of Strook Strook & Lavin, which represented a California pension fund in the matter, said the opinion was significant because it protects shareholders and provides companies with guidelines to ensure the validity of M&A deals is not questioned later on."This litigation has been pending for a long time, but today''s ruling is a major development that should put an end to it and give some peace of mind to the thousands of retirees who were dragged unwittingly into it," Newman said.Sullivan''s decision could be appealed, which could impact similar litigation brought over Lyondell Chemical Co''s $12.5 billion buyout in 2007.Lyondell filed for bankruptcy a little over a year after the buyout and creditors filed clawback lawsuits against Lyondell''s former shareholders. A decision on a motion to dismiss that lawsuit is still pending.The case is In Re Tribune Company Fraudulent Conveyance Litigation, U.S. District Court for the Southern District of New York, No. 11-MD-2296(Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tribune-bankruptcy-lbo-idINKBN14T2EP'|'2017-01-09T19:08:00.000+02:00'
'8c9268b781e8e30918a0845ed7982da561cd0ee3'|'Europe power prices jump on cold, German day ahead falls on wind'|'Financials  29am EST Europe power prices jump on cold, German day ahead falls on wind FRANKFURT Jan 10 European power prices for the near-term and weeks and months in the first quarter rose on Tuesday, as the impact of more cold weather and tight thermal supply spilled into mid-term contracts, while German day-ahead power fell. The German Wednesday delivery position fell 29 percent to 36 euros ($38.21) pre megawatt hour, with Thomson Reuters wind forecasts showing an increase to 24 or even 28 gigawatts (GW) from 11 GW recorded on Tuesday. Week ahead prices were sharply up, with baseload in France up 42 percent at 125 euros/MWh and up 8 percent in Germany to 53.75 euros. German weeks 2, 3 and 4 also gained sharply and so did February and March. Setbacks for France''s nuclear reactors have shaken confidence in Europe''s wholesale electricity since last October, keeping prices high despite the fact French capacity is currently at a more comfortable level than in 2016. ($1 = 0.9422 euros) (Reporting by Vera Eckert; editing by Jason Neely) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/europe-power-prices-idUSL5N1F01FF'|'2017-01-10T15:29:00.000+02:00'
'cfb8a5445dcacbef1838cb99528127e1f4aae83f'|'FTSE 100 continues drift to record highs'|' 41am GMT FTSE 100 continues drift to record highs A red London bus passes the Stock Exchange in London, Britain, February 9, 2011. REUTERS/Luke MacGregor/File Photo LONDON Britain''s FTSE 100 continued its climb to record highs on Tuesday while Europe''s top benchmark failed to hold early gains with financials the biggest drag The pan-European STOXX 600 index down 0.3 percent, while the FTSE 100 .FTSE hit a new all-time high of 7,261.16 points before paring back slightly, up 0.2 percent. France''s CAC 40 was up 0.3 percent and Germany''s DAX also gained 0.3 percent in early deals. British retailer WM Morrison ( MRW.L ) was a top gainer in the STOXX after Christmas trading results exceeded expectations. Its shares were up 4.5 percent and the stock had already traded a full days'' volume within the first 15 minutes of trading. Fast food delivery company Just Eat ( JE.L ) was the top faller, down 6.3 percent after its results, which indicated full year order growth of 42 percent, but analysts at Jefferies said the company was ''likely to disappoint''. Insurance .SXIP and banking .SX7P sectors were the top fallers, with Italian banks back in focus after Poplare di Vicenza and Veneto Banca proposed a settlement deal with shareholders that could cost more than 600 million euros. Industrials extended their recent gains, buoyed by Germany''s Siemens ( SIEGn.DE ) and France''s Airbus ( AIR.PA ), which was set to outperform plane deliveries for 2016. (Reporting by Helen Reid, Editing by Vikram Subhedar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN14U0SX'|'2017-01-10T15:41:00.000+02:00'
'e9d3aa7ade90903fae5d58d1b350f7d31c06ce55'|'Kite, Fosun Pharma form JV in China for cancer treatment'|'Kite Pharma Inc said on Tuesday it had formed a joint venture with Shanghai Fosun Pharmaceutical (Group) Co Ltd to develop and commercialize its cancer treatment in China.Kite Pharma said it would receive an upfront payment of $40 million from the JV, funded by Fosun Pharma as well as regulatory and commercial milestones totaling $35 million.Kite is also eligible for mid-single digit sales royalties for its lead investigational therapy axicabtagene ciloleucel.Axicabtagene ciloleucel is part of an experimental class of drugs that are made by genetically altering a patient''s T-cells, a type of white blood cell, in the lab to help the immune system find and kill cancer cells.Fosun Pharma will provide $20 million in initial funding to support clinical development and manufacturing activities.Both parties will share profits from the JV with Kite Pharma receiving 40 percent and Fosun Pharma the remaining, the companies said.Kite Pharma said on Monday it partnered with Daiichi Sankyo Co Ltd to develop and commercialize its cancer treatment therapy in Japan, putting the U.S. company in line to receive up to $250 million in payments.(Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kite-pharma-fosun-pharma-idINKBN14U1JC'|'2017-01-10T10:11:00.000+02:00'
'0d74c755fc48968c5919fdd73d83829c8d5658a7'|'Valeant to sell Dendreon unit to China''s Sanpower for $819.9 mln'|'Jan 9 Valeant Pharmaceuticals International Inc said its affiliate will sell its Dendreon Pharmaceuticals business to China''s Sanpower Group Co Ltd for $819.9 million in cash.Valeant will use the proceeds to repay its term loan debt under its senior credit facility, the company said on Monday.(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/dendreon-ma-sanpower-idUSL4N1F01VT'|'2017-01-10T06:58:00.000+02:00'
'60d76047d2db089e34b97aabc49add022da302a4'|'Tenneco sees FY 2017 revenue up 5 percent'|'Jan 11 Tenneco Inc :* Sees fy 2017 revenue up 5 percent* Tenneco Inc - in 2018 and 2019, tenneco expects continued revenue growth, outpacing industry production by 3 to 5 percentage points each year* Tenneco Inc - expects to outpace light vehicle industry production by 4 percentage points in 2017* Tenneco Inc - in total, tenneco expects year-over-year revenue growth of 5% in 2017* FY2017 revenue view $8.89 billion -- Thomson Reuters I/B/E/S Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://feeds.reuters.com/~r/reuters/companyNews/~3/dZ45y_zDhNk/idUSASC09QF8'|'2017-01-11T14:41:00.000+02:00'
'9c408dbca6cf32305a1a9333535e5713376b7f02'|'German industry chief backs Berlin on Brexit'|'German industry chief backs Berlin’s tough stance on Brexit BDI president quashes idea industry will seek flexible deal to protect business ties Read next International trade department appoints US specialist Tuesday, 10 January, 2017 UK premier Theresa May (l) with Angela Merkel in Berlin last year. The German chancellor has warned Britain cannot ''cherry-pick'' in Brexit negotiations © Bloomberg by: Stefan Wagstyl in Berlin A leading German industry chief has warned the UK against expecting any softening of Berlin’s increasingly tough stance on Britain’s plans to leave the EU. Dieter Kempf, who took over this month as president of the BDI, the German employers’ federation, told journalists on Tuesday there could be no question of Europe bowing to British demands for immigration controls, saying the EU’s four freedoms — including the freedom of movement — must not be “put into danger”. His message appears to damp any hopes held by UK “soft” Brexit supporters that German industry could press Chancellor Angela Merkel for a more flexible approach to protect business ties, under which the UK might be allowed to combine migration control with single market access. “In the European family we must now share a bitter reality after the Brexit referendum,” said Mr Kempf. “For politicians in Brussels and Berlin there should be only one motto — keep Europe together and make it stronger. The four basic freedoms of the EU are fundamental — there must be no borders for goods, services, capital and workers.” Mr Kempf’s tough line echoes Ms Merkel’s insistence this week that the UK would not be allowed any “cherry-picking” in its access to the single market. Dieter Kempf, president of Germany''s employers’ federation © AFP She said in a speech: “We have to be clear...that joining or having access to the joint market can only be possible on the condition of conforming with the four freedoms.” The view in German industry has hardened markedly since the immediate aftermath of the referendum, when BDI leaders argued against “punishing” the UK and favoured negotiating a market-access deal similar to that held by Switzerland or Norway. Related article Outside, the UK will be able to choose rules and regulations for itself Tuesday, 10 January, 2017 The harder line comes amid growing signs that Theresa May , UK prime minister, is ready to introduce migration controls even at the price of leaving the single market. Mr Kempf urged Mrs May not to delay the start of Brexit negotiations, which she plans to announce by the end of March. “The ball is in London’s court,” he said. “It is necessary that the British government sets out its position by the end of March...recent weakening of German-British trade shows that the uncertainty over the coming process is poison for the economy.” Mr Kempf, a 64-year-old former accountant and IT industry executive, also warned Donald Trump against attacking world trade. He said the US president-elect’s “Make America great again” slogan “definitely does not fit with isolation”. He added: “We see two risks: first that the cancellation of existing [trade] agreements heralds a trend change away from free trade towards isolation. This would damage the whole world economy and especially the export-oriented German economy. Secondly, that market access for our businesses could deteriorate, whether through more ‘buy American’ rules or through extra hurdles for foreign investment.” Despite his concerns, Mr Kempf forecast further economic growth of 1.5 per cent in Germany this year, similar to 2016’s, with exports rising 2-3 per cent. Asked about the bulging German current account surplus — criticised by trade partners long before Mr Trump’s political ascent — Mr Kempf argued it would not necessarily remain so high in the light of rising oil prices and possible interest rate increases that could damp investment in export-oriented German companies. However, the BDI president also warned that the economic outlook could be overshadowed by political crises that were “moving ever closer to the EU”, including those in Syria, Ukraine and Turkey. The refugee crisis, which has seen more than 1.2m people come to Germany since early 2015, was also “in no way resolved”, he said. Mr Kempf urged European countries to respond with more co-operation. “Only together can we Europeans still be successful in the world. If we are again divided, we will rapidly sink in significance. That is especially true for [Germany].” Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/world/uk/business'|'https://www.ft.com/content/8eef080a-d72d-11e6-944b-e7eb37a6aa8e'|'2017-01-10T21:15:00.000+02:00'
'7d1bc2ef32f061fc99d38bdde0a75a6fba181d51'|'Venture investment slides in 2016, startup appetite for this year'|'By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Jan 10 Venture capital investment continued its slide in the fourth quarter of last year, rounding out a restrained year in startup financing but not the collapse many had feared.Investments in venture-backed companies in the United States fell 16 percent to $11.7 billion from the previous quarter. That was 19 percent below the same period the year before and marked a three-year quarterly low, according to the latest MoneyTree Report from PricewaterhouseCoopers and CB Insights, released on Wednesday.The quarter had 982 venture deals, marking the first time since 2011 that there were fewer than 1,000 deals in a quarter, according to the report.The decline ended a calmer year after venture capital reached fever pitch in 2015, driving valuations to record levels and raising concerns about another Silicon Valley bubble.The cooling in 2016 has been widely viewed as healthy, providing it does not lead to a sudden collapse of funding."There was (caution) of catastrophe. I don''t think that''s yielded itself," said Tom Ciccolella, U.S. venture capital leader at PwC.Although the fourth quarter of 2016 produced the lowest funding since the same period in 2013, when only $9.9 billion was invested, startups continued to score billion-dollar deals, which prior to 2014 were unheard of, Ciccolella said.In December, satellite communications company OneWeb raised $1.2 billion, the lion''s share of which came from Japan''s SoftBank Group Corp.However, investors are generally keeping a tighter lid on startup valuations, with just four new companies in the fourth quarter earning the highly prized "unicorn" status of a valuation of $1 billion or more.The third quarter of 2015 marked the peak for unicorns, when 16 startups earned that designation, according to the MoneyTree report.Last year''s restraint may not extend to this year, as venture firms have padded their coffers. Venture capital fundraising hit a 10-year high of $41.6 billion last year, creating a surplus of cash for new startups, according to a separate report from PitchBook Data Inc and the National Venture Capital Association, also released on Wednesday.More venture capital funds are also hitting their fundraising target: 88 percent of venture funds achieved their target in 2016, compared to 80 percent the year prior, according to the PitchBook report."There is a big appetite for the asset class," Ciccolella said. "There is so much money ready to be invested." (Reporting by Heather Somerville; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/venture-investment-idINL1N1F01QE'|'2017-01-11T02:01:00.000+02:00'
'e95f76411cac6ec0ac3b7fa090f937e322bdf9c7'|'UPDATE 1-New York seeks to develop U.S.''s biggest offshore wind projects'|'Company News - Thu Jan 12, 2017 - 3:04pm EST UPDATE 1-New York seeks to develop U.S.''s biggest offshore wind projects (Adds name of Long Island wind project) Jan 12 New York Governor Andrew Cuomo this week proposed to develop up to 2,400 megawatts (MW) of offshore wind power by 2030 capable of powering 1.25 million homes as the state seeks to lead the nation in renewable energy production. The offshore wind proposal came after the Democratic governor said on Monday that Entergy Corp''s 2,069-MW Indian Point nuclear power plant in Westchester County would shut by 2021 and the state planned to replace its power output with renewable and low carbon energy sources. The offshore wind proposals include Deepwater Wind''s 90-MW South Fork project to be built about 30 miles southeast of Montauk that the Democratic governor, in a release, said he wanted the Long Island Power Authority to approve. Deepwater built the nation''s first and only offshore wind farm off Block Island in Rhode Island. It is majority owned by New York investment firm D.E Shaw Group. Cuomo said the state would complete its plans for offshore wind developments by the end of 2017. He said any projects, including the Montauk wind farm, would be developed out of view from the coast. Cuomo, seen as a potential 2020 presidential candidate, is pursuing wind power after President-elect Donald Trump on the campaign trail dismissed solar and wind energy as too expensive and pledged to focus on oil and coal. Offshore wind is key to meeting Cuomo''s Clean Energy Standard goal to meet 50 percent of electricity needs with renewable sources by 2030 in New York, the second-most-populous U.S. state after California. The governor directed the Department of Environmental Conservation and the New York State Energy Research and Development Authority (NYSERDA) to study how the state could become 100 percent renewable in the future. Unlike in many European countries, there is only one offshore wind farm operating in the United States at present, Deepwater''s 30-MW project off Block Island, which entered service December 2016. On Long Island, Cuomo said LIPA was expected to vote on the 90-MW wind project at its January meeting. He said the area off the coast of Montauk could ultimately host up to 1,000 MW of offshore wind. A second project would provide about 800 MW of offshore wind power in an area 17 miles south of the Rockaway Peninsula in Queens, the governor said. A unit of Norwegian oil company Statoil ASA spent $42.5 million to win a federal auction to lease the area for wind development in December. The governor said he called on NYSERDA to work with Statoil on the project. (Reporting by Scott DiSavino; Editing by Andrew Hay, Bernard Orr) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/new-york-windpower-idUSL1N1F21WL'|'2017-01-13T03:04:00.000+02:00'
'0c53d817188c4da27bfb500d8b410033660f6917'|'British Airways cabin crew to stage second strike next week'|' 26pm GMT British Airways cabin crew to stage second strike next week left right A British Airways passenger aircraft flies through low cloud as it prepares to land at Heathrow airport in west London, Britain, January 7, 2017. REUTERS/Toby Melville 1/2 left right British Airways aircraft taxi at Heathrow Airport near London, Britain October 11, 2016. REUTERS/Stefan Wermuth/File Photo 2/2 LONDON British Airways "mixed fleet" cabin crew, who make up around 15 percent of BA''s total cabin staff, are to stage a 72-hour pay strike from Thursday next week, their union Unite said. Crew who serve as part of BA''s mixed fleet, who have poorer terms and conditions than some longer-serving staff, rejected a pay offer shortly before Christmas and staged a 48-hour strike earlier this week which caused the cancellation of some 40 flights from Heathrow. The company''s offer for the crew is consistent with past deals with Unite, BA said in an emailed statement. BA is part of the International Airlines Group ( ICAG.L ) along with Iberia, Aer Lingus and Vueling. The company said it intends to ensure all its customers travel to their destinations during the strikes and details about its contingency plans would be released on Monday. BA created the mixed fleet of cabin staff in the wake of a long-running dispute over pay and conditions for all cabin staff that ran from 2009 to 2011.   Addison; additional reporting by Kanishka Singh in Bengaluru; Editing by William Schomberg and Alexandra Hudson) Up Next Takata to pay $1 billion in U.S. settlement: sources NEW YORK Japan''s Takata Corp is expected to agree to plead guilty to charges as early as Friday as part of a $1 billion settlement with the U.S. Justice Department to resolve a government investigation into deadly air bag ruptures, sources said.     Pharma company executives debate drug pricing increases SAN FRANCISCO Grappling with a backlash against high U.S. prescription drug prices, more pharmaceutical companies are pledging to limit annual increases to under 10 percent - but the tactic is doing little to salve critics, including President-elect Donald Trump, who on Wednesday said drugmakers are "getting away with murder." MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-rikes-airways-idUKKBN14W2V2'|'2017-01-13T03:23:00.000+02:00'
'5b2ba711c04d430c99f5e3385ce80247792cb643'|'Peabody secures $1.5 billion in financing to exit Chapter 11'|'CHICAGO Peabody Energy Corp ( BTUUQ.PK ) said on Thursday that a group of banks, including affiliates of Goldman Sachs Group Inc ( GS.N ) and JPMorgan Chase Bank ( JPM.N ), has pledged a combined $1.5 billion in loans to help the coal producer exit bankruptcy in the coming months.The cash will be used to cover claims by Peabody''s secured lenders and provide "a strong foundation" for its capital structure when it emerges from the roughly $8 billion Chapter 11 bankruptcy it filed last April, according to court documents.Affiliates of Credit Suisse AG ( CSGN.S ) and Macquarie Group Ltd ( MQG.AX ) are also part of the group that has signed on to the new financing.Peabody, with 6.3 billion tons of proven and probable coal reserves, joined other U.S. coal producers in bankruptcy last year when falling prices left it unable to service billions of dollars in debt taken on to finance expansion in Australia.The company expects to exit Chapter 11 in the second quarter of this year with a plan, supported by most of its creditors, to cut more than $5 billion of debt and raise new capital through a $750 million private placement and a $750 million rights offering.Peabody has not yet explained how it will guarantee about $1 billion in future mine cleanup costs previously covered by "self-bonding," a federal program that exempt large miners from setting aside cash or collateral to ensure mined land is returned to its natural setting, as required by law.The practice came under scrutiny following Chapter 11 filings by U.S. coal producers that held a total of $3.6 billion in self-bonds as of July, raising concerns that taxpayers could some day be stuck with the cost of cleaning up mined land.(Reporting by Tracy Rucinski; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-peabody-energy-bankruptcy-idINKBN14W2XH'|'2017-01-12T18:10:00.000+02:00'
'9212c8feabb248c290df80cf6e3f97f64de429b9'|'UPDATE 1-British recruiter Hays reports 2 pct rise in quarterly net fees'|'Industrials  17am EST UPDATE 1-British recruiter Hays reports 2 pct rise in quarterly net fees (Adds details) Jan 12 British staffing company Hays reported a rise in quarterly net fees as growth in continental Europe and Asia offset tough conditions in Britain where firms remained cautious as the country prepares to exit the European Union. The company, which places workers in areas such as finance and IT, said second-quarter group net fees at constant currencies rose 2 percent in the three months to Dec. 31. Net fees from its UK and Ireland operations, which account for about a quarter of Hays'' gross profit, fell 10 percent, but remained stable over the preceding quarter, Hays said in its trading update. "In the UK, public sector markets remain tough, but we see early signs of improvement in the private sector market," Chief Executive Officer Alistair Cox said. Net fees from Hays'' UK private sector business, which accounts for 71 percent of its operations in the country, fell 9 percent, Hays said. Staffing firms such as Hays, PageGroup, SThree and Robert Walters, are seen as gauges of wider economic health because people tend to switch jobs more often when confidence rises. Although most British staffing companies have been hit by uncertainty following the Brexit vote in June, growth in their international businesses have more then offset the impact, allowing them to raise earnings. Hays, which operates in 33 markets, said net fees from its continental Europe and rest of world operations grew 8 percent at constant currencies. (Reporting by Noor Zainab Hussain and Esha Vaish in Bengaluru; editing by Jason Neely) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/hays-outlook-idUSL5N1F21BP'|'2017-01-12T15:17:00.000+02:00'
'a40f9821ad2512102ba72f2eacaa77b96d867f93'|'VW shareholders question bonuses in wake of U.S. diesel deal'|'By Edward Taylor and Simon Jessop - FRANKFURT/LONDON FRANKFURT/LONDON Volkswagen investors demanded reforms and questioned executive bonuses after the carmaker admitted to criminal offences in rigging U.S. emissions tests and U.S. prosecutors indicted six current and former managers over the scandal.The German company agreed to pay $4.3 billion in civil and criminal fines in a settlement with the U.S. Department of Justice (DoJ) on Wednesday, the largest ever U.S. penalty levied on an automaker.Volkswagen (VW) admitted about 40 employees at its VW and Audi brands deleted thousands of documents in an effort to hide from U.S. authorities the systematic use of so-called defeat devices to rig diesel emissions tests, a scale of wrongdoing that led some investors to call for deep reforms."For senior management to receive any bonuses in 2017, we would now expect VW to deliver a dramatic improvement in profits," said Ben Walker, partner at activist hedge fund TCI, which last year publicly criticised "corporate excess on an epic scale" at the carmaker."Seventeen billion euros of EBIT (earnings before interest and tax) should be the minimum amount for any bonus to be received by executive management. Below that, zero bonus," he wrote in an email, noting VW''s admissions of guilt in the DoJ settlement did not extend to any board-level managers.VW has forecast an operating margin of 5-6 percent on expected sales of around 213 billion euros ($227 billion) for 2016, implying EBIT of around 10.6-12.8 billion euros.It has set aside more than 18 billion euros to cover the cost of the diesel scandal, a figure it is expected to raise in light of the DoJ deal.Moody''s credit-rating agency said the deal could raise its provisions expectation of 21.2 billion euros by around 1 billion euros, but welcomed the removal of uncertainties."The settlement agreement ... should also help VW and VW''s management to refocus its efforts into the development of its operations, and therefore is a positive partially balancing the need to increase its provision," it wrote.VW still faces lawsuits from about 20 U.S. states and from U.S. investors, and will spend years buying back or fixing nearly 580,000 polluting U.S. vehicles. It also faces claims from investors and customers in Europe and Asia, after it admitted in September 2015 that up to 11 million vehicles worldwide could have defeat device software installed.MORE INDEPENDENT DIRECTORS, OPENNESS"What is most disturbing... is the pattern of deception, both in developing and perfecting the defeat devices, as well as deliberately obstructing the subsequent investigation," said Annie Bersagel, an adviser for responsible investments at Norwegian Mutual Insurance company Kommunal Landspensjonskasse (KLP). KLP and KLP mutual funds have small investments in both VW equities and fixed income products."Going forward we would like to see more truly independent directors. This may change governance at the company where we see some issues, for example the awarding of large bonuses to current and former managers. We would like to see a clawback provision relating to violations."Ingo Speich, a fund manager at Union Investment which holds about 0.6 percent of VW preference shares, said on Wednesday the company needed to "put everything on the table" about its wrongdoing to regain the trust of investors.For 2015, the year the scandal was uncovered, VW agreed to pay 12 current and former members of the management board at total of 63.2 million euros in fixed and flexible remuneration. It said board members would have 30 percent of their variable bonus withheld if the share price remained below 140 euros.VW shares are currently trading at 149.85 euros, around 7 percent below pre-scandal levels.SIX EMPLOYEES INDICTEDIn total, six current and former VW managers have been indicted, including Heinz-Jakob Neusser, former head of development for the VW brand. Five of them are in Germany and it is unclear if they will come to the United States to face charges since Germany typically does not extradite its citizens.While senior managers, none of them are - or were - members of VW''s management board.At a press conference in Washington, U.S. attorney general Loretta E. Lynch said U.S. authorities would continue to pursue those responsible for emissions cheating."This announcement does not mean that our investigation is complete ... We will continue to pursue the individuals responsible for orchestrating this damaging conspiracy," Lynch said.The indictment said the six managers engaged in a 10-year conspiracy to cheat U.S. emissions tests and then cover up excessive emissions even as regulators questioned irregularities.VW Chief Executive Matthias Mueller said in a statement the company "deeply regrets the behaviour that gave rise to the diesel crisis" and vowed to continue changes in how the company operates.See graphic on emissions affair: ( tmsnrt.rs/2fYcm9Q )See timeline on emissions affair:($1 = 8.5018 Norwegian crowns)($1 = 0.9403 euros)(Additional reporting by Andreas Cremer in Berlin; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/volkswagen-emissions-idINKBN14W1RQ'|'2017-01-12T09:53:00.000+02:00'
'930c57314321729b757859d84a5939c232197404'|'Samsung Display plans to invest another $2.5 billion in Vietnam - Yonhap'|'Internet News - Tue Jan 10, 2017 - 8:41am GMT Samsung Display plans to invest another $2.5 billion in Vietnam: Yonhap Samsung QLED televisions are displayed during the 2017 CES in Las Vegas, Nevada January 5, 2017. REUTERS/Steve Marcus SEOUL Samsung Electronics Co Ltd''s display panel subsidiary plans to invest another 3 trillion won ($2.51 billion) in Vietnam to boost capacity, South Korea''s Yonhap News Agency reported on Tuesday, citing unnamed sources. Samsung Display is in talks with Vietnamese authorities about the additional investment, Yonhap reported without elaborating further. A Samsung Display spokeswoman declined to comment on the Yonhap report. A person familiar with the matter told Reuters separately on Tuesday the South Korean panel maker is considering additional investment in Vietnam but did not comment further including on how much the company plans to spend. Vietnam is a major smartphone manufacturing base for Samsung Electronics and its subsidiaries, which have already invested billions of dollars in the country. ($1 = 1,196.7700 won) (Reporting by Se Young Lee; Editing by Muralikumar Anantharaman) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-samsung-elec-vietnam-idUKKBN14U0SR'|'2017-01-10T15:36:00.000+02:00'
'af103845cd33071d1d17cfdc5359d90f6748bd43'|'Metro reports sluggish Christmas sales at Real and Media-Saturn'|' 18am GMT Metro reports sluggish Christmas sales at Real and Media-Saturn The logo of German retailer Metro is seen on its cash and carry store in Kiev, Ukraine, August 17, 2016. REUTERS/Valentyn Ogirenko BERLIN German retailer Metro ( MEOG.DE ), which plans to split into two companies by mid-2017, reported that sales slipped 0.6 percent in the critical Christmas quarter due to weakness at its Real hypermarkets and sluggish performance in consumer electronics. Sales for the October-December quarter rose 0.1 percent on a like-for-like basis to 17 billion euros ($18 billion), slightly below analysts'' expectations for 17.2 billion, according to Thomson Reuters Smart Estimates. Metro plans to split off the cash-and-carry business that serves independent traders, hotels and restaurants, along with Real, from the Media-Saturn consumer electronics group, hoping to help each become more focused and able to pursue growth. The cash-and carry business saw sales rise 0.7 percent on a like-for-like basis, boosted by Spain, Turkey and China, Metro said on Tuesday. It was also helped by a recovery in the Russian rouble and reported like-for-like sales growth in Russia despite more intense price competition. Metro scrapped plans to list its Russia business in 2014 at the height of the Ukraine crisis. Meanwhile, Real hypermarkets in Germany, battling tough competition from discounters, saw same-store sales fall 1.7 percent due to a weak start to Christmas trade, with food sales hurt most. Data out last week showed that German retail sales rose by between 1.8 and 2.1 percent on the year in 2016 in real terms, a slightly slower growth rate than in the previous year. Metro confirmed its forecast for the 2016/17 fiscal year for a slight rise in overall sales and a slight improvement in earnings before interest and taxation before special items. Metro said its Media-Saturn consumer electronics unit had flat like-for-like sales, with December turnover hurt by consumers pulling forward purchases due to the "Black Friday" sale in November. It saw declines in sales of entertainment, photo and hardware products roughly offset by growth in smartphones, white goods and televisions. British rival Dixons Carphone ( DC.L ) said last month it is planning for tougher times ahead although it has not yet seen any impact on consumer demand from Britain''s vote to leave the European Union. (Reporting by Emma Thomasson; Editing by Georgina Prodhan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-metro-ag-results-idUKKBN14U0M6'|'2017-01-10T14:18:00.000+02:00'
'5cf1f0fe7820743d81cca7ba1d7697a55756a785'|'Australian police say they are helping with 1MDB investigations'|'Business News - Mon Jan 9, 2017 - 8:23pm EST Australian police say they are helping with 1MDB investigations Men walk past a 1Malaysia Development Berhad (1MDB) billboard at the fund''s flagship Tun Razak Exchange development in Kuala Lumpur March 1, 2015. REUTERS/Olivia Harris/File Photo SYDNEY The Australian Federal Police (AFP) said on Tuesday they are working with international law enforcement agencies to investigate companies associated with Malaysia''s scandal-hit sovereign wealth fund. 1Malaysia Development Bhd (1MDB), founded by Malaysian Prime Minister Najib Razak, is the subject of money laundering investigations in at least six other countries, including Switzerland, Singapore and the United States. Civil lawsuits filed by the U.S. Department of Justice allege more than $3.5 billion was misappropriated from 1MDB. The lawsuits seek to seize $1 billion in assets allegedly siphoned off from 1MDB and diverted into luxury real estate in New York, Beverly Hills and London, valuable paintings, and a private jet. Najib, who also chaired 1MDB''s advisory board, has denied wrongdoing and said Malaysia would cooperate with international investigations. 1MDB has also denied wrongdoing. The AFP is responsible for investigating breaches of proceeds of crime laws by Australian companies, citizens and residents. "The AFP is aware of allegations relating to companies associated with 1MDB and have assisted our foreign law enforcement partners with their investigations in relation to a number of these matters," the AFP said in an emailed statement. "As the AFP continues to evaluate these allegations it would not be appropriate to provide any further comment at this time," it said. The AFP did not respond to Reuters'' questions about reports they were investigating whether any financial gains from the scandal were in Australia or with which international agencies it was working. Singaporean authorities have frozen the assets of Malaysian financier Low Taek Jho, commonly known as Jho Low, who has not been charged with any offense related to 1MDB but has been identified as a person of interest in related investigations. Singapore prosecutors filed 16 charges last week against the former local branch manager of Swiss-based Falcon Private Bank AG as part of its investigation into 1MDB. Authorities in the city-state jailed two former bankers from Swiss wealth manager BSI last year on charges including forgery and failure to disclose suspicious transactions involving Jho Low. (Reporting by Swati Pandey; Editing by Jane Wardell and Paul Tait) Next In Business News Oil markets torn between Saudi led supply cuts, rising output elsewhere SINGAPORE Oil markets opened on Tuesday torn between production cuts by major exporters Saudi Arabia and Russia and reports showing that supplies from other regions including North America, Iraq, and Iran could offset any restraint aimed at curbing a global glut.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-malaysia-scandal-australia-idUSKBN14U046'|'2017-01-10T08:21:00.000+02:00'
'e8edf381751853969831ce58f1d9dd7a2b58784a'|'Boeing joins group lobbying to keep $8.7 billion in tax breaks'|'Company News   12:00pm EST Boeing joins group lobbying to keep $8.7 billion in tax breaks By Alwyn Scott - SEATTLE SEATTLE Jan 10 Boeing Co has joined a new coalition lobbying to preserve $8.7 billion in tax breaks that Washington state gave its aerospace industry in 2013, the group said. The organization, launched on Tuesday, indicates growing opposition to changing the incentives, and aims to counter efforts by some state lawmakers to tie the tax breaks to employment in the state, Maud Daudon, chief executive officer of the Seattle Metropolitan Chamber of Commerce, said in an interview. (Editing by Matthew Lewis) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/boeing-incentives-idUSL1N1F010S'|'2017-01-11T00:00:00.000+02:00'
'3a052ec48cad3f31c2e1deac4278d0611df2905b'|'Belize trustee approves committee for debt talks'|'By Davide Scigliuzzo NEW YORK, Jan 10 (IFR) - The trustee of Belize''s so-called superbond has officially recognized a bondholder committee to hold talks with the government on the country''s third restructuring in a decade.Funds including Greylock Capital Management and Grantham Mayo van Otterloo joined forces to form the committee, which was assembled last month to represent bondholders.Now trustee Bank of New York Mellon has formally approved the committee to negotiate with Belize, which says that its US$530m bond, issued in 2013, is unsustainable.The bond, which comes due in 2038, came out of the restructuring of a previous note that itself was the consolidation of other debt in a 2007 restructuring.In a memorandum to BNY made public this week, Financial Secretary Joseph Waight said Belize intends to "imminently" seek the consent of bondholders to amend the terms of the notes.Waight cited "unforeseeable factors" facing the country since the 2038 bond was issued, including a drop in exports, economic contraction last year and damage from Hurricane Earl in August.The committee said in a note released late on Monday that it looks forward to an "equitable and sustainable" agreement with the government.But the committee, which also includes Steadfast Insurance Company and Capital Markets Financial Services, wants fiscal reform alongside any potential debt relief for the country.The committee has retained BroadSpan Capital as financial adviser, Blitzer Consulting as special adviser and Arnold & Porter Kaye Scholer as legal adviser.Belize has hired Citigroup as structuring adviser and Cleary Gottlieb Steen & Hamilton as legal counsel. (Reporting by Davide Scigliuzzo; Editing by Marc Carnegie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/belize-bonds-idINL1N1F01FK'|'2017-01-10T17:16:00.000+02:00'
'33283db576d767c318b460b847a651bfd791b770'|'MOVES-UBS hires ex-Deutsche Asia wealth head to oversee super rich business'|'Financials - Mon Jan 9, 2017 - 10:04pm EST MOVES-UBS hires ex-Deutsche Asia wealth head to oversee super rich business SINGAPORE Jan 10 UBS Group AG on Tuesday announced the hiring of former Deutsche Bank AG Asia Pacific wealth management head Ravi Raju as co-head of its global ultra-high net worth business in Asia Pacific. Raju joined Deutsche Bank in 2007 and played a key role in building its wealth management business in Asia, overseeing more than 700 employees in 15 locations. He left the bank in October last year. At UBS, Raju will work with Amy Lo, head of wealth management in Greater China and co-head of global ultra-high net worth business in Asia Pacific, the Swiss bank said in a statement. (Reporting by Saeed Azhar and Sumeet Chatterjee) Next In Financials Taiwan stocks down; strong Dec exports data caps losses TAIPEI, Jan 10 Taiwan stocks fell on Tuesday as traders exercised caution tracking shaky overseas markets, but losses were short-lived on buying after data showed December exports at a four-year high. As of 0210 GMT, the main TAIEX index was down 0.1 percent at 9,335.79, after closing down 0.3 percent in the previous session. The electronics subindex climbed as much as 0.3 percent, while the financials subindex dropped up to 0.6 percent. Government issued data on Monda'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ubs-group-wealth-asia-idUSL4N1F01LT'|'2017-01-10T10:04:00.000+02:00'
'af22d76df417d067d47d20419546997bd7453b6d'|'UPDATE 1-Czech president to appoint EU experts to central bank board'|'Financials  29am EST UPDATE 1-Czech president to appoint EU experts to central bank board (Adds details on appointments, central bank policy) PRAGUE Jan 10 Czech President Milos Zeman will appoint economists Oldrich Dedek and Marek Mora to join the Czech National Bank (CNB) board in February, his spokesman said on Tuesday, extending the bank''s gradual shift towards a more receptive stance on adopting the euro. The bank is nearing an exit from its weak-crown policy, in place since 2013, with data on Tuesday showing inflation returning to its 2 percent target for the first time in four years in December. This will be the second stint at the bank for economics professor Dedek, who has worked as the country''s euro adoption coordinator for the past decade and served on the CNB''s board from 1999 to 2005. Mora is an economist who has worked in senior positions in the Czech government and European Union institutions. He currently works in Brussels as a director at the EU Council, focused on budget, tax and regional policy. "Both of them will act in a less eurosceptic way than previous (board members) so it means a gradual shift of the Czech central bank to a more pro-euro tone," said Pavel Sobisek, chief economist at UniCredit in Prague. "But I don''t want to say that euro adoption will get closer because of these appointments." The Czech Republic has set no euro adoption target and successive governments have put off setting a date. The central bank has kept the crown on the weak side of 27 to the euro through a market intervention regime since November 2013 to revive price pressures in the economy. The board has pledged to keep the crown cap in place until at least the second quarter of this year, which it calls its "hard" commitment. The return of inflation to the bank''s 2 percent target has raised market speculation that the end of the regime is near. Dedek and Mora will replace outgoing board members Pavel Rezabek and Lubomir Lizal, whose terms end Feb. 13. Both will attend the bank''s next policy meeting on Feb. 2 before Dedek and Mora join the board. (Reporting by Robert Muller; Writing by Jason Hovet; Editing by Mark Trevelyan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/czech-cenbank-appointment-idUSL5N1F02EV'|'2017-01-10T18:29:00.000+02:00'
'971b45e210b0bb5f70be9b3795ec9a0df09da68c'|'Late Christmas shoppers boost December retail sales'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/world/uk/business'|'https://www.ft.com/content/7e2ae57e-d67a-11e6-944b-e7eb37a6aa8e?ftcamp=published_links%2Frss%2Fworld_uk_business-economy%2Ffeed%2F%2Fproduct'|'2017-01-10T15:31:00.000+02:00'
'0120ab75bba5c8ebb54b87065adbf1a3fca6c79c'|'Citigroup may benefit less from tax cuts than other U.S. banks'|'Business News - Tue Jan 10, 2017 - 12:10am EST Citigroup may benefit less from tax cuts than other U.S. banks A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. REUTERS/Mike Segar/Files By David Henry - NEW YORK NEW YORK Citigroup Inc ( C.N ) stands to get less of a profit boost than other big U.S. banks from lower corporate tax rates expected from the new government in Washington. A number of bank stock analysts have worked through broad tax proposals by Republicans and President-elect Donald Trump and estimate that a new tax law could increase Citigroup earnings per share only half as much as some rivals. At the same time, Citigroup may have to slash $4 billion or more of the value of an unusually large income tax asset that the bank holds as a result of losses it suffered during the financial crisis of 2007-2009. "If the U.S. cuts corporate tax rates, they will still benefit, just benefit less," said Barclays analyst Jason Goldberg. The differences between Citigroup and its competitors highlight how corporations have different interests in the details of a new tax law, such as how foreign income is treated and how bank business customers might be favored less than individuals. The blueprint for tax reform put forward by Republicans in the U.S. House of Representatives calls for reducing the corporate rate to 20 percent from 35 percent. Trump, who takes office on Jan. 20, has proposed 15 percent. Banks are expected to benefit more from corporate tax cuts than other industries as they tend to pay more taxes as a result of receiving fewer investment credits and deductions, such as those available for oil and gas exploration. Tax cuts could be the icing on the cake for banks as they look forward to higher profits in the coming year. They are already benefiting from higher U.S. interest rates, and lighter regulation under the Trump administration could allow Wall Street banks to re-enter risky but potentially profitable trading business. EARNINGS LIFT The impact of a new tax law is among the topics likely to come up this Friday when JPMorgan Chase & Co ( JPM.N ), Bank of America Corp ( BAC.N ) and Wells Fargo & Co ( WFC.N ), the three biggest U.S. banks by assets, report quarterly results. Citigroup reports the following Wednesday, Jan. 18. The New York-based bank earns about half of its profits overseas, where corporate tax rates are mostly lower than the United States, so it stands to benefit less from lower U.S. tax rates than its rivals with more domestic business, analysts said. A Citigroup spokesman declined to comment on the matter. Goldberg estimates Citigroup will get an 11 percent lift to earnings per share this year due to tax cuts, much less than the 21.4 percent gain he is projecting for JPMorgan. Citigroup executives disclosed a few days after the Nov. 8 election that the bank could have to write down the value of deferred tax assets by $4 billion to $12 billion depending on how the tax law changed and when. The tax assets would be less useful offsetting future taxes if corporate rates were lower. "There''s nothing they can do other than explain it," said Fred Cannon, global director of research at Keefe, Bruyette & Woods. Cannon estimates Citigroup annual earnings per share could be 9.6 percent better with tax changes, about half as much as the 18.9 percent improvement he sees for JPMorgan. MORE MONEY FOR DIVIDENDS More profits left after taxes should make more capital available for additional dividends and share repurchases that could help lift bank stock prices. Analyst Betsy Graseck of Morgan Stanley said in a research note on Friday that the most pressing question she is getting from clients is how lower taxes will impact banks. Graseck has estimated that lower taxes would boost Citigroup earnings per share by 7 percent, Wells Fargo by 19 percent and JPMorgan by 22 percent. John McDonald of Bernstein Research estimates a 10 percent lift for Citigroup, compared with a 13 percent boost for JPMorgan and 19 percent for Wells Fargo. The differences in the analysts'' estimates underscore how much uncertainty there is about tax reform. The estimates vary with different assumptions about the tax rate that ultimately comes out of Washington, as well as a possible shift in how foreign income is taxed and when the changes would take effect. A tax overhaul in 1986 took more than two years, Cannon noted. Cannon based his estimates on a 25 percent cut in the corporate tax rate, arguing that concerns about funding the federal budget and tax cuts for individuals will temper the corporate rate reduction proposed by Republicans and Trump. The more the rate is cut, the less Citigroup would benefit compared with competitors, generally. But the degree of its relative benefits could change, too, if congress also shifts how foreign income is taxed, which Republicans have proposed. How the final U.S. rate compares with rates in particular countries where Citigroup does more or less business than other banks would then come into play, said Cannon. "The devil is in the details," said Goldberg. "There is a lot of uncertainty how this plays out." (Editing by Carmel Crimmins and Bill Rigby) Next In Business News Alibaba tells Trump about U.S. store plan for China e-shoppers NEW YORK Alibaba Executive Chairman Jack Ma met U.S. President-elect Donald Trump on Monday and laid out the Chinese e-commerce company''s new plan to bring a million small U.S. businesses onto its platform to sell to Chinese consumers over the next five year, an Alibaba spokesman said.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-citigroup-taxes-idUSKBN14U0DF'|'2017-01-10T12:01:00.000+02:00'
'6ffb220a1b6623b3932adda12a209027a2972487'|'Basic shop disciplines deliver a merrier - Business'|'Thank goodness Morrisons never succumbed to the briefly fashionable, but always absurd, idea that shareholders should flog the freehold-rich company to a crew of private equity barons to conduct a salvage operation. Morrisons was always a better business than that, as the injection of a few basic retailing disciplines has demonstrated. At Christmas time last year, when Aldi and Lidl were picking Morrisons’ pockets, you could have bought the shares for 140p. Now, after the chain’s   , they cost 244p.“We stocked   buy,” explained its chief executive, David Potts, with admirable simplicity. It was not intended as a piece of strategic insight, but there’s no shame in that. Self-improvement can get a retailer a long way and the scope at Morrisons was always plain. Not so long ago, notepads and pencils were the main means of reordering stock; now “over half” of sales go through an automated system.Let’s not get carried away, however. That boast about Christmas 2016 witnessing the strongest performance in seven years is strictly defined in terms of like-for-like sales growth (up 2.9%). In profits terms, it won’t be. Five years ago, annual underlying pre-tax profits were £948m; this financial year, after Tuesday’s modest upgrade to forecasts, they will be £335m-ish, up from £242m a year ago. Morrisons can stop shooting itself in the foot, but it can’t make Aldi and Lidl disappear, or bring back its old profit margins.Still, the staff should be excited, or impatient for their slice of the spoils of revival. Potts, a boss on a success-related £4m annual package, says “our improving performance is entirely due to the continuing hard work of the Morrisons team of food makers and shopkeepers”. If that’s the case, he’ll surely want to ensure the bonuses reach the right people and not take all the glory himself.'|'theguardian.com'|'http://www.theguardian.com/business/morrisons/rss'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/jan/10/basic-shop-disciplines-deliver-morrisons-a-merrier-christmas'|'2017-01-10T22:13:00.000+02:00'
'faf14430fefaf11ba83cffe6e37de36343b6340e'|'Oil sinks on supply worries; sterling drops on May comments'|'Business News - Mon Jan 9, 2017 - 9:52pm GMT Oil sinks on supply worries; sterling drops on May comments left right A British ten pound note is seen in front of a stock graph in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration/File Photo 1/4 left right Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York,   REUTERS/Lucas Jackson 2/4 left right Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, January 3, 2017. REUTERS/Staff/Remote 3/4 left right A journalist walks past an electronic board of the Korea Composite Stock Price Index (KOSPI) at the Korea Exchange (KRX) in Seoul, South Korea, January 20, 2016 REUTERS/Kim Hong-Ji 4/4 By Gertrude Chavez-Dreyfuss - NEW YORK NEW YORK Oil prices fell on Monday on fears that record Iraqi crude exports and growing U.S. output could undermine OPEC''s efforts to reduce supply, while sterling slumped on comments by British Prime Minister Theresa May suggesting what could be an aggressive exit from the European Union. Sterling was the big mover in the currency market, falling nearly 1 percent against the dollar to more than two-month lows after May''s remarks. May said she was willing to sacrifice the country''s single-market membership for more control over its borders. U.S. Treasury yields retreated in line with British bond yields after the comments. The drop in oil prices weighed on energy stocks on Wall Street and the Dow Jones Industrial Average moved further from hitting the historic and widely awaited 20,000 mark. "The (oil) price weakness ... calls attention to some bearish news that the market had been willing to ignore, such as the high level of (fourth-quarter) supply still in transit to consumers and the uptrend in U.S. drilling rigs and actual oil production," said Tim Evans, energy futures specialist at Citigroup. The Organization of the Petroleum Exporting Countries agreed in November to cut output for the first time since the global financial crisis more than eight years ago. In late trading, Brent crude LCOc1 fell $2.25, or 2.87 percent, at $54.85 a barrel, while U.S. crude futures slid CLc1 slid nearly 4 percent to $51.87 per barrel. In the U.S. equity market, declines in energy and financial stocks pressured the S&P 500 and hampered the Dow''s pursuit of the 20,000 milestone ahead of earnings season and U.S. policy changes under President-elect Donald Trump. The Dow Jones Industrial Average .DJI fell 76.42 points, or 0.4 percent, to 19,887.38, while the S&P 500 .SPX was down 8.08 points, or 0.4 percent, at 2,268.9. A gain in technology stocks lifted the Nasdaq Composite .IXIC to an intra-day record high, and it was last trading up 0.2 percent at 5,531.82. U.S. government bond prices rose, with the 10-year note US10YT=RR up 12/32 in price to yield 2.372 percent, compared with 2.418 percent late on Friday. German 10-year yields DE10YT=TWEB, the benchmark for euro zone borrowing costs, fell and last stood at 0.28 percent. Analysts said a softer dollar weighed on U.S. Treasuries yields. The dollar slid against the safe-haven yen as risk appetite declined, while sterling sank to more than two-month lows. Sterling was last down 0.9 percent at $1.2163 GBP=D4 . "Anything that suggests a hard Brexit is more likely ... is very damaging to UK growth prospects," said Richard Franulovich, senior currency strategist at Westpac Banking Corp in New York. The dollar index .DXY, which tracks the greenback versus a basket of six currencies, fell 0.23 percent to 101.98. The greenback was down 0.7 percent against the yen at 116.09 JPY= . The euro EUR= was last up 0.4 percent, at $1.0567, while Europe''s broad FTSEurofirst 300 index .FTEU3 dropped 0.5 percent to 1,437.72. In Asia, MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 1.1 points or 0.25 percent, to 438.77. Australia''s S&P/ASX200 rose 0.9 percent while Hong Kong shares .HSI rose 0.2 percent. Trading was light because Japan was shut for a holiday. The MSCI world equity index .MIWD PUS, which tracks shares in 45 nations, fell 0.13 percent to 429.11. A focus for the week will be a news conference on Wednesday at which Trump may give more details about the policies he will seek to implement after he takes office on Jan. 20. Expectations of more economic stimulus from a Trump administration have helped boost U.S. stocks and bond yields. (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Catherine Ngai, Sam Forgione, and Richard Leong in New York, Yashaswini Swamynathan in Bengaluru; Editing by Dan Grebler and Meredith Mazzilli) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN14T00C'|'2017-01-10T04:52:00.000+02:00'
'4828720a8ce047f946e4d444cb0a7fc038a1521b'|'Microsoft, Qualcomm back Israel''s Team8 cybersecurity firm'|'Technology News  43am EST Microsoft, Qualcomm back Israel''s Team8 cybersecurity firm left The logo of Microsoft is pictured in Issy-les-Moulineaux, France, August 8, 2016. REUTERS/Jacky Naegelen/File Photo 1/2 left right One of many Qualcomm buildings is shown in San Diego, California, U.S. on November 3, 2015. REUTERS/Mike Blake/File Photo 2/2 By Tova Cohen - TEL AVIV TEL AVIV The venture arms of Microsoft ( MSFT.O ) and Qualcomm ( QCOM.O ) have invested in Team8, an Israeli creator of cybersecurity start-ups, as big multinational companies get behind Israel''s burgeoning cyber industry in the face of growing threats. Team8, which also announced on Monday a strategic partnership with Citi ( C.N ) to help develop its products, said the most recent investment brings its total raised to more than $92 million. Its other investors are Cisco, AT&T, Accenture, Nokia, Singapore''s Temasek, Japan''s Mitsui, Bessemer Venture Partners, Google executive chairman Eric Schmidt''s Innovation Endeavors and Marker LLC. While the number of attempted cyber attacks was 20,000 a week two or three years ago, that figure had now risen to 600,000-700,000, said Yoram Yaacovi, general manger of Microsoft Israel''s development center. Israel has some 450 cyber start-ups, which receive 20 percent of global investment in the sector. Although the need for security is growing quickly, the proliferation of start-ups means that several companies compete in every subsector. "A large part of companies created won''t get to the finish line," Nadav Zafrir, Team8 chief executive and former commander of the Israeli army''s technology and intelligence unit 8200, told a news conference. He said he believes Team8''s strong partners and its plan to build a portfolio of different technologies gives it an edge. Team8 confirmed that Microsoft had been an investor since last June. "The expectation of our investors is to build independent companies that will lead their sectors," he said. Israel has a well established high tech industry, using skills of workers trained in the military and intelligence sectors. Tax breaks and government funding have encouraged start-ups, and also drawn in entrepreneurs from abroad. Launched in 2014, Team8 employs 180 people in Israel, the United States, Britain and Singapore and plans to hire 100 more workers in 2017. Two companies it created are Illusive Networks, which uses deception technology to detect attacks and has been installed at banks and retailers, and Claroty, which secures critical infrastructure sites such as oil and gas fields. Details of two more companies it has set up will be announced this year, Zafrir said. (Reporting by Tova Cohen; Editing by Keith Weir) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-tech-cyber-team-idUSKBN14T1CE'|'2017-01-09T19:34:00.000+02:00'
'8b18b8a92f7dbd7adfc6b59b0e570be24737471c'|'Kite Pharma partners with Japan''s Daiichi for cancer therapy'|'Kite Pharma Inc said on Monday it partnered with Daiichi Sankyo Co Ltd to develop and commercialize its cancer treatment therapy in Japan, putting the U.S. company in line to receive up to $250 million in payments.The company will also receive low to mid double-digit sales royalties.Kite''s lead investigational therapy, axicabtagene ciloleucel, is part of an experimental class of drugs that are made by genetically altering a patient''s T-cells, a type of white blood cell, in the lab to help the immune system find and kill cancer cells.The modified cells, called chimeric antigen receptor T-cells, or CAR-T, are then infused into the patient.Of the $250 million, Kite said it would receive $50 million as upfront payment.Earlier in the day, Japan''s Takeda Pharmaceutical Co Ltd it would buy cancer drug maker Ariad Pharmaceuticals Inc in a deal valued at $5.20 billion, to beef up its oncology pipeline.(Reporting by Divya Grover in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kite-pharma-daiichi-sankyo-idINKBN14T2BF'|'2017-01-09T18:04:00.000+02:00'
'72eaac3d0b0d9c7817409dd8cf65b9153476f003'|'ZTE shares fall after sources say 5 percent of headcount to be axed'|'By Sijia Jiang - HONG KONG HONG KONG Shares of ZTE Corp fell on Monday after company sources said it was cutting 5 percent of its headcount, underscoring troubles at its smartphones business as well as the potential for U.S. trade sanctions to disrupt its supply chain.Sources at the Shenzhen-based telecoms equipment maker said it is slashing about 3,000 jobs, including a fifth of positions in its struggling handset business in China.Global demand for smartphones is slowing and ZTE also has to contend with increased competition from lower-tier Chinese smartphone brands such as Vivo and Oppo."ZTE''s smartphone business has declined by double digits while the worldwide smartphone market has grown 1 percent in terms of shipments according to IDC," said Ricky Lai, an analyst with Guotai Junan Securities.Its Shenzhen-listed shares fell 3 percent while its stock in Hong Kong declined 2 percent.ZTE has also been hit by declining business investment from Chinese telecom operators as 4G networks are nearing completion and 5G networks have yet to arrive."Telecoms capital spending will pick up around 2018 for 5G, but will not be as big as for 4G as they do not need to spend as much on infrastructure, only having to upgrade the base stations," Lai added.Cindy Lam, an analyst with UOB Kay Hian in Hong Kong, said however, that she was maintaining a "buy" rating on the stock given that valuations had already been hit by the U.S. trade sanctions issue and as she expected the issue to be resolved with one-off fines.In March, the U.S. Commerce Department hit ZTE with some of the toughest-ever U.S. export restrictions for allegedly breaking sanctions against Iran but has since issued temporary reprieves on the curbs.She added that near-term growth for ZTE would lie with its higher margin government and corporate segment as demand for so-called "smart cities" grows.(Additional reporting by Donny Kwok; Editing by Stephen Coates and Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/zte-stocks-idINKBN14T0FB'|'2017-01-09T02:56:00.000+02:00'
'5b0de03894a0f5bf3ebb66585c6925e7679ba823'|'Erdogan adviser says Moody''s statement doesn''t fit reality of Turkish economy'|' 21am EST Erdogan adviser says Moody''s statement doesn''t fit reality of Turkish economy ANKARA Jan 9 The latest statement on Turkey by rating agency Moody''s does not fit the reality of the Turkish economy or its banking sector, Bulent Gedikli, an adviser to President Tayyip Erdogan, said on Twitter on Monday. Moody''s said earlier that Turkish bank profits will be hit significantly this year by increased non-performing loans and warned of a "general worsening" in the investment climate. (Reporting by Ece Toksabay and Tuvan Gumrukcu; Writing by Nick Tattersall) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/turkey-moodys-banks-adviser-idUSI7N1D302I'|'2017-01-09T16:21:00.000+02:00'
'5e16dc3f98b5aae93a110c9a96322cebbfdced91'|'Blackstone ends talks for $5 billion Energy Transfer stake'|'Business News - Mon Jan 9, 2017 - 9:40pm GMT Blackstone ends talks for $5 billion Energy Transfer stake The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid Private-equity firm Blackstone Group LP ( BX.N ) is no longer looking at buying a $5 billion (£4.1 billion) stake in Energy Transfer Partners ( ETP.N ), a source familiar with the matter confirmed on Monday. In December, Blackstone was said to be looking at a stake in ETP, the company building the controversial Dakota Access Pipeline. ETP shares fell 2.4 percent on Monday to close at $36.53 a share after the news, first reported by Bloomberg. ETP announced a private placement of shares with its parent Energy Transfer Equity LP ( ETE.N ) on Monday, which will garner ETP proceeds of $568 million, in exchange for about 15.8 million common shares of ETP. Shares of the parent company lost 4.7 percent on Monday. (Reporting by David Gaffen in New York; Editing by Jeffrey Benkoe and Sandra Maler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-energy-transfer-equity-blackstone-gro-idUKKBN14T2DN'|'2017-01-10T04:40:00.000+02:00'
'e579881d9bb4f8bd27d1dbc20a9f61dacdb6ebbc'|'Economic hit from flood not as bad as previous disasters - Thai cenbank head'|'Financials   7:05am EST Economic hit from flood not as bad as previous disasters - Thai cenbank head LONDON Jan 10 Widespread flooding in the south of Thailand should not have as long-lasting an impact on the country''s economy as a previous flood in 2011, Bank of Thailand Governor Veerathai Santiprabhob said on Tuesday. The recent flood has killed 21 people, hit rubber production in the region and shut down infrastructure, and the military government has this week increased aid to flood-affected areas. "We are in the process of evaluating the economic consequences (of the flood) but I should point out that the last major flood was in the central plain and this one in the south is different. ..there is no concentration of industry," Santiprabhob said at an event in London. "This should not have as long-lasting an impact on the economy as the Great Flood." Thailand''s Great Flood in 2011 killed more than 900 people and caused major disruption to industry, cutting economic growth that year to just 0.1 percent. (Reporting by John Geddie; Editing by Marc Jones) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/thailand-cenbank-flood-idUSU8N1CQ00U'|'2017-01-10T19:05:00.000+02:00'
'fa026f2ff1b5614ee3b2be83c9c14fa79814bf9b'|'Mercedes-Benz to overtake BMW as largest premium carmaker'|'Business News -  37am GMT Mercedes-Benz to overtake BMW as largest premium carmaker Snowflakes are seen on the badge of a BMW car in Warsaw, Poland December 17, 2016. REUTERS/Kacper Pempel By Edward Taylor and Ilona Wissenbach - STUTTGART, Germany STUTTGART, Germany Mercedes-Benz is expected to reach its goal of becoming the largest premium carmaker four years early - a feat achieved, ironically, only after it stopped chasing market share and focused on making stylish high-tech cars loved by consumers. Introducing an elegant, sporty design and establishing itself as a pioneer in new technologies like autonomous driving has helped revive the Mercedes brand which analysts say will help keep the Stuttgart-based carmaker ahead of the pack. The achievement is a coup for Daimler ( DAIGn.DE ) Chief Executive Dieter Zetsche, who struggled to revive the company following a messy divorce from mass market brand Chrysler in 2007. Less than four years ago Zetsche faced restive shareholders, worried that the automaker was lagging behind rivals BMW ( BMWG.DE ) and Volkswagen ( VOWG_p.DE ) AG’s Audi brand. "We had some deficits, cost and quality problems. Design was not top-notch. And with Chrysler we were no longer a pure premium carmaker," Zetsche told Reuters in an interview held late in 2016 in his office at Daimler''s headquarters in Stuttgart, Germany. On Sunday, Daimler said it had sold 2.08 million Mercedes-Benz branded passenger cars in 2016, a lead that BMW, which has held the premium sales crown since 2005 and is due to release annual sales figures on Monday, is not expected to beat. Including sales of the Smart brand, Daimler sold 2.23 million passenger cars last year, the company said. Zetsche has presided over a renaissance in the design and technology of Mercedes vehicles, refocused the company on technological superiority instead of short-term sales goals, and adapted the entrepreneurial mindset of Silicon Valley to the traditionally risk averse culture of Stuttgart. Daimler is also preparing for a new era when the auto industry''s business model moves beyond manufacturing and selling cars, to lure customers interested in pay-per-minute transport solutions provided by autonomous cars. Zetsche set the goal of making Mercedes the best-selling luxury carmaker by 2020 at the company''s 125th anniversary in 2011, a year when even Audi ( VOWG_p.DE ) sales overtook those of Mercedes, pushing it into third place. "Since then we worked hard and today we are leading or among the leaders when it comes to innovation, quality, design and security," Zetsche said. Daimler traditionalists were shocked by the volume target, fearing that selling too many vehicles may dilute the exclusivity of their cars and reduce the appeal of the Mercedes brand in the long run. But consumer electronics companies like Apple ( AAPL.O ) had already proven that the pull of their brand did not suffer with increased volume sales so long as they offered the best customer experience. Audi was gaining traction with customers thanks to cool designs, so Zetsche appointed a young designer, Gorden Wagener to head up Mercedes design. He introduced an elegant and sporty style to spruce up Stuttgart''s Teutonic limousines. Mercedes cars were also equipped with state-of-the-art digital display technology, luring smartphone savvy customers. It was a change for Mercedes where engineers always believed they were producing the best cars in the world, but measured quality mainly using technical or engineering criteria, a strategy which often led to powerful cars with expensive and complex technical innovations. Today, Mercedes-Benz follows its motto "the best or nothing" by thinking about whether customers would notice or benefit from a new technological innovation, and by benchmarking the brand against competitors, Zetsche said. The company''s renaissance began in earnest in May 2013 with the launch of a new flagship S-class. To burnish its credentials as a technology leader, Mercedes developed a prototype version which drove around 100 kilometres (62 miles) autonomously the same year. Rather than designing a limousine which appealed mainly to rear seat passengers, the new S-Class featured large digital display screens on the dashboard, a deliberate attempt to appeal to a younger, driver-focused audience. The same youthful design approach was used for the new C-Class and E-class designs, which are now the company''s volume sellers. Mercedes also revived the Maybach brand, a marque targeting the ultra-luxury sector which the company had stopped making after the prior bespoke design failed to gain traction, leading the car to sell only 200 times in its final year of production. Since Maybach''s latest revival in February 2015, Daimler has sold 15,000 cars. "The rewards we are reaping today are the logical consequence of careful preparation," Zetsche said. (Editing by Georgina Prodhan and Alexandra Hudson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-daimler-sales-idUKKBN14T010'|'2017-01-09T07:37:00.000+02:00'
'9fa76cf38b2b15558b6dd928d4add486192b5398'|'Petrobras to buy back up to $2 billion of debt in cash, offer new bonds'|'SAO PAULO Petróleo Brasileiro SA has launched a program to buy back up to $2 billion of existing bonds in cash and the offering of new debt, as the world''s most indebted oil company seeks to refinance debt maturing before the end of the decade.In a statement, Petrobras said seven different series of fixed- and floating-rate notes offered by the Petrobras Global Finance BV subsidiary will be targets of the repurchase program. The bonds, which include notes maturing in Jan. 2019, March 2019, April 2019, Jan 2020 and March 2020, have almost $10 billion outstanding worth of securities.(Reporting by Guillermo Parra-Bernal)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-petrobras-bonds-buyback-idINKBN14T1FF'|'2017-01-09T10:16:00.000+02:00'
'52a17d2c55f6084f1a115607108e138c2264ec66'|'Mars to buy pet health care provider VCA for $7.7 billion'|'Candy and pet food maker Mars Inc said it would buy VCA Inc ( WOOF.O ), which runs hospitals for animals, for $7.7 billion.Mars, the maker of Whiskas and Pedigree pet products, will pay $93 per share, a premium of 31.4 percent to VCA''s Friday closing price.The enterprise value of the deal is $9.1 billion including $1.4 billion in debt, the companies said in a statement on Monday.VCA will operate as a separate business unit within Mars Petcare, the biggest pet food maker in the world.(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vca-m-a-mars-inc-idINKBN14T1FH'|'2017-01-09T10:21:00.000+02:00'
'ea13c5467cb750a95efc2963aa367bba6e9b64ba'|'China likely to allow companies to issue shares in Frankfurt this year - bourse'|'Business News - Mon Jan 9, 2017 - 3:29am GMT China likely to allow companies to issue shares in Frankfurt this year - bourse Investors look at computer screens showing stock information at a brokerage house in Shanghai, China, April 21, 2016. REUTERS/Aly Song/File Photo SHANGHAI Chinese companies will likely be allowed to sell their shares in Germany via issuing so-called "D shares" as soon as this year, in a move that will help them raise their profile in Europe, the Shanghai Stock Exchange (SSE) said. The plan to launch D shares - Frankfurt-traded shares sold by China-registered firms - is being studied by the Frankfurt-based China Europe International Exchange AG (CEINEX), which was set up jointly by the SSE, Deutsche Borse AG and China Financial Futures Exchange in 2015. The plan needs approval from Chinese and German regulators, but listing and trading of D shares would likely comply with existing German rules, the SSE said in a statement on Friday. CEINEX would initially welcome China''s publicly-traded blue-chips, especially manufacturing firms with clear international strategies to issue D shares, the SSE said. Issuing D shares could help Chinese companies increase the awareness of their brands in Europe, and promote their business expansion in the European market, according to the statement. CEINEX was set up as part of a broader push by China''s exchanges to build bridges with overseas markets. The trading platform is dedicated to becoming a new gateway for global investors to China, by offering offshore China- and yuan-related investment products, according to its website. (Reporting by Samuel Shen and Michelle Price; Editing by Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-germany-share-idUKKBN14T07N'|'2017-01-09T10:29:00.000+02:00'
'36a47bdf47db911b0dc2b915ea44852d4820c97b'|'Italy''s Antitrust to L''Espresso-Stampa merger: statement'|'ROME Italy''s Antitrust Authority on Thursday said it would probe the planned merger of Gruppo Editoriale L''Espresso ( ESPI.MI ) with the company that controls Turin''s La Stampa newspaper for possible violations of competition rules.In particular, the authority is examining whether competition in the advertising markets of Turin and Genoa may be compromised, the statement said. The probe must be concluded within 45 days from Jan. 11, the Antitrust said.Fiat Chrysler Automobiles ( FCHA.MI ) announced the sale of La Stampa and another daily, Il Secolo XIX, to L''Espresso in March last year.(Reporting by Steve Scherer, editing by Giulia Segreti)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gruppo-espresso-lastampa-antitrust-idINKBN14W2IJ'|'2017-01-12T14:14:00.000+02:00'
'3796824d20a8e40bba90723a9980c53160ce9cb6'|'Marks & Spencer beats forecasts with clothing growth'|'Thu Jan 12, 2017 - 12:33pm GMT Britain''s M&S beats forecasts with clothing growth Pedestrians walk past a branch of Marks & Spencer in northwest London, Britain July 8, 2014. REUTERS/Suzanne Plunkett/File Photo By Paul Sandle - LONDON LONDON Marks & Spencer ( MKS.L ) (M&S) soundly beat forecasts for Christmas trading with its first quarterly increase in clothing and homeware sales in nearly two years, delivering a welcome boost for new boss Steve Rowe. After taking the helm in April, Rowe instigated the latest in a long line of recovery strategies for M&S''s underperforming clothing and homewares business. He was rewarded on Thursday with an unexpected 2.3 percent jump in the division''s like-for-like sales in the 13 weeks to Dec. 31. That beat market expectations of a slender rise of 0.2 percent, while food sales also beat forecasts. Food was up 0.6 percent, against predictions of a slight fall. Chief Executive Rowe said that M&S, one of the best known names on the British high street, had a good Christmas, and that customers looking for clothes had responded to its "better ranges, better availability and better prices". "We saw full-price increases in every single clothing division," Rowe said, adding that it was the first time the 133-year-old company had gained market share in full-price clothing for about seven years. The food operation, meanwhile, benefited from customers'' preference for premium products at Christmas, said Rowe, who has been at M&S for more than 26 years. "(That) played to our strengths as we continued to focus on special and different products, growing our business in a tough market," he added. M&S shares rose by as much as 6 percent to a six-month high after Thursday''s update. They later gave up much of the gains to trade up 1 percent to 344.1 pence at 1200 GMT (7 a.m. ET). Shore Capital analyst Clive Black acknowledged the "very welcome" improvement in clothing sales, but added: "This early win needs to become a trend for the stock to fulfil its undoubted potential." FRAGILE CONFIDENCE A series of trading updates on Thursday showed British shoppers put aside worries about the economy to celebrate Christmas by spending heavily on gifts and food. Department stores Debenhams ( DEB.L ) and John Lewis also reported sales growth. Supermarket chain Tesco ( TSCO.L ), Britain''s biggest retailer, reported its best quarter of UK underlying sales growth for over five years. Rowe, however, said the economic outlook was uncertain. "It''s fragile," he said. "Top-line consumer confidence is ok, (but) confidence in the economy in the longer term looks weak." M&S''s numbers were helped by an additional five days of the busy post-Christmas sale falling into the quarter. Timing had a positive effect of about 1.5 percent on clothing and about 0.3 percent on food, it said. Rowe remained cautious on the retailer''s outlook, saying the fourth quarter would be hit by the timing that helped the third quarter, as well as a later Easter, but the company''s full-year guidance remained unchanged. His strategy for reviving M&S focuses on simplifying product ranges, improving quality and pricing, and running fewer promotions. "We have been listening to customers very carefully, making sure our merchandise is appropriate, getting those wardrobe essentials right (...) and it''s worked," he told reporters. He said that children''s clothes, cashmere and lambswool jumpers and lingerie -- traditional M&S strengths -- sold well. A buoyant Christmas for M&S was in contrast with a miserable season at Next ( NXT.L ), its closest rival in clothes and homeware. M&S said that customers traded up in festive food, treating themselves to more than 100,000 of its chocolate pine cones in the days before Christmas, while it sold 1.1 million turkeys. Analysts expect M&S to report full-year pretax profit of 593 million pounds ($726 million) for the year to March 31, down from 690 million pounds in 2015-16. (Editing by David Goodman) Tesco caps year of recovery with solid Christmas LONDON Britain''s biggest retailer Tesco reported its best quarter of UK underlying sales growth for over five years and more growth over Christmas, continuing a major recovery in its fortunes, though it cautioned it would not be immune to inflationary pressures.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-m-s-outlook-idUKKBN14W0R3'|'2017-01-12T19:20:00.000+02:00'
'7b19c6af4ebf0b3ff6f893ea49eb1935ef4dd19a'|'China vehicle sales to grow 5 percent in 2017 as tax cut reduced'|'Business News - Thu Jan 12, 2017 - 2:57am EST China vehicle sales to grow 5 percent in 2017 as tax cut reduced Employees work at a newly opened a Dongfeng Peugeot Citroen factory in Chengdu, Sichuan province, China, September 7, 2016. China Daily/via REUTERS By Jake Spring and Fang Cheng - BEIJING BEIJING China''s vehicle sales jumped 13.7 percent in 2016, the fastest pace in three years, thanks to a tax cut on small-engine cars but growth is expected to slow this year as the incentive is reduced. China''s auto market, the world''s largest, grew to 28 million vehicles in 2016 and will likely climb 5 percent in 2017 to 29.4 million vehicles, the China Association of Automobile Manufacturers said on Thursday. Due to tax incentives and other promotional factors, "monthly sales clearly grew year-on-year for every month with the exception of February, with cumulative sales and production growing in a straight line," said Chen Shihua, a spokesman for the association. The sales tax on cars with engines of 1.6 liters or below was cut to 5 percent from 10 percent in late 2015, giving the auto industry a much-needed shot in the arm as the economy slowed. The tax will rise to 7.5 percent for 2017, before returning to 10 percent next year. Analysts and industry insiders have noted that an initial plan to allow the policy to expire outright on Dec. 31 led many consumers to rush to buy cars in 2016, pulling forward sales and hurting prospects for 2017 growth. Sales of electric and plug-in hybrid vehicles, which rose 53 percent to 507,000 units last year, could also ease in 2017 as subsidies for passenger car sales in the segment are cut by a fifth, part of an effort to wean automakers off the payouts by 2020. The sport-utility vehicle (SUV) and multi-purpose vehicle (MPV) segments, which grew rapidly in 2016, are expected to be a bright spot this year as overall growth slows, according to the industry association. Honda Motor Co ( 7267.T ) outpaced its major competitors in China last year with a 24 percent rise in sales, mostly due to a fresh models in the SUV segment. (Reporting by Cheng Fang and Jake Spring; Editing by Sunil Nair) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-china-autos-sales-idUSKBN14W0T6'|'2017-01-12T14:57:00.000+02:00'
'9856808d91ee57738a4a6bf1e6ed068da0f98ed8'|'Dollar loses altitude, Asia shares touch 11-week high'|'Business News - Thu Jan 12, 2017 - 5:18am GMT Dollar loses altitude, Asia shares touch 11-week high Pedestrians stand in front of an electronic board showing Japan''s Nikkei average outside a brokerage in Tokyo, Japan, December 1, 2016. REUTERS/Kim Kyung-Hoon By Wayne Cole - SYDNEY SYDNEY The U.S. dollar nursed widespread losses on Thursday after President-elect Donald Trump''s long-awaited news briefing provided scant clarity on future fiscal policies, disappointing bulls wagering on major stimulus. Yet neither did Trump mention possible tariffs against Chinese exports, a relief for Asian share markets that have feared the outbreak of a global trade war. It was enough to help MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climb 0.6 percent to its highest since late October, wile Shanghai stocks .SSEC edged up 0.2 percent. Going the other way, Japan''s Nikkei .N225 slipped 0.9 percent as the yen climbed on a retreating dollar. Spread betters also pointed to a hesitant start for European bourses, with the UK flat and German stocks a touch lower. Wall Street had overcome its brief wobble to end Wednesday firmer. The Dow .DJI added 0.5 percent, while the S&P 500 .SPX gained 0.28 percent and the Nasdaq .IXIC 0.21 percent. Health stocks were not so lucky after Trump said pharmaceutical companies were "getting away with murder" by charging high prices. The S&P 500 healthcare index .SPXHC lost 1 percent, while the Nasdaq biotechnology index .NBI sank 2.96 percent. Trump''s first news conference since the Nov. 8 election contained no details on tax cuts and infrastructure spending, two factors that had fuelled the five-week rally in stocks and a selloff in global bond markets. "President-elect Trump''s first news conference since late July has left a veritable laundry list of questions unanswered for markets," wrote analysts at Westpac. "The news conference was a far cry from the market friendly, pro-growth "presidential" comments that Trump delivered at his acceptance speech on 9 Nov," they added. "The issue is that markets arguably priced in too much reflation without any solid policy detail." The uncertainty about what policies will actually be pursued has seen yields on 10-year Treasury notes US10YT=RR rally from a 2.64 percent peak over the last month to stand at 2.334 percent on Thursday. [US/] The U.S. dollar, likewise, has had to surrender some of its gains in the last week or so. Wednesday''s session was especially volatile with the dollar rallying hard into the Trump event, only to recoil at his vagueness on policy. [USD/] The dollar index dipped 0.3 percent to 101.520 .DXY on Thursday, having been as high as 102.950 at one stage overnight. The euro had rallied to $1.0602 EUR= from a trough of $1.0454, while the dollar lapsed to 114.76 yen from a top of 116.87. Sterling GBP= also bounced from a 10-week low of $1.2048 to reach $1.2203. In commodity markets, oil was a shade softer after data showed rising U.S. crude inventories. [O/R] U.S. crude CLc1 was trading 11 cents lower at $52.14, though that followed gains of nearly 3 percent overnight. Brent crude LCOc1 was off 4 cents at $55.06 a barrel. (Reporting by Wayne Cole; Editing by Shri Navaratnam and Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN14W01R'|'2017-01-12T12:20:00.000+02:00'
'a300b6772fc37033ce5c063dee88f0b212786835'|'Bank of England''s Carney says curbing consumer lending would be "big call"'|'Bonds News  03pm EST Bank of England''s Carney says curbing consumer lending would be "big call" LONDON Jan 11 Bank of England Governor Mark Carney said it would be a "big call" for the central bank to rein in rapid growth in lending to consumers, which picked up strongly last year and brought some echoes of the period before the global financial crisis. British consumer borrowing increased at the fastest annual rate in more than 11 years in November, the BoE said last week, and Carney told lawmakers that the momentum appeared to have continued into the Christmas holiday season. (Reporting by David Milliken and Huw Jones; Additional reporting by Alistair Smout; Editing by Louise Ireland) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-boe-carney-lending-idUSU8N1D202M'|'2017-01-12T01:03:00.000+02:00'
'44f8acbe4b6c1e21247dfda829d5ab4ed4cd9d63'|'Singapore court jails Swiss banker in 1MDB-linked probe'|'Financials   4:49am EST Singapore court jails Swiss banker in 1MDB-linked probe By Fathin Ungku - SINGAPORE SINGAPORE Jan 11 A Singapore court on Wednesday sentenced the former local branch manager of Swiss-based Falcon Private Bank AG to 28 weeks in prison and a fine of S$128,000 ($89,155.12), in an investigation tied to scandal-hit Malaysian state investment fund 1MDB. The bank, which is also under investigation at home, was the second Swiss lender whose Singapore unit was ordered to cease operations last year after BSI Bank Ltd. The action came as the city state tried to repair the reputation of its financial centre, which played host to some activity related to 1 Malaysia Development Berhad. Jens Sturzenegger, the fifth person to be taken to court in Singapore''s biggest crackdown on money laundering, pleaded guilty to six of the 16 charges filed by the prosecutors, with the rest taken into consideration during sentencing. The Swiss national is the first foreigner to be charged in the 1MDB-linked probe by Singapore authorities. Defence lawyer Tan Hee Hoek said the banker was unlikely to appeal against the verdict. Falcon, in Switzerland, declined to comment. "Jens Sturzenegger is a former employee of the bank and the investigation was against him as an individual and not against the bank," a bank spokesman told Reuters in an email. "Therefore we can''t comment on that." Singapore prosecutors also said Malaysian financier Low Taek Jho, better known as Jho Low, had used the alias "Eric Tan" to mask suspicious transactions identified in the 1MDB investigation. "Eric Tan was not merely an alias for Jho Low, but was in fact a real person," public prosecutor Leong Weng Tat told the court, adding that Sturzenegger had seen a copy of the passport and curriculum vitae of the individual, Eric Tan Kim Loong. In November, Singapore authorities had identified Low as a key figure in the money-laundering scandal linked to 1MDB. Low is also among the people named in civil lawsuits filed by the U.S. Department of Justice, which alleged that more than $3.5 billion was misappropriated from 1MDB. Singapore authorities have also frozen Low''s assets, but the 34-year-old has not been charged with any offence in the 1MDB investigation. 1MDB, founded by Malaysian Prime Minister Najib Razak, is the subject of money-laundering investigations in at least six countries, including Switzerland, Singapore and the United States. U.S. investigators tracked nearly $700 million sent from an account at Falcon in Singapore in 2013 to accounts in Malaysia belonging to "Malaysian Official 1", which U.S. and Malaysian officials have told Reuters refers to Najib. Najib, who also chaired 1MDB''s advisory board, has denied wrongdoing and said Malaysia will cooperate with international investigations. 1MDB has also denied wrongdoing. Falcon is owned by Abu Dhabi''s International Petroleum Investment Co. Singapore last year jailed three ex-BSI bankers in what it has called its most complex money-laundering case. ($1=1.4348 Singapore dollars) (Reporting by Fathin Ungku; Editing by Clarence Fernandez) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/malaysia-scandal-falcon-idUSL4N1F02Q4'|'2017-01-11T16:49:00.000+02:00'
'5eec80439a75190e3137326b9f77e242a7b686e8'|'Russian retailer Magnit misses 2016 sales forecast'|'Business News - Tue Jan 10, 2017 - 9:01am GMT Russian retailer Magnit misses 2016 sales forecast People walk to enter a grocery store owned by Russian retailer Magnit on the suburbs of Moscow August 1, 2012. REUTERS/Sergei Karpukhin MOSCOW Russia''s biggest food retailer Magnit ( MGNT.MM ) reported on Tuesday a 12.8 percent increase in 2016 sales, missing its 14-16 percent growth forecast. The low-cost retailer has seen revenue growth slow as competition increased among stores seeking to tap into the pool of cash-strapped consumers who have cut back on spending as the rouble weakened and inflation ran high. Analysts have said they expect Magnit to cede its leading position to X5 Retail Group ( PJPq.L ) in 2017 as the aggressively expanding competitor has been reporting sales growth in excess of 20 percent. Other retailers in the sector have yet to report their 2016 sales figures. Magnit''s 2016 sales rose to 1.1 trillion roubles (15.06 billion pounds) from 947.8 billion roubles in 2015, with growth slowing from the 24 percent achieved in 2015. In December alone, sales growth slowed to 6.9 percent from more than 10 percent in previous months. Like-for-like sales were down 0.3 percent last year as Magnit''s customer numbers dropped 0.9 percent while the average bill rose 0.65 percent, Magnit said in a statement. It also opened fewer new stores than planned, adding 927 convenience shops against an earlier forecast 1,000-1,100 stores, Magnit said in a statement. Magnit Chief Executive Officer Sergey Galitskiy said in October the company was likely to end 2016 with fewer net openings than planned as it was ramping up closures of inefficient outlets. Shares in Magnit were down 3.3 percent by 0827 GMT in Moscow, underperforming a broader market index . (Reporting by Maria Kiselyova; Editing by Christian Lowe) Next In Business News L''Oreal to buy three skincare brands from Valeant for $1.3 billion PARIS French cosmetics group L''Oreal is acquiring three specialized skincare brands - CeraVe, AcneFree and Ambi - from Canada''s Valeant Pharmaceuticals International for $1.3 billion (1.07 billion pounds) in cash to expand into one of the fastest growing areas of the beauty industry.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-magnit-salesfigures-idUKKBN14U0VI'|'2017-01-10T16:01:00.000+02:00'
'60fe71b82ecca274e01271b3f10455ce4cdbbe22'|'India''s December domestic passenger vehicle sales down 1.36 percent'|'  2:47pm IST India''s December domestic passenger vehicle sales down 1.36 percent A Mahindra XUV500 is pictured at the assembly line inside the company''s manufacturing plant in Chakan, India, September 30, 2016. REUTERS/Danish Siddiqui/File Photo MUMBAI India''s total domestic passenger vehicles sales fell by 1.36 percent in December from a year earlier, data from industry body Society of Indian Automobile Manufacturers (SIAM) showed. (Reporting by Swati Bhat; Editing by Amrutha Gayathri) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-autos-siam-idINKBN14U0XA'|'2017-01-10T16:17:00.000+02:00'
'e49d4087664bbb9bac47abf0e43259033d5c4525'|'Nikkei edges up, investors cautious before Trump''s news conference - Reuters'|'* Nikkei up for 1st time in 4 days* Toshiba soars on hopes creditors offer supportBy Ayai TomisawaTOKYO, Jan 11 Japanese stocks edged up on Wednesday morning but trading is expected to be subdued ahead of a much-anticipated press conference by U.S. President-elect Donald Trump later in the day.The Nikkei share average rose 0.4 percent to 19,382.39 in midmorning trade, after falling for the past three days."Investors are cautiously focused on Trump''s potentially market-moving speech," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.Trump''s news conference - his first since winning the election in November - will be held later in the global day.Fujito said many investors are focused on Trump''s promises to provide more stimulus and cut taxes to boost U.S. growth, while there is also anxiety on his protectionist stance."If he points his finger at a specific Japanese company again, Japanese stocks may get hit so investors are staying on the sidelines today," Fujito said, referring to Trump''s threat on Toyota Motor Corp last week over the automaker''s Mexico manufacturing plan.Trump has criticised U.S. companies like General Motors and Ford Motor Co which manufacture abroad, accusing them of costing U.S. jobs. On Thursday he took on Toyota, warning the world''s largest automaker that it would face a "big border tax" if it exported Mexico-built cars to the U.S. market.Exporters were mixed, with Toyota gaining 0.6 percent, while Honda Motor Co and Nissan Motor Co were almost flat. Panasonic Corp advanced 1.2 percent.Toshiba Corp jumped 6.5 percent after sources said that Toshiba''s creditors agreed to support the company, giving the troubled firm time to work out a turnaround plan.The broader Topix gained 0.5 percent to 1,550.41 and the JPX-Nikkei Index 400 rose 0.5 percent to 13,885.67.(Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1F11EA'|'2017-01-10T23:44:00.000+02:00'
'd37f8aecc11dfdd3cd713672031cc1b0febdfaa5'|'Russian inflation spikes in early Jan on higher transport prices'|'Industrials   8:00am EST Russian inflation spikes in early Jan on higher transport prices MOSCOW Jan 11 Consumer prices in Russia rose 0.3 percent in the period from Jan. 1 to Jan. 9 after rising 0.1 percent a week in the past several weeks, data from the Federal Statistics Service showed on Wednesday. Inflation readings are closely watched by the central bank, which aims to bring annual inflation to a record low of 4 percent this year. Any increase in the inflation rate raises the chances that the central bank will postpone long-awaited rate cuts. The recent spike in inflation, which was reported for nine days instead of seven as Russia was on long New Year-holidays at the start of the month, comes on the back of higher prices for transport. Russian authorities raised prices for metro tickets by an average of 13.1 percent in the nine days to Jan. 9. Tram ticket prices rose 10.1 percent, while prices for trolley-bus and bus rides rose by 9.2 percent and 6.7 percent, respectively, Rosstat said. (Reporting by Andrey Ostroukh; Editing by Alexander Winning) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/russia-inflation-idUSR4N1CJ01Z'|'2017-01-11T20:00:00.000+02:00'
'e4352f78c1a1ffa7a774c00866a0526c3db4c7ca'|'China exchanges still rife with illegal behaviour - paper'|'Business News  40pm EST China exchanges still rife with illegal behavior: paper SHANGHAI China''s trading exchanges are still rife with illegal behavior despite a recent crackdown by authorities, the official China Securities Journal reported on Wednesday, citing a recent meeting of the country''s securities regulator. The paper said a government-led rectification campaign had helped to bring the situation under control, but there has been a "resurgence" of regulatory breaches at some exchanges. It said some precious metal and crude oil trading venues were suspected of engaging in illegal futures trading activities, while others were suspected of a range of offences including manipulating market prices and defrauding investors. Regulators attending the meeting will work to rectify the problems over the next six months, the newspaper said. China has put its exchanges under greater scrutiny after blaming a crash in its stock markets in 2015 on widespread irregularities, including price manipulation. The China Securities Regulatory Commission has also been accused of allowing the families of its officials to trade in stocks.. China''s police authorities set up five specialist units last year to deal with financial crimes. (Reporting by David Stanway; Editing by Shri Navaratnam) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-china-finance-fraud-idUSKBN14V01B'|'2017-01-11T07:30:00.000+02:00'
'2f190b7eca07196a3809c0f822307c728e00869b'|'Strike disrupts Southern trains and Gatwick Express'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/companies/rail'|'https://www.ft.com/content/ed28c71e-d72b-11e6-944b-e7eb37a6aa8e?ftcamp=published_links%2Frss%2Fcompanies_rail%2Ffeed%2F%2Fproduct'|'2017-01-10T20:15:00.000+02:00'
'c617cca163c12b313e4c809f4e51cb4db339149e'|'Auto executives, with eye on Trump, highlight U.S. investments'|'Mon Jan 9, 2017 - 9:45pm GMT Auto executives, with eye on Trump, highlight U.S. investments left right Fiat Chrysler Automobiles CEO Sergio Marchionne speaks during the North American International Auto Show in Detroit, Michigan,   REUTERS/Rebecca Cook 1/8 left right Daimler chairman Dieter Zetsche speaks on the Mercedes stage next to the Mercedes-AMG GT C Edition 50 and the Mercedes-AMG GT S (R) during the North American International Auto Show in Detroit, Michigan,   REUTERS/Mark Blinch 2/8 left right Akio Toyoda, president of Toyota Motor Corporation, speaks during the North American International Auto Show in Detroit, Michigan,   REUTERS/Mark Blinch 3/8 left right Akio Toyoda, president of Toyota Motor Corporation, introduces the 2018 Camry XSE (L) and the 2018 Camry XLE during the North American International Auto Show in Detroit, Michigan,   REUTERS/Mark Blinch 4/8 left right Jose Munoz, Chairman of Nissan North America, speaks during the North American International Auto Show in Detroit, Michigan,   REUTERS/Rebecca Cook 5/8 left right Shiro Nakamura, Senior VP and Chief Creative Officer for Nissan (L) and Jose Munoz, Chairman of Nissan North America, introduce the Nissan Vmotion 2.0 concept car during the North American International Auto Show in Detroit, Michigan,   REUTERS/Rebecca Cook 6/8 left right Jose Munoz, Chairman of Nissan North America, is shown on a large screen as he speaks about the 2017 Nissan Rogue Sport (foreground) during the North American International Auto Show in Detroit, Michigan,   REUTERS/Rebecca Cook 7/8 Members of the news media crowd around the 2018 Ford F150 pickup truck. REUTERS/Rebecca Cook 8/8 By Bernie Woodall and David Shepardson - DETROIT DETROIT Global auto executives at the Detroit auto show are highlighting their investments in the United States, mindful of President-elect Donald Trump''s attacks on automakers for building vehicles in Mexico. Fiat Chrysler Automobiles ( FCHA.MI )( FCAU.N ) Chief Executive Sergio Marchionne said on Monday that uncertainty over Trump''s trade and tax policies could lead automakers to delay investments in Mexico, and he confirmed plans to create 2,000 jobs at Fiat Chrysler''s U.S. factories. "The reality is the Mexican automotive industry has now for a number of years been tooled-up to try and deal with the U.S. market. If the U.S. market were not to be there, the reasons for its existence are on the line," Marchionne told reporters at the North American International Auto Show in Detroit. FCA announced on Sunday it would spend $1 billion to retool factories in Ohio and Michigan to build new Jeep sport utility vehicle, including a pickup truck, and potentially move production of a Ram heavy-duty pickup truck to Michigan from Mexico. On Monday, Ford confirmed it would build a new Ranger pickup and a new SUV under the storied Bronco name at a Michigan factory that currently builds Focus small cars. During the 2016 presidential campaign, Trump had criticized Ford''s announcement last year that it would move Focus production to Mexico. Last week, Ford scrapped plans to build the $1.6-billion Focus plant in Mexico and said it would invest $700 million in a factory in Michigan. Executives at Ford, Fiat Chrysler and other automakers said during interviews at the auto show their investment decisions are driven by business considerations, not Trump''s comments. Most major automakers in the U.S. market have substantial vehicle-making operations in Mexico, as well as complex networks of parts makers that supply their factories in the United States and support jobs and investment in states such as Ohio and Michigan. Trump praised Ford and Fiat Chrysler''s latest announcements on his Twitter account on Monday. "It''s finally happening - Fiat Chrysler just announced plans to invest $1BILLION in Michigan and Ohio plants, adding 2000 jobs," Trump said in a tweet. In a follow-up tweet, he added: "Ford said last week that it will expand in Michigan and U.S. instead of building a BILLION dollar plant in Mexico. Thank you Ford & Fiat C(hrysler)." INVESTING IN THE UNITED STATES Trump''s focus on U.S. automotive jobs, and uncertainty over what policies he may introduce, have been central topics of discussions among industry officials at the annual auto show. Companies ranging from General Motors Co ( GM.N ) to Honda Motor Co ( 7267.T ) to Daimler AG ( DAIGn.DE ) used the show to highlight new U.S. investments. Toyota Motor Corp ( 7203.T ) will invest $10 billion in the United States over the next five years, the same as in the previous five years, North America Chief Executive Jim Lentz said Monday. Honda ( 7267.T ) will build a new hybrid model that does not have a gasoline counterpart in its lineup. The hybrid will be made in the United States in 2018 at an existing plant, and Honda said it would boost investment at its transmission plant in Georgia. Daimler AG ( DAIGn.DE ) Chief Executive Dieter Zetsche said Sunday the German automaker plans to invest another $1.3 billion to expand sport utility vehicle (SUV) production at a factory in Alabama. German automaker Volkswagen AG ( VOWG_p.DE ) plans to invest $7 billion in the United States between 2015 and 2019. It is weighing whether to build an electric SUV in the United States or Mexico, Hinrich Woebcken, chief executive of the North America Region, told Reuters on Sunday. Volkswagen has had a plant in Mexico for 50 years and it is not shifting any jobs to Mexico from the United States. "We do not make our investment decisions based on administrative cycles," Woebcken said on the sidelines of the Detroit auto show. FCA''s Marchionne said Monday his company''s decision to invest in expanded truck production in the United States "was in the works and has been in the works for a long period of time." Marchionne wanted to get out the news about adding jobs and investment in the United States in case the company encountered more criticism from Trump, a person familiar with the situation said on Sunday. ADJUSTING TO TRUMP Marchionne said he has not made a decision on whether to move production of certain Ram heavy-duty pickups from Mexico to the United States, in part because of uncertainty about tariffs. "There''s no commitment to move the heavy-duty. If tomorrow morning President-elect Trump decides to impose a border tax on anything that comes up from Mexico, then we’ll have to adjust." Marchionne said it would be "very, very costly and uncertain" to repurpose Mexican production for export to markets other than the United States. Ford Motor Co ( F.N ) Chairman Bill Ford Jr and GM Chief Executive Mary Barra have, separately, spoken with Trump in recent days. Ford said he has been "in relatively frequent contact with him." Ford said he is encouraged that overhauling the corporate tax code is high on Trump''s agenda. Barra on Sunday said tax reform and "streamlining regulations ... are just two areas that would be extremely beneficial" for Trump to address. Trump has criticized GM for building cars in Mexico while laying off workers in the United States. Barra, who is on an advisory committee to Trump, told reporters that decisions about where to build specific vehicles are made "two, three four years ago." Overall, she said of Trump, "we have much more in common" than areas of disagreement. Marchionne said that he has not spoken with Trump or anyone on the presidential transition team. Trump takes office Jan. 20. (Reporting by Nick Carey, David Shepardson and Bernie Woodall; Editing by Nick Zieminski) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-autoshow-idUKKBN14T2A9'|'2017-01-10T04:23:00.000+02:00'
'c9c37baa723b382a523367b7713e48ae2e0c2eb8'|'German financial watchdog says Basel IV will hit some German banks'|'Business News - Tue Jan 10, 2017 - 6:53pm GMT German financial watchdog says Basel IV will hit some German banks Felix Hufeld, President of Germany''s Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) visits Thomson Reuters office in Frankfurt, Germany, September 22, 2016. REUTERS/Ralph Orlowski FRANKFURT New capital rules being drafted by global banking regulators will burden some German lenders, albeit in a reasonable fashion, the head of German financial watchdog Bafin said. The Basel Committee of banking supervisors from nearly 30 countries earlier this month postponed the approval of long-awaited rules designed to avert a repeat of the financial crisis. The Group of Central bank governors and heads of supervision (GHOS) are now working on a compromise on how much capital lenders have to set aside against loans and other assets. The Basel III reform has proven divisive, with European regulators worrying that higher capital demands would curb bank lending - the prime source of funding for companies in the region. The main sticking point relates to a "floor" on how much capital a bank needs to hold irrespective of what its own model says. Bafin president Felix Hufeld said in a speech on Tuesday that a possible compromise would still be an imposition for some German banks. "But impositions which we as regulators view as appropriate and bearable." Germany''s flagship lender Deutsche Bank ( DBKGn.DE ) is seen among those hardest hit by the new capital rules - unofficially dubbed Basel IV - as they are expected to inflate Deutsche Bank''s risky assets by 125 billion euros or roughly a third. The lender, which is grappling with a $7 billion bill from U.S. authorities over its sale of toxic mortgage securities and is expecting more expensive litigation, is hoping for a late implementation date and a long grandfathering period so it can slowly fill the capital gap. Bafin''s Hufeld said international regulators had withstood the "siren songs" from bank lobby groups, and warned that "there will not be a compromise at any cost". He added, however, that market structures of individual countries would have to be taken into account when deciding to what extent banks can use their own models for assessing risks. While American companies use capital markets as their prime source of finance, European groups still rely mainly on bank loans. At the same time, European banks on average recover more money from bad corporate loans and mortgages than their U.S. peers - factors that new bank rules should reflect, regulators and bank executives have said. (Reporting by Arno Schuetze. Editing by Ludwig Burger.) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-regulation-idUKKBN14U2D5'|'2017-01-11T01:53:00.000+02:00'
'95e63f1cc69c0e5b702cc05f4f2e6b7b33264fb1'|'Investor demand re-emerges for U.S. 3-year note supply'|'NEW YORK Jan 10 Investor demand for U.S. three-year Treasury notes re-emerged at an auction on Tuesday after it fell last month in advance of a widely expected quarter-point interest rate increase from the Federal Reserve.Indirect bidders which include fund managers and foreign central banks bought 54.6 percent of the $24 billion of the three-year Treasury issue offered. This was their largest share at a three-year auction since September, Treasury data showed. (Reporting by Richard Leong; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-3year-idINL1N1F018B'|'2017-01-10T15:22:00.000+02:00'
'90358c85c01b34ba23ae52cf95b2f3720f0ade6a'|'Europe''s EEX bourse says will build on 2016 trading gains this year'|'Financials   8:17am EST Europe''s EEX bourse says will build on 2016 trading gains this year FRANKFURT, Jan 11 Trading volumes of electricity, gas and carbon forwards on European energy bourse EEX surged in 2016 and the exchange said it will keep up the momentum this year. The Leipzig-based exchange, which is part of Deutsche Boerse group, cited new products and acquisitions as drivers of growth, which helped it win more market share from wider over-the-counter markets. "In 2017, we will continue to work on increasing market shares in our core markets and boosting liquidity in our new areas of activity," Chief Executive Peter Reitz said. The trading volume of its power contracts totalled 4,456 terawatt hours (TWh), a rise of 46 percent over 2015, which reflected growth in its spot power unit EPEX SPOT and integration of Prague-based Power Exchange Central Europe (PXE) and Serbian SEEPEX, which became part of the group in June. Flagship German power futures gained 53 percent over 2015 alone to turn over 2,665 TWh - more than five times Germany''s annual power consumption. French power futures volumes doubled and Italian volumes gained 21 percent, while Spanish and Dutch volumes grew by 219 percent and 317 percent, albeit from very low levels. Gas trading on the EEX jumped by 69 percent over the year to 1,756 TWh, compared with actual gas consumption of 940 TWh recorded for Germany alone. Gas trading unit Pegas in the second half introduced products of the Austrian Central European Gas Hub (CEGH) and of Danish Gaspoint Nordic, to boost one-stop shopping in wider Europe. EEX carbon emissions rights trading increased by 40 percent to total 950 million tonnes. Roughly two thirds came from primary market auctions for EU Emissions Allowances and EU Aviation Allowances and the remainder from the EUA secondary market. The EEX also traded agricultural products and benefited from higher volumes in dry bulk freights, iron ore and bunker contracts offered by its subsidiary, Singapore-based Cleartrade Exchange (CLTX). Below is a selection of trading results, allowing for rounding errors. 2016 2015 Yr-Yr change Power derivatives 3,920 TWh 2,537 TWh + 55 pct Power total* 4,456 TWh 3,062 TWh + 46 pct Gas spot 666 TWh 458 TWh + 45 pct Gas derivatives 1,090 TWh 584 TWh + 87 pct Gas total** 1,756 TWh 1,042 TWh + 69 pct Carbon 949 mln T 678 mln T + 40 pct * includes EPEX Spot, SEEPEX since Feb ''16, PXE since June ''16 ** includes Pegas, Gaspoint Nordic, PXE gas since June ''16, CEGH gas since Dec ''16 (Reporting by Vera Eckert; Editing by Alison Williams) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/power-eex-data-idUSL5N1EW3FV'|'2017-01-11T20:17:00.000+02:00'
'ab5b16e2a63ea8b2ca840d62a7d2763a4e4fa6c1'|'Tullow founder to step down as CEO, insider to replace him'|' 10am GMT Tullow founder to step down as CEO, insider to replace him By Karolin Schaps - LONDON LONDON Tullow Oil''s long-serving CEO and founder Aidan Heavey is to step down in April and retire within two years and will be replaced as head of the company by Chief Operating Officer Paul McDade from April, the company said on Wednesday. Heavey, who founded Tullow in 1985 and named it after the Irish town where it was set up, will take over as chairman after the company''s annual general meeting on April 26, subject to shareholder approval. His tenure is limited to two years. "The Board and I have long been aware of the need to plan carefully for Aidan''s retirement from Tullow as our founder and after 31 years as CEO," said Chairman Simon Thompson, who will leave the board when Heavey succeeds him. Analysts at Barclays welcomed McDade''s appointment and said it showed the company would continue with its existing strategy. The Africa-focused oil producer also said on Wednesday 2016 full-year revenue is expected to have fallen 19 percent year on year to $1.3 billion as weak oil prices continued to eat into sales. The company will publish full 2016 results on Feb. 8. Tullow''s London-listed shares opened 3 percent below Tuesday''s closing price. New CEO McDade will take over at a crucial time for Tullow, which brought its multi-billion dollar TEN oil fields in Ghana on stream just five months ago and now needs to turn costly investments into profits. However Tullow said on Wednesday that production from TEN is expected to average 50,000 barrels per day (bpd) this year, lower than previously expected, due to problems with managing pressure in one of the reservoirs. Once at full capacity the fields will be able to produce 80,000 bpd. Tullow is also battling production issues at its Jubilee oil field which will have to undergo a shutdown of up to 12 weeks this year to carry out modification work. (editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tullow-management-idUKKBN14V0NQ'|'2017-01-11T15:10:00.000+02:00'
'46ad5a6993fbb52de25d8d91c6aca6cb0389e012'|'Swedish c.bankers split over strength of inflation upturn'|'Financials   3:51am EST Swedish c.bankers split over strength of inflation upturn STOCKHOLM Jan 12 Sweden''s central bankers were split over how secure a recent upturn in inflation is, minutes of the Riksbank''s December meeting showed on Thursday, with those supporting the decision to expand QE arguing more support for prices was needed. Governor Stefan Ingves, who cast the deciding vote at the December meeting, said there were still uncertainties surrounding developments. "After a period with low inflation for a long time, it is of course pleasing that inflation is rising," the minutes showed. "But Mr Ingves still sees a risk of inflation being lower than anticipated." Deputy Governors Cecilia Skingsley and Henry Ohlsson voted against the decision to expand quantitative easing by 30 billion crowns with Martin Floden wanting to buy 15 billion crowns of bonds. (Reporting by Stockholm Newsroom) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sweden-cenbank-minutes-idUSS3N1C900S'|'2017-01-12T15:51:00.000+02:00'
'bde7ccd5436cce8d5ae3d505a75c7b75378717bd'|'China Vanke, centre of power struggle, says No. 2 shareholder has a plan'|'Thu   China Vanke, center of power struggle, says No. 2 shareholder has a plan A sign of China Vanke is seen in Hong Kong, China August 22, 2016. REUTERS/Bobby Yip/File Photo By Clare Jim - HONG KONG HONG KONG Property developer China Vanke ( 2.SZ ) ( 2202.HK ), embroiled in a high-profile corporate power tussle for over a year, said on Thursday its No. 2 shareholder China Resources Group is considering a major plan. The country''s second-largest developer said in a statement it had been informed on Wednesday that China Resources and a unit were ''formulating a major plan involving its holdings in Vanke but are still finalizing the details.'' China Resources said it had nothing further to add at this point. Vanke has been plunged into crisis ever since financial conglomerate Baoneng Group built up a 25 percent stake and sought to oust management. To counter that, it agreed to a $6.9 billion deal with white knight Shenzhen Metro Group but last month called it off saying it could not get major shareholders to agree. Baoneng''s shares will come out of a lock-up period that prevents them from being sold on Jan. 17, according to a Citi report. China Resources, which owns 15.2 percent of Vanke, previously opposed the Shenzhen Metro deal but has said it was not working with Baoneng to oust management. Complicating matters, China Evergrande Group ( 3333.HK ), the country''s biggest homebuilder, quickly built up a stake of 14.07 percent in the latter half of last year but has since said it is not interested in seeking control of its rival. Vanke''s shares were suspended from trade in both Hong Kong and Shenzhen earlier in the day. (Reporting by Clare Jim; Additional reporting by Donny Kwok; Editing by Edwina Gibbs) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-vanke-stocks-idUKKBN14W0GL'|'2017-01-12T12:52:00.000+02:00'
'5c6b357fe6afb60ecd487c2588a6335b8428f367'|'Volkswagen shareholders question bonuses in wake of U.S. diesel deal'|'  12:52pm GMT VW shareholders question bonuses in wake of U.S. diesel deal FILE PHOTO: A Volkswagen logo is seen at a dealership in Seoul, South Korea, August 2, 2016. REUTERS/Kim Hong-Ji/File Photo - RTX2YF74 By Edward Taylor and Simon Jessop - FRANKFURT/LONDON FRANKFURT/LONDON Volkswagen ( VOWG_p.DE ) investors demanded reforms and questioned executive bonuses after the carmaker admitted to criminal offences in rigging U.S. emissions tests and U.S. prosecutors indicted six current and former managers over the scandal. The German company agreed to pay $4.3 billion in civil and criminal fines in a settlement with the U.S. Department of Justice (DoJ) on Wednesday, the largest ever U.S. penalty levied on an automaker. Volkswagen (VW) admitted about 40 employees at its VW and Audi brands deleted thousands of documents in an effort to hide from U.S. authorities the systematic use of so-called defeat devices to rig diesel emissions tests, a scale of wrongdoing that led some investors to call for deep reforms. "For senior management to receive any bonuses in 2017, we would now expect VW to deliver a dramatic improvement in profits," said Ben Walker, partner at activist hedge fund TCI, which last year publicly criticized "corporate excess on an epic scale" at the carmaker. "Seventeen billion euros of EBIT (earnings before interest and tax) should be the minimum amount for any bonus to be received by executive management. Below that, zero bonus," he wrote in an email, noting VW''s admissions of guilt in the DoJ settlement did not extend to any board-level managers. VW has forecast an operating margin of 5-6 percent on expected sales of around 213 billion euros ($227 billion) for 2016, implying EBIT of around 10.6-12.8 billion euros. It has set aside more than 18 billion euros to cover the cost of the diesel scandal, a figure it is expected to raise in light of the DoJ deal. Moody''s credit-rating agency said the deal could raise its provisions expectation of 21.2 billion euros by around 1 billion euros, but welcomed the removal of uncertainties. "The settlement agreement ... should also help VW and VW''s management to refocus its efforts into the development of its operations, and therefore is a positive partially balancing the need to increase its provision," it wrote. VW still faces lawsuits from about 20 U.S. states and from U.S. investors, and will spend years buying back or fixing nearly 580,000 polluting U.S. vehicles. It also faces claims from investors and customers in Europe and Asia, after it admitted in September 2015 that up to 11 million vehicles worldwide could have defeat device software installed. MORE INDEPENDENT DIRECTORS, OPENNESS "What is most disturbing... is the pattern of deception, both in developing and perfecting the defeat devices, as well as deliberately obstructing the subsequent investigation," said Annie Bersagel, an adviser for responsible investments at Norwegian Mutual Insurance company Kommunal Landspensjonskasse (KLP). KLP and KLP mutual funds have small investments in both VW equities and fixed income products. "Going forward we would like to see more truly independent directors. This may change governance at the company where we see some issues, for example the awarding of large bonuses to current and former managers. We would like to see a clawback provision relating to violations." Ingo Speich, a fund manager at Union Investment which holds about 0.6 percent of VW preference shares, said on Wednesday the company needed to "put everything on the table" about its wrongdoing to regain the trust of investors. For 2015, the year the scandal was uncovered, VW agreed to pay 12 current and former members of the management board at total of 63.2 million euros in fixed and flexible remuneration. It said board members would have 30 percent of their variable bonus withheld if the share price remained below 140 euros. VW shares are currently trading at 149.85 euros, around 7 percent below pre-scandal levels. SIX EMPLOYEES INDICTED In total, six current and former VW managers have been indicted, including Heinz-Jakob Neusser, former head of development for the VW brand. Five of them are in Germany and it is unclear if they will come to the United States to face charges since Germany typically does not extradite its citizens. While senior managers, none of them are - or were - members of VW''s management board. At a press conference in Washington, U.S. attorney general Loretta E. Lynch said U.S. authorities would continue to pursue those responsible for emissions cheating. "This announcement does not mean that our investigation is complete ... We will continue to pursue the individuals responsible for orchestrating this damaging conspiracy," Lynch said. The indictment said the six managers engaged in a 10-year conspiracy to cheat U.S. emissions tests and then cover up excessive emissions even as regulators questioned irregularities. VW Chief Executive Matthias Mueller said in a statement the company "deeply regrets the behavior that gave rise to the diesel crisis" and vowed to continue changes in how the company operates. See graphic on emissions affair: ( tmsnrt.rs/2fYcm9Q ) (Additional reporting by Andreas Cremer in Berlin; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-idUKKBN14W147'|'2017-01-12T19:51:00.000+02:00'
'f129c5a074850437930c234df5f56f1b77758adb'|'Cadbury owner Mondelez raises some prices on weak pound, higher cocoa cost'|' 40pm GMT Cadbury owner Mondelez raises some prices on weak pound, higher cocoa cost The logo of Mondelez International is pictured at the company''s building in Zurich November 14, 2012. REUTERS/Michael Buholzer LONDON Cadbury chocolate owner Mondelez International ( MDLZ.O ) said it is taking selective price increases across its brands, as it grapples with higher commodity costs and a weaker British pound. Mondelez in November attracted consumer criticism when it changed the shape of its Toblerone bars, putting more space between its distinctive jagged peaks, in order to recoup some higher costs. Britain''s Guardian newspaper reported that Mondelez was raising the price of its Freddo bars from 25 pence to 30 pence in the spring. A Mondelez spokeswoman declined to discuss specific brands, saying only that there would be "selective" price increases across its range. "It is well reported that food and drink manufacturers have been experiencing increasing commodity costs for some time which, coupled with recent foreign exchange pressures, are making food products more expensive to make," the spokeswoman said, noting the price of cocoa, which it imports into the UK, is up more than 50 percent since 2013. Earlier this week Premier Foods ( PFD.L ), the owner of Mr Kipling cakes, said it was in talks to raise prices, and last year''s row between Unilever ( ULVR.L ) and Tesco ( TSCO.L ) over price increases on goods like Marmite made nationwide headlines. The British pound is still down 18 percent since Britons voted in June to leave the European Union. The weakness makes imported goods more expensive. (Reporting by Martinne Geller in London; Editing by Alexandra Hudson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mondelez-freddo-price-idUKKBN14W2OT'|'2017-01-13T01:40:00.000+02:00'
'9f3ba190fc99cacc694e4d35ab856d5e4eff3883'|'UK''s Imperial Brands teams up in joint venture with China Tobacco'|'By Martinne Geller Britain''s Imperial Brands ( IMB.L ) has formed a joint venture with state-owned China National Tobacco (CNTC) in a move to gain a foothold in the world''s largest cigarette market.The joint venture announced on Wednesday could boost Imperial''s long-term earnings potential and competitive position in the growing e-cigarette market and increase the chances of the world''s fourth-biggest tobacco company attracting takeover interest as the industry consolidates, according to analysts.Big tobacco companies are facing shrinking markets due to health concerns and are all investing heavily in developing less harmful alternatives to smoking tobacco.Imperial''s shares closed up 1 percent at 3,626.5 pence in London."We think today''s news could make a bid more likely," said Jefferies analysts, citing speculation that Imperial could be swept up in a wave of consolidation brought on by British American Tobacco''s ( BATS.L ) $47 billion bid for Reynolds American ( RAI.N ).The joint venture, Global Horizon Ventures Limited (GHVL), will be based in Hong Kong and link Imperial with CNTC subsidiary Yunnan Tobacco, which controls over one-fifth of the Chinese market.Imperial said the joint venture will expand Imperial''s West and Davidoff brands in China, and Yunnan''s Jade and Horizon brands internationally."Further tobacco and next-generation product launches, as well as potential M&A opportunities, will also be evaluated by GHVL in due course," it said in a statement.China is by far the world''s largest tobacco market, selling about 2.5 trillion cigarettes a year, or about one in every third cigarette smoked.The market is dominated by state-owned monopoly CNTC, which struck partnerships with Marlboro maker Philip Morris International ( PM.N ) in 2005 and British American in 2013.A partnership with China Tobacco could give Imperial more capital and scale with which to expand in the growing market for cigarette alternatives. So far it has stuck to e-cigarettes, which heat nicotine-laced liquid into vapor, unlike Philip Morris and BAT, which also have tobacco-heating devices they say may be more appealing to smokers who can''t quit.A successful initial partnership could pave the way for an all-out takeover bid down the road, Jefferies analysts said, noting it also makes Imperial more attractive to Japan Tobacco ( 2914.T ), long seen as a likely suitor.Imperial was advised by Vermilion Partners and Allen & Overy on the transaction, whose financial terms were not disclosed.BAT is in talks with U.S. peer Reynolds about buying the 58 percent of the company it does not already own. Reynolds'' next-generation technology is seen as a key driver for that move, as smoking declines in Western markets due to growing health consciousness.(Additional reporting by Noor Zainab Hussain in Bengaluru; Editing by Alexander Smith, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-imperial-brands-jv-china-idINKBN14V28V'|'2017-01-11T14:44:00.000+02:00'
'6428515b136a5af607fd815dcc6fd9cccfbde04a'|'Volkswagen reveals record car sales amid emissions scandal - Business - The Guardian'|'Volkswagen on Tuesday said it had sold 10.3m cars worldwide last year, a new record for the German auto giant, despite grappling with a massive emissions cheating scandal.The VW group, which also includes the brands Audi, Porsche and Skoda, saw sales increase by 3.8% on the year, pushing it back over the magical 10m mark after slipping to 9.93m in 2015.The results come as the company’s “dieselgate” crisis is back in the spotlight following the arrest this week of a VW executive in Miami who stands accused of helping to cover up the scandal.Volkswagen’s US compensation deal leaves British drivers fuming Read more The scandal erupted in September 2015 when Volkswagen, under pressure from US authorities, admitted to installing software in 11m diesel cars worldwide that could cheat pollution tests .The technology allowed the cars to pass the emissions tests but release up to 40 times the permitted amounts of nitrogen oxides during actual driving.The scandal harmed Volkswagen’s reputation and sent its share price plunging, but customers appear to have largely shrugged off the controversy.Volkswagen has responded to the crisis with a management shake-up and by shifting its focus to clean-energy vehicles, setting out to be the world’s leader in electric cars by 2025.“2016 was a very challenging year for us. We made strides in resolving and overcoming the diesel crisis and at the same time initiated a fundamental change process,” chief executive Matthias Mueller said in a statement.Group sales were driven by strong growth in China, where deliveries were up 12% . Europe saw growth of 4%.In the United States, where customers have taken mass legal action to secure compensation from Volkswagen, sales were down 2.8% over the year.In South America, sales plummeted by nearly a quarter.Overall, VW’s flagship own-brand cars were the group’s most popular with sales up 2.8% to reach nearly 6m units in 2016.Strong performances by Skoda as well as luxury brands Porsche and Audi also helped drive the group to its record result.Volkswagen’s main global rival Toyota has yet to announce its full-year figures, but last month it said it expected sales of 10.09m vehicles for 2016 – which would put it in second place behind VW.The VW group has set aside some €18bn ($19bn) to cover the fallout of the dieselgate scandal, but experts believe the final bill for the buy-backs, fixes and legal costs will be far higher.In the United States alone, the carmaker has already agreed to spend nearly $16bn to settle civil claims, including an agreement to provide compensation for nearly half a million owners of the affected cars.The company is also reportedly nearing a $2bn settlement with US authorities to resolve a criminal probe.Volkswagen faces a web of legal complaints in Europe as well, but it has so far resisted calls to offer compensation to drivers there.As part of its post-dieselgate revamp, VW in November said it planned to sell one million electric cars per year by 2025. It also announced it would be slashing 30,000 jobs by 2020, while ramping up investment in new technologies such as self-driving cars.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/11/volkswagen-reveals-record-car-sales-amid-emissions-scandal'|'2017-01-11T02:00:00.000+02:00'
'7943948e2e0c625f60e3d55b906dfffeda079e96'|'BoE''s Carney - curbing consumer lending would be ''big call'''|'Business  21pm GMT Bank of England''s Carney: curbing consumer lending would be ''big call'' Bank of England Governor Mark Carney delivers the Liverpool John Moores University''s Roscoe Lecture, at the BT Convention Centre in Liverpool, Britain December 5, 2016. REUTERS/Peter Byrne/Pool By David Milliken and Huw Jones - LONDON LONDON Bank of England Governor Mark Carney said it would be a "big call" for the central bank to rein in rapid growth in consumer lending, which picked up strongly last year and brought some echoes of the period before the global financial crisis. British consumer borrowing increased at the fastest annual rate for more than 11 years in November, the BoE said last week, and Carney told lawmakers that the momentum appeared to have continued into the Christmas holiday season. Asked about measures of debt stress on households, Carney said there were signs the situation was under control, but that the BoE''s Financial Policy Committee (FPC) would watch out for problems in the event of an economic slowdown. "What we as a committee will have to think about, and it is a big call, is whether there is anything that should be done, above and beyond making sure the core of the system is resilient to this," he said. "It is a big step to go beyond that." Economists are watching to see if the pace of lending is maintained this year or slows as Britain kicks off the process of leaving the European Union and inflation picks up after a post-Brexit vote slump in the value of the pound. Growth in 2016 relied heavily on consumer spending, which was partly funded by households borrowing more and saving less. Alex Brazier, a BoE executive and FPC member, said the bank would be vigilant about a broader loosening of credit conditions beyond the car finance market which was in its sights last year. Another FPC member, Martin Taylor, said consumer credit growth was a "flashing light" for the committee which needed to understand the situation better, but not necessarily a problem. Consumer credit is only a small part of total lending to households, which BoE figures show is growing by 4 percent a year, compared with nearly 11 percent for consumer borrowing, and Brazier said the BoE could afford a considered approach. As a share of economic output, household debt remains well below levels seen before the 2007-09 financial crisis. The FPC lacks specific tools to target consumer borrowing, but one option would be to make banks hold more capital to penalize risky lending in general. It will review in the summer whether to ask banks to begin increasing the amount of capital they hold against cyclical upturns in the credit cycle. This buffer was reduced to zero after   EU rattled markets, and Brazier said it could stay there some time unless risks diminished. (Additional reporting by Alistair Smout; Editing by Louise Ireland) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-boe-carney-lending-idUKKBN14V2AU'|'2017-01-12T01:17:00.000+02:00'
'af0ef7952329aa2ffe39ed54dc05a6d3553b7373'|'China 2016 economic growth expected to be around 6.7 percent - state planner head'|'Business News - Tue Jan 10, 2017 - 2:21am GMT China 2016 economic growth expected to be around 6.7 percent - state planner head A security guard keeps watch on the Bund in front of the financial district of Pudong in Shanghai, China October 19, 2016. REUTERS/Aly Song BEIJING China''s economic growth in 2016 was expected to be around 6.7 percent, Xu Shaoshi, director of the National Development and Reform Commission (NDRC), said on Tuesday. Consumption accounted for 71 percent of China''s GDP growth in 2016, Xu told a media briefing in Beijing. China''s government had targeted 6.5-7 percent economic growth in 2016. Activity was boosted by higher government spending, a housing rally and record high levels of bank lending, which, however, also led to an explosive increase in debt. (Reporting by Beijing Monitoring Desk; Editintg by Kim Coghill) Next In Business News Global stocks shaky as oil slump, ''hard'' Brexit fears dim mood SINGAPORE Asian stock markets were on the back foot on Tuesday as risk appetite evaporated overnight after the year''s strong start, with equities retreating, oil markets roiled by a supply surge and the pound sliding on renewed concerns about a "hard" Brexit.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-growth-idUKKBN14U06K'|'2017-01-10T09:21:00.000+02:00'
'5565a426f235a9ec165bb90840bc58f4856e0ec1'|'WhatsApp, Gmail roped into tougher EU privacy proposal'|'Technology News - Tue Jan 10, 2017 - 7:34am EST WhatsApp, Gmail roped into tougher EU privacy proposal left right A Whatsapp App logo is seen behind a Samsung Galaxy S4 phone that is logged on to Facebook in the central Bosnian town of Zenica, February 20, 2014. REUTERS/Dado Ruvic 1/2 left right A woman hovers a mouse over the Google and European Union logos in this April 15, 2015 photo illustration. REUTERS/Dado Ruvic/Illustration/File Photo 2/2 By Julia Fioretti - BRUSSELS BRUSSELS Online messaging and email services such as WhatsApp ( FB.O ), iMessage ( AAPL.O ) and Gmail ( GOOGL.O ) will face tough new rules on how they can track users under a proposal presented by the European Union executive on Tuesday. The web players will have to guarantee the confidentiality of their customers'' conversations and ask for their consent before tracking them online to serve them personalized ads. The proposal by the European Commission extends some rules that now only apply to telecom operators to web companies offering calls and messages using the internet, known as "Over-The-Top" (OTT) services, seeking to close a perceived regulatory gap between the telecoms industry and mainly U.S. Internet giants such as Facebook, Google and Microsoft ( MSFT.O ). Tuesday''s proposal would allow telecom companies to use customer metadata - such as the duration and location of calls - to provide additional services and make more money, something they are barred from doing under the current rules. The review of the so-called e-privacy law will also force web browsers to have their default setting as not allowing personalized online advertising based on browsing habits. Instead, users will be asked to opt in to allow websites to place cookies on their browsers. "It''s up to our people to say yes or no," said Andrus Ansip, Commission vice-president for the digital single market. Cookies are placed on web surfers'' computers and contain bits of information about the user, such as what other sites they have visited or where they are logging in from. They are widely used by companies to deliver targeted ads to users. Online adverstisers have warned that overly strict rules would undermine many websites'' ability to fund themselves and keep offering free services. They say the data they use can not identify the user and is therefore low risk, making asking for consent every time too onerous. The proposal scraps the obligation on websites to ask visitors for permission to place cookies on their browsers via a banner every time they land on it if the user has already consented through the privacy settings of the web browser. The "cookie banner" has been lambasted as ineffective because people tend to accept them without necessarily reading what that entails. Companies falling foul of the new law will face fines of up to 4 percent of their global turnover, in line with a separate data protection law set to enter into force in 2018. The proposal will need to be approved by the European Parliament and member states before becoming law. (Reporting by Julia Fioretti; Editing by Alison Williams) Next In Technology News Toshiba asks creditors not to call in loans: sources TOKYO Toshiba Corp met creditors on Tuesday and asked them not to use provisions in debt agreements to call in their loans early, giving the troubled company time to work out a turnaround plan, sources with knowledge of the matter said. China not to license Pokemon Go, similar games as it weighs security risks HONG KONG Nintendo''s hit smartphone app, Pokemon Go, and other augmented reality games are unlikely to be rolled out in China any time soon, after the state censor said it would not license them until potential security risks had been evaluated. Yahoo Inc said Monday that it would rename itself Altaba Inc and Chief Executive Officer Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications Inc. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-eu-privacy-idUSKBN14U1FL'|'2017-01-10T19:34:00.000+02:00'
'd94a8eb19d983eac3a60b1a477d02103ab8a58c8'|'Irish consumers ended 2016 feeling increasingly nervous - survey'|'Business News - Tue Jan 10, 2017 - 12:08am GMT Irish consumers ended 2016 feeling increasingly nervous - survey A man looks at a window display of jewellery on Grafton Street, Dublin, November 18, 2010. REUTERS/Cathal McNaughton DUBLIN Irish consumer sentiment dipped in December to its lowest level since early 2015, a survey showed on Tuesday, as households ended the year feeling increasingly nervous. Ireland''s economy finished 2016 on a high as data suggested it would outgrow the rest of the euro zone for the third year running. But that has failed to buoy consumers, many of whom are experiencing an uneven recovery that has not fully restored the losses endured in the financial crisis of nearly a decade ago. Their cautiousness helped push back the KBC Bank Ireland/ESRI Consumer Sentiment Index to 96.2 from 97.8 in November. The index has slid from a 15-year high of 108.6 hit at the start of last year. "The main message coming from the sentiment survey through 2016 appears to be that, from the perspective of the average Irish consumer, the economic recovery has significantly over-promised and under-delivered," KBC chief economist Austin Hughes said. "Our sense is that the downgrading of sentiment through 2016 reflects both the reality of a notably more uncertain and challenging economic environment as well as the absence of a broadly felt improvement in the living standards." Hughes said that at current levels, the index is still consistent with a continuing increase in consumer spending but the flagging momentum was likely to stop it from moving onto an even stronger trajectory. The decline in sentiment was also broadly based. Four of the five main elements of the index declined, with the exception of the jobs component, reflecting the most consistent aspect of the Irish recovery that has halved the unemployment rate in five years to just over 7 percent. "It is important to emphasise the December survey does not suggest Irish consumers are bracing themselves for an economic Armageddon," Hughes said. "It is simply telling us that there is far less certainty that the Irish economy will deliver broadly felt growth in the year ahead." (Reporting by Padraic Halpin; Editing by Catherine Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-consumersentiment-idUKKBN14U00G'|'2017-01-10T07:08:00.000+02:00'
'df2a07b4ee3e504a7408d04f767c50bf734eb07a'|'Indusind Bank Dec-qtr profit up about 29'|'Jan 10 Indusind Bank Ltd :* Dec quarter net profit 7.51 billion rupees versus net profit of 5.81 billion rupees year ago* Dec quarter interest earned 36.99 billion rupees versus 30 billion rupees year ago* Dec quarter provisions 2.17 billion rupees versus 1.77 billion rupees year ago* Dec quarter gross NPA 0.94 percent versus 0.90 percent previous quarter* Dec quarter net NPA 0.39 percent versus 0.37 percent previous quarter Source text : ( bit.ly/2i8BjTX (Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/idINFWN1F00F2?type=marketsNews'|'2017-01-10T06:49:00.000+02:00'
'e8910d6647714914c0e07eeb82a765c04a23c68c'|'Boeing internal memo warns of engineers layoffs in 2017'|' 34am GMT Boeing internal memo warns of engineers layoffs in 2017 The Boeing logo is seen at their headquarters in Chicago, in this April 24, 2013 file photo. REUTERS/Jim Young/Files By Alwyn Scott - SEATTLE SEATTLE Boeing Co ( BA.N ) warned on Tuesday that it will conduct involuntary layoffs of engineers, part of an ongoing cost-cutting drive as the aerospace and defense company responds to increasing competition amid slowing aircraft sales. The reductions, disclosed in an internal memo seen by Reuters, also include voluntary layoffs. The memo did not indicate the number of reductions the company planned. It listed dozens of job categories eligible for voluntary layoffs in Washington state, southern California and South Carolina. "While we have made good progress, more changes are needed to ensure our long-term future," John Hamilton, vice president of engineering at Boeing Commercial Airplanes, wrote in the memo. "We continue to operate in an environment characterized by fewer sales opportunities and tough competition." (Reporting by Alwyn Scott; Editing by Sandra Maler) Up Next Xi to be first Chinese leader to attend Davos World Economic Forum BEIJING/GENEVA President Xi Jinping this month will become the first Chinese head of state to attend the World Economic Forum (WEF) in Davos, which this year will dwell on the rising public anger with globalization and the coming U.S. presidency of Donald Trump.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-boeing-layoffs-idUKKBN14V00V'|'2017-01-11T07:33:00.000+02:00'
'9300a08afa4258574bce79e53177b32d6aa86cf8'|'United Air forecasts improved 4th-quarter performance'|' 37pm EST United Air forecasts improved fourth-quarter performance Customers of United wait in line to check in at Newark International airport in New Jersey, November 15, 2012. REUTERS/Eduardo Munoz NEW YORK United Continental Holdings Inc. ( UAL.N ) on Tuesday raised its fourth-quarter passenger unit revenue guidance to an expected decline of between 1.25 percent and 1.75 percent from 3 percent to 4 percent, pushing up its expected pre-tax profit margin compared to the fourth quarter of 2015. United, the No. 3 U.S. airline by passenger traffic, credited its improved outlook to strengthened last-minute bookings and ticket yields in November and December. Business demand was stronger than expected in the two weeks leading up to Christmas, the company said in an SEC filing posted to its website, and the winter holidays brought better-than-expected demand for leisure travel. The carrier now expects its profit margin to be between 9.25 percent and 9.75 percent, up from its earlier prediction of between 7.5 percent and 8.5 percent. United shares were up in after-hours trading at $75.48 from a closing price of $73.66. (Reporting by Alana Wise; Editing by James Dalgleish) Up Next GM gives robust ''17 profit outlook, boosting shares DETROIT No. 1 U.S. automaker General Motors Co on Tuesday gave an upbeat profit outlook for 2017 that was significantly above Wall Street forecasts, countering analysts’ concerns that the U.S. car industry peaked in 2016 after several years of record or near-record sales, sending its shares up nearly 4 percent.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ual-outlook-idUSKBN14U2QH'|'2017-01-11T05:32:00.000+02:00'
'a62b4d08120299c212d471459ec30de30943c73b'|'Lira slump pushes Turkish dollar bonds lower'|'LONDON Jan 11 Turkish dollar bonds tumbled across the curve on Wednesday, reacting to the lira''s fresh fall to record lows against the dollar, and Turkish bonds'' average yield premium over Treasuries hit its widest in a month.The most-traded 2030, 2034 and 2036 issues slipped between 0.7 and 1.0 cent, according to Tradeweb data . The bond maturing in 2045 fell 1.1 cent.The average premium paid by Turkish sovereign dollar debt over Treasuries widened 5 basis points to 380 basis points, a fresh one-month high. (Reporting by Sujata Rao, editing by Nigel Stephenson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-turkey-bonds-idINL5N1F11HJ'|'2017-01-11T05:22:00.000+02:00'
'6cbe94b119d4fa1451f633a2f4a63aa9fbcdaeb4'|'Iraq wants oil price around $65 - oil minister'|'  12:45pm IST Iraq wants oil price around $65 - oil minister A worker checks the valves at Al-Sheiba oil refinery in the city of Basra, Iraq, January 26, 2016. REUTERS/Essam Al-Sudani/File Photo ABU DHABI Iraq is abiding by an agreement among global oil producers to cut production and wants to see an oil price of around $65 a barrel, the country''s oil minister said in Abu Dhabi on Thursday. Iraq is "hoping for a better price", Jabar Ali al-Luaibi told reporters on the sidelines of a conference. "We are looking at $65, something like that". Brent crude is now around $55 a barrel. The Iraqi oil ministry said on Tuesday that it had cut its production by 160,000 barrels per day since the beginning of January. By the end of the month, production would be cut by 210,000 bpd, it said. Luaibi said on Thursday that Iraq had reduced exports by 170,000 bpd and was cutting them by a further 40,000 bpd this week. An Iraqi OPEC source confirmed that Iraq had cut both oil production and exports. (Reporting by Rania El Gamal and Stanley Carvalho; Writing by Alexander Cornwell; Editing by Andrew Torchia) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/iraq-oil-prices-idINKBN14W0OX'|'2017-01-12T14:15:00.000+02:00'
'340361fa9bea377c355644a84861a449bece14a4'|'Vietnamese brewer Habeco to list on Jan 19 at $1.3 bln valuation'|'Financials  02am EST Vietnamese brewer Habeco to list on Jan 19 at $1.3 bln valuation HANOI Jan 12 Hanoi Beer Alcohol and Beverage Corp, one of Vietnam''s biggest brewers, will list on the Ho Chi Minh Stock Exchange on Jan. 19, according to a Thursday filing on the bourse. Habeco, as the firm is commonly known, has set a starting price of 127,600 dong ($5.65) per share for the listing on the country''s biggest stock exchange, valuing the firm at $1.3 billion. Habeco was delisted from Vietnam''s Unlisted Public Company Market on Wednesday after more than two months of trading in order to shift to the Ho Chi Minh Stock Exchange, as part of the government''s privatisation plan for Habeco. The state said it wanted to sell all of its 82 percent stake in Habeco in 2016 and 90 percent in bigger brewer Sabeco by 2017, worth a combined $6.4 billion, but a specific sale has not yet been decided. ($1 = 22,570 dong) (Reporting by Mai Nguyen; Editing by Sunil Nair) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/habeco-listing-idUSL4N1EW2EC'|'2017-01-12T14:02:00.000+02:00'
'b684d91fe4b876d44661179bdad8d5d7d0be2b10'|'Snow, rain pummel parts of California, Nevada and Oregon'|'U.S.   5:00am EST Snow, rain pummel parts of California, Nevada and Oregon A private contractor clears deep snow from a driveway during a heavy winter storm in Incline Village, Nevada, U.S. January 10, 2017 REUTERS/Bob Strong Heavy rain and snowfall hit parts of California, Nevada and Oregon early on Wednesday, causing roads to be closed, schools to cancel classes and widespread flooding along already swollen waterways. A National Weather Service blizzard warning remained in effect until late on Wednesday morning for ski resort towns in the greater Lake Tahoe area, including Truckee and South Lake Tahoe, California, and neighboring Nevada enclaves of Stateline and Incline Village. Snow accumulations of 5 to 10 feet (1.5 to 3 meters) were forecast above elevations of 7,000 feet, with fierce wind gusts reaching 100 miles (160 km) per hour along the ridge of the Sierra Nevada mountain range, the National Weather Service reported. An avalanche warning was issued for much of the same mountain regions. "Those venturing outdoors may become lost or disoriented so persons in the warning area are advised to stay indoors," the weather service said. Roadways, including Interstate 80 near the border of California and Nevada, were closed on Wednesday morning. Schools throughout the region canceled Wednesday classes, including the Portland Public Schools district in Oregon, attended by about 50,000 students. Several flood warnings remained in effect until Wednesday morning for lower elevations in northern and central California and in western Nevada, where creeks and rivers were expected to overrun their banks. Several communities in the region opened evacuation centers for people who heeded warnings from officials to move to higher ground to avoid flooding. Heavy downpours sent a wall of mud down onto a house in Fairfax, California, trapping an elderly couple and their two granddaughters, according to local media. Firefighters rescued the couple and children and no one was injured, an ABC affiliate reported. A series of floodgates on the Sacramento River, just upstream of California''s capital, were opened for the first time in 11 years on Tuesday to divert high water around the city and into a special drainage channel, said Lauren Hersh, a spokeswoman for the state Water Resources Department. The cascade of rain and snow marked the fourth round of extreme precipitation unleashed during the past month by a weather pattern meteorologists call an "atmospheric river" - a dense plume of moisture flowing from the tropical Pacific into California. The storms have brought some sorely needed replenishment to many reservoirs left low by five years of drought, while restoring California''s mountain snowpack to 135 percent of its average water-content level for this time of year as of Tuesday, state water officials said. (Reporting by Brendan O''Brien in Milwaukee; editing by Dominic Evans) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-weather-idUSKBN14V119'|'2017-01-11T16:54:00.000+02:00'
'3436f9effdd37e0aee35d6f5d14898003df40916'|'Greek bailout to go ahead with or without IMF - Belgium finmin'|' 05pm GMT Greek bailout to go ahead with or without IMF: Belgium finmin LONDON The euro zone will go ahead with its bailout program for Greece with or without the involvement of the International Monetary Fund, Belgium''s finance minister told Reuters on Wednesday. Johan Van Overtveldt said the involvement of the IMF - which has said can only happen if it is the last bailout for Athens and includes debt relief for Greece - would be preferable, but that Euro countries would go ahead even without it. "As the Eurogroup, and as a monetary union, we would have to go ahead anyway. Preferably with the IMF, but we will go ahead anyway," he said. "If the IMF really insists on other issues than those that we consider to be important within the Eurogroup, then we have to face the consequences of that. But there can be no doubt that the presence of the IMF is in every respect a very desirable and efficient thing to have." Van Overtveldt added that he was confident that a solution would be found so that the IMF can join the bailout program. The Eurogroup holds its next meeting on Jan. 26, when Van Overtveldt said the issue of the bailout would be on the agenda. (Reporting by Jemima Kelly; editing by Marc Jones) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-greece-belgium-idUKKBN14V23R'|'2017-01-12T00:04:00.000+02:00'
'd6dd2357303929045e43e374a43ec412bb1d913f'|'IranAir takes delivery of first Airbus jet post-sanctions'|'Business News - Wed Jan 11, 2017 - 11:13am EST IranAir takes delivery of first Airbus jet post-sanctions left right IranAir Chairman Farhad Parvaresh (L) speaks with Airbus Chief Executive Officer Fabrice Bregier (R) during the first delivery of an Airbus A321 to IranAir, in Colomiers near Toulouse, France, January 11, 2017. REUTERS/Regis Duvignau 1/3 left right Airbus Chief Executive Officer Fabrice Bregier delivers his speech during the first delivery of an Airbus A321 to IranAir in Colomiers near Toulouse, France, January 11, 2017. REUTERS/Regis Duvignau 2/3 left right The logos of Airbus group and IranAir are pictured the company IranAir takes delivery of the first new Western jet, an Airbus A321, under an international sanctions deal in Colomiers, near Toulouse, France, January 11, 2017. REUTERS/Regis Duvignau 3/3 By Tim Hepher - PARIS PARIS The head of IranAir took delivery in France on Wednesday of the first Western airliner under an international sanctions deal, calling it a "sunny day" for relations between Iran and Europe and a memorable one for aviation in the nation of 80 million people. Chairman Farhad Parvaresh invited Fabrice Bregier, the head of planemaking at Airbus, to fly on the new A321 to Tehran, where the airline plans to mark its arrival in its fleet with a ceremony on Thursday. The 189-seat plane, already painted in IranAir''s livery, is the first of 100 ordered from Airbus following a deal reached in 2015 between Tehran and world powers to lift sanctions against Iran in return for curbs on the country''s nuclear activities. The airline has also ordered 80 aircraft from Boeing ( BA.N ) and is in the final stages of negotiating an order for 20 turboprops from Toulouse-based ATR, which is jointly owned by Airbus and Italy''s Leonardo Finmeccanica ( LDOF.MI ). Highlighting Iran''s emergence from years of isolation, the Airbus delivery marks the first brand-new jet directly acquired from a Western manufacturer for decades, other than the replacement of an Airbus jet shot down by the U.S. Navy in 1988. Republicans in the U.S. Congress have objected to the nuclear pact, signed by the United States, Britain, Russia, France, China, Germany and Iran. It also faces opposition from hardliners in Iran. Parvaresh said he hoped the United States would not block the agreement under president-elect Donald Trump, who at times has pledged to pull Washington out of the nuclear accord. Both Airbus and Boeing need U.S. export licenses to deliver the jets because of the number of U.S. parts. Both have received licenses but Boeing needs to have the majority extended due to the lengthy delivery period and analysts expect it to point to the Airbus delivery in order to press the case for its sales to remain in force. "Everything has been done according to the international regulations and rules up to now. We hope that nothing special happens to end this contract,” Parvaresh told reporters. The first Airbus aircraft will enter service on Saturday starting on busy domestic routes such as Tehran to Mashhad for the next couple of months, he said. IranAir hopes to receive "at least two more from Airbus" by the start of the Iranian new year in March, and a total of six A320 aircraft in calendar year 2017, he added. It also expects to receive three larger A330 jets in 2017. IranAir could also receive one to two turboprop aircraft by the Iranian new year, but a contract has yet to be signed. "We are very optimistic we can finalize it in January or so," Parvaresh said. The arrival of new aircraft will allow IranAir "step by step" to phase out elderly planes including Fokker 100 regional aircraft serving domestic routes, Parvaresh said. Analysts say IranAir has one of the world''s oldest airliner fleets, held together until now by smuggled or improvised parts. (Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-iran-aircraft-idUSKBN14V20B'|'2017-01-11T23:13:00.000+02:00'
'b28850c14eceb166831b90e3b0b16c793ac481b5'|'Seagate to cut more than 2,000 jobs in China'|'Hard-disk drive maker Seagate Technology Plc ( STX.O ) said it would cut more than 2,000 jobs as it shuts down its Suzhou factory in China.The latest job cuts were part of its earlier restructuring plans announced in July to reduce its global manufacturing footprint, Seagate spokeswoman Kelly Zhang said on Wednesday.(Reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-seagate-tech-redundancies-idUSKBN14V1CD'|'2017-01-11T14:48:00.000+02:00'
'b5001dececcaf868812670ce0e5d54f384284f25'|'UPDATE 1-Germany''s Schaeuble urges ECB to start unwinding stimulus this year'|'Business  54pm EST Germany''s Schaeuble urges ECB to start unwinding stimulus this year German Finance Minister Wolfgang Schaeuble and German Transport Minister Alexander Dobrindt attend the weekly cabinet meeting at the chancellery in Berlin, Germany, December 9, 2016. REUTERS/Hannibal Hanschke BERLIN The European Central Bank should start unwinding its ultra-loose monetary policy this year, German Finance Minister Wolfgang Schaeuble said in an interview to be published on Friday, adding that a reversal of policy would be a tough challenge. "The European Central Bank will have the tough task of getting out of the ultra-expansionary monetary policy," Schaeuble told the Sueddeutsche Zeitung newspaper. "It would presumably be right if the ECB dared to exit this year". Schaeuble added that it was "possible and necessary" for the next German government to lower taxes after an election in September. Schaeuble said forecasts that inflation could reach 3 percent in Germany this year would exacerbate concerns about current low interest rates. Germans vote in a federal election in September. He said he was no big fan of the ECB''s monetary policy, although he added, "The ECB has a mandate for the eurozone, and it carries it out well." Schaeuble said the core issue was that a number of eurozone countries had not been able to boost competitiveness as required. "The problem is the weakness of the other countries, not Germany''s strength," he said. The conservative politician said it would take a great effort to convince German citizens that the common currency provided more employment, social and business benefits than risks and negative consequences. To help Germany make the argument, he said it was essential that Italy and other countries stuck to the agreed rules. Schaeuble''s deputy, Jens Spahn, told Reuters last week that a "prudent start to the exit" of the ECB''s expansive monetary policy was desirable. The ECB aims for inflation of just under 2 percent, but it has undershot its target for years. To fight off deflation, the central bank has cut interest rates to zero and launched a massive but controversial bond-buying program. Schaeuble and other German lawmakers have warned the ECB risks fuelling support for eurosceptic parties if it does not change course soon. (Reporting by Joseph Nasr and Andrea Shalal; editing by Ralph Boulton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-germany-economy-schaeuble-ecb-idUSKBN14W2QC'|'2017-01-13T01:48:00.000+02:00'
'66721eb1ad0f8202da90ccd36829af6f27748a63'|'John Lewis to ramp up investment to meet online demand'|'Business News - Thu Jan 12, 2017 - 8:20am GMT John Lewis to ramp up investment to meet online demand left Shoppers pass a branch of John Lewis in London, Britain, September 15, 2016. REUTERS/Toby Melville 1/2 left right A John Lewis store is seen in Oxford street, in London, Britain August 14, 2016. Photograph taken on August 14, 2016. REUTERS/Peter Nicholls 2/2 LONDON Britain''s biggest department store John Lewis said it would invest heavily in its business this year in response to the accelerating shift to online shopping, after it reported a 2.7 percent rise in underlying Christmas sales. The John Lewis Partnership, which also owns the upmarket Waitrose supermarket, said even though it expected profit to be up on last year, its trading profit was coming under pressure due to the rapid changes in the industry. "The most obvious of these changes is the channel shift from shops to online," it said in a statement. "The other major influence is pricing, where deflation continues in foodand non-food, despite rising input costs as a result of weakness in the Sterling exchange rate." The group said it would speed up aspects of its strategy, which would involve a period of significant change, investment and innovation. It did not say how much it would spend on the programme. (Reporting by Kate Holton; editing by Sarah Young) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-johnlewis-outlook-idUKKBN14W0VJ'|'2017-01-12T15:20:00.000+02:00'
'519b801f227855a07b5620cd85ae8d465934368a'|'Valeant to sell Dendreon unit to China''s Sanpower for $819.9 million'|'Valeant Pharmaceuticals International Inc ( VRX.TO ) said its affiliate will sell its Dendreon Pharmaceuticals business to China''s Sanpower Group Co Ltd for $819.9 million in cash.Valeant will use the proceeds to repay its term loan debt under its senior credit facility, the company said on Monday.(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dendreon-m-a-sanpower-idINKBN14U0B7'|'2017-01-10T01:02:00.000+02:00'
'128ae20e48701a88c6d495253e26615211bee6c8'|'Hurting investment with Germany would be ''insanity'' - Johnson'|' 46pm GMT Hurting investment with Germany would be ''insanity'' - Johnson Britain''s Foreign Secretary Boris Johnson signs a book of condolence for victims of the Berlin truck attack, at the German embassy in London, Britain December 21, 2016. REUTERS/Neil Hall LONDON British foreign minister Boris Johnson said on Tuesday it would be "insanity" for Britain to undermine mutual investment with Germany as it negotiates its departure from the European Union. Asked whether the government was doing all it could to protect free trade with Germany, Johnson told parliament German investment in Britain was responsible for about 344,000 jobs, while British investment in Germany was responsible for 222,000. "It would be the height of insanity to imperil either of those sets of investments," he said. (Reporting by William James, writing by Elizabeth Piper, editing by Estelle Shirbon)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-johnson-germany-idUKKBN14U1EP'|'2017-01-10T19:26:00.000+02:00'
'9c59481781a2e40c4f618b7440a2c9caa5ecf7ea'|'Britain can make most of leaving single market'|'How Britain can make the most of leaving the single market Outside, the UK will be able to choose rules and regulations for itself Read next January 10, 2017 by: Andrew Lilico The UK is leaving the EU. We will also be leaving the single market . How can we make the most of that? The key feature of being outside the single market is that the UK will be able to choose regulations and intellectual property rules for itself. If Britain also decides to leave the EU’s customs union, it will have the freedom to make new trade deals internationally. Some of those deals will probably be with the EU. Indeed, it is possible that the UK might want to have specific sectoral deals with the bloc that establish new customs unions for particular products. World Trade Organisation rules tend to discourage this, but those rules were not designed to deal with a situation such as Brexit , and the WTO may have to put up with whatever Britain and the EU decide. Although the UK will doubtless have a new free-trade agreement with the EU, the most interesting change will come from its increased ability to negotiate new non-EU deals. Before the referendum, the Treasury’s Brexit impact assessment assumed we would get no additional non-EU deals. It is clear that was wrong. The US, Australia, New Zealand, Saudi Arabia, Qatar, UAE and Ghana have all expressed an interest in new trade deals with the UK they would not have done with the EU. Other key prizes include China, Japan and India. Some of these deals might be best focused on relatively straightforward issues concerning goods and services for which complex standards or other regulatory requirements are either already fairly global (in financial services, for example) or have relatively few spillovers (legal services, for instance, or software and technical telecoms standards). Related article Negative consequences of vote to leave the EU are now becoming clear Tuesday, 10 January, 2017 Where matters are more controversial (environmental standards, labour market conditions or minimum wage levels), we can still trade, of course, but it might be tricky to formally mutually endorse standards in a trade agreement today that we might want to criticise or even denounce tomorrow. Perhaps trade agreements that go into depth in those sorts of areas might best be done with countries with whom we share the relevant ethical, legal and political assumptions and practices — for example, the US, Canada, Australia, New Zealand — using the added flexibility leaving the single market offers us. The other big gain from setting our regulations and intellectual property rules outside the single market will be domestic. The UK will be able to replace the EU’s Common Agricultural Policy with a new British rural policy. Even without formal trade agreements, we will certainly want much lower tariffs on non-EU food than at present. We can also use our flexibility to experiment with tomorrow’s regulatory challenges regarding the sharing economy, green technologies, vaping and the commercial exploitation of space. Inside the single market, Britain would have been subject to the EU’s ratchet — once a measure is in place it is almost impossible to reverse. Outside, the flexibility to try things, make mistakes and try again could allow the UK to become a world leader in the regulation of innovative sectors, attracting businesses and incubating new firms and ideas. Also important will be the ability for the UK, either on its own or in combination with like-minded countries such as Australia or Canada, to play a fuller role in devising regulations and regulatory principles at a global level. As well as the economic advantages from leaving the single market, there will be political gains too, such as transforming our immigration debate or solidifying Scotland’s position within the union. Now that the referendum is behind us, we should all be working together to make the most of tomorrow’s opportunities. The writer is executive director and principal of Europe Economics Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/world/uk/business'|'https://www.ft.com/content/c938bb10-d71d-11e6-944b-e7eb37a6aa8e'|'2017-01-10T19:25:00.000+02:00'
'bf8fa0f7ba9d4d2f30bca1e26e1a803a3f141562'|'Question of post-Brexit single market membership is for negotiations - UK minister'|' 44pm GMT Question of post-Brexit single market membership is for negotiations - UK minister FILE PHOTO - Participants hold a British Union flag and an EU flag during a pro-EU referendum event at Parliament Square in London, Britain June 19, 2016. REUTERS/Neil Hall/File Photo LONDON The extent of Britain''s future membership of the European Union''s single market will be determined in upcoming Brexit negotiations with the bloc, a junior minister in Britain''s Brexit department said on Tuesday. Asked about comments made by Prime Minister Theresa May on Sunday that Britain would not be able to keep "bits" of EU membership, David Jones said May had made clear Britain would be seeking the best possible access to the single market. "Whether full membership of the single market can be something that is consistent with leaving the European Union is a matter that remains to be seen in the course of negotiations," he told a parliamentary committee. (Reporting by Kylie MacLellan and William James, editing by Stephen Addison)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-singlemarket-idUKKBN14U21P'|'2017-01-10T23:44:00.000+02:00'
'434d457184d7667447f725401619b063658d0230'|'Majestic Wine sales up 7.5% over firm''s ''biggest ever'' Christmas period - Business'|'Soaring gin and sparkling wine sales helped Majestic Wine outperform City expectations to deliver its “biggest ever” Christmas.Majestic said gin sales were up 55% on last year, with upmarket products such as Warner Edwards rhubarb gin and Sipsmith sloe gin performing particularly well. Sparkling wine sales rose 12%, with sales of prosecco increasing three times faster than champagne.The retailer, which also owns the Naked Wines website, said sales at established Majestic Wine stores were up 7.5% in the 10 weeks to 2 January. Sales rose nearly 30% at Naked and 62.3% at the fine wine specialist Lay & Wheeler, putting overall group sales up 12.4%.Analysts had feared Majestic would not achieve its expected sales growth of 6% after the c ompany issued a profit warning in September because of a failed marketing campaign in the US and weak sales to business customers.Shares rose by more than 6% to 345.5p on the strong sales figures.Rowan Gormley, the founder of Naked Wines who became Majestic’s chief executive after the two companies merged in 2015 , said the retailer’s transformation plan was working, adding that it was on track to achieve its goal of £500m in annual sales by 2019.The pace of growth over Christmas was an acceleration from the 5.7% reported for the six months to 26 September and came on top of a strong performance last Christmas when sales rose by 7%.The success was partly bought at the expense of a 1% cut in gross profit margins against last year as the company said it had recognised the need to “remain competitive in a heavily discounted UK market”.David Jeary, an analyst at Canaccord Genuity, said the statement was bit of a “curate’s egg.”“It worries us that the group in aggregate, given its superior delivery of customer services in general, cannot extract any pricing premium with consumers,” he added. “Indeed, it has to bear the higher costs of superior service while competing head-on in price terms with supermarket competitors, which see wine [and spirits] primarily as promotional footfall drivers in peak trading periods.”Sarah Johns, an analyst at Verdict Retail, said Majestic had been right to take on the discounters such as Aldi and Lidl, which have been making heavy gains in alcohol retail. She said value-for-money drinks offers, voucher marketing to encourage spend and free standard delivery for just six bottles had worked.“ With Christmas trading making up almost a third of the retailer’s annual sales, it was important that Majestic performed well,” she said. “The retailer’s decision to compete with discounters on price resulted in a marginal fall in gross margins. However, this move was ultimately the right one as savvy consumers looked for the best deals on drinks and Majestic’s offers proved alluring.”'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/10/majestic-wine-sales-up-75-over-firms-biggest-ever-christmas-period'|'2017-01-10T20:53:00.000+02:00'
'94cd389f5d1b5c7f2755df937b2a1e1521e10d6d'|'UPDATE 1-Usiminas to challenge Sumitomo veto of unit''s capital reduction'|'Bonds  37pm EST UPDATE 1-Usiminas to challenge Sumitomo veto of unit''s capital reduction (Recasts; adds details throughout) By Guillermo Parra-Bernal and Alberto Alerigi Jr SAO PAULO Jan 10 Usinas Siderúrgicas de Minas Gerais SA, the Brazilian steelmaker seeking to honor terms of a refinancing deal with banks, plans to legally challenge a shareholder veto on Tuesday that forbids it from using some of a mining subsidiary''s capital to jumpstart operations and repay debt. In a securities filing, Usiminas said Sumitomo Corp, which owns 30 percent of the Mineração Usiminas SA subsidiary, vetoed reducing the unit''s capital by one billion reais ($313 million). The plan for Musa, as the unit is known, is part of a 4 billion real refinancing accord signed with lenders last year. Usiminas, which needs Musa''s cash, will seek to annul Sumitomo''s veto through "valid legal means." The veto risks worsening an ongoing rift between the steelmaker''s two top shareholders - Nippon Steel & Sumitomo Metal Corp and Techint Group''s Ternium SA. In a statement to Reuters, Ternium said the "unilateral decision by Sumitomo is extremely worrying," and called on Souza to "take all the necessary actions to tap the excess capital of the subsidiary before the deadline agreed upon with banks" in the refinancing accord. Documents obtained by Reuters showed that Usiminas Chief Executive Officer Rômel de Souza and Musa President Wilfred Brujin had unilaterally agreed to the use of Musa''s excess capital without the acquiescence of the steelmaker''s board. Souza is also the chairman of Musa. The document from November showed that two Nippon Steel-appointed members of the Usiminas board suggested Musa could extend a loan to Usiminas in order to meet the refinancing deadline of June 2017. Nippon Steel did not have an immediate comment. The impasse prevents Usiminas from tapping a much-needed source of fresh cash that Musa, in which the steelmaker has a 70 percent stake, does not need at the moment. According to a person with direct knowledge of the situation, Sumitomo invoked the use of a clause in the unit''s statutes allowing it to veto changes in Musa''s capital structure. Ternium has called for the use of Musa''s excess capital as a way to revive Usiminas, which has struggled over the past two years with the impact of the shareholder dispute, Brazil''s worst-ever recession and a glut of flat steel. ($1 = 3.1955 Brazilian reais) (Editing by Paul Simao, G Crosse) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usiminas-restructuring-musa-idUSL1N1F01OC'|'2017-01-11T04:37:00.000+02:00'
'e148eb14afec010908d3105fec724a9dafc4bc70'|'UK law firm considers possible legal bid for workers'' rights at Deliveroo'|'Cyclical Consumer Goods - Mon Jan 9, 2017 - 12:32pm EST UK law firm considers possible legal bid for workers'' rights at Deliveroo LONDON Jan 9 British law firm Leigh Day said it was advising drivers at takeaway foods delivery firm Deliveroo on the possibility of taking legal action to gain workers'' rights such as the minimum wage, in a further challenge to the flourishing ''gig economy''. In October two drivers represented by Leigh Day won the right to be treated as workers by Uber in a move which the taxi app operator is seeking to appeal against but could benefit tens of thousands of drivers across the country. Deliveroo bicycle and motorcycle riders, with their distinctive black and teal jackets, have become a familiar sight on London streets since the firm started trading in 2013, delivering food from restaurants to customers. In August, however, the firm started paying riders per delivery rather than per hour, sparking an outcry and later apologised, saying its riders could opt out of the new system. On Monday Leigh Day said it was looking into potential legal action against the firm which is one of many to operate in the so-called ''gig economy'' where individuals work for multiple employers day-to-day without having a fixed contract. "We will argue that Deliveroo has no reasonable grounds to argue that its riders are self-employed contractors and that it should immediately ensure that its riders are paid at least the National Minimum Wage and receive paid holiday," said lawyer Annie Powell. Deliveroo did not immediately respond to a request for comment from Reuters. (Reporting by Costas Pitas; Editing by Greg Mahlich) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/britain-deliveroo-idUSL5N1EZ56S'|'2017-01-10T00:32:00.000+02:00'
'e1d1c5829bc76bb70c23962da9ed6182f9eb2314'|'Big China bitcoin exchange says no government pressure on outflows'|'Business News  10pm GMT Big China bitcoin exchange says no government pressure on outflows left right A Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. REUTERS/Benoit Tessier/File Photo 1/2 left right FILE PHOTO: A sticker reading ''Bitcoin accepted here'' is displayed at the entrance of the Stadthaus town hall in Zug, Switzerland, August 30, 2016. REUTERS/Arnd Wiegmann/File Photo 2/2 By John Ruwitch - SHANGHAI SHANGHAI The head of a major bitcoin exchange in China says few people there use the cryptocurrency to get around rules on how much money they can take out of the country, and despite a publicized meeting with the central bank last week the exchange, BTCC, hasn''t been told explicitly to check capital outflows. Bitcoin''s price took a steep dive on Friday after China''s central bank cautioned investors to take a rational and careful approach to investing in the digital currency. The price had surged to record highs. The central bank''s comments come as Beijing escalates a campaign to check capital outflows and slow the depreciation of the yuan currency CNY=CFXS , which lost nearly 7 percent of its value against the U.S. dollar last year. With bitcoin''s soaring price and the relative anonymity it affords, some believe the digital currency was becoming an attractive option for tech-savvy Chinese to hedge against the yuan and circumvent rules that limit individuals to $50,000 of foreign exchange each year. The Shanghai office of the People''s Bank of China (PBOC) said on Friday it had met with BTCC to understand the platform''s operations, highlight the risks, remind the exchange to abide by the law, and "urge the platform to carry out self-examination and corresponding clean-up and rectification" according to law. Asked if BTCC had received direct pressure on outflows, CEO Bobby Lee, who founded BTCC in 2011, said: "No. Not as of yet... Nothing verbal or written to us." In Beijing, the PBOC told two of China''s other big bitcoin exchanges, Huobi and OKCoin, not to mention the depreciating yuan when advertising their platforms, the influential news outlet Caixin said, citing people familiar with the meeting. Star Xu, CEO and founder of OKCoin, confirmed there had been a meeting of the PBOC and leading bitcoin exchanges on Friday to discuss the operation of trading platforms. "The industry can benefit from balanced, risk-based regulation and/or oversight, and we look forward to further constructive discussions with the regulators and industry participants," Xu told Reuters in an emailed comment. While it''s possible to buy bitcoin with yuan and then sell it abroad for a foreign currency, BTCC''s Lee said "to be honest, not many" people were doing it because of the cost. The renminbi price of bitcoin carries a premium to the price in other currencies, he noted. In addition, buy or sell orders in the 100,000 yuan ($14,423) to 1 million yuan ($144,233) range, and up, would influence the bitcoin spot price and affect the transaction. "For that range, you''re not going to be able to do it at a good rate. You''re going to lose 10 percent of your money," Lee said. "Maybe the individual household might buy 20,000 more dollars worth of bitcoin than their $50,000 (forex) quota, but that''s a drop in the bucket." Still, Lee said various indicators, like active trading accounts, new users, actual deposits and withdrawals, were "very active" in China, and some key BTCC metrics were at "all-time highs", though he declined to be more specific. NOT LEGAL TENDER Bitcoin is not regulated in China, but the PBOC has declared it is not legal tender, and is instead a "virtual good", Lee said. That puts it in the same category as other goods. "If I pack a suitcase and take a plane to the United States, do the clothes, does the computer in my suitcase, does the watch I wear count towards capital flight?" he said. "Where do you draw the line?" He said no new or planned rules regarding bitcoin were discussed in the latest meeting with the PBOC, and he estimates it will be two to three years before China regulates bitcoin. In a statement on its website, BTCC, which calls itself the world''s longest running bitcoin exchange, said it regularly meets with the PBOC and "work(s) closely with them to ensure that we are operating in accordance with the laws and regulations of China." Exchanges in China say they account for more than 90 percent of global bitcoin trading, which would help explain why a shift in Chinese demand would sharply affect the price. But many bitcoin experts say Chinese exchanges overstate their volumes in the digital currency, and attribute sharp moves to speculation by, for example, U.S.-based hedge funds. (Reporting by John Ruwitch; Editing by Ian Geoghegan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-bitcoin-idUKKBN14T190'|'2017-01-09T19:01:00.000+02:00'
'62ce1258315d67f3a4545e57d773fe5201302fa3'|'Oil down 3 pct on concerns over rising Iraqi exports, U.S. output'|'Business News - Mon Jan 9, 2017 - 5:09pm GMT Oil down 3 pct on concerns over rising Iraqi exports, U.S. output By Catherine Ngai - NEW YORK NEW YORK Oil prices tumbled by 3 percent on Monday on concern that record Iraqi crude exports and rising U.S. output would undermine OPEC''s efforts to curb global oversupply. U.S. crude futures CLc1 were trading at $52.36 a barrel, down $1.63 at 11:47 a.m. ET (1646 GMT). Brent futures LCOc1 were down $1.68 a barrel at $55.42. In Iraq, OPEC''s second-biggest producer, oil exports from the southern Basra ports reached a record high of 3.51 million barrels per day (bpd) in December, the oil ministry said. Iraq''s oil ministry underscored that the high levels from the south would not affect the country''s decision to lower production in January to comply with the OPEC agreement. But some remained concerned over the feasibility of the cuts - which would have to come from the north. "We have compliance with the Gulf countries, but the rest of the slate is looking a bit shaky," said Robert Yawger, director of the futures division at Mizuho Securities USA. "With the big numbers coming out of the southern port of Basra for December ... it''s implying that Iraq may be the first big crack in the wall of the OPEC agreement," he added. Sources also told Reuters that Iraq''s State Oil Marketing Company (SOMO) had given three buyers in Asia and Europe full supply allocations for February. The lower optimism comes even though Russia, one of the world''s largest crude producers, is apparently sticking with the agreement to cut. Russian energy market sources told Reuters the country''s output had fallen by 100,000 bpd in the first week of the month. Kuwait''s oil minister said on Monday he expected a "big commitment" by OPEC and non-OPEC producers to the deal to cut output, which was reached last year. He added that a committee will meet in Vienna on Jan. 21-22 to monitor compliance and agree on a "final monitoring mechanism." Last week, U.S. energy companies added oil rigs for a 10th week in a row, for a total of 529, Baker Hughes data showed. Barclays analysts said they expected the U.S. rig count to rise to 850-875 by year end. Dealers add that the recent uptick in hedging activity to protect future output for 2018 and beyond could put more pressure into the market. "We see the optimism surrounding OPEC and non-OPEC production cuts being counterbalanced by fears of higher U.S. crude production as the higher rig count of last Friday still weighs," said Hans van Cleef, senior energy economist at ABN Amro. (Additional reporting by Karolin Schaps in London and Henning Gloystein in Singapore; Editing by Marguerita Choy, Louise Heavens and Frances Kerry) Rigging equipment is pictured in a field outside of Sweetwater, Texas June 4, 2015. REUTERS/Cooper Neill Next In Business News UK house price growth picks up speed again - Halifax LONDON Growth in British house prices picked up speed for the second month in a row in December, helped by a shortage of homes to buy, but price increases are likely to slow in 2017, mortgage lender Halifax said on Monday. VW executives concealed diesel cheating - FBI court filing DETROIT Volkswagen (VW) executives decided to cover up cheating of U.S. emissions tests when they were told about it almost two months before the matter became a public scandal in 2015, according to a court filing by U.S. law enforcers seen by Reuters. LONDON The British government is no longer top shareholder in Lloyds Banking Group after reducing its stake to below 6 percent as it aims to return the lender to full private ownership this year. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN14T015'|'2017-01-10T00:09:00.000+02:00'
'6306f9e4ea202d00a08111fc62e3d4eb5b181231'|'UPDATE 2-UK''s Imperial Brands teams up in joint venture with China Tobacco'|'Deals  44pm EST UK''s Imperial Brands teams up in joint venture with China Tobacco By Martinne Geller Britain''s Imperial Brands ( IMB.L ) has formed a joint venture with state-owned China National Tobacco (CNTC) in a move to gain a foothold in the world''s largest cigarette market. The joint venture announced on Wednesday could boost Imperial''s long-term earnings potential and competitive position in the growing e-cigarette market and increase the chances of the world''s fourth-biggest tobacco company attracting takeover interest as the industry consolidates, according to analysts. Big tobacco companies are facing shrinking markets due to health concerns and are all investing heavily in developing less harmful alternatives to smoking tobacco. Imperial''s shares closed up 1 percent at 3,626.5 pence in London. "We think today''s news could make a bid more likely," said Jefferies analysts, citing speculation that Imperial could be swept up in a wave of consolidation brought on by British American Tobacco''s ( BATS.L ) $47 billion bid for Reynolds American ( RAI.N ). The joint venture, Global Horizon Ventures Limited (GHVL), will be based in Hong Kong and link Imperial with CNTC subsidiary Yunnan Tobacco, which controls over one-fifth of the Chinese market. Imperial said the joint venture will expand Imperial''s West and Davidoff brands in China, and Yunnan''s Jade and Horizon brands internationally. "Further tobacco and next-generation product launches, as well as potential M&A opportunities, will also be evaluated by GHVL in due course," it said in a statement. China is by far the world''s largest tobacco market, selling about 2.5 trillion cigarettes a year, or about one in every third cigarette smoked. The market is dominated by state-owned monopoly CNTC, which struck partnerships with Marlboro maker Philip Morris International ( PM.N ) in 2005 and British American in 2013. A partnership with China Tobacco could give Imperial more capital and scale with which to expand in the growing market for cigarette alternatives. So far it has stuck to e-cigarettes, which heat nicotine-laced liquid into vapor, unlike Philip Morris and BAT, which also have tobacco-heating devices they say may be more appealing to smokers who can''t quit. A successful initial partnership could pave the way for an all-out takeover bid down the road, Jefferies analysts said, noting it also makes Imperial more attractive to Japan Tobacco ( 2914.T ), long seen as a likely suitor. Imperial was advised by Vermilion Partners and Allen & Overy on the transaction, whose financial terms were not disclosed. BAT is in talks with U.S. peer Reynolds about buying the 58 percent of the company it does not already own. Reynolds'' next-generation technology is seen as a key driver for that move, as smoking declines in Western markets due to growing health consciousness. (Additional reporting by Noor Zainab Hussain in Bengaluru; Editing by Alexander Smith, Greg Mahlich) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-imperial-brands-jv-china-idUSKBN14V28V'|'2017-01-12T00:38:00.000+02:00'
'b910e460211bb3f15f0b0634e1636ff6e4955dbb'|'Floor & Decor revives IPO plans -sources'|'By Lauren Hirsch - ORLANDO, Fla. ORLANDO, Fla. Jan 11 U.S. flooring and tile products retailer Floor & Decor Holdings Inc is getting ready for an initial public offering that could value it at more than $1 billion, including debt, after it shelved such plans last year, people familiar with the matter said.Floor & Decor, which has more than $100 million in 12-month earnings before interest, tax, depreciation and amortization, has interviewed investment banks to appoint underwriters for the IPO, the people said.Floor & Decor''s IPO preparations signal confidence in the recovering IPO market. Its rival Lumber Liquidators Holdings Inc has been under pressure since March 2015, when a CBS "60 Minutes" report alleged that the company''s laminate products sourced from China contained toxic levels of formaldehyde.Last year, Floor & Decor withdrew a registration for an IPO that it filed in 2014 with the U.S. Securities and Exchange Commission. The people said the company has decided to seek new pitches from investment banks for an IPO this year.The sources asked not to be named because the preparations are confidential. Floor & Decor and its private equity owners, Ares Management LP and Freeman Spogli & Co, offered no comment.In its earlier IPO plan, Floor & Decor had decided to list on the New York Stock Exchange. Underwriters included Bank of America Corp, Goldman Sachs Group Inc, Barclays Plc and JPMorgan Chase & Co.More than five retailers went public in 2016, down from 12 the previous year, according to Thomson Reuters data. In recent months, however, stocks of retail companies have risen along with consumer optimism.Smyrna, Georgia-based Floor & Decor provides tile, wood, laminate and natural stone flooring along with decorative accessories and operates 65 warehouse-format stores across the United States.Founded in 2000, Floor & Decor was acquired in 2010 for an undisclosed amount by Ares and Freeman Spogli from an investor group including Najeti Ventures LLC, Saugatuck Capital Co and TWJ Capital LLC.The company has been spared competitive pressures other retailers have faced from internet giant Amazon.com, since many consumers prefer to buy flooring and tools in person with expert guidance.The flooring industry closely tracks the new housing and housing repair sectors. Demand for housing in the United States has been rising as a tightening labor market has lifted wages.Floor & Decor''s everyday-low-pricing offerings should position it well in the current economic environment, credit ratings agency Moody''s Investors Service Inc said last September. (Reporting by Lauren Hirsch in Orlando, Florida; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/floordecor-ipo-idINL5N1F156N'|'2017-01-11T19:51:00.000+02:00'
'0b8160618ce92bf3f07b410f71fadfee8bd2a98f'|'ASIA CREDIT CLOSE: Credit eases ahead of new sovereign supply'|' 29am EST ASIA CREDIT CLOSE: Credit eases ahead of new sovereign supply SINGAPORE, Jan 9 (IFR) - Asian credit was a little quieter today, as Japan took a holiday and the market braced for an expected rush of supply ahead of Lunar New Year at the end of the month. The Asia ex-Japan iTraxx investment-grade index was 1bp wider at 114bp/116bp. All eyes are on potential new sovereign issues, as the Republic of Korea meets investors this week. Among Korean quasi-sovereign issuers, Korea Development Bank had September 2022s flat today at Treasuries plus 93bp and Export-Import Bank of Korea''s April 2022s were unchanged at T+91bp. The Philippines'' January 2021s were 2bp wider, but still extremely tight, at Treasuries plus 14bp. Indonesia''s January 2022s gained a third of a point to 101.1, yielding 3.5%, after it asked banks to pitch for underwriter roles on a new sukuk. High-yield Asian sovereigns were mixed. Mongolia''s December 2022s gained half a point to 88.1, yielding 7.7%, Vietnam''s January 2020s were flat at 109.2 to yield 3.5%, and Sri Lanka''s January 2022s were half a point lower, at 101.0, yielding 5.5%. A high-yield trader said activity had slowed since last week. China Aoyuan Property''s 2020s were flat at a cash price of 100.7 to yield 6.1% and Vanke Real Estate''s 2019s were also unchanged at 101.0 to yield 3.6%. (Reporting by Daniel Stanton; Editing by Vincent Baby) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/markets-asia-debt-idUSL4N1EZ2Q5'|'2017-01-09T16:29:00.000+02:00'
'd3d24be1d78a0e2f8b794dd5896f4b06dbde320b'|'Londoners struggle with commute during tube strike – video - UK news'|'Londoners struggle with commute during tube strike – video Millions of Londoners struggle to get to work on Monday morning as a 24-hour tube strike closed most of the stations in the city centre. Long queues for packed buses and trains were under strain to accommodate the numbers of people trying to find an alternative route as heavy traffic spread across the capitalTube strike: all lines hit and most central London stations closed – live updates theguardian.comMonday 9 January 2017 14.58 GMT Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/uk-news/video/2017/jan/09/londoners-struggle-with-commute-during-tube-strike-video'|'2017-01-09T21:58:00.000+02:00'
'd07d839f1e764478ed0a43eceb0e4f50fd395648'|'Yahoo''s Marissa Mayers to resign from board after Verizon deal closes'|'Business News - Mon Jan 9, 2017 - 11:50pm GMT Yahoo''s Marissa Mayer to resign from board after Verizon deal closes Yahoo CEO Marissa Mayer delivers her keynote address at the annual Consumer Electronics Show (CES) in Las Vegas, Nevada in this January 7, 2014, file photo. REUTERS/Robert Galbraith Yahoo Inc ( YHOO.O ) said Chief Executive Officer Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications Inc ( VZ.N ). Five other directors would also resign after the deal closes, Yahoo said in an filing on Monday. ( bit.ly/2iXrbwn ) The company also named Eric Brandt chairman of the board, effective Jan. 9. Verizon''s $4.83 billion deal for Yahoo''s core internet assets came under renewed scrutiny by federal investigators and lawmakers last month after Yahoo disclosed the largest known data breach in history. Mayer said in July that she planned to stay at Yahoo through the transaction''s close. Yahoo said the remaining company would be renamed Altaba Inc after the deal closes. (This version of the story corrects to "Mayer" from "Mayers" in the headline) (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-yahoo-m-a-verizon-idUKKBN14T2IC'|'2017-01-10T06:38:00.000+02:00'
'aaac943590ff9e8444f2ad459ed9cf6b00c739b6'|'UPDATE 2-American Apparel''s ''made in U.S.'' heritage uncertain after deal'|'Bonds  09pm EST UPDATE 2-American Apparel''s ''made in U.S.'' heritage uncertain after deal (Recasts first sentence with possible impact on American Apparel''s "made in U.S." reputation, adds comments by Gildan, adds MONTREAL/NEW YORK dateline) By Allison Lampert and Jessica DiNapoli MONTREAL/NEW YORK Jan 10 American Apparel LLC''s made-in-the U.S. heritage is uncertain, after Canadian apparel maker Gildan Activewear Inc won a bankruptcy auction to acquire the edgy fashion retailer for about $88 million in cash. Gildan said on Tuesday it will buy manufacturing equipment and intellectual property rights related to American Apparel, but the Canadian company did not assume the leases of its California manufacturing plants, fueling questions over where the clothing will be produced. Reuters reported late on Monday that Gildan had won the bankruptcy auction, which also attracted other bidders such as California-based apparel maker Next Level Apparel and had garnered interest from Amazon.com Inc. Gildan had originally planned to take some of American Apparel''s manufacturing plants, but ultimately opted against it. Garry Bell, a Gildan spokesman, said the firm would decide where to make the clothing when it completes its integration plan for the brand. "We felt it was best to not assume these leases while we worked through that plan," he said, adding details will be outlined Feb. 23. Gildan, which has yarn-spinning and distribution facilities in the United States and is the largest domestic consumer of U.S.-grown cotton, has no "apprehension about investing in the United States," Bell said. However, close to 90 percent of Gildan''s 42,000 employees are in low-cost Caribbean and Central American countries, and the company does not manufacture clothes other than socks in the United States. Keeping jobs in the United States has become a hot-button political issue since the election of Donald Trump, who campaigned on stopping manufacturing jobs from moving overseas. Approximately 3,500 American Apparel employees have received notices that they could be laid off as soon as this month, according to public notices posted in California. An American Apparel spokeswoman said on Tuesday that "the manufacturing facilities were always a part of negotiations, and any decision by the buyer to not assume these operations is at their discretion." Gildan, whose branded apparel and printwear basics competes with Hanes Brands Inc, has also said it will not buy any of the 110 American Apparel retail stores. Analysts said Gildan''s focus on just the brand, coupled with its ability to control costs, would benefit American Apparel which spent heavily on its stores and racy marketing campaigns. "Gildan is very good at sticking to what they are good at," said an analyst who asked not to be identified. "They know they have no business running retail stores or being a marketing machine." American Apparel filed its second Chapter 11 in November with about $177 million in debt after the failure of a turnaround plan. It filed for its first Chapter 11 in October 2015, and emerged from bankruptcy early last year. The deal, which is subject to approval from a bankruptcy court on Thursday, pushed Gildan shares up 2 percent in Toronto and New York on Tuesday afternoon. Guggenheim Securities LLC is acting as Gildan''s financial adviser, while Sullivan and Cromwell LLP are providing legal advice. (Additional reporting by Siddharth Cavale and Komal Khettry in Bengaluru; Editing by Shounak Dasgupta and Matthew Lewis) Next In Bonds News UPDATE 1-California Governor Brown proposes $179.5 billion state budget Jan 10 California Governor Jerry Brown on Tuesday proposed a $179.5 billion state budget for the next fiscal year, a nearly 5 percent increase over this year, but warned that the state must remain fiscally prudent in anticipation of an inevitable economic downturn.'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/americanapparel-bidders-bankruptcy-updat-idUSL4N1F0449'|'2017-01-11T03:09:00.000+02:00'
'db356d9a614515b191152ede4a124849b152069c'|'Snapchat picks London for its international headquarters'|'Business News - Tue Jan 10, 2017 - 8:32am GMT Snapchat picks London for its international headquarters A billboard displays the logo of Snapchat above Times Square in New York March 12, 2015. REUTERS/Lucas Jackson/File Photo LONDON Messaging app Snapchat said it would make London the home of its international operations, delivering another vote of confidence in Britain''s technology credentials as the country prepares to leave the European Union. The company, which has 150 million daily users globally, will book sales in the UK and in other countries where it has no local entity in Britain rather than routing them through lower tax jurisdictions like Ireland and Luxembourg as some other U.S. tech companies do. Snap Inc said the UK''s strong creative industries made the country "a great place to build a global business". "We believe in the UK creative industries," Claire Valoti, general manager of Snap Group in the UK, said on Tuesday. "The UK is where our advertising clients are, where more than 10 million daily Snapchatters are, and where we''ve already begun to hire talent." (Reporting by Paul Sandle; editing by Kate Holton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-snapchat-idUKKBN14U0S5'|'2017-01-10T15:32:00.000+02:00'
'b7baad04fdff4f570e3cbb8bb73e3923839859b2'|'Two-thirds of female employees report sexual harassment at restaurants run by labor secretary nominee - Business'|'Two-thirds of female fast food workers at restaurants operated by Andrew Puzder, Donald Trump’s controversial nomination for US labor secretary, experienced sexual harassment at work, a rate much higher than the industry average, a stinging advocacy survey has claimed.Many female workers, according to the research conducted by Restaurant Opportunities Center (Roc) United, have been harassed by customers referencing the highly sexualised advertising campaigns Puzder has championed as CEO of CKE Restaurants, the parent company of chains including Carl’s Jr and Hardee’s.Andrew Puzder criticized as ''cruel and baffling'' choice for labor secretary Read more “Customers have asked why I don’t dress like the women in the commercials,” one Tennessee-based Hardee’s employee told researchers. “I continually get notes left on tables from customers, customers flirt or ask me out,” said another Carl’s Jr employee in California. “I have also been followed outside the store by customers.” Puzder, CEO of the billion-dollar company since 2000, has staunchly defended his company’s notorious advertising that often features scantily dressed women eating burgers in scenes some have compared to pornography , arguing in 2011: “We believe in putting hot models in our commercials, because ugly ones don’t sell burgers.” The rate of sexual harassment across the fast food industry is already high, with 40% of female workers reporting some form of unwanted contact, according to recent polling . But researchers at Roc United, a dedicated nonprofit that advocates for restaurant workers’ rights, argued the 66% reporting rate found among CKE employees was “disturbing”. Puzder, who has donated hundreds of thousands of dollars to the Trump campaign and the Republican party, is also an outspoken critic of increasing the federal minimum wage to $15 and the expansion of rights to overtime pay. CKE Restaurants has settled a number of multimillion-dollar class action lawsuits brought by employees in relation to pay and conditions and, according to a recent filing with the Securities and Exchange Commission, were subject to similar class actions cases in California years later. The Roc United study of employees also found that close to a third of the 564 workers surveyed had experienced a form of wage theft, such as failed overtime payments, inadequate work breaks and performing multiple duties without adequate compensation. Of workers surveyed in California, where the majority of the sample was taken from, 32% said they were not given meal breaks after working more than five hours, a violation of the state’s strict worker’s break laws; 79% of survey respondents said they had served or prepared food while they were sick. “I was constantly pressured to cut labor costs – this meant that employees were stressed out and customer service suffered because there weren’t enough employees working on my shifts,” Abel Gonzalez, a 42-year-old Carl’s Jr employee in Los Angeles, told researchers.CKE Restaurants did not respond to a request for comment on the research findings, but Elizabeth Johnson, a spokeswoman for the president-elect’s transition team who was not contacted by the Guardian, sent an emailed statement, dismissing the report as “fake news” that was “paid for by unions and special interests opposed to Andy Puzder’s nomination”. Johnson accused the union of “attempting to smear” Puzder by using “leading questions and deceitful and deceitful surveying tactics, such as posing as CKE corporate representatives”. The spokeswoman provided no evidence for the allegations. Jayaraman, the director of the Food Labor Research Center at University of California, Berkeley, dismissed Johnson’s claims as “laughable” and false. “Clearly they don’t know how survey research is done,” she said. “There is no way for us to pose as anything when we’re asking staff to voluntarily fill out a survey online.” Roc United researchers also interviewed CKE staff members at stores in four states and, Jayaraman said, identified themselves as researchers before commencing with surveys as well as identifying employees through online social media. The academic said the sample size of 564, taken from states across the US, was more than enough to draw conclusions about entire workforce of over 20,000. “When we are looking to do research on a whole metropolitan area, like New York City or Los Angeles,” Jayaraman said, “500 is the survey number we use to understand how working conditions in a whole metropolitan area, and bearing in mind you’re talking about 10 million people and 200,000, 300,000.”'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/10/andrew-puzder-cke-sexual-harassment-labor-secretary'|'2017-01-10T21:00:00.000+02:00'
'52297065c10aab4af0e6780584832c733496b72e'|'The Tesco supertanker is proving tough to turn around - Business'|'O nce the Tesco supertanker turns, watch it plough through the flotilla of lesser food retailers, ran last year’s theory. Life is not working out so simply, or at least not yet. Trading from September to the new year was good enough for chief executive Dave Lewis to declare himself “very encouraged” by “sustained strong progress” but investors were less impressed. The shares fell 2% in morning trading.One can understand why. From UK like-for-like sales growth of 1.8% in the September-November period, Tesco slipped to 0.7% over Christmas and its explanation descended into nit-picking. The chain didn’t repeat a “boost” promotion on loyalty points, which it reckons cost 0.8% on sales. But dropping the wheeze was a deliberate policy. The idea was to ween the punters off promotional gimmicks by offering them “even more affordable prices”, as Lewis puts it. The outcome suggests limited success.Tesco hails turnaround as festive sales increase Read more For true Tesco nerds, there was a profits upgrade within the statement if one looked hard enough. Instead of full-year operating profits of £1.2bn, the group now expects “at least” that figure. But that is nuance upon nuance. The big picture remains the same. Tesco’s recovery is happening, and it is regaining small slices of market share, but the process feels terribly slow.To be fair to Lewis, he never said it would be quick. What’s more, after previous management’s catastrophic blunder in chasing self-defeating targets for profit margins, you can’t blame him for deciding the priority was to fix the offer for customers. Even so, Morrisons was in a similar pickle and is recovering faster . Maybe smaller supermarkets are just easier to turn around than big ones. Whatever Lewis says about being encouraged, one suspects he would have hoped to have achieved more by now. This was his third Christmas in charge and the share price stands where it was after his first.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/jan/12/tesco-supertanker-tough-turn-around-christmas-sales'|'2017-01-12T02:00:00.000+02:00'
'f78145a521650c7d45d9d6c405df196249639149'|'Tesco caps year of recovery with solid Christmas'|'Thu Jan 12, 2017 - 7:19pm GMT Tesco caps year of recovery with solid Christmas By James Davey and Kate Holton - LONDON LONDON Britain''s biggest retailer Tesco reported its best quarter of UK underlying sales growth for over five years and more growth over Christmas, continuing a major recovery in its fortunes, though it cautioned it would not be immune to inflationary pressures. Tesco ( TSCO.L ), which like rivals has been battling the rise of German discounters Aldi [ALDIEI.UL] and Lidl [LIDUK.UL] and has also had to deal with the fallout from an accounting scandal in 2014, said on Thursday progress across the group meant it could reiterate forecasts for its 2016-17 financial year. "We look at the performance over the last four months and say it''s another significant step in the turnaround of the business," Chief Executive Dave Lewis told reporters. Tesco said it was on track to deliver a group operating profit before exceptional items of "at least" 1.2 billion pounds ($1.47 billion) in 2016-17, up from 944 million in 2015-16. Lewis, who has simplified and transformed Tesco''s operations since joining in 2014, said that was an indication the outcome "may be ever so slightly more." Shares in Tesco have increased 29 percent over the last year, but were down 2.1 percent by 1248 GMT. That reflected a strong run this week ahead of the sales update and the fact that, unlike smaller rivals Morrisons ( MRW.L ) and Sainsbury''s ( SBRY.L ), Tesco met, rather than surpassed, analysts'' expectations. "This is a good statement, albeit perhaps not good enough for the ‘uber’ bulls," said Shore Capital analyst Clive Black, who has a "hold" rating on the stock. Other analysts, however, expressed concern about slowing UK sales momentum in the closing weeks of 2016 and international sales below expectations. Some highlighted flagging general merchandise sales too. "Tesco was quick to pinpoint the decision not to repeat last year’s Clubcard ''Boost'' promotion as the reason for this, but it seems likely that competition from Sainsbury’s Argos played its part," said David Alexander, analyst at Verdict Retail. Investors have also expressed concern about a potential squeeze on UK consumer spending this year as inflation, driven by sterling''s devaluation since Britain''s vote in June to leave the European Union, begins to erode real earnings growth. “We haven’t seen anything that would support that,” said Lewis, noting no change in consumer behavior in the early weeks of January. INFLATIONARY PRESSURE He said grocery price deflation had, however, eased over Tesco''s third quarter and the Christmas period. “Inflationary pressure is there and in a number of categories it’s been too significant to fully offset,” he said, pointing to rises in the price of pork and cheese. “Our commitment is to keep doing everything we can to minimize the impact ... Inflation is not something we welcome." Tesco said sales at UK stores open over a year rose 0.7 percent in the six weeks to Jan. 7, in line with analyst forecasts which ranged 0.3 to 1.5 percent. "On every customer metric we improved year-on-year – on range, quality, price, service and availability," said Lewis, The Christmas performance built on UK like-for-like sales growth, also reported on Thursday, of 1.8 percent for the 13 weeks to Nov. 26, Tesco''s fiscal third quarter - at the top end of analysts'' forecasts and a fourth straight quarter of underlying growth. The quarter also marked a first market share gain since 2011. Underlying UK sales had risen 0.9 percent in Tesco''s second quarter. By 2020, Lewis wants Tesco to earn between 3.5 pence and 4 pence of operating profit for every 1 pound spent by shoppers, up from 2.18 pence in the first half of 2016-17, as sales rise and costs are cut through efficiencies in stores and in its distribution network. Underlying international sales fell 1.2 percent in the Christmas period. Tesco highlighted intense competitive activity in Poland and a weak market in Thailand following the death of King Bhumibol Adulyadej. ($1 = 0.8147 pounds) (Editing by Guy Faulconbridge and Mark Potter) File photo of a Tesco supermarket seen at dusk in an ''art deco'' style building at Perivale in west London, Britain, January 6, 2015. REUTERS/Toby Melville/Files Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-tesco-outlook-idUKKBN14W0RN'|'2017-01-13T01:43:00.000+02:00'
'63c5bd8a0fdbd595f81ad2e8c8a4e463b6e102fc'|'UPDATE 1-British Airways cabin crew to stage second strike next week'|'Aerospace & Defense   3:26pm EST British Airways cabin crew to stage second strike next week left right A British Airways passenger aircraft flies through low cloud as it prepares to land at Heathrow airport in west London, Britain, January 7, 2017. REUTERS/Toby Melville 1/2 left right British Airways aircraft taxi at Heathrow Airport near London, Britain October 11, 2016. REUTERS/Stefan Wermuth/File Photo 2/2 LONDON British Airways "mixed fleet" cabin crew, who make up around 15 percent of BA''s total cabin staff, are to stage a 72-hour pay strike from Thursday next week, their union Unite said. Crew who serve as part of BA''s mixed fleet, who have poorer terms and conditions than some longer-serving staff, rejected a pay offer shortly before Christmas and staged a 48-hour strike earlier this week which caused the cancellation of some 40 flights from Heathrow. The company''s offer for the crew is consistent with past deals with Unite, BA said in an emailed statement. BA is part of the International Airlines Group ( ICAG.L ) along with Iberia, Aer Lingus and Vueling. The company said it intends to ensure all its customers travel to their destinations during the strikes and details about its contingency plans would be released on Monday. BA created the mixed fleet of cabin staff in the wake of a long-running dispute over pay and conditions for all cabin staff that ran from 2009 to 2011. (Reporting by Stephen Addison; additional reporting by Kanishka Singh in Bengaluru; Editing by William Schomberg and Alexandra Hudson) Next In Aerospace & Defense'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-britain-rikes-airways-idUSKBN14W2V2'|'2017-01-13T03:17:00.000+02:00'
'b3b949d1dee601452c0e7dc1d4afe69bd276e9a5'|'Takata expected to plead guilty as part of $1 billion U.S. settlement - sources'|'Internet News - Thu Jan 12, 2017 - 6:51pm GMT Takata expected to plead guilty as part of $1 billion U.S. settlement: sources A logo of Takata Corp is seen with its display as people are reflected in a window at a showroom for vehicles in Tokyo, November 6, 2015. REUTERS/Toru Hanai/File Photo NEW YORK Japanese auto parts manufacturer Takata Corp is expected to agree to plead guilty to fraud charges as early as Friday as part of a $1 billion settlement with the U.S. Justice Department to resolve the government''s investigation into deadly air bag ruptures, sources said. The settlement is also expected to include restitution to some victims and automakers, who have been forced to recall vehicles with the defective inflators. Takata air bag inflators have been linked to at least 16 deaths worldwide, including 11 U.S. deaths. Regulators have said recalls would eventually affect about 42 million U.S. vehicles with nearly 70 million Takata air bag inflators, making this the largest safety recall in U.S. history. (Reporting by David Shepardson in New York; Editing by Bernadette Baum) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-takata-settlement-idUKKBN14W2PZ'|'2017-01-13T01:50:00.000+02:00'
'45f6d226604c86e2676d3982917cf101af872007'|'UPDATE 2-Tesco caps year of recovery with solid Christmas trading'|'* UK Xmas underlying sales up 0.7 pct (f/cast 0.3-1.5 pct)* Q3 UK underlying sales up 1.8 pct* Sees FY group operating profit of at least 1.2 bln stg (Adds details, reaction)By James Davey and Kate HoltonLONDON, Jan 12 Britain''s biggest retailer Tesco reported a 0.7 percent rise in underlying Christmas sales in its home market, capping a year of recovery with a solid performance over the key festive period.Tesco, which like its rivals has been battling with the turmoil sparked by the rise of German discounters Aldi and Lidl, said the sustained progress it was making across the group enabled it to reiterate its outlook for the full fiscal year.The group expects to deliver at least 1.2 billion pounds ($1.5 billion) of group operating profit before exceptional items for the full year, the first rise in profit following five years of decline.The results, which mirror the stable performances of rivals Sainsbury''s and Morrisons, cap a year in which Tesco has started to recover from a loss of sales, profit and market share sparked by the increasing popularity of the ultra-cheap discount groups.Helped by revamped stores, new ranges and increased staff numbers, shoppers have returned to the group, helping its shares to rise more than a third over the last year."We are very encouraged by the sustained strong progress that we are making across the group," Chief Executive Dave Lewis said in a statement. "We are well-placed against the medium-term aspirations we outlined in October 2016."In the six weeks to Jan. 7, Tesco posted an underlying sales rise in its UK stores of 0.7 percent, in line with analyst forecasts of growth of 0.3 to 1.5 percent.Trading over Christmas built on UK like-for-like sales growth of 1.8 percent for the 13 weeks to Nov. 26, Tesco''s fiscal third quarter, that was also reported on Thursday, also in line with forecasts.($1 = 0.8161 pounds) (Reporting by James Davey and Kate Holton; Editing by Guy Faulconbridge and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tesco-outlook-idINL5N1F215H'|'2017-01-12T04:52:00.000+02:00'
'a0e20647c187405fe5b0fef4d9601037144e5de0'|'Amundi buys majority stake in gas-fired cogeneration plants in France'|'  2:33pm GMT Amundi buys majority stake in gas-fired cogeneration plants in France The Amundi company logo is seen at their headquarters in Paris, France, October 7, 2015. REUTERS/Philippe Wojazer LONDON A joint venture between asset management company Amundi ( AMUN.PA ) and French utility EDF ( EDF.PA ) has bought a majority stake in 132 gas-fired cogeneration plants in France for 150 million euros (131.02 million pounds), Amundi said on Tuesday. Amundi Energy Transition bought the stake in the plants, which have a total capacity of 330 megawatts (MW), from Dalkia, a French energy services company which is also an EDF subsidiary, it said in a statement. Cogeneration, also known as combined heat and power, can produce heat and electricity at the same time from the same facility. Such plants can recover heat produced as a by-product of power generation and reuse it in industrial processes and to produce energy for hospitals and public housing. Amundi Energy said it was also working on a second deal this year for a separate 170-MW group of Dalkia cogeneration projects which are currently under construction. (Reporting by Nina Chestney. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-dalkia-m-a-amundi-idUKKBN14U1R5'|'2017-01-10T21:33:00.000+02:00'
'c949917e0c2335c020149ff8ac8f6214dd5913e6'|'UnitedHealth to buy Surgical Care Affiliates in $2.3 bln deal'|'Deals  20am EST UnitedHealth to buy Surgical Care Affiliates in $2.3 billion deal UnitedHealth Group Inc ( UNH.N ) said on Monday its Optum unit would buy Surgical Care Affiliates Inc ( SCAI.O ) in a deal valuing the company at about $2.3 billion. The offer of $57 per share, represents a premium of 17 percent to Friday''s close. The deal will be funded between 51 percent to 80 percent with UnitedHealth Group stock, with the remainder in cash. (Reporting by Ankur Banerjee in Bengaluru; Editing by Shounak Dasgupta) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-surgical-care-m-a-unitedhealth-idUSKBN14T15E'|'2017-01-09T18:16:00.000+02:00'
'3f36f5aff470e0142105f87fc6cd97615077c186'|'Qatar''s Masraf Al Rayan lines up $500 mln sukuk -sources'|'Financials  28am EST Qatar''s Masraf Al Rayan lines up $500 mln sukuk -sources By Davide Barbuscia and Tom Arnold - DUBAI DUBAI Jan 11 Qatar''s Masraf Al Rayan, an Islamic lender, has mandated banks for a sukuk of around $500 million, banking sources said on Wednesday. This would be one of a likely series of debt issues in the first quarter by Gulf banks seeking U.S. dollar funding to improve their liquidity, which has been hurt by low oil prices. Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD, and Noor Bank are among lenders mandated to arrange the planned sukuk sale, one of the sources said. Masraf Al Rayan did not respond to an emailed request for comment. However, the deal could be delayed by legal and regulatory aspects of merger talks between Masraf Al Rayan and two other Qatari institutions, Barwa Bank IPO-BABK.QA and International Bank of Qatar, another source told Reuters. The merger talks, revealed in mid-December, would create Qatar''s second-largest bank with total assets worth more than 160 billion riyals ($44 billion). The proposed merger depends on securing approvals from the banks'' shareholders, regulators and authorities, including the central bank. (Editing by Andrew Torchia and Alexander Smith) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/masraf-al-rayan-sukuk-idUSL5N1F135N'|'2017-01-11T20:28:00.000+02:00'
'7d2f1119e657592ac14251ed72da9b35d5cd8aa0'|'National Express exits UK rail with contract to Trenitalia'|'Business News - Wed Jan 11, 2017 - 1:11pm GMT National Express exits UK rail with contract to Trenitalia A Trenitalia''s conductor goes up on a Frecciargento''s train at the Vatican railway station in Vatican May 28, 2016. REUTERS/Alessandro Bianchi - RTX2EY77 LONDON National Express ( NEX.L ) agreed to sell a London rail contract to Italy''s Trenitalia on Wednesday, marking the departure of what used to be one of the biggest names in British rail and the arrival of another foreign state-owned operator to the network. Britain privatised its rail services in the 1990s, and the network is now run by several UK-listed transport companies, as well as state-owned European rail groups including Germany''s Deutsche Bahn, Abellio from the Netherlands and Keolis, majority-owned by France''s SNCF. Marking the entry of Italy''s state-run company into Britain, National Express said that Trenitalia would pay it 70 million pounds to run the C2C services between London and commuter towns in Essex until the contract ends in 2029. The sale of the contract, which is subject to approval from the British government and expected in the next month, will mean National Express, once one of the country''s biggest rail operators, will no longer run trains in the UK. The company continues to run buses and coaches in Britain, as well as in Spain, Morocco and the United States, plus rail services in Germany. It said it saw future opportunities abroad. "For National Express, while not ruling out participating in future UK rail bids, this (deal) allows us to pursue further growth opportunities in the markets where we have seen strong returns in the recent years," CEO Dean Finch said. In 2009, the British government stripped National Express of its key East Coast service, putting the loss-making London-Edinburgh route in state hands for the next five years. National Express lost the East Anglia train operating franchise at the start of 2012 and lost out in a new bid to run train services in the region in August last year. Britain''s railways have been heavily criticised in recent years, with passengers saying Britons pay more than Europeans, while the network has been hit by a series of strikes, particularly on the Southern line which connects Brighton, Gatwick and London. While the C2C line has avoided such problems, analysts said the company had become less interested in UK rail due to the terms associated with winning rail franchise competitions. Expensive bid processes combined with a less attractive risk-reward profile was making UK rail contracts less attractive to firms like National Express, Shore Capital analyst Martin Brown said. "If you are a listed company that is beholden to your shareholders perhaps it is harder to justify the potential lower returns that UK rail is offering whereas, when you are a private entity, whether you are ultimately foreign government-owned or not, you don''t face the same pressure," Brown said. Listed companies will still be interested in UK rail but are more likely to seek to partner with non-listed entities to spread the risk, Brown added. Some of the foreign state-owned rail companies also have experience of maintaining tracks and rail infrastructure, making them more suited as future operators of UK rail contracts under an overhaul planned by Transport Minister Chris Grayling, announced in December. (Reporting by Sarah Young; Editing by Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-national-exps-m-a-trenitalia-idUKKBN14V1I0'|'2017-01-11T20:11:00.000+02:00'
'ea7e0ae342b47809215ac1d3b42c0bd03b55d070'|'Balshaw set to succeed Serota as Tate director'|'All the benefits of a standard Digital Subscription plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets Brexit Briefing - Your essential guide to the impact of the UK-EU split'|'ft.com'|'http://www.ft.com/rss/world/uk/business'|'https://www.ft.com/content/2da5eaf8-d7ed-11e6-944b-e7eb37a6aa8e?ftcamp=published_links%2Frss%2Fworld_uk_business-economy%2Ffeed%2F%2Fproduct'|'2017-01-11T21:19:00.000+02:00'
'251cb62ca02a697621eeb473eb5d84a6ea2fcd4a'|'Brexit risks bigger for EU banks than UK''s - Carney'|'  2:34pm GMT Brexit risks bigger for EU banks than UK''s - Carney Bank of England Governor Mark Carney delivers the Liverpool John Moores University''s Roscoe Lecture, at the BT Convention Centre in Liverpool, Britain December 5, 2016. REUTERS/Peter Byrne/Pool LONDON Bank of England Governor Mark Carney said Britain''s planned departure from the European Union poses more short-term risks for the financial system in continental Europe than in Britain because of the importance of the British financial services industry for the region. "I think that the financial stability risks around that process are greater on the continent than they are for the UK," Carney said in a question-and-answer session with lawmakers in parliament on Wednesday. "I''m not saying there are not financial stability risks to the UK, and there are economic risks to the UK. But there are greater financial stability risks on the continent in the short term, for the transition, than there are for the UK." (Reporting by David Milliken, Huw Jones and Ritvik Carvalho; Writing by William Schomberg; Editing by Andy Bruce)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-carney-idUKKBN14V1R9'|'2017-01-11T21:34:00.000+02:00'
'89542227f27c2d77bd1caabf888c8e4edd5f2847'|'The women-led startups smashing the glass ceiling - Guardian Small Business Network'|'“W hat’s the appeal of entrepreneurship? Personally, it’s freedom. I don’t have to be at work at 9am or take lunch at 1pm. I can opt out of the things I don’t like,” says Natalie Campbell, serial entrepreneur and co-founder of consultancy A Very Good Company .Campbell started her first venture, a franchise of fashion chain Morgan de Toi, while at university. Now, alongside her consultancy, she is a director and board member of a number of other companies.Enjoying serial success in her early 30s, Campbell is among a successful cohort of women serial entrepreneurs – 38% of serial entrepreneurs under 35 are female, according to a report (pdf) from Coutts and the Centre for Entrepreneurs. This age group fares better than women overall. When all ages are taken into account, women make up just 19% of serial entrepreneurs and they start both fewer and smaller companies than men. [For men] it’s about investment, it’s about money, it’s about being the bestNatalie Campbell Why is there such a stark difference between the genders? Cultural bias and discrimination have undoubtedly limited the number of female role models in business. Perhaps this is only just starting to even out. As Matt Smith, director of the Centre for Entrepreneurs puts it, female entrepreneurs are “playing catch up” with their male counterparts. But could it also be that women and men have different motivations for launching businesses, which influences the number they start and how fast these grow? Campbell certainly thinks so. “[For men] it’s about investment, it’s about money, it’s about being the best. They buy into the competitive nature of entrepreneurs, into the Alan Sugar and the Dragons’ Den proposition. [Whereas] women go into it thinking how can I have a life that I really enjoy? How can I work with people I want to be around? How can I be creative and make a difference?” Smith, however, says it’s less clear cut than that. “There are women that are incredibly hungry for success and doing extremely well. And there are men that have a relaxed attitude to business and take their time. I don’t think it can be applied straight down the middle between genders.” Nonetheless, Smith notes that another Centre for Entrepreneurs report (pdf) into women in entrepreneurship highlighted some clear gender divides. While women were shown to have just as much appetite and growth ambition as men, their risk-taking was more measured and few were willing to risk losing staff for the sake of growth. “This is perhaps a little bit of a healthier approach to growing a business,” says Smith. Rachel Bell is one female serial entrepreneur whose businesses have proven her commitment to supporting staff. Now in her 40s, she was inspired to start her first business, Shine Communications (where she remains CEO), in 1999 due to her dissatisfaction with a former employer. Bell says: “I wanted to build a business where people felt encouraged to do their best work, the antithesis of what my career experience had been up to that point.” Rachel Bell says each of her spin-out businesses have been created to be sale ready. She fulfilled that aim: in 2012 Shine was named the Sunday Times best small company to work for and Bell was also recognised as the UK’s best boss of a small company. It has been a formula for success – annual turnover stands at more than £10m. Partnerships between Bell and her staff have also led to a number of other business launches in the PR and marketing industry, including John Doe, Mischief and Aduro, most of which were sold. Bell explains: “Part of my aspiration [with Shine] was to ensure that people never left the business through lack of opportunity to learn and grow. So it became important to me to provide a way of fulfilling people’s ultimate career aspirations. For some I recognised that would be best achieved by creating their own business.” While Bell has never taken on investment, these spin-out companies provided profitable exits. She says: “Each business was created with the goal of making it sale ready, to ultimately exit, but the person I founded it with could dictate when the exit happened.”Putting staff ahead of fast growth does not necessarily lend itself to attracting investment or to exiting a business for a substantial sum – both common in serial entrepreneurship. Nevertheless, a measured approach and serial success are not mutually exclusive.The biggest hurdle to women growing numerous, large businesses is a lack of funding opportunities – exacerbated by the fact that the vast majority of investors are men. According to a CrunchBase report , just 10% of global venture capital funds between 2010 and 2015 funded startups with at least one female founder. Meanwhile, in the UK just 14% of angel investors are women, according to a 2015 report (pdf).Nancy Cruickshank is a successful serial entrepreneur who has faced this conundrum. Her businesses have included Handbag.com, a content website for women, a property website and MyShowcase , a personal beauty shopping service through which women can set up their own business as stylists. Facebook Twitter Pinterest Nancy Cruikshank says when seeking investment she’s largely faced a room full of men. And yet, while her credentials have helped Cruickshank to catch investors’ attention, she still faces the challenge of pitching a business aimed at women to male financiers. “I’m fundraising for MyShowcase as I speak. Having done three rounds now, I’ve found I am largely in a room talking to men. I’m talking about beauty, which doesn’t relate to them, and I’m talking about women starting businesses.”Cruickshank thinks women can overcome this challenge by emphasising the earning potential and market demand for their product or service. But she admits that getting male investors to really understand a female-focused product can be tough.Two successful female entrepreneurs are trying to tackle this problem with a new funding platform aimed squarely at women. AllBright was launched last October by Debbie Wosskow, founder and CEO of Love Home Swap, and Anna Jones, CEO at Hearst Magazines UK. It includes an angel network, a crowdfunding platform and learning resources through its AllBright academy.For Wosskow and Jones it was important to combine funding with support. In the UK’s business culture, where four out of five (pdf) of those that run businesses are men, it follows that women need more encouragement. Boosting women’s confidence in themselves and their business ideas is the greatest challenge, says Wosskow. “Women are less likely to ask for financing and that obviously results in them receiving less. So one of the key messages for AllBright is to set a marker in the sand to say that this is a place for women to come for investment and advice.” ''Nothing to lose'': why we sacrificed education for serial success Read more A confidence gap is a running theme when discussing the number of female entrepreneurs. But positive changes are taking place, including the growth in the number of women angel investors, from 7% in 2008 to 14% now, and a fund such as AllBright’s that combines investment with mentorship and business support. Campbell suggests the approach taken by women – growing sustainably, looking after staff, and building something they are proud of – is influencing men too. “The big shift that I’ve seen over the last couple of years is that more and more women are saying actually, I don’t need to play the boys’ game. I’m going to do it on my own terms. Perhaps an increasing proportion of female serial entrepreneurs could lead to a culture shift in business.” Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/jan/11/women-led-startups-smashing-glass-ceiling-investment'|'2017-01-11T02:00:00.000+02:00'
'2676c0bbe534581807a69c5983690a1e4f84aa32'|'Steady hands please. Brexit likened to game of Jenga for UK banks'|'  3:59pm GMT Steady hands please. Brexit likened to game of Jenga for UK banks Governor of the Bank of England Mark Carney hosts a Financial Stability Report press conference at the Bank of England in central London, Britain on November 30, 2016. REUTERS/Justin Tallis/Pool LONDON Bank of England Governor Mark Carney said on Wednesday he agreed with a leading London banker who likened Britain''s financial services industry to the wobbly game of Jenga. Pull one piece of wood out from a "Jenga tower" and you risk the lot collapsing, Douglas Flint, chairman of HSBC, warned on Tuesday, in a reference to bank jobs moving out of London''s City as a result of Britain leaving the European Union. In a Brexit grilling with lawmakers, Carney said he agreed, given the self-reinforcing in Britain''s financial services industry forcing over recent decades. "At some point, losing elements of that has outsized - could have outsized - effects, and these are some of the judgements that the government will have to make," he said. (Reporting by UK bureau Editing by Jeremy Gaunt) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-carney-jenga-idUKKBN14V1Z2'|'2017-01-11T22:59:00.000+02:00'
'720877c08cfb4b79fe88c3084991591a06350762'|'Lidl''s bumper Christmas after shoppers shell out on lobster - Business'|'Lidl sold 40,000 lobsters in a single day after a canny social media promotion in which the more people tweeted about the product, the more the price dropped.The German discounter sold about 200,000 lobsters over the Christmas period as a whole but generated a big rise in sales on 26 November, the day after Black Friday. Sales soared as it cut the price from £5.99 to £2.99 in response to 2,000 people tweeting about its lobster, which has become a mainstay of discounters’ efforts to tempt in middle-class shoppers at Christmas . Lidl also reduced the price of mini stollen, Serrano ham and silver-topped Christmas puddings as part of the social media campaign. Lidl UK (@LidlUK) Thanks to your tweets, for ONE DAY ONLY we’ll be dropping the price of our Deluxe lobsters to just £2.99. In store all day Saturday. pic.twitter.com/jykzVvCvNW November 23, 2016 Lidl’s sales rose 10% in December, against the same month last year, as it opened new stores and attracted shoppers with its mix of bargain prices and luxury foods. The strong performance helped Lidl lift its market share to 4.4% in the three months to 1 January, up from 4.2% the year before, according to data from market researcher Kantar Worldpanel.Bruno Monteyne, an analyst at Bernstein Research, said sales at established stores were likely to have risen by 5%. He said it was likely to have been boosted by up to 3% by the benefit of an additional Saturday of trading in December and the timing of Christmas Eve and New Year’s Eve, which made it easier for customers to do their big shop at the weekend. Denise Van Outen (@denise_vanouten) Today’s tongue twister: Lidl Lobster, Lidl Lobster, Lidl Lobster. Your turn! @LidlUK #LidlSurprises #ad pic.twitter.com/Sr6KPY6UD9 November 22, 2016'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/11/lidls-bumper-christmas-after-shoppers-shell-out-on-lobster'|'2017-01-12T00:14:00.000+02:00'
'685122b9a93800d8ff6e12fc52121d6c5de68f39'|'UK banks'' share of corporate currency business dips'|'Foreign Exchange Analysis -  02pm GMT UK banks'' share of corporate currency business dips Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration, January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo By Patrick Graham - LONDON LONDON The share of Britain''s biggest banks in the market supplying UK companies'' daily foreign currency needs fell for a second year running in 2016 as firms made more use of new trading platforms and brokers, an industry report showed on Wednesday. Banking researchers East and Partners surveyed more than 2,000 small, medium and large British firms and found falls in both the volume of business done with banks and the number of companies using them as a primary provider. Barclays, HSBC and Lloyds remained the top three providers of currencies to companies, but all lost market share, to 14.3 percent, 13.5 percent and 10.6 percent respectively. Most other banks also saw declines. The only mainstream lenders gaining share were ING, Bank of America Merrill Lynch and Bank of China. The biggest non-bank provider was U.S. group Western Union, rising to 3.4 percent from 3.0 percent, followed by Monex, CMC, IG Markets, Saxo Bank and American Express. Small boutique providers doubled their share to 3.8 percent. "High Street banks continue to hold more than half the market but at best saw no growth or decline in their share," East and Partners'' head of client servicing Simon Kleine said. "There is a lot more shopping around, and we can see the effects both in terms of market and wallet share. Some international banks have seen small increases in share and there''s been a resurgence in growth by many non-bank providers." By offering companies currency at much tighter spreads between buy and sell prices than the rates banks give each other and their biggest clients, brokers have been instrumental in making forex trading as a whole more competitive. The biggest brokers say they have grown strongly by providing more consumer-friendly software for firms to use or by watching over the currency needs of company managers too busy to notice that, say, the dollar has hit levels where they would like, or need, to buy or sell. That has made millions for a generation of forex entrepreneurs but has also begun to draw a response from banks. A number have tightened the spreads offered on ordinary corporate transfers and some, such as German lender Deutsche Bank, have invested in new client service centres in cheaper locations outside London. (Reporting by Patrick Graham; Editing by Ruth Pitchford) Next In Foreign Exchange Analysis'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-banks-forex-idUKKBN14V23Q'|'2017-01-12T00:02:00.000+02:00'
'c810253ea8772f5562f354d9e784dd8d1968c196'|'UK studying annual levy on skilled EU workers, minister says'|'Money News - Wed Jan 11, 2017 - 9:02pm IST UK studying annual levy on skilled EU workers, minister says By Estelle Shirbon - LONDON LONDON Britain is considering introducing an annual 1,000-pound ($1,200) "immigration skills charge" after Brexit on every skilled worker from an EU member state recruited by a British employer, a junior minister said on Wednesday. The suggestion drew immediate condemnation from a prominent employers'' group, the opposition Liberal Democrats and the European parliament''s point man on Brexit. Immigration minister Robert Goodwill told a parliamentary committee that such a levy was due to come into force in April for non-EU workers, and that the government was considering extending it to skilled EU workers. "That’s something that currently applies to non-EU. That may be something that’s been suggested to us that could apply to EU," he said. Britons voted by 52 to 48 percent in a referendum last June to leave the European Union after a campaign in which the Brexit camp argued for tighter controls on immigration than are allowed under the EU''s rules on the free movement of people. The Institute of Directors (IoD), an employers'' organisation, said the proposed levy would hit businesses dependent on skills from abroad. "This tax will only damage jobs growth at a time when many businesses are living with uncertainty," said Seamus Nevin, head of employment and skills at the IoD. "They simply cannot endure the double whammy of more restriction and then, if they do succeed in finding the right candidate, the prospect of an extra charge." Former Belgian Prime Minister Guy Verhofstadt, now the European parliament''s representative in the Brexit process, called the proposal "shocking". "Imagine, just for a moment, what the UK headlines would be, if the EU proposed this for UK nationals?" he wrote on Twitter. Responding to questions from reporters about the idea, Prime Minister Theresa May''s spokeswoman said it was just one of a number of options that could be considered. "The point is that this government is focused on delivering a system that reduces immigration," she said. The Liberal Democrats, a pro-EU party that was in coalition with the ruling Conservatives between 2010 and 2015, called Goodwill''s suggestion "idiotic". "The Conservatives used to represent business interests. They have now sacrificed them on the altar of populisms," said Don Foster, the party''s business policy chief. In October, interior minister Amber Rudd raised the idea of making companies publish the number of foreign workers they employed, but that proposal was dropped after a public outcry. (Additional reporting by Alistair Smout, Ritvik Carvalho, William James and Kylie MacLellan, editing by Stephen Addison) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-immigration-levy-idINKBN14V1WG'|'2017-01-11T22:32:00.000+02:00'
'd996e03cb185b34df5ad36b298f51258d3225ad9'|'German SPD says no ''Europe a la Carte'' deal for Britain'|' 10pm GMT German SPD says no ''Europe a la Carte'' deal for Britain By Holger Hansen - BERLIN BERLIN The top priority in Brexit negotiations for the 27 countries remaining in the European Union must be to hold the bloc together, even if this means they suffer one-off economic hits, Germany''s Social Democrats (SPD) said in a policy paper. "Were we to allow a ''Europe à la Carte'', this would lead to incalculable domino effects that would threaten the unity of the Union," the parliamentary party of the SPD, junior partner in Chancellor Angela Merkel''s ruling coalition, said in the paper. "The short-term interests of individual groups or member states, including Germany, must recede behind this long-term and overarching goal if there is a conflict," said the paper, seen by Reuters. It added that foreign investments in Britain could lose value or delivery chains be affected. In the paper, entitled "Strengthening the cohesion of the European Union - our key points for the Brexit negotiations", the SPD said any transitional arrangements for Britain after it leaves the EU should be short-term and tied to tight conditions. "We reject open transitional rules without a precisely agreed time frame or a clear definition of the new ties," said the paper, dated Jan. 9. It is to be discussed - and likely adopted - by the SPD''s parliamentary party on Thursday. The paper largely reflects the line taken by conservative Merkel who says there will be no cherry-picking for Britain and that the EU must consider limiting British access to the single market if it fails to accept the bloc''s four freedoms in talks. The EU''s single market enshrines the four freedoms of movement of goods, capital, people and services. British Prime Minister Theresa May has said she wants to regain control over immigration, restore British sovereignty, including by pulling out of the European Court of Justice (ECJ), and secure the best possible trading relations with the EU. The SPD said the rules of the single market, which include fair competition, are guaranteed by the ECJ. "Without recognition of this function (of the Court) of having the last say, participating in the single market will not be possible, also and in particular, for the service sector," said the paper. The SPD also said it was prepared to protect the status of Britons in the EU during Brexit talks, as long as Britain does the same for EU citizens there and urged London to provide more clarity about its goals for Brexit. "Even seven months after the referendum, the contours of the broad goals with which the government in London will enter talks are barely visible," said the paper. (Writing by Paul Carrel and Madeline Chambers; Editing by Catherine Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-germany-idUKKBN14V1LA'|'2017-01-11T22:10:00.000+02:00'
'c33669b398f377265a86891a8c9fab6f183c58de'|'Apple aids and abets Big Brother in China'|'Apple aids and abets Big Brother in China Lack of transparency in pulling New York Times app adds to Orwellian nature of move by: Tom Mitchell in Beijing Most people old enough to have watched the 1984 Super Bowl will not remember the two American football teams that played in it. They will probably remember “The Commercial”. In the annals of the NFL playoffs, it is almost as famous as “The Catch”— an improbable end zone grab by the San Francisco 49ers’ Dwight Clark in the 1982 NFC Championship game. During a break in the third quarter of Super Bowl XVIII, as the Los Angeles Raiders were running up the score on the Washington Redskins, CBS broadcast an Apple advertisement for its new Macintosh computer. Directed by Ridley Scott, the 60-second spot featured an athlete hurling a sledgehammer into a giant screen on which Big Brother was hypnotising the masses. The screen explodes, symbolising Apple’s assault on what it regarded as the bland conformity of the emerging personal computer industry. Titled “1984” in honour of George Orwell’s novel of the same name, it is today regarded as one of the best television commercials of all time. It is also sadly ironic in light of recent events in China, where Apple has decided to aid and abet Big Brother. Last week, Apple confirmed it had pulled the New York Times app from its online store in China, where the newspaper’s website has been blocked by censors since 2012. The app was the only way China-based readers could access New York Times content, including articles translated into Mandarin, without having to use special software that is expensive for the average Chinese internet user and often unreliable. At first glance, Apple had no choice but to comply with the Chinese government’s directive. China’s smartphone market, the world’s largest, accounted for 20 per cent of its sales — or $8.8bn — in the third quarter of last year. The California company’s supply chain is also deeply rooted in China. When running at full tilt, an iPhone manufacturing facility operated by Foxconn in Zhengzhou, Henan province, can produce 1m handsets every two days. The Chinese government’s leverage over Apple is enormous. But so is Apple’s leverage over the Chinese government, should it be brave — and wise — enough to use it. At a time when Beijing is simultaneously attempting to spur slowing economic growth and halt capital outflows, it badly needs foreign investment and the jobs it creates. The iPhone manufacturing facility in Zhengzhou is a high-tech jewel in a relatively poor, inland province, otherwise blighted by twilight heavy industries and chronic pollution. Foxconn also recently announced it would spend $8.8bn on a flat-panel display factory in the southern city of Guangzhou. FT View The Colossus of Cupertino in middle age remains dominant. Too bad Tuesday, 10 January, 2017 The question is how a foreign company such as Apple can exercise its leverage. In China, throwing sledgehammers in public is not a great tactic. The ruling Communist party tends to react badly when openly challenged, making it difficult to achieve a positive outcome or even a reasonable compromise. Quiet behind-the-scenes lobbying efforts are far more effective, allowing time for problems to flow up the bureaucracy where cooler heads — mindful of the party’s larger interests — are more likely to prevail. Two years ago, just such an approach by overseas information technology companies stalled national security-inspired regulations that would have made it difficult for Chinese financial institutions to buy foreign networking equipment. Forcing local banks to use lesser quality domestic equipment would have threatened the reliability of their networks. Beijing quickly realised that functioning automatic teller machines were far more important to domestic stability than an ill-conceived set of protectionist regulations. It may well be that Apple quietly fought the good fight before yielding to the authorities’ demand to pull an app that was allegedly “in violation of local regulations”. But in confirming the decision, Apple could have at least specified what regulations the New York Times app had supposedly violated. It did not and the lack of transparency surrounding the affair has only added to the Orwellian nature of Apple’s surrender. It is a disappointing outcome for a company whose remarkable run, from 1980s iconoclastic outsider to the world’s most valuable company 30 years later, began with such a bold statement. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/us'|'https://www.ft.com/content/4237bafc-d714-11e6-944b-e7eb37a6aa8e'|'2017-01-10T18:37:00.000+02:00'
'585ca9f8ec076324abde80e030f8f7e86fb9a45c'|'Brazil eyes privatizing domestic airports in Rio and Sao Paulo'|'Company  27pm EST Brazil eyes privatizing domestic airports in Rio and Sao Paulo SAO PAULO Jan 11 Brazil''s government may privatize operations of domestic airports in Sao Paulo and Rio de Janeiro, two of the busiest in the country, Planning Minister Dyogo Oliveira said on Wednesday. Brazil has already handed over operations of international airports in its two biggest cities, but the Congonhas Airport in Sao Paulo and Santos Dumont Airport in Rio de Janeiro are still run entirely by state operator Infraero. "There is a discussion about new airports (to privatize) and those airports are part of the list," Oliveira told journalists. CCR SA, Brazil''s biggest toll road operator, is interested in bidding to run Congonhas and Santos Dumont, Chief Executive Renato Vale said in a separate telephone interview. Last week a government official familiar with discussions said that the government is likely to announce the next round of infrastructure concessions in March. Oliveira confirmed that studies are under way for the next round of auctions, including airports, highways and sanitation projects. The government has scheduled an auction on March 16 for airports in the states of Bahia, Ceara, Santa Catarina and Rio Grande do Sul, part of the first round of infrastructure concessions President Michel Temer announce in September. (Reporting by Leonardo Goy; Additional reporting by Aluisio Alves; Writing by Brad Haynes; Editing by Chizu Nomiyama) Next In Company News UPDATE 1-J.P. Morgan Securities to pay $900,000 for supervision failures -CFTC WASHINGTON, Jan 11 The U.S. Commodity Futures Trading Commission said on Wednesday it ordered J.P. Morgan Securities LLC to pay $900,000 to settle charges it had failed to properly supervise employees over fees charged to customers trading on the Chicago Mercantile Exchange.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-infrastructure-airports-idUSL1N1F115O'|'2017-01-12T03:27:00.000+02:00'
'1c6dbfbaf0acc8396cb6ccf6f779b17f3530d1f9'|'British recruiter PageGroup''s fourth quarter gross profit rises, UK disappoints'|'Business News - Wed Jan 11, 2017 - 7:31am GMT British recruiter PageGroup''s fourth quarter gross profit rises, UK disappoints British recruitment firm PageGroup Plc ( PAGE.L ) reported a rise in fourth-quarter gross profit, but pointed to a continued cooling in the UK hiring market after Britons backed an exit from the European Union. The company, which mainly finds candidates to fill permanent positions, said year-on-year gross profit from its British operations fell 6.7 percent to 33.8 million pounds at constant currencies in the quarter. "In the UK, client and candidate confidence levels deteriorated further, with activity levels also reduced," Chief Executive Officer Steve Ingham said. The company''s total gross profit rose 3.8 percent at constant currencies in the quarter, driven by growth in Continental Europe and Latin America, outside Brazil. (Reporting by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by Sunil Nair) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-pagegroup-outlook-idUKKBN14V0O2'|'2017-01-11T14:31:00.000+02:00'
'f3308221c8e40f44000498d2b012fe577fb0500b'|'Brazil''s Funcesp says Vale stake sale not under discussion'|'Company  10pm EST Brazil''s Funcesp says Vale stake sale not under discussion SAO PAULO Jan 11 Fundação Cesp, Brazil''s largest private-sector pension fund, is currently not holding discussions over the partial or full sale of a 200 million-real ($62 million) stake it owns in Vale SA, the world''s largest iron ore producer. In an interview with newspaper Valor Econômico published on Wednesday, Funcesp President Martin Glogowsky said a potential sale would be gauged if it proved advantageous for the fund. In a statement, Funcesp said the fund "has no need for such liquidity." (Reporting by Guillermo Parra-Bernal and Bruno Federowski; Editing by Paul Simao) Next In Company News UPDATE 2-Trump says won''t divest from his business while president WASHINGTON, Jan 11 U.S. President-elect Donald Trump said on Wednesday he would maintain ownership of his global business empire but hand off control to his two oldest sons while president, an arrangement that watchdogs said would not prevent conflicts of interest in the White House.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vale-sa-equity-funcesp-idUSL1N1F11KX'|'2017-01-12T01:10:00.000+02:00'
'43c90baa92dbfe8ea0dc9fb9cd92637ccf01f9c0'|'Tesla enlists Apple veteran to run Autopilot software'|'Tesla recruits Apple veteran to run its Autopilot car software Hiring of Chris Lattner as competition intensifies in autonomous driving rivalry Read next Carmakers steer cautious driverless path Sunday, 8 January, 2017 A driver uses the map navigation feature on a touchscreen control panel inside a Tesla Model S P90D vehicle © Bloomberg by: Tim Bradshaw in San Francisco Tesla has recruited long-serving Apple technologist Chris Lattner to run its Autopilot self-driving car software, at a time when the iPhone maker is refocusing its own automotive efforts on autonomous systems. Elon Musk, Tesla’s founder and chief executive, has set an ambitious target of the end of this year to enable its cars to drive coast-to-coast across the US without any human control . The latest boost towards this goal comes after the death of a Tesla owner while using Autopilot prompted an overhaul of its autonomous systems last year. Mr Lattner spent more than a decade at Apple , including as head of its developer tools unit for the past five years. The department, which includes more than 100 staffers, has long played a crucial role for Apple in helping people both inside Cupertino and in the wider app developer community to write software for iOS and its Mac computers, as well as newer platforms such as Apple TV and its Watch. Mr Lattner also pioneered the creation of Swift, a new programming language for iOS that was announced in 2014 to help make it easier to create iPhone and iPad apps. Related article Chief executive Musk says full autonomous cars could be on roads by end of next year Wednesday, 11 January, 2017 Tesla said that Mr Lattner’s move would “accelerate the future of autonomous driving”. “Chris’ reputation for engineering excellence is well known,” Tesla said in a statement on Tuesday. The hire has been seen as Tesla’s highest-profile recruit from Apple since the electric-car maker poached Doug Field, former head of Mac hardware engineering, in 2013 to run its vehicle programmes. Mr Field, is now Tesla’s senior vice-president of engineering. Until now, Autopilot has been led by Jinnah Hosein, who was serving a “dual role” as SpaceX’s vice-president of software. Mr Hosein will now return to full-time duties at SpaceX, the rocket maker that is also led by Mr Musk. While Mr Lattner has no known association with Apple’s secretive project to develop a car, which is code-named Project Titan, his defection to Tesla comes as the two companies are increasingly on a collision course over autonomous driving systems and the fight for talent in that area. Last year, more than two years into its foray into the car industry, Apple changed the leadership and strategy of Project Titan to prioritise development of the underlying systems that would power a self-driving car, people familiar with the matter have said. The changes, under the new leadership of veteran Apple executive Bob Mansfield, saw the departure of dozens of people working on the car team. Some were redeployed to other Apple projects while others, including several with a background in traditional vehicle engineering, left the company. Mr Musk once sought to diminish Apple’s car efforts by referring to the team as the “Tesla graveyard” but traffic between the two companies has not been only in one direction. Chris Porritt, a former Aston Martin vehicle engineer, left Tesla to join Apple last year. It is not clear whether Mr Lattner was given the opportunity to join Apple’s own automotive team but his decision to join Tesla instead will nonetheless come as a blow to the iPhone maker as it tries to regain momentum. Apple’s revenues fell below its own internal targets last year, causing several Apple executives to miss out on performance-related bonuses for the first time in more than a decade. With the release of any car seen as being several years away, other new Apple products including its Watch and TV box have so far failed to compensate for the decline in iPhone sales. Anil Dash, a New York-based technology entrepreneur and adviser, said the exit of Mr Lattner, who he described as “one of the great technical architects” was a “surprising” and serious loss for the iPhone maker. “Hard to not see Lattner’s departure as representing an inflection point for Apple,” he said in a tweet. In an email to a Swift mailing list on Tuesday, Mr Lattner said his decision to “pursue an opportunity in another space...wasn’t made lightly”. Unusually for Apple, Swift is an open-source project, a shared-ownership structure which Mr Lattner said “has enabled Apple and the amazingly vibrant Swift community to work together to evolve Swift into a powerful, mature language powering software used by hundreds of millions of people”. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/automobiles'|'https://www.ft.com/content/614cb4a6-d791-11e6-944b-e7eb37a6aa8e'|'2017-01-11T07:35:00.000+02:00'
'3c69e8516201d67f63008e040716d48d5c37808f'|'ZTE: ring off'|'Save January 9, 2017 Ideally, chasing a race leader should make one focus on running harder. The same applies to ZTE , China’s number two wireless telecom network company behind world-beater Huawei. A maturing mobile market at home plus withering competition in smartphone handsets have caused enough problems. A tiff with the US over sales of equipment to Iran in March last year appears to have made matters worse. However, the shares, down almost a fifth in a year, already price in a lot of woe. Recent reports that ZTE will soon fire 3,000 workers hint that all is still not well. On Monday, the Hong Kong and Shenzhen-listed shares fell more than 3 per cent. The company would not confirm the reductions. But cost-cutting must come in a handset business generating almost a third of group revenues. Though never a global powerhouse, ZTE has seen once-solid smartphone growth dissipate as domestic rivals Oppo and Vivo, not to mention leader Huawei, eroded its share. In 2015 ZTE made over a tenth of Chinese smartphones; this year that will fall to less than 7 per cent. Superficially, things do not look much better in ZTE’s mobile networks business, which accounts for four-fifths of operating profits. In the first half to June 2016, its overseas revenues fell more than 7 per cent year on year. That followed a period of double-digit growth in 2015. Potential US sanctions on ZTE for selling kit to Iran might explain part of the slowdown. But the equipment business still has promise. Margins in networks have held up. Although 4G prospects have matured in China, as capital spending by local operators has peaked, ZTE’s valuation at 11 times forward earnings looks cheap. Global rivals Nokia and Ericsson have traded around 16 times on average in the past few years, with no better expansion promise. A Chinese shift to 5G should spark more spending on ZTE’s equipment, eventually. ZTE should focus on its networks business and hive off the handset unit. Phones will not drive the group’s growth and could cost the company dearly if it fights to win back lost share. Email the Lex team at Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/telecoms'|'https://www.ft.com/content/104e2c58-d66d-11e6-944b-e7eb37a6aa8e'|'2017-01-10T04:36:00.000+02:00'
'b47633b4eec4b188a0765529a5d472a28a6a6f8b'|'Trump doubles down on Mexico ''border tax'' threat - Jan. 11, 2017'|'Trump: I will turn business over to my sons President-elect Donald Trump plans to get very tough with companies that do business in Mexico. He reiterated his threat on Wednesday that companies manufacturing in Mexico and selling in the U.S. would face a "border tax." "There will be a major border tax on these companies that are leaving and getting away with murder," Trump said at his first post-election news conference. In December, Trump tweeted that they stand to face a 35% tax. In recent weeks, he even threatened GM ( GM ) and Toyota ( TM ) , both of whom have large operations in Mexico. The border tax that Trump was referring to could be one of two things: a tariff, or what Congressional Republicans want -- a border adjustment tax (BAT). A tariff only affects imports. A BAT affects imports and exports. Related: What is a border adjustment tax However, experts say that it is highly unlikely that Trump can impose either tariffs or a BAT against specific companies. "There''s nothing in the way that Congress wrote the various trade authorities that was intended to give the president power to go after a single company solely for producing abroad," says Edward Alden, a trade expert at the Council on Foreign Relations. The office of the U.S. Trade Representative, which is in charge of negotiating trade deals, told CNNMoney in December that it did not know of a case of a tariff being applied specifically to a U.S. company. However, tariffs have been applied to foreign companies associated with U.S. firms to varying degrees. Overall, Trump''s intention is to save U.S. jobs. But when America has used tariffs before, the result has been mixed -- they save some U.S. jobs but cost others . Tariffs almost always raise prices on products for ordinary Americans. Experts across the spectrum say if tariffs are applied on Mexico, it could retaliate against America by taxing U.S. goods shipped south of the border. That would be the beginning of a trade war. The border adjustment tax can''t be applied to specific companies either. "It is not company-specific in any way, it would be imposed across the board," says Robert Scott, a trade expert at the Economic Policy Institute. In theory, here''s how a border adjustment tax works: It gives tax breaks to U.S. businesses that ship goods to other countries, and it takes away tax breaks from companies that bring in products from abroad. Related: Remove car imports, and U.S.-Mexico deficit ''vanishes'' The idea is to discourage companies from putting jobs and operations overseas solely for tax reasons. Such a move usually results in making imports more expensive and exports cheaper. But there''s a catch. Supporters of a BAT say it will work if the dollar significantly rises in value in order to make sure Americans don''t have to pay more for goods brought into the United States. Proponents say the BAT will increase the dollar''s value because, among other factors, U.S. exports would be cheaper and more attractive to foreign buyers. Higher demand for U.S. goods helps drive up the dollar''s value. However, skeptics say the cookie won''t crumble that way. Some experts estimate the dollar would have to rise as much as 20% for the BAT to be effective and not make Americans pay more for food, clothes and TVs. Many don''t believe the BAT will make the dollar jump that much because the greenback is influenced by lots of global factors, not just U.S. tax reform. "My view is that while the dollar should appreciate further if the BAT is approved, it will not appreciate enough so as to keep the prices of imported goods from rising," says Carlos Peyrelongue, a Bank of America ( BAC ) research analyst based in Mexico. It is important to note that Trump has wide ranging power to use tariffs against other countries without asking for approval from Congress. But under current laws, he can''t impose a "major border tax" on specific companies. CNNMoney (New York) First published January 11, 2017: 6:42 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/01/11/news/economy/trump-border-tax-mexico/index.html'|'2017-01-12T01:42:00.000+02:00'
'42545fd846f50ed1db313fd0132b31f05aef385b'|'Exclusive: Regulators criticize banks over Uber loan - sources'|'Technology News - Tue Jan 10, 2017 - 3:50pm EST Exclusive: Regulators criticize banks over Uber loan - sources left right A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London, Britain October 28, 2016. REUTERS/Toby Melville/Illustration 1/2 left right A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London, Britain October 28, 2016. REUTERS/Toby Melville/Illustration 2/2 By Olivia Oran and Jonathan Schwarzberg Federal regulators criticized several Wall Street banks over the handling of a $1.15 billion loan they helped arrange for Uber Technologies Inc [UBER.UL] this past summer, according to people with knowledge of the matter. Led by Morgan Stanley ( MS.N ), the banks helped the ride-sharing network tap the leveraged loan market in July for the first time, persuading institutional investors to focus on its lofty valuation and established markets rather than its losses in countries such as China and India. The Federal Reserve and the Office of the Comptroller of the Currency (OCC), which are trying to reign in risky lending across Wall Street, took issue with the way in which the banks carved out Uber''s more mature operations from the rest of the business, the people said, declining to be named because talks with the regulators are private. This so-called "ring-fencing" of certain markets makes companies appear a safer bet because it strips out the parts of their business that are loss-making. Scrutiny of the Uber loan by regulators was not a surprise because it is rare for young, unprofitable technology firms to tap the leveraged loan market which is traditionally restricted to companies with long histories of generating cash. Regulators have said that loans with more than six times leverage may receive a closer look. Goldman Sachs Group Inc ( GS.N ), Barclays PLC ( BARC.L ) and Citigroup ( C.N ) also helped arranged Uber''s loan. Representatives of the banks declined to comment. Uber was immediately not available to comment. Representatives for the Federal Reserve and the OCC declined to comment. Uber does not disclose its financials but Chief Executive Travis Kalanick has said that the company is profitable in its most developed markets in the United States and Europe. The company is losing money in regions such as China, where it has been locked in a battle with rival Didi Chuxing. Last August, Uber said it would sell its China operations to Didi. Uber spends millions of dollars to attract riders and drivers and lost more than $800 million in the third quarter, according to Bloomberg. But Uber proved a popular draw for investors because of their familiarity with its business and because it had recently closed a $3.5 billion round of financing from Saudi Arabia’s sovereign wealth fund, giving it a valuation of $62.5 billion, dwarfing that of blue-chip companies such as General Motors Company ( GM.N ). Debt investors usually focus on a company''s ability to generate cash, or EBITDA, relative to its debt when they are deciding whether to lend money. Uber, however, was analyzed on a loan-to-value metric, which focused on its equity valuation relative to its debt, investors said. This is not the first time that regulators have scrutinized Wall Street banks for leveraged loan transactions. Regulators have been clamping down on risky lending in the wake of the financial crisis. Last year, regulators cautioned Goldman over risks involved in two loans totaling $1.8 billion that backed a $4 billion buyout of Ultimate Fighting Championship. Regulators had focused on accounting adjustments that inflated the mixed martial arts group''s future profitability. So far, these warnings have not resulted in any fines but banks may avoid riskier lending in the future to avoid the possibility of any punishment from regulators. "Increased scrutiny from the federal regulators could certainly prompt banks to reduce the supply of credit in the leveraged loan markets," said Shawn Thomas, a professor at the University of Pittsburgh''s business school who has written about leveraged lending. Banks are often willing to help raise debt for high profile companies, even if the deal risks regulatory scrutiny, because they hope to land a role in their eventual initial public offerings. (Reporting by Olivia Oran and Jonathan Schwarzberg in New York; Additional reporting by Patrick Rucker in Washington, DC. Editing by Carmel Crimmins and Bernard Orr) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-uber-banks-idUSKBN14U2KW'|'2017-01-11T03:50:00.000+02:00'
'127c09a100514812cd2dfd329e9e2243185c5c41'|'VW''s Skoda Auto boosts 2016 deliveries to record 1.13 million cars'|'Business News - Tue Jan 10, 2017 - 5:21am EST VW''s Skoda Auto boosts 2016 deliveries to record 1.13 million cars A Skoda Kodiaq SUV is displayed at the Mondial de l''Automobile, Paris auto show, during media day in Paris, France, September 29, 2016. REUTERS/Jacky Naegelen PRAGUE Skoda Auto, the Czech unit of carmaker Volkswagen, raised global deliveries by 6.8 percent to a record 1.13 million cars in 2016, lifted by rising sales in Europe and China, the company said on Tuesday. The car company said it expected the launch of a new SUV and an upgrade to its flagship Octavia model to bolster its first half of the new year. "The market launches of the revised Skoda Octavia and the new SUV model Skoda Kodiaq are expected to provide further positive momentum for the brand in the first half of the year," Chief Executive Bernhard Maier said in a statement. Skoda is the Czech Republic''s largest exporter and a bellwether for the economy that has posted solid growth in the past few years. (Reporting by Jason Hovet) Alibaba''s Ma meets Trump, promises to bring one million jobs to U.S. NEW YORK/BEIJING Alibaba Executive Chairman Jack Ma met U.S. President-elect Donald Trump on Monday and laid out the Chinese e-commerce giant''s new plan to bring one million small U.S. businesses onto its platform to sell to Chinese consumers over the next five years, an Alibaba spokesman said.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-volkswagen-skoda-idUSKBN14U147'|'2017-01-10T17:21:00.000+02:00'
'91b5a2fdac51a49fba966cbfa4b95e173749b9df'|'Deals of the day-Mergers and acquisitions'|'(Adds Kite Pharma, Coty, Savanna, Amundi; Updates ChemChina, Valeant)Jan 10 The following bids, mergers, acquisitions and disposals were reported by 1430 GMT on Tuesday:** Kite Pharma Inc said on Tuesday it had formed a joint venture with Shanghai Fosun Pharmaceutical (Group) Co Ltd , to develop and commercialize its cancer treatment in China.** Canadian oilfield services provider Savanna Energy Services Corp said it would open its books this week to potential suitors interested in a deal with the company.** Beauty products maker Coty Inc said it would buy a 60 percent stake in privately held online cosmetics retailer Younique LLC for about $600 million as it reduces its dependence on its ailing fragrance business.** A joint venture between asset management company Amundi and French utility EDF has bought a majority stake in 132 gas-fired cogeneration plants in France for 150 million euros ($159 million), Amundi said.** China''s Alibaba Group Holding Ltd is leading a $2.6 billion bid to privative Intime Retail Group Co Ltd in a move to digitize brick-and-mortar department stores while growth in online sales begins to slow.** Telecom Italia has no intention of merging its TIM Participações SA unit with Brazilian wireless carrier Oi SA, a spokesman for Telecom Italia said.** China National Chemical Corp (ChemChina) and Swiss pesticides and seeds group Syngenta AG have proposed minor concessions to the EU''s competition watchdog to address concerns over their $43 billion merger plan, sources told Reuters.** Japan''s Mitsubishi Rayon acquired a U.S. carbon fiber production plant from SGL Carbon for an undisclosed price to meet growing demand for composite materials for wind turbine blades and cars.** Spain has no immediate plans to sell shares in majority state-owned airport operator Aena, Public Works Minister Inigo de la Serna said, ruling out a repeat of 2015''s lucrative stake sale over the coming months.** French cosmetics group L''Oreal <OREP.PA >is acquiring three specialized skincare brands - CeraVe, AcneFree and Ambi - from Canada''s Valeant Pharmaceuticals International for $1.3 billion in cash to expand into one of the fastest growing areas of the beauty industry.** Valeant Pharmaceuticals International is selling its Dendreon cancer business and three skincare brands for about $2.12 billion as the troubled Canadian drugmaker looks to pay down its more than $30 billion debt.** Newspaper group Trinity Mirror said it was in early talks about investing in a new company comprising assets owned by Northern & Shell, Richard Desmond''s group that owns the Daily Express and Daily Star titles.** Japan''s Takeda Pharmaceutical Co flagged its appetite for fresh acquisitions to bolster its drug portfolio after agreeing on Monday to acquire cancer drug maker Ariad Pharmaceuticals in a $5.20 billion deal.** Canadian apparel maker Gildan Activewear Inc has won a bankruptcy auction for U.S. fashion retailer American Apparel LLC after raising its offer to around $88 million, a person familiar with the matter said.** Yahoo Inc said Monday that it would rename itself Altaba Inc and Chief Executive Officer Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications Inc.** Private-equity firm Blackstone Group LP is no longer looking at buying a $5 billion stake in Energy Transfer Partners, a source familiar with the matter confirmed.** Brazilian food processor BRF SA and Qatar''s sovereign wealth fund agreed to buy the operations of Turkish poultry producer Banvit in a joint venture, BRF said in a securities filing.** Indian online real estate services providers PropTiger.com and Housing.com will merge to create what the companies said would be the biggest player in the segment, accelerating a consolidation in the sector. (Compiled by Laharee Chatterjee in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1F043Q'|'2017-01-10T12:18:00.000+02:00'
'2393fee3f83227524577e4a72ca4600dfd1b9ec1'|'Brazil''s Samarco requests extension for dam disaster guarantee'|'Environment  36pm EST Brazil''s Samarco requests extension for dam disaster guarantee A cupboard is pictured in debris in Bento Rodrigues district, which was covered with mud after a dam owned by Vale SA and BHP Billiton Ltd burst, in Mariana, Brazil, November 10, 2015. REUTERS/Ricardo Moraes BRASILIA Brazilian miner Samarco and its shareholders Vale SA and BHP Billiton have requested to extend until Jan. 19 a deadline to pay 1.2 billion reais ($375.39 million) in guarantees related to the collapse of a tailings dam in 2015, Vale said in a statement on Monday. The payment was meant to be made to a court in Minas Gerais state by Monday. ($1 = 3.1967 reais) (Reporting by Stephen Eisenhammer; editing by Diane Craft) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-samarco-vale-sa-guarantee-idUSKBN14T2DD'|'2017-01-10T04:31:00.000+02:00'
'2e5d898ae9e4b8f5167806d16a1389d83c645ae5'|'Banco Santander to issue up to 57 billion euros in debt over two years'|'  6:38am EST Banco Santander to issue up to 57 billion euros in debt over two years A woman walks past a Banco Santander branch in downtown Rio de Janeiro August 19, 2014. REUTERS/Pilar Olivares/File Photo MADRID Spain''s Banco Santander ( SAN.MC ) will issue between 43 billion and 57 billion euros ($45 billion-$60 billion) in debt over the next two years to meet capital targets aimed at enabling systemically important banks to absorb losses, it said on Wednesday. The euro zone''s second largest bank by market value said the funds would help raise its capital ratio above 11 percent by December 2018 from 10.47 percent last September under the strictest criteria, fully-loaded CET1. The European Central Bank said in November that Santander, Spain''s only global systemically important bank (SIFI), had to maintain its regular CET1 ratio above 7.75 percent in 2017. Santander''s regular CET1 ratio was 12.44 percent in September. Santander will issue between 24 billion and 32 billion euros in 2017 and between 19 billion and 25 billion euros in 2018, it said in a statement to the market regulator. Up to 9 billion euros of debt will be in the form of hybrid bonds, which can be converted into equity, it said. Of the total, its unit Santander Consumer Finance will issue up to 13 billion euros and Santander UK up to 7 billion euros. A spokeswoman for Santander said the debt issuance was in line with their guidance. The bank issued 20.5 billion euros of debt in 2016, according to provisional figures. (Reporting by Angus Berwick; editing by Paul Day/Ruth Pitchford) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-banco-santander-debt-idUSKBN14V1BS'|'2017-01-11T18:38:00.000+02:00'
'157914e379045aaff4c09a326e7db79f03e34b7f'|'PSA Group 2016 sales rise 5.8 percent, boosted by Iran and recovery in Europe'|' 39am GMT PSA Group 2016 sales rise 5.8 percent, boosted by Iran and recovery in Europe The Peugeot logo is seen on a car at a dealership of French car maker PSA Peugeot-Citroen, Europe''s No. 2 automaker by volume, in Selestat, eastern France, September 7, 2012. REUTERS/Vincent Kessler PARIS French carmaker PSA Group ( PEUP.PA ) said global vehicle deliveries rose by 5.8 percent last year, propelled by strong sales of its Peugeot brand in Iran and the continuation of the European auto market''s recovery. PSA''s global sales volume rose to 3.146 million vehicles in 2016 from 2.972 million the previous year, the Paris-based company said in a statement on Wednesday. The 2016 sales growth represents PSA''s best yearly performance since 2010, making it cross the 3 million-vehicle threshold for the first time since 2011. Sales rose 3.56 percent in Europe and surged 112.8 percent in the Middle East and Africa region, as the Peugeot brand benefited from the lifting of international sanctions on Iran. Sales dropped by 15.98 percent in China and Southeast Asia and by 12.58 percent in Eurasia, which comprises Russia. (Reporting by Mathieu Rosemain and Gilles Guillaume; Editing by Sudip Kar-Gupta)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-peugeot-results-idUKKBN14V0JU'|'2017-01-11T13:39:00.000+02:00'
'9ff7755a0f26b57c9c727f7bfb21e5d40931c598'|'Hong Kong court hears Moody''s appeal over red flags report'|'HONG KONG Hong Kong''s Court of Appeal on Wednesday began hearing Moody''s ( MCO.N ) appeal against a tribunal decision that partly upheld regulatory action imposed on it for a report on Chinese firms, in what is considered a landmark case for the financial center.Moody''s Investors Service Hong Kong said in April it would challenge a March 2016 ruling by the Securities and Futures Appeals Tribunal (SFAT) upholding the securities regulator''s claim that Moody''s broke rules governing how regulated firms should behave when it published the report.On Wednesday, Moody''s reprised a key argument refuted by the tribunal, that the report did not constitute a credit rating or a preparation for a credit rating, and was therefore not within the Securities and Futures Commission (SFC) jurisdiction.The SFAT determined last year that Moody''s breached the SFC code of conduct through the publication of the July 2011 report that raised corporate governance concerns over 49 Chinese firms, contributing to a fall in their Hong Kong share prices.The tribunal found the report did constitute a preparation for a credit rating and therefore came under the SFC''s jurisdiction.But Moody''s on Wednesday contested the tribunal''s findings, arguing that although the report discussed some specific elements relevant to a company''s creditworthiness, namely corporate governance and accounting risks, the report''s "red flags" framework was not ultimately used for, nor provided the basis for, evaluating a credit rating.Moody''s barrister Adrian Huggins opened the proceedings at the Hong Kong court on Wednesday arguing there must be a"bright line" between regulated and non-regulated activities."We need certainty about what is regulated, where we are regulated and where we are not. The line has been blurred unacceptably," he said.The case has been closely watched by the financial industry and corporate governance activists, as it is likely to redefine the limits on what can be written in research reports on public companies, potentially curtailing the activities of research firms in the financial center.(Reporting by Michelle Price; Writing by Sumeet Chatterjee)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-moody-s-hongkong-hearing-idINKBN14V0C3'|'2017-01-11T01:15:00.000+02:00'
'a132b3c165e189c7e2218684a0053d1c47538686'|'''It''s a financial cliff edge'': how Britain fell back in love with credit cards - Money'|'F or more than half a million Britons, January provides the mother of financial hangovers. The darkness of the days is compounded by the need to trawl the internet to find a new home for credit card debts swollen by the Christmas spending orgy.For some it is an annual ritual that keeps their share of a £192bn unsecured consumer credit mountain ticking over and out of sight. But last week, alarm bells started ringing as official figures showed consumers racking up debt at a rate not seen since the spending frenzy that preceded the 2008 financial crisis.“Every month is stressful to be honest but January, being a new year and time of reflection, was tough and you’d beat yourself up,” says Alexis Hall, a 48-year-old PR executive and recovering shopaholic who wrote a book about getting in – and out of – £32,000 of debt during the years of lax lending before the credit crunch hit. “There was no limit to the amount of credit I was getting: I had six or seven cards at the time as well as a loan on top. No one was turning me away and I was constantly getting offers through the post and by email.”How to tackle your debts if you overspent this Christmas Read more The Bank of England figures made it look like UK consumers were partying like it was 2007 as credit card borrowing reached a record £66.7bn in the year to November. The Bank said that consumer credit, which means all credit cards and car loans, had risen at its fastest rate in 11 years, up 10.8% over the last 12 months period to reach £192bn. To put that in context, when Lehman Brothers imploded in September 2008 and the banking crash triggered a worldwide recession, the figure peaked at £208bn. The average household in the UK now owes a record £12,887, before mortgages are taken into account, according to the TUC . So what does this mean for consumers and where is the country heading?“The fact credit is growing may not mean armageddon is coming,” says Peter Tutton, head of policy at debt charity StepChange , who expects borrowing to revisit the 2008 peak within a “matter of months”. “But past experience shows that when credit grows quickly, the result can be people standing on a financial cliff edge. A lot of households using credit are ‘just about managing’ (the Jams ), then something happens that turns them into ‘no longer managing’.”Facebook Twitter Pinterest Another economic crash is coming. How did this happen? So far, so 2008. But are we really falling back into old ways? Loading spending on to the never-never thanks to the welter of 0% credit card deals. Some of the controversial lending that took place before the banking crisis has disappeared. You can’t take out a 125% mortgage any more or constantly remortgage to go on holiday or buy a new car. But new forms of lending have taken hold. PCP – personal contract purchase – hire purchase deals, for example, now make up more than three-quarters of the finance deals provided on new car purchases, according to the Finance and Leasing Association.Last year more than 588,000 Britons shuffled their credit card balances in January, with a collective debt of £1.4bn finding a new home during the month, according to the British Bankers’ Association (BBA). A similar number are expected to go through the process this year.After the lean years of 2008 and 2009, choice is once again a feature of the market, with 122 balance transfer deals for consumers to scrutinise, according to Moneyfacts.co.uk. That compares with 133 in January 2007, before the financial storm hit. The key battleground is now the length of deal, which can be measured in years rather than months: today the average balance-transfer deal lasts 659 days versus just 295 days in January 2009, when the country was mired in recession. Many Britons rely on being able to shuffle debt from one company to another, with industry data showing 43% of credit card balances are being managed on an interest-free basis, the highest level ever.While on the surface it looks like great news for consumers that they can borrow for free for so long, the industry cynically relies on a portion of its customers failing to keep up with minimum repayments. One missed repayment on a balance-transfer deal can force a borrower on to the standard interest rate, which is typically 18-20%.“Zero per cent offers are extremely popular,” says Andrew Hagger, of financial website MoneyComms. “The problem is nobody knows how many of the people on 0% are using them because they are savvy with their money or because they are struggling financially and just treading water.”The Bank indicated that it was not at present concerned about the scale of consumer debt. “Interest rates are still very low, and are expected to remain so for the foreseeable future, so there are fewer concerns on debt servicing than there were in the past,” said Andy Haldane, the Bank’s chief economist, last week.The last recession provided a rude awakening for a generation that had become reliant on cheap credit to fund their lifestyles. As the financial markets seized up, banks and credit card companies pulled the rug out from under millions of their customers, in some cases knocking a zero off their card limit overnight. In 2007, Barclaycard reduced the credit limits of 1 million of its 12 million customers while the following year Egg infamously withdrew credit cards from 161,000 customers suddenly deemed “high risk”.Facebook Twitter Pinterest There are now 31.3m cards in circulation in the UK. Photograph: Martin Meissner/AP While the current credit boom may be sustainable, the extra borrowing could prove harder to manage this year if the economy stumbles. The vote for Brexit did not make consumers worse off in 2016 as robust high-street spending in the runup to Christmas proves, but there is a storm brewing. The pound’s weakness since the Brexit vote makes imports more expensive, which will feed into higher prices at the shops, while prices at the pumps started the year at their highest since 2014 .The TUC research calculated that unsecured debt in 2016 is up £1,117 on the year before, the highest annual increase since at least 1997.“These increases in household debt are a warning that families are struggling to get by on their pay alone,” said the TUC general secretary, Frances O’Grady. “Employment may have risen, but wages are still worth less today than nine years ago. The government is relying on debt-fuelled consumer spending to support the economy, with investment and trade in the doldrums since the financial crisis.”No one can afford to stop the new consumer credit crisis Read more If you look under the surface of the credit card market, debt built up in the freewheeling days before the last recession never really went away. Last year, the UK’s financial watchdog attacked credit card providers for squeezing profits out of consumers who were stuck in the trap of making monthly minimum repayments for years rather than actually paying off their debts. The Financial Conduct Authority report found that one in nine card holders had balances that would take them more than a decade to repay, with 1.6m customers repeatedly making minimum repayments.Hall, who eventually wrote a book, In the Red, about her now vanquished shopping addiction, is surprised that history could be about to repeat itself. “It’s a time I look back on with regret as it takes up so much of your time worrying about debt,” she says. “I feel the situation is different today. It’s more about people surviving than using their credit card to buy fripperies.” Things are looking up for the recently promoted Scot, who has cleared her debts and recently started a new job and life in Berkshire.There is already a gulf between the groups that can get their hands on a credit card in the first place. In 2015, there were nearly 31.3m credit cards in circulation, but while 75% of households with annual incomes of more than £50,000 had one, that figure fell to less 25% when the income was less than £10,000, according to the more recent market study by the UK Card Association (UKCA). The number of credit cards per customer is 1.94 with only 10% of cardholders carrying around more than four in their wallets.The transition to a digital economy sees cards playing an increasingly central role in everyday life, a trend that makes it harder to keep track of your spending. Commuters are corralled into tapping instead of buying tickets and cash has now disappeared from many lunchtime transactions as contactless cards let you wave a seemingly magic wand to pay for your sandwiches and coffee. Finance gurus used to tell you to carry around cash to know the value of money, but a recent industry survey found that the average Briton now carries less than a fiver on them while one in 10 carries just a credit or debit card in their pocket.StepChange reports a recent stream of clients coming for help after falling behind on essential household bills, which it believes is indicative of the general squeeze on household incomes. “There are millions of people in persistent credit card debt, with the market structured to allow this to happen because it is profitable [for the industry] for people to be stuck making minimum repayments,” says Tutton. “Lenders, regulators and the government need to ensure that the mistakes made in the lead-up to the financial crisis are not repeated and that there are better policies in place to protect those who fall into financial difficulty. Yes, the credit market is opening up again but have we learned the lessons of the last financial crisis?”'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/11/its-a-financial-cliff-edge-how-britain-fell-back-in-love-with-credit-cards'|'2017-01-11T22:33:00.000+02:00'
'd9efb201f5ddd31f7d1ac2ae59131035dbcfa517'|'Oil prices edge up on Saudi supply cut, but outlook remains cloudy'|'Money News - Wed Jan 11, 2017 - 7:58am IST Oil prices edge up on Saudi supply cut, but outlook remains cloudy An offshore oil platform is seen at the Bouri Oil Field off the coast of Libya August 3, 2015. REUTERS/Darrin Zammit Lupi/Files By Henning Gloystein - SINGAPORE SINGAPORE Oil prices edged up on Wednesday, lifted by a small supply cut by crude exporter Saudi Arabia, but markets remained under pressure from signs that the planned OPEC output reductions were being poorly implemented and as supplies from elsewhere rose. Prices for Brent crude futures, the international benchmark for oil prices, were trading at $53.77 per barrel at 0130 GMT, up 13 cents from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were at $50.96 a barrel, 14 cents above their last settlement. Traders said that the price rises were a result of Saudi Arabia, the world''s top oil exporter, telling at least one Asian refiner that it will curb crude supplies slightly from contracted volumes in February. Despite this, there were doubts that the cuts would be deep enough to rebalance a market suffering from oversupply for the past two years. Both Brent and WTI futures are down around 6 percent since the start of the year. "Traders continued to fret about rising U.S. supply and compliance by OPEC to agreed-upon production cuts," ANZ bank said. The U.S. Energy Information Administration (EIA) said on Tuesday that American crude production would rise by 110,000 barrels per day (bpd) to 9 million bpd between 2016 and 2017. Another concern for traders were high U.S. crude stockpiles, with the EIA scheduled to release its latest figures on Wednesday. "With inventories at the highest seasonal level in three decades, another increase in this week''s report could see prices come under further pressure," ANZ said. Outside the United States, there were lingering doubts over compliance with planned production cuts from members of the Organization of the Petroleum Exporting Countries (OPEC). OPEC''s second biggest producer Iraq plans to raise crude exports from its southern port of Basra to an all-time high in February, keeping shipments high even as OPEC production cuts take effect this month. Its State Oil Marketing Company (SOMO) plans to export 3.641 million bpd of crude in February, according to trade sources and preliminary loading schedules, potentially beating a record of 3.51 million bpd from December. Some cuts, however, appear to be coming. In non-OPEC member Russia, which also agreed to cut output, extreme cold as low as minus 60 degrees Celsius has helped to knock out production by around 100,000 bpd in the first few days of January, and many oil engineers expect more reductions as production facilities struggle to cope with the extreme conditions. (Reporting by Henning Gloystein; Editing by Joseph Radford and Randy Fabi) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN14V07D'|'2017-01-11T09:28:00.000+02:00'
'e2f3acb74e671916bd65f72d6aef6da7d3cf2f06'|'AT&T chief executive at Trump Tower to discuss Time Warner merger - source'|'  3:02pm GMT AT&T chief executive at Trump Tower to discuss Time Warner merger - source Randall Stephenson, Chief Executive Officer (CEO) of AT&T arrives for meeting with U.S. President-elect Donald Trump at Trump Tower in New York, U.S., January12, 2017. REUTERS/Mike Segar NEW YORK AT&T ( T.N ) chief executive Randall Stephenson on Thursday visited Trump Tower in New York for talks over the company''s planned merger with Time Warner Inc, according to a source, a deal which has been criticized by President-elect Donald Trump. Stephenson was seen entering the lobbying but declined to answer questions. A source briefed on the matter said Stephenson is holding meetings with the Trump transition team to discuss the company''s planned $85.4 billion (£69.60 billion) merger with Time Warner Inc ( TWX.N ). Trump during the campaign and said regulators should not approve it. It''s not clear if Stephenson is meeting with Trump. (Reporting by Laila Kearney and David Shepardson, Editing by Franklin Paul)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-time-warner-m-a-at-t-trump-idUKKBN14W25K'|'2017-01-12T22:02:00.000+02:00'
'8837ffdce7717d36b961fa424087fc5126955dc6'|'Albania''s GDP grows 3.08 percent yr/yr in Q3 of 2016'|'Financials  36am EST Albania''s GDP grows 3.08 percent yr/yr in Q3 of 2016 TIRANA Jan 12 Albania''s gross domestic product increased annually by 3.08 percent in the third quarter of 2016, helped by growth in trade and tourism, the Institute of Statistics said on Thursday. The economy expanded by 0.89 percent on a quarter-by-quarter basis in the July-September period, the Institute added. The Institute told Reuters growth for the nine-month period from January to September had reached 3.27 percent, a little short of the 3.4 percent target of the Albanian government and the International Monetary Fund. As in the second quarter of 2016, trade, hotels and restaurants contributed most to economic growth, accounting for 1.12 percentage points, followed by construction. Manufacturing, mining, energy and water shrank by 0.30 percentage points. Albania''s central bank has cut interest rates to a record low of 1.25 percent to boost lending. Last month the bank said: "Economic growth is estimated to have been somewhat strengthened in the second half of 2016" by a revival of consumption and private investment. "Economic activity in the second half of the year has been helped by the accelerated use of budget spending (funds) and a rise in foreign demand in the tourism sector," the bank added. (Reporting By Benet Koleka; Editing by Gareth Jones) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/albania-gdp-q-idUSL5N1F243Y'|'2017-01-12T20:36:00.000+02:00'
'9ebdbb355758148c4c27572036ab01cb97170674'|'CANADA STOCKS-TSX down as bank declines offset resource stock gains'|'TORONTO Jan 12 Canada''s main stock index turned lower in early trade on Thursday as losses among heavyweight financial stocks offset gains in mining and energy companies as commodity prices rose.The Toronto Stock Exchange''s S&P/TSX composite index was down 15.92 points, or 0.1 percent, at 15,475.62 shortly after the open. (Reporting by Alastair Sharp; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-stocks-open-idINL1N1F20SY'|'2017-01-12T11:41:00.000+02:00'
'08a180e272ddd8be43e65104f6c51e1d3bf09445'|'Exclusive - Airbus may post 8 percent rise in 2016 deliveries, narrow gap with Boeing'|'Mon Jan 9, 2017 - 9:48pm GMT Exclusive: Airbus may post 8 percent rise in 2016 deliveries, narrow gap with Boeing left right The logo of Airbus is pictured on a scale model of an Airbus A350-1000 during its maiden flight event in Colomiers near Toulouse, Southwestern France, November 24, 2016. REUTERS/Regis Duvignau/File Photo 1/3 left right People are seen in silhouette behind the logo of Airbus during the Airbus A350-1000 maiden flight event in Colomiers near Toulouse, Southwestern France, November 24, 2016. REUTERS/Regis Duvignau 2/3 left right Boeing''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon 3/3 By Tim Hepher - PARIS PARIS Airbus ( AIR.PA ) is set to post an 8 percent rise in deliveries for 2016, beating expectations, after a sprint to the finish line that narrowed the gap with arch-rival Boeing, according to industry experts and records of aircraft movements. The European planemaker was forced to accelerate deliveries sharply in December to meet its target after production problems earlier in the year. It delivered over 100 jets last month, a Reuters analysis of flight-tracking data supplied by FlightRadar24, unofficial airport data and plane-watcher reports suggests, lifting its 2016 tally well above 680 including 60 of the delayed A320neo. One industry expert estimated the total as high as 688, well above the company''s informal target of more than 670. Airbus remains in second place behind Boeing ( BA.N ), but its growth contrasts with a 2 percent drop in 2016 deliveries reported by its U.S. nemesis last week, to 748 planes. The higher-than-expected Airbus performance, up from 635 in 2015, is the latest evidence that planemakers are racing to whittle down big order backlogs and hoard cash as they face a potentially worsening slowdown in orders that began in 2015. Boeing temporarily eased output last year to make way for a new model but, like Airbus, plans to increase production of its best-selling aircraft. An Airbus spokesman declined to comment. Shares in Europe''s largest aerospace company clawed back losses to end up 0.2 percent in a weaker Paris market. The European planemaker is keeping operational data tightly under wraps ahead of its annual news conference on Wednesday. Airbus''s December deliveries would set a monthly record for the company, beating the previous peak by more than a quarter. The gap between Christmas and New Year, traditionally a groggy period for European industry, saw a record burst of activity at Airbus plants in France and Germany and included one of its busiest ever days with eight jets flying away on Dec. 29. "I was amazed," said a veteran of such operations. Aiming to stay ahead of Boeing in the race for new orders, rather than deliveries where it lags, Airbus may book for December at least part of a recent order for 100 jets from Iran and tie up loose ends including completing a deal for 72 jets with India''s GoAir. It may announce a $6.4 billion order for 60 jets from Saudi carrier flynas, two sources said. Airbus needs to announce at least 259 orders for December to beat Boeing''s 2016 total of 668. With outspoken sales chief John Leahy expected to retire in the second half of this year, Airbus is looking to end 2016 with a flourish, though analysts say prices could suffer due to weakening global economies. CASH GENERATION Airbus delivered at least 70 A320-family narrow-body jets in December, according to the sources and data, also a record. These included at least 17 of the new A320neo, whose ramp-up had been disrupted by delays in receiving new fuel-saving engines from Pratt & Whitney ( UTX.N ). That brought 2016 deliveries of narrow-body jets - the most cash-generating models - to over 540. It also delivered more than 140 wide-bodies. Airbus expected to deliver more than 670 aircraft in 2016, unofficially revised up from 650 in October. It is accelerating deliveries of the existing A320 to keep cash pouring in from airlines while it adopts a more conservative timeframe for the switchover to the A320neo. Narrow-body deliveries generate cash for other developments and are increasingly vital as demand for larger wide-body aircraft suffers from a looming capacity glut. Experts say the delays in A320neo deliveries have masked some pressure on demand for those models too, caused by low oil prices that can make earlier versions just as attractive. On its other main profit-driver, Airbus delivered over 62 long-haul A330s in 2016, according to the estimates. But it was forced to step up customer financing to maintain that pace as major customer Turkey faced turmoil after a failed coup and as European states withheld export credits in a row over Airbus payments to sales agents. Airbus itself provided the financing for all seven new Turkish Airlines A330s in 2016, industry sources say. Despite separate delays due to shortages of cabin equipment, Airbus unexpectedly hit a target for at least 50 deliveries of the newer A350 after 16 in December, sources said last week. That includes one or two jets paid for but not yet in operation. The rush to get planes away extended to the mammoth A380 as Airbus delivered seven in December, including three in two days to dominant customer Emirates. That brought the annual total to 28, up one from the previous year and enough to keep Europe''s troubled superjumbo project at breakeven in 2016. However, it plans to cut A380 output from next year after demand sagged for the world''s largest four-engined jets. The program took another blow in late December when Dubai-based Emirates, under pressure from the impact of low oil prices on Gulf economies, delayed some 2017 deliveries. That could put the iconic double-decker plane back into loss in 2017, marring celebrations for its 10 years in service. (Reporting by Tim Hepher; Editing by Pravin Char) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airbus-deliveries-idUKKBN14T1PC'|'2017-01-10T01:16:00.000+02:00'
'0bd3255369fcb4eed9086d594e43195168dbca5a'|'Blockchain, cognitive computing and cloud to shape future of finance - Reuters'|'By Anna Irrera - SAN FRANCISCO SAN FRANCISCO Blockchain, cognitive computing and cloud are some of the technologies that will shape the finance industry the most in the digital age, banking and technology chief executives told a financial conference on Monday.IBM Corp''s president and chief executive Ginni Rometty said that cognitive computing, or computer systems that can mimic the way the human brain works, will be the "ultimate way" finance firms will become more competitive in the future."I think the advantage is going to go to who has the best insights," Rometty told delegates.Over the past few years financial institutions have been struggling to take advantage of vast amounts of data that they store, which is held unevenly across their numerous databases."We all have mounds and mounds of data, but getting data to produce insight, that is the holy grail", Cathy Bessant, chief operations and technology officer at Bank of America Corp, told Reuters on the sidelines of the Fintech Ideas Festival.Financial institutions have also been ramping up investment into developing blockchain technology, the distributed data-base system that first emerged as the software underpinning cryptocurrency bitcoin."Blockchain is so profound it will do for trusted transactions what the internet did for information," IBM''s Rometty said, describing it as one of the most transformative technologies for finance.Biometrics and cloud computing were also among the technologies cited as having the most impact for the sector.Tim Sloan, chief executive of Wells Fargo & Co, said the bank was moving away from passwords and adopting technology such as voice recognition to identify customers. He also called for greater adoption of cloud technology to "test projects through, much more quickly."Sloan took over as chief executive of Wells Fargo in October, in the wake of a $185 million regulatory settlement between the bank, regulatory authorities and a Los Angeles prosecutor over its staff opening as many as 2 million accounts without customers'' knowledge"Innovation plays a very important role for me as the new CEO of Wells Fargo as we rebuild trust in the company," Sloan said.While expanded use of digital technologies in finance presents opportunities, executives said it increases the threat of cyber security risk."The idea of having up to 50 billion connected devices in the next few years is exciting. I also think it''s scary. The scary part of it is the cyber security," said Ajay Banga, president and chief executive of MasterCard Inc..(Editing by Jacqueline Wong)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/fintech-trends-idINKBN14U0CL'|'2017-01-10T01:56:00.000+02:00'
'3897716c4ea583f5905724b8adae77e30c26d3d7'|'Polish c.bank says economy appears to have grown slowly in Q4 2016'|'Financials   10:10am EST Polish c.bank says economy appears to have grown slowly in Q4 2016 WARSAW Jan 11 Poland''s economic growth likely remained subdued in the last quarter of 2016, but monthly data signalled a gradual acceleration in growth, the central bank said on Wednesday after keeping rates unchanged at an all-time low. The central bank also said in a statement that it expected consumer price dynamics to continue to gradually accelerate in the coming months, but will stay moderate. It will be supported, among other factors, by the expected gradual acceleration in economic growth, it said. (Reporting by Pawel Sobczak and Jakub Iglewski; Writing by Marcin Goclowski; Editing by Hugh Lawson) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/poland-cenbank-statement-idUSW8N1E300N'|'2017-01-11T22:10:00.000+02:00'
'd95e4113008a35ff5b39e4e49381addfd64e291e'|'Airbus officially books IranAir order in December'|'Business News - Wed Jan 11, 2017 - 9:07am GMT Airbus officially books IranAir order in December left right An Airbus A321 with the Iranian flag and description ''The airline of the Islamic Republic of Iran'' is parked at the Airbus facility in Hamburg Finkenwerder, Germany, December 19, 2016. REUTERS/Fabian Bimmer 1/2 left right An Airbus A321 with the Iranian flag and description ''The airline of the Islamic Republic of Iran'' is parked at the Airbus facility in Hamburg Finkenwerder, Germany, December 19, 2016. 2/2 PARIS Airbus ( AIR.PA ) has officially booked a deal to sell 98 aircraft to IranAir in December, part of a surge in new orders at the end of last year that allowed it to beat arch-rival Boeing ( BA.N ) in the race for new orders. The European planemaker said on Wednesday that it won 731 net aircraft orders in 2016, including 321 in December alone. Alongside the Iran deal, Airbus also posted an order for 72 A320neo aircraft from India''s Go Air. It also booked an order for 90 A320 family jets from an undisclosed customer, expected to be from Saudi carrier flynas, plus an order for 42 A320 family jets, expected to be from Shanghai-based Bank of Communications Financial Leasing. (Reporting by Tim Hepher; Writing by Victoria Bryan; Editing by Sudip Kar-Gupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airbus-deliveries-december-idUKKBN14V0V0'|'2017-01-11T16:07:00.000+02:00'
'205389c59c02c12fe8d467a53c4e395003bdad2f'|'EU''s Juncker says hopes Cyprus reunification talks will succeed'|'Business News - Wed Jan 11, 2017 - 1:57pm GMT EU''s Juncker says hopes Cyprus reunification talks will succeed European Commission President Jean-Claude Juncker addresses a news conference during a European Union leaders summit in Brussels, Belgium, December 15, 2016. REUTERS/Francois Lenoir VALLETTA European Commission President Jean-Claude Juncker said on Wednesday that talks between the two sides of the ethnically divided Cyprus represented the "very last chance" to reunite the island, and hoped they would succeed. The Greek and Turkish Cypriot leaders sit down to reunification talks in Geneva this week, although both have sought to temper hopes of a swift breakthrough. Juncker said the current talks were the "very last chance" to reunite the island. "It''s risky, but when it''s about peace you have to take risks. When it''s about peace, those that take no risks are taking the greater risk," he told a news conference in the Maltese capital. "I think the time has come to reunite the island. The leaders of the two communities were doing an excellent job and I hope that we will be able to conclude in a positive way the Geneva talks tomorrow," Juncker said. (Reporting by Alastair Macdonald, writing by Philip Blenkinsop, editing by Gabriela Baczynska) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cyprus-conflict-juncker-idUKKBN14V1NJ'|'2017-01-11T20:57:00.000+02:00'
'd8cc59c2da761b581622fe2e5ec3b78838946ceb'|'Wells Fargo counts cost of sham accounts scandal'|'Wells Fargo counts cost of sham accounts scandal US bank faces fifth consecutive quarterly profit decline as legal fees swell expenses Read next by: Alistair Gray in New York Wells Fargo is poised to deliver a decline in profits for a fifth consecutive quarter this week as the US bank’s expenses rise following the scandal over sham accounts. Fees to lawyers and advisers dealing with a series of lawsuits and investigations are among the overheads expected to contribute to a year-on-year rise in operating costs of about $690m. The bank has increased resources to handle customer complaints, hired more “risk professionals” to improve oversight and even turned to professional “mystery shoppers” to make thousands of branch visits — all of which are set to push up costs. Other factors, including lower income from mortgage refinancing and debt issuance costs, are also expected to weigh on earnings from the third-biggest US bank by assets, due to be presented on Friday. Some analysts anticipate that Wells , which has already been fined $185m after thousands of its staff secretly created unwanted accounts to meet internal sales targets, may also make provisions for potential additional penalties and litigation. Wells is facing legal action from former workers, customers and investors as well as a series of investigations by regulators including the Securities and Exchange Commission and Department of Labor. Despite a 3 per cent increase in revenues, net income is due to drop 5 per cent from a year ago to $5.09bn in the final three months of 2016, according to estimates collated by Bloomberg. Operating expenses are estimated to rise about 5 per cent to $13.3bn, according to consensus forecasts cited by Morgan Stanley. Analysts said this partly reflected higher costs related to Wells’ acquisition of assets from General Electric. “We cannot quantify the exact impact from the account opening scandal, but it is definitely adding to expenses compared to a year ago,” said David Long, managing director of equity research at the broker Raymond James. Brian Kleinhanzl, analyst at KBW, said: “It’s not a huge earnings drag, but when you look at their results relative to peers, there is a negative impact.” The results reflect a turbulent period for Wells , which is trying to move on from the accounts debacle under new chief executive Tim Sloan. Related article Growth likely to attract interest from consumer banking regulator Tuesday, 10 January, 2017 US regulators delivered another blow to Wells last month when they rejected its “living will”— the bank’s plans to wind down in a crisis. Wells has been blocked from setting up overseas entities and from buying nonbank companies as a result. Political critics including the Democratic senator Elizabeth Warren have meanwhile sought to keep up the pressure over the sales scandal, demanding to know what board members knew and when. The number of customers opening Wells Fargo accounts has dropped sharply for three consecutive months, although analysts expect the immediate financial hit from that to be limited given the scale of its retail banking operation. At a conference last month, Mr Sloan indicated the quarterly results could also be dented by accounting losses related to the bank’s hedging positions. Wells Fargo declined to comment ahead of the results. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/us'|'https://www.ft.com/content/1f22b9c0-d38d-11e6-b06b-680c49b4b4c0'|'2017-01-09T19:31:00.000+02:00'
'45fe76867fe3e4621ea2debc54894e82ee6e429c'|'Southern rail operator appeals to supreme court to block drivers'' strikes - Business'|'Govia Thameslink Railway is taking a legal case against drivers’ union Aslef to the supreme court over its industrial action on Southern rail.The move came on the second day of strike action by the union in a dispute over driver-only trains. A further strike will be held on Friday, with three more walkouts due at the end of the month.The strikes have halted most of Southern’s 2,200 daily services. GTR lost a court case and an appeal last year to try to stop the strikes.A statement said: “GTR is determined to protect its passengers and its business from unlawful industrial action. GTR is therefore prepared to continue its legal claim to the supreme court, as it believes that it has an arguable case that the industrial action is unlawful under EU law.”Last month, the high court rejected an argument from GTR that industrial action would breach customers’ rights. Aslef described last month’s legal action as a waste of taxpayers’, shareholders’ and passengers’ money.There was no immediate comment from the union to the new legal move. Aslef members are continuing to ban overtime, which has led to delays and cancellations.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/11/southern-train-operator-appeals-to-supreme-court-to-block-drivers-strikes'|'2017-01-12T01:39:00.000+02:00'
'4c0e03f3f1541a80f69696816a844f64b361fb74'|'British engineer Cobham misses profit target, scraps dividend'|'Business   7:16am GMT British engineer Cobham misses profit target, scraps dividend LONDON British engineering group Cobham ( COB.L ) said it made 245 million pounds in trading profit in 2016, at least 10 million pounds short of its target, and as a result of poorer than expected trading would scrap its final dividend. The company said its new management team was starting a thorough closing balance sheet review, including major contracts and asset carrying values, but that the unaudited result was not likely to increase in its final numbers. (Reporting by Paul Sandle; editing by Kate Holton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cobham-outlook-idUKKBN14V0N2'|'2017-01-11T14:16:00.000+02:00'
'fb896daa0f4119a0ee9b1292a2257fc3e01c08d0'|'GM upgrades earnings as US sale rise after ‘Trump bump’'|'GM upgrades earnings as US sale rise after ‘Trump bump’ Numbers higher than expected after election as equity markets soared Read next by: Peter Campbell and Patti Waldmeir in Detroit General Motors has predicted profits to increase for 2017 on the back of a “Trump bump” in the US car market and increased sales in China. The company, which owns the Chevrolet and Cadillac brands, and Opel and Vauxhall in Europe and the UK, said earnings per share for the current year would be $6.00-$6.50. It had previously said 2016 earnings per share — due to be announced this month — would be between $5.50-$6.00. GM shares rose 5 per cent on the news to $37.96. Carmakers were pleasantly surprised by the US market in 2016, with stronger than expected sales in the final two months of the year, after equity markets rose on the back of Donald Trump ’s election as president. Dan Ammann, president of GM, said: “It’s too soon to draw any firm conclusions obviously but December was a strong month capping off a pretty strong year, and early data on consumer confidence is favourable, equity markets are favourable, in all it looks like a favourable backdrop.” He said 2017 had “pretty robust underpinnings for another good year absent some external shock to the system”. GM said it also expects to make more money in China, with slowing growth in overall sales offset by a demand for more expensive cars among increasingly-affluent consumers. Related article Marchionne warns of possible closures after announcing $1bn US investment Tuesday, 10 January, 2017 “The growth rate is slowing down, pricing pressure is picking up, but much more of a mix in the market, we expect that dynamic to continue into 2017,” said Mr Ammann. GM also launched a $5bn share buyback, taking the total amount bought back so far to $14bn. Chief executive Mary Barra said the company may take more action to cut costs in Europe, where GM lost money again last year largely because of the fall in the pound and euro after the UK’s vote to leave the EU. “We’re going to continue to take action to improve the business and...to guarantee an adequate return on investment,” she said. She added that the company expects to make $2bn in 2018 from “adjacent” businesses, which includes all non-car-making arms, from established businesses such as financial services and aftersales to newer schemes such as car sharing and transport services. Carmakers including GM are experimenting with transport services such as ride-sharing or car clubs in an attempt to generate alternative revenue streams. Analysts are not expecting new services to be big profit generators for several years to come, and Ford has previously indicated its profits would fall as a result of investments in new services. GM has invested $500m in taxi-hailing service Lyft to develop autonomous taxis, launched a car sharing scheme Maven and offers a telematics service called OnStar. The GM Finance division reports profit of $837m for 2015, the most recent year where figures are available. Analysts estimate that the aftersales business separately generates more than $1bn of profits. That suggests GM is not expecting to make larger profits from its newer services in the near term Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/industrials'|'https://www.ft.com/content/a8709146-d75e-11e6-944b-e7eb37a6aa8e'|'2017-01-11T01:44:00.000+02:00'
'cb29df4a81ca06bda9dc7332441e92cc263ee59f'|'ASIA CREDIT CLOSE: Credits quiet, but new supply picking up'|'Financials  43am EST ASIA CREDIT CLOSE: Credits quiet, but new supply picking up HONG KONG, Jan 10 (IFR) - Asian credit markets lacked much impetus on Tuesday, with investment-grade and high-yield names mostly flat during the session. While secondary markets were quiet, there was a further pick-up in primary markets with more mandates announced and four US dollar issues expected to be priced tonight. Traders attributed the lull in secondary activity to the growing pipeline, as buyers prepared to put cash into new issues. The iTraxx Asia ex-Japan IG was about a quarter of a point wider at 114.750/117.00. The largest constituent movements involved some Chinese names that were about 3bp wider. High-yield names also lacked much direction. Recent issuer China Aoyuan Property''s 2020 bonds were about half a basis point wider, while Shandong Ruyi''s 2019s, which it tapped late last month, were mostly unchanged. Sovereign names tended to see more movement on the day. Long-dated Philippines bonds, such as the 2040s and 2041s, were bid over half a point higher. Indonesia 2047s were also about half a point higher. Equity markets were mixed with the Hang Seng up 0.6%, but the Shanghai exchange was down 0.4%. Commodity prices were more settled after falling almost 4% on Monday. They were up in the earlier part of the session, but were down slightly as of the end of the day. (Reporting by Spencer Anderson; editing by Dharsan Singh) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/markets-asia-debt-idUSL4N1F02X1'|'2017-01-10T15:43:00.000+02:00'
'fe1b6ddd4ed59f53a772d7c8acfe7a70e07fb0f4'|'Kazakh ex-economy minister detained in bribery case'|'Business News - Tue Jan 10, 2017 - 4:56pm GMT Kazakh ex-economy minister detained in bribery case ASTANA Kazakh former economy minister Kuandyk Bishimbayev has been arrested on suspicion of bribery, the Central Asian country''s National Anticorruption Bureau said on Tuesday. Bishimbayev, 36, was placed in a temporary detention facility in Kazakhstan''s capital Astana while a pre-trial investigation proceeded. Bishimbayev and his representatives were not immediately available for comment. "Bishimbayev is detained over multiple acceptance of bribes in especially large amounts in collusion with a group of people," the anti-graft office said in a statement. "(He) spent the illegally obtained funds on his personal needs." Bishimbayev was dismissed from his ministerial post by President Nursultan Nazarbayev in late 2016 after just a few months in office. Timur Suleimenov, 38, a former deputy economy minister, was appointed to replace Bishimbayev. Nazarbayev, 79, holds the distinction of being the only former Communist leader who still runs his nation after it gained independence in the break-up of the Soviet Union in 1991. Despite pledges to fight corruption, graft continues to thrive in Kazakhstan and in other former Soviet republics. (Reporting by Raushan Nurshayeva; Writing by Andrey Ostroukh; editing by Mark Heinrich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-kazakhstan-minister-idUKKBN14U22Y'|'2017-01-10T23:56:00.000+02:00'
'8ccf04ce5d788a003581c2c4e677862c6190b9e9'|'Banco Popular sells 620 mln euros in loans to Blackstone, Apollo- spokesman'|'Private Equity   7:38am EST Banco Popular sells 620 mln euros in loans to Blackstone, Apollo- spokesman MADRID Jan 12 Spain''s Banco Popular has sold 620 million euros ($661 million) of non-performing property loans to U.S. asset managers Apollo and Blackstone, a bank spokesman said on Thursday. Blackstone and Apollo bought assets worth 400 million euros and 220 million euros respectively, the spokesman said. (Reporting by Angus Berwick; Editing by Paul Day) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/banco-popular-assets-idUSE8N1CV02C'|'2017-01-12T19:38:00.000+02:00'
'127aec9d52e0c1219140eaa5a6b4f5c09ca1f8c6'|'MEG Energy ups spending plans for 2017, outlines debt refinancing'|' 31pm EST MEG Energy ups spending plans for 2017, outlines debt refinancing CALGARY, Alberta Jan 11 Canadian oil sands producer MEG Energy''s 2017 capital budget will be nearly four times higher than last year''s spending, the company said in a statement on Wednesday that also outlined plans to refinance its debt. Calgary-based MEG plans to spend C$590 million ($447.85 million) this year, up from C$125 million in 2016 when the company deferred some production growth projects because of low crude oil prices. A number of Canadian oil and gas producers have laid out plans to spend more in 2017 as global crude prices stabilise above $50 a barrel. MEG said it will grow production by 20,000 barrels per day in 2017, a roughly 25 percent increase on current output, through implementing enhanced thermal technology at its Christina Lake oil sands project in northern Alberta. Chief Executive Bill McCaffrey said the technology, which involves adding gas to steam injected underground to liquefy and extract tarry oil sands bitumen, will increase production volumes and improve economic returns. "When fully implemented, this growth is anticipated to bring MEG''s total production to approximately 100,000 bpd, significantly improving the sustainability of the business by driving cash costs down by as much as C$4-5 per barrel," McCaffrey added. MEG also unveiled a refinancing plan, in which the company will extend maturity dates on its revolving credit facility and a $1.2 billion term loan, refinance $750 million of unsecured notes, and raise C$357 million of equity through bought deal financing. ($1 = 1.3174 Canadian dollars) (Reporting by Nia Williams; Editing by Bernard Orr)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/meg-energy-budget-idUSL1N1F12DD'|'2017-01-12T05:31:00.000+02:00'
'e065651adff2258b2611ee6da8e7019e9a73a9e9'|'Italian banks'' ratings by S&P not impacted by possible DBRS downgrade'|'Financials   7:00am EST Italian banks'' ratings by S&P not impacted by possible DBRS downgrade MILAN Jan 12 Standard and Poors'' does not see any impact on its ratings on Italian banks, should credit rating agency DBRS downgrade Italy in its planned review, S&P''s analyst for the banking sector said on Thursday. On Friday DBRS will decide whether to cut its long-term sovereign rating on Italy, in a move that could raise the cost of borrowing central bank funds for the country''s struggling lenders. (Reporting by Giulio Piovaccari; writing by Francesca Landini) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sp-italy-banks-idUSI6N1EI01M'|'2017-01-12T19:00:00.000+02:00'
'e77260c7b01d1085f701119b970824f0709e6f4d'|'Toyota president met Pence in Washington, company says'|'Thu Jan 12, 2017 - 3:46am GMT Toyota president met Pence in Washington, company says Akio Toyoda, president of Toyota Motor Corporation, speaks during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Mark Blinch TOKYO Toyota Motor Corp ( 7203.T ) on Thursday said that company President Akio Toyoda met with U.S. Vice President-elect Mike Pence in Washington earlier this week as the incoming U.S. administration pressures automakers to build more cars locally. A Toyota spokeswoman said that Toyoda met with Pence on Tuesday, a day after the Japanese automaker said it would invest $10 billion in the United States over the next five years, the same amount it invested in the previous five years. She added that there were no plans at the moment for Toyoda to meet with U.S. President-elect Trump. While Toyota declined to comment on details of the meeting, Toyota''s North America Chief Executive Jim Lentz told Reuters earlier this week that the company was focused on reminding policymakers in Washington about the automaker''s extensive U.S. manufacturing operations. Pence served as governor of Indiana, where Toyota has an assembly plant, one of 10 manufacturing facilities in the country. Last week, U.S. President-elect Donald Trump said Toyota could be subject to a "big border tax" if it builds its Corolla cars for the U.S. market at a planned factory in Mexico. Trump has been criticizing automakers who manufacture cars in Mexico, a growing production hub. (Reporting by Chris Gallagher and Naomi Tajitsu; Editing by Stephen Coates) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-toyota-idUKKBN14W0BY'|'2017-01-12T10:10:00.000+02:00'
'7625cb0e555346d834291ebb86c6e1f43b934493'|'CORRECTED-Sequel Youth and Family Services and Global Partner Acquisition announce agreement for business combination (Jan 11)'|'(Corrects adjusted EBITDA figure in 1st bullet to $43 million, from $261.4 million; removes extraneous words ''total revenue'' from 5th bullet)Jan 11 Global Partner Acquisition Corp :* Says for calendar 2017, Sequel forecasts adjusted EBITDA of $43 million* Says Sequel common equity holders will also receive GPAC warrants to purchase 3.3 million shares of GPAC common stock* Sequel Youth and Family Services and Global Partner Acquisition Corp. announce agreement for business combination* Says immediately upon consummation of transaction, GPAC will change its name to Sequel Youth and Family Services Inc* Says for fiscal year ending June 30, 2017, Sequel forecasts program revenue of $253.9 million* Says deal will enable Sequel to become a Nasdaq-listed public co, with anticipated initial enterprise value of about $423.3 million* Says Sequel management team will continue to lead combined company following business combination* Says intends to pay cash consideration and transaction expenses for deal primarily from about $155.3 million of cash in its trust account* Says for fiscal year ending June 30, 2017, Sequel forecasts free cash flow of $36.8 million* Says Sequel equity holders will receive newly issued Sequel common units exchangeable initially for 4.5 million shares of GPAC stock, $105.0 million in cash Source text for Eikon: '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/finance/article/idINL5N1F15YE'|'2017-01-12T03:17:00.000+02:00'
'd1707542116a07d3f7ced4aeff6775086e380616'|'China regulator says insurers reaped $449 bln in premium income in 2016'|'Financials  24am EST China regulator says insurers reaped $449 bln in premium income in 2016 BEIJING Jan 12 China''s insurance regulator said on Thursday the country''s insurers made a total of 3.1 trillion yuan ($448.6 billion) in premium income in 2016. The remarks were made by China Insurance Regulatory Commission spokesman Zhang Zhongning at a news conference in Beijing. ($1 = 6.9105 Chinese yuan) (Reporting by Shu Zhang and Nicholas Heath in Beijing; Writing by Engen Tham in Shanghai; Editing by Jacqueline Wong) Next In Financials TABLE-Foreign trading in South Korean stocks SEOUL, Jan 12 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0721 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 12 *32.4 -11.9 -31.6 ^January 11 485.5 -55.1 -430.0 January 10 99.6 -249.8 128.6 January 9'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-insurance-idUSB9N1EH002'|'2017-01-12T14:24:00.000+02:00'
'b1d7d1e0ecbb4fb1d962e1bb3abf3b28c6f75473'|'JD Sports says full-year pretax profit to beat market expectation'|'  8:01am GMT JD Sports says full-year pretax profit to beat market expectation British sportswear firm JD Sports Fashion Plc ( JD.L ) said it expects full-year headline profit before tax to beat market expectation by up to 15 percent after posting growth in comparable store sales. The company said positive trading has continued through the second half of the year and maintained cumulative like-for-like store sales growth for the 49 weeks to Jan. 7 at 10 percent. Current consensus market expectation for headline profit before tax and exceptional items was 200 million pounds, the company said. JD Sports posted profit before tax and exceptionals of 157.1 million pounds for the last financial year. (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jd-sports-outlook-idUKKBN14W0TV'|'2017-01-12T15:01:00.000+02:00'
'144bb35c09ae504f7fa25603d023b0689f902e54'|'Debenhams says sales rise five percent in seven-week Christmas period'|' 40am GMT Debenhams says sales rise five percent in seven-week Christmas period People walk past Debenhams department store on Oxford Street, in central London, January 10th 2011. REUTERS/Ki Price LONDON Debenhams ( DEB.L ), Britain''s No.2 department store chain, posted a 5 percent rise in like-for-like sales in the seven-week Christmas period, buoyed by a plan to sell more beauty and gift products rather than clothing. Debenhams said on Thursday that in the seven weeks to Jan. 7, its sales at stores open for more than a year grew by 5 percent. That compared to a 3.5 percent rise in like-for-like sales over the longer 18 week period to Jan. 7. "The resilience of Debenhams'' differentiated offer is beginning to show through, with the growth we have driven in beauty and gifting," said Debenhams CEO Sergio Bucher. Moving away from clothes has become a key part of Debenhams''s strategy as Britons spend less on clothing. Clothes retailer Next ( NXT.L ) reported disappointing Christmas sales and downgraded its profit forecast earlier in January. (Reporting by Sarah Young; editing by Costas Pitas)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-debenams-results-idUKKBN14W0RJ'|'2017-01-12T14:40:00.000+02:00'
'92358c59281677dc7c85cdef6f2ebe5e005d194b'|'China commercial banks'' end-Dec NPL ratio rises to 1.81 pct'|'Financials   6:54am EST China commercial banks'' end-Dec NPL ratio rises to 1.81 pct BEIJING Jan 10 Chinese commercial banks'' non-performing loan ratio rose to 1.81 percent at end-December from 1.76 percent at the end of September, the country''s top banking regulator said on Tuesday. The China Banking Regulatory Commission (CBRC) said it would continue to support efforts to tackle overcapacity, support deleveraging measures and develop debt to equity swaps, according to a statement posted on its website. (Reporting by Beijing Monitoring Desk; Writing by Sue-Lin Wong; Editing by Nick Macfie) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-economy-loans-idUSB9N1EN021'|'2017-01-10T18:54:00.000+02:00'
'c8e6fe995178b2a9d02ee2e02e1939fc9f8efa4f'|'Automakers overhaul product plans to bet more on SUVs'|'Tue Jan 10, 2017 - 2:18pm GMT Automakers overhaul product plans to bet more on SUVs The 2017 Nissan Rogue Sport is displayed during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Rebecca Cook - RTX2Y6SJ By Alexandria Sage - DETROIT DETROIT Global automakers are reworking their product strategies and investments for the United States to bring more sport utility vehicles to showrooms amid a sharp turn away from small- and medium-sized cars, executives at Detroit''s auto show say. Carmakers from Toyota Motor Corp ( 7203.T ) to General Motors Co ( GM.N ) to Volkswagen AG ( VOWG_p.DE ) are adding more SUVs to their product plans, amid forecasts that SUVs and pickup trucks could soon make up two-thirds of U.S. light vehicle sales, up from 56 percent in 2015 and just under 60 percent last year. "The shift to trucks is profound," said Mike Jackson, chief executive of AutoNation Inc ( AN.N ), the largest U.S. auto dealership chain. Sedans are not only losing sales volume, but automakers and dealers are offering bigger discounts to move them out of showrooms, industry executives said. Profit margins on SUVs and trucks are fatter. The average incentive for a midsize car in September was 14.1 percent, according to Kelley Blue Book, compared with 7.4 percent for a midsize crossover. The shift has forced some automakers to slash production capacity dedicated just a few years ago to small cars, and put a new emphasis on designing vehicles and assembly plants that can switch quickly from building cars to SUVs. Volkswagen''s Audi unit, for example, builds a small Q2 SUV and its A3 sedan on the same assembly line, Dietmar Voggenreiter, head of sales and marketing for Audi, said in an interview. "We will always have an SUV and a sedan" on the same production line, he said. Automakers are bringing SUVs into segments that previously were only for cars. Case in point is Nissan Motor Co''s ( 7201.T ) Rogue Sport, revealed on Monday at the North American International Auto Show, an Americanized version of the small Qashqai SUV Nissan has sold for several years in Europe and Asia. "The increasing shift of cars to crossovers finally drove our decision to bring this car to the U.S.," said Michael Bunce, vice president of product strategy for Nissan''s U.S. arm. The Rogue Sport will be sold alongside the slightly larger Rogue, appealing to consumers who previously would have had only small cars to choose from. The cars to SUV shift is hitting luxury brands, as well. At German luxury automaker BMW ( BMWG.DE ) last year, about 43 percent of U.S. sales were SUVs. In December, that percentage neared 50, said Ian Robertson, the German luxury brand''s global sales chief. "I think that tells you where the trend is in the U.S., probably on a 50-50 level," Robertson told Reuters. At Toyota Motor Co ( 7203.T ), SUVs and trucks will account for about 63 percent of U.S. sales in 2017, said North America CEO Jim Lentz, predicting its RAV4 SUV could top the Camry this year as its best-selling U.S. vehicle. Honda Motor Co ( 7267.T ) is working to expand production of SUVs for the U.S. market, shifting production of the Acura MDX sport utility to a factory in Ohio to make room for additional production of higher volume Pilot SUVs and Ridgeline pickup trucks, Chief Executive Takahiro Hachigo said. Cheap gasoline is emboldening some automakers to add more SUVs based on body-on-frame pickup truck designs - after years of shifting SUVs to lighter, car-like unitized body construction. Ford Motor Co ( F.N ) is reviving its Bronco SUV. It was last built in 1996 after gaining notoriety as the vehicle used during O.J. Simpson''s police pursuit. Fiat Chrysler Automobiles NV on Sunday outlined plans to bring back a body on frame SUV for its Jeep line. For the show''s new model reveals, click here: SEDAN SLOWDOWN The focus on SUVs leaves carmakers who have an overcapacity of sedans in a weak position. Ford''s announcement last week to scrap a planned Mexico factory was attributed to falling U.S. demand for sedans. "The sedan market is under real pressure. If you don''t have SUVs in all categories you are in serious difficulty," warned Lex Kerssemakers, CEO of Volvo Cars USA, whose flagship U.S. model is the XC90 SUV. Lexus global chief Tokuo Fukuichi said the idea of building a luxury car brand around a large sedan such as the Lexus LS unveiled in Detroit is now "under assault." Mark Reuss, head of global product development, said the automaker is looking for ways to offer attributes of SUVs in more designs that are more innovative than the square-backed vehicles that dominate the category now. "You''ll see them in the next year," he said, vehicles that offer "an alternative to a box." (Reporting By Laurence Frost, Norihiko Shirouzu, Nick Carey, David Shepardson, Paul Lienert, Bernie Woodall and Alexandria Sage. Writing by Alexandria Sage and Joe White; Editing by Nick Zieminski) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-autoshow-suvs-analysis-idUKKBN14U1PG'|'2017-01-10T21:14:00.000+02:00'
'fcf6b35bf306e01a7223b3cfcded29219343f206'|'Exclusive: U.S. EPA to accuse Fiat Chrysler of excess diesel emissions - sources'|'Money News   9:25pm IST Exclusive: U.S. EPA to accuse Fiat Chrysler of excess diesel emissions - sources Fiat Chrysler assembly workers work on a partially assembled minivan at the Windsor Assembly Plant in Windsor, Ontario, February 9, 2015. REUTERS/Rebecca Cook/Files The U.S. Environmental Protection Agency on Thursday will accuse Fiat Chrysler Automobiles NV of using software that allowed excess diesel emissions in just over 100,000 U.S. trucks and SUVs sold since 2014, two sources briefed on the matter said. The EPA told the automaker it believes its auxiliary emissions control software allowed vehicles to generate excess pollution in violation of the law. Fiat Chrysler declined to comment. A person briefed on the matter said Fiat Chrysler does not agree with the EPA''s assessment. An automaker can use an auxiliary emissions control device in limited circumstances to protect the engine from damage, but it must be declared to regulators. Fiat Chrysler''s U.S.-listed shares and Milan-listed shares were each down 14 percent on the news. The EPA will announce the findings at an 11 a.m. ET conference call. It comes amid rising scrutiny by EPA of automaker emissions after Volkswagen AG admitted to cheating diesel emissions tests in 580,000 U.S. vehicles. The EPA has for months declined to certify Fiat Chrysler''s 2017 diesel vehicles for sale in the United States, but the automaker has continued to sell 2016 diesel models. In September 2015, EPA said it would review all U.S. diesel vehicles following an admission from Volkswagen that it installed software in cars allowing them to emit up to 40 times legally permissible level of pollution. On Wednesday, VW agreed to pay $4.3 billion in criminal and civil fines and plead guilty to three felonies for misleading regulators and selling polluting vehicles. The EPA has extensively investigated the vehicles and Fiat Chrysler has turned over significant documents as part of the probe, two people briefed on the matter said. Fiat Chrysler could face fines of up to $37,500 per vehicle if it is proven that it violated emissions rules. The probe covers Fiat Chrysler diesel trucks and SUVs from the 2014-2016 model years. (Reporting by David Shepardson; Editing by Nick Zieminski) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/fiatchrysler-emissions-idINKBN14W29I'|'2017-01-12T22:55:00.000+02:00'
'784d9279e5bc45cec685e584121c6eb4c937ba85'|'Italy''s UBI plans 400 mln euros share issue to buy 3 rescued banks'|'Financials  24am EST Italy''s UBI plans 400 mln euros share issue to buy 3 rescued banks MILAN Jan 12 Italy''s fifth-largest bank UBI Banca said on Thursday it would launch a share issue for up to 400 million euros ($425 million) to strengthen its capital after offering to take over three small rescued banks. UBI approved a binding offer worth 1 euro to buy Banca Marche, Banca Etruria and CariChieti, which Italy rescued from bankruptcy in November 2015 and struggled to find a buyer for in the course of last year. Private equity bids were rejected over the summer as too low and an acquisition by UBI took longer than expected partly due to a number of conditions set by the lender. UBI said its offer was subordinated to the fact that Italy''s resolution fund inject 450 million euro in capital into the three banks before the closing of the sale. The banks must also offload 2.2 billion euros in problem loans before then. ($1 = 0.9405 euros) (Reporting by Valentina Za) Next In Financials TABLE-Foreign trading in South Korean stocks SEOUL, Jan 12 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0721 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 12 *32.4 -11.9 -31.6 ^January 11 485.5 -55.1 -430.0 January 10 99.6 -249.8 128.6 January 9'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-banks-ubi-ma-idUSI6N1EI01C'|'2017-01-12T14:24:00.000+02:00'
'397510f58fd9b4e9d394cf7301297a5ecda836aa'|'Saudi''s ACWA Power to issue $1 billion bond in February - chairman'|' 35am EST Saudi''s ACWA Power to issue $1 billion bond in February - chairman DUBAI Jan 9 Saudi Arabia''s ACWA Power IPO-ACWA.SE will issue a $1 billion bond in February, Chairman Mohammed Abunayyan told reporters on Monday. The water and power plant developer had announced its debt raising plans in November, but postponed the bond because of "timing contsraints and requests from investors for more time to evaluate the proposed offering," according to a document issued by the lead arrangers in December. ACWA has mandated Jefferies, Citi, CCB Singapore, Mizuho and Standard Chartered to arrange the bond. (Reporting by Katie Paul; writing by Davide Barbuscia; edting by Louise Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/acwa-bonds-idUSD5N1D7033'|'2017-01-09T16:35:00.000+02:00'
'79dbe38ee10f8a4b371f48165e0a8cc9e0820714'|'French central bank reaffirms fourth quarter GDP seen up by 0.4 percent'|'Business News - Mon Jan 9, 2017 - 7:45am GMT French central bank reaffirms fourth quarter GDP seen up by 0.4 percent General view of the progress of the building at the construction site of the new Law Court complex (Palais de Justice) in Paris, November 30, 2016. REUTERS/Benoit Tessier PARIS France''s economy will expand by 0.4 percent in the fourth quarter, the Bank of France said on Monday, reaffirming an earlier GDP growth forecast made last month. The Bank of France added that the business sentiment indicator for the manufacturing industry rose to 102 points in December compared to 101 in November - its highest reading since May 2011. "Business leaders expect industrial production to rise slightly in January," the Bank of France said in a statement. The business climate indicator for the services sector dipped to 99 in December compared to 100 in November, it added. (Reporting by Sudip Kar-Gupta; Editing by Andrew Callus) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-economy-urgent-idUKKBN14T0O5'|'2017-01-09T14:45:00.000+02:00'
'c0cbcd6fb0fe4d714f624a93af32a73acfcb38bd'|'UPDATE 1-Brazil''s Petrobras announces new bond, debt tender'|'(ADDS tender details)By Paul KilbyNEW YORK, Jan 9 (IFR) - Brazilian state-owned oil company Petrobras announced a new bond sale on Monday as it seeks to finance a debt tender.The company is approaching accounts with five and 10-year bonds at initial price thoughts of 6.5% area and 7.75% area, respectively.In the tender, the borrower is targeting US dollar-denominated 3% 2019s, floating-rate 2019s, 7.875% 2019s, 5.75% 2020s, 4.875% 2020s and floating-rate 2020s.If holders tender by the early bird date of January 23, they will receive a purchase price of 100.625, 101.625, 110.50, 104.875, 102.75 and 101.625, respectively.Petrobras is also offering to buy back euro-denominated 3.25% 2019s at 105.125 if holders tender by the early bird date.The bond is set to price later on Monday. Bradesco, Citigroup, HSBC, Itau and Morgan Stanley are acting as leads. (Reporting by Paul Kilby; Editing by Marc Carnegie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/petrobras-gl-fin-bonds-idINL1N1EZ0I2'|'2017-01-09T10:25:00.000+02:00'
'7b1c3cbf5bc7c4967113d56ad4a13abec3806f12'|'Indian shares end higher ahead of qtrly results'|'Financials  22am EST Indian shares end higher ahead of qtrly results Jan 10 Indian shares ended higher on Tuesday, with Tata Motors surging after unit Jaguar Land Rover reported strong sales for 2016, and as recent underperformers recovered, although broader sentiment remained cautious ahead of corporate results. The broader NSE index closed up 0.64 percent at 8288.60, while the benchmark BSE index ended 0.65 percent higher at 26899.56. For midday report, click here (Reporting by Shivam Srivastava in Bengaluru; Editing by Amrutha Gayathri) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-stocks-idUSB8N1EI013'|'2017-01-10T17:22:00.000+02:00'
'04a5c84ab2c07a734caa2be991774f24e85bebb9'|'EU clears French capital injection and bridging loan for Areva'|'Tue Jan 10, 2017 - 3:35pm GMT EU clears French capital injection and bridging loan for Areva A view shows the Areva Tower, the headquarters of the French nuclear reactor maker Areva, at La Defense business and financial district in Courbevoie near Paris, France, May 7, 2015. REUTERS/Charles Platiau By Philip Blenkinsop and Geert De Clercq - BRUSSELS/PARIS BRUSSELS/PARIS European Union antitrust regulators have approved the French government''s plan to inject 4.5 billion euros ($4.8 billion) into embattled nuclear group Areva ( AREVA.PA ), saying the rescue would not unduly distort competition. The European Commission''s ruling will allow Areva, whose equity has been wiped out by years of losses, to restart as a smaller company focused on uranium mining and nuclear fuel production and recycling. "Today''s decision paves the way for a viable future for Areva based on a sustainable restructuring plan," EU competition commissioner Margrethe Vestager said in a statement on Tuesday. She added the plan struck the right balance between improving the group''s competitiveness and limiting distortions of competition created by the public financing. The Commission said the aid for 87 percent state-owned Areva was subject to conditions, notably a positive conclusion of French nuclear regulator ASN''s safety tests on the vessel of an Areva-designed reactor under construction for utility EDF ( EDF.PA ) in Flamanville, France, as well as EU approval of the planned sale of Areva''s reactor business to EDF. This means the planned state aid may not be paid until then, said the Commission, which therefore also approved a 3.3 billion euros French state loan to Areva, aimed at bridging Areva''s liquidity needs until the capital injection can take place. ASN has said it expects to rule on the safety of the Flamanville reactor by the end of June. In 2015, Areva discovered carbon concentrations in the steel of the reactor vessel, which can weaken the resilience of the steel. The head of French state holding agency APE said in October that EU competition authorities were not expected to rule on the planned takeover of Areva''s reactor unit by state-owned EDF before the summer of 2017. Following the Commission''s statement, Areva said its board would meet on Wednesday to determine the terms of the capital increase, on which its shareholders will vote on Feb. 3. France notified the European Commission, which oversees competition policy in the EU, in April of the restructuring plan to restore the group''s competitiveness and financial position. State aid may be authorized under certain conditions when it contributes to an objective or common interest without unduly distorting competition. (Reporting by Philip Blenkinsop in Brussels and Geert De Clercq in Paris; Editing by Sudip Kar-Gupta and Mark Potter) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-areva-restructuring-eu-idUKKBN14U1L0'|'2017-01-11T00:15:00.000+02:00'
'f7a1128d3cd42620489e3b3e06edbca07e3deaa6'|'Brookdale Senior in deal talks with Blackstone, others: WSJ'|'Brookdale Senior Living Inc ( BKD.N ) is in talks with private equity firm Blackstone Group LP ( BX.N ) and others about a potential deal to sell a part or all of the company, the Wall Street Journal reported, citing people familiar with the matter.Shares of Brookdale, which had a market value of $2.39 billion as of Monday''s close, jumped 14.6 percent to $14.73.The talks are at an early stage and may not lead to a deal, the Journal reported on Tuesday.Brookdale and Blackstone declined to comment.Brookdale operates independent living, assisted living and dementia-care communities, with 1,077 communities in 47 U.S. states.The company has been under pressure after activist hedge fund Land and Buildings Investment Management LLC issued a letter to Brookdale''s shareholders last month, seeking a sale of the company''s real estate.Land and Buildings, which had a 0.3 percent stake in Brookdale as of Sept. 30, had also asked Brookdale to transition to an asset-light senior housing management company.Up to Monday''s close, Brookdale''s shares had fallen about 63 percent since February 2015, when another activist investor, Sandell Asset Management, pushed the company to aggressively explore opportunities to monetize its real estate.(Reporting by Divya Grover in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brookdale-senior-m-a-blackstone-group-idINKBN14U2BB'|'2017-01-10T17:01:00.000+02:00'
'f1e1ff187adf32a683697a26fc8b2b4d190375c5'|'UPDATE 1-British aero engineer Cobham misses profit target, scraps dividend'|'Industrials   2:55am EST UPDATE 1-British aero engineer Cobham misses profit target, scraps dividend (Adds details, background) LONDON Jan 11 British aerospace and defence group Cobham scrapped its final dividend on Wednesday after 2016 trading profit fell short of a target it had cut just two months before the year-end because of poor trading. The company said trading profit would come in at 245 million pounds ($298 million), at least 10 million pounds short of its 255-275 million pound range. It said year-end net debt of 1.03 billion pounds was also higher than it expected. A new management team, brought in after a slump in profit in the first half, was reviewing the balance sheet, including major contracts and asset carrying values, it said, but the unaudited result was not likely to increase in its final numbers. It said there also remained "significant uncertainty" around Boeing''s KC-46 air-to-air refuelling system, on which it is working. The group, which made its name developing air-to-air refuelling in the 1930s, said it was still in talks on the commercial terms for the "complex" conformity and qualification phases of the contract. ($1 = 0.8230 pounds) (Reporting by Paul Sandle; editing by Kate Holton) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/cobham-outlook-idUSL5N1F1154'|'2017-01-11T14:55:00.000+02:00'
'f119ae20529a028187426ee6996e1d2963fbbd0b'|'Talks with Chinese investors in Areva focus on governance - French minister'|'Wed   Talks with Chinese investors in Areva focus on governance: French minister A view shows the Areva Tower, the headquarters of the French nuclear reactor maker Areva, at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. REUTERS/Jacky Naegelen/File Photo PARIS The French government''s talks with Chinese investors about taking a minority stake in nuclear fuel group Areva NewCo, which is being split off from Areva ( AREVA.PA ), are focusing on governance, French Industry Minister Christophe Sirugue told Reuters on Wednesday. Areva said last month that two investors have made a 500 million euro ($526.40 million) offer for a combined 10 percent stake in NewCo. It has not specified who they are but a source familiar with the situation said the two investors are Japan''s Mitsubishi Heavy Industries ( 7011.T ) and JNFL. Talks are continuing with China''s National Nuclear Corporation about also taking a minority stake in NewCo. "These talks are continuing and focus on governance issues, and on the issue of the balance between the different third-party investor parties," Sirugue told Reuters in an interview. He added that the potential representation on the board of the company is an important issue in the talks, as well as that of the balance between third-party investors. Sirugue said he had discussed the governance issue with Chinese Vice Premier Ma Kai during his visit to France in November. Earlier this week, European Union antitrust regulators approved the French government''s plan to inject 4.5 billion euros ($4.8 billion) into embattled nuclear group Areva, saying the rescue would not unduly distort competition. (Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-areva-restructuring-investors-idUKKBN14V156'|'2017-01-11T17:28:00.000+02:00'
'484d7522e5d19613f02a32eb6c9bfea2db6263d6'|'Talks with Chinese investors in Areva focus on governance -French minister'|'PARIS Jan 11 The French government''s talks with Chinese investors about taking a minority stake in nuclear fuel group Areva NewCo, which is being split off from Areva , are focusing on governance, French Industry Minister Christophe Sirugue told Reuters on Wednesday.Areva said last month that two investors have made a 500 million euro ($526.40 million) offer for a combined 10 percent stake in NewCo.It has not specified who they are but a source familiar with the situation said the two investors are Japan''s Mitsubishi Heavy Industries and JNFL. Talks are continuing with China''s National Nuclear Corporation about also taking a minority stake in NewCo."These talks are continuing and focus on governance issues, and on the issue of the balance between the different third-party investor parties," Sirugue told Reuters in an interview.He added that the potential representation on the board of the company is an important issue in the talks, as well as that of the balance between third-party investors.Sirugue said he had discussed the governance issue with Chinese Vice Premier Ma Kai during his visit to France in November.Earlier this week, European Union antitrust regulators approved the French government''s plan to inject 4.5 billion euros ($4.8 billion) into embattled nuclear group Areva, saying the rescue would not unduly distort competition.($1 = 0.9498 euros) (Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/areva-restructuring-investors-idUSL5N1F129P'|'2017-01-11T13:25:00.000+02:00'
'2d4259a825fe4b25d93c106d1336771bf3f8ce1e'|'CEE MARKETS-Bonds firm as Polish cenbank meets, strong demand seen at Czech debt auction'|'* Polish central bank seen holding rates * Czech retail sales surge * Crown hits 3-year high in 6-month forwards deals implied rate By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, Jan 11 Central European government bonds firmed on Wednesday ahead of the Polish central bank''s meeting and a likely robust debt auction in Prague. The bank is expected to keep its main interest rate on hold at a record-low 1.5 percent and a hike is seen as unlikely before 2018. Inflation is on the rise across the region but monetary authorities and government budget makers are keeping policies loose to support economic growth and to help wages catch up with the much higher levels in Western Europe. Polish government bond yields dropped 3-4 basis points, with the 10-year paper trading at 3.51 percent, and the zloty firmed 0.1 percent to 4.269 against the euro by 0923 GMT. Hungary''s 10-year yield dropped 6 basis points to 3.43 percent, while short papers were flat, but traders said the loose policies of the Hungarian central bank, coupled with a rise in inflation, could steepen the yield curve again. "The central bank wants to keep a lid on the strength of the forint... and will not react to the inflation rise," one Budapest-based fixed income trader said. "Early-year asset reallocations are continuing and everything is uncertain. We have seen all possible correlations mixed in regional markets in the past days," he added. Strong demand for ultra-low-yielding Czech government bonds has continued. The first auction of Czech bonds this year held on Wednesday is expected to draw "huge demand at very negative (yield) levels", one dealer said. In the secondary market, 2-year Czech bonds traded at a yield of -1.239 percent at 0910 GMT, at a record-wide 58-basis-point spread below corresponding Bunds. Czech assets have been made more attractive by expectations that in around mid-2017, the central bank will abandon a cap that keeps the Czech crown weaker than 27 against the euro. This would likely strengthen the crown. A Reuters poll of analysts showed on Tuesday that the crown could firm 3.5 percent by end-2017 to 26.1. Crown forward contracts have in part priced in a surge of the currency, but not fully, another Prague-based dealer said. The six-month forward implied rate peaked at 26.5838 against the euro, the strongest level since late 2013 when the central bank launched the cap on the crown to fight deflation risks. Robust Czech economic figures released this year have boosted expectations that the cap will be scrapped. Retail sales surged 7.9 percent in November in annual terms according to data released on Wednesday. CEE SNAPSH AT 1023 CET MARKETS OT CURRENCIES Latest Previous Daily Change bid close change in 2017 Czech crown 27.034 27.0325 -0.01% -0.10% 0 Hungary 309.05 309.1150 +0.02% -0.07% forint 00 Polish 4.3690 4.3736 +0.10% 0.80% zloty Romanian 4.4950 4.4968 +0.04% 0.89% leu Croatian 7.5645 7.5635 -0.01% -0.12% kuna Serbian 123.59 123.6800 +0.07% -0.19% dinar 00 Note: daily calculate previo close at 1800 CET change d from us STOCKS Latest Previous Daily Change close change in 2017 Prague 926.16 926.08 +0.01% +0.49% Budapest 33063. 33031.53 +0.10% +3.31% 20 Warsaw 2025.1 2023.64 +0.07% +3.96% 5 Bucharest 7225.7 7244.11 -0.25% +1.99% 5 Ljubljana 739.71 738.85 +0.12% +3.08% Zagreb 2063.9 2056.04 +0.38% +3.46% 3 Belgrade <.BELEX15 709.44 712.74 -0.46% -1.11% > Sofia 613.74 609.06 +0.77% +4.66% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year <CZ2YT=RR -1.19 0 -047bps -1bps > 5-year <CZ5YT=RR -0.242 -0.049 +023bps -5bps > 10-year <CZ10YT=R 0.453 0 +018bps +1bps R> FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interbank Czech Rep < 0.16 0.09 0.09 0 PRIBOR=> Hungary < 0.4 0.46 0.54 0.33 BUBOR=> Poland < 1.765 1.8 1.875 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1F1268'|'2017-01-11T07:13:00.000+02:00'
'10d5f8930b4580d98959be46a986b4c64a4627d0'|'Alstom/Bombardier consortium seal $1.2 billion French train deal'|'PARIS An Alstom ( ALSO.PA ) and Bombardier ( BBDb.TO ) consortium has won a French train contract estimated to be worth 1.16 billion euros ($1.22 billion) for the consortium, the companies and French authorities said on Wednesday.Alstom and Bombardier had been the only bidders left after rival CAF ( CAF.MC ) dropped out last year. [nL8N1D373E]The contract will see the consortium - in which Alstom owns 70 percent and Bombardier 30 percent - work to supply commuter trains for the Paris region.The part state-funded contract is worth 3.75 billion euros in total.(Reporting by Emmanuel Jarry and Sudip Kar-Gupta; Editing by Richard Balmforth)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alstom-bombardier-contract-idINKBN14V1EX'|'2017-01-11T09:14:00.000+02:00'
'3697455bece91247cba7bf5fcfa54a6beb16f7c9'|'Israel launches dual-tranche euro bond'|'Financials   8:19am EST Israel launches dual-tranche euro bond By Robert Hogg Jan 11 (IFR) - The State of Israel has launched a dual-tranche offering of 10 and 20-year euro bonds, according to a lead. The sovereign launched a 1.5bn shorter-dated note at 87bp over mid-swaps, the tight end of guidance. The notes were initially marketed at plus 95bp area, with guidance set at plus 87-90bp, to price in range. Israel launched a 750m 20-year at 125bp over mid-swaps, in line with guidance. That compares to initial price thoughts of plus 130bp area. Combined order books were in excess of 9.5bn with a skew towards the 10 year. The deal is today''s business. Bank of America Merrill Lynch, Barclays and Citigroup are the leads. Israel is rated A1/A+/A+. (Reporting by Robert Hogg, Editing by Helene Durand) Next In Financials Binary options firm Banc De Binary says winding down operations TEL AVIV, Jan 11 Banc De Binary, one of the biggest and best-known providers of online trading in binary options, which allow investors to bet on short-term moves in financial assets, said it is winding down its business, citing regulatory pressures.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/israel-bonds-idUSL5N1F12X5'|'2017-01-11T20:19:00.000+02:00'
'cef605b30702a3403d56f6809a520e480d776ac4'|'Airbus gets leasing boost as it tots up new orders'|' 38pm GMT Airbus gets leasing boost as it tots up new orders A flight test engineer holds an Airbus Group flag after the first flight of the Airbus A320neo (New Engine Option) in Colomiers near Toulouse, France, September 25, 2014. REUTERS/Regis Duvignau By Tim Hepher and Brenda Goh - PARIS/SHANGHAI PARIS/SHANGHAI Airbus ( AIR.PA ) won a $3.8 billion (£3.1 billion) order from U.S leasing company Aviation Capital Group and industry sources said it may land another $4 billion in new business from the leasing arm of China''s Bank of Communications ( 601328.SS ). The trades emerged on the eve of an annual news conference at which Airbus will reveal whether it accumulated the 278 orders needed to maintain a lead over rival Boeing and replenish its own order book, by keeping up with increased deliveries. Depending on when it was signed, the ACG order brings to over 300 the number of potential orders that could end up on Airbus''s order books in December, keeping it ahead in its fierce annual order race with Boeing even though it lags on deliveries. ACG, the aircraft leasing arm of Pacific Life Insurance, said on Tuesday it had ordered 35 narrow-body jets including 30 of the latest version of the A320 family, the A320neo. It also ordered two current-generation A320s and three of the existing version of the A321. Such an order would be worth a total $3.8 billion at list prices. Airbus declined comment ahead of Wednesday''s event. Industry sources said earlier Airbus may win an order for some 42 narrow-body jets from Shanghai-based Bank of Communications Financial Leasing. The Chinese company did not respond to a request for comment. Airbus needs to report 278 orders for December to meet a goal of matching its deliveries, which rose by an estimated 8 percent to as many as 688 aircraft last year. Between January and November, it notched up 410 net orders and 577 deliveries. Its finance chief has predicted more than 670 deliveries in 2016 and at least as many new orders. In addition to the potential Chinese leasing order, industry sources say Airbus is expected to finalise an order for 72 jets from India''s GoAir and has finalised an order worth $6.4 billion for over 60 jets from Saudi carrier flynas. However, while adding to the 2016 Airbus tally, the Saudi carrier may only be identified separately at a later date. Airbus is also expected to book at least part of an order for 100 jets from Iran, the first of which is scheduled to leave Europe on Wednesday for a ceremony in Tehran on Thursday. Boeing said last week it delivered 748 aircraft in 2016 and took 668 net orders for the year. On Tuesday, it said it had won an order worth $300 million for three 737 aircraft from South Korea''s Jeju Air. (Additional reporting by Alexander Cornwell; Editing by Sudip Kar-Gupta/Ruth Pitchford)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airbus-bankcomm-idUKKBN14U2N5'|'2017-01-11T04:38:00.000+02:00'
'5dc3f467f86c9eb3197fee8a4fa9544c348e549e'|'UPDATE 1-Indonesia says bond dealers must avoid conflicts of interest'|'* Primary dealers must ''safeguard'' partnership with govt* Govt can revoke appointment if dealers break the rules* Govt to look at track record of dealership applicants* Fin ministry cut ties with JPMorgan after research downgrade (Adds context)By Eveline Danubrata and Gayatri SuroyoJAKARTA, Jan 11 Indonesia''s finance ministry, which recently cut its business ties with JPMorgan Chase & Co , announced new rules that require primary bond dealers to "safeguard" their partnership with the government and avoid conflicts of interest.The regulation is likely to add to analysts'' concern about moves to strike back over unfavourable investment commentary after Indonesia punished the U.S. bank for its downgrade of the country''s stocks in November.Primary dealers "have the duty to safeguard the partnership with the Indonesian government based on professionalism, integrity, the avoidance of conflict of interest, and looking at the interests of the Republic of Indonesia," according to documents uploaded to the ministry''s website on Wednesday.The documents, dated Dec. 30, said the finance minister can revoke the appointment of a primary dealer if it does not fulfill the stated conditions.The finance minister also has the authority to accept or reject an application to be a primary dealer by taking into consideration the track record of the bank or securities firm, including its working experience with the ministry.A primary dealer is a bank or a securities firm appointed by the finance minister that can buy government bonds in auctions and resell them in the secondary market. Indonesia had 19 such dealers as of Nov. 25.Foreigners hold more than 37 percent of Indonesia''s government bonds. The local capital market lacks depth and liquidity, making the perception of foreign investors particularly important for Southeast Asia''s biggest economy.The Finance Ministry dropped the JPMorgan''s services as a primary dealer for domestic sovereign bonds and as an underwriter for bonds sold to the global market. The bank also no longer receives certain transfers of state revenue.Suahasil Nazara, the head of the ministry''s fiscal policy office, on Jan. 4 defended the penalising of JPMorgan, saying its research was "not credible and not objective".(Additional reporting by Fransiska Nangoy; Editing by Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-bonds-idINL4N1F11SU'|'2017-01-11T01:47:00.000+02:00'
'0ab9e2f2b7772b9902a55a17e5d9a9add0375472'|'Trump: I turned down $2B Dubai deal'|'Trump says he turned down $2 billion Dubai deal over weekend by Ahiza Garcia and John Defterios @CNNMoney January 11, 2017: 1:45 PM ET Golf course developer says Trump brand stronger, more global DAMAC Properties, a Dubai-based developer, confirmed that it discussed a new business deal with President-elect Trump over the weekend. Trump said the proposed deal was worth $2 billion deal, but he turned it down. The president-elect made the revelation Wednesday during the first press conference he''s held since being elected. "Over the weekend, I was offered $2 billion to do a deal in Dubai with a very, very, very amazing man," who Trump identified as Hussain Sajwani, chairman of DAMAC Properties. "And was offered $2 billion to do a deal in Dubai, number of deals. And I turned it down. I didn''t have to turn it down because as you know I have a no conflict situation because I''m president." "It''s a nice thing to have," Trump added. DAMAC confirmed the offer. "DAMAC can confirm that the discussions took place as stated in the media briefing, but the proposals were declined," a spokesperson for the company said. "These proposals were for a variety of different property deals." The spokesperson said he could not add details "for competitive reasons." Related: Dubai golf course developer: Trump ''doesn''t discriminate'' Trump already has two existing projects with DAMAC. Trump International Golf Club, Dubai is set to open in 2017. Trump World Golf Club Dubai, UAE, designed by Tiger Woods, is expected to open in 2018. The DAMAC chairman Sajwani stood by Trump even after his comments about banning Muslims from entering the U.S. Trump eventually softened his stance, saying he''d enact a policy wherein immigrants from high-risk countries are registered and tracked. Trump recently praised Sajwani during a 10 minute speech he gave at a party on New Year''s Eve at Trump''s Florida home Mar-a-Lago. CNNMoney (New York) First published January 11, 2017: 1:45 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/11/news/donald-trump-dubai-damac-deal/index.html'|'2017-01-12T01:46:00.000+02:00'
'f3fbc057e64c948b9bc6708cc194964e95e733dd'|'EMERGING MARKETS-Turkish lira''s slump sours emerging market mood'|'By Sujata Rao - LONDON LONDON Jan 11 The Turkish lira skidded 2 percent to record lows on Wednesday, unnerved by authorities'' failure to announce decisive stabilising steps as the currency decoupled from broader emerging markets, which mostly traded firmer.The lira has already lost 8.5 percent against the dollar this year - the world''s worst-performing big currency - shrugging off the central bank''s Tuesday move to add dollar liquidity to financial markets and a smaller-than-expected current account deficit. tmsnrt.rs/2egbfVhThe moves are filtering through to bond markets, with local 10-year yields opening some 30 basis points (bps) higher and dollar bonds falling 0.7-1.0 cent lower across the curve.Options markets indicate more pain for the currency, with one-month risk reversals, which measure the relative demand for options on a currency rising or falling against the dollar, showing a bias for further weakness."It''s January, but the lira has gone through most people''s year-end forecasts. I think it can keep weakening if the central bank doesn''t do something as flow pressures will work against it," said UniCredit strategist Kiran Kowshik.Kowshik noted Turkey''s weaknesses: regular militant attacks that deter tourism and investment, negative real interest rates and an annual external funding requirement of around 30 percent of GDP - far higher than most big emerging markets."At the end of the day they need to get real rates significantly higher ... They need to do in one shot and they need to do it quickly," said Kowshik who reckons a 300 bps hike may be needed.But Turkey was an outlier among emerging markets. MSCI''s main emerging equity index tracked world stocks higher, reaching two-month highs.Turkish stocks, however, fell 0.5 percentMany reckon U.S. President-elect Donald Trump''s 1600 GMT press conference will offer detail on his infrastructure spending plans, a potential positive for global commodity prices. The rand and rouble traded marginally firmer against the dollar .There was calm on the China front as Beijing loosened its grip on offshore yuan money markets, causing overnight borrowing costs to fall sharply.However, the Mexican peso was trading near record lows despite $2 billion in central bank interventions last week as many investors braced for more belligerent comments from Trump on trade and immigration."The factors driving the peso now are, first, expectations on Trump''s presidency and in particular his press conference today and, second, concern about government finances and rating downgrades," analysts at SEB told clients.They raised the possibility that the government could be forced to reverse recent gasoline price increases, hitting finances."Market fears that the administration ... will fail to consolidate public finances will also weigh on the peso over the coming weeks and months. Expect dollar/peso to touch new highs 22.00," SEB said.In contrast to Mexico, Brazil''s real traded just off two-month highs ahead of an expected 50 bps interest rate cut later in the day.The zloty was flat, with Polish interest rates seen holding steady.The Czech crown, meanwhile, continued to firm in forward markets after inflation reached four-year highs, raising investor conviction that the currency''s cap against the euro will be scrapped by mid-year. The Czech crown could climb 3.5 percent against the euro by the end of 2017, a Reuters poll predicted.The six-month crown forward contract implied an exchange rate of 26.684, the strongest since currency interventions started in November 2013. The spot rate is 27 per euro.On bond markets, Israel opened books on a dual tranche 10- and 20-year euro issueFor GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see ) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 888.64 +2.94 +0.33 +3.06Czech Rep 926.58 +0.50 +0.05 +0.54Poland 2025.86 +2.22 +0.11 +4.00Hungary 33067.43 +35.90 +0.11 +3.33Romania 7236.97 -7.14 -0.10 +2.14Greece 661.62 +1.06 +0.16 +2.79Russia 1173.12 -1.89 -0.16 +1.80South Africa 45234.08 +214.28 +0.48 +3.03Turkey 76985.11 -408.58 -0.53 -1.48China 3137.42 -24.25 -0.77 +1.09India 27144.25 +244.69 +0.91 +1.94Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 27.01 27.01 -0.01 -0.02Poland 4.37 4.37 +0.07 +0.88Hungary 309.20 308.81 -0.13 -0.12Romania 4.49 4.49 +0.07 +0.97Serbia 123.63 123.60 -0.02 -0.23Russia 60.09 60.07 -0.03 +1.95Kazakhstan 333.95 332.96 -0.30 -0.09Ukraine 27.17 27.10 -0.26 -0.63South Africa 13.69 13.73 +0.26 +0.30Kenya 103.70 103.70 +0.00 -1.28Israel 3.86 3.84 -0.36 -0.13Turkey 3.84 3.79 -1.51 -8.27China 6.93 6.92 -0.17 +0.19India 68.37 68.32 -0.08 -0.62Brazil 3.20 3.20 +0.02 +1.82Mexico 21.75 21.80 +0.22 -4.76Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 359 1 .09 7 46.27 1All data taken from Reuters at 09:41 GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT.(Editing by Larry King)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-idINL5N1F11KJ'|'2017-01-11T07:22:00.000+02:00'
'579ce57170d7c00ba277338733a85f39e56eedbf'|'Former Africa heads at Carlyle and KKR to set up regional investment firm'|'* Akinola quits KKR to start firm with Marlon Chigwende* Firm to target investments of less than $100 mln in equityBy Dasha AfanasievaLONDON, Jan 11 The former regional heads for Africa at private equity giants KKR and Carlyle are setting up an investment firm, Arkana Partners, to target local equity investments of up to $100 million.Kayode Akinola told Reuters on Wednesday that he was leaving KKR to join forces with Marlon Chigwende, who left his role as Africa chief at rival Carlyle in 2016, as private equity opportunities in Africa are often seen as too small for the buyout industry''s titans."We will be focused on the mid-cap, where we believe the bulk of opportunities are," Akinola said, adding that while the emphasis will be on private equity investments the new firm will be flexible in its approach."You need to bring your entire tool bag to the market. (In Africa) you can''t just say you''re only going to do buy-outs or just greenfield," he said, referring to developing projects, often in infrastructure, from scratch.The new firm will look for ventures which are ready to absorb up to $100 million but will mostly focus on opportunities requiring between $20 and $60 million of equity, Akinola said, highlighting that what counts as "mid-cap" can vary widely in different African economies.It remained unclear when fundraising for the new venture would take place or how much the firm aimed to raise.KKR, a global investment firm with more than $131 billion in assets under management, invests in Africa with its European private equity fund and targets at least $125 million in equity but more typically between $200 and $250 million, according to sources close to the firm.Akinola joined KKR in 2013 amid growing hopes for the region to lead and develop the firm''s African efforts from Africa-focused Helios Investment Partners. Since then KKR has managed one investment in Africa, putting $200 million into Afriflora, a flower company in Ethiopia. Akinola remains on its board.KKR will continue to examine deals in the region on a selective basis, the sources said.Akinola, a Nigerian, and Chigwende who is originally from Zimbabwe, are setting up their firm as Sub-Saharan Africa''s two biggest economies face significant political and economic headwinds.Nigeria''s economic recession deepened in the third quarter of last year as production of oil, its main export, fell.Meanwhile South Africa''s economy barely grew in the same quarter as the manufacturing sector contracted sharply and investors worry whether the government can implement policies to boost growth.Akinola remains unperturbed by any macroeconomic fears over Africa, where the U.N. says more than half of the world''s population growth between now and 2050 is projected to take place."The thing about emerging markets is that sometimes you have to be countercyclical. Africa continues to be a market where structural demand across most sectors will drive long term growth." (Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/africa-privateequity-new-firm-idINL5N1F13UE'|'2017-01-11T15:43:00.000+02:00'
'2dd7e314caeafb408709b43e50b08cc8fcc95fb7'|'Brexit adds to caution on LSE, Deutsche Boerse merger: Draghi'|'FRANKFURT The European Central Bank needs to carefully analyze a proposed merger between London Stock Exchange Group ( LSE.L ) and Deutsche Boerse ( DB1Gn.DE ), particularly given Britain''s decision to leave the EU, ECB President Mario Draghi said on Wednesday."When a merger leads to a change in ownership of a euro area bank, as could be the case for entities within Deutsche Boerse and LSE Group that are licensed as banks, the ECB has to analyze it carefully from a prudential perspective," Draghi said in a letter to a member of the European Parliament."The United Kingdom''s withdrawal (from the EU) may lead to a loss of oversight and supervision of UK central counterparties by the ECB," Draghi added. "Thus, it will be important to find solutions that at least preserve, or ideally enhance, the current level of supervision and oversight."Deutsche Boerse and LSE have been working to overcome regulatory hurdles holding up their $28 billion merger as the European Commission has expressed antitrust concerns, particularly in the case of clearing of derivatives contracts.Seeking to appease regulators, the LSE agreed earlier this month to sell its French clearing business to Euronext ( ENX.PA ) for 510 million euros ($535 million), a move that may still not be enough for Brussels.A major hurdle to the merger is how antitrust regulators define the derivatives market.Deutsche Boerse is hoping that the European Commission will treat over-the-counter (OTC) derivatives contracts and on-exchange traded derivatives as two separate markets, sticking to a market definition the Commission confirmed back in 2012.Deutsche Boerse''s Eurex is mainly active in exchange-traded derivatives, while the LSE''s LCH.Clearnet is active in the OTC business.But Deutsche Boerse has acknowledged that the European Commission may change its mind, prompting some concessions such as the sale of LCH.Clearnet to avoid the combined group being regarded as a dominant player.(Reporting by Balazs Koranyi; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deutscheboerse-lse-ecb-idINKBN14V2DC'|'2017-01-11T15:50:00.000+02:00'
'211c65878e2d69544a0b1a7c7710572090b0c3a2'|'European shares down, health care sector weighs'|' 24am EST European shares down, health care sector weighs (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets) LONDON Jan 12 European shares fell on Thursday in early deals, weighed down by a drop among healthcare stocks after U.S. President-Elect Donald Trump targeted pharmaceuticals'' drug pricing in a press conference. The pan-European STOXX 600 index was down 0.5 percent, and Europe''s healthcare sector index dropped 1.6 percent, the biggest sectoral faller. Donald Trump on Wednesday commented on the need for competitive drug pricing, saying pharmaceutical companies were "getting away with murder" by charging high drug prices. Swiss luxury goods group Richemont was the top European gainer, jumping 8 percent after its trading update indicated a pick-up in demand for watches and jewellery. Shares in peer Swatch Group also rose 5.4 percent. Britain''s blue-chip FTSE 100 was down 0.3 percent, with retailers Tesco and AB Foods top fallers after they reported results. (Reporting by Helen Reid, editing by Kit Rees) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1F21I1'|'2017-01-12T15:24:00.000+02:00'
'ab2a407acfedf422ff00e68e2823134bf3ba2be6'|'SE Asia Stocks-Singapore hits 14-mth high; Philippines up for fifth session'|'Financials  14am EST SE Asia Stocks-Singapore hits 14-mth high; Philippines up for fifth session By Sandhya Sampath Jan 9 Singapore shares ended higher in cautious trade on Monday after hitting their highest in fourteen months, while three out of the five other Southeast Asian markets ended lower, in line with broader Asia. Singapore''s FTSE Straits Times Index closed up 0.6 percent after hitting its highest since November 2015 and rising for a fifth straight session. Financial and industrial stocks led the gains, boosted by Friday''s data showing a rebound in U.S. wages and suggesting sustained labour market momentum. As most of Singapore''s exports go to the United States, strong U.S. jobs data is positive for the city-state, said Mikey Macainag, an analyst with Sunsecurities Inc. DBS Group Holdings gained 1 percent, while casino operator Genting Singapore Plc gained 2.7 percent. Philippine shares also extended gains for a fifth straight session, closing 0.4 percent higher, led by gains in telecom shares, with telecom services provider PLDT Inc gaining 4.2 percent. Foreign buying worth about 249 million pesos ($5.02 million) helped the Philippine market, said Manny Cruz, an analyst with Manila-based Asiasec Equities Inc. On the other end of the spectrum, Indonesian stocks, Thailand stocks and Malaysian stocks fell about half a percent, in line with Asian peers. Asian stocks gave up early gains as investor caution grew before a news conference by U.S. President-elect Donald Trump on Wednesday, where his views on global trade and China will be carefully scrutinised for future policy implications. MSCI''s ex-Japan Asia-Pacific shares index was flat on the day, having risen as much as 0.5 percent after posting a loss in the previous session. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current previous close Pct Move Singapore 2981.54 2962.63 0.64 Bangkok 1564.08 1571.48 -0.47 Manila 7276.34 7248.2 0.39 Jakarta 5316.364 5347.022 -0.57 Kuala Lumpur 1667.9 1675.49 -0.45 Ho Chi Minh 682.57 679.8 0.41 Change this year Market Current End 2016 Pct Move Singapore 2981.54 2880.76 3.50 Bangkok 1564.08 1542.94 1.37 Manila 7276.34 6840.64 6.40 Jakarta 5316.364 5296.711 0.37 Kuala Lumpur 1667.9 1641.73 1.59 Ho Chi Minh 682.57 664.87 2.70 ($1 = 49.6190 Philippine pesos) (Reporting by Sandhya Sampath; Additional reporting by Susan Mathew; Editing by Amrutha Gayathri) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southeast-asia-stocks-idUSL4N1EZ2PQ'|'2017-01-09T17:14:00.000+02:00'
'a612e7075c0cb777363abc9f1c3c13e83cddba81'|'Prime property predictions for 2017: Savills'|'Prime property predictions for 2017: Savills Buyers must either add value or head to emerging markets - if they have the stomach for it 3 days ago by Yolande Barnes 1. The global challenge for real estate investors is to find value in a world where low interest rates have pushed asset prices, including residential property, to the full. Even private investors are now banking more on what a property can actually provide for them – either in terms of amenity or additional income – than on capital growth. City properties in great locations, either historic settings or sunbelt, are becoming increasingly sought after. Buyers all over the planet are beginning to recognise that neighbourhoods offering a high quality of life will appreciate in value, not just so many square feet of bricks and mortar. 2. We think there are still some enclaves in 2017 with scope for capital growth but these are few and far between. Europe as a global region has seen less of the effect of falling capitalisation rates which have characterised major US and Asian cities, so we expect some further growth even in major cities. In the main however, only higher yielding secondary and tertiary properties, rather than prime, are likely to see residential property growth through asset value catch-up. 3. With yields now at their lowest ever levels globally, the drivers of capital growth in future will be occupier demand and subsequent rental growth rather than competition between investors. After 2017, the fundamental quality of places will start to matter much more to buyers. Real estate will behave less like a commodity and so the emphasis will be on what value can be added rather than how it will automatically appreciate over time. 4. The biggest opportunities for growth lie outside developed economies, outside the famous world cities and outside prime areas. The trick is spotting the next up and coming, neighbourhood, city or economic region. At a global scale, it is less developed regions which have the greatest potential for growth as growing middle classes become homeowners or pay higher rents. The fundamentals will matter but levels of risk and lack of transparency in Africa, South America and less developed parts of Asia mean that buying property in these regions is not for the faint hearted. Yolande Barnes is Head of Savills World Research See Christie’s predictions here Next up: Nathan Brooker, property writer for FT House & Home Tags:'|'ft.com'|'http://www.ft.com/rss/companies/property'|'https://propertylistings.ft.com/propertynews/united-states/4924-prime-property-predictions-for-2017-savills.html?ftcamp=published_links%2Frss%2Fcompanies_property%2Ffeed%2F%2Fproduct'|'2017-01-06T17:16:00.000+02:00'
'381c0be1cb3137658e5efeaf79de72adc1cdf931'|'Egypt''s Finance Ministry issues $888 mln one-year dollar-denominated t-bill'|'Financials  23am EST Egypt''s Finance Ministry issues $888 mln one-year dollar-denominated t-bill CAIRO Jan 9 Egypt issued one-year treasury bills worth $888 million at an average yield of 3.7 percent, the central bank said on Monday. The minimum yield was 3.65 percent and the maximum 3.7 percent, the bank said in a statement. (Reporting by Asma Alsharif; Editing by Angus MacSwan) Next In Financials Petrobras to buy back up to $2 bln of debt in cash, offer new bonds SAO PAULO, Jan 9 Petróleo Brasileiro SA has launched a program to buy back up to $2 billion of existing bonds in cash and the offering of new debt, as the world''s most indebted oil company seeks to refinance debt maturing before the end of the decade. * Ariad Pharmaceuticals Inc - Deal for $24.00 per share in cash, or an enterprise value of approximately $5.2 billion MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/egypt-debt-treasuries-idUSL5N1EZ3N5'|'2017-01-09T20:23:00.000+02:00'
'76c1dec49014f3d824324009d81383a7d1e82efd'|'Saudi bourse says T+2 settlement cycle to start in Q2 2017'|'Financials  28am EST Saudi bourse says T+2 settlement cycle to start in Q2 2017 DUBAI Jan 9 The Saudi Stock Exchange will introduce the settlement of trades within two working days of execution during the second quarter of 2017, it said on Monday. The exchange said the move to T+2 settlement was part of its aim to move in step with "leading global settlement practices and increase levels of asset safety for investors." At present, trades must be settled on the same day, a practice known as T+0. The Capital Market Authority said in May last year it had approved the switch "during the first half of 2017." (Reporting by Tom Arnold, editing by Louise Heavens) Next In Financials U.S. Supreme Court rejects Dow over $1 billion tax deduction claim WASHINGTON, Jan 9 The U.S. Supreme Court on Monday declined to hear Dow Chemical Co''s bid to revive its claim to more than $1 billion in tax deductions based on partnerships the company entered into that lower courts said were created primarily to avoid tax liability and had no legitimate business purpose. UPDATE 2-Hard Brexit is not inevitable, says British PM May * Wants to switch focus to UK policy with "shared society" (Adds more quotes, context) * Manulife Investments -Plans to replace certain operating expenses of Manulife U.S. All Cap Equity Class and Manulife Global Balanced Private Trust MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/saudi-plan-stocks-settlement-idUSL5N1EZ48E'|'2017-01-09T21:28:00.000+02:00'
'2d4854ba2f44a6da31bb61496c98f92f23030cf6'|'Deutsche Boerse, LSE to meet German watchdog to solve HQ issue - sources'|'Deals   11:12am EST Deutsche Boerse, LSE to meet German watchdog to solve headquarters issue: sources The German share prize index (DAX) board and the trading room of Frankfurt''s stock exchange (Boerse Frankfurt) are photographed with a circular fisheye lens during afternoon trading session in Frankfurt, Germany, February 23, 2016. REUTERS/Kai Pfaffenbach FRANKFURT Top executives from Deutsche Boerse ( DB1Gn.DE ) and LSE ( LSE.L ) are planning to meet German policy makers with veto powers next week as they seek to resolve a stumbling block to the exchanges'' planned merger, three people close to the matter said. At the center of the discussions between the groups'' chief executives and chairmen as well as German state of Hesse''s prime minister and economy minister will be the issue of where a merged group will be headquartered, the people added. Deutsche Boerse declined to comment, while LSE and Hesse were not immediately available for comment. The unresolved headquarters issue is seen as the last major obstacle next to the antitrust clearance by the EU commission, whose decision is expected by March 13. The owner of the Frankfurt stock exchange is obliged by law to support the development of Frankfurt as a center for securities trading and Hesse''s market watchdog has yet to give its view on the planned merger. The Wiesbaden, Hesse-based watchdog fears to lose regulatory sway on the merged company if it were based outside Germany, the people said. So far, Deutsche Boerse and LSE had planned to set up joint headquarters in London. A potential compromise would be a structure with dual headquarters in London and Frankfurt, the people said. The meeting will be used to get a better understanding of each others positions and discuss possible solutions, one of the people said, adding that decisions on the topic were not yet expected. (Reporting by Andreas Kroener; Additional reporting by Arno Schuetze; Editing by Harro ten Wolde) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-deutsche-boerse-m-a-lse-idUSKBN14W2CX'|'2017-01-12T23:05:00.000+02:00'
'cc939bedd7b31e606942f26da3e9844408fd1225'|'Bayer says had productive meeting with Trump over Monsanto deal'|'By Ludwig Burger and Patricia Weiss - FRANKFURT FRANKFURT Jan 12 German drugs and pesticides maker Bayer, which will need regulatory approval for its $66 billion deal to buy U.S. seeds giant Monsanto, said company chief executives had a productive meeting with U.S. president-elect Donald Trump.Trump talked to Bayer Chief Executive Werner Baumann, Monsanto CEO Hugh Grant and some of their advisers in New York, his transition team said on Wednesday, part of meetings before he takes office later this month."It was a productive meeting about the future of agriculture and the need for innovation," a Bayer spokesman said on Thursday, declining to provide more details for the moment.The fate of major proposed mergers, not just Bayer-Monsanto but also Dow Chemical and DuPont, which plan to spin off their combined agriculture businesses, will be decided by Trump''s nominees to lead antitrust enforcement at the Justice Department and the Federal Trade Commission.Antitrust and industry experts see the regulatory hurdles to a deal as manageable because Bayer''s main business in agriculture is pesticides while Monsanto''s focus is on genetically modified seeds.Under such a scenario, Bayer could at worst be asked to divest soybean, cotton and canola seed assets as well as LibertyLink-branded crops that are resistant to its glufosinate herbicide, an important alternative to Monsanto''s Roundup Ready seeds.But uncertainty remains over what regulators will make of the merged group''s grip of the overall agriculture market, with a combined market share in seeds and pesticides of about 28 percent.Critics argue this dominant market position will allow it to crimp research and development efforts. Bayer has said that much needed innovation will come from combined seeds-chemicals offerings and that it needs to merge to compete against other integrated suppliers such as the future Dow-Dupont.Monsanto shares closed little changed at $108.45 on Wednesday, offering an 18 percent upside to Bayer''s takeover bid of $128 per share or $66 billion in total. Bayer shares were down 0.6 percent at 100.40 euros at 0942 GMT.The meeting took place on the day of Trump''s first news conference as president-elect, which also saw him slam drug companies as "getting away with murder" in what they charge the government for medicines.Bayer, the inventor of aspirin, is among the world''s top 20 pharmaceutical groups, with products including Yasmin birth-control pills and stroke prevention drug Xarelto. (Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/monsanto-ma-bayer-trump-idINL5N1F225I'|'2017-01-12T07:10:00.000+02:00'
'e376b9555b835f3c4aa826e9645aeeeb4dd87b2a'|'Airbus deliveries rose eight percent last year'|' 56am GMT Airbus deliveries rose eight percent last year A picture shows Airbus Group site in Suresnes, near Paris, France, December 15, 2016. REUTERS/Benoit Tessier PARIS Airbus ( AIR.PA ) posted an 8 percent rise in deliveries last year, beating its own forecasts by a comfortable margin, and pulled off a last-minute surge in orders to beat its arch-rival Boeing ( BA.N ) in the race for new orders. The European planemaker said on Wednesday it had delivered 688 aircraft in 2016, compared with an official company forecast of more than 650 and an informal goal recently set by its finance director of more than 670. That narrowed an output gap with the world''s biggest aircraft manufacturer, Boeing, but Airbus remained ahead in terms of new orders after posting 731 net orders for 2016. Boeing delivered 748 aircraft and took 668 net orders in 2016. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airbus-deliveries-idUKKBN14V0U0'|'2017-01-11T15:56:00.000+02:00'
'231b374101a35ec8ad9e303fcfd1558ed41ccfb7'|'S.Korea special prosecutors to question Samsung leader as a suspect'|'Cyclical Consumer Goods   12:49am EST S.Korea special prosecutors to question Samsung leader as a suspect SEOUL Jan 11 A South Korean special prosecutor''s office on Wednesday said it had summoned Samsung Group leader Jay Y. Lee as a suspect in a widening influence-peddling scandal involving President Park Geun-hye. Prosecutors have been checking whether Samsung''s support for a business and foundations backed by Park''s friend, Choi Soon-sil, was connected to a 2015 decision by the National Pension Service to back a controversial merger of two Samsung Group affiliates. Lee Kyu-chul, spokesman for the special prosecution team, told a briefing Lee was being summoned on Thursday morning over suspicions including bribery, but did not elaborate. Samsung Group could not be immediately reached for comment. (Reporting by Se Young Lee and Ju-min Park; Editing by Clarence Fernandez) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southkorea-politics-samsung-group-idUSS6N14Q04X'|'2017-01-11T12:49:00.000+02:00'
'8ed32a284e5379d322806e8323db18bd22bfebf8'|'Asian shares at two-month high ahead of Trump news conference'|'Business News - Wed Jan 11, 2017 - 1:04am GMT Asian shares at two-month high ahead of Trump news conference Share price of Japan''s Nintendo Co. (R) is displayed at a stock quotation board outside a brokerage in Tokyo, Japan July 11, 2016. REUTERS/Issei Kato By Hideyuki Sano - TOKYO TOKYO Asian shares stood near two-month highs on Wednesday as investors looked to President-elect Donald Trump''s news conference later in the day for any clues to his policies on tax, fiscal spending, international trade and currencies. While his plan for tax cuts and infrastructure spending has boosted U.S. shares and the dollar, his protectionist statements have kept many investors on guard. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was little changed in early Wednesday trade. It stood at its two-month highs, essentially coming back to where it was just before the U.S. election after recovering from their losses of over five percent. Japan''s Nikkei .N225 ticked up 0.2 percent. On Wall Street, the S&P 500 .SPX ended flat on Tuesday, as investors look also to earnings season, which starts this week, to assess if the record levels are justified, following 5 percent gains since the election. "There are underling expectations that Trump''s tax cuts and infrastructure spending will boost the U.S. economy, which should support markets," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. "On the other hand, if he takes a hard line stance on China in line with his campaign promises, then China would probably take counter-measures, raising concerns about tensions between the U.S. and China," he added. Trump has vowed to label China a currency manipulator on his first day in office and has threatened to slap huge tariffs on imports from China.U.S. House of Representatives Speaker Paul Ryan and top members of President-elect Donald Trump''s transition team are discussing a controversial plan to tax imports. Economists have warned that protectionist measures could stifle international trade and slow down global economic growth. The Mexican peso MXN= is taking the brunt of such concerns, hitting a record low on Tuesday. The peso has lost 16 percent of its value against the dollar since Trump was elected. The U.S. currency lost some of its steam against most other currencies as U.S. bond yields have come down, reducing the dollar''s yield allure. The U.S. 10-year yield stood at 2.38 percent US10YT=RR, having fallen considerably from its two-year high of 2.641 percent touched on Dec 15. That pushed the dollar''s index against a basket of six major currencies .DXY =USD back to 102.03, compared to its 14-year high of 103.82 set on Jan 3. The euro EUR= stood at $1.0556, having gained 0.2 percent so far this week. The dollar traded at 115.78 yen JPY= , not far from a three-week low of 115.06 touched on Jan. 6. Bucking the trend was the British pound GBP=D4 , which wobbled at $1.2175, having hit a 2 1/2-month low of $1.2107 on Tuesday, hit by UK Prime Minister Theresa May saying she was not interested in Britain keeping "bits" of its EU membership. That fuelled fears she was setting course for a "hard Brexit" in which immigration control is put above retaining access to the EU''s lucrative single market. The Turkish lira TRYTOM=D3 also slumped to record lows, exceeding 4.0 to the euro for the first time as the country confronts Islamic State and Kurdish militant bombings, an economic slowdown, and political uncertainty over plans to extend President Tayyip Erdogan''s powers. Oil prices fell to their lowest in nearly a month, following a 2 percent slide on Tuesday, as doubts mounted over whether producing countries could sustain a deal to cut output. U.S. crude futures CLc1 traded at $50.97 a barrel, having fallen to $50.71 - their lowest since Dec 16. Brent crude futures LCOc1 settled at $53.64 a barrel, down $1.30, on Tuesday. (Reporting by Hideyuki Sano; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN14V02N'|'2017-01-11T08:04:00.000+02:00'
'4bc3dccd9240a4dc7b00f660d3cd8311c26845f0'|'China''s HNA extends reach to NZ with $460 mln purchase of non-bank lender UDC'|'By Jamie Freed and Charlotte Greenfield - SYDNEY/WELLINGTON SYDNEY/WELLINGTON HNA Group, one of China''s most acquisitive conglomerates, said it would extend its reach to New Zealand with the $460 million purchase of asset finance firm UDC, prompting an immediate credit rating downgrade for the nation''s biggest non-bank lender.HNA, best known as the owner of Hainan Airlines Co ( 600221.SS ), said the NZ$660 million acquisition from ANZ Banking Group ( ANZ.AX ) offered significant growth opportunities in Australia and New Zealand and would create synergies in its leasing business.With a portfolio that ranges from car loans to equipment finance, UDC is New Zealand''s largest non-bank lender, with $NZ2.6 billion in gross loans in 2016, according to KPMG. Toyota Finance New Zealand ranks a distant second with NZ$777 million.Standard & Poor''s said, however, it would downgrade its long-term rating of UDC to BBB from A-, given the likely loss of timely financial support from ANZ and adding that UDC may face challenges in maintaining its franchise in debt funding markets and amongst some of its borrowers.It also said the sale could also change the risk appetite of UDC, which had traditionally been more conservative than other New Zealand finance companies.Other firms to be acquired by HNA have also been hit with downgrades or placed on creditwatch. This includes Chinese information technology outsourcing firm Pactera Technology International Ltd which had its rating cut by Moody''s Investors Service.HNA, which has over $90 billion of assets globally, announced about $20 billion of deals in 2016 alone, Reuters calculations showed. Among them was a $6.5 billion purchase of a 25 percent stake in hotel chain Hilton Worldwide Holdings Inc ( HLT.N ).UDC, which saw net profit rise 3 percent to a record $NZ58.5 million in the year to end-September, will join HNA''s finance arm, which operates a diverse set of businesses in equipment leasing, insurance, and credit services.ANZ said it expected the sale to be completed in the second half of 2017 though it was subject to regulatory approvals. It will need approvals from the Reserve Bank of New Zealand and the Overseas Investment Office."The sale of UDC is consistent with our strategy to simplify the bank," ANZ New Zealand CEO David Hisco said in a statement.Last week, ANZ, which is seeking to boost capital and focus on its strongest competitive points, agreed to sell its 20 percent stake in Shanghai Rural Commercial Bank Co Ltd for A$1.8 billion.The bank is also considering the sale of its Australian wealth and life insurance business, valued by the bank at A$4.5 billion.(Reporting by Jamie Freed and Charlotte Greenfield; Additional reporting by Matt Miller in Beijing; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-anz-bank-sale-hna-idINKBN14V0PK'|'2017-01-11T05:02:00.000+02:00'
'ba38332031cd275ae59ad1ec38601c2d6c427b48'|'Florida lets MetLife, Unum boost premiums for long-term care'|'Money  21pm EST Florida lets MetLife, Unum boost premiums for long-term care By Suzanne Barlyn Florida''s insurance commissioner is allowing MetLife Inc and Unum Group to boost long-term care premiums, alleviating some financial stress the insurers have been facing from rising medical costs and policy-holders living longer. MetLife''s Florida subdivisions can increase average monthly premiums by $4 to $44 over the next three years, while two Unum units can raise them by $5 to $55, Insurance Commissioner David Altmaier said on Thursday. Increases will be phased in during an initial three-year period, beginning this year. Rates will then be guaranteed for an additional 10 years with no further increases, Altmaier''s office said. The agreements come at a difficult time for the long-term care insurance industry. Insurers must make good on policies written during the 1990s and later, when they significantly underestimated projected health-care costs and life spans. "MetLife determined that a rate change on certain long term care insurance policies was necessary due to cumulative changes in actuarial assumptions since the time these policies were initially priced," MetLife spokeswoman Kim Friedman said. An Unum spokeswoman declined to comment. Insurers have been pushing for U.S. state insurance regulators to grant rate increases for long-term care policies. Last April, the Pennsylvania Insurance Department approved rate increases of between 20 and 30 percent for a total of 46,525 policies in the state. Long-term care insurance covers expenses for nursing home or home care if the policyholder becomes incapacitated. Most of those expenses are not covered by Medicare, the U.S. government insurance program for the elderly and disabled, and can be extremely expensive out of pocket. The median annual cost of a private U.S. nursing home room last year was $92,376, according to Genworth Financial Inc. People over age 60 make up nearly 23 percent of Florida''s 19 million residents, according to the Areawide Council on Aging of Broward County Inc. Still, the impact of Florida increase and long-term care market overall is small for MetLife, given the company''s diversified business lines, said Sandler O''Neill analyst John Barnidge. Unum may feel the impact slightly more, given its position as a leading provider of disability insurance products, Barnidge said. But Unum, which stopped offering new long-term care policies in 2012, does not have a large business in that market, Barnidge said. (Reporting by Suzanne Barlyn; Editing by Lauren Tara LaCapra and David Gregorio) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-insurance-florida-rates-idUSKBN14W2Y9'|'2017-01-13T04:19:00.000+02:00'
'de9b2c78342efe63946ac226c6fc8d711d3af4b0'|'Euro zone finance ministers to discuss legality of Monte Paschi rescue - source'|' 36pm GMT Euro zone finance ministers to discuss legality of Monte Paschi rescue - source A Monte dei Paschi di Siena advertisement is seen on a screen in a bank window in downtown Milan, Italy, January 14, 2016. REUTERS/Stefano Rellandini/File Photo BRUSSELS Euro zone finance ministers will discuss on Jan. 26 the "compatibility" of Italy''s bailout for bank Monte dei Paschi di Siena ( BMPS.MI ) with European Union rules, an official in the bloc told Reuters on Thursday. The comments cast doubt on the rescue plan for the ailing bank, Italy''s third largest lender. Rome decided in December to salvage Monte dei Paschi after a plan to raise capital in the markets failed. The bank was the weakest among top euro zone banks in a stress test ran last year by the European Central Bank. "The Eurogroup will discuss the compatibility with EU rules of the Italian plan to rescue banks," an EU official said after a meeting of euro zone envoys in Brussels on Thursday. The issue is on the preliminary agenda for the euro zone finance ministers'' meeting later this month, the official said. Last month, the Italian government authorised a 20 billion euro fund to help lenders in distress - first and foremost Monte dei Paschi. The plan uses an exception on new EU rules on banking liquidation to avoid heavy losses for bank creditors before public money is disbursed. While it still awaits a green light from EU authorities, the plan envisages only limited losses for the bank''s creditors and compensation to protect retailer investors. After the rescue was announced, Germany, the euro zone''s largest economy, raised concerns about the plan''s compliance with EU rules. (Reporting by Francesco Guarascio; editing by Ralph Boulton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-montepaschi-idUKKBN14W2ZT'|'2017-01-13T04:36:00.000+02:00'
'13411e933bdc839dfad7d386765653859296de33'|'Prosecutors open probe over Banco BPM merger - document'|' 29pm GMT Prosecutors open probe over Banco BPM merger - document A woman walks past Banca Popolare di Milano ( BPM) downtown Milan, Italy, February 11, 2016. REUTERS/Stefano Rellandini/File Photo MILAN Milan prosecutors are investigating charges of market manipulation in relation to a merger deal between Banca Popolare di Milano and Banco Popolare to create Italy''s third-largest bank Banco BPM ( BAMI.MI ), a court document showed on Friday. Sources with direct knowledge of the matter said Italy''s tax police seized documents on Friday as magistrates look into allegations the banks failed to tell shareholders and investors ahead of the closing of the merger that the European Central Bank had raised objections over loan loss coverage levels at Banco Popolare. No person is under investigation, the sources said. In a statement issued later in the day, Banco BPM confirmed the opening of an inquiry but denied any wrongdoing. "Banco BPM, as well as Banco Popolare and BPM previously, have acted in full respect of the law and have given to the market and shareholders all due information," the bank said. Banco BPM said the tax police had presented a written request for documents, but denied it had seized any material in the banks'' offices. The written request filed by the tax police did not say the banks had failed to disclose relevant information ahead of the merger, the lender said. (Reporting by Manuela D''Alessandro and Emilio Parodi; Writing by Francesca Landini; Editing by Ruth Pitchford)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-italy-banks-banco-bpm-probe-idUKKBN14X2F5'|'2017-01-14T03:29:00.000+02:00'
'72994e34f694963efd9518ea28b7cb06965c1899'|'Diesel cheating inquiries widen to Renault and Fiat'|'Business News   1:19pm GMT Diesel cheating inquiries widen to Renault and Fiat left right A logo of Renault is pictured at a dealership in Saint-Herblain near Nantes, January 19, 2016. REUTERS/Stephane Mahe 1/2 left right A screen displays the ticker information for Fiat Chrysler Automobiles NV at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. REUTERS/Brendan McDermid 2/2 By Gilles Guillaume , Simon Carraud and Agnieszka Flak - PARIS/MILAN PARIS/MILAN European carmakers were drawn into widening investigations into diesel emissions cheating on Friday, with French prosecutors examining Renault and British authorities seeking answers from Fiat Chrysler Automobiles NV. Volkswagen''s VOW_p.DE admission that some of its diesel vehicles were fitted with devices which hid their true level of emissions has sparked a global regulatory push to combat excessive pollution and intense scrutiny of the carmakers. Shares in Renault fell more than 4 percent to their lowest level in around a month after a source at the Paris prosecutor''s office said it had launched a judicial investigation into possible cheating on exhaust emissions at the French carmaker. Renault was not immediately available for comment. Its shares later recovered some ground, but still underperformed a positive pan-European STOXX Europe Autos index. The French clampdown follows allegations by the U.S. Environmental Protection Agency (EPA) on Thursday that Fiat Chrysler, like Volkswagen, was using illegal software to hide excess diesel emissions. The European Commission said it had been informed about the "worrying" EPA allegations and would look at what implications they might have for the European Union. “We will now work with the EPA, national member state authorities and of course Fiat in order to establish potential implications for vehicles sold in the EU,” it said. The European Commission has limited powers to force polluting cars off European roads, since vehicle licensing in the EU is still conducted on a national level. SEEKING INFORMATION Britain said it was urgently seeking information from the EPA over its allegation that Fiat Chrysler used hidden software to allow excess diesel emissions to go undetected. "We are urgently seeking further information from the US Environmental Protection Agency... and will also be seeking information from the manufacturer regarding vehicles in the UK market," a spokesman at the Department for Transport said. Fiat Chrysler Chief Executive Sergio Marchionne angrily rejected the allegations on Thursday, saying there was no wrongdoing and Fiat never attempted to cheat emissions rules with software detecting a vehicle was in test mode. Fiat''s volatile shares surged 7 percent in Europe, after falling sharply in U.S. trading on Thursday, and were trading 3.5 percent higher at 1140 GMT. The automaker''s stock has risen by around 70 percent this year since Donald Trump''s election, on expectations of less stringent emissions policies under the next U.S. administration. But carmakers continue to face scrutiny in Europe. Earlier this week the European Commission called on Italy to cooperate with a German probe investigating allegations that the Fiat 500X, Fiat Doblo and Jeep Renegade models were equipped with illegal cheating software. Fiat rejects the allegations. Germany''s motor vehicle authority KBA began testing the vehicles of several foreign manufacturers as part of a blanket probe of vehicle emissions after the Volkswagen scandal first came to light. And the country''s transport ministry asked the European Commission to investigate Fiat''s emissions after being stonewalled by Italian authorities. (Additional reporting by Alissa de Carbonnel in Brussels and Costas Pitas in London; Writing by Edward Taylor; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-autos-emissions-idUKKBN14X1GJ'|'2017-01-13T20:19:00.000+02:00'
'0eb98c0815ae15a9d0a7a4ee9c38ead70f11644a'|'UK inequality narrows but many working age Britons lose out, ONS says'|'Business News - Tue Jan 10, 2017 - 1:55pm GMT UK inequality narrows but many working age Britons lose out, ONS says left right FILE PHOTO - A container ship is unloaded at Peel Ports Liverpool container terminal in Liverpool, Britain December 9, 2016. REUTERS/Phil Noble/File Photo 1/2 left right FILE PHOTO: A worker assembles components at the Mec Com Ltd factory near Stafford, Britain, December 15, 2016. REUTERS/Phil Noble/File Photo 2/2 LONDON Income inequality in Britain narrowed in the 2015-16 financial year as poorer families got help from low inflation and retirees gained from generous pensions, but many people of working age lost out, official data showed on Tuesday. The median disposable income - the amount of money available for spending after direct taxes - rose for the poorest fifth of households by 5.1 percent, compared with a drop of 1.9 percent for the richest fifth, the Office for National Statistics said. That continued a trend of falling income from employment for the richest Britons, with rising wages and employment for the poorest, the ONS said. Overall household disposable income rose to a median 26,332 pounds in the 12 months to last March, up 564 pounds from 2014/15. But much of this increase was driven by retired households, who have benefited from rising private pension income, as well as generous state pension increases that lawmakers have criticised as unsustainable. Disposable incomes for retired households are now 13 percent higher than they were before the financial crisis. But for working-age households, they are down 1.2 percent, underscoring the drop in living standards facing Prime Minister Theresa May. May vowed to help "just about managing" families when she took office in July, after years of depressed wage growth helped to fuel populist anger that culminated in the vote to leave the European Union. "Household incomes are above their pre-downturn peak overall, but not everyone is better off," said Claudia Wells, head of household income and expenditure analysis at the ONS. Disposable incomes for middle-income working age households increased by only 1.2 percent in 2015-16. Britain''s finance ministry said in a statement it was helping working families by raising the threshold at which Britons start paying income tax and increasing the minimum wage. Britain''s labour market strengthened in 2015-16, with employment rising to record levels and wage growth recovering to its highest since the financial crisis. This year looks likely to be tougher. The pound''s 15 percent drop since June''s Brexit vote is already causing higher inflation, which looks set to eat into the spending power of households. "With employment plateauing, productivity growth refusing to budge and inflation rising, the risk is that this mini boom won''t continue," said Matt Whittaker, chief economist at the Resolution Foundation. A survey published on Tuesday by the Recruitment and Employment Confederation showed starting salaries for permanent staff rose at the slowest pace in five months, in line with a declining trend over the last year. (Reporting by Andy Bruce, editing by Larry King) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-inequality-idUKKBN14U1N2'|'2017-01-10T20:55:00.000+02:00'
'bf61ed41bb0728ac1964d1be22f7197387b2fef6'|'Nikkei little changed, trim earlier losses amid U.S. policy hopes'|' 52pm EST Nikkei little changed, trim earlier losses amid U.S. policy hopes By Shinichi Saoshiro - TOKYO TOKYO Jan 10 Japan''s Nikkei share average was little changed on Tuesday, trimming earlier losses amid hopes that U.S. President-elect Donald Trump would provide stimulus-supportive hints at an upcoming news conference. The Nikkei initially slipped as much as 0.4 percent on a combination of sagging Wall Street shares, a stronger yen and slumping crude oil prices before ending midday up 0.03 percent at 19,448.55. Of Tokyo''s 33 sub-indexes, 14 were in the red. The banking and insurance sub-indexes were among those that suffered relatively steep losses after Wall Street''s financial stocks fell overnight to stall the Dow''s advance towards 20,000. "Selling was limited ahead of Trump''s speech with the market first wanting to see what he has to offer. There are still hopes that Trump would provide support by hinting at stimulus measures," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. Trump, who takes office on Jan. 20, is scheduled to hold a news conference on Wednesday that will be his first since winning the November U.S. election. Among individual shares, Takeda Pharmaceutical Co Ltd rose as much as 1.5 percent to an eight-month high after the company said it would buy U.S. cancer drug maker Ariad Pharmaceuticals Inc in a deal valued at $5.2 billion to beef up its oncology pipeline. Electronic component maker Rohm Co Ltd rose 4.7 percent after the company said it had developed a chip set for automotive LCDs equipped with the ability to identify internal malfunctions, thus potentially raising safety standards. Michinoku Bank Ltd fell as much as 15.8 percent on share dilution fears after it said it will issue about 30.4 million stocks via a public offering to raise funds. The broader Topix edged up 0.1 percent to 1,554.44 and the JPX-Nikkei Index 400 added 0.03 percent to 13,932.14. (Editing by Simon Cameron-Moore)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1F01LG'|'2017-01-10T09:52:00.000+02:00'
'b8ea73bf96cd16898da9e34b35b5148bcb922ff7'|'India''s PM Modi touts digitized economy to business leaders'|' 37pm GMT India''s PM Modi touts digitized economy to business leaders India''s Prime Minister Narendra Modi delivers a speech after he inaugurated the country''s first international exchange - India INX in Gujarat International Finance Tec-City (GIFT) in Gandhinagar, India, January 9, 2017. REUTERS/Amit Dave By Rupam Jain and Promit Mukherjee - GANDHINAGAR GANDHINAGAR Indian Prime Minister Narendra Modi told a gathering of business leaders on Tuesday that the country was on the verge of becoming the world''s most digitized economy, and avoided direct mention of the economic hit from demonetisation. Speaking at India''s biggest investor summit, organised in his home state of Gujarat, the 65-year-old said his government was strongly committed to continue reforming the Indian economy. "We are working to adopt and absorb newer technologies, to bring about transparency, and to end discretion," Modi told the summit, adding that foreign direct investment in the country has topped $130 billion in his two-and-a-half years in office. "Believe me, we are on the threshold of becoming the world''s most digitized economy. Most of you wanted this change in India. I am proud to say that it is happening before you. "Creating an enabling environment for business, and attracting investments, is my top priority." Modi''s address to the Vibrant Gujarat investor gathering comes weeks after his shock decision to abolish 500 and 1,000 rupee notes, worth around $7.50 and $15 each. The move caused widespread anger among millions of people across the country, as they endured long queues at banks and ATMs to draw money or deposit old notes about to expire. The radical gambit has been billed as an attempt to root out corruption, end terror financing and move the country into the age of digital payments. But Modi''s government has struggled to produce enough new bank notes to meet demand, leading to a temporary slump in business in an economy that is heavily dependent on cash. India''s corporate earnings expectations have taken a hit. Fears that the note ban will dent profits in the latest quarter have led to a 2.25 percent drop in earnings estimates since Nov. 8 for those companies that are part of the country''s benchmark Index, according to Thomson Reuters data. Still, Indian government officials are optimistic that major investment pledges will come out of the meeting, which is being held at a sprawling convention centre in the western city of Gandhinagar. Scepticism exists, however, over how many of the hundreds of anticipated memorandums of understanding expected to be signed at the week-long summit will translate into real spending. "The summit is a symbolic gesture to lure investment, but companies will only invest if there are changes at the macro policy level," said professor Sebastian Morris of the Indian Institute of Management in Ahmedabad, noting investors need to see infrastructure and support. Later on Tuesday, Modi was set to chair a CEO roundtable attended by nearly 60 top executives, including Cisco''s ( CSCO.O ) John Chambers, Trafigura Beheer''s Jeremy Weir, Fairfax Financial''s ( FFH.TO ) Prem Watsa and Peter Huntsman of Huntsman Corp ( HUN.N ), along with Indian business titans such as Mukesh Ambani and Ratan Tata. "This time we want to hand-hold investors and assure them that the business environment is perfect for them to launch new businesses," said Deepak Bagla, managing director of Invest India, a vehicle set up to guide investments into the country. (Additional reporting by Aditi Shah, Euan Rocha and Abhirup Roy; Editing by Mike Collett-White)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-india-vibrantgujarat-modi-idUKKBN14U21F'|'2017-01-10T23:37:00.000+02:00'
'bbcf649daf0c64fd5a5b0409e059501bf0564d6b'|'Royal Mail moves to close pension fund'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/companies/support-services'|'https://www.ft.com/content/d0e55e68-d35d-11e6-9341-7393bb2e1b51?ftcamp=published_links%2Frss%2Fcompanies_support-services%2Ffeed%2F%2Fproduct'|'2017-01-06T01:51:00.000+02:00'
'01de1ebb350e47c2a0f30d2196a193a1a8c8b8a9'|'Bayer says had productive meeting with Trump over Monsanto deal'|'Market News - Thu Jan 12, 2017 - 5:10am EST Bayer says had productive meeting with Trump over Monsanto deal By Ludwig Burger and Patricia Weiss - FRANKFURT FRANKFURT Jan 12 German drugs and pesticides maker Bayer, which will need regulatory approval for its $66 billion deal to buy U.S. seeds giant Monsanto, said company chief executives had a productive meeting with U.S. president-elect Donald Trump. Trump talked to Bayer Chief Executive Werner Baumann, Monsanto CEO Hugh Grant and some of their advisers in New York, his transition team said on Wednesday, part of meetings before he takes office later this month. "It was a productive meeting about the future of agriculture and the need for innovation," a Bayer spokesman said on Thursday, declining to provide more details for the moment. The fate of major proposed mergers, not just Bayer-Monsanto but also Dow Chemical and DuPont, which plan to spin off their combined agriculture businesses, will be decided by Trump''s nominees to lead antitrust enforcement at the Justice Department and the Federal Trade Commission. Antitrust and industry experts see the regulatory hurdles to a deal as manageable because Bayer''s main business in agriculture is pesticides while Monsanto''s focus is on genetically modified seeds. Under such a scenario, Bayer could at worst be asked to divest soybean, cotton and canola seed assets as well as LibertyLink-branded crops that are resistant to its glufosinate herbicide, an important alternative to Monsanto''s Roundup Ready seeds. But uncertainty remains over what regulators will make of the merged group''s grip of the overall agriculture market, with a combined market share in seeds and pesticides of about 28 percent. Critics argue this dominant market position will allow it to crimp research and development efforts. Bayer has said that much needed innovation will come from combined seeds-chemicals offerings and that it needs to merge to compete against other integrated suppliers such as the future Dow-Dupont. Monsanto shares closed little changed at $108.45 on Wednesday, offering an 18 percent upside to Bayer''s takeover bid of $128 per share or $66 billion in total. Bayer shares were down 0.6 percent at 100.40 euros at 0942 GMT. The meeting took place on the day of Trump''s first news conference as president-elect, which also saw him slam drug companies as "getting away with murder" in what they charge the government for medicines. Bayer, the inventor of aspirin, is among the world''s top 20 pharmaceutical groups, with products including Yasmin birth-control pills and stroke prevention drug Xarelto. (Editing by Keith Weir) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/monsanto-ma-bayer-trump-idUSL5N1F225I'|'2017-01-12T17:10:00.000+02:00'
'bb9f4ebc8b35e2df84d7a7884313a2682b0c6f24'|'Brazil court decision could stifle loans to states -officials'|'Bonds  34pm EST Brazil court decision could stifle loans to states -officials By Alonso Soto - BRASILIA BRASILIA Jan 10 Brazil''s federal government is less likely to authorize cash-strapped states to raise fresh debt after the Supreme Court forced the Treasury to use its own money to honor loans not paid by the Rio de Janeiro state, three government officials told Reuters on Tuesday. As the guarantor of nearly all loans contracted by states, the Treasury has withheld states'' own tax revenues to honor missed payments. However, last week''s court order prevents the government from withholding those tax revenues, meaning it has to use its own resources to honor unpaid debts. Over the last five years, Rio accumulated billions of dollars in government-backed loans with state-run lenders and multilateral banks to pay for infrastructure ahead of the 2014 World Cup and 2016 Olympics. But Rio, like several other Brazilian states, is unable to pay back the money as the country''s worst recession on record drags down its tax income and oil royalties. Hospitals across Brazilian states are running out of supplies, police and teachers are not being paid and badly needed infrastructure projects are frozen because of the crunch. "The decision was well intentioned, but it creates a huge problem. It fuels legal uncertainty that could undermine future loans," said one of the officials who asked not to be named because he was not allowed to speak publicly. That uncertainty could discourage Brazil''s Treasury from approving new debt to states, said a senior finance ministry official who also requested anonymity. The ruling added pressure on President Michel Temer to reach a deal with Rio de Janeiro this week to ease its financial crisis before 6.5 billion reais ($2 billion) in local and external debts are due this year. The treasury''s press office declined to comment for the story. A deal with Rio would lift the order the head of the Supreme Court, Carmen Lucia, that forced the federal government to release 374 million reais for Rio de Janeiro to pay for wages and services. Critics say that such legal uncertainty hampers investment, as individual judges have broad discretion to suspend debt contracts, award labor compensations and halt building projects. "If the court continues to grant those injunctions to states without any fiscal adjustment then we will have a problem," said Carlos Kawall, chief economist with Banco Safra and former head of the national treasury The government paid 2.2 billion reais in debt Rio failed to honor last year, according to the Treasury. The state missed payments to the Inter-American Development Bank (BID) and Agence Française de Developpement. Rio has about 340 million reais in payments due to the World Bank next year, according to the state''s finance secretary. Other states are considering asking for similar injunctions to prevent the government from withholding their transfers. When a loan is not paid by a state, the federal government withholds federal revenues earmarked for those local governments to honor their obligations. ($1 = 3.197 reais) (Reporting by Alonso Soto; Editing by Lisa Shumaker) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/brazil-economy-states-idUSL1N1F00WG'|'2017-01-11T04:34:00.000+02:00'
'77431217c0525ca8baf7ccfbab9739a05c94f82e'|'Italy''s UBI to clinch buy of three rescued banks this week - sources'|'Deals - Tue Jan 10, 2017 - 8:38pm GMT Italy''s UBI to clinch buy of three rescued banks this week: sources A logo of UBI bank (Unione di Banche Italiane) is seen in downtown Rome July 23, 2010. REUTERS/Alessandro Bianchi MILAN Italy''s fifth-biggest bank UBI ( UBI.MI ) is expected to agree this week to buy three small lenders that have been rescued from bankruptcy and have failed to attract rival bids, two sources close to the matter said on Tuesday. Following the rescue in November 2015 of Banca Etruria, Banca Marche, CariChieti and CariFerrara, Italy has struggled to find a buyer for them. It rejected bids from private equity funds over the summer as too low. UBI has expressed an interest in buying three of the lenders, but set conditions including the offloading of 2.2 billion euros ($2.3 billion) in bad debts which banking industry bailout fund Atlante is set to acquire. The sale to UBI was expected to be finalised by the end of 2016. But sources said last week the deal had been delayed because the EU Commission had told Italy''s resolution fund, which owns the banks, to ask the rejected bidders if they were still interested. One of the sources said a dozen letters sent out to investors to invite fresh bids had remained unanswered. "Over the next few days the deal will be wrapped up," a second source said. (Reporting by Andrea Mandala Writing by Valentina Za; Editing by Ruth Pitchford) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-italy-banks-ubi-banca-m-a-idUKKBN14U2KD'|'2017-01-11T03:38:00.000+02:00'
'8781b210efd170db6271c96d5df74d9ce15da5f6'|'France''s Ipsen to buy some Merrimack assets for up to $1 billion'|'Business News - Mon Jan 9, 2017 - 2:39am GMT France''s Ipsen to buy some Merrimack assets for up to $1 billion French drugmaker Ipsen SA ( IPN.PA ) said on Monday it would buy some assets of U.S. peer Merrimack Pharmaceuticals Inc ( MACK.O ), including its pancreatic cancer treatment Onivyde, for up to $1 billion. Ipsen will pay $575 million at the closing of the deal and up to $450 million more, contingent on some approvals for Onivyde in the United States. The deal would give Merrimack the resources to fund the development of three new compounds targeting pancreatic, lung, and other types of cancers. It would boost Ipsen''s portfolio, which has traditionally focused on endocrinology. Ipsen will get exclusive commercialization rights for Onivyde in the United States, the current licensing agreements with Shire Plc ( SHP.L ) for commercialization rights excluding the United States and with PharmaEngine Inc ( 4162.TWO ) for Taiwan. The deal also includes Merrimack''s commercial and manufacturing assets, Ipsen said. Merrimack plans to return at least $200 million to stockholders through a special cash dividend, which equates to about $1.54 per outstanding common share. The deal, to be funded by Ipsen''s existing cash and lines of credit, would be dilutive to the drugmaker''s earnings in 2017 but will add to it from 2018 both in operating margin and earnings per share, the company said. MTS Health Partners LP and Dechert LLP advised Ipsen on the deal. BofA Merrill Lynch and Credit Suisse Securities (USA) LLC were advisers to Merrimack. Reuters reported the deal on earlier on Sunday, citing people familiar with the matter. (Reporting by Ismail Shakil in Bengaluru; Editing by Peter Cooney and Gopakumar Warrier) Next In Business News Asian stocks bounce on U.S. cues though dollar gains may clip wings HONG KONG Asian stocks edged higher on Monday, helped by a strong Wall Street, and the dollar stood tall against rivals after the latest U.S. payrolls data indicated strong underlying wage growth, strengthening the case for more rate increases in 2017.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-merrimack-pharma-m-a-ipsen-idUKKBN14T05F'|'2017-01-09T09:39:00.000+02:00'
'4f5739d08a6265284e79473ca0f1513b37b6d307'|'Trump praises Ford, Fiat Chrysler for U.S. investments'|'DETROIT President-elect Donald Trump praised Ford Motor Co and Fiat Chrysler Automobiles NV on Monday for announcing new investments in the United States after he made U.S. auto production a key part of his campaign.Ford announced last week it would abandon plans to build a $1.6 billion plant in Mexico and would invest $700 million in a Michigan plant over four years, while Fiat Chrysler said Sunday it will invest $1 billion and add 2,000 jobs at plants in Ohio and Michigan to build new SUVs and pickup trucks.Both companies have said they made the decision for business reasons and not because of pressure from Trump, but praised Trump for seeking to improve the climate for businesses to operate in the United States.Trump, who takes office on Jan. 20, has repeatedly singled out companies in the auto sector and other industries for not doing more to keep jobs in the United States.He also criticized Toyota Motor Corp last week for shifting production of its Corolla from Canada to Mexico. The company has said there is no impact on U.S. employment as a result of the change."It''s finally happening - Fiat Chrysler just announced plans to invest $1BILLION in Michigan and Ohio plants, adding 2000 jobs," Trump said in a tweet. In a follow up tweet, he added: "Ford said last week that it will expand in Michigan and U.S. instead of building a BILLION dollar plant in Mexico. Thank you Ford & Fiat C(hrysler)."(Reporting by Susan Heavey in Washington and David Shepardson in Detroit; Editing by Chizu Nomiyama and Frances Kerry)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/usa-trump-autos-idINKBN14T1N9'|'2017-01-09T11:59:00.000+02:00'
'4c04b8fe4b3f2c19aaf6be4c855b82b54601e043'|'Valeant to sell Dendreon unit to China''s Sanpower for $819.9 mln'|'Deals - Mon Jan 9, 2017 - 11:02pm EST Valeant to sell Dendreon unit to China''s Sanpower for $819.9 million A sign for the headquarters of Valeant Pharmaceuticals International Inc is seen in Laval, Quebec June 14, 2016. REUTERS/Christinne Muschi/File Photo Valeant Pharmaceuticals International Inc ( VRX.TO ) said its affiliate will sell its Dendreon Pharmaceuticals business to China''s Sanpower Group Co Ltd for $819.9 million in cash. Valeant will use the proceeds to repay its term loan debt under its senior credit facility, the company said on Monday. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Sunil Nair) Next In Deals Mars to buy pet healthcare provider VCA for $7.7 billion Candy and pet food conglomerate Mars Inc is buying veterinary hospital operator VCA Inc for $7.7 billion in a deal that will give the maker of Pedigree pet food an even bigger share of the $4 billion global pet healthcare market.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-dendreon-m-a-sanpower-idUSKBN14U0B7'|'2017-01-10T10:58:00.000+02:00'
'2c162dcdd340035b7493a8a76fdcf9bb41bed43f'|'Foundation Building Materials files for IPO of up to $100 mln'|'Jan 13 Foundation Building Materials:* Foundation building materials files for IPO of up to $100 million - sec filing* Foundation building materials inc says intend to apply to list common stock on the New York stock exchange under the symbol "FBM"* Foundation building materials - Deutsche Bank Securities, Barclays, and RBC Capital Markets are underwriters to the IPO Source text ( bit.ly/2itKSM1 )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1F30T8'|'2017-01-13T19:18:00.000+02:00'
'9b19316914799d580ba392d0dba355b1c5f8a69a'|'10 ways to cut your tax bill - Money'|'F or many people this month means tackling one of the dreariest jobs of the year – filling in a tax return ahead of the 31 January deadline. But there are numerous ways that you can legally reduce your bill by using rebates and allowances, without resorting to dodgy tactics. Some are new tax breaks that have only come into force in recent years, while others have always been available but are little known.1 The marriage allowance – save up to £432This works if one person in a couple is a low earner, but millions of people are failing to take it up. Since April 2015 couples in which one person pays no tax because their income is less than the personal allowance (currently £11,000) have been able to transfer £1,100 of that allowance to their tax-paying partner. The rebate is worth £220 a year. It only applies if the earning partner (married or civil partnership) earns £11,000-£43,000. So far it has only been taken up by 1.3 million of the eligible 4.2 million people. Applicants can backdate their claim to the previous tax year, and receive a payment of up to £432.This applies whether you have to fill in a tax return or not. Go to Gov.uk/marriage-allowance to claim.Meanwhile, given that everyone gets a personal tax allowance (the amount of income each of us can receive without paying any tax, currently £11,000) – it makes no sense for one person in a couple to pay tax on their savings or buy-to-let investment, particularly at a higher rate, while the other pays nothing. You can shift savings and assets into an account in your partner’s name. Richard Morley, tax partner at accountants BDO, says couples can give each other up to £11,100 a year without incurring capital gains tax.The first £1,000 of interest you receive from savings is tax-free if you are a basic-rate taxpayer2 Share dividend income – now virtually tax-freeDid you know that since April 2016, the first £5,000 you receive in share dividends is tax-free, meaning you don’t have to declare any income below that. If you receive more than £5,000, basic-rate taxpayers have to declare and pay 7.5% tax while higher-rate taxpayers pay 32.5%. It makes investing in shares for an income an attractive, though of course much riskier, proposition compared to deposit accounts.3 Pay no tax on your savingsUnder the new Personal Savings Allowance, the first £1,000 of interest you receive from savings is now also tax-free if you are a basic-rate taxpayer. If you are a higher-rate taxpayer the threshold is £500. It is only if your savings income exceeds the allowance that any tax is due on it. Tax is no longer deducted at source by the banks/building societies – if tax is due you can pay it via self-assessment or have it deducted via PAYE through an adjustment in your tax code.Higher-rate taxpayers should remember they can invest £15,240 in tax-free Isas each year – in either cash or shares.4 Claim back some money on charitable donationsIf you are a higher-rate taxpayer and have made gift-aided charitable donations during the year you can claim back the higher-rate tax you have paid. If you donated £100 to your favourite charity, the total value of your donation was £125, and you can claim back £25 if you pay tax at 40% (£125 × 20%). National Trust membership (currently £111 a year for a family) is worth a £27.75 rebate to higher-rate taxpayers, provided it was gift aided.5 Any mileage in this allowance?Staff paid a mileage allowance to use their own car can offset some cash if their employer pays them less per mile than the permitted rate. If you run a car or van and are paid less than 45p a mile for the first 10,000 business miles travelled you can claim the difference. For any business mileage in excess of 10,000 miles you can claim 25p per mile.Facebook Twitter Pinterest For any business mileage in excess of 10,000 miles you can claim 25p per mile. Photograph: Scott Barbour/Getty Images6 Professional/union fees are deductible in some casesHM Revenue & Customs has a list of approved bodies whose fees you can deduct from your income before tax. The National Union of Teachers (£177 a year) and Norfolk Association of Agricultural Valuers are on the list. The National Union of Journalists isn’t.7 ... And so are some uniform costsHMRC has agreed flat-rate deductions – typically £80-£140 a year – for employees working in a long list of different occupations who are required to wear a uniform. For example, prison officers can claim £80 a year. If your occupation isn’t listed you may still be able to claim a standard annual amount of £60 in tax relief.8 Airbnb – it’s tax-free up to a pointIf you have been taking in guests during the year via Airbnb, or you have housed students or a lodger, you don’t have to declare any income of up to £7,500 (once costs are deducted) as it comes under the auspices of the Rent a Room scheme, says Morley. Incomes above that amount must be declared in the usual way.It’s a similar story for those who buy and sell on auction sites. From next April any income of up to £1,000 a year gained in this way will no longer have to be declared, says Morley.Facebook Twitter Pinterest You don’t have to declare any income of up to £7,500 as it comes under the auspices of the Rent a Room scheme. Photograph: Alamy Stock PhotoHowever, money earned in the last tax year should be declared – minus reasonable costs.Be aware that HMRC is reportedly targeting individuals and businesses who earn substantially more a year, and is comparing payments data with tax returns to catch those not declaring large incomes from eBay and Airbnb.9 Claim if you do other workIf you earn some extra money in a self-employed capacity, deduct all reasonable costs before you declare it. If you work from home you can claim a proportion of costs, such as lighting, heating, cleaning, insurance, mortgage interest, council tax, water rates and general maintenance. If one room out of your home’s 10 is used one day a week, do the maths to come up with a reasonable deduction. HMRC won’t allow you to deduct your full phone and broadband costs as it assumes you incur these anyway.Note that if you earn less than £1,000 a year in this way you will able to disregard it after next April – as per the eBay rule.10 Check your tax code is correctEvery PAYE employee has a tax code that shows the allowances and deductions that are used to calculate your tax bill. HMRC uses certain assumptions – you receive private medical insurance or you have a company car – to calculate its monthly deductions.The problem is that these things can change, and it is easy to end up paying the wrong amount of tax. Morley says some changes – particularly the award of (or the giving up of) a company car – will have a big impact on your deductions. He advises anyone whose affairs have substantially changed, or those with an incorrect code, to contact HMRC immediately.'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/jan/14/10-ways-cut-tax-bill-file-tax-return'|'2017-01-14T15:00:00.000+02:00'
'ad18ae29e012bb31560e67f51420aa6cf34b166c'|'Business minister has full confidence in Swiss National Bank: report'|'Business News - Sat Jan 14, 2017 - 5:09am GMT Business minister has full confidence in Swiss National Bank: report Johann Schneider-Ammann smiles as he attends a welcome ceremony at the National Palace in Mexico City, Mexico, November 4, 2016. REUTERS/Edgard Garrido ZURICH Switzerland''s business minister said he supported the Swiss National Bank and its monetary policy, but added that a euro-Swiss franc exchange rate of 1.15 would be welcome. The currency is currently trading at 1.0721 versus the euro. Two years ago, the bank upended currency markets by suddenly scrapping its limit on the franc. "I have great confidence in the SNB and its policies," Johann Schneider-Ammann said in Saturday''s Neue Zuercher Zeitung newspaper. "The SNB is not infallible, but it is independent and is aware of its responsibilities," he added. "It operates with a great deal of sensitivity and skill." The Swiss franc soared in value versus the euro, the currency of Switzerland''s main export market, when the SNB scrapped a long-standing cap on the currency on January 15, 2015. Schneider-Ammann said a euro-franc exchange rate of around 1.15 would be tolerable for most Swiss business, and would allow long-term investments to be made. Swiss companies had coped better than expected with the stronger currency, he said, although there could be long-term consequences, he said. "The longer that business, above all SMEs, sacrifice their profit margins to stay in the market, the less are they able to invest and innovate. "Because the investment ability of some SMEs has suffered, the full effect of the currency shock has been delayed." (Reporting by John Revill; editing by Andrew Roche) Next In Business News Sony Entertainment CEO exiting for a top role at Snap LOS ANGELES Sony Entertainment Chief Executive Michael Lynton will step down to become chairman of the board of messaging app owner Snap Inc, a move that puts an experienced Hollywood executive in a prominent role as the technology company prepares for an initial public offering.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-swiss-snb-minister-idUKKBN14Y04O'|'2017-01-14T12:09:00.000+02:00'
'80cfd2ba4aeb55825c7b189d9d22111824382828'|'U.S. judge to issue decision on Hanjin sale of stake in terminal operator'|'Business News - Sat Jan 14, 2017 - 12:56am GMT U.S. judge to issue decision on Hanjin sale of stake in terminal operator A Hanjin Shipping Co ship is seen stranded outside the Port of Long Beach, California, September 8, 2016. REUTERS/Lucy Nicholson/File Photo By Jim Christie - SAN FRANCISCO SAN FRANCISCO The judge overseeing the U.S. bankruptcy case of Hanjin Shipping Co Ltd ( 117930.KS ) said on Friday he will likely announce on Wednesday whether he will approve the South Korean company''s sale of its stake in a U.S. terminal operator after conferring with his South Korean counterpart. "I do intend to render a decision probably on Wednesday and I''ll just read it into the record," Judge John Sherwood said at the end of an all-day hearing in which container companies argued against the sale. Hanjin is selling its 54 percent stake in Total Terminals International LLC for $78 million (£64 million) to Luxembourg-headquartered Terminal Investment Ltd in a deal that also includes forgiving $54.6 million in debt. The deal has already been approved in court in South Korea. The container companies are creditors of Hanjin and are concerned whether it is getting top dollar for the stake in Total Terminals under the deal with Terminal Investment. The container companies are also concerned about sale proceeds going to South Korea, where they believe their claims may not be treated fairly. Lawyers for Hanjin and Total Terminals, which operates container terminals at the ports of Seattle and Long Beach, California, countered the sale must be concluded to raise proceeds and because Total Terminals is on the brink of bankruptcy. Hanjin, the world''s seventh-largest container line, filed for bankruptcy in August, triggering chaos for importers and exporters using its vessels. Its U.S. Chapter 15 bankruptcy case has been marked by confusion over assets in the United States and proceedings in South Korea. (Reporting by Jim Christie; Editing by Leslie Adler) Next In Business News Sony Entertainment CEO exiting for top role at Snap LOS ANGELES Sony Entertainment Chief Executive Michael Lynton will step down to become chairman of messaging app owner Snap Inc, a move that puts an experienced Hollywood executive in a prominent role as the technology company prepares for an initial public offering.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bankruptcy-hanjin-idUKKBN14Y00T'|'2017-01-14T07:56:00.000+02:00'
'9d3a6626e282a7d197577996a6ba100bce613867'|'Sony Entertainment CEO Lynton to step down; to become Snap Inc chairman'|'Business News - Fri Jan 13, 2017 - 11:34pm GMT Sony Entertainment CEO Lynton to step down; to become Snap Inc chairman Michael Lynton, CEO Sony Entertainment and CEO and chairman Sony Pictures Entertainment, speaks during an investors'' conference at the company''s headquarters in Tokyo November 18, 2014. REUTERS/Toru Hanai Sony Corp said on Friday Michael Lynton would step down as chief executive of its movie and music businesses, Sony Entertainment, effective Feb. 2. Lynton will join as chairman of Snap Inc, the parent of popular messaging app Snapchat. ( bit.ly/2jG9IWI ) Snap - in which Lynton is an early investor - is expected to go public early this year, vying for a $25 billion (£20.5 billion) valuation. Lynton, who has been with Sony for 13 years, will stay on as co-CEO of Sony Entertainment for the next six months. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Maju Samuel)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sony-moves-lynton-idUKKBN14X2M1'|'2017-01-14T06:34:00.000+02:00'
'075fd0bcf6050ab42d272cd008996f9140f1e82c'|'Canadian home prices rise in December - Teranet'|'Economic News  30am EST Canadian home prices rise in December - Teranet OTTAWA Jan 12 Canadian home prices rose in December from a month earlier as prices continued to soar in Toronto, the biggest market, and Victoria, while Vancouver prices fell again, the Teranet-National Bank Composite House Price Index showed on Thursday. The index, which measures price changes for repeat sales of single-family homes, showed national home prices rose 0.3 percent last month from November. Prices were up 12.3 percent from a year earlier, the largest 12-month increase since 2010. (Reporting by Andrea Hopkins) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/canada-economy-housing-idUSL1N1F20JQ'|'2017-01-12T20:30:00.000+02:00'
'd419fbb1287ba5ecf2d211949385d0621a308ad6'|'Brazil''s Camargo Correa seeks new plea deal over corruption -Veja - Reuters'|'SAO PAULO Jan 14 Construtora Camargo Correa SA, one of Brazil''s biggest engineering firms, is in talks with federal prosecutors for a new plea bargain deal linked to the country''s sweeping "Operation Car Wash" corruption scandal, weekly magazine Veja said on Saturday.According to Veja, which cited people with direct knowledge of the talks, lawyers for Camargo Correa are negotiating plea deals for 40 executives, including a member of the family that controls Camargo Correa''s parent, Camargo Correa SA.In an emailed statement to Reuters, Construtora Camargo Correa said it was the first company to seek a full leniency deal with prosecutors investigating the scandal. It promised to continue cooperating with authorities but did not comment further on the Veja report.The media office of Brasilia-based Prosecutor General Rodrigo Janot''s office did not respond to calls seeking comment.In August 2015, the builder agreed to return 700 million reais ($217 million) to state-controlled firms for damages related to bribery and price-fixing practices uncovered by the Operation Car Wash probe.The inquiry has centered on state-controlled oil company Petróleo Brasileiro SA, commonly known as Petrobras, and has uncovered systemic corruption at other state firms and officials at the highest levels of government.The probe has roiled Brazil''s political and business establishment, sending dozens of businessmen, politicians and officials to jail while also helping to put an end to the leftist Workers Party''s 13-year rule last year.($1 = 3.2205 reais) (Reporting by Guillermo Parra-Bernal; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-camargo-correa-idINL1N1F409L'|'2017-01-14T11:52:00.000+02:00'
'8c321c6922b33e07c9262feaf2d5bda168a81632'|'Deutsche Bank sees chance to set out future course after U.S. settlement'|'Business News  25am EST Deutsche Bank sees chance to set out future course after U.S. settlement The logo of Germany''s largest business bank, Deutsche Bank is seen in front of one of the bank''s office buildings in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach By Matthias Inverardi - DUESSELDORF, Germany DUESSELDORF, Germany Deutsche Bank ( DBKGn.DE ) plans to put its home German market and corporate customers at the center of its plans when it spells out more of its future strategy over the next few months, the lender''s finance chief said on Friday. Marcus Schenck''s remarks make clear that the bank feels it is finally able to focus on reshaping its core business, after last month agreeing a $7.2 billion penalty over the sale of U.S. toxic mortgage debt -- its largest in a long line of legal battles. "We want to go on the offensive," Chief Financial Officer Schenck told a gathering of customers, striking an upbeat tone after months of uncertainty over the fine that had prompted fears that Germany''s largest bank would need a state bailout. "We want to score goals," he said, expressing relief that the fine had now been agreed. The penalty was lower than the $14 billion at first suggested by U.S. authorities. The original organizational change, launched in October 2015 by Chief Executive John Cryan, aimed to cut costs by reducing g staff numbers and overheads and selling off some non-core businesses. But toward the end of last year, staff numbers had barely changed from around 100,000 and there was little clarity on what the bank''s long-term business model would look like, increasing pressure on management to speed up its turnaround. Even Christine Lagarde, the head of the International Monetary Fund, had taken the unusual step of questioning the bank''s business model, urging it to "decide what size it wants to have". There have, however, already been some indications about the direction the bank will take. In November, two people familiar with the matter said that Deutsche Bank was looking to cut its loan securitization business further starting with repackaged U.S. mortgages. As well as rolling back the repackaging and resale of U.S. mortgages, European car loan securitization and other areas may also be cut, the people said. Such a move would mark a retreat from a core business that helped Deutsche become one of the most dominant investment banks in the world before the financial crash. In paring back its presence, Deutsche would be responding not only to tighter regulation but also tougher market conditions. (Writing By John O''Donnell; Editing by Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-germany-deutsche-bank-idUSKBN14X1TJ'|'2017-01-13T22:25:00.000+02:00'
'9d150a95668ec7681d5153f36f2d534234d92c15'|'Exclusive - Credit Agricole exits government bond dealer roles in Austria, Ireland'|' 59am GMT Exclusive - Credit Agricole exits government bond dealer roles in Austria, Ireland The logo of the Credit Agricole Bank is seen on the bank''s headquarters in Kiev, Ukraine, April 25, 2016. REUTERS/Valentyn Ogirenko By Abhinav Ramnarayan - LONDON LONDON Credit Agricole''s investment banking arm said on Friday it had decided to cease acting as a primary dealer in government bonds for Austria and Ireland, and in treasury bills for the Netherlands. The bank is the latest to have given up primary dealer roles in Europe, a trend that threatens to increase liquidity constraints and could eventually make it more expensive for some countries to borrow. The bank reviewed its government bond business to take account of the impact of new regulations on banks'' balance sheets and profitability, a spokeswoman for the bank said in an emailed statement to Reuters. "Credit Agricole CIB remains committed to the Government Bonds business. This activity remains a core business of the bank and is part of its fixed income franchise," she said. Of the other investment banks to have taken similar decisions, the most notable was Credit Suisse, which in 2015 pulled out of making markets for most European countries. Societe Generale withdrew from the UK later the same year, ING quit Ireland, Commerzbank left Italy, and Belgium did not re-appoint Deutsche Bank as a primary dealer and dropped Nordea as a recognised dealer. COST/BENEFIT CALCULATION "It is another mid-sized player leaving this sector," said a rival banker who manages government bond transactions. "Shrinking balance sheets are forcing many banks to re-examine whether or not they can stay in this space. The competition is diminishing." Primary dealers are charged with buying government bonds directly from a country''s debt management office and selling them on to investors in the market. They are typically also entrusted with maintaining secondary trading activity, which entails holding a portion of the government bonds on their balance sheets for a period. With regulators keen for banks to reduce the size of their balance sheets, many are having to reconsider whether this activity is worth the cost. Government debt officials have taken note and some have had to adapt to address the issue. Belgium''s head of debt, Anne Leclercq, said in November that the country was selling more to hedge funds in bond syndications to allow them to fill the role of providing secondary trading activity. (Reporting by Abhinav Ramnarayan; Editing by Kevin Liffey) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-bonds-creditagricole-exclusi-idUKKBN14X0Z0'|'2017-01-13T16:59:00.000+02:00'
'cf935005c0fa14e752410935f0125fd5e0c0d158'|'Brazil''s Renova sells wind farm project to AES Brasil for $204 mln'|'SAO PAULO Jan 13 Renova Energia SA has agreed to sell a wind farm project to the local unit of AES Corp for about 650 million reais ($204 million) as part of efforts by the Brazilian renewable power company to repay debt and ease a cash crunch.Renova has entered into a binding agreement to sell the Alto Sertão II project to AES Tietê Energia SA, a subsidiary of AES Brasil SA, it said in a Friday securities filing.Reuters had reported this month that Renova was in advanced talks with AES Brasil over Alto Sertão II.($1 = 3.1878 reais) (Reporting by Ana Mano and Guillermo Parra-Bernal; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/renova-energia-ma-aes-tiete-energ-idINL1N1F30BV'|'2017-01-13T07:30:00.000+02:00'
'c6a96bbb78353eb98474881721e5f758f4a7ca79'|'TSMC guides slightly lower Q1 revenue vs Q4, margins seen holding steady'|'Jan 12 Taiwan Semiconductor Manufacturing Co* Guides Q1 revenue T$236 billion ($7.44 billion) - T$239 billion* Guides Q1 gross margin 51.5 percent-53.5 percent (versus 52.3 percent in Q4 2016)* Guides Q1 operating margin 40.5 percent-42.5 percent (versus 41.9 percent in Q4 2016)* Says sees 2017 global smartphone shipment units +6 percent* Says expects its 2017 revenue to grow 5 percent to 10 percent in U.S. dollar terms ($1 = 31.7270 Taiwan dollars) (Reporting by J.R. Wu; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/finance/article/idINT8N1EM00J'|'2017-01-12T03:27:00.000+02:00'
'082306795d4b82a47af3c69e4944337d2b86795f'|'China''s COSCO secures $26 bln financing pledge from CDB'|'Industrials   2:50am EST China''s COSCO secures $26 bln financing pledge from CDB SHANGHAI Jan 12 COSCO Shipping Corporation said policy lender China Development Bank has pledged to provide it with 180 billion yuan ($26 billion) in financing in the years through 2021 to support the Chinese shipping giant''s business development. Cosco Shipping said in a statement on its website late on Wednesday that the financing would be provided through various financial products. It did not provide details of how the financing would be used, but said the agreement was to serve China''s "One Belt, One Road" strategy and efforts to deepen state-owned enterprise reform. Formed through the merger of China''s two largest shipping companies in February, COSCO Shipping owns the world''s fourth-largest container shipping fleet by capacity, run by its flagship listed unit, China COSCO Holdings . The company is one of the earliest results of China''s mission to reform its bloated state sector and has been suffering losses. In October, its container shipping arm warned of a full-year loss. ($1 = 6.9111 Chinese yuan) (Reporting by Brenda Goh; Editing by Jacqueline Wong) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/cosco-china-development-bank-idUSL4N1F22SF'|'2017-01-12T14:50:00.000+02:00'
'92e19e1922dde01673653fa9a404981afae2065b'|'Italy''s UBI plans 400 million euros share issue to buy three rescued banks'|'  7:58am GMT Italy''s UBI plans 400 million euros share issue to buy three rescued banks UBI Banca Popolare Commercio & Industria logo is seen in Milan, Italy, February 28, 2016. REUTERS/Stefano Rellandini/File Photo MILAN Italy''s fifth-largest bank UBI Banca ( UBI.MI ) said on Thursday it would launch a share issue for up to 400 million euros (347.17 million pounds) to strengthen its capital after offering to take over three small rescued banks. UBI approved a binding offer worth 1 euro to buy Banca Marche, Banca Etruria and CariChieti, which Italy rescued from bankruptcy in November 2015 and struggled to find a buyer for in the course of last year. Private equity bids were rejected over the summer as too low and an acquisition by UBI took longer than expected partly due to a number of conditions set by the lender. UBI said its offer was subordinated to the fact that Italy''s resolution fund inject 450 million euro in capital into the three banks before the closing of the sale. The banks must also offload 2.2 billion euros in problem loans before then. (Reporting by Valentina Za)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-banks-ubi-m-a-idUKKBN14W0TE'|'2017-01-12T14:58:00.000+02:00'
'4766fbc972d977ed6ea40deb4d00ac405297b41f'|'PRESS DIGEST- British Business - Jan 16'|' 29pm EST PRESS DIGEST- British Business   on the business pages of British newspapers.   The Times Donald Trump: I''ll do a deal with Britain Donald Trump will offer Britain a quick and fair trade deal with America within weeks of taking office to help make Brexit a "great thing". bit.ly/2jzvQCI Co-op Bank takes 50 mln stg pension hit Co-op Bank has agreed to pump millions into the pension scheme of the Britannia Building Society. The struggling lender will hand the group''s pension trustees 50 million pound over the next seven years, as well as placing a 137 million pound portfolio of top-rated mortgages or debt into a custodian account with another bank as security for the scheme. bit.ly/2joHN0e The Guardian BlackRock demands cuts to executive pay and bonuses BlackRock Inc, the world''s largest asset manager, is threatening to unleash a fresh wave of shareholder rebellions in the UK unless Britain''s largest companies rein in excessive boardroom pay. BlackRock is demanding cuts to director pension entitlements and an end to huge pay rises as UK companies prepare to put their latest pay deals to shareholders. bit.ly/2jT6Hq0 Fischer Energy joins UK retail market with 100% renewable offer The ranks of the 40-plus energy companies jostling for householders'' business will swell on Monday with the launch of a new supplier that delivers electricity from windfarms. Fischer Energy hopes to sign up 40,000 customers in the first year to its single variable tariff, with renewable power bought from Denmark''s Dong Energy. bit.ly/2jUM4tr The Telegraph Wellesley to freeze crowdfunding campaign as it courts City investors Peer-to-peer property lender Wellesley is suspending its crowd-funding efforts as it courts City investors to help fund its expansion. Wellesley is set to pause its campaign that asked supporters to contribute to a 1.5 million pound investment round, which began about a month ago and had received less than £200,000 in pledges. bit.ly/2jNQyOv Sky News Jeremy Hunt to get 15 million stg payout from Hotcourses sale amid NHS crisis Jeremy Hunt, the Health Secretary, is to land more than 15 million pounds from an education business he helped set up, even as he fights an increasingly intense political battle over the NHS''s latest winter crisis. bit.ly/2iuPH44 Chinese investor buys stake in British aviation pioneer Gilo A British aerospace company dubbed ''the Disneyland of engineering'' is selling a big stake to Chinese investors in a further sign of the demand for UK technology from overseas rivals. Gilo Industries Group, a Dorset-based manufacturer of rotary engines for unmanned aeronautical vehicles and jet-backpacks, has struck a deal with Kuang-Chi, a conglomerate headquartered in Shenzhen, southern China. bit.ly/2jxwNLL   Shareholders to seek part of Peabody Energy reorganization -Barron''s NEW YORK, Jan 15 Shareholders of bankrupt Peabody Energy Corp will seek this week to be part of a reorganized company whose prospects have brightened after a recent surge in coal prices and its stock, Barron''s reported in its Sunday issue.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL4N1F61M3'|'2017-01-16T09:29:00.000+02:00'
'd6ac486dbd750a57a2920c3c0914f2aea4c576db'|'Sterling skids to three-month low as ''hard Brexit'' fears bite'|'Business News - Mon Jan 16, 2017 - 3:24pm GMT Sterling skids to three-month low as ''hard Brexit'' fears bite left right A pedestrian shelters under an umbrella as she walks past a money exchange sign in central London, Britain January 16, 2017. REUTERS/Stefan Wermuth 1/2 left right Bank notes of Euro, Hong Kong dollar, U.S. dollar, Japanese yen, GB pound and Chinese yuan are seen in this picture illustration, January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo 2/2 By Jemima Kelly - LONDON LONDON Sterling skidded to its lowest levels - bar a "flash crash" in October - in 32 years on Monday, hit by fears that Prime Minister Theresa May will say on Tuesday Britain is set for a "hard" Brexit out of the EU and its single market. The pound fell as much as 1.5 percent against the dollar and 2.5 percent against the yen. That shifted the spotlight away from the greenback, which has come under pressure in recent days as investors ponder U.S. President-elect Donald Trump''s likely economic policies after he takes office on Friday. The pound plunged to $1.1983 GBP=D4 in early trade in Asia, depths not seen since a short-lived "flash crash" briefly wiped 10 percent off the currency''s value in a thin market on Oct. 7. Apart from that, it was the lowest level since May 1985. By 1450 GMT (9:05 a.m. ET) sterling had steadied around $1.2075, down around 0.8 percent on the day. Dealers said the market was reacting to various media reports over the weekend that said May would signal plans for a "hard" Brexit in her speech on Tuesday, saying she is willing to quit the European Union''s single market in order to regain control of Britain''s borders. "Every time there''s ''hard Brexit'' headlines, that triggers a fresh bout of selling sterling," said MUFG currency analyst Lee Hardman, in London. "It''s almost impossible to see Europe allowing the UK to remain a full member of the single market if it wants to regain control of the border and the laws and wants to strike its own agreements." Hardman and other London-based analysts said the weekend reports did not add much to what was already known - May''s government has consistently pointed towards giving priority to immigration controls over keeping preferential single market access. They said that was why sterling had not fallen further in European trading hours. U.S. markets were closed on Monday for Martin Luther King day, meaning there was generally less action on other major pairs. Reuters data showed sterling volumes topped 200 percent of monthly averages in the European morning before collapsing to just 59 percent by 1400 GMT. Citi''s head of European G10 currency strategy in London, Richard Cochinos, said Britain''s hefty current account and budget deficits meant it was heavily dependent on foreign capital. The more uncertainty investors feel over Britain''s place in Europe, he said, the more investment dries up. May has said she will trigger Article 50 - starting the formal EU withdrawal talks - by the end of March. But until now, she has revealed few details about what kind of deal she will seek, frustrating some investors, businesses and lawmakers. "SAFE-HAVEN" YEN The euro climbed as much as 1.5 percent against the pound to a two-month high of 88.53 pence EURGBP=, before retreating to 87.85 pence, still up 0.7 percent on the day. Against the yen, which is perceived as a safe haven, sterling fell as much as 2.3 percent to a two-month low of 136.48 yen GBPJPY=, before recovering to trade down around 1.4 percent lower on the day by 1230 GMT. The Japanese currency gained broadly as a risk-off mood permeated through markets, hitting a six-week high of 113.61 yen to the U.S. dollar JPY= . The dollar index was up 0.4 percent .DXY, having racked up its worst performance last week since Trump''s election in November, a reflection of the reversal of the market consensus backing the dollar at the end of last year and, some say, concerns over policy. The new administration is expected to embark on stimulus to boost growth and inflation, prompting the U.S. Federal Reserve to raise interest rates faster. But Trump''s protectionist stance has also added to some investors'' worries over protectionism and global geopolitical risks. "The Trump presidency ... has boosted business confidence but unsurprisingly, key data points like employment and retail sales since the election haven''t been that exciting," said Societe Generale strategist Kit Juckes. "Maybe (Trump''s) Inauguration gets markets looking forwards again though perhaps more in equities than FX." For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Additional reporting by Patrick Graham; editing by Catherine Evans) Next In Business News IMF sees Trump spending aiding U.S. growth, some emerging markets weaker WASHINGTON The International Monetary Fund on Monday lifted its forecast for U.S. economic growth in 2017 and 2018 based on President-elect Donald Trump''s tax cut and spending plans, but said this would largely be offset by weaker growth in several key emerging markets.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-forex-idUKKBN14Z0X5'|'2017-01-16T22:21:00.000+02:00'
'b58cfca504e20db03644282122e87333df8ba39c'|'Trade tensions, dollar danger cloud economic optimism in Davos'|'Mon Jan 16, 2017 - 12:08pm GMT Trade tensions, dollar danger cloud economic optimism in Davos left right FILE PHOTO: Axel A. Weber, Chairman of the Board of Directors of UBS attends the session ''The Growth Illusion'' during the Annual Meeting 2016 of the World Economic Forum (WEF) in Davos, Switzerland January 20, 2016. REUTERS/Ruben Sprich/File Photo 1/4 left right FILE PHOTO: Then Reserve Bank of India (RBI) Governor Raghuram Rajan listens to questions during a news conference at the RBI headquarters in Mumbai, India, August 9, 2016. REUTERS/Danish Siddiqui/File Photo 2/4 left right FILE PHOTO: Harvard Professor and Economist Kenneth Rogoff speaks during the Sohn Investment Conference in New York, May 16, 2012. REUTERS/Eduardo Munoz/File Photo 3/4 left right FILE PHOTO: Participants sit at a bar during the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland January 21, 2016. REUTERS/Ruben Sprich/File Photo 4/4 By Noah Barkin - DAVOS, Switzerland DAVOS, Switzerland A trade war between the United States and China and a strengthening dollar are among the biggest threats to a brightening global economic outlook, according to leading economists at the World Economic Forum in Davos. As political leaders, businessmen and bankers converge on the resort in the Swiss Alps this week, they can draw hope from a more benign economic picture and a rally in global stock markets on expectations of major stimulus under a new U.S. administration led by Donald Trump. The backdrop is brighter than it was a year ago, when concerns about a rapid economic slowdown in China led to what Credit Suisse CEO Tidjane Thiam described at the time as "the worst start to any year on record in financial markets ever". "I am more optimistic than last year. If no major political or geopolitical uncertainties materialize and derail the world economy, it might even surprise to the upside in 2017," Axel Weber, the chairman of Swiss bank UBS ( UBSG.S ) and a former president of the German Bundesbank, told Reuters. Still, there are big storm clouds on the horizon. "It is too early to give the all clear," Weber continued. "This cyclical upswing hides but does not solve the world''s underlying structural problems, which are excessive debt, over-reliance on monetary policy, and adverse demographic developments." Among the biggest concerns for 2017 cited by the half dozen economists interviewed by Reuters was the threat of a U.S.-China trade war, and broader economic tensions, triggered by what they fear could be a more confrontational Trump administration. Trump is threatening to brand China a currency manipulator and impose heavy tariffs on imports of Chinese goods. Last month he named leading China critic Peter Navarro, author of the book "Death by China", as a top trade adviser. "This is the key uncertainty because you don''t know how much the rhetoric is a ploy to get better deals," said Raghuram Rajan, an economist at the University of Chicago who stepped down as governor of India''s central bank last September. "I''m worried about the people he is surrounding himself with. If they have a more protectionist world view and believe the reason the U.S. is not doing well is because others are cheating that creates a certain kind of rhetoric that could end up very badly for the world." CURRENCY RISKS Last month, the U.S. Federal Reserve hiked interest rates for just the second time in a decade, a sign that the lengthy period of ultra-loose monetary policy that followed the global financial crisis may be coming to an end. The World Bank said last week that it expects global growth to accelerate to 2.7 percent this year, up from a post-crisis low of 2.3 percent in 2016, on the back of a pickup in U.S. growth and a recovery in emerging markets fueled by a rise in commodity prices. A year ago in Davos, both Rajan and Weber warned about the limits of loose monetary policy. But now that the Fed is in tightening mode, a new set of risks has emerged. One is a further strengthening of the dollar, which is already hovering near 14-year highs against the euro. A further appreciation could widen the U.S. trade deficit, increasing pressure on Trump to resort to protectionist policies. It could also expose weaknesses in the balance sheets of borrowers outside the United States who have borrowed in dollars but hold domestic currency assets. In Europe, by contrast, a stronger dollar could add fuel to a solid if unspectacular economic recovery, allowing the European Central Bank to plot an end to its own easy money policies including the bond-buying, or quantitative easing (QE), program it recently extended through to the end of 2017. While welcome, this would also come with risks, particularly for the peripheral euro zone countries that have come to depend on QE to keep a lid on their borrowing costs. "Just when you think the euro zone is stable it might turn out not to be," said Kenneth Rogoff of Harvard University, a former chief economist at the International Monetary Fund (IMF). "If U.S. interest rates continue to rise and the dollar appreciates against the euro it''s going to start getting very hard for (ECB President) Mario Draghi to tell the story that he''s doing QE to prop up inflation. If he ever slows down on QE, the vulnerabilities of the periphery countries are huge." EUROPEAN BANKS Rajan and Richard Baldwin of the Graduate Institute in Geneva said they viewed European banks as another big risk for the global outlook. Italy agreed last month to inject about 6.6 billion euros into Monte dei Paschi di Siena ( BMPS.MI ), but the weakness of other Italian banks and German institutions, including Deutsche Bank ( DBKGn.DE ), remain a concern. However the biggest threat may be political. Were French far-right leader Marine Le Pen, who favors a Brexit-style referendum on France''s EU membership, to deliver a Trump-like surprise in the two-round French election in April and May, doubts about the future of the EU and euro zone will increase. The chances of that seem slim for now. A poll last week suggested conservative candidate Francois Fillon would beat Le Pen in a runoff by a 63 to 37 percent margin. But after two seismic political shocks in 2016 - Trump and Brexit - no one is counting her out. "Political surprises may fundamentally alter the currently favorable economic and financial outlook for 2017," said Weber. (Reporting by Noah Barkin; Editing by Pravin Char) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-davos-meeting-economy-idUKKBN1501DY'|'2017-01-16T19:00:00.000+02:00'
'22c2f26d7a30cfa9bc64cc4a40908cae8b73f0a2'|'UPDATE 1-Franklin Templeton''s Zahn: Europe''s bond bull market not over, favours Italy'|'Financials   9:52am EST UPDATE 1-Franklin Templeton''s Zahn: Europe''s bond bull market not over, favours Italy * Franklin Templeton''s Zahn favours Italian bonds * Sees opportunity in French debt if bonds weakens before election * Says bull run in bonds in Europe not over yet * Holds UK bonds as a hedge against hard Brexit (Writes through) By Dhara Ranasinghe LONDON, Jan 16 Franklin Templeton''s David Zahn said on Monday the bull run in European government bonds was not quite over and he favours Italy though he sees opportunity in French bonds should that market come under pressure ahead of elections this year. A three-decade rally in world bond markets is stuttering given signs of a pick-up in economic growth, inflation and a push towards fiscal expansion in the United States under President-elect Donald Trump, who takes office on Friday. Zahn said political risks in the euro zone and the European Central Bank''s bond-buying stimulus scheme, however, would support bonds in the region. "We''re not quite at the end of the bull market in Europe," he said at a Franklin Templeton event in London. Zahn said he favoured Italian bonds and the fund had moved to an overweight position in Italian government debt. "We like 10-year Italy now," said Zahn, a portfolio manager who oversees Franklin Templeton''s European fixed income strategies, which total around 2 billion euros ($2.2 billion). He said Friday''s ratings downgrade of Italy by DBRS was in keeping with what the other ratings agencies have done, while there were a number of reasons to turn positive on Italian debt. "Italy''s debt-to-GDP is starting to peak, Italy will continue with its reforms and it is getting some resolution to the banking system problems," he said. Last year Zahn reduced exposure to Italian bonds as political uncertainty mounted ahead of the Dec. 4 referendum. That position was reversed towards the end of 2016, he said. He said there would be an opportunity to buy French government bonds if the market sold off ahead of voting in the country''s two-stage presidential election due to take place in April and May. He added that the gap between French and German government bonds would have to widen significantly, by 50 basis points, before he was interested in French bonds. The gap between French 10-year bonds and their German peers is 55 basis points. The funds Zahn oversees do not own French government bonds. Zahn also said he held an overweight position in UK bonds, including gilts, which were a good way to hedge against risks of a "hard Brexit". Britain''s pound fell sharply on Monday as concern mounted that the country was heading for a "hard" exit from the European Union and its single market, a day before a speech by Prime Minister Theresa May on the government''s plans. (Reporting by Dhara Ranasinghe; Editing by Mark Heinrich) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-bonds-franklintempleton-idUSL5N1F63I1'|'2017-01-16T21:52:00.000+02:00'
'ad34ff3bd78c5db5d1879903307cc245e661c980'|'China sovereign wealth fund CIC plans more U.S. investments - chairman'|'Business News   3:13am EST China sovereign wealth fund CIC plans more U.S. investments: chairman HONG KONG China Investment Corporation (CIC), the country''s sovereign wealth fund, is looking to raise alternative investments in the United States due to low returns in public markets, its chairman said on Monday. CIC will boost its investments in private equity and hedge funds as well as making more direct investments in the world''s largest economy, Ding Xuedong said at the Asian Financial Forum in Hong Kong. Ding, who is also the chairman of investment bank China International Capital Corporation (CICC) ( 3908.HK ), added that CIC may also look into investing in U.S. infrastructure projects and the manufacturing industry, which are expected to benefit from the policies of incoming President Donald Trump. (Reporting by Julie Zhu and Sijia Jiang; Editing by Kim Coghill) Next In Business News Businesses can unlock $12 trillion via key development goals: Davos study DAVOS, Switzerland Companies could unlock at least $12 trillion in market opportunities by 2030 and create up to 380 million jobs by implementing a few key development goals, according to a study by a group including global business and finance leaders.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-china-us-cn-invst-idUSKBN1500S1'|'2017-01-16T15:12:00.000+02:00'
'de03791199fccb1135eca2f9bed38b712c694f22'|'Germany urges China to match anti-protectionist talk with action'|'Business   7:08am GMT Germany urges China to match anti-protectionist talk with action Chinese President Xi Jinping listens to a speech of Swiss President Doris Leuthard at the seat of the Swiss federal parliament Bundeshaus in Bern, Switzerland January 15, 2017. REUTERS/Arnd Wiegmann BEIJING Germany''s embassy in Beijing on Monday urged China to take action to open its markets to foreign companies to counter rising global protectionism, ahead of Chinese President Xi Jinping''s speech at the World Economic Forum in Davos. Xi is expected to promote "inclusive globalisation" in his keynote address when he becomes the first Chinese president to attend the annual gathering of political leaders, chief executives and celebrities in the Swiss Alps this week. That message will chime with the tone Xi struck at an Asia-Pacific forum in Peru in November, where leaders vowed to fight protectionism and advance multilateral trade deals days after Donald Trump''s U.S. presidential election victory. Foreign businesses in China, however, have long complained about a lack of market access and restrictive government policies that run counter to Beijing''s repeated pledges to continue to free up its markets. Xi would be the "foremost international leader" at the WEF forum, the German embassy said, adding that the world needed "strong political leadership, strong political signals and, above all, credible action that shows we mean what we say when we talk about further opening". "The political leadership of China never ceases to assure us that further opening towards foreign investment, a level playing field between German and Chinese companies, as well as protection of intellectual property, is a priority," the embassy said on its website. "However, many companies keep telling us that their difficulties in these areas have increased," it added. "It often appears that somewhere down the line, political assurances of equal treatment give way to protectionist tendencies." German firms still face market barriers in China, such as the obligation to enter joint-ventures "mostly with a view to transfer technology to the Chinese partner, the majority of them state-owned enterprises", it said. Germany is willing to cooperate with China to combat protectionist and populist trends, and would "strongly welcome" a Chinese defence of open markets at Davos, it said. This year''s WEF forum, running from Tuesday until Friday, is expected to be dominated by discussion of public hostility towards globalisation and of Trump, whose tough talk on trade, including promises of tariffs against China and Mexico, helped win him the White House. Trump will be sworn in on Jan. 20. Germany and China have been involved in an increasingly public dispute about access to each others'' markets, with China complaining about unfair scrutiny of its acquisition targets in Germany, and Germany wanting a more level playing-field for its firms in the world''s second-largest economy. (Reporting by Michael Martina; Editing by Clarence Fernandez) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-davos-meeting-china-germany-idUKKBN1500MH'|'2017-01-16T14:08:00.000+02:00'
'a049aebf1c9e4daf73699cd07da21025dbe8da29'|'UK M&A to drop sharply in 2017 as investors await Brexit clarity - Baker McKenzie'|'Deals - Sun Jan 15, 2017 - 7:09pm EST UK M&A to drop sharply in 2017 as investors await Brexit clarity: Baker McKenzie LONDON Mergers and acquisitions activity in the United Kingdom will drop sharply in 2017 due to uncertainty over the terms of its exit from the European Union, law firm Baker McKenzie said in a report published on Monday. Britain avoided a collapse in mergers and acquisitions activity in 2016 as foreign companies used sterling''s spectacular devaluation against the U.S. dollar to snap up British companies, Thomson Reuters data shows. Baker McKenzie said that while M&A activity would have only a modest impact on European transactions if there was an amicable divorce, the lack of clarity over Brexit could hurt activity in the United Kingdom. "Given Brexit''s impact on business confidence, we expect M&A values to fall by two-thirds in 2017 after numerous large deals in the first half of last year boosted 2016," Tim Gee, London M&A partner at Baker McKenzie said. "Similarly, the potential for market volatility during the UK''s exit from the EU is likely to impact the number of cross-border IPOs coming to market in London during 2017," Gee said. Baker McKenzie and Oxford Economics said they forecast UK M&A values to fall to $125 billion in 2017 from the record $340 billion in 2016. Prime Minister Theresa May has said she will trigger formal Brexit divorce talks with the EU by the end of March. She then has two years to negotiate an exit. Baker McKenzie said it forecast global deal-making to drop slightly in 2017 but to rise in 2018. (Reporting by Guy Faulconbridge; editing by Stephen Addison) Next In Deals U.S. judge to issue decision on Hanjin sale of stake in terminal operator SAN FRANCISCO The judge overseeing the U.S. bankruptcy case of Hanjin Shipping Co Ltd said on Friday he will likely announce on Wednesday whether he will approve the South Korean company''s sale of its stake in a U.S. terminal operator after conferring with his South Korean counterpart.'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-britain-eu-m-a-idUSKBN15000K'|'2017-01-16T07:01:00.000+02:00'
'4b279906f6ee009d941d9313ad26342cb7ab417f'|'Trump threatens German carmakers with 35 pct U.S. import tariff'|'  9:18am GMT Trump threatens German carmakers with 35 pct U.S. import tariff left right FILE PHOTO - A U.S. flag flutters in the wind above a Volkswagen dealership in Carlsbad, California, U.S. May 2, 2016. REUTERS/Mike Blake/File Photo 1/2 left right View of a BMW logo on a wheel at the Mondial de l''Automobile, Paris auto show, during media day in Paris, September 30, 2016. REUTERS/Jacky Naegelen 2/2 FRANKFURT Shares in German carmakers BMW ( BMWG.DE ), Daimler ( DAIGn.DE ) and Volkswagen ( VOWG_p.DE ) fell after United States President-elect Donald Trump warned he will impose a border tax of 35 percent on vehicles imported from abroad to the U.S. market. All three carmakers have invested heavily in factories in Mexico, where production costs are lower than the United States, with an eye to exporting smaller vehicles to the U.S. market. In an interview with German newspaper Bild, published on Monday, Trump sharply criticised the German carmakers for failing to produce more cars on U.S. soil. [nL5N1F50TJ] "If you want to build cars in the world, then I wish you all the best. You can build cars for the United States, but for every car that comes to the USA, you will pay 35 percent tax," Trump said in remarks that were translated into German. "I would tell BMW that if you are building a factory in Mexico and plan to sell cars to the USA, without a 35 percent tax, then you can forget that," Trump said, adding that carmakers will instead have to build plants in the United States. Mercedes-Benz and BMW already have sizeable factories in the United States where they build higher-margin sports utility vehicles (SUVs). BMW shares were down 0.85 percent, shares in Daimler were 1.54 percent lower and Volkswagen shares were trading 1.07 percent lower shortly in early trading in Frankfurt. A BMW spokeswoman said a BMW Group plant in the central Mexican city of San Luis Potosi would build the BMW 3 Series starting from 2019, with the output intended for the world market. The plant in Mexico would be an addition to existing 3 Series production facilities in Germany and China. In June last year, BMW broke ground on the plant, pledging to invest $2.2 billion in Mexico by 2019 for annual production of 150,000 cars. [nL1N1981CK] Daimler has said it plans to begin assembling Mercedes-Benz vehicles in 2018 from a $1 billion facility shared with Renault-Nissan ( RENA.PA ) ( 7201.T ) in Aguascalientes in Mexico. Daimler was not immediately available for comment. Last year VW''s Audi division inaugurated a $1.3 billion production facility with 150,000 vehicle production capacity near Puebla, Mexico. Audi said it will build electric and petrol Q5 SUVs in Mexico. [nL1N1972AM] Audi was not immediately reachable for comment. Trump went on to say Germany was a great car producer, noting that Mercedes-Benz cars were a frequent sight in New York, but claimed there was not enough reciprocity. Germans were not buying Chevrolets at the same rate, he said, calling the business relationship an unfair one-way street. Chevrolet sales have fallen sharply in Europe since parent company General Motors ( GM.N ) in 2013 said it will drop the Chevrolet brand in Europe by the end of 2015. Since then, GM has focused instead on promoting its Opel and Vauxhall marques. (Reporting by Edward Taylor; Editing by Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-germany-autos-idUKKBN1500VS'|'2017-01-16T16:18:00.000+02:00'
'7758ffc35510e62f4cb26219173345e96a959e94'|'Businesses can unlock $12 trillion via key development goals - Davos study'|'Business News - Mon Jan 16, 2017 - 5:06am GMT Businesses can unlock $12 trillion via key development goals - Davos study People leave the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland January 23, 2016. REUTERS/Ruben Sprich By Sujata Rao - DAVOS, Switzerland DAVOS, Switzerland Companies could unlock at least $12 trillion in market opportunities by 2030 and create up to 380 million jobs by implementing a few key development goals, according to a study by a group including global business and finance leaders. The report, released on Monday by the Business and Sustainable Development Commission, said pressure on business to become a "responsible social actor" was likely to grow. The group was launched at the Davos 2016 World Economic Forum to encourage businesses to take the lead in poverty reduction and sustainable development. Members include the chief executives of multinational firms such as Edelman, Pearson, Investec, Merck, Safaricom, Abraaj, Alibaba and Aviva, alongside academics, environmentalists, trade union leaders and philanthropists. The study said businesses have a key role to play in achieving the United Nations'' Sustainable Development Goals (SDG) to end poverty and protect the planet. "Achieving the global goals opens up an economic prize of at least $12 trillion by 2030 for the private sector and potentially 2-3 times more," the study said, adding this could be achieved by action in just four areas - energy, cities, agriculture and health. The $12 trillion - made up of business savings and revenue gains - would be equal to a tenth of forecast global economic output while 90 percent of the new jobs would be in the developing world, the study said. Progress has been slow, however, and the study said businesses are still balking at longer-term investments, preferring instead to sit on cash or return it to shareholders via buybacks and dividends. The 17 SDGs, adopted in September 2015, include targets on such issues as climate, clean water, gender equality and economic inequality. The last of these has grabbed attention in recent years, bringing to prominence populist and nationalist politicians, especially in the West, as anger has grown over stagnant wages, migration, high CEO salaries and corporate tax evasion. "We anticipate much greater pressure on business to prove itself a responsible social actor, creating good, properly paid jobs in its supply chains as well as in its factories and offices," the report said, adding that paying taxes transparently was key to rebuilding social contract. Other steps it urged include pricing pollution via carbon trading and reducing food waste, a step that by itself could be worth up to $405 billion. The cost of achieving these goals by 2030 will likely require $2.4 trillion of additional annual investment, however, especially in infrastructure, the study found. The group recommended "innovative financing" from public and private sector sources to raise this amount, adding: "The global finance system needs to become much better at deploying the trillions of dollars of savings into the sustainable investments that ... the world needs." (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-davos-meeting-development-idUKKBN1500D9'|'2017-01-16T12:06:00.000+02:00'
'4fa62b836bcd2794b1b42959d4ffe83710bcb791'|'India central bank employees urge governor to protect autonomy'|'  6:49am GMT India central bank employees urge governor to protect autonomy left right People queue outside the Reserve Bank of India (RBI) to exchange their old high denomination bank notes in New Delhi, India, December 30, 2016. REUTERS/Adnan Abidi 1/2 left right People walk past the Reserve Bank of India (RBI) head office in Mumbai, India, November 9, 2016. REUTERS/Danish Siddiqui 2/2 By Suvashree Choudhury - MUMBAI MUMBAI The employee union of the Reserve Bank of India (RBI) has urged the bank''s governor to protect central bank autonomy and not allow the federal government to interfere in processes, after criticism over how it handled a ban on high-value currency. The bank and Prime Minister Narendra Modi have been criticised for the implementation of their November decision to abolish high-value bills that accounted for 86 percent of currency in circulation. Economists said slow replacement of the bills undermined the RBI''s reputation for competence, while some raised doubts about the bank''s independence for agreeing to implementation with limited preparation. The RBI''s employee union in a letter to the governor dated Jan. 13 said it was "painful" the central bank was being criticised despite its staff successfully carrying out the "humongous task" of replacing the old bills. It cited a recent local media report saying the finance ministry had sent a bureaucrat to coordinate the bank''s cash operations. "If true, this is most unfortunate and we take strong exception to this measure of the government as impinging on RBI autonomy," the union said in the letter. The RBI did not require any assistance, it said. "Apart from showing RBI operations and its gigantic performance in poor light, the government now blatantly encroaches on its jurisdiction," the union said in the letter, a copy of which was seen by Reuters. An RBI union member confirmed the authenticity of the letter. The RBI did not provide an immediate comment. A finance ministry spokesman declined to comment. Modi''s decision on Nov. 8 to suddenly scrap 500 and 1,000 rupee banknotes as part of a crackdown on tax dodgers and counterfeiters has resulted in severe cash shortages, impacting companies, farmers and households alike. The action has also sparked political concern, with some people in Modi''s own party anxious that the cash crunch could hurt their prospects in states going to the polls this year. One RBI official involved in drafting the union''s letter said employees were worried that government intervention in distributing new bills could be politically influenced ahead of state polls. (Reporting by Suvashree Choudhury; Additional reporting and writing by Aditya Kalra; Editing by Rafael Nam and Christopher Cushing)   Sony Entertainment CEO exiting for a top role at Snap LOS ANGELES Sony Entertainment Chief Executive Michael Lynton will step down to become chairman of the board of messaging app owner Snap Inc, a move that puts an experienced Hollywood executive in a prominent role as the technology company prepares for an initial public offering.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-india-cenbank-idUKKBN14Y06Y'|'2017-01-14T13:49:00.000+02:00'
'7ba7d72806e0e902b459f30b8271a359ae1ca641'|'Moody''s pays $864 million to settle with U.S. over pre-crisis ratings'|'Business News - Sat Jan 14, 2017 - 12:15am GMT Moody''s pays $864 million to settle with U.S. over pre-crisis ratings left right A screen displays Moody''s ticker information as traders work on the floor of the New York Stock Exchange January 20, 2015. REUTERS/Brendan McDermid 1/2 left right The logo of credit rating agency Moody''s Investor Services is seen outside the office in Paris October 24, 2011. REUTERS/Philippe Wojazer 2/2 By Karen Freifeld - NEW YORK NEW YORK Moody''s Corp ( MCO.N ) has agreed to pay nearly $864 million to settle with U.S. federal and state authorities over its ratings of risky mortgage securities in the run-up to the 2008 financial crisis, the U.S. Department of Justice said on Friday. The credit rating firm reached the deal with the Justice Department, 21 states and the District of Columbia, the Department said in a statement. The agreement comes two years after S&P Global''s ( SPGI.N ) Standard & Poor''s entered into a $1.375 billion accord with the Justice Department, 19 states and the District of Columbia over similar claims. Standard and Poor''s is the world''s largest ratings firm, followed by Moody''s. (Reporting By Karen Freifeld; Editing by Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-moody-s-credit-idUKKBN14X2LP'|'2017-01-14T07:15:00.000+02:00'
'938310c69b2f8218bf9396003784a55c32aff8f1'|'The jobs outlook for 2017: let’s hope it’s not a repeat of last year - Greg Jericho - Business'|'M alcolm Turnbull and Scott Morrison will be hoping the generally good improvement of job vacancies points to a better year for jobs than we had in 2016. Another year of falling full-time work would be disastrous, both for their government and more importantly, for workers.It must be said that 2016 was a pretty awful year for jobs. The final figures will be out tomorrow, but last year is on track to be the second worst year for employment growth in the past 20 years:In the 12 months to November last year, employment grew by a mere 0.7% – less than half the 20 year annual average growth of 1.8%. Last year also looks like being the just the fourth year in the past 20 to see full-time employment go backwards.Little wonder that during last year’s election, those in the government were much more eager to talk about the employment growth of 2015 – as that was the best year since 2010. The sharp drop in employment growth last year can be seen by how difficult it has become for the LNP to achieve Tony Abbott’s promise from the 2013 election of one million jobs in five years.Initially that would have required employment to grow by 1.75% each year, the strong jobs growth in 2015 saw the annual growth rate (think run rate from the cricket) hit 2.6%, well above the “required” growth rate.However to get to one million new jobs by September 2018, the required employment growth rate is 2.3% – well above the current rate of 0.7%:The other big problem is that only 30% of the 495,900 jobs created since September 2013 have been full-time. In September 2013, 69.6% of all employment was full-time, now it is 68% – equivalent to 191,000 fewer full-time jobsAnd yet the news is not all bad. Last week the latest job vacancy figures released by the ABS showed the 13th consecutive quarter of increasing vacancies – an equal record long run: The growth of vacancies is slightly better in the public sector than the private, and both have come off the recent peaks of early 2016:That said, the job vacancy rate and the number of unemployed per vacancy are better now than they have been at any time since 2012:In trend terms there were just 3.9 unemployed per vacancy – well down on the 5.2 reached at the end of 2014.Partly this is due to the falling participation rate – down from 65.1% at the end of 2015 to now 64.5%. The fight for jobs becomes a bit easier when some people give up looking for work. Had the participation rate in November 2016 been the same as in November 2015, there would have been 4.6 unemployed on average for each vacancy - meaning the fight for jobs would actually have gotten worse. As ever, how good things are depends on where you live, and what job you are after. In NSW there are on average just 3 unemployed per vacancy, and Victoria is second best with 4.2 unemployed fighting for each job. Tasmania and South Australia are the toughest places to get a job, while with 5.3 unemployed per vacancy, it’s now harder to find a job in WA than at any point since the GFC: The strongest job growth has come in the education industry and the “other services” sector (which includes jobs like automotive and machinery repair, and personal services such as hairdressing).The weakest growth of job vacancies is in art and recreation, mining, transports and warehousing and construction:Thus the picture remains quite uneven for job hunters, but in a political environment where the Turnbull government is suffering from a lack of popularity, and where this year’s budget is likely to be a tough one should Scott Morrison deem that keeping a AAA credit rating is imperative, the government will be desperately hoping 2017 is not a repeat of 2016. Need a full-time job? Move to Victoria - Greg Jericho Read more And while the job vacancy figures suggest a solid if not bounding levels of job creation, the department of employment’s leading indicator of employment index does provide some cause to think 2017 will be better than was last year.Since November 2014, the department’s leading indicator index has barely been registering a positive rating – suggesting a weakening employment market. But the signs have been getting better. In December, the indicator, which takes into account a variety of economic indicators – including the Chinese manufacturing managers purchasing index – was just -0.03. That is the best result since September 2015: Malcolm Turnbull and Scott Morrison, as well as anyone looking for work, will be hoping that follows through to stronger job growth over the next 12 months. History would suggest it couldn’t be worse than it was last year, but, as ever, the real question will be whether there is a return to strong full-time job growth. Without that, both the prime minister and treasurer will struggle to convince voters of the worth of any economic future they promise.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/grogonomics/2017/jan/17/the-jobs-outlook-for-2017-lets-hope-its-not-a-repeat-of-last-year'|'2017-01-17T02:00:00.000+02:00'
'9fa1fac9fbea25c3c15171a0cfd90f453583452d'|'Saudi pledges adherence to oil cut, confident others will'|'Business News - Mon Jan 16, 2017 - 1:38pm GMT Saudi pledges adherence to oil cut, confident others will Saudi Arabia''s Energy Minister Khalid al-Falih addresses a news conference after a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader By Rania El Gamal and Maha El Dahan - ABU DHABI ABU DHABI Saudi Arabia will adhere strictly to its commitment to cut output under the global agreement among oil producers, its energy minister said on Monday, expressing confidence that OPEC''s plan to prop up prices would work. Saudi Energy Minister Khalid al-Falih, speaking at an industry event in Abu Dhabi, also said he was encouraged by signs of commitments by other participants in the deal since it took effect on Jan. 1. "Many countries are actually going the extra mile and cutting beyond what they''ve committed... I am confident about the impact... and I am very encouraged about those first two weeks," Falih said. The comments are the latest in a series of assurances from officials that participants will follow through on the agreement intended to help get rid of a glut. Compliance with the deal will be a key influence in early 2017 on oil prices LCOc1, which at $56 a barrel are about half their level of mid-2014. Under the accord, the Organization of the Petroleum Exporting Countries and Russia and other non-members will curtail oil output by nearly 1.8 million bpd, initially for six months. Last week, Falih said Saudi output had fallen below 10 million bpd, meaning Saudi Arabia had cut production by more than the 486,000 bpd which it agreed to late last year under the producers'' agreement. On Monday, he said: "We will strictly adhere to our commitment," adding that during the six-month agreement, Saudi output would either be at the kingdom''s target under the deal or "as is the case now, slightly below". Producers were unlikely to extend the deal beyond six months and would allow market forces to prevail once the supply glut is eradicated. "My expectations (are)...that the rebalancing that started slowly in 2016 will have its full impact by the first half," he said. "Once we get close to the 5-year average of global stocks and inventories we will basically let our foot off the brakes and let the market do its thing." OPEC complied with up to 80 percent of its last output cut in 2009, according to International Energy Agency data. A committee of OPEC and non-OPEC ministers to monitor the issue is meeting on Sunday. Kuwait also said last week it had cut production by more than it committed to and OPEC''s secretary general told Reuters he was confident of the level of commitment and enthusiasm among producers who agreed to the deal. (Additional reporting by Stanley Carvalho; Writing by Andrew Torchia and Alex Lawler; Editing by Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-saudi-oil-commitment-idUKKBN1501M0'|'2017-01-16T20:36:00.000+02:00'
'd5045530ff04598300cd42f42f29b0b9b4f740d6'|'Platts launches Middle East LNG price marker as region''s demand grows'|' 11am EST Platts launches Middle East LNG price marker as region''s demand grows SINGAPORE Jan 16 Commodity pricing agency S&P Global Platts will begin assessing prices for liquefied natural gas (LNG) delivered to the Middle East and Pakistan, reflecting growing imports into a region better known as an exporter, the company said on Monday. Demand for LNG in Dubai, Egypt, Jordan, Kuwait and Pakistan has grown close to tenfold since 2010 to 20.8 million tonnes per annum in 2016, with Egypt taking about one-third of those imports, according to Platts, a unit of S&P Global Inc. "The Platts Middle East Marker (MEM) price assessment is designed to reflect the growing importance of the Middle East as an LNG import destination rather than just an exporter of cargoes," Platts'' Global Director of LNG Shelley Kerr said. Egypt and Pakistan have recently launched or awarded huge tenders for short-term and medium-term supplies, looking to take advantage of a gas glut stoked by new output from Australia and the United States. "Our analysis indicates a greater tendency for new entrants in the region to use short-term purchasing strategies, which is creating additional liquidity," Kerr said. Egypt bought 60 cargoes of the supercooled fuel for 2017 through a tender last November and is expected to need a further 40 cargoes this year. Pakistan tendered to buy 240 shipments of LNG last November, under five-year and 15-year deals that are yet to be awarded. The Egyptian port of Ain Sukhna will be used as the main point for the Platts price marker. Deliveries into other ports will be assessed by applying a freight cost factor, Platts said. The MEM price assessments will also be based on a delivered ex-ship (DES) basis to ports in the Middle East that are able to receive shipments with a minimum cargo size of 135,000 cubic meters, the company said. The price assessment will be published at 16:30 London time daily. Platts has published the Japan-Korea Marker (JKM) assessment for LNG delivered into Asia since 2009. Platts competes with Thomson Reuters in providing information to energy markets. (Reporting by Mark Tay; Editing by Tom Hogue and Sonali Paul)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/platts-lng-middle-east-idUSL4N1F62ED'|'2017-01-16T14:11:00.000+02:00'
'05ae29a8bc00f1453adb62edee567552c6878ce1'|'Chinese exports fall as Beijing braces for Trump'|'Chinese exports fall as Beijing braces for Trump by Jethro Mullen @CNNMoney January 13, 2017: 7:51 AM ET America''s complicated, critical trade relations with China Donald Trump has attacked China for using underhanded means to boost its exports at America''s expense. But right now, the view from Beijing isn''t looking so rosy. Chinese exports fell 2% last year, according to official data released Friday. That''s the biggest annual decline since 2009. Exports to the U.S. held up better -- they were virtually unchanged from 2015 -- but China''s overall trade surplus declined last year for the first time since 2011. Chinese officials say they''re worried about the months ahead, with protectionist rhetoric on the rise from President-elect Trump and other leaders. "The trend of anti-globalization is increasingly obvious and China has become its biggest victim," said Huang Songping, a spokesman for the Chinese customs agency that reports the country''s trade data. Related: Just how far will Trump go on China and Mexico? Some economists are also pessimistic. "It''s hard to see conditions becoming much more favorable to Chinese trade than they already are," said Julian Evans-Pritchard, a China expert at Capital Economics. "The likelihood of a damaging trade spat between China and the U.S. has risen in recent weeks following Trump''s appointment of hardliners to lead U.S. trade policy." Trump is set to be inaugurated next week and has said he plans to kick off his presidency by labeling a China currency manipulator. That''s largely a symbolic move, but analysts say it could escalate a confrontation with Beijing over trade. China has, in fact, been spending hundreds of billions of dollars recentlyto buy its own currency and stop it falling too rapidly, rather than devaluing the yuan to boost exports. Chinese factory owners prepare for Trump Trump''s trade team includes Peter Navarro , an economist who directed a documentary titled: "Death By China: How America lost its manufacturing base;" and Robert Lighthizer , who was part of a Reagan administration trade team that imposed protectionist measures. Chinese state media have reacted with dismay to those appointments, but government officials have continued to stress the mutual benefits of trade between the world''s two largest economies. Trump has already strained the relationship between Washington and Beijing by suggesting that the highly sensitive matter of U.S. policy on Taiwan could be used as leverage to "make a deal with China" on trade and other issues. -- Steven Jiang contributed to this report. CNNMoney (Hong Kong)   13, 2017: 7:51 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/13/news/economy/china-exports-trade-trump/index.html'|'2017-01-13T20:05:00.000+02:00'
'03f41f2ab9820176b2bcdb100d73a2e0c2958a8e'|'UPDATE 1-Greek banks concerned over PPC''s power grid spin-off scheme'|'Commodities  42pm EST Greek banks concerned over PPC''s power grid spin-off scheme ATHENS Greece''s four biggest lenders are concerned about the spin-off of the country''s power grid operator ADMIE, a key condition of a bailout agreement between Athens and its official creditors, a banker and a government official said on Friday. ADMIE is fully owned by Greece''s state-controlled electricity utility Public Power Corp. (PPC). Under a legislated scheme, PPC will sell a 24 percent stake in ADMIE to China''s State Grid for 320 million euros ($340 million) and transfer another 51 percent stake to the state and its current private shareholders for free. But banks which have extended sizeable loans to PPC sent a letter to the finance ministry this week, expressing worries over the plan. "In their letter, they point out their concerns on the sale of a large stake in power grid ADMIE without any proceeds," said a banker at one of the country''s biggest lenders, speaking on condition of anonymity. Banks say this weakens PPC''s finances, which have been under pressure in recent years due to provisions for bills left unpaid by customers hit by years of economic crisis, the banker added. "It is an expression of their concerns as creditors, seeking to protect their interests. As creditors they have a say but there is no issue of cancelling loans to PPC," the banker added. A Greek government official confirmed that Greece''s four biggest banks had sent a letter to the finance ministry, copying PPC management, outlining their concerns over the issue. PPC declined to comment. PPC shareholders had been due to approve the transfer of the 51 percent ADMIE stake on Thursday but the meeting was postponed until Jan. 17 after a request by the Greek privatization agency, one of PPC''s main shareholders. Greece has to conclude ADMIE''s plan by March or fully privatize the grid, a possibility which PPC''s chairman has ruled out. Finance Minister Euclid Tsakalotos and Energy Minister George Stathakis met executives of the four big banks on Friday to discuss the successful completion of the power grid spin-off, the finance ministry said. "Specific actions were agreed ... which fully ensure the timely completion of ADMIE''s privatization within the framework of the legislated scheme," the ministry said in a statement, without providing details. ($1 = 0.9415 euros) (Reporting by Angeliki Koutantou and George Georgiopoulos; Editing by Adrian Croft) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-greece-privatisation-admie-idUSKBN14X25C'|'2017-01-14T00:40:00.000+02:00'
'97292a2ad9dc372a61137e13a0217d4099b28365'|'Malaysia''s Khazanah says portfolio value fell 3 pct in 2016 to $32.5 bln'|'KUALA LUMPUR Jan 13 Malaysia''s sovereign wealth fund Khazanah Nasional Bhd on Friday said the value of its portfolio fell 3.4 percent in 2016 due to weakness in equity markets and emerging market currencies.The state fund''s portfolio value was 145.1 billion ringgit ($32.53 billion) in 2016, down from 150.2 billion in 2015.Khazanah''s investments include stakes in mobile services provider Axiata Group Bhd, property firm UEM Sunrise Bhd, electricity utility Tenaga Nasional Bhd and lender CIMB Group. ($1=4.4610 ringgit) (Reporting by Liz Lee; Editing by Clarence Fernandez)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/khazanah-nasiona-results-idINL4N1F335U'|'2017-01-13T05:39:00.000+02:00'
'f5df20649cbc56debcfacf591b5c976167473b4f'|'EURO DEBT SUPPLY-At least four euro zone states to issue bonds next week'|'LONDON Jan 13 At least four euro zone countries will sell government bonds next week.* Slovakia on Monday will offer three bonds due in 2024, 2026 and 2029.* On Tuesday, Germany auctions 5 billion euros of two-year Schatz bonds.* Spain and France hold debt auctions on Thursday. France is expected to sell up to 10 billion euros of bonds and Spain is to sell bonds due in 2019, 2022 and 2023 .* Syndicated bond deals from Belgium and Spain are also possible next week, analysts said. (Reporting by Dhara Ranasinghe, Editing by Abhinav Ramnarayan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-outlook-idINL5N1F32WR'|'2017-01-13T10:49:00.000+02:00'
'a04ef6cafac3d70accc535f92a3d15ec1df85fb1'|'European stocks extend gains, financials lead after U.S. bank earnings. For more see the European equities LiveMarkets blog'|'United States Financials   8:50am EST European stocks extend gains, financials lead after U.S. bank earnings. For more see the European equities LiveMarkets blog LONDON Jan 13 Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: ** European stocks extend gains, with STOXX overtaking FTSE 100 ** U.S. markets seen up after solid bank earnings results ** Banking stocks lead European sectoral gainers ** Renault feels the heat as France investigates emissions ** French mid-cap Technicolor slumps 20 pct after profit warning (Reporting by Helen Reid) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1F33J4'|'2017-01-13T20:50:00.000+02:00'
'5498751f07c9d6347e2bc6a68147bc770992095a'|'17 global development clichés to avoid in 2017 - Global Development Professionals Network'|'1. On the ground Someone once told me that this phrase exists to differentiate perspectives from ivory towers. But to me, it feels more commonly used as a lazy, somewhat self-righteous substitute for “parachuting into a developing nation.” I get countless pitches from writers who tell me they’re “on the ground in [insert country in Africa, Asia, or Latin America].” A question: When they return home, do they not walk on the ground?Related, people talk about the research they are conducting “in the field.” Are they researching the growth patterns of organic wheat? Or the nighttime behaviors of field mice?2. Empowerment This is one of those words that has great intentions — who doesn’t want to, say, empower women? — but has lost its edge with overuse. It will also forever remind me of a photo I once saw taken by an NGO in rural India, in which several women gathered around a poster that said, “Thanks to [name redacted] workshop, we are EMPOWERED.”Empowerment isn’t like a light switch; it’s a long and messy process, and it certainly won’t be completed in a workshopFirst, I’m not sure the women in the photo read English. Second, empowerment isn’t like a light switch; it’s a long and messy process, and it certainly won’t be completed in a workshop.3. Income-generating activity Because for some reason poor people can’t just have a job. Also see “livelihood opportunities”.4. Photos of children chasing after a jeep There’s something about this particular photographic choice that, to me, reinforces the white saviour narrative.5. Capacity building For those of you who aren’t familiar with this cringe-worthy phrase, the World Health Organisation defines it as “the development and strengthening of human and institutional resources.” Whatever that means.6. Global citizen Ever noticed how most people who give themselves this epithet are white and citizens of countries with powerful passports ? Until people begin referring to Syrian refugees as global citizens, we’re avoiding the term altogether.7. Villages v towns Several months ago, I received a draft that started with, “In towns across Europe and villages in Africa….” What distinguishes a town from a village? And why “across” Europe but “in” Africa? On a related note, I implore writers to think twice before using loaded terms like “tribe.”Facebook Twitter Pinterest Cliched development image Photograph: age fotostock / Alamy/Alamy 8. Photos of Maasai warriors with cell phones What a pithy way to convey the ways in which traditional cultures are adapting to the 21st century. #ict4d 9. Stories that focus more on the “do-gooder” than the actual work I love profiles of impressive people who have effected tremendous social change. But I don’t love stories that serve as glorified hero worship, or that treat the worthiness of someone’s work as evidence of the work’s success.10. Do-gooder Let’s not turn powerful individuals who work on social change into teachers’ pets.11. Do good and do well Such a grammatically awkward way to talk about a for-profit organisation with a social mission.12. Giving voice to the voiceless Yes, one of the intentions of The Development Set is to publish underreported stories that will increase visibility of historically marginalised populations. But the word “voiceless” at best reminds me of Ariel in The Little Mermaid — and at worst, feels condescending.13. Liaising with key local stakeholders Jargon police here. As with most jargon, this can be solved through specificity. Instead of “stakeholder,” tell me who matters when a decision is being made. And when you say “liaise,” do you mean you’re having a conversation?14. Silver bullet There are none, and certainly not in the complicated world of social impact. I commit to never rhetorically asking in a headline whether an innovation is a silver bullet. The answer is no.15. Stories in which black/brown people are used as flat, colourful characters Louise Linton''s Zambia is not the Zambia I know Read more I’m reminded here of Binyavanga Wainaina’s essay in Granta, “ How to Write about Africa ”:Among your characters you must always include The Starving African, who wanders the refugee camp nearly naked, and waits for the benevolence of the West. Her children have flies on their eyelids and pot bellies, and her breasts are flat and empty. She must look utterly helpless. She can have no past, no history; such diversions ruin the dramatic moment. Moans are good. She must never say anything about herself in the dialogue except to speak of her (unspeakable) suffering. Also be sure to include a warm and motherly woman who has a rolling laugh and who is concerned for your well-being. Just call her Mama.On the other hand, too many “experts” quoted in health/development stories are dripping with privilege, especially compared to the quintessential Starving African. I implore writers to think about the people you’re choosing to interview for your stories, and the ways in which you plan to use them. You may also want to check the list of Aspen New Voices and Global Health Corps fellows for experts from Africa and Asia.16. Beneficiaries Poverty porn vs empowerment: The best and worst aid videos of 2016 Read more Wayan Vota has written about the inherent problems with this term: “The definition of the term “beneficiary” means a person who derives advantage from something, usually a will, trust or other financial instrument. The implication is that this recipient is a passive recipient of largesse. And somehow, we have adopted this term in development. That the people we are working with should be passive recipients of our financial gifts.”17. Third world This term originated during the Cold War to define countries that were neither aligned with NATO nor the Communist Bloc. It’s now used as shorthand for “non-industrialised” countries — though according to its definition, it also includes neutral countries like Switzerland. Like several of the other phrases in this list, “third world” also feels quite paternalistic.But I’m not sure how to replace it. We typically use “developing country”, but recognise that there’s an increasingly false divide between “developed” and “developing” countries. I’ve had crystal-clear Skype connections in Tanzania and Thailand, while I’ve struggled with public transportation to New York City’s JFK airport. Other terms, like least developed countries and global south also have their pitfalls.What’s the most cringe-inducing of this list? What phrase are you actually OK with? And did I miss any tropes or clichés?This article was first published on The Development Set . Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jan/13/17-global-development-cliches-to-avoid-in-2017'|'2017-01-13T18:05:00.000+02:00'
'8d98e0ed0ddf4591c0dd20377726299d27bca4e1'|'Trump, robotics and Brexit turn up the heat amid the snow of Davos'|'The Observer Trump, robotics and Brexit turn up the heat amid the snow of Davos The world is full of scary new problems for delegates at this year’s World Economic Forum - not that old ones like climate and poverty have gone away Davos is preparing to welcome this year’s crop of politicians, economists and businesspeople. Photograph: Walter Bibikow/Getty Images Saturday 14 January 2017 15.59 GMT Last modified on Saturday 14 January 2017 16.01 GMT View more sharing options Share on Messenger Close D onald Trump’s US election victory and the UK’s vote to leave the European Union will cast a long shadow over the global elite’s annual gathering in the Swiss ski resort of Davos this week. This year, 3,000 politicians, business leaders, economists, entrepreneurs, charity leaders and celebrities will head to the World Economic Forum (WEF) to discuss the state of the world. As usual there’ll be big speeches, ultra-tight security, and experts in every field under the wintry sun. There’ll also be plenty of champagne and canapes for delegates gathering in expensive hotels to discuss issues such as inequality and the backlash against globalisation. But this year’s WEF won’t be the same. Twelve months of seismic shocks have shaken Davos Man and Woman’s world view, and left them struggling to understand and address the new reality. These seven key themes will dominate this year’s meeting: Trump and the rise of populism The official theme of this year’s forum is “responsive and responsible leadership”. It’s a timely issue, as Donald Trump heads to the Oval Office. Trump is the living, breathing, tweeting antithesis of the WEF and its belief in “multi-stakeholder” solutions: the idea that big problems are solved by working together, rather than by isolationism and protectionism. The president-elect’s ability to tap into public anger and disenchantment has shocked Davos into talking of a crisis of western democracy. Klaus Schwab, founder and president of the WEF, unveiling this year’s programme. Photograph: Laurent Gillieron/AP WEF founder Klaus Schwab wants leaders to respond to populism by sticking to their core values and “honestly explaining the breadth and complexity” of the world’s problems. But he admits that regaining public trust is a daunting task. “There has to be a recognition that we are in unmapped territory that placed the status quo, and by extension leaders themselves, into question,” he said. Trump won’t be at Davos, but one of his top advisers, financier Anthony Scaramucci, will outline the new administration’s priorities on Tuesday. The Obama era will be represented by outgoing vice-president Joe Biden, who will hold meetings and keep pushing his Cancer Moonshot project. Reform of capitalism A worker cleans the WEF logo in Davos. Photograph: Jean-Christophe Bott/EPA Eight years after the financial crisis, Davos recognises that stronger economic growth alone isn’t enough to fix the world’s problems. WEF’s global risks report , released last week, argues that a “growing mood of anti-establishment populism” means market capitalism must now be reformed, and several panels will examine how this could happen. One panel will consider the plight of the “squeezed and angry” middle classes, with contributions from International Monetary Fund chief Christine Lagarde and hedge fund billionaire Ray Dalio. Davos will also examine whether it’s time to give all citizens a basic income, to cushion them from the impact of technological change. “Machines, the argument goes, can take the jobs, but should not take the incomes: the job uncertainty that engulfs large swaths of society should be matched by a welfare policy that protects the masses, not only ‘the poor’,” said World Bank senior economist Ugo Gentilini . “Hence, basic income grants emerge as a straightforward option for the digital era – one seemingly backed by Silicon Valley and trade unions alike.” China Being lectured on the importance of “inclusive globalisation” by a communist leader will be a new experience for Davos delegates. Trump’s election is expected to create a vacuum in global leadership, and Xi Jinping could be the man to fill it. He’ll become the first Chinese president to attend Davos, and will lead an unprecedented 80-strong delegation of business leaders, economists, academics and journalists . Xi Jinping will be the first Chinese president to address the WEF. Photograph: Lintao Zhang/Getty Images Xi will deliver the opening plenary address on Tuesday, and use it to defend cooperation and economic globalisation. He’s expected to warn that countries could face rising confrontation, poverty and war if they descend into protectionism and isolationism. With Trump committed to withdrawing from the Trans-Pacific Partnership, Xi can now push for a Beijing-led trade deal. But he’ll also face pressure from European leaders, who are unhappy about Chinese firms dumping cheap exports, including steel, on their markets. Climate change Environmental issues are as important as ever this year, with campaigners worried that the Trump administration will scrap US commitments to tackling global warming. A group of scientist are setting up an “Arctic Basecamp” summit in Davos, to lobby delegates about the dangers of climate change. Temperatures at the top of the world were “alarmingly high” last Christmas, they say, with some parts of the Arctic region 20C warmer than usual . Former US vice-president Al Gore is attending, as is Christiana Figueres, who led the UN convention on climate change. They should find a receptive audience: environmental issues dominated the WEF’s annual survey of global risks for 2017 behind the threat of nuclear war. Robotic risks The “fourth industrial revolution” will once again be a key theme at this year’s Davos, where the focus will be on the problems created by technologies such as smart robots and driverless cars. The WEF will examine whether the loss to these innovations of millions of jobs is undermining social cohesion and contributing to the rise of populist parties. Davos will also consider whether increased use of artificial intelligence and the “internet of things” are laying firms open to a new wave of cyberthreats and security beaches. This area of technology has until now been only lightly regulated; is the world ready to hand more decision-making powers to machines? Delegates will also ponder the dangers posed by “weaponised” AI systems and smart robots. The WEF warns that autonomous weapons systems could be designed to “swarm” over a nation’s existing military defences, overwhelming them in a massive coordinated attack. “This risks upsetting the global equilibrium by neutralising the defence systems on which it is founded,” it goes on. “This would lead to a very unstable international configuration, encouraging escalation and arms races and the replacement of deterrence by pre-emption.” Brexit A year ago, it was hard to find many people at Davos who though that Britain either should, or would, vote to leave the European Union. Like Trump’s victory, the Brexit vote dealt a blow to WEF’s underlying principles – and fuelled the argument that they don’t really understand today’s world. On Friday, chancellor Phillip Hammond will outline his vision for the UK-EU relationship, and its implications for investment and migration. Barclays chief executive Jes Staley will give his views, amid fears that the City could lose tens of thousands of jobs. London mayor Sadiq Khan is taking his fight against a “reckless”Brexit to Davos. He will give a speech to business leaders, and hold talks with other politicians as part of his push for “privileged access” to the single market. Helping the developing world More than half of the sessions at Davos are on the subject of social inclusion and development, as the WEF tries to live up to its commitment to improve the state of the world. A sprinkling of celebrity stardust among the snow may help get these issue noticed. Musician Shakira will discuss her work establishing schools for underprivileged children in Colombia, and actor Forest Whitaker will outline his foundation’s efforts to foster peace and reconciliation in disadvantaged parts of the world. They’re both collecting awards from the WEF – along with musician Anne-Sophie Mutter for her support for young musicians. Hollywood star Matt Damon is also back at Davos, to promote his Water.org charity, which seeks to end deaths from unclean drinking water.'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/business/2017/jan/14/davos-issues-trump-capitalism-china-brexit'|'2017-01-14T22:59:00.000+02:00'
'edaa0da3d40a6a877144bb1ec3141d744c7cb6f5'|'Five migrants die in Mediterranean, 750 rescued'|'World   10:10am EST Five migrants die in Mediterranean, 750 rescued ROME Rescuers saved around 750 migrants from rubber and wooden boats in the central Mediterranean but recovered five dead bodies during the operations, the Italian coastguard said on Saturday. Coastguard and naval ships as well as privately owned fishing and merchant vessels rescued the people from six boats in the central Mediterranean over the last 24 hours, a coastguard spokesman said. He gave no details on the nationalities of those saved or those who died. Last year a record 181,000 boat migrants, mostly from Africa, reached Italy, according to government figures. The majority paid Libyan people traffickers to make the journey. 2016 was also the deadliest year on record for migrants in the Mediterranean, with almost 5,000 deaths, according to the International Organization for Migration. (Reporting By Gavin Jones; Editing by Hugh Lawson) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-europe-migrants-italy-idUSKBN14Y0KM'|'2017-01-14T21:53:00.000+02:00'
'77eb9b63091b55d274dd05f0ea259e8d292c74c8'|'CVC Capital in the lead to acquire MSC Software - sources'|' 31am GMT CVC Capital in the lead to acquire MSC Software - sources By Liana B. Baker and Greg Roumeliotis Private equity firm CVC Capital Partners Ltd is in advanced talks to acquire MSC Software Corp, a U.S. company that makes simulation computer programs, for more than $800 million, including debt, according to people familiar with the matter. A successful deal would vindicate the buyout strategy of activist hedge fund Elliott Management Corp, which pushed MSC to explore a sale in 2008, and then partnered with private equity firm Symphony Technology Group one year later to take it private for $360 million. Elliott had become MSC''s largest shareholder, and so it rolled its 13.4 percent stake into that deal. CVC has so far prevailed over other private equity firms in an auction for MSC, and could finalise an agreement as early as this month, the sources said this week, cautioning that the outcome could still change and negotiations could end without a deal. The sources asked not to be identified because the sale process is confidential. CVC and Elliott declined to comment, while MSC and Symphony did not respond to requests for comment. Industrial software companies have been in high demand of late. Siemens AG ( SIEGn.DE ), for example, agreed to acquire Mentor Graphics Corp ( MENT.O ), a provider of software for designing semiconductors, for $4.5 billion in November. Based in Newport Beach, California, MSC makes simulation software for manufacturers, including products that help car companies test for crash impact, according to its website. Although demand for MSC''s simulation and analysis software is expected to grow at strong rates, the company has struggled to offset revenue declines from some of its maturing businesses, credit ratings agency Moody''s Investors Service Inc said in a research note last year. Jesse Cohn, the senior portfolio manager who runs Elliott''s activism business, sits on MSC Software''s board, and has since built out a dedicated private equity arm for the $29 billion hedge fund called Evergreen Coast Capital. (Reporting by Liana B. Baker and Greg Roumeliotis in San Francisco; Additional reporting by Michael Flaherty in New York; Editing by Gopakumar Warrier)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mscsoftware-m-a-cvccapital-idUKKBN14W0QN'|'2017-01-12T14:31:00.000+02:00'
'406db8b60ebc011887bc4eb741eed8261126a086'|'Japan says its active investment is a source of U.S.-Japan vitality'|'Business News - Thu Jan 12, 2017 - 4:10am GMT Japan says its active investment is a source of U.S.-Japan vitality Japan''s Chief Cabinet Secretary Yoshihide Suga attends a Thomson Reuters Newsmaker event in Tokyo, Japan August 30, 2016. REUTERS/Kim Kyung-Hoon TOKYO Japan''s top government spokesman said on Thursday that its active trade investment in the United States was a source of "vitality" in the economic relationship between the two nations. Chief Cabinet Secretary Yoshihide Suga also told reporters Americans recognized that Japanese firms were good corporate citizens in the United States. In a news conference, U.S. President-elect Donald Trump mentioned Japan and other countries as having large trade imbalances with the United States. Suga said that the government was analyzing Trump''s comments and that it wanted to develop Japan''s economic relationship with the United States further. (Reporting by Kaori Kaneko; Editing by Chris Gallagher) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-japan-idUKKBN14W0AV'|'2017-01-12T09:53:00.000+02:00'
'2e2eb589dda65bdf9d468d52fc02f2e20dbf64b7'|'Brexit won''t mean Germany has to pay more into EU budget - Spahn'|'  8:05am GMT Brexit won''t mean Germany has to pay more into EU budget - Spahn German Deputy Finance Minister Jens Spahn speaks during an interview with Reuters in Berlin, Germany October 4, 2016. REUTERS/Joachim Herrmann BERLIN Germany is not willing to automatically increase its contribution to the European Union''s budget after Britain leaves the bloc, Deputy Finance Minister Jens Spahn said in a newspaper interview published on Thursday. "If Britain''s contribution falls away, the EU budget will shrink," Jens Spahn told Handelsblatt. "There is certainly no automatic mechanism that (would make) Germany and other net contributors increase their contribution," he added. Germany, Europe''s largest economy, already makes the largest net contribution to the EU budget each year at more than 15 billion euros. According to an internal Finance Ministry report in September, Germany may have to contribute an extra 4.5 billion euros per year in 2019 and 2020 to the EU budget after Britain leaves the union. The looming loss of the second-largest net contributor - Britain - could mean Germany''s share of the EU''s gross domestic product would rise to 25 percent from 21 percent currently. Spahn also suggested that the European Commission should link the disbursement of aid from its structural funds to the implementation by EU states of reforms recommended by Brussels. "We are in favour of making aid from the structural funds in part conditional," Spahn said, adding that money should only be paid out to weaker EU countries if they implemented the country-specific reform recommendations of the European Commission. (Reporting by Michael Nienaber; Editing by Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-budget-germany-idUKKBN14W0U7'|'2017-01-12T15:05:00.000+02:00'
'0acca3f2b2a8f50fa879c3f5138e2ac5e234c02b'|'HSBC risks losing advantage with year-long delay in Chinese banking push'|'Business News - Thu Jan 12, 2017 - 12:44pm GMT HSBC risks losing advantage with year-long delay in Chinese banking push The moon rises over the HSBC building in the Canary Wharf financial district of London, in London, Britain November 13, 2016. REUTERS/Hannah McKay By Lawrence White - LONDON LONDON HSBC''s ( HSBA.L ) ambitions to establish an investment banking franchise in China have hit a roadblock, with the bank still waiting for approval for its partnership with a state-owned fund more than a year after it announced the venture. The partnership is a key part of the bank''s ambition to grow annual profits in the fast-growing southern region of China from $100 million (£81.50 million) to $1 billion in the medium term, and as growth in China slows, HSBC has delayed other expansion plans it said would help achieve that goal. HSBC announced on Nov. 2, 2015 the proposed venture with Shenzhen Qianhai Financial Holdings Co Ltd, with HSBC set to own a majority 51 percent stake while foreign peers are currently capped at a maximum of 49 percent in Chinese partnerships. The bank is expected to get the go-ahead for the venture eventually, sources familiar with the matter said, but the delay has reduced the advantage HSBC could have stolen over rivals as China relaxes rules on foreign players in its markets. A spokesman for HSBC in Hong Kong said the bank continues to seek the required approval, declining to comment on the timing. The proposed HSBC-Qianhai firm would be able to trade as well as underwrite stocks and bonds for Chinese firms, unlike foreign rivals who operate under more restrictions. "HSBC a year ago was saying ''here we go'', it was all guns blazing but we are still waiting...," said a Hong-Kong based consultant who works with the bank. HSBC did not publicly set out a timeline for when it expected to receive the go-ahead but the process is taking longer than analysts expected. Chirantan Barua of Bernstein research wrote in April last year that he expected approval by the July-September quarter. The HSBC joint venture has had the longest wait of any pending Sino-foreign securities joint venture, and two such ventures have received approval since HSBC submitted its application, according to data compiled by Hong Kong consultancy firm Quinlan & Associates. LOSING THE EDGE Qianhai is a free trade zone in Shenzhen, a fast-growing city neighbouring Hong Kong that China has earmarked for development as a financial hub. HSBC has a potential edge over foreign bank rivals in China thanks to its ownership of a Hong Kong-based banking subsidiary, The Hongkong and Shanghai Banking Corporation Limited, allowing it to own and control its planned new Chinese joint venture. But now banks including Morgan Stanley and Credit Suisse are set to raise their stakes in their securities joint ventures to the current 49 percent limit in anticipation of being able to have majority control soon, sources told Reuters on Monday. On December 30, China unveiled plans to allow more foreign investment in banking, insurance, securities and credit-rating firms, paving the way for HSBC''s rivals to enjoy controlling stakes despite the lack of a Hong Kong base. CHINA STRATEGY DELAYED The slow progress of HSBC''s investment banking ambitions comes alongside other setbacks in China for Europe''s biggest bank. Decelerating economic growth in the country has delayed HSBC''s plans to hire 4,000 new staff and do more business in the country''s southern region. HSBC in June 2015 announced it would invest in China''s southern Pearl River Delta region, banking on the country''s rapid growth and its own Hong Kong heritage to reinvigorate profit growth after years of restructuring. But HSBC has since revised its ambitions for the scale and speed of that investment as China''s growth slowed. Gulliver said in February last year the bank''s plans to hire 4,000 new staff in the region will happen over five years instead of three. "The June update... was prior to changing views on where the renminbi would be, and China''s GDP has slowed, so all we are saying is the redeployment will take longer," Chief Executive Stuart Gulliver told Reuters by phone in August. HSBC in April last year took analysts and investors on a tour of its operations in the Pearl River Delta (PRD), in a sign of how important the investment there is to the bank''s strategy. "HSBC''s foray into the PRD is not a choice but a necessity to stay relevant as Hong Kong connects with the mainland," Bernstein''s Barua wrote in a report following that April trip. (Reporting By Lawrence White, additional reporting by Michelle Price and Sumeet Chatterjee in Hong Kong; Editing by Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hsbc-china-idUKKBN14W1QJ'|'2017-01-12T19:44:00.000+02:00'
'd0121c552d3aebbad4436340002bd9936512ad34'|'Tesco caps year of recovery with solid Christmas trading'|' 13am GMT Tesco caps year of recovery with solid Christmas trading File photo of a Tesco supermarket seen at dusk in an ''art deco'' style building at Perivale in west London, Britain, January 6, 2015. REUTERS/Toby Melville/Files LONDON Britain''s biggest retailer Tesco ( TSCO.L ) reported a 0.7 percent rise in underlying Christmas sales in its home market, capping a year of recovery with a solid performance over the key festive period. Tesco, which like Sainsbury''s ( SBRY.L ), Asda ( WMT.N ) and Morrisons ( MRW.L ) have been battling with the rise of German discounters Aldi and Lidl, said underlying sales in its UK stores rose 0.7 percent in the six weeks to Jan. 7. That compares to analyst forecasts of growth of 0.3 to 1.5 percent. Trading over Christmas built on like-for-like sales growth of 1.8 percent for the 13 weeks to Nov. 26, Tesco''s fiscal third quarter, that was also reported on Thursday. Analysts had forecast like-for-like sales growth of 1.25 to 2 percent for the quarter. The group reiterated its outlook for the full year. (Reporting by James Davey and Kate Holton; editing by Guy Faulconbridge)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tesco-outlook-idUKKBN14W0OY'|'2017-01-12T14:13:00.000+02:00'
'ab1e4d033ec80c067bf7690c8710124e25a5dcf1'|'Global watchdog finalises rules to tackle asset management risks'|'Business News   5:06pm GMT Global watchdog finalises rules to tackle asset management risks By Huw Jones - LONDON LONDON Global regulators flagged on Thursday they would revisit plans on whether to designate big asset managers such as BlackRock or Vanguard as being globally systemic and requiring tougher scrutiny, despite fierce resistance from the sector. The Financial Stability Board (FSB), which coordinates financial regulation across the Group of 20 economies (G20), published final recommendations on Thursday for addressing actual and potential risks from "structural vulnerabilities" in the asset management sector. The 14 recommendations will be fleshed out by regulators over the coming two years for implementation. They include several modest changes to the original proposals published by the FSB in June last year. "The policy recommendations will better prepare asset managers and funds for future stress events," said Daniel Tarullo, who chairs an FSB committee on supervisory and regulatory cooperation. An initial attempt by the FSB to single out which funds are globally systemically important and needing tougher rules was derailed by IOSCO, the global securities market regulators body after opposition from big funds. This resulted in a switch of focus to the sector''s activities. IOSCO will flesh out many of the FSB''s 14 recommendations in 2017 and 2018 to put into practice. The FSB indicated on Thursday that after the end of 2018 it would revisit its initial proposals on whether to designate funds as being globally systemically important. Some funds had hoped the proposals were dead and buried. Regulators have become concerned about the promise open-ended funds make to give investors their money back on a daily basis, even in stressed markets when liquidity is tight. The fear is that such a "liquidity mismatch" can encourage cash raising through fire sales of assets such as bonds at the risk of undermining wider financial stability through contagion. As many banks have shrunk under the weight of tougher regulation and changes in markets, asset management has grown from $53.6 trillion in 2005 to $76.7 trillion in 2015, or 40 percent of global financial system assets. The recommendations also address the move by asset managers into "shadow-banking" or market financing activities such as lending securities or offering loans to companies as traditional banks retreat. The FSB stopped short of saying how redemptions could be curbed in stressed markets, saying there should be a range of tools such as "gates" and redemption fees. The FSB also recommended on Thursday that regulators should provide guidance on stress testing of individual open-ended funds on their ability to pay back investors quickly in stressed markets. Stress testing, which checks resilience to extreme market shocks, is common in banking since the financial crisis and is burdensome and time-consuming. Some asset managers already do their own stress-testing of individual funds, but this is patchy across the sector. (Reporting by Huw Jones; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-g20-funds-regulations-idUKKBN14W2I1'|'2017-01-13T00:06:00.000+02:00'
'79cd824b96065640d3ee2ece741e2a3685bacc1d'|'LPC-More banks join 1.85bn loan backing GoDaddy''s HEG buy'|'By Claire Ruckin - LONDON LONDON Jan 10 HSBC, JP Morgan and Societe Generale have joined a 1.85bn-equivalent loan financing backing US-based website domain name provider GoDaddy''s 1.69bn acquisition of peer Host Europe Group, banking sources said on Tuesday.GoDaddy, owned by private equity firms KKR and Silver Lake, announced last month it will buy Host Europe from private equity firm Cinven, which acquired the business in 2013 for £438m, following a report from Thomson Reuters LPC in November that the two companies were in exclusive talks.HSBC, JP Morgan and Societe Generale have joined the financing as mandated lead arrangers, alongside lead banks Barclays, Citigroup, Deutsche Bank and RBC, the sources said.The loan is expected to launch for syndication to investors this month, the sources said.Go Daddy was not immediately available to comment.The fully committed debt financing includes a 1.3bn-equivalent incremental term loan, split into a dollar-denominated tranche and a euro-denominated tranche, set to pay 275bp-300bp over Euribor/Libor.There is also a 500m-equivalent bridge loan, which will pay 275bp over Euribor, as well as a US$50m revolving credit facility, the company said.The bridge is expected to be repaid in order for the company to reduce debt in 2017, if it sells part of the business. GoDaddy said it would explore options for HEG''s PlusServer managed hosting business, including a possible sale.HEG, whose customer base is similar to GoDaddy''s, is one of Europe''s largest independent web hosting firms, and operates brands such as 123Reg, Domain Factory, Heart Internet and Host Europe. (Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/godaddy-loans-idINL5N1F03P0'|'2017-01-10T10:19:00.000+02:00'
'c583e606b688d53d73f05b3f735e96db73ec40d0'|'ChemChina, Syngenta submit remedy proposals to EU antitrust watchdog'|'HONG KONG State-owned China National Chemical Corp (ChemChina) [CNNCC.UL] and Swiss pesticides and seeds group Syngenta AG ( SYNN.S ) on Monday submitted proposed remedies to the European Union''s antitrust watchdog to address concerns over their $43 billion merger.The European Commission''s website showed the companies had submitted "commitments" on Jan. 9, which typically means the parties have proposed remedies such as asset divestment or product pricing commitments.The website did not show any further information on the nature of the commitments."Details of the remedy proposals are confidential," a spokesman for ChemChina told Reuters.The Commission opened an in-depth investigation into ChemChina''s takeover of Syngenta in October, saying the companies had not allayed concerns over the deal.Syngenta said last week the Commission had agreed to extend the review deadline by 10 working days to April 12 to allow "sufficient time for the discussion of remedy proposals".In an October statement, the Commission highlighted ChemChina''s European subsidiary Adama as one area where the companies had overlapping operations that could cause competition concerns.(Reporting by Michelle Price; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-syngenta-ag-m-a-chemchina-idINKBN14U0DD'|'2017-01-10T02:11:00.000+02:00'
'54f739ab22aff686813122acf2ea510755593ddd'|'Oil markets torn between Saudi led supply cuts, rising output elsewhere'|'Business News - Tue Jan 10, 2017 - 12:40am GMT Oil markets torn between Saudi led supply cuts, rising output elsewhere A customer uses a petrol nozzle in a gas station in Nice August 8, 2012. REUTERS/Eric Gaillard By Henning Gloystein - SINGAPORE SINGAPORE Oil markets opened on Tuesday torn between production cuts by major exporters Saudi Arabia and Russia and reports showing that supplies from other regions including North America, Iraq, and Iran could offset any restraint aimed at curbing a global glut. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $52.03 per barrel at 0028 GMT, up 7 cents from their last settlement but down 4 percent from this year''s opening. Prices for Brent crude futures LCOc1, the international benchmark for oil prices, were yet to trade. That came after prices fell around 4 percent the previous session on the back of concerns that rising output in Iraq, Iran, but also North America was undermining efforts led by Saudi Arabia to curb a global fuel supply glut that has weighed on markets for over two years. Iraq, the second biggest producer within the Organization of the Petroleum Exporting Countries (OPEC), has given full supply allocations of Basra crude to three refiners in Asia and Europe for February, several sources with direct knowledge of the matter said on Monday. And although traders said that oil markets had good support in the lower $50s per barrel due to announced cuts by other leading OPEC members, especially Saudi Arabia and Abu Dhabi, there was a large degree of uncertainty beyond those price levels as other producers seemed to raise their output. "The average Canadian rig count for December 2016 was 209, up 36 from the 173 counted in November 2016, and up 49 from the 160 counted in December 2015," said Matt Stanley, a fuel broker at Freight Services International in Dubai. "A 30 percent increase in Canadian rigs in a yea r... The bear in me is well and truly back," he added. Drilling for new oil production in the United States is also increasing as U.S. energy companies last week added rigs for a tenth week in a row, extending the drilling recovery into an eighth month as crude prices remained at levels at which many U.S. drillers can operate profitably. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN14U029'|'2017-01-10T07:46:00.000+02:00'
'e56c441d4fd0d890defc6045a15bcc32e0569a4a'|'Exclusive: Shoe chain Payless explores debt restructuring - sources'|'Deals - Fri Jan 13, 2017 - 4:59pm EST Exclusive: Shoe chain Payless explores debt restructuring - sources By Lauren Hirsch and Jessica DiNapoli U.S. discount footwear retailer Payless Inc is working with debt-restructuring attorneys to deal with its approximately $665 million in debt as foot traffic at its stores declines, according to people familiar with the matter. The move underscores the stress facing many retailers as consumers do more of their shopping online. Other iconic chains, including apparel label J. Crew Group Inc and accessories chain Claire''s Stores Inc, have started to look for ways to address their debt loads as their sales shrink. Payless is working with law firm Kirkland & Ellis LLP as a debt restructuring adviser, the people said this week. The company is considering several options to deal with its debt, the people added, asking not to be identified because the matter is confidential. Payless and one of its private equity owners, Blum Capital Partners, declined comment while the other owner, Golden Gate Capital, did not immediately respond to a request for comment. A Kirkland & Ellis spokesman declined to comment. Headquartered in Topeka, Kansas, Payless has about 4,400 stores around the world. It has 3,600 company-owned stores in North America, and franchises in Africa, Asia and the Middle East. The company has suffered as off-price competitors, including TJX Companies Inc ( TJX.N ), the parent company of T.J. Maxx, and shoe warehouse DSW Inc ( DSW.N ), have eaten into its business. The stress facing the shoe seller is reflected in the trading price of its debt, which is far below face value. Its $520 million senior loan is being quoted at about 52 cents on the dollar, and its $145 million junior loan is being quoted at about 16 cents on the dollar, according to sources. Some of that debt was used to pay a dividend to the company''s equity owners, Blum Capital and Golden Gate. Blum, Golden Gate and Wolverine World Wide Inc ( WWW.N ) took Payless'' former parent, Collective Brands Inc., private in 2012 in a deal valued at about $2 billion. Blum and Golden Gate kept Payless, while Wolverwine took over a group in Collective that included the Sperry Top-Sider, Stride Rite and Keds brands. (Reporting by Lauren Hirsch and Jessica DiNapoli in New York with additional reporting from Kristen Haunss; Editing by Cynthia Osterman) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-payless-debtrestructuring-idUSKBN14X2J1'|'2017-01-14T04:59:00.000+02:00'
'd4cd1d1fd5dcbb4021544b3fce47bb94114022f2'|'Should we invest in BP? - Money'|'Every week a Guardian Money reader submits a question, and it’s up to you to help him or her out – a selection of the best answers will appear in next Saturday’s paper.This week’s question:We have £10,000 to invest, but given that savings rates are so low I fancy BP shares paying 5%. My green wife won’t have it saying we can’t invest in such a company, even though she drives and fills up at BP . I think she’s being hypocritical, or has she a point?Do you have a problem readers could solve? Email your suggestions to money@theguardian.com or write to us at Money, The Guardian, Kings Place, 90 York Way, London N1 9GU.'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/blog/2017/jan/14/should-we-invest-bp-drive-garages'|'2017-01-14T14:59:00.000+02:00'
'3001c37ef0fba391114f34e07217e033d5d39dbc'|'Five migrants die in Mediterranean, 750 rescued'|'Industrials   9:53am EST Five migrants die in Mediterranean, 750 rescued ROME Jan 14 Rescuers saved around 750 migrants from rubber and wooden boats in the central Mediterranean but recovered five dead bodies during the operations, the Italian coastguard said on Saturday. Coastguard and naval ships as well as privately owned fishing and merchant vessels rescued the people from six boats in the central Mediterranean over the last 24 hours, a coastguard spokesman said. He gave no details on the nationalities of those saved or those who died. Last year a record 181,000 boat migrants, mostly from Africa, reached Italy, according to government figures. The majority paid Libyan people traffickers to make the journey. 2016 was also the deadliest year on record for migrants in the Mediterranean, with almost 5,000 deaths, according to the International Organization for Migration. (Reporting By Gavin Jones; Editing by Hugh Lawson) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/europe-migrants-italy-idUSL5N1F40CZ'|'2017-01-14T21:53:00.000+02:00'
'a416906c402c872abbb5b784bdc4e87ecfee30f1'|'Senior UBS banker Joseph Chee resigns to start own fund'|'Business News - Fri Jan 13, 2017 - 3:22am GMT Senior UBS banker Joseph Chee resigns to start own fund By Fiona Lau and Elzio Barreto - HONG KONG HONG KONG Joseph Chee, one of UBS Group AG''s ( UBSG.S ) top dealmakers in Asia, has resigned to pursue his own interests, two people familiar with the matter said on Friday, making it the second senior investment banker to leave the Swiss lender in recent weeks. Chee, whose official title was head of corporate client solutions for Asia, was the go-to banker for Chinese state and private companies seeking to raise funds in Hong Kong and the United States. He led several landmark deals, including China Cinda Asset Management Co Ltd''s ( 1359.HK ) $2.5 billion initial public offering (IPO) in 2013, and also helped UBS land a financial advisory role in the $7.6 billion IPO of Postal Savings Bank of China Co Ltd ( 1658.HK ) last year. Chee is planning to set up his own fund, one of the people said. UBS declined to comment. One of the people said an internal announcement of Chee''s departure will be made on Friday. The Swiss firm was a powerhouse in Asia equity capital markets (ECM) and along with Goldman Sachs Group Inc ( GS.N ) dominated the league tables from 2002. But in the past two years its performance has suffered as Chinese investment banks made inroads into the money-making business. While overall ECM activity in Asia Pacific fell 22.5 percent in 2016, UBS suffered a 66 percent decline in the value of share offerings it worked on last year, with estimated fees declining 45.4 percent, Thomson Reuters data showed. Last month, Damien Brosnan, co-head of Asia ECM at UBS, left the bank only seven months after taking up that position. UBS is currently under investigation in Hong Kong by the local securities regulator. In October, the regulator said it was probing the Swiss bank''s role as a sponsor of certain unnamed stock market listings in the city, with the intention to start unspecified action against the bank and some of its employees. There is no link between that probe and the ECM departures, the people said. (Reporting by Fiona Lau and Elzio Barreto; Additional reporting by Sumeet Chatterjee and Julie Zhu; Editing by Edwina Gibbs and Christopher Cushing) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ubs-group-moves-idUKKBN14X09Q'|'2017-01-13T10:22:00.000+02:00'
'fb131758c3e54fa4725caa7c6d94c35034142efb'|'UPDATE 1-Asset manager BlackRock''s profit beats expectations'|'(Adds details)Jan 13 BlackRock Inc, the world''s biggest asset manager, reported a better-than-expected quarterly profit on Friday as it clamped down on expenses amid a rush into low-cost funds.The New York-based company''s net income fell to $851 million in the fourth quarter ended Dec. 31 from $861 million a year earlier.Earnings per share, however, rose to $5.13 from $5.11 a year earlier as the number of shares outstanding decreased.On an adjusted basis, earnings were $5.14 per share. Analysts on average had expected earnings of $5.02 per share, according to Thomson Reuters I/B/E/S.Total expenses in the quarter fell 3.5 percent to $1.67 billion.BlackRock''s shares, which rose 11.8 percent in 2016, were little changed in premarket trading.BlackRock''s iShares exchange-traded funds business took in $49.30 billion in new money in the period, down from $60.22 billion a year earlier.Across all of its products, BlackRock attracted a net $87.76 billion in long-term equity investments. Net investment in fixed-income securities totaled $25.31 billion.BlackRock ended the quarter with $5.15 trillion in assets under management, up from a year earlier when managed assets totaled $4.65 trillion.The final quarter of 2016 included the surprise November election of Donald Trump, whose campaign promises to cut taxes and regulations sparked a rally in U.S. stocks.But U.S. fund managers who actively pick stocks still experienced record withdrawals as investors favored lower-cost passive funds and ETFs.In the third quarter ended September, BlackRock more than doubled the cash it brought into iShares compared with the year-earlier quarter. But the company''s better-than-expected profit owed much to a favorable tax rate and income from non-core investments. (Reporting by Diptendu Lahiri in Bengaluru and Trevor Hunnicutt in New York; Editing by Ted Kerr and Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/blackrock-results-idINL4N1F33UY'|'2017-01-13T08:57:00.000+02:00'
'04b7af0f95082ad8bf5a364b7389544ff515d032'|'Pub group Mitchells & Butlers says festive trading strong'|' 55am GMT Pub group Mitchells &Butlers says festive trading strong Britain''s Mitchells & Butlers Plc ( MAB.L ) said like-for-like sales rose 1.7 percent so far this financial year as the pub group notched up a ''particularly strong'' trading over the festive period. However, the company reiterated its warning of a slide in margins, citing increased cost pressure. The group, whose pubs include Harvester, Toby Carvery and All Bar One, said total sales rose by 2.3 percent during the period with a like-for-like sales growth of 4.7 percent for the four weeks to Jan. 7, which includes the Christmas peak. Mitchells & Butlers, which has been focusing on its food offerings, said like-for-like food sales grew by 2.8 percent during the 7 weeks to Jan. 7. (Reporting by Rahul B in Bengaluru; Editing by Gopakumar Warrier)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mitchells-butler-outlook-idUKKBN14X0OT'|'2017-01-13T14:55:00.000+02:00'
'724275554075d0ed03897d06e1193396f1bb57bf'|'UPDATE 1-Brazil to allow 100 pct foreign ownership of airlines -ministry'|'Big Story 10 - Thu Jan 12, 2017 - 6:22pm EST Brazil to allow 100 percent foreign ownership of airlines: ministry SAO PAULO The Brazilian government is drafting a decree to allow 100 percent foreign ownership of local airlines, a Transportation Ministry spokesperson said on Thursday, a move that could attract investors to a recession-beaten industry. Newspaper Valor Econômico, citing three unnamed aides to President Michel Temer, earlier on Thursday reported that the presidential decree would boost regional aviation with subsidies favoring smaller planes such as those made by Embraer SA. The regional plan is not necessarily related to the decree, the ministry spokesperson said, adding that next week the government could announce investments in several airports. The foreign ownership decree may be published by the end of January, according to Valor. Foreign ownership of Brazilian airlines was the subject of intense debate last year. Legislative uncertainty left investors wondering if the government would pass rules to shore up the industry during Brazil''s prolonged recession. The spokesperson said the text was still being reviewed by the ministry''s legal department, after which it would go to the chief of staff''s office and then to Congress. Spokespeople for the president and officials of the civil aviation agency Anac did not return requests for comment. In March, former President Dilma Rousseff issued a decree lifting the limit on foreign ownership of airlines from 20 percent to 49 percent. Lawmakers raised that to 100 percent during a congressional review. Temer in July vetoed the provision, leaving the original 20 percent limit in place. Valor reported that the new decree''s language about foreign ownership was "quite simple" and provided far more details about proposed subsidies for regional routes. The draft proposal calls for subsidies of about 1.2 million reais ($380,000) per route between select cities in less-populated northern states covering the Amazon rainforest, according to the report. The measure would subsidize up to 60 seats per flight, Valor reported, giving Embraer regional jets with about 70 seats an economic advantage over larger planes from global heavyweights Boeing Co and Airbus Group SE. Valor also reported a proposed investment of 300 million reais in 58 regional airports this year, down sharply from 7.2 billion reais in a plan announced by Rousseff in 2012 that got little traction. (Writing by Ana Mano; Editing by Lisa Von Ahn and Richard Chang) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-brazil-airlines-idUSKBN14W34Z'|'2017-01-13T06:19:00.000+02:00'
'84b19751368e934dc658417dd4bd44b952df0d4c'|'Chinese tech giant''s Taiwan deals unravel as Powertech calls off share pact'|'By J.R. Wu - TAIPEI TAIPEI Taiwan''s Powertech Technology Inc ( 6239.TW ) said Friday it was terminating a share agreement with China''s Tsinghua Unigroup Ltd, unraveling more than $2 billion in deal-making that the state-run Chinese giant had hoped to seal on the island.Powertech, a Taiwanese chip tester and packager, said the plan was being scrapped because a one-year period authorized by its shareholders to get the deal approved in Taiwan was about to lapse and local regulators had yet to give a green light."In light of this, the board determined the private placement would not be completed within the timeframe authorized by shareholders," Powertech said in a statement.The company said it did not rule out future cooperation with Tsinghua Unigroup.The original deal, announced in late 2015, would have given the Chinese giant a quarter stake in Powertech for $600 million.The termination of Powertech''s share sale comes after two local rivals, ChipMOS Technologies Inc ( 8150.TW ) and Siliconware Precision Industries Co (SPIL) ( 2325.TW ), separately called off similar sale of their shares to Tsinghua Unigroup last year.Tsinghua Unigroup would have invested a total of around $2.6 billion for partial stakes in all three companies had the deals been successful.But its failure to clinch regulatory approval on the island comes at a time when ties between China and Taiwan have cooled since Taiwan President Tsai Ing-wen and her ruling independence-leaning Democratic Progressive Party (DPP) took power last year.China deems Taiwan a wayward province to be taken back by force if necessary, and has been pressuring Tsai to concede to Beijing''s "one China" principle.Taiwan has protected its prized chip industry from becoming too reliant and open to China, and Tsinghua Unigroup''s investment plans were going to have to go through unprecedented parliamentary review in Taiwan, which had not yet happened.In November, Tsinghua Unigroup said via one of its units that its plans to take a partial share in Powertech and ChipMOS faced rising risks due to an ongoing regulatory review in Taiwan.(Reporting by J.R. Wu; Editing by Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-powertech-tech-tsinghua-idINKBN14X1BA'|'2017-01-13T08:53:00.000+02:00'
'5063c36e5e878bd850828eb52b4e040208be1c99'|'Inflation rebounds in Central Europe, tight labour markets a risk'|' 41am GMT Inflation rebounds in Central Europe, tight labour markets a risk A shopper walks by the stand of a meat vendor at the Grand Market hall in Budapest, Hungary, May 15, 2016. REUTERS/Laszlo Balogh By Krisztina Than - BUDAPEST BUDAPEST Inflation in Central Europe rebounded in December to multi-year highs, in a turnaround likely to continue this year on rising oil prices, a jump in wages and loose fiscal policies. Central banks in the eastern wing of the European Union have been easing monetary policy since 2012 amid anaemic inflation. But they are unlikely to raise interest rates due to the changing inflation picture just yet, as price growth does not exceed their targets. Among them, the National Bank of Hungary could be the most dovish, potentially making Hungarian bonds the most exposed to "reflation trade" in the region, some analysts said. Hungarian annual inflation accelerated to 1.8 percent in December - its highest level since July 2013 and above analysts'' consensus forecast for 1.6 percent, data showed on Friday. In the Czech Republic, annual inflation hit its highest rate in four years in December at 2 percent, while Poland saw prices climb 0.8 percent in the year through December, up from no change in November based on preliminary data. Romanian annual inflation was still negative in December, however. "In the short term inflation is fuelled by oil prices and a jump in food prices, but we can also see that there are more and more factors that will also raise core inflation," said Eszter Gargyan, an economist at Citibank. She cited loose fiscal policies, rising wages across the region, a shortage of labour and higher energy prices feeding through into services prices. "The market has started to price this in, as we could see Hungarian (bond) yields rising significantly in recent days," she added. The yield on three-year Hungarian government bonds has risen about 15 basis points and the 10-year yield has climbed about 20 basis points since the start of the year. Hungary''s central bank has pushed down short-term yields with its policies, so the yield curve could steepen as inflation picks up. Years of emigration to western Europe have created labour shortages across Central Europe, leading governments to hike wages sharply as unemployment rates dropped. Analysts say this all poses an upward risk to inflation which is hard to estimate. "The market is getting somewhat distracted by oil price moves and base effect CPI inflation narratives when the real and more substantive risk to CEE inflation is labour markets," Nomura said in a note. NO RATE HIKES YET Nomura said Hungary''s negative short term real rates would make it "a particular target for reflation trades from the market, but the NBH won''t react." The central bank has pledged to keep its base rate steady and is not expected to hike rates before 2018 parliamentary elections, as politically that would be difficult for the ruling government of Prime Minister Viktor Orban. The bank said inflation would reach its 3 percent target, which has a one percentage point tolerance range on either side, only in the first half of 2018. The governor of the Polish central bank has also said there was no reason for Poland to raise rates this year but they could be increased in 2018 if the economy accelerated. The Czech central bank, which has kept the currency at 27 crowns or more to the euro since 2013 to keep the local currency weak, has pledged to maintain its policy at least until the second quarter. Some analysts said pressure on the cap was growing due to rising inflation. (Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-easteurope-inflation-idUKKBN14X0XV'|'2017-01-13T16:41:00.000+02:00'
'9c417314ccbfc1408fd5622a481f1cd99d61204d'|'UK names banks to launch new 40-year gilt via syndicate'|'Business News - Fri Jan 13, 2017 - 8:24am GMT UK names banks to launch new 40-year gilt via syndicate LONDON Citi, HSBC, J.P. Morgan and Santander will act as joint book-runners for the launch of a new 40-year British government bond via a syndication later this month, the UK Debt Management Office said on Friday. The DMO had previously announced that the gilt, with a maturity of July 2057, will be launched via syndication in the week starting Jan. 23, and will set the coupon for the gilt on Jan. 17. (Reporting by David Milliken; editing by Costas Pitas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-bonds-idUKKBN14X0RJ'|'2017-01-13T15:24:00.000+02:00'
'c1d020eed672415e5a2eea73a1da05952e054502'|'Canada''s AltaGas in merger talks with Washington Gas parent: WSJ'|'Canada''s AltaGas ( ALA.TO ) is in talks to merge with WGL Holdings Inc ( WGL.N ), the parent of natural-gas utility Washington Gas, in a deal worth $5 billion-$6 billion, the Wall Street Journal reported, citing people familiar with the matter.WGL''s shares rose 6.8 percent to $81 in late-afternoon trading on Thursday, while AltaGas''s stock was down 1.3 pct at C$33.65.A deal could be announced this month assuming that the talks do not fall apart, or see another bidder, the report said. ( on.wsj.com/2jcr9kM )Regulatory or political pushback could be a potential obstacle to any deal, one of the people familiar with the matter told the newspaper.WGL was weighing options in November, including a sale after receiving takeover interest from Spain''s Iberdrola SA ( IBE.MC ). ( reut.rs/2ilgi3H )AltaGas and WGL were not immediately available for comment.(This version of the story was refiled to add dropped word "with" in headline)(Reporting by Vishaka George in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-wgl-holdings-m-a-altagas-idINKBN14W2XL'|'2017-01-12T18:20:00.000+02:00'
'a7b2a66e1f4b2c5cf56c267e0a75554be6ac50c7'|'SpaceX counts down to first launch after rocket explosion - Reuters'|'By Irene Klotz SpaceX plans to blast off a rocket on Saturday for the first time since a launch pad explosion in the fall sidetracked the ambitious flight plans of company founder and entrepreneur Elon Musk.A 20-story tall Falcon 9 rocket is slated to launch from California''s Vandenberg Air Force Base at 9:54 a.m. PST (1754 GMT) to put into orbit 10 satellites for Iridium Communications Inc ( IRDM.O ), which will use them to enhance mobile voice and data relay capabilities.The mission will test changes implemented by Space Exploration Technologies Corp, known as SpaceX, after another Falcon 9 exploded on a launch pad in Florida in September during a routine preflight test.Accident investigators determined that a canister of helium burst inside the rocket''s second-stage liquid oxygen tank, triggering the explosion. The canister is being redesigned, but until then SpaceX is addressing the issue by modifying its fueling procedures.The explosion destroyed a $62 million SpaceX booster and a $200 million Israeli communications satellite that it was to put into orbit two days later.The accident clouded the company''s aggressive agenda, which includes beginning to ferry U.S. astronauts into space next year, when it also plans to make its first voyage to Mars.Saturday''s flight would begin to clear a logjam of more than 70 missions, worth more than $10 billion, awaiting flights on SpaceX Falcon rockets, which last flew in August, SpaceX said.The launch is the first in a seven-flight contract with Iridium worth $468.1 million, company spokeswoman Diane Hockenberry said.The rocket flying on Saturday will attempt to touch down on a platform in the Pacific Ocean, a feat previously accomplished by four other returning Falcon rockets. SpaceX intends to reuse its rockets, slashing launch costs so it can offer cut-rate services.SpaceX aims to launch 27 rockets in 2017, more than triple the eight flights the privately held firm managed in 2016, according to a report on Friday in the Wall Street Journal.In addition to its dozens of commercial customers, SpaceX is one of two companies hired by NASA to fly cargo to the International Space Station, a $100 billion research laboratory that flies 250 miles (400 km) above Earth.The company''s 2017 agenda includes the debut launch of a heavy-lift booster, flying its first reused rocket and repairing the Florida launch pad damaged in the explosion.(Editing by Letitia Stein and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-space-spacex-idINKBN14Y0H3'|'2017-01-14T10:05:00.000+02:00'
'9c3f6775aea48ed6357237a7f968a70c8615adb3'|'Exclusive - Moody''s reaches $850-million-plus accord over pre-crisis ratings: source'|'Money News - Sat Jan 14, 2017 - 5:00am IST Exclusive - Moody''s reaches $850-million-plus accord over pre-crisis ratings: source A screen displays Moody''s ticker information as traders work on the floor of the New York Stock Exchange January 20, 2015. REUTERS/Brendan McDermid NEW YORK Moody''s Corp ( MCO.N ) has agreed to pay over $850 million to settle with U.S. federal and state authorities over its ratings of risky mortgage securities in the run-up to the 2008 financial crisis, according to a person familiar with the matter. < (Reporting By Karen Freifeld; Editing by Bernard Orr) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/moody-s-credit-idINKBN14X2LX'|'2017-01-14T06:30:00.000+02:00'
'653fdb39c81d7b608cec6190375a9e71d0835849'|'Oil prices will be much more volatile in 2017 - IEA'|' 20pm GMT Oil prices will be much more volatile in 2017 - IEA FILE PHOTO: A man points a fuel nozzle at the camera for a photograph at a gas station belonging to Venezuelan state oil company PDVSA in Caracas, Venezuela, July 21, 2016. REUTERS/Carlos Jasso/File Photo By Nawied Jabarkhyl and Maha El Dahan - ABU DHABI ABU DHABI Global oil prices will witness "much more volatility" in 2017 even though markets may rebalance in the first half of the year if output cuts pledged by producers are implemented, the head of the International Energy Agency (IEA) said on Sunday. The Organization of the Petroleum Exporting Countries (OPEC) agreed on Nov. 30 to cut output by 1.2 million bpd to 32.5 million bpd for the first six months of 2017, in addition to 558,000 bpd of cuts agreed by independent producers such as Russia, Oman and Mexico. "I would expect that we will see a rebalancing of the markets within the first half of this year," said Fatih Birol, executive director of IEA, the Paris-based global energy watchdog. "But what I want to say (is) that we are entering a period of much more volatility in the market ... the name of the game is volatility," he told Reuters Television in Abu Dhabi. Prices fell on Friday and ended the week 3 percent lower on lingering doubts over the extent of OPEC cuts, with sentiment worsened by concerns over the economic health of the world''s second-largest oil consumer, China, after it reported the steepest falls in overall exports since 2009. [O/R] Birol said although the OPEC agreement could signal higher oil prices, it would also encourage more production from the United States and elsewhere. Higher prices could also weaken global demand for oil, he added. "I expect the U.S. shale oil will go back to increasing production this year," Birol said. He added that a recent trend of declining Chinese oil production due to low prices could be reversed if the market strengthened. Data from the U.S. Energy Information Administration showed crude production rose notably last week, particularly in 48 southern states. Overall production was 8.95 million barrels per day (bpd) last week, the most since April of last year. EIA/S OPEC and the independent producers are cutting supplies to remove a global glut and prop up prices, which at around $56 a barrel are half their level of mid-2014, hurting the revenue of exporting nations. Birol said his main concern now was lack of investment in new oil supplies after low prices over the past two years forced the shutdown of many projects across the world. "This year, if there are no major investments coming we may well see in a few years from now significant supply-demand gap with serious implications on the market." (Writing by Rania El Gamal; Editing by Clelia Oziel)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iea-opec-oil-idUKKBN14Z0RL'|'2017-01-16T00:20:00.000+02:00'
'f1f1c17c19c4b67d892f027312c1f024d0a6684b'|'China''s Xi says Chinese economy to keep growing steadily'|'By Tom Miles - BERN BERN China''s economy will remain stable and keep growing steadily while resisting protectionism, President Xi Jinping told Swiss executives on Monday."We are confident" Xi said, adding that there were headwinds facing the global economy, which is still weak."Overall China''s economy is performing steadily. In 2016, last year, GDP is expected to grow by 6.7 percent on a year-on-year basis, and that means we missed our set target, but that expectation according to some international institutions will be among the highest among major economies.""Protectionism, populism and de-globalization are on the rise. It’s not good for closer economic cooperation globally," he said.Xi, on a state visit to Switzerland before a keynote speech at the World Economic Forum in Davos, said China''s economy, with growth expected at 6.7 percent in 2016, was entering a "new normal", and Swiss firms could help it improve quality, and become more efficient, equitable and sustainable.“The restructuring of China’s economy and the upgrading of our industries will generate huge new demand.” Xi said."In terms of intellectual manufacturing, finance, insurance, energy conservation, environmental protection, energy generation, electricity, food and medicine, Switzerland has advanced technology and... expertise and could be a new partner for innovation for China.”China owed its economic development to opening up, and Switzerland and China would work together to reject all forms of protectionism, he said.“We will expand the openness of our service sector and general manufacturing industry to provide more investment opportunities for foreign businesses and create a sound legal and policy environment a legal playing field.”China has become Swiss engineering company ABB''s ( ABBN.S ) second biggest single market, behind only the United States, amid demand for high voltage transmission equipment for the country''s burgeoning power grid and factory robots for the Middle Kingdom''s car industry.Elevator maker Schindler ( SCHP.S ) has designs on rivaling bigger Kone ( KNEBV.HE ) and Otis, a unit of U.S.-based United Technologies ( UTX.N ), in China, where it has made acquisitions and expanded manufacturing facilities for elevators and escalators.China is the world''s biggest elevator market, accounting for about 60 percent of all new equipment orders, and Schindler said it is scouting for more acquisitions.Swiss drug and chemical makers are also fanning out in China. Novartis ( NOVN.S ) just completed a $1 billion research campus in Shanghai, while Clariant ( CLN.S ) is pinning its hopes on rising Chinese consumer demand for products including ingredients for soaps.Meanwhile, China''s state-owned China Construction Bank got its Swiss banking license in 2015 and signed a renminbi clearing agreement with Swiss-based Zuercher Kantonalbank just last September. Switzerland is seeking to become a hub of renminbi trading, as China seeks to internationalize its currency and reduce reliance on other nations'' money for trade.(Reporting by Tom Miles, additional reporting by John Miller in Zurich, Editing by Angus MacSwan)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-china-economy-swiss-idINKBN1501A8'|'2017-01-16T15:06:00.000+02:00'
'b2dd7ef61198ec1a97fa4eda5f5f9b40a5590669'|'India''s Reliance Industries Q3 net profit up 10 pct, beats estimate'|' 08am EST India''s Reliance Industries Q3 net profit up 10 pct, beats estimate MUMBAI Jan 16 India''s oil-to-telecoms conglomerate Reliance Industries Ltd beat analysts'' estimates to post a 10 percent increase in third-quarter standalone net profit, bolstered by higher margins in its core business. Standalone net profit rose to 80.22 billion rupees ($1.18 billion) for the three months to Dec. 31 from 72.96 billion rupees reported a year earlier, Reliance, controlled by India''s richest man Mukesh Ambani, said in a statement on Monday. Analysts on average had expected a standalone profit of 78.5 billion rupees, according to data compiled by Thomson Reuters. On a consolidated basis, which includes its telecom, retail and U.S. shale gas operations, its net profit came in at 75.67 billion rupees. ($1 = 68.0999 Indian rupees) (Reporting by Promit Mukherjee in Mumbai; ; Editing by Biju Dwarakanath)   RPT-US insurers get inside cars, mouths, grocery carts in profit search NEW YORK, Jan 15 Twice a day, Scott Ozawa''s Bluetooth-enabled toothbrush tells his dental insurer if he brushed for a full two minutes. In return, the 41-year-old software engineer gets free brush heads and the employer which bought his insurance gets premium discounts.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/reliance-results-idUSL4N1F6381'|'2017-01-16T19:08:00.000+02:00'
'beb033f5fe2cd0811c0f620df452b6ab903ee0bc'|'Morning News Call - India, January 13'|'Market News - Thu Jan 12, 2017 - 10:25pm EST Morning News Call - India, January 13 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 5:00 pm: Reserve Bank of India to release weekly foreign exchange data in Mumbai. LIVECHAT-WEEKAHEAD Join Nigel Stephenson at 04:30 pm for the week ahead in Global Markets. To join the conversation, click on the link: here INDIA TOP NEWS  Tata Sons names insider Chandrasekaran as new chairman India''s $100 billion salt-to-software Tata conglomerate named veteran insider Natarajan Chandrasekaran as the new chairman of its holding company on Thursday, looking to soothe investors after a bruising public spat over the ouster of his predecessor.  India''s cash crunch tamps down retail inflation India''s retail inflation hit a two-year low in December as businesses resorted to price discounting to boost flagging sales following the government''s cash crackdown, fuelling hopes of an interest rate cut by the central bank.  Flipkart reshuffle signals shift to margins over volume Even before he was appointed to run India''s biggest e-commerce company, Kalyan Krishnamurthy had signalled a change: as head of sales at Flipkart he focused on profitable "big ticket" items, a shift away from the industry''s fixation on growth at all costs.  Tata Consultancy beats third-quarter profit estimates India''s biggest software services exporter Tata Consultancy Services Ltd said it would continue to focus on expanding its digital business after beating analyst estimates with a 10.9 percent rise in profit for the quarter to December.  SpiceJet to seal $10 billion deal with Boeing for 737 jets - sources India''s SpiceJet is set to seal an order for at least 90 new 737 jets from Boeing, two sources said on Thursday, as the low-cost carrier targets an expansion to tap into the South Asian nation''s booming air travel market.  Supreme Court denies Sahara more time to make $88 million payment India''s top court on Thursday rejected a request from the Sahara conglomerate to be given more time to deposit 6 billion rupees by Feb. 6, despite the group''s argument that a shortage of cash in the country was making it hard to raise the funds.  Bharti Airtel to spend $441 mln to set up payments bank Bharti Airtel Ltd, India''s top wireless carrier, on Thursday unveiled a so-called payments bank, committing an initial investment of 30 billion rupees to build a nationwide network.  Louvre Hotels buys majority stake in India''s Sarovar Hotels France''s Louvre Hotels Group, part of Chinese hotel firm Jin Jiang International, said on Thursday it bought a majority stake in Indian hotel chain Sarovar Hotels for an undisclosed amount, further expanding its international footprint. GLOBAL TOP NEWS  China Dec exports fall more than expected, cap dismal year, but imports top forecasts China''s December exports fell by a more-than-expected 6.1 percent from a year earlier, while imports beat forecasts slightly, growing 3.1 percent on strong demand for commodities from coal to iron ore, official data showed.  Samsung leader quizzed for over 22 hours in S.Korea corruption scandal Samsung Group leader Jay Y. Lee left the South Korean special prosecutor''s office, more than 22 hours after arriving for questioning on bribery suspicions in an influence-peddling scandal that could topple President Park Geun-hye.  Takata to pay $1 bln to settle U.S. air bag probe -sources Japan''s Takata Corp is expected to plead guilty to criminal wrongdoing as early as Friday as part of a $1 billion settlement with the U.S. Justice Department over its handling of air bag ruptures linked to 16 deaths worldwide, sources said. LOCAL MARKETS OUTLOOK (As reported by NewsRise)  The SGX Nifty Futures was trading at 8,439.50, trading up 0.15 pct from its previous close.  The Indian rupee will likely open lower against the dollar, tracking its Asian peers, as disappointing trade data from China renewed concerns about the health of the world''s second-largest economy.  Indian sovereign bonds are poised to edge higher, as retail inflation eased to an over two-year low, burnishing chances of monetary easing by the nation''s central bank. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.34 pct-6.40 pct band today. The bond had closed at 104.25 rupees, yielding 6.37 pct, yesterday. GLOBAL MARKETS  The three major U.S. stock indexes closed lower on Thursday as investors waited for fourth-quarter corporate earnings and details of U.S. President-elect Donald Trump''s economic policy eight days ahead of his inauguration.  Asian shares dipped but remained on track for weekly gains while the dollar was poised for a losing week, as investors weighed whether President-elect Donald Trump would stress growth-boosting steps when he takes office.  The dollar steadied after hitting a five-week low against the yen and the broader basket of currencies, after U.S. President-elect Donald Trump''s news conference had disappointed some investors earlier in the week.  A weak $12 billion 30-year bond auction cooled a rally in the U.S. Treasuries market on Thursday, lifting bond yields from their initial lows as traders reduced their bets on inflation and federal borrowing under a Trump administration.  Oil prices edged up, supported by reports on details of OPEC output cuts, although lingering doubts over producer compliance with supply reduction targets weighed on the market.  Gold fell after hitting a seven-week high in the previous session as the dollar edged up and a technical correction set in, but the yellow metal was still on track to end higher for a third straight week. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 68.12/68.15 January 12 -$1.88 mln -$22.18 mln 10-yr bond yield 6.64 pct Month-to-date - $27.41 mln Year-to-date - - For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1=68.09 Indian rupees) (Compiled by Sourav Bose in Bengaluru) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-morningcall-idUSL4N1F31SF'|'2017-01-13T10:25:00.000+02:00'
'6f43cad174c2be3e04d4967529f9a4697fe9a698'|'Hong Kong court rejects short seller''s appeal bid in Evergrande case'|'Financials  41am EST Hong Kong court rejects short seller''s appeal bid in Evergrande case HONG KONG Jan 13 Hong Kong''s Court of Appeal on Friday rejected activist short seller Andrew Left''s bid to appeal a tribunal ruling that found him culpable of market misconduct over a research report involving China Evergrande Group, his lawyer said. On Nov. 16, Left filed an appeal to reverse findings of law, and a separate application to appeal findings of fact made by the Market Misconduct Tribunal. On Friday, the court refused Left leave to appeal findings of fact, said Timothy Loh, managing partner at Timothy Loh LLP law firm in Hong Kong. "Mr. Left is currently considering the possibility of appealing this decision to refuse leave to the Court of Final Appeal. Mr. Left believes that the decision of the Market Misconduct Tribunal is patently wrong and, unless it is overturned on appeal, will deter the investing public in Hong Kong from engaging in the robust discussion necessary to police listed company disclosures." In August, the tribunal found the U.S.-based short seller culpable of market misconduct with the publication of a research report in June 2012 alleging Chinese property developer China Evergrande was insolvent. (Michelle Price +85298121634) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/lawsuit-evergrande-idUSL4N1F32MX'|'2017-01-13T13:41:00.000+02:00'
'ebd64ae94affa5fe9df52067fc06395385db1dd2'|'Fitch Affirms Hydoo at ''B-''; Outlook Stable'|'  4:52am EST Fitch Affirms Hydoo at ''B-''; Outlook Stable (The following statement was released by the rating agency) HONG KONG/SHANGHAI, January 13 (Fitch) Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Hydoo International Holdings Limited (Hydoo) at ''B-''. The Outlook is Stable. The company''s foreign-currency senior unsecured rating and the rating on its outstanding USD160m 13.75% senior unsecured bond due 2018 have also been affirmed at ''B-'', with a Recovery Rating of ''RR4''. The rating is supported by Hydoo''s manageable leverage, achieved through a controlled pace of construction and land acquisition, slow sales strategy to protect margins and adequate liquidity. The rating is constrained by weak sales performance amid sluggish trade centre demand. KEY RATING DRIVERS Weak Trade Centre Demand: Contracted sales for trade centre and logistic developers weakened further in 2016 due to small-to-medium enterprises scaling down new investments, slower relocation demand, delays in local governments completing transport networks and lower investor appetite for commercial properties. Hydoo recorded CNY1.1bn in contracted sales for 1H16. The developer''s average selling price declined to around CNY4,700 per square metre (sq m), from CNY6,400 per sq m in 2015, due to a larger portion of residential product sales coming from third- and fourth-tier cities, which recorded average selling prices of between CNY3,000-4,000 per sq m (1H16: 27% of total sales compared with 2% in 2015). Fitch expects Hydoo''s contracted sales to reach around CNY2.5bn in 2016 and 2017, as there are no signs of recovery in the trade centre industry. Lower-Tier Cities Riskier: Hydoo''s trade centres are mainly in tier-3 and tier-4 cities to tap relocation and urbanisation demand. Fitch believes sales are more volatile in these cities than in more developed locations and demand may reach saturation faster due to the smaller populations and GDP in these economies. Sales for subsequent phases of Hydoo''s large-scale integrated trade centre projects - those greater than 400,000 sq m - hinge on continued urbanisation, which may slow due to growing market uncertainty. Rising but Manageable Leverage: Hydoo''s leverage deteriorated quickly to 39% at end-1H16, from 25% at end-2015 and a net cash position at end-2014, due to slower sales, continued capex and increasing restricted cash pledged for bills payable. However, the company scaled down its construction pace, with completed gross floor area falling by 43% yoy in 2016. Land acquisition also slowed, with a total land premium of CNY127m in 1H16, compared with CNY857m in 2015. Fitch believes Hydoo''s large landbank of around 10 million sq m available for development provides it with flexibility to reduce land purchases. Fitch expects leverage to be at around 30% in 2016 and remaining below a manageable 40% in 2017 and 2018, supported by the controlled construction pace and slower land acquisitions. Liquidity Pressure Alleviated: Hydoo''s liquidity was tight at end-1H16, with an unrestricted cash balance of CNY794m only covering 44% of CNY1.2bn in short-term debt and the USD80m outstanding convertible bond with Pingan Real Estate Capital Limited, which had early redemption starting in January 2016. However, Hydoo''s liquidity improved from mid-2016 following the company''s 2H16 offshore financing activities, including issuance of two offshore bonds totalling USD120m at 13.75% to repay the convertible bond. Fitch does not believe Hydoo faces any short-term liquidity pressure given its proven refinancing ability. Low Recurring Non-Development Income: Hydoo''s business profile is constrained by its focus on trade centre development and low recurring non-development income, which contributed 3% of revenue in the last 12 months to 1H16. The lack of diversification weakens cash flow quality and increases operation risk during industry downturns. KEY ASSUMPTIONS Fitch''s key assumptions within the rating case for Hydoo include: - Contracted sales remaining weak at CNY2.4bn-2.8bn each year between 2016-2018. - Construction expenditure at CNY1.6bn-1.8bn each year between 2016-2018. - Land replenishment ratio (land acquired/gross floor area presold) at 0.8x-1.2x in 2016-2018. - EBITDA margin at 25%-32% in 2016 and 2017 (2015: 34%). RATING SENSITIVITIES Developments that may, individually or collectively, lead to negative rating action include: - deterioration in refinancing prospects that has a significant adverse effect on Hydoo''s liquidity profile. No positive rating action is expected in the next 12-18 months given persisted weak industry demand. Contact: Primary Analyst Rebecca Tang Associate Director +852 2263 9969 Fitch (Hong Kong) Limited 19/F Man Yee Building 60-68 Des Voeux Road Central, Hong Kong Secondary Analyst Laura Long Analyst +86 21 5097 3019 Tertiary Analyst Chloe He Associate Director +86 21 5097 3015 Committee Chairperson Su Aik Lim Senior Director +852 2263 9914 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com. Applicable Criteria Criteria for Rating Non-Financial Corporates (pub. 27 Sep 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017506 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986447'|'2017-01-13T16:52:00.000+02:00'
'efe64eda488f548a4cd9db489789e44657f95dd5'|'Corporates look past India''s cash crisis, praise Modi reforms'|'Business News - Fri Jan 13, 2017 - 5:18am EST Corporates look past India''s cash crisis, praise Modi reforms left right India''s Prime Minister Narendra Modi addresses the delegation at the Vibrant Gujarat investor summit in Gandhinagar, India, January 10, 2017. REUTERS/Amit Dave 1/2 left right India''s Prime Minister Narendra Modi attends the Vibrant Gujarat investor summit in Gandhinagar, India, January 10, 2017. REUTERS/Amit Dave 2/2 By Promit Mukherjee and Euan Rocha - GANDHINAGAR, India GANDHINAGAR, India Business leaders from around the world attending an investment summit in the western Indian state of Gujarat this week cheered Prime Minister Narendra Modi''s reforms, and said the disruption caused by his radical demonetization move should be temporary. Executives at the week-long, biennial Vibrant Gujarat Summit held in Modi''s home state said the tide was turning on investments into India, although some complained the approval process remained prohibitively slow. Modi has promoted a business-friendly agenda since coming to power in 2014, and his reforms have helped turn India into the world''s fastest growing major economy, albeit with the help of hefty government spending to fund projects. "We are making a real bet on the country. What we are seeing with Prime Minister Modi is really some substantive change, it''s more than lip service," said Peter Huntsman, Chief Executive of U.S. chemical maker Huntsman Corp ( HUN.N ). Huntsman said his company, which sells products ranging from adhesives to industrial inputs, is doing "preliminary analysis on what may end up being several hundred million dollars worth of investments in India." As someone who first came to India in the late 1980s and has seen the promises made over decades, he described the pace of change under Modi as "near light-speed", and said that an overhaul of India''s unwieldy tax code would be a game changer. After lengthy delays and political horse trading among lawmakers, Modi finally won parliamentary approval last year to implement the Goods and Services Tax (GST), although it is likely to go only some way to unifying rates. The prime minister also stunned Indians on Nov. 8 when he abolished old 500 and 1,000 rupee notes in a bid to root out corruption and drag the nation into the age of digital payments. The World Bank said in its report this week that the move would slow India''s economic growth to 7 percent this fiscal year, down from an earlier estimate of 7.6 percent. Other economists have also pared growth forecasts, as money shortages over the last two months have caused frustration for millions of people in an economy largely driven by cash. Industrialists like B. K. Goenka, chairman of Indian conglomerate Welspun Group, believe the economic hit from so-called demonetization is in the past. "Demonetization is over. It was a bold decision and in the long run it will benefit. It will also help the implementation of GST," said Goenka, adding moves to cleanse the system prior to implementing GST later this year made sense. Welspun outlined proposed investments of 40 billion rupees ($588 million) in Gujarat during the summit, which ended Friday. RISKS AND REWARDS Canadian billionaire investor Prem Watsa said his India-focused investment vehicle Fairfax India ( FIHu.TO ) is raising a further $500 million, as its initial $1 billion raise from 2015 has already been largely earmarked for deployment. "I''m saying India is the single best country to invest in worldwide for the long-term," said Watsa, adding that all the companies Fairfax India has invested in so far are registering double digit growth rates. "I see huge opportunities." "You''re going to see a transformation take place before your eyes in India," said Watsa, comparing Modi''s reform agenda in India to the transformation Lee Kuan Yew brought to Singapore. Even for optimists, though, challenges remain. Fairfax India warned last week that a $323 million deal it had struck in March 2016 to acquire a 33 percent stake in the Bengaluru airport was still in limbo, awaiting some government and regulatory approvals. That deal had initially been expected to close in mid-2016. ( bit.ly/2jKJ7LV ) The head of Dubai''s DP World, which operates several ports along India''s coastline, said he was "very bullish" on India but that more work was needed to speed up approvals. Others pointed to the unpredictability of Indian politics as a wild card factor. That challenge was illustrated this week when Amazon.com ( AMZN.O ) was forced to remove doormats resembling the Indian flag from its Canadian website, after an Indian government threat to rescind visas of the company''s employees if they did not stop selling them. "Investors will just have to accept a higher level of risk to get the returns they want from big markets like India," said Amitabh Dubey, a political analyst at emerging markets advisory firm Trusted Sources. (Additional reporting by Rupam Jain, Aditi Shah, Douglas Busvine and Suvashree Choudhury; Editing by Mike Collett-White) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-india-vibrantgujarat-businesssentimen-idUSKBN14X11K'|'2017-01-13T17:12:00.000+02:00'
'eb152e6a8661b9066672e0fc2017b91997a3b1ce'|'RBI employees urge governor to protect autonomy'|'Economic   12:17pm IST RBI employees urge governor to protect autonomy left right A man talks on his mobile phone as he walks past the logo of the Reserve Bank of India (RBI) inside its head office in Mumbai June 14, 2010. REUTERS/Rupak De Chowdhuri/Files 1/4 left right The Reserve Bank of India (RBI) Governor Urjit Patel attends a news conference after the bi-monthly monetary policy review in Mumbai, India, October 4, 2016. REUTERS/Danish Siddiqui/Files 2/4 left right People queue to withdraw cash at the ICICI bank ATM in Lucknow, November 14, 2016. REUTERS/Pawan Kumar/Files 3/4 left right Workers unload boxes carrying Indian currency outside a bank in Chandigarh, November 15, 2016. REUTERS/Ajay Verma/Files 4/4 By Suvashree Choudhury - MUMBAI MUMBAI The employee union of the Reserve Bank of India (RBI) has urged the bank''s governor to protect central bank autonomy and not allow the government to interfere in processes, after criticism over how it handled a ban on high-value currency. The bank and Prime Minister Narendra Modi have been criticised for the implementation of their November decision to abolish high-value bills that accounted for 86 percent of currency in circulation. Economists said slow replacement of the bills undermined the RBI''s reputation for competence, while some raised doubts about the bank''s independence for agreeing to implementation with limited preparation. The RBI''s employee union in a letter to the governor dated January 13 said it was "painful" the central bank was being criticised despite its staff successfully carrying out the "humongous task" of replacing the old bills. It cited a recent local media report saying the finance ministry had sent a bureaucrat to coordinate the bank''s cash operations. "If true, this is most unfortunate and we take strong exception to this measure of the government as impinging on RBI autonomy," the union said in the letter. The RBI did not require any assistance, it said. "Apart from showing RBI operations and its gigantic performance in poor light, the government now blatantly encroaches on its jurisdiction," the union said in the letter, a copy of which was seen by Reuters. An RBI union member confirmed the authenticity of the letter. The RBI did not provide an immediate comment. A finance ministry spokesman declined to comment. Modi''s decision on November 8 to suddenly scrap 500 and 1,000 rupee banknotes as part of a crackdown on tax dodgers and counterfeiters has resulted in severe cash shortages, impacting companies, farmers and households alike. The action has also sparked political concern, with some people in Modi''s own party anxious that the cash crunch could hurt their prospects in states going to the polls this year. One RBI official involved in drafting the union''s letter said employees were worried that government intervention in distributing new bills could be politically influenced ahead of state polls. (Reporting by Suvashree Choudhury; Additional reporting and writing by Aditya Kalra; Editing by Rafael Nam and Christopher Cushing) Next In Economic News China steel exports fall from record in relief for global steelmakers MANILA China''s steel exports fell in 2016 from a record in the previous year, dragged down by improved demand at home and Beijing''s resolve to tackle overcapacity, in a relief for steelmakers elsewhere that have been hit by cheap Chinese shipments.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-rbi-employe-governor-idINKBN14Y06U'|'2017-01-14T13:47:00.000+02:00'
'115fdd161f6605e2354f5449458c10c37c9dbff4'|'Luxottica''s merger helps Del Vecchio manage family risks'|'By Valentina Za and Silvia Aloisi - MILAN MILAN By sealing one of the biggest European merger deals of recent years, 81-year old spectacles tycoon Leonardo Del Vecchio has added another chapter to one of Italy''s most legendary rags-to-riches stories.The 46 billion euro tie-up between Del Vecchio''s Luxottica ( LUX.MI ) and France''s Essilor ( ESSI.PA ) creates a global powerhouse in the fast-growing 95 billion euro industry, in which the Italian entrepreneur will be the biggest shareholder.That is some feat for a man who grew up in a Milanese orphanage and learnt metalwork in a tool shop, before creating the world''s biggest eyewear maker and becoming Italy''s second richest person with a fortune of nearly 19 billion euros.Insiders say that while the move to combine Luxottica with the world''s biggest lens manufacturer makes perfect sense from a strategic point of view, concerns over his own succession are also likely to have guided Del Vecchio''s choice.Del Vecchio has long insisted that none of his six children should carry the burden of a big firm like Luxottica, which he founded in 1961 in Agordo, a tiny village in the Dolomite foothills in north-east Italy.People familiar with the matter say he is also keen to protect the business from any family feuds after he is gone. With the family set to have a smaller influence in the merged company, the deal with Essilor could help him achieve this.HANDS ONWidely respected in Italy, Del Vecchio is credited with turning Luxottica into a global player with 7,800 shops in 150 countries by striking licensing deals with the likes of Giorgio Armani and Chanel and turning spectacles into a fashion accessory. At the same time, he bought coveted brands such as Ray-Ban, which he revamped, and Oakley.But like many aging Italian entrepreneurs, critics say Del Vecchio has struggled to detach himself from his creature, failing to cede control and designate an heir.For a decade he took a back seat, handing over the reins to Andrea Guerra, while remaining Luxottica''s chairman.But disagreements with Guerra led to his sudden exit in the summer of 2014, and Del Vecchio returned to be the driving force at Luxottica''s Milan headquarters. He again became increasingly involved with even trivial matters, such as telling staff how to pack boxes for an office move, former employees say.Guerra''s successor, Enrico Cavatorta, left after only six weeks and Adil Mehboob-Khan, a hastily recruited former Procter & Gamble manager, was sacked in January 2016 when Del Vecchio formally took on executive powers.By then, Del Vecchio had already taken some key decisions, such as cutting prices in Asia to align them to those of other regions, and he has continued to cross swords with managers.Sources say more than a dozen first and second line managers have left in the past 2-1/2 years, including in September the head of wholesale and retail in Greater China - a growth region where Del Vecchio has centralized distribution.ARMS LENGTH"In the last two years I have worked hard together with my managers, sometime taking daring choices, to prepare the company to seize opportunities," Del Vecchio said on Monday.The management upheaval and uncertainty over who could take over at Luxottica, together with a slowing U.S. market, have weighed on its shares, which before the merger was announced on Monday were trading 27 percent off their 2015 peak.Under the deal with Essilor, Del Vecchio will have between 31 and 38 percent of the merged group and will serve as CEO and executive chairman. But he will be effectively sharing the driving seat with the chief of Essilor, 61-year old Hubert Sagnieres, who will serve as executive vice-chairman and deputy CEO, but have the same powers as Del Vecchio.No arrangements have been made for when Del Vecchio will retire and there is no clause in the deal that says Luxottica should appoint his successor, two people close to the transaction said.Two other people familiar with the company said Del Vecchio wanted to shield Luxottica from possible squabbles among his heirs.In a letter to employees in October 2014, shortly after Guerra''s departure, Del Vecchio said he would keep his family at arms length from the company."I would like to reassure you that through these changes there hasn''t been and there never will be any influence from my family, numerous and complex, which for this reason I love intensely and equally in its entirety," the letter read.The following month, Del Vecchio cut the stakes held by his six children in holding company Delfin, that is now set to exchange its 62 percent of Luxottica for new Essilor shares.The children each own 12.5 percent of Delfin so he could leave 25 percent to his second wife, whom he remarried in 2010. This means the combined stakes of the three children from his first marriage are equal to that of his wife and their only son, with two other children owning the rest."Even if they start arguing after he''s gone they won''t be able to paralyze Luxottica," one person said.(Additional reporting by Paola Arosio and Cristina Cristoferi in Milan; Writing by Silvia Aloisi; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-luxottica-essilor-m-a-delvecchio-news-idINKBN15023H'|'2017-01-16T14:24:00.000+02:00'
'60c8a7ec64c64b552e05b45de4b8722acc366f05'|'Rolls-Royce settles bribery probes in UK, U.S. and Brazil'|'British engineering company Rolls-Royce Plc ( RR.L ) said on Monday that it reached settlements with authorities in Britain, the United States and Brazil relating to bribery and corruption involving intermediaries, which would result in a series of payments totalling 671 million pounds ($809 million).The deals would see the maker of engines for military jets, ships and nuclear-powered submarines pay about 293 million pounds in the first year, Rolls-Royce said in a statement.Under the terms of the agreements with the U.S. Department of Justice, Brazil''s Minsterio Publico Federal (MPF) Rolls said it has agreed to make payments to the DoJ totalling nearly $170 million and to the MPF totalling $25.58 million.Under the terms of a deferred prosecution agreement with Britain''s Serious Fraud Office the company said it will pay 497.253 million pounds plus interest under a schedule lasting up to five years, plus a payment in respect of the SFO''s costs."These agreements relate to bribery and corruption involving intermediaries in a number of overseas markets, concerns about which the company passed to the SFO from 2012 onwards," the company said in a statement. "These are voluntary agreements which result in the suspension of a prosecution provided that the company fulfils certain requirements, including the payment of a financial penalty." [nRSP2892Ua]Rolls also said in a statement that the company would report its financial results for 2016 Feb. 14 when "an appropriate update on the implications of these agreements will be provided at that time"."Early indications are that the group has had a good finish to the year with both profit and, in particular, cash expected to be ahead of expectations," it added.($1 = 0.8299 pounds)(Reporting by Vidya L Nathan in Bengaluru,; Editing by Susan Fenton, Greg Mahlich)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-rolls-royce-hldg-fraud-settlement-idUSKBN15025C'|'2017-01-16T20:52:00.000+02:00'
'c8bd4d6e764c8a6bcbcc04692d56f8b91fb5377f'|'Eiffel Tower could get a $318 million makeover'|'Eiffel Tower could get a makeover by Alanna Petroff @AlannaPetroff January 16, 2017: 10:37 AM ET Turning roads green with solar power The Eiffel Tower could get a makeover as Paris bids for the 2024 Olympics. Mayor Anne Hidalgo is proposing a 15-year, €300 million ($318 million) upgrade, to include better elevators, beefed-up security, refurbished lights and an improved visitor entrance. The Eiffel Tower welcomes about 6 million visitors a year and makes about €82 million ($87 million) in revenue. About €13.7 million ($14.5 million) is spent on upkeep. The renovation plan would raise that to €20 million ($21 million). The mayor''s office said the refurbishment would strengthen the quality of the tourist offerings in the French capital, which may help Paris beat Budapest and Los Angeles for the 2024 Games. The International Olympic Committee votes in September. The Eiffel Tower was completed in 1889 to celebrate the 100th anniversary of the French Revolution. It was meant to be temporary, but authorities decided to keep it up for radio transmissions and never dismantled it. It is among the most visited monuments in the world. Officials have increased security there after a string of terrorist attacks in France, which hurt the tourism industry . --CNN''s Oceane Cornevin contributed to this report. CNNMoney (London) First published January 16, 2017: 10:37 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/16/news/eiffel-tower-paris-2024-olympic-bid/index.html'|'2017-01-16T22:41:00.000+02:00'
'0e65990f8f582dadf6909c00cdf03d96be775cd1'|'UPDATE 1-Higher funding costs erode Emirates NBD''s Q4 net profit'|'Financials   3:11am EST UPDATE 1-Higher funding costs erode Emirates NBD''s Q4 net profit * Q4 net profit 1.86 bln dhs vs 2.13 bln dhs yr-ago * Earnings still beat average forecast of three analysts * 2016 dividend of 0.40 dhs/share vs 0.40 dhs/share in 2015 (Adds detail, context) By Tom Arnold DUBAI, Jan 16 Emirates NBD (ENBD) posted a 13 percent fall in fourth-quarter net profit on Monday as Dubai''s largest lender was squeezed by higher costs of fixed deposits and wholesale funding, as well as lower fees and commission. The bank, the first lender from the United Arab Emirates to report its earnings this quarter, made a net profit of 1.86 billion dirhams ($506.4 million) in the three months to Dec. 31, it said, down from 2.13 billion dirhams a year earlier but beating analysts'' forecasts for 1.62 billion dirhams. The profit drop follows a decline in the third quarter, which marked an end to a run of 16 straight quarters of rising earnings as profits are hurt by the impact of Dubai''s slower growth. The bank, 55.6-percent owned by state fund Investment Corp. of Dubai and viewed as a gauge of the health of the Dubai economy, said net interest income fell 8 percent due to rising costs of fixed deposits and wholesale funding. Profitability for Gulf banks has been eroded by steeper funding costs as competition for deposits intensifies as lower oil prices squeezes liquidity in the banking sector. ENBD''s net interest margins declined to 2.29 percent during the quarter from 2.82 percent in the year earlier period as the bank said loan spreads did not keep pace with the higher cost of deposits, coupled with lower yields from investments. However, it added that it expected net interest margins for 2017 to be in the 2.35 to 2.45 percent range, boosted by rate rises and a more stable liquidity environment. The bank reported a 2 percent rise in annual net profit for 2016 to 7.24 billion dirhams, compared to 7.12 billion dirhams in 2015. ENBD''s board of directors recommended an annual dividend of 0.40 dirham per share for 2016, the same level as for the previous year. ($1 = 3.6729 UAE dirham) (Reporting by Tom Arnold, editing by Louise Heavens) Next In Financials Fitch Affirms Bangladesh at ''BB-''; Outlook Stable (The following statement was released by the rating agency) HONG KONG, January 16 (Fitch) Fitch Ratings has affirmed Bangladesh''s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ''BB-''. The Outlooks on the Long-Term IDRs are Stable. The Country Ceiling has been affirmed at ''BB-'' and the Short-Term Foreign- and Local-Currency IDRs at ''B''. KEY RATING DRIVERS Bangladesh''s ratings balance strong foreign-currency earnings and high and stable real GDP growth against weak str'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/emirates-nbd-results-idUSL5N1F60CK'|'2017-01-16T15:11:00.000+02:00'
'1652f5ea3736b60fe1fcffb25b8f70dd6109cb39'|'Key Samsung shares steady, market awaits South Korea prosecution decision on leader'|'Business News - Sun Jan 15, 2017 - 7:25pm EST Key Samsung shares steady, market awaits South Korea prosecution decision on leader left right Samsung Electronics vice chairman Jay Y. Lee is surrounded by media as he leaves the office of the independent counsel in Seoul, South Korea, January 13, 2017. Kim Do-hoon/Yonhap via REUTERS 1/2 left right Samsung Electronics vice chairman Jay Y. Lee is surrounded by media as he leaves the office of the independent counsel in Seoul, South Korea, January 13, 2017. Kim Do-hoon/Yonhap via REUTERS/Files 2/2 SEOUL Shares of Samsung Electronics Co Ltd and Samsung C&T Corp were steady in early trade on Monday, ahead of a South Korean special prosecutor''s decision on whether to seek an arrest warrant for Samsung Group''s leader. The prosecutor is set to decide later in the day on whether to seek the arrest of Jay Y. Lee, the third-generation leader of South Korea''s largest conglomerate, in connection with an influence-peddling investigation involving the president. Samsung Electronics was up 0.6 percent and Samsung C&T was unchanged as of 0019 GMT, compared with a 0.1 percent rise for the broader market. (Reporting by Se Young Lee; Editing by Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-southkorea-politics-samsung-group-sto-idUSKBN15001D'|'2017-01-16T07:25:00.000+02:00'
'2536f7b3afd6c28f0521a1a0f8ff3a88b4df1a35'|'China''s Sinochem chief dismisses ChemChina merger reports as ''rumour'''|' 12am GMT China''s Sinochem chief dismisses ChemChina merger reports as ''rumour'' People use an escalator outside the headquarters of ChemChina (China National Chemical Corporation) in Beijing, China, February 4, 2005. REUTERS/Stringer/File Photo HONG KONG Media reports of a merger of Chinese state-owned chemical firms Sinochem Group and ChemChina, which is finalising a $43 billion takeover of Swiss pesticides and seed group Syngenta ( SYNN.S ) are just rumours, Sinochem Group Chairman Ning Gaoning said. Sources told Reuters in October that Sinochem and ChemChina were in discussions about a possible merger to create a chemicals, fertiliser and oil giant with almost $100 billion in annual revenue. "No, no, it has been a rumour for a long while," said Sinochem Group''s chairman, when asked if his company planned to acquire ChemChina, at the Asian Financial Forum in Hong Kong. The reports of a possible merger of the two Chinese companies triggered concerns it could complicate China National Chemicals Corp''s (ChemChina) acquisition of Syngenta ( SYNN.S ), which would be the country''s largest-ever foreign takeover. (Reporting by Jessica Macy Yu and Julie Zhu; Writing by Sumeet Chatterjee; Editing by Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-chemchina-m-a-sinochem-idUKKBN150181'|'2017-01-16T18:12:00.000+02:00'
'1598a8005976c96956d37676a4514058631959fd'|'Sweden''s iZettle raises 60 mln euros, appoints CFO'|'Financials - Wed Jan 11, 2017 - 3:00am EST Sweden''s iZettle raises 60 mln euros, appoints CFO STOCKHOLM Jan 11 Mobile payment solutions business iZettle has raised 60 million euros ($63 mln) in funding to help it fuel expansion and innovation, it said on Wednesday. One of Europe''s fastest-growing tech start-ups, iZettle is among a group of fledgling fintech businesses taking on traditional banks. It said the latest round of funding consists of equity from existing investors as well as debt funding from U.S.-based Victory Park Capital. "The funds will be used to further grow iZettle''s offering to ensure it continuously innovates and keeps supporting the needs of small businesses in Europe and Latin America," the firm said in a statement. iZettle also said it had appointed Maria Hedengren as CFO. She previously held the same position at online gaming firm NetEnt. Established in 2010, iZettle offers small businesses and individuals a way to take payments using mini credit card readers that turn smartphones or tablets into cash registers. In 2015 it added France as a new market and launched new products such as iZettle Advance, a loan service for small businesses. iZettle grew revenues by 81 percent to 345 million Swedish crowns ($38.1 mln) in 2015 while its operating loss increased to 258 million crowns from 228 million in 2014. Investors include Intel Capital, Northzone, American Express, Index Ventures and Banco Santander. ($1 = 0.9469 euros) ($1 = 9.0651 Swedish crowns) (Reporting by Helena Soderpalm; editing by Niklas Pollard) Next In Financials Chinese investors losing appetite for bonds in 2017 SHANGHAI, Jan 11 Stung by a late-2016 tumble in bonds, Chinese investors are signalling a switch into shares this year in the hope of better returns as the economy recovers and as a hedge against rising inflation and tighter monetary policy.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/izettle-fundraising-idUSL5N1F114I'|'2017-01-11T15:00:00.000+02:00'
'a8916a5a68a0bb001a89a69b9ac1400950787eac'|'UPDATE 1-Brazil''s Fibria drops controversial covenant language'|'(Adds pricing details, investor Quote: )By Paul KilbyNEW YORK, Jan 11 (IFR) - Brazilian pulp and paper company Fibria has dropped controversial language on a 10-year bond amid investor pushback, sources told IFR.Fibria is one of several companies that have included new aggressive terms in bonds, making it easier for borrowers to breach covenants without offering compensation to investors, according to Covenant Review."It is very bad language overall," an investors told IFR.The US$700m Fibria deal has launched at a yield of 5.70%, the tight end of guidance of 5.75% area (+/- 5bp) and well inside initial price thoughts of very low 6%.Books had reached around US$2.5bn by mid morning, the investor said. The trade is expected to price later on Wednesday. (Reporting by Paul Kilby; Editing by Natalie Harrison)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fibria-bonds-idINL1N1F11HP'|'2017-01-11T14:36:00.000+02:00'
'b4bf37b00a45dceb3c26ffc84555fc40dfb85436'|'Indian regulator to allow mutual funds to invest in REITs, InvITs'|'Financials - Sat Jan 14, 2017 - 7:33am EST Indian regulator to allow mutual funds to invest in REITs, InvITs NEW DELHI Jan 14 Indian mutual funds will be allowed to invest in real estate investment trusts (REITs) and infrastructure investment trusts (InvITs), the market regulator said on Saturday, a move aimed at boosting investor interest in such alternative investments. The Securities and Exchange Board of India (SEBI) had been working on easing regulations on REITs and InvITs to woo more investors to India''s capital-starved property sector. A fund would not be able to invest more than 5 percent of its net asset value in units of a single issuer of REIT or InvITs, the regulator said in a statement. The maximum allowed investment in the alternative instruments by a single fund would be capped at 10 percent, it added. REITs or InvITs are listed entities that invest in rent-yielding assets and distribute most of their income to shareholders as dividends. The decisions were taken during SEBI''s board meeting in western Indian city of Jaipur. (Reporting by Aditya Kalra and Abhirup Roy; Editing by Tom Lasseter) Next In Financials UPDATE 2-EU Brexit chief sees special care for financial service ties BRUSSELS, Jan 14 The European Union''s Brexit negotiator Michel Barnier said on Saturday that the EU will demand "special vigilance" before letting British financial firms access the bloc because of the large risk London could pose to the EU''s financial stability. EU needs special rules to protect it from British financial risk -Barnier BRUSSELS, Jan 14 The European Union''s Brexit negotiator Michel Barnier said on Saturday that the EU would need "special vigilance" in letting British financial firms access the bloc because of the large risk London could pose to the EU''s financial stability. India central bank employees urge governor to protect autonomy MUMBAI, Jan 14 The employee union of the Reserve Bank of India (RBI) has urged the bank''s governor to protect central bank autonomy and not allow the federal government to interfere in processes, after criticism over how it handled a ban on high-value currency. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-sebi-idUSL4N1EZ2O5'|'2017-01-14T19:33:00.000+02:00'
'b65ea57b24d09683769bd9e671b47f20684afd42'|'China property firm shareholders reject Party committee proposal'|'Financials - Sun Jan 15, 2017 - 7:25am EST China property firm shareholders reject Party committee proposal BEIJING Jan 15 Shareholders at a Chinese state-owned real estate company have rejected a proposal to establish a Communist party committee at the firm, in a rare move to thwart efforts to increase the party''s influence at state firms. More than 36 percent of shareholders of Shanghai-listed Tianjin Realty Development rejected the proposal at a January 6 meeting in the city of Tianjin, according to a stock exchange filing published on January 7. The motion was proposed based on guidance from the Communist Party and according to requirements of the state assets supervisor. The motion needed two thirds of shareholders to vote in favour in order to pass, according to the filing. According to guidelines issued in 2015, state-owned firms should establish party committees to "integrate party leadership and corporate governance". China''s President Xi Jinping has said that China will strengthen supervision of state-owned assets and improve the efficiency of state-owned enterprises. At a party work meeting on state-owned enterprises in October 2016, Xi called for party committees at all levels to step up anti-corruption work and crack down on problems such as state-owned asset embezzlement and influence peddling, state radio reported at the time. (Reporting by Nicholas Heath and Lusha Zhang; Editing by Clelia Oziel) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-companies-shareholders-idUSL4N1F5099'|'2017-01-15T19:25:00.000+02:00'
'a1164127e50d28cf2b8ff5be60468de9fa8d5f93'|'As its boss moves to Tata HQ, investors fret over TCS future'|'Business News - Sun Jan 15, 2017 - 2:42am GMT As its boss moves to Tata HQ, investors fret over TCS future left right FILE PHOTO: N. Chandrasekaran speaks during a news conference in Mumbai January 16, 2014. REUTERS/Danish Siddiqui/File Photo 1/2 left right FILE PHOTO: N. Chandrasekaran gestures as he speaks during a news conference in Mumbai, India, July 14, 2016. REUTERS/Shailesh Andrade/File Photo 2/2 By Devidutta Tripathy and Sankalp Phartiyal - MUMBAI MUMBAI Moving the head of Tata Consultancy Services ( TCS.NS ) to the top job at Tata Sons'' holding company fills a critical hole for the salt-to-software conglomerate, but it leaves another at its most valuable company ahead of a complex and unpredictable 2017. The promotion of Tata veteran Natarajan Chandrasekaran - the well-regarded, high-performing boss of TCS under whom shares have quadrupled - should be no surprise. But the departure of Chandrasekaran, known as Chandra, from the Tata group''s most profitable arm still rattled investors. They sent TCS shares down more than 4 percent on Friday, a day after it also posted better-than-expected quarterly results. "The IT industry is facing headwinds, and shareholders would have preferred Chandra to stay as CEO for some more time," said Souvik Guha, an analyst with Shriram Asset Management, which owns shares in TCS. Indeed, for Tata Sons, promoting one-time Tata intern Chandrasekaran to chairman of the $100 billion conglomerate is something of a gamble: to help unpick the group''s boardroom troubles, he leaves behind the growth engine and crown jewel. The vast majority of Tata Sons'' annual revenue comes from dividend payouts. Key businesses include Tata Steel ( TISC.NS ) and Jaguar Land Rover-owner Tata Motors ( TAMO.NS ). But TCS, with its IT services and consulting businesses, accounts for nearly 90 percent of total group revenue. Investor concerns highlight the outsized importance of TCS, more than 70 percent owned by Tata. "Investors were more confident about Chandra," said a fund manager at a local mutual fund, which owns shares in TCS. "In a tough time when volume growth is elusive, you want someone with a proven track record and it would been preferable to have someone from the business side." Chandrasekaran has been replaced at TCS by Rajesh Gopinathan, described by analysts and insiders as a meticulous operations man. Fund managers fret, however, over the vision for the IT services firm, at a time when it needs to tackle slowing growth in the industry and a problematic period ahead. From an incoming Donald Trump administration in the United States, determined to clamp down on visas vital to the smooth operations of IT services companies in their biggest market, to the still unravelling fallout from Britain''s move to bow out of the European Union, TCS will face one of its most complex years. Some also fear that Chandra will have little opportunity to lavish attention on TCS in the new role, as he will be saddled with untying the Gordian knot of Tata Sons politics, and also overseeing 200 group companies - all against the background of a bitter ongoing spat with its ousted chairman Cyrus Mistry. Mistry has publicly detailed the complex array of problems the conglomerate faces from its troubled European steel segment, from ethical concerns to allegations of fraudulent transactions at its Air Asia India joint-venture, and a host of other issues. ROCKING THE BOAT Chandra, who joined the Tata group in 1987, rose through the ranks to become TCS CEO in 2009. Under his leadership, TCS revenue has risen almost fourfold and its workforce has almost tripled. TCS has fared better than rivals Infosys ( INFY.NS ) and Wipro ( WIPR.NS ). This is despite a rapidly evolving landscape that has forced IT services players to rethink some increasingly commoditised services and innovate with offerings such as automation and artificial intelligence to win clients and boost revenue. The size of TCS has long been its strength, but the changes in the industry mean its size could also become a challenge. "In a time marked with multiple challenges and key headwinds impacting the IT sector, this is not an apt moment to rock the boat for TCS," said Reliance Securities analyst Harit Shah, adding that Chandra''s relationships will be missed. TCS has more than tripled the number of its $100 million plus accounts in the last six years to 34 from 10, according to data from JPMorgan. Over that same period, Infosys ( INFY.NS ) has only grown that customer base to 18 from 11. Its stock has also vastly outperformed both Infosys and its third-largest Indian rival, Wipro ( WIPR.NS ), in that same period. Inside the company, executives at the 350,000-strong firm are more confident, describing the new TCS chief, Gopinathan, as "hands-on". ""Chandra will be at the helm and he will continue to guide the new CEO," said RK Gupta, managing director at Taurus Asset Management, which owns TCS shares. (Additional reporting by Aby Jose Koilparambil, Suvashree Choudhury, Arathy Nair, Savio Shetty, Aditi Shah, Euan Rocha and Promit Mukherjee; Editing by Bill Tarrant) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tata-sons-management-tcs-idUKKBN14Z01N'|'2017-01-15T09:42:00.000+02:00'
'f7ff15c3fe9506f808603af59a82c07dd521865c'|'Time to sign up for Britain’s Healthiest Workplace survey'|'Time to sign up for Britain’s Healthiest Workplace survey Winners’ names will be published, but survey will also help promote understanding Read next January 15, 2017 by: Andrew Jack Employers are invited to sign up for Britain’s Healthiest Workplace , an annual survey that not only leads to recognition for Britain’s healthiest employers and employees, but is also designed to help understand and tackle poor health and wellbeing among staff. The analysis, run in partnership with the FT by Rand Europe and funded by Vitality, the insurance company, has already shown that workplace programmes offering improved nutrition and encouraging physical activity can rapidly improve morale and productivity. Data from the 2016 survey suggested an average of 27.5 days a year lost to ill health-related absence and low productivity, equivalent to £73bn annually across the UK. Related article Winning companies are selected from research that includes a dual survey completed by both employer and employee.   It has helped identify effective programmes being run by different businesses and demonstrated the importance of sleep and flexible working to boost employee satisfaction and to reduce both absenteeism and presenteeism — when an employee turns up to work, but is unproductive due to ill health or stress. Mental wellbeing and stress prevention programmes have been identified as among the most important measures — but are also particularly difficult to successfully implement. Several hundred companies have taken part in the survey in previous years, and it is being modified and expanded in 2017 to encourage participation by smaller employers, the non-profit sector and public sector organisations including parts of Britain’s National Health Service. There will also be parallel surveys conducted in several countries in Asia for the first time this year. While many employers already invest significantly in healthcare programmes, in the past there have been few studies that measure their comparative effectiveness, assess employee satisfaction or make connection between wellness and productivity.  '|'ft.com'|'http://www.ft.com/rss/companies/health'|'https://www.ft.com/content/5e5361ca-d9ab-11e6-944b-e7eb37a6aa8e'|'2017-01-15T12:47:00.000+02:00'
'ea245cdd533d5d7e27ef3cacb7afe5139c4ab9bf'|'China''s top coal province to cut 20 million tonnes of capacity in 2017 - Xinhua'|'Business News - Sun Jan 15, 2017 - 4:15am GMT China''s top coal province to cut 20 million tonnes of capacity in 2017 - Xinhua BEIJING China''s top coal-producing province Shanxi will cut 20 million tonnes of output capacity this year, state news agency Xinhua reported. Tackling excess coal production capacity will remain the provincial government''s priority in 2017, Xinhua quoted Shanxi Governor Lou Yangsheng as saying on Saturday. The reduction cuts should be achieved through market and law-based means, Lou said, while mergers and acquisitions in the sector would also be encouraged. Shanxi, in the country''s north, accounts for about a quarter of coal production in China, which has been working to curb excess capacity and a supply glut of the fossil fuel. The province shed 23.25 million tonnes of coal production capacity and shut down 25 coal mines last year, Xinhua said. The province plans to cap output and consolidate the industry around big producers over the next four years in a bid to boost efficiency, according to a blueprint by the provincial government. The province''s annual coal output would be capped by 2020 at 1 billion tonnes and capacity at 1.2 billion tonnes annually by 2020. (Reporting by Nicholas Heath; Editing by Jacqueline Wong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-coal-shanxi-idUKKBN14Z03D'|'2017-01-15T11:15:00.000+02:00'
'0e64c6fc750147cd0b78f9c332d575e637e1ce25'|'Swiss SNB''s vice president says negative rates key for monetary policy'|'Business News - Sun Jan 15, 2017 - 7:19am GMT Swiss SNB''s vice president says negative rates key for monetary policy Swiss National Bank (SNB) Vice-Chairman Fritz Zurbruegg attends their annual news conference in Bern, Switzerland December 15, 2016. REUTERS/Ruben Sprich VIENNA Negative interest rates remain fundamental to the Swiss National Bank''s monetary policy to head off any excessive appreciation of the Swiss franc, the bank''s vice president said in an interview with the Swiss weekly NZZ am Sonntag. The U.S. Federal Reserve has begun raising interest rates gradually, but with inflation still weak in the euro zone there is little likelihood of the European Central Bank following suit any time soon. "The rate hike in the United States is a positive sign and shows that the prospects for the U.S. economy have improved," Fritz Zurbruegg told NZZ am Sonntag. "For us, however, Europe is more important and the European Central Bank has not yet normalized its interest rate policy. It is important for us to maintain a difference to euro interest rates," he said. The SNB sees the Swiss franc as significantly overvalued and has imposed negative interest rates, in effect charging commercial banks to hold their cash at the central bank, to make the currency less attractive for investment purposes. It has also accumulated foreign currency reserves by selling francs to weaken the domestic unit. A strong franc makes life more difficult for Switzerland''s exporters by making their products more expensive outside the country. Intervening in the foreign exchange market was an integral part of the SNB''s approach to tackling franc appreciation, although the bank will not disclose details about any of its interventions, Zurbruegg said. The SNB''s foreign currency holdings rose to about 645 billion francs last year, similar to the size of the Swiss economy. But there was no pressure on the SNB to cut its reserves, Zurbruegg said. "As long as it cannot be ruled out that a reduction would have a negative impact on monetary policy, we certainly will not begin to reduce the reserves." (Reporting by Kirsti Knolle; Editing by Hugh Lawson) Next In Business News Davos elites struggle for answers as Trump era dawns DAVOS, Switzerland The global economy is in better shape than it''s been in years. Stock markets are booming, oil prices are on the rise again and the risks of a rapid economic slowdown in China, a major source of concern a year ago, have eased. South Korea prosecutor delays decision on arrest warrant of Samsung''s Lee SEOUL South Korea''s special prosecutor has delayed until Monday a decision on whether to seek a warrant to arrest Samsung Group [SAGR.UL] leader Jay Y. Lee, a suspect in an influence-peddling investigation involving President Park Geun-hye, citing the gravity of the case. As its boss moves to Tata HQ, investors fret over TCS future MUMBAI Moving the head of Tata Consultancy Services to the top job at Tata Sons'' holding company fills a critical hole for the salt-to-software conglomerate, but it leaves another at its most valuable company ahead of a complex and unpredictable 2017. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-swiss-snb-zurbruegg-idUKKBN14Z08I'|'2017-01-15T14:19:00.000+02:00'
'47e09e21af66514eb74fdf9ceeb0236619562016'|'India central bank employees urge governor to protect autonomy'|'Financials - Sat Jan 14, 2017 - 1:39am EST India central bank employees urge governor to protect autonomy By Suvashree Choudhury - MUMBAI MUMBAI Jan 14 The employee union of the Reserve Bank of India (RBI) has urged the bank''s governor to protect central bank autonomy and not allow the federal government to interfere in processes, after criticism over how it handled a ban on high-value currency. The bank and Prime Minister Narendra Modi have been criticised for the implementation of their November decision to abolish high-value bills that accounted for 86 percent of currency in circulation. Economists said slow replacement of the bills undermined the RBI''s reputation for competence, while some raised doubts about the bank''s independence for agreeing to implementation with limited preparation. The RBI''s employee union in a letter to the governor dated Jan. 13 said it was "painful" the central bank was being criticised despite its staff successfully carrying out the "humongous task" of replacing the old bills. It cited a recent local media report saying the finance ministry had sent a bureaucrat to coordinate the bank''s cash operations. "If true, this is most unfortunate and we take strong exception to this measure of the government as impinging on RBI autonomy," the union said in the letter. The RBI did not require any assistance, it said. "Apart from showing RBI operations and its gigantic performance in poor light, the government now blatantly encroaches on its jurisdiction," the union said in the letter, a copy of which was seen by Reuters. An RBI union member confirmed the authenticity of the letter. The RBI did not provide an immediate comment. A finance ministry spokesman declined to comment. Modi''s decision on Nov. 8 to suddenly scrap 500 and 1,000 rupee banknotes as part of a crackdown on tax dodgers and counterfeiters has resulted in severe cash shortages, impacting companies, farmers and households alike. The action has also sparked political concern, with some people in Modi''s own party anxious that the cash crunch could hurt their prospects in states going to the polls this year. One RBI official involved in drafting the union''s letter said employees were worried that government intervention in distributing new bills could be politically influenced ahead of state polls. (Reporting by Suvashree Choudhury; Additional reporting and writing by Aditya Kalra; Editing by Rafael Nam and Christopher Cushing) Next In Financials UPDATE 1-India central bank employees urge governor to protect autonomy MUMBAI, Jan 14 The employee union of the Reserve Bank of India (RBI) has urged the bank''s governor to protect central bank autonomy and not allow the federal government to interfere in processes following criticism over how it handled a ban on high-value currency. UPDATE 2-EU Brexit chief sees special care for financial service ties BRUSSELS, Jan 14 The European Union''s Brexit negotiator Michel Barnier said on Saturday that the EU will demand "special vigilance" before letting British financial firms access the bloc because of the large risk London could pose to the EU''s financial stability. EU needs special rules to protect it from British financial risk -Barnier BRUSSELS, Jan 14 The European Union''s Brexit negotiator Michel Barnier said on Saturday that the EU would need "special vigilance" in letting British financial firms access the bloc because of the large risk London could pose to the EU''s financial stability. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-cenbank-idUSL4N1F403K'|'2017-01-14T13:39:00.000+02:00'
'2e297739e9aa03eca298031cdd2494021e003715'|'Move to lift Sudan sanctions came after Trump approval, months of talks'|'Basic Materials - Sat Jan 14, 2017 - 9:02am EST Move to lift Sudan sanctions came after Trump approval, months of talks KHARTOUM Jan 14 The Obama administration''s preliminary decision to ease sanctions on Sudan came with the full approval of the incoming Trump administration and after months of secret meetings, Sudan''s foreign minister said on Saturday. The United States said on Friday it would lift a 20-year-old trade embargo against Sudan, unfreeze assets and remove financial sanctions as a response to Khartoum''s cooperation in fighting Islamic State and other groups. The move will be delayed by 180 days to see whether Sudan acts further to improve its human rights record and resolve political and military conflicts, including in Darfur. This puts the final decision in the hands of President-elect Donald Trump and his secretary of state, who is likely to be Rex Tillerson, a former oil executive. Addressing a news conference, Sudan Foreign Minister Ibrahim Ghandour said the potential sanctions relief are the result of six months of secret meetings held in Khartoum on issues ranging from combatting the Lord''s Resistance Army to peace in South Sudan and the country''s own warring regions, such as Darfur. Sudan''s director of intelligence said he had met with U.S. Central Intelligence Agency director John Brennan twice to discuss cooperation on combating terrorism and extremism. The measures do not affect Sudan''s label as a state sponsor of terrorism nor does it impact sanctions tied to Khartoum''s role in the conflict in Darfur, where the United Nations says up to 300,000 people have been killed and millions displaced since 2003. Ghandour called the decision the start to improved relations with the United States that would attract foreign investment. Sudan will review its monetary and exchange rate policies in a bid to lure new foreign investment after the United States lifts sanctions, the finance minister said without providing further detail. Sudan''s economic problems have been building since the south seceded in 2011, taking with it three-quarters of oil output, the main source of foreign currency and government income. The sanctions relief is expected to impact businesses that deal with agriculture, import-export services, transportation, technology and medical equipment, and oil. (Reporting by Khalid Abdelaziz; Writing by Eric Knecht; Editing by Angus MacSwan) Next In Basic Materials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-sudan-sanctions-idUSL5N1F40C2'|'2017-01-14T21:02:00.000+02:00'
'0e7f2ed6a4d9ee0cb2d5276102d443b25cbfda06'|'U.S. judge to issue decision on Hanjin sale of stake in terminal operator'|'By Jim Christie - SAN FRANCISCO SAN FRANCISCO The judge overseeing the U.S. bankruptcy case of Hanjin Shipping Co Ltd ( 117930.KS ) said on Friday he will likely announce on Wednesday whether he will approve the South Korean company''s sale of its stake in a U.S. terminal operator after conferring with his South Korean counterpart."I do intend to render a decision probably on Wednesday and I''ll just read it into the record," Judge John Sherwood said at the end of an all-day hearing in which container companies argued against the sale.Hanjin is selling its 54 percent stake in Total Terminals International LLC for $78 million to Luxembourg-headquartered Terminal Investment Ltd in a deal that also includes forgiving $54.6 million in debt. The deal has already been approved in court in South Korea.The container companies are creditors of Hanjin and are concerned whether it is getting top dollar for the stake in Total Terminals under the deal with Terminal Investment.The container companies are also concerned about sale proceeds going to South Korea, where they believe their claims may not be treated fairly.Lawyers for Hanjin and Total Terminals, which operates container terminals at the ports of Seattle and Long Beach, California, countered the sale must be concluded to raise proceeds and because Total Terminals is on the brink of bankruptcy.Hanjin, the world''s seventh-largest container line, filed for bankruptcy in August, triggering chaos for importers and exporters using its vessels. Its U.S. Chapter 15 bankruptcy case has been marked by confusion over assets in the United States and proceedings in South Korea.(Reporting by Jim Christie; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bankruptcy-hanjin-idINKBN14Y00P'|'2017-01-13T21:55:00.000+02:00'
'545d63cb9a968518dec91314be80257656c26dd0'|'EU Brexit chief sees special care for financial service ties'|'Business News - Sat Jan 14, 2017 - 11:43am GMT EU Brexit chief sees special care for financial service ties Canary Wharf and the city are seen at sunset in London, December 14, 2016. REUTERS/Eddie Keogh - RTX2V1A9 By Alastair Macdonald - BRUSSELS BRUSSELS The European Union''s Brexit negotiator Michel Barnier said on Saturday that the EU will demand "special vigilance" before letting British financial firms access the bloc because of the large risk London could pose to the EU''s financial stability. Responding to a report in the Guardian which said he had told EU lawmakers that he wanted a special deal to maintain EU firms'' access to the City of London, Barnier tweeted: "When asked on equivalence I said: EU would need special vigilance on financial stability risk, not special deal to access the City." An EU spokesman said the Guardian report did "not correctly reflect" Barnier''s comments to a closed door meeting with members of the European Parliament last week. EU officials said the point Barnier was making when asked about Brussels'' willingness after Brexit to recognize British financial regulations as "equivalent" in rigor to those of the EU was that, as a lot of EU business was likely to still pass through the City, EU equivalence rules would have to be much more tightly drafted compared to those for smaller centers. The Guardian quoted minutes prepared by parliamentary aides as saying Barnier told lawmakers: "Some very specific work has to be done in this area ... There will be a special/specific relationship. There will need to be work outside of the negotiation box ... in order to avoid financial instability." EU officials said Barnier, a Frenchman who ran EU financial services policy, was not speaking of a "special deal" to limit the impact of Brexit on financial services trade between Britain and the EU but rather emphasizing that Brussels would have to take special care not to ignore stability risks in London. EQUIVALENCE The officials said he responded to a question on equivalence by noting that the extent of EU rules governing relations with non-EU financial centers was proportional to the volume of EU business conducted in them -- and so to the risk of, say, a bank collapse in London destabilizing markets on the continent. With, say, the United States, the EU has negotiated accords to recognize the "equivalence" of, for example, bank supervision standards to make it easier for European companies to use U.S. banks and let U.S. institutions sell services in the EU. The extent of such equivalence agreements has been a major concern for British-based banks wanting continued access to the EU market. Other EU governments have said they will welcome financial firms moving out of London and say Britain''s economy and its big services sector must pay a price for Brexit so that it does not inspire voters in other countries to follow suit. EU ministers and officials acknowledge that damage to London''s global financial center caused by Brexit will hurt not only Britain but the other 27 EU states. "Both the UK and the EU will suffer," Maltese Finance Minister Edward Scicluna said on Thursday as Malta took on the rotating chair of EU councils. "We will lose that efficient center," he told reporters, forecasting that many financial firms would relocate to various cities in the EU. "That will be a loss ... The EU will suffer once services are fragmented. It will be longer term." Nonetheless, Scicluna said, the signs of banks and other City firms preparing to move operations to other parts of the EU amid uncertainty about the terms of Brexit showed that the immediate cost was much greater for Britain. (Editing by Angus MacSwan) Moody''s pays $864 million to U.S., states over pre-crisis ratings NEW YORK Moody''s Corp has agreed to pay nearly $864 million to settle with U.S. federal and state authorities over its ratings of risky mortgage securities in the run-up to the 2008 financial crisis, the U.S. Department of Justice said on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-barnier-idUKKBN14Y0EV'|'2017-01-14T18:34:00.000+02:00'
'b782e0c273a5e395fd58e2d3a2ee58716e84846c'|'MOVES-BNY Mellon names Jeff McCarthy as CEO of exchange traded funds'|'Jan 13 Investment management firm BNY Mellon appointed Jeff McCarthy to the newly created role of chief executive of exchange traded funds.McCarthy joins from Nasdaq, where he was vice president and head of exchange traded product listings.At BNY Mellon, he will report to Frank LaSalla, chief executive of global structured products and alternative investment services business. (Reporting by Laharee Chatterjee in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bny-mellon-moves-jeff-mccarthy-idINL4N1F34G4'|'2017-01-13T12:02:00.000+02:00'
'2aea7a217da72a2a7c114ff3bd053efeda7bf5cd'|'Australia shares end lower; NZ loses for second session'|' 18am EST Australia shares end lower; NZ loses for second session (Updates to close) Jan 13 Australian shares ended lower on Friday tracking Wall Street, pulled down by financial and basic material stocks, and recorded their first weekly fall in four. The S&P/ASX 200 index closed 0.8 percent lower, or 45.754 points, at 5,721.1, having lost 0.6 percent over the week. Wall Street clsoed lower on Thursday ahead of fourth-quarter results and in anticipation of President-elect Donald Trump''s economic policies as his press conference earlier this week failed to provide any clarity on the matter. The Australian financial index was 1.4 percent lower, adding to the 1.3 percent weekly loss, with the ''Big Four'' banks losing over 1 percent each. Westpac Banking hit its lowest in 2 weeks, shedding 1.6 percent. Basic material stocks were also lower with rising iron ore and base metal prices failing to inspire. Mining giants Rio Tinto and Fortescue Metals fell 1.2 and 2.2 percent respectively while BHP Billiton lost 0.1 percent. Origin Energy and AGL Energy gained 3.2 percent and 0.2 percent respectively on the back of rising oil prices. Other energy stocks did not get a boost from higher oil prices with Woodside Petroleum and Oil Search falling 0.3 percent and 0.5 percent respectively. The energy index ended the session up 0.4 percent, logging a weekly gain of 1.8 percent, its best week since late November. Gold stocks followed the weakness in the metal prices with Evolution Mining losing 3.2 percent and Resolute Mining falling 4.4 percent. Newcrest Mining, though, gained 0.5 percent. The gold index was down 1.1 percent having gained 0.1 percent over the week. New Zealand''s benchmark S&P/NZX 50 index ended down 0.24 percent, or 16.62 points, at 7,046.97 in its second straight session of losses. On the week, the index gained 1.1 percent. The index was dragged down by banks, with ANZ and Westpac shedding more than 2 percent each. A2 Milk company lost 1.8 percent. (Reporting by Susan Mathew in Bengaluru; Editing by Gopakumar Warrier) Next In Financials REFILE-China''s money rates mixed, traders eye on MLF loans rollover (Corrects typographical error in first paragraph) SHANGHAI, Jan 13 China''s primary money rates were mixed for the week, and there were few signs of liquidity tightness after the central bank injected funds, though traders expected cash to be sucked out of the market in coming days as firms prepare to pay taxes and demand for cash rises ahead of the Lunar New Year holiday. Liquidity conditions were largely balanced this week, mainly due to support from the central bank thro'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-close-idUSL4N1F32GN'|'2017-01-13T13:18:00.000+02:00'
'493d5c9b56d8ab9f8a20a06e7f9e92ce3ab08e74'|'RPT-Flipkart reshuffle signals shift to margins over volume'|'(Repeats Thursday''s story with no changes to text)* New Flipkart boss concentrated on "big ticket" items* Credited with helping company beat Amazon over festive period* Indian e-commerce giant looking to raise more funds* Steady erosion in implied value worried biggest shareholderBy Sankalp Phartiyal and Shounak DasguptaMUMBAI/BENGALURU, Jan 12 Even before he was appointed to run India''s biggest e-commerce company, Kalyan Krishnamurthy had signalled a change: as head of sales at Flipkart he focused on profitable "big ticket" items, a shift away from the industry''s fixation on growth at all costs.That helped turn around the group''s revenues after a series of valuation writedowns, and secured the top job for the veteran of Flipkart''s largest investor, Tiger Global, in a management shakeup this week.Krishnamurthy was named CEO on Monday, while co-founder and outgoing CEO Binny Bansal moved into the new role of group head."The trigger (for the reshuffle)... was repeated mark-downs in its valuation by the fund units of Morgan Stanley and Fidelity," said one source familiar with investor discussions.The person said investors, led by Tiger, were getting increasingly edgy as the writedowns not only stung early investors who bought in at higher valuations, but made it harder for Flipkart to tap the market and raise fresh capital.The company is preparing for an initial public offering, probably in 2018 or 2019.Flipkart and Tiger Global both declined to comment on the reshuffle and its implications.Flipkart ( IPO-FLPK.N ) has seen its lead in the online market in India eaten into by global giant Amazon.But some company sources credited Krishnamurthy, who joined Flipkart in June to spearhead some of its core sales efforts, with outmanoeuvering Amazon during the festive sales push from October onwards.No official data for the period are available, but several analysts and company sources said Flipkart clocked higher gross merchandise value (GMV).A source close to the company said Flipkart''s GMV for the peak month of October was more than 50 billion rupees ($735 million).Flipkart and Amazon declined to reveal their sales data.Company sources said Krishnamurthy achieved this by offering discounts and other incentives on more expensive items like televisions, handsets and home appliances, helping it achieve better margins than rivals who paid more attention to volume."He focused the discounts on high demand categories like mobile (phones), TV and large items - washing machines, air conditioners," said one employee.Whether Flipkart can outsmart Amazon over the longer term remains to be seen.Deep pockets are key to winning market share through aggressive discounting, and the American giant has announced a $5 billion investment plan in India.Bank of America Merrill Lynch, in a September 2016 report, said it expected Flipkart''s GMV market share to remain largely unchanged at 44 percent by 2019. By comparison, the brokerage expected Amazon''s share to grow to 37 percent from 28 percent estimated for 2016.FALLING VALUATIONA senior Flipkart executive, who like other company sources declined to be named because he was not authorised to speak to the press, said this week''s management restructuring was on the cards from the day Krishnamurthy joined Flipkart.The source close to Flipkart added that Tiger Global, the U.S. hedge fund that owns about a third of the company, wanted to be more closely involved in Flipkart''s operations.Launched by two former Amazon employees in 2007, Flipkart has grown to become India''s most valuable startup worth $15 billion in 2015.But its valuation has since dropped to below $10 billion by late 2016 amid intensifying competition, and it needs fresh funds to stay ahead of Amazon in the battle for supremacy in the world''s fastest growing internet services market.Talks were held with U.S. retailer Wal-Mart Stores Inc , which is looking to invest between $750 million and $1 billion in Flipkart, Reuters reported in October.Binny Bansal told Reuters in October that the company had cash reserves to last up to three years, but the source close to the firm said Flipkart had about two years before its war chest dried up.The company raised a little over $1 billion in the last two years, but needs to raise more funds in the next six to eight months, according to the same source."Tiger, along with other investors, want to steady the ship and make it IPO-ready as soon as they can," said the source familiar with investor discussions.Binny Bansal also mentioned "IPO readiness" as one of his key objectives as group CEO in an internal memo announcing the reshuffle.Flipkart''s restructuring takes away control of daily operations from Binny Bansal, who replaced Sachin Bansal a year ago as CEO.As group CEO, Binny will oversee the allocation of capital across units while Sachin will be responsible for strategic direction of existing business, Flipkart said in a statement."Investors are happy with the way the founders have stepped aside and given the control to professionals, as it''s very rare in India," one of the sources said.A day after Krishnamurthy took charge, three senior executives including the head of Flipkart''s logistics unit and its chief marketing officer quit the company, according to local media. A company spokesman declined to comment. (Additional reporting by Sumeet Chatterjee in Hong Kong, Rishika Sadam, Gaurika Juneja, Supantha Mukherjee, Ankit Ajmera, Noor Zainab Hussain, Sayantani Ghosh and Rachit Vats in Bengaluru, Rahul Bhatia in Mumbai; Editing by Euan Rocha and Mike Collett-White)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/flipkart-online-strategy-idINL4N1F24OG'|'2017-01-12T20:00:00.000+02:00'
'4f797be61b06d45fc6428d3276251f26f951f2c5'|'Turkish central bank has many instruments to counter ''speculative'' lira moves - minister'|'  2:59am EST Turkish   ISTANBUL   In an interview with state-run Anadolu news agency broadcast live on television, Zeybekci said he believed the exchange rate would not create a risk for Turkey given steps taken by the central bank. (Reporting by Behiye Selin Taner and Ceyda Caglayan; Editing by Daren Butler) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/turkey-lira-minister-idUSI7N1EW010'|'2017-01-13T14:59:00.000+02:00'
'7419faa255ef081f01349821ec03766c42f2f423'|'New York''s public authorities have $13,487 debt for every state resident'|'By Hilary Russ - NEW YORK NEW YORK Jan 12 New York State''s public authorities including the Dormitory Authority, the Empire State Development Corp and the Thruway Authority have $267 billion of total debt outstanding, or $13,487 for every resident, the state''s chief fiscal officer said in a report on Thursday.The authorities are not subject to the same oversight, transparency and contracting rules as other government bodies. Yet New York is relying on them more often as a way to bypass a state requirement that some borrowing must be approved by voters, a report from New York State Comptroller Thomas DiNapoli said."New York''s public authorities play an increasingly influential role in government yet they operate outside the traditional checks and balances that apply to state agencies," DiNapoli said. "As a result, New York is shouldering a huge debt load issued by public entities operating in the shadows that voters never approved."Most such authorities do not have taxing power and repay their debt using revenue generated from projects they oversee, including tolls on roads.As of September 2016, New York had 1,192 public authorities, including 324 state-level authorities and subsidiaries, 860 local authorities and eight interstate or international authorities, DiNapoli''s report said.More than a fifth of the total outstanding debt was "backdoor borrowing," when authorities issued debt that was actually for state purposes, according to the report. (Reporting by Hilary Russ; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/new-york-debt-authorities-idINL1N1F22JN'|'2017-01-12T20:51:00.000+02:00'
'c4e0d6c196516d015c567e13821c7049321e96b3'|'Cold weather lifts European power prices for Monday'|'Financials  28am EST Cold weather lifts European power prices for Monday FRANKFURT Jan 13 Cold weather expectations for next week lifted French Monday baseload power to 89 euros ($94.63) per megawatt-hour (MWh) in early Friday trading on the European spot wholesale market. That was up 21 percent from the Friday price as traders took cover to meet higher demand. The price of Monday delivery in Germany was up 63 percent higher at 66.5 euros/MWh. ($1 = 0.9405 euros) (Reporting by Vera Eckert; Editing by David Goodman) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/europe-power-prices-idUSL5N1F31EU'|'2017-01-13T15:28:00.000+02:00'
'cf824b8ffa62e03c25dff1f48da5917f7a159d39'|'Nigeria''s NNPC partners with Schlumberger for exploration'|'ABUJA Nigeria''s state oil company said on Friday it will partner with oilfield services company Schlumberger ( SLB.N ) in exploration and reservoir management.The partnership aims to find commercial hydrocarbon deposits in the Chad basin and other inland areas, a statement from the Nigerian National Petroleum Corporation (NNPC) said.A research area for the companies will be "exploration and risks assessment studies of the Nigerian Frontier Basins, which include the Upper Benue where NNPC is currently carrying out exploration works", the statement Quote: d Babatunde Adeniran, chief operating officer of ventures at NNPC, as saying.Schlumberger has established a $1 billion research fund, of which NNPC also hopes to take advantage, the statement said.(Reporting by Camillus Eboh; Writing by Paul Carsten; Editing by Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nigeria-oil-idINKBN14X25T'|'2017-01-13T14:49:00.000+02:00'
'a8409ca27bf46a18e5667fa894aa0f73c5ec9938'|'LVMH cuts ties to crocodile farms criticised by animal rights group'|'Company  06pm EST LVMH cuts ties to crocodile farms criticised by animal rights group PARIS Jan 13 Luxury good maker LVMH said its Louis Vuitton brand had ceased all trading with Vietnamese farms which animal rights activist group Peta alleged mistreated crocodiles, whose skins are used to make handbags and other accessories. "The LVMH group and its suppliers ceased all trading in 2014 with the farms named by Peta," LVMH said on Friday, adding that it sources its crocodile skins from other Asian suppliers. Peta (People for the Ethical Treatment of Animals) said on Thursday it had bought one share in LVMH to enable it to put pressure on the French company to stop selling products made with exotic animal skins. The animal rights group, which has long campaigned for changes by luxury goods groups, released a film which it said showed poor conditions at farms that have supplied LVMH. It did not name the farms concerned. This is not the first such campaign by Peta. In 2015 it alleged luxury goods group Hermes was sourcing skins from a crocodile farm in Texas which it also said was not treating the reptiles properly. Actress and singer Jane Birkin responded by asking Hermes to remove her name from one of its best-selling handbags. Hermes said it had investigated those allegations and re-assured Birkin that it imposed the highest ethical standards for the treatment of crocodiles on its suppliers and was conducting monthly checks on them. (Reporting by Astrid Wendlandt; Editing by Alexander Smith) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lvmh-crocodiles-idUSL5N1F34GU'|'2017-01-14T00:06:00.000+02:00'
'584dfbd2029af0d1d80a9c2c794e7a5f91bc826e'|'Caesars reaches agreement ending bankruptcy objections'|'CHICAGO Lawyers for Caesars Entertainment Corp''s ( CZR.O ) bankrupt unit told a U.S. judge on Friday they had reached an agreement ending the last objections to its reorganization plan, clearing the way for the casino operator to exit Chapter 11 bankruptcy.U.S. Bankruptcy Judge Benjamin Goldgar said he would sign an order approving the plan once the agreement had been documented.(Reporting by Tracy Rucinski in Chicago, writing by Tom Hals in Wilmington, Delaware)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-caesars-bankruptcy-idINKBN14X1ZM'|'2017-01-13T13:30:00.000+02:00'
'9f787252f32c34be0a435f522e72cf900f62fdd2'|'Canada''s Porter Airlines grounds all flights due to system outage - Reuters'|'TORONTO Jan 14 Privately held Canadian carrier Porter Airlines said it had grounded all its flights on Saturday due to a system outage.The airline, which operates short-haul flights out of Toronto''s city airport using a fleet of turboprop jets, did not provide further details."All arriving/departing flights grounded due to a system outage. Updates will be provided as they become available," Porter said on Twitter.The carrier, which has 15 Canadian and eight U.S. destinations, partners with JetBlue in the United States.Last June, Porter Chief Executive Robert Deluce said he would consider taking the carrier public in the medium term as a strategy to support its broader growth plan. (Reporting by Amran Abocar; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-airline-porter-idINL1N1F40IQ'|'2017-01-14T19:14:00.000+02:00'
'042a1700e6fa3f827b90fe79d6642e39bc883d45'|'Davos elites struggle for answers as Trump era dawns'|'Economic News - Sun Jan 15, 2017 - 12:45pm IST Davos elites struggle for answers as Trump era dawns People leave the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland January 23, 2016. REUTERS/Ruben Sprich/Files By Noah Barkin - DAVOS, Switzerland DAVOS, Switzerland The global economy is in better shape than it''s been in years. Stock markets are booming, oil prices are on the rise again and the risks of a rapid economic slowdown in China, a major source of concern a year ago, have eased. And yet, as political leaders, CEOs and top bankers make their annual trek up the Swiss Alps to the World Economic Forum in Davos, the mood is anything but celebratory. Beneath the veneer of optimism over the economic outlook lurks acute anxiety about an increasingly toxic political climate and a deep sense of uncertainty surrounding the U.S. presidency of Donald Trump, who will be inaugurated on the final day of the forum. Last year, the consensus here was that Trump had no chance of being elected. His victory, less than half a year after Britain voted to leave the European Union, was a slap at the principles that elites in Davos have long held dear, from globalisation and free trade to multilateralism. Trump is the poster child for a new strain of populism that is spreading across the developed world and threatening the post-war liberal democratic order. With elections looming in the Netherlands, France, Germany, and possibly Italy, this year, the nervousness among Davos attendees is palpable. "Regardless of how you view Trump and his positions, his election has led to a deep, deep sense of uncertainty and that will cast a long shadow over Davos," said Jean-Marie Guehenno, CEO of International Crisis Group, a conflict resolution think-tank. Moises Naim of the Carnegie Endowment for International Peace was even more blunt: "There is a consensus that something huge is going on, global and in many respects unprecedented. But we don''t know what the causes are, nor how to deal with it." The titles of the discussion panels at the WEF, which runs from Jan. 17-20, evoke the unsettling new landscape. Among them are "Squeezed and Angry: How to Fix the Middle Class Crisis", "Politics of Fear or Rebellion of the Forgotten?", "Tolerance at the Tipping Point?" and "The Post-EU Era". The list of leaders attending this year is also telling. The star attraction will be Xi Jinping, the first Chinese president ever to attend Davos. His presence is being seen as a sign of Beijing''s growing weight in the world at a time when Trump is promising a more insular, "America first" approach and Europe is pre-occupied with its own troubles, from Brexit to terrorism. British Prime Minister Theresa May, who has the thorny task of taking her country out of the EU, will also be there. But Germany''s Angela Merkel, a Davos regular whose reputation for steady, principled leadership would have fit well with the WEF''s main theme of "Responsive and Responsible Leadership", will not. ''REJOICING IN THE ELEVATORS'' Perhaps the central question in Davos, a four-day affair of panel discussions, lunches and cocktail parties that delve into subjects as diverse as terrorism, artificial intelligence and wellness, is whether leaders can agree on the root causes of public anger and begin to articulate a response. A WEF report on global risks released before Davos highlighted "diminishing public trust in institutions" and noted that rebuilding faith in the political process and leaders would be a "difficult task". Guy Standing, the author of several books on the new "precariat", a class of people who lack job security and reliable earnings, believes more people are coming around to the idea that free-market capitalism needs to be overhauled, including those that have benefited most from it. "The mainstream corporate types don''t want Trump and far-right authoritarians," said Standing, who has been invited to Davos for the first time. "They want a sustainable global economy in which they can do business. More and more of them are sensible enough to realise that they have overreached." But Ian Bremmer, president of U.S.-based political risk consultancy Eurasia Group, is not so sure. He recounted a recent trip to Goldman Sachs headquarters in New York where he saw bankers "rejoicing in the elevators" at the surge in stock markets and the prospect of tax cuts and deregulation under Trump. Both Goldman CEO Lloyd Blankfein and his JP Morgan counterpart Jamie Dimon will be in Davos. "If you want to find people who are going to rally together and say capitalism is fundamentally broken, Davos is not the place to go," Bremmer said. PACE OF CHANGE Suma Chakrabarti, president of the European Bank for Reconstruction and Development (EBRD), believes a "modern version of globalisation" is possible but acknowledges it will take time to emerge. "It is going to be a long haul in persuading a lot of people that there is a different approach. But you don''t have to throw the baby out with the bath water," he told Reuters. Still, some attendees worry that the pace of technological change and the integrated, complex nature of the global economy have made it more difficult for leaders to shape and control events, let alone reconfigure the global system. The global financial crisis of 2008/9 and the migrant crisis of 2015/16 exposed the impotence of politicians, deepening public disillusion and pushing people towards populists who offered simple explanations and solutions. The problem, says Ian Goldin, an expert on globalisation and development at the University of Oxford, is that on many of the most important issues, from climate change to financial regulation, only multilateral cooperation can deliver results. And this is precisely what the populists reject. "The state of global politics is worse than it''s been in a long time," said Goldin. "At a time when we need more coordination to tackle issues like climate change and other systemic risks, we are getting more and more insular." (Additional reporting by Ben Hirschler; Editing by Pravin Char) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/davos-meeting-preview-idINKBN14Z08B'|'2017-01-15T14:15:00.000+02:00'
'62ae492768e845c1679354b3f08fd803795d1b8d'|'German construction boom continues, building permits up 20 percent in 2016'|'Business News - Sun Jan 15, 2017 - 7:03am GMT German construction boom continues, building permits up 20 percent in 2016 BERLIN New residential building permits issued in Germany increased by more than 20 percent on the year in 2016, Housing Minister Barbara Hendricks said on Sunday, suggesting a building boom will continue to support economic growth this year. Demand for real estate is soaring in Europe''s biggest economy due to a growing population, increased job security and record-low borrowing costs. Increased state spending on social housing, not least to accommodate a record influx of refugees, is giving construction an additional push. "We have succeeded in initiating a turnaround in housing construction within a very short time," Hendricks said in a Reuters interview. Permits were issued for more than 380,000 residential buildings in 2016, a sharp increase from the 313.000 permit issued in the previous year, she said. "That''s the highest number of permits issued in a year since 2000," Hendricks said. The construction sector is forecast to continue its solid performance, helped by housing shortages in urban areas and low interest rates that have encouraged more people to buy homes instead of renting. Construction industry associations expect sales to rise by 5 percent this year to hit the highest level since 1995, following growth of 5.8 percent in 2016. Construction is one of the main drivers of economic expansion in Germany, contributing 0.3 percentage points to an overall GDP growth rate of 1.9 percent last year, the strongest in half a decade. Even before the refugee numbers started to increase in 2015, urban areas lacked an estimated 800,000 affordable flats due to higher immigration from other European countries. With demand outstripping supply, property prices and rents have soared in cities like Berlin, Hamburg and Munich. Property experts say that at least 350,000 new homes are needed every year until 2020 to cope with the drastic shortage of affordable housing. Construction associations estimate that between 280,000 and 290,000 new homes were completed in 2016 and they expect up to 320,000 this year. (Reporting by Markus Wacket and Michael Nienaber, Editing by Angus MacSwan) Next In Business News Davos elites struggle for answers as Trump era dawns DAVOS, Switzerland The global economy is in better shape than it''s been in years. Stock markets are booming, oil prices are on the rise again and the risks of a rapid economic slowdown in China, a major source of concern a year ago, have eased. South Korea prosecutor delays decision on arrest warrant of Samsung''s Lee SEOUL South Korea''s special prosecutor has delayed until Monday a decision on whether to seek a warrant to arrest Samsung Group [SAGR.UL] leader Jay Y. Lee, a suspect in an influence-peddling investigation involving President Park Geun-hye, citing the gravity of the case. As its boss moves to Tata HQ, investors fret over TCS future MUMBAI Moving the head of Tata Consultancy Services to the top job at Tata Sons'' holding company fills a critical hole for the salt-to-software conglomerate, but it leaves another at its most valuable company ahead of a complex and unpredictable 2017. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-construction-idUKKBN14Z07T'|'2017-01-15T14:03:00.000+02:00'
'89120c52733607bb5aecce6cc20b3992ebee0a20'|'Davos elites struggle for answers as Trump era dawns'|'Politics - Sun Jan 15, 2017 - 2:13am EST Davos elites struggle for answers as Trump era dawns FILE PHOTO: European Bank for Reconstruction and Development (EBRD) President Suma Chakrabarti speaks during an interview in Kiev, Ukraine, July 2, 2015. REUTERS/Valentyn Ogirenko/File Photo By Noah Barkin DAVOS, Switzerland - The global economy is in better shape than it''s been in years. Stock markets are booming, oil prices are on the rise again and the risks of a rapid economic slowdown in China, a major source of concern a year ago, have eased. And yet, as political leaders, CEOs and top bankers make their annual trek up the Swiss Alps to the World Economic Forum in Davos, the mood is anything but celebratory. Beneath the veneer of optimism over the economic outlook lurks acute anxiety about an increasingly toxic political climate and a deep sense of uncertainty surrounding the U.S. presidency of Donald Trump, who will be inaugurated on the final day of the forum. Last year, the consensus here was that Trump had no chance of being elected. His victory, less than half a year after Britain voted to leave the European Union, was a slap at the principles that elites in Davos have long held dear, from globalization and free trade to multilateralism. Trump is the poster child for a new strain of populism that is spreading across the developed world and threatening the post-war liberal democratic order. With elections looming in the Netherlands, France, Germany, and possibly Italy, this year, the nervousness among Davos attendees is palpable. "Regardless of how you view Trump and his positions, his election has led to a deep, deep sense of uncertainty and that will cast a long shadow over Davos," said Jean-Marie Guehenno, CEO of International Crisis Group, a conflict resolution think-tank. Moises Naim of the Carnegie Endowment for International Peace was even more blunt: "There is a consensus that something huge is going on, global and in many respects unprecedented. But we don''t know what the causes are, nor how to deal with it." The titles of the discussion panels at the WEF, which runs from Jan. 17-20, evoke the unsettling new landscape. Among them are "Squeezed and Angry: How to Fix the Middle Class Crisis", "Politics of Fear or Rebellion of the Forgotten?", "Tolerance at the Tipping Point?" and "The Post-EU Era". The list of leaders attending this year is also telling. The star attraction will be Xi Jinping, the first Chinese president ever to attend Davos. His presence is being seen as a sign of Beijing''s growing weight in the world at a time when Trump is promising a more insular, "America first" approach and Europe is pre-occupied with its own troubles, from Brexit to terrorism. British Prime Minister Theresa May, who has the thorny task of taking her country out of the EU, will also be there. But Germany''s Angela Merkel, a Davos regular whose reputation for steady, principled leadership would have fit well with the WEF''s main theme of "Responsive and Responsible Leadership", will not. ''REJOICING IN THE ELEVATORS'' Perhaps the central question in Davos, a four-day affair of panel discussions, lunches and cocktail parties that delve into subjects as diverse as terrorism, artificial intelligence and wellness, is whether leaders can agree on the root causes of public anger and begin to articulate a response. A WEF report on global risks released before Davos highlighted "diminishing public trust in institutions" and noted that rebuilding faith in the political process and leaders would be a "difficult task". Guy Standing, the author of several books on the new "precariat", a class of people who lack job security and reliable earnings, believes more people are coming around to the idea that free-market capitalism needs to be overhauled, including those that have benefited most from it. "The mainstream corporate types don''t want Trump and far-right authoritarians," said Standing, who has been invited to Davos for the first time. "They want a sustainable global economy in which they can do business. More and more of them are sensible enough to realize that they have overreached." But Ian Bremmer, president of U.S.-based political risk consultancy Eurasia Group, is not so sure. He recounted a recent trip to Goldman Sachs headquarters in New York where he saw bankers "rejoicing in the elevators" at the surge in stock markets and the prospect of tax cuts and deregulation under Trump. Both Goldman CEO Lloyd Blankfein and his JP Morgan counterpart Jamie Dimon will be in Davos. "If you want to find people who are going to rally together and say capitalism is fundamentally broken, Davos is not the place to go," Bremmer said. PACE OF CHANGE Suma Chakrabarti, president of the European Bank for Reconstruction and Development (EBRD), believes a "modern version of globalization" is possible but acknowledges it will take time to emerge. "It is going to be a long haul in persuading a lot of people that there is a different approach. But you don''t have to throw the baby out with the bath water," he told Reuters. Still, some attendees worry that the pace of technological change and the integrated, complex nature of the global economy have made it more difficult for leaders to shape and control events, let alone reconfigure the global system. The global financial crisis of 2008/9 and the migrant crisis of 2015/16 exposed the impotence of politicians, deepening public disillusion and pushing people towards populists who offered simple explanations and solutions. The problem, says Ian Goldin, an expert on globalization and development at the University of Oxford, is that on many of the most important issues, from climate change to financial regulation, only multilateral cooperation can deliver results. And this is precisely what the populists reject. "The state of global politics is worse than it''s been in a long time," said Goldin. "At a time when we need more coordination to tackle issues like climate change and other systemic risks, we are getting more and more insular." (Additional reporting by Ben Hirschler; Editing by Pravin Char) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-davos-meeting-preview-idUSKBN14Z07V'|'2017-01-15T14:13:00.000+02:00'
'3a21c7c5936af3332aab8ae2f2a557238b2460a5'|'UPDATE 1-South Africa''s cenbank to weigh in on Barclays Africa bailout report'|'Financials  42am EST UPDATE 1-South Africa''s cenbank to weigh in on Barclays Africa bailout report (Adds governor quote, Absa comment) JOHANNESBURG Jan 13 South Africa''s central bank will give extensive comment to the anti-graft watchdog about a preliminary report claiming Barclays Africa Group benefited from an apartheid-era bailout, Governor Lesetja Kganyago told talk radio 702 on Friday. The Mail & Guardian newspaper reported that Absa, a unit of Barclays Africa Group, could be forced to pay 2.25 billion rand ($166.32 million) to the state for an alleged unlawful apartheid-era bank bailout if a preliminary report by the Public Protector remains unchanged. "We have received the preliminary report of the Public Protector and we are checking it for factual accuracy. We will give extensive comment to the Public Protector," Kganyago said. In her suggested remedial action, watchdog Busisiwe Mkhwebane has also proposed that President Jacob Zuma should consider a commission of inquiry into apartheid-era looting of the state, the Mail & Guardian reported. Absa described the report as having "several factual and legal inaccuracies" and said it will continue to cooperate with the Public Protector. "In its current form it perpetuates an incorrect view that Absa Bank Ltd was the beneficiary of undue South Africa Reserve Bank assistance," Absa said in a statement. ($1 = 13.5279 rand) (Reporting by Nqobile Dludla; Editing by Simon Cameron-Moore) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/safrica-barclays-group-idUSL5N1F30M1'|'2017-01-13T13:42:00.000+02:00'
'406404381320b8eeb8f013048b7df0e0c112804a'|'Quest: Davos should get real or close shop'|'Davos should get real or close shop by Richard Quest, Editor at Large @CNNMoney January 16, 2017: 10:14 AM ET People to Davos: Get out of your bubble Spare a thought for Davos Delegate this week. As they travel to the World Economic Forum, global elites are in a state of confusion and crisis. Their world view is being challenged like never before, rejected by voters angry at a broken economic model and the price of globalization. Criticisms of Davos are old and tired: it''s a talking shop where nothing ever gets done but plenty of money is spent. Davos is an extravagant bun-fight of the vanities, where the "haves" gather to strike deals with the "have-mores." This year, these criticisms have taken on a new powerful force because of Brexit and the election of Donald Trump. Both votes were driven, at least in part, by mass rejection of the establishment and its way of doing business. Millions of people who never get near this Swiss mountain retreat have finally said "enough is enough." They are tired of being promised "jam tomorrow" while bearing the brunt of job losses from globalization and the pain of growing inequality. They did the electoral equivalent of giving them the finger. Related: These 8 men are richer than 3.6 billion people Davos, and many of its delegates, embody what the world is railing against. WEF trumpets the presence of "3,000 leaders from government, business and civil society" as if it was a guest list for an exclusive ball. As executive chairman of WEF, Klaus Schwab is Davos Delegate Number One. He chided me for this way of thinking, saying it''s "a very superficial view." Schwab believes "what we should not do now is start the blame game, what we have to do is address the root causes. We have to work together in a constructive way." Here I respectfully disagree. Davos Delegate (with some notable exceptions ) is barely capable of looking at the root causes because that would require a fundamental rethink of the version of western capitalism rejected by Trump and Brexit supporters. Related: Globalization can be remade to work for everyone Schwab argues that viewing Davos through a transatlantic prism is parochial. True, a growing number of Davos Delegates come from Asia and the developing world. But the reality is that they''ll spend much of this week fretting about Trump and Europe because these issues can rock the global economy. There are more than 400 sessions covering all the major issues, including the future of America and the effects of Brexit. But there is one panel missing from the WEF agenda -- an admission that "we are out of touch" and "we didn''t see this coming." What WEF won''t admit is that core Davos Delegates represent the very values being rejected at ballot boxes -- and those same delegates failed to see that rejection coming. Read more about Davos 2017 The fact that President Xi Jinping of China is attending with a large delegation is intriguing, but equally this year several government heads are staying away. It''s not cool to be seen at Davos in the current climate. How ironic that this most spectacular rejection of the status quo should be formalized in Trump''s inauguration just as its inadvertent architects are gathering on the other side of the world. Davos needs get back to basics, eschew the cocktail parties and focus on policies that make a difference to the 99%. To be fair, Schwab and WEF have been saying just such things, only few of the people who bankroll this event have been listening. Now Davos Delegate is on the wrong side of history. If this year''s event does not bring meaningful discussions that resonate beyond the congress center, then no one will miss it if Davos calls it a day. CNNMoney (Davos, Switzerland) First published January 16, 2017: 10:14 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/16/news/economy/davos-future-richard-quest/index.html'|'2017-01-16T22:16:00.000+02:00'
'52daa8f5049b6e90093833cc9ec28b7b0309870c'|'Inside the luxury world’s commission culture'|'Inside the luxury world’s commission culture Paying guides ‘kickbacks’ is one way brands attract wealthy Chinese tourists Read next by: Sarah Shannon After an exercising tour of Westminster Abbey, Big Ben and the Houses of Parliament, a Chinese tourist can be forgiven for seeking respite in the luxury of a Bond Street jeweller. What they may not realise, as they browse diamond bracelets and Swiss watches, is that their trusted guide could be pocketing 10 per cent commission on anything they buy. Typically, tour guides and their agencies broker deals with luxury retailers: commission of 10 per cent for the guide for each transaction and 2.5 per cent for the agent. It is discreetly paid, long after the client has bought the jewellery or watch, and a top-performing Chinese tour guide can earn £250,000 a year, three people close to the guides say. The practice is so widespread that industry figures say the majority of well-known jewellery and watch brands are involved, raising questions about unfair incentives and even potential bribery. Eileen Gao is a Mandarin-speaking tour guide who spends her days navigating London’s popular sites on minibuses filled with Chinese visitors. If a client requests shopping, she will oblige and take them to famous stores — ones she thinks they will enjoy and ones she receives commission from. “It’s a question of good relationships,” Ms Gao says of the “kickbacks” (her word) she receives. “They all want the Chinese business.” The Chinese are among the most lavish of all UK inbound tourists, spending an average £2,174 per visit in 2015, three and a half times more than the normal visitor, according to tourism board VisitBritain. Three years ago China was not in the top 10 most valuable inbound markets, but as the Chinese middle class grows, so too do its travel and shopping ambitions; in 2015 it was the ninth most valuable market (Chinese tourists spent £586m). Flight bookings from China to the UK are 38 per cent higher for December 2016 to February 2017, compared with a year earlier, according to data by ForwardKeys, which analyses travel agent and online bookings. One agency that works with 10,000 tour guides across Europe and North America is EastSong Consulting, whose founder and UK chief executive is sinologist Peter Recknagel. EastSong has offices in Frankfurt, London and New York and although most of its business is in mainland Europe, sales in the UK are performing better, Mr Recknagel says, because of the weak pound and fear of terrorist attacks in mainland Europe. I’m sure the more savvy tourists are probably aware of it but it’s not something we would publicise David Basrawy EastSong provides tour guides with a smartphone app showing them which stores offer a commission, information about the products on offer and tips on, among other things, how to help tourists claim back value added tax. It also arranges the back end: the tour guides are paid by the luxury brands through its computer systems. Brands can advertise on the EastSong app directly to the guides, and EastSong has annual seminars for the brands to promote their offering. The agency even produces a map for tourists in Chinese, which lists brands it works with. Luxury companies approach EastSong, not the other way around, Mr Recknagel says, and he calls them “co-operation partners”. (It is not clear whether all partners pay tour guides commission and Mr Recknagel would not confirm this.) He says Chinese tourists understand that tour guides take a commission and even ask to be taken to shops where they earn it. “It’s not something secret, not at all, it’s a very natural thing,” he says. Mr Recknagel declined to comment on exact commissions paid or brands involved. An executive at one of the world’s biggest luxury conglomerates, speaking on condition of anonymity, says most global brands pay commission to tour guides. It is in their interest to know who the guides are, the executive adds, and companies often arrange in-store events to build a network and explain their stock. Once a relationship has been established, often the guide will approach the brand directly when they have arranged a busload of tourists. There are legal issues tour guides and brands need to be wary of, according to Henry Priestley, a senior associate in the retail group at law firm RPC. Consumer protection law could be contravened if tourists are deceived and adversely affected in some way, whether by being given information that is false or not being given relevant information (such as a tour guide commission) at all. This might mean consumers make purchases they would otherwise not have, had they known about the commission structure, or if the store was artificially inflating prices for tourists brought in by guides, Mr Priestley says. In extreme circumstances, some commission payments could potentially contravene the UK’s Bribery Act, Mr Priestley says, if tourists paid a guide to take them to specific stores but in fact were taken only to different stores where the guide received an undisclosed commission. (There is no suggestion any individuals or companies referred to in this article have done any of this.) The Financial Times approached luxury brands and jewellers which are listed on EastSong’s website and tourist map or were named by guides, and asked them if they paid commission. De Beers Diamond Jewellers, which tour guides told the FT did pay commission, declined to comment, as did Bulgari , also named by guides. Garrard, which holds a royal warrant, confirmed it did use EastSong and paid commission, but ended the relationship last year. It did not comment further. Lynn Schroeder, UK managing director of Wempe, the German family-owned jeweller which has a store on New Bond Street and is listed on EastSong’s website, said: “I don’t want to comment. We don’t want to confirm. The end consumer isn’t interested.” Watches of Switzerland, which sells brands including Patek Philippe, Cartier and Rolex in its Regent Street, Oxford Street and Knightsbridge stores, has a VIP team that handles wealthy Chinese clients. Several tour guides and a source close to the company said it pays commissions, although a spokeswoman declined to comment. Mapped out: Chinese tourists using EastSong’s guide Late last year as Christmas approached, British luxury house Asprey invited Mandarin-speaking tour guides to its Bond Street store to show off its product lines, its brand and build relations with staff to encourage the guides to bring their clients to their store, a tour guide told the FT. A spokeswoman declined to comment on “private consultations with clients” or commissions paid to guides. Frey Wille, an Austrian jeweller which specialises in enamelled designs inspired by art, pays 10 per cent commission to tour guides through EastSong to bring tourists to its Piccadilly store, opposite Fortnum & Mason. “We have to be open-minded [about] how we target the Chinese,” says Pia Bittner, London area manager. The tour guides “go where the money is”, she adds. Ms Bittner says she is hoping EastSong will encourage more educated, art-focused tourists to visit her store. Luxury retailer House of Hanover, which says it depends almost entirely on sales from Chinese and Korean tour guide visits, is a stone’s throw from where the tour buses park, between Regent Street and Bond Street. Owner David Basrawy says commissions are paid long after the client and guide have left, including through EastSong. “I’m sure the more savvy tourists are probably aware of it but it’s not something anyone in our business around Europe would publicise,” he says. The growth in independent travel among the Chinese — without tour guides — makes some question the longevity of targeting tour guides to channel spending. “The benefits for marketers of working with tour operators to steer spending is necessarily diminishing,” says Domenica di Lieto, chief executive of Chinese digital marketing company Emerging Communications. But until this trend becomes overwhelming and groups dry up, tour guides and luxury brands will continue to commit to commissions. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/retail-consumer'|'https://www.ft.com/content/c6db46ca-bad1-11e6-8b45-b8b81dd5d080'|'2017-01-15T12:02:00.000+02:00'
'c7862e048a0c20462814979b18567c72de41d6ef'|'LSE says no plans to move clearing operations after Deutsche Boerse merger'|'London Stock Exchange Group (LSEG) ( LSE.L ) said on Monday it had no plans to shift the operations of its LCH clearing business from Britain to Germany following the group''s merger with Deutsche Boerse ( DB1Gn.DE ).LSEG was responding to an independent study and press speculation about the possible future location of some of its businesses as a result of its tie-up with its German rival.According to the research report published in the Times on Monday, there is a "good chance" Deutsche Boerse will relocate derivatives trading from London to Frankfurt. bit.ly/2jVIlff"Such action is not contemplated and any statements suggesting otherwise are inaccurate and misguided ... LSEG and Deutsche Börse are committed to maintaining the strengths and capabilities of their respective operations in London and Frankfurt," LSEG said in a statement."There is no intention to move the locations of Eurex or Clearstream from Frankfurt, LCH from London and the U.S., Monte Titoli from Milan or CC&G from Rome following completion," it added.Deutsche Boerse and LSEG have been working to overcome regulatory hurdles holding up their $28 billion merger and looking to appease regulators. LSEG agreed this month to sell its French clearing business to Euronext ( ENX.PA ).Last week, the head of the European Central Bank, Mario Draghi, said it would carefully look at the proposed merger too, particularly given Britain''s decision to leave the European Union.Separately on Monday, the economic secretary to the UK Treasury told Reuters that keeping euro-denominated clearing in London even after Britain leaves the EU was in Europe''s interest.(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lse-m-a-deutsche-boerse-relocation-idINKBN1501KE'|'2017-01-16T10:18:00.000+02:00'
'8f443bc2ecc921f80449557bfc8e38f4d4b95f4e'|'Syngenta CEO expects regulatory approval for ChemChina deal soon - CNBC'|'Business News - Mon Jan 16, 2017 - 3:15pm GMT Syngenta CEO expects regulatory approval for ChemChina deal soon - CNBC CEO Erik Fyrwald of Swiss agrochemicals maker Syngenta smiles as he addresses a news conference to present the company''s half-year results in Basel, Switzerland July 22, 2016. REUTERS/Arnd Wiegmann ZURICH Syngenta ( SYNN.S ) Chief Executive Erik Fyrwald expects regulatory approval soon for ChemChina''s proposed $43 billion (35.65 billion pounds) takeover of the Swiss pesticides and seeds group, he said on Monday. "I am very confident that we will finish the deal. We are making a lot of progress," he told broadcaster CNBC in an interview from the World Economic Forum annual meeting in Davos. "We are working well with the U.S. and the EU regulators now toward finalising the agreements with them and expect to be finished in the not too distant future," he said. China National Chemical Corp (ChemChina) [CNNCC.UL] and Syngenta AG have proposed minor concessions to the EU''s competition watchdog to address concerns over their merger plan, sources close to the matter told Reuters last week. (Reporting by Michael Shields; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-syngenta-m-a-chemchina-idUKKBN1501VH'|'2017-01-16T22:15:00.000+02:00'
'abcb1fc277dcac751051fbb64d90fac99bf9f46c'|'Fitch: Cote d''Ivoire Elections Smooth, but Social Unrest Remains'|'Financials  12am EST Fitch: Cote d''Ivoire Elections Smooth, but Social Unrest Remains (The following statement was released by the rating agency) PARIS/LONDON, January 16 (Fitch) The naming of a new cabinet in Cote d''Ivoire following last year''s parliamentary election highlights the country''s relatively smooth electoral process over the last 15 months, Fitch Ratings says. But a recent mutiny shows that political and security risks persist. President Alassane Ouattara last week appointed Daniel Kablan Duncan, previously the prime minister, to the new role of vice president and announced a new cabinet. The cabinet reshuffle, which was widely expected, follows the victory of President Ouattara''s ruling coalition in legislative elections in December. A heavy electoral calendar in 2015-2016 has tested how far politics in Cote d''Ivoire have normalised since the three-month crisis that followed 2010''s disputed presidential election and a decade of recurrent political conflicts. Presidential elections in 2015, a referendum on constitutional change last October, and December''s legislative elections have proceeded relatively smoothly, suggesting that normalisation continues. The constitutional changes, introducing the vice-presidential position, should reduce transition risk. This week''s cabinet reshuffle is in line with our pre-election view that continuity in economic policy was likely. The finance and budget ministers and the minister in charge of the National Development Plan are unchanged, and the new prime minister is a senior ally of the president. Macroeconomic performance has been strong since the 2011 post-election crisis, and public investment coupled with new growth drivers, such as mining and agro-processing, should support further growth. We forecast real GDP growth of 7.8% and 7.5% this year and next, more than double the rating category and regional medians. However, although political normalisation since 2011 has contributed to better governance indicators, other structural and development indicators, while also improving, remain weak. For example, per capita GDP is half the ''B'' median and the investment rate is low, reflecting weak "doing business" indicators. Political and security risks remain. Entrenched political divisions mean future bouts of political instability cannot be ruled out. Symptoms of social unrest have continued in January, with strikes and a mutiny by army units demanding higher pay. The mutiny was brief and appears to have been focused on wages and living conditions, so it is unclear how far it represented a challenge to the government''s authority. But it spread to a number of cities and highlights continuing security risks and the challenge of reorganising and professionalising the army six years after the 2011 crisis. We affirmed Cote d''Ivoire''s ''B+''/Stable sovereign rating on 9 December. Renewed political instability or security incidents jeopardising macroeconomic prospects or the state''s ability to honour its commitments would put pressure on the rating. Sustained improvement in both development and governance indicators would be credit positive. Our Full Rating Report is available at www.fitchratings.com or by clicking on the link below. <a href="https://www.fitchratings.com/site/re/891721">Cote d''Ivoire Contact: Amelie Roux Director, Sovereigns +33 1 44 29 92 82 Fitch France S.A.S. 60 rue de Monceau Paris 75008 Jan Friederich Senior Director, Sovereigns + 852 2263 9910 Mark Brown Senior Analyst, Fitch Wire +44 203 530 1588 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article can be accessed at www.fitchratings.com. All opinions expressed are those of Fitch Ratings. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986818'|'2017-01-16T19:12:00.000+02:00'
'59f9cabac7988157efbec4580fe786ba2cec87bc'|'UPDATE 1-Annika Falkengren to leave SEB after 11 years as CEO'|'Financials  37am EST UPDATE 1-Annika Falkengren to leave SEB after 11 years as CEO (Adds details, analyst comment) STOCKHOLM Jan 16 SEB chief executive Annika Falkengren will leave the Swedish bank after 11 years at the helm and nearly 30 years as an employee to become managing partner at Swiss wealth and asset manager firm Lombard Odier Group. She will leave SEB, the country''s top corporate bank, no later than July, the company said. "The Board will now initiate the search process for a new President and CEO with the aim to secure a smooth succession," SEB Chairman Marcus Wallenberg said in a statement. "We remain committed to the current business plan and our financial targets," he added. Swedish banks, including SEB, fared relatively well during the financial crisis and have been able to deliver strong results despite negative central bank rates. "While it is a surprise it is happening now, we are not surprised it has happened... she has been in the role for a very long time," said Exane BNP Paribas analyst Andreas Hakansson. "It is negative that she leaves." (Reporting by Daniel Dickson and Rebecka Roos; editing by Susan Thomas) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/seb-ceo-idUSL5N1F60SW'|'2017-01-16T14:37:00.000+02:00'
'02f47e00207ada10744f84b218bc69f9ef01430e'|'American Apparel starts layoffs: sources'|'American Apparel LLC started to lay off staff on Monday, after Canada''s Gildan Activewear Inc ( GIL.TO ) withdrew its initial plan to buy some of the bankrupt U.S. fashion retailer''s manufacturing operations, people familiar with the matter said.Gildan won the rights to American Apparel''s brand with a $88-million bid in a bankruptcy auction last week. It had previously indicated it would assume some of its manufacturing operations, which had made the brand synonymous to "Made in the U.S.A."Many of the 2,166 employees at the company''s headquarters in Los Angeles and 959 employees at the nearby South Gate manufacturing facility now stand to lose their jobs, the sources said, asking not to be identified disclosing these details to the media."The company issued a WARN Act notice several months ago, letting employees know that depending on the buyer of the business, a sale could result in eventual shrinkage of some business areas," American Apparel said in a statement."The company is pleased that it was able to secure a second agreement with (textile manufacture) Broncs, which plans to save over 300 jobs when they take over the Garden Grove facility," the statement added.Gildan had already indicated it would not take any of American Apparel''s 110 stores.(Reporting by Jessic DiNapoli in New York; Editing by Nick Zieminski)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-americanapparel-layoffs-idUSKBN15025M'|'2017-01-16T20:57:00.000+02:00'
'529d3990e6f09f65d7d23d5f9bae9efa867142f5'|'Consumers urged to switch energy supplier - Money - The Guardian'|'The energy regulator and consumer groups have said that too few people are switching energy suppliers, despite latest figures showing a record 4.8 million switched electricity tariff last year.Is night time the right time to use your electrical appliances? Read more The industry body, Energy UK, said the 26% increase on 2015 was “fantastic” and evidence that a new switching guarantee had given people confidence to move and take up better tariffs. But Ofgem said more than 60% of customers were still on standard variable tariffs, which are “significantly more expensive than the cheapest deals”.Consumer groups, meanwhile, welcomed the increase but said the majority of households were still paying over the odds. Which? said it wanted to see a much more competitive market. “It’s good to see switching levels increasing, but there are still 20 million people who are stuck on some of the most expensive standard tariffs, paying over the odds for their energy,” said Vickie Sheriff, the group’s director of campaigns and communications.Switching figures Gillian Guy, chief executive of Citizens Advice, said: “Some people just aren’t switching – as many as 4.7 million households in England haven’t switched their energy supplier for 10 years, and people on low incomes are among those least likely to switch.”The average number of monthly switches was more than 400,000 in 2016, making a yearly total of 4.8 million. This is up from 3.8 million in 2015 and 3.5 million in 2013, the first year the industry began publishing the data. Independent suppliers gained more than a million customers from the ‘big six’ over 2016, but 600,000 customers returned to the larger companies – up 58% on the year before, according to investment bank Jefferies.Ofgem is due to report in March on the results of a trial of 1,400 customers to encourage more switching. Half are receiving offers direct from other suppliers, with the other half receiving a letter from Ofgem setting out cheaper deals from suppliers. The trial is a response to a call by the Competition and Markets Authority last year for a new database of customers who have been on standard variable tariffs for more than three years.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/16/consumers-urged-switch-energy-supplier-paying-too-much-gas-electricity'|'2017-01-16T18:19:00.000+02:00'
'895404a029cd5175a2a04228ee8db1379f4a7de2'|'World''s eight richest as wealthy as half humanity, Oxfam tells Davos'|'Davos - Sun Jan 15, 2017 - 7:05pm EST World''s eight richest as wealthy as half humanity, Oxfam tells Davos The logo of the World Economic Forum is seen in the congress center of the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland January 15, 2017. REUTERS/Ruben Sprich By Ben Hirschler - DAVOS, Switzerland DAVOS, Switzerland Just eight individuals, all men, own as much wealth as the poorest half of the world''s population, Oxfam said on Monday in a report calling for action to curtail rewards for those at the top. As decision makers and many of the super-rich gather for this week''s World Economic Forum (WEF) annual meeting in Davos, the charity''s report suggests the wealth gap is wider than ever, with new data for China and India indicating that the poorest half of the world owns less than previously estimated. Oxfam, which described the gap as "obscene", said if the new data had been available before, it would have shown that in 2016 nine people owned the same as the 3.6 billion who make up the poorest half of humanity, rather than 62 estimated at the time. In 2010, by comparison, it took the combined assets of the 43 richest people to equal the wealth of the poorest 50 percent, according to the latest calculations. Inequality has moved up the agenda in recent years, with the head of the International Monetary Fund and the Pope among those warning of its corrosive effects, while resentment of elites has helped fuel an upsurge in populist politics. Concern about the issue was highlighted again in the WEF''s own global risks report last week. "We see a lot of hand-wringing - and clearly Trump''s victory and Brexit gives that new impetus this year - but there is a lack of concrete alternatives to business as usual," said Max Lawson, Oxfam''s head of policy. "There are different ways of running capitalism that could be much, much more beneficial to the majority of people." SUPER-CHARGED CAPITALISM Oxfam called in its report for a crackdown on tax dodging and a shift away from "super-charged" shareholder capitalism that pays out disproportionately to the rich. While many workers struggle with stagnating incomes, the wealth of the super-rich has increased by an average of 11 percent a year since 2009. Bill Gates, the world''s richest man who is a regular at Davos, has seen his fortune rise by 50 percent or $25 billion since announcing plans to leave Microsoft in 2006, despite his efforts to give much of it away. While Gates exemplifies how outsized wealth can be recycled to help the poor, Oxfam believes such "big philanthropy" does not address the fundamental problem. "If billionaires choose to give their money away then that is a good thing. But inequality matters and you cannot have a system where billionaires are systematically paying lower rates of tax than their secretary or cleaner," Lawson said. Oxfam bases its calculations on data from Swiss bank Credit Suisse and Forbes. The eight individuals named in the report are Gates, Inditex founder Amancio Ortega, veteran investor Warren Buffett, Mexico''s Carlos Slim, Amazon boss Jeff Bezos, Facebook''s Mark Zuckerberg, Oracle''s Larry Ellison and former New York City mayor Michael Bloomberg. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-davos-meeting-inequality-idUSKBN150009'|'2017-01-16T07:05:00.000+02:00'
'dad0874b71e328694f2ed7a4eccf1530062bbeba'|'BRIEF-Warner Bros. says "Fantastic beasts and where to find them" crossed $800 million mark'|' 33pm EST BRIEF-Warner Bros. says "Fantastic beasts and where to find them" crossed $800 million mark Jan 13 Warner Bros: * "Fantastic beasts and where to find them" has crossed $800 million mark at worldwide box office Source text for Eikon:   BRIEF-Walt Disney says CEO''s 2016 total compensation was $43.9 mln - SEC filing * CEO Robert A. Iger''s 2016 total compensation was $43.9 million versus $44.9 million in 2015 - SEC filing'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F30SM'|'2017-01-14T06:33:00.000+02:00'
'1f078713e44ec4bb1f8de57d6f2c65ce3b0c7d9c'|'The government’s horrific start to the year is fully deserved and completely appropriate - Greg Jericho - Business - The Guardian'|'T he government’s horrific start to the year is not only fully deserved, it is completely appropriate. The Centrelink shemozzle and entitlements abuses are a wonderful amalgam of the absence of respect for those on welfare and the tin-eared political nous which characterises this government.Let’s not pretend that Centrelink issuing faulty debt notices is just a case of IT gone wrong. Faults where people are issued debt notices of $14,000 due to the system incorrectly duplicating employers, or because it hamfistedly averages annual income over 52 weeks are not really IT glitches, but rather are part of the policy design. The Centrelink and expenses scandals reveal the rot at the heart of our democracy - Jason Wilson Read more Such faults are implicit in a data matching system designed notionally to catch fraud, but which is used instead to raise revenue by targeting over-payments that occurred due to honest mistakes. Data matching is actually a rather sensible tool for governments to use. But there is a world of difference between using it to better discover cases of fraud, and to discover instances where, for example, a person was overpaid $54 four years ago because he received the dole for one day longer than he was supposed to. The system is not designed to be so precise, and the government clearly knew this before the mass of complaints began occurring late December and into this new year. You can use data matching to precisely “catch” that $54 overpayment, but it requires human involvement – the paying of public servants to go into sharper detail than the obtuse data-matching system. But that can cost the government more in labour than is recovered when dealing with such small amounts. If raising revenue is the only concern, the key is to make the system as cheap as possible, and thus you remove the “costly” humans and make it automated. But you would only do this if your desire for revenue outweighed your respect of the people who you know will receive erroneous (and dare one suggest, fraudulent) debt notices. And we know the government has no respect for those on welfare.And we know the government has no respect for those on welfare. Social services minister Christian Porter was so determined to have people believe that those on welfare are over-paid and lazy he spent last year putting out absurd figures that attempted to convince voters the welfare system was either being rorted or was too generous – such as when he suggested a single mum with four kids was better off on welfare than if she had a job. So when you hear Porter argue that the automated system is “about as reasonable a process as you could possibly derive”, you need to understand that “reasonable” in his mind includes spouting nonsense designed to vilify some of the poorest in our society. Little wonder that this fetid government happily signed off on this mail scam of a program – after all there’s revenue to be gained, in this case, $2.1bn over four years. Human services minister Alan Tudge highlights the primacy of the system as a revenue gathering exercise when he claimed this week it has recovered $300m since July, despite that figure only being the amount of debt “identified”.Given the many instances of erroneously identified debts that have come to light in the past two weeks, questions surely need to be asked about how solid is the $2.1bn revenue figure. Rather nicely, the Centrelink debt scam has also folded into the entitlements scandal, with Tudge suggesting that of the abuses of political entitlements there was no malevolent intent. He argued that “I don’t think, in relation to some of the examples that I have seen in recent times, that people have deliberately sought to defraud the system.”It’s a pretty generous assessment from the man who last year told Channel 9’s A Current Affair of those who owed a Centrelink debt that “we’ll find you, we’ll track you down and you will have to repay those debts and you may end up in prison.”So a minister claiming $13,000 in charter flights between capital cites gets the benefit of the doubt, but welfare recipients are left to prove their innocence while being threatened with jail and forced to pay back the debt even while the amount is in dispute . The entitlements scandal, which has seen health minister Sussan Ley resign , is also fully deserved. The government had plenty of opportunity fix the current system which allows politicians to claim expenses for the flimsiest of reasons.The government failed to act on the recommendations of a review into entitlements after the Brownyn Bishop “choppergate” scandal, despite it being one of the issues which annoyed voters the most. A government with any understanding of the political mood of the electorate would have known ignoring the report would come back to bite them, and bite them hard. But given you have government ministers such as Steven Ciobo suggesting voters “expect” politicians to claim travel entitlements to attend sporting events, understanding the political mood would not seem to be one of the government’s strengths.That it took this scandal for the prime minister to announce he will implement the recommendations of the review and also introduce an independent authority suggests he is a leader very good at closing the door after the horse has bolted. Sussan Ley quits as health minister as Turnbull outlines reform to expenses Read more That the latest scandal also involves a minister using a Comcar to buy a $795,000 investment property only makes it more deserved given the Turnbull government has fought against any measures to water down negative gearing and attack housing affordability. Having a minister claim entitlements while buying an investment property is probably the best example of an out of touch government as you could imagine. About the only better example would be a minister claiming entitlements to attend a polo event. But that would just be too much of a caricature to believe. Oh hello, Julie Bishop . There is however one silver lining for the government on this whole awful start to the year. Normally a government would be caught off guard by a having senior minister resign. Fortunately this government has Arthur Sinodinos , who already has experience of standing aside from a ministerial role while facing a corruption investigation, ready to step in and take over Ley’s role. Experience matters at such times.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/grogonomics/2017/jan/15/the-governments-horrific-start-to-the-year-is-fully-deserved-and-completely-appropriate'|'2017-01-15T02:00:00.000+02:00'
'f03c5251a3139cb0d2534ca04056845730799872'|'Russia''s cenbank sees seasonally adjusted inflation at 0.3 pct in Jan'|'Financials  33am EST Russia''s cenbank sees seasonally adjusted inflation at 0.3 pct in Jan MOSCOW Jan 13 Russian Central Bank expects seasonally adjusted inflation at 0.3 percent in January compared with December, 2016, Igor Dmitriev, the head of the bank''s monetary policy department, told reporters in Moscow on Friday. (Reporting by Andrei Ostroukh; writing by Maria Tsvetkova; editing by Polina Devitt) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/russia-inflation-idUSR4N1EP02D'|'2017-01-13T21:33:00.000+02:00'
'39bc6ca0908eb475825ea0ae2084ca8acb9c6cb0'|'France should sell non-strategic stakes in firms - Fillon'|'  11:20pm GMT France should sell non-strategic stakes in firms - Fillon Francois Fillon, member of Les Republicains political party and 2017 presidential candidate of the French centre-right, presents his New Year wishes at a news conference at his campaign headquarters in Paris, France, January 10, 2017. REUTERS/Philippe Wojazer PARIS Francois Fillon, the conservative politician seen by opinion polls as most likely to win the French presidential election this year, says France should sell state stakes in firms deemed as not having a strategic importance for the country. "The state should only be a shareholder in strategic companies," Fillon said in an interview with French magazine Capital. He declined in the published interview to name any individual companies to which this might apply. He also told Capital that France "must not show any signs of weakness" in terms of ensuring French technology companies could challenge bigger international rivals such as Google, Apple, Facebook and Amazon. Fillon''s interview echoed similar comments last month, when he said he was favourable towards privatisations of state shareholdings in order to raise cash for investments in major infrastructure projects. Fillon, a former Prime Minister, said in December France should sell out of "unnecessary investments" in private-sector companies, citing carmaker Renault as an example. The French government holds just under 20 percent of Renault and has significant stakes in several other large companies including Air France, Airbus, Peugeot, Orange and Engie. (Reporting by Jean-Baptiste Vey and Sudip Kar-Gupta; Editing by James  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-election-fillon-idUKKBN14X2LO'|'2017-01-14T06:20:00.000+02:00'
'5e1a322a8294355c84a4fd3079e11ab73d4b0a9e'|'CANADA STOCKS-TSX rises, led by banks as U.S. earnings season kicks off'|'Company   5:12pm EST CANADA STOCKS-TSX rises, led by banks as U.S. earnings season kicks off (Adds investment adviser comment, updates prices to close) * TSX ends up 79.12 points, or 0.51 percent, at 15,497.28 * Eight of the TSX''s 10 main groups rise * Index ends flat on week By Alastair Sharp TORONTO, Jan 13 Canada''s main stock index rose on Friday, as higher bond yields and solid U.S. bank earnings helped boost the index''s heavyweight financials sector. The broad gains - resource stocks, consumer names and industrials also broadly moved higher - capped a tumultuous week dominated by uncertainty about the likely policies of U.S. President-elect Donald Trump. "When Mr. Trump makes a comment about a specific company, a sector, whatever it may be, he moves markets," said Allan Small, a senior investment advisor at HollisWealth. "We should expect this (volatility) more often heading into 2017." Executives of big U.S. banks expressed optimism on Friday about the outlook for 2017 in their first public comments about quarterly earnings since the U.S. presidential election in November. Their strong results at the start of U.S. earnings season and higher bond yields after data showed U.S. retail sales rose solidly in December helped boost Canadian lenders, Small said. Royal Bank of Canada climbed 0.8 percent to C$94.50 and insurer Sun Life Financial Inc rose 2.2 percent to C$52.60, while the overall financials group gained 0.7 percent. Higher bond yields increase net interest margins of banks and reduce the value of insurance companies'' liabilities. The Toronto Stock Exchange''s S&P/TSX composite index ended up 79.12 points, or 0.51 percent, at 15,497.28. That was barely a point higher than where it ended last week, when it touched its highest since September 2014. The owner of the Sobeys supermarket chain, Empire Co Ltd , jumped 7.7 percent to C$16.72 after naming a former Canadian Tire Co Ltd executive as its new chief executive officer. "He''s known to some as a technician. They''re saying he''s going to be able to come in and really turn around Empire''s issues, which primarily are with the Safeway acquisition," HollisWealth''s Small said. Consumer staples rose 1.4 percent, while the materials group, which includes precious and base metals miners and fertilizer companies, rose 1 percent as higher copper prices boosted the likes of Teck Resources Ltd, which ended up 2.8 percent at C$32.45. AltaGas Ltd fell 4.9 percent to C$32 after the energy infrastructure company said it was in talks about a potential transaction. The broader energy group gained 0.5 percent, as data showed they more than doubled the number of rigs drilling for oil this week to the highest level in almost two years. (Additional reporting by Fergal Smith; Editing by Bill Trott and Lisa Shumaker) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1F31YJ'|'2017-01-14T05:12:00.000+02:00'
'2a47f7ad092246e9c40b8deb1fa297019b5ae16f'|'EU needs special rules to protect it from British financial risk -Barnier'|'Financials - Sat Jan 14, 2017 - 6:02am EST EU needs special rules to protect it from British financial risk -Barnier BRUSSELS Jan 14 The European Union''s Brexit negotiator Michel Barnier said on Saturday that the EU would need "special vigilance" in letting British financial firms access the bloc because of the large risk London could pose to the EU''s financial stability. Responding to a report in the Guardian which said he had told EU lawmakers that he wanted a special deal to maintain EU firms'' access to the City of London, Barnier tweeted: "When asked on equivalence I said: EU would need special vigilance on financial stability risk, not special deal to access the City." (Reporting by Alastair Macdonald; @macdonaldrtr) Next In Financials UPDATE 1-India central bank employees urge governor to protect autonomy MUMBAI, Jan 14 The employee union of the Reserve Bank of India (RBI) has urged the bank''s governor to protect central bank autonomy and not allow the federal government to interfere in processes following criticism over how it handled a ban on high-value currency. UPDATE 2-EU Brexit chief sees special care for financial service ties BRUSSELS, Jan 14 The European Union''s Brexit negotiator Michel Barnier said on Saturday that the EU will demand "special vigilance" before letting British financial firms access the bloc because of the large risk London could pose to the EU''s financial stability. India central bank employees urge governor to protect autonomy MUMBAI, Jan 14 The employee union of the Reserve Bank of India (RBI) has urged the bank''s governor to protect central bank autonomy and not allow the federal government to interfere in processes, after criticism over how it handled a ban on high-value currency. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-eu-barnier-idUSL5N1F4078'|'2017-01-14T18:02:00.000+02:00'
'5353593f2f66702f858e754a1242340ef577b527'|'China''s Dalian Wanda posts 2016 revenue drop, weighed by property business'|'HONG KONG/BEIJING Jan 14 China''s Dalian Wanda Group Co Ltd on Saturday said its revenue for 2016 dropped by 13.9 percent, even as operating income increased 3.4 percent, as a slowdown in the group''s commercial property business impacted overall performance.Wanda Group, owned by China''s richest man Wang Jianlin, said in an online statement that its 2016 operating income rose to 254.98 billion yuan ($36.96 billion), and that unaudited net profit grew by "double-digits". Wanda does not provide profit information for the group.Revenue fell 13.9 percent from a year earlier, Wanda said, without providing an exact figure. The group reported 290.2 billion yuan in revenue in 2015.It was the first revenue decline reported by the group after years of double-digit growth. It also was the first year that real estate''s contribution to total revenue fell below 50 percent, the company said.Wanda Group has been on an buying spree of late, acquiring U.S. film studio Legendary Entertainment and World Triathlon Corp, owner of the Ironman franchise, to transform itself into a film, sports and tourism-led conglomerate.In November, Wanda agreed to a $1 billion takeover of Dick Clark Productions Inc, the company that runs the Golden Globe awards and Miss America pageants.Last month, Wanda''s AMC Entertainment Holdings Inc also closed deals for Carmike Cinemas Inc in the United States and Odeon and UCI Cinemas Holdings Ltd in Europe, strengthening its position as the world''s biggest movie theatre operator.Operating income at its cultural division increased by 25 percent to 64.1 billion yuan, while income at its film operations rose 31.4 percent to 39.2 billion yuan.Wanda''s commercial real estate arm, which includes more than 130 shopping malls and over a dozen planned Wanda City developments throughout China, saw income fall 25 percent to 143 billion yuan.The results come as Wanda''s surging debt to fund investments in new mega cultural and tourism projects prompt concern from credit-rating firms.In November alone, Wang signed 150 billion yuan worth of deals to build Wanda City projects in Haikou, Xian and Changsha.Last week, Moody''s placed the ratings of Dalian Wanda Commercial Properties Co Ltd on review for downgrade as it expected the developer to raise 40 billion to 45 billion yuan of new debt in each of the next two years.Moody''s current issuer rating of "Baa2" on Wanda Commercial is two notches above a high-yield grade.S&P downgraded its rating on the company by one notch to "BBB-", the second downgrade in a year and one notch above "junk", citing rising financial leverage and slower-than-expected asset disposal.Declining contract sales are a concern, said S&P Global analyst Matthew Kong, especially as Wanda has to shoulder significant construction costs and large capital expenditure on its tourism and entertainment investments.($1 = 6.8985 Chinese yuan renminbi) (Reporting by Clare Jim in HONG KONG and Matthew Miller in BEIJING; Additional reporting by Umesh Desai; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/dalian-wanda-results-idINL4N1F12XY'|'2017-01-14T06:52:00.000+02:00'
'225ee8e18d53d7c6f089f08de261fcb5e6cc1d4f'|'Giorgio Armani 2016 net revenues down 5 percent, 2017 still "complicated"'|'Sat Jan 14, 2017 - 12:08pm GMT Giorgio Armani 2016 net revenues down 5 percent, 2017 still ''complicated'' A company logo is pictured outside a Giorgio Armani store in Vienna, Austria, May 4, 2016. REUTERS/Leonhard Foeger - RTX2DH85 By Giulia Segreti - MILAN MILAN Net revenues for Italian fashion group Giorgio Armani were down 5 per cent last year and 2017 will continue to be "complicated" for the company, its founder Armani said on Saturday. "Last year has been complicated, for us like for other (brands) and next year will continue to be so," the 82-year-old told reporters after the Milan catwalk show of his young and more accessible line Emporio Armani. The veteran designer added however that the company had "a lot of cash," without elaborating. He said he thought the fashion industry would need a couple more years to return to previous levels of sales. The group posted revenue of 2.65 billion euros in 2015, placing Armani just behind Italy''s biggest fashion company Prada ( 1913.HK ), with sales of 3.55 billion euros in the same year. Armani''s sales in 2015 were up 4.5 percent at current exchange rates, compared to a 16 percent rise in 2014, showing the brand is not immune from the sector slowdown dragged by China''s economic deceleration, security threats hurting tourism and emerging countries'' difficulties. The company was founded in 1975 and is seen as a prime candidate for a stock market listing. (Reporting by Giulia Segreti; Editing by Angus MacSwan) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-armani-results-idUKKBN14Y0FP'|'2017-01-14T19:06:00.000+02:00'
'ecdca169554b9565163571886cda9802bcde81b1'|'U.S. judge to issue decision on Hanjin sale of stake in terminal operator'|'Deals  55pm EST U.S. judge to issue decision on Hanjin sale of stake in terminal operator A Hanjin Shipping Co ship is seen stranded outside the Port of Long Beach, California, September 8, 2016. REUTERS/Lucy Nicholson/File Photo By Jim Christie - SAN FRANCISCO SAN FRANCISCO The judge overseeing the U.S. bankruptcy case of Hanjin Shipping Co Ltd ( 117930.KS ) said on Friday he will likely announce on Wednesday whether he will approve the South Korean company''s sale of its stake in a U.S. terminal operator after conferring with his South Korean counterpart. "I do intend to render a decision probably on Wednesday and I''ll just read it into the record," Judge John Sherwood said at the end of an all-day hearing in which container companies argued against the sale. Hanjin is selling its 54 percent stake in Total Terminals International LLC for $78 million to Luxembourg-headquartered Terminal Investment Ltd in a deal that also includes forgiving $54.6 million in debt. The deal has already been approved in court in South Korea. The container companies are creditors of Hanjin and are concerned whether it is getting top dollar for the stake in Total Terminals under the deal with Terminal Investment. The container companies are also concerned about sale proceeds going to South Korea, where they believe their claims may not be treated fairly. Lawyers for Hanjin and Total Terminals, which operates container terminals at the ports of Seattle and Long Beach, California, countered the sale must be concluded to raise proceeds and because Total Terminals is on the brink of bankruptcy. Hanjin, the world''s seventh-largest container line, filed for bankruptcy in August, triggering chaos for importers and exporters using its vessels. Its U.S. Chapter 15 bankruptcy case has been marked by confusion over assets in the United States and proceedings in South Korea. (Reporting by Jim Christie; Editing by Leslie Adler) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bankruptcy-hanjin-idUSKBN14Y00P'|'2017-01-14T07:52:00.000+02:00'
'bb3a99fbfa2a26bd4882746c0b7323f70b43c7bb'|'A grand investment idea from Kevin McCloud, but it’s not without its risks - Money'|'W ould you be tempted to sign up for an investment offering an 8% return if Grand Designs frontman Kevin McCloud was involved in it?The Channel 4 presenter and designer is director of a company that has launched a £3m “mini-bond” scheme, which is basically a way of raising money from private investors. This one is targeting people looking for something “social and environmental” as well as a decent interest rate.A return of 8%, or 9% if you sign up before close of play on Monday, is way more than you’d get from a savings account, and 32 times the Bank of England base rate. However, those interested need to be aware of the risks attached to such an investment. This type of bond is not covered by the government’s Financial Services Compensation Scheme and, unlike other recent bonds, are not transferable and cannot be traded.The mini-bonds have been launched by HAB Land, part of a group of companies that includes HAB Housing. This was set up by McCloud in 2007 “to change the way houses and housing schemes are built in the UK”. HAB stands for Happiness, Architecture, Beauty, and the company aims to build more than 500 homes a year by 2020, all underpinned by “sustainable values”.Facebook Twitter Pinterest Kevin McCloud set up HAB Housing in 2007. Photograph: Jo DuncanDuring the past few years mini corporate bonds have become an increasingly popular route for companies seeking alternative sources of funding. Among those that have turned to this type of fundraising in the past few months are energy company Ecotricity and rugby club Harlequins . But several mini-bonds have failed, with savers losing all their money.In January 2015 Guardian Money revealed how nearly 1,000 small investors who put £7.5m into “secured” energy bonds which promised to pay an income of 6.5% a year lost all their cash. Then in September 2016 we reported on how 800 small investors lost £8m after the failure of two “Providence” mini-bonds that promised interest of up to 8.25%. Anyone thinking of putting their money into these schemes should tread very cautiously. If you do get involved, all you are buying is a promise from that firm or organisation – not a guarantee – that it will pay a fixed level of interest each year for a set period, plus return 100% of your capital at the end of the term. The major risk is if the company or organisation issuing them goes bust, either through misfortune or fraud.The money raised via the HAB Land scheme will be invested in projects such as Elderberry Walk in Southmead, Bristol. This is a planned 161-home development that aims to turn a derelict city site into a sought-after location, more than 30% of which would be affordable. Just before Christmas, HAB announced it had completed the sale of the final house at The Acre development in Cumnor Hill, Oxford, while its Lovedon Fields project at Kings Worthy, near Winchester in Hampshire, has sold more than two-thirds of its houses off-plan.This isn’t McCloud’s first fundraising exercise – in 2013 HAB Housing attracted more than £1.9m of equity crowdfunding from 649 investors. But because mini-bonds need to be issued by public limited companies, a firm called HAB Land Finance plc is being created. This will be wholly owned by HAB Land which was set up in 2014 and will guarantee the bonds, “meaning there is an obligation on the whole HAB Land group to repay them, rather than just HAB Land Finance,” says the offer document. McCloud is a director of both companies.The bonds offer an 8% gross return over five years, with the option to withdraw after two years and get 6%. The headline rate rises to 9% for those signing up on or before 16 January. The minimum investment is £1,000, and the bonds can be put into a Sipp but not an Isa.However, signing up doesn’t mean you own shares in the venture – the bonds are basically an unsecured debt of the company. The offer document has several pages of risk warnings, and states that this is a “speculative” investment, adding: “There is no certainty or guarantee that the company will be able to repay them.”Paying 8%-9% to investors arguably isn’t a bad deal when one reads in the offer document that HAB Land has a £2.5m facility with a company called Wittenham Investments that is charging interest at an eye-watering 20% a year. That’s the sort of disclosure that might set alarm bells ringing. It turns out that Wittenham is an investment vehicle owned by Francis Lui, a major investor in HAB Land. “He has provided us with a very flexible facility – on demand and without security,” a spokesman explains, adding that only £500,000 plus interest is outstanding.'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/jan/14/investment-kevin-mccloud-mini-bond-social-environmental-housing'|'2017-01-14T15:00:00.000+02:00'
'22c68032fadcd4b80d275b9fab7dd0cdd177605e'|'Top bosses question benefits of globalisation, PwC survey finds - Business'|'Executives running the world’s leading companies share public scepticism about the benefits of globalisation and doubt whether breaking down barriers to trade has helped tackle climate change or inequality .The annual health check of global boardrooms conducted by the consultancy firm PwC found the mood more upbeat than a year ago, despite the shockwaves caused in 2016 by the vote for Brexit and the victory of Donald Trump in the US presidential election.But the survey, published to coincide with the World Economic Forum in Davos , found that the bullishness about the benefits of globalisation had diminished in the 19 years since PwC first polled executives at the end of the 1990s.Davos 2017 begins, as Brexit fears hit the pound – live Read more Business leaders said they remained positive about the economic benefits of free movement of goods, people and capital but questioned whether globalisation had done anything to narrow the gap between rich and poor or to stop global warming.Trump’s arrival in the White House later this week has also raised concerns about protectionism. Almost three fifths of those questioned said they were worried about trade barriers going up, rising to 64% in the US and Mexico.Bob Moritz, PwC’s global chairman, said: “Despite a tumultuous 2016, CEO confidence is moving back up – albeit slowly and still a long way from the levels we saw back in 2007. But there are signs of optimism right across the globe, including in the UK and US, where, despite predictions of a Trump slump and a Brexit exit, CEOs’ confidence in their company’s growth are up from 2016.”Fears that global companies would shun Britain after the shock EU referendum result were not supported by the PwC survey, which showed more chief executives pinpointing the UK for investment than a year ago.The survey fund that 89% of UK chief executives said they were confident about their own company’s growth prospects in the year ahead, up from 85% a year ago. Confidence about the prospect for revenue was highest in India, followed by Brazil, Australia and the UK.The findings reflect the better than expected performance of the economy since the EU referendum last June and will be welcomed by Theresa May before her speech on Tuesday outlining the government’s aims in the Brexit negotiations.A year ago, confidence across the globe was dented by plunging commodity prices, falling stock prices and concerns about a slowdown in China.The 2017 survey found that 38% of chief executives were very confident about the outlook for their companies against 35% in 2016 and 29% said they expected the global economy to grow more strongly over the next 12 months, up from 27%.The poll of almost 1,400 executives from 79 countries was conducted between September and December last year. Moritz said the findings showed that business leaders were aware of the disquiet that led to the political shocks of 2016.“Public discontent has the potential to erode trust which is needed for long term sustainable performance. The real challenge here, though, isn’t just one of how CEOs navigate, it’s about the need for CEOs to have a deeper, two-way relationship with stakeholders, customers, employees, and the public,” Moritz said.“Understanding the root cause of the potential discontent or perception is a critical first step towards communicating the benefits of business for society. There’s a lot at stake if we do not achieve inclusive global growth.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/16/top-bosses-globalisation-pwc-survey-free-trade'|'2017-01-16T02:00:00.000+02:00'
'62395cd3fd2c342f34f03476fc9c25b95c5eaf02'|'European shares lower but FTSE rally continues, Luxottica hits one-year peak'|'  8:31am GMT European shares lower but FTSE rally continues, Luxottica hits one-year peak People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo MILAN European shares were lower in early deals on Monday, weighed down by banking and auto stocks, though weakness in the pound helped Britain''s FTSE rise to a fresh record high. Shares in Luxottica ( LUX.MI ) and Essilor ( ESSI.PA ) both rallied more than 10 after agreeing on a 46-billion euro merger deal to create a global powerhouse in the eyewear industry. Luxottica hit a one-year high, while Essilor surged to its highest since the end of September. By 0816 GMT the pan European STOXX index was down 1.3 percent, while the FTSE added 0.1 percent, with a stronger mining sector helping it touch a fresh record high. In the banking sector, the Italian banking index .FTIT8300 underperformed with a fall of 1.5 percent after rating agency DBRS cut Italy''s credit rating on Friday in a move which could raise their borrowing costs. (Reporting by Danilo Masoni, editing by Kit Rees)   Luxottica and Essilor agree 46 billion euro merger to create eyewear giant MILAN/PARIS Italy''s Luxottica and France''s Essilor have agreed a 46 billion euro (40.76 billion pounds) merger to create a global powerhouse in the eyewear industry with annual revenue of more than 15 billion euros, they said in a statement on Monday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1500T7'|'2017-01-16T15:31:00.000+02:00'
'c6fee705636044b2914dc588d42a1c9a3428c956'|'UK to test Fiat Chrysler Jeep model after U.S. emission accusations'|'  10:03am GMT UK to test Fiat Chrysler Jeep model after U.S. emission accusations FILE PHOTO: The 2015 Jeep Grand Cherokee is exhibited on a car dealership in New Jersey July 24, 2015. REUTERS/Eduardo Munoz/File Photo LONDON Britain said on Monday it will carry out tests on the Jeep Grand Cherokee model following U.S. accusations carmaker Fiat Chrysler Automobiles ( FCHA.MI ) mislead regulators on diesel car emissions. "We have instructed our Market Surveillance Unit to undertake testing on one of these vehicles at the earliest opportunity," a spokesman at the Department for Transport said. FCA Chief Executive Sergio Marchionne has angrily rejected the allegations, saying there was no wrongdoing and FCA never sought to create software to cheat emissions rules. About 3,700 Jeep Grand Cherokee cars are registered in Britain according to the transport ministry. (Reporting by Costas Pitas; editing by Michael Holden)   Luxottica and Essilor agree 46 billion euro merger to create eyewear giant MILAN/PARIS Italy''s Luxottica and France''s Essilor have agreed a 46 billion euro (40.76 billion pounds) merger to create a global powerhouse in the eyewear industry with annual revenue of more than 15 billion euros, they said in a statement on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fiatchrysler-emissions-britain-idUKKBN15011L'|'2017-01-16T17:03:00.000+02:00'
'df26b501758f1f8bde374f3b6233fcc19ba66508'|'ECB to hold steady, Trump takes office'|'Business News   1:08pm GMT ECB to hold steady, Trump takes office left right FILE PHOTO: European Central Bank (ECB) President Mario Draghi arrives for a news conference at the ECB headquarters in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski/File Photo 1/2 left right FILE PHOTO: Republican presidential nominee Donald Trump arrives for his election night rally at the New York Hilton Midtown in Manhattan, New York, U.S., November 9, 2016. REUTERS/Andrew Kelly/Files 2/2 By Jonathan Cable - LONDON LONDON European Central Bank officials are unlikely to make any change in policy on Thursday, while data from the United States will help the Federal Reserve decide whether to immediately follow December''s rate increase with another. Recent data from the euro zone suggests the bloc''s economy ended 2016 on a solid footing, and last month the ECB surprised markets by saying it would trim its monthly bond purchases to 60 billion euros ($63.86 billion) starting in April. So none of the economists polled by Reuters this week expect any change at Thursday''s meeting. They were unanimous in saying the ECB''s next move, after April''s planned cut, will be to taper quantitative easing further [ECILT/EU]. "Next week''s ECB meeting should be a non-event. After the December decision to extend QE at a slower pace, the ECB is almost on an autopilot for the rest of 2017," said James Knightley at ING. However, a rebound in prices in December is reviving calls for the ECB to taper its bond purchases, particularly in Germany. Many Germans feel low rates are eating into their savings and fuelling a property bubble while inflation is already close to the ECB''s target of almost 2 percent. But protectionist sentiment is growing after Britain voted to leave the European Union and Donald Trump won the U.S. presidential election. Several elections in EU countries this year could have far-reaching political ramifications and even threaten the euro zone itself. That is likely to stay the ECB''s hand for now. In the press conference after the policy announcement, ECB President Mario Draghi will probably also face questions over the hacking of his email account during his tenure as governor of the Bank of Italy. It is not yet clear what the hackers got their hands on. But the idea of a leak of sensitive information ranging from monetary policy to emergency measures for Greece will be of concern. TRUMP STUMP ECB officials are growing increasingly worried Trump''s victory in the U.S. presidential race may harm the euro zone by hurting trade with the U.S and fuelling populism. Speaking publicly and behind the scenes, officials emphasize any U.S. shift toward protectionism could hurt the already fragile euro zone economy and pave the way for an even stronger backlash against globalization and the euro project. Trump gave little new policy information at a press conference on Wednesday, but his protectionist statements have kept many investors from adding to risky positions. The president-elect has threatened to impose retaliatory tariffs on China, build a wall along the Mexican border and tear up the North American Free Trade Agreement (NAFTA). Before Trump''s inauguration on Friday, and their next policy announcement on Feb. 1, several Fed policymakers are due to speak, and they are likely to send an upbeat message. Inflation, industrial production and housing-start numbers are all expected to signal a strengthening economy, giving the Fed scope to follow up December''s rate increase with more tightening this year. Its Federal Open Market Committee is expected to hike twice more in 2017 and recent comments from policymakers suggest there could be a third move too. [FED/R] "The FOMC continues to predict only gradual increases in the federal funds rate, especially given the uncertainty surrounding the economic agenda of Trump''s administration," Credit Suisse economists told clients. "We continue to see two additional hikes in 2017, but acknowledge that the outlook is subject to change in months ahead." BEGINNING OF BREXIT Britain''s shock decision in June to leave the European Union has sent sterling tumbling. Although the economy has so far fared better than expected, inflation numbers on Monday will probably show prices jumped in December as imports became more expensive. Prime Minister Theresa May has said she will trigger Article 50, starting the formal withdrawal from the EU, by the end of March. Many think she will take a hard line on immigration at the cost of Britain''s access to the single market, hindering trade. "The government has sent clear signals that the UK will leave the Single Market, a so-called ''hard Brexit''," said Sarah Hewin at Standard Chartered. May is due to speak on Tuesday, setting out the approach her administration will take to Brexit. If she does indicate away from a soft Brexit, sterling will probably fall further. (Additional reporting by Francesco Canepa in Frankfurt, editing by Larry King) Next In Business News Oil set for weekly fall on doubts over extent of OPEC cuts LONDON Oil prices are on track to end the week lower on lingering doubts over the extent of OPEC cuts, with sentiment worsened by concerns over the health of the Chinese economy after it reported the steepest falls in exports since 2009. All aboard to fix the globalization ''bullet train'', China''s Xinhua says BEIJING The "bullet train" of globalization is broken and the West is obliged to help Chinese President Xi Jinping fix it, China''s official Xinhua news agency on Friday said of the World Economic Forum (WEF) meeting in the Swiss Alps next week. LONDON The dollar limped toward it worst week in two months on Friday as softer-than-expected trade data from China added to signs that investors may be falling out of love with the post-U.S. election Trump trade. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-economy-weekahead-idUKKBN14X1HT'|'2017-01-13T20:03:00.000+02:00'
'544b0fb94bd327df9b04f5b8f50b22ec3c941114'|'BofA''s profit beats as Trump''s win spurs trading and costs fall'|'Bank of America Corp reported a 46.8 percent rise in quarterly profit on Friday, kicking off what is expected to be a strong period for U.S. banks following an upswing in market activity in the wake of the U.S. presidential election.Also helped by a sharp fall in expenses, net income attributable to shareholders of the No. 2 U.S. bank by assets rose to $4.34 billion in the three months ended Dec. 31 from $2.95 billion a year earlier. ( bit.ly/2j7Aisq )Earnings per share jumped to 40 cents from 27. Excluding items, the bank earned 42 cents per share, beating the average estimate of 38 cents, according to Thomson Reuters I/B/E/S.Excluding an adjustment, total sales and trading revenue increased 11 percent in the quarter, spurred by a surge in activity in stock and bond markets following Donald Trump''s surprise victory on Nov. 8.BofA is the first big U.S. bank to report earnings since the Federal Reserve raised interest rates for only the second time since 2006 on Dec. 14."While the recent rise in interest rates came too late to impact the results, we expect to see a significant increase in net interest income in the first quarter of 2017," Chief Financial Officer Paul Donofrio said in a statement.JPMorgan Chase & Co, the biggest U.S. bank, and Wells Fargo & Co, the biggest mortgage lender, report results later on Friday.BofA''s shares were little changed in premarket trading, having risen 34.8 percent since the election.Total non-interest expenses fell 6.1 percent to $13.16 billion, bringing the total for the year to $54.95 billion.Chief Executive Brian Moynihan, who has been criticized for being slow to cut costs, said in July that the bank would cut annual non-interest expenses to about $53 billion by 2018.BofA said first-quarter expenses would be impacted by about $1.3 billion as a result of annual retirement-eligible incentive compensation costs.BofA, considered the most interest-rate sensitive among the major U.S. banks due to its large stock of deposits and mortgage securities, said its net interest income rose 6.3 percent to $10.29 billion in the quarter.Bank shares have rallied strongly since Trump''s victory in anticipation that his policies will boost the economy as well as loosen regulations that have restrained banks in recent years.Banks will also benefit if, as expected, the Fed raises interest rates three times this year. The Fed raised the key interest rate by 0.25 percentage points in December.Excluding certain items, revenue from fixed-income and currency trading rose 12.2 percent to $1.96 billion, while equities trading revenue rose 7.5 percent to $948 million.Total revenue, net of interest expense on a fully taxable equivalent basis rose 2.1 percent to $20.22 billion."Strong client activity and good expense discipline created solid operating leverage again this quarter," Donofrio said.(Reporting by Sruthi Shankar in Bengaluru and Dan Freed in New York; Editing by Ted Kerr)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/bank-of-america-results-idINKBN14X1BQ'|'2017-01-13T09:18:00.000+02:00'
'5f1d620dffebdeac2b5d6db3f61a196396968063'|'China''s COFCO Agri names chief operating officer as part of shake-up - company memo'|'Market News - Fri Jan 13, 2017 - 9:38am EST China''s COFCO Agri names chief operating officer as part of shake-up - company memo LONDON Jan 13 Selina Yang has been appointed as chief operating officer of COFCO Agri, the international grains business of China''s state run COFCO group, according to an internal memo from the division seen by Reuters. Yang will be responsible for the global grains, oilseeds and cotton business, having previously been head of business integration with the parent group COFCO. COFCO Group said last week that Matt Jansen had resigned as CEO of COFCO Agri - 18 months after joining. It named COFCO vice president Jingtao Chi, who is known as Johnny, as chief executive of both COFCO Agri Ltd and COFCO International Ltd to succeed Jansen. The changes come after a tough year for global commodity traders, with bumper crops in major growing nations like the United States pressuring prices of corn and soybeans and intensifying competition among merchants. Officials at COFCO Agri and the parent group could not be immediately reached for comment. The memo also named the heads of business segments who will report to Yang including Crawford Tatum, its global head of cotton. Two sources familiar with the matter told Reuters last week that Kevin Brassington, COFCO Agri''s global head of grains and oilseeds, had also left, which was confirmed in the memo. COFCO has been on a major global expansion drive in recent years, investing over $3 billion to buy Noble Group''s agribusiness as well as a large stake in Dutch grain trader Nidera. Since first investing in Nidera in 2014, COFCO has had several setbacks, including a $150 million financial hole in its Latin American operations and $200 million in unauthorized trading losses on its biofuels desk. (Reporting by Jonathan Saul and Nigel Hunt in London and Dominique Patton in Beijing; Editing by Veronica Brown and Keith Weir) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/cofco-moves-idUSL5N1F33K9'|'2017-01-13T21:38:00.000+02:00'
'b73295bb1a00675820917420a03e453c5dbbf90d'|'Oil prices edge up on weaker dollar, expected crude output cuts'|'  12:57am GMT Oil prices edge up on weaker dollar, expected crude output cuts FILE PHOTO: A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the Siberian city of Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices inched up on Monday, supported by a weaker dollar and expectations that OPEC and other producers will cut output as part of a deal to curb global oversupply. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.55 per barrel at 0035 GMT, up 10 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 9 cents at $52.46 a barrel. Traders said that prices were buoyed by a weakening dollar, which makes fuel purchases cheaper for countries that use other currencies domestically, potentially spurring demand. After spending much of the second half of 2016 in an uptrend, the dollar has lost around 2.5 percent in its value against a basket of other leading currencies .DXY since its early-January peak. The greenback is in particular focus for international investors this week as Donald Trump is set to take over the U.S. presidency on Friday. "Oil pricing will be driven this week by the movement of the U.S.-dollar rather than crude itself, with President-elect Trump''s inauguration ... being the main event," said Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore. Oil also continued to receive support from an announced crude output cut from major producers including the Organization of the Petroleum Exporting Countries (OPEC) and Russia. OPEC has said it would cut its output by 1.2 million barrels per day to 32.50 million bpd from Jan. 1, and Russia as well as other non-OPEC members are planning to cut about half as much. [nL5N1F343H] However, there is a broad expectation that OPEC will not fully implement its announced cuts, although compliance estimates of 50 to 80 percent are enough to keep crude prices supported in the mid-$50s per barrel, traders said. (Reporting by Henning Gloystein; Editing by Joseph Radford)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN15002E'|'2017-01-16T07:57:00.000+02:00'
'da7b1c7fec94adca08ebc455b67a4e6124208ba2'|'Hundreds of U.S. Marines land in Norway, irking Russia'|'World   6:55am EST Hundreds of U.S. Marines land in Norway, irking Russia OSLO Some 300 U.S. Marines landed in Norway on Monday for a six-month deployment, the first time since World War Two that foreign troops have been allowed to be stationed there, in a deployment which has irked Norway''s Arctic neighbor Russia. Officials played down any link between the operation and NATO concerns over Russia, but the deployment coincides with the U.S. sending several thousand troops to Poland to beef up its Eastern European allies worried about Moscow''s assertiveness. Soldiers from Camp Lejeune in North Carolina landed a little after 10 am CET at a snow-covered Vaernes airport near Trondheim, Norway''s third-largest city, where temperatures were reaching -2 degrees Celsius (28 degrees Fahrenheit). U.S. troops are to stay in Norway for a year, with the current batch of Marines being replaced after their six-month tour is complete. A spokesman for the Norwegian Home Guards, who will host the Marines at the Vaernes military base, about 1,500 km (900 miles) from the Russian border, said the U.S. troops will learn about winter warfare. "For the first four weeks they will have basic winter training, learn how to cope with skis and to survive in the Arctic environment," said Rune Haarstad, a Home Guard spokesman. "It has nothing to do with Russia or the current situation." In March the Marines will take part in the Joint Viking exercises, which will also include British troops, he added. The Russian Embassy in Oslo did not immediately reply to a request for comment by Reuters on Monday. It questioned the need for such a move when it was announced in October. "Taking into account multiple statements of Norwegian officials about the absence of threat from Russia to Norway we would like to understand for what purposes is Norway so ... willing to increase its military potential, in particular through stationing of American forces in Vaernes?" it told Reuters at the time. A spokeswoman for Norwegian Ministry of Defence also said the arrival of U.S. Marines had nothing to do with concerns about Russia. However, in a 2014 interview with Reuters, Norway''s Defence Minister Ine Eriksen Soereide said Russia''s annexation of Crimea showed that it had the ability and will to use military means to achieve political goals. (Reporting by Nerijus Adomaitis, editing by Terje Solsvik, Gwladys Fouche and Dominic Evans) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-norway-usa-military-idUSKBN1501CD'|'2017-01-16T18:47:00.000+02:00'
'8b6bf0baa698bb8d92f14a200f5db57a1be60c20'|'BlackRock tells large UK companies to link pay to performance'|'NEW YORK BlackRock Inc, the world''s largest asset manager, has told more than 300 large UK-listed companies that executive pay should be strongly linked to long-term performance and that it should only be increased at the same level of a company''s overall workforce.BlackRock sent letters to companies in the FTSE 350 Index to help their remuneration committees and boards as they review corporate pay framework, a spokeswoman for the asset manager in London said on Sunday.BlackRock especially focused on companies that will submit their remuneration policy to a binding shareholder vote in 2017, the asset manager said in the letter.Binding votes give shareholders the final say on executive pay, rather than company directors. About half of the FTSE 350 companies will face binding votes this year, the Financial Times said.The firm said it expected pension contributions for executives to be in line with the rest of the workforce for new contracts."We consider misalignment of pay with performance as an indication of insufficient board oversight, which calls into question the quality of the board. We believe that shareholders should hold directors to a high standard in this regard," the letter said.BlackRock said that where it determines executive pay is not aligned with the best long-term interests of shareholders, it will take that into consideration when it votes for the re-election of members on a company''s remuneration committee.Total pay for the chiefs of companies in the FTSE 100 index has quadrupled over the past 18 years as repeated efforts by shareholders to control spiraling remuneration awards have failed, the Financial Times reported.(Reporting by Herbert Lash; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-blackrock-executivepay-letter-idINKBN14Z0WB'|'2017-01-15T17:15:00.000+02:00'
'e5cec989f7b53b52162bc0b05d0e237cdab7e646'|'Embraer delivers 32 commercial jets, 43 private jets in 4th qtr'|'SAO PAULO Jan 13 Brazil''s Embraer SA , the world''s third-largest commercial planemaker, said on Friday it delivered 32 commercial jets and 43 executive jets in the final three months of 2016.Deliveries edged down slightly from 33 commercial jets and 45 executive jets in the same period of 2015. Embraer''s firm order backlog, a gauge of future revenue, fell to $19.6 billion at the end of December from $21.4 billion in September. (Reporting by Brad Haynes; Editing by Dominic Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/embraer-results-deliveries-idINS0N17F009'|'2017-01-13T07:46:00.000+02:00'
'53b46af152df4beac1f40c1b9709748787ede94a'|'Fitch Affirms Poland at ''A-''; Outlook Stable'|'Financials   4:04pm EST Fitch Affirms Poland at ''A-''; Outlook Stable (The following statement was released by the rating agency) PARIS/LONDON, January 13 (Fitch) Fitch Ratings has affirmed Poland''s Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) at ''A-'' with a Stable Outlook. The issue ratings on Poland''s senior unsecured foreign- and local-currency bonds have also been affirmed at ''A-''. The Country Ceiling has been affirmed at ''AA-'' and the Short-Term Foreign Currency IDR and Local Currency IDR have been affirmed at ''F2'' and ''F1'', respectively. KEY RATING DRIVERS Poland''s ''A-'' ratings are supported by its solid macro fundamentals, including a healthy banking system and sound monetary framework. Government debt (53% of GDP) is in line with the ''A'' peers'' median (52%) but weakened policy predictability since the 2015 political transition poses risks to the debt trajectory. Net external debt (31% of GDP in 2016) is high relative to the peers'' median (-12%). GDP per capita has remained lower than peers, despite relatively strong GDP growth in recent years. Policy predictability and the political climate have deteriorated, adding to downside risks to Fitch''s economic and fiscal forecasts. In 2016, the government implemented unorthodox measures, including a tax on banks, a cut in the retirement age (from 4Q17) and fiscal relaxation, despite high GDP growth. A number of reforms have led to tensions in the country and criticisms from abroad, including by the European Commission. The most recent example of increased political polarisation was the row over the vote of the 2017 budget in December, which opposition has described as illegal and has triggered large demonstrations. Fitch expects GDP growth will accelerate to 3.0% in 2017 and 3.2% in 2018 from 2.7% in 2016. Demand will benefit from acceleration in EU funds'' disbursements, the fall in the unemployment rate (5.7% in October 2016 from 7.4% a year ago) and the ramp up in family 500+ social transfers. Uncertainties over demand from Poland''s main trade partners in the EU (80% of total exports) and the potential negative impact of increased economic policy uncertainty and domestic political tensions on investment are the main risks to the outlook. The agency expects the government deficit will be 3.0% of GDP in 2017, up from an estimated 2.5% in 2016. The fall in 2016 one-off revenue (0.5% of GDP) will only be partially offset by stronger tax income and increased EU-fund related government investment will add to spending. Slower than expected GDP growth and weaker predictability of fiscal policy are the main risks that could lead to a higher deficit. Fitch''s forecasts assume the 3% of GDP EU deficit criterion will remain a strong fiscal anchor. The country exited the EDP in 2015 following sustained fiscal consolidation and reopening it would damage policy credibility and potentially result in financial sanctions via reduced disbursement of EU funds. According to Fitch''s debt dynamics analysis, government debt should peak at 54.6% of GDP in 2017 from an estimated 53% in 2016 and stabilise close to that level. This assumes some fiscal tightening after 2017, GDP growth slightly higher than 3%, a recovery in price growth towards 2.5% and a gradual increase in interest rates. Key risks to the debt trajectory are a failure to tighten fiscal policy in the medium term and exchange rate deprecation, with the share of foreign currency in central government debt at 34% in November 2016. The risk of a full conversion of CHF mortgage loans at a high cost for the banks has largely abated. The latest bill on CHF loans envisages compensation for the exchange rate spread charged to customers. The cost, although relatively high (a one-off PLN9.3bn according to the estimate by the Polish Financial Stability Authority, or lower if various amendments are made to the projects, versus PLN12.8bn for banks'' profits in 2015), in Fitch''s view would remain manageable for the banks. The banking system is well capitalised (17.6% as of September 2016), liquid and profitable, and the government has a material and growing ownership interest in it. In 2016, banks'' profits were affected by the new tax on assets. Fitch expects the current account to have improved slightly, to -0.4% of GDP in 2016 from -0.6% in 2015 and -2.1% in 2014. This reflects primarily a stronger trade balance (based on data for the first three quarters of 2016). From 2017, the trade surplus will be affected by higher oil prices, stronger consumption, increased investment and lower global trade. This will lead to a rising current account deficit. Improved capital inflows from EU funds should support a gradual decline in net external debt, to 28.6% of GDP by 2018 from 31.4% in 2016. GDP per capita is still well below peers, although high GDP growth in recent years and economic integration within the EU have supported income convergence towards the EU average. Income per capita on a at purchasing power parity basis is closer to the peers'' median. World Bank governance indicators are in line with the ''A'' rated peers'' median. SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO) Fitch''s proprietary SRM assigns Poland a score equivalent to a rating of A on the Long-Term FC IDR scale. Fitch''s sovereign rating committee adjusted the output from the SRM to arrive at the final LT FC IDR by applying its QO, relative to rated peers, as follows: - External finances: -1 notch, to reflect the high net external debt relative to the peers. Fitch''s SRM is the agency''s proprietary multiple regression rating model that employs 18 variables based on three year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch''s QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM. RATING SENSITIVITIES The Stable Outlook reflects Fitch''s assessment that upside and downside risks to the rating are currently balanced. Nonetheless, the following risk factors could, individually or collectively, trigger negative rating action: - Any sign that the relevance of the 3% of GDP EU deficit criteria weakens as a fiscal anchor, or failure to tighten fiscal policy in order to stabilise the debt-GDP ratio in the medium term. - Weaker macro-economic policy framework potentially resulting in a deterioration in the investment climate, macro instability and lower GDP growth. The following risk factors could individually or collectively, trigger positive rating action: - Continued high GDP growth that supports income convergence towards the ''A'' category median. - Continued reduction in external debt ratio supported by stronger current account balances and non-debt capital inflows. KEY ASSUMPTIONS Fitch assumes that economies in the eurozone, Poland''s main economic partners, will grow 1.4% in 2017 and 2018, from 1.6% in 2016. Contact: Primary Analyst Arnaud Louis Director +33 1 44 29 91 42 Fitch Ratings S.A.S. 68 rue de Monceau 75008 Paris Secondary Analyst Paul Gamble Senior Director +44 20 3530 16 23 Committee Chairperson Tony Stringer Managing Director +44 20 3530 12 19 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Country Ceilings (pub. 16 Aug 2016) here Sovereign Rating Criteria (pub. 18 Jul 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017561 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. 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Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials UPDATE 1-Speculative U.S. 10-year T-note net shorts hit record -CFTC * Spec Eurodollar, 5-year T-note net shorts rise to record highs * Speculative net shorts in T-bonds hit highest since 2012 * Spec fed funds net shorts climb to highest since Aug 2015 (Adds details on the latest positioning data) Jan 13 Speculators'' net bearish bets on U.S. 10-year Treasury note futures reached another record high in the latest week even as benchmark yields retreated further, according to Commodity Futures Trading Commission data released on Friday. Fitch Revises Outlook on Iceland to Positive; Affirms at ''BBB+'' (The following statement was released by the rating agency) Link to Fitch Ratings'' Report: Iceland - Rating Action Report https://www.fitchratings.com/site/re/893180 LONDON, January 13 (Fitch) Fitch Ratings has revised the Outlook on Iceland''s Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) to Positive from Stable. The IDRs have been affirmed at ''BBB+''. The issue ratings on Iceland''s senior unsecured foreign and local currency bonds have also been affirmed at ''BBB+''. The Co * Arthur J Gallagher & co says terms of transaction were not disclosed. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986252'|'2017-01-14T04:04:00.000+02:00'
'ff56c2c80cf9139f5967bfd9df11bf5c2f7ae999'|'Exclusive - Desjardins to sell Western Financial unit: sources'|' 54pm GMT Exclusive - Desjardins to sell Western Financial unit: sources By John Tilak and Matt Scuffham - TORONTO TORONTO Canadian financial services group Desjardins is selling Western Financial, an insurance brokerage unit in Western Canada, six years after acquiring the business, sources familiar with the sale said. The asset, which includes a brokerage and a life insurance business, could be worth about C$500 million (£312.2 million), according to three sources, who declined to be named as the matter is private. The sources spoke over the past week. Desjardins said on Friday it doesn''t comment on rumours. Canada''s property and casualty insurers have been consolidating in response to challenging market conditions due to low interest rates, volatile investment returns and sluggish economic growth. The retreat from a business focused on some of the oil-producing provinces comes after a prolonged slump in oil prices began taking a toll on financial service providers exposed to the region. Quebec-based Desjardins is the biggest customer-owned financial services group in Canada. Desjardins acquired Western Financial Group for C$443 million in 2011. Western Financial was a publicly listed company for 15 years until the acquisition. Economical Mutual Insurance Co this month bought Desjardins Group’s pet insurance business, Western Financial Insurance Co, which was part of Western Financial Group. British insurer Aviva plc''s ( AV.L ) Canadian division last year acquired the general insurance division of lender Royal Bank of Canada ( RY.TO ) for C$582 million ($443.06 million). Desjardins, which snapped up State Farm Canada''s businesses in property and casualty and life insurance in 2015, is now one of the biggest property and casualty insurers in Canada. Canadian property and casualty insurer Intact Financial Corp ( IFC.TO ), Aviva and U.S. insurer Travelers Cos Inc ( TRV.N ) are among those that may be interested in Western Financial Group, the sources said. Intact, Aviva and Travelers Cos did not immediately respond to requests for comment. Insurance companies looking to strengthen their distribution network are likely to find it particularly appealing, the sources said. Pure-play brokerages could also take a look, the sources said. The potential buyers could also spin out the life insurance business after completing a deal, one of the sources said. Desjardins is looking to sign a deal over the next few months, the sources said. The insurer reported a 12 percent rise in earnings before payouts to members in its latest quarter, with strength in wealth management, life and health insurance businesses making up for weaker growth in its property and casualty business. (Reporting by John Tilak and Matt Scuffham; Editing by James Dalgleish)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-desjardins-divestiture-idUKKBN14X2A9'|'2017-01-14T01:54:00.000+02:00'
'510240499863cca06773ef269219f2d090aab944'|'UPDATE 1-On sensitive U.S. stopover, Taiwan leader connects to Twitter'|'(Adds details on Twitter account, meeting)By Jane Lanhee LeeSAN FRANCISCO Jan 14 Taiwan President Tsai Ing-wen, carving a careful diplomatic path on her stopovers in the United States, visited the headquarters of micro-messaging service Twitter Inc on Saturday and created a new account.A source with knowledge of the president''s travel through San Francisco told Reuters she opened a Twitter account in English. Tsai already has a Chinese language account which she has not used in a few years.Another source at the meeting said Tsai met with Twitter General Counsel Vijaya Gadde and that CEO and co-founder Jack Dorsey was not present.Pictures of the visit posted online showed the president reactivating her presence on the messaging service and posing in front of the famous photo that crashed Twitter - 2014 Oscars host Ellen DeGeneres'' "selfie" with top Hollywood celebrities.Tsai was returning from a week-long visit to Central America. But it was her stopovers in the United States that raised more interest after President-elect Donald Trump said last month he would reconsider the long-standing "one China" policy, whereby the United States acknowledges the Chinese position that there is only one China and that Taiwan is part of China.He reiterated that possibility in an interview with the Wall Street Journal on Friday, a week before his inauguration. China responded that the "one China" principle was the non-negotiable political basis for China-U.S. relations.Trump took a congratulatory call from Tsai after his Nov. 8 victory, sparking outrage from China, which believes the Taiwanese leader wants to seek formal independence from the mainland.Tsai made a stopover in Houston on Jan. 7 and 8 before heading to Central America and arrived Friday night in San Francisco on her way back home. She did not appear to have met with any representatives of the Trump team during her short U.S. stays. But in Houston last Sunday, she met with Republican U.S. Senator Ted Cruz and Texas Governor Greg Abbott and sparked more ire in Beijing.China had asked the United States not to allow Tsai to enter or have formal government meetings under the one China policy.Cruz was pointed in his criticism of the Chinese, saying they needed to "understand that in America we make decisions about meeting with visitors for ourselves."Beijing considers self-governing Taiwan a renegade province ineligible for state-to-state relations. The subject is a sensitive one for China.More than a hundred people were gathered outside the Hyatt Regency near San Francisco International Airport, some to protest and some to support the president.Tsai wound up her trip with a lunch for 800 people from the Taiwanese community before her scheduled departure for Taiwan in the afternoon. (Writing by Mary Milliken; Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/california-taiwan-idINL1N1F40JO'|'2017-01-14T21:06:00.000+02:00'
'5798c0661173c59aef2a425c8e1af800f2068591'|'Qatar National Bank Q4 net profit up 8.3 pct'|'  5:59am EST Qatar National Bank Q4 net profit up 8.3 pct DUBAI Jan 15 Qatar National Bank (QNB), the Gulf''s largest lender, reported a 8.3 percent increase in fourth-quarter net profit, according to Reuters calculations on Sunday. The bank''s net profit was 2.75 billion riyals ($755 million) in the three months to Dec. 31, compared with 2.54 billion riyals in the corresponding period of 2015, Reuters calculations showed, using financial statements in lieu of a quarterly earnings breakdown. EFG Hermes forecast the bank would make a net profit of 2.99 billion riyals during the quarter, while SICO Bahrain forecast a quarterly net profit of 3.44 billion riyals. For 2016 as a whole, QNB, now the largest bank in the Middle East and Africa by assets, reported a net profit of 12.4 billion riyals, up 10 percent from 2015, according to a statement. QNB''s board proposed a cash dividend for 2016 of 3.5 riyals per share and a bonus share dividend which would award one free share for every 10 shares currently owned. In 2015, it awarded a cash dividend of 3.5 riyals per share and a bonus share dividend of two free shares for every 10 shares held. ($1 = 3.6408 Qatar riyals) (Reporting By Tom Arnold; Editing by Susan Fenton) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/qatar-natl-bank-results-idUSD5N1E9011'|'2017-01-15T17:59:00.000+02:00'
'eea25627e1bcf2a7ac29e3b7eaa16ae20fbb7266'|'Egypt FinMin says small portion of Eurobond may have 30 year tenor'|'  5:56am EST Egypt FinMin says small portion of Eurobond may have 30 year tenor CAIRO Jan 15 Egypt''s finance minister said on Sunday that a small portion of the planned Eurobond issuance may include a 30-year tenor. Egypt is targeting a Eurobond issuance of $2-$2.5 billion as it begins an international roadshow this week, with the majority to be issued with five and ten year tenors. (Reporting by Asma Alsharif; Writing by Eric Knecht; Editing by Ahmed Aboulenein) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/egypt-economy-eurobond-idUSC6N1DO00W'|'2017-01-15T17:56:00.000+02:00'
'0303f2fa9aa1c95030a4e72666e40a00392f60a0'|'UPDATE 1-Egypt says foreign investment in treasuries set to reach $10-11 bln in one year'|'Financials - Sun Jan 15, 2017 - 9:12am EST UPDATE 1-Egypt says foreign investment in treasuries set to reach $10-11 bln in one year (Adds details, quotes, background) CAIRO Jan 15 Foreign investment in Egyptian treasury instruments could rise to $10-$11 billion in a year''s time as economic reforms buoy investor confidence, Finance Minister Amr El Garhy said on Sunday. Foreigners were significant investors in Egypt''s government bonds and bills and a major source of hard currency before the 2011 uprising that overthrew autocrat Hosni Mubarak. The central bank''s decision in November to abandon a peg of 8.8 Egyptian pounds per dollar and freely float the currency, which has since halved in value, has helped revive foreign demand but it is still far from pre-2011 levels. Bankers estimate the current level of foreign investment in Egyptian treasury instruments does not exceed $1 billion. Floating the pound and other reforms, including electricity subsidy cuts and a new value-added tax, helped Egypt secure a $12 billion loan programme from the International Monetary Fund in November. That is also expected to attract more inflows from foreign investors. "Getting to $10 billion will happen gradually and with reassurance that the measures of the economic reform programme are happening gradually and in a sound manner," El Garhy said. "The more people see that we are achieving good results in our reform programme, the more they will be interested in investing so it is possible, within a year, to reach those levels (of $10-11 billion)." Egypt will begin roadshowing a $2-2.5 billion Eurobond issue on Monday and El Garhy said orders had already started coming in. The roadshow will start in the United Arab Emirates, followed by the United States and United Kingdom and is expected to end by Jan. 24 or 25, he said. "We have received some indication that refer to acceptable figures (for the yields)," he said, adding that a small portion of the bond sale may have a 30-year tenor. Garhi said that Egypt is working to control its budget deficit but had revised its forecast for the 2016/17 deficit to 10.1 percent by the end of 2016/17 from the initial 9.8 percent that was announced with the budget last year. (Reporting by Asma Alsharif,; Writing by Lin Noueihed and Asma Alsharif; Editing by Catherine Evans) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/egypt-economy-treasuries-idUSL5N1F50BD'|'2017-01-15T21:12:00.000+02:00'
'6cd9edf4d0cb4b0591afce70687ef94b0668361e'|'U.S. investors to build global festival network with Hungary''s Sziget'|'By Marton Dunai - BUDAPEST BUDAPEST U.S.-based private equity firm Providence Equity Partners has bought a 70 percent stake in Hungarian festival company Sziget, the companies said on Friday, aiming to expand the events internationally.Sziget draws about 500,000 people every year to its flagship event in Budapest and thousands more to half a dozen other festivals around Hungary. Now in its 25th season, it has received several "best festival" titles from the European Festival Awards.Rhode Island''s Providence, which has total assets of about $47 billion under management, expects to build a portfolio of about eight to 10 festivals in a few years, said Paul Bedford, a Providence representative."This was a cornerstone acquisition for us," Bedford said. "We have in mind a federation of festival brands. They will work together as much and as often as they want to. There is some strength in numbers in this game."The companies did not disclose a purchase price.The new investors will take the Sziget brand global, they said. In Hungary, the firm has controlled more than half of the local festival market, but international growth was too expensive, Sziget founder and co-owner Karoly Gerendai said."Now we can dream big," Gerendai, whose team will retain a 30 percent stake in the company, told a news briefing.The current management will retain management rights and operational control of the festivals of the Sziget brand.The team will be supported by several international festival promoters such as James Barton, former president of electronic music for Live Nation and founder of Creamfields Festival.Providence participates in sponsorship agreements of the Formula One car race series, and has other stakes in businesses from sports to entertainment, opening new synergies for Sziget, Gerendai said.Sziget had total revenue of about 10 billion forints ($34.6 million) in 2015, and Gerendai told the daily Vilaggazdasag last year that he expected 2016 revenues to be higher, with an EBITDA of around 1 billion forints in 2016.(Reporting by Marton Dunai; Editing by Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hungary-festival-m-a-idINKBN14X252'|'2017-01-13T14:38:00.000+02:00'
'6e3c73ffa237830b647f4ffdbdbba1332986d619'|'Sterling flash crash had no single driver, no data to suggest market abuse - BIS'|'Foreign Exchange Analysis   12:07pm GMT Sterling flash crash had no single driver, no data to suggest market abuse - BIS Wads of British Pound Sterling banknotes are stacked in piles at the GSA Austria (Money Service Austria) company''s headquarters in Vienna July 22, 2013. REUTERS/Leonhard Foeger/File Photo By Patrick Graham - LONDON LONDON There is little if any data to support suggestions that traders may have deliberately spurred October''s flash crash in sterling, a Bank for International Settlements report said on Friday, pointing instead to a range of structural factors. The report from the BIS Markets Committee steered clear of discussing the conduct of individual banks or traders in the 9 percent fall and recovery of the pound over a few minutes around the start of the Asian trading day on Oct. 7. The Financial Times reported last month that regulators had been looking at the activity of a Japan-based trader at U.S. bank Citi, the world''s single biggest currency trading institution, during the currency''s fall. Citi has said its trading operations functioned appropriately in a thin and illiquid market. "Based on the available evidence, this event (the flash crash) appears to have been the product of a confluence of factors," the committee, made up of representatives of the world''s major central banks, said in the report, stressing that it had not considered "specific issues around market conduct" during the event. It pointed chiefly to the generally low liquidity of the market at the time of day when the crash took place, along with the execution of stop-loss and options hedging orders triggered by the sharp changes in the exchange rate. "Other factors such as ''fat finger'' errors and potential market abuse cannot be ruled out given the incomplete data set, but there are little, if any, hard data to substantiate them," the report said. Group committee chairman, Reserve Bank of Australia Deputy Governor Guy Debelle, said the report''s conclusions had been factored in to ongoing work on a global code of conduct for the giant $5 trillion a day foreign exchange market. "There are direct lessons ... which have been taken on board," Debelle said. "These include ... participants'' obligation to consider the disruptive consequences of their trading activity, governance around algorithmic execution of trades, and how market participants might best determine the low (or high) point of pricing in a flash event." LESSONS The sudden fall in the pound was the latest in a series of such events on major financial market in the past three years, generally assumed to be linked to a drop in day-to-day risk taken by banks and a move towards more computer-driven trading. Sources familiar with discussions at BIS meetings told Reuters last month that there was growing concern among regulators about the need to address such crashes but that central banks would be reluctant to go as far as outright intervention. The report also found that there were no material losses incurred by important financial institutions and that spillovers to other markets had been very limited, suggesting banks and other players were getting better at dealing with such crashes. "It is vital, however, that we learn the lessons of this flash event and similar episodes in other financial markets, as orderly market functioning underpins market confidence," Bank of England Governor Mark Carney said. "It is also important that firms have adequate governance, systems and controls and give due consideration to the potential impact of their activity on market functioning." (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-sterling-flashcrash-idUKKBN14X1CV'|'2017-01-13T19:07:00.000+02:00'
'448c9788d4559f7954097b56853a62947c670c3a'|'German regulator investigates pre-merger trading in Linde shares'|'Market   10:20am EST German regulator investigates pre-merger trading in Linde shares FRANKFURT Jan 13 Germany''s financial and markets regulator BaFin said it had begun a formal investigation into suspected insider trading in Linde shares in the run-up to the announcement of merger talks with U.S. rival Praxair in August. Linde shares jumped 11 percent on Aug. 16 when the talks were announced, their biggest single-day percentage gain in almost eight years. "We have finished our routine analysis. The second step is now a formal insider investigation," a Bafin spokeswoman said on Friday, confirming a report to be published later by German news magazine Spiegel. She added that the investigation was into Linde share trading in general and not any particular individuals. Linde declined to comment. Linde''s talks with Praxair to create an industrial gases market leader collapsed in mid-September but were revived in late November after the departure of the German company''s two top executives. The two companies agreed an outline for a $65 billion merger last month. ($1 = 0.9400 euros) (Reporting by Georgina Prodhan; Editing by Alexander Smith) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/linde-investigation-idUSL5N1F33UR'|'2017-01-13T22:20:00.000+02:00'
'b19ae377d8936e03e2a01701061f08ad08c5e9d6'|'Acacia confirms in early talks to combine with Endeavour Mining'|'Gold miner Acacia Mining Plc ( ACAA.L ) said on Friday it was in early talks about a possible merger with Canadian gold miner Endeavour Mining Corp ( EDV.TO ).Acacia, responding to media speculation, added that there was no certainty of a deal.The company, which operates mines and exploration projects in Tanzania, Kenya, Burkina Faso and Mali, had a market cap of 1.72 billion pounds as of Jan. 12.Endeavour bought True Gold Mining Inc TGM.V for about C$240 million in March giving it access to a low-cost gold mine in Burkina Faso.(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-endeavour-mining-acacia-mining-idINKBN14X28J'|'2017-01-13T15:25:00.000+02:00'
'26e05c44ce2eaabc0cf575df92c9c9e349622217'|'MOVES-P1 Investment appoints new head of research'|'Financials   12:34pm EST MOVES-P1 Investment appoints new head of research Jan 13 P1 Investment Management, the adviser-led discretionary fund management proposition, named Quintin Rayer as head of research. As a head of research in the Southernhay East, Exeter based company, Rayer will be responsible for investment research, portfolio stress-testing, and the development of quant models. Rayer previously worked at Fort Grey Consulting Ltd. (Reporting by Divya Grover in Bengaluru) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/p1-investment-moves-quintin-rayer-idUSL4N1F34OL'|'2017-01-14T00:34:00.000+02:00'
'0acf4bc7402ee66d11e7be5c1f21a6ca5e3eb2ce'|'Hungarian festival company Sziget sells 70 pct stake to Providence Equity'|'Funds   10:19am EST Hungarian festival company Sziget sells 70 pct stake to Providence Equity BUDAPEST Jan 13 U.S.-based private equity firm Providence Equity Partners has bought a majority stake in Hungarian festival company Sziget, the companies said in a joint statement on Friday, aiming to expand the events internationally. Sziget draws about 500,000 people every year to its flagship event in Budapest and hundreds of thousands more to half a dozen other festivals around Hungary. Now in its 25th season, it has received several "best festival" titles from the European Festival Awards. The website of the local edition of Forbes Magazine said Rhode Island''s Providence - which has total assets of about $47 billion under management - bought a 70 percent stake in Sziget. One source with knowledge of the matter verified the 70 percent figure to Reuters. The statement did not disclose a purchase price nor did it detail any further commitment, financial or otherwise. The new investors will help "further the development of the Sziget festivals and support Sziget''s ambition to take its festival brands global", the statement said. "We will be able to make a giant leap forward and embark on the ambitious projects that have been in our pipeline for some time," said Sziget founder and owner Karoly Gerendai, whose team will retain a 30 percent stake in the company. The current management will retain management rights and operational control of the festivals of the Sziget brand. The team will be supported by several international festival promoters such as James Barton, former President of Electronic Music for Live Nation and founder of Creamfields Festival. Sziget had total revenue of about 10 billion forints ($34.6 million) in 2015, the last year for which data is available, and Gerendai told the daily Vilaggazdasag last year that he expected 2016 revenues to be 15 to 20 percent higher. ($1 = 289.0000 forints) (Reporting by Marton Dunai; Editing by Alison Williams) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/hungary-festival-ma-idUSL5N1F33SS'|'2017-01-13T22:19:00.000+02:00'
'6576ffd55fe2e952b7c2640ddea1d5accc160baa'|'EU, U.S. strike deal to boost transatlantic insurance market'|' 52pm GMT EU, U.S. strike deal to boost transatlantic insurance market BRUSSELS The European Union and the United States agreed on Friday to reduce legal and capital barriers to boost the $3 billion (£2.4 billion) transatlantic insurance and reinsurance market. The accord has been under negotiation for more than a year and follows an agreement last year on derivatives. U.S. and EU representatives said in a joint statement they had reached a deal "that will ensure ongoing robust insurance consumer protection and provide enhanced regulatory certainty for insurers and reinsurers operating in both the U.S. and the EU." Under the deal, EU and U.S. authorities will lift requirements for reinsurers to hold more capital against risks if they operate from the other side of the Atlantic, eliminating one key hurdle for cross-border expansion. Insurers will also benefit from lower supervisory requirements, a move expected to reduce costs. "This is a major deal that is set to benefit insurers, reinsurers and policy holders on both sides of the Atlantic," said the EU financial services commissioner, Valdis Dombrovskis. The deal paves the way for EU companies to increase their market share in the United States and for US companies to sell their policies more easily in the 28 European Union countries. The deal needs approval from the European Parliament and U.S. Congress. Two powerful Democrats on U.S. congressional committees said in statements on Friday that they will review the agreement to make certain that it leads to more balanced treatment of U.S. insurance companies. "I look forward to closely studying the agreement and consulting with stakeholders to ensure that the agreement successfully addresses EU discrimination against the U.S. insurance and reinsurance industries," said Representative Richard Neal of Massachusetts, the most powerful Democrat on the U.S. House Ways and Means committee. (Reporting by Francesco Guarascio, additional reporting by Suzanne Barlyn; editing by Alissa de Carbonnel and Cynthia Osterman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-usa-insurance-idUKKBN14X2A3'|'2017-01-14T01:52:00.000+02:00'
'6b182df420b2cd3cb1475fd47ac0d92e5801e623'|'Caesars reaches agreement ending bankruptcy objections'|'Deals  30am EST Caesars reaches agreement ending bankruptcy objections The marquee sign at Caesars Palace hotel is seen on the strip in Las Vegas, Nevada, U.S. February 16, 2011. REUTERS/Steve Marcus/File Photo CHICAGO Lawyers for Caesars Entertainment Corp''s ( CZR.O ) bankrupt unit told a U.S. judge on Friday they had reached an agreement ending the last objections to its reorganization plan, clearing the way for the casino operator to exit Chapter 11 bankruptcy. U.S. Bankruptcy Judge Benjamin Goldgar said he would sign an order approving the plan once the agreement had been documented. (Reporting by Tracy Rucinski in Chicago, writing by Tom Hals in Wilmington, Delaware) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-caesars-bankruptcy-idUSKBN14X1ZM'|'2017-01-13T23:27:00.000+02:00'
'a01885d28cd363f62c5d6b716d445d863a920cfb'|'U.S. banks to stay in fashion as earnings kick off'|'Fri Jan 13, 2017 - 9:34pm GMT U.S. banks to stay in fashion as earnings kick off A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly By Sinead Carew and Lewis Krauskopf - NEW YORK NEW YORK U.S. bank stocks will stay in favor with investors as long as earnings reports in the coming week show an improving profit outlook while investors wait to see if U.S. President-elect Donald Trump lives up to his campaign promises. Wells Fargo & Co. ( WFC.N ), JPMorgan Chase & Co ( JPM.N ) and Bank of America ( BAC.N ) kicked off the earnings season on a positive note on Friday, sending the S&P 500''s banking sub-sector .SPXBK up as much as 2.3 percent to its highest since February 2008 before paring gains. It closed trading up 0.8 percent compared with a 0.2 percent gain for the broader S&P 500 .SPX . The banks'' top executives expressed optimism on Friday about 2017 in their first public comments about earnings since Trump won the presidential election on Nov. 8. The bank index rose 24.8 percent between Nov. 8 and Dec. 9 then traded sideways for a month as bond yields fell. Investors were waiting for earnings and for concrete plans from Trump who has said he supports lower taxes, fiscal stimulus and lighter regulation, which would all help banks. Results and guidance from the big banks scheduled to report in the week ahead could boost the sector, according to John Praveen, chief investment strategist at Prudential International Investments Advisers LLC in Newark, New Jersey. "Results are likely to be good and the outlook is going to be positive so there''s room for further gains," said Praveen. The S&P banks index has traded recently at 13.6 times earnings estimates for the next 12 months compared with its five-year average multiple of about 11 but in line with the 10-year average of 13.1, including the 2008 financial crisis, according to Thomson Reuters data. The banks'' multiple is well below the broader S&P 500''s forward price/earnings ratio of 17. But the banks'' discount to the broader market has been shrinking since before the election. Praveen sees a bigger multiple expansion for the banking sector than for the S&P as a whole as more defensive sectors like utilities or consumer staples that are sensitive to interest rate hikes will likely not enjoy as much expansion. Among banks reporting in the coming week Morgan Stanley ( MS.N ) is expected to post results Tuesday followed by Citibank ( C.N ) on Wednesday. BB&T Corp ( BBT.N ), KeyCorp ( KEY.N ) and Bank of New York Mellon Corp ( BK.N ) all report on Thursday. Fred Cannon, director of research at KBW in New York, said banks'' expanded valuations make them a "show-me" story but as long as earnings estimates are rising they should stay popular. “Until we see the blue skies get cloudy it will probably still be a sector in favor,” he said. Some investors are more cautious going into earnings. For instance traders in Financial Select Sector SPDR Fund ( XLF.P ) options have moved to protect post-election gains. Open contracts on the fund''s shares are now the most defensive in about four weeks, according to options analytics firm Trade Alert. "The banks'' stocks are likely to chop along in sideways volatility through earnings season," said Jeff Morris, head of U.S. equities for Standard Life Investments in Boston, who doesn''t see earnings as a big catalyst at a time when there is still uncertainty about whether Trump will be able to enact policies expected to help banks and accelerate economic growth. While his firm has increased the weighting of bank stocks in its $360 billion assets under management since the election it is "not in the strong bull camp for bank stocks," Morris said. He warned that bank stocks could come under pressure if there is no clear path toward regulatory relief or an acceleration of economic growth coming into the third quarter. (Reporting by Sinead Carew, Lewis Krauskopf and Saqib Ahmed; Editing by James Dalgleish) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-stocks-weekahead-idUKKBN14X2I7'|'2017-01-14T04:34:00.000+02:00'
'6d1aea8937ec025d51387ae127bc5b2a6cc283e4'|'Fitch Revises Outlook on Iceland to Positive; Affirms at ''BBB+'''|'Financials   4:05pm EST Fitch Revises Outlook on Iceland to Positive; Affirms at ''BBB+'' (The following statement was released by the rating agency) Link to Fitch Ratings'' Report: Iceland - Rating Action Report here LONDON, January 13 (Fitch) Fitch Ratings has revised the Outlook on Iceland''s Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) to Positive from Stable. The IDRs have been affirmed at ''BBB+''. The issue ratings on Iceland''s senior unsecured foreign and local currency bonds have also been affirmed at ''BBB+''. The Country Ceiling has been affirmed at ''BBB+'' and the Short-Term Foreign Currency and Local Currency IDRs and Commercial Paper at ''F2''. KEY RATING DRIVERS The revision of the Outlook of Iceland''s IDRs reflects the following key rating drivers and their relative weights: MEDIUM External vulnerability is reduced. Current account surpluses and capital inflows have strengthened Iceland''s external finances. Over 2016, the ISK appreciated by 13% against the USD, and 16% against the EUR. The Icelandic authorities have leaned against the upward pressure and built up FX reserves. At end-year, FX reserves had reached ISK815bn (around 34% of GDP). The strong FX position allowed the Icelandic authorities to pay down the residual USD503m of a USD bond at maturity, without need for refinancing. Fitch estimates that the current account (CA) surplus was 4.5% of GDP in 2016, down from 5.1% in 2015. Tourism receipts are more than offsetting the trade deficit, and we expect this to continue, although we forecast the CA surplus to fall to 4.1% of GDP by 2018. Net external debt decreased further in 2016, to an estimated 24.7% of GDP (down from 41.4% at end-2015), although it remains higher than both the ''BBB'' and ''A'' medians. The net international investment position turned positive in 2016 for the first time on record. Iceland''s improved external resilience increases Fitch''s confidence that capital controls liberalisation will not lead to excessive pressure on the exchange rate and the balance of payments. There are risks associated with the liberalisation of capital flows. Substantial outflows could put downward pressure on the exchange rate - historically, sharp falls in the exchange rate have pushed up prices and affected balance sheets. However, the build-up in FX reserves and current account surpluses provide significant buffers. Public sector indebtedness has continued to decline, reducing risks associated with the public finances. We estimate that the government debt ratio declined from 66.0% of GDP at end-2015 to 58.7% of GDP at end-2016. The government debt ratio remains above both the ''BBB'' and ''A'' medians (40.6% and 52.1%, respectively). The 2017 budget is largely consistent with the five-year fiscal policy statement introduced to parliament last spring. We expect small surpluses of 0.2% of GDP in both 2017 and 2018, and forecast the government debt ratio will fall to 50.0% by 2018. The Icelandic economy has continued to grow strongly, driven by domestic demand and tourism. We estimate that full-year GDP growth in 2016 was 5.4%, and we forecast GDP growth to slow to 4.2% this year and 3.0% in 2018. Investment will continue rising, but at much slower rates, and we expect higher inflation and lower wage growth compared to early 2016 to gradually constrain private consumption. Low import prices and an appreciating exchange rate kept consumer price rises subdued in 2016. Inflation (on the harmonised HICP) measure averaged 0.9% in the 11 months to November 2016. We expect inflationary pressures from above-trend growth and rising labour costs to lead HICP inflation to average 2.8% this year and 3% in 2018. However, domestic cost pressures resulting from above-trend growth, coupled with the appreciating real exchange rate, could lead to overheating and represent a potential risk to macroeconomic stability. Iceland''s IDRs also reflect the following key rating drivers:- Iceland''s ratings are underpinned by a very high level of income per capita. Governance and human development indicators are more akin to the highest-rated sovereigns. Policy continuity is likely following parliamentary elections held on 29 October. After lengthy negotiations, a government has been formed supported by a coalition of Independence, Revival (Vidreisn) and Bright Future (Bjort framtid) parties, which has 32 seats, a majority of one seat. Bjarni Benediktsson (Independence party), the finance minister in the previous government, has been named prime minister. A recent reform will improve the sustainability of the public pension system, moving from a defined benefit to a defined contribution system, and harmonise pension eligibility across the economy. Shortfalls in the public pension schemes have been addressed by a one-off contribution of around ISK117bn (around 4.9% of GDP). This contribution has been financed by transfers of assets for ISK82.5bn (mainly loans to the student loan fund), liquid assets (pushing up on net debt), and ISK10bn of new government bonds (which increase government debt). The Icelandic authorities have taken significant steps over the past few months to substantially ease capital controls on Icelandic households and businesses. Since October last year, Icelandic residents have been able to invest in foreign-currency financial instruments, and purchase one piece of real estate per calendar year. The ceiling on investments in foreign-currency instruments has recently been raised to ISK100m (USD880,000). Capital controls on non-resident investors remain. Following the currency auction in June, a substantial amount of assets owned by foreigners remain ''locked in'' (ISK191bn in government bonds, around 8% of GDP), but the risk to the balance of payments from this overhang of ISK assets has declined substantially over the past few years. SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO) Fitch''s proprietary SRM assigns Iceland a score equivalent to a rating of ''A+'' on the Long-Term FC IDR scale. Fitch''s sovereign rating committee adjusted the output from the SRM to arrive at the final LT FC IDR by applying its QO, relative to rated peers, as follows: - Public finances: -1 notch, to reflect the fact that the estimate for the general government balance for 2016 is boosted (by around 16% of GDP) by the stability contributions of the old banks'' estates, and therefore do not reflect underlying trends in public finances - External finances: -1 notch, to reflect the fact that the small size of the economy makes it vulnerable to external shocks and balance of payments risks - Structural: -1 notch, to reflect the fact that capital controls have been in place since 2008, adversely affecting the business environment Fitch''s SRM is the agency''s proprietary multiple regression rating model that employs 18 variables based on three year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch''s QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM. RATING SENSITIVITIES The main factors that could lead, individually or collectively, to an upgrade are: -A track record of continued economic growth without excessive macroeconomic imbalances. -Further reductions in external vulnerability, in the context of a more open capital account. -Continued falls in the public debt ratio, supported by prudent fiscal policy. The Outlook is Positive. Consequently, Fitch does not currently anticipate developments with a high likelihood of leading to a downgrade. However, future developments that may, individually or collectively, lead to negative rating action include: -Evidence of overheating in the domestic economy, for example through wage-price spirals, inflation overshoots, and adverse effects on household and corporate balance sheets. -Excessive capital outflows leading to external imbalances and pressures on the exchange rate -A weakened commitment to fiscal consolidation in the medium term. KEY ASSUMPTIONS The ratings and Outlooks are subject to a number of assumptions. Fitch assumes that the government''s implementation strategy for capital controls liberalisation continues as planned. In its debt sensitivity analysis, Fitch projects that government debt as a share of GDP will decline to 30.0% by 2025. Contact: Primary Analyst Alex Muscatelli Director +44 20 3350 1695 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Arnaud Louis Director +33 1 44 29 91 42 Committee Chairperson Charles Seville Senior Director +1 212 908 0277 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Country Ceilings (pub. 16 Aug 2016) here Sovereign Rating Criteria (pub. 18 Jul 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017563 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials UPDATE 1-Speculative U.S. 10-year T-note net shorts hit record -CFTC * Spec Eurodollar, 5-year T-note net shorts rise to record highs * Speculative net shorts in T-bonds hit highest since 2012 * Spec fed funds net shorts climb to highest since Aug 2015 (Adds details on the latest positioning data) Jan 13 Speculators'' net bearish bets on U.S. 10-year Treasury note futures reached another record high in the latest week even as benchmark yields retreated further, according to Commodity Futures Trading Commission data released on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986635'|'2017-01-14T04:05:00.000+02:00'
'9abdd7a0ffa002c6a0b2d5b940aff5467aa26f03'|'Bank of China to open deposit bank in Turkey with Lira funding in exchange for $300 mln - banking watchdog'|'United States Financials   11:12am EST Bank of China to open deposit bank in Turkey with Lira funding in exchange for $300 mln - banking watchdog ANKARA Jan 13 Turkey''s banking watchdog BDDK said on Friday the Bank of China had received permission to open a deposit bank with Turkish lira funding in exchange for $300 million. In a statement, the BDDK said the Bank of China had brought the "necessary capital" and would apply to start functioning shortly. (Reporting by Tuvan Gumrukcu and Birsen Altayli; Editing by Angus MacSwan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/turkey-banks-bank-of-china-idUSL5N1F34DC'|'2017-01-13T23:12:00.000+02:00'
'e0f00688c5f2fb97a7526f1f21abec178575243f'|'SpaceX counts down to first launch after rocket explosion'|'Company News - Sat Jan 14, 2017 - 8:00am EST SpaceX counts down to first launch after rocket explosion By Irene Klotz Jan 14 SpaceX plans to blast off a rocket on Saturday for the first time since a launch pad explosion in the fall sidetracked the ambitious flight plans of company founder and entrepreneur Elon Musk. A 20-story tall Falcon 9 rocket is slated to launch from California''s Vandenberg Air Force Base at 9:54 a.m. PST (1754 GMT) to put into orbit 10 satellites for Iridium Communications Inc, which will use them to enhance mobile voice and data relay capabilities. The mission will test changes implemented by Space Exploration Technologies Corp, known as SpaceX, after another Falcon 9 exploded on a launch pad in Florida in September during a routine preflight test. Accident investigators determined that a canister of helium burst inside the rocket''s second-stage liquid oxygen tank, triggering the explosion. The canister is being redesigned, but until then SpaceX is addressing the issue by modifying its fueling procedures. The explosion destroyed a $62 million SpaceX booster and a $200 million Israeli communications satellite that it was to put into orbit two days later. The accident clouded the company''s aggressive agenda, which includes beginning to ferry U.S. astronauts into space next year, when it also plans to make its first voyage to Mars. Saturday''s flight would begin to clear a logjam of more than 70 missions, worth more than $10 billion, awaiting flights on SpaceX Falcon rockets, which last flew in August, SpaceX said. The launch is the first in a seven-flight contract with Iridium worth $468.1 million, company spokeswoman Diane Hockenberry said. The rocket flying on Saturday will attempt to touch down on a platform in the Pacific Ocean, a feat previously accomplished by four other returning Falcon rockets. SpaceX intends to reuse its rockets, slashing launch costs so it can offer cut-rate services. SpaceX aims to launch 27 rockets in 2017, more than triple the eight flights the privately held firm managed in 2016, according to a report on Friday in the Wall Street Journal. In addition to its dozens of commercial customers, SpaceX is one of two companies hired by NASA to fly cargo to the International Space Station, a $100 billion research laboratory that flies 250 miles (400 km) above Earth. The company''s 2017 agenda includes the debut launch of a heavy-lift booster, flying its first reused rocket and repairing the Florida launch pad damaged in the explosion. (Editing by Letitia Stein and Lisa Shumaker) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/space-spacex-idUSL1N1F31UH'|'2017-01-14T20:00:00.000+02:00'
'57103a1da7edbeafed9807ab7b27546c033eb1b6'|'UPDATE 2-Canada''s Porter Airlines resumes flights after outage grounds fleet'|'(Updates with flights resuming)TORONTO Jan 14 Privately held Canadian carrier Porter Airlines said flights had resumed after a system outage grounded its fleet earlier on Saturday.The airline, which operates short-haul flights out of Toronto''s city airport using a fleet of turboprop aircraft, said the unidentified outage affected about 400 passengers and five flights were cancelled, the airline said."The system is now operating normally. Flights have started departing," Porter said in an emailed statement. "We will be reviewing the circumstances to determine ... what caused the issue."The carrier, which has 15 Canadian and eight U.S. destinations, partners with JetBlue in the United States.Last June, Porter Chief Executive Robert Deluce said he would consider taking the carrier public in the medium term as a strategy to support its broader growth plan. (Reporting by Amran Abocar; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-airline-porter-idINL1N1F40J2'|'2017-01-14T20:36:00.000+02:00'
'e5b9f7991c8707df49244724fe96233536ac0ea2'|'UPDATE 1-India''s Jaitley says July 1 rollout of GST "more realistic"'|'Financials   9:53am EST UPDATE 1-India''s Jaitley says July 1 rollout of GST "more realistic" * April 1 was original deadline for GST launch * Deadlock with states on tax administration disrupts timeline * Breakthrough possible after Jaitley concedes to states * GST hailed as India''s biggest tax reform since 1947 (Adds details, quotes) NEW DELHI, Jan 16 India''s new nationwide sales tax is now expected to be rolled out from July after Finance Minister Arun Jaitley on Monday managed to break a three-month long deadlock on who would administer the tax. The long-awaited Goods and Services Tax (GST) was earlier proposed to come into effect from April 1. Its timeline, however, was disrupted by the deadlock on how to collect the new tax that would have federal and state elements. The new levy is hailed as India''s biggest tax overhaul since independence in 1947, and is expected to transform Asia''s third largest economy into a single market for the first time. After a meeting with state officials in New Delhi, Jaitley said that July 1 was a "more realistic" date for the GST launch as companies needed ample time to switch over to the new tax. "Since it''s a transactional tax, it can be introduced any time," Jaitley told reporters. Under the agreed arrangement, state and federal tax officials would audit and administer businesses with annual turnover of up to 15 million rupees ($220,000), with 90 percent of them coming under the purview of local states and the remainder under federal authorities. Businesses above the 15 million rupees threshold would be controlled by state and federal in a 50/50 ratio. Jaitley also conceded some taxation powers over inter-state and sea trade - which come under federal jurisdiction - in response to demands from some states to levy and collect tax. A council of federal and regional authorities will next meet on Feb. 18 to finalise four legislations, setting out the operational details of the new tax. ($1 = 68.1037 Indian rupees) (Reporting by Rajesh Kumar Singh; Editing by Dominic Evans) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-tax-idUSL4N1F642T'|'2017-01-16T21:53:00.000+02:00'
'efdd3940d7a1093f96a54430711581f3652a4d85'|'Samsung Elec probe finds battery was main cause of Galaxy Note 7 fires-source'|'Business News - Mon Jan 16, 2017 - 12:55am GMT Samsung Elec probe finds battery was main cause of Galaxy Note 7 fires-source Samsung Electronics'' Galaxy S7 is displayed at its headquarters in Seoul, South Korea, January 5, 2017. Picture taken on January 5, 2017. REUTERS/Kim Hong-Ji SEOUL Samsung Electronics Co Ltd''s ( 005930.KS ) investigation into what caused some Galaxy Note 7s to catch fire has concluded that the battery was the main reason, a person familiar with the matter told Reuters on Monday. The person said Samsung will likely announce the results of the investigation on Jan. 23 and that the firm will also announce new measures it is taking to avoid a repeat of the product safety failures in its future devices. Samsung could not be immediately reached for comment. (Reporting by Se Young Lee; Editing by Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-samsung-elec-smartphones-note-idUKKBN150029'|'2017-01-16T07:55:00.000+02:00'
'5582339c066e1d36e23226c99c27e702182a64f9'|'Indonesian tycoon Tahir says keen to buy StanChart''s Permata stake'|'Business News - Mon Jan 16, 2017 - 5:01am GMT Indonesian tycoon Tahir says keen to buy StanChart''s Permata stake JAKARTA Indonesian tycoon Tahir said on Monday he is interested in buying Asia-focused lender Standard Chartered Plc''s ( STAN.L ) entire stake in Indonesia''s PT Bank Permata Tbk ( BNLI.JK ). Standard Chartered and Indonesian conglomerate PT Astra International Tbk ( ASII.JK ) each owned 44.8 percent of Permata as of Sept. 30, according to Thomson Reuters data. Permata shares surged as much as 12.4 percent on Monday. "Actually we want all of Permata shares," Tahir told Reuters by telephone. "But at the moment the one that is planning to sell is StanChart, so we are targeting that first." Standard Chartered and Permata were not immediately available to comment. (Reporting by Cindy Silviana; Writing by Eveline Danubrata; Editing by Christian Schmollinger) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-stanchart-bank-permata-deals-idUKKBN1500D1'|'2017-01-16T12:01:00.000+02:00'
'903db46b6613b530cb4f934021402adf2a3d97e1'|'UPDATE 1-Greek banks concerned over PPC''s power grid spin-off scheme'|'Financials   12:40pm EST UPDATE 1-Greek banks concerned over PPC''s power grid spin-off scheme (Adds finance ministry comment) ATHENS Jan 13 Greece''s four biggest lenders are concerned about the spin-off of the country''s power grid operator ADMIE, a key condition of a bailout agreement between Athens and its official creditors, a banker and a government official said on Friday. ADMIE is fully owned by Greece''s state-controlled electricity utility Public Power Corp. (PPC). Under a legislated scheme, PPC will sell a 24 percent stake in ADMIE to China''s State Grid for 320 million euros ($340 million) and transfer another 51 percent stake to the state and its current private shareholders for free. But banks which have extended sizeable loans to PPC sent a letter to the finance ministry this week, expressing worries over the plan. "In their letter, they point out their concerns on the sale of a large stake in power grid ADMIE without any proceeds," said a banker at one of the country''s biggest lenders, speaking on condition of anonymity. Banks say this weakens PPC''s finances, which have been under pressure in recent years due to provisions for bills left unpaid by customers hit by years of economic crisis, the banker added. "It is an expression of their concerns as creditors, seeking to protect their interests. As creditors they have a say but there is no issue of cancelling loans to PPC," the banker added. A Greek government official confirmed that Greece''s four biggest banks had sent a letter to the finance ministry, copying PPC management, outlining their concerns over the issue. PPC declined to comment. PPC shareholders had been due to approve the transfer of the 51 percent ADMIE stake on Thursday but the meeting was postponed until Jan. 17 after a request by the Greek privatisation agency, one of PPC''s main shareholders. Greece has to conclude ADMIE''s plan by March or fully privatise the grid, a possibility which PPC''s chairman has ruled out. Finance Minister Euclid Tsakalotos and Energy Minister George Stathakis met executives of the four big banks on Friday to discuss the successful completion of the power grid spin-off, the finance ministry said. "Specific actions were agreed ... which fully ensure the timely completion of ADMIE''s privatisation within the framework of the legislated scheme," the ministry said in a statement, without providing details. ($1 = 0.9415 euros) (Reporting by Angeliki Koutantou and George Georgiopoulos; Editing by Adrian Croft) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/greece-privatisation-admie-idUSL5N1F34SM'|'2017-01-14T00:40:00.000+02:00'
'372de71aba055670fc7cae5a4935634d361a4c9b'|'Denmark to raise military spending, citing Russian threat'|'Industrials   10:56am EST Denmark to raise military spending, citing Russian threat COPENHAGEN Jan 13 NATO member Denmark plans to increase military spending in response to Russian missile deployments in the Baltic region that it perceives as a threat, its new defence minister said in an interview published on Friday. But Claus Hjort Frederiksen said that despite pressure from allies including incoming U.S. President Donald Trump, Denmark was not able to meet the NATO defence spending target of 2 percent of gross domestic product. "We are under great pressure from both the current Obama administration and, from what we understand, the incoming president Trump to live up to the 2 percent target," Frederiksen said. "I would say it is not a realistic (target to reach)." His comments feed into a contentious debate about burden-sharing in NATO, fuelled by Trump''s assertions that U.S. allies are not contributing enough for their own defence and Washington is paying a disproportionate amount. Denmark spent about 1.2 percent of GDP on defence in 2016. Russia said in October that as part of routine drills it had moved ballistic nuclear-capable Iskander-M missiles to its enclave of Kaliningrad on the Baltic Sea and deployed its S-400 air missile defence system there. "We can observe that the Russians now are deploying new missiles in Kaliningrad with a capability to reach Copenhagen." This is of course a serious risk," Frederiksen told daily newspaper Berlingske. Denmark last month offered to deploy 200 troops to a UK-led NATO mission in Estonia, and has said it plans to join a Europe-based missile defence system. In March 2015, Russia''s ambassador to Denmark threatened to aim nuclear missiles at Danish warships if Denmark joined that programme. (Reporting by Jacob Gronholt-Pedersen and Teis Jensen; Editing by Mark Trevelyan) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/denmark-security-russia-idUSL5N1F31TZ'|'2017-01-13T22:56:00.000+02:00'
'98decac239ee831516472eae96f794c07ea4d511'|'Oracle opens start-up accelerator in Israel for cloud innovation'|'Technology  43am EST Oracle opens start-up accelerator in Israel for cloud innovation The Oracle logo is seen on its campus in Redwood City, California June 15, 2015. REUTERS/Robert Galbraith/File Photo TEL AVIV U.S. software provider Oracle Corp said on Monday it was opening an accelerator program in Israel for startups developing cloud technologies or whose technologies are based in the cloud. Run by Oracle''s research and development team, the program provides six months of mentoring from technical and business experts, advanced technology, access to Oracle''s customers, and partners and investors. A pilot program was first launched in India and more centers will be announced soon. Oracle said this was a multi-million dollar program but did not disclose how much it would invest in each center. Oracle''s startup cloud accelerator program builds on its excellence center for Israeli startups, which was established in 2003 by Oracle Israel in cooperation with the government to support the growth of early stage startups. Thirty six companies were approved to take part in the excellence center, totaling more than $150 million in estimated exits. (Reporting by Tova Cohen) U.S. insurers get inside cars, mouths, grocery carts in profit search NEW YORK Twice a day, Scott Ozawa''s Bluetooth-enabled toothbrush tells his dental insurer if he brushed for a full two minutes. In return, the 41-year-old software engineer gets free brush heads and the employer which bought his insurance gets premium discounts.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-tech-oracle-israel-idUSKBN150156'|'2017-01-16T17:28:00.000+02:00'
'f0c7d51946867c5fa3ff1d2b5000f3ceb9e39e80'|'Saudi to launch $30-50 billion renewable energy program soon: minister'|'Commodities   7:42am EST Saudi to launch $30-50 billion renewable energy program soon: minister Saudi energy minister Khalid al-Falih gestures during the 2017 budget news conference in Riyadh, Saudi Arabia December 22, 2016. REUTERS/Faisal Al Nasser ABU DHABI Saudi Arabia will launch in coming weeks a renewable energy program that is expected to involve investment of between $30 billion and $50 billion by 2023, Saudi Energy Minister Khalid al-Falih said on Monday. Falih, speaking at an energy industry event in Abu Dhabi, said Riyadh would in the next few weeks start the first round of bidding for projects under the program, which would produce 10 gigawatts of power. In addition to that program, Riyadh is in the early stages of feasibility and design studies for its first two commercial nuclear reactors, which will total 2.8 gigawatts, he said. "There will be significant investment in nuclear energy," Falih said. Under an economic reform program launched last year, Saudi Arabia is seeking to use non-oil means to generate much of its additional future energy needs, to avoid running down oil resources which are required to generate foreign exchange through exports. Falih said Saudi Arabia was working on ways to connect its renewable energy projects with Yemen, Jordan and Egypt. "We will connect to Africa to exchange non-fossil sources of energy," he said, without elaborating. Its finances strained by low oil prices, Riyadh wants to conduct many of its future infrastructure projects through partnerships in which private companies from within the kingdom and abroad would bear much of the cost and risk. (Reporting by Rania El Gamal and Stanley Carvalho; Writing by Andrew Torchia) Next In Commodities Saudi energy minister: unlikely to extend producers'' agreement ABU DHABI OPEC and non-OPEC producers are unlikely to extend their agreement to cut oil output beyond six months, because of the level of compliance with the deal and the rebalancing of the market, Saudi Arabian Energy Minister Khalid al-Falih said on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-saudi-energy-renewables-idUSKBN1501HE'|'2017-01-16T19:42:00.000+02:00'
'08aa5e292b27ac5c2d6ca9fe96ec2b94c496d1ed'|'Saudi''s Riyad Bank Q4 net profit tumbles 66 pct, misses forecasts'|'Financials   1:06am EST Saudi''s Riyad Bank Q4 net profit tumbles 66 pct, misses forecasts DUBAI Jan 16 Riyad Bank, Saudi Arabia''s fourth-largest lender by assets, posted a 65.6 percent fall in fourth-quarter net profit on Monday, falling well short of analysts'' forecasts. The bank made 293 million riyals ($78 million) in the three months to Dec. 31, down from 851 million riyals in the same period of 2015, it said in a bourse filing. Three analysts polled by Reuters had on average forecast the bank''s quarterly profit would be 780 million riyals. The bank cited a 47.9 percent rise in operating expenses mainly due an increase in impairment charges for credit losses. The cost rise was partially offset by a drop in salaries and other employee-related expenses. Meanwhile, operating income dropped because of a fall in fees and commissions, although that was partially offset by higher gains on trading investments. Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later. It was the sixth quarter in the last seven in which Riyad Bank reported either declining or flat profits, highlighting the challenges the kingdom''s banks face as growth in lending and deposits is constrained by sagging oil prices, which have dampened spending by the government, companies and consumers. The bank said on Jan. 4 that its board had proposed paying a cash dividend of 0.30 riyal per share for the second half of 2016. That was lower than the 0.35 riyal per share which the bank paid for the corresponding period of 2015. Loans and advances at the end of December stood at 142.9 billion riyals, falling 1.5 percent from the same point of 2015, while deposits shrank 6.7 percent to 156.7 billion riyals. (Reporting by Tom Arnold; Editing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/riyad-bank-results-idUSD5N1E900S'|'2017-01-16T13:06:00.000+02:00'
'5e8e0357cafe16e48cbc3010b238f145616f3add'|'UK export agency signs first loan deal in Africa for Ghana energy project'|' 30pm GMT UK export agency signs first loan deal in Africa for Ghana energy project LONDON Britain''s credit export agency, UK Export Finance (UKEF), signed its first direct loan deal in Africa on Monday, providing $310 million (257.35 million pounds) to GE Oil & Gas ( GE.N ) to supply equipment for an oil and gas project in Ghana. UKEF''s loan and credit facility is part of a wider $1.35 billion financing for the Offshore Cape Three Points (OCTP) project, developed by Eni ( ENI.MI ), Vitol Ghana Upstream [VITOLV.UL] and the Ghana National Petroleum Corporation. The $7.9 billion project will tap offshore oil and gas resources and provide fuel for gas-fired power plants in Ghana. Oil and gas production from the project is expected to peak at 80,000 barrels of oil equivalent per day in 2019. UKEF said its loan was based on both project finance and reserve-based lending, a first for a European export credit agency. It is also providing $90 million in buyer credit, a type of bank guarantee. The deal builds on an agreement signed in 2015 between UKEF and UK-headquartered GE Oil & Gas to provide up to $12 billion in financing. The GE subsidiary, which won an $850 million contract to supply equipment to the OCTP project in 2015, manufactures oil and gas equipment at factories in Bristol and Aberdeen. (Reporting by Karolin Schaps. Editing by Jane Merriman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-export-ge-ghana-idUKKBN1501GB'|'2017-01-16T19:30:00.000+02:00'
'007925e172078d97d4adb82f2962e5d504f3c54e'|'BRIEF-India cenbank says withdrawal limits increase to 10,000 rupees per day per card'|'Financials   6:54am EST BRIEF-India cenbank says withdrawal limits increase to 10,000 rupees per day per card Jan 16 Reserve Bank of India: * RBI - limit on withdrawals from ATMs has been enhanced from the current limit of 4,500 rupees to 10,000 rupees per day per card * RBI - there are no changes in the other conditions. * RBI - limit on withdrawal from current accounts has been enhanced from the current limit of INR 50,000/- per week to INR 1,00,000/- per week * RBI - relaxations as provided in RBI circular dated November 28, 2016 will continue. Source text: ( bit.ly/2jo0W3b ) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1F60F5'|'2017-01-16T18:54:00.000+02:00'
'e10e6e53b80ea5f9ec25fa93b680bb451f5cf201'|'Trump adviser: TPP ''dead,'' will move quickly on bilateral trade deals'|'Business News - Fri Jan 13, 2017 - 9:30pm IST Trump adviser: TPP ''dead,'' will move quickly on bilateral trade deals U.S. President-elect Donald Trump (C) smiles as he is applauded by his son Eric Trump (L) daughter Ivanka and son Donald Trump Jr. (R) ahead of a press conference in Trump Tower, Manhattan, New York, U.S., January 11, 2017. REUTERS/Shannon Stapleton WASHINGTON President-elect Donald Trump will not revive his predecessor''s stalled Trans-Pacific Partnership trade deal in any form, but will quickly pursue bilateral trade agreements, a Trump transition policy adviser said. "TPP is dead. I cannot stress that more strongly," said the adviser, who requested anonymity because he was not authorized to speak publicly for the administration that takes office on Jan. 20. "TPP, or a multilateral agreement that looks like TPP but is called something else, is emphatically dead." On Wednesday, Trump''s nominee for secretary of state, Rex Tillerson, said he was not opposed to President Barack Obama''s 12-country Pacific Rim trade deal but shared some of Trump''s views "on whether the agreement that was negotiated serves all of America''s interests at best." Speaking by phone late on Thursday, the Trump adviser said Tillerson was expressing some personal views on free trade theory. The adviser said the administration was not going to pursue multilateral trade deals. "You will be shocked by the speed at which bilateral agreements begin to materialize," the adviser said. Britain has expressed strong interest in a bilateral trade deal with the United States once it exits the European Union. Official spokespeople for the Trump transition team did not respond to Reuters'' requests for further comment. The adviser said he would not rule out declaring China a currency manipulator or levying tariffs on Chinese goods as a means of reducing massive U.S. trade deficits with China. He declined to speculate how quickly a currency designation could come, adding that the issue needed further review. The Trump policy adviser said the new administration is determined to reverse years of Chinese trade practices that have "hollowed out" the U.S. manufacturing base. "You have to understand the view of this administration that China is essentially perpetrating an economic war, they''re already engaged in a trade war against us," the adviser said. (Reporting by David Lawder, Matt Spetalnick and David Brunnstrom; Editing by Howard Goller) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-trump-trade-adviser-idINKBN14X1X8'|'2017-01-13T22:54:00.000+02:00'
'73f8b0a019011050d0fa3b2f14cb0183a7077167'|'EU, U.S. strike deal to boost transatlantic insurance market'|'Business News - Fri Jan 13, 2017 - 2:04pm GMT EU, U.S. strike deal to boost transatlantic insurance market A worker adjusts European Union and U.S. flags at the start of the 2nd round of EU-US trade negotiations for Transatlantic Trade and Investment Partnership at the EU Commission headquarters in Brussels November 11, 2013. REUTERS/Francois Lenoir BRUSSELS The European Union and the United States agreed on Friday to reduce legal and capital barriers to boost the $3 billion (2.46 billion pounds) transatlantic insurance and reinsurance market. The accord has been under negotiation for more than one year and follows an agreement last year on derivatives. U.S. and EU representatives said in a joint statement they had reached a deal "that will ensure ongoing robust insurance consumer protection and provide enhanced regulatory certainty for insurers and reinsurers operating in both the U.S. and the EU." Under the deal, EU and US authorities will lift requirements for reinsurers to hold more capital against risks if they operate from the other side of the Atlantic, eliminating one key hurdle for cross-border expansion. Insurers will also benefit from lower supervisory requirements, a move expected to reduce costs. "This is a major deal that is set to benefit insurers, reinsurers and policy holders on both sides of the Atlantic," said the EU financial services commissioner Valdis Dombrovskis. The deal paves the way for EU companies to increase their market share in the US, and for US companies to sell their policies more easily in the 28 European Union countries. The deal needs approval from the European Parliament and U.S. Congress. (Reporting by Francesco Guarascio; Editing by Alissa de Carbonnel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-usa-insurance-idUKKBN14X1MN'|'2017-01-13T21:04:00.000+02:00'
'221cab585371a1cdb5eebf272731f4da8d074950'|'OPEC chief confident in commitment, enthusiasm for output cut deal'|'Top News - Fri Jan 13, 2017 - 6:12pm GMT OPEC chief confident in commitment, enthusiasm for output cut deal FILE PHOTO: OPEC Secretary General Mohammad Barkindo listens during a news conference after a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. REUTERS/Heinz-Peter Bader/File Photo By Rania El Gamal - ABU DHABI ABU DHABI OPEC''s Secretary-General has confidence in the commitment of oil producers who agreed to an output cut deal last month to ease a global glut that has depressed crude prices and hurt exporting countries'' revenues. Under the accord, the Organization of the Petroleum Exporting Countries and Russia and other non-members of the producer group will curtail oil output by nearly 1.8 million bpd, initially for six months. "I remain confident... with the level of commitment and enthusiasm that I have seen among the 24 participating countries whom I am in regular contact with that this historic and landmark decision will be implemented fully," Mohammed Barkindo told Reuters in an interview in Abu Dhabi. Top exporter Saudi Arabia and Kuwait said on Thursday they had cut production by more than they committed to. And Iraq, OPEC''s second-largest producer, said it too had reduced production and exports and it was fully committed to the agreement. A meeting to monitor compliance will be held in Vienna on Jan. 22. Barkindo said the meeting would decide on what level of compliance would be acceptable or not. He said it was too early to tell if the agreement would be extended beyond June, but OPEC ministers would decide on that when they meet next on May 25 in Vienna, where they might be joined by non-members. "They will review.. the level of compliance, the response of the market, the fundamentals, supply, demand, stocks," he said. "Based on the evaluation they will decide what to do." Barkindo said OPEC did not have a specific oil price in mind and the exporting group''s decision to manage supplies was mainly taken to tackle high inventories which had started to fall. The price of benchmark Brent crude LCOc1 was around $56 a barrel on Friday, roughly half the level of mid-2014. "We have no price objective.. our objective has been the high level of stocks that has built up in period 2014, 2015 and up to 2016," he said. The objective was to "bring back the market into balance, to stability, to bring down the level of high stocks to the five-year industry average which we have started to see already," he said. (Reporting by Rania El Gamal; editing by Susan Thomas) Next In Top News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN14X27I'|'2017-01-14T01:12:00.000+02:00'
'16b3f3d42e8de8d2f86d456dad9bf2707a7390aa'|'Deals of the day-Mergers and acquisitions'|'(Adds Powertech, Centrica, Bain Capital, Fininvest)Jan 13 The following bids, mergers, acquisitions and disposals were reported by 1430 GMT on Friday:** Taiwan''s Powertech Technology Inc said it was terminating a share agreement with China''s Tsinghua Unigroup Ltd, unraveling more than $2 billion in deal-making that the state-run Chinese giant had hoped to seal on the island.** Britain''s Centrica has completed its withdrawal from wind power generation with the sale of a 50 percent stake in the Lincs offshore wind farm to the Green Investment Bank and its offshore wind fund, the companies said.** Private equity firms Advent and Bain Capital agreed to buy German payment group Concardis from a group of private, savings and cooperative banks, the parties said in a joint statement, not disclosing a purchase price.** Former Italian prime minister Silvio Berlusconi and his holding company Fininvest have appealed to the European Court of Justice against a decision by the European Central Bank that Fininvest should cut its stake in asset manager Banca Mediolanum .** State-owned Shenzhen Metro Group''s purchase of the second-biggest holding in China Vanke is likely to pave the way for it to take control of the property giant and put an end to a year-long corporate power struggle.** U.S. private equity firm KKR & Co LP said on Friday it has agreed to buy Hitachi Ltd''s power tools unit, Hitachi Koki Co Ltd, for about $1.3 billion, its second billion-dollar deal in Japan in three months.** Oil and gas producer Anadarko Petroleum Corporation said it would sell its Eagleford Shale assets in South Texas for about $2.3 billion to a strategic 50/50 partnership formed by Sanchez Energy Corp and asset manager Blackstone Group LP.** Megadeals in China helped bring a record $31 billion in venture capital investment into the country in 2016 despite a sluggish global economy and a sharp drop in the number of new deals, a report said.** Canadian energy infrastructure company AltaGas Ltd said on Thursday it was in talks with a third party over a potential transaction.** Peruvian builder Grana y Montero''s shares dropped by more than 12 percent after it called its partnership with corruption-plagued Brazilian builder Odebrecht a "mistake" and said it was considering taking legal action.** Swedish small-cap industrial firm Duroc said on Friday it was buying the far larger International Fibres Group from one of its largest owners by issuing new shares.** Renova Energia SA has agreed to sell a wind farm project to the local unit of AES Corp for about 650 million reais ($204 million) as part of efforts by the Brazilian renewable power company to repay debt and ease a cash crunch.** ClubCorp Holdings Inc, one of the largest owners and operators of private golf and country clubs in the United States, said it was exploring strategic alternatives after Reuters reported the company was in a process to sell itself.** The Brazilian government is drafting a decree to allow 100 percent foreign ownership of local airlines, a Transportation Ministry spokesperson said, a move that could attract investors to a recession-beaten industry. (Compiled by Laharee Chatterjee in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1F34F1'|'2017-01-13T11:54:00.000+02:00'
'f59cfef9d806c67bbd47329f0654ce6074e4ded6'|'Close to deal to lower F-35 costs, add 1,800 jobs - Lockheed Martin CEO'|'Fri Jan 13, 2017 - 5:46pm GMT Lockheed Martin CEO: Close to deal to lower F-35 costs, add 1,800 jobs Lockheed Martin''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon WASHINGTON Lockheed Martin Corp ( LMT.N ) is close to a deal to significantly lower the cost of its F-35 aircraft, its Chief Executive Officer Marillyn Hewson said on Friday following a meeting with U.S. President-elect Donald Trump. Hewson, speaking to reporters in Trump Tower, added that Lockheed plans to increase jobs at its Fort Worth, Texas, facility by 1,800, which would add "thousands and thousands of jobs" across the supply chain in 45 U.S. states. (Reporting by Jonathan Allen; Writing by Susan Heavey) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-lockheed-ceo-idUKKBN14X25E'|'2017-01-14T00:45:00.000+02:00'
'255c376500299bb9617fec42ccb5186745844ccf'|'Italy ratings downgrade won''t have big effect on borrowing costs - Trsy source'|'Financials   2:13pm EST Italy ratings downgrade won''t have big effect on borrowing costs - Trsy source ROME Jan 13 The decision by ratings agency DBRS to cut Italy''s sovereign credit rating will not have a significant impact on the country''s borrowing costs, a Treasury a source said on Friday. DBRS lowered Italy''s rating to BBB (high) from A (low), citing uncertainty over the country''s ability to pass reforms, continuing weakness in its banking system, and fragile growth. The Treasury source, who asked not to be named, said the move may affect yields on Italy''s short term bonds but "will not have a significant impact on our debt servicing costs." (Reporting By Gavin Jones) UPDATE 3-U.S. moves to lift 20-year trade embargo against Sudan WASHINGTON, Jan 13 The Obama administration took steps on Friday to lift a 20-year-old trade embargo against Sudan, unfreeze assets and remove financial sanctions in what the White House said was a response to the African nation''s cooperation in fighting Islamic State and other groups, angering human rights organizations.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-debt-downgrade-treasury-idUSR1N1EG007'|'2017-01-14T02:13:00.000+02:00'
'635c17c7b5a1582eadb637cafec3b95994eecfc3'|'UPDATE 1-U.S. investors to build global festival network with Hungary''s Sziget'|'Deals  38pm EST U.S. investors to build global festival network with Hungary''s Sziget By Marton Dunai - BUDAPEST BUDAPEST U.S.-based private equity firm Providence Equity Partners has bought a 70 percent stake in Hungarian festival company Sziget, the companies said on Friday, aiming to expand the events internationally. Sziget draws about 500,000 people every year to its flagship event in Budapest and thousands more to half a dozen other festivals around Hungary. Now in its 25th season, it has received several "best festival" titles from the European Festival Awards. Rhode Island''s Providence, which has total assets of about $47 billion under management, expects to build a portfolio of about eight to 10 festivals in a few years, said Paul Bedford, a Providence representative. "This was a cornerstone acquisition for us," Bedford said. "We have in mind a federation of festival brands. They will work together as much and as often as they want to. There is some strength in numbers in this game." The companies did not disclose a purchase price. The new investors will take the Sziget brand global, they said. In Hungary, the firm has controlled more than half of the local festival market, but international growth was too expensive, Sziget founder and co-owner Karoly Gerendai said. "Now we can dream big," Gerendai, whose team will retain a 30 percent stake in the company, told a news briefing. The current management will retain management rights and operational control of the festivals of the Sziget brand. The team will be supported by several international festival promoters such as James Barton, former president of electronic music for Live Nation and founder of Creamfields Festival. Providence participates in sponsorship agreements of the Formula One car race series, and has other stakes in businesses from sports to entertainment, opening new synergies for Sziget, Gerendai said. Sziget had total revenue of about 10 billion forints ($34.6 million) in 2015, and Gerendai told the daily Vilaggazdasag last year that he expected 2016 revenues to be higher, with an EBITDA of around 1 billion forints in 2016. (Reporting by Marton Dunai; Editing by Alison Williams) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-hungary-festival-m-a-idUSKBN14X252'|'2017-01-14T00:31:00.000+02:00'
'cd47d817233de2a8180482a099680510a769978c'|'JPMorgan results trump estimates as election stimulates trading'|'Business News   1:34pm GMT JPMorgan results trump estimates as election stimulates trading A J.P. Morgan logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith JPMorgan Chase & Co ( JPM.N ), the No. 1 U.S. bank by assets, reported stronger-than-expected quarterly earnings and revenue on Friday, helped by a surge in investor activity related to the U.S. presidential election. The bank''s net income rose 23.8 percent to $6.73 billion in the three months ended Dec. 31, while earnings per share rose to $1.71 from $1.32. ( bit.ly/2jeHFAY ) Excluding items, the bank earned $1.58 per share, handily beating the average analyst estimate of $1.44 per share, according to Thomson Reuters I/B/E/S. "We grew market share in virtually all of our businesses and showed expense discipline while continuing to invest for the future," Chief Executive Jamie Dimon said in a statement. "The U.S. economy may be building momentum," he added. "Looking ahead there is opportunity for good, rational and thoughtful policy decisions to be implemented, which would spur growth, create jobs for Americans across the income spectrum and help communities." Donald Trump''s stunning victory on Nov. 8 set off a wave of trading in stocks and bonds during what is normally a slow period for trading desks at big banks. Bank of America Corp ( BAC.N ), the second-largest U.S. bank, kicked off the quarterly earnings period for big U.S. lenders earlier on Friday, announcing a 46.8 percent rise in profit. The banks were also reporting their first results since the Federal Reserve raised its key interest rate target for the second time since 2006 on Dec. 14. Higher interest rates are usually good for banks, allowing them to charge higher rates on loans. Revenue from fixed-income trading - JPMorgan''s most volatile business - rose about 31 percent to $3.37 billion, while stock trading revenue increased 8.1 percent to $1.15 billion. That helped boost total net revenue by 2.5 percent to $24.33 billion, beating analysts average estimate of $23.95 billion. JPMorgan''s shares, which up to Thursday had risen about 23 percent since the election, were little changed in premarket trading. Bank stocks have been on a tear on the expectation that profits will be boosted by Trump''s plans to cut corporate taxes, ease regulatory restraints and boost infrastructure spending. The Federal Reserve, which raised interest rates by 0.25 percentage points in December, is expected to raise them again three times this year. JPMorgan said its fourth-quarter return on tangible common equity, a key performance measure, was 14 percent up from 11 percent a year-earlier. Total noninterest expenses fell 3 percent to $13.83 billion, primarily driven by lower legal expenses. Also on Friday, Wells Fargo, the largest U.S. mortgage lender, reported a 6.4 percent fall in profit. Citigroup Inc ( C.N ), Goldman Sachs Group Inc ( GS.N ) and Morgan Stanley ( MS.N ) report earnings next week. (Reporting by Sweta Singh in Bengaluru and David Henry in New York; Editing by Ted Kerr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jpmorgan-results-idUKKBN14X1JG'|'2017-01-13T20:34:00.000+02:00'
'e06499c858966c3eaafe534433d41dec27c425c0'|'U.S. set to lift some financial sanctions against Sudan'|'Basic Materials  36pm EST U.S. set to lift some financial sanctions against Sudan WASHINGTON Jan 12 The United States is set to announce the easing of some financial sanctions against Sudan, a senior U.S. official said on Thursday. "The limited sanctions relief if an acknowledgement of progress by the government of Sudan," the official told Reuters. The United States first imposed sanctions on Sudan in 1997, including a trade embargo and blocking the government''s assets, for human rights violations and terrorism concerns. The United States layered on more sanctions in 2006 for what it said was complicity in the violence in Darfur. (Reporting by Lesley Wroughton; Editing by Andrew Hay) Next In Basic Materials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-sudan-sanctions-idUSL1N1F22F7'|'2017-01-13T05:36:00.000+02:00'
'89bf2b3bdfb569c57e7d121abae987b38300744b'|'Anadarko Petroleum to sell Texas assets for $2.3 bln'|'Deals  42pm EST Anadarko Petroleum to sell Texas assets for $2.3 billion Anadarko Petroleum Corporation ( APC.N ) said on Thursday it would sell its Eagleford Shale assets in South Texas for about $2.3 billion to Sanchez Energy Corporation ( SN.N ) and Blackstone Group LP ( BX.N ). The divestiture includes about 155,000 net acres mainly located in Dimmit and Webb counties. (Reporting by Vishaka George in Bengaluru; Editing by Alan Crosby) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-anadarko-petrol-divestiture-idUSKBN14W35V'|'2017-01-13T06:40:00.000+02:00'
'cdd56d2fc97843d2e8037d546f0f515df552728a'|'UPDATE 1-Argentina unveils 2017 debt plan, bond sales seen next week'|' 13pm EST UPDATE 1-Argentina unveils 2017 debt plan, bond sales seen next week (Adds planned bond issuance details, background) By Luc Cohen BUENOS AIRES Jan 12 Argentina clinched an 18-month financing deal worth $6 billion with six banks on Thursday, Finance Minister Luis Caputo told reporters, saying the government planned to tap international capital markets for $10 billion in 2017. Sovereign bond issuance will start on Jan. 19, with a sale of $3 billion to $5 billion in U.S. dollar-denominated paper. The sale will kick off an international financing program under which Argentina expects to sell $7 billion of dollar bonds and $3 billion of bonds in other currencies, Caputo told a news conference. He did not discuss specifics about bond maturities or interest rates. The deal with the banks along with nearly $4 billion in planned multilateral borrowing from institutions including the World Bank and Inter-American Development Bank should reduce Argentina''s need to tap international capital markets. "It''s very positive news for us," Caputo said of the bank financing agreement, which he added would be backed by the country''s Bonar 24 bonds. The repo deal was priced at three month Libor plus 290 basis points. The six banks chosen for the repo deal and dollar bond sale were Santander, BBVA, Citibank, Deutsche Bank, HSBC and JP Morgan, Thomson Reuters International Financing Review reported. Caputo said Argentina also planned on Jan. 19 to sell $1 billion to $2 billion equivalent of peso-denominated debt under local law, under a program in which the government plans in 2017 to issue $14 billion equivalent of peso-denominated obligations. (Reporting by Luc Cohen; Editing by Lisa Shumaker and Peter Cooney)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/argentina-bonds-idUSL1N1F2284'|'2017-01-13T05:13:00.000+02:00'
'1fa7dd6871e5d1c4d48adad645d8af094b6e169b'|'Sleep deprivation can hit companies’ bottom lines'|'Sleep deprivation can hit companies’ bottom lines As working long hours becomes pervasive, a sleep coach advises how to rescue your rest Read next January 15, 2017 by: David Robinson The corporate world is full of stories of employees shunning sleep and working into the night. In Japan, which is known for its pervasive corporate culture, a recent government survey revealed a fifth of companies had employees who were clocking more than 80 hours’ overtime a month. It also has been well reported that investment banking interns and juniors globally are working punishingly long hours . But internet connectivity means increasing numbers of employees from all kinds of companies across the globe continue to work long hours after they have left the office. Two years ago, Jeff Bezos, chief executive of Amazon, was quick to say that he could not “recognise” anecdotes in a New York Times report which revealed, among other things, that Amazon staff were receiving work emails after midnight followed by text messages asking them why they had not been answered. The company declined to comment on the issue for this article. Special Report Sleep As we grapple with today’s pressures, many of us wonder whether we get enough sleep. We experiment with drugs to improve it, remain mystified by our dreams and worry that we, or others, snore too much. This report explores the fascinating land of nod.   Regardless of whether companies themselves are to blame, research shows workers who sleep less than six hours a night are less productive than people who sleep between seven and nine hours, according to research institute Rand Europe. In the US, sleep deprivation causes the loss of about 1.2m working days every year resulting in financial losses of up to $411bn a year (2.3 per cent of GDP), Rand Europe estimates. “Many people feel they need to bust a gut every minute of the day fuelled on caffeine and sugar but as a result suffer from insomnia, stress and anxiety and struggle to sleep at night,” says sleep coach Nick Littlehales, author of Sleep: The Myth of 8 Hours , published last year. “You can’t just take some sleeping tablets before you go to bed and expect to force yourself into having a good quality sleep.” Mr Littlehales, who has worked as a sleep coach for Premier League football teams such as Manchester United and for elite athletes including British Olympians, says he increasingly advises corporate clients. “A number of companies have been in touch to try and find a way to educate their employees,” he says. “Sleep deprivation in the workplace has become more of a concern.” Related article Winners names will be published, but survey will also help promote understanding   “How well you sleep at night depends on what you do throughout the day from the point of waking onwards,” says Mr Littlehales, whose book seeks to challenge some of the received wisdom about snoozing. “The idea that we should sleep in one eight-hour chunk is a relatively modern concept that gained currency with the invention of the lightbulb,” he says, pointing out that for most of human evolution we have slept more often and in shorter periods. Mr Littlehales believes we sleep in 90-minute cycles — from dozing off, through light sleep, deep sleep, to the Rapid Eye Movement dream stage, to waking up and falling back to sleep again — and says we should aim to achieve an optimum number of cycles a night (for the average person 35 cycles per week is ideal). By viewing our sleep time as flexible, he says, we should not become overly worried by the occasional bad night. In his consultations, Mr Littlehales advises staff to leave their desks and take short breaks every 90 minutes to aid mental and physical recovery from their work so they sleep better at night. He suggests redesigns of office space to improve workers’ access to natural light and recommends the use of daylight simulator lamps, which emit a bright flicker-free light close to natural sunlight, for use in the winter. He also encourages companies to allow staff to take occasional short naps in the office. “After we’ve been awake for a certain amount of time we get to a point where we need to take a rest to boost alertness and improve performance,” he says. “If you show staff how they can nap naturally it can bring big benefits to your company.” In response to advice such as Mr Littlehales’, a number of US companies have introduced on-site napping including Google — which has installed futuristic-looking sleep pods in its offices — Nike and Ben & Jerry’s . Accountancy firm PwC, meanwhile, has introduced in-house programmes to teach staff good sleep practices. “The impact of sleep problems are often underestimated,” says PwC’s mental health leader Beth Taylor. “But apart from doing the right thing by our staff, there’s a hard commercial edge here — sleep is fundamental to performance.” Sleeping tips • Do not look at electronic devices in the hour before bed. The blue light they emit disrupts the brain’s natural sleep-wake cycles. • Sleep quality is all about what we do from the point of waking. Get up at the same time every day and leave your desk and take short breaks throughout the day to boost mental and physical recovery so that you find it easier to switch off and sleep at night. • Identify workers’ chronotypes — whether they work better in the morning or later in the day — and look at where people sit in the office. Put the “PMers”, who are better later in the day, near the window in the morning to keep their serotonin levels up and provide “AMers” with daylight simulator lamps for when they start to flag in the afternoon. • Allow staff to take short naps in the afternoon. Even if people just close their eyes for a few minutes at their desks after lunch it will help them stay more alert and productive. — Nick Littlehales  '|'ft.com'|'http://www.ft.com/rss/companies/health'|'https://www.ft.com/content/c7466c06-d7f1-11e6-944b-e7eb37a6aa8e'|'2017-01-15T12:47:00.000+02:00'
'087bbd4ee0455c3895bc72da1467a07207292795'|'China economy faces more pressure and global uncertainty - premier'|' 09pm GMT China economy faces more pressure and global uncertainty - premier China''s Premier Li Keqiang speaks during the opening ceremony of the 9th Global Conference on Health Promotion in Shanghai, China November 21, 2016. REUTERS/Aly Song BEIJING China''s economy will face more pressure and problems in 2017, with changes in global politics and challenges to economic rules adding further uncertainty to the outlook, Premier Li Keqiang has said. At a meeting held in Beijing on Friday, Li said China will ensure the nation''s economy runs smoothly and will improve the quality and efficiency of growth, according to a statement published on the government''s website on Sunday. Global investors are debating whether China''s leaders will accept more modest growth this year, amid concerns about risks arising from years of debt-fuelled stimulus driven by a political obsession with meeting official targets. Economic growth could slow to 6.5 percent this year from about 6.7 percent in 2016, a government-run think tank said earlier this month, with industrial output potentially growing 5.9 percent, down from an estimated 6.1 percent in 2016. China''s customs agency said on Friday it will be tough for foreign trade to improve this year, especially if the inauguration of U.S. President-elect Donald Trump and other major political changes limit the growth of China''s exports due to greater protectionist measures. Trump campaigned on a pledge to brand Beijing a currency manipulator on his first day in office and has threatened to slap high tariffs on Chinese goods. During Friday''s meeting, held to garner opinions from experts and entrepreneurs on the draft of an annual government work report, the premier reiterated that the government will keep economic growth within a reasonable range, resolutely phase out outdated production capacity and adopt measures to help boost employment. (Reporting by Nicholas Heath; Editing by Tom Heneghan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-premier-idUKKBN14Z0R2'|'2017-01-16T00:09:00.000+02:00'
'551eb7917880069b7b06475e6a2a722d116ef388'|'India imposes anti-dumping duties on some steel products'|'NEW DELHI India has imposed anti-dumping duties on colour-coated or pre-painted flat products of alloy or non-alloy steel imported into the country, a government notification said on Friday.The government imposed the anti-dumping duty on products imported from China and European nations for a period not exceeding six months, the circular said.The effective duty rate would be the difference between the official rate of $849 per tonne and the landed value of the product, provided the landed value is lesser than $849 per tonne, it said.For the full circular, see: bit.ly/2jDsu0B(Reporting by Neha Dasgupta; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/india-steel-idINKBN14X0WB'|'2017-01-13T06:27:00.000+02:00'
'7140524eefcf077e7e26fdfc88b888f6aeb981a2'|'Oil steady as Saudi Arabia says has cut output, but oversupply worries linger'|'Business News - Fri Jan 13, 2017 - 1:24am GMT Oil steady as Saudi Arabia says has cut output, but oversupply worries linger A pumpjack drills for oil in the Monterey Shale, California, April 29, 2013. REUTERS/Lucy Nicholson By Henning Gloystein - SINGAPORE SINGAPORE Oil prices were steady on Friday, supported by reports on details of OPEC output cuts, although lingering doubts over producer compliance with supply reduction targets weighed on the market. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $53.01 per barrel at 0052 GMT, unchanged from their last settlement. Brent crude futures, the international benchmark for oil prices, were yet to trade. Traders said that prices received some support from statements from top crude exporter Saudi Arabia that its output had fallen below 10 million barrels per day (bpd), a level last seen in February 2015. That would also mean that the kingdom has cut production more than the 486,000 bpd it agreed to late last year under a global deal to curb production and stem a fall in oil prices. However, hard evidence of deep supply reductions to customers has yet to emerge two weeks into January, when the planned cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers like Russia are supposed to take effect. "The direction of prices will depend greatly on producer compliance with pledged supply cuts made in 2016," said French bank BNP Paribas. "The market has rallied since the end of 2016, more on faith than fact, following OPEC and selected non-OPEC countries announcing output cuts for the first 6 months of 2017. Any slip in the market''s confidence that producers will follow through on their promises may lead to a sharp price corrections," it added. The bank said that it expects WTI prices averaging $56 per barrel in 2017, up $7 from its previous forecast, and Brent to average $58 per barrel, up $8 a barrel from its earlier estimate. Dutch bank ABN Amro said in its January outlook that "conflicting signals" would likely keep oil prices trading in narrow ranges during the first half of the year. "For one thing, the recent agreement reached by the OPEC members as well as several non-OPEC oil producers to cut output has ... not everyone convinced of the resolve of these producers," it said. "This means that the oil price could advance further if the targeted cuts are actually achieved," ABN Amro said, but added that rising output from U.S. shale producers as well as OPEC members Nigeria and Libya, which were exempt from the cuts, might offset any supply reductions. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN14X04K'|'2017-01-13T08:15:00.000+02:00'
'e1a6773fd95cb702ba82cce87b867f396dbc9cb7'|'RPT-UPDATE 1-LSE Boerse chiefs travel to meet top German politician - sources'|'Financials  37am EST RPT-UPDATE 1-LSE Boerse chiefs travel to meet top German politician - sources (Repeats Thursday''s story without changes) By Andreas Kröner FRANKFURT Jan 12 Top executives from Deutsche Boerse and the London Stock Exchange will meet a top German politician to resolve a dispute about where to locate the combined group''s headquarters, three sources said, with pressure growing for it to be in Frankfurt. The meeting on Jan. 17 comes as Britain''s government prepares to trigger divorce talks with the European Union, a move that has put a question mark over the deal and created uncertainty over the City of London''s future. Britain''s departure from the 28-member bloc would place London, Europe''s financial capital and planned headquarters of the new group, outside the EU. German regulators, fearing a loss of control, want Frankfurt to play the leading role, or, at the very least, be one of two headquarters. The meeting will be held in Wiesbaden, in the state of Hesse, where Frankfurt is also located. It will be attended by one of Germany''s top politicians, Volker Bouffier, the state''s premier and an ally of Chancellor Angela Merkel. "Those at the meeting want to come face to face to find out what could work but nothing will be finalised," said one of the people with knowledge of the plans, adding that the question of where the headquarters should be would be high on the agenda. London Stock Exchange Chief Executive Xavier Rolet and Carsten Kengeter, head of Deutsche Boerse, will travel to the meeting. The chairmen of both firms, Deutsche Boerse''s Joachim Faber, and Donald Brydon from the LSE, will also attend. Deutsche Boerse and the London Stock Exchange declined to comment. Bouffier''s office could not immediately be reached. LSE management want the headquarters to stay in London. But it is unlikely that Germany will agree. Shortly after the vote in Britain to leave the European Union, Germany''s financial market regulator, Felix Hufeld, said London could not host the headquarters. This position has since hardened, creating a hurdle to the planned $25 billion merger. On Wednesday, the head of the European Central Bank, Mario Draghi, said that it too would carefully look at the proposed merger, particularly given Britain''s decision to leave the EU. "The United Kingdom''s withdrawal (from the EU) may lead to a loss of oversight and supervision of UK central counterparties by the ECB," Draghi wrote in a letter to a European lawmaker. (Additional reporting by John O''Donnell and Arno Schuetze; writing by John O''Donnell; Editing by Elaine Hardcastle) Next In Financials TABLE-Foreign trading in South Korean stocks SEOUL, Jan 13 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0729 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 13 *-108.5 162.0 -58.4 ^January 12 31.4 -10.4 -32.1 January 11 485.5 -55.1 -430.0 January 10'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/deutsche-boerse-ma-lse-idUSL5N1F315L'|'2017-01-13T14:37:00.000+02:00'
'e31bcbf28cdb4d3b6f494e882641247206fb96a4'|'UPDATE 1-Malaysia''s Khazanah says portfolio value fell 3 pct to $32.5 bln in 2016'|'Private Equity   5:10am EST UPDATE 1-Malaysia''s Khazanah says portfolio value fell 3 pct to $32.5 bln in 2016 (Adds investment details, 2017 outlook) KUALA LUMPUR Jan 13 Malaysia''s sovereign wealth fund Khazanah Nasional Bhd on Friday said the value of its portfolio fell 3.4 percent in 2016 due to weakness in equity markets and emerging market currencies. The state fund''s portfolio value fell to 145.1 billion ringgit ($32.53 billion) in 2016 from 150.2 billion in 2015. "The volatile, uncertain, complex and ambiguous global business and market environment is expected to continue in 2017," Managing Director Azman Mokhtar told reporters. Khazanah''s investments include stakes in Malaysian mobile services provider Axiata Group Bhd, electricity utility Tenaga Nasional Bhd and lender CIMB Group . It is also the sole shareholder of national carrier Malaysia Airlines, whose turnaround is on track, it said. The fund''s foreign investment includes stakes in China''s e-commerce giant Alibaba Group Holding Ltd. Malaysia accounted for about 54.9 percent of Khazanah''s portfolio. The fund has been making a push recently to invest overseas, including in China. Khazanah said it invested a total of 6.9 billion ringgit across 17 new investments last year. ($1=4.4610 ringgit) (Reporting by Liz Lee; Editing by Clarence Fernandez and Gopakumar Warrier) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/khazanah-nasiona-results-idUSL4N1F338W'|'2017-01-13T17:10:00.000+02:00'
'f161ba118eba41e3675224a475cfa20ebfb0d09a'|'Senior VW managers warned not to travel to U.S. - sources'|'Business News -  33am GMT Senior VW managers warned not to travel to U.S. - sources FILE PHOTO - A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia, Poland, September 9, 2016. REUTERS/Kacper Pempel/File Photo By Jörn Poltz and Andreas Cremer - MUNICH/BERLIN MUNICH/BERLIN Senior   managers have been warned not to travel to the United States, legal and company sources told Reuters, after six current and former managers were indicted for their role in the German carmaker''s diesel test-cheating scheme. One of the six charged, Oliver Schmidt, was arrested at Miami International Airport on Saturday as he was about to fly home from holiday in Cuba. Schmidt, who is caught up in the "Dieselgate" investigation by the U.S. Department of Justice (DoJ), was ordered to be charged and held without bail on Thursday pending trial. Under the constitution, German citizens can be extradited only to other European Union countries or to an international court. But leaving Germany at all could pose a risk of being extradited to the United States from a third country. "Several Volkswagen managers have been advised not to travel to the United States," one legal adviser to Volkswagen said on condition of anonymity because the matter is confidential. A second legal adviser said this also applied to managers who had not yet been charged with any offence in the United States. "One doesn''t need to test the limits," the adviser said. Schmidt was among those who had been warned by lawyers working for the company not to travel to the United States, one of the legal sources said. Volkswagen declined to comment. The company agreed to pay $4.3 billion in civil and criminal fines in a settlement with the DoJ on Wednesday, the largest ever U.S. penalty levied on an automaker. However, Attorney General Loretta Lynch said the DoJ would continue to pursue "the individuals responsible for orchestrating this damaging conspiracy". The German Federal Criminal Police Office said it was not aware of any request to extradite the other five indicted VW managers, while the Justice Ministry said it could not comment on individual cases. Interpol said it did not comment on specific cases or individuals except in special circumstances and with approval of the member country concerned. Given the risk of extradition from a third country, a reluctance to let senior managers leave Germany at all could pose considerable difficulties for Europe''s biggest carmaker, which employs more than 600,000 people worldwide and sells 88 percent of its vehicles outside its home country. Only one board member travelled to this week''s auto show in Detroit: VW passenger car brand chief Herbert Diess, who joined Volkswagen in July 2015, just two-and-a-half months before the VW''s decade-long deception of U.S. authorities became public. A senior manager at the VW brand who asked not to be named called Diess''s decision to travel to Detroit "bold" and said his peers had been given guidance not to leave Germany as the risk of impending U.S. charges rose - although he would not go so far as to call it a "travel warning". He said colleagues knew after being questioned by Jones Day lawyers, who are carrying out an independent internal investigation into the emissions affair, whether they had something to fear in the United States, and may have used this to determine travel plans. Charles Kuhn, a partner at criminal law firm Hickman & Rose, said people in such a position faced "a harsh choice - voluntarily hand themselves in, or never leave Germany without fear that an international arrest warrant will land them in US custody anyway". "It''s the kind of impossible decision that leaves people holed up in embassies for years," he said. "It depends on the alleged offence, but it is sometimes better to face the music than to live in the shadow of the DoJ." (Additional reporting by Edward Taylor and Georgina Prodhan in Frankfurt and Zachary Fagenson in Miami; editing by David Stamp) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-extradition-idUKKBN14X17A'|'2017-01-13T18:20:00.000+02:00'
'd576364a12249c722983d3a8757cb5e46dd7d714'|'UPDATE 1-U.S. set to lift some financial sanctions against Sudan'|'Basic Materials  23pm EST UPDATE 1-U.S. set to lift some financial sanctions against Sudan (Adds details on reasons for easing the sanctions) By Lesley Wroughton WASHINGTON Jan 12 The United States is set to announce the easing of some financial sanctions against Sudan on Friday for its recent efforts in helping tackle terrorism, a senior U.S. official said on Thursday. "The limited sanctions relief is an acknowledgement of progress by the government of Sudan," the official told Reuters ahead of the announcement expected from the White House. It was not immediately clear which financial sanctions would be lifted. The United States first imposed sanctions on Sudan in 1997, including a trade embargo and blocking the government''s assets, for human rights violations and terrorism concerns. The United States layered on more sanctions in 2006 for what it said was complicity in the violence in Darfur. The official said the lifting of the sanctions had no bearing on Sudan''s designation by the United States as a state sponsor of terrorism. Sudanese President Omar al-Bashir is wanted by the International Criminal Court for war crimes and genocide. There have been some signs of a thawing of relations between the U.S. and Khartoum since last year. On Sept. 20, the State Department welcomed efforts by Sudan to increase counterrorism cooperation with the United States. Sudan had taken steps to counter Islamic State and "other terrorist groups and has sought to prevent their movement into and through Sudan," State Department spokesman John Kirby said in a statement at the time. Sudan last year joined a Saudi-led coalition fighting Houthi rebels in Yemen. (Reporting by Lesley Wroughton; Editing by Andrew Hay, Bernard Orr) Next In Basic Materials UPDATE 2-Goldcorp sells Mexico mine in $438 mln deal, focus on core assets TORONTO, Jan 12 Goldcorp Inc agreed to sell its Los Filos mine in Mexico to Leagold Mining Corp in a deal valued at $438 million on Thursday, as the world''s No. 3 gold miner by market value focuses more squarely on core assets.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-sudan-sanctions-idUSL1N1F22GO'|'2017-01-13T06:23:00.000+02:00'
'3821bc234257e47f1ac5974c5d23b5b52716e3c1'|'Bank borrowing by smaller UK firms falls again - Bank of England'|'  4:51am EST Bank borrowing by smaller UK firms falls again - Bank of England LONDON Jan 13 A post-Brexit vote slump in demand for bank lending among small and medium-sized British firms continued into the last three months of 2016 and banks expect small companies will remain reluctant to borrow in early 2017, the Bank of England said. But demand for bank borrowing by large companies was unchanged in the three months to mid-December, stabilising after a significant fall in the third quarter, the BoE''s quarterly Credit Conditions Survey showed. "Significant reductions in capital investment and commercial real estate were reported to be the main factors contributing to changes in corporate lending demand in Q4, while merger and acquisitions activity has pushed up on demand," the Bank said. The BoE has been watching for signs that uncertainty about Britain''s planned departure from the European Union will hurt business investment and weigh on overall economic growth. The BoE also said the availability of mortgage lending was flat in late 2016, although demand for buy-to-let borrowing rose significantly despite tax changes introduced in April which were partly designed to cool the market. The Bank said overall mortgage availability was expected to increase slightly over the three months to mid-March. Unsecured credit increased slightly in late 2015 and was expected to decrease in early 2017, the survey showed. Top BoE officials said this week they were keeping a close eye on strong growth in consumer borrowing which has drawn some comparisons with previous unsustainable increases in household debt. (Reporting by William Schomberg, editing by David Milliken) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-boe-credit-idUSL9N0JK00D'|'2017-01-13T16:51:00.000+02:00'
'b24d24d279bc41c619f3b4c46b1a77745a6f19e8'|'Trade bodies launch initiative to help employees be heard in boardrooms'|'Financials  41am EST Trade bodies launch initiative to help employees be heard in boardrooms LONDON Jan 13 Two trade bodies launched a project on Friday to help company boards hear their employees'' voices and act on them, following on from British government proposals for corporate governance reform. The joint initiative between the Institute of Chartered Secretaries and Administrators (ICSA) and the Investment Association would identify existing best practice in the industry and publish guidance outlining approaches for companies to consider while managing employees, customers and suppliers. To be published in the second quarter of 2017, the guidance will address issues such as the processes by which boards can receive stakeholder views and how training can be used to enhance directors'' understanding of their duties to stakeholders. The guidance would draw on approaches already outlined in government proposals published in November, which included designating non-executive directors to represent key interested groups, and strengthening reporting requirements on the performance of directors'' duties. "We agree with the government that the views of stakeholders need to be heard by boards," said Peter Swabey, policy and research director at the ICSA. "Many companies already do this effectively, but our guidance is intended to assist those boards that feel the need to act now to improve their engagement ..," he added in a statement. During her Conservative party leadership campaign, Prime Minister Theresa May hinted at implementing worker representation on company boards, part of a broader push against "out of touch" elites. She later backtracked on the proposal. (Reporting by Ritvik Carvalho; editing by Stephen Addison) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-governance-idUSL5N1F32EV'|'2017-01-13T18:41:00.000+02:00'
'0996ce19b1f102be6b2705dae20e5ab7109dd31c'|'LPC: U.S. market expects more leveraged M&A in 2017'|'NEW YORK Bankers and investors are expecting US merger and acquisition (M&A) activity to pick up in 2017 as fiscal stimulus, tax reform and other policies supporting economic growth are introduced by President-elect Donald Trump and the new Republican administration.This could make 2017 one of the biggest years ever for leveraged buyouts, according to Brendan Dillon, co-head of global leveraged finance at UBS.“In terms of the LBO space, I think there’s going to be a ton of activity,” Dillon said.Leveraged loan bankers and investors are hoping that a pro-business environment and stronger economy will stimulate private equity buyouts in 2017 after focusing on refinancing and repricing existing deals in 2016.“The new administration is saying the right things. There’s no shortage of money to make acquisitions. It’s about creating the environment where M&A can get done. That’s why I think the proposed regulation changes are positive,” said a second senior banker who works on private equity financing.Lending to private equity buyouts almost doubled year-on-year in the fourth quarter of 2016 to US$37.1bn from US$19.7bn in 2015 after a flurry of dealmaking followed the US election in early November.The combination of a new Republican president and a Republican Senate and House of Representatives that are both pushing for growth is expected to move the economic focus from monetary policy to fiscal policy and put fiscal stimulus and tax reform at the top of the agenda and regulatory change is also on the cards, bankers, lawyers and investors said.“This handoff from monetary to fiscal is a very powerful change in the way capital is being allocated and earned,” said Mark Okada, chief investment officer of Highland Capital Management.This sea change would benefit risk assets, and further boost demand for leveraged loans, which increased last year as investors tried to buy floating rate loans to hedge against future interest rate rises.“That’s going to be very bullish for risk assets. It’s going to take a long time for all this to materialize, but it does change the way someone like me looks at the world,” Okada said.SHORT OF PAPERThe US leveraged loan market saw a shortage of supply in 2016. Leveraged M&A dipped by 18.3% to US$270.4bn from US$331bn in 2015, according to data from Thomson Reuters LPC, while investor interest in loans soared as volume recovered throughout the year after a particularly quiet first quarter.Demand climbed as December’s US interest rate rise drew nearer, boosted by rising loan fund inflows and higher rates of CLO creation in the second half of the year. In the week ending December 7, investors added US$1.8bn into loan funds, the highest figure since August 2013. The four-week moving average for loan fund inflows was US$1.2bn on January 4, although only US$865m was placed into loan funds for the week ending January 4.The focus on existing deals in 2016 pushed refinancing volume 7.7% higher to US$362bn, compared to US$336.2bn in 2015, but the balance is expected to shift back to new M&A this year as Donald Trump nominates and appoints deal-friendly Wall Street veterans to his cabinet.Higher equity valuations after the US election will continue to favor leveraged corporate buyers that can outbid private equity firms, including UnitedHealth Group Inc’s US$2.3bn purchase of Surgical Care Affiliate Inc, which was announced on January 9, but more new private equity buyouts could be seen in 2017.Multiple auctions are in process, including a few very large sponsored deals that could be announced in the first quarter, a leveraged finance lawyer said. Private equity firm Onex is reported looking to sell USI Insurance Services for as much as US$4bn, Reuters reported.More new private equity buyouts could be seen particularly in sectors that could benefit from the change of administration which could encourage M&A activity. Pharmaceuticals, defense and business services could fare better, as well as technology, although prolific tech issuers could be forced to pay higher rates to get deals done, Dillon said, as investors already have high exposure to the sector.“I think that the big difference between the last administration and now is that there will be a major shifting of priorities, including certain sectors falling out of favor and others becoming more attractive; and that makes for increased activity and repositioning which fit very well with the sponsored finance universe,” Dillon said.The tone in the fourth quarter of 2016 was stronger than a year earlier, when falling oil prices boosted volatility and raised fears over the economy and some buyout loans, including the financing for software company Veritas, the largest buyout of 2015, struggled to syndicate and were stuck in the market.Investor demand is showing no sign of dropping and with confidence in the strength of the economy high, investors are more bullish about M&A prospects in 2017.“As long as the financial markets are accommodative, I would anticipate that transaction flow will continue,” a CLO investor said.(Reporting by Jonathan Schwarzberg; Editing By Tessa Walsh)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-leveraged-m-a-idUSKBN14W309'|'2017-01-13T00:45:00.000+02:00'
'b5843c312c7308e851135a1b8b20e1b027dbc2a6'|'German state of Hesse to host Deutsche Boerse-LSE merger summit'|'Business News - Fri Jan 13, 2017 - 3:37pm GMT German state of Hesse to host Deutsche Boerse-LSE merger summit A red London bus passes the Stock Exchange in London, Britain, February 9, 2011. REUTERS/Luke MacGregor/File Photo FRANKFURT The German state of Hesse on Friday confirmed it will host a summit to review a merger between Deutsche Boerse ( DB1Gn.DE ) and the London Stock Exchange ( LSE.L ) next Tuesday. Hesse, which is the home state of Deutsche Boerse, has the authority to veto a merger of the two exchange operators. Michael Busser, a spokesman for Hesse, declined to say who would attend the meeting, saying the deliberations were confidential. Earlier this week, Reuters reported that the meeting will be held in the Hessian capital Wiesbaden, close to Frankfurt, and would be attended by state premier Volker Bouffier, London Stock Exchange Chief Executive Xavier Rolet and Carsten Kengeter, head of Deutsche Boerse. The chairmen of both firms, Deutsche Boerse''s Joachim Faber, and Donald Brydon from the LSE, will also attend. (Reporting by Andreas Kroener; Writing by Edward Taylor; Editing by Georgina Prodhan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutscheboerse-m-a-lsehesse-idUKKBN14X1TD'|'2017-01-13T22:25:00.000+02:00'
'053084ce990cea2abc60dc998f0fd865ea0f1128'|'Ghana 91-day bill yield drops to 16.0560 pct'|'Financials   2:52pm EST Ghana 91-day bill yield drops to 16.0560 pct ACCRA Jan 13 The Bank of Ghana said the yield on its weekly 91-day bill dropped to 16.0560 percent at an auction on Friday from 16.2478 percent at the last sale, on Jan. 6. The bank said it had accepted 923.47 million cedis ($216.27 million) worth of bids out of 944.24 million cedis tendered for the 91-day paper, which will be issued on Jan. 16. For full details, click here: here %201520.pdf ($1 = 4.27 Ghanaian cedis) (Writing by Kwasi Kpodo, editing by Larry King) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ghana-bonds-yield-idUSL5N1F356Q'|'2017-01-14T02:52:00.000+02:00'
'fb359b517fcae759cced6fec627ac4344f3ccad4'|'Fitch Affirms Autonomous Community of Madrid at ''BBB''; Outlook Stable'|'Financials   2:09pm EST Fitch Affirms Autonomous Community of Madrid at ''BBB''; Outlook Stable (The following statement was released by the rating agency) BARCELONA, January 13 (Fitch) Fitch Ratings has affirmed the Autonomous Community of Madrid''s (Madrid) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ''BBB'' with Stable Outlooks. Fitch has also affirmed the Short-Term Foreign Currency IDR at ''F2''. The ratings on the senior unsecured outstanding bonds have been affirmed at ''BBB''. The affirmation reflects Madrid''s still weak fiscal performance, high direct debt, but also a strong economy that is supportive of the ratings. The Stable Outlook reflects Fitch''s expectations that the region''s fiscal performance will gradually improve and that the regional economy will remain strong, despite an expected rise of direct debt to 180%-190% of current revenue by 2017 from 180% in 2015. KEY RATING DRIVERS Operating Performance Expected to Improve The regional government has rolled over the 2016 budget for 2017 and the 2017 regional draft budget approval will be given once the central government has communicated its final allocations for 2017. Fitch expects the region''s operating performance to have improved in 2016 and to continue this trend in 2017, with an operating margin of 3%-4% (-1.1% at end-2015). This is based on expected average operating revenue growth of 4.2%, stemming from national economic recovery and a large revenue settlement from the funding system corresponding to previous years'' revenue. Operating expenditure is likely to have grown by a slower 1%-2% in 2016, after one-off health spending of around EUR250m in 2015. Madrid''s current weak fiscal performance is attributed to the current funding system to which the region is a net contributor. This results in its funding per capita being 10% below the average of the other 14 regions under the common regime. The funding system for Spanish regional governments is likely to be reviewed over the medium term but Fitch does not factor in its projections a change of the system. Strong Regional Economy Recovering Madrid has a strong economic profile, with a GDP per capita 36.7% above Spain''s average in 2015. It is the main political, administrative and economic centre in Spain (BBB+/F2/Stable). Its strong economy is also illustrated by a higher-than-average employment rate of 53.6% in 3Q16 versus 48.1% nationally. Madrid''s economy is recovering as GDP grew 3.9% yoy in 2015 to an estimated nominal EUR203bn. Madrid created a cumulative 10.4% more jobs between December 2013 and November 2016, after having shed 9.4% jobs between December 2008 and December 2013, reflecting the economic recovery underway in the region. Rising Direct Debt Madrid''s direct debt grew significantly in 2015 to EUR26.9bn or 180.1% of current revenue, (EUR24.2bn or 170.6% in 2014) and Fitch estimates this to have grown further in 2016 to EUR28bn-EUR29bn, or 180%-185% of current revenues. Debt servicing-to-current revenue is expected to have slightly declined from 26% in 2015. Overall debt repayments for the next three years are EUR7.2bn, or 27% of outstanding direct debt at end-2015. However, this is mitigated by Madrid''s strong access to external liquidity. Strong Access to External Liquidity Madrid has strong access to capital and commercial markets to fund its annual deficit, even during adverse periods. Consequently, it is one of the few Spanish regional governments rated by Fitch that had not applied to the Regional Liquidity Fund state support mechanism until 2014. The central government''s introduction in 2015 of the Fondo de Facilidad Financiera zero interest rate loans for regional governments that complied with stability goals helped ease Madrid''s commercial debt financing in 2016. Nevertheless, Madrid has funded a larger proportion of its annual deficit through capital market debt and bank loans bearing moderate interest rates averaging 1.54% and with a long amortisation period. In 2017, Madrid''s debt redemption and budgetary needs will continue to be funded from capital markets and banks. Adherence to Fiscal Targets The President of the regional government formed following the May 2015 elections, Ms. Cristina Cifuentes, will continue with the fiscal policy with a strong intention to comply with fiscal targets. RATING SENSITIVITIES A negative operating balance in 2016 would automatically result in a negative rating action. Direct debt structurally exceeding 200% of current revenue could also trigger a negative rating action. The ratings could be upgraded if the regional government reports a consistently positive current balance and if direct debt to current revenue declines on a sustained basis. KEY ASSUMPTIONS Fitch assumes that the state will continue providing support to Spanish autonomous communities over the medium term, in particular, through liquidity mechanisms. Discussion on the regional financial system is ongoing in Spain, and changes are in prospect over the medium term. However, Fitch does not factor such changes into Madrid''s IDRs. Contact: Primary Analyst Julia Carner Analyst +34 93 323 8401 Fitch Ratings Espana, S.A.U. Av. Diagonal, 601, Barcelona 08028 Secondary Analyst Guilhem Costes Senior Director +34 93 323 8410 Committee Chairperson Christophe Parisot Managing Director +33 1 44 29 91 34 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com; Pilar Perez, Barcelona, Tel: +34 93 323 8414, Email: pilar.perez@fitchratings.com. Fitch has made an adjustment to the official accounts to make Madrid comparable internationally for analyses purposes: -Negative cash in 2014 and 2015 from cash, liquid deposits, sinking fund was re-classified to short-term direct debt Additional information is available on www.fitchratings.com Applicable Criteria International Local and Regional Governments Rating Criteria - Outside the United States (pub. 18 Apr 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017546 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit985685'|'2017-01-14T02:09:00.000+02:00'
'7e691711ae890f007f8531364ce1d34b491e32f6'|'U.S. indicts three ex-Takata executives; criminal settlement Friday'|'Japan - Fri Jan 13, 2017 - 4:22pm GMT U.S. indicts three former Takata executives; criminal settlement Friday A logo of Takata Corp is seen with its display as people are reflected in a window at a showroom for vehicles in Tokyo, November 6, 2015. REUTERS/Toru Hanai/File Photo By David Shepardson - WASHINGTON WASHINGTON A federal grand jury indicted three former executives at Takata Corp ( 7312.T ) for criminal wrongdoing in the Japanese auto parts maker''s handling of air bag inflator ruptures linked to at least 16 deaths around the world. Shinichi Tanaka, Hideo Nakajima and Tsuneo Chikaraishi, longtime Takata executives who left the company in 2015, were indicted on wire fraud and conspiracy charges for allegedly convincing automakers to buy "faulty, inferior, non-performing, non-compliant or dangerous inflators" through false reports. The indictment, unsealed on Friday, says Takata executives knew in 2000 that the inflators were not performing to automakers specifications and were failing during testing. U.S. Attorney Barbara McQuade in Detroit will hold a press conference to announce a settlement in the case at 1:30 p.m. EST (1830 GMT), her office said in a statement. Reuters reported on Thursday that Takata was expected to plead guilty to criminal wrongdoing as part of a $1 billion deal with the U.S. Justice Department. The settlement includes a $25 million criminal fine, $125 million in victim compensation and $850 million to compensate automakers who have suffered losses from massive recalls, sources with knowledge of the matter said. A spokeswoman for the U.S. Attorney''s Office in Detroit said it is not clear where the defendants are or if they have lawyers. They do not currently have a court date. (This version of the story corrects typographical error in first paragraph) (Reporting by David Shepardson; Editing by Chizu Nomiyama and Tom Brown) Next In Japan'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-takata-settlement-idUKKBN14X1WK'|'2017-01-13T23:33:00.000+02:00'
'00c7bdab7e083d1ba7b37fdc702984291e645ef3'|'Luxottica, Essilor in 46 billion euro merger deal to create eyewear giant - sources'|'  1:37am GMT Luxottica, Essilor in 46 billion euro merger deal to create eyewear giant - sources left right The Luxottica name is reflected in a pair of sunglasses in this photo illustration taken in Rome February 4, 2016. REUTERS/Alessandro Bianchi/Illustration/File Photo 1/2 left right Lens producers Essilor'' s logo is seen in an optician shop in Paris, France, March 15, 2016. REUTERS/Philippe Wojazer 2/2 By Gianluca Semeraro - MILAN MILAN Italy''s Luxottica ( LUX.MI ) and France''s Essilor ( ESSI.PA ) have agreed a 46-billion euro (40.59 billion pounds) merger deal to create a global powerhouse in the eyewear industry, two sources with knowledge of the matter said. The deal, one of Europe''s largest cross-border tie-ups, is expected to be announced before the market opens on Monday. It brings together Luxottica, the world''s top spectacles maker with brands such as Oakley and Ray Ban, with Essilor, the world''s leading manufacturer of ophthalmic lenses. The deal will see Luxottica''s 81-year old founder, Leonardo Del Vecchio, take a 31 percent stake in the merged group through his family holding Delfin, becoming the biggest shareholder in the company, one of the sources said. That source described the tie-up as a "merger of equals." Luxottica has a market value of around 24 billion euros, compared to Essilor''s 22 billion euros, giving the merged group a combined market capitalisation of 46 billion euros. The two companies'' combined revenues totalled nearly 16 billion euros in 2015 and together they employed some 140,000 people. The second source said the merged group would be headquartered in Paris and listed on the Paris stock exchange. The Financial Times reported that Del Vecchio would become executive chairman of the merged group and Essilor’s chairman and chief executive, Hubert Sagnieres, 60, will become executive vice-chairman. Luxottica has been dogged by management upheaval in recent years, raising questions over Del Vecchio''s succession plans and strategy. Some insiders have said a merger could help settle such issues. Luxottica announced in January 2016 the departure of its third chief executive in 17 months when Adil Mehboob-Khan, a former Procter & Gamble executive, stepped down and Del Vecchio tightened his grip on the group by taking on executive powers. Long-standing CEO Andrea Guerra quit in 2014 following a rift with Del Vecchio. His successor, Enrico Cavatorta, left after only six weeks into the job, also because of differences with Del Vecchio. Through Delfin, Del Vecchio, who founded Luxottica in 1961, owns 62 percent of the group, which has revenues of 9 billion euros ($9.76 billion), according to Luxottica''s website. Fashion designer Giorgio Armani has a 5 percent stake in Luxottica. Luxottica cut its full-year outlook in July, blaming uncertain markets, as global security threats cloud the outlook for tourism and consumer spending. The group said in September 2014 that a deal with Essilor had been explored about a year and a half earlier but was not pursued at the time because the right conditions were not in place. Back then, it cited shareholding governance issues among the reasons why the deal had not gone ahead. In March and April last year, Luxottica denied press reports of a possible tie-up with Essilor and Germany''s Carl Zeiss, saying the only relationship it had with the two groups was that they both were among its suppliers. ($1 = 0.9413 euros) (Additional reporting by Paola Arosio; Writing by Silvia Aloisi; Editing by Peter Cooney)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-essilor-m-a-luxottica-group-idUKKBN150042'|'2017-01-16T08:37:00.000+02:00'
'7625e18ccaaef405111f55ba78e25ee2d8147dc0'|'BRIEF-Moody''s and ICRA say Indian economy to remain strong in 2017, despite short-term impact of demonetization'|' 13pm EST BRIEF-Moody''s and ICRA say Indian economy to remain strong in 2017, despite short-term impact of demonetization Jan 16 (Reuters) - * Moody''s and ICRA: Indian economy to remain strong in 2017, despite short-term impact of demonetization * Moody''s - believes that Indian government will likely achieve its fiscal deficit target of 3.5% of gdp for current fiscal year ending 31 march 2017 * Moody''s - India to remain one of fastest growing economies globally in 2017,although GDP growth to moderate in H1 as economy adjusts post demonetization * Moody''s - ICRA expects India''s growth of gross value added at basic prices to remain healthy in 2017 * Moody''s - Indian government will likely remain committed to achieving its fiscal deficit target of 3.5% of GDP for the fiscal year ending 31 March 2017 * Moody''s on Indian economy - on the issue of average CPI inflation, ICRA says that the rate will soften to 4.5% in 2017 from 4.9% in 2016 * Moody''s - ICRA says focus on digital transactions, introduction of a goods and services tax will likely reduce competitiveness of unorganised sector * Moody''s - ICRA anticipates a relatively healthier expansion of the organised sectors in 2017, at the cost of the unorganised sectors Source text - bit.ly/2ivXlvf (Bengaluru Newsroom) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1F6003'|'2017-01-16T09:13:00.000+02:00'
'f67193391bb8926a9ab49b6c87d31dac64666bc6'|'Nikkei slips as Trump trade fades, steelmakers lead losses'|'* Nikkei near 2-week low, wipes out gains since start of year* Steelmakers, shippers lead losses* Investors lock in gains as they brace for Trump''s policiesBy Hideyuki SanoTOKYO, Jan 16 Japan''s Nikkei share average slipped on Monday as investors locked in gains, bracing for more detail on the Trump Administration''s trade policies, with steelmakers and shippers leading the losses.The Nikkei average dropped 0.9 percent to 19,110.82, edging close to a two-week low hit last week, wiping out all of its gains so far this year.Its rally since Trump was elected lost momentum after it hit a double top around 19,600 in late December and early January, as the yen has rebounded from lows."Some people are taking profits as they look at his protectionist, dark side of his policies," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities."But on the other hand, he hasn''t even started his job formally yet. And there are not many examples where the share prices peak out before the inauguration of a U.S. President," he added.German carmaker BMW became the latest target of Trump''s attack on carmakers that export cars to the U.S. market from Mexico, as Trump warned the United States will impose a border tax of 35 percent.In Tokyo market, the sectors that had benefited from expectations that Trump''s plan on big infrastructure spending will boost global demand, such as steelmakers and shippers, became the worst performer.Steelmakers dropped 2.5 percent, with industry leader Nippon Steel falling 3.9 percent. Shippers fell 2.0 percent.Defensive shares and domestic demand oriented-shares such as food companies and builders fared better, dropping only 0.5-0.6 percent.The Topix index fell 0.9 percent to 1,531.64.Of the Tokyo Stock Exchange''s 33 industry subindexes, all but one declined, with airlines posting slim gains thanks to the yen''s strength in the last few sessions."The landscape has clearly changed from the first stage of Trump trades. The markets will be looking at what Trump will do, including tax reforms and so on," said Nobuhiko Kuramochi, chief strategist at Mizuho Securities. (Reporting by Hideyuki Sano; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1F61L6'|'2017-01-15T23:34:00.000+02:00'
'2e549d466a0bea80d352da7b8208328bcf195d54'|'Ford South Africa recalls Kuga SUV models after cars burst into flames'|'CAPE TOWN Jan 16 U.S. auto-maker Ford will recall 4,500 of its Kuga SUV models after dozens of reports of the vehicles catching fire spontaneously, the head of the company''s South Africa unit said on Monday.In a joint statement with the National Consumer Commission, Ford''s Southern Africa President and chief executive Jeff Nemeth said the company could confirm 39 incidents of the cars catching fire, as well as one death, which Nemeth said was not directly linked to the defect.In October, the company''s North American arm recalled 400,000 units of the Ford Escape - the U.S. version of the Kuga - also due to engine problems. (Reporting by Wendell Roelf, Writing by Mfuneko Toyana, Editing by Angus MacSwan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/safrica-ford-idINJ8N1E700U'|'2017-01-16T10:55:00.000+02:00'
'83bab6d010023569846ec2d0293ed079e8ff29f2'|'Sanctions and scandal call time on Russia luxury boom'|'Sanctions and scandal call time on Russia luxury boom The appetite of rich Muscovites for expensive timepieces has diminished Read next January 16, 2017 by: Ekaterina Drobinina At the Moscow Watch Expo in mid-October, the centrepiece of Russian brand Slava’s stand was a large watch with “USSR” written on the face. It was an updated version of the Soviet watch worn by agents belonging to Smersh, Stalin’s counter-intelligence agency. (“Smersh” is an acronym for “death to spies” in Russian.) This watch was made to commemorate the 70th anniversary of Victory Day — the Soviet Union’s defeat of Nazi Germany in 1945 — and the company talked proudly and without irony about the updated version. Russian watches like Slava are not as popular among the national elite as they used to be. Its membership has lately turned to Swiss models; witness scandals with President Vladimir Putin’s spokesman Dmitry Peskov and Patriarch Kirill , head of the Russian Orthodox church, wearing watches (Richard Mille and Breguet, respectively) that their salaries would suggest they could not afford. But since sanctions and a currency slide hit, even Swiss watches are falling out of favour. According to the Federation of the Swiss Watch Industry, imports of Swiss watches to Russia between January and November 2016 fell by 46 per cent to SFr140.5m ($136.9m) compared with the same period in 2014, far greater than the 13.3 per cent global slide. By another measure, of the 446 foreign brands available on the Russian market during 2012-14, 204 have stopped exporting to Russia in the past year, according to Time Seller, a Russian watch association. The collapse of the rouble, following the oil price, has played its part. On January 1 2014, $1 bought Rb35.18; in January 2016, the rouble hit a historical low against the dollar of Rb85.97. On the first day of this year, it had moderately recovered to Rb60.66. “The mood is still negative,” says Dmitry Krylov, watch expert at the Fashion Consulting Group and general director of Chasovshik.ru, a pawnshop which specialises in Swiss watches. “People are worried and are reluctant to spend money, even if their savings are in hard currency,” he says. Before the crisis, and before western sanctions against politically-connected Russians in response to the invasion of Crimea, the wealthy would buy watches two or three times a year, according to Mr Krylov. As Anna Lebsak-Kleymans, the general director of the Fashion Consulting Group, puts it, now there is “a trend for rational investment purchases — where less is more”. Before the crisis, the wealthy would buy watches two or three times a year Experts who attended the watch fair say traditional buyers of expensive brands — oligarchs and politicians — have stopped buying in bulk, but not for lack of money. “Officials have almost stopped wearing expensive watches, because excessive consumption which previously was meant to impress other people is now taboo,” says Vyacheslav Medvedev, the general director of horological publisher Watch Media. While some brands in Russia have lost part of their local clientele, others have enjoyed greater demand from tourists because of the rouble’s fall. Mercury Group, which is among the top three importers of Swiss watches to Russia, according to an industry expert, has previously said that it has not raised its prices, in order to retain clients. Tourist interest during the days of currency devaluation reached well outside Moscow to the regions. According to Konstantin Sobko, owner of the Brizo jewellery and watch shop in Samara (1,000km to the south-east of Moscow), sales almost doubled in 2014-15 because of new customers. Mikhail Kasparov, general director of ProTime Rus, the distributor for Frederique Constant, Maurice Lacroix and Escada watches, says in some shops half of all sales are to Asian customers, attracted to Russian shops by the fall in the value of the currency. One expert at the watch show recalls how he saw a Chinese tourist buy Longines watches in a luxurious department store on Red Square and resell them immediately outside to other tourists. Shopping in Russia has also become cheaper because, after Russia joined the World Trade Organisation, duty for watches was lowered from 20 per cent to 7 per cent, explains Mr Kasparov. This hit locally produced watches, especially those at the cheaper end. Guillaume Alix, chief executive of Groupe Montaigne, which owns watch retailer De Bon Ton, explains that “not all brands have decided to change their prices — only those who have subsidiaries here. If they are on the stock exchange, they need to change the price immediately. Distributors, on the other hand, could decide whether or not to raise prices” because, he says, they still bought at the old prices. For some companies Russia remains a lucrative market, despite its sanctions and economic problems. In 2016 Rolex opened a boutique in the centre of Moscow. Omega launched its third shop in the Russian capital in November last year. Breitling opened its first monobrand shop in the capital in 2014. That said, new stores are planned years in advance. The mood among the considerable crowds at the opening day of the expo was upbeat but, warns Mr Medvedev, who has been organising the event since 2011, it may be too soon to celebrate. “We used to have the fair in a bigger venue but this year we have seen the market fall. There are no miracles here.” As another expert who attended the fair jokes: “2017 will certainly be worse than 2016. But better than 2018.”  '|'ft.com'|'http://www.ft.com/rss/companies/retail-consumer'|'https://www.ft.com/content/a549bfee-9125-11e6-a72e-b428cb934b78'|'2017-01-16T10:50:00.000+02:00'
'874e0651744d9b20a69ffa1b06adf7ee823fa6ae'|'India cenbank relaxes cash withdrawal limit with immediate effect'|'Financials  04am EST India cenbank relaxes cash withdrawal limit with immediate effect MUMBAI Jan 16 India''s central bank on Monday relaxed cash withdrawal limits from automated teller machines (ATMs) and current accounts with immediate effect. The Reserve Bank of India has allowed individuals to withdraw upto 10,000 rupees ($146.84) per debit card per day from ATMs, higher than the 4,500 rupees currently. However, the overall weekly withdrawal limit of 24,000 rupees per card remains unchanged, it said in a release. The central bank also increased the withdrawal limits from current accounts to 100,000 rupees per week from 50,000 rupees earlier and said this facility will also be extended to overdraft, cash credit accounts. The RBI had imposed these limits in November after the government announced a ban on all high-value currency notes, and said it would replace them with new notes. The withdrawal limits are unlikely to be removed completely until the RBI has supplied the economy with sufficient amount of new notes, analysts said. ($1 = 68.0999 Indian rupees) (Reporting by Suvashree Dey Choudhury; Editing by Biju Dwarakanath) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-modi-corruption-withdrawal-idUSI8N1D901Z'|'2017-01-16T19:04:00.000+02:00'
'8086a9ab5a038f6856c9d4de23c7353dc6ce252c'|'H&M monthly sales growth up 6 percent, lagging forecasts'|' 29am GMT H&M monthly sales growth up 6 percent, lagging forecasts People walk past a company logo in the window of a H&M store in Manchester northern England, March 17, 2016. REUTERS/Phil Noble STOCKHOLM Budget fashion retailer H&M ( HMb.ST ) reported on Monday a 6 percent year-on-year increase in local-currency sales in December, the slowest pace since September and lagging expectations. Analysts polled by Reuters had on average forecast an 8 percent increase in the industry''s important Christmas holidays shopping month, which is the first month of the Swedish group''s fiscal first quarter. H&M, the world''s second-largest clothing retailer after Inditex ( ITX.MC ), said that converted into Swedish crowns, sales increased by 10 percent. It did not comment on the figures. In November, its growth was roughly unchanged from October at 9 percent, missing expectations for an acceleration on the back of demand for winter clothes. H&M, which has the bulk of sales in Europe, has in the past year blamed several monthly sales misses on unseasonable weather. Like its rivals, H&M has underperformed Inditex, partly because the Zara owner has a supply chain that enables it to react more quickly to shifts in demand, making it less exposed to variations on weather. H&M will publish its full earnings report for its fiscal year through November on Jan. 31. (Reporting by Anna Ringstrom, editing by Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-h-m-sales-idUKKBN1500ON'|'2017-01-16T14:29:00.000+02:00'
'd92c3bff4b9cd60131df3fafc2ab0107299d4155'|'Fitch Affirms Bangladesh at ''BB-''; Outlook Stable'|'Financials  18am EST Fitch Affirms Bangladesh at ''BB-''; Outlook Stable (The following statement was released by the rating agency) HONG KONG, January 16 (Fitch) Fitch Ratings has affirmed Bangladesh''s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ''BB-''. The Outlooks on the Long-Term IDRs are Stable. The Country Ceiling has been affirmed at ''BB-'' and the Short-Term Foreign- and Local-Currency IDRs at ''B''. KEY RATING DRIVERS Bangladesh''s ratings balance strong foreign-currency earnings and high and stable real GDP growth against weak structural indicators, significant political risk and weak banking-sector health. Bangladesh''s external finances are supported by comfortable and gradually rising foreign-exchange reserves, amounting to USD32.1bn in December 2016 (7.9 months of current external payments, compared with 4.4 months for peers in the ''BB'' category). Remittances have started to decline in mid-2016, however, especially inflows from the Middle East, leading to an 11% drop in 2016 to USD13.6bn. Bangladeshi ready-made garment exports continued to be strong, accounting for 81% of total exports and earning the country USD26.1bn in the first 11 months of 2016 (USD24.6bn in 2015). In 2017, this sector may feel the pinch of further real effective exchange rate appreciation, although Bangladeshi labour costs are still relatively low. Bangladesh''s real GDP growth is high at a five-year average of 6.5% compared with the ''BB'' category median of 3.5%. Growth has been remarkably stable over the years despite both political turmoil and natural disasters. In the financial year ended 30 June 2016 (FY16), GDP growth was 7.1%, supported by increased purchasing power from public-sector wage hikes and monetary policy loosening. Fitch expects GDP growth to decline to 6.6% in FY17 and 6.4% in FY18, in part due to lower consumer spending resulting from falling remittances. Inflation is relatively high compared with peers, averaging 5.4% in the first half of FY17, but below the authorities'' target of 5.8% set for FY17. Political and safety risks remain substantial in Bangladesh. Security incidents or political turmoil could inflict long-term economic harm if it deters foreign investors and buyers of Bangladeshi goods, especially ready-made garments, from doing business in Bangladesh. Calm has returned after political violence erupting in 2014 and 2015, but continued strong political polarisation could again lead to widespread violence and blockades, especially nearer to parliamentary elections, which are to be held no later than January 2019. The risk that the sovereign will need to provide considerable additional support to the banking sector is substantial, although the small size of private credit, at just 36.5% of GDP, would moderate the impact. The sector''s health and governance standards are generally weak, particularly in public-sector banks. The official non-performing loan ratio is high at 10.3% in 3Q16, while the capital adequacy ratio (CAR) is low at 10.3%, down from 10.6% in 1Q16. The CAR for the six state-owned commercial banks was just 5.6%. Bangladesh''s general government debt was 32.4% of GDP in FY16, which compares well with the ''BB'' median of 51.4%. However, the government''s revenue intake of 9.9% of GDP is the second-lowest of all sovereigns rated by Fitch after Nigeria, implying limited fiscal space to boost badly needed infrastructure development. Implementation of the new VAT has been postponed to July 2017. The new VAT has the potential to significantly boost revenues, but the impact will depend on the details, such as the final tax rate and whether the rate will be uniform for all products. Bangladesh scores poorly on a broad range of structural indicators, such as the World Bank''s governance indicator (22nd percentile versus the ''BB'' median of 50th percentile). GDP per capita of USD1,443 is well below the ''BB'' peer category median of USD5,325, although major improvements have taken place over the past decade on a number of social metrics. The difficult business environment is illustrated by the country''s position of 176th out of 190 countries in the World Bank''s Ease of Doing Business report, while a large infrastructure deficit also hampers investment. However, the government seems focused on making progress on some big ongoing infrastructure projects, including the Padma Multipurpose Bridge. SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO) Fitch''s proprietary SRM assigns Bangladesh a score equivalent to a rating of ''BB'' on the Long-Term Foreign-Currency IDR scale. Fitch''s sovereign rating committee adjusted the output from the SRM to arrive at the final Long-Term Foreign-Currency IDR by applying its QO, relative to rated peers, as follows: - Structural Features: -1 notch, to reflect political risk arising from a polarised political environment and domestic security concerns, as well as weak banking-sector health and governance. Fitch''s SRM is the agency''s proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a Long-Term Foreign-Currency IDR. Fitch''s QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM. RATING SENSITIVITIES The Stable Outlook reflects Fitch''s assessment that upside and downside risks to the rating are well-balanced. The main factors that individually, or collectively, could trigger positive rating action are: - An improvement in governance, which would strengthen the business climate and could improve banking-sector health - A reduction in political risk or domestic security concerns The main factors that individually, or collectively, could trigger negative rating action are: - Protracted substantial economic disruption from materialising political risk or a deterioration in the security situation - A significant rise in the government debt-to-GDP ratio, for example due to substantial government support for the banking sector KEY ASSUMPTIONS - The global economy performs broadly in line with forecasts in Fitch''s latest Global Economic Outlook. Contact: Primary Analyst Thomas Rookmaaker Director +852 2263 9891 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central Hong Kong Secondary Analyst Mervyn Tang Director +852 2263 9944 Committee Chairperson Jan Friederich Senior Director +852 2263 9910 Media Relations: Bindu Menon, Mumbai, Tel: +91 22 4000 1727, Email: bindu.menon@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Country Ceilings (pub. 16 Aug 2016) here Sovereign Rating Criteria (pub. 18 Jul 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017596 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986606'|'2017-01-16T15:18:00.000+02:00'
'abb25b72514930f82d2f730605e76fcc15d4d888'|'Fitch Rates Turkiye Vakiflar Bankasi''s Tier 2 Notes ''BB+(EXP)'''|'Financials  15am EST Fitch Rates Turkiye Vakiflar Bankasi''s Tier 2 Notes ''BB+(EXP)'' (The following statement was released by the rating agency) LONDON, January 16 (Fitch) Fitch Ratings has assigned Turkiye Vakiflar Bankasi T.A.O.'' s (Vakifbank; BBB-/Negative/bbb-) planned issue of Basel III-compliant Tier 2 capital notes an expected rating of ''BB+(EXP)''. The size of the issue is not yet determined but is likely to be up to USD650m. The final rating is subject to the receipt of the final documentation conforming to information already received by Fitch. The notes are expected to qualify as Basel III-complaint Tier 2 instruments and contain contractual loss absorption features, which will be triggered at the point of non-viability of the bank. According to the draft terms, the notes are subject to permanent partial or full write-down upon the occurrence of a non-viability event (NVE). There are no equity conversion provisions within the terms. An NVE is defined as occurring when the bank has incurred losses and has become, or is likely to become, non-viable as determined by the local regulator, the Banking and Regulatory Supervision Authority (BRSA). The bank will be deemed non-viable when it reaches the point at which either the BRSA determines that its operating licence is to be revoked and the bank liquidated, or the rights of Vakifbank''s shareholders (except to dividends), and the management and supervision of the bank, should be transferred to the Savings Deposit Insurance Fund on the condition that losses are deducted from the capital of existing shareholders. The notes have an expected 10-year maturity and a call option after five years. KEY RATING DRIVERS The notes are rated one notch below Vakifbank''s Viability Rating (VR) of ''bbb-'' in accordance with Fitch''s "Global Bank Rating Criteria". The notching includes zero notches for incremental non-performance risk relative to the VR and one notch for loss severity. Extraordinary state support is not factored into the rating as Fitch believes sovereign support cannot be relied upon to extend to bank junior debt obligations in Turkey. Fitch has applied zero notches for incremental non-performance risk, as the agency believes that write-down of the notes will only occur once the point of non-viability is reached and there is no coupon flexibility prior to non-viability. The one notch for loss severity reflects Fitch''s view of below-average recovery prospects for the notes in case of an NVE. Fitch has applied one notch, rather than two, for loss severity, as partial, and not solely full, write-down of the notes is possible. In Fitch''s view, there is some uncertainty as to the extent of losses the notes would face in case of an NVE, given that this would be dependent on the size of the operating losses incurred by the bank and any measures taken by the authorities to help restore the bank''s viability. RATING SENSITIVITIES As the notes are notched down from Vakifbank''s VR, their rating is primarily sensitive to a change in the VR. The notes'' rating is also sensitive to a change in notching due to a revision in Fitch''s assessment of the probability of the notes'' non-performance risk relative to the risk captured in Vakifbank''s VR, or in its assessment of loss severity in case of non-performance. The Negative Outlooks on the Long-Term Issuer Default Ratings (IDRs) reflect the potential both for Vakifbank''s VR to be downgraded in case of a significant weakening of the operating environment and for the Support Rating Floor to be revised downwards if the sovereign is downgraded. Vakifbank''s ratings are listed below: Long-Term Foreign and Local Currency IDRs: ''BBB-''; Negative Outlook Short-Term Foreign and Local Currency IDRs: ''F3'' National Long-Term Rating: ''AAA(tur)''; Stable Outlook Viability Rating: ''bbb-'' Support Rating: ''2'' Support Rating Floor: ''BBB-'' Long-term senior unsecured rating: ''BBB-'' Short-term senior unsecured rating: ''F3'' Subordinated debt rating: ''BB+'' T2 capital notes rating: ''BB+(EXP)'' Contact: Primary Analyst Lindsey Liddell Director +44 20 3530 1008 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Huseyin Sevinc Analyst +44 20 3530 1027 Committee Chairperson James Watson Managing Director +7 495 956 9901 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Relevant committee date: 11th October 2016 Additional information is available on www.fitchratings.com Applicable Criteria Future Flow Securitization Rating Criteria (pub. 14 Sep 2016) here Global Bank Rating Criteria - Effective from 15 July 2016 to 25 November 2016 (pub. 15 Jul 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986103'|'2017-01-16T17:15:00.000+02:00'
'c1874142555e4ff3c60bcbed4f93f59bdad96016'|'In a first, Myanmar''s largest city launches bus network impacting millions'|' 16am EST In a first, Myanmar''s largest city launches bus network impacting millions By Wa Lone - YANGON YANGON Jan 16 Myanmar launched a new public transport system in its largest city on Monday, for the first time introducing regular bus lines, timetables and salaries for drivers in a move that could transform the lives of some five million Yangon city dwellers. The reform is the largest public-facing project with immediate impact on the city where country leader Aung San Suu Kyi won big in historic 2015 election, and a major test for her ability to meet the sky-high expectations of the public. With parliamentary by-elections looming in April, Suu Kyi''s National League for Democracy (NLD) has overhauled the chaotic network of some 4,000 rickety public transport vehicles, half of them in use for more than 20 years, according to government data. The new system would also bring down and coordinate the number of bus lines to 61 from some 300. The changes are aimed at reducing traffic and commute time of some two million commuters who have complained the buses are overcrowded, schedules unpredictable and driving unsafe. One of them is Toe Toe, a 20-year-old female university student who on a recent afternoon boarded a packed bus in the city center, clutching an old 200 Myanmar kyat ($0.15) note for the bus fare in one hand and a lunch box in the other. "I''m always trapped with a crowd of other passengers for at least one hour," said Toe Toe, about only one leg of her daily commute to the university and a part-time job that can take up to three hours. Phyo Min Thein, the NLD''s Yangon Chief Minister recited the long list of failures of the previous system that lacked professional management, was riven by corruption and has become notorious for poor service and recklessness of the drivers. "We will change the bus system first, and then continue to upgrade the electronic payment system, security and we''ll carry out controls to ensure the traffic rules are respected," Phyo Min Thein told reporters at a news conference last week. As part of the overhaul, the government will set up the Yangon Region Transport Authority (YRTA) to manage a group of bus companies who would form a new public-private partnership. YRTA announced that a total of eight companies have been selected to operate the new Yangon Bus Service system. "We are just starting the reform - it''s a first step - we could face a lot of objections or even protests," YRTA''s secretary, Maung Aung, told Reuters. But San Myint, 48, who has been a bus driver for over 20 years, has criticized a poor public information campaign prior to the launch, lack of instructions for bus drivers, including no information about the new salary system. Prior to the changes, Yangon bus drivers got paid per a completed route, encouraging them to drive fast, often breaking traffic rules. "I know we have to get on board with the reform - I just hope our salaries will not decline under the new bus system," said San Myint. (Reporting by Wa Lone; Editing Antoni Slodkowski and Simon Cameron-Moore) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/myanmar-bus-idUSL4N1F33NT'|'2017-01-16T14:16:00.000+02:00'
'b80a33696762202ad4da1aa3ec1009878011e7c0'|'UK M&A to drop sharply in 2017 as investors await Brexit clarity - Baker McKenzie'|'Business News - Mon Jan 16, 2017 - 12:11am GMT UK M&A to drop sharply in 2017 as investors await Brexit clarity - Baker McKenzie Sunlight reflecting off a building is seen during a foggy morning in the Canary Wharf financial district of London, Britain, December 28, 2016. REUTERS/Andrew Winning LONDON Mergers and acquisitions activity in the United Kingdom will drop sharply in 2017 due to uncertainty over the terms of its exit from the European Union, law firm Baker McKenzie said in a report published on Monday. Britain avoided a collapse in mergers and acquisitions activity in 2016 as foreign companies used sterling''s spectacular devaluation against the U.S. dollar to snap up British companies, Thomson Reuters data shows. Baker McKenzie said that while M&A activity would have only a modest impact on European transactions if there was an amicable divorce, the lack of clarity over Brexit could hurt activity in the United Kingdom. "Given Brexit''s impact on business confidence, we expect M&A values to fall by two-thirds in 2017 after numerous large deals in the first half of last year boosted 2016," Tim Gee, London M&A partner at Baker McKenzie said. "Similarly, the potential for market volatility during the UK''s exit from the EU is likely to impact the number of cross-border IPOs coming to market in London during 2017," Gee said. Baker McKenzie and Oxford Economics said they forecast UK M&A values to fall to $125 billion in 2017 from the record $340 billion in 2016. Prime Minister Theresa May has said she will trigger formal Brexit divorce talks with the EU by the end of March. She then has two years to negotiate an exit. Baker McKenzie said it forecast global deal-making to drop slightly in 2017 but to rise in 2018. (Reporting by Guy Faulconbridge; editing by Stephen Addison) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-m-a-idUKKBN15000H'|'2017-01-16T07:11:00.000+02:00'
'c11e4696ecd60c2cfc6bef0fc0622a7ebe546124'|'Swiss stocks - Factors to watch on Jan 16'|'ZURICH Jan 16 Here are some of the main factors that may affect Swiss stocks on Monday:NOVARTISIn reaction to a Greek probe into bribery allegations, the drugmaker immediately initiated its own investigations, legal director Felix Ehrat told Schweiz am Sonntag. Until now, it had no knowledge of systematic violations in Greece, Novartis said, according to the paper.ALLIANZ. ZURICHThe German insurer is interested in takeovers, including in the United States, where it would look for big companies, Chief Executive Oliver Baete said in a newspaper interview. Baete was reticent about commenting on reports that Allianz is interested in Swiss rival Zurich, which is active in the U.S. market.COMPANY STATEMENTSECONOMY* Switzerland''s economy minister said in an interview that he supported the Swiss National Bank and how it was carrying out its monetary policy although a euro-Swiss franc exchange rate of 1.15 would be welcome.* Negative interest rates remain fundamental to the Swiss National Bank''s monetary policy to head off any excessive appreciation of the Swiss franc, the bank''s vice president said in an interview with Swiss weekly NZZ am Sonntag."The rate hike in the United States is a positive sign and shows that the prospects for the U.S. economy have improved," Fritz Zurbruegg said. "For us, however, Europe is more important and the European Central Bank has not yet normalized its interest rate policy."* Finance Minister Ueli Maurer told weekly Schweiz am Sonntag he would start a multi-billion-franc savings programme if voters reject next month a planned corporate tax reform. If the reforms could not be introduced as planned in 2019, "we would have to save for the next four to eight years", Maurer said. Several thousand jobs could be lost.He also said that border controls will be tightened and border crossings in Ticino will be closed at night this year.(Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL5N1F34R8'|'2017-01-16T02:42:00.000+02:00'
'525a268dd287d6e5e8120589e79a96ad362cca66'|'Indonesia bourse to issue new regulations on margin trading in Feb'|'  4:04am EST Indonesia bourse to issue new regulations on margin trading in Feb JAKARTA Jan 16 The Indonesia Stock Exchange (IDX) will issue new regulations in February to expand margin trading on the bourse, a senior official at the country''s capital market regulator told reporters on Monday. The move will expand the number of stocks available for margin trading to 179 from 57 currently, and also provide trade financing facilities to certain brokers, according to Nurhaida, capital market supervisor at Financial Services Authority. "There are two things we want to achieve here: increase the (volume of) transactions at the exchange and incentivise brokers to improve their net adjusted working capital," Nurhaida said, referring to brokers'' capital adequacy level. The exchange expects these measures to help increase transaction volume by 30 percent. The stock exchange is currently revising the criteria for margin trading stocks, said IDX Chief Executive Tito Sulistio. Brokers with net capital above 250 billion rupiah ($18.72 million) will be allowed to conduct margin trading in all available stocks, while those with capital below 250 billion rupiah would only be allowed to do so in 45 stocks. The IDX has is also planning to create a securities financing agency to help fund stock trading, Sulistio said. The agency will provide up to 100 billion rupiah of financing to brokers that meet the regulator''s criteria. ($1 = 13,357 rupiah) (Reporting by Cindy Silviana; Writing by Fransiska Nangoy; Editing by Sunil Nair) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/indonesia-stocks-margins-idUSL4N1F633X'|'2017-01-16T16:04:00.000+02:00'
'726f9cd37ef1bb3c5c82111e28a1ca8f2e7fe6bf'|'Davos CEOs more bullish in short-term, politics clouds future'|'By Martinne Geller - DAVOS, Switzerland DAVOS, Switzerland Global chief executives are more confident about the economy and the near-term prospects for their companies than they were a year ago, although the impact of recent political upheavals tops their list of longer-term concerns.A PricewaterhouseCoopers (PwC) survey of nearly 1,400 CEOs released on Monday, on the eve of the annual World Economic Forum in Davos, found that 29 percent expected global economic growth to pick up in 2017, up from only 27 percent last year.The survey found 38 percent were very confident they could increase revenue growth in the next year, up from 35 percent at the same time last year, which was a six-year low.Last year''s outlook was particularly gloomy due to two years of falling oil prices and slowing growth in China, as well as uncertainty about the next U.S. president, Bob Moritz, PwC''s global chairman, told Reuters.Although Donald Trump''s election is a dramatic shift, some bosses expect business-friendly policies like corporate tax cuts and lighter-touch regulation, and are more optimistic about their own ability to navigate the immediate unknown."They are more concerned about more things, as the world has become more complicated. The risks that they are worried about are longer-term risks," Moritz said, adding that the survey only reflected the next 12 months, which is too soon to feel the full implications of a Trump presidency or "Brexit".The International Monetary Fund on Monday lifted its forecast for U.S. economic growth in 2017 and 2018 based on President-elect Donald Trump''s tax cut and spending plans, but said this would largely be offset by weaker growth in several key emerging markets.Updating its World Economic Outlook, the IMF kept its overall global growth forecasts unchanged from October at 3.4 percent for 2017 and 3.6 percent for 2018, up from 3.1 percent growth in 2016, the weakest year since the 2008-2009 financial crisis.BREXIT BUMPAdding to the rising confidence in the short term is evidence of the resiliency of the business environment in Britain after its vote last year to leave the European Union.The British pound is down about 19 percent versus the U.S. dollar, giving a boost to domestic industries as imported goods have become more expensive and exports cheaper.British manufacturing grew at its fastest pace in two and a half years last month, adding to signs that the economy ended 2016 strongly.Even though economists expect some inflation in prices in Britain this year to make up for the higher costs, which could pressure budgets, PwC said 41 percent of British bosses were very confident of their revenue growth in the near term.When it comes to plans for hiring, PwC said British CEOs were among the most ambitious, with 63 percent expecting to add headcount in the next 12 months, despite questions over the rights of EU citizens to work in Britain following the divorce.Globally, more than half the CEOs said they expected to increase headcount this year, up from a year earlier.Aside from Britain and the United States, other countries with above-average confidence include Brazil, off a very low base last year, and India, the world''s most optimistic.Despite this year''s uptick, CEO confidence remains slightly lower than in 2014 and 2015, and a long way below what it was before the global financial crisis. The main difference is that now worries are political not economic."Economically, most clients we talk to are less worried and even some are bullish," said Johan Aurik, CEO of AT Kearney, a rival to PwC in the consultancy business. "But the geopolitical risk, everyone, their eyebrows go up. They say they don''t know."(Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/davos-meeting-confidence-idINKBN15023X'|'2017-01-16T14:35:00.000+02:00'
'0f469ed65db236a08048bc49030c004d2dff8e49'|'JPMorgan upgrades Indonesian stocks to ''neutral'' after row'|'Business News - Mon Jan 16, 2017 - 5:40am EST JPMorgan upgrades Indonesian stocks to ''neutral'' after row The logo of Dow Jones Industrial Average stock market index listed company JPMorgan Chase (JPM) is seen in Los Angeles, California, United States, in this October 12, 2010 file photo. JPMorgan Chase & Co. owns Chase Commerical Bank and JPMorgan Investment Bank. REUTERS/Lucy Nicholson/File Photo By Gayatri Suroyo and Hidayat Setiaji - JAKARTA JAKARTA JPMorgan Chase & Co ( JPM.N ) upgraded its investment recommendation on Indonesian stocks to "neutral" from "underweight" on Monday, partially reversing a move it made in November that upset the government. Indonesia cut its business ties with JPMorgan after the U.S. investment bank downgraded its recommendation on Indonesian stocks to "underweight" from "overweight" in a research report issued after the U.S. presidential election. Government officials said JPMorgan''s November report "did not make sense" because it gave better recommendations for equities of other emerging economies that Indonesia argued were not doing better than its economy, Southeast Asia''s largest. JPMorgan''s equities research team wrote on Monday that in the month after Donald Trump''s surprise victory, funds sold large amount of emerging markets'' bonds and equities which it estimated at $15 billion each. "Redemption and bond volatility risks have now played out, in our view. Bond volatility should now decay allowing us to partially reverse November''s tactical moves including upgrading Indonesia to neutral," according to the note sent to clients and seen by Reuters. "Indonesia''s macro fundamentals are strong, with high potential growth rate and low debt/GDP with economic reform. Within Asia it was the biggest beneficiary of bond inflows," the bank said, adding that better motorcycle sales data also supported its upgrade. JPMorgan said it remained concerned about volatility in the first half of 2017 and "manages risk with a neutral call". When asked about JPMorgan''s upgrade, Indonesia''s Finance Minister Sri Mulyani Indrawati said "it''s good", without elaborating. Responding to the upgrade, Indonesia''s central bank governor Agus Martowardojo said 2017 will be a year of recovery for Indonesian corporates, banks and fiscal spending, while 2016 was a year of consolidation. Indonesia''s main benchmark index .JKSE has dipped so far this year after gaining more than 15 percent in 2016. After JPMorgan''s November downgrade, Indonesia''s finance ministry dropped the bank''s services as a primary dealer for domestic sovereign bonds and as an underwriter for bonds sold to global markets. The bank also no longer receives certain transfers of state revenue. The ministry then issued new rules that require all primary bond dealers - banks and securities appointed to buy government bonds in auctions and resell them in the secondary market - to "safeguard" their partnership with the government and avoid conflict of interest. JPMorgan did not mention the government''s sanction in the note it published on Monday. (Reporting by Gayatri Suroyo and Hidayat Setiaji; Editing by Jacqueline Wong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-indonesia-stocks-jpmorgan-idUSKBN150154'|'2017-01-16T17:40:00.000+02:00'
'cd697cbfdf46097e8fac88f416b1e4c1ffbe24f1'|'Indonesian banks will cut loan rates gradually over 15-24 months -c.bank'|'Financials  25am EST Indonesian banks will cut loan rates gradually over 15-24 months -c.bank JAKARTA Jan 16 Indonesia''s central bank expects commercial bank to cut their lending rates gradually over the next 15-24 months, Governor Agus Martowardojo said on Monday. "We see lending rates continuing to fall because the BI 7-day reverse repo rate is already at 4.75 percent. Lending rates will decline gradually," Martowardojo told reporters. Lending rates in Indonesia remain double-digit, well above President Joko Widodo''s 9 percent target, and the pace of credit extension slowed in 2016 to less than 10 percent, compared with more than 20 percent during the commodity boom. The banking regulator targets lending to increase 13.5 percent this year. During 2016, the central bank cut its benchmark interest rate six times, by a total of 1.5 percentage points. (Reporting by Hidayat Setiaji; Writing by Fransiska Nangoy; Editing by Richard Borsuk) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/indonesia-economy-lending-idUSJ9N1DV02P'|'2017-01-16T17:25:00.000+02:00'
'fb4e84faf4a321fd64c938c2fec07d4a553ceb83'|'Shareholders to seek part of Peabody Energy reorganization: Barron''s'|'NEW YORK Shareholders of bankrupt Peabody Energy Corp ( BTUUQ.PK ) will seek this week to be part of a reorganized company whose prospects have brightened after a recent surge in coal prices and its stock, Barron''s reported in its Sunday issue.Hedge fund Mangrove Partners said in December that shareholders should get part of any valuation above the $7.8 billion owed Peabody''s creditors during a scheduled hearing on Thursday before U.S. Bankruptcy Judge Barry Schermer in St. Louis, according to Barron''s.Peabody said in a statement on Sunday that attempts to appoint an equity committee in the bankruptcy proceedings have generated inaccuracies in the media.Peabody said it has been consistent and transparent for many months in communicating that, as with most Chapter 11 bankruptcies, current equity holders are unlikely to receive any value and their shares are likely to be canceled.Peabody said last week that a group of banks has pledged a combined $1.5 billion in loans to help the coal producer exit bankruptcy in the coming months.Peabody shares rose 9.7 percent on Friday to close at $4.92.(Reporting by Herbert Lash; Editing by Will Dunham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-peabody-energy-bankruptcy-hearing-idINKBN15004Q'|'2017-01-15T22:59:00.000+02:00'
'adbe7e013b777245db7735c4edd8ef7f252835b3'|'Indonesian tycoon Tahir says keen to buy StanChart''s Permata stake'|'JAKARTA Indonesian tycoon Tahir said on Monday he is interested in buying Asia-focused lender Standard Chartered Plc''s ( STAN.L ) entire stake in Indonesia''s PT Bank Permata Tbk ( BNLI.JK ).Standard Chartered and Indonesian conglomerate PT Astra International Tbk ( ASII.JK ) each owned 44.8 percent of Permata as of Sept. 30, according to Thomson Reuters data. Permata shares surged as much as 12.4 percent on Monday."Actually we want all of Permata shares," Tahir told Reuters by telephone. "But at the moment the one that is planning to sell is StanChart, so we are targeting that first."Standard Chartered and Permata were not immediately available to comment.(Reporting by Cindy Silviana; Writing by Eveline Danubrata; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stanchart-bank-permata-deals-idINKBN1500CZ'|'2017-01-16T02:00:00.000+02:00'
'dcf7393c3e1f1f1f0d13cf118fac2cce96f9090a'|'UK M&A to drop sharply in 2017 as investors await Brexit clarity: Baker McKenzie'|'LONDON Mergers and acquisitions activity in the United Kingdom will drop sharply in 2017 due to uncertainty over the terms of its exit from the European Union, law firm Baker McKenzie said in a report published on Monday.Britain avoided a collapse in mergers and acquisitions activity in 2016 as foreign companies used sterling''s spectacular devaluation against the U.S. dollar to snap up British companies, Thomson Reuters data shows.Baker McKenzie said that while M&A activity would have only a modest impact on European transactions if there was an amicable divorce, the lack of clarity over Brexit could hurt activity in the United Kingdom."Given Brexit''s impact on business confidence, we expect M&A values to fall by two-thirds in 2017 after numerous large deals in the first half of last year boosted 2016," Tim Gee, London M&A partner at Baker McKenzie said."Similarly, the potential for market volatility during the UK''s exit from the EU is likely to impact the number of cross-border IPOs coming to market in London during 2017," Gee said.Baker McKenzie and Oxford Economics said they forecast UK M&A values to fall to $125 billion in 2017 from the record $340 billion in 2016.Prime Minister Theresa May has said she will trigger formal Brexit divorce talks with the EU by the end of March. She then has two years to negotiate an exit.Baker McKenzie said it forecast global deal-making to drop slightly in 2017 but to rise in 2018.(Reporting by Guy Faulconbridge; editing by Stephen Addison)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-britain-eu-m-a-idINKBN15000K'|'2017-01-15T21:09:00.000+02:00'
'9347e6f185896564b4120737cbbb90bbbd8a5b27'|'Samsung leader to leave South Korea prosecution office soon after questioning - Yonhap'|'Money News - Fri Jan 13, 2017 - 4:04am IST Samsung leader to leave South Korea prosecution office soon after questioning - Yonhap Jay Y. Lee, center, vice chairman of Samsung Electronics, arrives to be questioned as a suspect in bribery case in the influence-peddling scandal that led to the president''s impeachment at the office of the independent counsel in Seoul, South Korea, Thursday, Jan. 12, 2017. REUTERS/Ahn Young-joon/Pool SEOUL Samsung Group leader Jay Y. Lee will leave the South Korean special prosecutor''s office shortly on Friday morning after being questioned for more than 20 hours on bribery suspicions in an influence-peddling scandal involving President Park Geun-hye, Yonhap News Agency reported. The special prosecutor''s office has been investigating whether Samsung provided 30 billion won ($25.28 million) to a business and foundations backed by Park''s friend in exchange for the national pension fund''s support for a 2015 merger of two Samsung affiliates. Lee was named a suspect on Wednesday and summoned Thursday morning for questioning. Lee will head home, Yonhap said. (Reporting by Se Young Lee; Editing by Chris Reese) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/southkorea-politics-samsung-group-idINKBN14W328'|'2017-01-13T05:34:00.000+02:00'
'e991c3cebd4ef125364f64edaca6011c52edfe73'|'UK names banks to launch 40-year gilt via syndicate'|'LONDON Jan 13 Citi, HSBC, J.P. Morgan and Santander will act as joint book-runners for the launch of a new 40-year British government bond via a syndication later this month, the UK Debt Management Office said on Friday.The DMO had previously announced that the gilt, with a maturity of July 2057, will be launched via syndication in the week starting Jan. 23, and will set the coupon for the gilt on Jan. 17. (Reporting by David Milliken; editing by Costas Pitas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-bonds-idINL5N1F31G1'|'2017-01-13T05:23:00.000+02:00'
'dc167525cff112cd6a4e9722c1651f2ddb77ff2d'|'Advent, Bain Capital agree to buy payments group Concardis'|'FRANKFURT Private equity firms Advent and Bain Capital agreed to buy German payment group Concardis from a group of private, savings and cooperative banks, the parties said in a joint statement on Friday, not disclosing a purchase price.Sources told Reuters last week that Advent and Bain Capital were close to buying Concardis for about 700 million euros ($745 million).Concardis offers card-payment terminals as well as payment technology for e-commerce groups and is viewed as a non-core business by its key owners.With a 16 percent stake, Deutsche Bank ( DBKGn.DE ) is the group''s largest shareholder, while smaller stakes are held by Commerzbank ( CBKG.DE ), Unicredit ( CRDI.MI ) and savings and cooperative banks.(Reporting by Alexander Huebner; Writing by Christoph Steitz; Editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-condardis-m-a-advent-idINKBN14X1M9'|'2017-01-13T10:57:00.000+02:00'
'89401664d8d3575ec6826f1484756e9b3eb44249'|'Egypt eases strategic grains import regulations'|'Industrials - Fri Jan 13, 2017 - 10:16am EST Egypt eases strategic grains import regulations CAIRO/ABU DHABI Jan 13 Egypt, the world''s largest grain importer, is streamlining its import procedures and establishing a registry of companies that will inspect potential purchases abroad, the Trade Ministry said on Friday. An intergovernmental feud over import regulations for wheat effectively cut Egypt off from global markets last year. The latest regulations mean that officials who led the agriculture quarantine process and used to reject many shipments last year will no longer be the lead authority on grains inspections, according to a Trade Ministry statement quoting a decree by the minister. Egypt will no longer send government inspectors abroad, an intervention that has often delayed the approval process. The changes will also reduce the role of the Health Ministry, another body potentially able to slow down shipments. Upon arrival the grains will be inspected by Egypt''s General Organization for Export and Import Control (GOEIC), a Trade Ministry agency. Friday''s Trade Ministry decree provided guidelines for a November prime ministerial decree that made GOEIC the new lead authority on grains inspections. Importers now have to submit a form to the GOEIC specifying the shipment''s country of origin and the amount being imported. Approvals are to be issued within two working days of submission. The GOEIC will coordinate with the quarantine authorities over which ports of origin are acceptable to import from. Traders say the old import regulations made doing business with Egypt at times nearly impossible, with uncertainty over rejections keeping many of them from entering state tenders. Egypt had imposed a zero-tolerance policy on the common grain fungus ergot last year. The rule was reversed after suppliers shunned the state''s tenders and effectively cut off its access to global grains. The agriculture quarantine body was widely viewed by suppliers as driving the zero-tolerance policy, despite conflicting legislation allowing for trace levels of ergot up to 0.05 percent, a common international standard. (Reporting by Eric Knecht and Maha El Dahan; Writing by Ahmed Aboulenein; Editing by Ruth Pitchford) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/egypt-wheat-idUSL5N1F33HD'|'2017-01-13T22:16:00.000+02:00'
'8f040b29bdb0ee9e5962f5f9d4e70a88f3c06a24'|'Baxter Healthcare to pay $18 mln to resolve liability -U.S.'|'Company  05pm EST Baxter Healthcare to pay $18 mln to resolve liability -U.S. WASHINGTON Jan 12 Baxter Healthcare Corp, a unit of Baxter International, has agreed to pay $18 million to resolve its criminal and civil liability arising from the company''s failure to follow good manufacturing practices when making sterile drug products, the U.S. Justice Department said on Thursday. The resolution includes a deferred prosecution agreement and penalties and forfeiture totaling $16 million and a civil settlement under the False Claims Act with the federal government totaling approximately $2.158 million, the Justice Department said in a statement. (Reporting by Eric Beech; Editing by Eric Walsh) Next In Company News UPDATE 3-Takata to pay $1 bln to settle U.S. air bag probe -sources NEW YORK, Jan 12 Japan''s Takata Corp is expected to plead guilty to criminal wrongdoing as early as Friday as part of a $1 billion settlement with the U.S. Justice Department over its handling of air bag ruptures linked to 16 deaths worldwide, sources said.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/baxter-intl-justice-idUSEMN20S3CN'|'2017-01-13T06:05:00.000+02:00'
'4cea5ba8fb4e4353e334aa93d2a1b2bcbecd05e9'|'Exclusive: Pratt''s F135 engine chief, other employees leave after ethics issue - sources'|'Business News - Fri Jan 13, 2017 - 1:37pm EST Exclusive: Pratt''s F135 engine chief, other employees leave after ethics issue - sources The logo of Dow Jones Industrial Average stock market index listed company United Technologies and their subsidiary Pratt & Whitney is pictured in San Diego, California April 21, 2016. REUTERS/Mike Blake By Andrea Shalal - BERLIN BERLIN Ten employees of United Technologies Corp''s ( UTX.N ) Pratt & Whitney unit, including the head of its F135 engine program, have left the company after an internal audit uncovered an ethics issue linked to a visit by a South Korean delegation, sources familiar with the matter told Reuters. Three sources said the ethics problem occurred during a business trip by South Korean military officials to the United States several years ago but only came to light in an internal audit launched in 2016. It involved a breach of Pratt''s strict ethics guidelines, but no violation of U.S. export control or anti-bribery laws, according to two of the sources. The issue centers on Pratt''s rental of a van to transport the South Korean officials during a 2012 visit to the company''s West Palm Beach facility in Florida, an expense deemed inappropriate under the company''s ethics rules, which are more rigorous than U.S. law, said another source, who was not authorized to speak publicly. Two sources said investigators asked whether Pratt employees had arranged, but not paid for, what one of the sources described as "inappropriate entertainment." Reuters was unable to determine what conclusions were reached by the company''s investigators. LEADERSHIP CHANGES A Pratt spokesman confirmed the company had recently made leadership changes in its military engines business, declining to comment on whether the changes resulted from ethics violations or involved any violation of U.S. law. "We remain focused on delivering on our customer commitments. As a matter of policy, we do not comment on specific personnel matters, nor rumors or speculation," he said. The December shake-up, which has not been disclosed publicly, adds to pressure on UTC and Pratt after President-elect Donald Trump called on the engine maker and F-35 manufacturer Lockheed Martin Corp ( LMT.N ) to slash the cost of the Pentagon''s costliest arms program. [1N1E70QM] A spokesman for South Korea’s military procurement agency, the Defence Acquisition Program Administration, said he was not aware of the Pratt matter and could not comment. Bennett Croswell, president of Pratt''s military engines business, issued an internal memorandum last month announcing the departure of three executives, including Mark Buongiorno, who had run Pratt''s F135 engine program since February 2015. Buongiorno did not respond to email and telephone requests for comment. The memo made no mention of any ethics concerns and said only that the three men were leaving to pursue other opportunities. Croswell and Pratt President Robert Leduc discussed the leadership changes with several hundred Pratt personnel at a meeting in mid-December, one of the sources said. Seven other, lower-level staff members also left the company as a result of the ethics issue, but their names were not released, according to the sources. At least one other executive had been investigated and cleared, according to one of the sources. STRICT ENFORCEMENT Several sources said UTC had sharply increased its enforcement of ethics guidelines, including rules about client entertainment, after a 2012 agreement with the U.S. Justice Department in which the company paid more than $75 million to settle criminal and administrative charges related to hundreds of export control violations. It was unclear if the company had informed the Justice Department about the latest problem. A spokesman for the department declined to comment. U.S. companies routinely report even suspected violations of the Foreign Corrupt Practices Act, along with any disciplinary action taken, to show authorities they are being proactive in enforcing ethics rules and U.S. laws, industry executives said. Two sources said Pratt and UTC had "a zero tolerance policy" on ethics violations, especially with regard to international customers, and even the appearance of impropriety could trigger concerns and possible disciplinary action. Reuters did not have access to the audit that triggered the ethics investigation, and was unable to confirm the specifics of the alleged wrongdoing described by the sources. Jim Maser, vice president of operations program management, replaced Buongiorno in December, Croswell said in an internal memorandum, a copy of which was viewed by Reuters. Maser did not respond to a request for comment. The Pentagon''s F-35 spokesman said the program had been informed about the management changes, but had no details. The memo said O Sung Kwon, senior director of customer solutions, had replaced Cliff Stone as executive director of business development, and Mark Beierle, a former Air Force officer who joined Pratt last year, had replaced Jeff Zotti as senior director of the F100 engine program. Zotti and Stone also did not respond to queries from Reuters. (Reporting by Andrea Shalal, additional reporting by Ju-min Park in Seoul; Editing by Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-utc-pratt-management-idUSKBN14X291'|'2017-01-14T01:37:00.000+02:00'
'5270b50a9a996dd8243b7dddeaf9ad4b0f792362'|'BRIEF-Rubicon Project to explore strategic options, including potential sale - WSJ, citing sources'|'Market News - Fri Jan 13, 2017 - 12:01pm EST BRIEF-Rubicon Project to explore strategic options, including potential sale - WSJ, citing sources Jan 13 (Reuters) - PARIS, Jan 13 Luxury good maker LVMH said its Louis Vuitton brand had ceased all trading with Vietnamese farms which animal rights activist group Peta alleged mistreated crocodiles, whose skins are used to make handbags and other accessories. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/idUSFWN1F30UM'|'2017-01-14T00:01:00.000+02:00'
'e8d78fc63f6af0dbe4bdf748610d0ff922c41063'|'UPDATE 1-Peru cenbank holds rate, sees inflation in target range mid-2017'|'Economic News  36pm EST UPDATE 2-Peru cenbank holds rate, sees inflation in target range mid-2017 (Adds analyst comment) LIMA Jan 12 Peru''s central bank held its benchmark interest rate steady at 4.25 percent for the 11th consecutive month on Thursday, as expected, forecasting inflation would fall to within its 1 to 3 percent target range by the middle of the year. All 11 economists polled by Reuters had forecast the rate hold after inflation eased to 3.23 percent at the end of 2016. The impact of droughts in several farming regions will likely be transitory and economic growth should quicken in the coming quarters on a recovery in public investment, better terms of trade and signs of strengthening global growth, the central bank said in a statement. "Economic growth slowed in the last quarter of 2016, in a context of weaker public spending," it said. Surging copper output from new and expanded mines has been driving economic growth as domestic demand has slowed and the government cut spending to rein in a wide fiscal deficit. Pedro Tuesta, a Latin America analyst for 4Cast, said that barring any surprises, the central bank appeared to be inclined to leave the rate unchanged for all of 2017. (Reporting by Mitra Taj; Editing by Alan Crosby and James Dalgleish) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/peru-economy-rates-idUSL1N1F22JM'|'2017-01-13T06:20:00.000+02:00'
'e65ec78a72476b6ac906b1af9928e7f4cb39f9f3'|'Indian shares end lower as IT stocks falter; post 3rd weekly gain'|'Jan 13 Indian shares ended slightly lower on Friday, reversing three straight sessions of gains, as Tata Consultancy Services Ltd slumped on worries about its future following key management changes, while its peers fell on profit-taking.The broader NSE index closed down 0.1 percent at 8,400.35 while the benchmark BSE index ended down 0.03 percent at 27,238.06.For the week, the NSE gained 1.9 percent while the BSE advanced 1.8 percent, their third consecutive weekly gains.Tata Consultancy Services fell 4.1 percent, while Infosys Ltd fell 2.4 percent.For midday report, click here (Reporting by Shivam Srivastava in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-stocks-idINB8N1EI01J'|'2017-01-13T07:31:00.000+02:00'
'89a2f2e21a92f292a3471fe2b07c54c8f7f3e5c3'|'Australia says TPP not dead, despite Trump opposition'|'SYDNEY Australia has declared the Trans-Pacific Partnership (TPP) not dead ahead of key trade talks with Japanese Prime Minister Shinzo Abe in Sydney on Saturday, despite opposition to the trade pact from U.S. President-elect Donald Trump.The talks between Australian Prime Minister Turnbull and Abe also come amid heightened regional tension as China asserts its claims over the disputed South China Sea, setting up a potential clash with the incoming Trump administration."Talk of the TPP being dead is premature. We need to give the Americans time to work through this issue," Australian Trade Minister Steven Ciobo told the Australian Broadcasting Corporation (ABC) radio on Friday.The 12-member TPP, which aims to cut trade barriers in some of Asia''s fastest-growing economies but does not include China, can not take effect without the United States.The deal, which has been five years in the making, requires ratification by at least six countries accounting for 85 percent of the combined gross domestic product of the member nations.Given the sheer size of the American economy, the deal cannot go ahead without U.S. participation.U.S. President Barack Obama has said not moving forward with TPP would undermine the U.S. position in the Asia-Pacific.Ciobo said if the TPP was rejected, Australia would seek free trade agreements with individual Asian nations. "We will certainly continue to look for trade opportunities. Australia is a trading nation," he said.Japan is the only signatory to have ratified the TPP, which has a two-year timetable for all members to sign into law.Besides trade, Turnbull and Abe are expected to discuss regional security, with tensions rising as China flexes its territorial claim in the South China Sea and Trump and his incoming administration challenging Beijing.China''s recent naval exercises in the disputed seaway and the building of islands there, with military assets, has unnerved its neighbors. Taiwan scrambled jets and navy ships this week as China''s only aircraft carrier sailed through the Taiwan Straits after exercises in the South China Sea.Trump''s nominee for secretary of state has said China should be denied access to islands it has built in the South China Sea.China claims most of the resource-rich South China Sea through which about $5 trillion in ship-borne trade passes every year. Neighbors Brunei, Malaysia, the Philippines, Taiwan and Vietnam also have claims.While Trump has threatened to impose tariffs on China and raised questions over the "one China" policy, which sees Beijing claiming the self-ruled island of Taiwan as part of China.(Reporting by Colin Packham)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-australia-japan-trade-idUSKBN14X086'|'2017-01-13T05:49:00.000+02:00'
'e8322cbaa53664c1bbde95a9f0c5d61faaa8cd01'|'French judicial probe opened into possible cheating over Renault emissions - source'|'Business News - Fri Jan 13, 2017 - 10:20am GMT French judicial probe opened into possible cheating over Renault emissions - source Logo is seen on a ribbon at a dealing centre Renault store in Minsk, Belarus June 9, 2016. REUTERS/Vasily Fedosenko PARIS The Paris prosecutor has launched a judicial investigation into possible cheating on exhaust emissions in connection with a state probe into carmaker Renault ( RENA.PA ), a source at the prosecutor''s office said. Renault shares fell sharply on the revelation of the probe. The source added that three judges had been looking into the matter since Jan 12. Renault shares were down 4 percent by 1000 GMT, at its lowest level in around a month, with the stock among the worst performers on the pan-European STOXX 600 index . (Reporting by Simon Carraud and Sudip Kar-Gupta; Editing by Andrew Callus) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-renault-probe-idUKKBN14X11X'|'2017-01-13T17:20:00.000+02:00'
'dcac035999e456336c21f1bab7baea3fc0589f1a'|'China''s money rates mixed, traders eye on MLF loans rollover'|'Financials - Fri Jan 13, 2017 - 12:06am EST China''s money rates mixed, traders eye on MLF loans rollover SHANGHAI, Jan 13 China''s primary money rates were mixed for the week, and there were few signs of liquidity tightness after the central bank injected funds, though traders expected cash to be sucked out of the market in coming days as firms prepare to pay taxes and demand for cash rises ahead of the Lunar Bew Year holiday. Liquidity conditions were largely balanced this week, mainly due to support from the central bank through open market operations, traders said. Hopes for a rollover on medium-term lending facility (MLF) loans further staiblised market sentiment. The volume-weighted average rate of the benchmark seven-day repo traded in the interbank market, considered the best indicator of general liquidity in China, was 2.3325 percent as of midday on Friday, around 0.8 basis points higher than the previous week''s closing average rate. "The market is largely optimistic to the liquidity conditions at the moment with borrowing cost hovering at a relatively low level," said a Shanghai-based trader at a Chinese bank. The People''s Bank of China injected a net 100 billion yuan into the market through open market operations this week after two straight weeks of net drain. The central bank drained 595 billion yuan on a net basis a week earlier. Several banking sources told Reuters on Friday that the central bank was expected to roll over maturing medium-lending facility loans. The total amount of maturing MLF loans due this month is 435.5 billion yuan with the first batch of 101.5 billion yuan maturing on Friday, according to Reuters calculations based on the data from the central bank. The MLF is a supplementary policy tool that the People''s Bank of China uses to manage liquidity conditions and medium-term interest rates in the banking system and money markets. China''s central bank is now in favor of using a combination of open market operations and medium-term lending as the longer tenor in MLF loans means higher interest rates, which would help reduce leverage in the banking system. But traders expected cash to be sucked out of the money market in coming days as companies were scheduled to make their regular quarterly tax payment starting next Monday. Additionally, households and companies will be withdrawing cash from banks in preparations for the Lunar New Year holiday, which starts at the end of this month. The peak time for cash demand usually arrive two weeks ahead of China''s biggest holiday. In the bond market, the price of Chinese benchmark 10-year treasury futures for March delivery was traded up around 0.2 percent as of midday on Friday. For the week, the most-traded March contract was up around 0.3 percent. The gains in the 10-year treasury futures contracts hammered the yields of 10-year treasury bonds lower. The yields stood at 3.214 percent as of midday on Friday. The Shanghai Interbank Offered Rate (SHIBOR) for seven-day tenor rose to 2.3980 percent, 4.3 basis points higher than the previous week''s close. The one-day or overnight rate stood at 2.0914 percent and the 14-day repo stood at 2.5366 percent. Key money rates at a glance: Volume-wei Previous Change (bps) Volume ghted day (%) average rate (%) Interbank repo market Overnight 2.0914 2.1019 -1.05 0.00 Seven-day 2.3325 2.2919 +4.06 0.00 14-day 2.5366 2.5872 -5.06 0.00 Shanghai stock exchange repo market Overnight 2.7400 4.3200 -158.00 192,920.6 0 Seven-day<CN7DR 2.7350 2.4900 +24.50 32,468.90 PO=SS> 14-day 4.6150 4.4900 +12.50 6,555.80 PBOC Guidance Rates Overnight 2.1000 2.1300 -3.00 <CN1DRPFIX=CFXS > Seven-day 2.4000 2.4000 +0.00 <CN7DRPFIX=CFXS > 14-day 2.7000 2.6500 +5.00 <CN14DRPFIX=CFX S> SHANGHAI INTERBANK OFFERED RATE Overnight 2.1040 2.1030 +0.10 Seven-day 2.3980 2.3940 +0.40 Three-month 3.6874 3.6536 +3.38 KEY INTEREST RATE SWAPS: Instrument RIC Rate Spread vs 1 yr official deposit rate* 2 yr IRS based on 1 CNABAD2YF= 0.0000 -1.5 year benchmark 5 yr 7-day repo swap CNYQB7R5Y= 3.5800 n/a *This spread can be seen as a proxy for forward-looking market expectations of an interest rate cut or rise China FX and money market guide: China debt market guide: SHIBOR rates: Reports on central bank open market operations: New Chinese debt issues: Prices for central bank bills, treasury bonds and sovereign bonds: Overview of China financial market data: (Reporting by Winni Zhou and John Ruwitch; Editing by Simon Cameron-Moore) Next In Financials SE Asia Stocks-Choppy; Philippine index extends losses for 3rd day By Sandhya Sampath Jan 13 Southeast Asian stock markets, except Singapore, were subdued in thin trade on Friday as investors paused to reflect on U.S. President-elect Donald Trump''s failure to elaborate on stimulus plans in his first news conference since his election victory. In Asia, shares dipped and the dollar was poised for a losing week after hitting a five-week low in the previous session, while overnight on Wall Street major indexes finished lower as investors weighed'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-bonds-idUSL4N1F327C'|'2017-01-13T12:06:00.000+02:00'
'f878df0c4f184e1c0dc627ea485f2ef7ec1b14f1'|'Arris in bid for Brocade network unit: sources'|'By Liana B. Baker Set-top box maker Arris International Plc ( ARRS.O ) is in talks to acquire Brocade Communications Systems Inc''s ( BRCD.O ) networking equipment business for as much as $1 billion, according to people familiar with the matter.A deal would enable Arris to offer high-end wireless broadband devices to customers. It would also ensure that Broadcom Ltd ( AVGO.O ), the chip maker that agreed to acquire Brocade in November, will not own a business that competes with its top clients, such as Cisco Systems Inc ( CSCO.O ).Arris is just one of the companies that Brocade is speaking to about the divestiture, and there is no certainty its bid will prevail, the people said this week. A decision is expected by the end of the month, the people added.The sources asked not to be identified because the sale process is confidential. Representatives for Arris, Broadcom and Brocade declined to comment.Arris, which has a market capitalization of $5.53 billion makes electronics used by cable and satellite companies. The Suwanee, Georgia-based company closed a deal last year to buy British rival Pace Plc for $2.1 billion, and incorporated itself in Britain in a deal structured as a corporate tax inversion.Broadcom has announced publicly it plans to sell Brocade''s networking business, which makes controllers and access points that boost high-speed internet for customers.Most of the assets of the unit for sale were obtained by Brocade as part of its $1.5 billion acquisition of Ruckus Wireless last year.Arris is looking to buy Brocade''s network edge business, which is the most valuable of the assets being sold, according to the sources. Arris is not in talks to buy other parts of the business being divested by Brocade that include data centers, switching and software, the sources added.Broadcom had divided up Brocade''s divestiture into three pieces after an earlier deal to sell the whole business to a private equity firm fell apart late last year, according to the sources. A private equity firm could still step up to buy all three pieces, the people said.Broadcom, formerly Avago Technologies, is known for its connectivity chips used in products ranging from mobile devices to servers, while Brocade makes networking switches, software and storage products.(Reporting by Liana B. Baker in San Francisco; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brocade-commns-divestiture-arris-intl-idINKBN14X2AJ'|'2017-01-13T16:05:00.000+02:00'
'ac0e098a688b2cdc3d9de7c178c0b5a9718a78b6'|'Takata shares surge on news of settlement for U.S. government air bag probe'|'Business News - Fri Jan 13, 2017 - 3:59am GMT Takata shares surge on news of settlement for U.S. government air bag probe A billboard advertisement of Takata Corp is pictured in Tokyo September 17, 2014. REUTERS/Toru Hanai/File Photo TOKYO Shares in Takata Corp ( 7312.T ) jumped 16 percent on Friday after sources said the beleaguered air bag maker will plead guilty to criminal wrongdoing as part of a $1 billion settlement with U.S. authorities. The settlement includes a $25 million criminal fine, $125 million in victim compensation and $850 million to compensate automakers who have suffered losses from massive recalls, the sources said. "Takata has taken a step forward regarding the airbag issue with the U.S. Justice Department and this is being taken positively by the market," said Mitsushige Akino, executive officer at Ichiyoshi Asset Management but he added that the firm''s woes were far from over. Takata still faces a potential $10 billion in liabilities after recalling around 100 million defective air-bags linked to at least 16 deaths worldwide, including 11 in the United States. Shares in Takata surged 16 percent or by 150 yen, its daily limit, to give it a market value of about $770 million. It is seeking a financial backer to help it restructure. But while some bidders want Takata to go through bankruptcy to wipe out most of its debt, creditors such as Honda Motor Co ( 7267.T ) are likely to resist any bailout that includes bankruptcy as they would have to shoulder significant losses, sources have said. Sources have also said that bidders for Takata include rival inflator maker Daicel Corp ( 4202.T ) in partnership with U.S. buyout firm Bain Capital, U.S. air bag maker Key Safety Systems, which is expected to team up with U.S. private equity firm Carlyle Group LP ( CG.O ), Swedish auto safety group Autoliv Inc ( ALV.N ); and U.S. autoparts maker Flex-N-Gate Corp. (Reporting by Junko Fujita; Additional reporting by Marika Tsuji; Editing by Richard Pullin and Edwina Gibbs) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-takata-settlement-stocks-idUKKBN14X0B9'|'2017-01-13T10:59:00.000+02:00'
'2a1a9344156c61de8934463d3895005268e1b09c'|'Exclusive: Moody''s reaches $850-million-plus accord over pre-crisis ratings - source'|'  6:24pm EST Exclusive: Moody''s reaches $850-million-plus accord over pre-crisis ratings - source left right A screen displays Moody''s ticker information as traders work on the floor of the New York Stock Exchange January 20, 2015. REUTERS/Brendan McDermid 1/2 left right The logo of credit rating agency Moody''s Investor Services is seen outside the office in Paris October 24, 2011. REUTERS/Philippe Wojazer 2/2 NEW YORK Moody''s Corp ( MCO.N ) has agreed to pay over $850 million to settle with U.S. federal and state authorities over its ratings of risky mortgage securities in the run-up to the 2008 financial crisis, according to a person familiar with the matter. < (Reporting By Karen Freifeld; Editing by Bernard Orr)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-moody-s-credit-idUSKBN14X2LP'|'2017-01-14T06:24:00.000+02:00'
'c5682efae3da657d3d106f5594c0c381af250a62'|'MIDEAST STOCKS - Factors to watch - Jan 15'|'DUBAI Jan 15 Here are some factors that may affect Middle East stock markets on Sunday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Europe shares up, Nasdaq hits record high; U.S. yields up* MIDEAST STOCKS-Saudi edges up in volatile trade as oil recovers, Egypt hits record* Oil falls on China concerns, down 3 pct for the week on OPEC doubts* PRECIOUS-Gold hovers below 7-week top, turns up as dollar slips* Middle East Crude-Light grades drop on ADNOC offers* INTERVIEW-OPEC chief confident in commitment, enthusiasm for output cut deal* China''s CNPC forecasts record oil demand, warns on product glut* Iran looks to open foreign funding sources for local firms* Iran welcomes arrival of first Western plane ordered since sanctions lifted* Airbus vs Boeing: Iran deals the difference in plane battle* Iran condensate exports to hit 5-month low in Jan -source* Iran nuclear deal working, wise for Trump to uphold: U.S. envoy to U.N.* ANALYSIS-Iran''s Revolutionary Guards position for power* BREAKINGVIEWS-Trump could shove Iran closer towards China* S.Korea''s Dec Iran crude imports surge 648.2 pct on year* TABLE-India Essar''s Iran oil imports fell 23 pct in Dec vs Nov - trade* TABLE-India Reliance''s Dec oil imports down 8.6 pct y/y - trade* Libya''s oil production drops to 655,000 bpd, weather and storage blamed - NOC* UN alarmed at migrants dying of cold, "dire" situation in Greece* Libya not accepting Italy migrant deal - EU presidency Malta* Rival of Libya''s UN-backed government claims control of Tripoli defence ministry* Blackout hits western and southern Libya* EXCLUSIVE-Assad linked to Syrian chemical attacks for first time* Islamic State attacks Syria''s Deir al-Zor city, dozens dead - monitor* Syrian HNC opposition group says it supports Astana peace talks* Turkey and Russia to invite US to Syria talks - Turkish minister* Turkey says united, peaceful Syria impossible with Assad* Syrian army advances towards damaged Damascus water source* Syrian army says Israel fires rockets at airbase near Damascus* Gas production in southern Iraq reaches 700 mln cubic feet per day - energy official* On Mosul frontlines, Islamic State''s local fighters direct the battle* Iraqi forces advance at Mosul University, take areas along Tigris* U.S. says al Qaeda in the Arabian Peninsula leader killed in Yemen air strike* U.S. says it killed three members of al Qaeda affiliate in Yemen strikes* Spain arrests three accused of connections to Islamist militants* Energy crisis leaves Gaza with barely 4 hours of power a day* France plays down Paris Middle East peace talks prospects* At Paris meeting, major powers to warn Trump over Middle East peace* * Palestinian President Abbas says U.S. Embassy move would hurt peace* Tunisian police fire tear gas at protesters demanding jobs* Tunisia buys about 100,000 T durum wheat in tender- trade* Algerian demand boosts UK wheat exports* U.S. East Coast refiners binge on Algerian crudeEGYPT* As drug supplies run short, Egyptians turn to herbal remedies* Egypt''s GASC buys 235,000 tonnes of Russian and Romanian wheat* Egypt says foreigners will be able to repatriate profits soon -MENA* Egypt eases strategic grains import regulations* Merkel and Sisi discuss counter-terrorism, Merkel to visit Egypt* Jordan Silos makes no purchase in 30,000 T wheat tender- tradeSAUDI ARABIA* Markets cheer Saudi deficit-cutting but finances still hostage to oil* Saudis cut oil output to lowest in 2 years, pledge further reductions* Saudi Arabia''s religious authority says cinemas, song concerts harmfulUNITED ARAB EMIRATES* Mubadala CEO expects to see more mergers in Abu Dhabi* Abu Dhabi''s UNB says IPO for its Islamic insurer JV heavily oversubscribed* ADNOC offers prompt Jan, Feb-loading Murban crude after refinery fire* TABLE-Dubai Q4 earnings estimates* TABLE-Abu Dhabi Q4 earnings estimatesQATAR* Qatar to offer domestic bonds on Sunday* INTERVIEW-Qatar Airways seeks engine guarantees for revamped Airbus orderBAHRAIN* TABLE-Bahrain Q4 earnings estimatesKUWAIT* Kuwait oil minister: has cut exports by more than 133,000 bpd* TABLE-Kuwait Q4 earnings estimatesOMAN* Oman sets output limits for companies as part of supply cut deal* National Bank of Oman Q4 net profit slips 19.9 pct* Oman says December oil output slightly lower* TABLE-Oman Q4 earnings estimates (Compiled by Dubai newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL5N1F40B3'|'2017-01-15T00:29:00.000+02:00'
'978bb8f27a6e904eea64afcae05f2b4766a260b9'|'Grana y Montero shares sink, says Odebrecht partnership a ''mistake'''|'LIMA Peruvian builder Grana y Montero''s shares dropped by more than 12 percent on Thursday after it called its partnership with corruption-plagued Brazilian builder Odebrecht a "mistake" and said it was considering taking legal action.Corporate General Manager Mario Alvarado said in an interview with local Peruvian magazine Caretas that Grana knew nothing about any kickback schemes and had no idea that Odebrecht had a special department dedicated to secretly distributing bribes."It''s clear we made a mistake in this partnership," Alvarado was Quote: d saying in the magazine''s edition published Thursday. "We''re studying our legal options in order to make a decision."Grana confirmed the accuracy of the Quote: s.The company''s shares closed 14.6 percent lower on Lima''s bourse on Thursday and 12.15 percent weaker in New York.Grana''s shares have dropped about 42 percent on both stock exchanges since December 21, 2016 when Odebrecht acknowledged in a U.S. plea deal that it distributed $29 million in bribes to win public work contracts in Peru from about 2005 to 2014, part of hundreds of millions in corrupt payments across the region.Grana has been one of Odebrecht''s most important Peruvian partners this century, working with it on half a dozen public work contracts worth more than $10 billion, according to a report by the comptroller''s office on Wednesday.Grana owns a 20 percent stake in a natural gas pipeline project that Odebrecht won in 2014 after its sole competitor was disqualified the day of the auction. Grana was not a part of the original consortium and bought its stake from Odebrecht in 2015.The government has said it would cancel the pipeline contract if financing that hinges on Odebrecht exiting the project does not come through this month. Odebrecht has been trying to sell its 55 percent stake for more than six months and has been in talks with Brookfield Asset Management Inc.Odebrecht has said it would cooperate with local prosecutors to reach a plea deal that would include civil reparations for crimes committed.(Reporting By Ursula Scollo and Mitra Taj; Editing by Diane Craft)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-grana-y-montero-odebrecht-idUSKBN14W32W'|'2017-01-13T01:47:00.000+02:00'
'6647f930149a15d04212906dfa8067de7bd0c67e'|'BRIEF-HollyFrontier Corp, Holly Energy Partners announce senior management changes relating to pending Petro-Canada Lubricants acquisition'|'Market  23pm EST BRIEF-HollyFrontier Corp, Holly Energy Partners announce senior management changes relating to pending Petro-Canada Lubricants acquisition Jan 13 HollyFrontier Corp : * HollyFrontier Corporation and holly energy partners announce senior management changes relating to pending Petro-Canada lubricants acquisition * HollyFrontier corp - Mark A. Plake, currently president of Holly Logistic Services, L.L.C. Will resign * HollyFrontier corp- Richard L. Voliva III is being promoted to executive vice president and CFO of hollyfrontier effective march 1, 2017 * HollyFrontier - George Damiris, currently ceo of hls and chief executive officer and president of HollyFrontier, will assume role of president of HLS * HollyFrontier Corp says Aron will continue to provide consulting and transition services on an as-needed basis through December 31, 2017 * HollyFrontier Corp says Douglas S. Aron, currently executive vice president and CFO is resigning from his position on february 28, 2017 * Hollyfrontier Corp says Douglas S. Aron will continue to provide consulting and transition services on an as-needed basis through December 31, 2017 * HollyFrontier - Co''s and unit''s changes to senior management related to Co''s pending acquisition of Suncor Energy''s Petro-Canada lubricants business Source text for Eikon:   Next In Market News Wall St Week Ahead-U.S. banks to stay in fashion as earnings kick off NEW YORK, Jan 13 U.S. bank stocks will stay in favor with investors as long as earnings reports in the coming week show an improving profit outlook while investors wait to see if U.S. President-elect Donald Trump lives up to his campaign promises.'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/idUSASC09QU4'|'2017-01-14T04:23:00.000+02:00'
'5eb8b7a11e095233f5590c52f9d48262880f69c6'|'BRIEF-LINDBLAD EXPEDITIONS SAYS GEOGRAPHIC ORION EXPERIENCED SIGNIFICANT TECHNICAL ISSUE WITH MAIN ENGINE'|'Company News   11:52am EST BRIEF-LINDBLAD EXPEDITIONS SAYS GEOGRAPHIC ORION EXPERIENCED SIGNIFICANT TECHNICAL ISSUE WITH MAIN ENGINE Jan 13 LINDBLAD EXPEDITIONS HOLDINGS INC * ON DEC 27, 2016, 102-GUEST NATIONAL GEOGRAPHIC ORION EXPERIENCED SIGNIFICANT TECHNICAL ISSUE WITH MAIN ENGINE * FOR 2017, COMPANY CURRENTLY EXPECTS IMPACT ON REVENUE WILL BE BETWEEN NINE AND TEN MILLION DOLLARS- SEC FILING * EXPECT NATIONAL GEOGRAPHIC ORION WILL BE OUT OF SERVICE FOR FIVE VOYAGES, RETURN TO REGULARLY SCHEDULED OPERATION IN APRIL 2017 * 2016 REVENUE WILL BE IMPACTED BY APPROXIMATELY ONE MILLION DOLLARS SOURCE TEXT FOR EIKON: FURTHER COMPANY COVERAGE: Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F30OZ'|'2017-01-13T23:52:00.000+02:00'
'ceef883e089d6dac440b047f242acc6ba6cbfe1d'|'Airbus vs Boeing: Iran deals the difference in plane battle'|'* Airbus posted 731 orders including 98 for Iran in 2016* Boeing cited 668 orders, did not include 80 for Iran* Iran deals offer planemakers respite from slowdownBy Tim HepherPARIS, Jan 13 Over the past two decades, planemakers Airbus and Boeing have traded the crown in the annual orders race, and it was usually clear who had bragging rights in the fiercely competitive $120 billion annual jet market.On Wednesday, Airbus retained the top spot when it said it had recorded a total of 731 net orders for 2016, beating Boeing''s tally of 668 for the year released a week ago.Standing out as the unusual kingmaker between the two Western giants is Iran, emerging from decades of sanctions to place billions of dollars of new orders. Because of fragile demand elsewhere, its comeback carries unusual weight.While Airbus included all but two of the 100 aircraft it sold to Iran last year, its American arch-rival did not include the 80 aircraft it sold to the country.It is unclear why Airbus formally reported Iranian orders while Boeing did not, and what criteria were used by each company in making their decisions.Airbus is further ahead in the sales process; Iran took delivery of its first Airbus jet on Wednesday, while Boeing''s planes will be delivered from 2018.Neither planemaker gave any immediate comment when contacted by Reuters.A source close to Boeing said there was some bemusement at the U.S. planemaker as to why Airbus was able to book all of their Iranian orders. Airbus sources, who declined to be named, said the company''s year-end numbers had been strictly audited.Analysts say decisions on whether to formally report such orders in annual tallies would depend partly on the status of the U.S. export licences needed by both companies due to their heavy reliance on U.S. parts.People close to the deals say that while both big jetmakers have received U.S. export licences for sales to Iran, only some of them cover the whole delivery period running until 2028. Both companies must apply for extensions for part of their orders. Industry sources say the same contractual conditions applied to both companies.Even though Boeing lost the headline order battle, analysts say it may ultimately benefit from lagging Airbus in the Iranian sales process if it can use its rival''s presence in the country to make the case for its own deal to go through, in the face of U.S. Republican political opposition.During his election campaign, President-elect Donald Trump was critical of the international nuclear deal that led to the lifting of sanctions on Iran.The Iranian orders offer valuable respite from a slowdown in demand for both planemakers, with their combined new orders falling below deliveries for the first time since 2009.Boeing posted a book-to-bill ratio of 0.89 for 2016. This would be at exactly 1 if the Iranian deal were included, with 748 orders and just as many deliveries, company data shows. Airbus would fall below that threshold without the Iran order.Analysts said such margins show how relatively thin orders have become after a decade of mostly rampant growth, coinciding with growing indicators that the aerospace cycle is weakening.Airbus sales chief John Leahy warned this week orders would stay weak in 2017, but said deliveries which drive profits would continue to grow for some time on the back of older sales.(Additional reporting by Alwyn Scott; Editing by Pravin Char)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airbus-orders-idINL5N1F168I'|'2017-01-13T15:45:00.000+02:00'
'4da6538756d1e1471e02adf5ee5647f6752edbac'|'EMERGING MARKETS-Turkish lira set for worst week in 8 months'|'Company   6:09am EST EMERGING MARKETS-Turkish lira set for worst week in 8 months By Claire Milhench - LONDON LONDON Jan 13 The Turkish lira fell 1.5 percent on Friday and was set for its biggest weekly fall since May, as weak Chinese export data dampened appetite for emerging stocks in Asian manufacturing economies. The lira has been pounded by concerns about Turkey''s political reforms, its sluggish economy, rising inflation and militant attacks, with investors unconvinced the central bank will take the necessary steps to shore up the currency. On Friday the central bank decided not to open a one-week repo auction for a second consecutive day, in an attempt to tighten lira liquidity and bolster the currency. This forced banks to resort to its overnight lending rate of 8.5 percent interest or its late liquidity window at 10 percent. However, the lira was still set to end the week down 4.7 percent against the dollar - on track for its biggest weekly fall in eight months. It has lost almost a quarter of its value since the failed coup attempt in July 2016. "The market continues to look for one principal message - that the central bank is independent. That really is the one message the market needs now," said Simon Quijano-Evans at Legal & General Investment Management. The bank is under political pressure not to raise rates, with President Tayyip Erdogan preoccupied by slowing economic growth and eager for lower borrowing costs to spur investment. Turkish economic growth was around 3 percent last year. Other emerging currencies also struggled to make headway, with investor sentiment soured by poor Chinese trade data which showed 2016 exports falling for a second year, posting their worst drop since 2009. China''s December exports fell by a more-than-expected 6.1 percent year-on-year. "Chinese trade data was a little bit disappointing compared to the data flow in previous months," said Quijano-Evans, adding that generally there was a good backdrop for emerging markets with "10-year U.S. Treasuries quite benign and the U.S. dollar now waiting essentially for Trump''s inauguration". But fears of a trade war between China and the United States are hanging over Asian assets, with U.S. President-elect Donald Trump threatening to brand Beijing a currency manipulator on his first day in office and slap high tariffs on Chinese goods. Chinese mainland stocks fell 0.2 percent and are set to end the week down around 1.3 percent. Other key Asian exporters also sold off, with Taiwan stocks down 0.3 percent and Korea down 0.5 percent, but both were on track for a second week of gains. Emerging equities overall reflected this, with the MSCI benchmark emerging equities index trading slightly lower on Friday but on track for a weekly rise of 1.8 percent in a third straight week of gains. The weak Chinese data acted as a drag on Asian currencies, with China''s onshore yuan weakening 0.1 percent, even though the midpoint was set firmer. But the offshore yuan hit its strongest level in a week after a report of fresh currency curbs, which was denied by authorities. Hong Kong''s overnight yuan borrowing rate was fixed at 7.57 percent, higher than the previous day''s 2.69 percent. South Korea''s central bank kept interest rates at a record low of 1.25 percent, but slashed its 2017 GDP forecast due to a tepid outlook for consumption and uncertainty around Trump''s policies. Quijano-Evans noted that the Bank of Korea had raised concerns over spreading trade protectionism: "I think this is the first warning of a central bank in emerging markets about the risk of trade protectionism - this will be a major topic for emerging market central banks over the next few months." The selling extended into emerging Europe, with Russian dollar-denominated stocks down 1.1 percent and Polish stocks down 0.3 percent. Ratings agencies Moody''s and Fitch will review Poland''s sovereign credit ratings later on Friday, with analysts polled by Reuters not expecting any changes to ratings or outlooks. The zloty was down 0.1 percent against the euro, trading in line with its regional peers. For GRAPHIC on emerging market FX performance 2016, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2016, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see ) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 896.00 -0.64 -0.07 +3.91 Czech Rep 928.79 -0.10 -0.01 +0.78 Poland 2017.93 -5.02 -0.25 +3.59 Hungary 32945.97 -20.45 -0.06 +2.95 Romania 7144.50 -33.83 -0.47 +0.84 Greece 655.08 -10.13 -1.52 +1.78 Russia 1160.96 -14.32 -1.22 +0.75 South Africa 46101.56 +381.36 +0.83 +5.01 Turkey 80774.73 -116.31 -0.14 +3.37 China 3112.33 -6.96 -0.22 +0.28 India 27238.20 -8.96 -0.03 +2.30 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL5N1F31JF'|'2017-01-13T18:09:00.000+02:00'
'5ad5b25df2633e0f492bfb9a606131ca3dd8d33f'|'South Korea investigators mull arrest warrant for Samsung leader: Yonhap'|'Technology News - Thu Jan 12, 2017 - 5:53pm EST South Korea investigators mull arrest warrant for Samsung leader: Yonhap Jay Y. Lee, center, vice chairman of Samsung Electronics, arrives to be questioned as a suspect in bribery case in the influence-peddling scandal that led to the president''s impeachment at the office of the independent counsel in Seoul, South Korea, Thursday, Jan. 12, 2017. REUTERS/Ahn Young-joon/Pool SEOUL South Korean special prosecutor''s office is considering whether to seek an arrest warrant for Samsung Group leader Jay Y. Lee amid a probe into an influence-peddling scandal involving President Park Geun-hye, Yonhap News Agency reported on Friday. The special prosecution has been investigating whether Samsung provided 30 billion won ($25.28 million) to a business and foundations backed by Park''s friend in exchange for the national pension fund''s support for a 2015 merger of two Samsung affiliate. Lee was named a suspect on Wednesday and summoned early Thursday morning for questioning. He will head home at around 8 a.m. local time (2300 GMT), Yonhap reported on Friday. (Reporting by Se Young Lee; Editing by Chris Reese) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-southkorea-politics-samsung-group-lee-idUSKBN14W339'|'2017-01-13T05:53:00.000+02:00'
'e112fe901693c6d814d3b14f6b8636441b8c0fd6'|'New Zealand looking for UK trade deal soon after Brexit - NZ PM'|'Business News   3:11pm GMT New Zealand looking for UK trade deal soon after Brexit - NZ PM Britain''s Prime Minister Theresa May (L) greets her New Zealand counterpart Bill English at Number 10 Downing Street in London, Britain, January 13, 2017. REUTERS/Toby Melville LONDON New Zealand will seek to agree a trade deal with Britain as soon as possible after Britain leaves the European Union, New Zealand''s prime minister said on Friday after talks in London. New Zealand''s prime minister Bill English and British prime minister Theresa May pledged to retain close ties after Britain''s departure from the EU, and May said trade minister Liam Fox would visit New Zealand in the coming months "We are ready to negotiate a high-quality free trade agreement with the UK when it is in a position to do so," English said at a news conference. "We already have a strong and diversified trading relationship with the UK. Our free trade agreement will build on that," he added. (Reporting by Costas Pitas, writing by Alistair Smout, editing by David Milliken) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-newzealand-trade-idUKKBN14X1RU'|'2017-01-13T22:11:00.000+02:00'
'd424709936110a55f69fae62402f05d0e845e37e'|'S.Korea prosecutor to decide on Samsung leader''s arrest warrant on Monday'|'Industrials   12:59am EST S.Korea prosecutor to decide on Samsung leader''s arrest warrant on Monday SEOUL Jan 15 South Korea''s special prosecutor''s office said on Sunday it will decide whether to seek an arrest warrant against Samsung Group leader Jay Y. Lee on Monday. Spokesman for the special prosecutor   during a briefing investigators will also decide   against   at the same time as when it makes a decision on Lee, named a suspect in an investigation into whether the country''s top conglomerate paid bribes to pave the way   affiliates. "We are considering all factors and will make a determination based on the law and principles," he told reporters. (Reporting by   Lee; Editing by Jacqueline Wong) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/southkorea-politics-samsung-group-lee-idUSS6N1CU01D'|'2017-01-15T12:59:00.000+02:00'
'2ed5f83d23008694a5fc8849d4061ad2d54ac0ca'|'UPDATE 1-Jordan''s king reshuffles cabinet amid growing security, economic challenges'|'Financials  23am EST UPDATE 1-Jordan''s king reshuffles cabinet amid growing security, economic challenges * New foreign, interior ministers named * Prime minister, finance minister remain unchanged * Reshuffle follows series of security lapses (Adds details and background) By Suleiman Al-Khalidi AMMAN, Jan 15 Jordan''s King Abdullah reshuffled his cabinet but retained Hani Mulki as prime minister on Sunday, granting him more scope to tackle the threat of Islamist militants and to press ahead with unpopular IMF-mandated reforms to cut spiraling public debt. The reshuffle, the second since the business-friendly Mulki was appointed last May, comes at a time of sluggish economic growth, poor business sentiment and concerns over Jordan''s political stability following a series of security lapses. Jordan has stepped up its role in the U.S.-led military campaign against Islamic State in the region and risks being drawn into a prolonged conflict with the militants. The five new ministers entering the cabinet include Ghaleb Zubi, a former police chief, as interior minister and Ayman Safadi, a long-time adviser to the royal family, as foreign minister, according to a palace statement. Safadi has strong ties to the Gulf states and has been critical of President Bashar al-Assad in neighbouring Syria. Safadi, whose appointment was a surprise, replaces Nasser Joudeh, who has served as Jordan''s chief diplomat since 2009. The outgoing interior minister, Salamah Hamad, had narrowly avoided a vote of no-confidence in parliament over his handling of an Islamic State attack in the southern city of Karak last month in which at least nine people, including a Canadian tourist and members of the security forces, were killed. In another major security lapse, a Jordanian guard shot dead three members of the U.S. special forces at an airbase last November, an incident that tarnished the image of the country''s security forces and shook the confidence of its Western backers in its ability to handle security threats. Diplomats say the security lapses raise concerns over the possible radicalisation of some members of Jordan''s military and security apparatus. Jordan is among the closest allies of the United States in the Middle East region. In Sunday''s reshuffle, Finance Minister Omar Malhas kept his job, in which he is overseeing a tough three-year programme agreed with the International Monetary Fund that aims to cut public debt to 77 percent of national output GDP by 2021 from 94 percent now. Politicians and economists say the tough fiscal consolidation plan, which includes raising taxes on basic food and fuel items in the coming months and cutting subsidies, will worsen the plight of poorer Jordanians. Removing subsidies has triggered civil unrest in the past. Jordan''s economy is expected to have grown by 2.4 percent last year, below an IMF target of 2.8 percent. (Reporting by Suleiman Al-Khalidi; Editing by Gareth Jones) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/jordan-government-reshuffle-idUSL5N1F508J'|'2017-01-15T19:23:00.000+02:00'
'd22e1e1f6c7da77859efc9304dd313570d11c89f'|'Overdone it over Christmas? Employers step in'|'Overdone it over Christmas? Employers step in Companies are capitalising on New Year’s resolutions to create healthier workforces Read next by: Andrew Jack When staff come to work at Nomura’s London headquarters this week, they will find “lean, mean” dishes on offer in the canteen, advice from a nutritionist on healthy eating and hydration, and mood-boosting foods. “We have developed a healthy blueprint and our big drive in January is nutrition,” says Ian Edwards, the bank’s programme director of health and wellbeing. “We call it Blue Monday for mental resilience.” The company is not alone. At BP, employees will arrive to “Bright Blue Monday” day, with discounts on healthier food, gym membership promotions and encouragements to join the oil group’s “ run-a-muck ” annual fitness challenge with staff around the world. “We are using one of the darkest days [of the year] to consider opportunities for change,” says Richard Heron, vice-president for health and chief medical officer, referring to the third Monday in January which has been identified by some mental health professionals as the most depressing day of the year. The initiatives capitalise on employees’ widespread adoption, following Christmas excesses, of New Year’s resolutions and are backed by a growing recognition among employers that workplace programmes can support a healthier and more productive workforce. But while early January might be the prime time for promotion of the latest faddish diet or gym membership to the guilty over-indulgers of the festive period, there are questions about how effective the measures prove in practice. Related article Powerful new apps are turning our phones into mobile medical clinics. Could this help solve the issue of rising healthcare costs?   There is no doubt that many people could do much to change their lifestyles, improving their own wellbeing and longevity and easing long-term pressures on health services. A recent survey by Public Health England , a UK government agency, suggests that eight out of 10 people aged 40-60 either weigh too much, drink too much or do not exercise enough. Yet there are at least three concerns with the early January surge in good intentions. The first is the evidence, contradictory at best, around many of the approaches — from radical diets to gimmicky health apps — which can be based on questionable science and have not been proven to succeed. The second is that some measures — such as gym membership — appeal most to those who are already motivated to take part, and less to those who most need support. The third issue is sustainability. Snap resolutions made just after a period of indulgence risk rapidly being broken. To their critics, the very business model of gyms relies on clients paying for a year’s membership but showing up less and less frequently — even in the weeks that follow. As Kevin Fenton, director of health and wellbeing at Public Health England, has suggested: “Rather than attempting a punishing detox or buying the latest diet book, the message from PHE is to make simple changes to improve your health both now and for the future.” He advises “chunking”, or breaking down ambitious goals into smaller achievable tasks rather than an “all or nothing” approach that is more likely to fail: from 10-minute physical activity sessions to swapping sugary for healthier snacks. “Fresh start” resolutions can take place at different times of the year rather than just January. There are also indications that involving family and co-workers in activities can help reduce the risks of broken resolutions. That is where the workplace can play a growing role. Prof Theresa Marteau, director of the Behaviour and Health Research Unit at Cambridge university, says: “Initiatives based on changing environments would likely be more effective and enduring than those based solely on motivating individuals to change their behaviour.” She points to the importance of reducing unhealthy foods in staff canteens, for instance, as well as the adoption of adjustable stand-sit desks and “walking” or “standing” meetings rather than classic sit-down ones. She also stresses the “signalling effect” to encourage others, notably in hospitals, where accelerated efforts to improve the healthiness of food and drink could help staff, patients and visitors alike. Such measures are reflected in many workplace health programmes. At Nomura, Ian Edwards says that his company finalised this year’s initiatives in December. After a “softer sell” this month, it will accelerate efforts to promote good practices in February, when the initial enthusiasm starts to lull. “We don’t push too hard in January because most people have the drive to do things anyway, and they feel they should do something,” he says. “We help them when they start flagging with a February burn.” Mr Edwards has no doubt of the value of his programmes, which will also include “health MOTs” or check-ups, free gym classes, talks on coping with financial burdens and testing for carbon monoxide for those cycling and walking to work. Last year, Nomura won in two categories in Britain’s Healthiest Workplace awards , backed by the FT, which helped sustain the company’s support for initiatives it believes make good business sense. That includes lower claims on its private medical insurance from staff who fell ill and reduced “presenteeism” among those attending work but not feeling productive — a cost which it estimates fell £3m to £19m during 2016. That may seem a little removed from the daily priorities of employees. But for those already recovered from the worst excesses of the Christmas meal, there are low-fat turkey meatballs on the Nomuracanteen menu this week to nudge them in the right direction.  '|'ft.com'|'http://www.ft.com/rss/companies/health'|'https://www.ft.com/content/8365ecbc-d7f3-11e6-944b-e7eb37a6aa8e'|'2017-01-15T12:47:00.000+02:00'
'1358814d61e325e6dbd1c960a8d7953b1a985601'|'Egypt says foreign investment in treasuries set to reach $10-11 bln in one year'|'Financials   Egypt says foreign investment in treasuries set to reach $10-11 bln in one year CAIRO Jan 15 Egyptian Finance Minister Amr El Garhy said on Sunday he expected foreign investment in Egyptian treasury instruments to reach about $10-$11 billion in one year. Egypt used to attract significant inflows into government bonds and bills before the 2011 uprising drove off foreign investors. Egypt''s decision to float its pound currency in November has helped revive foreign inflows into the debt market. (Reporting by Asma Alsharif,; Writing by Lin Noueihed,; Editing Eric Knecht) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/egypt-economy-treasuries-idUSC6N1BK01L'|'2017-01-15T17:23:00.000+02:00'
'1a81a54dbb3f01e05d90a5ba8d1cf4a1cbf6ffc1'|'Samsung leader to leave South Korea prosecution office soon after questioning: Yonhap'|' 28pm EST Samsung leader to leave South Korea prosecution office soon after questioning: Yonhap Jay Y. Lee, center, vice chairman of Samsung Electronics, arrives to be questioned as a suspect in bribery case in the influence-peddling scandal that led to the president''s impeachment at the office of the independent counsel in Seoul, South Korea, Thursday, Jan. 12, 2017. REUTERS/Ahn Young-joon/Pool SEOUL Samsung Group leader Jay Y. Lee will leave the South Korean special prosecutor''s office shortly on Friday morning after being questioned for more than 20 hours on bribery suspicions in an influence-peddling scandal involving President Park Geun-hye, Yonhap News Agency reported. The special prosecutor''s office has been investigating whether Samsung provided 30 billion won ($25.28 million) to a business and foundations backed by Park''s friend in exchange for the national pension fund''s support for a 2015 merger of two Samsung affiliates. Lee was named a suspect on Wednesday and summoned Thursday morning for questioning. Lee will head home, Yonhap said. (Reporting by Se Young Lee; Editing by Chris Reese)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-southkorea-politics-samsung-group-idUSKBN14W31W'|'2017-01-13T05:28:00.000+02:00'
'5e19d29d8d439daba09072cec9014429b2051508'|'Japan core machinery orders fall as Trump, demand uncertainty sets in'|'Economic  08am IST Japan core machinery orders fall as Trump, demand uncertainty sets in FILE PHOTO: A factory is reflected in a traffic mirror at the Keihin industrial zone in Kawasaki, south of Tokyo, Japan November 30, 2015. REUTERS/Thomas Peter/File Photo By Stanley White - TOKYO TOKYO Core orders for Japanese machinery fell in November at their fastest in seven months, a sign companies may be deferring capital expenditure as uncertainty over the incoming Trump Administration''s trade policies and global demand worries take hold. Core orders, a highly volatile data series regarded as a leading indicator of capital expenditure, fell 5.1 percent in November from the previous month, Cabinet office data showed on Monday, more than the median estimate for a 1.7 percent decline. Many economists originally forecast that capital expenditure would gradually increase this year, but growing concerns that U.S. President-elect Donald Trump may adopt protectionist trade policies could cause companies to scale back investment. Trump vowed to withdraw from the Trans-Pacific Partnership free trade pact, a blow for Japan because it was counting on the TPP to boost exports and drive structural reform in its farm sector. "There is some uncertainty about the new U.S. government, but this has not been fully factored in yet," said Shuji Tonouchi, senior market economist at Mitsubishi UFJ Morgan Stanley Securities. "Depending on what happens, Japanese companies could be forced to rethink their capex plans. There are also worries that domestic consumer spending may not accelerate." Core machinery orders, which exclude ships and heavy electrical equipment, fell in November due to a decline in orders from chemicals makers, oil refiners and the transport sector, the data showed. Orders from the wholesale and retail industries also fell in November. Orders from the services sector fell 9.4 percent in November after a 4.6 percent increase in the previous month. Orders from manufacturers rose 9.8 percent, following a 1.4 percent decline in the previous month. Trump, who takes office on Jan. 20, has rattled Japanese automakers by threatening a large border tax on the cars they manufacture in Mexico and export to the United States. Some economists worry that once Trump takes office his criticism could shift to the goods Japan manufacturers within its own borders for export the United States, which could discourage Japanese capital expenditure. There are also concerns that trade friction with the United States could hurt Japanese consumer sentiment, which would then weigh on household spending. (Reporting by Stanley White; Editing by Eric Meijer) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-machinery-idINKBN1500BX'|'2017-01-16T11:38:00.000+02:00'
'b9f82b2fab1d8b56e1984f72aaaec97f5f7873d8'|'Oil prices edge up on weaker dollar, expected crude output cuts'|'Global Energy  06am IST Oil prices edge up on weaker dollar, expected crude output cuts File Photo: Pipelines run to Enbridge Inc.''s crude oil storage tanks at their tank farm in Cushing, Oklahoma, March 24, 2016. Picture taken March 24, 2016. REUTERS/Nick Oxford/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices inched up on Monday, supported by a weaker dollar and expectations that OPEC and other producers will cut output as part of a deal to curb global oversupply. Brent crude futures, the international benchmark for oil prices, were trading at $55.64 per barrel at 0344 GMT, up 19 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 17 cents at $52.54 a barrel. Traders said that prices were buoyed by a weakening dollar, which makes fuel purchases cheaper for countries that use other currencies domestically, potentially spurring demand. After spending much of the second half of 2016 in an upward trend, the dollar has fallen around 2.5 percent against a basket of other leading currencies since its early-January peak. The greenback is in particular focus for international investors this week as Donald Trump is set to take office as the next U.S. president on Friday. "Oil pricing will be driven this week by the movement of the U.S. dollar rather than crude itself, with President-elect Trump''s inauguration ... being the main event," said Jeffrey Halley, a senior market analyst at OANDA brokerage in Singapore. Oil also continued to receive support from an announced crude output cut from major producers including the Organization of the Petroleum Exporting Countries (OPEC) and Russia. OPEC has said it would reduce its output by 1.2 million barrels per day to 32.5 million bpd from Jan. 1, and Russia as well as other non-OPEC members are planning to cut about half as much. However, there is a broad expectation that OPEC will not fully implement its announced cuts, although compliance estimates of 50 to 80 percent are enough to keep crude prices supported in the mid-$50s per barrel, traders said. Rising oil output in the United States has prevented crude prices from climbing further. Despite a small dip in drilling last week, Goldman Sachs said it expected year-on-year U.S. oil production to rise by 235,000 barrels per day (bpd) in 2017, taking into account estimates of wells that have been drilled and are likely to start producing in the first half of the year. Overall U.S. oil output stands at 8.95 million bpd, up from less than 8.5 million bpd in June last year and back at similar levels to 2014, when OPEC decided to start a price war against U.S. shale producers and sent the market into a tailspin. (Reporting by Henning Gloystein; Editing by Joseph Radford and Sonali Paul) Next In Global Energy News Oil prices will be much more volatile in 2017 - IEA ABU DHABI Global oil prices will witness "much more volatility" in 2017 even though markets may rebalance in the first half of the year if output cuts pledged by producers are implemented, the head of the International Energy Agency (IEA) said on Sunday. U.S. State Department nominee Tillerson fights climate deposition NEW YORK Rex Tillerson, the former oil executive under consideration for U.S. secretary of state, is trying to avoid giving testimony in a federal lawsuit over climate change, according to a lawyer for a group of teenagers who filed the suit. REFILE-U.S. State Department nominee Tillerson fights climate deposition NEW YORK, Jan 13 Rex Tillerson, the former oil executive under consideration for U.S. secretary of state, is trying to avoid giving testimony in a federal lawsuit over climate change, according to a lawyer for a group of teenagers who filed the suit. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN1500BN'|'2017-01-16T11:36:00.000+02:00'
'fa512e70a341b214c96874d27a12e6c67d654623'|'China, Hong Kong stocks rebound; Vanke jumps as China Resources steps down'|'Energy - Thu Jan 12, 2017 - 11:27pm EST China, Hong Kong stocks rebound; Vanke jumps as China Resources steps down * SSEC +0.1 pct, CSI300 +0.4 pct, HSI +0.5 pct * Vanke shares hit one-month intraday high * Energy rebound on strong oil prices SHANGHAI, Jan 13 China stocks were up on Friday morning, on course to snap a three-day losing streak, as the property sector rebounded strongly on strength in China Vanke Co Ltd''s , the country''s second largest developer. Hong Kong stocks also rose, setting for a third week of gains, with support from the energy sector as oil prices advanced. The benchmark CSI300 index rose 0.4 percent, to 3,330.61 points at the end of the morning session, while the Shanghai Composite Index gained 0.1 percent, to 3,122.93 points. The benchmark index has lost more than 0.5 percent so far this week. Investors cheered China Vanke Co Ltd''s breakthrough in a high-profile corporate power tussle lasting for over a year, after its No. 2 shareholder China Resources Group decided to sell its entire stake to Shenzhen Metro Group. Shares of the industry bellwether jumped around 7 percent on the mainland and 5.6 percent in Hong Kong at the lunch break. But gains in China were limited as investors were awaiting the upcoming corporate earnings season to kick off late on Friday, to justify a flurry of solid economic data in the world''s second largest economy. Earlier this month, China''s manufacturing sector posted a monthly expansion for the fifth time in December, but the pace slowed more than expected amid the government''s effort to rein in soaring asset prices. Sector performance in the mainland market was mixed, with property leading the gains, up around 2.3 percent. Insurance firms retreated 0.6 percent despite their premium income rising almost 30 percent in 2016, as investors stayed cautious amid a tightening regulatory environment. Metallurgical Corporation of China Ltd slid around 2 percent after closing at a six-week high in the previous session, as optimism fuelled by restructuring hopes quickly faded. The tech-heavy ChiNext sub-index, China''s equivalent of the Nasdaq, was set to lose for a seventh session and hit a six-month intraday low as faster approvals for IPOs boosted the supply of small-caps. In Hong Kong, the Hang Seng index added 0.5 percent, to 22,932.47 points, bringing its weekly gain to around 1.9 percent, while the Hong Kong China Enterprises Index gained 0.7 percent, to 9,792.44 points. Nearly all sectors in the city gained modestly, with the energy sector the biggest performer, up nearly 2.4 percent by the lunch break. Oil majors including CNOOC Ltd and PetroChina Co Ltd rallied as oil prices held sharp gains from the previous two sessions. (Reporting by Jackie Cai and John Ruwitch; Editing by Simon Cameron-Moore) Next In Energy'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-stocks-midday-idUSL4N1F31Y5'|'2017-01-13T11:27:00.000+02:00'
'e061f1c3d17e4757614b6655110f6cc44f8d510d'|'BRIEF-Hypothekarbank Lenzburg FY net profit up at 21.6 mln Swiss francs'|'Financials  43am EST BRIEF-Hypothekarbank Lenzburg FY net profit up at 21.6 mln Swiss francs Jan 13 Hypothekarbank Lenzburg AG : * Says FY net profit up at 21.6 million Swiss francs ($21.40 million) * FY net interest income up by 0.8 million Swiss francs at 53.9 million Swiss francs * Proposes dividend of 110 Swiss francs per share ($1 = 1.0093 Swiss francs) (Gdynia Newsroom) Next In Financials * HKD106 mln 2.78% fixed rate notes due 2022 notes will be listed and quoted in bond market with effect from 16 january 2017 MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1F30S4'|'2017-01-13T13:43:00.000+02:00'
'740a818266d4e76f8834018e05a95493ea226895'|'Strong auto demand buoys U.S. retail sales; producer prices rise'|'  9:02pm IST Strong auto demand buoys U.S. retail sales; producer prices rise Pre-owned automobiles are shown for sale at a car lot in Oceanside, California, U.S., October 3, 2016. REUTERS/Mike Blake/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON U.S. retail sales rose in December amid strong demand for automobiles and furniture, providing further evidence that the economy ended the fourth quarter with momentum and is poised for stronger growth this year. The strengthening economy also is starting to generate higher inflation. Other data on Friday showed a second straight monthly increase in producer prices in December, which led to the biggest year-on-year gain in just over two years. "The broader trend in the consumption data still looks solid," said Daniel Silver, an economist at JPMorgan in New York. "Consumer spending will also likely continue to benefit from the recent increase in confidence and wage gains." The Commerce Department said retail sales increased 0.6 percent last month. November''s retail sales were revised up to show a 0.2 percent rise instead of the previously reported 0.1 percent gain. Sales were up 4.1 percent from December 2015. They rose 3.3 percent for all of 2016, up from 2.3 percent in 2015. Excluding automobiles, gasoline, building materials and food services, retail sales rose 0.2 percent after being flat in November. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. Economists had forecast overall retail sales increasing 0.7 percent and core sales gaining 0.4 percent last month. The retail sales report added to surveys on manufacturing and the services sector in suggesting the economy regained speed at the end of the fourth quarter after appearing to lose some ground in November. Spending is likely to remain supported by lofty consumer sentiment levels. The dollar rose against a basket of currencies after the data. Prices for U.S. Treasuries were lower, while U.S. stocks edged higher. Rising wages due to a tightening labor market are expected to underpin consumer spending this year, providing a boost to the economy. Growth is also expected to get a lift from President-elect Donald Trump''s pledge to cut taxes, increase infrastructure spending and relax regulations. Average hourly earnings increased 2.9 percent in the 12 months through December, the largest gain since June 2009, the government reported last week. "There is no reason to suspect that consumption growth is going to weaken in the first half of this year," said Paul Ashworth, chief U.S. economist at Capital Economics in New York. "Particularly not when households will be anticipating a potentially big decline in tax rates at some point this year." Against the backdrop of a labor market that is at or near full employment, Trump''s proposed fiscal stimulus could fan inflation and prompt the Federal Reserve to raise interest rates faster than is currently envisaged. The Fed raised its benchmark overnight interest rate last month by 25 basis points to a range of 0.50 percent to 0.75 percent. The U.S. central bank has forecast three rate hikes for this year. The Atlanta Fed is forecasting GDP rising at a 2.9 percent annualized rate in the fourth quarter. The economy grew at a 3.5 percent pace in the third quarter. INFLATION STIRRING Even before the anticipated stimulus, inflation is perking up. In a separate report on Friday, the Labor Department said its producer price index for final demand increased 0.3 percent last month after advancing 0.4 percent in November. That lifted the year-on-year increase in the PPI to 1.6 percent, the largest gain since September 2014. The PPI rose 1.3 percent in the 12 months through November. Producer prices increased 1.6 percent in 2016 after falling 1.1 percent in 2015. Producer prices are rising as some of the drag from the plunge in oil prices fades. Oil prices have risen above $50 per barrel. But renewed dollar strength in the wake of Trump''s election could temper some of oil''s impact on inflation. A 2.4 percent jump in auto sales accounted for much of the rise in retail sales last month. There was also a boost from a 2.0 percent rise in sales at service stations, reflecting higher gasoline prices. Sales at building material stores increased 0.5 percent as did those at furniture shops. Receipts at clothing stores were unchanged despite a generally busy holiday season. Department store giants Macy''s and Kohl''s Corp last week reported drops in holiday sales. Department stores have faced stiff competition from online rivals including Amazon.com. Sales at online retailers jumped 1.3 percent last month after gaining 0.3 percent in November. Sales at sporting goods and hobby stores rose 0.2 percent. But Americans cut back on eating out, with receipts at restaurants and bars falling 0.8 percent last month. (Reporting by Lucia Mutikani; Editing by Paul Simao) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-economy-idINKBN14X1US'|'2017-01-13T22:32:00.000+02:00'
'dcb45e9429d0696fc547447d5a30032ea6dff4d7'|'China Vanke shares jump as ally Shenzhen Metro becomes No. 2 shareholder'|'HONG KONG Shares in China Vanke ( 2202.HK )( 2.SZ ), at the center of a high-profile corporate power tussle, surged on Friday after its No. 2 shareholder said would sell its stake to state-owned Shenzhen Metro Group, a Vanke ally, for $5.4 billion.The sale of the 15.3 percent holding by China Resources Group, however, falls short of a previous Vanke plan to make the subway operator its biggest shareholder through an asset swap - one that had to be abandoned after Vanke could not get major shareholders to agree.It remains to be seen if the sale will help Vanke fend off its biggest shareholder, financial conglomerate Baoneng, which owns 25 percent of Vanke and has sought to oust management.Vanke shares in Shenzhen climbed 7 percent in early trade, while those in Hong Kong gained over 5 percent. The stock was suspended from trade on Thursday ahead of the announcement.State-owned China Resources Group said in a statement late on Thursday that it had decided to sell the stake after looking at its own development strategy and industry portfolio allocation."Transferring shares this time is beneficial to Vanke''s healthy and stable development," said China Resources, calling it a "a win-win for all".Vanke''s third largest shareholder China Evergrande Group ( 3333.HK ), which quickly built up its stake late last year, said in a statement on Friday it has no intention to acquire further shares in its rival at this point in time.Shares in Evergrande edged up 0.8 percent. The benchmark Hang Seng Index .HSI climbed 0.4 percent.(Reporting by Donny Kwok and Clare Jim; Editing by Anne Marie Roantree and Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vanke-m-a-idINKBN14X074'|'2017-01-12T23:24:00.000+02:00'
'99418222692426a5016e978d2fcef3c205784b9a'|'South Korea investigators mull arrest warrant for Samsung leader - Yonhap'|'  11:07pm GMT South Korea investigators mull arrest warrant for Samsung leader - Yonhap Jay Y. Lee, the only son of Samsung Electronics chairman Lee Kun-hee and the company''s vice chairman, attends the 2015 HO-AM Prize ceremony which was established by Lee Kun-hee, in Seoul, South Korea, June 1, 2015. REUTERS/Cho Seong-joon/Pool/File photo SEOUL South Korean special prosecutor''s office is considering whether to seek an arrest warrant for Samsung Group leader Jay Y. Lee amid a probe into an influence-peddling scandal involving President Park Geun-hye, Yonhap News Agency reported on Friday. The special prosecution has been investigating whether Samsung provided 30 billion won ($25.28 million) to a business and foundations backed by Park''s friend in exchange for the national pension fund''s support for a 2015 merger of two Samsung affiliate. Lee was named a suspect on Wednesday and summoned early Thursday morning for questioning. He will head home at around 8 a.m. local time (2300 GMT), Yonhap reported on Friday. (Reporting by Se Young Lee; Editing by Chris Reese)   Tesco caps year of recovery with solid Christmas LONDON Britain''s biggest retailer Tesco reported its best quarter of UK underlying sales growth for over five years and more growth over Christmas, continuing a major recovery in its fortunes, though it cautioned it would not be immune to inflationary pressures. U.S. stocks end lower, dollar sags as Trump trades ease NEW YORK Wall Street stocks fell and the U.S. dollar dropped to a five-week low on Thursday after   Trump, in his eagerly-awaited news briefing the previous day, failed to provide details on fiscal policies that were expected to bolster the economy. NAPLES, Fla. Federal Reserve officials cautioned on Thursday that the fiscal and tax plans sketched out by the incoming Trump administration could trade a short-term economic boost for longer-run inflation and debt problems they might have to counteract. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-southkorea-politics-samsung-group-lee-idUKKBN14W33B'|'2017-01-13T06:07:00.000+02:00'
'e5ee1b352fa5b0dc96c5fce51e25f30ea6bb5398'|'TABLE-Foreign trading in South Korean stocks'|'Financials  36am EST TABLE-Foreign trading in South Korean stocks SEOUL, Jan 13 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0729 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 13 *-108.5 162.0 -58.4 ^January 12 31.4 -10.4 -32.1 January 11 485.5 -55.1 -430.0 January 10 99.6 -249.8 128.6 January 9 254.4 -457.4 193.4 January 6 171.3 -136.5 -28.8 January 5 84.1 -164.8 65.5 January 4 214.2 -358.3 127.2 January 3 171.1 -175.0 -11.2 January 2 27.4 -84.7 38.6 December 29 128.6 -296.8 156.2 December 28 126.8 -414.8 281.0 December 27 93.4 173.6 -258.8 December 26 -31.2 125.3 -87.9 December 23 -100.5 228.3 -125.5 Month to date 1,430.5 -1,529.9 -7.2 Year to date 1,430.5 -1,529.9 -7.2 * Offshore investors turned net sellers after twelve consecutive sessions of buying. ^ January 12 figures revised. ($1 = 1,172.4500 won) (Reporting by Jeong-eun Lee) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southkorea-stocks-trading-idUSL4N1F32Y6'|'2017-01-13T14:36:00.000+02:00'
'27fb9b9069de2fc4c2c14514f2fac3bec224982b'|'EXCLUSIVE-Brazil''s Usiminas unit saw no risk from capital reduction -source'|'Commodities   6:10am EST Exclusive: Brazil''s Usiminas unit saw no risk from capital reduction - source By Guillermo Parra-Bernal and Alberto Alerigi Jr - SAO PAULO SAO PAULO Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais SA''s plan to tap excess cash from a mining subsidiary that was rejected this week was found not to pose any potential financial risk for the unit, a person briefed on the matter said. In recent months, Usiminas sought tapping excess cash at the Musa Mineração Usiminas SA through a capital reduction, to comply with terms of a 6 billion-real debt refinancing accord with banks. The initiative was rejected earlier this week by Musa shareholder Sumitomo Corp. According to the person, executives at Musa ran simulations under which the 1 billion-real ($315 million) capital reduction would take place, with none of them pointing to any cash strain. The simulations were run late last year at the behest of Sumitomo, the person said. Musa offered to formally present results to the management and board of Usiminas so they were aware of the implications of the plan ahead of the Jan. 10 vote, the person said. Sumitomo vetoed the plan that day, claiming it could put at risk Musa''s financial position for the years to come. Belo Horizonte, Brazil-based Usiminas declined to comment, as did Musa and Sumitomo. The person requested anonymity due to the sensitivity of the issue. Usiminas has vowed to legally challenge the veto through any "valid legal means." The veto bars the debt-laden steelmaker from tapping cash from Musa, in which Sumitomo has a 30 percent stake. Analysts have said that Musa is not in urgent need to deploy cash because it is not currently undertaking significant investment plans. The situation is another chapter in a 2 1/2-year rift between the steelmaker''s two top shareholders - Nippon Steel & Sumitomo Metal Corp and Techint Group''s Ternium SA. Ternium and Nippon Steel have been battling over control of Usiminas, which is suffering with Brazil''s worst recession ever and high debt. This week, Ternium called on Usiminas Chief Executive Officer Rômel de Souza to accelerate the tapping of Musa''s cash before the debt refinancing accord''s June 2017 deadline. This week, Reuters reported, citing documents, that Souza and Musa President Wilfred Brujin had unilaterally agreed to the use of Musa''s excess capital without the acquiescence of Usiminas'' board. Souza is also the chairman of Musa. The document from November showed that two Nippon Steel-appointed members of the Usiminas board suggested Musa could extend a loan to Usiminas to meet the refinancing deadline of June 2017. The executives declined to comment on the content of the document, as did Nippon Steel. (Editing by Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-usiminas-restructuring-minera-ao-usim-idUSKBN14X15A'|'2017-01-13T18:00:00.000+02:00'
'1ead3604c91aa5909139f34bf50af578a5cafc94'|'Tata Steel offers to pay millions for pension scheme revamp - FT'|'Financials  03am EST Tata Steel offers to pay millions for pension scheme revamp - FT Jan 13 Tata Steel Ltd has offered to pay hundreds of millions of pounds to its pension scheme to release a guarantee the fund holds over its Dutch assets, as the Indian firm moves closer to merging its European assets with Germany''s Thyssenkrupp, the Financial Times reported. The pension fund''s trustees have a right over the assets in Tata''s Ijmuiden plant in the Netherlands in certain circumstances, the FT said. Tata Steel and the fund were in meaningful talks and there was an improved offer for the release of the security package, FT said citing chairman of the scheme''s trustee board, Allan Johnston. on.ft.com/2jdVAra Tata Steel was not immediately available for comment. Last month, Tata Steel UK offered British unions a deal guaranteeing jobs and investment in return for pension cuts. Tata, which employs some 4,000 people at Port Talbot and 11,000 in Britain as a whole, started formal pension consultations in December, with a view to moving employees on to a less generous defined contribution scheme. Unions are concerned that if they agree to let Tata close the current British Steel Pension Scheme (BSPS), the company will look to spin it off into a standalone entity that could eventually fall into the Pension Protection Fund (PPF) if necessary. In March, Britain battled to save its steel industry after Tata Steel put its British operations up for sale, leaving thousands of jobs at risk as a result of cheap Chinese imports. (Reporting by Rama Venkat Raman in Bengaluru; Editing by Gopakumar Warrier) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/tata-steel-pensions-idUSL4N1F335A'|'2017-01-13T16:03:00.000+02:00'
'75d31f4a303abf119a7f27f0cec3566bd60eb699'|'China posts worst export fall since 2009 as fears of U.S. trade war loom'|'Fri Jan 13, 2017 - 5:48am GMT China posts worst export fall since 2009 as fears of U.S. trade war loom Container boxes are seen at the Yangshan Deep Water Port, part of the Shanghai Free Trade Zone, in Shanghai, China September 24, 2016. REUTERS/Aly Song/File Photo By Elias Glenn and Sue-Lin Wong - BEIJING BEIJING China''s massive export engine sputtered for the second year in a row in 2016, with shipments falling in the face of persistently weak global demand and officials voicing fears of a trade war with the United States that is clouding the outlook for 2017. In one week, China''s leaders will see if President-elect Donald Trump makes good on a campaign pledge to brand Beijing a currency manipulator on his first day in office, and starts to follow up on a threat to slap high tariffs on Chinese goods. Even if the Trump administration takes no concrete action immediately, analysts say the specter of deteriorating U.S.-China trade and political ties is likely to weigh on the confidence of exporters and investors worldwide. The world''s largest trading nation posted gloomy data on Friday, with 2016 exports falling 7.7 percent and imports down 5.5 percent. The export drop was the second annual decline in a row and the worst since the depths of the global crisis in 2009. It will be tough for foreign trade to improve this year, especially if the inauguration of Trump and other major political changes limit the growth of China''s exports due to greater protectionist measures, the country''s customs agency said on Friday. "The trend of anti-globalization is becoming increasingly evident, and China is the biggest victim of this trend," customs spokesman Huang Songping told reporters. "We will pay close attention to foreign trade policy after Trump is inaugurated president,” Huang said. Trump will be sworn in on Jan. 20. China''s trade surplus with the United States was $366 billion in 2015, according to U.S. customs data, which Trump could seize on in a bid to bring Beijing to the negotiating table to press for concessions, economists at Bank of America Merrill Lynch said in a recent research note. A sustained trade surplus of more than $20 billion against the United States is one of three criteria used by the U.S. Treasury to designate another country as a currency manipulator. China is likely to point out that its own data showed the surplus fell to $250.79 billion in 2016 from $260.91 billion in 2015, but that may get short shrift in Washington. "Our worry is that Trump’s stance towards China’s trade could bring about long-term structural weakness in China’s exports," economists at ANZ said in a note. "Trump’s trade policy will likely motivate U.S. businesses to move their manufacturing facilities away from China, although the latter’s efforts in promoting high-end manufacturing may offset part of the loss." On Wednesday, China may have set off a warning shot to the Trump administration that it is prepared to push back. Beijing announced even higher anti-dumping duties on imports of certain animal feed from the United States than it proposed last year. "Instead of caving in and trying to prepare voluntary export restraints like Japan did with their auto exports back in the 1980s, we believe China would start by strongly protesting against the labeling with the IMF, but not to initiate more aggressive retaliation ... immediately," the BofA Merrill Lynch Global Research report said. "That said, even a ''war of words'' could weaken investor confidence not only in the U.S. and China, but globally." CHINA''S DECEMBER EXPORTS FALL China''s December exports fell by a more-than-expected 6.1 percent on-year, while imports beat forecasts slightly, growing 3.1 percent on its strong demand for commodities from coal to iron ore which has helped buoy global resources prices. An unexpected 0.1 percent rise in shipments in November, while scant, had raised hopes that sluggish global demand for Chinese goods was turning around. China reported a trade surplus of $40.82 billion for December, versus November''s $44.61 billion. While the export picture has been grim all year, with shipments rising in only two months out of 12, import trends have been more encouraging of late, pointing to a pick-up in domestic demand as companies brought in more raw materials from iron ore to copper to help feed a construction boom. Indeed, China imported record amounts of crude oil, iron ore, copper and soybeans in 2016, plus large volumes of coal used for heating and in steelmaking. [nL4N1F329X] "Trade protectionism is on the rise but China is relying more on domestic demand," said Wen Bin, an economist at Minsheng Bank in Beijing. Prolonged weakness in exports has forced China''s government to rely on higher spending and massive lending to boost the economy, at the risk of adding to a huge pile of debt which some analysts warn is nearing danger levels. [nL4N1F23BM] But signs are growing that the red-hot property market may have peaked, meaning China may have less appetite this year for imports of raw materials. "It is hard to see what could drive a more substantial recovery in Chinese trade," Julian Evans-Pritchard, China Economist at Capital Economics, wrote in a note. "Further upside to economic activity, both in China and abroad, is probably now limited given declines in trend growth. Instead, the risks to trade lie to the downside...," he said, saying the chance of a damaging China-U.S. trade spat has risen since Trump''s appointment of hardliners to lead trade policy. A decline in China''s trade surplus in 2016, to just under $510 billion from $594 billion in 2015, may also reduce authorities'' ability to offset capital outflow pressures, which have helped drive its yuan currency to more than eight-year lows, ANZ economists said. (Reporting by Lusha Zhang, Elias Glenn, Sue-Lin Wong and Kevin Yao; Writing by Sue-Lin Wong; Editing by Kim Coghill) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-trade-idUKKBN14X0FD'|'2017-01-13T12:47:00.000+02:00'
'39b600acee2db3be62a47ef6b1c679c0e9c6de12'|'South Africa examines Barclays Africa over apartheid-era bailout'|' 25am GMT South Africa examines Barclays Africa over apartheid-era bailout FILE PHOTO: A Barclays logo is pictured outside the Barclays towers in Johannesburg, South Africa, December 16, 2015. REUTERS/Siphiwe Sibeko/File Photo By Nqobile Dludla - JOHANNESBURG JOHANNESBURG South Africa''s anti-graft watchdog has reopened an investigation into whether Barclays Africa Group ( BGAJ.J ) benefited from an apartheid-era bailout, the bank said on Friday. A preliminary report by the country''s Public Protector has found that the apartheid government breached the constitution by supplying Bankorp, which was acquired by Barclays Africa unit, Absa, in 1992, with a series of bailouts from 1985 to 1995, the Mail & Guardian newspaper reported. Barclays Africa could have to repay 2.25 billion rand ($166 million) if the finding by Public Protector Busisiwe Mkhwebane is upheld, the paper added. A previous investigation in 2000 by a central bank-appointed panel found that the loans were made to stabilise the banking system and Absa shareholders did not derive any undue benefit, recommending no further action be taken. Former Public Protector Thuli Madonsela instituted the follow-up investigation after a 2010 complaint by Paul Hoffman of non-governmental organisation Accountability Now, the Mail & Guardian newspaper said. Barclays Africa said it would continue to cooperate with the Public Protector, but it believes Mkhwebane''s preliminary report has "several factual and legal inaccuracies". "In its current form it creates the incorrect view that Absa Bank Limited (Absa), a subsidiary of the Group, received undue benefits by virtue of the South African Reserve Bank (SARB) assistance to Bankorp," Barclays Africa said in a statement. At 0911 GMT, shares in Barclays Africa were down 1.46 percent to 168.50 rand. Barclays Plc ( BARC.L ) is in the process of trying to reduce its stake in Barclays Africa to 20 percent from 50.01 percent as it focuses its business on other markets. A spokesman for Barclays in London declined to comment on whether the case had any implications for the bank''s plans to sell its stake in Barclays Africa. South African Reserve Bank (SARB) Governor Lesetja Kganyago said on Friday the central bank will also cooperate in the Public Protector''s investigation. Mkhwebane, whose office did not immediately respond to requests for comment, has given Absa, the SARB, the national treasury and the presidency until Feb. 28 to make further submissions before finalising her investigation, the Mail & Guardian said, citing a copy of a preliminary report. In her suggested remedial action, Mkhwebane proposed that South African President Jacob Zuma should consider a commission of inquiry to see whether other apartheid-era loans should be repaid by other institutions, the paper said. ($1 = 13.5279 rand) (Additional reporting by TJ Strydom, Olivia Kumwenda-Mtambo and Lawrence White; Editing by Simon Cameron-Moore, Joe Brock and Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-safrica-barclays-group-idUKKBN14X12I'|'2017-01-13T17:25:00.000+02:00'
'dcc602ab7e60bf80bbec4c140033731a959ed258'|'Nintendo Switch to launch March 3, to cost $299.99 in U.S.'|'TOKYO Nintendo Co Ltd will launch the Switch, its first new game console in about four years, on March 3 for $299.99 in the United States and 29,980 yen in Japan, the video game maker said on Friday.The price of the Nintendo Switch, a hybrid home console and handheld device, compares with the $299.99 in the U.S. and the 25,000 yen in Japan that it costs for the firm''s existing Wii U console.Shares of Nintendo were down 3 percent after the announcement.(Reporting by Makiko Yamazaki; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nintendo-switch-idINKBN14X0CW'|'2017-01-13T01:30:00.000+02:00'
'739140ffdf102bff1b8e1b25effe22b78af30184'|'BRIEF-Kenedix to invest 3,160 mln yen in anonymous association'|'Financials  46am EST BRIEF-Kenedix to invest 3,160 mln yen in anonymous association Jan 13 Kenedix Inc : * Says it to invest 3,160 million yen in an anonymous association (SPC) * Says the SPC plans to acquire 90 percent interests in a property that based in Japan on Jan. 13 Source text in Japanese: goo.gl/rVmckD Further company Coverage: (Beijing Headline News) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1F32QO'|'2017-01-13T13:46:00.000+02:00'
'f2687ad19a9a3c031cc1f53afccf22192b0435f9'|'MIDEAST STOCKS-Gulf shares diverge in early trade, small caps support Saudi'|'Financials - Sun Jan 15, 2017 - 3:13am EST MIDEAST STOCKS-Gulf shares diverge in early trade, small caps support Saudi DUBAI Jan 15 Stock markets in the Gulf diverged in early trade on Sunday with Saudi Arabia''s bourse supported by small and mid-sized shares while profit taking weighed on Dubai and Abu Dhabi. Saudi Arabia''s index edged up 0.3 percent in the first half hour; Al Jouf Cement was the top gainer, jumping 5.8 percent. Almarai rose 0.4 percent after the Gulf''s largest dairy company reported a 1 percent increase in fourth-quarter net profit to 488.5 million riyals ($130 million), virtually meeting analysts'' forecasts as sales rose marginally and the cost of sales fell. Analysts at NCB Capital said that despite the relatively flat earnings and revenue growth, strong margin expansion from lower operating expenditure and improving sales in Almarai''s poultry segment were important positives. The company, one of the few that give a forward guidance, said: "Given the changing economic environment and the increasing competitive conditions, the company will continue to focus on costs control, efficiency gains and cashflow preservation while maintaining its strategic direction of profitable growth." Bank Aljazira, the first bank to report earnings in the kingdom, lost 0.8 percent after reporting a 4.4 percent drop in fourth-quarter net profit to 152 million riyals. Aljazira attributed the fall to higher impairment charges for credit losses. Some other banks were knocked lower as a result, with Saudi British Bank dropping 1.4 percent. Kuwait''s stock market, which is often thinly traded, was up 1.6 percent with Boubyan Petrochemical rising 3.9 percent and the largest logistics firm in the Gulf, Agility , climbing 3 percent. "Sentiment is very positive in the market but no change in fundamentals ..." said Bader Al Gahnim, head of regional asset management at Kuwait-based Global Investment House. "From an economic perspective the country is well positioned due to prudent fiscal management and a lower fiscal break-even oil price." Dubai''s index pulled back 0.4 percent on profit taking in some of last week''s biggest gainers. Islamic Arab Insurance fell 0.7 percent and builder Drake & Scull lost 0.6 percent. Abu Dhabi''s index was also weakened by profit taking and fell 0.4 percent. National Bank of Abu Dhabi dropped 1.4 percent; shares in the bank, which is set to merge with First Gulf Bank this quarter, have been volatile for the past week. FGB was down 0.8 percent. (Reporting by Celine Aswad; Editing by Andrew Torchia and Susan Fenton) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1F504D'|'2017-01-15T15:13:00.000+02:00'
'4e68802c1c85b390a2be2e46c4ec83b078b2b32d'|'Japan watching closely for rapid yen rises - Ishihara'|'Foreign Exchange Analysis - Fri Jan 13, 2017 - 12:48am GMT Japan watching closely for rapid yen rises - Ishihara Light is cast on a Japanese 10,000 yen note as it''s reflected in a plastic board in Tokyo, in this February 28, 2013 picture illustration. REUTERS/Shohei Miyano/Illustration/File Photo TOKYO The Japanese government is monitoring closely for rapid rises in the yen, Economy Minister Nobuteru Ishihara said on Friday. "We will look at the currency market not in the short term but in the mid to long term and look at what effects it has on the economy," Ishihara told reporters after a regular cabinet meeting. The dollar weakened to a five-week low versus the yen and other currencies, hit by a loss of confidence in the U.S. reflation trade a day after a news conference by President-elect Donald Trump. (Reporting by Minami Funakoshi; Editing by Chris Gallagher) Next In Foreign Exchange Analysis'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-ishihara-idUKKBN14X032'|'2017-01-13T07:48:00.000+02:00'
'e5ac6bfadd16f8fb876fa42dad9a3c8e78f39280'|'SpaceX 2015 accident cost it hundreds of millions: Wall St. Journal'|'Business News - Fri Jan 13, 2017 - 3:47pm EST SpaceX 2015 accident cost it hundreds of millions: Wall St. Journal An unmanned SpaceX Falcon 9 rocket explodes after lift-off from Cape Canaveral, Florida, June 28, 2015. REUTERS/Mike Brown CAPE CANAVERAL, Fla. - Elon Musk’s SpaceX lost more than a quarter of a billion dollars in 2015 after a botched cargo run to the International Space Station and the subsequent grounding of its Falcon 9 rocket fleet, The Wall Street Journal reported on Friday. The accident derailed SpaceX’s expectations of $1.8 billion in launch revenue in 2016, an analysis of the privately held firm’s financial documents showed, according to the Journal, which said it had obtained the documents. SpaceX declined to comment on the Journal’s report. In a statement emailed to Reuters, SpaceX Chief Financial Officer Bret Johnsen said the company “is in a financially strong position” with more than $1 billion in cash reserves and no debt. SpaceX, owned and operated by Musk, who also is chief executive of Tesla Motors Inc ( TSLA.O ), is aiming to return to flight on Saturday following a second Falcon 9 accident on Sept. 1. (Reporting by Irene Klotz; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-space-spacex-idUSKBN14X2FL'|'2017-01-14T03:47:00.000+02:00'
'dda5d6ebbbb0d30a74f84f3993e9143ee08bacf1'|'German regulator investigates pre-merger trading in Linde shares'|'FRANKFURT Germany''s financial and markets regulator BaFin said it had begun a formal investigation into suspected insider trading in Linde ( LING.DE ) shares in the run-up to the announcement of merger talks with U.S. rival Praxair ( PX.N ) in August.Linde shares jumped 11 percent on Aug. 16 when the talks were announced, their biggest single-day percentage gain in almost eight years."We have finished our routine analysis. The second step is now a formal insider investigation," a Bafin spokeswoman said on Friday, confirming a report to be published later by German news magazine Spiegel.She added that the investigation was into Linde share trading in general and not any particular individuals.Linde declined to comment.Linde''s talks with Praxair to create an industrial gases market leader collapsed in mid-September but were revived in late November after the departure of the German company''s two top executives.The two companies agreed an outline for a $65 billion merger last month.(Reporting by Georgina Prodhan; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-linde-investigation-idINKBN14X1UW'|'2017-01-13T12:34:00.000+02:00'
'd2075c4faf118255cc841787425e3c5a8a9db515'|'Moscow and Kiev head for $3 bln debt showdown in English court'|'* Ukraine sold Russia $3 bln bond weeks before regime change* Moscow at odds with Kiev''s now pro-Western government* Russia chooses public hearing over private arbitration* London High Court hearing starts on Jan. 17By Karin StroheckerLONDON, Jan 13 A $3 billion dispute between two adversarial governments will come to a head in an English court on Tuesday when Russia and Ukraine meet for a first hearing in their legal battle over a politically charged eurobond.The debt at the heart of the dispute was sold in late December 2013 by then-Ukrainian President Viktor Yanukovich to Russia, less than two months before his Moscow-backed government was ousted by street protests that the swept ex-Soviet republic.Fast-forward through a pro-Western change of government in Kiev, Russia''s annexation of Ukraine''s Crimea region and an International Monetary Fund bailout for Ukraine involving a restructuring of sovereign, hard currency bonds.Those bonds, restructured to pull the near-bankrupt Ukraine back from the brink, were chiefly held by private investors - aside from $3 billion worth held by the Russian government.Moscow insists the bond which matured in December 2015 is sovereign debt and should never have been included in the restructuring plan. Kiev refused to repay the bond, saying Russia should have participated in the restructuring.Russia, represented by Cleary, Gottlieb, Steen & Hamilton LLP, filed a lawsuit in February 2016 demanding a full $3 billion repayment plus legal fees and interest, which according to Moscow''s finance ministry amounted to $75 million a year ago.The case, which will be heard at the High Court on Jan. 17, is unusual in many ways, according to Mitu Gulati, a law professor at Duke University in the United States."The most important big issue here is: Does Ukraine actually owe money to a country that basically ran it as a vassal state and invaded it and took its territory? And that is the kind of question that courts usually don''t ever decide," said Gulati.The bond is unusual because countries do not generally lend to each other under a third country''s legal framework, opting instead for direct bilateral agreements. Terms are often kept under wraps.If debt relief is needed, it tends to be agreed under the framework of the Paris Club of creditor nations, of which Russia is a permanent member.This bond however was structured under English Law, and both Russia and Ukraine had agreed from the outset that a British court ought to decide on possible disputes, Gulati noted."Now a dispute is actually happening, and rather than negotiating and resolving it on their own, they are bringing it in front of a judge which means the judge is going to have to decide on matters that affect international law, not just commercial law."Both Russia and Ukraine''s government declined to comment.UKRAINE SAYS BOND WAS ISSUED UNDER DURESSUkraine''s defence, managed by Quinn, Emanuel, Urquhart & Sullivan LLP, centres around a number of arguments. First, that the bond had never been properly authorised by Ukraine''s parliament and government, was issued under duress and was subject to a number of implied additional terms.Kiev should also be allowed to take "counter-measures" in response to actions taken by Russia, it argued, according to a defence document seen by Reuters.Russia''s "illegal invasion and unlawful occupation" had deprived Ukraine "of the entire purported economic benefit of the transaction", the document states in its defence.The hearing comes after Russia requested a summary judgement, often used to speed up proceedings. This means the court will look at each of Ukraine''s defence arguments and decide if they are likely to stand up in court. Following this, it could allow the case to go to trial, or not.Russia had the option of a private hearing at the London International Court of Arbitration, according to the bond prospectus, but the fact it chose to bring the case to a public court shows it is confident of victory, legal experts said."Their choice was very interesting," said Peter Griffin at Slaney Advisors, an expert in international arbitration and foreign investment disputes."Russia''s case seems to me very strong. And Russia has played this one really intelligently from the beginning - it is almost like they have been two steps ahead of Ukraine and everyone else." (Additional reporting by Natasha Zinets in Kiev and Andrey Ostroukh in Moscow; editing by Mark Heinrich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ukraine-russia-eurobonds-idINL5N1F32FU'|'2017-01-13T14:18:00.000+02:00'
'fb62797e7a0b22ef355f2cd6556405d421bd6652'|'Allianz keen on takeovers, may study big U.S. move'|'FRANKFURT Allianz is interested in takeovers, including in the United States, where the German insurer would look for big companies, chief executive Oliver Baete said in an interview to be published on Monday."Only a big takeover would help us. Buying smaller companies does not make sense for us," Baete told the Munich daily Sueddeutsche Zeitung."We would have to look at who would be a good match for us, who has a clean balance sheet, and is affordable," he said, adding U.S. companies were extremely expensive.Allianz, Europe''s largest insurance company, so far has only bought niche players in the U.S. such as Fireman''s Fund.Baete said Allianz was not just looking at the U.S., but also in Europe, where the focus was on property insurance, investment management and credit insurance.Baete was reticent about commenting on reports that Allianz is interested in Swiss rival Zurich, which is active in the U.S.He said Allianz had never launched a hostile takeover and was aware that big takeovers posed integration risks, so that their success depended on management in two merging companies getting on well.Reuters has reported that Allianz was already eying Zurich with interest a year ago, citing sources close to the company. They also said the relationship between Baete and Zurich chief executive Mario Greco was not unproblematic.(Reporting by Alexander Hueber; Writing by Vera Eckert; Editing by Tom Heneghan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-allianz-takeovers-idINKBN14Z0WD'|'2017-01-15T17:17:00.000+02:00'
'2f905b61b5b6c4f5dff6bd4370065f32f855fd57'|'China car sales to slow as stimulus draws to close'|'China car sales to slow sharply as stimulus draws to close Demand forecast to fall as tax incentives on smaller vehicles are scaled back Read next McDonald’s: lovin’ it no longer Premium Thursday, 12 January, 2017 Slowing down: Demand for cars in China is expected to fall as tax incentives are phased out © AFP by: Shery Fei Ju and Charles Clover in Beijing Car sales in China are forecast to slow sharply this year as stimulus measures designed to boost demand are set to end. Sales are expected to increase 5 per cent in 2017, a significant drop from growth of 13.7 per cent last year, which was the fastest rate since 2013 despite a broader economic slowdown . Growth in 2016 exceeded expectations due to tax incentives on smaller vehicles, which China’s Ministry of Finance has confirmed will be phased out by 2018. The government’s purchase tax incentive, which halved tax on vehicles with engines smaller than 1.6 litres, will be scaled back this year with tax rates returning to the full 10 per cent rate by 2018. The China Association of Automobile Manufacturers said strong demand from people aged between 25 and 35 in the country’s smaller cities were the backbone of China’s car sales, which last year grew to 28m. Strong demand, particularly in the smaller cities, reflects the recovery of consumer confidence as economic growth stabilised at 6.7 per cent, said Cui Dongshu, secretary-general of the China Passenger Car Association. He added that a boom in property prices has made buyers less cautious about spending on big-ticket items. One big winner last year was domestic Chinese car brands, which surpassed the 10m yearly sales threshold for the first time ever, outpacing the overall market and growing at a rate of more than 20 per cent in 2016. Overall, carmakers have seen the product mix change in China as demand for sedans falls while the fastest growth segment in the car industry is in SUVs, which grew at 44.6 per cent last year. New energy vehicle sales also saw strong growth with sales at 507,000 in 2016, an increase of 53 per cent. Xu Haidon, assistant to the secretary-general of CAAM, told a press conference on Thursday that Chinese consumers continued to have a “rigid” demand for cars, particularly in the smallest cities that are experiencing growth in income. He also tied the demand in cars to the continued boom in property prices. “Under the current macro economy, market capital is abundant and the increase in real estate development will drive up car consumption,” he said. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/industrials'|'https://www.ft.com/content/73ceffb4-d8ac-11e6-944b-e7eb37a6aa8e'|'2017-01-12T19:55:00.000+02:00'
'4df68c1c916bb11e0c507a38d385cb256a7c1df5'|'All aboard to fix the globalisation ''bullet train'', China''s Xinhua says'|'Business News   1:19pm GMT All aboard to fix the globalization ''bullet train'', China''s Xinhua says China''s President Xi Jinping looks on before meeting with former U.S. Secretary of State Henry Kissinger (not pictured) at the Great Halll of the People in Beijing, China December 2, 2016. REUTERS/Nicolas Asouri BEIJING The "bullet train" of globalization is broken and the West is obliged to help Chinese President Xi Jinping fix it, China''s official Xinhua news agency on Friday said of the World Economic Forum (WEF) meeting in the Swiss Alps next week. Xi will be the first Chinese president to ever attend the WEF''s annual forum in Davos, which brings together top-level political and business leaders. This year''s meeting, from Jan. 17-20, is expected to be dominated by discussion of public hostility toward globalization and the rise of U.S. President-elect Donald Trump, whose tough talk on trade, including promises of tariffs against China and Mexico, helped win him the White House. Trump will be sworn in on Jan. 20. "It is both the West''s moral obligation and (only) feasible choice to turn the tide and work with the developing world - to make painstaking reforms on domestic and global governance systems for a fairer world - if they want to keep their interests and competitiveness intact," Xinhua said in an commentary. The article called the election of Donald Trump, the British vote to leave the European Union and Italian Prime Minister Matteo Renzi''s resignation "mind-boggling symptoms of (the) current globalization". Xinhua also hit back at those within the developed world who say emerging economies are stealing jobs and resources. "These people, also among the biggest beneficiaries of globalization, are only endeavoring for a cozier seat on the irresistible journey of this ''bullet train''," it said. Xi will deliver a speech on the first day of the forum promoting a message of "inclusive globalization" and will warn against populism, Chinese officials said on Wednesday. "Channels of communication are open" between China and Trump''s transition team at the forum, Chinese Vice Foreign Minister Li Baodong said at a briefing on Wednesday, but warned that scheduling a meeting might be difficult. Days after Trump''s victory, Xi vowed to fight protectionism and push forward with multilateral trade deals. Foreign businesses in China have long complained about a lack of market access and protectionist Chinese policies. (Reporting by Christian Shepherd; Editing by Nick Macfie) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-davos-meeting-china-idUKKBN14X1HS'|'2017-01-13T20:08:00.000+02:00'
'f804874e55d4d2c9548368be352251e5795ed811'|'UPDATE 1-Britain weighs tougher laws to tackle corporate crime'|'Industrials   6:52am EST UPDATE 1-Britain weighs tougher laws to tackle corporate crime * Britain debates tougher regime for corporate crime * Signs that companies tightening codes of conduct * Consultation on changes runs until March 24 (Adds context, company changing code of conduct, analyst comment) By Kirstin Ridley LONDON, Jan 13 Britain is considering introducing a tough U.S.-style anti-corruption regime for multinational companies and their senior executives by making them liable for failing to prevent the economic crimes of staff and agents. Ministers on Friday unveiled a range of proposals on how to crack down on corporate fraud, money laundering and false accounting as part of a consultation on how to repair public trust in businesses and improve accountability after companies have paid billions of pounds in fines for misconduct. "Corporate economic crime undermines confidence in business, distorts markets, and erodes trust," said Justice Minister Oliver Heald. "Companies must be held to account for the criminal activity that takes place within them. The "call for evidence", that runs to March 24, seeks views on suggestions that include introducing U.S.-style "vicarious liability", that makes companies guilty through the actions of staff, introducing corporate criminal negligence charges for economic crimes and merely toughening regulatory regimes. Much of the political debate over the last two years has centred on broadening a section of the Bribery Act that criminalises a company''s failure to put in place adequate compliance systems for staff and agents. Some companies have already taken action. "We''ve introduced a new code of conduct," said a senior executive at an international mining company. "(But) it''s almost impossible to cover every contingency. When you''re dealing with people, sometimes things can go the wrong way. SMALLER FRY PUNISHED David Green, head of the UK Serious Fraud Office, has argued since his appointment in 2012 that the current law, under which companies and their senior executives can only be prosecuted if they can be shown to be aware of or have condoned misconduct under the "identification principle", is stacked against him. He says the complex hierarchies of large multinationals create an incentive for executives to distance themselves from knowledge of wrongdoing lower down. This makes it easier to prosecute small companies with simple management structures, which is inherently unfair, he argues. But initial plans to extend corporate criminal liability were shelved by former prime minister David Cameron''s government in 2015 before being reintroduced at an anti-corruption summit last May and reaffirmed by the Attorney General last September. Advocates of tougher laws hope they will prompt firms to proactively manage staff conduct, investigate and bring wrongdoing to the attention of authorities and assuage concern that corrupt bosses evade prosecution. Critics say they are unnecessary, risk businesses striking cosy deals with authorities and add too great a regulatory burden on firms already trying to navigate Brexit. "This could have unintended consequences," said one executive at a blue-chip company in London. "Companies could pull out of some countries (because of governance concerns)... and just focus on OECD nations, leaving the rest of the field open to less scrupulous players." The consultation comes after the Bribery Act came into force in 2011, under which companies with assets in the UK face unlimited fines and bosses up to 10 years in jail if they fail to show they have "adequate procedures" in place to prevent staff and agents from committing bribery across the world. According to consultancy PwC''s latest Global Economic Crime Survey, around 44 percent of UK organisations already expect an increase in compliance costs over the next two years. (Reporting by Kirstin Ridley, additional reporting by Barbara Lewis; Editing by Susan Fenton/Keith Weir) Next In Industrials Sri Lankan shares end at 2-wk high on proposed EU trade concession COLOMBO, Jan 13 Sri Lankan stocks ended at their highest level in two weeks on Friday, led by beverage and manufacturing shares, as sentiment improved after a European Union executive proposed that the bloc reinstates a trade concession to Sri Lanka.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/britain-fraud-law-idUSL5N1F323D'|'2017-01-13T18:52:00.000+02:00'
'225d8563e072158e94672333c5e2aedbf29a9294'|'India central bank employees urge governor to protect autonomy'|'Business News - Sat Jan 14, 2017 - 1:42am EST India central bank employees urge governor to protect autonomy A cashier counts Indian banknotes as customers wait in queues inside a bank in Chandigarh, India, November 10, 2016. To match Analysis INDIA-MODI/CORRUPTION-BANKS REUTERS/Ajay Verma/File Photo By Suvashree Choudhury - MUMBAI MUMBAI The employee union of the Reserve Bank of India (RBI) has urged the bank''s governor to protect central bank autonomy and not allow the federal government to interfere in processes, after criticism over how it handled a ban on high-value currency. The bank and Prime Minister Narendra Modi have been criticized for the implementation of their November decision to abolish high-value bills that accounted for 86 percent of currency in circulation. Economists said slow replacement of the bills undermined the RBI''s reputation for competence, while some raised doubts about the bank''s independence for agreeing to implementation with limited preparation. The RBI''s employee union in a letter to the governor dated Jan. 13 said it was "painful" the central bank was being criticized despite its staff successfully carrying out the "humongous task" of replacing the old bills. It cited a recent local media report saying the finance ministry had sent a bureaucrat to coordinate the bank''s cash operations. "If true, this is most unfortunate and we take strong exception to this measure of the government as impinging on RBI autonomy," the union said in the letter. The RBI did not require any assistance, it said. "Apart from showing RBI operations and its gigantic performance in poor light, the government now blatantly encroaches on its jurisdiction," the union said in the letter, a copy of which was seen by Reuters. An RBI union member confirmed the authenticity of the letter. The RBI did not provide an immediate comment. A finance ministry spokesman declined to comment. Modi''s decision on Nov. 8 to suddenly scrap 500 and 1,000 rupee banknotes as part of a crackdown on tax dodgers and counterfeiters has resulted in severe cash shortages, impacting companies, farmers and households alike. The action has also sparked political concern, with some people in Modi''s own party anxious that the cash crunch could hurt their prospects in states going to the polls this year. One RBI official involved in drafting the union''s letter said employees were worried that government intervention in distributing new bills could be politically influenced ahead of state polls. (Reporting by Suvashree Choudhury; Additional reporting and writing by Aditya Kalra; Editing by Rafael Nam and Christopher Cushing) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-india-cenbank-idUSKBN14Y06X'|'2017-01-14T13:39:00.000+02:00'
'dd531a539b7e5d57e2d39069df6a0e0727c7b42d'|'LPC: U.S. market expects more leveraged M&A in 2017'|'By Jonathan Schwarzberg - NEW YORK NEW YORK Bankers and investors are expecting US merger and acquisition (M&A) activity to pick up in 2017 as fiscal stimulus, tax reform and other policies supporting economic growth are introduced by President-elect Donald Trump and the new Republican administration.This could make 2017 one of the biggest years ever for leveraged buyouts, according to Brendan Dillon, co-head of global leveraged finance at UBS.“In terms of the LBO space, I think there’s going to be a ton of activity,” Dillon said.Leveraged loan bankers and investors are hoping that a pro-business environment and stronger economy will stimulate private equity buyouts in 2017 after focusing on refinancing and repricing existing deals in 2016.“The new administration is saying the right things. There’s no shortage of money to make acquisitions. It’s about creating the environment where M&A can get done. That’s why I think the proposed regulation changes are positive,” said a second senior banker who works on private equity financing.Lending to private equity buyouts almost doubled year-on-year in the fourth quarter of 2016 to US$37.1bn from US$19.7bn in 2015 after a flurry of dealmaking followed the US election in early November.The combination of a new Republican president and a Republican Senate and House of Representatives that are both pushing for growth is expected to move the economic focus from monetary policy to fiscal policy and put fiscal stimulus and tax reform at the top of the agenda and regulatory change is also on the cards, bankers, lawyers and investors said.“This handoff from monetary to fiscal is a very powerful change in the way capital is being allocated and earned,” said Mark Okada, chief investment officer of Highland Capital Management.This sea change would benefit risk assets, and further boost demand for leveraged loans, which increased last year as investors tried to buy floating rate loans to hedge against future interest rate rises.“That’s going to be very bullish for risk assets. It’s going to take a long time for all this to materialize, but it does change the way someone like me looks at the world,” Okada said.SHORT OF PAPERThe US leveraged loan market saw a shortage of supply in 2016. Leveraged M&A dipped by 18.3% to US$270.4bn from US$331bn in 2015, according to data from Thomson Reuters LPC, while investor interest in loans soared as volume recovered throughout the year after a particularly quiet first quarter.Demand climbed as December’s US interest rate rise drew nearer, boosted by rising loan fund inflows and higher rates of CLO creation in the second half of the year. In the week ending December 7, investors added US$1.8bn into loan funds, the highest figure since August 2013. The four-week moving average for loan fund inflows was US$1.2bn on January 4, although only US$865m was placed into loan funds for the week ending January 4.The focus on existing deals in 2016 pushed refinancing volume 7.7% higher to US$362bn, compared to US$336.2bn in 2015, but the balance is expected to shift back to new M&A this year as Donald Trump nominates and appoints deal-friendly Wall Street veterans to his cabinet.Higher equity valuations after the US election will continue to favor leveraged corporate buyers that can outbid private equity firms, including UnitedHealth Group Inc’s US$2.3bn purchase of Surgical Care Affiliate Inc, which was announced on January 9, but more new private equity buyouts could be seen in 2017.Multiple auctions are in process, including a few very large sponsored deals that could be announced in the first quarter, a leveraged finance lawyer said. Private equity firm Onex is reported looking to sell USI Insurance Services for as much as US$4bn, Reuters reported.More new private equity buyouts could be seen particularly in sectors that could benefit from the change of administration which could encourage M&A activity. Pharmaceuticals, defense and business services could fare better, as well as technology, although prolific tech issuers could be forced to pay higher rates to get deals done, Dillon said, as investors already have high exposure to the sector.“I think that the big difference between the last administration and now is that there will be a major shifting of priorities, including certain sectors falling out of favor and others becoming more attractive; and that makes for increased activity and repositioning which fit very well with the sponsored finance universe,” Dillon said.The tone in the fourth quarter of 2016 was stronger than a year earlier, when falling oil prices boosted volatility and raised fears over the economy and some buyout loans, including the financing for software company Veritas, the largest buyout of 2015, struggled to syndicate and were stuck in the market.Investor demand is showing no sign of dropping and with confidence in the strength of the economy high, investors are more bullish about M&A prospects in 2017.“As long as the financial markets are accommodative, I would anticipate that transaction flow will continue,” a CLO investor said.(Reporting by Jonathan Schwarzberg; Editing By Tessa Walsh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-leveraged-m-a-idINKBN14W309'|'2017-01-12T18:45:00.000+02:00'
'c398110b9b5a6449edaf49246fddd34539a011aa'|'KKR to buy Hitachi''s power tools unit for $1.3 billion'|'  6:39am GMT KKR to buy Hitachi''s power tools unit for $1.3 billion A logo of Hitachi Ltd. is pictured at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2016 at the Makuhari Messe in Chiba, Japan, October 3, 2016. REUTERS/Toru Hanai TOKYO U.S. private equity firm KKR & Co LP ( KKR.N ) has agreed to buy Japanese conglomerate Hitachi Ltd''s ( 6501.T ) power tools unit, Hitachi Koki Co Ltd ( 6581.T ), for about $1.3 billion, the companies said on Friday. KKR will launch a tender offer for Hitachi Koki at 870 yen per share, costing it 88.2 billion yen. Including a special dividend of 580 yen per share upon success of the tender offer, KKR will pay a total of 147.1 billion yen ($1.28 billion). Hitachi said last month it was considering selling Hitachi Koki. (Reporting by Chris Gallagher and Chang-Ran Kim)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hitachi-koki-m-a-kkr-idUKKBN14X0JR'|'2017-01-13T13:39:00.000+02:00'
'655d98574484c02761ae807b69f5b2a291133038'|'Back home: Honda brings Civic sedan to Japan in branding push'|'Business News - Fri Jan 13, 2017 - 3:47am GMT Back home: Honda brings Civic sedan to Japan in branding push The Honda customized Demi Lovato Civic Sedan is seen during the media preview of the 2016 New York International Auto Show in Manhattan, New York March 24, 2016. REUTERS/Brendan McDermid By Naomi Tajitsu - TOKYO TOKYO Honda Motor Co ( 7267.T ) is bringing the Civic sedan back home after seven years, betting buoyant overseas demand for the model would help drive sales in Japan and allow the automaker to shake off its domestic image as a maker of only minivans and compacts. Allocating manufacturing capacity for the Civic in Japan may also enable Honda to free up production space in the United States, where the market for sedans is shrinking in favour of SUVs, at a time when U.S. President-elect Donald Trump is pushing automakers to make more cars in the country. Honda on Friday said it would market the 2016 Civic sedan in Japan from summer, selling the locally made model in the country for the first time since 2010 - the year it stopped domestic production due to sluggish sales. The carmaker will also consider producing Civics in Japan for U.S. export. Kimiyoshi Teratani, who heads Honda''s Japan operations, said he hoped the Civic would help the firm regain its reputation as a maker of "sporty cars with attitude" in Japan, after years of focusing on popular entry level models and multi-purpose vehicles including the N-Box minicar and the Odyssey minivan. "We''ve become known as a company specialising in minivans and ''kei'' cars, and we realised our offering of ''Honda-esque'' cars has become increasingly weak," he told reporters in Tokyo. "The Civic may not be the NSX (Honda''s supercar also marketed under the Acura brand), but it''s another model we''d like to use to raise our brand image," he said. Introduced in 1972, the Civic has sold 24 million units worldwide and is Honda''s best-selling model in the United States, the automaker''s biggest market. The Civic posted record annual sales in 2016 in the world''s No.2 auto market after the latest revamped version of the sedan was named the North American Car of the Year last year. Previous versions of the sedan had been criticised for their lack of reliability and uninspiring design. However, given waning U.S. sedan demand, Honda has said it would consider shuffling its production portfolio in favour of its SUV models in the United States. Teratani declined to comment on when the company may start manufacturing the Civic sedan in Japan for U.S. exports. "We''d like to consider political developments and circumstances before determining the best way forward," he said. Increasing U.S.-bound auto exports may rankle Trump, who has threatened automakers including Ford Motor Co. ( F.N ) and Toyota Motor Corp. ( 7203.T ) with high border taxes on cars imported from Mexico, a growing auto production hub. (Reporting by Naomi Tajitsu; Editing by Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-honda-civic-idUKKBN14X06K'|'2017-01-13T10:47:00.000+02:00'
'a17fcacfc98cae881fa52361f17287f8dd47c058'|'Small Swedish industrial firm Duroc bets on big buy, shares soar'|'Financials   5:12am EST Small Swedish industrial firm Duroc bets on big buy, shares soar STOCKHOLM Jan 13 Swedish small-cap industrial firm Duroc said on Friday it was buying the far larger International Fibres Group from one of its largest owners by issuing new shares, sending Duroc shares sharply higher. * Acquires International Fibres Group AB (IFG) from Peter Gyllenhammar AB (PGAB). * Acquisition is paid in full with 31,671,100 newly issued shares in Duroc. * PGAB currently owns around 18 percent of Duroc shares, and will through the deal initially own around 85 percent of shares and votes in the expanded Duroc. * Duroc''s current largest owner AB Traction is positive to the proposal and will vote in favour of it at the EGM on Feb. 15. * In connection with the deal Traction plans to buy 1,825,000 Duroc shares from PGAB. * IFG makes around 110,000 tonnes fibre and yarn annually at its subsidiaries in the Unites States, United Kingdom, Austria and Belgium, generating sales of around 1.9 billion Swedish crowns ($213 million), with a pretax profit of around 90 million crowns. * With the acquisition, Duroc''s annual sales will rise to around 2.3 billion crowns. * Duroc shares rise 79 percent at 1001 GMT. * IFG''s fibres are used for many different applications by industrial buyers within for example the car industry and the textile industry.($1 = 8.9188 Swedish crowns) (Reporting by Johannes Hellstrom; editing by Niklas Pollard) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/duroc-acquisition-idUSL5N1F320B'|'2017-01-13T17:12:00.000+02:00'
'8564ff0ca4e88bea34583d735c83ea6bfe183e9c'|'German stocks - Factors to watch on January 13'|'FRANKFURT Jan 13 The DAX top-30 index looked set to open 0.4 percent higher on Friday, according to premarket data from brokerage Lang & Schwarz at 0725 GMT.The following are some of the factors that may move German stocks:LINDEIndicated 0.4 percent higherThe industrial gas producer and U.S. rival Praxair have started hammering out the details of their merger deal agreed in December and expect the transaction to be finalized by May, sources familiar with the negotiations told Handelsblatt.VOLKSWAGENIndicated 0.4 percent higherA U.S. judge on Thursday ordered a Volkswagen executive charged in the Justice Department''s diesel emissions investigation held without bail pending trial.FRAPORTIndicated 0.2 percent higherPassenger numbers at Frankfurt airport fell 0.4 percent in 2016 to 61 million, German airport operator Fraport said on Friday, the first decline since 2009, as attacks in Europe deterred Asian and U.S. visitors from Europe''s fourth-largest hub.FRESENIUS MEDICAL CAREIndicated 1.4 percent higherA U.S. judge on Thursday put on hold a new federal rule that dialysis providers have said would prevent dialysis patients from using charitable assistance to buy private health insurance.ANALYSTS'' VIEWSTALANX - HSBC cuts to ''Hold'' from ''Buy"OVERSEAS STOCK MARKETSDow Jones -0.3 pct, S&P 500 -0.2 pct, Nasdaq -0.3 pct at close.Nikkei +0.8 pct, Shanghai stocks -0.2 pct.Time: 7.25 GMT.GERMAN ECONOMIC DATAGerman Dec wholesale prices rose 1.2 pct m/m and 2.8 y/y.EUROPEAN FACTORS TO WATCHDIARIESREUTERS TOP NEWS (Reporting by Ludwig Burger, Harro ten Wolde and Andreas Cremer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/germany-stocks-factors-idINL5N1F2549'|'2017-01-13T04:25:00.000+02:00'
'1bcec54fbeff8164ab30d56a344f084caf6c1923'|'Taiwan stocks drop; TSMC falls on profit-taking, lower sales guidance'|'Financials - Thu Jan 12, 2017 - 11:02pm EST Taiwan stocks drop; TSMC falls on profit-taking, lower sales guidance TAIPEI, Jan 13 Taiwan stocks fell on Friday on profit-taking after the world''s largest contract chipmaker TSMC reported a record fourth-quarter profit but forecast slower business for its first quarter. Asian shares wobbling also kept overall trading cautious. As of 0330 GMT, the main TAIEX index was down 0.4 percent at 9,371.82, after closing up 0.7 percent in the previous session. The electronics subindex fell as much as 0.6 percent, while the financials subindex lost up to 0.7 percent. Shares in TSMC dropped as much as 2.2 percent, after the company expected its first-quarter revenue to likely dive at least 8.7 percent from the fourth quarter. The stock had closed up 1.4 percent in the previous session, just before the earnings results were reported. After a record fourth quarter for net profit and revenue, normal seasonal lull from smartphone customers were mainly behind the lower forecasts, TSMC said. The Taiwan dollar firmed T$0.179 to T$31.601 per U.S. dollar. The local currency was trading at its strongest levels against the U.S. dollar in two months. (Reporting by J.R. Wu; Editing by Sherry Jacob-Phillips) Next In Financials SE Asia Stocks-Choppy; Philippine index extends losses for 3rd day By Sandhya Sampath Jan 13 Southeast Asian stock markets, except Singapore, were subdued in thin trade on Friday as investors paused to reflect on U.S. President-elect Donald Trump''s failure to elaborate on stimulus plans in his first news conference since his election victory. In Asia, shares dipped and the dollar was poised for a losing week after hitting a five-week low in the previous session, while overnight on Wall Street major indexes finished lower as investors weighed China''s money rates mixed, traders eye on MLF loans rollover SHANGHAI, Jan 13 China''s primary money rates were mixed for the week, and there were few signs of liquidity tightness after the central bank injected funds, though traders expected cash to be sucked out of the market in coming days as firms prepare to pay taxes and demand for cash rises ahead of the Lunar Bew Year holiday. Liquidity conditions were largely balanced this week, mainly due to support from the central bank through open market operations, traders said. Hopes for a rol * 9-months ended Nov 2016 group loss before taxation of $25.4 million MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/taiwan-stocks-idUSL4N1F31WM'|'2017-01-13T11:02:00.000+02:00'
'7222feac83df877ed0f94c6b2930a3151cbb3ec1'|'Bank borrowing by smaller UK firms falls again - Bank of England'|' 58am GMT Bank borrowing by smaller UK firms falls again - Bank of England FILE PHOTO: Pedestrians are silhouetted as the winter sun shines on to front of the Bank of England in the City of London, Britain, November 3, 2016. REUTERS/Peter Nicholls/File Photo LONDON A post-Brexit vote slump in demand for bank lending among small and medium-sized British firms continued into the last three months of 2016 and banks expect small companies will remain reluctant to borrow in early 2017, the Bank of England said. But demand for bank borrowing by large companies was unchanged in the three months to mid-December, stabilising after a significant fall in the third quarter, the BoE''s quarterly Credit Conditions Survey showed. "Significant reductions in capital investment and commercial real estate were reported to be the main factors contributing to changes in corporate lending demand in Q4, while merger and acquisitions activity has pushed up on demand," the Bank said. The BoE has been watching for signs that uncertainty about Britain''s planned departure from the European Union will hurt business investment and weigh on overall economic growth. The BoE also said the availability of mortgage lending was flat in late 2016, although demand for buy-to-let borrowing rose significantly despite tax changes introduced in April which were partly designed to cool the market. The Bank said overall mortgage availability was expected to increase slightly over the three months to mid-March. Unsecured credit increased slightly in late 2015 and was expected to decrease in early 2017, the survey showed. Top BoE officials said this week they were keeping a close eye on strong growth in consumer borrowing which has drawn some comparisons with previous unsustainable increases in household debt. (Reporting by William Schomberg, editing by David Milliken) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-credit-idUKKBN14X0ZM'|'2017-01-13T16:58:00.000+02:00'
'131839c56148a4d6d77db1e10c6e5f2f87844743'|'RPT-Climate changing for "green bonds" even in face of Trump scepticism'|'Funds News  30am EST RPT-Climate changing for "green bonds" even in face of Trump scepticism (Repeats Thursday''s story without changes) * Specialised debt market on cusp of significant growth * Volumes nearly doubled in 2016: reut.rs/2j8lInk * France set to become first G7 country to issue debt * But Trump presidency may constrain biggest market By John Geddie and Alister Doyle LONDON/OSLO, Jan 12 A niche market in debt raised to fund environmental projects may be set for significant growth and could make a bigger contribution to the trillions of dollars needed to stop the world overheating. The volume of "green bonds" with proceeds earmarked for investments such as a wind farm or a low carbon transport network nearly doubled in 2016. Sales could accelerate further this year, with France set to become the first G7 country to join the development banks and companies that have already issued this form of financing. Growth may not maintain last year''s blistering pace, industry watchers say, not least because the United States, the country where the most green bonds have originated, is set to be led by Donald Trump, who has sometimes called man-made climate change a hoax. "The market is on the cusp of breaking into the mainstream," said Nicholas Pfaff, senior director at trade association ICMA. "To have a major G7 issuer like France commit to doing a large programme is very important ... There are some very important players in the U.S. but a lack of momentum there is not going to be fatal for the market." The green bond market grew by more than $80 billion in 2016 -- its best year since its launch in 2007 -- to $170 billion, according to Climate Bonds Initiative (CBI), a London-based non-profit that certifies green credentials of bonds. Even so, outstanding green bonds still account for less than 0.2 percent of the $100 trillion global debt market. OECD studies suggest annual debt issuance will need to rise to between $620-$720 billion by 2035 if world leaders are going to meet their 2015 pledge to limit global warming to below 2 degrees Celsius. The studies are based on the average capital mix -- equity, loans and bonds -- of green projects. But market watchers say France, host of the 2015 Paris Agreement to combat global warming, could be key to growth. While Poland was the first country to launch a green bond -- selling a 750 million euro bond last month -- France aims to launch one by the end of the month. The government has identified around 10 billion euros of green expenditure so France may become a regular issuer of green bonds. It could also encourage companies, the largest issuers of green debt. "It would change the market," said Christa Clapp, head of climate finance at the Center for International Climate and Environmental Research in Oslo (CICERO). "Not only would it bring scale but...it could pave the way to more corporates by showing how to do it." Morocco, Nigeria, Sweden and Kenya have also signalled they will issue green debt. HSBC says the pace of growth in green bond issuance will not be sustained in 2017, estimating $90-$120 billion globally which could include up to half a dozen sovereign issuers. Natixis forecasts $140 billion of new bonds. Yet in the United States -- where firms have issued around $30 billion of green bonds -- a Trump presidency may push climate change down the policy agenda, discouraging issuance. Trump has threatened to tear up the Paris Agreement. He has also said he has an open mind and other countries have pledged to restrict greenhouse gas emissions, irrespective of U.S. policies. However, CBI communications manager Andrew Whiley said there is still plenty of American money to be invested in green debt. "While the U.S. at one level is going to sour the political atmosphere, there are still many American investors looking for good quality green products," he said. There are only around $3 billion of dedicated green funds by CBI estimates, including those from BlackRock and Allianz. But in December 2015, investors representing over $11 trillion of assets under management committed to work to grow a green bond market as part of the Paris actions. SHOW-STOPPER China, which by some estimates already has the largest green bond market in the world, may be able pick up any slack if enthusiasm for the debt wanes in the United States. China''s Bank of Communications holds the record of the biggest green bond issued -- a 30 billion yuan ($4.35 billion) two-tranche issue in November 2016. But China''s success lays bare one of the teething problems that have dogged the green bond market. What constitutes green? The Chinese government''s definitions of green bonds, for example, allow funding for clean-power coal stations which would not qualify under other market standards. Some think that after an explosion in green bonds, the market might have to take a step back to go forward. In that sense, said Christopher Flensborg, head of sustainable products at Swedish banking group SEB, Trump''s victory may even help in the long term because it would clear out the market of issuers that were not truly green. A United States under Trump "won''t be a show-stopper but it will make people think twice, which we think is a good thing," he said. "A lot of people crowding in will withdraw from the market. We think the momentum is going to be lost slightly but the quality is going to be improved massively." (Reporting by John Geddie in London and Alister Doyle in Oslo; Editing by Nigel Stephenson and Toby Chopra) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/global-bonds-greenbonds-idUSL5N1F25HN'|'2017-01-13T13:30:00.000+02:00'
'19e8a556e0ec5846e08af262f34bac2d98e26b40'|'Tata Steel in talks to cut its UK pension scheme benefits - Trustees'|'Business News - Fri Jan 13, 2017 - 3:57pm GMT Tata Steel in talks to cut its UK pension scheme benefits - Trustees A company logo is seen outside the Tata steelworks near Rotherham in Britain, in this March 30, 2016 file photo. REUTERS/Phil Noble/File Photo LONDON Tata Steel ( TISC.NS ) is in talks with stakeholders to cut its UK pension benefits and end its liability for the scheme, according to a statement from the trustees of its British Steel Pension Scheme (BSPS). Tata Steel, the UK''s largest steelmaker, is currently in talks to merge its European assets with Germany''s Thyssenkrupp but the success of those talks hinges on Tata being able to separate itself from its pension scheme. The 15 billion pound scheme, which Tata inherited in 2007 when it bought Corus, formerly state-owned British Steel, is one of the largest defined benefit, or final salary, UK pension schemes. Its deficit stood at 50 million pounds last October, though it stood at 700 million pounds earlier in the year and could easily balloon again, depending on market conditions. . Given that position, the company is seeking a deal with the pensions regulator and other stakeholders to cut benefits for all members but keep them above levels that would be offered by the Pension Protection Fund (PPF) -- a lifeboat for failing schemes. If a deal were struck, the idea would be for the scheme to be run by the trustees without the financial backing of Tata. "The Trustees hope and expect to be able to provide better benefits for members than PPF compensation. This could be done by transferring members and assets to a new scheme with modified benefits," the BSPS trustees said. Tata Steel has meanwhile offered to invest in its British business and guarantee the jobs of its 11,000 UK employees if they vote in favour of closing the pension scheme to future accrual and moving on to a less generous scheme. The UK business has made consistent losses since Indian-owned Tata bought it 2007. Employees will vote on the deal at the end of this month. (Reporting by Maytaal Angel and Carolyn Cohn; Editing by Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tatasteel-pensions-uk-idUKKBN14X1X2'|'2017-01-13T22:57:00.000+02:00'
'2aeddc70af64b9ba13f56e14b846c6bf4c74eb37'|'ADM''s Asia trading chief Frederik Groth leaves the company'|'SINGAPORE Jan 13 The chief executive at U.S. agricultural commodities firm ADM''s trading arm in Asia, Frederik Groth, has left the company, two traders and a company source said on Friday.The company said it does not comment on personnel matters. It was not clear as to why he had left the company. (Reporting by Naveen Thukral in Singapore and Dominique Patton in BEIJING; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/archer-daniels-asia-idINL4N1F322U'|'2017-01-13T01:35:00.000+02:00'
'81fceb04edecaa092520d9f2a4b98cd05cb16bcc'|'ASIA CREDIT CLOSE: Credit gains as investors pounce on primary issues'|'Financials  30am EST ASIA CREDIT CLOSE: Credit gains as investors pounce on primary issues SINGAPORE, Jan 13 (IFR) - New issuance started to accelerate this week, but it is not weighing on the secondary market as investors have reopened their books for the year and are mopping up primary supply. "New issuers are coming out in a pretty orderly fashion and seem to be doing pretty well," said a credit trader. "The market is taking it in its stride." A new 10-year issue from the Republic of Korea tightened as much as 6bp in early trading, before settling at Treasuries plus 51bp, 4bp inside the pricing level. This week''s issues from New World China Land and Adani Ports were holding firm around reoffer, while Bharat Petroleum, despite pricing flat to its curve, had tightened 5bp to Treasuries plus 195bp. Taikang Insurance was a strong performer in the investment-grade sector, improving from the reoffer spread of Treasuries plus 168bp to today''s spread of 157bp. Bankers said a lot of investors in the recent investment grade offerings had taken a buy-and-hold approach, but were also trying to top up their holdings in the secondary market, having bought little in the last two months of 2016. The Asia ex-Japan iTraxx IG index was 1bp tighter at 115bp/117bp, while Korean five-year sovereign CDS was unchanged following the new sovereign issue. (Reporting by Daniel Stanton; editing by Dharsan Singh) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/markets-asia-debt-idUSL4N1F3377'|'2017-01-13T15:30:00.000+02:00'
'27b28afabd7df152a72e963a71f1524f6a06f611'|'BlackRock tells large UK companies to link pay to performance'|'Business News   3:15pm EST BlackRock tells large UK companies to link pay to performance The BlackRock sign is pictured in the Manhattan borough of New York, in this October 11, 2015 file photo. REUTERS/Eduardo Munoz/Files NEW YORK BlackRock Inc, the world''s largest asset manager, has told more than 300 large UK-listed companies that executive pay should be strongly linked to long-term performance and that it should only be increased at the same level of a company''s overall workforce. BlackRock sent letters to companies in the FTSE 350 Index to help their remuneration committees and boards as they review corporate pay framework, a spokeswoman for the asset manager in London said on Sunday. BlackRock especially focused on companies that will submit their remuneration policy to a binding shareholder vote in 2017, the asset manager said in the letter. Binding votes give shareholders the final say on executive pay, rather than company directors. About half of the FTSE 350 companies will face binding votes this year, the Financial Times said. The firm said it expected pension contributions for executives to be in line with the rest of the workforce for new contracts. "We consider misalignment of pay with performance as an indication of insufficient board oversight, which calls into question the quality of the board. We believe that shareholders should hold directors to a high standard in this regard," the letter said. BlackRock said that where it determines executive pay is not aligned with the best long-term interests of shareholders, it will take that into consideration when it votes for the re-election of members on a company''s remuneration committee. Total pay for the chiefs of companies in the FTSE 100 index has quadrupled over the past 18 years as repeated efforts by shareholders to control spiraling remuneration awards have failed, the Financial Times reported. (Reporting by Herbert Lash; Editing by Peter Cooney) Next In Business News Oil prices will be much more volatile in 2017: IEA ABU DHABI Global oil prices will witness "much more volatility" in 2017 even though markets may rebalance in the first half of the year if output cuts pledged by producers are implemented, the head of the International Energy Agency (IEA) said on Sunday. U.S. banks to stay in fashion as earnings kick off NEW YORK U.S. bank stocks will stay in favor with investors as long as earnings reports in the coming week show an improving profit outlook while investors wait to see if U.S. President-elect Donald Trump lives up to his campaign promises. CARACAS Venezuela will next week circulate a new proposal to crude producers in a bid to support oil prices, President Nicolas Maduro said on Sunday, without providing details. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-blackrock-executivepay-letter-idUSKBN14Z0WB'|'2017-01-16T03:13:00.000+02:00'
'e8ae37d80dbce4c70e887981121a265e8cc348eb'|'Iran oil minister certain that oil prices will rise - Mehr'|'  9:57am GMT Iran oil minister certain that oil prices will rise - Mehr Iranian Oil Minister Bijan Namdar Zanganeh talks with journalists in Bahregan, 1200 km (745 miles) south of Tehran, July 26, 2005. DUBAI Iran''s oil minister said that he was confident the OPEC and non-OPEC members would commit to the output cut deal agreed in November, noting that prices of oil would rise further as a result. "I am certain that the OPEC and non-OPEC members will cut oil output as committed. This will remove the oil surplus from the market, balance the demand and supply, and lift prices," Bijan Namdar Zanganeh was quoted as saying by the Mehr news agency. The Organization of the Petroleum Exporting Countries (OPEC) agreed on Nov. 30 to cut output by 1.2 million bpd to 32.5 million bpd for the first six months of 2017, in addition to 558,000 bpd of cuts agreed to by independent producers such as Russia, Oman and Mexico. (Reporting by Bozorgmehr Sharafedin, editing by Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opec-cuts-iran-idUKKBN150115'|'2017-01-16T16:57:00.000+02:00'
'2575e5f5e50d91ef5f23dcad6d424fb06e814267'|'CANADA STOCKS-Futures lower as oil prices slip'|' 43am EST CANADA STOCKS-Futures lower as oil prices slip Jan 16 Stock futures pointed to a lower opening for Canada''s main stock index on Monday as oil prices slipped, pressured by doubts that large oil producers will reduce production. March futures on the S&P TSX index were down 0.33 percent at 7:15 a.m. ET (1215 GMT). Canada''s main stock index rose on Friday as higher bond yields and solid U.S. bank earnings helped boost the index''s heavyweight financials sector. Dow Jones Industrial Average e-mini futures were down 0.22 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.23 percent and Nasdaq 100 e-mini futures were down 0.26 percent. (Morning News Call newsletter link.reuters.com/nex49s ; The Day Ahead newsletter link.reuters.com/mex49s ) TOP STORIES Privately held Canadian carrier Porter Airlines said flights had resumed after a system outage grounded its fleet earlier on Saturday. COMMODITIES Gold futures : $1,203.3 per ounce; +0.59 pct US crude : $52.5 per barrel; -0.23 pct Brent crude : $55.32 ; -0.23 pct LME 3-month copper : $5,885.00 per tonne; -0.41 pct ANALYST RESEARCH HIGHLIGHTS Hudbay Minerals Inc : NBF raises to "outperform" from "sector perform" Sun Life Financial Inc : Canaccord Genuity raises to "buy" from "hold" FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.31) (Reporting by Pradip Kakoti in Bengaluru; Editing by James Dalgleish)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1F60F0'|'2017-01-16T19:43:00.000+02:00'
'fe645dcc400116647fe54214f232555cf2a61f3b'|'Thailand''s CP All and three funds compete for Polish retailer Zabka - sources'|'Funds News  45am EST Thailand''s CP All and three funds compete for Polish retailer Zabka - sources WARSAW Jan 16 Thailand''s top convenience store chain CP All Pcl and three private equity funds are competing to buy Polish retail chain Zabka from Mid Europa Partners, in a deal valued at up to 1.5 billion euros ($1.59 billion), sources familiar with the transaction said. A sale of Zabka comes at a time when some policies of the ruling conservative Law and Justice (PiS) party are considered an investment risk. Thai CP All, which operates 7-Eleven stores, CVC Capital Partners, TPG and Hellman & Friedman are left in the process to buy Zabka, sources said confirming earlier media reports and adding that BC Partners, which had looked at the chain too, quit. Binding offers are due mid February, sources also said. London-based private equity firm Mid Europa Partners, which focuses on central and eastern European investments, bought Zabka in 2011 for 400 million euros. Zabka had sales of 5.75 billion zlotys ($1.39 billion) in 2015 and says that with 3,400 stores it is the largest chain of convenience stores in the country, competing with Portuguese company Jeronimo Martins'' Biedronka chain. In November Mid Europa Partners bought Romanian supermarket chain Profi from Polish Enterprise Investors fund for 533 million euros. "The Romanian supermarket chain has been sold with the EBITDA ratio of 11-12. If Mid Europa has agreed to buy Profi with such a ratio, I assume that they will be expecting to achieve at least the same ratio while selling their portfolio company," one source said. Mid Europa, CP All and CVC were not immediately available to comment. TPG, Hellman & Friedman and BC Partners declined to comment. ($1 = 0.9430 euros) (Reporting by Agnieszka Barteczko and Anna Koper,; Additional reporting Manunphattr Dhanananphorn in Bangkok) Next In Funds News UPDATE 1-Businesses can unlock $12 trillion via key development goals-Davos study DAVOS, Switzerland, Jan 16 Companies could unlock at least $12 trillion in market opportunities by 2030 and create up to 380 million jobs by implementing a few key development goals, according to a study by a group including global business and finance leaders.'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/zabka-ma-idUSL5N1F6233'|'2017-01-16T21:45:00.000+02:00'
'864361ecae9ee43a9504154c9162251a2e6ec9dd'|'Kremlin says too early to react to Trump nuclear cuts offer'|'Industrials   4:42am EST Kremlin says too early to react to Trump nuclear cuts offer MOSCOW Jan 16 The Kremlin said on Monday it was too early to comment on a proposal by U.S. President-elect Donald Trump to do a deal with Moscow on nuclear arms cuts in exchange for Washington lifting sanctions imposed on Moscow over the Ukraine crisis. Trump told The Times of London in an interview published online on Sunday that he would propose offering to end sanctions imposed on Russia for its annexation of Crimea in return for a nuclear arms reduction deal with Russian President Vladimir Putin. Kremlin spokesman Dmitry Peskov, in a conference call with reporters, said Russia would wait until Trump took office before commenting on any proposed deals. There were currently no talks on possible nuclear arms cuts with the United States and Russia did not intend to raise the sanctions issue itself in negotiations with foreign countries, said Peskov. He also dismissed media reports of a planned meeting between Putin and Trump. "All these statements about preliminary agreements about a meeting do not correspond to reality," said Peskov. "Right now there are no agreements, drafts or any preparations underway for a meeting because the president and Mr Trump have not discussed this in any way." Asked if the Kremlin agreed with Trump''s view that NATO is obsolete, something the U.S. president-elect repeated in the same interview, Peskov pointed out that the Kremlin had long been making the same point. (Reporting by Polina Devitt; Writing by Andrew Osborn; Editing by Alexander Winning) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-trump-kremlin-idUSR4N1EP02Q'|'2017-01-16T16:42:00.000+02:00'
'7216c0c2e93f5aba8fbc88781435527d51d5b105'|'Goffin wins one-set shootout to retain Kooyong crown'|' 50am GMT Goffin wins one-set shootout to retain Kooyong crown Tennis - Qatar Open - Men''s Singles - David Goffin of Belgium v Fernando Verdasco of Spain - Doha, Qatar - 4/1/2017 - Goffin in action. REUTERS/Naseem Zeitoon MELBOURNE Belgium''s David Goffin retained his Kooyong Classic title in almost farcical circumstances on Friday when he beat Ivo Karlovic 7-2 in a tiebreaker after the final of the Australian warm-up was reduced to a one-set shootout. Goffin, who will be the 11th seed at Melbourne Park next week, wrapped up the title when his tall Croatian opponent went long with a service return after 32 minutes of a contest curtailed by wet weather. Both players and the umpire appeared confused as to what to do next when the set reached 6-6 but after a brief negotiation, they proceeded to play the tiebreak with the Belgian quickly taking a 5-0 lead. It was a rare half an hour without rain on Friday in the Melbourne suburb, which has hosted the exhibition event since the Australian Open moved from Kooyong to the centre of the city in the late 1980s. (Reporting by Nick Mulvenney in Sydney; Editing by John O''Brien)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tennis-men-kooyong-idUKKBN14X0O1'|'2017-01-13T14:50:00.000+02:00'
'1e8112dc22a8e929bb77fa79d175efd20828e94a'|'U.S. GRAND JURY INDICTS THREE FORMER TAKATA EXECUTIVES IN AIR BAG INFLATOR PROBE -DOCUMENT'|'Market News - Fri Jan 13, 2017 - 10:54am EST U.S. GRAND JURY INDICTS THREE FORMER TAKATA EXECUTIVES IN AIR BAG INFLATOR PROBE -DOCUMENT U.S. GRAND JURY INDICTS THREE FORMER TAKATA EXECUTIVES IN AIR BAG INFLATOR PROBE -DOCUMENT Next In Market News Jan 13 North Dakota''s daily oil output fell about 1 percent in November as lower prices continued to weigh on the second-largest crude producing state. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-grand-jury-indicts-three-former-takat-idUSL1N1F30ZD'|'2017-01-13T22:54:00.000+02:00'
'd626c171390425e6d3d1b42eae1a9a0047e4ea78'|'TABLE-China credit stress events and bond defaults in 2016'|'  4:03am EST TABLE-China credit stress events and bond defaults in 2016 Jan 16 - China''s bond market is facing increasing risks of default as the country embarks on supply side reform to cut industrial overcapacity. As the economy slows down, corporates in hard hit sectors - including some owned by the central government - are having trouble making debt payments. Following is a summary of China''s credit stress events and bond defaults this year: Issuers Amount Due Cause Tenor Product ownership* Dalian Machine 0.5 bln 29-Dec Bond 1 yr Short-term note State-owned Tool Group default Sichuan Coal 1 bln 25-Dec Bond 3 yr Private Placement State-owned Industry Group default Note (PPN) China City 1 bln 17-Dec Bond 5 yr medium-term note State-owned Construction default Holding Group Co Dalian Machine 0.5 bln 11-Dec Bond 270 Short-term note State-owned Tool Group default days China City 1.55 9-Dec Bond 5 yr medium-term note State-owned Construction bln default Holding Group Co Inner Mongolia 1.1 bln 3-Dec Bond 270 Short-term note State-owned Berun Holding default days Group China City 1 bln 28-Nov Bond 5 yr medium-term note State-owned Construction default Holding Group Co Dalian Machine 0.2 bln 21-Nov Bond 1 yr Short-term note State-owned Tool Group default Hebei Logistics 0.15 17-Nov Bond 1 yr Short-term note State-owned Industry Group bln default Wuhan Guoyu 0.2 bln 28-Oct Bond 1 yr Short-term note Logistics default Industry Group Yabang 0.2 bln 29-Sep Bond 1 yr Short-term note Investment default Holdings Group Dongbei Special 0.7 bln 24-Sep Bond 1 yr Short-term note State-owned Steel Group default Dongbei Special 0.3 bln 6-Sep Bond 3 yr Private Placement State-owned Steel Group default Note (PPN) Wuhan Guoyu 0.4 bln 6-Aug Bond 1 yr Short-term note Logistics default Industry Group Dongbei Special 0.87 17-Jul Bond 2 yr Private Placement State-owned Steel Group bln default Note (PPN) Dongbei Special 0.3 bln 10-Jul Bond 3 yr PPN State-owned Steel Group default Sichuan Coal 1 bln 15-Jun Bond 1 yr Short-term note State-owned Industry Group default Dongbei Special 0.3 bln 6-Jun Bond 2 yr PPN State-owned Steel Group default Evergreen 0.4 bln 15-May Bond 1 yr short-term note Holding Group default Nanjing Yurun 1 bln 13-May Bond 3 yr medium-term note Food Co default Baoding Tianwei 1.4 bln 12-May Bond 5 yr medium-term note Yingli New default Energy Resources Co Dongbei Special 0.7 bln 5-May Bond 1 yr short-term note state-owned Steel Group default Inner Mongolia 0.8 bln 5-May Bond 5 yr enterprise bond Nailun Group default Guangxi 0.5 bln 25-Apr Bond 3 yr PPN State-owned Non-ferrous default Metals Group Baoding Tianwei 1.5 bln 21-Apr Bond 5 yr medium-term note state-owned Group default Dongbei Special 800 mln 12-Apr Bond 5 yr medium-term note state-owned Steel Group default China Railway 16.8 11-Apr Trade short-term, centrally Materials Co bln suspension medium-term, private state-owned placement notes Chinacoal Group 600 mln 6-Apr Bond 1 yr short-term note state-owned Shanxi Huayu default Energy Co Dongbei Special 1 bln 5-Apr Bond 90 super short-term state-owned Steel Group default day note Dongbei Special 800 mln 28-Mar Bond 1 yr short-term note state-owned Steel Group default Baoding Tianwei 1 bln 27-Mar Bond 3 yr PPN state-owned Group default Bohai Steel 192 bln 21-Mar Debt municipal Group ** crisis Nanjing Yurun 500 mln 17-Mar Bond 1 yr short-term note Food Co default Zibo Hongda 400 mln 8-Mar Bond 1 yr short-term note Industry Company default Guangxi 500 mln 27-Feb Bond 3 yr PPN state-owned Non-ferrous default Metals Group Baoding Tianwei 1 bln 24-Feb Bond 5 yr medium-term note state-owned Group default Shandong 800 mln 12-Feb Bond 270 super short-term Shanshui Cement default day note Group Yabang 200 mln 9-Feb Bond 1 yr short-term note Investment default Holdings Group Ningde Xiawei 25 mln 4-Feb Bond 3 yr SME collective note Food Co default Sinotruk Fujian 35 mln 4-Feb Bond 3 yr SME collective note Special Vehicle default Co Qingdao Santa 60 mln 25-Jan Bond 3 yr SME collective note Electric default Appliances Group Yunfeng Group 1 bln 22-Jan Bond 2 yr PPN state-owned default 1 bln 22-Jan Bond 1 yr PPN default 1 bln 22-Jan Bond 1 yr PPN default Shandong 1.8 bln 21-Jan Bond 3 yr medium-term note Shanshui Cement default Group ($1=6.8982 Yuan) * Unless stated, the companies involved are private firms. ** Bohai Steel Group issued bond in offshore dim sum market. Others are onshore bond issuers. Sources: Company or exchange statements, Chinese local media and Reuters reports. (Compiled by the Shanghai Newsroom) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-debt-defaults-idUSL4N1F63BJ'|'2017-01-16T16:03:00.000+02:00'
'904b68d4f31f148e18fa6c4c9c57214347d752ca'|'Burberry''s CEO designate to join firm this month'|'Business News  24am EST Burberry''s CEO designate to join firm this month A customer walks in front of a Burberry store in central London July 15, 2008. REUTERS/Alessia Pierdomenico/File Photo LONDON British luxury brand Burberry ( BRBY.L ) said on Monday its incoming chief executive Marco Gobbetti will initially join the company on Jan. 27 as executive chairman, Asia Pacific and Middle East, before joining the board and taking the top job on July 5. Italian Gobbetti, the former boss of French brand Celine, was named as Christopher Bailey''s successor as CEO last July. Bailey will take on the new role of president and chief creative officer. Burberry will update on trading in its Christmas quarter on Wednesday. (Reporting by James Davey; editing by Sarah Young) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-burberry-group-managementchanges-idUSKBN1500O8'|'2017-01-16T14:24:00.000+02:00'
'a469cec53a445df2155d9f7c65ae933d62c01ec3'|'Government to name underwriters for further Japan Post share sale'|'TOKYO Japan''s government has started arranging a further sale of shares in Japan Post Holdings Co ( 6178.T ), it said on Monday, laying the groundwork to add to its biggest privatization in nearly 30 years.The conglomerate made an unprecedented three-way initial public offering in November 2015, in which the holding company and its two financial units each sold about 10 percent shares to the public.The government plans to eventually raise about 4 trillion yen ($35 billion) through additional stake sales in Japan Post group to fund the reconstruction of areas hit by the 2011 earthquake and tsunami.The Ministry of Finance said it would start selecting lead underwriters for the second round of sales of Japan Post Holdings shares held by the government. It set a deadline of Feb. 16 to apply for roles as global coordinators and book runners.A finance ministry statement said the timing and scale of the additional share sale have not been decided.Mitsubishi UFJ Morgan Stanley, Nomura Securities, Goldman Sachs and JPMorgan were hired as global coordinators for Japan Post''s IPO.The government sold about $12 billion worth of shares in Japan Post and its Japan Post Bank Co ( 7182.T ) and Japan Post Insurance Co ( 7181.T ) units in the IPO, which was the largest privatization of a Japanese state-owned firm since that of Nippon Telegraph and Telephone Corp ( 9432.T ) in 1987.The parent company''s stock ended down 4.9 percent on Monday after media reports that the government would sell a further 1.4 trillion yen - the ceiling for expected revenues from such a sale in the draft government budget for the fiscal year starting in April.Japan Post Holdings'' shares surged as much as 40 percent over its IPO price of 1,400 yen in the weeks following its stock market debut.But they had been traded below the IPO price since the middle of last year until the market rally following the surprise victory of Donald Trump in the U.S. presidential election.(Reporting by Takaya Yamaguchi and Taiga Uranaka; Writing by William Mallard; Editing by Muralikumar Anantharaman/Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-post-listing-idINKBN1501K0'|'2017-01-16T10:12:00.000+02:00'
'1b0c36f46ca547280931be1285aa552c7f7e6711'|'MIDEAST STOCKS-Gulf markets edge down in early trade on Q4 earnings'|'Financials  17am EST MIDEAST STOCKS-Gulf markets edge down in early trade on Q4 earnings DUBAI Jan 16 Gulf stock markets edged down in early trade on Monday after several earnings misses by major companies, with Kuwait stalling after a very strong start to the year. Qatar''s index slipped 0.2 percent as Qatar National Bank dropped 1.2 percent after reporting an 8.3 percent increase in fourth-quarter net profit to 2.75 billion riyals ($755 million); EFG Hermes had forecast 2.99 billion riyals and SICO Bahrain, 3.44 billion riyals. In Saudi Arabia, the index was down 0.5 percent in the first 45 minutes of trade. Riyad Bank, the first major Saudi bank to reported fourth-quarter earnings, slipped 2.3 percent after posting a 65.6 percent fall in profit to 293 million riyals ($78 million); analysts polled by Reuters had on average forecast 780 million riyals. Oil shipper Bahri sank 4.8 percent on a quarterly net profit of 327.8 million riyals versus 566.4 million riyals a year ago. Alistithmar Capital and Albilad Capital had forecast 454.6 million and 431 million riyals respectively. Two petrochemicals firms reported quarterly earnings in line with estimates but still saw their shares fall. Saudi Kayan Petrochemical Co dropped 2.3 percent after swinging to a net profit of 103.65 million riyals compared with a loss of 624.14 million riyals a year ago. And Saudi Arabia Fertilizers Co slipped 2.1 percent after reporting a 24.9 percent drop in profit. But Al Jouf Cement climbed 1.1 percent after announcing a 10 percent capital increase through an issue of bonus shares. Dubai''s Emirates NBD, the biggest bank in the emirate, beat analysts'' estimates with a 13 percent fall in profit to 1.86 billion dirhams ($506 million); analysts had on average forecast 1.62 billion dirhams. But its illiquid shares did not trade early on Monday and Dubai''s index edged down 0.2 percent. Kuwait''s index, which had surged 8.2 percent since the end of last year, outperforming the region after a long period of sluggish performance, edged down 0.2 percent. (Reporting by Andrew Torchia; Editing by Dominic Evans) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1F61FN'|'2017-01-16T15:17:00.000+02:00'
'c3a1c4effe9fca62c38a26cbcd39c3f043137fc3'|'Saudi pledges adherence to oil cut, confident others will'|'Money   7:08pm IST Saudi pledges adherence to oil cut, confident others will Saudi energy minister Khalid al-Falih gestures during the 2017 budget news conference in Riyadh, Saudi Arabia December 22, 2016. REUTERS/Faisal Al Nasser/File Photo By Rania El Gamal and Maha El Dahan - ABU DHABI ABU DHABI Saudi Arabia will adhere strictly to its commitment to cut output under the global agreement among oil producers, its energy minister said on Monday, expressing confidence that OPEC''s plan to prop up prices would work. Saudi Energy Minister Khalid al-Falih, speaking at an industry event in Abu Dhabi, also said he was encouraged by signs of commitments by other participants in the deal since it took effect on Jan. 1. "Many countries are actually going the extra mile and cutting beyond what they''ve committed... I am confident about the impact... and I am very encouraged about those first two weeks," Falih said. The comments are the latest in a series of assurances from officials that participants will follow through on the agreement intended to help get rid of a glut. Compliance with the deal will be a key influence in early 2017 on oil prices, which at $56 a barrel are about half their level of mid-2014. Under the accord, the Organization of the Petroleum Exporting Countries and Russia and other non-members will curtail oil output by nearly 1.8 million bpd, initially for six months. Last week, Falih said Saudi output had fallen below 10 million bpd, meaning Saudi Arabia had cut production by more than the 486,000 bpd which it agreed to late last year under the producers'' agreement. On Monday, he said: "We will strictly adhere to our commitment," adding that during the six-month agreement, Saudi output would either be at the kingdom''s target under the deal or "as is the case now, slightly below". Producers were unlikely to extend the deal beyond six months and would allow market forces to prevail once the supply glut is eradicated. "My expectations (are)...that the rebalancing that started slowly in 2016 will have its full impact by the first half," he said. "Once we get close to the 5-year average of global stocks and inventories we will basically let our foot off the brakes and let the market do its thing." OPEC complied with up to 80 percent of its last output cut in 2009, according to International Energy Agency data. A committee of OPEC and non-OPEC ministers to monitor the issue is meeting on Sunday. Kuwait also said last week it had cut production by more than it committed to and OPEC''s secretary general told Reuters he was confident of the level of commitment and enthusiasm among producers who agreed to the deal. (Additional reporting by Stanley Carvalho; Writing by Andrew Torchia and Alex Lawler; Editing by Ruth Pitchford) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/saudi-oil-commitment-idINKBN1501M2'|'2017-01-16T20:38:00.000+02:00'
'85be62ee84531f7ae4f72f9e8706f7dcb778caef'|'Australian shares to start the week on a positive note; NZ flat'|'Financials   4:19pm EST Australian shares to start the week on a positive note; NZ flat Jan 16 Australian share prices are expected to open higher on Monday, following a strong lead from Wall Street''s last session, with a rise in iron ore prices countering the impact of a decline in oil. Traders are also awaiting production reports from major miners and oil companies in the coming days. Wall Street rose on Friday after major U.S. banks kicked off their fourth-quarter earnings season with strong results. The local share price index futures contract was up 0.3 percent, a 14.1-point discount to the underlying S&P/ASX 200 index close. The benchmark lost 0.6 percent last week. New Zealand''s benchmark S&P/NZX 50 index was flat in early trade. For a summary of overnight action across global markets, double click on For a digest of the day''s business stories in Australian newspapers, double click on (Reporting by Anusha Ravindranath in Bengaluru; Editing by Greg Mahlich) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-morning-idUSL4N1F50BR'|'2017-01-16T04:19:00.000+02:00'
'fd022d705477c7d29b42999d4cbb847c4ef4737c'|'KKR to buy Hitachi''s power tools unit for $1.3 billion'|'TOKYO U.S. private equity firm KKR & Co LP ( KKR.N ) has agreed to buy Japanese conglomerate Hitachi Ltd''s ( 6501.T ) power tools unit, Hitachi Koki Co Ltd ( 6581.T ), for about $1.3 billion, the companies said on Friday.KKR will launch a tender offer for Hitachi Koki at 870 yen per share, costing it 88.2 billion yen. Including a special dividend of 580 yen per share upon success of the tender offer, KKR will pay a total of 147.1 billion yen ($1.28 billion).Hitachi said last month it was considering selling Hitachi Koki.(Reporting by Chris Gallagher and Chang-Ran Kim)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hitachi-koki-m-a-kkr-idINKBN14X0JH'|'2017-01-13T03:36:00.000+02:00'
'9d734086c9c30748a261484812e3909fd7b25ba6'|'Estate agent Countrywide says London slowdown hits volumes'|'Business News - Fri Jan 13, 2017 - 7:30am GMT Estate agent Countrywide says London slowdown hits volumes LONDON British estate agency Countrywide ( CWD.L ) said the volume of house sales in London in the final quarter continued to be below 2015''s levels, resulting in a drop of about 6 percent in the number of deals for the year. The group, however said a strong performance from its lettings business partly offset the lower number of sales. Group income for the fourth quarter was about 179 million pounds, down from 196 million a year ago, it said on Friday, while income for the full-year would be broadly flat at 737 million pounds. (Reporting by Paul Sandle; editing by Sarah Young) Next In Business News China posts worst export fall since 2009 as fears of U.S. trade war loom BEIJING China''s massive export engine sputtered for the second year in a row in 2016, with shipments falling in the face of persistently weak global demand and officials voicing fears of a trade war with the United States that is clouding the outlook for 2017. Despite Saudi signals, OPEC unlikely to deliver all promised oil cuts LONDON/DUBAI OPEC is unlikely to deliver fully on its target to cut production despite Saudi Arabia saying it had trimmed more than it had committed to, OPEC delegates say, but compliance of 80 percent would be good and as low as 50 percent acceptable. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-countrywide-outlook-idUKKBN14X0MT'|'2017-01-13T14:30:00.000+02:00'
'1ac18595702b00e81c258f130741694cb1be684b'|'FTSE at another record, Fiat rebound lifts European autos stocks'|'Business News - Fri Jan 13, 2017 - 8:36am GMT FTSE at another record, Fiat rebound lifts European autos stocks A red London bus passes the Stock Exchange in London February 9, 2011. REUTERS/Luke MacGregor LONDON European shares advanced in early trading on Monday, led higher by automobile stocks, with Britain''s benchmark equity index setting an all-time high and on track for a record 14th straight session of gains. Shares in Fiat Chrysler Automobiles ( FCHA.MI ) rose 6 percent, recouping some of the previous session''s 16 percent slump triggered by the U.S. Environmental Protection Agency''s (EPA) accusations that the car maker illegally masked excess diesel emissions. However, its CEO Sergio Marchionne told La Repubblica newspaper on Friday that the EPA''s accusations that Fiat violated emissions laws will not have any impact on the carmaker''s business plan targets. Italian stocks dominated the list of top performers on the STOXX with UBI Banca ( UBI.MI ) up 7.6 percent and Exor ( EXOR.MI ) up more than 6 percent. Meanwhile, shares of French media company Technicolor ( TCH.PA ) were on track on their worst-ever one-day loss after a profit warning wiped out nearly a fifth of their value. Britain''s blue-chip FTSE 100 index .FTSE set another record high of 7,329.29 points and was last quoted 0.4 percent higher. It was also on track for its sixth straight weekly gain. The pan-European STOXX 600 .STOX was also up 0.5 percent, led higher by the automobile index, up 1.6 percent. (Reporting by Atul Prakash, Editing by Vikram Subhedar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN14X0SU'|'2017-01-13T15:36:00.000+02:00'
'5dea4b8853246aad40680ba23bec0beff3510a74'|'Watchmakers hope for Trump economics rally'|'Watchmakers hope for Trump economics rally US president-elect has proposed policies that could cut red tape and boost sales Read next by: Mamta Badkar A watch ticks, a fanfare swells, a shrill alarm sounds and a deep voice intones, “Good morning, Mr President.” In this television ad, Swiss watchmaker Vulcain airs pride in its presidential history — Harry Truman, Dwight Eisenhower and Lyndon Johnson were all fans of Vulcain and every successive president except George W Bush has owned one. It remains to be seen, however, whether Donald Trump , the incoming US president, will help the watchmaking industry or worsen the problems Swiss manufacturers have experienced since 2014. Exports, according to the Swiss watch industry federation, are down 10.3 per cent in the two years to November 2016 and by 28 per cent in Hong Kong and 22 per cent in the US, the two biggest markets. Executives from the luxury industry are already talking to Mr Trump. Bernard Arnault, chief executive of LVMH, which owns watch brands like Hublot and TAG Heuer, met him on January 9 and said LVMH, which derives 9.2 per cent of its revenues from watches and jewellery, might consider expanding its operations in the US. Policies Mr Trump mentioned on the campaign trail have broad relevance to the watch industry. If his administration were to push through the income tax rate cuts promised, that could boost the spending power of wealthy Americans when the dollar is already at near 14-year highs. Indeed, the DXY dollar index, a measure against a basket of peers, began its upturn in mid-2014 and has risen nearly 27 per cent since, including more than four percentage points following Mr Trump’s election victory. There has been a sustained Trump-driven stock market rally. The Dow Jones Industrial Average has advanced more than 8 per cent since the election and continues to push on. This, together with the economic growth that Mr Trump has promised, could boost the luxury market in general and watches in particular. “Trump certainly has a pro-business stance and bringing back jobs to the US and growing the economy is very much part of his mantra,” says Giles English, co-founder of UK-based watchmaker Bremont. “That sort of talk undoubtedly boosts confidence and people are more inclined to spend when they feel confident about the future.” Rogerio Fujimori, an analyst at RBC Capital Markets, says the US offers long-term growth for the industry, considering “the mismatch between the big US wealth pool (which contains 35 per cent of the world’s population classified as of high net worth) and limited penetration of Swiss watches (relative to other luxury categories)”. Trump certainly has a pro-business stance and bringing back jobs to the US is very much part of his mantra Giles English, co-founder of UK-based watchmaker Bremont In keeping with his “America First” trade policy, however, Mr Trump has nominated Robert Lighthizer , an advocate of protectionism, as his US trade representative. While his policies will have more bearing on relations with China, they could ensnare Switzerland’s watch industry. “The industry’s fortunes are linked to growth in the number of wealthy and middle-class people globally, says Jelena Sokolova, an analyst at investment research business Morningstar. “If Trump’s protectionist policies have [an] adverse impact on Chinese growth and wealth creation, it could impact the industry negatively.” However, such conclusions remain farfetched at the moment, she adds. Mr Trump’s protectionist policies that have so far been used to shame and strong-arm automakers and industrial companies like Carrier into keeping jobs and manufacturing plants in the US could bring further scrutiny to US watchmakers like Shinola . Last year, the company agreed that it would move away from its “Where American is made” slogan after the Federal Trade Commission said it felt the phrase was likely to mislead consumers about the extent to which its watches and other products were made in the US. The FTC’s guidelines require companies that use “Made in America” slogans to have products that are “all or virtually all” made domestically. Shinola made concessions, including “applying corrective hangtags and information cards...to alert consumers to the fact that those products include significant imported content”. But the company told the Financial Times, “Shinola is not a ‘Made in America’ play, it is a company with a sincere interest and devotion to creating American jobs in industries where manufacturing has left our shores.” Mr Trump has promised to repeal “job-killing” regulations, a move which the watchmaking industry would in general welcome. “The American Watch Association has always stood for, promoted and supported the reduction of taxes and tariffs on watches and the elimination of burdensome regulation on watch companies and their suppliers,” says Alyson Gottlieb, a spokesperson for the association. The dollar may have further to strengthen under Mr Trump, if the US economy continues to grow and the Federal Reserve accelerates the pace of its interest rate rises should Mr Trump’s proposed stimulus measures raise inflation. While the strong dollar benefits domestic spending, many US department stores and retailers have warned that it has cooled tourist expenditure. That could counterbalance the pressure the industry has faced from the strong Swiss franc, however, which has driven up manufacturing costs. The franc has appreciated nearly 12 per cent against the euro since January 2015. Recent performance by some of the best-known Swiss watchmakers shows how sombre the industry’s mood is. Richemont, the luxury conglomerate which owns brands like Vacheron Constantin and Cartier, abolished its chief executive position last year. Founder Johann Rupert emphasised the need to “slim down” as the group’s interim results showed that operating profits had fallen 43 per cent and sales were down 13 per cent. Sales at Swatch, which owns Breguet and Omega, decreased by more than 11 per cent in the first half of the year and profits fell by more than half. Analysts estimate sales will drop nearly 5 per cent in the second half. Additional reporting by Simon de Burton Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/retail-consumer'|'https://www.ft.com/content/b3e49344-d1cb-11e6-b06b-680c49b4b4c0'|'2017-01-14T21:08:00.000+02:00'
'fea360792114264ab9d79118bb7e9b1e8f831d9f'|'U.S. FTC Chairwoman Ramirez to step down'|'Business News  36am EST FTC Chairwoman Ramirez to step down FILE PHOTO - FTC Chairwoman Edith Ramirez testifies before the House Energy and Commerce Subcommittee on protecting consumer information in Washington February 5, 2014. REUTERS/Gary Cameron WASHINGTON Federal Trade Commission chairwoman Edith Ramirez will step down after more than three years as chairwoman and six at the agency, the FTC said on Friday. Ramirez, who was on the Harvard Law Review with President Barack Obama and later worked for his campaign, steps down effective Feb. 10, the agency said in a statement. (Reporting by Diane Bartz and Tim Ahmann; Editing by Susan Heavey) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-ftc-ramirez-idUSKBN14X207'|'2017-01-13T23:31:00.000+02:00'
'6c9f3b4297245f2a7d85cbd3bdffeddfdfe59605'|'‘I thought I’d bought my first home, but I lost £67,000 in a conveyancing scam’ - Money'|'A charity worker buying his first home has had his £67,000 life savings stolen after fraudsters hacked into emails sent between him and his conveyancing solicitor.Howard Mollett’s case will send a shiver down the spine of anyone who is in the process of buying a home, or planning to do so, and comes hard on the heels of a warning from the solicitors’ watchdog that “conveyancing theft” involving hacked emails is now the most common cybercrime in legal circles.Mollett, who works for a humanitarian charity, says that so far just £7,800 of his cash has been recovered. As he had already signed up to a mortgage and exchanged contracts on the one-bedroom flat he was buying, he had to borrow the money from his father and sister to ensure that the purchase didn’t fall through.Banks'' online security is failing customers, says Which? Read more“My dad is 72, has had health issues for a number of years and was supposed to retire in December, but has had to postpone that now as his nest egg is gone. As a consequence, my parents may have to sell their home,” says Mollett, 40. “So it’s really important that we get the funds back or be compensated for his sake in particular.”Mollett and the solicitors accuse each other of being at fault. The fraudsters used the email address of a member of staff at the solicitors that Mollett had been dealing with, prompting him to say that “all the evidence I’ve seen points to it being the solicitors that were hacked, not myself”. However, the law firm concerned, Middlesex-based Sethi Partnership Solicitors, denies there was any flaw in its IT systems, adding: “[We] assert that it was in fact Mr Mollett’s own careless actions that led to his loss.” The firm also says that the banks “should take more responsibility”.There’s a name for this type of email hacking scam involving the theft of homebuying cash, according to the Solicitors Regulation Authority (SRA): “Friday afternoon fraud”. This reflects the fact that most completions take place that day – something that plays into the hands of criminals because it buys them more time to avoid detection.Mollett was in the final stages of buying the flat in south London when the fraudsters struck. His offer on the flat was accepted in April 2016 and, on the recommendation of his mortgage adviser, he appointed the Sethi Partnership as his conveyancing solicitors.Mobile banking in the spotlight as fraudsters pull £6,000 sting Read moreOn 29 September he transferred £45,000 from his Barclays account to his solicitor’s legitimate bank account at HSBC. However, a message from his bank popped up on his screen telling him that the funds could take up to three days to clear. He had to make the transfers online as he was travelling abroad for work and realised that if that was the case for all the remaining tranches of money he would miss his completion date.Mollett says the solicitors had emphasised how important it was to ensure all the funds reached them on time, so he emailed the Sethi Partnership that same day asking about the best way to get the rest of the money – a total of £74,837 to cover the remaining deposit, stamp duty, fees etc – to them promptly to meet the deadline.It was at this point that the fraudsters contacted him, using the email address of the member of staff at the solicitors whom he had been dealing with all through the process – though Mollett was unaware the emails had been hijacked. This email stated that the firm’s usual bank account could not receive Chaps or Bacs payments, and advised him to pay the money into its Yorkshire Bank account.The following day, 30 September, he transferred £42,000 to this Yorkshire Bank account, and then sent a confirmation of transfer by email to the member of staff at the Sethi Partnership. He received a reply – purporting to be from the firm, but again from the fraudsters – confirming receipt of his email.On 1 October he transferred a further £25,000 to the Yorkshire Bank account, and again received confirmation of receipt of his email.The following day Mollett received a further email purporting to be from Sethi, though again in fact from the criminals, stating that amounts of less than £10,000 should be directed to the firm’s NatWest account. So the final tranche of £7,837 was sent to a NatWest account. Mollett received an email which again appeared to be from his contact at the solicitors, stating: “I won’t be at the office tomorrow. On Tuesday I will call you to make arrangements for completion on Wednesday. Thanks for the prompt payment and have a fun trip back.” (The latter remark was a reference to his work trip.)This is not an email address similar to, but one letter different from, my solicitor – it is her email addressHoward MollettOn 4 October Mollett realised something terrible had happened when an email arrived from the Sethi Partnership confirming that only the first £45,000 had reached its bank account. He quickly spoke to all the banks concerned, but the only bit of good news was that the £7,837 that went to NatWest had been frozen and was later returned to him. He has not received a penny back of the £67,000 that he transferred to Yorkshire Bank.As for his own bank, Barclays, Mollett says: “I feel let down and messed around.” He says he was later told that at least £9,000 of his money was transferred from Yorkshire Bank to a Barclays account, presumably one belonging to the criminals or their associates.Mollett was introduced to a cyber-security specialist who had previously provided advice to his employer, who offered to give him some free help. This expert, who wants to remain anonymous, analysed the chain of emails and says in his report: “The analysis indicates that a fraudster gained access to [the named Sethi employee’s] email account, most likely via her webmail, where the fraudster modified and rerouted the emails from her account … The analysis showed that it was not Howard Mollett’s email that was hacked. Instead, he received valid, authentic emails coming from [the employee’s] email account, which were authored by the fraudster.”Meanwhile, a lawyer offered to help him pro bono and wrote to the Sethi Partnership asking that it compensate Mollett on the grounds it had allowed a client’s confidentiality to be breached.Mollett says the fact the emails came from his solicitor’s email address and were part of a chain of correspondence were why he didn’t question their authenticity. “This is not someone claiming to be the cousin of the President of Nigeria asking me to wire money to them. And this is not an email address similar to, but one letter different from, my solicitor – it is her email address.”Intriguingly, on or around 4 October, the day the crime was uncovered, the Sethi Partnership introduced a warning in bold text at the bottom of its emails pointing out the “significant risk posed by cyber fraud, specifically affecting email accounts and bank account details. Please note that this firm’s bank account details will not change during the course of a transaction and we will not change our bank account details via email … We will not accept responsibility if you transfer money into an incorrect bank account.” Guardian Money has seen copies of emails from a few days earlier that don’t include this warning. Mollett says: “If only they had given such a warning of these risks before the crime happened.”Early last month the SRA said conveyancing fraud “can see people lose their life savings”. It added: “We also want to see firms making sure their clients are aware of the risks. For instance, we would recommend that people avoid sharing bank details over email, or transferring money before confirming the source of any request.”Our view is that the situation arose largely due to the carelessness of Mr MollettThe Sethi PartnershipIn a statement, the Sethi Partnership said: “Our view is that the situation arose largely due to the carelessness of Mr Mollett.” It said it was aware Mollett had to frequently travel abroad for work, “and he regularly uses internet access from various unsecured locations, leaving his computer vulnerable to hacking … In comparison, our systems have a significant amount of security … Therefore we are confident at this stage that the security of our IT systems have not been breached, and vulnerabilities are with Mr Mollett’s own systems”.The firm claimed that, as an existing client, Mollett was aware the company had only one bank account, with HSBC, with all payments to be made to this, adding: “We never disclose our bank details in email communication … Clearly Mr Mollett should have been more vigilant and checked the details before making the transfer to an unknown account name.”A Yorkshire Bank spokesman says the money was withdrawn from the account soon after the transfer from Mollett. “We were very sorry to hear that Mr Mollett has been the victim of a fraud having received a number of fraudulent emails from criminals.” He adds: “We work hard to ensure our customers are aware of the steps they can take to protect themselves. We are also collaborating with the Joint Fraud Taskforce which has been set up to tackle fraud in the UK. We enforce a range of fraud prevention measures during both account opening and throughout the relationship.”In a letter to Mollett, Barclays concedes that he received “poor service” in relation to the information he was given. A bank spokesman told Money: “This scam is a tragic case of criminal theft by a fraudster hacking and amending a solicitor’s emails, meaning Mr Mollett paid funds to the fraudster rather than the intended recipient, his solicitor. We have every sympathy with Mr Mollett and acted swiftly to try to recover funds at the time this was reported.”The spokesman confirmed some of the funds originally transferred to Yorkshire Bank were sent to another Barclays account but, “regrettably, even before Mr Mollett first contacted Barclays, these funds had already been paid away”.How to avoid being conned Email scam costs couple £25,000 – but no one will help Read moreGuardian Money is regularly contacted by people who have been conned out of life-changing sums of money having fallen victim to highly sophisticated email scams.The common thread in these cases is that they involve people who have employed a legitimate solicitor/builder/accountant etc, with whom they are in email correspondence.Typically, the victim receives a request for payment via email, which doesn’t arouse suspicion because they were expecting it. It usually looks authentic and is for the correct amount – but behind the scenes the email account of either the victim or the business has been hacked, and the bank account number and sort code are the crook’s.Cases featured by Money include that of David and Sarah Fisher from north-west London, who lost £25,000 after receiving a genuine invoice for building work, then what appeared to be a follow-up email from the same firm but was in fact a scam, with a fresh invoice attached that included “our new banking details”. They made a payment and their money was gone.In most cases, the banks operating the accounts the fraudsters use to accept people’s money say that by the time they are made aware of a crime, the cash has been cleaned out.If you receive an emailed invoice or request for payment, and it is someone you have not previously made a payment to, or have paid before but they have changed their bank details, your default position should be suspicion – even if you were expecting it. Phone the individual or company and check they have asked for the money, and that the bank details provided are correct.If it is a large sum, send a small amount first, then check that the right person has received it before paying the balance.'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/jan/14/lost-67000-conveyancing-scam-friday-afternoon-fraud-legal-sector-email-hacker'|'2017-01-14T15:00:00.000+02:00'
'350aa61917302708fe296134a671a4ad9b5c211c'|'German farming lobby leader concerned at lack of Brexit plan'|'Business News - Sat Jan 14, 2017 - 7:04am GMT German farming lobby leader concerned at lack of Brexit plan By Hans-Edzard Busemann - BERLIN BERLIN The head of Germany''s farming association voiced concerns about the lack of plans to deal with the impact on European Union finances and on massive volumes of food trade following Britain''s vote to leave the EU. As Britain is a huge net contributor to EU finances, Brexit could have a major impact on funding of the EU''s farming support scheme, called the common agricultural policy (CAP), Joachim Rukwied, the president of the German farming association DBV, said. "The discussion about the implications of Brexit on the CAP has not yet taken place," Rukwied told Reuters. Farmers should not face cuts to their EU support payments because of Brexit, he said. A major challenge will be creating a satisfactory trading relationship with Britain after Brexit, he said. British Prime Minister Theresa May, who has said she will begin the formal EU divorce process by the end of March, has come under fire from businesses, investors and lawmakers for having given little away about her plans for Brexit. She is due to give a speech next week setting out more on the government''s objectives. May''s farming minister has sought to reassure the British agricultural sector, saying it is the government''s intention to maintain as low tariffs as possible, and zero tariffs where it can. German Chancellor Angela Merkel will on Wednesday chair a meeting of a cabinet committee on Brexit at which ministers will discuss organisational and structural issues related to Brexit. German farmers are worried about the status of big German food exports to Britain which totalled about 4.8 billion euros (4.19 billion pounds) in 2015 or about 6 percent of German food exports. Sales include German meat, milk, grains, fruit and vegetables. Britain exported 1.4 billion euros of farm produce to Germany in 2015. "We have a surplus in trade with food from Germany to the United Kingdom of 3.4 billion euros," he said. "I cannot see that any progress has been made on this issue in the United Kingdom." Britain could be involved in a food free trade deal with the EU after Brexit, German Agriculture Minister Christian Schmidt told Reuters in July. Meanwhile, German farmers continue to suffer from the impact of a Russian ban on food imports imposed after Western sanctions were imposed on Russia following the Ukraine crisis, he said. The loss of sales to Russia of German milk, pork, fruit and vegetables had caused downward price pressure, he said. But increasing German exports of milk products and pork to China had made up for some of the lost Russian business and kept prices away from their lowest levels, he said. (Reporting by Hans-Edzard Busemann, Writing by Michael Hogan; Editing by Alison Williams)   Sony Entertainment CEO exiting for a top role at Snap LOS ANGELES Sony Entertainment Chief Executive Michael Lynton will step down to become chairman of the board of messaging app owner Snap Inc, a move that puts an experienced Hollywood executive in a prominent role as the technology company prepares for an initial public offering.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-germany-agriculture-idUKKBN14Y075'|'2017-01-14T14:04:00.000+02:00'
'811a11687cbdd76c72d8ee916d98e65694c3e792'|'Actors Johnny Depp, Amber Heard finalize bitter divorce'|'Entertainment News - Fri Jan 13, 2017 - 9:34pm EST Actors Johnny Depp, Amber Heard finalize bitter divorce File photo: Cast member Johnny Depp and his actress wife Amber Heard arrive for the British premiere of the film ''''Black Mass'''' in London, Britain October 11, 2015. REUTERS/Suzanne Plunkett/File Photo By Piya Sinha-Roy - LOS ANGELES LOS ANGELES Film star Johnny Depp''s tumultuous divorce from actress Amber Heard was finalized on Friday, ending the couple''s marriage after months of highly publicized claims by Heard of domestic violence and counterclaims from Depp of financial blackmail. Court papers filed in Los Angeles County Superior Court on Friday detailed a splitting of marital assets and an agreement by Depp, 53, to pay a previously announced sum of $7 million to Heard, 30, that she said will be donated to charity. Heard filed for divorce in May after 15 months of marriage, and days later obtained a temporary restraining order against Depp. She said in court filings that Depp was abusive to her throughout their marriage, culminating in an argument in May in which he hurled a cell phone into her face and shattered various objects in her apartment. A lawyer for Depp denied allegations of abuse and argued that Heard was "attempting to secure a premature financial resolution by alleging abuse." As part of the divorce settlement, Heard dismissed her request for a continued restraining order against Depp. She also dropped her defamation lawsuit against Depp''s friend, comedian Doug Stanhope, over an article he had written accusing the actress of blackmailing and manipulating her estranged husband. The divorce papers showed that Depp would retain sole possession of numerous real estate assets, including properties in Los Angeles, Paris and his private island in the Bahamas. He will also keep more than 40 vehicles and vessels, including vintage cars and his motorcycle collection. Heard will maintain custody of her dogs Pistol and Boo, the two canines at the center of a scandal in Australia in which Heard pleaded guilty to falsifying travel documents to sneak her pets into the country in 2015 without proper quarantine procedures. Heard said she would split her $7 million divorce settlement equally between the American Civil Liberties Union and the Children''s Hospital of Los Angeles. Court papers said Depp has paid $200,000 of the settlement so far, and will pay the rest over the course of the year. The payments will be made from Depp''s compensation from his upcoming film "Pirates of the Caribbean: Dead Men Tell No Tales" and sale of some of his properties, the papers showed. Heard''s attorney, Pierce O''Donnell, hailed the finalization as a "great day" for his client, adding, "All Amber wanted was to be divorced and now she is." There was no immediate statement from Depp or his representatives. (Reporting by Piya Sinha-Roy; Editing by Steve Gorman and Mary Milliken) Next In Entertainment News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/uk-people-depp-heard-idUSKBN14Y02A'|'2017-01-14T09:26:00.000+02:00'
'ffd3b5c28e5dcc28cae2675f524729db5bb52d50'|'South Korea prosecutor delays decision on whether to seek arrest of Samsung''s Lee'|'Business News - Sun Jan 15, 2017 - 5:08am GMT South Korea prosecutor delays decision on whether to seek arrest of Samsung''s Lee Samsung Electronics vice chairman Jay Y. Lee is surrounded by media as he leaves the office of the independent counsel in Seoul, South Korea, January 13, 2017. Kim Do-hoon/Yonhap via REUTERS SEOUL South Korea''s special prosecutor on Sunday delayed a decision on whether or not to seek a warrant to arrest Samsung Group [SAGR.UL] leader Jay Y. Lee, who was questioned on bribery suspicions in an influence-peddling investigation. "Today we plan not to decide whether to seek an arrest for Vice Chairman Jay Y. Lee," the special prosecutor''s office said in a text message. It did not elaborate. The special prosecutor had said on Friday it would make its decision by Sunday. Lee was questioned for 22 hours before leaving the special prosecutors'' office in Seoul on Friday as part of their investigation into a corruption scandal that led President Park Geun-hye to be impeached by parliament. A court is deciding whether to uphold or overturn the vote. (Reporting by Ju-min Park; Writing by Tony Munroe; Editing by Robert Birsel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-southkorea-politics-samsung-group-idUKKBN14Z055'|'2017-01-15T12:08:00.000+02:00'
'8b2468fba9460994bae8b876713237542ee99112'|'Wall Street opens higher as banks kick off earnings'|'Money News   8:05pm IST Wall Street opens higher as banks kick off earnings A trader works on the floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., December 21, 2016. REUTERS/Andrew Kelly/Files U.S. stocks opened higher on Friday after quarterly profits of Bank of America and JPMorgan beat expectations as fourth-quarter earnings kicked off. The Dow Jones Industrial Average rose 28.03 points, or 0.14 percent, to 19,919.03. The S&P 500 gained 3.32 points, or 0.14 percent, to 2,273.76. The Nasdaq Composite added 10.83 points, or 0.2 percent, to 5,558.32. (Reporting by Tanya Agrawal; Editing by Savio D''Souza) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN14X1PH'|'2017-01-13T21:35:00.000+02:00'
'243b8ecadcf37c461af5aa36ed3e705a6b4ca353'|'Threat of U.S. emission fines leave Fiat Chrysler investors wary'|'Business News - Fri Jan 13, 2017 - 5:24pm GMT Threat of U.S. emission fines leave Fiat Chrysler investors wary A woman walks past a logo of Fiat Chrysler Automobiles (FCA) in Turin March 31, 2014. REUTERS/Giorgio Perottino By Agnieszka Flak - MILAN MILAN Concerns about the potential size of fines facing Fiat Chrysler Automobiles FCA.MI following U.S. accusations of misleading regulators on diesel car emissions is likely to put off investors until the matter is settled, analysts said on Friday. Its share price tumbled 16 percent on Thursday after the U.S. Environmental Protection Agency''s (EPA) accused the company of using hidden software to allow excessive diesel emissions to go undetected, leaving FCA facing a maximum fine of about $4.6 billion (3.77 billion pounds). The stock recovered some ground on Friday, rising 4.4 percent to 9.185 euros but remained well below levels it hit before the EPA announcement on Thursday, when the stock was a notch short of setting a fresh record high after rising to levels it last touched in March 2015. Larger rival Volkswagen ( VOWG_p.DE ) has admitted to cheating diesel emissions tests and agreed to spend up to $22 billion in the United States to address claims from owners, environmental regulators, U.S. states and dealers. FCA, which sits on net debt of 6.5 billion euros ($6.89 billion), lacks VW''s cash pile but analysts said its case looked much less severe than that of its German counterpart. The EPA said FCA failed to disclose engine management software in 104,000 U.S. vehicles leading to an increase in emissions of nitrogen oxides (NOx). However, the authority has not yet labelled them "defeat devices" as in Volkswagen''s case. FCA Chief Executive Sergio Marchionne angrily rejected the allegations, saying there was no wrongdoing and FCA never sought to create software to cheat emissions rules. He also stressed FCA''s situation cannot be compared with VW''s. Analysts drew best and worst case scenarios, estimating potential fines ranging from several hundred million dollars to $4 billion. But they said the likelihood of hefty fines was low. "Our base case is that the current violation notice is settled as a reporting violation of $140 million, a very manageable figure for FCA," said Stuart Pearson, an analyst at Exane BNP Paribas. "However, until the issue is settled, emissions uncertainty is likely to remain a significant overhang to the shares and break the stock''s impressive recovery since Trump''s election." Before Thursday''s tumble FCA''s shares had risen by around 70 percent since Donald Trump''s election, on expectations of less rigid emissions rules under the next U.S. administration. Analysts also noted that FCA''s vehicles are already equipped with selective catalytic reduction (SCR) systems for cutting nitrogen oxide emissions, so it is likely that any problem could be fixed at a relatively immaterial cost. Widely credited with rescuing Chrysler from bankruptcy and a major U.S. employer, FCA may also have some trump cards up its sleeves in any upcoming negotiations, analysts said. The group has just pledged to invest $1 billion to modernize two plants in the U.S. Midwest and create 2,000 jobs - a move openly applauded by Trump - and those investments could be at risk if it is asked to pay any substantial amounts. Nevertheless investors remain concerned what the threat of fines will mean for FCA''s 2018 targets, including its promise to erase all debt, and the impact the announcement will have on the Jeep brand, the cornerstone of the carmaker''s turnaround plan. Italian media on Friday quoted Marchionne as saying the EPA enquiry would not affect those goals. FCA may sell assets - like components maker Magneti Marelli - to raise cash, analysts said, but its outlook remains clouded. Credit ratings agency Fitch said on Friday the EPA accusations could pressure FCA''s rating, while a consumer group in Italy already asked prosecutors to check whether the engines mentioned in the U.S. report were also in circulation in Italy. "It''s difficult to consider the recent correction a buying opportunity," said Michele Pedroni, fund manager at SYZ Asset Management in Geneva. "The valuations remain attractive, but the positive catalysts are known and risks have increased. "On top of that, Fiat has one of the most leveraged balance sheets in the industry, making it more fragile when facing any ''issue'' that could further worsen its capital position," he said. (Additional reporting by Valentina Za; Editing by Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fiat-chrysler-emissions-idUKKBN14X17V'|'2017-01-14T00:24:00.000+02:00'
'6b852b05910041924bfa94f3c657b2e61e0ed580'|'TABLE-India''s DCB Bank Q3 profit rises 24.4 percent'|'Financials - Sat Jan 14, 2017 - 7:31am EST TABLE-India''s DCB Bank Q3 profit rises 24.4 percent NEW DELHI, Jan 14 Three months ended Dec. 31 versus the same period a year earlier. (In million rupees unless stated) Dec. 2016 Dec. 2015 Net profit/loss 510 410 Net interest income 2090 1600 Gross NPA pct 1.55 1.98 NOTE: DCB Bank Ltd. is a small private Indian lender. (Reporting by Aditya Kalra) Next In Financials UPDATE 2-EU Brexit chief sees special care for financial service ties BRUSSELS, Jan 14 The European Union''s Brexit negotiator Michel Barnier said on Saturday that the EU will demand "special vigilance" before letting British financial firms access the bloc because of the large risk London could pose to the EU''s financial stability. EU needs special rules to protect it from British financial risk -Barnier BRUSSELS, Jan 14 The European Union''s Brexit negotiator Michel Barnier said on Saturday that the EU would need "special vigilance" in letting British financial firms access the bloc because of the large risk London could pose to the EU''s financial stability. India central bank employees urge governor to protect autonomy MUMBAI, Jan 14 The employee union of the Reserve Bank of India (RBI) has urged the bank''s governor to protect central bank autonomy and not allow the federal government to interfere in processes, after criticism over how it handled a ban on high-value currency. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-dcb-idUSL4N1F4067'|'2017-01-14T19:31:00.000+02:00'
'74aec884575a75f9ee5c5992e74f44bf7d0b7ff2'|'Iran oil minister certain that oil prices will rise - Mehr'|'Money News - Mon Jan 16, 2017 - 4:53pm IST Iran oil minister certain that oil prices will rise - Mehr A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005. REUTERS/Raheb Homavandi/File Photo DUBAI Iran''s oil minister said that he was confident the OPEC and non-OPEC members would commit to the output cut deal agreed in November, noting that prices of oil would rise further as a result. "I am certain that the OPEC and non-OPEC members will cut oil output as committed. This will remove the oil surplus from the market, balance the demand and supply, and lift prices," Bijan Namdar Zanganeh was quoted as saying by the Mehr news agency. The Organization of the Petroleum Exporting Countries (OPEC) agreed on Nov. 30 to cut output by 1.2 million bpd to 32.5 million bpd for the first six months of 2017, in addition to 558,000 bpd of cuts agreed to by independent producers such as Russia, Oman and Mexico. (Reporting by Bozorgmehr Sharafedin, editing by Louise Heavens) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/opec-cuts-iran-idINKBN15018X'|'2017-01-16T18:23:00.000+02:00'
'f4b66ba55af93b1ebb146d10c56f78eca0bb4173'|'Russia and Turkey discuss Syria peace talks preparations - Moscow'|'Industrials  59am EST Russia and Turkey discuss Syria peace talks preparations - Moscow MOSCOW Jan 16 Russian Foreign Minister Sergei Lavrov on Monday discussed preparations for forthcoming Syrian peace talks in Kazakhstan with his Turkish counterpart Mevlut Cavusoglu, the Russian Foreign Ministry said in a statement. Russia, Turkey and Iran have said they are ready to broker a Syria deal. (Reporting by Jack Stubbs; Editing by Andrew Osborn) Next In Industrials UPDATE 1-Brazil car rental Movida''s IPO could fetch $368 mln SAO PAULO, Jan 16 Movida Participações SA has set the price range for an initial public offering at between 8.90 and 11.30 reais per share in a deal that could help the Brazilian car rental firm and a shareholder fetch as much as 1.184 billion reais ($368 million) from investors.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/mideast-crisis-russia-turkey-idUSR4N1F200J'|'2017-01-16T20:59:00.000+02:00'
'1fe805c5c9609d287b4b0f624148b8d917df149a'|'S.Korea president''s friend denies knowledge of Samsung''s 2015 merger plan'|'Market News - Mon Jan 16, 2017 - 1:00am EST S.Korea president''s friend denies knowledge of Samsung''s 2015 merger plan SEOUL Jan 16 The friend at the center of a corruption scandal engulfing South Korean President Park Geun-hye''s administration, said on Monday she had no prior knowledge of Samsung Group''s plans for a controversial 2015 merger of two affiliates. "Even if I knew, I could not have passed on any information because I have no knowledge about mergers or hedge funds, anything like that, in the first place," the friend, Choi Soon-sil, told a public hearing at South Korea''s Constitutional Court on Monday. South Korea''s Constitutional Court began hearing arguments this month on whether to uphold parliament''s vote last month to impeach President Park. (Reporting by Joyce Lee; Editing by Simon Cameron-Moore) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/southkorea-politics-choi-idUSL4N1F602H'|'2017-01-16T13:00:00.000+02:00'
'b5e1e1a1e1eb32a70e3d461734251bb2d697e2e4'|'Venezuela will circulate new proposal next week to support oil prices'|'Business   8:38pm GMT Venezuela will circulate new proposal next week to support oil prices Venezuela''s President Nicolas Maduro holds speaks during his annual report of the state of the nation at the Supreme Court in Caracas, Venezuela January 15, 2017. REUTERS/Carlos Garcia Rawlins CARACAS Venezuela will next week circulate a new proposal to crude producers in a bid to support oil prices, President Nicolas Maduro said on Sunday, without providing details. The Organization of the Petroleum Exporting Countries agreed on Nov. 30 to cut output by 1.2 million barrels per day to 32.5 million bpd for the first six months of 2017, in addition to 558,000 bpd of cuts agreed to by independent producers such as Russia, Oman and Mexico. "Venezuela, as of next week, will circulate a letter with a new proposal, a new formula for the stability of real and just prices so that it can be studied and debated by all the governments that have signed this deal," Maduro said in a speech. Maduro repeated that leaders of OPEC and non-OPEC countries should hold a summit in the first quarter of the year in Qatar to decide on strategy for the oil market. "A meeting is necessary ... with heads of states and governments of countries that signed this agreement, 25 countries. We need to see each other''s faces," he said. Venezuela has long pushed for high prices of oil, which accounts for over 90 percent of its export income amid a brutal recession. (Reporting by Alexandra Ulmer and Diego Ore; Editing by Will Dunham and Peter Cooney) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-venezuela-opec-idUKKBN14Z0WR'|'2017-01-16T03:38:00.000+02:00'
'eba1a76f9201f9fb9a77e58651af4a6a9b34aea6'|'Colombia arrests ex-senator linked to Odebrecht graft scandal'|'By Julia Symmes Cobb and Guillermo Parra-Bernal - BOGOTA/SAO PAULO BOGOTA/SAO PAULO Jan 15 Colombian authorities have arrested a former senator for allegedly taking $4.6 million in bribes to help Odebrecht SA win a road-building contract, as fallout from a massive corruption scandal continues to bite Latin America''s No. 1 engineering firm.Otto Bula Bula, a Liberal Party senator until 2002, was tasked by Odebrecht with ensuring a certain number of higher-priced tolls were included in a contract to build the Ocaña-Gamarra highway, Colombia''s Attorney General''s office said late on Saturday."For his work, Odebrecht made $4.6 million in payments from Brazil," the statement said, adding that Bula faces charges for bribery and illicit enrichment.Bula, who was arrested on Saturday, may also have breached foreign currency exchange rules, the statement said. The contract for Colombia''s Ocaña-Gamarra road was awarded to the company in March 2014.Reuters could not immediately contact Bula or his lawyers.Odebrecht''s reputation has been hit after prosecutors in Brazil unearthed a bribes-for-contracts scandal that has extended into other countries, leading the group to sell assets, refinance debt and bid for fewer contracts across the Americas and Africa.Late last year Odebrecht agreed to a $2 billion leniency deal with prosecutors in Brazil, the United States and Switzerland.U.S. prosecutors allege that Odebrecht paid hundreds of millions of dollars in bribes in association with projects in 12 countries, including Brazil, Argentina, Colombia, Mexico and Venezuela, between 2002 and 2016.REVENUE PLUNGELast week Colombia arrested Gabriel Garcia Morales, a former director of an institute that managed roadway licensing and later a vice minister of transport, for allegedly receiving $6.5 million in bribes from Odebrecht in 2009.The impact of the scandal, known in Brazil as "Operation Car Wash," could drive Odebrecht''s gross revenue down 61 percent over the next five years, Folha de S. Paulo newspaper reported on Sunday, citing unnamed executives.Odebrecht did not immediately comment on the Colombian arrest or the Folha report.Before the scandal broke in March 2014, Odebrecht informally targeted gross revenue of 200 billion reais for 2020, said Folha, which did not say how it got that information. The 72-year-old group is also considering a name change, the paper said.Expectations of a steep decline in revenue may force Odebrecht to speed up efforts to restructure debt-burdened units and revive a shrinking pipeline of construction projects, analysts said. Reuters has reported that Odebrecht is in talks to refinance about 40 billion reais in bank loans.Prosecutors in the Car Wash probe, which centers on a bribes-for-contracts scheme at state companies, believe Odebrecht benefited the most from the scheme. (Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-odebrecht-colombia-idINL1N1F5073'|'2017-01-15T11:50:00.000+02:00'
'3b5daf61ae880388a6c341f38acfad98c56db50e'|'South Korea prosecutor weighs economic impact of arrest of Samsung chief'|'Technology   9:50pm GMT South Korea prosecutor weighs economic impact of arrest of Samsung chief By Ju-min Park and Se Young Lee - SEOUL SEOUL South Korea''s special prosecutor said on Sunday it will take into account the economic impact of whether to arrest Samsung Group [SAGR.UL] leader Jay Y. Lee in connection with an influence-peddling investigation involving the president. The office also delayed by one day, until Monday, its decision on whether to seek the arrest of Lee, the third-generation leader of South Korea''s largest conglomerate, or chaebol, citing the gravity of the case. The special prosecution had said it would make a decision on Lee by Sunday. But spokesman Lee Kyu-chul told reporters on Sunday investigators were deliberating all factors including the potential economic impact of the arrest of Jay Y. Lee. Prosecutors have been investigating whether Samsung provided 30 billion won ($25.46 million) to a business and foundations backed by President Park Geun-hye''s friend, Choi Soon-sil, in exchange for the national pension fund''s support for a 2015 merger of two Samsung affiliates. The Samsung chief denied bribery accusations during a parliamentary hearing in December. Taking into account the economic impact could prove beneficial to the 48-year-old Lee. The imposition of less severe punishment on erring business leaders to avoid negative economic consequences has precedent in South Korea. "Law and principle are the most important metric, and after also considering various factors mentioned previously, we will decide by law and principle," the prosecution spokesman Lee said, referring to economic impact, without elaborating. A Samsung Group spokeswoman declined to comment. Samsung''s Lee was questioned for 22 hours before leaving the special prosecutors'' office in Seoul on Friday morning as part of the investigation into a corruption scandal that has led to President Park''s impeachment by parliament. Establishing a money-for-favor exchange between Samsung and Park or her surrogate is critical for the special prosecutor''s investigation, analysts say. COURT DELIBERATING Park, the daughter of a military ruler, has denied wrongdoing, although she has apologized for exercising poor judgment. Her friend, Choi, who is in detention and facing her own trial, has also denied wrongdoing. The Constitutional Court is deciding whether to uphold or overturn the impeachment vote. If Park is forced to leave office, a presidential election would be held in 60 days. Among the expected contenders is former U.N. Secretary-General Ban Ki-moon. The chiefs of South Korean chaebol have over the years had prison sentences shortened or forgiven, or received pardons, with the economic impact of imprisonment cited as a factor. Jay Y. Lee''s father Lee Kun-hee, who has been incapacitated since a 2014 heart attack, was handed a three-year suspended jail sentence in 2009 for tax evasion. He was later pardoned. Samsung has acknowledged making contributions to the two foundations as well as a consulting firm controlled by Choi but has repeatedly denied accusations of lobbying to push through the merger of Samsung C&T and Cheil Industries Inc. The world''s biggest maker of smartphones, memory chips and flat-screen televisions has delayed its annual executive promotions, which typically take place in early December, amid the scandal. The special prosecution also said it plans to indict early next week National Pension Service chief Moon Hyung-pyo, who was arrested in December after acknowledging he pressured the fund to approve the merger while he was health minister. (Reporting by Ju-min Park, Se Young Lee; Editing by Robert Birsel and Tony Munroe) Jay Y. Lee, center, vice chairman of Samsung Electronics, arrives to be questioned as a suspect in bribery case in the influence-peddling scandal that led to the president''s impeachment at the office of the independent counsel in Seoul, South Korea, Thursday, Jan. 12, 2017. REUTERS/Ahn Young-joon/Pool Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-southkorea-politics-samsung-group-idUKKBN14Z04Z'|'2017-01-15T22:30:00.000+02:00'
'2709a5076e0c6e223fe62612b654cfcc4375f169'|'RPT-Wall St Week Ahead-U.S. banks to stay in fashion as earnings kick off'|'(Repeats Friday story with no changes)By Sinead Carew and Lewis KrauskopfNEW YORK Jan 13 U.S. bank stocks will stay in favor with investors as long as earnings reports in the coming week show an improving profit outlook while investors wait to see if U.S. President-elect Donald Trump lives up to his campaign promises.Wells Fargo & Co., JPMorgan Chase & Co and Bank of America kicked off the earnings season on a positive note on Friday, sending the S&P 500''s banking sub-sector up as much as 2.3 percent to its highest since February 2008 before paring gains. It closed trading up 0.8 percent compared with a 0.2 percent gain for the broader S&P 500.The banks'' top executives expressed optimism on Friday about 2017 in their first public comments about earnings since Trump won the presidential election on Nov. 8.The bank index rose 24.8 percent between Nov. 8 and Dec. 9 then traded sideways for a month as bond yields fell. Investors were waiting for earnings and for concrete plans from Trump who has said he supports lower taxes, fiscal stimulus and lighter regulation, which would all help banks.Results and guidance from the big banks scheduled to report in the week ahead could boost the sector, according to John Praveen, chief investment strategist at Prudential International Investments Advisers LLC in Newark, New Jersey."Results are likely to be good and the outlook is going to be positive so there''s room for further gains," said Praveen.The S&P banks index has traded recently at 13.6 times earnings estimates for the next 12 months compared with its five-year average multiple of about 11 but in line with the 10-year average of 13.1, including the 2008 financial crisis, according to Thomson Reuters data.The banks'' multiple is well below the broader S&P 500''s forward price/earnings ratio of 17. But the banks'' discount to the broader market has been shrinking since before the election.Praveen sees a bigger multiple expansion for the banking sector than for the S&P as a whole as more defensive sectors like utilities or consumer staples that are sensitive to interest rate hikes will likely not enjoy as much expansion.Among banks reporting in the coming week Morgan Stanley is expected to post results Tuesday followed by Citibank on Wednesday. BB&T Corp, KeyCorp and Bank of New York Mellon Corp all report on Thursday.Fred Cannon, director of research at KBW in New York, said banks'' expanded valuations make them a "show-me" story but as long as earnings estimates are rising they should stay popular."Until we see the blue skies get cloudy it will probably still be a sector in favor," he said.Some investors are more cautious going into earnings. For instance traders in Financial Select Sector SPDR Fund options have moved to protect post-election gains. Open contracts on the fund''s shares are now the most defensive in about four weeks, according to options analytics firm Trade Alert."The banks'' stocks are likely to chop along in sideways volatility through earnings season," said Jeff Morris, head of U.S. equities for Standard Life Investments in Boston, who doesn''t see earnings as a big catalyst at a time when there is still uncertainty about whether Trump will be able to enact policies expected to help banks and accelerate economic growth.While his firm has increased the weighting of bank stocks in its $360 billion assets under management since the election it is "not in the strong bull camp for bank stocks," Morris said.He warned that bank stocks could come under pressure if there is no clear path toward regulatory relief or an acceleration of economic growth coming into the third quarter. (Reporting by Sinead Carew, Lewis Krauskopf and Saqib Ahmed; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-weekahead-idINL1N1F31WX'|'2017-01-15T15:00:00.000+02:00'
'0986effa71369e9fd48ae597538e3f3723975c67'|'Serbia says Kosovo wants war as neighbours row over Serb nationalist train'|'Industrials   9:45am EST Serbia says Kosovo wants war as neighbours row over Serb nationalist train By Ivana Sekularac - BELGRADE BELGRADE Jan 15 Serbia''s president said on Sunday that Kosovo had shown it wanted war with after it deployed special forces to prevent a train painted with Serbia''s national colours and the words "Kosovo is Serbia" from entering its territory. President Tomislav Nikolic said the neighbours had been "on the brink of conflict" on Saturday, while Kosovo''s prime minister told reporters the train, a project of the Serbian government, sent "a message of occupation." Kosovo declared independence from Serbia in 2008 but Serbia still considers it part of its territory and supports a Serb minority there. NATO air strikes on Serbia forced Belgrade to withdraw its troops in 1999, having killed 10,000 Albanian civilians there. NATO still has around 5,000 troops stationed in Kosovo to keep the fragile peace. The train left Belgrade for Kosovo''s northern town of Mitrovica on Saturday, but stopped while still in Serbia after Pristina said it had deployed special forces to prevent the train from crossing its border. Following a specially convened National Security Council''s session, Nikolic said that by sending special police forces "Albanians showed they want the war." "We were on the brink of the conflict yesterday," Nikolic said. Kosovo''s Prime Minister Isa Mustafa said the move had been an act of protecting Kosovo''s sovereignty. "The institutions of the Republic of Kosovo will always undertake such actions to protect the country''s sovereignty and not allow machines that will provoke with a message of occupation," Mustafa told reporters outside Pristina. Relations between Belgrade and Pristina came under renewed strain on Jan. 4 when former Kosovo prime minister Ramush Haradinaj was arrested in France on a warrant from Serbia which accuses him of war crimes. Kosovo Albanians make up more than 90 percent of Kosovo''s 1.8 million population. Northern Kosovo, where Mitrovica is situated, is home to a Serb minority of around 40,000 to 50,000 people who do not see Pristina as their capital. Normalising relations between Kosovo and Serbia is key condition for both countries to progress towards membership in the European Union both governments are aiming for. In 2013 Belgrade and Pristina opened an EU-mediated dialogue to normalise relations, but Serbia is still blocking Kosovo''s membership in international organisations including the United Nations. (Reporting by Ivana Sekularac; Additional reporting by Fatos Bytyci in PRISTINA; Editing by Raissa Kasolowsky) Next In Industrials Russia to upgrade its naval, air bases in Syria -Interfax MOSCOW, Jan 15 Russia plans to improve and expand its naval and air bases in Syria, Interfax news agency reported on Sunday, citing an unnamed source, as Moscow cements its presence in the Middle Eastern country, its only overseas military deployment. UPDATE 1-Death toll rises to 24 after India Ganges boat capsize BHUBANESWAR, India, Jan 15 Five more bodies have been recovered from the Ganges river after an overloaded boat capsized near the capital of eastern India''s Bihar state, taking the death toll to 24, officials said on Sunday as rescuers ended search operations. UPDATE 2-German Eurowings flight to head home from Kuwait after bomb scare FRANKFURT/DUBAI, Jan 15 A flight from Oman to Germany operated by Lufthansa''s budget unit Eurowings will head home after getting the all clear by authorities in Kuwait where it made an emergency landing over a bomb scare, spokespeople for the airlines said. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/serbia-kosovo-idUSL5N1F50E7'|'2017-01-15T21:45:00.000+02:00'
'c804c262c21532858bc77807c7cb019f4d0b8d02'|'Sri Lankan shares end lower on rising rates'|'Basic Materials  09am EST Sri Lankan shares end lower on rising rates COLOMBO Jan 16 Sri Lankan stocks closed lower on Monday as investors sold financials after rising yields in short-term government securities hit sentiment, brokers said. The Colombo stock index ended 0.26 percent weaker at 6,201.65, slipping from its highest close since Dec. 30 hit on Friday. Shares gained on Friday after the European Commission said that it had proposed increased market access or Generalised Scheme of Preferences Plus (GSP+) for Sri Lanka as a reform incentive. "Positive sentiment on the GSP-plus is short-lived. The rising rates are hitting the market," said Dimantha Mathew, head of research at First Capital Equities (Pvt) Ltd. Yields on treasury bill auctions rose 9-19 basis points at a weekly auction last week to a four-month high, after the central bank governor signalled reduced intervention to defend the rupee currency. The day''s turnover stood at 911.9 million rupees ($6.09 million). Foreign investors net bought 78.7 million rupees worth of equities on Monday, but they have net sold 1.62 billion rupees worth of shares so far this year. Shares in biggest listed lender Commercial Bank of Ceylon Plc fell 1.41 percent, while Asiri Hospitals Plc fell 2.59 percent. ($1 = 149.7500 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath) Next In Basic Materials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sri-lanka-stocks-idUSL4N1F63Q1'|'2017-01-16T18:09:00.000+02:00'
'fe016e9701ff2d50084463c42c6987e15b9a8a17'|'RPT-Moscow and Kiev head for $3 bln debt showdown in English court'|'(Repeats Friday story without changes)* Ukraine sold Russia $3 bln bond weeks before regime change* Moscow at odds with Kiev''s now pro-Western government* Russia chooses public hearing over private arbitration* London High Court hearing starts on Jan. 17By Karin StroheckerLONDON, Jan 13 A $3 billion dispute between two adversarial governments will come to a head in an English court on Tuesday when Russia and Ukraine meet for a first hearing in their legal battle over a politically charged eurobond.The debt at the heart of the dispute was sold in late December 2013 by then-Ukrainian President Viktor Yanukovich to Russia, less than two months before his Moscow-backed government was ousted by street protests that the swept ex-Soviet republic.Fast-forward through a pro-Western change of government in Kiev, Russia''s annexation of Ukraine''s Crimea region and an International Monetary Fund bailout for Ukraine involving a restructuring of sovereign, hard currency bonds.Those bonds, restructured to pull the near-bankrupt Ukraine back from the brink, were chiefly held by private investors - aside from $3 billion worth held by the Russian government.Moscow insists the bond which matured in December 2015 is sovereign debt and should never have been included in the restructuring plan. Kiev refused to repay the bond, saying Russia should have participated in the restructuring.Russia, represented by Cleary, Gottlieb, Steen & Hamilton LLP, filed a lawsuit in February 2016 demanding a full $3 billion repayment plus legal fees and interest, which according to Moscow''s finance ministry amounted to $75 million a year ago.The case, which will be heard at the High Court on Jan. 17, is unusual in many ways, according to Mitu Gulati, a law professor at Duke University in the United States."The most important big issue here is: Does Ukraine actually owe money to a country that basically ran it as a vassal state and invaded it and took its territory? And that is the kind of question that courts usually don''t ever decide," said Gulati.The bond is unusual because countries do not generally lend to each other under a third country''s legal framework, opting instead for direct bilateral agreements. Terms are often kept under wraps.If debt relief is needed, it tends to be agreed under the framework of the Paris Club of creditor nations, of which Russia is a permanent member.This bond however was structured under English Law, and both Russia and Ukraine had agreed from the outset that a British court ought to decide on possible disputes, Gulati noted."Now a dispute is actually happening, and rather than negotiating and resolving it on their own, they are bringing it in front of a judge which means the judge is going to have to decide on matters that affect international law, not just commercial law."Both Russia and Ukraine''s government declined to comment.UKRAINE SAYS BOND WAS ISSUED UNDER DURESSUkraine''s defence, managed by Quinn, Emanuel, Urquhart & Sullivan LLP, centres around a number of arguments. First, that the bond had never been properly authorised by Ukraine''s parliament and government, was issued under duress and was subject to a number of implied additional terms.Kiev should also be allowed to take "counter-measures" in response to actions taken by Russia, it argued, according to a defence document seen by Reuters.Russia''s "illegal invasion and unlawful occupation" had deprived Ukraine "of the entire purported economic benefit of the transaction", the document states in its defence.The hearing comes after Russia requested a summary judgement, often used to speed up proceedings. This means the court will look at each of Ukraine''s defence arguments and decide if they are likely to stand up in court. Following this, it could allow the case to go to trial, or not.Russia had the option of a private hearing at the London International Court of Arbitration, according to the bond prospectus, but the fact it chose to bring the case to a public court shows it is confident of victory, legal experts said."Their choice was very interesting," said Peter Griffin at Slaney Advisors, an expert in international arbitration and foreign investment disputes."Russia''s case seems to me very strong. And Russia has played this one really intelligently from the beginning - it is almost like they have been two steps ahead of Ukraine and everyone else." (Additional reporting by Natasha Zinets in Kiev and Andrey Ostroukh in Moscow; editing by Mark Heinrich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ukraine-russia-eurobonds-idINL5N1F61W4'|'2017-01-16T06:12:00.000+02:00'
'cc01751077430c1c40b3ca9deb2a4179135692b5'|'UPDATE 1-Burkina Faso 2016/17 cotton crop seen rising to 750,000 tonnes -minister'|'* Favourable rainfall boosting production* Talks continuing with Monsanto on possible compensation (Adds detail, soybean development plan with French partners)By Gus TrompizPARIS, Jan 16 Burkina Faso estimates its production of raw cotton will rise to 750,000 tonnes in 2016/2017 compared to around 600,000 tonnes in the previous harvest as favourable rainfall boosts output, the country''s agriculture minister said on Monday.The west African country''s growers had reverted entirely to conventional cotton for the new crop, after blaming a genetically modified (GM) variety supplied by U.S. seed maker Monsanto for a decline in cotton quality.The 2016/17 harvest was showing improved quality as well as production, minister Jacob Ouedraogo told reporters in Paris.Burkina Faso''s cotton producers had complained that increased levels of short fibres in their GM cotton had impacted its market value, and last April announced they were seeking 48.3 billion CFA francs ($78 million) in compensation from Monsanto.Monsanto has acknowledged changes in cotton fibre length, but argued that fibre quality is also influenced by environmental conditions and that other cotton varieties have shown length variations.The talks between Burkina''s producers and Monsanto were continuing, Ouedraogo added.The minister was in Paris to sign an agreement with French partners, including a foundation of oilseed group Avril, to develop a soybean sector in Burkina Faso.The project aims to raise soybean production, currently marginal in the country, to 100,000 tonnes over the next five years and also nurture a domestic processing industry to keep jobs and revenues in the country, said Ouedraogo.He also argued that the cotton industry had not developed enough local value-added processing.Soybean production, which generates oil and protein for human consumption as well as producing livestock feed, would be based on non-GM varieties, he said.($1 = 618.4200 CFA francs)(Reporting by Gus Trompiz; Writing by John Irish; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cotton-burkina-production-idINL5N1F641N'|'2017-01-16T13:15:00.000+02:00'
'f9583a13298311929d1dedc0c435059469d4b976'|'MIDEAST STOCKS-Gulf may have modestly firm tone on global trend'|' 50am EST MIDEAST STOCKS-Gulf may have modestly firm tone on global trend DUBAI Jan 15 Gulf stock markets may have a modestly firm tone on Sunday after rises in global equities at the end of last week. On Friday Europe''s broad FTSEurofirst 300 index closed up 1 percent and the Nasdaq Composite added 0.5 percent to a record-high close. Brent crude futures closed at $55.45 a barrel, roughly flat from their level when Gulf bourses closed on Thursday. Two Omani banks posted earnings in line with analysts'' estimates. Bank Muscat, Oman''s largest lender, posted a 1.3 percent increase in fourth-quarter net profit to 39.7 million rials ($103.2 million). Bank Dhofar reported a 19.6 percent fall in fourth-quarter profit to 10.75 million rials. (Reporting by Celine Aswad; Editing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1F502E'|'2017-01-15T12:50:00.000+02:00'
'52e54764252ba4faf9878ef59f09455fae5cfb8b'|'Trump vows ''insurance for everybody'' in replacing Obamacare'|'U.S.   9:10pm EST Trump vows ''insurance for everybody'' in replacing Obamacare U.S. President-elect Donald Trump speaks during a news conference in the lobby of Trump Tower in Manhattan, New York City, U.S., January 11, 2017. REUTERS/Lucas Jackson WASHINGTON U.S. President-elect Donald Trump aims to replace Obamacare with a plan that would envisage "insurance for everyone," he said in an interview with the Washington Post published on Sunday night. Trump did not give the Post specifics about his proposals to replace Democratic President Barack Obama''s signature health insurance law, but said the plan is nearly finished and he is ready to unveil it alongside the leaders of the Republican-controlled Congress. (Writing by Mary Milliken; Editing by Will Dunham) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-trump-obamacare-idUSKBN15005C'|'2017-01-16T08:57:00.000+02:00'
'4d9918f00ae14f903fb6335cf7529820648f9405'|'Prosecutors open probe over Banco BPM merger-document'|'Financials   11:45am EST Prosecutors open probe over Banco BPM merger-document MILAN Jan 13 Milan prosecutors are probing charges of market manipulation in relation to a merger deal between Banca Popolare di Milano and Banco Popolare to create Italy''s third-largest bank Banco BPM, a court document showed on Friday. Sources with direct knowledge of the matter said Italy''s tax police seized documents on Friday as magistrates look into allegations the banks failed to tell shareholders and investors ahead of the closing of the merger that the European Central Bank had raised objections over loan loss coverage levels at Banco Popolare. No person is under investigation, the sources said. The bank was not immediately available for a comment. (Reporting by Manuela D''Alessandro and Emilio Parodi; writing by Valentina Za; editing by Francesca Landini) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-banks-banco-bpm-probe-idUSI6N1EI01D'|'2017-01-13T23:45:00.000+02:00'
'18733e69ac7077de8c03e2108495f5dd55413786'|'Emission probes could widen beyond Renault in France: Minister'|'Business News - Sat Jan 14, 2017 - 6:04pm EST Emission probes could widen beyond Renault in France: Minister left right French Minister for Ecology, Sustainable Development and Energy Segolene Royal leaves the Elysee Palace in Paris, France, following the weekly cabinet meeting November 9, 2016. REUTERS/Charles Platiau/File Photo 1/2 left right Raindrops cover the logo of French car manufacturer Renault on a automobile seen in Paris, France, January 14, 2016. REUTERS/Christian Hartmann/File Photo 2/2 PARIS A judicial investigation into diesel emissions testing in France could widen beyond Renault after tests showed other carmakers had exceeded the authorized levels, the French environment minister said on Sunday, without elaborating. Shares in Renault fell more than 4 percent to their lowest level in around a month on Friday after a source at the Paris prosecutor''s office said it had launched a judicial probe into possible cheating on exhaust emissions at the French carmaker. Volkswagen''s admission that some of its diesel vehicles were fitted with software designed to hide the true level of emissions they produced has highlighted that most cars spew out far greater amounts of health-threatening nitrogen oxide (NOx) in everyday driving conditions than in laboratory tests. "A number of anomalies were noted on Renault vehicles. The controls performed far exceeded the permissible standards. This is also the case for other carmakers to a different extent. So there could be other investigations," Environment Minister Segolene Royal said in an interview with French weekly Le Journal du Dimanche. "It is a matter of justice and I do not interfere." Renault said it respected all laws concerning exhaust emissions, adding that its vehicles did not have software enabling them to cheat on emissions standards. Besides Volkswagen, Renault is the only carmaker so far to be referred for possible criminal investigation in France over suspected breaches of emissions rules. "I have no reason to think that Renault cheated like Volkswagen," Royal said. Volkswagen this week agreed to pay $4.3 billion in a settlement with U.S. regulators. (Reporting by Sybille de La Hamaide; Editing by Hugh Lawson) Next In Business News Sony Entertainment CEO exiting for a top role at Snap LOS ANGELES Sony Entertainment Chief Executive Michael Lynton will step down to become chairman of the board of messaging app owner Snap Inc, a move that puts an experienced Hollywood executive in a prominent role as the technology company prepares for an initial public offering.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-autos-emissions-france-idUSKBN14Y0TP'|'2017-01-15T06:04:00.000+02:00'
'35d2210b58597718079f0fcf9a994272452c7890'|'India cenbank relaxes cash withdrawal limit with immediate effect'|'Business News  35am EST India central bank relaxes cash withdrawal limit with immediate effect People queue outside an ATM of State Bank of India (SBI) to withdraw money in Kolkata, India, November 22, 2016. REUTERS/Rupak De Chowdhuri MUMBAI India''s central bank on Monday relaxed cash withdrawal limits from automated teller machines (ATMs) and current accounts with immediate effect. The Reserve Bank of India has allowed individuals to withdraw upto 10,000 rupees ($146.84) per debit card per day from ATMs, higher than the 4,500 rupees currently. However, the overall weekly withdrawal limit of 24,000 rupees per card remains unchanged, it said in a release. The central bank also increased the withdrawal limits from current accounts to 100,000 rupees per week from 50,000 rupees earlier and said this facility will also be extended to overdraft, cash credit accounts. The RBI had imposed these limits in November after the government announced a ban on all high-value currency notes, and said it would replace them with new notes. The withdrawal limits are unlikely to be removed completely until the RBI has supplied the economy with sufficient amount of new notes, analysts said. (Reporting by Suvashree Dey Choudhury; Editing by Biju Dwarakanath) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-india-modi-corruption-withdrawal-idUSKBN1501GQ'|'2017-01-16T19:04:00.000+02:00'
'01cd3ce3deab401af11f846e5d9e5600e5e5f504'|'China stocks fall for 5th session, pressured by tech stocks'|' 11am EST China stocks fall for 5th session, pressured by tech stocks SHANGHAI Jan 16 China''s main indexes fell for the fifth straight session on Monday, led by tech stocks as investors grew gloomy about 2017 prospects following comments by the premier and official estimates suggesting slowing economic growth in big cities. The blue-chip CSI300 index was unchanged at 3,319.45 points, while the Shanghai Composite Index lost 0.3 percent to 3,103.43 points. The tech-heavy ChiNext Price Index, the benchmark index tracking listed start-up companies, slumped as much as 6.1 percent in its 8th session of losses to hit a 16-month low, as faster approvals for IPOs increased the supply of equity in the market. The start-up index closed 3.6 percent lower, within sight of lows plumbed during the market crash in 2015. In remarks reported by state media on Sunday, Premier Li Keqiang said China''s economy will face more pressure and problems in 2017, with changes in global politics and challenges to economic rules adding to uncertainty. Official estimates issued on Friday said economic growth in some of the largest cities was expected to have slowed in 2016 and would continue to decelerate in 2017. Li Zheming, analyst at Datong Securities in Dalian, said market turnover remained subdued despite 2017''s firm start, as investors were reluctant to buy risky assets amid concerns on the path of U.S. interest rates this year and uncertainties under policies to be followed by Donald Trump. Most sectors lost ground, led by properties and consumer shares. Nearly 100 smaller-cap stocks tumbled 10 percent, the maximum allowed. China''s Leshi Information reversed its earlier gains to close 1.1 percent lower in volatile trading as the company gets fresh investment from strategic investors. (Reporting by Luoyan Liu and John Ruwitch; Editing by Shri Navaratnam) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-stocks-close-idUSZZN2RXC00'|'2017-01-16T14:11:00.000+02:00'
'c29af7c9118774e8fb588fbd103bcf82e23233e7'|'Brexit to hit UK harder than rest of Europe - ESM''s Regling'|'Business News - Mon Jan 16, 2017 - 4:08am GMT Brexit to hit UK harder than rest of Europe - ESM''s Regling European Stability Mechanism Managing Director Klaus Regling talk to media after a meeting with Cypriot President Nicos Anastasiades outside the Presidential Palace in Nicosia, Cyprus November 1, 2016. REUTERS/Yiannis Kourtoglou HONG KONG Britain''s decision to leave the European Union would have a bigger effect on the United Kingdom than the rest of Europe, as political and economic uncertainties grow around the world, the head of the euro zone bailout fund said on Monday. Brexit is among a series of events, including elections this year in Netherlands, France and Germany, that has increased uncertainties, Klaus Regling, managing director of the European Stability Mechanism (ESM), said in a speech in Hong Kong. "The rise of populism, not only in Europe but also in the United States, questions the post war economic order that has brought unprecedented prosperity and reduction in poverty," Regling said at the Asia Financial Forum. "As an economist I''m worried at the future of world trade, cross border cooperation, and the role of international institutions." Still, he said the economic situation in Europe has been improving, with unemployment declining and economies including Spain and Ireland expanding. "Brexit is a disruptive event though I believe it''s a bigger problem... for the UK than the rest of Europe. (Reporting by Elzio Barreto and Julie Zhu; Editing by Shri Navaratnam) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-regling-idUKKBN1500AX'|'2017-01-16T11:08:00.000+02:00'
'9884c296a959876ab6292edc823a03d5d4c029ad'|'ASIA OPEN: Risk markets seen cautious ahead of US earnings'|'Financials  27pm EST ASIA OPEN: Risk markets seen cautious ahead of US earnings By John Weavers SYDNEY, Jan 13 (IFR) - Asian risk assets may have a slight negative bias, following an overnight slippage on Wall Street where investors and traders positioned themselves ahead of the fourth-quarter earnings season that kicks off later today. Ongoing disappointment over a lack of clarity on Donald Trump''s economic and fiscal policies, plus an absence of company stock buybacks before earnings announcements contributed to respective daily declines of 0.21%, 0.32% and 0.29% in the S&P 500, Dow Jones and Nasdaq Composite. Treasuries were well bid again on Thursday, a day after the Investment Company Institute revealed the biggest cashflow to bond funds from stock funds since the election. US two-year and 10-year yields both eased 1bp to 1.18% and 2.36%, respectively, while 30-year yields firmed 1bp to 2.96%. European bourses were weighed down by a catch-up sell-off in healthcare stocks on Trump''s criticism of pharmaceutical pricing, as well as a slide in auto shares after the Environmental Protection Agency accused Fiat Chrysler of excess diesel omissions. With Fiat Chrysler''s share price plunging over 16%, it was no surprise to see the FTSE Milan underperforming with a 1.69% slide. The DAX, CAC 40 and Spanish IBEX declined 1.07%, 0.51% and 0.01%, respectively, while the FTSE 100 managed to eke out a 0.03% increase for its record 13th successive positive session. Gilt and Spanish 10-year yields eased 4bp and 2bp to 1.30% and 1.43%, as 10-year Bund and BTP yields rose 6bp and 4bp to 0.31% and 1.90%, respectively. US investment-grade and high-yield CDS spreads finished unchanged and 2bp wider at 66.5bp and 354bp after Europe''s main and crossover CDS spreads had climbed 1bp and 4bp to 70.5bp and 293.5bp, respectively. PRIMARY MARKETS The Republic of Korea (Aa2/AA/AA-) is marketing SEC-registered 10-year US dollar bonds at Treasuries plus 70bp-75bp with joint bookrunners Bank of America Merrill Lynch, Citigroup, Goldman Sachs, HSBC, JP Morgan, KDB and Samsung Securities. Changchun Urban Development and Investment Holdings, rated Baa1 (Moody''s), has set guidance at Treasuries plus 240bp for three-year Reg S US dollar bonds. CMBC International is sole global coordinator and joint bookrunner with ANZ. China Everbright Securities HK, China Merchants Securities HK and ICBC Singapore are joint lead managers. Unrated S E A Holdings has tightened price guidance on its offering of three-year Reg S US dollar bonds to 4.5%-4.625%. Credit Suisse and HSBC are joint global coordinators and joint bookrunners with DBS, MUFG and Standard Chartered. National Australia Bank (Aa2/AA-/AA-) has updated guidance for seven-year Samurai bonds to 12bp over yen offer-side swaps, ahead of pricing today, alongside a 10-year tranche being marketed at 17bp over. Daiwa, Nomura and SMBC Nikko are joint lead managers. Guangzhou R&F Properties, rated BB (Fitch), is reopening its US$265m 5.75% Reg S January 12 2022s around final yield guidance of 5.95%. AMTD, Citigroup, Morgan Stanley and UBS have joined original leads Goldman Sachs, China Merchants Securities (HK), Deutsche Bank and Haitong International as joint bookrunners for the tap. Auckland Council, rated Aa2/AA (Moody''s/S&P), issued a 500m 1.0% 10-year Eurobond at mid-swaps plus 33bp, inside 40bp area guidance. German agency Rentenbank (Aaa/AAA/AAA) is expected to tap its NZ$850m (US$590m) 5.375% April 23 2024 Kauri bond today for a minimum NZ$50m through sole lead ANZ. (Reporting by John Weavers) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/asia-bonds-idUSL1N1F22JO'|'2017-01-13T06:27:00.000+02:00'
'9fe6cfadedeffc918d1c677b1ee7a1d9838dd9ad'|'South Korea central bank keeps rates at record low for seventh month, as expected'|'Business News - Fri Jan 13, 2017 - 1:30am GMT South Korea central bank keeps rates at record low for seventh month, as expected The logo of the Bank of Korea is seen on the top of its building in Seoul, South Korea, March 8, 2016. REUTERS/Kim Hong-Ji/File Photo/File Photo By Christine Kim and Cynthia Kim - SEOUL SEOUL South Korea''s central bank kept interest rates unchanged for a seventh straight month on Friday, in line with expectations, as it braces for policy developments out of the United States under the presidency of Donald Trump. The Bank of Korea''s monetary policy committee held its base rate KROCRT=ECI steady at 1.25 percent, a media official said without elaborating. Governor Lee Ju-yeol is due to hold a news conference from 11:20 a.m. (0220 GMT). All 23 analysts surveyed in a Reuters poll before the decision forecast the Bank of Korea would leave the base rate unchanged on Friday. "The BOK is likely keeping observant, honing its focus on structural issues. And household debt may act as a restraint on consumption," said Lee Jae-hyung, a fixed-income analyst at Yuanta Securities Korea. "I still see the bank standing pat for the rest of the year, but the economy could use a cut early on. It all depends on how the BOK perceives household debt, credit market risks and macro-economic policy." Markets largely ignored the widely expected move. South Korea''s central bank finds itself in a tight spot regarding its monetary policy: Although economic growth is sluggish, household debt continues to mount even as the U.S. Federal Reserve readies further rate hikes. Moreover, the country faces uncertainties from an influence-peddling scandal that has seen President Park Geun-hye impeached by parliament and on the brink of becoming the country''s first democratically-elected president to be forced from office. Central bank officials have said monetary policy will not be directly influenced by a new president, but the bank is preparing itself for changed macro-economic policies that could come with a new administration. The bank is expected to publish revised economic forecasts for 2016 and 2017, plus new projections for 2018. Although the revisions are expected to be minimal, the estimates are unlikely to be revised up because economic growth in the fourth quarter is widely seen to have slowed. South Korea''s economy expanded by 2.6 percent in the third quarter as handset exports lagged because Samsung Electronics Co Ltd ( 005930.KS ) had to scrap its fire-prone Galaxy Note 7 smartphone last year. (Additional reporting by Dahee Kim; Editing by Eric Meijer) Next In Business News Tesco caps year of recovery with solid Christmas LONDON Britain''s biggest retailer Tesco reported its best quarter of UK underlying sales growth for over five years and more growth over Christmas, continuing a major recovery in its fortunes, though it cautioned it would not be immune to inflationary pressures. U.S. appeals court revives antitrust lawsuit against Apple SAN FRANCISCO iPhone app purchasers may sue Apple Inc over allegations that the company monopolized the market for iPhone apps by not allowing users to purchase them outside the App Store, leading to higher prices, a U.S. appeals court ruled on Thursday. SINGAPORE Oil prices were steady on Friday, supported by reports on details of OPEC output cuts, although lingering doubts over producer compliance with supply reduction targets weighed on the market. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-southkorea-economy-rates-idUKKBN14X05G'|'2017-01-13T08:30:00.000+02:00'
'aaccbd9cf0b9b380ae83adc8cbbe5ad57c72071e'|'Theatregoers face paying £200 to see Broadway hit Hamilton in London - Money - The Guardian'|'Tickets for the best seats at the hotly anticipated US hit musical Hamilton will cost £200 each when it opens in London later this year, reigniting a debate about West End theatre ticket prices.The producers of the London staging of the Pulitzer prize-winning show, which will begin previews at the the Victoria Palace Theatre in November, have revealed details of ticket prices. Perhaps inevitably, the eyes of many theatregoers were drawn to the cost of the “premium” seats, which will initially be £127.50 and £190, rising to £137.50 and £200 apiece from 7 December.This is not an all-time high for West End theatre ticket prices: in 2015, premium seats to see The Book of Mormon were being officially sold for £202.25 each, while another show that year, Elf, had a top ticket price of £240.Nevertheless, some theatre fans have taken to message boards to complain. On the TheatreBoard website, Theatrelover wrote: “£200 for a premium ticket?!? They obviously think the demand will be good, I would NEVER pay £200 for a show!”Meanwhile, stuartmcd said: “The premium tickets are definitely expensive, however, they know that people will pay that money. The rest of the ticket pricing is pretty normal and isn’t really much different to other big West End shows.”The show’s London producer, Cameron Mackintosh, said he wanted to “protect patrons from paying highly inflated prices” and give the widest possible audience the chance to see Lin-Manuel Miranda’s hip-hop musical, which has won 11 Tony awards. To that end, he said, he had designated 295 seats per performance to be priced at £37.50 or less, with the public also having the opportunity to buy a limited number of tickets on the day or a week in advance via separate lotteries for £20 and £37.50 each respectively.He said: “Excluding premium tickets, our top-price theatre ticket will be an all-inclusive £89.50. No additional charges will be permitted.”In 2004, London’s most expensive theatre ticket, for The Producers, cost £49, which means top prices have quadrupled in little more than a decade.Top-price premium tickets for the two-part Harry Potter and the Cursed Child, which opened in London last July, are £99.50 per part.Nevertheless, on Broadway, where Hamilton is still running, such is the demand for tickets that the best seats have been selling for $849 (£700) each – so some New Yorkers may feel it is more economical to fly to London to see the show.Mackintosh said he was determined to combat the “unauthorised profiteering” of third-party resellers and ticket touts, so was pioneering a paperless ticket system for Hamilton. No physical tickets will be issued in advance. Instead, on arrival at the theatre on the day of the performance, people will be asked to swipe their payment card to gain admission.Priority booking for the West End production opens on 16 January, while general booking begins on 30 January. The first performance will be on 21 November.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/jan/13/theatregoers-200-seats-broadway-hit-hamilton-london'|'2017-01-13T02:00:00.000+02:00'
'bce3383eac29fb49a97b390d0cf0ec6cbf73f789'|'South Korea prosecutor delays decision on whether to seek arrest of Samsung''s Lee'|'Money News - Sun Jan 15, 2017 - 10:38am IST South Korea prosecutor delays decision on whether to seek arrest of Samsung''s Lee Samsung Electronics vice chairman Jay Y. Lee is surrounded by media as he leaves the office of the independent counsel in Seoul, South Korea, January 13, 2017. Kim Do-hoon/Yonhap via REUTERS/Files SEOUL South Korea''s special prosecutor on Sunday delayed a decision on whether or not to seek a warrant to arrest Samsung Group leader Jay Y. Lee, who was questioned on bribery suspicions in an influence-peddling investigation. "Today we plan not to decide whether to seek an arrest for Vice Chairman Jay Y. Lee," the special prosecutor''s office said in a text message. It did not elaborate. The special prosecutor had said on Friday it would make its decision by Sunday. Lee was questioned for 22 hours before leaving the special prosecutors'' office in Seoul on Friday as part of their investigation into a corruption scandal that led President Park Geun-hye to be impeached by parliament. A court is deciding whether to uphold or overturn the vote. (Reporting by Ju-min Park; Writing by Tony Munroe; Editing by Robert Birsel) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/southkorea-politics-samsung-group-idINKBN14Z05C'|'2017-01-15T12:08:00.000+02:00'
'704da1d0eb278cf53cf74e2f5efb0f456387f1f1'|'European shares expected to open lower, FTSE set for sterling boost - For more see the European equities LiveMarkets blog'|'United States Financials   2:57am EST European shares expected to open lower, FTSE set for sterling boost - For more see the European equities LiveMarkets blog LONDON Jan 16 Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: ** European shares seen opening down slightly ** FTSE seen extending record winning streak on pound slump ** Eyes on Luxottica, Essilor after 46 bln-euro merger deal ** H&M figures lag estimates (Reporting by Helen Reid)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1F61BF'|'2017-01-16T14:57:00.000+02:00'
'94a88ad7ecd9315204cd287ed2b92941edb8f36a'|'China should stop intervening in FX market and let yuan float - researcher'|'Mon Jan 16, 2017 - 2:41am GMT China should stop intervening in FX market and let yuan float: researcher A 100 Yuan note is seen in this illustration picture in Beijing March 7, 2011. REUTERS/David Gray/File Photo SHANGHAI China should stop intervening in the foreign exchange market, devalue the yuan and let it float freely to restore stability, a senior researcher at a government-backed think tank said. Xiao Lisheng, a finance expert with the Chinese Academy of Social Sciences, made the remarks in an article on Monday in the official China Securities Journal amid a growing debate among the country''s economists on whether authorities should let the closely-managed currency trade more freely. The yuan lost 6.6 percent against the dollar last year, the biggest annual loss since 1994. "The more the government delays the release of depreciation pressure, the greater the impact and destructive power of the release of depreciation pressure will be," Xiao wrote. The authorities should "let the yuan exchange rate have a one-off adjustment to realize a free float" of the currency, he said. The yuan is allowed to trade in a band of 2 percent on either side of a daily reference rate managed by the central bank. Authorities have said repeatedly there was no basis for continued depreciation of the unit, but many currency strategists predict a further weakening this year if the U.S. dollar remains strong, spurring further capital outflows from China. Xiao said the current mid-point formation mechanism, adopted in 2015, is still immature and in transition, although it has eased depreciation pressure and curbed sharp declines in the country''s foreign exchange reserves. "But any foreign exchange rate mechanism without a free float cannot fundamentally reach a market clearing (price)," he wrote. The mechanism for setting the daily reference rate was adopted after a one-off devaluation of the yuan in August 2015. It is opaque, but factors in the closing price from a day earlier and the movements of various other currencies. Yu Yongding, a former central bank adviser, has also advocated that China stop intervening to help preserve its dwindling foreign exchange reserves, and suggested the central bank set a "bottom line" of 25 percent for the yuan to depreciate. China''s foreign exchange reserves fell to near six-year lows in December, but held just above the critical $3 trillion level, as authorities stepped in to support the weakening yuan ahead of U.S. President-elect Donald Trump''s inauguration. For 2016 as a whole, China''s reserves fell nearly $320 billion to $3.011 trillion, on top of a record drop of $513 billion in 2015. (Reporting by Winni Zhou and John Ruwitch; Editing by Kim Coghill) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-yuan-depreciation-idUKKBN150064'|'2017-01-16T09:35:00.000+02:00'
'ed45f2d5bcea61b1d561ebcf295628fad742238e'|'UPDATE 2-UK Stocks-Factors to watch on Jan 16'|'(Adds company news item, updates futures)Jan 16 Britain''s FTSE 100 index is seen opening up 16 points at 7,353 on Monday, according to financial bookmakers, with futures up 0.31 percent ahead of the cash market open.* The UK blue chip index ended up 0.6 percent at a record closing level of 7,337.81 points on Friday, supported by broker upgrades to broadcaster ITV as well as gains in housebuilding stocks and buoyancy in pharmaceuticals.* UK REFERENDUM: Prime Minister Theresa May will call on Britons to reject the acrimony of the Brexit referendum in a speech this week that some newspapers have billed as setting the stage for a "hard" exit from the European Union.* BURBERRY: British luxury brand Burberry said on Monday its incoming chief executive Marco Gobbetti will initially join the company on Jan. 27 as executive chairman, Asia Pacific and Middle East, before joining the board and taking the top job on July 5.* ACACIA MINING: Gold miner Acacia Mining Plc said on Friday it was in early talks about a possible merger with Canadian gold miner Endeavour Mining Corp.* ASHMORE: Fund manager Ashmore Group plc ASHM.L said assets under management fell 4 percent in its second quarter, as the impact of stronger dollar after the U.S. presidential election hit market returns and prompted more investors to pull their cash.* BREXIT: Britain''s decision to leave the European Union would have a bigger effect on the United Kingdom than the rest of Europe, as political and economic uncertainties grow around the world, the head of the euro zone bailout fund said on Monday.* UK M&A: Mergers and acquisitions activity in the United Kingdom will drop sharply in 2017 due to uncertainty over the terms of its exit from the European Union, law firm Baker McKenzie said in a report published on Monday.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL4N1F62UG'|'2017-01-16T04:45:00.000+02:00'
'27951d9ffa8af1514a9c251e9778b291dca867ab'|'India''s Reliance Industries Q3 net profit up 10 pct, beats estimate'|'MUMBAI Jan 16 India''s oil-to-telecoms conglomerate Reliance Industries Ltd beat analysts'' estimates to post a 10 percent increase in third-quarter standalone net profit, bolstered by higher margins in its core business.Standalone net profit rose to 80.22 billion rupees ($1.18 billion) for the three months to Dec. 31 from 72.96 billion rupees reported a year earlier, Reliance, controlled by India''s richest man Mukesh Ambani, said in a statement on Monday.Analysts on average had expected a standalone profit of 78.5 billion rupees, according to data compiled by Thomson Reuters.On a consolidated basis, which includes its telecom, retail and U.S. shale gas operations, its net profit came in at 75.67 billion rupees.($1 = 68.0999 Indian rupees) (Reporting by Promit Mukherjee in Mumbai; ; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/reliance-results-idINL4N1F6381'|'2017-01-16T09:08:00.000+02:00'
'319190556a076d0010ca547cfe7f4ee18f159aa0'|'Merkel tells German industry she will fight for free trade'|'COLOGNE, Germany Chancellor Angela Merkel told German industry leaders on Monday that she would remain committed to free trade in an indirect rebuttal to comments from U.S. President-elect Donald Trump''s about border taxes on car imports.Speaking to the German Chamber of Commence and Industry in the western city of Cologne, Merkel also urged industry leaders to remain supportive of the German government in the forthcoming Brexit negotiations between Britain and the European Union."We can''t let anyone divide us," she said.As far as free trade and open markets go, Merkel told the industrialists her government was determined to fight for them."We''ve got to fight this battle, if for no other reason than principle," Merkel said, referring to Germany''s commitment to the free trade that has fueled its prosperity and helped make it one of the world''s leading export nations."I''m ready for that," Merkel added, echoing words from her Finance Minister Wolfgang Schaeuble earlier on Monday. Schaeuble issued a thinly veiled warning to Trump over the dangers of protectionist trade policies."Whoever wants growth - and I trust this administration will be a growth-friendly one - must be in favor of open markets," Schaeuble told the Wall Street Journal in an interview. "Protectionism can afford short-term advantages but is almost always damaging in the long term."Merkel said she hoped German companies would take up the challenge.In an interview with Bild newspaper, Trump warned German car companies he would impose a border tax of 35 percent on vehicles imported to the U.S. market. Trump criticized German carmakers such as BMW ( BMWG.DE ), Daimler ( DAIGn.DE ) and Volkswagen ( VOWG_p.DE ) for failing to produce more cars on U.S. soil.(Reporting by Andreas Rinke; Writing by Erik Kirschbaum; Editing by Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-germany-industry-merkel-idINKBN1502CY'|'2017-01-16T17:31:00.000+02:00'
'ed2bc53c8f3210414340fb7313b15335e7265fc0'|'Trump threatens BMW with border tax on cars built in Mexico'|'Business News - Sun Jan 15, 2017 - 10:15pm GMT Trump threatens BMW with border tax on cars built in Mexico A view shows the logo of BMW on a car in Moscow, Russia, July 6, 2016. REUTERS/Maxim Zmeyev BERLIN President-elect Donald Trump has warned the United States will impose a border tax of 35 percent on cars that German carmaker BMW plans to build at a new plant in Mexico and export to the U.S. market. Trump was speaking in an interview with German newspaper Bild, which on Sunday released excerpts of his comments translated into German. A BMW spokeswoman said a BMW Group plant in San Luis Potosi would build the BMW 3 Series starting from 2019, with the output intended for the world market. The plant in Mexico would be an addition to existing 3 Series production facilities in Germany and China. Trump said BMW should build its new car factory in the United States because this would be "much better" for the company. He went on to say Germany was a great car producer, borne out by Mercedes Benz cars being a frequent sight in New York, but there was no reciprocity. Germans were not buying Chevrolets at the same rate, he said, making the business relationship an unfair one-way street. He said he was an advocate of free trade, but not at any cost. The BMW spokeswoman said the company was "very much at home in the U.S.," employing directly and indirectly nearly 70,000 people in the country. (Reporting by Michael Nienaber and Edward Taylor; writing by Vera Eckert; editing by Andrew Roche) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-bmw-idUKKBN14Z0XY'|'2017-01-16T05:14:00.000+02:00'
'36be316e2ece9ab83dffa1e962d879eec4f75c74'|'UPDATE 2-SEB''s CEO heads for Swiss private bank after navigating crisis'|'Financials  05am EST UPDATE 2-SEB''s CEO heads for Swiss private bank after navigating crisis * SEB CEO Falkengren to step down later this year * Falkengren to become partner at Swiss asset manager * SEB outperformed European banks during Falkengren tenure (Adds SEB chairman, analyst comment, share price reaction) By Johan Ahlander and Simon Johnson STOCKHOLM, Jan 16 SEB CEO Annika Falkengren, who steered Sweden''s fourth-biggest bank through the financial crisis and its aftermath, is quitting to join Swiss wealth and asset manager firm Lombard Odier Group. Falkengren, 54, is one of only a few female bank chief executives in Europe and a flag-bearer for women in Swedish industry where women hold the top job in only 6 percent of listed companies. She said she would leave SEB, the central hub of the Wallenberg family business empire, in July because she could not see an operational role for herself at the bank, which she joined 30 years ago as a trainee. She will join Lombard Odier Group as a managing partner. Falkengren earned 22.5 million Swedish crowns ($2.5 million) in 2015, according to the bank''s annual report, making her one of Sweden''s best paid executives. SEB said it is looking for a replacement to run the bank, which was founded in 1856 by the chairman''s great-great grandfather, after Falkengren streamlined and integrated its activities after taking over the helm in 2005. Falkengren concentrated on boosting capital after losses in its Baltic business forced SEB to raise 15 billion Swedish crowns ($1.67 billion) after the collapse of Lehman Brothers. During her tenure, SEB Swedish media focused not only on her business achievements but also on how she successfully combined running a bank and motherhood, including sending breast milk by taxi for her infant daughter or going home for lunch for feeds. SHARE SUCCESS Unlike many of their peers in Europe, Swedish banks fared relatively well during the financial crisis, with none requiring a bail-out from the government. "She has navigated SEB through an extremely difficult time in the history of the financial industry," SEB chairman Marcus Wallenberg said, adding that the bank remains "committed to the current business plan and our financial targets". Shares in SEB were down 1.5 percent at 1111 GMT, in line with the blue-chip Stockholm index, with analysts saying the departure of Falkengren was a blow. SEB stock has risen by 23 percent since she was appointed, while the European banking index is down around 50 percent. Low funding costs and cutting-edge IT systems have enabled Swedish banks to deliver returns on equity roughly double those of their European counterparts since the crash. "She sticks out both in the fact that she is a woman and that she has been in her position for so long," said Amanda Lundeteg, CEO of AllBright Foundation, a non profit foundation which promotes equality and diversity in senior business posts. ($1 = 8.9569 Swedish crowns) (Additional reporting by Rebecka Roos and Daniel Dickson; Editing by Susan Thomas and Alexander Smith) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/seb-ceo-idUSL5N1F62OO'|'2017-01-16T19:05:00.000+02:00'
'41da950faa5c1c99c10b8deac55cce7a65f61c1d'|'Ashmore sees second-quarter assets hit by market moves, outflows'|'Business   7:18am GMT Ashmore sees second-quarter assets hit by market moves, outflows LONDON Ashmore Group plc ( ASHM.L ) says assets under management fell by $2.4 billion (2.00 billion pounds) during its second quarter, hit by negative markets movements and demand from investors to withdraw their money. The emerging markets-focused asset manager said total assets were $52.2 billion at the end of December, down 4 percent from the end of September. Net outflows during the period were $700 million, while market falls took off a further $1.7 billion. Ashmore said the quarter had been impacted by the outcome of the U.S. election, renewed strength in the dollar and a steepening of the yield curves, although asset prices had strengthened in December and into new year. (Reporting by Simon Jessop; Editing by Rachel Armstrong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ashmore-trading-idUKKBN1500NK'|'2017-01-16T14:18:00.000+02:00'
'de2858680a0d9d3d325414a7c588bd549a305aeb'|'BRIEF-Britain to give $400 mln for GE oil and gas contract with ghana'|' 07am EST BRIEF-Britain to give $400 mln for GE oil and gas contract with ghana Jan 16 UK Export Finance - * Will provide $400 million in support for a ge oil & gas contract with Ghana''s offshore cape three points project * The contract will support jobs in the Aberdeen and Bristol areas * Supporting a GE oil & gas contract worth us $850 million * Following first gas production in 2018, the new fields are expected to continuously feed Ghana''s thermal power plants for more than 20 years * Support is provided as part of a larger $1.35 billion financing package Source text: bit.ly/2iZLIhi  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F60CA'|'2017-01-16T18:07:00.000+02:00'
'477fbf8c16f618b13a0709e1dd872951866d3ba5'|'China, eager for telecoms reform, calls for private investment'|' 49am GMT China, eager for telecoms reform, calls for private investment An employee uses his mobile phone in an office building in the heavy haze in Beijing''s central business district, January 14, 2013. REUTERS/Jason Lee BEIJING The Chinese government has renewed calls for private investment in the country''s telecommunication firms as it encourages them to cut fees and other costs and become more competitive in offering internet-related services. The country''s big telecoms firms, China Telecom Corp Ltd, China Unicom Hong Kong Ltd and China Mobile Ltd, are all units of unwieldy state-owned enterprises. Those parent firms are seen as heavily overstaffed, inefficient and slow to develop key technologies. The government will open the telecommunications industry to private investment and give "free rein to telecommunications companies in the development of the internet," according to a notice issued by the CPC Central Committee and the State Council. The notice, the latest in a string of increasingly proactive directives, urged further cuts to telecoms fees and said the government was committed to bolstering competition in the sector by easing rules and reining in subsidies. It also pledged to give venture capital firms and small internet businesses a freer rein. Concerned by the need to build high-speed networks in poverty-stricken and remote areas and lower bandwidth costs, China''s leadership has been gradually opening core technology requirements to private firms which have shot ahead in developing cloud and big data services as well as mobile software. China Unicom has recently forged a series of partnerships with the country''s top tech firms including Baidu Inc and Alibaba Group Holding Ltd. Telecommunications is not the only industry being encouraged to adopt what the government calls "mixed-ownership" structures. In guidelines issued in 2015, the central government said it would seek to overhaul corporate governance in underperforming SOEs. In September, China launched a $52.5 billion fund to restructure lumbering SOEs. China Mobile is one of 10 firms investing in the fund. Most recently, Chinese state-owned arms manufacturer, China North Industries Group (Norinco) said on Jan. 5 it would consider a mixed ownership structure and work to amend its management structure. [L4N1EV396] (Reporting by Cate Cadell; Editing by Edwina Gibbs)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-telecoms-idUKKBN1500FP'|'2017-01-16T12:49:00.000+02:00'
'94db34975f555a249164c9425a29aa74612366b9'|'Fintech groups fall short on gender equality'|'Add to myFT Fintech groups fall short of banks in gender equality Only 8 per cent of directors globally are women, compared to 22 per cent in big banks by: Martin Arnold , Banking Editor The new generation of financial technology companies trying to overtake traditional banks are lagging behind their bigger rivals in one unexpected area — they have far fewer women on their boards. Only 8 per cent of fintech directors globally are women, according to research by DHR International, the headhunters. That compares with about 22 per cent of board members at the world’s 30 biggest banks. “Fintech has the opportunity to bring a new culture of change and flexibility, so it is surprising that there are not more women on the fintech boards,” said Gert Stürzebecher, a Frankfurt-based partner at DHR, who added that he did not know any women fintech bosses in Germany. Mr Stürzebecher said that the dearth of women on fintech boards reflected the male-dominated upper echelons of both industries that feed into the sector: technology and banking. “Banking is kind of an old boys club, though that is starting to change, and technology is very male-dominated,” he said. It is noticeable how many times you see a panel at a conference made up of all men Blythe Masters, Digital Asset Holdings chief executive Dutch fintechs came bottom in DHR’s study of 268 companies across 19 countries, as they had only 3 per cent of women on their boards, compared with 11 per cent in Nordic countries and 9 per cent in the US. French and German fintechs were close to the bottom on 4 per cent, while the UK was in line with the average of 8 per cent. The findings are likely to make uncomfortable reading for the leaders of an industry that prides itself on its modernity and its ability to challenge the status quo. There are examples of women who have made it to the top of the fintech industry. Blythe Masters has become the public face of the blockchain industry since leaving JPMorgan Chase to become chief executive of Digital Asset Holdings. Lucy Peng is the former chief executive of Ant Financial, the payments arm of China’s Alibaba. Ms Masters said they had to make a “concerted effort” to ensure that there were three women out of 10 directors at her company and that 22 per cent of its 80 staff were female. “I know what our company would look like if we weren’t consciously thinking about this issue — we would only have one female director,” she said. “It is noticeable how many times you see a panel at a conference made up of all men or look into the audience and see very few women, whether it is an event focused on technology or business.” Georgia Hanias, head of communication and diversity programmes at Innovate Finance , the UK fintech association, said: “There are three big challenges that are still impeding women’s ascent to the top of the fintech sector: education, leadership and money.” Related article Review says biggest public companies should disclose number of female executives Monday, 16 January, 2017 She said that more should be done to encourage girls to study science, technology, engineering and mathematics and to become entrepreneurs. One encouraging sign was that women made up more than half the latest group of graduates from the Makers Academy, a London coding school, she added. Ramona Kühnel-Linnemann, a partner at DHR, said the way for fintech industry to encourage more women to reach the top was to adopt targets for minimum levels of female board representation, something that many European countries have done for their biggest companies, including Norway, Germany and the UK. The proportion of female directors on FTSE 100 boards has increased sharply in recent years to exceed the non-binding target of a quarter last year, according to the Cranfield School of Management. There is a target to have women in a third of all FTSE 350 board seats by 2020. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/financials'|'https://www.ft.com/content/abb4c88e-d9bd-11e6-944b-e7eb37a6aa8e'|'2017-01-16T03:10:00.000+02:00'
'064f31eaced8d65555a97b1f502c8b455cc47635'|'U.S. Republicans start framework for Obamacare replacement'|'Financials   U.S. Republicans start framework for Obamacare replacement By Susan Cornwell and Caroline Humer - WASHINGTON WASHINGTON Jan 13 Urged on by U.S. President-elect Donald Trump, Republican lawmakers rushing to scrap Obamacare said this week they hoped to make some changes intended to stabilize the insurance market while they work at repealing and replacing the law. The beginnings of a framework outlining what a post-Obamacare world could look like came in the same week that Congress approved a resolution instructing key committees of both the House of Representatives and the Senate to draft Obamacare repeal legislation by a target date of Jan. 27. The fate of the Affordable Care Act, popularly known as Obamacare, is a high-stakes political showdown between Republicans and Democrats that potentially jeopardizes medical coverage for millions of Americans and risks causing chaos in the health insurance marketplace. The seven-year-old law has enabled up to 20 million previously uninsured Americans to obtain health coverage and helped slow the rise in healthcare spending. But Republicans have called it federal government overreach. "If our general goal is to move decisions out of Washington back to the states, we should be able to make those decisions in the next several months," a key Republican senator working on the repeal, Lamar Alexander, told reporters outside the Senate this week. In a speech on the Senate floor, Alexander indicated Republicans are eyeing some moves insurers have said would help shore up the insurance plans offered on the Obamacare exchanges. The changes could be done by law or by regulation, Alexander said. Alexander said he favors continuing, at least temporarily, the cost-sharing subsidies that millions of Americans receive with their Obamacare exchange-based plans - a kind of financial assistance that helps keep down the cost of deductibles and co-pays. He advocates adjusting the special enrollment periods that insurers say are sometimes abused by people who wait until they are sick to sign up for insurance. Insurers have long sought changes that would fix this facet of Obamacare to weed out misuse. It would also help the transition to a new system, Alexander said, if individuals could use government premium subsidies to buy plans outside of the Obamacare marketplace. Alexander is chairman of the Senate health committee, one of the committees drafting the repeal legislation. He told reporters he had discussed his ideas with a number of senators and the process was evolving, but stressed it should be gradual, with some changes made by lawmakers and some by the secretary of Health and Human Services after he is confirmed. Trump has nominated Republican Representative Tom Price for the job. "Certainty is something the insurance industry needs so they don''t abandon coverage," said Senator Johnny Isakson of Georgia, another Republican lawmaker who has been working on how to stabilize insurance markets. It was unclear whether lawmakers will reach the ambitious target date of Jan. 27 for drafting repeal legislation. But House Speaker Paul Ryan said on CNN on Thursday that Republicans are moving "as quickly as they can". The 2010 law, Democratic President Barack Obama''s signature piece of domestic policy, touches almost all parts of the U.S. healthcare system, making its replacement likely to take effect over a number of years, even if lawmakers are trying to draft changes in weeks or months. (Reporting by Susan Cornwell; Editing by Jonathan Oatis) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-obamacare-changes-idUSL1N1F31NO'|'2017-01-14T05:45:00.000+02:00'
'361083843eecf7e079b278f46cd734b9fbefdd4e'|'EU’s gender ruling on car insurance has made inequality worse - Money'|'I n December 2012 the EU introduced controversial new rules insisting that car insurance companies no longer discriminate on the basis of gender. Until then, men were being routinely charged more than women, but after the European Court of Justice ruled that different premiums for men and women purely on the grounds of sex “were incompatible with the principle of unisex pricing included in EU gender equality legislation”, they had to go – even if it meant women would have to pay more as the gap between the sexes closed.But what has happened since the rules came into force? Instead of the gap between men’s and women’s premiums narrowing, as expected, it has actually widened. In 2012, men on average paid £27 more for a car insurance policy than a woman, but rather remarkably they now they pay £101 more – nearly a four-fold increase.These figures are based on an analysis by Confused.com, which collects 4m Quote: s every quarter from British drivers looking to arrange their insurance, so one assumes they must be right.So is this a case of an EU ruling spectacularly backfiring? Of well-meaning but deluded gender warriors in Brussels interfering in places they shouldn’t – and then shooting themselves in the foot? “It’s just equality gone mad” was the sort of comment that greeted this ruling when it was introduced.So what’s going on here? First, it’s doubtful that the insurance companies are simply ignoring the EU ruling and breaking the law. It’s pretty simple for people like me to test this, by changing my name from Patrick to Patricia on an internet Quote: engine and seeing if I get different results – and I don’t.What appears to be at work is that car insurance companies set a price very much according to all the other data they can find on you – without actually asking your gender. So the Quote: you get back reflects the risks attached to your occupation, how much you drive, the sort of car you drive and whether you have made any modifications to the car.I asked Confused.com to explain the worsening premiums for men, despite gender equality. It said: “The continuing disparity between men and women could be linked to the fact that certain male-dominated occupations may have a poorer claims experience.“Also, on average, men may tend to drive larger and more costly vehicles. The more expensive/high-spec the vehicle, the more likely it is that the cost of repairs will be higher, and therefore this is reflected in the premium charged.”There was a separate report from Moneysupermarket.com earlier in the week which revealed the occupations with the worst rates of drink- and drug-driving. Eight out of 10 of the worst are in the building trade, with scaffolders the worst. On average they have to pay an extra £470 for car insurance following a conviction.On the other side of the equation are midwives, an occupation the least likely to drink- or drug-drive. Now I don’t want to be accused of sexism, but most scaffolders are probably men, and most midwives, women.Kevin Pratt of Moneysupermarket.com says: “Women tend to drive fewer miles, have fewer accidents, the accidents they do have are less serious, and they have fewer convictions for drink-driving.“Insurers don’t look at gender, but they will look at all these characteristics very carefully.”My conclusion is that the EU ruling has done women a favour. Before, insurers bluntly charged you a bit more if you were male, a bit less if you were female. Now they have to price it according to rather more concise data reflecting your individual driving behaviour.My guess is that women were actually paying too much before the ruling and are now paying premiums that more accurately reflect their risk.Car insurance may have become less equal. But it is more fair.'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/blog/2017/jan/14/eu-gender-ruling-car-insurance-inequality-worse'|'2017-01-14T14:59:00.000+02:00'
'8b9100e1b2249d946ad4d3277c950f6bae1891d5'|'S.Korea bonds see 5th mth of outflows in Dec, stocks attract demand'|'Financials  10pm EST S.Korea bonds see 5th mth of outflows in Dec, stocks attract demand SEOUL Jan 16 Foreign investors sold off South Korean bonds for a fifth straight month in December, though the pace of sales slowed compared to the previous four months, official data showed on Monday. Offshore investors lowered their bond holdings by 527 billion won ($448.36 million) worth in December, according to the Financial Supervisory Service (FSS), compared to outflows of 1.8 trillion won in November. Investors in the Americas led the sales, while those in Europe were seen boosting their holdings in December, the FSS said. Foreigners reduced their holdings of monetary stabilisation bonds (MSB) by 1.4 trillion won, while they funnelled 0.8 trillion won into treasury bonds last month. The FSS said offshore investors sold off short-term bonds in the second half of 2016 ahead of and after the U.S. Federal Reserve''s decision to raise interest rates in December. The same data showed foreigners snapped up 1.7 trillion won worth of shares in December, rebounding from 1.2 trillion won worth of sales in November. December''s stock inflows were the biggest since August last year. Demand was strongest from the United States, as investors there purchased 2.3 trillion won worth. In 2016, foreigners reduced their holdings of won-denominated bonds by 12.3 trillion won worth while they bought 12.1 trillion won worth of South Korean shares. ($1 = 1,175.3900 won) (Reporting by Christine Kim; Editing by Shri Navaratnam) Next In Financials Singapore to prop up Southeast Asia''s muted IPO market in 2017 KUALA LUMPUR/SINGAPORE, Jan 16 Singapore is set to be 2017''s hottest spot for initial public offerings (IPOs) in tropical Southeast Asia with sales of stakes in business and real estate trusts, while currency volatility and weak investor sentiment curb deals elsewhere in the region.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southkorea-economy-foreignflows-idUSL4N1F50T5'|'2017-01-16T07:10:00.000+02:00'
'548f72acc6cf470d4ce9bdc040780d0ee69b1d70'|'Irish property prices rise at fastest annual pace in 18 months'|'Financials  16am EST Irish property prices rise at fastest annual pace in 18 months DUBLIN Jan 16 Irish property prices rose at their fastest annual pace in almost 18 months in November, the central statistics office said on Monday, after a 1.5 percent monthly rise put prices 8.6 percent higher than they were a year ago. Following a recovery in 2013 from a crash five years earlier, prices stabilised at an annual growth rate of about 4 to 5 percent a year ago, but have started to pick to up again amid a sharp lack of supply and before a government subsidy kicked in this month to help first-time buyers. Prices were up 5.9 percent year-on-year in Dublin, where the recovery began, while the rest of the country was 12.8 percent higher. Prices nationally are on average 31.5 percent below the 2007 peak hit at the height of the property bubble. (Reporting by Padraic Halpin; Editing by Angus MacSwan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ireland-economy-houseprices-idUSS8N1CA01A'|'2017-01-16T18:16:00.000+02:00'
'6e3771a6df24b48fd305280ed196d267c48458a9'|'S.Korea prosecutor says Samsung''s Lee paid bribes to Park''s friend'|'Company News - Mon Jan 16, 2017 - 12:28am EST S.Korea prosecutor says Samsung''s Lee paid bribes to Park''s friend SEOUL Jan 16 South Korea''s special prosecutor''s office said on Monday that Samsung Group leader Jay Y. Lee had paid bribes totaling 43 billion won ($36.42 million) to Choi Soon-sil, the friend of President Park Geun-hye at the centre of an escalating corruption scandal. The prosecutor''s office said on Monday it will seek a warrant to arrest Lee on charges of bribery and embezzlement. Lee Kyu-chul, a spokesman for the prosecutor''s office, told journalists that arrest warrants would not be sought for three other Samsung executives questioned during the investigation. ($1 = 1,180.5300 won) (Reporting by Se Young Lee; Writing by Christine Kim; Editing by Simon Cameron-Moore) Next In Company News Morgan Stanley gets regulatory nod to raise China securities JV stake - source HONG KONG, Jan 16 Morgan Stanley   the maximum permissible 49 percent,   matter said, making it the first  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/southkorea-politics-samsung-group-charge-idUSS6N1CU01K'|'2017-01-16T12:28:00.000+02:00'
'02c0891b2c8952d6a564e4d36038e6671143c326'|'Italy discussing its budget problems with EU - Treasury official'|'Business News - Mon Jan 16, 2017 - 10:29am GMT Italy discussing its budget problems with EU - Treasury official ROME Italy is discussing with the European Commission how it can allay Brussels'' concerns over its 2017 budget and avoid emergency belt-tightening measures that could crimp growth, an Italian Treasury official said. The comments come after la Repubblica newspaper reported on Monday that the commission is ready to open an excessive-deficit procedure against Rome unless it commits by Feb. 1 to cutting its deficit by an extra 3.4 billion euros (£3 billion) this year. The Treasury official, who asked not to be named, said Rome and the commission were "assessing the opportune steps" to avoid being put on the commission''s blacklist, while avoiding "restrictive budget measures". Rome has not received any formal letter from the commission, the official added. (Reporting by Giuseppe Fonte, writing by Gavin Jones) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-budget-eu-idUKKBN15013Z'|'2017-01-16T17:29:00.000+02:00'
'e808a604f5f2b3ac5173929da9ac7fc8c90fae00'|'Tata Steel offers millions for pension scheme rejig'|'Tata Steel offers millions for pension scheme rejig Buyout of guarantee held by the fund would smooth way for merger with rival Read next by: Michael Pooler and Josephine Cumbo Tata Steel has offered to pay “hundreds of millions” of pounds to its 130,000 member-strong pension scheme to release a guarantee the fund holds over its Dutch assets and smooth the way for a merger with ThyssenKrupp , its German rival. “We are in meaningful negotiations with the company now,” said Allan Johnston, chairman of the scheme’s trustee board, in an interview. “We’ve had an improved offer for the release of the security package.” The Indian group is restructuring its business following an announcement last spring that it wanted to exit the UK following years of losses. It wishes to detach its £15bn pension fund, which it says has become a significant financial drag. The pension fund has a guarantee over Tata’s Ijmuiden plant in the Netherlands, which provides financial protection for the scheme by giving its trustees a right over the assets in certain circumstances. Tata wants to buy out these claims to facilitate a merger of its European business with that of ThyssenKrupp. Tata Steel has warned regulators that the pension fund will sink its British steelmaking operations into insolvency, but is struggling to make the case after an upturn in the steel market. The pension scheme is well-funded, though it has only around one in 13 members still contributing and dwarfs the size of the operating business. Related article When Tata put a UK metals plant up for sale, Sanjeev Gupta put forth a radical idea Monday, 16 January, 2017 As part of a proposed rescue package agreed with trade unions last month, Tata agreed to keep both blast furnaces at the giant Port Talbot plant in south Wales running for at least five years, conditional upon its ability to detach the scheme. Tata Steel wrote to the Pensions Regulator this month attempting to demonstrate that its UK subsidiary was close to insolvency, said Mr Johnston. This is a pre-requisite for obtaining a regulated apportionment arrangement, a rarely used mechanism aimed at helping financially distressed companies by freeing them of retirement obligations. “I have correspondence between the company and the regulator, and the regulator is saying, ‘We haven’t proved yet that insolvency is inevitable, and it’s inevitable within the next 12 months’,” added Mr Johnston. Following a rise in steel prices, an efficiency drive and hundreds of redundancies, Tata Steel UK is now understood to be making a small profit — a far cry from the £1m it was losing daily at one point. But the business requires large amounts of capital investment, raising doubts about whether it can stand alone without financial support from its parent. Related article Natarajan Chandrasekaran known for confident, growth-focused leadership style Monday, 16 January, 2017 Under plans being drawn up, BSPS members will be asked to consent to increases in future payouts being pegged to a lower measure of inflation, with the scheme put in a special purpose vehicle holding a guarantee from Tata Steel. Those members not consenting would transfer by default into the PPF, the lifeboat for failed pensions that results in cuts of at least 10 per cent for members. But Mr Johnston said a change in regulations would be needed for this plan to succeed. The Pensions regulator said: “We continue to have discussions with the employer and the trustees about the future of the British Steel Pension Scheme. There are still significant issues to be resolved and we will consider any proposals carefully in light of their impact upon the 130,000 pension scheme members and PPF levy payers.” Tata Steel said a “structural solution” addressing the risks and volatilities of the pension scheme was needed to find a “solvent and sustainable future” for its UK business. The company said it was working with the trustees, unions, regulators and government to achieve the “best outcome possible” for the scheme and its members. It added: “Separation of the pension scheme from the business is an option which is currently under very serious consideration. We are still exploring all options.” Thousands of steelworkers are expected to vote at the end of this month on the rescue package, which proposes replacing the BSPS with a less-generous but commonplace defined contribution provision. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/world/uk/business'|'https://www.ft.com/content/15d3b9aa-d8d8-11e6-944b-e7eb37a6aa8e'|'2017-01-13T12:32:00.000+02:00'
'7110c6f2678006bd61a5ab131e84a55456cac1e6'|'China, eager for telecoms reform, calls for private investment'|'BEIJING Jan 16 The Chinese government has renewed calls for private investment in the country''s telecommunication firms as it encourages them to cut fees and other costs and become more competitive in offering internet-related services.The country''s big telecoms firms, China Telecom Corp Ltd , China Unicom Hong Kong Ltd and China Mobile Ltd, are all units of unwieldy state-owned enterprises. Those parent firms are seen as heavily overstaffed, inefficient and slow to develop key technologies.The government will open the telecommunications industry to private investment and give "free rein to telecommunications companies in the development of the internet," according to a notice issued by the CPC Central Committee and the State Council.The notice, the latest in a string of increasingly proactive directives, urged further cuts to telecoms fees and said the government was committed to bolstering competition in the sector by easing rules and reining in subsidies.It also pledged to give venture capital firms and small internet businesses a freer rein.Concerned by the need to build high-speed networks in poverty-stricken and remote areas and lower bandwidth costs, China''s leadership has been gradually opening core technology requirements to private firms which have shot ahead in developing cloud and big data services as well as mobile software.China Unicom has recently forged a series of partnerships with the country''s top tech firms including Baidu Inc and Alibaba Group Holding Ltd.Telecommunications is not the only industry being encouraged to adopt what the government calls "mixed-ownership" structures. In guidelines issued in 2015, the central government said it would seek to overhaul corporate governance in underperforming SOEs.In September, China launched a $52.5 billion fund to restructure lumbering SOEs. China Mobile is one of 10 firms investing in the fund.Most recently, Chinese state-owned arms manufacturer, China North Industries Group (Norinco) said on Jan. 5 it would consider a mixed ownership structure and work to amend its management structure. (Reporting by Cate Cadell; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-telecoms-idINL4N1F623P'|'2017-01-16T02:45:00.000+02:00'
'c861d2a414ed1823931a7b15f866f6cc5b36a1bf'|'Simon Kirby says confident London can keep euro-clearing'|'Business News - Mon Jan 16, 2017 - 12:16pm GMT Simon Kirby says confident London can keep euro-clearing Simon Kirby, British Economic Secretary to the Treasury, attends the Asian Financial Forum in Hong Kong, China January 16, 2017. REUTERS/Bobby Yip HONG KONG Keeping the euro-denominated clearing business in London even after Britain leaves the European Union is in Europe''s interest, Simon Kirby, economic secretary to the UK Treasury, told Reuters on Monday. The European Union is considering legislative measures to move London''s euro-clearing business to the euro zone, but the changes would apply only after Britain leaves the bloc, an EU official said last month. "It''s in Europe''s interest that London retains euro clearing ... if you dismantle it, then you redistribute euro clearing, then it might end up in New York and then that''s not in anyone''s interest at all for that to happen," Kirby said. "So, I am confident that we can keep euro clearing, and Brexit is an opportunity not only for us to get the best possible deal with Europe but also to build our global standing around the world," he said in an interview in Hong Kong. London dominates clearing of derivatives denominated in euros, mainly via the London Stock Exchange''s ( LSE.L ) LCH.Clearnet business - a dominance that the European Central Bank has tried to reduce in the past, only to find its attempt blocked by the EU''s top court. Talks to move the multi-billion-euro business to a euro zone city, such as Frankfurt, have gained new impetus since Britain voted in June to quit the EU, with advocates arguing that euro-denominated derivatives should not be cleared outside the EU. (Reporting by Sumeet Chatterjee; Editing by Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-financialclearing-idUKKBN1501EK'|'2017-01-16T19:16:00.000+02:00'
'518525b454cecfc7cf89221a4dfb1b72cf63a6b0'|'Emirates to open up Dubai luxury lounges to lower-tier frequent flyers'|'Industrials - Mon Jan 16, 2017 - 6:37am EST Emirates to open up Dubai luxury lounges to lower-tier frequent flyers DUBAI Jan 16 Emirates is opening up its lounges at its Dubai hub to lower-tier frequent flyer members in what is the latest move by the world''s largest long-haul airline to look for new ways to boost revenues. Emirates, which reported a 75 percent drop in half-year profit in November, had previously restricted access to these lounges to higher-tier frequent flier members and business or first class travellers. In an email sent out to Skywards frequent flier members, seen by Reuters, passengers with Blue-tier status, the lowest of four membership categories, can pay $100 to access the airline''s Dubai business lounge and $200 for the first class lounge. An Emirates spokeswoman confirmed to Reuters that the email was sent out to Skywards members. Other changes to the lounge access policy include Skywards members being allowed to pay for access for non-member travel companions and upgrading from business to first class lounges, according to the email dated Jan. 13. Emirates, trying to counter the impact of overcapacity in the market and tighter corporate travel budgets, is looking at other additional revenue sources, including fees on bags. The airline introduced fees for advanced seat selection for economy passengers in October. Emirates has said it planned to introduce premium economy, a class between economy and business, by 2018. In a bid to cut costs, Emirates has offered redundancies to staff working in accounting, finance, IT and other head-office departments, sources told Reuters on Dec. 10 The airline has not responded to the report. (Reporting by Alexander Cornwell. Editing by Jane Merriman) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/emirates-airline-idUSL5N1F62EA'|'2017-01-16T18:37:00.000+02:00'
'29d07cf49e0b2eab5ed2774201133b5c99d61f4a'|'UPDATE 1-Brazil car rental Movida''s IPO could fetch $368 mln'|'(Adds details, size, timetable; changes dateline, previous BRASILIA)SAO PAULO Jan 16 Movida Participações SA has set the price range for an initial public offering at between 8.90 and 11.30 reais per share in a deal that could help the Brazilian car rental firm and a shareholder fetch as much as 1.184 billion reais ($368 million) from investors.In a Monday securities filing, Movida and controlling shareholder JSL SA said they plan to offer a total 78.202 million common shares of Movida on Feb. 6, when the IPO will take place. If investors tapped so-called supplementary and additional allotments, another 26.6 million shares may be sold.Growing appetite for risk among local investors and hopes that President Michel Temer will reverse years of rampant budget spending are helping revive offerings in Brazil, which a decade ago was one of the world''s most vibrant places for IPOs. The country has seen just a couple of IPOs in the past two years, down from about 10 between 2013 and 2014.The Movida deal underscores the resilience of car renting despite Brazil''s harshest recession in eight decades, high unemployment and a slump in consumer and corporate spending. Movida plans to use proceeds to expand its fleet, reduce debt and pay dividends, the filing said.Expansion will not involve acquisitions, the filing said, underpinning how the company''s organic growth model has helped it fare better than rivals over the past year. Larger peer Unidas SA announced an IPO plan just days before Movida''s, in late November.Movida''s growth has outpaced that of Unidas, whose daily rentals grew 29 percent to 1.3 million in the third quarter, on the eve of a deal selling a 20 percent stake to Enterprise Holdings Inc, the world''s No. 1 car rental company.Movida''s car rental operations, which grew 60 percent in a year to 2.3 million daily rentals in the third quarter, are about half the size of Brazilian market leader Localiza Rent a Car SA, which booked 4.8 million daily rentals in the quarter.Movida hired the investment-banking unit of Banco Bradesco SA to manage the offering, alongside Morgan Stanley & Co, Grupo BTG Pactual SA, Banco Santander Brasil SA, Banco do Brasil SA, Credit Suisse Group AG and XP Investimentos CCTVM SA. ($1 = 3.2202 reais) (Reporting by Guillermo Parra-Bernal and Paula Arend Laier; Additional reporting by Brad Haynes in São Paulo and Silvio Cascione in Brasilia; Editing by Ruth Pitchford and James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/movida-participaes-ipo-idINL1N1F60DG'|'2017-01-16T09:57:00.000+02:00'
'c66fb322030aad27b5f9f3984970ebd20420c9ec'|'Louvre Hotels buys majority stake in India''s Sarovar Hotels'|'PARIS France''s Louvre Hotels Group, part of Chinese hotel firm Jin Jiang International, said on Thursday it bought a majority stake in Indian hotel chain Sarovar Hotels for an undisclosed amount, further expanding its international footprint."This deal clearly demonstrates the ambition of Louvre Hotels since its acquisition by Jin Jiang to boost its development through large strategic deals on high potential markets," the statement said.Jin Jiang, ( 600754.SS ) one of China''s biggest hotel groups, bought Louvre Hotels in March 2015 for 1.3 billion euros as an expansion platform outside China.Louvre Hotels is the number two for budget hotels in Europe after France''s AccorHotels ( ACCP.PA ). It operates 1,175 hotels, ranging from one to five stars - Première Classe, Campanile, Kyriad, Tulip Inn, Golden Tulip and Royal Tulip in 51 countries.Founded in 1994, Sarovar Hotels has 75 hotels in India in the premium, mid-range and budget categories in over 50 cities and has a total of 6,000 rooms.The two groups will continue developing Sarovar Hotels brands and also support the development through franchises of Louvre Hotels, which has been present in India since 2007 and manages 22 hotels there under its Golden Tulip brand.(Reporting by Dominique Vidalon; Editing by GV De Clercq)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-louvrehotels-sarovar-acquisition-idUSKBN14W2EJ'|'2017-01-12T19:32:00.000+02:00'
'7b575327489f0cb7e4fec43930b03dfa429b9a5a'|'DBRS cuts Italy''s credit rating, posing problems for its banks'|'  8:07pm GMT DBRS cuts Italy''s credit rating, posing problems for its banks By Gavin Jones - ROME ROME Canadian rating agency DBRS on Friday cut Italy''s sovereign credit rating to BBB (high) from A (low), a move that could raise borrowing costs for struggling Italian banks. DBRS, previously the only major agency with a rating in the A band for Italy, said its decision reflected uncertainty over the country''s ability to pass reforms, continuing weakness in the banking system, and fragile growth. It attached a stable trend to its new BBB (high) rating. The downgrade will mean Italy''s banks will have to pay more to borrow money from the European Central Bank when they use the country''s sovereign bonds as collateral. It may also make Italian debt less attractive for foreign buyers. Of the four agencies used by the ECB to determine collateral requirements, DBRS was the only one that gave Italy an A-band rating. This allowed its beleaguered lenders to continue to receive cheap funding. Standard & Poor''s rates Italy BBB-, Moody''s rates it BBB+ and Fitch rates it Baa2. An Italian Treasury source, who asked not to be named, played down the repercussions of DBRS''s move, saying it may have some impact on the yields of short-term debt, but "will have no significant effect on our debt servicing costs." Italy''s public debt, at around 133 percent of national output, is the highest in the euro zone after Greece''s. DBRS put Italy''s rating under review with negative implications in August, citing political uncertainty around a referendum held in December, pressure on banks, economic weakness and a less stable external environment. The referendum on constitutional changes brought a stinging defeat for then-prime minister Matteo Renzi, prompting him to step down. He was replaced by former foreign minister Paolo Gentiloni. After the vote, DBRS said the outcome was "credit negative", but since then Gentiloni has set aside 20 billion euros ($21.26 billion) to support banks in difficulty. About a third will be used to try to save Monte Dei Paschi di Siena, the country''s fourth-largest bank, which desperately needs fresh capital. "The new interim government may have less room to pass additional measures, limiting the upside for economic prospects," DBRS said in its statement on Friday. "Moreover, despite recent plans for banking support, the level of non-performing loans (NPLs) remains very high, affecting the banking sector’s ability to act as a financial intermediary to support the economy." The referendum outcome did not trigger much political instability, with Gentiloni quickly installed at the head of a cabinet almost identical to Renzi''s, and economic data and borrowing costs have also been little changed since the vote. (The story was refiled to fix DBS to DBRS throughout) (editing by Richard Lough, Larry King)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-debt-dbrs-downgrade-idUKKBN14X2CR'|'2017-01-14T02:54:00.000+02:00'
'e0dc68de8dd8dedf596500b1fbb1e579480c61c4'|'Holden announces date for last car to roll out of Adelaide plant - Business'|'Holden will finish manufacturing cars at its Adelaide plant on 20 October.The company, which is owned by US-based General Motors , will then import all its cars from overseas, but some design and marketing functions will remain in Australia.The Holden spokesman Richard Phillips said the company was giving its employees and suppliers advance notice, and providing certainty by announcing the date.Holden says it will build more than 30,000 vehicles between now and the plant’s closure. Close to 1,000 employees will remain in work until production ends.Of the 700 people who have left the plant since 2015, almost 70% have found new jobs within a year, the company says. Current employees will have access to transition services and up to $3,000 in approved training and $500 for financial advice.The Elizabeth plant, which has been making cars for more than 60 years, has been winding back production in recent years.Details of Holden’s new 2018 Commodore model, the first to be manufactured overseas, were announced recently, and the company is keen to stress its continuing presence in the Australian market.The car, which was designed and engineered by Opel in Germany, although with input from Holden in Australia, will be available as a four-cylinder petrol or diesel front-wheel-drive power or a V6 all-wheel-drive. There is no V8 model.Facebook Twitter Pinterest The 2018 Holden Commodore model, the first to be made outside Australia. Photograph: General Motors The acting Labor leader Penny Wong said it was an awful day for Holden employees and their families.“We are thinking of you. We know this is a tough day,” she told reporters in Adelaide.She said the focus must now shift to retraining and other employment opportunities.Defence manufacturing and ship and submarine building would create new jobs in coming years, Senator Wong said.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/13/holden-announces-date-for-last-car-to-roll-out-of-adelaide-plant'|'2017-01-13T02:00:00.000+02:00'
'494d704a4a35a8555b63cd0271fbf2c2f9d76151'|'Saudi pledges adherence to oil cut, confident others will'|'Commodities  38am EST Saudi pledges adherence to oil cut, confident others will Saudi Arabia''s Energy Minister Khalid al-Falih addresses a news conference after a meeting of   Petroleum Exporting Countries (OPEC) in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader By Rania El Gamal and Maha El Dahan - ABU DHABI ABU DHABI Saudi Arabia will adhere strictly to its commitment to cut output under the global agreement among oil producers, its energy minister said on Monday, expressing confidence that OPEC''s plan to prop up prices would work. Saudi Energy Minister Khalid al-Falih, speaking at an industry event in Abu Dhabi, also said he was encouraged by signs of commitments by other participants in the deal since it took effect on Jan. 1. "Many countries are actually going the extra mile and cutting beyond what they''ve committed... I am confident about the impact... and I am very encouraged about those first two weeks," Falih said. The comments are the latest in a series of assurances from officials that participants will follow through on the agreement intended to help get rid of a glut. Compliance with the deal will be a key influence in early 2017 on oil prices LCOc1, which at $56 a barrel are about half their level of mid-2014. Under the accord,   Petroleum Exporting Countries and Russia and other non-members will curtail oil output by nearly 1.8 million bpd, initially for six months. Last week, Falih said Saudi output had fallen below 10 million bpd, meaning Saudi Arabia had cut production by more than the 486,000 bpd which it agreed to late last year under the producers'' agreement. On Monday, he said: "We will strictly adhere to our commitment," adding that during the six-month agreement, Saudi output would either be at the kingdom''s target under the deal or "as is the case now, slightly below". Producers were unlikely to extend the deal beyond six months and would allow market forces to prevail once the supply glut is eradicated. "My expectations (are)...that the rebalancing that started slowly in 2016 will have its full impact by the first half," he said. "Once we get close to the 5-year average of global stocks and inventories we will basically let our foot off the brakes and let the market do its thing." OPEC complied with up to 80 percent of its last output cut in 2009, according to International Energy Agency data. A committee of OPEC and non-OPEC ministers to monitor the issue is meeting on Sunday. Kuwait also said last week it had cut production by more than it committed to and OPEC''s secretary general told Reuters he was confident of the level of commitment and enthusiasm among producers who agreed to the deal.   Stanley Carvalho; Writing by Andrew Torchia and Alex Lawler; Editing by Ruth Pitchford) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-saudi-oil-commitment-idUSKBN1501M0'|'2017-01-16T20:38:00.000+02:00'
'72735a023a0547fb97b85bc3950c2ab4b2d856c4'|'Russia acknowledges threat from Trump''s energy policy on EU gas market'|'Global Energy News   3:09pm GMT Russia acknowledges threat from Trump''s energy policy on EU gas market By Oksana Kobzeva - MOSCOW MOSCOW Russia''s Gazprom ( GAZP.MM ) has acknowledged for the first time a threat to its dominant position in European gas market from an expected influx of liquefied natural (LNG) gas produced in the United States under Donald Trump''s administration. Gazprom, which supplies a third of Europe''s needs, had previously dismissed possible rivalry from the LNG exports from the United States, saying the costs of transportation via the Atlantic Ocean make it unfeasible. Trump has picked former Texas Governor Rick Perry to head the Department of Energy. The country''s oil and gas industry welcomed his appointment and called on him to make increasing exports of U.S. natural gas a "top priority". Trump, who takes office on Jan. 20, has made energy a central part of his agenda, has promised to revive oil and gas drilling and coal mining as president by cutting back on federal regulation. "We see the main source of rivalry from the United States, this is obvious. We don''t know what the first steps of the new American administration will be, be judging from its previous statements, it is possible that they will boost their production," Gazprom''s Deputy Chief Executive Valery Golubev told a conference in Moscow. Analysts have speculated the Kremlin-controlled company could retain its dominance in Europe as U.S. gas shippers take advantage of shortages in Asia and Latin America to plug those gaps, but Golubev conceded U.S. plans may have an impact. "New LNG production capacities (in the U.S.) may have implications for the European market," Golubev said. There is no ban on natural gas exports, but U.S. law requires American companies to obtain authorisation from the Energy Department before being able to ship it overseas, and there are tough permit requirements for building the specialised facilities that make shipping gas possible. The United States exported its first cargo of LNG gas last year. It plans to commission four LNG export terminal in 2017-2020. For now, it has one working LNG terminal in Sabine Pass, Louisiana. United States, currently a net importer of natural gas, has increased its natural gas production each year since 2006 thanks to boom in shale gas output. (Writing by Vladimir Soldatkin; Editing by Alison Williams) Next In Global Energy News Oil set for weekly fall on doubts over extent of OPEC cuts LONDON Oil prices are on track to end the week lower on lingering doubts over the extent of OPEC cuts, with sentiment worsened by concerns over the health of the Chinese economy after it reported the steepest falls in exports since 2009.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-usa-lng-idUKKBN14X1S1'|'2017-01-13T22:09:00.000+02:00'
'2320d6acbfebe256339dbeae21d521f170037a53'|'Asos raises sales and capex forecasts'|'Asos raises sales and capex forecasts after strong Christmas Online fashion retailer’s sales outside UK rose 52 per cent, helped by weak pound Read next by: Jennifer Thompson in London Online fashion retailer Asos is ramping up both its sales and capital investment guidance after posting double-digit revenue increases for the final months of 2016. Asos makes more than half of its sales outside the UK, and these were boosted by the effects of the weaker pound following the Brexit vote . UK sales at the Aim-quoted retailer rose 18 per cent year on year to £244m in the four months to December 31, helped by a greater level of discounting, but the real star was the group’s international divisions. Overall sales from outside the UK rose 52 per cent to £361.7m, although on a constant currency basis, international sales increased by a more moderate 41 per cent. Within this the US market was the strongest performer. Although it contributes less than 8 per cent to total group revenue, sales climbed 66 per cent year on year. Total revenue rose 36 per cent year on year to £621.3m, and was up 30 per cent on a constant currency basis. Related article Fashion chain reports strong Christmas trading as boss hits at ‘faceless’ online shopping Friday, 13 January, 2017 The increases gave Asos the confidence to raise its guidance for the current financial year, which runs to the end of August. It now expects annual revenue growth to be between 25 and 30 per cent, up from the previously stated range of 20 to 25 per cent. “A 50 per cent plus increase in international sales is a standout performance,” said Nick Beighton, chief executive. “We’re accelerating our infrastructure investment to handle that growth.” Asos is upping its forecast for capex, which is now anticipated to be between £150m and £170m for the year, from previous guidance of £120m to £140m, and compared with £87m in the previous financial year. In December Asos announced plans to hire an additional 1,500 people over the next three years at its London headquarters as it seeks to double revenue, in addition to the 2,500 it already employs at its head office. Asos will report full results on April 4. Shares in Asos rose slightly on Thursday morning to £54.03. SuperGroup , which like Asos targets younger fashion-conscious consumers, also issued an upbeat set of results on Thursday which were helped in part by currency movements. Related article Good news fails to convince all retail executives that pressure is easing Friday, 13 January, 2017 The owner of the Superdry brand said revenue rose just over 31 per cent to £334m in the six months to October, while pre-tax profit increased 10.4 per cent to £12.7m. Euan Sutherland, chief executive of the FTSE 250 company, said he expects full-year profit to be in line with analysts’ forecasts of £84.6m. Consumer spending in the UK has remained fairly resilient since last summer, despite the steep fall in the value of the pound. Earlier this week the British Retail Consortium said the cash value of spending was 1.7 per cent higher in December than a year earlier, although economists warn that prolonged sterling weakness combined with inflation could curb spending this year. SuperGroup shares rose almost 2 per cent on Thursday morning to £17.51. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/retail-consumer'|'https://www.ft.com/content/5d93e012-d89c-11e6-944b-e7eb37a6aa8e'|'2017-01-12T16:17:00.000+02:00'
'6f7b08cb4e533e434563f7be56f156861b19d05f'|'Exclusive: Ski resort operator Intrawest explores sale - sources'|'By Carl O''Donnell and Greg Roumeliotis Intrawest Resorts Holdings Inc ( SNOW.N ), the owner of some of the most popular ski resorts in North America, is working with investment banks on a possible sale, people familiar with the matter said this week.The sale process will test the value of Intrawest''s seasonal ski business, which has benefited from strong snowfalls of late at its resorts. The company''s shares have doubled in value in the last 12 months.Intrawest, majority-owned by private equity firm Fortress Investment Group LLC ( FIG.N ), is in the initial stages of reaching out to potential buyers, including buyout firms, the people said. There is no certainty that a deal will occur, they added.The sources asked not to be identified because the deliberations are confidential. Fortress declined to comment, while Intrawest did not respond to a request for comment.Intrawest shares rose as much as 18 percent on the news and were up 7.1 percent at $18.18 in late afternoon trading in New York on Friday, giving the company a market capitalization of $750 million.The company''s best known ski properties include Stratton Mountain in Vermont, Mont Tremblant in Quebec and Steamboat in Colorado. It also owns mountain resorts, adventure retreats and real estate across the United States and Canada.Denver-based Intrawest offers high-end "heli-skiing" packages, referred to as Canadian Mountain Holidays, where guests are transported by helicopter to remote locations, including lodges in the Canadian Rockies. Trips can cost $10,000.Intrawest has pushed to expand its summer resort offerings, including hikes on glaciers and mountains, as a way to even bookings outside of ski seasons.Early last year, Intrawest completed the sale of its timeshare business to Diamond Resorts International for $85 million, an action many of its peers have taken as the business has fallen out of favor among consumers.Fortress took Intrawest private in 2006 for $2.8 billion, and then took it public again in 2014.Earlier this week, another company in the leisure sector, golf club operator ClubCorp Holdings Inc ( MYCC.N ), said it was exploring strategic alternatives, including a sale.(Reporting by Carl O''Donnell and Greg Roumeliotis in New York; Additional reporting by Lauren Hirsch in New York; Editing by Diane Craft and Steve Orlofsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-intrawest-resort-m-a-idINKBN14X2AV'|'2017-01-13T17:10:00.000+02:00'
'd07239594f9747d276516797abd53b095ab55c0b'|'SE Asia Stocks-Choppy; Philippine index extends losses for 3rd day'|'Financials - Fri Jan 13, 2017 - 12:15am EST SE Asia Stocks-Choppy; Philippine index extends losses for 3rd day By Sandhya Sampath Jan 13 Southeast Asian stock markets, except Singapore, were subdued in thin trade on Friday as investors paused to reflect on U.S. President-elect Donald Trump''s failure to elaborate on stimulus plans in his first news conference since his election victory. In Asia, shares dipped and the dollar was poised for a losing week after hitting a five-week low in the previous session, while overnight on Wall Street major indexes finished lower as investors weighed whether Trump would stress growth-boosting steps when he takes office. MSCI''s broadest index of Asia-Pacific shares outside Japan was down 0.2 percent after rising to its highest levels since late October in the previous session. "Markets are pretty choppy because there is still uncertainty related to how Trump is going to manoeuvre his economic policies," Taye Shim, research head at KDB Daewoo Indonesia said. Investors also shrugged off China trade data that showed imports beating forecasts slightly on strong demand for commodities, while exports fell more-than-expected. China, the world''s largest trading nation, could be heavily exposed to protectionist measures this year if Trump follows through on campaign pledges to brand it a currency manipulator and impose heavy tariffs on imports of Chinese goods. In Southeast Asia, the Philippine index dipped 0.3 percent, extending losses to a third straight session, dragged down by financials and telecom services. Property developer SM Prime Holdings Inc was down as much as 2 percent, while telecom services provider PLDT Inc fell as much as 2.5 percent. Malaysia fell 0.2 percent, snapping three sessions of gains, led lower by consumer staples and utilities. British American Tobacco Malaysia Bhd, the biggest drag on the index, lost as much as 4.8 percent, while infrastructure conglomerate YTL Corporation Bhd fell as much as 1.3 percent. Bucking the trend, Singapore gained 0.6 pct, aided by financials and industrials. DBS Group Holdings Ltd rose as much as 0.8 percent, while industrial conglomerate Jardine Matheson Holdings Ltd climbed as much as 1.7 percent. "Singapore is just following the trend of some Asian markets like Hong Kong and Japan," said Manny Cruz, an analyst with Manila-based Asiasec Equities Inc. Hong Kong''s Hang Seng index was up 0.4 percent, while Japan''s Nikkei index was trading 0.7 percent higher as of 0505 GMT. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS (Change at 0420 GMT) STOCK MARKETS Market Current Previous close Pct Move Singapore 3009.4 2993 0.55 Bangkok 1570.06 1568.84 0.08 Manila 7241.17 7264.55 -0.32 Jakarta 5298.074 5292.75 0.10 Kuala Lumpur 1674.99 1677.76 -0.17 Ho Chi Minh 687.08 686.96 0.02 Change this year Market Current End 2016 Pct Move Singapore 3009.4 2880.76 4.47 Bangkok 1570.06 1542.94 1.76 Manila 7241.17 6840.64 5.9 Jakarta 5298.074 5296.711 0.03 Kuala Lumpur 1674.99 1641.73 2.03 Ho Chi Minh 687.08 664.87 3.3 (Reporting by Sandhya Sampath; Additional reporting by Susan Mathew; Editing by Biju Dwarakanath) Next In Financials China''s money rates mixed, traders eye on MLF loans rollover SHANGHAI, Jan 13 China''s primary money rates were mixed for the week, and there were few signs of liquidity tightness after the central bank injected funds, though traders expected cash to be sucked out of the market in coming days as firms prepare to pay taxes and demand for cash rises ahead of the Lunar Bew Year holiday. Liquidity conditions were largely balanced this week, mainly due to support from the central bank through open market operations, traders said. Hopes for a rol'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southeast-asia-stocks-idUSL4N1F3254'|'2017-01-13T12:15:00.000+02:00'
'5ca5dc60eb10b083506ad0eff54f91b79b30a000'|'India no longer world''s fastest-growing economy'|'India no longer the world''s fastest-growing economy: IMF by Rishi Iyengar @Iyengarish January 16, 2017: 9:04 AM ET India''s cash replacement hits middle class India''s run as the world''s fastest-growing major economy has ended thanks to its self-imposed cash crisis. The International Monetary Fund said Monday that India''s economy has fallen back behind its northern neighbor China. India is estimated to have grown at 6.6% in 2016 compared with China''s 6.7%, according to the IMF''s World Economic Outlook. The IMF has lowered its forecasts for India in the current fiscal year by 1 percentage point, mostly because of "temporary negative consumption shock" from the country''s decision to ban its two largest rupee notes about two months ago. Related: 50 days of pain after India trashed its cash That decision, announced by Prime Minister Narendra Modi on Nov. 8, was touted as a way to combat corruption and tax evasion. But it also removed 86% of the cash in a largely cash-dependent economy, bringing many parts of it to a grinding halt . According to government figures, India grew at 7.3% in the quarter that ended in September, before the cash ban. It has now lowered its growth forecasts for the ongoing fiscal year. Analysts predict the slowdown will be even greater, an assessment the IMF evidently agrees with. But it also anticipates an eventual Indian recovery, forecasting that the economy will return to 7.2% growth in 2017 and 7.7% in 2018. CNNMoney (New Delhi) First published January 16, 2017: 9:04 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/16/news/india/imf-world-economic-outlook-india-china/index.html'|'2017-01-16T21:07:00.000+02:00'
'ce04ea0ad28be91b5bcf16949854740b577b4f40'|'China should stop intervening in forex market and let yuan float - researcher'|'Economic  54am IST China should stop intervening in forex market and let yuan float - researcher FILE PHOTO: Arrangement of various world currencies including Chinese Yuan, US Dollar, Euro, British Pound, shot January 25, 2011. REUTERS/Kacper Pempel/Illustration/File Photo SHANGHAI China should stop intervening in the foreign exchange market, devalue the yuan and let it float freely to restore stability, a senior researcher at a government-backed think tank said. Xiao Lisheng, a finance expert with the Chinese Academy of Social Sciences, made the remarks in an article on Monday in the official China Securities Journal amid a growing debate among the country''s economists on whether authorities should let the closely-managed currency trade more freely. The yuan lost 6.6 percent against the dollar last year, the biggest annual loss since 1994. "The more the government delays the release of depreciation pressure, the greater the impact and destructive power of the release of depreciation pressure will be," Xiao wrote. The authorities should "let the yuan exchange rate have a one-off adjustment to realize a free float" of the currency, he said. The yuan is allowed to trade in a band of 2 percent on either side of a daily reference rate managed by the central bank. Authorities have said repeatedly there was no basis for continued depreciation of the unit, but many currency strategists predict a further weakening this year if the U.S. dollar remains strong, spurring further capital outflows from China. Xiao said the current mid-point formation mechanism, adopted in 2015, is still immature and in transition, although it has eased depreciation pressure and curbed sharp declines in the country''s foreign exchange reserves. "But any foreign exchange rate mechanism without a free float cannot fundamentally reach a market clearing (price)," he wrote. The mechanism for setting the daily reference rate was adopted after a one-off devaluation of the yuan in August 2015. It is opaque, but factors in the closing price from a day earlier and the movements of various other currencies. Yu Yongding, a former central bank adviser, has also advocated that China stop intervening to help preserve its dwindling foreign exchange reserves, and suggested the central bank set a "bottom line" of 25 percent for the yuan to depreciate. China''s foreign exchange reserves fell to near six-year lows in December, but held just above the critical $3 trillion level, as authorities stepped in to support the weakening yuan ahead of U.S. President-elect Donald Trump''s inauguration. For 2016 as a whole, China''s reserves fell nearly $320 billion to $3.011 trillion, on top of a record drop of $513 billion in 2015. (Reporting by Winni Zhou and John Ruwitch; Editing by Kim Coghill) Next In Economic News Davos elites struggle for answers as Trump era dawns DAVOS, Switzerland The global economy is in better shape than it''s been in years. Stock markets are booming, oil prices are on the rise again and the risks of a rapid economic slowdown in China, a major source of concern a year ago, have eased. RBI employees urge governor to protect autonomy MUMBAI The employee union of the Reserve Bank of India (RBI) has urged the bank''s governor to protect central bank autonomy and not allow the federal government to interfere in processes following criticism over how it handled a ban on high-value currency. GANDHINAGAR, India Business leaders from around the world attending an investment summit in the Gujarat this week cheered Prime Minister Narendra Modi''s reforms, and said the disruption caused by his radical demonetisation move should be temporary. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-yuan-depreciation-idINKBN1500EC'|'2017-01-16T12:24:00.000+02:00'
'd88b6424ca94645913463c021088ef46c838bbae'|'LSE says no plans to move clearing operations after D.Boerse merger'|'Deals   8:18am EST LSE says no plans to move clearing operations after Deutsche Boerse merger The plaque of the Deutsche Boerse AG is pictured at the entrance of the Frankfurt stock exchange February 1, 2012. REUTERS/Alex Domanski/File Photo London Stock Exchange Group (LSEG) ( LSE.L ) said on Monday it had no plans to shift the operations of its LCH clearing business from Britain to Germany following the group''s merger with Deutsche Boerse ( DB1Gn.DE ). LSEG was responding to an independent study and press speculation about the possible future location of some of its businesses as a result of its tie-up with its German rival. According to the research report published in the Times on Monday, there is a "good chance" Deutsche Boerse will relocate derivatives trading from London to Frankfurt. bit.ly/2jVIlff "Such action is not contemplated and any statements suggesting otherwise are inaccurate and misguided ... LSEG and Deutsche Börse are committed to maintaining the strengths and capabilities of their respective operations in London and Frankfurt," LSEG said in a statement. "There is no intention to move the locations of Eurex or Clearstream from Frankfurt, LCH from London and the U.S., Monte Titoli from Milan or CC&G from Rome following completion," it added. Deutsche Boerse and LSEG have been working to overcome regulatory hurdles holding up their $28 billion merger and looking to appease regulators. LSEG agreed this month to sell its French clearing business to Euronext ( ENX.PA ). Last week, the head of the European Central Bank, Mario Draghi, said it would carefully look at the proposed merger too, particularly given Britain''s decision to leave the European Union. Separately on Monday, the economic secretary to the UK Treasury told Reuters that keeping euro-denominated clearing in London even after Britain leaves the EU was in Europe''s interest. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Mark Potter) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-lse-m-a-deutsche-boerse-relocation-idUSKBN1501KE'|'2017-01-16T19:46:00.000+02:00'
'66478b78e83e47e69883420391a822419be8e38c'|'Sanctions, tight margins sap appetite for rail link to ''Putin''s bridge'''|'Business News - Mon Jan 16, 2017 - 3:38pm GMT Sanctions, tight margins sap appetite for rail link to ''Putin''s bridge'' Russian leader Vladimir Putin looks to position his nation as an alternate ally to countries such as the Philippines and Turkey who have been traditionally allied with the U.S.. REUTERS/Yuri Kochetkov/Pool By Jack Stubbs and Gleb Stolyarov - MOSCOW MOSCOW An ally of Russian President Vladimir Putin has been asked to step in to build a railway link between Russia and annexed Crimea after low margins and the risk of Western sanctions put off other builders, industry sources told Reuters on Monday. The 17-billion-rouble (235.5 million pounds) contract is for a railway to connect the Russian rail network with what some Russians have dubbed "Putin''s bridge", a 19-km (12-mile) road-and-rail bridge across the Kerch Strait which separates Russia from Crimea. The United States sanctioned seven Russian firms involved in the bridge construction last year. Russia''s Federal Railway Transport Agency held three tenders for the railway contract in the second half of last year. The first tender received only one bid, which was dismissed due to the company''s lack of experience; the second and third tenders did not receive any bids. The Transport Ministry told Reuters on Monday it had offered the railway contract to Stroygazmontazh, the lead contractor for the bridge, after it was unable to find any companies willing to take on the project. A source in the ministry said Stroygazmontazh had accepted the offer. The company is controlled by Arkady Rotenberg, Putin''s former judo sparring partner. He was placed under U.S and European Union sanctions for his close ties to the Russian leader after Moscow annexed Crimea from Ukraine in 2014. Multiple sources told Reuters the low contract price and risk of being hit with Western sanctions had deterred potential bidders. "There are very few companies in Russia who can build railways and not a single one of them agreed to such a price - it is too low," said an industry source. "At this price, just as with the actual bridge, we are not talking about any profit, the main thing is just to break even." The source said the government had ordered Stroygazmontazh to accept the contract. Stroygazmontazh and the Crimea Bridge infocentre, the organisation responsible for communications about the project, declined to comment. "Sanctions were definitely a concern. But Stroygazmontazh doesn''t have to worry about that as they are already under sanctions," said a second person, who is close to the project. The Kerch Strait bridge will be the longest dual-purpose span in Europe when completed. It is seen as vital by the Kremlin to integrate Crimea into Russia, both symbolically and as an economic lifeline for the region. Putin has called its undertaking an historic mission and said in December Russia was on schedule to complete the road segment by the end of 2018. (Editing by Janet Lawrence)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-bridge-idUKKBN1501X4'|'2017-01-16T22:38:00.000+02:00'
'61c1aa3b8f4dffd4c53a914475125624ef722157'|'BRIEF-Total Energy Services announces intention to purchase common shares of Savanna Energy services Corp. on the TSX'|'Market  28pm EST BRIEF-Total Energy Services announces intention to purchase common shares of Savanna Energy services Corp. on the TSX Jan 13 Total Energy Services Inc : * Total Energy Services Inc. announces intention to purchase common shares of Savanna Energy Services Corp. On the TSX * Total energy services inc says purchases of savanna shares may occur from time to time during period commencing on January 16, 2017 * Total Energy Services-number of Savanna shares that may be acquired by total or any of its affiliates is limited to 5% of outstanding savanna shares * Expiry time for total''s offer to acquire all of Savanna shares is 11:59 p.m. (pacific time) on march 24, 2017 Source text for Eikon:   Next In Market News Wall St Week Ahead-U.S. banks to stay in fashion as earnings kick off NEW YORK, Jan 13 U.S. bank stocks will stay in favor with investors as long as earnings reports in the coming week show an improving profit outlook while investors wait to see if U.S. President-elect Donald Trump lives up to his campaign promises.'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/idUSFWN1F30VP'|'2017-01-14T04:28:00.000+02:00'
'8cd09190e746dc261e85d6e1ac50f0691eaff7c1'|'Airbus vs Boeing: Iran deals the difference in plane battle'|' 26am IST Airbus vs Boeing: Iran deals the difference in plane battle An Airbus A321 airliner arrives at the Mehrabad International Airport in Tehran, Iran January 12, 2017. Tasnim News Agency/Handout via REUTERS By Tim Hepher - PARIS PARIS Over the past two decades, planemakers Airbus ( AIR.PA ) and Boeing ( BA.N ) have traded the crown in the annual orders race, and it was usually clear who had bragging rights in the fiercely competitive $120 billion annual jet market. On Wednesday, Airbus retained the top spot when it said it had recorded a total of 731 net orders for 2016, beating Boeing''s tally of 668 for the year released a week ago. Standing out as the unusual kingmaker between the two Western giants is Iran, emerging from decades of sanctions to place billions of dollars of new orders. Because of fragile demand elsewhere, its comeback carries unusual weight. While Airbus included all but two of the 100 aircraft it sold to Iran last year, its American arch-rival did not include the 80 aircraft it sold to the country. It is unclear why Airbus formally reported Iranian orders while Boeing did not, and what criteria were used by each company in making their decisions. Airbus is further ahead in the sales process; Iran took delivery of its first Airbus jet on Wednesday, while Boeing''s planes will be delivered from 2018. Neither planemaker gave any immediate comment when contacted by Reuters. A source close to Boeing said there was some bemusement at the U.S. planemaker as to why Airbus was able to book all of their Iranian orders. Airbus sources, who declined to be named, said the company''s year-end numbers had been strictly audited. Analysts say decisions on whether to formally report such orders in annual tallies would depend partly on the status of the U.S. export licences needed by both companies due to their heavy reliance on U.S. parts. People close to the deals say that while both big jetmakers have received U.S. export licences for sales to Iran, only some of them cover the whole delivery period running until 2028. Both companies must apply for extensions for part of their orders. Industry sources say the same contractual conditions applied to both companies. Even though Boeing lost the headline order battle, analysts say it may ultimately benefit from lagging Airbus in the Iranian sales process if it can use its rival''s presence in the country to make the case for its own deal to go through, in the face of U.S. Republican political opposition. During his election campaign, President-elect Donald Trump was critical of the international nuclear deal that led to the lifting of sanctions on Iran. The Iranian orders offer valuable respite from a slowdown in demand for both planemakers, with their combined new orders falling below deliveries for the first time since 2009. Boeing posted a book-to-bill ratio of 0.89 for 2016. This would be at exactly 1 if the Iranian deal were included, with 748 orders and just as many deliveries, company data shows. Airbus would fall below that threshold without the Iran order. Analysts said such margins show how relatively thin orders have become after a decade of mostly rampant growth, coinciding with growing indicators that the aerospace cycle is weakening. Airbus sales chief John Leahy warned this week orders would stay weak in 2017, but said deliveries which drive profits would continue to grow for some time on the back of older sales. (Additional reporting by Alwyn Scott; Editing by Pravin Char) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/airbus-orders-idINKBN14X29V'|'2017-01-14T01:56:00.000+02:00'
'1a55ef9f9b03b07b8cde149858902cd6995d02ee'|'Morgan Stanley to pay $13 million for overbilling clients, SEC says'|'Business News  44pm GMT Morgan Stanley to pay $13 mln for overbilling clients: SEC FILE PHOTO - The logo of Morgan Stanley is seen at an office building in Zurich, Switzerland September 22, 2016. REUTERS/Arnd Wiegmann/File Photo By Sarah N. Lynch - WASHINGTON WASHINGTON Morgan Stanley ( MS.N ) will pay $13 million (£10.6 million) to settle civil charges, after it overbilled some of its wealth management clients because of coding and other billing system errors, U.S. regulators said Friday. The Securities and Exchange Commission said the bank was also charged with violating custody rules designed to safeguard investor assets. The bank agreed to settle the case without admitting or denying the charges. A spokeswoman for Morgan Stanley''s wealth management unit said the company was pleased to have the matter resolved. “All affected clients have been reimbursed and the firm has enhanced its policies and procedures, including discontinuing the use of certain legacy systems," company spokeswoman Christine Jockle said in a statement. The SEC said that the billing errors at Morgan Stanley affected more than 149,000 clients. Between 2002 and 2016, the bank received more than $16 million in excess fees as a result of the errors. In addition, the SEC said that Morgan Stanley did not comply with custody rules, in which an independent accountant conducts an annual "surprise" exam to ensure asset managers are keeping their clients'' money safe. For two consecutive years, the SEC said, Morgan Stanley did not provide the accountant with a complete or accurate list of client funds and it failed to preserve client contracts. This was the second time in less than a month that Morgan Stanley has faced SEC fines. On Dec. 20, another unit of the bank paid $7.5 million to settle charges that it violated customer protection rules when it used trades involving customer cash to lower its borrowing costs. (Reporting by Sarah N. Lynch; Editing by Jonathan Oatis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sec-morgan-stanley-idUKKBN14X285'|'2017-01-14T01:24:00.000+02:00'
'8b87262cb12d2363b40c00c1dc5e6f9056f9001f'|'Kuwait says Germany-bound Eurowings flight lands over bomb scare'|'Industrials - Sun Jan 15, 2017 - 3:59am EST Kuwait says Germany-bound Eurowings flight lands over bomb scare DUBAI Jan 15 A Eurowings flight travelling from Salalah in Oman to Cologne made an emergency landing in Kuwait after a bomb scare on Sunday, Kuwait''s Civil Aviation Authority said, adding that authorities were investigating. "(The flight) made an emergency landing at Kuwait International Airport because of suspicion that there might be a bomb on board ... preliminary investigations are being carried out to determine if the aircraft is free of explosives," a statement published on state news agency KUNA said. (Reporting by Noah Browning, Editing by William Maclean and Catherine Evans) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/kuwait-airports-eurowings-idUSL5N1F505G'|'2017-01-15T15:59:00.000+02:00'
'3076e44dabd8bd61f855813842b6654be89e09ab'|'Airbus lands Iran Air’s first new jet in 23 years'|'Iran Air blazes a trail with first new aircraft in 23 years Airbus aircraft seen as leading revival of aviation sector after lifting of sanctions Read next by: Peggy Hollinger in London and Najmeh Bozorgmehr in Tehran Captain Behnam Shirzad wears a broad smile as he walks into the hall where Iran Air is about to take delivery from Airbus of its first brand new aircraft in 23 years. “It is fantastic,” he says of the A321 single-aisle passenger jet, visible just the other side of the glass wall facing the runway. “Everyone loves this aircraft.” Top brass from Iran Air and Airbus were gathered in Toulouse on Wednesday for what the carrier’s chief executive, Farhad Parvaresh, called a “bright day” for his state-owned company and his country. The new aircraft is the first of 180 jets ordered from Airbus and its US rival Boeing after international sanctions were lifted last year as part of the nuclear accord between Iran and global powers. Two more wide-body A330s will fly to Tehran in the next two months. For Iran, they are the trailblazers for a revival of Iranian aviation and tangible proof that the relaxation of sanctions 12 months ago is finally beginning to deliver concrete results. For Airbus — and even Boeing — they mark the opening up of “one of aviation’s great untapped opportunities”, according to consultant and analytical group Centre for Aviation, Capa, just as global orders begin to slow . © AFP Tehran estimates the country’s needs at more than 400 aircraft over the next decade. The speed with which Airbus was able to deliver the first aircraft — given that the final deal was only signed in December — is proof of how important the market is to jet makers, says Will Horton, Capa aviation analyst. “They go out of their way to send a message they are partners for the future,” he says. Airbus has even offered to finance roughly 20 of the 100 aircraft it is selling to Iran Air. With a population of close to 80m, about the same as Germany, Iran’s capacity for air travel remains sorely under-exploited. In 2015, total scheduled capacity came to 22m seats, according to OAG, the aviation consultancy, less than a 10th that of Germany. Over the past six months passenger traffic grew at more than 20 per cent. The International Air Transport Association, Iata, the aviation trade body, estimates that passenger traffic could rise from 12m in 2015 to 43.6m by 2034. In Iran, I know many people are...not very willing to fly, maybe because we were using old technology. These people will definitely fly if you bring in new aircraft Farhad Parvaresh, Iran Air chief executive But, after decades of sanctions, the country’s carriers are struggling to keep their aircraft flying. Of the 230 aircraft owned by Iran’s 15 airlines, fewer than 160 are in service. The rest have been grounded, many because of a lack of spare parts. The average age of the fleet is 23 years old, twice that of Europe and the oldest plane in Iran Air’s fleet, an A300B2, has been flying for more than 30 years. The need for new aircraft is pressing as Iran seeks to spur its economy with investment and tourism. Mr Parvaresh thinks that concern over the safety of this ageing fleet has been keeping passengers off his flights. Public anxiety has been fuelled by seven fatal accidents since 2009, involving different airlines. “In Iran, I know many people are...not very willing to fly, maybe because we were using old technology,” he says. “These people will definitely fly if you bring in new aircraft.” Iran Air intends to start with a domestic route — flying from Tehran to Iran’s holiest city of Mashhad. Though Mr Parvaresh denies this is a political gesture towards the hardliners who oppose the nuclear accord, he is open about the need to demonstrate that the billions being spent on the new aircraft will benefit Iranians at home before they are used on international routes. “Our plan is to use this aircraft for the first two to three months on domestic routes so people [outside Tehran] use this aircraft and have good feeling about it after so many years,” he says. But there could still be trouble ahead . The election of Donald Trump to the US presidency has raised questions over whether the nuclear deal could be reversed and the Boeing sale of 80 aircraft to Iran Air scuppered. If sanctions are reimposed, even Airbus could be forced to halt deliveries. Mr Parvaresh says he is not “even thinking about it”. People close to the carrier and to Airbus are also quietly confident that the next US president will not want to see Boeing disadvantaged. “He is a pragmatic guy,” says one. “He will go for business.” Related article Differing stances on foreign policy and trade will threaten formation of strategy Sunday, 15 January, 2017 In addition, Iran Air will have to manage the integration of an unprecedented number of aircraft, having ordered more than four times as many as it has in its existing fleet, while at the same time adapting to a market opening up to new competition. Not only have carriers from the Gulf and Turkey already snapped up 40 per cent of the market, according to aviation consultancy OAG, western carriers such as Air France, British Airways, Lufthansa and others are also establishing a presence. Mr Parvaresh is betting, however, that years of operating under the constraints of sanctions have given Iran Air an edge over foreign competitors. He believes this will stand Iran Air in good stead when the time comes to expand internationally, where it is expected to take on Gulf carriers as a hub ferrying passengers between east and west. “We have very good maintenance, very good engineers, very good capabilities and pilots,” he says. “We have had so many tough times because of the sanctions, [and] they could keep these aircraft flying. I don’t have to do very much. I have to compete on service and price. I can do it easily...but I need the right equipment.” Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/industrials'|'https://www.ft.com/content/9b64048c-d94e-11e6-944b-e7eb37a6aa8e'|'2017-01-15T19:11:00.000+02:00'
'9d8e061d6d2c6cab44467130a963c7c6a994e222'|'UPDATE 1-Emirates to open up Dubai luxury lounges to lower-tier frequent flyers'|'Industrials  56am EST UPDATE 1-Emirates to open up Dubai luxury lounges to lower-tier frequent flyers (Adds analyst comment) By Alexander Cornwell DUBAI Jan 16 Emirates is opening up its lounges at its Dubai hub to lower-tier frequent flyer members in what is the latest move by the world''s largest long-haul airline to look for new ways to boost revenues. Emirates, which reported a 75 percent drop in half-year profit in November, had previously restricted access to these lounges to higher-tier frequent flier members and business or first class travellers. In an email sent out to Skywards frequent flier members, seen by Reuters, passengers with Blue-tier status, the lowest of four membership categories, can pay $100 to access the airline''s Dubai business lounge and $200 for the first class lounge. An Emirates spokeswoman confirmed to Reuters that the email was sent out to Skywards members. Other changes to the lounge access policy include Skywards members being allowed to pay for access for non-member travel companions and upgrading from business to first class lounges, according to the email dated Jan. 13. Will Horton, senior analyst at CAPA - Centre for Aviation, said there could be higher profit on lounge entrance fees than tickets given that it is rare for guests to consume food and beverages worth more than the fee. "With a proliferation in the number and quality of pay-as-you-go lounges, it makes sense for Emirates to make a play in this space," he told Reuters by email. Emirates, trying to counter the impact of overcapacity in the market and tighter corporate travel budgets, is looking at other additional revenue sources, including fees on bags. The airline introduced fees for advanced seat selection for economy passengers in October. Emirates has said it planned to introduce premium economy, a class between economy and business, by 2018. In a bid to cut costs, Emirates has offered redundancies to staff working in accounting, finance, IT and other head-office departments, sources told Reuters on Dec. 10 The airline has not responded to the report. (Reporting by Alexander Cornwell. Editing by Jane Merriman and Louise Heavens) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/emirates-airline-idUSL5N1F6351'|'2017-01-16T19:56:00.000+02:00'
'd608705a9933773611d7512fe88fe9cd42b60069'|'Singapore Dec private home sales down 57.3 pct month-on-month'|'Financials - Sun Jan 15, 2017 - 11:40pm EST Singapore Dec private home sales down 57.3 pct month-on-month SINGAPORE Jan 16 Sales of private homes by developers in Singapore fell 57.3 percent in December from a month earlier, dropping to the weakest levels in 10 months, government data showed on Monday. Data compiled by the Urban Redevelopment Authority showed developers sold 367 units last month, compared with 860 units in November. That was the weakest since 303 units in February 2016. The level of sales fell 4.4 percent from a year earlier, from 384 units sold in December 2015. For more details, click on www.ura.gov.sg (Reporting by Fathin Ungku; Editing by Shri Navaratnam) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/singapore-economy-property-idUSL4N1F33DV'|'2017-01-16T11:40:00.000+02:00'
'ebfb34e4893804af120ecef4f07a7c3c63b29f23'|'Exclusive - Philip Morris jolted by Indian proposal to ban foreign tobacco investment'|'Sun Jan 15, 2017 - 11:05pm GMT Exclusive: Philip Morris jolted by Indian proposal to ban foreign tobacco investment A man lights a cigarette along a road in Mumbai, India, October 26, 2016. REUTERS/Danish Siddiqui/File Photo By Aditya Kalra - NEW DELHI NEW DELHI Philip Morris International is fighting to keep a toehold in India''s $11 billion tobacco market, as the government considers further tightening foreign investment rules in the sector, according to documents seen by Reuters. In previously unreported letters from Philip Morris to the trade minister and an influential government think-tank, the U.S.-based company said the "discriminatory" and "protectionist" proposals would represent a blow to its plans to launch new products and make further investments in India. The two letters dated May and October last year followed local media reports of a possible change in government policy. While the warnings may be part of the firm''s negotiations, they show the level of concern the proposals are causing. "The proposed ban will impact our future investments in India and also force a review of our overall operations, including tobacco crop purchases," Martin G. King, Philip Morris'' Asia president, wrote on Oct. 13 to NITI Aayog, India''s most influential government think-tank that has a say in federal policies, including those related to foreign investments. India banned foreign investment in cigarette manufacturing in 2010, but it still allowed tobacco companies to invest through technology collaboration and licensing agreements. Investments could also be made by forming a trading company. Over the past year, the government has been considering whether to stop these, in a bid to safeguard public health interests, according to the documents and a senior government official. The new proposal was being discussed by the health and trade ministries at least as early as April last year, according to a government memorandum dated June 3. Neither ministry responded to requests for comment. A Philip Morris spokesman said the company had "nothing further to add" when asked about the company''s view on foreign investment. The final decision on the rules, based on recommendations from various ministries, will be taken by Prime Minister Narendra Modi''s cabinet. BLOW TO PLANS Philip Morris entered India in the late 1960s by acquiring a majority stake in the London-based parent of Godfrey Phillips India Ltd. It gradually reduced its stake in Godfrey over the years, in part due to regulatory changes. Ahead of the 2010 ban on investments into cigarette manufacturing, Philip Morris formed a new wholesale trading company with Godfrey and an investment firm. Under the current arrangement, Godfrey manufactures Marlboros while Philip Morris'' trading firm helps promote them. That part of its operations would not necessarily be impacted by the foreign investment changes being considered, as such changes usually do not apply to previous arrangements. However, if the new rules were implemented, Philip Morris'' future investment plans in India would be in jeopardy, as any form of new investment or collaboration would be outlawed. Those plans, the company says, include the possible launch of its heat-not-burn electronic cigarette called iQOS, an alternative product which Philip Morris sees as a key step towards a smokeless future that could also bring health benefits to India. Godfrey did not respond to a request for comment. India is a key market for Philip Morris. Even before the company contemplates introducing alternative products there, demand is strong for conventional cigarettes that still account for most of the company''s $74 billion in global annual revenues. The number of male cigarette smokers, aged between 15 and 69 years, almost trebled in India to 40 million between 1998 and 2015, according to BMJ Global Health estimates. Another 48 million smoke traditional hand-rolled cigarettes, called beedis. Marlboro faces stiff competition from premium brands of India''s largest cigarette maker, ITC Ltd, which is part-owned by British American Tobacco (BAT) as well as several state-run firms. Still, its market share has doubled between 2012 and 2015 to 1 percent, data from Euromonitor International show. LOBBYING DRIVE Outlining the firm''s importance to India''s economy, Philip Morris said in its letters that it spent $460 million on tobacco leaf over the previous five years and more than $200,000 on corporate charities each year. It says it has employed more than 90 people in its India unit. The company does not give country-by-country figures for revenues or market share. Philip Morris'' King wrote to the trade minister in May, saying the reported proposals would "dent India''s credibility as a reliable investment destination." He also said the move would unfairly favor the domestic industry. "It is discriminatory in its application since it will provide undue leverage to the domestic industry at the expense of international products," King wrote. ITC, which has a market share of almost 80 percent, did not comment on the proposed new policy. King''s letter was redirected by the trade ministry to the federal health ministry for further comment. The health ministry rejected the company''s arguments, citing India''s obligations under an international tobacco control treaty and domestic laws. The health ministry said allowing foreign tobacco money was against public health interests and would only lead to expansion and promotion of the sector. "There should be a comprehensive ban on foreign collaboration in any form," the health ministry wrote on July 27, adding wholesale trading in tobacco should be banned as well. Philip Morris wrote again in October to argue its case, this time to NITI Aayog, the think-tank. It said an investment ban could "raise significant concerns" about India''s compliance with its obligations under international trade and investment treaties. (Additional reporting by Manoj Kumar; Editing by Mike Collett-White and Paritosh Bansal) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-pmi-india-exclusive-idUKKBN14Z0Z9'|'2017-01-16T06:04:00.000+02:00'
'86fa5a86e398078177bfeeaf46dfbc716946a6ff'|'Exclusive - China to target around 6.5 percent growth in 2017: sources'|' 29pm GMT Exclusive - China to target around 6.5 percent growth in 2017: sources Buildings are seen against blue sky after the wind dispelled dangerously high levels of air pollution in Beijing, China, December 22, 2016. REUTERS/Jason Lee By Kevin Yao - BEIJING BEIJING China will lower its 2017 economic growth target to around 6.5 percent from last year''s 6.5-7 percent, policy sources said, reinforcing a policy shift from supporting growth to pushing reforms to contain debt and housing risks. The proposed target was endorsed by top leaders at the closed-door Central Economic Work Conference in mid-December, according to four sources with knowledge of the meeting outcome. "The target will be around 6.5 percent, which indicates that slightly slower growth is acceptable," said one of the sources, a policy adviser. The State Council Information Office, the public relations arm of the government, declined to comment. The world''s second-largest economy likely grew around 6.7 percent last year - roughly in the middle of the government''s target range - but it faces increasing uncertainties in 2017, the head of China''s state planning agency said on Jan. 10. Policy stimulus measures - evident in record lending from mostly state-owned banks and increased government spending - have fuelled worries among top leaders about high debt levels and an overheating housing market that could threaten financial stability if not addressed, the sources said. Under the central bank''s recently announced "prudent and neutral" stance, it is expected to guide market interest rates higher to help put the brakes on flush credit conditions, which should also support the weakening yuan CNY=CFXS , the sources said. "They''ve put more emphasis on controlling risks, and monetary policy could be a bit tighter," said a second policy source, though he characterised the change as ''fine-tuning'' ahead of a key party meeting in the autumn at which there will be a change in the top leadership. "They are keen to keep economic growth stable before the 19th party congress," the source said. Top leaders have pledged to stem the growth of asset bubbles in 2017 and place greater importance on the prevention of financial risk, while keeping the economy on a path of stable and healthy growth. China''s banks doled out a record 12.56 trillion yuan (1.51 trillion pounds) of loans in 2016 as the government encouraged more credit-fuelled stimulus to meet its economic growth target, despite worries about the risks of an explosive jump in debt. REFORM VS GROWTH The economy needs to grow at least 6.5 percent between 2016 and 2020 to meet Beijing''s goals of doubling GDP and per capita income by 2020 from 2010 levels. But they have also pledged "decisive results" by 2020 on a wide range of reforms to let market forces play a bigger role in driving the economy away from inefficient state-owned enterprises, which in the short term could slow output. Last year''s expected growth of 6.7 percent, though the slowest in 26 years, will have given the government a little more room to manoeuvre, but Beijing will not tolerate a sharp slowdown ahead of the leadership transition, the policy sources said. The 2017 growth target will be announced at the annual meeting of the National People''s Congress, the country''s parliament, in early March. The sources said government was set to maintain a 3 percent inflation target this year, suggesting policymakers are less worried about a sharp surge in consumer prices, despite surging factory-gate costs in recent months. December consumer prices rose 2.1 percent from a year earlier, easing from a 2.3 percent rise in November, while producer prices jumped 5.5 percent in December year-on-year, the most since September 2011. China''s producer price jump, fuelled by rising commodity prices, has yet to filter into consumer prices due to weak demand, so the central bank is not yet under big pressure to tighten policy. Even if inflation hits 3 percent in some months this year, the central bank would have to assess whether the economy is on a solid footing before raising interest rates, which may help the struggling yuan, the policy sources said. "If you don''t want the exchange rate to depreciate, you should tighten credit, but there could be problems in debt prices and market liquidity – how to balance them is a very difficult thing," one of the sources said. (Reporting by Kevin Yao; Editing by Will Waterman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-growth-idUKKBN1501G0'|'2017-01-16T19:28:00.000+02:00'
'f60e750183dc350162ee21a91847a413b1955b52'|'Russia discusses Syria peace talks with U.N. deputy special envoy'|'Industrials  18am EST Russia discusses Syria peace talks with U.N. deputy special envoy MOSCOW Jan 16 Deputy Russian Foreign Minister Mikhail Bogdanov on Monday discussed preparations for forthcoming Syrian peace talks in Kazakhstan with U.N. Deputy Special Envoy for Syria Ramzy Ezzeldine Ramzy, the Russian Foreign Ministry said. (Reporting by Jack Stubbs; Editing by Andrew Osborn) Next In Industrials Russia ready to rebuild security ties with US under Trump - Putin ally MOSCOW, Jan 16 Russia is ready to resume cooperation with the United States on security issues such as the fight against terrorism and cyber crime, a close ally of President Vladimir Putin said, days before the inauguration of Donald Trump as president.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/mideast-crisis-russia-un-idUSR4N1F2001'|'2017-01-16T19:18:00.000+02:00'
'9a3f00584ed51124743324f617eefefe2fcba110'|'China economic growth to slow slightly this year as policymakers focus on risks - Reuters poll'|'Business News - Wed Jan 18, 2017 - 6:20am GMT China economic growth to slow slightly this year as policymakers focus on risks: Reuters poll A Chinese flag is seen near a construction site in Beijing''s central business area, China, January 17, 2017. REUTERS/Jason Lee BEIJING China''s economy will likely expand 6.5 percent this year as authorities tolerate a further slowdown so they can focus on containing increasing financial risks, but a weakening yuan will complicate their policy choices, a Reuters poll showed. The forecast would represent only a mild cooling from 2016''s expected growth of 6.7 percent, but would likely mark the seventh straight year of slower growth as China looks to reign in excessive debt and increasingly unproductive investment while boosting the consumer sector. The forecast for 6.5 percent growth this year was unchanged from an October poll. China''s economy picked up towards the end of last year, supported by higher government spending and record bank lending, putting it on track to meet the government''s target of 6.5-7 percent growth. Economists expect China''s economy likely grew by a steady 6.7 percent in the fourth quarter of 2016, the same pace as in the previous three quarters, according to a Reuters poll. China will announce Q4 and 2016 GDP growth on Friday. But Beijing''s decision to double down on spending may have come at a high price, as policymakers will have their hands full this year trying to defuse financial risks created by the explosive growth in debt. China will lower its 2017 economic growth target to around 6.5 percent, policy sources said, reinforcing a policy shift from supporting growth to pushing reforms to contain debt and housing risks. Growth will likely weaken further to 6.2 percent in 2018, the Reuters poll of 57 economists showed, as China deals with a debt ratio that will likely surpass 285 percent of GDP this year, Gene Frieda, global emerging markets strategist at asset management giant PIMCO, said in a note this week. On a quarterly basis, China''s economy is expected to slow from 6.6 percent growth in the first quarter of 2017 to 6.5 percent in the second and third quarters, and then hit 6.4 percent in the fourth quarter, the poll showed. Analysts also expect annual inflation to average 2.2 percent in 2017 and 2018, picking up slightly from an expected 2 percent in 2016. Sluggish demand is expected to keep consumer prices largely in check despite a big bump in producer prices in late 2016. POLICY OUTLOOK With the economy stabilizing, economists have dropped calls for fresh monetary easing amid concerns that it could aggravate rising debt levels and speculative activities and as the policy focus shifts to supporting the yuan, the poll showed. Lower interest rates in China could put further pressure on the yuan to depreciate amid expectations of rising rates in the United States, which are boosting the dollar. The yuan fell 6.6 percent against the dollar in 2016, and currency strategists in a separate Reuters poll predicted it would weaken by over 4 percent this year. China''s central bank has been fighting a weakening yuan and capital outflows by spending down the country''s foreign exchange reserves and tightening controls on money leaving the country. The country''s forex reserves fell to about $3 trillion at the end of 2016, a decline of almost $1 trillion since mid-2014, while outbound investment in December fell by almost 40 percent. Analysts believe the PBOC will keep benchmark interest rates unchanged at 4.35 percent through at least the second quarter of 2018, the Reuters poll showed, with policymakers vowing monetary policy will be neutral. That compares with previous expectations of a 25 basis point interest rate cut in the fourth quarter of 2017, according to a Reuters poll in October, as economic activity remains robust and risks of asset bubbles in housing and commodities have grown. The central bank will cut the amount of cash that banks are required to hold as reserves by 50 basis points (bps) in the third quarter this year to 16.50 percent, according to the poll. Banks'' reserve requirement ratios (RRR) will then likely fall to 16 percent by the second quarter of 2018. Economists polled in October had expected a 50 bps cut in RRR in the first quarter of this year. (Reporting by Elias Glenn; Polling by Shaloo Shrivastava and Khushboo Mittal; Editing by Kim Coghill) Next In Business News U.S. lobby says China protectionism fuelling foreign business pessimism BEIJING More than 80 percent of members of a U.S. business lobby in China say foreign companies are less welcome than in the past, a survey released on Wednesday showed, with most saying they have little confidence in China''s vows to open its markets.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-poll-idUKKBN1520JL'|'2017-01-18T13:19:00.000+02:00'
'39c68a8837b90940d332a1e4d659be2d10ce30ff'|'Samsung scion Lee faces court hearing on arrest warrant'|'Technology   4:03pm EST Samsung scion Lee faces court hearing on arrest warrant Jay Y. Lee, center, vice chairman of Samsung Electronics, arrives to be questioned as a suspect in bribery case in the influence-peddling scandal that led to the president''s impeachment at the office of the independent counsel in Seoul, South Korea, Thursday, Jan. 12, 2017. REUTERS/Ahn Young-joon/Pool/FIle photo SEOUL Jay Y. Lee, the 48-year-old leader of the Samsung Group, is due to appear at a court hearing on Wednesday when a judge will decide whether to issue an arrest warrant over his alleged role in a corruption scandal that has rocked South Korea. A special prosecutor on Monday said it would seek a warrant to arrest the third-generation leader of the country''s largest conglomerate on suspicion of bribery, embezzlement and perjury. Lee, questioned last week for 22 straight hours at the prosecutor''s office in Seoul, has denied wrongdoing. The influence-peddling scandal led parliament last month to impeach President Park Geun-hye, a decision that if upheld by the Constitutional Court will see her become the country''s first democratically-elected leader forced from office early. Park, 64, has denied wrongdoing. The hearing is scheduled to begin at 10:30 a.m. (8.30 p.m. ET), and it is possible that the judge''s decision may not be announced until after midnight, a court official told Reuters on Tuesday. The special prosecutor has accused Lee of paying bribes totaling 43 billion won ($36.70 million) to organizations linked to Choi Soon-sil, a friend of the president who is at the center of the scandal, to secure the 2015 merger of two affiliates and cement his control of the family business. Earlier this week, the special prosecutor indicted the chairman of the National Pension Service (NPS), the world''s third-largest pension fund, on charges of abuse of power and giving false testimony. NPS chairman Moon Hyung-pyo was arrested in December after acknowledging ordering it to support the controversial $8 billion merger in 2015 of two Samsung Group [SAGR.UL] affiliates while heading the health ministry, which oversees the NPS. Jay Y. Lee became the group''s de facto leader after his father, Lee Kun-hee, was incapacitated by a 2014 heart attack. On Tuesday, the special prosecutor''s office said it did not seek arrest warrants for three other Samsung Group executives that also underwent questioning, in order to minimize the impact on Samsung business. The group''s flagship, Samsung Electronics, is the world''s biggest maker of smartphones, flatscreen TVs and memory chips. (Reporting by Ju-min Park and Se Young Lee; Writing by Tony Munroe; Editing by Nick Macfie) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-southkorea-politics-idUSKBN1512Y7'|'2017-01-18T04:03:00.000+02:00'
'3ce2de01a9d68f32468c0a2b1b61d3b8ce6bef22'|'REFILE-Russia''s Lavrov says some European countries consider wrecking Syria peace talks'|'Industrials   5:00am EST REFILE-Russia''s Lavrov says some European countries consider wrecking Syria peace talks (Refiles to fix typo in headline) MOSCOW Jan 17 Russian Foreign Minister Sergei Lavrov said on Tuesday he had information that some European countries were considering wrecking Syria peace talks because they felt left out. Lavrov, speaking to journalists at a news conference, said he hoped European countries would not make attempts to wreck the talks. (Reporting by Andrew Osborn and Vladimir Soldatkin; Writing by Alexander Winning and Katya Golubkova; Editing by Christian Lowe) Next In Industrials At Davos, retreat of globalisation stokes fears for poor nations DAVOS, Switzerland, Jan 17 In 2014, Arnold Kamler, CEO of New Jersey-based Kent International, took a big step: he resumed making bicycles in the United States, 23 years after uprooting production to China. This year, he hopes to sell half a million U.S.-made bikes. Damascus was 2-3 weeks from falling when Russia intervened: Lavrov MOSCOW, Jan 17 The Syrian capital of Damascus was two to three weeks away from falling to terrorists when Russia intervened in support of Syrian President Bashar al-Assad, Russian Foreign Minister Sergei Lavrov said at a news conference on Tuesday. (Reporting by Andrew Osborn and Vladimir Soldatkin; Writing by Alexander Winning and Katya Golubkova; Editing by Christian Lowe) MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/russia-lavrov-syria-europe-idUSR4N1F201D'|'2017-01-17T17:00:00.000+02:00'
'0cc0a89d01e8680b18e9a50f5333502f1adb97c6'|'BRIEF-Ophthotech on Dec. 16, 2016 announced reduction in personnel is expected to involve about 80 pct of workforce'|'United States  29am EST BRIEF-Ophthotech on Dec. 16, 2016 announced reduction in personnel is expected to involve about 80 pct of workforce Jan 17 Ophthotech Corp : * Ophthotech -on dec 16, 2016, co announced that it had determined to implement a reduction in personnel to focus on an updated business plan * Ophthotech -reduction in personnel is expected to involve about 80% of workforce and is expected to be substantially complete during q1 and q2 of 2017 * Ophthotech -estimates that it will incur approximately $14.4 million of pre-tax charges during first and second quarters of 2017 * Ophthotech -expects to realize estimated annualized cost savings from reduction in personnel in range of $25 million to $30 million starting in q3 of 2017 Source text ( bit.ly/2iI1KPb )   EU mergers and takeovers (Jan 17) BRUSSELS, Jan 17 The following are mergers under review by the European Commission and a brief guide to the EU merger process:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F70A1'|'2017-01-17T18:29:00.000+02:00'
'b63375e547eeb92e29083e71f55bda4a06a145b2'|'Sterling skids on Brexit worry; investors await Trump clarity'|'Business News - Sun Jan 15, 2017 - 11:01pm GMT Sterling skids on Brexit worry; investors await Trump clarity People are reflected in a display showing the Nikkei average (top in L) and the NASDAQ average of the U.S outside a brokerage in Tokyo, Japan, November 7, 2016. REUTERS/Kim Kyung-Hoon By Wayne Cole - SYDNEY SYDNEY Sterling slid to three-month lows in Asia on Monday with investors again spooked by concerns over Britain''s exit from the European Union, while U.S. policy uncertainty lingered ahead of President-elect Donald Trump''s inauguration. All the early action was in currencies where the pound sank 1.6 percent to as low as $1.1983, depths not seen since the flash crash of October, having finished around $1.2175 in New York on Friday. It was last at $1.2034. Dealers said the market was reacting in part to a report in the Sunday Times that U.K. Prime Minister Theresa May will use a speech on Tuesday to signal plans for a "hard Brexit", quitting the EU''s single market to regain control of Britain''s borders. Investors have been worried such a decisive break from the single market would hurt British exports and drive foreign investment out of the country. The flight from sterling benefited the safe-haven Japanese yen, with the pound down 1.2 percent to 137.77 yen while the U.S. dollar held at 114.44. Trading was erratic with currencies gyrating on very little volume. The dollar edged up 0.2 percent to 101.450 on a basket of currencies, while the euro pared initial losses to stand at $1.0624. The dollar index put in its worst weekly performance in more than two months last week as investors reconsidered the whole "reflation" trade - that Trump''s promises of debt-funded fiscal spending and lower taxes would stoke inflation and drive the Federal Reserve to raise interest rates faster. All eyes will be on Trump''s inauguration on Friday for any clarity on his economic plans. "The market is showing greater reluctance to push on with reflation-type trades without more details of proposed fiscal spending plans and the economic data to back it up," said analysts at ANZ in a research note. "It looks as though more than just reasonable data will be needed to see yields and the dollar push higher again. Some decent positive surprises may be necessary for the market to gain conviction." Asian markets are also waiting anxiously to see if Trump makes good on a campaign pledge to brand Beijing a currency manipulator on his first day in office, and starts to follow up on a threat to slap high tariffs on Chinese goods. Analysts fret that the specter of deteriorating U.S.-China trade and political ties is likely to weigh on the confidence of exporters and investors worldwide. Wall Street ended last week mixed, with the Dow off slightly but the Nasdaq at a record high. Sentiment this week could be driven by results from the major banks with Morgan Stanley, Citibank and Bank of New York Mellon among those reporting. (Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN14Z0Z0'|'2017-01-16T06:01:00.000+02:00'
'58c0d6aaf8ba7d561e420be6ef02c81a4dbfb477'|'Morgan Stanley gets regulatory nod to raise China securities JV stake - source'|'Market News - Mon Jan 16, 2017 - 12:02am EST Morgan Stanley gets regulatory nod to raise China securities JV stake - source HONG KONG Jan 16 Morgan Stanley has received China securities regulator''s approval to boost its stake in its Chinese securities venture to the maximum permissible 49 percent, a person with direct knowledge of the matter said, making it the first bank to get such a nod. The confirmation came after the Shanghai office of the China Securities Regulatory Commission (CSRC) posted on its website it had approved the important terms of the articles of association of joint venture Morgan Stanley Huaxin Securities Co Ltd. China allowed foreign banks to boost holdings in securities joint ventures to a maximum 49 percent in 2012 from the previous cap of a third. However, foreign investments banks so far have not raised their stakes. Morgan Stanley, which earlier along with its Chinese partner Huaxin Securities agreed to a proposal to raise the U.S. bank''s stake in their joint venture to 49 percent from 33.3 percent, declined to comment. (Reporting by Sumeet Chatterjee, John Ruwitch and Julie Zhu; Editing by Muralikumar Anantharaman) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/morgan-stanley-china-jointventure-idUSL4N1F624A'|'2017-01-16T12:02:00.000+02:00'
'd43af6e3a750932d49ad7506887142b0ac741ff0'|'Hugo Boss sees 2016 profits at upper end of forecast'|'Business News - Mon Jan 16, 2017 - 8:02am GMT Hugo Boss sees 2016 profits at upper end of forecast Hugo Boss Advert Mandatory Credit: Action Images / Paul Harding BERLIN German fashion house Hugo Boss ( BOSSn.DE ) said it expected a decline in operating profit for 2016 to not be as bad as it had feared after it managed to make progress in stemming falling sales in the fourth quarter. Hugo Boss, which like other luxury players has been struggling with falling sales in China, said fourth-quarter sales fell 3 percent to 725 million euros (639.61 million pounds), a decline of 1 percent on a currency adjusted basis. It said it expects operating profit for 2016 to reach the upper end of its forecast for a decline of between 17 and 23 percent. It publishes final 2016 results on March 9. (Reporting by Emma Thomasson; Editing by Victoria Bryan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hugo-boss-results-idUKKBN1500R4'|'2017-01-16T15:02:00.000+02:00'
'ee2bc2b4eca48463f956790222583a56cde99e2f'|'Controls put China property market on roller-coaster ride - Wanda''s Wang'|'Mon Jan 16, 2017 - 8:07am GMT Controls put China property market on roller-coaster ride: Wanda''s Wang HONG KONG China''s richest man, Wang Jianlin, criticized the country''s close control of its property industry, saying the "excessive cyclicality" caused by that was a reason for his conglomerate''s planned move to exit the real estate development business. China has been tightening home and land purchase requirements in major cities since mid-last year to tame a housing bubble, after loosening in the previous year to drive economic growth. The criticism is a rare one from Wang, who has previously backed China''s measures to guide the property industry. It comes after his Dalian Wanda Group said on Saturday 2016 revenue dropped by 13.9 percent, weighed by a 25 percent decline in its commercial property unit. It was the first decline in Dalian Wanda Group''s revenue after years of double-digit growth. "Wanda''s decision to exit real estate development is not because of its bearish take on China''s real estate industry but primarily based on two reasons," Wang told an internal company annual meeting on Saturday, according to a Dalian Wanda release published on Monday. "First, China''s real estate development market is too cyclical, to a degree that is, so to speak, rare around the world." "I have been in the real estate industry for 28 years...and I have witnessed some ten rounds of market control, which happens around every approximately three years, with no boom lasting for four years or longer," Wang said. "The excessive cyclicality of the industry tends to cause instability of cash flows and frequent changes in market expectation." China''s Ministry of Housing and Urban-Rural Development was not immediately available for comment. Dalian Wanda Group''s revenue from real estate business fell below 50 percent of the total for the first time in 2016, as the group diversifies to cultural and tourism operations amid slowing property sales. The group has also recently been moving toward an asset-light strategy, which means eventually being a property service provider, rather than selling property. Wang cited the changed business model as the second reason for exiting the development business. It forecast group operating income to rise 3.9 percent in 2017, a similar level as last year. The commercial real estate arm, Dalian Wanda Commercial Properties, is expected to reverse the revenue decline and post mild growth, with a boost in rental income offsetting the diminishing sales business, it said. Wanda Commercial, which already includes more than 130 shopping malls and over a dozen planned mega-cultural developments throughout China, will open 50 more malls and sign contracts for around three more Wanda City this year, the group said in the statement. "After the completion of all Wanda City projects, Dalian Wanda Commercial Properties will gradually exit from the real estate development industry," Wanda said. (Reporting by Clare Jim; Editing by Muralikumar Anantharaman) Up Next Businesses can unlock $12 trillion via key development goals: Davos study DAVOS, Switzerland Companies could unlock at least $12 trillion in market opportunities by 2030 and create up to 380 million jobs by implementing a few key development goals, according to a study by a group including global business and finance leaders.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-dalian-wanda-china-property-idUKKBN1500RG'|'2017-01-16T15:06:00.000+02:00'
'ab175c27d5500c69548a4fb56af83fbafd5995f5'|'Syngenta CEO expects regulatory approval for ChemChina deal soon: CNBC'|'ZURICH Syngenta Chief Executive Erik Fyrwald expects regulatory approval soon for ChemChina''s proposed $43 billion takeover of the Swiss pesticides and seeds group, he said on Monday."I am very confident that we will finish the deal. We are making a lot of progress," he told broadcaster CNBC in an interview from the World Economic Forum annual meeting in Davos."We are working well with the U.S. and the EU regulators now toward finalising the agreements with them and expect to be finished in the not too distant future," he said.China National Chemical Corp (ChemChina) [CNNCC.UL] and Syngenta AG have proposed minor concessions to the EU''s competition watchdog to address concerns over their merger plan, sources close to the matter told Reuters last week.(Reporting by Michael Shields; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-syngenta-m-a-chemchina-idINKBN1501Y2'|'2017-01-16T12:54:00.000+02:00'
'71574414c25657bb4531b484a54aa92524962709'|'Rolls-Royce’s SFO settlement is big, ugly and serious'|'T he City had tended to be relaxed about Rolls-Royce’s run-in with the Serious Fraud Office’s bribery investigators. In part, that was because the probe was taking ages – it started in 2012 – and could be considered a problem for another day. It was also because the potential financial impact was almost impossible to assess from outside since both sides volunteered few details of the accusations.Investors know better now. The deferred prosecution agreement (DPA) with the SFO , plus separate agreements with authorities in the US and Brazil, is big, ugly and serious. Rolls will pay a total of £671m, which is roughly equivalent to its entire expected profits for 2016. But cash and profit, as Rolls shareholders have learned painfully, are not the same thing. Even before yesterday, Rolls was predicted to suffer a cash outflow for 2016 as it ramps up production of new classes of engine. For 2017, the City expected only break-even at a cash level. This penalty for bribery and corruption in foreign markets – details to be revealed in court on Tuesday – has landed at a bad moment.The US and Brazil authorities want their cash quickly but the good news for Rolls, relatively speaking, is that the SFO is prepared to wait. A five-year payment schedule has been agreed, which would take the company into years when it hopes to be generating cash again at a rate of £1bn. In that regard the SFO has been lenient, perhaps with half an eye on preventing collateral damage to employees and suppliers.The damage to Rolls’ reputation is harder to quantify. If you’re an optimist, it’s possible to take comfort that Rolls has substantially reduced the number of sales agents and intermediaries it uses around the world. But a £671m financial penalty is damning scar on a company that used to be regarded as the UK’s finest manufacturer.As for the SFO, it must tell us why it chose not to pursue a criminal investigation against the company. DPAs have their use in complex cases – and Rolls may fit that description – but they are not meant to become a default tactic. After the court hearing, the SFO must explain its thinking.Imperial should spark up a pay row Alison Cooper has earned roughly £18m over the course of her six full years as chief executive of Imperial Brands, the cancer-stick company known as Imperial Tobacco until its diversionary change of name. Call it an average of £3m a year, or £1m every four months. Not bad, especially as the trend has been firmly upwards. Last year she got £5.5m.Cooper would also appear to have a strong incentive to remain loyal to her employer of 17 years. She owns shares in Imperial worth £6.5m, accumulated in most part through the incentive-based components of her pay package. She also has unvested share awards worth £12m at current prices and, on recent form, could expect to scoop about two-thirds of that pot.Is she loyal, though? David Haines, Imperial’s chairman, seems to doubt it. He worries that pay for Imperial executives is “significantly below the average for companies of our size” and thinks this creates “an unnecessary risk with regard to retaining our senior team”.He proposes cranking up the maximum Cooper and others can earn in a given year. Three years ago this was £5.8m in Cooper’s case and has been increased annually. Haines now wants her to chase £8.5m. But, note, a bigger prize doesn’t imply meaningfully stiffer targets. “We would not wish to disguise the fact that our proposals allow us to pay more for the delivery of the levels of performance seen in recent years,” Haines concedes. There you have it: a pay increase to keep up with the Joneses, or other FTSE 30 companies.Imperial has performed well for investors (though not as strongly as BAT, the other big London-listed gasper merchant). But has Cooper threatened to quit? Has any executive? And why does Haines think Imperial employs nobody capable of filling her or other executives’ shoes? Answers to these questions would be more useful than Haines’ pious bleat about how he is “sympathetic” – just not in Imperial’s case – to concerns about pay increases which do not reflect performance.City fund managers, even once-shy BlackRock , tell us they want to clamp down on “benchmarking” awards for bosses already earning many millions. Imperial’s plan would seem to be a classic example of the ratchet factor at work. If its proposal passes next month, you’ll know the fund managers don’t really mean what they say.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/jan/16/rolls-royce-sfo-criminal-investigation'|'2017-01-16T02:00:00.000+02:00'
'acaf7db2c4cb0dc563f4c91eecaa08d4c40d26b4'|'Controls put China property market on roller-coaster ride: Wanda''s Wang'|'Business News   3:07am EST Controls put China property market on roller-coaster ride: Wanda''s Wang HONG KONG China''s richest man, Wang Jianlin, criticized the country''s close control of its property industry, saying the "excessive cyclicality" caused by that was a reason for his conglomerate''s planned move to exit the real estate development business. China has been tightening home and land purchase requirements in major cities since mid-last year to tame a housing bubble, after loosening in the previous year to drive economic growth. The criticism is a rare one from Wang, who has previously backed China''s measures to guide the property industry. It comes after his Dalian Wanda Group said on Saturday 2016 revenue dropped by 13.9 percent, weighed by a 25 percent decline in its commercial property unit. It was the first decline in Dalian Wanda Group''s revenue after years of double-digit growth. "Wanda''s decision to exit real estate development is not because of its bearish take on China''s real estate industry but primarily based on two reasons," Wang told an internal company annual meeting on Saturday, according to a Dalian Wanda release published on Monday. "First, China''s real estate development market is too cyclical, to a degree that is, so to speak, rare around the world." "I have been in the real estate industry for 28 years...and I have witnessed some ten rounds of market control, which happens around every approximately three years, with no boom lasting for four years or longer," Wang said. "The excessive cyclicality of the industry tends to cause instability of cash flows and frequent changes in market expectation." China''s Ministry of Housing and Urban-Rural Development was not immediately available for comment. Dalian Wanda Group''s revenue from real estate business fell below 50 percent of the total for the first time in 2016, as the group diversifies to cultural and tourism operations amid slowing property sales. The group has also recently been moving toward an asset-light strategy, which means eventually being a property service provider, rather than selling property. Wang cited the changed business model as the second reason for exiting the development business. It forecast group operating income to rise 3.9 percent in 2017, a similar level as last year. The commercial real estate arm, Dalian Wanda Commercial Properties, is expected to reverse the revenue decline and post mild growth, with a boost in rental income offsetting the diminishing sales business, it said. Wanda Commercial, which already includes more than 130 shopping malls and over a dozen planned mega-cultural developments throughout China, will open 50 more malls and sign contracts for around three more Wanda City this year, the group said in the statement. "After the completion of all Wanda City projects, Dalian Wanda Commercial Properties will gradually exit from the real estate development industry," Wanda said. (Reporting by Clare Jim; Editing by Muralikumar Anantharaman) Next In Business News Businesses can unlock $12 trillion via key development goals: Davos study DAVOS, Switzerland Companies could unlock at least $12 trillion in market opportunities by 2030 and create up to 380 million jobs by implementing a few key development goals, according to a study by a group including global business and finance leaders.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-dalian-wanda-china-property-idUSKBN1500RG'|'2017-01-16T15:02:00.000+02:00'
'1e293463e63cab8b6f70ed424a01c1947078903b'|'Swedish banks - safe bet or risky business?'|'Business News - Mon Jan 16, 2017 - 9:43am GMT Swedish banks - safe bet or risky business? left right FILE PHOTO: People walk past the Handelsbanken head office in Stockholm, Sweden, December 9, 2011. REUTERS/Ints Kalnins/File Photo 1/3 left right FILE PHOTO: The SEB logo is seen on their headquarters building in Stockholm, Sweden, April 28, 2010. REUTERS/Bob Strong/File Photo 2/3 left right FILE PHOTO: The Nordea bank logo is seen outside their corporate headquarters in Stockholm, Sweden, February 2, 2011. REUTERS/Bob Strong/File Photo 3/3 By Johan Ahlander - STOCKHOLM STOCKHOLM Sweden''s four largest banks are using a calculation of the risk to their loan portfolio''s that critics say is flawed and leaves them vulnerable to any correction in the booming housing market. Nordea ( NDA.ST ), Swedbank ( SWEDa.ST ), SEB <SEBa.ST and Handelsbanken ( SHBa.ST ) are among the world''s most well capitalized banks and made it through the 2008 financial crisis unscathed, relative to other European banks. Swedish house prices took a small dip during the crisis but have more than tripled in the last 20 years, driven by low interest rates, tax breaks on debt and low building. Swedish households are now among the most indebted in Europe Encouraged by the surging prices, banks have stocked up on property loans. They now account for close to 65 percent of the loan portfolios of the big four, according to the Swedish Financial Supervisory Authority (FSA). While they have built up their home lending, the lenders'' capital positions also appear to have improved. But critics including Sweden''s central bank and the International Monetary Fund say this is because since 2007 the banks were allowed to use a model where they self asses the risk of their portfolios based historic loan losses. With the housing sector making up such a large chunk of Swedish loans, losses have been low for a long time. This means the amount of capital banks need to reserve against future shortfalls has also been set very low, so they have not built buffers big enough to compensate for bigger losses, they say. "They haven''t (increased their capital). They have reduced the risk-weights and it is quite different because the leverage ratio has been almost constant," Swedish central bank governor Stefan Ingves said in December. Since 2010, Swedish banks have doubled their core tier 1 capital ratio, a measure of how much money a bank has in relation to risk-weighted assets, to around 24 percent, above the EU average of around 13 percent. But the leverage ratio, the relationship between the banks capital and its total assets regardless of what risk you assign to them, have remained virtually unchanged at a average of around 4 percent. Banks put a lower risk weighting on loans that are less likely to fail and set aside less money against losses of those loans. The idea is that this serves as an incentive to reduce the risks in the loan portfolios. Spokesmen for Swedbank, SEB and Handelsbanken declined to comment on the risk weightings. Nordea''s head of investor relations, Rodney Alven, said: "What makes us favor risk-adjusted models is that it has taught us a lot about how to manage, minimize and properly price risk. We think that these models have genuinely reduced the risks in the banking system." "We feel we are very well capitalized in every way you measure it," he added. For a graphic on Swedish banks'' capital click tmsnrt.rs/2iZtfRG SELF ASSESSMENT IN THE SPOTLIGHT Swedish banks often bemoan a heavier regulatory capital burden than counterparts in Europe. Sweden has tried to adopt a gold-standard approach to capital buffers to preserve the banks'' reputations as solid institutions and because of the importance of the financial sector to the economy. Only Switzerland and the Netherlands have a larger financial sector than Sweden in the European Union relative to the size of the economy. Self-assessed risk-weightings are widely used in Europe but Sweden''s are among the lowest, according to the IMF in a 2016 report. Ingves, who was assigned to clean up the Swedish banking system after the 1990s crisis, says it is time to rein the banks in. He has called for a leverage ratio requirement to balance out creative internal models. "It has been proved since the system was launched that banks have had too large degrees of freedom to decide their risk weights and that needs be to revised," Ingves said. His sentiment is echoed by the IMF which wrote in its report that "available models may suffer from overreliance on recent historical experience, and have difficulties capturing unexpected losses occurring in extreme but plausible scenarios." The internal models are also under scrutiny in other parts of the banking world as the Basel committee is trying to agree on a floor for how low banks risks can be set. The final levels are expected at the end of the month and could see Swedish banks having to set aside more capital against their lending. The Swedish Bankers'' Association says such models are still the best way to capture risk. "If you try to have a single standard for all banks, it''s the ones that work best that are most punished," said Johan Hansing, CEO of the association. "All the Swedish banks have a very strong rating by rating agencies. If there were weaknesses and shortcomings in the Swedish banks'' internal models professional actors like rating agencies would detect it." The Riksbank says that international surveys have shown that there are major differences in banks'' risk weights even for identical portfolios. It advocates a leverage ratio requirement of 4 percent now and a hike to 5 percent by 2018. The FSA, responsible for financial stability in Sweden, agrees rules have been too lax. "We agree partly to that criticism and that is why we have tightened rules," Swedish FSA general director Erik Thedeen said. "But it is to simplistic to say that just because the accumulated capital in relation to the assets have not gone up, the capital has not increased." The FSA has taken a number of measures to shore up the system. A 25 percent risk-weight floor on mortgages has been introduced and banks are forced to count every fifth year as a bad one when calculating for loan losses. The FSA hiked Nordea''s capital requirements with 13.8 billion Swedish crowns ($1.5 billion) in October after a review found that the bank had underestimated the probability for loan losses in its internal models. Asked if it is wise to let banks regulate themselves given that many crises have started with excessive risk-taking by banks, Ingves says: "In retrospect, when you look at it: no, not really." ($1 = 9.1671 Swedish crowns)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-sweden-banks-analysis-idUKKBN1500ZX'|'2017-01-16T16:39:00.000+02:00'
'17810d371fd9141aa79bbd7cb10ec918fa4a4ddb'|'Australia shares climb as miners rally; NZ closes at 3-mth high'|'Financials - Mon Jan 16, 2017 - 12:40am EST Australia shares climb as miners rally; NZ closes at 3-mth high (Updates to close) Jan 16 Australian shares rebounded on Monday, with materials accounting for nealy half the gains, after a rise in commodity prices boosted mining stocks. The S&P/ASX 200 index rose 0.5 percent, or 27.28 points to 5,748.4 at the close of trade as global miner BHP Billiton hit a 17-month high. The mining index rose as much as 1.8 percent to its highest in more than two years after iron ore futures in China soared as much as 8 percent to a three-year high on Monday, powered by strong gains in steel prices. Fortescue Metals advanced as much as 3.7 percent to touch a one-month high while Rio Tinto ended 1.8 percent firmer. Copper prices rose, extending gains from last week on the back of strong economic data from the United States and China. Copper miner OZ Minerals soared as much as 3.3 percent to hit a 4-1/2 year high. DUET Group rose 5.4 percent to finish at a more than eight year-high after it agreed to recommend an increased $5.51 billion bid from a consortium led by Cheung Kong Infrastructure Holdings New Zealand''s benchmark S&P/NZX 50 index firmed 0.4 percent, or 27.97 points, to finish the session at a three-month high of 7,074.94. Utilities and materials drove many of the gains. A2 Milk Company Ltd was the top percentage gainer, jumping 3.6 percent. (Reporting By Shashwat Pradhan in Bengaluru; Editing by Eric Meijer) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-close-idUSL4N1F62BF'|'2017-01-16T12:40:00.000+02:00'
'7f235d8ebe411114c9981d236f1c28cfe86b05ff'|'Luxottica and Essilor confirm plans to merge companies'|'PARIS Italy''s Luxottica ( LUX.MI ) and France''s Essilor ( ESSI.PA ) confirmed on Monday plans to agree on a merger worth some 46 billion euros ($48.83 billion) to create a global powerhouse in the eyewear market.The two companies said in a joint statement that the deal would entail Delfin - the holding company of Luxottica''s founder Leonardo Del Vecchio - contributing its shares in Luxottica to Essilor based on an exchange ratio of 0.461 Essilor share for 1 Luxottica share.The companies added that the new entity would have a combined revenue of more than 15 billion euros, and that major cost-savings would result from the transaction."The marriage between two key companies in their sectors will bring great benefits to the market, for employees and mainly for all our consumers," Leonardo Del Vecchio, Chairman of Delfin and Executive Chairman of Luxottica Group said in a statement.($1 = 0.9420 euros)(Reporting by Sudip Kar-Gupta; Editing by Bate Felix)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-luxottica-essilor-confirmation-idINKBN1500HO'|'2017-01-16T03:13:00.000+02:00'
'9df5568090e5d28f45637098bfa4dbd902bfff8d'|'UPDATE 1-Burkina Faso 2016/17 cotton crop seen rising to 750,000 tonnes -minister'|'Company   11:15am EST UPDATE 1-Burkina Faso 2016/17 cotton crop seen rising to 750,000 tonnes -minister * Favourable rainfall boosting production * Talks continuing with Monsanto on possible compensation (Adds detail, soybean development plan with French partners) By Gus Trompiz PARIS, Jan 16 Burkina Faso estimates its production of raw cotton will rise to 750,000 tonnes in 2016/2017 compared to around 600,000 tonnes in the previous harvest as favourable rainfall boosts output, the country''s agriculture minister said on Monday. The west African country''s growers had reverted entirely to conventional cotton for the new crop, after blaming a genetically modified (GM) variety supplied by U.S. seed maker Monsanto for a decline in cotton quality. The 2016/17 harvest was showing improved quality as well as production, minister Jacob Ouedraogo told reporters in Paris. Burkina Faso''s cotton producers had complained that increased levels of short fibres in their GM cotton had impacted its market value, and last April announced they were seeking 48.3 billion CFA francs ($78 million) in compensation from Monsanto. Monsanto has acknowledged changes in cotton fibre length, but argued that fibre quality is also influenced by environmental conditions and that other cotton varieties have shown length variations. The talks between Burkina''s producers and Monsanto were continuing, Ouedraogo added. The minister was in Paris to sign an agreement with French partners, including a foundation of oilseed group Avril, to develop a soybean sector in Burkina Faso. The project aims to raise soybean production, currently marginal in the country, to 100,000 tonnes over the next five years and also nurture a domestic processing industry to keep jobs and revenues in the country, said Ouedraogo. He also argued that the cotton industry had not developed enough local value-added processing. Soybean production, which generates oil and protein for human consumption as well as producing livestock feed, would be based on non-GM varieties, he said. ($1 = 618.4200 CFA francs) (Reporting by Gus Trompiz; Writing by John Irish; Editing by Sudip Kar-Gupta) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cotton-burkina-production-idUSL5N1F641N'|'2017-01-16T23:15:00.000+02:00'
'50711e2b0093f790b0d1c65b737b9caaf518c0da'|'Franklin Templeton''s Zahn says overweight on Italian govt bonds'|'Financials  33am EST Franklin Templeton''s Zahn says overweight on Italian govt bonds LONDON Jan 16 Franklin Templeton''s David Zahn has said he favours Italian bonds and the fund has now moved to an overweight position on Italian government debt. "We favour Italian bonds, we like 10-year Italy now," said Zahn, a portfolio manager who heads European fixed income for Franklin Templeton. He said Friday''s ratings downgrade of Italy from DBRS was in keeping with what the other ratings agencies have done, debt to GDP levels have started to peak and there are efforts to clean up Italian banks. Zahn oversees Franklin Templeton''s European fixed income strategies, which total over 2 billion euros ($2.2 billion). (Reporting by Dhara Ranasinghe; Editing by Angus MacSwan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-bonds-franklintempleton-idUSL5N1F638X'|'2017-01-16T20:33:00.000+02:00'
'c0999c1521f68c88aae7d2d565224ceb14bf4efd'|'Russia''s Detsky Mir says wants to float shares on Moscow Exchange'|'MOSCOW Jan 16 Russian children''s goods retailer Detsky Mir intends to conduct an initial public offering (IPO) of its shares on the Moscow Exchange, the company said on Monday.Detsky Mir said in a statement that the offering was expected to be exclusively of its secondary shares.The selling shareholders are the Sistema business conglomerate, the Russia-China Investment Fund, and certain members of the management teams of Detsky Mir and Sistema.Sistema intends to maintain strategic control over Detsky Mir in the medium term by retaining majority ownership, Detsky Mir said. (Reporting by Polina Devitt; Writing by Alexander Winning; Editing by Andrew Osborn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/russia-detsky-mir-ipo-idINR4N1EP02L'|'2017-01-16T04:28:00.000+02:00'
'7aa4c3e635f793f10fa9fe081cf4cc5988b8e94c'|'Luxottica, Essilor in 45-billion euro merger deal to create eyewear giant: source'|'MILAN Italy''s Luxottica and France''s Essilor have agreed a 45-billion euro merger deal to create a global powerhouse in the eyewear industry, a source with knowledge of the matter said.The deal, one of Europe''s largest cross-border tie-ups, is expected to be announced before the market opens on Monday. It will see Luxottica''s 81-year old founder Leonardo Del Vecchio take a 31 percent stake in the merged group through his family holding Delfin, the source said.(Reporting by Gianluca Semeraro and Paola Arosio, writing by Silvia Aloisi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-essilor-m-a-luxottica-group-idINKBN14Z110'|'2017-01-15T20:56:00.000+02:00'
'144247d172fa83fee77258b2939653b879a1ec16'|'Ex-Jefferies trader''s U.S. fraud trial nears end'|'Business News  32pm EST Ex-Jefferies trader''s U.S. fraud trial nears end FILE PHOTO - Jesse Litvak, a former managing director at Jefferies Group Inc., walks to U.S. District Court in for his hearing New Haven, Connecticut, U.S., July 23, 2014. REUTERS/Mike Segar/File Photo By Jonathan Stempel - NEW HAVEN, Conn. NEW HAVEN, Conn. A former Jefferies Group Inc bond trader being tried a second time for defrauding clients about prices of mortgage bonds should be convicted because he lied repeatedly to his own customers to boost profits, a U.S. prosecutor argued on Friday. Jesse Litvak, 42, was "motivated by greed," and it was no excuse that other traders might have deceived their own customers, Assistant U.S. Attorney Jonathan Francis told a federal jury in New Haven, Connecticut in his closing argument as the retrial neared its end. "Even a child knows that ''Billy did it too'' isn''t an excuse for bad behavior," Francis said. "A grown man knows that lying to cheat people is the wrong thing to do." Litvak''s lawyers have not yet given their closing argument. They have contended that Litvak''s customers were sophisticated enough to know if he was cheating them, and relied on other factors in deciding when to buy and sell and at what prices. Jurors are expected to soon begin deliberating the fate of Litvak, who had worked in Jefferies'' office in Stamford, Connecticut and was first charged in January 2013. The securities fraud case signaled the start of a federal crackdown on suspect negotiating tactics by bond traders, and its outcome could affect cases against six other former traders. Three from Nomura Holdings Inc ( 8604.T ) face an early May trial, one from Cantor Fitzgerald & Co was charged last month, and two from Royal Bank of Scotland Group Plc ( RBS.L ) pleaded guilty. An acquittal of Litvak could lead to a withdrawal of those pleas. Prosecutors accused Litvak of misleading customers about bond prices from 2009 to 2011. They said this caused customers to overpay for bonds they bought and be paid less for bonds they sold, leading to roughly $2.25 million of improper profit for Jefferies, a unit of Leucadia National Corp ( LUK.N ). Litvak was convicted of securities fraud and defrauding the government in March 2014 and sentenced to two years in prison. A federal appeals court overturned the conviction in December 2015, but said prosecutors could try again to prove securities fraud. The appeals court also said that unlike at the first trial however, Litvak could offer expert testimony that his customers were sophisticated, and relied on multiple factors when buying and selling bonds, not just on statements he made. Lawyers for Litvak presented such testimony this week, but as at the first trial Litvak did not take the stand. The case is U.S. v. Litvak, U.S. District Court, District of Connecticut, No. 13-cr-00019. (Reporting by Jonathan Stempel in New Haven, Connecticut; Editing by Chris Reese) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-jefferies-litvak-idUSKBN14X24N'|'2017-01-14T00:24:00.000+02:00'
'94d93c056e7bf9d6c8e15448bedc20b0e9b9883d'|'China’s CEFC has big ambitions, but little known about ownership, funding'|'Deals - Fri Jan 13, 2017 - 4:24am GMT China’s CEFC has big ambitions, but little known about ownership, funding By Chen Aizhu and Jan Lopatka - BEIJING/PRAGUE BEIJING/PRAGUE Inside four years, CEFC China Energy has emerged from relative obscurity as a niche fuel trader to become a rapidly growing oil and finance conglomerate with assets across the world and an ambition to become one of China''s energy giants. It has a rare contract to store part of the nation''s strategic oil reserve, gained financing from the state-owned China Development Bank (CDB) and has hired a number of former top officials from state-owned energy companies, CEFC officials said. It also has layers of Communist Party committees across its subsidiaries – more than at many private Chinese companies. Its influence goes well beyond Beijing. Czech President Milos Zeman has appointed CEFC’s founder and Chairman Ye Jianming as an advisor on economic policies, and the company has become one of China’s biggest investors in central Europe. Still, the privately-owned company’s opacity could become hurdles to its expansion as regulators reviewing deals around the world increasingly seek to understand how companies are controlled and financed. Little is known about how Ye raised the money to build the company or about its ownership structure. A deal to take a 50 percent stake in a Czech-Slovak bank that was announced in March is taking a long time to approve. One condition that needs to be satisfied under Czech law is whether the origin of funds for the acquisition is transparent. European Central Bank rules have some related requirements. A CEFC executive said it expected clearance for the acquisition by the middle of this year. A spokesman for the company said it has no special connections with the Chinese government, adding that its “rapid growth in recent years was because its corporate strategy fits well with China’a macro-development strategy and policy.” A SECOND SINOPEC? The Shanghai-based company – which was set up in 2002 in Ye’s home town in Fujian province - had 263 billion yuan ($38 billion) in revenue in 2015 and 30,000 employees at the end of that year. Ye told a board meeting in July he wants it to become a second Sinopec, China''s second-largest energy giant and Asia''s top oil refiner. He plans to build a retail fuel network in Europe through acquisitions and supply it with gasoline from refineries in Romania and China, the latter after consolidating some independent Chinese refineries known as "teapots", according to a script of his presentation reviewed by Reuters. Ye, 40, declined to comment for this story but three current and former company executives and two CEFC press officers all told Reuters CEFC wants to become an integrated oil company that also owns banks, insurers and brokerages. "The big plan is to acquire over the next four to five years upstream and refining assets with a combined size of one million barrels per day," said a senior director of CEFC. POLITICALLY-CONNECTED FIGURES CEFC''s oil ambitions started to take shape when it built a 3.05-billion yuan oil storage facility on Hainan island in southern China. It began operating in June last year and is one of the few privately owned facilities used to store the national petroleum reserve. Company officials have also said it has a 30 billion yuan trade financing line of credit with CDB, which funds infrastructure projects. In the past year, CEFC has done a series of deals. A year ago, it agreed to acquire KMGI, the international business of Kazakh''s state oil and gas firm KazMunaGaz for $680 million. Then in March during President Xi''s first visit to the Czech Republic, CEFC announced it was raising its stake in the J&T Finance Group to 50 percent from 9.9 percent for 980 million euros ($1.04 bln). J&T has banks operating in the Czech Republic, Russia, Croatia, Barbados and euro zone member Slovakia, and a larger stake in the group should help CEFC gain better access to the euro zone. The firm was already a shareholder in Czech brewery group Lobkowicz PLG.PR, publishing house Empresa Media, and the nation’s top football club Slavia Praha. For factbox of major assets. The European Central Bank and the Czech central bank are yet to clear the J&T deal. The Czech and Slovakia central banks declined to comment. An ECB spokesman said it doesn’t comment on individual banks. CEFC''s wide range of investments in the central European nation and its hiring of politically-connected figures there has led to questions in the Czech media about whether CEFC is purely commercially driven or is operating under the influence of the Chinese government. Also Czech Finance Minister Andrej Babis, whose party rules in a coalition with the Social Democrats, told reporters in October that CEFC’s focus on private companies “brings no yield to the Czech Republic.” AMBITIONS QUESTIONED There is little public information about Ye, who company officials said loves reading works about Confucianism and Daoism, and rarely attends business dinners. Unlike many other Chinese entrepreneurs, Ye also strictly bans relatives from working at CEFC, officials said. CEFC describes itself on its website as having a "unique, innovative management model…that combines merchant economy, Confucianism and military-style management". A CEFC spokesman said Ye’s ownership of the group is held through stakes at subsidiaries not the holding company, though he did not provide a full explanation of the ownership structure. Company officials said Ye, who once worked in the forest police force in his home province in Fujian, made his first 10 million yuan in his early 20s’ from a property deal there. He moved into the oil business after buying his first oil assets in an auction. (Reporting by Chen Aizhu and Jan Lopatka; Additional reporting by Jason Hovet in Prague and Tatiana Jancarikova in Bratislava; Editing by Martin Howell) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-cefc-china-idUKKBN14X0B5'|'2017-01-13T09:43:00.000+02:00'
'b319ccd26025b1de60285bb002ffffffcf95cd11'|'MIDEAST STOCKS-Gulf may have soft tone on Q4 results, though ENBD beats forecasts'|'Financials   12:54am EST MIDEAST STOCKS-Gulf may have soft tone on Q4 results, though ENBD beats forecasts DUBAI Jan 16 Most Gulf stock markets may have a soft tone on Monday because of several earnings misses by major companies, though Dubai''s Emirates NBD beat analysts'' forecasts. The global environment is sluggish, with MSCI''s broadest index of Asia-Pacific shares outside Japan down 0.5 percent. Brent crude has traded sideways and is now at $55.63 a barrel. Qatar National Bank, the Gulf''s largest lender, reported an 8.3 percent increase in fourth-quarter net profit to 2.75 billion riyals ($755 million); EFG Hermes had forecast 2.99 billion riyals and SICO Bahrain, 3.44 billion riyals. In Dubai, Emirates NBD posted a 13 percent fall in fourth-quarter net profit to 1.86 billion dirhams ($506 million); three analysts had on average forecast the bank would make a profit of 1.62 billion dirhams. But in Saudi Arabia, Bahri, the exclusive oil shipper for Saudi Aramco IPO-ARMO.SE, made a net profit of 327.8 million riyals ($87 million), down from 566.4 million riyals in the fourth quarter of 2015. Alistithmar Capital and Albilad Capital had forecast 454.60 million riyals and 431.00 million riyals respectively. Riyad Bank, Saudi Arabia''s fourth-largest lender by assets, posted a 65.6 percent fall in fourth-quarter net profit to 293 million riyals. Analysts polled by Reuters had on average forecast 780 million riyals. (Reporting by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1F60J1'|'2017-01-16T12:54:00.000+02:00'
'9eb94385e78e849deb66f5b18b27f101604419db'|'Sweden''s Atlas Copco proposes splitting group, appoints new CEO'|'By Johannes Hellstrom - STOCKHOLM STOCKHOLM Swedish mining gear and compressor maker Atlas Copco ( ATCOa.ST ) plans to split the group into two listed companies in 2018 and distribute the equity in the new company to shareholders.The news, which was not expected, is another piece in a wider European trend where a wave of spin-offs through initial public offerings (IPOs) is already underway.Philips ( PHG.AS ) of the Netherlands and Fiat Chrysler ( FCHA.MI ) of Italy floated major divisions last year, and German engineer Siemens ( SIEGn.DE ) has announced similar plans. Activist fund Cevian is putting pressure on engineering giant ABB ( ABBN.S ), calling for it to spin-out its Power Grids unit to shareholders.Atlas Copco will focus on industrial customers, while the new company, with the working name NewCo, will focus on mining and civil engineering."Both businesses are global leaders in their respective fields and will benefit from a more focused management responsibility," Atlas Copco Chairman Hans Straberg said in a statement.Kepler Cheuvreux analyst Markus Almerud said the split of the group was an unexpected but natural and positive step as the different drivers in the two companies will make them more focused and easier to operate as separate entities.Atlas Copco said it had appointed Mats Rahmstrom, currently head of Atlas Copco''s Industrial Technique unit, as chief executive from April. Rahmstrom replaces Ronnie Leten, who turned 60 last year, and is resigning after eight years at the helm of the group.Atlas Copco shares ( ATCOa.ST ) rose 0.9 percent at 0915 GMT (04:15 a.m. ET), one of the top gainers in the STOXX Europe 600 Industrial Goods & Services Index.Its shares are up 265 percent with Leten as CEO, compared with a 136 percent gain for the European sector index, and a 74 percent gain for closest peer Sandvik ( SAND.ST ).Rahmstrom has been touted as a leading internal candidate to take over as head of Atlas Copco. During his time at Industrial Technique, which sells industrial power tools and car assembly gear, its sales have doubled and margins have become the highest in the group, topping 23 percent in the third quarter.The mining and construction units, which will become NewCo, had sales of 28 billion Swedish crowns ($3.1 billion) for the 12 months ended Sept. 30, 2016, with an operating margin of about 16 percent.The industrial company, which will continue as Atlas Copco, had sales of 74 billion crowns and an operating margin of about 20 percent.Investor AB, Atlas Copco''s largest owner with 22.3 percent of votes, said it supported the proposal.($1 = 8.9354 Swedish crowns)(Reporting by Johannes Hellstrom, additional reporting by Rebecka Roos; editing by Alistair Scrutton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-atlas-copco-divestiture-idINKBN1500YR'|'2017-01-16T06:29:00.000+02:00'
'5562b95aa073b3da7c5b195c9fc93968184e8747'|'Australia''s DUET Group to recommend raised offer from Hong Kong''s CKI: source'|'By Jamie Freed - SYDNEY SYDNEY Australia''s DUET Group will on Monday recommend a takeover offer from Hong Kong''s Cheung Kong Infrastructure Holdings (CKI) after the price was increased slightly to value the company at A$7.37 billion ($5.51 billion), according to a source familiar with the situation.CKI will now pay A$3.03 a share, up A$0.03 from the offer it made in December, said the source, who was not authorized to speak publicly about the matter.(Reporting by Jamie Freed; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-australia-duet-offer-idINKBN14Z0XQ'|'2017-01-15T18:55:00.000+02:00'
'f0554448abc91836ae83b954e45969d08938319a'|'Saudi''s flynas orders 80 Airbus A320neos, including upgrade'|'Aerospace & Defense  23am EST Saudi''s flynas orders 80 Airbus A320neos, including upgrade A flight test engineer holds an Airbus Group flag after the first flight of the Airbus A320neo (New Engine Option) in Colomiers near Toulouse, France, September 25, 2014. REUTERS/Regis Duvignau/File Photo RIYADH/DUBAI Saudi Arabian budget carrier flynas is buying 80 Airbus ( AIR.PA ) A320neo narrow body jets in a deal worth $8.6 billion that includes upgrading an earlier order, it said on Monday. The airline has placed a new order for 60 A320neos and upgraded an existing order for 20 current model A320s to neos, an Airbus spokesperson confirmed. The agreement includes purchasing options for a further 40 A320neo jets, flynas said in a statement. Flynas shareholder Kingdom Holding ( 0528.HK ) said on Jan. 11 the carrier had agreed to an $8.6 bln order with Airbus. Reuters reported on Jan. 10 flynas and Airbus had reached an agreement for an order of over 60 A320neos. (Reporting by Nael Shyoukhi in Riyadh and Alexander Cornwell in Dubai) Next In Aerospace & Defense'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-airbus-flynas-order-idUSKBN15013N'|'2017-01-16T17:23:00.000+02:00'
'9d4651cb73d3d3126de81e32aa115a3746bc5a85'|'BRIEF-GC Investment files to Katowice Court restructuring, repair plans'|'Bankruptcy News   9:59am EST BRIEF-GC Investment files to Katowice Court restructuring, repair plans Jan 13 GC Investment SA : * Says it filed to Katowice Court its restructuring and repair plans; and financial forecast for 2017-2024 * Once the plans have been approved by the creditors and court, the management will take all the necessary measures to implement a 5-year share buyback program * The share buyback program will include shares issued by the company in regards to the agreement with creditors * Under the restructuring and repair plans, it wants to issue series E shares at the issue price of 1 zloty each and offer them to the creditors * The number of new series E shares, each creditor will be offered, will be set as the quotient of the sum of the outstanding debt towards the company divided by the series E share issue price * Taking into account, the price of 1 zloty per share, GC Investment will be obliged to issue 89.3 mln of the series E shares * Will cover the purchase of own shares through the sale of properties Source text for Eikon: ($1 = 4.1096 zlotys) (Gdynia Newsroom) Next In Bankruptcy News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1F33MD'|'2017-01-13T21:59:00.000+02:00'
'54c46eef9dea01c19b3fc2489a6383ee5965852b'|'MOVES-UBS head of corporate client solutions for Asia resigns -IFR'|'Financials - Thu Jan 12, 2017 - 8:14pm EST MOVES-UBS head of corporate client solutions for Asia resigns -IFR HONG KONG Jan 13 Joseph Chee, head of corporate client solutions for UBS, Asia has resigned from the Swiss bank, IFR reported on Friday. Chee worked at UBS for about a decade, said IFR, a Thomson Reuters publication. UBS declined to comment. (Reporting by Fiona Lau; Editing by Edwina Gibbs) Next In Financials UPDATE 2-Anadarko Petroleum to sell Texas assets for $2.3 bln Jan 12 Oil and gas producer Anadarko Petroleum Corporation said on Thursday it would sell its Eagleford Shale assets in South Texas for about $2.3 billion to a strategic 50/50 partnership formed by Sanchez Energy Corporation and asset manager Blackstone Group LP. * Some Republicans unsure how they will vote (Recasts with Republican doubts about vote) MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ubs-group-moves-idUSL4N1F30JA'|'2017-01-13T08:14:00.000+02:00'
'b39e3bc89dde9aa6328402676220c722bf6224f3'|'U.S. EPA accuses Fiat Chrysler of excess diesel emissions'|'  8:30pm GMT EPA accuses Fiat Chrysler of excess diesel emissions left right Fiat Chrysler Automobiles CEO Sergio Marchionne listens during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Rebecca Cook 1/2 left right A woman walks past a logo of Fiat Chrysler Automobiles (FCA) in Turin March 31, 2014. REUTERS/Giorgio Perottino 2/2 By David Shepardson and Bernie Woodall - NEW YORK/DETROIT NEW YORK/DETROIT The U.S. Environmental Protection Agency on Thursday accused Fiat Chrysler Automobiles NV of illegally using hidden software to allow excess diesel emissions to go undetected, the result of a probe that stemmed from regulators'' investigation of rival Volkswagen AG. FCA shares plummeted as the maximum fine is about $4.6 billion. The EPA action affects 104,000 U.S. trucks and SUVs sold since 2014, about one-sixth the vehicles in the Volkswagen case. The EPA and California Air Resources Board told Fiat Chrysler it believes its undeclared auxiliary emissions control software allowed vehicles to generate excess pollution in violation of the law and each issued notices of violation. The U.S. Justice Department is investigating, Fiat Chrysler said Thursday. New York Attorney General Eric Schneiderman said in a statement he is "deeply troubled" by the EPA findings and "will investigate the claims against Fiat Chrysler and stands ready to work with our state and federal partners." Fiat Chrysler Chief Executive Sergio Marchionne angrily rejected the allegations at a hastily-assembled conference call with reporters, saying there was no wrongdoing and the company never attempted to create software to cheat emissions rules by detecting when the vehicle was in test mode. He characterized the dispute as whether the automaker had completely disclosed software that protects the engine, adding the company was planning updated software to address EPA concerns. He said the EPA and the company could have settled the issue in "a more efficient way" without the EPA announcement, and he said "I''m really pissed off" about reports that equate FCA''s issues with VW''s. "The way that it has been described, I think, has been unfair to FCA, and that is the thing that disturbs me most," Marchionne said. He also suggested regulators had a "belligerent" view of automakers. "We don''t belong to a class of criminals," he said. "We''re not trying to break the bloody law." The company has no plans to stop selling 2016 U.S. diesel models. EPA has reviews ongoing of other automakers'' emissions systems, but it is not clear if they have found any additional wrongdoing. Regulators said FCA failed to disclose engine management software in 104,000 U.S. 2014-2016 Jeep Grand Cherokees and Dodge Ram 1500 trucks with 3.0-liter diesel engines. The undisclosed software results in increased emissions of nitrogen oxides (NOx). Cynthia Giles, an EPA official, said Fiat Chrysler had an obligation to disclose the "illegal software" but has not decided whether to label them "defeat devices." The EPA said it found at least eight undisclosed pieces of software that can alter how a vehicle emits air pollution. Fiat Chrysler had recalled vehicles for one of the undisclosed software. By contesting the charge, FCA will push the case into the administration of   Trump. It is not clear how Trump’s EPA will handle this or similar issues. Trump has nominated Oklahoma Attorney General Scott Pruitt, a critic of federal environmental regulation, to lead EPA. Efraim Levy, analyst with CFRA, said FCA stands to "get a fresh start with the Trump administration." SHARES SLIDE U.S.-listed shares were last down 10 percent, cutting their earlier losses. Milan-listed shares closed down 16 percent, weighing on European stock markets. The EPA announcement comes amid closer scrutiny of automakers after Volkswagen AG ( VOWG_p.DE ) admitted to cheating diesel emissions tests in 580,000 U.S. vehicles. In 2015, EPA said it would review all U.S. diesel vehicles following an admission from Volkswagen that it installed software in cars allowing them to emit up to 40 times legally permissible level of pollution. On Wednesday, Volkswagen ( VOWG_p.DE ) agreed to pay $4.3 billion in criminal and civil fines and plead guilty to three felonies for misleading regulators and selling polluting vehicles. Fiat Chrysler could face fines of $44,539 per vehicle if it is proven that it violated emissions rules. European regulators have also raised questions about Fiat Chrysler diesels. Last fall, Germany wrote a letter to the European Commission accusing FCA of using an illegal device to switch off exhaust treatment systems in diesel engines in Fiat and Jeep vehicles sold in Europe. (Reporting by David Shepardson in New York and Bernie Woodall in Detroit; Additional reporting by Nick Carey in Chicago, Agnieszka Flak in Milan and Giles Guillaume in Paris; Editing by Nick Zieminski)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-fiatchrysler-emissions-idUKKBN14W29S'|'2017-01-13T03:27:00.000+02:00'
'74dd0e3198e86bd4ca0d3e1037a874b7f3e06088'|'Freeport says new Indonesia mining rules have ''many impacts'''|'JAKARTA Jan 13 Broad changes to mining rules issued by Indonesia on Thursday will have many impacts, a spokesman for the Indonesian unit of Freeport-McMoRan Inc said on Friday, noting that the company was still studying the new rules."We don''t know now if this will disrupt (operations) or not yet, but we are studying this based on our contract of work," Freeport Indonesia spokesman Riza Pratama told reporters.Pratama acknowledged exports had stopped, and added that a prolonged export stoppage could affect contracts with buyers."Based on regulations, we can''t export. But we are still in discussions. Of course we want operations to continue with these changes, but there are many issues we are still studying," Pratama said.Freeport is now focusing on how to convert from its contract of work to a special mining license (IUPK), he said, noting that it must first study its financial position and legal issues before applying for an extension of its operating permit. (Reporting by Wilda Asmarini; Writing by Fergus Jensen; Editing by Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-mining-freeport-mcmoran-idINJ9N1DV02L'|'2017-01-13T06:14:00.000+02:00'
'c497f907bb149a7147bc2de12a0e50c6b55f0ac7'|'China’s CEFC has big ambitions, but little known about ownership, funding'|'By Chen Aizhu and Jan Lopatka - BEIJING/PRAGUE BEIJING/PRAGUE Inside four years, CEFC China Energy has emerged from relative obscurity as a niche fuel trader to become a rapidly growing oil and finance conglomerate with assets across the world and an ambition to become one of China''s energy giants.It has a rare contract to store part of the nation''s strategic oil reserve, gained financing from the state-owned China Development Bank (CDB) and has hired a number of former top officials from state-owned energy companies, CEFC officials said. It also has layers of Communist Party committees across its subsidiaries – more than at many private Chinese companies.Its influence goes well beyond Beijing. Czech President Milos Zeman has appointed CEFC’s founder and Chairman Ye Jianming as an advisor on economic policies, and the company has become one of China’s biggest investors in central Europe.Still, the privately-owned company’s opacity could become hurdles to its expansion as regulators reviewing deals around the world increasingly seek to understand how companies are controlled and financed. Little is known about how Ye raised the money to build the company or about its ownership structure.A deal to take a 50 percent stake in a Czech-Slovak bank that was announced in March is taking a long time to approve. One condition that needs to be satisfied under Czech law is whether the origin of funds for the acquisition is transparent. European Central Bank rules have some related requirements.A CEFC executive said it expected clearance for the acquisition by the middle of this year.A spokesman for the company said it has no special connections with the Chinese government, adding that its “rapid growth in recent years was because its corporate strategy fits well with China’a macro-development strategy and policy.”A SECOND SINOPEC?The Shanghai-based company – which was set up in 2002 in Ye’s home town in Fujian province - had 263 billion yuan ($38 billion) in revenue in 2015 and 30,000 employees at the end of that year.Ye told a board meeting in July he wants it to become a second Sinopec, China''s second-largest energy giant and Asia''s top oil refiner.He plans to build a retail fuel network in Europe through acquisitions and supply it with gasoline from refineries in Romania and China, the latter after consolidating some independent Chinese refineries known as "teapots", according to a script of his presentation reviewed by Reuters.Ye, 40, declined to comment for this story but three current and former company executives and two CEFC press officers all told Reuters CEFC wants to become an integrated oil company that also owns banks, insurers and brokerages."The big plan is to acquire over the next four to five years upstream and refining assets with a combined size of one million barrels per day," said a senior director of CEFC.POLITICALLY-CONNECTED FIGURESCEFC''s oil ambitions started to take shape when it built a 3.05-billion yuan oil storage facility on Hainan island in southern China. It began operating in June last year and is one of the few privately owned facilities used to store the national petroleum reserve.Company officials have also said it has a 30 billion yuan trade financing line of credit with CDB, which funds infrastructure projects.In the past year, CEFC has done a series of deals.A year ago, it agreed to acquire KMGI, the international business of Kazakh''s state oil and gas firm KazMunaGaz for $680 million.Then in March during President Xi''s first visit to the Czech Republic, CEFC announced it was raising its stake in the J&T Finance Group to 50 percent from 9.9 percent for 980 million euros ($1.04 bln).J&T has banks operating in the Czech Republic, Russia, Croatia, Barbados and euro zone member Slovakia, and a larger stake in the group should help CEFC gain better access to the euro zone.The firm was already a shareholder in Czech brewery group Lobkowicz PLG.PR, publishing house Empresa Media, and the nation’s top football club Slavia Praha. For factbox of major assets.The European Central Bank and the Czech central bank are yet to clear the J&T deal. The Czech and Slovakia central banks declined to comment. An ECB spokesman said it doesn’t comment on individual banks.CEFC''s wide range of investments in the central European nation and its hiring of politically-connected figures there has led to questions in the Czech media about whether CEFC is purely commercially driven or is operating under the influence of the Chinese government.Also Czech Finance Minister Andrej Babis, whose party rules in a coalition with the Social Democrats, told reporters in October that CEFC’s focus on private companies “brings no yield to the Czech Republic.”AMBITIONS QUESTIONEDThere is little public information about Ye, who company officials said loves reading works about Confucianism and Daoism, and rarely attends business dinners. Unlike many other Chinese entrepreneurs, Ye also strictly bans relatives from working at CEFC, officials said.CEFC describes itself on its website as having a "unique, innovative management model…that combines merchant economy, Confucianism and military-style management".A CEFC spokesman said Ye’s ownership of the group is held through stakes at subsidiaries not the holding company, though he did not provide a full explanation of the ownership structure.Company officials said Ye, who once worked in the forest police force in his home province in Fujian, made his first 10 million yuan in his early 20s’ from a property deal there. He moved into the oil business after buying his first oil assets in an auction.(Reporting by Chen Aizhu and Jan Lopatka; Additional reporting by Jason Hovet in Prague and Tatiana Jancarikova in Bratislava; Editing by Martin Howell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cefc-china-idINKBN14X0B5'|'2017-01-13T01:24:00.000+02:00'
'750b07dd8301aa01c4e551df25b75ca44615e286'|'Fitch Affirms Ireland at ''A''; Outlook Stable'|'Financials   4:04pm EST Fitch Affirms Ireland at ''A''; Outlook Stable (The following statement was released by the rating agency) LONDON, January 13 (Fitch) Fitch Ratings has affirmed Ireland''s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ''A'' with Stable Outlooks. The issue ratings on Ireland''s senior unsecured foreign- and local-currency bonds have also been affirmed at ''A''. The Country Ceiling has been affirmed at ''AAA'' and the Short-Term Foreign- and Local-Currency IDRs and short-term debt at ''F1''. The rating of National Asset Management Ltd''s (NAMA) guaranteed issuance has also been affirmed at ''F1'', in line with the sovereign rating. KEY RATING DRIVERS Ireland''s ''A'' IDRs reflect the following key rating drivers: Ireland''s sovereign ratings are supported by strong institutions and a wealthy, flexible economy, with the highest per-capita income in the ''A'' category. Moreover, economic growth has outpaced peers in the last three years and the sovereign balance sheet is rapidly improving. These factors are balanced by downside risks, primarily related to external developments such as Brexit and shifts in global policies on corporate tax. Economic growth remains strong, underpinned by private and public consumption and higher investment in previously ailing sectors such as construction. Preliminary estimates from the Central Statistical Office indicate GDP growth of 6.9% y-o-y in 3Q16, the fastest rate in the EU. Although headline GDP is heavily influenced by developments in the multinational sector with limited impact on domestic activities, labour figures also point to a robust recovery, with employment growth averaging close to 3% in 2016. The impact of the Brexit vote on the Irish economy has been limited so far, although a few export sectors such as agri-processing have struggled from a weaker pound. In this context, Fitch has revised its 2016 GDP growth estimate to 4.3%, from 4.0% previously. Fitch expects GDP growth to average over 2.5% in 2017-19, but it is subject to risks. Although formal UK-EU negotiations are yet to start, the prospects of the UK leaving the EU single market is high, raising the risks that Ireland will eventually face trade and mobility barriers with its biggest economic partner. The UK accounts for about 17% of total Irish goods and services.. Long-standing financial and investment linkages could also be at risk. According to various studies, the UK leaving the single market could reduce Irish GDP by up to 4% over the next decade relative to a no-change baseline. Changes to corporate tax policies in the US or Europe is another important downside risk. Ireland''s low and stable tax regime has helped attract multinationals over the last two decades, but it could face increased competition and/or pressure if other countries apply a similar model. We expect the general government deficit to have fallen to a nine-year low of 0.9% of GDP in 2016, in line with official estimates. Revenue growth in 2016 outperformed original expectations thanks to high corporate tax income. Expenditure was kept at bay, even with extra healthcare costs. Fitch expects a further narrowing of the deficit in 2017-18, with the government maintaining a strong commitment to fiscal prudence in light of rising external risks. Public debt continues to fall in line with robust nominal growth and lower interest expenditure. Under our baseline scenario, which does not include any asset disposals of state-controlled banks, we forecast general government debt to fall from 75.1% in 2016 to 53.0% of GDP by 2025. This compares with 120% of GDP in 2012 and would be in line with the current ''A'' median of 52.1%. However, debt/GDP ratios are flattered by recent upward revisions to GDP, with other measures such as interest payments/revenue and debt/revenue remaining at significantly higher levels than the peer median. The private sector remains highly leveraged, weighing on the performance of the overall economy and the banking sector. According to Central Bank of Ireland (CBI) data, non-financial corporate debt stood at 260% of GDP in Q216, from 200% in 2012 and one of the highest levels in Europe. The majority of this debt is tied to non-resident borrowers (multinationals), but domestic companies still report high levels of NPLs and difficulties accessing new finance. Similarly, although household indebtedness is now more moderate (at 150% of income in 2Q16), there is still a significant proportion of households with high exposure to tracker mortgages and hence vulnerable to interest rate changes. Asset quality at Irish banks remains weak despite strong improvements driven by positive economic momentum. NPLs as a percentage of outstanding loans stood at 17% in Q316, even though impaired loans in most sectors are falling at a brisk pace. The profitability of Irish banks continues to be affected by the low interest environment. Demand for new lending should continue to increase fuelled by increasing domestic consumption and employment growth. Macro-prudential measures imposed by the CBI should continue to moderate house price growth. The current account posted large surpluses in the first three quarters of 2016, averaging over 12% of GDP. However, the positive data hide developments in the domestic economy, as the surplus is inflated by activities of large multinationals. For instance, disaggregated merchandise trade data highlights the impact from the Brexit vote, with exports to the UK falling by almost 10% y-o-y in 3Q16. Revisions to financial account and external debt data are common and complicate the assessment of Ireland''s external position. SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO) Fitch''s proprietary SRM assigns Ireland a score equivalent to a rating of ''AA+'' on the Long-Term FC IDR scale. In accordance with its rating criteria, Fitch''s sovereign rating committee decided to adjust the rating indicated by the SRM by more than the usual maximum range of +/-3 notches because: in our view the country is recovering from a crisis. Consequently, the overall adjustment of four notches reflects the following adjustments:- -Macro: -1 notch, to reflect the fact that GDP growth figures (including the exceptional 2015 outturns) do not entirely reflect real developments in the economy; and macroeconomic data is subject to large revisions. - Public Finances: -1 notch, to reflect still high levels of government debt. The SRM is estimated on the basis of a linear approach to government debt/GDP and does not fully capture the higher risk at high debt levels. Moreover, the activities of multinationals inflate GDP and flatter debt ratios but it''s a sector that is hard to tax. - External Finances: -1 notch. The model gives 2-notch enhancement for reserve currency but one-notch uplift is more appropriate for Ireland given the country''s recent financial crisis and need of an IMF programme. Net external debt is well above peers and exposure to Brexit highlights vulnerabilities to shocks. - Structural Factors: -1 notch, to reflect weakness in the banking system for which the average viability rating is two categories below the sovereign rating. Fitch''s SRM is the agency''s proprietary multiple regression rating model that employs 18 variables based on three year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch''s QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM. RATING SENSITIVITIES The following factors may, individually or collectively, result in positive rating action: -Significant reduction in the general government debt/GDP ratio. -Reduction in external vulnerabilities, including evidence that the economy is resilient to Brexit. The following factors may, individually or collectively, result in negative rating action: -Divergence from the fiscal targets that reverses the decline in the GGGD/GDP. -Weaker economic performance, e.g. trigger by external shocks, resulting in a substantial deterioration of banks'' existing loan portfolios or a negative impact on the fiscal stance. KEY ASSUMPTIONS In its debt sensitivity analysis, Fitch assumes a primary surplus averaging 1.5% of GDP in 2017-25, trend real GDP growth averaging 2.4% per year, an average effective interest rate of 2.8%, and GDP deflator inflation of 1.7%. Contact: Primary Analyst Federico Barriga Salazar Director +44 20 3530 1242 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Marina Stefani Associate Director +44 20 3530 1809 Committee Chairperson Ed Parker Managing Director +44 20 3530 1176 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Country Ceilings (pub. 16 Aug 2016) here Sovereign Rating Criteria (pub. 18 Jul 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017562 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. 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The manner of Fitch''s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials Fitch: JPM Reports Another Year of Record Earnings in 2016 (The following statement was released by the rating agency) NEW YORK, January 13 (Fitch) JPMorgan Chase & Co. (JPM) reported record earnings in the fourth quarter of 2016 (4Q16) driven by: core loan growth of 12%, record card sales volume growth of 14%, record fourth quarter markets activity, reserve releases in consumer and wholesale portfolios, and continued expense controls, according to Fitch Ratings. Returns on equity and tangible equity were 11% and 14% in the quarter, respectively, w UPDATE 1-Speculative U.S. 10-year T-note net shorts hit record -CFTC * Spec Eurodollar, 5-year T-note net shorts rise to record highs * Speculative net shorts in T-bonds hit highest since 2012 * Spec fed funds net shorts climb to highest since Aug 2015 (Adds details on the latest positioning data) Jan 13 Speculators'' net bearish bets on U.S. 10-year Treasury note futures reached another record high in the latest week even as benchmark yields retreated further, according to Commodity Futures Trading Commission data released on Friday. Fitch Revises Outlook on Iceland to Positive; Affirms at ''BBB+'' (The following statement was released by the rating agency) Link to Fitch Ratings'' Report: Iceland - Rating Action Report https://www.fitchratings.com/site/re/893180 LONDON, January 13 (Fitch) Fitch Ratings has revised the Outlook on Iceland''s Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) to Positive from Stable. The IDRs have been affirmed at ''BBB+''. The issue ratings on Iceland''s senior unsecured foreign and local currency bonds have also been affirmed at ''BBB+''. The Co MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986362'|'2017-01-14T04:04:00.000+02:00'
'd5d015042c0b8905a46551f19a2ebf6ead53f74b'|'IMF says Trump''s protectionism is among risks to world economy'|'The global economy faces a multitude of risks in 2017, ranging from rising protectionism spearheaded by Donald Trump to a severe slowdown in China, the International Monetary Fund has warned.The Washington-based fund used an update to its economic forecasts to highlight popular antipathy towards international trade and a widening in the gap between rich and poor. It called on governments to tackle inequality by helping people find work in fast-changing jobs markets shaken up by technology and globalisation.The IMF made no changes to its October forecast for global economic growth to edge up this year after a sluggish 2016. But it upgraded its outlook for the UK economy, bringing the IMF more in line with other forecasters following signs that the British economy grew at a solid pace in the second half of 2016, despite the Brexit vote. The UK outlook for 2018 was cut, however.Germany hits back at Trump criticism of refugee policy and BMW tariff threat Read more The IMF''s world growth forecasts The IMF’s world growth forecasts After expanding an estimated 2.0% in 2016, making it the fastest growing of the G7 leading industrial countries , the UK economy was expected to lose that ranking in 2017 as growth slows to 1.5%. It is forecasting growth will slow further in 2018 to 1.4%. In October, the IMF predicted growth of 1.1% for 2017 and 1.7% for 2018.Speaking on the eve of a key speech by Theresa May on the Brexit process , the IMF’s economic counsellor, Maurice Obstfeld, described Britain’s terms of exit from the EU as “unsettled” and one of many factors contributing to a climate of uncertainty that also included elections in the eurozone, a change of president in the US and geopolitical tensions.Obstfeld noted signs of widespread frustration around the world at what many feel is an unfair distribution of the fruits of globalisation and economic growth. As policymakers and business leaders gather in Davos for the World Economic Forum with inequality top of this year’s agenda , the IMF was the latest in a line of international bodies to call for more shared prosperity .“Social dislocation due to globalisation and, even more, to technology change is a major challenge that will only intensify in the future. One result has been wider inequality and wage stagnation in many countries,” Obstfeld said, presenting the latest IMF forecasts.He added that a key takeaway from 2016 was that “sustainable growth must also be inclusive growth”.But at the same time, with nationalist politicians gaining ground in some countries, the IMF warned against moving towards more inward-looking policies.“Rolling back economic integration, however, would impose aggregate economic costs without reducing the need for government investment in well-trained, nimble workforces, along with policies to promote better matching of available jobs to skills.Without naming president-elect Trump, who campaigned on an anti-globalisation platform and with the promise of a big infrastructure drive, the IMF said there was a risk that the boost from higher spending could force the US central bank to raise interest rates at a faster pace to contain inflation and that would push up the US dollar. Those currency moves, which would make US exports more expensive and its imports cheaper, risked driving up “protectionist measures and retaliatory responses”, Obstfeld said.On the other hand, the extra spending in the US was likely to boost economic growth, and if done in a way that did not stoke inflation it would allow the US Federal Reserve to raise interest rates at a more moderate pace. The IMF sees the US economy growing by 2.3% in 2017 and 2.5% in 2018. That was an upgrade from October’s forecasts for 2.2% growth in 2017 and 2.1% in 2018.For the global economy, the IMF saw more scope for growth to disappoint rather than beat expectations. It forecast 3.4% growth this year and 3.6% in 2017. That follows estimated growth of 3.1% in 2016.“A faster pace of expansion would be especially welcome this year: global growth in 2016 was the weakest since 2008-09, owing to a challenging first half marked initially by turmoil in world financial markets,” said Obstfeld, referring to sharp swings on markets this time last year .To help shore up growth in 2017, the IMF called on central banks to keep policy “accommodative, relying on unconventional strategies as needed”. It also repeated a call for governments to do their share of the heavy lifting with spending and long-term reforms to make growth more sustainable.The list of risks the IMF sees for 2017 was long. They included:A “sharp or disruptive slowdown in the future in China”.“Higher popular antipathy toward trade, immigration, and multilateral engagement in the United States and Europe.” Widespread high levels of public and private debt. Ongoing climate change. In several advanced economies, continuing slow growth and deflationary pressures. Britain’s negotiations to leave the EU. A “crowded” national elections calendar in Europe. Geopolitical tensions, including conflict in parts of the Middle East and Africa, the “tragic plight of refugees and migrants in neighboring countries and in Europe” and acts of terrorism worldwide. Reflecting that, the IMF concluded in its latest forecasts: “Risks to the global growth outlook are two sided but are assessed to be skewed to the downside, especially over the medium term.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/16/imf-trump-protectionism-world-economy-trade-us-europe'|'2017-01-16T02:00:00.000+02:00'
'15b78aff99ccb169546a9da239a4076ba0952cf5'|'Key Samsung shares steady, market awaits South Korea prosecution decision on leader'|'Business News - Mon Jan 16, 2017 - 12:29am GMT Key Samsung shares steady, market awaits South Korea prosecution decision on leader A man walks past an advertisement promoting Samsung Electronics'' devices at its headquarters in Seoul, South Korea, January 5, 2017. Picture taken on January 5, 2017. REUTERS/Kim Hong-Ji SEOUL Shares of Samsung Electronics Co Ltd ( 005930.KS ) and Samsung C&T Corp ( 028260.KS ) were steady in early trade on Monday, ahead of a South Korean special prosecutor''s decision on whether to seek an arrest warrant for Samsung Group''s leader [SAGR.UL]. The prosecutor is set to decide later in the day on whether to seek the arrest of Jay Y. Lee, the third-generation leader of South Korea''s largest conglomerate, in connection with an influence-peddling investigation involving the president. [nL4N1F5058] Samsung Electronics was up 0.6 percent and Samsung C&T was unchanged as of 0019 GMT, compared with a 0.1 percent rise for the broader market .KS11 . (Reporting by Se Young Lee; Editing by Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-southkorea-politics-samsung-group-sto-idUKKBN15001H'|'2017-01-16T07:29:00.000+02:00'
'10ef3354e4697505d68fa19d3ce56c5b0184b5eb'|'Brazil''s Movida sets 8.9-11.3 reais range for IPO - filing'|'BRASILIA Jan 16 Brazilian car rental firm Movida Participações SA plans to sell shares in an initial public offering at between 8.9 reais ($2.80) and 11.3 reais ($3.50), it said in a filing on Monday.Movida, which is controlled by logistics company JSL SA , plans to sell 78,202,247 ordinary shares. Book building starts on Monday and ends on Feb. 6, and shares are expected to start trading in the Sao Paulo stock exchange on Feb. 8, according to the filing.Movida''s IPO plan underscores the resilience of car renting despite Brazil''s harshest recession in eight decades, high unemployment and a slump in consumer and corporate spending.Growing risk appetite among local investors and expectations of a more business-friendly government following former President Dilma Rousseff''s ouster in 2016 year are also bolstering IPO requests. ($1 = 3.2285 reais) (Reporting by Paula Arend Laier; Writing by Silvio Cascione; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/movida-participacoes-ipo-idINL1N1F60BG'|'2017-01-16T08:20:00.000+02:00'
'8bc8d44dcaccd23beea83fc2130b26ef1b21f546'|'In-house or out? Blade strategy divides wind turbine makers'|'* Division pits technology ownership against flexibility* Blade design is key - but pricey and complex* Vestas, Gamesa, Nordex outsource - Siemens, Enercon don''tBy Christoph SteitzFRANKFURT, Jan 18 A wave of deals in the wind power industry, waiting to gauge the impact of Donald Trump''s election and Brexit, has highlighted opposing strategies in the production of the most complicated and sensitive turbine components: blades.Companies are at odds over whether to go in-house or out to produce the blades, which can be as long as a football pitch, as they ride out a global M&A frenzy in a sector still reliant on fickle state support.In many ways they face a choice between keeping vital design expertise to themselves, or sharing that design and outsourcing production to react to demand swings. Neither strategy as yet offers a definitive answer on how to reduce costs long-term, although some analysts predict that as in the automobile industry, outsourcing will become the dominant trend.General Electric and Senvion, two of the top 10 global wind turbine makers, recently announced deals to snap up rotor-blades makers in a bet on integration.This conflicts with outsourcing strategies at rivals including Denmark''s Vestas, China''s Goldwind and Spain''s Gamesa, which is merging with insourcing stalwart Siemens'' wind business."There are some parts that are a source of differentiation, so you want to keep ownership of that," said Jean-Marc Lechene, chief operating officer at Vestas, the world''s biggest turbine maker, referring to technology behind the blades.On the other hand, manufacturing can be routine and be shared out which is why these two trends have emerged, he added.Growing uncertainty over future support for renewables - triggered by Trump''s election victory in the United States and Britain''s decision to leave the EU - could tip the balance in favour of outsourcing."Being able to respond to a shift in demand from one country to another is important given that the sector is dependent on political support, which can change quickly," Macquarie analyst Gurpreet Gujral said.Blades account for about a fifth of the component costs for wind turbines - which stand at about 3 million euros ($3.2 million) for the most common models - and are key in determining their power output.As they are constantly exposed to different levels of wind, their design is crucial, yet their construction - which requires adhesives that join different layers of carbon or glass-fibre to dry at exactly the right temperatures - can also be complex.Accidents related to faulty blades - described as the Achilles'' heel of turbine manufacturing - have hit several equipment makers in the past, making a seamless production process absolutely vital.RAT-RACEHard-liners including Germany''s Enercon are cagey about their technology and production techniques, hoping that controlling all steps of the process will give them the upper hand in the highly competitive market.Technology is key to reducing the cost of producing electricity and making wind competitive with fossil fuels.Vestas, by contrast, has outsourced about a fifth of blade production, helping it to raise the volume of produced and shipped turbines by 30 percent in 2015, while costs only rose by a fifth to 6.9 billion euros."Outsourcing can give turbine vendors more flexibility in using globally located independent manufacturers while avoiding the need to build new factories to serve all global markets," said Jesse Broehl, senior analyst at Navigant Research.Transporting blades can be expensive and time-consuming. That''s why turbine makers are prepared to pay a small premium to outsourced providers, several industry sources told Reuters.With margin pressure increasing and prices falling further, the industry is likely to outsource more going forward, said Danny van Doesburg, senior portfolio manager at Dutch APG Asset Management, the seventh-largest shareholder in Vestas."It''s a continuing rat-race of lowering costs similar to what we are witnessing in the car industry. In cars, you see a rule of thumb where you will try to outsource as much as possible," he said.A source familiar with the matter told Reuters that groups with the highest level of in-house production, Siemens and Enercon, tend to be priced at the upper end of the market range.But with the industry continuously weaning off state support around the globe, even stalwart opponents of outsourcing are changing their mind, afraid they will be too expensive and too slow to compete in emerging markets.With a core profit margin of less than 10 percent in its wind power and renewables business, Siemens recently announced it would for the first time ever outsource blade production for its low wind SWT-3.15-142 turbine to LM Wind Power.Steen Broust Nielsen, partner at renewable consultancy MAKE, says: "Winning the game is not only about technology, it''s also about market access." ($1 = 0.9348 euros)(Editing by Alexandra Hudson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/windpower-outsourcing-idINL5N1F73HH'|'2017-01-18T11:01:00.000+02:00'
'9e29feab95b3aa1c43c653c6b6446947d54cfc9d'|'Australia shares drift lower, NZ treads water'|' 11am EST Australia shares drift lower, NZ treads water (Updates to close) Jan 18 Australian shares tipped into negative territory on Wednesday, after Wall Street financials, transports and other big post-election gainers lost ground as earnings season kicked into gear. The S&P/ASX 200 index ended 0.36 percent, or 20.62 points, lower at the close of trade. The benchmark fell 0.9 percent on Tuesday. In the U.S., financials and big post-election gainers slid ahead of earnings, while commments by President-elect Donald Trump withered healthcare stocks. Australian financial stocks faltered with three of the "Big Four" banks sagging between 0.7 percent to 1 percent to their lowest in more than four weeks, except Commonwealth Bank. Healthcare giant CSL Limited, posted three straight sessions of losses and closed down 1.1 percent. Qantas Airways, slumped as much as 3.7 percent, to record its biggest loss in 10 weeks, as the country''s top airline grounded 10 turboprop aircraft and cancelled flights after it failed to complete inspections in a timely manner. On the other hand, safe haven assets glittered as gold prices powered up to near eight-week highs, sending the ASX All Ordinaries Gold Index up as much as 2.5 percent, its highest in two months. Oil and gas giants Santos Limited and Woodside Petroleum gained 2 percent and 1.2 percent respectively as the weaker greenback supported a rise in crude oil prices. Consumer sentiment remained flat in January, dissapointing expectations of a recovery from a 3.4 percent drop in December, in the survey from the Melbourne Institute and Westpac Bank. New Zealand''s benchmark S&P/NZX 50 index closed 0.05 percent, or 3.69 points down, to finish the session at 7,059.27. Consumer discretionaries dominated losses with web advertiser Trade Me Group, down as much as 2 pct, its lowest in over four weeks. Fletcher Building fell as much as 1.9 percent to its lowest in a month. Unlike broader markets, the healthcare sector in New Zealand ended in positive territory where Ryman Healthcare, one of the top percentage gainer on the benchmark, closed 1.45 percent higher. (Reporting by Hanna Paul in Bengaluru) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-close-idUSL4N1F82CV'|'2017-01-18T13:11:00.000+02:00'
'068e531927a92c97f41c7684ea2370c7bc9ff118'|'EU shouldn''t mete out trade punishment over Brexit - Johnson'|'  12:07pm GMT EU shouldn''t mete out trade punishment over Brexit - Johnson By Douglas Busvine - NEW DELHI NEW DELHI Foreign Secretary Boris Johnson on Wednesday compared any attempt to punish Britain for leaving the European Union to a World War Two escape movie, saying both sides would do better to strike a mutually beneficial trade deal. Speaking in New Delhi a day after Prime Minister Theresa May laid out the case for a "hard Brexit", in which Britain leaves the European single market, Johnson said attempts to curb free trade cut both ways. He was answering a question on comments made earlier by an aide to French President Francois Hollande who said Britain should not expect a better trading relationship with Europe once it was outside the common market of 500 million people. "If Monsieur Hollande wants to administer punishment beatings that anyone chooses to escape, rather in the manner of some World War Two movie, then I don''t think that''s the way forward," Johnson answered. "It''s not in the interests of our friends or our partners." Johnson''s comments to the Raisina Dialogue, a geopolitical conference hosted by the Indian foreign ministry and the Observer Research Foundation, will be scrutinised back home to see whether he is straying from May''s message, delivered in a landmark speech in London on Tuesday. In his prepared remarks Johnson - a leading face of the successful campaign to vote "leave" in a referendum last June - said Britain should embrace free trade not only with Europe but with the wider world. "We want to be outside the cathedral but support it like a flying buttress," Johnson said, adding in an aside that he had been mistranslated when he had made the same remark in an earlier speech to say Britain wanted to be a "flying bucket". Joking apart, the maverick Eurosceptic, who pulled out of the race to succeed premier David Cameron to clear the way for May, made several points underlining Britain''s commitment to be a strong partner in Europe. Britain believed in multilateral cooperation, he said, while the North Atlantic Treaty Organisation was the "cornerstone of our defence". CASE FOR FREE TRADE Johnson, 52, argued forcefully for free trade saying that it would help to create jobs for those who see their livelihoods threatened, many of whom voted for Brexit, while vast wealth accrues to a tiny but powerful global elite. "They fear that they may be the first generation not to be overtaken in prosperity by their children," said Johnson. "I don''t think these people should be patronised or dismissed." The answer, he said, was not to put up barriers but to use the international system to benefit these people. The failure to do so would spell a return to the 1930s, an era of declining trade that ended in war. Restricting market access "cuts both ways", Johnson said, pointing to the German car industry that exports a fifth of its production to Britain, and thinking aloud about the possibility of imposing a 10 percent import duty. London, the British capital of which he was previously mayor, would not lose its status as a global financial centre even outside the EU, he added. Turning to India, Johnson endorsed Prime Minister Narendra Modi''s call for tension in the South China Sea to be addressed under a rules-based order and said Britain stood with India in its fight against terrorism. But, complaining of the 150 percent import tariff India charges on Scotch whisky, he said it was time for Britain and Asia''s third-largest economy to strike a free trade deal. That won''t be possible until after Britain leaves the EU, which must happen within two years of launching formal exit talks. But it would at least be possible to make a start. "The time is fast upon us when we need to turbocharge the relationship in the form of a new trade deal," he said. "We can''t do it now but we can sketch it out on the back of an envelope." (This version of the story has been refiled to fix spelling to ''but'' in paragraph 11) (Reporting by Douglas Busvine; Editing by Robert Birsel) Foreign Secretary Boris Johnson leaves after listening to Britain''s Prime Minister Theresa May deliver her keynote speech on Brexit at Lancaster House in London, January 17, 2017. REUTERS/Leon Neal/Pool  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-johnson-india-idUKKBN1521I6'|'2017-01-18T18:53:00.000+02:00'
'ea37e92a61943b847040ef611db93da8bd36bfb9'|'How do jewellers capture every last particle of gold dust?'|'How do jewellers capture every last particle of gold dust? An ingenious industry is turning workshop waste into profit Read next by: Rachael Taylor In a basement on London’s Hatton Garden , a small production team is heating a furnace to 2,000C — a temperature that will obliterate most materials placed within it. Each day, here at precious metals refiner Mastermelt, the furnace is fed a diet of objects collected from jewellers’ workshops — full bags from vacuum cleaners, used wet wipes, blunted sandpaper and even old carpets — in the hope that when the ashes are processed, thousands of pounds’ worth of gold, platinum and more will remain. “We always tell people, don’t throw anything away,” says Gary Williams, a director at Mastermelt, who the previous week paid out £17,000 to a jeweller who had been casually stockpiling the general detritus a workshop produces. “He’d just been saving all this stuff and didn’t realise what it was worth.” Mastermelt makes its money by taking a commission on the value of the scrap metal refined, as well as charging for processing. Part of Mr Williams’ job is to educate jewellers on the financial rewards of hoarding every waste-attracting object and sending the haul — known as a sweep — to a refiner to be melted down and the precious metals reclaimed. Most jewellers will be astute enough to collect hard scrap, also known as lemel, which includes filings caught in animal skins hung beneath workbenches for this very reason, or clippings from claws cut to size when setting a diamond in a ring. Once weighed, the value of this scrap can be easily ascertained, and Mastermelt has an app that can be downloaded to give jewellers access to live prices. The transformation of the residue into molten gold © Charlie Bibby But the precious metal they cannot see may bring in surprising amounts of money too. The grinding, filing and buffing required to create jewels by hand or machine send microscopic clouds of precious dust into the air; the dust can land anywhere and be easily transported as it sticks to shoes and clothing. “We went to a workshop in Birmingham and right at the front of the building was a big 4ft sq coconut mat,” says Mr Williams. “Every single person coming in and out of the building walked over that mat, and had been doing so for seven or eight years. “They didn’t think it was worth anything as it wasn’t in the workshop, but they let me take it away. We swept up the dirt and processed it and it came to quite a few thousand pounds.” Another surprise source was a pair of chair covers from a shop in Hatton Garden which were so choked with platinum dust that Mastermelt paid out £3,000 after processing them. Mr Williams has a vault of stories about reclamation and its valuable surprises, but most of them are kept inside the trade. “People don’t really like it being talked about as this is their Christmas bonus,” he says. “Whatever money you make from reclamation is cash flow for your business. It’s found money.” Timing is important in making sure a reclamation is as profitable as possible. First, a jeweller must ensure they have accumulated a large enough sweep to make a profit. Stuart Wibberley, sales director at Cooksongold, another refiner, says processing carries a flat fee of about £300 “whether you have 30 bags or 300”. (Mastermelt says its fees are variable, typically about £4 per kilo processed.) Then there are metal prices: Mr Williams says Mastermelt was “inundated” after the vote for Brexit in June, when the gold price spiked from $1,265 per oz the day before to $1,316 per oz the day after. *** The transformation of the residue into molten gold © Charlie Bibby Reclaiming precious metal waste has always been a cornerstone of a jewellery workshop’s routine, but the practice has rarely been as sophisticated as it is today. “It really was considered a bonus in the trade,” says Mark Brittain, whose family business, Brittains Marking, creates complex tools for the luxury jewellery industry. He ran the company, which was founded in 1850, from the 1970s until the early 2000s, when he retired from the jewellery trade. He now operates a commercial property business in Birmingham. Mr Brittain recalls old-fashioned sweet jars being filled with tiny coils of metal, a byproduct of engraving cufflinks. The owner of one particular London jeweller that Brittains Marking worked with in the 1980s kept all the engraving scraps that were not requested by customers — Mr Brittain says some clients were indeed savvy enough to ask for theirs back — and cashed it in once a year to fund a cruise aboard the QE2 luxury liner. This was during what some in the trade call “the Brylcreem days”. Jewellery workers were said to slather their hair with that pomade so that they could run their hands, covered in precious metal dust, through it, later retrieving the gold or silver. Mr Brittain has stories of such practices, and Winchester jeweller Jeremy France, whose twice-yearly sweeps at the workshop in his store yield between £6,000 and £8,000 a time, jokingly refers to an industry expression that “we don’t employ people with sweaty hands or turned-up trousers,” both ideal for accumulating valuable dust. Four flights above the jewellery boutique of David Morris on Bond Street, polisher Dave Wadeson, who has been in the business for 40 years, says he once saw floorboards glittering in a workshop when he was an apprentice. “When [the workshop] was taken over by Bentley & Skinner, they took up all the floorboards and the amount of lemel embedded in them was incredible — they found piles of fine grain around the edges,” he says. When Mr Williams worked at wedding ring manufacturer Brown & Newirth, the business moved workshops around 1990 and dismantled its five-storey wooden staircase, which was so impregnated with precious metal that it looked like the “glitter in a marble kitchen top”. It turned out to be worth tens of thousands of pounds — enough to pay for a new staircase and the workshop’s moving costs. And at Cooksongold, which claims to be the UK’s largest precious metals refiner, processing 25,000 jobs a year, Mr Wibberley recalls when a parquet floor in its own factory was ripped up and the precious metals embedded in the wood made it worth £20 per sq m. Large jobs like burning floorboards, carpets or benches tend to happen when a jeweller is moving premises or upgrading. There are less extreme options for the interim, such as specialist vacuuming services or sanding down the top layer of benches and processing the wood dust. The challenge is picking up the day-to-day waste, and it is an art that is being constantly refined — particularly by larger manufacturers with the most to gain. *** At Hockley Mint, sweepings are turned into gold nuggets © Edward Moss New technology being introduced to these factories is actually increasing waste, requiring even greater efforts to capture it. One British jewellery manufacturer, which did not wish to be named, has invested in sealed milling machines fitted with vacuums to capture the coils and swarf (sawdust-like chips of precious metal) they dispatch at high speeds. Each has a filter that can separate materials as thin as a micron — much narrower than a human hair. In Birmingham’s Jewellery Quarter is Hockley Mint, a British jewellery manufacturer with a turnover of £12m that produces up to 140,000 pieces a year. Gathering scrap and lemel at its 30,000 sq ft factory requires daily cleaning and collecting, as well as the use of localised vacuums. “One of the things we have put in place that is relatively new is that when workers wash their hands we save the paper towels they dry with,” says managing director Gary Wroe. “We got £2,000 back in a 12-month period just from the towels, and that goes straight on our bottom line.” Gary Wroe MBA Managing Director of Hockley Mint, Birmingham © Edward Moss Hockley Mint has also upgraded its windows so that blinds are now encased between panes of glass — their fabric panels were a magnet for precious metal dust — and it also has an on-site laundry to process workers’ clothes. Its biggest investment in precious metal reclamation to date has been an incinerator, which it installed 18 months ago, to melt, but not process, its sweeps. “If you send a bag of material out, you don’t know what’s coming back,” says Mr Wroe, who adds that the value of precious metals it is collecting has increased since taking over its own incinerating. *** His concern is one shared by many in the industry. Looking at the accumulation of sludge from settlement tanks placed beneath sinks, grimy mop heads and all manner of other dirt and waste collected in a sweep, it is impossible to estimate how much money has accrued, although there are ways to guess. Jewellers expect to lose metal during the production phase and so will plan for it. At David Morris, the target is a maximum loss of 5 per cent, although its craftsmen believe the working figure is 1 per cent or 2 per cent, providing a guide for what could be reclaimed. Stephen Redshaw hoovers up the filings for recycling at Hockley Mint, Birmingham. © Edward Moss We have sticky mats at the doors to get the dust off people’s shoes as they leave the building Gary Wroe Hockley Mint uses scales to give as accurate a forecast as possible. “We measure in and measure out, and keep records so we know approximately what we should get back,” says Mr Wroe. For others, guesstimates are based on experience, and this can lead to friction between jeweller and refiner when discrepancies arise. “Some people have expectations based on history but they haven’t got a complete understanding of what’s going on,” says Mr Williams. The gold price might have changed, he suggests, or the weight of material being processed could be similar but the contents disparate. “In this industry, trust is a big factor,” he says. But that trust goes both ways. Sweeps can take weeks to process and refiners will sometimes advance money based on the expected yield, which can give less scrupulous jewellers an opportunity to run a ruse. “I heard a story about a sweep where the processor took the job, gave the customer an advance based on history and when they looked in the sweep bag, the bottom of it was newspapers,” says Mr Williams. Cooksongold offers its clients advances at its trade counters in London and Birmingham. The business is part of the German Heimerle + Meule group and much of its refining is done at the group’s plants in Spain and Germany. This adds to the processing time, so it will do a pre-melt in London to ascertain what it is sending to Heimerle + Meule. Processing its own pre-melted metal would be the next stage in Hockley Mint’s reclamation journey, but it is one that Mr Wroe has yet to commit to. “That’s a different skill and we’d have to bring the expertise in, so we’d have to work out whether it would be worth it.” While Mr Wroe’s approach to reclamation is far more advanced than many other workshops, he is nonetheless resigned to the fact that he will never catch it all. “We have sticky mats at the doors to get the dust off people’s shoes as they leave the building, otherwise the streets of Hockley would be paved with gold,” he sighs. “And the council should definitely check the sewers.”  '|'ft.com'|'http://www.ft.com/rss/companies/retail-consumer'|'https://www.ft.com/content/0512638c-b7c2-11e6-961e-a1acd97f622d'|'2017-01-16T10:49:00.000+02:00'
'a4d01f277731ecc799f973297ef43f0cf2bcf26c'|'European shares down, weighed by autos and financials. For more see the European equities LiveMarkets blog'|'Financials  20am EST European shares down, weighed by autos and financials. For more see the European equities LiveMarkets blog LONDON Jan 16 Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: ** European shares down as financials weigh ** H&M in the bargain bin after disappointing growth ** Eyewear giants Essilor and Luxottica rally on merger news ** Hugo Boss joins luxury party at the top of the STOXX ** German carmakers bruised by Trump border tax threats (Reporting by Helen Reid) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1F62BI'|'2017-01-16T17:20:00.000+02:00'
'7cba8606a3b422025b9cf25ad3764ebaefbe7ba3'|'BRIEF-Mercantile Bank Corp increases quarterly dividend by about 6 pct'|' 29am EST BRIEF-Mercantile Bank Corp increases quarterly dividend by about 6 pct Jan 17 Mercantile Bank Corp * Mercantile Bank Corporation increases regular cash dividend * Declared a regular quarterly cash dividend of $0.18 per common share, payable on March 22, 2017 * Mercantile Bank - $0.18 cash dividend represents an increase of approximately 6 percent from $0.17 regular cash dividend paid during Q4 of 2016. Source text for Eikon:   EU mergers and takeovers (Jan 17) BRUSSELS, Jan 17 The following are mergers under review by the European Commission and a brief guide to the EU merger process:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F709W'|'2017-01-17T18:29:00.000+02:00'
'5442249926dda791c7ae189b112b7f7edde8b417'|'Kia dealers in China seek $360 mln compensation in revolt over unsold stock'|'Business News  48am EST Kia dealers in China seek $360 million compensation in revolt over unsold stock A South Korean man walks past the logo of Kia Motors at its headquarters in Seoul August 29, 2005. REUTERS/You Sung-Ho By Jake Spring - BEIJING BEIJING A group of over 100 auto dealers in China has said it would consider refusing to sell Kia Motors Corp ( 000270.KS ) brand cars unless it receives 2.5 billion yuan ($364 million) in compensation for losses brought about by unsold stock. The group made the comment to the South Korean firm''s China joint venture in a letter seen by Reuters on Tuesday, in which it objected to the amount of inventory dealers are required to take on. This is not the first time Chinese dealers have revolted over inventories. Two years ago, BMW ( BMWG.DE ) paid $820 million to dealers demanding compensation for unsold stock, and last year, dealers of imported cars for Kia sister company Hyundai Motor Co ( 005380.KS ) requested around $135 million for lack of inventory. The leader of the Hyundai dealers told Reuters on Tuesday that the matter was settled but declined to give terms. A Hyundai-Kia spokeswoman declined to comment on either issue beyond saying the automakers were checking with relevant teams. A spokesman at Kia''s joint venture partner, Dongfeng Motor Corp, did not immediately respond to a request for comment. Jiangsu Yueda Group Co Ltd [JSYDG.UL], another Kia partner, could not be reached for comment. Chen Keyun, the leader of the Kia dealers group, told Reuters on Tuesday that Dongfeng Yueda Kia (DYK) had yet to respond to the letter. Chen said the group could consider halting sales or pursuing further action if DYK did not respond. In the letter, the group requested monthly targets set in accordance with each individual dealer''s inventory and sales rather than production levels. It also said it wants inventories limited to no more than 20 percent above sales. "The majority of DYK dealerships in recent years have recorded successive losses, long-term operating results cannot be improved, sales and after-sales markets are in disarray, high inventories have not come down, capital turnover is difficult to the point that the lines of (new) capital have broken," the group said in the letter. Chen said one of his three Kia dealerships lost 3 million yuan last year. He said, in compensation, the group has requested 2,000 yuan ($291) per car sold in the past two years, or about 2.5 billion yuan. (Reporting by Jake Spring; Editing by Christopher Cushing) Next In Business News Trump, Brexit uncertainty hit stocks and dollar, gold jumps LONDON Stocks, bond yields and the dollar fell on Tuesday, while gold rose as investors drew in their horns in response to comments on the dollar from U.S. President-elect Donald Trump and ahead of a speech on Brexit from British Prime Minister Theresa May. PM May indicates Britain will seek ''hard Brexit'' in EU talks LONDON Britain will not seek a Brexit deal that leaves it "half in, half out" of the EU, Prime Minister Theresa May will say on Tuesday in a speech setting out her priorities for divorce talks which indicates she is prepared to leave the single market. Investor worries over Trump, U.S. policy on the rise: BAML LONDON Worries over Donald Trump''s economic policies and the potential for U.S. policy errors rose sharply this month, according to a survey of fund managers released on Tuesday, prompting them to hold more cash even though they expect growth and inflation to rise further. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-kia-motors-china-dealers-idUSKBN1511IR'|'2017-01-17T18:44:00.000+02:00'
'1e3bf0653f3eaa6afdcd681bc24f29677b0c7e7f'|'Dangote, China''s Sinotruck set up $100 million truck plant in Nigeria'|'By Chijioke Ohuocha - LAGOS LAGOS Africa''s richest man Aliko Dangote has partnered with China''s heavy duty truck group Sinotruck to set up a $100 million plant to assemble trucks and cars in Nigeria for local use and export, the executive director of Dangote group said.The joint venture, which is 65 percent owned by Dangote and 35 percent by Sinotruck will assemble components and knocked down parts imported from Sinotruck to the Nigerian plant.It aims to meet an expected increased demand for transport in the country as the government focuses on boosting agriculture and farmers need to move goods across the vast country.The first set of trucks will be rolled out next week, Edwin Devakumar, told Reuters in an interview in Lagos.The plant has the capacity to assemble 16 trucks a day and will export to West Africa, he said, adding the facility would expand into vehicle manufacturing."[The Dangote Group] has a fleet size of 12,000 trucks ... and are large users. One of the biggest challenges in the market today is logistics because we do not have a proper transport network," he said.Last March Dangote bid for a majority stake in Peugeot Automobile Nigeria. The results of the sale have not yet been released.Turning to Dangote''s other interests, Devakumar said Dangote was on track to launch its $17 billion oil refinery plant with the first crude for processing going into the plant in October 2019. It will handle 650,000 barrels per day.The company will scale down operations in its flour milling DANGFLO.LG, sugar refinery ( DANGSUG.LG ) and tomato processing businesses however, due to dollar shortages to fund the import of raw materials, he said.Nigeria is grappling with dollar shortages brought on by low prices for oil, its mainstay, and which have hammered its currency and shrunk its foreign reserves, triggering its first recession in 25-years."Where the foreign exchange is not available we are cutting down our operations," he said. "For example we had a vegetable oil refinery we have shut it down, we had a tomato based processing plant we have shut it down."Dangote''s cement business ( DANGCEM.LG ) was continuing as its main raw material - limestone - could be sourced at home, he said. He added the firm commissioned a new cement plant in Sierra Leone last week and expected a plant in Congo to begin production this year.(Editing by Ulf Laessing and Alexandra Hudson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nigeria-dangote-sinotruck-idINKBN1521C9'|'2017-01-18T08:06:00.000+02:00'
'95e7be752631c07c9130b04c069094732424d235'|'Toshiba loses court appeal against EU cartel fine on joint venture'|' 40am GMT Toshiba loses court appeal against EU cartel fine on joint venture Toshiba''s logo is seen at an industrial area in Kawasaki, Japan, January 16, 2017. REUTERS/Kim Kyung-Hoon By Waverly Colville - BRUSSELS BRUSSELS Japanese consumer electronics group Toshiba ( 6502.T ) on Wednesday lost an appeal against an EU cartel fine levied on its joint venture with Panasonic ( 6752.T ) five years ago, after Europe''s highest court said it had decisive influence over the business. The company was part of a group of seven cathode ray tube makers fined a total 1.47 billion euros by the European Commission in 2012 for fixing prices and restricting output for cathode ray tubes for televisions and computer screens for a decade. Toshiba subsequently challenged the EU competition enforcer''s ruling at the Luxembourg-based General Court which cut the fine imposed on its MTPD joint venture to 82.8 million euros ($88.5 million) from 86.7 million euros. Toshiba later appealed to the Court of Justice of the European Union (ECJ), saying that it could not control MTPD''s decisions and therefore could not be held liable. The ECJ on Wednesday rejected its argument. "The Court confirms the fine of 82 million euros imposed jointly and severally on Toshiba and Panasonic/MTPD for their participation in the cartel on the market for tubes for television sets," judges said in their verdict. ($1 = 0.9356 euros) (Reporting by Waverly Colville. Editing by Jane Merriman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-cartel-court-idUKKBN1521FE'|'2017-01-18T18:40:00.000+02:00'
'e234e822d67945f14397962fd70b090d7407905f'|'UPDATE 1-Al Rajhi Bank defies Saudi austerity impact with profit rise'|'Financials - Wed Jan 18, 2017 - 11:08am EST UPDATE 1-Al Rajhi Bank defies Saudi austerity impact with profit rise * Q4 net profit 2.05 bln riyals vs 1.95 bln riyals yr-ago * Av. forecast of five analysts: 2.05 bln riyals * Loans and advances up 7.0 pct at end of December (Adds detail, context) By Tom Arnold DUBAI, Jan 18 Al Rajhi Bank, Saudi Arabia''s second-largest lender by assets, reported a 5 percent rise in fourth-quarter net profit on Wednesday, meeting analysts'' forecasts as financing, investment and other income all increased. The bank extended its run of rising profits to five quarters in a row, despite the impact of austerity measures by the government aimed at trimming the kingdom''s budget deficit to adjust to lower oil revenues. It reported its results on the same day that National Commercial Bank (NCB), the kingdom''s largest lender, reported a 7.5 percent rise in fourth-quarter net profit, boosted by higher income from commission and investments. Al Rajhi made 2.05 billion riyals ($547 million) in the three months to Dec. 31, up from 1.95 billion riyals in the same period a year earlier, it said in a statement. That was in line with the average forecast of five analysts surveyed by Reuters. Saudi companies issue brief earnings statements early in the reporting period, later publishing more detailed results. Al Rajhi attributed its performance to a 6.1 percent climb in total operating income as a result of higher net financing and investment income and a rise in other operating income. Fee income from banking services and net exchange dropped, while total operating expenses climbed 7.3 percent because of higher staffing, rental and depreciation costs. Loans and advances at the end of December stood at 224.99 billion riyals, gaining 7.0 percent on the same point of 2015, while deposits grew by 5.7 percent to 272.59 billion riyals over the same period. ($1 = 3.7493 riyals) (Reporting by Tom Arnold; Editing by Susan Fenton and Alexander Smith) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/al-rajhi-bank-results-idUSL5N1F8544'|'2017-01-18T23:08:00.000+02:00'
'96a49e58c2777d5922e2c47b38f783328ab54525'|'Make it personal, don’t bombard them: How to approach brand buyers - Guardian Small Business Network'|'W hen a major retailer lists a startup’s products, it can be the turning point. Sudden exposure to a much larger audience often provides a catalyst for next-stage business growth. However, the stumbling block for many aspiring entrepreneurs is making the initial connections with those all-important big brand buyers.“Buyers do want to engage with interesting suppliers but they have to filter ruthlessly,” says Chris Simpson, SME consultant with Business Doctors .Buyers at Waitrose can get up to 10 speculative pitches a week and sometimes more; via phone, email, and post and sometimes in person. Waitrose pet care buyer Andrea Watson has experienced them all. She says: “Take the trouble to find the name of the buyer you need to speak to, as simply writing ‘Dear Buyer’ shows a lack of research. And don’t say you have been into a Waitrose if you haven’t. It really shows if you don’t know our range for your product area.”Polite persistence is one thing; bombardment with calls and emails, which Watson has experienced many times, is another. “A follow up email is fine and we will get back to you,” she says. “And don’t be disheartened if we say it’s not one for now; we always keep new products on file for the future.”Bombarding buyers with product samples can also backfire, as they simply don’t have the storage space. “Send the very best of your range, and ensure they are in date and are transit safe. I’ve often received products that have spilt or exploded,” adds Watson.Mark Barclay, e-commerce manager at automotive retailer Autosessive , says: “As a buyer, whenever we’re contacted by manufacturers, we’re instantly impressed when they demonstrate an in-depth understanding of the market by benchmarking their product against the competition in terms of the quality, price, and availability. This will show the buyer you know your stuff and deserve to be taken seriously.”He adds: “If the buyer seems interested, a great way to seal the deal is to offer exclusive distribution for a period and a marketing rebate. If you can also demonstrate how you can support our marketing efforts, or how your products can be personalised with our branding, as buyers, we’re a lot more likely to be interested.”Holly Anna Scarsella, founder of resort-wear startup Pampelone had no background or experience in approaching buyers, but 18 months on from its launch her brand appears in some of the world’s largest department stores, including Bloomingdale’s and Shopbop.She says: “I spent weeks researching buyers on LinkedIn, often staying up until four in the morning to study them, and then sent extremely targeted emails. Without any help, I managed to get meetings that other businesses took years to get.” The best way to get on a buyer’s radar, she says, is to grab their attention with the first few sentences. She did this by highlighting the celebrities who had worn her brand, and how many times it had sold out.“You need to give them a reason to want to read your email,” says Scarsella. “Instead of just a simple subject line of ‘Pampelone Clothing’, which the buyers will just know is another brand pitch, I used ‘Pampelone: St Tropez comes to Bloomingdale’s’. I always email a buyer and their assistant; buyers have so much admin to do, so sometimes the best approach is via their assistant. And make it personal. Show that you understand them and their work.”Another way of approaching buyers is via social media. Scarsella found out which bloggers they follow, which publications they look at, and did everything she could to be seen by them. Practical help with the procurement process is available to entrepreneurs who know where to look. When it came to dealing with large retail buyers, Luke Johnstone and Alex Stewart, co-founders of Pack’d , which makes frozen smoothie kits, were also novices. Johnstone says: “We did make mistakes, approaching buyers in the wrong way. The trouble was, I had no business background and no business connections, and we needed help.”And they found it, firstly from the Prince’s Trust, where a former retail buyer was available to offer advice to new business owners, and then from Virgin Startup, which runs a Doing Business With Big Business workshop. Open to anyone, the workshop features buyers from big brands like Virgin Trains, Tesco, and John Lewis, sharing their insight into the best ways to approach them and what they are looking for.Johnstone said: “It’s still tough getting in front of buyers, but at least I have a strategy, and it works, as our products are now stocked in Sainsbury’s, Planet Organic, Whole Foods and Tesco Express.”Trade shows and exhibitions offer another route into the world of the retail buyer. Health food startup Creative Nature has won listings with TK Maxx, Asda and WH Smith, largely as result of its founder, Julianne Ponan, hitting the trade show circuit and approaching the right buyers directly.She says: “We attend a lot of shows throughout the year, one of which was Natural Products Europe at the ExCel in London, where I met buyers from Tesco, Ocado and many more. I managed to secure a meeting with Ocado on the stand at one of the shows.”With a strong product targeted at the right market, patience and persistence will generally pay off. But as is often in business, success can come down to good timing, which was the case for Guy Blaskey, founder of canine health brand Pooch & Mutt . Launched in 2008, the products are listed with major multiples, including Tesco and Waitrose.Blaskey says: “We timed our approach to Waitrose and Tesco for when they were preparing for a health push with their food products, reducing added sugar and widening their gluten-free range. We contacted them during this time with our grain-free health food for dogs range, as it offered them an opportunity to expand their vision across their pet range too. They were interested, and invited us to send samples, which in turn led to a meeting and a listing. It’s all about how relevant research into a retailer’s plans and vision can reveal how you can help the buyer rather than vice versa.”Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jan/17/how-to-approach-brand-buyers-major-retailers'|'2017-01-17T14:15:00.000+02:00'
'23a8cce1aa2ebd2ca430b0f3ec966cc10a4c4a2c'|'Fitch Rates State Bank of India''s Proposed Senior Debt ''BBB-(EXP)'''|'Financials  45pm EST Fitch Rates State Bank of India''s Proposed Senior Debt ''BBB-(EXP)'' (The following statement was released by the rating agency) SINGAPORE/MUMBAI, January 16 (Fitch) Fitch Ratings has assigned State Bank of India''s (SBI, BBB-/Stable) proposed senior unsecured debt an expected rating of ''BBB-(EXP)''. The notes will constitute direct, unconditional, unsubordinated and unsecured obligations of the issuer. They will at all times rank pari passu among themselves and with all other unsubordinated and unsecured obligations of SBI. The tenor of the issue is expected to be around five years and the notes are to be issued by SBI''s London branch. The final rating is subject to the receipt of final documentation conforming to information already received. KEY RATING DRIVERS - SENIOR DEBT The senior unsecured instruments are rated at the same level as the bank''s Issuer Default Rating (IDR), in accordance with Fitch''s criteria. SBI''s IDR is driven by its Support Rating Floor (SRF) of ''BBB-'', which is at the same level as its Viability Rating (VR) of ''bbb-'', implying that the bank''s standalone credit strength also underpins the IDR. The SRF reflects Fitch''s expectation of a high probability of extraordinary support from the government of India, if necessary, given the bank''s very high systemic importance and quasi-sovereign status. SBI''s core capitalisation is set to improve in the financial year ending 31 March 2017 (FY17) from a core equity Tier 1 ratio of 10.3% at end-September 2016. The bank is likely to receive around USD835 million in new capital from the government shortly (of the total USD1.1 billion earmarked for FY17; around 5% of FY16 equity) and has plans to raise an additional USD2.2 billion directly from the market, for which it has received shareholder approvals. The bank''s NPL ratio (7.1% at end-1HFY17) and stressed asset ratio (9.6%) have moderately picked up in 1HFY17, but they remain considerably lower than those of other large government banks. RATING SENSITIVITIES - SENIOR DEBT SBI''s VR and SRF are at the same level as the IDR, which would only be downgraded if both the SRF and the VR were to be downgraded. A downgrade of India''s sovereign rating will also trigger a downgrade of the bank''s IDR as it is at the same level as the sovereign. Any change in the IDR will have a similar change on the proposed notes'' rating. SBI''s other ratings are unchanged and are as follows: - Long-Term IDR at ''BBB-''; Outlook Stable - Short-Term IDR at F3'' - Viability Rating at ''bbb-'' - Support Rating at ''2'' - Support Rating Floor at ''BBB-'' - USD10bn medium-term note programme at ''BBB-'' - USD3.5bn senior unsecured notes at ''BBB-'' - USD400m perpetual Tier 1 bonds at ''B'' For more details on State Bank of India''s ratings and credit profile, see <a href="https://www.fitchratings.com/site/re/885747">State Bank of India, dated 4 August 2016, available at www.fitchratings.com. Contact: Primary Analyst Ambreesh Srivastava Senior Director +65 6796 7218 Fitch Ratings Singapore Pte Ltd. One Raffles Quay South Tower #22-11 Singapore Secondary Analyst Saswata Guha Director +91 22 4000 1741 Committee Chairperson Mark Young Managing Director +65 6796 7229 Date of the Relevant Rating Committee: 1 July 2016 Media Relations: Bindu Menon, Mumbai, Tel: +91 22 4000 1727, Email: bindu.menon@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria - Effective from 15 July 2016 to 25 November 2016 (pub. 15 Jul 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. 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Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986432'|'2017-01-17T08:45:00.000+02:00'
'9aa1fdfa7b76521f97619dbc73f7cf12ce29b9aa'|'Gates charity to sell 60 mln Berkshire shares, as Buffett urged'|'Business  37am EST Gates charity to sell 60 million Berkshire shares, as Buffett urged Businessman Bill Gates exits through the lobby at Trump Tower in Manhattan, New York City, U.S., December 13, 2016. REUTERS/Andrew Kelly By Jonathan Stempel The foundation created by billionaire Bill Gates and his wife Melinda plans to sell 60 million Class B shares of Berkshire Hathaway Inc ( BRKa.N ) donated by Warren Buffett, reflecting the fellow billionaire'' s desire that proceeds be spent on charitable works. In a regulatory filing on Tuesday, the Bill & Melinda Gates Foundation said the sales would occur from July 1, 2017 to June 30, 2020, under a plan similar to one expiring on June 30, 2017. Sixty million Class B shares of Berkshire are currently worth about $9.6 billion. The Gates Foundation, which works to improve education and health and reduce poverty worldwide, is the largest beneficiary of Buffett''s 2006 commitment to donate nearly all of his wealth to charity. The foundation, which received more than $2.1 billion of Berkshire stock last year, said it owns about 68.71 million Class B shares, worth roughly $11 billion. Bill Gates is a co-founder of Microsoft Corp ( MSFT.O ) and a director of Berkshire. Buffett is also donating Berkshire shares to four family charities. In the HBO documentary "Becoming Warren Buffett" scheduled to air on Jan. 30, Buffett explained why he is giving away his fortune, estimated on Wednesday by Forbes magazine at $71.6 billion despite more than $24.3 billion of donations so far. "In my entire lifetime, everything that I''ve spent will be quite a bit less than 1 percent of everything I make. The other 99 percent plus will go to others because it has no utility to me," Buffett said. "So it''s silly for me to not transfer that utility to people who can use it." The Gates Foundation will sell its Berkshire shares through a 10b5-1 program, named for a federal rule allowing periodic share sales by executives and other insiders without raising the specter of insider trading. (Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-berkshire-hatha-gatesfoundation-idUSKBN15228H'|'2017-01-18T22:34:00.000+02:00'
'767221faf78a340573ccc8d4771aee1cbd4f90f3'|'Dominican Republic launches US$1.2bn 10-year bond: sources'|'By John Balassi NEW YORK, Jan 18 (IFR) - Here is the pricing progression on the new bond offering from the Dominican Republic, expected to price later on Wednesday, according to two people with knowledge of the offering: SIZE MATURITY IPTs GUIDANCE LAUNCH US$1.2bn 10 yr Low 6% 6.0% area 5.95% Bookrunner: JP Morgan (Reporting by John Balassi and Davide Scigliuzzo; Editing by Marc Carnegie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/dominican-rep-bonds-idINL1N1F81RK'|'2017-01-18T15:54:00.000+02:00'
'99c019dcb2cd6f37258a182da57de0e9dacbea55'|'UK financier makes new offer to take over Tata Steel pension scheme'|' 08pm IST UK financier makes new offer to take over Tata Steel pension scheme A Tata Steel sign is seen outside the Tata steelworks near Rotherham, Britain, March 30, 2016. REUTERS/Phil Noble/File Photo By Maytaal Angel and Carolyn Cohn - LONDON LONDON British financier Edi Truell has renewed an offer to take over Tata Steel''s giant UK pension scheme in a deal that he says would allow members to keep benefits in full. Tata Steel, Britain''s largest steelmaker, is in talks with stakeholders about spinning off its British Steel Pension Scheme (BSPS) into a standalone entity and cutting benefits for all 130,000 members. The steelmaker is under pressure to end its obligations to the 15 billion pound ($18.4 billion) scheme as it is in merger talks with Germany''s Thyssenkrupp, which is not prepared to take on Tata''s UK pension obligations. Truell told Reuters he could preserve members'' benefits by plugging the pension fund''s deficit through investment in high-yielding infrastructure projects instead of index-linked gilts. An insurance consortium would take on the risk that members live longer than expected, said Truell, a pensions adviser to British Foreign Secretary Boris Johnson when he was mayor of London. "Tata wants to separate the pension fund, wave it goodbye," Truell told Reuters in an interview. Tata Steel said "de-risking and de-linking the pension scheme from the UK business is crucial for the firm''s survival". The Indian-owned company has offered to pay hundreds of millions of pounds into the scheme if the trustees agree to give up the fund''s claims over Tata''s Dutch steel assets. The company would be required to make further payments or guarantees to separate from the scheme in full. Truell said his plan would require Tata to pay "north of one billion pounds" in cash and guarantees for the scheme, while his foundation would put up a further 200 million pounds. Truell would also seek to take over Tata''s specialty steel business, which he would look to merge with Sheffield Forgemasters, an advanced steel and engineering group, to create a solvent employer that would back the pension scheme. Commodity trading and industrials group Liberty House is currently in exclusive talks to buy that business for 100 million pounds. A spokesman for the trustees of the pension scheme was dismissive about Truell''s proposal, however. "The Trustee is not considering Mr Truell’s proposal and has outlined its rationale to Mr Truell on a number of occasions," the spokesman told Reuters, without elaborating on the reasons. Tata inherited the BSPS when it bought Corus, formerly state-owned British Steel, in 2007. The scheme had a deficit of 50 million pounds in October 2016, though it stood at 700 million earlier that year and could easily balloon again. According to Truell, the scheme is paying out nearly 30 million pounds a month more than is coming in from returns on its assets, and would need to find a way to make its 15 billion pounds worth of assets grow to 23 billion, mostly over the next 15 years, to meet its liabilities. Tata Steel has offered to invest in its British business and guarantee the jobs of 11,000 UK employees for five years if they vote in favour of closing the pension scheme to future accrual and of moving on to a less generous scheme. Truell, who last year bid for Tata''s entire British business including its flagship Port Talbot steelworks in Wales, said his plan would also involve closing the pension scheme to future accrual. Martin Hunter, principal at pension consultants Punter Southall, said the trustees would probably have had questions about Truell''s plan to invest in riskier infrastructure and about whether the specialty steel business was a big enough sponsoring employer. But he added: "If members are being asked to accept a deal from Tata which involves a reduction to benefits, the existence of an alternative offer which does not involve any immediate cuts to benefits could make discussions with the unions more difficult." ($1 = 0.8149 pounds) (Additional reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Veronica Brown and Adrian Croft) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/tata-steel-uk-pension-truell-idINKBN15221J'|'2017-01-18T21:38:00.000+02:00'
'a753591ea0bf26f0f27f6ed84d5c6575a3fbda98'|'Fitch: Rising Risks for Australian Banks Turn 2017 Outlook Negative'|' 07pm EST Fitch: Rising Risks for Australian Banks Turn 2017 Outlook Negative (The following statement was released by the rating agency) Link to Fitch Ratings'' Report: 2017 Outlook: Australian Banks here SYDNEY, January 15 (Fitch) Fitch Ratings has revised the sector outlook on Australia''s banking sector to negative from stable in 2017. The change in the sector outlook reflects an increase in macroeconomic risks and pressure on profit growth, Fitch says in its Outlook report for the sector. Household debt is high and rising relative to disposable incomes, making borrowers sensitive to changes in the labour market and interest rates. Profit growth is likely to continue to slow in 2017, reflecting low interest rates, slow asset growth, competition for assets and deposits, higher funding costs, and a rise in loan-impairment charges. Fitch expects improvements in cost management to be offset by increased investment in technology. Fitch''s rating outlook for Australian banks remains stable. However, the ongoing rise in household debt and house-price growth heightens the banking system''s sensitivities to a sharp correction if labour market conditions and interest rates were to change. In addition, a worse-than-expected slowdown in China''s growth would negatively impact Australia''s economy given the countries'' strong economic ties. These scenarios - although not our base case - could jeopardise the banks'' strong asset quality and profitability, and weaken capitalisation. A prolonged global funding market disruption could place significant pressure on the banks'' balance sheets despite the improvements in liquidity. The report "2017 Outlook: Australian Banks" is available at www.fitchratings.com or by clicking on the link in this media release. Contact: Andrea Jaehne Director +61 2 8256 0343 Fitch Australia Pty Ltd Level 15, 77 King Street, Sydney NSW 2000 Tim Roche Senior Director +61 2 8256 0310 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Additional information is available at www.fitchratings.com ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. 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The manner of Fitch''s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit985364'|'2017-01-16T05:07:00.000+02:00'
'408a30a66ed7be4049d87688634f6c6a0f8dd8d5'|'China''s Xi says Chinese economy to keep growing steadily'|'Business News - Mon Jan 16, 2017 - 6:34am EST China''s Xi says Chinese economy to keep growing steadily left right Chinese President Xi Jinping addresses the media during an official visit in Bern, Switzerland January 16, 2017. REUTERS/Denis Balibouse 1/2 left right Chinese President Xi Jinping and Swiss President Doris Leuthard address the media during an official visit in Bern, Switzerland January 16, 2017. REUTERS/Denis Balibouse 2/2 BERN China''s economy will remain stable and keep growing steadily while resisting protectionism, President Xi Jinping told Swiss executives on Monday. "We are confident that we will keep our economy stable and growing steadily," Xi said, adding that the global economy was still weak. "Protectionism, populism and de-globalization are on the rise. It’s not good for closer economic cooperation globally." (Reporting by Tom Miles, Editing by Angus MacSwan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-economy-swiss-idUSKBN1501A8'|'2017-01-16T18:34:00.000+02:00'
'3597c9ee4fb9364771bd54c60485b2f3a723c761'|'Trade tensions, dollar danger cloud economic optimism in Davos'|'Bonds News   6:56am EST Trade tensions, dollar danger cloud economic optimism in Davos * Trump stimulus, commodities seen fuelling global recovery * Trade tensions and European political surprises top risks * U.S. monetary tightening could push up dollar further By Noah Barkin DAVOS, Switzerland, Jan 16 A trade war between the United States and China and a strengthening dollar are among the biggest threats to a brightening global economic outlook, according to leading economists at the World Economic Forum in Davos. As political leaders, businessmen and bankers converge on the resort in the Swiss Alps this week, they can draw hope from a more benign economic picture and a rally in global stock markets on expectations of major stimulus under a new U.S. administration led by Donald Trump. The backdrop is brighter than it was a year ago, when concerns about a rapid economic slowdown in China led to what Credit Suisse CEO Tidjane Thiam described at the time as "the worst start to any year on record in financial markets ever". "I am more optimistic than last year. If no major political or geopolitical uncertainties materialise and derail the world economy, it might even surprise to the upside in 2017," Axel Weber, the chairman of Swiss bank UBS and a former president of the German Bundesbank, told Reuters. Still, there are big storm clouds on the horizon. "It is too early to give the all clear," Weber continued. "This cyclical upswing hides but does not solve the world''s underlying structural problems, which are excessive debt, over-reliance on monetary policy, and adverse demographic developments." Among the biggest concerns for 2017 cited by the half dozen economists interviewed by Reuters was the threat of a U.S.-China trade war, and broader economic tensions, triggered by what they fear could be a more confrontational Trump administration. Trump is threatening to brand China a currency manipulator and impose heavy tariffs on imports of Chinese goods. Last month he named leading China critic Peter Navarro, author of the book "Death by China", as a top trade adviser. "This is the key uncertainty because you don''t know how much the rhetoric is a ploy to get better deals," said Raghuram Rajan, an economist at the University of Chicago who stepped down as governor of India''s central bank last September. "I''m worried about the people he is surrounding himself with. If they have a more protectionist world view and believe the reason the U.S. is not doing well is because others are cheating that creates a certain kind of rhetoric that could end up very badly for the world." CURRENCY RISKS Last month, the U.S. Federal Reserve hiked interest rates for just the second time in a decade, a sign that the lengthy period of ultra-loose monetary policy that followed the global financial crisis may be coming to an end. The World Bank said last week that it expects global growth to accelerate to 2.7 percent this year, up from a post-crisis low of 2.3 percent in 2016, on the back of a pickup in U.S. growth and a recovery in emerging markets fuelled by a rise in commodity prices. A year ago in Davos, both Rajan and Weber warned about the limits of loose monetary policy. But now that the Fed is in tightening mode, a new set of risks has emerged. One is a further strengthening of the dollar, which is already hovering near 14-year highs against the euro. A further appreciation could widen the U.S. trade deficit, increasing pressure on Trump to resort to protectionist policies. It could also expose weaknesses in the balance sheets of borrowers outside the United States who have borrowed in dollars but hold domestic currency assets. In Europe, by contrast, a stronger dollar could add fuel to a solid if unspectacular economic recovery, allowing the European Central Bank to plot an end to its own easy money policies including the bond-buying, or quantitative easing (QE), programme it recently extended through to the end of 2017. While welcome, this would also come with risks, particularly for the peripheral euro zone countries that have come to depend on QE to keep a lid on their borrowing costs. "Just when you think the euro zone is stable it might turn out not to be," said Kenneth Rogoff of Harvard University, a former chief economist at the International Monetary Fund (IMF). "If U.S. interest rates continue to rise and the dollar appreciates against the euro it''s going to start getting very hard for (ECB President) Mario Draghi to tell the story that he''s doing QE to prop up inflation. If he ever slows down on QE, the vulnerabilities of the periphery countries are huge." EUROPEAN BANKS Rajan and Richard Baldwin of the Graduate Institute in Geneva said they viewed European banks as another big risk for the global outlook. Italy agreed last month to inject about 6.6 billion euros into Monte dei Paschi di Siena, but the weakness of other Italian banks and German institutions, including Deutsche Bank, remain a concern. However the biggest threat may be political. Were French far-right leader Marine Le Pen, who favours a Brexit-style referendum on France''s EU membership, to deliver a Trump-like surprise in the two-round French election in April and May, doubts about the future of the EU and euro zone will increase. The chances of that seem slim for now. A poll last week suggested conservative candidate Francois Fillon would beat Le Pen in a runoff by a 63 to 37 percent margin. But after two seismic political shocks in 2016 - Trump and Brexit - no one is counting her out. "Political surprises may fundamentally alter the currently favourable economic and financial outlook for 2017," said Weber. (Reporting by Noah Barkin; Editing by Pravin Char) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/davos-meeting-economy-idUSL5N1F33YS'|'2017-01-16T18:56:00.000+02:00'
'bdab95d56f1f4b69a9c2b0e4b7817edd9addc31e'|'Fitch Affirms 6 Degroof Petercam Funds at ''Strong'', Withdraws Ratings'|'Financials  20am EST Fitch Affirms 6 Degroof Petercam Funds at ''Strong'', Withdraws Ratings (The following statement was released by the rating agency) PARIS/LONDON, January 16 (Fitch) Fitch Ratings has affirmed the ''Strong'' Fund Quality Ratings of six funds managed by Degroof Petercam Asset Management. All ratings have been withdrawn. The funds are: Petercam Equities Euroland (PEE1) Petercam Equities Europe (PEE2) Petercam Equities Europe Sustainable (PEES) Petercam Securities Real Estate Europe (PSRE) Petercam Equities World Sustainable (PEWS) Petercam L Bonds Government Sustainable (PBGS) KEY RATING DRIVERS The affirmations reflect the stability in the investment process, resources and operational setup supporting the funds. The performance of the funds has been consistent with the affirmed ratings. Fitch has chosen to withdraw the ratings for commercial reasons. Accordingly, Fitch will no longer provide ratings or analytical coverage on the funds above. RATING SENSITIVITIES Not applicable. Contacts: Primary Analysts Manuel Arrive, CFA (PSRE, PEWS, PBGS) Senior Director +33 1 44 29 91 77 Fitch France S.A.S. 60 rue de Monceau Paris 75008 Alastair Sewell, CFA (PEES, PEE1, PEE2) Senior Director +44 20 3 30 1147 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analysts Manuel Arrive, CFA (PEES, PEE1, PEE2) Senior Director +33 1 44 29 91 77 Alastair Sewell, CFA (PSRE, PEWS, PBGS) Senior Director +44 20 3530 1147 Committee Chairperson Davie Rodriguez, CFA Senior Director +1 212 908 0386 Media Relations: Rose Connolly, London, Tel: +44 203 530 1741, Email: rose.connolly@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Fund Quality Rating Criteria (pub. 16 Sep 2014) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986210'|'2017-01-16T23:20:00.000+02:00'
'c4040de8f6e7447d6cfd4e60700ce9d90c17592a'|'Davos elite faces evaporating trust in ''post-truth'' era'|'Business News - Mon Jan 16, 2017 - 1:10am GMT Davos elite faces evaporating trust in ''post-truth'' era A Davos logo is seen before the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland January 15, 2017. REUTERS/Ruben Sprich By Ben Hirschler - DAVOS, Switzerland DAVOS, Switzerland Trust in governments, companies and the media plunged last year as ballots from the United States to Britain to the Philippines rocked political establishments and scandals hit business. The majority of people now believe the economic and political system is failing them, according to the annual Edelman Trust Barometer, released on Monday ahead of the Jan. 17-20 World Economic Forum (WEF). "There''s a sense that the system is broken," Richard Edelman, head of the communications marketing firm that commissioned the research, told Reuters. "The most shocking statistic of this whole study is that half the people who are high-income, college-educated and well-informed also believe the system doesn''t work." The 3,000 business, political and academic leaders meeting in the Swiss Alps this week find themselves increasingly out of step with many voters and populist leaders around the world who distrust elites. Governments and the media are now trusted by only 41 and 43 percent of people respectively, with confidence in news outlets down particularly sharply after a year in which "post-truth" become the Oxford Dictionaries Word of the Year. Trust in business was slightly higher, at 52 percent, but it too has declined amid scandals, including Volkswagen''s ( VOWG_p.DE ) rigged diesel emission tests and Samsung Electronics'' ( 005930.KS ) fire-prone smartphones. The credibility of chief executives has fallen in every country surveyed, reaching a low of 18 percent in Japan, while the German figure was 28 percent and the U.S. 38 percent. Trust in governments fell in 14 of the countries surveyed, with South Africa, where Davos regular President Jacob Zuma has faced persistent corruption allegations, ranked bottom with just 15 percent support. As the first Chinese president to attend the WEF''s annual forum in Davos, Xi Jinping may be reassured to learn that his government was ranked as the most trusted, with a 76 percent rating among those questioned. The annual survey, which has been running since 2001, took the opinions of 33,000 people in 28 countries from Oct. 13 to Nov. 16 last year. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-davos-meeting-trust-idUKKBN150030'|'2017-01-16T08:10:00.000+02:00'
'ef32ef0886225428ce304e31375d2a2cd1e10fe2'|'Government to name underwriters for further Japan Post share sale'|'Deals - Mon Jan 16, 2017 - 8:12am EST Government to name underwriters for further Japan Post share sale A man holding an umbrella walks past a logo of Japan Post Group at its headquarters in Tokyo February 18, 2015. REUTERS/Yuya Shino TOKYO Japan''s government has started arranging a further sale of shares in Japan Post Holdings Co ( 6178.T ), it said on Monday, laying the groundwork to add to its biggest privatization in nearly 30 years. The conglomerate made an unprecedented three-way initial public offering in November 2015, in which the holding company and its two financial units each sold about 10 percent shares to the public. The government plans to eventually raise about 4 trillion yen ($35 billion) through additional stake sales in Japan Post group to fund the reconstruction of areas hit by the 2011 earthquake and tsunami. The Ministry of Finance said it would start selecting lead underwriters for the second round of sales of Japan Post Holdings shares held by the government. It set a deadline of Feb. 16 to apply for roles as global coordinators and book runners. A finance ministry statement said the timing and scale of the additional share sale have not been decided. Mitsubishi UFJ Morgan Stanley, Nomura Securities, Goldman Sachs and JPMorgan were hired as global coordinators for Japan Post''s IPO. The government sold about $12 billion worth of shares in Japan Post and its Japan Post Bank Co ( 7182.T ) and Japan Post Insurance Co ( 7181.T ) units in the IPO, which was the largest privatization of a Japanese state-owned firm since that of Nippon Telegraph and Telephone Corp ( 9432.T ) in 1987. The parent company''s stock ended down 4.9 percent on Monday after media reports that the government would sell a further 1.4 trillion yen - the ceiling for expected revenues from such a sale in the draft government budget for the fiscal year starting in April. Japan Post Holdings'' shares surged as much as 40 percent over its IPO price of 1,400 yen in the weeks following its stock market debut. But they had been traded below the IPO price since the middle of last year until the market rally following the surprise victory of Donald Trump in the U.S. presidential election. (Reporting by Takaya Yamaguchi and Taiga Uranaka; Writing by William Mallard; Editing by Muralikumar Anantharaman/Ruth Pitchford) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-japan-post-listing-idUSKBN1501K0'|'2017-01-16T20:12:00.000+02:00'
'1a5adffed99f45a89c7acae80e516c43d3d0fe7c'|'UK export agency signs first loan deal in Africa for Ghana energy project'|' 17am EST UK export agency signs first loan deal in Africa for Ghana energy project LONDON Jan 16 Britain''s credit export agency, UK Export Finance (UKEF), signed its first direct loan deal in Africa on Monday, providing $310 million to GE Oil & Gas to supply equipment for an oil and gas project in Ghana. UKEF''s loan and credit facility is part of a wider $1.35 billion financing for the Offshore Cape Three Points (OCTP) project, developed by Eni, Vitol Ghana Upstream and the Ghana National Petroleum Corporation. The $7.9 billion project will tap offshore oil and gas resources and provide fuel for gas-fired power plants in Ghana. Oil and gas production from the project is expected to peak at 80,000 barrels of oil equivalent per day in 2019. UKEF said its loan was based on both project finance and reserve-based lending, a first for a European export credit agency. It is also providing $90 million in buyer credit, a type of bank guarantee. The deal builds on an agreement signed in 2015 between UKEF and UK-headquartered GE Oil & Gas to provide up to $12 billion in financing. The GE subsidiary, which won an $850 million contract to supply equipment to the OCTP project in 2015, manufactures oil and gas equipment at factories in Bristol and Aberdeen. (Reporting by Karolin Schaps. Editing by Jane Merriman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-export-ge-ghana-idUSL5N1F62V5'|'2017-01-16T19:17:00.000+02:00'
'9b1b6d1fb6dc78d5695a8f7404ec5d2743a58252'|'Croatia''s repo auction flat amid smooth liquidity'|'Financials  54am EST Croatia''s repo auction flat amid smooth liquidity ZAGREB, Jan 16 Croatia''s central bank said on Monday it had accepted the same amount of bids at its reverse weekly repo auction for the fourth week in a row, as good liquidity persists. The bank said it had accepted all bids, worth 110 million kuna ($15.46 million), at an unchanged interest rate of 0.3 percent. According to the market participants, the liquidity surplus on the local market currently amounts to close to 18 billion kuna. The overnight interbank rate was quoted at 0.39 percent on Friday and the one-week spot rate at 0.45 percent. The rates are updated daily at 1000 GMT. Here are the details of Monday''s auction: Auction date Previous action 16/01/17 09/01/17 Yield 0.3 pct 0.3 pct Bids 110 mln HRK 110 mln Assigned 110 mln 110 mln ($1 = 7.1139 kuna) (Reporting by Igor Ilic; Editing by Angus MacSwan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/croatia-cenbank-repo-idUSL5N1F621G'|'2017-01-16T16:54:00.000+02:00'
'8b4d319fdc919f50953e9a57ea94ef281c52fc8e'|'New Zealand PM wants quick start to trade talks with EU'|'Industrials   9:37am EST New Zealand PM wants quick start to trade talks with EU BERLIN Jan 16 New Zealand aims to begin talks on a free trade deal with the European Union as soon as possible, Prime Minister Bill English said on Monday after meeting German Chancellor Angela Merkel, who endorsed the idea. Merkel told reporters at a joint news conference with English that she would press the 28-nation EU to work toward a quick trade accord with New Zealand. She said there were no plans to link such an accord with New Zealand''s willingness to take in more refugees, but welcomed the country''s plans to provide more agriculture-based development aid to African countries. Merkel also said Germany would pay close attention to a speech British Prime Minister Theresa May is to make on Tuesday about her government''s plan to leave the EU, but that the negotiations would hinge on the content of the Article 50 application that it files to exit the 28-nation bloc. "What will really count is what (application) is turned in to Europe," Merkel said. "We will deal with the decision that Britain makes for itself ... We''ll wait and see, and we''ll take a look at it and will react to that." Britain''s pound fell sharply on Monday after reports in some British newspapers that May''s speech on Tuesday would harden Britain''s stance towards an economic bloc that accounts for roughly half its exports and imports. English also said New Zealand would look to agree a "high-quality" free trade pact with Britain as soon as possible after it exits the EU. "We would negotiate an agreement with Britain when it''s not in the EU and it''s ready to negotiate," English said. "We wouldn''t see a role to get ahead of that process." Britain is not able to sign its own trade deals with third countries while it remains an EU member, but the May government has said it is keen to start preparatory talks so agreements can be reached quickly after it leaves. English said it would become clear in coming weeks what actions the administration of incoming U.S. President Donald Trump took regarding the Trans Pacific Partnership (TPP) free trade agreement. "If there is a change in the American policy and they decide not to sign up to it, then we''d look for other ways of continuing that engagement," English said. Trump, who has said free trade deals have killed many jobs in the United States, said in November he would withdraw the United States from the TPP. English said New Zealand was keen to see continuing U.S. engagement in Asia. (Reporting by Andrea Shalal; editing by Mark Heinrich) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/germany-new-zealand-idUSL1N1F60GR'|'2017-01-16T21:37:00.000+02:00'
'1351f0e9e8d7a25f9100c046cc4900d4f246e489'|'UPDATE 1-Emerging market fund manager Ashmore hit by impact of U.S. election'|'Financials   2:43am EST UPDATE 1-Emerging market fund manager Ashmore hit by impact of U.S. election * Total assets fall 4 pct in firm''s second quarter * Impacted by rising dollar, steepening yield curve * Local currency debt, external debt see outflows (Adds CEO comment, background) By Simon Jessop LONDON, Jan 16 Fund manager Ashmore Group plc said assets under management fell 4 percent in its second quarter, as the impact of stronger dollar after the U.S. presidential election hit market returns and prompted more investors to pull their cash. The firm, which specialises in emerging markets investments, said the impact of a rising dollar and steepening yield curve had mostly been felt in its local currency and external debt funds, where assets fell 7 percent and 9 percent, respectively. The dollar rose after the Nov. 8 U.S. presidential election on expectations that President-elect Donald Trump''s plan to boost fiscal stimulus would benefit the currency. A faster than expected pace of rate hikes from the Federal Reserve next year also contributed. Combined assets under management declined $2.4 billion during the three months to the end of December, with negative market moves accounting for $1.7 billion and net client withdrawals $700 million. That took total assets to $52.2 billion from $54.6 billion at the end of September. Despite the tough quarter, emerging markets had chalked up a strong 2016 calendar year, adding 5 percent to Ashmore''s assets, said, Ashmore Chief Executive Mark Coombs, and asset prices had strengthened in December and into the new year. "The combination of attractive absolute and relative returns, accelerating GDP growth, and low allocations all support the expectation of further strong performance in 2017 and a return to the improving flow trend seen for most of 2016," he said in a statement. (Reporting by Simon Jessop; Editing by Rachel Armstrong and Louise Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ashmore-trading-idUSL5N1F6109'|'2017-01-16T14:43:00.000+02:00'
'0e095e26ca7596b4afce5bc8a5a5db00bc42dbeb'|'U.S. grain handler Andersons to exit retail business'|'Jan 15 Loss-making U.S. grain handler Andersons Inc said on Sunday it plans to exit the retail business, affecting over a thousand employees, at a time when the U.S. farm sector is facing a downturn due to a sharp decline in grain prices.The company, which buys grain, produces ethanol and leases rail cars, said it will shut its four retail stores in the second quarter of 2017, affecting 650 employees in the Toledo area and 400 in Columbus."Choosing to cease a business that has spanned 65 years and employs about 1,050 people is tremendously difficult," Chief Executive Pat Bowe said in a statement.The closure will have no impact on the company''s grain, ethanol, plant nutrient and rail operations and the full financial impact has not been determined, Andersons said.However, the company said it expects to record a pre-tax charge in the range of $9 to $14 million in the first half of 2017.There has been a sharp downturn in the U.S. farm sector with farmers finding it tough to make money due to weak prices for conventional grains because of a global supply glut."Net farm income is down 46 percent from just three years ago, constituting the largest three-year drop since the start of the Great Depression," agricultural trade groups said on Tuesday in a letter to President-elect Donald Trump.In June last year, the Ohio-based company rejected a $1 billion takeover offer from HC2 Holdings Inc, calling the bid an attempt to capitalize on a sharp downturn in the agricultural economy. (Reporting by Vishal Sridhar in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/andersons-retail-exit-idINL4N1F61MK'|'2017-01-16T00:53:00.000+02:00'
'be341077899c606267119275a24111a9a9f9dfeb'|'Morgan Stanley gets regulatory nod to raise China securities JV stake: source'|'HONG KONG Morgan Stanley ( MS.N ) has received China securities regulator''s approval to boost its stake in its Chinese securities venture to the maximum permissible 49 percent, a person with direct knowledge of the matter said, making it the first bank to get such a nod.The confirmation came after the Shanghai office of the China Securities Regulatory Commission (CSRC) posted on its website it had approved the important terms of the articles of association of joint venture Morgan Stanley Huaxin Securities Co Ltd.China allowed foreign banks to boost holdings in securities joint ventures to a maximum 49 percent in 2012 from the previous cap of a third. However, foreign investments banks so far have not raised their stakes.Morgan Stanley, which earlier along with its Chinese partner Huaxin Securities agreed to a proposal to raise the U.S. bank''s stake in their joint venture to 49 percent from 33.3 percent, declined to comment.(Reporting by Sumeet Chatterjee, John Ruwitch and Julie Zhu; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-morgan-stanley-china-jointventure-idINKBN1500DI'|'2017-01-16T02:12:00.000+02:00'
'3985169bbe140be45ab9cf5da1fdac2b8e8b288c'|'Trade bodies launch initiative to help employees be heard in boardrooms'|'Business News - Fri Jan 13, 2017 - 11:49am GMT Trade bodies launch initiative to help employees be heard in boardrooms Canary Wharf and the city are seen at sunset in London, December 14, 2016. REUTERS/Eddie Keogh LONDON Two trade bodies launched a project on Friday to help company boards hear their employees'' voices and act on them, following on from British government proposals for corporate governance reform. The joint initiative between the Institute of Chartered Secretaries and Administrators (ICSA) and the Investment Association would identify existing best practice in the industry and publish guidance outlining approaches for companies to consider while managing employees, customers and suppliers. To be published in the second quarter of 2017, the guidance will address issues such as the processes by which boards can receive stakeholder views and how training can be used to enhance directors'' understanding of their duties to stakeholders. The guidance would draw on approaches already outlined in government proposals published in November, which included designating non-executive directors to represent key interested groups, and strengthening reporting requirements on the performance of directors'' duties. "We agree with the government that the views of stakeholders need to be heard by boards," said Peter Swabey, policy and research director at the ICSA. "Many companies already do this effectively, but our guidance is intended to assist those boards that feel the need to act now to improve their engagement ..," he added in a statement. During her Conservative party leadership campaign, Prime Minister Theresa May hinted at implementing worker representation on company boards, part of a broader push against "out of touch" elites. She later backtracked on the proposal. (Reporting by Ritvik Carvalho; editing by Stephen Addison) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-governance-idUKKBN14X1AP'|'2017-01-13T18:49:00.000+02:00'
'7a506603c69abbc2106bc7a9186ee229f653cea2'|'Acacia confirms in early talks to combine with Endeavour Mining'|'Deals  25pm GMT Acacia confirms in early talks to combine with Endeavour Mining Gold miner Acacia Mining Plc ( ACAA.L ) said on Friday it was in early talks about a possible merger with Canadian gold miner Endeavour Mining Corp ( EDV.TO ). Acacia, responding to media speculation, added that there was no certainty of a deal. The company, which operates mines and exploration projects in Tanzania, Kenya, Burkina Faso and Mali, had a market cap of 1.72 billion pounds as of Jan. 12. Endeavour bought True Gold Mining Inc TGM.V for about C$240 million in March giving it access to a low-cost gold mine in Burkina Faso. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Shounak Dasgupta) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-endeavour-mining-acacia-mining-idUKKBN14X28J'|'2017-01-14T01:22:00.000+02:00'
'6e3c6c8445ded3a8950ae935d5e52c9d0bdb404d'|'MIDEAST STOCKS - Factors to watch - Jan 19'|'DUBAI Jan 19 Here are some factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Asian shares down, dollar jumps on Yellen''s rate hike signal* MIDEAST STOCKS-Saudi Electricity weighs on Riyadh, Egypt pulls back* U.S. Oil rises from 1-week low, U.S. inventory data in focus* PRECIOUS-Gold under pressure on Yellen''s support for rate hikes* Middle East Crude-March Das trades at multi-month low* U.S. envoy warns against being too trusting of Sudan''s armed opposition* EU needs Turkish-style migration deal on Libya - Maltese PM* OPEC sees smaller oil glut in 2017 but flags U.S. shale recovery* Iraqi oil exports through Kirkuk-Ceyhan pipeline resume after 24-hr outage - Iraq energy source* Russia says teams up with Turkey for first time to bomb Syrian militants* Iraq special forces chief says mission accomplished in east Mosul* Iran, China to sign $3 billion contract to upgrade Iranian refining capacity -Mehr news agency* Turkey''s lira weakens despite central bank''s latest efforts* Iran''s Zarif wants cooperation with Saudi over Syria and Yemen* Guterres vows U.N. reform and diplomatic "surge"* As caliphate crumbles, Islamic State lashes out in Iraq* Initial guidance for Turkey''s 2027 Eurobond seen at 6.35 pct area -bankers* World Bank announces $450 million in humanitarian aid to Yemen* POLL-Higher oil prices to aid Gulf external balances but growth outlook still low* Fitch: Sukuk Market Share to Grow Following Resilient 2016EGYPT* Egypt on track to receive IMF loan''s second tranche* Egypt puts retired football star on terrorism list* Egypt to end capital controls, reform oil sector under IMF deal* POLL-Egypt''s economy to grow 3.9 pct in 2016/17, missing govt targetSAUDI ARABIA* Al Rajhi Bank defies Saudi austerity impact with profit rise* Saudi''s National Commercial Bank Q4 net profit up 7.5 pct* Saudi International Petrochemical Co Q4 net profit 52.3 mln riyals* Saudi''s PetroRabigh swings to Q4 net profit* Saudi''s Mouwasat Medical reports 72.2 mln riyals Q4 net profit* Zain Saudi Q4 net loss narrows, meets forecasts* Saudi Industrial Development Fund approves 7.94 bln riyals in loans* Saudi''s Tasnee swings to Q4 net profit, meets forecasts* Saudi Electricty''s Q4 loss widens on higher energy, operating costsUNITED ARAB EMIRATES* Japan extends UAE crude storage deal through 2019* Buyers from UAE wait for lower prices for Turkish rebar* Etihad Airways not looking to take stake in Lufthansa* Abu Dhabi''s Etihad Airways says committed to equity partner strategy* Abraaj CEO says Africa is core to investment plan* UAE''s Fujairah publishes weekly oil inventory dataQATAR* Qatar National Bank raising $1 billion loan from Asian lenders -sources* Qatar Islamic Bank Q4 net profit up 2 pct, hikes dividendBAHRAIN* Bahrain''s Gulf Int''l Bank launches $500 mln bond at MS + 170 bps -leadsOMAN* TABLE-Oman November bank lending growth slowest since end-2013 (Compiled by Dubai newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL5N1F9007'|'2017-01-19T00:03:00.000+02:00'
'67c0f85d0877c5c86539895bd1c46ba6fed2086b'|'Argentina sets final yields on new bond'|'By Paul Kilby NEW YORK, Jan 19 (IFR) - Argentina set final yields on a two-part bond sale ahead of pricing on Thursday, a source told IFR.The country will sell a five-year bond at a yield of 5.625% and a 10-year bond at 7% after generating a US$21bn-plus order book.That was at the tight end of 5.625%-5.75% guidance on the short-dated bond but at the wide end of 6.875%-7.00% guidance on the longer tenor.Bookrunners are BBVA, Citigroup, Deutsche Bank, HSBC, JP Morgan and Santander. (Reporting by Paul Kilby; Editing by Marc Carnegie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-bonds-yields-idINL1N1F90S3'|'2017-01-19T12:34:00.000+02:00'
'dff935583c2c543a085fc931fd40e1cf100e9aa2'|'Russia state fund chief sees alliance with OPEC lasting years'|'Big Story 15  25am GMT Russia state fund chief sees alliance with OPEC lasting years DAVOS, Switzerland A senior Russian official, who last year was first to predict that Moscow could cut oil output in tandem with OPEC, believes such cooperation can now last for years, strengthened by cross border investments between Saudi Arabia and Russia. Last year Kirill Dmitriev, who runs Russia''s $10 billion state Direct Investment Fund and has close ties to the government and the Kremlin, spoke about a possible joint action after meeting Saudi officials at the World Economic Forum in Davos. Russia agreed to cut output together with OPEC last month and Dmitriev, a former investment banker from Goldman Sachs, now says it is only the beginning of a long-term alliance between the world''s two biggest oil exporters. "This is the trend of the future. For a long period of time it was not possible because of political obstacles. But today this trend is strengthening including because of Russia''s active role in the Middle East," Dmitriev told Reuters. Russia is effectively fighting a proxy war with some key OPEC members such as Saudi Arabia, the United Arab Emirates and Qatar in Syria after Moscow sent its planes and troops to help President Bashar al Assad win a multi-year conflict. But despite huge political tensions with some key OPEC members, Russia was able to find a compromise with the Organisation over cuts. Also in December, key Saudi ally Qatar agreed to invest 2.5 billion euros ($2.7 billion) in buying shares in Russian state oil major Rosneft. "We are building a factory of trust when we do one, two, three deals which will lead to big, important energy alliances. To a big extent what we are seeing today is OPEC 2.0 because it is not OPEC alone anymore but OPEC plus Russia," said Dmitriev. "An alliance of such energy players as Saudi Arabia and Russia signals great investment potential for the future". (Reporting by Dmitry Zhdannikov; Editing by Susan Fenton) Next In Big Story 15'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-davos-meeting-russia-opec-idUKKBN1530WG'|'2017-01-19T15:21:00.000+02:00'
'a71535d9b9bd542f5c21dfd4e92dbff903170056'|'BRIEF-PPG Industries appoints Morales as senior vice president, CFO'|' 10am EST BRIEF-PPG Industries appoints Morales as senior vice president, CFO Jan 19 PPG Industries Inc * PPG appoints Morales as senior vice president and chief financial officer; Sklarsky announces retirement * PPG industries inc - Morales is replacing frank S. Sklarsky as CFO * Morales will also join PPG''s executive and operating committees * PPG Industries Inc- Vincent J. Morales has been named senior vice president and chief financial officer of PPG effective March 1, 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASC09RGY'|'2017-01-19T21:10:00.000+02:00'
'5a07f81b345d2c87d642ac2643c01b9e083cc38e'|'Exclusive - Venezuela''s PDVSA sees 2017 oil output stuck near historic lows - document'|'Fri Jan 13, 2017 - 6:08am GMT Exclusive: Venezuela''s PDVSA sees 2017 oil output stuck near historic lows - document left right The logo of the Venezuelan state oil company PDVSA is seen at a gas station in Caracas, Venezuela January 11, 2017. REUTERS/Marco Bello 1/5 left right The logo of the Venezuelan state oil company PDVSA is seen at a gas station in Caracas, Venezuela January 12, 2017. REUTERS/Marco Bello 2/5 left right A view of a gas station of Venezuelan state oil company PDVSA in Caracas, Venezuela January 11, 2017. Picture taken January 11, 2017. REUTERS/Marco Bello 3/5 left right A view of a gas station of Venezuelan state oil company PDVSA in Caracas, Venezuela January 12, 2017. REUTERS/Marco Bello 4/5 left right The logo of the Venezuelan state oil company PDVSA is seen at a gas station in Caracas, Venezuela January 11, 2017. REUTERS/Marco Bello 5/5 By Alexandra Ulmer and Brian Ellsworth - CARACAS CARACAS Venezuelan state energy company PDVSA projects oil production will remain near 23-year lows in 2017, an internal document shows, suggesting more hardship ahead for the crisis-wrought OPEC member country. Cash-squeezed PDVSA, which accounts for nearly all of Venezuela''s export revenues and is the socialist government''s financial motor, saw production tumble by nearly 10 percent in 2016 due to an unraveling economy and low oil prices. The company''s weak finances are causing operational disruptions, and are both affected by and contributing to Venezuela''s economic downturn. Three years of recession and soaring prices have pummeled Venezuelans, with many skipping meals and lootings of supermarkets commonplace. Some economists have estimated that gross domestic product contracted by 10 percent or more in 2016. This year, PDVSA sees production at 2.501 million barrels per day (bpd), an increase of just 5,000 from the 2.496 million bpd for the first 11 months of 2016, according to a nine-year strategic plan presented in December. That is broadly on par with output levels in 1993, as the struggle to pay providers has led some services companies to halt work and oil suppliers to delay or halt deliveries of fuel and crude. The 261-page document seen by Reuters gives a rare window into PDVSA, a highly secretive company that seldom publishes detailed business plans. It shows PDVSA expects a shortfall in imported diluents needed for blending with its extra heavy crude output, along with aggressive refinery maintenance plans. PDVSA did not respond to an email seeking comment on the internal report. Crude shipments to political ally China, which has lent Venezuela more than $50 billion through a decade-long oil-for-loans program, are slated to increase 55 percent in 2017 from 2016 to reach 550,000 bpd, according to the presentation. There was no explanation for the jump, but it could signal the end of a grace period that Caracas negotiated with Beijing, which had allowed it to cut shipments in 2016 to 355,000 bpd from 627,000 a year earlier. Oil shipments to India, however, are expected to fall 15.5 percent to 360,000 bpd. Unlike China, India pays mostly in cash, so a reduction in exports would likely worsen Venezuela''s financial asphyxiation. LOW IMPORTS, LONG MAINTENANCES PDVSA also projects a sizeable deficit of light crude and naphtha, both of which are crucial to turn the extra heavy oil it produces in the Orinoco Belt - one of the world''s largest deposits - into lighter grades for exports. Venezuela started regular imports of diluents in 2015 because its output of light and medium grades has tumbled, but PDVSA''s cash shortage has led to delays and insufficient purchases. Long lines of tankers waiting to discharge routinely form at its ports, according to Thomson Reuters data and industry sources. PDVSA in 2017 plans to import 125,000 bpd of light crude but will still face a deficit of 217,000 bpd, according to the document. It will also face a shortage of 28,000 bpd of naphtha, a fuel similar to gasoline used to dilute Orinoco oil in order to increase its sale value. PDVSA would partially offset its diluent deficit in the medium term with maintenance at domestic refineries so they can produce more naphtha. It also plans to restart a refinery in the Caribbean island of Aruba now operated by U.S. unit Citgo Petroleum. But the company''s projects are often delayed, the Aruba refinery is unlikely to be up and running soon, and refineries at home are plagued with frequent outages and blackouts. The 2017 refinery maintenance schedule described in the document shows PDVSA plans to shut down some crucial domestic units for 90 days - roughly twice the industry standard length for major maintenance. This suggests that PDVSA is seeking to take advantage of a stagnant production to overhaul its refining network. Refineries in Venezuela and nearby Curacao in 2016 received 200,000 bpd less in crude deliveries than the year before, the document says. (Additional reporting by Marianna Parraga in Houston; Editing by Andrew Cawthorne and Leslie Adler) Up Next EPA accuses Fiat Chrysler of excess diesel emissions NEW YORK/DETROIT The U.S. Environmental Protection Agency on Thursday accused Fiat Chrysler Automobiles NV of illegally using hidden software to allow excess diesel emissions to go undetected, the result of a probe that stemmed from regulators'' investigation of rival Volkswagen AG.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-venezuela-pdvsa-idUKKBN14X0GW'|'2017-01-13T13:04:00.000+02:00'
'c502ccd197ffdada084501dfc928cbeca7af4323'|'German nursing home operator Vitanas put up for sale - sources'|'FRANKFURT Jan 17 German nursing home operator Vitanas has been put up for sale by its family owners who want to focus on new healthcare ventures, sources close to the deal said.The Burkart family has asked investment banks Acxit and Equinet to find a buyer for the company, which may be valued at 500-550 million euros ($533-$587 million) in a potential deal, they added.The industry has seen a number of transactions in the recent past. Among them, French nursing home operator Korian bought German peer Casa Reha in 2015.The Vitanas group in 2016 posted sales of just below 300 million euros including its Pflegen & Wohnen Hamburg unit, and earnings before interest, tax, depreciation and amortization of more than 40 million euros.Several private equity groups, including Waterland and Quadriga, as well as other nursing home operators have handed in first-round bids before Christmas. Final offers will be due in February or March.Acxit, Equinet and the bidders declined to comment, while the Burkart family was not immediately available for comment.More than half of the value of Vitanas lies in its property, the sources said, adding that some of the bidders are teaming up with real estate focused investors, who generally have lower return expectations than usual buyout funds.Vitanas owner Nikolai Burkart said in an interview with industry journal Care Invest in October that he wants to build a new company focussing on regenerative medicine, a field that includes growing human organs in labs."That is my entrepreneurial vision, for that I would invest part of the family wealth," he told the magazine at the time.The Vitanas group runs nursing homes with 8,300 beds. It employs 6,100 staff. ($1 = 0.9376 euros) (Reporting by Arno Schuetze; Editing by Ludwig Burger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/vitanas-sale-idINL5N1F64IJ'|'2017-01-17T07:22:00.000+02:00'
'9e74a040c59a59dff8a11c6e70eb6c04e863a431'|'EIB plans tap of its 2021 zloty-denominated bond - source'|'Financials  40am EST EIB plans tap of its 2021 zloty-denominated bond - source WARSAW Jan 17 The European Investment Bank (EIB) has mandated Citi Handlowy, ING Bank, mBank , and TD Securities for a tap of its 2.25 percent 1.75 billion zlotys ($428.93 million) bond due May 25, 2021, a source said. "The transaction is expected to be launched in the near future (subject to market conditions)," a person familiar with the matter said. ($1 = 4.0799 zlotys) (Reporting by Marcin Goclowski; Editing by Marcin Goettig) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/poland-eib-bonds-idUSW8N1E3013'|'2017-01-17T18:40:00.000+02:00'
'e75ea7822b05b0b89bae1388341c9652a05d7902'|'UPDATE 2-LatAm nations jump to bond market ahead of Trump'|'(Adds background, Quote: s)By Paul KilbyNEW YORK, Jan 18 (IFR) - Three Latin American nations led the charge into the US bond market on Wednesday, selling over US$5bn of new debt as the clock counts down to the inauguration of Donald Trump as US president.Just a day after Trump''s comments sent the US greenback into retreat, underscoring fears of increased volatility ahead, Chile, Colombia and the Dominican Republic all launched bond deals.Argentina was following closely behind with its own multi-billion dollar trade, already flagging its terms ahead of expected pricing on Thursday."It seems like Friday is the line in the sand you have to get ahead of," one syndicate banker told IFR."Argentina probably felt there is so much supply out there that they want to get some shelf space and make sure investors saved some cash (for them)."Some of the president-elect''s rhetoric has set off jitters across the region, and some market participants noted that this was the last chance to act before Trump takes power."There is not a lot of clarity after Friday and the rates environment is constructive for dollar trades, especially sovereigns," another banker said.Trump on Tuesday said the US dollar was "too strong", a comment that reversed some of the gains the greenback had made since his November election victory.Colombia and the Dominican Republic sold a combined US$3.7bn of US dollar bonds, while Chile launched a Ps1trn (US$1.52bn) Euroclearable peso-denominated trade.The state-owned company that manages the metro system in the Chilean capital of Santiago, Empresa de Transporte de Pasajeros Metro SA, also priced a US$500m 30-year bond at US Treasuries plus 215bp.Brazilian aerospace company Embraer and Central America Bottling Corporation also announced roadshows on Wednesday as they readied new bond offerings as well."There is a lot of downside to this market," said a third banker. "So if you are smart, you want to get ahead of the curve rather than gang around. That is really the driver."The deals were expected to see good demand, even in one of the busiest sessions of emerging market sovereign debt in recent years.Aside from the four LatAm countries that announced deals on Wednesday, Turkey and the Philippines are also approaching investors with dollar trades."This has got to be a record day (for sovereigns)," said Sean Newman, a senior portfolio manager at Invesco.Investors have money to put to work after a long issuance drought. Inflows have also been relatively benign, despite expectations of heavy redemptions after Trump''s win."There is demand out there, cash levels have been building up in anticipation of deals coming to market, and fund flows remain supportive," Newman said.The largest issue is likely to come from Argentina, which announced five and 10-year tranches for its first international bond sale of the year, expected to price as soon as Thursday.By mid afternoon, Argentina had already garnered some US$14bn in demand, even before participation from larger accounts focused on other sovereign deals Wednesday.Order books on Colombia''s two-part US dollar bond sale meanwhile hit a healthy US$9bn, allowing leads to tighten 25bp across both tranches.The passage of recent fiscal reforms and the peace accord with FARC rebels have made Colombia attractive to investors previously concerned about its ratings trajectory."Colombia is in a good position in terms of fundamentals and the peace agreement," said Eddy Sternberg, EM portfolio manager at Loomis Sayles & Company. "It is not a bad place to be." (Reporting by the IFR team; Writing by Marc Carnegie; Editing by Natalie Harrison and Paul Kilby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/latam-bonds-idINL1N1F816K'|'2017-01-18T18:15:00.000+02:00'
'8d7f1db11bdf5618f8e6b170eb705028b3c5c08a'|'Jump in manufacturing, tight labour markets show U.S. economic health - Fed'|'  8:01pm GMT Jump in manufacturing, tight labour markets show U.S. economic health - Fed A security guard walks in front of an image of the Federal Reserve in Washington, DC, U.S., March 16, 2016. REUTERS/Kevin Lamarque/File Photo WASHINGTON A pickup in manufacturing, "widespread" reports of labour shortages and improving business investment set the stage for the Federal Reserve''s December rate hike amid signs of steady economic growth across the country, the Fed reported Wednesday in its latest Beige Book compendium of economic conditions. Manufacturers in "most" of the Federal Reserve System''s 12 regions reported increased sales, the Fed reported in the document, a collection of anecdotal information from businesses assembled before each Fed meeting. Fed officials said companies in their districts acknowledged the uncertainty surrounding the change of administrations in Washington, with a healthcare firm in the Boston region expecting "a possible headwind" from the battle over Obamacare. Others worried about the potential fallout from trade tensions. But in general, across industries "firms...were said to be optimistic about growth in 2017," while also reporting that it was becoming increasingly difficult to fill vacant positions. That issue is likely to intensify. "Labour markets were reported to be tight or tightening...District reports cited widespread difficulties in finding workers for skilled positions," the Fed reported. "Many districts...expect labour markets to continue to tighten in 2017, with wage pressures likely to rise and the pace of hiring to hold steady or increase." Across the country "pricing pressures intensified somewhat," the Fed wrote. U.S. central bankers raised interest rates in December, setting their target rate at a range of between 0.5 and 0.75 percent. It was the only increase in 2016, but came as Fed officials began adjusting to the possibility that they may have to raise rates faster if the incoming administration of President-elect Donald Trump follows through on plans to cut taxes and spend additional tens of billions of dollars on infrastructure. While the Beige Book is not a systematic survey, it does reflect each Fed district''s sense of the regional economy. And as of the end of 2016, they portrayed an economy that seemed increasingly healthy. One manufacturer in Chicago noted that because workers could not be found who were qualified to run its most sophisticated machines, they were instead using "less sophisticated equipment that was easier to operate." Businesses in that district, including several of the heartland states where economic anxiety fuelled Trump''s victory, said they expected capital investment to grow over the next year. Several other districts said manufacturing was up, while in the Kansas district "manufacturing production, shipments and new orders grew at their fastest pace in over two years." In Dallas, the recently beleaguered energy sector "noted improved demand and an uptick in employment, following depressed activity for nearly two years." (Reporting by Howard Schneider; Editing by Andrea Ricci)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-beigebook-idUKKBN1522UT'|'2017-01-19T03:01:00.000+02:00'
'6342d7cd188a09df3decfc8a46b5917633a759f2'|'''Measured optimism'' seen for New York commercial property market'|'Money  40pm EST ''Measured optimism'' seen for New York commercial property market By Herbert Lash - NEW YORK NEW YORK There are signs that the commercial real estate market in New York is weakening but optimism about the U.S. economy and resilient leasing activity suggest growth is still expected this year and in 2018, brokerage Cushman & Wakefield said on Wednesday. While land sales and their transaction volume in 2016 slid noticeably, an indication potential buyers see a weak market in a few years, the amount of foreign capital -- especially Chinese -- pouring into New York real estate is double from a decade ago. New York commercial real estate last year had a better year than analysts predicted at the beginning of 2016 and the outlook suggests a growth cycle now in its seventh year still has legs, the brokerage said. "There''s definitely a sense in the U.S. today of optimism, of change," said Ken McCarthy, principal economist at Cushman & Wakefield. "Small business optimism is up, consumer confidence is up and of course the stock market is up dramatically." Cushman called it "measured optimism." Still, employment growth in New York, which outpaced the rest of the United States from 2010 to 2015, slowed last year as new jobs in the office-using sector, such as financial services, accounting, legal and technology, tapered some, he said. Economic growth will be stronger this year and greater still in 2018, perhaps 1.0 percentage point more, "but you can''t continue to grow extraordinarily rapidly forever," he said. The vacancy rate for Manhattan office space edged up to 9.3 percent in the fourth quarter, up from 8.5 percent a year earlier. Leasing activity rose slightly last year from 2015 and asking rents rose 2.1 percent to $75.16 a square foot. But the effective rate, which takes into account landlord concessions to keep or attract tenants, fell in a sign of a tightening market. Concessions may include increased allowance to improve offices and an increase in free months of rent. In addition, a 60 percent premium that Class A office space carried over Class B leases in 2007 has narrowed to only 30 percent, Cushman & Wakefield said. Other signs of a weaker market include a 34 percent decline in the dollar amount of properties sold in Manhattan to $39.6 billion from $59.9 billion in 2015. Activity slowed in the second half of the year, as value of a square foot sold fell to $1,263 from $1,616 in the first half of 2016. Still, the market is healthier now than during its previous peak in 2007, said Doug Harmon, chairman of capital markets at Cushman & Wakefield. The market is not speculative as flipping buildings is absent and foreign money is long-term, he said. While foreign investment in dollar terms fell 40 percent to $15.4 billion in 2016, the Chinese were the largest foreign participant accounting for 30 percent of sales. Although the Chinese might be slow to seal a deal, they have become more competitive and knowledgeable about the market, he added. (Reporting by Herbert Lash; Editing by Sandra Maler) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-property-new-york-outlook-idUSKBN1522XC'|'2017-01-19T03:33:00.000+02:00'
'19f602648d2dc4656dd7698078c10ad3794f1843'|'Gunfire erupts in Ivory Coast port city of San Pedro - residents'|'Industrials  28pm EST Gunfire erupts in Ivory Coast port city of San Pedro - residents ABIDJAN Jan 18 Heavy gunfire erupted after nightfall on Wednesday in Ivory Coast''s second port city of San Pedro, residents said, as two weeks of unrest and military revolts showed no sign of letting up. "Shooting started at the (bus) station where I am now," said taxi driver Hugues Kape, who said he had heard gunfire in two other neighbourhoods as well. "There''s heavy shooting and we are trying to get home now." (Reporting by Ange Aboa; Writing by Joe Bavier; Editing by Kevin Liffey) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/ivorycoast-military-sanpedro-idUSL5N1F86PO'|'2017-01-19T04:28:00.000+02:00'
'485ec4e8dc9cde09fc29bd287d16295ff209f29f'|'European shares seen down as markets brace for Theresa May''s Brexit speech - For more see the European equities LiveMarkets blog'|'LONDON Jan 17 Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarketsSummary:**Britain''s FTSE to open 1 point lower**Germany''s DAX to open 78 points lower**France''s CAC 40 to open 44 points lower**British Prime Minister May to give Brexit speech (Reporting by Helen Reid)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1F70PC'|'2017-01-17T09:24:00.000+02:00'
'd52a4c875e9b7bd8c93862b2322359563162cfde'|'Indian online healthcare platform Practo raises $55 mln in fresh funding'|'Private Equity  13am EST Indian online healthcare platform Practo raises $55 mln in fresh funding MUMBAI Jan 17 Indian online healthcare platform Practo said on Tuesday it had raised $55 million from new and existing investors in a fresh round of funding led by China''s Tencent Holdings. Bengaluru-headquartered Practo, founded in 2008, acts as a one-stop shop for patients booking appointments with doctors for online and in-person consultations. New investors in the latest round include Japan''s Recruit Holdings Co -owned RSI Fund and Thrive Capital, Practo''s founder and chief executive Shashank ND told Reuters. Sequoia Capital, Matrix Partners, Capital G and Tencent were among the existing investors, who also participated in the latest round of funding, he said. "The main focus will be to further invest in the platform to make it accessible to more Indians," said Shashank, who added that Practo will expand its medicine delivery and diagnostics services, currently available in the tech-hub of Bengaluru, to all major Indian cities. The firm may soon partner with health insurance providers, Shashank said. A part of the new funds will be used to expand the company''s services in South East Asia, he said. The company already has a presence in Indonesia, the Philippines, Brazil and Singapore. The firm says 45 million appointments annually are currently managed through its website. (Reporting by Sankalp Phartiyal; Editing by Sunil Nair) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/practo-funding-idUSL4N1F7226'|'2017-01-17T14:13:00.000+02:00'
'8c2e141fae7d2d1ae9eab5d633370ffda0290406'|'BAT agrees to buy Reynolds for $49 billion'|'By Paul Sandle - LONDON LONDON British American Tobacco ( BATS.L ) has agreed a $49.4 billion takeover of U.S. rival Reynolds American Inc ( RAI.N ), creating the world''s biggest listed tobacco company after it increased an earlier offer by more than $2 billion.BAT, which already owned 42 percent of Reynolds, will pay $29.44 in cash and 0.5260 BAT shares for each Reynolds share, it said, a 26 percent premium over the price of the stock on Oct. 20, the day before BAT''s first offer was made public.Reynolds, the maker of Camel and Newport cigarettes, rejected the approach a month later, according to sources, although the two sides remained in talks.The deal, which values the whole of Reynolds at around $86 billion, will mark the return of BAT to the lucrative and highly regulated U.S. market after a 12-year absence, making it the only tobacco giant with a leading presence in American and international markets.BAT Chief Executive Nicandro Durante said bringing the two companies together would create a market leader with brands including Newport, Lucky Strike, Camel and Pall Mall."It will create a stronger, global tobacco and NGP (next generation products) business with direct access for our products across the most attractive markets in the world," he said on Tuesday.Analysts have said the takeover could spark further deals as Philip Morris International ( PM.N ) and Japan Tobacco ( 2914.T ) jostle for market share in an industry that is shrinking in the West as more people quit smoking.Durante said the combined group would have the largest global footprint of any tobacco group, with strong positions in both fast-growing emerging markets and lucrative Western countries.RBC Capital Markets said assuming BAT was able to achieve the annual cost savings of "at least $400 million" it has targeted, the deal would be financially neutral for BAT shares."We think (the deal) makes sense strategically and operationally and just about washes its face financially," it said. "That said, a value-neutral acquisition does little to alter our view that the shares are already reasonably valued."Shares in BAT were up 0.4 percent at 47.80 pounds at 0855 GMT, about where they were trading in October before the company revealed its initial bid.Centerview Partners, Deutsche Bank and UBS advised BAT on the deal, while Lazard, JP Morgan and Jones Day worked for Reynolds American.(Reporting by Paul Sandle; Editing by Kate Holton and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-reynolds-amricn-m-a-brit-am-tobacco-idINKBN1510LW'|'2017-01-17T06:51:00.000+02:00'
'195a31463b76c0e0e95f9a06500708d66a9e87c9'|'European shares end little changed after Brexit speech'|' 47pm EST European shares end little changed after Brexit speech * Pan-European index down 0.1 pct * FTSE makes biggest one-day drop since June 2016 * Bank index ends flat after see-saw session * Utilities lead sectoral gainers * Lufthansa surges on reports of Etihad talks (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets) Adds details, closing prices) By Danilo Masoni MILAN, Jan 17 European shares ended flat on Tuesday, coming off lows after British Prime Minister Theresa May provided some clarity on her country''s plans to leave the European Union. The pan-European STOXX index ended 0.1 percent lower, having fallen as much as 0.7 percent just before May began speaking. Britain''s FTSE 100 index fell 1.5 percent, its biggest one-day drop since June 2016, as sterling surged on May''s speech. Concerns over a "hard" Brexit had been weighing on the pound in recent weeks, helping the FTSE end at all-time highs on Monday after a record 14 straight days of gains. In a much-awaited speech that had been extensively leaked to media, May said Britain would leave the EU''s single market but promised a parliamentary vote on any deal and stressed it would seek to stay a key European partner. "The fact that May is willing to put the final Brexit deal vote to the Parliament reinforces the possibility of a `softer'' Brexit," said Stephane Ekolo, a strategist at Market Securities. Deutsche Bank said it viewed the speech as moderately positive for markets following weekend headlines signaling a hawkish stance on immigration and relaxed attitude towards EU tariffs. "Nevertheless, it is not a game changer," it said. Europe''s banking index ended little changed following a volatile session that saw it move from being one of top sectoral losers in Europe to a top gainer. Within the sector, performances were mixed. Spain''s Banco Popular rose 6.6 percent after an upgrade to "buy" from Citigroup. UniCredit gained 2.7 percent as Italian banks were underpinned by an upbeat note from Goldman Sachs. "Since the Italian referendum, market repair has accelerated: while the stock of non-performing loans at banks is likely to take time to revert to average levels, a series of announcements by banks should be positive steps towards market repair," Goldman said in a note. Elsewhere in the sector, top losers were HSBC, Natixis, down 1.9 and 1.6 percent respectively. European banks and other cyclical stocks have rallied recently, helped by a rise in yields fuelled by hopes of fiscal stimulus and regulation cuts in the United States under Donald Trump. But some investors said signs were emerging that the Trump rally was unwinding. Utilities, which have fallen out of favour since Trump''s election, were the biggest sectoral gainer on Tuesday, up 0.7 percent. Lufthansa rose as much as 7.3 percent, attracting interest after an Italian newspaper reported Etihad Airways was interested in taking a stake in the German carrier. The stock ended off highs, up 4.3 percent, after two sources familiar with the matter said Lufthansa was in talks with the Abu Dhabi-based company. Basic resources stocks remained weak, down 0.6 percent, hurt by lower copper prices. Anglo American, BHP Billiton and Rio Tinto all fell around 2 percent. German fashion retailer Zalando fell the most on the biggest STOXX, down 6 percent after its sales growth fell short of expectations. (Additional reporting by Helen Reid; Editing by Larry King) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1F76JF'|'2017-01-18T00:47:00.000+02:00'
'8a9d09a4b0d803689bcdd8ab19a880a8a3639702'|'CEE MARKETS-Stocks ease ahead of British PM''s Brexit speech'|'* Budapest, Warsaw stock indices shed about half a percent * May''s upcoming Brexit speech weighs on sentiment * UK accounts for small part of CEE foreign trade By Sandor Peto BUDAPEST, Jan 17 Central European stocks mostly eased slightly on Tuesday ahead of a speech by British Prime Minister Theresa May in which she will set out her priorities for Brexit divorce talks with the European Union. May is expected to indicate she is prepared for Britain to leave the EU''s single market so it can take full control of immigration, seen as a main driver of June''s vote to leave. Changes in trade rules can affect Central Europe''s export-driven economies, although Britain accounts for only a few percentage points of the region''s foreign trade, said Monika Kiss, analyst of Equilor brokerage in Budapest. "The impact on stock markets is sentiment-based," she said. The zloty and the forint eased a shade against the euro by 0929 GMT. The main stock indices in Budapest and Warsaw were about half a percent lower. Shares in Hungarian pharmaceuticals firm Richter gained an initial 0.5 percent after the firm and Allergan announced positive clinical test results for a new medicine to treat uterine fibroids. "The news is as expected, but we see it as mildly positive," Erste analysts said in a note. But they were down 0.3 percent by mid-morning as Richter joined the decline of other stocks in the region. In Warsaw, copper producer KGHM led the fall, shedding 1.7 percent as copper prices slid for the second day. Dziennik Gazeta Prawna newspaper said Polish pension funds may be forced to sell shares worth 2 billion zlotys ($486.97 million) this year due to planned changes in the pension system. Poland''s stock index remains near 14-month highs and Hungary''s near record highs, however, supported by regional economic growth of around 3-4 percent and sound fundamentals of some Hungarian blue-chips. Czech and Slovak figures confirmed on Tuesday that car production, a key driver of exports and industrial output, is picking up. Czech car production grew 8 percent to a record high 1.344 million last year while in Slovakia, a country of 5.4 million, vehicle output topped 1 million in 2016. CEE SNAPS AT 1029 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 55 2% % Hungary 307.7 307.8 +0.0 0.36% forint 100 850 6% Polish 4.377 4.375 -0.05 0.60% zloty 6 5 % Romanian 4.502 4.502 -0.01 0.72% leu 5 0 % Croatian 7.529 7.530 +0.0 0.35% kuna 0 5 2% Serbian 123.7 123.8 +0.0 -0.32 dinar 400 000 5% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 926.9 927.1 -0.03 +0.5 0 4 % 7% Budapest 32829 32996 -0.51 +2.5 .32 .94 % 8% Warsaw 2016. 2025. -0.42 +3.5 79 25 % 4% Bucharest 7141. 7142. -0.01 +0.7 19 13 % 9% Ljubljana 732.6 732.3 +0.0 +2.1 5 2 5% 0% Zagreb 2069. 2070. -0.05 +3.7 79 73 % 6% Belgrade <.BELEX15 712.5 712.1 +0.0 -0.67 > 6 7 5% % Sofia 605.7 607.3 -0.26 +3.3 7 6 % 0% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -1.09 0 -036b +1bp > 7 ps s 5-year <CZ5YT=RR -0.34 -0.04 +018 -3bps > 4 5 bps 10-year <CZ10YT=R 0.468 0 +018 +4bp R> bps s Poland 2-year <PL2YT=RR 2.009 -0.01 +275 -1bps > 5 bps 5-year <PL5YT=RR 2.889 -0.02 +341 +0bp > bps s 10-year <PL10YT=R 3.607 -0.02 +332 +2bp R> 1 bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.17 0.11 0.11 0 PRIBOR=> Hungary < 0.35 0.43 0.52 0.3 BUBOR=> Poland < 1.76 1.79 1.87 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1F72EQ'|'2017-01-17T07:20:00.000+02:00'
'eb5423d7dc307ffc3fb8d166fb0518b1b22ce094'|'Noble Energy to buy Clayton Williams Energy for $2.7 billion'|'Noble Energy ( NBL.N ) said on Monday it would buy Clayton Williams Energy ( CWEI.N ) for about $2.7 billion in a cash-and-stock deal.Under the deal''s terms, Clayton Williams shareholders would receive 2.7874 shares of Noble Energy common stock and $34.75 in cash for each share of common stock held.(Reporting by Ahmed Farhatha in Bengaluru; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-noble-energy-m-a-clayton-williams-idINKBN1502CQ'|'2017-01-16T17:24:00.000+02:00'
'aba13c9d0929e6e9ee2c596e5e387950465dbd81'|'Tokyo office boom fades with more space, fewer workers'|'Business News - Mon Jan 16, 2017 - 6:35am GMT Tokyo office boom fades with more space, fewer workers By Junko Fujita - TOKYO TOKYO Commercial property prices in Tokyo, a bellwether for Japan''s market, look to have peaked as the capital faces a glut of new offices even as the number of office workers is set to decline. The property market had rebounded in the past three years as Prime Minister Shinzo Abe''s economic policies, with ultra-low interest rates, drew in investors attracted by the wider gap than in other developed markets between returns on property and borrowing costs. Also, as Japanese companies regained confidence, they sought more space, helping drive down office vacancy rates in the capital. Rents have been rising since 2014. But office rents are now expected to start falling as early as next year as new space comes on to the market, analysts and commercial property owners say. "Tokyo''s office space is almost full, but if the economy turns negative, some tenants may reduce their space or move to a cheaper location," said Masashi Saio, section manager at the real estate department of Nippon Life Insurance, which owns office buildings nationwide. "If that happens, owners of office properties may have to cut rents. We expect a large supply of office space that could affect the balance between supply and demand," he added. Between 2018 and 2020, when Tokyo is due to host the Olympic Games, the capital expects to add 2 million square meters of new office space - equal to more than 8 percent of its total as ofmid-2016, said Shunji Kobayashi, senior manager at the real estate research team for Sumitomo Mitsui Trust Bank. "Newer space may be filled, but there will be vacancies in older properties," he said. "Demand for new office space is not expanding because financial institutions are not growing their space like they used to." Worries over falling rents are already feeding into property firms'' share prices, with the performance of the Topix real estate index ranking 26th out of 33 sub-indexes last year. Mitsui Fudosan, one of Japan''s largest property developers, is already marketing space in its Tokyo Midtown, a10-year-old office and retail complex in Roppongi, which is expected to become almost one-third vacant, a Tokyo-based broker said. Yahoo Japan Corp last year moved from the complex to the newly built Tokyo Garden Terrace, developed by Seibu Holdings Inc. And Fast Retailing Co, which operates the Uniqlo clothing retailer, also plans to move some of its operations out of the complex to a warehouse in a cheaper location. MORE OFFICES TO LET Tokyo''s office vacancy rate has fallen in almost every month since June 2012, from 9.43 percent to 3.61 percent, said Miki Shoji, a broker, and office rents rose 10.6 percent over that period, though that increase was tempered by the prospect of so much new office space coming on stream. The vacancy rate is expected to rise again, to around 6percent - more than the 5 percent level considered healthy - and that will push down rents from 2019, said Kobayashi at Sumitomo Mitsui Trust. CBRE, a global real estate research firm, predicts Tokyo''s prime office rents will fall 1 percent in 2017-18, and some new office towers will open with vacancies. With an average annual office rent of $160 per square foot, Tokyo''s Marunouchi financial district ranks sixth among global business centres, some way behind Hong Kong''s Central ($290) and London''s West End ($262), according to CBRE. Predictions of falling rents have already slowed property deals, with the value of office property transactions falling 28 percent to 1.3 trillion yen ($11.37 billion) last year. Urban Research Institute, a think-tank affiliated with Mizuho Trust & Banking Co, reckons this is because prices have risen too high for investors to justify future income. Office deals made up less than a third of all transactions last year, down from 41 percent in 2015, according to Urban Research. Meanwhile, firms are still on the move. Trading firm Mitsui & Co is due to move into a new headquarters building in mid-2020, leaving Nippon Life, the owner of its current offices in the upmarket 22-floor Marunouchi Garden Tower, to find new tenants. As co-owner of its new headquarters, Mitsui & Co will also have to find tenants for part of the twin-tower office and retail complex that will add 360,000 square meters of new space. The other owner, Mitsui Fudosan, is also developing a35-storey building in Hibiya, near the Imperial Palace, to be completed by next January, as well as a 31-storey tower due in the same year in Nihonbashi. Nippon Life must also secure tenants for a 28-storey office tower due to be completed in August 2018 in Hamamatsucho. While the office space mounts up, the Tokyo government expects the capital''s workforce will have declined by nearly a tenth in the 25 years to 2035 as Japan''s population shrinks. (Reporting by Junko Fujita; Editing by Ian Geoghegan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-property-downturn-idUKKBN1500JG'|'2017-01-16T13:35:00.000+02:00'
'f45fb3f942ac450e5550d5e9badbe3b502aae98f'|'Serbia''s central bank sells euros to bolster dinar - dealers'|'Financials - Mon Jan 16, 2017 - 5:03am EST Serbia''s central bank sells euros to bolster dinar - dealers BELGRADE Jan 16 The Serbian central bank sold euros on the local interbank market on Monday to prop up the dinar, which remained weak after the bank''s decision last week to hold its key rate at 4 percent, dealers said. The bank, which so far this year sold a total of 105 million euros, stepped in as the dinar traded at the rate of 124 to the euro. After the currency intervention, the dinar traded at 123.7 at 0955GMT, Reuters data showed. On Jan 12, the central bank left its benchmark interest rate unchanged amid persistent concerns that a recent U.S. rate hike could curb investors'' appetite for emerging market assests. (Reporting by Aleksandar Vasovic; Editing by Angus MacSwan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/serbia-currency-idUSL5N1F625G'|'2017-01-16T17:03:00.000+02:00'
'09a41d430d34c9c6a2f2f96dd78258c7cf104bee'|'UPDATE 1-Moscow and Kiev head for $3 bln debt showdown in English court'|' 11am EST UPDATE 1-Moscow and Kiev head for $3 bln debt showdown in English court * Ukraine sold Russia $3 bln bond weeks before government change * Moscow at odds with Kiev''s now pro-Western government * Russia chooses public hearing over private arbitration * London High Court hearing starts on Jan. 17 (adds name of judge in last paragraph) By Karin Strohecker LONDON, Jan 16 A $3 billion dispute between two adversarial governments will come to a head in an English court on Tuesday when Russia and Ukraine meet for a first hearing in their legal battle over a politically charged eurobond. The debt at the heart of the dispute was sold in late December 2013 by then-Ukrainian President Viktor Yanukovich to Russia, less than two months before his Moscow-backed government was ousted by street protests that swept the ex-Soviet republic. Fast-forward through a pro-Western change of government in Kiev, Russia''s annexation of Ukraine''s Crimea region and an International Monetary Fund bailout for Ukraine involving a restructuring of sovereign, hard currency bonds. Those bonds, restructured to pull the near-bankrupt Ukraine back from the brink, were chiefly held by private investors - aside from $3 billion worth held by the Russian government. Moscow insists the bond which matured in December 2015 is sovereign debt and should never have been included in the restructuring plan. Kiev refused to repay the bond, saying Russia should have participated in the restructuring. Russia, represented by Cleary, Gottlieb, Steen & Hamilton LLP, filed a lawsuit in February 2016 demanding a full $3 billion repayment plus legal fees and interest, which according to Moscow''s finance ministry amounted to $75 million a year ago. The case, which will be heard at the High Court on Jan. 17, is unusual in many ways, according to Mitu Gulati, a law professor at Duke University in the United States. "The most important big issue here is: Does Ukraine actually owe money to a country that basically ran it as a vassal state and invaded it and took its territory? And that is the kind of question that courts usually don''t ever decide," said Gulati. The bond is unusual because countries do not generally lend to each other under a third country''s legal framework, opting instead for direct bilateral agreements. Terms are often kept under wraps. If debt relief is needed, it tends to be agreed under the framework of the Paris Club of creditor nations, of which Russia is a permanent member. This bond however was structured under English Law, and both Russia and Ukraine had agreed from the outset that a British court ought to decide on possible disputes, Gulati noted. "Now a dispute is actually happening, and rather than negotiating and resolving it on their own, they are bringing it in front of a judge which means the judge is going to have to decide on matters that affect international law, not just commercial law." Both Russia and Ukraine''s government declined to comment. UKRAINE SAYS BOND WAS ISSUED UNDER DURESS Ukraine''s defence, managed by Quinn, Emanuel, Urquhart & Sullivan LLP, centres around a number of arguments. First, that the bond had never been properly authorised by Ukraine''s parliament and government, was issued under duress and was subject to a number of implied additional terms. Kiev should also be allowed to take "counter-measures" in response to actions taken by Russia, it argued, according to a defence document seen by Reuters. Russia''s "illegal invasion and unlawful occupation" had deprived Ukraine "of the entire purported economic benefit of the transaction", the document states in its defence. The hearing comes after Russia requested a summary judgement, often used to speed up proceedings. This means the court will look at each of Ukraine''s defence arguments and decide if they are likely to stand up in court. Following this, it could allow the case to go to trial, or not. Russia had the option of a private hearing at the London International Court of Arbitration, according to the bond prospectus, but the fact it chose to bring the case to a public court shows it is confident of victory, legal experts said. "Their choice was very interesting," said Peter Griffin at Slaney Advisors, an expert in international arbitration and foreign investment disputes. "Russia''s case seems to me very strong. And Russia has played this one really intelligently from the beginning - it is almost like they have been two steps ahead of Ukraine and everyone else." According to a spokesman for the court, the case will be heard by William Blair, the brother of former British Prime Minister Tony Blair and a highly regarded judge who has written about the concept of "odious debt". The term is often used to describe debt incurred by a government that does not serve the interest of the country. (Additional reporting by Natasha Zinets in Kiev and Andrey Ostroukh in Moscow; editing by Mark Heinrich)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ukraine-russia-eurobonds-idUSL5N1F62I2'|'2017-01-16T18:11:00.000+02:00'
'29a364aed67a0a40c5ca655d70868239465022c9'|'LPC-Bank trio line up around 275m of loans to back Concardis sale'|'Private Equity   7:02am EST LPC-Bank trio line up around 275m of loans to back Concardis sale By Claire Ruckin - LONDON LONDON Jan 16 Three banks have lined up a loan financing totalling around 275m to back the buyout of German payment group Concardis by private equity firms Advent and Bain Capital, banking sources said on Monday. Advent and Bain Capital agreed to buy Concardis from a group of private, savings and cooperative banks, the parties said in a joint statement on Friday, not disclosing a purchase price. Goldman Sachs, HSBC and Morgan Stanley are leading the underwritten financing to back to the acquisition, which is expected to launch for syndication to institutional investors in February, the sources said. The financing will be in the form of an all-senior leveraged loan and will equate to around five times Concardis'' approximate 55m Ebitda, the sources said. Advent and Bain declined to comment. The loan is likely to be welcomed by Europe''s liquid leveraged loan market, eager for new paper from event-driven financings. Concardis offers card-payment terminals as well as payment technology for e-commerce groups and is viewed as a non-core business by its key owners. Prior to a sale, Deutsche Bank had 16% of Concardis, DZ Bank 19% on behalf of its cooperative bank members and German savings banks had a total of 39%. Commerzbank and Unicredit held smaller stakes. (Editing by Christopher Mangham) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/concardis-loans-idUSL5N1F62VV'|'2017-01-16T19:02:00.000+02:00'
'c87be5afc80c9fb3936584a91da6035cf60c9add'|'Reliance Industries Q3 net profit up 10 pct, beats estimate'|'MUMBAI India''s oil-to-telecoms conglomerate Reliance Industries Ltd beat analysts'' estimates to post a 10 percent increase in third-quarter standalone net profit, as high margins from its core business of crude oil refining helped bolster earnings.The "standalone" profit and revenue figures include the company''s refining and petrochemicals business and oil and gas exploration in India.Standalone net profit rose to 80.22 billion rupees ($1.18 billion) for the three months to Dec. 31 from 72.96 billion rupees reported a year earlier, Reliance, controlled by India''s richest man Mukesh Ambani, said in a statement on Monday.Analysts on average had expected a standalone profit of 78.5 billion rupees, according to data compiled by Thomson Reuters.Its standalone revenues for the quarter came in at $9.8 billion, up 9 percent from a year ago due to higher margins from selling petrol and diesel.Refining and petrochemicals contribute around 90 percent to overall revenue and profit.The company said its gross refining margin, or profit earned on each barrel of crude processed - a key profitability gauge for a refiner - was $10.8 per barrel for the quarter.On a consolidated basis, which includes its telecom, retail and U.S. shale gas operations, its net profit came in at 75.67 billion rupees.Reliance commercially launched its fourth-generation (4G) telecoms network, Reliance Jio, on Sept. 1 offering free voice and data service to its subscribers until the end of March.The telecoms venture, in which the company has invested approximately $20 billion, had built a subscriber base of 72.4 million by Dec. 31, Reliance said.Reliance''s flagship refining operations, with a 1.2 million barrels per day crude oil refinery in the western state of Gujarat, reported a 4.3 percent fall in profitability for the December quarter to $912 million.The petrochemicals business saw a 25.5 percent jump in profit to $486 million, Reliance said.($1 = 68.0999 rupees)(Reporting by Promit Mukherjee in Mumbai; Editing by Biju Dwarakanath and Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/reliance-results-q-idINKBN1501HS'|'2017-01-16T09:46:00.000+02:00'
'727c8942e9bf815654843206075371cb8d7734ac'|'Moscow and Kiev head for $3 billion debt showdown in English court'|' 17am GMT Moscow and Kiev head for $3 billion debt showdown in English court Ukraine''s former President Viktor Yanukovich attends a news conference in Rostov-on-Don, Russia, November 28, 2016. REUTERS/Stringer By Karin Strohecker - LONDON LONDON A $3 billion (£2.5 billion) dispute between two adversarial governments will come to a head in an English court on Tuesday when Russia and Ukraine meet for a first hearing in their legal battle over a politically charged eurobond. The debt at the heart of the dispute was sold in late December 2013 by then-Ukrainian President Viktor Yanukovich to Russia, less than two months before his Moscow-backed government was ousted by street protests that swept the ex-Soviet republic. Fast-forward through a pro-Western change of government in Kiev, Russia''s annexation of Ukraine''s Crimea region and an International Monetary Fund bailout for Ukraine involving a restructuring of sovereign, hard currency bonds. Those bonds, restructured to pull the near-bankrupt Ukraine back from the brink, were chiefly held by private investors - aside from $3 billion worth held by the Russian government. Moscow insists the bond which matured in December 2015 is sovereign debt and should never have been included in the restructuring plan. Kiev refused to repay the bond, saying Russia should have participated in the restructuring. Russia, represented by Cleary, Gottlieb, Steen & Hamilton LLP, filed a lawsuit in February 2016 demanding a full $3 billion repayment plus legal fees and interest, which according to Moscow''s finance ministry amounted to $75 million a year ago. The case, which will be heard at the High Court on Jan. 17, is unusual in many ways, according to Mitu Gulati, a law professor at Duke University in the United States. "The most important big issue here is: Does Ukraine actually owe money to a country that basically ran it as a vassal state and invaded it and took its territory? And that is the kind of question that courts usually don''t ever decide," said Gulati. The bond is unusual because countries do not generally lend to each other under a third country''s legal framework, opting instead for direct bilateral agreements. Terms are often kept under wraps. If debt relief is needed, it tends to be agreed under the framework of the Paris Club of creditor nations, of which Russia is a permanent member. This bond however was structured under English Law, and both Russia and Ukraine had agreed from the outset that a British court ought to decide on possible disputes, Gulati noted. "Now a dispute is actually happening, and rather than negotiating and resolving it on their own, they are bringing it in front of a judge which means the judge is going to have to decide on matters that affect international law, not just commercial law." Both Russia and Ukraine''s government declined to comment. UKRAINE SAYS BOND WAS ISSUED UNDER DURESS Ukraine''s defence, managed by Quinn, Emanuel, Urquhart & Sullivan LLP, centres around a number of arguments. First, that the bond had never been properly authorised by Ukraine''s parliament and government, was issued under duress and was subject to a number of implied additional terms. Kiev should also be allowed to take "counter-measures" in response to actions taken by Russia, it argued, according to a defence document seen by Reuters. Russia''s "illegal invasion and unlawful occupation" had deprived Ukraine "of the entire purported economic benefit of the transaction", the document states in its defence. The hearing comes after Russia requested a summary judgement, often used to speed up proceedings. This means the court will look at each of Ukraine''s defence arguments and decide if they are likely to stand up in court. Following this, it could allow the case to go to trial, or not. Russia had the option of a private hearing at the London International Court of Arbitration, according to the bond prospectus, but the fact it chose to bring the case to a public court shows it is confident of victory, legal experts said. "Their choice was very interesting," said Peter Griffin at Slaney Advisors, an expert in international arbitration and foreign investment disputes. "Russia''s case seems to me very strong. And Russia has played this one really intelligently from the beginning - it is almost like they have been two steps ahead of Ukraine and everyone else." According to a spokesman for the court, the case will be heard by William Blair, the brother of former British Prime Minister Tony Blair and a highly regarded judge who has written about the concept of "odious debt". The term is often used to describe debt incurred by a government that does not serve the interest of the country. (Additional reporting by Natasha Zinets in Kiev and Andrey Ostroukh in Moscow; editing by Mark Heinrich)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ukraine-russia-eurobonds-idUKKBN15018Q'|'2017-01-16T18:17:00.000+02:00'
'143c5a753f30e1364ad090905dabea9794d4bda3'|'Alliance Trust proposes investment manager in strategy shake-up'|'Funds News - Mon Jan 16, 2017 - 8:22am GMT Alliance Trust proposes investment manager in strategy shake-up Scottish asset manager Alliance Trust ( ATST.L ) proposed Willis Towers Watson (WTW) to be its investment manager, a month after it announced a strategy overhaul, including outsourcing its equity portfolio management. Alliance, one of Britain''s largest investment trusts, faced pressure in 2015 from activist investor Elliott Advisors who said it needed a shake-up given the fund''s underperformance and the gap between its shares and the value of the assets it holds. When it announced the plan last month, it said it aimed to double its pace of outperformance against a global equity benchmark index. Confirming its target on Monday, Alliance said WTW had selected as equity managers Black Creek Investment Management, First Pacific Advisors, GQG Partners ( GQGRX.O ), Jupiter Asset Management Limited, Lyrical Asset Management, River and Mercantile Asset Management, Sustainable Growth Advisers and Veritas Asset Management. (Reporting by Noor Zainab Hussain in Bengaluru; editing by Susan Thomas) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-alliance-tr-strategy-idUKKBN1500R7'|'2017-01-16T15:03:00.000+02:00'
'd6d6c967d21ec77d54ea26bb72779ba5a018f5ac'|'Colombia sets IPTs on US dollar bond'|'By Davide Scigliuzzo NEW YORK, Jan 18 (IFR) - Here is the pricing progression on the new bond offering from the Republic of Colombia (Baa2/BBB/BBB), expected to price later on Wednesday, according to market sources. SIZE MATURITY IPTs TBD 10-yr* T+185bp area TBD 30-yr** T+235bp area *new issue ** Tap of 5% 2045 bond Bookrunners: Citigroup, Morgan Stanley, Itau BBA (Reporting by Davide Scigliuzzo; Writing by Natalie Harrison; Editing by Marc Carnegie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/colombia-bond-ipts-idINL1N1F80TS'|'2017-01-18T11:14:00.000+02:00'
'55f2b3c6c399c9462f31f5131ffa69c7588d8b09'|'HSBC to shift staff from Britain to Paris after Brexit'|' 17am GMT HSBC CEO says to move staff with aim of 20 percent of trading revenue in Paris HSBC headquarters building is seen in Pudong financial district in Shanghai December 8, 2010. REUTERS/Carlos Barria/File Photo HSBC ( HSBA.L ) will move staff generating around 20 percent of its trading revenue to Paris following Britain''s exit from the European Union, Chief Executive Stuart Gulliver said on Wednesday in an interview on the sidelines of the annual meeting of the World Economic Forum in Davos, Switzerland. "We''re not moving this year and maybe not even next year," Gulliver said, adding that the bank would likely look to move the staff in around two years'' time when Britain has fully left the EU. HSBC has all the licences it needs for such a move, Gulliver said, and would only need to set up a so-called intermediate holding company in France, a move that should take only a matter of months. (Reporting by Pamela Barbaglia in Davos, writing by Lawrence White; editing by Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-davos-meeting-hsbc-idUKKBN1520SW'|'2017-01-18T15:45:00.000+02:00'
'e36813e5092233cb85ca712a8835a2c2fadb3270'|'China Huarong launches new unit for debt-for-equity swaps'|'Private Equity  27pm EST China Huarong launches new unit for debt-for-equity swaps BEIJING Jan 18 China Huarong Asset Management Co (AMC), the country''s biggest distressed debt manager, said on Wednesday it launched a wholly owned subsidiary as a "strategic platform" to conduct debt-for-equity swaps. The new entity, Huarong Ruitong Equity Investment Management Co, has a registered capital of 300 million yuan ($43.74 million), Huarong said in an emailed statement. It will be responsible for fundraising, project selection, debt acquisition and equity management for Huarong''s debt-for-equity swap deals, it said. Since China''s policymakers re-launched the debt-for-equity scheme in October last year to ease the borrowing overhang of its struggling firms, the country''s state banks and bad debt managers have rushed to sign deals with big state-owned enterprises (SOEs) to ease their debt burden. The country''s big banks, led by Industrial and Commercial Bank of China Ltd and China Construction Bank Corp , also said recently that they would launch their own subsidiaries for debt-for-equity swaps. Huarong, one of China''s Big Four state-owned distressed debt managers, has handled 680 billion yuan in non-performing assets since it was launched by the government in 1999, Chairman Lai Xiaomin said in the statement. In China''s last round of government-driven debt-for-equity swaps, Huarong conducted deals with 420 large and medium-sized SOEs, Lai said. The total value was 69.7 billion yuan. ($1 = 6.8591 Chinese yuan) (Reporting by Shu Zhang and Matthew Miller; Editing by Sunil Nair) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-huarong-debt-idUSL4N1F81Z9'|'2017-01-18T11:27:00.000+02:00'
'64e474522a8fbcdbb86a829a9c5708d3dd76e04b'|'Alaska Air to record $82 million as merger-related costs in fourth quarter'|'Alaska Air Group Inc ( ALK.N ) said on Wednesday it expects to record $82 million in the fourth quarter in costs related to the $2.6 billion acquisition of Virgin America Inc.Alaska Air completed its acquisition of Virgin America in December to become the fifth-largest U.S. carrier.The Seattle-based company said it expected unit revenue, a closely watched performance metric, for the fourth quarter ended Dec. 31, in the range of 11.24 cents to 11.29 cents, including Virgin America''s operational data. ( bit.ly/2jJNPGw )Alaska Air''s fourth-quarter expectations include Virgin America''s financial data from the period Dec. 14 to Dec. 31.(Reporting by Ankit Ajmera in Bengaluru; Edited by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alaska-air-group-outlook-idINKBN1521MX'|'2017-01-18T09:28:00.000+02:00'
'05449cd19481842933a19d431dea1707f2bad544'|'NAB, Oxley to sell stakes in Cambridge Industrial manager to e-Shang Redwood'|'  4:25am GMT NAB, Oxley to sell stakes in Cambridge Industrial manager to e-Shang Redwood A National Australia Bank (NAB) logo is pictured on an automated teller machine (ATM) in central Sydney September 12, 2014. REUTERS/David Gray/File Photo SINGAPORE Warburg Pincus-backed warehouse operator e-Shang Redwood has agreed to buy an 80 percent indirect stake in the manager of Cambridge Industrial Trust (CIT) ( CMIT.SI ) from National Australia Bank ( NAB.AX ) and investment firm Oxley Group. e-Shang Redwood said the deal would mark its initial foray into Southeast Asia. NAB holds 56 percent while Oxley holds a 24 percent stake in the manager of CIT, a real estate investment trust that owns assets such as warehouses and logistics properties. Mitsui and Co owns the remaining 20 percent. The companies did not disclose the deal value. In October, e-Shang Redwood had entered into an option agreement to buy up to 10.65 percent of CIT, which is valued by the market at about $501 million, from three existing unitholders. (Reporting by Aradhana Aravindan; Editing by Vyas Mohan) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-cambridge-ind-deal-idUKKBN1520E0'|'2017-01-18T11:24:00.000+02:00'
'79d899b0f8b0f14ad0ef66b210665786c34c400b'|'OPEC sees market stability in 2017, Venezuela aims for $70 price'|'Business News -  03am GMT OPEC sees market stability in 2017, Venezuela aims for $70 price The OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016. REUTERS/Leonhard Foeger CARACAS OPEC Secretary-General Mohammed Barkindo forecast on Monday that stability would return to oil markets this year while price hawk Venezuela said it hoped its crude basket would rise to $70 in coming months. The head of the Organization of the Petroleum Exporting Countries was back in Caracas for a second meeting in two months with President Nicolas Maduro whom he lavishly praised for an "inspirational" role in the producers'' pact to cut output. "We remain optimistic Mr. President that with the full and timely implementation of this historic decision between us and non-OPEC, in 2017 the situation of our economies will improve tremendously," Barkindo said at a news conference with Maduro. "And stability to the oil market that has eluded us for nearly three years will be restored on a sustainable basis in the interest of producers, consumers and the global economy." Under the accord reached in late 2016, OPEC, Russia and other non-members of the producer group will curtail oil output by nearly 1.8 million bpd, initially for six months. Maduro, who sent officials round the world over the last two years to lobby for output cuts, said he hoped the pact would help raise Venezuela''s crude basket to $60 in the first half and $70 later in 2017. One of the worst-affected nations by the oil price plunge since mid-2014, Venezuela''s oil traded at $44.82 last week, versus a 2016 average of $35.15. Barkindo added that Venezuela, and its new Oil Minister Nelson Martinez, would play a central role in a new OPEC, non-OPEC ministerial committee charted with monitoring production. (Reporting by Andrew Cawthorne and Corina Pons; Editing by Cynthia Osterman) Next In Business News  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-venezuela-opec-idUKKBN1502JJ'|'2017-01-17T07:14:00.000+02:00'
'd0ee21d96b16d3b6e002519ec71a525f8f0187f9'|'EU Parliament speaker vote could strengthen eurosceptics'|'Financials   6:00pm EST EU Parliament speaker vote could strengthen eurosceptics By Francesco Guarascio - STRASBOURG STRASBOURG Jan 17 The European Parliament elects a new speaker on Tuesday in an unusually hotly contested vote that could strengthen eurosceptic forces at a time when the EU faces British moves to leave and questions about its future role. A divisive campaign and the end of the ''grand coalition'' of the main parties is also likely to hamper the assembly, delaying lawmaking - another boon for anti-EU parties who portray the union as rigid and bureaucratic. Other sensitive matters facing the assembly include immigration and banking. Conservative Antonio Tajani, 63, a close ally of Italy''s former prime minister Silvio Berlusconi, is the favourite as he can count on the support of the European People''s Party, the largest grouping in parliament. Unlike past appointments which were agreed in advance by the main parties, he faces a real challenger in socialist Gianni Pittella, 58, who is bidding to succeed Martin Schulz, also of the centre-left. Last-minute manoeuvres could yet propel to victory candidates from smaller groups. Seven of the eight political groups of the legislature have fielded candidates, the exception being the United Kingdom Independence Party''s (UKIP) grouping. DEAL MAKING The speaker chairs debates in the European Parliament, which embraces deputies from the 28 states. He or she can play a key role in brokering agreements with the executive, the European Commission and national governments. Britain is expected to formally notify Brussels in March of its intention to leave the EU following the results of a June referendum. The negotiations that follow seem likely to raise some tensions not only between the EU and Britain but within the EU itself, as well as within Britain. Breaking from a decade-long convention whereby the socialists and the conservatives take turns to hold the high-profile job, Pittella has vowed to stimulate genuine debate and dispel the idea that all main parties in the parliament are part of a reform-shy establishment. But his bid may turn into a boost to eurosceptics, who could play an unprecedented king-maker role in the uncertain vote. Tajani may need the support of lawmakers from Marine Le Pen''s far-right grouping or those of UKIP to be elected. If Tajani wins, the conservatives would hold all three EU top jobs. Jean-Claude Juncker of Luxembourg heads the EU''s Brussels-based executive, the Commission, and former Polish prime minister Donald Tusk chairs the European Council, which groups the national governments. Socialists have said that if Pittella does not win in the Parliament, they will push for a reshuffle of the key posts . (Reporting by Francesco Guarascio; editing by Ralph Boulton) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/eu-parliament-president-idUSL5N1F64PW'|'2017-01-17T06:00:00.000+02:00'
'f2b3210a811366fe133f38ffbe67dd68ef529393'|'May to say Britain is leaving EU''s single market, customs union - report'|'  10:10pm GMT May to say Britain is leaving EU''s single market, customs union - report Britain''s Prime Minister Theresa May speaks to members of the Charity Commision for England and Wales at The Royal Society in London, January 9, 2017. REUTERS/Dan Kitwood/Pool LONDON British Prime Minister Theresa May''s 12 priorities for Brexit will include leaving the European Union''s single market and customs union, the Telegraph newspaper reported on Monday. May is due to make a long-awaited speech on Tuesday detailing her plan for upcoming Brexit negotiations, in which she will set out her 12 negotiating objectives. "We seek a new and equal partnership – between an independent, self-governing, global Britain and our friends and allies in the EU," May will say, according to the Telegraph, which reported she would make clear Britain was leaving the single   "Not partial membership of the European Union, associate membership of the European Union, or anything that leaves us half-in, half-out. We do not seek to adopt a model already enjoyed by other countries. We do not seek to hold on to bits of membership as we leave." The newspaper also reported May would make regaining control of Britain''s borders one of the central themes of her Brexit strategy. (Reporting by Kylie MacLellan; Editing by Kevin Liffey)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-may-priorities-idUKKBN1502H0'|'2017-01-17T05:10:00.000+02:00'
'56e68ebd09fe28d011129fd4836a4c6965ae0289'|'LPC-Five banks grant 1.1bn debt for Cerba sale as bidders line up'|'Private Equity   7:14am EST LPC-Five banks grant 1.1bn debt for Cerba sale as bidders line up By Claire Ruckin - LONDON LONDON Jan 17 Five banks have provided a 1.1bn staple financing to back a potential sale of French lab testing chain Cerba as the sale process heats up, banking sources said on Tuesday. PAI Partners bought Cerba in 2010 for 551m and hired JP Morgan and Natixis earlier this year on the sale. Apax, Partners Group and PSP Investments all submitted first round bids in an auction process in December and CVC is now also considering making an offer for the company, the sources said. Second round bids are scheduled for February but a decision could be made before those bids are due. A decision could be made as early as next week, the sources added. PAI Partners, Partners Group and PSP Investments were not immediately available to comment. Apax and CVC declined to comment. JP Morgan and Natixis, alongside BNP Paribas, Credit Agricole and Credit Suisse have provided a staple financing package that totals 1.1bn and includes senior leveraged loans and both senior secured and subordinated high-yield bonds, the sources said. Some 1.1bn of debt financing equates to around 6.0-6.5 times Cerba''s approximate 170m Ebitda, the sources said. PAI backed its 2010 buyout of Cerba with a 287m all-senior leveraged loan and 52m of mezzanine debt, according to Thomson Reuters LPC data. Cerba operates clinical pathology laboratories in Europe with a number one position in France and strong market positions in Belgium, Luxembourg and Africa, according to PAI''s website. (Editing by Christopher Mangham) Next In Private Equity EU mergers and takeovers (Jan 17) BRUSSELS, Jan 17 The following are mergers under review by the European Commission and a brief guide to the EU merger process:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/cerba-loans-idUSL5N1F73SH'|'2017-01-17T19:14:00.000+02:00'
'c5bc02fb39ca4cd1f61387133179e17a5f6a1750'|'Airbus voices concern about ''hard Brexit'''|'Wed Jan 18, 2017 - 4:49pm GMT Airbus voices concern about ''hard Brexit'' The logo of Airbus group is pictured in Colomiers near Toulouse, France, January 11, 2017. REUTERS/Regis Duvignau PARIS Planemaker Airbus ( AIR.PA ) expressed concern on Wednesday about the prospect of a clean break between Britain and the European Union under what has been dubbed "hard Brexit". "We are watching with a great deal of attention and even some concern what is being said about a ''hard Brexit''," Marwan Lahoud, executive vice-president for international, strategy and public affairs, told a French parliamentary committee hearing. He did not say what comments he was reacting to. UK Prime Minister Theresa May said on Tuesday Britain would quit the EU single market and end full membership of the bloc''s customs union when it leaves the European Union, following last year''s referendum. Airbus makes wings for all its jetliners in the UK. The France-based company campaigned against Britain leaving the EU ahead of the UK vote, but has said it would not make abrupt changes to its operations there due to long product cycles. (Reporting by Tim Hepher, Editing by Dominique Vidalon) Up Next JPMorgan agrees to $55 million settle of mortgage discrimination complaint: source NEW YORK JPMorgan Chase & Co has agreed to pay $55 million to settle a U.S. Justice Department lawsuit accusing it of discriminating against minority borrowers by allowing mortgage brokers to charge them more for home loans, a person familiar with the matter said on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-airbus-idUKKBN1522G3'|'2017-01-18T23:45:00.000+02:00'
'19a1c89ecdb41ea355ccd5fbb9c65f86d4755b88'|'China province admits falsifying economic data'|'Chinese province admits falsifying economic data for years by Sherisse Pham @Sherisse January 18, 2017: 6:15 AM ET China''s growth holds steady Longstanding doubts about the accuracy of China''s economic data just got a big piece of supporting evidence: The governor of an entire province has admitted that local officials cooked the books for years. The embarrassing revelation comes just days before the closely watched release of China''s national economic data for last year. Governor Chen Qiufa of Liaoning, a major industrial region in northeastern China, said this week that false statistics boosted the province''s economic data from 2011 to 2014, according to China''s official state news agency Xinhua. Experts and even some government officials have long viewed growth figures from the world''s second-largest economy with a healthy dose of skepticism . But Chen''s admission is particularly candid. Related: The $13 trillion question: How fast are India and China really growing? In some cases, officials inflated government income by more than 100%, according to Xinhua. Revenue for one Liaoning county was reported to be 2.4 billion yuan ($350 million) in 2013, but an audit office later corrected it to 1.1 billion yuan ($160 million). Central government inspectors warned Liaoning officials of "the prevalence of economic data fraud" back in 2014. Liaoning''s heavy industries have weighed down the province''s economy recently. The province''s numbers aren''t looking so good anymore. It reported last year that its economy was shrinking as traditional industries suffered. It had the worst performing economy out of 31 regions across China in the first quarter of 2016, according to Xinhua. "Our province failed to meet the expected targets," Chen said of Liaoning''s disappointing recent figures. Related: China''s economy holds steady -- but for how long? China''s overall economy expanded 6.7% in the third quarter of 2016, right in line with the previous two quarters. Economists expect it to have grown at a similar pace in the fourth quarter, too. Some analysts who are dubious about China''s remarkably smooth numbers turn to proxy measures to gauge the health of the economy. They look at electricity output, freight shipments and seaport cargo volumes. China replaced the head of its National Statistics Bureau last year. The new chief, Ning Jizhe, said last month that the falsification of local statistics still happens in some areas from time to time, warning of heavy punishment for those who fake official figures. -- Nanlin Fang contributed to this report. CNNMoney (Hong Kong)   18, 2017: 6:15 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/18/news/economy/china-province-falsified-economic-data/index.html'|'2017-01-18T18:28:00.000+02:00'
'28c3ed409b1230bcdeea7ca5bae6f813b6992ff1'|'Liberty Global says Vodafone joint venture is not a deal blueprint'|'Company  38am EST Liberty Global says Vodafone joint venture is not a deal blueprint DAVOS, Switzerland Jan 18 International cable TV group Liberty Global''s joint venture with Vodafone in the Netherlands has started well but is not a blueprint for deals in other European markets where both are present, its CEO said on Wednesday. Liberty and Vodafone agreed to join forces in the Netherlands in February, soon after talks on a European asset swap deal were abandoned. Analysts, however, have said that a wider tie-up still makes sense as the fixed and mobile markets converge to supply customers with a bundle of pay TV, broadband and fixed and mobile telecoms services. "I don''t see us doing those types of structural transactions in other markets," Liberty Global CEO Mike Fries said at the World Economic Forum in Davos, though he did not rule out doing anything else with the mobile operator. Fries said there was a match between the size of the assets and the companies'' market positions in the Netherlands that wasn''t present in other markets, and there were few other strategic options in the country. "It''s only been three weeks, but I will tell you we''re encouraged," Fries said of the Dutch joint venture. "We will immediately start looking at products and services that are quad play in nature and we have a management team that is the best of both." Quad play products combine pay TV, broadband and fixed and mobile telecoms. (Reporting by Martinne Geller; Writing by Paul Sandle; Editing by David Goodman) Next In Company News Gates charity to sell 60 mln Berkshire shares, as Buffett urged Jan 18 The foundation created by billionaire Bill Gates and his wife Melinda plans to sell 60 million Class B shares of Berkshire Hathaway Inc donated by Warren Buffett, reflecting the fellow billionaire''s desire that proceeds be spent on charitable works.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/liberty-global-vodafone-idUSL5N1F851L'|'2017-01-18T22:38:00.000+02:00'
'ed1089c2de422cf81731a950890ee9f7a2418d02'|'JPMorgan Chase says it settled mortgage discrimination case with feds 18,'|'Trump tapping top CEOs for advisory group JPMorgan Chase says it has reached a settlement with federal authorities over charges it discriminated against minority home buyers by charging them higher rates. Preet Bharara, U.S. attorney in the Southern District of New York, filed suit Wednesday alleging that the nation''s largest bank charged higher mortgage rates and fees to more than 100,000 black and Hispanic home buyers between 2006 and 2009. The loans in question were originated by independent mortgage brokers who were not employed by the bank. Related: Jamie Dimon is hopeful about Donald Trump "In thousands of instances, an African-American borrower with the same credit and risk profile as a white borrower, entering into the same type of Chase...mortgage, paid higher loan rates and larger fees," the suit charges. It says that the same thing happened with Hispanic borrowers. But JPMorgan Chase ( JPM ) says it did nothing wrong, and the rates were set by the mortgage brokers. "We''ve agreed to settle these legacy allegations that relate to pricing set by independent brokers," said the bank''s statement. "We deny any wrongdoing and remain committed to providing equal access to credit." A spokesperson for Bharara was not immediately available for comment. The amount of money JPMorgan will be forced to pay has not yet been disclosed. Bharara has been asked to stay on in the Trump administration. JPMorgan Chase CEO Jamie Dimon is one of a group of top business executives tapped to advise Trump once he takes office.   18, 2017: 9:49 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/01/18/news/companies/jpmorgan-chase-mortgage-discrimination/index.html'|'2017-01-18T16:49:00.000+02:00'
'6170587d71efa2a6a44b8a2d2c35f6b9680903ca'|'Czech c.bank sees mid-year as right time to end currency cap -Lizal'|'Financials  13am EST Czech c.bank sees mid-year as right time to end currency cap -Lizal VIENNA Jan 18 The Czech central bank still believes the right time to abandon a cap on its currency is around the middle of this year, its board member Lubomir Lizal said on Wednesday. Analysts have estimated the central bank has stepped up its interventions activity as investors pile into the market on expectations the bank will end its cap on the value of the crown this year, causing the currency to gain. "Under the current situation we still believe the proper time for the exit is around the mid of this year," he told a Euromoney conference in Vienna. "The market is completely overbought in Czech koruna (crowns). The people are too much on the side of believing in the unexpected Swiss scenario." (Reporting by Francois Murphy; Editing by Shadia Nasralla) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/czech-cenbank-lizal-idUSV9N188027'|'2017-01-18T17:13:00.000+02:00'
'6c46f28b4bef7b6f9342fd66fd5c8db2634324e3'|'Indian shares edge up as banks gain ahead of results'|'Financials  19am EST Indian shares edge up as banks gain ahead of results Jan 18 Indian shares ended higher on Wednesday on the back of an upbeat start to the corporate earnings season and ahead of quarterly results from major banks. The broader NSE index closed up 0.23 percent at 8,417, its highest since Nov. 10, 2016, while the benchmark BSE index ended up 0.08 percent at 27,257.64. Axis Bank and Yes Bank are scheduled to report earnings on Thursday. For midday report, click here (Reporting by Shivam Srivastava in Bengaluru; Editing by Sherry Jacob-Phillips) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-stocks-idUSB8N1EI01R'|'2017-01-18T17:19:00.000+02:00'
'8df5f19bef8f70160235a70d910e1adbbde576ae'|'Biden: Russia will hack elections in Europe'|'Biden: Russia will hack elections in Europe by Ivana Kottasova @ivanakottasova January 18, 2017: 7:02 AM ET Biggest global risks of 2017 Joe Biden used his final speech as vice president to issue a stark warning about the threat Russia poses to Europe and the United States. Speaking at the World Economic Forum in Davos , Biden said Russia was at the forefront of efforts to dissolve the community of democracies, using every tool available to it. "The purpose is clear: to collapse the liberal international order," he told the audience of politicians and business leaders. Russia would use online propaganda and cyber attacks to try to influence elections in Europe, he warned. "It''s not just the United States that has been targeted, we have seen the same kinds of attacks in the past, and with many countries of Europe slated to hold elections this year, we should expect further attempts by Russia to meddle in the democratic process," he said. "It will occur again, I promise you." Trump aide: Stop freaking out about his comments Russian Foreign Minister Sergei Lavrov again denied any Russian involvement in the U.S. election. "It is not Russia but the European Union that has interfered in the U.S. election. The leaders of EU states have made it clear they supported Hillary Clinton and demonizedDonald Trump," he said Wednesday. Biden said the U.S. and Europe must act urgently to defend the values that had brought peace and prosperity after World War II from the forces of illiberalism and intolerance. "We see it in Asia and the Middle East, where China and Iran would clearly prefer a world... in which they have overwhelming sway in their regions," he said. "And, I''ll not mince words, this movement is principally led by Russia," he added. The vice president said that under President Putin, Russia was using "every tool available to them" to whittle away at the edges of Europe and return to a world carved up into spheres of influence. He accused Russia of "sending little green men across the border to Ukraine to stir violence," and using energy as a weapon by threatening to cut its supplies of gas to Europe. "I''m here today to issue a call to action -- we cannot wait for others to write the future they hope to see," Biden said. "The U.S. and Europe have to lead the fight to defend the values that have brought us where we are today." Before traveling to Switzerland, Biden visited Ukraine for the sixth time as vice president to show his support. Davos 2017: Complet e coverage The outgoing vice president avoided commenting directly on the next administration, but reassured nervous European allies that -- despite recent comments from President-elect Donald Trump -- support for NATO was a "bipartisan issue" in the U.S. Trump rattled NATO by calling it "obsolete," and has vowed to have better relations with Russia, much to the dismay of some European leaders. CNNMoney (Davos, Switzerland) First published January 18, 2017: 6:57 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/18/news/joe-biden-russia-europe-elections/index.html'|'2017-01-18T19:02:00.000+02:00'
'a7e0a141e186d0c2ab6626866dba8fdabcc6539e'|'Pipeline company Kinder Morgan''s revenue falls 6.8 percent'|'Business News - Wed Jan 18, 2017 - 4:26pm EST Pipeline company Kinder Morgan''s revenue falls 6.8 percent Jet fuel bound for Vancouver airport is offloaded from a barge at Kinder Morgan''s Westridge Terminal on Burrard Inlet in Burnaby, British Columbia, Canada November 17, 2016. REUTERS/Chris Helgren - Kinder Morgan Inc ( KMI.N ) reported a 6.8 percent drop in quarterly revenue as its pipelines moved lower volumes of oil and gas. Pipeline companies, once seen as more insulated from commodity price swings due to fixed-fee contracts, were hit hard by a more than 60 percent slump in oil prices since mid-2014 as cash-strapped oil and gas companies renegotiated their contracts. Kinder Morgan reported a net profit attributable to shareholders of $170 million, or 8 cents per share, in the fourth quarter ended Dec. 31, compared with a loss of $721 million, or 32 cents per share, a year earlier. The year-earlier quarter included a $1.1 billion impairment charge. The Houston-based company''s revenue fell to $3.39 billion from $3.64 billion. (Reporting by Komal Khettry in Bengaluru; Editing by Maju Samuel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-kinder-morgan-de-results-idUSKBN1522ZH'|'2017-01-19T04:26:00.000+02:00'
'cc51d9080990a00b1305dfc9fa00a369185437e3'|'GM resolves SEC accounting case tied to ignition switch'|'Technology News - Wed Jan 18, 2017 - 12:03pm EST GM resolves SEC accounting case tied to ignition switch The GM logo is seen at the General Motors Warren Transmission Operations Plant in Warren, Michigan October 26, 2015. REUTERS/Rebecca Cook NEW YORK General Motors Co has agreed to pay $1 million to resolve a U.S. Securities and Exchange Commission accounting case related to a faulty ignition switch linked to 124 deaths and 275 injuries, the regulator announced on Wednesday. The SEC said the deal would resolve charges that accounting control failures at the automaker prevented GM from properly assessing the potential financial impact of the defective ignition switch, which led to vehicle recalls beginning in 2014. (Reporting by Nate Raymond in New York) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-gm-recall-sec-idUSKBN1522H1'|'2017-01-19T00:03:00.000+02:00'
'8750d404ca235ee4b77fbcd2716ae17a6588012e'|'Citigroup''s quarterly profit rises 7 percent'|'Wed Jan 18, 2017 - 1:12pm GMT Citigroup''s quarterly profit rises 7 percent A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. REUTERS/Mike Segar/Files Citigroup Inc ( C.N ) reported a 7 percent rise in quarterly profit on Wednesday, wrapping up a strong quarter for big U.S. banks, as trading in bonds and currencies surged following the U.S. presidential election. The No. 4 U.S. bank by assets said net income rose to $3.57 billion, or $1.14 per share, in the quarter ended Dec. 31, from $3.34 billion, or $1.02 per share, a year earlier. Analysts on average had expected earnings of $1.12 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported figures were comparable. Citigroup''s revenue from fixed-income trading rose about 36 percent, while equity trading revenue rose about 15 percent, pushing up total markets and securities services revenue by about 24 percent compared with the same quarter last year. Wall Street trading desks benefited in the quarter from higher volume and volatility in stocks, bonds and currencies in the wake of Donald Trump''s surprise victory on Nov. 8. Goldman Sachs Group Inc ( GS.N ) reported a jump of about 78 percent in revenue from trading fixed-income securities, currencies and commodities earlier on Wednesday. JPMorgan Chase & Co ( JPM.N ), the No. 1 U.S. bank by assets, and Morgan Stanley ( MS.N ) also reported sharp increases in fourth-quarter fixed-income trading revenue. (Reporting by Sweta Singh in Bengaluru and David Henry in New York; Editing by Saumyadeb Chakrabarty) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-citigroup-results-idUKKBN1521S7'|'2017-01-18T20:11:00.000+02:00'
'a4d30f1d57268ff1836331c93b454b23dc9dc371'|'Deutsche Bank drastically cuts 2016 bonuses'|' 23am EST Deutsche Bank drastically cuts 2016 bonuses A statue is pictured next to the logo of Germany''s Deutsche Bank in Frankfurt, Germany September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo NEW YORK/FRANKFURT Deutsche Bank ( DBKGn.DE ) has decided to cut bonuses drastically as it struggles to turn a profit and faces a big bill for litigation. Germany''s biggest lender has finalised a $7.2 billion settlement with the U.S. authorities over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis. "Now that we have a clearer idea of the financial impact of the settlement with the US Department of Justice and our performance for the year, we feel that tough measures are unavoidable," Deutsche Bank Chief Executive John Cryan said in a letter to staff on Wednesday. Shareholders applauded the bonus cuts, which will hit about a quarter of Deutsche''s roughly 100,000 staff. "They are a necessary step in the longterm recovery of Deutsche Bank - just as the cancellation of the dividend is," Union Investment fund manager Ingo Speich said, adding Deutsche Bank would not be able to meet bank capital rules if it spent a lot of money on bonuses. Another top investor said that Deutsche Bank needs to cut costs and the same time retain staff in order to benefit from an expected upturn in investment banking. "Cutting bonuses after a bad year is better than laying off too many of the staff you will need to win business," the investor said, adding that Deutsche Bank on the other hand still had capacity to cut 5,000 backoffice staff. Deutsche Bank''s management board has decided to waive its own bonuses for 2016, Cryan said. Employees with the titles of vice president, director and managing director will get no 2016 bonus, but will be offered a retention package. The retention packages will consist of completely deferred share awards for directors and managing directors, people close to the matter said. Vice presidents will receive half deferred shares and half deferred cash payments, they added. If Deutsche Bank''s share price fails to recover by 30 percent within the next 3 or 4 years - depending on the individual awards - the awards will be canceled, they said. A small number of staff in crucial positions for the further success of the bank will get long-term incentives, partly in the form of shares, which will be deferred up to six years, Cryan said. "We have taken this tough decision because it is the right thing to do," he said, adding the bank planned to return to its normal compensation programs for the year 2017. As part of a new remuneration policy to discourage excessive risk taking, Deutsche Bank has significantly increased the fixed part of salaries over the last couple of years. (Reporting by Olivia Oran and Arno Schuetze; Editing by Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-bank-bonuses-idUSKBN1521ZQ'|'2017-01-18T21:23:00.000+02:00'
'aec63c84581985294abd9ebaa8a61e5d0141f9f3'|'PE firm Warburg buys $121 million stake in Indian cinema operator PVR'|'MUMBAI Affiliates of private equity firm Warburg Pincus have bought a 14 percent stake in India''s largest multiplex chain PVR Ltd for 8.2 billion rupees ($120.5 million), PVR said on Wednesday.Warburg bought the stake from affiliates of private equity firm Multiples Alternate Asset Management and PVR''s founders, India''s biggest cinema chain operator said in a statement.Multiples Alternate Asset will continue to hold a 14 percent stake in PVR, while PVR''s founders will remain the biggest shareholders with a more than 20 percent stake, it said.Shares of PVR, which currently operates 562 screens across 48 cities, closed at a record high after earlier rising as much as 7.7 percent, in a broader Mumbai market that gained 0.2 percent.($1 = 68.0450 Indian rupees)(Reporting by Sankalp Phartiyal; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/pvr-m-a-warburg-idINKBN1521F4'|'2017-01-18T08:29:00.000+02:00'
'7d7d8ff196ad0593dae053701972a9468364335f'|'Finland pilots radical basic income idea despite feasibility doubts'|' 20pm GMT Finland pilots radical basic income idea despite feasibility doubts An office of Social Insurance Institution KELA, is pictured in Helsinki, Finalnd January 17, 2017. REUTERS/Tuomas Forsell By Jussi Rosendahl and Tuomas Forsell - HELSINKI HELSINKI A group of unemployed Finns have just become the first Europeans to enjoy a guaranteed basic income; from January a monthly pay cheque has begun arriving from the state, regardless of whether they find work or sit at home on the couch. In its purest form, the basic income idea aims to prepare society for a future when robots and artificial intelligence may replace huge numbers of humans in the workforce. This will allow unwanted workers to lead comfortable and dignified lives while machines create much of the wealth to pay them, supporters argue. The Finnish scheme has different, less lofty ambitions; while offering a safety net for those who cannot or choose not to work, it seeks to encourage the unemployed to take often low-paid or temporary jobs without fear of losing their benefits. Swiss voters rejected the concept of an unconditional minimum income for all last year, but authorities in the Netherlands, France, Canada and the U.S. state of California are among those looking at the possibility, though mostly at a local government level. Finland has gone further by launching a two-year nationwide pilot scheme. Last week, 2,000 randomly-chosen unemployed Finns got their first monthly payment of 560 euros ($597) under the trial in the Nordic country which is struggling to recover from a decade of economic stagnation. "The participants get this money, no matter what," said Marjukka Turunen at the Social Insurance Institution of Finland (KELA), which runs the programme. "They can ... stay at home on their couches and do nothing if they settle for this basic income." But Turunen, who heads KELA''s legal unit, said recipients could also top up the basic sum. "They can take on part-time jobs or start their own business," she told Reuters. The object is to tackle the "welfare trap" that afflicts many European economies - unemployed people often find they are better off on benefits than in work when it is available, creating a heavy burden on strained government budgets. For Juha Jarvinen, the scheme offers an escape. A formerly bankrupt entrepreneur and father of six, Jarvinen said he couldn''t believe his luck when he found out he had been chosen. "When I saw the letter, I felt like shouting yippee!" he told Reuters. Jarvinen, an artist and joiner, said he had been unemployed for five years as taking part-time work was unprofitable and he felt returning to self-employment would have been too risky. "I''m so relieved now that I can start doing something again. I can focus on developing my business without stressing about food," said Jarvinen, who lives in the small town of Kurikka, 300 km (180 miles) northwest of Helsinki. "UNFEASIBLE REFORM" The Finnish economy has struggled for the last decade due to a string of problems, including high labour costs, a decline of Nokia''s ( NOKIA.HE ) former mobile phone business and recession in neighbouring Russia, a major trade partner. Labour market data underline the welfare trap: the number of unfilled job vacancies has returned to its highest level since 2007, and yet unemployment remains at around 9 percent, with long-term joblessness rising. GRAPHIC - Finnish labour mismatch tmsnrt.rs/2iKifKr Following demonstrations and strikes over cuts to public spending and labour benefits in the past two years, the centre-right coalition government hopes Jarvinen and many others can get back to work. "Employers say they have problems finding employees for new positions. Unemployed people say ... even a small additional income either reduces their benefits significantly, or stops them altogether," said Social Affairs Minister Pirkko Mattila. "Basic income is one solution to this problem," she said in a speech last month. Nevertheless, the pilot has drawn criticism from economists, lawmakers and business lobbies. They variously argue that it is too narrow to yield credible conclusions, a waste of time and money, and an attempt to portray the government in a favourable light. Doubts exist even in the National Coalition Party, a member of the ruling coalition, that such a scheme would work if applied across society. "I wonder if everyone understands ... that the model of this experiment is unfeasible," said Juhana Vartiainen, one of the party''s lawmakers and a former head of the State Institute for Economic Research. Under the trial, the tax-free monthly payments replace unemployment benefits, with the difference being they will not be reduced or halted if the recipient earns extra income for working during the period. The monthly sum - roughly equal to the basic unemployment benefit that covers food, personal hygiene, clothing and other daily expenses - is supplemented, when necessary, with earnings-related benefits such as housing allowance. However, it is only roughly a quarter of the proposed basic income payment of 2,500 francs that Swiss voters rejected overwhelmingly in a referendum last October. Opponents of that plan, which included the Swiss government, said it would cost too much and weaken the economy. TAX-FREE PAYMENT Sceptics says the Finnish pilot is poorly designed. "This is a trial for a new kind of unemployment benefit, not for basic income. It targets only one population group, the unemployed, and lacks essential elements including taxation," said Markus Jantti, a professor of public economics at the University of Helsinki. "The trial should have included all population groups, which in turn would lead to a larger sample size to be effective." A working group of researchers had suggested having 10,000 participants, but the government viewed that as too expensive. The model with 2,000 jobless people is expected to cost a net 20 million euros. If the model were applied across Finland''s population of 5.5 million, it would need to be funded by raising taxes on middle- and high income-earners to ensure it cost no more than the existing system. Without the tax component, the model would cost 10-15 billion euros if spread to all Finns, Nordea bank economist Olli Karkkainen estimated. Finland already has some of the highest taxes in the world. State tax revenue equated to 44 percent of gross domestic product in 2015, compared with an average 34 percent for the wealthy nations of the OECD. With the basic income payments exempt from tax, the opposition accuses the government - which is nearing the mid-point of its four-year term - of trying to score party political points. "The government was in a hurry to get a feather in its cap," said Joona Rasanen, a member of parliament for the Social Democrats, a party opposed to the whole idea of basic income. "No matter what the results are, this model cannot be applied to the whole of society." The government is looking into extending the pilot to a larger group. According to a social affairs analyst, the government wanted to make sure the trial was well underway before the next general election in 2019 when the sceptical Social Democrats might return to power. "With that schedule, this was the best test environment that could be set up," said Markus Kanerva, managing director at Tänk think tank, who took part in the government-assigned research group. "There are no guarantees that the trial could be followed up during the next government term," he said, but added. "This should be experimented on with a longer timeframe." ($1 = 0.9376 euros) (Additional reporting by Attila Cser; editing by David Stamp)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-finland-basicincome-idUKKBN1521LD'|'2017-01-18T19:20:00.000+02:00'
'1ec5f85541552cea4b806af8ca2063a0c7363da1'|'BRIEF-Viavi Solutions approved restructuring, global workforce reduction plan on Jan. 15'|' 18am EST BRIEF-Viavi Solutions approved restructuring, global workforce reduction plan on Jan. 15 Jan 18 Viavi Solutions Inc : * Says on Jan 15, co approved a restructuring and global workforce reduction plan * Viavi Solutions Inc- company expects up to approximately 10% of its global workforce to be affected * Viavi Solutions Inc- company expects plan to be completed by end of Q2 of fiscal 2018 with significant portion completed by end of fiscal 2017 * Estimates it will incur total aggregate charges of up to approximately $30 million in connection with plan * Viavi Solutions Inc- company expects to recognize majority of total charges in q3 of fiscal 2017- sec filing Source text ( bit.ly/2jnmx96 )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F80DU'|'2017-01-18T20:18:00.000+02:00'
'c1eb107cf640d92c8eed61d72f3672f665b2c820'|'Regulation should not squeeze life out of euro zone banks - ECB''s Nouy'|'  11:06am GMT Regulation should not squeeze life out of euro zone banks - ECB''s Nouy Daniele Nouy, chair of the Supervisory Board of the European Central Bank, speaks at a Thomson Reuters newsmaker event at Canary Wharf in London November 28, 2014. REUTERS/Neil Hall FRANKFURT New European rules to prevent a repeat of the 2008 financial crisis should not "squeeze the life out banks" but rather stop them from taking on too much risk, the European Central Bank''s top bank supervisor said on Wednesday. The ECB is in charge of applying those rules for the large banks it supervises. "It goes without saying that the rules must not be so tight as to squeeze the life out of banks," Daniele Nouy said in Koblenz, Germany. "They should rather provide a strong framework that reins in excessive risk-taking, while allowing the market to function normally. And this is what has been achieved," she added. Addressing another widespread complaint among bankers, the chairwoman of the ECB''s supervisory board also said low central bank rates would take their toll on bank profits at some point. (Reporting By Francesco Canepa; Editing by Balazs Koranyi)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-banks-regulations-idUKKBN1521AQ'|'2017-01-18T18:06:00.000+02:00'
'820c4909bffdba0add694e87f96e5398890d9597'|'UK''s Co-op Christmas sales boosted by new membership scheme'|' 30am GMT UK''s Co-op Christmas sales boosted by new membership scheme A sign is seen outside a Co-operative retail store in east London, April 10, 2014. REUTERS/Toby Melville LONDON Britain''s Co-operative Group ( 42TE.L ), the mutually-owned supermarkets to funeral services group, enjoyed strong trading in the final quarter of 2016, it said on Wednesday, hailing the positive impact of a new membership scheme. The Co-op nearly collapsed in 2013 after a 1.5 billion-pound ($1.9 billion) funding "hole" was found in its banking operation. But it has recovered under Chief Executive Richard Pennycook, aided by the shift in Britons'' grocery shopping habits towards more frequent trips to smaller convenience stores. In September, Pennycook launched a new membership scheme targeting the recruitment of one million additional members and the handing back of more than 100 million pounds a year from 2018 to members and their local communities. Through the scheme, Co-op members receive a 5 percent reward for purchases they make on own-brand products and services, with a further 1 percent directly benefiting local causes. The mutual said underlying sales in its core convenience supermarket estate increased 4 percent year-on-year from Sept. 21 to Dec. 31, with total Co-op food like-for-like sales up 3.4 percent. The Co-op is Britain''s fifth largest grocer with a 6 percent market share, trailing Tesco ( TSCO.L ), Sainsbury''s ( SBRY.L ), Asda ( WMT.N ) and Morrisons ( MRW.L ). It said direct motor insurance sales increased 17 percent in the period year-on-year, while sales of pre-paid funeral plans were up 73 percent. The Co-op said the success of the membership scheme, with 400,000 new members in the four months since launch, had prompted it to accelerate its recruitment plans. The target for one million new members has been brought forward to the end of 2017. It currently has 4.1 million active members. Last week, Morrisons and Sainsbury''s reported better than expected Christmas trading, while Tesco also reported solid numbers. ($1 = 0.8123 pounds) (Reporting by James Davey; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-co-operative-outlook-idUKKBN1521FT'|'2017-01-18T18:30:00.000+02:00'
'f3e63aae6447a80cd09053803cefa5309aca8a01'|'New CFTC head to ease March 1 deadline for new derivatives rule'|'Commodities  20pm EST New CFTC head to ease March 1 deadline for new derivatives rule By John McCrank - NEW YORK NEW YORK The top U.S. derivatives and commodities regulator will take steps in the coming weeks to ease a March 1 deadline for financial firms to post cash to cover uncleared derivatives transactions, the incoming acting chairman of the agency said on Wednesday. The hard deadline is not realistic and smaller firms, including U.S. pension and retirement funds, may not be able to complete the process in time, said Christopher Giancarlo, the sole Republican commissioner at the U.S. Commodity Futures Trading Commission (CFTC). The result would be that those firms would have to stop hedging their portfolios at a time of rapid change in global financial rates and asset values, Giancarlo said in a speech at a derivatives conference in New York. Giancarlo will be acting head of the Commission after Jan. 20 and is widely expected to be named the permanent chairman. Beginning in March, financial firms will be expected to post a so-called "variation" margin on swaps trades that have not passed through a third-party clearing house to facilitate the trade. The rule is among the key global reforms agreed by world leaders at the height of the 2007-09 financial crisis aimed at making the $544 trillion derivatives market safer and more transparent. Last month, Singapore, Hong Kong and Australia said they would allow for a six-month phase-in of the new variation margin rules to allow for a smooth transition, said Giancarlo, who was previously an executive vice president at wholesale brokerage GFI Group. "As Acting Chairman, I also intend to look at solutions to ease the March first transition in a responsible manner," he said. "Look for the CFTC to have more to say about this in the weeks to come." (Reporting by John McCrank; Editing by David Gregorio) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-regulations-derivatives-idUSKBN1522IS'|'2017-01-19T00:14:00.000+02:00'
'b25401ca1f05da499a27eef8c934df0205d32720'|'Prominent Dutch lawyer Wakkie released in Spain'|'MADRID Jan 17 Prominent Dutch corporate lawyer Peter Wakkie has been released by Spanish police but remains under investigation after his arrest on Monday as part of a probe into the insolvency of Russian-Spanish telecom firm ZED+, a judicial source said.Wakkie''s spokesman Walter Samuels said Wakkie, who was appointed by a Dutch court in 2014 to be ZED+''s interim manager, had been interrogated for 14 hours by investigators before being released close to midnight."This was all very fake. Police were not clear about the charges," he said. Samuels added that he had only communicated briefly with Wakkie by text message since his release and was not sure of his current whereabouts.The source from the Spanish investigation said Spain''s anti-corruption prosecutor''s office was seeking to charge Wakkie with belonging to a criminal organisation and making false claims of insolvency.The charges have not yet been sent to an appointed examining judge to be approved, the source said, speaking anonymously.Wakkie, who was previously on the board of Dutch bank ABN Amro, was arrested at Madrid''s Barajas airport on Monday morning. (Reporting by Angus Berwick in Madrid and Toby Sterling in Amsterdam; Editing by Julien Toyer and Andrew Roche)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/spain-arrest-idINL5N1F72M7'|'2017-01-17T08:26:00.000+02:00'
'3451d98256196c5904a93c786cd05d2e03942cba'|'Nikkei touches lowest level since early December'|'* Safe-haven yen gains ahead of British PM May''s Brexit speech* Investors weigh Trump''s promises ahead of Friday''s inaugurationTOKYO Jan 17 Japan''s Nikkei share average skidded to its lowest levels since early December on Tuesday, undermined by a resurgent yen as well as profit-taking.Investors were bracing for a speech by U.K. Prime Minister Theresa May later in the global session as well as Friday''s inauguration of U.S. President-elect Donald Trump.The Nikkei was down 0.7 percent in morning trading, after falling as low as 18,849.06 earlier, its deepest nadir since Dec. 9.U.S. markets were closed on Monday for Martin Luther King Jr. Day and reopen on Tuesday.The dollar was down 0.1 percent at 114.07 after dropping as low as 113.61 yen on Monday, its lowest level since early December and well below its post-U.S. election peak of 118.605.Risk aversion bolstered the perceived safe-haven yen ahead of May''s speech, in which she will set her priorities for Britain''s upcoming exit from the European Union which many fear will be a "hard Brexit.""Europe is going to be dominating the headlines today, and the focus is justifiably on May''s speech, and also on the interviews that Trump gave to European newspapers," said Stefan Worrall, director of Japan equity sales at Credit Suisse in Tokyo.Friday''s inauguration also remains fixed on investors'' radar, as they weigh the potential fallout of Trump''s protectionist pledges against his other promises.Global stocks got a lift after Trump was elected in November on perceptions that his administration would embark on infrastructure spending and growth-boosting stimulus. Those expectations also pushed up the dollar on speculation that Trump''s policies would stoke inflation, and prompt the Federal Reserve to hike interest rates at a faster pace.Worrall said a clearer idea of how Trump is going to conduct his administration, and a greater understanding of the focus of his policy in the immediate post-inauguration period, are shifting investors'' focus.In an interview with German newspaper Bild, published on Monday, Trump criticised German carmakers and warned he would impose a border tax of 35 percent on vehicles imported to the U.S. market."Optimism and hope are easing, and reality bites," Worrall said.Financial shares weakened, with the Tokyo Stock Exchange''s banking subindexes down 1.4 percent and the securities subindex down 1 percent.The broader Topix was 0.8 percent lower at 1,518.72, while the JPX-Nikkei Index 400 was also down 0.8 percent at 13,611.42. (Reporting by Tokyo markets team; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1F718T'|'2017-01-16T22:46:00.000+02:00'
'6f413160927555c94d46f37ab2368cb8745930da'|'BRIEF-NEWTEK SMALL BUSINESS FINANCE TO INCREASE ITS REVOLVING CREDIT FACILITY FROM $50 MLN TO $75 MLN'|'Company News   11:13am EST BRIEF-NEWTEK SMALL BUSINESS FINANCE TO INCREASE ITS REVOLVING CREDIT FACILITY FROM $50 MLN TO $75 MLN Jan 17 Newtek Business Services Corp * NEWTEK SMALL BUSINESS FINANCE TO INCREASE ITS REVOLVING CREDIT FACILITY FROM $50 MILLION TO $75 MILLION * UNIT NEWTEK SMALL BUSINESS FINANCE, LLC SIGNED LETTER OF INTENT TO REDUCE BORROWING RATE * NEGOTIATED A REDUCTION IN OUR BORROWING RATE WHICH WE EXPECT WILL RESULT IN AN APPROXIMATE 1% REDUCTION IN OUR INTEREST RATE SOURCE TEXT FOR EIKON: FURTHER COMPANY COVERAGE: Next In Company News UPDATE 1-Trump adviser warns of risks to U.S. economy of strong dollar DAVOS, Switzerland, Jan 17 A senior adviser to Donald Trump warned about the risks of a stronger dollar at the World Economic Forum on Tuesday, saying it could make it more difficult for the president-elect to deliver on his promise to revitalise the U.S. economy. BMW urges Britain to retain tariff-free access to EU single market LONDON, Jan 17 German carmaker BMW, which builds its Mini model in Britain, said on Tuesday it was best for business for the UK to be in the single market and urged London to ensure the country retained tariff-free access to the bloc. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASC09R3I'|'2017-01-17T23:13:00.000+02:00'
'c7829149a9fd558691d5f5e9f64b39d66d1ae686'|'BRIEF-Jeld-Wen Holding sees IPO of 25 mln shares priced at $21-$23 per share'|' 30am EST BRIEF-Jeld-Wen Holding sees IPO of 25 mln shares priced at $21-$23 per share Jan 17 (Reuters) - * Jeld-Wen Holding Inc sees IPO of 25 million shares priced between $21.00 and $23.00 per share - SEC filing * Jeld-Wen Holding Inc says it is selling 22.3 million shares of common stock, while selling stockholders are selling 2.7 million shares of common stock * Jeld-Wen Holding Inc says it will not receive any of the proceeds from the shares of common stock sold by the selling stockholders * Jeld-Wen Holding - After completion of offering, funds managed by Onex Partners manager and its affiliates will own about 63.4 percent of co''s common stock Source text: bit.ly/2j4dmJL   EU mergers and takeovers (Jan 17) BRUSSELS, Jan 17 The following are mergers under review by the European Commission and a brief guide to the EU merger process:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F70ET'|'2017-01-17T18:30:00.000+02:00'
'924c751c23b5a4ddd9f397faffa502d50c2ef059'|'BP Whiting refinery operating normally after minor upset - source'|'Business News - Tue Jan 17, 2017 - 2:39pm GMT BP Whiting refinery operating normally after minor upset - source Spectators are seen reflected in a British Petroleum sponsors building in Olympic Park at the London 2012 Paralympic Games September 6, 2012. REUTERS/Toby Melville/File Photo HOUSTON BP Plc''s ( BP.L ) 413,500 barrel per day (bpd) Whiting, Indiana, refinery was operating normally on Tuesday following a minor upset, said a source familiar with plant operations. Energy industry intelligence service Genscape said the Whiting refinery used its safety flare system for about 15 minutes early on Tuesday morning. (Reporting by Erwin Seba; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-refinery-operations-bp-idUKKBN15122W'|'2017-01-17T21:39:00.000+02:00'
'a58459035a4ce3069062b9a45d151747f9e9ce4e'|'Burkina Faso minister estimates 2016/17 cotton crop at 750,000 tonnes vs 600,000T in 2015/16'|'PARIS Jan 16 Burkina Faso estimates it will produce 750,000 tonnes of raw cotton in the 2016/17 season, up from the previous harvest of 600,000 tonnes, the country''s agriculture minister said on Monday.Jacob Ouedraogo told reporters in Paris that good production had been helped by good rain, but that quality was also better compared with previous genetically modified (GM) crops.He added that Burkina growers had reverted 100 percent to non-GM cotton for the 2016/2017 crop, and that talks were underway with U.S. seed maker Monsanto over compensation for crop quality problems blamed on GM cotton.(Reporting by Gus Trompiz; Writing by John Irish; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cotton-burkina-production-idUSL5N1F63WD'|'2017-01-16T18:17:00.000+02:00'
'261ae14da3dcd0c1417f1d805c3d30102955b47f'|'Fitch Rates Philippines'' USD Bond ''BBB-(EXP)'''|'Financials  30am EST Fitch Rates Philippines'' USD Bond ''BBB-(EXP)'' (The following statement was released by the rating agency) HONG KONG, January 18 (Fitch) Fitch Ratings has assigned the Philippines'' forthcoming US dollar-denominated bonds an expected rating of ''BBB-(EXP)''. The Philippines intends to use the proceeds from the bond sale to pay the purchase price and accrued interest of its own securities repurchased in an associated debt management operation. Residual proceeds may be used for general budget financing purposes. KEY RATING DRIVERS The expected rating is in line with the Philippines'' Long-Term Foreign-Currency Issuer Default Rating (IDR) of ''BBB-'' with a Positive Outlook. RATING SENSITIVITIES The rating would be sensitive to any changes in the Philippines'' Long-Term Foreign-Currency IDR. On 8 April 2016, Fitch affirmed the Philippines'' Long-Term Foreign-Currency IDR at ''BBB-'' with a Positive Outlook. The Long-Term Local-Currency Rating is also ''BBB-'' with a Positive Outlook. Contact: Primary Analyst Sagarika Chandra Associate Director +852 2263 9921 Fitch (Hong Kong) Ltd 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Mervyn Tang Director +852 2263 9944 Committee Chairperson Jan Friederich Senior Director +852 2263 9910 Date of Relevant Committee: 7 April 2016 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Country Ceilings- Effective from 20 August 2015 to 16 August 2016 (pub. 20 Aug 2015) here Sovereign Rating Criteria - Effective from 12 August 2014 to 26 May 2016 (pub. 12 Aug 2014) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch''s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986609'|'2017-01-18T13:30:00.000+02:00'
'd6c6bc6803923760c68c01d7f14a703df0272af3'|'Fitch Rates Huarong''s USD Notes MTN Programme ''A(EXP)'''|'Financials   3:44am EST Fitch Rates Huarong''s USD Notes MTN Programme ''A(EXP)'' (The following statement was released by the rating agency) HONG KONG, January 18 (Fitch) Fitch Ratings has assigned Huarong Finance 2017 Co., Ltd.''s proposed issue of US dollar senior unsecured notes under its USD10bn medium-term note (MTN) programme an expected rating of ''A(EXP)''. Huarong Finance 2017 Co., Ltd. is wholly owned by China Huarong International Holdings Limited (Huarong International), which is wholly owned by China Huarong Asset Management Co., Ltd. (China Huarong; A/Stable). The final rating on the proposed US dollar notes is contingent upon the receipt of final documents conforming to information already received. KEY RATING DRIVERS China Huarong is credit-linked to the Chinese sovereign (A+/Stable) and rated one notch below the sovereign, reflecting the company''s state-ownership and strong control by the authorities. China Huarong''s strategic ties with the state mean there is a strong likelihood the company would receive extraordinary support from the sovereign, if needed. The notes under the MTN programme are unconditionally and irrevocably guaranteed by Huarong International. The notes will be senior unsecured obligations of Huarong International and will rank pari passu with all its other senior unsecured obligations. In place of a guarantee, China Huarong has granted a keepwell deed and a deed of equity interest purchase, investment and liquidity support undertaking to ensure Huarong International has sufficient assets and liquidity to meet its obligations under the guarantee for the securities under the MTN programme. The notes are rated at the same level as China Huarong''s Issuer Default Rating (IDR) due to the strong link between China Huarong and Huarong International and because the keepwell deed and deed of equity interest purchase, investment and liquidity support undertaking transfer the ultimate responsibility of payment to China Huarong. In Fitch''s opinion, both the keepwell deed and the deed of equity interest purchase, investment and liquidity support undertaking signal a strong intention from China Huarong to ensure Huarong International has sufficient funds to honour the debt obligations. The agency also believes China Huarong intends to maintain its reputation and credit profile in the international offshore market and is unlikely to default on offshore obligations. Additionally, a default by Huarong International could have significant negative repercussions on China Huarong for any future offshore funding. China Huarong was established in 1999 and is one of four big asset management companies approved and set up by the State Council to safeguard the country''s economic and financial stability. RATING SENSITIVITIES Any rating action on China Huarong''s IDR would result in similar action on the ratings of the programme and rated notes. Positive or negative rating action on China Huarong''s IDR could result from similar action on the sovereign. Stronger explicit support could lead to the ratings being aligned with those of the sovereign. Any significant dilution of China Huarong''s core activities in the acquisition and management of non-performing assets could lead to wider notching. Significant changes to China Huarong''s strategic importance or a dilution of the state''s shareholding in the entity, resulting in a loss of control, or a change in the current approach applied, resulting in China Huarong no longer being classified as a dependent entity, could widen the notching down from the sponsor''s rating. Contact: Primary Analyst Terry Gao Director +852 2263 9972 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central Hong Kong Secondary Analyst Jean Luo Associate Director +852 2263 9952 Committee Chairperson Guido Bach Senior Director +49 69 768076 111 Date of Relevant Rating Committee: 5 January 2017 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria International Local and Regional Governments Rating Criteria - Outside the United States (pub. 18 Apr 2016) here Rating of Public-Sector Entities - Outside the United States (pub. 22 Feb 2016) here Treatment and Notching of Hybrids in Non-Financial Corporate and REIT Credit Analysis (pub. 29 Feb 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986650'|'2017-01-18T15:44:00.000+02:00'
'8a5b3cf935d60c7a4bb5291de0efca2c2d1cfb45'|'Greece concludes sale of TRAINOSE to Italian railways'|'ATHENS Greece on Wednesday concluded the sale of its rail company TRAINOSE to Italy''s state railways Ferrovie dello Stato for 45 million euros ($48.1 million), the country''s privatization agency said.Athens had been trying to sell the asset since 2013 but government changes and political hurdles held up the sale.Without the sale, TRAINOSE would have had to return more than 700 million euros in state aid to the European Union, forcing it to shut.Privatizations are a condition of Greece''s latest international bailout but its protracted economic crisis has sapped investor interest.(Reporting by Karolina Tagaris, editing by George Georgiopoulos)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eurozone-greece-privatisation-railway-idINKBN15218S'|'2017-01-18T07:48:00.000+02:00'
'3f140f5544b87bf7c0aa5efb34c3180501c65030'|'Sanpower launching fund to acquire cinemas in China, targets $435 million - sources'|'By Julie Zhu - HONG KONG HONG KONG Chinese conglomerate Sanpower Group is launching a fund with a 3 billion yuan ($435 million) target that will be used to acquire up to 150 domestic cinemas in a bet on rapid growth in the country''s movie market, two sources with direct knowledge of the matter said.Sanpower is in talks with several domestic institutional investors, including banks and investment funds, for contributions, the sources told Reuters. The privately-owned conglomerate itself will commit 20 percent to 30 percent of the fund''s capital, they said, adding it is expected to close in the second half of 2017.The Nanjing-based group, founded by its billionaire chairman Yuan Yafei in 1993, shot into international prominence in 2014 after buying Britain''s high-street retailer House of Fraser. It has spent about $4.2 billion on domestic and outbound acquisitions over the past two years, data compiled by Thomson Reuters showed.Sanpower''s maiden entertainment industry buyout fund will enable it to raise external private capital to support its acquisition spree without dipping into its own balance sheet or seeking debt-funding.The fundraising comes as Sanpower is seeking to diversify from a focus on property, retail and healthcare and tap into cinema-crazy China, which is poised to become the world''s largest movie market by box-office revenue in the next few years, overtaking the United States.But after a surge in recent years, the growth rate of China''s movie market is cooling, with total ticket sales rising just 3.7 percent in 2016 to 45.7 billion yuan amid a crackdown on box-office fraud, after a 49 percent jump in 2015.Sanpower, which is already building about 10 cinemas that will open in 2017 and 2018 in a few tier-two cities like Nanjing, aims to buy between 120 to 150 cinemas across China over the next three years, the sources said.The group, when contacted, confirmed the plan for the fund but declined to give details. The sources declined to be identified as the fundraising plans are confidential.Sanpower has more than 100 subsidiaries, including Shanghai-listed retail arm Nanjing Xinjiekou, one of China''s oldest department stores. It employs over 100,000 people in industries ranging from retail to real estate with assets worth over 100 billion yuan, according to its website.Last week, it agreed to buy the Dendreon cancer treatment business from Canada''s Valeant Pharmaceuticals International Inc for $820 million.($1 = 6.8986 Chinese yuan renminbi)(Reporting by Julie Zhu; Editing by Denny Thomas and Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sanpower-m-a-idINKBN1520JF'|'2017-01-18T03:19:00.000+02:00'
'28875a019c8625e8cc87c1f599ecb8681f7877f5'|'Brazil''s Odebrecht settling bribe cases in 12 countries'|'Business   10:01pm EST Brazil''s Odebrecht settling bribe cases in 12 countries A sign of the Odebrecht Brazilian construction conglomerate is seen at their headquarters in Lima, Peru, January 5, 2017. REUTERS/Mariana Bazo By Aluisio Pereira - BRASILIA BRASILIA Brazil''s largest engineering conglomerate Odebrecht SA [ODBES.UL] plans to reach settlements in all 12 countries where it has admitted to paying bribes to obtain contracts, two sources with knowledge of the matter told Reuters on Tuesday. The family-owned firm signed a $1.94 billion leniency deal with U.S., Swiss and Brazilian prosecutors in December for its involvement in a massive bribery and political kickback scheme and is striving to survive as a multinational concern by negotiating deals in a dozen other countries where it operated. "The company hopes to complete this process by mid-year," one of the sources said, requesting anonymity because he was not authorized to speak on the matter. A second source confirmed the information. Since December, Odebrecht has agreed to pay $32 million to the government of Colombia, $59 million to the Panamanian government and $8.9 million to Peru''s as investigations of bribes paid to officials are under way in the three countries. "The company has to pass through this phase if it is to return to growth," one of the sources said. He declined to details the costs of further settlements in the works. Fitch credit rating agency downgraded Odebrecht''s engineering unit Odebrecht Engenharia e Construcao S.A.''s (OEC) from B- to CC on Tuesday, saying the global plea deal the company signed in December had not improved its situation. Instead it has "exacerbated OEC''s reputational risk and triggered a series of investigations in some countries where the company operates," Fitch said. Corruption probes in Colombia, Ecuador, Panama and Peru will probably result in the stoppage of projects under construction, suspension from participation in new public biddings and the payment of fines, the agency said. Fitch said OEC continues to support its parent, a cash burn that further pressures its liquidity. The sources that spoke to Reuters, however, said the rating downgrade will not impact management of the company''s debt that stood at $3.4 billion at the end of September, because the main payments are not due until 2025 when a $519 million tranche is due. OEC said in a statement that the Fitch rating change will not affect the current cost of financing its debt. The company said it had a portfolio of projects worth $21.3 billion in September, which will shrink because some have been finished with no new contracts coming in. "The company is taking steps to clean its reputation and it will have to shrink now to be able to grow again in the future," one of the sources said. (Reporting by Aluisio Pereira; Writing by Anthony Boadle; Editing by Lisa Shumaker) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-corruption-odebrecht-idUSKBN15209G'|'2017-01-18T09:44:00.000+02:00'
'f45c5c90e70437911ac7534cfab5c184fefd6315'|'Berkshire Hathaway unit buys big NYC-area real estate firm'|'Deals  55pm EST Berkshire Hathaway unit buys big NYC-area real estate firm Berkshire Hathaway shareholders walk by a video screen at the company''s annual meeting in Omaha May 4, 2013. REUTERS/Rick Wilking/File Photo By Jonathan Stempel - NEW YORK NEW YORK HomeServices of America Inc, a unit of Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ), on Tuesday said it has purchased the Houlihan Lawrence residential real estate firm, its second foray into the New York City area this month. The purchase by HomeServices, the second-largest U.S. residential real estate brokerage, was disclosed eight days after its majority-owned Berkshire Hathaway HomeServices unit announced the opening of its first New York City office. Terms of Tuesday''s transaction were not disclosed. Established in 1888 and based in Rye Brook, New York, Houlihan Lawrence has 1,300 employees and 30 offices serving the counties of Westchester, Putnam, Dutchess, Orange and Ulster in New York, and Fairfield in Connecticut. It said sales volume totaled $6.7 billion last year. Ron Peltier, chief executive of HomeServices, said in an interview that while there have been signs of softness in the New York-area luxury housing market, millennials and first-time buyers have shown greater interest in buying homes. "Houlihan Lawrence is a very prestigious, well-run and well-established company. It is a wonderful way for us to enter the marketplace," Peltier said. "Even though the market may be experiencing a bit of a slowdown, it is going to be temporary." Stephen and Chris Meyers, who are respectively chief executive and managing principal of Houlihan Lawrence, will remain, while their sister Nancy Seaman will step aside as chairman, the brokerage said. HomeServices said it now has nearly 29,500 employees in close to 570 offices in 28 U.S. states, and that residential sales volume topped $93 billion in 2016. The Minneapolis-based brokerage was started in 1998, and has gradually entered the Westchester market in recent years. Buffett has run Berkshire since 1965. His Omaha, Nebraska-based conglomerate''s more than 90 businesses include insurers, chemical and energy companies, food and apparel companies and a railroad. (Reporting by Jonathan Stempel in New York; Editing by David Gregorio) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-houlihan-lawrence-m-a-berkshire-hatha-idUSKBN15135C'|'2017-01-18T05:52:00.000+02:00'
'c0a567d5cf1eaa5fa767881ccf2695084951ad1f'|'Ross''s confirmation as US commerce secretary won''t affect Bank of Cyprus holdings'|'Financials  44am EST Ross''s confirmation as US commerce secretary won''t affect Bank of Cyprus holdings ATHENS Jan 19 The confirmation of billionaire investor Wilbur Ross as U.S. Commerce Secretary will not affect his investment fund''s shareholdings in the Bank of Cyprus , WL Ross fund management company said on Thursday. Responding to media speculation about WL Ross fund holdings in Bank of Cyprus group and Wilbur Ross''s role as vice-chairman of the bank, his company said it would remain "actively involved" with the bank. "WL Ross & Co is in discussions with the bank regarding Wilbur Ross''s replacement on the board should he be confirmed," it said. "WL Ross & Co. is pleased with the progress that Bank of Cyprus'' management team is making regarding the execution of its strategy and looks forward to continuing to work together." (Reporting by George Georgiopoulos; Editing by Susan Fenton) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/bankcyprus-ross-idUSL5N1F91XE'|'2017-01-19T15:44:00.000+02:00'
'40aea9efe669219e0801852f1cca9cb3003fb14b'|'Friday afternoon conveyancing fraud, plus the merits of 10-year mortgages - Money - The Guardian'|'Hello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed.Money news Royal Albert Hall called a ‘national disgrace’ over members’ ticket resales Bleak trend of low, part-time wages in UK is revealed UK housing market falters as estate agents become less optimistic Grandparents miss out on tax credits that could boost state pension Link cash machines may start charging because of row about network fees FeatureTake the long view with a 10-year fixed-rate mortgage Facebook Twitter Pinterest Got the key … but the secret is to work out what ongoing fees and potential rate changes might cost. Photograph: Alamy Stock Photo In pictures Homes in which to sit out the perils of 2017 Facebook Twitter Pinterest The basement of this six-bedroom house in Coombe Bissett, Wiltshire, was kitted out as a nuclear bunker during the cold war years of the 1980s. Photograph: Hamptons International In the spotlight ‘Friday afternoon fraud’ is an email scam that is the No 1 cybercrime in the legal sector. Rupert Jones reports .Facebook Twitter Pinterest Charity worker Howard Mollett was cheated out of his life savings after hackers posed as the solicitor he was using to buy his first house. Photograph: David Levene for the Guardian Consumer champions We planned a dream honeymoon, but Thomson turned it into a nightmare Virgin season ticket means I can reserve a seat, so why am I forced to stand? Debenhams fails to deliver Christmas flowers and ignores my complaint Wrong information on Google flight card meant we missed our flight Money deals Save 10% on Guardian travel insurance , provided by Voyager – use the code WIN10 before 31 January 2017 to claim your discount.Get competitive exchange rates and free online transfers when you send money overseas with the Guardian money transfers service , provided by Moneycorp.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/19/friday-afternoon-conveyancing-fraud-10-year-mortgages'|'2017-01-19T21:49:00.000+02:00'
'66e733fc06a26cbce5d8a7527267e09231a0170a'|'Malaysia to offer reward for missing Flight MH370'|'World News   6:25am EST Malaysia to offer reward for missing Flight MH370 A family member of a passenger aboard Malaysia Airlines flight MH370 which went missing in 2014 reacts during a protest outside the Chinese foreign ministry in Beijing, July 29, 2016. The hat reads ''''Pray for MH370'''' REUTERS/Thomas Peter/Files KUALA LUMPUR Malaysia said on Thursday it would pay a reward to any private company that found the fuselage of missing Malaysia Airlines Flight MH370, days after a fruitless, three-year hunt was suspended. Australia, Malaysia and China ended the search for the aircraft on Tuesday, leaving one of the world''s greatest aviation mysteries unanswered. The Boeing 777 jet disappeared in March 2014, en route to Beijing from the Malaysian capital of Kuala Lumpur, with 239 people on board. Malaysian Deputy Transport Minister Abdul Aziz Kaprawi said the government was open to credible private companies searching for it, and would reward any that found its fuselage. "All costs must be borne by them. We will only reward them if they are successful," Abdul Aziz told Reuters. He said the size of the reward had not been decided. Any company intending to search should contact the government, and a decision would then be made on the reward, he said. The search of a 120,000 sq km (46,000 sq mile) area of the Indian Ocean cost about A$200 million ($150 million). But the three countries involved were reluctant to keep looking without new evidence about the plane''s final resting place. Flight MH370 lost contact over the Gulf of Thailand in the early hours of March 8, 2014. Subsequent analysis of radar and satellite contacts suggested someone on board may have deliberately switched off the plane''s transponder before diverting it thousands of kilometers out over the Indian Ocean. Since the crash, there have been competing theories over whether the plane was hijacked and whether it was under the control of anyone when it finally ran out of fuel. ''NOT HAPPY'' The end of the underwater search drew swift and angry reactions from relatives of those on board, who have repeatedly called for the hunt to be expanded. "We know the next-of-kin are not happy when we suspended the search," said Abdul Aziz. "We can''t proceed until there is new evidence, but if there are credible companies that want to take on the search, then why not?" he said. The only confirmed traces of the plane have been three pieces of debris found washed up on the island country Mauritius, the French island Reunion and an island off Tanzania. As many as 30 other pieces of wreckage found there and on beaches in Mozambique, Tanzania and South Africa are suspected to have come from the plane. On Wednesday, Australia said it was not ruling out a future underwater search. Malaysia holds ultimate responsibility for the search given Malaysia Airlines is registered there. The aircraft is thought to have crashed west of Australia, placing it in its maritime zone of responsibility. Most of the passengers were from China. Abdul Aziz said the search costs had been borne by the three countries while the aircraft-maker, Boeing, had not committed anything. "There''s been no funding from Boeing," he said. Boeing said in a statement it provided technical expertise and assistance, principally as advisers to government investigative authorities. "In addition, at the direction and under the supervision of investigating authorities, Boeing provides exemplar hardware, testing analysis and laboratory services," the company said. (Reporting by Praveen Menon; Additional reporting by Clara Ferreira Marques; Editing by Robert Birsel) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-malaysia-airlines-mh-idUSKBN1531KO'|'2017-01-19T18:23:00.000+02:00'
'9bb7fccc624e5a5e9ce6d9e71b93731540866ef3'|'Cameco expects to report net loss for 2016, cut jobs at uranium mines'|'Business News - Tue Jan 17, 2017 - 7:35pm EST Cameco expects to report net loss for 2016, cut jobs at uranium mines A view of Cameco''s Cigar Lake uranium mine site in northern Saskatchewan September 3, 2010. REUTERS/David Stobbe Canadian uranium producer Cameco Corp ( CCO.TO ) ( CCJ.N ) on Tuesday said it expected its 2016 adjusted profit to be significantly lower than analysts'' estimates and also said it would cut 120 jobs at three of its uranium mines in 2017. The Saskatoon, Canada-based company said it expects to report a net loss for 2016 citing asset impairments resulting from fair market assessments at the end of the year. The average estimate among Reuters'' analysts was a profit of 86 cents per share for 2016. Cameco said it plans to reduce workforce at the McArthur River, Key Lake and Cigar Lake operations by 10 percent. "The current earnings expectations do...reflect the consequences of a continued weak uranium market and our resolve to make the necessary decisions to defend and preserve our core uranium business for the long-term benefit of our stakeholders," Chief Executive Officer Tim Gitzel said in a statement. Cameco reported a 35 percent rise in uranium sales in the quarter ended Sept. 30, even at a time when uranium prices are near multiyear lows. Excess supplies has kept uranium prices at record lows, forcing mining companies to mothball mines, slice costs and cut debt as they struggle to survive. (Reporting by Gayathree Ganesan in Bengaluru) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-cameco-outlook-idUSKBN152026'|'2017-01-18T07:35:00.000+02:00'
'a41b9b94f311b31fe61d568d1b75be17e0a32ead'|'Liberty Global says Vodafone joint venture is not a deal blueprint'|'DAVOS, Switzerland International cable TV group Liberty Global''s ( LBTYA.O ) joint venture with Vodafone ( VOD.L ) in the Netherlands has started well but is not a blueprint for deals in other European markets where both are present, its CEO said on Wednesday.Liberty and Vodafone agreed to join forces in the Netherlands in February, soon after talks on a European asset swap deal were abandoned.Analysts, however, have said that a wider tie-up still makes sense as the fixed and mobile markets converge to supply customers with a bundle of pay TV, broadband and fixed and mobile telecoms services."I don''t see us doing those types of structural transactions in other markets," Liberty Global CEO Mike Fries said at the World Economic Forum in Davos, though he did not rule out doing anything else with the mobile operator.Fries said there was a match between the size of the assets and the companies'' market positions in the Netherlands that wasn''t present in other markets, and there were few other strategic options in the country."It''s only been three weeks, but I will tell you we''re encouraged," Fries said of the Dutch joint venture."We will immediately start looking at products and services that are quad play in nature and we have a management team that is the best of both."Quad play products combine pay TV, broadband and fixed and mobile telecoms.(Reporting by Martinne Geller; Writing by Paul Sandle; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-liberty-global-vodafone-idINKBN152292'|'2017-01-18T13:16:00.000+02:00'
'1150e8501fbd64f2f9d455f76ffc6603e247dcaa'|'Goldman could move up to 1,000 London staff to Frankfurt - Handelsblatt'|'  7:33pm GMT Goldman could move up to 1,000 London staff to Frankfurt - Handelsblatt FILE PHOTO - A view of the Goldman Sachs stall on the floor of the New York Stock Exchange in New York, U.S. on July 16, 2013. REUTERS/Brendan McDermid/File Photo BERLIN Goldman Sachs ( GS.N ) is considering moving up to 1,000 staff from London to Frankfurt because of concerns over Britain''s vote to leave the European Union, Germany''s Handelsblatt newspaper reported on Thursday, citing financial sources. The U.S. bank is considering halving its London staff to 3,000 and moving key operations to New York and continental Europe, particularly Frankfurt, the paper reported. Staff moving to Frankfurt would include traders and managers responsible for regulation and compliance, the paper''s sources said. Back-office personnel would move to Warsaw and investment bankers who advise French and Spanish companies would move to those countries. Earlier on Wednesday, UBS ( UBSG.S ) said that about 1,000 of the Swiss bank''s 5,000 employees based in London could be affected by the so-called Brexit, while HSBC ( HSBA.L ) said the bank could relocate 1,000 staff to Paris. For the original story click here: [ here ] (Reporting by Emma Thomasson; Editing by David Goodman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-goldman-sachs-frankfurt-idUKKBN1522SS'|'2017-01-19T02:33:00.000+02:00'
'91ee327cc472b14dd5e2306dc238c95fa30f8d93'|'Shell bolsters offshore wind interests with bid in U.S. tender'|'Business News - Wed Jan 18, 2017 - 5:54pm GMT Shell bolsters offshore wind interests with bid in U.S. tender The logo of Royal Dutch Shell plc is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. REUTERS/Lucas Jackson LONDON Royal Dutch Shell ( RDSa.L ) has been shortlisted by the U.S. government to make a bid for an offshore wind project licence in the waters off North Carolina, as it comes under pressure from shareholders to diversify into green energy. Shell, as well as Norway''s Statoil ( STL.OL ), qualified to participate in the upcoming leasing round offshore Kitty Hawk, the U.S. interior ministry said on Tuesday. The lease award is set for March 16. Shell''s core business of producing oil and gas is reeling after more than two years of weak prices. The company has limited experience in building offshore wind farms but last month won a bid to build a 700-megawatt offshore wind farm in the Netherlands, together with more experienced partners. Statoil is also increasing its presence in the sector and last month secured a lease to build a wind farm offshore New York. Energy companies Avangrid Inc ( AGR.N ) and Enbridge Inc ( ENB.TO ) were also among the shortlisted firms. (Reporting by Karolin Schaps; editing by Susan Thomas) Next In Business News HSBC, UBS to shift 1,000 jobs each from UK in Brexit blow to London DAVOS, Switzerland Two of Europe''s biggest banks warned on Wednesday they could each move around 1,000 jobs out of London, in the clearest sign yet of how financial firms are preparing for disruption caused by Britain''s exit from the European Union.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-renewables-usa-idUKKBN1522M5'|'2017-01-19T00:54:00.000+02:00'
'd8a856b42d8d93220a2fe2429bf07dab29accd9f'|'UK competition watchdog may accept proposed remedies for Mastercard takeover of Vocalink'|'Deals  24am GMT UK competition watchdog may accept proposed remedies for Mastercard takeover of Vocalink LONDON Britain''s competition watchdog said on Wednesday that Mastercard''s ( MA.N ) proposals might be acceptable in addressing its concerns over the acquisition of payments processing company Vocalink. The Competition and Markets Authority (CMA) said it had until March 15 to consider whether to accept the proposed undertakings, although it may decide to extend this deadline by two months if it decides that there are special reasons for doing so. (Reporting by Dasha Afanasieva; Editing by Susan Fenton) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-mastercard-vocalink-merger-cma-idUKKBN1520OM'|'2017-01-18T14:23:00.000+02:00'
'e7a7730e28fc9465b917dc556958309ff3ce2546'|'UPDATE 1-Argentina sells more-than-expected $7 bln in dollar bonds'|'(Adds comment, comparison to launch price, background on Argentina financing plan)BUENOS AIRES Jan 19 Argentina sold $7 billion in 5-year and 10-year dollar bonds in the international market at interest rates of 5.625 percent and 7 percent, respectively, the Finance Ministry said in a statement on Thursday.The sale was larger than the $3 billion to $5 billion Finance Minister Luis Caputo said last week that the government sought and goes a long way toward meeting Argentina''s goal to tap international markets for $10 billion this year.It included $3.25 billion in five-year bonds and $3.75 billion in 10-year bonds, matching the amount and interest rate at the bond''s launch, reported earlier on Thursday by Thomson Reuters publication IFR. The bond was more than three times oversubscribed, with total orders for some $22 billion."Now that they have issued these bonds they can time the market from a position of strength, because they don''t have to issue tomorrow," said Jorge Piedrahita, CEO of broker Torino Capital in New York. (Reporting by Luc Cohen; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-bonds-idINL1N1F91VB'|'2017-01-19T16:52:00.000+02:00'
'c45e182a8ca4206d738753f69585c06c9acf8e30'|'Russia''s VTB CEO says Trump should first lift sanctions against banks'|'Business News  26pm IST Russia''s VTB CEO says Trump should first lift sanctions against banks The logo of VTB bank is seen at a branch office in Vienna, Austria, September 5, 2016. REUTERS/Heinz-Peter Bader MOSCOW U.S. President-elect Donald Trump should first scrap penalties against Russian banks when considering lifting other sanctions against Moscow, chief executive with Russia''s No.2 bank VTB ( VTBR.MM ) said on Thursday. Andrei Kostin, who heads the VTB bank included into the Western sanction list in 2014, said he expected the Russian central bank to cut its key interest rate to 8.5-8 percent by the end of 2017 from 10 percent at present. Speaking at a panel discussion at the World Economic Forum in Davos, Kostin added that consumer inflation in Russia may slow below the central bank''s target of 4 percent by the end of the year. (Reporting by Katya Golubkova; Editing by Andrey Ostroukh) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-davos-meeting-vtb-idINKBN1531FD'|'2017-01-19T17:54:00.000+02:00'
'77a47effc0827bb2cd3835a14690bf0a32dfe0ba'|'May plays down sterling weakness - Bloomberg'|'Business News - Thu Jan 19, 2017 - 5:10pm GMT May plays down sterling weakness - Bloomberg Britain''s Prime Minister Theresa May attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich LONDON Britain''s Prime Theresa May played down recent falls in sterling in a television interview on Thursday, saying data since Britain voted to leave the European Union pointed to underlying strength in the economy. "We have seen different movements in the pound over the last six months. But what we have also seen through the other economic data ... is the strength of the UK economy," May said in an interview with Bloomberg TV when asked if she feared the pound could hit parity against the U.S. dollar. Sterling fell to one of its lowest levels against the dollar in more than 30 years on Monday in the run-up to a major speech by May on Britain''s future relations with the EU. May also said Britain would publish plans to tackle the potential threat to national security from foreign investment in key infrastructure. "We are looking specifically at the question of critical national infrastructure and at the question of national security but in this area as in other areas we will be publishing proposals in due course," she said. May also said she wanted to ensure financial services companies remained in London after Brexit. (Reporting by David Milliken and Kylie MacLellan; editing by Stephen Addison) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-may-bloomberg-idUKKBN1532NG'|'2017-01-20T00:10:00.000+02:00'
'938d93a93ab7c5ba236b59018a6cf8204710bba8'|'Trump adviser warns of risks from strong dollar'|'Davos  33am EST Trump adviser warns of risks from strong dollar U.S. dollar notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration DAVOS, Switzerland A senior adviser to U.S. President-elect Donald Trump warned on Tuesday about the risk from a stronger dollar. "We need to be careful about the rising currency," Anthony Scaramucci of Skybridge Capital told a panel discussion at the World Economic Forum''s annual meeting in Davos. David Rubenstein of the Carlyle Group told the same panel that he feared a "Mexican-style" crisis if the dollar continued to rise, putting pressure on emerging market countries that have borrowed in dollars. He said he expected a strengthening dollar to be the "biggest challenge" for the economic outlook over the coming year. (Reporting by Noah Barkin)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-davos-meeting-dollar-idUSKBN15111E'|'2017-01-17T16:30:00.000+02:00'
'aad96d4eef8b87eb784c3f3773f250596803bdc4'|'Japan''s Ishihara says market moves reflect uncertainty about global economy'|'Tue Jan 17, 2017 - 1:37am GMT Japan''s Ishihara says market moves reflect uncertainty about global economy Nobuteru Ishihara in Tokyo, Japan, January 28, 2016. REUTERS/Yuya Shino TOKYO Japanese Economy Minister Nobuteru Ishihara said on Tuesday that a fall in the British pound and declines in stocks reflected uncertainty about Britain''s departure from the European Union and about the global economy. "These moves show there is a lot of focus on uncertainty for the global economy. This is a situation we would also like to monitor," Ishihara told reporters after a cabinet meeting. (Reporting by Stanley White; Editing by Chris Gallagher) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-economy-ishihara-idUKKBN15103L'|'2017-01-17T08:34:00.000+02:00'
'5cbc0ded1efdc500f14fbb929f5e394aec3e5af1'|'Tiffany''s U.S. comparable sales fall 4 pct in holiday season'|'Tue Jan 17, 2017 - 6:58am EST Tiffany''s U.S. comparable sales fall 4 percent in holiday season The Tiffany & Co. logo is seen on an awning of their store in Manhasset, New York, U.S., May 23, 2016. REUTERS/Shannon Stapleton Upscale jeweler Tiffany & Co ( TIF.N ) said its comparable sales in the Americas fell 4 percent in November and December, hurt by lower consumer spending and a drop in sales at its flagship store in New York. The company said sales at its flagship store on Fifth Avenue in New York declined 14 percent, partly due to post-election traffic disruption in Manhattan. The company said it does not anticipate a significant improvement in economic conditions in 2017. (Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Savio D''Souza) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-tiffany-results-idUSKBN1511JT'|'2017-01-17T18:56:00.000+02:00'
'bdae401d9d9ee2249e5a60763fedc8fbc73c26ac'|'Bayer to boost U.S. jobs, investments amid Monsanto deal: Trump spokesman'|'Business News - Tue Jan 17, 2017 - 11:15am EST Bayer to boost U.S. jobs, investments amid Monsanto deal: Trump spokesman The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal, Germany February 24, 2014. REUTERS/Ina Fassbender/File Photo WASHINGTON Bayer AG has pledged to boost its investments in the United States amid its deal to buy U.S. seeds giant Monsanto, investing $8 billion in research and development and adding American jobs, U.S. President-elect Donald Trump''s spokesman said on Tuesday. The German drugs and pesticides maker pledged to maintain its more than 9,000 U.S. jobs and add 3,000 new U.S. high-tech positions, Sean Spicer told reporters in a conference call following Trump''s meeting with the chief executives of both companies last week. (Reporting by Susan Heavey and Doina Chiacu; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-monsanto-m-a-bayer-trump-idUSKBN1512CT'|'2017-01-17T23:15:00.000+02:00'
'70895fce8afb1d2acd10f3a377d52657f28d90fc'|'PM May indicates Britain will seek hard Brexit in EU talks'|'* UK PM May to unveil Brexit plans at 1145 GMT* May to say UK to seek no partial membership of EU* Sterling falls over fears of ''hard Brexit''By Kylie MacLellan and William JamesLONDON, Jan 17 Britain will not seek a Brexit deal that leaves it "half in, half out" of the EU, Prime Minister Theresa May will say on Tuesday in a speech setting out her priorities for divorce talks which indicates she is prepared to leave the single market.Sterling, which has traded at the lowest levels against the U.S. dollar for more than three decades, fell to near three-month lows and stocks were mostly weaker as investors feared May would spell out plans for a "hard Brexit"."We seek a new and equal partnership, between an independent, self-governing, global Britain and our friends and allies in the EU," May will say, according to advance extracts released by her office."Not partial membership of the European Union, associate membership of the European Union, or anything that leaves us half-in, half-out. We do not seek to adopt a model already enjoyed by other countries. We do not seek to hold on to bits of membership as we leave."Her 12 objectives for upcoming exit talks from the European Union will include ditching preferential access to the single market and quitting the European Court of Justice in return for full control of Britain''s borders, several newspapers reported.More than six months after Britons voted to leave the EU, May has come under fire from investors, businesses and lawmakers for revealing little about the future relationship she will seek when she begins formal divorce talks by the end of March.She is due to set out more detail on her plans at 1145 GMT on Tuesday in a speech to an audience including foreign diplomats and Britain''s own Brexit negotiating team."NEW FREE BRITAIN"The extracts from her speech did not set out explicit details of the future trading relationship she wants to have with the EU or what her 12 priorities would be, but British newspapers, most of which backed Brexit, said it would delight those who supported leaving the bloc."Theresa''s New Free Britain", the Daily Mail said on its front page while The Sun, Britain''s biggest-selling tabloid, called it "Great Brexpectations".Media reported May would be less explicit on her plans for the customs union, but that her emphasis on building new trade relationships would make clear Britain could be no longer a member of the single market in the way it is now.The EU would be likely to insist on freedom of movement for EU citizens in return for full access to the single market, while many of those who voted for Brexit did so precisely in order to be able to restrict immigration.The Times newspaper said May would acknowledge for the first time that transitional deals would be needed to avoid a Brexit ''cliff edge'' for businesses after Britain leaves the economic bloc that accounts for roughly half of its exports and imports.May will say she wants Britain to be a "magnet for international talent", and a "great, global trading nation" that reaches beyond Europe to build relationships with other countries around the world.She will also say that it is in Britain''s national interest for the EU to succeed."We will continue to be reliable partners, willing allies and close friends. We want to buy your goods, sell you ours, trade with you as freely as possible, and work with one another to make sure we are all safer, more secure and more prosperous through continued friendship," she will say.(Editing by Catherine Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-eu-may-idINL5N1F7255'|'2017-01-17T06:21:00.000+02:00'
'882a9991289ac3d814285b54bfce343880a049f1'|'Blockchain: what is it and what does it mean for development? - Global Development Professionals Network'|'What is it? Blockchain is a digital ledger that provides a secure way of making and recording transactions, agreements and contracts – anything that needs to be recorded and verified as having taken place. However, uniquely, rather than being kept in one place like the more traditional ledger book, the database is shared across a network of computers. This network can encompass just a handful of users, or hundreds and thousands of people. The ledger becomes a long list of transactions that have taken place since the beginning of the network, getting bigger over time.How do you use it? Blockchain runs on specialised computer software that operates behind the scenes, automatically distributing information to the database as new transactions are made. Most individual users will not see a blockchain performing and this instantaneous nature means there is little to no window of time for someone to alter a transaction before it is recorded on to the ledger. Blockchain software is an area of experimentation and in June, a market assessment estimated that $1bn would be invested in blockchain technology in 2016 alone. How is it secure? A blockchain database consists of blocks and transactions. Blocks contain batches of transactions that are “hashed” and encoded. Each block contains the hash of the block before it, which links the two and forms the chain. This process validates each block, all the way back to the original, and is integral to the database’s security. The ultimate aim would be to track every pound in aid, from donor to recipientWhen a transaction takes place, its details are encrypted and a unique multiple-character transaction number is generated. Instead of other users in the blockchain being able to see the exact details of the transaction, this number is recorded in the ledger as a placeholder. All the users of the network will be able to see that the transaction has taken place but only the parties involved in the transaction can access and view its details. All this makes any fraudulent activity easier to spot. An external hacker would have to gain access to every computer that holds a copy of the blockchain database, and at the same time, in order to tamper with it.What is it used for? Blockchain technology has been around for a number of years and its most well-known use so far is Bitcoin , the virtual currency that came to prominence in 2008. The uses of blockchain are not limited to financial transactions, though, and enthusiasts are looking into other ways applications for the technology, especially for the types of transactions where there are often disputes or trust issues, such as with land rights.What does it mean for development? As an emerging technology, blockchain enthusiasts are hopeful it could be the next big development disruptor. In providing a transparent, instantaneous and indisputable record of transactions, its potential to remove corruption and provide transparency and accountability is one area of intrigue. But there are still many questions around how to apply the technology. Does blockchain really meet a need that is not already being served? And is there a market where it serves a purpose?How could it be used in the sector? Towards the end of last year, the Start Network announced a project to trial how blockchain technology can speed up the distribution of aid funding and trace how it is spent. The ultimate aim would be to track every pound in aid, from donor to recipient.Blockchain could also be used for land tenure and property rights. Traditionally, governments keep records of who owns a certain piece of land or property, and the owner may or may not have a piece of paper to prove it. But government records can be lost or manipulated, or the government might have issued a deed to someone else for the same piece of land so two people could claim ownership for the same plot. The blockchain, however, could function as a neutral broker to determine who owns what; the chain could prove which parties are involved and what they agreed to as the original contract would have been verified by a blockchain database, and stored securely on the ledger.Would blockchain work in a country where the government frequently shuts down the internet? Probably notBen Mann Development Alternatives Incorporated (DAI) is also looking into how blockchain technology can be used in electronic medical records, which are becoming more common around the world. “There are so many people involved in the healthcare process for a single patient – hospitals, doctors, insurance companies and, in some cases, the government – so how do you make sure those records remain secure, encrypted, and that they’re not lost or corrupted?” says Ben Mann, global practice specialist at DAI. “Blockchain can act as an encryption process so that documents can be shared securely, and also ensure that documents are not altered.”What are the drawbacks? In the development space, there are concerns over whether the technology is appropriate. Blockchain is resource-intensive by its nature; distributing a common digital ledger across a network requires many servers, computers and people. “Would blockchain work in a country where the government frequently shuts down the internet, where there is civil unrest, or poor energy infrastructure and rolling brown outs? Probably not,” says Mann. “We know that some governments struggle to equip their staff with basic IT equipment, let alone run expensive programmes on them. Any blockchain technology in this setting would need to be subsidised by development partners and donors … and that raises questions around sustainability.”Should we be using blockchain? In January 2016, the UK’s chief scientific adviser urged the government to adopt the technology, and companies such as Microsoft are developing their own blockchain services. But, like any nascent technology, there are still kinks to work out, such as those around cultural acceptance and uptake, building the right infrastructure, and making sure the right levels of regulation are in place.“Bitcoin is the one solid, mostly-undisputed success story of blockchain, but there are lots of obstacles to come and we still don’t know if it can stand the test of time,” says Mann. “We’re still in the exploratory, Wild West phase of blockchain development but I am hopeful that it can serve a purpose.”Is your development or humanitarian organisation using or investing in blockchain? Tell us how you’re using the technology in the comments below. Join our community of development professionals and humanitarians and f ollow @GuardianGDP on Twitter.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jan/17/blockchain-digital-technology-development-money'|'2017-01-17T02:00:00.000+02:00'
'd01c63e07d5958a3fe38b12fb36137f6ee58c1ed'|'CANADA STOCKS-TSX rises, led by energy and gold miners'|'Company News  33am EST CANADA STOCKS-TSX rises, led by energy and gold miners TORONTO Jan 17 Canada''s main stock index rose on Tuesday as higher commodity prices supported the shares of energy and gold mining companies. The Toronto Stock Exchange''s S&P/TSX composite index was up 19.01 points, or 0.12 percent, at 15,498.30, shortly after the open. Just four of the index''s 10 main groups were higher. (Reporting by Fergal Smith; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1F70V9'|'2017-01-17T21:33:00.000+02:00'
'5588af3902d4fd046e3674a9750584a951796875'|'Healthcare: six big policy areas to watch'|'Healthcare: six policy areas Trump and Brexit wins will affect Tremors from political shake-ups in 2016 will be felt beyond country borders Read next by: Andrew Jack Health in 2017 will be significantly affected by two of last year’s most striking events: the UK referendum to leave the EU and the US election of Donald Trump . Because of matters such as international aid payments and the global fight against diseases, the impacts of the changes these will bring will be felt far beyond these countries’ borders. Here are six areas vulnerable to buffeting by the changing political winds. 1. Healthcare coverage President-elect Donald Trump has pledged to dismantle the Affordable Care Act. Despite concerns over the way “Obamacare” was implemented, efforts to curtail the care it provided will trigger political opposition. Mr Trump is already showing signs of backtracking in some areas, such as support for those with pre-existing conditions and ensuring young Americans can be covered by their parents’ plans. In other rich nations that offer comprehensive coverage, cost pressures will increase at a time of slowing economic growth — such as in the UK’s National Health Service . Many lower and middle-income countries — including India and Nigeria — have an expanding and vocal middle class keen for more extensive, affordable and equitable universal health coverage. But that will require domestic political funding. 2. Development funding The US (at around $18bn a year) and UK (which commits 0.7 per cent of GDP) are among the largest contributors of foreign aid, including via multilateral agencies such as Gavi, the Vaccine Alliance, and the Global Fund to Fight Aids, Tuberculosis and Malaria. But rising wealth means middle-income countries risk becoming ineligible for such funds. The UK is redirecting and trimming development aid funding, while Mr Trump has warned the UN system risks being “a waste of time and money”. Optimists say that Rex Tillerson, the US secretary of state nominee, supported ambitious malaria programmes while running ExxonMobil, and may still view global health as a useful form of wielding influence over developing nations. 3. Migrants and health Conflict and global inequality continue to create record numbers of migrants and displaced people : more than 65m people were classified as forcibly displaced last year and there were 21m refugees. The result is huge disruption to the lives of millions, who suffer inadequate access to health and education services, and a lack of work. As a consequence they face a rising burden of disease and instability. But a populist backlash against immigration of any sort, including across much of Europe, risks backfiring on nations trying to repel migrants. The dangers include a brake on economic growth and making it difficult to recruit essential workers, including doctors, nurses and carers, from abroad. Related article It is time to reassert our values of decent treatment for all Tuesday, 17 January, 2017 4. Global health leadership A shortlist to replace Margaret Chan as director-general of the World Health Organisation will be agreed in January, ahead of a final selection by ministers at the World Health Assembly in May. Failure to select a strong leader who is able to improve the agency’s reputation and raise core funding from national governments could result in erosion of the UN body and a shift to other agencies and initiatives. Mr Trump’s administration will also have an important say in the nomination of new heads of other important agencies, including the Global Fund to Fight Aids, Tuberculosis and Malaria — the largest multilateral funder combating three of the most lethal infectious diseases — and the Centers for Disease Control and Prevention, pivotal for public health matters in the US and beyond. 5. Health efficiency Rising medicine prices will come under renewed scrutiny following the sharp increases of products such as Martin Shkreli’s Daraprim , used to treat malaria, from $13.50 to $750 per pill, and Mylan’s EpiPen , which has risen in price by almost 500 per cent since 2007. Internationally there is a growing desire to encourage health innovations , and to judge how much value for money drugs and medical procedures provide, as the UK’s National Institute for Health and Care Excellence is already doing. 6. Spread of infectious diseases Outbreaks of existing and new diseases, from flu to the Mers virus, are likely. Some are spreading as a result of climate change , including mosquito-borne malaria and dengue. Inappropriate drug use and poor infection control will fuel further antimicrobial resistance to medicines, including in tuberculosis. There is growing discussion of “one health”, which recognises and responds to infection between humans and animals. Initiatives, including the Coalition of Epidemic Preparedness Innovations , to be discussed at the World Economic Forum this week, aim to build resilience in health systems, anticipate outbreaks and prepare a more robust response. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/health'|'https://www.ft.com/content/5d053be4-b71a-11e6-961e-a1acd97f622d'|'2017-01-17T12:02:00.000+02:00'
'b60212767dbddb83200eee41b984869fbed19e48'|'Deals of the day-Mergers and acquisitions'|'Jan 17 The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Tuesday:** British American Tobacco has agreed a $49.4 billion takeover of U.S. rival Reynolds American Inc, creating the world''s biggest listed tobacco company after it increased an earlier offer by more than $2 billion.** Germany''s Lufthansa and Etihad Airways are in talks to possibly merge the two airlines, Italian daily Il Messaggero said in an unsourced report.** Carlyle Group has agreed to become the largest shareholder in Johannesburg-based Global Credit Ratings (GCR), the U.S. buyout fund said on Tuesday, looking to broaden the pan-African ratings agency''s services.** German nursing home operator Vitanas has been put up for sale by its family owners who want to focus on new healthcare ventures, sources close to the deal said.** Portag3 Ventures, a financial technology fund backed by Canada''s Power Financial Corp, has invested an undisclosed amount in finance startup Street Contxt, Portag3''s president said in an interview on Monday.** Malaysia''s Federal Land Development Authority (Felda), operator of some of the world''s biggest palm oil plantations, may sell shares in publicly listed firms and some hotels in London in a review of investments to raise funds, its chairman said. (Compiled by Diptendu Lahiri in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1F73LC'|'2017-01-17T08:09:00.000+02:00'
'90f4d16aaa629d98f6951dda62821d42cdb8dd94'|'Syngenta sees no need for sale of ChemChina''s Adama to get merger approved'|'Davos - Tue Jan 17, 2017 - 7:21am EST Syngenta sees no need for sale of ChemChina''s Adama to get merger approved FILE PHOTO - The logo of Swiss agrochemicals maker Syngenta is seen at its headquarters in Basel, Switzerland July 22, 2016. REUTERS/Arnd Wiegmann/File Photo By Martinne Geller - DAVOS, Switzerland DAVOS, Switzerland Syngenta ( SYNN.S ), the Swiss pesticides and seeds group being taken over by state-owned ChemChina [CNNCC.UL], does not expect antitrust regulators to force the Chinese merger partner to put its crop chemicals subsidiary Adama up for sale, Syngenta''s chief executive said on Tuesday. "Adama will not need to be sold. There will be some remedies in both the U.S. and the EU but I can''t speak to any details," Erik Fyrwald told Reuters on the sidelines of the World Economic Forum in Davos. The companies are working to finalize agreements with regulators in the United States and European Union about the $43 billion takeover, which would be the largest outbound acquisition by a Chinese company. Sources close to the matter told Reuters last week that ChemChina and Syngenta have proposed minor concessions to the EU''s competition watchdog, with one person saying it was unlikely the Adama Agricultural Solutions Ltd ( ADAM.N ) unit would have to be sold. The EU Commission recently extended its review of the deal to April 12 and Fyrwald said he was "highly optimistic that by that time, we''ll have made sufficient progress in the U.S. and EU to be going forward". (Writing by Ludwig Burger; Editing by Greg Mahlich) Next In Davos EBRD boss says ''big question'' over its Russia lending freeze as Trump takes power LONDON The head of the European Bank for Reconstruction and Development said on Tuesday it was a "big question" whether the bank''s Russian lending freeze would change when Donald Trump takes over as president of the United States, the EBRD''s largest shareholder.'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-davos-meeting-syngenta-idUSKBN1511MU'|'2017-01-17T19:21:00.000+02:00'
'ad361eef2cba18e33c52e5fca4f05885e70f9bba'|'UPDATE 1-Too soon to say if Italy needs fresh measures to curb deficit -minister'|'Business News   4:38pm EST Too soon to say if Italy needs fresh measures to curb deficit: minister Italian Finance Minister Pier Carlo Padoan looks on before a confidence vote at the Senate in Rome, Italy December 14, 2016. REUTERS/Alessandro Bianchi ROME Economy Minister Pier Carlo Padoan said on Monday it was too soon to say if Italy needed additional measures to reduce the budget deficit this year, as fresh doubts arose over its economic outlook. "We''ll see if further measures are necessary," Padoan told state broadcaster RAI after the newspaper la Repubblica said the European Commission wanted Rome to commit by Feb. 1 to cut its deficit by an extra 3.4 billion euros ($3.6 billion) this year. Italy has set a deficit goal of 2.3 percent of gross domestic product (GDP) for 2017, up from the 1.8 percent previously agreed with Brussels. Padoan said the European Commission was concerned about Italy''s public debt, the highest in the euro zone after Greece''s, which did not fall last year as Rome had promised. He said this had been due to price deflation and difficult market conditions that had prevented planned privatizations. Padoan pledged to resume sell-offs of public firms this year. He also said he was "a bit surprised" by the International Monetary Fund, which earlier on Monday cut its growth forecasts for Italy for both this year and next -- the only major industrialized nation to see its forecasts lowered. The IMF said it saw GDP growth of 0.7 percent in 2017 and 0.8 percent in 2018 -- a reduction of 0.2 and 0.3 percentage points respectively over its previous forecasts. By contrast, it saw GDP growth of 1.6 percent this year and next in the euro zone as a whole. Speaking in the United States, IMF Chief Economist Maurice Obstfeld highlighted the bad loans weighing on Italy''s banking sector as one of the obstacles to growth. The government has set aside 20 billion euros to support Italy''s troubled banks, about a third of that for Monte Dei Paschi di Siena, the fourth-largest. Some analysts have said this will not be enough to overcome the long-running banking crisis, but Padoan dismissed this. "The 20 billion is more than enough," he said. (Reporting by Crispian Balmer; Editing by Kevin Liffey) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-italy-economy-minister-idUSKBN1502FC'|'2017-01-17T02:44:00.000+02:00'
'13eaa5d996961bfc3fd65e0c44ca92363adca7e1'|'Deals of the day-Mergers and acquisitions'|'(Updates Lilly, Rosneft; Adds Berkshire Hathaway, Formula One, Tata Steel and EDF)Jan 18 The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Wednesday:** Eli Lilly and Co will buy CoLucid Pharmaceuticals Inc for about $960 million, bringing back into its fold a promising therapy for migraine and positioning itself to capture a bigger slice of the largely under-treated market.** Hewlett Packard Enterprise Co said on Tuesday it would buy privately held cloud software company SimpliVity for $650 million in cash, as it looks to expand in the fast-growing market for hybrid cloud platforms.** HomeServices of America Inc, a unit of Warren Buffett''s Berkshire Hathaway Inc, on Tuesday said it has purchased the Houlihan Lawrence residential real estate firm, its second foray into the New York City area this month.** The foundation created by billionaire Bill Gates and his wife Melinda plans to sell 60 million Class B shares of Berkshire Hathaway Inc donated by Warren Buffett, reflecting the fellow billionaire''s desire that proceeds be spent on charitable works.** Russian state oil producer Rosneft said Western sanctions had stopped it building up its stake in Italian refiner Saras, forcing it to sell the stake two years after buying it.** German carmaker Volkswagen said it would not produce or sell any Audi cars with SAIC Motor Corp until at least 2018, seeking first to strengthen ties with existing Audi partner China FAW Motor Corp.** China''s supermarket chain operator Yonghui Superstores Co Ltd said it would team up with Bain Capital Private Equity to buy U.S. retail services group Daymon Worldwide Inc for $413 million.** Taiwan''s Yang Ming Marine Transport, the world''s ninth-largest shipping firm, said it will not consider the option of a merger, and that it expects the global oversupply causing a severe downturn in the shipping industry to ease in 2017.** Liberty Media''s Formula One takeover cleared another key hurdle on Wednesday with the sport''s governing body unanimously approving the deal.** British financier Edi Truell has renewed an offer to take over Tata Steel''s giant UK pension scheme in a deal that he says would allow members to keep benefits in full.** Vedanta Resources Chairman Anil Agarwal said on that he was looking forward to wrap up Cairn India merger in this fiscal year that ends in March, television channel ET NOW reported.** Britain''s competition watchdog said that Mastercard''s proposals might be acceptable in addressing its concerns over the acquisition of payments processing company Vocalink.** German media group Bertelsmann may raise its stake in book publisher Penguin Random House, it said on Wednesday after British joint venture partner Pearson issued a major profit warning and said it might sell the stake.** French power group EDF has agreed to talks with a consortium of Polish state-run utilities about selling its local power plants after Poland blocked a sale to foreign investors, sources familiar with the situation said.** The hedge fund investment firm founded by Anthony Scaramucci said it will sell a majority of itself to RON Transatlantic EG and an arm of Chinese aviation and tourism conglomerate HNA Group, four days after Scaramucci took a position in President-elect Donald Trump''s administration.** Affiliates of private equity firm Warburg Pincus have bought a 14 percent stake in India''s largest multiplex chain PVR Ltd for 8.2 billion rupees ($120.5 million), PVR said.** U.S. cable service provider Cable One Inc said it would buy privately held rival NewWave Communications for $735 million in cash to expand in non-urban markets.** Alaska Air Group Inc said it expects to record $82 million in the fourth quarter in costs related to the $2.6 billion acquisition of Virgin America Inc.** Swedish candy maker Cloetta said it had launched a strategic review of its Italian business with the aim of boosting the group''s growth and margins, and it would book an impairment for the Italian unit in the fourth quarter. (Compiled by Diptendu Lahiri and Anya George Tharakan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1F83N3'|'2017-01-18T18:00:00.000+02:00'
'bb1780696fd7a934fa49bec36a3bd759972e9fc9'|'Fitch Rates Aflac Inc.''s Senior Debt Issues ''A-'''|'Financials   3:54pm EST Fitch Rates Aflac Inc.''s Senior Debt Issues ''A-'' (The following statement was released by the rating agency) CHICAGO, January 18 (Fitch) Fitch Ratings has assigned an ''A-'' rating to the 0.932% JPY60 billion senior unsecured notes due 2027 issued by Aflac, Inc. (Aflac). The ''A-'' rating is equivalent to Fitch''s ratings on Aflac''s outstanding senior unsecured notes. KEY RATING DRIVERS Aflac intends to use the net proceeds from this offering for general corporate purposes, including replenishing cash used to repurchase the company''s 6.9% senior notes due 2039 and 6.45% senior notes due 2040 in its recent tender offer. Fitch does not anticipate a significant change in the company''s financial leverage ratio. Aflac''s ratings reflect the company''s extremely strong competitive position in the supplemental accident and health insurance markets in Japan and the U.S., extremely strong earnings profile and very strong capitalization. The ratings also incorporate the impact of slow economic growth in Aflac''s key Japanese market and its sizeable exposure to Japanese sovereign risk including significant investment concentration in Japanese government bonds (JGB). Fitch affirmed the ratings of Aflac and its insurance operating subsidiaries on Nov. 30, 2016. For more details, see Fitch''s press release at www.fitchratings.com. RATING SENSITIVITIES Key rating triggers that could result in a downgrade include: --A downgrade of Fitch''s sovereign rating (local currency) of Japan to ''A-'' or lower (currently ''A''/Outlook Negative); --Significant investment impairments or losses in Aflac''s capital position; --A decline in Aflac''s run-rate pre-tax operating margin below 17% in Japan or 15% in U.S.; --A significant increase in either operating (greater than 16x) or financial leverage (greater than 30%); --NAIC RBC less than 400%, a Prism capital model score below ''Extremely Strong'' or SMR sustained below 800%. An upgrade of Aflac is unlikely in the near term, given Japan''s Long-Term Local Currency IDR and Outlook of ''A''/Outlook Negative. FULL LIST OF RATING ACTIONS Fitch has added the following rating: Aflac Inc. --0.932% JPY60 billion senior unsecured notes due 2027 at ''A-''. Fitch currently rates Aflac as follows: Aflac Inc. --Long-Term IDR at ''A''; Outlook Stable; --2.65% USD650 million senior notes due Feb. 15, 2017 ''A-''; --2.4% USD550 million senior notes due March 16, 2020 ''A-'' --4% USD350 million senior notes due Feb. 15, 2022 ''A-''; --3.625% USD700 million senior notes due June 15, 2023 ''A-''; --3.625% USD750 million senior notes due Nov. 15, 2024 ''A-''; --3.25% USD450 million senior notes due March 17, 2025 ''A-''; --2.875% USD300 million senior notes due Oct. 15, 2026 ''A-''; --6.9% USD400 million senior notes due Dec. 17, 2039 ''A-''; --6.45% USD450 million senior notes due Aug. 15, 2040 ''A-''; --4.00% USD400 million senior notes due Oct. 15, 2046 ''A-''; --5.5% USD500 million junior subordinated debentures due Sept. 15, 2052 ''BBB''. American Family Life Assurance Co. of Columbus American Family Life Assurance Co. of New York Aflac Japan --IFS ''A+''; Outlook Negative. Contact: Primary Analyst Dafina M. Dunmore, CFA Director +1-312-368-3136 Fitch Ratings, Inc. 70 W. Madison Street Chicago, IL 60602 Secondary Analyst Nelson Ma, CFA Director +1-212-908-0273 Tertiary Analyst Teruki Morinaga Director +81 3 3288 2781 Committee Chairperson Martha M. Butler, CFA Senior Director +1-312-368-3191 Media Relations: Hannah James, New York, Tel: + 1 646 582 4947, Email: hannah.james@fitchratings.com. Date of Relevant Rating Committee: Nov. 30, 2016 Additional information is available on www.fitchratings.com. Applicable Criteria Insurance Rating Methodology (pub. 15 Sep 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. 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Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987079'|'2017-01-19T03:54:00.000+02:00'
'05e41e47cad7ff59fb6eb59b188bffbc795ba294'|'Good chance of Russian sovereign Eurobond issue in spring 2017 -VTB'|'Financials  18am EST Good chance of Russian sovereign Eurobond issue in spring 2017 -VTB MOSCOW Jan 18 There is a good chance Russia''s Finance Ministry will issue a $3-billion sovereign Eurobond this spring, RIA news agency quoted Andrei Kostin, chief executive of lender VTB, as saying on Wednesday. Foreign investors put $1.25 billion into a Russian sovereign Eurobond top-up in September after the initial offer of $1.75 billion in May. (Reporting by Jack Stubbs; writing by Polina Devitt) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/russia-eurobonds-idUSR4N1F202D'|'2017-01-18T19:18:00.000+02:00'
'c4e471b6ce0122cbb4cd293446b5949e03b97f17'|'UK unemployment falls as economy avoids Brexit shock'|'Wage growth picked up and unemployment fell in the three months ending November, in the latest sign that the UK economy has so far avoided a Brexit-related shock .Pay growth picked up to 2.8% from 2.6% while unemployment fell by 52,000 to 1.6 million. The jobless rate was unchanged at 4.8% – still an 11-year low – according to Office for National Statistics data.Suren Thiru, head of economics at the British Chambers of Commerce, said the UK jobs market was “a major bright spot for the UK economy”.Pound soars but FTSE falls after Theresa May''s Brexit speech Read more The number of people in work, however, fell by 9,000 to 31.8 million, but the employment rate remained at a record high of 74.5%.David Freeman, senior statistician at the ONS, said: “While employment is little changed on the quarter, the rate remains at an historical high. The rate at which pay is increasing continues to pick up in cash terms, though it remains moderate.” The number of people claiming jobless benefits also fell, by 10,100 to 797,800, between November and December, defying City expectations of a 5,000 increase.“The UK labour market continues to surprise with its resilience to the Brexit shock,” said Ben Brettell, senior economist at Hargreaves Lansdown.“This is yet more evidence that the labour market and the wider economy have fared better than expected since June’s referendum – something which is now being recognised by Mark Carney and his Bank of England colleagues.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/18/uk-unemployment-falls-economy-brexit-pay-growth'|'2017-01-18T02:00:00.000+02:00'
'bc28601f0170166ebcc3b5b3ecfc9c078cbde2a4'|'JP Morgan Chase to pay $55m to settle racial discrimination charges - Business'|'JP Morgan Chase to pay $264m over Chinese ''princelings'' bribery scheme Read more JP Morgan Chase agreed to pay $55m to settle charges that the bank discriminated against “thousands” of minorities seeking home loans by charging them higher rates and fees.The decision came after US attorney Preet Bharara filed a complaint on Wednesday alleging that the US’s biggest bank discriminated against at least 53,000 African American and Hispanic mortgage seekers between 2006 and 2009 in violation of the Fair Housing Act.Minority borrowers were owed “tens of millions of dollars in damages”, the government said, because JP Morgan allowed them to be charged higher rates and fees than “similarly situated white borrowers”.JP Morgan and Bank of America in cluster bomb investors ''Hall of Shame'' Read more Until 2009 JP Morgan used a network of “wholesale” mortgage brokers to sell its loan applications. The bank “could have, but failed, to better monitor its wholesale brokers to discourage discrimination”, according to the complaint. Brokers were given the discretion to adjust pricing based on factors unrelated to borrower risk, the government alleged. As a result the average black borrower paid about $1,126 more over the first five years of an average loan of $191,100, while the average Hispanic borrower paid about $968 more on an average loan of $236,800.Former JP Morgan banker fined over London Whale losses Read more “Even when Chase had reason to know there were disparities, however, Chase did not act to determine the full scope of these wholesale pricing disparities, nor did it take prompt and effective action to eliminate those disparities, nor did it engage in adequate efforts to remedy the impact of those disparities upon the borrowers,” the government charged in the lawsuit.JP Morgan denied wrongdoing. “We’ve agreed to settle these legacy allegations that relate to pricing set by independent brokers,” said the bank in a statement. “We deny any wrongdoing and remain committed to providing equal access to credit.”'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/18/jp-morgan-chase-settlement-racial-discrimination-charges-mortgage'|'2017-01-18T23:50:00.000+02:00'
'b8fdac14dbeb59582df26a999489a122cc3936de'|'''Exceptional'' UK performance helps Burberry in third quarter'|' 17am GMT ''Exceptional'' UK performance helps Burberry in third quarter A detail of a handbag is seen at a Burberry store in central London, Britain July 15, 2015. REUTERS/Toby Melville LONDON British luxury brand Burberry reported a better-than-expected 3 percent rise in comparable retail sales in its third quarter, helped by an "exceptional" performance in the UK where trading was up by about 40 percent. The company, which reportedly received an approach from U.S. rival Coach last year, said its retail revenue increased by 4 percent on an underlying basis to 735 million pounds in the three months to end-December. Analysts had expected comparable sales to rise by about 2 percent. (Reporting by Paul Sandle,  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-burberry-group-outlook-idUKKBN1520NW'|'2017-01-18T14:17:00.000+02:00'
'3ed3faf7717f6f4ca19da4ba84725d8a689014b1'|'Britain says auto industry is a key sector, looking to ensure best EU market access'|' 43am GMT Britain says auto industry is a key sector, looking to ensure best EU market access Nissan technicians prepare doors for the Qashqai car at the company''s plant in Sunderland, Britain, November 9, 2011. REUTERS/Nigel Roddis/File Photo LONDON Britain''s car industry is a key part of the economy and the government is looking to ensure the best possible EU market access for all of the country''s important sectors, Prime Minister Theresa May''s spokesman said on Thursday. The chairman of Japanese carmaker Toyota ( 7203.T ) told the Financial Times on Wednesday: "We have seen the direction of the prime minister of the UK, (so) we are now going to consider, together with the suppliers, how our company can survive." Asked for a response to the comments, May''s spokesman said: "The automotive industry and the finance sector ... are key areas for us and we will be, as we go into the negotiating period, looking at how we can ensure the best possible access to the European market for our key sectors.” (Reporting by William James; writing by Costas Pitas; editing by Guy Faulconbridge)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-autos-idUKKBN1531MB'|'2017-01-19T18:43:00.000+02:00'
'9378571809e8795efccfcf6e5082c6d591db0a55'|'OPEC output cuts under scrutiny as market tightens -IEA'|'Energy  00am EST OPEC output cuts under scrutiny as market tightens -IEA LONDON Jan 19 World oil markets are slowly tightening as demand rises while investors wait to see if production cuts agreed by OPEC and other producers will be implemented as promised, the International Energy Agency (IEA) said on Thursday. In its monthly oil market report, the IEA said output cuts announced by the Organization of the Petroleum Exporting Countries and 11 non-OPEC producers in November had "entered their probation period". OPEC agreed in November to cut production by 1.2 million barrels per day (bpd) to 32.5 million bpd for the first six months of 2017, together with another 558,000 bpd in cuts from the likes of Russia, Oman and Mexico. "It is far too soon to see what level of compliance has been achieved," said the IEA, which advises advanced industrial economies on energy policy. "The market awaits the outcome of the output deal." Meanwhile demand for oil is rising. The agency said stronger oil consumption had led it to raise its estimate of global oil demand growth over the last year by 110,000 bpd to 1.5 million bpd, well above the average rate of growth seen in this century of 1.2 million bpd. Global oil demand growth hit a five-year peak of 1.8 million bpd in 2015. The IEA said oil production in the United States and other countries outside OPEC were beginning to respond to higher prices since the announcement of the OPEC production cuts. Benchmark Brent crude oil is now trading close to $55 a barrel, up from between $40 and $50 in November. U.S. oil production was rebounding, led by shale, as exploration drilling increased and wells became more efficient, the IEA said. "Not only is the rig count rising, but recent reports tell us that the productivity of shale activity has improved in leaps and bounds," it said. The IEA said the oil market would continue to tighten, stabilising prices and depleting stocks, if OPEC and fellow oil producers were able to produce close to their promised limits. (Reporting by Christopher Johnson; Editing by Susan Fenton) Next In Energy UPDATE 1-South African mining deaths fall to new record low in 2016 RANDFONTEIN, South Africa, Jan 19 The number of miners killed in South Africa''s mines fell in 2016 to a new record low of 73 from 77 in 2015 following a crackdown by the government, mines minister Mosebenzi Zwane said on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/iea-oil-idUSS8N1A000V'|'2017-01-19T16:00:00.000+02:00'
'32fac621ac797527f9d426d05ebcc32de733a977'|'Mediaset sees pay-TV strategy boosting EBIT 17-fold in five years'|'MILAN Broadcaster Mediaset expects a 17-fold increase in its Italian operating profit by 2020 by completely rethinking the strategy of its pay-TV arm Premium after a deal to sell the unit to France''s Vivendi fell through.The two companies have been at loggerheads since July when Vivendi ditched an agreement to take control of Mediaset''s pay-TV unit, Premium, and give the two companies shareholdings in each other.The spat was aggravated by Vivendi''s stake-building in December which made it the second-largest shareholder in the Milan-based TV group with a stake of 28.8 percent.Mediaset, controlled by former prime minister Silvio Berlusconi, said on Tuesday it expected earnings before interest and taxes (EBIT) for its Italy operations to grow by 468 million euros ($500 million) by 2020.That compares with an EBIT for its Italian business of just 26.8 million euros in 2015, significantly lower than the 104 million euros recorded in the previous year."A crisis can create an opportunity, (Mediaset) had to offset the impact of a deal that went belly up," a source close to the matter told Reuters.The source added that the group aimed at completely changing its current strategy, steering it toward a "new model" of pay-TV, as it faces increasing competition from online providers such as Netflix and Amazon.The Milan-based TV group said it aimed to make its pay-TV channels, currently exclusive to its over 2 million subscribers, and content available to other market players.It added that its new strategy envisaged a move into digital production, with "online first" content.The company is looking for co-production work with European broadcasters, in line with the recent agreement between France''s TF1 and German ProSiebenSat.1 to join forces in the rapidly growing market for video content broadcast on internet platforms such as YouTube.Mediaset also said advertising sales in 2016 grew 4 percent, or 2.8 percent if its newly acquired radio stations were not included.(Reporting by Giulia Segreti; Editing by Stephen Jewkes/Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mediaset-outlook-idINKBN15318D'|'2017-01-19T07:07:00.000+02:00'
'a5a7a645018909881e817509820fd552add4bf68'|'TABLE-India cenbank says repo bids rise to 18 bln rupees'|'Financials  23am EST TABLE-India cenbank says repo bids rise to 18 bln rupees Jan 19 The Reserve Bank of India said on Thursday it accepted all three bids for 18 billion rupees ($264.01 million) at its one-day repo auction, through which it injects liquidity into the banking system. REPO DATE BIDS BIDS FIXED RECEIVED ACCEPTED RATE No. AMT (bln No. AMT (bln (%) rupees) rupees) 19/01 3 18.00 3 18.00 6.25 18/01 2 14 2 14 6.25 17/01 3 14.01 3 14.01 6.25 16/01 2 13.75 2 13.75 6.25 13/01 4 22.80 4 22.80 6.25 12/01 4 25.17 4 25.17 6.25 11/01 7 28.92 7 28.92 6.25 10/01 5 17.05 5 17.05 6.25 09/01 2 14 2 14 6.25 07/01 7 44 7 44 6.25 06/01 8 23.13 8 23.13 6.25 05/01 2 14 2 14 6.25 04/01 2 14 2 14 6.25 03/01 4 15.20 4 15.20 6.25 02/01 4 23.97 4 23.97 6.25 31/12 NIL NIL NIL NIL 6.25 30/12 8 40.57 8 40.57 6.25 29/12 6 63.67 6 63.67 6.25 28/12 7 42.94 7 42.94 6.25 27/12 4 23.50 4 23.50 6.25 26/12 5 23.65 5 23.65 6.25 23/12 9 34.30 9 34.30 6.25 22/12 5 24.15 5 24.15 6.25 21/12 11 43.41 11 43.41 6.25 20/12 6 23.62 6 23.62 6.25 19/12 6 20.70 6 20.70 6.25 17/12 NIL NIL NIL NIL 6.25 16/12 8 70.32 8 70.32 6.25 15/12 9 37.12 9 37.12 6.25 14/12 10 40.62 10 40.62 6.25 13/12 6 23.82 6 23.82 6.25 09/12 17 90.61 17 90.61 6.25 08/12 37 185.67 37 185.67 6.25 07/12 4 26.75 4 26.75 6.25 06/12 19 84.62 19 84.62 6.25 05/12 7 28.16 7 28.16 6.25 03/12 NIL NIL NIL NIL 6.25 02/12 8 27.41 8 27.41 6.25 01/12 9 38.11 9 38.11 6.25 REVERSE REPO DATE BIDS BIDS FIXED RECEIVED ACCEPTED RATE NO AMT (bln NO AMT (bln (%) rupees) rupees) 18/01 46 182.90 46 182.90 5.75 17/01 32 57.65 32 57.65 5.75 16/01 26 38.93 26 38.93 5.75 13/01 36 65.13 36 65.13 5.75 12/01 23 20.11 23 20.11 5.75 11/01 26 23.13 26 23.13 5.75 10/01 26 35.42 26 35.42 5.75 09/01 26 63.75 26 63.75 5.75 07/01 19 31.92 19 31.92 5.75 06/01 54 108.30 54 108.30 5.75 05/01 35 54.28 35 54.28 5.75 04/01 44 83.99 44 83.99 5.75 03/01 54 214.50 54 214.50 5.75 02/01 74 584.10 74 584.10 5.75 31/12 66 816.14 66 816.14 5.75 30/12 31 138.79 31 138.79 5.75 29/12 34 93.38 34 93.38 5.75 28/12 33 58.52 33 58.52 5.75 27/12 24 71.90 24 71.90 5.75 26/12 27 46.14 27 46.14 5.75 23/12 62 161.92 62 161.92 5.75 22/12 39 44.70 39 44.70 5.75 21/12 35 35.29 35 35.29 5.75 20/12 33 46.30 33 46.30 5.75 19/12 37 64.91 37 64.91 5.75 17/12 38 102.89 38 102.89 5.75 16/12 30 46.64 30 46.64 5.75 15/12 35 44.24 35 44.24 5.75 14/12 30 27.21 30 27.21 5.75 13/12 38 151.90 38 151.90 5.75 12/12 28 674.89 28 674.89 5.75 10/12 34 691.07 34 691.07 5.75 09/12 77 519.74 77 519.74 5.75 08/12 29 69.97 29 69.97 5.75 07/12 14 11.57 14 11.57 5.75 06/12 12 19.04 12 19.04 5.75 05/12 19 22.19 19 22.19 5.75 03/12 24 109.09 24 109.09 5.75 02/12 23 188.66 23 188.66 5.75 01/12 28 256.48 28 256.48 5.75 Source text - bit.ly/2jr0LkV ($1 = 68.1800 Indian rupees) (Bengaluru newsroom; Editing by Sherry Jacob-Phillips) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-cenbank-repo-idUSB8N1EU034'|'2017-01-19T17:23:00.000+02:00'
'9cf0c88a4fce42a933cc07798f9060be4dff526b'|'Q&A-Northstar Advisors sees recovery in consumer, financials in Indonesia'|'Business News - Thu Jan 19, 2017 - 6:36am EST Northstar Advisors sees recovery in consumer, financials in Indonesia DAVOS, Switzerland Consumer-related sectors are the top 2017 picks for Northstar Advisors, which manages over $2 billion dedicated to investing in Indonesia, its co-founder and managing partner, Patrick Walujo, told the Reuters Global Markets Forum on the sidelines of the annual World Economic Forum in Davos. The following are edited excerpts from the conversation: Q: What is Northstar''s key focus in 2017? Which sector interests you the most in Indonesia this year? A: We see a recovery in the financial and consumer sectors in 2017, those sectors had suffered from relatively high interest rates and declining purchasing power in the midst of soft commodity prices and budget pressures. It boils down to implementation and political stability, both of which we are comfortable with. We are also seeing robust activities in the Indonesian digital sector. Infrastructure is another exciting area. The government is looking to privatize some big infrastructure assets. Anything that is driven by consumers is a good sector to focus on. We have been pleasantly surprised by Indonesians'' speed of technology adoption. Q: What are Indonesia''s biggest red-flags on a 3-5 year basis? A: We are watching carefully the implementation and speed of some of the government''s initiatives. Indonesia needs to move things along faster. Corruption, policymakers'' bureaucracy and infrastructure are the biggest problems for Indonesia besides debt that continues to pile up. Indonesia is also still commodity-driven. The government is controlling the budget deficit at around 2 percent of GDP. The absolute debt number is increasing but as percent of GDP, it is actually declining. Public debt is around 25 percent of GDP, a level that is manageable. Indonesia''s infrastructure needs rejuvenation and development. We have been impressed by how fast the current administration is pushing infrastructure. Things are getting developed. Q: Corruption has been a persistent issue. How is it going to be any different now? A: My observation is that this administration is clean and transparent. The drive against corruption by KPK (Indonesian ICAC) coupled with free press is real. The country has made a lot of improvement in the combat against corruption. It''s a long battle and moving on the right direction. Indonesia has withstood tests since President Suharto''s fall. But it is not to be taken for granted. I would choose the current system anytime. With all its pitfalls, any other alternative is worse. Q: The U.S. accounts for roughly 10 percent of Indonesia''s trading activity. Any discussions regarding Trump''s policies or potential impact? A: Everybody is watching President-elect Trump''s policies carefully. The fact that the Trump organization had decided to do business in Indonesia hopefully meant that the president-elect had a favorable view on the country. (Reporting by Divya Chowdhury; Editing by Neil Fullick) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-northstar-advisor-idUSKBN1531LE'|'2017-01-19T18:28:00.000+02:00'
'4b25bcf71041f651816ef2e1b4e508fb43c1b096'|'German Economy Minister says EU should work on new Stability and Growth Pact'|' 33am GMT German Economy Minister says EU should work on new Stability and Growth Pact German Economy Minister Sigmar Gabriel addresses a news conference in Berlin Germany, December 19, 2016. REUTERS/Fabrizio Bensch BERLIN German Economy Minister Sigmar Gabriel said on Wednesday that the European Union needed to work on a new Stability and Growth Pact because the existing one placed too much emphasis on stability and not enough on growth. Brussels should also reward member countries for carrying out reforms, Gabriel added. (Reporting by Gernot Heller; Writing by Michelle Martin; Editing by Madeline Chambers)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-gabriel-idUKKBN1521G7'|'2017-01-18T18:33:00.000+02:00'
'5bebfcbe59fc4acc8a55fae557ed73f4ff863e91'|'Pearson plans Penguin Random House sell-off as shares dive after profit warning - Business'|'Pearson shares plummeted by almost 25% after the beleaguered company issued profit warnings for the next two years, said it would cut the payout to shareholders and put its 47% stake in Penguin Random House up for sale.The share price plunge wiped more than £1.5bn from FTSE 100 giant’s market value as it said its US education business suffered a 30% slump in revenues in the final quarter of the year. Pearson has issued a string of profits warnings in recent years and cut more than 4,000 jobs last year . The cut in the dividend this year will bring to an end almost 25 years of annual increases.Penguin Random House is the world’s largest book publisher, with titles ranging from Fifty Shades of Grey and The Girl on the Train, to Nigella Lawson and Jamie Oliver’s recipe books.The sale of its stake could net about £1.2bn for Pearson and would mark its final exit from its once considerable non-education-focused publishing empire which included the Financial Times and a 50% stake in the Economist.Bertlesmann, which owns 53% of Penguin Random House, said that it is keen to increase its stake to as much as 75% with a further investor such as private equity likely to take the remaining stake.The world’s largest education publisher has found itself struggling with a huge decline in textbook sales and the transition to digital learning.“The education sector is going through an unprecedented period of change and volatility,” said John Fallon, the former head of Pearson’s international division who took over running the company from Marjorie Scardino in 2013. “Our higher education business declined further and faster than expected in 2016. We are taking more radical action to accelerate our shift to digital models, and to keep reshaping our business.”Pearson said that it has been able to maintain operating profits of about £630m in line with City expectations for 2016 – but only because the company is paying £55m lower than expected in management bonus payments.It expects profits in the £570m to £630m this year, well below the City consensus of about £700m, and has slashed its target of £800m in operating profits for 2018.Pearson said the ongoing troubles at its North American education business, which accounts for about 45% of profits, means that it will need to “rebase” future dividend payments.The company has enjoyed a run 24 years of dividend increases and the cut to the payout is a major blow to Fallon and senior management.Pearson said that it is taking actions including investing a further £50m in speeding up the digital element of its education business, and reducing ebook prices by up to 50% for 2,000 titles “making digital rental the best option for price-conscious students”.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/18/pearson-penguin-random-house-shares-dive-profit-warning'|'2017-01-18T16:30:00.000+02:00'
'e32301f9189deb146abfedb925e64aabb5407357'|'MOVES- Morgan Stanley promotes Civitillo'|'By Shankar Ramakrishnan NEW YORK, Jan 18 (IFR) - Morgan Stanley has promoted Leo Civitillo to global head of fixed-income capital markets, according to an internal memo seen by IFR on Wednesday.Civitillo, an industry veteran with more than 20 years of experience, joined the bank in 2004 and has been instrumental in growing its fixed-income underwriting and derivatives franchise.Civitillo will now be responsible for risk management, new issue debt origination business and asset finance.Prior to joining Morgan Stanley, Civitillo was with JP Morgan. He will continue to report to Mo Assomull, who is head of global capital markets.Morgan Stanley has also promoted Henrik Gobel to sole head of GCM EMEA. Gobel joined Morgan Stanley in 1999.Claus Skrumsager, who was previously co-head of global fixed income capital markets with Civitillo, will take up a role in investment management.Skrumsager will join the bank''s solutions and multi-asset platform as portfolio manager and head of the private structured credit solutions team.He will be based in London and report to Rui de Figueiredo and Jacques Chappuis.Tom Cahill will also join the bank''s private credit and equity platform as portfolio manager and head of the private opportunistic investing team.Cahill was most recently global head of the asset finance group, which consists of all structured finance products.He will be based in New York and report to David Miller. (Reporting by Shankar Ramakrishnan; Editing by Marc Carnegie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/moves-morgan-stanley-civitillo-idINL1N1F81KA'|'2017-01-18T14:37:00.000+02:00'
'80adedfc2840135d8aa3673ac6446ca675ffb5f1'|'BRIEF-New York Mortgage Trust announces upsizing and pricing of public offering'|' 45am EST BRIEF-New York Mortgage Trust announces upsizing and pricing of public offering Jan 18 New York Mortgage Trust Inc * New York Mortgage Trust Inc says pricing of $120.0 million aggregate principal amount of 6.25 pct senior convertible notes due 2022 * New York Mortgage Trust announces upsizing and pricing of public offering of 6.25 pct senior convertible notes due 2022 * New York Mortgage Trust Inc says was increased from previously announced offering of $100.0 million aggregate principal amount of notes * New York Mortgage Trust Inc says notes will bear interest at a rate equal to 6.25 pct per year * New York Mortgage Trust Inc says notes commencing on July 15, 2017 and are expected to mature on January 15, 2022 Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASC09R81'|'2017-01-18T19:45:00.000+02:00'
'de279b6ea1e480037c1703a8a4520c0fd8e481ca'|'BRIEF-China Real Estate unit to set up project unit'|'Financials - Tue Jan 17, 2017 - 8:56pm EST BRIEF-China Real Estate unit to set up project unit Jan 18 China Real Estate Corp Ltd : * Says its unit to set up a wholly owned real estate unit (project unit) in Nanjing * Says the new unit will with registered capital of 100 million yuan Source text in Chinese: goo.gl/0oH6xN Further company Coverage: (Beijing Headline News) Next In Financials Fitch Rates Yuzhou Properties'' Proposed USD Notes ''BB- (EXP)'' (The following statement was released by the rating agency) HONG KONG, January 17 (Fitch) Fitch Ratings has assigned Yuzhou Properties Company Limited''s (Yuzhou; BB-/Stable) proposed US dollar senior notes an expected ''BB- (EXP)'' rating. The notes are rated at the same level as Yuzhou''s senior unsecured rating because they constitute direct and senior unsecured obligations of the company. The final rating is subject to the receipt of final documentation conforming to information already rec UPDATE 2-Citadel pays SEC $22.6 mln to settle charges of misleading customers Jan 13 Citadel Securities, the market-making arm of billionaire hedge-fund manager Ken Griffin, has agreed to pay $22.6 million to settle charges that it misled customers about the way it priced trades, the U.S. Securities and Exchange Commission said on Friday. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1F81GT'|'2017-01-18T08:56:00.000+02:00'
'2bd7f956f439521f6ace158827b8bb3223483898'|'Sanpower launching fund to acquire cinemas in China, targets $435 mln-sources'|'Private Equity  16am EST Sanpower launching fund to acquire cinemas in China, targets $435 mln-sources * Plans to acquire 120-150 China cinemas over next 3 years * In talks with domestic institutions; may pitch in up to 30 pct * China expected to overtake U.S. by box-office revenue in few yrs By Julie Zhu HONG KONG, Jan 18 Chinese conglomerate Sanpower Group is launching a fund with a 3 billion yuan ($435 million) target that will be used to acquire up to 150 domestic cinemas in a bet on rapid growth in the country''s movie market, two sources with direct knowledge of the matter said. Sanpower is in talks with several domestic institutional investors, including banks and investment funds, for contributions, the sources told Reuters. The privately-owned conglomerate itself will commit 20 percent to 30 percent of the fund''s capital, they said, adding it is expected to close in the second half of 2017. The Nanjing-based group, founded by its billionaire chairman Yuan Yafei in 1993, shot into international prominence in 2014 after buying Britain''s high-street retailer House of Fraser. It has spent about $4.2 billion on domestic and outbound acquisitions over the past two years, data compiled by Thomson Reuters showed. Sanpower''s maiden entertainment industry buyout fund will enable it to raise external private capital to support its acquisition spree without dipping into its own balance sheet or seeking debt-funding. The fundraising comes as Sanpower is seeking to diversify from a focus on property, retail and healthcare and tap into cinema-crazy China, which is poised to become the world''s largest movie market by box-office revenue in the next few years, overtaking the United States. But after a surge in recent years, the growth rate of China''s movie market is cooling, with total ticket sales rising just 3.7 percent in 2016 to 45.7 billion yuan amid a crackdown on box-office fraud, after a 49 percent jump in 2015. Sanpower, which is already building about 10 cinemas that will open in 2017 and 2018 in a few tier-two cities like Nanjing, aims to buy between 120 to 150 cinemas across China over the next three years, the sources said. The group, when contacted, confirmed the plan for the fund but declined to give details. The sources declined to be identified as the fundraising plans are confidential. Sanpower has more than 100 subsidiaries, including Shanghai-listed retail arm Nanjing Xinjiekou, one of China''s oldest department stores. It employs over 100,000 people in industries ranging from retail to real estate with assets worth over 100 billion yuan, according to its website. Last week, it agreed to buy the Dendreon cancer treatment business from Canada''s Valeant Pharmaceuticals International Inc for $820 million. ($1 = 6.8986 Chinese yuan renminbi) (Reporting by Julie Zhu; Editing by Denny Thomas and Muralikumar Anantharaman) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/sanpower-ma-idUSL5N1F109X'|'2017-01-18T13:16:00.000+02:00'
'd4b14bb8805639c432b8fcc05f4372534fb4ccb0'|'UPDATE 1-China Huarong AMC''s new debt-for-equity swaps unit to raise $7.3 bln fund'|'Private Equity   3:14am EST UPDATE 1-China Huarong AMC''s new debt-for-equity swaps unit to raise $7.3 bln fund * Launches wholly owned subsidiary for doing debt-for-equity swaps * Huarong AMC has handled 680 bln yuan in NPLs since 1999 (Adds news about 50 bln yuan investment fund) BEIJING Jan 18 China Huarong Asset Management Co''s (AMC) newly launched unit for doing debt-for-equity swaps plans to raise a 50 billion yuan ($7.30 billion) investment fund for deals, the country''s biggest distressed debt manager said. Since China''s policymakers re-launched the debt-for-equity scheme in October last year to ease the borrowing overhang of struggling firms, the country''s state-run banks and bad debt managers have rushed to sign deals with big state-owned enterprises (SOEs). The country''s state-run banks, led by Industrial and Commercial Bank of China Ltd and China Construction Bank Corp , also said recently that they would launch their own subsidiaries for debt-for-equity swaps. Since October they have announced such deals totalling more than 300 billion yuan. China Huarong Asset Management said on Wednesday wholly owned subsidiary Huarong Ruitong Equity Investment Management Co will launch the 50 billion yuan fund but did not specify when. The unit, which has a registered capital of 300 million yuan, will be responsible for fundraising, project selection, debt acquisition and equity management for Huarong''s debt-for-equity swap deals, Huarong said in an emailed statement. Distressed debt managers should play their "unique role" during China''s economic slowdown, such as handling non- performing loans and conducting debt-for-equity swaps, China Huarong Asset Management''s chairman Lai Xiaoming told Reuters on the sidelines of the Asian Financial Forum in Hong Kong on Monday. Huarong, one of China''s Big Four state-owned distressed debt managers, has handled 680 billion yuan in non-performing loans since it was launched by the government in 1999, Lai said in the statement. In China''s last round of government-driven debt-for-equity swaps, Huarong conducted deals with 420 large and medium-sized SOEs, Lai said. The total value was 69.7 billion yuan. ($1 = 6.8475 Chinese yuan renminbi) (Reporting by Shu Zhang in BEIJING and Julie Zhu in HONG KONG; Editing by Sunil Nair and Muralikumar Anantharaman) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-huarong-debt-idUSL4N1F82O1'|'2017-01-18T15:14:00.000+02:00'
'cdef2eb226e8f751316b34c18970184d8d5f5304'|'Trump-triggered trading bonanza looks set to continue'|'Business News - Wed Jan 18, 2017 - 5:39pm GMT Trump-triggered trading bonanza looks set to continue People pass the JP Morgan Chase & Co. Corporate headquarters in the Manhattan borough of New York City, May 20, 2015. REUTERS/Mike Segar By Jamie McGeever and Anjuli Davies - LONDON LONDON Donald Trump''s surprise U.S. presidential election victory sparked a frenzy of trading and hedging late last year that boosted top U.S. banks'' revenue by 26 percent, according to Reuters calculations, and looks set to keep driving activity. Leading U.S. banks JP Morgan Chase ( JPM.N ), Bank of America Merrill Lynch ( BAC.N ), Citi ( C.N ), Morgan Stanley ( MS.N ) and Goldman Sachs ( GS.N ) collectively raked in $18.3 billion (15 billion pounds) from fixed income, currencies and commodity (FICC) and equity trading in the last three months of 2016. That was up from around $14.5 billion the year before and driven by investors navigating increasingly murky global politics and a fragile bond market. Growth was particularly strong in FICC, which saw a 41 percent increase in what is traditionally the slowest quarter of the year. Equities trading grew 5 percent. European banks will report their fourth quarter results in the coming weeks and are also expected to have enjoyed a trading boost, also driven by the surprising Brexit vote in June. Despite reservations about his isolationist and protectionist bent, investors quickly latched onto Trump''s pro-growth agenda and reflationary policies. Stocks, bond yields and the dollar surged, with Wall Street hitting record highs. "The Trump effect created a massive move in volatility and volumes, and it''s carrying on. I think it could be a good year because the Trump effect is still there, and will probably be the story of the first 90 days of the year. That will carry us to the summer, then we''ll see," said Patrick George, EMEA Head of Markets at HSBC in London. Trump''s pledge to loosen fiscal policy through higher spending and tax cuts helped accelerate a global sell-off in bonds already underway on the view that central banks'' super-easy monetary and credit policies may be drawing to a close. The Federal Reserve raised U.S. interest rates in December, only the second hike in a decade, while its Japanese and European peers are still implementing loose monetary policy. The bond sell-off and policy divergence was a cash-generator for banks despite tighter regulation on their activities in these markets. Bank Of America''s finance chief, Paul Donofrio, predicted his bank could produce an additional $600 million in the current quarter from higher interest rates, with further gains anticipated throughout the year. "There are events out there that will drive volatility and potentially an increase in the volume of transactions, the same way we saw in the second half of 2016 after Brexit," said HSBC''s George. FX AND RATES As well as Trump laying out his economic policies, markets will take their cue from the upcoming French election and the formal start of Britain''s exit from the European Union. Fixed income and currency markets is where much of the action is expected to take place. According to electronic broker ICAP, the daily average trading volume of U.S. Treasuries in November soared 46 percent to $214 billion, while Chicago futures markets show bets on 10-year U.S. Treasuries prices falling are the highest since records began over 20 years ago. ICAP figures also showed that trading volume on its EBS platform, where the majority of euro, Japanese yen and Swiss franc trading against the dollar is done, rose by 52 percent in November to a daily average $115 billion. Analysts at RBC Capital markets say the near-term outlook for capital markets business is "bright", due to increased optimism over the U.S. economy. Most banks have indicated the start of the first quarter this year is stronger than last year. Goldman Sachs'' banking analysts assume at least a 10 percent rise in FICC and equity trading revenues. But banks shouldn''t be complacent, warns David Myers, head of capital markets, Deloitte UK. "Bankers cannot rely on volatile revenues to deliver consistently higher returns," Myers said, adding that banks will still be looking to strip out more costs in 2017. (Editing by Elaine Hardcastle; Graphics by Vikram Subhedar) Next In Business News HSBC, UBS to shift 1,000 jobs each from UK in Brexit blow to London DAVOS, Switzerland Two of Europe''s biggest banks warned on Wednesday they could each move around 1,000 jobs out of London, in the clearest sign yet of how financial firms are preparing for disruption caused by Britain''s exit from the European Union.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-banks-trading-idUKKBN1522KH'|'2017-01-19T00:39:00.000+02:00'
'1dd4a143e0afd02ab01fb5cb43da2271d7463a83'|'BRIEF-Paratek announces completion of enrollment in Omadacycline phase 3 community-acquired bacterial pneumonia study'|' 20am EST BRIEF-Paratek announces completion of enrollment in Omadacycline phase 3 community-acquired bacterial pneumonia study Jan 18 Paratek Pharmaceuticals Inc * Paratek announces completion of enrollment in Omadacycline phase 3 community-acquired bacterial pneumonia study * Paratek Pharmaceuticals Inc says company expects to report top-line data from this study in Q2 of 2017  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F80EM'|'2017-01-18T19:20:00.000+02:00'
'9cd325934613a8da099d33c2e2baa4f54ef5ed55'|'Global growth outlook shaky on trade protectionism fears - Reuters poll'|'Business News - Wed Jan 18, 2017 - 11:48am GMT Global growth outlook shaky on trade protectionism fears - Reuters poll left right An employee of a foreign exchange trading company works near monitors showing U.S. President-elect Donald Trump (top R), and the Japanese yen''s exchange rate against the euro in Tokyo, Japan, January 18, 2017. REUTERS/Toru Hanai 1/2 left right FILE PHOTO: A stack of shipping containers are pictured in the Port of Miami in Miami, Florida, U.S., May 19, 2016. REUTERS/Carlo Allegri/File Photo 2/2 By Rahul Karunakar The global economic outlook remains shaky, despite recent pockets of resilience, according to the overwhelming majority of economists polled by Reuters who said a rise in protectionist trade policies would hamper growth. With elections due in a number of major euro zone countries, political change in the bloc was picked as a close second choice for potential disruptions to the global economic revival. That uncertainty is heightened by the signs of a rise in nationalist sentiment worldwide, as exemplified by Britain''s surprise vote last year to leave the European Union and Donald Trump''s shock U.S. election victory. Three months ago, economists overwhelmingly cited a pickup in international trade as essential for improvement in the world economy. But an expected rise in protectionist policies has dented confidence in those prospects. This trend is reflected in most other Reuters polls over the past month on major economies, stock prices, bond yields and foreign exchange rates. [POLL/] "Clearly, the geopolitical, political and economic risks facing the world are many and multifarious, and it is no easy matter to isolate those that seem most apparent to us," wrote Mike Carey, chief economist at CA-CIB in a note. "While 2017 does not look as if it will be the ''year of living dangerously'', 2018 could well be more fraught." Reuters polls of over 500 economists across Asia, Europe and the Americas reveal downgrades, or at best no change to growth forecasts compared with previous months, as well as a weaker inflation outlook across most countries. While the latest poll gave only a 10 percent probability of a global economic recession this year, the main difference this time is that the range of forecasts for global growth showed lower highs and lower lows. Speculation that Trump will enact bold stimulus and reflationary measures once in office has pushed up U.S. 10-year Treasury yields by around 50 basis points since election day, lit a fire under the dollar and sent U.S. stocks to record highs. But concerns over his stand on trade are starting to undermine investor sentiment, with the yen - considered a safety bet in uncertain times - back to its highest levels in more than five weeks. "Maybe a home-grown U.S. wage acceleration is underway, with Trump''s policies acting as a conduit to bring it all about. It''s a nice thought, but we need more substance," wrote Jan Lambregts, global head of financial markets research at Rabobank. "Trump''s fiscal plans are as of yet unclear in size, focus and therefore impact. Markets are currently priced for perfection when it comes to Trump''s policies. That''s a lot to ask for." Trump''s posture on trade has clouded the outlook for the U.S. economy with rising risks of a trade war with China. [ECILT/US] A strong dollar, which hit a 14-year high earlier this month and is up close to 6 percent since the U.S. election result, acts as a drag on the economy by making U.S. exports relatively more expensive as well as damping down import price inflation. Across the Atlantic, the recent optimism that the euro zone economy is on a more robust growth path has weakened and will only be maintained if there are no major upsets in several national elections there. [ECILT/EU] While euro zone inflation in December was the highest in 3-1/2 years, the outlook for price growth remained weak. Not a single economist in the poll of more than 60 said they expected inflation to hit 2 percent this year or next. "Despite the U.S. reflation trade, we see little underlying inflation pressure in Europe. Meaningful fiscal expansion seems unlikely and structural reform has stalled or even reversed," wrote Janet Henry, global chief economist at HSBC. "QE is failing to lift inflation but the ECB may need to taper, if only to shift pressure back to governments." Britain''s inflation rate is expected to soar following sterling''s fall since the Brexit vote. But the economy will dodge a recession this year at least as the Bank of England maintains its ultra-easy policy stance. [ECILT/GB] EMERGING ECONOMIES RECOVERING Since Trump''s victory, expectations of protectionist policies have driven investors out of emerging markets. But the latest poll showed Brazil will come out of its worst recession ever this year, albeit very slowly and still leaving millions unemployed. [ECILT/BR] Despite expectations for sluggish world trade and Trump''s trade policy, China - the world''s second-largest economy - is forecast to grow 6.5 percent this year as the government keeps up policy support. [ECILT/CN] India, which was one of the few exceptions in emerging markets with a stable outlook, likely lost momentum in the final three months of 2016 after Prime Minister Narendra Modi''s ban on high-value currency notes hurt demand and businesses. [ECILT/IN] (For a graphic of poll results: tmsnrt.rs/2e7JFpt ) (For other stories from the poll) (reuters://realtime/verb=Open/url=cpurl://apps.cp./cms/?pageId=winners-2016 for top forecasters in Reuters polls) (Polling, analysis and additional reporting by Reuters Polls Bengaluru and bureaus in Jakarta, Seoul, London, Milan, Paris, Johannesburg, Toronto, Brasilia, Mexico City, Lima, Buenos Aires, Bogota, Caracas and Santiago; Editing by Ross Finley and Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-economy-poll-idUKKBN1521HK'|'2017-01-18T18:48:00.000+02:00'
'f1eabcfd9b6ec902e502fb52a809585805fd9ac2'|'Goldman Sachs profit soars on post-election surge in trading'|'Business News   7:44am EST Goldman Sachs profit soars on post-election surge in trading A view of the Goldman Sachs stall on the floor of the New York Stock Exchange July 16, 2013. REUTERS/Brendan McDermid/File Photo Goldman Sachs Group Inc ( GS.N ) reported a nearly four-fold rise in quarterly profit on Wednesday as it benefited, like other big banks, from a surge in trading following Donald Trump''s surprise win in November''s presidential election. Goldman''s net income attributable to common shareholders soared to $2.15 billion in the fourth quarter ended Dec. 31 from $574 million a year earlier, when the Wall Street bank was hit with a $5 billion legal settlement. ( bit.ly/2jnjZYL ) Earnings per share increased to $5.08 from $1.27. Analysts on average had expected a profit of $4.82 per share, according to Thomson Reuters I/B/E/S, but it was not immediately clear if the reported figures were comparable. Goldman''s revenue from trading fixed-income securities, currencies and commodities jumped 78.3 percent to $2.00 billion. Morgan Stanley ( MS.N ), Goldman''s closest rival, reported on Tuesday that its revenue from fixed-income trading jumped about 173 percent in the latest quarter. While Goldman typically relies more on trading than its competitors, the bank has been trying to shift its model over the last few years to rely less on the business and more on stable markets such as investment management. The bank has also made a push into consumer lending, launching an online platform called Marcus late last year. (Reporting by Richa Naidu in Bengaluru and Olivia Oran in New York; Editing by Ted Kerr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-goldman-sachs-results-idUSKBN1521OT'|'2017-01-18T19:44:00.000+02:00'
'e6bc5169331bb4d2e95f326c513cc7354bff5550'|'Etihad Airways not looking to take stake in Lufthansa'|'Aerospace & Defense - Wed Jan 18, 2017 - 7:57am EST Etihad Airways not looking to take stake in Lufthansa An Etihad Airways Boeing 777-3FX company aircraft takes off at the Charles de Gaulle airport in Roissy, France, August 9, 2016. REUTERS/Jacky Naegelen ABU DHABI Etihad Airways is not looking to take a stake in German carrier Lufthansa ( LHAG.DE ), a spokesman said on Wednesday, denying a report in an Italian newspaper that sent Lufthansa''s shares higher on Tuesday. "We can confirm that are not looking to take a financial stake in Lufthansa," the spokesman said, after the Wall Street Journal quoted Etihad Aviation Group CEO James Hogan as saying he was interested in a closer partnership but not buying shares. Reuters reported on Tuesday that Lufthansa and Etihad were in talks, but over cooperation on code shares and catering, rather than equity stakes. Etihad is grappling with ways to turn around two of its loss-making investments - Air Berlin ( AB1.DE ) and Alitalia [CAITLA.UL], which are struggling with high costs and tough competition from budget rivals. Etihad Airways bought stakes in Germany''s Air Berlin in 2011 and Alitalia in 2014 as part of a strategy to expand its route network but the two have failed to return to profitability. Hogan said in a statement on Wednesday that other carriers in which Etihad has invested, such as Jet Airways, Air Serbia, Air Seychelles, Virgin Australia and Etihad Regional have all become more efficient and profitable. "However, we have faced greater challenges with Air Berlin and with Alitalia. Both are operating in very tough competitive environments, and need to address long-standing issues facing their businesses," he said according to the text of a speech that was delivered in Dublin on Wednesday. "We are committed to our equity partner strategy – it delivers a huge amount to our business," Hogan said. Etihad has already agreed a deal with Lufthansa for the German carrier to lease 38 crewed planes from Air Berlin, and has set up a joint leisure airline venture with TUI ( TUIT.L ) for Air Berlin''s tourist flights, deals which will see Air Berlin''s fleet halve. Meanwhile, Alitalia is due to present a detailed restructuring plan this month. "I believe Air Berlin''s strategy is now on track and Alitalia is finalizing a business plan to address its issues," Hogan said. (Reporting by Stanley Carvalho & Victoria Bryan; editing by Jason Neely and Susan Thomas) Next In Aerospace & Defense'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-etihad-equity-idUSKBN1521Q7'|'2017-01-18T19:57:00.000+02:00'
'572e07c6874468d005ef68a740f841f781078e59'|'Brexit drives push for bigger Frankfurt role in exchange merger'|'Deals - Tue Jan 17, 2017 - 1:22pm EST Brexit drives push for bigger Frankfurt role in exchange merger A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville By Andreas Kröner and John O''Donnell - FRANKFURT FRANKFURT Germany and the European Central Bank are pushing harder for Deutsche Boerse ( DB1Gn.DE ) and the London Stock Exchange ( LSE.L ) to give Frankfurt a greater role once they merge, now Britain is leaving the European Union, people involved said. As it stands, London is due to be the home of the main holding company of the merged exchanges and the joint board would also be in Europe''s financial capital but Brexit may upset the plans in favor of Frankfurt. German regulators, politicians and the European Central Bank (ECB) all want more control over the company and for that to work after Britain leaves the EU, at least some of the critical holding company may have to be based in Germany. The growing divisions over the holding company''s location are hanging over the deal to create Europe''s biggest stock market, despite high hopes when it was announced last February that the strong commitment from both sides gave it a good chance of succeeding. "Germany must have a full regulatory grasp of the holding company of the merged exchanges," said a regulator in Germany, which has the power to block the deal. "That would only be possible if the holding company is either entirely based in or has a dual base in Germany." Other regulators and people involved in the deal who spoke to Reuters on condition of anonymity expressed similar concerns about the need for a German base. Eric Menges, who heads a group called FrankfurtRheinMain, which is backed by local German politicians and aims to promote Frankfurt to businesses, summed up the mood. "Wherever you look across all political parties, there is no support for a London holding," Menges said. DOUBLE TROUBLE? A dual holding company split between Frankfurt and London could address the concerns of regulators, the people involved in the talks said, but such a move has been resisted in London. That structure would represent an erosion of power for London following Brexit as oversight of the exchange would have to be shared fully with the ECB and German authorities. The issue has become even more pressing just two months before the European Commission is due to wrap up its antitrust review of the deal now that Britain has said it plans to leave the European single market. British Prime Minister Theresa May''s comments on Tuesday formed the backdrop for a meeting between LSE Chief Executive Xavier Rolet, Deutsche Boerse head Carsten Kengeter and Volker Bouffier, one of Germany''s most influential politicians. Bouffier, an ally of German chancellor Angela Merkel, has signaled in the past that he wants Frankfurt not London to be the main headquarters for the merged company. The European Central Bank based in Frankfurt has also weighed into the debate. Typically at pains to stay at arm''s length from decisions by private companies, the ECB recently took the highly unusual step of commenting about the merger. "The United Kingdom''s withdrawal may lead to a loss of oversight," ECB President Mario Draghi wrote to a European lawmaker. "It will be important to find solutions that at least preserve, or ideally enhance, the current level of supervision and oversight," Draghi wrote. He said the ECB would analyze the merger carefully, without addressing the issue of where its main headquarters should be. HARD TIME One of the chief concerns for the ECB is that London-based LCH Clearnet, which is majority owned by the London Stock Exchange, clears more than half of all interest rate swaps traded around the world, many of which are in euros. That means as soon as Britain leaves the European Union, the clearing of euro transactions will be outside the European Union altogether and in the hands of British regulators. "Kengeter knows what we think. For us, the clearing is the important part. They have to come up with a solution," a person familiar with ECB thinking said. "We are not going to stop the deal but we can give them a hard time on a daily basis and they know this." Advisers and company executives are divided about whether London''s status in the deal as the main headquarters can be changed. Some people involved argue it could require a new vote by shareholders of both companies, which could upset the deal. It is not the first time a planned merger between the London and Frankfurt bourses has run into difficulties. There have been four attempts, two public and two informal, to combine the two exchanges during the past decade. For now, both companies are sticking to their guns. On Monday, the London Stock Exchange said it had no intention of moving LCH to Germany and that regulatory arrangements would remain in place. Deutsche Boerse also said the merger was "not about relocating businesses". Speaking at Deutsche Boerse''s New Year reception on Monday evening, Kengeter said the exchange would be "supporting Europe''s future cohesion" by maintaining vital bridges between the region''s two biggest economies. Privately, however, people involved in the talks are growing pessimistic. "I believe the chances of success for this deal are now below 50 percent," said one. ($1 = 0.9383 euros) (Additional reporting by Arno Schuetze, Francesco Canepa, Andreas Framke and Edward Taylor in Frankfurt; writing by John O''Donnell; editing by David Clarke) Next In Deals Bayer, Monsanto pledge U.S. R&D spending, jobs after merger FRANKFURT A future combined Bayer and Monsanto expects to spend about $16 billion on research and development over the next six years with at least half of this investment made in the United States, the two companies said in a statement on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-lse-m-a-deutsche-boerse-idUSKBN1512OQ'|'2017-01-18T01:22:00.000+02:00'
'27416ed858a438c3812148cb3c040455d8530967'|'Online healthcare platform Practo raises $55 million in fresh funding - Reuters'|'MUMBAI Indian online healthcare platform Practo said on Tuesday it had raised $55 million from new and existing investors in a fresh round of funding led by China''s Tencent Holdings.Bengaluru-headquartered Practo, founded in 2008, acts as a one-stop shop for patients booking appointments with doctors for online and in-person consultations.New investors in the latest round include Japan''s Recruit Holdings Co -owned RSI Fund and Thrive Capital, Practo''s founder and chief executive Shashank ND told Reuters.Sequoia Capital, Matrix Partners, Capital G and Tencent were among the existing investors, who also participated in the latest round of funding, he said."The main focus will be to further invest in the platform to make it accessible to more Indians," said Shashank, who added that Practo will expand its medicine delivery and diagnostics services, currently available in the tech-hub of Bengaluru, to all major Indian cities.The firm may soon partner with health insurance providers, Shashank said.A part of the new funds will be used to expand the company''s services in South East Asia, he said. The company already has a presence in Indonesia, the Philippines, Brazil and Singapore.The firm says 45 million appointments annually are currently managed through its website.(Reporting by Sankalp Phartiyal; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/practo-funding-idINKBN1510LH'|'2017-01-17T04:22:00.000+02:00'
'729526b219258ef35f9c20b332b167ca7ebeb4bc'|'French 2016 state deficit comes in just below government target'|'Financials   3:01am EST French 2016 state deficit comes in just below government target PARIS Jan 17 France''s state deficit stood at 68.98 billion euros in 2016, below the government''s target of 69.9 billion euros set in its last budget bill, Finance Minister Michel Sapin said on Tuesday. The state deficit, part of the wider public deficit which also includes welfare and local authorities, stood at 70.5 billion euros in 2015. "This very good figure reinforces the view that we will meet our 3.3 pct public deficit target," Sapin told reporters. (Reporting by Michel Rose; Writing by GV De Clercq; Editing by Catherine Evans) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/france-budget-idUSP6N1EW002'|'2017-01-17T15:01:00.000+02:00'
'5289810de989d485037c55d05bc065974916d04f'|'Carlyle to buy South Africa''s Global Credit Ratings'|'Business News - Tue Jan 17, 2017 - 7:48am GMT Carlyle to buy South Africa''s Global Credit Ratings LONDON Carlyle Group ( CG.O ) has agreed to acquire Johannesburg-based ratings agency Global Credit Ratings (GCR), a spokeswoman for the U.S. buyout fund said on Tuesday. Terms of the acquisition, which was first reported by the Financial Times, were not disclosed. Carlyle raised $698 million (579.45 million pounds) for its Africa buyout fund in 2014, exceeding its $500 million target. In November, Carlyle, which has $169 billion of assets under management, agreed to acquire a majority share of CMC Networks, a pan-African telecommunications business. In September, it agreed to buy a majority share of Amrod, a supplier of promotional products and clothing in South Africa and neighbouring countries. (Reporting by Dasha Afanasieva; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-globalratingsagency-m-a-carlyle-group-idUKKBN1510OE'|'2017-01-17T14:48:00.000+02:00'
'f20f7e3cbd0ce10abd8c3d728033296842383757'|'Exclusive - Global ship insurers to resume near full coverage for Iran oil: officials'|' 28am GMT Exclusive - Global ship insurers to resume near full coverage for Iran oil: officials A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005. REUTERS/Raheb Homavandi/File Photo By Osamu Tsukimori and Keith Wallis - TOKYO/SINGAPORE TOKYO/SINGAPORE Global shipping insurers have devised a way to ensure nearly full coverage for Iranian oil exports from next month after striking a deal to provide cover without involving U.S.-domiciled reinsurers, officials in Tokyo and London said. The reluctance of U.S. firms to handle Iranian goods had greatly limited the number of reinsurers of cargoes, but the new arrangements - which essentially allow re-insurance of ships without the involvement of U.S.-firms - should boost the number of eligible shipments. That will provide a boon to Iran, trying to raise oil exports after most sanctions were lifted last year, though banking restrictions that remain in place that could cap any major rise in exports. "There will be no U.S.-domiciled reinsurer participation on the 2017 IG reinsurance program," Andrew Bardot, secretary and executive officer at the International Group (IG) of P&I Clubs in London told Reuters on Tuesday. The new arrangements take effect on Feb. 20, he and other officials said. "This will substantially address the potential shortfall in reinsurance recoveries in the event of Iranian-related claims," Bardot said in an email. (Reporting by Osamu Tsukimori in TOKYO and Keith Wallis in SINGAPORE; Additional reporting by Jonathan Saul in LONDON; Writing by Aaron Sheldrick; Editing by Kenneth Maxwell) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-iran-oil-shipping-exclusive-idUKKBN15110G'|'2017-01-17T16:22:00.000+02:00'
'67bd18ebf3a8724bd70ca78bed92f679d444f043'|'Creditor group challenges Brazilian firm Oi''s restructuring plan'|'SAO PAULO A creditor group has challenged Oi SA''s in-court reorganization plan presented in September, saying the Brazilian wireless carrier''s proposed restructuring has "illegal and abusive elements" that favor shareholders at the expense of bondholders.In a statement on Tuesday, the group accused Oi of being reluctant to share key information which it said prevents creditors from taking a stance on decisions such as potential asset sales. The Moelis & Co-advised group presented an alternate plan for Oi''s reorganization on Dec. 16.According to the statement, Rio de Janeiro-based Oi has failed to engage in discussions with creditors over its future. Oi, which is trying to restructure about 65.4 billion reais ($20.4 billion) of debt after filing for Brazil''s largest ever bankruptcy protection in June, did not have an immediate comment.The creditor group''s objection "focuses on the illegal and abusive nature of the Sept. 5 plan, particularly its inappropriate favoritism of the company''s existing equity holders to the detriment of creditors," its statement said.The group''s statement has the potential of reigniting a rift between creditors and shareholders of Brazil''s No. 4 wireless carrier. Pharol SGPS SA, Oi''s largest shareholder, fought a restructuring accord prior to Oi''s June bankruptcy filing, saying it called for a highly dilutive debt-for-equity swap.The escalating tension among creditors and shareholders of Oi has forced the Brazilian government to repeatedly threaten a potential intervention in Oi. In an interview published on Tuesday, Communications Minister Gilberto Kassab said the government is ready to intervene in Oi if in-court negotiations fail.Kassab told Folha de S. Paulo newspaper that the government, through industry watchdog Anatel, "has an obligation to intervene. His media office was not immediately available to confirm his remarks.Oi''s preferred shares gained 0.4 percent to 2.64 reais on Tuesday, extending this year''s gains to 17 percent.(Reporting by Ana Mano; Editing by Guillermo Parra-Bernal, Nick Zieminski and Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-oi-sa-restructuring-idINKBN1511RS'|'2017-01-17T11:28:00.000+02:00'
'0bdb2de6a8bf5d32257c37942daa013f0625720f'|'BRIEF-Fisco says unit NCXX Group''s business and capital alliance with Terilogy'|'Financials  48am EST BRIEF-Fisco says unit NCXX Group''s business and capital alliance with Terilogy Jan 17 Fisco Ltd : * says its unit NCXX Group Inc formed a business and capital alliance with Terilogy Co Ltd on Jan. 17 * Says the alliance is for cooperate on joint development of products, promotion of sales, joint marketing of new products * Says NCXX Group will acquire 2,291,700 shares (14.9 percent voting rights) of Terilogy at price of 630,217,500 yen on Feb. 1 Source text in Japanese: goo.gl/XeANLM Further company Coverage: (Beijing Headline News) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1F730W'|'2017-01-17T15:48:00.000+02:00'
'efc4d8efbb89c2463cee881a28b7e981bdbfeb72'|'Trump team defends health pick Tom Price over ethics charge'|'By Steve Holland - WASHINGTON WASHINGTON U.S. President-elect Donald Trump''s transition team defended his nominee for health and human services (HHS) secretary, Tom Price, from charges that he bought shares in a company days before introducing legislation that would have benefited the firm.A Senate confirmation hearing is scheduled for Wednesday for Price, a Republican congressman from Georgia who, if confirmed, would be a lead agent in carrying out Trump''s plans to overhaul President Barack Obama''s signature health care law.CNN reported on Sunday that Price bought between $1,001 and $15,000 worth of shares last March in Zimmer Biomet Holdings Inc, a medical device manufacturer.Days later, he introduced legislation to the House of Representatives that would have delayed a regulation that could have ultimately damaged the company, CNN said.The Trump transition team said late on Monday that the stock purchase was directed not by Price but by a broker and that Price himself did not become aware of the stock buy until well after the legislation was introduced."Any effort to connect the introduction of bipartisan legislation by Dr Price to any campaign contribution is demonstrably false," said transition spokesman Phil Blando."The only pattern we see emerging is that Senate Democrats and their liberal media allies cannot abide by the notion that Dr. Tom Price is uniquely qualified to lead HHS and will stop at nothing to smear his reputation," he said.Senator Chuck Schumer of New York, the leader of the Democratic minority in the Senate, called on the Office of Congressional Ethics to investigate whether Price had violated the 2012 Stock Act, a law designed to combat insider trading."The President-elect claims he wants to drain the swamp, but Congressman Price has spent his career filling it up," Schumer said in a statement.Price is one of eight Trump Cabinet nominees who will face Senate confirmation hearings this week, starting on Tuesday with Ryan Zinke, a Republican Montana congressman pegged as interior secretary, and Republican philanthropist Betsy DeVos who is the education nominee.Trump''s presidential inauguration is on Friday and his team is hoping to have as many of his nominees as possible, perhaps as many as seven, confirmed by then.(Reporting By Steve Holland; Editing by Randy Fabi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-idINKBN1510EW'|'2017-01-17T02:55:00.000+02:00'
'89a91cc9930a124fefb879357b85822fd40b04b8'|'Russia may place $3 bln in Eurobonds in spring: finance minister'|'MOSCOW Jan 18 Russia may place $3 billion worth of Eurobonds this spring in a single issue, Finance Minister Anton Siluanov told reporters on Wednesday.Siluanov said the government had decided not to use additional oil revenues, resulting from the rise in oil prices, on budget spending. He said that decision had been supported by President Vladimir Putin.If oil prices stay at their current level, the government may be able to avoid spending money from its reserve funds in 2017, Siluanov said.The decision to not channel additional oil revenues into budget spending would give the central bank more room to cut interest rates and to ensure stability of the rouble currency, Siluanov told reporters. (Reporting by Darya Korsunskaya; Writing by Christian Lowe; Editing by Vladimir Soldatkin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/russia-budget-siluanov-idINR4N1F202I'|'2017-01-18T13:19:00.000+02:00'
'3d9f4de4fbe0742fe6197b674b43f4f83c5a7421'|'TABLE-United Urban Investment -6 MTH results'|'Financials  22am EST TABLE-United Urban Investment -6 MTH results Jan 18 (Reuters) United Urban Investment Corp. FINANCIAL HIGHLIGHTS (in billions of yen unless specified) 6 months 6 months 6 months 6 months ended Nov 30, 2016 ended May 31, 2016 to May 31, 2017 to Nov 30, 2017 LATEST PRIOR COMPANY COMPANY RESULTS RESULTS FORECAST FORECAST Revenues 22.86 21.44 22.33 22.33 (+6.6 pct ) (+6.8 pct ) (-2.3 pct ) (-0.0 pct ) Net 9.35 9.09 9.55 9.64 (+2.9 pct ) (+14.8 pct ) (+2.1 pct ) (+1.0 pct ) Div 3,010 yen 3,000 yen 3,150 yen 3,180 yen To see Company Overview page, click reuters://REALTIME/verb=CompanyData/ric=8960.T Next In Financials Fitch Rates Philippines'' USD Bond ''BBB-(EXP)'' (The following statement was released by the rating agency) HONG KONG, January 18 (Fitch) Fitch Ratings has assigned the Philippines'' forthcoming US dollar-denominated bonds an expected rating of ''BBB-(EXP)''. The Philippines intends to use the proceeds from the bond sale to pay the purchase price and accrued interest of its own securities repurchased in an associated debt management operation. Residual proceeds may be used for general budget financing purposes. KEY RATING DRIVERS The expect'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1F82H2'|'2017-01-18T13:22:00.000+02:00'
'e3f1a881f38f0947af0742a51902e0131a647aa5'|'India approves plan to list state-run general insurers - NewsRise'|'Financials  14am EST India approves plan to list state-run general insurers - NewsRise NEW DELHI Jan 18 India''s cabinet on Wednesday approved a plan to publicly list state-run general insurance companies, news agency NewsRise reported, citing an unnamed government official. NewsRise did not provide further details. Finance Minister Arun Jaitley had announced in last year''s budget the government would list state-owned general insurance companies to improve transparency and accountability. (Reporting by Rajesh Kumar Singh; Editing by Rafael Nam) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-cabinet-insurers-idUSL4N1F82NK'|'2017-01-18T14:14:00.000+02:00'
'74051f55b52ebef9baa3e711fd32895ff3793685'|'George Soros, Mastercard to partner to aid migrants, refugees'|'U.S.   6:04am EST George Soros, Mastercard to partner to aid migrants, refugees FILE PHOTO -- Business magnate George Soros arrives to speak at the Open Russia Club in London, Britain June 20, 2016. REUTERS/Luke MacGregor/File Photo NEW YORK Billionaire investor George Soros will partner with Mastercard Inc on a venture they said could help migrants, refugees and others struggling within their communities worldwide to improve their economic and social status. The partnership, Humanity Ventures, stems from a pledge Soros made in September to earmark up to $500 million for investments to address challenges facing migrants and refugees. In a joint statement on Thursday, Mastercard and Soros said that despite billions of dollars of humanitarian and development assistance, millions of people remain marginalized, a situation the private sector can help rectify. “Migrants are often forced into lives of despair in their host communities because they cannot gain access to financial, healthcare and government services," Soros said. "Our potential investment in this social enterprise, coupled with Mastercard''s ability to create products that serve vulnerable communities, can show how private capital can play a constructive role in solving social problems," he added. Humanity Ventures intends to focus initially on healthcare and education, with a goal of fostering local economic development and entrepreneurship. With the creation of Humanity Ventures, Soros could invest up to $50 million to make these solutions more scalable and sustainable, and perhaps encourage smaller projects committed to mitigating the migration crisis. "Humanity Ventures is intended to be profitable so as to stimulate involvement from other businesspeople," Soros said. "We also hope to establish standards of practice to ensure that investments are not exploitative of the vulnerable communities we intend to serve." Soros opened his first foundation, the Open Society Foundations, in 1979 when his hedge fund had reached about $100 million and his personal wealth had climbed to about $25 million. The Open Society Foundations began Soros’s philanthropic activity when he gave scholarships to black South Africans under apartheid. In the 1980s, Soros and his foundations ultimately contributed to the collapse of communism in Eastern Europe. Just last week, Soros'' Open Society Foundations said it will keep working with and financing organizations in Hungary despite the government saying that any civil society group should be "swept out." (Reporting by Jennifer Ablan; Editing by Lisa Shumaker) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-immigration-soros-idUSKBN1531H2'|'2017-01-19T18:00:00.000+02:00'
'9919501a6305f0187eb8f9e284e249ed8b326b0d'|'Struggling hedge funds still expense bonuses, bar tabs'|'Business News - Thu Jan 19, 2017 - 6:10am GMT Struggling hedge funds still expense bonuses, bar tabs left right A combination photo shows Israel Englander (L), Chairman and CEO, Millennium Partners, and Kenneth C. Griffin, CEO of Citadel during the Milken Institute Global Conference in Beverly Hills, California, U.S. on April 27, 2010 and April 27, 2015, respectively. REUTERS/Phil McCarten (L) REUTERS/Mario Anzuon (R) 1/2 left right FILE PHOTO - Former U.S. Attorney General John Ashcroft speaking to the National Rifle Association''s ''Celebration of American Values Conference'' in Washington, DC, U.S. on September 21, 2007. REUTERS/Larry Downing/File Photo 2/2 By Lawrence Delevingne - NEW YORK NEW YORK Investors are starting to sour on the idea of reimbursing hedge funds for multi-million dollar trader bonuses, lavish marketing dinners and trophy office space. Powerful firms such as Citadel LLC and Millennium Management LLC charge clients for such costs through so-called "pass-through" fees, which can include everything from a new hire''s deferred compensation to travel to high-end technology. It all adds up: investors often end up paying more than double the industry''s standard fees of 2 percent of assets and 20 percent of investment gains, which many already consider too high. Investors have for years tolerated pass-through charges because of high net returns, but weak performance lately is testing their patience. Clients of losing funds last year, including those managed by Blackstone Group LP''s ( BX.N ) Senfina Advisors LLC, Folger Hill Asset Management LP and Balyasny Asset Management LP, likely still paid fees far higher than 2 percent of assets. Clients of shops that made money, including Paloma Partners and Hutchin Hill Capital LP, were left with returns of less than 5 percent partly because of a draining combination of pass-through and performance fees. (GRAPHIC: tmsnrt.rs/2iLRB3T ) Millennium, the $34 billion New York firm led by billionaire Israel Englander, charged clients its usual fees of 5 or 6 percent of assets and 20 percent of gains in 2016, according to a person familiar with the situation. The charges left investors in Millennium''s flagship fund with a net return of just 3.3 percent. Citadel, the $26 billion Chicago firm led by billionaire Kenneth Griffin, charged pass-through fees that added up to about 5.3 percent in 2015 and 6.3 percent in 2014, according to another person familiar with the situation. Charges for 2016 were not finalized, but the costs typically add up to between 5 and 10 percent of assets, separate from the 20 percent performance fee Citadel typically charges. Citadel''s flagship fund returned 5 percent in 2016, far below its 19.5 percent annual average since 1990, according to the source who, like others, spoke on the condition of anonymity because the information is private. All firms mentioned declined to comment or did not respond to requests for comment. In 2014, consulting firm Cambridge Associates studied fees charged by multi-manager funds, which deploy various investment strategies using small teams and often include pass-throughs. Their clients lose 33 percent of profits to fees, on average, Cambridge found. The report by research consultant Tomas Kmetko noted such funds would need to generate gross returns of roughly 19 percent to deliver a 10 percent net profit to clients. ''STUNNING TO ME'' Defenders of pass-throughs said the fees were necessary to keep elite talent and provide traders with top technology. They said that firm executives were often among the largest investors in their funds and pay the same fees as clients. But frustration is starting to show. A 2016 survey by consulting firm EY found that 95 percent of investors prefer no pass-through expense. The report also said fewer investors support various types of pass-through fees than in the past. "It''s stunning to me to think you would pay more than 2 percent," said Marc Levine, chairman of the Illinois State Board of Investment, which has reduced its use of hedge funds. "That creates a huge hurdle to have the right alignment of interests." Investors pulled $11.5 billion from multi-strategy funds in 2016 after three consecutive years of net additions, according to data tracker eVestment. Redemptions for firms that use pass-through fees were not available. Even with pass-through fees, firms like Citadel, Millennium and Paloma have produced double-digit net returns over the long-term. The Cambridge study also found that multi-manager funds generally performed better and with lower volatility than a global stock index. "High fees and expenses are hard to stomach, particularly in a low-return environment, but it''s all about the net," said Michael Hennessy, co-founder of hedge fund investment firm Morgan Creek Capital Management. INTELLECTUAL PROPERTY Citadel has used pass-through fees for an unusual purpose: developing intellectual property. The firm relied partly on client fees to build an internal administration business starting in 2007. But only Citadel''s owners, including Griffin, benefited from the 2011 sale of the unit, Omnium LLC, to Northern Trust Corp for $100 million, plus $60 million or so in subsequent profit-sharing, two people familiar with the situation said. Citadel noted in a 2016 U.S. Securities and Exchange Commission filing that some pass-through expenses are still used to develop intellectual property, the extent of which was unclear. Besides hedge funds, Citadel''s other business lines include Citadel Securities LLC, the powerful market-maker, and Citadel Technology LLC, a small portfolio management software provider. Some Citadel hedge fund investors and advisers to them told Reuters they were unhappy about the firm charging clients to build technology whose profits Citadel alone will enjoy. "It''s really against the spirit of a partnership," said one. A spokesman for Citadel declined to comment. A person familiar with the situation noted that Citadel put tens of millions of dollars into the businesses and disclosed to clients that only Citadel would benefit from related revenues. The person also noted Citadel''s high marks from an investor survey by industry publication Alpha for alignment of interests and independent oversight. Gordon Barnes, global head of due diligence at Cambridge, said few hedge fund managers charge their investors for services provided by affiliates because of various problems it can cause. "Even with the right legal disclosures, it rarely passes a basic fairness test," Barnes said, declining to comment on any individual firm. "These arrangements tend to favor the manager''s interests." (Reporting by Lawrence Delevingne; Editing by Lauren Tara LaCapra and Grant McCool) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-hedgefunds-passthrough-insight-idUKKBN1530JL'|'2017-01-19T13:10:00.000+02:00'
'ed9be7af758b8a8836404645126b0d5ba48c33c7'|'Bank of England''s Carney says UK reliant on buoyant consumers'|'Business News   9:34pm GMT Bank of England''s Carney says UK reliant on buoyant consumers left right Britain''s Bank of England Governor Mark Carney delivers a speech at the London School of Economics in London, Britain, January 16, 2017. REUTERS/Toby Melville 1/4 left right Britain''s Bank of England Governor Mark Carney listens after delivering a speech at the London School of Economics in London, Britain, January 16, 2017. REUTERS/Toby Melville 2/4 left right Britain''s Bank of England Governor Mark Carney is seen through video camera playback screen as he delivers a speech at the London School of Economics in London, Britain, January 16, 2017. REUTERS/Toby Melville 3/4 left right Britain''s Bank of England Governor Mark Carney arrives to deliver a speech at the London School of Economics in London, Britain, January 16, 2017. REUTERS/Toby Melville 4/4 By David Milliken and Andy Bruce - LONDON LONDON Bank of England Governor Mark Carney said on Monday that he would keep a close eye on British consumers this year to see if their buoyant mood since June''s Brexit vote persists in the face of higher inflation. Britain had one of the world''s fastest-growing advanced economies last year, but the central bank has forecast growth will slow in 2017 as inflation rises above target in response to sterling''s slump since the European Union referendum. In his first speech of 2017, delivered at the London School of Economics, Carney said there were signs that British growth was relying more heavily on consumer spending - rather than investment or exports - which boded poorly for the future. "Growth is expected to remain below past averages for the next few years. One corroborating indicator of this potential deceleration is that the UK expansion is increasingly consumption-led," he said in a text provided by the BoE. The central bank governor said evidence from the past 25 years showed that consumption-led expansions were generally weaker than broader-based ones, as they often became dependent on ever-higher rates of borrowing. "At present, households appear to be entirely looking through Brexit-related uncertainties," Carney said, adding that developments in consumer spending and borrowing would be an important factor for the BoE to watch this year and beyond. British consumer borrowing grew by almost 11 percent in the year to November, its fastest pace since 2005, and earlier on Monday a charity warned of a big increase in calls from people worried about their debts compared with a year earlier. STEADY RATE OUTLOOK Carney stuck close to the line on monetary policy that the central bank set out after its November and December policy meetings, and economists expect no change in rates in the wake of next month''s quarterly forecast update. "The indication is that the Monetary Policy Committee is currently comfortable with its neutral stance," IHS Markit chief UK economist Howard Archer wrote to clients after the speech. The BoE cut rates to a record low 0.25 percent in August and started a six-month programme of government bond purchases to boost an economy which appeared to be entering a slump after June''s vote to leave the EU. However, the economy subsequently performed much more strongly than economists expected. In November, the BoE dropped plans to cut rates further, and next month policymakers will need to decide whether to extend the bond purchase programme. "Monetary policy can respond, in either direction, to changes to the economic outlook as they unfold to ensure a sustainable return of inflation to the 2 percent target," Carney said, adding that the BoE was willing to tolerate a limited overshoot of its inflation target. In November the BoE forecast 1.4 percent growth for 2017, after growth of around 2 percent in 2016. The BoE expects consumer price inflation will exceed 2.7 percent by the end of this year - up from 1.2 percent in November 2016 - due to a near-20 percent fall in sterling against the dollar. Sterling fell below $1.20 to one of its lowest levels in the past 30 years on Monday due to fears Prime Minister Theresa May will prioritise curbing immigration over retaining close economic ties with the EU when she sets out her approach to Brexit talks in a speech on Tuesday. In a question and answer session after the speech, Carney declined to comment on the latest move or outlook for the currency, merely noting that the exchange rate moved up and down. (Additional reporting by Alistair Smout; Editing by Alison Williams) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-carney-idUKKBN15027V'|'2017-01-17T04:34:00.000+02:00'
'933d13b5f06aa54c13c0fcb7580b11e6de86f2cc'|'China''s December home price growth moderates, bubble fears abate'|'Business News - Wed Jan 18, 2017 - 2:19am GMT China''s December home price growth moderates, bubble fears abate Labourers work atop scaffolding at a residential construction site in Shanghai, July 14, 2014. REUTERS/Aly Song/File Photo BEIJING Growth in China''s home prices moderated slightly in December as local governments stepped up curbs to tame speculation which some fear is fuelling a property bubble. The price moderation will come as something of a relief to China''s leaders as they wrestle with economic targets for 2017. Sources have told Reuters Beijing is prepared to accept a more modest growth target of 6.5 percent this year as leaders tackle a mountain of debt built up over years of heavy official borrowing to fund stimulus campaigns. But after 2016''s record surge in China''s nationwide home prices, the biggest since 2011 when the data was first available, further sharp gains may require more aggressive policy curbs, adding to risks of a price crash and a sharp knock on the economy. Average new home prices in 70 major cities rose 12.4 percent in December from a year earlier, compared to November''s record 12.6 percent rise, data from the National Bureau of Statistics(NBS) showed on Wednesday. On a monthly basis, new home prices rose 0.3 percent, slowing from November''s 0.6 percent, according to Reuters calculations. Authorities have unleashed a series of measures in recent months to contain rapid house price rises in more than two dozen Chinese cities, amid fears that markets are overheating. China''s leaders have pledged to strictly limit credit flowing into speculative buying in the housing market in 2017. Those sentiments have been echoed by some local government heads, although local authorities are not always seen as eager to follow Beijing''s property clampdowns due to the hefty revenues they garner from land sales. Market watchers say prices are likely to continue rising in the biggest cities due to strong demand and limited land for new housing projects. Inventories in some of China''s biggest cities shrunk to less than six months of demand in January, data from private research agency China Index Academy showed, leaving many analysts still bullish on the housing market overall. China''s average home prices are forecast to rise 4.1 percent in 2017, while growth in property investment would rise 5.4 percent, a state-owned newspaper reported earlier this month, citing the Chinese Academy of Social Sciences. But authorities will be walking a tightrope between curbing excessive price gains and clamping down too hard on a sector which accounts for about 15 percent of the economy. The National Academy of Economic Strategy, part of the Chinese Academy of Social Sciences (CASS), has warned that an "overcorrecting" property market would drag on economic growth and impair financial stability, saying first-tier and some second-tier cities would be most exposed to such risks. Wednesday''s data showed eye-popping price rises in 2016 despite a slowdown in growth late in the year. Prices in Shenzhen, Shanghai and Beijing prices rose 23.5 percent, 26.5 percent and 25.9 percent from 2015. China depended heavily on the surging real estate market and government stimulus to drive economic expansion in 2016, and not surprisingly is widely expected to report on Friday that it met its annual growth target of 6.5 to 7 percent. While property curbs are expected to weigh on economic growth this year, the government is likely to welcome signs of moderation in home prices, which would allow it to focus on defusing explosive growth in corporate debt. But speculation is still rife in some parts of the country as buyers are priced out of the top cities and look to invest elsewhere. In the major southwestern city of Chongqing, the local government recently imposed a property tax on first-time home buyers who are non-residents, while some smaller cities are still suffering from a large overhang of unsold homes that has hardly improved from a year ago. Official data showed Chongqing prices rose 1.1 percent in December compared to a month ago, making it one of the top performers in terms of monthly growth in the month. China''s commercial housing inventory totalled 691 million square metres in November 2016, a mere 0.01 percent drop from the same time a year earlier, as developers rushed to bring on new projects as home sales and prices soared, official data from the Statistic Bureau showed. (Reporting by Beijing Monitoring Desk and Yawen Chen; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-homeprices-idUKKBN15207N'|'2017-01-18T09:19:00.000+02:00'
'c64b80776368f258d8e7d2e16083df6d3b080564'|'U.S. Department of Labor says JPMorgan Chase paid women less than men'|'Company  56am EST U.S. Department of Labor says JPMorgan Chase paid women less than men Jan 18 The U.S. Department of Labor on Wednesday filed a lawsuit against JPMorgan Chase & Co claiming the bank engaged in pay discrimination against women. The department in a complaint filed with an administrative judge said New York-based JPMorgan has paid at least 93 women in four different job categories less than comparable male coworkers over the last five years. (Reporting by Daniel Wiessner in Albany, New York, Editing by Alexia Garamfalvi) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/jpmorgan-discrimination-idUSL1N1F815B'|'2017-01-18T22:56:00.000+02:00'
'977892cf950fb9f68d74535dc77953dfc767aff6'|'Netflix adds more subscribers than expected'|'Technology News - Wed Jan 18, 2017 - 4:19pm EST Netflix adds more subscribers than expected The Netflix sign on screen is shown on an iPad in Encinitas, California, U.S. on April 19,2013. REUTERS/Mike Blake/File Photo Netflix Inc''s ( NFLX.O ) international and U.S. subscriber additions sped past analysts'' estimates as the video streaming service released shows including the award-winning British drama "The Crown" and a revival of "Gilmore Girls". Netflix, whose original shows include "Narcos" and "Stranger Things", said on Wednesday it signed up 5.12 million subscribers outside the United States in the quarter ended Dec. 31. ( nflx.it/2jyes47 ) Analysts on average had estimated 3.73 million additions, according to research firm FactSet StreetAccount. Faced with slowing growth in the United States, Netflix has launched in almost every country, but is now faced with the task of tweaking the service to suit different markets and cultures, even as competitors expand. In the United States, Netflix added 1.93 million subscribers, compared with the average estimate of 1.44 million. (Reporting by Anya George Tharakan in Bengaluru; Editing by Shounak Dasgupta) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-netflix-results-idUSKBN1522YR'|'2017-01-19T04:19:00.000+02:00'
'c2d53b975b335cfd86123e20c50ea28f0b580493'|'Renault-Nissan electric car sales hit 400,000, CEO says in Davos'|'Technology   4:10pm GMT Renault-Nissan electric car sales hit 400,000, CEO says in Davos left right Carlos Ghosn makes a speech titled ''Autonomous, Electric and Connected: A Talk on Current and Future Mobility'' during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Mark Blinch 1/2 left right Carlos Ghosn, Chairman and CEO of the Renault-Nissan Alliance, attends the company''s annual shareholder meeting in Paris April 30, 2013. REUTERS/Charles Platiau/File Photo 2/2 DAVOS, Switzerland Renault-Nissan has sold more than 400,000 electric cars globally and the leader in plug-in vehicles is planning further investment to maintain its market lead, the chief executive of the auto alliance said on Wednesday. Carlos Ghosn disclosed the sales figure during an interview with Reuters on the sidelines of the World Economic Forum in Davos. "We are going to increase investment, we are going to have lot of new cars coming, better batteries, better performance, lower prices," Ghosn said. (Reporting by Ben Hirschler; editing by Susan Thomas) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-renault-electric-ceo-idUKKBN1522BF'|'2017-01-18T23:00:00.000+02:00'
'ff9f8415ba72f14db85ea548ec7b8a8eceff64c9'|'BRIEF-Target reports November/December sales and updates fourth quarter 2016 guidance'|' 11am EST BRIEF-Target reports November/December sales and updates fourth quarter 2016 guidance Jan 18 Target Corp * Target reports November/December sales and updates fourth quarter 2016 guidance * Target Corp says updated its Q4 and full-year 2016 guidance * Target Corp says combined November/December period total sales decreased 4.9 percent * Sees FY 2016 adjusted earnings per share $5.00 to $5.10 * Target Corp says now expects Q4 comparable sales in range of negative 1.5 percent to negative 1.0 percent * Target Corp says November/December comparable sales in Target stores declined more than 3 percent, partially offset by digital sales growth of more than 30 percent * Target says in Q4 2016, sees both GAAP EPS from continuing operations and adjusted EPS of $1.45 to $1.55, compared with prior guidance of $1.55 to $1.75. * Q4 earnings per share view $1.65 -- Thomson Reuters I/B/E/S * Target Corp says holiday results hurt by early season sales softness and disappointing traffic and sales trends in stores * Target Corp says Nov/Dec transactions were flat, as digital transaction growth of over 30 percent was offset by 1.7 percent decline in comparable store transactions * Target Corp says comparable sales during combined November/December holiday period decreased 1.3 percent * Target Corp says costs for accelerated mix shift between stores and digital channels, highly-promotional competitive environment had negative impact on Q4 margins, earnings per share  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F80CN'|'2017-01-18T19:11:00.000+02:00'
'd1a1b28e37b82fee55b9f49629e26b4b857564e2'|'UPDATE 1-Experian''s Q3 growth weaker than expected in key markets'|'Financials   4:18am EST UPDATE 1-Experian''s Q3 growth weaker than expected in key markets (Adds details, analyst estimate, share movement) Jan 18 Experian Plc, the world''s biggest credit data company, reported a rise in third-quarter organic revenue, but fell short of at least one analyst''s estimate due to weaker than expected growth in its major markets. The stock was down 3.5 percent at 1523 pence at 0824 GMT, underperforming London''s bluechip index. Experian reported organic revenue growth of 4 percent at constant exchange rates, missing a 4.7 percent rise estimated by Morgan Stanley analysts. Morgan Stanley has an "overweight" rating on the stock. The FTSE-100 company, best known for running consumer credit checks for banks, landlords and retailers, said revenue for the quarter ended Dec. 31 rose 3 percent in North America, which accounts for more than half of its revenue, and 2 percent in UK and Ireland. Revenue growth in Latin America, Experian''s third-biggest market by revenue, was 8 percent in the quarter. Experian, which earns the bulk of its revenue overseas, said total revenue growth from ongoing activities at actual exchange rates was 4 percent, with sterling weakness more than offsetting an improvement in the Brazilian real. The company forecast an impact of about 1 percent to full-year benchmark earnings before interest and taxes on current exchange rates. The company reaffirmed its full-year organic revenue growth forecast and said it expected mid-single digit growth in percentage terms on a constant currency basis. Experian, along with two other major credit reporting agencies, Equifax Inc and TransUnion, generate credit reports and scores based on consumers'' borrowing and payment habits, including bankruptcies and court judgements. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri) Next In Financials Fitch Affirms Shaoxing City Investment Group at ''BBB+''/Stable (The following statement was released by the rating agency) HONG KONG, January 18 (Fitch) Fitch Ratings has affirmed Shaoxing City Investment Group Limited''s (SCIG) Long-Term Foreign- and Local-Currency Issuer Default Ratings at ''BBB+'' with a Stable Outlook. A full list of rating actions is at the end of this commentary. KEY RATING DRIVERS Legal Status Assessed at Mid-Range: SCIG is registered as a limited liability company under China''s Company Law, and it is 100% state-owned. Its legal st'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/experian-outlook-idUSL4N1F82YH'|'2017-01-18T16:18:00.000+02:00'
'd6fde26f059b6ab7981cb0da43f09f1f1a95044e'|'U.S. housing starts surge in December; jobless claims near 43-year low'|'Business News - Thu Jan 19, 2017 - 2:48pm GMT U.S. housing starts surge in December; jobless claims near 43-year low A ''''For Rent'''' sign is posted outside a residential home in Carlsbad, California, U.S., January 18, 2017. REUTERS/Mike Blake WASHINGTON U.S. homebuilding rebounded more than expected in December as a strengthening economy boosts demand for rental housing. Other data on Thursday showed the number of Americans filing for unemployment benefits unexpectedly falling last week to a near 43-year low, pointing to a further tightening in the labour market that should underpin economic growth this year. Housing starts jumped 11.3 percent to a seasonally adjusted annual rate of 1.23 million units last month, the Commerce Department said. Economists polled by Reuters had forecast housing starts increasing to a 1.20 million-unit rate in December. Groundbreaking on new housing projects increased 4.9 percent to 1.17 million in 2016. The housing market remains on solid ground even as mortgage rates have jumped above 4 percent. The tightening labour market is driving demand for multi-family housing, which has pushed up rents. In a separate report, the Labor Department said initial claims for state unemployment benefits fell 15,000 to a seasonally adjusted 234,000 for the week ended Jan. 14. That was just shy of the 233,000 level touched in mid-November, which was the lowest since November 1973. It was the 98th straight week that claims remained below 300,000, a threshold associated with a healthy labour market. That is the longest stretch since 1970, when the labour market was much smaller. The four-week moving average of claims, considered a better measure of labour market trends as it irons out week-to-week volatility, fell 10,250 to 246,750 last week, the lowest level since November 1973. The labour market is considered to be at or near full employment, with the unemployment rate near a nine-year low of 4.7 percent. U.S. financial markets moved slightly on the data. Home building is expected to make a modest contribution to economic growth in the fourth quarter after being a drag on gross domestic product in the prior two periods. A survey on Wednesday showed homebuilders'' confidence easing slightly in January, but remaining not far from levels last seen in July 2005. Construction remains constrained by shortages of lots and labour. Builders are hoping that the incoming Trump administration will streamline and reform regulations. Republican Donald Trump, who will be sworn in as president on Friday, has pledged to reduce regulations, among other policy initiatives. Last month, single-family home building, which accounts for the largest share of the residential housing market, fell 4.0 percent to a 795,000-unit pace. Starts for the volatile multi-family homes segment soared 57.3 percent to a 431,000-unit pace. Permits for future home construction slipped 0.2 percent to a 1.21 million-rate last month as approvals for the multi-family segment fell 9.0 percent. However, permits for single-family homes construction rose 4.7 percent. (Reporting By Lucia Mutikani; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN15327D'|'2017-01-19T21:48:00.000+02:00'
'38dae559dcbd346760130ef15b283fcc876f5189'|'OPEC chief sees oil stocks declining as cuts take effect'|'  2:08pm GMT OPEC chief sees oil stocks declining as cuts take effect OPEC Secretary General Mohammed Barkindo talks to the media after his meeting with Venezuela''s President Nicolas Maduro at Miraflores Palace in Caracas, Venezuela January 16, 2017. REUTERS/Marco Bello By Dmitry Zhdannikov - DAVOS, Switzerland DAVOS, Switzerland Oil stocks around the world need to decline by at least another 270 million barrels to reach a five-year industry average for OPEC to be able to say the markets are becoming balanced, OPEC Secretary General Mohammed Barkindo told Reuters. "The primary goal is to accelerate the stocks drawdown," Barkindo said on the sidelines of the World Economic Forum in Davos. "We are already seeing stocks coming down from the high levels. Our eyes will continue to focus on the level of drawdown to bring the level near a five-year industry average," he said. "Stocks have already come down to below 3 billion barrels in OECD commercial stocks. The delta now (with the five-year average) is around 270 million," he said. OPEC''s latest monthly oil market report, issued on Wednesday, said OECD commercial stocks stood at 2.993 billion barrels in November. Barkindo said the stocks drawdown would help rebalance the market and establish the "equilibrium oil price" that will encourage investments in the sector after two consecutive years of capital expenditure cuts by state and private firms around the world. OPEC agreed to reduce output in tandem with non-OPEC Russia and several other producers in December, in the first such move in 15 years. Barkindo said he believed Russia was playing a long-term game with OPEC. "I have no doubts in Russia''s commitment to continue to participate with us and solidify this platform effectively establishing a stabilising forum for the short, mid and long-term," Barkindo said. OPEC and non-OPEC producers agreed to establish a joint ministerial monitoring committee and Barkindo said a meeting this weekend in Vienna would adopt an oversight and compliance mechanism. OPEC will meet in May when it will decide whether to propose to extend the output cutting measures together with non-OPEC countries. (Reporting by Dmitry Zhdannikov; editing by Susan Thomas)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-davos-meeting-opec-idUKKBN15323E'|'2017-01-19T21:08:00.000+02:00'
'ed8e58136b5b59b4c9eed098253532db588d9cff'|'Silicon Valley IPO contender DocuSign hires CEO after long search'|'By Heather Somerville - SAN FRANCISCO SAN FRANCISCO After a marathon search lasting more than a year, Silicon Valley company DocuSign announced on Wednesday it hired a new chief executive.DocuSign, a $3 billion company that makes software to add legally compliant electronic signatures to documents, hired Dan Springer to take the top job.Springer has experience taking companies public and looks set to be tasked with preparing DocuSign for an initial public offering, which is widely expected for this year.Keith Krach, who has served as DocuSign''s CEO for more than five years, will stay on as board chairman, a position he has held for eight years, and plans to see the company through its IPO, Krach told Reuters in an interview.Springer, 53, worked as chairman and CEO of Responsys, leading the marketing software firm through its 2011 IPO. Responsys'' stock later took a nosedive and Springer helped orchestrate the company''s subsequent $1.5 billion sale to Oracle Corp in 2013.He said Responsys'' challenges were a good lesson in the importance of accurately forecasting quarterly growth. Otherwise, he said, "the market puts you in the penalty box."Springer declined to offer a timeline for DocuSign''s IPO, but said: "I don''t think there is a barrier to doing it at any point."DocuSign has more than 100 million users from industries ranging from construction to real estate, and has been embraced as a quick and secure way to sign contracts and other official documents using a finger on a mobile device.The company also added a payments feature so users can make a down payment when they sign a contract.However, the company has been on a bumpy road over the last year or so. Krach in October 2015 announced plans to find a replacement. In March of last year, DocuSign thought it had secured a new CEO, and went so far as to invite reporters to a briefing to introduce him.Just before the event, DocuSign canceled. The candidate, Rick Osterloh, had decided instead to work for Alphabet Inc''s Google.And in May, adding to the leadership uncertainty, four top executives left at once."That''s all behind us now," Krach said. "As companies scale you need different talents at different stages. It''s a natural part of growing up."DocuSign has raised more than $500 million, securing a $3 billion valuation at its latest financing round in early 2015.(Reporting by Heather Somerville; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-docusign-ceo-idINKBN152245'|'2017-01-18T12:05:00.000+02:00'
'eb1b7ef82c256705ce7538dc56842b4a25c39fb3'|'Turkey sets guidance for March 2027 US dollar bond'|'Financials  42am EST Turkey sets guidance for March 2027 US dollar bond Jan 18 (IFR) - The Republic of Turkey has set price guidance for a March 2027 benchmark-sized US dollar bond at 6.20% area, according to a lead. The notes were initially marketed at 6.35% area. The SEC-registered deal is today''s business. Barclays, Citigroup, Goldman Sachs and QNB are the lead managers. The sovereign is rated Ba1/BB/BBB-. (Reporting by Robert Hogg; editing by Alex Chambers) Next In Financials UPDATE 2-HSBC to shift some staff to Paris after Brexit in blow to London DAVOS, Switzerland, Jan 18 HSBC became the first major bank to detail plans to move jobs out of London after Brexit, saying it will relocate staff responsible for generating around a fifth of its UK-based trading revenue to Paris after Britain leaves the EU. VTB says helped Rosneft manage forex ops for share sale - Interfax MOSCOW, Jan 18 Russian state-owned lender VTB helped in the privatisation of a 19.5 percent stake in oil firm Rosneft by ensuring foreign currency operations were carried out without causing market volatility, Interfax news agency quoted a VTB executive as saying. DAVOS, Jan 18 Brazil is not concerned about a strong dollar as prospects of an economic recovery and higher commodity prices have helped support the local currency, Finance Minister Henrique Meirelles and central bank governor Ilan Goldfajn said on Wednesday. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/turkey-bonds-idUSL5N1F83HF'|'2017-01-18T20:42:00.000+02:00'
'3a5823a7d268a556440aea83e701661a62c97e6a'|'Standard Chartered closes $1.6 billion-plus of shipping finance deals'|'  8:59am GMT Standard Chartered closes $1.6 billion-plus of shipping finance deals A man walks past the head office of Standard Chartered bank in the City of London February 27, 2015. REUTERS/Eddie Keogh DUBAI Standard Chartered ( STAN.L ) said on Tuesday it had completed three shipping deals worth more than $1.6 billion (1.33 billion pounds) in recent months. The deals include in December a $684.5 million up to 12-year facility for BW Gas JuJu LNG, a joint venture between BW Group and Japan''s Marubeni ( 8002.T ). In November, the bank also structured a $350 mln Islamic facility for National Shipping Company of Saudi Arabia 4030.SE (Bahri). The month before it closed a $572 mln loan to subsidiaries of India''s Reliance Group, the bank said in a statement. (Reporting by Tom Arnold, editing by Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-stanchart-loans-idUKKBN1510VM'|'2017-01-17T15:59:00.000+02:00'
'4e8583cfca32391270b34c9a7881c5443242e3e0'|'Euro zone investments fall, current account surplus widens in November: ECB'|'Business   9:03am GMT Euro zone investments fall, current account surplus widens in November: ECB Piles of two Euro coins are pictured in an illustration taken October 13, 2016. REUTERS/Leonhard Foeger FRANKFURT Investments in the euro zone fell sharply in November while the bloc''s current account surplus widened, the European Central Bank said on Thursday. The 19-member currency bloc''s seasonally and working-day adjusted current account surplus increased to 36.1 billion euros (31.3 billion pounds) from 28.3 billion euros in October, a rise after hovering near the same level since June. Unadjusted direct and portfolio investments meanwhile turned negative, dropping by 6.3 billion euros after an inflow of 68.0 billion euros with direct investments falling by more than half and portfolio outflows rising sharply. For the latest 12 months, the current account surplus widened to 3.4 percent of the bloc''s GDP from 3.1 percent a year earlier. (Reporting by Balazs Koranyi; Editing by Andreas Framke) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-currentaccount-idUKKBN1530ZB'|'2017-01-19T16:03:00.000+02:00'
'29652e4dbfcbae91ad6a1b3eae40620de0ebc5d4'|'China''s Tsinghua Unigroup to build $30 billion Nanjing chip plant'|'BEIJING Jan 19 Tsinghua Unigroup Ltd, China''s top state chip manufacturer, revealed plans on Thursday to build a $30 billion memory chip factory as the government seeks to boost local production capacity.The firm is targeting a monthly capacity of 100,000 wafers in phase one of the development which will cost $10 billion and is located in Nanjing.In a statement on its website, Tsinghua Unigroup said the project is part of China''s efforts to build a world-leading chip industry, and it hopes it will create a siphoning effect to attract more development.Tsinghua Unigroup announced plans for a separate $24 billion chip factory based in the Chinese city of Wuhan in March last year.The development comes as Chinese memory chip firms face increasing regulatory resistance to acquiring overseas technology.In December U.S. President Barack Obama issued an executive order barring the acquisition of the U.S. business of German semiconductor equipment maker Aixtron by a Chinese-backed chip fund over security concerns.Last year, Chinese chip makers withdrew a record volume of overseas deals.In 2015 Tsinghua Unigroup tried unsuccessfully to acquire US chip group Micron Technology Inc.Tsinghua''s new plant will produce DRAM and 3D-NAND flash chips which are used in a range of devices including smartphones and personal computers.The firm also announced it would invest roughly another 30 billion yuan ($4.37 billion) in building an "international city" facility including apartments and international schools for foreign employees.($1 = 6.8680 Chinese yuan renminbi) (Reporting by Cate Cadell; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tsinghua-plant-idINL4N1F94PN'|'2017-01-19T12:46:00.000+02:00'
'3d8babddb33a21831a24e41ede8b6f5f1f961a1b'|'China''s Alibaba becomes major sponsor of Olympics'|' 12am GMT China''s Alibaba becomes major sponsor of Olympics A logo of Alibaba Group is pictured at its headquarters in Hangzhou, Zhejiang province, China, October 14, 2015. REUTERS/Stringer/File photo DAVOS, Switzerland Chinese e-commerce company Alibaba ( BABA.N ) has become a major sponsor of the Olympics after signing a deal with the International Olympic Committee (IOC) that runs until 2028, the two parties said on Thursday Alibaba, which becomes the official e-commerce and cloud services partner, joins a dozen other companies - including Coca-Cola ( KO.N ) and McDonald''s ( MCD.N ) - as top Olympic sponsors. No financial details were disclosed. IOC sources have previously told Reuters that major sponsors pay about $100 million per four-year cycle, which includes one summer and one winter games. (Reporting by Karolos Grohmann; Editing by Pravin Char)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-davos-meeting-olympics-alibaba-idUKKBN1531I6'|'2017-01-19T18:12:00.000+02:00'
'ef012cc15e08ceb9951e5459426cffbf548e12df'|'Swiss stocks - Factors to watch on Jan 19'|'ZURICH Jan 19 The following are some of the main factors expected to affect Swiss stocks on Thursday:UBSChairman Axel Weber has said that around 1,000 of the Swiss bank''s 5,000 employees based in London could be impacted by Britain''s exit from the European Union.For more click onCREDIT SUISSECredit Suisse formally agreed to pay $5.3 billion to settle with U.S. authorities over claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis. As part of the settlement, announced by the U.S. Department of Justice on Wednesday, the Zurich-based bank acknowledged that home loans it pooled into the securities did not meet underwriting guidelines, with some described by employees as "complete crap" and " tter complete garbage."For more click onCOMPANY STATEMENTS* Galenica said preparations for the division of the group planned for 2017 are on track and that Jörg Kneubuehler, current CEO of Galenica Santé, has been designated future chairman of the Board of Directors of Galenica Santé, and Jean-Claude Clémençon, current head retail business sector, as its future CEO. The changes will come into effect following the planned IPO of Galenica Santé. It also said consolidated net sales rose 8.6 percent in 2016 to 4.118 billion Swiss francs ($4.09 billion) while confirming the profit and EBIT forecasts for 2016 communicated in October.* Liechtensteinische Landesbank said it expects a net profit of about 104 million Swiss francs for 2016.* Looser Holding said full-year net revenues were 434.3 million Swiss francs, 0.5 percent below the prior year level, adding that it continues to expect earnings growth and an increase in EBITDA margin for the full financial year 2016.* Arbonia posted net revenue of 995.3 million Swiss francs for the full year, an increase of 5.7 percent in comparison to the previous year.* Investis Holding on Wednesday said it successfully issued a 140 million Swiss francs fixed-rate bond with a coupon of 0.25 percent and a tenor of two years in market.* WISeKey International Holding said it would partner with Stratumn to provide enterprise grade process security software based on blockchain technologies.ECONOMYSwiss producer and import prices for December to be released at 0815 GMT. ($1 = 1.0072 Swiss francs) (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL5N1F90HH'|'2017-01-19T03:28:00.000+02:00'
'2015f39af650affa96290f3bf26f93d0d444b6a2'|'U.S. investors see more automation, not jobs, under Trump administration'|'Business News - Thu Jan 19, 2017 - 6:14am GMT U.S. investors see more automation, not jobs, under Trump administration By David Randall - NEW YORK NEW YORK When U.S. President-elect Donald Trump criticized United Technologies Corp''s ( UTX.N ) Carrier unit in November for its plan to move some 800 jobs to Mexico, the parent-company made a swift decision to keep the factory in Indiana. Yet, the move did not translate into saving jobs. Instead, the company decided it would move toward automation as a way to cut costs. "We''re going to make up [the] $16 million investment in that factory in Indianapolis to automate, to drive the cost down so that we can continue to be competitive," chief executive Greg Hayes said on CNBC last month. "What that ultimately means is there will be fewer jobs." Swapping robots and software for human labor has underpinned much of the productivity gains in the United States over the last 25 years. Now, with a greater political push to keep factories at home, investors are betting that automation will gain speed in industries ranging from auto manufacturing to chicken processing to craft beer breweries. The big winners so far include Rockwell Automation Inc ( ROK.N ), General Electric Co ( GE.N ) and Cognex Corp ( CGNX.O ), which have seen jumps in fund ownership of 80 percent or more in the current quarter compared with the previous quarter, according to a Reuters analysis of Morningstar data. The ROBO Global Robotics and Automation Index ETF is up 7.5 percent since Election Day, or about 15 percent more than the S&P 500 index, after underperforming the broad market for the majority of last year. Its largest holdings include cleaning products maker iRobot Corp ( IRBT.O ), Japanese factory automation company Fanuc Corp< 6954.T>, and drone aircraft company AeroVironment Inc ( AVAV.O ). But the push toward automation could also cut into the number of jobs saved or created in the United States, undercutting Trump''s boast in a news conference last Wednesday that he would be "the greatest jobs producer that God ever created." CUTTING LABOR COSTS Declining costs of technology are expected to accelerate the growth of robotic manufacturing. Some 80 percent of companies that plan to cut jobs in the next year expect to partially replace workers with automation, according to a survey of chief executives by PwC released Monday. At the same time, developments in fields ranging from barcodes to digital measurement tools are allowing companies to hire fewer workers and reduce the time it takes to bring their products to the market. Brian Smoluch, a fund manager at the Portland, Oregon-based Hood River Small-Cap Growth fund ( HRSMX.O ), has been buying shares of Digimarc Corp ( DMRC.O ) because of its so-called invisible barcodes that speed up scanning of packages. "If it takes a nanosecond to scan something, it allows a retailer to have fewer people at a checkout counter and makes self-checkout an easier proposition," he said. That said, the $300 million market cap company is a "high-risk, high-reward stock" because its success depends on companies adopting its technology over rivals. Eric Marshall, a fund manager at Dallas-based Hodges Capital, has been buying shares of digital measurement company FARO Technologies Inc ( FARO.O ) and kitchen equipment maker Middleby Corp ( MIDD.O ). Faro, for instance, creates three-dimensional measuring tools used in aerospace and automotive manufacturing. Shares of the company are up 18.8 percent since Election Day, triple the 6.3 percent gain in the broad S&P 500 index. Middleby, meanwhile, recently introduced robots which can prepare French fries as quickly as a human line cook, saving labor costs and improving reliability. Shares are up 12.8 percent since Election Day. "As labor costs go up you''re going to see more automated kitchens within fast-casual restaurants, and Middleby is one of the key innovators in that industry," Marshall said. MADE IN THE USA Republicans are likely to push tax policies that provide incentives to manufacture goods in the United States, regardless how the work is done, analysts say. The result could be that there are more goods made at home, without a significant reduction in the unemployment rate, which is currently at 4.7 percent as of December. "There could be a manufacturing renaissance in this country, but most of the work will be done by automation, with current workers retained to do value-added functions," said Nicholas Heymann, analyst at William Blair who covers General Electric and expects it to be a boon to the company''s automation business. For a graphic on Automation focused ETF vs the S&P 500 click here (Reporting by David Randall; editing by Diane Craft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-funds-automation-idUKKBN1530JW'|'2017-01-19T13:03:00.000+02:00'
'54dddd723ea57a6e10e1891eb450c4add94f5a43'|'Barclays chairman says government supports three-year post-Brexit transition'|'Business News - Thu Jan 19, 2017 - 8:10am GMT Barclays chairman says government supports three-year post-Brexit transition DAVOS Britain''s government is supportive of a three-year transition period for the financial sector after Britain exits the European Union, Barclays ( BARC.L ) Chairman John McFarlane said on Thursday. "The government does [support it] because I think they understand the complexity of this," McFarlane told Reuters on the sidelines of the World Economic Forum in Davos, Switzerland. (Reporting By Carmel Crimmins, writing by Lawrence White) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-davos-meeting-barclays-idUKKBN1530UG'|'2017-01-19T15:10:00.000+02:00'
'f66bf385fb29003f5d7c2d7f6a1e49a63007b7ff'|'Bain Capital joins KSS in bid plan for air bag maker Takata: source'|'TOKYO U.S. buyout firm Bain Capital has joined Key Safety Systems (KSS) in the U.S. auto parts supplier''s bid to rescue Takata Corp ( 7312.T ), a source said, as the Japanese firm struggles for survival after a massive recall linked to its faulty air bags.Takata is in the process of selecting a financial backer as it faces billions of dollars in costs to replace as many as around 100 million potentially defective air bag inflators that have been linked to at least 16 deaths globally.A financial source briefed on the matter told Reuters on Thursday that Bain was bidding with KSS, adding that potential bidders for Takata have favored a court-led turnaround of its Japanese operations, which could lessen their exposure to Takata''s existing liabilities.Takata is also considering a bankruptcy filing for its U.S. unit, sources have told Reuters.Shares in Takata closed 17.3 percent lower, falling by their daily limit on Thursday after Japan''s Nikkei business daily reported that KSS and Swedish air bag maker Autoliv Inc ( ALV.N ), the two remaining bidding groups for Takata, planned to propose a court-mediated turnaround for Takata''s Japanese operations.Japan''s Daicel Corp ( 4202.T ) and Bain, which had previously teamed up for a separate bid, have joined the KSS consortium, the Nikkei said, adding that the two bidding parties plan to present their proposals as early as this week.In a statement, Takata said it had nothing to disclose following the report, and a spokeswoman for Bain declined to comment on whether it remained in the running to sponsor Takata. The financial source did not say whether Daicel will join the KSS consortium. Daicel declined to comment.RECALL COSTS REMAINA steering committee appointed by Takata nearly a year ago has retained investment bank Lazard Ltd ( LAZ.N ) to advise the search for a financial sponsor for the embattled company, which is at the center of the world''s biggest automotive safety recall.While Takata has said it would prefer a private, out-of-court process for its operations to ensure the ongoing supply of replacement inflators, the process to find a backer has been complicated by the fact that the parts maker faces a number of liabilities stemming from the recalls, which began around 2008.Automakers affected by the recalls, including Honda Motor Co ( 7267.T ), Toyota Motor Corp ( 7203.T ), and Ford Motor Co ( F.N ), have been paying for the costs to recall the inflators.If Takata were to be held solely responsible for the recall, it could be on the hook for around $10 billion, according to estimates from industry experts."Takata has said its preference was for a privately organized liquidation, but that doesn''t mean that this is how things may turn out," an executive at a Japanese automaker and a Takata client said.While its financial future remains in limbo, Takata is also struggling to manufacture the massive supply of replacement inflator parts needed for the recalls, and has enlisted competitors including Autoliv, ZF TRW and Daicel to help with production.Last week, Takata agreed to plead guilty to U.S. criminal charges that it manipulated inflator test data provided to its automaker clients, and pay a $1 billion fine which includes compensation paid to victims and automakers.Three former Takata executives are facing U.S. charges over the falsifications.Automakers have said that the compensation outlined in the U.S. settlement would do little to cover their recall costs."It''s just a drop in the bucket compared with the recall costs we have been paying," an official at another Japanese automaker said.(Reporting by Chang-Ran Kim, Taiga Uranaka, Naomi Tajitsu and Maki Shiraki; Editing by Himani Sarkar and Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-takata-restructuring-idINKBN15306Y'|'2017-01-19T03:23:00.000+02:00'
'5ad9f566e15c201255e79183e30a3d4ad0a59cb5'|'Russia''s Sistema says plans to list agricultural unit in 2017 or 2018'|'Financials   4:57am EST Russia''s Sistema says plans to list agricultural unit in 2017 or 2018 MOSCOW Jan 19 Russian conglomerate Sistema plans to list its agricultural business this or next year, Sistema Chairman Vladimir Yevtushenkov said on Thursday. Yevtushenkov also said in an interview with Rossiya-24 TV channel the company''s retail unit, toy seller Detsky Mir, was expected to hold its initial public offering in February. Detsky Mir announced intention to list shares in Moscow on Monday. (Reporting by Polina Devitt; writing by Maria Kiselyova; editing by Polina Devitt) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/russia-sistema-ipo-idUSR4N1EP02N'|'2017-01-19T16:57:00.000+02:00'
'472157bc18a92f422e3f7e56057fe3d31efdf4fc'|'PRESS DIGEST- New York Times business news - Jan 19'|'Jan 19 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Representative Tom Price, President-elect Donald Trump''s pick to lead the Department of Health and Human Services, promised on Wednesday to make sure people do not "fall through the cracks" if the Affordable Care Act is repealed. nyti.ms/2k2rLX7- JPMorgan Chase has agreed to pay $55 million to settle an investigation into whether it charged thousands of African-American and Hispanic borrowers higher interest rates on mortgages than white customers. nyti.ms/2jzORYx- President-elect Trump will take office on Friday with less popular support than any new president in modern times, according to an array of surveys, a sign that he has failed to rally Americans behind him. nyti.ms/2iTRfIC- A South Korean court on Thursday blocked a prosecutor''s attempt to arrest Jay Y. Lee, the leader of Samsung, saying there was not enough evidence that Lee had bribed President Park Geun-hye, in a scandal that led to her impeachment. nyti.ms/2jBlmFz- Trump, in a free-flowing speech Wednesday night at a dinner honoring his running mate, Mike Pence, jabbed at his new Republican allies and his critics alike, questioned the ethics of "super PACs" and talked about creating a "merit-based" immigration system. nyti.ms/2k2eT36- President Obama made clear on Wednesday that he finds some ideas advanced by Trump so alarming that he laid out markers that would draw him back into the fray. nyti.ms/2iDSdu1(Compiled by Gaurika Juneja in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL4N1F9273'|'2017-01-19T02:36:00.000+02:00'
'889e4f672743e820f642ae988d3c42d2dc6cb4c7'|'UPDATE 2-Trump health pick defends stocks, says Americans won''t lose insurance'|'(Adds details from hearing)By Toni Clarke and Susan CornwellWASHINGTON Jan 18 President-elect Donald Trump''s nominee for health secretary defended his vast healthcare stock holdings as being ethical and legal on Wednesday and said Americans who have gained coverage under Obamacare will not suddenly go without healthcare.Representative Tom Price, who has come under fire for stock investments in healthcare companies made while he worked on laws that affected them, said he had broken no laws. "I had no knowledge of those purchases," he said, explaining that specific investment decisions were made by his broker without his knowledge.The Georgia orthopedic surgeon spoke while testifying at a U.S. Senate committee hearing on his proposed appointment by Trump to head the Department of Health and Human Services, which runs Medicare, Medicaid and the subsidized individual insurance program created by President Barack Obama''s Affordable Care Act.Price laid out a rough timeline for making changes to Obama''s national healthcare law, known as Obamacare, agreeing with some Republicans that the plan to replace the law will be unveiled in the next few months but implemented over several years.Nobody is interested in "pulling the rug out on anybody" Price said.He said an overhaul of the law will initially focus on individual health plans sold on online exchanges and the Medicaid program for the poor but would not tackle changes to the Medicare program for elderly Americans.Trump has called for the immediate repeal of the law and the simultaneous replacement. Trump has said that he wants to keep some aspects of Obamacare, such as allowing young adults to be on their parents'' insurance, but that he wants plans that use health savings accounts. He also advocates for insurance to be sold across state lines.Price said that with these new tools, and the rollout of new forms of high-deductible so-called catastrophic insurance, the government can expand healthcare coverage to more people. He also echoed Trump''s recent call for "healthcare for all," saying that he wants more people to be covered after the ACA is repealed.The nonpartisan Congressional Budget Office on Tuesday said a repeal of Obamacare would increase the number of people without health insurance by 18 million in the first year and 32 million by the year 2026.STOCK TRADESPrice, who has been in politics for more than 20 years and is seen as being likely to be approved for the post by the Republican-controlled Senate, also said he followed the law on his stock trades."There isn''t a single bit of information out there that I didn''t reveal to the public," he said.The Wall Street Journal last month reported that Price had traded more than $300,000 worth of shares in health-related companies over the past four years while backing legislation that potentially could affect those companies'' stocks. He recently disclosed the holdings, from insurer Aetna Inc to drugmakers like Pfizer Inc, as part of his confirmation process.Price also said that he made the decision to buy stock in one company, Innate Immunotherapeutics, after hearing about the company from another congressman, Representative Chris Collins. He declined a Democrat''s suggestion that this was a "stock tip" and said everything he had done had been legal.OBAMACARE CRITICPrice has been a leading critic of Obamacare, the outgoing president''s signature domestic policy achievement. In a 2011 speech to the Association of American Physicians and Surgeons, Price said he was "for every single piece of legislation that gets the federal government out of your back pocket and out of your exam room."His proposed Obamacare alternative involves a universal tax credit that critics say would not cover premium costs and out-of-pocket costs of health insurance in much of the country.Price was testifying before the Senate Committee on Health, Education, Labor and Pensions, one of two that oversee the Department of Health and Human Services. The other is the Senate Committee on Finance, which has set a hearing with Price for Jan. 24.Only members of the finance committee will vote on whether to send Price''s nomination to the Senate floor for review. (Reporting by Toni Clarke and Susan Cornwell in Washington and Caroline Humer in New York; Editing by Kevin Drawbaugh and Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-congress-price-idINL1N1F817U'|'2017-01-18T15:50:00.000+02:00'
'76bb846477966a3371b35f8302131576b996cd94'|'Fed''s Williams calls for further gradual U.S. rate hikes'|'Business News - Wed Jan 18, 2017 - 4:32am IST Fed''s Williams calls for further gradual U.S. rate hikes San Francisco Federal Reserve President John Williams speaks to Reuters in San Francisco, California, U.S. September 27, 2016. REUTERS/Stephen Lam SACRAMENTO San Francisco Federal Reserve Bank President John Williams on Tuesday called for gradual U.S. interest-rate hikes over the next few years to keep the economy from overheating and ultimately falling into recession. With the unemployment rate at 4.7 percent, the U.S. economy has reached full employment, Williams said, adding that inflation is on track to reach the Fed''s 2-percent goal over the next couple of years. "Looking ahead, further gradual increases in the target fed funds rate will likely be appropriate to bring monetary policy back to a more normal setting consistent with an economy at full strength," Williams said in remarks prepared for delivery at Sacramento State University. "If we wait too long to remove monetary accommodation, we hazard allowing imbalances to grow, requiring us to play catch-up, and not leaving much room to maneuver." The Fed last month raised its target range for short-term interest rates by a quarter of a percentage point, to 0.5 percent to 0.75 percent, and signaled it would probably raise rates three more times this year. Williams did not say in his prepared remarks how many rate hikes he would favor, nor did he address, as have several of his colleagues, the potential for fiscal policy under the incoming administration to speed growth, which could force the Fed to raise rates even faster. But Williams did warn against the dangers of pushing the economy beyond its natural potential growth rate, which these days he said is about 1.5 percent to 1.75 percent. Williams said he expects about that rate of growth this year and next, adding that faster growth risks too-high inflation, asset-market bubbles and, eventually, a correction. "In arguing for gradual increases in interest rates over the next few years, I’m not aiming to stall the economic expansion. In fact, it’s just the opposite: My aim is to keep it on a sound footing," said Williams, who does not vote on policy this year but participates in the Fed''s regular rate-setting discussions. "I fear that if we allow the economy to overshoot this mark by too much, eventually we will need to reverse course to bring the economy back on track." (Reporting by Ann Saphir; editing by Diane Craft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-fed-williams-idINKBN15135T'|'2017-01-18T06:05:00.000+02:00'
'1a945c055619c10346bab724c7b5e3ea43f58a0c'|'BRIEF-Bioblast announces phase 2A results of trehalose in patients with spinocerebellar Ataxia Type 3'|' 18am EST BRIEF-Bioblast announces phase 2A results of trehalose in patients with spinocerebellar Ataxia Type 3 Jan 18 Bioblast Pharma Ltd : * Bioblast announces phase 2A results of trehalose in patients with spinocerebellar Ataxia Type 3 (SCA3) * Weekly trehalose infusions of both doses were generally safe and well tolerated Source text for Eikon:   UPDATE 2-HSBC to shift some staff to Paris after Brexit in blow to London DAVOS, Switzerland, Jan 18 HSBC became the first major bank to detail plans to move jobs out of London after Brexit, saying it will relocate staff responsible for generating around a fifth of its UK-based trading revenue to Paris after Britain leaves the EU. Jan 18 Citigroup Inc reported a 7 percent rise in quarterly profit, wrapping up a strong quarter for big U.S. banks, as trading in bonds and currencies surged following the U.S. presidential election. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F80FE'|'2017-01-18T20:18:00.000+02:00'
'17de7909ae32f96fbb15fea12723f8f884e701b1'|'Toshiba in talks to sell chip business stake to Western Digital - source'|'Money News - Wed Jan 18, 2017 - 9:05am IST Toshiba in talks to sell chip business stake to Western Digital - source Toshiba''s logo is seen at an industrial area in Kawasaki, Japan, January 16, 2017. REUTERS/Kim Kyung-Hoon TOKYO Toshiba Corp is in talks to sell a minority stake in its flash memory business to U.S. chips business partner Western Digital Corp in a bid to boost its capital base, a source briefed on the discussions said on Wednesday. Toshiba said in a statement earlier that it had been considering various options for its memory business, including a spin-off, but that nothing concrete had been decided. California-based data storage company Western Digital operates a NAND flash memory plant in the city of Yokkaichi in Mie prefecture with Toshiba. (Reporting by Makiko Yamazaki; Editing by Himani Sarkar) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/toshiba-divestiture-western-digital-idINKBN1520BU'|'2017-01-18T10:35:00.000+02:00'
'ab0b9f01cf2ad63f305ddb8d8d630e001ea02a29'|'German e-car supplier Aumann plans stock market listing: sources'|'FRANKFURT German engineering group Aumann is planning a stock market-listing as the maker of parts for electric engines seeks cash for its expansion, people close to the matter said.Private equity owner MBB has asked Citi,Berenberg and Hauck & Aufhaeuser to start with preparations of an Aumann initial public offering, which may take place as early as April or May and see around 40 percent of Aumann''s shares sold, the people added.MBB and the banks declined to comment.Analysts at brokerage Equits said in a note last year that Aumann could be valued at 300 million euros ($320.49 million)including debt or 1.5 times Aumann''s estimated 2017 sales in a potential IPO.MBB could reap more than 130 million euros in proceeds from the Aumann stock market listing, increasing MBB''s fire power for acquisitions to 200 million euros, Equits said.According to analysts at Hauck & Aufhaeuser, Aumann could even be valued at 460 million euros.(Reporting by Arno Schuetze and Alexander Hübner; Editing by Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aumann-ipo-idINKBN1521FI'|'2017-01-18T08:29:00.000+02:00'
'e00a42583ef5e0c11a5a1edc0de451ce4f9e7eb4'|'OPEC sees smaller oil glut, upbeat on non-OPEC cut compliance'|' 06pm GMT OPEC sees smaller oil glut, upbeat on non-OPEC cut compliance A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader/File Photo LONDON OPEC signalled a falling oil supply surplus in 2017 on Wednesday as the producer group''s output declines from a record high and outside producers show positive initial signs of complying with the first joint supply-reduction deal since 2001. The Organization of the Petroleum Exporting Countries, excluding Indonesia, pumped 33.085 million barrels per day (bpd) last month, according to figures OPEC collects from secondary sources, down 221,000 bpd from November, OPEC said in a monthly report. The November OPEC production figure was the highest since at least 2008. As well as reporting lower output from its own members, OPEC cut its forecast of supply in 2017 from non-member countries following pledges by Russia and other non-members to join OPEC in limiting output. OPEC now expects non-OPEC supply to rise by 120,000 bpd this year, down from growth of 300,000 bpd last month, despite an upwardly revised forecast of U.S. supply. (Reporting by Alex Lawler; editing by Susan Thomas)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN1521JL'|'2017-01-18T19:06:00.000+02:00'
'bb8e25defae0aa3f354659099c0f63a759c654a9'|'Clydesdale Bank to close a third of its branches, cut 400 jobs - union'|'Business News - Wed Jan 18, 2017 - 5:18pm GMT Clydesdale Bank to close a third of its branches, cut 400 jobs - union A sign hangs outside a Clydesdale Bank in Edinburgh, Scotland, Britain February 3, 2016. REUTERS/Russell Cheyne LONDON Clydesdale Bank Plc ( CYBGC.L ) is planning to close about a third of its bank branches and fire more than 400 employees to reduce costs, the Unite union said on Wednesday. The Glasgow-based lender is planning to shut 79 branches, the largest closure program in its history, the union said. "Unite is clear that the closure of a third of the bank''s branches will not only be concerning for staff but the local communities which will see their bank branch close," Unite said in a statement. (Reporting By Andrew MacAskill, Editing by Lawrence White) Next In Business News HSBC, UBS to shift 1,000 jobs each from UK in Brexit blow to London DAVOS, Switzerland Two of Europe''s biggest banks warned on Wednesday they could each move around 1,000 jobs out of London, in the clearest sign yet of how financial firms are preparing for disruption caused by Britain''s exit from the European Union.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-clydesdale-jobs-idUKKBN1522IC'|'2017-01-19T00:18:00.000+02:00'
'dbc2c521b739d2e85e1feeca3ecb3400a8ea41bc'|'BRIEF-Merrimack names Richard Peters as president and CEO'|' 46am EST BRIEF-Merrimack names Richard Peters as president and CEO Jan 18 Merrimack Pharmaceuticals Inc * Merrimack names Richard Peters as president and CEO * Merrimack Pharmaceuticals Inc - Peters replaces Gary Crocker, chairman and interim president and CEO * Merrimack Pharmaceuticals Inc - Gary Crocker will remain chairman of board Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASC09R82'|'2017-01-18T19:46:00.000+02:00'
'b16c32fd340ef7c63b39e8954164ae850e40b1fe'|'Toshiba eyes stake sale in chip business as writedown looms - source'|'  11:55am GMT Toshiba eyes stake sale in chip business as writedown looms - source FILE PHOTO: The logo of Toshiba Corp is pictured at its headquarters in Tokyo, Japan, August 31, 2015. REUTERS/Yuya Shino/File Photo By Makiko Yamazaki and Kentaro Hamada - TOKYO TOKYO Toshiba Corp wants to sell a minority stake in its core semiconductor business and is considering potential buyers including U.S. partner Western Digital Corp, a source said, as the Japanese group prepares for a multi-billion-dollar writedown. The laptops-to-engineering conglomerate, still recovering from a $1.3 billion (1.1 billion pounds) accounting scandal two years ago, shocked investors in December by announcing major cost overruns at a U.S. nuclear business it bought in 2015. That could now mean a charge against profit topping $4 billion. The exact scale of that number is due to be made final next month, Toshiba said. Toshiba, still on the Tokyo Stock Exchange watchlist after the 2015 scandal, does not have many options to offset the impact of a writedown of that size, which could wipe out shareholder equity. Analysts and investors have expected a spin-off and a part-sale of the profitable chips business to be part of any solution, potentially along with other, smaller asset sales. "It is true that we are discussing a spin-off of our memory chips business, but nothing has been decided," Toshiba said in a statement on Wednesday, after the Nikkei business daily reported the firm was considering such a move. The chips unit generates most of the Japanese firm''s operating profit. While Toshiba did not confirm whether it was looking to sell around 20 percent in the unit to Western Digital at a price in a range of $1.76 billion to $2.7 billion, as Nikkei reported, a source briefed on the matter said Toshiba and Western Digital were in talks for a "minority stake" sale. The two companies jointly operate a NAND flash memory plant in the city of Yokkaichi in Mie prefecture. "Toshiba doesn''t have any other options. I have an impression that this deal is their last-ditch measure," said Yasuo Sakuma, portfolio manager and executive officer at Bayview Asset Management Co. Industry sources told Reuters that Toshiba could also ask funds to invest in the chips business, a unit that sources have said could be valued at more than 1 trillion yen ($8.9 billion). One analyst at a foreign investment group estimated on Wednesday a valuation of 2 trillion for the unit. "There are several candidates for investment," one of the sources said, without giving details. Toshiba is also currently in talks with its creditor banks, who are expecting details on the writedown over the coming days. It is not clear what guarantees the banks have sought. GROWTH ENGINE The Japanese company is aiming to complete the spin-off by the end of March, the sources said, adding Toshiba could eventually list the unit but would retain a majority stake in a unit that, while cash intensive, is also a key growth engine. According to researcher IHS, Toshiba had a 20.4 percent share in the global NAND flash memory market in April-June last year in terms of revenue, ranking second after Samsung Electronics which had a 34.9 percent share. The combination of Toshiba and California-based data storage company Western Digital would create a new industry leader. Western Digital did not immediately respond to requests for comment on a deal. Toshiba shares closed up 2.4 percent, versus a 0.4 percent gain in the benchmark Nikkei average. The company reported an operating profit of 78.3 billion yen from its chips and devices business over April-September 2016, accounting for 81 percent of its total operating profit. ($1 = 112.9200 yen) (Additional reporting by Laharee Chatterjee and Yoshiyuki Osada; Editing by Himani Sarkar and Muralikumar Anantharaman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-divestiture-western-digital-idUKKBN1520BK'|'2017-01-18T18:55:00.000+02:00'
'225cf1bd761cc462c8183d62567045806c9c7487'|'Russia''s Detsky Mir valued at up to $2 billion ahead of IPO: sources'|'MOSCOW Russian children''s goods retailer Detsky Mir has been valued at 50 billion roubles-118 billion rubles ($844 million-$2 billion) by two of the five banks arranging its initial public offering, two financial market sources said on Wednesday.Sberbank CIB estimates the company is worth 98-118 billion rubles, while Credit Suisse''s ( CSGN.S ) valuation is 50-108 billion rubles, the sources said.Two other deal bookrunners, Morgan Stanley ( MS.N ) and UBS ( UBSG.S ), did not provide valuation in their analytical reports, the sources said.Detsky Mir, controlled by the Sistema ( AFKS.MM ) ( SSAq.L ) conglomerate, announced intention to list shares in Moscow on Monday. Goldman Sachs ( GS.N ) is also a bookrunner.(Reporting by Olga Popova; writing by Maria Kiselyova)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-detsky-mir-ipo-valuation-idINKBN1521W0'|'2017-01-18T10:46:00.000+02:00'
'428795b4f51189c7022ae6b323b6ae7ad114196f'|'Fire reported at Petrobras refinery in Rio; production impacted'|'Company News   12:05pm EST Fire reported at Petrobras refinery in Rio; production impacted SAO PAULO Jan 18 Fire was reported on Wednesday at the Reduc refinery in the state of Rio de Janeiro controlled by Brazil''s state-run oil firm Petrobras, with impact on production, a local oil workers union said. Flames had reached one of the three distillation units at Reduc, located in Duque de Caxias, in Rio''s metropolitan area, the union said. There were no reports of injuries or immediate comments from Petrobras. (Reporting by Marta Nogueira; Writing by Marcelo Teixeira) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-refineries-fire-idUSE6N1CG041'|'2017-01-19T00:05:00.000+02:00'
'c146680e0e5210114844ea6a23dd26a4a53ba8ec'|'Airbus voices concern about ''hard Brexit'''|'Business News -  49am EST Airbus voices concern about ''hard Brexit'' The logo of Airbus group is pictured in Colomiers near Toulouse, France, January 11, 2017. REUTERS/Regis Duvignau PARIS Planemaker Airbus ( AIR.PA ) expressed concern on Wednesday about the prospect of a clean break between Britain and the European Union under what has been dubbed "hard Brexit". "We are watching with a great deal of attention and even some concern what is being said about a ''hard Brexit''," Marwan Lahoud, executive vice-president for international, strategy and public affairs, told a French parliamentary committee hearing. He did not say what comments he was reacting to. UK Prime Minister Theresa May said on Tuesday Britain would quit the EU single market and end full membership of the bloc''s customs union when it leaves the European Union, following last year''s referendum. Airbus makes wings for all its jetliners in the UK. The France-based company campaigned against Britain leaving the EU ahead of the UK vote, but has said it would not make abrupt changes to its operations there due to long product cycles. (Reporting by Tim Hepher, Editing by Dominique Vidalon) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-eu-airbus-idUSKBN1522G3'|'2017-01-18T23:41:00.000+02:00'
'9ac978f5eb0c5e504ab48e78797a0df0939f6635'|'GLOBAL MARKETS-Sterling basks in glow of May''s Brexit speech; stocks slip'|'HONG KONG Jan 18 The British pound consolidated gains on Wednesday after posting its biggest rise in nearly two decades in the previous session, while Asian stocks are set to drift lower following a weak Wall Street.Sterling saw its biggest daily rise since at least 1998 on Tuesday as Prime Minister Theresa May promised a parliamentary vote on Britain''s deal to leave the EU and sought to draw a line under discussion of a "hard" or "soft" Brexit.It was trading at 1.2392 against the dollar in early Asian hours after surging 2.9 percent to a 10-day high in the previous session. That was the biggest climb since 1998, according to Thomson Reuters data."Taken together this should help alleviate some of the harder Brexit concerns that overall sends a positive signal to reassure U.K. business and investors," said James Woods, an investment strategist at Rivkin Securities in Sydney.The pound''s chunky gains rippled across the broader currency complex and put the dollar on the back foot which has been struggling to gain momentum as doubts over Trump''s stimulus policies overshadowed recent strong data such as U.S. payrolls.The dollar was trading at 100.44 against a broad trade-weighted basket of its peers and is down nearly 3.5 percent from a near 15-year peak of 103.82 hit on Jan. 3. Against the Japanese yen it was changing hands at 112.58.Equity markets are expected to start on a weak footing with Australia leading stocks lower with losses of nearly 0.6 percent. Major Wall Street indices ended between 0.3 to 0.6 percent lower as earnings seasons got underway.Morgan Stanley led financial stocks lower despite doubling profits in the fourth quarter after the bank''s finance chief, Jonathan Pruzan, said the bank would not increase its quarterly target until it was clear that recent revenue trends were sustainable.With doubts growing about the sustainability of the Trump trade -- higher stocks and stronger dollar -- safe-haven assets glittered. Gold was perched comfortably at a two-month high above 1215 dollars per ounce. It is up nearly 8 percent in the last three weeks.Oil prices were stuck in a range, with benchmark Brent futures steady at $55.47 per barrel as a decline in the U.S. dollar offset forecasts that U.S. and Russian producers would boost output later this year.. (Reporting by Saikat Chatterjee; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-markets-idINL4N1F801O'|'2017-01-17T21:27:00.000+02:00'
'fbde3cf035a2deab47196bcaab9865b5781a128e'|'China''s Yonghui Superstores, Bain to buy US-based Daymon for $413 mln'|'Deals  54pm EST China''s Yonghui Superstores, Bain to buy U.S.-based Daymon for $413 million HONG KONG China''s supermarket chain operator Yonghui Superstores Co Ltd ( 601933.SS ) said it would team up with Bain Capital Private Equity to buy U.S. retail services group Daymon Worldwide Inc for $413 million. Yonghui will invest $165 million for a 40 percent stake in Daymon, while Bain Capital will buy 60 percent, the Chinese firm said in a statement late on Tuesday. It said it would fund the deal by bank borrowing and cash. Bain Capital said separately it would buy the stake from existing shareholders of Daymon. Daymon''s expertise ranges from private brand development to strategy and branding, sourcing and logistics, retail merchandising services and consumer experience marketing. The global retail market is expected to reach $28 trillion by 2019 at an average annual growth rate of 3.8 percent, while Asia''s retail sales are expected to exceed $10 trillion by 2018, Bain Capital said. (Reporting by Donny Kwok; Editing by Gopakumar Warrier) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-daymonworldwide-m-a-yh-superstores-idUSKBN1520CM'|'2017-01-18T10:42:00.000+02:00'
'8d7b92b74101bedc1ef58d2912e9d38b206ad0f6'|'BRIEF-Nevada Governor says Tesla investing $350 mln in additional capital'|'Company News  51pm EST BRIEF-Nevada Governor says Tesla investing $350 mln in additional capital Jan 17 (Reuters) - * Nevada Governor says Tesla will expand its investment in Nevada by producing Electric Motors and Gearboxes for the Model 3 at the Gigafactory * Nevada Governor says Tesla''s new project will yield more than $350 million in additional capital investment ; add 550 skilled jobs to Nevada Source text for Eikon : [ID: bit.ly/2iFXCMp ] Further company coverage : Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F70VY'|'2017-01-18T10:51:00.000+02:00'
'986f70dab6a8126a9693ec3d32255faf8c7efb49'|'Chile launches tap of local bond at 3.80%'|'Company News  32pm EST Chile launches tap of local bond at 3.80% By Paul Kilby NEW YORK, Jan 18 (IFR) - Chile launched a Ps1trn (US$1.52bn) tap of a peso-denominated 144A/Reg S bond due 2021 at 3.80% ahead of expected pricing later on Wednesday, according to a lead on the deal. The final yield comes at the wide end of guidance of 3.75%-3.80%, but inside initial price thoughts of 3.85% area. The new bond is a tap of a local instrument that priced last year and is being sold in a Euroclearable format to foreign investors, a source familiar with the deal told IFR. The structure is similar to what has been done in Mexico, where the sovereign and some corporates have sold domestic bonds that can be settled both locally and through Euroclear. The security carries a 4.5% annual coupon, accruing from the issuance date of September 1 2016. The deal is governed by Chilean law and is listed on the Santiago Stock Exchange. Bookrunners on the new tap are BNP Paribas, Citigroup, Goldman Sachs and JP Morgan. Chile''s local currency ratings are Aa3/AA/AA-. (Reporting by Paul Kilby; Editing by Marc Carnegie) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chile-bonds-launch-idUSL1N1F827P'|'2017-01-19T03:32:00.000+02:00'
'd744483f8463ed1389d080e1b75037e6f00f168c'|'Liberty Global says Vodafone joint venture is not a deal blueprint'|'  3:44pm GMT Liberty Global says Vodafone joint venture is not a deal blueprint The Vodafone logo can be seen on top of a building outside Madrid, Spain, April 13, 2016. REUTERS/Andrea Comas DAVOS, Switzerland International cable TV group Liberty Global''s ( LBTYA.O ) joint venture with Vodafone ( VOD.L ) in the Netherlands has started well but is not a blueprint for deals in other European markets where both are present, its CEO said on Wednesday. Liberty and Vodafone agreed to join forces in the Netherlands in February, soon after talks on a European asset swap deal were abandoned. Analysts, however, have said that a wider tie-up still makes sense as the fixed and mobile markets converge to supply customers with a bundle of pay TV, broadband and fixed and mobile telecoms services. "I don''t see us doing those types of structural transactions in other markets," Liberty Global CEO Mike Fries said at the World Economic Forum in Davos, though he did not rule out doing anything else with the mobile operator. Fries said there was a match between the size of the assets and the companies'' market positions in the Netherlands that wasn''t present in other markets, and there were few other strategic options in the country. "It''s only been three weeks, but I will tell you we''re encouraged," Fries said of the Dutch joint venture. "We will immediately start looking at products and services that are quad play in nature and we have a management team that is the best of both." Quad play products combine pay TV, broadband and fixed and mobile telecoms. (Reporting by Martinne Geller; Writing by Paul Sandle; Editing by David Goodman)   Brexit Britain''s customs with EU may take industry to cliff edge BRUSSELS British   was clear on Tuesday that Britain would leave the EU''s single market, but her desire for a customs agreement with the bloc highlights one of the Brexit cliff edges UK-based industry is seeking to avoid.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-liberty-global-vodafone-idUKKBN152291'|'2017-01-18T22:44:00.000+02:00'
'a2a51814941f295e3a2401669fc063557f36f4ab'|'Brexit hit pushes UK inflation to highest since mid-2014'|'  2:27pm GMT Brexit hit pushes UK inflation to highest since mid-2014 By William Schomberg and David Milliken - LONDON LONDON British inflation rose more strongly than expected in December to hit its highest level since mid-2014, propelled by the Brexit-fueled fall in the value of sterling which looks set to hit consumers'' spending power harder in the coming months. Consumer prices rose 1.6 percent compared with a year earlier, the Office for National Statistics said, above economists'' expectations in a Reuters poll for a 1.4 percent rise and up from 1.2 percent in November. "Inflation is back with a vengeance," said Tom Stevenson, investment director at fund managers Fidelity International. "With more hints from the UK government that a hard Brexit is on the cards, we could see sterling fall even further in the lead-up to the prime minister pulling the trigger on Article 50. This will translate into further inflation in the short term." May, who has said she will launch formal negotiations for leaving the European Union by the end of March, is due to say on Tuesday that Britain will not seek a deal that leaves it "half in, half out" of the bloc, according to extracts of her speech. Rising air fares and food prices, combined with a smaller fall in petrol prices than in December 2015, were behind December''s increase in inflation, the ONS said. "Rising raw material costs also continued to push up the prices of goods leaving factories," ONS statistician Mike Prestwood said. The Bank of England is watching closely how quickly prices pick up as it tries to gauge the likely impact on spending by consumers, which has helped Britain''s economy to withstand the shock of June''s decision to leave the European Union. The value of the pound, which has tumbled about 20 percent against the U.S. dollar and 13 percent against the euro since the June referendum - jumped after the inflation data was published, and British government bond prices fell . The BoE has said it is neutral about which way interest rates might next move. It forecast in November that inflation will exceed 2.7 percent by the end of this year. But since then the pound has weakened further and international oil prices have risen. Many private-sector economists predict that inflation will hit 3 percent, possibly as soon as this summer. BoE Governor Mark Carney said on Monday that Britain''s recovery was increasingly reliant on consumers which made it vulnerable to the risk of a fall in spending power. He has said there are limits to how much of an overshoot the central bank will tolerate above its 2 percent inflation target. Chris Williamson, an economist at IHS Markit, said the stronger-than-expected inflation figure for December would add to speculation that the BoE might start to consider the need for higher interest rates later in 2017. Retail price inflation - tracked by British inflation-linked government bonds - rose by 2.5 percent in December compared with the same month in 2015, the sharpest increase since July 2014. Excluding oil prices - which have risen sharply in recent months - and other volatile components such as food, core consumer price inflation was 1.6 percent, compared with economists'' expectations for 1.5 percent. Data on factory gate prices underscored the inflationary pressures in the pipeline. Output prices rose 2.7 percent, their fastest annual rise since March 2012 although a bit weaker than forecasts of a 2.9 percent increase in the Reuters poll. Prices paid by factories for materials and energy rose by 15.8 percent, the biggest jump since September 2011. (Editing by Robin Pomeroy) Apples are displayed at a fruit and vegetables market in Warsaw August 13, 2014. REUTERS/Filip Klimaszewski  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-inflation-idUKKBN15111P'|'2017-01-17T21:26:00.000+02:00'
'f52c3c80efb2248b15fb00d3385ad476e842cb40'|'Elliott, private equity firm buy stakes in NRG Energy'|'Deals  32am EST Elliott, private equity firm buy stakes in NRG Energy Activist investor Elliott Management and private equity firm Bluescape Energy Partners said they bought stakes in NRG Energy Inc ( NRG.N ) and would team up to urge the power producer to make strategic changes to the company. Elliott and Bluescape - termed "the Group" - said NRG''s shares were "deeply undervalued" and they wanted to make operational and financial improvements in the company. Elliott Management acquired 16.9 million shares of the company, or a 5.4 percent stake, as of Jan. 4. Including swaps, it has an economic exposure of about 6.9 percent in the company. Bluescape, whose executive chairman is former Texas utility chief John Wilder, said it bought 7.8 million shares, or a 2.5 percent stake. Wilder is credited with overhauling TXU Corp Wilder, now known as Energy Future Holdings Corp [EFHC.UL], before selling it in 2007 in the one of the biggest-ever leveraged buyouts. Together they have an economic exposure of about 9.4 percent in NRG, according to regulatory filings. "The Group believes that Charles John Wilder, Jr. and his team have directly relevant experience in effectuating such improvements and are initiating a dialogue with management and the Board of Directors," both shareholders said in their filings. The Group said it was also looking to nominate one or more people to the board at the 2017 annual stockholders meeting. (Reporting by Sayantani Ghosh in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nrg-energy-elliott-idUSKBN151225'|'2017-01-17T21:31:00.000+02:00'
'4a48265dc30e6c1dccabd873a04a30cd621495d6'|'Britain needs "all-encompassing" free trade deal with EU, says CBI'|'Cyclical Consumer Goods  47am EST Britain needs "all-encompassing" free trade deal with EU, says CBI DAVOS, Switzerland Jan 17 Britain must do everything it can to agree an all-encompassing free trade arrangement with the EU in its Brexit negotiations and make sure the country does not fall back on WTO rules, the head of the Confederation of British Industry said on Tuesday. Carolyn Fairbairn, director general of the CBI, told Reuters she welcomed the clarity on Brexit offered by Prime Minister Theresa May in a speech earlier on Tuesday but warned it was a "very major step" to leave the EU''s single market. "It is very important now that we go into these negotiations aiming for an all encompassing free trade arrangement and do whatever can be done to head off the risk of falling back into WTO regulations," she said. She said it was important to understand the needs of the different parts of the British economy, but May should take a "whole-economy approach" rather than giving priority to certain sectors in the negotiations. "If any sector is left behind the knock-on effect for other sectors of the economy is very serious, so we would favour a whole economy approach to the negotiations," she said. (Reporting by Elizabeth Piper, Editing by Kylie MacLellan) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-eu-business-idUSL5N1F7648'|'2017-01-17T23:47:00.000+02:00'
'83d5c51a8847a4d757fc9620e427e0e57532db62'|'Rolls-Royce: questions remain despite £671m bribery settlement - Nils Pratley - Business'|'F or Rolls-Royce, the company, the book is now almost closed. It has apologised “unreservedly” in court for the bribery and corruption in its midst in the period 1989 to 2013. It will pay £671m in penalties, the lion’s share in the UK. It has changed its senior management. And, under the terms of the deferred prosecution agreement (DPA) with the Serious Fraud Office, it will improve its behaviour on pain of getting properly whacked.But the affair cannot be left to lie there. Read the statement of facts in the case, and consider the words of Sir Brian Leveson in the high court as he approved the DPA, to appreciate the size of this scandal. Rolls-Royce’s internal investigation, we learn, involved disciplinary proceedings against 38 individuals in its civil aerospace, energy and marine divisions, leading to 11 employees leaving the company during the disciplinary process and six being dismissed. Others have suffered sanctions short of dismissal.That is a sizeable tally but naturally understates matters since disciplinary proceedings could only be taken against those still on the company’s payroll in 2013 and afterwards. The corruption spanned three decades, remember. And look at Rolls-Royce’s review of the intermediaries it used to win contracts in foreign markets. The company examined 250 relationships and suspended 88 intermediaries.If that suggests a past culture where corruption was completely out of control, so do the words of the judge in his concluding remarks: “My reaction when first considering these papers was that if Rolls-Royce were not to be prosecuted in the context of such egregious criminality over decades, involving countries around the world, making truly vast corrupt payments and, consequentially, even greater profits, then it was difficult to see when any company would be prosecuted.”Leveson nevertheless approved the DPA because he accepted that Rolls-Royce is “no longer the company that once it was” and its new board and executive team has sought “to clear out all the disreputable practices”. That seems pragmatic and correct: there is no point in destroying Rolls-Royce, damaging its suppliers and undermining the UK’s defence capabilities.But two questions still loom large: who, at the top at Rolls-Royce, knew what was going on and when? Tuesday’s documents contained no names but, again, the judge’s remarks were powerful. He referred to “most serious breaches” of the criminal law “some of which implicated senior management and, on the face of it, controlling minds of the company”. Note, too, the detail that the company, after starting its own investigations in 2013, supplied the SFO with “a report concerning conduct Rolls-Royce had known about since 2010 and previously (under different leadership) decided not to notify”.Until the controlling minds at Rolls-Royce in the relevant period explain their conduct, consider this tale incomplete. A company regarded as the UK’s finest has been disgraced. Now we need to know who let it happen.BAT’s Reynolds takeover shows Big Tobacco is far from burnt out It’s amazing now to recall that when British American Tobacco sold its US subsidiary Brown & Williamson to RJ Reynolds in 2004, taking a 42% stake in exchange, the deal was worth only $3bn (£2.42bn at current rates). Wind forward to the present day and the numbers have become extraordinary. BAT is now buying the remaining 58% of the restyled Reynolds American, owner of Camel and Newport, for almost $50bn.One must adjust for the $4.7bn BAT injected to maintain its 42% holding after Reynolds’ takeover of Lorillard, another US fags firm, in 2015. Even so, the inflation in valuations shows what a wonderful investment Big Tobacco became once the threat of ruinous class-action litigation was removed. That era began with a grand settlement with 46 US states in 1998 and was later cemented by various rulings that limited punitive damages.The share prices tell the story. Back in 2004, Reynolds’ shares traded around the $8 mark, versus a valuation of $59.64 in Tuesday’s deal. BAT’s shares, in the same period, have improved from £9 to £46 with barely a wheeze along the way. There is cash – and plenty of it – in selling to customers who tend to remain loyal until they kick the habit or die. And, in the age of low interest rates, there have been easy opportunities to spice up returns to shareholders via the use of debt.Is there any mileage left, though? BAT is betting there is because it is buying Reynolds at almost 17 times its earnings, thought to be the highest price ever paid for a large tobacco firm. That ratio looks aggressive, especially as promised cost savings of $400m are small in the context of the deal. But BAT chief executive Nicandro Durante could probably justify the punt on four grounds.First, the effective oligopoly in the US market means cigarette prices can continue to be increased gently. Second, there’s a chance Donald Trump will cut corporate taxes, which would do wonders for Reynolds’ bottom-line earnings. Third, the cigarette giants are well on the way to controlling the vaping market (which “satisfies different consumer moments”, in BAT’s grim language), so the threat of major upheaval in earnings is slight. Fourth, it’s hard to go too far wrong in cigarettes; it will take five years to achieve returns in the US that beat the cost of capital, thinks BAT, but it can be confident of getting there eventually.In short, this mega-deal suggests Big Tobacco’s winning run can continue for some time yet. It didn’t seem possible in the litigation-heavy fog of 2004; now it seems probable.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/17/rolls-royce-bribery-settlement'|'2017-01-18T02:50:00.000+02:00'
'2b7dea67c4fb9f98feea54e351b8777f6917153a'|'Tech jobs: supersize that sector'|'Save January 16, 2017 The competitive hysteria about job creation in the US means companies now have to go large to stand out. Amazon is the first to hit six figures in the Donald Trump pledge drive, last week promising to create 100,000 new full-time positions in the US. SoftBank in December had promised to create 50,000. A week earlier, before a meeting with Mr Trump, IBM’s chief executive said she planned to hire 25,000 US workers. Tech is the domain of rapid progress. Moore’s Law, for example, holds that the number of transistors on a circuit doubles every two years. Hiring promises are doubling faster. At this rate the tech sector alone will quickly absorb the 5.4m Americans looking for work (though finding posts for 96m, the figure Mr Trump last week incorrectly cited, may take longer) Shareholders might be a little less enthusiastic. More employees means higher costs — a worry for those tech companies that are either not increasing revenues (IBM) or have ultra-low margins (Amazon). Their best hope is that, like most things in the Trump era, the boasts end up being less dramatic than they first appear. IBM already adds tens of thousands to its payroll every year. But it also manages to shed a lot. The net number has fallen from 434,246 in 2012 to 377,757 in 2015. SoftBank may indeed manage to spend $50bn on US acquisitions, but is hard to see why that should create so many jobs. At Amazon, the hiring could well be borne out by net additions to headcount. Amazon last reported 306,800 full- and part-time employees last October, 38 per cent higher than the previous year. Going from a current 180,000 US employees to 280,000 is lower than that existing international growth rate. Looked at that way, it is unlikely to earn a celebratory endorsement from the White House. But it might be quietly cheered by shareholders, who would be less thrilled by any additional pressure on its 3 per cent operating margin. Email the Lex team at lex@ft.com Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/lex'|'https://www.ft.com/content/f7784ea2-dba8-11e6-9d7c-be108f1c1dce'|'2017-01-16T20:36:00.000+02:00'
'6de277e71b9405a1aec56675559a64edef4cd356'|'Australia shares expected to fall; NZ flat'|'Financials   4:11pm EST Australia shares expected to fall; NZ flat Jan 17 Australian shares are likely to trade lower on Tuesday, as investors await U.S. President-elect Donald Trump''s inauguration on Friday to seek clarity on his future policies. Market activity is expected to remain light due to the lack of cues from U.S. markets, which were closed on Monday for the Martin Luther King Day holiday. Share markets in the United States have rallied on expectations that Trump''s administration will oversee lower taxes and reduced regulation. Australian markets have gained more than 11 percent since the U.S. election. Investors will also be looking out for mining giant Rio Tinto Ltd''s fourth quarter production report, expected later. The local share price index futures fell 0.1 percent to 5,695 points, a 53.44-point discount to the underlying S&P/ASX 200 index close. The benchmark rose half a percent on Monday. New Zealand''s benchmark S&P/NZX 50 index was flat at 7,079.4 points in early trade. For a summary of overnight action across global markets, double click on For a digest of the day''s business stories in Australian newspapers, double click on (Reporting by Suhail Hassan Bhat in Bengaluru; Editing by Alison Williams) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-morning-idUSL4N1F64IW'|'2017-01-17T04:11:00.000+02:00'
'7cf5e274cced075fc1934bae6e936109111456d1'|'Dreyfus, Amaggi sell stake in Brazil JV to Japan''s Zen-Noh'|'Business News   7:14pm GMT Dreyfus, Amaggi sell stake in Brazil JV to Japan''s Zen-Noh SAO PAULO French commodities trader Louis Dreyfus Company [AKIRAU.UL] and Brazilian soy processor-exporter Amaggi sold a 33-percent stake in their joint venture in Brazil to Japanese company Zen-Noh, a statement from Amaggi said on Monday. The joint venture includes operations to source grains in northern and northeastern states in Brazil and a 25 percent participation in the Tegram grains terminal at Itaqui port in Maranhão. Zen-Noh is a large agricultural cooperative in Japan and operates in Brazil through its subsidiary Zen-Noh Grain Brasil. Amaggi declined to give the deal''s value, which will give the Japanese firm the same share in the JV as the Brazilian company and the French trader. The Tegram terminal in Itaqui is one of the new terminals under development in northern Brazil that will mean cargoes are closer to some export markets. Swiss trading house Glencore Plc ( GLEN.L ) and local companies NovaAgri and CGG Trading control the remaining three-quarters of the terminal. Reuters reported in May that Dreyfus was willing to sell part of its stake in the terminal to book profits from its early participation in the project, according to an unnamed source. Amaggi said the conclusion of the deal is subject to approvals by regulatory bodies in Brazil and abroad. Itaqui''s Tegram is nearly 2,500 miles (4,000 km) closer to the Panama Canal than Brazil''s top soy exporting port of Santos, which gives it an advantage in shipping soy and corn to Asia. The facility receives grains produced in the agricultural frontier area of Matopiba in the northeast and grains coming from the northern part of Brazil''s No. 1 soy state Mato Grosso. (Reporting by Marcelo Teixeira and Gustavo Bonato; Editing by Nick Zieminski) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-louis-dryfs-com-m-a-zennoh-idUKKBN15029X'|'2017-01-17T02:14:00.000+02:00'
'91e8ba7fe6dccd3f4f69e110dfe8a329823a8015'|'UPDATE 3-Sterling on course for best day since at least 1998'|'FRB  30pm EST Sterling on course for best day since at least 1998 A pile of one pound coins is seen in a photo illustration shot June 17, 2008. REUTERS/Toby Melville/Illustration/File Photo By Patrick Graham and Jemima Kelly - LONDON LONDON Sterling saw its biggest daily gains since at least 1998 on Tuesday as Prime Minister Theresa May promised a parliamentary vote on Britain''s deal to leave the EU and sought to draw a line under discussion of a "hard" or "soft" Brexit. The pound, already up more than 1 percent as May began a keenly-awaited speech that had been extensively leaked to media, surged 2.9 percent on the day to a 10-day high of $1.2398 in the hour that followed. That was the biggest climb ever in the dealing data - which goes back to 1998 - provided by the Thomson Reuters Matching system. It also gained more than 2 percent to 86.31 pence against the euro, with dealers reporting a widespread squeeze on short positions - or bets against sterling - taken in derivatives markets in the past few days. One media report at the weekend had quoted a Downing Street source as predicting May''s speech would trigger a significant correction in the pound. But until Tuesday''s action most had assumed that would be downward, not upward. "In laying out the government’s 12 guiding principles for the upcoming negotiations, Mrs May did remove some key question marks about the government’s approach and promised that both houses of parliament would get to vote," said JPMorgan Asset Management strategist Stephanie Flanders. "This seems to have reassured investors." The FTSE 100 share index, which has tended to rise as sterling dropped in a series of sell-offs since the vote for Brexit last June, extended an early fall, led by exporters and mining companies, as May spoke. It closed down almost 1.5 percent, its biggest daily fall since the days after June''s Brexit vote. May said she wanted to avoid a "disruptive cliff edge" for businesses when Britain leaves the European Union and backed a phasing-in of changes in immigration, customs and regulation in areas such as financial services. SHORT SQUEEZE Analysts and traders said they expected more meat once the talks get under way after Britain triggers the EU''s Article 50 exit process in March. "The one revelation that stood out was the intention to put any deal before parliament, which in theory should tip the balance slightly further away from a hard Brexit," said Craig Erlam, a strategist with Oanda in London. "This triggered a rally in the pound, which in turn was the catalyst for the short squeeze that followed." Gilt yields, which have been falling as expectations for future UK growth suffered from concerns over the EU exit talks, rose by as much as 7 basis points to 1.32 percent for 10-year paper. Overnight implied volatility - a measure of expected swings in the pound expressed through currency options - halved from six-month highs hit on Monday to 13.788 percent. One-week volatility fell from 15.5 percent to around 11.4 percent. "There was a lot of bad news in the market – people were positioned all one way, so there was always a risk (of a squeeze on those positions)," said Ian Gunner, a portfolio manager with Altana in London. "Some people will say ''this is a hard Brexit, however she wants to dress it up'', and there will be criticisms from various politicians. But it''s a clean Brexit, and that’s the most important thing." (Additional reporting by Marc Jones, Vikram Subhedar, Kit Rees, Atul Prakash and Danilo Masoni; Editing by Gareth Jones and Raissa Kasolowsky) Next In FRB'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uk-britain-markets-sterling-idUSKBN15122G'|'2017-01-18T00:27:00.000+02:00'
'2077f1e52ccf774474c7fdeb411c0415a76a7db9'|'Indonesia may issue new tax rules for mineral exports next week -official'|'Financials  17am EST Indonesia may issue new tax rules for mineral exports next week -official JAKARTA Jan 17 Indonesia may issue new tax rules for mineral exports next week, a Finance Ministry official said on Tuesday, after discussions with the Energy and Mineral Resources Ministry, which recently changed rules on domestic mineral processing. "We want the export duties to push domestic processing. That''s the principle," Suahasil Nazara, head of the Fiscal Policy Office at the Finance Ministry, told reporters, adding that the taxes were "not just for increasing state revenues". "There''s a high possibility we will continue with a scheme that has layers, depending on completion of smelters," he added. (Reporting by Hidayat Setiaji; Writing by Fergus Jensen; Editing by Kenneth Maxwell) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/indonesia-mining-taxation-idUSJ9N1DV02Q'|'2017-01-17T12:17:00.000+02:00'
'2e59aa0180dcee14496fa8b9bd5b2033b3a854a1'|'Buffett''s Berkshire Hathaway wins reinsurance licence in Malaysia'|'Business News - Tue Jan 17, 2017 - 12:00am EST Buffett''s Berkshire Hathaway wins reinsurance licence in Malaysia FILE PHOTO - Warren Buffett, Chairman, CEO and largest shareholder of Berkshire Hathaway takes part in interviews before a fundraising luncheon for the nonprofit Glide Foundation in New York, U.S. on September 8, 2015. REUTERS/Lucas Jackson/File Photo KUALA LUMPUR Warren Buffett''s Berkshire Hathaway ( BRKa.N ) has won a licence to provide reinsurance services in Malaysia, the billionaire investor''s group said, as it expands operations in Asia. Berkshire Hathaway Specialty Insurance Company (BHSI) said in a statement on Monday it has established an office in the Malaysian capital Kuala Lumpur to provide the non-life reinsurance services. "After putting down roots in Singapore, Hong Kong, and Macau, we are pleased to further expand our operations in Asia...," BHSI Asia President Marc Breuil said in the statement. The southeast Asian nation has attracted several insurers lately, who are eyeing its long-term potential. Canada''s Sun Life Financial Inc ( SLF.TO ) and Malaysian sovereign wealth fund Khazanah Nasional [KHAZA.UL] were in talks to buy Hong Leong Financial Group Bhd''s ( HLCB.KL ) insurance business, Reuters reported last year. Reuters also reported that Tokio Marine Holdings Inc ( 8766.T ) was in exclusive talks to buy RHB Bank''s ( RHBC.KL ) general insurance unit. BHSI is part of Berkshire Hathaway''s National Indemnity group of insurance companies. National Indemnity has $194.4 billion in total admitted assets and $112.2 billion in policyholder surplus, according to BHSI''s website. (Reporting by Liz Lee; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-berkshire-hatha-malaysia-idUSKBN1510DF'|'2017-01-17T12:00:00.000+02:00'
'0f5ead5088d2651827cdff322f574051b16d861e'|'Italy placed 60-65 pct of new 15-yr bond abroad'|'Financials   1:07pm EST Italy placed 60-65 pct of new 15-yr bond abroad MILAN Jan 18 Italy has placed 60-65 percent of a new 15-year bond it issued on Wednesday with foreign investors, in a sign of confidence in its debt despite a sovereign downgrade by DBRS rating agency last week, an official managing the sale said. The person said U.S. investors took up around 30 percent of the 6 billion euro issue while a 20-25 percent share had gone to British investors. A 10 percent was bought by investors in Continental Europe. The official also said allocation had given precedence to long-term investors, more likely to keep the bond in their portfolios, over opportunistic investors such as hedge-funds. (Reporting by Giulio Piovaccari, writing by Valentina Za) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-bonds-15year-breakdown-idUSL5N1F85Y1'|'2017-01-19T01:07:00.000+02:00'
'a7c7181a063ec59f549d19053bdf575c9d99ee4c'|'Jump in manufacturing, tight labor markets show U.S. economic health: Fed'|'Business News - Wed Jan 18, 2017 - 2:10pm EST Jump in manufacturing, tight labor markets show U.S. economic health: Fed left right A security guard walks in front of an image of the Federal Reserve in Washington, DC, U.S., March 16, 2016. REUTERS/Kevin Lamarque/File Photo 1/2 left right Tesla vehicles are being assembled by robots at Tesla Motors Inc factory in Fremont, California, U.S. on July 25, 2016. REUTERS/Joseph White 2/2 WASHINGTON A pickup in manufacturing, "widespread" reports of labor shortages and improving business investment set the stage for the Federal Reserve''s December rate hike amid signs of steady economic growth across the country, the Fed reported Wednesday in its latest Beige Book compendium of economic conditions. Manufacturers in "most" of the Federal Reserve System''s 12 regions reported increased sales, the Fed reported in the document, a collection of anecdotal information from businesses assembled before each Fed meeting. Fed officials said companies in their districts acknowledged the uncertainty surrounding the change of administrations in Washington, with a healthcare firm in the Boston region expecting "a possible headwind" from the battle over Obamacare. Others worried about the potential fallout from trade tensions. But in general, across industries "firms...were said to be optimistic about growth in 2017," while also reporting that it was becoming increasingly difficult to fill vacant positions. That issue is likely to intensify. "Labor markets were reported to be tight or tightening...District reports cited widespread difficulties in finding workers for skilled positions," the Fed reported. "Many districts...expect labor markets to continue to tighten in 2017, with wage pressures likely to rise and the pace of hiring to hold steady or increase." Across the country "pricing pressures intensified somewhat," the Fed wrote. U.S. central bankers raised interest rates in December, setting their target rate at a range of between 0.5 and 0.75 percent. It was the only increase in 2016, but came as Fed officials began adjusting to the possibility that they may have to raise rates faster if the incoming administration of President-elect Donald Trump follows through on plans to cut taxes and spend additional tens of billions of dollars on infrastructure. While the Beige Book is not a systematic survey, it does reflect each Fed district''s sense of the regional economy. And as of the end of 2016, they portrayed an economy that seemed increasingly healthy. One manufacturer in Chicago noted that because workers could not be found who were qualified to run its most sophisticated machines, they were instead using "less sophisticated equipment that was easier to operate." Businesses in that district, including several of the heartland states where economic anxiety fueled Trump''s victory, said they expected capital investment to grow over the next year. Several other districts said manufacturing was up, while in the Kansas district "manufacturing production, shipments and new orders grew at their fastest pace in over two years." In Dallas, the recently beleaguered energy sector "noted improved demand and an uptick in employment, following depressed activity for nearly two years." (Reporting by Howard Schneider; Editing by Andrea Ricci) Next In Business News JPMorgan agrees to $55 million settle of mortgage discrimination complaint: source NEW YORK JPMorgan Chase & Co has agreed to pay $55 million to settle a U.S. Justice Department lawsuit accusing it of discriminating against minority borrowers by allowing mortgage brokers to charge them more for home loans, a person familiar with the matter said on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-fed-beigebook-idUSKBN1522R4'|'2017-01-19T02:06:00.000+02:00'
'dfeb50172cddd1f85917aee5dd4b814c9f4d3571'|'Italy to sell 6 bln euros of new 15-year bond - lead'|'Financials  09am EST Italy to sell 6 bln euros of new 15-year bond - lead MILAN Jan 18 Italy will issue 6 billion euros ($6.4 billion) of a new 15-year bond it launched on Wednesday in the first test of market demand for its debt since last week''s sovereign downgrade, an official at one of the banks managing the sale said. Italy on Friday lost the last remaining single ''A'' rating on its debt when Canadian agency DBRS downgraded it to ''BBB (high)'' from ''A (low)''. Despite the downgrade, the new issue drew more than 21 billion euros in orders from investors, Thomson Reuters''s IFR service reported. The bond, maturing in Sept. 2033, is set to be priced later on Wednesday to offer a spread of 18 basis points over the current 15-year benchmark due in March 2032 which yielded 2.32 percent by 1407 GMT. Banca IMI, Barclays, Credit Agricole, ING and Royal Bank of Scotland are managing the sale. Italy had last issued a new 15-year bond in March 2015. ($1 = 0.9376 euros) (Reporting by Giulio Piovaccari; writing by Francesca Landini, editing by Valentina Za) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-bonds-15year-idUSI6N1F200E'|'2017-01-18T21:09:00.000+02:00'
'61635488a0f471377d0b470d610ba350376cefd7'|'BRIEF-Properst to buy property on March 31'|' 12am EST BRIEF-Properst to buy property on March 31 Jan 18 Properst Co Ltd : * Says it to acquire property including land and building that located in Japan, with an undisclosed price on March 31 Source text in Japanese: goo.gl/lEjgWM Further company Coverage: (Beijing Headline News) Next In Financials * Says it sold a property located in Tokyo, at an undisclosed price, on Jan. 18 MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1F82F8'|'2017-01-18T13:12:00.000+02:00'
'dd9ef8185c1fc37deabc95daafac8a15cd3cd5ad'|'Exclusive: Restaurant chain Chuck E. Cheese prepares IPO - sources'|'By Lauren Hirsch and Greg Roumeliotis The parent of Chuck E. Cheese has begun preparations for an initial public offering (IPO) that could value the U.S. restaurant chain at more than $1 billion, including debt, people familiar with the situation said on Tuesday.The IPO would be a bet that Irving, Texas-based Chuck E. Cheese''s arcade games and kid-focused activities will differentiate it in the minds of investors from other more commoditized restaurant chains that have failed to whet their appetite.Chuck E. Cheese''s private equity owner, Apollo Global Management LLC ( APO.N ), has initiated conversations with banks about an IPO that could come in the second half of 2017, though it has not yet hired underwriters, the people said.An outright sale of the company is also possible were Apollo to receive an attractive enough offer, the people added.The sources asked not to be named because the IPO preparations are confidential. Apollo and CEC Entertainment Inc, the company that owns Chuck E. Cheese, declined to comment.Through 2014 and 2015, many fast-growing restaurant chains went public that later had a hard time expanding beyond their core regional base. The last such company to go public, Brazillian steakhouse Fogo De Chao Inc ( FOGO.O ), followed many of its peers in trading below its June 2015 IPO price.Within the broader restaurant industry, sit-down casual restaurants have struggled as consumers opt to eat at home and increasingly avoid the mall, where such restaurants are often located. The threat of a rising minimum wage has put further pressure on the sector.Still, "interactive" restaurants such as Chuck E. Cheese, which offers video games, bumper cars and play areas in addition to food, promise a distinctive dining experience. Its closest competitor, Dave & Buster''s Entertainment Inc ( PLAY.O ), saw comparable store sales increase nearly 6 percent in the third quarter of 2016 over the year prior, a slower growth rate than the 8.8 percent growth it achieved in 2015.Chuck E. Cheese was taken private by Apollo in 2014 for $1.3 billion, including debt. It has since sought to broaden its appeal beyond children, expanding its alcohol offerings for adults.Chuck E. Cheese was founded in 1977 by Nolan Bushnell, the founder of video game company Atari and one of the first bosses of Apple Inc ( AAPL.O ) founder Steve Jobs.The company and its franchisees now operate a system of 603 Chuck E. Cheese and 144 Peter Piper Pizza stores, with locations in 47 U.S. states and 11 other countries.(Reporting by Lauren Hirsch and Greg Roumeliotis in New York; Additional reporting by Olivia Oran in New York; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-chuckecheese-ipo-exclusive-idINKBN15135L'|'2017-01-17T19:59:00.000+02:00'
'1145953ddf56f06c8f8e09e49e16e31571d041f1'|'Deals of the Day-Mergers and acquisitions'|'(Adds Aon, Anthem, Union Pacific, FirstEnergy, LVMH, China Film, Abraaj Group and Abanka )Jan 19 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday:** French aero engine maker Safran launched a $9 billion agreed bid for seats manufacturer Zodiac Aerospace to create the world''s third-largest aerospace supplier as the industry bulks up to tackle record high output plans.** Insurance broker Aon Plc is in advanced talks to sell its employee benefits outsourcing unit to buyout firm Clayton Dubilier & Rice LLC for nearly $4.5 billion, people familiar with the matter said on Thursday.** A federal judge is expected to block a proposed deal between health insurer Anthem Inc and Cigna Corp as soon as Thursday, the New York Post reported, citing sources.** Anthem Inc said it extended the deadline for its acquisition of Cigna Corp by three months as it awaits a federal court ruling on the U.S. government''s lawsuit to block the deal.** The top executive at Union Pacific Corp said on Thursday that the No. 1 U.S. railroad remains opposed to mergers between major railroads in the United States.** U.S. buyout firm Bain Capital has joined Key Safety Systems (KSS) in the U.S. auto parts supplier''s bid to rescue Takata Corp, a source said, as the Japanese firm struggles for survival after a massive recall linked to its faulty air bags.** Mediaset is open to an accord with Vivendi that supports growth for the Italian broadcaster, its chief executive was Quote: d as saying, but there is no interest in a possible deal involving Telecom Italia.** FirstEnergy Corp said on Thursday it would sell four gas-generating plants in Pennsylvania and portion of a Virginia hydroelectric power station to a unit of LS Power Equity Partners III LP for about $925 million.** Lotte Chemical Corp is looking into acquiring troubled Singapore petrochemical company Jurong Aromatics Corp, as the South Korean company continues to push for growth.** Croatia has stepped up plans to take full control of oil group INA by setting up a special group to prepare a proposal for a buyout of Hungarian energy company MOL''s 49 percent stake.** Dutch brewer Heineken NV is in advanced talks to buy the Brazilian unit of Japanese rival Kirin Holdings Co Ltd, financial newspaper Valor Economico said.** French luxury goods group LVMH is set to take a stake of up to 10 percent in unlisted Italian glasses-maker Marcolin as it seeks to increase control over eyewear manufacturing for its brands, a source close to the matter said on Thursday.** British engineering firm Smiths Group secured EU regulatory approval on Thursday for its planned acquisition of Morpho Detection from France''s Safran.** Swedish engineering firm Sandvik said it had failed to close a deal to sell the loss-making Mining Systems unit to CoBe Capital. It said the process to exit the business would now continue with different interested buyers.** China Film intends to take a 15 percent stake in French digital cinema company Ymagis, the Chinese group said in a statement issued to the Shanghai stock exchange.** PGE, PGNiG, Enea and Energa - have signed an agreement to buy new shares issued by troubled construction firm Polimex-Mostostal, they said in separate statements on Wednesday evening.** British insurer Aviva is merging its UK life and general insurance businesses as it focuses on offering a range of products online, it said on Thursday, in an organisational shake-up that includes the departure of its Europe head.** Middle Eastern private equity investor Abraaj Group has bought a majority stake in Chile''s private home furnishings retailer Casaideas in its first foray into the country, Abraaj said on Thursday.** Mining gear and compressor maker Atlas Copco will sell its road construction equipment business to French industrial and construction company Fayat Group, it said on Thursday, booking a loss of about 2 billion Swedish crowns ($225 million).** Bega Cheese will be the new owner of the popular Australian Vegemite brand following its deal to buy most of Mondelez International''s grocery brands in Australia and New Zealand for A$460 million ($345 million).** Slovenia intends to sell its third largest bank Abanka this year rather than by the middle of 2019 as previously planned, privatisation coordinator Slovenian Sovereign Holding (SDH) said on Thursday.** Malaysian offshore drilling services company UMW Oil & Gas Corp Bhd (UMW-OG) said it would buy Icon Offshore Berhad in a deal that values the offshore support vessel provider at 588.6 million ringgit ($132 million).** Dutch energy group Eneco has agreed to buy half of Lichtblick, Germany''s largest independent supplier of renewable energy, to jointly expand in Germany, the Netherlands and other European markets, both companies said in a joint statement.** International Data Group, the owner of PCWorld magazine and market researcher IDC, said it was being acquired by China Oceanwide Holdings Group and IDG Capital, the investment management firm run by IDG China executive Hugo Shong.** A unit of private investment firm Starwood Capital Group said it would buy Canada''s Milestone Apartments Real Estate Investment Trust in a deal valued at about $2.85 billion. (Compiled by Anya George Tharakan and Diptendu Lahiri in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1F93QQ'|'2017-01-19T17:14:00.000+02:00'
'7e09653ad389e8b6fe316dc9577e84c5dbb556f8'|'Wrong information on Google flight card meant we missed our flight - Money'|'I booked a Melbourne to Sydney flight with Tigerair and on the day of departure was advised in an email that it would delayed by four hours and 20 minutes.However, when arriving at the airport I found that my original flight had left on time and I had been classed as a “no-show”.I then had to pay AU$251 (£153) for a flight with another airline.Tigerair offered to refund the £54 cost of my original flight but I am still out of pocket. RR, LondonAlthough the email you received appears to have come direct from the airline, it seems it was a piece of too-clever-by-half technology from Google . “Google has the technology that reads your flight itinerary and produces what is known as a ‘flight card’ which tracks its status,” explains Tigerair.“Google collects its information from a third party and, in this case, the third party published a delay to the flight which has resulted in the Google flight card being changed. Tigerair Australia does not have any affiliation with the third party supplier and if the airline delays any service we always contact our customers directly via SMS and email.”The airline says it’s “working” with Google to ensure flight details are fed direct from tigerair.The third party turns out to be a US company, FlightStats. It unhelpfully tells me that airlines sometimes restore flights announced as delayed to their original departure time, ignoring the fact that the flight never was delayed.Sadly, that appears to be the end of the line for you and your dented wallet.Kevin Clarke, flight delay lawyer with Bott & Co, tells me that “EU Regulation 261/2004 says that passengers must present for check-in. It makes no allowance for why a passenger didn’t”. The law also remains silent on an airline’s responsibilities if a communications error causes someone to miss a departure.So check and recheck the latest flight times on the airline’s own website and, if you fail to see expected updates in the departure lounge, go and ask.If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number.'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/jan/19/tigerair-google-flight-card-delay'|'2017-01-19T15:00:00.000+02:00'
'c162a6f3f4f15b568babeae2d5ccbe2c0b7c485d'|'Barclays chairman says government supports 3-year post-Brexit transition'|'Davos   3:16am EST Barclays chairman says government supports three-year post-Brexit transition DAVOS Britain''s government is supportive of a three-year transition period for the financial sector after Britain exits the European Union, Barclays Chairman John McFarlane said on Thursday. "The government does [support it] because I think they understand the complexity of this," McFarlane told Reuters on the sidelines of the World Economic Forum in Davos, Switzerland. (Reporting By Carmel Crimmins, writing by Lawrence White) Next In Davos'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-davos-meeting-barclays-idUSKBN1530VG'|'2017-01-19T15:07:00.000+02:00'
'9ef43712d5acb8ba0509577b08da73c1b1c8fe19'|'U.S. TIPS breakeven rates add gains after strong auction'|'NEW YORK Jan 19 The U.S. bond market''s gauges on investors'' inflation outlook advanced to their strongest levels in more than two years following strong investor demand at a $13 billion auction of 10-year Treasury Inflation Protected Securities (TIPS).On the open market, the 10-year inflation breakeven rate, or the yield difference between 10-year TIPS and benchmark 10-year Treasury notes, touched 2.09 percent which was the highest since September 2014, according to Reuters, Tradeweb data. (Reporting by Richard Leong, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-tips-idINL1N1F91KR'|'2017-01-19T15:26:00.000+02:00'
'77dee726618e1a6c98a6f7131c226c7e856fbdfc'|'Bertelsmann says open to raising Penguin Random House stake'|'FRANKFURT German media group Bertelsmann ( BTGGg.F ) may raise its stake in book publisher Penguin Random House, it said on Wednesday after British joint venture partner Pearson ( PSON.L ) issued a major profit warning and said it might sell the stake."We are open to increasing our stake in Penguin Random House, provided the financial terms are fair," Bertelsmann Chief Executive Thomas Rabe said in a statement."Strategically this would not only strengthen one of our most important content businesses, it would also once further strengthen our presence in the United States, our second largest market," he added.Bertelsmann and Pearson combined their book-publishing businesses in 2013. Bertelsmann holds 53 percent of the joint venture and has the right of first refusal to buy Pearson''s 47 percent stake.Pearson sold the Financial Times newspaper and its stake in The Economist magazine in 2015 to concentrate on education. But textbooks are going out of fashion as students opt for digital alternatives or rent instead of buy.Bertelsmann has repeatedly said that it wanted to increase its stake in Penguin Random House, the largest general-interest paperback publisher in the world.Last year, Rabe told reporters that Bertelsmann would not buy Pearson''s entire stake and said it had been approached by a number of investors who would be interested in participating in a deal.On Wednesday, Rabe said in an interview published on the company''s intranet: "We are prepared."Penguin Random House is the publisher of Paula Hawkins'' "Girl on the train", which sold 4 million books, e-books and audiobooks last year. It also is home to top-selling authors Dan Brown, John Grisham and E.L. James.At an valuation of 10 times earnings before interest, tax and amortization (EBITA), Pearson could raise about 1.2 billion pounds ($1.5 billion), analyst Ian Whittaker at Liberum said in a client note.A Bertelsmann spokesman declined to give details beyond Wednesday''s statement.(Reporting by Harro ten Wolde; Editing by Edward Taylor and Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bertelsmann-pearson-idINKBN15217C'|'2017-01-18T07:29:00.000+02:00'
'0d765471f15ca490bef5e9c6b021a42cadfa132f'|'Pearson cuts profit outlook and dividend as U.S. market slumps'|' 18am GMT Pearson cuts profit outlook and dividend as U.S. market slumps LONDON Troubled British education publisher Pearson cut its profit outlook for the next two years and said it would have to reset its 2017 dividend due to an "unprecedented" decline in its North American business. Pearson, which has issued a string of profit warnings in recent years due to weakness in the U.S. and volatility in emerging markets, said it expected to deliver operating profit in line with guidance for 2016 due to a cost cutting programme. But the slowdown in its markets meant it now sees 2017 underlying profitability around 180 million pounds lower than it had expected in early 2016. It has withdrawn its operating profit goal for 2018 and said it would have to "rebase" its dividend from 2017 onwards. (Reporting by Kate Holton,  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pearson-outlook-idUKKBN1520O6'|'2017-01-18T14:18:00.000+02:00'
'29ce03fffeb384cc8f1964b076168e48760c2041'|'Number of UK workers edges down again, but pay growth picks up pace'|' 47am GMT Number of workers edges down again, but pay growth picks up pace Workers cross Westminster Bridge during the morning rush hour in London in Britain, November 28, 2016. REUTERS/Toby Melville LONDON Reuters) - The number of people in work in Britain fell for a second time in a row in the three months to November, official data showed on Wednesday, a latest suggestion that the Brexit vote may be making employers nervous about hiring. Reflecting the largely resilient picture in Britain''s labour market since the shock decision to leave the European Union last year, the unemployment rate held at an 11-year low of 4.8 percent, in line with the median forecast in a Reuters poll of economists. The employment rate held at all-time record high of 74.5 percent and wage growth picked up pace. But the number of people in work slipped by 9,000 to just over 31.8 million, the Office for National Statistics said. It was the second report in a row to show a decline in the number of people in work, the first back-to-back falls since the middle of 2015. The unemployment rate is widely expected to rise this year as companies hold off from hiring as they wait for more clarity on the country''s future ties to the EU. The Bank of England said in November it expected the jobless rate to stand at 5.4 percent by the end of this year although last week one of its policymakers, Michael Saunders, said recent signs of resilience in the economy meant the increase in joblessness in 2017 could be slower than the BoE''s projections. The ONS said the number of unemployment benefit claimants unexpectedly fell by 10,100 in December after rising by 1,300 in November. Economists taking part in the Reuters poll had expected the number of benefit claimants to rise by 5,000 last month. The ONS also said the number of vacancies in the three-month period to the end of December slipped to 748,000, the lowest number since the three months to July of last year. Despite the signs of some nervousness amongst employers about the Brexit outlook, growth in wages picked up, possibly reflecting shortages of skilled workers reported in several sectors. The ONS said workers'' total earnings in the September-November period rose by an annual 2.8 percent,   September 2015. Economists taking part in the Reuters poll had expected wage growth of 2.6 percent. Excluding bonuses, earnings rose by 2.7 percent year-on-year, the strongest increase since August 2015 and ahead of expectations for a 2.6 percent rise. However wages are not expected to keep pace with inflation in 2017, calling into question whether consumers will be able to continue driving Britain''s economy with their spending. Inflation rose to 1.6 percent in December, its highest level since mid-2014, and many economists expect it will climb sharply towards 3 percent during this year, reflecting the fall in the value of the pound since the Brexit vote. (Reporting by William Schomberg and Alistair Smout)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-jobs-idUKKBN15211W'|'2017-01-18T16:40:00.000+02:00'
'd1b4943f2f4004b2111f3cd2fc6a167567763afe'|'Germany''s auto industry warns ''hard Brexit'' to stifle UK investment'|' 59pm GMT Germany''s auto industry warns ''hard Brexit'' to stifle UK investment President of the German Automotive Industry Association (VDA) Matthias Wissmann gestures during a news conference on the media day at the Frankfurt Motor Show (IAA) in Frankfurt, Germany, September 14, 2015. REUTERS/Ralph Orlowski FRANKFURT Germany''s powerful carmakers warned uncertainty about future tariffs in the wake of a "hard Brexit" could deter investment in Britain over a number of years, hampering their largest export market. Every second new car sold in Britain comes from a German-owned brand, and every second car made in the United Kingdom is exported to a customer in the European Union, Germany''s carmaking lobby VDA said. "An exit of Great Britain from the (EU''s) common market would have significant consequences for the economy on both sides of the channel," VDA president Matthias Wissmann said in a statement to Reuters on Wednesday. "A hard Brexit would be arduous and expensive. The consequence would be a long phase of insecurity. By the time new contracts have been negotiated, years will pass. This has a deterring effect on investors." In a major speech on Tuesday, Prime Minister Theresa May said Britain would leave the EU''s single market - interpreted by some economists as a "hard Brexit." She added Britain could not remain a full member of its tariff-free zone, but would seek unfettered trade with the bloc. [nL5N1F727C] In 2015, the last year for which statistics are available, 810,000 cars made in Germany were sold in Britain, VDA said. Some 57 percent of cars exported from Britain go to the EU, it added. "That is why the automakers have a large interest in finding solutions which enable intensive trade and preserves the value chain," Wissmann said. (Reporting by Edward Taylor; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-germany-autos-idUKKBN15223S'|'2017-01-18T21:59:00.000+02:00'
'49eed11cebd195c4c1dcd31a5025e76b576a8355'|'Telecoms company Avaya files for bankruptcy'|'WILMINGTON, Del Telecommunications company Avaya Inc filed for Chapter 11 bankruptcy on Thursday to reduce its debt, but said it will not sell its call center business at this time.The privately held Santa Clara, California-based company said it obtained a $725 million loan to fund its operations during the filing, which will be provided by an affiliate of Citigroup Inc.(Reporting by Tom Hals in Wilmington, Delaware)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-avaya-bankruptcy-idINKBN1532JY'|'2017-01-19T13:36:00.000+02:00'
'ed801d2b0f8a5dd7f58afad23eab7a0a5cc3cc4a'|'Australia''s Tigerair expects to resume Bali flights on Feb 3'|'Cyclical Consumer Goods - Thu Jan 19, 2017 - 1:47am EST Australia''s Tigerair expects to resume Bali flights on Feb 3 SYDNEY Jan 19 Tigerair Australia said it expects to resume flights to Bali from Feb. 3, almost three weeks after the airline''s permission to fly to the island was revoked by Indonesia due to a bureaucratic technicality. On Jan. 12, Indonesia forced the budget subsidiary of Virgin Australia Holdings to cancel its flights for failing to comply with charter flight regulations. The flights had previously been considered regularly scheduled flights for regulatory purposes. That left thousands of passengers stranded in Bali - known for its beaches, mountains and paddy fields and which is particularly popular with Australian tourists. Tigerair on Thursday said it had received a "key approval" to fly to Bali using its A320s from Feb. 3, subject to final procedural approvals being secured. It needs to obtain a route permit and have an aircraft inspected to receive final approvals, according to a person familiar with the situation. Tigerair plans to switch back to 737s when it receives a licence to fly those on its own from regulators in Indonesia and Australia, said the source, who did not want to be named due to rules on talking to media. Over the past week, around 4,000 Australians stranded in Bali have returned on relief flights operated by Virgin and Tigerair, while other angry customers scrambled to purchase tickets on rivals like Jetstar and Garuda Indonesia during a heavily booked school holiday period. Tigerair flights from Melbourne, Adelaide and Perth to Bali, which began last March, were flying under Virgin Australia''s licence and using its pilots because Indonesia had not yet granted Tigerair approval to operate Boeing 737s on its own. Tigerair''s current fleet comprises of Airbus A320 aircraft, which have a slightly shorter range and are unable to fly fully loaded from Melbourne to Bali in certain weather conditions. (Reporting by Jamie Freed; Editing by Himani Sarkar) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/australia-indonesia-tigerair-idUSL4N1F926F'|'2017-01-19T13:47:00.000+02:00'
'451acc4dc2c4687c232a458b0c80c19facb218f3'|'Nintendo says to launch Super Mario Run Android version in March'|'Technology   12:45am GMT Nintendo says to launch Super Mario Run Android version in March Nintendo''s game character Super Mario is seen on a screen at the presentation ceremony of Nintendo''s new game console Switch in Tokyo, Japan January 13, 2017. REUTERS/Kim Kyung-Hoon TOKYO Japan''s Nintendo said it will release an Android version of its first ever Super Mario mobile game in March following the launch of Super Mario Run for Apple Inc''s iPhone in December. The Japanese company announced the planned launch on through its Twitter feed. (Reporting by Makiko Yamazaki; Editing by Michael Perry) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-nintendo-supermario-idUKKBN153033'|'2017-01-19T09:34:00.000+02:00'
'5d5c27b152be84ee426e51e71144104483559c05'|'British Airways to fly all customers to destinations during strike'|'Thu Jan 19, 2017 - 10:06am GMT British Airways to fly all customers to destinations during strike British Airways logos are seen on tailfins at Heathrow Airport in west London, Britain May 12, 2011. REUTERS/Toby Melville/Files LONDON British Airways said that all its passengers would be flown to their destinations during a 72-hour pay strike by some cabin crew which began on Thursday. BA, owned by International Airlines Group ( ICAG.L ), said a small number of its short-haul flights from Heathrow would be merged resulting in one percent of its total schedule being canceled over the three day period. "Our flight program is running as planned and we are going to fly all customers to their destinations," BA said in a statement. All BA''s long-haul services to and from Heathrow, Britain and Europe''s busiest airport, plus its flights to and from London''s Gatwick airport and London City will all operate as normal, the airline said. The walk-out is being staged by BA''s "mixed fleet" cabin crew, who make up around 15 percent of the airline''s total cabin staff. Those involved, represented by the Unite Union, have poorer terms and conditions than some longer-serving staff and rejected a pay offer shortly before Christmas. They have already staged a 48-hour strike earlier this month. (Reporting by Sarah Young; Editing by Keith Weir) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-strikes-british-airways-idUKKBN153182'|'2017-01-19T17:04:00.000+02:00'
'9a8a13c1fa312f18fff35c91c4fead33b0063590'|'UPDATE 2-Woodside CEO sees no need for M&A, plenty of growth in pipeline'|'Commodities  35am EST Woodside CEO sees no need for M&A, plenty of growth in pipeline By James Regan - SYDNEY SYDNEY Woodside Petroleum Chief Executive Peter Coleman said there''s little need for more mergers and acquisitions by Australia''s biggest independent oil and gas producer as it works on developing a handful of new projects at home and abroad. The company, seen as short on growth, has had to rely on a few deals to build up reserves after being snubbed in late 2015 in an $8 billion bid for Oil Search Ltd and walking away from a $2.6 billion gas stake off Israel a year earlier. "We''re starting to get a pipeline of projects moving through," Coleman told Reuters after Woodside reported fourth-quarter revenue rose a better-than-expected 2 percent to $1 billion from the previous quarter thanks to higher oil prices. The $34 billion Wheatstone liquefied natural gas (LNG) project off Western Australia, which Woodside bought into in 2015, is scheduled to start this year after six months of delays, followed by a second stage in 2018, Coleman said. Wheatstone, operated by Chevron Corp, will contribute more than 13 million barrels of oil equivalent to Woodside''s annual output, when complete. Woodside expects 2017 production to fall to 84-90 mmboe from 94.9 mmboe last year, in line with two analysts'' forecasts, with Wheatstone''s ramp-up not enough to offset a long agreed drop in the company''s share of domestic gas from the North West Shelf from May. Woodside''s shares fell 1 percent on Thursday, but analysts attributed that to profit taking following a run-up over the past two months on the back of rising oil prices. From 2019, Woodside plan to start producing from its Greater Enfield oil project in Australia. "Do we need to buy something? No," Coleman said. "Woodside does not need to buy to grow." Coleman also said he was anxious to get started on development "as soon as possible" on a promising oil venture off the coast of Senegal that it acquired from ConocoPhillips last October for $440 million. The Senegal deal gave Woodside 35 percent of the SNE and FAN oil discoveries off the West African country, setting it up to start producing oil early in the next decade. Woodside last year also bought half of BHP Billiton''s stake in the undeveloped Scarborough offshore gas field assets in Western Australia. It is drilling in Myanmar, too. "With their level of activity in the past several year, Woodside certainly can''t be accused of inertia," said RBC Capital Markets analyst Ben Wilson. "They have been positioning themselves for growth." (Reporting by James Regan; Editing by G Crosse and Sonali Paul) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-woodside-results-idUSKBN1530GL'|'2017-01-19T12:28:00.000+02:00'
'000665f06f4b4cd61e2c24aa4a92bc3805b13ae2'|'GSK grabs Astra executive to replace exiting pharma head'|' 19am GMT GSK grabs Astra executive to replace exiting pharma head Signage for GlaxoSmithKline is seen on it''s offices in London, Britain, March 30, 2016. REUTERS/Toby Melville/File Photo LONDON GlaxoSmithKline said on Thursday that Abbas Hussain, its global head of pharmaceuticals, is leaving the company and will be replaced by Luke Miels from AstraZeneca. Hussain had been seen as a potential contender to take over from Chief Executive Andrew Witty, who steps down at the end of March, but the job went to GSK''s consumer health division boss Emma Walmsley. "Succession processes are challenging for everyone involved and, unfortunately, it is rare that all of those involved stay with the company," Witty said. (Reporting by Ben Hirschler;  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gsk-astrazeneca-idUKKBN1530Q5'|'2017-01-19T14:19:00.000+02:00'
'1f3b1a94718abadb78de8755f3223d6dc2ffa842'|'EXCLUSIVE - Pentagon, Lockheed near deal on $9 bln F-35 contract - sources'|'  9:00am IST EXCLUSIVE   FILE PHOTO: Lockheed Martin''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon/File Photo By Mike Stone - WASHINGTON   The F-35, the Pentagon''s costliest arms program, has drawn fire from U.S. President-elect Donald Trump who has made lowering prices for military equipment a pillar of his transition into office. Talks are still ongoing for the tenth batch of stealthy fighter jets with a deal for 90 planes expected to be announced by the end of the month, three people said on condition of anonymity. A Lockheed representative declined to comment and a representative for the fighter program said negotiations are ongoing. The U.S. Defense Department expects to spend $391 billion in the coming decades to develop and buy 2,443 of the supersonic warplanes.Though the F-35 program has been criticized by Trump as too expensive, the price per jet has already been declining. Lockheed, the prime contractor, and its partners have been working on building a more cost-effective supply chain to fuel the production line in Fort Worth, Texas. The overtures from the incoming administration may have had some effect, but Lockheed''s F-35 program manager Jeff Babione said last summer that the price of the F-35A conventional takeoff and landing version of the jet would drop to under $100 million per plane in this contract for the 10th low-rate production batch. The F-35 comes in three configurations, the A-model for the U.S. Air Force and U.S. allies; a F-35 B-model which can handle short takeoffs and vertical landings for the Marine Corps and the British navy; and carrier-variant F-35C jets for the U.S. Navy. Lockheed and its main partners, including Northrop Grumman Corp, United Technologies Corp''s Pratt & Whitney and BAE Systems Plc, have been developing and building F-35s for the U.S. military and 10 allies. On Oct. 25 Lockheed, the world''s largest defense contractor, reported a quarterly profit that handily beat analysts'' expectations, as sales of its Sikorsky helicopters pushed total revenue up 14.8 percent. Lockheed is set to host its fourth-quarter earnings call on Tuesday. (Reporting by Mike Stone; Editing by Lisa Shumaker) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/lockheed-pentagon-idINKBN1530D8'|'2017-01-19T10:30:00.000+02:00'
'daa5e7a456d005b45cede801377eeba7bfbfff1e'|'HSBC CEO says to move staff with aim of 20 pct of trading revenue in Paris'|'Davos   3:15am EST HSBC CEO says to move staff with aim of 20 percent of trading revenue in Paris The moon rises over the HSBC building in the Canary Wharf financial district of London, Britain November 13, 2016. REUTERS/Hannah McKay HSBC will move staff generating around 20 percent of its trading revenue to Paris following Britain''s exit from the European Union, Chief Executive Stuart Gulliver said on Wednesday in an interview on the sidelines of the annual meeting of the World Economic Forum in Davos, Switzerland. "We''re not moving this year and maybe not even next year," Gulliver said, adding that the bank would likely look to move the staff in around two years'' time when Britain has fully left the EU. HSBC has all the licenses it needs for such a move, Gulliver said, and would only need to set up a so-called intermediate holding company in France, a move that should take only a matter of months. (Reporting by Pamela Barbaglia in Davos, writing by Lawrence White; editing by Jason Neely) Next In Davos'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-davos-meeting-hsbc-idUSKBN1520SO'|'2017-01-18T15:12:00.000+02:00'
'bebf94dfd5d15a58476dedc671d9783943270ce4'|'UPDATE 1-Banks mandated for Iceland''s Arion Bank IPO -sources'|'Bankruptcy News  40am EST UPDATE 1-Banks mandated for Iceland''s Arion Bank IPO -sources (Adds that talks with potential cornerstone investors failed) By Arno Schuetze FRANKFURT Jan 18 Failed Icelandic bank Kaupthing is pressing ahead with a stock market listing of its domestic arm Arion, people close to the matter said, a key step in Iceland''s rehabilitation in the global financial system. Kaupthing, once a major international bank, went into administration and its domestic operations were separated into Arion Bank in 2009. Iceland became the first western European country in more than three decades to be bailed out by the International Monetary Fund. Kaupthing - now a holding company - has mandated Swedish investment bank Carnegie to act as global coordinator for Arion''s initial public offering together with Citi and Morgan Stanley, the sources said. Other banks, including Deutsche Bank, have secured roles as bookrunners that will help with the share sale, which may take place as early as April, they said. Citi and Morgan Stanley were asked in 2016 to do preparatory work for the IPO, almost a decade after Iceland''s banking sector collapsed. In late 2015 Kaupthing finished its winding up process and reached an agreement which turned its creditors into shareholders. It owns 87 percent of Arion, which includes insurance, asset management and retail banking assets, while Iceland''s government owns the rest. The banks declined to comment. After talks with some of Iceland''s pensions funds who had considered buying an Arion stake ahead of the IPO broke down recently, the IPO will likely go ahead without a such cornerstone investor, one of the people close to the deal said. Kaupthing had been in talks with the funds about an Arion valuation of 0.8 times the book value of its assets, which had the pension funds had conceived as being too high, the person said. Such a valuation would have been roughly in line with that of banks such as BNP, Santander and Credit Suisse, but a premium to lenders such as Barclays , Societe Generale or Deutsche Bank. Last week, the Government of Iceland said in a statement that it was not ideal for the state to own a majority of the share capital in commercial banks in the long term. "Therefore, it is important to reduce the state''s ownership in small steps and in accord with a broad consensus," it said. (Additional reporting by Ragnhildur Sigurdardottir in Reykjavik, Anna Ringstrom and Daniel Dickson in Stockholm and Robert Venes at IFR in London; editing by Jason Neely and Elaine Hardcastle) Next In Bankruptcy News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/kaupthing-ipo-arion-banki-idUSL5N1F83AX'|'2017-01-18T22:40:00.000+02:00'
'fe5920de6c8077436249553e2f4c136f39859f84'|'German finance minister preparing for Greek aid without IMF - report'|'  8:11am GMT German finance minister preparing for Greek aid without IMF - report German Finance Minister Wolfgang Schaeuble attends the weekly cabinet meeting at the chancellery in Berlin, Germany, November 30, 2016. REUTERS/Hannibal Hanschke BERLIN German Finance Minister Wolfgang Schaeuble is preparing for a continuation of aid for Greece without the involvement of the International Monetary Fund (IMF), Germany''s Bild newspaper reported on Wednesday. Talks between Athens and foreign lenders on its bailout progress have dragged on for months due to differences on labour and energy reforms as well as on fiscal targets and debt relief measures. The IMF has said it will only be involved if it is the last bailout for Athens and includes debt relief for Greece. The German government would like the IMF to participate in the bailout programme to boost its credibility but Berlin is against granting Athens significant debt relief. The Finance Ministry is preparing for a vote in the Bundestag lower house of parliament in case the IMF refuses to take part, after Schaeuble previously promised the Bundestag the rescue package would only be approved if the IMF was involved and keeping tabs on Greek reforms, Bild said. The newspaper, which did not name its sources, said Schaeuble thinks the hole left by the IMF should be filled by the European Stability Mechanism (ESM) - the euro zone''s bailout fund, Bild said. The German Finance Ministry was not immediately available for comment. Bild said the Bundestag would vote on the modified programme for Greece before a federal election due to take place in September. Last week Schaeuble proposed turning the ESM into a European monetary fund to improve the management of crises in Europe. (Reporting by Michelle Martin; Editing by Dominic Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-schaeuble-idUKKBN1520RQ'|'2017-01-18T15:11:00.000+02:00'
'a152b307a20a958b6dce1fa52f64cb6307a034d5'|'Dear Trump: Please save my GM factory job in Lordstown, Ohio 18,'|'The two ways companies are responding to Trump Robert Sheridan is a 40-year-old GM worker who voted for Donald Trump. He can barely contain his excitement about Inauguration Day, even though it will be a rough day for him on a personal level. He''s one of 2,000 GM factory workers losing their jobs on Friday, the same day that Trump will be sworn in as the 45th president. Sheridan -- and thousands like him -- are desperately hoping Trump will save their jobs . "Please help us in Lordstown," says Sheridan, a soft-spoken Midwesterner with three kids. "This is a great middle class job. You can''t find one better around here." GM worker Robert Sheridan is one of 2,000 GM workers who will lose their jobs on January 20, 2017, the day Donald Trump is sworn in as president. These are GM''s first layoffs in six years . Given the vote totals, it appears that many of these workers voted for Trump, breaking ranks with their United Automobile Workers union that backed Hillary Clinton . GM is moving forward with 1,200 layoffs in Lordstown, Ohio (where Sheridan works), and another 800 in Lansing, Michigan -- both key states that led to Trump''s victory. Trump appears to be hearing them. In early January, he slammed GM in a tweet . "General Motors is sending Mexican made model of Chevy Cruze to U.S. car dealers-tax free across border," Trump tweeted. "Trump''s tweet really gave us hope," Sheridan says. He''s worked at GM ( GM ) for seven years and makes $25 an hour installing brake lines. It''s the kind of pay that finally allowed him to buy a house and decent sports equipment for his kids. Other factories in the area pay only $9 to $12 an hour. Related: Donald Trump''s childhood home heads to auction GM still doing layoffs in Ohio and Michigan Now Trump is thanking GM. The car giant announced Tuesday it would invest heavily in the U.S., generating about 2,000 "new and retained" factory jobs in the coming years. Trump cited it as another example of how he''s delivering "big stuff" for America, although GM said the plans had been in the works for awhile. But that doesn''t help workers in Lordstown and Lansing. Those 2,000 workers are still losing their jobs, GM confirmed. On top of that, another 1,300 factory workers in Detroit are scheduled to get the ax in March. It''s another blow to America''s Rust Belt. "This county has been going downhill, slowly," John Fowler, a retired GM worker, lamented as he gazed out of the McDonald''s window in Warren, the town next to Lordstown. The region is about an hour''s drive from Pittsburgh or Cleveland. Related: GM to invest $1 billion in U.S. plants Counting on Trump to bring back jobs Just about everyone in the Lordstown area knows someone who has worked at GM. Cars are in everyone''s blood. Local diners and Dairy Queens are decorated with clocks and posters depicting American-made cars. Anyone driving a foreign car is likely to get a look ... not a friendly one. "GM is the pride of this town. We build these cars. And we buy these cars," says Heather Lexso, a 41-year-old mom of three, who has worked at the GM plant in Lordstown since 2012. GM worker Heather Lexso is one of 2,000 GM workers who will lose their jobs on January 20, 2017, the day Donald Trump is sworn in as president. GM is the top employer in the Trumbull County, where the plant is located. The county voted solidly for President Obama in 2008 and 2012. But in 2016, it went 51% for Trump. Like many in the region, Fowler voted Trump for one reason: "Trump wants to bring the jobs back to this country. We need jobs here." In its heyday in the late 1980s and early 1990s, the GM plant in Lordstown employed about 15,000 in the factory. Now it''s down to 4,500. After Friday, the factory will employ barely over 3,000 workers, meaning GM will no longer be the top employer in the area, according to the county. Still, it''s a coveted job because of the pay. Many GM workers in Lordstown make about $60,000 a year, the UAW says. "If you could get a job at GM, it was like winning the lottery," says Lexso, who will also lose her job on Friday, which also happens to be her husband''s birthday. "I don''t think I''ll ever earn $25 an hour again." Many ask why workers like Lexso and Sheridan don''t pack up and move somewhere else for a job. GM says it''s trying to find other openings for workers. Some are heading to Tennessee. But it''s not that easy, especially for people with deep roots and family ties. Lexso has three children. Her husband nurses an injury from his factory job at another plant and she''s also caring for two sick uncles. Her best hope is for a job to open up again in Lordstown or at the GM plant in Parma, Ohio, about an hour away. The GM Lordstown Assembly plant makes the Chevy Cruze. Related: U.S. inequality keeps getting uglier "I''d like to see everything brought back here," says Glenn Johnson, the president of UAW Local 1112 in Lordstown. He remembers walking into GM as a "19-year-old kid" in the late 1970s, when jobs were fairly easy to get. Today he faces a deluge of workers coming by his office to shout or cry. "We''re a hot spot in Ohio. The Democrats underestimated how many angry people there were here," says Johnson. He credits President Obama for keeping the auto bailouts going and saving many jobs a few years ago. Johnson has a photo of Obama on his wall. U.S. car sales have surged in recent years, hitting records in 2015 and again in 2016 . All that demand made places like Lordstown boom. But people don''t buy new cars every year. And there are fears these layoffs in Lordstown could be a sign of what''s to come elsewhere if the industry slows down. Related: The party may be over for car sales The Lordstown plant is especially hard hit because it produces just one car: The Chevy Cruze sedan. It''s a small car that was in huge demand when gas prices were high several years ago, but it isn''t selling as well now. "It''s absolutely about supply and demand," laments Johnson. "Consumers have decided they are choosing not to buy small cars." GM and the UAW stress that the job losses in Lordstown and Lansing this week aren''t because of Mexico (or anywhere else overseas). Still, there''s no love in Lordstown for the U.S.-Canada-Mexico free trade agreement NAFTA. Even union Democrats like Johnson hope Trump will follow through on his promises to push for " fair trade ." "I think NAFTA was a mistake," says Johnson. "Ross Perot pretty much had it right when he called it a ''giant sucking sound.''" For now, there''s extra reason for the GM workers to watch Trump''s inauguration. They are banking on this president. "We need these jobs," says Lexso, who fears the town will be let down. "People here put their faith in Trump." CNNMoney (Lordstown, OH)   18, 2017: 9:43 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/01/18/news/economy/donald-trump-gm-lordstown-job-cuts-ohio/index.html'|'2017-01-18T16:54:00.000+02:00'
'b6c4890299ec2302a2c5fd975638b26cd2edbef2'|'Bayer, Monsanto confirm spending plans after meeting Trump'|'FRANKFURT Bayer and Monsanto said on Tuesday they would spend at least half of their agriculture research and development budget in the United States over the next six years, following a meeting with President-elect Donald Trump last week.The two companies, which are awaiting approval of their agreed $66 billion deal from Trump''s incoming administration, issued a joint statement after Trump''s spokesman said Bayer had pledged to boost U.S. investments and jobs.They said they expect to spend a total of about $16 billion worldwide on agriculture R&D over the next six years, in line with an annual 2.5 billion-euro ($2.7 billion) pro-forma budget they announced at the time of the merger agreement in September.The German drugs and agriculture group and the U.S. seeds giant also said on Tuesday they would create "several thousand new high-tech, well-paying jobs after integration is complete".Trump''s spokesman had said the companies had promised to maintain their more than 9,000 U.S. jobs and add 3,000 new U.S. high-tech positions.Trump has elicited jobs and investment pledges from several companies including General Motors and Wal-Mart as he prepares to take office on Friday.(Reporting by Ludwig Burger; Writing by Andreas Cremer; Editing by Georgina Prodhan/Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bayer-monsanto-idINKBN1512JK'|'2017-01-18T01:50:00.000+02:00'
'e7cb628c8c8ea3b9d50295c51f868405ef6e95a4'|'Qatar National Bank raising $1 billion loan from Asian lenders: sources'|'By Davide Barbuscia - DUBAI DUBAI Qatar National Bank QNBK.QA, the largest bank in the Middle East and Africa by assets, is raising a $1 billion, three-year syndicated loan in the Asian bank market, sources familiar with the situation said on Wednesday.The Qatari lender is not new to the international loan market and has previously raised large debt facilities in both U.S. dollars and euros.Agricultural Bank of China has a leading role in the new loan, the sources said.A QNB spokesman did not immediately respond to a request for comment.The Qatari lender approached banks for the new loan financing in mid-December, asking them to commit sizeable tickets ranging between $100 million and $300 million, one source said.The loan offers all-in pricing – including interest margin and banks’ fees – of 120 basis points over the London interbank offered rate, the same source said.QNB raised a 2.25 billion euro ($2.40 billion), three-year loan in May last year with a group of 14 lenders, including European and Asian banks. That loan paid an interest rate of 105 bps over the euro interbank offered rate.Established in 1964 as the country''s first Qatari-owned commercial bank, QNB’s current ownership is equally split between the government''s Qatar Investment Authority and the private sector.The Qatar Investment Authority was the top cornerstone investor in Agricultural Bank of China’s $22.1 billion initial public offer of shares in 2010.QNB is rated Aa3 by Moody’s, A+ by Standard & Poor''s, and AA- by Fitch.(Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-qnb-loans-idINKBN1521SR'|'2017-01-18T10:17:00.000+02:00'
'd1dd52b78dbb4aac22c26f9ff3d5fe11a94737fe'|'China''s regulators examining policy on listed firms'' debt financing - Xinhua'|'Industrials  50pm EST China''s regulators examining policy on listed firms'' debt financing - Xinhua SHANGHAI Jan 18 China''s regulators are examining the offical policy governing listed firms'' debt financing practices, the Xinhua news agency said on Tuesday, suggesting a regulatory review may be underway. The country''s listed firms have been increasingly making private debt placements - high-yielding bonds sold directly to institutional investors in one-to-one deals - which are risky because their pricing is not subject to market scrutiny. The debt was also issued by firms in economic sectors which accounted for much of the rise in corporate defaults in 2015. The bar for financing by listed firms is set lower than for private firms, so the volume is larger which has led to illegal practices, the agency said. Xinhua did not say which regulators were examining the policies, nor did it mention any specific regulations that were under scrutiny. (Reporting by Engen Tham; Editing by) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-stocks-regulations-idUSL4N1F804R'|'2017-01-18T08:50:00.000+02:00'
'343c479c94f8ad7a2ecdae930f32e363a8e98f02'|'Greece concludes sale of TRAINOSE to Italian railways'|' 48am EST Greece concludes sale of TRAINOSE to Italian railways ATHENS Greece on Wednesday concluded the sale of its rail company TRAINOSE to Italy''s state railways Ferrovie dello Stato for 45 million euros ($48.1 million), the country''s privatization agency said. Athens had been trying to sell the asset since 2013 but government changes and political hurdles held up the sale. Without the sale, TRAINOSE would have had to return more than 700 million euros in state aid to the European Union, forcing it to shut. Privatizations are a condition of Greece''s latest international bailout but its protracted economic crisis has sapped investor interest. (Reporting by Karolina Tagaris, editing by George Georgiopoulos) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-eurozone-greece-privatisation-railway-idUSKBN15218S'|'2017-01-18T17:48:00.000+02:00'
'0779d5b90006eb5d71b18c0035d29e3173b2a9d2'|'BRIEF-Salem Web Network acquires ChristianConcertAlerts.com'|'BRIEF-Community Trust Bancorp Q4 earnings per share $0.67 * Community Trust Bancorp, Inc reports record earnings for the year 2016 * Diana Shipping Inc announces Time Charter contracts for m/v Santa Barbara with Cargill and m/v Salt Lake City with Uniper MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASC09R9I'|'2017-01-18T21:24:00.000+02:00'
'f904f8b2d5ce886c6abb7ce68e396926cde0cc44'|'UPDATE 1-Bertelsmann says open to raising Penguin Random House stake'|'Deals  29am EST Bertelsmann says open to raising Penguin Random House stake Pencils with the logo of German media group Bertelsmann CEO are seen at the annual news conference Berlin, Germany, March 22, 2016. REUTERS/Fabrizio Bensch/File Photo FRANKFURT German media group Bertelsmann ( BTGGg.F ) may raise its stake in book publisher Penguin Random House, it said on Wednesday after British joint venture partner Pearson ( PSON.L ) issued a major profit warning and said it might sell the stake. "We are open to increasing our stake in Penguin Random House, provided the financial terms are fair," Bertelsmann Chief Executive Thomas Rabe said in a statement. "Strategically this would not only strengthen one of our most important content businesses, it would also once further strengthen our presence in the United States, our second largest market," he added. Bertelsmann and Pearson combined their book-publishing businesses in 2013. Bertelsmann holds 53 percent of the joint venture and has the right of first refusal to buy Pearson''s 47 percent stake. Pearson sold the Financial Times newspaper and its stake in The Economist magazine in 2015 to concentrate on education. But textbooks are going out of fashion as students opt for digital alternatives or rent instead of buy. Bertelsmann has repeatedly said that it wanted to increase its stake in Penguin Random House, the largest general-interest paperback publisher in the world. Last year, Rabe told reporters that Bertelsmann would not buy Pearson''s entire stake and said it had been approached by a number of investors who would be interested in participating in a deal. On Wednesday, Rabe said in an interview published on the company''s intranet: "We are prepared." Penguin Random House is the publisher of Paula Hawkins'' "Girl on the train", which sold 4 million books, e-books and audiobooks last year. It also is home to top-selling authors Dan Brown, John Grisham and E.L. James. At an valuation of 10 times earnings before interest, tax and amortization (EBITA), Pearson could raise about 1.2 billion pounds ($1.5 billion), analyst Ian Whittaker at Liberum said in a client note. A Bertelsmann spokesman declined to give details beyond Wednesday''s statement. (Reporting by Harro ten Wolde; Editing by Edward Taylor and Georgina Prodhan) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-bertelsmann-pearson-idUSKBN15217C'|'2017-01-18T17:03:00.000+02:00'
'1a2259d7971c7cbc16e1029544ad3816a86f299c'|'Deutsche Bank signs $7.2 billion deal with U.S. over risky mortgages'|'Deals - Tue Jan 17, 2017 - 10:36pm GMT Deutsche Bank signs $7.2 billion deal with U.S. over risky mortgages A Deutsche Bank logo adorns a wall at the company''s headquarters in Frankfurt, Germany June 9, 2015. REUTERS/Ralph Orlowski/File Photo By Karen Freifeld - NEW YORK NEW YORK Deutsche Bank ( DBKGn.DE ) ( DB.N ) finalized a $7.2 billion settlement with the U.S. Department of Justice over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis, the government agency said on Tuesday. Deutsche''s agreement represents the largest resolution for the conduct of a single entity in misleading investors in residential mortgage-backed securities, the department said in a statement. The settlement was higher than the $7 billion paid by Citigroup to federal and state authorities in 2014. "Deutsche Bank did not merely mislead investors: it contributed directly to an international financial crisis," Attorney General Loretta Lynch said in the statement. John Cryan, Deutsche''s chief executive, said that the bank''s conduct between 2005 and 2007 fell short of standards and was "unacceptable." He said the bank had exited many of the underlying activities and improved standards. Deutsche Bank ADR-listed shares closed down 3.2 percent to $18.56 on the New York Stock Exchange. The Frankfurt-based bank announced it had reached the agreement in principle with U.S. authorities on Dec. 23. Its stock price hit a record low in September after the bank acknowledged the Justice Department made an opening demand of $14 billion. The Justice Department reached $46 billion in settlements with U.S. banks over the shoddy securities that contributed to the U.S. housing market collapse and financial crisis before turning to Deutsche and other European banks. Other banks paid more than Deutsche, but their settlements also included wrongdoing by institutions they acquired during the crisis. Bank of America Corp ( BAC.N ), for instance, agreed to pay $16.7 billion, which also covered Merrill Lynch and Countrywide Financial. JPMorgan Chase & Co ( JPM.N ) settled for $13 billion, including misconduct by Washington Mutual and Bear Stearns. As part of its deal, Deutsche Bank will pay a civil monetary penalty of $3.1 billion and provide $4.1 billion in consumer relief to homeowners, borrowers and communities harmed by its practices. The bank also agreed to a statement of facts that describes how it made false and misleading representations to investors about the loans underlying billions of dollars worth of mortgage securities issued by the bank in 2006 and 2007. In May 2006, a supervisor is quoted as warning a senior trader that a loan originator would underwrite loans to anyone with "half a pulse", according to the statement of facts. The supervisor also said that month that Deutsche Bank, among others, "tolerate[d] misrepresentation" from originators who accepted blacked out pay stubs to state that borrowers had higher incomes. Deutsche Bank also knew appraisals were inflated, and concealed second liens on properties. The preliminary deal with Deutsche was made public before Christmas as U.S. probes of other European banks over the shoddy securities also came to a head. Zurich-based Credit Suisse announced that it had agreed in principle to a $5.3 billion settlement, and the Justice Department sued Barclays Plc ( BARC.L ) and two former executives for fraud for allegedly deceiving investors about the quality of loans underlying tens of billions of dollars of the securities. Separately, Deutsche Bank will slash bonuses for senior employees by about 90 percent, a move that will be announced on Wednesday, Spiegel reported. (Reporting By Karen Freifeld; addoitional reporting by Arno Schuetze; Editing by Bernard Orr) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-bank-mortgage-settlement-idUKKBN1512UC'|'2017-01-18T09:15:00.000+02:00'
'79fcbfbd2d8325de4b30a74c9a7a27dd0d076eb8'|'Fitch: US Corporate Share Buybacks Ongoing Risk for Bondholders'|'Financials  04am EST Fitch: US Corporate Share Buybacks Ongoing Risk for Bondholders (The following statement was released by the rating agency) Link to Fitch Ratings'' Report: U.S. Corporate Share Buybacks an Ongoing Risk for Bondholders here CHICAGO/NEW YORK, January 19 (Fitch) Share buybacks continue to be a risk for bondholders of US companies, according to Fitch Ratings. Stock buybacks will continue to act as a constraining factor on credit quality and may cause ratings or outlook downgrades in some cases, though most will be done in a credit neutral manner. Companies have become more aggressive with share buybacks in recent years, with repurchases exceeding free cash flow since 2014. The shortfall has typically been financed with new borrowings, though companies used asset sales or excess cash in some cases as well. Fitch believes that share repurchases will likely remain elevated alongside continued low borrowing costs and until GDP growth expectations rise significantly, prompting increases in capital expenditures. This is likely even as the recent post-election stock market rebound could weaken the rationale for share repurchases over the near-term. For more information, see Fitch''s report, "U.S. Corporate Share Buybacks an Ongoing Risk for Bondholders," available on www.fitchratings.com at the link above. Contact: Philip Zahn Senior Director Corporate Finance +1 312 606-2336 Fitch Ratings 70 W. Madison St. Chicago, IL 60602 Kellie Geressy-Nilsen Senior Analyst Fitch Wire +1 212 908-9123 Media Relations: Alyssa Castelli, New York, Tel: +1 (212) 908 0540, Email: alyssa.castelli@fitchratings.com. Additional information is available on www.fitchratings.com. The above article originally appeared as a post on the Fitch Wire credit market commentary page. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986490'|'2017-01-19T22:04:00.000+02:00'
'f6b85b57211cc7476115d521f83d1583cbe41923'|'India''s Axis Bank Q3 net profit plunges as bad loans jump'|'Financials - Thu Jan 19, 2017 - 6:31am EST India''s Axis Bank Q3 net profit plunges as bad loans jump MUMBAI Jan 19 Axis Bank Ltd, India''s third-biggest private sector lender by assets, reported on Thursday third-quarter net profit tumbled 73 percent as provisions for bad loans jumped. Net profit fell to 5.80 billion rupees ($85 million) for the three months ended Dec. 31, from 21.75 billion rupees a year earlier, missing 7.79 billion rupees on average expected by analysts. Gross bad loans as a percentage of total loans rose to 5.22 percent from 4.17 percent in the previous quarter, and compared with 1.68 percent a year ago. Provisions, including for bad loans, surged more than five times from a year earlier to 37.96 billion rupees. Ahead of the results, Axis shares closed down about 1 percent in a Mumbai market that gained 0.22 percent. Earlier in the day, Axis Bank''s smaller rival - Yes Bank - reported a better-than-expected 31 percent rise in net third-quarter net profit to 8.83 billion rupees. Another private sector lender Federal Bank Ltd reported a 26 percent rise in third-quarter profit, roughly matching estimates. Lakshmi Vilas Bank, which also reported on Thursday, saw its net profit rising about 70 percent. ($1 = 68.1550 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Sherry Jacob-Phillips) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/axis-bank-results-idUSL4N1F93V4'|'2017-01-19T18:31:00.000+02:00'
'e3785cb980e4ef34c3260db877ab615e8aba1ac8'|'Aviva merges UK life, general insurance businesses, Europe CEO quits'|'Business News - Thu Jan 19, 2017 - 10:35am GMT Aviva merges UK life, general insurance businesses, Europe CEO quits Pedestrians walk past an Aviva logo outside the company''s head office in the city of London, Britain, March 5, 2009. REUTERS/Stephen Hird/File Photo LONDON British insurer Aviva ( AV.L ) is merging its UK life and general insurance businesses as it focuses on offering a range of products online, it said on Thursday, in an organisational shake-up that includes the departure of its Europe head. Andy Briggs, former head of Aviva''s UK life business, will take on general and health insurance to become the chief executive of its UK Insurance business, Aviva said in a statement. Maurice Tulloch will become CEO of International Insurance, responsible for the firm''s operations in France, Canada, Ireland, Spain, Italy, Poland, Turkey and India. As a result of the changes, David McMillan, chairman Aviva Global Health Insurance and CEO Aviva Europe, has chosen to leave the firm, Aviva added. Aviva is focusing on its digital business, offering a range of life and general insurance products to its customers online. "We see significant opportunities to differentiate our business in the UK post-Brexit," group Chief Executive Mark Wilson said in a statement. (Reporting by Carolyn Cohn and Noor Zainab Hussain; editing by Simon Jessop) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aviva-restructuring-idUKKBN15319K'|'2017-01-19T17:22:00.000+02:00'
'584b91c9560a82553160acc367f99f48c0150963'|'Bitcoin exchange BTCC: China hasn''t said margin trading illegal'|'Technology News - Thu Jan 19, 2017 - 4:08am GMT Bitcoin exchange BTCC says operating normally, no official word from China central bank FILE PHOTO: Bitcoin (virtual currency) coins are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. REUTERS/Benoit Tessier/File Photo - RTX2YBYD SHANGHAI The head of major Chinese bitcoin exchange BTCC said on Thursday the platform was operating normally and that it had stopped offering margin loans last week alongside its competitors Huobi and OkCoin. Chief Executive Bobby Lee also told Reuters that the company had yet to receive any official document from China''s central bank, amid state media reports that the People''s Bank of China (PBOC) had found "hidden risks" in the BTCC exchange after a probe. The central bank launched spot checks on BTCC, Huobi and OkCoin on Jan. 11 to look into a range of possible rule violations, amid a step up in government efforts to stem capital outflows and relieve pressure on the yuan currency. While the yuan lost 6.6 percent against the dollar last year, its worst performance since 1994, the bitcoin price has soared to near-record highs. Lee also said that the three exchanges had discussed introducing trading fees although they had yet to reach a conclusion. Bitcoin normally trades at a premium in China as the lack of trading fees encourages volumes and boosts demand. (Reporting by Brenda Goh; Editing by Kim Coghill) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-bitcoin-idUKKBN1530EI'|'2017-01-19T15:39:00.000+02:00'
'9d8a2e9aaff2a46869555ca4f83b21a5837a6851'|'BRIEF-Moody''s says Singapore banks will weather through further weakening in asset quality'|' 42pm EST BRIEF-Moody''s says Singapore banks will weather through further weakening in asset quality Jan 17 (Reuters) - * Moody''s: Singapore banks will weather through further weakening in asset quality * Moody''s-DBS Bank ,Oversea-Chinese Banking Corp,United Overseas Bank face downward pressure on solvency metrics of asset quality,profitability in 2017 Source text - bit.ly/2j2DmW6 (Bengaluru Newsroom) Next In Financials LONDON, Jan 16 The gloves have just come off in the simmering dispute between the United States and China about that country''s rising exports of aluminium. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1F60N4'|'2017-01-17T08:42:00.000+02:00'
'd34a61955c054a4d7267460f43157a905f66250f'|'Searches carried out at airport group ADP in probe over CDC contracts'|'Big Story 10   4:56pm EST Searches carried out at airport group ADP in probe over CDC contracts PARIS Authorities have searched the offices of Paris airport operator ADP and the house of ADP''s head Augustin de Romanet as part of an inquiry into contracts between French state bank Caisse des Depots and a well-known criminologist. A judicial source told Reuters on Monday that searches took place last week at the house of Romanet - the former head of the CDC between 2007-2012 - and at ADP''s offices. A preliminary inquiry had begun in December 2014 over the possible misuse of public funds at CDC, regarding the contracts which concerned consultancy work. A spokesman for ADP declined to comment on the matter. (Reporting by Chine Labbe; Writing by Sudip Kar-Gupta; Editing by Yves Clarisse and John Irish) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-france-adp-idUSKBN1502GE'|'2017-01-17T02:54:00.000+02:00'
'4337c39f4bdd41ea0b20dd219197fe78be032918'|'UK inflation hits highest level since mid-2014, pushed up by Brexit hit to pound'|'Global Energy  46am GMT UK inflation hits highest level since mid-2014, pushed up by Brexit hit to pound A woman shops at a Sainsbury''s store in London, Britain October 11, 2016. REUTERS/Neil Hall/File Photo LONDON British inflation rose more strongly than expected in December to hit its highest level since mid-2014, propelled by higher air fares and the Brexit-fuelled fall in the value of sterling. Official data showed consumer prices rose 1.6 percent compared with a year earlier, the Office for National Statistics said, above economists'' expectations in a Reuters polls for a 1.4 percent annual rise. That was up from 1.2 percent in November. The Office for National Statistics said rising air fares and food prices, combined with a smaller fall in petrol prices than in December 2015, were behind the increase. The Bank of England is watching closely how quickly prices pick up as it tries to gauge the likely impact on consumer spending which has helped Britain''s economy to withstand the shock of June''s decision to leave the European Union. The BoE forecast in November that inflation will exceed 2.7 percent by the end of this year as sterling''s big fall after the Brexit vote pushes up the price of imports. But since then the pound has weakened further - falling below $1.20 on Monday to hit one of its lowest levels in more than 30 years - and international oil prices have risen. Many private-sector economists predict that inflation will hit 3 percent, possibly as soon as this summer. The pound is down almost 20 percent against the U.S. dollar and 13 percent against the euro since the June referendum. Bank of England Governor Mark Carney has said there are limits to how much of an overshoot the central bank will tolerate above its 2 percent inflation target although financial markets are suggesting investors see little chance of a rate hike before 2019. On Monday, Carney said Britain''s recovery was increasingly reliant on consumers which made it vulnerable to the risk of a fall in spending power. Retail price inflation - tracked by British inflation-linked government bonds - rose by 2.5 percent in December compared with the same month in 2015, the sharpest increase since July 2014. Excluding oil prices - which have risen sharply in recent months - and other volatile components such as food, core consumer price inflation rose by 1.6 percent, compared with economists'' expectations for 1.5 percent. Data on factory gate prices underscored the inflationary pressures in the pipeline. Output prices rose 2.7 percent, their fastest annual rise since March 2012 although a bit weaker than forecasts of a 2.9 percent increase in the Reuters poll. Prices paid by factories for materials and energy rose by 15.8 percent, the biggest jump since September 2011. (Reporting by William Schomberg and David Milliken; uk.economics@reuters.com, +44 20 7542 7748) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-inflation-idUKKBN15111C'|'2017-01-17T16:34:00.000+02:00'
'bdd9536b8b109ead0d1e9bd34f4139b0b0acbea3'|'Lilly to buy CoLucid for $960 million to bolster migraine arsenal'|'Eli Lilly and Co ( LLY.N ) said it would buy CoLucid Pharmaceuticals Inc ( CLCD.O ) for about $960 million, bringing back into its fold a promising treatment for migraine, a large, under-treated market.CoLucid''s lasmiditan, which is in late-stage development, was discovered at Lilly and licensed to CoLucid in 2005.Lilly said it offered $46.50 per CoLucid share in cash, a premium of about 33 percent to CoLucid''s Tuesday close.CoLucid''s shares were trading at $46.30 before the bell on Wednesday. The shares had risen five-fold in the past 12 months through Tuesday''s close.About 40 million, or one in every eight Americans, suffer from migraines, 13 million of whom are afflicted with a severe form of the disease.There is little available now that can prevent these episodes of severe throbbing pain that can so often become disabling. Currently, patients are treated with a host of other drugs, from anti-depressants to medicines for hypertension and even botox.Lilly''s migraine-prevention drug, galcanezumab, is in late-stage development, and is also being evaluated for use in cluster headaches.The size of the migraine market is expected to jump to more than $10 billion in 2025 from about $3 billion in 2015 in the United States, parts of Europe and Japan, according to healthcare data provider Decision Resources Group.(Reporting by Natalie Grover in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-colucid-pharms-m-a-eli-lilly-idINKBN1521O6'|'2017-01-18T09:39:00.000+02:00'
'9ee752cf02a69aa491c8a50ea78c4287e458db4b'|'Brazil''s Oi mulls changing restructuring plan challenged by creditors: Estado'|'BRASILIA Brazil''s Oi SA ( OIBR3.SA ) is considering changing a restructuring plan challenged by a group of creditors to offer banks and bondholders part of asset sale proceeds, newspaper O Estado de S.Paulo said on Wednesday.The current in-court reorganization plan, presented in September, has been criticized by a group of creditors advised by Moelis & Co as favoring shareholders at the expense of bondholders.The proposed changes are being discussed by Oi''s chief executive Marco Schroeder, investors and creditors, and could be presented by the end of March, Estado said, citing unidentified sources briefed on the talks.Oi, which is trying to restructure about 65.4 billion reais ($20.4 billion) of debt after filing for Brazil''s largest ever bankruptcy protection in June, did not immediately respond to an emailed request for comment.Escalating tension among creditors and shareholders of Oi has forced the Brazilian government to threaten a potential intervention in Oi. In an interview published on Tuesday, Communications Minister Gilberto Kassab said the government was ready to intervene in Oi if in-court negotiations fail.(Reporting by Silvio Cascione; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-oi-sa-restructuring-idINKBN15217P'|'2017-01-18T07:33:00.000+02:00'
'4ff996b140385862f98e9be9576db3f774037eb1'|'Allergan to pay $15 million over failing to disclose merger talks'|'By Sarah N. Lynch - WASHINGTON WASHINGTON Botox maker Allergan plc ( AGN.N ) will pay a $15 million penalty and admit to wrongdoing, after U.S. regulators on Tuesday accused the company of failing to disclose merger talks with Actavis, the U.S. Securities and Exchange Commission said.In a statement on Tuesday, the SEC said that the disclosure failures occurred in the months after the company received a tender offer from Valeant Pharmaceuticals International ( VRX.TO ) and co-bidders.(Reporting by Sarah N. Lynch; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sec-allergan-idINKBN15131B'|'2017-01-17T18:41:00.000+02:00'
'3a2195c6a0ec88dc56af59600db3244b31495415'|'Broadcaster CME minority shareholder urges sale of company'|'PRAGUE TCS Capital Management, a minority shareholder in broadcaster Central European Media Enterprises (CME) ( CETV.O ) ( CETV.PR ), has urged the company to hire an investment bank to run a sale process.In a filing, TCS said a sale could get strong interest given CME''s assets in its six central and eastern European markets and strong financial performance.TCS has "been engaging in discussions with (CME) regarding ... concerns with (CME''s) poor stock price performance and views on ways to maximize shareholder value," TCS said in the filing late on Tuesday.TCS also said it had suggested replacing CME''s board.CME, whose main shareholder is Time Warner ( TWX.N ), said it was aware of the filing."The CME Board has been and remains firmly focused on acting in the best interest of all CME shareholders and is committed to pursuing strategies that support this objective," it said in an emailed statement to Reuters.TCS Capital Management LLC owned a 13.4 percent stake inCME as of Jan. 12, according to the filing.CME shares, listed in Prague and on the Nasdaq, ended down 3.8 percent at $2.50 at the U.S. close on Tuesday.(Reporting by Jason Hovet; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-czech-cme-tcs-idINKBN1520NQ'|'2017-01-18T04:13:00.000+02:00'
'3ef09b86a040b68f1f2e83b7f11af088313e4793'|'China should cap new home prices to avoid ''severe'' problems – state researcher'|'  11:12am GMT China should cap new home prices to avoid ''severe'' problems: state researcher A man walks past an advertising billboard of a commercial property development in Beijing, China, December 31, 2016. REUTERS/Thomas Peter BEIJING China should urgently solve problems in its property market by putting a cap on the prices at which new homes are sold, a researcher for the cabinet was quoted as saying on Wednesday by a state-owned newspaper. "The government should strengthen price controls on commercial housing to prohibit exorbitant profits by executing a price cap on new houses, which should be calculated by adding reasonable profits, say at maximum 20 percent, to costs," said Tang yuan, department chief at the Policy Research Office of the State Council. Tang told the Economic Daily that while a series of government measures aimed at stemming speculative demand and restraining price hikes had shown "certain effects", the overheating in first-tier and some second-tier cities remained unsolved, and problems of an overly profit-driven industry were "far from being solved". Prices of new homes in China increased last year at the fastest rate since 2011. In Shenzhen, Shanghai and Beijing, prices rose more than 20 percent from 2015, but increases moderated in December on a monthly basis. Tang said the actual costs to develop properties in Beijing''s core city zone, at 10,000 yuan ($1,463) a square meter, are only one-sixth of the average selling price. "Property prices in big cities have severely diverged from their real value, far exceeding China''s economic development reality and our residents'' affordability," said Tang. He warned that disproportionately high prices have created severe bubbles in the economy as companies in the real economy have turned to property for bigger, quicker profits. Property speculation has also led to widened inequality and distorted social values that have prompted phenomenon such as fake divorces. "China has become over-reliant on the property market for economic growth over the past decade... If we don''t solve these problems quickly, the consequences will be severe," Tang said. (Reporting by Yawen Chen and Nicholas Heath; Editing by Richard Borsuk)   Dollar rebounds after five days of falls LONDON The dollar rebounded on Wednesday after falling for five days in a row against its currency basket, as investors eyed a speech by the head of the Federal Reserve later in the day and U.S. inflation data for clues on the path of interest rates. U.S. lobby says China protectionism fueling foreign business pessimism BEIJING More than 80 percent of members of a U.S. business lobby in China say foreign companies are less welcome than in the past, a survey released on Wednesday showed, with most saying they have little confidence in China''s vows to open its markets. DUBAI A rebound in oil prices over the past few months looks set to improve the external balances of rich Gulf Arab countries but economic growth will stay low, a quarterly Reuters poll of analysts found. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-property-idUKKBN1521DC'|'2017-01-18T18:00:00.000+02:00'
'413481eda7a53b39d1a319800356747e90a93b73'|'UK financier makes new offer to take over Tata Steel pension scheme'|' 32pm GMT UK financier makes new offer to take over Tata Steel pension scheme FILE PHOTO: A Tata Steel sign is seen outside the Tata steelworks near Rotherham, Britain, March 30, 2016. REUTERS/Phil Noble/File Photo By Maytaal Angel and Carolyn Cohn - LONDON LONDON British financier Edi Truell has renewed an offer to take over Tata Steel''s ( TISC.NS ) giant UK pension scheme in a deal that he says would allow members to keep benefits in full. Tata Steel, Britain''s largest steelmaker, is in talks with stakeholders about spinning off its British Steel Pension Scheme (BSPS) into a standalone entity and cutting benefits for all 130,000 members. The steelmaker is under pressure to end its obligations to the 15 billion pound scheme as it is in merger talks with Germany''s Thyssenkrupp ( TKAG.DE ), which is not prepared to take on Tata''s UK pension obligations. Truell told Reuters he could preserve members'' benefits by plugging the pension fund''s deficit through investment in high-yielding infrastructure projects instead of index-linked gilts. An insurance consortium would take on the risk that members live longer than expected, said Truell, a pensions adviser to British Foreign Secretary Boris Johnson when he was mayor of London. "Tata wants to separate the pension fund, wave it goodbye," Truell told Reuters in an interview. Tata Steel said "de-risking and de-linking the pension scheme from the UK business is crucial for the firm''s survival". The Indian-owned company has offered to pay hundreds of millions of pounds into the scheme if the trustees agree to give up the fund''s claims over Tata''s Dutch steel assets. The company would be required to make further payments or guarantees to separate from the scheme in full. Truell said his plan would require Tata to pay "north of one billion pounds" in cash and guarantees for the scheme, while his foundation would put up a further 200 million pounds. Truell would also seek to take over Tata''s specialty steel business, which he would look to merge with Sheffield Forgemasters, an advanced steel and engineering group, to create a solvent employer that would back the pension scheme. Commodity trading and industrials group Liberty House is currently in exclusive talks to buy that business for 100 million pounds. A spokesman for the trustees of the pension scheme was dismissive about Truell''s proposal, however. "The Trustee is not considering Mr Truell’s proposal and has outlined its rationale to Mr Truell on a number of occasions," the spokesman told Reuters, without elaborating on the reasons. Tata inherited the BSPS when it bought Corus, formerly state-owned British Steel, in 2007. The scheme had a deficit of 50 million pounds in October 2016, though it stood at 700 million earlier that year and could easily balloon again. According to Truell, the scheme is paying out nearly 30 million pounds a month more than is coming in from returns on its assets, and would need to find a way to make its 15 billion pounds worth of assets grow to 23 billion, mostly over the next 15 years, to meet its liabilities. Tata Steel has offered to invest in its British business and guarantee the jobs of 11,000 UK employees for five years if they vote in favour of closing the pension scheme to future accrual and of moving on to a less generous scheme. Truell, who last year bid for Tata''s entire British business including its flagship Port Talbot steelworks in Wales, said his plan would also involve closing the pension scheme to future accrual. Martin Hunter, principal at pension consultants Punter Southall, said the trustees would probably have had questions about Truell''s plan to invest in riskier infrastructure and about whether the specialty steel business was a big enough sponsoring employer. But he added: "If members are being asked to accept a deal from Tata which involves a reduction to benefits, the existence of an alternative offer which does not involve any immediate cuts to benefits could make discussions with the unions more difficult." ($1 = 0.8149 pounds) (Additional reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Veronica Brown and Adrian Croft)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tata-steel-uk-pension-truell-idUKKBN15220K'|'2017-01-18T21:32:00.000+02:00'
'e630e2efbb47d19fdbe4152c2a1a85dede81fdf1'|'Swiss watchmakers cautiously optimistic for U.S., China in 2017'|'Business News - Tue Jan 17, 2017 - 5:12pm GMT Swiss watchmakers cautiously optimistic for U.S., China in 2017 The H. Moser Swiss Mad Watch, with a case made of real swiss cheese is pictured at the Salon International de la Haute Horlogerie (SIHH) watch fair in Geneva, Switzerland, January 17, 2017. REUTERS/Pierre Albouy By Silke Koltrowitz - GENEVA GENEVA Swiss watchmakers expect to at least stabilise sales this year after two years of decline as the important Chinese and U.S. markets show signs of turning the corner, executives said at an industry event on Tuesday. Luxury watchmakers have been grappling with a combination of weak demand in their biggest markets, Hong Kong and the United States, and Chinese tourist shoppers avoiding Europe for fear of militant attacks. Recent comments from executives suggest the worst may be behind them, however. "We hope to see a year of stabilisation and consolidation," Nicolas Bos, chief executive of watch and jewellery maker Van Cleef & Arpels, owned by Richemont ( CFR.S ), told Reuters in an interview at an industry watch fair. "Towards the end of last year things started to look a bit better," he added. Richemont, which also makes Cartier jewellery and Vacheron Constantin watches, last week reported a return to sales growth in the final quarter of 2016. Richemont and Swatch Group ( UHR.S ) shares have gained 14 percent and 11 percent respectively so far this year. "In our business, uncertainty is the worst enemy. You don''t buy exceptional pieces when you''re not in the mood. In the United States, for example, the complicated period before the election had an immediate impact," Bos said, adding U.S. sales had picked up in December. Exports of Swiss watches fell 10.4 percent in the first eleven months of 2016, but exports to mainland China returned to growth in July. December data is due on Jan. 26. "The worst seems to be behind the Swiss watch industry," said Jean-Claude Biver, head of LVMH''s ( LVMH.PA ) watch business. "Mainland China is likely to see a good progression in 2017, but Hong Kong won''t rebound so quickly," he said, adding there was still excess stock at Hong Kong retailers. Fewer wealthy Chinese shoppers are visiting Hong Kong since 2014. ($1 = 1.0015 Swiss francs)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-swiss-watches-idUKKBN1512IM'|'2017-01-18T00:12:00.000+02:00'
'65d92e1ad24355af9099b2c093b455b85b62aa1e'|'Russian rouble extends gains, dollar falls below 59 roubles'|'Business News  50am EST Russian rouble extends gains, dollar falls below 59 roubles Russian rouble banknotes are seen in this illustration picture shot September 30, 2014. REUTERS/Maxim Zmeyev/Illustration/File Photo MOSCOW The Russian rouble extended gains on Tuesday afternoon, with the dollar falling below 59 roubles for the first time since July 2015. The rouble is enjoying support from higher oil prices as well as monthly tax payments that kicked off this week. The rouble''s advance against the dollar is also driven by the greenback''s weakening against major currencies .DXY on global markets. (Reporting by Andrey Ostroukh; Editing by Alexander Winning) Next In Business News Trump, Brexit uncertainty hit stocks and dollar, gold jumps LONDON Stocks, bond yields and the dollar fell on Tuesday, while gold rose as investors drew in their horns in response to comments on the dollar from U.S. President-elect Donald Trump and ahead of a speech on Brexit from British Prime Minister Theresa May. PM May indicates Britain will seek ''hard Brexit'' in EU talks LONDON Britain will not seek a Brexit deal that leaves it "half in, half out" of the EU, Prime Minister Theresa May will say on Tuesday in a speech setting out her priorities for divorce talks which indicates she is prepared to leave the single market. Investor worries over Trump, U.S. policy on the rise: BAML LONDON Worries over Donald Trump''s economic policies and the potential for U.S. policy errors rose sharply this month, according to a survey of fund managers released on Tuesday, prompting them to hold more cash even though they expect growth and inflation to rise further. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-russia-rouble-gains-idUSKBN1511J6'|'2017-01-17T18:44:00.000+02:00'
'a449507eccb69188cb13458a9a1063db099f4a9b'|'Rolls-Royce settles bribery probes in UK, U.S. and Brazil'|'Business News   7:24pm GMT Rolls-Royce settles bribery probes in UK, U.S. and Brazil A Rolls-Royce logo is seen at the company''s aerospace engineering and development site in Bristol, Britain, December 17, 2015. REUTERS/Toby Melville/File Photo British engineering group Rolls-Royce Plc ( RR.L ) said on Monday that it had reached settlements with authorities in Britain, the United States and Brazil relating to bribery and corruption involving intermediaries, which would result in a series of payments totalling 671 million pounds ($809 million). Rolls also said in a statement that it would report its financial results for 2016 on Feb. 14 when "an appropriate update on the implications of these agreements will be provided at that time". It said there were early indications that its full-year profits and cash for 2016 would be ahead of expectations. The settlement and the profit outlook come about a month after the maker of aero engines said it would cut 800 jobs in its marine business, responding to weak demand from shipping and energy customers. The settlement with British authorities, for 497.25 million pounds, was the biggest ever for Britain''s Serious Fraud Office. Rolls said the deals with the three authorities would see the group pay about 293 million pounds in the first year. Under the terms of the agreements with the U.S. Department of Justice, Brazil''s Ministerio Publico Federal (MPF) Rolls said it has agreed to make payments to the DoJ totalling nearly $170 million and to the MPF totalling $25.58 million. Under the terms of a deferred prosecution agreement with Britain''s Serious Fraud Office the company said it will pay 497.253 million pounds plus interest under a schedule lasting up to five years, plus a payment in respect of the SFO''s costs. The proposed agreement with SFO was still subject to court approval. "These agreements relate to bribery and corruption involving intermediaries in a number of overseas markets, concerns about which the company passed to the SFO from 2012 onwards," the company said in its statement. "These are voluntary agreements which result in the suspension of a prosecution provided that the company fulfils certain requirements, including the payment of a financial penalty." Since the concerns were brought to light, Rolls-Royce has set up an audit committee at each of its units in a bid to curb bribery and corruption, according to the company''s latest annual report. Its settlement with Britain''s SFO is not the first of its kind. Military contractor BAE Systems Plc ( BAES.L ) agreed to pay 288 million in 2010 to settle long-running corruption investigations. Rolls is in the midst of a programme launched in 2015 to cut costs and simplify its operations after a slowdown in several markets hit profits. ($1 = 0.8299 pounds) (Reporting by Vidya L Nathan in Bengaluru,; Editing by Greg Mahlich and Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rolls-royce-hldg-fraud-settlement-idUKKBN150256'|'2017-01-17T02:24:00.000+02:00'
'b4f7dcaf6091888bf648453646434783b8c2ffc1'|'Airbus Defence & Space eyes rising military budgets in 2018'|'Business News - Tue Jan 17, 2017 - 10:25am GMT Airbus Defence & Space eyes rising military budgets in 2018 The logo of Airbus group is pictured in Colomiers near Toulouse, France, January 11, 2017. REUTERS/Regis Duvignau By Jens Hack - MUNICH MUNICH European aerospace group Airbus ( AIR.PA ) is reckoning with rising military spending after U.S. President-elect Donald Trump called NATO into question, the head of the group''s defence and space unit said in an interview. Trump this week described NATO as obsolete because it had not defended against terrorist attacks, drawing concern across the 28-member alliance. Dirk Hoke, head of Airbus Defence & Space, said he believed European countries would intensively discuss the future of NATO. "This discussion is long overdue when you consider that only five countries in Europe meet the goal of spending 2 percent of GDP on defence," he told Reuters from Davos. He highlighted Germany has agreed to add 10 billion euros (8.8 billion pounds) to its defence budget, though the country was still far from NATO''s 2 percent target, and said he expected more joint procurement between countries. "I think we will see changes to budgets in 2018," he said. "We can see from ongoing discussions that our home countries are more prepared to do so." Airbus has long called for European countries to cooperate on defence procurement. Hoke said it made no sense for European countries to use three different fighter jets - the Eurofighter, Rafale and Gripen. He also said the industry and governments needed to do more to upgrade weaponry in shorter intervals. "Procurement cycles of 20-30 years are not suitable for fast-changing situations," he said. Airbus Defence & Space enjoyed a good 2016, Hoke added, with growth across all its divisions. ($1 = 0.9376 euros) (Writing by Victoria Bryan; Editing by Ludwig Burger) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airbus-group-defence-idUKKBN15117K'|'2017-01-17T17:25:00.000+02:00'
'40cd259f82f2efca82ff3597fdbb2e7bbacf0b56'|'UK competition watchdog may accept proposed remedies for Mastercard takeover of Vocalink'|'LONDON Britain''s competition watchdog said on Wednesday that Mastercard''s ( MA.N ) proposals might be acceptable in addressing its concerns over the acquisition of payments processing company Vocalink.The Competition and Markets Authority (CMA) said it had until March 15 to consider whether to accept the proposed undertakings, although it may decide to extend this deadline by two months if it decides that there are special reasons for doing so.(Reporting by Dasha Afanasieva; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mastercard-vocalink-merger-cma-idINKBN1520OM'|'2017-01-18T04:24:00.000+02:00'
'88dc89a8723a2dab1c0555c6be7f2d390267625b'|'McKinsey commits to London with long-term office deal'|'  10:58am GMT McKinsey commits to London with long-term office deal LONDON Global consulting firm McKinsey & Co signed a long-term lease for a new office in London, signaling its commitment to Britain at a time when the country''s coming withdrawal from the EU means some groups are relocating staff away from the UK. McKinsey announced a deal on Wednesday to take 100,000 sq ft (9,300 sq meters), plus an option for a further 130,000 sq ft, in the Post Building in London''s West End from 2018. The firm will be moving from its Jermyn Street offices in central London where it currently has 115,000 sq ft of space, a spokesman said. "It represents a renewed commitment to London and the UK," McKinsey''s UK and Ireland managing partner Vivian Hunt said in a statement. "The Post Building gives us the flexible and modern office space we need for our growing operations." It did not say exactly how long the lease would last. McKinsey''s commitment to Britain comes as companies such as Google ( GOOGL.O ) and Facebook ( FB.O ) have said they plan to expand in the UK, defying predictions that international companies would shrink in the country as leaving the EU will make it a less attractive place to invest. But some companies are turning away from Britain. HSBC ( HSBA.L ) said on Wednesday it would move staff generating around 20 percent of its trading revenue to Paris following Brexit. British Prime Minister Theresa May has said she will trigger the process to leave the EU by the end of March, opening two years of negotiations. (Reporting by Sarah Young; Editing by Adrian Croft)   Dollar rebounds after five days of falls LONDON The dollar rebounded on Wednesday after falling for five days in a row against its currency basket, as investors eyed a speech by the head of the Federal Reserve later in the day and U.S. inflation data for clues on the path of interest rates. U.S. lobby says China protectionism fueling foreign business pessimism BEIJING More than 80 percent of members of a U.S. business lobby in China say foreign companies are less welcome than in the past, a survey released on Wednesday showed, with most saying they have little confidence in China''s vows to open its markets. DUBAI A rebound in oil prices over the past few months looks set to improve the external balances of rich Gulf Arab countries but economic growth will stay low, a quarterly Reuters poll of analysts found. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-mckinsey-idUKKBN1521A4'|'2017-01-18T17:57:00.000+02:00'
'e12ea89f97ce36abbd0d52d5a8683c222df048cb'|'Etihad Airways not looking to take stake in Lufthansa'|'  1:00pm GMT Etihad Airways not looking to take stake in Lufthansa Lufthansa (R) and Norwegian Air aircraft tails are pictured in Riga International Airport in Riga, Latvia December 21, 2016. REUTERS/Ints Kalnins ABU DHABI Etihad Airways is not looking to take a stake in German carrier Lufthansa ( LHAG.DE ), a spokesman said on Wednesday, denying a report in an Italian newspaper that sent Lufthansa''s shares higher on Tuesday. "We can confirm that are not looking to take a financial stake in Lufthansa," the spokesman said, after the Wall Street Journal quoted Etihad Aviation Group CEO James Hogan as saying he was interested in a closer partnership but not buying shares. Reuters reported on Tuesday that Lufthansa and Etihad were in talks, but over cooperation on code shares and catering, rather than equity stakes. Etihad is grappling with ways to turn around two of its loss-making investments - Air Berlin ( AB1.DE ) and Alitalia [CAITLA.UL], which are struggling with high costs and tough competition from budget rivals. Etihad Airways bought stakes in Germany''s Air Berlin in 2011 and Alitalia in 2014 as part of a strategy to expand its route network but the two have failed to return to profitability. Hogan said in a statement on Wednesday that other carriers in which Etihad has invested, such as Jet Airways, Air Serbia, Air Seychelles, Virgin Australia and Etihad Regional have all become more efficient and profitable. "However, we have faced greater challenges with Air Berlin and with Alitalia. Both are operating in very tough competitive environments, and need to address long-standing issues facing their businesses," he said according to the text of a speech that was delivered in Dublin on Wednesday. "We are committed to our equity partner strategy – it delivers a huge amount to our business," Hogan said. Etihad has already agreed a deal with Lufthansa for the German carrier to lease 38 crewed planes from Air Berlin, and has set up a joint leisure airline venture with TUI ( TUIT.L ) for Air Berlin''s tourist flights, deals which will see Air Berlin''s fleet halve. Meanwhile, Alitalia is due to present a detailed restructuring plan this month. "I believe Air Berlin''s strategy is now on track and Alitalia is finalising a business plan to address its issues," Hogan said. (Reporting by Stanley Carvalho & Victoria Bryan; editing by Jason Neely and Susan Thomas)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-etihad-equity-idUKKBN1521QC'|'2017-01-18T20:00:00.000+02:00'
'aa29e5530a44f59b12b68c06e41933997fd9f5bc'|'Leading ADM corn trader leaves to join Ameropa -sources'|'Big Story 10 - Wed Jan 18, 2017 - 11:24am EST Leading ADM corn trader leaves to join Ameropa: sources SINGAPORE The head of corn trading at Archer Daniels Midland Co, Victor Petzold, has left to join Swiss trader Ameropa AG, two sources with direct knowledge of the matter told Reuters on Wednesday. Petzold''s move is the second high-profile departure from ADM this month as the company and other global agricultural traders grapple with a grain glut that is depressing prices. ADM and Ameropa both declined to comment. The chief executive of United States-based Archer Daniels'' trading arm in Asia, Frederik Groth, has also left the company, sources said on Friday. Petzold had worked at German trader Alfred C. Toepfer until 2014 before joining ADM, according to his LinkedIn profile. Earlier this month COFCO Agri, the international grains business of China''s state run COFCO Corp [CNCOF.UL], said that Matt Jansen had resigned as CEO after 18 months in the job. (Reporting by Naveen Thukral; Additional reporting by Jonathan Saul, Michael Hogan and Tom Polansek; Editing by David Goodman) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-grains-adm-idUSKBN1522D8'|'2017-01-18T23:19:00.000+02:00'
'd2ac63ff1084f3545f3c07ca67eaa561e5f9ed75'|'Cheering better growth, ECB still to keep policy, stimulus unchanged'|'Business News   11:21pm GMT Cheering better growth, ECB still to keep policy, stimulus unchanged European Central Bank (ECB) President Mario Draghi addresses a news conference at the ECB headquarters in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski By Balazs Koranyi and Francesco Canepa - FRANKFURT FRANKFURT With euro zone growth and inflation slowly picking up pace, the European Central Bank is set to argue on Thursday that its extra-easy policy stance is still needed to keep the recovery on course. It is all but certain to leave current monetary policy in place and maintain a promise for lengthy stimulus, having extended its bond-buying programme just last month. ECB President Mario Draghi can argue the bank has done its part to mend growth, but he will also note the recovery is not self-sustaining, underlying inflation is weak and political risk from key elections weighs on the outlook. So turning down the ECB taps now is inappropriate, he is expected to say. On the face of it, Draghi should be relaxed. Inflation hit a three year high last month, manufacturing activity is accelerating and confidence indicators are firming, all pointing to solid growth at the end of last year. Indeed, euro zone business growth was the fastest in more than five years in December, order books are surging on export demand, and consumption is holding up, despite rising energy costs, all pointing to the sort of resilience not seen since before the bloc''s debt crisis. The underlying picture is mixed, however, giving Draghi plenty of arguments to bat back criticism, particularly from Germany, the bloc''s biggest economy and the ECB''s top policy foe. Inflation is still just half of the bank''s 2 percent target and the jump is mostly down to higher oil prices while underlying price growth remains dangerously weak. The market euphoria after Donald Trump''s surprising U.S. election win is also yet to be backed up concrete policy action and the threat of more protectionist policies from the United States and possibly Britain could reverse market sentiment. "The December decision has put the ECB on autopilot at least until the summer and until after the Dutch and French elections," ING economist Carsten Brzeski said. "This autopilot should also immunise the ECB against short-term volatility in macro data." The ECB announces its rate decision at 1245 GMT and Draghi holds a news conference at 1330 GMT (2.30 p.m. BST). GERMAN ANGST The ECB last month agreed to cut its asset buys by a quarter from April but extended the 2.3 trillion euro scheme, known as quantitative easing, until the end of the year, promising substantial accommodation and extended market presence. The extension threatens to reignite tensions between the bank and Berlin, particularly as Germany heads towards an election in the fall and with Finance Minister Wolfgang Schaeuble often pointing the finger at the ECB for problems. Berlin argues that super cheap borrowing costs negate pressure on inefficient euro zone members to reform but unduly punish frugal German savers, who have seen the return on their savings evaporate. Indeed, with German inflation rates above the euro zone average and government bond yields in negative territory across much of the yield curve, real rates are negative for many savers, pushing some voters towards the rightist Alternative for Germany party. Still, cutting back stimulus may be a double edged sword, even for Germany, which is struggling with a bloated and inefficient bank sector. Higher ECB rates would not only cost the budget billions of euros in extra spending but would risk thwarting a still fledgling lending growth. "The lending channel is no longer clogged up, but it is not completely free either and progress has only been possible thanks to massive measures by the ECB," Commerzbank said. "If monetary policy were to be tightened again, and the burdens from existing loans were to increase once more, the lending channel would close and the economic picture would worsen considerably again," Commerzbank added. The risk for now is if the oil stabilises at a relatively high level, eventually feeding into core inflation and raising the risk that inflation could even overshoot the ECB''s target. Still, it would take years such a pass through and all indication is that Draghi would happily tolerate a modest overshoot after facing the threat of deflation for years. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-idUKKBN15235D'|'2017-01-19T06:21:00.000+02:00'
'0f7e2cdcd7ceed80162f094f925542b1e886c548'|'Saudi''s SABIC still keen on Exxon Mobile venture in U.S., looking for more'|'By Marwa Rashad and Reem Shamseddine - RIYADH RIYADH Saudi Basic Industries Corp (SABIC) 2010.SE remains upbeat on a proposed petrochemical venture in the United States with Exxon Mobil ( XOM.N ) and a preliminary investment decision could be made within months, SABIC''s chief executive said on Thursday.Last July SABIC, one of the world''s largest petrochemicals groups, said it was studying whether to build a petrochemical complex on the U.S. Gulf Coast with an Exxon affiliate. The project would supply ethylene to other units making derivatives.SABIC chief executive Yousef al-Benyan told Reuters on Thursday that he would travel to the United States at the end of this month to look at the proposed project."The outlook is still very positive...We will be working with Exxon Mobil to come up with a very strong competitive structure of this project."We are very excited about current developments with Exxon Mobil, not only the cracker but also in the downstream type of projects we are going to do."He added that SABIC would probably make an announcement about the ethylene project in the second quarter of this year, though this was not certain.SABIC is keen to invest abroad to diversify its risks and improve its access to foreign markets. Benyan said the company was looking to make other U.S. investments worth between $2.5 billion and $3 billion."We think SABIC needs to strengthen its position in the U.S. and leverage the current growth of demand for our commodity business."He did not give details of the possible investments but said, "Some of them will be partnerships and some will be alone, because I think we in SABIC have the capability to do that ourselves."Asked about the outlook for SABIC''s sales in the United States under president-elect Donald Trump, who has pledged to promote local companies, Benyan said that because of its U.S. facilities, SABIC viewed itself as a local manufacturer.He also said he did not at present see any risk to SABIC''s assets from last September''s vote in the U.S. Congress to allow relatives of victims of the Sept. 11 attacks to sue Saudi Arabia."This is part of our continuous risk assessment that we have within our corporate finances, but at this point we don''t see any problem, and this will never really change our mind about growing our business in the United States."(Writing by Andrew Torchia; Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sabic-exxon-idINKBN1531OC'|'2017-01-19T08:58:00.000+02:00'
'be08934a27c09687f30268b3e983b81cfa821815'|'BOJ''s Kuroda - I am closely watching what policies Trump implements'|'  3:57pm GMT BOJ''s Kuroda - I am closely watching what policies Trump implements Bank of Japan (BOJ) Governor Haruhiko Kuroda walks after meeting with Japan''s Prime Minister Shinzo Abe at Abe''s official residence in Tokyo, Japan January 11, 2017. REUTERS/Toru Hanai DAVOS, Switzerland Bank of Japan Governor Haruhiko Kuroda said on Thursday that he was closely watching what policies U.S. President-elect Donald Trump would implement after he is sworn in. Speaking to reporters at the World Economic Forum in Davos, Kuroda said tax cuts and infrastructure investment in the United States would boost the growth of the world''s largest economy, which will contribute to the global economy. Kuroda also shrugged off concerns about protectionism under Trump, saying that it would not spread to such extent that would badly hurt global economy and trade. Trump was due to be sworn in as president on Friday. (Reporting by Martinne Geller in DAVOS and Tetsushi Kajimoto in TOKYO; Editing by Louise Ireland)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-davos-meeting-kuroda-idUKKBN1532F4'|'2017-01-19T22:57:00.000+02:00'
'2b3a156ce55cdae6609b4656313e1177ba7ea52a'|'LVMH to take up to 10 percent of Italy''s eyewear firm Marcolin: source'|'MILAN French luxury goods group LVMH ( LVMH.PA ) is set to take a stake of up to 10 percent in unlisted Italian eyewear maker Marcolin as it seeks to strengthen control over manufacturing of its spectacles, a source close to the matter said on Thursday."LVMH, like other luxury groups, has decided to strengthen its control over eyewear production and is working on a production agreement with Marcolin," the source said, confirming a report by Bloomberg.Marcolin declined to comment.The reported move comes just days after Italy''s Luxottica ( LUX.MI ) and France''s Essilor ( ESSI.PA ) agreed a 46 billion euro merger to create a global eyewear powerhouse.(Reporting by Claduia Cristoferi, editing by Stephen Jewkes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-marcolin-m-a-lvmh-idINKBN1532HC'|'2017-01-19T13:15:00.000+02:00'
'b90356eeeb6b767d1a602c5df97637d0e21f3014'|'Tech firm creates Trump monitor for stock markets'|'Technology News - Thu Jan 19, 2017 - 5:16pm GMT Tech firm creates Trump monitor for stock markets left right U.S. President-elect Donald Trump is broadcast on a screen on the floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 27, 2016. REUTERS/Andrew Kelly 1/2 left right U.S. President-elect Donald Trump speaks to diplomats at the Presidential Inaugural Committee (PIC) Chairman''s Global Dinner in Washington, U.S. January 17, 2017. REUTERS/Jonathan Ernst 2/2 LONDON Just in time for his inauguration, London-based fintech firm Trading.co.uk is launching an app that will generate trading alerts for shares based on comments made on social media by Donald Trump. Keeping one eye on the U.S. President-elect''s personal Twitter feed has become a regular pastime for the fund managers and traders who invest billions of dollars daily on world stock, currency and commodity markets. Trump knocked several billion off the value of pharmaceutical stocks a week ago by saying they were "getting away with murder" with their prices. Comments earlier this week on China moved the dollar and a pair of December tweets sent the share prices of Lockheed Martin ( LMT.N ) and Boeing ( BA.N ) spiraling lower. That plays to the growing group of technology startups that use computing power to process millions of messages posted online every day and generate early warnings on when shares are likely to move. Trading.co.uk chief Gareth Mann said the Trump signal generator used artificial intelligence technology to differentiate between tweets or other messages that, for example, just mention Boeing and those liable to move markets. "It is impact analysis," he said. "We can let you know when Trump tweets. We can let you know when he mentions a particular stock, or when he mentions a stock and a country. But if he just says he''s riding on a Boeing 747 the system will do nothing." (Writing by Patrick Graham; Editing by Mark Potter) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-stocks-trumpometer-idUKKBN1532O5'|'2017-01-20T00:15:00.000+02:00'
'519923a66e3a50a11c53e26e78a8da0796943679'|'Aviva merges UK life, general insurance businesses, Europe CEO quits'|'Deals  18am EST Aviva merges UK life, general insurance businesses, Europe CEO quits Pedestrians walk past an Aviva logo outside the company''s head office in the city of London, Britain, March 5, 2009. REUTERS/Stephen Hird/File Photo LONDON British insurer Aviva ( AV.L ) is merging its UK life and general insurance businesses as it focuses on offering a range of products online, it said on Thursday, in an organizational shake-up that includes the departure of its Europe head. Andy Briggs, former head of Aviva''s UK life business, will take on general and health insurance to become the chief executive of its UK Insurance business, Aviva said in a statement. Maurice Tulloch will become CEO of International Insurance, responsible for the firm''s operations in France, Canada, Ireland, Spain, Italy, Poland, Turkey and India. As a result of the changes, David McMillan, chairman Aviva Global Health Insurance and CEO Aviva Europe, has chosen to leave the firm, Aviva added. Aviva is focusing on its digital business, offering a range of life and general insurance products to its customers online. "We see significant opportunities to differentiate our business in the UK post-Brexit," group Chief Executive Mark Wilson said in a statement. (Reporting by Carolyn Cohn and Noor Zainab Hussain; editing by Simon Jessop) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-aviva-restructuring-idUSKBN15319R'|'2017-01-19T17:16:00.000+02:00'
'b1c2e6b89adf3c0dff56408f6bddb5e7a0b6687d'|'Brazil''s Unidas sets 15.15-18.71 reais price range for IPO - filing'|'BRASILIA Jan 19 Brazilian car rental firm Unidas SA plans to sell shares in an initial public offering at between 15.15 reais and 18.71 reais, it said in a filing on Thursday.Unidas plans to sell 46,192,813 common shares. Book building starts on Thursday and ends on Feb. 9, and shares are expected to start trading in the Sao Paulo stock exchange on Feb. 13, according to the filing.Unidas'' IPO is the second of a car rental firm planned for this year, following a share offering by Movida Participaçoes SA announced earlier this week. Both IPOs underscore the resilience of car renting despite Brazil''s harshest recession in eight decades, high unemployment and a slump in consumer and corporate spending.Growing confidence among local investors and expectations of a more business-friendly government following former President Dilma Rousseff''s ouster in 2016 year are also bolstering IPO requests. (Reporting by Paula Laier; Writing by Silvio Cascione; Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/unidas-sa-ipo-idINL1N1F90CQ'|'2017-01-19T07:09:00.000+02:00'
'6a6ffcb2d4334fdf8c59005684152aff4eea1521'|'Legendary Entertainment CEO steps down, China''s Wanda takes closer control'|'Business   5:15am GMT Legendary Entertainment CEO steps down, China''s Wanda takes closer control FILE PHOTO: Legendary Pictures Chairman and CEO Thomas Tull participates in the ''''Superheroes Save Hollywood: Translating Comics Into Blockbusters'''' panel at the 2010 Milken Institute Global Conference in Beverly Hills, California April 28, 2010. REUTERS/Phil McCarten/File Photo SHANGHAI Thomas Tull, the founder and chief executive of Legendary Entertainment has stepped down, the firm said in a statement to Reuters on Thursday, a year after the Hollywood studio was bought by Chinese conglomerate Dalian Wanda for $3.5 billion (2.8 billion pounds). Dalian Wanda insider Jack Gao will for now take the helm at Legendary, the producer behind hit movies like "Jurassic World" and the Batman "Dark Knight" trilogy, putting the Chinese firm more directly in control of the U.S. studio. Wanda bought Legendary in January last year, helping turn chairman Wang Jianlin into a Hollywood movie mogul amid a drive by China''s richest man to diversify his business empire overseas. Legendary said in a statement Tull had "resigned", though would continue in a role as "founding Chairman". It did not give a reason for the departure. "Wanda aims to transform Legendary into a next generation studio ... with a far-reaching creative and global platform," interim CEO Gao said in the statement. "We are thankful to Thomas for his founding vision." Wanda has been on an shopping spree in film: it agreed a $1-billion takeover of Golden Globe producer Dick Clark Productions in November, owns U.S. cinema chain AMC Entertainment Holdings Inc, and has business ties with Sony Pictures and Sony Corp''s film unit in China. Wang has said he aims to bring Hollywood technology and muscle to China, and has expressed interest in the so-called "big six" Hollywood studios. Gao, who joined Wanda in 2015 after spells at News Corp and Microsoft Corp, is a group senior vice president at Wanda Cultural Industry Group and the CEO of international investments and operations. Tull said in the statement the firm was now in stable hands after a year''s transition. (Reporting by Adam Jourdan; Editing by Joseph Radford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-legendary-moves-wanda-idUKKBN1530G5'|'2017-01-19T12:15:00.000+02:00'
'3c35eebe08f6c43dfb4d1b78d424a18aecec05d6'|'Uganda detains more than 100 former M23 rebels travelling to Congo'|'Industrials   5:56am EST Uganda detains more than 100 former M23 rebels travelling to Congo KAMPALA Jan 19 Ugandan security forces have detained more than 100 former M23 rebels trying to get into neighbouring Democratic Republic of Congo, the government said on Thursday. "The Uganda Security intercepted four vehicles at Mbarara that were carrying 101 former M23 combatants who were travelling on their way to Democratic Republic of Congo," spokesman Ofwono Opondo said in a statement, referring to a town in west Uganda. He said the former fighters had been detained after they were caught trying to disguise who they were. (Reporting by Elias Biryabarema; Writing by Edmund Blair; Editing by Louise Ireland) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/congo-uganda-rebels-idUSL5N1F930D'|'2017-01-19T17:56:00.000+02:00'
'2ace8999c1a6bf23ad8a1414d2ed7fb275535435'|'U.S. watchdog calls Peabody bankruptcy plan fees ''exorbitant'''|'Bonds News   6:44pm EST U.S. watchdog calls Peabody bankruptcy plan fees ''exorbitant'' By Tracy Rucinski - CHICAGO CHICAGO Jan 18 The U.S. government''s bankruptcy watchdog objected on Wednesday to certain parts of Peabody Energy Corp''s plan to slash $5 billion of debt and exit Chapter 11, calling a proposed $240 million in transaction fees "exorbitant," court papers showed. Peabody Energy, the world''s largest private sector coal producer, has proposed a $750 million rights offering, a $750 million private placement and the issuance of new common stock as part of a reorganization plan unveiled last month. In a court filing, the U.S. Trustee said the fees to be paid in those transactions would transfer millions of dollars of funds from the bankruptcy estate before the reorganization plan is approved by creditors and the court. "Plan voting is at the core of the reorganization process and should not be eviscerated by a deal struck by powerful well-connected parties," the watchdog said in a filing with the U.S. Bankruptcy Court in St. Louis. The U.S. Trustee, which oversees the administration of bankruptcy cases, said Peabody''s request for court approval of those proposals would improperly lock in payment terms before the whole reorganization plan is approved. "We''re evaluating the statements of the trustee and intend to respond appropriately," Peabody spokesman Vic Svec said. Peabody hopes to exit bankruptcy around a year after its April, 2016 Chapter 11 filing with a plan that has the approval of most but not all of its creditors. Shareholders have objected to the reorganization plan and have requested an official voice in the $8 billion bankruptcy case, arguing that a rise in coal prices means the company is valuable enough to repay shareholders who normally lose their money in a bankruptcy. A hearing on the shareholders'' request is scheduled in St. Louis on Thursday, while the U.S. Trustee''s objections will be heard at a hearing on Jan. 26. (Reporting by Tracy Rucinski; editing by Grant McCool) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/peabody-energy-bankruptcy-idUSL1N1F81OR'|'2017-01-19T06:44:00.000+02:00'
'94be653fb2fc39e05ee922ced6f8ede2f8077ab1'|'Netflix adds a third more subscribers than expected; shares jump 7 percent'|'Internet   4:13am IST Netflix adds a third more subscribers than expected; shares jump seven percent The Netflix sign on screen is shown on an iPad in Encinitas, California, U.S. on April 19,2013. REUTERS/Mike Blake/File Photo By Lisa Richwine and Anya George Tharakan Streaming video pioneer Netflix Inc ( NFLX.O ) added over a third more subscribers than expected in the last quarter of 2016, a sign of success for its ambitious global expansion that sent its shares up 7 percent in extended trading. Netflix signed up 7.1 million new subscribers globally, far more than the 5.2 million analysts had expected, despite higher prices, beating targets at home and abroad, according to research firm FactSet. Original shows like "Marvel''s Luke Cage" and British drama "The Crown" performed strongly around the world, Netflix said, noting that competitors were adapting to compete. Amazon.com Inc ( AMZN.O ) recently expanded its Amazon Prime Video service globally, and Britain''s BBC announced plans to release entire series at once to allow the "binge watching" popularized by Netflix. "It''s becoming an internet TV world, which presents both challenges and opportunities for Netflix as we strive to earn screen time," the company said in its quarterly letter to shareholders. Netflix, in its earnings report, said it added 5.1 million subscribers outside the United States and 1.9 million in its home market in the quarter ended Dec. 31. ( nflx.it/2jyes47 ) Analysts had forecast 3.73 million non-U.S. additions and 1.44 million at home. "The future battleground at home is now in keeping hold of customers as much as it is in trying to acquire new ones," said Neil Saunders, head of retail analyst firm Conlumino. "In our view, the fact that consumers have readily absorbed the price increase, and that Netflix has continued to advance its subscriber numbers in spite of it, indicates the company is now firmly in pole position in the streaming arena." Netflix said it planned to release over 1,000 hours of original programing this year, up from 600 hours last year. The Los Gatos, California-based company said revenue rose 35.9 percent to $2.48 billion in the December quarter. Analysts on average had expected $2.47 billion, according to Thomson Reuters I/B/E/S. The company said it expected to add 1.50 million subscribers in the United States in the current quarter, fewer than the FactSet estimate of 1.79 million. In international markets, Netflix said it expected to add 3.70 million subscribers, above the average estimate of 3.05 million. Up to Wednesday''s close of $133.26, Netflix''s stock had risen 33.5 percent since it reported third-quarter results in October. Netflix rose as much as 8.2 percent in after hours trading, adding nearly $5 billion to the company’s stock market value. (Reporting by Anya George Tharakan in Bengaluru; Editing by Peter Henderson and Richard Chang) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-netflix-results-idINKBN1522YR'|'2017-01-19T05:31:00.000+02:00'
'8995611b785c41451396999298713efc2d10bb50'|'S.Korea special prosecution says deeply regrets court ruling on Samsung chief'|'Market  13pm EST S.Korea special prosecution says deeply regrets court ruling on Samsung chief SEOUL Jan 19 The South Korean special prosecutor''s office said on Thursday it "deeply regrets" a court ruling to deny its request to arrest Samsung Group leader Jay Y. Lee and said it will continue its investigation into the graft scandal involving President Park Geun-hye. "We will consider necessary measures and continue with the investigation without wavering," special prosecution spokesman Lee Kyu-chul told reporters during a briefing, without elaborating. He did not take questions. The Seoul Central District Court earlier on Thursday dismissed a warrant to arrest the 48-year-old Lee, who was named a suspect as part of an investigation into the political scandal that has led to the impeachment of President Park. (Reporting by Ju-min Park and Se Young Lee; Editing by Lincoln Feast) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/southkorea-politics-samsung-group-warran-idUSS6N1CU01P'|'2017-01-19T08:13:00.000+02:00'
'7df3a4f3e1a0c3fac19c5067f2bc52724b04853b'|'Zurich Insurance says to cut 240 jobs in Britain'|' 38pm GMT Zurich Insurance says to cut 240 jobs in Britain The logo of Swiss insurance Zurich is seen at an office building in Zurich, Switzerland November 16, 2016. REUTERS/Arnd Wiegmann LONDON Zurich Insurance ( ZURN.S ) said on Thursday it expects to cut 240 jobs in Britain following the merger last year of its UK life and general insurance businesses into one division. The job cuts would mainly be in back office functions, Zurich said in a statement. "The steps we are undertaking will make us sustainable in a highly competitive market, creating a platform for growth," said Tulsi Naidu, chief executive of Zurich''s UK business. Rival insurer Aviva ( AV.L ) said earlier on Thursday it would also merge its UK life and general insurance businesses. (Reporting by Carolyn Cohn; editing by Simon Jessop) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-zurich-insurance-jobs-idUKKBN1532JP'|'2017-01-19T23:38:00.000+02:00'
'952278dea2eefb3f13dd7c6a85122bdf2c2e6825'|'Healthcare costs threaten Britain''s aim to balance budget - watchdog'|'Business News - Tue Jan 17, 2017 - 11:40am GMT Healthcare costs threaten Britain''s aim to balance budget - watchdog Britain''s Chancellor of the Exchequer Philip Hammond attends a meeting with CEOs and board members of Japanese financial institutions in Tokyo, Japan December 15, 2016. REUTERS/Issei Kato LONDON Britain''s official budget watchdog said rising healthcare costs could make it harder for Chancellor of the Exchequer Philip Hammond to achieve his goal of balancing the government''s budget in the next parliament starting in 2020. Rising healthcare costs also look set to put the public finances on an "unsustainable" path in the longer term without tax increases or more cuts in public spending, the Office for Budget Responsibility said in a report on fiscal sustainability. "The fiscal challenge from rising health care costs – assuming that future governments spend more to accommodate them – is substantial over the longer term, but they would also make the current Chancellor''s nearer-term goal of balancing the budget in the next parliament harder to achieve," the OBR said in a statement. The OBR''s new projections suggested that rather than moving into surplus, Britain''s budget deficit would rise from 0.7 percent of economic output in the 2021/22 financial year to 1.8 percent by the end of the next parliament in 2025/26. (Reporting by Andy Bruce; editing by Stephen Addison) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-budget-health-idUKKBN1511H7'|'2017-01-17T18:35:00.000+02:00'
'cd7590300294ef489d4d2ee51063189937a66dee'|'UPDATE 2-Zimbabwe''s Econet to raise $130 million from rights issue'|'Financials - Tue Jan 17, 2017 - 7:57am EST UPDATE 2-Zimbabwe''s Econet to raise $130 million from rights issue (Adds analyst, detail) By MacDonald Dzirutwe HARARE Jan 17 Zimbabwe''s largest mobile telecoms company Econet Wireless plans to raise $130 million from shareholders to avoid defaulting on its foreign loans it is struggling to settle due to a severe dollar crunch, it said on Tuesday. The southern African nation has been hit by the worst shortages of cash since dumping its own currency in favour of the U.S. dollar in 2009. The introduction of a "bond note" currency last November has not ended long queues at banks, which have continued to impose stringent limits on cash withdrawals. Econet will offer new shares and sell debentures at a discount of 5 cents to Tuesday''s price of 30 cents to raise money to avoid defaulting on external obligations by the company and its subsidiaries, it said in a statement. The $130 million is the largest amount that any Zimbabwean company has attempted to raise from shareholders since 2009, when the nation started using the U.S. dollar, according to stock exchange data. But analysts said a requirement for shareholders to deposit money directly into an account held by African Export-Import Bank overseas could prove difficult for many people who are already struggling to make foreign payments. Several businesses, including miners, are struggling to make external payments because accounts held by local banks overseas have been heavily depleted of foreign currency. Last week, Zimbabwe''s biggest banking group CBZ Holdings suspended the use of Visa cards for local purchases due to high costs and cash shortages. (Reporting by MacDonald Dzirutwe, editing by Louise Heavens) Next In Financials Trump adviser Scaramucci says parts, not all, of NATO obsolete DAVOS, Switzerland, Jan 17 A senior advisor to U.S. President-elect Donald Trump said his comments about the NATO alliance being "obsolete" reflect how the world has changed, but should not be interpreted as meaning that it needs to be consigned to history.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/zimbabwe-econet-econet-wireless-idUSL5N1F72PA'|'2017-01-17T19:57:00.000+02:00'
'6e9a6cb2eb6bacba8d4bccbf2036674e9a286486'|'BRIEF-Zoom Video Communications says raised $100 mln in series D funding'|'Market News - Tue Jan 17, 2017 - 7:55am EST BRIEF-Zoom Video Communications says raised $100 mln in series D funding Jan 17 Zoom Video Communications * Says raised $100 million in series D funding * Zoom Video Communications - funding from Sequoia, with additional participation from Emergence Capital, Jerry Yang''s AME Cloud Ventures, Qualcomm Ventures Source text for Eikon: Next In Market News Trump adviser Scaramucci says parts, not all, of NATO obsolete DAVOS, Switzerland, Jan 17 A senior advisor to U.S. President-elect Donald Trump said his comments about the NATO alliance being "obsolete" reflect how the world has changed, but should not be interpreted as meaning that it needs to be consigned to history.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1F70HB'|'2017-01-17T19:55:00.000+02:00'
'7d371cba21ac58a04f29cdb8015cf41cd9bfe7bd'|'Oil prices might eventually feed into core inflation, ECB''s Nowotny says'|'Business News -  18am GMT Oil prices might eventually feed into core inflation, ECB''s Nowotny says European Central Bank Governing Council member Ewald Nowotny addresses a news conference in Vienna, Austria, Dezember 5, 2016. REUTERS/Heinz-Peter Bader VIENNA Core inflation in the euro zone has not increased significantly but a rise in energy prices might eventually drag it upwards, European Central Bank Governing Council member Ewald Nowotny said on Tuesday. "Headline inflation is increasing quite substantially but core inflation not very much, so it is for the time being at least mainly due to the effects of rising oil prices, energy prices," Nowotny told a Euromoney conference in Vienna. "Rising oil prices at the end of the day may feed through into the core inflation but this is something that might take some time," he said, adding that the Governing Council had a "rather cautious discussion" on the issue at its last meeting. (Reporting by Francois Murphy; Editing by Kirsti Knolle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-inflation-nowotny-idUKKBN1510YC'|'2017-01-17T16:18:00.000+02:00'
'e32b3a5b55c120aa10a5915ea33d821302505727'|'Kremlin says VTB financing Rosneft deal not on its agenda'|'Business News   4:21am EST Kremlin says VTB financing Rosneft deal not on its agenda MOSCOW Russian state bank VTB ( VTBR.MM ) financing the privatization of Rosneft ( ROSN.MM ) last year is a commercial issue which is not on the Kremlin''s agenda, Kremlin spokesman Dmitry Peskov told reporters on Tuesday. Peskov added that VTB financing the deal should not be viewed as participation in the Rosneft privatization. Russian President Vladimir Putin last year publicly said that state banks should not help finance privatization deals. Vedomosti newspaper reported late on Monday that VTB had helped launch the privatization of Rosneft by lending 692 billion roubles ($11.6 billion) on Dec. 15 to the joint venture between Glencore and Qatar that bought a 19.5 percent stake in Rosneft. (Reporting by Polina Devitt; Writing by Katya Golubkova and Alexander Winning) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-russia-rosneft-privatisation-vtb-krem-idUSKBN1510ZE'|'2017-01-17T15:56:00.000+02:00'
'fefd901b83808582e247cff0ae9851012a523844'|'Deutsche Boerse-LSE merger make markets healthier - Blackrock'|'Money News - Tue Jan 17, 2017 - 8:33am IST Deutsche Boerse-LSE merger make markets healthier - Blackrock The plaque of the Deutsche Boerse AG is pictured at the entrance of the Frankfurt stock exchange February 1, 2012. REUTERS/Alex Domanski/File Photo FRANKFURT Blackrock, the second-largest shareholder in both Deutsche Boerse and London Stock Exchange Group, publicly voiced its support for the $28 billion merger of the two European exchanges as key regulatory decisions on the tie-up loom. Deutsche Boerse and LSEG have been working to overcome regulatory hurdles holding up the merger and looking to appease antitrust regulators. LSEG agreed this month to sell its French clearing business to Euronext. "Sceptics of this merger must consider the need for stronger capital markets in Europe - as well as the ways the alliance could in fact benefit competition by deepening access to capital on the continent," Blackrock Chairman Laurence Fink said in a speech at a Deutsche Boerse reception on Monday. "Deutsche Boerse itself has taken an important step towards healthier markets through the proposed merger with LSE." The German state of Hesse, which has the authority to veto a merger of the two exchange operators, will host a summit on Tuesday to review the tie-up. Britain''s preparations to trigger divorce talks with the European Union have put a question mark over the deal because a Brexit would place London, Europe''s financial capital and planned headquarters of the new group, outside the bloc. British Prime Minister Theresa May is expected to use a speech on Tuesday to signal a so-called "hard Brexit", meaning Britain would pull out of the single market and customs union. German regulators, fearing a loss of control, want Frankfurt to play the leading role, or, at the very least, be one of two headquarters with London. Blackrock''s Fink also said that Germany needed to keep a close relationship with Britain. "Brexit means that maintaining ties with London is even more important today, given its more developed capital markets," he said in a prepared speech. Fink, who is part of President-elect Donald Trump''s business advisory council, also hailed the moral leadership of Germany''s Chancellor Angela Merkel. "Despite the terrible events in Berlin only a couple of weeks ago, Germany has demonstrated its ability to balance acts of humanity and economic and political challenges that come along with it," Fink said, referring to the attack in which a truck ploughed into a Berlin Christmas market, killing 12. Trump''s stance on immigration contrasts sharply with that of Merkel, whose policy has allowed for an influx of more than a million migrants into Germany in 2015 and 2016, mainly Muslims fleeing war-torn countries including Syria, Iraq and Afghanistan. (Reporting by Arno Schuetze; Editing by David Evans) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/deutsche-boerse-m-a-lse-idINKBN151080'|'2017-01-17T10:03:00.000+02:00'
'd9eb9b920a543950bd5be2c4beba6d9ecaf0161b'|'Etihad, Lufthansa in talks to merge airlines - paper'|'Business News - Tue Jan 17, 2017 - 9:27am GMT Etihad, Lufthansa in talks to merge airlines - paper Lufthansa (R) and Norwegian Air aircraft tails are pictured in Riga International Airport in Riga, Latvia December 21, 2016. REUTERS/Ints Kalnins MILAN Germany''s Lufthansa ( LHAG.DE ) and Etihad Airways are in talks to possibly merge the two airlines, Italian daily Il Messaggero said in an unsourced report on Tuesday. According to the paper, managers from both companies have for weeks been examining the possibility of Etihad taking a 30-40 percent stake in Lufthansa via a capital increase reserved for the Abu Dhabi state-owned airline. In a second step, the two airlines would look at a full-blown merger to create a carrier with 97 million passengers a year, the paper said. It added the parties would meet shortly to speed up the talks. A spokeswoman for Lufthansa declined to comment on "speculation". Etihad had no immediate comment. Any combination between the two would likely have an impact on loss-making Alitalia [CAITLA.UL], which is 49 percent-owned by Etihad and is in the midst of a major restructuring that will likely include job cuts and grounding of planes. Lufthansa shares were up 3.9 percent on Tuesday morning, topping the DAX .GDAXI index of largest German companies. Lufthansa managers have repeatedly said in recent weeks in response to questions about consolidation that the group currently has its hands full integrating 38 crewed planes being leased from Air Berlin ( AB1.DE ), which is part-owned by Etihad, plus taking over Brussels Airlines. (Reporting by Agnieszka Flak in Milan, Victoria Bryan in Berlin and Alexander Cornwell in Dubai, editing by Louise Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lufthansa-etihad-idUKKBN1510YG'|'2017-01-17T16:27:00.000+02:00'
'63b55a4ab7946d422e0a4ee808dd5ec236b6b404'|'Asia stocks and pound sag, May speech awaited for Brexit stance'|'Tue Jan 17, 2017 - 12:30am GMT Asia stocks and pound sag, May speech awaited for Brexit stance Women, dressed in ceremonial kimonos, stand in front of an electronic board showing stock prices after the New Year opening ceremony at the Tokyo Stock Exchange (TSE), held to wish for the success of Japan''s stock market, in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon By Shinichi Saoshiro - TOKYO TOKYO Asian stocks and the pound sagged on Tuesday ahead of a speech by British Prime Minister Theresa May that could have implications for broader risk sentiment. Media have reported that May, due to speak later on Tuesday, will lay out plan to exit the European Union that would see Britain lose access to the bloc''s single market. Fears of such a "hard Brexit" have beaten sterling down to three-month lows against the dollar and sapped broader investor appetite for equities this week. Growing uncertainty over the policies of Donald Trump have also hurt equities, which had rallied in many parts of the world thanks to speculation that the U.S. President-elect would enact bold stimulus and reflationary measures once in office. "Markets affected by the twin political black swans of 2016 - the Brexit vote and Trump win - remain volatile and uncertain," wrote David Croy, senior rates strategist at ANZ. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS lost 0.2 percent. Trade was thin with Wall Street closed on Monday for Martin Luther King Day. Japan''s Nikkei .N225 fell 0.3 percent and Australian stocks were down 0.8 percent. Sterling was down a fraction at $1.2037 GBP=D4 . It had plunged to $1.1983 the previous day, its lowest since Oct. 7. The pound''s losses helped take some pressure away from the greenback, which has been burdened by investor uncertainty over the incoming Trump administration''s policies. The euro was little changed at $1.0601 EUR= after dipping about 0.4 percent overnight. The yen benefited from its safe-haven status, holding its gains versus against the dollar, euro and sterling. The dollar was down 0.1 percent at 114.085 yen JPY= having gone as low as 113.610 the previous day, its weakest since Dec. 8. Gold was helped by the heightened risk aversion stemming from Brexit and uncertainty over Trump''s plans. Spot gold was $1,203.70 an ounce XAU= after climbing to $1,207.86 overnight, its highest since late November. Crude oil was higher as Saudi Arabia''s steady commitment to reduce production offset a report forecasting U.S. output would rise again this year. [O/R] U.S. crude was up 0.3 percent at $52.52 a barrel CLc1. (Reporting by Shinichi Saoshiro; Editing by Eric Meijer) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN151016'|'2017-01-17T07:28:00.000+02:00'
'd54fc9f37559a8e95429a7349cb138f44b4aada2'|'BRIEF-IAMGOLD says planned production to increase in 2017'|' 12pm EST BRIEF-IAMGOLD says planned production to increase in 2017 Jan 17 IAMGOLD Corp * IAMGOLD exceeds production target and expects to achieve cost guidance for 2016; planned production to increase in 2017 with lower all-in sustaining costs * 2017 attributable gold production expected to be between 845,000 and 885,000 ounces * Sees 2017 total cash costs expected to be between $740 and $780 per ounce * Sees 2017 capital expenditures guidance of $250 million ±5% * 2017 total cash costs expected to be between $740 and $780 per ounce * 2017 all-in sustaining costs expected to be between $1,000 and $1,080 per ounce * Attributable gold production for q4 2016 was 215,000 ounces * Says in 2017, increased our budget for exploration projects to $47 million to reflect exploration programs at our saramacca project * 2017 capital expenditures guidance of $250 million ±5% * Says achieved attributable gold production of 813,000 ounces in 2016; above guidance of 770,000 to 800,000 ounces * Says 2016 total cash costs expected to be within guidance of $740 to $770 per ounce. * Says 2016 all-in sustaining costs expected to be within guidance of $1,050 to $1,100 per ounce. Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASC09QXX'|'2017-01-17T08:12:00.000+02:00'
'a4a872a07b2e4765840153ea4e61c0be9b751ecf'|'EMERGING MARKETS-Dollar weakness lends Turkish lira support, EM stocks rise'|' 33am EST EMERGING MARKETS-Dollar weakness lends Turkish lira support, EM stocks rise By Claire Milhench - LONDON LONDON Jan 17 Dollar weakness and Turkish central bank liquidity tightening provided some support to the Turkish lira on Tuesday, whilst a move lower in U.S. treasury yields improved risk appetite, boosting emerging equities. Some of the most beaten-down emerging market currencies, such as the lira and the Mexican peso, made some decent gains in early trading after the dollar weakened 0.2 percent against a basket of currencies. Traders said comments by U.S. President-elect Donald Trump that the dollar was too strong had provoked a broad re-think of the dollar strength that has dominated currency markets in recent weeks. Trump''s failure to offer any details on his proposed fiscal expansion has also disappointed dollar bulls. The lira, which is down around 7 percent so far this year on concerns over Turkey''s political and economic outlook, firmed as much as 0.7 percent before retreating again to trade flat, with the central bank declining to open a one-week repo auction for a fourth consecutive day. It also withdrew price quotations for the Borsa Istanbul repo market after providing some funding at 8.5 percent, forcing banks to borrow using its "late liquidity window" at 10 percent. Lira weakness means that Turkish inflation could reach double digits in the first quarter for the first time in almost five years, putting more pressure on the central bank to raise interest rates. "The central bank is reluctant to hike rates properly and is trying to tighten liquidity conditions via various measures, but in terms of credibility it doesn''t work," said Guillaume Tresca, a senior emerging market strategist at Credit Agricole. Financial markets are keen to see a sharp rise of 200-300 basis points at the central bank''s next meeting on Jan. 24 but Tresca said the market could be disappointed. "They need to send a signal they are ready to do something ... they need to shock the market," Tresca said. "75 basis points is not enough." The Mexican peso also firmed 0.8 percent after slipping over 1 percent on Monday. The peso had been clobbered by Trump''s threats to slap tariffs on German carmakers, which are stepping up production in low-cost Mexican plants. A central bank official said Mexico could not rule out further forex interventions to deal with volatility. "We are still quite concerned - we don''t know what Trump will do, and it will be driven by Trump," said Tresca, adding that short positions in the peso were still quite large. The South African rand was amongst the strongest currency performers, firming 1.4 percent, whilst the Russian rouble gained 1.1 percent. The rouble was helped by a rise in oil prices to over $56 a barrel and end-of-month tax payments, where Russian exporters convert a portion of their foreign currency revenues into roubles. The Chinese onshore yuan also gained 0.5 percent, whilst the offshore yuan rose 0.7 percent to a more than one-week high. China will reduce its 2017 economic growth target to around 6.5 percent from last year''s 6.5-7 percent, reflecting a policy shift from supporting growth to pushing for reforms to contain debt and housing risks. Appetite for riskier emerging market assets was also boosted by a fall in U.S. 10-year treasury yields, which helped the benchmark emerging stocks index climb 0.7 percent after two days of losses. Hong Kong stocks were amongst the best performers in Asia, rebounding 0.5 percent after suffering their biggest one day loss in a month on Monday. Mainland Chinese stocks gained 0.2 percent and Korean stocks rose 0.4 percent. But emerging Europe delivered a more mixed performance ahead of a speech from British Prime Minister Theresa May in which she is expected to lay out more detail of her plan to exit the European Union. Brexit is an issue for some Eastern European economies because it could mean a fall in their financing from the EU. Russian dollar-denominated stocks firmed 0.6 percent but Polish stocks slipped 0.3 percent and Hungary fell 0.5 percent. The first hearing in a $3 billion eurobond dispute between Moscow and Kiev will kick off in an English court on Tuesday after Moscow asked the High Court for a summary judgment. Ukraine''s finance minister Oleksandr Danylyuk said he hoped Ukraine would continue receiving U.S. support, including financial and military assistance, under the incoming Trump administration even if the latter boosts ties with Russia. Ukraine''s central bank said it would sell up to $100 million on Tuesday to support the hryvnia, which was 0.4 percent firmer but still trading around two-year lows against the dollar. In eurobond issuance, Egypt will begin meetings for its U.S. dollar bond today, following hard on the heels of Argentina on Monday. For GRAPHIC on emerging market FX performance 2016, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2016, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see ) (Editing by Mark Trevelyan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL5N1F722G'|'2017-01-17T17:33:00.000+02:00'
'8a653ddeced81bcda1d80df2c3dc40c1f3b2e410'|'Czech cenbank balance sheet indicates higher interventions in early January'|'Financials   7:14am EST Czech cenbank balance sheet indicates higher interventions in early January PRAGUE Jan 17 The Czech central bank''s balance sheet in the first 10 days of January showed receivables from abroad jumped by 189.6 billion crowns, or 7 billion euros, indicating sizeable interventions to keep the currency weak. Analysts have estimated the central bank has intensified its intervention activity as investors pile into the market on chances the bank will end its cap on crown strength this year, causing the currency to gain. The bank''s foreign receivables are also influenced by yield on reserve assets, conversions of EU subsidies for the government and exchange rate changes, but the balance sheet has been a solid ballpark guide to intervention activity. Official intervention data for January will be available in March. (1 euro = 27.0216 Czech crowns) (Reporting by Robert Muller; Editing by Dominic Evans) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/czech-cenbank-idUSP7N19D01V'|'2017-01-17T19:14:00.000+02:00'
'42f7dfbc84adc1aaf9c901855e79ade7793a644b'|'Automaker GM adapts $1 bln recipe for tough Indian market - sources'|'* GM close to selling Halol plant to China''s SAIC - sources* Weighing options for India auto platform technology* Plans to make India an export hubBy Norihiko ShirouzuDETROIT, Jan 19 After an 18-month review, General Motors Co is nearer to resolving a raft of issues that have hobbled its $1 billion strategy for India, one of the fastest growing emerging markets for automobiles.The strategy, announced in July 2015, includes selling one of its two Indian assembly plants to a Chinese partner; changing its vehicle platform to provide a product line-up better suited to the local market; and making India an export hub, two Asia-based people with knowledge of the plans told Reuters in Detroit this month. They did not want to be named as the review is ongoing.GM needs to finalize these moves to turn around its money-losing business in India, where its sales fell by more than a fifth last year to just 28,949 vehicles, taking its market share to below 1 percent."India is a very tough market. It''s growing and has potential for the future. But you need the right recipe," one of the individuals said.India''s auto market, dominated by Japan''s Suzuki Motor and South Korea''s Hyundai Motor and their local partners, is widely tipped to overtake Japan as the world''s third biggest by around 2020.GM said in mid-2015 it aimed to double its India market share by 2020. But its share fell to 0.93 percent last year from 1.18 percent in 2015 - even as India''s market grew 7 percent to around 3 million vehicles."Despite being one of the earliest entrants to India ... GM has consistently lost share. One issue is that it misunderstood what value means to Indian consumers. Value doesn''t mean low price, it means having a product that has the right mix of good price and content," said Puneet Gupta, an analyst at IHS Markit in New Delhi."That said, GM understands the market''s potential and is positioning itself for a comeback. It has already been fairly successful in exporting small cars by leveraging the frugal engineering skills of India suppliers."PLANT SALEThe U.S. automaker is close to selling its Halol plant in the western Gujarat state to SAIC Motor, its main Chinese joint-venture partner, the two people said, predicting a deal would be finalised this year."We have a defined path: we are aligned with our partner SAIC. They want to take over that plant," one of them said.SAIC declined to comment.Selling the Halol facility, which has annual capacity for up to 110,000 vehicles, would allow GM to consolidate and modernize its India manufacturing capability at Talegaon, about 100 km (62 miles) southeast of Mumbai, which currently can produce 150,000 vehicles a year.The proposed sale to SAIC has dragged on, the people said, in part because of India''s complex official approval process, which involves multiple stakeholders and regulators. They said a deal still needs to be approved by government agencies and the plant''s labour union.GM is also reviewing its vehicle architecture so it can be more flexible and produce a range of more competitive small cars for India, the two people said, noting a market shift from no-frills sedans and ''people movers'' to crossover sport utility vehicles (SUVs).And GM needs to "adjust to the new normal of ... low oil prices, foreign currency fluctuations and geopolitical instability" to make its operations leaner and more efficient, one of the two people said, adding this could impact the $1 billion strategy price tag."That''s what we''re looking into now; whether it will be that $1 billion or whether it will be less or more."The shift in consumer preferences to SUVs has forced GM to re-think its product strategy, and put on hold a move to a new emerging market vehicle architecture - known internally as GEM - which it jointly developed with SAIC.GEM remains central to product programmes for markets such as Brazil, Mexico and China, but, for India, GM is now assessing it against other options to be more competitive."There are several alternatives, and we are investigating right now," one of the two individuals said, declining to elaborate.GM said in September it would launch five new models in India within two years.The GM overhaul also seeks to capitalize on India''s relatively low labour costs, and make the operations there an export hub. It has said it wants to export around 30 percent of its India output by 2025.GM''s exports from India, mainly to Latin America, rose more than threefold to 68,343 vehicles last year.Reflecting disappointing sales of mainstream models in fast-growing emerging markets, sources told Reuters in September that Ford Motor also shelved plans to produce a new family of compact cars designed mainly for markets like India, and would ramp up exports to make the most of its two Indian plants.(Reporting by Norihiko Shirouzu, with additional reporting by Aditi Shah in NEW DELHI and Jake Spring in BEIJING; Editing by Ian Geoghegan)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/gm-india-idINL4N1F82D7'|'2017-01-18T20:10:00.000+02:00'
'c876138e8fadb4774c7aacdc6de163eda8e5afe7'|'INSIGHT-After Iran''s nuclear pact, state firms win most foreign deals'|'News Maps - Thu Jan 19, 2017 - 10:01am EST After Iran''s nuclear pact, state firms win most foreign deals A staff member removes the Iranian flag from the stage after a group picture with foreign ministers and representatives of Unites States, Iran, China, Russia, Britain, Germany, France and the European Union during the Iran nuclear talks at the Vienna International Center in... REUTERS/Carlos Barria By Yeganeh Torbati , Bozorgmehr Sharafedin and Babak Dehghanpisheh - WASHINGTON WASHINGTON When world powers agreed in 2015 to lift sanctions on Iran in return for curbs on its nuclear program, the deal''s supporters in the United States, Europe and Tehran hoped renewed trade and investment could boost Iran''s private sector and weaken the state''s hold on the economy. But a Reuters review of business accords reached since then shows that the Iranian winners so far are mostly companies owned or controlled by the state, including Iran''s Supreme Leader, Ayatollah Ali Khamenei. Of nearly 110 agreements worth at least $80 billion that have been struck since the deal was reached in July 2015, 90 have been with companies owned or controlled by Iranian state entities, the Reuters analysis shows. U.S. President-elect Donald Trump, who takes office on Friday, has threatened to scrap the accord, which came into force in January 2016. In Iran, Khamenei and other anti-Western hardliners have repeatedly criticized it because they are concerned it would open the door to Western involvement in Iran''s economy. The accord also promises to dominate Iran''s presidential elections due in May. Khamenei''s criticism has helped hardliners undermine President Hassan Rouhani, who supported the deal, as he tries to win a second term. No matter what hardliners have said about the nuclear pact, though, the Reuters analysis shows that businesses which answer ultimately to the Supreme Leader stand to gain from it. This could help shield the accord from its Iranian critics, according to one analyst. "Iran''s leaders have probably calculated that ensuring politically connected businesses benefit from sanctions relief will protect the deal," said Richard Nephew, a former U.S. negotiator with Iran on the deal and now a scholar at Columbia University. Officials at Iran''s mission to the United Nations and Rouhani''s office did not respond to requests for comment. No one at Khamenei''s office could be reached. WINNERS The Reuters analysis drew on interviews with company officials, statements by Iranian, European and Asian companies, Iranian news reports, ownership data from the Tehran Stock Exchange, filings with Iran''s official company registry and statements by the U.S. Treasury. Many deals are preliminary agreements with no published financial value. The deals span energy, infrastructure, pharmaceuticals, and other key sectors. South Korean, Italian, French, German, and Russian companies have signed the most. The review found that beneficiaries of the nuclear pact include Setad Ejraiye Farman-e Hazrat-e Emam, also called EIKO, an organization overseen by Khamenei with stakes in nearly every sector of Iran''s economy. It found companies in which entities controlled by Khamenei have a large or majority stake, including those that are part of the economic empire of the Islamic Revolutionary Guard Corps (IRGC), have struck at least nine foreign deals worth more than $11 billion in the last 18 months. Setad said in a statement to Reuters that Iran''s private sector "is reluctant to make large and long-term investments." Setad and groups like it "create a favorable atmosphere for investment, private-sector development, and the downsizing of the government," it said. The IRGC declined to comment. The state dominates Iran''s economy, so state-controlled firms were always likely to win most business after sanctions were lifted. Iranian officials estimate that the private sector makes up only 20 percent of Iran''s economy. In Iran, "you make money if you''re close to the centers of power," said Ali Ansari, an Iran scholar at the University of St. Andrews in Scotland. "The economy hasn''t been restructured or reorganized. You''re recycling wealth through the elite." Only 17 deals have gone to private companies, by Reuters'' tally. These include a hotel management pact between France''s AccorHotels and Tourism Financial Group, a large conglomerate. Its chief executive is the brother of Iran''s vice-president, Eshaq Jahangiri. Tourism Financial Group and AccorHotels did not respond to requests for comment on the deal. Counter to the hopes of supporters of the nuclear accord, the initial wave of investment looks likely to further strengthen the power of the state, including Khamenei, whose power far surpasses Rouhani''s. Supreme Leader since 1989, the cleric controls the judiciary and security forces and the Revolutionary Guards, which direct Iran''s military efforts in Syria and Iraq. Most sanctions on Iran were lifted under the nuclear accord, so there is no suggestion any partners doing business in the country after the agreement would be breaking any laws. A U.S. State Department spokesman said the nuclear deal "solves a specific problem, which is making sure that they don''t possess a nuclear weapon ... We are not standing in the way of legitimate, permissible business with Iran." SUPREME LEADER Of the 90 deals signed between foreign firms and Iranian state-controlled or state-owned entities, 81 were with companies controlled by Iran''s elected government. These include entities such as the National Iranian Oil Company, large semi-public conglomerates whose top executives are chosen by ministers, and companies owned by government pension funds. Though Iran holds regular elections and the president has sway over much domestic policy, Khamenei has the final word on state matters, including through his constitutional authority over institutions such as the Guardian Council, which vets candidates hoping to run for office. Five of the 90 deals went to conglomerates or foundations whose leaders Khamenei directly appoints. These entities – several of which have vast business activities but which Iranian officials have said do not pay full tax – include the religious institution Astan-e Qods-e Razavi, whose economic arm lists 36 subsidiary companies and institutes on its website. One of them is Razavi Oil and Gas Development Co., which agreed in April to discuss developing a gas field with Saipem, an Italian oil and gas company. A Saipem spokeswoman said it was a preliminary agreement. Officials at Razavi did not respond to requests for comment. Another winner in this category is Setad. A 2013 investigation by Reuters found Setad built an empire worth about $95 billion on the seizure of thousands of properties belonging to religious minorities, business people, and Iranians living abroad. In 2013, the U.S. Treasury sanctioned Setad, calling it a "major network of front companies controlled by Iran''s leadership." The nuclear deal lifted sanctions, allowing foreign companies to do business with the conglomerate. Reuters identified three deals between foreign companies and Setad units, including the proposed construction of a $10 billion oil refinery. The other two deals were with Barakat Pharmed, a Setad-owned pharmaceutical company. Nasrallah Fathiyan, a Barakat official, told Reuters that Khamenei doesn''t own Barakat, but that "his supervision is basically guiding all of this investment." Some of Barakat''s profits, Fathiyan said, go to Setad''s charity arm. Setad said it is independent, and its income goes toward "economic empowerment, building houses for the underprivileged, building schools and cultural centers" and other activities to help the disadvantaged in Iran. REVOLUTIONARY GUARDS Four of the 90 deals with government entities involve firms in which the Revolutionary Guards have large or controlling stakes. Khamenei, as commander in chief, ultimately controls the IRGC. Even after the nuclear deal, some U.S. sanctions remain in place. These state that foreign companies which knowingly conduct "significant" transactions with the Revolutionary Guards, or other sanctioned Iranian entities, risk penalties. The sanctions effectively banish those targeted from the global financial system. However, many companies in which the IRGC has an interest are not blacklisted. Three of the four deals Reuters found with IRGC-linked companies are with non-sanctioned Iranian companies that are wholly or significantly owned by the IRGC. A fourth IRGC company is still on the sanctions list and is indirectly involved in one foreign deal. Sanctions lawyers say the fine print of the remaining U.S. sanctions allows foreign companies to continue to deal with some IRGC-held firms indirectly. A Treasury spokeswoman declined comment on individual deals, but said a transaction by foreigners with a company in which the IRGC or another sanctioned entity had a "passive, minority" stake "is not necessarily sanctionable." The foreign party should ensure the deal does not involve a sanctioned entity, she said. "At a policy level I think this is a gap that needs to be closed," said Peter Harrell, a former State Department official who helped develop sanctions against Iran. "As problematic and troubling as some of these deals may appear to be from a policy perspective, on the face of it, there''s not a strict legal problem." (Additional reporting by Isla Binnie and Crispian Balmer in Rome, Stephen Jewkes in Milan, Seoul bureau, Vladimir Soldatkin in Moscow, Georgina Prodhan in Frankfurt, Brenda Goh in Shanghai and Aizhu Chen in Beijing; Edited by Sara Ledwith and Richard Woods) Next In News Maps'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-iran-contracts-insight-idUSKBN15328S'|'2017-01-19T21:51:00.000+02:00'
'ac2dbed99eed7d0aca5dc141b896653a0089b297'|'Italy prosecutor asks for jail sentences for five S&P managers'|'Business   8:00pm GMT Italy prosecutor asks for jail sentences for five S&P managers Italian prosecutor Michele Ruggiero leaves the Standard & Poors'' offices in downtown Milan January 19, 2012. REUTERS/Alessandro Garofalo By Vincenzo Damiani - TRANI, Italy TRANI, Italy An Italian prosecutor has asked for five current and former managers at credit ratings agency Standard & Poor''s to be jailed for alleged market manipulation in relation to a sovereign downgrade of the country, a court heard on Friday. Rating agencies have come under fire in Italy for their role during the sovereign debt crisis, when a series of cuts to the country''s ratings compounded economic and political problems that sent borrowing costs soaring. Italian prosecutor Michele Ruggiero asked for jail sentences of between two and three years and fines of up to 500,000 euros for the officials, as well as a fine of 4.6 million euros for the rating agency itself. A new hearing is scheduled for Jan. 25 and the judge is expected to then set a date for the verdict. S&P said none of the accusations were backed up by proof. In emailed comments, the agency said the various hearings had repeatedly shown S&P''s analyses had been in line with reports from the Bank of Italy and leading international institutions. "The accusations against Standard & Poor''s are based on a bad interpretation of normal analytical debate, crucial for our ratings process," it said. Only four of the five people Ruggiero wants jailed are still with S&P. The investigation against Standard & Poor''s, as well as rivals Fitch and Moody''s, was launched by prosecutors in Trani, southern Italy, in January 2012 following complaints by consumer associations. Trani prosecutors allege that reports and rating moves by the agencies on Italy and its banking system during the euro zone debt crisis were mismanaged and provoked sharp losses on the Milan stock market. The case against Moody''s was dropped in 2012. Earlier this month, prosecutors asked for Fitch analyst David Riley to be jailed for nine months. Riley denies any wrongdoing. In the case of Standard & Poor''s, prosecutors are focusing on its decision to cut to negative the outlook on Italy''s debt in May 2011, which was followed in September that year by a rating cut. They are also taking aim at a move to cut Italy''s debt ratings by two notches again in January 2012, when the agency downgraded another eight euro zone countries. (Editing by Alison Williams and Catherine Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-s-p-probe-idUKKBN1541H6'|'2017-01-21T03:00:00.000+02:00'
'eb459bf6424a10c808674b198429b54dd3e00155'|'EM sovereigns swamp dollar market ahead of Trump'|'Financials  47am EST EM sovereigns swamp dollar market ahead of Trump By Sudip Roy and Paul Kilby LONDON, Jan 20 (IFR) - The EM bond market burst into life on Wednesday as five sovereign US dollar deals hit the screens as issuers sought to get in ahead of Donald Trump''s inauguration. Just a day after Trump''s comments sent the US greenback into retreat, underscoring fears of increased volatility ahead, Philippines, Turkey, Colombia, Dominican Republic printed deals, while Argentina announced a trade that was completed the following day. Chile, too, raised money through a peso-denominated Euroclearable trade on Wednesday. "This has got to be a record day [for sovereigns]," said Sean Newman, a senior portfolio manager at Invesco. While the market swallowed the US$14.7bn of supply given investors have healthy cash balances, some fund managers said it was a bit frustrating that it came all at once. "It was a little bit too much supply in a single day. Some issuers wanted to get out of the way before Trump takes over. Some market participants might think that as a risk factor, and that was the reason for this rush. The vast majority (of the new issues) aren''t doing that great. "There was too much supply. Hawkish remarks on interest rates in the US and US Treasury yields and Bunds under pressure doesn''t help," said Sergei Strigo, head of emerging markets debt management at Amundi. Another investor said the amount of deals caused some administrative headaches in dealing with the investment banks. "There was some confusion about which orders were in which book and it was difficult to get colour from salespeople at the banks." But, generally, accounts said there were no problems in assessing the merits of each deal. "Given that all the recent US dollar issuers already have existing curves out there valuing the new deals wasn''t a big stretch on resources," said Max Wolman, EM portfolio manager at Aberdeen Asset Management. Instead, the biggest casualties may have been the borrowers themselves as some deals got bigger books than others and some paid higher concessions. "All things being equal, when there are a lot of deals coming on the same day inevitably the new issue premium will be higher," said Jonathan Mann, head of EM debt at BMO Global Asset Management, though he added spreads are tighter than at the start of the year so from that perspective it made sense to issue. CONCESSION Argentina paid the biggest concession of the five sovereigns with a 30bp premium in spread terms, according to a banker away from the deal, for its US$7bn dual-tranche offering, which was made up of five and 10-year notes. "Argentina is a good example of an issuer that was disadvantaged by having five different sovereigns on the same day," said the banker, who pointed out that three other sovereigns were also targeting 10-year issues, adding further pressure. Indeed, Argentina priced at the wide end of its 6.875%-7.00% guidance range on its US$3.75bn 10-year, despite garnering a combined book of more than US$21bn. The buyside appeared satisfied with pricing and many in the market said Argentina looked attractive compared to other EM and high-yield debt. "We still see Argentina as undervalued and relatively cheap at this level," said Yong Zhu, a senior portfolio manager at DuPont Capital Management. TRICKIER Turkey was another sovereign that had to offer a healthy premium, paying 20-25bp on its US$2bn March 2027 notes issue - though leads reckoned it was more like 10-15bp, arguing that the relatively low cash prices on the relevant outstanding bonds need to be taken into account. Turkey''s story has been become trickier in recent weeks, as the country has become engulfed by a series of negative economic and political headlines, which have led the lira to be one of the worst performing currencies this year. A central bank meeting, scheduled for January 24, is seen as pivotal in determining not only the monetary policy response to the situation but also as a guide to how independent the institution is given the government''s recalcitrant position on rate hikes. Some economists think a minimum 200bp interest rate increase is needed to stem the lira''s fall. Many in the bond market, therefore, thought it unlikely Turkey would issue before that central bank meeting or before a Fitch review, due out on January 27, which could see the sovereign lose its last investment-grade rating. The deal means that Turkey has raised one-third of its funding requirements for the year, and assuaged any concerns about its ability to access markets. With the dam now burst, more sovereign borrowers are likely to emerge, with Egypt the next in line with a deal expected next week. Investors, though, are wary. "The risk is that a flurry of supply, at a time when valuations already appear a bit stretched, could eventually lead to some indigestion in the market," said Delphine Arrighi, EM portfolio manager at Old Mutual Global Investors. "We have already seen a wave of profit taking this week and a more severe correction could take place if supply increases even more." (Reporting by Sudip Roy and Paul Kilby (additional reporting by Robert Hogg); editing by Matthew Davies) Next In Financials UPDATE 1-RBS sells $600 million of shipping loans, Orix among buyers - sources LONDON/TOKYO, Jan 20 Royal Bank of Scotland has concluded agreements to sell at least $600 million worth of shipping loans from its portfolio as part of efforts to exit the sector, sources with direct knowledge of the deal told Reuters on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/emerging-markets-bonds-idUSL5N1F969B'|'2017-01-20T22:47:00.000+02:00'
'b6c3a807791501e5309cf367c72e04ab5bf8937f'|'South Africa''s Gupta brothers allege political scheme to damage them'|'Financials   11:19am EST South Africa''s Gupta brothers allege political scheme to damage them JOHANNESBURG Jan 20 South Africa''s Gupta brothers said in court documents on Friday that they were the victims of a political campaign to damage their business interests, the latest stage in a long-running controversy over their ties to President Jacob Zuma. The Gupta family filed an affidavit on Friday in response to one issued by Finance Minister Pravin Gordhan in October linking them and their firm to suspicious transactions. Gordhan has said 6.8 billion rand ($501 million) in payments made by Indian-born Ajay, Atul and Rajesh Gupta, and companies they control and other individuals with the same surname, had been reported to authorities as suspicious since 2012. He has asked the High Court in Pretoria for a declaratory judgment that he cannot interfere with decisions by South Africa''s major banks to cut their ties with businesses owned by the Gupta brothers. Gordhan said they had repeatedly asked him to intervene to have their accounts reopened. Between December 2015 and April 2016, FirstRand, Standard Bank, Nedbank and Barclays Africa terminated the accounts of companies controlled by the Gupta family''s Oakbay Investments. FirstRand said in an affidavit filed in December that suspicions of money-laundering lay behind its decision. At the time, Barclays and Nedbank said they would file legal applications similar to FirstRand''s. In their affidavit, the Gupta family said the minister''s application was "riddled with factual and legal errors", and that there was not enough information about the transactions to conclude they were suspicious. "The timing of the minister''s application supports the Oakbay Group''s suspicions that the application is politically motivated and is part of the minister''s ongoing plan to diminish the Oakbay Group," the affidavit reads. Gordhan was not available to comment. "We cannot comment on this because it a legal matter that is before the courts," said Treasury spokeswoman Yolisa Tyantsi. Allegations that the Gupta brothers wielded undue influence over Zuma were investigated last year by the Public Protector, a constitutionally mandated anti-corruption watchdog. It stopped short of reaching conclusive findings but recommended that the president order a judicial inquiry, which has yet to happen. Zuma has denied granting inappropriate influence to the brothers, and they have denied seeking it. ($1 = 13.5600 rand) (Reporting by Mfuneko Toyana; Editing by James Macharia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/safrica-gupta-idUSL5N1FA3RB'|'2017-01-20T23:19:00.000+02:00'
'5b0006f7cd201904c5044d8c1db52574ae659497'|'Italy prosecutor asks for jail sentences for five S&P managers'|'Big Story 10  34am EST Italy prosecutor asks for jail sentences for five S&P managers TRANI, Italy An Italian prosecutor has asked for five managers at ratings agency Standard & Poor''s to be jailed for up to three years in a probe over alleged market manipulation, a court heard on Friday. Italian prosecutor Michele Ruggiero asked for jail sentences of between two and three years for the managers as well as a fine of 4.6 million euros for the agency. S&P denies any wrongdoing. The investigation against Standard & Poor''s, as well as rivals Fitch and Moody''s, was launched by prosecutors in Trani, southern Italy, in January 2012. Trani prosecutors allege that reports by the ratings agencies on Italy and its banking system during the euro zone debt crisis were mismanaged and provoked sharp losses on the Milan stock market. The case against Moody''s was dropped in 2012. Earlier this month, prosecutors asked for Fitch analyst David Riley to be jailed for nine months. Riley denies any wrongdoing. (Reporting by Damiano Vincenzo; Writing by Stephen Jewkes; Editing by Alison Williams) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-italy-s-p-probe-idUSKBN1541ET'|'2017-01-20T18:10:00.000+02:00'
'00f09e7ceb58f779b30964a800e198f6cbde9ffa'|'BOJ''s Kuroda offers upbeat view on Japan, global economies'|'Business News   10:48am GMT BOJ''s Kuroda offers upbeat view on Japan, global economies Haruhiko Kuroda, Governor of the Bank of Japan   20,   DAVOS, Switzerland Bank of Japan Governor Haruhiko Kuroda said on Friday the country''s economy is likely to head toward a sustainable growth path as global trade and manufacturing activity pick up. But he added that Japan has yet to address key challenges, which were to heighten inflation expectations and prod firms to raise wages. "Japan''s economy has shown clear signs of recovery in exports and industrial production," Kuroda told a session of the World Economic Forum. "Our top priority for macro-economic policy continues to be to overcome deflation." (Reporting by Noah Barkin in Davos and Leika Kihara in Tokyo; Editing by Jacqueline Wong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-davos-meeting-boj-idUKKBN15419S'|'2017-01-20T17:48:00.000+02:00'
'899e8769ff02f327bbbfc26d486c39e3fe589f8d'|'Fitch: Italy Bridge Banks Sale Highlights Post-Resolution Costs'|'Financials   8:59am EST Fitch: Italy Bridge Banks Sale Highlights Post-Resolution Costs (The following statement was released by the rating agency) MILAN/LONDON, January 20 (Fitch) The sale of three resolved Italian banks for a nominal consideration of one euro highlights how resolution costs can inflate after the point of resolution, Fitch Ratings says. The Bank of Italy announced this week that the National Resolution Fund (NRF) will sell three of the country''s four bridge banks, Nuova Banca Marche, Nuova Banca dell''Etruria e del Lazio and Nuova Cassa di Risparmio di Chieti to Unione di Banche Italiane S.p.A. (UBI, BBB/Negative), Italy''s fifth-largest lender, for one euro. The Italian banking sector will now have to expense an extra EUR1.5bn for the four local banks resolved in late 2015. They were valued at just above EUR1.4bn in the NRF accounts at end-2015, but this value will be written down to close to zero. For the three banks being sold, there will be further costs to cover non-performing exposures that have emerged since their resolution, staff redundancies and branch closures ahead of the transfer to UBI. In addition, the three banks will require an equity injection of around EUR450m to strengthen capital. The Bank of Italy is seeking a similar deal for the disposal of Nuova Cassa di Risparmio di Ferrara, the remaining bridge bank. Italian banks had already paid EUR3.6bn upon the resolution of the four banks in 2015, with most of the cost falling on the largest banks. The sector also covered the reimbursement of a portion of the losses borne by subordinated bondholders of the four banks. Large banks remain exposed to the costs associated with any further banks requiring resolution. Spreading the additional EUR1.5bn contribution to the NRF over five years will alleviate the impact on the sector''s already weak profitability, avoiding the possibility that some banks might report a loss because of this or that reported losses get larger, eating further into capital. The three bridge banks being sold have a combined national market share of approximately 1%, aggregate net lending of EUR15.5bn (including the non-performing exposures to be disposed) and direct customer funding of EUR18.5bn. The banks represent roughly 20% of UBI''s end-9M16 consolidated assets. The transaction will increase UBI''s 5% domestic market share and may improve its franchise in certain regions of Italy and its revenue and capital generation, through the acquisition of three relatively clean operations. UBI plans to maintain its regulatory CET1 ratio above 11% post-transaction by way of a EUR400m new share issue. The transaction comes at a time when many Italian banks are scaling back their presence. The transaction does not address UBI''s weak asset quality and capital being at risk from unreserved impaired loans, a key rating sensitivity. The asset quality improvements targeted in the strategic plan presented earlier this year may not be sufficient to meaningfully reduce the risks arising from its stock of impaired loans, and the bank may have to take additional steps to strengthen its asset quality. Contact: Francesca Vasciminno Senior Director, Banks +39 02 87 90 87 225 Fitch Italia Via Privata Maria Teresa, 8 Milan 20123 David Prowse Senior Director Insurance +44 20 3530 1250 Cynthia Chan Head of Fitch Wire Credit Policy Group +44 20 3530 1655 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. The above article originally appeared as a post on the Fitch Wire credit market commentary page. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987186'|'2017-01-20T20:59:00.000+02:00'
'b3a8127f4dfd399f4352f8e401fddd6713db37e5'|'BRIEF-TD Ameritrade Q1 earnings per share $0.41'|' 41am EST BRIEF-TD Ameritrade Q1 earnings per share $0.41 Jan 18 TD Ameritrade Holding Corp * Q1 earnings per share $0.41 * Q1 revenue $859 million * Q1 earnings per share view $0.41 -- Thomson Reuters I/B/E/S * Td ameritrade holding corp qtrly net new client assets of approximately $19 billion, an annualized growth rate of 10 percent * Td ameritrade holding corp qtrly average client trades per day of approximately 487,000, up 11 percent year over year * Td ameritrade holding corp qtrly net revenues $859 million versus $812 million * Td ameritrade holding corp - "post-election environment has been positive for our business" * Td ameritrade holding corp - "we are taking advantage of steepened yield curve, which should benefit future periods" * Q1 earnings per share view $0.41, revenue view $859.2 million -- Thomson Reuters I/B/E/S Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASC09R7Z'|'2017-01-18T19:41:00.000+02:00'
'5605dc03b9bf2c4858016aaceb99578ef9fb2688'|'Rothschild replaces Millstein as Puerto Rico financial adviser'|'By Nick Brown Jan 18 Puerto Rico''s new government has hired Rothschild & Co to help it develop a fiscal turnaround plan and lead restructuring negotiations with creditors holding some $70 billion in debt, the government announced on Wednesday.Rothschild will replace Millstein and Co, which had served as financial adviser under the administration of ex-Governor Alejandro Garcia Padilla.Governor Ricky Rossello, who was sworn in on Jan. 2, had sharply criticized Garcia Padilla''s financial policies, which were shaped in large part by Millstein, during his campaign.Rothschild''s hiring comes a few days after Rossello''s administration tapped law firm Dentons to serve as legal counsel, replacing Cleary Gottlieb, which had played that role for Garcia Padilla.In a statement on Wednesday, Puerto Rico''s Fiscal Agency and Financial Advisory Authority, the U.S. territory''s primary fiscal agent, said the Rothschild team would be led by Todd Snyder, the firm''s restructuring chief."We selected Rothschild & Co based upon its commitment to Puerto Rico and its extensive track record advising in many of the most complex transactions in recent years," Gerardo Portela, FAFAA''s executive director, said in the statement.Puerto Rico faces months of complicated debt restructuring talks with myriad creditor groups. The U.S. territory owes $18 billion in general obligation debt, backed by a constitutional promise; $15 billion in so-called COFINA debt backed by sales tax proceeds; and billions more in debt at public agencies like power authority PREPA and water utility PRASA.Nearly half the island''s 3.5 million residents live in poverty. Its unemployment rate is more than twice the U.S. average, and its population continues to fall as locals flock to the U.S. mainland.Under a federal rescue law known as PROMESA, passed last year, the island must submit a fiscal turnaround plan to a federal board appointed to manage the island''s finances. The board will also likely play a role in facilitating debt restructuring talks between the island and creditors.Garcia Padilla had pushed for sharp reductions in debt payments to creditors, and ordered several defaults during his term. Rossello, who favors U.S. statehood for the island, believes it should try to limit such cuts while imposing belt-tightening measures like consolidating public agencies. (Reporting by Nick Brown; Editing by Frances Kerry)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-advisers-idINL1N1F81DX'|'2017-01-18T14:22:00.000+02:00'
'7edd86a1b97d8f16dec52d8d09b4b3b57727a453'|'Clydesdale Bank to close a third of its branches, cut 400 jobs - union'|'Financials  17pm EST Clydesdale Bank to close a third of its branches, cut 400 jobs - union LONDON Jan 18 Clydesdale Bank Plc is planning to close about a third of its bank branches and fire more than 400 employees to reduce costs, the Unite union said on Wednesday. The Glasgow-based lender is planning to shut 79 branches, the largest closure program in its history, the union said. "Unite is clear that the closure of a third of the bank''s branches will not only be concerning for staff but the local communities which will see their bank branch close," Unite said in a statement. (Reporting By Andrew MacAskill, Editing by Lawrence White) Next In Financials Fitch Rates Groupama''s EUR650m Dated Subordinated Notes ''BB+'' (The following statement was released by the rating agency) LONDON, January 18 (Fitch) Fitch Ratings has assigned Groupama SA''s EUR650m issue of dated subordinated notes a ''BB+'' rating. The notes are rated two notches below Groupama''s ''BBB'' Long-Term IDR, comprising one notch for the level of subordination and one for ''moderate'' non-performance risk. KEY RATING DRIVERS The notes are being issued as part of an exchange offer, refinancing in total and in part two outstanding perpetual and dat'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/clydesdale-jobs-idUSL5N1F85R5'|'2017-01-19T00:17:00.000+02:00'
'a0790748ec5617b8592ec198cd902ab4cf54009b'|'Deutsche Bank CEO looks to future after mortgages settlement'|' 02pm IST Deutsche Bank CEO looks to future after mortgages settlement A Deutsche Bank logo adorns a wall at the company''s headquarters in Frankfurt, Germany June 9, 2015. REUTERS/Ralph Orlowski/Files By Arno Schuetze - FRANKFURT FRANKFURT Deutsche Bank will be free to focus on a new growth strategy instead of devoting most of its energy to cleaning up past mistakes, Chief Executive John Cryan said after settling its most costly legal headache. "Given other lawsuits, it is still too early to talk of having drawn a line under all matters," Cryan said in a message to the company''s around 100,000 employees on Wednesday. "We are, however, nearing our objective of being able to concentrate primarily on the future instead of repeatedly having to look over our shoulders at past events." Germany''s biggest bank on Tuesday finalised a $7.2 billion settlement with the DoJ over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis. Combined with an earlier $1.9 billion settlement with U.S. government-controlled Fannie Mae and Freddie Mac, America''s biggest providers of housing finance, the total bill for the mortgages issue stands at $9.1 billion. Deutsche agreed with the DoJ to a statement of facts that describes how it made false and misleading representations to investors about the loans underlying billions of dollars worth of mortgage securities it issued in 2006 and 2007. "Ultimately, Deutsche Bank enriched itself by paying reduced prices for risky loans while representing to investors valuation metrics based on appraisals the bank knew to be inflated," the statement said. With the U.S. mortgages case out of the way, three main litigation cases remain -- a probe into suspicious equity trades in Russia, investigations into alleged foreign exchange manipulations and alleged U.S. sanctions violations. All three are expected to result in manageable costs. The bank remains hopeful of reaching a deal on Russia by March and booking the case retroactively in its 2016 accounts while paying significantly less than the 1 billion euros ($1.07 billion) it has provisioned, people close to the bank have said. BREATHING SPACE The mortgages settlement gives Deutsche Bank breathing space to refine its strategy, with an update likely to be presented to investors in spring and after an expected accord of international banking supervisors on new capital rules. Regulators had planned to strike a deal on the future capital rules - dubbed Basel IV - by early January, but have now postponed a decision until March as they struggle to find a compromise between European and American interests. The capital rules will determine whether Deutsche Bank can afford to reintegrate its retail unit Postbank, which it had put up for sale to lift its capital ratios, but would prefer to keep, the people close to the bank said. Separately, Deutsche Bank is expected to outline a slimmer approach in its core investment banking unit, which focused on rapid expansion since the 1990s, but paid too little attention to the complexity it added, and the conduct of some of its employees. While Deutsche will continue to be more selective in its product offering and chosing its clients, deeper cuts, such as a retreat from the United States, are not on the agenda, the sources said. "The general view is that the worst point in investment banking is behind us and that it would be stupid to cut back significantly now. The prospects for investment banking are improving, partly because of the program of the new U.S. President Trump," one of the people said. ($1 = 0.9353 euros) (Additional reporting by Andreas Kröner, Georgina Prodhan; Editing by Keith Weir) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/deutsche-bank-mortgage-settlement-idINKBN15217L'|'2017-01-18T17:32:00.000+02:00'
'e858ce9a64f22d55976bdc4143467af4a43eedf9'|'Brexit Britain''s customs with EU may take industry to cliff edge'|'Business News - Wed Jan 18, 2017 - 2:27pm GMT Brexit Britain''s customs with EU may take industry to cliff edge FILE PHOTO: Britain''s Prime Minister Theresa May (L) speaks with a worker as she visits a joinery factory in London, Britain August 3, 2016. REUTERS/Neil Hall/File Photo By Philip Blenkinsop - BRUSSELS BRUSSELS British Prime Minister Theresa May was clear on Tuesday that Britain would leave the EU''s single market, but her desire for a customs agreement with the bloc highlights one of the Brexit cliff edges UK-based industry is seeking to avoid. May said she wanted Britain to be able to strike trade pacts with countries such as the United States, Australia, New Zealand and China and acknowledged that "full" membership of the customs union would prevent it from doing so. "But I do want us to have a customs agreement with the EU," she said, adding Britain might seek to become an associate member of the existing customs union or a signatory to some elements of it. The European Union shares a customs union with Turkey, allowing industrial goods to move freely without customs duties or other restrictions, but forcing Ankara to accept the terms the EU agrees in free trade deals with third countries. With a free trade deal, Britain might avoid the standard EU import tariffs, such as 10 percent for cars, but without a customs agreement it would face having to prove its exported products are indeed British. In the case of a car, with say 30,000 parts, the task of proving sufficient local content is enormous for manufacturers. "It''s variable, but the increased cost could be as high as 10 percent," Jim Rollo, deputy director of the UK Trade Policy Observatory, said of the financial impact of that task. CONSIDER RELOCATING Hosuk Lee-Makiyama, director of trade policy think tank ECIPE, said the extra cost involved with customs barriers could be the final step in the de-industrialisation of Britain. "They''re going to consider shutting the factory. Most of manufacturing industry has profit margins much less than 10 percent, and would have to consider relocating to the EU or Turkey," he said. In a letter to Britain and the EU in September, Japan outlined concerns expressed by Japanese businesses, many of them such as Nissan, Hitachi or Fujitsu with European operations concentrated in Britain. One specific worry was possible changes to customs clearance procedures and the introduction of "inconvenient" rules of origin that could lead to delays and increased costs. The head of the UK car industry body said on Tuesday that British-built cars may not comply with the local content criteria set down in the average free-trade deal. The customs union is highly valued by the car industry as nearly 60 percent of the parts in an average British-assembled car are made abroad and some components travel to and from the continent several times in the manufacturing process. Whether a partial or associate customs union membership is possible or practical is not clear - Brexit being new territory for all parties. Rollo believes sectoral carve-outs could raise hackles with fellow World Trade Organization members and a customs agreement, which might be overseen by a supranational court, might be a hard sell to hard core Brexit backers. TWO YEARS? Apart from cost, the time frame is also a nagging concern for some. May''s goal is to wrap up a new trading arrangement in two years, far faster than any trade deal the EU has ever negotiated. Britain''s former top diplomat to the EU in Brussels said in December it might take a decade to secure a new deal. Austria''s finance minister forecast on Tuesday a period of five years. EU negotiations with Canada lasted just over five years, but the deal is still not in place more than two years later. Britain''s Brexit minister David Davis told parliament on Tuesday that Britain was at a different starting point as it already has the same standards of production as the EU and no existing customs barriers. The European Commission, which negotiates trade pacts on behalf of EU members, has also expressed frustration with plodding pace on other deals. Commission President Jean-Claude Juncker last week told New Zealand Prime Minister Bill English that planned trade talks could be wrapped up much quicker than normal. "Normally it takes between five, six, 10 years. I think two or three years would be enough because we have very similar situations. We are friends, we are allies," he said. Friends and allies - would he say the same of Britain? (Additional reporting by Kylie MacLellan in London Editing by Jeremy Gaunt) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-trade-idUKKBN1521V4'|'2017-01-18T20:39:00.000+02:00'
'6b005908b9646c76f0d6acfb62e1040b158b4bff'|'BRIEF-Iradimed Corp reports 2017 annual and Q1 financial guidance'|' 09am EST BRIEF-Iradimed Corp reports 2017 annual and Q1 financial guidance Jan 18 Iradimed Corp * Iradimed Corporation announces 2017 annual and first quarter financial guidance * Sees Q1 2017 non-GAAP earnings per share $0.00 to $0.01 * Sees FY 2017 non-GAAP earnings per share $0.14 to $0.18 * Sees Q1 2017 GAAP loss per share $0.01 to $0.02 * Sees FY 2017 GAAP earnings per share $0.07 to $0.08 * Sees Q1 2017 revenue $5.2 million to $5.3 million * Sees FY 2017 revenue $23.9 million to $24.3 million * Sees FY 2016 revenue about $32.6 million * Iradimed Corp says at December 31, 2016, company had approximately $1.4 million of backlog remaining  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASC09R7O'|'2017-01-18T19:09:00.000+02:00'
'ac9e2f5a16a2dd8264ff9ab958783bb5a11e50aa'|'Banks face talent crisis amid mounting costs of employee turnover - report'|'Business   2:11am GMT Banks face talent crisis amid mounting costs of employee turnover - report The Canary Wharf financial district is seen in east London November 12, 2014. REUTERS/Suzanne Plunkett By Olivia Oran Despite recent changes at banks such as faster promotions intended to retain employees, many firms are still in danger of losing top talent, according to a new report. The study, released on Wednesday night by consulting firm Quinlan & Associates, said some banks are incurring up to $1 billion (816 million pounds) in costs annually associated with replacing employees who leave voluntarily. With Wall Street firms bleeding talent to technology firms and compensation on the decline, numerous banks face a brain drain that can only be solved by radically shifting their cultures, the study said. It also warned about the potential for a future leadership crisis in the banking sector. "Only when there is a fundamental re-engineering of a bank''s DNA to deliver a more holistic career proposition will they see a meaningful, lasting change in perceptions towards the industry as an employment choice," the report said. The problem stems in part from the financial crisis, which hurt public trust in the banking sector and made it a less desirable workplace. The industry has continued to be hit by an onslaught of fines, scandals and litigation over the last several years, while cost-cutting has eliminated hundreds of thousands of jobs. Global headcount at the world''s 15 biggest banks is down 12 percent from 2011 to 2015. With their reputations burned and the axe-wielding showing no signs of ending, banks have fallen out of favour as employers of choice for top business school programs, the study said. Banks are also having a more difficult time retaining current employees, with bonus pools on the decline and U.S. and UK regulators stepping in to curb compensation. Deutsche Bank AG ( DBKGn.DE ) cut bonuses drastically for 2016 as it struggled to turn a profit amid costly litigation, Reuters reported on Wednesday. Recognising these challenges, banks like Goldman Sachs Group Inc ( GS.N ), Credit Suisse AG ( MLPN.P ) and Barclays PLC ( BARC.L ) have taken steps to keep junior staff happy, such as promoting analysts more quickly, providing more training and encouraging job rotation programs. Those efforts have failed to fend off defections so far though. According to a LinkedIn study of 12 global investment banks, analysts and associates who left their positions in 2015 had stayed in their roles for an average of 17 months. That compares to a 26 month average in 2005. If banks want to retain their top employees and avoid costs that come from voluntary resignations, Quinlan & Associates recommended a range of options including transparency around bonuses and promotions; encouraging internal communications and mentoring efforts; and using technology to take out manual processes. "With employee disenfranchisement and voluntary staff turnover on the rise, we believe talent strategy deserves the full attention of a bank''s board," the report said. "Until then, employers shouldn''t bank on their best and brightest staying." (Reporting by Olivia Oran in New York; Editing by Tom Brown) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-banks-turnover-idUKKBN153092'|'2017-01-19T09:11:00.000+02:00'
'6ac805463ffd66a122e6331b0d7613321f6185d3'|'BRIEF-Hong Kong''s SFC signs MOU with SEC on supervision of cross-border regulated entities'|'Financials   5:54am EST BRIEF-Hong Kong''s SFC signs MOU with SEC on supervision of cross-border regulated entities Jan 19 Hong Kong Securities and Futures Commission * Says signs MOU with SEC to enhance supervision of cross-border regulated entities Source text in English: bit.ly/2jbJH1t (Reporting by Hong Kong newsroom) Next In Financials DAVOS, Switzerland, Jan 19 Incoming U.S. president Donald Trump cannot deliver on his promise to make America greater if Washington provides less global leadership, German Finance Minister Wolfgang Schaeuble said on Thursday at the World Economic Forum (WEF) in Davos. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSS7N1BD01G'|'2017-01-19T17:54:00.000+02:00'
'9f6b499f90095a137f5a99a219d16f37a2deca04'|'British Airways to fly all customers to destinations during strike'|'Aerospace & Defense  06am EST British Airways to fly all customers to destinations during strike British Airways logos are seen on tailfins at Heathrow Airport in west London, Britain May 12, 2011. REUTERS/Toby Melville/Files LONDON British Airways said that all its passengers would be flown to their destinations during a 72-hour pay strike by some cabin crew which began on Thursday. BA, owned by International Airlines Group ( ICAG.L ), said a small number of its short-haul flights from Heathrow would be merged resulting in one percent of its total schedule being canceled over the three day period. "Our flight program is running as planned and we are going to fly all customers to their destinations," BA said in a statement. All BA''s long-haul services to and from Heathrow, Britain and Europe''s busiest airport, plus its flights to and from London''s Gatwick airport and London City will all operate as normal, the airline said. The walk-out is being staged by BA''s "mixed fleet" cabin crew, who make up around 15 percent of the airline''s total cabin staff. Those involved, represented by the Unite Union, have poorer terms and conditions than some longer-serving staff and rejected a pay offer shortly before Christmas. They have already staged a 48-hour strike earlier this month. (Reporting by Sarah Young; Editing by Keith Weir) Next In Aerospace & Defense'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-britain-strikes-british-airways-idUSKBN153182'|'2017-01-19T17:01:00.000+02:00'
'05aabf3d12731394d77b62072c353a45f196da38'|'Safran says Zodiac profitability is far from satisfactory'|'Hot Stocks  38am EST Safran says Zodiac profitability is far from satisfactory PARIS Jan 19 The chief executive of France''s Safran said the profitability of Zodiac Aerospace was "far from satisfactory" for now, as he outlined the benefits of a two-part friendly deal to take over the French aircraft seats maker. CEO Philippe Petitcolin also said ramping up production of Safran''s new LEAP aircraft engine remained "extremely challenging" and that there would be no shift in the company''s industrial priorities as a result of the deal. Zodiac Aerospace Chairman Didier Domange told a news conference the company had not sought alternative offers and blamed the failure to agree on an earlier informal offer by Safran in 2010 on differences of business culture at the time. Asked separately whether the takeover would improve industrial performance at Zodiac, whose delays in seat production have delayed delivery of some jets, a spokesman for planemaker Airbus said "We will see". (Reporting by Tim Hepher and Cyril Altmeyer; Editing by Sudip Kar-Gupta) Next In Hot Stocks'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/zodiac-aero-ma-safran-comments-idUSL5N1F92HA'|'2017-01-19T17:38:00.000+02:00'
'aad14319dede63df8dc5bbb09d08250b8db2f2a5'|'Congressman renews push that could kill Iran jet deals'|'Iran''s plan to rebuild its airline industry A bill has been introduced in Congress that could curtail the jetliner deals between Airbus and Boeing and Iran, offering an early test for the incoming administration and the future of the Iran nuclear deal. Iran Air took delivery last week of the first of 100 jets it has ordered from Airbus ( EADSF ) . The first of 80 aircraft from Boeing ( BA ) are scheduled to arrive in 2018. The badly needed jets will reconstitute Iran''s decrepit commercial aircraft fleet, which has been languishing under decades of Western sanctions. Peter Roskam, a Republican member of the House, introduced a bill on Friday to initiate an investigation by the Trump administration''s Director of National Intelligence into Iran Air and the nation''s other airlines. If Iran Air or any other airline were to be found to support the Iranian Revolutionary Guard Corps or foreign terrorist organizations, the airline would be added to the U.S. sanctions list and be prevented from receiving new aircraft or U.S.-made parts. That would effectively freeze the sale of jets from Boeing to Iran. The legislation would exert little control over the Airbus aircraft that are already delivered, but the airline would not be able to receive spare parts for those planes, or receive any maintenance outside of Iran. If Iran Air received maintenance or parts outside of Iran, that provider would be barred from doing business with the U.S. market. Mahan Air, Iran''s second biggest carrier, is still on the sanctions list for aiding Iran''s military and is barred from buying Western planes and parts. A new Airbus delivered to Iran Air. Iran drops plan to buy A380 superjumbo Iran Air was removed from the U.S. sanctions list in January 2016 as part of an agreement to convince Iran to restrain its nuclear program. It opened the path for multi-billion dollar sales by Boeing and Airbus. That prompted an outcry from some lawmakers like Roskam, who said the Obama administration offered no proof that Iran Air had stopped its support of the Iranian military or designated terrorist organizations. Roskam and other critics of the sales say Iran Air was removed from the sanctions list for political reasons to complete the six-nation diplomatic agreement The Treasury Department, in a November 23 letter to Roskam, defended the nuclear deal and said Iran Air was cleared from sanctions after a review "of its activity to ensure" sales would be "consistent with our national security and foreign policy goals." Boeing''s Iran deal won''t prevent production cut The new bill restarts an earlier effort by Roskam. He introduced a bill with a similar aim last year -- the House passed it, but the Senate didn''t act. Now Republicans have control of Congress and President-elect Trump has been sharply critical of the nuclear agreement. Boeing, which has said it has proceeded cautiously into a deal with Iran Air, has said repeatedly that it will continue to take its cues from the U.S. government. The company declined to comment on the Roskam bill. CNNMoney (Seattle)   4:53 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/01/16/news/companies/iran-jet-deals-congress-roskam/index.html'|'2017-01-16T23:53:00.000+02:00'
'f52c8765e863bfdc4615ca668bd19f98e5664b5e'|'Carlyle to buy South Africa''s Global Credit Ratings'|'Funds News  34am EST Carlyle to buy South Africa''s Global Credit Ratings LONDON Jan 17 Carlyle Group has agreed to acquire Johannesburg-based ratings agency Global Credit Ratings (GCR), a spokeswoman for the U.S. buyout fund said on Tuesday. Terms of the acquisition, which was first reported by the Financial Times, were not disclosed. Carlyle raised $698 million for its Africa buyout fund in 2014, exceeding its $500 million target. In November, Carlyle, which has $169 billion of assets under management, agreed to acquire a majority share of CMC Networks, a pan-African telecommunications business. In September, it agreed to buy a majority share of Amrod, a supplier of promotional products and clothing in South Africa and neighbouring countries. (Reporting by Dasha Afanasieva; editing by Jason Neely) Next In Funds News Thailand''s CP All and three funds compete for Polish retailer Zabka - sources WARSAW, Jan 16 Thailand''s top convenience store chain CP All Pcl and three private equity funds are competing to buy Polish retail chain Zabka from Mid Europa Partners, in a deal valued at up to 1.5 billion euros ($1.59 billion), sources familiar with the transaction said.'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/globalratingsagency-ma-carlyle-group-idUSL5N1F718A'|'2017-01-17T14:34:00.000+02:00'
'b533eb4c65a4ef9c78b878df16b3a37c9525d747'|'BRIEF-NORONT RESOURCES PROVIDES UPDATE ON RING OF FIRE DEVELOPMENT AND EXPLORATION ACTIVITIES'|'Jan 17 Noront Resources Ltd* NORONT RESOURCES PROVIDES UPDATE ON RING OF FIRE DEVELOPMENT AND EXPLORATION ACTIVITIES, AND ANNOUNCES ISSUANCE OF INTEREST SHARES* SAYS IN 2017, NORONT WILL CONTINUE EXPLORATION OF ITS VERY SUBSTANTIAL PROPERTY POSITION IN RING OF FIRE SOURCE TEXT FOR EIKON: FURTHER COMPANY COVERAGE:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINASC09R3D'|'2017-01-17T13:18:00.000+02:00'
'12c88bc659203282e57316e4d3edbc8e2ac67b80'|'Samsung heir facing possible arrest over scandal'|'Samsung heir faces possible arrest on corruption charges by Sherisse Pham @Sherisse January 17, 2017: 10:30 PM ET Prosecutors are accusing Lee Jae-yong, Samsung''s de facto leader, of offering tens of millions of dollars to win government support for a controversial merger. The heir to the Samsung business empire is set to find out whether he will be arrested on corruption charges linked to a huge political scandal that has rattled South Korea. Prosecutors are accusing Lee Jae-yong, Samsung''s de facto leader, of paying tens of millions of dollars to win government support for a controversial merger that helped tighten his grip on a key part of the giant conglomerate. Lee, who''s also known as Jay Y. Lee, arrived for a court hearing in Seoul on Wednesday morning at which a judge will decide whether to issue a warrant for his arrest on charges of bribery, embezzlement and perjury. The hearing is expected to go on for hours. A court official told CNN it''s possible the decision may not be announced until Thursday local time. Related: South Korea''s long history of light sentences for business leaders Lee, who was questioned for 22 hours last week, has denied any wrongdoing. Samsung also disputes the allegations, saying in a statement Monday that it "did not make contributions in order to receive favors." Prosecutors accuse Lee and Samsung of providing 43 billion won ($36.3 million) to organizations linked to a confidante of President Park Geun-hye in return for government backing of a contentious merger of two Samsung affiliates in 2015. South Korea''s National Pension Service provided vital support for the deal, which enabled Lee to increase control over Samsung Electronics ( SSNLF ) and helped pave the way for him to potentially succeed his ailing father as chairman of Samsung Group. But the prosecutors'' pursuit of the case against Lee, a vice chairman of Samsung Electronics, has cast doubt on that plan. Related: South Korean prosecutors seek to arrest Samsung heir Earlier this week, National Pension Service chief Moon Hyung-pyo was indicted on charges of perjury and abuse of power. He''s accused of pressuring the fund to support the Samsung merger when he was minister of health and welfare. Lee and Moon''s cases are part of the far-reaching scandal that has driven hundreds of thousands of South Korean protestors to the streets and prompted lawmakers to vote to impeach Park. Other top South Korean companies are also under investigation. Samsung''s deepening links to the corruption investigation have done further damage to the company''s image after the humiliating fiasco over its fire-prone Galaxy Note 7 smartphone last year. Results of an investigation into what caused the smartphones to catch fire are expected to be announced this month. -- Stella Ko contributed to this report. CNNMoney (Hong Kong)   10:30 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/17/investing/samsung-jay-lee-arrest-warrant-court/index.html'|'2017-01-18T10:36:00.000+02:00'
'e5edbdbc403a6a4e32bdeecfb1be0d0510c102f2'|'Trump tax cuts could mean more Novartis investment in U.S.'|'Health  29am GMT Trump tax cuts could mean more Novartis investment in U.S By Ben Hirschler - DAVOS, Switzerland DAVOS, Switzerland Donald Trump''s plans to cut U.S. corporate tax rates could trigger increased investment in the United States by Novartis, its chief executive told Reuters, despite the president-elect''s recent harsh words on drug prices. "When we build a new manufacturing site we think about the tax rate, we think about the economy of the country, we think about jobs, so a booming U.S. economy would make the U.S. more attractive for investment," Joe Jimenez said on Wednesday. Trump unnerved drug company executives last week by saying the industry was "getting away with murder" on pricing and promising to introduce more competition to drive down costs. Jimenez said on the sidelines of the World Economic Forum in Davos, Switzerland, that he expected continued pressure on prices in the U.S. market but his company was already adapting by shifting to outcomes-based pricing. The Swiss drugmaker recently struck deals with two U.S. insurers for its heart failure drug Entresto under which payments are calculated based on any proven reduction in patient admissions to hospital, not on the number of pills consumed. Entresto has got off to slow start but Jimenez said there had been a "nice pick up in prescriptions" more recently. It will update investors on prospects for the potential blockbuster when it reports full-year results next week, he added. Novartis is holding an R&D day to coincide with its results on Jan. 25, where it will highlight pipeline prospects. These include a novel cell therapy for childhood leukemia called CTL-019, which Jimenez confirmed was on track for submission to regulators for approval early this year. Another closely watched new drug is BAF-312 for secondary progressive multiple sclerosis. Novartis is discussing with U.S. and European regulators whether it could file BAF-312 for approval based on a single Phase III clinical trial, Jimenez said. Novartis is looking to these and other new products for heart and eye conditions to help offset generic competition to its old blood cancer drug Glivec. "We have a number of catalysts that are coming," Jimenez said. "From the end of 2017 we will be completely out from under that genericisation and the company should enter its next growth phase beginning in 2018." Novartis is currently weighing plans to sell its substantial stake in Basel-based rival Roche but Jimenez said he was in no rush, adding that recent weakness in European drug stocks relative to U.S. ones meant the timing wasn''t right just now. "Obviously, when we move on that stake it would be at a time when we want to ensure that Novartis shareholders get the benefit of the most value," he said. Novartis built up its one-third stake in Roche voting stock between 2001 and 2003 under former Chairman Daniel Vasella for a possible merger that never happened. (Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-davos-meeting-novartis-idUKKBN15210G'|'2017-01-18T16:29:00.000+02:00'
'6b30d71add2f5e5d15835de543e547602b6dc009'|'Nikkei rises as weaker yen helps lift mood; Yellen speech awaited'|'TOKYO Jan 18 Japanese stocks rose on Wednesday after recovering from five-week lows as the yen weakened against the dollar and helped restore investor sentiment.The Nikkei share average rose 0.4 percent to 18,894.37, crawling back from its intraday low of 18,650.33 hit in the morning, its weakest level since Dec. 8.The broader Topix gained 0.3 percent to 1,513.86 and the JPX-Nikkei Index 400 added 0.4 percent to 13,563.75.The dollar added 0.6 percent to 113.32 yen, after hitting a seven-week low of 112.57 yen.Investors are awaiting Federal Reserve Chair Janet Yellen''s speech on monetary policy for any hints on the outlook for rates and the economy. (Reporting by Ayai Tomisawa; Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-close-idINL4N1F82F2'|'2017-01-18T03:16:00.000+02:00'
'6c3fa96622a06457e3eb11165270d34c86a00a94'|'BRIEF-U.S. Army enlists IBM for $62 million cloud deal'|' 26am EST BRIEF-U.S. Army enlists IBM for $62 million cloud deal Jan 18 International Business Machines Corp : * U.S. Army enlists IBM for $62 million cloud deal * IBM says that U.S. Army has signed a five-year, multi-million dollar contract with IBM * IBM - if army exercises all options, contract would be worth about $62 million over five years Source text for Eikon:   UPDATE 2-HSBC to shift some staff to Paris after Brexit in blow to London DAVOS, Switzerland, Jan 18 HSBC became the first major bank to detail plans to move jobs out of London after Brexit, saying it will relocate staff responsible for generating around a fifth of its UK-based trading revenue to Paris after Britain leaves the EU. Jan 18 Citigroup Inc reported a 7 percent rise in quarterly profit, wrapping up a strong quarter for big U.S. banks, as trading in bonds and currencies surged following the U.S. presidential election. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F80FF'|'2017-01-18T20:26:00.000+02:00'
'6ea6e2e47feb8fce7b3a9efbc2f5a851bdbd9f4e'|'F1 governing body approves Liberty Media takeover'|'LONDON Formula One''s governing body gave its approval on Wednesday to CVC Capital Partners'' sale of the sport''s commercial rights to Liberty Media.The International Automobile Federation (FIA) said in a statement that its World Motor Sport Council had unanimously approved the change of control at an extraordinary meeting in Geneva."Liberty, Formula One Group and the FIA intend to collaborate to create a constructive relationship that will ensure the continued success and the development of the FIA Formula One World Championship in the long term," it said.Liberty Media, controlled by U.S. cable mogul John Malone, took control of the sport in September in a deal valued at $8 billion.(Reporting by Alan Baldwin, editing by Ed Osmond)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/motor-f1-liberty-fia-idINKBN1522K5'|'2017-01-18T14:32:00.000+02:00'
'3ad9198680fd40f4f6734d56fd45fe4c9f534be4'|'State Street to pay $64 million to resolve U.S. fraud probe'|'Business News - Wed Jan 18, 2017 - 10:14am EST State Street to pay $64 million to resolve U.S. fraud probe State Street Corp ( STT.N ) will pay more than $64 million to resolve U.S. investigations into what prosecutors said was a scheme to defraud six clients through secret commissions on billions of dollars of trades, authorities said on Wednesday. Under the deal, State Street entered into a deferred prosecution agreement with federal prosecutors in Boston and agreed to pay $32.3 million. The bank will pay an equal amount to the U.S. Securities and Exchange Commission. (Reporting by Nate Raymond in New York; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-state-str-fraud-idUSKBN15225Q'|'2017-01-18T22:08:00.000+02:00'
'4a70ffd12849b7c9ad3415e381de91d9c505931a'|'Stock rally in recent months driven by global economy, not Trump - Robeco CIO'|'  8:57am GMT Stock rally in recent months driven by global economy, not Trump: Robeco CIO Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., January 9, 2017. REUTERS/Lucas Jackson By Tomo Uetake - TOKYO TOKYO A rally in global stock markets in the past few months is being driven more by improving economic fundamentals than by expectations of more U.S. fiscal stimulus under President-elect Donald Trump, a chief investment officer of Dutch asset management firm Robeco said. To the contrary, uncertainty over Trump''s economic policies is the biggest risk for markets this year, Lukas Daalder, CIO in charge of multi-asset strategies, told Reuters in Tokyo. Ahead of Trump''s inauguration on Friday, Daalder said Robeco has brought its positions to almost completely neutral, and will look to build fresh investment strategies after the new administration takes shape. "Normally we have quite big exposures. But currently, if you look at the currencies, we are sort of hands off. Basically since the election, the only trade that we currently still have outstanding is a short position in the yen versus the dollar JPY= ," he said in an interview late on Tuesday. The U.S. S&P 500 Index .SPX has risen 5.3 percent since the Nov. 8 presidential election, while the MSCI ACWI .MIWD PUS, a gauge of the world''s share markets, has gained 3.4 percent. Many market players have attributed the strong performance to expectations that Trump will swiftly follow through on campaign pledges to cut taxes, spend more on infrastructure and push for deregulation. While Daalder does not deny that such expectations have played a role, he thinks improving economic fundamentals have been the real driver of share prices worldwide. "Most people call it the ''Trump rally''. Partly, it is but if you look at the underlining macro data, they have been on the up since September already," he said. "If Clinton would have won, we would be talking about the ''Clinton rally'' - and that would be wrong as well." Daalder noted that Citi''s index which measures economic data surprises has been positive not just in the United States but also in the euro zone, emerging markets and Japan. "(Having positive surprises in all those regions) doesn''t happen that often. And they have been surprising for four, five months already," he added. GRAPHIC - Citi''s Economic Surprises Indices: reut.rs/2gomfyU While the Rotterdam-based investment firm has reset almost all its positions to neutral for now, it still believes in the underlying trend of higher bond yields and strength in the dollar. The asset manager needs to see more details on how Trump''s economic plans will pan out, including his plan to cut taxes by $10 trillion in 10 years. "If you are in the stock market, tax cuts are good news. The problem is, is he going to? And how is he going to finance that? I''m not saying that''s impossible. But you don''t know until you see the details," he said. He added that he plans to stake out new positions within a month. Robeco Group, bought by Japan''s Orix Corp ( 8591.T ) in 2013, had 276 billion euro in assets under management as of Sept. 30. (Reporting by Tomo Uetake; Editing by Kim Coghill)   U.S. lobby says China protectionism fuelling foreign business pessimism BEIJING More than 80 percent of members of a U.S. business lobby in China say foreign companies are less welcome than in the past, a survey released on Wednesday showed, with most saying they have little confidence in China''s vows to open its markets.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-robeco-idUKKBN1520VG'|'2017-01-18T15:53:00.000+02:00'
'c5c332311c8071a15cefd2fb737e2102932a4f95'|'Number of UK workers edges down again, but pay growth picks up pace'|'Business   12:37pm GMT No Brexit hit yet for UK workers as pay growth accelerates A bank employee counts pound notes at Kasikornbank in Bangkok, Thailand October 12, 2010. REUTERS/Sukree Sukplang/File Photo By William Schomberg and Alistair Smout - LONDON LONDON British workers saw their pay grow at the fastest pace in more than a year in the three months to November, official data showed on Wednesday, adding to signs that the country''s economy ended 2016 strongly despite the shock of the Brexit vote. The jobless rate remained at an 11-year low of 4.8 percent and the employment rate stayed at all-time record high, the Office for National Statistics said. There were a few signs the strong pace of job creation of recent years has peaked. The number of people in work fell for a second time in a row, the first back-to-back fall since the middle of 2015. And the number of hours worked edged down. But the number of jobless benefit claimants unexpectedly fell by 10,100 in December, another sign of the overall resilience in the jobs market. The growth in wages will be noted by the Bank of England. Policymakers have said they will not be rushed into an interest rate hike by rising inflation because they expect the pick-up in prices will be driven by temporary effects from the fall in the pound after June''s vote to leave the European Union. "The Bank has already tacked back from a dovish spin on their policy to a more nuanced interpretation of the outlook," David Tinsley, an economist with Exane BNP Paribas, said. "But if this week''s trends of higher inflation and higher pay growth continue, it will have to sharpen that rhetoric up further. This can provide support for sterling even as the Brexit uncertainty swirls." BoE Governor Mark Carney said on Monday he would keep a close eye on how British consumers cope this year, when higher inflation is expected to outpace wage growth. The BoE is due to update its forecasts for the economy on Feb. 2. Inflation hit its highest level since mid-2014 in December at 1.6 percent, data showed on Tuesday. Many economists say it will climb toward 3 percent during this year, reflecting the fall in the value of the pound since the Brexit vote. The ONS said workers'' total earnings in the September-November period rose by an annual 2.8 percent, the fastest pace since September 2015 and above all forecasts in a Reuters poll. Excluding bonuses, earnings rose by 2.7 percent year-on-year, the strongest increase since August 2015 and ahead of expectations for a 2.6 percent rise. The growth in wages in Wednesday''s data was a possible reflection of shortages of workers reported by employers in several sectors with the unemployment rate so low. Prime Minister Theresa May said on Tuesday she wanted to control the number of migrant workers coming to Britain, something many employers fear will add to their recruitment problems. Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-jobs-idUKKBN15211Y'|'2017-01-18T19:35:00.000+02:00'
'7153c7de72df138f6f99b071844e2f9e6709aa7c'|'Mr Kipling maker''s shares in exceedingly sharp fall as profits sliced - Business'|'Shares in Premier Foods , the maker of Mr Kipling cakes, Ambrosia rice pudding and Oxo stock cubes, have fallen sharply after it warned profits would be hit by rising costs linked to the fall in the pound since the Brexit vote.Following a tough quarter in the run-up to Christmas, Premier said annual trading profits would be 10% lower than previously expected. City analysts had pencilled in trading profits of £130m and adjusted pre-tax profits of £86m.The food producer blamed rises in commodity prices in the past 12 months. This was exacerbated by the slide in sterling since the June referendum, which had further driven up the cost of key imported ingredients such as sugar, cocoa, dairy, wheat and palm oil.Premier shares crashed more than 16% to 40.18p.The company, which rejected a £1.5bn takeover offer from US food group McCormick last April, reiterated it would have to pass on some of the cost increases to retailers by pushing through “limited price increases where these cannot be avoided”. It has been haggling with big supermarket groups such as Tesco and Sainsbury’s about price hikes of close to 5% on some ranges.Premier’s sales have taken a hit because shoppers have been switching to cheaper, non-branded products, partly because supermarkets are running fewer multi-buy offers and other promotions. The firm’s non-branded grocery sales rose 13% while branded sales dropped 3.8% in the 13 weeks to 31 December.Facebook Twitter Pinterest Phil Bentley, CEO of Mitie, is holding crisis meetings over Brexit-related issues. Photograph: Mint Photography/Alamy Outsourcing firm Mitie also blamed Brexit-related issues on Wednesday as it issued its third profit warning since September. Mitie shares were the biggest faller on the FTSE-250, with a near-7% drop to 191.7p.The company now expects to make an underlying profit of £60m to £70m in the year to 31 March. It said clients were deferring decisions on new contracts and delaying investment plans in the wake of the Brexit vote, in particular in its property management and technical facilities management divisions. Mitie’s cleaning division is also struggling.Pound soars but FTSE falls after Theresa May''s Brexit speech Read more The firm brought in a new chief executive last October, Phil Bentley , who used to run British Gas and Cable & Wireless Communications. He has held crisis meetings over the last two days to discuss strategy and reshuffle Mitie’s senior management. In November, Mitie said it would pull out of its healthcare business, which provides home care for the elderly. The £128m cost of writing off the business plunged Mitie into a £100m pre-tax loss for the first half of the year.Brexit has been partly blamed for the threat to 280 jobs at the Pizza Factory in Nottingham, owned by food giant 2 Sisters. It has a workforce of 781. The Unite union is holding crunch talks with the company on Wednesday, before planned industrial action next week.The union said the company’s new year message to employees was: “ As (I) am sure you all know, we are in an extremely challenging economic environment following Brexit. We are facing very significant commodity and utility inflation on top of the national living wage increases. At the same time, retailer competition is intensifying, with growth harder to come by and value a key theme.”'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/18/mr-kipling-makers-shares-in-exceedingly-sharp-fall-as-profits-sliced'|'2017-01-18T22:09:00.000+02:00'
'7041b411aba45b53e469252583ba17fea4c396f3'|'Thesys to run massive U.S. securities markets trade depository'|'Internet   3:59pm EST Thesys to run massive U.S. securities markets trade depository A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. REUTERS/Shannon Stapleton By John McCrank - NEW YORK NEW YORK Thesys Technologies LLC has been chosen to build and run a massive stock and options trading database ordered by the U.S. Securities and Exchange Commission aimed at helping regulators police the increasingly fast, fragmented and complex markets. Thesys was selected in a vote by all U.S. stock and options exchanges, including Intercontinental Exchange Inc''s New York Stock Exchange, Nasdaq Inc, and Bats Global Markets, as well as the Financial Industry Regulatory Authority, the group said in a statement on Tuesday. An SEC spokeswoman declined to comment. The creation of a Consolidated Audit Trail (CAT) establishes a regulatory central database for every trade order, execution, modification and cancellation, as mandated by the SEC in July 2012. The SEC has said the CAT will help it better address market disruptions by more efficiently tracking trading across stock and options markets, increasing the ability to spot and investigate market misconduct and improving the effectiveness of market research. Billions of shares trade every day at near light speed and a large imbalance or glitch in the mostly automated markets can quickly snowball into a major problem. The CAT became a priority for the industry after the so-called flash crash in 2010, which wiped out about $1 trillion from the stock market within minutes before an almost equally rapid rebound. It took regulators months to piece together the data needed to attempt to diagnose what caused the event. Now that the CAT plan processor has been selected, the exchanges have a year to begin sending in data to the repository. (Reporting by John McCrank; Editing by Bill Trott) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-sec-regulations-cat-thesys-idUSKBN1512XZ'|'2017-01-18T03:59:00.000+02:00'
'6c27f79339390c336a8eb058d10ccbf1bca624ab'|'UK''s Greggs raises profit guidance after strong Christmas'|' 26am GMT UK''s Greggs raises profit guidance after strong Christmas A man walks past a Greggs bakery in Bradford, Britain March 1, 2016. Greggs plans to close three bakeries and cut up to 355 jobs as part of a 100-million-pound ($140 million) restructuring programme, the British baker announced on Tuesday. REUTERS/Phil Noble LONDON British baker and food-on-the-go seller Greggs ( GRG.L ) forecast full year profit slightly ahead of previous expectations after enjoying strong sales in its Christmas quarter. But the Newcastle, northern England, based firm, which sells sandwiches, sausage rolls, bakes and pastries, also cautioned on Tuesday that there was greater uncertainty in the trading environment with increased pressure on real income growth. It said it continued to expect some industry-wide cost pressures in 2017 and these were likely to have a modest impact on margins in the short term. Greggs said sales at company-managed shops open over a year rose 6.4 percent in its fiscal fourth quarter to Dec. 31. That compared to third quarter growth of 2.8 percent and took like-for-like sales growth for the full 2016 year to 4.2 percent. (Reporting by James Davey, Editing by Sarah Young)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-greggs-outlook-idUKKBN1510M3'|'2017-01-17T14:26:00.000+02:00'
'096b4834869d96f6d843e7f016b220e861096108'|'Nippon Steel mulls discussing exit clause for Brazil''s Usiminas'|'Big Story 10  57am EST Nippon Steel mulls discussing exit clause for Brazil''s Usiminas A logo of Nippon Steel & Sumitomo Metal Corp is pictured outside its headquarters in Tokyo November 9, 2012. REUTERS/Yuriko Nakao/File Photo SAO PAULO Nippon Steel & Sumitomo Metal Corp does not rule out discussing with partner Ternium SA an amendment of an existing shareholder accord giving them the possibility of exiting Brazilian steelmaker Usinas Siderúrugicas de Minas Gerais SA, a senior executive with the Japanese company said on Tuesday. (Reporting by Alberto Alerigi Jr; Writing by Guillermo Parra-Bernal; Editing by Chizu Nomiyama) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usiminas-restructuring-idUSKBN1511XH'|'2017-01-17T20:55:00.000+02:00'
'5f5bf283e089691ab653a4d51dbebdfc2d559f26'|'Japan''s economy seen growing moderately but Trump poses currency, trade risks - Reuters poll'|' 11am GMT Japan''s economy seen growing moderately but Trump poses currency, trade risks - Reuters poll Japan''s national flag is seen in front of a crane at a construction site at a business district in Tokyo, Japan, January 5, 2017. Picture taken on January 5, 2017. REUTERS/Kim Kyung-Hoon By Kaori Kaneko - TOKYO TOKYO Japan''s economy is expected to grow at a slightly faster pace in the fiscal year starting in April than projected last month, but there is heightened uncertainty over the outlook as U.S. President-elect Donald Trump prepares to take office, a Reuters poll showed. While a weaker yen is supporting Japan''s export-driven economy, analysts are cautious given risks that Trump''s policies might trigger a reversal in the yen-dollar rate. The world''s third-largest economy is expected to expand 1.1 percent in the next fiscal year, led by public spending, a softer yen''s boost to exports and improving global growth, according to a poll of 38 analysts taken Jan. 5-16. That''s up slightly from last month''s fiscal year projection of 1.0 percent growth, and down slightly from the 1.2 percent forecast for this fiscal year through March. "We expect the economy will perform well as the global economy is improving, which helps Japan''s exports, and the yen weakened more than previously expected," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. Shinke said the Japanese economy would also benefit from global inventories being run down at a faster rate, fostering a pick up in worldwide factory production. "The risks for Japan lie in whether the new U.S. administration leans towards protectionism and if it takes a policy of weakening the dollar," he said. Analysts also said higher inflation in the United States could hurt emerging economies, and Japan, as funds seek out higher yielding U.S.-dollar assets. Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui Asset Management, estimates Japan''s economy will get 0.3-0.4 percentage point boost from the U.S. economy under the new administration and much of that will likely appear next fiscal year. The yen has strengthened again after weakening to 118.66 to the dollar on bets of tax cuts, higher spending and a faster pace of U.S. rate increases under Trump. Japan''s Nikkei 225 average has also declined since hitting a 13-month high above 19,600 earlier this month. The yen stood around 113.00 yen and the Nikkei was trading around 18,770 on Wednesday. "Considering interest rate differentials between Japan and the U.S., the yen''s depreciation could progress, but if the protectionism in the U.S. strengthens, the yen could rise," said Hiroaki Mutou, chief economist at Tokai Tokyo Research Institute. Among 27 analysts who responded to an extra question on the yen, about 85 percent said the government would not tolerate a yen-dollar rate beyond 130 yen. And most said a weaker yen beyond that level would hurt the Japanese economy. A separate Reuters poll showed analysts expect the yen will be around 120 yen per dollar at the end of this year. [EUR/POLL] BOJ OUTLOOK The Reuters poll projected the Bank of Japan will keep its -0.1 percent interest rate imposed on some excess bank reserves at least until the first quarter of 2018. About 40 percent of the analysts who responded to a question on the BOJ''s next policy action expect the central bank to start unwinding its super-loose monetary policy, the poll showed. That is up from 32 percent in the last survey. The core consumer price index, which includes oil products but excludes fresh food prices, is forecast to rise 0.8 percent for the fiscal year starting April and 1.0 percent for fiscal 2018, the poll showed. The BOJ expects consumer prices to rise by 1.5 percent in fiscal 2017 and by 1.7 percent in fiscal 2018, according to forecasts it issued in November. (Reporting by Kaori Kaneko, polling by Shaloo Shrivastava and Khushboo Mittal; Editing by Shri Navaratnam) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-poll-idUKKBN1520GI'|'2017-01-18T12:11:00.000+02:00'
'06c86409faff186b244b6230cc58ea3f4d0eaf3b'|'Berkshire Hathaway unit buys big NYC-area real estate firm'|'By Jonathan Stempel - NEW YORK NEW YORK HomeServices of America Inc, a unit of Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ), on Tuesday said it has purchased the Houlihan Lawrence residential real estate firm, its second foray into the New York City area this month.The purchase by HomeServices, the second-largest U.S. residential real estate brokerage, was disclosed eight days after its majority-owned Berkshire Hathaway HomeServices unit announced the opening of its first New York City office.Terms of Tuesday''s transaction were not disclosed.Established in 1888 and based in Rye Brook, New York, Houlihan Lawrence has 1,300 employees and 30 offices serving the counties of Westchester, Putnam, Dutchess, Orange and Ulster in New York, and Fairfield in Connecticut. It said sales volume totaled $6.7 billion last year.Ron Peltier, chief executive of HomeServices, said in an interview that while there have been signs of softness in the New York-area luxury housing market, millennials and first-time buyers have shown greater interest in buying homes."Houlihan Lawrence is a very prestigious, well-run and well-established company. It is a wonderful way for us to enter the marketplace," Peltier said. "Even though the market may be experiencing a bit of a slowdown, it is going to be temporary."Stephen and Chris Meyers, who are respectively chief executive and managing principal of Houlihan Lawrence, will remain, while their sister Nancy Seaman will step aside as chairman, the brokerage said.HomeServices said it now has nearly 29,500 employees in close to 570 offices in 28 U.S. states, and that residential sales volume topped $93 billion in 2016.The Minneapolis-based brokerage was started in 1998, and has gradually entered the Westchester market in recent years.Buffett has run Berkshire since 1965. His Omaha, Nebraska-based conglomerate''s more than 90 businesses include insurers, chemical and energy companies, food and apparel companies and a railroad.(Reporting by Jonathan Stempel in New York; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-houlihan-lawrence-m-a-berkshire-hatha-idINKBN15135C'|'2017-01-17T19:55:00.000+02:00'
'42175ca5c92f032ea3044d92311d4441f1f2c4cc'|'Volkswagen won''t make Audi cars with SAIC in China before 2018'|'Business News - Wed Jan 18, 2017 - 4:25am GMT Volkswagen won''t make Audi cars with SAIC in China before 2018 FILE PHOTO - A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia, Poland, September 9, 2016. REUTERS/Kacper Pempel/File Photo BEIJING German carmaker Volkswagen said on Wednesday it would not produce or sell any Audi cars with SAIC Motor Corp until at least 2018, seeking first to strengthen ties with existing Audi partner China FAW Motor Corp. VW announced in November a non-binding agreement with SAIC to discuss a partnership regarding Audi AG, which is the best selling premium brand in China. Tying up with SAIC, China''s largest automaker, could boost slowing sales for the premium Audi brand as Daimler''s Mercedes and newer entrants such as General Motor''s Cadillac eat into its market share. "No sales, no production, nothing this year (2017)," state-owned China Daily on Wednesday quoted VW China chief Jochem Heizmann as saying. A VW spokesman confirmed Heizmann''s remarks, saying talks with SAIC were ongoing but that nothing "operational" would happen before 2018. "An agreement (with SAIC) could be reached in 2017 and there will be preparation with all the points for sales and production and so on," an Audi spokeswoman told Reuters. "As soon as there is an agreement, there will be measures to fulfil this agreement, but right now we are just in talks and we have no agreement." She added that while larger talks were ongoing, discussions about sales with SAIC were on hold until an agreement is reached resolving concerns of existing FAW dealers. Volkswagen gets a larger proportion of the proceeds from the 50-50 tie-up with SAIC than from its 40 percent stake in the venture with FAW. Joint ventures with VW and Audi have given FAW a lifeline as it struggles to create successful brands of its own. Existing dealers of Audi cars in a letter to the German firm last year said creating a new sales network would further damage an already tenuous situation as existing dealers suffer from slowing sales and generally operate at a loss. The Volkswagen spokesman said the priorities were first to strengthen ties with FAW, including with a recently agreed 10-year joint plan, second to resolve concerns of existing Audi dealers, and last, to move forward with a cooperation with SAIC. Audi said on Tuesday that its joint venture with FAW would introduce five more plug-in electric cars in China in the next five years, following on FAW and VW agreeing to a 10-year roadmap for the venture. (Reporting by Jake Spring; Editing by Jacqueline Wong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-audi-saic-motor-idUKKBN1520E8'|'2017-01-18T11:25:00.000+02:00'
'982d84ab9bf972bcfeba4fe2d5df6a920f782903'|'World Bank announces $450 million in humanitarian aid to Yemen'|'Financials  14am EST World Bank announces $450 million in humanitarian aid to Yemen DUBAI Jan 18 The World Bank will provide $450 million in aid to help Yemen cope with a humanitarian crisis after nearly two years of war, the bank announced on Tuesday. The World Bank, International Monetary Fund and many foreign embassies suspended their work in Yemen in early 2015 after the Iran-allied Houthi group seized the capital, Sanaa. A military coalition led by Saudi Arabia intervened in the civil war in March of that year to back the exiled government of the impoverished Arabian Peninsula country. The alliance imposed a near-blockade on Yemen''s ports as the conflict pounded already scant infrastructure, leaving four-fifths of Yemen''s 28 million people in need of some form of aid. In a statement, the World Bank said the funds would go to health and nutrition projects throughout the divided country, mostly through two Yemeni development projects based in Sanaa but operating independently of the Houthis. "It is vital that children do not miss out on critical vaccinations and nutrition, and that communities across Yemen have the income support and access to services to meet their basic needs," said Hafez Ghanem, the World Bank''s group vice president for the Middle East and North Africa. (Writing By Noah Browning, editing by Larry King) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/yemen-worldbank-idUSL5N1F828E'|'2017-01-18T17:14:00.000+02:00'
'ada45f8b793042fe90ae365156cf89fe965f8123'|'India to cut stake in general insurers to 75 pct - finance minister'|'Financials   4:19am EST India to cut stake in general insurers to 75 pct - finance minister NEW DELHI Jan 18 India''s cabinet on Wednesday approved a plan to reduce its stake in five state-run general insurance companies to 75 percent from 100 percent, Finance Minister Arun Jaitley told reporters. Jaitley had announced in last year''s budget the government would list the general insurance companies to improve transparency and accountability. (Reporting by Rajesh Kumar Singh; Writing by Tommy Wilkes; Editing by Sanjeev Miglani) Next In Financials Fitch Affirms Shaoxing City Investment Group at ''BBB+''/Stable (The following statement was released by the rating agency) HONG KONG, January 18 (Fitch) Fitch Ratings has affirmed Shaoxing City Investment Group Limited''s (SCIG) Long-Term Foreign- and Local-Currency Issuer Default Ratings at ''BBB+'' with a Stable Outlook. A full list of rating actions is at the end of this commentary. KEY RATING DRIVERS Legal Status Assessed at Mid-Range: SCIG is registered as a limited liability company under China''s Company Law, and it is 100% state-owned. Its legal st'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-cabinet-insurers-idUSD8N1EA032'|'2017-01-18T16:19:00.000+02:00'
'a496db2abed02fd1a0e8ee23b1e5bed3825594e8'|'VTB boss says Rosneft sale ''paid for by foreign firms'': Tass'|'Deals - Wed Jan 18, 2017 - 2:50am EST VTB boss says Rosneft sale ''paid for by foreign firms'': Tass MOSCOW The acquisition of a 19.5 percent stake in Russia''s Rosneft ( ROSN.MM ) oil firm was paid for by foreign companies, Tass news agency quoted Andrei Kostin, Chief Executive of Russian state lender VTB ( VTBR.MM ), as saying on Wednesday. Kostin declined to comment on what role VTB played in the transaction, Tass reported. (Reporting by Alexander Winning; Writing by Christian Lowe; Editing by Maria Kiselyova) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-russia-rosneft-privatisation-vtb-idUSKBN1520QY'|'2017-01-18T14:50:00.000+02:00'
'f95d1a5c5821067aef2eaeff5e35fe3a6f847a9d'|'China''s fourth quarter growth seen steady at 6.7 percent amid heavy government support'|'Business News - Wed Jan 18, 2017 - 4:56am GMT China''s fourth quarter growth seen steady at 6.7 percent amid heavy government support Men walk outside at a construction site in Beijing, China, December 31, 2016. REUTERS/Thomas Peter BEIJING China''s economy likely grew by a steady 6.7 percent in the fourth quarter, the same pace as in the previous three quarters, supported by higher government spending and record bank lending that has stoked concerns about debt risks, according to a Reuters poll of 62 economists. The world''s second-largest economy also likely grew around 6.7 percent for 2016 as a whole - roughly in the middle of the government''s target range - as a stimulus-fueled construction boom breathed new life into its long ailing "smokestack" heavy industries. But economists agree China faces increasing uncertainties in 2017, with a housing frenzy showing signs of cooling and the impact of previous stimulus measures expected to fade. China''s already sluggish exports also could come under fresh pressure if U.S. President-elect Donald Trump takes a more protectionist stance on trade. Economists in the poll estimated GDP grew 1.7 percent quarter-on-quarter, versus 1.8 percent in the third quarter, though only 15 analysts gave sequential forecasts. "While Chinese growth looks stable into early 2017, a more marked slowdown by the second quarter appears inevitable," Gene Frieda, global emerging markets strategist at asset management giant PIMCO, said in a note this week. "Growth has been stabilized only after massive fiscal and credit stimulus. China’s total government and private sector debt will likely surpass 285 percent of GDP this year, a 90 percent increase since 2008." The forecast 6.7 percent growth rate would still be near the slowest quarterly pace since the global crisis, and China''s weakest annual expansion in 26 years. A surprisingly strong reading on Friday would likely boost global financial markets, particularly commodities, which have already been buoyed by record China imports of crude oil, iron ore, copper and soybeans in 2016. A weak outcome, however, would likely raise the risk of more capital outflows, putting more pressure on the yuan currency CNY=CFXS , which last year hit 8-1/2 year lows. China recently tightened curbs on outflows as its foreign exchange reserves fell to near six-year lows. "The recent uptick in higher frequency economic indicators means that risks are tilted towards the upside. A 6.8 percent year-on-year print cannot be entirely discounted," said Chester Liaw, economist at Forecast Pte Ltd in Singapore. But Beijing''s decision to double down on spending to meet its official growth target may have come at a high price, as policymakers will have their hands full this year trying to defuse financial risks created by an explosive growth in debt. China will lower its 2017 economic growth target to around 6.5 percent from last year''s 6.5-7 percent, policy sources said, giving them more room to push reforms to contain debt and housing risks. The central bank could slightly tighten credit conditions to help rein in debt risks and encourage companies to deleverage, but it''s unlikely to rush to raise interest rates despite an expected pick-up in inflation, policy insiders said. Analysts see a cooling property market as a potential drag on growth this year, after many local governments imposed or tightened restrictions on home purchases to tame speculation which some fear is feeding a property bubble. Data on Wednesday showed average new home prices rose 12.4 percent in 2016, but gains have moderated in recent months. STEADY DECEMBER GROWTH EXPECTED Data for December industrial output, retail sales and investment will be released along with GDP, and are expected to show the economy carried good momentum into 2017. Industrial output likely grew 6.1 percent from a year earlier, easing from a 6.2 percent rise in November as China ordered some heavily polluting factories to shut to reduce choking smog in the north of the country. Retail sales, a gauge of domestic consumption, probably grew 10.7 percent, versus November''s 10.8 percent. Car sales have been a notable strong point in China, jumping 13.7 percent in 2016 thanks to a tax cut on smaller cars, though the incentive will be reduced this year. Fixed asset investment growth in 2016 is expected to expand 8.3 percent year-on-year, half the pace seen just a few years ago. State investment largely had to take up the slack as private investment sank to record lows. China''s economy has been generally stable at the start of 2017, continuing its "steadying and good" momentum from the second half of 2016, China''s head of economic planning said last week. "In 2017, we expect growth to remain stable in the first half, as expansionary fiscal spending should offset the drag from a cooling property sector," economists at Nomura said in a note. "That said, the longer-term slowdown story remains intact, driven by structural economic forces such as China''s demographic dynamics, high leverage and decreasing capital returns." China''s corporate debt has climbed to 169 percent of GDP and international institutions have repeatedly urged Beijing to act quickly to tackle the problem in order to avoid a financial crisis. (Reporting by Kevin Yao and Shaloo Shrivastava; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-gdp-idUKKBN1520FG'|'2017-01-18T11:49:00.000+02:00'
'9c0e6cd41baa530c24cd18fd469d6508751508ea'|'Indonesia expects Freeport to pay higher taxes -Finance Ministry official'|' 39am EST Indonesia expects Freeport to pay higher taxes -Finance Ministry official JAKARTA Jan 18 The Indonesian unit of U.S. copper miner Freeport McMoRan Inc is expected to pay more in taxes once it obtains a new mining permit, a finance ministry official said, as part of new rules on the mining sector in Southeast Asia''s largest economy. "The impact is positive for government revenues," said Suahasil Nazara, head of the fiscal policy office. Under the new rules Freeport would pay less income tax, he said, but would now have to pay a dividend tax and a 10 percent value added tax. The total amount Freeport pays in taxes, however, would increase only "slightly", he said. (Reporting by Gayatri Suroyo; Writing by Fergus Jensen; Editing by Kenneth Maxwell) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-mining-freeport-mcmoran-idUSJ9N1EZ00F'|'2017-01-18T15:39:00.000+02:00'
'0e09d372ab585a5cee199ad0d829e7bb3393b906'|'BRIEF-Swift Networks Group wins material contract with Inpex Offshore Project'|'Financials  23pm EST BRIEF-Swift Networks Group wins material contract with Inpex Offshore Project Jan 18 Swift Networks Group Ltd * Swift wins material contract with inpex offshore project-sw1.ax * Wins material contract to provide entertainment, connectivity, maintenance and support services to Inpex operated Ichthys LNG Project * Contract to run for an initial period of three years   Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1F70XF'|'2017-01-18T05:23:00.000+02:00'
'16ee1c9371f6c76bb8803cc4012cbcf1ca690f67'|'Fitch: Delft 2017 Highlights Concentrated RMBS Refinancing Risk'|'Financials  44pm EST Fitch: Delft 2017 Highlights Concentrated RMBS Refinancing Risk (The following statement was released by the rating agency) LONDON, January 18 (Fitch) Concentrated refinancing risk in portfolios of high loan-to-value (LTV) ratio interest-only mortgage loans can result in rating caps for RMBS transactions, Fitch Ratings says. An example is the Delft 2017 BV transaction (Delft 2017), where investors could be exposed to the strength and liquidity of the housing and lending markets in a concentrated period near bond maturity. We think this market risk would result in a rating cap at ''Asf''. Delft 2017 is the refinancing of EMF-NL 2008-1 BV, a Dutch non-prime RMBS, currently rated ''BBB+''/Rating Watch Negative by Fitch. Fitch was not asked to rate Delft 2017. As of June 2016, 92% of the loans in the portfolio were due to mature between 2036 and 2038; 80% mature in 2037, just three years prior to the scheduled legal final maturity of Delft 2017 (according to the pre-sale reports of other rating agencies on the transaction). Interest-only maturity risk materialises when borrowers are unable to refinance or sell their property to repay the mortgage loan when due. When a large proportion of a loan portfolio is scheduled to make a balloon repayment in a short period of time then there is concentrated exposure to the strength of the housing and lending market in that period. Borrowers in Delft 2017 may find refinancing and repayment particularly challenging if they have not prepaid or refinanced in the current low interest rate environment. Approximately 25% of the remaining borrowers in the portfolio self-certified their income when they took out their mortgage loans in 2007 and 2008. If and when they decide to refinance their loans, it is likely that they will be subject to less favourable terms, as lenders may view the characteristics of their loans as being riskier than they did at origination. Refinancing options may also be limited, as non-prime lending in the Netherlands has reduced in recent years. Moreover, as a significant proportion of borrowers approach their pension age, loan affordability on an income basis may also be less. In a market downturn of the kind stressed in our higher rating scenarios, the servicer of the Delft 2017 mortgage loans could be forced to implement a high number of loan workouts, or to swiftly liquidate the collateral to repay the notes at maturity. In Fitch''s view, this kind of market risk, concentrated as it is towards the end of a transaction''s life is excessive and would result in a rating cap at ''Asf''. In practice, loan servicers will most likely try to reduce the interest-only exposure ahead of loan maturity, particularly for non-conforming borrowers. However, Fitch''s analysis is predicated on contracted terms and gives little benefit to work-out strategies that depend on borrower cooperation. EMF-NL 2008-1 BV currently has credit enhancement of about 36% for the outstanding class A2 and A3 notes. Notwithstanding the fact that 99% of borrowers currently pay floating rates and reference interest rates are at an all-time low, 11% of the claims are still in arrears by more than 30 days. For more information, please see `Fitch Places 12 Dutch RMBS Tranches on Rating Watch Negative,'' available at www.fitchratings.com or by clicking on the link. Contact: Kevin Vanistendael Associate Director, RMBS +44 20 3530 1564 Fitch Ratings Limited 30 North Colonnade London E14 5GN Sanja Paic Senior Director, RMBS +44 20 3530 1282 Mark Brown Senior Analyst, Fitch Wire +44 203 530 1588 Media Relations: Athos Larkou, London, Tel: +44 203 530 1549, Email: athos.larkou@fitchratings.com. The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article can be accessed at www.fitchratings.com. All opinions expressed are those of Fitch Ratings. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987034'|'2017-01-19T00:44:00.000+02:00'
'5681f5903900d15df8351fed9c18b54be7c8fd87'|'EIB''s bond issue set at 1.5 bln zlotys - source'|'Financials  41am EST EIB''s bond issue set at 1.5 bln zlotys - source WARSAW Jan 18 The size of European Investment Bank''s bond issue tap was set at 1.5 billion zlotys ($365.96 million) with price of 50 basis points over mid-swaps, a source said on Wednesday. According to a source, the final terms of the tap of the May 25, 2021, bond include a reoffer price of 97.699 with yield of 2.823 percent. The order book was well above 3.0 billion zlotys, the source also said. ($1 = 4.0988 zlotys) (Reporting by Marcin Goclowski; Editing by Marcin Goettig) Next In Financials UPDATE 2-HSBC to shift some staff to Paris after Brexit in blow to London DAVOS, Switzerland, Jan 18 HSBC became the first major bank to detail plans to move jobs out of London after Brexit, saying it will relocate staff responsible for generating around a fifth of its UK-based trading revenue to Paris after Britain leaves the EU. VTB says helped Rosneft manage forex ops for share sale - Interfax MOSCOW, Jan 18 Russian state-owned lender VTB helped in the privatisation of a 19.5 percent stake in oil firm Rosneft by ensuring foreign currency operations were carried out without causing market volatility, Interfax news agency quoted a VTB executive as saying. DAVOS, Jan 18 Brazil is not concerned about a strong dollar as prospects of an economic recovery and higher commodity prices have helped support the local currency, Finance Minister Henrique Meirelles and central bank governor Ilan Goldfajn said on Wednesday. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/poland-eib-bondseib-idUSW8N1E301D'|'2017-01-18T20:41:00.000+02:00'
'7c639b92944ebc5ed8d665645ed4f2f3d864d710'|'IMF Egypt mission chief says fund to visit by end of Feb to assess progress'|'Financials  29am EST IMF Egypt mission chief says fund to visit by end of Feb to assess progress CAIRO Jan 18 The International Monetary Fund''s Mission Chief for Egypt Chris Jarvis said on Wednesday that the fund would visit the country by the end of February to assess the progress of a $12 billion three-year loan programme. Speaking at a news conference announcing the details of reforms Egypt pledged to secure the loan, Jarvis said the fund expects inflation to begin dropping sharply by the second quarter of 2017. Jarvis added that Egypt''s foreign exchange rate was more depreciated than the fund expected given the fundamentals. (Reporting by Eric Knecht; Writing by Ahmed Aboulenein; Editing by Asma Alsharif) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/egypt-imf-visit-idUSC6N1DO017'|'2017-01-18T22:29:00.000+02:00'
'818f160d78e3d5f6de499c8c3c864541dac8ac88'|'Hong Kong share index tops key level, closes at 2-1/2-month high'|'Industrials   3:22am EST Hong Kong share index tops key level, closes at 2-1/2-month high Jan 18 Hong Kong stocks closed at 2-1/2 month highs on Wednesday and rose above the psychologically key 23,000 level unseen in six weeks. The Hang Seng index added 1.1 percent, to 23,098.26 points, while the Hong Kong China Enterprises Index gained 1.0 percent, to 9,802.86 points. A major uncertainty impacting some markets was removed after British Prime Minister Theresa May said on Tuesday that the country would quit the EU single market when it leaves the European Union. After recent comments by President-elect Donald Trump that hurt the dollar, "we have seen a steady pick up in capital flows from mainland investors into Hong Kong stocks," said Alex Wong, a portfolio manager at Ample Capital in Hong Kong. On Tuesday, the dollar index slid to a six-week low, but on Wednesday it rose as investors awaited Federal Reserve Chair Janet Yellen''s speech on monetary policy later in the day. Hong Kong''s position as an international financial hub leaves it more vulnerable to global counterparts than the mainland market. The city benefited in the past from cheap greenback funding and capital inflows from investors shunning low U.S. yields. On Wednesday, most sectors added more than 1 percent at the close in a board-based rise, with industrial firms leading the gains. (Reporting by Jackie Cai and John Ruwitch; Editing by Richard Borsuk) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-stocks-hongkong-close-idUSZZN2NXE00'|'2017-01-18T15:22:00.000+02:00'
'e1844e11f2d6744f52e93515525027d772df876c'|'Cornish Lithium in exploration agreement with Strongbow'|' 27am GMT Cornish Lithium in exploration agreement with Strongbow LONDON British mining company Cornish Lithium said on Thursday it had entered into a definitive mineral rights agreements with Canada''s Strongbow Exploration to explore for lithium contained in underground hot springs in Cornwall, the UK. In a statement, the company said new technology offered the potential to extract lithium and to supply product to the rapidly growing battery market for electric cars and for power storage. (Reporting by Barbara Lewis;  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-strongbow-lithium-idUKKBN1530QV'|'2017-01-19T14:27:00.000+02:00'
'cecc7dd5976d98bc193bfdf658bdb81e7c4e152b'|'Indian government wants Apple, but not all officials are biting'|'Technology   7:34pm EST Indian government wants Apple, but not all officials are biting left right A salesperson waits for customers at an Apple reseller store in Mumbai, India, January 12, 2017. Picture taken January 12, 2017. REUTERS/Shailesh Andrade 1/2 left right An iPhone is seen on display at a kiosk at an Apple reseller store in Mumbai, India, January 12, 2017. Picture taken January 12, 2017. REUTERS/Shailesh Andrade 2/2 By Sanjeev Miglani and Rajesh Kumar Singh - NEW DELHI NEW DELHI Some Indian officials have baulked at Apple''s ( AAPL.O ) demands for concessions before it assembles iPhones there, raising doubts about a spring deadline to launch a key project in Prime Minister Narendra Modi''s campaign to lure foreign investors. The country is still keen for the U.S. tech giant to produce its signature smartphones there, and Information Technology Minister Ravi Shankar Prasad said on Wednesday that India would keep an "open mind" in negotiations. "We will very much like Apple to come and have a base in India," he said. But Apple Inc''s long list of demands, including tax concessions and several other policy exceptions, still faces resistance from officials who consider it excessive and unfair on foreign companies already operating in India. Their caution underlines how Modi''s ambition to make India a global manufacturing hub, in order to drive the economy and create jobs for millions of people entering the workforce each year, will not be easy. "We have not done this for anyone," said a senior government official whose department is one of several involved in evaluating the Apple proposal. "If we do this, we must see a lot of value addition." Another official involved in the review said the government should make policies for the industry, not individual companies. "Apple is coming here because it sees a lucrative market, this is not a favor being done to India." Competitors such as South Korea''s Samsung Electronics ( 005930.KS ) and China''s Xiaomi have already set up manufacturing in the country. Apple did not respond to a request for comment. LETTER SPELLS OUT DEMANDS Modi met Apple CEO Tim Cook last May and discussed iPhone production in India. Where any plant would be located and how many people it might employ have yet to be finalised, although it would likely involve thousands of jobs. Attracting such a household name would be a valuable advertisement for a country shaking off a reputation for stifling bureaucracy, but officials are wary of tailoring rules to individual investors. "What Apple is trying to do, if it happens, I think it will be available to everybody in the industry. I don''t see the government of India making discriminatory policies," said Arvind Vohra, chief executive at Gionee India, part of Chinese smartphone maker Gionee. It is setting up a local manufacturing plant under India''s existing rules. From Apple''s point of view, the ambitious timeline agreed by Modi and Cook reflected its need to capture more of the fast-growing Indian market, where it has only about 2 percent share as iPhone sales in the United State and China have slowed. In a letter sent to the prime minister''s office on Oct. 13 and seen by Reuters, it called on the government to "make the environment attractive" for it to make phones for the Indian market as well as for export. On the matter of duties, it said high import taxes on smartphones could lead to retaliation from trading blocs. "This would increase the cost of India manufactured smartphones and in turn limit India''s ambition of becoming a smartphone hub for the rest of the world." Despite the reluctance of some officials, Modi could intervene to get the Apple project back on schedule. In June, the government relaxed local sourcing rules for foreign retailers like Apple barely a month after the finance ministry turned down the company''s request for a waiver. The company and its partners have reportedly won significant concessions before in other markets. MEETING NEXT WEEK On Jan. 25, the departments of industry, information technology and electronics, and finance will meet Apple executives to consider the conditions set out by the firm in India, government officials said. In May, Modi and Cook agreed to work towards a "package" of four projects: assembling iPhones, opening Apple stores, importing certified pre-owned iPhones and refurbishing them in India, according to the letter. Apple said its initial focus was to set up manufacturing of iPhones in India over two phases, the first of which was to be introduced by spring this year. But after conducting due diligence on what it would take to get the project going, it determined its entry was "dependent on government support on a number of pre-requisites." The Cupertino, Calif.-based company listed a set of seven demands. Among them, it sought duty exemption on raw materials for manufacturing, components and capital equipment for 15 years for both domestic and export markets. Apple also sought a change in rules that would govern how it could import defective iPhones to repair and export them again, a move it said was crucial for it to keep supporting and repairing older models of the iPhone. Currently, Indian rules restrict such imports to phones that are no older than three years. Apple asked for the government''s help in quickly processing a request for a ruling from Indian tax authorities on transfer pricing agreements between its affiliates. It also identified India''s customs procedures as a hurdle to manufacturing and asked the government to make them less onerous. "For trusted traders inspections need to be less intrusive - this means less boxes opened," Apple wrote. "The complete process should not require more than thirty minutes." (Additional reporting by Sankalp Phartiyal in MUMBAI and Nidhi Verma in NEW DELHI; Editing by Mike Collett-White and Paritosh Bansal) Next In Technology News Facebook dismissive of censorship, abuse concerns, rights groups allege WASHINGTON Nearly 80 rights groups on Wednesday accused Facebook of "racially biased censorship" and failing to be more transparent about its removal policies and cooperation with law enforcement, adding to criticism the company has faced in recent months over its management of content on its network of 1.8 billion users.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-apple-india-idUSKBN153026'|'2017-01-19T07:34:00.000+02:00'
'bc9414970c5036b955455d1ec7dbccecf46f828e'|'UPDATE 1-Puerto Rico oversight board favors more time for restructuring talks'|'(Adds details from letter, background on Puerto Rico''s economic crisis, dateline, byline)By Nick BrownNEW YORK Jan 18 Puerto Rico''s federal oversight board said on Wednesday it was willing to extend key deadlines that would give the debt-laden U.S. territory''s government more time to negotiate restructuring deals with holders of its roughly $70 billion in bonds.In a letter to Governor Ricardo Rossello, the oversight board said it "is favorably inclined" to grant the governor''s request to extend to May 1 from Feb. 15 a freeze on litigation from creditors over missed debt payments.It also said it favored extending until Feb. 28 from Jan. 15 a deadline for Rossello to submit a fiscal turnaround plan for the island.Both requests will be taken up formally "later this month," the board said, and would be conditioned on the government agreeing to turn over more information about its financial picture and not to take on more short-term liquidity loans.The board said Rossello''s fiscal plan should aim to generate $4.5 billion annually in new revenues or savings through fiscal 2019. It laid out specific areas the plan should address, including shrinking the size of the government, pension reform and spending reductions in higher education and healthcare.In addition to its nearly $70 billion in debt from a myriad of public issuers, Puerto Rico is struggling with a 45 percent poverty rate and unemployment that is more than twice the mainland U.S. average.The bipartisan, seven-member oversight board was created under the federal Puerto Rico rescue law known as PROMESA, passed by the U.S. Congress last year. It is charged with helping the island manage its finances and navigate its way out of the economic jam, including by negotiating restructuring deals with creditors.PROMESA calls for Puerto Rico''s governor to deliver a fiscal turnaround plan, due on Jan. 28, to serve as a blueprint for the island''s path out of crisis.The law also imposed a freeze on litigation from creditors over debt payments, set to run out on Feb. 15.Rossello, who won election in November and was sworn in on Jan. 2, asked for the deadline extensions, saying his new administration needed more time to assess the local financial situation and negotiate with creditors.Rossello has only just now hired lawyers and financial advisers to represent the government in those talks.Failing to reach consensual restructuring deals could push Puerto Rico and its many debt-issuing agencies into a messy and costly bankruptcy-like process under PROMESA. (Reporting by Nick Brown; Editing by Daniel Bases and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-oversightboard-idINL1N1F82HL'|'2017-01-18T19:22:00.000+02:00'
'8d5bb5931f960b27d37e62e3880067dea64ebc74'|'France''s Safran launches $9 billion agreed bid for Zodiac Aerospace'|'Business News - Thu Jan 19, 2017 - 7:51am GMT France''s Safran launches $9 billion agreed bid for Zodiac Aerospace The Logo of a Safran propulsion systems maker is pictured in Paris, France, August 8, 2016. REUTERS/Jacky Naegelen/File Photo By Tim Hepher and Cyril Altmeyer - PARIS PARIS French aero engine maker Safran on Thursday launched a $9 billion (7.3 billion pounds) agreed bid for seats manufacturer Zodiac Aerospace to create the world''s third-largest aerospace supplier as the industry bulks up to tackle record high output plans. The deal comes three months after Zodiac''s rival B/E Aerospace agreed to be absorbed by Rockwell Collins and six years after Zodiac''s family shareholders rebuffed an approach from part-privatised Safran. Safran has frequently been linked with Zodiac as suppliers combine technologies and after-sales services to support record aircraft production plans. However, some analysts have warned such a tie-up is risky as Zodiac recovers from industrial problems. Safran Chief Executive Philippe Petitcolin said he was not worried about Zodiac''s recovery from a nearly three-year crisis in its U.S. seats manufacturing plants and pledged not to let the deal distract Safran from development of new ''LEAP'' engines for Airbus and Boeing. "Don''t worry, there will be no transfer of skills from LEAP," he told reporters in a conference call. Zodiac has persistently vowed to stay independent as it battled through a series of profit warnings, but Chief Executive Olivier Zarrouati said last March it would be "receptive to any offer that is in the interests of the company". TWO-PART DEAL Under the two-part deal, Safran will launch a cash offer worth 29.47 euros per share, a 26 percent premium to Wednesday''s Zodiac closing price of 23.31 euros. The initial offer values Zodiac at just over 8.5 billion euros ($9 billion), based on Thomson Reuters data. Zodiac''s controlling family shareholders would not take up the offer, but would instead fold their shares into a subsequent merger between the two companies, based on 0.485 Safran shares for each Zodiac share. In addition, Safran''s existing shareholders would receive a special dividend of 5.5 euros per share, worth a total of 2.3 billion euros, before the deal goes ahead. The companies said the combination would boost earnings per share from the first full financial year. Zodiac Aerospace is controlled by a group of families that owns 23.8 percent of the stock and 36.6 percent of the voting rights and the investment vehicle of the Peugeot family, which owns 5.2 percent of the shares and holds 7.3 percent of the voting rights. The French state owns 14 percent of Safran and will remain a shareholder of the combined group under a pact with other core shareholders, the companies said. Zodiac Aerospace is one of two major suppliers of aircraft seats, alongside B/E Aerospace. Rockwell''s acquisition of the latter, expected to be completed this spring, will allow B/E to deploy Rockwell’s capability with onboard connectivity to make internet-enabled seats, galleys, lavatories and other cabin systems. Petitcolin said Safran and Zodiac also had complementary businesses and that synergies could far exceed the annual level of 200 million euros already identified. He declined to give details of the impact on jobs or other cost savings. (Reporting by Tim Hepher, Cyril Altmeyer; editing by Sudip Kar-Gupta and Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-zodiac-aero-m-a-safran-idUKKBN1530SX'|'2017-01-19T14:51:00.000+02:00'
'b251274cd9b8958c2a433422af2924601b20acfc'|'Thai Airways says to launch corruption probe after being named in Rolls Royce case'|'Industrials  14am EST Thai Airways says to launch corruption probe after being named in Rolls Royce case BANGKOK Jan 19 Thai Airways International said on Thursday it will launch an internal corruption investigation after being named in a bribery case relating to British company Rolls-Royce Plc. Rolls-Royce agreed to pay more than $800 million in fines to resolve charges of bribing officials in six countries, including Thailand, in schemes that lasted more than a decade, justice officials in the U.S. and Britain said earlier this week. British court documents setting out the case between the Serious Fraud Office and Rolls-Royce said the company paid several intermediaries between 1991 and 2006 to facilitate the sale of Rolls-Royce engines to Thai Airways. Thai Airways was not accused in the case. ( here ) Thai Airways said in a statement it would launch an investigation and appropriate actions would be taken if any evidence of corruption was found. "The company conducts all its businesses in a transparent manner and without exception to corruption," the statement said. Rolls-Royce admitted to paying officials at state-run energy companies in Kazakhstan, Thailand, Brazil, Azerbaijan, Angola and Iraq more than $35 million in order to win contracts, the U.S. Justice Department said. In a statement, the company''s chief executive officer, Warren East, apologized "unreservedly" for the bribery schemes. The company had since overhauled its compliance rules and cut back on using intermediaries, the statement said. Thailand''s National Anti Corruption Commission said on Thursday that it was conducting its own independent investigation into the Rolls Royce case. (Reporting by Cod Satrusayang; Editing by Matthew Tostevin and Muralikumar Anantharaman) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/rolls-royce-hldg-fraud-usa-thai-airways-idUSL4N1F92PQ'|'2017-01-19T16:14:00.000+02:00'
'2998d5163d42f48126f9ac733c0576cd4894fe38'|'UPDATE 1-Safran launches 10 bln euro friendly takeover of Zodiac Aerospace - Le Figaro'|'  5:00pm EST UPDATE 1-Safran launches 10 bln euro friendly takeover of Zodiac Aerospace - Le Figaro (Adds company no comments, background) PARIS Jan 18 French aircraft engine maker Safran has launched a friendly takeover worth about 10 billion euros ($10.6 billion) for Zodiac Aerospace, the French daily Le Figaro reported on Wednesday, citing unidentified sources. The paper said the merged company would have a turnover of about 21 billion euros. Neither Safran or Zodiac could immediately be reached for comment. French jet interiors supplier Zodiac has been the subject of takeover speculation for months after issuing a series of profit warnings. It pledged in November to return to traditional levels of profitability by 2019-20, but its forecast for this year fell short of analysts'' expectations. Safran tried to woo family-controlled Zodiac in 2010 only to be rebuffed before launching a bid. Analysts have expressed mixed views about whether it would make sense for Safran to renew its interest in Zodiac, which had a market value of 6.7 billion euros at Wednesday''s close. Safran, which already has a seats division, has said it would favour opportunities which reinforce its footprint in aerospace equipment, with a bias towards top-tier suppliers in high-tech businesses with a recurrent services aftermarket. ($1 = 0.9405 euros) (Reporting by John Irish and Cyril Altmeyer; Editing by Robin Pomeroy) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/safran-zodiac-ma-idUSL5N1F86SM'|'2017-01-19T05:00:00.000+02:00'
'44ad2523c12d7c21d92f25ab08e6e188ba28d2b6'|'Argentina launches US$7bn two-part bond'|'By Paul Kilby NEW YORK, Jan 19 (IFR) - Here is the pricing progression on the new US$7bn bond offering from Argentina, expected to price later on Thursday: SIZE MATURITY IPTs GUIDANCE LAUNCH US$3.25bn 5-year high 5% area 5.625%-5.75% 5.625% US$3.75bn 10-year low 7% area 6.875%-7.00% 7.00% Bookrunners: BBVA, Citigroup, Deutsche Bank, HSBC, JP Morgan and Santander (Reporting by Paul Kilby; Editing by Marc Carnegie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-bond-idINL1N1F91J4'|'2017-01-19T15:05:00.000+02:00'
'47de3a8897bfd802a0899a0cda4e94347ed28410'|'Starwood to buy Canada''s Milestone Apartments REIT in $2.9 billion deal'|'Deals - Thu Jan 19, 2017 - 8:58am EST Starwood to buy Canada''s Milestone Apartments REIT in $2.9 billion deal Barry Sternlicht, Chairman and CEO of Starwood Capital Group, speaks at the 2014 Milken Institute Global Conference in Beverly Hills, California April 28, 2014. REUTERS/Lucy Nicholson A unit of private investment firm Starwood Capital Group said it would buy Canada''s Milestone Apartments Real Estate Investment Trust ( MST_u.TO ) in a deal valued at about $2.85 billion. Starwood Capital will pay $16.15 in cash per Milestone Apartments unit, the REIT said. Based on current exchange rates the offer equates to about C$21.47 per Milestone Apartments unit, which is a premium of 9.2 percent to the unit''s close of C$19.66 on Wednesday. Milestone Apartments'' portfolio consists of 78 multifamily residential properties, comprising 24,061 apartment units, located throughout the Southeast and Southwest United States. The transaction implies an average price of about $120,000 per apartment unit, the REIT said. Milestone''s legal advisers are Goodmans Llp and Vinson & Elkins Llp, while Starwood''s are Stikeman Elliott LLP and Kirkland & Ellis Llp. BMO Capital Markets is Milestone''s financial adviser. (Reporting by John Benny in Bengaluru; Editing by Savio D''Souza) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-milestone-m-a-starwoodcapitalgroup-idUSKBN15322Z'|'2017-01-19T20:58:00.000+02:00'
'90b320aa847f7959c2685d94b50527d3bd2e38cb'|'UPDATE 3-Brazil''s inflation falls to lowest in nearly 3 years'|'Big Story 10  45am EST Brazil''s inflation falls to lowest in nearly three years By Silvio Cascione - BRASILIA BRASILIA Brazil''s inflation rate slowed more than expected in mid-January, falling below 6 percent for the first time in nearly three years and reinforcing market bets on steep interest rate cuts by the central bank. Consumer prices as measured by the IPCA-15 index rose 5.94 percent in the 12 months to mid-January, slowing from an increase of 6.58 percent in mid-December, government statistics bureau IBGE said on Thursday. Economists in a Reuters poll had expected an inflation rate of 6.06 percent. Prices rose 0.31 percent from mid-December, up from an increase of 0.19 in the previous month. That was the lowest monthly rate for mid-January since 1994. Yields on rate futures fell as traders saw an increasing likelihood that the central bank will continue cutting interest rates at a brisk pace this year, sending them to single digits from the current 13 percent. "Inflation is slowing down in general, not only at a single group," said Carlos Lopes, an economist with Banco Votorantim. "As long as inflation continues to surprise, the trend is for the central bank to keep its current pace of rate cuts." The central bank cut interest rates by 75 basis points last week, in a sharp move that surprised most economists. The IPCA-15 numbers show the bank is on the right path, central bank governor Ilan Goldfajn said at the World Economic Forum in Davos, Switzerland. Inflation is expected to hit the official target of 4.5 percent by June. Policymakers will decide by then on the inflation goal for 2019, and the rapid inflation drop should allow it to reduce its target for the first time in more than a decade, according to economists polled by Reuters. A measure of price increases among services providers that excludes volatile items such as airfares rose 6.09 percent in the 12 months through mid-January, down from an increase of 6.47 percent in mid-December. That measure is closely watched by the central bank as services prices are more directly influenced by monetary policy than others. Below is the result for each price category: mid-Jan mid-Dece - Food and beverages 0.28 -0.18 - Housing -0.22 -0.28'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-brazil-economy-inflation-idUSKBN1532KP'|'2017-01-19T23:28:00.000+02:00'
'a85f49b963f024414dd41950cf328b0ac10dbbe5'|'Fitch Publishes 2 Deutsche Ultra-short Duration Bond Funds'' Ratings'|'Financials - Thu Jan 19, 2017 - 11:50am EST Fitch Publishes 2 Deutsche Ultra-short Duration Bond Funds'' Ratings (The following statement was released by the rating agency) LONDON, January 19 (Fitch) Fitch Ratings has published ratings on the following two funds: Deutsche Managed Euro Ultra Short Fixed Income Fund:''AAf''/''S1'' Deutsche Managed Sterling Ultra Short Fixed Income Fund: ''AAAf''/''S1''. The funds are sub-funds of the Irish-domiciled OEIC, Deutsche Global Liquidity Series p.l.c. The funds'' investment manager is Deutsche Asset Management S.A. and sub-investment manager is Deutsche Asset Management International GmbH. KEY RATING DRIVERS Fund Credit Quality The ''AAf'' fund credit quality rating of the euro fund is driven by a weighted average rating factor (WARF) of 0.38 as of end-December 2016, which is consistent with Fitch''s ''AAf'' rating range of 0.3-1. The ''AAAf'' fund credit quality rating of the sterling fund is driven by a weighted average rating factor (WARF) of 0.28 as of end-December 2016, which is consistent with Fitch''s ''AAAf'' rating range of 0-0.3. The ratings also take into consideration the funds'' investment guidelines, which limit them to investing only in investment-grade short- to medium-term debt and debt-related instruments. Furthermore Fitch views the portfolio construction strategy conservative, which seeks to build diversification while investing only in high quality issuers. Portfolio Sensitivities to Market Risks The funds have low exposure to interest rates and credit spread duration as measured by their market risk factors (MRF) of 0.80 and 0.89 respectively as of end-December 2016, both of which are well within the ''S1'' rating range of 0-2. Both funds could extend their maturity profiles from current levels; however, Fitch views material maturity extension unlikely given the funds'' current investment strategy. The euro fund''s weighted average maturity (WAM) was eight months and weighted average life (WAL) nine months as of end-December 2016, while the sterling fund''s WAM was nine months and WAL 10 months. The funds'' investment guidelines cap WAM at 12 months and WAL at 18 months in both cases. Maximum individual asset maturity is capped at three years. The funds can purchase securities in currencies other than the funds'' currency; however, these securities will be hedged using FX-forwards. Fund Profile The funds'' investment objective is to generate capital growth while preserving capital and offering liquidity by investing in a diversified portfolio of short- to medium-term debt and debt related instruments. The funds can invest in fixed and floating instruments such as government, corporate bonds, commercial paper, certificates of deposits, covered bonds, asset-backed commercial paper and asset-backed securities at a maximum 20% of the portfolio''s total assets. Investment Manager Deutsche Asset Management S.A. (and its affiliates) are all indirect subsidiaries of Deutsche Bank AG (A-/RWN/F1). Deutsche Asset Management International GmbH, the sub-advisor to the euro and sterling Funds falls within the rating perimeter of Deutsche Asset Management Germany, which is rated ''Highest Standards'' by Fitch. Overall Deutsche AM had over EUR715bn in assets under management and about 5,500 employees as of end-3Q16. It had around EUR45bn in cash and short-duration assets under management as of end-3Q16. RATING SENSITIVITIES The ratings may be sensitive to material changes in the funds'' credit quality or market risk profiles. A material adverse or continuous deviation from Fitch rating criteria will have rating implications. The euro fund''s rating is robust at the current rating level on the basis of Fitch''s WARF stress tests. The sterling fund''s rating is moderately sensitive to Fitch''s WARF stress test scenarios. These stress test scenarios evaluate potential portfolio concentration risk. The sterling fund suffered a minor breach of the ''AAAf'' rating range as of end-December 2016 in some of Fitch''s stress scenarios. Given that the breaches were relatively small and pending inflows will increase the fund''s diversification Fitch has chosen to assign a rating of ''AAAf'' rather than the ''AAf'' suggested in some of Fitch''s stress scenarios. The MRF stress test scenarios for both funds are also in line with the ''S1'' rating level. Contact: Primary Analyst Evangelia Gkeka Associate Director +44 20 3530 1829 Fitch Ratings Ltd 30 North Colonnade London, E14 5GN Secondary Analyst Alastair Sewell, CFA Senior Director +44 20 3530 1147 Committee Chairperson Ralph Aurora Senior Director +1 212-908-0528 Media Relations: Rose Connolly, London, Tel: +44 203 530 1741, Email: rose.connolly@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Global Bond Fund Rating Criteria (pub. 22 Aug 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986856'|'2017-01-19T23:50:00.000+02:00'
'b42385f031b6a26484b00d23a58bc42ac1337175'|'UK PM May says she has had positive discussions with banks'|'Business News - Thu Jan 19, 2017 - 12:12pm EST UK PM May says she has had positive discussions with banks Britain''s Prime Minister Theresa May attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich LONDON British Prime Minister Theresa May said on Thursday she had positive discussions with banks about the benefits of the City of London financial district. After she said earlier this week that Britain would be leaving the EU single market, banks are expected to push ahead with plans to relocate parts of businesses elsewhere in the EU so they can continue to sell their services across the bloc. Speaking to the BBC at the World Economic Conference in Davos, Switzerland, May said: "I''ve had a very good, positive discussion with banks about the benefits of the City of London, about what it is that has brought them to the City of London, and how we can continue to build on that for the future. "There are huge benefits for investments in the UK - we have a fundamentally very strong economy, we have a service sector that is ... valued around the world. "I believe a truly global Britain can brings jobs and prosperity to the UK across the board, including in financial services." (Reporting by Stephen Addison, editing by Estelle Shirbon) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-britain-eu-may-banks-idUSKBN1532NW'|'2017-01-19T23:53:00.000+02:00'
'b89a04a3c69a98985e230c4a5bd21cfa98ac0dde'|'Iraqi sheep, locals, environment suffer Islamic State oil fires'|'By Girish Gupta - QAYYARA, Iraq QAYYARA, Iraq Shepherds herd blackened flocks through the Iraqi desert. Locals cough and wheeze under vast clouds of smoke, and NASA images show oil threatening to encroach on the Tigris River, a major water source.Lit by Islamic State as they fled Iraqi forces in August, huge oil fires are still raging across northern Iraq, bringing a litany of problems in their wake.A toxic cloud has hung for months over the town of Qayyara, just 60 km (40 miles) from Mosul where Iraqi forces are battling to defeat the militant Sunni group. It is an eerie reminder of the group''s rule of the area as traumatized residents begin to rebuild.More than 250 square km (155 square miles) were covered in smoke for more than 21 days, according to satellite images published in November. Follow-up photos this month show oil "very close" to a tributary of the Tigris though a little less smoke as some fires have been extinguished.Oil fires release deadly substances into the air, soil and water sources, as seen when retreating Iraqi forces lit more than 650 oil wells in Kuwait in 1991 causing a major environmental disaster."The smoke hurts our children, hurts us and, as we get older, it''s only going to cause us more problems," said Sarhan Misin, 20, who works in a sweet shop just off Qayyara''s main road, adding he has begun suffering coughing fits and shortness of breath.A doctor at the local hospital, asking not to be named for fear of reprisal by Islamic State, told Reuters he had seen many more patients with respiratory problems in recent months, though was not able to give numbers.A shepherd herding sheep near a military checkpoint and bombed-out bridge said the oil fires were to blame for the deaths of 10 of his once-60-strong flock. The wool of the remainder turned an oily black."When it started, we washed them and they came back to this dark color immediately," said Hamid Achman, 40, a former policeman turned shepherd after his brother, also a policeman, was killed by Islamic State.''JUDGEMENT DAY''The United Nations as well as many environmental groups and charities have used strong language and pushed for the fires to be extinguished and more serious testing to take place."This ongoing ecocide is a recipe for a prolonged disaster," said Erik Solheim, head of the United Nations'' Environment Programme, in October.On top of the burning oil wells, Qayyara, home to roughly 15,000 people, suffered a chlorine gas leak in October originating from a water plant. A further toxic cloud rolled across the land as sulphur dioxide stockpiled nearby caught fire."Qayyara clearly shows that environmental damage in conflicts is a humanitarian issue, with acute and potentially long term consequences," said Doug Weir, a manager at the U.K.-based Toxic Remnants of War Project.Known for their sulphur-rich, heavy crude, the Qayyara area''s two main oil fields produced 30,000 barrels per day before the area was taken over by Islamic State, which then itself profited from the wells.The district''s name is derived from the Arabic for tar, qatran.A few kilometers away, one well of around 20 initially lit by Islamic State - of which half are still burning - spews flames dozens of meters high into the cold Iraqi air. Thick smoke swirls for kilometers around.Around 100 firefighters and engineers are working to put out the fire in extremely difficult circumstances, though there is no indication as to when their work will be done.Blackened diggers, trucks and hoses litter charred earth near the flaming wellhead, amid temperatures high enough to burn skin."Sometimes the weather changes suddenly and the fire burns the workers and damages the equipment," said Ayyad Al-Jiburi, the engineer leading the project.Standing some 20 meters from the flames, smoldering cigarette in hand, he remarks that the ground beneath them could collapse at any moment."We''re dealing with a natural force... as if preparing Judgement Day and what hell could be like."(Addtional reporting by Mahmood Zaki; editing by Ralph Boulton)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-mideast-crisis-iraq-oil-idINKBN1531CZ'|'2017-01-19T07:55:00.000+02:00'
'3b4dfe780e84d66688899c80e7a74396ea619059'|'Apax plans $1.9 bln IPO of Norway''s Evry - report'|'OSLO Jan 19 Private equity firm Apax Partners plans to gradually cut its stake in Norwegian technology firm Evry ASA through an initial public offering, daily Finansavisen reported on Thursday, quoting unnamed sources.The IPO could value Evry at up to 16 billion crowns ($1.88 billion), almost five times the 3.4 billion crowns Apax paid for the firm in 2015, the paper added.($1 = 8.4920 Norwegian crowns) (Reporting by Terje Solsvik; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/evry-ipo-apax-idINL5N1F90LJ'|'2017-01-19T03:04:00.000+02:00'
'1c4c3509292d8d689bcfd3107808ad2952809ebd'|'OPEC output cuts under scrutiny as market tightens - IEA'|'Economy   9:05am GMT OPEC output cuts under scrutiny as market tightens: IEA A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria December 10, 2016. REUTERS/Heinz-Peter Bader LONDON World oil markets are slowly tightening as demand rises while investors wait to see if production cuts agreed by OPEC and other producers will be implemented as promised, the International Energy Agency (IEA) said on Thursday. In its monthly oil market report, the IEA said output cuts announced by the Organization of the Petroleum Exporting Countries and 11 non-OPEC producers in November had "entered their probation period". OPEC agreed in November to cut production by 1.2 million barrels per day (bpd) to 32.5 million bpd for the first six months of 2017, together with another 558,000 bpd in cuts from the likes of Russia, Oman and Mexico. "It is far too soon to see what level of compliance has been achieved," said the IEA, which advises advanced industrial economies on energy policy. "The market awaits the outcome of the output deal." Meanwhile demand for oil is rising. The agency said stronger oil consumption had led it to raise its estimate of global oil demand growth over the last year by 110,000 bpd to 1.5 million bpd, well above the average rate of growth seen in this century of 1.2 million bpd. Global oil demand growth hit a five-year peak of 1.8 million bpd in 2015. The IEA said oil production in the United States and other countries outside OPEC were beginning to respond to higher prices since the announcement of the OPEC production cuts. Benchmark Brent crude oil LCOc1 is now trading close to $55 a barrel, up from between $40 and $50 in November. U.S. oil production was rebounding, led by shale, as exploration drilling increased and wells became more efficient, the IEA said. "Not only is the rig count rising, but recent reports tell us that the productivity of shale activity has improved in leaps and bounds," it said. The IEA said the oil market would continue to tighten, stabilizing prices and depleting stocks, if OPEC and fellow oil producers were able to produce close to their promised limits. (Reporting by Christopher Johnson; Editing by Susan Fenton) Next In Economy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-iea-oil-idUKKBN1530ZH'|'2017-01-19T16:04:00.000+02:00'
'7303a9d9c33ee8ef76bc64809ad91181937b8976'|'Safran/Zodiac deal to strengthen French aerospace sector: Hollande'|'PARIS French President Francois Hollande said on Thursday that aircraft engine maker Safran''s ( SAF.PA ) bid for jet interiors supplier Zodiac ( ZODC.PA ) would strengthen the country''s aerospace industry."The President of the Republic welcomes this fine industrial deal which will strengthen the French aeronautics industry," Hollande said in a statement issued by his office.Safran has launched a $9 billion agreed bid for seats manufacturer Zodiac Aerospace ZODC.PA to create the world''s third-largest aerospace supplier as the industry bulks up to tackle record high output plans.(Reporting by Sudip Kar-Gupta; Editing by Bate Felix)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-zodiac-aero-m-a-safran-hollande-idINKBN153152'|'2017-01-19T06:49:00.000+02:00'
'fb303f00019f943616e2037f35c11b01d385b583'|'U.S. closing Tesla autopilot death investigation without demanding recall - source'|'WASHINGTON The U.S. National Highway Traffic Safety Administration on Thursday is expected to close a six-month-old investigation into the death of a Tesla Motors Inc car driver using its semi-autonomous driving system Autopilot without seeking a recall, according to a source briefed on the matter.The auto safety agency did not find evidence of a defect that would have required a safety recall of the cars, the source said.Tesla in September unveiled improvements to its Autopilot software, adding new limits on hands-off driving and other improvements that chief executive Elon Musk has said likely would have prevented a fatality in May.Tesla''s Autopilot, introduced in October 2015, has been the focus of intense scrutiny since it was revealed in July that a Tesla Model S driver, Joshua Brown, was killed while using the technology in a May 7 collision with a truck in Florida.(Reporting by David Shepardson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tesla-safety-idINKBN1532FA'|'2017-01-19T12:58:00.000+02:00'
'46126ee3159fb096bbd0815c203dcc2055da1119'|'Exclusive: Aon nears $4.5 billion sale of benefits outsourcing unit - sources'|'By Greg Roumeliotis Insurance broker Aon Plc ( AON.N ) is in advanced talks to sell its employee benefits outsourcing unit to buyout firm Clayton Dubilier & Rice LLC for nearly $4.5 billion, people familiar with the matter said on Thursday.The divestiture would undo much of Aon''s 2010 acquisition of human resources services provider Hewitt Associates Inc for $4.9 billion, signaling that the company now wants to focus more on its insurance and risk management businesses.After submitting an offer earlier this month, CD&R has prevailed over private equity firm Blackstone Group LP ( BX.N ) in an auction for the unit, the sources said. The sources cautioned that negotiations were ongoing and that the outcome could still change.CD&R operating partner and former SunGard Data Systems Inc chief executive officer Russell Fradin, who was Aon Hewitt''s CEO from 2006 to 2011, is playing a key role in drafting a plan on how the unit can be separated from Aon, the sources said.The unit for sale facilitates the processing of claims for companies, including defined benefit, defined contribution, and health and welfare administrative services.Aon hopes to announce a deal by Feb. 10, when it plans to report fourth-quarter earnings, the sources said.The sources requested anonymity because the negotiations are confidential. Aon and CD&R declined to comment, while Blackstone did not immediately respond to a request for comment.Headquartered in London, Aon is active in more than 120 countries.Private equity firms have been prolific investors in businesses that help companies cut costs by outsourcing large parts of their administrative functions, since such operations can generate strong cash flows. A few years after they invest, they seek to sell ownership of those assets at a big profit.In September, Canadian pension fund manager Caisse de dépôt et placement du Québec said it would acquire a $500 million minority stake in Sedgwick Claims Management Services Inc, which specializes in workers'' compensation and is owned by buyout firms KKR & Co LP ( KKR.N ) and Stone Point Capital LLC.In another example, Blackstone and Singaporean sovereign wealth fund GIC invested $750 million in 2014 to obtain minority stakes in Kronos Inc, a workforce management solutions company controlled by buyout firm Hellman & Friedman LLC.(Reporting by Greg Roumeliotis in New York; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aon-m-a-benefits-idINKBN1532EV'|'2017-01-19T12:54:00.000+02:00'
'ec4e212f0c998e9133054fbce94acdcecb28718a'|'Is the City of London going to hell in a Brexit handcart? - Business - The Guardian'|'I s the City of London going to hell in a Brexit handcart? If you believe so, you might point to the growls from the bankers in Davos about shifting jobs to the continent. We could move 1,000 roles, says HSBC, with Paris the main beneficiary. Same figure for us, replies UBS, but possibly Frankfurt and Madrid. Meanwhile, Goldman Sachs is stalling on its plan to expand in London .On the other hand, here’s Jes Staley, chief executive of Barclays, breathing easily: “I don’t believe that the financial centre of Europe will leave the City of London . There are all sorts of reasons why I think the UK will continue to be the financial lungs for Europe.”The reality, one suspects, is that these positions are not as far apart as they seem. Everybody is trying to anticipate the outcome of the Brexit negotiations but, in the absence of facts, the bankers’ statements are a cocktail of contingency planning and hazy guesswork.What is plainly true is that, if banks and other financial firms are legally bound to conduct certain types of business in the eurozone, that is where they will shift the relevant roles. That is what HSBC and UBS are primarily talking about. Of course, the banks – like UK carmakers – have an incentive to frighten the government with large numbers to try to protect their interests during the negotiations. But a thousand jobs here, a thousand there? Yes, that seems quite possible. It’s a very big industry.Yet the hell-in-a-handcart question is different. It’s about whether the loss of those jobs would herald the slow decline of the City, with business relentlessly leaking away over the years. That, as Staley suggests, remains hard to believe.First, the banks would prefer to move as few posts as possible. Relocation is a hassle and UK regulators and politicians are familiar beasts. Second, the bankers probably aren’t making it up when they say the rest of the EU’s interests would not be served by upending the City. There isn’t an easy alternative financial capital and a fragmented collection of centres implies expense, to be paid in higher costs by European companies. That point, plus the risks to financial stability, may be gaining ground in the EU.So is a third: that New York could be the biggest beneficiary of a sudden shift in the financial landscape. Returns on capital for banks are currently far fatter in the US than in the eurozone. So don’t assume US banks would rush to Frankfurt. Their US boards may prefer the Trumpist option of reinvesting at home.To repeat, everything hinges on the new trading arrangements between the UK and the EU – and some form of standstill agreement, which allows adjustment to happen over time, could be the critical protection that the City requires. In the meantime, here’s a private pointer from one senior banker: watch the property markets. Tales of relocation become solid only when banks commit to spending serious sums on flashy new premises. And, if a large continental bank were to run against the general chatter and order a sizeable chunk of office space in London, that would be very significant.Time for a big tobacco pay filterIt is a poor state of affairs that so many fund managers, especially in the US, can’t be bothered to think for themselves and instead rely on third partes to advise them on how to vote at companies’ annual meetings. But it is also true that few shareholder rebellions, at least on boardroom pay, gain momentum unless such proxy voting agencies back them.That is why Imperial Brands, as Imperial Tobacco calls itself these days, will be alarmed that ISS has come out against its proposed pay policy. The fags firm had been delighted that Glass Lewis, another proxy agency, supported the proposed hike in chief executive Alison Cooper’s maximum pay package to £8.5m. Now ISS, which carries greater clout, is in the opposition camp.ISS’ reasoning is sound. First, the agency observes that Imperial can’t seem to stop fiddling. This is the second time in three years that it wants to increase executives’ variable pay. That is not how the game is meant to be played; rather, companies are supposed to get a policy approved and then let it run for three years.Second, ISS agrees with a point made here a couple of days ago : Imperial is playing the tired and discredited “benchmarking” card. It thinks Cooper, who earned £5.5m last year, needs a rise just because bosses of other companies with similar stock-market valuations can get even more. But, if all companies took that view when their shares have outperformed (and never when they have underperformed), inflation becomes baked into the system.Common sense ought to prevail. Cooper can earn £7.1m a year under the current policy. She owns shares in Imperial worth £6.5m and has unvested performance-related awards worth up to £12m. That ought to be sufficient motivation to try hard. Imperial’s proposal is a shabby try-on that deserves to fail, as a few fund managers who do think for themselves have been saying in private. The intervention of ISS makes the vote on 1 February interesting.An honest departure “Succession processes are challenging for everyone involved and, unfortunately, it is rare that all of those involved stay with the company,” says Sir Andrew Witty, chief executive of GlaxoSmithKline. At least that’s honest: Abbas Hussain, head of Global Pharmaceuticals (and brother of former England cricket captain Nasser, incidentally), is departing because he lost out to Emma Walmsley in the race to succeed Witty. Hussain, 52, can be confident of landing a big job elsewhere. Top marks for sparing us the usual guff about leaving to pursue other interests.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/jan/19/is-the-city-of-london-going-to-hell-in-a-brexit-handcart'|'2017-01-19T02:00:00.000+02:00'
'7aafc1a269a6b12a2c86690526b2682eea869cae'|'Gold under pressure on Yellen''s support for rate hikes'|'Gold prices on Thursday held on to their losses from the previous session, when they fell 1 percent on a strong dollar, after Federal Reserve Chair Janet Yellen advocated lifting U.S. interest rates gradually.FUNDAMENTALS* Spot gold XAU= was largely flat at $1,203 per ounce by 0100 GMT. The bullion hit an eight-week high of $1,218.64 on Tuesday, but fell 1 percent in the previous session as dollar strengthened.* U.S. gold futures GCcv1 were down 0.7 percent at $1,203.50 per ounce.* With the U.S. economy close to full employment and inflation headed toward the Federal Reserve''s 2 percent goal, it "makes sense" for the U.S. central bank to gradually lift interest rates, Fed Chair Janet Yellen said on Wednesday. [nL1N1F82ER]* The U.S. central bank should be able to raise rates "in a gradual and patient manner," Dallas Fed President Robert Kaplan said on Wednesday. [nU5N17902R]* U.S. consumer prices increased in December as households paid more for gasoline and rental accommodation, leading to the largest year-on-year increase in 2-1/2 years and signaling that inflation pressures could be building. [nL1N1F71YW]* With euro zone growth and inflation slowly picking up pace, the European Central Bank is set to argue on Thursday that its extra-easy policy stance is still needed to keep the recovery on course. [nL5N1F8492]* China''s economy likely grew by a steady 6.7 percent in the fourth quarter, the same pace as in the previous three quarters, supported by higher government spending and record bank lending that has stoked concerns about debt risks, according to a Reuters poll of 62 economists. [nL4N1F61EF]* Japan''s government could debate after April revising its target of eliminating the primary budget deficit by 2021, two government sources said, as infrastructure spending and a delay in the sales tax hike make wiping out the deficit unlikely. [nL4N1F82IH]* The Philippines has cancelled the environmental permits of six more companies, including four miners, Environment and Natural Resources Secretary Regina Lopez said on Wednesday. [nP9N1DG00D]* For the top stories on metals and other news, click [TOP/MTL] or [GOL](Reporting By Nallur Sethuraman in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-precious-idINKBN15307C'|'2017-01-18T22:35:00.000+02:00'
'75d650fae87f29a36b84bf69cc501700890df402'|'BRIEF-Toshiba: media report on estimated loss for its nuclear business not something it announced'|'U.S. watchdog calls Peabody bankruptcy plan fees ''exorbitant'' CHICAGO, Jan 18 The U.S. government''s bankruptcy watchdog objected on Wednesday to certain parts of Peabody Energy Corp''s plan to slash $5 billion of debt and exit Chapter 11, calling a proposed $240 million in transaction fees "exorbitant," court papers showed. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL4N1F861L'|'2017-01-19T07:07:00.000+02:00'
'3b24dbf33c2ccd65936a67c9d4f6a2fc15fa7f9b'|'Brazil''s Oi mulls changing restructuring plan challenged by creditors - Estado'|'Deals  33am EST Brazil''s Oi mulls changing restructuring plan challenged by creditors: Estado The logo of Brazil''s largest fixed-line telecoms group Oi is seen inside a shop at a shopping centre in Sao Paulo November 14, 2014. REUTERS/Nacho Doce BRASILIA Brazil''s Oi SA ( OIBR3.SA ) is considering changing a restructuring plan challenged by a group of creditors to offer banks and bondholders part of asset sale proceeds, newspaper O Estado de S.Paulo said on Wednesday. The current in-court reorganization plan, presented in September, has been criticized by a group of creditors advised by Moelis & Co as favoring shareholders at the expense of bondholders. The proposed changes are being discussed by Oi''s chief executive Marco Schroeder, investors and creditors, and could be presented by the end of March, Estado said, citing unidentified sources briefed on the talks. Oi, which is trying to restructure about 65.4 billion reais ($20.4 billion) of debt after filing for Brazil''s largest ever bankruptcy protection in June, did not immediately respond to an emailed request for comment. Escalating tension among creditors and shareholders of Oi has forced the Brazilian government to threaten a potential intervention in Oi. In an interview published on Tuesday, Communications Minister Gilberto Kassab said the government was ready to intervene in Oi if in-court negotiations fail. (Reporting by Silvio Cascione; Editing by Mark Potter) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-oi-sa-restructuring-idUSKBN15217P'|'2017-01-18T17:30:00.000+02:00'
'a8144682abeb50e0da7e617ffaf8c83452e800b5'|'Deutsche Bank plans small disposals over next year -CEO on CNBC'|'Financials   1:13pm EST Deutsche Bank plans small disposals over next year -CEO on CNBC FRANKFURT Jan 18 Deutsche Bank plans some small disposals over the next 12 months and still hopes to avoid issuing new capital to strengthen a balance sheet hit by large fines for legacy criminal behaviour, its chief executive told CNBC on Wednesday. "We do have a number of other, smaller business that we intend to offer for sale," John Cryan said when asked whether he planned large divestments, saying they were aimed at making Germany''s largest bank simpler and more focused. Asked about the need for a capital hike, Cryan said: "Our strong preference was not to raise fresh capital... but I know never to say never." Cryan added that Deutsche Bank had never discussed the possibility of a government bail-out with Berlin. (Reporting by Georgina Prodhan) Next In Financials Monte dei Paschi won''t take chances with first state-backed bond-sources MILAN, Jan 18 Monte dei Paschi di Siena is unlikely to tap markets with an upcoming 2 billion euro ($2.1 bln) bond as it fears a state guarantee on the issue won''t be enough to draw sufficient investor demand, three sources familiar with the matter said.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/deutsche-bank-divestiture-idUSF9N1EB00K'|'2017-01-19T01:13:00.000+02:00'
'801b129e947c35f551d892774fadb2abb5fea2e3'|'Indonesia expects Freeport to pay higher taxes -Finance Ministry official'|'JAKARTA Jan 18 The Indonesian unit of U.S. copper miner Freeport McMoRan Inc is expected to pay more in taxes once it obtains a new mining permit, a finance ministry official said, as part of new rules on the mining sector in Southeast Asia''s largest economy."The impact is positive for government revenues," said Suahasil Nazara, head of the fiscal policy office. Under the new rules Freeport would pay less income tax, he said, but would now have to pay a dividend tax and a 10 percent value added tax.The total amount Freeport pays in taxes, however, would increase only "slightly", he said. (Reporting by Gayatri Suroyo; Writing by Fergus Jensen; Editing by Kenneth Maxwell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-mining-freeport-mcmoran-idINJ9N1EZ00F'|'2017-01-18T05:39:00.000+02:00'
'bd025cad72642e152c059d35142c43bdb9d0b6d9'|'MOVES-BlueBay Asset Management appoints emerging markets strategist'|'Company  28am EST MOVES-BlueBay Asset Management appoints emerging markets strategist Jan 18 Fixed income manager BlueBay Asset Management LLP appointed Timothy Ash to the newly created role of emerging markets senior sovereign strategist in its emerging market debt team. Ash will be based in London and report to David Dowsett, partner and co-head of the emerging markets team. Ash most recently served as the head of CEEMEA credit strategy at Nomura Holdings Inc, said BlueBay Asset Management, which is wholly-owned by Royal Bank of Canada . (Reporting by Diptendu Lahiri) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bluebay-asset-management-llp-moves-timot-idUSL4N1F84JJ'|'2017-01-18T22:28:00.000+02:00'
'6da18cf252e7ddbd25ee9ba0d5b18493eca47156'|'Japan will work to minimise Brexit impact on Japan firms - Suga'|'Business News - Wed Jan 18, 2017 - 2:45am GMT Japan will work to minimise Brexit impact on Japan firms - Suga Japan''s Chief Cabinet Secretary Yoshihide Suga attends a Thomson Reuters Newsmaker event in Tokyo, Japan August 30, 2016. REUTERS/Kim Kyung-Hoon TOKYO Japan will work with Britain and the European Union to minimise the impact on Japanese firms and the global economy when Britain leaves the EU, the country''s top government spokesman said on Wednesday. Chief Cabinet Secretary Yoshihide Suga told a news conference that the government would continue to closely monitor Brexit developments. Britain will quit the EU single market when it leaves the European Union, Prime Minister Theresa May said on Tuesday in a decisive speech that set a course for a clean break with the world''s largest trading bloc. (Reporting by Kaori Kaneko; Editing by Chris Gallagher) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-japan-idUKKBN15208J'|'2017-01-18T09:45:00.000+02:00'
'7c19a2a4f310aa6ecd7848045b95ceca3b090428'|'MOVES-Barclays vice chairman of banking Matthew Ponsonby to retire - memo'|'Money  43am EST Barclays vice chairman of banking Matthew Ponsonby to retire: memo Matthew Ponsonby speaks during the Reuters Global Mergers and Acquisitions Summit in London April 4, 2011. REUTERS/Benjamin Beavan LONDON Barclays vice chairman of banking, Matthew Ponsonby will retire from the British bank at the end of January, according to a memo seen by Reuters on Friday. Ponsonby, who joined Barclays from Citigroup in 2009 as co-head of European mergers and acquisitions (M&A), played a key role in building out Barclays'' banking franchise in Europe, the Middle East and Africa (EMEA), having held a variety or roles during his eight years at the bank. He was appointed chief operating officer (COO) of Banking, EMEA in 2013 and co-global COO of banking in 2014 before assuming the role of vice chairman in May 2015. "His breadth of experience and effective leadership have played a crucial role in driving the strategy of the banking business, against a backdrop of significant internal and external change," John Mahon, head of banking EMEAPAC said in the memo. A Barclays spokesman in London confirmed the contents of the memo. (Reporting By Anjuli Davies, editing by Sophie Sassard) Next In Money Democrats ask U.S. brokerages if they support delay to fiduciary rule NEW YORK One of the strongest proponents of the Democrats on financial regulation demanded on Thursday that big brokerages come clean about whether they would support delaying a new rule by the U.S. Department of Labor if President-elect Donald Trump''s administration makes a move to do so.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-barclays-moves-idUSKBN15418R'|'2017-01-20T17:37:00.000+02:00'
'd6f4dc328ce6b5ddca8b276aa35500b4239d2dad'|'ChemChina seeks U.S. anti-trust approval for Syngenta deal'|'Fri Jan 20, 2017 - 9:01am GMT ChemChina seeks U.S. anti-trust approval for Syngenta deal left right People use an escalator outside the headquarters of ChemChina (China National Chemical Corporation) in Beijing, China, February 4, 2005.   1/2 left right A Syngenta logo is pictured in their office in Singapore, February 12, 2016. REUTERS/Edgar Su/File Photo 2/2 BEIJING China National Chemical Corp, or ChemChina, said on Friday it has sought the U.S. anti-trust regulator''s approval for its planned $43 billion acquisition of Swiss crop protection and seed group Syngenta AG ( SYNN.S ). "We have filed an HSR Act with the FTC after good communications with the case team. We believe the U.S. anti-trust process is on track," ChemChina said in an email, referring to the U.S. anti-trust Hart-Scott-Rodino Act and the Federal Trade Commission, which oversees mergers. Sources close to the deal expected an approval soon, given the small revenue that ChemChina generates from the U.S. via Adama ( ADAM.N ), a maker of generic versions of pesticides without patent protection, and its minor overlap with Syngenta products. The deal has already won approvals from regulators in several markets, including a U.S. national security panel and Australia''s competition watchdog. Earlier this month, companies proposed minor concessions to the European Commission''s competition watchdog with one source close to the deal estimating the overall divestment from Adama at less than $500 million. Recently, the EU Commission extended the deal review to April 12, and a top Syngenta executive said earlier this week that it was "highly optimistic that by the date we will have made sufficient progress in the U.S. and EU to be going forward". (Reporting by Chen Aizhu; Editing by Sherry Jacob-Phillips) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-chemchina-syngenta-us-idUKKBN1540Y4'|'2017-01-20T16:00:00.000+02:00'
'c9cc5e067e454651ee9cc66e70bab2928c03b51d'|'India pressed ahead with banknote ban despite central bank concerns'|'Business News - Fri Jan 20, 2017 - 1:06pm GMT India pressed ahead with banknote ban despite central bank concerns A man shows the new 500 Indian rupee banknotes after withdrawing them from an ATM in Guwahati, India, November 25, 2016. REUTERS/Anuwar Hazarika By Rajesh Kumar Singh and Suvashree Choudhury - NEW DELHI/MUMBAI NEW DELHI/MUMBAI India pushed ahead with its decision to scrap banknotes even as the Reserve Bank of India''s (RBI) own board expressed concern whether the cash could be replaced quickly enough, the central bank has said in written testimony to parliament. The revelation comes amid growing criticism about whether the central bank and the government had sufficiently assessed the potential fallout from the Nov. 8 ban of about 86 percent of the cash then in circulation. Prime Minister Narendra Modi''s shock move caused a severe cash shortage that brought large parts of the economy to a virtual standstill, as the central bank struggled to print new 500-rupee and 2,000-rupee notes to replace the old currency. A copy of the private testimony to a parliament panel, seen by Reuters, showed the central bank had also warned the government of "possible inconvenience to the public for some time," among the potential consequences of the massive exercise. Despite its own doubts, the testimony showed, the RBI board approved the plan to ban 500-rupee and 1,000-rupee notes, as it believed the move would rein in counterfeiting and reliance on cash, and pull unaccounted cash into the financial system. "It might not immediately be possible to replace these notes fully in terms of both value and volume," the board felt at a meeting ahead of Modi''s Nov. 8 announcement, according to the central bank submission. But the RBI''s board ultimately believed that "corrective" action could be taken and decided to recommend the move, the document showed. The RBI also believed the impact of such an exercise would be "transitory", given its efforts to quickly replace the old notes, it said in the testimony. The RBI''s endorsement of the government action has drawn strong criticism from several former policymakers, including former Prime Minister Manmohan Singh, the architect of India''s 1991 financial reforms and a former central bank governor. The document also notes the proposal to ban the cash had come from the government, in a letter a day before the announcement that advised the RBI to "immediately" put the plan before its board for approval. Under India''s RBI Act, such a move was necessary. The central bank did not immediately respond to Reuters'' request for comments on its submission to parliament. "PAINFUL" FOR RBI Since Modi declared the ban, the central bank has been forced to announce a barrage of measures to soften the impact, including several high-profile reversals, undermining confidence in it. In a letter to RBI Governor Urjit Patel, unions of central bank employees called such criticism "painful", and accused the government of steering decisions behind the replacement of the banned notes, saying that "blatantly encroaches" on the central bank''s jurisdiction. The government, however, has denied it was taking the decisions during the implementation, saying that it was merely cooperating with the RBI and reiterating that it fully respected the autonomy of the central bank. Power and Coal Minister Piyush Goyal said such cooperation was necessary, since it involved an unprecedented "exercise" and that the flurry of action showed India''s flexibility in taking the necessary measures. "They never had got an experience of this kind of a war-type situation," Goyal said, referring to the RBI. "So, every organization which is doing this is doing it for the first time. You will learn as you go along." Previous banknote bans have not had such a dramatic impact as they removed only a small fraction of cash from circulation. ($1=68.2300 Indian rupees) (Editing by Rafael Nam and Clarence Fernandez) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-india-cenbank-independence-idUKKBN1541OY'|'2017-01-20T20:06:00.000+02:00'
'c0bf83df671123478b780f03c13bf3be5783c104'|'Davos offers unsettling glimpse of new world order'|' 16pm GMT Davos offers unsettling glimpse of new world order An attendee arrives in the Congress Hall during the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 20, 2017. REUTERS/Ruben Sprich By Noah Barkin - DAVOS, Switzerland DAVOS, Switzerland Imagine a world where the relationships and roles that have defined the global order for the past three quarters of a century have been turned on their head. Communist China is the world''s champion of free trade and globalization. The United States has turned its back on liberal values and is cozying up to Russia. And Europe, spurned by Washington and London, is turning to Beijing to fill the void. Welcome to the World Economic Forum (WEF) in Davos circa 2017. This is not a dream. It is, or may be, the new reality in a world shaken by economic and geo-political tremors not seen since the fall of the Berlin Wall, or possibly World War Two. In past years, this annual gathering of leaders, CEOs and bankers in the Swiss Alps has had a glum undertone to it because of the succession of crises, mainly of a financial nature, rocking the globe. But this year there was a sense that something far bigger is going on, a shifting of the tectonic plates of global politics that is breeding deep uncertainty and may herald a return to a rougher, tougher world defined by national self interest. "Cautiously pessimistic" is how Robin Niblett, director of the London-based think tank Chatham House described the mood. EU foreign policy chief Federica Mogherini spoke of a new paradigm in foreign policy. "We''ve been used to friendships, natural partnerships based mainly on values and history and probably we''re entering into a phase where we will be maybe more pragmatic, transactional, some say emotionless," she told Reuters. Chinese President Xi Jinping stole the show in Davos with a speech that made it clear Beijing is eager to fill any vacuum in global leadership arising from the arrival of Donald Trump in the White House. His address to a vast, packed hall, in which he defended globalization, free trade and multilateralism, was both diplomatic and opportunistic. Xi took indirect digs at Trump, only days before his inauguration. And he sent an unmistakable message to a rudderless Europe: China is here for you. EUROPE AND CHINA "The Chinese have seized the opportunity," said a senior European Commission official. "They have developed such deep knowledge about us in the last 10 years that they know exactly how to tweak a message to a Western audience that is at a loss because of Brexit and Trump." "Whichever way you look at it, the EU and China will have to lead on climate change," the official said. "If we want to try to maintain a world economic model based on openness and free trade, it could be led by the EU and China if we do it smart." This is a new world, Niblett said, in which the Europeans see Russia as a threat and China as an opportunity, while Trump sees China as a threat and Russia as an opportunity. But are we really there yet? Perhaps not. Much depends on Trump, who stayed away from Davos on the week of his inauguration but dominated discussions at the public panels, closed-door meetings and the off-record breakfasts and lunches. The questions about a Trump presidency fell into three main categories: How will the contradictions in his economic and foreign policies be resolved? Who will really have the say in his administration? And why that perplexing fondness for Vladimir Putin? "All Western leaders have had a moment of madness when they thought they could do a deal with Vladimir Putin," said one former leader of a Western country, predicting that Trump''s cozy relationship with the Russian president would not last. A veteran of previous U.S. administrations predicted that members of Trump''s cabinet would push back hard against many of his foreign policy plans. "We could end up in parallel universes, if you will, of real politics, real policies, real decisions that look pretty intelligent. And then a sort of public commenting, tweeting dialogue that continually raises eyebrows," that person said. DOLLAR DILEMMA On economic policy, something will also have to give. During his presidential campaign, Trump accused the Federal Reserve of keeping interest rates too low for too long. Last month it began raising them on expectations of a pick-up in growth and inflation, spurred on by Trump''s plan to spend on infrastructure and slash taxes. Now that is fuelling expectations of a rise in the dollar, and Trump is calling dollar strength a problem, a message echoed in Davos by Anthony Scaramucci, the one member of his team who made the trek to Switzerland. In Davos, David Rubenstein of the Carlyle Group described dollar strength as the most serious economic challenge of 2017, warning it could spur a 1990s-style emerging markets crisis as countries that have borrowed heavily in dollars are squeezed. "It would be ironic if Mexico had to be bailed out by the (Trump) administration" because of its own policies, Rubenstein said to chuckles in the audience. Oddly, for a meeting that takes place in Europe and has traditionally lured leaders from across the EU, it was the Europeans that made the least noise, reduced to bystanders as Xi spelled out his vision and speculation swirled about Trump. Germany''s Angela Merkel, described as the last defender of the western liberal democratic order after Trump''s election, had signaled she would come but then decided against it. And so it was left to a few European ministers and EU commissioners to stand up for European values. To make matters worse, British Prime Minister Theresa May turned up and explained to everyone why leaving Europe would make Britain stronger. (Additional reporting by Sujata Rao-Coverley, Ben Hirschler, Alessandra Galloni, Carmel Crimmins, Martinne Geller, Dmitry Zhdannikov; Editing by Pravin Char)   Fears of economic ''race to bottom'', strong dollar in Davos DAVOS, Switzerland A strengthening dollar and a "race to the bottom" on taxes, deregulation and trade policy are the major risks to an otherwise brightening global economy, financial leaders said on the final day of the World Economic Forum in Davos.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-davos-meeting-mood-idUKKBN1542CX'|'2017-01-21T00:15:00.000+02:00'
'b57bf8e5a9c5dc3157e3754d30932c7e40b869e3'|'China''s Oceanwide, IDG Capital to buy tech publisher IDG'|'By Liana B. Baker - SAN FRANCISCO SAN FRANCISCO International Data Group, the owner of PCWorld magazine and market researcher IDC, on Thursday said it was being acquired by China Oceanwide Holdings Group and IDG Capital, the investment management firm run by IDG China executive Hugo Shong.It is the latest technology and media asset to be sold to Chinese investors, following deals for U.S. companies last year such as television producer Dick Clark Productions, and customer satisfaction firm J.D. Power and Associates.Terms of the deal were not disclosed.Reuters previously reported that IDG had been in advanced talks to sell itself to a Chinese buyout group and was seeking between $500 million and $1 billion.Beijing-based conglomerate Oceanwide, founded by billionaire Lu Zhiqiang, pledged $3.8 billion to take control of U.S. insurer Genworth Financial Inc ( GNW.N ) last year.IDG will add to its media holdings in China including the Economic Observer, a business newspaper and a performance theater in Xi''an, Oceanwide director Brett Liu said.IDG''s headquarters will remain in Boston.Both Oceanwide and IDG Capital had initially bid separately for the entire company last April before IDG''s banker Goldman Sachs ( GS.N ) suggested they team up, IDG Chairman Walter Boyd said.Oceanwide will now become the controlling shareholder in IDG''s operating businesses with Shong''s IDG Capital taking a minority stake. IDG Capital will take the majority stake in the IDG venture businesses.IDG''s venture arm has invested in some of China''s biggest Internet companies such as Baidu ( BIDU.O ), Tencent ( 0700.HK ) and Ctrip.com International ( CTRP.O ).Shong, a close associate of late IDG founder Pat McGovern, formed one of China''s first venture capital firms in 1993, initially with IDG''s backing.The companies said the deal had been cleared by the U.S. Committee on Foreign Investment and would close in the first quarter.The deal received approval just as President-elect Donald Trump''s tough commentary on China has made the future of that country''s investment in the United States uncertain.Sources previously said regulators may dissect IDC, the market research division of the company that consults many U.S. technology companies on IT spending and strategy. Oceanwide is an investor in Hong Kong-computer maker Lenovo ( 0992.HK ), which competes with many U.S. hardware firms.IDC president Kirk Campbell said that his division does not expect to lose any technology clients. IDG declined to comment on the regulatory review.Proceeds from the transaction will go to a foundation honoring the late IDG founder.(Reporting by Liana B. Baker in San Francisco)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-idg-m-a-oceanwide-idINKBN1531VP'|'2017-01-19T10:06:00.000+02:00'
'9443d7630687b0a1386044526ae28c4f841c6f61'|'ASIA CREDIT CLOSE: New issues hold up despite Treasury sell-off'|'Financials  35am EST ASIA CREDIT CLOSE: New issues hold up despite Treasury sell-off SINGAPORE, Jan 19 (IFR) - New issues were steady today even as other Asian credits widened marginally amid muted activity. Traders said flows in the secondary markets had reduced as market participants turned their attention to the large volume of fresh issues. This week has seen over US$10bn of Asian deals printed in the US dollar market. China Huarong, which sold a perpetual non-call 5 issue and a 3-year piece totalling US$2.6bn, saw its shorter-dated tranche tightening 1bp-2bp in the afternoon from reoffer spread of 200bp over US Treasuries. The undated notes were a touch tighter as well at a cash price of 99.15 from reoffer of 99.118. Kexim''s newly priced 2020s were indicated at around 72bp, about 2bp wider from reoffer price of 70bp. The fixed-price 2022s were at 92bp, a tad tighter from reoffer of 92.5bp while the floating rate 2022s were indicated at reoffer spread of 87.5bp over mid-swaps. "The Kexim notes were priced very tight," said one trader. "They are hovering around reoffer levels but that''s really quite good, given the huge overnight sell-off in the US Treasury markets." In the sovereign segment, the Philippines'' newly priced notes had opened well at 100.00/100.10 but slipped in the afternoon to 99.85 after pricing at par. Credit spreads were broadly unchanged with the iTraxx Asia IG index at 116bp/118bp. (Reporting by Kit Yin Boey; Editing by Vincent Baby) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/markets-asia-debt-idUSL4N1F931A'|'2017-01-19T15:35:00.000+02:00'
'e709c529fef359fa935d9fba8584945527dde816'|'Euro slides, stocks climb as Draghi plays down inflation rise'|'Business News - Thu Jan 19, 2017 - 2:13pm GMT Euro slides, stocks climb as Draghi plays down inflation rise U.S. dollar and Euro notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration LONDON The euro fell to a day''s low against the dollar and a 10-day low against sterling on Thursday, while European stocks hit a day''s peak after European Central Bank President Mario Draghi played down a recent rise in euro zone inflation. The euro dropped to as low as $1.0603 EUR= and to 86.26 pence against the pound before making a partial recovery. Europe''s Stoxx 600 share index moved out of the red as Draghi spoke too and went as high as 363.83 points. Euro zone bond yields and forward money market rates, which move inverse to prices, also edged off the day''s highs. Benchmark Bund yields DE10YT=TWEB were still up 3 basis points at 0.31 percent having earlier been at a 1-month high of 0.33 percent. Draghi''s comments also came alongside better-than-expected U.S. economic data, which boosted the dollar across the board. (Reporting by Marc Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-ecb-markets-idUKKBN15324E'|'2017-01-19T21:13:00.000+02:00'
'7ed17034da05260f35bac93d9b063d894e121a1f'|'Stocks: 7 things to know before the U.S. open'|'Trouble for Toshiba and Takata; ECB announcement; Watching Netflix by Alanna Petroff @AlannaPetroff  12 AM ET Click chart for in-depth premarket data. 1. Trouble for Toshiba and Takata: Shares in two struggling Japanese firms suffered heavy losses based on local media reports that intensified investors'' fears. Takata ( TKTDY ) shares plunged 17% after the Nikkei newspaper reported that companies bidding to provide financial support to the embattled airbag maker want to take the restructuring process through the courts. Takata said in a statement that no decisions have been taken yet and it had nothing to announce at this stage. Meanwhile, Toshiba ( TOSYY ) shares plummeted 16% on reports that losses from its nuclear construction business could be even bigger than the "several billion U.S. dollars" it warned of last month. Toshiba said in a statement that the figures are still being calculated and that it will announce the impact once it''s clear. 2. ECB announcement: The European Central Bank is putting out its monetary policy statement at 7:45 a.m. ET. It isn''t expected to make any dramatic policy changes. But investors will be watching ECB chief Mario Draghi during his 8:30 a.m. press conference for clues about whether the central bank thinks its bond-buying stimulus program is working. 3. Watching Netflix: Investors are feeling hot about the "Netflix and chill" trend. Shares in Netflix ( NFLX , Tech30 ) are surging by about 8% premarket after the company reported a massive surge in subscriber growth. The company added 7 million members globally in the final quarter of 2016, handily beating its earlier forecast for 5.2 million new subscribers. The video streaming service now has 93.8 million members. 4. Trump''s Treasury man: Steven Mnuchin''s confirmation hearing to be the next Treasury secretary is almost certainly going to be contentious. The former Goldman Sachs banker and producer of movies like " Suicide Squad " was also the CEO of OneWest Bank, which has been accused of lending discrimination and unfair foreclosure practices. In addition to questions about his personal record, Mnuchin will also get grilled about key fiscal policies that the new Trump administration is likely to introduce. 5. Earnings: Earnings season rolls on after the closing bell when a pair of companies in the Dow Jones industrial average report quarterly results: IBM ( IBM , Tech30 ) and American Express ( AXP ) . 6. Global market overview: International stock markets are looking pretty tame right now. U.S. stock futures are edging down a bit. European markets are mixed in early trading. Asian markets ended the day with some minor gains and losses. This follows a rather mellow trading day on Wednesday. The Dow Jones industrial average declined 0.1%, while the S&P 500 and Nasdaq rose 0.2% and 0.3%, respectively.'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/19/investing/premarket-stocks-trading/index.html'|'2017-01-19T17:18:00.000+02:00'
'732a61c798e0177ba439c1163f53141e2bde321b'|'BRIEF-Brookfield Infrastructure Partners says to issue $200 mln of preferred units'|' 17am EST BRIEF-Brookfield Infrastructure Partners says to issue $200 mln of preferred units Jan 19 Brookfield Infrastructure Partners LP : * Brookfield Infrastructure Partners LP says to issue $200 million of preferred units * Brookfield infrastructure -to issue 8 million cumulative class a preferred limited partnership units, series 7 to a syndicate of underwriters for $25/unit Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F90SC'|'2017-01-19T21:17:00.000+02:00'
'761b74ece0f3b602bd300c774f7161fba069ad31'|'Canada''s George Weston appoints Galen G. Weston CEO'|'Company News  16am EST Canada''s George Weston appoints Galen G. Weston CEO Jan 19 George Weston Ltd, Canada''s largest food processing and distribution company, said Chairman Galen G. Weston would also take on the role of chief executive, effective immediately. CEO Paviter Binning will leave the company to become special adviser to the Weston Family, Canada''s second wealthiest, at its private company Wittington Investments Ltd. Galen G. Weston became chairman of George Weston when his father, Galen Weston, stepped down in September. George Weston dates back to the late 19th century when the Weston Family opened a bread factory in Toronto. Its businesses now include a major stake in grocer Loblaw Cos Ltd. Galen G. Weston will continue in his role as chairman and CEO of Loblaw, George Weston said. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Savio D''Souza) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/george-weston-ceo-idUSL4N1F947M'|'2017-01-19T20:16:00.000+02:00'
'69be4400d3051977465ac413060e8ba0759caeff'|'Abraaj CEO says Africa is core to investment plan'|'Private Equity   3:55am EST Abraaj CEO says Africa is core to investment plan By Martinne Geller - DAVOS, Switzerland DAVOS, Switzerland Jan 18 Middle Eastern private equity investor Abraaj Group says Africa is core to its investment strategy, as it bets the continent''s rising middle class will consume more goods. The Dubai-based group, which manages $10 billion across its funds, already has about $3 billion invested in Africa in more than 40 companies spanning healthcare, mining and dairy. Chief Executive Arif Naqvi told Reuters that he continues to believe in the opportunities the continent offers. "It''s the consumption-driven economies that we focus on a lot," Naqvi said on the sidelines of the World Economic Forum in Davos. "In those economies, as people emerge into the middle classes and move into cities, they''re going to want more product, more infrastructure." He noted there could be short-term problems in particular countries due to currency fluctuations or other things, but said the long-term trend of increased consumption would not stop. Abraaj invested in Indorama, the largest fertilizer manufacturer in Sub-Saharan Africa, in October. Naqvi, who was discussing a report from the Business and Sustainable Development Commission (BSDC), said he would be interested in buying Barclays Group''s Africa business if it came back on the block. "I think the real reality is it''s run by a fantastic management team, it''s got a great owner that has said it eventually wants to divest of it. Those activities stopped a year ago," he said. "If it were ever to come back to the table of course we would look at it, like we look at many other opportunities across the world." A Barclays spokesman declined to comment. Naqvi also said Abraaj had recently raised a new fund with which it can invest across markets and across sectors. (Reporting by Martinne Geller in Davos; Editing by Mark Potter) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/davos-meeting-abraaj-idUSL1N1F71QO'|'2017-01-18T15:55:00.000+02:00'
'b5368fdaa6e4b0bc8b004def841303f34413a7b5'|'Taiwan''s Yang Ming Marine says won''t consider merger to beat downturn'|'Industrials - Wed Jan 18, 2017 - 12:38am EST Taiwan''s Yang Ming Marine says won''t consider merger to beat downturn TAIPEI Jan 18 Taiwan''s Yang Ming Marine Transport, the world''s ninth-largest shipping firm, said on Wednesday it will not consider the option of a merger, and that it expects the global oversupply causing a severe downturn in the shipping industry to ease in 2017. "A merger has never been an option for Yang Ming, and it won''t be," chairman Bronson Hsieh told a media event. "Over the past 10 years, the five shippers with the highest profit margins have been smaller players. Smaller companies do not necessarily have to be merged," he said. Hsieh''s comments, which were made in response to a question, come as shipping lines have embarked on mega-mergers or teamed up with rivals, in a bid to ensure survival amid the downturn. Japan''s top three shippers have announced they would merge their container shipping operations to create the world''s sixth-largest fleet. (Reporting by Faith Hung; Editing by Muralikumar Anantharaman) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/yangming-ma-idUSL4N1F8238'|'2017-01-18T12:38:00.000+02:00'
'09e52c8be299b21aac7fca1f648ac73542ec9a35'|'Ex-Visium fund manager identifies insider trading source'|'Business News   5:03pm EST Ex-Visium fund manager identifies insider trading source By Nate Raymond - NEW YORK NEW YORK A former Visium Asset Management portfolio manager on Tuesday identified a Washington-based policy expert as having helped him engage in insider trading by tipping him to a yet-announced government funding cut for home health services. Christopher Plaford, who became a cooperating witness for U.S. authorities probing the hedge fund, testified in Manhattan federal court that in 2013, he obtained inside information from David Blaszczak, the founder of Precipio Health Strategies. Plaford testified that while acting as a consultant to Visium, Blaszczak tipped him to an impending announcement from the Centers for Medicare and Medicaid Services (CMS) about a cut to Medicare reimbursement rates for some home health services. Based on that information, Plaford said he arranged trades related to two home health service providers, Amedisys Inc and Gentiva Health Services Inc. The testimony provided confirmation that the investigation that led Plaford to plead guilty in June also involved Blaszczak, who previously worked at CMS from 2000 to 2005, according to a LinkedIn profile. The Wall Street Journal had previously linked Blaszczak to the probe, citing anonymous sources. In court papers, Blaszczak was identified only as "CC-2" or "Political Consultant" who obtained his information from a CMS employee. Blaszczak has not been charged. Neither he nor his lawyer responded to requests for comment. The testimony came during the trial of Stefan Lumiere, an ex-portfolio manager at Visium, which was founded by his former brother-in-law, Jacob Gottlieb. The case stemmed from a probe that prompted the $8 billion firm''s wind-down and charges against Lumiere and three others, including Sanjay Valvani, a portfolio manager who committed suicide in June after being accused of insider trading. From 2011 to 2013, prosecutors said, Lumiere and others schemed to defraud investors by mismarking the value of securities held by the bond fund, causing its net asset value to be overstated. Those others included Plaford, who testified that he worked with Lumiere to obtain sham broker quotes that would justify the securities'' inflated valuations. "I helped to create the values and also directed the broker quotes," Plaford said. Plaford said when he initially discussed his conduct with the Federal Bureau of Investigation and prosecutors, he was not fully truthful about his wrongdoing, saying it "took a while for me to come to terms with what I had done." He has since helped authorities with "whatever they ask me to do," Plaford said, including taping conversations with individuals. The case is U.S. v. Lumiere, U.S. District Court, Southern District of New York, No. 16-cr-00483. (Reporting by Nate Raymond in New York; Editing by Dan Grebler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-fraud-visium-idUSKBN151325'|'2017-01-18T05:01:00.000+02:00'
'722bb01df442f9dcb1321e79246017f94827dbe0'|'Fitch Places Indonesia''s WOMF on Rating Watch Negative'|'Financials  35am EST Fitch Places Indonesia''s WOMF on Rating Watch Negative (The following statement was released by the rating agency) JAKARTA/TAIPEI/SINGAPORE, January 18 (Fitch) Fitch Ratings Indonesia has placed PT Wahana Ottomitra Multiartha Tbk''s (WOMF) National Long-Term Rating of ''AA(idn)'' and National Short-Term Rating of ''F1+(idn)'' on Rating Watch Negative (RWN). The company''s senior bond ratings have also been placed on RWN. A full list of rating action is at the end of this commentary. AA'' National Ratings denote expectations of very low default risk relative to other issuers or obligations in the same country. The default risk inherent differs only slightly from that of the country''s highest rated issuers or obligations. ''F1'' National Ratings indicate the strongest capacity for timely payment of financial commitments relative to other issuers or obligations in the same country. On Fitch''s National Rating scale, this rating is assigned to the lowest default risk relative to others in the same country. Where the liquidity profile is particularly strong, a "+" is added to the assigned rating. KEY RATING DRIVERS NATIONAL RATINGS The rating action follows a 12 January 2017 announcement by PT Bank Maybank Indonesia Tbk (BBB/AAA(idn)/Stable), WOMF''s 68.55% parent, that it has entered into a conditional share purchase agreement with PT Reliance Capital Management, a local non-operating investment holding company, for the sale of Maybank Indonesia''s entire equity interest in WOMF to Reliance Capital Management. Finalisation of the sale is subject to fulfilment of conditions in the purchase agreement and regulatory approval. The transaction is expected to close in 1Q17. WOMF''s ratings are support-driven, reflecting Fitch''s expectation of a moderate probability of extraordinary support from Maybank Indonesia, if required. The RWN reflects Fitch''s expectation that WOMF''s rating post-sale would be more likely driven by its weaker intrinsic credit profile. At this time Fitch has not made any assessment of the new shareholder, Reliance Capital Management, and their impact on WOMF post-acquisition. ISSUE RATINGS The ratings of WOMF''s senior unsecured bonds are the same as its National Ratings in accordance with Fitch''s criteria. RATING SENSITIVITIES NATIONAL RATINGS Fitch will resolve the Rating Watch Negative on WOMF''s ratings on completion of the ownership change, which is likely to result in a multiple notch downgrade of WOMF''s National Long-Term Rating due to the company''s modest standalone profile. Fitch will also assess PT Reliance Capital Management''s credit profile and linkage between WOMF and the Reliance group to assess how the company''s rating may be supported or constrained under its new ownership. Fitch is likely to affirm the current ratings if the transaction does not proceed. ISSUE RATINGS Any changes in WOMF''s National Ratings will affect the issues'' ratings. The rating actions are as follows: National Long-Term Rating of ''AA(idn)'' placed on RWN National Short-Term Rating of ''F1+(idn)'' placed on RWN Rupiah senior bond programme I/2014 and tranches under the programme rated ''AA(idn)'' and ''F1+(idn)'' placed on RWN Rupiah senior bond programme II/2016 and tranches under the programme rated ''AA(idn)'' and ''F1+(idn)'' placed on RWN Contact: Primary Analyst Tomi Rustamiaji Analyst +6221 2988 6810 PT Fitch Ratings Indonesia DBS Bank Tower Level 24 Jl. Prof. Dr. Satrio Kav.3-5 Jakarta, Indonesia 12910 Committee Chairperson Jonathan Lee Senior Director +886 2 8175 7601 Note to editors: Fitch''s National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated ''AAA'' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as ''AAA(lka)'' for National ratings in Sri Lanka. Specific letter grades are not therefore internationally comparable. Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986901'|'2017-01-18T12:35:00.000+02:00'
'69645e9edb14eb37035ea45291230257c07fe028'|'VTB says helped Rosneft manage forex ops for share sale - Interfax'|'Financials  33am EST VTB says helped Rosneft manage forex ops for share sale - Interfax MOSCOW Jan 18 Russian state-owned lender VTB helped in the privatisation of a 19.5 percent stake in oil firm Rosneft by ensuring foreign currency operations were carried out without causing market volatility, Interfax news agency quoted a VTB executive as saying. "As regards the participation of VTB in the Rosneft privatisation, we were the organising bank on the deal from the company''s side," Interfax quoted VTB first deputy president Yuri Soloviev as saying. "We, as a bank, helped the company carry out currency operations in such a way that it did not have any influence on the market." (Reporting by Vladimir Soldatkin; Editing by Christian Lowe) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/russia-rosneft-privatisation-solovyov-idUSR4N1F202G'|'2017-01-18T20:33:00.000+02:00'
'd87d2925cb060e3a7e39e5942d866a4134868946'|'Russia''s Lukoil to adjust 2017 output plan in line with OPEC deal: TASS'|'MOSCOW Russian oil producer Lukoil will adjust its oil output plan for 2017 to conform with a global deal on cutting production, TASS news agency Quote: d Lukoil Chief Executive Vagit Alekperov as saying on Wednesday."How can we maintain (current production plans) if we are taking part in the curbing of output?" Alekperov was Quote: d as saying. "We will abide by all the decisions that the energy ministry passed on to the oil companies."Alekperov did not give any forecasts for output volumes, TASS reported.(Reporting by Jack Stubbs; Editing by Christian Lowe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-oil-opec-lukoil-idINKBN1521FZ'|'2017-01-18T08:31:00.000+02:00'
'70f2bb7b2d5c730af33df33c5717692a6010e99e'|'PRESS DIGEST- Wall Street Journal - Jan 18'|'Jan 18 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- President Barack Obama shortened Chelsea Manning''s 35-year prison sentence Tuesday, setting a May release for the former Army intelligence analyst convicted of leaking government secrets. on.wsj.com/2jvewBH- As Donald Trump prepares to take the oath of office, a growing share of Americans disapprove of how he has handled his transition to the White House, a new Wall Street Journal/NBC News poll finds. on.wsj.com/2jv969N- The Federal Trade Commission on Tuesday sued Qualcomm Inc alleging the semiconductor company engaged in unlawful tactics to maintain a monopoly on a type of chip used in cellphones. on.wsj.com/2jvgIsP- Theranos failed a second major U.S. regulatory inspection of its laboratory facilities, people familiar with the situation said, a setback the Silicon Valley blood-testing firm hasn''t disclosed to investors or patients. on.wsj.com/2jvbrkZ- British American Tobacco agreed to take full control of Reynolds in a $49.4 billion deal that marks renewed interest among international players in the U.S. tobacco market. on.wsj.com/2jv7L2T- Allergan PLC will pay $15 million in fines and admit to disclosure violations during a hostile takeover bid from Valeant Pharmaceuticals International Inc, the Securities and Exchange Commission said Tuesday. on.wsj.com/2jvaiKj- Deutsche Bank completed a $7.2 billion deal to resolve U.S. claims that it misled investors on mortgage securities it sold before the 2008 financial crisis, authorities said. on.wsj.com/2jvceCF- Prime Minister Theresa May said the U.K. intends to leave the EU''s single market, outlining a plan for a clear break from the bloc and answering the biggest open question about her vision for Britain''s future. on.wsj.com/2juYSpM(Compiled by Vishal Sridhar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1F82A3'|'2017-01-18T02:30:00.000+02:00'
'd822abd53d0239953df4389fa17060b823dae082'|'Thai Airways says to launch corruption probe after being named in Rolls Royce case'|' 22am GMT Thai Airways says to launch corruption probe after being named in Rolls Royce case A Thai Airways plane takes off from Bangkok''s Suvarnabhumi Airport February 26, 2014. REUTERS/Athit Perawongmetha BANGKOK Thai Airways International said on Thursday it will launch an internal corruption investigation after being named in a bribery case relating to British company Rolls-Royce Plc. Rolls-Royce agreed to pay more than $800 million in fines to resolve charges of bribing officials in six countries, including Thailand, in schemes that lasted more than a decade, justice officials in the U.S. and Britain said earlier this week. British court documents setting out the case between the Serious Fraud Office and Rolls-Royce said the company paid several intermediaries between 1991 and 2006 to facilitate the sale of Rolls-Royce engines to Thai Airways. Thai Airways was not accused in the case. ( here ) Thai Airways said in a statement it would launch an investigation and appropriate actions would be taken if any evidence of corruption was found. "The company conducts all its businesses in a transparent manner and without exception to corruption," the statement said. Rolls-Royce admitted to paying officials at state-run energy companies in Kazakhstan, Thailand, Brazil, Azerbaijan, Angola and Iraq more than $35 million in order to win contracts, the U.S. Justice Department said. In a statement, the company''s chief executive officer, Warren East, apologised "unreservedly" for the bribery schemes. The company had since overhauled its compliance rules and cut back on using intermediaries, the statement said. Thailand''s National Anti Corruption Commission said on Thursday that it was conducting its own independent investigation into the Rolls Royce case. (Reporting by Cod Satrusayang; Editing by Matthew Tostevin and Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rolls-royce-hldg-fraud-usa-thai-airwa-idUKKBN153119'|'2017-01-19T16:22:00.000+02:00'
'2600491c76eb646f0f45fd2d0fab71169d99970e'|'Halfords sticks to profit outlook after strong Christmas quarter'|' 42am GMT Halfords sticks to profit outlook after strong Christmas quarter A Halfords sign is seen outside a store in London, Britain April 10, 2016. REUTERS/Stefan Wermuth LONDON British bicycles to car parts retailer Halfords on Thursday maintained its profit expectations for the full 2016-17 year after beating market expectations for sales in its key Christmas quarter. Halfords also announced a special dividend of 10 pence per share to be paid next month and said it had purchased a minority stake in TyresOnTheDrive.com, a UK mobile tyre fitting business, for up to 8 million pounds. The group said retail sales at stores open over a year rose 7.0 percent in the 15 weeks to Jan. 13, its fiscal third quarter, highlighting growth in new ranges. That compared to analysts'' average forecast of 3.6 percent and first half growth of 2.2 percent. "There is no change to our expectation of group profit before tax for the current financial year, which is in line with market consensus," it said. Prior to the update analysts were on average forecasting a pretax profit before one off items for 2016-17 of 74.2 million pounds, down from 81.5 million pounds in 2015-16. In November, Halfords reported a 12 percent drop in first-half profit and said the fall in the value of the pound following Britain''s vote to leave the European Union would remain a major challenge going forward. "We have developed detailed plans in response to the increase in costs from adverse foreign exchange movement and we are confident that we will be able to fully mitigate the impact over time," it said on Thursday. (Reporting by James Davey; editing by Sarah Young)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-halfords-grp-outlook-idUKKBN1530S9'|'2017-01-19T14:42:00.000+02:00'
'3ddeed0f20e02b043f07ffb2916a1460e19cb448'|'PRESS DIGEST - Wall Street Journal - Jan 19'|'Jan 19 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Netflix Inc''s subscriber additions surged in the fourth quarter, fueled by an aggressive international expansion, beating both internal and Wall Street targets. on.wsj.com/2k5VNNG- Hunter Harrison, the railroad veteran who announced his early departure from Canadian Pacific Railway Ltd Wednesday, is joining with an activist investor in an attempt to shake up management at rival railroad CSX Corp. on.wsj.com/2k5TZV1- Alphabet Inc''s Google agreed to acquire a unit from Twitter Inc that runs a tool for developers to make mobile apps, the latest step in Twitter''s efforts to streamline its business. on.wsj.com/2k5FwZc- A South Korean court denied an arrest warrant for Lee Jae-yong, the scion of the Samsung Group conglomerate, for his alleged involvement in a national corruption scandal. on.wsj.com/2k5NP7s- Irish drugmaker Mallinckrodt PLC and a U.S. subsidiary will pay $100 million and agree to other conditions to settle government antitrust allegations they unlawfully prevented competition for Acthar, a drug that has seen enormous price spikes in recent years. on.wsj.com/2k5Vq5G- Sumner Redstone''s ex-girlfriend has asked a California court to appoint an independent doctor to assess his health and, if he lacks mental capacity, appoint a guardian for him, according to documents filed Wednesday. on.wsj.com/2k60NSm- Target Corp warned of weak profits and sales during the critical holiday period, the latest retail chain to acknowledge its struggle to attract shoppers to its stores and compete with online sellers such as Amazon.com Inc. on.wsj.com/2k5YNtr (Compiled by Abinaya Vijayaraghavan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1F925O'|'2017-01-19T02:27:00.000+02:00'
'2423505f7db2b4791997a9e2c434334326ccfe8b'|'TREASURIES-Yields rise as data shows stronger economy'|'* 10-year yields rise to two-week highs * Jobs, housing, manufacturing data all strong * U.S. to sell $13 bln 10-year TIPS By Karen Brettell NEW YORK, Jan 19 U.S. Treasury yields rose to two-week highs on Thursday after data showed solid economic growth, a day after Federal Reserve Chair Janet Yellen signaled further rate hikes are likely. The number of Americans filing initial claims for unemployment benefits fell unexpectedly last week back to near the lowest levels in decades. U.S. homebuilding rebounded more than expected in December, suggesting that the housing market contributed to economic growth in the fourth quarter. Manufacturing activity in the Philadelphia area also grew faster than expected in January, the Federal Reserve of Philadelphia said. "This morning we had some economic news which came out stronger than anticipated," said Gary Pollack, head of fixed-income trading at Deutsche Bank Private Wealth Management in New York. Benchmark 10-year notes fell 20/32 in price to yield 2.46 percent, up from 2.39 percent late Wednesday, and the highest since Jan. 4. Yields had also risen on Wednesday after data showed rising inflation data and on Yellen''s comments. U.S. consumer prices increased in December as households paid more for gasoline and rental accommodations, leading to the largest year-on-year rise in 2-1/2 years. Yellen said, with the U.S. economy close to full employment and inflation headed toward the Federal Reserve''s 2 percent goal, it "makes sense" for the U.S. central bank to gradually lift interest rates. "The market is extremely sensitive to monetary policy given the last FOMC meeting in December, where they indicated possibly three rate hikes in 2017," said Pollack. "It showed a Fed that is a little more aggressive in returning to normal monetary policy." The Treasury Department on Thursday will auction $13 billion of 10-year Treasury Inflation-Protected Securities (TIPS), which will gauge concern about rising inflation as President-elect Donald Trump prepares to take office on Friday. Yellen will speak again on Thursday at 8 p.m. EST (1:00 a.m. GMT) on the outlook for the economy and monetary policy. (Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1F90UO'|'2017-01-19T11:39:00.000+02:00'
'15e10bd8eea4b3612512069502fad1ee1f5b28db'|'U.S. CFTC aims to get more cooperation from the targets of probes'|'Commodities   2:30pm EST U.S. CFTC aims to get more cooperation from the targets of probes By Sarah N. Lynch - WASHINGTON WASHINGTON U.S. derivatives regulators took steps on Thursday to entice companies and individuals to better cooperate during investigations, saying it could help defendants dodge charges or face less severe sanctions. The twin pair of memos released by the Commodity Futures Trading Commission''s enforcement division lay out a series of factors that the regulator said it would consider when weighing possible civil charges. They also drew the line on what kinds of behavior would be unacceptable, such as failing to preserve records, slow-walking the response to a subpoena, and other efforts to obstruct the probe. "Credit will be given where the cooperation is foremost sincere, robust, and indicative of willingness to accept responsibility for misconduct, where appropriate,” said Aitan Goelman, the CFTC''s enforcement director. The CFTC''s memos reflect part of a broader trend by both criminal and civil federal prosecutors, both to encourage companies to self-report violations and also to hold individuals more accountable for their actions. Last year, for instance, the U.S. Justice Department launched a new pilot program that allows companies to get up to a 50 percent reduction in penalties if they agree to report violations of the Foreign Corrupt Practices Act (FCPA). The Securities and Exchange Commission, which brings civil FCPA cases, also issued similar guidance, saying companies that self-report the violations can become eligible for deferred or non-prosecution agreements. In 2015, the Justice Department also embarked on a renewed effort to hold individuals more accountable with the release of the "Yates Memo," penned by Deputy Attorney General Sally Quillian Yates. The memo stated that companies would not receive any cooperation from the government if they did not fully disclose the facts about employees who were culpable for potential crimes. Some of those sentiments were echoed in the CFTC''s memo to companies on Thursday, with the CFTC saying it expected companies to provide it with "all relevant facts relating to individuals responsible for the misconduct" and the identities of those people. While the CFTC has previously issued guidance on company cooperation, this marks the first time it has crafted a memo just geared toward enticing individuals to cooperate, a spokesman said. The memos were released at the same time that Goelman, a former federal prosecutor, announced he would depart the agency on February 3. CFTC Chairman Timothy Massad, meanwhile, will step down Friday. President-elect Donald Trump has not yet named a replacement. (Reporting by Sarah N. Lynch; Editing by Diane Craft) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-cftc-enforcement-idUSKBN1532XD'|'2017-01-20T02:01:00.000+02:00'
'e7abe8c2d81d6d2543ce04fd6f6b8b851493a56e'|'TABLE-Foreign trading in Japan stocks for latest week'|'  TABLE-Foreign trading in Japan stocks for latest week TOKYO, Jan 19 Weekly net trading in shares on the first section of the Tokyo Stock Exchange, Japan''s main stock exchange, in thousands of yen. A negative figure indicates net selling. Week to: TOTAL Proprietary Brokerage Jan 13 -855,001 -43,512,988 42,657,987 Jan 6 6,546,353 142,055,504 -135,509,151 Dec 30 15,308,581 510,376,159 -495,067,578 Dec 22 12,058,753 518,516,896 -506,458,143 Dec 16 13,175,630 644,502,712 -631,327,082 Breakdown of brokerage totals: Week to: Institutions Individuals Foreigners Securities Cos Jan 13 -67,134,887 -2,661,762 118,667,551 -6,212,915 Jan 6 -103,177,375 -239,910,460 222,260,039 -14,681,355 Dec 30 -297,686,645 -186,084,945 12,766,177 -24,062,165 Dec 22 -94,235,126 -201,580,011 -192,310,766 -18,332,240 Dec 16 -208,614,403 -487,482,799 89,200,020 -24,429,900 Source: Tokyo Stock Exchange (Compiled by Tokyo  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/markets-japan-stocks-foreign-idUSL4N1F927J'|'2017-01-19T13:08:00.000+02:00'
'2d5034a65e842f5e803a75f8e42a2167aeedde21'|'Singapore Exchange Q2 profit rises 5 pct on higher trading activity'|'Financials   4:54am EST Singapore Exchange Q2 profit rises 5 pct on higher trading activity SINGAPORE Jan 19 Singapore Exchange Ltd reported a 5 percent increase in October-December net profit, helped by a pickup in trading activity but highlighted challenges from slowing Asian economies. The exchange posted a second-quarter net profit of S$88.3 million ($61.9 million) compared with the S$85.9 million average estimated by four analysts and S$83.7 million reported a year ago. Total revenue edged up 3 percent to S$199.6 million. "Our results this past quarter reflect higher levels of market activities compared to a year ago as the conclusion of the U.S. Presidential Election and clarity on interest rates environment brought participants back to the market," Chief Executive Loh Boon Chye said in a statement on Thursday. SGX has taken many steps to shore up market liquidity and also strengthened its regulatory framework after a penny-stocks crash in 2013 battered investor confidence, but faces a tough task to improve equities trading volume. ($1 = 1.4260 Singapore dollars) (Reporting by Anshuman Daga; Editing by Gopakumar Warrier) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sgx-results-idUSL4N1F923V'|'2017-01-19T16:54:00.000+02:00'
'60ba328398c7465b8046c375a8ea491b969c3159'|'Fitch: U.S. Bancorp''s Earnings Flat; Signals Management Change'|'Financials   3:57pm EST Fitch: U.S. Bancorp''s Earnings Flat; Signals Management Change (The following statement was released by the rating agency) CHICAGO, January 18 (Fitch) U.S. Bancorp''s (USB) fourth quarter 2016 (4Q16) net income declined 1.6% from the sequential quarter and was flat relative to the year-ago quarter, according to Fitch Ratings. For the full year USB''s net income was flat relative to the prior year. USB''s 4Q16 annualized return on average assets (ROAA) was 1.32%, down from 1.36% in prior quarter and 1.41% in the year-ago quarter. ROAA for the full year 2016 was 1.36%, also down from 1.44% in 2015. USB also indicated that its long-term Chairman and CEO Richard Davis will become Executive Chairman, and he will be replaced by current President and COO Andrew Cecere, who had also previously been Chief Financial Officer (CFO) of the corporation. USB''s 4Q16 total net revenue was essentially flat from the sequential quarter, and up 4.3% from the year-ago quarter. However, USB delivered negative operating leverage relative to both the sequential quarter and year-ago quarters as expenses climbed 2.5% relative to 3Q16 and 6.9% relative to 4Q15. Higher expenses were primarily due to growth in compliance costs related to its consent order around Bank Secrecy Act/Anti-Money Laundering as well as Department of Labor fiduciary rule. As a result of the negative operating leverage USB''s efficiency ratio ticked up to 55.3%, which remains near the top of peer group averages. Fitch would expect some levelling off of expenses should the compliance related costs begin to abate over the course of the year. USB''s NII grew 2.1% relative to the sequential quarter and 4.6% relative to the year ago quarter primarily due to growth in average earning assets as USB''s fully taxable equivalent net interest margin (NIM) has remained relatively stable at 2.98% in 4Q16. The NIM remained stable as higher cash balances and lower reinvestment rates on securities offset the impact of higher interest rates and some loan growth. Average loans grew 1.1% relative to the sequential quarter driven by higher commercial loan balances and higher credit card balances. Relative to the year-ago quarter average loans grew 6.2% driven by higher credit card balances, commercial loans, and residential mortgages. However, the company did indicate that overall loan utilization remain low. Deposit growth continues to outpace loan growth despite higher interest rates across the industry. Average total deposits grew 3.3% from the sequential quarter and 11.8% from the year-ago quarter. As deposit growth has continued to outpace loan growth, and been held in cash and high quality liquid assets (HQLA) this has also dampened the effect of higher interest rates on USB''s NIM. Performance in the company''s various non-interest income businesses was more mixed. Overall non-interest income declined 0.6% from the sequential quarter as higher credit and debit card revenue was offset by the expected decline in mortgage banking income and the seasonal decline in payments products revenue reflecting lower government related transaction volumes. Relative to the year-ago quarter, overall non-interest income expanded 3.9% due to higher credit and debit card revenue as well as higher mortgage banking income. USB''s overall credit quality metrics continues to remain well below historical levels for both USB and the industry, and at what Fitch believes to be near industrywide troughs. Total net charge-offs (NCOs) ticked up 1 basis point relative to the sequential quarter and was unchanged relative to the year-ago quarter at 0.47% in 4Q16. Similarly, non-performing asset (NPA) ratios remained strong at 0.59% in 4Q16, relative to 0.61% in the sequential quarter and 0.58% in the year-ago quarter. In 4Q16, USB''s fully phased-in Basel III CET1 ratio under the standardized approach ticked down 20 basis points to 9.1%. This was due to the aforementioned balance sheet growth as well as returning 79% of earnings being returned to shareholders via dividends and share buybacks. Contact: Primary Analyst Justin Fuller, CFA Senior Director +1-312-368-2057 Fitch Ratings, Inc. 70 West Madison Street Chicago, IL 60602 Secondary Analyst Julie Solar Senior Director +1-312-368-5472 Media Relations: Hannah James, New York, Tel: + 1 646 582 4947, Email: hannah.james@fitchratings.com. Additional information is available at ''www.fitchratings.com''. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987102'|'2017-01-19T03:57:00.000+02:00'
'd8156f5df2cd4b5e06c5f6b0899607396ec54381'|'U.S Army to begin environmental study of Dakota pipeline'|'U.S.  34pm EST U.S Army to begin environmental study of Dakota pipeline Dakota Access Pipeline equipment is seen near Lake Oahe, near the Standing Rock Indian Reservation, in this picture taken from across the Missouri River in Linton, North Dakota, U.S. November 9, 2016. REUTERS/Stephanie Keith By Timothy Mclaughlin The U.S. Army on Wednesday began the process of launching an environmental study of the Dakota Access pipeline crossing in North Dakota, a move that has been challenged by the company constructing the controversial project. The Army said on Wednesday it is gathering information to prepare an environmental impact statement regarding an easement to cross at Lake Oahe, a water source upstream from the Standing Rock Sioux reservation that has been the focus of months of fierce protests due to fears the pipeline could damage drinking water and desecrate sacred grounds. The U.S. Army Corps of Engineers in December denied Energy Transfer Partners an easement to drill under the lake. The Army announcement comes as demonstrators renew opposition against the $3.8 billion project, with arrests this week bringing the total to more than 600, according to law enforcement. Energy Transfer Partners requested on Monday that a U.S. District Court judge for the District of Columbia stop the Corps from initiating the environmental impact statement process until there is a ruling on whether the company already has necessary approvals for the pipeline crossing. U.S. District Judge James Boasberg had scheduled a hearing in the case for Wednesday afternoon. In July 2015, the Corps granted Energy Transfer Partners permission for its proposed pipeline crossing at Lake Oahe. For months, Native Americans and environmental activists have been protesting the pipeline, garnering support from celebrities and on social media. Following the Army Corp''s December announcement, the Standing Rock Sioux asked demonstrators to disperse and many did. However, some have remained. Sixteen people were arrested on Monday and Tuesday for a number of offenses, including engaging in a riot and assault on a peace officer, bringing the total number of arrests to 603 since Aug. 10 which was around the time the protests began, according to Maxine Herr, a spokeswoman for the Morton County Sheriff''s Department. The department is hoping that President-elect Donald Trump will deploy federal help to law enforcement managing protesters. "When Trump takes office we foresee a significant change in terms of federal assistance," Herr said. The North Dakota National Guard had deployed a missile defense system to the area near the protest site, but it was unarmed and being used only for observation purposes, said Amber Balken, a spokeswoman for the North Dakota National Guard. The Avenger missile system had been in place for a "few weeks," but would be removed Wednesday, Balken said. (Reporting by Timothy Mclaughlin in Chicago; Editing by Chizu Nomiyama) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-north-dakota-pipeline-idUSKBN1522X4'|'2017-01-19T03:32:00.000+02:00'
'e1745ccef62c0a8771e0840d4fa0b5e9679e059f'|'Saudi''s Al Rajhi Bank Q4 net profit up 5 pct, meets forecasts'|'Financials  32am EST Saudi''s Al Rajhi Bank Q4 net profit up 5 pct, meets forecasts DUBAI Jan 18 Al Rajhi Bank, Saudi Arabia''s second-largest lender by assets, reported a 5 percent rise in fourth-quarter net profit on Wednesday, meeting analysts'' forecasts. The bank made 2.05 billion riyals ($546.8 million) in the three months to Dec. 31, up from 1.95 billion riyals in the same period a year earlier, it said in a bourse statement. Five analysts surveyed by Reuters had on average forecast the bank''s quarterly profit would be 2.05 billion riyals. ($1 = 3.7493 riyals) (Reporting By Tom Arnold; Editing by Susan Fenton) Next In Financials Fitch Launches Ratings Navigator for Non-Bank Financial Institutions (The following statement was released by the rating agency) NEW YORK, January 18 (Fitch) Fitch Ratings launches its Ratings Navigator for Non-Bank Financial Institutions (NBFIs) - a visual overview of all the factors affecting an NBFI''s standalone rating, their relative importance and likely direction of movement. "Ratings Navigator is a transparent look at our analytical approach for NBFIs that presents the relative importance of each rating factor in determining the final NBFI ratings an UPDATE 1-Kenyan supermarket chain Nakumatt agrees stake sale to fund for $75 mln NAIROBI, Jan 18 Privately-owned Nakumatt, Kenya''s biggest supermarket chain by sales, has agreed to sell a 25 percent stake to a foreign fund for $75 million, part of an effort to bolster its balance sheet and pay off debts, its managing director said on Wednesday. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/al-rajhi-bank-results-idUSD5N1E902E'|'2017-01-18T21:32:00.000+02:00'
'f0e5fcd4a24f3c2326b88655527eb706be1ac96e'|'Cable One to buy privately held NewWave for $735 million'|'U.S. cable service provider Cable One Inc ( CABO.N ) said on Wednesday it would buy privately held rival NewWave Communications for $735 million in cash to expand in non-urban markets.NewWave is owned by funds affiliated with GTCR LLC, a Chicago-based private equity firm.Cable One, which has 650,000 customers across 19 U.S. states, said it expects to finance the deal with $650 million in secured loans as well as cash on hand.NewWave''s services reaches nearly 428,000 homes though non-urban areas of Arkansas, Mississippi, Missouri and Texas.Cable One said the combined company will serve more than 1.2 million primary service units.The deal, expected to be completed during the second quarter, will generate annual cost synergies of about $24 million and a tax benefit value of about $152 million, Cable One estimated.J.P. Morgan is Cable One''s financial adviser and Cravath, Swaine & Moore LLP is its legal adviser.(Reporting by Laharee Chatterjee; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-newwave-communications-m-a-cable-one-idINKBN1521HQ'|'2017-01-18T09:01:00.000+02:00'
'aa680788fdbbb1b7bf11b65f594092a018283847'|'Monte dei Paschi won''t take chances with first state-backed bond-sources'|'Financials   1:08pm EST Monte dei Paschi won''t take chances with first state-backed bond-sources By Valentina Za - MILAN MILAN Jan 18 Monte dei Paschi di Siena is unlikely to tap markets with an upcoming 2 billion euro ($2.1 bln) bond as it fears a state guarantee on the issue won''t be enough to draw sufficient investor demand, three sources familiar with the matter said. Instead of selling the bond to investors the bank plans to use it in repo deals, in which a bank typically lends government bonds overnight to another bank in exchange for cash and buys them back the following day. The Tuscan bank, which had to be rescued by the Italian state in December after failing to pull off a 5-billion euro capital increase, needs to restore its liquidity after suffering a major deposit outflow last month. The European Central Bank has since raised the capital shortfall that the bank needs to plug to 8.8 billion euros, meaning the state is set to take a 70 percent stake in the lender. Monte dei Paschi plans to sell 15 billion euros in debt this year using a special state guarantee provided by the treasury to help weaker lenders, with the first 2-billion euro issue expected shortly. One of the sources said Monte dei Paschi would likely refrain from issuing the bond on the market as it could struggle to quickly place it, given the uncertainty still surrounding the timing of the state intervention - which should take place by March but still needs to be cleared by European authorities. Another source said no final decision had been made on the first debt issue. A second bond worth up to 2 billion euros will follow in February-March and may be sold on the market, the first source said. The bank, which warned in December it could run out of liquidity in four months, last sold a senior bond on the market in 2014. ($1 = 0.9361 euros) (Editing by Silvia Aloisi) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/monte-dei-paschi-liquidity-bonds-idUSI6N1F200F'|'2017-01-19T01:08:00.000+02:00'
'5c27cbf59828d1b9cb5edf8fe66eb72f2155d23e'|'Fitch Rates Regency Centers'' 2027 and 2047 Notes ''BBB+''; Outlook Stable'|'Financials   12:57pm EST Fitch Rates Regency Centers'' 2027 and 2047 Notes ''BBB+''; Outlook Stable (The following statement was released by the rating agency) NEW YORK, January 17 (Fitch) Fitch Ratings has assigned a ''BBB+'' credit rating to the senior unsecured notes due 2027 and 2047 issued by Regency Center Corp.''s (NYSE: REG) operating partnership Regency Centers, L.P. (collectively, REG or the company). KEY RATING DRIVERS Fitch views the pending merger transaction between the company and Equity One, Inc. (EQY) positively given the quality of EQY''s portfolio, its geographic overlap with REG''s in higher barrier to entry markets and the potential for the issuer to have improved access to debt and equity capital as the largest shopping center REIT. These positive elements are unlikely to result in a materially stronger credit at the onset but could over time as the pro forma leverage is largely consistent with Fitch''s projections when it last upgraded REG in August 2016. A key factor supporting further positive rating momentum is REG''s demonstration of access to leading capital markets across the broader REIT universe. POSITIVE MOVEMENT IN CREDIT METRICS Fitch expects leverage will settle around 5.0x after the transaction closes. REG''s pro rata leverage was 4.3x as of Sept. 30, 2016, down from 5.1x and 5.5x as of Dec. 31, 2015 and 2014, respectively. The company has improved leverage primarily due to common equity issuance to fund acquisitions and development. This improvement will be offset slightly given the company''s anticipated use of bond offering proceeds to redeem its perpetual preferred shares. Fitch projects REG''s pro rata fixed charge coverage will sustain in the low 3x range through 2018. STABLE FUNDAMENTALS Operating fundamentals for shopping centers remain favorable, driven in large part by limited new supply. Pro rata same-store property net operating income (NOI) has grown 3.4% year-to-date, a slight deceleration from the approximately 4% growth of 2012-2015. Rent growth has been strong for both new leases and renewals in recent years and is the primary factor driving NOI growth given relatively stable occupancies. Fitch expects that same-property NOI will continue to grow in the low single digits through 2018 with the company maintaining its current occupancy rate. STRONG UA / UD; SUFFICIENT LIQUIDITY TO CLOSE TRANSACTION REG''s unencumbered asset (UA) pool provides ample contingent liquidity to unsecured bondholders. Fitch expects REG''s UA coverage of unsecured debt to sustain around 3.0x during the projection period. This ratio is good for the ''BBB+'' rating, and Fitch does not envision it deteriorating materially pro forma for the EQY transaction. Fitch expects REG has adequate liquidity to close the transaction given the all-stock equity consideration and the expectation that EQY''s private placement debt will be assumed by the issuer. MODERATE GEOGRAPHIC CONCENTRATION TO INCREASE REG''s community and neighborhood shopping center portfolio has moderate geographic and anchor tenant concentrations which will likely concentrate further pro forma for EQY. Over 75% of REG''s annualized base rent will be derived from its top 25 markets pro forma with the highest concentration in California, although many of the assets and markets REG is acquiring are of solid quality. Pro forma for the merger, REG''s three largest tenants by annual base rent (ABR) will represent 9.1% of ABR down from 11.2%. The company''s three largest tenants are Publix Super Markets Inc. (3.1%), The Kroger Co. (3%, IDR ''BBB''), and Safeway (2.9%). PRO RATA RATIONALE Fitch looks at REG''s property portfolio profile, credit statistics, debt maturities, and liquidity position based on combining its wholly-owned properties and its pro rata share of co-investment partnerships, to analyze the company as if each of the co-investment partnerships was dissolved via distribution in kind. Several of REG''s co-investment partnerships provide for unilateral dissolution. Most of these co-investment partnerships provide for a distribution in kind in the event of a dissolution, whereby REG and its limited partner unwind the partnership by distributing the underlying properties (and related property-level debt, if any) to each partner based on each partner''s respective ownership percentage in the partnership. Further, the company has supported its co-investment partnerships in the past by raising common equity to repay or refinance its share of secured debt, demonstrating its willingness to de-lever these partnerships. Fitch views REG''s partnership platform positively as it provides REG with broader market insights and incremental fee and property income. Via follow-on common equity offerings, the company has also reduced leverage in its partnerships to levels consistent with leverage on the wholly-owned consolidated portfolio. STABLE OUTLOOK The Stable Outlook reflects Fitch''s view that REG''s operating fundamentals will remain favorable over the next 12 to 24 months and that the issuer will maintain credit metrics consistent with the ''BBB+'' rating. KEY ASSUMPTIONS Fitch''s key assumptions within the rating case for REG include: --Same-store revenue growth in the mid 2% range for 2016-2018; --Acquisitions of $100 million in both 2017 and 2018, all at a 4.5% yield; --Dispositions of $100 million in both 2017 and 2018 all at a 6.5% yield; --Additional (re)development spending of $175 in 2017 and $200 million in 2018; --All secured debt is refinanced dollar for dollar at fixed rates starting at 4.75% in 2017 and rising to 5% by 2018. RATING SENSITIVITIES The following factors may have a positive impact on REG''s ratings: --Demonstrated market-leading capital markets access across the broader REIT universe; --Fitch''s expectation of pro rata leverage sustaining below 4.5x for several quarters; --Fitch''s expectation of fixed charge coverage sustaining above 3.0x for several quarters. The following factors may have a negative impact on REG''s ratings and/or Outlook: --Fitch''s expectation of leverage sustaining above 5.5x for several quarters; --Fitch''s expectation of fixed charge coverage sustaining below 2.5x for several quarters. Fitch currently rates Regency as follows: Regency Centers Corporation --Issuer Default Rating (IDR) ''BBB+''; --Preferred Stock ''BBB-''. Regency Centers, L.P. --IDR ''BBB+''; --Unsecured Revolving Facility ''BBB+''; --Senior Unsecured Term Loan ''BBB+''; --Senior Unsecured Notes ''BBB+''. The Rating Outlook is Stable. Contact: Primary Analyst Steven Marks Managing Director +1-212-908-9161 Fitch Ratings, Inc. 33 Whitehall Street New York, NY 10004 Secondary Analyst Ronald Nirenberg Director +1-212-612-7747 Committee Chairperson Michael Paladino, CFA Managing Director +1-212-908-9113 Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email: sandro.scenga@fitchratings.com. Date of Relevant Rating Committee: Nov. 15, 2016 SUMMARY OF KEY FINANCIAL STATEMENT ADJUSTMENTS A summary of financial adjustments includes combining the financial results of REG''s wholly-owned properties and its pro-rata share of co-investment partnerships, Fitch''s exclusion of non-cash stock-based compensation in G&A expense, and exclusion of noncontrolling interest associated with the operating partnership in calculating leverage and coverage. Additional information is available at ''www.fitchratings.com''. Applicable Criteria Criteria for Rating Non-Financial Corporates (pub. 27 Sep 2016) here Treatment and Notching of Hybrids in Non-Financial Corporate and REIT Credit Analysis (pub. 29 Feb 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . 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Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials Trump Commerce nominee Ross to divest assets worth up to $187 million WASHINGTON, Jan 17 Wilbur Ross, President-elect Donald Trump''s nominee for Commerce Secretary, has pledged to divest assets worth about $62 million to $187 million and resign his corporate board seats, but the billionaire investor intends to retain his interests in mortgage lending and transoceanic shipping.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986757'|'2017-01-18T00:57:00.000+02:00'
'973579fdb1bbe54c0aa1d87f80168e0b054fe5bc'|'Bayer to boost U.S. jobs, investments amid Monsanto deal - Trump spokesman'|'WASHINGTON Bayer AG has pledged to boost its investments in the United States amid its deal to buy U.S. seeds giant Monsanto, investing$8 billion in research and development and adding American jobs, U.S. President-elect Donald Trump''s spokesman said on Tuesday.The German drugs and pesticides maker pledged to maintain its more than 9,000 U.S. jobs and add 3,000 new U.S. high-tech positions, Sean Spicer told reporters in a conference call following Trump''s meeting with the chief executives of both companies last week.(Reporting by Susan Heavey and Doina Chiacu; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/monsanto-m-a-bayer-trump-idINKBN1512DY'|'2017-01-17T13:22:00.000+02:00'
'7b6a12c448cf915c820a998d955e998aa305eb60'|'BMW, UK car industry say Britain needs to keep tariff-free EU trade'|'  4:59pm GMT BMW, UK car industry say Britain needs to keep tariff-free EU trade The BMW logo is seen on the bonnet of a colour wrapped vehicle in London, Britain September 30, 2016. REUTERS/Toby Melville By Costas Pitas - LONDON LONDON Britain should retain tariff-free access to the European Union''s single market, Germany''s BMW ( BMWG.DE ) said on Tuesday, while a UK car industry body called for participation in the EU''s customs union to hold onto trade after Brexit. In a major speech on Tuesday,   May said that Britain would leave the EU''s single market and cannot remain a full member of its tariff-free zone but will seek unfettered trade with the bloc. But BMW, which produces its Mini range at its plant near Oxford, which accounts for more than 10 percent of all British-built cars, said May should press for barrier-free trading terms with the EU. "We acknowledge the Prime Minister’s announcements today and urge her to ensure the UK’s negotiations with the EU result in uncomplicated, tariff-free access to the EU single market in future," a spokeswoman said. The customs union is highly valued by the car industry as nearly 60 percent of the parts in an average British-assembled car are made abroad and some components travel to and from the continent several times in the manufacturing process. The Society of Motor Manufacturers and Traders said that the overwhelmingly foreign-owned sector, which built more cars last year than in any other for over a decade, must retain the key elements of unfettered trade in order to keep prospering. "We need ... a deal which includes participation in the customs union to help safeguard EU trade, trade that is tariff-free and avoids the non-tariff and regulatory barriers that would jeopardise investment," Chief Executive Mike Hawes said in an emailed statement. Asked about the possible implications of free trade where Britain is outside the customs union, Hawes told lawmakers before May''s speech that British-built cars may not comply with the criteria set down in the average free-trade deal. "The danger is that UK-built cars may not qualify under most normal free-trade agreements," he said. "Generally rules of origin require around 50 to 55 percent local content. Currently in the UK, the average car has about 41 percent local content. Being part of the customs union, basically European content counts so that''s not an issue." Global automakers have also warned that a return to World Trade Organisation tariffs of 10 percent on car exports and around 3 percent on engines could make their British plants uncompetitive. Last year, Japanese carmaker Nissan ( 7201.T ) asked for a pledge of compensation if its plant was hit by Brexit but went on to invest in two new models after what a source described as a government promise of extra support to counter any loss of competitiveness. On Tuesday, May suggested the car industry may be able to retain elements of the free trade terms currently enjoyed as part of the single market under a new accord. "That agreement may take in elements of current single market arrangements in certain areas – on the export of cars and lorries for example," she said. (Additional reporting by Edward Taylor in Frankfurt; Editing by Adrian Croft, Greg Mahlich)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-may-autos-idUKKBN1511XT'|'2017-01-17T23:59:00.000+02:00'
'730d201a99724df27158a807f7c9f20f068463d4'|'Raiffeisen says likely to keep rather than sell its Polish unit'|'VIENNA Austrian lender Raiffeisen Bank International ( RBIV.VI ) will most likely keep and restructure its Polish unit Polbank after exclusive talks to sell it collapsed last month, RBI''s Chief Executive Karl Sevelda said on Tuesday."We are going to decide in the coming weeks now what to do but most likely we are going to keep our Polish entity," Sevelda told a panel discussion at a Euromoney conference in Vienna, later adding that RBI was preparing to list at least 15 percent of the unit, as it is required to do by the end of June.(Reporting by Francois Murphy; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-poland-raiffeisen-idINKBN1512JG'|'2017-01-17T14:21:00.000+02:00'
'074f59897d3b8c4ec9322502580dbb5d2ad346a8'|'UPDATE 1-Caesars unit wins court approval to exit bankruptcy'|'(Adds background and shares)By Tracy RucinskiCHICAGO Jan 17 Caesars Entertainment Corp''s main operating unit won court approval on Tuesday for a plan to shed $10 billion of debt and end a contentious $18 billion bankruptcy filed nearly two years ago to the day."It is a monumental achievement," U.S. Bankruptcy Judge Benjamin Goldgar said at a hearing in Chicago after approving the reorganization plan.The Caesars subsidiary, Caesars Entertainment Operating Co Inc, filed for Chapter 11 bankruptcy in January 2015, resulting in a complex web of litigation involving the private equity-owned parent, formed from the 2008 buyout of Harrah''s.The Caesars unit reached a deal last week to resolve the last objection to its reorganization plan, which will split the business into a real estate investment trust and a separate operating company.Shares in Caesars, which rose on Friday following the settlement, were unchanged at $8.95 at midday on Tuesday. (Reporting by Tracy Rucinski in Chicago, writing by Tom Hals in Wilmington, Delaware; Editing by Chizu Nomiyama and Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/caesars-bankruptcy-idINL1N1F71D9'|'2017-01-17T14:58:00.000+02:00'
'7a70d9a9de7d1b8b36905ba10d39d34a4c096e00'|'Stella Artois steps up work with Matt Damon''s water charity'|' 11am GMT Stella Artois steps up work with Matt Damon''s water charity left right Photo illustration of beer flowing from a bottle of Stella Artois into a glass, part of the Anheuser-Busch InBev group, seen against a SABMiller logo, November 5, 2015. REUTERS/Dado Ruvic/Illustration/File Photo 1/2 left right Matt Damon, actor and Co-Founder of Water.org, speaks during a session at the annual meeting of the World Economic Forum (WEF) in Davos January 22, 2014. REUTERS/Ruben Sprich 2/2 By Martinne Geller - DAVOS, Switzerland DAVOS, Switzerland The Belgian beer brand Stella Artois is increasing its financial commitments to the water charity co-founded by actor Matt Damon, at a time that its owner, Anheuser-Busch InBev ( ABI.BR ), moves into Africa, where access to clean water can be limited. The brewer''s support for Damon''s Water.org precedes Anheuser-Busch InBev''s $100 billion-plus acquisition of SABMiller that closed in October, extending its reach in Africa and several Latin American countries. "We''ve been able to see tangible results and a tangible impact," Christina Choi, global brand vice president, Stella Artois, said of its initial involvement with Water.org. "Our support of some of the new markets that we now operate in was there even before, but certainly now it has even more meaning to us as we move forward," she told Reuters. Stella Artois said on Tuesday it would donate $4.8 million (3.98 million pounds) over the next four years to Water.org, which uses microfinancing to fund projects like water wells and taps. In addition, Stella would continue its "Buy a Lady a Drink" campaign, in which proceeds from each sale of a limited-edition beer glass gets donated to the charity, providing the equivalent funding for five years of clean drinking water for one person. Lack of access to water disproportionately affects women and children, as they often spend hours per day collecting it instead of going to school or working. In the two years since the project was launched, Stella said it has sold over 225,000 glasses and has donated over $3 million to Water.org. The brewer said it would also donate money for each six-pack and 12-pack of beer purchased in the United States and Britain. (Reporting by Martinne Geller in Davos)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-davos-meeting-water-idUKKBN15104U'|'2017-01-17T09:11:00.000+02:00'
'5af14ecbda5984ba573289ad569b080b7852666c'|'Sri Lankan rupee ends steady; foreign bank dollar sales offset importer demand'|'Financials  15am EST Sri Lankan rupee ends steady; foreign bank dollar sales offset importer demand COLOMBO Jan 17 The Sri Lankan rupee closed little changed in thin trade on Tuesday as dollar selling by foreign banks offset importer demand for the U.S. currency, even as the rupee is expected to weaken after the central bank allowed flexibility in the exchange rate, dealers said. The rupee has been under pressure due to rising imports and net selling of government securities by foreign investors, while the central bank has adjusted the spot rupee reference rate to a record low of 150.15 rupees per dollar. The spot rupee, which did not trade for nearly a month, was actively traded on Tuesday, and closed at 150.15/25 per dollar compared with Monday''s close of 150.15/18, dealers said. "There were sellers in the morning but we have seen some demand building up in the latter part of the day. And we have seen demand is building up for two-week (forwards)," a currency dealer said, asking not to be named. The rupee was under pressure with foreign investors selling a net 16.1 billion rupees ($107.3 million) worth of government securities in the week ended Jan. 11, latest central bank data showed. The market has also shrugged off Finance Minister Ravi Karunanayake''s announcement last week of higher returns and immediate residence visas to foreigners who invest at least $300,000, in a move to ease pressure on the rupee. The central bank''s moral suasion in early January prevented a sharp fall in the rupee even as the monetary authority signalled a change in its intervention policy. Central Bank Governor Indrajith Coomaraswamy said earlier this month that defending the rupee with foreign exchange reserves "doesn''t seem sensible" as it has always been followed by a sharp depreciation in the currency. (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sri-lanka-markets-idUSL4N1F73KX'|'2017-01-17T18:15:00.000+02:00'
'a9a8099d3c2bf845ec17343d4387b95db3a313e0'|'MOVES-HSBC hires financial sponsors managing director from Deutsche'|'Big Story 10  24am EST HSBC hires financial sponsors managing director from Deutsche LONDON Alexis Maskell is joining HSBC as global head of account coverage within its Financial Sponsors Group from Deutsche Bank, HSBC said in a memo on Tuesday. Maskell, who was covering key sponsors in Europe at Deutsche Bank, will report to Gilles Collombin, global head of financial sponsors group on a day-to-day basis, HSBC said. He will report to HSBC''s co-heads of global banking Matthew Westerman and Robin Phillips on his global account coverage responsibilities, the bank''s memo added. According to his LinkedIn profile, Maskell was a managing director in Deutsche Bank''s financial sponsors team. (Reporting by Dasha Afanasieva; Editing by Alexander Smith) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-moves-hsbc-maskell-idUSKBN1511NI'|'2017-01-17T19:16:00.000+02:00'
'452b499a6de8823072ee6c1789e90ca577563dca'|'Deutsche Boerse-LSE merger make markets healthier - Blackrock'|'Deals   9:53pm GMT Deutsche Boerse-LSE merger make markets healthier: Blackrock left right Picture shows the inside of the new Deutsche Boerse Group headquarters in Eschborn, outside Frankfurt, Germany, January 25, 2016. REUTERS/Kai Pfaffenbach 1/2 left right A red London bus passes the Stock Exchange in London, Britain, February 9, 2011. REUTERS/Luke MacGregor/File Photo 2/2 FRANKFURT Blackrock ( BLK.N ), the second-largest shareholder in both Deutsche Boerse ( DB1Gn.DE ) and London Stock Exchange Group ( LSE.L ), publicly voiced its support for the $28 billion merger of the two European exchanges as key regulatory decisions on the tie-up loom. Deutsche Boerse and LSEG have been working to overcome regulatory hurdles holding up the merger and looking to appease antitrust regulators. LSEG agreed this month to sell its French clearing business to Euronext ( ENX.PA ). "Sceptics of this merger must consider the need for stronger capital markets in Europe - as well as the ways the alliance could in fact benefit competition by deepening access to capital on the continent," Blackrock Chairman Laurence Fink said in a speech at a Deutsche Boerse reception on Monday. "Deutsche Boerse itself has taken an important step towards healthier markets through the proposed merger with LSE." The German state of Hesse, which has the authority to veto a merger of the two exchange operators, will host a summit on Tuesday to review the tie-up. Britain''s preparations to trigger divorce talks with the European Union have put a question mark over the deal because a Brexit would place London, Europe''s financial capital and planned headquarters of the new group, outside the bloc. British Prime Minister Theresa May is expected to use a speech on Tuesday to signal a so-called "hard Brexit", meaning Britain would pull out of the single market and customs union. German regulators, fearing a loss of control, want Frankfurt to play the leading role, or, at the very least, be one of two headquarters with London. Blackrock''s Fink also said that Germany needed to keep a close relationship with Britain. "Brexit means that maintaining ties with London is even more important today, given its more developed capital markets," he said in a prepared speech. Fink, who is part of President-elect Donald Trump''s business advisory council, also hailed the moral leadership of Germany''s Chancellor Angela Merkel. "Despite the terrible events in Berlin only a couple of weeks ago, Germany has demonstrated its ability to balance acts of humanity and economic and political challenges that come along with it," Fink said, referring to the attack in which a truck ploughed into a Berlin Christmas market, killing 12. Trump''s stance on immigration contrasts sharply with that of Merkel, whose policy has allowed for an influx of more than a million migrants into Germany in 2015 and 2016, mainly Muslims fleeing war-torn countries including Syria, Iraq and Afghanistan. (Reporting by Arno Schuetze; Editing by David Evans) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-deutsche-boerse-m-a-lse-idUKKBN1502G2'|'2017-01-17T01:58:00.000+02:00'
'2207d152e1bcb9629b02e0bd52f1aa90c9074101'|'BRIEF-Goldcorp says 2016 production was 2,873,000 ounces'|'  5:57pm EST BRIEF-Goldcorp says 2016 production was 2,873,000 ounces Jan 17 Goldcorp Inc * Goldcorp Inc - 2016 production and cost guidance achieved * Says announced preliminary gold production for q4 and full year of 2016 of 761,000 ounces and 2,873,000 ounces, respectively * Goldcorp Inc - aisc are expected to decrease by 20% to approximately $700 per ounce over next five years * Company expects to produce approximately 2.5 million ounces (+/- 5%) of gold in 2017 * Says all-in sustaining costs for full year 2016 are expected to be at low end of original guidance range of between $850 and $925 per ounce  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F60MS'|'2017-01-17T05:57:00.000+02:00'
'b5c82f455fc777b5f0146782e1a8f65204c59bdd'|'China stocks rattled as small caps sink for 9th day; Hong Kong rebounds'|'Energy  09am EST China stocks rattled as small caps sink for 9th day; Hong Kong rebounds * SSEC -0.5 pct, CSI300 -0.4 pct, +HSI 0.4 pct * China to target around 6.5 percent growth in 2017 - sources * Faster IPO approvals weigh on China market SHANGHAI, Jan 17 China stocks fell on Tuesday as small caps skidded for the ninth consecutive session, rattling investor confidence and reviving memories of the broader market crash in mid-2015. Sentiment was also dampened by a Reuters report that China would lower its 2017 economic growth target to around 6.5 percent from last year''s 6.5-7 percent, indicating that Beijing would tolerate a more moderate pace of growth this year and making large-scale fiscal stimulus less likely. The blue-chip CSI300 index fell 0.4 percent to 3,305.87 points by the lunch break, while the Shanghai Composite Index lost 0.5 percent to 3,087.91. Traders were again focused on rising volatility in small-caps, with the tech-heavy ChiNext, the country''s start-up board, heading for its ninth consecutive session of losses. ChiNext fell nearly 0.7 percent by midday, after tumbling as much as 6 percent and hitting a 16-month low in the previous session. China''s small caps have been far underperforming blue-chips over the past six months, with a selloff accelerating in recent sessions. Analysts attribute the weakness to investors'' cooling interest in "new economy" plays, intensified selling by major shareholders, regulators'' crackdown on leveraged trading and a speed-up in approval of IPOs. "We expect the pressure to continue in the foreseeable future, which has the potential to trigger financial instability," BofA Merrill Lynch wrote. Most sectors lost ground in the mainland market. The infrastructure sector retreated nearly 1 percent at midday. But energy added around 0.2 percent after receiving a boost from China Petroleum & Chemical Corp and PetroChina Co Ltd as the two pledged to propel restructuring reforms this year on Monday. Hong Kong Hong Kong shares rebounded in thin trading, as investors adopted a cautious attitude ahead of UK Prime Minister Theresa May''s speech on Brexit later in the day, and U.S. President Donald Trump''s inauguration on Friday. The benchmark Hang Seng index rose 0.4 percent to 22,817.42, while the Hong Kong China Enterprises Index edged up 0.2 percent to 9,688.11. Nearly all sectors made modest gains, led by energy and tech stocks, which both rose around 0.9 percent. Linus Yip, a Hong Kong-based strategist at First Shanghai Securities, said investors are taking a wait-and-see stance over concerns that a post-election rally was overdone. Yip noted that gains also were capped by a weak mainland market as well as limited southbound capital flows as mainland investors took to the sidelines ahead of the Lunar New Year at the end of January, one of the most important holidays in China. (Reporting by Jackie Cai and John Ruwitch; Editing by Kim Coghill) Next In Energy'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-stocks-midday-idUSL4N1F71X6'|'2017-01-17T12:09:00.000+02:00'
'76d472a39d4e17983864565de95e4ee4c68c86ef'|'UPDATE 2-BMW, UK car industry say Britain needs to keep tariff-free EU trade'|'Business News   11:54am EST BMW, UK car industry say Britain needs to keep tariff-free EU trade View of a BMW logo on a wheel at the Mondial de l''Automobile, Paris auto show, during media day in Paris, September 30, 2016. REUTERS/Jacky Naegelen By Costas Pitas - LONDON LONDON Britain should retain tariff-free access to the European Union''s single market, Germany''s BMW ( BMWG.DE ) said on Tuesday, while a UK car industry body called for participation in the EU''s customs union to hold onto trade after Brexit. In a major speech on Tuesday, Prime Minister Theresa May said that Britain would leave the EU''s single market and cannot remain a full member of its tariff-free zone but will seek unfettered trade with the bloc. But BMW, which produces its Mini range at its plant near Oxford, which accounts for more than 10 percent of all British-built cars, said May should press for barrier-free trading terms with the EU. "We acknowledge the Prime Minister’s announcements today and urge her to ensure the UK’s negotiations with the EU result in uncomplicated, tariff-free access to the EU single market in future," a spokeswoman said. The customs union is highly valued by the car industry as nearly 60 percent of the parts in an average British-assembled car are made abroad and some components travel to and from the continent several times in the manufacturing process. The Society of Motor Manufacturers and Traders said that the overwhelmingly foreign-owned sector, which built more cars last year than in any other for over a decade, must retain the key elements of unfettered trade in order to keep prospering. "We need ... a deal which includes participation in the customs union to help safeguard EU trade, trade that is tariff-free and avoids the non-tariff and regulatory barriers that would jeopardize investment," Chief Executive Mike Hawes said in an emailed statement. Asked about the possible implications of free trade where Britain is outside the customs union, Hawes told lawmakers before May''s speech that British-built cars may not comply with the criteria set down in the average free-trade deal. "The danger is that UK-built cars may not qualify under most normal free-trade agreements," he said. "Generally rules of origin require around 50 to 55 percent local content. Currently in the UK, the average car has about 41 percent local content. Being part of the customs union, basically European content counts so that''s not an issue." Global automakers have also warned that a return to World Trade Organization tariffs of 10 percent on car exports and around 3 percent on engines could make their British plants uncompetitive. Last year, Japanese carmaker Nissan ( 7201.T ) asked for a pledge of compensation if its plant was hit by Brexit but went on to invest in two new models after what a source described as a government promise of extra support to counter any loss of competitiveness. On Tuesday, May suggested the car industry may be able to retain elements of the free trade terms currently enjoyed as part of the single market under a new accord. "That agreement may take in elements of current single market arrangements in certain areas – on the export of cars and lorries for example," she said. (Additional reporting by Edward Taylor in Frankfurt; Editing by Adrian Croft, Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-eu-may-autos-idUSKBN1512HE'|'2017-01-17T23:52:00.000+02:00'
'ea54cd4ceb74e9e3be6a31dfe5ff8ac467fe5816'|'BRIEF-Kruk unit buys debt with nominal value of EUR 745 mln from Banca IFIS'|'Financials  33am EST BRIEF-Kruk unit buys debt with nominal value of EUR 745 mln from Banca IFIS Jan 17 Kruk SA : * Said on Monday that its unit, ItaCapital s.r.l., signed deal for acquisition of unsecured consumer loan debt from Banca IFIS SpA * Total nominal value of unsecured consumer loan debt is 744.6 million euros ($792.55 million) Source text for Eikon: ($1 = 0.9395 euros) (Gdynia Newsroom) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1F70PW'|'2017-01-17T14:33:00.000+02:00'
'cabf88f8bf27814eac5b2bda6ad0c4b828c18630'|'Robo-advisor Wealthfront diversifies with stock selling service'|'By Anna Irrera - NEW YORK NEW YORK Jan 18 Wealthfront, one of the earliest and largest online investment management startups known as "robo-advisors," is launching a free automated service that will let employees of listed firms sell stocks in their companies.The online wealth manager began extending the "Selling Plan" service to all its clients this month after initially developing a prototype for Twitter and Facebook workers, the company said in a blog post on Wednesday.In the latest example of "fintech" firms targeting lucrative markets by using automation to be more efficient, it said it was a cheap and convenient tool for employees who would otherwise sell their shares using more costly stock administrators.The attempt to diversify Wealthfront''s offerings comes as growing competition from established players raises questions about the ability of independent robo-advisors to grow at a sufficient scale to reach profitability.While robo-advice was initially developed by newcomers including Wealthfront and Betterment, longstanding firms such as Charles Schwab Corp, UBS AG and Vanguard have recently launched or are planning similar services.The company wrote that it had received requests for the plan from workers at 300 public companies.Wealthfront said the service would save employees time and money and that it would particularly appeal to workers at tech firms, which often offer employees stock as part of compensation packages.The service sells the stocks automatically over an extended period of time and lets clients reinvest the proceeds into a diversified portfolio, or set the cash aside.It will help grow Wealthfront''s revenue stream, the company said, since proceeds from sales would be held in a client''s Wealthfront account. Robo-advisors such as Wealthfront typically charge fees on assets under management. (Reporting by Anna Irrera; Editing by Daniel Wallis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/wealthfront-stocks-idINL1N1F81RF'|'2017-01-18T16:28:00.000+02:00'
'72cd819f80cbc97e89ea3ba0b167645b77aabfe2'|'The young are paying for the privilege of unpaid work - and it''s further entrenching inequality - Business'|'M ost young Australians undertake unpaid work experience as part of their education or training, to maintain welfare entitlements or simply to improve their job prospects. But those from more disadvantaged backgrounds are less likely to have those opportunities and those on placements associated with government benefits enjoy their experiences less.These are some of the key findings from our new report , funded by the commonwealth Department of Employment.We also found that unpaid internships or placements may involve significant costs for those who undertake them.Turnbull targets Labor''s ''shameful'' opposition to youth work experience plan Read more The research, the first of its kind in this country, surveyed 3,800 people aged 18 to 64 about work experience. It specifically excluded volunteering, such as at a church, charity or club.Who does unpaid work experience? In our study, more than half of participants aged 18 to 29 had recently taken part in unpaid work experience. A quarter of those aged over 30 also had at least one placement.But our results show there are some who have trouble accessing unpaid work experience. We found that young Australians (18 to 29 years old) from lower socioeconomic backgrounds (as defined by parents’ highest level of education) were less likely to have taken part.The results also show that people living in a capital city were more likely to have undertaken internships or placements than those living elsewhere. Participation rates were also higher for men compared with women.Employers could exploit unemployed on unpaid work experience, say unions Read more Unpaid work experience extends beyond traditional student placements in medicine, nursing and teaching, and internships in professional fields such as creative industries , law and finance. Our research revealed work experience in a wide range of professional, intermediate and entry-level roles across many industries.Of those undertaking unpaid work experience, 36% reported that their most recent period of unpaid work experience lasted over one month. A similar proportion (37%) had undertaken a single placement, while 26% had two such experiences. One in five participants had undertaken five or more episodes in the past five years.Reasons for participating in unpaid work experience About half of all unpaid work experience occurred in connection with a formal course of tertiary or VET study or secondary schooling. This is unsurprising, given the emphasis that education providers and employers now place on work-integrated learning . But this means half of all arrangements occur outside of education or training curricula.In our survey, people also completed unpaid work experience because: they were required to do so to maintain Youth Allowance or Newstart payments, they were part of an unpaid trial during a recruitment process, it was unpaid training after an offer or employment, or for some other reason.The fact that so many young people did this sort of work experience for some other reason indicates that many placements are being self-organised by students or jobseekers outside formal course requirements, or that organisations are establishing internships and recruiting participants for their own purposes.This is significant because unpaid internships or placements like this may breach minimum wage laws unless they are connected to an authorised course of education or training, or do not involve productive work.Benefits and costs of participating in unpaid work experience Consistent with previous studies that highlight the benefits of increased workplace exposure , participants in our study were highly satisfied with their unpaid work placements.They reported developing skills and knowledge, improving employment and career prospects, and improving their networks. Unpaid work experience also helped them decide whether that field of work was suitable.The people who were most satisfied with unpaid work experience were those who did it as part of study. Those who were least satisfied did their unpaid work experience as a requirement of Youth Allowance or Newstart or for “other reasons”.Our study showed 27% were offered paid employment by the host organisation after the period of unpaid work experience. Those who were in unpaid trials or training, or arrangements associated with Youth Allowance or Newstart, were the most likely to receive an employment offer.Our data doesn’t tell us whether these jobs were sustained or short-lived. Nor does it give any clear indication as to whether taking part in work experience actually improves the chances of finding a job.Our research revealed a variety of costs associated with unpaid work experience. For example, more than a quarter of respondents reduced their hours of paid employment to take part in unpaid work and 20% organised and paid for their own insurance. These costs may mean some can afford to access this work experience while others can’t.More than one in 10 respondents paid money to a broker, agent or directly to the host organisation to take part and one in four had to travel longer than one hour to attend. Among the study participants, 17% lived away from their usual home to take part.Professions such as politics, journalism, law and finance are dominated by those from privileged backgrounds. This is not only because existing social networks promote opportunities but because wealthy families can afford to support their children while undertaking work experience. In our survey, young people from high socioeconomic backgrounds were more likely than other young people to say that they cut back their paid work hours, paid for their own insurance, travelled for more than an hour or lived away from home.In most areas, Australian women are getting a much worse deal than men Read more What this means for policies on employment In May 2016, the Australian government announced a $840m youth jobs PaTH (Prepare-Trial-Hire) program . The policy includes skills training and access to voluntary internships of four to 12 weeks for jobseekers under 25. It also provides a bonus youth wage subsidy paid to organisations that go on to employ young jobseekers.Given how widespread unpaid work placements have become, the policy may provide much-needed resources to host organisations to support better learning, career and employment outcomes for participants.But the government could learn from how education institutions structure their unpaid work experience placements. The involvement of an education institution provides a learning framework and support around unpaid work placements that a government-led initiative may struggle to emulate. Educational institutions may also be supervising or screening placement opportunities to ensure they provide a positive learning environment.The socioeconomic gap for access to unpaid work experience we identified will widen if unpaid work becomes more common or a de facto prerequisite for securing ongoing employment, so governments should address this. This could include scholarships or additional support for low-income participants in particular.• Damian Oliver is the deputy director of the centre for management and organisation studies at UTS business School, University of Technology, Sydney; Andrew Stewart is John Bray professor of law at the University of Adelaide; Anne Hewitt is an associate professor of law and the University of Adelaide; and Paula McDonald is professor of work and organisation and ARC future fellow at the Queensland University of Technology. This article was originally published on the Conversation , part of the Guardian Comment Network'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/commentisfree/2017/jan/18/the-young-are-paying-for-the-privilege-of-unpaid-work-and-its-further-entrenching-inequality'|'2017-01-18T02:00:00.000+02:00'
'42768ae307c7c1ae7a88d065422510efeada945c'|'Higher gasoline, rental costs boost U.S. consumer inflation'|' 10pm GMT Higher gasoline, rental costs boost U.S. consumer inflation A customer pushes a shopping cart at a Walmart store in Chicago, Illinois, U.S. November 23, 2016. REUTERS/Kamil Krzaczynski By Lucia Mutikani - WASHINGTON WASHINGTON U.S. consumer prices increased in December as households paid more for gasoline and rental accommodation, leading to the largest year-on-year increase in 2-1/2 years and signalling that inflation pressures could be building. The inflation rise, coming as economic growth strengthens, was corroborated by a separate report on Wednesday from the Federal Reserve, which said pricing pressures "intensified" somewhat from late November through the end of the year. The trend, if sustained, may push the U.S. central bank to raise interest rates at a faster pace than currently anticipated. The Fed has forecast three rate hikes this year. It raised its benchmark overnight interest rate by 25 basis points to a range of 0.50 percent to 0.75 percent last month. "Further momentum in consumer prices could add to the perception of a more hawkish Fed and the potential for more aggressive tightening," said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Kalamazoo, Michigan. The Labour Department said its Consumer Price Index rose 0.3 percent last month after a 0.2 percent gain in November. In the 12 months through December, the CPI increased 2.1 percent, the biggest year-on-year rise since June 2014. The CPI rose 1.7 percent in the year to November. The gains were in line with economists'' expectations. The CPI increased 2.1 percent in 2016, up from a gain of 0.7 percent in 2015. The dollar .DXY rebounded from a near six-week low against a basket of currencies on the inflation data. Prices for U.S. Treasuries fell, with the yield on the 30-year bond rising to almost 3 percent. U.S. stocks were little changed. The so-called core CPI, which strips out food and energy costs, rose 0.2 percent last month after the same increase in November. As a result, the core CPI was up 2.2 percent in the 12 months through December, from 2.1 percent in November. The Fed has a 2 percent inflation target and tracks an inflation measure which is currently at 1.6 percent. Rising wages due to a tightening labour market also are contributing to higher inflation. Average hourly earnings increased in December at their quickest pace since June 2009, a government report showed earlier this month. The Fed''s latest Beige Book, a collection of anecdotal information from businesses, showed eight of the central bank''s 12 districts reported modest price increases from late November through the end of December. "Pricing pressures intensified somewhat since the last report," the Fed said. "Increases in input costs were more widespread than increases in final goods prices. Businesses in several districts reportedly expect further modest increases in input costs and selling prices in 2017." Inflation could also get a boost from an expected fiscal stimulus from the incoming Trump administration. Republican businessman-turned-politician Donald Trump, who will be sworn in as U.S. president on Friday, has pledged to increase infrastructure spending and cut taxes. "There is nothing here to dissuade the Fed from picking up its rate hike pace this year," said Michael Gregory, deputy chief economist at BMO Capital Markets in Toronto. GASOLINE PRICES CLIMB Underscoring the economy''s momentum, another report from the Fed on Wednesday showed industrial production rose 0.8 percent in December, the biggest gain since November 2014, after falling 0.7 percent in the prior month. Output was driven by a surge in the utilities production as well as an increase in manufacturing. "The small gain in manufacturing, the third of the past four months, is a positive sign from a sector that has moved sideways over much of the past two years," said Andrew Labelle, an economist at Citigroup in New York. "The pickup in commodity prices is clearly providing a lift to manufacturing." The consumer inflation report showed gasoline prices climbed 3.0 percent last month after advancing 2.7 percent in November. Housing also continued its upward march in December. Rental costs increased 0.3 percent last month, with owners'' equivalent rent of primary residence also rising 0.3 percent. Rents jumped 4.0 percent in 2016. Consumers also paid more for healthcare last month, with prices for prescription medicine and hospital services rising. There were also cost increases for a range of other goods and services, including motor vehicle insurance and airline fares. Prices for used cars and trucks rose solidly. But households got some respite at supermarkets and department stores. Food prices were unchanged for a sixth straight month, with the cost of food consumed at home dropping for an eighth consecutive month. Apparel prices fell for a second straight month in December. (Reporting by Lucia Mutikani; Additional reporting by Lindsay Dunsmuir; Editing by Paul Simao)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN1522YB'|'2017-01-19T04:10:00.000+02:00'
'7df751e28332f182365c0ec9d0919dfa71a2a16d'|'BRIEF-Orix JREIT to buy property for 26.8 bln yen'|'Financials   4:01am EST BRIEF-Orix JREIT to buy property for 26.8 bln yen Jan 17 Orix JREIT Inc : * Says it to buy property that located in Japan for 26.8 billion yen on Jan. 20 Source text in Japanese: goo.gl/BQ2V3f Further company Coverage: (Beijing Headline News) Next In Financials PM May indicates Britain will seek "hard Brexit" in EU talks LONDON, Jan 17 Britain will not seek a Brexit deal that leaves it "half in, half out" of the EU, Prime Minister Theresa May will say on Tuesday in a speech setting out her priorities for divorce talks which indicates she is prepared to leave the single market.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1F733I'|'2017-01-17T16:01:00.000+02:00'
'82dc8ef9458fd39345c3196c0dc4db41165b9689'|'Rolls-Royce jumps on profit upgrade and bribery settlement'|'Business News - Tue Jan 17, 2017 - 3:10am EST Rolls-Royce jumps on profit upgrade and bribery settlement A Rolls-Royce logo is seen at the company''s aerospace engineering and development site in Bristol, Britain, December 17, 2015. REUTERS/Toby Melville/File Photo LONDON Shares in Rolls-Royce ( RR.L ) climbed 5 percent on Tuesday after the British aero-engine maker settled a long-running bribery probe and said that 2016 profit would beat expectations. The news of the profit upgrade came as a boost to the firm after an eighteen month period of cost-cutting and restructuring led by CEO Warren East, who was brought in to stabilize the company in mid-2015 after a series of profit warnings. Analysts said that Rolls''s settlement of the bribery investigation with British, U.S. and Brazilian authorities also helped to remove a cloud hanging over the company since 2013, even though the penalty was bigger than expected. It will pay 671 million pounds to settle the investigations. Shares in Rolls jumped by 4.7 percent in early trading. Jefferies analyst Sandy Morris said that the impact of the charge taken to settle the bribery claims was mitigated by the authorities agreeing to spread the payment over five years, meaning the financial impact on the company was "negative but benign". "This is by no means a great moment in Rolls-Royce''s history but in terms of a healing process, getting the SFO settled and having trading particularly on cash flow improving, well maybe, just maybe, Rolls is on the mend," he said. Rolls said in its statement late on Monday that it had finished the year strongly meaning that profit and cash flow would be ahead of expectations. Analyst forecasts had been for Rolls''s 2016 pretax profit to come in at 686 million pounds, half what it made in the previous year. Rolls said the deals agreed with the three authorities would involve the group paying about 293 million pounds in the first year. The company is due to seek final judicial approval for its agreement with Britain''s Serious Fraud Office later on Tuesday. (Reporting by Sarah Young; editing by Kate Holton) Next In Business News Pound quivers near three-month low, stocks weak before May''s Brexit stance speech TOKYO The pound hovered near three-month lows versus the dollar on Tuesday and stocks were mostly weaker as investors waited for British Prime Minister Theresa May to lay out plans to exit the European Union amid fears Britain will lose access to the single market.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-rolls-royce-hldg-fraud-idUSKBN1510QH'|'2017-01-17T15:10:00.000+02:00'
'4bab652a3c0c15bc326fb3430adea7067a3c0cf0'|'Carlyle to become largest shareholder in South Africa''s Global Credit Ratings'|'LONDON Carlyle Group ( CG.O ) has agreed to become the largest shareholder in Johannesburg-based Global Credit Ratings (GCR), the U.S. buyout fund said on Tuesday, looking to broaden the pan-African ratings agency''s services.Terms of the deal, which was first reported by the Financial Times, were not disclosed.Carlyle is set to buy around half of the equity in GCR from its management founders and German development finance business DEG, which will remain invested in the company, Carlyle said.GCR serves 400 customers across 20 countries and is the only ratings agency to have a strong presence in multiple geographies across Africa."The business plays a critical role in deepening African capital markets and we look forward to working with management to continue to develop and broaden the company’s service offerings," Steve Burn-Murdoch, a Vice President on the Carlyle Sub-Saharan Africa team, said in a statement.Carlyle raised $698 million for its Africa buyout fund in 2014, exceeding its $500 million target.In November, Carlyle, which has $169 billion of assets under management, agreed to buy a majority share of CMC Networks, a pan-African telecommunications business.In September, it agreed to buy a majority share of Amrod, a supplier of promotional products and clothing in South Africa and neighboring countries.Carlyle is already invested in the sector, having partnered with private equity fund Warburg Pincus and a consortium of Canadian-based individual investors to acquire the world''s fourth largest global credit ratings agency DBRS in 2015.Founded more than two decades ago as the African arm of the New York Stock Exchange-listed Duff & Phelps, GCR expanded through acquisitions, alliances, and organic growth, and says it assigns more credit ratings in Africa than S&P, Moody’s and Fitch combined.(Reporting by Dasha Afanasieva; Editing by Jason Neely and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-globalratingsagency-m-a-carlyle-group-idINKBN1510N5'|'2017-01-17T05:22:00.000+02:00'
'44670fe1eaca1660c90aae9c41a5d7884b76bba7'|'Chinese paper warns Boeing, U.S. agriculture in crosshairs of Trump trade war'|'Business  55pm EST Chinese paper warns Boeing, U.S. agriculture in crosshairs of Trump trade war Boeing Co''s logo is seen above the front doors of its largest jetliner factory in Everett, Washington, U.S. January 13, 2017. REUTERS/Alwyn Scott BEIJING An influential Chinese state-run newspaper on Thursday again warned that U.S. aircraft manufacturer Boeing Co ( BA.N ) and U.S. agricultural imports could be targets for retaliation in any trade war ushered in by U.S. President-elect Donald Trump. Trump, who is sworn into office on Friday, has criticized China''s trade practices and threatened to impose punitive tariffs on Chinese imports. Billionaire investor Wilbur Ross, Trump''s choice for commerce secretary, voiced sharp criticism of China''s trade practices on Wednesday, telling senators he would seek new ways of combating them. In an editorial, the Global Times said that as the United States has the stronger economy, China may suffer more once a trade war starts, but China "will take the U.S. on to the end". "There are few cases in modern history where only one party surrendered in a trade war; rather, the two parties ended up compromising with each other. How could Trump''s team believe China would surrender without any countermeasures?" it said. "The arrogant Trump team has underestimated China''s ability to retaliate. China is a major buyer of American cotton, wheat, beans and Boeing aircraft," the paper added in the editorial carried in its Chinese and English-language editions, without elaborating. Boeing''s China office declined to comment. Boeing anticipates China will need 6,800 new jetliners worth $1 trillion over the next 20 years. In October, Boeing and Chinese planemaker Commercial Aircraft Corp of China Ltd (COMAC) [CMAFC.UL] signed an agreement to open a Boeing 737 completion facility in the Chinese coastal city of Zhoushan. The widely-read Global Times, run by the ruling Communist Party''s official People''s Daily, is known for its stridently nationalist tone, but its editorials cannot be viewed as representing government policies or official statements. In recent weeks, the Global Times and other state-run Chinese news outlets have issued several warnings of possible retaliation if the Trump administration carries out threats of tariffs or undermines Beijing''s claims on self-ruled Taiwan. In November, the Global Times warned China could switch large orders from Boeing to Europe, Apple ( AAPL.O ) phones would "essentially be crowded out" and U.S. soybeans and corn banished from China if Trump creates problems for China on trade. China''s the world''s top producer and consumer of cotton and top buyer of grains like soybeans to feed its vast livestock industry. (Reporting by Ben Blanchard; Additional reporting by Adam Jourdan in SHANGHAI; Editing by Michael Perry) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-china-idUSKBN153082'|'2017-01-19T08:41:00.000+02:00'
'71febc5a433b21741c11c07ba75022718869130f'|'China''s BYD plans to sell passenger cars in U.S. in 2-3 years -exec'|'BEIJING Jan 19 BYD Co Ltd plans to sell electric passenger cars in the United States in about two to three years, an executive said on Thursday, as it races to be the first Chinese automaker to sell cars to American drivers.BYD, backed by Warren Buffett''s Berkshire Hathaway Inc , specializes in electric and plug-in petrol-electric hybrid vehicles. At present, its U.S. presence is limited to producing buses and selling fleet vehicles such as taxis.Li Yunfei, BYD''s deputy general manager for branding and public relations, said its passenger car plan was not fixed as entering the U.S. was a complicated process."It could be adjusted," Li said at an event in Beijing. "Now we can only say roughly 2 to 3 years."China''s government has used a raft of policies, including billions of dollars in subsidies, to spur a boom in electric and plug-in hybrid sales since 2015. The U.S., meanwhile, has lagged.BYD has had false starts in the U.S., with Chairman Wang Chuanfu previously saying the automaker would begin selling in the U.S. in 2010. Other Chinese peers have also encountered delays in entering the market.GAC Motor, a subsidiary of Guangzhou Automobile Group Co Ltd , displayed three models at the Detroit Auto Show earlier this month, stating it would enter the U.S. by 2019 instead of a previous goal of 2017.A GAC Motor spokeswoman declined to elaborate on the delay. (Reporting by Jake Spring; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/byd-usa-idINL4N1F926I'|'2017-01-19T03:00:00.000+02:00'
'67da463d0b12781aa37517198eae3208f332f43d'|'Regulatory crackdown fails to deter M&A leaks globally, survey shows'|'LONDON A regulatory crackdown has failed to prevent merger and acquisition (M&A) deals being leaked before their official announcement, a survey showed on Thursday, suggesting potential benefits of unauthorised disclosures outweigh the risks.Globally deal leaks increased to 8.6 percent of all deals in 2015, compared to 6 percent in 2014, research from Britain''s Cass Business School and Intralinks, which sells deals management tools, said."One interpretation of these findings suggests that even an increased threat of enforcement is still not enough to deter leaks: in short, for some the potential benefits of leaking a deal still appear to outweigh the risks," said Philip Whitchelo, a vice president at Intralinks.The study found that in 2015 targets in leaked deals achieved significantly higher takeover premiums than those in non-leaked deals which was in line with the long term trend.The median takeover premium for targets in leaked deals was 53 percent compared to 24 percent for non-leaked deals, the biggest gap between the two for four years.With one in five deals, India saw the highest proportion of leaks, followed by Hong Kong and the United States where 12.9 and a seven-year high of 12.6 percent of deals respectively were leaked in 2015.The top three sectors for deal leaks in 2015 were Real Estate (12.9 percent), Healthcare (12.5 percent) and Energy & Power (9.3 percent).The report said the number of enforcement actions by major U.S. regulators, which include deal leaks, rose in 2015 compared to 2014. The financial penalties levied by the US Securities and Exchange Commission and the Hong Kong Securities and Futures Commission also increased compared to 2014.However the number of enforcement actions by Britain''s Financial Conduct Authority in 2015 was the same as in 2014 and the total sum of financial penalties levied fell by 38 percent in 2015 compared to 2014, the report said without citing a reason.The report was based on an analysis of 5,024 deals announced between 2009 and 2015, of which 378 were identified as leaked deals.(Reporting by Dasha Afanasieva; Editing by Alexandra Hudson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uk-m-a-survey-leaks-idINKBN153004'|'2017-01-18T21:03:00.000+02:00'
'9ea4ebfb3dd234934c95da8c163947ff1b06170d'|'BlackRock owns 5 percent of Toshiba, likely becoming top shareholder'|'TOKYO BlackRock Inc has a stake in Toshiba Corp of 5.01 percent, according to a Japanese government filing, likely becoming the struggling firm''s top shareholder.According the filing, BlackRock had bought the stake for investment purposes.JP Morgan Chase owned 4.14 percent of Toshiba shares as of Sept. 30, its biggest shareholder at the time, according to an earlier Toshiba filing.Toshiba''s financial crisis deepened on Thursday as media reported it may unveil a bigger-than-expected $6 billion writedown for its U.S. nuclear business, sending its shares sliding.(Reporting by Junko Fujita; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-blackrock-idINKBN1531LK'|'2017-01-19T08:34:00.000+02:00'
'f11348d6c1171be1817478cd8e180fcbcea084b6'|'Wall Street flat as countdown to Trump''s swearing-in begins'|'  8:22pm IST Wall Street flat as countdown to Trump''s swearing-in begins A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly/Files By Yashaswini Swamynathan U.S. stocks were flat on Thursday, with investors seemingly wary of taking on risk ahead of Donald Trump''s swearing-in as U.S. president on Friday. After having driven Wall Street to record highs in a post-election rally, investors are on the sidelines as they await Trump''s inaugural speech to get a steer on his policies. Markets are also eyeing a speech by Federal Reserve Chair Janet Yellen. "Investors'' concerns on Trump delivering his campaign promises is probably the real ''Fear Factor''," Peter Cardillo, chief market economist at First Standard Financial wrote in a note. With the fourth-quarter earnings season picking up pace, Dow components IBM and American Express, scheduled to report results after market close, will be in focus. In an appearance on Wednesday, Yellen said the U.S. economy was getting closer to running on its own, but soothed some nerves by adding that it made sense to raise interest rates gradually. Yellen is expected to speak on monetary policy at Stanford University at 8:00 p.m. ET. Investors have been worried that Trump''s pro-growth policy proposals may boost inflation, forcing the central bank to increase the pace of rate hikes. Yellen''s comments on Wednesday indicated that the plan to raise rates three times this year is not "farfetched", Cardillo said. At 9:37 a.m. ET (1437 GMT) the Dow Jones Industrial Average was up 9.34 points, or 0.05 percent, at 19,814.06 - snapping a four-day losing streak. The S&P 500 was up 1.8 points, or 0.08 percent, at 2,273.69 and the Nasdaq Composite was up 11.46 points, or 0.21 percent, at 5,567.11. A report on jobless claims showed that 234,000 Americans applied for unemployment benefits last week, far fewer than 254,000 that economists expected. Five of the 11 major S&P sectors were higher, led by a 0.82 percent rise in industrials. The sector also powered the Dow. Railroad provider CSX Corp jumped more than 17 percent after a source said former Canadian Pacific Chief Executive Hunter Harrison is in advanced talks to team up with a former Pershing Square Capital partner, seeking to shake up CSX. Union Pacific was up 4 percent at $107.93 after the company reported a better-than-expected quarterly net profit. Netflix gave the biggest bump to the Nasdaq, rising 6.2 percent after the streaming video provider said it added far more subscribers in its latest quarter than what was expected. Tesla rose 3.5 percent after Panasonic said it aimed to extend its partnership with the electric carmaker into self-driving technology. Advancing issues outnumbered decliners on the NYSE by 1,311 to 1,241. On the Nasdaq, 1,152 issues rose and 1,029 fell. The S&P 500 index showed 10 new 52-week highs and no new lows, while the Nasdaq recorded 29 new highs and six new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN153232'|'2017-01-19T21:52:00.000+02:00'
'8b4b335e3c915ed9f2495ea5c7209c6c57d661e0'|'EU clears Smiths'' purchase of Morpho Detection'|'BRUSSELS British engineering firm Smiths Group ( SMIN.L ) secured EU regulatory approval on Thursday for its planned acquisition of Morpho Detection from France''s Safran ( SAF.PA ).The European Commission, which oversees competition policy in the European Union, said its approval was conditional on the divestment of Morpho Detection''s explosive trace detection business, such as used at airports and by the military.Safran agreed to sell the U.S.-based Morpho Detection business and related activities for an enterprise value of $710 million.Morpho Detection will become part of Smiths Group''s Detection division, which designs and manufactures sensors that detect and identify explosives, weapons, chemical agents and other contraband.(Reporting By Philip Blenkinsop)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-safran-m-a-smiths-group-eu-idINKBN1531HY'|'2017-01-19T08:07:00.000+02:00'
'64252330df0f27b744e996c251981b18c01ceec4'|'Italy not worried about ECB ending asset-buying - Econ Minister'|'Business   9:48pm GMT Italy not worried about ECB ending asset-buying - Econ Minister Pier Carlo Padoan, Minister of Economy and Finance of Italy attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2017. REUTERS/Ruben Sprich DAVOS, Switzerland Italy is not worried about the prospect of the European Central Bank ending its asset-buying programme and thinks its banks could benefit from the move, Economy Minister Pier Carlo Padoan said on Wednesday. The ECB has decided to reduce the size of the programme that has seen it buy some 1.5 trillion euros worth of bonds in the last two years and is due to wrap it up at the end of 2017. Padoan told Reuters in an interview that Italy, which has one of the world''s biggest public debt piles, was not concerned about the prospect of losing the stimulus from Frankfurt. "This is not bothering us because we are managing the composition of our public debt ... We have already cashed in the benefits of low interest rates," he said at the World Economic Forum in Davos. Padoan suggested phasing out the scheme could be good for Italy''s banks, which are groaning under almost 200 billion euros (173.04 billion pounds) in bad loans, as it would end an era of very low interest rates. "With higher interest rates the banks will have wider margin to get profits so this will help improve their balance sheet position," Padoan said. Following concerted stake-building by France''s Vivendi ( VIV.PA ) in broadcaster Mediaset ( MS.MI ), and a merger between eyewear makers Essilor ( ESSI.PA ) and Luxottica ( LUX.MI ) which will create a Paris-listed group, Padoan said interest in Italian firms was a sign of their quality. "There is an element of paranoia in the debate," he said. "The fact that many Italian companies are being considered by other companies is a sign that there are many good, profitable Italian companies." Regarding Mediaset, which is controlled by former prime minister Silvio Berlusconi, Padoan said: "We are of course watching what is going on, but these are private companies so the government has nothing to do or say specifically." (Reporting by Alessandra Galloni; Writing by Isla Binnie; Editing by Gareth Jones) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-davos-meeting-italy-padoan-idUKKBN152314'|'2017-01-19T04:48:00.000+02:00'
'c2d6fb051a7423c8442ed373c0582e6dde5a8ecc'|'Europe''s bank rescue rule in doubt, even among enforcers'|'By Francesco Canepa and Andreas Kröner - FRANKFURT FRANKFURT Some senior regulators are privately raising doubts over whether politically unpopular European rules seeking to shield taxpayers from bank bailouts will ever be enforced as intended."Bail-ins" were trumpeted as the centerpiece of Europe''s response to the financial crisis, but some of the people who will have to apply them are now questioning in private whether they will be used following the Italian government''s rescue of the troubled Monte dei Paschi di Siena ( BMPS.MI ).The bail-in rules demand that private investors must suffer some losses before public money is used to rescue a bank.But in the case of Monte dei Paschi, Italy used an exception built into the new rules to avoid a bail-in of senior bond and savings account holders, thereby setting a dangerous precedent for other crisis-struck lenders in Italy and beyond."A bail-in of savers would cause a revolt in Italy and could bring down the whole euro project by boosting anti-euro parties," one source told Reuters.Imposing losses on creditors, who sometimes include small savers, is economically damaging and politically painful at a time when public resentment towards the European Union is running high and elections loom in key countries.Against this backdrop, banks are struggling to raise the capital they need to deal with unpaid loans accumulated during the economic downturn.The head of the German banking association, Michael Kemmer, has said Rome''s approval of a "precautionary recapitalization" of Monte dei Paschi just before Christmas, after the bank failed to find enough private investors to back its capital increase, puts regulators'' credibility at risk.Ratings agency Moody''s said the rescue, which is awaiting European Commission approval, "raises questions regarding the European authorities'' commitment to follow strictly the ... bail-in provisions to resolve troubled banks"."The SRB is the most useless institution in Europe because no-one dares to use it at the moment," one European regulator said of the euro zone''s Single Resolution Board, which is in charge of bail-ins.But its head Elke Koenig said last week she had no concerns about the application of the directive, while an EC spokesperson said the rules "apply on a case-by-case basis to a specific bank in its specific circumstances".TESTING TIMESThe SRB''s Koenig may find her faith is put to the test soon, with a number of smaller Italian banks still trying to raise capital and Italy''s top lender, UniCredit in the process of raising 13 billion euro ($14 billion) through a cash call."A first round of losses must be absorbed by the state if the banking system is to be rescued," Gennaro Pucci, head of investment firm PVE Capital, said, estimating around 100 billion euros in public money may be needed.Cleaning up balance sheets has been a key objective of the European Central Bank, which wants to bring down the amount of bad loans to free up resources for fresh lending.This risks backfiring, however, if banks try to sell more non-performing loans (NPLs) and shares than investors are prepared to buy."In the end, the ECB’s effort to clean up banks'' balance sheets too quickly may be counterproductive," Marco Troiano, a director at ratings agency Scope, said."At present, there''s just not enough appetite out there to buy the NPLs and subscribe capital increases on a wide scale."Even in euro zone countries where bailouts took place before the new rules, some banks are still not out of the woods.Portugal''s Novo Banco, the so called ''good bank'' carved out of the collapsed Banco Espirito Santo, and Germany''s HSH Nordbank may need further state help if they can''t find buyers.U.S. hedge fund Lone Star, the top bidder for government-owned Novo Banco, has asked for a state guarantee on its investment, prompting calls from two leftist parties that prop up Portugal''s minority government that the firm be nationalized instead.Bailed out during the crisis, HSH Nordbank has until February 2018 to find a buyer or be wound down.The bank''s management says it has a good chance of finding an investor. But some question whether it would be allowed to go under even it did not manage to do so.(Additional reporting by Francesco Guarascio in Brussels; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eurozone-banks-bailout-idINKBN1522V2'|'2017-01-18T17:06:00.000+02:00'
'e1397cc5353a590b82588d4498464c2f572ef7d1'|'Yahoo Japan defies calls to rethink ivory sales as Yahoo Inc CEO weighs in'|'Technology   9:05pm EST Yahoo Japan defies calls to rethink ivory sales as Yahoo Inc CEO weighs in left right Toshio Okuma points to ivories for making ''hanko'' or carved name seals at his factory in Tokyo, Japan November 28, 2016. Picture taken November 28, 2016. REUTERS/Issei Kato 1/8 left right Evenly sized cut pieces of ivories for making ''hanko'' or carved name seals are seen at a factory in Tokyo, Japan November 28, 2016. Picture taken November 28, 2016. REUTERS/Issei Kato 2/8 left right A man is seen near ivories for making ''hanko'' or carved name seals at his factory in Tokyo, Japan November 28, 2016. Picture taken November 28, 2016. REUTERS/Issei Kato 3/8 left right Toshio Okuma touches ivories for making ''hanko'' or carved name seals at his factory in Tokyo, Japan November 28, 2016. Picture taken November 28, 2016. REUTERS/Issei Kato 4/8 left right Toshio Okuma (R) holds an ivory for making ''hanko'' or carved name seals at his factory in Tokyo, Japan November 28, 2016. Picture taken November 28, 2016. REUTERS/Issei Kato 5/8 left right A man prepares to cut an ivory for making ''hanko'' or carved name seals at his factory in Tokyo, Japan November 28, 2016. Picture taken November 28, 2016. REUTERS/Issei Kato 6/8 left right Round-sliced ivory is cut for making ''hanko'' or carved name seals at a factory in Tokyo, Japan November 28, 2016. Picture taken November 28, 2016. REUTERS/Issei Kato 7/8 left right Ivory for making ''hanko'' or carved name seals is seen with it''s registration certificate at a factory in Tokyo, Japan November 28, 2016. Picture taken November 28, 2016. REUTERS/Issei Kato 8/8 By Yoshiyasu Shida and Deborah M. Todd - TOKYO/SAN FRANCISCO TOKYO/SAN FRANCISCO Yahoo Japan, the country''s biggest online auction site, is rebuffing calls to end online ivory trading despite Yahoo Inc CEO Marissa Mayer''s misgivings over facilitating a business blamed for the illegal slaughter of African elephants. Yahoo Japan doesn''t accept that ivory sold on its platform - supposedly imported into Japan before a 1989 ban on international shipments - is a factor behind the sharp rise in poaching on the African savannah in recent years. Dismissing animal rights campaigners'' concerns, even though the ivory business contributes a fraction of its sales, Yahoo Japan also argues that so long as no laws are broken people should be able to trade whatever they like on the internet. "We want to provide an internet auction site where people can trade freely, and at this moment we have no intention of banning legal trading without any reason," a spokesman for Yahoo Japan said. "We don''t believe the ivory sales contribute to a fall in elephant numbers," he added. A count of African elephants - the main source of poached ivory - showed the population had fallen to less than 380,000 in 2014. With their numbers dropping around 30 percent between 2007 and 2014 , African elephants are on the World Wildlife Fund''s vulnerable list. Meantime, sales of ivory via Yahoo Japan have risen exponentially. In 2015, 28,000 ivory pieces were traded on Yahoo Japan, more than seven times as much as a decade earlier, including 438 whole tusks, according to a recent report by the Environmental Investigation Agency (EIA). Ivory is traditionally used in Japan for carved ‘hanko’ name seals. But because much of Japan''s ivory is unregistered, wildlife groups say Japan provides an opportunity for unscrupulous traders to register poached ivory for sale to Chinese traders. China said two weeks ago it will ban the domestic trade by the end of 2017, shutting the door to the world''s biggest market for poached ivory. SECOND LARGEST STAKE Yahoo Japan rival, Rakuten Inc, which recently agreed to become FC Barcelona''s sponsor, still allows ivory sales on its site, but has stepped back from sales of whole tusks, a spokesman for the company said. California-based Yahoo, which bans the sale of endangered animal products, says it can''t force Yahoo Japan to change. Mayer has not publicly addressed the issue, though she has let it be known that she has raised concerns internally. "Marissa has met up dozens of times with Yahoo Japan on this issue," said a source with knowledge of the meetings. "Sometimes it’s engagement with board members and sometimes it’s meetings with the CEOs,” he added. The Yahoo Japan spokesman confirmed that Mayer has met its CEO Manabu Miyasaka, but declined to give details of the talks. Ron Bell, a counsel for Yahoo, issued a statement last year describing the relationship with Yahoo Japan as one of "passive ownership." Aside from having it''s brand above the door, Yahoo has a 35.6 percent stake in Yahoo Japan, second only to the 36.4 percent owned by the Softbank Group controlled by billionaire businessman Masayoshi Son. In Japan shareholders that own more than a third of a company''s stock has the right to veto board decisions. The U.S. company declined to comment further when asked whether it would consider taking action. Yahoo Japan declined to say how much it earned in commissions from online ivory sales. But EIA estimated it was $7 million in 2015, making just a tiny part of the $5.52 billion revenues Yahoo Japan reported for the 2015/16 financial year. LAUNDERING IVORY Only registered ivory shipped before a 1989 ban on exports under the Convention on International Trade in Endangered Species (CITES) can be traded in Japan. At CITES meeting in September, 182 countries approved a non-binding proposal to end domestic trading that animal rights groups say has spurred a revival in poaching. Japanese officials, however, have so far said they are reluctant to stop trading on Yahoo Japan or elsewhere because they believe only pre-ban ivory is traded. "If you closed down a well-established market like Japan it would not stop the killing. It would drive the market underground," said a spokesman from the Japan''s Ministry of the Environment. Nobody, however, knows how much ivory came to Japan before 1989 or how much remains unregistered, raising suspicions about shipments to China. "Regrettably, that makes us vulnerable to criticism," said the official from the environment ministry, which estimates there is about 2,000 tons of ivory in Japan, of which only 300 tons is registered. That registration and accompanying third party confirmation is subject to few checks to stop poached ivory entering the market, animal rights groups say. "The third party requirement is the problem, even family members are allowed," said Masayuki Sakamoto, an official at EIA. "It is kind of official laundering." ($1 = 118.0400 yen) (Additional reporting by Kwiyeon Ha; Writing by Tim Kelly; Editing by Simon Cameron-Moore) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-yahoojapan-ivory-idUSKBN15206E'|'2017-01-18T08:56:00.000+02:00'
'716f1d7914c6e48b3b97285d68aabb95d2d25e17'|'Philippines launches 25-year U.S. dollar bond - IFR News'|'Financials  30am EST Philippines launches 25-year U.S. dollar bond - IFR News SINGAPORE/MANILA Jan 18 The Philippines is marketing a 25-year U.S. dollar benchmark bond, IFR, a Thomson Reuters publication, reported on Wednesday. The Southeast Asian nation, one of Asia''s active issuers of U.S. dollar denominated debt, has the authority to raise up to $2 billion. The bond sale proceeds will be used to finance President Rodrigo Duterte''s record 3.35 trillion pesos budget and repay foreign debts, National Treasurer Roberto Tan said last week. The bonds are marketed at initial yield guidance of 3.95 percent area, alongside a one-day tender offer for some of its outstanding dollar bonds, IFR said. The country hired Citigroup, Credit Suisse, Deutsche Bank, Standard Chartered and UBS as joint global coordinators and bookrunners for the new bond offering. The Philippine sovereign is rated Baa2/BBB/BBB- by major rating agencies. (Reporting by Daniel Stanton for IFR, Karen Lema, and Neil Jerome Morales; Editing by Sherry Jacob-Phillips) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/philippines-debt-idUSL4N1F827X'|'2017-01-18T12:30:00.000+02:00'
'f3ef7bf944945d4b45e070556805e24035326944'|'UK consumers to be more cautious spenders, GDP growth to slow - Reuters poll'|'Business News - Wed Jan 18, 2017 - 10:23am GMT UK consumers to be more cautious spenders, GDP growth to slow - Reuters poll Shoppers are reflected in a shop window as they walk along Oxford Street on the last Saturday before Christmas, in London December 21, 2013. REUTERS/Luke MacGregor/File Photo By Jonathan Cable - LONDON LONDON British consumers will be cautious about spending this year as inflation soars, but the country will avoid recession as the Bank of England is expected to maintain its ultra-easy policy stance, a Reuters poll found. Britons shocked the world in June when they voted to leave the European Union, a decision that wiped as much as 20 percent off sterling''s value while the uncertainty around the divorce has hit business investment and confidence. Prime Minister Theresa May said on Tuesday that Britain will leave the EU''s single market, putting an end to speculation that it might try to seek a "soft Brexit". May has promised to trigger Article 50, starting the two-year countdown to its departure from the bloc, before the end of March. Giving up access to the single market could hinder British trade and further hurt sterling. However, since the vote Britain''s economy has performed much better than had been feared, although this year it will lag the euro zone. [ECILT/EU] Growth will be 0.3 percent this quarter, then 0.2 percent in the second and third quarters before rising back to 0.3 percent in the final three months of the year, according to the poll of 50 economists taken before May''s speech on Tuesday. Median predictions were for GDP growth of 1.2 percent this year and 1.3 percent in 2018, a far cry from the 2.0 percent predicted for last year. The International Monetary Fund earlier this week predicted growth of 1.5 percent this year and 1.4 percent next. There was a median likelihood of a recession this year of just 20 percent. "Any recession will likely only be the result of unforeseen shocks - the data so far suggest that the economy has enough momentum to post a decent first-half growth rate," said Peter Dixon at Commerzbank. "However, if Article 50 is triggered by March as planned, the threat of an uncertainty shock rises." SHOPPERS TO KEEP HANDS IN POCKETS While the weak pound has been a boon for exporters, it has made imports more expensive, and the poll suggested inflation would soar, peaking at 3.0 percent towards the end of this year. The highest prediction was for 3.6 percent. On average it will be 2.5 percent this year and next. Inflation rose more strongly than expected in December to hit its highest level since mid-2014, propelled by higher air fares and the Brexit-led fall in the value of sterling. Official data showed consumer prices rose 1.6 percent compared with a year earlier. With prices rising so much faster than consumers have been used to, all 19 economists who answered an extra question said the pace of growth in British household spending would slow this year. "We''ve seen surprising resilience on the consumer side but as we move through this year, as we see real earnings start to move lower, that is going to be a catalyst for a re-evaluation of spending patterns," said Jeremy Stretch at CIBC. "The core goods basket is going to cost more and that leaves less for some of the nicer things in life, so spending patterns will be moderated. That is one of the reasons why we assume we will see a deceleration - but not a capitulation - in the economic backdrop." Yet despite inflation being forecast to rise above its 2 percent target, the Bank of England is not expected to make any changes to interest rates until 2019 at least - the end of the forecast horizon. Soon after the referendum result the Bank cut borrowing costs to a new low of 0.25 percent and restarted its asset purchase programme to support an economy expected to slip back into recession. A handful of economists said Bank Rate would be cut to just 0.10 percent next quarter, soon after May has pulled the trigger on Article 50. (For other stories from the poll) (Polling by Kailash Bathija and Krishna Eluri; Editing by Hugh Lawson) Next In Business News Number of workers edges down again, but pay growth picks up pace LONDON Reuters) - The number of people in work in Britain fell for a second time in a row in the three months to November, official data showed on Wednesday, a latest suggestion that the Brexit vote may be making employers nervous about hiring.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-poll-idUKKBN15216Q'|'2017-01-18T17:23:00.000+02:00'
'946cc9b9b99e715ae3c574250c8a7b63d1cb75d7'|'MOVES-Pension Infrastructure Platform, Willis Towers Watson, BlueBay Asset'|'Company  36am EST MOVES-Pension Infrastructure Platform, Willis Towers Watson, BlueBay Asset Jan 18 The following financial services industry appointments were announced on Wednesday. To inform us of other job changes, email moves@thomsonreuters.com. PENSION INFRASTRUCTURE PLATFORM (PIP) The investment manager developed by UK pension funds to invest in UK infrastructure, appointed Tony Poulter as chairman. WILLIS TOWERS WATSON PLC The global advisory, broking and solutions firm named Mike Liss as head of its corporate risk and broking (CRB) business in North America, effective immediately. BLUEBAY ASSET MANAGEMENT LLP The fixed income manager appointed Timothy Ash to the newly created role of emerging markets senior sovereign strategist in its emerging market debt team. (Compiled by Diptendu Lahiri in Bengaluru) Next In Company News Gates charity to sell 60 mln Berkshire shares, as Buffett urged Jan 18 The foundation created by billionaire Bill Gates and his wife Melinda plans to sell 60 million Class B shares of Berkshire Hathaway Inc donated by Warren Buffett, reflecting the fellow billionaire''s desire that proceeds be spent on charitable works.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL4N1F84K2'|'2017-01-18T22:36:00.000+02:00'
'2a0df5e5e23b9b321e55ab828bbd0ec2e4fccadb'|'Brazil housing starts jump 76 percent in November -report'|'SAO PAULO Jan 18 Brazil''s housing starts rose sharply in November in a sign that homebuilders are bullish on the prospects of the country''s economy emerging from its worse recession on record, a real estate research report showed on Wednesday.The widely followed Abrainc-Fipe index showed a 76.1 percent jump in new home construction projects started in November, compared with the same month in 2015. In October, housing starts rose almost 26 percent against the year-earlier month.Home sales rose 10.1 percent to about 10,100 units for the month, university research center Fipe and real estate developers association Abrainc said in a joint statement.The so-called VSO indicator, which gauges sales as a share of total units available for purchase, slipped 0.2 percentage point to 7.9 percent, indicating available inventory would cover 12.6 months'' worth of demand, according to the report.Sales cancellations, which have been weighing on homebuilder earnings this year, fell 20.2 percent from a year earlier, a positive sign for an industry hurt by tight credit and high interest rates. According to the report, 3,200 home sales contracts were canceled in November.The Abrainc-Fipe indicator, launched in August 2015, is the first national index for the real estate sector, compiling data provided by 20 of 34 Abrainc associate members operating in Brazil. (Reporting by Ana Mano; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-realestate-outlook-idINL1N1F71CE'|'2017-01-18T09:00:00.000+02:00'
'3e72ea8842b6661e2d10af6c4c3db371e129e5fb'|'Blame capitalism, not corrupt aid, for fat cat charity chiefs - Global Development Professionals Network'|'N ow that the UK is leaving the EU, the Daily Mail needs to find somebody else to blame for the state of the nation – and it looks as if the aid industry will be high on the hit list, with a recent string of articles attacking aid contractors , cash transfers , and CEO salaries .The Mail’s articles try to be hard-hitting, but those hits are strictly below-the-belt. This might be because the Mail seems confused about what it wants. One week they’re attacking waste and corruption, the next they’re attacking cash transfer schemes – despite the fact that repeated evaluations of cash transfers find them to be less wasteful and corrupt than other forms of aid.The salaries of the chief executives of charities are one of their favourite targets. The Mail calls this corruption, but they’re wrong – it’s capitalism. Those high CEO pay packets that the public, including myself, find so distasteful are not evidence that the aid industry is corrupt. Instead they’re evidence that the charity sector is keeping up with the latest developments in capitalism.Overseas aid functions as a pressure valve for the consciences of those who benefited from capitalismHigh salaries in the private sector are justified on the basis that profit-making companies need to pay handsomely to attract the best staff. If you accept that argument, then presumably you believe that the same thing applies to non-profit organisations; and if you give your money to those organisations, then surely you want the best possible staff delivering their programmes?Apparently not. One column last year described the Mail’s platonic ideal of charity bosses as “low-paid idealists who spend their lives working for one or two charities … [who should] be paid less than their counterparts in the private sector”. The Mail wants it both ways: charities should be managed effectively, but they shouldn’t hire people who know how to manage effectively.There’s no evidence that CEO pay has any impact on company performance, which reveals the true problem. Sky-high salaries for fat cat charity chiefs is not a problem of aid at all – it’s a problem of capitalism. Specifically, it’s a problem of neoliberalism, which taught us that markets are the most efficient mechanism for solving any kind of problem.Neoliberalism defined the global economy for 30 years, and although the 2007–08 financial crisis dealt it a fatal blow, it still defines the parameters of political discussion in many countries. In order to play in the markets of public attention and funding, the reasoning goes, the charity sector needs to act more like the private sector – which means making charities more like corporations.Another one of the right’s criticisms of UK aid is that consultants take billions from foreign aid budget . This is true, but it’s precisely because successive governments decided that a better use of taxpayers’ money was to cut the public sector and outsource its functions to the private sector. Charity money – and overseas aid in particular – goes where capitalism needs it to go.Humanitarians need to do less to do more - Mukesh Kapila Read more And why not? People usually forget that modern charity is a function of capitalism. That’s why people in the UK think of charity primarily in terms of giving money: the charity sector we have today, and particularly overseas assistance, only became possible once people had accumulated enough excess capital to be able to put it somewhere.Overseas aid then functions as a pressure valve for the consciences of those who benefited from capitalism, redistributing tiny amounts of capital in order to avoid the much larger redistribution that would be needed if justice rather than compassion were the priority. This was particularly true during the Cold War, when aid was specifically used to exert soft power.Aid is in crisis at the moment partly because these factors have fallen away. There is less incentive for redistribution: people in rich countries aren’t so rich any more, while many people in poor countries are much less poor. Once the Cold War was won, aid was no longer needed to demonstrate the superiority of liberal democracy, leaving aid budgets an easy target for rightwing pressure.Nowhere is the failure of the traditional mode of aid clearer than in the European refugee crisis. Aid budgets are redirected to prop up EU members that – after years of austerity – are unable to cope with mass migration across the Mediterranean, or are used to support more authoritarian governments to prevent refugees from ever making that trip.As the populist turn of 2016 continues, the charity sector will probably follow these trends. Nobody can predict what the end result will look like – but sadly it’s likely to be more in line with the Mail’s parochial perspective on the world.Paul Currion is a humanitarian consultant. Follow @paulcurrion on Twitter. Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter. Join the conversation with the hashtag #Dev2030 .'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jan/15/blame-capitalism-not-corrupt-aid-for-fat-cat-charity-chiefs'|'2017-01-15T02:00:00.000+02:00'
'b28a8f34fc42ab72761a313f1b077111ed427c4b'|'China 2016 home prices surge most in 5 years, but moderating, easing bubble fears'|'Economic News - Wed Jan 18, 2017 - 11:31am IST China 2016 home prices surge most in 5 years, but moderating, easing bubble fears Residential buildings are seen in Beijing, China, January 10, 2017. Picture taken on January 10, 2017. REUTERS/Jason Lee By Yawen Chen and Elias Glenn - BEIJING BEIJING Prices of new homes in China grew last year at the fastest rate since 2011, but moderated enough in December to calm fears of a speculative bubble bursting with disastrous economic consequences. The price moderation will come a relief to China''s leaders as they wrestle with economic targets for 2017. Sources have told Reuters that Beijing is prepared to accept a more modest growth target of 6.5 percent this year as leaders tackle a mountain of debt built up over years of heavy official borrowing to fund stimulus campaigns. China depended heavily on the surging real estate market and government stimulus to drive economic expansion in 2016. Now it is widely expected to report on Friday that it met its annual GDP growth target of 6.5 to 7 percent. Analysts say two forward-looking figures -- household loans and house sales -- have been indicative of the cooling trend in the property market. "There''s usually a two to three months'' lag between housing transactions and prices. And housing sales really began to fall quite precipitously in November," said Jonas Short, head of investment bank NSBO''s Beijing office. Average new home prices in 70 major cities rose 12.4 percent in December from a year earlier, compared to November''s record 12.6 percent rise, data from the National Bureau of Statistics(NBS) showed. But 12 of 15 markets that had been singled out by authorities as overheating had price falls, a significant increase from November. "Slow growth or slight price declines are exactly what the government wants," said Short. ROBUST PRICES China''s leaders have pledged to strictly limit credit flowing into speculative buying in the housing market in 2017, which would allow it to focus on defusing explosive growth in corporate debt. Those sentiments have been echoed by some local government heads, although local authorities are not always seen as eager to follow Beijing''s property clampdowns due to the hefty revenues they garner from land sales. China''s average home prices are forecast to rise 4.1 percent in 2017, while growth in property investment would rise 5.4 percent, a state-owned newspaper reported earlier this month, citing the Chinese Academy of Social Sciences. But authorities will be walking a fine line between curbing excessive price gains and clamping down too hard on a sector which accounts for about 15 percent of the economy. After 2016''s record surge, further sharp gains may also require more aggressive policy curbs, adding to risks of a price crash and a sharp knock for the economy. While supply in popular big markets remained low, China''s commercial housing inventory totalled 691 million square metres in November 2016, a mere 0.01 percent drop from the same time a year earlier, adding to headaches of policymakers who set destocking in smaller cities as a priority last year. STILL UNAFFORDABLE Wednesday''s data showed eye-popping price rises in 2016, despite a slowdown in growth late in the year. Prices in Shenzhen, Shanghai and Beijing prices rose 23.5 percent, 26.5 percent and 25.9 percent from 2015. "To buy a house in Shanghai, I definitely can''t do it alone, I''d need my parents to help," said 28 year-old Barret Xu, a designer in Shanghai. Even in some of China''s second-tier cities, investors are becoming wary of the potential risks from very high prices. In Hefei, a long-time top price-rise performer, average new home prices rose 46.3 percent in 2016, Wednesday''s data showed, despite posting a 0.2 price decline on a monthly basis in December. A Hefei homeowner who only gave his last name as Zhou, who already has three properties in the city, said prices have skyrocketed and he is not willing to bet further on that market. "The average prices are about 20,000 yuan per square metre and prices are still rising at about 1,000 yuan per month. It''s way to high, Hefei is just barely a second-tier city," Zhou said. "The rich people from Zhejiang province and Shanghai can afford to buy tens and hundreds of houses here, but the locals can''t afford that," he said. (Reporting by Beijing Monitoring Desk, Yawen Chen and Elias Glenn; Additional Reporting by Ziye Lin; Editing by Eric Meijer) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-homeprices-idINKBN1520IF'|'2017-01-18T13:01:00.000+02:00'
'04b883b84696ec2a330d0d9e43493f52b091806c'|'Dominican Republic sets guidance on 10-year bond: source'|'Company News -  39am EST Dominican Republic sets guidance on 10-year bond: source By Davide Scigliuzzo NEW YORK, Jan 18 (IFR) - Here is the pricing progression on the new bond offering from the Dominican Republic, expected to price later on Wednesday, according to a person with knowledge of the offering: SIZE MATURITY IPTs GUIDANCE US$ Benchmark 10 yr Low 6% 6.0% area Bookrunner: JP Morgan (Reporting by Davide Scigliuzzo; Editing by Marc Carnegie) Next In Company News Orthofix to pay $14 mln to settle charges it paid off doctors -U.S. SEC WASHINGTON, Jan 18 Texas-based medical device company Orthofix International NV has admitted wrongdoing and agreed to pay more than $14 million to settle charges that it improperly booked revenue and paid off doctors in Brazil to boost sales, U.S. regulators said on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/dominican-rep-bonds-guidance-idUSL1N1F81BF'|'2017-01-18T23:39:00.000+02:00'
'a5285b20a2f9f40af7fc49c4bd251296c8579b86'|'Stock rally in recent months driven by global economy, not Trump: Robeco CIO'|'Business News   3:57am EST Stock rally in recent months driven by global economy, not Trump: Robeco CIO Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., January 9, 2017. REUTERS/Lucas Jackson By Tomo Uetake - TOKYO TOKYO A rally in global stock markets in the past few months is being driven more by improving economic fundamentals than by expectations of more U.S. fiscal stimulus under   Trump, a chief investment officer of Dutch asset management firm Robeco said. To the contrary, uncertainty over Trump''s economic policies is the biggest risk for markets this year, Lukas Daalder, CIO in charge of multi-asset strategies, told Reuters in Tokyo. Ahead of Trump''s inauguration on Friday, Daalder said Robeco has brought its positions to almost completely neutral, and will look to build fresh investment strategies after the new administration takes shape. "Normally we have quite big exposures. But currently, if you look at the currencies, we are sort of hands off. Basically since the election, the only trade that we currently still have outstanding is a short position in the yen versus the dollar JPY= ," he said in an interview late on Tuesday. The U.S. S&P 500 Index .SPX has risen 5.3 percent since the Nov. 8 presidential election, while the MSCI ACWI .MIWD PUS, a gauge of the world''s share markets, has gained 3.4 percent. Many market players have attributed the strong performance to expectations that Trump will swiftly follow through on campaign pledges to cut taxes, spend more on infrastructure and push for deregulation. While Daalder does not deny that such expectations have played a role, he thinks improving economic fundamentals have been the real driver of share prices worldwide. "Most people call it the ''Trump rally''. Partly, it is but if you look at the underlining macro data, they have been on the up since September already," he said. "If Clinton would have won, we would be talking about the ''Clinton rally'' - and that would be wrong as well." Daalder noted that Citi''s index which measures economic data surprises has been positive not just in the United States but also in the euro zone, emerging markets and Japan. "(Having positive surprises in all those regions) doesn''t happen that often. And they have been surprising for four, five months already," he added. GRAPHIC - Citi''s Economic Surprises Indices: reut.rs/2gomfyU While the Rotterdam-based investment firm has reset almost all its positions to neutral for now, it still believes in the underlying trend of higher bond yields and strength in the dollar. The asset manager needs to see more details on how Trump''s economic plans will pan out, including his plan to cut taxes by $10 trillion in 10 years. "If you are in the stock market, tax cuts are good news. The problem is, is he going to? And how is he going to finance that? I''m not saying that''s impossible. But you don''t know until you see the details," he said. He added that he plans to stake out new positions within a month. Robeco Group, bought by Japan''s Orix Corp ( 8591.T ) in 2013, had 276 billion euro in assets under management as of Sept. 30. (Reporting by Tomo Uetake; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-markets-robeco-idUSKBN1520VG'|'2017-01-18T15:57:00.000+02:00'
'85ffb030ed5c79a66e3bb59e623bff6af57ea11e'|'BRIEF-Abbott announces European launch of the Proclaim DRG Neurostimulation system'|' 18am EST BRIEF-Abbott announces European launch of the Proclaim DRG Neurostimulation system Jan 18 Abbott Laboratories : * Abbott announces european launch of the Proclaim DRG neurostimulation system for the management of chronic neuropathic pain Source text for Eikon:   UPDATE 2-HSBC to shift some staff to Paris after Brexit in blow to London DAVOS, Switzerland, Jan 18 HSBC became the first major bank to detail plans to move jobs out of London after Brexit, saying it will relocate staff responsible for generating around a fifth of its UK-based trading revenue to Paris after Britain leaves the EU. Jan 18 Citigroup Inc reported a 7 percent rise in quarterly profit, wrapping up a strong quarter for big U.S. banks, as trading in bonds and currencies surged following the U.S. presidential election. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F80DO'|'2017-01-18T20:18:00.000+02:00'
'641c3dbd3c008fe16ab6e40cda480a13076296e4'|'China''s Yonghui Superstores, Bain to buy U.S.-based Daymon for $413 million'|'HONG KONG China''s supermarket chain operator Yonghui Superstores Co Ltd ( 601933.SS ) said it would team up with Bain Capital Private Equity to buy U.S. retail services group Daymon Worldwide Inc for $413 million.Yonghui will invest $165 million for a 40 percent stake in Daymon, while Bain Capital will buy 60 percent, the Chinese firm said in a statement late on Tuesday. It said it would fund the deal by bank borrowing and cash.Bain Capital said separately it would buy the stake from existing shareholders of Daymon. Daymon''s expertise ranges from private brand development to strategy and branding, sourcing and logistics, retail merchandising services and consumer experience marketing.The global retail market is expected to reach $28 trillion by 2019 at an average annual growth rate of 3.8 percent, while Asia''s retail sales are expected to exceed $10 trillion by 2018, Bain Capital said.(Reporting by Donny Kwok; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-daymonworldwide-m-a-yh-superstores-idINKBN1520CM'|'2017-01-18T00:54:00.000+02:00'
'20818274a9b9ebd9212c5e52256ef4452f4a9dc6'|'Theresa May''s Brexit speech leaves small firms in the dark - Guardian Small Business Network'|'T heresa May’s speech on Tuesday was the government’s first informative announcement on what the UK will look like after Brexit.A customs union with the EU has been ruled out so the UK can negotiate trade deals with countries outside the EU. This hard Brexit would mean that, after we leave, the UK will trade with the EU and the rest of the world under World Trade Organisation rules, until it has negotiated its new trade deals. That is unless we make an interim agreement with the EU before we leave, which would also need to be approved by the WTO. However, we still could not make trade agreements with countries outside the EU before Brexit without the EU’s approval.The EU continues to be our biggest trade and investment partner. Exiting the single market without any other trade deal with the EU in place would mean a 5% cost disadvantage for UK manufacturers, who would face import taxes in the EU.EU referendum: how would Brexit change VAT and import duties? Read more The UK’s main exports are in business-to-business, professional and financial services. Leaving the single market would reduce the size of the market available to these exporters, for reasons such as loss of mutual recognition of standards. For example, lawyers’ directives that allow solicitors to cross borders temporarily or permanently under their UK title , and the likely loss of the financial services’ EU passport . While May’s negotiating position is for us to keep that right – to provide financial services across borders – the EU principle is that if you leave the union you lose that privilege, so it will be a tough negotiation.Few trade agreements in the world have managed to remove the barriers to services trade, because it requires trade partners to commit to harmonisation of standards in product, services and labour markets. If a future customs agreement with the EU is to maintain comparable levels of market access for service exports, the UK must prioritise getting mutual recognition of standards from the EU. May has committed to incorporating EU law into UK law after Brexit to enable a smooth transition. After this, the UK will decide which rules it wants to keep. As such, for a temporary trade agreement, our standards will match the EU’s. For a permanent agreement, we will need new commitments based on new laws. This will be a hard and typically take several years, or even decades.The speech did reveal that the government will work on getting an interim trade agreement with the EU. This is the best path forward. A temporary agreement would ease uncertainty among businesses and would buy the UK time to work out a permanent settlement.However, it is unlikely that the UK could reach a temporary deal before the date set for us to leave the EU. As such, it is likely that the temporary deal could follow an existing model like that of Norway. Immigration The Brexit speech has laid out the government’s intentions – it will not compromise on control over EU immigration to get single market access. This clarity is welcome, but the speech could have done away with many of the Eurosceptic claims that lack verifiable evidence. This includes those comments regarding the economic impact of immigration – there is little hard evidence that EU immigrants put pressure on schools and wages.Even if we negotiate several trade deals with the rest of the world, it will be a long, arduous task to make up for the reduced trade and investment from the single market. And we would still need to resolve difficult issues, such as worker visas or investment disputes procedures, issues that slowed the EU in trade deals with large economies like the US, China or India.Many questions were left unanswered for small firms. It is likely that post Brexit they are going to find it even harder to participate in international markets and to get access to government funds. The prime minister’s speech suggested the UK would use tax concessions to prevent businesses from leaving, but the link between tax concessions and economic growth is tenuous. And it comes at the risk of exacerbating economic inequality and of putting in place an industrial strategy that provides special favours to particular firms. This would go against the spirit of the Brexit vote, and the prime minister’s promise to reverse the years of economic neglect that have divided the country.Swati Dhingra is an assistant professor at the department of economics at the London School of Economics, researching international economics, globalisation and industrial policy. She is co-author of the recent “Life after Brexit” report by LSE’s centre for economic performance. Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/jan/18/brexit-speech-leaves-small-firms-in-the-dark'|'2017-01-18T02:00:00.000+02:00'
'3b4bff250c7e532c88310c9f4f65d7043d486cbc'|'UPDATE 1-Union Pacific profit rises as lower costs offset revenue dip'|'Company News  30am EST UPDATE 1-Union Pacific profit rises as lower costs offset revenue dip (Adds details of results, company comment) DETROIT Jan 19 No. 1 U.S. railroad Union Pacific Corp on Thursday reported a better-than-expected quarterly net profit as improved efficiency offset a slight drop in revenue, with a more favorable business environment expected in 2017 due to rising energy prices and improved consumer confidence. "Looking to 2017, we are fairly optimistic about some of the macro-economic indicators that drive our core business," chief executive Lance Fritz said in a statement. "Higher energy prices, favorable agricultural markets and improving business and consumer confidence all support a return to positive volume growth this year." Like other major U.S. railroads, Union Pacific has had to battle a precipitous decline in coal freight volumes since early 2015 as utilities switched to burning cheaper natural gas and coal exports were hurt by a strong U.S. dollar. In the fourth quarter, the railroad''s coal volumes still declined 6 percent, but that was moderate compared with a full-year 2016 plunge of 25 percent. The Omaha, Nebraska-based company reported fourth-quarter net income of $1.14 billion, or $1.39 per share, compared with $1.12 billion, or $1.31 a share, a year earlier. Analysts had expected earnings per share of $1.33. In light premarket trading, Union Pacific shares were up nearly 3 percent at $106.75. (Reporting By Nick Carey; Editing by Bernadette Baum) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/union-pacific-results-idUSL1N1F90M7'|'2017-01-19T20:30:00.000+02:00'
'd71f5a3388df370a865abffbbebdd816c69bf058'|'Slovenia plans to sell bank Abanka this year - SDH'|'Financials  32am EST Slovenia plans to sell bank Abanka this year - SDH LJUBLJANA Jan 19 Slovenia intends to sell its third largest bank Abanka this year rather than by the middle of 2019 as planned earlier, privatisation coordinator Slovenian Sovereign Holding (SDH) said on Thursday. It also said it plans to proceed with the privatisation of the country''s largest bank, Nova Ljubljanska Banka (NLB), although local media suggested the country may ask the European Commission to allow a delay of the sale of NLB which was planned by the end of this year. (Reporting by Marja Novak; Editing by Alexandra Hudson) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/slovenia-privatisation-idUSL5N1F95L0'|'2017-01-19T22:32:00.000+02:00'
'a9382adf738274958ee5d145001c8bb32700d0ca'|'Halliburton to drill wells for Shell, doubling Iraq''s Majnoon oil field output - sources'|'Business News - Thu Jan 19, 2017 - 9:53am GMT Halliburton to drill wells for Shell, doubling Iraq''s Majnoon oil field output - sources The logo of Shell is pictured at the 26th World Gas Conference in Paris, France, June 2, 2015. REUTERS/Benoit Tessier/File Photo BASRA, Iraq Shell ( RDSa.L ) has signed a $210 million contract with Halliburton ( HAL.N ) to drill 30 wells in Iraq''s Majnoon oil field, two oil sources said on Thursday. The agreement will double the field''s production after three years, the sources said. Shell, the operator of the giant Majnoon field in southern Iraq, could not be reached immediately for comment. Majnoon''s output should rise to about 400,000 barrels per day in three years, from 220,000 bpd now, according to the sources. (Reporting by Aref Mohammed and Saif Hameed; writing by Maher Chmaytelli; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iraq-oil-idUKKBN15315S'|'2017-01-19T16:53:00.000+02:00'
'7f236c926781928ed668d315ff68bfa893994bfc'|'BRIEF-Guangzhou Yuetai Group expects FY 2016 net profit to be 139.7 mln to 167.6 mln yuan'|'Financials  42am EST BRIEF-Guangzhou Yuetai Group expects FY 2016 net profit to be 139.7 mln to 167.6 mln yuan Jan 19 Guangzhou Yuetai Group Co Ltd : * Says net profit of FY 2016 expected to be 139.7 million to 167.6 million yuan * Says the net profit of FY 2015 was 64.5 million yuan (before adjustment) or 55.9 million yuan (after adjustment) Source text in Chinese: goo.gl/hkmD3x Further company Coverage: (Beijing Headline News) Next In Financials UPDATE 2-Brazil''s inflation falls below 6 pct in mid-January (Adds comments, services prices, background on inflation target) By Silvio Cascione BRASILIA, Jan 19 Brazil''s inflation rate slowed more than expected in mid-January, falling below 6 percent for the first time in nearly three years and reinforcing market bets on steep interest rate cuts by the central bank. Consumer prices as measured by the IPCA-15 index rose 5.94 percent in the 12 months to mid-January, slowing from an increase of 6.58 percent in mid-December, govern Lloyds bank named Britain''s best employer for LGBT people LONDON, Jan 19 (Thomson Reuters Foundation) - Lloyds Banking Group was named on Thursday as Britain''s best employer for lesbian, gay, bisexual and transgender (LGBT) people in a nationwide workplace equality index, followed by law firm Pinsent Masons and J.P. Morgan bank. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1F944Z'|'2017-01-19T19:42:00.000+02:00'
'8d2ff51e09fff11ee0852f7b3673fbaab9f339eb'|'BRIEF-Baxter''s renal therapy services significantly reduced peritonitis infections among home dialysis patients'|' 19am EST BRIEF-Baxter''s renal therapy services significantly reduced peritonitis infections among home dialysis patients Jan 19 Baxter International Inc : * Baxter''s renal therapy services significantly reduced peritonitis infections among home dialysis patients * Baxter International Inc - large dialysis provider reduced peritonitis by 65% over an eight-year period Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F90ON'|'2017-01-19T21:19:00.000+02:00'
'ddbffc57ee4b2cda825526fb7587e3a46110ce66'|'Mercuria introduces blockchain to oil trade with ING, SocGen'|'Industrials  41am EST Mercuria introduces blockchain to oil trade with ING, SocGen By Dmitry Zhdannikov - DAVOS, Switzerland DAVOS, Switzerland Jan 19 Trading house Mercuria is working with banks ING and Societe Generale on the first large oil trade based on blockchain technology, as the tradition-bound oil industry tests out digital technology. Mercuria is shipping an oil cargo with African crude to China, selling it to one of its shareholders - ChemChina - with ING and Societe Generale helping to execute the deal, Mercuria''s chief executive and co-founder Marco Dunand told Reuters. He announced the deal on the sidelines of the World Economic Forum in Davos, Switzerland, where digitalisation is one of the key topics of this year''s debates among some of the world''s top oil companies and trading houses. Blockchain works by creating permanent, public "ledgers" of all transactions that could potentially replace complicated clearing and settlement systems with one simple ledger. The technology is also behind the bitcoin electronic currency. "The energy industry will have to digitalise more and more in oil production, refining, shipping. So traders will also have to participate," said Dunand. The concept behind the deal is quite simple, according to Dunand. Today, when the cargo is shipped from buyer to trader to seller, the ship captain has to stamp the so-called bill of lading - a document issued by a carrier to acknowledge receipt of cargo for shipment. The papers then have to go to customs, surveyors and other agents and officials while the carrier has to issue letters of indemnity in case documents are not processed in time. "It is a pre-archaic process. So introducing blockchain will allow to pass title from buyer to shipper to seller without going through massive paperwork of bills of lading," said Dunand. Dunand said that if the industry managed to standardise blockchain contracts, the whole process of oil trading would become safer, while costs associated with physical transactions and their financing would decline. "Going forward the challenges will be on the legal side as the blockchain technology is still not recognised by many governments. So banks are now working with various jurisdictions to make sure it can work worldwide," said Dunand. (Reporting by Dmitry Zhdannikov; Editing by Mark Potter) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/davos-meeting-mercuria-idUSL5N1F921I'|'2017-01-19T17:41:00.000+02:00'
'2464cee895fa8ea617f16e978992b5f1b8865199'|'Cathay Pacific shares skid after major operations review underwhelms'|' 35am IST Cathay Pacific shares skid after major operations review underwhelms FILE PHOTO - A passenger plane of Cathay Pacific Airways parks at the airport in Colomiers near Toulouse, Southwestern France, November 24, 2016. REUTERS/Regis Duvignau/File Photo HONG KONG Shares of Cathay Pacific Airways Ltd slid nearly 6 percent after a strategic review by the Hong Kong carrier of its operations left investors bemoaning a lack of detail, including whether jobs and flights might be cut to save money. The shares were down 4.8 percent at HK$10.30 by the midday beak, the lowest since Dec. 30, after Cathay emailed results of its biggest business review in two decades to employees late on Wednesday. Cathay''s chief executive Ivan Chu said the firm would "grow efficiently by keeping our costs per available tonne kilometres flat as we expand our productivity." The airline said it would cut jobs and consider moving some flights to its shorter-haul unit. But the apparent lack of clarity and urgency on where costs might be cut in the face of accelerating competition left analysts and investors concerned. "It was disappointing without seeing any concrete detail on how it can build a more efficient organisation at a time when it still faces serious challenges, in particular from budget airlines," said Linus Yip, chief strategist from First Shanghai Securities. Cathay is under pressure to combat aggressive mainland Chinese carriers, and to position itself to compete against the backdrop of an "open skies" deal signed last month between China and Australia. "By the time CX (Cathay Pacific) takes action, the competitive landscape will have changed so much that it is no longer recognisable," one aviation industry official said on Thursday, speaking on condition of anonymity. Cathay said in a press statement on Thursday that changes to the way the company was organised would start at the top, and it would focus on speeding up decision making and making the airline more responsive to customer needs. "2017 is going to be a year of significant change and an opportunity to better align our business with the increasingly competitive aviation landscape," Cathay added. In August, the carrier posted an 82 percent slide in first-half net profit amid slower Chinese economic growth and falling consumer demand for premium class seats on long-haul routes. (Reporting by Donny Kwok and Jamie Freed; Editing by Kenneth Maxwell and Jacqueline Wong) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/cathay-pac-air-strategy-stocks-idINKBN1530FT'|'2017-01-19T12:05:00.000+02:00'
'9e1a70a7c07dabb922dbebe36fcb63cdedc0ca45'|'UPDATE 1-HKEX plans to launch iron ore contract this year'|' 39am EST UPDATE 1-HKEX plans to launch iron ore contract this year (Updates with details throughout) HONG KONG Jan 19 The Hong Kong stock exchange plans to launch a U.S. dollar-denominated, cash-settled iron ore futures contract in Hong Kong this year, it said on Thursday, as the bourse aims to compete with U.S. and Asian rivals. The iron ore contract would be linked to an index, and the launch is subject to regulatory approval, the Hong Kong Exchanges and Clearing Ltd (HKEX) said in a statement. It also said it is considering listing a hot-rolled coil steel product on the London Metal Exchange. The exchange said it was keen to build on the success of the LME''s steel scrap and rebar contracts since they have grown in volume. The exchange said it is continuing to seek all the necessary approvals to operate its spot commodities trading platform in Qianhai, the free trade zone in the city of Shenzhen, just north of Hong Kong. "Once the Qianhai platform is up and running, we will look at ways to connect it with the LME, to provide new opportunities to players active in both the mainland''s domestic markets and international markets," it said. It said it had largely completed development of IT systems, had started internal testing and was in talks with "leading warehouse companies on the mainland about potential partnerships". It expects to launch the platform this year, it added. (Reporting by Michelle Price in HONG KONG and Melanie Burton in SYDNEY; Writing by Josephine Mason in BEIJING; Editing by Tom Hogue and Clarence Fernandez) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hkex-lme-iron-ore-idUSL4N1F92O1'|'2017-01-19T14:39:00.000+02:00'
'b6dc102287b110625f271184bc6b7aad8c81a66e'|'MIDEAST STOCKS-Strong Q4 results set to boost Saudi Arabia'|' 55am EST MIDEAST STOCKS-Strong Q4 results set to boost Saudi Arabia DUBAI Jan 19 Solid fourth-quarter results from Saudi Arabian blue chips may help boost the stock market there on Thursday while an overnight pull-back in oil and equity prices could constrain other Gulf markets. The largest lender by assets, National Commercial Bank , made a net profit in the three months to Dec. 31 of 2.29 billion riyals ($611 million), a 7.5 percent rise, boosted by higher income from commissions and investments. That was slightly ahead of estimates; analysts at Alistithmar Capital and SICO Capital had given forecasts for NCB''s fourth-quarter net profit of 2.0 billion riyals and 2.09 billion riyals respectively. Al Rajhi Bank, Saudi Arabia''s second-largest lender, reported a 5 percent rise in fourth-quarter net profit to 2.05 billion riyals, meeting analysts'' forecasts as financing, investment and other income increased. Shares in NCB are trading at a small discount to analysts'' average fair value estimate while Al Rajhi is trading at a premium, according to Reuters data. The largest petrochemical maker, Saudi Basic Industries , made a net profit of 4.55 billion riyals in the three months to Dec. 31, a 47.7 percent jump. That was at the lower end of forecasts. SABIC said lower average operating and other non-core costs were the main reason for the rise in profit. PetroRabigh may be bid up after it swung to a net profit of 183 million riyals in the fourth quarter from a loss of 1.01 billion riyals a year earlier, citing relatively stable operations and the positive impact on inventory valuations of feedstock price increases. Sahara Petrochemical also swung to a net profit in the fourth quarter, citing higher sales volumes, product prices and income from subsidiaries. Among telecommunications, Zain Saudi reported a narrower fourth-quarter loss, marginally beating estimates as revenue increased. Mobily swung to a loss but beat estimates. Mouwasat Medical Services Co reported a 34.2 percent rise in fourth-quarter net profit to 72.2 million riyals, ahead of analysts'' average forecast of 59.4 million riyals. Brent crude oil futures ended Tuesday at their lowest level in a week, while MSCI''s broadest index of Asia-Pacific shares outside Japan is down 0.4 percent after U.S. Federal Reserve Chair Janet Yellen signalled the central bank is poised to pursue a path of interest rate hikes. (Reporting by Celine Aswad; Editing by Andrew Torchia)  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1F90IQ'|'2017-01-19T12:55:00.000+02:00'
'84aeb269414382226c97a789879334e154022255'|'Former Canadian Pacific CEO Harrison, Paul Hilal in talks for CSX stake'|'Former Canadian Pacific Chief Executive Hunter Harrison is in advanced talks to team up with former Pershing Square Capital partner Paul Hilal to acquire activist stake in rival railroad CSX Corp ( CSX.O ), according to a person familiar with the matter.Hilal, who had left William Ackman''s Pershing Square Capital Management LP last year, has raised more than $1 billion to acquire a stake in CSX, with investors locked up for five years, the person said.CSX, Hilal, and Harrison could not be immediately reached for comment.(Reporting by Michael Flaherty in New York and Gayathree Ganesan in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-investment-funds-paul-hilal-idINKBN153035'|'2017-01-18T21:44:00.000+02:00'
'9314833865824c998b499f6f5ed12b15808dbf05'|'Turkey borrows $2 billion in 10-year eurobond issue, final yield 6.15 pct - bankers'|'Financials - Thu Jan 19, 2017 - 12:12am EST Turkey borrows $2 billion in 10-year eurobond issue, final yield 6.15 pct - bankers ISTANBUL Jan 19 The Turkish Treasury borrowed $2 billion in the issue of a 10-year dollar-denominated eurobond with a final yield of 6.15 percent as part of its 2017 external borrowing programme, bankers said. They had said the initial price guidance for the eurobond, maturing on March 25, 2027, was around 6.35 percent. This was later revised down to 6.20 percent before the final yield was set at 6.15 percent. The Treasury said on Wednesday it had mandated Barclays , Citigroup, Goldman Sachs and Qatar National Bank to handle the issuance. (Reporting by Nevzat Devranoglu; Editing by Daren Butler) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/turkey-debt-eurobond-idUSL5N1F90E9'|'2017-01-19T12:12:00.000+02:00'
'ef97ec8fb2dea37a778d02d3b145501c4eaf59fd'|'MOVES-Credit Suisse hires Eilert as head of US par loan trading'|'Financials   11:03am EST MOVES-Credit Suisse hires Eilert as head of US par loan trading By Kristen Haunss and Olivia Oran - NEW YORK NEW YORK Jan 18 (Reuters LPC) - Credit Suisse has hired Michael Eilert as head of US par loan trading, according to an internal memo from the bank. Eilert, the head of US par loan trading at Deutsche Bank, is scheduled to start in April, according to the memo from Daniel McCarthy, head of US leveraged finance trading. A Credit Suisse spokesperson confirmed the contents of the memo. Eilert and a Deutsche Bank spokesperson both declined to comment. Eilert joined Deutsche Bank in 2009 from Ore Hill Partners, according to the memo. He fills the role vacated by Brad Capadona, who was named to the position last year after the departure of Barry Zamore. Capadona left earlier this month to join Jefferies. Zamore joined UBS last year. Trade volume in the US$881bn US leveraged loan market was US$629bn in 2016, according to data from IHS Markit. (Reporting by Kristen Haunss and Olivia Oran; Editing By Michelle Sierra) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/credit-suisse-moves-eilert-idUSL1N1F816V'|'2017-01-18T23:03:00.000+02:00'
'ad36927ed0aef76c534479155b7efd9ad47d412d'|'BRIEF-Servicenow acquires DxContinuum'|' 20am EST BRIEF-Servicenow acquires DxContinuum * Servicenow acquires DxContinuum * Servicenow acquires DxContinuum * Servicenow Inc - announced it has agreed to acquire DxContinuum in an all-cash transaction expected to close this month Source text for Eikon:   UPDATE 2-HSBC to shift some staff to Paris after Brexit in blow to London DAVOS, Switzerland, Jan 18 HSBC became the first major bank to detail plans to move jobs out of London after Brexit, saying it will relocate staff responsible for generating around a fifth of its UK-based trading revenue to Paris after Britain leaves the EU. Jan 18 Citigroup Inc reported a 7 percent rise in quarterly profit, wrapping up a strong quarter for big U.S. banks, as trading in bonds and currencies surged following the U.S. presidential election. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASC09R8G'|'2017-01-18T20:20:00.000+02:00'
'eb1ba2e089187c96f114dd0e856445d8e8afad9c'|'Peru freezes bank accounts of Camargo Correa in graft inquiry'|'Company News - Wed Jan 18, 2017 - 9:22am EST Peru freezes bank accounts of Camargo Correa in graft inquiry LIMA Jan 18 Peru is freezing Camargo Correa SA''s bank accounts as it investigates the Brazilian engineering company for possible corruption, the attorney general''s office said late on Tuesday. Authorities will also freeze the accounts of companies linked to businessman Gonzalo Monteverde, who is suspected of helping Brazilian construction companies distribute bribes in Peru, the office added on Twitter. Prosecutors said earlier this month that Camargo Correa transferred $90,000 to an associate of former president Alejandro Toledo, who governed Peru from 2001 to 2006 when the company and others from Brazil received highway contracts. Camargo Correa''s local unit said it could not immediately comment. Monteverde, who could not immediately be reached for comment, denied any wrongdoing in interviews with local media earlier this month. Toledo''s office did not immediately respond to requests for comment. Toledo has previously denied any involvement in bribes and said this week that he was cooperating with authorities. The attorney general''s office has been investigating Camargo Correa for more than a year. In recent weeks, it started negotiating a plea deal with Brazilian builder Odebrecht. Odebrecht acknowledged last month that it made $29 million in corrupt payments to win public work contracts in Peru between about 2005 and 2014, part of hundreds of millions in bribes it distributed across Latin America. Both companies were at the center of Brazil''s biggest-ever graft inquiry, known as "Operation Car Wash." (Reporting By Mitra Taj and Marco Aquino; Editing by Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/peru-corruption-idUSL1N1F80QM'|'2017-01-18T21:22:00.000+02:00'
'8e24de8e74c89d36ccfac54d6590f80f5a8b32ab'|'Dangote, China''s Sinotruck set up $100 million truck plant in Nigeria'|'Deals   6:06am EST Dangote, China''s Sinotruck set up $100 million truck plant in Nigeria Founder and Chief Executive of the Dangote Group Aliko Dangote gestures during an interview with Reuters in his office in Lagos, Nigeria, June 13, 2012. REUTERS/Akintunde Akinleye/File Photo By Chijioke Ohuocha - LAGOS LAGOS Africa''s richest man Aliko Dangote has partnered with China''s heavy duty truck group Sinotruck to set up a $100 million plant to assemble trucks and cars in Nigeria for local use and export, the executive director of Dangote group said. The joint venture, which is 65 percent owned by Dangote and 35 percent by Sinotruck will assemble components and knocked down parts imported from Sinotruck to the Nigerian plant. It aims to meet an expected increased demand for transport in the country as the government focuses on boosting agriculture and farmers need to move goods across the vast country. The first set of trucks will be rolled out next week, Edwin Devakumar, told Reuters in an interview in Lagos. The plant has the capacity to assemble 16 trucks a day and will export to West Africa, he said, adding the facility would expand into vehicle manufacturing. "[The Dangote Group] has a fleet size of 12,000 trucks ... and are large users. One of the biggest challenges in the market today is logistics because we do not have a proper transport network," he said. Last March Dangote bid for a majority stake in Peugeot Automobile Nigeria. The results of the sale have not yet been released. Turning to Dangote''s other interests, Devakumar said Dangote was on track to launch its $17 billion oil refinery plant with the first crude for processing going into the plant in October 2019. It will handle 650,000 barrels per day. The company will scale down operations in its flour milling DANGFLO.LG, sugar refinery ( DANGSUG.LG ) and tomato processing businesses however, due to dollar shortages to fund the import of raw materials, he said. Nigeria is grappling with dollar shortages brought on by low prices for oil, its mainstay, and which have hammered its currency and shrunk its foreign reserves, triggering its first recession in 25-years. "Where the foreign exchange is not available we are cutting down our operations," he said. "For example we had a vegetable oil refinery we have shut it down, we had a tomato based processing plant we have shut it down." Dangote''s cement business ( DANGCEM.LG ) was continuing as its main raw material - limestone - could be sourced at home, he said. He added the firm commissioned a new cement plant in Sierra Leone last week and expected a plant in Congo to begin production this year. (Editing by Ulf Laessing and Alexandra Hudson) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-nigeria-dangote-sinotruck-idUSKBN1521C9'|'2017-01-18T18:06:00.000+02:00'
'5a01762e1ec1076609ba9fa36647fbb6c0e5a87c'|'Turkey launches US$2bn March 2027 bond at 6.15%'|'Financials - Wed Jan 18, 2017 - 11:15am EST Turkey launches US$2bn March 2027 bond at 6.15% Jan 18 (IFR) - The Republic of Turkey has launched a US$2bn March 2027 bond at 6.15%, according to a lead. The notes were initially marketed at 6.35% area, with guidance set at 6.20% area. Allocations and pricing for the SEC-registered deal are to follow, via lead managers Barclays, Citigroup, Goldman Sachs and QNB. The sovereign is rated Ba1/BB/BBB-. (Reporting by Robert Hogg; editing by Sudip Roy) Next In Financials Boston-area hedge fund accused of fraud, misuse of investors'' money BOSTON, Jan 18 A small Boston-area hedge fund operation on Wednesday was accused of running a Ponzi scheme that included spending investor money on liquor, luxury hotels and specialty cars, according to a complaint by the top securities regulator in Massachusetts. UPDATE 2-JPMorgan agrees to $55 mil settle of mortgage discrimination complaint -source NEW YORK, Jan 18 JPMorgan Chase & Co has agreed to pay $55 million to settle a U.S. Justice Department lawsuit accusing it of discriminating against minority borrowers by allowing mortgage brokers to charge them more for home loans, a person familiar with the matter said on Wednesday. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/turkey-bonds-idUSL5N1F84RE'|'2017-01-18T23:15:00.000+02:00'
'efcd9cfb12c2f50378ebf62db0b9d1c24df274bd'|'US STOCKS-Wall St set to open higher as earnings season picks up'|'Company News - Wed Jan 18, 2017 - 9:00am EST US STOCKS-Wall St set to open higher as earnings season picks up * Consumer price index up 0.3 pct in December * Fed Chair Yellen set to speak at 3:00 p.m. ET * Target drops after disappointing holiday sales, forecast cut * Futures up: Dow 33 pts, S&P 4 pts, Nasdaq 9.25 pts (Adds details, comments, updates prices) By Yashaswini Swamynathan Jan 18 U.S. stocks looked set to open slightly higher on Wednesday as investors assessed bank earnings and economic data, while awaiting Federal Reserve Chair Janet Yellen''s speech. Shares of Goldman Sachs were up 0.5 percent at $237 in premarket trading after the bank reported a nearly four-fold rise in quarterly profit. Citigroup edged up after posting a 7 percent rise in profit. Investors are also awaiting President-elect Donald Trump''s inaugural speech on Friday to gain insight into his plans for the U.S. economy. "There is a lot of uncertainty hovering over the market, regarding what policies will be implemented," said Quincy Krosby, market strategist at Prudential Financial. "But the market appears to be giving the President-elect the benefit of doubt." The Trump rally, which drove Wall Street to record highs, has been showing signs of fatigue since the start of the year as investors get increasingly nervous about his unconventional approach to trade and politics. U.S. stocks closed lower on Tuesday, with some of the biggest beneficiaries of the post-election rally including banks and transport companies shedding some of their gains. Dow e-minis were up 33 points, or 0.17 percent at 8:35 a.m. ET (1335 GMT), with 23,992 contracts changing hands. S&P 500 e-minis were up 4 points, or 0.18 percent, with 117,642 contracts traded. Nasdaq 100 e-minis were up 9.25 points, or 0.18 percent, on volume of 18,430 contracts. A report from the U.S. Labor Department showed the Consumer Price Index edged up 0.3 percent in December, leading to the largest year-on-year increase in 2-1/2 years, a sign that inflation pressures could be building. Investors are also eyeing Janet Yellen''s speech at 3:00 p.m. ET to see if she will echo a growing opinion among policymakers that fiscal stimulus under the Trump administration may call for more aggressive interest rate hikes. A reading on December industrial output and a report on the housing market are also scheduled for the day. Target dropped 3.4 percent to $68.55 after the big-box retailer reported a decline in sales during the holiday season and cut its fourth-quarter earnings forecast. Shares of bigger rival Wal-Mart were off 1.2 percent. CoLucid Pharmaceuticals surged 32.7 percent to $46.30 after Eli Lilly said it would buy the drugmaker for about $960 million. Lilly''s stock was up 0.3 percent. Gigamon dropped 22.6 percent to $34.10 after the network traffic management software maker estimated its fourth-quarter revenue to fall below its previous forecast. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1F83ZZ'|'2017-01-18T21:00:00.000+02:00'
'457456ef5c3ff8ae712e92d6eaff53f1ff3a476c'|'UPDATE 1-Toshiba considering spinning off semiconductor business - Nikkei'|'Company News   1:02pm EST UPDATE 1-Toshiba considering spinning off semiconductor business - Nikkei (Adds details, shares) Jan 18 Toshiba Corp is considering spinning off its semiconductor business and selling a partial stake in the unit to Western Digital Corp, the Nikkei financial daily reported on Wednesday. Shares of Western Digital, the California-based data storage company, were up 0.7 pct at $71.51 on Tuesday. Toshiba will sell a roughly 20 percent interest in the unit for about 200 billion yen-300 billion yen ($1.77 billion-$2.66 billion) while retaining a majority stake, the newspaper reported. ( s.nikkei.com/2iKyqas ) Besides Western Digital, U.S. investment funds are also showing interest in Toshiba''s semiconductor business, the Nikkei reported, sources familiar with the matter. Toshiba and Western Digital did not immediately respond to requests for comment. The new chip business company will be created as early as the first half of this year, the Japanese daily reported. Toshiba and Western Digital jointly operate a flash memory plant in the city of Yokkaichi in Mie prefecture. The Tokyo-based conglomerate, which is still recovering from a $1.3 billion accounting scandal in 2015, has net sales of 1.58 trillion yen from its semiconductor business for the fiscal year ending March 31, 2016. In December a source in the semiconductor industry told Reuters that Toshiba could revive plans to list a slice of the memory chip business, which though highly profitable burns through cash for reinvestment. ($1 = 112.9200 yen) (Reporting by Laharee Chatterjee; Editing by Shounak Dasgupta) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/toshiba-divestiture-western-digital-idUSL4N1F74TZ'|'2017-01-18T01:02:00.000+02:00'
'cf1c7c00f8a5ed6c3b5d0a1826978172bf629325'|'FTSE extends losses ahead of May speech, Europe lower too'|'Market News - Tue Jan 17, 2017 - 3:37am EST FTSE extends losses ahead of May speech, Europe lower too LONDON Jan 17 European shares fell on Tuesday, weighed by miners and autos, as markets awaited details of Britain''s Brexit position in a late morning speech by Prime Minister Theresa May. The pan-European STOXX index was down 0.5 percent, and Britain''s blue-chip FTSE extended its losses, down 0.4 percent. Fears that Britain is heading for a "hard" Brexit were reinforced over the past week pushing the pound to some of the lowest levels against the U.S. dollar seen in more than three decades. Britain will not seek a Brexit deal that leaves it "half in, half out" of the European Union, British PM May will say on Tuesday, according to her office, in a speech setting out her 12 priorities for upcoming divorce talks with the bloc. British aero-engine maker Rolls-Royce was a top European gainer in the index after it settled a long-running bribery probe and said its 2016 profit would beat expectations. Shares in German fashion retailer Zalando slumped down 6.5 percent, the top European faller, after its sales growth disappointed expectations. Swiss chocolate maker Lindt saw its shares gain 3.1 percent after it succeeded in growing sales in Europe, Japan and Brazil, facing headwinds of low consumer confidence. Basic resources stocks were the biggest sectoral fallers, down 1.1 percent, weighed by lower metals prices. Anglo American , BHP Billiton and Antofagasta were down 1.6 to 1.8 percent. Mediaset was down 3.8 percent after a report, without citing sources, said a potential takeover offer for the Italian broadcaster by France''s Vivendi would not be ''judicially acceptable'' for Italian communications authority AGCOM. (Reporting by Helen Reid, Editing by Vikram Subhedar) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1F71GH'|'2017-01-17T15:37:00.000+02:00'
'5997dfdf47c046fe45165d8c365c2203075344ff'|'Europe''s car sales rise 6.5 percent in 2016 - ACEA'|'Business News  09am GMT Europe''s car sales rise 6.5 percent in 2016 - ACEA left right Mercedes-Benz A-class cars are displayed in a dealership of German car manufacturer Daimler in Paris, July 30, 2013. REUTERS/Christian Hartmann 1/2 left right Cars are displayed in a showroom at a Renault automobile dealership in Bordeaux, Southwestern France, March 1, 2013. REUTERS/Regis Duvignau 2/2 FRANKFURT European car sales rose 3.2 percent in December, lifting sales to the third consecutive year of growth in Europe, according to industry data published on Tuesday, which showed Volkswagen ( VOWG_p.DE ) lost market share in 2016. December registrations across the European Union and European Free Trade Area (EFTA) countries advanced to 1.193 million cars from 1.156 million a year earlier, the Brussels-based Association of European Carmakers said. Renault ( RENA.PA ) overtook Peugeot ( PEUP.PA ) to become number two in Europe for 2016 as a whole, buoyed by a run of new vehicles such as the Kadjar SUV that led it to post a 12.1 percent increase in sales to 1,522,629 cars. The VW brand saw annual sales decrease 0.4 percent, but still remained the biggest-selling passenger-car brand in Europe with an overall market share of 11.4 percent. Renault ( RENA.PA ) and Opel ( GM.N ) were the next best-selling brands with market shares of 7.3 percent and 6.6 percent respectively. Total sales were up 6.5 percent to 15,131,719 new registrations last year. Daimler''s ( DAIGn.DE ) Mercedes-Benz sales rose 13.9 percent. (Reporting by Edward Taylor; Editing by Georgina Prodhan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-carreg-idUKKBN1510K7'|'2017-01-17T14:09:00.000+02:00'
'abc7f039bb38d381ee2bf95796ae6165f9bf905d'|'Morgan Stanley''s profit doubles as bond-trading revenue surges'|'Business News - Tue Jan 17, 2017 - 12:05pm GMT Morgan Stanley''s profit doubles as bond-trading revenue surges The corporate logo of financial firm Morgan Stanley is pictured on the company''s world headquarters in New York, New York January 20, 2015. REUTERS/Mike Segar/File Photo Wall Street bank Morgan Stanley''s ( MS.N ) quarterly profit doubled, helped by a bump in trading activity following the U.S. presidential election. Earnings applicable to the bank''s common shareholders rose to $1.51 billion in the three months ended Dec. 31 from $753 million a year earlier, while earnings per share increased to 81 cents from 39 cents. Analysts on average had expected a profit of 65 cents per share, according to Thomson Reuters I/B/E/S, although it was not immediately clear if this was comparable to the reported figures. Trading in debt securities and stocks soared in the wake of Donald Trump''s surprise election victory on Nov. 8 as investors took the view that he would push policies that would boost the U.S. economy and kindle inflation. Revenue in the bank''s fixed-income business rose to $1.5 billion from $550 million in the quarter. JPMorgan Chase & Co ( JPM.N ), the No. 1 U.S. bank by assets, reported a 31 percent rise fixed-income revenue last week, while second-ranked Bank of America Corp ( BAC.N ) said its revenue from trading fixed-income securities, currencies and commodities rose 12 percent. Goldman Sachs Group Inc ( GS.N ), Morgan Stanley''s traditional rival, reports on Wednesday. (Reporting by Sruthi Shankar in Bengaluru and Olivia Oran in New York; Editing by Ted Kerr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-morgan-stanley-results-idUKKBN1511KW'|'2017-01-17T19:05:00.000+02:00'
'68e6937dc32314d6580de90b674949feacf29a57'|'Hyundai Motor to boost U.S. investment as automakers respond to Trump'|'Business News  19am GMT Hyundai Motor to boost U.S. investment as automakers respond to Trump left right FILE PHOTO - The 2017 Hyundai Ioniq electric car is seen at the 2016 New York International Auto Show in Manhattan, New York March 23, 2016. REUTERS/Brendan McDermid/File Photo 1/3 left right FILE PHOTO - Hyundai vehicles are lined up in the company''s presentation area during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch/File Photo 2/3 left right FILE PHOTO - The logo of Hyundai Motor is seen on a wheel of a car at a Hyundai dealership in Seoul February 1, 2012. REUTERS/Kim Hong-Ji/File Photo 3/3 By Hyunjoo Jin - SEOUL SEOUL The Hyundai Motor Group said it plans to boost U.S. investment by 50 percent to $3.1 billion (2.57 billion pounds) over five years and may build a new U.S. factory - the latest auto firm to announce fresh investment after threats from President-elect Donald Trump to tax imports. Trump has threatened to slap a 35 percent tax on vehicles imported from Mexico, criticizing foreign automakers from BMW ( BMWG.DE ) to Toyota Motor Corp ( 7203.T ) for building vehicles in Mexico for the U.S. market. Chung Jin-haeng, president of the group, which encompasses Hyundai Motor Co ( 005380.KS ) and Kia Motors Corp ( 000270.KS ), denied that the plan was driven by pressure from Trump but said the group hopes for improved demand for cars under the new U.S. president as he has pledged to create jobs. "We have to be committed to the U.S. market - a strategically important market which can make or break our global success," he told reporters in Seoul. The South Korean group plans to spend the $3.1 billion to retool existing factories in the United States and boost research on self-driving cars, artificial intelligence and other future technologies, Chung said. He also said the group is considering a new U.S. factory to build high-margin, high-demand models such as a U.S.-specific sport utility vehicle and a Genesis premium vehicle. "We are studying the plan diligently," he said, adding that whether or not to build a new plant will depend on demand. Hyundai has a factory in Montgomery, Alabama, while Kia runs a factory in Georgia. Kia started production at its first Mexico factory in May last year, saying it plans to boost its production capacity to 400,000 vehicles a year. Chung said Hyundai Motor, which does not have a Mexico factory, will start production at Kia''s Mexico factory this year as previously planned. But he said he is "agonizing" over the Mexico factory, adding that the planned annual capacity of 400,000 is subject to change. Toyota, Ford Motor Co ( F.N ) and Fiat Chrysler Automobiles ( FCHA.MI ) have recently announced new investment in the United States. (Reporting by Hyunjoo Jin; Editing by Edwina Gibbs) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hyundai-motor-usa-idUKKBN1510LM'|'2017-01-17T14:19:00.000+02:00'
'4cc512c6f718f2231299e6e3ed54e720ddff5499'|'BMW urges Britain to retain tariff-free access to EU single market'|'  4:12pm GMT BMW urges Britain to retain tariff-free access to EU single market The BMW logo is seen on the bonnet of a colour wrapped vehicle in London, Britain September 30, 2016. REUTERS/Toby Melville LONDON German carmaker BMW ( BMWG.DE ), which builds its Mini model in Britain, said on Tuesday it was best for business for the UK to be in the single market and urged London to ensure the country retained tariff-free access to the bloc. Prime Minister Theresa May said earlier Britain will quit the single market when it exits the bloc, in a decisive speech that quashed speculation she would seek a compromise deal to stay inside the world''s biggest trading group. "We ... urge her to ensure the UK’s negotiations with the EU result in uncomplicated, tariff-free access to the EU single market in future," a BMW spokeswoman said. (Reporting by Costas Pitas; editing by Stephen Addison)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-may-bmw-idUKKBN1512C3'|'2017-01-17T23:12:00.000+02:00'
'334612e02ac5142b538ee50f1a4804851a7807e1'|'Q&A-Sky9 founder highlights China deep tech as VC funding magnet'|'Davos  59am EST Sky9 founder highlights China deep tech as VC funding magnet DAVOS, Switzerland Chinese start-ups in deep technology, including augmented and virtual reality, and artificial intelligence, will attract the most interest from venture capitalists, a private stakeholder in one of China''s biggest internet food ordering companies said. Ron Cao, founder of Sky9 Capital, which holds a stake in Meituan Dianping, answered questions in the Reuters Global Markets Forum in Davos. Following are edited excepts from the conversation: Q: How many investment projects do you usually review, and how many do you typically invest in? A: We look at over 1,000 opportunities a year, of which we typically do something like five to six projects. I am pretty sure that China will have the world''s biggest companies in fintech, robotics, and areas like cloud computing and software. Q: According to KPMG, venture capital investment in China rose 19 percent to a record $31 billion last year, compared to a fall of 9.4 percent globally. Why were venture capitalists more active in China? A: China is a special place. The whole innovation economy is just getting started. Over time, the world will witness Chinese companies becoming the largest e-commerce company, Alibaba, the biggest direct broadcasting company, YY Inc, and the largest drone company, the privately held DJI. There''s no reason this trend will stop here. Q: What type of start-up companies in China''s TMT sector are attracting most attention from venture capitalists? A: We focus on early-stage opportunities in consumer internet, enterprise IT and deep technology. Consumer internet will continue to attract the most amount of capital given the size of the market, but some areas within deep technology – augmented reality, virtual reality, artificial intelligence, deep learning, blockchain – will also be very interesting going forward. Q: If you have to pick one, which start-up in China looks the most promising to you? A: Hard to pick a winner, but in my portfolio, I am very excited about the prospects of Tujia, the Airbnb of China; FangDD, the largest online/offline real estate transaction platform; and PPDai, the largest pure-play peer-to-peer lending platform. These all have the opportunities to become decacorns. For more information on this and other editorial forums: tmsnrt.rs/2jTnFk8 (Reporting by Billy Chan; Editing by Alexander Smith) Next In Davos'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-sky9-china-idUSKBN1512HU'|'2017-01-17T23:56:00.000+02:00'
'8c8bac5ac190cabbcde2fd11084d6caa59b98e23'|'Lindt sales rise, sees profit boost from lower tax rate'|' 38am GMT Lindt sales rise, sees profit boost from lower tax rate A general view shows a factory shop of Swiss chocolate manufacturer Lindt & Spruengli in Kilchberg, Switzerland November 16, 2016. REUTERS/Arnd Wiegmann ZURICH Swiss chocolate maker Lindt & Spruengli ( LISP.S ) boosted its share of a stagnating market in 2016 thanks to solid showings in Europe, Japan and Brazil, it said on Tuesday. Overall sales grew 6.8 percent to 3.90 billion Swiss francs ($3.87 billion), in line with the average estimate of 3.89 billion francs in a Reuters poll of eight analysts. Organic sales - stripping out currency moves - grew 6.0 percent, within its target range of 6 to 8 percent. The rate of organic sales growth increased from 4.4 percent in the first half to 7.0 percent in the second as customers snapped up Christmas season promotions. "The group''s operating margin is expected to increase within the strategic target range. There will be a disproportionate increase in net profit due to a lower tax rate," it said. The group has said it aims to grow the margin on   taxes by 20 to 40 basis points. Full financial results for 2016 are due on March 7. Its shares were indicated 2.5 percent higher in pre-market business. Chocolate makers are grappling with stagnant markets and subdued consumer confidence, but Lindt managed to grow sales thanks to premium products such as Lindor chocolate balls and gold foil-wrapped Christmas chocolate bears. But adjusting U.S. brand Russell Stover''s product line and promotions strategy weighed on sales growth, it said. Sales in Lindt''s biggest region, Europe, were up 7.4 percent in local currencies, thanks to Germany, France and Britain. Growth in North America was 3.4 percent even as the overall chocolate market contracted for the first time in years. Lindt is also building up its network of chocolate shops as it tries to become the world''s leading premium chocolate retailer. Its global retail business posted double-digit sales growth as it added about 60 new shops and chocolate cafes, mainly in Europe, Canada, Brazil and Japan. (Reporting by Michael Shields; Editing by John Revill and Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lindt-spruengl-results-idUKKBN1510N7'|'2017-01-17T14:38:00.000+02:00'
'68599249d2720102876e272e444e72f4a9b7bdc8'|'Vote in UK parliament on Brexit deal will be binding- PM May spokeswoman'|'Market News  41am EST Vote in UK parliament on Brexit deal will be binding- PM May spokeswoman LONDON Jan 17 A vote in parliament over Britain''s final Brexit deal will be binding, a spokeswoman for Prime Minister Theresa May said on Tuesday, but she stressed that the country would be withdrawing from the European Union regardless of the outcome. "You can regard it as binding," the spokeswoman said when asked about the vote announced earlier in the day by May, which will come at the end of a negotiating period with the EU. Asked what a ''No'' vote by lawmakers would mean she said "We will be leaving the EU." Asked whether a ''No'' vote would mean Britain would then be relying upon World Trade Organisation terms, she said "Either way, we will very clearly be leaving the EU." (Reporting by William James; editing by Stephen Addison) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-eu-may-extend-idUSU8N19K027'|'2017-01-17T23:41:00.000+02:00'
'9905c58e779cfd56205c0b8c23c3d046677d2610'|'Swiss watchmakers cautiously optimistic for U.S., China in 2017'|'Business News  15pm EST Swiss watchmakers cautiously optimistic for U.S., China in 2017 left right A watch model by Cartier is pictured at the Salon International de la Haute Horlogerie (SIHH) watch fair in Geneva, Switzerland, January 17, 2017. REUTERS/Pierre Albouy 1/20 left right HYT CEO Vincent Perriard poses at the Salon International de la Haute Horlogerie (SIHH) watch fair in Geneva, Switzerland, January 17, 2017. REUTERS/Pierre Albouy 2/20 left right The H2 Traditiont watch model by HYT is pictured at the Salon International de la Haute Horlogerie (SIHH) watch fair in Geneva, Switzerland, January 17, 2017. REUTERS/Pierre Albouy 3/20 left right A visitor smells the H. Moser Swiss Mad Watch, the case is made out of cheese, at the Salon International de la Haute Horlogerie (SIHH) watch fair in Geneva, Switzerland, January 17, 2017. REUTERS/Pierre AlbouyEUTERS/Pierre Albouy 4/20 left right H. Moser & Cie CEO Edouard Meylan poses at the Salon International de la Haute Horlogerie (SIHH) watch fair in Geneva, Switzerland, January 17, 2017. REUTERS/Pierre Albouy 5/20 left right The H. Moser Swiss Mad Watch, with a case made of real swiss cheese is pictured at the Salon International de la Haute Horlogerie (SIHH) watch fair in Geneva, Switzerland, January 17, 2017. REUTERS/Pierre Albouy 6/20 left right Ulysse Nardin CEO Patrik P. Hoffmann speaks during an interview with Reuters at the Salon International de la Haute Horlogerie (SIHH) watch fair in Geneva, Switzerland, January 17, 2017. REUTERS/Pierre Albouy 7/20 left right The HM7 Aquapod Tourbillon Diving-Style Watch by MB&F is pictured at the Salon International de la Haute Horlogerie (SIHH) watch fair in Geneva, Switzerland, January 17, 2017. REUTERS/Pierre Albouy 8/20 left right REFILE - CORRECTING NAME Parmigiani spokesman Flavien Gigandet speaks during an interview with Reuters at the Salon International de la Haute Horlogerie (SIHH) watch fair in Geneva, Switzerland, January 17, 2017. REUTERS/Pierre Albouy 9/20 left right REFILE - CORRECTING NAME Parmigiani spokesman Flavien Gigandet speaks during an interview with Reuters at the Salon International de la Haute Horlogerie (SIHH) watch fair in Geneva, Switzerland, January 17, 2017. REUTERS/Pierre Albouy 10/20 left right Van Cleef & Arpels CEO Nicolas Bos speaks during an interview with Reuters at the Salon International de la Haute Horlogerie (SIHH) watch fair in Geneva, Switzerland, January 17, 2017. REUTERS/Pierre Albouy 11/20 left right Van Cleef & Arpels CEO Nicolas Bos speaks during an interview with Reuters at the Salon International de la Haute Horlogerie (SIHH) watch fair in Geneva, Switzerland, January 17, 2017. REUTERS/Pierre Albouy 12/20 left right A watch model by Girard-Perregau is pictured during the Salon International de la Haute Horlogerie (SIHH) watch fair in Geneva, Switzerland, January 17, 2017. REUTERS/Pierre Albouy 13/20 left right A model poses with jewelery by Van Cleef & Arpels at the Salon International de la Haute Horlogerie (SIHH) watch fair in Geneva, Switzerland, January 17, 2017. REUTERS/Pierre Albouy 14/20 left right Parmigiani founder Michel Parmigiani poses at the Salon International de la Haute Horlogerie (SIHH) watch fair in Geneva, Switzerland, January 17, 2017. REUTERS/Pierre Albouy 15/20 left right Watch models by IWC Schaffhausen are pictured during the opening day of the Salon International de la Haute Horlogerie (SIHH) fair in Geneva, Switzerland January 16, 2017. REUTERS/Pierre Albouy 16/20 left right Watch models by Piaget are pictured during the opening day of the Salon International de la Haute Horlogerie (SIHH) fair in Geneva, Switzerland January 16, 2017. REUTERS/Pierre Albouy 17/20 left right A photographer takes pictures of the Parmigiani stand during the opening day of the Salon International de la Haute Horlogerie (SIHH) fair in Geneva, Switzerland January 16, 2017. REUTERS/Pierre Albouy 18/20 left right Visitors view the A. Lange & Soehne stand during the opening day of the Salon International de la Haute Horlogerie (SIHH) fair in Geneva, Switzerland January 16, 2017. REUTERS/Pierre Albouy 19/20 left right TAG Heuer, Hublot and Zenith CEO & President of the LVMH Watches Division Jean-Claude Biver presents the new 2017 collection at the occasion of the Geneva Watch Fair in Geneva, Switzerland January 15, 2017. REUTERS/Pierre Albouy 20/20 By Silke Koltrowitz - GENEVA GENEVA Swiss watchmakers expect to at least stabilize sales this year after two years of decline as the important Chinese and U.S. markets show signs of turning the corner, executives said at an industry event on Tuesday. Luxury watchmakers have been grappling with a combination of weak demand in their biggest markets, Hong Kong and the United States, and Chinese tourist shoppers avoiding Europe for fear of militant attacks. Recent comments from executives suggest the worst may be behind them, however. "We hope to see a year of stabilization and consolidation," Nicolas Bos, chief executive of watch and jewelry maker Van Cleef & Arpels, owned by Richemont ( CFR.S ), told Reuters in an interview at an industry watch fair. "Towards the end of last year things started to look a bit better," he added. Richemont, which also makes Cartier jewelry and Vacheron Constantin watches, last week reported a return to sales growth in the final quarter of 2016. Richemont and Swatch Group ( UHR.S ) shares have gained 14 percent and 11 percent respectively so far this year. "In our business, uncertainty is the worst enemy. You don''t buy exceptional pieces when you''re not in the mood. In the United States, for example, the complicated period before the election had an immediate impact," Bos said, adding U.S. sales had picked up in December. Exports of Swiss watches fell 10.4 percent in the first eleven months of 2016, but exports to mainland China returned to growth in July. December data is due on Jan. 26. "The worst seems to be behind the Swiss watch industry," said Jean-Claude Biver, head of LVMH''s ( LVMH.PA ) watch business. "Mainland China is likely to see a good progression in 2017, but Hong Kong won''t rebound so quickly," he said, adding there was still excess stock at Hong Kong retailers. Fewer wealthy Chinese shoppers are visiting Hong Kong since 2014. ($1 = 1.0015 Swiss francs)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-swiss-watches-idUSKBN1512IQ'|'2017-01-18T00:15:00.000+02:00'
'9aa47c78fd67b49a17d786365bf5924962585466'|'U.S. Supreme Court divided over debt collection dispute'|'Business News - Tue Jan 17, 2017 - 12:45pm EST U.S. Supreme Court divided over debt collection dispute By Lawrence Hurley The U.S. Supreme Court on Tuesday appeared divided as it weighed whether people who have filed for bankruptcy can sue companies that attempted to collect old debt from them that was not required to be paid back because of state statutes of limitations. During arguments in the case, three liberal justices seemed sympathetic toward an Alabama debtor named Aleida Johnson, who entered bankruptcy in 2014. But Stephen Breyer, the fourth liberal on the eight-justice court, joined conservatives in raising questions about the broad implications of a ruling against the debt collection company, Midland Funding, a subsidiary of Encore Capital Group( ECPG.O ). The court is evenly divided between conservatives and liberals. Midland sought payment of $1,879 in debt that Johnson had incurred more than a decade earlier. Alabama law sets a six-year statute of limitations for debt to be collected. Lawyers for debtors have said it is common practice for debt collection companies, which buy consumer debt at pennies on the dollar, to attempt to recoup debt that is not legally recoverable under state law unless the creditor actually agrees to pay it. A ruling is due by the end of June. Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-court-debt-idUSKBN1512KQ'|'2017-01-18T00:45:00.000+02:00'
'38c18b76710f82d4e0ef543710e1da9a1fa6f489'|'China''s crude oil output will fall 7 percent by 2020 - govt'|'Global Energy  15pm IST China''s crude oil output will fall 7 percent by 2020 - govt A smoking chimney is seen at a PetroChina oil factory in Dalian, Liaoning province January 20, 2015. REUTERS/China Daily/Files BEIJING China''s crude oil output is expected to drop by 7 percent by 2020 compared with the previous five-year plan as output from some of the nation''s largest, but oldest, wells falls, while natural gas supplies will rocket by almost two-thirds. Under a plan covering the period 2016-2020 published by the National Development and Reform Commission (NDRC) on Tuesday, crude output will be around 200 million tonnes by 2020, equivalent to 4 million barrels per day (bpd). That would be down from 215 million tonnes in the 2011-2015 plan. The drop reflects falling output at aging, high-cost fields as producers scale back production in a lower oil price environment. For the first 11 months of 2016, production was down 6.9 percent at 182.91 million tonnes, just under 4 million bpd. Consultancy Wood Mackenzie, however, forecasts a decline of nearly 500,000 bpd in Chinese crude oil production over the next four years at 3.5 million to 3.6 million bpd. "We don''t see any large greenfield oil developments coming stream by 2020. As such, given the maturity and age of the main oil fields ... we forecast an ongoing decline in output," said Angus Rodger, Woodmac''s upstream research director. Meanwhile, the NDRC said natural gas supply would be 220 billion cubic metres (bcm) by 2020, compared with 134 bcm under the 2012-2015 five-year plan as Beijing prioritises the sector''s growth. The government is maintaining an earlier target for shale gas output at 30 bcm, or 13.6 percent of the total. The government has said it will prioritise the expansion of liquefied natural gas terminals and will "appropriately" add new capacity. Annual pipeline capacity to carry gas will exceed 400 bcm, the NDRC said on Tuesday. In the oil sector, pipeline capacity will be around 650 million tonnes for crude - equivalent to 13.1 million barrels per day - and 300 million tonnes for refined products by 2020. China will also further improve fuel quality to cut emissions, aiming to roll out the "national six" grade for gasoline and diesel from 2019, after implementing "national five" specifications from this year. "National six" has the same cap on sulphur content as "National five" but tighter limits on other pollutants such as olefins and aromatics. Overall refining capacity will be capped but state-of-art new capacities will be "appropriately" expanded, as the world''s second-largest oil consumer is already facing a supply glut, the report said. (Reporting by Beijing Monitoring Desk, Dominique Patton, Josephine Mason and Chen Aizhu; Editing by Christian Schmollinger) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-energy-idINKBN1511AA'|'2017-01-17T17:45:00.000+02:00'
'ecd37dda8acb51238585637ea2ae0e3c27949fc3'|'HIGHLIGHTS-British PM May sets out plans for Brexit'|'Company News - Tue Jan 17, 2017 - 7:09am EST HIGHLIGHTS-British PM May sets out plans for Brexit LONDON Jan 17 Prime Minister Theresa May is setting out the principles that will guide her approach to Britain''s withdrawal from the European Union in a speech in London on Tuesday. Below are the highlights from her speech: I want this United Kingdom to emerge from this period of change stronger, fairer, more united and more outward-looking than ever before. I want us to be a secure, prosperous, tolerant country, a magnet for international talent. I want us to be a truly global Britain, the best friend and neighbour to our European partners, but a country that reaches beyond the borders of Europe too. A country that goes out into the world to build relationships with old friends and new allies alike. This government has a plan for Britain ... That is why, as we continue to pay the deficit down, we will take a balanced approach by investing in our economic infrastructure, as it can transform the growth potential of our economy and improve the quality of people''s lives across the whole country. (To EU nationals:) You will still be weclome in this country as we hope our citizens will be in yours. The result of the referendum was not a decision to turn inward and retreat from the world, because Britain''s history and culture is profoundly internationalist. We are a European country and proud of our shared European heritage. But we are always a country that has looked beyond Europe to the wider world. That is why we are one of the most racially diverse countries in Europe. Our decision is not always understood by our friends and allies in Europe, and many fear the beginning of a great unravelling of the EU. But let me be clear. I do not want that to happen. It would not be in the best interest of Britain, it remains overwhelmingly and compellingly in Britain''s best national interest for the EU to succeed. (Reporting by Sarah Young, Elisabeth O''Leary and Paul Sandle, editing by Estelle Shirbon) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-may-idUSL5N1F735F'|'2017-01-17T18:58:00.000+02:00'
'286ab8ac081ec06b0fccc578998e4baa3f2c0a3c'|'Lufthansa not in talks with Etihad over stake: source'|'FRANKFURT Lufthansa ( LHAG.DE ) is not in talks with Etihad about the Abu Dhabi-based carrier taking a stake in the German airline, a source familiar with the matter said on Tuesday in response to an Italian media report."A financial stake is out of the question at the moment," the source, who is familiar with Lufthansa''s plans, told Reuters.Italian paper Il Messaggero earlier on Tuesday reported that Etihad and Lufthansa were in talks about a Etihad taking a 30-40 percent stake as a precursor to a merger, although analysts said they viewed a deal as unlikely.Lufthansa shares had earlier risen as much as 6 percent and were up 4.5 percent at 1559 GMT.Lufthansa is also not in talks about buying the rest of Air Berlin ( AB1.DE ), part-owned by Etihad, the source added.Lufthansa CEO Carsten Spohr had poured cold water on that Air Berlin speculation last week, telling reporters Air Berlin''s high costs, debt pile and also antitrust concerns would be obstacles to any deal.(Reporting by Peter Maushagen; Writing by Victoria Bryan; Editing by Katrin Jones and Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lufthansa-etihad-m-a-idINKBN1512CD'|'2017-01-17T13:12:00.000+02:00'
'4974c2fbf20e538b4a19f744e6e2c73267f123d4'|'Fitch: Improved Markets Drive Morgan Stanley''s 4Q16 Earnings Performance'|'Financials  35pm EST Fitch: Improved Markets Drive Morgan Stanley''s 4Q16 Earnings Performance (The following statement was released by the rating agency) CHICAGO, January 17 (Fitch) Improved markets drove good earnings performance for Morgan Stanley (MS) according to Fitch Ratings. During a seasonally slower fourth quarter of 2016 (4Q16), MS''s net income was up 2% from the sequential quarter and up 79% from the prior year, which included restructuring costs in the company''s fixed income trading business and challenging market conditions. On a full-year basis, MS''s net income was down 2% from the prior year, which Fitch considers to be satisfactory given the slow start to the year, but lower than some peers. The quarterly results were driven by strong advisory net revenue on higher levels of completed M&A activity. An additional driver of results was stronger performance in the company''s Fixed Income business unit across most product categories amid better industrywide trading conditions. The company''s reported annualized return on average equity (ROAE) was 8.7% in 4Q16, unchanged from the sequential quarter, but up from 4.9% excluding DVA in the year-ago quarter. On a full-year basis, MS''s ROAE was 8.0%, up from 7.8% excluding DVA in the prior year. Fitch considers these results to be encouraging, though they remain below the company''s long-term ROAE target range of between 9%-11%. MS''s results generally were in line with peer banks that have reported 4Q16 results to date, as all have benefited from improved market conditions for trading activity within their Fixed Income, Currency, and Commodities divisions (FICC). Additionally, higher interest rates over the course of the year have begun to drive some improvement in net interest income (NII) across the industry. MS''s overall investment banking net revenue grew 15% from the sequential quarter and 5% from the year-ago quarter. This was due to the improved advisory results noted previously as well as improved debt underwriting net revenue due to higher levels of non-investment grade issuance. Equity underwriting net revenue modestly declined amid continuing slow volumes of new initial public offerings (IPOs). As noted, reported sales and trading net revenue was up 1% from the sequential quarter and 49% from the year-ago quarter. Net revenue from equity trading, a franchise strength for MS, increased 4% from the sequential quarter and 9% from the year-ago quarter. Fixed income net revenue was essentially unchanged from the sequential quarter, which is significant as the fourth quarter tends to be seasonally slow. Relative to the year-ago quarter net revenue more than doubled. Overall wealth management net revenue in 4Q16 was up 3% from the sequential quarter and 6% from the year-ago quarter. This was in part driven by higher NII, which expanded 11% from the sequential quarter and 26% from the year-ago quarter. Given the Federal Reserve''s rate hike in December 2016 as well the view of potentially higher rates over the course the year, NII may continue to expand over the next 12 months. The wealth management segment''s pre-tax operating margin in 4Q16 was 22%, down from 23% in the sequential quarter but up from 20% in the year-ago quarter. This quarter''s result was only slightly below the company''s long-term pre-tax profit margin for this segment of between 23%-25%, as the segment''s potential operating leverage remains constrained. The company''s investment management segment''s 4Q16 net revenue was down 9% from the sequential quarter and 19% from the year-ago quarter due largely to markdowns of legacy limited partner investments in third party sponsored funds. Asset management fees excluding these markdowns were essentially unchanged from the prior year. Expense management continues to be a key area of focus for MS''s management team. Relative to the year-ago quarter the company generated positive operating leverage but relative to the sequential quarter generated modest negative operating leverage as high marketing and professional services cost weighed on the overall expense base. Overall pre-tax margin incrementally declined to 25% in 4Q16, down from 27% in the sequential quarter, but up from 19% in the year-ago quarter. MS'' fully phased-in Basel III Common Equity Tier 1 (CET1) ratio under the advanced approaches remained unchanged from the sequential quarter at 15.8% in 4Q16, and up from 14.0% in the year ago quarter. MS''s CET1 ratio remains at the top end of peer group averages, although it is expected to modestly decline over time via capital returns, subject to regulatory approval. MS''s 4Q''16 fully phased-in Enhanced Supplementary Leverage Ratio improved to 6.3% in 4Q16, up from 6.2% in the sequential quarter, and up from 5.8% in the year-ago quarter. Liquidity remained solid with the company''s Global Liquidity Reserve (GLR) up to $202 billion, or 24.9% of total assets amid continued deposit growth. MS''s deposit balances were up to $155.8 billion in 4Q16 from $151.8 billion in the sequential quarter. Contact: Justin Fuller, CFA Senior Director +1-312-368-2057 Fitch Ratings, Inc. 70 W. Madison Street Chicago, IL 60602 Nathan Flanders Managing Director +1-212-908-0872 Media Relations: Hannah James, New York, Tel: + 1 646 582 4947, Email: hannah.james@fitchratings.com. Additional information is available at ''www.fitchratings.com''. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986963'|'2017-01-18T03:35:00.000+02:00'
'c27305c093d52d78932e6e36984d0e8b570f050a'|'MPS to present restructuring plan in early Feb - Bank of Italy'|'Financials   9:54am EST MPS to present restructuring plan in early Feb - Bank of Italy ROME Jan 17 Italy''s Banca Monte dei Paschi di Siena aims to present a restructuring plan to the European Central Bank at the beginning of February, a Bank of Italy official said on Tuesday. The central bank''s Chief Supervisor Carmelo Barbagallo said the state must wait for approval from European authorities before completing a planned 6.6 billion euros ($7.06 billion) injection of public money into its fourth-largest bank. "We hope the plan can be presented at the beginning of February and can be discussed and authorised within a few weeks," Barbagallo told a Senate commission. ($1 = 0.9350 euros) (Reporting by Giuseppe Fonte, writing by Isla Binnie; Editing by Crispian Balmer) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/eurozone-banks-monte-dei-paschi-idUSR1N1EG00R'|'2017-01-17T21:54:00.000+02:00'
'c478d273f218f67ea168455b046a0ee44e6c815b'|'Fitch Rates Guardian''s Surplus Note Issue ''AA-'''|'Financials  13pm EST Fitch Rates Guardian''s Surplus Note Issue ''AA-'' (The following statement was released by the rating agency) NEW YORK, January 17 (Fitch) Fitch Ratings has assigned a ''AA-'' rating to Guardian Life Insurance Company of America''s (Guardian) proposed $350 million surplus notes due in 2077. Guardian''s Long-term Issuer Default Rating is not affected by this rating action. Guardian''s Rating Outlook is Stable. On April 11, 2016, Fitch affirmed the ratings of Guardian and its insurance operating subsidiaries with a Stable Outlook. KEY RATING DRIVERS The ratings are equivalent to the ratings assigned to Guardian''s existing surplus notes and reflect standard notching based on Fitch''s criteria. Surplus notes are subordinate in right of payment to both policyholder and senior debt obligations of the insurance company. Interest and principal payments on the surplus notes are subject to prior approval of the Superintendent of the New York State Department of Financial Services. Guardian is expected to use proceeds from the surplus notes for general corporate purposes. Fitch continues to view Guardian''s statutory capital as very strong and in line with rating expectations. At Sept. 30, 2016, Guardian had total adjusted capital (TAC) of $7.6 billion and a year-end 2015 risk based capital ratio (RBC) of 568%. Guardian currently has $850 million of surplus notes outstanding. As of Sept. 30, 2016 on a pro forma basis, Guardian''s ratio of surplus notes to TAC will increase to 15.1% from 12% as of Dec. 31, 2015. Fitch views the slight excess above the 15% surplus notes to TAC guideline for standard notching from the IFS rating as temporary and expects the ratio to fall back below 15% over the near-term from growth in TAC due to retained earnings. RATING SENSITIVITIES Key rating drivers that could lead to a downgrade include a significant decline in TAC or an RBC ratio below 400%; statutory earnings interest coverage below 6x; a deterioration in disability claims experience causing a significant operating or capital loss; and/or regulatory or tax law changes that hurt the company''s position in its primary whole life market. Fitch could downgrade Guardian''s surplus notes if the ratio of surplus notes to TAC exceeds 15% for a prolonged period of time. Fitch does not anticipate an upgrade at this time given the company''s more limited operating profile and scale versus its ''AAA'' rated peers. Fitch has assigned the following rating to Guardian''s surplus note offering: --$350 million surplus notes due 2077 at ''AA-''. Contact: Primary Analyst Nelson Ma, CFA Director +1-212-908-0273 Fitch Ratings, Inc. 33 Whitehall Street New York, NY 10004 Secondary Analyst Julie A. Burke, CPA, CFA Managing Director +1-312-368-3158 Committee Chairperson Brian C. Schneider, CPA, CPCU, ARe Senior Director +1-312-606-2321 Media Relations: Hannah James, New York, Tel: + 1 646 582 4947, Email: hannah.james@fitchratings.com. Date of Relevant Rating Committee: April 11, 2016 Additional information is available at ''www.fitchratings.com''. Applicable Criteria Insurance Rating Methodology (pub. 15 Sep 2016) here Insurance Rating Methodology - Effective Sept. 16, 2015 to May 17, 2016 (pub. 16 Sep 2015) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials UPDATE 1-Liberal U.S. justices hit debt collector''s business practices WASHINGTON, Jan 17 Liberal U.S. Supreme Court justices on Tuesday questioned the practices of a firm that buys unpaid consumer debt for pennies on the dollar then seeks to recover it from people in bankruptcy even when barred from doing so by state statutes of limitations.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986536'|'2017-01-18T03:13:00.000+02:00'
'1f53536e5d7bee2d7836eaa5614e5287df8ac19b'|'Fitch Affirms Dexia Credit Local; Affirms & Withdraws Dexia Crediop''s Ratings'|'Financials   10:53am EST Fitch Affirms Dexia Credit Local; Affirms & Withdraws Dexia Crediop''s Ratings (The following statement was released by the rating agency) PARIS/LONDON, January 17 (Fitch) Fitch Ratings has affirmed Dexia Credit Local''s (DCL) Long-Term Issuer Default Rating (IDR) at ''BBB+'' and its Italian subsidiary Dexia Crediop S.p.A.''s (Crediop) Long-Term IDR at ''BBB-''. The Outlooks are Stable. At the same time, Fitch has withdrawn Crediop''s ratings for commercial reasons. Therefore, Fitch will no longer provide ratings or analytical coverage for Crediop. In addition, Fitch has assigned a Derivative Counterparty Rating (DCR) of ''BBB+(dcr)'' to DCL as part of its roll out of DCRs to significant derivative counterparties in Western Europe and the US. A full list of rating actions is at the end of this rating action commentary. These rating actions are part of a review of eurozone wind-down institutions rated by Fitch. KEY RATING DRIVERS DCL IDRs, SUPPORT RATING, SUPPORT RATING FLOORS AND SENIOR DEBT DCL''s Long-Term IDR reflects Fitch''s view that it is highly likely that additional support would be provided by the authorities (Belgium, AA-/Stable and or France, AA/Stable) to DCL if required in order to ensure an orderly wind-down of the company. Our view is derived from DCL''s majority ownership, the sizeable funding guarantees provided by Belgium and France and the financial flexibility of the two countries to provide financial support. DCL is the main operating entity of Dexia, which is 50% owned by Belgium and 44% by France. Fitch continues to factor in state support for DCL despite the implementation of the Bank Recovery and Resolution Directive (BRRD). This reflects our view that the BRRD will not be applied retroactively to DCL, at least as long as its orderly wind-down progresses in line with plans agreed with the European Commission (EC). We consider that the risk of senior creditor bail-in remains low for DCL and that the Belgian and French states will act pre-emptively to the extent possible to maintain DCL''s capitalisation above minimum requirements. Belgium and France''s sizeable investment in Dexia (94% of the group''s equity, and funding guarantees granted to DCL for up to EUR85bn together with Luxembourg) represent a very strong incentive for the authorities to provide additional support, if required. Any new requirement for extraordinary support beyond the state aid already agreed would require approval from the EC. Fitch would then expect the EC to liaise about the action to take with the Single Resolution Board, which took over decisions on bank resolution from national authorities from January 2016. Fitch believes it likely that both parties would seek the least disruptive solution. However, we also believe that the decision would depend on specific circumstances, especially the extent to which the orderly wind-down is proceeding according to plan. Fitch does not assign a Viability Rating to DCL because it cannot be meaningfully analysed as a viable entity in its own right as it is in run-off and relies on state guarantees for funding. STATE-GUARANTEED DEBT The ratings on DCL''s debt guaranteed by Belgium (51.4%), France (45.6%) and Luxembourg (3%) are aligned with the ratings of Belgium as the lowest-rated guarantor, the guarantee being several but not joint. Each of the three states is responsible for a share of the overall guarantee and Fitch rates DCL''s state-guaranteed debt on a ''first-dollar loss'' basis. The ''F1+'' rating on DCL''s state-guaranteed debt reflects the ''F1+'' Short-Term IDR of all three guarantors. DCR We have assigned DCL a DCR because we view it as a notable derivative counterparty. The DCR is at the same level as DCL''s Long-Term IDR as the IDR is based on sovereign support (no Viability Rating). SUBORDINATED DEBT AND HYBRID SECURITIES DCL''s subordinated debt instruments XS0307581883 and XS0284386306 are dated bonds (maturing in 2017 and 2019, respectively) with contractually mandatory coupon payment. The ''B-'' rating of these securities reflects a bespoke analysis of the risks of non-performance and loss severity in the absence of a Viability Rating or alternative anchor rating. Although the notes are fully performing, the rating factors in the lack of financial flexibility for subordinated debt, which could be bailed in should DCL receive additional state support to accompany its orderly wind down. We derive the securities ratings by stressing profit forecast and credit exposure of DCL and similar issuers, and comparing the potential losses with their respective available capital buffers to determine and compare the potential need for extraordinary state support. Fitch has affirmed the ''C'' rating of DCL''s (FR0010251421) hybrid Tier 1 securities. The rating reflects the continued ban on coupon payment of subordinated debt and hybrid securities (unless contractually mandatory) imposed by the EC since 2010. DEXIA DELAWARE''S SHORT-TERM DEBT RATINGS The Short-Term ratings on the notes issued under Dexia Delaware LLC''s (Dexia Delaware) US Commercial Paper (USCP) programme have been affirmed at ''F2'' in line with DCL''s Short-Term IDR. This reflects DCL''s unconditional guarantee for the securities issued under the programme. Dexia Delaware is a fully-owned funding vehicle of DCL. CREDIOP IDRs AND SUPPORT RATING Crediop''s ratings are based on institutional support from its majority shareholder, DCL, which has 70% ownership. Fitch believes the probability that DCL would provide support to Crediop, if needed, remains high, as a default of Crediop would result in high financial and reputational risk for its parent''s wind-down process. DCL would likely be able to provide support to Crediop if necessary without needing to call on further state support itself, given the manageable size of Crediop relative to DCL. The two-notch difference between Crediop''s Long-Term IDR and DCL''s reflects a remote possibility that sovereign support would be required or that problems would arise at Crediop and DCL at the same time. In this case, Crediop would be less likely than DCL to receive support from Belgium and France given it is not based in Belgium or France and its residual assets were originated in Italy. The Stable Outlook on Crediop''s Long-Term IDR reflects that on DCL. RATING SENSITIVITIES DCL IDRs, SUPPORT RATING, SUPPORT RATING FLOORS AND SENIOR DEBT DCL''s ratings are sensitive to a reduction in the Belgian or French state''s ability or propensity to provide additional state support, including a downgrade of Belgium''s sovereign rating by one notch or France''s sovereign rating by two notches. A significant reduction in state ownership or state-guaranteed funding that would not be a result of lower funding needs, reducing the incentive to provide additional support, would also be rating negative. Any upgrade would be contingent on the two states demonstrating greater support. This is highly unlikely in Fitch''s view, although not impossible. The ratings are also sensitive to DCL progressing with its orderly wind-down in accordance with the plan agreed with the EC. Deviation from the plan would likely trigger a fresh state aid review and heighten the likelihood of the Commission and/or Single Resolution Board requiring more stringent measures, which could include burden-sharing for senior creditors. STATE-GUARANTEED DEBT The ''AA-'' Long-Term rating on DCL''s state-guaranteed debt is sensitive to any rating action on the lowest-rated guarantor, which is currently Belgium. The ''F1+'' Short-Term rating on DCL''s state-guaranteed debt would be downgraded if the Short-Term IDR of any guarantor is downgraded. DCR The DCR of DCL is primarily sensitive to changes in DCL''s Long-Term IDR. SUBORDINATED DEBT AND HYBRID SECURITIES Upside potential for the ratings of DCL''s subordinated debt instruments may result from its wind-down progressing significantly with capital being maintained at solid levels. Downside pressure may arise from any risk of further state support being needed. Should these instruments be bailed-in, loss severity would likely be high, which could result in a downgrade to ''CC'' or ''C''. Fitch does not expect coupon payment to resume on DCL''s hybrid Tier 1 securities (FR0010251421) and therefore sees no upside for the instruments'' rating. DEXIA DELAWARE''S SHORT-TERM DEBT RATINGS Dexia Delaware''s short-term debt guaranteed by DCL is sensitive to the same factors that would affect DCL''s Short-Term IDR. CREDIOP''s IDRs AND SUPPORT RATING Not applicable. The rating actions are as follows: Dexia Credit Local Long-Term IDR: affirmed at ''BBB+''; Stable Outlook Short-Term IDR: affirmed at ''F2'' Support Rating: affirmed at ''2'' Support Rating Floor: affirmed at ''BBB+'' Derivative counterparty rating assigned at ''BBB+(dcr)'' State-guaranteed debt: affirmed at ''AA-/F1+'' Senior debt: affirmed at ''BBB+'' Market-linked notes: affirmed at ''BBB+(emr)'' Commercial paper: affirmed at ''F2'' Subordinated debt securities XS0307581883 and XS0284386306: affirmed at ''B-'' Tier 1 hybrid securities FR0010251421: affirmed at ''C'' Dexia Delaware LLC USD5bn US commercial paper programme: affirmed at ''F2'' Dexia Crediop S.p.A. Long-Term IDR: affirmed at ''BBB-''; Stable Outlook; withdrawn Short-Term IDR: affirmed at ''F3''; withdrawn Support Rating: affirmed at ''2''; withdrawn Contact: Primary Analysts Francois-Xavier Deucher, CFA (Dexia Credit Local) Director +33 1 44 29 92 72 Fitch France S.A.S. 60 rue de Monceau 75008 Paris Francesca Vasciminno (Crediop) Senior Director +39 02 87 90 87 225 Fitch Italia S.p.A. Via Privata Maria Teresa, 8 20123 Milan Secondary Analysts Julien Grandjean (Dexia Credit Local) Analyst +33 1 44 29 91 41 Valeria Pasto (Crediop) Analyst +39 02 87 90 87 298 Committee Chairperson Claudia Nelson Senior Director +44 20 3530 1191 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017650 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch''s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986859'|'2017-01-17T22:53:00.000+02:00'
'1e019f42010cb82e4c5188d77f5283fb101cd0d3'|'Fitch Rates Phoenix''s GBP300m Dated Subordinated Tier 3 Notes ''BBB-'''|'Financials   11:25am EST Fitch Rates Phoenix''s GBP300m Dated Subordinated Tier 3 Notes ''BBB-'' (The following statement was released by the rating agency) LONDON, January 17 (Fitch) Fitch Ratings has assigned PGH Capital Public Limited Company''s GBP300m dated subordinated notes, guaranteed by Phoenix Group Holdings (Phoenix; Issuer Default Rating (IDR) A-/Positive) a ''BBB-'' rating. The notes are rated three notches below Phoenix''s IDR of ''A-'', comprising two notches for a ''poor'' baseline recovery assumption and one for ''moderate'' non-performance risk. KEY RATING DRIVERS The notes have been issued by Phoenix under its GBP3bn euro medium term note (EMTN) programme. The proceeds will be used to refinance existing senior debt. The notes have been issued with a fixed coupon of 4.125% with a maturity of five and a half years. The issue will rank senior to Phoenix''s dated subordinated Tier 2 notes and junior to Phoenix''s unsecured unsubordinated obligations. The level of subordination is reflected in Fitch''s ''poor'' baseline recovery assumption for the issue. The notes include a mandatory interest deferral feature, which would be triggered if any minimum capital requirement applicable to the issuer, the guarantor or Phoenix Life Holdings Limited and its subsidiaries is not met or if the Prudential Regulation Authority has notified the issuer, the guarantor or Phoenix Life Holdings Limited and its subsidiaries in writing that payments under the notes have to be deferred. The notes also include a mandatory redemption deferral feature, which would be triggered if any solvency capital requirement or minimum capital requirement applicable to the issuer, the guarantor or Phoenix Life Holdings Limited and its subsidiaries is not met or if the Prudential Regulation Authority has notified the issuer, the guarantor or Phoenix Life Holdings Limited and its subsidiaries in writing that redemption of the notes has to be deferred. Under the agency''s methodology, Fitch regards these features as leading to ''moderate'' non-performance risk. The notes are expected to qualify for 100% regulatory capital recognition under Solvency II. The notes receive 100% equity credit in Fitch''s Prism Factor-Based Model, due to the application of the regulatory override. However, given that it is a dated instrument, the notes are treated as 100% debt in Fitch''s financial debt leverage calculation. Fitch views the issue as neutral to Phoenix''s financial debt leverage and positive to capital adequacy as the new subordinated notes are replacing existing senior bank debt. Fixed-charge coverage will be negatively impacted as the new notes pay a higher coupon than the senior bank debt they are replacing. The issue will lengthen the maturity profile of Phoenix''s financial debt. RATING SENSITIVITIES The notes'' rating is subject to the same sensitivities that may affect Phoenix''s Long-Term IDR (for more details, see ''Fitch Affirms Phoenix Life & Phoenix Life Assurance; Outlook Positive'' dated 28 September 2016 at www.fitchratings.com). Contact: Primary Analyst Ralf Ehrhardt Associate Director +44 (0) 20 3530 1551 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Willem Loots Director +44 (0) 20 3530 1808 Committee Chairperson Harish Gohil Managing Director +44 (0) 20 3530 1257 Media Relations: Athos Larkou, London, Tel: +44 203 530 1549, Email: athos.larkou@fitchratings.com. Additional information is available on www.fitchratings.com Date of relevant committee: 9 January 2017 Applicable Criteria Insurance Rating Methodology (pub. 15 Sep 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch''s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986640'|'2017-01-17T23:25:00.000+02:00'
'9695a0d7930b24e42e72b18353e817927d124a4c'|'PRESS DIGEST- New York Times business news - Jan 17'|'Jan 17 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- President-elect Donald Trump''s remarks in a string of discursive and sometimes contradictory interviews have escalated tensions with China while also infuriating allies and institutions critical to America''s traditional leadership of the West. nyti.ms/2jqMVlf- Essilor of France said on Monday that it would merge with the Luxottica Group of Italy in a $49 billion deal that would create a giant in the eyewear industry. nyti.ms/2iwbmhq- Seven days before his departure from the White House, President Obama sat down in the Oval Office and talked about the indispensable role that books have played during his presidency and throughout his life. nyti.ms/2jZyDsr- The police in Turkey have arrested the man accused of carrying out a deadly attack on an Istanbul nightclub early on New Year''s Day, according to the semi-official Anadolu news agency as well as Turkish news reports. nyti.ms/2iBg3l2- Prosecutors called for the arrest of the Samsung''s heir-apparent, Lee Jae-Yong. Prosecutors contend that Lee bribed President Park Geun-hye and one of her confidants in exchange for political favors. nyti.ms/2iGttQk- With tensions escalating between President-elect Donald Trump and prominent black leaders, Trump met privately on Monday with the eldest son of the Rev. Dr. Martin Luther King Jr. on the holiday devoted to the civil rights hero. nyti.ms/2jE6fbW- The FBI arrested the wife of the man who carried out a deadly terrorist attack in Orlando and charged her with obstructing the investigation of the mass shooting, law enforcement officials said. nyti.ms/2iwgYZ4 (Compiled by Gaurika Juneja in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL4N1F726W'|'2017-01-17T02:46:00.000+02:00'
'76b4788722e8e15fbc47109b03db1d6cfbc0a402'|'At Davos, retreat of globalisation stokes fears for poor nations'|'Tue Jan 17, 2017 - 9:49am GMT At Davos, retreat of globalization stokes fears for poor nations left right A man walks past the official logo of the World Economic Forum (WEF) in Davos, Switzerland January 16, 2017. REUTERS/Ruben Sprich 1/2 left right A worker prepares the logo of the World Economic Forum in the congress center of the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland January 16, 2017. REUTERS/Ruben Sprich 2/2 By Sujata Rao - DAVOS, Switzerland DAVOS, Switzerland In 2014, Arnold Kamler, CEO of New Jersey-based Kent International, took a big step: he resumed making bicycles in the United States, 23 years after uprooting production to China. This year, he hopes to sell half a million U.S.-made bikes. For business and political leaders gathered in the Swiss Alps town of Davos for this year''s World Economic Forum, Kamler''s experience - part of a process Morgan Stanley once dubbed the "re-industrialization" of America - is a cause for some anxiety. If a mix of accelerating automation and trade protectionism is the defining economic climate of the moment, globalization may well be in decline, and developing nations that failed to capitalize on the past two decades of economic integration - notably those in Africa - may have missed the boat altogether. It is an issue with profound consequences - for emerging economies that have built their fortunes on exports, and for richer nations that hope a "reshoring" of industrial production will appease disgruntled blue-collar workers at home and re-ignite stagnant wage growth. Global trade likely grew last year at just 1.7 percent, lagging world economic growth for the first time in 15 years and for only the second time since 1982, according to the World Trade Organization which expects a further slowdown in 2017. While there are complex reasons behind the slowdown, it''s hard to ignore the rising popularity of trade protectionism and anti-globalization. U.S. President-elect Donald Trump''s campaign pledges and plans for "a very large border tax" on firms producing overseas fall into this category. But perhaps even more influential is businesses'' push toward automation, digitization, robotics and innovations such as 3-D printing that undermine low-wage countries'' biggest comparative advantage. That contributed to the return of 250,000 manufacturing jobs to the United States between 2010 and 2015, according to data from Reshoring Initiative, a group that advises U.S. businesses. Kamler''s state-of-the-art plant, for instance, will soon be able to produce bicycles with just 12 employees per shift. "Most of those people will be sitting looking at computer screens. The same operation in China would need 60 people," he said. Automation tends to see jobs return to the countries which develop the technology - carmaker Ford''s decision to expand a Michigan plant rather than start one in Mexico is seen as partly motivated by a focus on high-tech electric vehicles. LAGGARDS "Reshoring" is bad news for emerging economies transformed by the manufacturing-for-export boom and now suffering from its reversal. But for countries only now getting in on the manufacturing act, things are worse, says Hung Tran, managing director of the Washington DC-based Institute for International Finance (IIF). "The conclusion to reach is that the business and growth model which worked for many countries, especially in Asia, won''t provide the same growth opportunities as before," Tran said. "That''s the big challenge for emerging economies that are only just trying to take off ... it''s much harder to do than 20 years ago when all you needed to do was attract investment, produce and export," Tran said. Laggards include swathes of Africa and also India, the world''s fastest growing economy. With a 1.2 billion population, it accounts for just 2 percent of global trade but needs desperately to create jobs for the 10 million youth entering the workplace each year. The fear is that as low-level factory jobs for unskilled workers become scarcer, workers in these countries, unlike in early birds such as China or Malaysia, will be ill-prepared for the higher-tech manufacturing of the future. Against that backdrop, India may struggle to meet its goal of raising manufacturing''s share of the economy to 25 percent. That share is currently 16 percent, half of China''s level. Others are even worse off - manufacturing comprises 10 percent of Nigeria''s economy and 6 percent in Tanzania, according to the World Bank. The picture is mirrored across Africa where the population could double by 2050 to 2.5 billion. "There is a missed-boat aspect for industrial output especially for Africa," said Marion Amiot at Oxford Economics, whose report on the impact of digitization concluded that upfront costs of technology and training would pose significant entry barriers for poorer economies. Not everyone is pessimistic. India for instance may be able to capture the burgeoning trade in services. It and peers such as Indonesia are moving to reform their economies, unlocking faster growth and making exports less important. LOSERS EVERYWHERE It could eventually prove a game in which everyone loses. Take Trump''s tirades against Mexico. U.S. firms have invested more than $200 billion in Mexico, employing over a million people, but are now under pressure to shutter factories producing for U.S. markets. Yet reshoring may not deliver the kind of benefits Trump and U.S. unions hope for. The new high-tech plants will likely create far fewer jobs than expected. Second, the loss of manufacturing jobs - and failure to create them in countries with huge populations - may trigger more migration to rich countries, exacerbating the tensions that are fuelling the lurch toward right-wing parties. Migration patterns already suggest people''s movement is increasingly dictated by "push" from poorer areas of the world, rather than by "pull" from richer countries, UBS said in a note. As former Mexican president Felipe Calderon warned Trump in a tweet: "The more jobs you destroy in México, the more immigrants the American people will have." (Reporting by Sujata Rao; Editing by Mark Potter) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-davos-meeting-trade-idUKKBN151132'|'2017-01-17T16:45:00.000+02:00'
'd1b88be4536cefb80a8ed1e59358a16fad546150'|'Asia stocks and pound weak, brace for May''s speech on Brexit stance'|'Money  12am IST Asia stocks and pound weak, brace for May''s speech on Brexit stance An English ten Pound note is seen in an illustration taken March 16, 2016. REUTERS/Phil Noble/Illustration/File Photo By Shinichi Saoshiro - TOKYO TOKYO Asian stocks and the pound sagged on Tuesday as investors waited for British Prime Minister Theresa May to lay out plans to exit the European Union, which traders fear will see Britain lose access to the bloc''s single market. Britain will not seek a Brexit deal that leaves it "half in, half out" of the EU, May will say later in the day, according to her office, in a speech setting out her 12 priorities for upcoming divorce talks with the bloc. Those priorities will include leaving the EU''s single market and regaining full control of Britain''s borders, media reported, reinforcing fears of a ''Hard Brexit'' which has pushed the pound to some of the lowest levels against the U.S. dollar in more than three decades and weighed on other riskier assets such as stocks. Growing uncertainty over the policies of Donald Trump have also hurt equities, which had rallied in many parts of the world thanks to speculation that the U.S. President-elect would enact bold stimulus and reflationary measures once in office. "Markets affected by the twin political black swans of 2016 - the Brexit vote and Trump win - remain volatile and uncertain," wrote David Croy, senior rates strategist at ANZ. U.S. stock futures dipped 0.3 percent. Wall Street was closed on Monday for Martin Luther King Day. MSCI''s broadest index of Asia-Pacific shares outside Japan lost 0.1 percent, while Japan''s Nikkei brushed a five-week low and was last down 0.4 percent. "Europe is going to be dominating the headlines today, and the focus is justifiably on May''s speech, and also on the interviews that Trump gave to European newspapers," said Stefan Worrall, director of Japan equity sales at Credit Suisse in Tokyo. Sterling hovered around $1.2050 , in striking distance of $1.1983, its lowest since Oct. 7 struck the previous day. The weaker pound helped take some pressure off of the greenback, which has been burdened by investor uncertainty over whether the incoming Trump administration would actually be able to implement effective policies. The euro was little changed at $1.0604 after dipping about 0.4 percent overnight. The yen benefited from its safe-haven status, holding its gains versus against the dollar, euro and sterling. The dollar was steady at 114.200 yen having gone as low as 113.610 the previous day, its weakest since Dec. 8. The Australian dollar, sensitive to shifts in risk sentiment, was down 0.1 percent at $0.7472. Higher iron ore prices had taken the Aussie to a one-month high of $0.7519 last week. Gold was helped by the heightened risk aversion stemming from Brexit and uncertainty over Trump''s plans. Spot gold was $1,203.93 an ounce after climbing to $1,207.86 overnight, its highest since late November. Crude oil was higher as Saudi Arabia''s steady commitment to reduce production offset a report forecasting U.S. output would rise again this year. [O/R] U.S. crude was up 0.3 percent at $52.51 a barrel . (Reporting by Shinichi Saoshiro; Additional reporting by Lisa Twaronite in Tokyo; Editing by Eric Meijer and Kim Coghill) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN15106J'|'2017-01-17T09:42:00.000+02:00'
'96418a77b536eff572efd0428e89d842082d211b'|'German finmin preparing for Greek aid without IMF - report'|'Business News   3:27am EST German finance minister preparing for Greek aid without IMF: report German Finance Minister Wolfgang Schaeuble attends the weekly cabinet meeting at the chancellery in Berlin, Germany, November 30, 2016. REUTERS/Hannibal Hanschke BERLIN German Finance Minister Wolfgang Schaeuble is preparing for a continuation of aid for Greece without the involvement of the International Monetary Fund (IMF), Germany''s Bild newspaper reported on Wednesday. Talks between Athens and foreign lenders on its bailout progress have dragged on for months due to differences on labor and energy reforms as well as on fiscal targets and debt relief measures. The IMF has said it will only be involved if it is the last bailout for Athens and includes debt relief for Greece. The German government would like the IMF to participate in the bailout program to boost its credibility but Berlin is against granting Athens significant debt relief. The Finance Ministry is preparing for a vote in the Bundestag lower house of parliament in case the IMF refuses to take part, after Schaeuble previously promised the Bundestag the rescue package would only be approved if the IMF was involved and keeping tabs on Greek reforms, Bild said. The newspaper, which did not name its sources, said Schaeuble thinks the hole left by the IMF should be filled by the European Stability Mechanism (ESM) - the euro zone''s bailout fund, Bild said. The German Finance Ministry was not immediately available for comment. Bild said the Bundestag would vote on the modified program for Greece before a federal election due to take place in September. Last week Schaeuble proposed turning the ESM into a European monetary fund to improve the management of crises in Europe. (Reporting by Michelle Martin; Editing by Dominic Evans) Next In Business News U.S. lobby says China protectionism fuelling foreign business pessimism BEIJING More than 80 percent of members of a U.S. business lobby in China say foreign companies are less welcome than in the past, a survey released on Wednesday showed, with most saying they have little confidence in China''s vows to open its markets.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-eurozone-greece-schaeuble-idUSKBN1520TX'|'2017-01-18T14:58:00.000+02:00'
'05f3ec499c0f22360705e4579bfcb7cfa8aba308'|'Puerto Rico needs urgent Congress action -U.S. Treasury, Health chiefs'|'By Nick Brown and Robin Respaut Jan 17 The secretaries of the U.S. Treasury and Health and Human Services called for fast congressional action to help Puerto Rico out of its economic mess, and said a bipartisan task force report failed to go far enough on recommending a low-income tax credit for the commonwealth.In a letter to U.S. House Speaker Paul Ryan on Tuesday, Treasury Secretary Jacob Lew and Health and Human Services Secretary Sylvia Burwell reaffirmed calls to step up healthcare funding for Puerto Rico."We write to underscore the need for additional legislation early in this (congressional) session to address the economic and fiscal crisis in Puerto Rico," the letter said.They noted that 900,000 Puerto Ricans could risk losing healthcare unless Congress took action by April.The U.S. territory is hampered by $70 billion in debt, unemployment more than twice the U.S. average, a 45 percent poverty rate and a decreasing population as locals flock to the U.S. mainland.A congressional task force of U.S. senators and congressmen in December recommended several fixes for Puerto Rico, including boosting healthcare funding and exploring giving the island access to the federal Earned Income Tax Credit.The benefit for low- to moderate-income workers has been used to combat poverty, and the Obama Administration has proposed expanding it to Puerto Rico. If the credit exceeds a worker''s income tax liability, the government will refund the balance.The report did not go far enough with the tax credit, Lew and Burwell said, calling the benefit a "powerful economic driver."The task force report described healthcare in Puerto Rico as "a serious and urgent issue," but did not agree on solutions.For decades, the United States offered lower payments to most island residents under the federally sponsored Medicare and Medicaid insurance programs. Funding for the Medicaid program for the poor, for example, has been capped by Washington, spurring island officials to borrow heavily through municipal bonds.Read the Special Report here: reut.rs/2e4T00o (Reporting by Nick Brown in New York and Robin Respaut in San Francisco; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-congress-idINL1N1F7272'|'2017-01-17T21:16:00.000+02:00'
'd17eca6fbea81e25fdef6e152e7aacf981778f7e'|'UPDATE 1-Property developer British Land''s Q3 occupancy rates dip slightly'|'Cyclical Consumer Goods  41am EST UPDATE 1-Property developer British Land''s Q3 occupancy rates dip slightly (Adds details, context, share movement, analyst comments) Jan 19 Property developer British Land Co Plc reported only a slight decline in occupancy rate in the third quarter, adding to signs that property demand from companies continues to hold up ahead of Britain''s exit from the European Union. Britain''s second-largest publicly listed property developer reported an occupancy rate of 97 percent with a weighted average lease length of 8 years in the three months ended Dec. 31. The occupancy rate was 98 percent with a lease length of 9 years during the first half. While the business was "well placed", British Land remains mindful of potential headwinds going forward, Chief Executive Chris Grigg said in a statement. British Land''s shares, which have lost 19 percent since the day before the Brexit vote results were announced, fell 1.5 percent as of 0833 GMT. British Land confirms broadly positive trends, said Liberum analysts who rate the stock "sell", but added that they expect a softening outlook for occupational demand in office and retail to continue to weigh on shares. Britain''s 900 billion pound commercial property market was one of the biggest victims of the turmoil that followed the Brexit referendum and at one point commercial property funds worth over 18 billion pounds were suspended. Investor appetite has since returned, with the widest property index once again showing climbing returns, but the market has still a way to go to match its pre-referendum levels. The Real Estate Investment Trust (REIT), which owns London''s Leadenhall office building and Sheffield''s Meadowhall shopping centre, said on Thursday it had leased or renewed agreements on 314,000 square feet of retail lettings and 51,000 square feet of office lettings. Retail accounts for 49 percent of British Land''s portfolio, while office and residential account for the rest. Rates for the leases were on average 8.7 percent ahead of estimated rental value for retail lettings and renewals were in-line for office lettings. British commercial property capital values fell 2.4 percent in 2016, property consultant CBRE said earlier this month, adding that by December-end rental and capital values had not recovered to their pre-referendum levels. Analysts at Jefferies downgraded some of the biggest UK REITs on Thursday including Big Yellow Group and Hammerson PLC, citing risks related to a reversal of foreign capital inflows in the sector. The brokerage estimates that London net effective Grade A rents would fall 20 percent over 2017 and 2018. (Reporting by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by Amrutha Gayathri) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/british-land-outlook-idUSL4N1F92SS'|'2017-01-19T15:41:00.000+02:00'
'4bf67752c7190b6adf9e8859fc19a0851aed7c0b'|'China sees fierce pre-holiday liquidity scramble, short rate surges but yuan dips'|' 46am IST China sees fierce pre-holiday liquidity scramble, short rate surges but yuan dips FILE PHOTO: Chinese 100 yuan banknotes are seen on a counter of a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo SHANGHAI Short-term funding costs in China shot to their highest in nearly 10 years on Thursday on fears that liquidity was sharply tightening heading into the long Lunar New Year holidays. The sudden surge in funding rates ahead of one of the heaviest cash demand periods of the year has forced traders with short positions against the yuan to bail out of their positions. That has led to a solid strengthening in the beleaguered currency this week, though it dipped on Thursday on signs that state banks may be offering some additional yuan supplies and after an overnight bounce in the U.S. dollar. Spot yuan was trading at 6.8556 to the dollar by midday, 124 pips weaker than the previous close and only 0.02 percent stronger than the midpoint guided by the central bank. But it is up more than half a percent so far this week, on course for its best week since July. It has firmed around 1.2 percent so far this year as Chinese authorities try to cool market expectations of further declines. "The market has calmed down slightly. (But) we have U.S. President-elect Donald Trump''s inauguration in two days and that may create volatility again," said a trader at a Chinese bank in Shanghai. Households and companies usually withdraw large amounts of cash from banks ahead of the week-long New Year holiday, which starts on Jan. 27. This year, the holiday also extends over the month-end, when corporate cash demand increases and some tax payments are due, adding to heavy demand. While liquidity always tightens in China ahead of the holiday, and the People''s Bank of China (PBOC) routinely steps up its money injections ahead of the break, traders were spooked when the central bank unexpectedly decided not to rollover maturing medium-term lending facility (MLF) loans on Wednesday. Further MLF loans are due to mature on Thursday. The onshore overnight implied deposit rate for yuan touched a high of 22.099 percent in early trade on Thursday, compared with the previous close of 22.035 percent. Levels are now the highest since data became available in April 2007. On Tuesday, the rate ended at 4.357 percent. The volume-weighted average rate of the benchmark seven-day repo traded in the interbank market, considered the best indicator of general liquidity in China, was 2.5115 percent at midday, compared with the previous close of 2.7607 percent which was the highest since July 2015. The official midpoint was fixed at 6.8568 per dollar prior to the market open, 43 pips weaker than the previous fixing of 6.8525. Analysts said Thursday''s fixing was set at a firmer level than their models had suggested. Chinese authorities are widely believed to have been involved in a sharp spike in offshore yuan funding costs earlier this month to keep the currency from breaching the psychologically important 7 to the dollar level. But it is still trading at more than eight-year lows. The unexpectedly sharp onshore cash pinch comes despite central bank injections of a net 1.035 trillion yuan ($150.87 billion) through open market operations so far this week, nearly 10 times the amount it injected last week. "Companies'' quarterly payments starting Jan.16 and seasonal cash demand are the key factors draining money out," said a liquidity trader at a Chinese bank in Shanghai. Some market players said the support by the central bank was barely meeting increased demand in the market. "The PBOC''s injection is not enough," said Gu Weiyong, chief investment officer at bond-focused hedge fund Ucom Investment Co. Gu added that the situation was not being helped by perceptions that regulators would not mind seeing a rise in financing costs this year if it encourages debt-laden Chinese companies to reduce their heavy debt burdens. The absence of a MLF rollover on Wednesday has also "caused a certain impact", CITIC Securities said in a note on Thursday. Two batches of medium-term lending facility loans are maturing on Wednesday and Thursday totalling 216.5 billion yuan, according to Reuters calculations. "We hope the central bank will roll over the maturing MLF loans, but no one knows whether it will do it or not," said the liquidity trader. Some traders said they heard the cental bank asked commercial banks in the morning about potential demand for MLF loans, but there was no indication if the bank would inject the funds later in the day. Traders said the crunch could extend past the holiday, noting more open market repos will mature in early February. Adding to the squeeze, state banks have sold large amounts of dollars and bought yuan in recent months to help shore up the falling currency, draining funds out of money markets. Commercial banks'' net sales of foreign currency rose in December to the highest since January 2016, the foreign exchange regulator said on Thursday. The central bank sold $46.1 billion of foreign exchange in the same month. In offshore markets, the yuan was 0.3 percent firmer than onshore at 6.833 per dollar. Highlighting investors'' strongly bearish views on the yuan, offshore one-year non-deliverable forwards contracts (NDFs) traded at 7.105, 3.5 percent weaker than the midpoint. NDFs are considered the best available proxy for forward-looking market expectations of the yuan''s value. ($1 = 6.8602 Chinese yuan renminbi) (Reporting by Winni Zhou and John Ruwitch; Editing by Kim Coghill) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-yuan-midday-idINKBN1530G7'|'2017-01-19T12:16:00.000+02:00'
'2c172384868a5faea7d20dacc052dcacb37d4130'|'UK builder Barratt says CFO has left with immediate effect'|' 38pm GMT UK builder Barratt says CFO has left with immediate effect A sold sign hangs on a new house on a Barratt Homes building site in Nuneaton, Britain, March 20, 2014. REUTERS/Darren Staples/File Photo LONDON Britain''s biggest housebuilder Barratt ( BDEV.L ) said on Thursday its Chief Finance Officer Neil Cooper had left the firm by mutual agreement just over a year after he joined, in a move a source told Reuters was initiated by the board. Chief Executive David Thomas will take on the role temporarily whilst a replacement for Cooper, who joined the company in November 2015 from bookmaker William Hill ( WMH.L ), is sought. Barratt said on Thursday that Cooper had left with immediate effect in a move which a source told Reuters was instigated by the other directors. "This was a decision led by the board and there was an acceptance that it wasn''t working in the way that either party thought it might," a source familiar with the company''s thinking said. (Reporting by Costas Pitas; editing by Paul Sandle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-barratt-moves-idUKKBN1532K9'|'2017-01-19T23:38:00.000+02:00'
'fd4536be54fa69108046f918861ddefa8076fc94'|'Indian shares end slightly higher after lacklustre start'|'Financials  25am EST Indian shares end slightly higher after lacklustre start Jan 19 Indian shares ended slightly higher on Thursday after a choppy session as investors awaited fresh triggers as the earnings season gains momentum amid an uncertain global scenario. The broader NSE index closed up 0.22 percent at 8,435.10, while the benchmark BSE index ended 0.19 percent higher at 27,308.60. For midday report, click here (Reporting by Shivam Srivastava in Bengaluru; Editing by Vyas Mohan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-stocks-idUSB8N1EI01T'|'2017-01-19T17:25:00.000+02:00'
'f037f8baced51af127a8d59057572967856d70ec'|'ECB keeps rates, asset-buying plan unchanged as expected'|'Business News  49am EST ECB keeps rates, asset-buying plan unchanged as expected The European Central Bank (ECB) headquarters is pictured in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski FRANKFURT The European Central Bank left interest rates and the main parameters of its asset purchase scheme unchanged as expected on Thursday, keeping unprecedented stimulus in place to aid the bloc''s slow but steady recovery. Markets now turn their attention to ECB President Mario Draghi''s 1330 GMT news conference. Facing low inflation and weak growth, the ECB last month extended its 2.3 trillion euro ($2.45 trillion) debt purchase program until the end of the year, promising substantial accommodation and extended market presence. Recent data have however surprised on the upside with inflation hitting a three year high and euro zone business growth at its fastest in more than five years, suggesting unexpected resilience in the 19-member currency bloc and indicating that stimulus is bearing fruit. Indeed, the vast majority of economist polled by Reuters expect the ECB to stay put, at least in the first half of the year, having done enough for growth and preferring to sit on the sidelines while France, Germany, the Netherlands and possibly Italy prepare for elections. Repeating its standard forward guidance, the ECB said that it continues to expect its key interest rates to remain at present or lower levels for an extended period of time and well past the horizon of the net asset purchases. It also repeated that its asset buys, set to be cut by a quarter from April, could be increased or extended if the outlook becomes less favorable. At Thursday''s meeting, the ECB kept its rate on bank overnight deposits, which is currently its primary interest rate tool, at -0.40 percent. The main refinancing rate, which determines the cost of credit in the economy was unchanged at 0.00 percent while the rate on the marginal lending facility -- or emergency overnight borrowing rate for banks -- remains at 0.25 percent. (Reporting by Balazs Koranyi)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-ecb-policy-decision-idUSKBN1531TY'|'2017-01-19T19:47:00.000+02:00'
'a7b008bfb9f848cf372e5aaeaa7edc764e3a63a4'|'Herbalife says fourth-quarter sales to be lower than expected'|'Fri Jan 20, 2017 - 8:26am EST Herbalife says fourth-quarter sales to be lower than expected An Herbalife logo is shown on a poster at a clinic in the Mission District in San Francisco, California April 29, 2013. REUTERS/Robert Galbraith/File Photo Dietary supplements maker Herbalife Ltd ( HLF.N ) said on Friday its fourth-quarter sales would be below its expectations, hurt by a strong dollar, and that volumes would be near the low-end of its previous forecast. The company said it expected net sales to fall 4-6 percent in the quarter ended Dec. 31, compared with its previously estimated range of a fall of 2.5 percent to a rise of 1.5 percent. Herbalife also lowered its fiscal 2017 forecast for net and adjusted profits and said the stronger dollar would hurt earnings by about 40 cents per share. The company had earlier projected an impact of about 15 cents per share. (Reporting by Sayantani Ghosh in Bengaluru; Editing by Anil D''Silva) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-herbalife-outlook-idUSKBN1541QU'|'2017-01-20T20:23:00.000+02:00'
'974e1887191036402d11c6cff31f8f22ed023a25'|'Deals of the day-Mergers and acquisitions'|'Financials   9:03am EST Deals of the day-Mergers and acquisitions Jan 20 The following bids, mergers, acquisitions and disposals were reported by 1400 GMT on Friday: ** Fairfax Financial Holdings is in early talks to sell 25 percent of India''s largest private general insurer ICICI Lombard in a deal that could fetch up to $1 billion, as the Canadian firm looks to cash out and start a new insurance joint venture, sources familiar with the matter said. ** Halyk Bank,, Kazakhstan''s No.2 lender by assets, is in talks with Kazkommertsbank, the country''s No.1 bank, and Kazkommertsbank''s majority shareholder, about a potential transaction, Halyk said. ** Heineken, the world''s second largest brewer, said it was in talks regarding a possible deal for the Brazilian operations of Japan''s Kirin Holdings Co Ltd. ** Japan''s Canon Inc is considering investing in Toshiba Corp''s chip business, Kyodo news agency reported. ** British insurer Aviva said it had joined up with investment management firm Hillhouse Capital and Chinese internet services giant Tencent Holdings to start a digital insurance focused company in Hong Kong. ** UniCredit''s Hungarian business is in the final stages of selling a distressed mortgage portfolio to Prague-based investor APS Holding in a deal worth tens of millions of euros, multiple financial sector sources said. ** China National Chemical Corp, or ChemChina, said it has sought the U.S. anti-trust regulator''s approval for its planned $43 billion acquisition of Swiss crop protection and seed group Syngenta AG. ** Japanese financial services firm Orix Corp has agreed to buy $290 million worth of shipping loans from Royal Bank of Scotland, sources with direct knowledge of the deal told Reuters. ** China''s COSCO Shipping Corporation and Hong Kong-listed shipping-to-property firm Orient Overseas International (OOIL) Ltd threw cold water on reports that the two were in talks over a deal for OOIL''s subsidiary OOCL. ** Wells Fargo & Co, the third-largest U.S. bank by assets, said on Thursday it would merge its international business with its wholesale banking unit that serves corporate clients. ** India-based car parts maker and engineering group Motherson Sumi Systems Ltd has agreed to buy Finnish truck wire maker PKC Group for 571 million euros ($609 million), PKC said on Thursday. ** Swedish telecom operator Telia is considering a bid for Denmark''s TDC, which is itself exploring a takeover of Swedish cable TV firm Com Hem, Dagens Industri (DI) reported, citing unnamed sources. ** Japan''s Toshiba Corp has begun preparations to sell a minority stake in its core chip business, people with knowledge of the matter said, as it urgently seeks funding to avoid being crippled by an upcoming multi-billion dollar writedown. ** Viacom Inc''s Paramount Pictures will receive a $1 billion cash investment from two Chinese film companies, Shanghai Film Group (SFG) and Huahua Media, giving the U.S. studio much-needed cash and support as it attempts to grow. (Compiled by Akankshita Mukhopadhyay in Bengaluru) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/deals-day-idUSL4N1FA4GP'|'2017-01-20T21:03:00.000+02:00'
'bb5a8eea5f25a9f128d0d31cc7ab1107259022f8'|'Fitch Affirms KA Finanz at ''BBB+''; Outlook Stable'|'Financials   9:51am EST Fitch Affirms KA Finanz at ''BBB+''; Outlook Stable (The following statement was released by the rating agency) LONDON, January 17 (Fitch) Fitch Ratings has affirmed KA Finanz AG''s (KF) Long-Term Issuer Default Rating (IDR) at ''BBB+'' with a Stable Outlook. A full list of rating actions is at the end of this rating action commentary. The rating actions are part of a review of Fitch-rated eurozone institutions in wind-down. KEY RATING DRIVERS IDRs, SUPPORT RATING, SUPPORT RATING FLOOR (SRF) AND SENIOR DEBT KF''s Long- and Short-Term IDRs, senior debt ratings, Support Rating, and SRF reflect Fitch''s assessment of the high likelihood that support for KF would be made available by the Republic of Austria (AA+/Stable/F1+), if required. Our assessment is driven primarily by KF''s state ownership, significant state-guaranteed funding and the reasonable flexibility available to Austria to support KF. The government has stated that it intends to remain KF''s sole shareholder until the bank''s wind-down is completed. Fitch believes that the Austrian government''s propensity to provide capital or funding support to KF would remain high, even if substantial additional capital is required. This could be the case, for example, if KF posts large credit losses following an accelerated wind-down or asset disposal. However, this is not our base case expectation as we believe that its orderly wind-down will progress as planned, without requiring recapitalisation from the state. As a regulated bank, KF would be subject to the EU''s Bank Recovery and Resolution Directive (BRRD), which together with the Single Resolution Mechanism (SRM), could require KF to take resolution measures including senior creditor bail-in instead of or ahead of a bank receiving sovereign support. The BRRD and its bail-in tool were fully implemented into Austrian law on 1 January 2015. Nonetheless, we believe that the effectiveness of bail-in would be limited as it would predominantly hit the state as owner and funding guarantor and only more moderately third-party creditors. Austria''s approach to KF''s wind-down plan was clearly formulated at an early stage and has been consistently implemented. Under reasonable stress assumptions, we expect KF to incur only manageable losses commensurate with its loss absorption capacity. Similar to other monoline public-sector lenders, we view KF''s high concentration on single exposures as the main potential source of large, unexpected losses. However, concentration has been declining rapidly, which makes the risk of large single losses increasingly manageable. Since 2009, KF has received EUR2.2bn of state support net of guarantee fees paid to the government, including EUR1bn in 2011 following Greece-driven losses, and a EUR350m contribution in 2013 to ensure compliance with Basel III regulations while actively reducing risk-weighted assets via asset disposals. At end-1H16 KF''s common equity Tier 1 ratio was 16.9% and its total capital ratio 20.7%. Beside KF''s state ownership, our assumption that Austria will remain committed to supporting KF is underpinned by state guarantees covering a large share of KF''s funding. These were substantially increased after the implementation of BRRD. KF has EUR1bn of guaranteed five-year notes outstanding, and the maximum volume that it can draw under its guaranteed commercial paper (CP) programme is EUR3.5bn. Assuming full utilisation of the CP programme, these funding guarantees are the equivalent of around one-third of KF''s total end-1H16 liabilities. This extensive guaranteed funding significantly mitigates KF''s refinancing risk, both directly and indirectly by raising confidence, especially among unguaranteed creditors. However, adverse market developments obliging KF to increase durably its usage of guaranteed funding could erode its loss absorption capacity due to the relatively high cost of state guarantees. We do not assign a Viability Rating to KF because due to its wind-down status, it would not be viable without external support. SUBORDINATED DEBT The subordinated lower Tier 2 notes maturing between 2021 and 2031 have been affirmed at ''B'' to reflect our analysis of the risks of non-performance and loss severity in the absence of a VR or alternative anchor rating. While the notes are performing, the ''B'' factors in the lack of financial flexibility for subordinated debt, which could be bailed in if additional state support is required to accompany KF''s orderly wind-down under the BRRD. We derive the lower Tier 2 debt rating by stressing profit forecast and credit exposures of KF and similar issuers and comparing their related potential losses with their respective available capital buffers to determine and compare the potential need for extraordinary state support. STATE-GUARANTEED DEBT The EUR1bn guaranteed senior notes'' long-term rating of ''AA+'' and the EUR3.5bn guaranteed CP programme''s short-term rating of ''F1+'' reflect the state guarantees supporting the notes and the programme as we believe that Austria will honour its guarantees in full even in a scenario in which a resolution of KF would trigger a bail-in of senior unsecured creditors. RATING SENSITIVITIES IDRS, SUPPORT RATING, SUPPORT RATING FLOOR AND SENIOR DEBT KF''s ratings are primarily sensitive to Austria''s propensity and ability to provide support. The latter is unlikely to diminish materially as long as the sovereign rating remains in the ''AA'' category and we do not expect a change in Austria''s propensity to provide support based on KF''s current wind-down plan. The ratings are also sensitive to large single credit losses that may necessitate a capital injection from the state, increasing the risk of senior unsecured creditor bail-in under BRRD. SUBORDINATED DEBT If KF''s capital ratios and ability to absorb large losses from single borrower defaults improves significantly as its wind-down progresses, this could create upside for the lower Tier 2 notes'' rating. However, this potential will be low in the medium term as the large guarantee fees to be paid to the state will prevent capitalisation from materially strengthening. Downside arises from the risk of the notes being bailed-in if new state aid is required. A bail-in would likely result in high loss severity, which could trigger a downgrade to ''CC'' or ''C''. STATE-GUARANTEED DEBT The ratings of the EUR1bn government-guaranteed senior notes and the EUR3.5bn state-guaranteed CP programme have the same sensitivities as the sovereign''s IDRs. The rating actions are as follows: KA Finanz AG (KF) Long-Term IDR: affirmed at ''BBB+''; Outlook Stable Short-Term IDR: affirmed at ''F2'' Support Rating: affirmed at ''2'' Support Rating Floor: affirmed at ''BBB+'' Long-term senior unsecured notes: affirmed at ''BBB+'' State-guaranteed Long-term senior unsecured note (XS1270771006): affirmed at ''AA+'' State-guaranteed commercial paper programme: affirmed at ''F1+'' Debt issuance programme: affirmed at ''BBB+''/''F2'' Commercial paper programme: affirmed at ''F2'' Subordinated tier 2 debt (XS0257275098, AT0000441209, XS0185015541, XS0144772927 and XS0255270380): affirmed at ''B'' Contact: Primary Analyst Krista Davies Director +44 203 350 1579 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Christian Schindler Associate Director +44 203 530 1323 Committee Chairperson Claudia Nelson Senior Director +44 203 530 1191 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017640 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986829'|'2017-01-17T21:51:00.000+02:00'
'77ecb4455cca02fd080b54f866f60cc53ffbd148'|'Drivers on UK Southern rail suspend next week''s strike action -TUC'|'LONDON Jan 17 Drivers working for Britain''s Southern Rail have agreed to suspend strike action next week which would have brought the network to a standstill once again, the Trades Union Congress (TUC) said on Tuesday.Southern Rail, which runs services from central London to Gatwick Airport and Brighton on the south coast, has been hit by a series of stoppages in a dispute about whose job it should be to open and close the train doors.Driver''s union ASLEF had planned to stage three days of strikes next week but has agreed to suspend them to allow for talks on Wednesday with Southern, run by Britain''s largest train operator Govia Thameslink Railway (GTR) - a joint venture owned by London-listed Go-Ahead GOG.L and France''s Keolis."We are committed to finding a fair solution to this dispute," said TUC General Secretary Frances O''Grady. "We are pleased that all parties have agreed to meet for meaningful talks."(Reporting by Michael Holden; editing by Stephen Addison)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-railway-southern-idINL5N1EA2NU'|'2017-01-17T08:54:00.000+02:00'
'9e1547780ea5555f6c8ec718582167199f82acdc'|'Lufthansa not in talks with Etihad over stake: source'|'Aerospace & Defense   11:12am EST Lufthansa not in talks with Etihad over stake: source Lufthansa (R) and Norwegian Air aircraft tails are pictured in Riga International Airport in Riga, Latvia December 21, 2016. REUTERS/Ints Kalnins FRANKFURT Lufthansa ( LHAG.DE ) is not in talks with Etihad about the Abu Dhabi-based carrier taking a stake in the German airline, a source familiar with the matter said on Tuesday in response to an Italian media report. "A financial stake is out of the question at the moment," the source, who is familiar with Lufthansa''s plans, told Reuters. Italian paper Il Messaggero earlier on Tuesday reported that Etihad and Lufthansa were in talks about a Etihad taking a 30-40 percent stake as a precursor to a merger, although analysts said they viewed a deal as unlikely. Lufthansa shares had earlier risen as much as 6 percent and were up 4.5 percent at 1559 GMT. Lufthansa is also not in talks about buying the rest of Air Berlin ( AB1.DE ), part-owned by Etihad, the source added. Lufthansa CEO Carsten Spohr had poured cold water on that Air Berlin speculation last week, telling reporters Air Berlin''s high costs, debt pile and also antitrust concerns would be obstacles to any deal. (Reporting by Peter Maushagen; Writing by Victoria Bryan; Editing by Katrin Jones and Harro ten Wolde) Next In Aerospace & Defense'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-lufthansa-etihad-m-a-idUSKBN1512CD'|'2017-01-17T23:12:00.000+02:00'
'7a5e2011212d8c9ca40f3df576037ba73c4c9812'|'Citi appoints former UK foreign minister Hague as senior adviser'|'Business News - Tue Jan 17, 2017 - 11:49am GMT Citi appoints former UK foreign minister Hague as senior adviser left right Britain''s former Secretary of State for Foreign Affairs William Hague makes a speech supporting remaining in the EU, at Chatham House in London, Britain, June 8, 2016. REUTERS/Dan Kitwood/Pool 1/2 left right A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. REUTERS/Mike Segar/Files 2/2 By Anjuli Davies - LONDON LONDON Citigroup ( C.N ) has hired former British foreign minister William Hague to be a senior adviser to the Wall Street bank, as Britain prepares to negotiate its exit from the European Union. Banks and investment firms have a long history of recruiting former political leaders and policymakers as advisers, and the appointment of Hague follows that of Mervyn King, former Governor of the Bank of England as senior adviser to Citi in July. "We''re delighted Lord Hague will be working with Citi as an adviser, providing his unique perspective to our clients, " a spokesman for Citi said on Tuesday. "Lord Hague''s experience on the global stage and his understanding of the forces shaping the world will be a key asset for Citi," he said, adding that he would not hold a management role. When Citi held a call for clients on the risk implications of Brexit a few days before the national referendum vote on whether the country should leave the EU in June 2016, it included William Hague and ex-Swedish finance minister Anders Borg, who is also an adviser to the bank. Around 1,400 clients dialled in and bankers said similar briefings have been popular. Hague, who also served as the leader of the Conservative Party in Britain, quit frontline politics in the 2015 General Election but was voiced support for Britain to stay inside the European Union. The UK head of Citi, which employs around 9,000 people in Britain, said last October that some jobs in London''s financial sector would move to countries inside the European Union after Britain leaves the bloc, regardless of what deal is struck on access to the EU financial services market. Banks have appointed more than 30 advisers who in the past sat at the top table of global politics and central banking, according to analysis by IFR. They include former leaders of Britain, Mexico, Australia and Sweden, top European policymakers, and former central bank governors from the United States and Europe. Former European Commission president Jose Manuel Barroso joined Goldman Sachs in July as an adviser and non-executive chairman of its international business, which sparked controversy and an EU ethics investigation which subsequently cleared him of any conflicts. JPMorgan hired former British prime minister Tony Blair in 2008 to advise on strategic and political issues, and it also has former Italian finance minister Vittorio Grilli and ex-Israel central bank boss Jacob Frenkel as vice-chairmen. (Reporting By Anjuli Davies; Editing by Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-citi-moves-idUKKBN1511I0'|'2017-01-17T18:49:00.000+02:00'
'80595fb98f07adddef3bcb30b7c9fe14666e704f'|'U.S. says Rolls-Royce to pay $170 million as part of bribery settlement'|'Business News - Tue Jan 17, 2017 - 1:18pm EST U.S. says Rolls-Royce to pay $170 million as part of bribery settlement The setting sun reflects on a building at Rolls-Royce in Derby, central England , November 4, 2014. REUTERS/Darren Staples/File Photo WASHINGTON Rolls-Royce Plc ( RR.L ) has agreed to pay the United States a $170 million criminal penalty as part of a global settlement to resolve bribery investigation, the U.S. Department of Justice said in a statement on Tuesday. The Justice Department''s statement comes after the $813 million (671 million pounds) settlement was announced earlier on Tuesday. (Reporting by Susan Heavey; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-rolls-royce-hldg-fraud-usa-idUSKBN1512O8'|'2017-01-18T01:18:00.000+02:00'
'b6f987048274f5a25d114da5fd2aac446b696f4a'|'BRIEF-Goldmoney says appoints Josh Crumb CFO'|' 38am EST BRIEF-Goldmoney says appoints Josh Crumb CFO Jan 18 Goldmoney Inc * Goldmoney Inc - announces management change * Goldmoney Inc - appointed Josh Crumb as company''s chief financial officer, replacing Katie Sokalsky Source text for Eikon:     BRIEF-Parker-Hannifin says waiting period under Hart-Scott-Rodino act with respect to pending Clarcor deal expired * Parker-Hannifin says waiting period under Hart-Scott-Rodino act with respect to pending Clarcor deal expired Source text for Eikon:   * Versar says Grant Thornton indicated communications from co appeared to restrict audit scope or procedures in a manner not acceptable to Grant Thornton MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASC09R7W'|'2017-01-18T19:38:00.000+02:00'
'0a07cfad6bf473786b86a1929fd355bd1e57ed21'|'Bertelsmann says open to raising stake in Penguin Random House'|'Business News  32am GMT Bertelsmann says open to raising stake in Penguin Random House Pencils with the logo of German media group Bertelsmann CEO are seen at the annual news conference Berlin, Germany, March 22, 2016. REUTERS/Fabrizio Bensch/File Photo FRANKFURT German media group Bertelsmann may raise its stake in book publisher Penguin Random House, its joint venture with Britain''s Pearson, it said on Wednesday after Pearson said it intended to issue an exit note. "We are open to increasing our stake in Penguin Random House, provided the financial terms are fair," Bertelsmann Chief Executive Thomas Rabe said in a statement. "Strategically this would not only strengthen one of our most important content businesses, it would also once further strengthen our presence in the United States, our second largest market," he added. Bertelsmann and Pearson combined their book-publishing businesses in 2013. Bertelsmann holds 53 percent of the joint venture and Pearson 47 percent. (Reporting by Georgina Prodhan; Editing by Edward Taylor) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bertelsmann-pearson-idUKKBN1520OY'|'2017-01-18T14:32:00.000+02:00'
'219da35d60de602ea360c25c5eff6f0daafc1ceb'|'UPDATE 1-HSBC to shift staff from Britain to Paris after Brexit'|' 42am EST UPDATE 1-HSBC to shift staff from Britain to Paris after Brexit * No staff to move for at least 2 years * HSBC would set up France holding company * Shares up 1 percent by 0821 GMT (Adds details, share price) DAVOS, Switzerland, Jan 18 HSBC will move staff responsible for generating around a fifth of its UK-based trading revenue to Paris following Britain''s exit from the European Union, Chief Executive Stuart Gulliver said on Wednesday. "We''re not moving this year and maybe not even next year," Gulliver said in an interview on the sidelines of the annual meeting of the World Economic Forum in Davos. "We will move in about two years time when Brexit becomes effective," Gulliver added. HSBC, Europe''s biggest bank, has all the licences it needs for such a move, Gulliver said, and would only need to set up a so-called intermediate holding company in France, a move that should take only a matter of months. HSBC''s global banking and markets division that houses those trading jobs made profits of $384 million in the UK in 2015, according to a company filing. Gulliver has been among the more outspoken global bank chief executives about the impact of the Brexit vote, saying in the immediate aftermath of the referendum last June that the bank could move around 1,000 roles to Paris. Britain''s financial services sector has said it will accelerate plans to move some business overseas after Prime Minister Theresa May said on Tuesday the country will quit the European Union''s single market. Banks had initially hoped Britain could retain the access to Europe''s single market that allows them to trade and sell all financial products from London, meaning they would not have to move staff, but such a deal now looks unlikely. Financial firms instead have shifted to pushing for a transitional period in case it proves difficult to negotiate a favourable deal or if talks are protracted and go beyond the two-year time frame for divorce talks. HSBC shares were up 1 percent by 0821 GMT, against a 0.8 percent fall in the broader European banks index. (Reporting by Pamela Barbaglia in Davos, writing by Lawrence White; editing by Jason Neely/Keith Weir) Next In Company News Indonesia expects Freeport to pay higher taxes -Finance Ministry official JAKARTA, Jan 18 The Indonesian unit of U.S. copper miner Freeport McMoRan Inc is expected to pay more in taxes once it obtains a new mining permit, a finance ministry official said, as part of new rules on the mining sector in Southeast Asia''s largest economy.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/davos-meeting-hsbc-idUSL5N1F81JN'|'2017-01-18T15:42:00.000+02:00'
'ea10978e88fecae4884e39eb72aeb471a45fdffd'|'Rio Tinto, Chinalco call it quits on joint exploration venture'|'Company News - Wed Jan 18, 2017 - 3:47am EST Rio Tinto, Chinalco call it quits on joint exploration venture BEIJING/SYDNEY Jan 18 Rio Tinto and Aluminium Corporation of China (Chinalco) have terminated an exploration joint venture after six years of searching unsuccessfully for copper in China, Chinalco confirmed on Wednesday. Rio Tinto was not immediately available to comment. The immediate priority of the partnership was to scour mainland China for copper - seen by Rio Tinto as its best growth option -- with coal and potash among other commodities also of joint interest. A Chinalco media spokesman confirmed the joint venture, named Chinalco Rio Tinto Exploration Co, was being disbanded, but did not provide further details. The breakup was first reported by Bloomberg. Rio Tinto in October signed a preliminary deal to sell its stake in Guinea''s Simandou iron ore project to Chinalco, which is its largest shareholder, after unsuccessful efforts to build a mine. A month later, Rio Tinto axed two of its top 10 executives amid a probe over $10.5 million in payments to a consultant who helped Rio Tinto secure development rights at the site. (Reporting by Hallie Gu and James Regan; Editing by Christian Schmollinger) Next In Company News Indonesia expects Freeport to pay higher taxes -Finance Ministry official JAKARTA, Jan 18 The Indonesian unit of U.S. copper miner Freeport McMoRan Inc is expected to pay more in taxes once it obtains a new mining permit, a finance ministry official said, as part of new rules on the mining sector in Southeast Asia''s largest economy.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/rio-tinto-chinalco-idUSL4N1F82ZG'|'2017-01-18T15:47:00.000+02:00'
'5ca96331ea9ccf14726734e891273ee3e437d896'|'MIDEAST STOCKS-Saudi Electricity may drop, Saudi insurers rise on Q4 results'|'Financials  50am EST MIDEAST STOCKS-Saudi Electricity may drop, Saudi insurers rise on Q4 results DUBAI Jan 18 Shares in Saudi Electricity Co may be sold on Wednesday after it reported a wider net loss, but fourth-quarter earnings could buoy Saudi insurance stocks. Saudi Electricity posted a quarterly loss of 2.34 billion riyals ($624 million), much worse than NCB Capital''s forecast of a loss of 1.04 billion riyals. The company cited higher energy prices and operating costs. Insurers, however, may be bought after five of them reported strong growth in fourth-quarter earnings. Saudi United Cooperative Insurance saw a doubling in net income from the same quarter last year, while United Cooperative Assurance swung to a net profit from a loss. Mid-sized Alinma Bank made 390 million riyals in the fourth quarter, a 1 percent rise, in line with analysts'' average forecast of 389 million riyals. This may ease investors'' concerns about bank earnings after Riyad Bank''s disappointing results earlier in the week. Advanced Petrochemical may fare well after reporting a 43.8 percent jump in fourth-quarter net profit, citing growth in sales volumes and product prices. Apart from the Saudi earnings, there is little fresh corporate news in the Gulf, leaving investors with few factors to trade on. Asian stock markets are marginally higher but Brent crude oil pulled back slightly overnight to below $56 a barrel. (Reporting by Celine Aswad; Editing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1F80I2'|'2017-01-18T12:50:00.000+02:00'
'65cc13ab355d4355ffa7413c28dbf6bb24efaa9d'|'Italian minister - Investing more will help West tackle growing populism'|' 47pm GMT Italian minister - Investing more will help West tackle growing populism Italian Industry Minister Carlo Calenda talks during an interview with Reuters in his office in Rome, Italy November 25, 2016. REUTERS/Tony Gentile BERLIN Italian Industry Minister Carlo Calenda said on Wednesday that boosting investment would help western democracies counteract growing populism. Speaking at a conference hosted by the German Economy Ministry in Berlin, Calenda also said Europe needed to come up with a system that would protect against unfair trade. He said it was necessary to set up a system to protect against takeovers from countries that are not market economies and to expand free trade agreements in a balanced way. (Reporting by Gernot Heller; Writing by Michelle Martin; Editing by Joseph Nasr)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-calenda-idUKKBN1521P3'|'2017-01-18T19:47:00.000+02:00'
'c29551b727298d2ce264db1775738a4d22f3aaa3'|'UPDATE 1-Banks mandated for Iceland''s Arion Bank IPO -sources'|'(Adds that talks with potential cornerstone investors failed)By Arno SchuetzeFRANKFURT Jan 18 Failed Icelandic bank Kaupthing is pressing ahead with a stock market listing of its domestic arm Arion, people close to the matter said, a key step in Iceland''s rehabilitation in the global financial system.Kaupthing, once a major international bank, went into administration and its domestic operations were separated into Arion Bank in 2009. Iceland became the first western European country in more than three decades to be bailed out by the International Monetary Fund.Kaupthing - now a holding company - has mandated Swedish investment bank Carnegie to act as global coordinator for Arion''s initial public offering together with Citi and Morgan Stanley, the sources said.Other banks, including Deutsche Bank, have secured roles as bookrunners that will help with the share sale, which may take place as early as April, they said.Citi and Morgan Stanley were asked in 2016 to do preparatory work for the IPO, almost a decade after Iceland''s banking sector collapsed.In late 2015 Kaupthing finished its winding up process and reached an agreement which turned its creditors into shareholders. It owns 87 percent of Arion, which includes insurance, asset management and retail banking assets, while Iceland''s government owns the rest.The banks declined to comment.After talks with some of Iceland''s pensions funds who had considered buying an Arion stake ahead of the IPO broke down recently, the IPO will likely go ahead without a such cornerstone investor, one of the people close to the deal said.Kaupthing had been in talks with the funds about an Arion valuation of 0.8 times the book value of its assets, which had the pension funds had conceived as being too high, the person said.Such a valuation would have been roughly in line with that of banks such as BNP, Santander and Credit Suisse, but a premium to lenders such as Barclays , Societe Generale or Deutsche Bank.Last week, the Government of Iceland said in a statement that it was not ideal for the state to own a majority of the share capital in commercial banks in the long term."Therefore, it is important to reduce the state''s ownership in small steps and in accord with a broad consensus," it said. (Additional reporting by Ragnhildur Sigurdardottir in Reykjavik, Anna Ringstrom and Daniel Dickson in Stockholm and Robert Venes at IFR in London; editing by Jason Neely and Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/kaupthing-ipo-arion-banki-idINL5N1F83AX'|'2017-01-18T12:40:00.000+02:00'
'afaf5c527c6a562a517108abfce06f759c5ba34e'|'UPDATE 1-Brazil says not worried about strong dollar as rate cuts intensify'|'Bonds News  33am EST UPDATE 1-Brazil says not worried about strong dollar as rate cuts intensify (Adds comments) DAVOS Jan 18 Brazil is not concerned about a strong dollar as prospects of an economic recovery and higher commodity prices have helped support the local currency, Finance Minister Henrique Meirelles and central bank governor Ilan Goldfajn said on Wednesday. Goldfajn, at a press conference at the World Economic Forum in Davos, also reiterated the bank''s guidance on interest rates by saying the bank has entered a new phase of 75-basis-point cuts per meeting. Goldfajn said that pace could be revised depending on inflation expectations and the level of economic activity. The Brazilian real has gained around 1 percent so far this year, trading near its highest since November. A stronger currency helps the central bank reduce inflation, which in turn paves the way for lower interest rates. "Commodity prices are strong, which for us could limit the strong dollar effect," Goldfajn said. "The pace of 75 bps (per meeting) is our new pace but at some point it may change," he added, in a reference to interest rates. The government will announce its new 2017 economic growth forecast within 10 days, Meirelles, also in Davos, added. He said the economy should start recovering from recession this year and that many Davos attendees have shown interest in investing in Brazil. (Reporting by Sujata Rao; Writing by Silvio Cascione; Editing by Chizu Nomiyama and Jeffrey Benkoe) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/davos-meeting-brazil-idUSL1N1F80O6'|'2017-01-18T20:33:00.000+02:00'
'693d4e6e9fcaede93d218994ccaff3ed6a338f48'|'BRIEF-Goldman Sachs reports Q4 earnings of $5.08 per share'|' 49am EST BRIEF-Goldman Sachs reports Q4 earnings of $5.08 per share Jan 18 Goldman Sachs Group Inc * Fourth quarter earnings per common share were $5.08 * Q4 annualized ROE was 11.4 percent versus 11.2 percent in Q3 and 3 percent year ago * Book value per common share increased by 6.7% during the year to $182.47 * Operating expenses were $20.30 billion for 2016, 19% lower than 2015 * Fourth quarter net revenues were $8.17 billion * Net revenues in investment banking were $1.49 billion for the fourth quarter of 2016, 4% lower than last year * Net revenues in fixed income, currency and commodities client execution were $2.00 billion for Q4 2016, 78% higher * Q4 earnings per share view $4.82, revenue view $7.72 billion -- Thomson Reuters I/B/E/S * Ratio of compensation and benefits to net revenues for 2016 was 38.1% compared with 37.5% for 2015 * Q4 net revenues in equities were $1.59 billion, 9% lower than the fourth quarter of 2015 * "After a challenging first half, the firm performed well for the remainder of the year as the operating environment improved" * Basel III advanced common equity tier 1 ratio was 13.1% as of December 31, 2016, compared with 12.4% as of Sept 30, 2016 * Non-compensation expenses were $2.33 billion for the fourth quarter of 2016, 44% lower than the fourth quarter of 2015 Source text ( bit.ly/2jnjZYL )    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F7124'|'2017-01-18T19:49:00.000+02:00'
'978f3f0230e0371161a57337d980287b2c4c888b'|'EIB''s guidance for tap of bond issue at +52.1 bps over mid-swaps -source'|'Financials   4:02am EST EIB''s guidance for tap of bond issue at +52.1 bps over mid-swaps -source WARSAW Jan 18 Managers of the European Investment Bank''s (EIB) bond issue have opened books on Wednesday for a tap of the 1.75 billion zloty ($428.77 million) bond maturing on May 25, 2021, a source said. A person familiar with the matter also said that the price guidance was set at plus 52.1 basis points over mid-swap area, equivalent to Polish April 2021 treasury bond plus 4 basis points. Pricing of the tap, which is to have a benchmark size, is expected to take place later today, the person also said. Bookrunners for the issue are Citi Handlowy, ING Bank, mBank, and TD Securities. ($1 = 4.0814 zlotys) (Reporting by Marcin Goclowski; Editing by Marcin Goettig) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/poland-eib-bonds-idUSW8N1E3016'|'2017-01-18T16:02:00.000+02:00'
'60a85793dbe54b6a3db18597e85831e5f3012ce2'|'Morgan Stanley''s profit doubles on bond-trading surge'|'Tue Jan 17, 2017 - 9:33pm GMT Morgan Stanley''s profit doubles on bond-trading surge By Olivia Oran and Sruthi Shankar Morgan Stanley''s profit doubled in the fourth quarter as trading activity surged across Wall Street, and the bank said it was on track to reach a number of financial goals set out by Chief Executive James Gorman. In announcing earnings on Tuesday, Morgan Stanley detailed huge gains in bond trading, an area where it has long struggled. The bank also reported stronger revenue in equities trading, where Morgan Stanley is typically a leader, and said it was close to hitting targets for cost-cutting, wealth management profits and returns on shareholder equity. "There is certainly more reason to be optimistic as we enter 2017 than there was at the beginning of 2016," Gorman said on a conference call with analysts. Morgan Stanley''s trading results echoed those of JPMorgan Chase & Co and Bank of America Corp last week, driven by Donald Trump''s surprise election victory on Nov. 8 and U.S. Federal Reserve''s decision to boost a key interest rate target in mid-December. Overall, Morgan Stanley''s profit soared to $1.5 billion in the fourth quarter from $753 million a year earlier. Earnings per share increased to 81 cents from 39 cents, easily beating expectations. Analysts on average had forecast a profit of 65 cents per share, according to Thomson Reuters I/B/E/S. Net revenue jumped 17 percent to $9 billion, beating the average estimate $8.5 billion. Bond trading revenue rose to $1.5 billion in the quarter from $550 million last year, the second-highest level since the first quarter of 2015 in what is typically a slow period for the business. The bond trading bump came after a 25 percent reduction in staff, and helped Morgan Stanley exceed Gorman''s $1 billion-per-quarter bond-trading revenue benchmark for the full year. With interest rates positioned to rise further - which would prompt investors to shift positions again - Morgan Stanley''s results "should not necessarily be seen as a fluke," Oppenheimer analyst Chris Kotowski said. However, the bank''s finance chief, Jonathan Pruzan, struck a cautious tone. Morgan Stanley will not increase its quarterly target for the business until it is clear that recent revenue trends were sustainable, he said. "There is clearly optimism out there, but how long that holds is really a question, given that political and geopolitical events can change sentiment very quickly," Pruzan said in an interview. Morgan Stanley''s shares were down 3 percent at $42.48 in afternoon trading, more than other large-cap banks whose shares were broadly down. Analysts said much of the positive earnings news was already priced into Morgan Stanley''s stock, which had risen 28.5 percent from the election through Friday''s close. Citigroup''s Keith Horowitz said investors might also have been disappointed with Morgan Stanley management keeping 2017 guidance steady. While bond trading was the main driver of Morgan Stanley''s earnings beat, it is the most volatile business on Wall Street and big swings in revenue are common. Analysts pointed to several other indications that the sixth-largest U.S. bank is on steadier financial footing. Evercore ISI analyst Glenn Schorr highlighted gains in investment banking, lower expenses and "solid" results in wealth management. Morgan Stanley said it was on track to hit Gorman''s $1 billion annual cost-cutting target, and its 22 percent wealth profit margin is close to the 23-to-25 percent range it aims to hit next year. The bank''s return on equity was 8.7 percent in the quarter, short of Gorman''s 9-to-11 percent target by the end of 2017. Morgan Stanley management "still feel(s) very good" about the bank''s ability to hit that goal, Pruzan said. Citigroup Inc and Goldman Sachs Group Inc, Morgan Stanley''s chief rival, report results on Wednesday. (Reporting by Sruthi Shankar in Bengaluru and Olivia Oran in New York; Writing by Lauren Tara LaCapra; Editing by Nick Zieminski and Andrew Hay) The corporate logo of financial firm Morgan Stanley is pictured on the company''s world headquarters in New York, New York January 20, 2015. REUTERS/Mike Segar/File Photo Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-morgan-stanley-results-idUKKBN1511KT'|'2017-01-18T04:25:00.000+02:00'
'7d14510489f3cac17da29f14955cd5d5b28d7385'|'Hong Kong stocks rise amid caution before May''s speech, Trump inauguration'|'Industrials   3:15am EST Hong Kong stocks rise amid caution before May''s speech, Trump inauguration Jan 17 Hong Kong shares bounced back on Tuesday from the previous day''s spill, but gains were capped as investors awaited British Prime Minister Theresa May''s speech on Brexit later in the day and Friday''s inauguration of Donald Trump as U.S. president. The benchmark Hang Seng index, which on Monday suffered its biggest one-day loss in a month, added 0.5 percent to 22,840.97 points. The Hong Kong China Enterprises Index edged up 0.4 percent to 9,702.19 points. Nearly all sectors gained ground, led by industrial stocks , which rose around 1.1 percent. But services stocks pulled back over 0.2 percent, as shares of Landing International Development Ltd tumbled more than 30 percent after the company proposed a capital reorganisation. Linus Yip, a Hong Kong-based strategist at First Shanghai Securities, said investors are taking a wait-and-see stance over concerns that the post-Trump election rally was overdone. He noted that gains also were capped by a weak mainland market as well as limited southbound capital flows ahead of the Lunar New Year at the end of January. (Reporting by Jackie Cai and John Ruwitch; Editing by Richard Borsuk) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-stocks-hongkong-close-idUSZZN2NXD00'|'2017-01-17T15:15:00.000+02:00'
'26f91cfddfd782d8fe960b83654fa746a2244fb9'|'PRESS DIGEST- British Business - Jan 18'|' 08pm EST PRESS DIGEST- British Business - Jan 18 Jan 18 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times British American Tobacco agrees $49 bln deal to take over rival British American Tobacco Plc has agreed terms of a $49.4 billion recommended offer to take control of Reynolds American Inc, the second-largest seller of cigarettes in the United States. An earlier $47 billion offer to create the world''s largest listed tobacco company by turnover was rejected in November as too low. bit.ly/2jWHmaB The Guardian Rolls-Royce apologises in court after settling bribery case The engineering giant Rolls-Royce Holdings Plc has apologised after it was found to have paid bribes including a luxury car and millions of pounds'' worth of cash to middlemen to secure orders in six countries, including Indonesia, Russia and China. bit.ly/2jwo132 Southern rail strikes suspended as two sides agree to TUC talks A strike by train drivers on Southern rail planned for next week has been suspended and talks announced, raising fresh hopes of a resolution to the long-running dispute. bit.ly/2k0l9wG Apple increases App Store prices by 25 pct following Brexit vote Apple Inc is raising prices on its UK App Store by almost 25 percent to reflect the sharp depreciation of the pound following a vote in June to leave the European Union. bit.ly/2ix0rE8 The Telegraph Deliveroo to hire hundreds of engineers at London HQ The British food delivery company Deliveroo plans to hire 300 software and hardware engineers to work at its new London headquarters, trebling its current engineering headcount. bit.ly/2jWKxyX Micro Focus picks HP exec to lead software group after 7 bln stg deal One of HP Enterprise''s most senior executives will take charge of Micro Focus International Plc after the FTSE 100 group completes its 7 billion pounds reverse-takeover of HPE''s software business. Micro Focus announced on Tuesday that Chris Hsu will become chief executive of the enlarged group when the deal completes in the third quarter of this year. bit.ly/2jWIgEe Sky News Fintech giants have Motive to back Summers A group of leading financial technology executives will this week launch a next-generation vehicle that has identified a business backed by former U.S. Treasury Secretary Larry Summers as its first deal target. Motive Partners, whose founders include Rob Heyvaert, a former executive at the software company FIS, and the ex-Interactive Data Corporation chief executive Stephen Daffron, will be unveiled at the World Economic Forum in Davos. bit.ly/2jW0i9A ($1 = 0.8084 pounds) (Compiled by Rama Venkat Raman in Bengaluru; Editing by Lisa Shumaker)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL4N1F80LT'|'2017-01-18T08:08:00.000+02:00'
'ac3720d5b13966c91253e2a3440d89253a6fb33d'|'German e-car supplier Aumann plans stock market listing: sources'|'FRANKFURT German engineering group Aumann is planning a stock market-listing as the maker of parts for electric engines seeks cash for its expansion, people close to the matter said.Private equity owner MBB has asked Citi,Berenberg and Hauck & Aufhaeuser to start with preparations of an Aumann initial public offering, which may take place as early as April or May and see around 40 percent of Aumann''s shares sold, the people added.MBB and the banks declined to comment.Analysts at brokerage Equits said in a note last year that Aumann could be valued at 300 million euros ($320.49 million)including debt or 1.5 times Aumann''s estimated 2017 sales in a potential IPO.MBB could reap more than 130 million euros in proceeds from the Aumann stock market listing, increasing MBB''s fire power for acquisitions to 200 million euros, Equits said.According to analysts at Hauck & Aufhaeuser, Aumann could even be valued at 460 million euros.(Reporting by Arno Schuetze and Alexander Hübner; Editing by Harro ten Wolde)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-aumann-ipo-idUSKBN1521FI'|'2017-01-18T14:29:00.000+02:00'
'16574408f9ada7baf474ecc6864e82b43ad44136'|'Russia''s Detsky Mir valued at up to $2 billion ahead of IPO: sources'|' 46am EST Russia''s Detsky Mir valued at up to $2 billion ahead of IPO: sources left right An interior view shows a store of Russian children''s goods retailer Detsky Mir in Moscow, Russia, January 16, 2017. REUTERS/Sergei Karpukhin 1/2 left right A board, showing the logo of Russian children''s goods retailer Detsky Mir, is on display outside its store in Moscow, Russia, January 16, 2017. REUTERS/Sergei Karpukhin 2/2 MOSCOW Russian children''s goods retailer Detsky Mir has been valued at 50 billion roubles-118 billion rubles ($844 million-$2 billion) by two of the five banks arranging its initial public offering, two financial market sources said on Wednesday. Sberbank CIB estimates the company is worth 98-118 billion rubles, while Credit Suisse''s ( CSGN.S ) valuation is 50-108 billion rubles, the sources said. Two other deal bookrunners, Morgan Stanley ( MS.N ) and UBS ( UBSG.S ), did not provide valuation in their analytical reports, the sources said. Detsky Mir, controlled by the Sistema ( AFKS.MM ) ( SSAq.L ) conglomerate, announced intention to list shares in Moscow on Monday. Goldman Sachs ( GS.N ) is also a bookrunner. (Reporting by Olga Popova; writing by Maria Kiselyova) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-russia-detsky-mir-ipo-valuation-idUSKBN1521W0'|'2017-01-18T20:46:00.000+02:00'
'140fb861d59c029a8013ca5f0a90cceaa50ad2ac'|'Greek power utility shareholders approve grid spin-off -ministry'|'ATHENS Jan 17 Shareholders of Greece''s power utility Public Power Corp. (PPC) approved on Tuesday the transfer of a 51-percent stake in the power grid operator ADMIE, part of a spin-off scheme, which is a major term in Greece''s bailout programme.Under a legislated scheme aiming at keeping ADMIE under state control, PPC will sell a 24-percent stake to China''s State Grid for 320 million euros ($340 million) and set up a special vehicle to transfer a cost-free 51-percent stake to the state and existing private shareholders."The extraordinary PPC shareholders meeting approved the procedures in order to conclude ADMIE''s spin-off," the energy ministry said in a statement.In 2015, Greece signed up to its third international bailout since the debt crisis erupted, agreeing to cut spending, pursue reforms and speed up privatisations to shore up its finances.ADMIE is fully owned by Greece''s state-controlled electricity utility PPC and Athens has agreed to conclude the plan by the end of March or fully privatise the grid this year.Shareholders were due to approve the stake transfer on Jan. 12 but their meeting was postponed until Tuesday after Greece''s four biggest banks expressed concerns over the plan.National Bank, Piraeus Bank, Alpha Bank and Eurobank, which have extended a 2.2 billion euro syndicated loan to PPC, sent a letter to the PPC and the finance ministry last week, saying that the sale of the 51-percent stake without any proceeds for PPC would harm the utility''s finances.After talks between all parties involved, the banks sent another letter to PPC and the finance ministry on Tuesday saying they were examining positively PPC''s servicing of the loans after being given guarantees worth at least 300 million euros.The utility has paid off some 600 million euros of the syndicated loan and has been negotiating an additional 200 million credit facility with the banks. According to the letter which was released by PPC, the banks also said they would examine providing short- and medium-term financing to PPC in exchange for tantamount guarantees. (Reporting by Angeliki Koutantou; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/greece-privatisation-admie-idINL5N1F647N'|'2017-01-17T16:55:00.000+02:00'
'e1a3084cb95b46ce2ace0d6ab1c716e18e3822d8'|'Brainard joins Fed chorus warning about fiscal stimulus risks'|'Business News - Tue Jan 17, 2017 - 4:16pm GMT Brainard joins Fed chorus warning about fiscal stimulus risks Federal Reserve Governor Lael Brainard delivers remarks on ''''Coming of Age in the Great Recession'''' at the Federal Reserve''s ninth biennial Community Development Research Conference focusing on economic mobility in Washington, DC, U.S. on April 2, 2015. REUTERS/Yuri Gripas/File Photo By Jason Lange - WASHINGTON WASHINGTON A leading Federal Reserve proponent of low interest rates said on Tuesday the U.S. central bank might hike rates more aggressively if deficit spending under the Trump administration produced a quick economic boost. "If fiscal policy changes lead to a more rapid elimination of slack, policy adjustment would, all else being equal, likely be more rapid," Fed Governor Lael Brainard said at an event hosted by the Brookings Institution. Brainard, who was a senior U.S. Treasury official in the Obama administration, has urged a cautious approach to raising rates since joining the Fed''s Board of Governors in 2014. On Tuesday she joined the growing chorus of policymakers at the Fed warning that a sustained widening of the budget deficit could fuel inflation with the U.S. economy already near full strength. "Full employment is within reach and could prove sustainable with the right policy mix," she said, adding that the Fed''s "gradual approach" to raising rates could change depending on future fiscal policies. After keeping rates near zero for seven years to help the economy recover from the 2007-2009 recession, the Fed pushed through one rate increase in 2015 and another in 2016. Central bank policymakers project three hikes as likely this year. U.S. President-elect Donald Trump, who takes office on Friday, has made the economic outlook more uncertain, however, with pledges to boost spending on the U.S. military and the country''s infrastructure. A range of Fed policymakers has warned that wider fiscal deficits could cause the economy to overheat, requiring more aggressive rate hikes and possibly spurring another recession. At the same time, New York Fed President William Dudley on Tuesday echoed the view policymakers have also made that more business-friendly government regulatory policies could help make businesses and workers more productive. Similarly, Brainard said fiscal changes that helped the U.S. workforce become more efficient would help the economy grow more quickly in the future, helping to keep future deficits under control. (Reporting by Jason Lange; Additional reporting by Richard Leong in New York; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-idUKKBN1512CR'|'2017-01-17T23:16:00.000+02:00'
'304508363013f723def23234de92b3f2b94209fe'|'Exclusive: Pentagon, Lockheed near deal on $9 billion F-35 contract - sources'|'By Mike Stone - WASHINGTON WASHINGTON The U.S. Department of Defense and Lockheed Martin Corp ( LMT.N ) are close to deal for a contract worth almost $9 billion as negotiations are poised to bring the price per F-35 below $100 million for the first time, people familiar with the talks said Wednesday.The F-35, the Pentagon''s costliest arms program, has drawn fire from U.S. President-elect Donald Trump who has made lowering prices for military equipment a pillar of his transition into office.Talks are still ongoing for the tenth batch of stealthy fighter jets with a deal for 90 planes expected to be announced by the end of the month, three people said on condition of anonymity.A Lockheed representative declined to comment and a representative for the fighter program said negotiations are ongoing.The U.S. Defense Department expects to spend $391 billion in the coming decades to develop and buy 2,443 of the supersonic warplanes. Though the F-35 program has been criticized by Trump as too expensive, the price per jet has already been declining. Lockheed, the prime contractor, and its partners have been working on building a more cost-effective supply chain to fuel the production line in Fort Worth, Texas.The overtures from the incoming administration may have had some effect, but Lockheed''s F-35 program manager Jeff Babione said last summer that the price of the F-35A conventional takeoff and landing version of the jet would drop to under $100 million per plane in this contract for the 10th low-rate production batch.The F-35 comes in three configurations, the A-model for the U.S. Air Force and U.S. allies; a F-35 B-model which can handle short takeoffs and vertical landings for the Marine Corps and the British navy; and carrier-variant F-35C jets for the U.S. Navy.Lockheed and its main partners, including Northrop Grumman Corp ( NOC.N ), United Technologies Corp''s ( UTX.N ) Pratt & Whitney and BAE Systems Plc ( BAES.L ), have been developing and building F-35s for the U.S. military and 10 allies.On Oct. 25 Lockheed, the world''s largest defense contractor, reported a quarterly profit that handily beat analysts'' expectations, as sales of its Sikorsky helicopters pushed total revenue up 14.8 percent. Lockheed is set to host its fourth-quarter earnings call on Tuesday.(Reporting by Mike Stone; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lockheed-pentagon-idINKBN15308A'|'2017-01-18T23:01:00.000+02:00'
'a30bf8cdef1490cc87e43c64894483606e9ac3ec'|'U.S. watchdog calls Peabody bankruptcy plan fees ''exorbitant'''|'By Tracy Rucinski - CHICAGO CHICAGO The U.S. government''s bankruptcy watchdog objected on Wednesday to certain parts of Peabody Energy Corp''s plan to slash $5 billion of debt and exit Chapter 11, calling a proposed $240 million in transaction fees "exorbitant," court papers showed.Peabody Energy, the world''s largest private sector coal producer, has proposed a $750 million rights offering, a $750 million private placement and the issuance of new common stock as part of a reorganization plan unveiled last month.In a court filing, the U.S. Trustee said the fees to be paid in those transactions would transfer millions of dollars of funds from the bankruptcy estate before the reorganization plan is approved by creditors and the court."Plan voting is at the core of the reorganization process and should not be eviscerated by a deal struck by powerful well-connected parties," the watchdog said in a filing with the U.S. Bankruptcy Court in St. Louis.The U.S. Trustee, which oversees the administration of bankruptcy cases, said Peabody''s request for court approval of those proposals would improperly lock in payment terms before the whole reorganization plan is approved."We''re evaluating the statements of the trustee and intend to respond appropriately," Peabody spokesman Vic Svec said.Peabody hopes to exit bankruptcy around a year after its April, 2016 Chapter 11 filing with a plan that has the approval of most but not all of its creditors.Shareholders have objected to the reorganization plan and have requested an official voice in the $8 billion bankruptcy case, arguing that a rise in coal prices means the company is valuable enough to repay shareholders who normally lose their money in a bankruptcy.A hearing on the shareholders'' request is scheduled in St. Louis on Thursday, while the U.S. Trustee''s objections will be heard at a hearing on Jan. 26.(Reporting by Tracy Rucinski; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-peabody-energy-bankruptcy-idINKBN152380'|'2017-01-18T20:52:00.000+02:00'
'dbda51e2238fdf1a8dddade7645a9fbaa96abfce'|'Safran launches 10 billion euro friendly takeover of Zodiac Aerospace - Le Figaro'|'PARIS French aircraft engine maker Safran ( SAF.PA ) has launched a friendly takeover worth about 10 billion euros ($10.6 billion) for Zodiac Aerospace ( ZODC.PA ), the French daily Le Figaro reported on Wednesday, citing unidentified sources.The paper said the merged company would have a turnover of about 21 billion euros.Neither Safran or Zodiac could immediately be reached for comment.French jet interiors supplier Zodiac has been the subject of takeover speculation for months after issuing a series of profit warnings.It pledged in November to return to traditional levels of profitability by 2019-20, but its forecast for this year fell short of analysts'' expectations.Safran tried to woo family-controlled Zodiac in 2010 only to be rebuffed before launching a bid.Analysts have expressed mixed views about whether it would make sense for Safran to renew its interest in Zodiac, which had a market value of 6.7 billion euros at Wednesday''s close.Safran, which already has a seats division, has said it would favor opportunities which reinforce its footprint in aerospace equipment, with a bias towards top-tier suppliers in high-tech businesses with a recurrent services aftermarket.(Reporting by John Irish and Cyril Altmeyer; Editing by Robin Pomeroy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-safran-zodiac-m-a-idINKBN15232C'|'2017-01-18T19:08:00.000+02:00'
'aa140271e04d51f17a82529f37097c646387474c'|'BRIEF-Vividion Therapeutics says sold upto $20.2 mln in equity financing'|'Funds News  57pm EST BRIEF-Vividion Therapeutics says sold upto $20.2 mln in equity financing Jan 18 (Reuters) - * Vividion Therapeutics Inc says sold upto $20.2 million in equity financing - SEC filing * Vividion Therapeutics Inc disclosed in Form D to U.S. SEC that total offering amount was $50.5 million Source text - bit.ly/2iSS7gF Next In Funds News Jan 18 The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Wednesday: MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1F80O3'|'2017-01-19T05:57:00.000+02:00'
'6f0333b5604480184b17f0930f330e328d9e2f45'|'Russia to send military, foreign ministry officials to Syria talks -RIA'|'Industrials   6:22am EST Russia to send military, foreign ministry officials to Syria talks -RIA MOSCOW Jan 19 Russia will send officials from its foreign and defence ministries to a round of Syria peace talks in the Kazakh capital of Astana, RIA news agency cited Deputy Foreign Minister Mikhail Bogdanov as saying on Thursday. (Reporting by Jack Stubbs; Editing by Christian Lowe) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/mideast-crisis-syria-russia-delegation-idUSR4N1F700B'|'2017-01-19T18:22:00.000+02:00'
'508ee31f19d0be2ad3d46750e665b415e4b270e8'|'Oreo maker Mondelez to sell Vegemite brand to Bega Cheese'|'Mondelez International Inc ( MDLZ.O ) said on Wednesday it will sell most of its grocery business in Australia and New Zealand, including the popular Vegemite food spread brand, to Bega Cheese Ltd ( BGA.AX ) for A$460 million ($345.28 million).Shares of Mondelez were up about 1 percent at $45.49 after the bell. Bega shares were up 10.3 percent at A$4.94 in early trading on the Australian Securities Exchange.Mondelez said it was selling most of its grocery business to focus on core brands such as Oreo cookies and Cadbury chocolates. The company has been divesting a few of its small brands and production facilities in other countries to focus on its mainstay brands.Mondelez said it will also sell its ZoOsh, Bonox brands and other products that use the Kraft brand under license, to Bega Cheese under the agreement.Sydney-listed dairy producer Bega will own Mondelez''s Port Melbourne manufacturing facility and also receive a license to use the Dairylea brand in Australia and New Zealand under the deal.Mondelez said the deal is expected to close in the coming months.The Oreo maker recently said it was selectively raising prices across its brands, as it grapples with higher commodity costs and a weaker British pound.(Reporting by Gayathree Ganesan in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mondelez-intl-divestiture-bega-cheese-idINKBN152368'|'2017-01-18T20:18:00.000+02:00'
'6898689b833d3daf370b2c19fcd833fbf3e9d54e'|'Listing in London, Bank of Cyprus CEO expects modest profitability'|' 23am GMT Listing in London, Bank of Cyprus CEO expects modest profitability A passenger makes a transaction at a branch of Bank of Cyprus at the departures building of Larnaca Airport in Larnaca, Cyprus April 15, 2016. REUTERS/Yiannis Kourtoglou By George Georgiopoulos - ATHENS ATHENS The Bank of Cyprus BOC.CY expects modest profitability in the coming quarters and will not pay a dividend this year, its chief executive said on Thursday, speaking as its shares were listed on the London Stock Exchange. Cyprus''s biggest commercial lender, pushed to the brink at the peak of the euro zone debt crisis three years ago, is continuing its recovery after a "bail-in" of unsecured deposits and a recapitalisation. One of the investors in the recapitalisation was billionaire Wilbur Ross, U.S. President-elect Donald Trump''s pick for Secretary of Commerce. Funds managed by WL Ross & Co. said on Thursday his confirmation would not impact his funds'' shareholdings in the bank. Run by high-profile veterans of the European banking crisis, with former Royal Bank of Scotland ( RBS.L ) executive John Hourican its CEO and ex-Deutsche Bank ( DBKGn.DE ) CEO Josef Ackermann as chairman, the bank has delisted from the Athens bourse and joined the London market. The listing in London was a vote of confidence in the City despite the looming exit of Britain from the European Union, CEO Hourican said. "Our board''s view is that the City of London remains the right place for us to put our bank''s stock, a de facto vote of confidence. The City will prevail," he said. It will remain listed on the local Cyprus Stock Exchange but hopes the London exposure will help to attract more long-term investors. RECOVERY Bank of Cyprus was forced to convert a portion of unsecured deposits into equity to recapitalise at the peak of an economic crisis which shook Cyprus in early 2013. The east Mediterranean island, one of the euro zone''s smallest, emerged from a bailout programme in early 2016. "It is another step in the normalisation of what has been a pretty amazing story of a country and a bank that ended up on the bad side of worse and I am very pleased with the progress we''re making," said Irishman Hourican, appointed in late 2013 when the impact of the bail-in was still raw. Hourican told Reuters in a telephone interview the 123-branch bank, with a small presence in Britain, would continue to try to clean up its balance sheet. "There will be modest results in the context of continuing to direct pre-provision operating profit towards balance sheet quality and repair," he said. "At the end of the day a safe bank is a valuable bank." He said that despite the profitability outlook there will be no dividend payment this year as there was still "a lot of work to do to get the balance sheet repair job completed." "Until balance sheet repair is behind us, this conversation is premature. For most banks that have been in repair it takes some years to restore the ability for a normalised dividend," he said. Hourican expects the bank will continue to further reduce its bad debt load. Non-performing exposures stood at 58 percent of gross loans at the end of the third quarter but have been coming down in the last six quarters. "I have a positive outlook on our ability to deliver against that, it is the single final piece than needs to be put in place," he said. (Reporting by George Georgiopoulos; Editing by Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bankcyprus-ceo-idUKKBN1531KA'|'2017-01-19T18:23:00.000+02:00'
'fb9b02c5d82c920c42c17196eb84405623f4aa58'|'BRIEF-French audit and consultancy firm Euro-Symbiose bought by Trigo'|'Jan 18 Trigo/Ardian/Euro-Symbiose:* With support from its majority shareholder Ardian, the independent private investment company, Trigo Group has acquired 100% of Euro-Symbiose, the French specialist provider of quality training, audit and consulting services, from its founders* Established in 1991, Euro-Symbiose mostly serves the French automotive, aerospace and manufacturing industries* Financial terms of deal not disclosed'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1F804P'|'2017-01-18T05:56:00.000+02:00'
'f95a45386709f1e249bff718891d3d04ef029cff'|'Deutsche Bank sees Q4 pretax impact of $1.2 bln from DoJ civil penalty'|'Business  33am EST Deutsche Bank sees fourth quarter pretax impact of $1.2 billion from DoJ civil penalty President and Chief Executive Officer of Goldcorp., Chuck Jeannes'' shadow is seen on the wall while he delivers a speech at the annual general meeting held at the Pan Pacific Convention centre in Vancouver, British Columbia May 18, 2011. REUTERS/Ben Nelms/File Photo FRANKFURT Deutsche Bank ( DBKGn.DE ) expects a negative impact of $1.2 billion on its fourth-quarter pretax profit from a civil monetary penalty of $3.1 billion agreed with the U.S. Department of Justice, its chief executive said in a message to staff. Germany''s biggest bank on Tuesday finalised a $7.2 billion settlement with the DoJ over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis, which also included $4.1 billion of consumer relief. "Given other lawsuits, it is still too early to talk of having drawn a line under all matters," John Cryan wrote. "We are, however, nearing our objective of being able to concentrate primarily on the future instead of repeatedly having to look over our shoulders at past events." (Reporting by Georgina Prodhan; Editing by Himani Sarkar) Next In Business News U.S. lobby says China protectionism fuelling foreign business pessimism BEIJING More than 80 percent of members of a U.S. business lobby in China say foreign companies are less welcome than in the past, a survey released on Wednesday showed, with most saying they have little confidence in China''s vows to open its markets.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-deutsche-bank-mortgage-settlement-idUSKBN1520L5'|'2017-01-18T13:30:00.000+02:00'
'cc10923a07db42a9094feeadb0f9e3850ef01fb9'|'UPDATE 1-Western Sahara''s Polisario urges EU to seize disputed cargo on tanker'|'Industrials   11:58am EST UPDATE 1-Western Sahara''s Polisario urges EU to seize disputed cargo on tanker (Adds details on ship, U.N. plan for self-determination vote) ALGIERS Jan 18 Western Sahara''s Polisario independence movement says it will ask EU and French authorities to seize a cargo that was loaded onto a tanker this month in the Moroccan-controlled part of the disputed desert territory. The case could break new legal ground in the long-running conflict over Western Sahara, where Polisario has declared an independent state, but which has been claimed by Morocco as part of its kingdom. Polisario said on its Sahara Press Service that it would file its complaint with the European Commission and French customs, denouncing what it called the illegal shipment by the vessel Key Bay. It described the cargo in English as marine oil, but shipping data showed it was fish oil. Shipping databases showed the vessel''s manager as Norwegian-based Sea Tank Chartering, which did not immediately respond to a request for comment. Mhamed Khadad, Polisario''s secretary for foreign affairs, said the shipment violated a ruling from the European Court of Justice last month that, for the purposes of two trade deals between the European Union and Morocco, said the territory of the latter did not include Western Sahara. He said that, as an "occupying force", Morocco had no right to issue export licences. The Moroccan Foreign Ministry declined to make any immediate comment. The 4,570 deadweight tonnes Gibraltar-flagged tanker Key Bay made a port call to Moroccan-controlled Laayoune on Jan. 5 before sailing on to Nouadhibou in Mauritania between Jan. 10-14, according to ship tracking data on Reuters. The vessel''s last reported position was off the coast of Portugal at 1615 GMT on Wednesday, showing a destination of Fecamp in northern France. It is due to arrive there on Friday, the data showed. Western Sahara, which has significant phosphate reserves and offshore fishing, has been contested since 1975 when Spain, the former colonial power, withdrew. Morocco fought a 16-year war with Polisario, which established a self-declared Sahrawi Arab Democratic Republic. Responding to an escalation in tension, U.N. peacekeeping observers have been deployed since August between Moroccan Royal Gendarmerie personnel and a unit of Polisario fighters facing off in a narrow strip of buffer zone between the two sides. A 1991 ceasefire was meant to lead to a U.N.-backed referendum on the region''s self-determination including the question of independence. But the vote has never happened, and Morocco since 2006 has promoted its own autonomy proposal. (Reporting by Patrick Markey in Algiers and Jonathan Saul in London; Editing by Mark Trevelyan) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/westernsahara-eu-idUSL5N1F85D2'|'2017-01-18T23:58:00.000+02:00'
'dd0ba63685e2a446bf7440ff465b7e213ed2ea21'|'BRIEF-Invesco Office J-Reit to buy property for 15.15 bln yen and to take out loan of 5.5 bln yen'|'United States Financials  19am EST BRIEF-Invesco Office J-Reit to buy property for 15.15 bln yen and to take out loan of 5.5 bln yen Jan 18 Invesco Office J-Reit Inc : * Says it to buy property that located in Japan at price of 15.15 billion yen on Jan. 20 * Says it to take out loan of totally 5.5 billion yen on Jan. 20 for the property acquisition Source text in Japanese: goo.gl/vl5P37 ; goo.gl/ZmH1gH Further company Coverage: (Beijing Headline News) Next In Financials Fitch Rates Philippines'' USD Bond ''BBB-(EXP)'' (The following statement was released by the rating agency) HONG KONG, January 18 (Fitch) Fitch Ratings has assigned the Philippines'' forthcoming US dollar-denominated bonds an expected rating of ''BBB-(EXP)''. The Philippines intends to use the proceeds from the bond sale to pay the purchase price and accrued interest of its own securities repurchased in an associated debt management operation. Residual proceeds may be used for general budget financing purposes. KEY RATING DRIVERS The expect TABLE-United Urban Investment -6 MTH results Jan 18 (Reuters) United Urban Investment Corp. FINANCIAL HIGHLIGHTS (in billions of yen unless specified) 6 months 6 months 6 months 6 months ended Nov 30, 2016 ended May 31, 2016 to May 31, 2017 to Nov 30, 2017 LATEST PRIOR COMPANY COMPANY RESULTS RESULTS FORECAST FORECAST Revenues * In talks with domestic institutions; may pitch in up to 30 pct MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1F82GM'|'2017-01-18T13:19:00.000+02:00'
'8aae59741b784ee59e2f096636938fecacb8c96f'|'Ask the experts: how to build your business reputation – live chat - Guardian Small Business Network'|'Customers can research, or review, your business wherever they are. Photograph: SolStock/Getty Images Supported by About this content Emma Featherstone @emfeatherstone Wednesday 18 January 2017 09.27 GMT Last modified on Wednesday 18 January 2017 09.41 GMT Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Key events Show 11.13am GMT 11:13 What we''ll be discussing Live feed Show 11.13am GMT 11:13 Submit a question You can post questions in the comments section below during the chat. Or you can send questions in advance, or during the discussion, by emailing smallbusinessnetwork@theguardian.com or by tweeting us at @GdnSmallBiz with your question.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 11.13am GMT 11:13 How to join in the discussion Make sure you’re a registered user of the Guardian (if not, it’s quick to register ) and join us in the comments section below, which will open on the day of the live chat.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 11.13am GMT 11:13 What we''ll be discussing How does a business become popular? If your enterprise is small, you must put it on the map. Providing top-notch customer service and a high-quality product is the first step. This quality should translate to positive customer reviews. And these, in turn, will help to build brand awareness and entice new customers.However, as your business grows and takes on staff its actions will come under greater scrutiny. For example, a number of small businesses were named and shamed when HMRC recently released details of those that failed to pay staff the minimum wage.Small enterprises often lack a dedicated team to handle scandals or complaints, so damage control is added to the owner’s hefty to-do list.But it is a vital task – more than half of UK companies thought they experienced a decline due to online posts about their business in the previous 12 months, according to research by online reputation management firm Igniyte.Meanwhile, 58% of consumers said they would avoid using a business if it has experienced a cyber-security threat, according to a report by the government’s Cyber Streetwise campaign and KPMG.Questions we will aim to cover in this webchat include:What’s the best way to grow your brand on a budget? How can you rebuild your reputation if your business makes a blunder or receives bad press? How should you respond to bad online reviews? How can you use customer service to build a positive reputation? Do you need a PR team to safeguard your business? How should you handle complaints on social media? Updated at 9.41am GMT Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/live/2017/jan/18/ask-the-experts-how-build-business-reputation-live-chat'|'2017-01-18T16:27:00.000+02:00'
'9c032359f59c140ef30dae24d77b460fddad3e44'|'Deutsche Bank drastically cuts 2016 bonuses - sources'|'  12:57pm GMT Deutsche Bank drastically cuts 2016 bonuses - sources The logo of Germany''s largest business bank, Deutsche Bank is seen in front of one of the bank''s office buildings in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Bank ( DBKGn.DE ) has decided to cut bonuses drastically as struggles to turn a profit amid costly litigation, people close to the matter said. The lender will award no bonuses to its executive board members, these people said. Employees with titles vice president, director and managing director will get no 2016 bonus, but will be offered a so called retention package, they added. The retention package will be deferred and if Deutsche Bank''s share price is not up 30 percent within the next 3 or 4 years the award will be cancelled. A small number of employees, whose position are of outstanding importance to the future of the bank, will get a longer-term incentive, partly in stock, deferred by up to six years, they said. Deutsche Bank declined to comment. (Reporting by Olivia Oran and Arno Schuetze; Editing by Edward Taylor)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-bank-bonuses-idUKKBN1521Q9'|'2017-01-18T19:57:00.000+02:00'
'ca68d662052346df5042557cda359bc87db8b129'|'European stocks futures open higher. For more see the European equities LiveMarkets blog'|'Financials  14am EST European stocks futures open higher. For more see the European equities LiveMarkets blog LONDON Jan 18 Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: **European stocks futures open higher **Deutsche Bank sees $1.2 billion Q4 pretax impact from DoJ civil penalty **FTSE posts worst fall since June 2016 on Tuesday after UK PM May outlines Brexit plans (Reporting by Kit Rees) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1F8139'|'2017-01-18T14:14:00.000+02:00'
'e8693ab36c7b0a131b7ba146554bfa33971a26b9'|'India to cut stake in general insurers to 75 percent - finance minister'|'INWire   6:24pm IST India to cut stake in general insurers to 75 percent - Jaitley Finance Minister Arun Jaitley gestures during the session ''India''s Next Decade'' in the Swiss mountain resort of Davos January 23, 2015. REUTERS/Ruben Sprich/Files NEW DELHI India''s cabinet on Wednesday approved a plan to reduce its stake in five state-run general insurance companies to 75 percent from 100 percent, Finance Minister Arun Jaitley told reporters. Jaitley had announced in last year''s budget the government would list the general insurance companies to improve transparency and accountability. (Reporting by Rajesh Kumar Singh; Writing by Tommy Wilkes; Editing by Sanjeev Miglani) Next In INWire'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-cabinet-insurers-stake-idINKBN1521Q1'|'2017-01-18T16:22:00.000+02:00'
'6bd5697ad34e836480a977f9c5c1f09a6bc80711'|'Foreign business sceptical of China''s promised opening'|'Company  15am EST Foreign business sceptical of China''s promised opening * President Xi in Davos paints picture of "wide open" China * Beijing announces plans to reduce curbs on foreign investment * Business lobby survey says foreign firms feel less welcome * Analysts, investors don''t expect much to change in short term By Michael Martina and John Ruwitch BEIJING/SHANGHAI, Jan 18 Beijing has some way to go to convince foreign businesses that it is serious about liberalising China''s economy, despite President Xi Jinping''s speech at Davos on Tuesday and new proposals to relax restrictions on foreign investment. Xi made a vigorous defence of globalisation at the World Economic Forum and painted a picture of China as a "wide open" economy, but foreign businesses see it through a very different lens. An annual survey from the American Chamber of Commerce in China released on Wednesday showed that more than 80 percent of its members felt less welcome in China than before and most had little confidence in China''s vows to open its markets. "I think it is good that President Xi is saying these things," said William Zarit, Chairman of the Chamber. "And hopefully there will be some opening of markets. But I don''t think we''ve seen that yet." The proposed liberalising measures unveiled by China''s State Council, or the Cabinet, late on Tuesday are testament to the scope of the restrictions placed on foreign businesses in the world''s second-largest economy. The State Council said on its website that China would lower restrictions on foreign investment in a broad range of financial services, plus telecommunications, the internet, culture, education and transport sectors. It also said it would allow foreign-invested companies to list on Chinese stock exchanges, and issue various debt instruments in China including corporate bonds, enterprise bonds and convertible bonds. China''s central planning agency, the National Development and Reform Commission (NDRC), joined the chorus on Wednesday, saying on its website that local governments will be able to introduce preferential policies to attract foreign investment, focusing on manufacturing projects. It also conceded that some foreign firms have been moving out of China. "If the State Council and other government agencies are going to actually open up more widely, they have a lot to do," said Lester Ross, chairman of the Chamber''s policy committee. Joerg Wuttke, president of the European Union Chamber of Commerce in China, welcomed the commitment to opening up, but noted there had been "many years of talk of opening up" and businesses now wanted to see what it would entail. "For the European Chamber, a true demonstration of this commitment would be a deal between China and the European Union on their ongoing investment agreement negotiations," he said. NO DETAILS, NO TIMELINE The State Council did not give details or a timeline, and analysts were sceptical that there would be much to celebrate in the near term on any greater access to share markets. "Overseas companies'' listing on the A-share market is unlikely in any meaningful scale, given the pressure the market is under," said David Cui, head of China Equity Strategy at Bank of America Merrill Lynch. And the plan could find itself running up against a more pressing policy priority - Beijing''s battle to stop capital leaving the country, an outflow that helped knock nearly 7 percent off the yuan currency last year. "There could be currency implications, as well, if the foreign companies are allowed to send the IPO proceeds offshore," Cui added. Zhu Haifeng, a retail investor, said it would not change much for him, as he can already buy foreign shares through the Shanghai-Hong Kong Stock Connect scheme, and he didn''t see much likelihood of overseas firms rushing to invest in China. "I think foreign companies will consider listing in China only when China''s economy fully recovers and the yuan stops depreciating, which is some 2-3 years away." In the energy sector, Angus Rodger, research director, upstream oil and gas at Wood Mackenzie, said that while Beijing might like more private players investing downstream, there was little prospect of it allowing a meaningful challenge to its dominant national oil companies in exploration and production. "I don''t think we''ll see that happening in the short term, and really I don''t think we''ll see it happening at all," he said. A Hong Kong fund manager in China stocks who asked not to be named said it was "superficially a move in the right direction", but politics was playing a significant part, just days before U.S. President-elect Donald Trump enters the White House. Trump has repeatedly slammed China for trade practices that put American firms at a disadvantage. "Politically, this seems a prepared counter-offensive against Trump''s inauguration on Jan. 20, to shut his mouth, so to speak," he said.   Michelle Price in Hong Kong, Samuel Shen in Shanghai, and Roslan Khasawneh in Singapore; Writing by Will Waterman; Editing by Mike Collett-White) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-markets-opening-idUSL4N1F82AB'|'2017-01-18T16:15:00.000+02:00'
'8fb066dc214ea666693388d370d780fd87a060d2'|'Exclusive: EDF to start talks to sell Polish power plants to local consortium - sources'|'Commodities - Wed Jan 18, 2017 - 9:25am EST Exclusive: EDF to start talks to sell Polish power plants to local consortium - sources The logo of France''s state-owned electricity company EDF is seen on the company''s headquarters in Paris, France, November 24, 2016. REUTERS/Charles Platiau By Anna Koper and Geert De Clercq - WARSAW/PARIS WARSAW/PARIS French power group EDF has agreed to talks with a consortium of Polish state-run utilities about selling its local power plants after Poland blocked a sale to foreign investors, sources familiar with the situation said. In December the Polish government prevented EDF from selling the plants to two private investors - Australia''s IFM Investors and Czech utility EPH, citing concerns for the long- term security of energy supplies. On Wednesday EDF''s Polish subsidiary Kogeneracja said that EDF had formally ended the exclusive talks with IFM. Poland''s ruling conservative Law and Justice party (PiS) has said it wants the country to rely on its own energy resources or at least not to be too dependent on foreign ownership. It has already sought to reduce its reliance on gas supplies from Russia. Last month state-run utility Enea agreed to buy the coal-fired power plant operator Polaniec from Engie, another French energy group.. EDF put its heat and electricity cogeneration plants up for sale at the start of last year, along with its 1.8 gigawatt capacity coal-fired power plant at Rybnik in southern Poland. The cogeneration plants have a 15 percent share of the heating market in Poland while the Rybnik plant supplies about 7 percent of the country''s electricity needs. In October the French firm entered exclusive talks with IFM over the heating plants and with EPH for the sale of the Rybnik plant. A consortium of Polish state-run utilities PGE, Enea, Energa and PGNiG also submitted a joint bid for the assets and two sources familiar with the situation said EDF has now agreed to discuss a possible sale to the consortium. "They have not agreed to sell yet, just to talk," one of the sources said. EDF expects the consortium to offer at least as much as EPH and IFM were ready to pay for the assets, the other source said. According to local media EPH and IFM had offered a total of 1.5 to 2 billion zlotys ($366-488 million). EDF and PGE declined to comment. No one at Poland''s energy ministry was immediately available to comment. Several sources familiar with the matter said a final decision on a sale could be taken at a government level as part of a wider deal between Poland and France, whose relations are strained after Poland walked away from a preliminary deal to buy Airbus''s Caracal helicopters for 13.5 billion zlotys. However, EPH remains keen to buy the Rybnik plant, which is supplied with coal from its own mine, and is looking for ways to rejoin the sales process, one of the sources said. (Addional reporting and writing by Agnieszka Barteczko; Editing by Greg Mahlich) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-edf-poland-idUSKBN1521ZW'|'2017-01-18T21:25:00.000+02:00'
'db76425cfd8e4f91a6039eea3f2485964a1b88f5'|'RPT-COLUMN-U.S. complaint against China''s aluminium sector risks back-firing: Andy Home'|'(Repeats with no changes. The opinions expressed here are those of the author, a columnist for Reuters)* tmsnrt.rs/2iy2wuQ* tmsnrt.rs/2iy5zTGBy Andy HomeLONDON, Jan 16 The gloves have just come off in the simmering dispute between the United States and China about that country''s rising exports of aluminium.The United States last week launched a formal complaint at the World Trade Organization (WTO), taking aim at China''s "subsidies to certain producers of primary aluminum".Such subsidies, the United States claims, have "artificially" increased China''s capacity, production and market share leading to depressed prices and causing "serious prejudice" to U.S. interests.This dispute has been brewing for a long time.The United States was once one of the world''s largest producers with 22 aluminium smelters. The number of operating plants has dwindled from 14 in 2011 to just five now.China, meanwhile, has lifted its share of global production from 25 percent 10 years ago to over 50 percent today.That parts of China''s giant aluminium sector are subsidized is not news to anyone involved in the aluminium market.But China is not the only country offering subsidies to its smelters and the problem, if there is one, is arguably not at the primary metal stage of the supply chain but further downstream.Graphic on global aluminium production; China and the rest of the world: tmsnrt.rs/2iy2wuQSUBSIDIES - A DOUBLE-EDGED SWORD?The WTO complaint specifically accuses China of providing "artificially cheap loans from banks and (...) artificially low-priced inputs for aluminium production, such as coal, electricity, and alumina."Some of those targets look a little off the mark. It''s questionable, for example, as to whether Chinese smelters are really getting their alumina at below-market prices.But you don''t have to look very hard to see Beijing''s influence over parts of the country''s aluminium sector.Chalco, the state-backed producer, recognised 1,769 million yuan (equivalent to $256 million at today''s exchange rate) of government grants as income for the financial year to December 2015. The funds were "necessary to compensate costs and facilitate the group''s development".Behind that headline figure, moreover, lay a web of transactions ranging from asset swaps to lease arrangements with the state entity, Chinalco, that is the company''s largest shareholder.This is indicative of one of the core problems with China''s aluminium smelter sector.While a new generation of smelters, mostly located in the northwestern province of Xinjiang, are widely believed to be among the most competitive in the world, older, higher-cost plants such as those operated by Chalco have been kept alive by both central and regional governments.Paul Adkins, founder of the AZ China consultancy, estimates that six or seven Chinese provinces offer rebates on electricity to some smelters in their jurisdictions.But they''re not the only ones doing so to support financially challenged smelters.One of those five smelters still operating in the United States, Alcoa''s Massena West, is only producing metal thanks to subsidies by the state of New York.In November 2015 the state''s power authority committed $30 million in power assistance and its Economic Development Commission $38.8 million in capital and operating funds to modernise the plant.And right now Alcoa is in talks with both the Australian government and the state government of Victoria aimed at securing financial support to keep open the 30-year old Portland smelter.Accusing China of providing subsidies via power rebates may prove something of a double-edged sword for the United States.Graphic on China''s exports of aluminium by type:tmsnrt.rs/2iy5zTGTHE CHANGING SHAPE OF EXPORTSChina, meanwhile, is no longer a significant exporter of primary aluminium.That changed around 2006. Primary exports totalled over a million tonnes in 2004 and 2005. By 2015 exports had fallen to 30,000 tonnes and in the first 11 months of last year the total was just 17,000 tonnes.Rather, the country''s export profile is now in the form of semi-manufactured products, 4.2 million tonnes of them in 2015.True, there are legitimate concerns as to whether some of this outbound flow has really been "product" or metal transformed just enough to bypass the country''s export duty on primary metal.The issue of "fake" semis certainly warrants a conversation between the United States and China, not least because it disadvantages both.But most of what leaves China is "real" product and if over-capacity is the problem, it''s located in the semi-manufacturing part of the supply chain.As AZ China''s Adkins notes, "some of that over-capacity is supported by government policy" in the form of "zero land tax, help with labour costs or local taxes, and the formation of industrial zones with attractive benefits."However, he goes on to suggest that "the natural structure of aluminum prices in China lends itself to a lower semi-fabricated cost".A VAT rebate on exports of "product" of course helps but, again, China isn''t the only country using that sort of tax instrument to promote value-added output.Adkins'' view is that relative to other countries, the "additional" help offered to the semi-manufacturing sector by the Chinese government is "minimal".COMPETITIVE?The United States in announcing its complaint noted pointedly that it has filed 25 complaints with the WTO since President Obama was inaugurated in 2009 and has so far won all those so far announced.This one, however, may yet prove trickier.And even if successful, will it really mean a revival of the country''s smelter sector?"When American aluminum workers and producers can compete on a level playing field, they will outcompete any other workers in the world," according to Representative Dave Loebsack (D-IA), one of the backers of the WTO action.That''s questionable, given the age and cost structure of many U.S. smelters relative to the new capacity coming on line in China.And which workers in particular?Because there are more American workers employed in the manufacturing part than in the raw production part of the aluminium supply chain.They may not welcome their own government''s attempt to stem the flow of low-cost Chinese semi-manufactured product upon which they and so many other product makers around the world now rely on.(Editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aluminium-trade-ahome-idINL5N1F63PT'|'2017-01-16T22:00:00.000+02:00'
'5301ff39b41b92c461603da5ed9fbc05361ecb7a'|'Zalando plans Nordics hub as sales growth misses street view'|' 41am GMT Zalando plans Nordics hub as sales growth misses street view A Zalando logo is seen printed on a wall in a showroom of the fashion retailer Zalando in Berlin, October 14, 2014. REUTERS/Hannibal Hanschke/File Photo BERLIN Zalando ( ZALG.DE ), Europe''s biggest pure online fashion retailer, announced a plan to open a new distribution hub in Sweden later this year to speed up delivery to the Nordics as it reported slower sales growth than expected in the fourth quarter. Zalando said Tuesday fourth-quarter sales rose 25-26 percent to 1.086 billion-1.094 billion euros (962.98 million pounds to 971.28 million pounds), a recovery from the 17 percent growth rate in the third quarter, but shy of analysts'' forecasts for 1.12 billion, according to Thomson Reuters Smart Estimates. It said it expects to achieve adjusted   tax of 81-104 million euros in the quarter as final audited figures are not yet available. Berlin-based Zalando, which operates from four giant logistics centres in Germany and one satellite hub near Milan, is in the process of building new warehouses in France and Poland, both due to open later this year. It said the new Nordics hub, which it hopes to be up and running by the end of the year, should cut standard delivery times in Sweden to 1-2 days from a current 2-5 days. (Reporting by Emma Thomasson; Editing by Ludwig Burger)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-zalando-results-idUKKBN1510NJ'|'2017-01-17T14:41:00.000+02:00'
'8eae2ee5206ba4d79d586d011a89d46c8aeaa386'|'Credit Suisse CEO sees conditions improving in 2017 - Bloomberg TV'|' 07am GMT Credit Suisse CEO sees conditions improving in 2017: Bloomberg TV Tidjane Thiam, CEO of the Credit Suisse   of the Forum   ZURICH Credit Suisse ( CSGN.S ) Chief Executive Tidjane Thiam sees market conditions improving during 2017 as the bank''s reorganization gathers pace and its efficiency drive continues. Switzerland''s second-biggest lender has accelerated its transformation and achieved "a lot" in 12 months, Thiam told Bloomberg TV in an interview from Davos on Tuesday. "After a year in 2016 where you saw revenues really go down (across the sector)...hopefully 2017 will be better but all this is markets permitting," he said. "Certainty we see a strength in fixed income, you can see that. You can see the securitized products market going. You can see generally global credit products growing. You can see leveraged finance still at a reasonable level of activity," he said, while the equities business would have a "reasonable" year. Credit Suisse was now in a decent capital position and was progressing at "full speed" toward the flotation of its Swiss bank unit later this year, Thiam said. (Reporting by John Revill; Editing by Michael Shields) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-creditsuisse-ceo-idUKKBN151160'|'2017-01-17T17:03:00.000+02:00'
'878b7422379d3ec7950cb2ae4e7570506b2d6860'|'BRIEF-POET Technologies streamlines organization and makes key appointments'|'  6:01pm EST BRIEF-POET Technologies streamlines organization and makes key appointments Jan 16 POET Technologies Inc * POET Technologies streamlines organization and makes key appointments * Chief operating officer Subhash Deshmukh resigned effective January 13, 2017 * POET Technologies says effective January 13, position of corporate chief technology officer previously held by Daniel Desimone, has been eliminated * POET Technologies says formally dissolving company''s technology roadmap advisory board  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F60KN'|'2017-01-17T06:01:00.000+02:00'
'bbf4a9449193f15bede1f04f5065aab3d99d8469'|'Audi and FAW sign China electric car cooperation deal'|'Technology News   6:33am EST Audi and FAW sign China electric car cooperation deal left right The logo of China FAW Group Corp is pictured at the Auto China 2016 auto show in Beijing, China, April 26, 2016. REUTERS/Kim Kyung-Hoon 1/2 left right Logos of Volkswagen (R) and Audi are seen on a wheel of a car at a used car dealership in Seoul, South Korea, October 2, 2015. REUTERS/Kim Hong-Ji 2/2 FRANKFURT Volkswagen''s ( VOWG_p.DE ) Audi AG ( NSUG.DE ) said it will expand its model portfolio in China to include locally produced electric cars produced by FAW VW, handing a lifeline to China FAW Group Corp.[SASACJ.UL] whose brands have struggled. On Tuesday, Audi outlined a 10-year plan with FAW Group with a new company for mobility and digital services and closer cooperation in the area of financial services. Audi and FAW also agreed to produce five additional e-tron models for China in the next five years, including purely battery-powered cars with ranges of more than 500 kilometers. An early entrant to China, the world''s largest car market, Audi remains the best-selling premium car brand although it is rapidly losing ground to newer car models from Daimler''s ( DAIGn.DE ) Mercedes-Benz.   Taylor; Editing by Harro ten Wolde) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-audi-china-idUSKBN1511H5'|'2017-01-17T18:33:00.000+02:00'
'b3f7e854f2f95c54974df6cf10dc6d77571fa854'|'UPDATE 1-Carlyle to buy South Africa''s Global Credit Ratings'|'(Adds detail, Quote: )LONDON Jan 17 Carlyle Group has agreed to buy Johannesburg-based Global Credit Ratings (GCR), the U.S. buyout fund said on Tuesday, looking to broaden the pan-African ratings agency''s services.Terms of the deal, which was first reported by the Financial Times, were not disclosed.GCR serves 400 customers across 20 countries and is the only ratings agency to have a strong presence in multiple geographies across Africa, Carlyle said."The business plays a critical role in deepening African capital markets and we look forward to working with management to continue to develop and broaden the company''s service offerings," Steve Burn-Murdoch, a Vice President on the Carlyle Sub-Saharan Africa team, said in a statement.Carlyle raised $698 million for its Africa buyout fund in 2014, exceeding its $500 million target.In November, Carlyle, which has $169 billion of assets under management, agreed to buy a majority share of CMC Networks, a pan-African telecommunications business.In September, it agreed to buy a majority share of Amrod, a supplier of promotional products and clothing in South Africa and neighbouring countries.Carlyle is already invested in the sector, having partnered with private equity fund Warburg Pincus and a consortium of Canadian-based individual investors to acquire the world''s fourth largest global credit ratings agency DBRS in 2015. (Reporting by Dasha Afanasieva; Editing by Jason Neely and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/globalratingsagency-ma-carlyle-group-idINL5N1F71CS'|'2017-01-17T05:02:00.000+02:00'
'd0a762442677041d28cb319741334e829da12cb5'|'BRIEF-Singapore Exchange issues query regarding trading activity on Perennial Real Estate Holdings Ltd'|'Financials   8:36pm EST BRIEF-Singapore Exchange issues query regarding trading activity on Perennial Real Estate Holdings Ltd Jan 16 Singapore Exchange: * Singapore Exchange issues query regarding trading activity on Perennial Real Estate Holdings Ltd Source text for Eikon: Next In Financials SEOUL, Jan 16 South Korea''s special prosecutor on Monday indicted National Pension Service (NPS) Chairman Moon Hyung-pyo on charges of abuse of power and giving false testimony. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1F30UJ'|'2017-01-16T08:36:00.000+02:00'
'12e8c78fc3ef85dc24fee67ac11c216f8eae58a5'|'Trump threatens BMW with border tax on cars built in Mexico'|'BERLIN Jan 15 President-elect Donald Trump has warned the United States will impose a border tax of 35 percent on cars that German carmaker BMW plans to build at a new plant in Mexico and export to the U.S. market.Trump was speaking in an interview with German newspaper Bild, which on Sunday released excerpts of his comments translated into German.A BMW spokeswoman said a BMW Group plant in San Luis Potosi would build the BMW 3 Series starting from 2019, with the output intended for the world market. The plant in Mexico would be an addition to existing 3 Series production facilities in Germany and China. (Reporting by Michael Nienaber and Edward Taylor; writing by Vera Eckert; editing by Andrew Roche)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-bmw-idINL5N1F50Q1'|'2017-01-15T19:04:00.000+02:00'
'6675010e5e7ac858f7fc66dd4a5738df6b14dd47'|'UPDATE 1-Russia''s Detsky Mir plans to list shares on Moscow Exchange'|'* Detsky Mir is Russia''s largest children''s good retailer* IPO to open season for capital market deals in Russia* Detsky Mir to offer secondary shares only (Adds details, background)MOSCOW, Jan 16 Russian children''s goods retailer Detsky Mir plans an initial public offering (IPO) of its shares on the Moscow Exchange, opening the season for equity placements in Russia this year, the company said on Monday.Russia is under Western sanctions for a fourth straight year after its annexation of Crimea from Ukraine in 2014 and its role in the conflict in eastern Ukraine.But sentiment towards Russia has improved since last year, especially after Donald Trump was elected as U.S. President in November.Detsky Mir''s IPO is the first in a pipeline of equity offerings from Russia this year as companies take advantage of an improving market.Detsky Mir, which operates a total of 570 stores in Russia and Kazakhstan, plans to offer secondary shares, to be sold by the Sistema conglomerate, the Russia-China Investment Fund, and certain members of the management teams of Detsky Mir and Sistema.Detsky Mir did not provide the timing of the placement or the number of shares it expected to offer. Credit Suisse, Goldman Sachs, Morgan Stanley, Sberbank CIB and UBS are arranging the deal.Igor Bulantsev, the acting head of Sberbank CIB, told Reuters last month that a couple of IPOs were planned for 2017, which he said he expected to be more active in terms of capital markets than 2016.Detsky Mir, with its famous shop at Moscow''s Lubyanka square, is 72.6 percent owned by Sistema, with another 23.1 percent controlled by the Russia-China Investment Fund and some shares split between the management of Sistema and Detsky Mir.Sistema intends to keep strategic control over Detsky Mir in the medium term by retaining majority ownership, Detsky Mir said.Detsky Mir said that it expects 2016 revenue to rise by around 30 percent to be in the range of 79.2 billion to 79.8 billion roubles ($1.33-1.34 billion).($1 = 59.6051 roubles) (Reporting by Polina Devitt and Olga Popova; Writing by Alexander Winning/Katya Golubkova; Editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/russia-detsky-mir-ipo-idINL5N1F617H'|'2017-01-16T05:51:00.000+02:00'
'73aa9ebcf488323a2bf2a5d1aa35d6bfa1149daa'|'FTSE touches fresh record high as sterling slides'|'Business News - Mon Jan 16, 2017 - 9:31am GMT FTSE touches fresh record high as sterling slides A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo By Kit Rees - LONDON LONDON FTSE 100 index touched a fresh record high on Monday in choppy trade after sterling tumbled to a three-month low on worries that Britain was headed for a "hard" Brexit from the European Union. The blue chip FTSE 100 index .FTSE was flat in percentage terms by 0858 GMT, touching a fresh all-time high of 7,354.14 points earlier in the session, outperforming its European peers. The more domestically-exposed FTSE 250 index .FTMC fell 0.1 percent. Sterling dropped as much as 1.5 percent following media reports that Prime Minister Theresa May will signal a "hard" Brexit for Britain from the European Union in her speech on Tuesday. A "hard" Brexit scenario would prioritise immigration controls and bilateral trade deals that would see Britain leaving the EU''s single market and customs union. Banking stocks .FTNMX8350 were the top fallers, with Royal Bank of Scotland ( RBS.L ) and Barclays ( BARC.L ) both down more than 2 percent. "Having access to the single market is key for (the banks), or indeed if they can''t have access, then what the particular requirements of the passporting might be for them to be able to still do business across Europe," Dafydd Davies, partner at Charles Hanover Investments, said. "If it is a genuinely hard Brexit and then they have to look at relocation costs, that could be quite substantial for them. However at the moment, it''s very much a wait-and-see situation." A drop in sterling, however, benefits the FTSE 100''s international, dollar-earning firms, giving them a currency-related accounting boost. In 2016, the FTSE 100 was the best performer among major regional indexes in Europe, gaining more than 14 percent. Mining companies were among the biggest risers among the blue chips, with Anglo American ( AAL.L ), BHP Billiton ( BLT.L ) and Glencore ( GLEN.L ) all up between 0.8 percent to 1.9 percent. Precious metals miners Randgold Resources ( RRS.L ) and Fresnillo ( FRES.L ) both rose around 1.2 percent, helped by a firmer gold price. (Reporting by Kit Rees; Editing by Janet Lawrence) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1500YT'|'2017-01-16T16:31:00.000+02:00'
'3057e7aa35570ac4ffd40201d909a180ef49d307'|'Asian investors see Trump stimulus sweet spot amid protectionism, inflation fears'|'Business News - Thu Jan 19, 2017 - 6:27am GMT Asian investors see Trump stimulus sweet spot amid protectionism, inflation fears left right FILE PHOTO - A sculpture of a rooster that local media say bears resemblance to U.S. President-elect Donald Trump is seen outside a shopping mall in Taiyuan, Shanxi province, China December 30, 2016. REUTERS/Jon Woo/File Photo 1/2 left right FILE PHOTO - Republican U.S. presidential candidate Donald Trump poses for a photo after an interview with Reuters in his office in Trump Tower, in the Manhattan borough of New York City, U.S., May 17, 2016. REUTERS/Lucas Jackson/File Photo 2/2 By Nichola Saminather - SINGAPORE SINGAPORE Ahead of U.S. President-elect Donald Trump''s inauguration this week, investors in Asian assets are warily betting he won''t make good on his promise to create $1 trillion of new infrastructure over the next 10 years. Rather, they''re positioned for a "Goldilocks" scenario, with U.S. fiscal spending just high enough to lift growth without sucking too much capital out of emerging markets. Political hurdles and constraints on materials and labor will likely keep spending below Trump''s promised level, but the need to lift the economy after years mired in the doldrums will still ensure a sizeable dose of stimulus, investors expect. "If interest rates get very high, and things get overheated, then we come back to (a risk averse environment)," said Josh Crabb, head of Asian equities at Old Mutual Global Investors in Hong Kong. "But the bit in between, that''s a very, very sweet spot for some of these assets that have been beaten up around the region." Crabb holds cheaper, "cyclical" stocks, sectors like basic materials and financials, that bloom during economic upturns. He also likes South Korea, Asia''s cheapest major market. The KOSPI index .KS11 is trading at a 12.1 times earnings, compared with the region''s priciest emerging market, the Philippines, at 19.28, according to Thomson Reuters Eikon data. COMMODITIES, EXPORTERS FAVORED Vishnu Varathan, head of Asia economics and strategy at Mizuho Bank''s Treasury division expects U.S. infrastructure investment to reach about $550 billion, providing a lift to Asian exporters. "Under the Goldilocks scenario, we ensure that costs don''t rise so fast that it stifles demand," he said. "We’d find a more durable recovery in global demand... and that effect cascades down to other exporters. This is going to be quite positive for Asia, which is either home to major capital goods producers outside of Germany, or linked via the supply chain." The former include China, Japan and South Korea, and the latter Taiwan and Thailand, he said. That anticipated spillover effect is sending investors, who piled into safer assets last year, searching for bargains again - a move that some investors expect to benefit Asian stocks. The MSCI Asia ex-Japan .MIAX PUS is trading at 2.6 times book value, compared with the S&P 500''s .SPX 6.8 times. Jean-Charles Sambor, deputy head of emerging markets debt at BNP Paribas Investment Partners, sees more gains for exporters of commodities. "If the U.S. goes ahead with some infrastructure spending and doesn''t have a very negative agenda toward Mexico and China, you should see some emerging markets doing well because of higher commodity prices," he said. Sambor prefers the debt of Russia, Latin America and Indonesia, which would benefit from the higher demand for raw materials driven by Trump''s infrastructure push. Expecting the dollar to moderate in the medium term, he likes their local-currency bonds. PROTECTIONISM FEARS Still, after a presidential campaign filled with fiery rhetoric and few policy details, investors remain nervous ahead of Trump''s swearing-in on Friday that his protectionist promises, if fulfilled, could erode the benefits to emerging markets from moderate fiscal stimulus. Trump has threatened a 45 percent tariff on imports from China and a 35 percent border tax on imports by U.S. companies shipping jobs overseas. He has also pledged a one-off tax rate cut for U.S. firms bringing money held overseas back home to 10 percent from 35 percent. U.S. corporations have $2.6 trillion stashed abroad and any rapid repatriation could wreck havoc on Asian markets. Concerns about such moves led global bond investors to reduce allocations to Asia ex-Japan to 2.2 percent in December from 4.2 percent, and equity investors to go to 6.4 percent from 6.9 percent, according to a Reuters poll. [nL5N1EG3W9] Contradictions from the Trump camp and warnings that U.S. inflation and interest rates could rise too fast also have investors worried. Trump said over the weekend a too strong dollar was keeping U.S. companies from competing effectively with China, even as his policies look set to push it higher. The dollar has risen 9.1 percent against the Japanese yen, and 3.6 percent versus a basket of six major global peers since Trump''s surprise election win in November. A growing chorus of Fed officials has warned a sustained widening of the budget deficit could cause the U.S. economy to overheat, requiring more aggressive rate hikes. [nL1N1F70YD] In such a situation, BNP Paribas''s Sambor said he would turn defensive and shelter in cash, taking short positions in emerging market currencies. While Deutsche Wealth Management expects Trump to deliver less than the promised quantum of infrastructure investment, Tuan Huynh, its Asia-Pacific chief investment officer, nevertheless prefers markets in Asia with their own internal engines. Deutsche prefers Indonesia and the Philippines investment grade and sovereign bonds, as their governments are more stable than other emerging markets like Latin America. Stocks in Indonesia and India, which are more driven by domestic demand and have younger populations, are also attractive, Huynh said. Ultimately, economic and political constraints for Trump mean worst-case scenarios for Asia are unlikely to eventuate. "Whatever happens, what Donald Trump is going to be doing is eking out a little bit more growth for longer in a geriatric economic cycle," said Kit Juckes, global fixed income strategist at Societe Generale. (Editing by Lincoln Feast)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-markets-asia-idUKKBN1530LO'|'2017-01-19T13:21:00.000+02:00'
'3cd7759a4379754b1d32ef5387cf8b6a3f14cbf4'|'Schaeuble says Britain should not use corporate tax rates to gain advantage'|'  10:54am GMT Schaeuble says Britain should not use corporate tax rates to gain advantage German Finance Minister Wolfgang Schaeuble attends the weekly cabinet meeting in Berlin, Germany, January 18, 2017. REUTERS/Hannibal Hanschke DAVOS, Switzerland German Finance Minister Wolfgang Schaeuble said at the World Economic Forum in Davos on Thursday that Britain should not try to gain competitive advantage by cutting corporate tax rates. Schaeuble said G20 countries had agreed not to take such steps and that he would remind Britain of this. (Reporting by Noah Barkin and Sujata Rao)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-davos-meeting-germany-britain-idUKKBN1531DV'|'2017-01-19T17:54:00.000+02:00'
'05c0ce66d78cc18b0a2dd95f1cc6c3062f1d1089'|'Retailer Carrefour fourth quarter sales growth slows as France lags'|'  7:01am GMT Retailer Carrefour fourth quarter sales growth slows as France lags Logo of French retailer Carrefour is seen on a shopping trolley at a Carrefour hypermarket in Nice, France, April 6, 2016. REUTERS/Eric Gaillard/File Photo PARIS Carrefour, the world''s second-largest retailer, said sales growth slowed in the fourth quarter, reflecting a weaker performance in its core French market where hypermarket stores still lagged amid a persistently difficult environment. In Brazil, the group''s second-largest market after France, business was resilient despite a slowing economy. However in China, where Carrefour is restructuring its operations, the rate of decline in sales slowed to 5.4 percent from 7.8 percent in the third quarter. Carrefour finance chief Pierre-Jean Sivignon said 2016 recurring operating income would be "very close" to median expectations of 2.39 billion euros. Europe''s largest retailer said fourth quarter sales reached 23.366 billion euros (20.27 billion pounds), above the median of analysts estimates of 23.22 billion in a Thomson Reuters poll. Stripping out fuel, currency and calendar effects, revenue grew 2.9 percent year-on-year, a slowdown from 3.2 percent growth in the third quarter. Carrefour sales were available on the company''s website. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-carrefour-sales-salesfigures-idUKKBN1530OE'|'2017-01-19T14:01:00.000+02:00'
'd1f25a39a39e8357ff807d7ace5fa840ef91fa40'|'France''s Safran launches $9 billion agreed bid for Zodiac Aerospace'|'By Tim Hepher and Cyril Altmeyer - PARIS PARIS French aero engine maker Safran ( SAF.PA ) on Thursday launched a $9 billion agreed bid for seats manufacturer Zodiac Aerospace ( ZODC.PA ) to create the world''s third-largest aerospace supplier as the industry bulks up to tackle record high output plans.The deal comes three months after Zodiac''s rival B/E Aerospace agreed to be absorbed by Rockwell Collins ( COL.N ) and six years after Zodiac''s family shareholders rebuffed an approach from part-privatised Safran.Safran has frequently been linked with Zodiac as suppliers combine technologies and after-sales services to support record aircraft production plans. However, some analysts have warned such a tie-up is risky as Zodiac recovers from industrial problems.Safran Chief Executive Philippe Petitcolin said he was not worried about Zodiac''s recovery from a nearly three-year crisis in its U.S. seats manufacturing plants and pledged not to let the deal distract Safran from development of new ''LEAP'' engines for Airbus ( AIR.PA ) and Boeing BA.M."Don''t worry, there will be no transfer of skills from LEAP," he told reporters in a conference call.Zodiac has persistently vowed to stay independent as it battled through a series of profit warnings, but Chief Executive Olivier Zarrouati said last March it would be "receptive to any offer that is in the interests of the company".TWO-PART DEALUnder the two-part deal, Safran will launch a cash offer worth 29.47 euros per share, a 26 percent premium to Wednesday''s Zodiac closing price of 23.31 euros.The initial offer values Zodiac at just over 8.5 billion euros ($9 billion), based on Thomson Reuters data.Zodiac''s controlling family shareholders would not take up the offer, but would instead fold their shares into a subsequent merger between the two companies, based on 0.485 Safran shares for each Zodiac share.In addition, Safran''s existing shareholders would receive a special dividend of 5.5 euros per share, worth a total of 2.3 billion euros, before the deal goes ahead.The companies said the combination would boost earnings per share from the first full financial year.Zodiac Aerospace is controlled by a group of families that owns 23.8 percent of the stock and 36.6 percent of the voting rights and the investment vehicle of the Peugeot family, which owns 5.2 percent of the shares and holds 7.3 percent of the voting rights.The French state owns 14 percent of Safran and will remain a shareholder of the combined group under a pact with other core shareholders, the companies said.Zodiac Aerospace is one of two major suppliers of aircraft seats, alongside B/E Aerospace.Rockwell''s acquisition of the latter, expected to be completed this spring, will allow B/E to deploy Rockwell’s capability with onboard connectivity to make internet-enabled seats, galleys, lavatories and other cabin systems.Petitcolin said Safran and Zodiac also had complementary businesses and that synergies could far exceed the annual level of 200 million euros already identified. He declined to give details of the impact on jobs or other cost savings.(Reporting by Tim Hepher, Cyril Altmeyer; editing by Sudip Kar-Gupta and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-safran-zodiac-m-a-idINKBN1530MW'|'2017-01-19T04:46:00.000+02:00'
'449fdccca6b9d6881461356ac49c8375ee4c9319'|'Legendary Entertainment CEO steps down, China''s Wanda takes closer control'|' 48am IST Legendary Entertainment CEO steps down, China''s Wanda takes closer control FILE PHOTO: Wang Jianlin, chairman of the Wanda Group, speaks during an interview in Beijing, China, August 23, 2016. REUTERS/Thomas Peter/File Photo SHANGHAI Thomas Tull, the founder and chief executive of Legendary Entertainment has stepped down, the firm said in a statement to Reuters on Thursday, a year after the Hollywood studio was bought by Chinese conglomerate Dalian Wanda for $3.5 billion. Dalian Wanda insider Jack Gao will for now take the helm at Legendary, the producer behind hit movies like "Jurassic World" and the Batman "Dark Knight" trilogy, putting the Chinese firm more directly in control of the U.S. studio. Wanda bought Legendary in January last year, helping turn chairman Wang Jianlin into a Hollywood movie mogul amid a drive by China''s richest man to diversify his business empire overseas. Legendary said in a statement Tull had "resigned", though would continue in a role as "founding Chairman". It did not give a reason for the departure. "Wanda aims to transform Legendary into a next generation studio ... with a far-reaching creative and global platform," interim CEO Gao said in the statement. "We are thankful to Thomas for his founding vision." Wanda has been on an shopping spree in film: it agreed a $1-billion takeover of Golden Globe producer Dick Clark Productions in November, owns U.S. cinema chain AMC Entertainment Holdings Inc, and has business ties with Sony Pictures and Sony Corp''s film unit in China. Wang has said he aims to bring Hollywood technology and muscle to China, and has expressed interest in the so-called "big six" Hollywood studios. Gao, who joined Wanda in 2015 after spells at News Corp and Microsoft Corp, is a group senior vice president at Wanda Cultural Industry Group and the CEO of international investments and operations. Tull said in the statement the firm was now in stable hands after a year''s transition. (Reporting by Adam Jourdan; Editing by Joseph Radford) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/legendary-moves-wanda-idINKBN1530GB'|'2017-01-19T12:18:00.000+02:00'
'856aa8742a246bbf7e68f4cda65792ca0c37d012'|'UPDATE 1-Royal Mail maintains forecasts after strong Christmas'|'Cyclical Consumer Goods - Thu Jan 19, 2017 - 3:00am EST UPDATE 1-Royal Mail maintains forecasts after strong Christmas (Adds details, background) Jan 19 Britain''s Royal Mail Plc said on Thursday it was on track to achieve its cost savings targets for the current year and revenues in the first nine months were in line with expectations after a strong performance over Christmas. The former monopoly postal firm said in a trading statement revenue for the nine months ended Dec. 25 was flat overall, as 9 percent growth in GLS, its international unit, offset a 2 percent decline in revenue at its domestic parcels and letters unit where it continued to face stiff competition. Royal Mail is battling competition from new entrants and former customers such as Amazon, which has started its own delivery system, as it seeks to modernise and regain business in the overcrowded parcels market. Although the company has replaced all business lost to Amazon, pressures remain as Germany''s Deutsche Post is expanding in the market with its acquisition of UK Mail Group , which was completed last month. Royal Mail, floated in 2013, needs to make more money from parcels to offset falls in its mail business, with households and businesses sending fewer letters. The company said on Thursday that Christmas had been even better than the previous year, with 138 million parcels handled in December alone, boosting UK parcels revenue and volumes, which were up 3 percent and 2 percent respectively over the nine months. Total UK letters revenue was down 5 percent with addressed letter volumes, excluding elections, declining by 6 percent. Despite a good performance over the peak Christmas period and an "usually strong" third quarter, addressed letter volumes in the first nine months of the year were down 6 percent, in line with the numbers reported at the end of the first half. A fall in spending by companies on promotional material, known as "junk mail", further hit first-half letter volumes, and Chief Executive Moya Green said then the letters business was very "sensitive to rates of economic growth". The company said on Thursday the trend for revenues from its main advertising products within the letters unit was broadly similar to first-half levels. Spending on advertising is set to fall 0.7 percent in 2017 as Brexit uncertainties weigh, the IPA Bellwether report showed earlier this week. "Our outlook for UK letters and parcels trends and other guidance remain unchanged from that set out.. (at) the half year," Royal Mail said in its statement. (Reporting by Esha Vaish in Bengaluru; Editing by Greg Mahlich) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/royal-mail-outlook-idUSL5N1F91IT'|'2017-01-19T15:00:00.000+02:00'
'93b69f6c82ba0c2be1d8c6d10c6e4d64697d7d9c'|'BlackRock says hired former Chancellor of the Exchequer Osborne as adviser'|'Business News   3:58pm GMT BlackRock says hired former Chancellor of the Exchequer Osborne as adviser A woman walks next to a BlackRock sign pictured in the Manhattan borough of New York, October 11, 2015. REUTERS/Eduardo Munoz BlackRock Inc ( BLK.N ) on Friday said it is appointing former British finance minister George Osborne as a senior adviser to its Investment Institute. He starts February 1, the company said in a statement. (Reporting by Trevor Hunnicutt; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-blackrock-osborne-idUKKBN15426G'|'2017-01-20T22:58:00.000+02:00'
'a77e0410bc36fad8bfb55a59e6d4667a5da55b73'|'Exclusive: Pentagon, Lockheed near deal on $9 billion F-35 contract - sources'|'Thu Jan 19, 2017 - 2:02am GMT Exclusive: Pentagon, Lockheed near deal on $9 billion F-35 contract - sources Three F-35 Joint Strike Fighters (rear to front) AF-2, AF-3 and AF-4, can be seen flying over Edwards Air Force Base in this December 10, 2011 handout photo provided by Lockheed Martin. REUTERS/Lockheed Martin/Darin Russell/Handout By Mike Stone - WASHINGTON WASHINGTON The U.S. Department of Defense and Lockheed Martin Corp ( LMT.N ) are close to deal for a contract worth almost $9 billion as negotiations are poised to bring the price per F-35 below $100 million for the first time, people familiar with the talks said Wednesday. The F-35, the Pentagon''s costliest arms program, has drawn fire from U.S. President-elect Donald Trump who has made lowering prices for military equipment a pillar of his transition into office. Talks are still ongoing for the tenth batch of stealthy fighter jets with a deal for 90 planes expected to be announced by the end of the month, three people said on condition of anonymity. A Lockheed representative declined to comment and a representative for the fighter program said negotiations are ongoing. The U.S. Defense Department expects to spend $391 billion in the coming decades to develop and buy 2,443 of the supersonic warplanes. Though the F-35 program has been criticized by Trump as too expensive, the price per jet has already been declining. Lockheed, the prime contractor, and its partners have been working on building a more cost-effective supply chain to fuel the production line in Fort Worth, Texas. The overtures from the incoming administration may have had some effect, but Lockheed''s F-35 program manager Jeff Babione said last summer that the price of the F-35A conventional takeoff and landing version of the jet would drop to under $100 million per plane in this contract for the 10th low-rate production batch. The F-35 comes in three configurations, the A-model for the U.S. Air Force and U.S. allies; a F-35 B-model which can handle short takeoffs and vertical landings for the Marine Corps and the British navy; and carrier-variant F-35C jets for the U.S. Navy. Lockheed and its main partners, including Northrop Grumman Corp ( NOC.N ), United Technologies Corp''s ( UTX.N ) Pratt & Whitney and BAE Systems Plc ( BAES.L ), have been developing and building F-35s for the U.S. military and 10 allies. On Oct. 25 Lockheed, the world''s largest defense contractor, reported a quarterly profit that handily beat analysts'' expectations, as sales of its Sikorsky helicopters pushed total revenue up 14.8 percent. Lockheed is set to host its fourth-quarter earnings call on Tuesday. (Reporting by Mike Stone; Editing by Lisa Shumaker) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-lockheed-pentagon-idUKKBN15308A'|'2017-01-19T08:57:00.000+02:00'
'ed95a83e60317ef2d2678f251ec702c4fa7b5ceb'|'UK PM May says Britain faces momentous change as it leaves EU'|'Money News  10pm IST UK PM May says Britain faces momentous change as it leaves EU Britain''s Prime Minister Theresa May attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich DAVOS, Switzerland Britain is facing a period of momentous change following its decision to leave the European Union and will need to forge a new role in the world, Prime Minister Theresa May told the World Economic Forum in Davos on Thursday. May, who has said Britain wants a "bold and ambitious" trade agreement with the EU when it leaves the bloc, said Britain would step up to a new leadership role as a strong advocate for business, free markets and free trade after Brexit. "Let us not underestimate the magnitude of that decision. Britain must face up to a period of momentous change, it means we must go through a tough negotiation and forge a new role for ourselves in the world, it means accepting that the road ahead will be uncertain at times," May said. May also said Britain had already started discussions on future trade ties with countries including New Zealand, Australia and India. (Reporting by Elizabeth Piper and Noah Barkin, writing by Kylie MacLellan, Editing by William James) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-may-idINKBN1531CD'|'2017-01-19T17:40:00.000+02:00'
'd5db25265cd85379159cb4ded038c47d635fd954'|'Indian government wants Apple, but not all officials are biting'|'Business News - Thu Jan 19, 2017 - 12:38am GMT Indian government wants Apple, but not all officials are biting An iPhone is seen on display at a kiosk at an Apple reseller store in Mumbai, India, January 12, 2017. Picture taken January 12, 2017. REUTERS/Shailesh Andrade By Sanjeev Miglani and Rajesh Kumar Singh - NEW DELHI NEW DELHI Some Indian officials have baulked at Apple''s ( AAPL.O ) demands for concessions before it assembles iPhones there, raising doubts about a spring deadline to launch a key project in Prime Minister Narendra Modi''s campaign to lure foreign investors. The country is still keen for the U.S. tech giant to produce its signature smartphones there, and Information Technology Minister Ravi Shankar Prasad said on Wednesday that India would keep an "open mind" in negotiations. "We will very much like Apple to come and have a base in India," he said. But Apple Inc''s long list of demands, including tax concessions and several other policy exceptions, still faces resistance from officials who consider it excessive and unfair on foreign companies already operating in India. Their caution underlines how Modi''s ambition to make India a global manufacturing hub, in order to drive the economy and create jobs for millions of people entering the workforce each year, will not be easy. "We have not done this for anyone," said a senior government official whose department is one of several involved in evaluating the Apple proposal. "If we do this, we must see a lot of value addition." Another official involved in the review said the government should make policies for the industry, not individual companies. "Apple is coming here because it sees a lucrative market, this is not a favour being done to India." Competitors such as South Korea''s Samsung Electronics ( 005930.KS ) and China''s Xiaomi have already set up manufacturing in the country. Apple did not respond to a request for comment. LETTER SPELLS OUT DEMANDS Modi met Apple CEO Tim Cook last May and discussed iPhone production in India. Where any plant would be located and how many people it might employ have yet to be finalised, although it would likely involve thousands of jobs. Attracting such a household name would be a valuable advertisement for a country shaking off a reputation for stifling bureaucracy, but officials are wary of tailoring rules to individual investors. "What Apple is trying to do, if it happens, I think it will be available to everybody in the industry. I don''t see the government of India making discriminatory policies," said Arvind Vohra, chief executive at Gionee India, part of Chinese smartphone maker Gionee. It is setting up a local manufacturing plant under India''s existing rules. From Apple''s point of view, the ambitious timeline agreed by Modi and Cook reflected its need to capture more of the fast-growing Indian market, where it has only about 2 percent share as iPhone sales in the United State and China have slowed. In a letter sent to the prime minister''s office on Oct. 13 and seen by Reuters, it called on the government to "make the environment attractive" for it to make phones for the Indian market as well as for export. On the matter of duties, it said high import taxes on smartphones could lead to retaliation from trading blocs. "This would increase the cost of India manufactured smartphones and in turn limit India''s ambition of becoming a smartphone hub for the rest of the world." Despite the reluctance of some officials, Modi could intervene to get the Apple project back on schedule. In June, the government relaxed local sourcing rules for foreign retailers like Apple barely a month after the finance ministry turned down the company''s request for a waiver. The company and its partners have reportedly won significant concessions before in other markets. MEETING NEXT WEEK On Jan. 25, the departments of industry, information technology and electronics, and finance will meet Apple executives to consider the conditions set out by the firm in India, government officials said. In May, Modi and Cook agreed to work towards a "package" of four projects: assembling iPhones, opening Apple stores, importing certified pre-owned iPhones and refurbishing them in India, according to the letter. Apple said its initial focus was to set up manufacturing of iPhones in India over two phases, the first of which was to be introduced by spring this year. But after conducting due diligence on what it would take to get the project going, it determined its entry was "dependent on government support on a number of pre-requisites." The Cupertino, Calif.-based company listed a set of seven demands. Among them, it sought duty exemption on raw materials for manufacturing, components and capital equipment for 15 years for both domestic and export markets. Apple also sought a change in rules that would govern how it could import defective iPhones to repair and export them again, a move it said was crucial for it to keep supporting and repairing older models of the iPhone. Currently, Indian rules restrict such imports to phones that are no older than three years. Apple asked for the government''s help in quickly processing a request for a ruling from Indian tax authorities on transfer pricing agreements between its affiliates. It also identified India''s customs procedures as a hurdle to manufacturing and asked the government to make them less onerous. "For trusted traders inspections need to be less intrusive - this means less boxes opened," Apple wrote. "The complete process should not require more than thirty minutes." (Additional reporting by Sankalp Phartiyal in MUMBAI and Nidhi Verma in NEW DELHI; Editing by Mike Collett-White and Paritosh Bansal) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-apple-india-idUKKBN15302O'|'2017-01-19T07:38:00.000+02:00'
'd345f7ab75b5500e6215fba1e52c761c7d27aabb'|'Alibaba''s Ma says no chance of U.S. trade war with China'|' 09am IST Alibaba''s Ma says no chance of U.S. trade war with China left right Alibaba executive chairman Jack Ma, attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2017. REUTERS/Ruben Sprich 1/2 left right Alibaba executive chairman Jack Ma, attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2017. REUTERS/Ruben Sprich 2/2 DAVOS, Switzerland China and the United States are not about to be drawn into a trade war, Alibaba ( BABA.N ) Executive Chairman Jack Ma said on Wednesday at the World Economic Forum (WEF) in Davos. "China and (the) U.S. will never have a trade war. Give Trump some time. He''s open minded," Ma told a panel at the meeting of business and political leaders in the Swiss Alps. Ma met U.S. President-elect Donald Trump last week and laid out the Chinese e-commerce giant''s new plan to bring one million small U.S. businesses onto its platform to sell to Chinese consumers over the next five years. (Writing by Alexander Smith; Editing by David Goodman) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trade-china-alibaba-idINKBN15307N'|'2017-01-19T08:39:00.000+02:00'
'70e95e5852117a9736c36605e691499e10d1d4b2'|'Brazil''s Unidas sets 15.15-18.71 reais price range for IPO - filing'|'Market News   5:09am EST Brazil''s Unidas sets 15.15-18.71 reais price range for IPO - filing BRASILIA Jan 19 Brazilian car rental firm Unidas SA plans to sell shares in an initial public offering at between 15.15 reais and 18.71 reais, it said in a filing on Thursday. Unidas plans to sell 46,192,813 common shares. Book building starts on Thursday and ends on Feb. 9, and shares are expected to start trading in the Sao Paulo stock exchange on Feb. 13, according to the filing. Unidas'' IPO is the second of a car rental firm planned for this year, following a share offering by Movida Participaçoes SA announced earlier this week. Both IPOs underscore the resilience of car renting despite Brazil''s harshest recession in eight decades, high unemployment and a slump in consumer and corporate spending. Growing confidence among local investors and expectations of a more business-friendly government following former President Dilma Rousseff''s ouster in 2016 year are also bolstering IPO requests. (Reporting by Paula Laier; Writing by Silvio Cascione; Editing by Elaine Hardcastle) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/unidas-sa-ipo-idUSL1N1F90CQ'|'2017-01-19T17:09:00.000+02:00'
'dd78d6e62a63214614ab1aa2e6e280688f3e9dd4'|'Fitch Assigns Zhuhai Huafa''s USD Bonds ''BBB(EXP)'' Rating'|'Financials  27am EST Fitch Assigns Zhuhai Huafa''s USD Bonds ''BBB(EXP)'' Rating (The following statement was released by the rating agency) HONG KONG, January 17 (Fitch) Fitch has assigned a long-term foreign-currency expected rating of ''BBB(EXP)'' to proposed US dollar senior unsecured bonds to be issued by Huaxing Investment Holding Company Limited (Huaxing). Huaxing is an indirect wholly owned subsidiary of China-based Zhuhai Huafa Group Co., Ltd. (Zhuhai Huafa, BBB/Stable). The bonds will be unconditionally and irrevocably guaranteed by Zhuhai Huafa. The final rating on the proposed notes is contingent upon the receipt of final documents conforming to information already received. KEY RATING DRIVERS The guaranteed bonds will constitute Zhuhai Huafa''s direct, unconditional, unsubordinated and unsecured obligations and will rank pari passu with other present and future unsecured and unsubordinated obligations. Bond proceeds will be used for general corporate purposes. The bond is rated at the same level as Zhuhai Huafa''s Issuer Default Rating because the direct guarantee structure transfers the ultimate responsibility of payment to Zhuhai Huafa. Zhuhai Huafa''s ratings are credit-linked with, but not equalised to, Fitch''s internal credit assessment of Zhuhai municipality. This is due to the company''s full-municipal ownership, strong municipal oversight of its financials and the strategic importance of Zhuhai Huafa''s public-sector business to the municipality. These factors suggest a strong likelihood of extraordinary support from the municipality for Zhuhai Huafa, if needed. Zhuhai Huafa is registered as a wholly state-owned entity and the Zhuhai State-Owned Assets Supervision and Administration Commission (SASAC) has full control over the company. Zhuhai SASAC has decision-making power over Zhuhai Huafa''s major investment and financing choices and the company''s board is mostly appointed by the municipality, which also closely monitors its financing plan and indebtedness levels. In addition, Zhuhai Huafa is required to regularly report its operational and financial results to the municipality. Zhuhai Huafa plays an important role in implementing the municipality''s urban planning and development blueprint. The company is involved with large-scale social-housing projects and urban developments, such as Shizimen Central Business District. Zhuhai Huafa also owns majority shares in Zhuhai Financial Investment Holdings Group Co., Ltd. - a key municipality-owned investment holding platform for financial institutions and industrial-equity investment. RATING SENSITIVITIES Any rating action on Zhuhai Huafa''s Issuer Default Rating would result in similar rating action on the proposed rated bonds. Contact: Primary Analyst Terry Gao Director +852 2263 9972 19/F Man Yee Building 68 Des Voeux Road Central Hong Kong Secondary Analyst Jean Luo Associate Director +852 2263 9952 Committee Chairperson Raffaele Carnevale Senior Director +39 02 87 90 87 203 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com. Applicable Criteria International Local and Regional Governments Rating Criteria - Outside the United States (pub. 18 Apr 2016) here Rating of Public-Sector Entities - Outside the United States (pub. 22 Feb 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017627 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch''s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986610'|'2017-01-17T15:27:00.000+02:00'
'c84036219f71b6ea95d0b7a1a3c1d56fd177b14c'|'Mastek consol'|'Jan 17 Mastek Ltd* Dec quarter consol net profit 112.3 million rupees* Dec quarter consol total income from operations 1.26 billion rupees* Consol net profit in Dec quarter last year was 7.9 million rupees; consol total income from operations was 1.38 billion rupees* Says 12 month order backlog stood at inr 2.27 billion on 31 Dec 2016 Source text: bit.ly/2juy4FL '|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/idINFWN1F704G'|'2017-01-17T05:39:00.000+02:00'
'9f20575714b090cb36ace66639065fcc3048848b'|'Exxon boosts Permian basin holding in deal worth up to $6.6 billion'|'Exxon Mobil Corp ( XOM.N ) said on Tuesday it will buy companies owned by the Bass family of Fort Worth, Texas in a deal worth up to $6.6 billion that would more than double its output from the prolific Permian basin.Exxon said it will make an upfront payment of $5.6 billion in stock as well as a series of contingent cash payments totaling up to $1 billion over a period of time.The acquired companies hold about 275,000 acres of leasehold that produces more than 18,000 net oil equivalent barrels per day, Exxon said.Exxon currently produces about 140,000 net oil-equivalent barrels per day across its Permian Basin leasehold.(Reporting by Arathy S Nair in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-exxon-mobil-deals-permian-idUSKBN15120F'|'2017-01-17T17:18:00.000+02:00'
'e0d0b2e7c54dfee1290e6d2ab5c07ef777ed590c'|'Rosneft says sold Saras stake in part because of sanctions'|'MOSCOW Russian oil company Rosneft ( ROSN.MM ) said on Wednesday it had sold its stake in Italian refiner Saras ( SRS.MI ) for 175 million euros ($186.88 million) and that it had sold in part because sanctions prevented it from taking a controlling stake in the refiner."The sale is part of a program of optimizing the company''s portfolio of assets linked, in part, with the fact that it is impossible to implement the original agreement on increasing Rosneft''s share to a controlling share, given the sanction restrictions in force," Rosneft said in a statement."The money received from the sale of the share will be used to implement strategic projects with other Italian partners of Rosneft," the statement said.Rosneft said it sold its 12 percent stake in Saras for 1.53 euros per share via an accelerated book-building.(Reporting by Katya Golubkova and Olesya Astakhova; Writing by Christian Lowe; Editing by Alexander Winning)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rosneft-saras-price-idINKBN152171'|'2017-01-18T07:49:00.000+02:00'
'83ec68375ae3939e67ec63a4e05ac2fd434c8828'|'UBS Chairman says 1,000 London-based employees could be hit by Brexit: BBC'|'Business News - Wed Jan 18, 2017 - 11:37am EST UBS Chairman says 1,000 London-based employees could be hit by Brexit: BBC Axel Weber, Chairman of the Board of Directors of UBS bank attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich LONDON UBS ( UBSG.S ) Chairman Axel Weber has said that around 1,000 of the Swiss bank''s 5,000 employees based in London could be impacted by Britain''s exit from the European Union. "We have roughly 5,000 people in London. Real passporting business is probably down to about 1,000 of those employees in London and for them we have to look at what the ultimate deal will be mapped out with," Weber said in a BBC television interview at the World Economic Forum in Davos on Wednesday. "So we’re still looking at what is happening but of course we have to look at optionality and we’ve largely done that so far." CEO Sergio Ermotti has said previously that 20 percent to 30 percent of those London-based employees could be affected should the Swiss bank decide to move. In 2016, UBS set up a bank in Frankfurt to consolidate most of its European wealth management operations in an effort to conserve capital and simplify its structure. Other banks are expected to announce more concrete plans for how they will adapt to Brexit in the coming months after Prime Minister Theresa May confirmed in a speech on Tuesday that Britain would leave the European single market. (Reporting By Anjuli Davies; Editing by Rachel Armstrong.) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-ubs-group-idUSKBN1522EV'|'2017-01-18T23:37:00.000+02:00'
'f9d73b5b09edc7a03f9384a1b9f8a2b81d33f089'|'Russia cbank to coordinate managing forex reserves with govt - Interfax'|'Financials   1:08pm EST Russia cbank to coordinate managing forex reserves with govt - Interfax MOSCOW Jan 18 The Russian central bank will coordinate its action on how to manage forex reserves with the Finance Ministry, Interfax news agency quoted the bank as saying on Wednesday. Discussion on ways to prop up the reserves have resumed after the rouble became one of the best performing emerging market currencies in 2016. The reserves were used to cushion the budget deficit, which widened due to the slump in the price of oil, Russia''s chief commodity export. But the independent central bank has been resistant to state conditions for replenishing the reserves. The bank said it may consider buying foreign currency if the oil prices increase, Interfax reported. OPEC, Russia and other non-OPEC producers in November and December pledged to cut oil output by nearly 1.8 million bpd, initially for six months, to bring supplies back in line with consumption, supporting prices. (Reporting by Vladimir Soldatkin and Andrey Ostroukh; Editing by Alison Williams) Next In Financials Monte dei Paschi won''t take chances with first state-backed bond-sources MILAN, Jan 18 Monte dei Paschi di Siena is unlikely to tap markets with an upcoming 2 billion euro ($2.1 bln) bond as it fears a state guarantee on the issue won''t be enough to draw sufficient investor demand, three sources familiar with the matter said.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/russia-cenbank-reserves-idUSL5N1F85Y4'|'2017-01-19T01:08:00.000+02:00'
'4a6024069db7ab3b8cbec1bb9052ad4bbd9ef2f4'|'BRIEF-Sunoco LP announces real estate portfolio strategy'|' 21am EST BRIEF-Sunoco LP announces real estate portfolio strategy Jan 18 Energy Transfer Equity Lp : * Sunoco LP announces real estate portfolio strategy * Sunoco LP - partnership has retained nrc realty & capital advisers, LLC to assist with strategic alternatives for more than 100 real estate assets * Sunoco LP says real estate assets included in this process are company-owned locations, undeveloped greenfield sites and other excess real estate * Sunoco -properties will be sold through a sealed-bid sale in a ''buy one, some or all'' format  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F80CO'|'2017-01-18T19:21:00.000+02:00'
'4e76ce8c3de660c419f2a047ac957f39916701de'|'BRIEF-Takeda Pharmaceutical & Ovid Therapeutics announces clinical development,commercialization collaboration for TAK-935'|' 15am EST BRIEF-Takeda Pharmaceutical & Ovid Therapeutics announces clinical development,commercialization collaboration for TAK-935 Jan 18 Takeda Pharmaceutical Co Ltd: * Takeda and Ovid Therapeutics announce innovative clinical development, commercialization collaboration for TAK-935 in rare pediatric epilepsies * Takeda Pharmaceutical says received equity in Ovid and may be eligible to receive certain milestone payments based on the advancement of TAK-935 * Takeda Pharmaceutical says Takeda will lead commercialization in Japan, and has the option to lead in asia and other selected geographies * Takeda Pharmaceutical says Cos to share in development and commercialization costs on 50/50 basis; if successful, will share in profits on 50/50 basis * Takeda Pharmaceutical says if mutually agreed, additional orphan central nervous system indications may also be pursued * Takeda Pharmaceutical says Ovid will lead clinical development activities and commercialization of TAK-935 in the U.S., Europe, Canada and Israel * Takeda pharmaceutical says additional financial details were not disclosed * Takeda pharmaceutical says companies expect to initiate a phase 1B/2A study in 2017 in patients with rare epileptic encephalopathies  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSB8N14P01J'|'2017-01-18T19:15:00.000+02:00'
'b4835b6ccd9070c76688eeb377e6e354a25cc266'|'Fitch Affirms Tugu Pratama Indonesia at IFS ''AA(idn)'''|'Financials   3:01am EST Fitch Affirms Tugu Pratama Indonesia at IFS ''AA(idn)'' (The following statement was released by the rating agency) JAKARTA/SINGAPORE, January 18 (Fitch) Fitch Ratings Indonesia has affirmed PT Tugu Pratama Indonesia''s National Insurer Financial Strength (IFS) Rating at ''AA(idn)''. The Outlook is Stable. ''AA'' National IFS Ratings denote a very strong capacity to meet policyholder obligations relative to all other obligations or issuers in the same country, across all industries and obligation types. The risk of ceased or interrupted payments differs only slightly from the country''s highest rated obligations or issuers. KEY RATING DRIVERS The company''s rating reflects its strong market presence in Indonesia''s non-life insurance market and capital support, if needed, from its 65% shareholder, PT Pertamina (Persero) (BBB-/Positive), a major state-owned oil and gas company. It also takes into consideration the company''s manageable investment risks and sound capital buffer. The rating is constrained by uncertainty over Tugu Pratama''s premium sustainability and its business portfolio concentration in large corporate and oil and energy insurance risks. Tugu Pratama is one of Indonesia''s five largest non-life insurers, capturing around 5.8% market share by total industry gross written premiums as at end-2015. The company maintains a liquid investment portfolio, with around half of its invested funds in cash and deposits and fixed-income instruments at end-September 2016. Fitch considers its exposure to risky assets as manageable relative to its adjusted equity. The company''s operating performance has been robust in the past three years, with the combined ratio below 100%. However, the combined ratio increased to above 100% at end-September 2016 due to claim hikes and lower premium income from weaker oil prices and fewer infrastructure projects by Pertamina. Tugu Pratama has maintained a sound capital buffer to support its underwriting businesses, as indicated by its risk-based capitalisation ratio of 310% at end-November 2016. The ratio remains much higher than the regulatory 120% minimum, despite a slight decrease from 374% at end-2015. Fitch sees this ratio as commensurate with the company''s rating profile. The Stable Outlook reflects Fitch''s expectation that Tugu Pratama will maintain a sufficient capital buffer relative to its operating portfolio and prudent reinsurance management to protect itself from potential catastrophe losses. RATING SENSITIVITIES Key rating triggers for an upgrade include the company''s ability to maintain its favourable underwriting margin, as seen in a combined ratio consistently below 90%, and successful diversification away from the energy business while maintaining a solid capital position and improving premium sustainability management. Key rating triggers for a downgrade include a significant and sustained drop in Tugu Pratama''s capital, as seen in a risk-based capitalisation ratio consistently below 300%, which adversely affects its operating profile or ability to support underwriting risks. A decline in profitability, with return-on-equity consistently below 3%, weakening risk management or a sharp rise in Tugu Pratama''s after-reinsurance underwriting risks relative to equity would also be negative for its ratings. Contact: Primary Analyst Ghaida Gunarti Analyst +62 21 2988 6814 PT Fitch Ratings Indonesia DBS Bank Tower 24th Floor Suite 2403 Jl. Prof. Dr. Satrio Kav 3-5 Jakarta, Indonesia 12940 Committee Chairperson Siew Wai Wan Senior Director +65 6796 7217 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Note to editors: Fitch''s National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated ''AAA'' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as ''AAA(idn)'' for National ratings in Indonesia. Specific letter grades are not therefore internationally comparable. Additional information is available at www.fitchratings.com Applicable Criteria Insurance Rating Methodology (pub. 15 Sep 2016) here National Scale Ratings Criteria (pub. 30 Oct 2013) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch''s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986882'|'2017-01-18T15:01:00.000+02:00'
'13eb4821383b44027af708d49c027318d6ef56e1'|'Bertelsmann says open to raising stake in Penguin Random House'|'FRANKFURT Jan 18 German media group Bertelsmann may raise its stake in book publisher Penguin Random House, its joint venture with Britain''s Pearson, it said on Wednesday after Pearson said it intended to issue an exit note."We are open to increasing our stake in Penguin Random House, provided the financial terms are fair," Bertelsmann Chief Executive Thomas Rabe said in a statement."Strategically this would not only strengthen one of our most important content businesses, it would also once further strengthen our presence in the United States, our second largest market," he added.Bertelsmann and Pearson combined their book-publishing businesses in 2013. Bertelsmann holds 53 percent of the joint venture and Pearson 47 percent. (Reporting by Georgina Prodhan; Editing by Edward Taylor)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bertelsmann-pearson-idINFWN1F803A'|'2017-01-18T04:27:00.000+02:00'
'f4fc85e9adeb58e196729faee5585d010bdf7b5a'|'South Korean court dismisses arrest warrant for Samsung chief'|'Industrials  48pm EST South Korean court dismisses arrest warrant for Samsung chief * Korean court says no to arrest warrant for Samsung chief * Lee had been accused of bribery, embezzlement, perjury By Joyce Lee SEOUL, Jan 19 A South Korean court on Thursday dismissed a warrant to arrest the head of the Samsung Group , the country''s largest conglomerate, a court spokesman said, amid a graft scandal that led to the impeachment of President Park Geun-hye. The decision by the Seoul Central District Court to allow Jay Y. Lee to go home is likely to come as a major relief to the company and for Lee, who has tried to fill the vacuum in the group''s leadership since his father suffered a heart attack in 2014. Lee had been questioned for 22 hours last week and was held overnight on Wednesday while the court reached its decision. The judge said in a statement that after reviewing the contents and the process of the investigation so far, it "deemed it difficult to acknowledge the necessity" of an arrest at the current stage. A Samsung Group spokeswoman did not have an immediate comment. The group''s flagship, Samsung Electronics, is the world''s biggest maker of smartphones, flatscreen TVs and memory chips. The special prosecutor''s office on Monday said it would seek a warrant to arrest the third-generation leader of Samsung on suspicion of bribery, embezzlement and perjury. Lee had denied wrongdoing. Park, 64, was impeached last month by parliament over the influence-peddling scandal, a decision that if upheld by the Constitutional Court will see her become the country''s first democratically elected leader forced from office early. Park, who remains in office but stripped of her powers while the court decides her fate, has also denied wrongdoing. The special prosecutor has accused Lee of paying bribes totalling 43 billion won ($36.70 million) to organisations linked to Choi Soon-sil, a friend of the president who is at the centre of the scandal, to secure the 2015 merger of two affiliates and cement his control of the family business. Earlier this week, the special prosecutor indicted the chairman of the National Pension Service, the world''s third-largest pension fund, on charges of abuse of power and giving false testimony. (Additional reporting by Ju-min Park, Se Young Lee and Christine Kim; Writing by Nick Macfie) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/southkorea-politics-idUSL4N1F84YH'|'2017-01-19T03:48:00.000+02:00'
'7429f9b97c16108c159f21345536f4e516b1de93'|'U.S. Judge okays sale by Hanjin Shipping Co of Total Terminals stake'|'Business News  34pm EST U.S. Judge okays sale by Hanjin Shipping Co of Total Terminals stake A tugboat passes Hanjin Hungary container ship at PSA''s Tanjong Pagar terminal in Singapore September 28, 2016. REUTERS/Edgar Su/File Photo SAN FRANCISCO Bankrupt South Korean shipping line Hanjin Shipping Co Ltd ( 117930.KS ) won U.S. court approval at a hearing on Wednesday for the $78 million sale of its stake in U.S. terminal operator Total Terminals International LLC, overcoming objections of container companies. "My decision is to approve the sale," U.S. Bankruptcy Judge John Sherwood said, adding he would approve the transfer of the sale''s proceeds to South Korea. The container companies are creditors of Hanjin and were concerned whether the shipping line was getting top dollar for its 54 percent stake in Total Terminals, which operates container terminals at the ports of Seattle and Long Beach, California, and was rushing to close the transaction. It has already been approved in South Korea. (Reporting by Jim Christie; Editing by Alan Crosby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hanjin-shipping-assetsale-idUSKBN1522X0'|'2017-01-19T03:23:00.000+02:00'
'66bee8b6a7a5549b1366a279ec1ae692e6ba3a13'|'Vape companies try to galvanize Trump administration to ease FDA rules'|'Company News  25pm EST Vape companies try to galvanize Trump administration to ease FDA rules By Jilian Mincer Jan 18 As tobacco and vaping companies focus on new smoking products that are potentially less harmful, the industry sees an opening for rolling back rules on these products under the Trump administration. Donald Trump''s surprise election victory in November, and his pledges to reduce federal regulations on business, led tobacco lobby groups to draft a new plan of action, according to company executives, lobbyists and consultants interviewed by Reuters. The immediate goal is to delay implementation of new regulations on the latest generation of e-cigarettes and other vaping devices, which produce a vapor from liquid nicotine rather than burning tobacco. Longer-term, they are setting their sights on repealing the 2016 law that treats these devices like cigarettes. Lobbyists describe a cautious optimism as they approach lawmakers with their plans for products that they say can help traditional smokers quit and avoid the known dangers of tobacco. With U.S. sales of conventional cigarettes shrinking, Big Tobacco has made a major bet in recent years to dominate the e-cigarette industry. On Tuesday, British American Tobacco Plc announced a $49-billion deal to take over rival Reynolds American Inc , uniting two major e-cigarette players in the United States and United Kingdom and becoming a bigger competitor to Philip Morris International Inc and U.S. partner Altria Group. "Suddenly things that were not conceivable became something we thought we could do," said Cynthia Cabrera, former president and executive director for the Smoke-Free Alternatives Trade Association (SFATA). Cabrera now has her own industry consulting firm, the Cating Group. In 2009, Congress allowed the U.S. Food and Drug Administration to extend its oversight to all tobacco products. New regulations took effect last August that brought e-cigarettes, cigars, pipe tobacco and hookah tobacco in line with existing rules for cigarettes and smokeless tobacco. They require companies to submit e-cigarettes and other newer tobacco products for government approval, list their ingredients and place health warnings on packages and in advertisements. Health advocacy groups hailed the regulations as the potential health risks and benefits of e-cigarettes are still being studied. Industry officials said they would hurt small companies and cripple development. Opponents said the rule was especially unfair because it would apply to any products introduced after Feb. 2007, meaning that most e-cigarettes now on the market would require regulatory review. On Tuesday, a coalition of 13 organizations, including libertarian-oriented tech groups, asked Congress to grandfather all products introduced by August 2016, when the rules took effect. "The FDA''s regulations threaten to kill an industry that has created tens of thousands of jobs by producing safer products that help many Americans quit smoking," the letter to Senate Majority leader Mitch McConnell and House Speaker Paul Ryan said. Representative Tom Cole of Oklahoma wrote to incoming Vice President Mike Pence this month asking that all FDA deadlines on new tobacco products be delayed by a year as their fate is determined. Public health advocates say they plan to fight any changes to the Tobacco Control Act, warning that fewer restrictions on e-cigarettes could hook a new generation on nicotine after years of efforts to prevent kids from smoking. "We know e-cigarettes are the most commonly used tobacco product among kids," said Erika Sward, assistant vice president, National Advocacy for the American Lung Association, noting the appeal of flavored nicotine liquids used in the devices. BAT makes the popular Vype brand in Europe, while Reynolds owns Vuse, the top selling brand in the United States. They have already collaborated on technology and licensing, but their merger is expected to speed up and simply innovation. "Consumers are looking for alternatives that have the potential to reduce harm," said Susan M. Cameron, executive chairman of Reynolds American''s board of directors. Philip Morris and Altria aim to launch a promising, new technology called iQOS that heats tobacco but does not burn it, potentially preserving the qualities that smokers want with fewer health risks. The company submitted the product for FDA review in December. "There is a much higher level of hope and a general belief that a new administration would be willing to take a new look and consider a harm reduction rather than abstinence only approach to nicotine," said Michael Hogan, a lobbyist who represents the vaping industry at the Alpine Group. (Reporting By Jilian Mincer; Editing by Michele Gershberg and Nick Zieminski) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-tobacco-vape-idUSL1N1F821P'|'2017-01-19T03:25:00.000+02:00'
'ad3b2b31907f28d3853b9d4aca63980cb9eaa6e5'|'Upbeat Boeing CEO says meeting with Trump ''very productive'''|'Politics  18pm EST Upbeat Boeing CEO says meeting with Trump ''very productive'' Dennis Muilenburg, CEO of The Boeing Company, arrives at Trump Tower in New York City, U.S. January 17, 2017. REUTERS/Stephanie Keith WASHINGTON Boeing Co Chief Executive Dennis Muilenburg said he had a "very productive" meeting with President-elect Donald Trump on Tuesday and was encouraged by progress in talks on the Air Force One replacement fleet and on fighter planes. "We discussed Air Force One, we discussed fighter aircraft," Muilenburg told reporters after the hour-long meeting. "We made some great progress on simplifying requirements on Air Force One, streamlining the process ... all that is going to provide a better airplane at a lower cost. I''m pleased with the progress there." (Reporting by Doina Chiacu; Editing by David Alexander) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-boeing-ceo-idUSKBN1512IC'|'2017-01-18T00:18:00.000+02:00'
'a0ec0b2104c6a784d23c731f8491937ea0d99461'|'Italy to announce new 15-year BTP bond on Tuesday - sources'|'Financials  29am EST Italy to announce new 15-year BTP bond on Tuesday - sources MILAN Jan 17 Italy is set to announce later on Tuesday it has hired a group of banks for the syndicated issue of a new 15-year nominal bond, two market sources said, in the first test of investor appetite for its debt after last week''s sovereign downgrade. It was not immediately possible to reach the Treasury for comment. Italy last launched a 15-year BTP bond in March 2015. Expectations for a new 15-year issue have been weighing on longer-dated Italian bonds in recent days. "The Treasury is at work on a new 15-year issue. It is expected to announce the mandate after market close," one of the sources said. Italy lost its last remaining single ''A'' rating on its debt on Friday when Canadian rating agency DBRS downgraded it to ''BBB (high)'' from ''A (low)''. (Reporting by Luca Trogni, writing by Valentina Za, editing by Francesca Landini) Next In Financials Fitch Affirms CIFD at ''A''; Stable Outlook (The following statement was released by the rating agency) PARIS, January 17 (Fitch) Fitch Ratings has affirmed Credit Immobilier de France Developpement''s (CIFD) Long-Term Issuer Default Rating (IDR) at ''A''. The Long-Term IDR of Caisse Centrale du Credit Immobilier de France (3CIF), the group''s financing arm, has also been affirmed at ''A''. The Outlooks are Stable. A full list of rating actions is at the end of this rating action commentary. These rating actions are part of a review of euro'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-bonds-15year-idUSI6N1F2000'|'2017-01-17T22:29:00.000+02:00'
'bda99e64af3f7d83b15dc188458844cbe1703965'|'Shanghai shares snap five-session losing streak as tech stocks rally'|'Industrials  22am EST Shanghai shares snap five-session losing streak as tech stocks rally SHANGHAI Jan 17 Shanghai''s benchmark stock index rose on Tuesday, snapping a five-day losing streak, as small-caps staged a sharp afternoon rebound that let an index tracking them halt an eight-day slide. The blue-chip CSI300 index rose 0.2 percent, to 3,326.36 points. The Shanghai Composite Index also added 0.2 percent to 3,108.77 points. China''s start-up board ChiNext remained sluggish in the morning after slumping as much as 6.1 percent to a 16-month low on Monday, but reversed earlier losses after lunch and ended Tuesday in heavy turnover. The rebound, which many say stemmed from views that recent falls were overdone, was led by ChiNext bellwether Leshi Information. It hit its 10 percent daily upside limit in its best day since June. The market apparently drew some support from news that China''s top securities regulator met with market participants on Saturday. It sought feedback on topics including initial public offerings (IPOs), two sources told Reuters, amid an acceleration in listings that has weighed on share prices. News about the meeting fuelled speculation that regulators might slow the pace of IPOs to ease liquidity pressure on the market. (Reporting by Luoyan Liu and John Ruwitch; Editing by Richard Borsuk) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-stocks-close-idUSZZN2RXD00'|'2017-01-17T14:22:00.000+02:00'
'1691abdcbcd69950ea51bc53fb68b1d65a560797'|'BRIEF-Gilat and Air Esurfing announces strategic collaboration to provide in-flight connectivity'|' 29am EST BRIEF-Gilat and Air Esurfing announces strategic collaboration to provide in-flight connectivity Jan 17 Gilat Satellite Networks Ltd - * Gilat and Air Esurfing announce a strategic collaboration to provide in-flight connectivity (IFC) for China''s domestic airline market * Co, Air Esurfing intend to utilize China''s KA-band HTS capacity for domestic IFC services over mainland China Source text for Eikon:   EU mergers and takeovers (Jan 17) BRUSSELS, Jan 17 The following are mergers under review by the European Commission and a brief guide to the EU merger process:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F70EQ'|'2017-01-17T18:29:00.000+02:00'
'9790fb0313ded58088ee372b07137debd2796750'|'Atlas Copco announces split as chief resigns'|'Atlas Copco announces split as chief resigns Swedish company to spin off lower-margin mining and tools businesses Read next by: Richard Milne , Nordic Correspondent Atlas Copco is to split in two and appoint a new chief executive as Sweden’s largest industrial group tries to boost shareholder value. The Wallenberg-backed company is hoping to spin off its mining and construction tools business after a tough period following weakness in the commodities market. That would leave the existing Atlas Copco to focus on compressors, vacuum technology and its big service business , which have higher margins and are growing faster. Ronnie Leten, the Belgian manager who has transformed Atlas into Sweden’s most valuable industrial company in his eight years as chief executive, has resigned and will be replaced by Mats Rahmstrom, the current head of the group’s industrial technique business. Mr Leten said there was no connection between the split and his resignation, merely the sense that after eight years in charge it might be time for a “new leader”. The radical move is the latest in a series of changes in Swedish industry, following a split at SCA and chief executive changes at Volvo Group, Scania and Atlas’s domestic rival Sandvik. Shares in the new company, which is yet to be given a name, will be distributed to Atlas’s existing investors. It had about a quarter of the group’s revenues and an operating margin of 16 per cent in the year to end of September. The rest of Atlas Copco had an operating margin of 20 per cent over the same period and is focused on industrial customers. “The board and management believe that long-term shareholder value will be created by splitting the group into two separate companies. Both businesses are global leaders in their respective fields and will benefit from a more focused management responsibility,” said Hans Straberg, chairman. The split is backed by Investor, the Wallenberg family investment vehicle that is Atlas’s largest shareholder with almost a quarter of voting rights. “As a long-term strategic owner of Atlas Copco, we believe that the intended split is a natural and logical next step, creating two focused, market-leading companies with strong platforms for continued profitable growth and long-term value creation for their shareholders,” said Johan Forssell, chief executive of Investor. Ben Maslen, analyst at Morgan Stanley, greeted the split as a bold and surprising move but said it was less about unlocking hidden value. “Rather, we see it as a way of remaining focused on value creation, allowing management to not be spread too thinly and avoiding becoming a ‘conglomerate’. From a capital allocation perspective, it makes sense to us,” he wrote in a note to investors. Mr Leten has been pursuing growth in vacuum technology — used by chipmakers and smartphone manufacturers to create a clean factory environment — as well as in the more profitable services business that now makes up nearly half of Atlas’s revenues. Under his time in charge, Atlas increased its market capitalisation by more than any other listed Swedish company. Klas Bergelind, analyst at Citi, said he thought the new company focused on mining could become an acquisition target as relatively little deal activity had occurred following the commodity crash. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/europe'|'https://www.ft.com/content/2605c74e-dbc8-11e6-9d7c-be108f1c1dce'|'2017-01-16T17:04:00.000+02:00'
'1897ea7f92540cc2d9c876ef3825f0f0aa79f2ad'|'UBS Chairman says 1,000 London-based employees could be hit by Brexit - BBC'|'Business News - Wed Jan 18, 2017 - 4:50pm GMT UBS Chairman says 1,000 London-based employees could be hit by Brexit - BBC Axel Weber, Chairman of the Board of Directors of UBS bank attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich LONDON UBS ( UBSG.S ) Chairman Axel Weber has said that around 1,000 of the Swiss bank''s 5,000 employees based in London could be impacted by Britain''s exit from the European Union. "We have roughly 5,000 people in London. Real passporting business is probably down to about 1,000 of those employees in London and for them we have to look at what the ultimate deal will be mapped out with," Weber said in a BBC television interview at the World Economic Forum in Davos on Wednesday. "So we’re still looking at what is happening but of course we have to look at optionality and we’ve largely done that so far." CEO Sergio Ermotti has said previously that 20 percent to 30 percent of those London-based employees could be affected should the Swiss bank decide to move. In 2016, UBS set up a bank in Frankfurt to consolidate most of its European wealth management operations in an effort to conserve capital and simplify its structure. Other banks are expected to announce more concrete plans for how they will adapt to Brexit in the coming months after Prime Minister Theresa May confirmed in a speech on Tuesday that Britain would leave the European single market. (Reporting By Anjuli Davies; Editing by Rachel Armstrong.) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-ubs-group-idUKKBN1522EZ'|'2017-01-18T23:50:00.000+02:00'
'a2631df04a24d904614be8f3adea794f0038041b'|'UK Stocks-Factors to watch on Jan 18'|'Company  22am EST UK Stocks-Factors to watch on Jan 18 Jan 18 Britain''s FTSE 100 index is seen opening 14 points higher on Wednesday, according to financial bookmakers. * The UK blue chip index closed 1.5 percent lower at 7,220.38 points, posting its biggest one-day drop since June 2016 on Tuesday, with a jump in sterling following Prime Minister Theresa May''s speech on Brexit hurting dollar-earning companies. * DEUTSCHE BOERSE/LONDON STOCK EXCHANGE: Germany and the European Central Bank are pushing harder for Deutsche Boerse and the London Stock Exchange to give Frankfurt a greater role once they merge, now Britain is leaving the European Union, people involved said. * ROLLS-ROYCE: Rolls-Royce Plc agreed to pay authorities more than $800 million to resolve charges of bribing officials in six countries in schemes that lasted more than a decade, the U.S. Justice Department and UK Serious Fraud Office said in statements on Tuesday. * VEDANTA RESOURCES: Konkola Copper Mines (KCM), owned by global conglomerate Vedanta Resources PLC, will pay the first tranche of a $100 million fine to the Zambian government by the end of month, the country''s investment firm said on Tuesday. * DIAGEO: Diageo Plc, which makes Johnnie Walker Scotch and Smirnoff vodka, is mulling an increase of its majority stake in India''s United Spirits Ltd, although no final decision has been made yet, Bloomberg reported, citing people familiar with the matter. ( bloom.bg/2jlUhE6 ) * ADVERTISING SPEND: British companies spent 2.1 percent more on advertising last year, according to an industry forecast, after a strong fourth quarter, although spending on advertising is set to fall 0.7 percent in 2017 as Brexit uncertainties weigh. * UK REFERENDUM: Ireland''s central bank has had over 100 inquiries from UK financial firms considering moving operations as a result of Britain''s vote to leave the European Union, Finance Minister Michael Noonan said on Tuesday. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Newriver Reit PLC Q3 2017 Trading Statement Release Ladbrokes Coral Group PLC Post-Close Trading Update Diploma PLC Q1 2017 Trading Statement Release Experian PLC Q3 2017 Trading Statement Release J D Wetherspoon PLC Q2 2017 Trading Statement Release Burberry Group PLC Q3 2017 Trading Statement Release Watkin Jones PLC Full Year 2015/16 Results Release Premier Foods PLC Q3 2017 Trading Statement Release Hochschild Mining PLC Q4 2016 Production Results Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1F829I'|'2017-01-18T13:22:00.000+02:00'
'f76a570e8a7b693b7cdd4c804b1708fcb75ad75f'|'Fitch: UK Clarifies Brexit Aims; Outcomes, Timing Still Unclear'|'Financials - Wed Jan 18, 2017 - 6:40am EST Fitch: UK Clarifies Brexit Aims; Outcomes, Timing Still Unclear (The following statement was released by the rating agency) LONDON, January 18 (Fitch) The range of possible Brexit outcomes remains wide and the envisaged timescale for reaching a UK-EU trade agreement ambitious following UK Prime Minister Theresa May''s speech outlining her government''s priorities in leaving the European Union, Fitch Ratings says. But the speech did bring more clarity to the UK''s final Brexit objectives. The speech is the first comprehensive, public presentation of the prime minister''s Brexit priorities (although some, such as the possibility of leaving the single market, could be inferred from earlier statements). It therefore adds greater clarity to the UK''s position in areas such as single market and customs union membership. When we examined hypothetical Brexit trade scenarios last month, we outlined the possible impact of a transition agreement and subsequent comprehensive EU-UK free trade agreement (FTA; Scenario 1), and of a reversion to World Trade Organisation rules followed by an eventual UK-EU FTA (Scenario 2) - see "Alternative Brexit Trade Scenarios", published on 15 December, on www.fitchratings.com, or by clicking the link below. Mrs May''s priorities imply both leaving the EU Single Market and withdrawing from full membership of the EU Customs Union. But it remains highly unclear what institutional and trading relations between the UK and EU will eventually look like after Brexit. Mrs May said that the UK''s priorities "cannot mean membership of the single market" but that it would seek the greatest possible access via an FTA and might try to include elements of the single market for certain industries. She said she had "no preconceived position" on the form of a UK-EU customs agreement that would not bind the UK to a common external tariff and would allow the UK to establish its own WTO tariff schedules. Provisions would be phased in after reaching agreement, with interim arrangements in some cases. This leaves a wide range of possible outcomes regarding future UK-EU trade and institutional arrangements. In addition, the two-year Article 50 negotiations relating to the UK''s departure from the EU will be complex, and the aim to agree a new UK-EU relationship by March 2019 is ambitious. The final outcome will depend not just on the UK''s objectives but on those of EU negotiators and member states, which may themselves vary, and the capacity for all sides to compromise. Phased implementation acknowledges the risk of a "disruptive cliff-edge," but the prime minister emphasised that this did not mean "unlimited transitional status". The pace of implementation could vary in different areas. The uncertainty for economic policy, external trade and regulatory frameworks created by June''s Brexit vote are a sovereign rating weakness for the UK. Our sovereign ratings assessment is not predicated on any base case. We will continue to focus on the degree to which the Brexit process risks damaging UK medium-term economic prospects and public finances. Consumer spending has supported UK GDP since the referendum, and last November we raised our 2017 growth forecast to 1.2% from 1.0%. But we still believe uncertainty about future trading arrangements with the EU and the regulatory environment will weigh on private sector investment - business investment fell 2.2% yoy on 3Q16, according to the Office for National Statistics - while rising inflation will start to squeeze household real income growth (the ONS said on Tuesday that UK CPI rose by 1.6% in the year to December 2016, the highest rate since July 2014). Mrs May on Tuesday listed 12 priorities as the UK prepares to trigger Article 50 by the end of March. These include controlling migration, taking legal powers back from the European Court of Justice, and reaching an FTA with the EU while being free to make trade deals with other countries. <a href="https://www.fitchratings.com/site/re/891434">Alternative Brexit Trade Scenarios <a href="https://www.fitchratings.com/site/re/892023">United Kingdom Full Rating Report Contact: Alex Muscatelli Director, Sovereigns +44 20 530 1695 Fitch Ratings Limited 30 North Colonnade London E14 5GN Michele Napolitano Senior Director, Sovereigns +44 203 530 1882 Brian Coulton Managing Director, Chief Economist +44 20 530 1140 Mark Brown Senior Analyst, Fitch Wire +44 203 530 1588 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. The above article originally appeared as a post on the Fitch Wire credit market commentary page. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986930'|'2017-01-18T18:40:00.000+02:00'
'c0e2979896749eded34a69ca8daa717571428c69'|'BRIEF-Primoris services says unit Rockford Corp awarded $680 mln pipeline construction award'|' 39am EST BRIEF-Primoris services says unit Rockford Corp awarded $680 mln pipeline construction award Jan 18 Primoris Services Corp * Primoris services corporation provides update on $680 million pipeline construction award * Says its unit rockford corp awarded $680 million pipeline construction award * The contract is for a pipeline to bring natural gas to virginia and north carolina * Primoris says estimated rockford''s portion of this project to be about $625 million and included that amount in backlog during q3 2016 * Primoris says the additional $55 million will be included in q4 2016 backlog to bring total project award value to $680 million. Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASC09R7Y'|'2017-01-18T19:39:00.000+02:00'
'9955fe3a6ae8cf3fb3c19557fe2637993ce8040f'|'Davos CEOs more bullish in short-term, politics clouds future'|'Business News   6:03pm GMT Davos CEOs more bullish in short-term, politics clouds future By Martinne Geller - DAVOS, Switzerland DAVOS, Switzerland Global chief executives are more confident about the economy and the near-term prospects for their companies than they were a year ago, although the impact of recent political upheavals tops their list of longer-term concerns. A PricewaterhouseCoopers (PwC) survey of nearly 1,400 CEOs released on Monday, on the eve of the annual World Economic Forum in Davos, found that 29 percent expected global economic growth to pick up in 2017, up from only 27 percent last year. The survey found 38 percent were very confident they could increase revenue growth in the next year, up from 35 percent at the same time last year, which was a six-year low. Last year''s outlook was particularly gloomy due to two years of falling oil prices and slowing growth in China, as well as uncertainty about the next U.S. president, Bob Moritz, PwC''s global chairman, told Reuters. Although Donald Trump''s election is a dramatic shift, some bosses expect business-friendly policies like corporate tax cuts and lighter-touch regulation, and are more optimistic about their own ability to navigate the immediate unknown. "They are more concerned about more things, as the world has become more complicated. The risks that they are worried about are longer-term risks," Moritz said, adding that the survey only reflected the next 12 months, which is too soon to feel the full implications of a Trump presidency or "Brexit". The International Monetary Fund on Monday lifted its forecast for U.S. economic growth in 2017 and 2018 based on President-elect Donald Trump''s tax cut and spending plans, but said this would largely be offset by weaker growth in several key emerging markets. Updating its World Economic Outlook, the IMF kept its overall global growth forecasts unchanged from October at 3.4 percent for 2017 and 3.6 percent for 2018, up from 3.1 percent growth in 2016, the weakest year since the 2008-2009 financial crisis. BREXIT BUMP Adding to the rising confidence in the short term is evidence of the resiliency of the business environment in Britain after its vote last year to leave the European Union. The British pound is down about 19 percent versus the U.S. dollar, giving a boost to domestic industries as imported goods have become more expensive and exports cheaper. British manufacturing grew at its fastest pace in two and a half years last month, adding to signs that the economy ended 2016 strongly. Even though economists expect some inflation in prices in Britain this year to make up for the higher costs, which could pressure budgets, PwC said 41 percent of British bosses were very confident of their revenue growth in the near term. When it comes to plans for hiring, PwC said British CEOs were among the most ambitious, with 63 percent expecting to add headcount in the next 12 months, despite questions over the rights of EU citizens to work in Britain following the divorce. Globally, more than half the CEOs said they expected to increase headcount this year, up from a year earlier. Aside from Britain and the United States, other countries with above-average confidence include Brazil, off a very low base last year, and India, the world''s most optimistic. Despite this year''s uptick, CEO confidence remains slightly lower than in 2014 and 2015, and a long way below what it was before the global financial crisis. The main difference is that now worries are political not economic. "Economically, most clients we talk to are less worried and even some are bullish," said Johan Aurik, CEO of AT Kearney, a rival to PwC in the consultancy business. "But the geopolitical risk, everyone, their eyebrows go up. They say they don''t know." For a graphic on Global CEO confidence in business growth, click here here (Editing by Alexander Smith) A worker prepares the logo of the World Economic Forum in the congress center of the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland January 16, 2017. REUTERS/Ruben Sprich Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-davos-meeting-confidence-idUKKBN150258'|'2017-01-17T00:32:00.000+02:00'
'996a1acbf798e990f592889eb5852aa5763f88da'|'BRIEF-Orosur Mining- production guidance for FY 17 35,000-40,000 oz'|'  5:49pm EST BRIEF-Orosur Mining- production guidance for FY 17 35,000-40,000 oz Jan 17 Orosur Mining Inc * Orosur mining inc. H1 2017 results: $3.7m profit, $7.0m cash from operations and new san gregorio ug mine put into production * Orosur mining - forecast production guidance for fy17 remains between 35,000 to 40,000 oz of gold at operating cash costs of between $800 - $900/oz.  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASC09QVH'|'2017-01-17T05:49:00.000+02:00'
'db293a9c54df108c8b85181d4cb86ee98048d471'|'Groupe Renault reports record sales, expects further growth'|'Business News - Tue Jan 17, 2017 - 8:17am GMT Groupe Renault reports record sales, expects further growth A logo is seen on a Renault Espace car pictured at a dealership in Les Sorinieres near Nantes, France, November 24, 2015. REUTERS/Stephane Mahe PARIS French carmaker Groupe Renault ( RENA.PA ) reported record sales for 2016 thanks to growth in Europe and in overseas markets such as Iran, and it expected more progress this year. Sales rose 13.3 percent last year and vehicles sold in 2016 topped 3.18 million vehicles - a sales record, it said. "Our strategy of product range renewal and geographic expansion, under way for several years now, has proven to be successful. It enables the Groupe Renault to progress significantly in terms of volume and market share in every region," said Thierry Koskas, member of Renault''s executive committee, in a statement. Renault''s figures painted a similar picture to that of rival PSA ( PEUP.PA ) which last week also reported higher sales, with the lifting of international sanctions against Iran boosting PSA''s sales there. (Reporting by Gilles Guillaume and Sudip Kar-Gupta; Editing by Richard Balmforth) Next In Business News Pound quivers near three-month low, stocks weak before May''s Brexit stance speech TOKYO The pound hovered near three-month lows versus the dollar on Tuesday and stocks were mostly weaker as investors waited for British Prime Minister Theresa May to lay out plans to exit the European Union amid fears Britain will lose access to the single market.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-renault-sales-idUKKBN1510RH'|'2017-01-17T15:17:00.000+02:00'
'421cd9acab441d3afbadfd530d9f98970ea5ed14'|'Baidu names former Microsoft exec as COO in artificial intelligence push'|'BEIJING China''s Baidu Inc said it has appointed a former Microsoft Corp executive as chief operating officer, part of a push into artificial intelligence as earnings from its core search engine business wane.Baidu has been refocusing its business strategy after the introduction of new advertising regulations, aimed at medical advertising in particular, led to a 16 percent drop in ad customers during quarter ended in September.Qi Lu, who was an executive vice president at Microsoft and headed its unit in charge of Office, Bing and Skype until last September, will help develop artificial intelligence as a key strategic focus for Baidu over the next decade."Dr. Lu possesses a wealth of leadership and management experience, and is a leading authority in the area of artificial intelligence," Baidu Chief Executive Robin Li in a statement.The company launched a $200 million fund in October to focus on artificial intelligence, augmented reality and deep learning, followed by a $3 billion fund announced in September to target mid and late stage start-ups.In 2014 Baidu appointed another former Microsoft executive, Zhang Ya-Qin, as president, overseeing emerging business. Zhang will report directly to Lu under the new arrangement.Baidu, which is expected to report full-year earnings next month, has forecast a 4.6 percent dip in revenue in the quarter ending in December.(Reporting by Cate Cadell; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-baidu-management-idINKBN1510A0'|'2017-01-17T00:24:00.000+02:00'
'3867e131030e5cd0b428aec06539686cd473c0a4'|'Deals of the day-Mergers and acquisitions'|'Funds News - Tue Jan 17, 2017 - 6:09am EST Deals of the day-Mergers and acquisitions Jan 17 The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Tuesday: ** British American Tobacco has agreed a $49.4 billion takeover of U.S. rival Reynolds American Inc, creating the world''s biggest listed tobacco company after it increased an earlier offer by more than $2 billion. ** Germany''s Lufthansa and Etihad Airways are in talks to possibly merge the two airlines, Italian daily Il Messaggero said in an unsourced report. ** Carlyle Group has agreed to become the largest shareholder in Johannesburg-based Global Credit Ratings (GCR), the U.S. buyout fund said on Tuesday, looking to broaden the pan-African ratings agency''s services. ** German nursing home operator Vitanas has been put up for sale by its family owners who want to focus on new healthcare ventures, sources close to the deal said. ** Portag3 Ventures, a financial technology fund backed by Canada''s Power Financial Corp, has invested an undisclosed amount in finance startup Street Contxt, Portag3''s president said in an interview on Monday. ** Malaysia''s Federal Land Development Authority (Felda), operator of some of the world''s biggest palm oil plantations, may sell shares in publicly listed firms and some hotels in London in a review of investments to raise funds, its chairman said. (Compiled by Diptendu Lahiri in Bengaluru) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/deals-day-idUSL4N1F73LC'|'2017-01-17T18:09:00.000+02:00'
'7802423ebe0386f671142c18054c7eb90ef6bd21'|'Starwood to buy Canada''s Milestone Apartments REIT in $2.9 billion deal'|'A unit of private investment firm Starwood Capital Group said it would buy Canada''s Milestone Apartments Real Estate Investment Trust ( MST_u.TO ) in a deal valued at about $2.85 billion.Starwood Capital will pay $16.15 in cash per Milestone Apartments unit, the REIT said.Based on current exchange rates the offer equates to about C$21.47 per Milestone Apartments unit, which is a premium of 9.2 percent to the unit''s close of C$19.66 on Wednesday.Milestone Apartments'' portfolio consists of 78 multifamily residential properties, comprising 24,061 apartment units, located throughout the Southeast and Southwest United States.The transaction implies an average price of about $120,000 per apartment unit, the REIT said.Milestone''s legal advisers are Goodmans Llp and Vinson & Elkins Llp, while Starwood''s are Stikeman Elliott LLP and Kirkland & Ellis Llp.BMO Capital Markets is Milestone''s financial adviser.(Reporting by John Benny in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-milestone-m-a-starwoodcapitalgroup-idINKBN15322Z'|'2017-01-19T10:58:00.000+02:00'
'ba05382089a15bd0c6117294547ca784815922c1'|'Sterling surges as May promises parliament vote on Brexit'|'Business News - Tue Jan 17, 2017 - 12:21pm GMT Sterling surges as May promises parliament vote on Brexit Wads of British Pound Sterling banknotes are stacked in piles at the GSA Austria (Money Service Austria) company''s headquarters in Vienna July 22, 2013. REUTERS/Leonhard Foeger LONDON Sterling jumped on Tuesday by the most since June''s Brexit referendum as Prime Minister Teresa May promised a parliamentary vote on Britain''s deal to leave the European Union and stressed it would seek to stay a key European partner. The pound, already up more than 1 percent as May began to deliver a keenly-awaited speech that had been extensively leaked to media, surged 2 percent on the day to reach $1.2278 at its peak. It also gained around 0.8 percent to 87.36 pence per euro, reflecting a broader sell-off in the dollar globally driven by concerns over Donald Trump''s presidency. The FTSE 100, which has tended to rise as sterling falls, extended an early drop led by exporters and mining companies as May spoke. Gilt yields, which have been falling as expectations for future UK growth suffered from concerns over Brexit, rose around 2 basis points to 1.275 percent for 10-year paper. (Reporting by Patrick Graham, Jemima Kelly, Marc Jones, Vikram Subhedar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-markets-britain-pm-idUKKBN1511ML'|'2017-01-17T19:21:00.000+02:00'
'7063b4992f13c6ccdcc470547e77112702960043'|'Davos elite faces evaporating trust in ''post-truth'' era'|'By Ben Hirschler - DAVOS, Switzerland DAVOS, Switzerland Trust in governments, companies and the media plunged last year as ballots from the United States to Britain to the Philippines rocked political establishments and scandals hit business.The majority of people now believe the economic and political system is failing them, according to the annual Edelman Trust Barometer, released on Monday ahead of the Jan. 17-20 World Economic Forum (WEF)."There''s a sense that the system is broken," Richard Edelman, head of the communications marketing firm that commissioned the research, told Reuters."The most shocking statistic of this whole study is that half the people who are high-income, college-educated and well-informed also believe the system doesn''t work."The 3,000 business, political and academic leaders meeting in the Swiss Alps this week find themselves increasingly out of step with many voters and populist leaders around the world who distrust elites.Governments and the media are now trusted by only 41 and 43 percent of people respectively, with confidence in news outlets down particularly sharply after a year in which "post-truth" become the Oxford Dictionaries Word of the Year.Trust in business was slightly higher, at 52 percent, but it too has declined amid scandals, including Volkswagen''s rigged diesel emission tests and Samsung Electronics'' fire-prone smartphones.The credibility of chief executives has fallen in every country surveyed, reaching a low of 18 percent in Japan, while the German figure was 28 percent and the U.S. 38 percent.Trust in governments fell in 14 of the countries surveyed, with South Africa, where Davos regular President Jacob Zuma has faced persistent corruption allegations, ranked bottom with just 15 percent support.As the first Chinese president to attend the WEF''s annual forum in Davos, Xi Jinping may be reassured to learn that his government was ranked as the most trusted, with a 76 percent rating among those questioned.The annual survey, which has been running since 2001, took the opinions of 33,000 people in 28 countries from Oct. 13 to Nov. 16 last year.(Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-davos-meeting-trust-idINKBN15002T'|'2017-01-15T22:02:00.000+02:00'
'99fddd7099b6996161a5fa447224cd81a3c3d8a3'|'Swedish banks - safe bet or risky business?'|' 39pm IST Swedish banks - safe bet or risky business? Swedish kronor notes in various denominations are seen   shot February 2, 2011. REUTERS/Bob Strong/File Photo By Johan Ahlander - STOCKHOLM STOCKHOLM Sweden''s four largest banks are using a calculation of the risk to their loan portfolio''s that critics say is flawed and leaves them vulnerable to any correction in the booming housing market. Nordea, Swedbank, SEB <SEBa.ST and Handelsbanken are among the world''s most well capitalized banks and made it through the 2008 financial crisis unscathed, relative to other European banks. Swedish house prices took a small dip during the crisis but have more than tripled in the last 20 years, driven by low interest rates, tax breaks on debt and low building. Swedish households are now among the most indebted in Europe Encouraged by the surging prices, banks have stocked up on property loans. They now account for close to 65 percent of the loan portfolios of the big four, according to the Swedish Financial Supervisory Authority (FSA). While they have built up their home lending, the lenders'' capital positions also appear to have improved. But critics including Sweden''s central bank and the International Monetary Fund say this is because since 2007 the banks were allowed to use a model where they self asses the risk of their portfolios based historic loan losses. With the housing sector making up such a large chunk of Swedish loans, losses have been low for a long time. This means the amount of capital banks need to reserve against future shortfalls has also been set very low, so they have not built buffers big enough to compensate for bigger losses, they say. "They haven''t (increased their capital). They have reduced the risk-weights and it is quite different because the leverage ratio has been almost constant," Swedish central bank governor Stefan Ingves said in December. Since 2010, Swedish banks have doubled their core tier 1 capital ratio, a measure of how much money a bank has in relation to risk-weighted assets, to around 24 percent, above the EU average of around 13 percent. But the leverage ratio, the relationship between the banks capital and its total assets regardless of what risk you assign to them, have remained virtually unchanged at a average of around 4 percent. Banks put a lower risk weighting on loans that are less likely to fail and set aside less money against losses of those loans. The idea is that this serves as an incentive to reduce the risks in the loan portfolios. Spokesmen for Swedbank, SEB and Handelsbanken declined to comment on the risk weightings. Nordea''s head of investor relations, Rodney Alven, said: "What makes us favor risk-adjusted models is that it has taught us a lot about how to manage, minimize and properly price risk. We think that these models have genuinely reduced the risks in the banking system." "We feel we are very well capitalized in every way you measure it," he added. SELF ASSESSMENT IN THE SPOTLIGHT Swedish banks often bemoan a heavier regulatory capital burden than counterparts in Europe. Sweden has tried to adopt a gold-standard approach to capital buffers to preserve the banks'' reputations as solid institutions and because of the importance of the financial sector to the economy. Only Switzerland and the Netherlands have a larger financial sector than Sweden in the European Union relative to the size of the economy. Self-assessed risk-weightings are widely used in Europe but Sweden''s are among the lowest, according to the IMF in a 2016 report. Ingves, who was assigned to clean up the Swedish banking system after the 1990s crisis, says it is time to rein the banks in. He has called for a leverage ratio requirement to balance out creative internal models. "It has been proved since the system was launched that banks have had too large degrees of freedom to decide their risk weights and that needs be to revised," Ingves said. His sentiment is echoed by the IMF which wrote in its report that "available models may suffer from overreliance on recent historical experience, and have difficulties capturing unexpected losses occurring in extreme but plausible scenarios." The internal models are also under scrutiny in other parts of the banking world as the Basel committee is trying to agree on a floor for how low banks risks can be set. The final levels are expected at the end of the month and could see Swedish banks having to set aside more capital against their lending. The Swedish Bankers'' Association says such models are still the best way to capture risk. "If you try to have a single standard for all banks, it''s the ones that work best that are most punished," said Johan Hansing, CEO of the association. "All the Swedish banks have a very strong rating by rating agencies. If there were weaknesses and shortcomings in the Swedish banks'' internal models professional actors like rating agencies would detect it." The Riksbank says that international surveys have shown that there are major differences in banks'' risk weights even for identical portfolios. It advocates a leverage ratio requirement of 4 percent now and a hike to 5 percent by 2018. The FSA, responsible for financial stability in Sweden, agrees rules have been too lax. "We agree partly to that criticism and that is why we have tightened rules," Swedish FSA general director Erik Thedeen said. "But it is to simplistic to say that just because the accumulated capital in relation to the assets have not gone up, the capital has not increased." The FSA has taken a number of measures to shore up the system. A 25 percent risk-weight floor on mortgages has been introduced and banks are forced to count every fifth year as a bad one when calculating for loan losses. The FSA hiked Nordea''s capital requirements with 13.8 billion Swedish crowns ($1.5 billion) in October after a review found that the bank had underestimated the probability for loan losses in its internal models. Asked if it is wise to let banks regulate themselves given that many crises have started with excessive risk-taking by banks, Ingves says: "In retrospect, when you look at it: no, not really." ($1 = 9.1671 Swedish crowns)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/sweden-banks-idINKBN15017W'|'2017-01-16T18:09:00.000+02:00'
'3a0f035bae74e4c763a75e89b107f8af9e06289b'|'UPDATE 1-Clydesdale Bank to close a third of its branches, cut 400 jobs - union'|'Financials  38pm EST UPDATE 1-Clydesdale Bank to close a third of its branches, cut 400 jobs - union (adds Clydesdale statement) LONDON Jan 18 Clydesdale Bank Plc is planning to close about a third of its bank branches and fire more than 400 employees to reduce costs, the Unite union said on Wednesday. The Glasgow-based lender is planning to shut 79 branches, the largest closure program in its history, the union said. "Unite is clear that the closure of a third of the bank''s branches will not only be concerning for staff but the local communities which will see their bank branch close," Unite said in a statement. Clydesdale said the number of customers using branches for transactions have fallen by a third since 2011, while the number of people making digital transactions has increased. Gavin Opperman, Clydesdale''s customer banking director, said the changing use of technology means fewer staff and locations are needed. "The changes announced today continue our journey towards a model that combines an enhanced digital platform with a right sized branch network," he said. (Reporting By Andrew MacAskill, Editing by Lawrence White) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/clydesdale-jobs-idUSL5N1F85V4'|'2017-01-19T00:38:00.000+02:00'
'97fe6e803d65894e07b8fbcab12e138b077a424f'|'China''s Yonghui Superstores, Bain to buy US-based Daymon for $413 mln'|'Funds News  42pm EST China''s Yonghui Superstores, Bain to buy US-based Daymon for $413 mln HONG KONG Jan 18 China''s supermarket chain operator Yonghui Superstores Co Ltd said it would team up with Bain Capital Private Equity to buy U.S. retail services group Daymon Worldwide Inc for $413 million. Yonghui will invest $165 million for a 40 percent stake in Daymon, while Bain Capital will buy 60 percent, the Chinese firm said in a statement late on Tuesday. It said it would fund the deal by bank borrowing and cash. Bain Capital said separately it would buy the stake from existing shareholders of Daymon. Daymon''s expertise ranges from private brand development to strategy and branding, sourcing and logistics, retail merchandising services and consumer experience marketing. The global retail market is expected to reach $28 trillion by 2019 at an average annual growth rate of 3.8 percent, while Asia''s retail sales are expected to exceed $10 trillion by 2018, Bain Capital said. (Reporting by Donny Kwok; Editing by Gopakumar Warrier) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/daymonworldwide-ma-yh-superstores-idUSL4N1F81T2'|'2017-01-18T10:42:00.000+02:00'
'53b42b58d04e075b58b2966aa26fb3f938e14124'|'ASIA CREDIT CLOSE: Credits see active trading; GLP underperforms'|'Financials  12am EST ASIA CREDIT CLOSE: Credits see active trading; GLP underperforms HONG KONG, Jan 18 (IFR) - There was active trading in Asian credit markets on Wednesday as a string of new bonds continued to grab the attention of investors. "The market was doing well today with two-way flows. Particularly active were real money buyers," said a Hong Kong-based investment-grade trader. He noted that investors tended to prefer new issues and existing benchmark names with bonds at tenors of 5 and 10 years. The Asia ex-Japan iTraxx investment grade index was little changed at 115.50bp/117.16bp. China Development Bank''s new multi-tranche offerings were popular with PRC investors in the secondary market, the trader noted. The policy bank''s five-year US dollar tranche was spotted 2bp tighter, while the other US dollar tranches were seen around reoffer levels. Another high-yield bond trader said new issues from mainland property developers drew a wide range of investors with China Aoyuan''s new 2020s seen up 50 cents. However, trading in notes of Chinese local government financing vehicles lacked momentum. Global Logistic Properties'' 2025s underperformed the market, having announced earlier this month that it was in preliminary discussions with various parties regarding a possible sale of the company. GLP''s notes were bid at 92.25, according to Tradeweb. (Reporting by Ina Zhou; editing by Dharsan Singh) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/markets-asia-debt-idUSL4N1F82YP'|'2017-01-18T15:12:00.000+02:00'
'3ca2f82d738eee2eef36ab8f46256b7d80f3dfef'|'Toshiba in talks to sell chip business stake to Western Digital - source'|'Deals - Tue Jan 17, 2017 - 10:33pm EST Toshiba in talks to sell chip business stake to Western Digital: source Pedestrians walk past a logo of Toshiba Corp outside an electronics retailer in Tokyo September 14, 2015. REUTERS/Toru Hanai/File Photo TOKYO Toshiba Corp ( 6502.T ) is in talks to sell a minority stake in its flash memory business to U.S. chips business partner Western Digital Corp ( WDC.O ) in a bid to boost its capital base, a source briefed on the discussions said on Wednesday. Toshiba said in a statement earlier that it had been considering various options for its memory business, including a spin-off, but that nothing concrete had been decided. California-based data storage company Western Digital operates a NAND flash memory plant in the city of Yokkaichi in Mie prefecture with Toshiba. (Reporting by Makiko Yamazaki; Editing by Himani Sarkar) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-toshiba-divestiture-western-digital-idUSKBN1520BI'|'2017-01-18T10:29:00.000+02:00'
'4c0679bd04c1cbe7d7cba57617ae1cf3b9972ddb'|'JPMorgan agrees to $55 mil settle of mortgage discrimination complaint - source'|' 28pm GMT JPMorgan agrees to $55 million settle of mortgage discrimination complaint - source A view of the exterior of the JPMorgan Chase & Co. corporate headquarters in New York City, U.S. on May 20, 2015. REUTERS/Mike Segar/File Photo By Dena Aubin - NEW YORK NEW YORK JPMorgan Chase & Co ( JPM.N ) has agreed to pay $55 million to settle a U.S. Justice Department lawsuit accusing it of discriminating against minority borrowers by allowing mortgage brokers to charge them more for home loans, a person   said on Wednesday. The U.S. Justice Department complaint, filed in Manhattan federal court on Wednesday, accused the bank of willfully violating the U.S. Fair Housing Act and the Equal Credit Opportunity Act between 2006 and 2009 and showing "reckless disregard" for the rights of at least 53,000 African-American and Hispanic borrowers. "We’ve agreed to settle these legacy allegations that relate to pricing set by independent brokers," JPMorgan spokeswoman Elizabeth Seymour said. "We deny any wrongdoing and remain committed to providing equal access to credit." A spokeswoman for U.S. Attorney Preet Bharara had no immediate comment. The alleged discrimination involved so-called wholesale loans that were made through mortgage brokers the bank used to help originate loans, the complaint said. Chase allowed brokers to change rates charged for loans from those initially set based on objective credit-related factors, the complaint said. As a result of that discretion, minorities were charged more for home loans than white borrowers with the same credit profile, paying tens of millions of dollars in additional mortgage costs, the complaint said. An African-American taking out a $191,100 loan on average paid $1,126 more over the first five years of the loan than a white borrower. An Hispanic borrower with a $236,800 loan paid on average $968 more than a non-Hispanic white borrower, the complaint said. Chase did not require mortgage brokers to document the reasons for changing rates and failed to address racial discrimination, encouraging it to continue, the complaint said. The Justice Department has been pursuing a number of banks over alleged discrimination. From 2010 to 2014, the agency’s Civil Rights Division obtained more than $1.4 billion in relief under fair housing laws, according to an August report. In one case, Wells Fargo & Co ( WFC.N ) agreed to pay $175 million to settle allegations that it charged African American and Hispanic borrowers higher rates and fees on mortgages. Cities around the country, including Miami, Baltimore and Los Angeles, also have filed lawsuits claiming that major banks targeted minorities for high-cost loans that often ended in foreclosures. The bank first disclosed Bharara''s lawsuit in a quarterly filing in 2015. (additional reporting by Jonathan Stempel and Lauren LaCapra)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jpmorgan-lawsuit-idUKKBN1522CM'|'2017-01-18T23:22:00.000+02:00'
'f91f31bf9717b7d210f3a9a6d22dcc0cf4c2439b'|'PRESS DIGEST- Financial Times - Jan 18'|'Company News   7:17pm EST PRESS DIGEST- Financial Times - Jan 18 Jan 18 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines on.ft.com/2iyQ6HR Overview * Environmental group Greenpeace International on Tuesday slammed HSBC Holdings Plc for allegedly funding palm oil companies in Indonesia that it says have destroyed tropical rainforests. * British engineering group Rolls-Royce Plc''s leadership was aware about its ongoing corruption in 2010 but chose not to inform the concerned authorities, according to a court ruling. * Britain will quit the EU single market when it leaves the European Union, Prime Minister Theresa May said on Tuesday in a decisive speech that set a course for a clean break with the world''s largest trading bloc. * In his first remarks since being chosen as BBC chairman, David Clementi told a parliamentary committee that a 2015 deal with the government will be of "severe financial pressure" during the next five years. (Compiled by Kanishka Singh in Bengaluru; Editing by Sandra Maler) Next In Company News UPDATE 2-U.S. Senate Democrat leader attacks Price on ethics charge WASHINGTON, Jan 17 U.S. President-elect Donald Trump''s choice to run the Department of Health and Human Services may have broken the law by making a stock purchase just before he introduced legislation that would have benefited the firm, the Senate''s leading Democrat charged on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL4N1F765D'|'2017-01-18T07:17:00.000+02:00'
'b2c5b2347fbc57c95161375d32a97ef29da89664'|'Soros says uncertainty over Trump will cause markets to falter'|'  8:59pm GMT Soros says uncertainty over Trump will cause markets to falter Business magnate George Soros arrives to speak at the Open Russia Club in London, Britain June 20, 2016. REUTERS/Luke MacGregor/File Photo - RTSOJHH The billionaire investor George Soros on Thursday said that global markets will falter given the uncertainty of new U.S. president Donald Trump''s policies. "Right now uncertainty is at the peak and actually uncertainty is the enemy of long-term investment so I don''t think the markets are going to do very well," Soros told Bloomberg News at a dinner at the World Economic Forum in Davos, Switzerland. (Reporting by Jennifer Ablan and Trevor Hunnicutt; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-investment-funds-soros-idUKKBN15332Z'|'2017-01-20T03:59:00.000+02:00'
'464d5fa7b237a3f38b5e60b2f7d828802d3acc5b'|'Institutional investors seen sticking with UK assets: survey'|'Business   1:07pm GMT Institutional investors seen sticking with UK assets: survey The British Union flag and the European Union flag are seen flying behind a clock in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville By Kit Rees - LONDON LONDON More than 60 percent of institutional investors expect to maintain their holdings in UK assets over the next six months, according to State Street Corp''s ( STT.N ) "Brexometer," a sentiment survey the firm launched on Thursday. State Street Corp ( STT.N ), a U.S. custody bank with $2 trillion in assets under management, added that fewer than a third of investors believed that asset owners would decrease risk levels over the next three to five years. State Street''s Brexometer is a quarterly survey of institutional investor sentiment towards the UK''s divorce from the European Union, a process Britain is seeking to trigger in March later this year. On Tuesday, UK   May said that Britain will leave the EU single market, setting a course for a "hard Brexit". State Street surveyed 111 institutional and alternative investors, including hedge funds, real estate and private equity between 12 December 2016 and 4 January 2017. "Questions over timing of the UK’s ultimate split from the EU and the nature of their future relationship still linger and have the potential to weigh on both the economy and the pound," said Michael Metcalfe, head of global macro strategy at State Street Global Markets. "Nevertheless, thus far at least, the extremely gloomy pre-Brexit predictions for the UK economy and asset markets look well off the mark,” Metcalfe said. Beyond asset allocation decisions, however, the impact of UK''s decision to leave the EU is likely to be felt notably on regulatory reporting requirements while 80 percent of the investors surveyed said Brexit will have an impact on their operating model. Roughly 2 percent of the respondents said their holdings of UK assets are likely to decrease significantly while 8 percent were undecided at the time of the survey. Britain''s Brexit vote sent markets tumbling, with the pan-European STOXX 600 dropping 7 percent and the FTSE 100 .FTSE falling 3.1 percent on June 24 2016, the day after the referendum. However, both have snapped back since with the exporter-heavy UK bluechip index hitting record highs earlier this month largely on the back of the impact of a significantly weaker sterling. In US dollar terms, however, the index is still nursing losses from pre-referendum levels. Sterling GBP= , however, has lost nearly 18 percent of its value against the U.S. dollar since last June''s Brexit vote. Trading in the currency has been punctuated by particularly sharp bouts of volatility, raising concerns that international investors might lose appetite for sterling-denominated assets. Graphic on sterling: tmsnrt.rs/2hwV9Hv Broader European equity markets struggled relative to other developed markets last year as sluggish growth and a busy political calendar pushed investors looking for better returns elsewhere. (Reporting by Kit Rees, Editing by Vikram Subhedar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-investors-assets-idUKKBN1531VD'|'2017-01-19T20:07:00.000+02:00'
'19b395d24119a283ee62dd6d7e2f56997ac7eb33'|'BRIEF-Quabit updates business plan, intends to invest 455 mln euros'|'Financials   2:11am EST BRIEF-Quabit updates business plan, intends to invest 455 mln euros Jan 20 Quabit Inmobiliaria SA : * Said on Thursday that it updated its business plan for the period between 2017 and 2021 * Intends to invest 455 million euros ($485.9 million) in urban land * Says funding totalling up to 130 million euros is secured by an agreement with Avenue Capital Group and a bank financing * Intends to raise 145 million euros from development and commercialization of own assets (more than 50 percent of its cash flows in 2017-2021) and up to 40 million euros via capital increase * Intends to pay up to 68 million euros in dividends until 2021 Source text for Eikon: ($1 = 0.9363 euros) (Gdynia Newsroom) Next In Financials UPDATE 1-China cuts reserve ratios for big 5 banks temporarily amid cash crunch-sources SHANGHAI, Jan 20 China has allowed its five biggest banks to temporarily lower the amount of money that they must hold as reserves to relieve pressure in its financial system as demand for cash surges ahead of the Lunar New year holiday, three sources with direct knowledge of the matter said.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FA0ZX'|'2017-01-20T14:11:00.000+02:00'
'fe469b90baae46782a51f6c8c636d90e8370df57'|'Fitch Affirms Gothaer''s IFS at ''A''; Outlook Stable'|'Financials  17am EST Fitch Affirms Gothaer''s IFS at ''A''; Outlook Stable (The following statement was released by the rating agency) FRANKFURT/LONDON, January 20 (Fitch) Fitch Ratings has affirmed Gothaer Allgemeine Versicherung AG''s (GA) and Gothaer Lebensversicherung AG''s (GL) Insurer Financial Strength (IFS) ratings at ''A'' and Long-Term Issuer Default Ratings (IDR) at ''A-''. The Outlooks are Stable. KEY RATING DRIVERS The affirmation reflects Gothaer group''s (Gothaer) strong and resilient capitalisation, good market position and well-diversified business mix. The ratings are constrained by the adverse impact of the low interest rate environment on Gothaer''s investment income and long-term life liabilities. Fitch considers Gothaer''s capitalisation strong and supportive of its rating. This view is supported by Gothaer''s Fitch Prism Factor-Based Model score of ''Strong'' at end-2015. Fitch expects Gothaer to maintain strong capitalisation and report a Solvency II ratio of well above 100% for 2016 even without the benefit of transitional measures on technical provisions. Gothaer reported net income of EUR137m in 2015, and Fitch expects it will have remained at least at the same level in 2016. Non-life underwriting results are expected to have remained stable in 2016 and the combined ratio to have been in line with 2015 (96.2%). Investment income in the non-life segment improved in 2015 due to the one-off effect of higher realised gains on real estate investment. However, we expect it to have returned to normal levels in 2016. 2016 life results will likely have remained affected by the negative effects of low interest rates, partly offset by increased realised gains. The charges stemming from the need to fund additional regulatory reserving requirements (Zinszusatzreserve) are expected to have increased further in 2016 (2015: EUR204m) being financed mainly through realisation of capital gains. Gothaer''s life insurance investments have a shorter duration than the group''s life insurance liabilities. This gap is in line with the average duration gap of German life insurers. Fitch views this risk as negative for the ratings since it contributes to interest rate risk. We expect no major change to this gap in 2016. In recent years, GL has shifted its product mix away from traditional life products with guaranteed interest rates to new products that are less sensitive to interest rates, which we view positively. Fitch views Gothaer''s asset allocation as prudent and well diversified. Gothaer has low exposure to equity investments (2015: 1.1% of total investments), and we expect this exposure to have remained low in 2016. Gothaer further reduced its holdings of subordinated debt in financial sector and corporates. At end-2015, these investments accounted for 3.2% (2014: 3.5%) of total investments. We do not expect there to have been major changes in Gothaer''s asset allocation in 2016. Gothaer is a mutual insurance group, which generated gross written premiums (GWP) of EUR4.5bn in 2015 (2014: EUR4.5bn), making it one of the larger German mid-sized insurance groups with a strong and stable market position. Gothaer focuses on private customers and small and medium-sized enterprises. Products are distributed via tied agents and independent financial advisors and, to a limited degree, co-operative banks. GA is Gothaer''s main non-life insurer with GWP of EUR1.7bn. Gothaer plans to merge GA with another of its non-life carriers, Asstel Sach, during 2017. GL, the main life insurer in the group, reported GWP of EUR1.3bn. The health insurer, Gothaer Krankenversicherung AG, constitutes the third group segment with GWP of EUR0.8bn. In 2016, we expect there will have been moderate premium growth in non-life and stable premium in life and health. RATING SENSITIVITIES Key rating triggers for an upgrade include an improvement in Gothaer''s capitalisation (as measured by Fitch''s Prism Factor-Based Model and other relevant metrics, such as Solvency II ratios) and improved profitability in Gothaer''s life and investment operations, with a group return on equity above 7.5% on a sustained basis. Key rating triggers for a downgrade include weakening capitalisation, as measured by a decline in the Fitch Prism Factor-Based Model score to the low end of the "Strong" category, and a net combined ratio of above 105%. Contact: Primary Analyst Mahsa Delgoshaei Associate Director +49 69 768076 243 Fitch Deutschland GmbH Neue Mainzer Strasse 46-50, D-60311 Frankfurt am Main Secondary Analyst Dr. Stephan Kalb Senior Director +49 69 7680 76 118 Committee Chairperson Chris Waterman Managing Director +44 20 3530 1168 Media Relations: Athos Larkou, London, Tel: +44 203 530 1549, Email: athos.larkou@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Insurance Rating Methodology (pub. 15 Sep 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017825 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986924'|'2017-01-20T22:17:00.000+02:00'
'a4a080e991cd6c4542880001dbcf72d980b61207'|'Russia ready to rebuild security ties with US under Trump - Putin ally'|'Industrials  15am EST Russia ready to rebuild security ties with US under Trump - Putin ally MOSCOW Jan 16 Russia is ready to resume cooperation with the United States on security issues such as the fight against terrorism and cyber crime, a close ally of President Vladimir Putin said, days before the inauguration of Donald Trump as president. Trump, who has praised Putin as "very smart", has signalled he wants to improve strained ties with Russia, despite U.S. intelligence agencies alleging the Kremlin chief ordered a cyber campaign to discredit rival Hillary Clinton during the 2016 presidential race. Russia denies it tried to sway the U.S. election by hacking or other means and Trump has played down the allegations. Last week, he also dismissed accusations that Moscow had collected compromising information about him as "fake news" and "phoney stuff". In an interview published on Monday, Nikolai Patrushev, secretary of Russia''s Security Council, struck a cautiously positive tone on the prospects for collaboration with Washington after a period of icy relations under Barack Obama. "If Donald Trump''s administration is interested we will be ready to resume full-format consultations with our American partners through the Russian Federation''s Security Council," Patrushev told the government-controlled daily Rossiiskaya Gazeta. However, Patrushev added that he did not expect rapid improvements or a swift lifting of sanctions he said the West had deliberately imposed to "hold Russia back" because the two sides were starting from such a low base. Patrushev made his comments before Trump told Britain''s Sunday Times in a weekend interview that he would propose offering to end sanctions imposed on Russia over its annexation of Ukraine''s Crimea region in return for a nuclear arms reduction deal with Moscow. On Monday the Kremlin said it would wait until Trump takes office on Friday before commenting on any proposals. Any agreements to resume cooperation would have to be guided by the principles of mutual respect and equality, said Patrushev. Putin himself chairs Russia''s Security Council. Trump has said Russia can be an important ally against militant Islamist groups such as Islamic State. Patrushev said he believed the Obama administration had deliberately tried to discredit Russia because it was unwilling to accept that Washington''s position of global leadership was slipping. Obama has been strongly critical of Russian policy in Ukraine and in Syria. In excerpts from Patrushev''s interview released on Sunday, he told Rossiiskaya Gazeta that Russia was facing increased cyber attacks from abroad - turning against Western countries their own charges of Russian meddling in their affairs. (Reporting by Andrew Osborn; Editing by Gareth Jones) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-trump-russia-security-idUSL5N1F62GO'|'2017-01-16T19:15:00.000+02:00'
'843fbe63485f826998255ccc904c1637383bdaae'|'Burberry''s CEO designate to join firm this month'|' 25am GMT Burberry''s CEO designate to join firm this month A customer walks in front of a Burberry store in central London July 15, 2008. REUTERS/Alessia Pierdomenico/File Photo LONDON Luxury brand Burberry ( BRBY.L ) said on Monday its incoming chief executive Marco Gobbetti will initially join the company on Jan. 27 as executive chairman, Asia Pacific and Middle East, before joining the board and taking the top job on July 5. Italian Gobbetti, the former boss of French brand Celine, was named as Christopher Bailey''s successor as CEO last July. Bailey will take on the new role of president and chief creative officer. Burberry will update on trading in its Christmas quarter on Wednesday. (Reporting by James Davey; editing by Sarah Young)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-burberry-group-managementchanges-idUKKBN1500O9'|'2017-01-16T14:25:00.000+02:00'
'ff2fc7c518de1f2a8aff49fa5af58ab3259f8858'|'Job cuts, fewer flights? Hong Kong airline Cathay set for overhaul'|'Sun Jan 15, 2017 - 11:07pm GMT Job cuts, fewer flights? Hong Kong airline Cathay set for overhaul left right Passenger planes of Cathay Pacific Airways park at the Hong Kong Airport terminal in Hong Kong, China March 7, 2016. REUTERS/Bobby Yip/File Photo 1/2 left right Pilots look out from the cockpit of a Cathay Pacific Airways Airbus A350 as the airlines hold a ceremony to mark the first of their 48 Airbus A350 arriving at Hong Kong Airport, Hong Kong, China May 30, 2016. REUTERS/Bobby Yip/File Photo 2/2 By Jamie Freed and Brenda Goh - SYDNEY/SHANGHAI SYDNEY/SHANGHAI Cathay Pacific Airways ( 0293.HK ) is expected to announce job cuts, cost reductions and to shift flights to its short-haul arm when it unveils the results of a key review this week, as it grapples with growing competition from Chinese carriers. The 71-year-old Hong Kong airline is under pressure to combat aggressive state-supported mainland carriers, and to position itself against an "open skies" deal signed last month between China and Australia. Cathay scrapped its second-half profit forecast in October and announced a review of its business. The December edition of Cathay''s staff magazine, seen by Reuters, reported Chief Executive Ivan Chu would unveil the results on Jan. 18. Cathay declined to comment on the details of its review. "The new management direction has to look past market share gains," said Will Horton, a Hong Kong-based analyst for aviation consultancy CAPA. "That hasn''t been profitable and will become more competitive. It is well past time to get serious on costs." Cathay''s share price has tumbled to its lowest level since the depths of the global financial crisis in 2009, and none of the 18 analysts polled by Thomson Reuters have a "buy" recommendation on the stock. Some analysts say the carrier will for 2017 report its first full-year loss since 2010. The rapid growth of Chinese rivals such as China Eastern Airlines ( 600115.SS ) ( 0670.HK ) and China Southern Airlines ( 600029.SS ) ( 1055.HK ) has put pressure on ticket prices at a time when Cathay''s costs have risen because of the strength of the Hong Kong dollar against the Chinese yuan. Lower cost hometown rival Hong Kong Airlines is also expanding rapidly to destinations served by Cathay. ENTER THE DRAGON James Pearson, who heads Basair Aviation College in Brisbane, said Cathay may need to slash its 33,700 workforce, reduce frequencies on underperforming routes and cut costs at short-haul arm Cathay Dragon, where it could shift more flights. "[It could also] focus more greatly on ancillary products to drive incremental revenue, a focus on the back-end of the plane which hasn''t traditionally been Cathay''s forte," Pearson said. Cathay does not have a low-cost arm, and costs at its short-haul carrier Cathay Dragon are nearly as high as those at the parent, said one source with knowledge of the situation who was not authorized to speak publicly about the matter. Cathay is also caught on the wrong side of China''s "one country, two systems" arrangement toward Hong Kong, as the regional hub is excluded from the air transport deals China is cutting. The latest was an open skies agreement signed in October between China and Australia, a key market for Cathay for both direct flights and connections throughout Asia and to Europe. Flights to the South West Pacific and South Africa - the bulk of them to Australia - represented 13.6 percent of Cathay''s capacity in the first half of 2016. The open skies deal allows mainland carriers unlimited capacity on routes to Australia, at a time when Cathay is not allowed to add any more flights to Australia''s biggest airports and can only increase capacity by using larger aircraft. Capacity between Australia and mainland China grew by 61.6 percent in the five years ended 2016, according to data from Flightglobal. Over the same period, capacity between Australia and Hong Kong grew by just 2.6 percent. In an emailed statement to Reuters, the Hong Kong government said it had not held major talks with Australia about expanding air access since 2015, when no deal was reached. Chinese hubs such as Guangzhou, Shanghai and Beijing have seized market share as a result. "Almost three years ago, the three Chinese hubs shared less than a third of Hong Kong''s connections. Now it''s catching up," said Singapore-based UOB Kay Hian analyst K. Ajith, who has a "sell" rating on Cathay. "One must rise while the other one must fall." (Reporting by Jamie Freed and Brenda Goh; Editing by Alex Richardson) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-cathay-pac-air-strategy-idUKKBN14Z0ZK'|'2017-01-16T06:06:00.000+02:00'
'0427b28e2b3f5fdd8abea6fb32f21dbf3c2fd4c5'|'Speculators trim net long U.S. dollar bets for 2nd straight week-CFTC, - Reuters'|'NEW YORK Jan 20 Speculators reduced long bets on the U.S. dollar for a second straight week, as investors continued to pare back overextended positions on the greenback and worried about U.S. President Donald Trump''s trade and currency policies.The value of the dollar''s net long position was $24.44 billion in the week ended Jan. 17, from $24.95 billion the previous week, according to data from the Commodity Futures Trading Commission released on Friday and calculations by Reuters.Net short contracts on the Mexican peso, meanwhile, rose in the latest week to 73,321, the largest since early October. (Reporting by Gertrude Chavez-Dreyfuss, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cftc-forex-idINL1N1FA1PU'|'2017-01-20T17:52:00.000+02:00'
'73afe31795808f320fe45aaab7e2f03c546c1a19'|'U.S exchanges rent helicopter, drape banner in pursuit of Snapchat IPO'|'Thu Jan 19, 2017 - 6:17am GMT U.S exchanges rent helicopter, drape banner in pursuit of Snapchat IPO FILE PHOTO - The Snapchat logo is seen on a banner outside the New York Stock Exchange (NYSE) in New York City, U.S. on November 16, 2016. REUTERS/Brendan McDermid/File Photo By Lauren Hirsch , Liana B. Baker and Olivia Oran - SAN FRANCISCO/NEW YORK SAN FRANCISCO/NEW YORK This past November, Nasdaq Inc ( NDAQ.O ) hired a helicopter to film Manhattan''s skyline using Snapchat''s new video-camera sunglasses and sent the aerial footage to its social media followers. The New York Stock Exchange - its arch-rival - on the same day tweeted a video shot from the floor of its exchange, showing that it too was using the social media giant''s gadget. The scramble to promote Snapchat''s "spectacles" is revealing the fierce competition between the two exchanges to host initial public offerings (IPOs) of prominent technology startups. Experts say the contest is less about the fees exchanges generate from such listings than it is about bragging rights. "Sometimes exchanges go to relatively extraordinary lengths in order to attract a high-profile new listing," said Lise Buyer, a principal with the IPO advisory firm Class V Group. Snap Inc, Snapchat''s parent company, is eyeing a spring debut that may peg its value as high as $25 billion, sources have told Reuters. It would be the biggest U.S. tech IPO since Facebook Inc ( FB.O ) in 2012. The listing would likely only generate a few hundred thousand dollars in annual fees, but Snap''s IPO carries prestige that could help an exchange win future business. The popular messaging service is just one of many private technology companies expected to go public in the next year or two, including peer-to-peer lodging company AirBnB Inc and streaming music service Spotify Ltd. "Competition among the exchanges is fierce and winning large, marquee companies can have a halo effect that results in future listings business," said Alex Wellins, co-founder of IPO advisory and investor relations firm Blueshirt Group. Snapchat is discussing a potential listing with both Nasdaq and NYSE, which is owned by Intercontinental Exchange Inc ( ICE.N ), and has not made a decision yet, people familiar with the situation told Reuters. Snapchat, Nasdaq and NYSE declined to comment. FLASHY PROMOS Exchanges, much like investment banks, often begin courting high-profile companies long before they are ready to list. Nasdaq and NYSE compete over their technology, fees, reputation and support services for investor and public relations. Their marketing includes buying advertising in publications and outdoor signage for the companies, IPO advisers said. Up until now, the efforts to land even the most high profile IPOs - such as Facebook and Twitter - happened largely behind the scenes, with theatrics saved for listing day celebrations. For instance, NYSE once let a monkey ride a horse around its trading floor to mimic E*Trade Financial''s ( ETFC.O ) television commercial when the online broker switched exchanges in 2001. The listing for E-trade has since returned to Nasdaq. In 2015, Nasdaq built a 60-foot pool in Times Square for a canine aquatics competition to celebrate the listing of dog food company Blue Buffalo Pet Products Inc ( BUFF.O ). With a public platform such as Snapchat though, the exchanges want to show they understand and support the technology while they are still competing for the listing. Having their products used by the exchanges can also be an important signal of their loyalty, said Pat Healy, chief executive of Issuer Advisory Group, who has advised companies such as Facebook, Zillow and Groupon on where to list. "I''ll do business with you if you give me the listing. I''ll buy advertising in your newspaper. I''ll fly your airline. I''ll use your computer system," Healy said, describing the types of promises exchanges make. To be sure, a strong social media presence is important for both the exchanges, and both use many social media platforms to promote themselves and the companies that list with them. ROLLING OUT THE BANNER For Nasdaq, a Snapchat win would help redeem itself from famously bumbling Facebook''s IPO with massive technology errors. Long known as the home for tech IPOs, the Facebook fiasco put Nasdaq on the defensive. The exchange commanded 85 percent of technology IPO proceeds in 2012, but by 2014 that plunged to 11 percent, according to Thomson Reuters data. See graphic on Nasdaq and NYSE market share for tech IPOs: ( tmsnrt.rs/2jozzDH ) Nasdaq has since recouped a sizeable chunk of those losses but it has been a slow period for tech IPOs. The last high-profile U.S. Internet company to go public, Twitter Inc ( TWTR.N ), joined NYSE in 2013. Still, with fewer companies going public, the stakes are getting higher to lure listings. Josh Machiz, a Nasdaq executive focused on its social media efforts, said the exchange chose to rent the helicopter because it wanted to come up with something "exciting and thoughtful" for the launch of Snapchat''s first hardware product. He declined to comment on any effort to win the Snap IPO. As for NYSE, it draped a large, bright yellow banner outside its Lower Manhattan building to invite Snapchat followers in October, the same month media reported Snapchat had hired underwriters. Such banners are usually reserved to celebrate the first listing day of companies. (Reporting by Lauren Hirsch in New York and Liana B. Baker in San Francisco; Additional reporting by Olivia Oran and John McCrank in New York; Editing by Carmel Crimmins, Lauren Tara LaCapra and Bernard Orr) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-snapchat-ipo-exchanges-idUKKBN1530KO'|'2017-01-19T13:16:00.000+02:00'
'a68107e4277c3c1cbe45fb65b0d25b6a4ef65cf6'|'Famed OJ lawyer, Delaware justice clash over translation firm sale'|'  5:00pm EST Famed OJ lawyer, Delaware justice clash over translation firm sale By Tom Hals - DOVER, Del. DOVER, Del. Jan 18 Famed attorney Alan Dershowitz and a rare protest outside Delaware''s Supreme Court fueled an unusually heated hearing on Wednesday, in a battle between the warring co-founders of TransPerfect Global Inc, a leading translation firm. The hearing ended with Dershowitz shouting for more time to make his case, a request Chief Justice Leo Strine curtly and firmly denied as the four other justices filed out of the court. The sharp exchange ended an hour-long hearing at which Philip Shawe''s legal team sought to make their case the lower Court of Chancery wrongly ordered TransPerfect sold to resolve a deadlock between Shawe and co-owner Elizabeth Elting. The court will likely rule in about three months. Chancellor Andre Bouchard found in 2015 that the company''s decision-making had ground to a halt as Shawe and Elting''s once-romantic relationship completely deteriorated since they formed the company in their college dorm in the 1990s. Wednesday''s hearing was preceded by a protest outside the court by two dozen of TransPerfect''s 3,500 employees who held signs that urged "don''t let courts control our companies." Their spokesperson, Chris Coffey, said they would push for a bill to be introduced in Delaware''s legislature this week to curtail the power of the state''s judges to order a profitable company such as TransPerfect be put up for sale to break a deadlock. Delaware courts interpret the state''s widely used corporate law, which governs most U.S. companies, yet rarely do boardroom battles or takeover disputes generate the kind of attention that the TransPerfect case has. That is partly due to a media campaign opposing the forced sale and partly due to the behavior of Shawe and Elting, which lower court judge Andre Bouchard said was at times "bizarre" and "inexplicable." Strine quizzed Shawe''s lawyer on Wednesday on whether Shawe had stalked Elting, which Shawe''s lawyer denied. The rest of the hearing largely centered around questions from Strine regarding the application of the state''s corporate law. His toughest questions were aimed at Shawe''s team. Dershowitz, who helped defend football star O.J. Simpson against murder charges, tangled with Strine on whether the ordered sale amounted to an unconstitutional taking of Shawe''s property. "I was disappointed I was not given one minute to clarify the chief justice''s characterization of our position," Dershowitz said after the hearing. Asked if he would appeal to the U.S. Supreme Court if Shawe lost, Dershowitz said "I assure you that we will." (Reporting by Tom Hals in Wilmington, Delaware; Editing by Noeleen Walder and Alan Crosby) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/transperfect-sale-hearing-idUSL1N1F81VI'|'2017-01-19T05:00:00.000+02:00'
'6eb82518c5949ec2f150c73843b4487be090e6cd'|'Property developer British Land''s third quarter occupancy rates dip slightly'|' 47am GMT Property developer British Land''s third quarter occupancy rates dip slightly Property developer British Land Co Plc reported only a slight decline in occupancy rates in the third quarter, adding to signs that property demand from companies continues to hold up ahead of Britain''s exit from the European Union. Britain''s second-largest publicly listed property developer reported occupancy rate of 97 percent with weighted average lease lengths of 8 years in the three months ended Dec. 31, versus occupancy rate of 98 percent and lease length of 9 years reported for the first half. The company, which owns London''s Leadenhall office building and Sheffield''s Meadowhall shopping centre, said it had leased or renewed agreements on 314,000 square feet of retail lettings and 51,000 square feet of office lettings. Rates for the leases were on average 8.7 percent ahead of estimated rental value for retail lettings and renewals were in-line for office lettings. The Real Estate Investment Trust (REIT) also hiked its third-quarter dividend to 7.30 pence, 3 percent higher than a year earlier. (Reporting by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-british-land-outlook-idUKKBN1530SR'|'2017-01-19T14:47:00.000+02:00'
'e6bece8e4a72a2defa517816120c1f1da6da77cf'|'Volkswagen sees China''s auto market sales expanding 5 percent in 2017'|'Business News - Thu Jan 19, 2017 - 10:13am GMT Volkswagen sees China''s auto market sales expanding 5 percent in 2017 A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia, Poland, September 9, 2016. REUTERS/Kacper Pempel/File Photo BEIJING Volkswagen AG ( VOWG_p.DE ) expects the Chinese auto market to grow at a slower pace of five percent in 2017, the German automaker''s China chief said on Thursday, as tax incentives for small-engined cars are rolled back. Volkswagen''s prediction, made by its China Chief Executive Jochem Heizmann, is the same as China''s automakers association, which said earlier this month it expects vehicle sales to grow 5 percent this year. China''s auto market, the world''s largest, got a shot in the arm after the government cut taxes on cars with engines of 1.6 litres or below in late 2015, helping lift vehicle sales to 13.7 percent growth last year. (Reporting by Jake Spring; Writing by Brenda Goh; Editing by Jacqueline Wong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-china-idUKKBN15318Z'|'2017-01-19T17:13:00.000+02:00'
'5bab266af8bbeb60e0619734409d5cbd08434cb7'|'Britain says auto industry is a key sector, looking to ensure best EU market access'|'Company News  37am EST Britain says auto industry is a key sector, looking to ensure best EU market access LONDON Jan 19 Britain''s car industry is a key part of the economy and the government is looking to ensure the best possible EU market access for all of the country''s important sectors, Prime Minister Theresa May''s spokesman said on Thursday. The chairman of Japanese carmaker Toyota told the Financial Times on Wednesday: "We have seen the direction of the prime minister of the UK, (so) we are now going to consider, together with the suppliers, how our company can survive." Asked for a response to the comments, May''s spokesman said: "The automotive industry and the finance sector ... are key areas for us and we will be, as we go into the negotiating period, looking at how we can ensure the best possible access to the European market for our key sectors." (Reporting by William James; writing by Costas Pitas; editing by Guy Faulconbridge) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-autos-idUSU8N1EF00N'|'2017-01-19T18:37:00.000+02:00'
'fcb3c7d0fd6ba84f38417a5e852b21d712133e86'|'Zodiac Aerospace rockets after Safran bid, European shares retreat'|'* Pan-European index falls 0.1 pct after choppy session* ECB keeps rates, asset-buying plan unchanged as expected* Zodiac Aerospace jumps after Safran''s $9 billion bid* Earnings lift Moneysupermarket, but Royal Mail down on results* Live markets: cpurl://apps.cp./cms/?pageId=livemarkets (Adds details, closing prices)By Kit Rees and Danilo MasoniLONDON/MILAN, Jan 19 European stocks dipped on Thursday, though Zodiac Aerospace''s shares surged after a takeover offer by France''s Safran and Moneysupermarket.com also jumped after it reported strong results.Zodiac Aerospace rocketed 22.8 percent after Safran offered $9 billion to buy the aircraft seat manufacturer.After an initial positive reaction, shares in Safran turned lower to end down 5.4 percent. Some analysts warned such a tie-up is risky as Zodiac recovers from a nearly three-year cabin production crisis."To be taking on Zodiac, with its recent execution issues, is arguably doubling up on risk," Vertical Research Partners analyst Rob Stallard said in a note.Earnings boosted shares in Moneysupermarket.com by 7.9 percent to their highest level since May 2016 after the price comparison website reported better-than-expected fourth quarter and full year revenues.Dutch-Belgian food retailer Koninklijke Ahold Delhaize also rose, up 5.9 percent after posting strong fourth quarter sales figures.Its strong gains helped Europe''s STOXX Retail index rise 0.9 percent, the biggest sectoral gainer on the day.Royal Mail''s results were badly received. Its shares fell 6 percent, weighing on the blue chip FTSE 100 index, which dropped 0.5 percent.Analysts flagged further weakening in Royal Mail''s UK letters business as a concern.Shares in Italian eyewear maker Safilo fell 13.9 percent after reports French luxury group LVMH would take a stake in rival spectacle manufacturer Marcolin.The pan-European STOXX 600 index ended down 0.1 percent after a choppy day. Volatility was boosted by remarks from European Central Bank chief Mario Draghi following the bank''s widely expected decision to keep rates and its assets purchase programme unchanged.Traders said they welcomed that the ECB stuck to its super-easy policy as growth improved and viewed as a relief the fact that the bank did not discuss a tapering of its asset purchases. Draghi also played down a recent rise in euro zone inflation.But after surging as much as 0.3 percent as Draghi spoke, the STOXX dipped back into negative territory."Despite recent economic and inflation data improvement, the ECB tone has not changed since December, raising potential downside risks and the willingness to stay loose," said Antoine Lesne, EMEA head of ETF strategy at SPDR ETFs, part of State Street Global Advisors."This may come from the potential skew that the political agenda brings to stability in the Euro area in the spring." Danilo Masoni in Milan; Editing by Gareth Jones)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/europe-stocks-idINL5N1F96A3'|'2017-01-19T14:32:00.000+02:00'
'2a3e23d76b426008dc3a3fdfd1132c9153949440'|'Brazil may offer Rio 3-year grace period under fiscal deal - newspaper'|'BRASILIA Jan 19 Brazil''s Rio de Janeiro state may get a 3-year grace period and 8.5 billion reais ($2.64 billion) in bank loans under a fiscal rescue plan being negotiated with the federal government, financial newspaper Valor Economico said on Thursday.Finance Minister Henrique Meirelles has said a deal could be announced by the end of this week. It will need to be endorsed by the Supreme Court and the state assembly to take into effect.Spokespeople to the Rio state assembly and the Finance Ministry did not respond to requests for immediate comment.Rio may also seek to raise the mandatory pension contribution of public servants, Valor said, citing the head of the state legislative assembly, Jorge Picciani.States such as Rio are struggling to pay salaries for police, doctors and other public servants after a two-year-long recession. ($1 = 3.2245 reais) (Reporting by Silvio Cascione; Editing by Raissa Kasolowsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-economy-rio-idINL1N1F90EO'|'2017-01-19T08:07:00.000+02:00'
'ce5a182ad59ccc9e2a5375c2ae80f0c94a7d458d'|'PRESS DIGEST- Financial Times - Jan 19'|'Jan 19 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesCity financier urges end to tax relief for millions of pension saverson.ft.com/2k5lz4QDeutsche Bank to cut 2016 bonuses for top managerson.ft.com/2j9yVZwItaly''s state railway buys struggling Greek operatoron.ft.com/2jAxG92Clydesdale announces jobs cuts and branch closureson.ft.com/2k1Myu4Angela Merkel pledges to block Brexit "cherry picking"on.ft.com/2iKSIgTOverview* British financier Edi Truell is pushing the government to eliminate tax relief for pension savers for the creation of "SuperFunds" that would make investments in infrastructure.* Deutsche Bank will cut 2016 bonus payments for their top managers confirmed by chief executive John Cryan in a note to the company''s staff.* Greece on Wednesday concluded the sale of its rail company TRAINOSE to Italy''s state railways Ferrovie dello Stato for 45 million euros ($48.1 million), the country''s privatisation agency said.* Clydesdale Bank Plc is planning to close about a third of its bank branches and fire more than 400 employees to reduce costs. The Glasgow-based lender is planning to shut 79 branches, taking its total number of branches to fewer than 169.* EU leaders on Wednesday welcomed clarity from Britain over what it wants from Brexit talks, with Germany''s Angela Merkel promising a united front in what will be "very intensive" negotiations. ($1 = 0.9360 euros) (Compiled by Kanishka Singh in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL4N1F904U'|'2017-01-18T21:33:00.000+02:00'
'613e05898ce1595f18bb8731e73bd9ee87009330'|'CEE MARKETS-Bonds retreat as CPI rises, crown cap speculation surging'|'* Hungary''s inflation highest since July 2013 * Bond yields rise as CPI ticks up across region * Crown cap exit speculation keeps Czech markets in frenzy (Adds poll on Czech crown cap exit date, Czech central bank interventions in January) By Sandor Peto BUDAPEST, Jan 13 Government bond yields mostly rose in Central Europe on Friday as figures released in Hungary and Romania showed inflation rising across the region. Ultra-low Czech bond yields rebounded after robust buying amid speculation about a surge in the crown later this year, which some investors fear has been overdone. Hungary''s annual inflation jumped to 1.8 percent in December. Romania''s figure also rose. Although it remained negative at -0.5 percent, the new government is continuing to loosen the budget, which is expected to push up inflation. Romanian short-term government bond yields rose, with the 3-year paper bid at 1.7 percent, up 6 basis points. Romanian core inflation remained surprisingly subdued, ING analysts said in a note, but "the outlook for 2017 remains marked by uncertainties, mostly related to the fiscal outlook". Analysts said central banks in the region could keep their policies loose as inflation is still at the low end of their target ranges or below it. Hungary''s central bank could soon drop its willingness to use non-conventional tools to ease policies further, "but we do not expect a tightening of conditions yet," Takarekbank analysts said in a note. The 2-year Czech bond yield rose 15 basis points to -1.12 percent, still 41 basis points below the corresponding safe-haven Bund yield. Czech markets have become a bonanza of speculation due to expectations that in the middle of 2017 the central bank will abandon its cap, which has kept the crown weaker than 27 against the euro for years, and the currency could surge. An overwhelming majority of analysts polled by Reuters on Friday saw the bank ending the cap as soon as the second quarter, a marked shift since Tuesday when more than half of those polled projected a later exit. The bank bought around 9 billion euros of foreign currency in the first 10 days of January to hold the crown back. "There was a bit of panic, especially on Wednesday. So volumes (so far this year) can be huge," one Prague-based dealer said. A huge amount of euro selling positions against the crown has accumulated, and is growing further, making hard to predict how the Czech currency will move later this year, ING analysts said in a note. "The price action on the (crown cap) exit day may therefore be tricky," they added. CEE SNAPS AT 1550 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 55 2% % Hungary 307.7 307.1 -0.17 0.36% forint 000 650 % Polish 4.378 4.376 -0.05 0.58% zloty 5 4 % Romanian 4.494 4.492 -0.03 0.91% leu 0 9 % Croatian 7.525 7.535 +0.1 0.40% kuna 0 5 4% Serbian 123.6 123.7 +0.1 -0.26 dinar 700 900 0% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 930.4 928.8 +0.1 +0.9 3 9 7% 6% Budapest 32905 32966 -0.19 +2.8 .06 .42 % 2% Warsaw 2014. 2022. -0.41 +3.4 58 95 % 2% Bucharest 7140. 7178. -0.53 +0.7 19 33 % 8% Ljubljana 735.8 741.4 -0.76 +2.5 1 6 % 4% Zagreb 2075. 2069. +0.3 +4.0 90 59 0% 6% Belgrade <.BELEX15 712.3 714.5 -0.30 -0.70 > 3 0 % % Sofia 602.2 607.3 -0.83 +2.7 7 3 % 0% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -1.11 0.149 -042b +14b > 9 ps ps 5-year <CZ5YT=RR -0.34 -0.03 +011 -6bps > 6 4 bps 10-year <CZ10YT=R 0.326 -0.05 -003b -10bp R> 2 ps s Poland 2-year <PL2YT=RR 2.027 0.015 +273 +1bp > bps s 5-year <PL5YT=RR 2.923 0.059 +338 +4bp > bps s 10-year <PL10YT=R 3.646 0.073 +329 +3bp R> bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.17 0.11 0.11 0 PRIBOR=> Hungary < 0.38 0.46 0.55 0.3 BUBOR=> Poland < 1.76 1.795 1.87 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1F33XX'|'2017-01-13T12:10:00.000+02:00'
'39add4ba0828d9719a4c6ce82629c9d1c14dffba'|'Fiat Chrysler shares up as investors play down EPA impact'|' 26am GMT Fiat Chrysler shares up as investors play down EPA impact A screen displays the trading information for Fiat Chrysler Automobiles NV at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. REUTERS/Brendan McDermid MILAN Fiat Chrysler Automobiles (FCA) ( FCHA.MI ) shares rose on Friday as investors played down the potential impact of the U.S. Environmental Protection Agency (EPA) accusing the company of concealing diesel emissions. Fiat''s Milan-listed rose more than 7 percent in early trade and stood 3.53 percent higher at 9.09 euros at 1101 GMT (6:01 a.m. ET). The shares tumbled 16 percent on Thursday after the EPA accused the world''s seventh-largest carmaker of illegally using hidden software to allow excess diesel emissions to go undetected, suggesting a maximum fine of about $4.6 billion. Larger rival   has admitted to cheating diesel emissions tests and agreed to spend up to $22 billion in the United States to address claims from owners, environmental regulators, U.S. states and dealers. FCA lacks Volkswagen''s cash pile but analysts said its case looked much less severe than that of its German counterpart. The EPA said FCA failed to disclose engine management software in 104,000 U.S. vehicles leading to an increase in emissions of nitrogen oxides (NOx). However, the authority has not yet labeled them "defeat devices" as in Volkswagen''s case. FCA Chief Executive Sergio Marchionne categorically rejected the allegations on Thursday saying there was no wrongdoing and the company never attempted to create software to cheat emissions rules. He also stressed FCA''s situation cannot be compared with VW''s. Analysts drew best and worst case scenarios, estimating potential fines ranging from several hundred million dollars to $4 billion. But they said the likelihood of hefty fines were very low. "Our base case is that the current violation notice is settled as a reporting violation of $140 million, a very manageable figure for FCA," said Stuart Pearson, an analyst at Exane BNP Paribas. "However, until the issue is settled, emissions uncertainty is likely to remain a significant overhang to the shares and break the stock''s impressive recovery since Trump''s election." Analysts also noted that FCA''s vehicles are equipped with selective catalytic reduction (SCR) systems, so could likely be fixed at a relatively immaterial cost. Before this week''s tumble FCA''s shares had risen by around 70 percent since Donald Trump''s election on expectations of less stringent emissions policies under the next U.S. administration. FCA''s case will soon be handed over to the new U.S. administration, which the market expects to be more lenient. The stock was also supported by Marchionne''s promise to deliver on his ambitious 2018 targets, including wiping out the company''s debt. Italian media quoted Marchionne as saying on Friday that the EPA enquiry would not affect those goals. (Reporting by Agnieszka Flak and Valentina Za; editing by Jason Neely) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-fiat-chrysler-emissions-idUKKBN14X17Z'|'2017-01-13T18:25:00.000+02:00'
'7a028d45f711146b31a45ce9d26ab860a1c6ff0f'|'Banks mandated for Iceland''s Arion Bank IPO-sources'|'FRANKFURT Jan 18 Failed Icelandic bank Kaupthing is moving ahead with preparations for a stock market listing of domestic arm Arion, people close to the matter said.Kaupthing - now a holding company - has mandated Swedish investment bank Carnegie to act as global coordinator for Arion''s initial public offering together with Citi and Morgan Stanley, the sources said.Other banks, including Deutsche Bank, have secured roles as bookrunners that will help with the share sale, which may take place as early as April, they said.Citi and Morgan Stanley were asked in 2016 to do initial preparatory work for the IPO, which could mark a step towards Iceland''s rehabilitation in the global financial system almost a decade after its banking sector collapsed. Iceland became the first western European country in more than three decades to be bailed out by the International Monetary Fund.The banks declined to comment or were not available for immediate comment. (Reporting by Arno Schuetze; additional reporting by Anna Ringstrom in Stockholm; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/kaupthing-ipo-arion-banki-idINL5N1F836E'|'2017-01-18T08:53:00.000+02:00'
'491396eb687b543c67514b42c56c6479d22b9a74'|'Nikkei hits 5-week low on stronger yen, investors wary of Trump'|'Company  27pm EST Nikkei hits 5-week low on stronger yen, investors wary of Trump By Shinichi Saoshiro - TOKYO TOKYO Jan 18 Japanese stocks fell to five-week lows on Wednesday, hurt by the yen''s rapid appreciation and as investors were cautious ahead of U.S. President-elect Donald Trump''s inauguration on Friday. The Nikkei share average was down 0.35 percent at 18,747.66 after touching 18,650.33, its lowest level since Dec. 9. The index has declined steadily from a one-year high of 19,615.40 struck two weeks ago, a peak reached when the yen was significantly weaker amid expectations that Trump would introduce stimulatory and reflationary policies. The Trump hopes, however, has recently been tempered ahead of Friday''s inauguration. "The yen''s rise on the back of reports that Trump had expressed concern towards a strong dollar is weighing on equities," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. "The market was driven mostly by expectations in the last two months and now awaits policy specifics as Trump''s inauguration looms. Volatility is likely to remain high until then." Banking shares underperformed, weighed down by an overnight drop in their Wall Street peers. Tokyo''s bank sub-index shed 1.7 percent, hitting its lowest level since Dec. 1. Mitsubishi UFJ Financial Group fell 2.2 percent, Sumitomo Mitsui Financial Group dropped 1.4 percent and Mizuho Financial Group shed 1.6 percent. The S&P 500 financial index, which has rallied since the November U.S. election on expectations of higher interest rates and reduced regulation under Trump, had its worst day since June 27 on Tuesday, falling 2.3 percent. Toshiba Corp was up 2.2 percent after a report that it was looking to spin off its semiconductor business assets and sell a roughly 20 percent stake in the unit to Western Digital Corp for up to $2.7 billion. Seafood companies gained after the Nikkei business daily said that real estate developer Mitsubishi Estate Co would start delivering fresh seafood to residents. Nippon Suisan Kaisha added 4.2 percent, Maruha Nichiro rose 1.4 percent and Nichirei Corp edged up 0.8 percent. Communication services provider U-NEXT Corp advanced 1.3 percent after announcing the start of a joint venture with home appliance retailer Yamada-Denki Co that engages in the operation and provision of MVNO (Mobile Virtual Network Operator) services. Yamada-Denki was up 0.7 percent. The broader Topix lost 0.5 percent to 1,501.80 and the JPX-Nikkei Index 400 declined 0.45 percent to 13,456.33 The dollar, also hurt by sterling''s rally following British Prime Minister Theresa May''s Brexit speech, touched a near seven-week low of 112.570 yen. (Editing by Shri Navaratnam) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1F81KE'|'2017-01-18T09:27:00.000+02:00'
'b9e577160e3e1f66896eb7e695a0dd5b4fe754a9'|'Ivory Coast''s main port reopens as unrest eases'|'Industrials  59pm EST Ivory Coast''s main port reopens as unrest eases ABIDJAN Jan 18 Ivory Coast''s main port in the commercial capital Abidjan reopened on Wednesday after it was temporarily shut down by protesting gendarmes officers earlier in the day, the port''s management said. "The managing director of the Autonomous Port of Abidjan would like to reassure all operators and customers of the port of Abidjan that the situation has returned to normal," read a statement released by the port authority. (Reporting by Ange Aboa and Loucoumane Coulibaly; Writing by Joe Bavier; Editing by Robin Pomeroy) Next In Industrials Cuomo says he discussed Obamacare, tax deductions with Trump WASHINGTON, Jan 18 New York Governor Andrew Cuomo said on Wednesday he discussed the dramatic impact that some budget proposals being considered in Washington would have on New Yorkers, including a repeal of Obamacare and a proposal to end deductions for state and local taxes. EINDHOVEN, Netherlands, Jan 18 While plenty of cannabis goes up in smoke in coffee shops around the Netherlands, Dutch researchers have found a new use for it - as an environmentally friendly building material to rival cement or steel. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/ivorycoast-military-port-idUSL5N1F85Y7'|'2017-01-19T00:59:00.000+02:00'
'e32e6563902cca1c95c9a044cd89facfdf506801'|'Egypt likely to meet targets for unlocking second tranche of IMF loan -mission chief'|'Financials  37am EST Egypt likely to meet targets for unlocking second tranche of IMF loan -mission chief CAIRO Jan 18 The International Monetary Fund''s Mission Chief for Egypt Chris Jarvis said on Wednesday that it looked likely that the country would meet the required targets to unlock the second tranche of a $12 billion three-year loan. "Although (economic indicators) for December have not been published yet, early indications are that the benchmarks for the next tranche of the loan are likely to be met," Jarvis said at a news conference. (Reporting by Ahmed Aboulenein; Editing by Eric Knecht) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/egypt-imf-benchmarks-idUSC6N1DO019'|'2017-01-18T22:37:00.000+02:00'
'31df3d39bc0fca39499e89f0bde7d72a843c768e'|'Premier Foods lowers year profit forecast after weak third quarter'|'Business News  42am GMT Premier Foods lowers year profit forecast after weak third quarter A Mr Kipling Cherry Bakewell is seen in this illustration taken March 30, 2016. REUTERS/Phil Noble/Illustration Premier Foods Plc, the maker of British brands such as Mr Kipling cakes and Bisto gravy, cut its full-year profit forecast by 10 percent on Wednesday after saying its third-quarter sales had been weaker than expected. Premier Foods, which had already cut its full-year sales expectations in October, now expects profit for the year to be about 10 percent below previous expectations. The company faces cost inflation in commodities such as sugar and chocolate as well as higher imported input costs due to a weaker pound, it said. Group sales in the quarter to Dec. 31 fell 1 percent to 251.4 million pounds while volumes increased 3.4 percent, the company said. (Reporting by Rahul B in Bengaluru; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-premier-foods-outlook-idUKKBN1520Q4'|'2017-01-18T14:42:00.000+02:00'
'3c5b2c68af2331af9e9ee03fecc5de48865f87f1'|'The devil is in the detail of post-Brexit trade deals - Letters'|'EU referendum and Brexit The devil is in the detail of post-Brexit trade deals ‘We must never forget that it is only British farmers who can deliver a safe, transparent and locally based food supply,’ writes Stuart Roberts. Photograph: Christopher Furlong/Getty Images Letters   19.19   As many people suspected, and as is becoming more and more obvious, the UK, with its sweatshop economy, weak productivity and huge trade deficit, is going to find itself in very chilly waters after we leave the EU ( ‘Unsettled’ Brexit will hit UK growth , 17 January). If we succeed in making trade treaties they will mostly be on very unfavourable terms, as we will be on the weak side in most cases (especially with China, the US and the EU). It also becomes more and more obvious that in order to achieve even unfavourable terms we will have to submit to being dominated by big international companies, which will lead to the reintroduction of TTIP-style disputes procedures, a bonfire of labour and environmental protections and policies only acceptable to the hard right of the Conservative party. Brexit is wrong and dangerous: the only way forward is to reverse it. Jeremy Cushing Exeter • I read with distress your article ( Brexit rush for US trade deal could force tough concessions, say critics , theguardian.com, 16 January). I found the comments of the UK’s ambassador to Washington staggering. For such a senior official to imply that farming is a low priority is worrying. Theresa May said on Tuesday that no trade deal is better than a bad trade deal . It is clear to me that a deal that fundamentally damages a country’s ability to feed an urbanised population through short, secure, local supply chains should be firmly categorised as a truly bad deal and one the government should avoid at all costs. British farmers provide the building blocks to the largest manufacturing sector in the economy. While I, like many in the industry, are convinced farming will look different in future and believe there is clearly a need for a new contract between farmers and society, we must never forget that it is only British farmers who can deliver a safe, transparent and locally based food supply while also delivering landscapes, biodiversity and environmental protection. We must not allow these vital outputs to be overlooked during Brexit negotiations. Stuart Roberts (Cereal and beef farmer) Harpenden, Hertfordshire • One key aspect of reverting to WTO rules after Brexit is food supply. The UK imports about 50% of what it consumes, mainly from fellow EU member states. For animal products, the EU (and the UK in particular) has high animal welfare regulations, raising prices to the consumer. Higher prices of animal products within the EU versus global prices are often seen as a reason for Brexit, a misinformed view. Thus Brexit will lead to lower food prices but also allow the UK to encourage “smallholding agriculture” on an “environmental protection” basis ( George Monbiot passim ), leading to higher food prices (economy of scale): mutually exclusive objectives here. The WTO doesn’t accept animal welfare as a reason for preventing trade. There are attempts to overcome this, but even the World Organisation for Animal Health (OIE) concluded in 2002 that “animal welfare guidelines are not covered by any WTO agreements in the future”. Peter Stevenson, chief policy adviser for Compassion in World Farming, concluded in 2015 that “Gatt [General Agreement on Tariffs and Trade] rules remain an important impediment to strengthening EU legislation (or that of other WTO members) on the protection of animals”, though he did hope for more positive developments in the future. Post-Brexit UK would have to accept cheaper imports of animal products from outside the EU from stock raised under conditions that were, in pre-Brexit UK, completely illegal. Professor Julian Wiseman Professor of animal production, University of Nottingham • The importance of the customs union should not be underestimated ( Fog starts to clear (a little) as May sets out her aims for Brexit , 18 January). Last week I received notification that a parcel sent to me from Canada was being held by UK customs and would not be released until I provided a customs procedure code (seven digits), a commodity code (10 digits), a VAT/EORI number (12 digits), a deferment account number (7 digits) and an IPR/OPR/EU number (nine digits). I was also asked for a guarantee account reference number (if applicable), the address of the supervising customs officer, and the original export customs declaration number. None of those meant anything to me. Nevertheless, if that information was not provided within five days, the parcel could be returned to sender. I replied that the parcel contained printed scientific reports, of no commercial value; it has yet to arrive. Without the customs union, all mailings and deliveries from Europe will also presumably be subject to such bureaucracy. Phillip Williamson Norwich • Your editorial (18 January) accepts Theresa May’s depiction of leaving the EU as “change” and staying in the EU as “hanging on to the European past”. But as I read it I was listening to David Davis listing the countries lining up to offer us trade deals: he mentioned New Zealand, Australia, Canada, the US. So, back to the British empire, long before the EU was dreamed of? William Wallace Liberal Democrat, House of Lords • The EU is not punishing and will not punish the UK for leaving the EU: the UK is showing the world it can do that to itself without any external help at all. When the PM says that “retaliation against the UK would not be the act of a friend”, how would she describe the UK turning its back on the EU after 40 years of friendship? The UK needs to start accepting what Brexit is: it is the unilateral cancellation of a club membership which confers members privileges with strings attached. When it leaves, the UK rejoins all other non-EU countries and from a basic WTO rules relationship, a bottom-up negotiation can take place to deepen trading ties where it is mutually beneficial for both sides. There will be economic as well as political trade-offs to be made on both sides. But if the UK persists in viewing the EU negotiations from a top-down perspective, it will only lead to frustration and increase the unhelpful rhetoric of “punishment for leaving the EU” on both sides of the Channel: the unavoidable consequence of Brexit is that the UK’s future relationship with the EU will be on worse trading terms than they are now. The sooner the UK political establishment accepts this fact and starts communicating this clearly to the UK masses, the better. After all, this was what they voted for and it’s the price to pay to return to full sovereignty. Antero Touchard Madrid, Spain • Outside the single market and sucking up to President Trump’s new world order, Theresa May will probably have to accept something like a bilateral version of the Transatlantic Trade and Investment Partnership (TTIP) to compensate for lost EU business. Unfortunately, as research conducted for the UK parliament on the trade potential of TTIP showed, there is very little scope for reducing tariffs further on UK-US exchanges. The only way to boost that trade would be to open up (effectively) UK public services to US corporate takeovers; eg privatisation of NHS sectors. This outcome, coupled with slashing of corporate tax rates to try to claw back more lost business, is more than a glimmer in the eye of cabinet Brexiteers. Please welcome Globalisation Mark II; but this time without the EU safety nets on health, safety, the environment and consumer and workers’ rights which opponents to TTIP proposals have been able to invoke in stalling the deal. Bryn Jones University of Bath • There is much talk about first or last in the queue when the real issue is not when but what kind of trade deal the UK might end up with. So the UK should see how Trump handles Nafta re-negotiation before embarking on its negotiations. Drafted by Reagan but enacted by Clinton before China’s rise was foreseen, Nafta didn’t produce an economic boom in Mexico to create the jobs that might have staunched the flow of illegal immigrants seeking better opportunities in the US, because production and jobs that could have ended up in Mexico went to China instead. But the outlook for TTIP, the UK-US model, is also poor for jobs. The official impact assessment commissioned by the European commission at the start of the negotiations predicted the loss of at least 1m jobs as a direct result of a successful EU-US deal. The European commission chose not to publicise these findings, seeing that the majority of the job losses – over 680,000 – would be experienced in EU countries, while the US would also see the loss of at least 325,000 jobs, and over twice that many if an “ambitious” TTIP deal went through. But the danger, as Dan Roberts reveals ( Trade deal could put US business in driving seat , 17 January), is a race to the bottom as “multinational businesses … erode national regulations in favour of a more unfettered market access”. Should suit the Tories. David Murray Wallington, Surrey • Rafael Behr says that “it is safe to presume that the non-negotiable terms of that deal will be total vassalage to US corporate interests” ( May can think big all she likes. Britain’s about to find out just how small it is , 18 January). It’s worth thinking about the detail: 1. Smith & Wesson will require that our gun control laws be rescinded as they are clearly barriers to free trade. 2. American health insurers will demand the abolition of the “free at the point of use” NHS as that too will plainly be a trade barrier. 3. Fox News and Breitbart will insist on the dismantling of the BBC as it represents unfair competition. Farming in New England has been pretty much reduced to a recreational activity for rich nostalgists following competition from the US midwest. Farming in “Old England” will suffer the same fate. But it will all be OK, as we will have taken back control… Andrew Syme'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/politics/2017/jan/18/the-devil-is-in-the-detail-of-post-brexit-trade-deals'|'2017-01-19T02:19:00.000+02:00'
'52dcf760276ac3cb1dd8d12a96de8cb3d800a6ae'|'Tech vendor Misys launches P2P lending software for banks'|'  9:10am GMT Tech vendor Misys launches P2P lending software for banks By Anna Irrera - NEW YORK NEW YORK Financial technology vendor Misys is launching software to enable banks to provide peer-to-peer lending to their customers as competition from young companies in the sector heats up. The technology would enable retail and corporate banks to connect their customers looking for loans with individual or institutional investors digitally, the private London-based software company said on Tuesday. P2P lenders, which allow consumers and small businesses to borrow from investors online, emerged in response to a contraction in bank lending following the financial crisis of 2008. By automating much of the lending process, companies like LendingClub Corp ( LC.N ), OnDeck Capital ( ONDK.N ) and Prosper were able to service borrowers that had become too risky or too expensive for banks to lend to from their more constrained balance sheets. They make money by charging fees for facilitating the transaction. Misys said the software would allow banks to maintain a relationship with clients that they would otherwise have to turn away without have to originate loans from their balance sheet. "Banks are losing market share to P2P platform providers. By embedding crowdlending into the overall credit lifecycle, a bank can maintain and expand its client base, recapture business from alternative finance marketplaces and boost lending growth," Jean-Cedric Jollant, senior product officer at Misys, told Reuters. The launch comes as the nascent peer-to-peer lending sector expands, despite facing some growing pains. Research by Morgan Stanley estimates that P2P lending companies, also known as marketplace lenders, could originate up to $490 billion (406.77 billion pounds) in loans globally by 2020. Banks have been reacting to the trend by either partnering with younger companies or launching their own online lending operations. Spanish banking group Banco Santander ( SAN.MC ) in 2016 partnered with U.S. small business lender Kabbage to provide loans, while JP Morgan Chase & Co. ( JPM.N ) previously partnered with OnDeck. Jollant said Misys was launching the product because it was already an established provider of financial lending software to many large global lenders. He added that the company was in discussions "with a number of interested banks in the U.S., Europe and India." (Reporting by Anna Irrera; Editing by Cynthia Osterman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-p2p-lending-mysis-idUKKBN1510X6'|'2017-01-17T16:10:00.000+02:00'
'78f2ae5aa5162761ebeeb501dcb0723017fd8c7b'|'Hungary''s OTP Bank expects to make no acquisition in January -Wolf'|'Financials  11am EST Hungary''s OTP Bank expects to make no acquisition in January -Wolf VIENNA Jan 17 Hungary''s OTP Bank expects to make no acquisition this month, its deputy chief for commercial banking said on Tuesday, after Hungary''s largest lender by assets and market share said last month it could announce a new acquisition in January. OTP, which controls DSK Bank, the Balkan country''s second biggest bank, said in November the bank was looking at acquisition opportunities and would wrap up at least one deal within the next three months. When asked on the sidelines of a financial conference in Vienna whether he expects an acquisition to be announced this month, Laszlo Wolf told Reuters, "No", adding his bank always had projects "but nothing concrete". When asked if OTP was planning to enter a new country, Wolf said: "First we would like to reach the critical minimum size in the countries we are now active in." (Reporting By Kirsti Knolle, Editing by Shadia Nasralla) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hungary-otp-idUSV9N15C01C'|'2017-01-17T22:11:00.000+02:00'
'447e0959f4a3d43b92d53a29018bf21648182542'|'UPDATE 1-Indonesian watchdog says former Garuda CEO a bribery suspect'|'Industrials   9:10am EST UPDATE 1-Indonesian watchdog says former Garuda CEO a bribery suspect (Adds Airbus, background) By Cindy Silviana and Fransiska Nangoy JAKARTA Jan 19 Indonesia''s anti-corruption agency said on Thursday it was treating the former chief executive of airline PT Garuda Indonesia Tbk as a suspect in a bribery case. Indonesia''s Corruption Eradication Commission (KPK) said in a statement the CEO of Garuda from 2005 to 2014 was suspected of taking bribes related to the purchase of planes and machines from Rolls-Royce and Airbus. The KPK did not refer to the CEO by name but, as is its custom, used initials - in this case "ESA". The CEO of Garuda from 2005 to 2014 was Emirsyah Satar, who is now chairman of Indonesian conglomerate Lippo Group''s e-commerce platform MatahariMall.com. Satar and his assistant did not respond to Reuters'' requests for comment. MatahariMall said it supported the legal process in Indonesia, but declined further comment. Rolls-Royce and Airbus did not immediately respond to requests for comment. The KPK said it found evidence that "ESA" had received 20 billion rupiah ($1.5 million) of cash and items worth $2 million in Singapore and Indonesia from another suspect. KPK Chairman Agus Rahardjo said at a news briefing its probe was directed against individuals, and would not affect Garuda''s operations. Garuda''s vice president for corporate communication, Benny S. Butarbutar, said the airline would cooperate with the KPK, adding the investigation "has no connection to our corporate activities." Rolls-Royce agreed to pay authorities more than $800 million to resolve charges of bribing officials in six countries in schemes that lasted more than a decade, the U.S. Justice Department and Britain''s Serious Fraud Office (SFO) said in statements on Tuesday. Britain''s SFO last year launched an investigation into suspected fraud, bribery and corruption in some Airbus aeroplane sales, following discrepancies found during an internal company audit of applications for UK government export credits. Neither the UK authorities nor Airbus has said which airlines'' aircraft are affected by the probe. ($1 = 13,368.00 rupiah) (Reporting by Cindy Silviana, Fransiska Nangoy and Tim Hepher; Writing by Eveline Danubrata; Editing by Mark Potter/Keith Weir) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/rolls-royce-hldg-fraud-indonesia-idUSL4N1F94FC'|'2017-01-19T21:10:00.000+02:00'
'41afe45ef3cb0970c69ac8b830ebe9c2674e47d5'|'South Korea''s Netmarble seeks M&As, U.S. expansion: founder'|'Technology News - Wed Jan 18, 2017 - 4:33am EST South Korea''s Netmarble seeks M&As, U.S. expansion: founder An employee walks past the logo of Netmarble Games at its headquarters in Seoul, South Korea, March 25, 2016. REUTERS/Kim Hong-Ji By Joyce Lee - SEOUL SEOUL South Korea''s largest mobile game company, Netmarble Games Corp, is seeking more mergers and acquisitions and intellectual property rights to expand its share of the gaming market in North America and Europe, its founder said. The Tencent-backed ( 0700.HK ) firm - with plans for a public listing estimated at billions of dollars in the first half this year - aims to raise its ranking in key markets to reach its goal of becoming a global top 5 game company by 2020, Bang Jun-hyuk told Reuters. Netmarble wants to place within the top 10 in mobile games in China and Japan, Bang said on the sidelines of a news conference on Wednesday. "The global game market''s wave of M&As that began in 2016 is expected to continue to the first half of 2018," the 48-year-old controlling shareholder said. "After the market is reorganized, the remaining major companies'' profits are expected to rise." Netmarble, which CLSA valued at 14.3 trillion won ($12.3 billion) in a Jan. 17 report, will look to the initial public offering to build up funds for mergers and acquisitions and other investments, to help reach its target of 5 trillion won in sales by 2020. It reported 1.5 trillion won in 2016 provisional sales, up from 1.07 trillion won in 2015, helped by its blockbuster role-playing game "Lineage 2: Revolution" which earned 206 billion won in first-month revenue since launching in one country, South Korea, in December. The 2016 hit Pokemon Go reported about $200 million in first-month revenue, according to data provider Sensor Tower. South Korea is the world''s fourth-largest games market behind China, the United States and Japan with annual revenue of around $4 billion, according to June 2016 data from research firm Newzoo. Bang said the company plans to make role-playing games, in which participants assume the role of a character and interact within the game''s imaginary world, more mainstream in North American and European markets where strategy games dominate. Netmarble has invested in mobile game studios in the United States and Canada. However, the need for a bigger war chest was evident when it lost out last year to a Chinese consortium including Alibaba''s Jack Ma that offered $4.4 billion in cash to buy Caesars'' online game unit. Aside from plans to take "Lineage 2: Revolution" global, Netmarble announced on Wednesday plans for 17 new games, with some based on franchises such as Transformers and G.I. Joe. Bang said there would also be 4 games developed for China. "Going forward, we have a target of releasing major games in China and Japan," he said. Bang, a high school dropout who founded Netmarble in 2000 after two previous start-up failures, sold management control to South Korean conglomerate CJ Group in 2004 but returned to lead a struggling Netmarble in 2011. He owns a 32.4 percent stake in the firm, while Tencent Holdings Ltd holds a 25.3 percent stake through an investment vehicle. Netmarble received Korean exchange approval for an IPO in December 2016. JP Morgan ( JPM.N ) and NH Investment & Securities ( 005940.KS ) are advisers. (Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-netmarble-strategy-idUSKBN15210Z'|'2017-01-18T16:33:00.000+02:00'
'351c027b4a05a1e10611d745884dda635fdcebec'|'HSBC CEO says to move staff with aim of 20 pct of trading revenue in Paris'|'Jan 18 HSBC will move staff generating around 20 percent of its trading revenue to Paris following Britain''s exit from the European Union, Chief Executive Stuart Gulliver said on Wednesday in an interview on the sidelines of the annual meeting of the World Economic Forum in Davos, Switzerland."We''re not moving this year and maybe not even next year," Gulliver said, adding that the bank would likely look to move the staff in around two years'' time when Britain has fully left the EU.HSBC has all the licences it needs for such a move, Gulliver said, and would only need to set up a so-called intermediate holding company in France, a move that should take only a matter of months.(Reporting by Pamela Barbaglia in Davos, writing by Lawrence White; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/davos-meeting-hsbc-idUSL9N1D2003'|'2017-01-18T11:12:00.000+02:00'
'c201ba4de0ed00b250bb0d3d4ab519fafe4f603a'|'It''s not aid in reverse, illicit financial flows are more complicated than that - Global Development Professionals Network'|'A comment piece published earlier this week calculated that for every $1 of aid that developing countries receive, they lose $24 in net outflows. The piece by Jason Hickel , which draws on a report by Global Financial Integrity (GFI), concludes that “poor countries don’t need charity. They need justice.” Rich countries, he argues, should act to stop the massive flow of capital that the writer believes is being drained from poor countries.However a closer look raises issues. In countries where aid matters most, 24 times the aid they receive would be a huge number. In Bangladesh where aid is 1.3% of gross national income (GNI) it would be almost a third of the economy. In Ethiopia where aid is 6% of GNI it would be about one and a half times the size of the whole economy. Can poor countries like these really be generating a previously overlooked flood of capital on such a massive scale? Aid in reverse: how poor countries develop rich countries - Jason Hickel Read more In fact the 1 to 24 figure is based on a definition of developing countries which includes all developing, emerging and transition economies such as China, Russia, Saudi Arabia, Kuwait and Malaysia, as well as five OECD members states and several EU countries. That many of these countries have more capital going out than coming in is not news. It is already well known (pdf) that over past decades many developing and emerging economies, particularly in Asia and the oil producing Middle East, have followed a policy of running trade surpluses and building up foreign currency reserves as well as outward investments.But for the poorest developing countries the opposite is true – more capital comes in through aid, foreign direct investment and loans, than goes out through interest payments, outward investment or to stock up foreign reserves. This includes the least-developed countries, highly indebted poor countries and most countries in sub-Saharan Africa. Comparing the amount of capital that large emerging economies such as China and Saudi Arabia use to build up foreign currency reserves with the amount that mainly smaller poorer economies receive in aid is meaningless. Moreover, the outflow figures include illicit financial flows as calculated by GFI using a methodology which has beendisputed. GFI argues that by doing calculations on publicly available trade statistics they are able to detect massive unrecorded flows of capital escaping from developing countries, particularly through a type of customs fraud called “ trade misinvoicing ”. But I have argued previously that while trade misinvoicing is a real phenomenon, the ability to measure it by looking at asymmetries in the trade data is not. Ordinary, legal trade such as shipments that go through transit hubs tends to produce large asymmetries in the trade data which can be confused with misinvoicing in two different directions at once.For example, cocoa exported from Ivory Coast bought by a Dutch trading company will be reported as an export to the Netherlands, even though in practice it could be held in a bonded warehouse at the docks in Amsterdam before being purchased by a chocolate manufacturer in Cologne, where it would be reported as an import from Ivory Coast to Germany – researchers looking at the trade data would interpret this as an illicit flow of finance out of Ivory Coast to Germany and at the same time an illicit flow of finance into Ivory Coast from the Netherlands (this is something similar to the well known Rotterdam effect in European trade statistics).Grand corruption and organised crime are real barriers to development in many countriesVolker Nitsch, a professor of international economics at Darmstadt University in Germany reviewed GFI’s misinvoicing calculations (pdf) and concluded that the numbers have “no substantive meaning”. A study published by the UN University World Institute for Development Economics Research compared different methods of measuring illicit capital flight and concluded that methods were imperfect, and ran the risk of misinterpreting ordinary investments.This does not mean, however, that corruption and organised crime are not serious problems. Hickel is right to argue that grand corruption and organised crime are real barriers to development in many countries, and that often the loot is stashed in rich countries. Customs fraud is one route, and it is also a method used by those evading taxes as well as by drug traffickers and other criminals. However, it could be argued that this channel has been overemphasised because of the large estimates attached to it. Kleptocrats tend to use the simpler method for hiding the proceeds of grand corruption; they wire the money directly to accounts set up in the name of anonymous shell companies.Rich countries should enforce anti-bribery rules , and take more effective action to prevent anonymous companies being used as getaway vehicles. Aid should be transparent and focused on outcomes, but it will never be the main protagonist. The private sector is neither a hero or a villain, but enabling real investment is critical. We can also support institutional reforms in developing countries which seek to mobilise domestic resources, such as through enhancing tax collection , improving public procurement , better natural resource governance and enabling public scrutiny of revenues and budgets . The experience is that there are no easy solutions, and progress requires humility, attention to detail, and willingness to learn from robust new evidence. Maya Forstater is visiting fellow at the Centre for Global Development . Follow @MForstater on Twitter. Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jan/18/its-not-aid-in-reverse-illicit-financial-flows-are-more-complicated-than-that'|'2017-01-19T00:05:00.000+02:00'
'26c1a2cc8efaeaff78f5a85e5412f037fbf52f07'|'Rolls-Royce jumps on profit upgrade and bribery settlement'|' 10am GMT Rolls-Royce jumps on profit upgrade and bribery settlement A Rolls-Royce logo is seen at the company''s aerospace engineering and development site in Bristol, Britain, December 17, 2015. REUTERS/Toby Melville/File Photo LONDON Shares in Rolls-Royce ( RR.L ) climbed 5 percent on Tuesday after the British aero-engine maker settled a long-running bribery probe and said that 2016 profit would beat expectations. The news of the profit upgrade came as a boost to the firm after an eighteen month period of cost-cutting and restructuring led by CEO Warren East, who was brought in to stabilize the company in mid-2015 after a series of profit warnings. Analysts said that Rolls''s settlement of the bribery investigation with British, U.S. and Brazilian authorities also helped to remove a cloud hanging over the company since 2013, even though the penalty was bigger than expected. It will pay 671 million pounds to settle the investigations. Shares in Rolls jumped by 4.7 percent in early trading. Jefferies analyst Sandy Morris said that the impact of the charge taken to settle the bribery claims was mitigated by the authorities agreeing to spread the payment over five years, meaning the financial impact on the company was "negative but benign". "This is by no means a great moment in Rolls-Royce''s history but in terms of a healing process, getting the SFO settled and having trading particularly on cash flow improving, well maybe, just maybe, Rolls is on the mend," he said. Rolls said in its statement late on Monday that it had finished the year strongly meaning that profit and cash flow would be ahead of expectations. Analyst forecasts had been for Rolls''s 2016 pretax profit to come in at 686 million pounds, half what it made in the previous year. Rolls said the deals agreed with the three authorities would involve the group paying about 293 million pounds in the first year. The company is due to seek final judicial approval for its agreement with Britain''s Serious Fraud Office later on Tuesday. (Reporting by Sarah Young; editing by Kate Holton) Up Next Pound  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-rolls-royce-hldg-fraud-idUKKBN1510QH'|'2017-01-17T15:09:00.000+02:00'
'6751b6843410c2cbc4e8c3c4726e948b9206a28c'|'BRIEF-SkyBridge Capital says definitive purchase agreement to sell majority stake in firm'|'Financials   10:51am EST BRIEF-SkyBridge Capital says definitive purchase agreement to sell majority stake in firm Jan 17 SkyBridge Capital: * SkyBridge Capital announces definitive purchase agreement to sell majority stake in firm * SkyBridge Capital -signed definitive purchase agreement with ron transatlantic eg and hna capital holding for a majority stake in firm * SkyBridge Capital -financial terms of transaction were not disclosed Source text for Eikon: Next In Financials Fitch Affirms Dexia Credit Local; Affirms & Withdraws Dexia Crediop''s Ratings (The following statement was released by the rating agency) PARIS/LONDON, January 17 (Fitch) Fitch Ratings has affirmed Dexia Credit Local''s (DCL) Long-Term Issuer Default Rating (IDR) at ''BBB+'' and its Italian subsidiary Dexia Crediop S.p.A.''s (Crediop) Long-Term IDR at ''BBB-''. The Outlooks are Stable. At the same time, Fitch has withdrawn Crediop''s ratings for commercial reasons. Therefore, Fitch will no longer provide ratings or analytical coverage for Crediop. In addition, Fitch has ass Mozambique 2023 dollar bond rebounds 1.5 cents LONDON, Jan 17 Mozambique''s 2023 dollar-bond rebounded 1.5 cents on Tuesday, according to data from trading platform MarketAxess, recovering some of the ground lost a day earlier when the finance ministry warned it would not make a Jan. 18 coupon payment. * Acquires 60 percent of Pearl Island project in Panama for 27 million euros ($28.88 million) from Dolphin Capital Investors (DCI) MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSASC09R3A'|'2017-01-17T22:51:00.000+02:00'
'7490e60be261920f1738186f880a932c12240dc5'|'Bayer, Monsanto pledge U.S. R&D spending, jobs after merger'|'Deals  22pm EST Bayer, Monsanto pledge U.S. R&D spending, jobs after merger FILE PHOTO - The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal February 24, 2014. REUTERS/Ina Fassbender/File Photo FRANKFURT A future combined Bayer ( BAYGn.DE ) and Monsanto ( MON.N ) expects to spend about $16 billion on research and development over the next six years with at least half of this investment made in the United States, the two companies said in a statement on Tuesday. The statement came after U.S. president-elect Donald Trump''s spokesman said Germany''s Bayer had pledged to boost its investments in the United States as part of its deal to buy U.S.-based Monsanto, investing $8 billion in R&D. The companies'' statement said: "This is an investment in innovation and people that will create several thousand new high-tech, well-paying jobs after integration is complete." Trump''s spokesman had said drugs and pesticides maker Bayer had promised to maintain its more than 9,000 U.S. jobs and add 3,000 new U.S. high-tech positions. (Reporting by Ludwig Burger; Writing by Andreas Cremer; Editing by Georgina Prodhan) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-bayer-monsanto-idUSKBN1512JK'|'2017-01-18T00:22:00.000+02:00'
'41c0094133b3bf254f7116561d581a76fe6e5191'|'Nikkei falls to near 6-week low on strong yen; Honda tumbles'|'Company  24am EST Nikkei falls to near 6-week low on strong yen; Honda tumbles TOKYO Jan 17 Japan''s Nikkei fell to its lowest level in more than a month on Tuesday as a strong yen soured sentiment, while shares of Honda tumbled after it said an air bag made by Takata Corp had ruptured in one of its cars in Japan. The Nikkei share average ended 1.5 percent lower at 18,813.53, the weakest closing level since Dec. 8. Honda Motor Co skidded 2.7 percent after it said the passenger-side air bag of one of its Fit compact multi-purpose vehicles ruptured late last month, resulting in minor injury to the car''s driver. Investors were also bracing for a speech by U.K. Prime Minister Theresa May later in the global session as well as Friday''s inauguration of U.S. President-elect Donald Trump. The broader Topix shed 1.4 percent to 1,509.10, while the JPX-Nikkei Index 400 declined 1.5 percent at 13,516.30. (Reporting by Ayai Tomisawa; Editing by Shri Navaratnam) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1F72CP'|'2017-01-17T13:24:00.000+02:00'
'b52f0ab3fcd172c074cc3842e125a242c7d6c08b'|'Asia Graphics-Asian bond markets see less foreign outflows in Dec'|'Jan 17 Foreign investors continued to take out money from Asian bonds in December, but the quantum of outflows was much lesser than in November. Last month, foreign investors net sold about $1.8 billion in three markets - South Korea, Malaysia and Thailand. That compares with about $8 billion bond outflows in November.For graphic, click:tmsnrt.rs/29uYjbztmsnrt.rs/2iBlW1JContext:Asian markets are expected to see more outflows this year as expectations grow for more rate increases in the United States, according to analysts. (Reporting By Gaurav Dogra & Patturaja Murugaboopathy in Bengaluru; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/asia-bonds-graphics-idUSL4N1F7234'|'2017-01-17T09:25:00.000+02:00'
'9395a91d938d0df5ffbbf50bb7d7b09dbaa84f5c'|'Trump threatens German carmakers with 35 pct U.S. import tariff'|'FRANKFURT Jan 16 Shares in German carmakers BMW , Daimler and Volkswagen fell after United States President-elect Donald Trump warned he will impose a border tax of 35 percent on vehicles imported from abroad to the U.S. market.All three carmakers have invested heavily in factories in Mexico, where production costs are lower than the United States, with an eye to exporting smaller vehicles to the U.S. market.In an interview with German newspaper Bild, published on Monday, Trump sharply criticised the German carmakers for failing to produce more cars on U.S. soil."If you want to build cars in the world, then I wish you all the best. You can build cars for the United States, but for every car that comes to the USA, you will pay 35 percent tax," Trump said in remarks that were translated into German."I would tell BMW that if you are building a factory in Mexico and plan to sell cars to the USA, without a 35 percent tax, then you can forget that," Trump said, adding that carmakers will instead have to build plants in the United States.Mercedes-Benz and BMW already have sizeable factories in the United States where they build higher-margin sports utility vehicles (SUVs).BMW shares were down 0.85 percent, shares in Daimler were 1.54 percent lower and Volkswagen shares were trading 1.07 percent lower shortly in early trading in Frankfurt.A BMW spokeswoman said a BMW Group plant in the central Mexican city of San Luis Potosi would build the BMW 3 Series starting from 2019, with the output intended for the world market. The plant in Mexico would be an addition to existing 3 Series production facilities in Germany and China.In June last year, BMW broke ground on the plant, pledging to invest $2.2 billion in Mexico by 2019 for annual production of 150,000 cars.Daimler has said it plans to begin assembling Mercedes-Benz vehicles in 2018 from a $1 billion facility shared with Renault-Nissan in Aguascalientes in Mexico. Daimler was not immediately available for comment.Last year VW''s Audi division inaugurated a $1.3 billion production facility with 150,000 vehicle production capacity near Puebla, Mexico. Audi said it will build electric and petrol Q5 SUVs in Mexico.Audi was not immediately reachable for comment.Trump went on to say Germany was a great car producer, noting that Mercedes-Benz cars were a frequent sight in New York, but claimed there was not enough reciprocity.Germans were not buying Chevrolets at the same rate, he said, calling the business relationship an unfair one-way street.Chevrolet sales have fallen sharply in Europe since parent company General Motors in 2013 said it will drop the Chevrolet brand in Europe by the end of 2015. Since then, GM has focused instead on promoting its Opel and Vauxhall marques.(Reporting by Edward Taylor; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-germany-autos-idINL5N1F61JL'|'2017-01-16T05:59:00.000+02:00'
'6bced74116d8db4d0b68a25a65b82f78b9083edb'|'LSE says no plans to move clearing operations after Deutsche Boerse merger'|'Business News - Mon Jan 16, 2017 - 12:49pm GMT LSE says no plans to move clearing operations after Deutsche Boerse merger The plaque of the Deutsche Boerse AG is pictured at the entrance of the Frankfurt stock exchange February 1, 2012. REUTERS/Alex Domanski/File Photo London Stock Exchange Group (LSEG) ( LSE.L ) said on Monday it had no plans to shift the operations of its LCH clearing business from Britain to Germany following the group''s merger with Deutsche Boerse ( DB1Gn.DE ). LSEG was responding to an independent study and press speculation about the possible future location of some of its businesses as a result of its tie-up with its German rival. According to the research report published in the Times on Monday, there is a "good chance" Deutsche Boerse will relocate derivatives trading from London to Frankfurt. bit.ly/2jVIlff "Such action is not contemplated and any statements suggesting otherwise are inaccurate and misguided ... LSEG and Deutsche Börse are committed to maintaining the strengths and capabilities of their respective operations in London and Frankfurt," LSEG said in a statement. "There is no intention to move the locations of Eurex or Clearstream from Frankfurt, LCH from London and the U.S., Monte Titoli from Milan or CC&G from Rome following completion," it added. Deutsche Boerse and LSEG have been working to overcome regulatory hurdles holding up their $28 billion merger and looking to appease regulators. LSEG agreed this month to sell its French clearing business to Euronext ( ENX.PA ). Last week, the head of the European Central Bank, Mario Draghi, said it would carefully look at the proposed merger too, particularly given Britain''s decision to leave the European Union. Separately on Monday, the economic secretary to the UK Treasury told Reuters that keeping euro-denominated clearing in London even after Britain leaves the EU was in Europe''s interest. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lse-m-a-deutsche-boerse-relocation-idUKKBN1501I0'|'2017-01-16T19:49:00.000+02:00'
'e9dbf508ff304c53b03464b70435004e75344190'|'Greek auditors approve sale of railway operator to Italian railways - source'|'Business News - Mon Jan 16, 2017 - 1:42pm GMT Greek auditors approve sale of railway operator to Italian railways - source ATHENS A Greek court of auditors approved on Monday the sale of Greece''s railway operator TRAINOSE to Italian railways Ferrovie dello Stato [IPO-FERRO.MI], an official at the country''s privatisation agency said. Under a bailout deal signed in 2015, Greece has agreed to sell TRAINOSE and other state assets aiming for total revenue of 5.8 billion euros (5.10 billion pounds) by 2018. Greece has earmarked receipts of 45 million euros from the TRAINOSE sale this year. Local media reported that the process was delayed due to some issues raised by the auditors. The official, who spoke on condition of anonymity, said all the terms set by the court had been satisfied and that the sale would go ahead. Greece had to privatise TRAINOSE or shut the firm and return about 750 million euros to the European Union in state subsidies that the country extended to the company in the past. The official said that once the deal is signed, Greece and Ferrovie will ask the European Commission to write off this debt. (Reporting by Angeliki Koutantou; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-greece-privatisation-trainose-idUKKBN1501MI'|'2017-01-16T20:42:00.000+02:00'
'e6ba58f6affa44bcbc4fcd68ed65805b8b0094d4'|'LPC-Bank trio line up around 275m of loans to back Concardis sale'|'By Claire Ruckin - LONDON LONDON Jan 16 Three banks have lined up a loan financing totalling around 275m to back the buyout of German payment group Concardis by private equity firms Advent and Bain Capital, banking sources said on Monday.Advent and Bain Capital agreed to buy Concardis from a group of private, savings and cooperative banks, the parties said in a joint statement on Friday, not disclosing a purchase price.Goldman Sachs, HSBC and Morgan Stanley are leading the underwritten financing to back to the acquisition, which is expected to launch for syndication to institutional investors in February, the sources said.The financing will be in the form of an all-senior leveraged loan and will equate to around five times Concardis'' approximate 55m Ebitda, the sources said.Advent and Bain declined to comment.The loan is likely to be welcomed by Europe''s liquid leveraged loan market, eager for new paper from event-driven financings.Concardis offers card-payment terminals as well as payment technology for e-commerce groups and is viewed as a non-core business by its key owners.Prior to a sale, Deutsche Bank had 16% of Concardis, DZ Bank 19% on behalf of its cooperative bank members and German savings banks had a total of 39%. Commerzbank and Unicredit held smaller stakes. (Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/concardis-loans-idINL5N1F62VV'|'2017-01-16T09:02:00.000+02:00'
'3ce9845088c9db436fda8860d82924098e33f109'|'UPDATE 1-Rio Tinto hits 2016 iron ore guidance, 2017 target intact'|'* Rio hits mid-point 2016 iron ore guidance* 4th quarter sales exceed output (Adds comment, other commodities details)SYDNEY Jan 17 Global miner Rio Tinto hit its mid-point target for iron ore shipments from Australia in 2016 and kept its guidance of 330 million-340 million tonnes for this year intact.The world''s second-biggest supplier of the steel-making raw material shipped 327.6 million tonnes in 2016 against guidance of 325 million-330 million tonnes, it said.Guidance for shipments of 330 million-340 million tonnes in 2017 was unchanged."Sales in the (fourth) quarter exceeded production by 2.2 million tonnes, primarily drawing down on inventories built at the ports in the third quarter due to maintenance," Rio said in a statement.Fourth quarter iron ore shipments climbed by 1 percent to 87.7 million tonnes versus the year ago period, the company said.Shipment levels are closely watched amid volatile global iron ore prices, with the 1.4 billion-tonne-per-year sea-traded market now in balance but threatened by a looming supply glut.Analysts expect Australia''s other major producers, BHP Billiton and Fortescue Metals Group, to report near-record quarterly production figures later this month.The price of iron ore unexpectedly surged in 2016 by about 80 percent, fueled by strong demand in China, but forecasters expect a steep decline in the price this year to less than $60 a tonne.The company also said its mined copper production, a key growth business, was 4 percent higher than 2015 at 523,000 tonnes, though still below full year guidance. It cited the absence of copper delivered from its Grasberg mine in Indonesia and lower than expected production at its Kennecott mine in the United States for the shortfall.Through a joint venture agreement with Freeport-McMoRan Inc Rio is entitled to 40 percent of material mined only above an agreed threshold.The company set 2017 aluminium production guidance at between 3.5 million to 3.7 million tonnes, little changed on the 3.6 million tonnes produced in 2016.Rio Chief Executive Jean-Sebastien Jacques said 2016''s overall production performance was "strong" and based on cost efficiencies and maximised cash flow. (Reporting by James Regan; Editing by Kevin Liffey and Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/rio-tinto-output-idINL4N1F64KY'|'2017-01-16T19:39:00.000+02:00'
'b94b51d57fb24b7c10091162f1a4a5b0fc74e4ac'|'SE Asia Stocks-Tepid ahead of May''s Brexit speech; Philippines down for fifth session'|'Financials  16am EST SE Asia Stocks-Tepid ahead of May''s Brexit speech; Philippines down for fifth session By Sandhya Sampath Jan 17 Southeast Asian stock markets were tepid on Tuesday ahead of British Prime Minister Theresa May''s speech outlining plans to exit the European Union as worries of a "hard Brexit" and uncertainty over Donald Trump''s policies pulled back risk appetite. Philippines, which has become Asia''s best performing market this year on foreign buying, were on track for their fifth straight session of losses as foreign investors offloaded shares. Investors are on risk-off mode ahead of May''s speech later in the day and Trump''s upcoming inauguration, said Victor Felix, an analyst with AB Capital Securities. Britain will not seek a Brexit deal that leaves it "half in, half out" of the EU, May will say later in the day, according to her office, in a speech setting out her priorities for impending divorce talks with the bloc. Those priorities will include leaving the EU''s single market and regaining full control of Britain''s borders, media reported, reinforcing fears of a "hard Brexit," sending the pound to some of the lowest levels in more than three decades. Markets are also wary about U.S. President-elect Trump''s stimulus and reflationary measures post his inauguration, on Friday. "Media reports over the weekend mentioned that she was prepared to make a "hard" exit; maybe they want more specifics on that. In last week''s speech, Trump didn''t really flesh out economic policies, so hopefully post inauguration he will flesh them out further," Felix said. Philippine shares fell as much as 0.8 percent, dragged down by financials and telecom stocks. "Yesterday''s turnover was much lower than the average. There was net foreign selling and we continue that trend today," Felix added. "There is net foreign selling of 100 million pesos ($2.0 million) as of now in the Philippines market." Property developer SM Prime Holdings Inc fell as much as 3.1 percent, while telecom services provider PLDT Inc dropped 2.1 percent. Singapore fell 0.3 percent, pulled down by industrials and consumer goods. Palm oil producer Wilmar International Ltd fell as much as 1.1 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: Change at 0427 GMT Market Current Previous Close Pct Move Singapore 3004.87 3013.12 -0.27 Bangkok 1575.37 1571.80 0.15 Manila 7196.65 7238.45 -0.58 Jakarta 5277.904 5270.011 0.14 Kuala Lumpur 1663.85 1658.84 0.30 Ho Chi Minh 682.41 677.94 0.66 Change this year Market Current End 2016 Pct Move Singapore 3004.87 2880.76 4.31 Bangkok 1575.37 1542.94 2.10 Manila 7196.65 6840.64 5.2 Jakarta 5277.904 5296.711 -0.36 Kuala Lumpur 1663.85 1641.73 1.35 Ho Chi Minh 682.41 664.87 2.6 ($1 = 49.9090 Philippine pesos) (Reporting by Sandhya Sampath; Editing by Amrutha Gayathri) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southeast-asia-stocks-idUSL4N1F7202'|'2017-01-17T12:16:00.000+02:00'
'c463d36d9e8e8e43ab1a093bae18f92856ead480'|'Colombia amasses US$9bn in orders for new bond'|'By Mike Gambale NEW YORK, Jan 18 (IFR) - Colombia, rated Baa2/BBB/BBB, has amassed a US$9bn order book on a two-part bond US dollar bond ahead of pricing later on Wednesday, according to a lead on the deal.The sovereign set guidance of US Treasuries plus 170bp area (+/-5bp) on a 10-year tranche and T+220bp area (+/- 5bp) on a tap of its 2045 bond.That is tight to initial price thoughts of T+185bp area and T+235bp area, respectively.Active bookrunners on the SEC-registered deal are Citigroup, Itau and Morgan Stanley. Proceeds are for general budgetary purposes. (Reporting by Paul Kilby; Editing by Marc Carnegie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/colombia-bonds-orderbooks-idINL1N1F81OW'|'2017-01-18T15:19:00.000+02:00'
'4d0732de9c9358bf49c87a82969957e77ebe38ac'|'UPDATE 1-Motor racing-F1 body approves Liberty Media takeover'|'* FIA approves transfer of F1 commercial rights* Liberty Media taking over from CVC Capital Partners* Formula one''s governing body also a shareholder (Adds detail)By Alan BaldwinLONDON, Jan 18 Liberty Media''s Formula One takeover cleared another key hurdle on Wednesday with the sport''s governing body unanimously approving the deal.The Paris-based International Automobile Federation (FIA) said in a statement that its World Motor Sport Council (WMSC) approved the change of commercial rights holder at an extraordinary meeting in Geneva."Liberty, Formula One Group and the FIA intend to collaborate to create a constructive relationship that will ensure the continued success and the development of the FIA Formula One World Championship in the long term," it said.Liberty Media, controlled by U.S. cable television mogul John Malone, acquired an initial 18.7 percent stake from private equity firm CVC Capital Partners and is due to complete a cash and shares deal by first quarter 2017.CVC took control of the sport, a global championship with 20 races this year, in March 2006 and has since recouped its money many times over.The Liberty deal, which needs the approval of the FIA and European anti-trust regulators, has been valued at $8 billion and represents a major shake-up in the sport.Shareholders in Colorado-based Liberty Media voted on Tuesday to approve funding and changes related to the takeover.The WMSC, which usually meets four times a year, is the governing body''s top decision-making body and includes president Jean Todt and Formula One''s 86-year-old commercial supremo Bernie Ecclestone.The FIA said Liberty Media representatives had made a detailed presentation of their strategy to the council."The members of the World Motor Sport Council then had the opportunity to ask questions about the specifics of the agreement, the ongoing working relationship with the FIA and Liberty''s plans for the sport," it added."The World Motor Sport Council''s decision confirms the FIA''s belief that Liberty, as a renowned media organisation with expertise in both sport and entertainment, is clearly well positioned to ensure the continued development of its pinnacle championship."The FIA holds a one percent stake in Delta Topco, Formula One''s holding company that owns the commercial rights.The governing body said that it would be "dragged along in the sale process under the same conditions as CVC and all the other shareholders" and looked forward to working with the new owners and helping to develop the sport.Liberty Media has interests in the Atlanta Braves baseball team, satellite radio service Sirius XM, entertainment group Live Nation and minority interests in Time Warner and Viacom. (Reporting by Alan Baldwin, editing by Ed Osmond and Toby Davis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/motor-f1-liberty-fia-idINL4N1F84RN'|'2017-01-18T15:32:00.000+02:00'
'76dfaf93089308e5d2b810803b2cd2384c36fe0f'|'PRESS DIGEST- British Business - Jan 18'|'Jan 18 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesBritish American Tobacco agrees $49 bln deal to take over rivalBritish American Tobacco Plc has agreed terms of a $49.4 billion recommended offer to take control of Reynolds American Inc, the second-largest seller of cigarettes in the United States. An earlier $47 billion offer to create the world''s largest listed tobacco company by turnover was rejected in November as too low. bit.ly/2jWHmaBThe GuardianRolls-Royce apologises in court after settling bribery caseThe engineering giant Rolls-Royce Holdings Plc has apologised after it was found to have paid bribes including a luxury car and millions of pounds'' worth of cash to middlemen to secure orders in six countries, including Indonesia, Russia and China. bit.ly/2jwo132Southern rail strikes suspended as two sides agree to TUC talksA strike by train drivers on Southern rail planned for next week has been suspended and talks announced, raising fresh hopes of a resolution to the long-running dispute. bit.ly/2k0l9wGApple increases App Store prices by 25 pct following Brexit voteApple Inc is raising prices on its UK App Store by almost 25 percent to reflect the sharp depreciation of the pound following a vote in June to leave the European Union. bit.ly/2ix0rE8The TelegraphDeliveroo to hire hundreds of engineers at London HQThe British food delivery company Deliveroo plans to hire 300 software and hardware engineers to work at its new London headquarters, trebling its current engineering headcount. bit.ly/2jWKxyXMicro Focus picks HP exec to lead software group after 7 bln stg dealOne of HP Enterprise''s most senior executives will take charge of Micro Focus International Plc after the FTSE 100 group completes its 7 billion pounds reverse-takeover of HPE''s software business. Micro Focus announced on Tuesday that Chris Hsu will become chief executive of the enlarged group when the deal completes in the third quarter of this year. bit.ly/2jWIgEeSky NewsFintech giants have Motive to back SummersA group of leading financial technology executives will this week launch a next-generation vehicle that has identified a business backed by former U.S. Treasury Secretary Larry Summers as its first deal target. Motive Partners, whose founders include Rob Heyvaert, a former executive at the software company FIS, and the ex-Interactive Data Corporation chief executive Stephen Daffron, will be unveiled at the World Economic Forum in Davos. bit.ly/2jW0i9A($1 = 0.8084 pounds) (Compiled by Rama Venkat Raman in Bengaluru; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL4N1F80LT'|'2017-01-17T22:08:00.000+02:00'
'b9e6050a12b3734cb7ea9acd4f05b1cc406bfc44'|'U.S. to probe whether Fujifilm violating Sony magnetic tape patents'|'Internet  40pm EST U.S. to probe whether Fujifilm violating Sony magnetic tape patents A man stands in front of the headquarters of Fujifilm Holdings Corp in Tokyo, Japan, June 2, 2016. REUTERS/Thomas Peter WASHINGTON The U.S. International Trade Commission said on Wednesday it had launched on investigation into whether Fujifilm Holdings Corp was violating patents which Sony Corp holds for certain magnetic tape cartridges. The ITC said the products at issue in its probe were so-called Linear Tape-Open, or LTO, magnetic tape products and tape cartridge components comprising such products. (Reporting by Timothy Ahmann, editing by G Crosse) Next In Internet News Facebook dismissive of censorship, abuse concerns, rights groups allege WASHINGTON Nearly 80 rights groups on Wednesday accused Facebook of "racially biased censorship" and failing to be more transparent about its removal policies and cooperation with law enforcement, adding to criticism the company has faced in recent months over its management of content on its network of 1.8 billion users.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sony-fujifilm-ip-idUSKBN1522PT'|'2017-01-19T01:39:00.000+02:00'
'11f01967ae52040285e15b015292a9dda87b728b'|'UPDATE 1-Brazil, homebuilders near decision on sales cancellation rules -sources'|'Bonds News  54am EST UPDATE 1-Brazil, homebuilders near decision on sales cancellation rules -sources (New throughout, adds information from more sources) By Gabriela Mello and Ana Mano SAO PAULO Jan 17 Brazil''s government and homebuilders are nearing an agreement on new industry rules giving companies the right to keep a defined share of the value of the home in the event of a canceled purchase, according three people briefed on the matter. A meeting to confirm the potential agreement was scheduled to take place on Tuesday in Brasília but was delayed until Jan. 26 by the Planning Ministry, according to another person, who was not authorized to discuss the matter publicly. Under the proposal most likely to be adopted, homebuilders may be allowed to retain an average of 9 percent to 15 percent of the value of units if buyers cancel a purchase, one of the industry sources said on condition of anonymity because the agreement was not finalized. A Planning Ministry official said there was no meeting scheduled on the matter. The talks underscore attempts to define clearer rules, and mitigate the impact of sales cancellations on real estate companies amid Brazil''s harshest recession on record. The potential agreement on new industry rules was first reported by newspaper O Estado de S. Paulo on Saturday. "Sales cancellations battered the companies and made the government worried," said the second industry source. Through October, sales cancellations reached 37,702 units, according to real estate developers group Abrainc. According to the third industry source, the cancellations provoked a surge of litigation. Aside from the liabilities arising from contradictory court rulings, cancellations have caused companies to miss sales targets, while raising the risk that banks could cut financing for projects, the same source said. Another proposal under consideration would give builders the right to retain 10 percent of the value of the contract depending on the size of the payments buyers already made, the third industry source said. Shares of Brazilian homebuilders rose on Tuesday after Reuters reported on the likely accord between the government and homebuilders. An index tracking real estate firms listed in the São Paulo Stock Exchange rose 0.93 percent on Tuesday afternoon, trading at a nearly three-month high. Once the companies and the relevant government agencies agree on the new set of rules, a decree or bill will have to be approved in Congress before they can be enforced, one of the industry sources said. (Reporting by Gabriela Mello and Ana Mano; Editing by Chris Reese) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/brazil-construction-idUSL1N1F7122'|'2017-01-17T23:54:00.000+02:00'
'ef620da8f9ab58a4f68ca02c950f0b3e6508b581'|'Honda says Takata airbag ruptured in Japan, caused minor injury'|'  5:53am GMT Honda says Takata airbag ruptured in Japan, caused minor injury left right The Honda logo is seen during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Brendan McDermid 1/3 left right FILE PHOTO: A recalled Takata airbag inflator removed it from a Honda Pilot is shown at the AutoNation Honda dealership service department in Miami, Florida, United States on June 25, 2015. REUTERS/Joe Skipper/File Photo 2/3 left right A sign with the TAKATA logo is seen outside the Takata Corporation building in Auburn Hills, Michigan May 20, 2015. REUTERS/Rebecca Cook/File Photo 3/3 TOKYO Honda Motor Co ( 7267.T )   an air bag made by Takata Corp ( 7312.T ) had ruptured in one of its cars in Japan, resulting in a minor injury to the car''s driver. Honda said that the rupture occurred in the passenger-side air bag of one of its Fit compact multi-purpose vehicles late last month. The airbag inflated with excessive force, spraying shrapnel into the car and causing light burns to the driver''s leg. A Takata spokesman said that the company had been notified of the incident by Honda, and that it was working with the automaker to confirm details. Takata last week agreed to plead guilty to criminal wrongdoing and to pay $1 billion to resolve a U.S. Justice Department investigation into ruptures of its air bag inflators linked to at least 16 deaths worldwide. (Reporting by Naomi Tajitsu; Editing by Muralikumar Anantharaman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-honda-airbag-takata-idUKKBN1510E7'|'2017-01-17T12:53:00.000+02:00'
'cba904c6273de656b1900257917766afd6a52912'|'Deutsche Bank signs $7.2 billion deal with U.S. over risky mortgages'|'  8:01pm GMT Deutsche Bank signs $7.2 billion deal with U.S. over risky mortgages A green traffic light is seen next to the logo of Germany''s largest business bank, Deutsche Bank in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach NEW YORK Deutsche Bank ( DBKGn.DE ) has signed a $7.2 billion (5.82 billion pounds) settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the run-up to the 2008 financial crisis, the government agency said on Tuesday. The Frankfurt-based bank announced it had reached the agreement in principle with U.S. authorities on Dec. 23. The agreement offered some relief to the German lender, whose stock price was hit hard in September after it acknowledged the Justice Department had been seeking nearly twice as much. As part of the final agreement, Deutsche Bank will pay a civil monetary penalty of $3.1 billion and provide $4.1 billion in consumer relief to homeowners, borrowers and communities harmed by its practices. (Reporting By Karen Freifeld; Editing by Bernard Orr)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-bank-mortgage-settlement-idUKKBN1512UM'|'2017-01-18T03:01:00.000+02:00'
'12fa57f2b8b167abd92aa0d3363cf1abafc2f9b3'|'Morgan Stanley inked deals with 10 digital partners in 2016: CEO'|'NEW YORK Morgan Stanley''s wealth management business signed deals with 10 new digital partners last year, Chief Executive James Gorman said during a call on Tuesday with analysts to discuss the bank''s fourth-quarter earnings.The new "digital alliances," as Gorman described them, signal a shift away from the do-it-yourself approach the bank took to technology in the past and its appetite for new ways to interact with technology-savvy clients, such as through apps and text messages.Unlike some of its Wall Street peers who have announced partnerships with automated investment tools called "robo-advisors," Morgan Stanley has repeatedly said it believes the best way to use technology is alongside human advisors.One of the alliances Gorman referred to was a deal it signed in late December with software company Addepar. The California company''s software is being rolled out to 20 top financial advisory teams, and will help advisers track wealthy clients'' assets across all the bank accounts they have.Gorman said the partnerships will be rolled out to advisers and clients across wealth management branches.The bank hired a number of key executives to build out its digital offering within wealth management last year, including Naureen Hassan, who joined as chief digital officer for the wealth business from Charles Schwab & Co Inc.Morgan''s profit doubled in the last quarter of the year, far exceeding expectations, as trading activity surged following the U.S. presidential election.(Reporting By Elizabeth Dilts; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-morgan-stanley-results-digital-idINKBN15120P'|'2017-01-17T12:21:00.000+02:00'
'46668c379be0f057f2e51b5915d6aea36901c8e6'|'Japan brewer Asahi says it is open to more M&A after Europe beer deals'|'By Taiga Uranaka and Ritsuko Shimizu - TOKYO TOKYO Asahi Group Holdings Ltd ( 2502.T ) is open to the possibility of more acquisitions, its chief said, even after Japan''s biggest beer maker sealed $10 billion worth of deals to buy European assets from Anheuser-Busch InBev SA NV ( ABI.BR ) last year."We are always studying potential targets. We need to keep studying, so that we can stay sharp for good deals," Akiyoshi Koji, president of the beverage and food conglomerate, said in an interview on Tuesday.The brewer, known for Japan''s best-selling "Super Dry" beer, has been expanding beyond its domestic market as alcohol consumption declines in tandem with a rapidly aging consumer base. On Monday, industry data showed 2016 was the 12th straight year that total domestic shipments from Japan''s breweries fell.In search of growth, Asahi is betting big on assets shed by AB InBev as its Belgian peer seeks to appease competition regulators. In less than a year after Koji became Asahi president, the Japanese beer maker made two major deals which are set to reshape its domestically focused operations.In October, it completed the 2.55 billion euro ($2.72 billion) purchase of Western European beer brands including Peroni and Grolsch. That was followed in December by the purchase of Eastern European brands including Pilsner Urquell for 7.3 billion euros.Koji said Asahi is financing the deals with a combination of bank loans and bond sales.As a result, Asahi''s net debt will rise to over five times its earnings before interest, tax, depreciation and amortization (EBITDA) - a measure of cash generated by businesses - up from three times before the acquisition of the Eastern European assets."I''m not saying we won''t make any acquisitions until our net debt/EBITDA goes back to three, though I''m not saying we will make any acquisitions either," Koji said.Asahi was among beer companies that expressed interest in buying stakes of Vietnam''s state-controlled Saigon Beer Alcohol Beverage Corp (Sabeco) SAB.HM, a Vietnamese government official said in October.Koji declined to comment on whether his company would bid.Since Asahi''s recent acquisitions, investor attention has shifted to an expected reshuffle of the firm''s business portfolio."I think Asahi will increase focus on its alcoholic drinks business, which in turn is likely to result in trimming some assets," said Nomura Securities analyst Satoshi Fujiwara.Already, in September, Asahi agreed to sell a 10 percent stake in China''s Tingyi Asahi Beverages Holding Co Ltd to its joint venture partners. Asahi still holds 20 percent.Koji said the company would review its portfolio of minority interests including Tingyi as well as Tsingtao Brewery Co Ltd ( 600600.SS ) ( 0168.HK ) - China''s second-largest brewer by volume in which Asahi holds 20 percent."We have to think what the best way is for our alliance with Tingyi and Tsingtao. Under the current structure, they have become purely financial investments for us," he said.(Reporting by Taiga Uranaka; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-asahi-group-strategy-idINKBN1511BV'|'2017-01-17T07:59:00.000+02:00'
'276b761151aa377618921b6004705787135ac118'|'Elliott, private equity firm buy stakes in NRG Energy'|'Activist investor Elliott Management and private equity firm Bluescape Energy Partners said they bought stakes in NRG Energy Inc ( NRG.N ) and would team up to urge the power producer to make strategic changes to the company.Elliott and Bluescape - termed "the Group" - said NRG''s shares were "deeply undervalued" and they wanted to make operational and financial improvements in the company.Elliott Management acquired 16.9 million shares of the company, or a 5.4 percent stake, as of Jan. 4. Including swaps, it has an economic exposure of about 6.9 percent in the company.Bluescape, whose executive chairman is former Texas utility chief John Wilder, said it bought 7.8 million shares, or a 2.5 percent stake.Wilder is credited with overhauling TXU Corp Wilder, now known as Energy Future Holdings Corp [EFHC.UL], before selling it in 2007 in the one of the biggest-ever leveraged buyouts.Together they have an economic exposure of about 9.4 percent in NRG, according to regulatory filings."The Group believes that Charles John Wilder, Jr. and his team have directly relevant experience in effectuating such improvements and are initiating a dialogue with management and the Board of Directors," both shareholders said in their filings.The Group said it was also looking to nominate one or more people to the board at the 2017 annual stockholders meeting.(Reporting by Sayantani Ghosh in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nrg-energy-elliott-idINKBN151225'|'2017-01-17T11:32:00.000+02:00'
'2db9a37c00ad9560d62afc7b20d78ae956a19180'|'Caesars wraps up $18 billion bankruptcy case, eyes future'|'Deals - Tue Jan 17, 2017 - 3:37pm EST Caesars wraps up $18 billion bankruptcy case, eyes future The marquee sign at Caesars Palace hotel is seen on the strip in Las Vegas, Nevada, U.S. February 16, 2011. REUTERS/Steve Marcus/File Photo By Tracy Rucinski - CHICAGO CHICAGO Caesars Entertainment Corp ( CZR.O ) has wrapped up the $18 billion bankruptcy of its main operating unit, allowing the casino company to focus on restoring the tarnished Harrah''s, Caesars and Horseshoe brands after two years of Chapter 11 proceedings. Caesars'' subsidiary, Caesars Entertainment Operating Co Inc (CEOC), won court approval on Tuesday for a plan to shed $10 billion of debt and separate its U.S.-based property assets from its gaming operations. The company expects to emerge from bankruptcy later this year. "Upon CEOC''s emergence, we will be positioned to strengthen our financial and operational performance by pursuing new opportunities to invest in and expand our brands and business," Mark Frissora, president and chief executive officer of Caesars Entertainment, said in a statement. As part of the reorganization plan, Caesars Entertainment - formed from the 2008 buyout of Harrah''s - will merge with another subsidiary, Caesars Acquisition Co ( CACQ.O ), with a view to regrouping its casinos and hotels under one roof. The new Caesars group will compete with gaming companies such as MGM Resorts International ( MGM.N ), Wynn Resorts Ltd ( WYNN.O ) and Las Vegas Sands Corp ( LVS.N ), each with a heavy presence on the Las Vegas Strip. Analysts said they expect the new group''s leverage to be on the high end versus its peers but said it was better positioned to attract new business from millennials to offset an expected slowdown in its traditional slot machine business as baby boomers retire. "Caesars has been one of the pioneers in that respect," said Gaming Union analyst John DeCree. "The biggest challenge is going to be getting the new structure under control." The Caesars reorganization plan is subject to certain gaming regulatory approval and financing transactions, as well as the completion of the parent''s merger with Caesars Acquisition. Caesars struck a $5 billion settlement in September to end the bankruptcy, which had pitted aggressive and deep-pocketed creditors against private equity sponsors Apollo Global Management ( APO.N ) and TPG Capital Management LP [TPG.UL]. It overcame a final objection from the U.S. Trustee, a U.S. bankruptcy watchdog, last week by modifying certain legal protections granted under the plan. "It is a monumental achievement," U.S. Bankruptcy Judge Benjamin Goldgar said at the confirmation hearing in Chicago. Apollo and TPG are to retain a 16 percent collective stake in the new Caesars, which will be controlled by creditors, but will not own any equity in the real estate investment trust that will house the property assets. (Reporting by Tracy Rucinski, Editing by Tom Hals and Dan Grebler) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-caesars-bankruptcy-idUSKBN1512WS'|'2017-01-18T03:37:00.000+02:00'
'306c92c4b297aff278b09c7e84706aab8920b571'|'China c.bank says to provide temporary liquidity support for major commercial banks'|'Financials   3:18am EST China c.bank says to provide temporary liquidity support for major commercial banks BEIJING Jan 20 China''s central bank said on Friday it will provide temporary liquidity support for several major commercial banks for 28 days, according to a notice posted on its official microblog. The funding cost under temporary liquidity support will be about the same as the open market operations rate over the same period, said the People''s Bank of China (PBOC). (Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-economy-bank-idUSB9N1EZ02H'|'2017-01-20T15:18:00.000+02:00'
'de15ff44c5bad6f3056bcbd07634df7f2e37dec1'|'Greece says it may extend fiscal contingency mechanism to 2019'|' 42pm GMT Greece says it may extend fiscal contingency mechanism to 2019 A Greek flag flutters in the wind as tourists visit the archaeological site of the Acropolis hill in Athens, Greece July 26, 2015. REUTERS/Ronen Zvulun/File Photo ATHENS Greece may extend a contingency mechanism by a year until 2019 to ensure it meets fiscal targets and end a stalemate in talks with its euro zone lenders and the IMF over a bailout review, Prime Minister Alexis Tsipras said on Friday. Talks between Athens and the foreign lenders on its bailout progress have dragged on for months due to differences on labour and energy reforms as well as on fiscal targets and debt relief measures beyond 2018. Greece''s EU lenders want the country to achieve and maintain a primary surplus - after interest payments - of 3.5 percent of GDP beyond the programme''s end in 2018. The IMF says that, unless Athens adopts more austerity measures into law upfront, the surplus will only reach 1.5 percent. "The government can''t accept and legislate extra measures beyond 2018. It can only legislate the extension of the fiscal adjustment mechanism for one more year," Tsipras said in a meeting with pensioners earlier on Friday, according to a statement from his office. Athens has pinned its hopes for a conclusion of the second bailout review on a meeting of euro zone finance ministers in Brussels set for Jan. 26. Government spokesman Dimitris Tzanakopoulos said earlier this week that Greece was willing to discuss fiscal contingency measures that would only be implemented if it missed budgetary targets beyond 2018. Tsipras said on Friday that the mechanism would not be activated due to the dynamics of the Greek economy. (Reporting by Lefteris Papadimas; Editing by Catherine Evans)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-review-idUKKBN1542TC'|'2017-01-21T04:42:00.000+02:00'
'0c53657fa1e245ef6c5b241cd96943bc5dd91cd5'|'Nissan to review UK investment stance once Brexit terms clear'|'Japan -  46pm GMT Nissan to review UK investment stance once Brexit terms clear left right Carlos Ghosn, CEO of Renault-Nissan Alliance attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 20, 2017. REUTERS/Ruben Sprich 1/2 left right A child runs past the Nissan brand logo in the showroom at the carmaker''s headquarters in Yokohama, Japan, January 13, 2017. REUTERS/Toru Hanai 2/2 DAVOS, Switzerland Nissan ( 7201.T ) will review the case for future investment in Britain when the terms of the country''s departure from the European Union finally become clear, the Japanese carmaker''s Chief Executive Carlos Ghosn said on Friday. Nissan said in October it was going ahead with plans to build the next X-Trail and Qashqai SUVs at its plant in Sunderland, northeast England, after obtaining written government assurances that Brexit would not be allowed to harm the site''s export competitiveness. The decision was hailed by Prime Minister Theresa May''s government as evidence that the threat of new EU trade tariffs would not significantly damage investment in Britain. Speaking in Davos, however, Ghosn said Nissan would re-examine the group''s investment strategy once the terms of Brexit become clear. The UK government has said it will trigger the two-year process for exiting the EU by the end of March. "Obviously when the package comes, you are going to have to re-evaluate the situation, and say, okay, is the competitiveness of your plant preserved or not?" he told reporters. Ghosn, who also heads Nissan''s alliance partner Renault ( RENA.PA ), said he trusted and assumed that May''s government would ensure that Sunderland remained competitive whatever the final outcome of Brexit talks. He added: "We''re going to have to make decisions on investment within the next two to three years. So obviously the faster the Brexit results come, the better." May''s Conservative government has steadfastly rejected opposition demands that it publish the "letter of comfort" written to Ghosn by Business Secretary Greg Clark and first reported by Reuters on Oct. 27. (Reporting by Quentin Webb; Writing by Laurence Frost; Editing by Mark Potter) Next In Japan'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-nissan-idUKKBN1541T3'|'2017-01-20T20:40:00.000+02:00'
'30f4c1864fa03579f160a2d961be5bc1d9a7a145'|'Fairfax may sell 25 percent of India''s ICICI Lombard in up to $1 billion deal - sources'|'Top   5:19pm IST Fairfax may sell 25 percent of India''s ICICI Lombard in up to $1 billion deal - sources A man walks past a Fairfax Holdings sign directing shareholders to the meeting, at the annual general meeting for shareholders in Toronto, April 9, 2014. REUTERS/Mark Blinch/Files By Euan Rocha and Devidutta Tripathy - MUMBAI MUMBAI Fairfax Financial Holdings is in early talks to sell 25 percent of India''s largest private general insurer ICICI Lombard in a deal that could fetch up to $1 billion, as the Canadian firm looks to cash out and start a new insurance joint venture, sources familiar with the matter said. ICICI Lombard is a joint venture formed in 2001 between ICICI Bank, India''s second largest bank, and Fairfax, which is led by Canadian billionaire Prem Watsa. Fairfax, which owns a 35 percent stake in the venture, has seen the value of its investment surge over the past five years, as India''s general insurance market and ICICI Lombard have grown at a compounded annual rate of over 16 percent. Vehicle ownership in the country has surged and the market remains under-penetrated. Reducing its stake to 10 percent will allow the Canadian firm to start a new general insurance joint venture in India, which it aims to do, one of the sources said, adding foreign investors cannot own more than 10 percent of two insurance companies, as per Indian regulations. Private equity firms, including Blackstone Group and KKR & Co, as well as some Canadian pension funds have expressed interest in Fairfax''s stake, the sources said. ICICI may also look to sell a 10 percent stake in the unit at the same time, one source said. Buyers are likely to pay a larger premium for a stake in ICICI Lombard if they are able to get as much as a third of the company, the sources said. Two sources said a deal is likely to be finalized in the next two months. Fairfax may redeploy some of the proceeds to fund its $4.9 billion takeover of Swiss insurer Allied World, a source said. ICICI, Fairfax, Blackstone and KKR did not respond to requests for comment. The sources, who declined to be named as they are not authorized to publicly discuss the matter, said discussions are in the early stages and it was not yet clear what any final deal would look like. Fairfax has not yet chosen a bank to run a sale process, they said. ICICI Lombard, with an 8.8 percent market share, is a major player in the vehicle, home, health and travel insurance space with gross written premiums of $1.2 billion in fiscal 2016. Fifteen months ago, ICICI Lombard was worth $2.5 billion, based on the value of a stake ICICI sold to Fairfax at the time. Now, two of the sources pegged its value at about $4 billion, while a third said ICICI Lombard is worth about $3.2 billion. The range puts the value of a 25 percent interest in the insurer at between $800 million and $1 billion. NEW INSURANCE VENTURE Fairfax has already submitted an initial proposal to India''s insurance industry regulator, IRDA, for a new general insurance joint venture and met with the regulator this week, three sources said. The Canadian firm would be more inclined to proceed with the ICICI Lombard partial stake sale if it gets a nod from IRDA to move forward on the venture, the sources said. Fairfax plans to keep a 45 percent stake in the new venture, which will initially focus on the travel insurance market, one of the sources said. Kamesh Goyal, a former senior executive at Allianz, would spearhead the new venture and own a 15 percent stake in it with other investors buying up the rest, the source said. The overall initial investment in the venture is likely to be $50 million, the source said. Indian regulations allow foreign investors to own up to 49 percent in Indian insurers. (Editing by Paritosh Bansal and Muralikumar Anantharaman) Next In Top News Supreme Court to hear plea seeking to defer annual budget NEW DELHI The Supreme Court said on Friday it would hear a plea at the start of next week that seeks to postpone the government''s annual budget, due to be delivered on Feb. 1, until after five forthcoming state elections are held.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/fairfax-fin-m-a-icicilombard-idINKBN1541GN'|'2017-01-20T18:49:00.000+02:00'
'35898b4f828aeaaadafec04e9766f9d2ee3d98e8'|'China-U.S. trade tensions top Big Oil''s worry list'|'Davos   11:14am GMT China-U.S. trade tensions top Big Oil''s worry list Khalid al-Falih Saudi energy minister   19,   By Dmitry Zhdannikov - DAVOS, Switzerland DAVOS, Switzerland Oil executives and Middle East producers are concerned that trade tensions between the United States and China risk clouding the outlook for global energy demand growth and a recovery in the price of oil. "It is not unique to our country to feel a certain level of anxiety (about tensions). But there is a lot of wisdom on both sides... I hope this anxiety will prove unfounded," Saudi Energy Minister Khalid al-Falih told Reuters. Chinese President Xi Jinping offered a vigorous defense of free trade in Davos on Tuesday, underscoring Beijing''s desire to play a greater global role as the United States turns inward. "The two largest economies need to sort out their differences for the wellbeing of the global community," Falih, who sets energy policies for the world''s largest oil exporter, said on the sidelines of the World Economic Forum in Davos. Xi cautioned other countries against blindly pursuing their national interests, in an apparent reference to the "America first" policies of Donald Trump. Trump, who will be inaugurated as U.S. president on Friday, campaigned on a promise to confront China more aggressively on trade, including by levying new tariffs on goods from abroad. "I hope cool heads will prevail on both sides," BP''s chief executive Bob Dudley told Reuters in Davos. China, the world''s top goods exporter, is heavily dependent on free trade and would be hit hard by a new wave of protectionism and a broader backlash against globalization. Beijing is also almost on par with the U.S. as the world''s top oil importer and any slowdown of the Chinese economy would badly hit global demand since Beijing has been the locomotive of the global oil consumption growth for the past decade. "The rise of China should be the source of stability - not conflict," Saudi foreign minister Adel al-Jubeir told a panel at the WEF, which is effectively the world''s largest gathering of oil executives and officials. Besides promising tougher policies on China, Trump has also said that Washington should boost U.S. energy independence from oil cartels such as OPEC. Falih said that any attempt to introduce import tariffs on oil from abroad to support U.S. crude producers would primarily hit a very strong U.S. oil refining and chemical industry. And when asked about the rising tensions, OPEC head Mohammed Barkindo said: "The world needs stability in order to restore robust economic growth and ensure this task is achieve through collaboration at all levels". (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-davos-meeting-oil-idUKKBN1541DJ'|'2017-01-20T18:12:00.000+02:00'
'0a05faa1d50170eda9ac948fce6662e88a8a1479'|'Nintendo says to launch Super Mario Run Android version in March'|'Technology News  45pm EST Nintendo says to launch Super Mario Run Android version in March Nintendo''s game character Super Mario is seen on a screen at the presentation ceremony of Nintendo''s new game console Switch in Tokyo, Japan January 13, 2017. REUTERS/Kim Kyung-Hoon TOKYO Japan''s Nintendo said it will release an Android version of its first ever Super Mario mobile game in March following the launch of Super Mario Run for Apple Inc''s iPhone in December. The Japanese company announced the planned launch on through its Twitter feed. (Reporting by Makiko Yamazaki; Editing by Michael Perry) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nintendo-supermario-idUSKBN153033'|'2017-01-19T07:37:00.000+02:00'
'70b5fe9ef801bb593f01e3dd0db6620fd3f93fbc'|'Impact of job-stealing robots a growing concern at Davos'|'Davos - Fri Jan 20, 2017 - 1:16am EST Impact of job-stealing robots a growing concern at Davos left right An attendee communicate with SARA, a socially aware robot assisstant, during a presentation at the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 17, 2017. REUTERS/Ruben Sprich 1/2 left right An attendee communicate with SARA, a socially aware robot assisstant, during a presentation at the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 17, 2017. REUTERS/Ruben Sprich 2/2 By Martinne Geller and Ben Hirschler - DAVOS, Switzerland DAVOS, Switzerland Open markets and global trade have been blamed for job losses over the last decade, but global CEOs say the real culprits are increasingly machines. And while business leaders gathered at the annual World Economic Forum (WEF) in Davos relish the productivity gains technology can bring, they warned this week that the collateral damage to jobs needs to be addressed more seriously. From taxi drivers to healthcare professionals, technologies such as robotics, driverless cars, artificial intelligence and 3-D printing mean more and more types of jobs are at risk. Adidas ( ADSGn.DE ), for example, aims to use 3-D printing in the manufacture of some running shoes. "Jobs will be lost, jobs will evolve and this revolution is going to be ageless, it''s going to be classless and it''s going to affect everyone," said Meg Whitman, chief executive of Hewlett Packard Enterprise ( HPE.N ). So while some supporters of Donald Trump and Brexit may hope new government policies will bring lost jobs back to America''s Rust Belt or Britain''s industrial north, economists estimate 86 percent of U.S. manufacturing job losses are actually down to productivity, according to the WEF''s annual risks report. "Technology is the big issue and we don''t acknowledge that," Mark Weinberger, chairman of consultancy EY, said on Thursday, arguing there was a tendency to always blame trading partners. The political backdrop is prompting CEOs to take more seriously the challenge of long-life training of workforces to keep up with the exponential growth of technological advances. "I think what we''re reaching now is a time when we may have to find alternative careers through our lifetime," Microsoft ( MSFT.O ) Chief Executive Satya Nadella told Reuters. Over the last decade, more jobs have been lost to technology than any other factor, and John Drzik, head of global risk at insurance broker Marsh, expects more of the same. "That is going to raise challenges, particularly given the political context," Drzik, who helped compile the WEF report, said. Compared to clamping down on immigration by tightening borders, dealing with the impact of technology destroying jobs is something that is perhaps even less easily controlled. For while many advanced technologies remain more expensive than low- or medium-skilled labor in the near term, the shift is likely to accelerate as costs come down. WIDENING GAP Technological advancements require governments, businesses and academic institutions to develop more educated and highly skilled workforces, executives in Davos said. But this shift to skilled workers also widens the income gap and fuels growing inequality. [nL5N1F01GV] Jonas Prising, CEO of staffing firm ManpowerGroup ( MAN.N ), noted that U.S. unemployment is only about 2 to 2.5 percent among college-educated people but 9 or 10 percent among those with low or no skills. "The idea that we would ban automation as part of an evolution within the manufacturing industry, is not really part of the discussion," Prising said. He pointed to policies in countries like Denmark and Italy, where there is a focus on employability of workers. "If we don''t own responsibility (for the problem of displaced workers), it''s only going to get bigger," Procter & Gamble ( PG.N ) Chief Executive David Taylor said. BRAWN AND BRAIN The scope of the employment risk from what the WEF calls the "fourth industrial revolution" which "blurs the lines between the physical, digital, and biological spheres" is unclear. A University of Oxford study in 2013 said nearly half of U.S. jobs were at risk, while in 2015 Forrester Research predicted a net loss of only 7 percent by 2025, as some lost jobs will be replaced with new ones. Forrester predicts that by 2019, one-quarter of all job tasks will be offloaded to software robots, physical robots, or customer self-service automation. Even the corner office may not be safe. "CEOs feel reasonably confident we are not going to be replaced by artificial intelligence," Inga Beale, CEO of the Lloyd''s of London [SOLYD.UL] insurance market, said. "But I''m sure there will be a time!” (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-davos-meeting-robots-idUSKBN1540H0'|'2017-01-20T13:00:00.000+02:00'
'6002f008b6eb0d7d5f710e3f00ca96ddd092f9d6'|'Mexico telecom ruling struck down in blow to Televisa -sources'|'MEXICO CITY A Mexican tribunal struck down a ruling on Thursday that said broadcaster Grupo Televisa did not have market power in pay television, two people with knowledge of the matter said, opening the door to tougher rules against the company.The move by the tribunal upheld a legal challenge to the 2015 ruling by the Federal Telecommunications Institute (IFT), and it means the telecoms regulator must make its decision again, said the two people, who declined to be named.The IFT justified its decision at the time by saying competitors such as Dish, Megacable and Axtel were adding subscribers and taking market share from Televisa. The ruling was challenged by a rival cable provider, Total Play, part of Grupo Salinas.Televisa is the country''s largest satellite and cable television provider, accounting for some 60 percent of all pay TV subscribers, according to the latest IFT figures.A Grupo Televisa spokesman said the company had not been notified of Thursday''s decision by the tribunal. The IFT did not immediately return a request for comment. Tribunal officials could not immediately be reached for comment.If the IFT reassesses its decision and rules Televisa does have market power in pay television, it would mean the regulator could impose special antitrust measures on the company.(Reporting by Christine Murray; Editing by Daniel Wallis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-televisa-regulator-idINKBN15400I'|'2017-01-19T21:09:00.000+02:00'
'c0b06ad920e3b606c953e232b316f3a92802a163'|'Covered issuers keep foot on the pedal and an eye on spreads'|'Financials  42am EST Covered issuers keep foot on the pedal and an eye on spreads * Issuance hits 23bn year-to-date as banks front-load funding * ECB QE wind down to pressure covered spreads By Alice Gledhill LONDON, Jan 20 (IFR) - Covered issuers are making the most of what could be the final months in a golden age for the sector as they get to grips with the prospect of rising funding costs. Euro covered supply has hit 23bn year-to-date, up a third on this point in 2016, as banks take advantage of irresistible levels even after December''s retracement. Nordea Mortgage Bank, La Banque Postale and Aareal Bank were among the latest lenders to sell deals this week. Covered spreads have been on a largely one-way street since the European Central Bank launched its third purchase programme in October 2014, but expectations that it will head for the exit later this year could drive spreads wider over 2017. "Our main message in 2017 covered and SSA outlook was one of wider spreads and steeper curves," Michael Spies, a Citigroup covered bond analyst, wrote in a note. While the central bank last week bought 3.5bn of covereds, the highest amount since September 2015, this reflected an uptick in primary volumes after a quiet December. "Don''t be surprised by this week''s strong CBPP3 figure," Spies said. While the ECB has already reduced its monthly covered purchases to around 4bn-5bn from more than 12bn at the programme''s height, market participants are still steeling themselves for a sell-off. "CBPP3 exit dynamics could potentially play ''havoc'' with covered bond spreads, given their weight in the covered bond investor base," BBVA analysts wrote in a recent note. Though a gradual withdrawal remains their central scenario, covered spreads are still likely to rise around 30-40bp, they added. "We expect the covered bond purchase programme to one of the first to be abandoned," said a DCM banker. "They''ve already been experimenting with their purchases a bit. That''s why everyone is front-loading." DOUBLE WHAMMY The gradual winding down of the ECB QE programme could not come at a worst time for banks. A round of targeted longer-term refinancing operations launched last June effectively gave banks access to free funding for up to four years - cannibalising appetite for short-dated wholesale funding. However, the ECB will conduct its last operation in March. Lenders also face higher funding costs in the senior unsecured market as new rules prompt a broad shift to new, costlier formats such as senior non-preferred, all against a backdrop of rising rates and potential political upheaval. "The way I see it, covered spreads are normalising from abnormal levels," said a banker. "But it will become more expensive for banks to fund." The impact of tapering is likely to be felt particularly in the periphery, among the biggest users of the TLTROs and where spread widening is expected to be worst. Issuers can take comfort from some mitigating factors, however. While the ECB is due to scale back its purchases, it is expected to remain a key player in the market even after the end of CBPP3 given its intention to reinvest redemptions - potentially up to 3bn to 4bn a month. Supply dynamics should also offer some support, with ING analysts predicting that covered issuance will remain "subdued" this year at 120bn, down from 127bn in 2016. That should help stem the widening - particularly if the asset class turns out to be a safe haven for investors in what could be another year of political turmoil. (Reporting by Alice Gledhill, editing by Helene Durand, Julian Baker) Next In Financials UPDATE 1-RBS sells $600 million of shipping loans, Orix among buyers - sources LONDON/TOKYO, Jan 20 Royal Bank of Scotland has concluded agreements to sell at least $600 million worth of shipping loans from its portfolio as part of efforts to exit the sector, sources with direct knowledge of the deal told Reuters on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/banks-bonds-idUSL5N1F81W3'|'2017-01-20T22:42:00.000+02:00'
'6626834a549889863e265e793ae800aba450354b'|'Fruitless search for MH370 could mean bountiful catches for fishermen'|'Market News   2:58am EST Fruitless search for MH370 could mean bountiful catches for fishermen * Commercial fishing operators await release of MH370 search data * Remote region known for tuna and cod * Underwater features give clues to fishing grounds By Jonathan Barrett and Tom Westbrook SYDNEY, Jan 20 The search for Malaysia Airlines Flight MH370, though fruitless in terms of finding the aircraft, should provide fishermen in the Indian Ocean with detailed sea-floor maps, and help them land huge catches. Australia, Malaysia and China ended the search for the Boeing 777 airliner on Tuesday, after a $150 million hunt over almost three years failed to find any trace, leaving one of the world''s greatest aviation mysteries unanswered. The suspension of the underwater search has left families of the missing in anguish, but the information gleaned should provide fishermen with unprecedented insight into the habitats of the valuable species they seek. "It brings an extraordinary new level of detail to our knowledge of the area," said David Carter, chief executive of Austral Fisheries, whose fleet seeks toothfish in the waters near the search area. The plane disappeared in March 2014, en route to Beijing from the Malaysian capital, Kuala Lumpur, with 239 people on board. Analysis of radar and satellite contacts suggested someone on board may have switched off its transponder before diverting it thousands of kilometres out over the Indian Ocean. The search area covered 120,000-sq-km (46,000-sq-mile) of remote southern Indian Ocean, west of Australia. Charitha Pattiaratchi, professor of Coastal Oceanography at the University of Western Australia, said the details of the deep sea contours were invaluable for fishermen. "If you know where these mounts are, it means money," said Pattiaratchi. "They are areas where you can find high-priced fish." The search for MH370 was led by engineering group Fugro , which built up detailed sonar mapping data in an area that would have normally been too remote and expensive to map in such detail. "A vast amount of data has been collected throughout the search, it will be published once it has been processed and prepared for public release," the agency that has been coordinating the search, the Australian Transport Safety Bureau (ATSB), said in a statement. The ocean is up to 6.5 km (4 miles) deep in the search area with towering underwater mountains, sub-sea volcanoes and long rift valley. Currents push nutrients along contours that attract fish which, in turn, attract bigger predator fish. ''GREAT INTEREST'' Huge distances and inhospitable weather mean the fleets seek only the most valuable fish in the open waters - tuna, toothfish, orange roughy, alfonsino and trevally. Knowing where the ocean-floor features are located will be a huge advantage. "It will be great interest to the commercial sector," said Neil Patrick, one of Australia''s best known game fishermen. "Fish can be worth thousands and thousands of dollars a piece out there." Taiwanese, French and Spanish fleets ply the rough waters, along with boats based out of Mauritius and nearby Rodriguez and Reunion islands. Many illegal boats, which don''t conform to the rules set down by relevant regional fisheries management organisations, also operate in the waters. The fishing fleets routinely hampered the search vessels, Fugro operations manager Paul Kennedy told Reuters. . "The boats are chasing tuna, and tend not to respond to radio calls," he said. "Most of them are illegal, that''s why they don''t talk to you on the radio." Fugro said it lost about two weeks of search time in one summer period after being delayed by the presence of fishing boats. The search team came across a sunken fishing boat, the ATSB said, although government agencies have not been able to identify it. (Reporting by Jonathan Barrett and Tom Westbrook in SYDNEY; Editing by Robert Birsel) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/malaysia-airlines-mh370-fishing-idUSL4N1F95TN'|'2017-01-20T14:58:00.000+02:00'
'd6cbb7b87b9d08d0e0dc06e06feebda805e8e35a'|'T. Rowe Price to recover $100 million from insurance after Dell error'|'BOSTON Fund manager T. Rowe Price Group Inc. ( TROW.O ) said in a securities filing this month it has entered into an insurance agreement to recover $100 million after it made a voting error in the 2013 buyout of Dell Inc.T. Rowe Price said in the filing dated Jan. 4 that it has recognized the insurance recovery in its fourth-quarter results, to be reported next week, offsetting a $166 million operating charge it took in the second quarter.T. Rowe Price''s investment team had opposed the $25 billion buyout, saying it undervalued the computer maker, but the firm mistakenly voted clients shares "for" the merger.After a court dispute, T. Rowe Price made payments to clients to compensate them for the difference in valuation that other investors who opposed the deal were able to pursue.T. Rowe Price said in the Jan. 4 filing that remaining insurance claims tied to the voting could result in an additional recovery of up to $50 million.(Reporting by Ross Kerber; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-troweprice-insurance-idINKBN15422G'|'2017-01-20T12:33:00.000+02:00'
'bedd34597b9247cbad21133430bbbc2410a1fcf0'|'Sanofi''s M&A misses frustrate some investors in drugmaker'|'Global Energy  06am GMT Sanofi''s M&A misses frustrate some investors in drugmaker A logo is seen in front of the entrance at the headquarters French drugmaker Sanofi in Paris October 30, 2014. REUTERS/Christian Hartmann/File Photo By Matthias Blamont , Noëlle Mennella and Ben Hirschler - PARIS/DAVOS, Switzerland PARIS/DAVOS, Switzerland For the last year, Sanofi''s chief executive has made clear his quest for deals to help revive the fortunes of France''s biggest drugmaker. The market is still waiting. Olivier Brandicourt''s failure to land two big biotech acquisitions he was chasing has led to growing impatience among some investors. "The company needs a growth driver and must make an acquisition. Time is running out," said Olivier David of Vega Investment Managers, who holds shares in the company. In an interview at the World Economic Forum in the Swiss resort of Davos this week Brandicourt defended his track record, citing an unwillingness to overpay for pricey assets and a paucity of good opportunities. "We can grow without M&A. However, it is a tool which we do continue to consider and which can help growth potentially, only if it makes sense strategically," he said. "The reason why it is so competitive is that you don''t have a very, very large number of potential targets." Sanofi''s misses underscore the race for assets as the world''s top drugmakers try to replenish their medicine cabinets. After entering exclusive talks, Johnson & Johnson appears to be closing in on a deal to buy Actelion for some $28 billion (22.6 billion pounds), edging out Sanofi, which also tried to buy the Swiss company, according to people familiar with the matter. It marks a second setback for Brandicourt''s M&A ambitions after he was beaten by Pfizer''s $14 billion bid for U.S. cancer specialist Medivation last August. Brandicourt said he had to tread a fine line between delivering and overpaying, arguing many shareholders appreciated the financial discipline needed to walk away from deals. "Shareholders being frustrated after one year is not automatically what I''m hearing, to be honest, because when I see investors they seem to be very happy for us not to have spent $14 billion on Medivation," he said. "On Actelion, I''m not making any comment but you will understand that a company like ours will continuously look at what''s happening in the world of potential mergers and acquisitions." The global pharmaceutical industry has seen a flurry of acquisitions in recent years as leading players build their drug pipelines by snapping up young biotech firms. Sanofi has a particular need to do this because its core U.S. diabetes business has stalled. Brandicourt - who joined the company in April 2015 after the ousting of former CEO Chris Viehbacher - insisted Sanofi was delivering effectively on a plan set out to 2020. The drugmaker posted better-than-expected quarterly earnings in October, helped by a surge in flu vaccine sales, but it stuck to its guidance for currency-adjusted sales at its embattled diabetes business to shrink by 4-8 percent per year on average from 2015 to 2018. Despite a rally since October, over the last five years Sanofi shares have lagged the sector, rising around 37 percent, against a 61 percent gain for the STOXX Europe 600 Healthcare index. "A lot of fund managers and historic shareholders are fed up with Sanofi and tired of seeing the stock in this ''vegetative'' state," said Frederic Rozier, a Sanofi investor and fund manager with Meeschaert. "Cost cutting is not enough, we want to see growth in sales, that''s where we need to see progress." "CONSTANT SCREENING MODE" Sanofi is due to publish annual results on Feb. 8 and its 2016 financial performance is expected to hinge on cost savings. The fear is that with few potential new blockbusters in development, with the notable exception of dupilumab for eczema and asthma, Sanofi may find itself stuck with no meaningful growth for a while. "Sanofi is looking for a pipeline and for this very reason it must engage in external growth," said Rudi Van den Eynde, with asset management firm Candriam. "At the moment, the company is being overtaken by other groups that are offering more money. One can applaud that Sanofi is financially disciplined but it is a pity that it misses its targets ... it doesn''t help in terms of credibility." Sanofi''s failure to land either Medivation or Actelion has raised questions over its acquisition strategy, even as the group insists it is in "constant screening mode". "Is Sanofi not too rigid when it comes to pricing? At the end, they lose to someone else," said a Paris-based banker who asked not to be identified. Another banking source said Sanofi''s hostile approach in the Medivation process had been a mistake. Weeks before losing out to Pfizer, Sanofi tried to oust Medivation''s board members to replace them with new directors. "Everyone knows that 95 percent of hostile approaches go wrong," the source said, adding that in the final stage Pfizer and Sanofi were only a few hundred millions apart. Brandicourt said he simply stuck to his guns on price and he noted that Sanofi, with a relatively small oncology business, may have had fewer potential cost savings than competitors. IF YOU DON''T LIKE IT, SWAP IT Sanofi has signalled its readiness to do deals of a similar size to its $20 billion purchase of Genzyme in 2011 but finding the right large biotech to fit is not that easy. "Alternatively, Sanofi could purchase smaller companies, along the lines of the strategy pursued by Japan''s Takeda. It would be more realistic," Van den Eynde said. Sanofi may also look at more asset swaps, after agreeing to hand its animal unit to Boehringer Ingelheim in exchange for the German firm''s consumer healthcare operations, a business strand it is keen to grow. "A number of healthcare companies are looking at Pfizer''s consumer health unit. Sanofi is one of them," said one healthcare banker. A Sanofi spokesman declined to comment. (Additional reporting by Pamela Barbaglia and Matthieu Protard; editing by Anna Willard) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sanofi-strategy-insight-idUKKBN1540MB'|'2017-01-20T14:06:00.000+02:00'
'694ac30ab21f4cb5c4d2a03af1ded9dedd7ec06b'|'Lexus unveils 885 horsepower yacht'|'Lexus unveiled its first yacht Thursday. No, not a land yacht. This is the 885-horsepower sea-going Lexus Sport Yacht. Lexus is Toyota''s luxury car division and the Lexus Sport Yacht is the product of the Toyota Marine Department. The Sport Yacht is powered by two high-output Lexus V8s based on those used in the Lexus high performance RC F and GS F cars. The 42-foot long boat can carry up to eight people at a top speed of 49 miles per hour, or 43 knots, according to Lexus. The boat''s hull and other structures are made from carbon fiber reinforced plastic, a material frequently used in high-performance exotic cars. Because of the difficulty of working with this sort of material, Toyota ( TM ) Marine contracted out the construction of the Lexus boat to Marquis-Carver Yacht Group of Wisconsin, a company experienced in working on large composite structures, according to Toyota. The Lexus Sport Yacht doesn''t have sleeping quarters but it does have a shower and a kitchen, or galley, with a stove and refrigerator. Mega yacht private chef cooks up a feast The Sport Yacht unveiled in Miami is a concept boat that is not for sale, although Toyota is trying to determine if there is a market for its its yachts in the United States. Also, Lexus is trying to expand its name as an overall lifestyle brand, Lexus spokeswoman Prue Hyman said. Toyota''s Marine Business Department was founded in 1990, producing its first yacht in 1997. It''s now the top seller of luxury yachts in Japan, according to Toyota, but it does not export its boats. The 26- to 35-foot Toyota Ponam yachts are all sold in Japan. This is Toyota''s first yacht project intended for the global market. That global market is heavily centered in the United States, a Toyota spokeswoman said, which is why the Lexus Sport Yacht was unveiled in Miami. Most Toyota Ponam yachts are powered by Land Cruiser diesel engines, she said.   5:38 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/01/12/luxury/lexus-sport-yacht/index.html'|'2017-01-13T00:38:00.000+02:00'
'a8d0192cd5507a708375188265974be7f23cf448'|'ECB maintains stimulus, tells critics - ''Be Patient'''|'  2:30pm GMT ECB maintains stimulus, tells critics: ''Be Patient'' left right European Central Bank (ECB) President Mario Draghi addresses a news conference at the ECB headquarters in Frankfurt, Germany, January 19, 2017. REUTERS/Kai Pfaffenbach 1/2 left right European Central Bank (ECB) President Mario Draghi addresses a news conference at the ECB headquarters in Frankfurt, Germany, January 19, 2017. REUTERS/Kai Pfaffenbach 2/2 By Francesco Canepa and Andreas Framke - FRANKFURT FRANKFURT The European Central Bank kept its super-easy monetary policy unchanged as expected on Thursday and its president, Mario Draghi, told critics of his stimulus path to be patient and wait for the euro zone''s recovery to take firm hold. With growth slowly picking up pace, the ECB kept its various rates at next to nothing or negative and asset buys at a record pace. It reaffirmed that rates would stay at their current or lower levels for an extended period and that it was also ready to increase or extend it bond purchases if the outlook worsens. "The recovery of all of the euro zone is in the interests of everybody, including Germany," ECB President Mario Draghi told a news conference, responding to criticism, notably from Berlin, of his stimulus program. "German savers have benefited not only as savers but also as borrowers, as entrepreneurs, as workers, like all the other citizens of the euro zone. So we have to be patient. As (the) recovery will firm up, real rates will go up." Draghi described the current euro zone recovery as "dampened by the sluggish pace of structural reform" and insisted a "very substantial degree" of monetary policy stimulus was needed. The euro fell to a day low of $1.0607 after Draghi said underlying inflationary pressures remained subdued and that, once the base effect of rising oil prices had been accounted for, there were still no real signs of a upward trend. While Draghi warned that global risks to the euro zone economy were still slanted to the downside, he said it was too early to assess what impact Britain''s planned exit from the European Union and its single market would have. The recovery still relies heavily on ECB stimulus and markets could become more volatile as the Federal Reserve gradually raises rates, underscoring diverging policy paths between Europe and the U.S. That said, inflation hit a three year high last month, manufacturing activity is accelerating and confidence indicators are firming, all pointing to solid growth at the end of last year. Indeed, euro zone business growth was the fastest in more than five years in December, order books are surging on export demand, and consumption is holding up, despite rising energy costs, all pointing to the sort of resilience not seen since before the bloc''s debt crisis. But the underlying picture is mixed. Inflation is still just half of the bank''s 2 percent target and the jump is mostly down to higher oil prices. The market euphoria after Donald Trump''s surprising U.S. election win is also yet to be backed up concrete policy action and the threat of more protectionist policies from the United States and possibly Britain could reverse market sentiment. The ECB last month agreed to cut its asset buys by a quarter from April but extended the 2.3 trillion euro scheme, known as quantitative easing, until the end of the year, promising substantial accommodation and extended market presence. The extension threatens to reignite tensions between the bank and Berlin, particularly as Germany heads toward an election in the fall and with Finance Minister Wolfgang Schaeuble often pointing the finger at the ECB for problems. Berlin argues that super cheap borrowing costs negate pressure on inefficient euro zone members to reform but unduly punish frugal German savers, who have seen the return on their savings evaporate. Indeed, with German inflation rates above the euro zone average and government bond yields in negative territory across much of the yield curve, real rates are negative for many savers, pushing some voters toward the rightist Alternative for Germany party. (Writing by Mark John; Editing by Jeremy Gaunt)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-policy-idUKKBN152358'|'2017-01-19T21:30:00.000+02:00'
'f53785b4ff33dd71a29540417f034313ef30803b'|'UPDATE 1-Bad loans, other costs hobble Q4 earnings for Saudi banks'|'Financials - Thu Jan 19, 2017 - 2:21pm EST UPDATE 1-Bad loans, other costs hobble Q4 earnings for Saudi banks * Alawwal Bank Q4 loss 249.3 mln riyals vs 451.3 mln profit yr-ago * Saudi British Bank posts 35 pct profit drop * Profits also down for Banque Saudi Fransi, Samba Financial Group (Adds detail, context) By Tom Arnold DUBAI, Jan 19 Rising bad loans dragged down the fourth-quarter results of several Saudi Arabian banks on Thursday, underlining the tougher conditions lenders in the Arab World''s largest economy face after lower oil revenues curbed spending and business activity. Alawwal Bank, Saudi Arabia''s oldest lender, swung to a net loss of 249.3 million riyals ($66.5 million) in the three months to Dec. 31, down from a net profit of 451.3 million riyals in the same quarter of 2015, according to a statement. Alistithmar Capital and EFG Hermes had forecast it would make a quarterly profit of 330.5 million riyals and 438.0 million riyals respectively. Saudi British Bank <1060.SE (SABB)>, the kingdom''s sixth-largest bank by assets, posted a 35 percent drop in its fourth-quarter net profit, missing analysts'' forecasts. Both banks attributed the weaker performance in part to higher operating expenses as a result of a rise in provisions for credit losses, with Alawwal experiencing a 181.5 percent rise in costs. Banque Saudi Fransi, which is partly owned by Credit Agricole, widely missed analysts'' forecasts with a 61 percent drop in fourth-quarter net profit. It blamed a more than doubling in total operating expenses partly due to higher impairment charges for credit losses and a rise in other costs. Some banks are grappling with a rising tide of bad debt as customers, including several large contractors, struggle due to stalled payments and delayed projects as the government tightens its belt. "It appears several Saudi banks booked higher provisions in the quarter which appear lumpy and may have been related to one or two big companies," said Chiradeep Ghosh, senior analyst at SICO in Bahrain. Samba Financial Group, Saudi Arabia''s third-largest bank by assets, reported a 12 percent fall in fourth-quarter net profit to 1.09 billion riyals, missing analysts'' forecasts. Operating expenses for the bank rose 15.6 percent on account of higher general and administrative expenses and provisions for credit and rent costs, although it was offset by a drop in salaries and depreciation expenses, it said. Still, in a sign that some lenders are faring better than others, National Commercial Bank and Al Rajhi Bank, the two largest banks, on Wednesday both reported a rise in profits. Another lender hit by impairment charges was Riyad Bank , the fourth-largest lender by assets. On Monday it posted a 65.6 percent fall in fourth-quarter net profit. ($1 = 3.7505 riyals) (Editing by Jason Neely and Alexandra Hudson) Next In Financials REFILE-UPDATE 2-Western Union settles U.S. money laundering allegations for $586 mln WASHINGTON, Jan 19 Western Union Co agreed to pay $586 million and admitted to turning a blind eye as criminals used its service for money laundering and fraud, the U.S. Department of Justice and the Federal Trade Commission said in statements on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/samba-financial-results-idUSL5N1F95Z6'|'2017-01-20T02:21:00.000+02:00'
'bc8a00659f0b0e394fcbf706dd61fefcd363d81e'|'NAB, Oxley to sell stakes in Cambridge Industrial manager to e-Shang Redwood'|'Deals  25pm EST NAB, Oxley to sell stakes in Cambridge Industrial manager to e-Shang Redwood A National Australia Bank (NAB) logo is pictured on an automated teller machine (ATM) in central Sydney September 12, 2014. REUTERS/David Gray/File Photo SINGAPORE Warburg Pincus-backed warehouse operator e-Shang Redwood has agreed to buy an 80 percent indirect stake in the manager of Cambridge Industrial Trust (CIT) ( CMIT.SI ) from National Australia Bank ( NAB.AX ) and investment firm Oxley Group. e-Shang Redwood said the deal would mark its initial foray into Southeast Asia. NAB holds 56 percent while Oxley holds a 24 percent stake in the manager of CIT, a real estate investment trust that owns assets such as warehouses and logistics properties. Mitsui and Co owns the remaining 20 percent. The companies did not disclose the deal value. In October, e-Shang Redwood had entered into an option agreement to buy up to 10.65 percent of CIT, which is valued by the market at about $501 million, from three existing unitholders. (Reporting by Aradhana Aravindan; Editing by Vyas Mohan) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-cambridge-ind-deal-idUSKBN1520E0'|'2017-01-18T11:18:00.000+02:00'
'600c640daf3b34ef7c0fd7a9054f5521e7b53583'|'BRIEF-Citigroup Q4 earnings per share $1.14'|' 20am EST BRIEF-Citigroup Q4 earnings per share $1.14 Jan 18 Citigroup Inc : * Q4 earnings per share $1.14; Q4 revenue $17.01 billion * Q4 earnings per share view $1.12, revenue view $17.30 billion -- Thomson Reuters I/B/E/S * Tangible book value per share at Q4-end $64.57 versus $64.71 at Q3-end * Q4 Common Equity Tier 1 capital ratio 12.5 percent versus 12.6 percent in Q3 * Q4 operating expenses $10.12 billion, down 9 percent * Q4 net credit losses $1.70 billion, down 4 percent * Return on tangible common equity 7.1 percent as of Q4-end Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSB8N14P01I'|'2017-01-18T20:20:00.000+02:00'
'97479e39bffae0a1e622eb3756b1da2c802d696c'|'Hammond says Britain will leave EU single market'|'  3:36pm GMT Hammond says Britain will leave EU single market Britain''s Chancellor of the Exchequer Philip Hammond attends a meeting with CEOs and board members of Japanese financial institutions in Tokyo, Japan December 15, 2016. REUTERS/Issei Kato LONDON Chancellor of the Exchequer Philip Hammond said on Tuesday that the country would not seek to remain part of the European Union''s single market after it left bloc, but would aim for a comprehensive free trade agreement. Hammond was addressing parliament in a regular question and answer session while Prime Minister Theresa May set out her strategy for leaving the EU at a separate event. "We will go forward understanding that we cannot be members of the single market, because of the political red lines around the ''four freedoms'' that other European leaders have set, but expressing an ambitious agenda for a comprehensive free trade arrangement with the European Union," Hammond told parliament. Hammond also said sterling volatility posed a challenge to foreign purchasers of British government bonds. (Reporting by Andy Bruce, writing by David Milliken)   Britain will leave EU single market as May sets aim for ''hard Brexit'' LONDON Britain will quit the European Union''s single market when it exits the bloc, Prime Minister Theresa May said on Tuesday, in a decisive speech that quashed speculation she would seek a compromise deal to stay inside the world''s biggest trading bloc.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-hammond-idUKKBN1511N6'|'2017-01-17T22:36:00.000+02:00'
'4888c7735328209ad73865d96c06e6d743a3dc6a'|'UPDATE 1-Croatia plans first quarter international bond issue'|'Financials   5:07am EST UPDATE 1-Croatia plans first quarter international bond issue (Adds details) VIENNA Jan 17 Croatia is planning an international bond issue this quarter and aims to raise 1.5 billion euros ($1.6 billion) on international markets in 2017, though the total will depend on market conditions, Finance Minister Zdravko Maric said on Tuesday. "In Q1, you can expect that we are going to do some domestic bonds, domestic transactions but we are also planning to tap the international markets," Maric told reporters on the sidelines of a Euromoney conference in Vienna, adding that it was too early to say if the international bond would be in euros or dollars. "In our budget for the whole year we budgeted roughly 1.5 billion euros but obviously the decision that we will eventually make will also be dependent on the conditions of the market," he said. Early next month Croatia plans to tap the local bond market to refinance a maturing 10-year bond worth 5.5 billion kuna ($780.01 million). The maturity and the final amount have yet to be determined. The international issue is primarily directed at refinancing an international bond worth $1.5 billion maturing on April 27. Altogether Croatia plans to issue bonds this year worth close to 30 billion kuna and in addition it will need to tap the market to finance the central government budget gap seen at 1.9 percent of gross domestic product, or close to seven billion kuna. The 2017 general budget gap, which includes municipalities and state firms and agencies, is planned at 1.6 percent of GDP. ($1 = 0.9364 euros) ($1 = 7.0512 kuna) (Reporting by Francois Murphy, additional reporting by Igor Ilic in Zagreb, edited by Jeremy Gaunt) Next In Financials SE Asia Stocks-Lower ahead of May''s speech on Brexit roadmap By Sandhya Sampath Jan 17 Most Southeast Asian stock markets ended lower on Tuesday as investors waited nervously for British Prime Minister Theresa May to lay out plans to exit the European Union amid fears Britain will lose access to the single market. According to advance extracts released by her office, May will tell an audience including foreign diplomats and Britain''s own Brexit negotiating team: "We seek a new and equal partnership, between an independent, self-governi'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/markets-bonds-croatia-idUSL5N1F72E6'|'2017-01-17T17:07:00.000+02:00'
'73e9d3625e6aa34cf412f1646bb72bfce1ca393d'|'Oil prices inch up on Saudi commitment to cut output'|'Commodities - Mon Jan 16, 2017 - 7:54pm EST Oil prices inch up on Saudi commitment to cut output A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver By Henning Gloystein - SINGAPORE SINGAPORE Oil edged up on Tuesday after Saudi Arabia said it would strictly adhere to a commitment to cut output, but worries in financial markets about the outlook for crude supply dragged on prices. U.S. West Texas Intermediate (WTI) crude oil futures were trading up 15 cents at $52.52 per barrel at 0034 GMT (7:34 PM EST). Brent crude futures, the international benchmark for oil prices, were yet to trade. Traders said the slight increase in U.S. prices came after Saudi Arabia, the world''s biggest exporter of crude oil, said it would adhere strictly to its commitment to cut output under the global agreement among oil producers including the Organization of the Petroleum Exporting Countries (OPEC) and Russia. "Many countries are actually going the extra mile and cutting beyond what they''ve committed ... I am confident about the impact ... and I am very encouraged about those first two weeks," Saudi Energy Minister Khalid al-Falih said late on Monday at an industry event in Abu Dhabi. Under the agreement, OPEC, Russia, and other non-OPEC producers have pledged to cut oil output by nearly 1.8 million barrels per day (bpd), initially for six months, in order to bring supplies back in line with consumption. Despite this, crude prices have fallen almost 5 percent since their early January peaks, as financial oil traders remain skeptical about OPEC''s and Russia''s willingness to fully comply with the cuts. Analysts also said that steps to prop up oil prices through a cut in supplies could be self-defeating. AB Bernstein said on Tuesday that the production cuts, and resulting higher prices, would likely hit oil demand. "For each $10 per barrel increase in oil prices, oil demand will decline by 10 basis points. While consensus expects demand growth of 1.3 million bpd in 2017 (vs 1.4 million bpd in 2016), we see risks to the downside as demand growth in China and India starts to moderate," Bernstein said. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-oil-idUSKBN151028'|'2017-01-17T07:54:00.000+02:00'
'9de55a7cb3bca13ccfdb38ef1117723ab41014ba'|'Trump adviser Scaramucci says parts, not all, of NATO obsolete'|'Funds News - Tue Jan 17, 2017 - 7:59am EST Trump adviser Scaramucci says parts, not all, of NATO obsolete DAVOS, Switzerland Jan 17 A senior advisor to U.S. President-elect Donald Trump said his comments about the NATO alliance being "obsolete" reflect how the world has changed, but should not be interpreted as meaning that it needs to be consigned to history. "NATO is working but there are things about it that need to change and there are parts of it that are, in the words of Trump, ''obsolete''", Anthony Scaramucci, a hedge fund manager who is joining Trump''s White House staff as an adviser, told an audience at the World Economic Forum (WEF). "We have to think about changing the (NATO) treaty to front face the 21st and 22nd centuries." Scaramucci also said that the United States wanted to have a "phenomenal relationship" with China. (Reporting by Carmel Crimmins; Editing by Alexander Smith) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/davos-meeting-scaramucci-idUSL1N1F70IZ'|'2017-01-17T19:59:00.000+02:00'
'425f1439d72575e509572c1eac3d51039b2bef44'|'Gold prices inch up; British PM''s Brexit speech in focus'|'Money  19am IST Gold prices inch up; British PM''s Brexit speech in focus Gold bars are seen at the Austrian Gold and Silver Separating Plant ''Oegussa'' in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File Photo Gold prices inched up on Tuesday, after hitting more than seven-week highs in the prior session, ahead of a speech by British Prime Minister Theresa May on plans for a "hard Brexit", which could dent risk sentiment and boost safe-haven assets like gold. FUNDAMENTALS * Spot gold had risen 0.1 percent to $1,203.89 per ounce by 0133 GMT. Bullion hit a more than seven-week high of $1,207.86 in the previous session. * U.S. gold futures were up 0.6 percent at $1,203.70 per ounce. * Britain will not seek a Brexit deal that leaves it "half in, half out" of the European Union, Prime Minister Theresa May will say on Tuesday, according to her office, in a speech setting out her 12 priorities for upcoming divorce talks with the bloc. * Markets will also look to Trump and his plans for the U.S. economy after his inauguration on Friday. Analysts generally expect higher interest rates to strengthen the dollar this year, capping gold''s gains. * A trade war between the United States and China and a strengthening dollar are among the biggest threats to a brightening global economic outlook, according to leading economists at the World Economic Forum in Davos. * The International Monetary Fund on Monday said the U.S. economy would grow faster than previously expected in 2017 and 2018 based on the incoming Trump administration''s tax and spending plans, but it kept its global growth forecasts unchanged due to weakness in some emerging markets. * Inflation, industrial production and housing data dominate a holiday-shortened week in the United States. The reports are expected to show the economy ended 2016 with strong momentum. * The U.S. Labor Department is expected to report on Wednesday that consumer prices increased 0.3 percent in December after rising 0.2 percent in November. Core CPI is forecast to rise 0.2 percent after a similar increase in November. * Fed Chair Janet Yellen will have an opportunity to lay out her thinking with speeches on monetary policy on both Wednesday and Thursday this week. * The European Central Bank bought a record-breaking 24.7 billion euros ($26.18 billion) worth of debt last week, taking advantage of a bumper supply of bank bonds to boost its economic stimulus programme. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Joseph Radford and Sonali Paul) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN151071'|'2017-01-17T09:49:00.000+02:00'
'cc97c730a4b11bb7be609670776ce050214a3d8e'|'Life-long learning will be crucial in the AI era'|'Life-long learning will be crucial in the AI era Changing education essential to achieve the best from the new industrial revolution Read next Tuesday, 17 January, 2017 Future on show: people will have to learn to work with robots © Jeff Spicer/Getty Images for Westfield January 17, 2017 by: Vishal Sikka Artificial intelligence and automation technologies are already starting to affect our work and daily lives. AI is present in everyday objects and processes such as virtual assistants, supermarket checkouts, driverless cars and detecting fraud in credit card transactions. Disruption is inevitable but it is often deeply feared. The current wave of change, fuelled by technological advancement, is no different. However, like generations before us, we must learn to transcend the disruption and thrive in new times. Changing how we view education is essential to humanity’s ability to achieve the best from new technologies. I recently spoke to graduating students at the University of Queensland in Australia and their excitement was tinged with trepidation about the future. I made three points to them: first, AI — and the resulting automation of industrial and business processes — will affect us all and is here to stay; second, it is in its infancy and there is an immense opportunity to transcend the disruption; third, as AI develops, this disruption will be repeated again and again. The only certain strategy in our world is for us all to become life-long learners. We are still far from the “society of mind” that Marvin Minsky wrote about in the 1980s, in which many sophisticated instruments of intelligence possessed with faculties of deduction and learning — as well as different ways of representing knowledge and reasoning about it — combine to deliver systems capable of complex, autonomous behaviours. Yet many business leaders already consider AI integral to the future. A recent survey of 1,600 global enterprises by Infosys found that 71 per cent of their leaders feel the adoption of AI in business and society is inevitable; more than three quarters feel AI adoption will deliver positive, wider economic change; a quarter have already fully deployed at least one AI technology. But I believe humans will not do well if they merely endure such disruptions. Rather, we can play an active part in shaping our collective future and changing our world in a meaningful and purposeful way. Technology can be a great enabling force that amplifies and empowers people, improves the quality of life for all and opens up opportunities for the underprivileged. For example, at the start of the 20th century 38 per cent of Americans worked on farms. Since then, mechanisation has increased production while reducing the number of employees. Today hired farm workers constitute less than 1 per cent of the US workforce and yet overall employment has soared . Farming jobs have been replaced with new industries — telecoms, health, manufacturing, financial services and more. We work in areas unimaginable to a farmer in the 1900s. Related article Paradoxically, Trump’s policies could speed automation and the loss of jobs Tuesday, 17 January, 2017 In the same way, AI will affect how we work, the jobs we do and the activities we take part in, both for work and in our free time. It will provide humans with opportunities to create new kinds of experiences and jobs that are unimaginable today, but that have the potential to create trillions of dollars of new value. While intelligent systems may eventually surpass humans in performing well-defined cognitive tasks (such as problem solving), it takes human creativity and ingenuity to “see” the opportunity (such as recognising a problem technology can solve in the first place). AI can enable us to overcome the limitations of our minds and senses. As my co-chair at the World Economic Forum’s Global Future Council on AI and Robotics, Professor Missy Cummings of Duke University, says, we are still in the early stages of understanding how intelligent systems can work with people more seamlessly. This would enable both the sharing of work and achieving shared meaning and perspectives. It is not a question of man or machine, but of man and machine. Such collaboration is critical to establishing shared meaning as we have seen in human collaboration for generations. Breakthroughs can only be achieved if man and machine work together on a set of shared goals. When we achieve such a symbiosis, the potential for our species will be immense. This story of disruption and transcendence has played out over millennia. But the pace of change is accelerating, necessitating an ever-faster rate of adaptation. Related article Exhibitors at CES insist the ‘internet of things’ is moving closer to reality. But will these smart gadgets prove useful? Tuesday, 17 January, 2017 The time has come to rethink education and to recast it as a life-long process. That means we need to move away from rewarding memorisation and instead prize curiosity and experimentation — the building blocks of discovering and understanding the things we do not yet know. Curriculums should be modernised to encourage creative problem finding and solving, and learning through doing, with mandatory computer science learning as the bedrock for enabling digital literacy. Organisations also need to make life-long learning resources available for employees to enhance skills development. Indeed, they should be required to dedicate a percentage of their annual revenue to reskilling staff. Humans have adapted in part because we have evolved our education systems alongside our technologies: we advanced our capacities to understand our tools. As with reading and writing, being digitally literate is a fundamental need and every child should study computer science. Today’s rapid changes call for a new perspective on education by states and companies. Infosys is rethinking its training infrastructure and augmenting it with, for example, short courses (or “nanodegrees”) to help drive the rapid acquisition of new skills, including AI techniques, at scale. We are also introducing company-wide training to help employees reassess the way they approach challenges and identify problems, and to be more creative and bring innovation to everything we do. These are small starts and governments and businesses need to help develop an approach to life-long learning that will create a more level playing field for people everywhere. If we can do this, I believe the only limit to our human potential will be the capacity of our imaginations. The AIs of our creation will help us to become more human. The writer is chief executive of Infosys Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/technology'|'https://www.ft.com/content/5bf845fe-b7c2-11e6-961e-a1acd97f622d'|'2017-01-17T12:03:00.000+02:00'
'6744a22a1f0f9ef2bbb4758643ec6190b74577cc'|'UBS''s Weber says dollar run could continue for up to 15 months'|'Business News -  01am GMT UBS''s Weber says dollar run could continue for up to 15 months left right Axel Weber, Chairman of the Board of Directors of UBS     1/2 left right Axel Weber, Chairman of the Board of Directors of UBS     2/2 DAVOS, Switzerland The dollar could continue to strengthen for another 15 months, UBS Chairman Axel Weber told a panel discussion at the World Economic Forum in Davos on Tuesday. (Reporting by Noah Barkin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-davos-meeting-dollar-weber-idUKKBN15114D'|'2017-01-17T17:01:00.000+02:00'
'8268acd91744b3014d9ab3b87fad9d19f496e535'|'UBS CEO says bank has flexibility over passporting rights post-Brexit'|'Business News   4:55pm GMT UBS CEO says bank has flexibility over passporting rights post-Brexit left right CEO Sergio Ermotti of Swiss bank UBS smiles before an annual news conference in Zurich, Switzerland February 2, 2016. REUTERS/Arnd Wiegmann/File Photo 1/2 left right FILE PHOTO - The logo of Swiss bank UBS is seen in Zurich, Switzerland November 10, 2016. REUTERS/Arnd Wiegmann/File Photo 2/2 DAVOS UBS ( UBSG.S ) has a degree of flexibility if its UK outpost looks set to lose its ability to operate across the European Union once Britain leaves the bloc, Chief Executive Sergio Ermotti said at the World Economic Forum in Davos on Monday. "We have a Frankfurt base where we house our wealth management operations and not just that... We have a framework in place and infrastructure that can be expanded if needed," Ermotti said at a press briefing in the Swiss Alps. However, he said that the Swiss bank remained in wait and see mode and cautioned that British Prime Minister Theresa May''s forthcoming speech on Tuesday was unlikely to bring much more clarity on what Brexit means. "We need a higher degree of certainty in order to take action, it will be extremely expensive otherwise," he said. UBS employs more than 5,000 people in London. Ermotti has said previously that 20 percent to 30 percent of those employees could be affected should the Swiss bank decide to move. In 2016, UBS set up a bank in Frankfurt to consolidate most of its European wealth management operations in an effort to conserve capital and simplify its structure. (Reporting By Pamela Barbaglia, writing by Anjuli Davies; Editing by Rachel Armstrong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-davos-meeting-ubs-idUKKBN150220'|'2017-01-16T23:55:00.000+02:00'
'cd59b4660f0ecbda8d7eb06f8c5c70a3bb694d5d'|'FTSE retreats further before May''s Brexit speech'|' 32am GMT FTSE retreats further before May''s Brexit speech A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo By Atul Prakash - LONDON LONDON Britain''s blue-chip FTSE 100 index slipped for a second day on Tuesday after climbing for 14 straight sessions to a record high, with some investors selling riskier assets before a speech by   on Brexit. May''s much-awaited speech is likely to set out her 12 priorities for upcoming talks with the European Union on the terms of Britain''s departure. She is expected to say later on Tuesday that   deal   bloc. Several newspapers reported that May would stress leaving the EU''s single market and regaining full control of Britain''s borders, reinforcing worries that Britain will undergo a "hard" Brexit - concern that has pushed sterling lower. "The leak was clearly designed to offer some clarity, making up for recent criticism of government muddling and designed to counter recent volatility in the UK currency," said Henry Croft, an analyst at Accendo Markets. The weaker pound has helped the FTSE 100 .FTSE , which is dominated by internationally focused companies, to surge more than 25 percent since a post-Brexit slump in late June and reach a record high this week. However, British inflation rose more than expected in December to hit its highest level since mid-2014, propelled by the drop in the value of sterling. Although many investors were playing safe, some said that the likely impact of the speech was mostly priced in. "Whilst traders are eagerly awaiting her speech due to multiple leaks over the past few days, it might very well be that most of what the speech will contain is already well known in advance and therefore its impact on stocks and the pound should be limited," said Markus Huber, a trader at City of London Markets. The FTSE 100 index was down 0.3 percent by 0957 GMT. The mid-cap FTSE 250 index .FTMC , which comprises mostly domestic companies, was down 0.4 percent, with investors fearing that a "hard" Brexit would hurt economic growth and lower margins of local firms. Mining companies also put pressure on the FTSE 100. The sector index .FTNMX1770 fell 1.5 percent following a drop in industrial metals prices caused by a stronger dollar, which generally makes metals costlier for other currency holders. Anglo American ( AAL.L ), Rio Tinto ( RIO.L ), BHP Billiton ( BLT.L ) and Antofagasta ( ANTO.L ) fell 1.1 to 2.0 percent. Elsewhere, Standard Chartered ( STAN.L ) climbed nearly 7 percent to a 16-month high after Bank of America ML upgraded its rating on the stock to "buy" from "hold". The broker raised its 2018 earnings estimate by 18 pct to reflect higher returns on bank''s excess deposits. Rolls-Royce ( RR.L ) jumped 6 percent after the British aero-engine maker settled a long-running bribery investigation and said 2016 profit would beat expectations. The news came after 18 months of cost-cutting and restructuring. (Reporting by Atul Prakash)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN15118O'|'2017-01-17T17:32:00.000+02:00'
'aa94cc2141771fccd3bd00d21d04f854774f931e'|'Standard Chartered closes $1.6 bln-plus of shipping finance deals'|'Financials  53am EST Standard Chartered closes $1.6 bln-plus of shipping finance deals DUBAI Jan 17 Standard Chartered said on Tuesday it had completed three shipping deals worth more than $1.6 billion in recent months. The deals include in December a $684.5 million up to 12-year facility for BW Gas JuJu LNG, a joint venture between BW Group and Japan''s Marubeni. In November, the bank also structured a $350 mln Islamic facility for National Shipping Company of Saudi Arabia (Bahri). The month before it closed a $572 mln loan to subsidiaries of India''s Reliance Group, the bank said in a statement. (Reporting by Tom Arnold, editing by Louise Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/stanchart-loans-idUSD5N1E901J'|'2017-01-17T15:53:00.000+02:00'
'fa2a635fdb30365491437a5982345df1ef83ca1d'|'Exclusive - Vivendi open to restart talks with Mediaset if it drops legal action: sources'|'Deals   4:10pm GMT Exclusive: Vivendi open to restart talks with Mediaset if it drops legal action - sources The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. REUTERS/Charles Platiau/File Photo By Gwénaëlle Barzic , Sophie Sassard and Giulia Segreti - PARIS/LONDON/MILAN PARIS/LONDON/MILAN French media group Vivendi ( VIV.PA ) could resume talks with Mediaset ( MS.MI ) but only if the Italian broadcaster drops legal action against it, several sources said on Friday. The focus of any talks would have to be determined, they told Reuters, but would involve Mediaset''s Premium TV unit and possibly other assets of the Italian group controlled by the family of former prime minister Silvio Berlusconi. Vivendi and Mediaset have been at legal loggerheads since July, when the French group led by raider Vincent Bollore antagonized the Berlusconis by pulling out of a deal to take over Premium TV. Mediaset chief executive Pier Silvio Berlusconi, the son of the ex-premier, had opened the door to a deal with Vivendi on Wednesday although he said the French group had yet to come forward with an adequate proposition. However, he clarified on Friday that with the first court hearing coming up at the end of March, the dispute with Vivendi had to be resolved legally. One source familiar with the situation said Vivendi was waiting for "concrete evidence" that Mediaset is ready for another round of talks. "They have to put an end to the judicial saga," the source said. Another source close to the matter said Mediaset could consider dropping its legal action if Vivendi were ready to pay 1.5 billion euros ($1.6 billion). In August, the Italian broadcaster sought this sum in damages for backtracking on the pay-TV deal struck in April. Since first filing the lawsuit against Vivendi to enforce the sale agreement, the French group has upped its stake in Mediaset to 28.8 percent - further angering Italy and the Berlusconis as it became the second biggest shareholder after the powerful family. This has fueled speculation, denied by Vivendi, that it may be plotting a hostile takeover of Mediaset. GRAPHIC - Media titans clash tmsnrt.rs/2hFXHAe PROLONGED STANDOFF The broadcaster also launched a new strategy for the pay-TV unit, rethinking its business, making it less costly and less centered on airing soccer matches. "Vivendi''s decision to backtrack has also made it more difficult to sell the pay-TV unit ... though this is not impossible," Pier Silvio Berlusconi said, adding that no negotiations over the unit were underway. Mediaset also asked a Milan court to order Vivendi to pay 50 billion euros for every month of delay in the deal, adding that if it fell through it would incur in damages of at least 1.5 billion euros. Sector bankers following the situation expect a prolonged standoff between the two groups, and said it was not in Mediaset''s interest to drop the legal action because that is its sole bargaining tool against the French raider. One banker raised the possibility that the Berlusconis might dispose of the entire group. "Time is on Bollore''s side, the situation is ideal for a typical Bollore-play and there is a good chance that the Italians will eventually sell," the banker said. Another banker said a possible scenario could be that Telecom Italia ( TLIT.MI ), in which Vivendi has a 24 percent stake, bought Mediaset Premium to distribute exclusive content to its large clients base. Vivendi, which is seeking to build up a media powerhouse in southern Europe, would then snap up Mediaset Espana, which is performing very well. Under such a scenario, Mediaset would retain its free-to-air TVs and could merge its production unit Medusa with Vivendi''s Studiocanal, said the banker, who asked to be named because the deliberations are private. (editing by David Stamp)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-mediaset-vivendi-idUKKBN15427Z'|'2017-01-20T23:06:00.000+02:00'
'c06cdee67d6ad5d10ab0c022cb2b6b707c5f4461'|'Futures fall on Brexit worries, Trump''s dollar comments'|'Business News - Tue Jan 17, 2017 - 7:31am EST Futures fall on Brexit worries, Trump''s dollar comments Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., January 13, 2017. REUTERS/Lucas Jackson By Yashaswini Swamynathan U.S. stock index futures fell the most this year as investors sought safe-haven assets following President-elect Donald Trump''s comments on the dollar and British Prime Minister Theresa May''s Brexit speech. * May said her plans for Britain''s exit from the European Union mean that it could no longer remain in the single market but she would seek a deal that would take in some aspects of membership. * The dollar index .DXY fell 0.62 percent against a basket of major currencies after Trump told the Wall Street Journal that U.S. companies could not compete with China "because our currency is too strong. And it''s killing us". * The dollar hit a 13-year high following Trump''s election in November on bets that he would cut taxes and increase infrastructure spending that would boost economic growth. * However, the currency has fallen since Jan 9 as Trump has given little details on how he will keep his promises. Dollar''s strength could be put to test again on Inauguration Day on Friday. * Gold prices XAU= surged more than 1 percent, trading at a near two-month high, while the Japanese yen rose to a six-week high. * Big U.S. banks kicked off fourth-quarter earnings season on Friday on a sanguine note, bringing some cheer to the market. A late pop in Facebook ( FB.O ) nudged the Nasdaq to a record high. * Morgan Stanley ( MS.N ) rose 1.6 percent to $44.49 in premarket trading on Tuesday after reporting a quarterly profit that doubled. * Earnings for S&P 500 companies are estimated to have risen 6.2 percent in the latest quarter, according to Thomson Reuters I/B/E/S. * U.S. markets were closed on Monday for Martin Luther King Jr Day. * Federal Reserve Board Governor Lael Brainard is scheduled to speak on monetary and fiscal policy in Washington at 10:00 a.m. ET (1500 GMT). * Clayton Williams ( CWEI.N ) shares were up nearly 30 percent at $135 after Noble Energy ( NBL.N ) said it would buy the oil producer for about $2.7 billion. * Reynolds American ( RAI.N ) were up 3.6 percent at $58 after British American Tobacco ( BATS.L ) agreed to buy its U.S. rival for $49.4 billion. Futures snapshot at 6:52 a.m. ET: * Dow e-minis 1YMc1 were down 91 points, or 0.46 percent, with 34,690 contracts changing hands. * S&P 500 e-minis ESc1 were down 11.75 points, or 0.52 percent, with 213,906 contracts traded. * Nasdaq 100 e-minis NQc1 were down 26 points, or 0.51 percent, on volume of 35,961 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN1511OI'|'2017-01-17T19:31:00.000+02:00'
'1c541c5b0606ec16d63e72bff33699bd04c5a030'|'Beiersdorf posts better-than-expected 2016 sales'|' 29am GMT Beiersdorf posts better-than-expected 2016 sales Shareholders of German consumer goods maker Beiersdorf are pictured on their way to the shareholder meeting in Hamburg, Germany March 31, 2016. Picture taken with long-time exposure. REUTERS/Fabian Bimmer/File Photo FRANKFURT Beiersdorf ( BEIG.DE ), the maker of Nivea cream and Tesa adhesives, on Tuesday said organic sales grew by 3.2 percent in 2016, slightly more than expected by analysts, and confirmed its operating profit-margin target. Based on preliminary results, sales grew to 6.75 billion euros (5.93 billion pounds) in 2016, just above the 6.72 billion average analyst forecast. The group also confirmed its target of significantly exceeding its 2015 margin on earnings before interest and tax (EBIT), which stood at 14.4 percent. (Reporting by Christoph Steitz; Editing by Georgina Prodhan)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-beiersdorf-results-idUKKBN1510MB'|'2017-01-17T14:29:00.000+02:00'
'e87a1128624c3c74d4534f3453f8125950173200'|'BRIEF-Centerra Gold says 2016 gold production was 598,677 ounces'|'  5:56pm EST BRIEF-Centerra Gold says 2016 gold production was 598,677 ounces Jan 17 Centerra Gold Inc * Centerra Gold announces 2016 gold production of 598,677 ounces and 2017 outlook * Says during q4 of 2016, centerra''s gold production was 248,479 ounces * Planned exploration expenditures for 2017 totals $9 million * Says centerra''s copper production from mount milligan was 10.4 million pounds for period october 20, 2016 to december 31, 2016 * Centerra''s 2017 gold production is expected to be between 715,000 to 795,000 ounces * Centerra Gold Inc - expecting 55 million to 65 million pounds of payable copper production from mount milligan for 2017 * Says kumtor''s 2017 production forecast is expected to be in range of 455,000 ounces to 505,000 * Centerra Gold Inc - 2017 production forecast assumes no gold production from boroo, gatsuurt or öksüt * Centerra Gold - 2017 capital expenditures estimated to be $148 million, including $96 million of sustaining capital, $52 million of growth capital * Centerra Gold- at mount milligan, co. Expects payable gold production to be in range of 260,000-290,000 ounces with about 35% of ounces expected in q4 * Centerra Gold Inc -sees 2017 consolidated all-in sustaining cost per ounce sold net of copper by-product in range of $743 to $824 per ounce  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASC09QXM'|'2017-01-17T05:56:00.000+02:00'
'9bebee6aa989eebbeecb78ca9ae71520ffef3dbc'|'Ireland says has fielded over 100 inquiries from UK financial firms'|'  7:55pm GMT Ireland says has fielded over 100 inquiries from UK financial firms Ireland''s Minister for Finance Michael Noonan gestures on the steps of Government Buildings in Dublin, Ireland October 11, 2016. REUTERS/Clodagh Kilcoyne DUBLIN Ireland''s central bank has had over 100 inquiries from UK financial firms considering moving operations as a result of Britain''s vote to leave the European Union, Finance Minister Michael Noonan said on Tuesday. "The Central Bank has had in excess of 100 inquiries from the City of London from people who are anxious to find out what the regulatory regime would be here if they were to move activity," Noonan told parliament. "The Taoiseach (Prime Minister), myself, several cabinet ministers and senior civil servants across departments have all been in the City of London in the last six months and are in direct contact with several companies that have expressed an interest (in) setting up in Ireland." (Reporting by Padraic Halpin; Editing by Ruth Pitchford)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-ireland-banks-idUKKBN1512UE'|'2017-01-18T02:55:00.000+02:00'
'f3f15e61d36afb7370e259672c566b2ca90d1b6c'|'Toshiba U.S. nuclear business loss may be as much as $6.1 billion - Kyodo'|'Technology   12:28am GMT Toshiba shares slump on reports of U.S. nuclear business loss The logo of Toshiba Corp is pictured at its headquarters in Tokyo, Japan, August 31, 2015. REUTERS/Yuya Shino/File Photo TOKYO Toshiba Corp ( 6502.T ) shares slumped on Thursday after a media report said the industrial conglomerate will post a loss of more than 500 billion yen ($4.36 billion) at its U.S. nuclear reactor business. Toshiba said in a press release through the Tokyo Stock Exchange that it had not announced the reactor business loss, reported by the Nikkei business daily, or a separate report by public broadcaster NHK that it will sell other business units and assets to raise 300 billion yen. Toshiba''s shares fell as much as 9.5 percent in to 261 yen in Tokyo after trading was initially suspended. That compares with a 0.9 percent gain in the benchmark Nikkei 225 index. (Reporting by Tim Kelly; Editing by Michael Perry) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-stocks-idUKKBN15301O'|'2017-01-19T09:03:00.000+02:00'
'0c7065e34345a717e4751c51feb46321ad881e22'|'UK house price growth slows for first time since July - RICS'|'Business News - Thu Jan 19, 2017 - 12:25am GMT UK house price growth slows for first time since July - RICS Estate agents boards are lined up outside houses in south London June 3, 2014. REUTERS/Andrew Winning LONDON Britain''s housing market had its weakest month since just after June''s Brexit vote in December as house price growth slowed and the number of homes sold fell slightly, a closely watched survey of property valuers showed on Wednesday. The Royal Institution of Chartered Surveyors said its members expected a further slowdown in price rises over the next three months, although a clear majority thought prices in 2017 would be higher than last year. The resilience of Britain''s housing market since the referendum decision to leave the European Union has confounded warnings from former finance minister George Osborne of a sharp fall in prices if the country voted to leave the bloc. RICS''s headline house price balance slowed to +24 in December, its first fall since July, from November''s seven-month high of +29. That was a bigger drop than any of the forecasts in a Reuters poll of economists although it still reflected solid price rises. Gains were strongest in northwest England. Central London, where prices have fallen for 10 months due to concerns about Britain''s exit from the European Union and higher tax on expensive properties, was the only region to see a decline. RICS chief economist Simon Rubinsohn said a shortage of properties for sale was creating a vicious cycle. Existing homeowners were reluctant to move because of the poor choice on offer and high cost of buying a larger home. "A familiar story relating to supply continues to drive both the sales and letting markets, impacting on activity, prices and rents," he said. A narrow majority of surveyors reported a fall in the number of sales for the first time since a big drop-off in June around the time of the Brexit referendum. The proportion expecting sales to pick up in early 2017 fell sharply. "It remains to be seen whether or not this is a temporary setback or the onset of a weaker trend," RICS said. Some of its members in Scotland and London reported concern about Brexit hurting the market. The government is due to publish plans to boost house-building in the next few weeks, but Rubinsohn said it was unlikely to end the housing shortage fast. Britain''s economy expanded much faster than most economists expected in the six months after June''s Brexit vote. But consumers are now reporting a greater squeeze on their disposable income as inflation starts to pick up after a near 20 percent fall in the value of sterling since the referendum. Leading mortgage lenders Lloyds Banking Group and Nationwide Building Society predict house price growth will slow this year to roughly 2 percent, compared with an official price rise of 6.7 percent in the 12 months to November. (Reporting by David Milliken; Editing by William Schomberg) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-houseprices-rics-idUKKBN15301I'|'2017-01-19T07:25:00.000+02:00'
'7ec1ede9bd2a45ec2161d5b3da69de8e81793fc4'|'Zodiac Aerospace rockets after Safran bid, European shares retreat'|'Business News - Thu Jan 19, 2017 - 10:19am GMT Zodiac Aerospace rockets after Safran bid, European shares retreat Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, January 16, 2017. REUTERS/Staff/Remote By Kit Rees - LONDON LONDON European stocks dipped on Thursday, though Zodiac Aerospace''s ( ZODC.PA ) shares surged after a takeover offer by France''s Safran ( SAF.PA ) and Moneysupermarket.com ( MONY.L ) also jumped after it reported strong results. Zodiac Aerospace ( ZODC.PA ) rocketed 21.7 percent after Safran offered $9 billion to buy the aircraft seat manufacturer. Shares in Safran gained 1.9 percent. "On a stand-alone financial basis, the acquisition of Zodiac appears pretty attractive, in our view. We venture (to suggest) the planned special dividend may also lend near-term support to the Safran share price," Sandy Morris, equity analyst at Jefferies, said in a note. Earnings boosted shares in Moneysupermarket.com ( MONY.L ) by 6.6 percent to their highest level since March 2016 after the price comparison website reported better-than-expected fourth quarter and full year revenues. [nL5N1F9251 Dutch-Belgian food retailer Koninklijke Ahold Delhaize ( AD.AS ) also rose, up 3.2 percent after posting strong fourth quarter sales figures. Royal Mail''s ( RMG.L ) results were received less enthusiastically, its shares falling 6.4 percent and weighing on the blue chip FTSE 100 .FTSE index, which dropped 0.7 percent. [nL1N1F90BJ] Analysts flagged further weakening in Royal Mail''s UK letters business as a concern. The pan-European STOXX 600 index was down 0.4 percent in choppy trade. A 1.3 percent fall in oil stocks .SXEP also weighed. Downgrades were a drag, weighing on Gemalto ( GTO.AS ), Ingenico ( INGC.PA ) and Rightmove ( RMV.L ), which all fell between 3 to 3.8 percent. "We''re ... entering an earnings season, and I don''t think it''s going to be necessarily one of the strongest ones. I think we''re going to see a continuation of the one that we had last quarter, which was very patchy for many industries," said Ken Odeluga, market analyst at City Index. A meeting of the European Central Bank later in the day was also in focus for investors. The ECB is expected to keep policy unchanged. Overnight, Federal Reserve Chair Janet Yellen signalled that the U.S. central bank was poised to pursue a path of steady interest rate hikes. (Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1530X2'|'2017-01-19T17:19:00.000+02:00'
'42f1400ca5931b02fb49d38eb478b9c30b3ac198'|'Lebanon gets a new government, now it needs a new economy'|'  6:49am GMT Lebanon gets a new government, now it needs a new economy left right Cranes are seen at a construction site at Beirut''s central district in Lebanon January 4, 2017. REUTERS/Jamal Saidi 1/6 Beirut Digital District''s building is pictured in downtown Lebanon January 4, 2017. REUTERS/Jamal Saidi 2/6 left right A woman walks outside Lebanon''s Central Bank building in Beirut, Lebanon, January 4, 2017. REUTERS/Jamal Saidi 3/6 People walk along Beirut''s commercial district in downtown Lebanon December 30, 2016. REUTERS/Jamal Saidi 4/6 Beirut Digital District''s building is pictured in downtown Lebanon January 4, 2017. REUTERS/Jamal Saidi 5/6 left right A general view of Lebanon''s Central Bank building in Beirut, Lebanon, January 4, 2017. REUTERS/Jamal Saidi 6/6 By Lisa Barrington - BEIRUT BEIRUT After years of political deadlock, Lebanon finally has a new government. Now it needs a new economy. Battered by war in neighbouring Syria, neglected by wrangling politicians and caught in rivalry between Saudi Arabia and Iran, the pillars of the economy - remittances from overseas workers, tourism and real estate - are not what they were. Long-term, Lebanon is searching for new sources of growth, which fell from 8-9 percent to below 2 percent when Syria''s civil war began in 2011. Beirut is working to start oil and gas exploration, offering support to technology start-ups and urging its vast diaspora to bring their brains and bank accounts home. But before these dreams can be realised, the government, which started work in the new year after the country spent 2-1/2-years without a president, has an urgent to-do list. The country''s infrastructure has been awaiting repair since the 15-year civil war ended in 1990: roads are clogged with cars, beaches are littered with waste, internet links are slow or patchy and cuts to power and water supplies are frequent. Reams of legislation, such as a hydrocarbon industry tax law and the privatisation of the stock market, await completion. Top of Prime Minister Saad Hariri''s list is a budget, which the country has not had since 2005, and a better environment for business, his economic adviser Mazen Hanna told Reuters. The cabinet encompasses most sides of the country''s political spectrum and all of its religious sects, making any agreement a challenge. "The first sign of the government''s seriousness is if they will pass a new budget," Hanna said. "This is the priority now." Without one, there will be little chance of tackling Lebanon''s growing fiscal deficit and debt-to-GDP ratio, forecast by the World Bank at 155 percent this year, the third highest in the world. The government''s term may be as short as five months if long-overdue parliamentary elections take place on time, but Hanna said it can work on telecoms and the electricity shortages that drive people to hook up to expensive private generators. It also plans to resolve problems with rubbish disposal which spurred anti-government protests last year and the cabinet includes an anti-corruption minister for the first time. The fate of Lebanon''s economy is important not only for the livelihoods of 4 million Lebanese, but for avoiding even more chaos in the Middle East: the country is home to more than one million Syrian refugees and half a million Palestinian refugees, and has its own history of instability. CENTRAL BANK ROLE Following its 1975-90 civil war, much of Lebanon''s reconstruction focused on reestablishing its tourism image as "the Paris of the Middle East", particularly for wealthy Gulf Arabs. Beirut''s cooler climate and less restrictive social mores are a big draw for people from conservative Saudi Arabia, but bouts of civil strife, assassinations, deadlocked government and regional rivalries are still taking their toll. An executive at a luxury hotel in Beirut last summer lamented the dearth of wealthy Gulf Arabs and their $3,000 room service bills. Saudi Arabia advised citizens last February against travel to Lebanon, part of a dispute over the powerful role of the Iranian-backed Lebanese Shi''ite group Hezbollah. President Michel Aoun, a Christian ally of Hezbollah, said after a fence-mending visit to Riyadh this month he was confident Gulf tourists would return. In the absence of political leadership, the central bank has quietly steered policy, using stimulus packages and financial engineering to keep foreign reserves stable and growth ticking over. It has also guaranteed housing, energy and business loans, testing the globally accepted principle of central bank distance from political decisions. "This has kept the economy growing for the last five to ten years," said Marianne Hoayek, an executive director at the central bank. "The government sometimes is not capable of doing what it wants to do." A central bank directive in 2013 called Circular 331 made $600 million available for investment in the "knowledge economy" and Lebanon now markets itself as the Middle East and North Africa''s technology and start-up hub, a title to which the UAE and Jordan also aspire. Hoayek said around $100 million had been taken up so far. Marwan Kheireddine, chairman of Mawarid Bank which invests in tech businesses, said ten years ago entrepreneurs would have had to leave Lebanon to find funding and other support. "Today we have all the building blocks required (for) those entrepreneurs to develop locally," he said. At least eight new investment funds, four new fund managers and multiple jobs have been created, those in the sector say. "I wouldn''t have come back without Circular 331," said Sami Abou Saab, who returned from the United States and now heads SPEED, an accelerator which helps small business grow with advice, contacts and other services. EXPAT FIREPOWER An estimated 14-16 million people of Lebanese citizenship or descent live outside the country, driven out by the sectarian strife that fuelled the civil war and still disrupts the peace. Many send money home, although remittances have been hit by the effect of the low oil price on Gulf economies. "We can sell, we are creative and we are engineers," said Nicolas Sehnaoui, chairman of the UK-Lebanon Tech Hub, which says it created around 240 jobs in its first two years and aims for 25,000 by 2025. "Instead of shipping our people out we want to ship our digital products out." But a tech-based economy needs fast internet and reliable electricity and the stock market needs to be privatised so smaller companies can go public, a process already two years behind schedule. Both the World Bank and the Association of Banks in Lebanon have said the central bank cannot hold the fort alone. "The Bank of Lebanon and the country''s banks have spent enough time, sometimes at great cost, preserving monetary stability. It is time to support this stability with fiscal and economic policies which favour real growth," ABL''s head Joseph Torbey said. Hanna told Reuters he hopes the new government can itself eventually provide such stimulus measures. In the meantime, Foreign Minister Gibran Bassil toured South America late last year to try to persuade Lebanese there to return home. Real estate company Demco Properties has widened the effort. Its "Lebanon is calling" advert broadcast on U.S. television shows a Lebanese businessman in an office with a commanding view of a U.S. city receiving a call from a deep-voiced Lebanon, which tells him: "I''m back on my feet again" and "Home is waiting". Lebanon''s residents have waited a long time for effective government and the stakes are high. "The solutions are there, today we have a political will," Hanna said. "Let''s hope it materializes into tangible results for the Lebanese." (Reporting by Lisa Barrington; Editing by Tom Perry and Philippa Fletcher)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lebanon-economy-idUKKBN1530MU'|'2017-01-19T13:49:00.000+02:00'
'e7c70fae1ebeebe3902d331c78df26de6c05a004'|'Fed''s Yellen says ''makes sense'' to gradually raise interest rates'|'Business   9:54pm GMT Fed''s Yellen says ''makes sense'' to gradually raise interest rates By Ann Saphir - SAN FRANCISCO SAN FRANCISCO With the U.S. economy close to full employment and inflation headed toward the Federal Reserve''s 2 percent goal, it "makes sense" for the U.S. central bank to gradually lift interest rates, Fed Chair Janet Yellen said on Wednesday. "Waiting too long to begin moving toward the neutral rate could risk a nasty surprise down the road - either too much inflation, financial instability, or both," Yellen told the Commonwealth Club of California in San Francisco. "In that scenario, we could be forced to raise interest rates rapidly, which in turn could push the economy into a new recession." The Fed raised short-term rates last month for only the second time since the 2007-2009 financial crisis, when it slashed rates to near zero and began buying massive amounts of Treasuries and mortgage-backed securities to push down long-term borrowing costs. The rate increase in December reflected confidence the U.S. economy will continue to recover, Yellen said. The Fed chief said that she and other Fed policymakers expected the central bank to lift its key benchmark short-term rate "a few times a year" through 2019, putting it near the long-term sustainable rate of 3 percent. That pace could change depending on how the outlook for the economy develops, Yellen cautioned. "The economy is vast and vastly complex, and its path can take surprising twists and turns," she said. Benchmark U.S. Treasury yields rose and the dollar strengthened after the remarks. Yellen said asset valuations including stock prices in part reflect expectations that the Fed will normalize rates faster than other central banks. Republican businessman-turned-politician Donald Trump, who will be sworn in as U.S. president on Friday, has promised tax cuts, regulatory rollbacks and infrastructure spending that he says will boost economic growth. Other Fed policymakers have suggested fiscal stimulus, with the unemployment rate now at a healthy 4.7 percent, could lead to a faster pace of rate hikes than currently anticipated. Without commenting directly on Trump, Yellen said she will "closely follow" the many new economic policies that are under discussion. "We will factor (any changes in economic policy) into the outlook and take account of their impact on what we need to do to achieve our dual mandate objectives," she said. The U.S. economy is "close" on both the Fed''s employment mandate and its inflation goal, Yellen said. But, she added, "our foot remains on the pedal in part because we want to make sure the economic expansion remains strong enough to withstand an unexpected shock, given that we don''t have much room to cut interest rates." Dramatic rate hikes will probably not be necessary because slow U.S. productivity growth is holding back economic growth, Yellen said. "Nevertheless, as the economy approaches our objectives, it makes sense to gradually reduce the level of monetary policy support," she said. (Reporting by Ann Saphir; Editing by Paul Simao and Meredith Mazzilli) Federal Reserve Chair Janet Yellen holds a news conference following day two of the Federal Open Market Committee (FOMC) meeting in Washington, U.S. on December 14, 2016. REUTERS/Gary Cameron/File Photo Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-fed-yellen-idUKKBN1522VH'|'2017-01-19T04:50:00.000+02:00'
'c7e1973ad065824fd0eabf17050d6f38a2a6c0e9'|'BRIEF-Lvjing Holding expects FY 2016 net profit to be 34 to 40 mln yuan'|'Financials - Thu Jan 19, 2017 - 12:37am EST BRIEF-Lvjing Holding expects FY 2016 net profit to be 34 to 40 mln yuan Jan 19 Lvjing Holding Co Ltd : * Says net profit of FY 2016 expected to be 34 million to 40 million yuan * Says the net profit of FY 2015 was a loss of 23.7 million yuan * Says industry transformation is the main reason for the forecast Source text in Chinese: goo.gl/bTFkDa Further company Coverage: (Beijing Headline News) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1F927R'|'2017-01-19T12:37:00.000+02:00'
'4e7a307b2810036c579073e839798e4c194222c1'|'UPDATE 1-HKEX proposes new board to list companies with different voting rights'|'* HKEX has submitted new board proposal to authorities* CEO Li says weighted voting rights issue was not settled* HKEX considering Nasdaq-style private market to track delisted firms (Adds CEO comments, details of proposals)By Michelle PriceHONG KONG, Jan 19 The Hong Kong stock exchange is proposing to launch a new listing venue that would allow companies with different voting rights to go public in the city, in a bid to remain a global listings powerhouse.The proposal comes amid a long debate on Hong Kong''s attractiveness as a listing destination and on corporate governance norms, sparked by Chinese e-commerce giant Alibaba Group''s decision two years ago to make its record $25 billion IPO in New York, much to Hong Kong''s disappointment.Charles Li, CEO of Hong Kong Exchanges and Clearing Ltd (HKEX), unveiled the proposals at the exchange''s annual media lunch on Thursday.Li said HKEX was exploring a range of issues regarding a potential new board including different shareholding structures: "Is there anyway for us to include those into Hong Kong, and if there is anyway, how do we include that in the new structure?"Li said the exchange has submitted a draft proposal for the third board to the authorities.HKEX''s previous efforts to allow companies with different voting rights to list on its main board failed to get support from Hong Kong''s securities regulator, the Securities and Futures Commission.But Li said regardless of the outcome of the recent debate on the so-called weighted voting rights for stock listings in the city, he has never been explicitly told to keep anything off the table. "As far as I''m concerned it has not been decided."Hong Kong, which was the world''s biggest IPO venue last year, has been struggling to attract new economy companies with the bulk of the listing companies concentrated in property and financial sectors.The potential new board proposal is being considered alongside a review of GEM, delisting rules, handling of share suspensions and back door listings.HKEX is reviewing the holiday trading arrangements for stock connect schemes, with a view to reduce trading risk and increase market liquidity. Li said the exchange was hoping to launch a holistic consultation covering all these issues, but this was yet to be decided.Longer, term, HKEX is also considering creating a Nasdaq style private market where delisted companies would effectively be tracked. (Writing by Denny Thomas; Additional reporting by Elzio Barreto; Editing by Shri Navaratnam and Muralikumar Anantharaman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/hkex-listings-idUSL4N1F923S'|'2017-01-19T09:28:00.000+02:00'
'6b5e8648d52a219ca0300272133a11931d5a36c7'|'Lloyd''s of London says India reinsurance branch to open by April'|'  11:08am GMT Lloyd''s of London says India reinsurance branch to open by April Lloyd''s of London staff hold their annual Armistice Day service at the Lloyd''s building in the City of London, Britain November 11, 2016. REUTERS/Eddie Keogh LONDON Lloyd''s of London SOLYD.UL said on Thursday it received final regulatory approval for its reinsurance branch in India and will open in time for April reinsurance renewals. Lloyd''s, the world''s largest speciality insurance market, has been expanding in emerging markets to try and regain declining market share. "Lloyd''s will help to share and develop expertise across the industry to position India as an international centre for insurance and reinsurance," chairman John Nelson said in a statement. Lloyd''s, one of the most vocal of City institutions in calling for access to Europe''s single market following Brexit, is planning to make a decision by April on setting up a subsidiary in the European Union. (Reporting by Carolyn Cohn. Editing by Andrew MacAskill)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lloyd-s-of-london-india-idUKKBN1531HH'|'2017-01-19T18:08:00.000+02:00'
'ea65e2346c76227e123c962f98732cdfcbf66012'|'Reopened Libyan oil ports hope foreign staff will return to boost output'|'Commodities   6:21am EST Reopened Libyan oil ports hope foreign staff will return to boost output left right Pipelines are seen at the industrial zone at the oil port of Ras Lanuf, Libya January 11, 2017. Picture taken January 11, 2017. REUTERS/Esam Omran Al-Fetori 1/7 left right A view shows the industrial zone at the oil port of Ras Lanuf, Libya January 11, 2017. Picture taken January 11, 2017. REUTERS/Esam Omran Al-Fetori 2/7 left right Pipelines are seen at the industrial zone at the oil port of Ras Lanuf, Libya January 11, 2017. Picture taken January 11, 2017. REUTERS/Esam Omran Al-Fetori 3/7 left right A view shows the industrial zone at the oil port of Ras Lanuf, LibyaJanuary 11, 2017. Picture taken January 11, 2017. REUTERS/Esam Omran Al-Fetori 4/7 left right A damaged tank is seen at the oil port of Ras Lanuf, Libya January 11, 2017. Picture taken January 11, 2017. REUTERS/Esam Omran Al-Fetori 5/7 left right Damaged tanks are seen at the oil port of Ras Lanuf, Libya January 11, 2017. Picture taken January 11, 2017. REUTERS/Esam Omran Al-Fetori 6/7 left right Damaged tanks and pipelines are seen at the oil port of Ras Lanuf, Libya January 11, 2017. Picture taken January 11, 2017. REUTERS/Esam Omran Al-Fetori 7/7 By Ayman al-Warfalli - BREGA, Libya BREGA, Libya Guards and officials at major ports in Libya''s eastern Oil Crescent say they are hoping foreign workers will soon return as they struggle to build on output gains with meager resources. The National Oil Corporation (NOC) reopened three ports in the curve of coastline south of Benghazi in September, after the Libyan National Army (LNA) led by Khalifa Haftar seized them from a rival faction. The lifting of a long blockade at the ports helped Libya''s oil output to more than double to over 600,000 barrels per day (bpd). Last month, another blockade was ended at a pipeline in western Libya, pushing production to more than 700,000 bpd. That is still well below than the 1.6 million bpd Libya was producing before a 2011 uprising and subsequent armed conflict severely disrupted output. Production in the Oil Crescent is still far under potential. Recent and future gains threaten to complicate efforts by the Organization of the Petroleum Exporting Countries to cut output and bolster global prices, though Libya''s recovery remains at risk from political chaos and security threats. Since the ports changed hands, Haftar''s rivals have tried to counter attack from the desert to the southwest, which could become a new flashpoint in the country''s low-intensity conflict. But Miftah Magariaf, head of the Petroleum Facilities Guard (PFG) deployed in the ports, said the oil and gas network in the whole of the eastern region, from Libya''s eastern and southern borders with Egypt, Sudan and Chad, to the central region of Sirte, was now secured. "This region is under the (LNA) general command, and wherever there are oil facilities or oil or gas pipelines, they are under the PFG. Now the situation is good and the area is protected," Magariaf told Reuters in Brega, one of four Oil Crescent ports that the LNA seized in September. Foreign workers could return, he said. "We invite them to come back." The NOC did not respond to a request for comment on how much output could be further boosted through the Oil Crescent ports, but based on pre-conflict capacity, the terminals should eventually be able to export at least an additional 300,000 bpd. Officials have cautioned that any recovery will be gradual because infrastructure has been damaged by fighting and degraded by disuse. The NOC, which hopes to raise national production to 900,000 bpd by March, has also struggled to secure funds for its operating budget and for repairs from a U.N.-backed government in Tripoli that lacks full control over public finances. EXTENSIVE DAMAGE Security remains a major concern. Several foreign oil workers were kidnapped by Islamic State when it raided oilfields from its now defeated base in Sirte last year. In Tripoli, few nations have reopened embassies since pulling out during fighting between rival military factions in the capital in 2014. Es Sider and Ras Lanuf ports, the largest in the eastern region, were closed for more than two years before the LNA took them over. They were severely damaged by fighting and attacks by Islamic State militants who have since been chased from their former stronghold in Sirte, about 180 km west of Es Sider. During a recent visit by journalists to the ports, oil facilities at Ras Lanuf were largely deserted. The Ras Lanuf refinery, Libya''s biggest with a capacity of about 220,000 bpd, is still shut. "The closure of the oil ports had a very big impact on the plants," said Hamid al-Habouni, head of administration at the site. "We lack the budget to keep the plants working and maintain them." Ras Lanuf Oil and Gas Company has only retained about 2 percent of nearly 6,000 foreign employees, said public relations manager Salem al-Iskandriya. In Es Sider, just four out of 19 storage tanks are operational. Work is under way to bring three tanks back into use, but officials say repairs are hampered by lack of funds. "We have some foreign workers including from the Philippines, Tunisia and Sudan but they are not specialists and the specialist work now depends on Libyans," said Ibrahim al-Malhouf, Es Sider port''s acting director. While Es Sider, Ras Lanuf and the port of Zueitina had been blockaded, Brega remained open with reduced capacity. Mohamed Aoud, a senior official at Sirte Oil Company based in Brega, said the situation had improved since the LNA advance. "Some foreign employees have even contacted us with a view to coming back," he said, adding that the company''s foreign workforce has been reduced from 700 to just over 250. Sirte Oil Company is hoping for more financial support to raise its production from about 35,000 bpd currently to 90,000 to 100,000 bpd, Aoud said. "Of course we have financial problems," he said. "The financial authorities need to place greater importance on oil, because it is the country''s only income." (Writing by Aidan Lewis, editing by David Evans) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-libya-security-oil-idUSKBN1531JK'|'2017-01-19T18:16:00.000+02:00'
'a9036e1ebe251b1a17dcec656beaa98e0da5707a'|'Steady ECB caps Yellen-driven rise in euro zone bond yields'|' 19pm GMT Steady ECB caps Yellen-driven rise in euro zone bond yields U.S. Federal Reserve Board chair Janet Yellen testifies before a Congressional Joint Economic hearing on Capitol Hill in Washington, U.S. on November 17, 2016. REUTERS/Gary Cameron/File Photo By Dhara Ranasinghe and Abhinav Ramnarayan - LONDON LONDON Euro zone bond yields pulled back from one-month highs on Thursday after the ECB played down a pick up in inflation, highlighting a divergence with the U.S. Federal Reserve after Fed chief Janet Yellen signalled a path of steady rate rises. The European Central Bank kept its super-easy monetary policy unchanged as expected and its president, Mario Draghi, said underlying inflationary pressures remained subdued. That pushed the euro lower against other major currencies EUR= EURGBP=, while European stock markets rallied . The dovish tone from Draghi, who also played down divisions among ECB policymakers, capped a rise in government bond yields even as U.S. Treasury yields rose to two-week highs after stronger-than-forecast economic data. "Draghi''s news conference was generally dovish, but doesn''t really tell us anything new," said Orlando Green, European fixed income strategist at Credit Agricole. Germany''s benchmark 10-year bond yield was up 3 basis points at 0.30 percent DE10YT=TWEB, pulling back from a one-month high of 0.33 percent hit earlier in the day. Other euro zone bond yields were 3-4 bps higher on the day, but off earlier peaks, with Dutch, Finnish and French yields also retreating from one-month highs. A gauge of the market''s long-term euro zone inflation expectations meanwhile fell to a session low around 1.73 percent EUIL5YF5Y=R after Draghi''s comments. Separately, the ECB said the only assets it would buy with yields below the deposit rate were government bonds, having scrapped a self-imposed rule last month to buy debt yielding below the minus 0.40 deposit rate to address a scarcity of eligible debt for its bond buying stimulus. DIVERGENCE The ECB''s tone came in stark contrast to hawkish comments from Fed chief Yellen that rattled world bond markets. Yellen said on Wednesday that it "makes sense" for the U.S. central bank to gradually lift interest rates, putting the focus on inflationary pressures in the global economy. "The Yellen comments really suggests that the U.S. is committed to multiple rate hikes this year. Up to now the tightening cycle has been glacial and they want to step it up," said ING strategist Martin van Vliet. "It highlights the underlying inflationary pressures that are mostly in the U.S. but also unquestionably in Europe." Elsewhere, euro zone government debt supply cranked into gear again, and after Belgium and Italy raised 12 billion euros between them from the sale of 10-year and 15-year bonds respectively, the focus on Thursday shifted to the short end. France sold nearly 8 billion euros of three-year and five-year bonds while Spain raised 4.8 billion euros at a triple bond auction. (Editing by Ruth Pitchford)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-bonds-idUKKBN1532HT'|'2017-01-19T23:19:00.000+02:00'
'02cb5cca4a74ce8ee83122b61a21eb25da3367d8'|'BRIEF-Chengdu Fusen Noble House Industrial to set up import and export trading unit'|' 46pm EST BRIEF-Chengdu Fusen Noble House Industrial to set up import and export trading unit Jan 18 Chengdu Fusen Noble House Industrial Co Ltd : * Says it to invest 100 million yuan to set up a wholly owned import and export trading unit Source text in Chinese: goo.gl/K036Vs Further company Coverage: (Beijing Headline News) Next In Financials TABLE-Foreign holdings of NZ government bonds ease in December - RBNZ WELLINGTON, Jan 18 Non-resident holdings of New Zealand government securities were 60.3 percent in December, Reserve Bank of New Zealand data showed on Wednesday. Dec Pvs month Year ago Total all securities: 60.3 pct 60.6 pct 63.9 pct NZ govt bonds: 63.2 pct 63.6 pct 67.4 pct NZ govt T-bills 6.3 pct 6.5 pct 9.3 pct'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1F81OK'|'2017-01-18T09:46:00.000+02:00'
'4ac3ed68c2b54b3b514aa26705f827c2dee402fc'|'Lilly to buy CoLucid for $960 million to bolster migraine arsenal'|' 39am EST Lilly to buy CoLucid for $960 million to bolster migraine arsenal Eli Lilly and Co ( LLY.N ) said it would buy CoLucid Pharmaceuticals Inc ( CLCD.O ) for about $960 million, bringing back into its fold a promising treatment for migraine, a large, under-treated market. CoLucid''s lasmiditan, which is in late-stage development, was discovered at Lilly and licensed to CoLucid in 2005. Lilly said it offered $46.50 per CoLucid share in cash, a premium of about 33 percent to CoLucid''s Tuesday close. CoLucid''s shares were trading at $46.30 before the bell on Wednesday. The shares had risen five-fold in the past 12 months through Tuesday''s close. About 40 million, or one in every eight Americans, suffer from migraines, 13 million of whom are afflicted with a severe form of the disease. There is little available now that can prevent these episodes of severe throbbing pain that can so often become disabling. Currently, patients are treated with a host of other drugs, from anti-depressants to medicines for hypertension and even botox. Lilly''s migraine-prevention drug, galcanezumab, is in late-stage development, and is also being evaluated for use in cluster headaches. The size of the migraine market is expected to jump to more than $10 billion in 2025 from about $3 billion in 2015 in the United States, parts of Europe and Japan, according to healthcare data provider Decision Resources Group. (Reporting by Natalie Grover in Bengaluru; Editing by Sriraj Kalluvila) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-colucid-pharms-m-a-eli-lilly-idUSKBN1521O6'|'2017-01-18T19:39:00.000+02:00'
'04691205d53c975c37cb7f45934548f56d2b5a53'|'UK Supreme Court says it will give Brexit trigger case ruling on Tuesday'|' 05pm IST UK Supreme Court says it will give Brexit trigger case ruling on Tuesday Part of a pro-Brexit protester''s placard is held up outside the Supreme Court in Parliament Square, central London, Britain December 7, 2016. REUTERS/Peter Nicholls/Files LONDON Britain''s Supreme Court will deliver its ruling next Tuesday on whether Prime Minister Theresa May can begin the process of leaving the European Union without parliament''s assent. May has said she would trigger Article 50 of the EU''s Lisbon Treaty, the formal means of exiting the bloc, by the end of March and that the government could act without needing lawmakers'' approval. However, London''s High Court decided last November that it would be unlawful for May to trigger Article 50 alone using executive powers known as "royal prerogative". The government appealed against that ruling to the Supreme Court, Britain''s highest judicial body, which held four days of hearings in front of all its 11 justices last month. Their ruling will be handed down at 0930 GMT next Tuesday, the court said on Wednesday. The announcement comes a day after May outlined her plans for Brexit, with Britain leaving the European single market and a promise that the final deal struck with the EU after two years of divorce talks would be put to parliament. However campaigners pressing for parliamentary approval told the Supreme Court that involving lawmakers at that late stage was insufficient and that Members of Parliament had to pass legislation before the formal process of leaving the bloc was started. Legal commentators say the government is likely to lose the case, and the Guardian newspaper said ministers had already drafted versions of a bill to go before parliament following the ruling. The government''s argument was essentially that under Britain''s unwritten constitution, it can make or leave international treaties without parliamentary assent. The challengers argued that triggering Article 50 would inevitably mean citizens would lose rights granted by parliament and that only lawmakers could take these away. The Scottish government and lawyers for Northern Irish challengers said Britain''s devolved assemblies must give their approval too before Brexit talks begin. (Reporting by Michael Holden; editing by Stephen Addison) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-article-idINKBN152213'|'2017-01-18T21:35:00.000+02:00'
'74071e6b9369f40c13f5652682fd5d585522a32f'|'UPDATE 1-Italy makes first market foray since ratings cut'|'Financials   4:08am EST UPDATE 1-Italy makes first market foray since ratings cut (Adds expected yield, context) By Michael Turner LONDON, Jan 18 (IFR) - The Republic of Italy has started marketing a September 2033 euro benchmark BTP in its first market outing since having its credit rating cut by DBRS. The sovereign is marketing the transaction at low 20s over the March 2032 BTP, according to a lead. Banca IMI, Barclays, Credit Agricole, ING and NatWest Markets are arranging the Reg S/144A transaction. Italy is rated Baa2/BBB-/BBB+ by Moody''s/S&P/Fitch (negative/stable/negative). On Friday, DBRS cut its rating to BBB (high) from A (low). The outlook is now stable. The rating agency cited uncertainty over the political ability to sustain structural reforms and the continuing weakness of Italy''s banking system as major reasons for the downgrade. (Reporting by Michael Turner, Editing by Helene Durand, Julian Baker) Next In Financials Fitch Affirms Shaoxing City Investment Group at ''BBB+''/Stable (The following statement was released by the rating agency) HONG KONG, January 18 (Fitch) Fitch Ratings has affirmed Shaoxing City Investment Group Limited''s (SCIG) Long-Term Foreign- and Local-Currency Issuer Default Ratings at ''BBB+'' with a Stable Outlook. A full list of rating actions is at the end of this commentary. KEY RATING DRIVERS Legal Status Assessed at Mid-Range: SCIG is registered as a limited liability company under China''s Company Law, and it is 100% state-owned. Its legal st'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-bonds-idUSL5N1F81OO'|'2017-01-18T16:08:00.000+02:00'
'107933271ca850f404f81e46244652d9749340b0'|'UK''s timescale for trade deal with EU is ''ambitious'' - Fitch'|' 10pm GMT UK''s timescale for trade deal with EU is ''ambitious'' - Fitch Participants hold a British Union flag and an EU flag during a pro-EU referendum event at Parliament Square in London, Britain June 19, 2016. REUTERS/Neil Hall/File Photo LONDON Ratings agency Fitch said on Wednesday that Prime Minister Theresa May''s timescale for reaching a post-Brexit trade deal with the European Union was "ambitious", and that the uncertainty would weigh on Britain''s credit rating. "We will continue to focus on the degree to which the Brexit process risks damaging UK medium-term economic prospects and public finances," Fitch said in a statement in response to a major speech from May on Tuesday. "The range of possible Brexit outcomes remains wide and the envisaged timescale for reaching a UK-EU trade agreement ambitious," it added. May hopes to reach a trade agreement during the two years of formal talks to leave the EU which she plans to start within two or three months. Fitch downgraded Britain''s credit rating to ''AA'' with a negative outlook after June''s Brexit vote. (Reporting by David Milliken; Editing by William Schomberg)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-ratings-fitch-idUKKBN1521JT'|'2017-01-18T19:10:00.000+02:00'
'4d1a8fce7a9b3531dda404f8e087a8fc203b4d0d'|'Stocks, dollar steady after Trump-led dip'|' 11pm IST Stocks, dollar steady after Trump-led dip By Patrick Graham - LONDON LONDON Stock markets steadied while the dollar recovered some ground on Tuesday after unease over how the U.S. policy slate will develop under Donald Trump''s presidency drove the currency to its weakest since early December. Traders in Asia said shares were helped by hopes that the concerns about a stronger dollar expressed by the U.S. President-elect at the weekend, would be beneficial to emerging markets where companies have borrowed heavily in dollars. In Asia, MSCI''s ex-Japan Asia-Pacific shares index rose 0.3 percent, just shy of a three-month high hit last Thursday. Energy and cyclical stocks were the chief gainers. Short-covering also helped, especially in China, where stocks tumbled more than 4 percent last week as traders took some money off the table before Trump''s inauguration on Friday. European stock markets were broadly steady after a choppy start, banking shares under pressure as investors chewed over details of the impact of regulatory fines on Deutsche Bank. "You''ve seen the banks ease, everything has taken a breather after the strong start in January for stocks," said Andy Sullivan, a portfolio manager with GL Asset Management UK in London. "The last few days have been choppier and for the rally to be sustained, we need to see earnings growth start to come through." MSCI''s broadest index of global share prices reached its highest since mid-2015 on Friday and, driven by a bounce in expectations for U.S. inflation and growth since Trump''s election, is within sight of all-time highs. But worries about the new U.S. president''s attitude to trade and politics, with relations with China in focus, have begun to show up more in some asset prices since the start of the year. The dollar fell almost 1 percent on Tuesday and is on course for its worst two weeks since the election after Trump expressed concern about the dollar''s strength in the context of trade relations with China. It recovered around 0.3 percent on Wednesday with eyes on a speech by the head of the Federal Reserve and U.S. inflation data for clues on the path of interest rates. Sterling, which soared more than 3 percent on Tuesday after Prime Minister Theresa May''s Brexit speech, fell back 0.7 percent. "Everything is just a partial reversal of the price action yesterday," said RBC Capital Markets currency strategist Adam Cole, arguing that the greenback''s weakness had been primarily driven by excessive positioning at the end of last year. With doubts growing about the sustainability of the "Trump trade" - higher stocks and a stronger dollar - investors'' favourite safe havens for capital have been in demand. Gold was perched comfortably at a two-month high above 1215 dollars per ounce. It is up nearly 8 percent in the last three weeks. The yen dipped half a percent as the dollar rose on Wednesday, but is still trading around its highest in seven weeks. Oil prices fell by just over 1 percent, with benchmark Brent futures dipping to $54.70 per barrel and U.S. crude to $51.68. (editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN152189'|'2017-01-18T17:41:00.000+02:00'
'eec1c47bbb0c957d4837c6bba5a2d6d1b59d6516'|'U.S. industrial output rises 0.8 percent as utilities surge'|' 19am EST U.S. industrial output rises 0.8 percent as utilities surge Robotic arms spot welds on the chassis of a Ford Transit Van under assembly at the Ford Claycomo Assembly Plant in Claycomo, Missouri April 30, 2014. REUTERS/Dave Kaup WASHINGTON U.S. industrial production rebounded in December due to the biggest jump in utilities since 1989 as temperatures cooled across the country. The Federal Reserve said on Wednesday industrial output rose 0.8 percent last month after a downwardly revised 0.7 percent decline in November. Economists polled by Reuters had forecast industrial production rising 0.6 percent. The U.S. central bank''s measure of the industrial sector comprises manufacturing, mining, and electric and gas utilities. Overall industrial production, however, fell at an annual rate of 0.6 percent in the fourth quarter. The bulk of December''s increase was due to the 6.6 percent rise in the utilities index, which had been hampered the previous month by unseasonably warm weather. Manufacturing output edged up 0.2 percent and mining production was unchanged. Overall manufacturing output rose at an annual rate of 0.7 percent in the fourth quarter while the index for mining surged 11.9 percent in the quarter. With overall output increasing in December, the percentage of industrial capacity in use rose 0.6 percentage point in December to 75.5 percent, from a slightly downwardly revised 74.9 percent in November. Fed officials look to capacity use as a signal for how much further the economy can accelerate before sparking higher inflation. (Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-output-idUSKBN1521ZB'|'2017-01-18T21:19:00.000+02:00'
'4db09dc9bb891db674162170058d633b3070b5d2'|'Some unskilled migration to UK likely to continue after Brexit - minister'|'LONDON Jan 17 Britain will still accept some unskilled migration after it leaves the European Union, Brexit minister David Davis said on Tuesday.During a speech setting out her Brexit priorities earlier on Tuesday, Prime Minister Theresa May said Britain would continue to attract "the brightest and best" and would always want immigration, especially high-skilled immigration."A level of unskilled migration is likely to continue," Davis told parliament. "Where from, how it is controlled, will all be a matter for the new immigration policy." (Reporting by Kylie MacLellan and William James; Editing by Alistair Smout)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-eu-davis-immigration-idINS8N1E702T'|'2017-01-17T12:23:00.000+02:00'
'305a5d7276c9ba7add01aa65a0841028223fa629'|'Two weeks into 2017, Mediterranean migrant deaths rise on last year'|'World News   8:22am EST Two weeks into 2017, Mediterranean migrant deaths rise on last year GENEVA At least 219 migrants and refugees are believed to have drowned in the Mediterranean already this year, more than double than during the same period a year ago, the International Organization for Migration (IOM) said on Tuesday. Following interviews with four survivors of a weekend shipwreck, the agency said nearly 180 people were feared to have been aboard a boat that capsized off the coast of Libya, not 110 as earlier thought. "So it''s almost twice the number of casualties which brings the year total already two weeks into the year to 219 deaths on the Mediterranean," IOM spokesman Joel Millman told a news briefing in Geneva. The Italian coastguard said the boat had not been found so there was no way to determine the number of passengers. Survivors were taken to Sicily on Monday. The overall death toll for migrants on the Mediterranean in the first two weeks of 2016 was 91, the IOM said. IOM officials are also looking into reports of some 25 migrants perishing at sea between Morocco and Spain in recent days, Millman said. From Jan. 1 to Jan. 15, 2,876 migrants and refugees entered Europe by sea, arriving mostly in Greece and Italy, against 23,664 through the first 14 days of Jan 2016, according to the IOM''s latest figures. An agreement between Turkey and the European Union has limited departures from Turkish shores. In 2016, more than 170,000 irregular migrants entered Greece, with some 80,000 Syrians forming the largest group, Millman said. Some 41,000 Afghans were the second largest group in Greece, followed by nationals from Iraq, Pakistan and Iran, he said. (Reporting and writing by Stephanie Nebehay in Geneva; additional reporting by Isla Binnie in Rome; Editing by Robin Pomeroy) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-europe-migrants-idUSKBN1511TP'|'2017-01-17T20:19:00.000+02:00'
'83482616af1893125031628c501cba8f017b791f'|'In latest move, China halts over 100 coal power projects'|'Money  13pm IST In latest move, China halts over 100 coal power projects A man walks over a bridge as smoke rises from chimneys of a thermal power plant in Shanghai February 23, 2015. REUTERS/Carlos Barria/Files BEIJING China''s energy regulator has ordered 11 provinces to stop more than 100 coal-fired power projects, with a combined installed capacity of more than 100 gigawatts, its latest dramatic step to curb the use of fossil fuels in the world''s top energy market. In a document issued on Jan. 14, financial media group Caixin reported, the National Energy Administration (NEA) suspended the coal projects, some of which were already under construction. The projects worth some 430 billion yuan ($62 billion) were to have been spread across provinces and autonomous regions including Xinjiang, Inner Mongolia, Shanxi, Gansu, Ningxia, Qinghai, Shaanxi and other northwestern areas. Putting the power projects on hold is a major step towards the government''s effort to produce power from renewable sources such as solar and wind, and wean the country off coal, which accounts for the majority of the nation''s power supply. "Stopping under-construction projects seems wasteful and costly, but spending money and resources to finish these completely unneeded plants would be even more wasteful," said Greenpeace in a statement. The move follows similar initiatives last year and comes after the government said in November it would eliminate or delay at least 150 GW of coal-fired power projects between 2016 and 2020 and cap coal power generation at 1,100 GW. To put it in perspective, some 130 GW of additional solar and wind power will be installed by 2020, equal to France''s total renewable power generation capacity, said Frank Yu, principal consultant at Wood Mackenzie. "This shows the government is keeping its promise in curbing supplies of coal power," Yu said. Some of the projects will still go ahead, but not until 2025 and will likely replace outdated technology, he said. China''s annual demand growth for power will slow to 3-4 percent, according to Wood Mackenzie, down from double-digit growth in recent years as energy intensive industries like glass and metals contract. ($1 = 6.9025 Chinese yuan) (Reporting by Josephine Mason; Editing by Vyas Mohan and Tom Hogue) Next In Money News Maharashtra''s sugar output drops as mills close early MUMBAI India''s top sugar producing state of Maharashtra has so far produced 27 percent less sugar than a year ago as nearly a third of the total mills have stopped crushing due to cane shortage, government and industry officials told Reuters.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-coal-idINKBN1511A2'|'2017-01-17T17:43:00.000+02:00'
'bef232fe3817c573cd1662c6c6c1a148b9fde624'|'GM''s Cadillac expects double digit growth rate in China sales this year'|' 16am GMT GM''s Cadillac expects double digit growth rate in China sales this year A man walks past Cadillac cars outside a dealership in Beijing, October 31, 2012. REUTERS/Petar Kujundzic/File Photo SHANGHAI General Motor Co''s ( GM.N ) premium Cadillac brand expects sales in China to see a double digit percentage growth this year, its China chief, Andreas Schaaf, told Reuters on Tuesday. The brand expects China to be its top market in less than five years, Schaaf added. Cadillac has been slow to enter China compared to premium German competitors like BMW ( BMWG.DE ) and Volkswagen''s VOWG_P.DE Audi, opening its first dedicated factory last year that helped boost sales 46 percent to 116,406 vehicles in 2016. With the growing importance of the market, Cadillac also plans to launch more products in China ahead of other regions in future, Schaaf said during an interview in Beijing. (Reporting by Jake Spring in BEIJING; Writing by Adam Jourdan; Editing by Himani Sarkar)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gm-cadillac-china-idUKKBN15105H'|'2017-01-17T09:16:00.000+02:00'
'3c9c55cbb16c9d8bc815e12044f77f8a4e65899c'|'Western Union settles U.S. money laundering allegations for $586 million'|'Business News - Thu Jan 19, 2017 - 6:35pm GMT Western Union settles U.S. money laundering allegations for $586 million A Western Union branch is seen in New York July 30, 2013. REUTERS/Shannon Stapleton WASHINGTON Western Union agreed to pay $586 million (£477 million) to settle allegations that it failed to prevent criminals from using its service for money laundering and fraud, the U.S. Department of Justice said in a statement on Thursday. (Reporting by Joel Schectman and Diane Bartz; editing by Grant McCool) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-western-union-settlement-idUKKBN1532R7'|'2017-01-20T01:35:00.000+02:00'
'1a81ab8bb016bf09b9f8594e34e5fd7dcdc8539f'|'Trump''s energy pick Perry softens stance on climate change'|'By Timothy Gardner and Valerie Volcovici - WASHINGTON WASHINGTON Rick Perry, President-elect Donald Trump''s pick to run the U.S. Energy Department, said during his Senate confirmation hearing on Thursday that global warming caused by humans is real, but that efforts to combat it should not cost American jobs.The comment marks a shift for the former Texas governor who had previously called the science behind climate change "unsettled" and a "contrived, phony mess". It also clashes with Trump''s statements during his campaign for the White House that global warming is a hoax meant to weaken U.S. business."I believe the climate is changing. I believe some of it is naturally occurring, but some of it is also caused by man-made activity. The question is how do we address it in a thoughtful way that doesn’t compromise economic growth, the affordability of energy, or American jobs," Perry said.Trump, who will be sworn in as president on Friday, has vowed to slash U.S. regulations curbing carbon dioxide emissions and has suggested pulling America out of a global climate change pact signed in Paris in 2015.Perry, 66, was governor of Texas from 2000 to 2015, making him the longest-serving governor of the oil-producing state in its history. He is seen by Trump as someone who can usher in jobs growth in the oil, gas and coal industry.As energy secretary, he would lead a vast scientific research operation credited with helping trigger a U.S. drilling boom and advancements in energy efficiency and renewables technology, and would oversee America''s nuclear arsenal.The former Texas governor said during the hearing that he also regrets having previously called for the department''s elimination, during his failed bid for the Republican presidential nomination in 2012.That proposal, which has become known as his "oops" moment, came during a Republican presidential candidate debate when he could not initially remember all of the three Cabinet-level departments he wanted to eliminate - the departments of Commerce, Education and Energy."After being briefed on so many of the vital functions of the Department of Energy, I regret recommending its elimination," he said in his opening remarks to the Senate Committee on Energy and Natural Resources."PROTECT" THE SCIENTISTSDemocrats on the committee expressed worry that Perry would weaken the energy department''s functions and potentially target its army of scientists focused on climate research.Perry sought to assuage them."I am going to protect the men and women of the scientific community from anyone who would attack them,” he said in response to a question from Democratic Senator Maria Cantwell of Washington about whether he would cut the budget of climate science at the department.When pressed on whether there would be budget or staff cuts to key research programs at the Department of Energy, Perry said: "I will be an advocate (for the programs)...but I’m not sure I’m going to be 1,000 percent successful."He distanced himself from a questionnaire the Trump transition team sent to the department in December demanding names and publications of employees who had worked on climate issues. After an uproar by critics who said it amounted to a witch hunt, the team disavowed the survey."I didn’t approve it. I don’t approve of it. I don’t need that information," Perry said.Perry said much of his focus running the department would be on renewing America''s nuclear weapons arsenal."As a former Air Force pilot during the days of the Cold War, I understand the deterrent value of our nuclear weapons systems, and the vital role they play in keeping the peace,” he said.More than half of the department''s $32.5 billion budget goes to maintaining the U.S. nuclear weapons arsenal and cleaning up the country''s nuclear waste legacy from the Cold War. The New York Times said on Thursday that Perry was unaware of the size of the nuclear role that the department plays when he accepted the job last year.Department leadership under Perry would represent a pivot from being run by learned scientists to a person who is known for close ties to energy interests.Current Energy Secretary Ernest Moniz is a nuclear physicist who led technical negotiations in the 2015 Iran nuclear deal, while the previous head, Steven Chu, is a Nobel Prize-winning physicist. Perry resigned from the board of directors of Energy Transfer Partners LP, the company building the Dakota Access Pipeline opposed by Native Americans and environmentalists.(Reporting by Timothy Gardner; Editing by Leslie Adler and Alistair Bell)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-congress-perry-idINKBN1532Q4'|'2017-01-19T14:45:00.000+02:00'
'280ef295db96441e6690afa4ed680b0c27c9ec65'|'Abraaj buys home furnisher Casaideas in first Chile acquisition'|'SANTIAGO Jan 19 Middle Eastern private equity investor Abraaj Group has bought a majority stake in Chile''s private home furnishings retailer Casaideas in its first foray into the country, Abraaj said on Thursday.Casaideas runs more than 50 stores in South America, including 33 in Chile and 16 in Peru. Abraaj said it would consider expanding in those countries, as well as possibly entering Mexico, Colombia and central America.It did not give financial details of the deal.Abraaj has made a number of investments in other countries of Latin America''s pro-free trade bloc, the Pacific Alliance. The Dubai-based group manages $10 billion worldwide, with a focus on economies with growing middle classes.Despite a commodities-led slowdown, Chile''s economy has continued to grow and is expected to expand between 1.5 and 2.5 percent this year, according to its central bank.A number of regional retailers, including Falabella and Cencosud, are headquartered in Santiago.(Reporting by Rosalba O''Brien; Editing by Daniel Wallis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/abraaj-casaideas-idINL1N1F916V'|'2017-01-19T13:56:00.000+02:00'
'0769d2e3848cf3da6a58f0cfea9decb373e117e3'|'UK PM May urges firms to end short-term thinking, show global leadership'|'Davos   5:00am EST UK PM May urges firms to end short-term thinking, show global leadership Britain''s Prime Minister Theresa May attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich DAVOS, Switzerland Multinational businesses must avoid short-term thinking and show leadership to help restore faith in globalization among citizens who feel left behind by the pace of economic change, British Prime Minister Theresa May said on Thursday. May said businesses must put aside short-term considerations and invest in people and communities for the long term. "We must heed the underlying feeling that there are some companies, particularly those with a global reach who are playing by a different set of rules to ordinary working people," she told business leaders at the World Economic Forum, a gathering of business and political elites in the Swiss Alps. "So it is essential for business to demonstrate leadership, to show that in this globalized world everyone is playing by the same rules." (Reporting by Elizabeth Piper and Noah Barkin, writing by William James, editing by Kylie MacLellan) Next In Davos'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-britain-eu-may-businesses-idUSKBN15316P'|'2017-01-19T16:57:00.000+02:00'
'00c41b14a17253d652da93cf14c8e6384f8f13d6'|'China cbank has not announced new MLF loans, as traders fret over cash squeeze'|'Business News   5:25am EST China central bank has not announced new MLF loans, as traders fret over cash squeeze FILE PHOTO: A woman walks past the headquarters of the People''s Bank of China (PBOC), the central bank, in Beijing, China June 21, 2013. REUTERS/Jason Lee/File Photo SHANGHAI China''s central bank has not announced any new issue of medium-term lending facility (MLF) loans as of 6 p.m. (1000 GMT) on Thursday, adding to worries about a fierce cash squeeze in its money markets heading into a long holiday. Two batches of medium-term lending facility loans (MLF) totaling 216.5 billion yuan ($31.53 billion) were due to mature on Wednesday and Thursday, according to Reuters calculations based on data from the People''s Bank of China (PBOC). But the central bank did not rollover Wednesday''s maturing loans as markets had expected, spooking investors and sending short-term funding costs soaring to near 10-year highs. The MLF is a supplementary policy tool the central bank uses to manage conditions and medium-term interest rates in the banking system and money markets. Liquidity always tightens in China ahead of the Lunar New Year holiday, which starts on Jan. 27 and ends on Feb. 2 this year. Individuals and companies withdraw large sums of cash from banks for gifts and payments. The PBOC usually pumps more funds into money markets to ensure markets have ample liquidity at such times, but some traders say its injections have barely been keeping up with heavier demand this year. Higher funding costs have also helped spur gains in the ailing yuan CNY=CFXS , by forcing traders with short positions against the currency to bail out of their positions. (Reporting by Winni Zhou and John Ruwitch; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-china-markets-centralbank-mlf-idUSKBN1531AU'|'2017-01-19T17:08:00.000+02:00'
'9603e8533f6ba50d41a7edaaa2b013f314c7732d'|'Netflix adds a third more subscribers than expected; shares jump 7 percent'|'Technology   10:43pm GMT Netflix adds a third more subscribers than expected; shares jump seven percent The Netflix sign on screen is shown on an iPad in Encinitas, California, U.S. on April 19,2013. REUTERS/Mike Blake/File Photo By Lisa Richwine and Anya George Tharakan Streaming video pioneer Netflix Inc ( NFLX.O ) added over a third more subscribers than expected in the last quarter of 2016, a sign of success for its ambitious global expansion that sent its shares up 7 percent in extended trading. Netflix signed up 7.1 million new subscribers globally, far more than the 5.2 million analysts had expected, despite higher prices, beating targets at home and abroad, according to research firm FactSet. Original shows like "Marvel''s Luke Cage" and British drama "The Crown" performed strongly around the world, Netflix said, noting that competitors were adapting to compete. Amazon.com Inc ( AMZN.O ) recently expanded its Amazon Prime Video service globally, and Britain''s BBC announced plans to release entire series at once to allow the "binge watching" popularized by Netflix. "It''s becoming an internet TV world, which presents both challenges and opportunities for Netflix as we strive to earn screen time," the company said in its quarterly letter to shareholders. Netflix, in its earnings report, said it added 5.1 million subscribers outside the United States and 1.9 million in its home market in the quarter ended Dec. 31. ( nflx.it/2jyes47 ) Analysts had forecast 3.73 million non-U.S. additions and 1.44 million at home. "The future battleground at home is now in keeping hold of customers as much as it is in trying to acquire new ones," said Neil Saunders, head of retail analyst firm Conlumino. "In our view, the fact that consumers have readily absorbed the price increase, and that Netflix has continued to advance its subscriber numbers in spite of it, indicates the company is now firmly in pole position in the streaming arena." Netflix said it planned to release over 1,000 hours of original programing this year, up from 600 hours last year. The Los Gatos, California-based company said revenue rose 35.9 percent to $2.48 billion in the December quarter. Analysts on average had expected $2.47 billion, according to Thomson Reuters I/B/E/S. The company said it expected to add 1.50 million subscribers in the United States in the current quarter, fewer than the FactSet estimate of 1.79 million. In international markets, Netflix said it expected to add 3.70 million subscribers, above the average estimate of 3.05 million. Up to Wednesday''s close of $133.26, Netflix''s stock had risen 33.5 percent since it reported third-quarter results in October. Netflix rose as much as 8.2 percent in after hours trading, adding nearly $5 billion to the company’s stock market value. (Reporting by Anya George Tharakan in Bengaluru; Editing by Peter Henderson and Richard Chang) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-netflix-results-idUKKBN1522YR'|'2017-01-19T05:31:00.000+02:00'
'4f36a184f8582933857f85fceb6b20c4afea37ef'|'Futures flat as countdown to Trump''s inauguration begins'|'Business News - Thu Jan 19, 2017 - 7:25am EST Futures flat as countdown to Trump''s inauguration begins A trader works on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., January 13, 2017. REUTERS/Lucas Jackson By Yashaswini Swamynathan U.S. stock index futures were little changed on Thursday, with investors seemingly wary of taking on risk ahead of Donald Trump''s swearing-in as U.S. president on Friday. * Markets are also eyeing a raft of economic data and a speech by Federal Reserve Chair Janet Yellen. * After having driven Wall Street to record highs in a post-election rally, investors are on the sidelines as they wait for Trump''s inaugural speech to get a better understanding of his policies. * The Dow Jones Industrial Average .DJI closed lower for the fourth session in a row on Wednesday as energy stocks were hit by falling oil prices. * With the fourth-quarter earnings season picking up pace, investors will be focusing on key companies including Dow components IBM ( IBM.N ) and American Express ( AXP.N ), which are scheduled to report results after market close. * Yellen is expected to speak late Thursday evening on monetary policy. In an appearance on Wednesday, Yellen sought to soothe nerves by saying that it made sense to raise interest rates gradually. * Investors have been worried that Trump''s pro-growth proposals may bump up inflation and force the central bank to increase the pace of rate hikes. * Among data scheduled for Thursday is a report on jobless claims, which likely ticked up last week. Also due is a report on housing starts for December. Both reports are expected at 8:30 a.m. ET (1330 GMT). * Stocks moving premarket included Netflix ( NFLX.O ) that jumped 8.1 percent to $144.05 after the streaming video provider said it added far more subscribers in its latest quarter than what was expected. * Tesla ( TSLA.O ) rose 3 percent to $245.59 after Panasonic ( 6752.T ) said it aimed to extend its partnership with the electric carmaker into self-driving technology. Futures snapshot at 6:44 a.m. ET: * Dow e-minis 1YMc1 were down 9 points, or 0.05 percent, with 11,485 contracts changing hands. * S&P 500 e-minis ESc1 were down 1.75 points, or 0.08 percent, with 71,426 contracts traded. * Nasdaq 100 e-minis NQc1 were down 3 points, or 0.06 percent, on volume of 14,669 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva) Next In Business News Exclusive: Pentagon, Lockheed near deal on $9 billion F-35 contract - sources WASHINGTON The U.S. Department of Defense and Lockheed Martin Corp are close to deal for a contract worth almost $9 billion as negotiations are poised to bring the price per F-35 below $100 million for the first time, people familiar with the talks said Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN1531RT'|'2017-01-19T19:25:00.000+02:00'
'77895992f13ce6a6a705ca6d9b490337a2c9bd2d'|'Peabody, shareholders face off in bankruptcy court'|'Business News   10:25am EST Peabody, shareholders face off in bankruptcy court Traders work at the post where Peabody Energy is traded on the floor of the New York Stock Exchange (NYSE) March 16, 2016. REUTERS/Brendan McDermid By Tracy Rucinski - ST. LOUIS ST. LOUIS Peabody Energy Corp ( BTUUQ.PK ), the world''s largest private-sector coal producer, is squaring off in court with shareholders who claim their stock should not be wiped out in the company''s $8 billion Chapter 11 bankruptcy, given a rise in prices for the fuel. Shareholders led by hedge fund Mangrove Partners hope to prove at a hearing in St. Louis on Thursday that Peabody may be the rare bankruptcy where a company''s assets are valuable enough to repay creditors and have money left over for stockholders. Many of the dozens of bankruptcies filed by energy companies in the past year have involved similar campaigns by shareholders who have pointed to rising commodity prices to justify the appointment of an official equity committee. Few, however, could convince a judge to order an official committee for shareholders, which would receive money from the bankrupt company for lawyers and advisers as well as play a role in crafting a reorganization plan. The coal industry has been recovering from weak prices that pushed three of the four largest U.S. producers into bankruptcy over the past two years. Mangrove said in December that the value of Peabody would recover if prices stabilize around $145 per ton for metallurgical coal used in steelmaking and around $77 per ton for the thermal type used to generate electricity. At that time, both types of coal were trading above those levels. "This is more than enough to show that Peabody is not ''hopelessly insolvent'' – all that is required to show at this stage to obtain appointment of an equity committee," Mangrove said in a motion filed in December. Peabody has objected to the request, saying current equity holders are unlikely to receive any value, and their shares are likely to be canceled. U.S. Bankruptcy Judge Barry Schermer will preside at Thursday''s hearing. Peabody hopes to exit bankruptcy in April, a year after its Chapter 11 filing. The vast majority of its creditors support its plan to cut $5 billion of debt and raise capital from creditors with a $750 million private placement and a $750 million rights offering. The company''s shares, which fell to a record low of 55 cents after its Chapter 11 filing in April, were up 11 percent at $4.31 in over-the-counter trading on Thursday. The U.S. Trustee, a government watchdog for bankruptcies, objected to parts of Peabody''s reorganization plan on Wednesday. (Reporting by Tracy Rucinski; Editing by Lisa Von Ahn) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-peabody-energy-bankruptcy-idUSKBN1532BI'|'2017-01-19T22:25:00.000+02:00'
'09c635ea5d9d6005870bad0fedc61459004137c9'|'UPDATE 1-Malaysia c.bank stands pat, says economy growing as expected'|' 40am EST UPDATE 1-Malaysia c.bank stands pat, says economy growing as expected (Adds details, analyst comment, context) KUALA LUMPUR Jan 19 Malaysia''s central bank kept its key rate unchanged at 3.00 percent on Thursday as policy makers elect to sit tight in the face of a fragile ringgit currency and uncertainty around U.S. policies under incoming president Donald Trump. Bank Negara Malaysia (BNM) said in a statement that private sector activity will underpin the economy, and latest indicators point to continued growth in the fourth quarter of 2016. "Going forward, private sector activity will remain the key driver of growth," the bank said in the statement. "Overall, the economy remains on track to expand as projected," it said. All 11 economists polled by Reuters forecast BNM to hold its key rate steady. Investors worry a destabilising fall in the currency could knock the economy just when it has started to pull ahead after slowing for well over a year. That anxiety has been fed by a recent flight of capital out of Malaysia and other emerging markets on bets a Trump administration will boost fiscal spending and accelerate U.S. interest rate increases. The ringgit tumbled to 19-year lows at the start of this month, so Thursday''s on-hold policy decision came as no surprise to markets as a cut to follow BNM''s July easing would have exposed the ringgit to more pressure. BNM said the ringgit has seen reduction in volatility since the sharp adjustments experienced towards the end of 2016. However, global economic uncertainties may trigger "bouts of volatility" in regional financial and foreign exchange markets, it said. The ringitt was trading at 4.4500 on the dollar on Thursday, up around 0.8 percent for the year but still down over 10 percent since July 2016. Prior to July''s unexpected easing, the rate had been held steady for seven years at 3.25 percent. ''WISE MOVE'' "Clearly, the BNM opted for a more prudent choice despite low inflation on the face of a more hawkish Fed, expected higher inflation and an improving commodity cycle, helping export revenue," said Trinh Nguyen, senior economist for investment bank Natixis based in Hong Kong. "As Malaysia has high exposure to foreign portfolio investment, especially in fixed income, it was a wise move to hold and watch how external conditions unfold," she said. BNM said headline inflation averaged 2.1 percent in 2016 and is expected to average higher in 2017, amid the prospect of higher global oil prices. Malaysia''s economy has been hobbled over the past couple of years by slumping oil and gas prices, slowing demand from top trade partner China, and a financial and political scandal at state-fund 1Malaysia Development Berhad (1MDB). BNM was widely expected to deliver a second interest rate cut before the end of last year, but the sell-off in the ringgit appeared to have put paid to such a move. In November, the central bank stepped in to discourage ringgit trade in the non-deliverable forwards (NDF) market, and later introduced measures to boost onshore ringgit trade. The measures, however, could not prevent international reserves from shrinking by about $4 billion, from $98.3 billion in Nov. 15 to $94.6 billion as of Dec. 30, with forex reserves being depleted to defend the beleaguered ringgit. Prime Minister Najib Razak has said he expects the economy to pick up pace this year, after a cooldown for five straight quarters was arrested in the September quarter with 4.3 percent growth. (Reporting by Praveen Menon; Editing by Shri Navaratnam) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/malaysia-economy-rates-idUSL4N1F92MX'|'2017-01-19T14:40:00.000+02:00'
'878f0083852f2d6bdb4ec29a236abd8ccb96a55d'|'RPT-INSIGHT-Struggling hedge funds still expense bonuses, bar tabs'|'(Repeats INSIGHT with no changes to headline or text)By Lawrence DelevingneNEW YORK Jan 19 Investors are starting to sour on the idea of reimbursing hedge funds for multi-million dollar trader bonuses, lavish marketing dinners and trophy office space.Powerful firms such as Citadel LLC and Millennium Management LLC charge clients for such costs through so-called "pass-through" fees, which can include everything from a new hire''s deferred compensation to travel to high-end technology.It all adds up: investors often end up paying more than double the industry''s standard fees of 2 percent of assets and 20 percent of investment gains, which many already consider too high.Investors have for years tolerated pass-through charges because of high net returns, but weak performance lately is testing their patience.Clients of losing funds last year, including those managed by Blackstone Group LP''s Senfina Advisors LLC, Folger Hill Asset Management LP and Balyasny Asset Management LP, likely still paid fees far higher than 2 percent of assets.Clients of shops that made money, including Paloma Partners and Hutchin Hill Capital LP, were left with returns of less than 5 percent partly because of a draining combination of pass-through and performance fees.(GRAPHIC: tmsnrt.rs/2iLRB3T )Millennium, the $34 billion New York firm led by billionaire Israel Englander, charged clients its usual fees of 5 or 6 percent of assets and 20 percent of gains in 2016, according to a person familiar with the situation. The charges left investors in Millennium''s flagship fund with a net return of just 3.3 percent.Citadel, the $26 billion Chicago firm led by billionaire Kenneth Griffin, charged pass-through fees that added up to about 5.3 percent in 2015 and 6.3 percent in 2014, according to another person familiar with the situation. Charges for 2016 were not finalized, but the costs typically add up to between 5 and 10 percent of assets, separate from the 20 percent performance fee Citadel typically charges.Citadel''s flagship fund returned 5 percent in 2016, far below its 19.5 percent annual average since 1990, according to the source who, like others, spoke on the condition of anonymity because the information is private.All firms mentioned declined to comment or did not respond to requests for comment.In 2014, consulting firm Cambridge Associates studied fees charged by multi-manager funds, which deploy various investment strategies using small teams and often include pass-throughs. Their clients lose 33 percent of profits to fees, on average, Cambridge found.The report by research consultant Tomas Kmetko noted such funds would need to generate gross returns of roughly 19 percent to deliver a 10 percent net profit to clients.''STUNNING TO ME''Defenders of pass-throughs said the fees were necessary to keep elite talent and provide traders with top technology. They said that firm executives were often among the largest investors in their funds and pay the same fees as clients.But frustration is starting to show.A 2016 survey by consulting firm EY found that 95 percent of investors prefer no pass-through expense. The report also said fewer investors support various types of pass-through fees than in the past."It''s stunning to me to think you would pay more than 2 percent," said Marc Levine, chairman of the Illinois State Board of Investment, which has reduced its use of hedge funds. "That creates a huge hurdle to have the right alignment of interests."Investors pulled $11.5 billion from multi-strategy funds in 2016 after three consecutive years of net additions, according to data tracker eVestment. Redemptions for firms that use pass-through fees were not available.Even with pass-through fees, firms like Citadel, Millennium and Paloma have produced double-digit net returns over the long-term. The Cambridge study also found that multi-manager funds generally performed better and with lower volatility than a global stock index."High fees and expenses are hard to stomach, particularly in a low-return environment, but it''s all about the net," said Michael Hennessy, co-founder of hedge fund investment firm Morgan Creek Capital Management.INTELLECTUAL PROPERTYCitadel has used pass-through fees for an unusual purpose: developing intellectual property.The firm relied partly on client fees to build an internal administration business starting in 2007. But only Citadel''s owners, including Griffin, benefited from the 2011 sale of the unit, Omnium LLC, to Northern Trust Corp for $100 million, plus $60 million or so in subsequent profit-sharing, two people familiar with the situation said.Citadel noted in a 2016 U.S. Securities and Exchange Commission filing that some pass-through expenses are still used to develop intellectual property, the extent of which was unclear. Besides hedge funds, Citadel''s other business lines include Citadel Securities LLC, the powerful market-maker, and Citadel Technology LLC, a small portfolio management software provider.Some Citadel hedge fund investors and advisers to them told Reuters they were unhappy about the firm charging clients to build technology whose profits Citadel alone will enjoy. "It''s really against the spirit of a partnership," said one.A spokesman for Citadel declined to comment.A person familiar with the situation noted that Citadel put tens of millions of dollars into the businesses and disclosed to clients that only Citadel would benefit from related revenues. The person also noted Citadel''s high marks from an investor survey by industry publication Alpha for alignment of interests and independent oversight.Gordon Barnes, global head of due diligence at Cambridge, said few hedge fund managers charge their investors for services provided by affiliates because of various problems it can cause."Even with the right legal disclosures, it rarely passes a basic fairness test," Barnes said, declining to comment on any individual firm. "These arrangements tend to favor the manager''s interests."(Reporting by Lawrence Delevingne; Editing by Lauren Tara LaCapra and Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hedgefunds-passthrough-repeat-insight-pi-idINL1N1F82PG'|'2017-01-19T09:00:00.000+02:00'
'ddd48af4e695d3c7583161510499be64e609ea5b'|'Takata''s remaining bidders to seek court-led turnaround in Japan - Nikkei'|'TOKYO Takata Corp''s ( 7312.T ) two remaining bidders plan to propose a court-mediated turnaround for the Japanese operations of the troubled auto parts maker, the Nikkei business daily reported on Thursday.The Tokyo Stock Exchange suspended trading in Takata shares after the report. A spokesman for Takata declined to comment on the report.Takata is in the process of selecting a financial backer as it faces billions of dollars in costs to replace tens of millions of potentially defective air bag inflators that have been linked to at least 16 deaths globally. [nL1N1F3140]Potential bidders, so far, have presented restructuring plans that require the company to file for bankruptcy protection for its U.S. unit, sources have previously told Reuters. Some of them, including U.S. buyout firm KKR & Co ( KKR.N ), have since dropped out of the process.Takata has been considering the option, but is said to prefer a private, out-of-court process for its core Japanese operations.The Nikkei said the two remaining bidders, Swedish air bag maker Autoliv Inc ( ALV.N ) and U.S. parts supplier Key Safety Systems, plan to present their proposals as early as this week.Japan''s Daicel Corp ( 4202.T ) and U.S. buyout firm Bain Capital, which had previously teamed up for a separate bid, have joined Key Safety Systems, the Nikkei said.The paper added that even if Takata''s external steering committee submits a plan for court-led rehabilitation, its board could still reject the idea.(Reporting by Chang-Ran Kim; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/takata-restructuring-idINKBN15307A'|'2017-01-18T22:37:00.000+02:00'
'0b2d519c48ca7eff1b513591854d884def5bd55c'|'UPDATE 1-Taiwan to inject funds into labour pensions, says reforms will delay defaults'|'Financials  45am EST UPDATE 1-Taiwan to inject funds into labour pensions, says reforms will delay defaults * Govt to inject US$633 mln a year to labour pension funds * Details on military pension reforms to come after Lunar New Year * Successful reform is crucial for President Tsai * Protesters should have representatives speak for them on Sunday (Adds comments, details) By Faith Hung TAIPEI, Jan 19 Taiwan will inject T$20 billion ($632.5 million) a year into labour pensions starting in 2018 as part of broader reforms to ensure that workers'' pensions remain financially solvent. Vice President Chen Chien-jen told a news conference on Thursday that pension reforms for teachers, civil servants and non-government employees will help delay a default in payments to retirees by a decade. Pensions for civil servants could default by 2030, teachers in 2031 and other workers in 2048, government data shows, if Taiwan''s pension system is not reformed due to years of under-funded liabilities. Reform plans for military pensions, which could default as early as 2020, will be discussed after the Lunar New Year holiday, Lin Wan-yi, deputy chief of the National Pension Reform Committee, told Reuters on the sidelines of the briefing. The government has said an urgent overhaul of the pension system is needed as large payouts are no longer sustainable for the export-reliant economy, with contributions crimped by slower economic growth since the 1990s and a rapidly aging population. Successfully reforming the system will be crucial for President Tsai Ing-wen, whose popularity has hit an all-time low since taking office last May. She says reforms are "urgent" given limited national and social resources and wants to see pension reform bills passed by the legislature this spring. The reform plan has triggered protests from thousands in the public sector over the last few months. Another such protest is set for Sunday outside the Presidential Office, when the government will hold a key meeting to discuss the plan. Chen encouraged those intending to protest to let their representatives come forward instead. "It has been pretty cold outside," said the vice president, in reference to the weather. "We urge them to have their representatives participate in the meeting to speak on their behalf." The unease over pension reforms cuts across several sectors. Under-funded liabilities of public and labour sector pensions were expected to hit a record T$18 trillion ($570 billion) in 2016, nine times the government''s annual budget expenditure and a big jump from T$12 trillion a decade ago. ($1 = 31.6190 Taiwan dollars) (Editing by Jacqueline Wong) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/taiwan-pensions-idUSL4N1F92HA'|'2017-01-19T15:45:00.000+02:00'
'474d796c887d5eb8eae12655d0e7fd88bcd9e6da'|'Russia''s VTB CEO says Trump should first lift sanctions against banks'|'Business News   5:56am EST Russia''s VTB CEO says Trump should first lift sanctions against banks The logo of VTB bank is seen at a branch office in Vienna, Austria, September 5, 2016. REUTERS/Heinz-Peter Bader MOSCOW U.S. President-elect Donald Trump should first scrap penalties against Russian banks when considering lifting other sanctions against Moscow, chief executive with Russia''s No.2 bank VTB ( VTBR.MM ) said on Thursday. Andrei Kostin, who heads the VTB bank included into the Western sanction list in 2014, said he expected the Russian central bank to cut its key interest rate to 8.5-8 percent by the end of 2017 from 10 percent at present. Speaking at a panel discussion at the World Economic Forum in Davos, Kostin added that consumer inflation in Russia may slow below the central bank''s target of 4 percent by the end of the year. (Reporting by Katya Golubkova; Editing by Andrey Ostroukh) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-davos-meeting-vtb-idUSKBN1531FD'|'2017-01-19T17:52:00.000+02:00'
'6cfd44a1e91e26e2fa4bb635d42e1aead4c2c0f2'|'Indonesia''s c.bank holds key rate, guards against global risks'|'Financials - Thu Jan 19, 2017 - 4:22am EST Indonesia''s c.bank holds key rate, guards against global risks JAKARTA Jan 19 Indonesia''s central bank on Thursday held its benchmark interest rate unchanged, as expected, saying it is guarding against global risks and rising utility prices at home. Bank Indonesia (BI) left the 7-day reverse repurchase rate unchanged at 4.75 percent, as all 22 analysts in a Reuters poll had predicted. The central bank also held steady the two other rates, which act as the floor and ceiling of the overnight interbank money market, at 4.00 percent and 5.50 percent, respectively. BI trimmed its benchmark six times during January-October 2016 by a total of 150 basis points, trying to spur bank lending and aid economic growth. Last year, BI switched its main policy rate to enhance the effect of monetary easing on market rates. Until August, BI''s main policy rate was the 12-month reference rate. KEY DATA: Announcement date Rate (percent)*'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/indonesia-economy-rates-idUSJ9N1D100P'|'2017-01-19T16:22:00.000+02:00'
'fe26136a31afa8104c48949280a639e8210a4d7c'|'EU antitrust regulators welcome Amazon, Apple audiobook agreement'|'Internet News - Thu Jan 19, 2017 - 10:50am GMT EU antitrust regulators welcome Amazon, Apple audiobook agreement left right The Apple logo is seen on the facade of the new Apple Store in Paris, France, January 5, 2017. REUTERS/Charles Platiau 1/2 left right Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, January 29, 2016. REUTERS/Mike Segar/File Photo 2/2 BRUSSELS A decision by Amazon and Apple to scrap all exclusivity obligations in the supply and distribution of audiobooks will likely boost competition, EU antitrust regulators said on Thursday. The companies announced their decision on Jan. 5 after talks with the European Commission and the German Federal Cartel Office. Such curbs had prompted a complaint from the German Publishers and Booksellers Association to both regulators, triggering an investigation by the German enforcer in November 2015. "The European Commission welcomes an agreement to end all exclusivity obligations concerning audiobook supply and distribution between Amazon''s subsidiary Audible and Apple," the EU competition authority said in a statement. (Reporting by Foo Yun Chee, editing by Julia Fioretti) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-amazon-com-apple-antitrust-idUKKBN1531EG'|'2017-01-19T17:49:00.000+02:00'
'16f7c58594bbdf4a787e12708a3212cbc7216a4f'|'Russia''s Sistema says plans to list agricultural business'|'MOSCOW Russian conglomerate Sistema ( AFKS.MM ) ( SSAq.L ) plans to list shares in Steppe, its agricultural business, later this year or early in 2018, Chairman Vladimir Yevtushenkov said on Thursday.Sistema''s only business currently listed is Russia''s biggest mobile telecoms network operator MTS ( MBT.N ) ( MTSS.MM ) but on Monday its toy retailer Detsky Mir also announced an intention to list its shares."We plan to carry out the next IPO (initial public offering) either at the end of this year or at the beginning of next year of our agricultural holding, Steppe, because we think that it has been developing very fast," Yevtushenkov said in an interview with Rossiya-24 TV channel.He said Sistema had set a target for Steppe of doubling profits this year and that it was seeking more acquisitions in the sector.Agroholding Steppe is engaged in wheat, fruit and vegetable and dairy production in the southern Krasnodar, Stavropol and Rostov regions and the Republic of Karachay-Cherkessia.Detsky Mir''s share sale would be held next month, Yevtushenkov said.(Reporting by Polina Devitt and Maria Kiselyova; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-sistema-ipo-idINKBN1531FB'|'2017-01-19T08:02:00.000+02:00'
'fe19157ea4f18fc4dc20cd35d0459ea55c7c0cf1'|'Heineken in advanced talks to buy Kirin''s Brazilian unit - Valor'|'BRASILIA Dutch brewer Heineken NV ( HEIN.AS ) is in advanced talks to buy the Brazilian unit of Japanese rival Kirin Holdings Co Ltd ( 2503.T ), financial newspaper Valor Economico said on Thursday.The deal could be announced by February, Valor said, citing unnamed sources briefed on the talks.Nikkei had reported in September that Kirin was negotiating with Heineken and other companies for possible partnerships to get its struggling beer business in Brazil back on track.Brasil Kirin, as the unit is called, operates 12 factories in Brazil and was created in 2011 after the purchase of local brewer Schincariol for $4 billion.Spokespeople for Brasil Kirin and Heineken did not immediately respond to e-mailed requests for comment.(Reporting by Silvio Cascione; Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kirin-holdings-m-a-heineken-nl-idINKBN1531BB'|'2017-01-19T07:29:00.000+02:00'
'a556acf80d45a8a212547eb8d7ad9b148a06d015'|'Decree ready on state guarantee for Monte dei Paschi bonds - source'|'Business News - Thu Jan 19, 2017 - 9:29am GMT Decree ready on state guarantee for Monte dei Paschi bonds - source FILE PHOTO: The main entrance of the Monte dei Paschi bank headquarters is seen in Siena, Italy March 13, 2012. REUTERS/Max Rossi/File photo ROME A Treasury decree necessary for the Italian state to be able to provide a guarantee for bonds issued by troubled lender Monte dei Paschi di Siena is ready, a government source said on Thursday. Italy pushed through measures in late December to help ailing banks by providing a guarantee on their debt and injecting fresh capital, starting with Monte dei Paschi which risked being wound down after a failed 5 billion euro share issue. Monte dei Paschi, which needs to quickly raise funds after suffering a deposit outflow, will immediately tap the state guarantee on a 2 billion bond it is ready to issue. The bank won''t sell the bond on the market but will retain it to use it as collateral in repo deals, sources said on Wednesday. The government source said state auditors could sign off on the decree as early as Thursday. (Reporting by Giuseppe Fonte, writing by Valentina Za, editing by Stefano Bernabei) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-italy-banks-debt-guarantee-idUKKBN15312K'|'2017-01-19T16:29:00.000+02:00'
'c269fbc697363e1c2ae3e30e5cc119103bae774e'|'U.S. drillers add the most oil rigs since April 2013 -Baker Hughes'|'Jan 20 U.S. energy companies this week added the most oil rigs in nearly four years, extending an eight-month recovery as drillers take advantage of a deal by OPEC to cut supplies that has boosted prices over $50 a barrel since early December. Drillers added 29 oil rigs in the week to Jan. 20, bringing the total count up to 551, the most since November 2015, energy services firm Baker Hughes Inc said on Friday. RIG-OL-USA-BHI During the same week a year ago, there were 510 active oil rigs. Since crude prices first topped $50 a barrel in May after recovering from 13-year lows in February, drillers have added a total of 235 oil rigs in 30 of the past 34 weeks, the biggest recovery in rigs since a global oil glut crushed the market over two years starting in mid 2014. The Baker Hughes oil rig count plunged from a record 1,609 in October 2014 to a six-year low of 316 in May as U.S. crude collapsed from over $107 a barrel in June 2014 to near $26 in February 2016. U.S. crude futures were trading above $52 a barrel on Friday as growing U.S. production offset some of the cuts planned by the Organization of the Petroleum Exporting Countries (OPEC) and other producers. U.S. shale production is set to snap a three-month decline in February, the U.S. government said on Tuesday, as energy firms boost drilling activity. Analysts said they expect U.S. energy firms to boost spending on drilling and pump more oil and natural gas from shale fields in coming years now that energy prices are projected to keep climbing. Futures for the balance of 2017 were trading around $55 a barrel, while calendar 2018 was fetching almost $56. Analysts at Simmons & Co, energy specialists at U.S. investment bank Piper Jaffray, this week forecast the total oil and gas rig count would average 754 in 2017, 868 in 2018 and 979 in 2019. Most wells produce both oil and gas. That compares with an average of 509 in 2016 and 978 in 2015, according to Baker Hughes data. Analysts at U.S. financial services firm Cowen & Co said in a note this week that its capital expenditure tracking showed 27 exploration and production (E&P) companies planned to increase spending by an average of 34 percent in 2017 over 2016. That spending increase in 2017 followed an estimated 47 percent decline in 2016 and a 35 percent decline in 2015, Cowen said according to the 65 E&P companies it tracks. U.S. oil production was rebounding, led by light tight oil, also commonly known as shale oil, as exploration drilling increased and wells became more efficient, the International Energy Agency said on Thursday. On average, the IEA said in its monthly report, it expected U.S. light tight production to grow by closer to 170,000 barrels per day in 2017, after falling by nearly 300,000 bpd in 2016. The head of the IEA, Fatih Birol, said in Davos, Switzerland, on Thursday that he expected U.S. shale oil output to rebound by as much as 500,000 bpd over the course of 2017, which would be a new record. (Reporting by Scott DiSavino; Editing by Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-rigs-baker-hughes-idINL1N1F90W2'|'2017-01-20T15:08:00.000+02:00'
'2ee829b7005b244a96b26f5578cfef42bf236117'|'Toshiba starts process to sell stake in chip business - Kyodo'|'Internet News - Fri Jan 20, 2017 - 12:29am GMT Toshiba starts process to sell stake in chip business: Kyodo A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, January 19, 2017. REUTERS/Toru Hanai TOKYO Toshiba Corp ( 6502.T ) has started the process to sell a minority stake in its profitable flash memory chip business, expecting to fetch several billion dollars as it faces a bigger-than-expected writedown for its U.S. nuclear business, Kyodo News reported. European private equity fund Permira and U.S. fund Bain Capital are interested in the bid for what is expected to be the sale of 20-30 percent of the memory chip business, which Toshiba is expected to split off, Kyodo said, citing sources. Earlier this week, the troubled conglomerate confirmed it was discussing a spin-off of its memory chips business, but that nothing had been decided yet. Toshiba''s financial crisis deepened as media reported it may unveil a bigger-than-expected $6 billion writedown for its U.S. nuclear business, driving its shares down 16 percent on Thursday. The shares extended their loses on Friday, opening down 6.3 percent at 227.1 yen. (Reporting by Kaori Kaneko; Editing by Himani Sarkar) Next In Internet News Samsung Electronics says to hold Galaxy Note 7 briefing on January 23 SEOUL Samsung Electronics Co Ltd said it will announce on Jan. 23 the results of a probe on what caused some Galaxy Note 7 smartphones to catch fire, as the firm seeks to recover from one of the biggest product safety failures in tech history.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN15401S'|'2017-01-20T07:28:00.000+02:00'
'fbd9ed06308f6b4496e29d1928fdeae258231d55'|'China''s COSCO, OOIL throw cold water over rumored deal'|'By Brenda Goh and Adam Jourdan - SHANGHAI SHANGHAI China''s COSCO Shipping Corporation and Hong Kong-listed shipping-to-property firm Orient Overseas International (OOIL) Ltd ( 0316.HK ) on Friday threw cold water on reports that the two were in talks over a deal for OOIL''s subsidiary OOCL.Rumors about a deal for OOCL have grown over recent months, amid market consolidation and shake-up as the industry struggles to recover from a slump in freight rates linked to a glut of ships and slowing Chinese economic growth.On Wednesday, Chinese business newspaper Caixin, citing sources, reported that China COSCO Shipping would participate in bidding for OOCL alongside Evergreen Marine Corp ( 2603.TW ) and France''s CMA CGM [CMACG.UL]."The company wishes to clarify that the company and OOCL is not aware of, nor is it involved in any bid relating to the company or OOCL," OOIL said in a statement on Friday.A COSCO Shipping spokeswoman told Reuters separately that the rumors were "incorrect".A series of mergers and acquisitions in container shipping has left the top six shipping lines controlling 63 percent of the market. OOCL has a 2.7 percent slice of the market, while Evergreen has a 4.8 percent share.CMA CGM and Evergreen also dismissed the reports."We did not bid for OOCL. It''s a market rumor," said Golden Kou, an Evergreen vice president.A spokesman for CMA CGM said the firm did not comment on market rumors.Shares in closely-held OOIL, buoyed earlier in the week by news of a potential deal, were down almost 10 percent on Friday.FAMILY BUSINESSAnalysts say OOCL is an attractive bid target, due to its long profitable history and relatively low leverage.OOCL was founded in 1969 by Hong Kong shipping magnate Tung Chao-yung, whose son, Tung Chee-chen is chairman, president and chief executive of the company, while several Tung children are in senior management roles.This strong position, though, also means the owners have little reason to sell."With the family members apparently committed to the business and loads of cash in the bank, why should the situation change?" said Martin Rowe, managing director of shipping services firm Clarkson Platou Asia Hong Kong.Jefferies analyst Andrew Lee added industry pressures for mergers had also probably eased, as the container shipping market appeared to hit a bottom last year."Now that things have improved, there''s no real urgency," he said. "In a rising environment, getting back to breakeven levels, obviously they''re not as desperate to sell."OOCL, COSCO Shipping, CMA CGM and Evergreen are all part of the "Ocean Alliance" partnership, formed last year to take on the rival grouping of Maersk Line and Mediterranean Shipping.The Ocean Alliance will formally start in April after current alliances expire.(Reporting by Adam Jourdan and Brenda Goh; Additional Reporting by Faith Hung in TAIPEI and Keith Wallis in SINGAPORE; Editing by Clarence Fernandez)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ooil-bids-idINKBN1540UU'|'2017-01-20T05:29:00.000+02:00'
'e03032cd80ef2589fa0684571b3a6433ad38515d'|'Trumponomics may be wrong medicine for U.S. economy today'|'Business News - Fri Jan 20, 2017 - 1:10am EST Trumponomics may be wrong medicine for U.S. economy today U.S. President-elect Donald Trump talks to members of the media at Mar-a-Lago estate in Palm Beach, Florida, U.S., December 21, 2016. REUTERS/Carlos Barria By Howard Schneider - WASHINGTON WASHINGTON Tax cuts, deregulation and more federal spending advocated by the incoming Trump administration are a classic remedy for economic stagnation and long unemployment lines. But that medicine may be too strong for an economy that has grown for eight years, with wages now rising and the jobless rate near what many economists consider "full" employment. A Reuters analysis of regional jobs data and historic trends suggests that stimulus could boost demand for workers in areas where labor is already tight. That in turn, could stoke inflation, force the Federal Reserve to raise rates faster than expected, and make recession a greater threat. (Graphic: tmsnrt.rs/2jnYC9V ) What the country needs now, labor economists and Fed officials say, is small-bore surgery - policies focused on depressed regions in its rural areas and industrial heartland, which fell out of sync with the global economy and emerged as Donald Trump''s power base, helping him win the presidency. "When you think of what Trump is inheriting, it is an economy in which much of the recent crisis has been solved," said Jed Kolko, chief economist for the job site indeed.com. "The challenges that remain are the ones that are harder to fix," he said, citing as examples the decline of the nation''s coal belt or the rise in drug abuse in "middle America''s" depressed communities. Trump takes office on Friday promising to strengthen the middle class and put millions of sidelined workers back to work by spending big on the nation''s aging infrastructure, playing tough on trade, and cutting taxes to spur investment. There is an argument to be made about using a burst of spending to give the economy a jolt after a long spell of tepid growth that has rarely exceeded 2 percent. TOO MUCH GROWTH? Yet Fed officials are increasingly worried that since the U.S. economy is already performing close to its potential, such a growth spurt could lead to labor shortages, unsustainable wage hikes and too much rather than too little inflation. In the weeks since the Nov. 8 election, the focus of central bankers has shifted from how to parse out gradual rate increases that could sustain unemployment around its current levels, to the risks of growth that comes on too fast. The periods where unemployment has gone too low, without a Fed response, "have ended in some kind of recession," Atlanta Federal Reserve bank president Dennis Lockhart said in Naples, Florida, last week. Uncertainty as to how far the jobless rate can drop could make the central bank wait for too long or slam on the brakes too hard, Lockhart said. The current jobless rate of 4.7 percent is roughly in line with what Fed Chair Janet Yellen cited as full employment in remarks this week in which she also mentioned the risk of recession if the Fed had to raise rates too fast.. Trump has dismissed the official jobless figure, saying it overlooks millions of Americans who have stopped looking for work and who he feels could be brought back to the job market with hundreds of billions of dollars in public projects and private investment. Some economists seem to agree, citing estimates of the number of sidelined workers as evidence the labor market has more slack than the headline numbers might suggest, and that the Fed thus has more policy leeway. Out of about 61 million men in the prime working years between 25 and 54, 88 percent were working or looking for work in 2015 compared with 94 percent in 1978. That means there would be over two million more men in the labor pool today if their participation held at an average rate for that entire period. However, a Reuters analysis of state-level employment data suggests there may be industry- or region-specific reasons why that army cannot be readily mobilized. Past economic cycles also suggest even keeping the jobless rate where it is will be a challenge. STARK DIFFERENCES Jobs data show deep regional differences, reflecting shifts in industries and populations that a one-size-fits-all strategy is ill-equipped to address. For example, labor market participation of prime working age men in Iowa has fallen just 2.2 percentage points since 1978; by contrast it tumbled 12 percentage points in Kentucky as a result of the coal industry''s decline. Some parts of the country are already struggling with labor shortages, while others remain depressed. In parts of Florida, entrepreneurs have cited trouble hiring workers because of the rising housing costs. "Teachers, nurses, cannot find places to live," while hotel and restaurant operators are bringing foreign workers on special visas, said Kristi Bartlett, vice president of economic development at the Greater Naples Chamber of Commerce. According to various studies, including one commissioned by the U.S. Treasury Department last year, major infrastructure needs are clustered around big coastal urban areas; an overhaul that targeted the most beneficial projects could make regional disparities even bigger. Recent history suggests a big spending push or tax cuts this late in the business cycle might in fact bring forward the end of the current expansion. Since the Fed in 1977 was given a "maximum employment" mandate, the jobless rate has fallen below 5 percent for an extended period twice. In the 1990s, when the tech boom and rising productivity helped produce inflation-free economic growth, the unemployment rate stayed low for more than four years. During the property-driven expansion early this century, unemployment held below 5 percent for 24 months before a wave of mortgage defaults triggered a financial crisis and a recession that put millions out of work. The jobless rate has now been below 5 percent for a year and potential tax cuts and deficit spending may confront the Fed with a similar challenge as it faced in the late 1980s, said Roberto Perli, analyst at Cornerstone Macro and a former Fed economist. Back then, the Ronald Reagan administration added tax cuts to already strong demand and a high budget deficit; the Fed countered with a faster than expected round of rate increases. A recession followed in 1990. "With the labor market already tight and little resource slack, the Fed would very likely view demand-side fiscal policies as inflationary and would tighten policy faster than markets expect," Perli wrote. (Reporting by Howard Schneider; Editing by Tomasz Janowski) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-economy-analysis-idUSKBN1540H7'|'2017-01-20T13:10:00.000+02:00'
'89ac4d29260d4bdaf2f8ba64d949600638efbc55'|'State-backed British bank rebuffs government push to boost Iran trade - sources'|'  4:09pm GMT State-backed British bank rebuffs government push to boost Iran trade: sources The logo of the Royal Bank of Scotland (RBS) is seen at an office building in Zurich March 27, 2015. REUTERS/Arnd Wiegmann/Files By Jonathan Saul , Parisa Hafezi and Andrew MacAskill - LONDON/ANKARA LONDON/ANKARA The Royal Bank of Scotland ( RBS.L ) has rebuffed efforts by the British government, a major shareholder, to coax the lender into facilitating trade with Iran as it seeks to avoid risky business, sources with knowledge of the discussions say. In recent months British officials have sought to boost business ties with Iran - a year on from the lifting of international sanctions - as Britain tries to forge new trade ties following June''s vote to leave the European Union. The sources said Britain''s finance ministry had tried to use the government''s influence with RBS and to a lesser extent Lloyds ( LLOY.L ), in which it holds a minority stake, to help speed up trade finance with Iran, including clearing services for Iranian banks in pounds. Despite the lifting of international sanctions, which included banking restrictions, Iran continues to struggle to access Western finance and tap major Western banks, hindering trade and investment. A senior Iranian banking official said Tehran had several meetings in recent months with British government officials. "We asked UK officials to help us to overcome this issue. We were promised that the British government would try to convince the banks, including Lloyds and RBS," the official said. "Nothing is happening on the ground." A British government source said the finance ministry was highly aware of the complexities around UK and Iranian banking channels and banks would consider factors including remaining U.S. sanctions, corruption and money laundering issues. The British government owns 71 percent of RBS, though its bank shareholdings are managed by UK Financial Investments which is meant to ensure they are managed on a commercial basis. "The government does not take the risk decisions - they are only shareholders," a Western source with knowledge of discussions said. "It is not the role of shareholders to set the risk appetite of a bank." An RBS executive said separately the bank was "not really interested in the Middle East" and was focused on Britain and Ireland for about 90 percent of its profits. A Lloyds spokesman said it was a UK-focused retail and commercial bank, adding that it was "mindful that Iran remains a higher risk country with which to do business". "We therefore consider all requests on a case-by-case basis in order to protect the bank and our customers," the spokesman said. DOLLAR TRADE CURBS Edinburgh-based RBS was rescued with a more than 45 billion pound ($55.42 billion) bailout at the height of the financial crisis. The government also has just under a 6 percent stake in Lloyds and is aiming to return the bank to full private ownership this year after a 20.5 billion pound taxpayer-funded rescue during global turmoil nearly a decade ago. Iran, which has sharply stepped up oil production since sanctions were lifted, remains restricted from most dollar trades but is able to use other foreign currencies including euros and pounds. But Tehran has struggled to get transactions processed via the UK, frustrating its efforts to boost access to London''s financial markets, which remains one of the world''s biggest sources of capital. Iranian Deputy Foreign Minister for Europe and America Affairs Majid Takht Ravanchi expressed frustration with the slow pace of ties at a meeting in Tehran on Thursday with British Minister for the Middle East and Africa Tobias Ellwood. Ravanchi said any progress in relations "should be based on mutual respect". British officials have said resolving banking issues was a "priority" for the government. A British government spokesperson said it was committed to working closely with all parties, including British banks and industry groups, "to help open up the huge opportunities for trade between the UK and Iran". Banks remain nervous after U.S. penalties including a $9 billion fine on France''s BNP Paribas ( BNPP.PA ) in 2014, partly for violating financial sanctions imposed in 2012 to pressure Iran to abandon its nuclear program. TRUMP UNCERTAINTY U.S. sanctions, which prohibit U.S. lenders and persons from doing business with Iran, remain in place. Major global lenders like HSBC ( HSBA.L ) which have large operations in Britain have reiterated they have no intention of doing any new business involving Iran, questioning why the United States has encouraged them to do so when U.S. financial firms are restricted. Donald Trump, who will be sworn in as U.S. president on Friday, has previously opposed the nuclear deal reached by his predecessor Barack Obama. But it is not clear what he will do next, adding to nervousness among many banks. "As long as Trump’s Iran policy is unclear, I think there will not be a tangible movement from the British banks," a second Iranian banking official said. "It seems that British banks, whether small or government-backed ones, prefer to wait before starting to do trade with Iran." (Additional reporting by Barbara Lewis in London, editing by Rachel Armstrong and Adrian Croft)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-iran-britain-banks-idUKKBN1532GM'|'2017-01-19T23:04:00.000+02:00'
'799dec3f7e1009dd5b4442f85ad90f546a6f1835'|'Trump''s protectionist policies top risk to U.S. economy in 2017 - Reuters poll'|' 45pm GMT Trump''s protectionist policies top risk to U.S. economy in 2017 - Reuters poll U.S. President-elect Donald Trump speaks to diplomats at the Presidential Inaugural Committee (PIC) Chairman''s Global Dinner in Washington, U.S. January 17, 2017. REUTERS/Jonathan Ernst By Anu Bararia and Sumanta Dey The top risk to U.S. growth would come if U.S. President-elect Donald Trump keeps his protectionist promises, according to a Reuters poll that shows economists have not joined in the market exuberance since the shock November vote. For most of his campaign and after the election, Trump vowed to make sweeping changes to U.S. trade and immigration policy, threatened to impose steep tariffs on Chinese imports and proposed hefty tax cuts. While financial markets have retreated in the past week and hopes of a sudden spurt in inflation have faded, U.S. 10-year Treasury yields are still up more than 25 percent since Election Day, and stocks have hit record highs. Still, more than two-thirds of the 70 respondents to the question in the Reuters survey taken over the past week said Trump''s protectionist policies were the biggest threat to the world''s largest economy this year. "There is no question that near the top of the list of downside risks is the potential for more follow-through on the anti-free trade rhetoric," said Jim O''Sullivan of High Frequency Economics. "I am kind of assuming that the (incoming) administration will be practical on this," said O''Sullivan, the top forecaster of U.S. economic data in Reuters polls for 2016, the second year in a row he achieved that distinction. The strong dollar, which hit a 14-year high early this month and is up close to 6 percent since Trump was elected, poses an additional near-term risk. Worries around the globe over Trump''s confrontational style and a strengthening dollar are likely to be key themes among political and business leaders at the World Economic Forum in Davos, Switzerland, this week. Sweeping tax cuts for businesses and individuals, and the prospect of some infrastructure spending, have also not brightened prospects for U.S. economic growth, which Trump has said he aimed to boost to 3.5 percent. More than 80 percent of respondents said "no" when asked if now was the right time for such aggressive tax cuts, with the economy close to full employment. The unemployment rate was 4.7 percent in December. TOO OPTIMISTIC The latest poll estimated growth slowed to 2.2 percent in the fourth quarter from 3.5 percent in the third quarter. Through 2017, economists predicted the economy would expand at an annual rate of 2.1 percent to 2.5 percent each quarter, just 0.1 percentage point higher than the previous estimate. The full-year median was 2.3 percent. The most optimistic growth forecast for any point in 2017 was 4.1 percent, far short of the post-financial crisis peak of 5.6 percent hit in the fourth quarter of 2009. "Obviously people have been assuming the growth-sapping parts (protectionist measures) are not followed through, but they may have run ahead of themselves in predicting how much stimulus will be enacted and how much growth will be boosted," said O''Sullivan, who was also the most optimistic on growth among the top forecasters. A little fewer than one-third of the respondents, including three of the top 10 U.S. economy forecasters in Reuters polls last year, upgraded their 2017 growth outlooks in the latest poll. Many of them, like O''Sullivan, said it was mainly on the assumption Trump would not follow through on his restrictive trade agenda and instead focus on boosting growth through fiscal measures. While those projected growth rates may be considered healthy for the economy at such a late stage of the recovery cycle, they could do little to boost inflation much beyond the Federal Reserve''s 2 percent target. Inflation pressure is more likely to come from a round of retaliatory tariffs if Trump''s protectionist agenda becomes a global reality. Even though pay growth is forecast to average 3.0 percent this year, up from 2.8 percent in December''s poll, the Fed''s preferred gauge of inflation, the Core PCE Price Index, will probably average 1.8 percent in 2017 and 2.0 percent in 2018, unchanged from the last poll. Fed policymakers recently warned that with the economy close to full employment, an expansive fiscal policy could lead to faster rate hikes than currently priced in, pushing the U.S. dollar higher. "If the unemployment rate falls some more, it is going to add to upward pressure on wages and inflation and reinforce the case for Fed tightening," O''Sullivan said. The wider poll of over 100 economists, including 17 large banks that transact directly with the Fed, showed rates would remain unchanged at 0.50 percent to 0.75 percent until the second quarter, when a 25-basis-point hike is likely. A follow-up increase is expected in the fourth quarter, taking the Fed funds rate to a range of 1.00 percent to 1.25 percent. Fourteen economists, however, forecast a hike by March. (For other stories from the poll) (Polling and analysis by Sarmista Sen and Purnita Deb; Editing by Ross Finley and Lisa Von Ahn)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-poll-idUKKBN1521ON'|'2017-01-18T19:45:00.000+02:00'
'8029ba895ba9542dae9b9120dbdf9b2e868e106e'|'UPDATE 1-Order books on Argentina bond hit US$14bn'|'Company News  17pm EST UPDATE 1-Order books on Argentina bond hit US$14bn (ADDS details, quote) By Paul Kilby NEW YORK, Jan 18 (IFR) - Order books on Argentina''s two-part US dollar bond have already swelled to US$14bn ahead of expected pricing on Thursday, sources told IFR. Demand is expected to grow substantially overnight as investors turn their attention away from the string of sovereign trades seen in the market on Wednesday and focus on Argentina. "There a lot of large accounts that were busy with today''s new issues and had not placed orders yet, since this is tomorrow''s business," one source told IFR. The country set initial price thoughts of high 5% on a five-year bond and low 7% on a 10-year. Bookrunners are BBVA, Citigroup, Deutsche Bank, HSBC, JP Morgan and Santander. (Reporting by Paul Kilby; Editing by Marc Carnegie) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/argentina-bonds-orderbooks-idUSL1N1F825E'|'2017-01-19T03:17:00.000+02:00'
'0e7e3f8941919edc3872ad34346c8c305152b6ea'|'He''s had three strikes. Surely Pearson''s chief executive is out? - Business'|'F orecasting is difficult, especially about the future, as the old line goes – but is it quite as hard as John Fallon, chief executive of Pearson, makes it seem ?Two errors in 2016 were understandable, or at least not unique. Most big US educational publishers were too optimistic about the numbers of students enrolling in US colleges and the number of students who would opt to rent, rather than buy, their textbooks.Trickier to explain, however, is Fallon’s relative confidence only three months ago. Last October, when revenues from higher education courseware material were running at minus 13% at the nine-month stage, Pearson spoke of “improving trends”. In the event, revenues plunged 30% in the final quarter of the year.“We now assume that many of these downward pressures will continue,” warned Wednesday’s statement meekly. Profits for 2016 will still hit the £630m target but 2017 could see a decline. More significantly, the important target of £800m for 2018 has been abandoned, or “withdrawn” in the cute phrasing. Another ambition was to keep paying dividends, at least at the old rate. That, too, has been ditched. Against those upsets and a 29% fall in the share price, the proposed sale of Pearson’s 42% stake in Penguin Random House was almost a side-story for shareholders.Pearson profit warnings wipe almost £2bn off its value Read more The entire educational market in the US, on which Pearson staked its future a decade ago, has been blasted from many directions. An “unprecedented period of change and volatility” – Fallon’s description – is accurate, but the question is whether Pearson adapted fast enough in the print-to-digital revolution. Back in February 2014, a year into the job, Fallon reckoned Pearson was “in the middle of what we believe will be a short, but difficult, transition”. Three years later, the transition is having to become faster. Pearson will cut ebook rental prices by up to 50% on 2,000 titles and invest an extra £50m at improving its digital capabilities.Fallon offered a spirited defence that, when the dust settles, the digital future in education will be stable, reliable and “at least as profitable” as the analogue past. The theory runs that educational publishing in the US is not like the newspaper business: prices for digital content, complete with tailored material and self-assessment features, might be lower but old-style printed textbooks will no longer pass through six hands.Facebook Twitter Pinterest Pearson chief executive John Fallon. Photograph: Pearson/PA Will Fallon still be at Pearson to see his prophecy fulfilled or not? One doubts it. The share price has halved on his watch and chief executives tend not to survive five profits warnings in four years. Sidney Taurel, the chairman, is new-ish and thus hard to read – but Fallon should probably prepare for a short but difficult conversation.Deutsche Bank surrenders bonuses after nightmare year It should not be noteworthy that a bank that isn’t paying a dividend to its shareholders, is forking out $7.2bn in fines to US regulators and is cutting thousands of jobs, has also decided that its senior employees can live without their usual bonuses for a year.Deutsche Bank’s common-sense policy counts as interesting, however. Think back to Barclays in 2014. The bank wasn’t in quite as deep a pickle as today’s Deutsche, but profits had just fallen by a third and Barclays was in the scandalous position of distributing three times as much in bonuses as in shareholders’ dividends. Chief executive Antony Jenkins explained he felt compelled to pay the big bucks to prevent a “death spiral” of defections .Jenkins’ pusillanimous decision didn’t work to his advantage – he was dismissed the following year. Deutsche’s John Cryan isn’t being wholly pure in cancelling individual bonuses for the top 25% of staff. He will still spray a few long-term incentives on “a limited number of employees in crucial positions”. But his approach is miles away from Barclays’ in 2014, suggesting the death-spiral is more of a gentle slope that a self-respecting bank ought to be able to confront.How much did Rolls-Royce’s executives know about its criminal dealings? A senior high court judge called Rolls-Royce’s conduct, for which it will pay £671m in penalties , “egregious criminality over decades”. Sir Brian Leveson also said Rolls-Royce had known about potential corruption in 2010 but decided not to notify the Serious Fraud Office. A report was supplied only after the company, under different leadership, started its own investigations in 2013.So what – if anything – were the non-executive directors told at the time? Did they know about the 2010 report?Iain Conn, these days chief executive of Centrica, was Rolls-Royce’s senior independent director in 2010. Asked in Davos (where else?) by the Guardian about what he was told, he said on Wednesday: “I’m not an officer of the company. I can’t speak for the company. You’ll have to ask them.” Really? Surely it is reasonable for shareholders, who ultimately will pay the heavy bill, and outsiders to expect former members of the board to speak for themselves.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/jan/18/hes-had-three-strikes-surely-pearsons-chief-executive-is-out'|'2017-01-19T02:19:00.000+02:00'
'7b53586c1e9bb4205a054ea54bf6cb5b62c54f13'|'Liberty Global says Vodafone joint venture is not a deal blueprint'|'Deals - Wed Jan 18, 2017 - 11:16am EST Liberty Global says Vodafone joint venture is not a deal blueprint A man walks past Vodafone Egypt Telecommunications Co in the Cairo suburb of Maadi, Egypt October 18, 2016. REUTERS/Amr Abdallah Dalsh DAVOS, Switzerland International cable TV group Liberty Global''s ( LBTYA.O ) joint venture with Vodafone ( VOD.L ) in the Netherlands has started well but is not a blueprint for deals in other European markets where both are present, its CEO said on Wednesday. Liberty and Vodafone agreed to join forces in the Netherlands in February, soon after talks on a European asset swap deal were abandoned. Analysts, however, have said that a wider tie-up still makes sense as the fixed and mobile markets converge to supply customers with a bundle of pay TV, broadband and fixed and mobile telecoms services. "I don''t see us doing those types of structural transactions in other markets," Liberty Global CEO Mike Fries said at the World Economic Forum in Davos, though he did not rule out doing anything else with the mobile operator. Fries said there was a match between the size of the assets and the companies'' market positions in the Netherlands that wasn''t present in other markets, and there were few other strategic options in the country. "It''s only been three weeks, but I will tell you we''re encouraged," Fries said of the Dutch joint venture. "We will immediately start looking at products and services that are quad play in nature and we have a management team that is the best of both." Quad play products combine pay TV, broadband and fixed and mobile telecoms. (Reporting by Martinne Geller; Writing by Paul Sandle; Editing by David Goodman) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-liberty-global-vodafone-idUSKBN152292'|'2017-01-18T23:16:00.000+02:00'
'29dabcbdce5c8976a0f474aa3a2f115688c6a196'|'PRESS DIGEST- British Business - Jan 17'|'Jan 17 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesRolls-Royce pays 671 million stg to settle bribery claimsFour years of bribery and corruption investigations across five continents have ended with Rolls-Royce Holdings Plc making a 671 million pound ($807.62 million) out-of-court settlement with fraud-busters and international government agencies. The settlement, under which Rolls-Royce will pay the Serious Fraud Office just shy of 500 million pounds, is a record. bit.ly/2ivxI2DThe GuardianBank of England ''keeping close eye on UK consumer spending''The Bank of England is keeping a close watch on consumer spending amid signs households are dipping into their savings and amassing debts to keep spending in the face of rising inflation. Mark Carney, the Bank governor, said consumer spending had held up since last summer''s vote to leave the EU but he reiterated a warning that living costs were likely to rise on the back of a weak pound and squeeze households'' real incomes. bit.ly/2jRylzOIMF upgrades UK forecast but notes Brexit terms are ''unsettled''The International Monetary Fund has upgraded its forecasts for the UK economy this year after the latest signs that businesses and consumers have shrugged off the Brexit vote. Unveiling its new forecasts on the eve of a key speech by Theresa May on the Brexit process, the Washington-based fund also cut the outlook for 2018, reflecting widespread uncertainty over Britain''s future outside the EU. bit.ly/2jXn6d5New BT service could end nuisance phone callsNuisance calls could largely be eradicated under a new BT service that allows phone users to block firms making the calls, which other telecom firms are expected to follow. Many smartphones already allow users to block numbers after receiving unwanted marketing calls. But the new BT call protect system allows users to block the companies themselves even when they change numbers. bit.ly/2ivFCJ8The TelegraphAngry Birds maker Rovio opens London gaming studioThe company behind the once-mighty smartphone game Angry Birds is opening its first UK office, tasked with spearheading the development of new multiplayer games. Headquartered in Finland, Rovio Entertainment ( IPO-RVEY.N ) will hire 20 people over the next two years to a studio in central London where they will design new games separate to the Angry Birds brand. bit.ly/2jhAQfwNew radar system for Royal Navy guarantees hundreds of British jobsA contract to build the radar systems that monitor the skies, land and sea around the Navy''s new aircraft carriers will support more than 200 highly skilled engineering jobs in the UK. The Ministry of Defence has signed a 269 million pound deal to begin manufacturing the Crowsnest radar and surveillance system that protects the Queen Elizabeth-class ships currently under construction in Rosyth, Scotland. bit.ly/2jq3CgkSky NewsCity financier seeks Tata Steel pensions role amid solvency rowA former pensions adviser to Boris Johnson is seeking to install himself as a trustee of Tata Steel Ltd''s vast British pension scheme amid doubts about the viability of a plan hatched by the company''s Indian parent. Edi Truell, a City financier who lodged a bid last year for Tata Steel''s UK operations, including the Port Talbot steelworks, has written to the trustees to outline a revamped offer aimed at rescuing the 15 billion pound scheme. Truell is floating a merger of Tata''s speciality steel unit and Sheffield Forgemasters. bit.ly/2jRrbLVTenpin owners look to strike with stock market returnThe owners of one of Britain''s biggest tenpin bowling alley operators are plotting to score a strike by returning to the stock market less than two years after being taken private. Tenpin, formerly known as Essenden, has hired the investment bank Numis to bowl over investors with a stock market listing later this year. bit.ly/2iuGSfGThe IndependentBritish Airways says 99 percent of flights will operate during next cabin-crew walkoutBritish Airways says it will cancel only 24 flights during the second round of industrial action by some Heathrow-based cabin crew. Members of the Unite union working for BA''s Mixed Fleet operation are to strike from Thursday to Saturday, 19-21 January. The dispute is over what the union calls "poverty pay". ind.pn/2jRk1ax($1 = 0.8308 pounds) (Compiled by Rama Venkat Raman in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL1N1F700Z'|'2017-01-16T21:48:00.000+02:00'
'd834b8c1418263ac4603db24262be99edf0ae891'|'BRIEF-Progress reports 2016 fiscal fourth quarter and year end results'|'  6:00pm EST BRIEF-Progress reports 2016 fiscal fourth quarter and year end results Jan 16 Progress Software Corp * Progress reports 2016 fiscal fourth quarter and year end results * Q4 non-GAAP earnings per share $0.62 * Q4 earnings per share view $0.56 -- Thomson Reuters I/B/E/S * Q4 revenue $118 million versus I/B/E/S view $123.5 million * Progress Software says will discontinue investment in digital factory offering, will re-align its resources consistent with its core operating approach * Progress Software says will implement restructuring efforts that will include consolidating facilities, implementing a simplified organizational structure * Progress Software says will implement restructuring efforts that will reducing marketing and other external expenses * Progress Software says intends to reduce headcount by approximately 450 employees, totaling over 20% of company''s workforce * Progress Software says initial headcount reductions will begin in fiscal Q1 of 2017 and should be substantially completed by end of fiscal Q2 of 2017 * Progress Software says after investments in new product strategy, progress expects to reduce net annual run-rate costs by about $20 million by end of fy 2017 * Progress Software says Jerry Rulli, Progress'' chief operating officer, will be leaving company at end of fiscal Q1 of 2017 * Qtrly GAAP diluted loss per share $1.52 * Progress Software says sees fy 2017 non-GAAP earnings per share $1.64 - $1.69; non-GAAP revenue $388 million - $396 million * Sees Q1 2017 GAAP revenue $86 - $89 million * Progress Software says sees fy 2017 GAAP earnings per share $0.56 - $0.64; GAAP revenue $387 million - $395 million * Sees Q1 2017 loss per share between $0.12 - $0.06 * Progress Software says sees Q1 non-GAAP earnings per share $0.25 - $0.27; Q1 non-gaap revenue $86 million - $89 million * Fy2017 earnings per share view $1.70, revenue view $425.1 million -- Thomson Reuters I/B/E/S * Q1 earnings per share view $0.30, revenue view $93.2 million -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASC09QXJ'|'2017-01-17T06:00:00.000+02:00'
'f4ef7c6978a46b9d3691162298cf4f0b5656526a'|'Globalisation not to blame for world''s ills - China''s Xi'|' 45am GMT Globalization not to blame for world''s ills: China''s Xi left right Chinese President Xi Jinping attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich 1/6 left right Chinese President Xi Jinping attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich 2/6 left right Chinese President Xi Jinping (R) and his wife Peng Liyuan attend the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich 3/6 left right Swiss President Doris Leuthard shakes hands with China''s President Xi Jinping as they launch the Swiss-Sino year of tourism next to a panda ice sculpture on the side line of the 47th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 17, 2017. REUTERS/Laurent Gillieron/Pool 4/6 left right Chinese President Xi Jinping and Klaus Schwab, Founder and Executive Chairman of the WEF attend the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich 5/6 left right Klaus Schwab, Founder and Executive Chairman of the WEF (L) shakes hand with Chinese President Xi Jinping during the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich 6/6 DAVOS, Switzerland Economic globalization has become a "Pandora''s Box" for many, but global problems are not caused by it, Chinese President Xi Jinping said on Tuesday. Xi told the World Economic Forum in Davos, Switzerland, that international financial crises were caused by the excessive pursuit of profits, not globalization. (Reporting by Noah Barkin and Elizabeth Piper) Next In Business News PM May indicates Britain will seek ''hard Brexit'' in EU talks LONDON   Brexit deal   EU,   will say on Tuesday in a speech setting out her priorities for divorce talks which indicates she is prepared to leave the single market.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-davos-meeting-china-idUKKBN15118V'|'2017-01-17T17:35:00.000+02:00'
'5e82448fb2fca181349de7e55e19dca2bfd049c9'|'Abellio sells 40 percent stake in UK train contract to Japan''s Mitsui'|'  4:01pm GMT Abellio sells 40 percent stake in UK train contract to Japan''s Mitsui The logo of the Japanese trading company Mitsui & Co. is seen in Tokyo, Japan, May 10, 2016. REUTERS/Toru Hanai/File Photo LONDON Dutch state-owned public transport firm Abellio has sold a 40 percent stake in its UK train operator in eastern England to Mitsui & Co. ( 8031.T ), making the Japanese company the latest foreign firm to invest in Britain''s rail network. Abellio said on Tuesday that Mitsui would become the minority partner in its Greater Anglia franchise, which it has operated since 2012, and which the British government renewed last year for the period to 2025. The deal follows the entry of Italy''s Trenitalia into the UK rail network earlier this month to run services between London and commuter towns in Essex after UK-based operator National Express ( NEX.L ) decided to sell up. Britain privatised its rail services in the 1990s, and the network is now run by several UK-listed transport companies as well as foreign rail groups including Germany''s Deutsche Bahn and Keolis, majority-owned by France''s SNCF. Abellio said the deal with Mitsui, a group with interests in infrastructure, transport and energy, was notable for marking the first time a Japanese company has become a shareholder in a British train services operating company. (Reporting by Sarah Young; Editing by Greg Mahlich)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-abellio-mitsui-east-anglia-idUKKBN1512AV'|'2017-01-17T23:01:00.000+02:00'
'e07acd5fe9e4c874ebb5944000ab7b14a3d16594'|'Italy regulator may consider Vivendi takeover of Mediaset invalid: report'|'MILAN A potential takeover offer for Italian broadcaster Mediaset ( MS.MI ) by France''s Vivendi ( VIV.PA ) would not be "judicially acceptable" for Italian communications authority AGCOM, daily la Repubblica reported on Tuesday, without citing sources.Vivendi is now the second largest shareholder of the Milan-based TV group, with a stake of 28.8 percent, while also being the top shareholder in phone incumbent Telecom Italia ( TLIT.MI ), with a 24.9 percent share.Italy''s anti-trust regulations prevent companies from having an excessive share in both the domestic telecommunications and media markets.In preliminary investigations by AGCOM, four commissioners have agreed in considering the possible move by Vivendi "invalid" but would communicate the decision to Italy''s market watchdog only if the French media group decides to make a bid for Mediaset, the daily reported.Both Mediaset and Vivendi will have to present AGCOM with all required documentation for the investigation by Jan. 21, it added.AGCOM opened an investigation into Vivendi''s stake-building into Mediaset in late December, after the Italian broadcaster made a complaint.(Reporting by Giulia Segreti; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mediaset-vivendi-agcom-idINKBN1510LQ'|'2017-01-17T04:21:00.000+02:00'
'e492e3f1d4242fc121279eac2f3976865de87546'|'Japan brewer Asahi says it is open to more M&A after Europe beer deals'|'Deals - Tue Jan 17, 2017 - 10:59am GMT Japan brewer Asahi says it is open to more M&A after Europe beer deals left right Asahi Group Holdings President and COO Akiyoshi Koji poses for a photo with the company''s logo at its headquarters in Tokyo, Japan, May 17, 2016. REUTERS/Toru Hanai 1/2 left right Asahi Super Dry beer cans are displayed at the Asahi Group Holdings headquarters in Tokyo, Japan, May 17, 2016. REUTERS/Toru Hanai 2/2 By Taiga Uranaka and Ritsuko Shimizu - TOKYO TOKYO Asahi Group Holdings Ltd ( 2502.T ) is open to the possibility of more acquisitions, its chief said, even after Japan''s biggest beer maker sealed $10 billion worth of deals to buy European assets from Anheuser-Busch InBev SA NV ( ABI.BR ) last year. "We are always studying potential targets. We need to keep studying, so that we can stay sharp for good deals," Akiyoshi Koji, president of the beverage and food conglomerate, said in an interview on Tuesday. The brewer, known for Japan''s best-selling "Super Dry" beer, has been expanding beyond its domestic market as alcohol consumption declines in tandem with a rapidly aging consumer base. On Monday, industry data showed 2016 was the 12th straight year that total domestic shipments from Japan''s breweries fell. In search of growth, Asahi is betting big on assets shed by AB InBev as its Belgian peer seeks to appease competition regulators. In less than a year after Koji became Asahi president, the Japanese beer maker made two major deals which are set to reshape its domestically focused operations. In October, it completed the 2.55 billion euro ($2.72 billion) purchase of Western European beer brands including Peroni and Grolsch. That was followed in December by the purchase of Eastern European brands including Pilsner Urquell for 7.3 billion euros. Koji said Asahi is financing the deals with a combination of bank loans and bond sales. As a result, Asahi''s net debt will rise to over five times its earnings before interest, tax, depreciation and amortization (EBITDA) - a measure of cash generated by businesses - up from three times before the acquisition of the Eastern European assets. "I''m not saying we won''t make any acquisitions until our net debt/EBITDA goes back to three, though I''m not saying we will make any acquisitions either," Koji said. Asahi was among beer companies that expressed interest in buying stakes of Vietnam''s state-controlled Saigon Beer Alcohol Beverage Corp (Sabeco) SAB.HM, a Vietnamese government official said in October. Koji declined to comment on whether his company would bid. Since Asahi''s recent acquisitions, investor attention has shifted to an expected reshuffle of the firm''s business portfolio. "I think Asahi will increase focus on its alcoholic drinks business, which in turn is likely to result in trimming some assets," said Nomura Securities analyst Satoshi Fujiwara. Already, in September, Asahi agreed to sell a 10 percent stake in China''s Tingyi Asahi Beverages Holding Co Ltd to its joint venture partners. Asahi still holds 20 percent. Koji said the company would review its portfolio of minority interests including Tingyi as well as Tsingtao Brewery Co Ltd ( 600600.SS ) ( 0168.HK ) - China''s second-largest brewer by volume in which Asahi holds 20 percent. "We have to think what the best way is for our alliance with Tingyi and Tsingtao. Under the current structure, they have become purely financial investments for us," he said. (Reporting by Taiga Uranaka; Editing by Christopher Cushing) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-asahi-group-strategy-idUKKBN1511BV'|'2017-01-17T17:50:00.000+02:00'
'398ded9880b8e513181389a50ce664a2e74ca829'|'General Motors to announce $1 billion in U.S. investment'|'Tue Jan 17, 2017 - 2:57am GMT General Motors to announce $1 billion in U.S. investment The GM logo is seen at the General Motors Warren Transmission Operations Plant in Warren, Michigan October 26, 2015. Photo taken October 26. REUTERS/Rebecca Cook By David Shepardson - WASHINGTON, WASHINGTON, General Motors Co ( GM.N ) will announce as early as Tuesday long-held plans to invest about $1 billion in its U.S. factories, following recent criticism of the company by President-elect Donald Trump, a person briefed on the matter told Reuters late on Monday. The largest U.S. automaker is making the decision for business and not political reasons, said the person, who asked not to be identified. The investment will help GM create or retain more than 1,000 jobs, while the automaker also plans to tout other efforts to boost U.S. employment, including adding engineers, the person added. GM General Counsel Craig Glidden told the Wall Street Journal, which reported the company''s plans earlier on Monday, that any investment the company might disclose had been long planned and was not a response to Trump''s criticism. GM declined comment on the investment to Reuters. Since the beginning of this year, GM has come under heavy criticism from Trump for building vehicles in Mexico, as have other automakers. On Jan. 3, Trump threatened to impose a "big border tax" on GM for making some of its Chevrolet Cruze compact cars in Mexico. At a news conference last week, Trump cited recent U.S. investments by other automakers and said "General Motors will be following, and I think they will be." Trump, who campaigned hard on bringing manufacturing jobs back to the United States, said in an interview with German newspaper Bild published on Monday that he would impose a border tax of 35 percent on German car companies'' vehicles imported to the U.S. market. Earlier this month he criticized Toyota Motor Corp''s ( 7203.T ) plans to move production of the Corolla to Mexico from Canada. Auto sales have been rising since 2009 and hit a new record in 2016. Automakers have recently been touting American investments, but say the investments have not been in response to Trump. Last week, Japan''s Toyota said it would invest $10 billion in the United States over the next five years, while Fiat Chrysler Automobiles NV ( FCAU.N ) said it would invest $1 billion to modernize two plants in the Midwest, creating 2,000 jobs. Ford Motor Co ( F.N ) announced this month it would cancel a planned $1.6 billion factory in Mexico and would invest $700 million at a Michigan plant. GM''s "general plan is to build where we sell and we''re focused on what we''re doing in the United States," Chief Executive Mary Barra said in an interview with Reuters on the sidelines of an event in Washington on Monday. "We''re a global company so we''re going to continue that focus." Barra, who told Reuters she planned to attend Trump''s inauguration on Friday, said GM wants to work with him. "I do believe we have more in common than we have areas that we aren''t aligned." GM, which has more than 40 manufacturing sites in the United States, last year announced $2.9 billion in U.S. investments But even as GM invests in U.S. plants, it has also been making job cuts. In recent months, GM announced plans to lay off about 3,300 employees at three factories. It said in November it would cut about 2,000 jobs when it ends the third shift at its Lordstown, Ohio and Lansing, Michigan plants in January. Last month it said it planned to cancel the second shift and cut nearly 1,300 jobs from its Detroit-Hamtramck assembly plant in March. (Reporting by David Shepardson; Editing by Bill Rigby) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-gm-jobs-trump-idUKKBN15107B'|'2017-01-17T09:56:00.000+02:00'
'eaa6e0efcffd252aaf0c785a5b6b736b4071beb5'|'Trump calls corporate tax border adjustment ''too complicated'': WSJ'|'Business News   11:21pm EST Trump calls corporate tax border adjustment ''too complicated'': WSJ Presidente eleito dos EUA, Donald Trump, em Nova York. 11/01/2017 REUTERS/Shannon Stapleton U.S. President-elect Donald Trump says the border adjustment provision, a feature of House Republicans'' corporate-tax plan, is "too complicated", the Wall Street Journal reported on Monday. "Anytime I hear border adjustment, I don''t love it", Trump told the newspaper in an interview conducted on Friday. on.wsj.com/2jiAaqj The border adjustment measure is part of U.S. House of Representatives Speaker Paul Ryan''s "Better Way" tax reform blueprint, which was discussed with top members of the transition team during a meeting on Capitol Hill on Monday. The measure intends to boost U.S. manufacturing by taxing imports while exempting U.S. business export revenues from corporate taxation. Though some tax experts believe Trump has given his support for the border adjustment provision, he termed the measure as getting "adjusted into a bad deal" in the interview. Last year, Kansas-based multinational Koch Industries Inc[KCHIN.UL] warned that the export-promoting measure could have devastating effects on the economy and consumers. (Reporting by Vishal Sridhar in Bengaluru; Editing by Simon Cameron-Moore) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-corporatetax-idUSKBN1510BS'|'2017-01-17T11:21:00.000+02:00'
'd3f5672d2644da5c78178fe95b1f199335dfe5bb'|'Fitch Rates State Bank of India''s USD500m Senior Debt Final ''BBB-'''|'Financials  43am EST Fitch Rates State Bank of India''s USD500m Senior Debt Final ''BBB-'' (The following statement was released by the rating agency) SINGAPORE/MUMBAI, January 20 (Fitch) Fitch Ratings has assigned State Bank of India''s (SBI, BBB-/Stable) USD500 million senior unsecured notes due January 2022 a final rating of ''BBB-''. This follows the completion of the securities issue and the receipt of final documents conforming to information previously received. The final rating is the same as the expected rating assigned on 16 January 2017. The notes constitute the issuer''s direct, unconditional, unsubordinated and unsecured obligations and rank pari passu among themselves and SBI''s all other unsubordinated and unsecured obligations. The notes were issued by SBI''s London branch with a tenor of five years. KEY RATING DRIVERS - SENIOR DEBT The senior unsecured instruments are rated at the same level as SBI''s Issuer Default Rating (IDR) in accordance with Fitch''s criteria. SBI''s IDR is driven by its Support Rating Floor of ''BBB-'', which is at the same level as its Viability Rating of ''bbb-''. This implies that the bank''s standalone credit strength underpins the IDR. The Support Rating Floor reflects Fitch''s expectation of a high probability of extraordinary support from the state of India, if necessary, given the bank''s high systemic importance and quasi-sovereign status. Fitch expects SBI''s core capitalisation to improve in the financial year ending-March 2017 (FY17), from a core equity Tier 1 ratio of 10.3% at end-September 2016. The bank is likely to receive around USD835 million in new capital from the government shortly (of the total USD1.1 billion earmarked for FY17; around 5% of FY16 equity) and plans to raise an additional USD2.2 billion directly from the market, for which it has received shareholder approval. The bank''s NPL ratio of 7.1% at end-1HFY17 and stressed asset ratio of 9.6% have moderately picked up in 1HFY17, but remain considerably lower than those of other large state banks. RATING SENSITIVITIES - SENIOR DEBT SBI''s Viability Rating and Support Rating Floor are at the same level as the Issuer Default Rating (IDR), which would only be downgraded if both the Support Rating Floor and Viability Rating were to be downgraded. A downgrade of India''s sovereign rating would also trigger a downgrade of the bank''s IDR, as it is at the same level as the sovereign. Any change in the IDR will have a similar change on the notes'' rating. SBI''s other ratings are unchanged and are as follows: - Long-Term IDR at ''BBB-''; Outlook Stable - Short-Term IDR at ''F3'' - Viability Rating at ''bbb-'' - Support Rating at ''2'' - Support Rating Floor at ''BBB-'' - USD10 billion medium-term note programme at ''BBB-'' - USD3.5 billion senior unsecured notes at ''BBB-'' - USD400 million perpetual Tier 1 bonds at ''B'' For more details on SBI''s ratings and credit profile, see "State Bank of India", dated 4 August 2016. Contact: Primary Analyst Ambreesh Srivastava Senior Director +65 6796 7218 Fitch Ratings Singapore Pte Ltd. One Raffles Quay South Tower #22-11 Singapore Secondary Analyst Saswata Guha Director +91 22 4000 1741 Committee Chairperson Mark Young Managing Director +65 6796 7229 Media Relations: Bindu Menon, Mumbai, Tel: +91 22 4000 1727, Email: bindu.menon@fitchratings.com; Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Date of the Relevant Rating Committee: 1 July 2016 Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria - Effective from 15 July 2016 to 25 November 2016 (pub. 15 Jul 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials SE Asia Stocks-Sluggish ahead of Trump swearing-in By Aparajita Saxena Jan 20 Southeast Asian stock markets, barring Thailand and Vietnam, were tepid on Friday, as uncertainty over U.S. President-elect Donald Trump''s political and economic stance made investors step back from risky assets ahead of his swearing-in ceremony. Early optimism among business lobbyists and executives that Trump''s election heralded better days has slowly given way to uncertainty as the president-elect fires off mixed and sometimes confusing messages'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987187'|'2017-01-20T16:43:00.000+02:00'
'92048bdc12dc469311f6e1cd1dc64bbc8024a0e7'|'Fed''s Yellen says unwise to allow U.S. economy to run ''hot'''|' 22am GMT Fed''s Yellen says unwise to allow U.S. economy to run ''hot''   Yellen holds a news conference following day two of the Federal Open Market Committee (FOMC) meeting in Washington, U.S., December 14, 2016. REUTERS/Gary Cameron PALO ALTO, Calif. With monetary policy still modestly accommodative, the U.S. central bank should continue to raise interest rates slowly to keep jobs plentiful and inflation low,   Yellen said on Thursday. "I think that allowing the economy to run markedly and persistently “hot” would be risky and unwise," Yellen said in remarks prepared for delivery to the Stanford Institute for Economic Policy Research. While there are no signs as yet that the Fed is behind the curve or the economy is in danger of a sudden surge in inflation, she said, "I consider it prudent to adjust the stance of monetary policy gradually over time." The Fed last month raised its short-term interest-rate target for only the second time in a decade, but signalled it would likely speed up the pace of   Rates are currently targeted at between 0.5 percent and 0.75 percent. With unemployment, at 4.7 percent, near what many economists including Yellen see as its long-run sustainable level, and inflation closing in on the Fed''s 2-percent goal, most Fed officials expect to lift rates three times over the course of the next 12 months. Some left-leaning economists and activists have urged the Fed to keep rates low to provide more opportunities for the jobless and to push up on wages, whose growth has been tepid. Meanwhile Republican Donald Trump, who is set to become the next U.S. President on Friday, has promised a set of economic policies including tax and regulatory reform aimed at boosting economic growth. Yellen for the second time in two days warned that a delay in tightening monetary policy could drive up inflation and force the Fed to jack up rates in response, sending the economy into a tailspin that might have been avoided if the rate hikes had been more gradual. But, she said, it "will not be easy" to find a path of rate hikes that can foster strong jobs growth and 2-percent inflation, given the uncertainties of global growth, slow domestic productivity growth, and a change in fiscal policies, among others. In addition, the downward pressure that the Fed''s $4.5 trillion balance sheet has been exerting on rates for the last several years is declining, she said, making calibrating rate hikes more complicated. The Fed consults a range of policy rules, including one developed by Stanford Professor John Taylor, to guide its decisions on rates, Yellen said. But those rules cannot be mechanically implemented because they do not take into account the lack of flexibility the Fed has in dealing with shocks when rates are low, nor many other important factors, she said. (Reporting by Ann Saphir; editing by Diane Craft)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-yellen-idUKKBN15404J'|'2017-01-20T08:22:00.000+02:00'
'0c238132294b64511eaa0791bf6043352e9454f7'|'Germany says U.S. under Trump must abide by trade deals'|'Business News   11:11am GMT Germany says U.S. under Trump must abide by trade deals German Finance Minister Wolfgang Schaeuble   19,   BERLIN Washington must stick to international agreements under the presidency of Donald Trump, German Finance Minister Wolfgang Schaeuble said on Friday, but does not expect a major trade war despite the President-elect''s attack on German car makers. Trump - now hours away from his inauguration - has vowed to make sweeping changes to U.S. trade policy, and economists see his protectionism as the biggest risk to U.S. growth. "The United States also signed international agreements," Schaeuble told magazine Der Spiegel. "I don''t think a big trade war will break out tomorrow, but we will naturally insist that agreements are upheld," he said. Trump criticised German auto makers this week for failing to produce more cars in the U.S. and warned that he would impose a tax of 35 percent on vehicle imports. U.S. companies employ more than 600,000 people in Germany, the United States'' biggest European trading partner, and German firms employ roughly the same number in the U.S. Schaeuble said he wished Trump luck if he wanted to tell Americans which cars to buy. "That''s not my vision of America and I don''t think it''s his either," he said. He also recommended not taking Trump''s practise of tweeting policy changes too seriously. "One shouldn''t confuse Trump''s form of communication with statements of government policy. We will not participate in that," he said. Trump has triggered concern across German industry. "Protectionism will not secure jobs in the medium- to long-term," Dennis Snower, president of the Institute of World Economy, said in a statement. "Trump is making foreigners the scapegoat for the fact that the American dream of pulling yourself up by your bootstraps isn''t working anymore." Marcel Fratzscher, head of the DIW economic institute, said Trump''s protectionism would not bring any jobs back to the U.S. "On the contrary, he will destroy even more jobs," he told German broadcaster MDR. The American Chamber of Commerce in Germany also urged Trump to stick to free trade agreements, underscoring the importance of U.S.-German trade relations. "Protectionist measures like tariffs and or the cancellation of international trade agreements have no place in a globalised world," said the group''s president, Bernhard Mattes. (Reporting by Andrea Shalal; Editing by Louise Ireland) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-germany-trade-idUKKBN1541CP'|'2017-01-20T18:11:00.000+02:00'
'f320645087b24979ccd1949c4b484a870eeb5efb'|'GE profit rises 35.7 percent'|'Business  41am EST GE profit rises 35.7 percent The ticker and logo for General Electric Co. is displayed on a screen at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 30, 2016. REUTERS/Brendan McDermid General Electric Co ( GE.N ) reported on Friday a 35.7 percent rise in quarterly profit, helped by strength in its power and renewable energy businesses. Earnings from continuing operations attributable to GE shareholders rose to $3.48 billion in the fourth quarter ended Dec. 31 from $2.57 billion a year earlier. Earnings per share from continuing operations rose to 39 cents from 26 cents, the company said. ( invent.ge/2jTRUYK ) On an adjusted basis, GE earned 46 cents per share. Total revenue fell 2.4 percent to $33.09 billion. The maker of power plants, aircraft engines, locomotives and other industrial equipment reiterated its 2017 operating earnings per share forecast. (Reporting by Ankit Ajmera in Bengaluru; Edited by Martina D''Couto) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ge-results-idUSKBN1541FP'|'2017-01-20T18:37:00.000+02:00'
'bab6a2006f3efac4808d05df972817916f861260'|'Futures open little changed with focus on Trump''s inauguration, For more see the European equities LiveMarkets blog'|'Financials   2:09am EST Futures open little changed with focus on Trump''s inauguration, For more see the European equities LiveMarkets blog MILAN Jan 20 Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: ** European shares seen little changed, set for weekly fall ** Index futures trading between fall of 0.1 pct and rise of same size ** Caution likely to prevail before Donald Trump''s inaguration speech ** STOXX eased 0.1 pct in previous session Next In Financials UPDATE 1-China cuts reserve ratios for big 5 banks temporarily amid cash crunch-sources SHANGHAI, Jan 20 China has allowed its five biggest banks to temporarily lower the amount of money that they must hold as reserves to relieve pressure in its financial system as demand for cash surges ahead of the Lunar New year holiday, three sources with direct knowledge of the matter said.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FA0ZF'|'2017-01-20T14:09:00.000+02:00'
'34abd7542577b8448d930a5fdb9effdd96e6c1c8'|'BT to raise broadband prices in April'|'  3:10pm GMT BT to raise broadband prices in April The logo for the British Telecom group is seen outside of offices in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville LONDON Britain''s biggest telecoms group BT ( BT.L ) will raise its broadband prices by an inflation-busting 5 or 6 percent in April, as well as charge more for calls and some of its TV packages. BT customers on standard copper broadband will be charged an extra 2 pounds ($2.46) from April 2, the company said on Friday, while those on its faster Infinity product face paying an extra 2.50 pounds. The rises are more than triple the current 1.6 percent rate of consumer inflation. John Petter, chief executive of BT Consumer, said: "Customers will get a better package and improved service from us this year in exchange for paying a little more. "Millions will have the chance to upgrade to faster broadband and almost a million will be able to upgrade to enjoy unlimited usage for no extra cost." BT said its rivals Sky ( SKYB.L ), Virgin Media ( LBTYA.O ) and TalkTalk ( TALK.L ) had either raised prices or announced increases in the last year. It added it was freezing the price of a basic phone line. Analysts at Bernstein said the rises were "intelligently designed", noting it was a smart to leave line rental charges unchanged after concern was voiced by regulator Ofcom in December about rising prices for elderly and vulnerable customers. They said they expected others in the market, and especially Virgin Media, to follow BT''s lead. ($1 = 0.8136 pounds) (Reporting by Paul Sandle; editing by Susan Thomas)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bt-prices-idUKKBN15421U'|'2017-01-20T22:10:00.000+02:00'
'855d58cc9711e3541c8512bbf90e0153f6008d2e'|'BRIEF-International Bank of Saint-Petersburg provides RUB 2 bln credit to LSR Group unit'|'Financials  14am EST BRIEF-International Bank of Saint-Petersburg provides RUB 2 bln credit to LSR Group unit Jan 17International Bank of Saint-Petersburg: * Provides 2 billion roubles ($33.77 million) credit to LSR Group''s unit LSR.Realestate-M to replenish working capital for the Group''s construction projects in Moscow ($1 = 59.2200 roubles) (Gdynia Newsroom) Next In Financials * IHS markit reports fourth quarter and fiscal year 2016 results MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1F734B'|'2017-01-17T18:14:00.000+02:00'
'13526c3cb5f5725454e02f56a5b7341185910ace'|'Czech property group CPI acquires shopping centres from CBRE'|'FRB   2:32pm EST Czech property group CPI acquires shopping centers from CBRE PRAGUE Czech-based CPI Property Group said it has agreed to acquire 11 shopping centers and other retail businesses from two funds managed by CBRE Global Investors. A CPI spokesman declined to comment on the value of the deal, estimated by Czech media at around 650 million euros ($689 million). The acquisition includes shopping centers in the Czech Republic, Hungary, Poland and Romania, CPI said. The deal has to be approved by market regulators, with a ruling expected within a month, a CPI spokesman said. (Reporting by Robert Muller; Editing by Susan Fenton) Next In FRB'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-czech-realestate-idUSKBN1502AL'|'2017-01-17T02:23:00.000+02:00'
'115634614ca8dbdaf04ed643a129956ec99cfb0f'|'Italy regulator may consider Vivendi takeover of Mediaset invalid - report'|'Deals  21am GMT Italy regulator may consider Vivendi takeover of Mediaset invalid: report MILAN A potential takeover offer for Italian broadcaster Mediaset ( MS.MI ) by France''s Vivendi ( VIV.PA ) would not be "judicially acceptable" for Italian communications authority AGCOM, daily la Repubblica reported on Tuesday, without citing sources. Vivendi is now the second largest shareholder of the Milan-based TV group, with a stake of 28.8 percent, while also being the top shareholder in phone incumbent Telecom Italia ( TLIT.MI ), with a 24.9 percent share. Italy''s anti-trust regulations prevent companies from having an excessive share in both the domestic telecommunications and media markets. In preliminary investigations by AGCOM, four commissioners have agreed in considering the possible move by Vivendi "invalid" but would communicate the decision to Italy''s market watchdog only if the French media group decides to make a bid for Mediaset, the daily reported. Both Mediaset and Vivendi will have to present AGCOM with all required documentation for the investigation by Jan. 21, it added. AGCOM opened an investigation into Vivendi''s stake-building into Mediaset in late December, after the Italian broadcaster made a complaint. (Reporting by Giulia Segreti; Editing by Biju Dwarakanath) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-mediaset-vivendi-agcom-idUKKBN1510LQ'|'2017-01-17T14:18:00.000+02:00'
'9cc7c2dccb29394a4b757a59bf01784b679e9074'|'Germany expects IMF participation in Greek bailout - finance minister spokeswoman'|' 54am GMT Germany expects IMF participation in Greek bailout: Finance Ministry spokeswoman People are silhouetted under a fluttering Greek national flag atop the archaeological site of the Athens Acropolis, Greece, March 20, 2015. REUTERS/Alkis Konstantinidis/File Photo BERLIN The German government is still expecting the International Monetary Fund (IMF) to be involved in Greece''s bailout program, a spokeswoman for the Finance Ministry said on Wednesday. Germany''s Bild newspaper had earlier reported that Finance Minister Wolfgang Schaeuble was preparing for a continuation of aid for Greece without IMF participation. "For us this involvement is promised and essential," the spokeswoman said. (Reporting by Gernot Heller; Writing by Michelle Martin; Editing by Joseph Nasr) Next In Business News U.S. lobby says China protectionism fuelling foreign business pessimism BEIJING More than 80 percent of members of a U.S. business lobby in China say foreign companies are less welcome than in the past, a survey released on Wednesday showed, with most saying they have little confidence in China''s vows to open its markets.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-greece-germany-idUKKBN15213K'|'2017-01-18T16:54:00.000+02:00'
'9539b0e652afb1c9eb8eac39a5a8345d65d3c974'|'Drugmakers in Davos shift focus to chronic diseases of poor'|' 09am GMT Drugmakers in Davos shift focus to chronic diseases of poor CEO Severin Schwan of Swiss drugmaker Roche addresses the company''s annual news conference in Basel, Switzerland January 28, 2016. REUTERS/Arnd Wiegmann By Ben Hirschler - DAVOS, Switzerland DAVOS, Switzerland Two decades after they were spurred into action to tackle AIDS in Africa, global drugmakers said on Wednesday they would invest $50 million (40.5 million pounds) over three years to fight cancer and other non-communicable diseases in poor countries. Twenty-two companies, including Pfizer, Merck, Novartis, Roche, Sanofi and GlaxoSmithKline, will contribute funds and expertise to the project, which is backed by the World Bank. The so-called Access Accelerated initiative was announced at the World Economic Forum in Davos and aims to improve both treatment and prevention. In the past, the focus of healthcare in poorer parts of the world has been on fighting infectious diseases, whether through vaccinations, drug programmes or the roll-out of anti-malarial bednets. Today, however, the healthcare burden is shifting as deaths from these conditions decline and people in increasingly urbanised populations succumb to diseases such as cancer, diabetes, and heart and lung disorders fuelled by Western lifestyles. Such non-communicable diseases (NCDs) are responsible for nearly 70 percent of all deaths worldwide and almost three quarters of them occur in low- and middle-income countries, according to the World Health Organization. Severin Schwan, the chief executive of Roche, the world''s largest maker of cancer drugs, said his company and others were already implementing preferential pricing for the developing world but cost was only one obstacle. Countries in Africa, Asia and Latin America also need improved healthcare systems if patients are to benefit from the latest developments in medicine. "It has a lot to do with hospital infrastructure. You can''t administer modern cancer medicines if you don''t have sophisticated lab facilities," he told Reuters. "We''re going to institutionalise cooperation in this area." Cancer is the initial focus and drug companies will work with the Union for International Cancer Control to test out new diagnostics and treatments in several cities around the world on a pilot basis. (Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-davos-meeting-pharmaceuticals-poor-idUKKBN1520G8'|'2017-01-18T12:09:00.000+02:00'
'65175473725aaaca7c3fb1ac1d4dd337ea02c01c'|'BRIEF-French audit and consultancy firm Euro-Symbiose bought by Trigo'|'Private Equity   3:56am EST BRIEF-French audit and consultancy firm Euro-Symbiose bought by Trigo Jan 18 Trigo/Ardian/Euro-Symbiose: * With support from its majority shareholder Ardian, the independent private investment company, Trigo Group has acquired 100% of Euro-Symbiose, the French specialist provider of quality training, audit and consulting services, from its founders * Established in 1991, Euro-Symbiose mostly serves the French automotive, aerospace and manufacturing industries * Financial terms of deal not disclosed Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1F804P'|'2017-01-18T15:56:00.000+02:00'
'3cbe743bf78d70ba3fc2e7c98e8c1f82a8335b4c'|'TrailStone buys Cargill''s power and gas group - sources'|'Commodities   4:39pm EST TrailStone buys Cargill''s power and gas group: sources A Cargill logo is pictured on the Provimi Kliba and Protector animal nutrition factory in Lucens, Switzerland, September 22, 2016. REUTERS/Denis Balibouse By Catherine Ngai and Liz Hampton - HOUSTON HOUSTON Commodities trader and investor TrailStone Group has purchased Cargill Inc''s gas and power trading group, three sources familiar with the deal said this week. The move, first reported by Sparkspread, comes amid a reshuffling in the power and natural gas industry as private equity firms and hedge funds pour into the space, filling a void left by banks and other longtime players. The banks and others have been pulling back over the past several years as natural gas prices have reached lows not seen in a decade, due to abundant U.S. shale gas and increasingly strict capital requirements and regulations that have pressured banks to reduce their involvement in physical commodities markets. Swiss-based commodities trader Gunvor Group Ltd this year opened a natural gas trading desk in Connecticut, headed by a former director of natural gas for Freepoint Commodities. Last September, Hartree Partners lost its head of natural gas trading, and in May, U.S. investment bank Goldman Sachs Group Inc snagged Mercuria Energy Trading''s head of natural gas and power trading. TrailStone already had natural gas and power trading operations in the United States. TrailStone did not respond to a request for comment, and Cargill declined to comment. (Reporting by Catherine Ngai and Liz Hampton in Houston; additional reporting by Scott DiSavino in New York; editing by Jonathan Oatis) Next In Commodities Odebrecht group ready to return $5 billion pipeline contract to Peru LIMA A consortium controlled by Brazilian builder Odebrecht S.A. will miss a financing deadline on Monday for a natural gas pipeline project in Peru and awaits government notification that it will lose the $5 billion contract, the company said on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-cargill-inc-m-a-trailstone-idUSKBN1542TE'|'2017-01-21T04:36:00.000+02:00'
'15c3160761f15182fa7b3b425ff0a0fd18aa9f64'|'Tourists'' luxury spending up in December for first time since February -study'|' 09pm GMT Tourists'' luxury spending up in December for first time since February -study FILE PHOTO - A woman exits the Louis Vuitton shop on New Bond Street, renowned for its jewellery and designer retailers, in London August 24, 2009. REUTERS/Luke MacGregor PARIS Global spending on luxury goods by tourists was up in December for the first time since February, lifted by strong business in Britain and France, a study by tax-refund services firm Global Blue showed. Tourism spending on luxury goods was up 3 percent year on year in December overall, with a 26 percent increase in Britain and 21 percent in France, which had suffered from a sharp downturn after deadly Islamist attacks in Paris and Nice. The data does not include tourism spending in the United States, Hong Kong and Dubai. (Reporting by Pascale Denis; Writing by Ingrid Melander; Editing by Michel Rose and David Goodman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-luxury-tourism-idUKKBN1542BH'|'2017-01-21T00:09:00.000+02:00'
'965f734376322429309bd83fa24dc0cf5e7b56b2'|'Italians replacing domestic govt, bank bonds with foreign assets-BOI'|'Financials  19am EST Italians replacing domestic govt, bank bonds with foreign assets-BOI MILAN Jan 20 Italians have shifted away from domestic government and bank bonds and are putting more and more of their savings into foreign assets, the Bank of Italy said on Friday. The central bank said in its quarterly economic bulletin Italians were buying more insurance and asset management products amid unattractively low yields on government bonds and a sharp contraction in bonds issued by banks. The Bank of Italy said changes in bank bond issuance were driven by a less favourable tax regime but also by new European Union rules limiting state aid to lenders which increased the risk for investors. Banks, on their part, have supported profits by reaping fees on the sale of investment products to customers, replacing instead funding from retail bonds coming to maturity with European Central Bank loans. The Bank of Italy said Italians had bought a net 66.7 billion euros of foreign securities -- for almost two thirds mutual funds -- between January and November last year, driving higher its liabilities towards other euro zone''s central banks. The Bank of Italy''s position within the Target 2 system, which settles cross-border payments in the euro zone, is monitored because its rising can indicate financial stress. Italy''s Target 2 balance stood d 358.6 billion euros in November having risen by 129 billion euros in a year. It stood well above a 289 billion euro peak reached in August 2012 at the height of the euro zone crisis. Net purchases of foreign assets by Italians totalled 280 billion euros between January 2014 and October 2016. This shift came after seven years of modest or negative foreign portfolio investments by Italian residents. (Reporting by Valentina Za; editing by Francesca Landini) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-investment-idUSI6N0XZ02N'|'2017-01-20T21:19:00.000+02:00'
'e88fa965591a575f49322502bd41980f5a021fb4'|'China''s Dec rail freight volume rises 9.8 pct y/y - statistics bureau'|'Industrials   2:19am EST China''s Dec rail freight volume rises 9.8 pct y/y - statistics bureau BEIJING Jan 20 China''s rail freight volume in December rose 9.8 percent from the same period last year to 315.79 million tonnes, the National Bureau of Statistics said on Friday. The amount of cargo carried by the railways declined 0.8 percent on the year, to 3.33 billion tonnes in 2016, the data showed. China''s November rail freight volume rose 13.9 percent from a year earlier. Rail freight volume grew in August for the first time after falling for 31 consecutive months since December 2013. Rail freight is one component, together with electricity consumption and bank lending, of the so-called "Li Keqiang index" used to measure the well-being of the economy, named after the country''s premier. (Reporting by Beijing Monitoring Desk) Next In Industrials China stocks rise, cheered by Q4 GDP and c.bank moves SHANGHAI, Jan 20 China stocks ended a volatile week on an upbeat note on Friday, as main indexes rose after data showing faster-than-expected economic growth fuelled blue-chips, while a surge in small-caps erased most of the losses earlier in the week.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-railfreight-idUSB9N1EH00D'|'2017-01-20T14:19:00.000+02:00'
'e70d01e10a8db558616b5aa7cda55b34725f091b'|'Greek central bank posts 1.09 bln euro 2016 profit'|'Business News   11:32am EST Greek central bank posts 1.09 billion euro 2016 profit A man rests outside the building of the Bank of Greece in Athens, Greece June 29, 2015. REUTERS/Marko Djurica ATHENS The Bank of Greece ( BOGr.AT ) on Friday reported 2016 full-year profit of 1.09 billion euros ($1.16 billion), down from 1.16 billion euros a year ago. The central bank said that 1.08 billion euros will be transferred to the Greek government in accordance with the bank''s statute. Total net income from monetary policy, emergency liquidity assistance, interest on its portfolios, commissions and domestic and foreign operations dropped 9 percent to 1.73 billion euros, the bank said. (Reporting by Angeliki Koutantou; Editing by David Goodman) Next In Business News Fears of economic ''race to bottom'', strong dollar in Davos DAVOS, Switzerland A strengthening dollar and a "race to the bottom" on taxes, deregulation and trade policy are the major risks to an otherwise brightening global economy, financial leaders said on the final day of the World Economic Forum in Davos.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-bank-of-greece-results-idUSKBN15428Q'|'2017-01-20T23:17:00.000+02:00'
'5c4d5db82a3c5fdd916fd168674a2e334dcea02a'|'China steps up capital controls, tightens investment rules for state firms'|' 40am GMT China steps up capital controls, tightens investment rules for state firms BEIJING China issued regulatory rules on outbound investments by centrally-controlled state firms, the state asset regulator said on Wednesday, the latest move by Beijing to tighten controls on money moving out of the country and stabilise a faltering yuan. The State-owned Assets Supervision and Administration Commission (SASAC) said it would step up supervision on outbound investments, two documents published on its website showed. The regulator also said it would establish a negative list of investment projects that centrally-controlled state firms would not be allowed to invest in, according to two statements published on the SASAC website. It was not clear if local government firms were excluded from the new rules. SASAC did not specify which industries would be included on the negative list. It also said firms must strengthen risk management and ensure the safety of their overseas assets. Companies'' annual investment plans must be submitted to SASAC by March 10. The yuan fell nearly 7 percent last year - its biggest annual loss against the dollar since 1994 - under pressure from sluggish economic growth and a strong dollar. As part of efforts to stem capital outflows and stabilise the yuan, the central bank announced late in December that it would effect new rules on overseas currency transfers from July 2017. China''s outbound investment hit $170.1 billion in 2016, up 44.1 percent from 2015, China''s Commerce Ministry said on Monday. Of that total, overseas acquisitions and mergers by Chinese firms stood at $107.2 billion in 2016. Anxiety in markets has deepened in recent months as capital outflows picked up pace, forcing authorities to defend the currency and pushing foreign exchange reserves down to $3.011 trillion in December, the lowest in almost six years. China''s cabinet issued measures on Tuesday to further open the world''s second-largest economy to foreign investment, including easing limits on investment in banks and other financial institutions, as China grapples with slowing economic growth. (Reporting by Beijing Monitoring Desk and Sue-Lin Wong; Editing by Kim Coghill & Shri Navaratnam)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-foreigninvestment-state-idUKKBN1520UO'|'2017-01-18T15:40:00.000+02:00'
'a9994c2001abbd93ec5110374f24150f9c7636ff'|'Credit Suisse finalises $5.3 billion mortgage deal with U.S.'|'Business News - Wed Jan 18, 2017 - 5:11pm GMT Credit Suisse finalises $5.3 billion mortgage deal with U.S. left right FILE PHOTO - A Swiss bank Credit Suisse sign is pictured in Geneva, Switzerland, March 11, 2016. REUTERS/Denis Balibouse/File Photo 1/2 left right The logo of Swiss bank Credit Suisse is seen on an office building in Zurich, Switzerland, December 23, 2016. REUTERS/Arnd Wiegmann 2/2 By Karen Freifeld - NEW YORK NEW YORK Credit Suisse ( CSGN.S ) formally agreed to pay $5.3 billion (4.3 billion pounds) to settle with U.S. authorities over claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis, the U.S. Department of Justice said said on Wednesday. Zurich-based Credit Suisse will pay a $2.48 billion cash penalty and provide $2.8 billion in consumer relief, the Justice Department said in a statement. Credit Suisse had announced the agreement in principle on Dec. 23. (Reporting By Karen Freifeld; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-credit-suisse-mortgage-settlement-idUKKBN1522GN'|'2017-01-19T00:11:00.000+02:00'
'a9a5b7fcc303adb13d8281995b8d17c5be543391'|'BRIEF-Imvescor announces renewal of normal course issuer bid'|' 19am EST BRIEF-Imvescor announces renewal of normal course issuer bid Jan 18 Imvescor Restaurant Group Inc : * Imvescor announces renewal of normal course issuer bid * Imvescor Restaurant Group Inc - renewal will follow on conclusion of Imvescor''s current normal course issuer bid expiring on January 19, 2017  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F80EQ'|'2017-01-18T19:19:00.000+02:00'
'4d1456264cb8a3fb9870a5e22c0c4dc162e3048c'|'NAB, Oxley to sell stakes in Cambridge Industrial manager to e-Shang Redwood'|'SINGAPORE Warburg Pincus-backed warehouse operator e-Shang Redwood has agreed to buy an 80 percent indirect stake in the manager of Cambridge Industrial Trust (CIT) ( CMIT.SI ) from National Australia Bank ( NAB.AX ) and investment firm Oxley Group.e-Shang Redwood said the deal would mark its initial foray into Southeast Asia.NAB holds 56 percent while Oxley holds a 24 percent stake in the manager of CIT, a real estate investment trust that owns assets such as warehouses and logistics properties. Mitsui and Co owns the remaining 20 percent.The companies did not disclose the deal value.In October, e-Shang Redwood had entered into an option agreement to buy up to 10.65 percent of CIT, which is valued by the market at about $501 million, from three existing unitholders.(Reporting by Aradhana Aravindan; Editing by Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cambridge-ind-deal-idINKBN1520E0'|'2017-01-18T01:25:00.000+02:00'
'442c40d6a2bd9fe96b8a8e3922b22b59f88850a1'|'Apax plans $1.9 bln IPO of Norway''s Evry - report'|'Private Equity   1:04am EST Apax plans $1.9 bln IPO of Norway''s Evry - report OSLO Jan 19 Private equity firm Apax Partners plans to gradually cut its stake in Norwegian technology firm Evry ASA through an initial public offering, daily Finansavisen reported on Thursday, quoting unnamed sources. The IPO could value Evry at up to 16 billion crowns ($1.88 billion), almost five times the 3.4 billion crowns Apax paid for the firm in 2015, the paper added. ($1 = 8.4920 Norwegian crowns) (Reporting by Terje Solsvik; Editing by Gopakumar Warrier) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/evry-ipo-apax-idUSL5N1F90LJ'|'2017-01-19T13:04:00.000+02:00'
'cbe3e2d236542efad4af23bccc6b2d5ccc4d6983'|'Indonesia sells 20.35 trln rupiah bonds at auction, above target'|'Financials  26am EST Indonesia sells 20.35 trln rupiah bonds at auction, above target JAKARTA Jan 17 Indonesia sold 20.35 trillion rupiah ($1.53 billion) of bonds at an auction, above the indicative target of 15 trillion rupiah, the finance ministry''s financing and risk management office said on Tuesday. The T-bills maturing in April 2017 had a weighted average yield of 5.11417 percent, lower than 5.93287 percent at the previous auction on Jan. 3. The T-bills maturing in January 2018 had a weighted average yield of 5.99025 percent, lower than last auction''s 6.78674 percent. The weighted average yield for bonds maturing in May 2027 was 7.50995 percent, lower than 7.79954 percent at the previous auction. The bonds maturing in August 2032 had a weighted average yield of 7.79936 percent and the bonds maturing in May 2036 had a weighted average yield of 8.00985 percent. Total incoming bids were worth 53.69 trillion rupiah, higher than the 36.90 trillion rupiah worth of bids received in the auction on Jan. 3. The highest bid-to-cover ratio was 4.08 for the T-bills maturing in April 2017. ($1 = 13,335 rupiah) (Reporting by Nilufar Rizki; Editing by Subhranshu Sahu) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/indonesia-economy-debt-idUSJ9N1BP01B'|'2017-01-17T15:26:00.000+02:00'
'be5a6b1195b3b39b50954bd69ef7dcbf21ac7f21'|'Azerbaijan''s SOCAR sees H2 2016 net profit at 550 mln manat'|'Financials   3:08am EST Azerbaijan''s SOCAR sees H2 2016 net profit at 550 mln manat BAKU Jan 17 Azeri state oil company SOCAR expects net profit of around 550 million manat ($298 million) for the second half of 2016, company Vice President for Economic Issues Suleyman Gasimov said on Tuesday. SOCAR will receive a loan of $500 million from the finance ministry this year, Gasimov said. (Reporting by Nailia Bagirova; Writing by Jack Stubbs; Editing by Alexander Winning) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/azerbaijan-socar-profit-idUSR4N1EP01D'|'2017-01-17T15:08:00.000+02:00'
'e54b7f4ad37cc17091bc91bf705ad4d265cdba37'|'BRIEF-IBM and Bell transform enterprise mobility in Canada'|' 30am EST BRIEF-IBM and Bell transform enterprise mobility in Canada Jan 17 International Business Machines Corp * IBM and Bell transform enterprise mobility in Canada * IBM - Bell Canada will combine its mobility services with IBM''s suite of apps * IBM - IBM and Bell Canada to offer IBM MobileFirst for iOS market-ready enterprise applications for iPad, iPhone or apple watch Source text for Eikon:   EU mergers and takeovers (Jan 17) BRUSSELS, Jan 17 The following are mergers under review by the European Commission and a brief guide to the EU merger process:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F70EA'|'2017-01-17T18:30:00.000+02:00'
'a2c26b70418e03704c2df64ec701fb7f8adbc830'|'Rio Tinto hits 2016 iron ore guidance, 2017 target intact'|'Business News   9:45pm GMT Rio Tinto hits 2016 iron ore guidance, 2017 target intact A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray SYDNEY Global miner Rio Tinto ( RIO.AX ) ( RIO.L ) hit its mid-point target for iron ore shipments from Australia in 2016 and kept its guidance of 330-340 million tonnes for this year intact. The world''s second-biggest supplier of the steel-making raw material shipped 327.6 million tonnes in 2016 against guidance of 325-330 million tonnes, it said. Guidance for shipments of 330-340 million tonnes in 2017 was unchanged. (Reporting by James Regan; Editing by Kevin Liffey) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rio-tinto-output-idUKKBN1502FR'|'2017-01-17T04:45:00.000+02:00'
'77a015275708ae0677d3b92c723cc399da95ffa1'|'Oil prices mixed on Saudi commitment to cut output, investor scepticism'|'  6:00am GMT Oil prices mixed on Saudi commitment to cut output, investor scepticism A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver By Henning Gloystein - SINGAPORE SINGAPORE Oil markets were mixed on Tuesday, supported by growth in U.S. crude production and Saudi Arabia saying it would strictly adhere to a commitment to cut output, but held back by scepticism in financial markets that oversupply would be curbed. U.S. West Texas Intermediate (WTI) crude oil futures were trading up 2 cents at $52.39 per barrel at 0540 GMT. Brent crude futures, the international benchmark for oil prices, were down 19 cents at $55.67 a barrel. "Today the Asian market is focused on the build in U.S. production which is nearly up to 9 million barrels per day (bpd) - up from 8.5 million bpd last June and close to 2014 production levels," said Michael McCarthy, chief market strategist at Sydney''s CMC Markets. "With U.S. crude clearly above $50 a barrel, we are getting a supply-side response which is pushing production higher. Widening spreads between West Texas Intermediate and Brent show we are right about the U.S. price push," he told Reuters. "But potential oversupply shows this is not the right time to be buying oil." Traders said markets were receiving some support from top crude exporter Saudi Arabia, which said it would adhere strictly to its commitment to cut output under the global agreement among oil producers including the Organization of the Petroleum Exporting Countries (OPEC) and Russia. "Many countries are actually going the extra mile and cutting beyond what they''ve committed ... I am confident about the impact ... and I am very encouraged about those first two weeks," Saudi Energy Minister Khalid al-Falih said late on Monday at an industry event in Abu Dhabi. Under the agreement, OPEC, Russia, and other non-OPEC producers have pledged to cut oil output by nearly 1.8 million barrels per day (bpd), initially for six months, to bring supplies back in line with consumption. Despite this, crude prices have fallen almost 5 percent since their early January peaks, as financial oil traders remain skeptical about OPEC''s and Russia''s willingness to fully comply with the cuts. Recent fires which have caused unplanned closures at refineries in the Middle East and Asia have also hit short-term demand for crude in the region, traders said. Analysts also said that steps to prop up oil prices through a cut in supplies could be self-defeating. AB Bernstein   the production cuts, and resulting higher prices, would likely hit oil demand. "For each $10 per barrel increase in oil prices, oil demand will decline by 10 basis points. While consensus expects demand-growth of 1.3 million bpd in 2017 (vs 1.4 million bpd in 2016), we see risks to the downside as demand growth in China and India starts to moderate," Bernstein said. (Reporting by Henning Gloystein; Additional reporting by Keith Wallis; Editing by Joseph Radford and Sonali Paul)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN151028'|'2017-01-17T12:54:00.000+02:00'
'5f64a8489b63a0bce8544bdc0eb91d2bd4040841'|'Merkel tells German industry she will fight for free trade'|'Business News   8:31pm GMT Merkel tells German industry she will fight for free trade German Chancellor Angela Merkel during news conference at the chancellery in Berlin, Germany, January 16, 2017. REUTERS/Fabrizio Bensch COLOGNE, Germany Chancellor Angela Merkel told German industry leaders on Monday that she would remain committed to free trade in an indirect rebuttal to comments from U.S. President-elect Donald Trump''s about border taxes on car imports. Speaking to the German Chamber of Commence and Industry in the western city of Cologne, Merkel also urged industry leaders to remain supportive of the German government in the forthcoming Brexit negotiations between Britain and the European Union. "We can''t let anyone divide us," she said. As far as free trade and open markets go, Merkel told the industrialists her government was determined to fight for them. "We''ve got to fight this battle, if for no other reason than principle," Merkel said, referring to Germany''s commitment to the free trade that has fueled its prosperity and helped make it one of the world''s leading export nations. "I''m ready for that," Merkel added, echoing words from her Finance Minister Wolfgang Schaeuble earlier on Monday. Schaeuble issued a thinly veiled warning to Trump over the dangers of protectionist trade policies. "Whoever wants growth - and I trust this administration will be a growth-friendly one - must be in favor of open markets," Schaeuble told the Wall Street Journal in an interview. "Protectionism can afford short-term advantages but is almost always damaging in the long term." Merkel said she hoped German companies would take up the challenge. In an interview with Bild newspaper, Trump warned German car companies he would impose a border tax of 35 percent on vehicles imported to the U.S. market. Trump criticized German carmakers such as BMW ( BMWG.DE ), Daimler ( DAIGn.DE ) and Volkswagen ( VOWG_p.DE ) for failing to produce more cars on U.S. soil. (Reporting by Andreas Rinke; Writing by Erik Kirschbaum; Editing by Alison Williams) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-industry-merkel-idUKKBN1502CY'|'2017-01-17T03:17:00.000+02:00'
'db911d13f65abbcf756325776d7aeef03d0eac79'|'Oil majors, car makers to push hydrogen technology to help cut emissions'|'Business News - Tue Jan 17, 2017 - 9:13pm GMT Oil majors, car makers to push hydrogen technology to help cut emissions left right Ben van Beurden, chief executive officer of Royal Dutch Shell, speaks during a news conference in Rio de Janeiro, Brazil, February 15, 2016. REUTERS/Sergio Moraes 1/2 left right Total Chief Executive Officer Patrick Pouyanne attends an economic forum in Paris, France, December 1, 2016. REUTERS/Jacky Naegelen 2/2 DAVOS, Switzerland The heads of some of the world''s biggest oil firms and automakers agreed on Tuesday to push for broader global use and bigger investments in using hydrogen to help reduce emissions and arrest global warming. The oil firms'' and car makers'' chiefs said the plan was part of global efforts to keep global warming well below 2 degrees Celsius, an ambitious goal agreed by 195 countries in Paris in 2015. "In this context, we are convinced that the unique contribution that hydrogen solutions offer needs to be strongly reaffirmed now," the participants, including the chiefs of oil firms Total ( TOTF.PA ) and Royal Dutch Shell ( RDSa.L ), Patrick Pouyanne and Ben van Beurden, said in a statement. The declaration was also signed by the CEOs of car makers BMW, Daimler, Honda, Hyundai, Kawasaki and Toyota as well as miner Anglo American and energy and engineering firms Engie, Linde and Air Liquide. Hydrogen does not release any CO2 at the point of use and its technologies and products have progressed significantly, the firms said in a statement. They aim to accelerate investment in developing and commercialising the hydrogen sector, currently amounting to just 1.4 billion euros a year - compared with the hundreds of billions of dollars invested annually by the oil sector. "We need governments to back hydrogen with actions of their own - for example through large scale infrastructure investment schemes," the statement quoted the head of Air Liquide Benoit Potier as saying. "We are not trying to bring hydrogen only to cars or trains. We are trying to bring a systemic approach. Hydrogen can generate power, produce heat and it is close to the chemical industry. And it is the most abundant element in the universe," Potier told a news conference. The head of oil major Shell Ben van Beurden said that despite starting a hydrogen business 20 years ago, his firm today had only had five hydrogen refuelling stations in Germany and three in California. "You need a coordinated approach to make it work. Hopefully, we can have hundreds (of stations)," he said. The head of Total Pouyanne said hydrogen was also the best way to store energy and Total was studying those opportunities. (Reporting by Dmitry Zhdannikov; Editing by Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-davos-meeting-energy-idUKKBN1512ZB'|'2017-01-18T04:13:00.000+02:00'
'aa7152903bc270c6c3e0c9d5851141618bde1e1c'|'Finance industry''s "worst case" on Brexit spurs contingency plans'|'Company News   1:00pm EST Finance industry''s "worst case" on Brexit spurs contingency plans * Lack of access to single market prompts planning * PM Theresa May to meet Wall Street bosses in Davos * Industry welcomes nod to transition arrangements By Anjuli Davies and Andrew MacAskill LONDON, Jan 17 Britain''s financial services will accelerate plans to move some business overseas after Prime Minister Theresa May said on Tuesday the country will quit the European Union''s single market. Businesses have been calling for clarity on what Britain''s relationship with Europe will be before deciding how to reshape their operations, but most major firms are now set to relocate some business to ensure they can still trade with Europe. London''s future as Europe''s financial centre is one of the biggest issues in Brexit talks because it is Britain''s largest export sector and biggest source of corporate tax revenue. "The worst case now seems to be the base case," a senior executive at one major global bank said after May''s speech, adding that contingency planning would continue apace. May will meet the heads of several big players, including Goldman Sachs and JP Morgan CEOs Lloyd Blankfein and Jamie Dimon, at the World Economic Forum in Davos for private talks on Thursday. She faces an uphill struggle to persuade them not to shift some operations given Britain''s exit from the single market almost certainly means banks will lose "passporting" rights which enable them to sell products across the EU from their European hubs in London. If finance firms in the UK lose the right to operate across Europe, 75,000 jobs may disappear and the government may lose up to 10 billion pounds in tax revenue, a report by consultancy firm Oliver Wyman warned in October. For May, leaving the EU''s single market and regaining full control of Britain''s borders were priorities. "We do not seek membership of the single market. Instead we seek the greatest possible access to it through a new, comprehensive, bold and ambitious free trade agreement," she said in Tuesday''s speech. The five largest U.S. banks employ 40,000 people in London, more than in the rest of Europe combined, although some in London fear that could all change. OVER TO EUROPE After the June 23 vote, business leaders begged for Britain to stay inside the single market, by having a Norway-style deal that would provide full access to Europe''s markets. But Britain''s finance industry has reluctantly given up on efforts to keep full access after Brexit and is pushing instead for a more limited trade deal that would potentially exclude some financial products. [ID;nL5N1F22LL] Banks have been pushing for the government to secure a transitional period in case it proves difficult to negotiate a favourable deal or if talks are protracted and go beyond the two-year time frame for divorce talks once this is triggered. May signalled for the first time that she strongly believes in a transition phase. "We believe a phased process of implementation, in which both Britain and the EU institutions and member states prepare for the new arrangements that will exist between us will be in our mutual self-interest," she said. However she gave few details on how such a transition would work or how long it would last for and lawyers advising firms in the financial sector said firms would be unwise to rely on hopes of a staggered exit period given that lack of clarity. "We have a real concern that firms may be relying on the government delivering a transitional deal that simply won''t be possible in the time that we have," Polly James, a partner at law firm Berwin Leighton Paisner, said. "We are therefore continuing to advise our financial institution clients to keep developing their contingency plans for securing post-Brexit access to the single market in financial services," she added. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-may-banks-idUSL5N1F7269'|'2017-01-18T01:00:00.000+02:00'
'df07dc4dde6b59e0b0ad6156912df4da904dc23d'|'PRESS DIGEST- British Business - Jan 19'|'Company News   8:30pm EST PRESS DIGEST- British Business - Jan 19 Jan 19 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times Four hundred jobs go as Clydesdale and Yorkshire banks cut branches by third Clydesdale Bank Plc and Yorkshire Bank are to close one third of their branches this year with the loss of 400 jobs and potential inconvenience to tens of thousands of account-holders. CYBG, the owner of both banks, said that it was cutting 79 branches, reducing its network to only 168. The cull is more radical that when first flagged in September. Then CYBG said only that it would reduce branch numbers to below 200. bit.ly/2jyRVEd The Guardian Deutsche Bank takes the axe to staff bonuses Deutsche Bank AG announced massive cuts to its annual bonus scheme on Wednesday, as it looks to absorb the impact of a record $7.2bn fine in the United States. Around 25,000 of the bank''s most senior staff will receive no individual bonus for 2016. The cuts will apply worldwide, and will affect bankers in London and New York. bit.ly/2iJpEqj EE fined 2.7 mln stg by Ofcom for overcharging customers The telecoms watchdog has slapped mobile phone giant EE with a 2.7 million pound fine for overcharging almost 40,000 customers. Ofcom accused EE of "fundamental billing mistakes" in charging mobile phone users too much when they dialled its customer service number 150 from abroad. bit.ly/2jMV2G1 The Telegraph Calls for ex-Rolls-Royce CEO to lose knighthood after firm admits bribery Labour called for the former chief executive of Rolls-Royce Holdings Plc to lose his knighthood, after the company admitted "extensive systemic bribery and corruption" during the period in which he ran the jet engines manufacturer. John Rose held the job at the Derby-based corporation, which was forced on Tuesday to admit that it was responsible for "egregious criminality over decades" between 1996 and 2011. bit.ly/2iTaUZ4 Sky News Cyber-security firm NCC ousts chairman after profit warnings The troubled cyber-security firm NCC Group Plc will announce on Thursday that one of the longest-serving chairmen of a listed UK company is stepping down following a pre-Christmas profit alert. Paul Mitchell, who has chaired NCC since 1999, is to depart in the coming months amid shareholder concerns about the company''s performance. bit.ly/2jAaCHn BP risks fresh pay row in 2017 over boss Dudley''s share award BP Plc is facing a renewed showdown with shareholders over its chief executive''s multi-million pound pay package, 12 months after an investor revolt at the company triggered a move by the Government to curb excessive boardroom remuneration. A number of big City shareholders in BP have expressed opposition to proposals by the oil giant''s board to trim the maximum sum payable to Bob Dudley under a long-term incentive plan. bit.ly/2k4LGsp HSBC and UBS issue new warnings over Brexit jobs exodus HSBC Holdings Plc and UBS Group AG have issued fresh warnings over an exodus of staff following Brexit, a day after Theresa May confirmed the UK would leave the single market. The remarks by the two global banks at the World Economic Forum in Davos suggested each could move 1,000 workers out of London, echoing warnings from the sector before last June''s vote. bit.ly/2jaypul The Independent Sadiq Khan expected to attack Theresa May''s hard Brexit plans at World Economic Forum The Mayor of London, Sadiq Khan, will use a planned speech at the World Economic Forum in Davos to warn that a ''hard Brexit would be a lose-lose situation''. ind.pn/2iRbeHZ UK post-Brexit trade deal with India threatened by Theresa May''s visa crackdown One of Britain''s most important post-Brexit trade partnerships could be at risk due to Theresa May''s refusal to reform visa restrictions for Indian citizens. The Prime Minister has insisted leaving the EU would allow Britain to find other partners abroad and India, the world''s fastest growing major economy, was the first country she visited, accompanied by a large business delegation, outside Europe after the referendum. ind.pn/2iRHXNh (Compiled by Rama Venkat Raman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL1N1F902H'|'2017-01-19T08:30:00.000+02:00'
'2eae3a199b662d6c4fb2633904702a90b28e408c'|'Barclays CEO says bulk of activity to stay in London after Brexit - BBC'|' 14am GMT Barclays CEO says bulk of activity to stay in London after Brexit - BBC A Barclays bank office is seen at Canary Wharf in London, Britain, May 19, 2015. REUTERS/Suzanne Plunkett/File Photo LONDON Barclays will keep the bulk of its activities in Britain after the UK leaves the European Union, its chief executive said on Thursday, saying that any changes to how the bank operates will be small and manageable. "We may have to move certain activities, we may have to change the legal structure that we use to operate in Europe, but I think it''s going to be at the margin and will be manageable," Jes Staley told BBC Radio in an interview in Davos, Switzerland. "The bulk of what we do will continue to occur in London." (Reporting by Alistair Smout; Editing by Louise Ireland) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-barclays-idUKKBN15310V'|'2017-01-19T16:14:00.000+02:00'
'd5fe4b03593c65548e291c521410e0df021014da'|'UPDATE 1-France''s Macron to field candidates in all parliamentary constituencies'|'Industrials   6:16am EST UPDATE 1-France''s Macron to field candidates in all parliamentary constituencies (Adds quotes, details) PARIS Jan 19 Independent French presidential candidate Emmanuel Macron said on Thursday he would field candidates in all constituencies in June parliamentary elections and would welcome individual candidates from other parties. Macron, a centrist whose rise in opinion polls is worrying leftwing and rightwing candidates in the presidential race, said he would launch a call for applications online for all those who would like to run in the parliamentary election under the colours of his En Marche (Forward) party. The election in the lower house of parliament will come on the heels of the April and May presidential election. "En Marche will field 577 candidates," the 39-year old ex-economy minister told a news conference. "En Marche is there to welcome the candidacies of committed citizens. They can be Socialists, radicals, Ecologists, centrists or Republicans, as long as they agree with our platform," he said, referring to France''s main leftwing, centre and conservative parties. He added, however, that while he would welcome candidates from other parties, he would strike no deal with the parties themselves. Macron, a former adviser and economy minister for Socialist President Francois Hollande, declared himself year a candidate for the April and May presidential elections late last year. While there are no polls yet for the parliamentary elections, he is well ahead of Hollande''s Socialists in opinion polls for the presidential ballot, triggering speculation that he will win sizeable backing from Socialist lawmakers. (Reporting by Michel Rose; Writing by Ingrid Melander; Editing by Richard Balmforth) Next In Industrials UPDATE 1-New Vale pact seeks dispersed share ownership in six years -sources SAO PAULO, Jan 19 Leading shareholders of Vale SA are close to endorsing a plan to turn the world''s No. 1 iron ore producer into a company with dispersed share ownership within six years, two people familiar with the talks said.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/france-election-macron-idUSL5N1F931P'|'2017-01-19T18:16:00.000+02:00'
'514dae0451b9f43e4c0528986c3570e60a6658a4'|'Britain warns EU: we''ll find ways to compete if no trade deal - Reuters'|'By Stephen Adler and Elizabeth Piper - DAVOS, Switzerland DAVOS, Switzerland British finance minister Philip Hammond warned the European Union on Thursday that Britain would find other ways to remain competitive after Brexit if it did not strike a comprehensive trading deal with the bloc.At the World Economic Forum in Davos, Switzerland, he stuck closely to the government''s message that it wants to explore ways with the EU to ensure that decades of close ties are not broken - saying with goodwill, anything was possible.But Hammond, who is keen to show Davos that Britain is "open for business", said while the government did not want to leave the economic mainstream and trigger a race to the bottom on tax, the decision was "not entirely in our gift"."We have to remain competitive. The best way to do that is to have a comprehensive trading relationship with the European Union, our closest neighbours," the finance minister, known as the Chancellor, told Reuters."But if we can''t achieve that then we will have to find other ways to maintain our competitiveness, because our first obligation of government is to make sure that our people are able to maintain their standard of living."Hammond later said that this was not a threat, but German Finance Minister Wolfgang Schaeuble said Britain should not try to gain competitive advantage by cutting corporate tax rates after the G20 leading economies agreed not to do so in 2015.Recalling a pledge by Prime Minister Theresa May to make Britain a global player post-Brexit, Schaeuble said: "A truly global economy has to stick to what''s been agreed globally."FAR APARTBritain and the EU have stuck fast to their opening gambits as May prepares to trigger some of the most complicated talks since World War Two by the end of March.The prime minister said in a speech this week that Britain would quit the EU single market when it leaves the European Union.She threatened to withdraw the bloc without any agreement with Brussels in place, unless she failed to win a good deal, in what aides say was a speech aimed at a domestic audience.British officials however now hope to reassure businesses in Davos that there will be prospect of falling off a "cliff edge" into uncertain trading conditions.On Wednesday, two of the world''s biggest banks, UBS and HSBC, said they could each move about 1,000 jobs out of London to prepare for Brexit disruption.In her speech on Tuesday, May did offer some comfort to those who want to see Britain retain close ties with the EU, saying that she is aiming to secure an agreement that "may take in elements of current single market arrangements in certain areas" and to have a customs agreement with the EU.''WELCOMING SOCIETY''Asked how such an arrangement could work, Hammond said Britain wanted to explore options to find ways in which businesses - including the financial industry, which fears losing the right to sell their services in the bloc - could trade freely."Obviously we can''t be in the full customs union because the restrictions that implies goes beyond the political imperatives from a UK point of view," said Hammond, who had campaigned to stay in the EU ahead of the Brexit referendum in June last year."But we have a lot of reasons on both sides of this discussion to want to try and maintain the most frictionless border system possible," he said, pointing to fresh produce imports every day, which neither side would want to disrupt.And he said Britain would always be an attractive investment destination because of "the high level of confidence in our institutions".British economic growth would slow this year, but the government did not expect to have to borrow more to keep the economy afloat, said Hammond, adding that Britain was still a haven for foreign talent and entrepreneurs."We want to go on being that kind of open, welcoming society which people choose as a venue to do their business," he said.(Additional reporting by Alessandra Galloni and Sujata Rao; Writing by Elizabeth Piper; Editing by Larry King and Pravin Char)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-eu-hammond-idINKBN153256'|'2017-01-19T11:13:00.000+02:00'
'1fba9325245306ce495c3880dd89fc6c4b1c39ee'|'PM May urges firms to end short-term thinking, show global leadership'|'Business News - Thu Jan 19, 2017 - 10:01am GMT PM May urges firms to end short-term thinking, show global leadership Britain''s Prime Minister Theresa May attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich DAVOS, Switzerland Multinational businesses must avoid short-term thinking and show leadership to help restore faith in globalisation among citizens who feel left behind by the pace of economic change, British Prime Minister Theresa May said on Thursday. May said businesses must put aside short-term considerations and invest in people and communities for the long term. "We must heed the underlying feeling that there are some companies, particularly those with a global reach who are playing by a different set of rules to ordinary working people," she told business leaders at the World Economic Forum, a gathering of business and political elites in the Swiss Alps. "So it is essential for business to demonstrate leadership, to show that in this globalised world everyone is playing by the same rules." (Reporting by Elizabeth Piper and Noah Barkin, writing by William James, editing by Kylie MacLellan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-may-businesses-idUKKBN15316S'|'2017-01-19T17:01:00.000+02:00'
'1c96948803cbb241f3e4095b19b04977c5d7a271'|'Shares turn higher after Draghi comments, led by banks. For more see the European equities LiveMarkets blog'|'Financials   9:45am EST Shares turn higher after Draghi comments, led by banks. For more see the European equities LiveMarkets blog MILAN Jan 19 Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: ** STOXX 600 up 0.2 pct, turning positive after ECB chief Draghi comments ** ECB keeps rates, asset-buying plan unchanged as expected ** Banks, retail stocks lead sectoral gainers ** LVMH hits record high on upbeat CS note as luxury stocks rise ** Zodiac still top gainer, up over 20 pct after Safran bid ** Healthcare, energy biggest sectoral weights Next In Financials Fitch: US Corporate Share Buybacks Ongoing Risk for Bondholders (The following statement was released by the rating agency) Link to Fitch Ratings'' Report: U.S. Corporate Share Buybacks an Ongoing Risk for Bondholders https://www.fitchratings.com/site/re/893120 CHICAGO/NEW YORK, January 19 (Fitch) Share buybacks continue to be a risk for bondholders of US companies, according to Fitch Ratings. Stock buybacks will continue to act as a constraining factor on credit quality and may cause ratings or outlook downgrades in some cases, though most will be done i'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1F95DT'|'2017-01-19T21:45:00.000+02:00'
'96eadb1af99e932da0118b6b500cae88ca57ba2d'|'P&G boosts sales forecast on China recovery'|'P&G boosts full-year sales forecast on China recovery Consumer goods group capitalises on demand for premium nappies Read next by: Lindsay Whipp in Chicago Procter & Gamble has raised its full-year sales guidance , as a strategy change in China in its Pampers business paid off, and demand at home in the US and in Latin America increased. The world’s largest consumer goods company by market capitalisation now expects organic sales, which exclude the negative impact of currency moves and divestitures, to increase between 2 and 3 per cent for the fiscal year to June 2017, up from an earlier forecast of 2 per cent. P&G also said on Friday that it was still expecting core earnings per share growth of “mid-single digits”. Shares were up 3.6 per cent at $87.75 in mid-morning trading in New York. P&G has been revamping its Pampers business in China. It had underestimated demand for higher-end nappies and was losing share to Japanese rivals just as the economy there began to slow. Now that it has premium products in place and is making an ecommerce push, the sales decline is reversing. In its most recent quarter to the end of December, Chinese organic sales rose 3 per cent year on year, up from 2.5 per cent in the quarter ending September, having declined as much as 8 per cent in the quarter that ended June 2016. However, competition is stiff, and this has led to discounting in the market. P&G did not break out its profit or margins by country. Jon Moeller, chief financial officer, said he was confident about the outlook for China. He cited the increasing propensity of consumers to choose higher-end products, the shift away from the one-child policy and the move towards a consumer-based economy from a manufacturing one. He said that he was not expecting the protectionist rhetoric that has characterised remarks on international trade from new president Donald Trump to hurt the positive outlook for P&G. “It’s hard to believe that those positives would be overcome in any significant way by US policy objectives. We’ll have to see, of course,” Mr Moeller said. Mr Trump has threatened to impose tariffs on imports to the US. Mr Moeller said that P&G’s net imports into the US stood at about 5 per cent of its products. Group-wide sales were $16.9bn in the quarter ending December, unchanged from the same period a year earlier, the company said. That beat analysts’ forecasts for sales of $16.8bn. Organic sales rose 2 per cent. Earnings per share for the quarter surged 157 per cent to $2.88 a share because of a one-time gain from the divestiture of dozens of P&G brands to rival Coty. Excluding that gain and the effect of the strong dollar, core EPS increased 4 per cent to $1.08, slightly higher than consensus analyst estimates of $1.06. The company said that organic sales growth had increased by “high single digits” in Brazil, where investments into its Pantene haircare brand had been paying off. Mr Moeller warned, however, that the Russian market remained volatile, pushing sales down “low single digits”. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/retail-consumer'|'https://www.ft.com/content/f8a9073c-df16-11e6-86ac-f253db7791c6'|'2017-01-21T00:55:00.000+02:00'
'eeae8712b23e62ee96e155805343ce4da99448cf'|'Samsung to unveil Galaxy Note 7 investigation'|'Galaxy Note 7: Samsung set to reveal what made the phones explode by Sherisse Pham @Sherisse January 20, 2017: 5:25 AM ET The Samsung Galaxy Note 7 debacle: A timeline Samsung is finally ready to answer the burning question of what caused its Galaxy Note 7 phone to catch fire. The world''s biggest selling smartphone maker will hold an event Monday (late Sunday in the U.S.) to reveal the results of a months-long investigation into why some Note 7 devices burst into flames while charging. It''s the giant South Korean company''s second attempt at explaining what went wrong with the flagship phone. The first time around, Samsung ( SSNLF ) blamed the problem on one of its battery suppliers, but its response failed to stop the reports of fires. "They really have to get it right this time given how their initial assessment turned out to be embarrassingly wrong," said Bryan Ma, vice president of device research at IDC. Samsung distributes flame-proof boxes for Note 7 recall The event, which will be live streamed on Samsung''s website , will be closely watched by investors and devoted Samsung users. The company said that independent experts who carried out their own investigations will also present their findings on Monday. Related: Note 7 crisis wipes out almost all of Samsung''s mobile profits Problems with the Note 7 emerged right after its launch in August, with several reports of phones catching fire. Airlines and aviation authorities started warning passengers not to use or charge the devices on planes. Samsung stumbled in its early response to the crisis, issuing a massive worldwide recall and offering replacements that it said were safe. But then reports started coming in that the replacement phones were catching fire, too. Samsung loyalists refuse to return Galaxy Note 7s The company finally killed off the troubled device altogether in early October. In an effort to avoid further damage to its image after the humiliating fiasco, Samsung said it will discuss on Monday the new measures it''s taking to make sure there''s no repeat of the Note 7 debacle. Related: These big companies had a terrible 2016 But the smartphone maker still has a long way to go before it fully restores confidence among customers, experts say. "They have to reestablish credibility and trust," said Ma. "I also hope that they put a more human touch on the messaging this time to show consumers that they really care." Biggest corporate fails of 2016 in 60 seconds The handling of the Note 7 recall rubbed many consumers the wrong way, even in South Korea, the so-called "Republic of Samsung." Hundreds of South Koreans filed a lawsuit against Samsung seeking compensation for the "psychological shock" of carrying around a device that could catch fire at any moment. The crisis burned through the company''s smartphone profits in the third quarter of 2016. And it found itself the butt of jokes on social media. The Note 7 isn''t the company''s only recent headache. Vice Chairman Lee Jae-yong is a suspect in an investigation into a huge political corruption scandal that has rocked South Korea. Lee and Samsung have denied any wrongdoing. Monday''s Note 7 event should help bring at least one of Samsung''s prolonged public relations nightmares to an end. -- Jethro Mullen contributed to this report. CNNMoney (Hong Kong) First published January 20, 2017: 5:25 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/20/technology/samsung-galaxy-note-7-what-went-wrong/index.html'|'2017-01-20T17:43:00.000+02:00'
'f31929462ef0556fc1fb6c98d3fc771b03ae77f5'|'Canon considering investment in Toshiba''s chip business: Kyodo'|'TOKYO Japan''s Canon Inc ( 7751.T ) is considering investing in Toshiba Corp''s ( 6502.T ) chip business, Kyodo news agency reported on Friday.The report, which did not cite any sources, comes as Toshiba begins preparations to sell a minority stake in its core chip business, aiming to raise funds ahead of an upcoming multi-billion dollar writedown.A representative for Canon was not immediately available for comment.A Toshiba spokesman said the company may split off its memory chip business and sell a stake but it cannot comment on the specifics of the process.(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-canon-idINKBN15410L'|'2017-01-20T06:22:00.000+02:00'
'2edd65f59de556960cda1db00dc4b2a97d7497ff'|'Davos 2017: business leaders need to stop navel gazing and act responsibly - Guardian Sustainable Business'|'I was excited when this year’s major theme for Davos was announced as Responsive and Responsible Leadership. I expected to see many sessions focused on how the world’s business leaders could take ownership of solving the myriad of global challenges within their power.Reading (and now reviewing) many of the sessions, my smile has faded as I observed that although the World Economic Forum is clearly telling the world we need an inclusive approach to economic growth, there is the same old navel-gazing whereby the majority of business leaders seem to believe it is up to governments to implement policies that influence market forces so their corporations can gain. Very little attention has been paid to how business leaders themselves can make their companies more inclusive, while retaining strong profitability.It was pointed out by World Economic Forum that fewer than 10% of the world’s public companies account for 80% of all profits . These corporations are bigger than governments and affect the lives of millions of people, yet they call upon governments, not themselves, to make the markets more inclusive. Can democracy survive the fourth industrial revolution? Should it? Read more If 2017 is going to be the year that truly turns the market around to self-reflection, multi-sector collaboration and action is needed by the corporate sector. I mean true reflection where a business looks at its own supply chain, its own board of directors, its own product offerings and considers how it, as a global citizen, can make an impact that benefits all of society. A corporate should not be pushing “Here’s my 10 commandments for making the world a better place and markets less risky for me” onto world leaders without looking first at themselves.Call it shared value or inclusive business, it does not matter. What matters is we need leadership and for businesses to truly change their modus operandi if we are to tackle the key issues highlighted in this year’s Global Risk Report. Business leaders should ask themselves how their own company can do business with economically marginalised communities in a way that is mutually empowering. Economic inequality, societal polarisation and environmental dangers are top trends that will shape global development in the next 10 years. Dr Martin Luther King once said: “We are now faced with the fact that tomorrow is today. We are confronted with the fierce urgency of now. In this unfolding conundrum of life and history, there is such a thing as being too late. This is a time for vigorous and positive action.” Today, and at Davos , this has never been more true.We need leadership from all the major business leaders, particularly from Australian companies, who are lagging behind their overseas counterparts. We cannot keep holding up Paul Polman, the chief executive of Unilever, to be the only true champion in this space. This is a leader who challenges the status quo and is not only talking about responsibility, but acting on it. This is not just corporate social responsibility or volunteering, but addressing where a businesses value chain intercedes with society and can have a positive impact. Who in Australia represents this type of leadership? I say no one. We can’t continue to say this is the way it has always been done, because in an increasingly globalised world, those that adapt are more inclusive and transparent and are going to lead. I take encouragement from the industry leadership of Peter Botten, managing director of Oil Search who has a profound commitment to the development of the people in the highlands of Papua New Guinea. In many ways, he has dedicated his life to their betterment, well above and beyond what would be expected of an oil and gas ceo. Peter has a profound understanding that such a commitment to community is the only way to protect the long term interests of his company in Papua New Guinea. There is tremendous potential for industry peers to step up in how they manage their investments in the developing world, thereby ensuring a transformative positive legacy that lasts well beyond the life of their operations.Neither Trump nor Turnbull can turn back the tide on renewables Read more And I am very excited by the work of Peter Johnson and his team at Cotton On ,who have committed to partnering with poor Kenyan farmers to secure a sustainable supply of ethical cotton while enabling the communities to exit poverty. There is vast potential for industry peers to follow the path of Cotton On. Once companies look into their supply chain and investigate how they might be more inclusive of the economically marginalised, great things can happen. Olam, for example, a Singapore-based agricultural trading company has four million smallholder farmers in its supply chain. Under the leadership of Sunny Verghese , Olam has formed the Global Agri-business Alliance which aims to empower smallholder farmers to permanently exit poverty. This gives me great hope. But we need many more business leaders, especially in Australia, to stand up.Corporations are crying foul when the public distrusts them, and they are edging closer to the same levels of mistrust enjoyed by governments. Perhaps if corporations would think less about what’s in it for them and more about what’s in it for everyone, and act accordingly, they might regain the trust of the public. Unfortunately, even after the introspection caused by the global financial crisis, corporations in general remain trapped in short-term financial performance cycles and have not yet made the transition to a focus on long-term sustainable and inclusive growth. If companies can make this transition, the sustainable development goals become imminently achievable because we will have harnessed the greatest force on earth for prosperity and inclusivity – the market.Otherwise, I am afraid, we are going down the same well-travelled road.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/sustainable-business/2017/jan/20/davos-2017-business-leaders-need-to-stop-navel-gazing-and-act-responsibly-mark-ingram'|'2017-01-20T02:00:00.000+02:00'
'd7e2942fb3cca1e916575509c99ee340c9752fdb'|'Total readies drills in Cyprus, Egypt in regional growth push'|'Business News - Thu Jan 19, 2017 - 2:23pm GMT Total readies drills in Cyprus, Egypt in regional growth push A logo for oil giant Total is seen at a petrol station in London, Britain, February 12, 2008. REUTERS/Stephen Hird/File Photo By Bate Felix - PARIS PARIS France''s Total ( TOTF.PA ) is preparing to drill for gas off Cyprus, close to ENI''s huge Zohr discovery off the Egyptian coast which in 2015 renewed interest among oil majors for exploration in the Mediterranean. Cyprus awarded ENI, Total and ExxonMobil ( XOM.N ) exploration licences near the Zohr field in December, while neighbouring Lebanon plans to restart its delayed oil and gas licensing round in the region. "Obviously the Zohr discovery has changed the landscape," Stephane Michel, who took over as Total''s President for Exploration and Production in the Middle East and North Africa (MENA) region in 2014, told Reuters on Thursday. "It is clear that the decision to drill block 11 was taken on the basis of the Zohr discovery," Michel said, adding that preparations were in the final stages but there was no date yet when drilling would begin. Block 11 shares a boundary in the south with Zohr, and IHS Markit analysts said that Total''s well will be "one of the most critical wells drilled globally in 2017". IHS said ENI has drilled five wells in Zohr. Total, which has not made a major oil discovery in several years despite pouring about $10 billion in its "high-risk, high-reward" strategy launched in 2011, will also drill a well onshore in Egypt this year. Drilling in block 2 in onshore Egypt, a 50/50 partnership with BP ( BP.L ), will start as soon as a rig currently being used by BP on another block is available, Michel said. For the rest of the Middle East, Total will rely on forming partnerships through discovered resources opportunities (DRO) to continue to have access to reserves as it has done in Abu Dhabi with the ADCO deal in 2015, or the Al Shaheen deal in Qatar and South Pars in Iran in 2016. Total''s oil and gas production for the region will grow in 2017, Michel said, as it prepares to take over operations in Al Shaheen in July, and as Libyan fields return to work. The French company won a 30 percent stake in a new 25-year contract to operate Qatar''s largest offshore oilfield in June and plans to invest about $2 billion developing it. In Libya where it is not a direct operator, political signals are mixed, while a restart in the oil and gas sector remains fragile, Michel said. "It will be some months before we can say we are out of the crisis. But we are glad to see Al Sharara back and we trust the restart is a sustainable one." (Editing by Andrew Callus and Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-total-exploration-interview-idUKKBN15325N'|'2017-01-19T21:23:00.000+02:00'
'ae6220f99a7c009d310cdc943ad09c2e7643dedd'|'Luxottica''s Del Vecchio says listing in both Italy and France still an option: report'|'The group created by the merger of Italy''s Luxottica ( LUX.MI ) and France''s Essilor ( ESSI.PA ) will consider a listing in both Italy and France, as well as the United States, Luxottica founder Leonardo del Vecchio was Quote: d as saying on Tuesday.The companies agreed on Monday a 46 billion euro ($49 billion) merger to create a global eyewear powerhouse with annual revenue of more than 15 billion euros. They said the combined business would be listed in Paris."The double listing is an option on the table which we will evaluate in the next days, and so will the listing on the U.S. market," said Del Vecchio in an interview with Italian newspaper Corriere della Sera.The all-share deal is aimed at helping the two businesses take full advantage of expected strong demand for prescription spectacles and sunglasses, in a market worth 95 billion euros.It also removes - for the time being - uncertainty over succession at Luxottica, which has lost three CEOs since 2014 because of divergences with Del Vecchio.Del Vecchio rejected the idea that Luxottica was being sold off to the French and said that although his family investment company would dilute its position it would remain the biggest shareholder in EssilorLuxottica."The Luxottica world will always firmly remain Italian, with its head in Milan and its heart in the Belluno mountains," Del Vecchio said, referring to the manufacturer''s base in the mountain town of Agordo.Through holding Delfin, the 81-year-old tycoon will be the biggest shareholder of the combined group, with a stake of between 31 percent and 38 percent.Del Vecchio, who returned to the helm of his company two years ago, will be the CEO and executive chairman of the merged group.Despite his hands-on-role in Luxottica, he said that "as soon as I will realize that my presence is not essential I will leave any executive position in the group."He added past organizational changes in Luxottica, much criticized by the market, were "essential to have a stronger and more modern company capable of facing (the merger)".($1 = 0.9387 euros)(Reporting by Milan newsroom; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-luxottica-essilor-m-a-idINKBN1510P6'|'2017-01-17T05:02:00.000+02:00'
'716524a3175577b85656f2238a11a3f6af2aa3f7'|'Britain needs ''all-encompassing'' free trade deal with EU, says CBI'|'  4:58pm GMT Britain needs ''all-encompassing'' free trade deal with EU, says CBI Carolyn Fairbairn, director-general of the The Confederation of British Industry (CBI) attends the Confederation of British Industry''s annual conference in London, Britain November 21, 2016. REUTERS/Stefan Wermuth DAVOS, Switzerland Britain must do everything it can to agree an all-encompassing free trade arrangement with the EU in its Brexit negotiations and make sure the country does not fall back on WTO rules, the head of the Confederation of British Industry said on Tuesday. Carolyn Fairbairn, director general of the CBI, told Reuters she welcomed the clarity on Brexit offered by   May in a speech earlier on Tuesday but warned it was a "very major step" to leave the EU''s single market. "It is very important now that we go into these negotiations aiming for an all encompassing free trade arrangement and do whatever can be done to head off the risk of falling back into WTO regulations," she said. She said it was important to understand the needs of the different parts of the British economy, but May should take a "whole-economy approach" rather than giving priority to certain sectors in the negotiations. "If any sector is left behind the knock-on effect for other sectors of the economy is very serious, so we would favour a whole economy approach to the negotiations," she said. (Reporting by Elizabeth Piper, Editing by Kylie MacLellan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-business-idUKKBN1512H0'|'2017-01-17T23:58:00.000+02:00'
'e76c99cb8596b5027537f547a7bc60ca53e77bc2'|'PM May indicates Britain will seek "hard Brexit" in EU talks'|'Market News  21am EST PM May indicates Britain will seek "hard Brexit" in EU talks * UK PM May to unveil Brexit plans at 1145 GMT * May to say UK to seek no partial membership of EU * Sterling falls over fears of ''hard Brexit'' By Kylie MacLellan and William James LONDON, Jan 17 Britain will not seek a Brexit deal that leaves it "half in, half out" of the EU, Prime Minister Theresa May will say on Tuesday in a speech setting out her priorities for divorce talks which indicates she is prepared to leave the single market. Sterling, which has traded at the lowest levels against the U.S. dollar for more than three decades, fell to near three-month lows and stocks were mostly weaker as investors feared May would spell out plans for a "hard Brexit". "We seek a new and equal partnership, between an independent, self-governing, global Britain and our friends and allies in the EU," May will say, according to advance extracts released by her office. "Not partial membership of the European Union, associate membership of the European Union, or anything that leaves us half-in, half-out. We do not seek to adopt a model already enjoyed by other countries. We do not seek to hold on to bits of membership as we leave." Her 12 objectives for upcoming exit talks from the European Union will include ditching preferential access to the single market and quitting the European Court of Justice in return for full control of Britain''s borders, several newspapers reported. More than six months after Britons voted to leave the EU, May has come under fire from investors, businesses and lawmakers for revealing little about the future relationship she will seek when she begins formal divorce talks by the end of March. She is due to set out more detail on her plans at 1145 GMT on Tuesday in a speech to an audience including foreign diplomats and Britain''s own Brexit negotiating team. "NEW FREE BRITAIN" The extracts from her speech did not set out explicit details of the future trading relationship she wants to have with the EU or what her 12 priorities would be, but British newspapers, most of which backed Brexit, said it would delight those who supported leaving the bloc. "Theresa''s New Free Britain", the Daily Mail said on its front page while The Sun, Britain''s biggest-selling tabloid, called it "Great Brexpectations". Media reported May would be less explicit on her plans for the customs union, but that her emphasis on building new trade relationships would make clear Britain could be no longer a member of the single market in the way it is now. The EU would be likely to insist on freedom of movement for EU citizens in return for full access to the single market, while many of those who voted for Brexit did so precisely in order to be able to restrict immigration. The Times newspaper said May would acknowledge for the first time that transitional deals would be needed to avoid a Brexit ''cliff edge'' for businesses after Britain leaves the economic bloc that accounts for roughly half of its exports and imports. May will say she wants Britain to be a "magnet for international talent", and a "great, global trading nation" that reaches beyond Europe to build relationships with other countries around the world. She will also say that it is in Britain''s national interest for the EU to succeed. "We will continue to be reliable partners, willing allies and close friends. We want to buy your goods, sell you ours, trade with you as freely as possible, and work with one another to make sure we are all safer, more secure and more prosperous through continued friendship," she will say. (Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-eu-may-idUSL5N1F7255'|'2017-01-17T16:21:00.000+02:00'
'd1199688ddad1c3d83cd7a6c64ebb727fce34414'|'TABLE-Indonesia sells 20.35 trillion rupiah bonds at auction, above target'|'Financials   3:54am EST TABLE-Indonesia sells 20.35 trillion rupiah bonds at auction, above target JAKARTA, Jan 17 Indonesia''s finance ministry sold 20.35 trillion rupiah ($1.52 billion) of bonds at an auction on Tuesday, above the indicative target of 15 trillion rupiah. Total incoming bids were 53.69 trillion rupiah, higher than the 36.90 trillion rupiah received in the previous auction on Jan. 3. The highest bid-to-cover ratio was 4.08 for the T-bills maturing in April 2017. Following are results of the auction. Bids are in trillions of rupiah, yields are in percent. T-bills T-bills Bonds Bonds Bonds maturing maturing maturing maturing maturing Apr 2017 Jan 2018 May 2027 Aug 2032 May 2036 <IDFR005 <IDFR0074= <IDFR007 9=>> 2=> Incoming 20.380 17.205 8.5667 3.666 3.8765 bids (trln rph) Winning 5.000 5.000 5.600 2.600 2.150 bids (trln rph) - 3.000 4.000 3.920 1.930 1.505 Competitiv e bids (trln rph) - Non 2.000 1.000 1.680 0.670 0.645 competitiv e bids (trln rph) Lowest 5. 5.90000 7.44000 7.68000 7.97000 yield (pct) Highest 6. 6.90000 7.80000 8. 8.50000 yield (pct) Weighted 5.11417 5.99025 7.50995 7.79936 8.00985 avg yield Bid-to-cov 4.08 3.44 1.53 1.41 1.80 er ratio NOTE: The highest and lowest yields refer to incoming bids, not bids absorbed by the ministry. ($1 = 13,345 rupiah) (Compiled by Nilufar Rizki in Jakarta; Editing by Sunil Nair) Next In Financials PM May indicates Britain will seek "hard Brexit" in EU talks LONDON, Jan 17 Britain will not seek a Brexit deal that leaves it "half in, half out" of the EU, Prime Minister Theresa May will say on Tuesday in a speech setting out her priorities for divorce talks which indicates she is prepared to leave the single market.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/indonesia-economy-debt-idUSL4N1F72ZM'|'2017-01-17T15:54:00.000+02:00'
'694798ba606a552782dbfea8a86b017ea81acffd'|'General Motors says to invest additional $1 billion in U.S.'|' 25pm GMT General Motors says to invest additional $1 billion in U.S. The GM logo is seen at the General Motors Lansing Grand River Assembly Plant in Lansing, Michigan October 26, 2015. REUTERS/Rebecca Cook By David Shepardson - WASHINGTON WASHINGTON General Motors Co ( GM.N ) on Tuesday confirmed it will invest an additional $1 billion (807.82 million pounds) in its U.S. factories in 2017 and will move some parts production from Mexico to the United States that was previously handled by a supplier. The investments are in addition to the $2.9 billion the automaker announced last year, GM said. ( bit.ly/2iJ9xw0 ) GM and other automakers have been sharply criticized by Republican U.S. President-elect Donald Trump for building vehicles in Mexico that are imported into the United States. Trump will be sworn in on Friday. GM said the $1 billion investment will create or retain 1,500 jobs. The Detroit automaker said details of individual projects will be announced throughout the year. "Thank you to General Motors and Walmart for starting the big jobs push back into the U.S.," Trump tweeted, referring as well to Wal-Mart Stores Inc''s ( WMT.N ) announcement that it will hire 10,000 U.S. workers in 2017 as part of a plan previously announced by the discount retailer. GM also said it will begin work on bringing axle production for its next generation of full-size pickup trucks, including work previously done in Mexico, to operations in Michigan, creating 450 U.S. jobs. The part was previously built by American Axle & Manufacturing Holdings Inc ( AXL.N ). American Axle did not immediately respond to a request for comment. GM spokeswoman Joanne Krell said the automaker planned to add 7,000 new U.S. jobs over the next two to three years. Krell said the decisions being announced "had been in the works for some time" but she added "the timing was good for us to share what we are doing." The 7,000 figure includes the 450 jobs on axle production, 1,500 jobs tied to the $1 billion announcement and more than 5,000 new jobs tied to engineering, GM Financial and advanced technology. GM in 2014 announced it was investing $5 billion in Mexico and doubling production capacity by 2018. GM said last week it had no plans to cancel Mexican investments despite Trump pressure. GM said it had added about 6,000 U.S. jobs, consisting of 4,000 hourly and 2,000 salaried positions, since the end of 2015 for a total American workforce of 103,000. Since GM''s bankruptcy restructuring in 2009, when it had 77,000 U.S. employees, it has added more than 25,000 jobs as it boosted production, acquired an auto finance company and brought information technology work in house. The United Auto Workers union said GM''s new investments "have emerged as a result of the 2015" contract with the union. GM shares slightly rose in midday trading, up 0.6 percent, or $0.23 per share, to $37.57. ''BIG STUFF'' Trump, who made bringing back manufacturing to the United States a large part of his successful election campaign, has been touting recent automaker investments in the United States. "With all of the jobs I am bringing back into the U.S. (even before taking office), with all of the new auto plants coming back into our country and with the massive cost reductions I have negotiated on military purchases and more, I believe the people are seeing "big stuff," Trump said in a pair of tweets. Trump has been inaccurate in describing some U.S. auto investments, wrongly saying last week that Fiat Chrysler ( FCAU.N ) ( FCHA.MI ) was planning to build a new factory in the United States. The company announced it is investing $1 billion in two existing plants, adding 2,000 jobs. On Jan. 3, Trump threatened to impose a "big border tax" on GM for making some of its Chevrolet Cruze compacts in Mexico - and he has extended that threat to German automakers like BMW AG ( BMWG.DE ) and Toyota Motor Corp ( 7203.T ) over building vehicles abroad. Separately, Hyundai Motor Group said Tuesday in South Korea that it plans to boost U.S. investment by 50 percent to $3.1 billion over five years and may build a new plant in the United States. Hyundai Motor Co ( 005380.KS ) and Kia Motors Corp ( 000270.KS ), which make up the Hyundai Motor Group, have not been directly criticized by Trump but they may have felt vulnerable because among major brands, they have one of the lowest ratios of cars built in the United States to cars sold. GM also said an unnamed supplier has committed to make components for GM’s next-generation full-size pickup trucks in Michigan, moving 100 supplier jobs from Mexico to the United States. But even as GM invests in U.S. plants, it has also been making job cuts. In recent months, the company announced plans to lay off about 3,300 employees at three factories. It said in November it would cut about 2,000 jobs when it ends the third shift at its Lordstown, Ohio, and Lansing, Michigan, plants in January. Last month, it said it planned to cancel the second shift and cut nearly 1,300 jobs from its Detroit-Hamtramck assembly plant in March. GM''s "general plan is to build where we sell, and we''re focussed on what we''re doing in the United States," Chief Executive Mary Barra said in an interview with Reuters on Monday. Barra, who said she planned to attend Trump''s inauguration, said GM wants to work with him, adding, "I do believe we have more in common than we have areas that we aren''t aligned." (Reporting by David Shepardson in Washington and Ankit Ajmera in Bengaluru; Editing by Frances Kerry and Jonathan Oatis)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gm-jobs-trump-idUKKBN151077'|'2017-01-18T01:25:00.000+02:00'
'034134991b5f606c868b8c44dd327e0f8a06ad5b'|'Oil majors, car makers to push hydrogen technology to help cut emissions'|'Commodities - Tue Jan 17, 2017 - 4:05pm EST Oil majors, car makers to push hydrogen technology to help cut emissions left right Ben van Beurden, chief executive officer of Royal Dutch Shell, speaks during a news conference in Rio de Janeiro, Brazil, February 15, 2016. REUTERS/Sergio Moraes 1/2 left right Total Chief Executive Officer Patrick Pouyanne attends an economic forum in Paris, France, December 1, 2016. REUTERS/Jacky Naegelen 2/2 DAVOS, Switzerland The heads of some of the world''s biggest oil firms and automakers agreed on Tuesday to push for broader global use and bigger investments in using hydrogen to help reduce emissions and arrest global warming. The oil firms'' and car makers'' chiefs said the plan was part of global efforts to keep global warming well below 2 degrees Celsius, an ambitious goal agreed by 195 countries in Paris in 2015. "In this context, we are convinced that the unique contribution that hydrogen solutions offer needs to be strongly reaffirmed now," the participants, including the chiefs of oil firms Total ( TOTF.PA ) and Royal Dutch Shell ( RDSa.L ), Patrick Pouyanne and Ben van Beurden, said in a statement. The declaration was also signed by the CEOs of car makers BMW, Daimler, Honda, Hyundai, Kawasaki and Toyota as well as miner Anglo American and energy and engineering firms Engie, Linde and Air Liquide. Hydrogen does not release any CO2 at the point of use and its technologies and products have progressed significantly, the firms said in a statement. They aim to accelerate investment in developing and commercializing the hydrogen sector, currently amounting to just 1.4 billion euros a year - compared with the hundreds of billions of dollars invested annually by the oil sector. "We need governments to back hydrogen with actions of their own - for example through large scale infrastructure investment schemes," the statement quoted the head of Air Liquide Benoit Potier as saying. "We are not trying to bring hydrogen only to cars or trains. We are trying to bring a systemic approach. Hydrogen can generate power, produce heat and it is close to the chemical industry. And it is the most abundant element in the universe," Potier told a news conference. The head of oil major Shell Ben van Beurden said that despite starting a hydrogen business 20 years ago, his firm today had only had five hydrogen refueling stations in Germany and three in California. "You need a coordinated approach to make it work. Hopefully, we can have hundreds (of stations)," he said. The head of Total Pouyanne said hydrogen was also the best way to store energy and Total was studying those opportunities. (Reporting by Dmitry Zhdannikov; Editing by Ruth Pitchford) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-davos-meeting-energy-idUSKBN1512YD'|'2017-01-18T04:05:00.000+02:00'
'9a8e470ad212be61ba2c10093fae1fa86d3fc380'|'Russia''s VTB CFO says bank may pay 90 pct of 2016 profit in divs'|'Financials  12am EST Russia''s VTB CFO says bank may pay 90 pct of 2016 profit in divs MOSCOW Jan 17 The management of Russia''s second-largest lender VTB will recommend paying around 90 percent of its 2016 net profit in dividends, state news agency RIA quoted the bank''s CFO Herbert Moos as saying on Tuesday. Speaking to reporters in Davos, Switzerland, Moos said the board of directors would present its own recommendation in February or March. (Reporting by Andrey Ostroukh; Editing by Alexander Winning) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/russia-vtb-dividend-idUSR4N1CI01R'|'2017-01-17T22:12:00.000+02:00'
'b0c6c73c7ae165f8ef4938eba1cc04e14664e4ae'|'Airlines Lufthansa and Etihad ''in merger talks'' - newspaper'|'MILAN Germany''s Lufthansa and Etihad Airways are in talks to possibly merge the two airlines, Italian newspaper Il Messaggero said in an unsourced report on Tuesday, boosting the German airline''s share price.According to the paper, managers from both companies have for weeks been examining the possibility of Etihad buying a 30-40 percent stake in Lufthansa through a sale of new shares to the Abu Dhabi state-owned airline.In a second step, the two airlines would look at a full-blown merger, the paper said, adding that the parties would meet shortly to speed up the talks.Any combination between the two would have an impact on loss-making Italian airline Alitalia, which is 49 percent-owned by Etihad and is in the midst of a major restructuring that will likely include job cuts and grounding of planes.Lufthansa and Etihad declined to comment on what they described as "speculation".Lufthansa shares were up 6 percent on Tuesday, topping the DAX index of largest German companies.Lufthansa and Etihad last month signed a flight code-sharing deal after Lufthansa agreed to lease 38 crewed planes from Air Berlin, which is part-owned by Etihad.Analysts reacted with scepticism to the report, citing the foreign ownership rules governing international traffic rights, and questioning what the benefits for Lufthansa would be.In Europe an airline must by majority-owned by EU investors in order to maintain its traffic rights under international air service agreements.Lufthansa is currently almost 69 percent owned by German investors but 13 percent is in the hands of U.S. investors and a further 9 percent is owned by other nationalities.In addition, if Etihad wished to buy more than 30 percent of Lufthansa, it would have to make an offer for the company as a whole according to German takeover rules.Etihad''s local rival Qatar Airways has built up a 20 percent stake in British Airways-owner IAG by purchasing shares on the open market. That has boosted links between Europe and the Asia-Pacific region. However, Credit Suisse said Lufthansa already had joint ventures with Singapore Airlines, Air China and All Nippon Airways covering the region.Greater cooperation with Lufthansa could help Etihad, especially given the growth of Qatar Airways, CAPA-Centre for Aviation senior analyst Will Horton said."The rapid growth of Qatar Airways and its future expansion will make it harder and costlier for Etihad to stay relevant on its own - everything else aside," he said in an emailed comment.There have previously been media reports that Italian shareholders in Alitalia are keen for Lufthansa to invest in the Italian carrier, along with speculation that Lufthansa could take on more of Air Berlin. However, Lufthansa executives have repeatedly said in recent weeks that they have their hands full integrating the Air Berlin planes into its operations as well as taking over Brussels Airlines."A Lufthansa/Etihad pseudo-merger, which is what is being suggested in the press today, presumably encompassing the whole of Alitalia and Air Berlin, looks rather implausible," Barclays analysts said in a note.(Reporting by Agnieszka Flak in Milan, Victoria Bryan in Berlin and Alexander Cornwell in Dubai; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lufthansa-etihad-idINKBN1510Z0'|'2017-01-17T10:31:00.000+02:00'
'b11a1d2a1569050fdbb5fce05b1964dc47c658b7'|'Pets at Home shares dip on ''subdued'' pet food, accessories sales'|' 27am GMT Pets at Home shares dip on ''subdued'' pet food, accessories sales Britain''s biggest pet store chain Pets at Home Group Plc ( PETSP.L ) said "subdued" sales across its merchandise business offset a rise in third-quarter revenue, sending its shares down more than 9 percent in morning trading on Thursday. Pets at Home''s revenue rose 4.4 percent to 203.7 million pounds in the 12 weeks to Jan. 5. However, comparable sales at the company''s merchandise business, which sells pet food and accessories from its Pets at Home outlets and specialist high-street stores such as Barkers and Whiskers ''n Paws, fell 0.5 percent and revenue was flat. Pets at Home''s shares were down 9.7 percent at 214.7 pence at 1049 GMT making them the worst performer on FTSE mid cap .FTMC index. The company warned that sales in its merchandise unit were softer than anticipated but said it remained on track to meet market expectations for the year. Pets at Home, which runs 429 stores across Britain as well as 411 small vet practices, has reaped benefits from Britons'' love for pets. Despite the slowdown in merchandise sales, the company said it was on target to open 15-20 stores and 50-60 grooming salons in the year. Brokerage firm Liberum said, in a note, that the results were "disappointing" and a decline in like-for-like sales in merchandising could raise the need for greater discounting. The firm has a "sell" rating on the stock. ($1 = 0.8122 pounds) (Reporting by Rahul B in Bengaluru; Editing by Martina D''Couto)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pets-at-home-grp-outlook-idUKKBN1531KV'|'2017-01-19T18:27:00.000+02:00'
'9566dd1a2b1ac3f4140ccbd3bc3e3e502ae30896'|'INSIGHT-After Iran''s nuclear pact, state firms win most foreign deals'|'* Hardliners profit from nuclear pact* State entities win more than 80 percent of deals* Supreme Leader Khamenei stands to gainBy Yeganeh Torbati, Bozorgmehr Sharafedin and Babak DehghanpishehWASHINGTON, Jan 19 When world powers agreed in 2015 to lift sanctions on Iran in return for curbs on its nuclear program, the deal''s supporters in the United States, Europe and Tehran hoped renewed trade and investment could boost Iran''s private sector and weaken the state''s hold on the economy.But a Reuters review of business accords reached since then shows that the Iranian winners so far are mostly companies owned or controlled by the state, including Iran''s Supreme Leader, Ayatollah Ali Khamenei.Of nearly 110 agreements worth at least $80 billion that have been struck since the deal was reached in July 2015, 90 have been with companies owned or controlled by Iranian state entities, the Reuters analysis shows.U.S. President-elect Donald Trump, who takes office on Friday, has threatened to scrap the accord, which came into force in January 2016. In Iran, Khamenei and other anti-Western hardliners have repeatedly criticized it because they are concerned it would open the door to Western involvement in Iran''s economy. The accord also promises to dominate Iran''s presidential elections due in May. Khamenei''s criticism has helped hardliners undermine President Hassan Rouhani, who supported the deal, as he tries to win a second term.No matter what hardliners have said about the nuclear pact, though, the Reuters analysis shows that businesses which answer ultimately to the Supreme Leader stand to gain from it. This could help shield the accord from its Iranian critics, according to one analyst."Iran''s leaders have probably calculated that ensuring politically connected businesses benefit from sanctions relief will protect the deal," said Richard Nephew, a former U.S. negotiator with Iran on the deal and now a scholar at Columbia University.Officials at Iran''s mission to the United Nations and Rouhani''s office did not respond to requests for comment. No one at Khamenei''s office could be reached.WINNERSThe Reuters analysis drew on interviews with company officials, statements by Iranian, European and Asian companies, Iranian news reports, ownership data from the Tehran Stock Exchange, filings with Iran''s official company registry and statements by the U.S. Treasury.Many deals are preliminary agreements with no published financial value. The deals span energy, infrastructure, pharmaceuticals, and other key sectors. South Korean, Italian, French, German, and Russian companies have signed the most.The review found that beneficiaries of the nuclear pact include Setad Ejraiye Farman-e Hazrat-e Emam, also called EIKO, an organization overseen by Khamenei with stakes in nearly every sector of Iran''s economy. It found companies in which entities controlled by Khamenei have a large or majority stake, including those that are part of the economic empire of the Islamic Revolutionary Guard Corps (IRGC), have struck at least nine foreign deals worth more than $11 billion in the last 18 months.Setad said in a statement to Reuters that Iran''s private sector "is reluctant to make large and long-term investments." Setad and groups like it "create a favorable atmosphere for investment, private-sector development, and the downsizing of the government," it said. The IRGC declined to comment.The state dominates Iran''s economy, so state-controlled firms were always likely to win most business after sanctions were lifted. Iranian officials estimate that the private sector makes up only 20 percent of Iran''s economy.In Iran, "you make money if you''re close to the centers of power," said Ali Ansari, an Iran scholar at the University of St. Andrews in Scotland. "The economy hasn''t been restructured or reorganized. You''re recycling wealth through the elite."Only 17 deals have gone to private companies, by Reuters'' tally. These include a hotel management pact between France''s AccorHotels and Tourism Financial Group, a large conglomerate. Its chief executive is the brother of Iran''s vice-president, Eshaq Jahangiri.Tourism Financial Group and AccorHotels did not respond to requests for comment on the deal.Counter to the hopes of supporters of the nuclear accord, the initial wave of investment looks likely to further strengthen the power of the state, including Khamenei, whose power far surpasses Rouhani''s. Supreme Leader since 1989, the cleric controls the judiciary and security forces and the Revolutionary Guards, which direct Iran''s military efforts in Syria and Iraq.Most sanctions on Iran were lifted under the nuclear accord, so there is no suggestion any partners doing business in the country after the agreement would be breaking any laws.A U.S. State Department spokesman said the nuclear deal "solves a specific problem, which is making sure that they don''t possess a nuclear weapon ... We are not standing in the way of legitimate, permissible business with Iran."SUPREME LEADEROf the 90 deals signed between foreign firms and Iranian state-controlled or state-owned entities, 81 were with companies controlled by Iran''s elected government. These include entities such as the National Iranian Oil Company, large semi-public conglomerates whose top executives are chosen by ministers, and companies owned by government pension funds.Though Iran holds regular elections and the president has sway over much domestic policy, Khamenei has the final word on state matters, including through his constitutional authority over institutions such as the Guardian Council, which vets candidates hoping to run for office.Five of the 90 deals went to conglomerates or foundations whose leaders Khamenei directly appoints. These entities - several of which have vast business activities but which Iranian officials have said do not pay full tax - include the religious institution Astan-e Qods-e Razavi, whose economic arm lists 36 subsidiary companies and institutes on its website.One of them is Razavi Oil and Gas Development Co., which agreed in April to discuss developing a gas field with Saipem, an Italian oil and gas company. A Saipem spokeswoman said it was a preliminary agreement. Officials at Razavi did not respond to requests for comment.Another winner in this category is Setad. A 2013 investigation by Reuters found Setad built an empire worth about $95 billion on the seizure of thousands of properties belonging to religious minorities, business people, and Iranians living abroad.In 2013, the U.S. Treasury sanctioned Setad, calling it a "major network of front companies controlled by Iran''s leadership." The nuclear deal lifted sanctions, allowing foreign companies to do business with the conglomerate.Reuters identified three deals between foreign companies and Setad units, including the proposed construction of a $10 billion oil refinery.The other two deals were with Barakat Pharmed, a Setad-owned pharmaceutical company. Nasrallah Fathiyan, a Barakat official, told Reuters that Khamenei doesn''t own Barakat, but that "his supervision is basically guiding all of this investment." Some of Barakat''s profits, Fathiyan said, go to Setad''s charity arm.Setad said it is independent, and its income goes toward "economic empowerment, building houses for the underprivileged, building schools and cultural centers" and other activities to help the disadvantaged in Iran.REVOLUTIONARY GUARDSFour of the 90 deals with government entities involve firms in which the Revolutionary Guards have large or controlling stakes. Khamenei, as commander in chief, ultimately controls the IRGC.Even after the nuclear deal, some U.S. sanctions remain in place. These state that foreign companies which knowingly conduct "significant" transactions with the Revolutionary Guards, or other sanctioned Iranian entities, risk penalties. The sanctions effectively banish those targeted from the global financial system.However, many companies in which the IRGC has an interest are not blacklisted. Three of the four deals Reuters found with IRGC-linked companies are with non-sanctioned Iranian companies that are wholly or significantly owned by the IRGC. A fourth IRGC company is still on the sanctions list and is indirectly involved in one foreign deal.Sanctions lawyers say the fine print of the remaining U.S. sanctions allows foreign companies to continue to deal with some IRGC-held firms indirectly.A Treasury spokeswoman declined comment on individual deals, but said a transaction by foreigners with a company in which the IRGC or another sanctioned entity had a "passive, minority" stake "is not necessarily sanctionable." The foreign party should ensure the deal does not involve a sanctioned entity, she said."At a policy level I think this is a gap that needs to be closed," said Peter Harrell, a former State Department official who helped develop sanctions against Iran. "As problematic and troubling as some of these deals may appear to be from a policy perspective, on the face of it, there''s not a strict legal problem."(Additional reporting by Isla Binnie and Crispian Balmer in Rome, Stephen Jewkes in Milan, Seoul bureau, Vladimir Soldatkin in Moscow, Georgina Prodhan in Frankfurt, Brenda Goh in Shanghai and Aizhu Chen in Beijing; Edited by Sara Ledwith and Richard Woods)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/iran-contracts-idINL4N1F23SN'|'2017-01-19T11:51:00.000+02:00'
'4af08ddb577df16206cb947fb79737861b878a5a'|'Takata''s remaining bidders to seek court-led turnaround in Japan: Nikkei'|'Deals - Wed Jan 18, 2017 - 8:30pm EST Takata''s remaining bidders to seek court-led turnaround in Japan: Nikkei left right A billboard advertisement of Takata Corp is pictured in Tokyo September 17, 2014. REUTERS/Toru Hanai/File Photo 1/2 left right A sign with the TAKATA logo is seen outside the Takata Corporation building in Auburn Hills, Michigan May 20, 2015. REUTERS/Rebecca Cook/File Photo 2/2 TOKYO Takata Corp''s ( 7312.T ) two remaining bidders plan to propose a court-mediated turnaround for the Japanese operations of the troubled auto parts maker, the Nikkei business daily reported on Thursday. The Tokyo Stock Exchange suspended trading in Takata shares after the report. A spokesman for Takata declined to comment on the report. Takata is in the process of selecting a financial backer as it faces billions of dollars in costs to replace tens of millions of potentially defective air bag inflators that have been linked to at least 16 deaths globally. Potential bidders, so far, have presented restructuring plans that require the company to file for bankruptcy protection for its U.S. unit, sources have previously told Reuters. Some of them, including U.S. buyout firm KKR & Co ( KKR.N ), have since dropped out of the process. Takata has been considering the option, but is said to prefer a private, out-of-court process for its core Japanese operations. The Nikkei said the two remaining bidders, Swedish air bag maker Autoliv Inc ( ALV.N ) and U.S. parts supplier Key Safety Systems, plan to present their proposals as early as this week. Japan''s Daicel Corp ( 4202.T ) and U.S. buyout firm Bain Capital, which had previously teamed up for a separate bid, have joined Key Safety Systems, the Nikkei said. The paper added that even if Takata''s external steering committee submits a plan for court-led rehabilitation, its board could still reject the idea. (Reporting by Chang-Ran Kim; Editing by Himani Sarkar) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-takata-restructuring-idUSKBN15306Y'|'2017-01-19T08:30:00.000+02:00'
'cf334e97a33d023268d6b5c110e85af9adebf531'|'BRIEF-bmp Holding: loss of more than half registered capital expected for FY 2016'|'Russia could start buying FX if oil allows but amount to be limited - c.bank MOSCOW, Jan 19 Russia may start buying foreign currency if oil prices allow, the central bank said on Thursday, but the amount of forex it buys monthly would not exceed additional revenues it gets from oil prices exceeding the level pencilled into budget plans. MUMBAI, Jan 19 Axis Bank Ltd, India''s third-biggest private sector lender by assets, reported on Thursday third-quarter net profit tumbled 73 percent as provisions for bad loans jumped. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1F90GE'|'2017-01-19T18:17:00.000+02:00'
'5ac40087da4361f65f30a149fad0f3378a09f4d5'|'BRIEF-Bassett Furniture Industries reports Q4 earnings per share $0.47'|' 10am EST BRIEF-Bassett Furniture Industries reports Q4 earnings per share $0.47 Jan 19 Bassett Furniture Industries Inc * Bassett announces fiscal fourth quarter results * Q4 earnings per share $0.47 * Q4 sales $113.8 million versus i/b/e/s view $112.8 million * Q4 same store sales rose 3.3 percent * Q4 earnings per share view $0.44 -- Thomson Reuters I/B/E/S * Bassett furniture industries inc- company-owned store sales were $69.9 million for q4 of 2016 compared to $66.3 million for q4 of 2015, an increase of 5.5% * Bassett furniture industries inc- "prepare to open six new stores and reposition two others over course of 2017" Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASC09RHC'|'2017-01-19T21:10:00.000+02:00'
'2b2936961370c8d696f742102a91d8d62e0679a3'|'Trump''s policy plans and dollar hopes a paradox: ex-IMF adviser'|' 52am GMT Trump''s policy plans and dollar hopes a paradox: ex-IMF adviser Republican U.S. presidential candidate Donald Trump poses for a photo after an interview with Reuters in his office in Trump Tower, in the Manhattan borough of New York City, U.S., May 17, 2016. REUTERS/Lucas Jackson/File Photo HONG KONG U.S. president-elect Donald Trump failed to see the connection between his policy plans and the strength of the dollar when he expressed his favour of a weaker currency earlier this week, a former policy adviser of the International Monetary Fund said. The incoming president will probably roll out tariffs within the first year of his administration, Barry Eichengreen, who now teaches at the University of California, Berkeley, told the Reuters Global Markets Forum. The following are edited excerpts from the conversation: Q: Trump said earlier this week he thinks the dollar is too strong and "it''s killing us". Why is he trying to talk down the dollar? A: Trump sees clearly that the strong dollar is an obstacle to his goal of growing manufacturing employment in the U.S. and boosting U.S. exports. He just doesn''t see the connection between his own policy proposals, and those of the Congress, with the strength of the dollar. Trump wants a mix of loose fiscal and tight monetary policies, which will push up the dollar, and then he is frustrated by the strength of the dollar. He wants tariffs on imports, which push up the dollar, but then he is frustrated by the currency''s strength. A paradox, no? Q: The likelihood of Trump declaring a trade war against China is rising. Does he want to start a currency war against China as well? A: I think Trump is anxious to do something visible in terms of policy, especially toward China, at the outset of his administration. Labelling China a currency manipulator, followed by imposing some kind of trade sanction, is the one thing a new president can do unilaterally. Q: Trump campaigned on the idea of renegotiating trade deals with China. Which deals would he try to change? A: I''m not sure what trade deals he''s talking about either. Trump has the authority to impose tariffs on imports from China under a number of acts, starting with the 1917 Trading with the Enemy Act. He would presumably be hoping to get improved access to the Chinese market for specific U.S. firms. Q: Can you describe what a trade war might look like and what signs the global markets should be on alert for? A: Watch Twitter. China is exercising admirable restraint, but at some point its pride will be offended and it will be provoked. And I interpret treasury selling by China as an attempt to moderate the depreciation of the yuan, not as a political statement. Q: What are your expectations from the Trump administration in the first six months to one year? A: Approval ratings are already low. I expect moves on tariffs, since that''s the one thing the president can do on his own. I expect changes in corporate taxation, since here, Trump and the Congress agree. (Interested in joining the conversation? Click on this link tmsnrt.rs/2jTnFk8 to find out more about editorial communities on Eikon.) (Reporting by Billy Chan; Editing by Neil Fullick)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-trump-imf-idUKKBN1531MW'|'2017-01-19T18:52:00.000+02:00'
'39eeb92d677e7a74dae2904434558d2a1bdea0ce'|'BRIEF-German Startups Group: Auctionata - Paddle8 files prelim insolvency proceedings'|'UPDATE 1-Puerto Rico oversight board favors more time for restructuring talks NEW YORK, Jan 18 Puerto Rico''s federal oversight board said on Wednesday it was willing to extend key deadlines that would give the debt-laden U.S. territory''s government more time to negotiate restructuring deals with holders of its roughly $70 billion in bonds. Jan 18 Puerto Rico''s federal oversight board said on Wednesday it was willing to extend key deadlines that would give the debt-laden U.S. territory''s government more time to negotiate restructuring deals with holders of some $70 billion in bonds. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1F90EK'|'2017-01-19T16:18:00.000+02:00'
'8a3b90417fd38f0ef258672676ffca29be052dc0'|'Indian government wants Apple, but not all officials are biting'|'By Sanjeev Miglani and Rajesh Kumar Singh - NEW DELHI NEW DELHI Some Indian officials have baulked at Apple''s ( AAPL.O ) demands for concessions before it assembles iPhones there, raising doubts about a spring deadline to launch a key project in Prime Minister Narendra Modi''s campaign to lure foreign investors.The country is still keen for the U.S. tech giant to produce its signature smartphones there, and Information Technology Minister Ravi Shankar Prasad said on Wednesday that India would keep an "open mind" in negotiations."We will very much like Apple to come and have a base in India," he said.But Apple Inc''s long list of demands, including tax concessions and several other policy exceptions, still faces resistance from officials who consider it excessive and unfair on foreign companies already operating in India.Their caution underlines how Modi''s ambition to make India a global manufacturing hub, in order to drive the economy and create jobs for millions of people entering the workforce each year, will not be easy."We have not done this for anyone," said a senior government official whose department is one of several involved in evaluating the Apple proposal. "If we do this, we must see a lot of value addition."Another official involved in the review said the government should make policies for the industry, not individual companies."Apple is coming here because it sees a lucrative market, this is not a favor being done to India."Competitors such as South Korea''s Samsung Electronics ( 005930.KS ) and China''s Xiaomi have already set up manufacturing in the country.Apple did not respond to a request for comment.LETTER SPELLS OUT DEMANDSModi met Apple CEO Tim Cook last May and discussed iPhone production in India.Where any plant would be located and how many people it might employ have yet to be finalised, although it would likely involve thousands of jobs.Attracting such a household name would be a valuable advertisement for a country shaking off a reputation for stifling bureaucracy, but officials are wary of tailoring rules to individual investors."What Apple is trying to do, if it happens, I think it will be available to everybody in the industry. I don''t see the government of India making discriminatory policies," said Arvind Vohra, chief executive at Gionee India, part of Chinese smartphone maker Gionee.It is setting up a local manufacturing plant under India''s existing rules.From Apple''s point of view, the ambitious timeline agreed by Modi and Cook reflected its need to capture more of the fast-growing Indian market, where it has only about 2 percent share as iPhone sales in the United State and China have slowed.In a letter sent to the prime minister''s office on Oct. 13 and seen by Reuters, it called on the government to "make the environment attractive" for it to make phones for the Indian market as well as for export.On the matter of duties, it said high import taxes on smartphones could lead to retaliation from trading blocs."This would increase the cost of India manufactured smartphones and in turn limit India''s ambition of becoming a smartphone hub for the rest of the world."Despite the reluctance of some officials, Modi could intervene to get the Apple project back on schedule.In June, the government relaxed local sourcing rules for foreign retailers like Apple barely a month after the finance ministry turned down the company''s request for a waiver.The company and its partners have reportedly won significant concessions before in other markets.MEETING NEXT WEEKOn Jan. 25, the departments of industry, information technology and electronics, and finance will meet Apple executives to consider the conditions set out by the firm in India, government officials said.In May, Modi and Cook agreed to work towards a "package" of four projects: assembling iPhones, opening Apple stores, importing certified pre-owned iPhones and refurbishing them in India, according to the letter.Apple said its initial focus was to set up manufacturing of iPhones in India over two phases, the first of which was to be introduced by spring this year.But after conducting due diligence on what it would take to get the project going, it determined its entry was "dependent on government support on a number of pre-requisites."The Cupertino, Calif.-based company listed a set of seven demands. Among them, it sought duty exemption on raw materials for manufacturing, components and capital equipment for 15 years for both domestic and export markets.Apple also sought a change in rules that would govern how it could import defective iPhones to repair and export them again, a move it said was crucial for it to keep supporting and repairing older models of the iPhone.Currently, Indian rules restrict such imports to phones that are no older than three years. Apple asked for the government''s help in quickly processing a request for a ruling from Indian tax authorities on transfer pricing agreements between its affiliates.It also identified India''s customs procedures as a hurdle to manufacturing and asked the government to make them less onerous."For trusted traders inspections need to be less intrusive - this means less boxes opened," Apple wrote. "The complete process should not require more than thirty minutes."(Additional reporting by Sankalp Phartiyal in MUMBAI and Nidhi Verma in NEW DELHI; Editing by Mike Collett-White and Paritosh Bansal)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-apple-india-idINKBN153026'|'2017-01-19T04:20:00.000+02:00'
'b236f67a157073f6c2209e9a06ff7def35d230d2'|'Big Oil back on the acquisition trail as outlook brightens'|'  7:09am GMT Big Oil back on the acquisition trail as outlook brightens The word oil is pictured on an oil bank at a recycling yard in London March 2, 2011. REUTERS/Stefan Wermuth By Ron Bousso - LONDON LONDON The world''s top oil companies are back in acquisition mode, targeting smaller exploration and development firms to boost oil and gas reserves rather than the mega-mergers that followed previous slumps in crude prices. Since late November, major oil companies have announced 11 deals worth more than $500 million each with a combined value of $31 billion, the clearest sign yet that oil executives are more confident a recovery is underway. When crude prices collapsed in the second half of 2014, large oil firms slashed spending on exploration and production and offloaded assets to reduce debt so they could cope with lower revenue from oil and gas sales. But with crude reservoirs declining at a rate of 10 percent a year in some cases, major oil companies are now looking to snap up assets to start growing again and there are plenty of smaller firms burdened with debt looking to sell. "You''re seeing the majors sharpening their pencils after a long while and actually flipping around from disposals to acquisitions," said Tony Durrant, chief executive of British energy firm Premier Oil ( PMO.L ), which is looking to sell several stakes in its North Sea operations. Total acquisitions of oil and gas fields, known as upstream assets, tripled to $31 billion in December from a month earlier, when the Organization of the Petroleum Exporting Countries agreed to cut output for the first time in eight years, according to data from consultancy Energy Market Square. Deals in the last month of 2016 alone accounted for nearly a quarter of total activity during the year. ( tmsnrt.rs/2jv9If6 ) MAJOR DEALS BP ( BP.L ) announced a string of investments in the last two months of 2016, including a $1 billion partnership with Dallas-based Kosmos Energy ( KOS.N ) in Mauritania and Senegal in West Africa, as well as acquisitions in Abu Dhabi and Azerbaijan. The British company also spent $375 million on a 10 percent stake in Eni''s ( ENI.MI ) giant Zohr gas field in Egypt while Russian oil giant Rosneft ( ROSN.MM ) bought 30 percent stake of the same field for $1.575 billion. France''s Total ( TOTF.PA ) and Norway''s Statoil ( STL.OL ) bought into Brazil''s lucrative sub-salt deepwater oil fields while ExxonMobil Corp ( XOM.N ) bought assets in Papua New Guinea to meet growing Asian demand for liquefied natural gas. The trend continued in January with Total boosting its stake in Uganda''s Lake Albert oil project by snapping up most of Tullow Oil''s ( TLW.L ) stake for $900 million. ExxonMobile and Noble Energy ( NBL.N ) also struck deals worth nearly $10 billion combined for a larger slice of the Permian Basin, the largest U.S. oil field. While deal making outside the United States almost ground to a halt at the start of 2016, acquisitions in North American shale basins have continued at a steady pace. In the Permian Basin, for example, the time it takes to produce oil and gas after an initial investment is far quicker and cheaper than developing conventional fields over three to five years. ONLY CHOICE More deals are likely this year as the large overhang of crude oil in the world that has weighed on the market since 2014 continues to clear and oil prices rise. "When you can cut capex (capital spending), two-and-a-half to three years later you see production decline and reserves depleting and you have one choice only and that is going after high quality resource," said Sachin Oza, co-manager with Stephen Williams of the Guinness Global Oil and Gas Exploration Trust. "If you''ve not spent any time filling your hopper with these opportunities that take five years to build up, there is only one choice: you have to buy them," said Oza. The Guinness Trust is a fund that invests in firms in the early stages of exploration or development of energy resources which it believes will attract investment from oil majors. Investors reckon large firms will focus on underdeveloped basins in east and west Africa, Romania and Albania, as well as nascent Latin American reserves in places such as Colombia, all areas where the growth potential is seen as greater than in established regions such as North America and the North Sea. While slides in oil prices typically unleash a wave of takeovers, companies emerging from the current downturn are generally shunning outright acquisitions and instead looking at specific deals for specific fields. After a prolonged period of low oil prices in the late 1990s Exxon merged with Mobil, Total merged with Elf Aquitaine and Petrofina, Chevron ( CVX.N ) bought Texaco, BP snapped up Amoco and ARCO and Conoco ( COP.N ) and Philips merged. This time round, the only stand-out acquisition has been Royal Dutch Shell''s ( RDSa.L ) takeover of BG, which was announced in April 2015 and completed in February a year later for $53 billion. BUYER''S MARKET As large oil firms are wary of increasing their debt burden at this point, investors say corporate acquisitions are likely to be limited in numbers and scope but oil field assets are very much in the crosshairs. Oil majors are opting for joint ventures to develop specific fields in complex deals, such as share swaps or deferred payments, to lower their risk and limit the amount they need to spend upfront following two years of budget cuts. "The international (ex-U.S.) asset market is a buyer''s market, as sellers continue in balance sheet preservation mode," said Charles Whall, energy portfolio manager at Investec Asset Management. "European majors, which already have large dividend commitments, are unwilling to use equity for assets without immediate cash flow ... Most of these asset deals are structured to minimize the debt impact in the near term," he said. Such deals also mean the sellers can retain a stake in the assets as their value rises with oil prices, said Oza and Williams at the Guinness Trust. Analysts say for much of 2015 and 2016 there was subdued activity because buyers and sellers were too far apart on price. Buyers hunting for bargain-basement deals were frustrated by sellers holding out for better terms but as oil prices have started to stabilize there has been more convergence. According to Martijn Rats, equity analyst at Morgan Stanley, most of the deals announced in recent months have been based on a long-term oil price of about $60 a barrel to $65 a barrel. While that is significantly lower than before the collapse in oil prices from a 2014 peak of $115 a barrel, it is still above current long-term oil price forecasts, Rats said. (Additional reporting by Karolin Schaps; editing by David Clarke)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-oil-m-a-idUKKBN1530OK'|'2017-01-19T14:06:00.000+02:00'
'6d5c26e39f30600a042674d967b767c4c3773b90'|'SAFT ON WEALTH-The structural mismatch between unicorns and mutual funds: James Saft'|'(James Saft is a Reuters columnist. The opinions expressed are his own)By James SaftJan 18 Mutual funds which invest in billion-dollar-plus "unicorn" private companies sacrifice control and shareholder protection for liquidity, according to a new study.In other words, the inherent mismatch between the mutual fund structure, where investors can get their money back at any time, and illiquid private firms requires that mutual fund holders sign on for substantial and often negative tradeoffs.So-called unicorns, private firms with valuations over $1 billion, have seen surging investment from mutual funds in recent years.Not only have huge firms like BlackRock and Fidelity Investments taken positions in firms like Uber but more than 250 mutual funds now hold positions of more than $10 billion, according to the study. Mutual funds now participate in about 40 percent of all funding rounds for unicorns.By examining certificates of incorporation, the study was able to get granular information on the contractual details of mutual funds'' stakes in unicorns."Specifically, we find that mutual-fund-participating investment rounds are associated with both fewer cash-flow rights and fewer control/voting rights across many dimensions," Sergey Chernenko of Ohio State University, Josh Lerner of Harvard University and Yao Zeng of the University of Washington write. ( here )"For instance, mutual funds are more likely to use straight convertible preferred stock, which is associated with weaker indirect incentive provisions, than participating preferred stock that is popular among (venture capital funds)."Mutual funds also have light representation on boards of directors, giving them an underpowered say in unicorn strategy as compared to other investors.The study looked at U.S. private companies valued at $1 billion or more via investment rounds between January 2012 and June 2016, or about 100 firms at the end of the period. Among the funds that invest in unicorns, their holdings now equal more than 1 percent of their overall portfolios.It isn''t as if mutual funds are giving up voting and cash flow rights for nothing. The funding rounds they participate in are more likely to be more liquid, often featuring convertible preferred stocks which can be easier for mutual funds to offload. They also have fewer "pay-to-play" provisions, which can lock investors into involuntary future capital-raising rounds. Having a potential future call on capital is a problem for an open-ended mutual fund.TRADEOFFSThe implication of the findings is that mutual funds are getting a bit more liquidity in their unicorn investments but doing it at the cost of rights to cash flow and their ability to influence the firms. Depending on the value you place on liquidity, this implies that mutual funds are getting a potentially less profitable, secure and manageable asset in their unicorn stakes than other investors like venture capital funds.What this doesn''t show is that mutual funds'' stakes in unicorns are poor investments, individually or in aggregate. They may well be better bets than their other non-private investment options. It must be said, however, that if you were designing from scratch a vehicle to invest in unicorn-type private firms it would look very little like an open-ended mutual fund. Having to be able to meet redemptions on short notice is a serious disadvantage for private investment, which is why venture capital funds require investors to make long-term commitments.For that matter mutual funds are less well staffed to provide the kind of granular guidance that unicorns need from directors, so in that respect having fewer mutual fund directors may be better for both the companies and their investors.Usually when there is illiquidity in an investment there will be, at least in theory, extra compensation. That should be especially true for investors like mutual funds, who need to be able to fund redemptions at the whim of investors. Yet unicorns, due to the perception of fast growth, are being besieged with offers of capital. It is also true that as the valuations of unicorns grow the bid from venture capital funds seems to be, worryingly, falling away."Mutual funds appear to be more interested than VCs in investing in late rounds and hot sectors," the authors write.Ultimately for mutual fund stakes in unicorns to pay off we will require many more unicorns to go public. A December survey by Sharespost, a firm which tracks data on private companies, showed that most investors expect 10 or fewer unicorn IPOs in 2017, out of nearly 200. At that rate mutual funds'' preference for liquidity makes sense.It is far from clear that mutual funds'' foray into private investment will prove wise. (Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-saft-idINL1N1F717T'|'2017-01-18T19:16:00.000+02:00'
'ade13709c33f1f0698d0f930f2ee7c1a44abc94e'|'Toshiba in talks to sell chip business stake to Western Digital - source'|'Deals - Wed Jan 18, 2017 - 3:33am GMT Toshiba in talks to sell chip business stake to Western Digital: source Pedestrians walk past a logo of Toshiba Corp outside an electronics retailer in Tokyo September 14, 2015. REUTERS/Toru Hanai/File Photo TOKYO Toshiba Corp ( 6502.T ) is in talks to sell a minority stake in its flash memory business to U.S. chips business partner Western Digital Corp ( WDC.O ) in a bid to boost its capital base, a source briefed on the discussions said on Wednesday. Toshiba said in a statement earlier that it had been considering various options for its memory business, including a spin-off, but that nothing concrete had been decided. California-based data storage company Western Digital operates a NAND flash memory plant in the city of Yokkaichi in Mie prefecture with Toshiba. (Reporting by Makiko Yamazaki; Editing by Himani Sarkar) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-divestiture-western-digital-idUKKBN1520BI'|'2017-01-18T10:32:00.000+02:00'
'644fd0f628b6909771a20001e01ace98e8afbe2b'|'Higher oil prices to aid Gulf external balances but growth outlook still low - Reuters poll'|'Business  25am GMT Higher oil prices to aid Gulf external balances but growth outlook still low: Reuters poll An employee holds a gas pump to refill a car at a petrol station in central Seoul April 6, 2011. REUTERS/Lee Jae-Won By Andrew Torchia - DUBAI DUBAI A rebound in oil prices over the past few months looks set to improve the external balances of rich Gulf Arab countries but economic growth will stay low, a quarterly Reuters poll of analysts found. Brent crude is now trading around $55 a barrel, up from last year''s average of about $45. If current prices hold, that will boost Gulf states'' export revenues and ease pressure on their currency pegs to the U.S. dollar. The poll of 17 private sector analysts expect the current account balances - which capture trade in goods and services - of Saudi Arabia, the United Arab Emirates and Qatar to improve in both 2017 and 2018 even more than forecast in the last poll conducted three months ago. Saudi Arabia''s current account deficit, for example, is forecast to shrink to a median 3.3 percent of gross domestic product this year from 8.0 percent in 2016. In the last poll, this year''s deficit was projected at 3.9 percent. For 2018, the Saudi current account deficit is now projected at 2.5 percent instead of 3.1 percent. In addition to higher oil prices, Riyadh''s efforts to reduce its state budget shortfall are expected to improve its external balance. "Ongoing fiscal reforms and higher oil prices could bring the current account deficit nearer to balance over the coming years as the external break-even oil price hovers around US$60 per barrel," Bank of America analysts said in a note to clients. However, the Reuters poll found little improvement in the current account outlook for the least wealthy economies of the six-nation Gulf Cooperation Council, Oman and Bahrain. Oman is now expected to run a bigger deficit this year than was forecast in the last poll; Bahrain''s forecast has deteriorated for both 2017 and 2018. That is partly because both countries have less scope to cut big state budget deficits, which are expected to be equivalent to at least 8 percent of GDP this year and next. Higher oil prices will give little or no boost to economic growth in the Gulf as governments keep a tight rein on their spending, the poll found. Furthermore, the GCC countries plan to introduce a 5 percent value-added tax in 2018, which will weigh on private consumption. GDP growth in all of the GCC countries is forecast to languish around 3 percent or below in 2017 and 2018, lower than average levels of about 4 percent or above during the boom years of the past decade, the poll showed. Saudi Arabia''s GDP growth is expected to slow to just 0.8 percent this year from an estimated 1.3 percent last year, before picking up to 1.5 percent next year. However, that reflects changes in oil output under an agreement sealed last month among global producers to prop up prices, which commits Saudi Arabia to cutting its oil production by about 5 percent for six months. Growth in Saudi Arabia''s non-oil sector may actually accelerate slightly in 2017 as the government delays fresh austerity measures and launches a program to compensate poorer Saudi citizens for higher energy and water prices. "Saudi Arabia''s economy is likely to grow at its slowest pace since the global financial crisis this year. However, this will largely reflect weakness in the oil sector," London-based Capital Economics analysts said in a note to clients. "In contrast, with austerity taking a breather, the non-oil sector should embark on a recovery." (Polling by Hari Kishan and Khushboo Mittal in Bengaluru) Next In Business News U.S. lobby says China protectionism fuelling foreign business pessimism BEIJING More than 80 percent of members of a U.S. business lobby in China say foreign companies are less welcome than in the past, a survey released on Wednesday showed, with most saying they have little confidence in China''s vows to open its markets. Stock rally in recent months driven by global economy, not Trump: Robeco CIO TOKYO A rally in global stock markets in the past few months is being driven more by improving economic fundamentals than by expectations of more U.S. fiscal stimulus under President-elect Donald Trump, a chief investment officer of Dutch asset management firm Robeco said. BERLIN German Finance Minister Wolfgang Schaeuble is preparing for a continuation of aid for Greece without the involvement of the International Monetary Fund (IMF), Germany''s Bild newspaper reported on Wednesday. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-gulf-economy-poll-idUKKBN1520Z3'|'2017-01-18T16:23:00.000+02:00'
'363f798c00f1a450189792940f76ffbb46c131e1'|'BRIEF-Commerce Bancshares reports Q4 earnings per share $0.68'|' 09am EST BRIEF-Commerce Bancshares reports Q4 earnings per share $0.68 Jan 18 Commerce Bancshares Inc * Announces fourth quarter earnings per common share of $.68 * Q4 earnings per share $0.68 * Q4 earnings per share view $0.67 -- Thomson Reuters I/B/E/S * Qtrly net interest income $173.2 million versus $162.5 million * For quarter, return on average common equity was 11.5%  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASC09R7M'|'2017-01-18T19:09:00.000+02:00'
'487336f17dc1f63c12da9e21925dca2ca5eb5bb4'|'HSBC, UBS to shift 1,000 jobs each from UK in Brexit blow to London'|'Davos - Wed Jan 18, 2017 - 5:14pm GMT HSBC, UBS to shift 1,000 jobs each from UK in Brexit blow to London The moon rises over the HSBC building in the Canary Wharf financial district of London, Britain November 13, 2016. REUTERS/Hannah McKay By Pamela Barbaglia - DAVOS, Switzerland DAVOS, Switzerland Two of Europe''s biggest banks warned on Wednesday they could each move around 1,000 jobs out of London, in the clearest sign yet of how financial firms are preparing for disruption caused by Britain''s exit from the European Union. UBS Chairman Axel Weber said around 1,000 of the Swiss bank''s 5,000 employees based in London could be affected by Brexit, while HSBC Chief Executive Stuart Gulliver said the bank will relocate staff responsible for generating around a fifth of its UK-based trading revenue to Paris. Major financial firms warned for months before Britain''s referendum on European Union membership in June that they would move jobs out of the country if there was a vote to leave, but have set out few details since on how many will go or where to. "We will move in about two years time when Brexit becomes effective," the bank''s Chief Executive Stuart Gulliver told Reuters at the annual meeting of the World Economic Forum. And in another potentially damaging blow to London''s status as Europe''s main financial center, UBS''s Weber told the BBC in Davos that 1,000 staff working in businesses that would be hit by Britain losing its ''passport'' to sell financial services in Europe would be affected. Other banks are expected to announce more concrete plans for how they will adapt to Brexit in the coming months after Prime Minister Theresa May confirmed in a speech on Tuesday that Britain would leave the European single market. HSBC, Europe''s biggest bank, is at an advantage to its major U.S. rivals as it already has a large subsidiary in Paris that holds most of the licenses needed by an investment bank, meaning Gulliver has been able to set out more detailed plans. It is expected to move around 1,000 staff who are involved in trading products such as European stocks that are regulated by the EU. HSBC''s global banking and markets division that houses those roles made profits of $384 million in the UK in 2015, according to a company filing. In 2016, UBS set up a bank in Frankfurt to consolidate most of its European wealth management operations in an effort to conserve capital and simplify its structure. The shift of jobs will be a blow to the City of London, which has been lobbying since the Brexit vote for financial firms in Britain to retain their EU ''passporting rights'' which lets them sell their services across the bloc. But passporting is unlikely to continue with Britain outside the European single market, and firms say they are now likely to press ahead with plans to move staff, even though May said she would try to negotiate some form of market access to the bloc. The City''s best hope will be for the government to agree a transitional arrangement whereby finance firms can continue to operate out of Britain across the EU for a number of years after Brexit, in the hope that a favorable access deal is achieved in the interim. "We would like to see a transitional agreement announced as soon as possible," Mark Boleat, policy chairman at the City of London Corporation, said in a statement on Tuesday after May''s speech. HSBC shares were up 1.7 percent by 1650 GMT, against a 0.3 percent fall in the broader European banks index. UBS shares were down 2.13 percent. (Additional reporting by Anjuli Davies in London; Writing by Lawrence White and Rachel Armstrong; Editing by Jason Neely/Keith Weir/Alexander Smith) Next In Davos JPMorgan agrees to $55 million settle of mortgage discrimination complaint: source NEW YORK JPMorgan Chase & Co has agreed to pay $55 million to settle a U.S. Justice Department lawsuit accusing it of discriminating against minority borrowers by allowing mortgage brokers to charge them more for home loans, a person familiar with the matter said on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-davos-meeting-hsbc-idUKKBN1520SO'|'2017-01-19T00:15:00.000+02:00'
'2db1842b6497d16bb6a1889470a9d3a54715a938'|'BRIEF-Olav Thon Eiendomsselskap: successful placement of new bond issue'|'Boston-area hedge fund accused of fraud, misuse of investors'' money BOSTON, Jan 18 A small Boston-area hedge fund operation on Wednesday was accused of running a Ponzi scheme that included spending investor money on liquor, luxury hotels and specialty cars, according to a complaint by the top securities regulator in Massachusetts. Jan 18 (IFR) - The Republic of Turkey has launched a US$2bn March 2027 bond at 6.15%, according to a lead. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1F80L8'|'2017-01-18T23:03:00.000+02:00'
'57f339bda365e3eecf9cf2da7711fc9af68f0973'|'Credit Suisse contacted analysts ahead of fourth quarter - sources'|' 08pm GMT Credit Suisse contacted analysts ahead of fourth quarter - sources The Credit Suisse logo is seen at the headquarters in downtown Milan, Italy, March 9, 2016. REUTERS/Stefano Rellandini/File Photo ZURICH Shares in Credit Suisse fell as much as 5.2 percent on Wednesday, with three sources   telling Reuters the Swiss bank had contacted some analysts this week to discuss estimates for its fourth-quarter results. Shares pared losses by 1556 GMT to trade down 2.9 percent, a steeper drop than the European banking sector index <.SX7P. Credit Suisse had pointed out to some analysts on Tuesday seasonally higher expenses in the quarter and continued outflows from external asset managers, while cautioning against a read-across from U.S. peers for its investment bank in Asia, the sources said. A Credit Suisse spokeswoman declined to comment. Zurich-based Credit Suisse reports fourth-quarter results on Feb. 14. (Reporting by Joshua Franklin, Oliver Hirt and Rupert Pretterklieber; Editing by Michael Shields)   Brexit Britain''s customs with EU may take industry to cliff edge BRUSSELS British Prime Minister Theresa May was clear on Tuesday that Britain would leave the EU''s single market, but her desire for a customs agreement with the bloc highlights one of the Brexit cliff edges UK-based industry is seeking to avoid. Number of UK workers edges down again, but pay growth picks up pace LONDON British workers saw their pay grow at the fastest pace in more than a year in the three months to November, official data showed on Wednesday, adding to signs that the country''s economy ended 2016 strongly despite the shock of the Brexit vote. LONDON European shares edged lower on Wednesday as a slump in education publisher Pearson''s shares weighed on media stocks , though ASML and Novozymes gained after robust updates. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-credit-suisse-gp-stocks-outlook-idUKKBN1522AQ'|'2017-01-18T23:08:00.000+02:00'
'd7c4ab7a37b449ab69210c9c8d78a0b2764ec5f9'|'Wells Fargo to merge international business with wholesale banking'|' 12pm GMT Wells Fargo to merge international business with wholesale banking A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young By Dan Freed Wells Fargo & Co ( WFC.N ), the third-largest U.S. bank by assets, said on Thursday it would merge its international business with its wholesale banking unit that serves corporate clients. The bank also named Richard Yorke, who previously headed the international group, as chief operating officer for the wholesale banking business. Spokesman Alan Elias said the international business previously stood on its own since it was so small that it needed more individual attention. The bank began to build its international operations in earnest after its acquisition of Wachovia at the start of 2009. Wells Fargo derives just 4 percent of its revenues from outside the United States. That is a much smaller portion than rivals like JPMorgan Chase & Co ( JPM.N ), Bank of America Corp ( BAC.N ) and Citigroup Inc ( C.N ). Still, the international presence grew considerably following acquisitions from General Electric Co ( GE.N ) last year. Wells Fargo now has operations in 42 countries and territories with close to 3,000 employees in Asia Pacific, Europe and the United Kingdom. Before he takes on his new role, Yorke will assume an interim post as a senior member of a team of executives helping Wells Fargo plan for its possible bankruptcy. Joining that team on a permanent basis will be Scott Zaret, an executive from the bank''s risk division. Wells Fargo failed its resolution planning process in December and will have to submit a new plan to regulators in March. Elias said the decision to move the international business inside the wholesale unit was not a response to December''s failure. (Reporting by Dan Freed in New York; Additional reporting by Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta and Peter Cooney)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-wells-fargo-restructuring-idUKKBN1533A5'|'2017-01-20T06:12:00.000+02:00'
'b16f829eb819adb33e2c59970a40328470145af8'|'Swiss stocks - Factors to watch on Jan 20'|'ZURICH Jan 20 Here are some of the main factors that may affect Swiss stocks on Friday:ZURICH INSURANCEThe Swiss insurer Zurich said it expects to cut 240 jobs in Britain following the merger last year of its UK life and general insurance businesses into one division.For more news, clickLAFARGEHOLCIMFrench prosecutors opened an investigation into cement group Lafarge''s activities in Syria in October of last year on suspicion that it infringed custom rules, a judicial source said.For more news, clickCOMPANY STATEMENTS* Roche said it has received 510(k) clearance for its elecsys Troponin T Gen 5 STAT blood test for patients with a suspected heart attack.* BB Biotech said it will propose a regular dividend of 2.75 francs per share at the general assembly on March 16 and that management "is very confident about the sector''s prospects in 2017".* SFS said it is investing approximately 36 million francs through mid-2018 to increase capacity and productivity at major sites in Switzerland.* Daetwyler Holding said it increased its unaudited net revenue by 4.3 percent to 1,215.8 million Swiss francs during 2016.* CFT said for the whole year its consolidated adjusted revenue was 870.1 million Swiss francs, compared with 873.8 million in 2015.* Hilcona, part of the Bell Group, is taking over Frostag in Landquart, a company specialising in the preparation of pasta and vegetarian products. It has 118 employees with annual sales of more than 10 million Swiss francs, Bell said.* Energiedienst Holding AG says expects to close fiscal year 2016 with a higher operating result (EBIT) than expectedECONOMYSwiss voters are evenly split on whether to back a government proposal for corporate tax reform ahead of a referendum next month, according to an online poll by Tamedia.(Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL5N1F94KN'|'2017-01-20T03:13:00.000+02:00'
'9849d702fe63ffdcfb41848239b2dbfde6232cf5'|'Impact of job-stealing robots a growing concern at Davos'|'Internet News -  16am GMT Impact of job-stealing robots a growing concern at Davos left right An attendee communicate with SARA, a socially aware robot assisstant, during a presentation at the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 17, 2017. REUTERS/Ruben Sprich 1/2 left right An attendee communicate with SARA, a socially aware robot assisstant, during a presentation at the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 17, 2017. REUTERS/Ruben Sprich 2/2 By Martinne Geller and Ben Hirschler - DAVOS, Switzerland DAVOS, Switzerland Open markets and global trade have been blamed for job losses over the last decade, but global CEOs say the real culprits are increasingly machines. And while business leaders gathered at the annual World Economic Forum (WEF) in Davos relish the productivity gains technology can bring, they warned this week that the collateral damage to jobs needs to be addressed more seriously. From taxi drivers to healthcare professionals, technologies such as robotics, driverless cars, artificial intelligence and 3-D printing mean more and more types of jobs are at risk. Adidas ( ADSGn.DE ), for example, aims to use 3-D printing in the manufacture of some running shoes. "Jobs will be lost, jobs will evolve and this revolution is going to be ageless, it''s going to be classless and it''s going to affect everyone," said Meg Whitman, chief executive of Hewlett Packard Enterprise ( HPE.N ). So while some supporters of Donald Trump and Brexit may hope new government policies will bring lost jobs back to America''s Rust Belt or Britain''s industrial north, economists estimate 86 percent of U.S. manufacturing job losses are actually down to productivity, according to the WEF''s annual risks report. "Technology is the big issue and we don''t acknowledge that," Mark Weinberger, chairman of consultancy EY, said on Thursday, arguing there was a tendency to always blame trading partners. The political backdrop is prompting CEOs to take more seriously the challenge of long-life training of workforces to keep up with the exponential growth of technological advances. "I think what we''re reaching now is a time when we may have to find alternative careers through our lifetime," Microsoft ( MSFT.O ) Chief Executive Satya Nadella told Reuters. Over the last decade, more jobs have been lost to technology than any other factor, and John Drzik, head of global risk at insurance broker Marsh, expects more of the same. "That is going to raise challenges, particularly given the political context," Drzik, who helped compile the WEF report, said. Compared to clamping down on immigration by tightening borders, dealing with the impact of technology destroying jobs is something that is perhaps even less easily controlled. For while many advanced technologies remain more expensive than low- or medium-skilled labor in the near term, the shift is likely to accelerate as costs come down. WIDENING GAP Technological advancements require governments, businesses and academic institutions to develop more educated and highly skilled workforces, executives in Davos said. But this shift to skilled workers also widens the income gap and fuels growing inequality. [nL5N1F01GV] Jonas Prising, CEO of staffing firm ManpowerGroup ( MAN.N ), noted that U.S. unemployment is only about 2 to 2.5 percent among college-educated people but 9 or 10 percent among those with low or no skills. "The idea that we would ban automation as part of an evolution within the manufacturing industry, is not really part of the discussion," Prising said. He pointed to policies in countries like Denmark and Italy, where there is a focus on employability of workers. "If we don''t own responsibility (for the problem of displaced workers), it''s only going to get bigger," Procter & Gamble ( PG.N ) Chief Executive David Taylor said. BRAWN AND BRAIN The scope of the employment risk from what the WEF calls the "fourth industrial revolution" which "blurs the lines between the physical, digital, and biological spheres" is unclear. A University of Oxford study in 2013 said nearly half of U.S. jobs were at risk, while in 2015 Forrester Research predicted a net loss of only 7 percent by 2025, as some lost jobs will be replaced with new ones. Forrester predicts that by 2019, one-quarter of all job tasks will be offloaded to software robots, physical robots, or customer self-service automation. Even the corner office may not be safe. "CEOs feel reasonably confident we are not going to be replaced by artificial intelligence," Inga Beale, CEO of the Lloyd''s of London [SOLYD.UL] insurance market, said. "But I''m sure there will be a time!” (Editing by Alexander Smith) Uber to pay $20 million to settle U.S. claims it misled drivers WASHINGTON Ride-hailing company Uber Technologies Inc has agreed to pay $20 million to settle claims by the U.S. government that it exaggerated prospective earnings in seeking to recruit drivers and downplayed the costs of buying or leasing a car, documents filed with a federal court on Thursday showed. Samsung Electronics says to hold Galaxy Note 7 briefing on January 23 SEOUL Samsung Electronics Co Ltd said it will announce on Jan. 23 the results of a probe on what caused some Galaxy Note 7 smartphones to catch fire, as the firm seeks to recover from one of the biggest product safety failures in tech history. LONDON Just in time for his inauguration, London-based fintech firm Trading.co.uk is launching an app that will generate trading alerts for shares based on comments made on social media by Donald Trump. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-davos-meeting-robots-idUKKBN1540H0'|'2017-01-20T13:11:00.000+02:00'
'6e574294065d76bce9a2a26c2e5a63ff8add0eb8'|'Saudi British Bank fourth-quarter net profit falls 35 percent, misses forecasts'|'Business News - Thu Jan 19, 2017 - 5:58pm GMT Saudi British Bank fourth-quarter net profit falls 35 percent, misses forecasts DUBAI Saudi British Bank 1060.SE (SABB), the kingdom''s sixth-largest bank by assets, posted a 35 percent drop in its fourth-quarter net profit on Thursday, missing analysts'' forecasts. The bank, an affiliate of HSBC Holdings ( HSBA.L ), said it made 607 million riyals (£132 million) in the three months ending Dec. 31, compared with 939 million riyals in the same period a year earlier, according to a bourse filing. Three analysts surveyed by Reuters expected the bank to post an average net profit of 1.02 billion riyals for the quarter. (Reporting by Tom Arnold; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sabb-results-idUKKBN1532QU'|'2017-01-20T00:58:00.000+02:00'
'8640649eaba05bf73e903cd9568f3133af33c62c'|'Fitch Rates TP ICAP''s Bond ''BBB-(EXP)'''|'Financials  39am EST Fitch Rates TP ICAP''s Bond ''BBB-(EXP)'' (The following statement was released by the rating agency) LONDON, January 19 (Fitch) Fitch Ratings has assigned TP ICAP plc''s (TP ICAP) senior unsecured GBP bond issue an expected rating of ''BBB-(EXP)''. The assignment of the final rating is contingent on the receipt of final documents conforming to information already received. Fitch expects the bond proceeds to be used to refinance a GBP470m drawing on a debt facility that had been put in place to finance the acquisition of NEX Group plc''s (NEX) global voice and hybrid broking business completed on 30 December 2016 (see ''Fitch Affirms NEX Group plc''s Subsidiaries and TP ICAP on Transaction Completion'', dated 10 January 2017 and available on www.fitchratings.com). Consequently, we do not expect the bond issue to lead to an increase in TP ICAP''s overall cash flow leverage. KEY RATING DRIVERS The senior unsecured bond is rated in line with TP ICAP''s Long-Term Issuer Default Rating (IDR) and existing senior unsecured debt ratings as Fitch views the probability of default on senior unsecured debt as the same as the probability of default of the entity. The bond''s rating is therefore driven by the same considerations that drive TP ICAP''s Long-Term IDR. (See our 10 January 2017 commentary for a summary of TP ICAP''s key rating drivers). RATING SENSITIVITIES The rating of the senior unsecured bond is primarily sensitive to changes in TP ICAP''s Long-Term IDR. Upside to TP ICAP''s Long-Term IDR is limited given higher leverage following the acquisition and our view of continuing pressure on traditional broking revenues. Larger-than-expected revenue declines or material delays in realising cost synergies, which would negatively affect EBITDA, could lead to a downgrade of TP ICAP''s Long-Term IDR. Should TP ICAP''s gross-debt/adjusted EBITDA exceed 2.5x on a sustained basis, this would put pressure on the Long-Term IDR. We expect TP ICAP''s cash-flow leverage to peak at 2.4x in 2017. Although not expected by Fitch, should the bond proceeds not be applied to reduce outstanding drawings on the debt facility, this could put pressure on the entity''s cash flow leverage, Long-Term IDR and consequently senior unsecured debt ratings. Contact: Primary Analyst Christian Kuendig Senior Director +44 20 3530 1399 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Luis Garrido Analyst +44 20 3530 1631 Committee Chairperson Christian Scarafia Senior Director +44 20 3530 1012 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Date of Relevant Rating Committee: 9 January 2017 Additional information is available on www.fitchratings.com Applicable Criteria Global Non-Bank Financial Institutions Rating Criteria (pub. 15 Jul 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987157'|'2017-01-19T22:39:00.000+02:00'
'960d5ed6ced203c022344f99ba03bf88ffcab179'|'China state banks offer funds in bid to cool fierce liquidity squeeze, yuan dips'|'Business News   5:20am EST China state banks offer funds in bid to cool fierce liquidity squeeze, yuan dips A 100 Yuan note is seen in this illustration picture in Beijing March 7, 2011. REUTERS/David Gray/File Photo SHANGHAI Short-term funding costs in China shot to their stiffest level in nearly 10 years on Thursday on fears of a cash crunch heading into its most important holiday of the year, but ended well off the day''s highs as state banks stepped in to offer more yuan supplies. Chinese households and companies usually withdraw huge amounts of cash from banks ahead of the week-long Lunar New Year holiday, which starts on Jan. 27. This year, the holiday also extends over the month-end, when corporate cash demand increases and some tax payments are due, adding to the drain. While liquidity always tightens in China ahead of big holidays, and the People''s Bank of China (PBOC) routinely pumps more funds into markets to ensure there is ample liquidity, some traders say its injections have barely been keeping up with heavier demand this year. A key overnight rate for borrowing funds surged to as high as 22.099 percent in early trade on Thursday - the highest since data became available in April 2007. It was later pulled lower by speculation that authorities were ready to pump more liquidity into the market, but remained at a highly elevated level. The onshore overnight implied deposit rate for yuan CNYONID=CNR finished the day at 8.602 percent, but was still well above Tuesday''s close of 4.357 percent. Some money rates and trading floor blood pressures shot up on Wednesday after the central bank surprised markets by not rolling over medium-term lending facility (MLF) loans which were due to mature that day. Further MLF loans are due to mature on Thursday. The two batches of loans total 216.5 billion yuan ($31.5 billion), according to Reuters calculations. The sudden surge in funding rates has also sparked volatility in the foreign exchange market, forcing traders with short positions against the yuan to bail out of their positions. That has led to a solid strengthening in the beleaguered currency this week, though it dipped on Thursday on signs that state banks may be offering additional yuan supplies and after an overnight bounce in the U.S. dollar. Spot yuan CNY=CFXS settled at 6.8760 per dollar at 4:30 p.m. (0830 GMT), 328 pips weaker than the previous late session close. But it is up more than half a percent so far this week, on course for its best week since July. It has firmed around 1.1 percent so far this year as Chinese authorities try to slow capital outflows and quash speculators betting on further currency declines. The official yuan midpoint CNY=PBOC was fixed at 6.8568 per dollar prior to the market open, 43 pips weaker than the previous fixing of 6.8525. Analysts said Thursday''s fixing was set at a firmer level than their models had suggested. The volume-weighted average rate of the benchmark seven-day repo CN7DRP=CFXS traded in the interbank market, considered the best indicator of general liquidity in China, also pulled back slightly on Thursday while remaining at high levels. It closed at 2.6336 percent, compared with the previous close of 2.7607 percent, which was the highest since July 2015. "The market has calmed down slightly. (But) we have U.S. President-elect Donald Trump''s inauguration in two days and that may create volatility again," said a trader at a Chinese bank in Shanghai. Chinese authorities are widely believed to have been involved in a sharp spike in offshore yuan funding costs earlier this month to support the currency. But it is still trading at more than eight-year lows. The unexpectedly sharp onshore cash pinch comes despite central bank injections of a net 1.035 trillion yuan ($150.87 billion) through open market operations so far this week, nearly 10 times the amount it injected last week. "Companies'' quarterly payments starting Jan.16 and seasonal cash demand are the key factors draining money out," said a liquidity trader at a Chinese bank in Shanghai. Some traders said they heard that the central bank had asked commercial banks in the morning about potential demand for MLF loans, but there was no indication if the bank would inject the funds later in the day. "We hope the central bank will roll over the maturing MLF loans (on Thursday), but no one knows whether it will do it or not," the trader said. In offshore markets, the yuan was 0.5 percent firmer than onshore at 6.8438 per dollar. Highlighting investors'' strongly bearish views on the yuan, offshore one-year non-deliverable forwards contracts (NDFs)CNY1YNDFOR= traded at 7.1195, 3.69 percent weaker than the midpoint. NDFs are considered the best available proxy for forward-looking market expectations of the yuan''s value. (Reporting by Winni Zhou and John Ruwitch; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-china-yuan-idUSKBN1531A7'|'2017-01-19T17:04:00.000+02:00'
'46eec2896e9bacc4a313d74431e17008bbd8485d'|'Ex-VW CEO denies early knowledge of diesel emissions cheating'|'Thu Jan 19, 2017 - 10:09am GMT Ex-Volkswagen CEO denies early knowledge of diesel emissions cheating Former Volkswagen chief executive Martin Winterkorn arrives to testify to a German parliamentary committee on the carmaker''s emissions scandal in Berlin, Germany, January 19, 2017. REUTERS/Fabrizio Bensch BERLIN Former Volkswagen ( VOWG_p.DE ) Chief Executive Martin Winterkorn told German lawmakers he did not know about the company''s systematic emissions cheating earlier than VW has officially admitted. "That is not the case," Winterkorn told the German parliament''s committee of inquiry into carmakers'' emissions irregularities. "I too am looking for satisfactory answers," Winterkorn said on Thursday in his first public remarks since he apologized for the scandal in a televised statement on Sept. 22, 2015, four days after news of the manipulations broke in the United States and one day before he resigned as CEO of Europe''s largest automaker. (Reporting by Andreas Cremer; Writing by Edward Taylor; Editing by Maria Sheahan) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-winterkorn-idUKKBN15318J'|'2017-01-19T17:13:00.000+02:00'
'6ebc7b65c78308266ec18928b79551b697fc7708'|'BRIEF-Old Point says CFO Grabow to retire in summer of 2017'|'Market  20pm EST BRIEF-Old Point says CFO Grabow to retire in summer of 2017 Jan 18 Old Point Financial Corp : * Old Point Financial - on Jan. 10, Laurie D. Grabow, CFO and senior vice president/finance notified intent to retire in summer of 2017 - SEC filing * Old Point Financial Corp says has engaged Kaplan Partners, an executive search firm to lead search for a new chief financial officer Source text: ( bit.ly/2iDaU0L )   Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1F80OK'|'2017-01-19T06:20:00.000+02:00'
'e5033c54c93df24e128cb9128b35cffc02d4668c'|'Appeals court rules for Education Management on debt-cutting plan'|'By Tom Hals - WILMINGTON, Del WILMINGTON, Del Jan 17 Education Management Corp scored a victory in its fight against an investor opposed to its $1.5 billion debt-cutting plan on Tuesday, when a U.S. appeals court overturned a decision in a closely watched case involving creditors'' rights.The U.S. Court of Appeals in Manhattan said a lower court erred in its ruling that a Depression-era law, the Trust Indenture Act, barred Education Management''s plan to restructure its debt.The appeals court also said the holdout creditor opposing the debt-cutting plan, Marblegate Asset Management LLC, could pursue its right to repayment by suing Education Management. However, the court said Marblegate could not invoke the Trust Indenture Act to retain an "absolute and unconditional" right to payment.The dispute stems from Education Management''s business of providing post-secondary education at Argosy University and the Art Institutes campuses, which ran into severe financial problems. The company needed to cut its debt without filing for bankruptcy, which would have caused it to lose access to federal student loan programs.Creditors holding 98 percent of the liabilities agreed to swap their loans and bonds for new debt and equity in the company, according to the court ruling. Lenders would get about 55 percent of the $1.3 billion they were owed, and investors holding $217 million in notes would get a 33 percent recovery.To carry out the deal over Marblegate''s opposition, the company''s lenders foreclosed on Education Management''s assets. They then sold them to an Education Management subsidiary and divided ownership of the unit.Marblegate still had the legal right collect, but those claims were brought against a corporate parent without assets.Marblegate sued to force Education Management to pay in full, invoking the Trust Indenture Act.U.S. District Judge Katherine Failla in Manhattan ruled in 2015 that the company violated that law by undermining Marblegate''s practical ability to collect on its debt.Education Management appealed, saying the law only guaranteed a legal right to a payment, not the ability to collect.Judges Jose Cabranes and Raymond Lohier, in a 42-page opinion agreed, citing in large part the law''s legislative history.Judge Chester Straub filed a separate 16-page dissent.The U.S. Chamber of Commerce had warned in a friend-of-court filing that the lower court ruling expanded the law to ban out-of-court restructurings supported by a majority of bondholders. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/edmc-restructuring-ruling-idINL2N1CC1IE'|'2017-01-17T14:03:00.000+02:00'
'9874b0143bf666ad6fb6e53e04a6c39b20ce7334'|'TREASURIES-Bonds gain as Trump comments, Brexit boost safety buying'|'(Adds Quote: , details on data, updates prices) * Trump protectionist fears boost bonds * Brexit concerns remain after May comments * Fed''s Dudley: new Fed action unlikely near term By Karen Brettell NEW YORK, Jan 17 U.S. Treasury prices gained on Tuesday on concerns about protectionist trade policies by U.S. President-elect Donald Trump, which hurt the U.S. dollar and increased demand for U.S. bonds. In comments to the Wall Street Journal, Trump said a key part of the House Republican''s corporate-tax plan is "too complicated" and that the U.S. dollar is too strong, making it difficult for U.S. companies to compete with China. Renewed concerns over Britain''s planned exit from the European Union also boosted demand for Treasuries. Prime Minister Theresa May said Britain will quit the EU single market when it leaves in a decisive speech that set a course for a clean break with the world''s largest trading bloc. "We''re still in the midst of the weak dollar, lower yield trade," said Jim Vogel, an interest rate strategist at FTN Financial in Memphis. "It seems to represent a reversal from last year and renewed uncertainty about Brexit and U.S. fiscal policy and the need to stay in Treasuries to diversify." Benchmark 10-year notes gained 14/32 in price to yield 2.33 percent, down from 2.38 percent late on Friday. The yields earlier fell to 2.305 percent, the lowest since November 30. The U.S. bond market was closed on Monday for the Martin Luther King Jr. Day holiday. Bonds also gained after New York Federal Reserve President William Dudley said that the U.S. central bank is unlikely to take actions that would "snuff out" the current economic expansion anytime soon because inflation is "simply not a problem." Consumer price index data on Wednesday will be next watched for further indications about price pressures. Thursday''s $13 billion auction of 10-year Treasury Inflation-Protected Securities (TIPS) will also indicate investor concern about rising inflation. British inflation hit its highest level since mid-2014 in December, propelled by the Brexit-fueled fall in its currency. More protectionist policies in the U.S. could similarly boost inflation, increasing demand for inflation-linked debt. "When you start to see a big move in trade barriers and there''s a big spike in inflation it might be negative for Treasuries, but the one asset that may benefit the most is TIPS," said Aaron Kohli, an interest rate strategist at BMO Capital Markets in New York. Fed Governor Lael Brainard said on Tuesday that the U.S. central bank might hike interest rates more aggressively if deficit spending under the Trump administration leads to a quick economic boost. (Reporting by Karen Brettell; Editing by Nick Zieminski and Andrea Ricci)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1F71OF'|'2017-01-17T17:18:00.000+02:00'
'2e0f4e9cb60d731a1e94e073171e625e4b3f3b8d'|'Court approves Caesars Entertainment unit''s bankruptcy plan'|'CHICAGO Jan 17 Caesars Entertainment Corp''s main operating unit won court approval on Tuesday for a plan to shed $10 billion of debt and end a contentious $18 billion bankruptcy filed nearly two years ago to the day."It is a monumental achievement," U.S. Bankruptcy Judge Benjamin Goldgar said at a hearing in Chicago after approving the reorganization plan.(Reporting by Tracy Rucinski in Chicago, writing by Tom Hals in Wilmington, Delaware; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/caesars-bankruptcy-idINL1N1F71C4'|'2017-01-17T14:41:00.000+02:00'
'812e173fc2e03bdfa57f6f6b43c828a44689b659'|'UPDATE 4-In Davos, Xi makes case for Chinese leadership role'|'Financials   11:05am EST UPDATE 4-In Davos, Xi makes case for Chinese leadership role * Xi warns against trade war in apparent message to Trump * He is first Chinese president to appear at WEF * Appearance comes amid rising tensions with Trump team * China economy worries ease but big risks remain (Adds further comment, link to Breakingviews column) By Noah Barkin and Elizabeth Piper DAVOS, Switzerland, Jan 17 Chinese President Xi Jinping offered a vigorous defence of free trade at the World Economic Forum in Davos on Tuesday in a speech that underscored Beijing''s desire to play a greater global role as the United States turns inward. In the first appearance by a Chinese leader at the annual meeting of political leaders, CEOs and bankers in the Swiss Alps, Xi also cautioned other countries against blindly pursuing their national interests, in an apparent reference to the "America first" policies of Donald Trump. Real estate mogul and former reality TV star Trump, who will be inaugurated as U.S. president on Friday, campaigned on a promise to confront China more aggressively on trade. He has vowed to renegotiate or ditch multilateral trade agreements and protect U.S. industries from foreign competition by levying new tariffs on goods from abroad. Xi likened protectionism to "locking oneself in a dark room" in the hopes of protecting oneself from danger, but in so doing, cutting off all "light and air". "No one will emerge as a winner in a trade war," Xi said in a nearly hour-long speech in a large conference hall as U.S. Vice President Joe Biden looked on. He said Beijing would not boost its trade competitiveness by devaluing its currency, something Trump has repeatedly said China has done in the past, and urged all signatories of a landmark climate deal in Paris last year to stick to the agreement. Trump has criticised the deal and indicated he may pull the United States out of it. LEADERSHIP VACUUM As Trump vows to focus on American interests, Europe is increasingly pre-occupied with its own troubles, from Brexit and militant attacks to the string of elections this year in which anti-globalisation populists could score gains. This has left a vacuum that China seems eager to fill. More than half a dozen senior Chinese government figures joined Xi in travelling to Davos, whereas in prior years Beijing sent fewer, lower-level officials. A large number of sessions at the WEF are focused on Asia this year, including one entitled "Asia Takes the Lead". "In a world marked by great uncertainty and volatility the world is looking to China," WEF founder and chairman Klaus Schwab said before welcoming Xi to the stage. Former Swedish Prime Minister Carl Bildt, reacting to Xi''s speech on Twitter, said: "There is a vacuum when it comes to global economic leadership, and Xi Jinping is clearly aiming to fill it. With some success." Ian Bremmer, president of political risk consultancy Eurasia Group, tweeted: "Davos reaction to Xi speech: Success on all counts. Miles away from any official Chinese speech before". Xi''s appearance took place at a time of rising tensions between Beijing and Trump, who broke with decades of precedent last month by taking a congratulatory telephone call from the president of Taiwan, which Beijing sees as part of China. Last week Trump said that America''s "One China" policy was up for negotiation, triggering a furious response from state-run Chinese newspapers who said Beijing would be forced to "take off the gloves" if Trump did not change his rhetoric. Although Xi painted a picture of China as a "wide open" economy, his government has come under mounting criticism from trading partners for its continued restrictions on foreign investments at a time when its state-run firms are aggressively pursuing acquisitions in Europe. In an apparent nod to these criticisms, China''s cabinet announced ahead of Xi''s speech that it would take steps to ease limits on investment in banks and other financial institutions. But no further details were provided, nor a timetable for their implementation. "Today, I think there is a big question mark as to how China pivots in this world," Bob Moritz, global chairman of PricewaterhouseCoopers, told Reuters in Davos. "Will they be more regional or global in their mindset and, more importantly, in their negotiations? It''s something we are going to have to watch over the next 12 months." ''NEW NORMAL'' China, the world''s top exporter, is heavily dependent on free trade and would be hit hard by a new wave of protectionism and a broader backlash against globalisation. In his speech, Xi acknowledged that globalisation had become a "Pandora''s Box", benefiting certain segments of society while harming others. ""It was the best of times, it was the worst of times," Xi said, quoting Charles Dickens. But he said globalisation was not to blame for the global financial crisis, which he attributed to an excessive pursuit of profits, nor for the flood of refugees from the Middle East, which he said was due to conflicts in Syria and the broader region. Fears of a hard economic landing in China roiled global markets during last year''s WEF meeting. Those concerns have eased but the International Monetary Fund warned on Monday about ongoing risks to the Chinese economy, including its high reliance on government spending, record lending by state banks and an overheating property market. Xi tried to send a reassuring message, saying the economy had entered a "new normal" driven by household consumption. Despite a sluggish global economy, he said China''s economy was likely to have grown by 6.7 percent in 2016. But some economists in Davos remain cautious. "China is still one of the biggest risks, and I think the only reason it is not at the top of the list is that the United States has become such a locus of uncertainty," said Kenneth Rogoff, an economist at Harvard University. (Additional reporting by Ben Hirschler; Editing by Pravin Char) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/davos-meeting-china-idUSL5N1F75SF'|'2017-01-17T23:05:00.000+02:00'
'311b6560f312e195eac7d70a509eb5a55eabd754'|'Deliver-roll! Greggs starts delivery service to brokers and bankers - Business - The Guardian'|'City workers can now order Greggs’ pasties and sausage rolls to be delivered to their desks as the bakery chain trials a new service, Greggs Delivered.It offers a range of sweet and savoury products and, with a minimum spend of £20, is mainly aimed at the office market. Greggs will deliver within 0.4 miles of its branches on Cheapside and Eastcheap in the City of London, with other locations planned later in the year. The delivery service is already being trialled in Newcastle, with Manchester also in its sights.It comes as the high street chain said like-for-like sales, excluding those at shops open for less than a year, rose 4.2% in the fourth quarter . Total sales were up 7%.Greggs sales bolstered by lower-calorie food Read more Trading was was particularly strong over Christmas, with shoppers treating themselves to festive bakes and mince pies. The main driver of sales was its “food on the go” range, with popular items including its Balanced Choice bakes, with fewer than 400 calories, along with hot food options such as burritos.The company said full-year results for 2016 would be better than expected, but warned of greater uncertainty in the year ahead as consumer budgets come under pressure and business costs rise.“Looking forward there is greater uncertainty in the trading environment with increased pressure on real income growth. We also continue to expect some industry-wide cost pressures in 2017 and these are likely to have a modest impact on margins in the short term.”Following the sharp drop in the value of the pound since the Brexit vote , food manufacturers are facing higher costs for some ingredients priced in dollars.Roger Whiteside, chief executive, said: “We finished 2016 well, delivering our 13th consecutive quarter of like-for-like sales growth, and anticipate that we will report full-year results for 2016 slightly ahead of our previous expectations. “In the year ahead, while we will undoubtedly see a number of well-documented industry headwinds, we are confident we will continue to make progress with the implementation of our strategic plan, including significant investment in our capability to supply a growing shop estate.” Greggs shares rose almost 4% to £10.40.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/17/deliver-roll-greggs-starts-delivery-service-city-london-brokers-bankers'|'2017-01-17T02:00:00.000+02:00'
'77bdf2e59515f00915feae893e7da3fece795bd9'|'China-U.S. trade tensions top Big Oil''s worry list'|'Davos - Fri Jan 20, 2017 - 6:14am EST China-U.S. trade tensions top Big Oil''s worry list Khalid al-Falih Saudi energy minister attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich By Dmitry Zhdannikov - DAVOS, Switzerland DAVOS, Switzerland Oil executives and Middle East producers are concerned that trade tensions between the United States and China risk clouding the outlook for global energy demand growth and a recovery in the price of oil. "It is not unique to our country to feel a certain level of anxiety (about tensions). But there is a lot of wisdom on both sides... I hope this anxiety will prove unfounded," Saudi Energy Minister Khalid al-Falih told Reuters. Chinese President Xi Jinping offered a vigorous defense of free trade in Davos on Tuesday, underscoring Beijing''s desire to play a greater global role as the United States turns inward. "The two largest economies need to sort out their differences for the wellbeing of the global community," Falih, who sets energy policies for the world''s largest oil exporter, said on the sidelines of the World Economic Forum in Davos. Xi cautioned other countries against blindly pursuing their national interests, in an apparent reference to the "America first" policies of Donald Trump. Trump, who will be inaugurated as U.S. president on Friday, campaigned on a promise to confront China more aggressively on trade, including by levying new tariffs on goods from abroad. "I hope cool heads will prevail on both sides," BP''s chief executive Bob Dudley told Reuters in Davos. China, the world''s top goods exporter, is heavily dependent on free trade and would be hit hard by a new wave of protectionism and a broader backlash against globalization. Beijing is also almost on par with the U.S. as the world''s top oil importer and any slowdown of the Chinese economy would badly hit global demand since Beijing has been the locomotive of the global oil consumption growth for the past decade. "The rise of China should be the source of stability - not conflict," Saudi foreign minister Adel al-Jubeir told a panel at the WEF, which is effectively the world''s largest gathering of oil executives and officials. Besides promising tougher policies on China, Trump has also said that Washington should boost U.S. energy independence from oil cartels such as OPEC. Falih said that any attempt to introduce import tariffs on oil from abroad to support U.S. crude producers would primarily hit a very strong U.S. oil refining and chemical industry. And when asked about the rising tensions, OPEC head Mohammed Barkindo said: "The world needs stability in order to restore robust economic growth and ensure this task is achieve through collaboration at all levels". (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-davos-meeting-oil-idUSKBN1541DJ'|'2017-01-20T18:14:00.000+02:00'
'8c727113024325083e0c615820bd0dfe8424ee27'|'Aviva teams up with Tencent, Hillhouse Capital to launch Hong Kong insurer'|' 06am GMT Aviva teams up with Tencent, Hillhouse Capital to launch Hong Kong insurer Pedestrians walk past an Aviva logo outside the company''s head office in the city of London, Britain, March 5, 2009. REUTERS/Stephen Hird/File Photo British insurer Aviva said it had joined up with investment management firm Hillhouse Capital and Chinese internet services giant Tencent Holdings to start a digital insurance focused company in Hong Kong. As part of the deal, Hillhouse and Tencent will acquire shares in Aviva Hong Kong, the insurer said on Friday. When the deal closes, Aviva and Hillhouse would each hold 40 percent of Aviva Hong Kong, while Tencent will own the rest, Aviva said. Aviva said earlier this week it will merge its UK life and general insurance businesses as it focuses on offering products online, as part of an organisational shake-up that also saw the departure of its European chief. Tencent, which is among the backers of Chinese internet insurer Zhong An Online Property and Casualty Insurance, has also invested in online insurer HeTai Life. China''s online finance industry has boomed in recent years, with players ranging from Tencent to e-commerce giant Alibaba Group Holding Ltd and start-ups offering peer-to-peer lending, wealth management and online payments in a bid to prise business away from traditional banks and insurers. (Reporting by Noor Zainab Hussain in Bengaluru; editing by Carolyn Cohn)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aviva-gb-jv-tencent-holdings-idUKKBN1540Z9'|'2017-01-20T16:06:00.000+02:00'
'8dfce0f009c4e2e1876e0c803af63bfc3097d717'|'UPDATE 1-Venezuela''s PDVSA 2016 financial debt drops 6 pct to $41 bln'|'(Adds context, Quote: )CARACAS Jan 20 Venezuelan state oil company PDVSA''s consolidated financial debt fell 6 percent in 2016 compared with the previous year to reach $41 billion, the company said on Friday.The decline was driven by a $1.7 billion drop in outstanding bonds and a $1.6 billion decline in outstanding loans, according to a table published by the company.It did not provide further details. PDVSA as of last year had $28.475 billion in outstanding bonds.The company in 2016 carried out a $2.8 billion bond swap that pushed the maturity of bonds coming due in 2017 to 2020. That helped ease a heavy payment schedule this year but did not significantly alter its overall debt load.Total debt at the company''s U.S. subsidiary Citgo rose 3 percent from 2015 to reach $4.2 billion.Investors are less worried about a default by Venezuela and PDVSA than they have been in previous years as a result of rising oil prices, the source of nearly all the country''s export revenue.But the bonds'' yields remain among the highest of emerging market securities due to concerns about the country''s decaying socialist economic system. (Reporting by Corina Pons, writing by Brian Ellsworth; Editing by Chizu Nomiyama and Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/venezuela-pdvsa-idINL1N1FA0JE'|'2017-01-20T10:31:00.000+02:00'
'3a9e1e368bcf74476cda485eda915d555edd4694'|'BRIEF-SGSG Science&Technology Zhuhai proposes 2016 div payment'|'Financials - Thu Jan 19, 2017 - 6:28am EST BRIEF-SGSG Science&Technology Zhuhai proposes 2016 div payment Jan 19 SGSG Science&Technology Co Ltd Zhuhai : * Says it proposed to pay a cash dividend of 3.6 yuan (before tax) for every 10 shares and to use additional paid-in capital to distribute 5 new shares for every 10 shares to shareholders as 2016 dividend Source text in Chinese: goo.gl/BHUarx Further company Coverage: (Beijing Headline News) Next In Financials Russia could start buying FX if oil allows but amount to be limited - c.bank MOSCOW, Jan 19 Russia may start buying foreign currency if oil prices allow, the central bank said on Thursday, but the amount of forex it buys monthly would not exceed additional revenues it gets from oil prices exceeding the level pencilled into budget plans. MUMBAI, Jan 19 Axis Bank Ltd, India''s third-biggest private sector lender by assets, reported on Thursday third-quarter net profit tumbled 73 percent as provisions for bad loans jumped. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1F93VN'|'2017-01-19T18:28:00.000+02:00'
'edc574c7c78433bda11e90510c0008a81858088d'|'Retailer Carrefour Q4 sales growth slows as France lags'|'By Dominique Vidalon - PARIS PARIS Carrefour, the world''s second-largest retailer, said sales growth slowed in the fourth quarter, reflecting a weaker performance in its core French market where hypermarket stores suffered in a persistently difficult environment.In Brazil, the group''s second-largest market after France, business was resilient despite a slowing economy, while sales elsewhere in Europe, notably Spain, posted solid growth.In China, where Carrefour is restructuring its operations, the rate of decline in sales slowed to 5.4 percent from 7.8 percent in the third quarter.Carrefour finance chief Pierre-Jean Sivignon said 2016 recurring operating income would be "very close" to median expectations of 2.39 billion euros, implying a 2.2 percent decline from 2.445 billion euros in 2015.Europe''s largest retailer also hoped to launch initial public offerings for its commercial property unit Carmila and its Brazilian business this year, he said.Carrefour said fourth quarter sales reached 23.366 billion euros ($24.85 billion), above the median of analysts estimates of 23.22 billion in a Thomson Reuters poll.Stripping out fuel, currency and calendar effects, revenue grew 2.9 percent year-on-year, a slowdown from 3.2 percent growth in the third quarter.Despite the quarterly slowdown, Carrefour achieved its fifth straight year of rising sales for 2016 as a whole, as a recovery plan started by Chief Executive Georges Plassat in 2012 continues to bear fruit.Carrefour, which makes 73 percent of its sales in Europe, is pursuing a recovery strategy focusing on price and cost cuts along with expansion into smaller convenience stores, while also renovating its chain of hypermarkets."In 2017 Carrefour will continue to strengthen all its (growth) boosters to pursue profitable growth," Sivignon said.In France, where Carrefour makes 43 percent of its sales, like-for-like revenue rose 0.7 percent in the quarter, a slowdown from 1.2 percent growth in the third quarter amid fierce price competition among retailers.Closely watched same-store sales at Carrefour''s French hypermarkets fell 1.2 percent after a 1.0 percent decline in the third quarter but supermarkets and convenience stores had a robust performance.Carrefour''s performance in France still outpaced that of smaller rival Casino <CASP.PA, which reported a 0.2 percent rise in same-store sales in the fourth quarter.(Reporting by Dominique Vidalon Editing by Sudip Kar-Gupta and Andrew Callus)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/carrefour-sales-salesfigures-idINKBN1530RS'|'2017-01-19T04:34:00.000+02:00'
'67bf65406f0d66a4a409c24833b5eb27cfd0f00c'|'Turkey says stronger dollar would be "bad news" for emerging markets'|'Foreign Exchange Analysis   5:59am EST Turkey says stronger dollar would be ''bad news'' for emerging markets A packet of former U.S. President Abraham Lincoln five-dollar bill currency is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron/File Photo DAVOS, Switzerland Signals from the United States suggest the dollar could strengthen further and this would be "bad news" for emerging markets, the deputy prime minister of Turkey said on Thursday at the World Economic Forum (WEF) in Davos. "Some of the mixed signals from the U.S. seem to suggest the dollar would strengthen ... that would be bad news for emerging markets," said Mehmet Simsek. (Reporting by Noah Barkin) China state banks offer funds in bid to cool fierce liquidity squeeze, yuan dips SHANGHAI Short-term funding costs in China shot to their stiffest level in nearly 10 years on Thursday on fears of a cash crunch heading into its most important holiday of the year, but ended well off the day''s highs as state banks stepped in to offer more yuan supplies.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/uk-davos-meeting-dollar-turkey-idUSKBN1531FA'|'2017-01-19T17:53:00.000+02:00'
'f43b8cebaa8b0ad610c01269540922e1be870903'|'EU clears state guarantee for Popolare Vicenza, Veneto Banca debt'|'MILAN The European Commission has approved measures for Italy to provide a state guarantee on bond issues at Popolare di Vicenza and Veneto Banca, two regional lenders that were rescued last year by banking industry bailout fund Atlante.The two banks have been told by the European Central Bank to improve their liquidity position. To help weak lenders, Italy passed in late December a decree to allow banks to tap a state guarantee on their debt."The European Commission has found Italian plans to support the access to liquidity of Banca Popolare di Vicenza and Veneto Banca with a state guarantee to be in line with EU state aid rules," the Commission said, adding the measure was "targeted, proportionate and limited in time and scope."Italy is set to provide a similar guarantee to debt issues by Monte dei Paschi di Siena ( BMPS.MI ).(Reporting by Valentina Za)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-italy-banks-vicenza-veneto-idINKBN1531Q2'|'2017-01-19T09:09:00.000+02:00'
'336f65e36f7c83359fff9d3e6ec930df6df234c1'|'BRIEF-Strikepoint signs agreement to purchase IDM''s Yukon portfolio'|' 19am EST BRIEF-Strikepoint signs agreement to purchase IDM''s Yukon portfolio Jan 19 Strikepoint Gold Inc : * Strikepoint signs definitive agreement to purchase IDM''s Yukon portfolio * Strikepoint Gold Inc - entered into definitive agreement with IDM mining ltd to purchase a portfolio of properties located in yukon * Strikepoint Gold Inc - purchase price for properties will be $4.2 million * Strikepoint Gold Inc - strikepoint will incur a minimum of $1,500,000 in exploration expenditures on yukon properties by December 31, 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASC09RH2'|'2017-01-19T21:19:00.000+02:00'
'c034f69fd56b12c43508a667965bd5dce25cab7c'|'Decree ready on state guarantee for Monte dei Paschi bonds-source'|'Financials - Thu Jan 19, 2017 - 4:25am EST Decree ready on state guarantee for Monte dei Paschi bonds-source ROME Jan 19 A Treasury decree necessary for the Italian state to be able to provide a guarantee for bonds issued by troubled lender Monte dei Paschi di Siena is ready, a government source said on Thursday. Italy pushed through measures in late December to help ailing banks by providing a guarantee on their debt and injecting fresh capital, starting with Monte dei Paschi which risked being wound down after a failed 5 billion euro share issue. Monte dei Paschi, which needs to quickly raise funds after suffering a deposit outflow, will immediately tap the state guarantee on a 2 billion bond it is ready to issue. The bank won''t sell the bond on the market but will retain it to use it as collateral in repo deals, sources said on Wednesday. The government source said state auditors could sign off on the decree as early as Thursday. (Reporting by Giuseppe Fonte, writing by Valentina Za, editing by Stefano Bernabei) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-banks-debt-guarantee-idUSI6N1F200Q'|'2017-01-19T16:25:00.000+02:00'
'eb596f1aac942ed349dac6ece18562e9c5fa16c8'|'Fitch: New Rules and Greater Awareness to Buoy Indonesian Takaful'|'Financials  12pm EST Fitch: New Rules and Greater Awareness to Buoy Indonesian Takaful (The following statement was released by the rating agency) Link to Fitch Ratings'' Report: Indonesia Takaful Dashboard 2017 here DUBAI, January 18 (Fitch) Expansion of Indonesia''s takaful insurance sector has eased to be more in line with the overall industry, however, favourable structural demand factors should help the sector continue building market share within the country''s insurance industry, says Fitch Ratings. The five-year compound annual growth rate for general takaful contributions stood at 24% in 2015, while life takaful contributions stood at 31%, outpacing conventional counterparts. General and life sharia stood at IDR2.2trn and IDR7.7trn at 10M16, respectively, against IDR50.4trn and IDR109.1trn for its conventional counterparts. Life takaful remained the largest contributor to the takaful insurance market, accounting for 78% of the total. Demand for takaful products remains low, despite Indonesia having the world''s largest Muslim population. A lack of awareness, which the government aims to address through educational programmes, and an absence of a robust Islamic finance system to support long-term growth restrain the sector''s expansion. Fitch expects guidelines stemming from Indonesia''s Financial Services Master Plan to be positive for the industry from a supervision perspective, helping align it more closely with the policies of conventional peers. Any consolidation among takaful insurers is likely to be long-tailed, as the "window" operations of existing insurers remain relatively small. The full report, "Indonesia Takaful Dashboard 2017", is available at www.fitchratings.com or by clicking the link above. Contact: Bashar Al Natoor Global Head of Islamic Finance +971 4 424 1242 Fitch Ratings Ltd Al Thuraya Tower 1 Office 1805 Dubai Media City Christopher Han Associate Director +65 6796 7224 Media Relations: Rose Connolly, London, Tel: +44 203 530 1741, Email: rose.connolly@fitchratings.com. Additional information is available at www.fitchratings.com ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986783'|'2017-01-19T10:12:00.000+02:00'
'a9c86a30b7813c3a0698384bb0d97fdfa91aedf8'|'Sanofi''s M&A misses frustrate some investors in drugmaker'|'By Matthias Blamont , Noëlle Mennella and Ben Hirschler - PARIS/DAVOS, Switzerland PARIS/DAVOS, Switzerland For the last year, Sanofi''s chief executive has made clear his quest for deals to help revive the fortunes of France''s biggest drugmaker.The market is still waiting. Olivier Brandicourt''s failure to land two big biotech acquisitions he was chasing has led to growing impatience among some investors."The company needs a growth driver and must make an acquisition. Time is running out," said Olivier David of Vega Investment Managers, who holds shares in the company.In an interview at the World Economic Forum in the Swiss resort of Davos this week Brandicourt defended his track record, citing an unwillingness to overpay for pricey assets and a paucity of good opportunities."We can grow without M&A. However, it is a tool which we do continue to consider and which can help growth potentially, only if it makes sense strategically," he said. "The reason why it is so competitive is that you don''t have a very, very large number of potential targets."Sanofi''s misses underscore the race for assets as the world''s top drugmakers try to replenish their medicine cabinets.After entering exclusive talks, Johnson & Johnson appears to be closing in on a deal to buy Actelion for some $28 billion, edging out Sanofi, which also tried to buy the Swiss company, according to people familiar with the matter.It marks a second setback for Brandicourt''s M&A ambitions after he was beaten by Pfizer''s $14 billion bid for U.S. cancer specialist Medivation last August.Brandicourt said he had to tread a fine line between delivering and overpaying, arguing many shareholders appreciated the financial discipline needed to walk away from deals."Shareholders being frustrated after one year is not automatically what I''m hearing, to be honest, because when I see investors they seem to be very happy for us not to have spent $14 billion on Medivation," he said."On Actelion, I''m not making any comment but you will understand that a company like ours will continuously look at what''s happening in the world of potential mergers and acquisitions."The global pharmaceutical industry has seen a flurry of acquisitions in recent years as leading players build their drug pipelines by snapping up young biotech firms.Sanofi has a particular need to do this because its core U.S. diabetes business has stalled.Brandicourt - who joined the company in April 2015 after the ousting of former CEO Chris Viehbacher - insisted Sanofi was delivering effectively on a plan set out to 2020.The drugmaker posted better-than-expected quarterly earnings in October, helped by a surge in flu vaccine sales, but it stuck to its guidance for currency-adjusted sales at its embattled diabetes business to shrink by 4-8 percent per year on average from 2015 to 2018.Despite a rally since October, over the last five years Sanofi shares have lagged the sector, rising around 37 percent, against a 61 percent gain for the STOXX Europe 600 Healthcare index."A lot of fund managers and historic shareholders are fed up with Sanofi and tired of seeing the stock in this ''vegetative'' state," said Frederic Rozier, a Sanofi investor and fund manager with Meeschaert."Cost cutting is not enough, we want to see growth in sales, that''s where we need to see progress." "CONSTANT SCREENING MODE"Sanofi is due to publish annual results on Feb. 8 and its 2016 financial performance is expected to hinge on cost savings.The fear is that with few potential new blockbusters in development, with the notable exception of dupilumab for eczema and asthma, Sanofi may find itself stuck with no meaningful growth for a while."Sanofi is looking for a pipeline and for this very reason it must engage in external growth," said Rudi Van den Eynde, with asset management firm Candriam."At the moment, the company is being overtaken by other groups that are offering more money. One can applaud that Sanofi is financially disciplined but it is a pity that it misses its targets ... it doesn''t help in terms of credibility."Sanofi''s failure to land either Medivation or Actelion has raised questions over its acquisition strategy, even as the group insists it is in "constant screening mode"."Is Sanofi not too rigid when it comes to pricing? At the end, they lose to someone else," said a Paris-based banker who asked not to be identified.Another banking source said Sanofi''s hostile approach in the Medivation process had been a mistake. Weeks before losing out to Pfizer, Sanofi tried to oust Medivation''s board members to replace them with new directors."Everyone knows that 95 percent of hostile approaches go wrong," the source said, adding that in the final stage Pfizer and Sanofi were only a few hundred millions apart.Brandicourt said he simply stuck to his guns on price and he noted that Sanofi, with a relatively small oncology business, may have had fewer potential cost savings than competitors.IF YOU DON''T LIKE IT, SWAP ITSanofi has signaled its readiness to do deals of a similar size to its $20 billion purchase of Genzyme in 2011 but finding the right large biotech to fit is not that easy."Alternatively, Sanofi could purchase smaller companies, along the lines of the strategy pursued by Japan''s Takeda. It would be more realistic," Van den Eynde said.Sanofi may also look at more asset swaps, after agreeing to hand its animal unit to Boehringer Ingelheim in exchange for the German firm''s consumer healthcare operations, a business strand it is keen to grow."A number of healthcare companies are looking at Pfizer''s consumer health unit. Sanofi is one of them," said one healthcare banker. A Sanofi spokesman declined to comment.(Additional reporting by Pamela Barbaglia and Matthieu Protard; editing by Anna Willard)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sanofi-strategy-insight-idINKBN1540M1'|'2017-01-20T05:10:00.000+02:00'
'f14f0fafe94ddf8981ea9173455f672928e72a61'|'ChemChina seeks U.S. anti-trust approval for Syngenta deal'|'Deals   4:01am EST ChemChina seeks U.S. anti-trust approval for Syngenta deal left right People use an escalator outside the headquarters of ChemChina (China National Chemical Corporation) in Beijing, China, February 4, 2005. REUTERS/Stringer/File Photo 1/2 left right A Syngenta logo is pictured in their office in Singapore, February 12, 2016. REUTERS/Edgar Su/File Photo 2/2 BEIJING China National Chemical Corp, or ChemChina, said on Friday it has sought the U.S. anti-trust regulator''s approval for its planned $43 billion acquisition of Swiss crop protection and seed group Syngenta AG ( SYNN.S ). "We have filed an HSR Act with the FTC after good communications with the case team. We believe the U.S. anti-trust process is on track," ChemChina said in an email, referring to the U.S. anti-trust Hart-Scott-Rodino Act and the Federal Trade Commission, which oversees mergers. Sources close to the deal expected an approval soon, given the small revenue that ChemChina generates from the U.S. via Adama ( ADAM.N ), a maker of generic versions of pesticides without patent protection, and its minor overlap with Syngenta products. The deal has already won approvals from regulators in several markets, including a U.S. national security panel and Australia''s competition watchdog. Earlier this month, companies proposed minor concessions to the European Commission''s competition watchdog with one source close to the deal estimating the overall divestment from Adama at less than $500 million. Recently, the EU Commission extended the deal review to April 12, and a top Syngenta executive said earlier this week that it was "highly optimistic that by the date we will have made sufficient progress in the U.S. and EU to be going forward". (Reporting by Chen Aizhu; Editing by Sherry Jacob-Phillips) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-chemchina-syngenta-us-idUSKBN1540Y4'|'2017-01-20T16:01:00.000+02:00'
'05989b127a85bd65e5f7f20b993231ea07ae48ae'|'AIG, Berkshire Hathaway unit enter reinsurance pact'|'Deals  51am EST AIG, Berkshire Hathaway unit enter reinsurance pact Berkshire Hathaway shareholders walk by a video screen at the company''s annual meeting in Omaha May 4, 2013. REUTERS/Rick Wilking/File Photo American International Group Inc ( AIG.N ) said it would pay $9.8 billion to National Indemnity Co, a unit of Berkshire Hathaway Inc ( BRKa.N ), to cover most of AIG''s U.S. Commercial "long-tail exposures" for accidents that occurred in 2015 and prior. The agreement covers 80 percent of AIG''s U.S. Commercial long-tail exposures - liabilities for claims that take a long time to be settled. AIG will have to make the payment by June 30. It will be placed into a collateral trust account as security for NICO''s claim payment obligations to AIG operating subsidiaries, AIG said. AIG, which is expected to report its quarterly results after market close on Feb. 14, said it expected to take a related charge in the fourth quarter. AIG will retain sole authority to handle and resolve claims, and NICO has various access, association and consultation rights. (Reporting by Richa Naidu and Nikhil Subba in Bengaluru; Editing by Martina D''Couto) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-aig-reinsurance-berkshire-hatha-idUSKBN1541TS'|'2017-01-20T20:51:00.000+02:00'
'069ff2e4c533979ce81296262b60caeff481be4c'|'Citi sees 10 percent net new money growth near term in Asia wealth business'|' 44am GMT Citi sees 10 percent net new money growth near term in Asia wealth business Women walk near a Citibank branch in Hanoi, Vietnam July 8, 2015. REUTERS/Kham By Sumeet Chatterjee - HONG KONG HONG KONG Citigroup said a focus on rich young Asians and new products has helped accelerate net new money growth at its Asia-Pacific consumer wealth business in 2016 to about 10 percent, and a similar annual growth is expected over the next few years. Anand Selvakesari, Citi''s Asia-Pacific head for consumer banking, told Reuters that growth in net new money, a key measure of profitability of the wealth business, improved in 2016 from around mid-single digit levels in the last four to five years. The bank has expanded its digital offerings to tap more young clientele, and has also launched new products, Selvakesari said in an interview. He did not disclose net new money dollar figures. Private bankers and wealth managers usually are guarded in giving out numbers of any kind because of client privacy concerns and competitive reasons. Asia has emerged as the main battleground for global wealth managers, with higher economic growth, rapidly rising wages and a thriving entrepreneurial ecosystem producing rich clients at a pace faster than the western world. That trend helped Citi''s regional wealth business add 8-12 percent new customers last year, the executive said. In Asia, the Citi wealth business, as part of its consumer banking unit headed by Selvakesari, taps people with investable assets of between $50,000 (40,490 pounds) and $10 million. Those with more than $10 million are clients of the bank''s private banking unit. Citigroup''s top three wealth markets in Asia by revenue are Hong Kong, Singapore and Taiwan. The bank''s other fast-growing markets in the region include China, India, South Korea and Australia. "There is continuous wealth generation happening - a growing emerging affluent segment. At the top of the pyramid, wealth continues to grow in these big markets," Selvakesari said. "The potential is there for double-digit growth given the demographics in these markets." In 2016, Asia-Pacific posted a rise of 4.5 percent in total household wealth to $80 trillion, as per Credit Suisse Research Institute''s annual global wealth report, versus 2 percent growth in North America and a negative 1.7 percent in Europe. Wealth per adult in Asia-Pacific increased by 2.9 percent in 2016, the fastest pace among all regions, it said, adding wealth in Asia-Pacific will likely grow by 6.3 percent annually, reaching $109 trillion by 2021. Citi posted on Wednesday a 7 percent rise in its global net income to $3.57 billion. The bank''s Asia consumer banking revenue rose 4 percent from a year ago to $1.7 billion, helped by growth in the wealth management and cards businesses, it said in a presentation. The bank does not break down regional wealth management revenue. Citi has tied up with e-commerce companies in Asia such as ride-hailing firm Grab and online retailer Lazada Group to boost its credit card business in the region. Selvakesari said one in four credit cards for the bank are now acquired through digital platforms such as China''s mobile social media network WeChat and Japan''s Line instant messaging service, with plans to ramp it up to 50 percent in the next three years. (Reporting by Sumeet Chatterjee; Editing by Muralikumar Anantharaman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-citigroup-asia-idUKKBN1540WG'|'2017-01-20T15:44:00.000+02:00'
'4617a594d4ac19f82e87ef9e8735b7ee0991fb7d'|'UPDATE 1-Venezuela''s PDVSA 2016 financial debt drops 6 pct to $41 bln'|'Company News - Fri Jan 20, 2017 - 8:31am EST UPDATE 1-Venezuela''s PDVSA 2016 financial debt drops 6 pct to $41 bln (Adds context, quote) CARACAS Jan 20 Venezuelan state oil company PDVSA''s consolidated financial debt fell 6 percent in 2016 compared with the previous year to reach $41 billion, the company said on Friday. The decline was driven by a $1.7 billion drop in outstanding bonds and a $1.6 billion decline in outstanding loans, according to a table published by the company. It did not provide further details. PDVSA as of last year had $28.475 billion in outstanding bonds. The company in 2016 carried out a $2.8 billion bond swap that pushed the maturity of bonds coming due in 2017 to 2020. That helped ease a heavy payment schedule this year but did not significantly alter its overall debt load. Total debt at the company''s U.S. subsidiary Citgo rose 3 percent from 2015 to reach $4.2 billion. Investors are less worried about a default by Venezuela and PDVSA than they have been in previous years as a result of rising oil prices, the source of nearly all the country''s export revenue. But the bonds'' yields remain among the highest of emerging market securities due to concerns about the country''s decaying socialist economic system. (Reporting by Corina Pons, writing by Brian Ellsworth; Editing by Chizu Nomiyama and Bernadette Baum) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/venezuela-pdvsa-idUSL1N1FA0JE'|'2017-01-20T20:31:00.000+02:00'
'45008d29538770f067abacd447a15a71ea69bc63'|'Morgan Stanley, Citi plan Brexit job moves - sources'|'Business News - Fri Jan 20, 2017 - 7:13pm GMT Morgan Stanley, Citi plan Brexit job moves - sources left right A view of the Morgan Stanley London headquarters at Canary Wharf financial centre in London, Britain June 24, 2016. REUTERS/Russell Boyce/File Photo 1/2 left right A Citigroup office is seen at Canary Wharf in London, Britain May 19, 2015. REUTERS/Suzanne Plunkett 2/2 By Pamela Barbaglia and Arno Schuetze - LONDON/FRANKFURT LONDON/FRANKFURT U.S. banks Morgan Stanley ( MS.N ) and Citigroup ( C.N ) have identified many of the roles that will need to be moved from Britain following its exit from the European Union, sources involved in the processes told Reuters. Morgan Stanley, which bases the bulk of its European staff in Britain, will have to move up to 1,000 jobs in sales and trading, risk management, legal and compliance, as well as slimming the back office in favour of locations overseas, according to one source. Citigroup, which already has a large banking unit in Dublin, will need to shift 100 positions in its sales and trading business, sources with knowledge of the matter said. Leading financial firms warned for months before last June''s Brexit referendum that they would have to move some jobs if there was a leave vote, and have been working on plans for how they would do so for the past six months. More details are starting to emerge after Prime Minister Theresa May confirmed Britain would leave the European single market, ending banks'' hopes they might retain "passporting" rights that let them sell their services across the EU out of their London hubs. HSBC ( HSBA.L ) and UBS ( UBSG.S ) said on Wednesday they could each move about 1,000 jobs out of London. A spokesman for Morgan Stanley said no decisions had been taken with regard to its Brexit plans. "Our focus is on ensuring that we can continue to service our clients whatever the Brexit outcome," he said. "To that end, we continue to evaluate what changes we may need to make to our business". A spokeswoman for Citi declined to comment. Morgan Stanley currently bases the vast majority of its European staff in Britain, employing around 6,000 people there. It has relied on passporting out of London to service it clients elsewhere in the EU. In order to continue certain businesses such as trading European securities it will need to shift those operations to a licensed entity in the regional bloc. The source said that given the bank already had a trading licence in Frankfurt, it was likely to move most of these jobs there despite some of the city''s other drawbacks. "We don''t like Frankfurt but that''s the only place to go," the source said. "Culturally, it''s not a vibrant city". The source added that U.S. regulators were expected to discourage U.S. banks from moving to countries with a poor country credit rating such as Ireland and Spain. James Gorman, chairman and chief executive of Morgan Stanley, told analysts this week that Brexit was "a moving chessboard". "We like the UK, we like the rule of law in the UK, [and] our aspiration is to keep as much of our business there as possible," he said. "But to the extent we have to comply with, obviously, the Brexit rules, we''ll be putting a headquarters somewhere in continental Europe and that will have some implications going forward". Investment banking roles, such as merger and acquisition bankers, are expected to be able to stay in London. Citigroup, which has almost 60 percent of its European headcount based outside Britain, has a relative advantage over most other U.S. banks, given its Ireland banking outpost which is regulated by the European Central Bank. However, it needs to bulk up sales and trading operations within the bloc and apply for the relevant licences to be able to continue trading with the rest of Europe if passporting rights are lost in a post-Brexit world. Sources involved in its planning say the bank may have to move 100 or so people in its sales team because of that, though there has not yet been a decision on any location. "Every business unit is currently discussing where to shift jobs, they won''t all go to one location," one source said. (Additional reporting by Anjuli Davies; Writing by Rachel Armstrong; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-idUKKBN1542L1'|'2017-01-21T02:13:00.000+02:00'
'c08cde20ca6c36267ca22bfe2112ec3b24a3d109'|'UPDATE 1-British Columbia kicks off relief plan for home buyers'|'Financials   7:13pm EST UPDATE 1-British Columbia kicks off relief plan for home buyers (Adds comments from housing minister) By Nicole Mordant VANCOUVER Jan 16 First-time home buyers in British Columbia, home to Canada''s most expensive real estate market, started applying in small numbers for loans from the provincial government on Monday under a program it says will make ownership more affordable. The Western Canadian province last month unveiled a plan to provide 25-year loans of up to C$37,500 ($28,480) to qualifying buyers to help with their first down payment. The loans are interest-free and require no repayment in the first five years. British Columbia has said it would make available about C$703 million over the next three years to help an estimated 42,000 British Columbians buy their first home. Twenty-nine applications were submitted and eight already been approved, Rich Coleman, British Columbia''s minister responsible for housing, said. The program has been criticized by economists and academics who say it will pile debt onto already financially stretched residents and raise home prices in a region where a supply shortage is the real problem. Some have said the plan, launched four months before a provincial election, is politically motivated. "If this program does anything, the only thing it can do is increase demand. It can''t increase supply. That puts upward pressure on prices and ultimately harms affordability," said Joshua Gottlieb, an assistant professor of economics at the University of British Columbia. Coleman said the number of people expected to apply for loans was small compared to the number of homes bought and sold in British Columbia annually. "This is not going to fuel the market," he told reporters. The provincial government and Vancouver''s municipal government have taken several steps in recent months aimed at cooling the red-hot housing market. Prices for a typical single-family home in British Columbia''s biggest city surged 19 percent last year to nearly C$1.5 million. Most notable was a 15 percent tax introduced in August by the province on house purchases by foreigners in Vancouver after many residents and housing advocates complained that international buyers, especially from China, were driving up prices. The tax has damped sales and led some real estate agents to forecast near double-digit percentage declines this year in prices, which until now have remained resilient. For prices to become more affordable, however, supply needs to be increased, Gottlieb said. "The city government should make it much easier to increase density. And the provincial government should pressure the city to do that," he said. ($1 = 1.3167 Canadian dollars) (Editing by Alan Crosby and Cynthia Osterman) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/canada-housing-british-columbia-idUSL1N1F614O'|'2017-01-17T07:13:00.000+02:00'
'eb0257d3ec6ea9e3d876eb3ad006be2c51fde2ff'|'Two big European makers of eyewear agree to merge'|'GIANT, cross-border mergers in Europe have been rare in recent years. Deals fail to happen even when mid-sized companies—such as family-owned and run specialist manufacturers in northern Italy or the Mittelstand in Germany—have the chance to gain global heft. For that blame founding owner-managers, many of whom are reluctant to lose control of treasured companies. Blame too an artisanal culture, particularly in southern Europe, in which firms’ owners say they are content to remain small and relatively obscure. Occasionally, too, nationalist politicians block efforts by perfidious foreigners to snaffle prized local brands.Now, though, one of the largest-ever mergers in Europe actually looks set to go ahead. Luxottica, an Italian maker of fancy specs that was founded in 1961—it owns brands such as Ray Ban and Oakley—is to merge with Essilor, a spiffy French producer of lenses. The joint entity is set to combine Italian style with deft French engineering. The deal is supposed to be completed by the end of the year, creating a new entity with a market value of €46bn ($49bn), 140,000 staff and annual revenues of €15bn. It will be listed on the Paris bourse as its eighth-largest company by market capitalisation.Related topics Italy Europe Business Companies Mergers and acquisitions The deal, long awaited by those who keep an eye on the luxury-goods industry, is the product of six months of secret talks between the two companies. Eyewear is booming. Already a €90bn global market, its prospects shine. Over 60% of the global population are said to need glasses (or surgery) to correct imperfect vision, and increasing numbers of people, particularly in emerging markets, are coming to realise it. It also helps that many consider spectacles to be essential as fashion accessories or for protection from ultraviolet rays. Among growing cohorts of middle-class consumers in Asia, European fashion brands have the highest status.The two firms claim—as companies involved in a merger do—they will cut significant costs by co-operating and through economies of scale. More important, however, is the relative expertise of each one. Essilor used to be a health-care company and is known for its excellence in production; Luxottica focuses on consumer demand, styling and marketing. The French company had long sought a tie-up with the Italian firm, but its founder and owner—Leonardo Del Vecchio, now 81 years old—had resisted. Now he gushes that “two products which are naturally complementary, namely frames and lenses, will be designed, manufactured and distributed under the same roof”.His change of mind will help to resolve anxieties over succession at Luxottica. Brought up in poverty, Mr Del Vecchio is now said to be worth €20bn. Through his family trust, Delfin, he will become the largest shareholder in the merged entity (potentially with as much as 38% of the new firm) and will be named its “executive chairman and chief executive”. The (younger) boss of Essilor, Hubert Sagnières, is to share managerial duties and may be heir-apparent.Will this merger, assuming all goes to plan, encourage other cross-border ones in Europe? Two bids by big French companies for control of firms in neighbouring countries are currently under way. St Gobain, a huge building supplies firm, is locked in a prolonged and hostile bid to get control of Sika, a Swiss adhesives firm. Vincent Bolloré, a prominent French billionaire, is leading Vivendi, a media firm he controls, in an audacious bid for Mediaset, a television company in Italy that is mostly owned by Silvio Berlusconi, a former prime minister, and his family. But neither of these deals is anywhere close to being as amicable as that unfolding in the eyewear industry. The consultants, bankers and advisers dreaming of megamergers in Europe will need patience. It is too early to claim that a dazzling period of dealmaking awaits.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21714731-luxottica-and-essilor-will-create-firm-worth-50bn-two-big-european-makers-eyewear'|'2017-01-16T07:00:00.000+02:00'
'bc8be10a0ef6175e9421917e24e3d73ab177c8d8'|'EMERGING MARKETS-Brazil real strengthens as central bank resumes intervention'|'By Bruno Federowski SAO PAULO, Jan 17 The Brazilian real strengthened on Tuesday as the central bank resumed market intervention after standing pat for a month. The central bank sold $600 million worth of traditional currency swaps, which function like dollar sales for future delivery to investors, to roll over February maturities. The bank had refrained from intervening since Dec. 12 as the currency consolidated near 3.2 to the dollar. The real firmed 0.76 percent to 3.21 on Tuesday after slipping 2 percent in the two previous trading days. The central bank currently holds $26.6 billion worth of swaps on its balance sheet, with $6.4 billion maturing next month. Brazil''s central bank is the latest in Latin America to spring into action after uncertainty over U.S. President-elect Donald Trump''s policies triggered a rash of currency volatility. The Mexican central bank twice sold dollars to curb the peso''s decline this year. The peso firmed 0.7 percent on Tuesday but remained near the all-time low set last week. Yields paid on Brazilian interest rate futures <0#2DIJ:> narrowed as traders increased bets that the central bank will cut interest rates by an additional 75 basis points next month. According to the minutes of the central bank''s last policy meeting, when it reduced the benchmark Selic rate by a larger-than-expected 75 basis points, a more ample supply of money will help the economy recover without hurting a decline in inflation. Key Latin American stock indexes and currencies at 1330 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 895.31 0.7 3.11 MSCI LatAm 2421.34 0.3 3.14 Brazil Bovespa 63728.31 -0.16 5.81 Chile IPSA 4223.70 0.03 1.74 Chile IGPA 21065.57 0.03 1.60 Venezuela IBC 30559.91 -3.57 -3.61 Currencies daily % YTD % change change Latest Brazil real 3.2125 0.76 1.14 Mexico peso 21.5750 0.73 -3.85 Chile peso 659.6 0.38 1.68 Colombia peso 2919.3 0.63 2.82 Argentina peso (interbank) 15.8700 0.19 0.03 Argentina peso (parallel) 16.76 0.18 0.36 (Reporting by Bruno Federowski; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-latam-idINL1N1F70P5'|'2017-01-17T11:13:00.000+02:00'
'19f4bca6de6a44c77ff65d3ecf9fe9c8cb648a89'|'Luxottica''s Del Vecchio says listing in both Italy and France still an option - report'|'Business News -  05am GMT Luxottica''s Del Vecchio says listing in both Italy and France still an option - report left right FILE PHOTO: Luxottica''s founder Leonardo Del Vecchio poses during MIDO Exhibition in Milan, Italy in this May 6, 2005 photo. REUTERS/Sergio Oliverio/Imagoeconomica/File Photo 1/8 left right FILE PHOTO: The statue of Christ the Redeemer is reflected in the Luxottica owned Ray Ban sunglasses, of a tourist in Rio de Janeiro, Brazil, June 8, 2014. REUTERS/Tony Gentile/File Photo 2/8 left right FILE PHOTO: A visitor stands next to the Luxottica owned Oakley sunglasses logo, at the Mido exhibition for glasses and eyewear products in Milan, Italy, February 28, 2016. REUTERS/Stefano Rellandini/File Photo 3/8 left right FILE PHOTO: The Luxottica owned brand of Persol glasses are seen in a shop in Rome, Italy, March 30, 2016. REUTERS/Max Rossi/File Photo 4/8 left right FILE PHOTO: Sunglasses from Ray Ban, a Luxottica owned brand, are on display at an optician shop in Hanau, Germany, March 18, 2016. REUTERS/Kai Pfaffenbach/File Photo 5/8 left right FILE PHOTO: The Luxottica name is reflected in a pair of sunglasses in this photo illustration taken February 4, 2016. REUTERS/Alessandro Bianchi/Illustration/File Photo 6/8 left right FILE PHOTO: Lens producers Essilor'' s logo is seen in an optician shop in Paris, France, March 15, 2016. REUTERS/Philippe Wojazer/File photo 7/8 left right FILE PHOTO: The Luxottica''s headquarters is seen in downtown Milan, February 1, 2016. REUTERS/Stefano Rellandini/File photo 8/8 The group created by the merger of Italy''s Luxottica ( LUX.MI ) and France''s Essilor ( ESSI.PA ) will consider a listing in both Italy and France, as well as the United States, Luxottica founder Leonardo del Vecchio was quoted as saying on Tuesday. The companies agreed on Monday a 46 billion euro (40.4 billion pounds) merger to create a global eye wear powerhouse with annual revenue of more than 15 billion euros. They said the combined business would be listed in Paris. "The double listing is an option on the table which we will evaluate in the next days, and so will the listing on the U.S. market," said Del Vecchio in an interview with Italian newspaper Corriere della Sera. The all-share deal is aimed at helping the two businesses take full advantage of expected strong demand for prescription spectacles and sunglasses, in a market worth 95 billion euros. It also removes - for the time being - uncertainty over succession at Luxottica, which has lost three CEOs since 2014 because of divergences with Del Vecchio. Del Vecchio rejected the idea that Luxottica was being sold off to the French and said that although his family investment company would dilute its position it would remain the biggest shareholder in EssilorLuxottica. "The Luxottica world will always firmly remain Italian, with its head in Milan and its heart in the Belluno mountains," Del Vecchio said, referring to the manufacturer''s base in the mountain town of Agordo. Through holding Delfin, the 81-year-old tycoon will be the biggest shareholder of the combined group, with a stake of between 31 percent and 38 percent. Del Vecchio, who returned to the helm of his company two years ago, will be the CEO and executive chairman of the merged group. Despite his hands-on-role in Luxottica, he said that "as soon as I will realise that my presence is not essential I will leave any executive position in the group." He added past organisational changes in Luxottica, much criticised by the market, were "essential to have a stronger and more modern company capable of facing (the merger)". (Reporting by Milan newsroom; Editing by Mark Potter) Next In Business News Pound  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-luxottica-essilor-m-a-idUKKBN1510P8'|'2017-01-17T15:05:00.000+02:00'
'51fd32e417be256d9e7a1dcb009eb77814ce40b0'|'Global dairy prices rise modestly at GDT auction pointing to ongoing recovery'|'Financials   3:57pm EST Global dairy prices rise modestly at GDT auction pointing to ongoing recovery WELLINGTON Jan 18 International dairy prices edged up slightly at an auction held early on Wednesday, reinforcing an ongoing recovery that had been dented by two consecutive fortnights of losses. Average prices climbed 0.6 percent at the Global Dairy Trade auction, which takes place twice a month, with an average selling price of $3,517 per tonne. The relatively flat result reflected balancing supply and demand after tighter supply in New Zealand and Europe pushed up prices last year. "At present there is neither a shortage of dairy products or an excess of product available," Amy Van Ossenbruggen, dairy analyst at AgriHQ, said. "This situation is likely to persist for the next few months during which time prices will most likely bob up and down from week to week," she added. Though prices were not as strong as the more than 1 percent rise the futures markets had been expecting, the result was a relief after the index fell 3.9 percent at the previous auction. Whole milk powder prices fell slightly by 0.1 percent while butter was up 1.6 percent. Farmers and analysts had been nervous that a 50 percent rebound in prices during 2016 after two years of falls was stalling. A total of 22,030 tonnes was sold at the latest auction, falling 1.6 percent from the previous one, Global Dairy Trade said. Global Dairy Trade is owned by New Zealand co-operative Fonterra, but operates independently from the dairy giant. A number of companies, including Dairy America and Murray Goulburn, use the platform to sell milk powder and other dairy products. The auction results can affect the New Zealand dollar as the dairy sector generates more than 7 percent of the nation''s gross domestic product. The Kiwi soared 1.4 percent to a one-month high of $0.7203. Much of that was on U.S. dollar weakness, but analysts said rising dairy prices also contributed to the rally. The next auction is scheduled for Feb. 7. (Reporting by Charlotte Greenfield; Editing by Alison Williams) Next In Financials Argentina central bank holds policy rate steady for 7th straight week BUENOS AIRES, Jan 17 Argentina''s central bank kept its monetary policy rate unchanged at 24.75 percent for the seventh week in a row on Tuesday, citing expectations for falling core inflation in the coming months but warning of "mixed signals" for inflation in January.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/fonterra-auction-results-idUSL4N1F7513'|'2017-01-18T03:57:00.000+02:00'
'6d32a72540364d4bfada28709179938a7c1105e6'|'CANADA STOCKS-TSX falls as financials and railway stocks slide'|'TORONTO Jan 17 Canada''s main stock index fell on Tuesday as financial and railway stocks weighed, while shares of energy companies and gold miners rose on higher commodity prices.The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed down 37.93 points, or 0.25 percent, at 15,441.36. Six of the index''s 10 main groups ended lower. (Reporting by Fergal Smith; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-stocks-close-idINL1N1F71WT'|'2017-01-17T18:07:00.000+02:00'
'e8aa61b14bca61e932ab930c6e2a3dfd0e202fc7'|'U.S. department stores steady profitability boat even as sales slide'|'Business News - Fri Jan 20, 2017 - 4:14pm EST U.S. department stores steady profitability boat even as sales slide left right A newly constructed Target store is shown in San Diego, California, U.S. May 17, 2016. REUTERS/Mike Blake/File Photo 1/4 left right A man with a Macy''s bag walks past the J.C. Penney''s store in New York, April 11, 2013. REUTERS/Brendan McDermid/File Photo 2/4 A Macy''s department store is seen in Austin, Texas, U.S., January 5, 2017. REUTERS/Mohammad Khursheed 3/4 left right A Kohl''s gift card is seen inside a Kohl''s department store in the Queens borough of New York, U.S., January 5, 2017. REUTERS/Shannon Stapleton 4/4 By Nandita Bose and Siddharth Cavale - CHICAGO CHICAGO U.S. department store chains, hit by slowing sales for more than two years, have used layoffs, store closings and cutbacks to maintain one aspect of stability: profit margins. An analysis of two important indicators of retail profitability, gross margins and operating margins, shows retailers like Kohl''s Corp ( KSS.N ), JC Penney Co Inc ( JCP.N ), Macy''s Inc ( M.N ) and Target Corp ( TGT.N ) have done a better job at delivering on profitability than maintaining sales growth. This has given some investors hope for a recovery in a sector battered by the rise of online shopping led by Amazon.com Inc ( AMZN.O ), and competition from off-price chains like TJX Cos ( TJX.N ) and fast fashion retailers like Inditex''s Zara. "Margins have been relatively better compared to sales and they are finally taking important steps like closing unprofitable stores," said Charles Sizemore, founder of Sizemore Capital Management LLC, who owns shares of Wal-Mart Stores Inc ( WMT.N ) and other retailers. "The story right now is bad but we do expect some of these problems to bottom out over time." Gross margins at all four chains have remained steady over the past four years, helped by cost cutting initiatives like store closures. Operating margins have shown recent improvement at some chains like Kohl''s and Target, steadily improved for JC Penney, but contracted for others like Macy''s. Macy''s gross margins at the end of the third quarter of 2016 stood at 39.8 percent, up slightly from 39.2 percent in 2013. Gross margins for Target, which straddles the discount and department store categories, were 30.2 percent in third quarter 2016, roughly unchanged from 30 percent in 2013. JC Penney improved its gross margins over the four-year period, whereas Kohl''s has held steady. Operating margins are more sensitive to changes the retailers have made through layoffs. Target stood at 6.5 percent in 2016 up slightly from results for the last two years but down from 10.6 percent in 2013. Target in that time has left foreign markets and sold off lower-margin, non-core businesses like its pharmacy operations. Kohl''s operating margins were 7 percent in third quarter 2016 up from 2015 and similar to 2014 but down from 8.2 percent in 2013. Macy''s had seen operating margins contract to 1.9 percent in 2016 from 5.7 percent in 2013. JC Penney stood at 0.8 percent in 2016, up substantially from improving every year from a rock bottom level of negative margins of 14.4 in 2013. "Sales are not impressive, but investors are most concerned with profitability and long-term value," Neil Saunders, chief executive officer at research firm Conlumino said. "These companies have done a better job keeping the business running on the operational side and delivering on profitability." SQUEEZING COSTS In recent weeks, most department stores have reported a drop in holiday season sales, which includes stores and online. Some have even slashed their earnings outlooks. This contrasts with industry-wide results, a 4 percent increase in the 2016 holiday season, to $658.3 billion, according to the National Retail Federation. The companies continue to make economy measures such as reducing inventory, pressuring suppliers for lower prices and cutting supply chain costs. For example, Kohl''s has said it will offer discounts during the holiday season but cut down on promotions during the rest of the year. Christina Boni, vice president and senior credit analyst at ratings firm Moody''s, expects operating margins at many department store chains to remain steady unless sales fall dramatically. "These companies still have the ability to stabilize their business by taking costs out of the system and generating significant free cash flow to invest in new areas, which will improve operating margins," she said. (Reporting by Nandita Bose in Chicago and Siddharth Cavale in Bengaluru, additional reporting by Gayathree Ganesan in Bengaluru, Editing by David Griesing and David Gregorio) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-retail-idUSKBN1542S6'|'2017-01-21T04:14:00.000+02:00'
'42902e895b54a41c19186e06bdec641fc5d32b75'|'Uber hires Google search veteran Singhal for senior engineering post'|'Technology News - Fri Jan 20, 2017 - 2:24pm EST Uber hires Google search veteran Singhal for senior engineering post A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London, Britain October 28, 2016. REUTERS/Toby Melville/Illustration By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Ride-hailing company Uber Technologies Inc. has hired the man behind Google search to work closely with Chief Executive Travis Kalanick and help grow the company''s self-driving car program. Amit Singhal announced on his personal blog on Friday that he will join Uber after 15 years at Alphabet Inc. ( GOOGL.O ), where he led Google''s search division. Singhal will take the post of senior vice president of engineering, and will act as an adviser to both Kalanick and Anthony Levandowski, who heads the Uber''s self-driving efforts. In his blog post, Singhal said he was excited for the engineering challenges Uber is tackling, and called the company "a geek''s candy store." "And don''t even get me started on how interesting and exciting self-driving is for a computer scientist," he wrote. Uber debuted its self-driving car pilot in Pittsburgh, Pennsylvania, in September. It launched a second fleet in San Francisco last month, but a feud with California regulators over Uber''s failure to obtain proper permitting compelled the company to take its autonomous testing cars off the streets. Uber then packed up its cars and brought them to Arizona, where there are no special regulations for autonomous testing. Singhal announced his departure from Google nearly a year ago, and said his next career move would involve philanthropy. He founded the Singhal Foundation, which aims to provide education to under-privileged children in India. (Reporting by Heather Somerville; Editing by Alan Crosby) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-uber-hire-idUSKBN1542ML'|'2017-01-21T02:24:00.000+02:00'
'1b50855fc1db85c7f6229c3cd9f7f1a247dbbead'|'Close Brothers sees strong first half, reports rise in loan book'|'Business News - Fri Jan 20, 2017 - 7:57am GMT Close Brothers sees strong first half, reports rise in loan book British lender Close Brothers Group said it expected to report strong results for the first half, driven by strength in its banking division and higher trading income from market maker Winterflood. The merchant banking group, which provides loans and wealth management and securities trading services, said the loan book at its banking division rose to 6.6 billion pounds over the five-month period ended Dec. 31, from 6.4 billion pounds at the end of July. Loan book jumped 9.3 percent from a year earlier, driven by growth in the premium finance and property business, the company said. The banking unit saw stable net interest margins, with lower bad debt ratio, the lender said. Market maker Winterflood saw strong retail trading activity throughout the period, Close Brothers said. The company said in September that Winterflood reported an improvement in retail trading activity, driven in part by Britain''s vote to leave the European Union. Total client assets at Close Brothers'' asset management arm fell to 7.8 billion pounds from 8 billion pounds at the end of July, hurt by the disposal of OLIM Investment Managers, which had managed assets worth about 500 million pounds at the end of July. Close Brothers said it expected to deliver a good outcome for the 2017 financial year. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-close-brothers-outlook-idUKKBN1540R1'|'2017-01-20T14:57:00.000+02:00'
'74cf4e59a4f639aa937a3bf053c1deeb7e6ba82b'|'Hong Kong regulator warns over suspected rule-breaking on growth market'|'Financials  45am EST Hong Kong regulator warns over suspected rule-breaking on growth market HONG KONG Jan 20 Hong Kong''s securities regulator and stock exchange on Friday jointly warned market participants they would crack down on suspected rule-breaking with respect to listings and share placements on the bourse''s Growth Enterprise Market (GEM). The Securities and Futures Commission (SFC) and the Hong Kong Exchanges and Clearing said they had identified a number of instances in which shares had been placed with a small number of shareholders and that this concentration of ownership had led to extreme volatility among some stocks on the GEM. The average first-day price gain was 743 percent for GEM stocks listed in 2015 and 454 percent for those listed in the first half of 2016, the SFC said. "The SFC or the exchange will, where appropriate, take action against applicants, sponsors, underwriters or placing agents who fail to have appropriate policies and procedures in place to ensure the placing is conducted in a fair and orderly manner," the regulator said in a statement. (Reporting by Michelle Price; editing by Jason Neely) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hongkong-stocks-regulator-idUSL4N1FA3RT'|'2017-01-20T17:45:00.000+02:00'
'8e15a069531812f1f5bad45aee7d579434c50926'|'Brazil''s DASA agrees to buy rival Salomão, valued at $188 mln'|'SAO PAULO Jan 20 Brazilian laboratory services firm Diagnósticos da América SA has agreed to buy privately owned rival Salomão e Zoppi Serviços Médicos e Participações SA, valuing the target company at 600 million reais ($188.1 million).According to a Friday securities filing, Salomão e Zoppi will become a wholly owned subsidiary of DASA, as the buyer is known, following the conclusion of the transaction.The deal is subject to approval by competition authorities.($1 = 3.1900 reais) (Reporting by Ana Mano; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/salomao-zoppi-ma-dasa-idINL1N1FA0GU'|'2017-01-20T08:59:00.000+02:00'
'5c1026e638a9ba7c9a6a1f8bc28c0a0b0a99d09b'|'London''s Tower Bridge draped with Trump protest banners ahead of inauguration'|'Industrials   3:32am EST London''s Tower Bridge draped with Trump protest banners ahead of inauguration LONDON Jan 20 A banner reading "Build Bridges Not Walls" was draped across London''s Tower Bridge on Friday as part of a series of events across the world aimed at expressing displeasure at Donald Trump. Trump, who will be sworn in as the 45th president of the United States on Friday, faces protests in Washington during his inauguration, and in cities from Toronto to Sydney, Addis Ababa and Dublin over his politics which critics say are divisive and dangerous. The protest in London was organised by the campaign group also called "Bridges not Walls", in reference to Trump''s pledge to build a wall on the Mexican border. "We won''t let the politics of hate peddled by the likes of Donald Trump take hold," Nona Hurkmans of Bridges not Walls said in a statement. (Reporting by Alistair Smout and Luke Bridges; editing by Kate Holton and Guy Faulconbridge) Next In Industrials Germany to insist that U.S. abides by trade accords - Schaeuble in Spiegel BERLIN, Jan 20 German Finance Minister Wolfgang Schaeuble said he does not expect a trade war with the United States despite President-elect Donald Trump''s criticism of German car makers, but said Germany would insist the United States stick to international accords.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-trump-inauguration-britain-idUSL5N1F95CY'|'2017-01-20T15:32:00.000+02:00'
'c49ac69452f6734a27a6dfc75a86786edacd8579'|'TREASURIES-Yields fall as Trump adopts populist, over fiscal, tone'|'(Recasts with Trump inauguration, adds Quote: s, updates prices) * Yields fall from 2-1/2 week highs * Trump adopts populist tone in inauguration speech * Treasury to sell $88 bln short, intermediate notes next week By Karen Brettell NEW YORK, Jan 20 U.S. Treasury yields fell from two-and-a-half-week highs on Friday after Donald Trump adopted a populist tone as he was sworn in as U.S. president, raising some concerns that fiscal stimulus efforts may be delayed. Trump pledged to pursue "America First" policies in an inaugural address that was a populist, anti-Washington rallying cry. "When he got a little more anti-establishment you could see the yields dropping a little bit," said Aaron Kohli, an interest rate strategist at BMO Capital Markets in New York. "To some extent the market sees his honeymoon period where he has license to help get more legislation passed as fairly brief, and the risk is that if he diverts conversation to more populist topics that the market will have a harder time believing that he will get a lot of the other stuff, the fiscal policy, the stimulus, the infrastructure, passed as well," Kohli said. Investors have bet that Trump will boost infrastructure to grow the economy. New Treasury supply to finance any new government spending is also likely, which may further drag on bonds and send yields higher. "Clients believe that what you are going to see down the road is more supply by this administration," said Tom di Galoma, managing director at Seaport Global in New York. Benchmark 10-year notes fell 3/32 in price to yield 2.47 percent, after earlier rising to 2.51 percent, the highest since Jan. 3. The yields have jumped from a low of 2.31 percent on Tuesday. Bond prices had tumbled since a speech by Federal Reserve Chair Janet Yellen on Wednesday was viewed by some investors as more hawkish than expected. "Waiting too long to begin moving toward the neutral rate could risk a nasty surprise down the road - either too much inflation, financial instability, or both," Yellen said. "The thing that got the ball rolling on it was an interpretation by some that Yellen was a little bit more hawkish," said Lou Brien, a market strategist at DRW Trading in Chicago. Brien noted, however, that Yellen has made similar comments in speeches over the past few years. Comments by Yellen late on Thursday were viewed by the market as more dovish. Expectations of heavy corporate supply next week also weighed on the market. The Treasury Department will also sell $88 billion next week in two-, five- and seven-year notes.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FA1HJ'|'2017-01-20T16:28:00.000+02:00'
'5d2b05506774d67d675a33fb89b5f3f3aa4586a5'|'PRESS DIGEST - Wall Street Journal - Jan 20'|'Jan 20 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Joaquin "El Chapo" Guzman, the drug lord who staged two spectacular escapes from maximum-security prisons in Mexico, has arrived in New York to face trial, U.S. officials said Thursday. on.wsj.com/2jeuWLl- A $1 billion financing deal with Chinese firms Shanghai Film Group Corp and Huahua Media promises Viacom Inc''s struggling Paramount Pictures some much-needed funds and a foothold in the world''s second-largest box-office market. on.wsj.com/2jeBNV7- A Chinese consortium led by China Oceanwide Holdings Group Co reached a deal to buy International Data Group Inc, the data and marketing company that also runs venture-capital firm IDG Ventures. on.wsj.com/2jevNMa- China''s flagship state-owned chip maker Tsinghua Unigroup said it plans to build a $30 billion memory-chip factory in Nanjing, its latest investment as China moves to diminish its dependence on U.S. chip manufacturers. on.wsj.com/2jeE7LL- U.S. regulators closed a probe of a fatal crash involving a Tesla Motors Inc car driving itself, concluding the Silicon Valley auto maker''s semi-automated technology didn''t contain a safety defect. on.wsj.com/2jeEpSQ- JPMorgan Chase & Co Chief Executive Jamie Dimon will receive $28 million in total compensation for 2016, up 3.7 percent - or $1 million - from 2015, according to a Thursday securities filing. on.wsj.com/2jezEsp- South Korea''s Hyundai Merchant Marine Co Ltd said it will buy a fifth of the company that runs the biggest container terminal at Long Beach, Calif., the U.S.''s second-largest port. on.wsj.com/2jeCGNr- Uber Technologies Inc agreed Thursday to pay $20 million to resolve Federal Trade Commission allegations that it misled drivers about potential earnings and vehicle financing. on.wsj.com/2jev9Oy (Compiled by Abinaya Vijayaraghavan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1FA2B5'|'2017-01-20T02:25:00.000+02:00'
'e8c5340d7eb1016ebf4894d46b658ef05bf7a017'|'China still dumping U.S. debt; Russia is buying'|'by Paul R. La Monica @lamonicabuzz January 19, 2017: 10:32 AM ET China''s president: A cheerleader for globalization China''s love affair with Uncle Sam''s debt seems to be over. But that may not necessarily be a bad sign for the U.S. economy as Donald Trump is about to be inaugurated as the next president. According to figures released by the Treasury Department on Wednesday evening, China''s holdings of U.S. government bonds fell $66 billion in November to $1.05 trillion. It is the sixth straight month that China has reduced its exposure to U.S. Treasuries. Since May, the value of China''s Treasury holdings has dropped by nearly $195 billion. Japan passed China in October to become the largest foreign owner of U.S. debt. But Japan has leaped ahead of China only by default. Japan too cut back on its Treasury holdings in November, reducing them by $23.3 billion to about $1.11 trillion. This is the fourth straight month that Japan has pulled back on U.S. debt. It has cut its holdings by $46 billion since July. The selling began before Trump beat Hillary Clinton in the presidential race. So it''s not accurate to say that China and Japan are unloading bonds just because of Trump. After all, Trump was still the underdog when China and Japan first started their sales. But the acceleration of the Treasury sales in November could be yet another indication that investors feel Trump''s proposed stimulus policies will boost growth, which makes owning bonds less attractive. Related: China is no longer the biggest foreign holder of U.S. debt Keep in mind that Treasury yields go up when investors are selling bonds. And bondholders often unload U.S. debt when they believe the economy is improving. In times of stronger growth, bonds are less rewarding investments than stocks, which benefit more when consumers and businesses are boosting their spending. So rates should go higher if Trump''s stimulus plans succeed. Yields on the benchmark 10-Year Treasury note hit 2.62% in mid-December, their highest level since September 2014. But they have pulled back a bit since then and are now hovering around 2.45%. That suggests that there has been more bond buying in the past few weeks. And that makes sense, especially since the explosive stock market rally that took place late last year has started to cool off. But not all foreign governments are dumping Treasury debt. Ireland, Brazil, the U.K. and Saudi Arabia all increased their Treasury holdings slightly. And Russia boosted its Treasury position by $12 billion, a move that may raise eyebrows given favorable comments that Trump and Russian leader Vladimir Putin have made about each other. Still, the value of these nation''s debt holdings pale in comparison to Japan and China. Related: Global central banks were dumping debt at a record pace last summer It''s also worth noting that China and Japan may be selling bonds because they need the cash to support their own economies. It''s not all about Trump. China in particular is trying to boost the value of its currency, the yuan, to make it more attractive in the global market. So it has occasionally sold some of its Treasury holdings to buy the yuan. The Federal Reserve''s rate hike in December -- and suggestion that several more rate hikes are coming this year and over the next few years -- should also help push bond yields up. But by how much? Bill Gross, a bond fund manager at Janus, wrote in his most recent monthly outlook that yields should "inevitably move higher" in Trump''s first year of office. However, he thinks there is no guarantee that they actually will because central banks in Japan and Europe are doing all they can to keep their own interest rates low. Related: Is the bond bubble finally about to burst? That will put pressure on U.S. interest rates too no matter what type of stimulus Trump gets through Congress. Gross said that 2.6% will be the key number to watch for the bond market in the first few months of Trump''s presidency. He argues that if rates go above that level, a bond bear market will begin -- meaning that rates could shoot even higher as more investors dump U.S. debt. "Watch the 2.6% level. Much more important than Dow 20,000. Much more important than $60-a-barrel oil. Much more important that the dollar/euro parity at 1.00. It is the key to interest rate levels and perhaps stock price levels in 2017," Gross wrote. CNNMoney (New York) First published January 19, 2017: 10:32 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/19/investing/china-sells-us-debt-japan-russia/index.html'|'2017-01-19T22:43:00.000+02:00'
'af874a2041608f268bb6c1ef75154d0927b1e4ac'|'Israel''s Check Point Software Q4 profit tops estimates'|'TEL AVIV Jan 19 Network security provider Check Point Software Technologies reported quarterly net profit that beat expectations on strong growth in demand for mobile security and threat prevention products and an increase in new customer wins.Check Point earned $1.46 per diluted share excluding one-time items in the fourth quarter, up from $1.20 a year earlier. Revenue grew 6 percent to $487 million, the Israel-based company said on Thursday.It was forecast to earn $1.25 a share on revenue of $478 million, according to Thomson Reuters I/B/E/S."We realised triple-digit growth across our focus areas of mobile and advanced threat prevention," said Chief Executive Gil Shwed.For all of 2016, Check Point earned $4.72 per share, up 13 percent, while revenue grew 7 percent to $1.74 billion.(Reporting by Tova Cohen; Editing by Steven Scheer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/chk-pnt-sftwre-results-idINL5N1F91K8'|'2017-01-19T07:08:00.000+02:00'
'ed04aab1796d8cc23551e65555a2d7540c040aa6'|'Zodiac Aerospace rockets after Safran bid, boosts European shares'|'Business News  34am GMT Zodiac Aerospace rockets after Safran bid, boosts European shares Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, January 17, 2017. REUTERS/Staff/Remote LONDON European shares rose on Thursday in early deals, as Zodiac Aerospace''s shares surged after France''s Safran''s takeover offer, and Moneysupermarket.com jumped after results. The pan-European STOXX 600 index was up 0.1 percent in early trade. Zodiac Aerospace rocketed 21.6 percent after Safran offered $9 billion to buy the aircraft seat manufacturer. Shares in Safran gained 1.7 percent. Earnings boosted shares in Moneysupermarket.com, up nearly 10 percent at their highest level since March 2016 after the price comparison website said that it expected an 8 percent rise in operating profit. Royal Mail''s results were received less enthusiastically, its shares falling 4.2 percent and weighing on the blue chip FTSE 100 index, which retreated 0.1 percent. A meeting from the European Central Bank later in the day was also in focus, at which the ECB is expected to keep policy unchanged. Overnight, Federal Reserve Chair Janet Yellen signalled that the U.S. central bank is poised to pursue a path of steady interest rate hikes. (Reporting by Kit Rees, Editing by Vikram Subhedar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-europe-stocks-idUKKBN1530X2'|'2017-01-19T15:34:00.000+02:00'
'17dd244e68729d1b2fc18c00c0d78b021ec770c7'|'China''s BYD plans to sell passenger cars in U.S. in 2-3 years -exec'|'Business News   1:21am EST China''s BYD plans to sell passenger cars in U.S. in 2-3 years: executive A worker stands behind a car manufactured at a BYD assembly line in Shenzhen, China May 25, 2016. REUTERS/Bobby Yip BEIJING BYD Co Ltd ( 002594.SZ ) ( 1211.HK ) plans to sell electric passenger cars in the United States in about two to three years, an executive said on Thursday, as it races to be the first Chinese automaker to sell cars to American drivers. BYD, backed by Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ), specializes in electric and plug-in petrol-electric hybrid vehicles. At present, its U.S. presence is limited to producing buses and selling fleet vehicles such as taxis. Li Yunfei, BYD''s deputy general manager for branding and public relations, said its passenger car plan was not fixed as entering the U.S. was a complicated process. "It could be adjusted," Li said at an event in Beijing. "Now we can only say roughly 2 to 3 years." China''s government has used a raft of policies, including billions of dollars in subsidies, to spur a boom in electric and plug-in hybrid sales since 2015. The U.S., meanwhile, has lagged. BYD has had false starts in the U.S., with Chairman Wang Chuanfu previously saying the automaker would begin selling in the U.S. in 2010. Other Chinese peers have also encountered delays in entering the market. GAC Motor, a subsidiary of Guangzhou Automobile Group Co Ltd ( 601238.SS ), displayed three models at the Detroit Auto Show earlier this month, stating it would enter the U.S. by 2019 instead of a previous goal of 2017. A GAC Motor spokeswoman declined to elaborate on the delay. (Reporting by Jake Spring; Editing by Christopher Cushing) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-byd-usa-idUSKBN1530L4'|'2017-01-19T13:00:00.000+02:00'
'69f9f092eb29df44a5d45f152517bae6c950c0a1'|'MOVES-Barclays, Mizuho, Cerno'|'Company News  27pm EST MOVES-Barclays, Mizuho, Cerno Jan 20 The following financial services industry appointments were announced on Friday. To inform us of other job changes, email moves@thomsonreuters.com. BARCLAYS PLC The company''s vice-chairman of banking, Matthew Ponsonby, will retire from the British bank at the end of January, according to a memo seen by Reuters on Friday. MIZUHO SECURITIES ASIA LTD The unit of Mizuho Securities Co Ltd named Pramod Shenoi as regional head of FIG debt capital markets in December. CERNO CAPITAL The company appointed Tom Milnes as business development director to assist with the investment manager''s intermediary client relationships and enhance compliance with investment needs. (Compiled by John Benny and Anya George Tharakan in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL4N1FA52M'|'2017-01-21T03:27:00.000+02:00'
'd94a74a23eb6c60fd9eb3f37bace653271a0b4c3'|'JHSF chairman agrees to collaborate with Brazil officials in probe'|'Big Story 10  36pm EST JHSF chairman agrees to collaborate with Brazil officials in probe SAO PAULO The chairman of Brazilian builder and shopping mall operator JHSF Participações SA has agreed to collaborate with government officials as part of an investigation into illegal campaign donations in the state of Minas Gerais, the company said. According to a securities filing by the company on Thursday, Chairman José Auriemo Neto was fully responsible for the donations, with neither JHSF nor its subsidiaries involved. Auriemo will make a 1 million reais ($312,871) donation to a cancer hospital as part of the plea deal. ($1 = 3.1962 reais) (Reporting by Bruno Federowski and Alberto Alerigi; Writing by Bruno Federowski; Editing by Phil Berlowitz) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-jhsf-corruption-idUSKBN15334M'|'2017-01-20T04:29:00.000+02:00'
'e9777bf384b0a78e2645d1f2370e7a66e68cc0c2'|'ATR chief says aircraft deal with Iran imminent, talks concluded'|'TOULOUSE The head of European planemaker ATR said on Friday a deal with Iran to purchase 20 short-haul passenger aircraft would be signed soon after the two sides concluded talks."We have concluded the negotiations and we should sign the contract imminently," ATR''s CEO Christian Scherer told Reuters.Some Iranian media Quote: d ATR officials as saying on Friday that the deal had been signed.ATR, co-owned by Airbus ( AIR.PA ) and Italy''s Leonardo Finmeccanica ( LDOF.MI ), in February reported preliminary orders from Iran for 20 twin-engine turboprop ATR 72-600 aircraft.Iranian officials said in December the contract for 20 planes was worth $400 million.Iran signed contracts with Europe''s Airbus and American planemaker Boeing last year to purchase around 180 jets, its biggest commercial deals with the West since its 1979 revolution(Reporting by Tim Hepher, writing by Parisa Hafezi; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-iran-aircraft-airbus-idINKBN15429R'|'2017-01-20T13:44:00.000+02:00'
'03893d2dc78dda1b6f1a4f4b2c9b883473fd7306'|'BlackRock CEO says Trump economic policies may be "loud, noisy and strong"'|'Business News - Fri Jan 20, 2017 - 11:28am GMT BlackRock CEO says Trump economic policies may be "loud, noisy and strong" Larry Fink, Chairman and CEO of BlackRock, gestures as he speaks at the BlackRock Asia Media Forum in Hong Kong, China on May 17, 2016. REUTERS/Lisa Jucca/File Photo DAVOS, Switzerland Talks with members of the incoming Donald Trump administration suggest their economic policies will be "loud, noisy and strong" the head of BlackRock, the world''s largest money manager, said on Friday. Larry Fink told the World Economic Forum in Davos such policies were set to support U.S. markets for at least the first 100 days of Trump''s presidency. But he said it was still not clear to him how the new administration planned to pay for massive stimulus measures including investments in ageing infrastructure. (Reporting by Noah Barkin and Dmitry Zhdannikov) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-davos-meeting-blackrock-trump-idUKKBN1541B1'|'2017-01-20T18:28:00.000+02:00'
'4f48cc4d17fc7eff310fe019ced2e8d6ec259e80'|'Prime property predictions for 2017: Sotheby’s International Realty'|'Prime property predictions for 2017: Sotheby’s International Realty If you have US dollars, there are great opportunities in Europe or the Caribbean an hour ago by Robin Paterson This year is one of the hardest in which to predict where buyers’ money will be safe. Not only do we have Brexit affecting the European market, but there is political unease in the US, and the Chinese economy is very weak. However, if you have US dollars, you have the strongest currency for buying property in Europe or the Caribbean. About 80 per cent of buyers in parts of the Caribbean are British. Naturally, these sales have been hit significantly by the fall of the pound. If you are planning to buy in US dollars, this offers a great opportunity. Prices will be lower than usual and you will get a good deal. I believe urban markets, whether in Europe, Asia or the US, will be quite stagnant throughout 2017. This will be a year for people to sit on their hands to see how the market reacts to changes. Some may very well feel their money is better invested in assets other than property. In terms of the UK market, we are seeing a shift in Asian investment to commuter belt territories rather than prime central London. Although there will always be those buyers who want a central London home, areas outside the M25 ring road are growing in popularity among overseas purchasers. This is good news for those aspiring to become owners of high-end real estate; less so for those who already are — although they can, of course, take comfort from owning amazing places to live. Still, while the global index fell by 2.45 per cent in 2016, it remains 10 per cent above its level five years ago. The longer-term trend is hard to read; an oversupply of new apartments may, in several markets such as London, New York and Singapore, take time to resolve, according to Warburg & Barnes. For those in search of a hard-headed investment case, some less high-profile locations may appeal. A separate report from Christie’s International Real Estate says high-end markets are rebounding in cities such as Dublin and Detroit, Atlanta and Valencia. Adventurous investors may wish to take note. Robin Paterson is the chairman of UK Sotheby’s International Realty'|'ft.com'|'http://www.ft.com/rss/companies/property'|'https://propertylistings.ft.com/propertynews/united-kingdom/4936-prime-property-predictions-for-2017-sothebys-international-realty.html?ftcamp=published_links%2Frss%2Fcompanies_property%2Ffeed%2F%2Fproduct'|'2017-01-20T15:24:00.000+02:00'
'9e4939d92f49a3b67553b5f9e2c46e5fd954cf49'|'Dollar falls, stocks pare gains after Trump inauguration - Reuters'|'By Sinead Carew - NEW YORK NEW YORK The dollar was down but U.S. stock indexes pared their gains in the last day of a choppy trading week, after Donald Trump''s inaugural speech as U.S. President prompted investor concern about protectionist trade policies.U.S. Treasury yields fell slightly as Trump spoke but were still up on the day. The dollar, which has lost some of its momentum in recent weeks, was off 0.2 percent against six major currencies .DXY. It hit a session low during the speech before paring losses.In his speech Trump, the country''s 45th President, promised to put ''America First'' and that the U.S. would follow two rules: buy American and hire American."There''s a concern about what his trade policies will be," said Jamie Cox, managing partner of Harris Financial Group, after he attended the inauguration in Washington D.C. "That''s probably the No. 1 area where Trump will have to tone down his rhetoric because we do have to work with other nations."The Dow Jones Industrial Average .DJI was up 57 points, or 0.29 percent, to 19,789.4, the S&P 500 .SPX had gained 4.68 points, or 0.206742 percent, to 2,268.37 and the Nasdaq Composite .IXIC had added 9.86 points, or 0.18 percent, to 5,549.94.The benchmark S&P 500 was on track to end the week down slightly, and both the Dow and Nasdaq were each set for weekly declines.The S&P 500 .SPX has fallen a median 2.7 percent in the month after each new president has taken the keys to the White House since Herbert Hoover did so in January 1929, according to Reuters analysis.There has been a pause in the post-election market rally in risky assets such as equities amid questions over how Trump''s administration will carry out ambitious campaign promises of lower taxes, more government spending and looser regulations.The MSCI all world stock index .MIWD PUS also pared gains but was still up 0.26 percent on the day. It was poised for a weekly decline.Caution ahead of the former reality TV star''s presidency offset better-than-expected economic data from China and comments from Federal Reserve Chair Janet Yellen, in which she sounded less hawkish than the previous day.Tens of thousands of law enforcement officers and miles of barriers were in place in Washington D.C. as it braced for hundreds of thousands of people planning to celebrate or protest Trump''s inauguration.Treasury yields declined slightly from 2-1/2 week highs, likely spurred by safety buying of lower-risk assets. Benchmark 10-year notes US10YT=RR were last down 6/32 in price to yield 2.48 percent, after earlier rising as high as 2.51 percent. Financing for an expected bump up in government spending may drag further on bond prices and send yields higher.“Bond investors are trying to get ahead of the possibility that rates will rise after he’s actually in office because they think he’s going to move very quickly in the first 200 days to enact new programs to help the economy, and the Fed will raise rates sooner rather than later and possibly lead to a further selloff in long-term Treasury bonds,” said Tom di Galoma, managing director at Seaport Global in New York.European stocks closed down 0.07 percent. The index had its worst week since before Trump''s Nov. 8 election.The Mexican peso briefly trimmed its gains during Trump''s inaugural speech, but then returned to its initial levels because the president did not announce details of measures that affect Mexico.Spot gold XAU=, on track for a fourth straight week of gains, was essentially flat on Friday at $1,204.78 per ounce.Oil prices rose for the second day in a row on expectations a weekend meeting of the world''s top oil producers would demonstrate compliance to a global output cut deal.Brent crude LCOc1, the international benchmark, rose 2.4 percent to $55.44. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading up 2.2 percent at $52.49 per barrel.(Additional reporting by Karen Brettell in New York, Vikram Subhedar in London,; Editing by Bernadette Baum and Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/global-markets-idINKBN1542L5'|'2017-01-20T16:05:00.000+02:00'
'5d253450a0c78f79791665913a5ef09cbcee5146'|'Trump won''t wait to act on trade pact vows - spokesman'|'WASHINGTON Donald Trump will not wait for Congress to confirm his Cabinet positions to act on his vows to withdraw from the 12-country Trans-Pacific Partnership (TPP) trade deal and renegotiate the North American Free Trade Agreement (NAFTA), a spokesman for the president-elect said on Thursday.Trump, who takes office as president on Friday, declared in November he would give notice of U.S. intent to withdraw from the TPP on “day one” of his presidency, terming it “a potential disaster for our country.”Spicer told reporters Trump had said the moves would be made via executive order. “So I think you will see those happen very shortly," Spicer added. "I don''t think he''s going to wait. He''s made it very clear that some of those things are huge priorities for him."Trump''s nominee to run the Treasury Department, Steven Mnuchin, said on Thursday that Washington can renegotiate NAFTA, which was signed by the United States, Canada and Mexico in 1994, in a way that benefits both the United States and Mexico."I think most people acknowledge NAFTA was negotiated a long time ago, that we should reopen this agreement," Mnuchin told U.S. senators in his confirmation hearing. "I''m optimistic that we can renegotiate that deal (in a way) that''s both advantageous to us and advantageous to Mexico. That it''s a win-win for both countries."An adviser to the Trump transition told Reuters last week that Trump would not revive TPP, which has yet to be ratified by the United States, but would quickly pursue bilateral trade agreements.The TPP has been the main economic pillar of the Obama administration''s "pivot" to the Asia-Pacific region in the face of a fast-rising China.Proponents of the pact have expressed concerns that abandoning the project, which took years to negotiate, could further strengthen China''s economic hand in the region at the expense of the United States.The trade minister of New Zealand, Todd McClay, said this week that it would be "interesting" to see whether momentum builds around the Regional Comprehensive Economic Partnership (RCEP), an Asian trade pact that includes China and India, if the United States pulls out of the TPP.(Reporting by David Brunnstrom; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-trump-trade-idINKBN15403F'|'2017-01-19T21:46:00.000+02:00'
'0c0d455bff59abb76412a37e25a6a937f5ef6829'|'Germany says IMF plans to stay involved in Greek bailout talks'|' 49am GMT Germany says IMF plans to stay involved in Greek bailout talks IMF Managing Director Christine Lagarde (L) and German Finance Minister Wolfgang Schauble (R) attend a panel discussion at the annual meetings of the IMF and World Bank Group in Washington, October 6, 2016. REUTERS/James Lawler Duggan BERLIN The managing director of the International Monetary Fund (IMF) reassured German Finance Minister Wolfgang Schaeuble this week that the IMF plans to remain constructively engaged in talks about aid for Greece, a spokesman for Schaeuble said on Friday. Christine Lagarde spoke with Schaeuble about the Greek bailout programme during the World Economic Forum in Davos and told him the IMF was aiming to continue its participation, the spokesman told a regular government news conference. The German Finance Ministry this week denied a report in Bild newspaper that Berlin was preparing for a deal without the global lender, which has said it will join the deal only if it includes significant debt relief. (Reporting by Andrea Shalal; Editing by Michelle Martin)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-germany-idUKKBN1541HE'|'2017-01-20T18:49:00.000+02:00'
'b0b056fd874d07e29a54ef069d0206181c3d3bfe'|'Mnuchin not in favor of cutting federal ties with Fannie, Freddie'|'  2:17pm EST Mnuchin not in favor of cutting federal ties with Fannie, Freddie A stands outside Fannie Mae headquarters in Washington February 21, 2014. REUTERS/Kevin Lamarque WASHINGTON President-elect Donald Trump''s pick for U.S. Treasury Secretary, Steve Mnuchin, on Thursday told a Senate panel he does not believe in severing federal ties with and privatizing mortgage giants Fannie Mae [FNMA.PK] and Freddie Mac [FMCC.PK]. Mnuchin, a Wall Street veteran, said at his confirmation hearing before the Senate Finance Committee that he does not support the idea of "recap and release," where the government-sponsored enterprises would stop paying the Treasury and use their profits to recapitalize in order to stand on their own. Since being placed in federal conservatorship in 2008, the height of the financial crisis, Fannie and Freddie have turned over hundreds of billions in dividends to the U.S. government. That has created the sense of a federal guarantee, which would end if the enterprises were fully privatized. Mnuchin said Fannie and Freddie cannot continue in their current form and should be changed as part of broader housing regulation reform. He added that for a long period of time they have been well-run without risk to the U.S. government. After his comments, shares of Fannie and Freddie tumbled more than 10 percent. nL1N1F91M5 (Reporting by Lisa Lambert and Jason Lange; Editing by Paul Simao)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-congress-mnuchin-fanniemae-idUSKBN1532W3'|'2017-01-20T02:17:00.000+02:00'
'1c79777e7eec6d1460eecef11df007d2dfae81c6'|'UPDATE 1-RBS sells $600 million of shipping loans, Orix among buyers - sources'|'Deals - Fri Jan 20, 2017 - 11:00am EST RBS sells $600 million of shipping loans, Orix among buyers: sources People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo LONDON/TOKYO Royal Bank of Scotland ( RBS.L ) has concluded agreements to sell at least $600 million worth of shipping loans from its portfolio as part of efforts to exit the sector, sources with direct knowledge of the deal told Reuters on Friday. RBS, which is more than 70 percent state owned, is in the middle of a restructuring, which includes asset sales, job cuts and tackling multi-billion dollar charges to settle litigation and pay regulatory fines for past misconduct. The sources said Japanese financial services firm Orix Corp ( 8591.T ) has agreed to buy $290 million worth of shipping loans from RBS, while separately Germany''s Berenberg Bank would purchase around $300 million of loans. Spokespeople for RBS, Orix and Berenberg all declined to comment. Reuters reported last month the British bank was close to selling at least $600 million worth of shipping loans to financial institutions, including Orix and Berenberg. Most of the loans Orix is buying from RBS are investment grade and made to Greek borrowers, said the sources, who were not authorized to discuss the matter publicly. RBS initially tried to sell its entire Greek shipping business, which was valued at $3 billion at the time and held talks with Orix and Berenberg. Although 90 percent of world trade is transported by sea, the shipping industry is stuck in its deepest slump on record, as international trade slows and freight rates fall in a market with too many vessels. European banks, major lenders to the shipping industry, have been reducing exposure to the sector partly because of the tough market conditions, but also to meet stricter banking rules. Sources said Orix saw the deal as an opportunity to buy cheaply loans made to healthy borrowers. They also said that the Japanese company was already in similar talks with other lenders to the shipping sector. RBS, which has had eight years of annual losses, was rescued with a more than 45 billion pound ($55.27 billion) bailout at the height of the financial crisis. The Edinburgh-based bank announced last September it was winding down its global shipping business after earlier sales efforts were not successful. (Reporting by Taiga Uranaka in Tokyo, Jonathan Saul and Andrew MacAskill in London, Editing by Himani Sarkar and Jane Merriman) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-rbs-shipping-orix-idUSKBN154273'|'2017-01-20T22:56:00.000+02:00'
'fb36414cde1ff31813eb801d11f892d31894f28b'|'Speculators trim net long U.S. dollar bets for 2nd straight week-CFTC, Reuters'|'Company  52pm EST Speculators trim net long U.S. dollar bets for 2nd straight week-CFTC, Reuters NEW YORK Jan 20 Speculators reduced long bets on the U.S. dollar for a second straight week, as investors continued to pare back overextended positions on the greenback and worried about U.S. President Donald Trump''s trade and currency policies. The value of the dollar''s net long position was $24.44 billion in the week ended Jan. 17, from $24.95 billion the previous week, according to data from the Commodity Futures Trading Commission released on Friday and calculations by Reuters. Net short contracts on the Mexican peso, meanwhile, rose in the latest week to 73,321, the largest since early October. (Reporting by Gertrude Chavez-Dreyfuss, editing by G Crosse) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cftc-forex-idUSL1N1FA1PU'|'2017-01-21T03:52:00.000+02:00'
'2103fddf23f31be8c268e4ff28595f0f744a8768'|'Nasdaq backs trading illiquid stocks only on listing exchange'|'Business News - Fri Jan 20, 2017 - 1:31pm EST Nasdaq backs trading illiquid stocks only on listing exchange The Nasdaq logo is displayed at the Nasdaq Market site in New York September 2, 2015. REUTERS/Brendan McDermid - RTX1QTAD By John McCrank - NEW YORK NEW YORK Nasdaq Inc ( NDAQ.O ) will ask U.S. regulators under the Trump administration to limit the trading of shares of small companies and illiquid exchange-traded funds to the exchanges on which they are listed, the market operator said in a note to clients. Such a move would make it cheaper for investors to buy and sell small-cap stocks and niche ETFs, spur more trading, and improve market transparency, Tal Cohen, Nasdaq''s head of North American equities, said in the Jan. 19 note, reviewed by Reuters. Under current stock market rules, all U.S. stocks and ETFs can be traded on any of the 13 registered U.S. stock exchanges, regardless of where they are listed, a system aimed in part at promoting competition and adding resiliency to the market. For instance, when technology glitches caused temporary outages on two separate days in December at Intercontinental Exchange Inc''s ( ICE.N ) NYSE Arca, trading of the more than 1,500 ETFs listed on the exchange continued elsewhere unabated. [nL1N1EE0U7] But critics have said the market is now too fragmented, adding complexity and costs that make thinly traded stocks even more difficult to trade. "While competition among execution venues has brought the market many benefits for liquid securities, some securities are not well served," Cohen said. With the change in the leadership of the U.S. government, a review of the core policies and regulations governing the markets is in order, he said. Trump''s incoming administration has pledged to slash regulations, many of them enacted after the 2007-08 financial crisis, and the financial industry is generally optimistic about the potential for change. [nL1N1F318M] Nasdaq would work with the industry to establish new rules and metrics to define the segment of securities that would be affected by the changes, Cohen said. Exchange operator Bats Global Markets ( BATS.Z ) made a similar proposal to Nasdaq''s in April 2015. ( reut.rs/2iTiKyE ) Nasdaq also plans to make changes to its popular closing auction by adding late "Limit on Close" orders that will allow for more participation and improve the ability to offset price imbalances, Cohen said. (Reporting by John McCrank; Editing by David Gregorio) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-nasdaq-stocks-idUSKBN1542I5'|'2017-01-21T01:31:00.000+02:00'
'c3b8cd593406da5bbe55daea591d8b326a6a605a'|'Morgan Stanley CEO James Gorman sees pay increase 7 percent to $22.5 million'|' 19pm GMT Morgan Stanley CEO James Gorman sees pay increase 7 percent to $22.5 million Morgan Stanley Chief Executive Officer James Gorman in Washington October 10, 2014. REUTERS/Joshua Roberts Morgan Stanley ( MS.N ) Chief Executive Officer James Gorman''s overall pay rose 7 percent in 2016 to $22.5 million, according to a securities filing. While rising 7 percent against the previous year, Gorman''s total pay for 2016 was flat compared with his compensation in 2014. (Reporting by Olivia Oran; Editing by Alan Crosby)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-morgan-stanley-ceo-pay-idUKKBN1542SP'|'2017-01-21T04:19:00.000+02:00'
'0fa25e2159a110d0af535bbb4ac7817cec0f2f2e'|'Orix agrees to buy $290 mln of RBS shipping loans -sources'|'Financials  50pm EST Orix agrees to buy $290 mln of RBS shipping loans -sources TOKYO Jan 20 Japanese financial services firm Orix Corp has agreed to buy $290 million worth of shipping loans from Royal Bank of Scotland, sources with direct knowledge of the deal told Reuters on Friday. RBS, which is more than 70 percent state-owned, is still in the throes of a restructuring, which includes asset sales, job cuts and tackling multi-billion dollar charges to settle litigation and pay regulatory fines for past misconduct. Reuters reported last month the British bank was close to selling at least $600 million worth of shipping loans to financial institutions including Orix. Most of the loans Orix is buying from RBS are of investment grade and made to Greek borrowers, said the sources, who were not authorised to discuss the matter publicly. An Orix spokesman declined to comment. RBS officials were not immediately reachable for comment. RBS initially tried to sell its entire Greek shipping business, which was valued at $3 billion at the time and held talks with Orix. They could not reach an agreement. European banks, major lenders to the shipping industry, have been reducing exposure to the sector amid stricter banking rules and a weak shipping market. Orix sees the situation as presenting an opportunity to cheaply buy loans made to healthy borrowers, sources said, adding that the firm was already in similar talks with other lenders to the shipping sector. (Reporting by Taiga Uranaka; Editing by Himani Sarkar) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/rbs-shipping-orix-idUSL4N1FA1YG'|'2017-01-20T11:50:00.000+02:00'
'd3d0e91e002e871f0b862a74260aa600c50f69d3'|'MBK Partners-backed ING Life Korea plans $1 billion IPO this year: IFR'|'HONG KONG ING Life Korea, backed by private equity firm MBK Partners, plans to raise more than $1 billion in an initial public offering in 2017, IFR reported on Friday, citing a person close to the deal.The IPO is likely to take place in the second quarter or later in the year, IFR, a Thomson Reuters publication, said. Morgan Stanley ( MS.N ) and Samsung Securities are advising on the deal, IFR said.A spokesman for MBK in Seoul said ING Life had already said it was looking at various options including an IPO or outright sale.ING Life, Morgan Stanley and Samsung Securities did not immediately reply to a Reuters request for comment on the listing plans.Chinese firms including China Life Insurance ( 601628.SS ) and China Taiping Insurance ( 0966.HK ) had expressed interested in buying the company, Reuters previously reported.(Reporting by Robert Hartley; Additional reporting by Joyce Lee in Seoul; Writing by Elzio Barreto. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-southkorea-ing-life-ipo-idINKBN154192'|'2017-01-20T07:45:00.000+02:00'
'7cd34b6d93662ac525df61e86cbc829d2dcb4471'|'Forbes Energy eyes quick emergence from prepackaged Chapter 11'|'Commodities   2:22pm EST Forbes Energy eyes quick emergence from prepackaged Chapter 11 CHICAGO U.S. oilfield services company Forbes Energy Services Ltd ( FESL.PK ) said it expected to "promptly" emerge from bankruptcy after filing a Chapter 11 plan on Monday with a prepackaged deal to exchange $280 million of debt for equity. Dozens in the sector, whose services include drilling wells and hauling water for energy exploration companies, have sought protection from creditors as low energy prices have prompted producers to scale back on drilling. In a filing with the U.S. Bankruptcy Court in Houston, Forbes said the slump had reduced demand for its activities, rendering it unable to make payments on some of its debt. It said holders of 87 percent of senior unsecured notes had voted to accept its restructuring plan. The Alice, Texas, company operates around 173 well servicing rigs in Texas, Louisiana and Pennsylvania. It also transports and disposes of fluids used in drilling. Forbes said it had ample liquidity to support the business during the Chapter 11 proceeding and also secured a $50 million facility to be funded by certain of bondholders to ensure adequate working capital after the bankruptcy. Existing equity in the company, including common and preferred stock, would be canceled. Competitors Key Energy Service Inc KEGXQ.PK and Basic Energy Services Inc ( BAS.N ) each filed for bankruptcy in the fourth quarter but emerged soon after. Another competitor, Seventy Seven Energy Inc ( SVNT.PK ), emerged from bankruptcy in August and recently announced an approximately $1.76 billion deal to be acquired by Patterson-UTI Energy Inc ( PTEN.O ). (Reporting by Tracy Rucinski; Editing by Lisa Von Ahn) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-forbesenergy-bankruptcy-idUSKBN1572KH'|'2017-01-24T02:19:00.000+02:00'
'58f61c9d487ef1b6d8df9fc42fd9036eccfe9218'|'Motor racing-Ecclestone replaced as Formula One boss -report'|'Company News  35pm EST Motor racing-Ecclestone replaced as Formula One boss -report LONDON Jan 23 Bernie Ecclestone has been replaced as Formula One supremo by the sport''s new owners Liberty Media and offered a new honorary role, Auto Motor und Sport magazine reported on Monday. Contacted by Reuters, the 86-year-old Briton declined to comment on the report. The German publication quoted him as saying: "I was deposed today. I''ve gone. That''s official. I am not running the company anymore. My position has been taken over by Chase Carey." Carey, a 62-year-old American who was executive vice-chairman of Rupert Murdoch''s 21st Century Fox, was appointed Formula One chairman in September and has spent the past few months familiarising himself with the glamour sport. (Reporting by Alan Baldwin, Editing by Ken Ferris) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/motor-f1-ecclestone-idUSL4N1FD4XI'|'2017-01-24T02:35:00.000+02:00'
'b5ec90efa92f818ae407fe12b0c4bd4705e2a788'|'Generali CFO Minali preparing to resign - source'|'Financials   3:44pm EST Generali CFO Minali preparing to resign - source MILAN Jan 23 Generali Chief Financial Officer Alberto Minali is preparing to hand in his resignation and a board meeting on Wednesday will discuss his position, a source with knowledge of the matter told Reuters on Monday. The source said Minali''s decision was due to disagreements with Chief Executive Philippe Donnet, who took over the helm at Italy''s largest insurer last year following the sudden departure of former CEO Mario Greco to rival Zurich Insurance. Minali was already CFO when Donnet took over but was then also appointed managing director in addition to his previous responsibilities. A second source with knowledge of the matter confirmed that Generali will hold a board meeting on Wednesday, but did without elaborating. Minali did not immediately respond to an emailed request for comment. Speculation over Minali''s pending departure was first reported by daily La Stampa over the weekend. (Reporting by Gianluca Semeraro, writing by Agnieszka Flak, editing by Silvia Aloisi) Next In Financials Fitch Takes Rating Actions on U.S. Midtier Regional Banks Following Peer Review (The following statement was released by the rating agency) CHICAGO, January 23 (Fitch) Fitch Ratings has completed its review of its U.S. midtier regional bank peer group. Following the review, which generally covers banks with assets between $10 billion and $50 billion, Fitch downgraded UMB financial (UMBF) and revised the Rating Outlook to Stable from Negative. At the same time, Fitch revised the Outlooks for BOK Financial (BOKF) to Stable from Negative and revised the Outlook for First'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/generali-cfo-idUSI6N1F201W'|'2017-01-24T03:44:00.000+02:00'
'8d46f49cf612953f1d9c335b2d8545bec37ba89a'|'US STOCKS SNAPSHOT-Wall St ends down as Trump focuses on trade'|'Company News   4:05pm EST US STOCKS SNAPSHOT-Wall St ends down as Trump focuses on trade NEW YORK Jan 23 U.S. stocks edged lower on Monday as early moves from President Donald Trump highlighting a protectionist stance on trade gave investors cause to rethink the post-election rally. Based on the latest available data, the Dow Jones Industrial Average was down 26.44 points, or 0.13 percent, to 19,800.81, the S&P 500 had lost 6 points, or 0.27 percent, to 2,265.22 and the Nasdaq Composite had dropped 2.39 points, or 0.04 percent, to 5,552.94. (Reporting by Caroline Valetkevitch; Editing by Nick Zieminski) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSZXN0RXJ2I'|'2017-01-24T04:05:00.000+02:00'
'29519d098decb91c62b49c064e75bdbed9882226'|'BRIEF-Aetna''s $34 bln takeover of Humana blocked by judge as anti-competitive - CNBC'|'Company News  51am EST BRIEF-Aetna''s $34 bln takeover of Humana blocked by judge as anti-competitive - CNBC Jan 23 (Reuters) - * Aetna''s $34 billion takeover of Humana blocked by judge as anti-competitive - CNBC, citing DJ Source text: bit.ly/2iWgSKB Next In Company News UPDATE 1-Trump tells manufacturers he will cut regulations, taxes WASHINGTON, Jan 23 U.S. President Donald Trump met with a dozen American manufacturers at the White House on Monday, pledging to slash regulations and cut corporate taxes, but warning them he would impose taxes on imports if they move production outside the country.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FD0KT'|'2017-01-23T23:51:00.000+02:00'
'39af72e3378c0452fff65da15278806876af1c53'|'Lactalis offer for Italy''s Parmalat too low - shareholder Amber'|'Financials  47am EST Lactalis offer for Italy''s Parmalat too low - shareholder Amber MILAN Jan 19 Parmalat activist investor Amber Capital believes the price of a buyout offer by France''s Lactalis undervalues the Italian dairy group and won''t be tendering its 3 percent stake. Lactalis, which won control of Parmalat in 2011 amid failed efforts in Italy to mount a domestic counter bid, has launched an offer on the 12.26 percent of Parmalat it doesn''t already own with the aim of delisting the group. Lactalis, itself a private company controlled by the Besnier family, is offering to buy Parmalat shares at 2.8 euros each. By 1107 GMT the stock, which has risen nearly 17 percent since Lactalis announced its offer in late December, was flat on the day at 3.0 euros. "We believe the price of Lactalis'' offer is too low and does not reflect the real value of Parmalat," Amber Capital Portfolio Manager Arturo Albano told Reuters in an interview. A group of retail shareholders in the Azione Parmalat association has also raised doubts about the price of the bid. Parmalat buckled in 2003 with a 14 billion euro hole in its accounts in Italy''s biggest corporate scandal. It restructured under turnaround expert Enrico Bondi and funds clawed back through a number of lawsuits helped it build a large cash reserve. Albano said that by taking full control of Parmalat Lactalis would deprive minority shareholders of potential benefits of a dispute still pending with Citigroup. "On Dec. 29 we asked (market watchdog) Consob to request Parmalat to provide additional information on the outlook for the next 2-3 years and on developments related to its dispute with Citi which includes a significant damage request," he said. Albano said Amber would start a campaign with proxy adviser Georgeson to explain to other investors why the offer undervalued Parmalat. "The offer comes after a terrible year in which Parmalat was hit by the crisis in Venezuela ... and exchange rates, with the exception of the U.S. dollar," he said. Albano noted Parmalat had invested one billion euros in the past three years in countries such as Brazil, Mexico and Australia. "It is yet to reap the fruits of such investments, as the company''s chairman in person pointed out when we complained at April''s shareholder meeting," he said. (Reporting by Valentina Za, editing by Stephen Jewkes) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/parmalat-buyout-amber-idUSI6N1F200V'|'2017-01-19T19:47:00.000+02:00'
'c6493a1d689c6eb1675db92e6e80f93cbb9caa04'|'Cheering better growth, ECB still to keep policy, stimulus unchanged'|'  6:04pm EST Cheering better growth, ECB still to keep policy, stimulus unchanged left right European Central Bank (ECB) President Mario Draghi addresses a news conference at the ECB headquarters in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski 1/3 left right The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the ''Luminale, light and building'' event in Frankfurt, Germany, March 12, 2016. REUTERS/Kai Pfaffenbach/File Photo 2/3 left right The headquarters of the European Central Bank (ECB) are pictured in Frankfurt, Germany September 8, 2016. REUTERS/Ralph Orlowski 3/3 By Balazs Koranyi and Francesco Canepa - FRANKFURT FRANKFURT With euro zone growth and inflation slowly picking up pace, the European Central Bank is set to argue on Thursday that its extra-easy policy stance is still needed to keep the recovery on course. It is all but certain to leave current monetary policy in place and maintain a promise for lengthy stimulus, having extended its bond-buying program just last month. ECB President Mario Draghi can argue the bank has done its part to mend growth, but he will also note the recovery is not self-sustaining, underlying inflation is weak and political risk from key elections weighs on the outlook. So turning down the ECB taps now is inappropriate, he is expected to say. On the face of it, Draghi should be relaxed. Inflation hit a three year high last month, manufacturing activity is accelerating and confidence indicators are firming, all pointing to solid growth at the end of last year. Indeed, euro zone business growth was the fastest in more than five years in December, order books are surging on export demand, and consumption is holding up, despite rising energy costs, all pointing to the sort of resilience not seen since before the bloc''s debt crisis. The underlying picture is mixed, however, giving Draghi plenty of arguments to bat back criticism, particularly from Germany, the bloc''s biggest economy and the ECB''s top policy foe. Inflation is still just half of the bank''s 2 percent target and the jump is mostly down to higher oil prices while underlying price growth remains dangerously weak. The market euphoria after Donald Trump''s surprising U.S. election win is also yet to be backed up concrete policy action and the threat of more protectionist policies from the United States and possibly Britain could reverse market sentiment. "The December decision has put the ECB on autopilot at least until the summer and until after the Dutch and French elections," ING economist Carsten Brzeski said. "This autopilot should also immunize the ECB against short-term volatility in macro data." The ECB announces its rate decision at 1245 GMT and Draghi holds a news conference at 1330 GMT. GERMAN ANGST The ECB last month agreed to cut its asset buys by a quarter from April but extended the 2.3 trillion euro scheme, known as quantitative easing, until the end of the year, promising substantial accommodation and extended market presence. The extension threatens to reignite tensions between the bank and Berlin, particularly as Germany heads towards an election in the fall and with Finance Minister Wolfgang Schaeuble often pointing the finger at the ECB for problems. Berlin argues that super cheap borrowing costs negate pressure on inefficient euro zone members to reform but unduly punish frugal German savers, who have seen the return on their savings evaporate. Indeed, with German inflation rates above the euro zone average and government bond yields in negative territory across much of the yield curve, real rates are negative for many savers, pushing some voters towards the rightist Alternative for Germany party. Still, cutting back stimulus may be a double edged sword, even for Germany, which is struggling with a bloated and inefficient bank sector. Higher ECB rates would not only cost the budget billions of euros in extra spending but would risk thwarting a still fledgling lending growth. "The lending channel is no longer clogged up, but it is not completely free either and progress has only been possible thanks to massive measures by the ECB," Commerzbank said. "If monetary policy were to be tightened again, and the burdens from existing loans were to increase once more, the lending channel would close and the economic picture would worsen considerably again," Commerzbank added. The risk for now is if the oil stabilizes at a relatively high level, eventually feeding into core inflation and raising the risk that inflation could even overshoot the ECB''s target. Still, it would take years such a pass through and all indication is that Draghi would happily tolerate a modest overshoot after facing the threat of deflation for years. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ecb-policy-idUSKBN152358'|'2017-01-19T06:04:00.000+02:00'
'334a4dfc2b18ddd12dd1ab47378e127fcd76a40e'|'Judge to block mega-merger of Anthem and Cigna: NY Post'|'A federal judge is expected to block a proposed deal between health insurer Anthem Inc ( ANTM.N ) and Cigna Corp ( CI.N ) as soon as Thursday, the New York Post reported, citing sources.Anthem, which operates Blue Cross Blue Shield health insurance plans in 14 U.S. states, is trying to buy smaller rival Cigna. The government sued seven months ago to stop the deal, saying it was anti-competitive.Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia has not yet issued an opinion on the case. The trial began late last year, and Cigna said it ended on Jan. 4.Anthem is preparing for an appeal of any ruling that doesn''t go its way and insiders expect Jackson to rule against the deal, the Post reported. ( nyp.st/2iWTcUq )Anthem said earlier on Thursday it extended the deadline for its acquisition of Cigna by three months.Anthem and Cigna could not be immediately reached for comment.(Reporting by Ankur Banerjee in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cigna-m-a-anthem-judge-idINKBN1532J5'|'2017-01-19T13:28:00.000+02:00'
'146574233a25e99c7ba28dd68e48d3f84d72179b'|'Anthem extends Cigna deal closing date ahead of court ruling'|'NEW YORK Anthem Inc ( ANTM.N ) on Thursday said it extended the deadline for its acquisition of Cigna Corp ( CI.N ) by three months as it awaits a federal court ruling on the U.S. government''s lawsuit to block the deal.Anthem, which operates Blue Cross Blue Shield health insurance plans in 14 states, is trying to buy smaller rival Cigna. The government sued seven months ago to stop the deal, saying it was anti-competitive.Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia has not yet issued an opinion on the case. The trial began late last year, and Cigna said it ended on Jan. 4.Anthem said in a regulatory filing that as permitted by its merger agreement with Cigna, it would extend the deadline for completion of the deal from Jan. 31 to April 30, regardless of the outcome of the court proceedings.Cigna said in a statement that it had received notice of Anthem''s extension and that it would evaluate its options after the court ruling.(Reporting by Caroline Humer; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cigna-m-a-anthem-idINKBN1531YS'|'2017-01-19T10:30:00.000+02:00'
'12b96e7c1eece823014cda40e40dce18e84400b2'|'Oil price rises for second day ahead of producers'' compliance meeting'|'  10:13am GMT Oil price rises for second day ahead of producers'' compliance meeting left right FILE PHOTO - Refinery workers walk inside the LyondellBasell oil refinery in Houston, Texas March 6, 2013. REUTERS/Donna Carson/File Photo 1/3 left right Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo 2/3 left right An oil well pump jack is seen at an oil field supply yard near Denver, Colorado, U.S., February 2, 2015. REUTERS/Rick Wilking/File Photo 3/3 By Karolin Schaps - LONDON LONDON Oil prices edged up for a second day on Friday on expectations that a weekend meeting of the world''s top oil producers would demonstrate compliance to a global output cut deal, but a larger than expected rise in weekly U.S. crude stocks capped gains. International benchmark Brent crude prices were up 68 cents at $54.84 a barrel at 0950 GMT. U.S. West Texas Intermediate (WTI) crude oil futures were trading up 63 cents at $52 a barrel. "Prices were pushed down a bit too far and hopes will rise that the OPEC/non-OPEC meeting this weekend will show that these producers actually give some proof that they cut production," said Hans van Cleef, senior energy economist at ABN Amro. A weekend meeting in Vienna of members of the Organization of the Petroleum Exporting Countries (OPEC) and some producers outside of the group, including Russia, will establish a compliance mechanism to verify producers are sticking to a deal to reduce output, OPEC''s secretary general told Reuters. However, higher crude oil and gasoline stocks in the United States weighed on prices on Friday. U.S. crude inventories rose unexpectedly last week as refineries sharply slowed production, while gasoline stocks soared amid weak demand, the Energy Information Administration said on Thursday. Crude inventories rose 2.3 million barrels in the week to Jan. 13, compared with analyst expectations for an increase of 342,000 barrels. The data showed much larger than expected builds in gasoline stocks, with inventories on the U.S. east coast, the biggest demand region, swelling to the highest weekly levels on record for this time of year, when refiners typically begin storing barrels ahead of the summer driving season. Bjarne Schieldrop, chief commodities analyst at SEB Markets, said Brent crude was starting to move into a trading range centered around $55 a barrel as the production cut deal had placed a floor price of $50 a barrel, while U.S. shale oil producers were capping the upside at $60 a barrel. "As a new consensus is starting to form, the fog around the oil market balance is starting to clear and the oil price is likely going to start to stabilize," he said. (Additional reporting by Naveen Thukral in Singapore; Editing by Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN153057'|'2017-01-20T19:39:00.000+02:00'
'939497cb01d3238e53d79a3da8f8bbc73a52e014'|'Spain arrests Russian bank-account hacker wanted by FBI'|'News Maps  46am EST Spain arrests Russian bank-account hacker wanted by FBI MADRID Spain has arrested a 32-year-old Russian computer programmer at Barcelona airport who is alleged to have designed and used software to steal bank account details from banks and individuals, Spanish police said on Friday. Working with the U.S. Federal Bureau of Investigation (FBI), the man, named Lisov, was arrested by Spanish police on Jan. 13 as he waited to take a flight to another European country. He is suspected of leading a financial fraud network, the police said in a statement. Lisov, wanted by the United States under an international arrest warrant, had been under observation by authorities for several days in the north-eastern region of Catalonia, police said. Police did not give the man''s first name. Lisov had been under investigation by the United States for two years for developing and using "NeverQuest," a computer virus that spreads itself via social media, email and file transfers and has led to the loss of millions of dollars. An investigation of servers operated by Lisov in France and Germany revealed databases with lists of data stolen from banks, including account balances. One of the servers had files with millions of bank account access details such as user names, passwords and security questions, police said. The Russian is being held in Catalonia before Spain''s High Court decides whether to extradite him to the United States. The United States has requested his extradition, a police spokesman said. (Reporting By Sonya Dowsett; Editing by Angus Berwick, Larry King) Next In News Maps'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-spain-hacker-russia-idUSKBN154132'|'2017-01-20T16:34:00.000+02:00'
'2dda1a0e9b0584f5f81390c9f1f5101a4d059329'|'Brazil court allows Petrobras to sell Sergipe, Ceará offshore fields'|'Commodities  34pm EST Brazil court allows Petrobras to sell Sergipe, Ceará offshore fields Gasoline prices are displayed at a Brazilian Oil Company Petrobras gas station in Rio de Janeiro, Brazil, February 6, 2016. REUTERS/Ricardo Moraes SAO PAULO A Brazilian court has ruled that state-controlled oil company Petróleo Brasileiro SA can continue a process to sell several offshore oil fields in the country''s northeastern region. In securities filing on Monday, Petrobras said the Federal Regional Tribunal of the Fifth Region''s decision allows the company to proceed with the sale of fields in the states of Ceará and Sergipe, although a final decision lies on a federal auditing court. The auditing court known as TCU suspended on Dec. 7 part of Petrobras'' asset sale program to improve transparency in the process. (Reporting by Guillermo Parra-Bernal; Editing by Meredith Mazzilli) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-petrobras-divestiture-idUSKBN1572QM'|'2017-01-24T04:20:00.000+02:00'
'724c02875791b6ed7af9a3770fad1ee7e1cf2abf'|'Italy''s Generali buys 3 percent of Intesa in defensive move'|'MILAN Italy''s biggest insurer Assicurazioni Generali said on Monday it had bought voting rights equal to 3.01 percent of Intesa Sanpaolo''s share capital, effectively blocking the lender from acquiring a large stake in itself.According to Italy''s cross-shareholding regulations, a company cannot hold more than 3 percent of another entity''s voting rights if the latter already has a stake of more than 3 percent in the former one.Generali''s biggest shareholder is Intesa''s domestic rival investment bank Mediobanca.The move comes after La Stampa daily reported over the weekend that Intesa was studying a possible investment in Generali which could be part of an accord with Germany''s Allianz.(Reporting by Agnieszka Flak; editing by Silvia Aloisi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-m-a-intesa-stake-idINKBN1572DE'|'2017-01-23T14:43:00.000+02:00'
'4d354d609fd13b4c5b47b5f73ad7ba16405fe9d6'|'Czech banks see tighter mortgage lending -cenbank survey'|' 21am EST Czech banks see tighter mortgage lending -cenbank survey PRAGUE Jan 23 Czech banks expect to tighten conditions for mortgage lending in the first quarter of 2017, continuing a trend seen at the end of 2016 when new rules on home loans took effect, the central bank said in a regular lending survey on Monday. Banks also see tighter conditions for consumer loans but an easing of corporate lending in the quarter. Record low interest rates have fuelled mortgage lending in the Czech Republic, driving up housing prices. The central bank has tightened its recommendations to banks to limit mortgage sizes. (Reporting by Jason Hovet, editing by Louise Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/czech-banks-idUSP7N1AK01N'|'2017-01-23T16:21:00.000+02:00'
'536310624bc36194027633415a7790712f6d25fc'|'Japanese banks agree to not call in some Toshiba loans early for now - sources'|'By Taro Fuse - TOKYO TOKYO Main Japanese lenders of Toshiba Corp have agreed to not call in some of their loans early for now even as recent downgrades of the troubled firm''s credit ratings violate some provisions in debt agreements, two people with direct knowledge of the matter said.Toshiba on Jan. 10 requested the creditors, which included Japan''s three mega banks, not to use provisions in the loan agreements to call in the loans early and to wait at least till the end of February for such a course of action.Most of the lenders, including main banks Sumitomo Mitsui Banking Corp, Mizuho Bank Ltd and Bank of Tokyo Mitsubishi UFJ Ltd, have agreed to wait till at least end-February to call in the loans, the people said.Toshiba met the lenders after it made warnings for a massive writedown from its nuclear business.The lenders could have exercised their rights to call in the loans as Toshiba''s credit ratings were downgraded to levels low enough for the lenders to do so, said the people.In December, credit rating agencies such as S&P Global Ratings cut Toshiba''s ratings after the writedown warning.Toshiba had about 800 billion yen ($7.04 billion) in outstanding bank loans as of September, of which a chunk was syndicated loans that the group of main lenders agreed to not call in, the people said. Some regional banks are opposed to the deal, they said.The people spoke on condition of anonymity because they are not permitted to speak to media.(Reporting by Taro Fuse, Writing by Junko Fujita; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/toshiba-accounting-banks-idINKBN1571FX'|'2017-01-23T08:57:00.000+02:00'
'04f6746b9cfbaa70e9953f17f59dfe43a73f1e2c'|'Fitch: Western Union''s ''BBB+'' IDR Unaffected by Agreements with DoJ and FTC'|'Financials  17am EST Fitch: Western Union''s ''BBB+'' IDR Unaffected by Agreements with DoJ and FTC (The following statement was released by the rating agency) CHICAGO, January 20 (Fitch) The Western Union Company''s ratings are not affected by the joint agency settlement reached with the U.S. Department of Justice (DOJ) and the Federal Trade Commission (FTC), according to Fitch Ratings. The agreements relate to activities that primarily occurred over the 2004 to 2012 timeframe. Western Union, as part of the resolution, will enter into a deferred prosecution agreement with the DoJ and a consent order with the FTC. Pursuant to which the company will pay $586 million to the federal government, with the cash used to reimburse consumers that were victims of fraud during the relevant period. At Western Union, further steps will be taken with respect to oversight, and these steps will be overseen by an independent compliance auditor for a three-year period. The agreement will also resolve potential claims by the U.S. Treasury Department Financial Crimes Enforcement Network (FinCEN) relating to conduct over 2010 to 2012, and the $184 million civil penalty relating to this separate agreement will be satisfied by the $586 million payment under the DoJ and FTC agreements. Fitch believes potential ongoing risks associated with fraud and related issues, while still present, are mitigated by stronger controls currently in place and a significant investment in employees with regulatory and law enforcement expertise. Western Union''s compliance spending has increased from approximately $60 million in 2011 to an annual rate of about $200 million. The settlement will likely require incremental debt on the part of Western Union, with the amount ultimately required partly offset by cash on hand and cash generated from operations. Fitch believes Western Union has adequate financial flexibility on hand to fund the settlement. Western Union''s gross leverage was 2.3x as of Sept. 30, 2016 and total debt outstanding was approximately $3.2 billion. As a result of the settlement, leverage at the end of 2017 will likely be slightly higher than Fitch''s previous expectation of 2.2x but within its current rating sensitivities. Western Union is expected to take a charge of approximately $570 million, including amounts related to the settlements and the independent auditor, in the fourth quarter of 2016. Liquidity as of Sept. 30, 2016 was bolstered by cash balances of $1.28 billion and availability on its $1.65 billion senior unsecured revolving credit facility (expires September 2020). Of the cash balance, approximately $650 million was held by foreign entities at Sept. 30, 2016, down from $950 million at the end of 2015. Repatriating foreign earnings would have tax consequences in many instances. Further support to liquidity is provided by FCF, which over the LTM ending Sept. 30, was $539 million. On Oct. 1, 2016, Western Union repaid $1 billion in maturing debt through $575 million in unsecured term loan borrowings, commercial paper and cash (including cash from operations). RATING SENSITIVITIES Positive Rating Action: Potential positive ratings drivers include a sustained rebound in EBITDA margins coupled with high single-digit revenue growth over several years, combined with leverage of approximately 2.0x. Negative Rating Action: Potential rating drivers that could negatively impact the rating include the potential for Western Union to increase leverage above 2.5x to fund future acquisitions or shareholder-friendly actions. In addition, the ratings could be downgraded if EBITDA profit margins decline further from additional pricing pressures, which would suggest a more significant and prolonged competitive challenge than is currently factored into the ratings. Fitch currently rates Western Union as follows: --Long-Term IDR ''BBB+''; --Senior unsecured ''BBB+''; --Senior unsecured credit facility ''BBB+''; --Short-Term IDR ''F2''; --Commercial paper program ''F2''. Contact: Primary Analyst John C. Culver, CFA Senior Director +1-312-368-3216 Fitch Ratings, Inc. 70 W. Madison St. Chicago, IL 60602 Secondary Analyst Zack Schroeder Associate Director +1-312-368-2056 Media Relations: Alyssa Castelli, New York, Tel: +1 (212) 908 0540, Email: alyssa.castelli@fitchratings.com. Additional information is available on www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987241'|'2017-01-20T21:17:00.000+02:00'
'726dd7f7648ab616bf65d9ff587ee9106a9a3578'|'India pressed ahead with banknote ban despite RBI concerns'|'Asia - Fri Jan 20, 2017 - 10:39pm IST India pressed ahead with banknote ban despite RBI concerns left right People queue outside an ATM of State Bank of India to withdraw cash in Ahmedabad, India, November 27, 2016. REUTERS/Amit Dave/Files 1/4 left right A security guard reads a newspaper inside an ATM counter as a notice is displayed on an ATM in Guwahati, India, November 27, 2016. REUTERS/Anuwar Hazarika/Files 2/4 left right A man displays 500 Indian rupee notes during a rally organised by India’s main opposition Congress party against the government''s decision to withdraw 500 and 1000 Indian rupee banknotes from circulation, in Ajmer, India, November 24, 2016. REUTERS/Himanshu Sharma/Files 3/4 left right A man holds 2000 Indian rupees notes as he gets out of a bank in Mumbai, India, November 24, 2016. REUTERS/Danish Siddiqui/Files 4/4 By Rajesh Kumar Singh and Suvashree Choudhury - NEW DELHI/MUMBAI NEW DELHI/MUMBAI India pushed ahead with its decision to scrap banknotes even as the Reserve Bank of India''s (RBI) own board expressed concern whether the cash could be replaced quickly enough, the central bank has said in written testimony to parliament. The revelation comes amid growing criticism about whether the central bank and the government had sufficiently assessed the potential fallout from the Nov. 8 ban of about 86 percent of the cash then in circulation. Prime Minister Narendra Modi''s shock move caused a severe cash shortage that brought large parts of the economy to a virtual standstill, as the central bank struggled to print new 500-rupee and 2,000-rupee notes to replace the old currency. A copy of the private testimony to a parliament panel, seen by Reuters, showed the central bank had also warned the government of "possible inconvenience to the public for some time," among the potential consequences of the massive exercise. Despite its own doubts, the testimony showed, the RBI board approved the plan to ban 500-rupee and 1,000-rupee notes, as it believed the move would rein in counterfeiting and reliance on cash, and pull unaccounted cash into the financial system. "It might not immediately be possible to replace these notes fully in terms of both value and volume," the board felt at a meeting ahead of Modi''s Nov. 8 announcement, according to the central bank submission. But the RBI''s board ultimately believed that "corrective" action could be taken and decided to recommend the move, the document showed. The RBI also believed the impact of such an exercise would be "transitory", given its efforts to quickly replace the old notes, it said in the testimony. The RBI''s endorsement of the government action has drawn strong criticism from several former policymakers, including former Prime Minister Manmohan Singh, the architect of India''s 1991 financial reforms and a former central bank governor. The document also notes the proposal to ban the cash had come from the government, in a letter a day before the announcement that advised the RBI to "immediately" put the plan before its board for approval. Under India''s RBI Act, such a move was necessary. The central bank did not immediately respond to Reuters'' request for comments on its submission to parliament. "PAINFUL" FOR RBI Since Modi declared the ban, the central bank has been forced to announce a barrage of measures to soften the impact, including several high-profile reversals, undermining confidence in it. In a letter to RBI Governor Urjit Patel, unions of central bank employees called such criticism "painful", and accused the government of steering decisions behind the replacement of the banned notes, saying that "blatantly encroaches" on the central bank''s jurisdiction. The government, however, has denied it was taking the decisions during the implementation, saying that it was merely cooperating with the RBI and reiterating that it fully respected the autonomy of the central bank. Power and Coal Minister Piyush Goyal said such cooperation was necessary, since it involved an unprecedented "exercise" and that the flurry of action showed India''s flexibility in taking the necessary measures. "They never had got an experience of this kind of a war-type situation," Goyal said, referring to the RBI. "So, every organization which is doing this is doing it for the first time. You will learn as you go along." Previous banknote bans have not had such a dramatic impact as they removed only a small fraction of cash from circulation. ($1=68.2300 Indian rupees) (Editing by Rafael Nam and Clarence Fernandez) Next In Asia'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/rbi-independence-demonitisation-idINKBN1542C6'|'2017-01-20T20:08:00.000+02:00'
'0a3b02694b1a7dd4778860ac09c2a6ef1c8495ee'|'History suggests Trump month will be stocks down, dollar up'|'  2:19pm GMT History suggests Trump month will be stocks down, dollar up Republican U.S. presidential candidate Donald Trump poses for a photo after an interview with Reuters in his office in Trump Tower, in the Manhattan borough of New York City, U.S., May 17, 2016. REUTERS/Lucas Jackson/File Photo By Jamie McGeever and Marc Jones - LONDON LONDON For financial markets, the Trump era begins on Monday, and if history is any guide the following month should be a rocky one for Wall Street but positive for the dollar. The S&P 500 .SPX has fallen a median 2.7 percent in the month after each new president has taken the keys to the White House since Herbert Hoover did so in January 1929, according to Reuters analysis. Only four presidents have seen Wall Street rise in their first month in power: Hoover (+3.8 percent), John F. Kennedy in 1961 (+6 pct), George H. W. Bush in 1989 (+5.3 pct) and Bill Clinton in 1993 (0.8 pct). The market has fallen in the first month under every other incoming president since Hoover. Even Ronald Reagan and Barack Obama, who ultimately presided over 120 percent and 165 percent rallies on Wall Street during their two terms, respectively, saw initial slides of 4.8 percent and 15 percent. The dollar tends to fare better. Analysis going back to the early 1970s when the currency was taken off the gold standard shows it has risen an average 2.2 percent in the first month of a first-time president. Donald Trump takes office as the 45th president of the United States with investor apprehension over an incoming president has rarely been higher. "There are two sides to Trump, the one side focussing on U.S. stimulus which drives up global growth and the other side, the protectionist Donald Trump that could do the opposite. So the big question is which will we get?," said State Street Global Advisors'' EMEA head of currencies James Binny. Markets latched on after Trump won the November election to his reflationary and pro-growth stance: stocks rose to new highs, the bond selloff deepened, and the dollar clocked a 14-year peak against the euro. But as the inauguration has drawn closer, that momentum has faded. This week, the Dow Jones .DJI and dollar .DXY hit six-week lows, the 10-year U.S. Treasury yield its lowest since late November US10YT=RR, and gold rose to its highest in two months XAU=. Some investors are playing safe. "We are neutral, because we don''t know exactly what direction Trump will take," said Lukas Daadler, chief investment officer of investment solutions at Robeco, a subsidiary of Robeco Group. The latter has 269 billion euros in assets under management. "There is some extreme positioning out there, so there''s the risk of a short squeeze. But we''ve taken a neutral stance, and we might see more detail on his plans next week." Much of that positioning is in the U.S. bond market and the dollar. Speculators have amassed record bets against 10-year Treasuries, and according to Bank of America Merrill Lynch''s January fund manager survey, the most overcrowded trade in the world now is the pro-dollar trade. BAML strategists said on Friday that although there has been a clear cooling of "Trump trade" bets in recent weeks, overall investor sentiment is its highest in three months. They recommend sticking with they call the "Icarus trade" - one last 10 percent rise in stocks and commodities before the rally ends. (For graphic on U.S. Presidential inauguration and financial markets, click reut.rs/2j1xrmu ) (For graphic on the Presidential touch, click tmsnrt.rs/2jtEpzi ) (Graphic by Vikram Subhedar; Editing by Jeremy Gaunt)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-markets-idUKKBN1541WR'|'2017-01-20T21:19:00.000+02:00'
'f0cd4ee3a96cd34e643bfa72d000930507c3c2ac'|'Investors curb their enthusiasm ahead of Trump era'|'  10:09pm GMT Investors curb their enthusiasm ahead of Trump era A trader works on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., January 13, 2017. REUTERS/Lucas Jackson By Richard Leong - NEW YORK NEW YORK A month ago, the dollar and stock markets were riding high as investors bet that the Trump administration, together with the Republican-controlled Congress, would usher in an era of lower taxes, more government spending and looser regulations. But as questions mount about how the new administration would carry out such an ambitious agenda and Trump himself sends mixed signals, investors are wondering whether Trump will end up actually being a game changer once he takes office as the U.S. president on Friday. In the weeks after the Nov. 8 election, Wall Street''s major indexes were on a tear. The benchmark S&P 500 gained around 6 percent in that period and posted a series of record highs. Longer-dated Treasury yields, which move inversely to the price of bonds, jumped to their highest levels in more than two years on fears about a spike in federal borrowing and inflation stemming from Trump''s policies. The dollar hit a 14-year high against other major currencies on bets that Trump would adopt expansionary fiscal policies that would lead to higher interest rates, and gold, a traditional safe haven, fell to its lowest level in a decade. Investors are now coming back to earth - and bringing market valuations with them. "Now we are nearing the inauguration, how much of this can really get done?" BMO Private Bank''s chief investment officer, Jack Ablin, said. He estimated the S&P 500 .SPX is about 20 percent over-valued. Valuations for equities and the dollar now appear stretched, and some investors have scaled back their bullish bets. In turn, they have piled back into bonds and gold as they reassess how many of Trump''s perceived pro-growth policies would likely be enacted. “We made modifications to our portfolios based on potential changes to the fundamentals from Trump policies by analysing their near- and long-term impact on growth and inflation," said Amit Chopra, portfolio manager at Western Asset Management Co in Pasadena, California, with $444.5 billion (£360 billion) under management. Chopra said his firm saw value in Treasuries following a selloff that knocked nearly $2 trillion in bond market value across the globe. "Our clients are fairly neutral now," he said. PERHAPS IT''S ONLY A PAUSE Not everyone thinks the bull market is over. Investors who made "Trumpflation" trades - a term coined by traders for market bets that would benefit from both faster economic growth and inflation - are sticking with them in the belief that even a modicum of fiscal change by Trump would benefit their bets. "It''s more of a pause than a big reversal in the reflation trade," said Ed Campbell, portfolio manager at QMA, a $116 billion multi-asset manager wholly-owned by Prudential Financial, in Newark, New Jersey. Speculators including hedge funds built record net short positions in Treasury bond and interest rates futures last week, signalling their confidence that inflation will rise and the Federal Reserve will raise rates further to keep the economy in check, according to data from the Commodity Futures Trading Commission. This massive bet against bonds suggests that "rising U.S. bond yields remains among hedge funds'' major convictions," Societe Generale analysts wrote in a note this week. WAIT FOR DETAILS Still, the Dow''s .DJI struggle to advance above the historic 20,000 milestone and the dollar''s pullback, some analysts say, reflect frustration among investors over the lack of details on tax reform, infrastructure spending and deregulations from Trump. "The market has priced in a lot of good news. Now there are increasing concerns that Trump can''t pass his entire agenda," said Paresh Upadhyaya, director of currency strategy at Pioneer Investments in Boston. Instead of forging his economic message into a legislative agenda, Trump has fired off comments on a scattershot of subjects that at times have contradicted his own policy goals and confused investors. The latest example was Trump''s critical comment about a strong dollar "killing us" in a Wall Street Journal interview last weekend. It walloped the dollar index .DXY to a six-week low on Tuesday, when markets reopened after a long holiday weekend. "There''s a little less confidence that if you try to change everything that anything specific will change," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey. Until clarity from the incoming administration emerges, investors are taking some chips off the table as they see some choppy times ahead. "I think volatility will rise. I think this is a lull before his ability to actually take actions," Meckler said. (Additional reporting by Chuck Mikolajczak, Sinead Carew in New York, Jamie McGeever in London; Editing by Dan Burns and Leslie Adler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-investment-idUKKBN15336D'|'2017-01-20T05:09:00.000+02:00'
'0167a4fbfbad88560c3e28ca0c01bf79749284bf'|'World trade chief warns against ''talking ourselves into a crisis'''|'  3:02pm GMT World trade chief warns against ''talking ourselves into a crisis'' World Trade Organization (WTO) Director-General Roberto Azevedo arrives for a news conference in Geneva, Switzerland, November 24, 2016. REUTERS/Denis Balibouse DAVOS, Switzerland The world should be wary of stumbling into trade wars that would destroy jobs, World Trade Organization Director-General Roberto Azevedo said on Friday. Azevedo was speaking at the World Economic Forum in Switzerland, hours before the presidential inauguration of Donald Trump, who has promised sweeping changes in trade policy with the aim of protecting U.S. workers. "I’ve heard a lot in Davos about trade wars. That would destroy jobs, not create jobs," Azevedo said after a trade ministers'' meeting attended by representatives of 29 WTO members. "I’m urging everyone to show caution, to show leadership. We must definitely avoid talking ourselves into a crisis." Trade had helped to lift a billion people out of poverty, but more needed to be done to share the benefits, since the net positive effect of trade was meaningless to someone who had lost their job, he said. "At the same time we must recognise that the major driver of change is technology, is innovation. Attacking trade won’t help this. Putting up trade barriers won’t help this." The WTO chief said he had not had direct contact with the incoming U.S. administration and it was difficult to speculate about its trade policies. It would be necessary to see if U.S. trade concerns could be addressed by existing WTO tools. The ministerial meeting, including representatives of the outgoing U.S. administration, China, Russia and the European Union, agreed that "protectionism was not the right answer" to anti-trade sentiments and concerns about technological change, said Swiss Economy Minister Johann Schneider-Ammann. "Instead, trade should be made more inclusive and its benefits spread more widely," he said. (Writing by Tom Miles; Editing by Mark Trevelyan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-davos-meeting-trade-idUKKBN1541VY'|'2017-01-20T22:02:00.000+02:00'
'119881aaf92f85e64593bd546753575d6281f199'|'LPC-Leveraged loan bankers demand clarity on ECB rules'|'Business News   9:01am EST LPC: Leveraged loan bankers demand clarity on ECB rules By Claire Ruckin - LONDON LONDON As the deadline for the ECB’s consultation on its proposed leveraged lending guidelines draws to a close, bankers want clarity on which lenders it will cover and how it will be monitored. The ECB unveiled draft guidelines in November that mirror existing US rules introduced in 2013 designed to reduce systemic risk and encourage banks to maintain credit standards by clamping down on risky loans. A public hearing is taking place on Friday prior to a response deadline of January 27, and many bankers are still unclear on some of the major defining aspects around implementation. A key question is whether the guidelines will only apply to eurozone banks or whether other banks operating in Europe such as those from the UK, Japan and the US will fall under the remit. “Who do the guidelines really cover? How that shapes up is probably the key question,” a leveraged finance banker said. Bankers are also unclear how formal the guidelines will be and how stringently the ECB will monitor them. In the US, regulators have people dedicated to monitoring each bank and each deal, but the ECB has nowhere near that kind of manpower. To date, the ECB has remained vague about the application of the guidelines, leaving many bankers to act cautiously for fear that tighter controls could be introduced retrospectively. “The ECB has so far been smart by being vague,” a syndicate head said. ”If there was a defined hard line we know we could not cross, we would find a way to cross it. Now it is just a set of guidelines which no-one knows that much about, so as a result we have to anticipate what we think would be too much.” US EXAMPLE In the US, lending guidelines were introduced in 2013 to curb loans leveraged above six times debt to Ebitda. The guidelines, which also measure companies’ ability to repay, have succeeded in driving leverage levels lower. Average total leverage on large corporate buyout deals peaked at 7.4 times in 2007, but fell below six times after the guidelines were enforced more stringently from 2014. The US rules allow the use of Ebitda calculated on an adjusted basis, something the ECB guidelines have so far ruled out. By adjusting Ebitda, based on any number of factors including acquisitions and synergies, currency, future cost-saving programs and one-off costs such as restructurings, bankers are able to apply lower leverage multiples than reported Ebitda. A debt financing totaling around €275m is set to launch backing Advent and Bain Capital’s acquisition of German payment group Concardis. Adjusted Ebitda is set to total around €55m, while actual Ebitda has been said to be as low as €34m. “Adjusting Ebitda is totally justifiable. Some adjustments are easier to buy into than others, though,” a second syndicate head said. If the ECB puts a stop to banks using adjusted Ebitda to calculate leverage, it could give those regulated by the US a competitive advantage if they are not also subject to the ECB rules. In the US, the introduction of leverage restrictions helped lenders not subject to the guidelines – including Jefferies, Macquarie, Nomura, credit arms of private equity firms and business development companies – gain market share. “Inevitably there will be a period of negotiation with the ECB but ultimately the question is how much difference will it make. The guidelines will have to be worked around otherwise there will be unintended consequences, as a deal eminently financeable might fall foul of the regulations,” the second syndicate head said. (Editing by Christopher Mangham)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-ecb-leveraged-loans-idUSKBN1541UU'|'2017-01-20T20:56:00.000+02:00'
'eb26e5d00bcde2aff53317020c953f7c492cb483'|'Canon considering investment in Toshiba''s chip business - Kyodo'|' 15am GMT Canon considering investment in Toshiba''s chip business - Kyodo People are silhouetted against a display of the Canon brand logo at the CP+ camera and photo trade fair in Yokohama, Japan, February 25, 2016. REUTERS/Thomas Peter/File Photo TOKYO Japan''s Canon Inc is considering investing in Toshiba Corp''s chip business, Kyodo news agency reported on Friday. The report, which did not cite any sources, comes as Toshiba begins preparations to sell a minority stake in its core chip business, aiming to raise funds ahead of an upcoming multi-billion dollar writedown. A representative for Canon was not immediately available for comment. A Toshiba spokesman said the company may split off its memory chip business and sell a stake but it cannot comment on the specifics of the process. (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-canon-idUKKBN1540ZT'|'2017-01-20T16:15:00.000+02:00'
'65f1790bc06f8f71d3e46e8a0461e3d0726e8e28'|'ECB''s QE will not last forever - Coeure'|' 06am GMT ECB''s QE will not last forever - Coeure Benoit Coeure, member of the Executive Board of the European Central Bank (ECB), gestures during the session ''The Global Economic Outlook'' in the Swiss mountain resort of Davos January 24, 2015. More than 1,500 business leaders and 40 heads of state or government attend the... REUTERS/Ruben Sprich (SWITZERLAND - Tags: BUSINESS POLITICS) - RTR4MQEB FRANKFURT The European Central Bank''s ultra-loose monetary policies will not last forever but it is still too early discuss winding down the bank''s bond purchase programme, Executive Board member Benoit Coeure told CNBC on Friday. "QE (quantitative easing) will not last forever", Coeure said on the sidelines of the World Economic Forum in Davos, Switzerland. "It''s too early to start a discussion on tapering." On Thursday, the ECB decided to keep its policy stance unchanged, wanting to see further improvements in growth and inflation. In December, it scaled down its monthly purchases by a quarter to 60 billion euros (51.8 billion pounds) from April but extended the programme until the end of 2017. (Reporting by Andreas Framke; Editing by Balazs Koranyi)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-coeure-idUKKBN1540SB'|'2017-01-20T15:06:00.000+02:00'
'9204f480aa0a05451ffd72659b2c5a8726c80960'|'S&P affirms New Zealand ''AA'' ratings, outlook remains stable'|' 25pm EST S&P affirms New Zealand ''AA'' ratings, outlook remains stable WELLINGTON Jan 20 Standard & Poor''s on Friday affirmed New Zealand''s AA foreign currency rating and AA+ local currency long-term sovereign credit rating, and said its outlook remains stable. The credit ratings agency said in an emailed statement the Pacific nation had monetary and fiscal flexibility and a resilient economy, though its high external debt offset these strengths. (Reporting by Charlotte Greenfiel & Sydney Newsroom; Editing by Shri Navaratnam) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/newzealand-ratings-sp-idUSS9N1CU004'|'2017-01-20T08:25:00.000+02:00'
'f875154e2452d2e7dede905c4ba3eb72d34feab9'|'AIG to pay Buffett''s Berkshire about $10 bln in insurance deal'|'By Jonathan Stempel and Suzanne Barlyn - NEW YORK NEW YORK American International Group Inc ( AIG.N ) has agreed to pay roughly $10.2 billion to Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) to take on many long-term risks on U.S. commercial insurance policies it has already written.The reinsurance transaction covers "long-tail" exposures, which are liabilities that can emerge long after policies are issued, from excess casualty, workers compensation and other AIG policies dating from 2015 and before.Berkshire''s National Indemnity Co unit will take on 80 percent of net losses in excess of the first $25 billion, with a maximum liability of $20 billion.The payment comprises $9.8 billion plus interest since the beginning of 2016. AIG expects to make the payment to National Indemnity by June 30, and Berkshire will guarantee National Indemnity''s obligations.Friday''s transaction helps AIG Chief Executive Peter Hancock reduce risks that his New York-based insurer took on before he took over in June 2014, and frees up capital for share buybacks."This decisive step enables us to focus firmly on the future," and provides "additional risk capacity to serve our clients and return capital to shareholders," Hancock said in a statement.For Buffett and reinsurance chief Ajit Jain, the transaction boosts how much Omaha, Nebraska-based Berkshire can invest elsewhere, including stocks and whole companies.Berkshire''s float, which helps fund growth and reflects the amount of insurance premiums collected before claims are paid, totaled $91 billion as of Sept. 30.UBS analyst Brian Meredith, who rates AIG "neutral," in a research note said the transaction "calls into question" the quality of AIG''s underwriting as recently as 2015."This announcement indicates that there may be more pain left," he wrote.AIG is retaining authority to handle and resolve claims. Hartford Financial Services Group Inc ( HIG.N ) struck a similar arrangement when it passed off some asbestos liabilities to National Indemnity earlier this month.National Indemnity in 2014 reached a similar transaction with Liberty Mutual covering $6.5 billion of liabilities, but took responsibility for handling asbestos and environmental claims. Liberty Mutual agreed to handle workers compensation claims.AIG plans to take a charge in the just-completed fourth quarter for the transaction. It said it would have recognized a $2.9 billion loss had the agreement been reached a year ago. The payment represents nearly 3 percent of its investment portfolio.In morning trading, AIG shares were up 76 cents at $67.05, while Berkshire Class A shares rose $1,740 to $240,600.(Reporting by Suzanne Barlyn and Jonathan Stempel in New York, and Richa Naidu and Nikhil Subba in Bengaluru; Editing by Martina D''Couto and Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aig-reinsurance-berkshire-hatha-idINKBN154248'|'2017-01-20T12:32:00.000+02:00'
'fe74ac76184e32bb3ac33b829d55c0f88b74e919'|'Indian banks'' loans rose 5.1 pct y/y in two weeks to Jan 6 - central bank'|'Indian banks'' loans rose 5.1 percent in the two weeks to Jan. 6 from a year earlier, while deposits rose 14.7 percent, the Reserve Bank of India''s weekly statistical supplement showed on Friday.Outstanding loans rose 653.60 billion rupees ($9.58 billion) to 74.13 trillion rupees in the two weeks to Jan. 6. Non-food credit rose 636.90 billion rupees to 73.07 trillion rupees, while food credit rose 16.70 billion rupees to 1.07 trillion rupees.Bank deposits rose 679.30 billion rupees to 105.84 trillion rupees in the two weeks to Jan. 6.Source text: ( here )($1 = 68.2199 Indian rupees)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-cenbank-loans-idINKBN1541EP'|'2017-01-20T08:31:00.000+02:00'
'ab836af37fd1fc662615096ed9bba4dfcd61acb7'|'Heineken talks with Kirin over Brazil business'|'  7:44am GMT Heineken talks with Kirin over Brazil business Botttles of Heineken lager beer are seen in a picture illustration inside a refrigerator in Vienna, Austria, October 18, 2016. REUTERS/Heinz-Peter Bader/File Photo BRUSSELS Heineken, the world''s second largest brewer, said on Friday it was in talks with Japanese rival Kirin Holdings Co Ltd over the latter''s struggling business in Brazil. Heineken said in a brief statement that the discussions were ongoing and that there could be no certainty that an agreement would be reached. Brasil Kirin, as the unit is called, operates 12 breweries in Brazil and was created in 2011 after Kirin paid 4 billion reais (1.01 billion pounds) to take control of local operator Schincariol. Japanese business daily Nikkei had earlier said that Heineken would pay around 100 billion yen (706.4 million pounds) for the business. Kirin''s retreat from Brazil is in contrast to the foreign expansion of Japanese rival Asahi, which spent $10 billion last year in deals to buy European assets from Anheuser-Busch InBev. Heineken established a presence in Brazil through its 2010 acquisition of the brewing business of Mexico''s FEMSA. The Brazilian beer market is dominated by AB InBev, the world''s largest brewer, which has a share of some two-thirds. (Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-kirin-holdings-m-a-heineken-nl-idUKKBN1540PR'|'2017-01-20T14:44:00.000+02:00'
'3607225e56a09d2a9e9fcd5b94263b0abaf066c5'|'Japan should push back if Trump takes ''wrong'' economic policies: PM Abe adviser'|'  5:28am GMT Japan should push back if Trump takes ''wrong'' economic policies: PM Abe adviser FILE PHOTO - Koichi Hamada, professor emeritus of economics at Yale University and an economic adviser to Japan''s Prime Minister Shinzo Abe, poses for photos after an interview with Reuters in Tokyo March 15, 2013. REUTERS/Toru Hanai By Kaori Kaneko and Sumio Ito - TOKYO TOKYO Japan should push back if President-elect Donald Trump bases trade and other economic policy on "wrong economics," an adviser to Prime Minister Shinzo Abe told Reuters in an unusually direct expression of concern about potential protectionism. Koichi Hamada, emeritus professor of economics at Yale University and cabinet adviser, also said Abe could relax his timetable for balancing the budget in the next four years and should be ready to further delay a planned sales-tax hike to ensure economic growth. Threats by Trump, who takes office on Friday, to impose a "border tax" on imports and take other protectionist measures have raised uncertainties about global trade. "There is some danger if he bases his decisions on wrong economics without listening to good advisers, and if he thinks that he could manage national economic matters as he does his real-estate company," Hamada said in an interview on Thursday. "If the United States were to be led by a near-autocrat and if Japan cooperates just to please him, that would break the whole world system," he said. And if Trump should criticize Japan for not going along, Hamada said Tokyo should respond: "You''re wrong. Please heed the views of your own experts." Officials and executives in export powerhouse Japan have been privately concerned about Trump''s policies, but have largely been muted in public. The government has set out to show Trump''s camp that Japanese companies create many U.S. jobs, while defending Toyota Motor Corp ( 7203.T ) - the target of one Trump tweet - as a good "corporate citizen" of the United States. GROWTH OVER AUSTERITY On Japan''s economy, Hamada stressed growth over austerity, even as Abe struggles to curb the industrial world''s heaviest government debt burden. The prime minister has promised to achieve a budget surplus, excluding interest payments on debt, in the fiscal year to March 2021, a commitment Finance Minister Taro Aso reiterated on Friday. "There is no need for Japan to follow such a strict timeframe," Hamada said. "Under the changing world situation, it''s good for the world too if the Japanese live an affluent life and buy goods from abroad, instead of just attaining the government balance." (Reporting by Kaori Kaneko and Sumio Ito, additional reporting by Chang-Ran Kim, Editing by William Mallard and Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-economy-hamada-idUKKBN1540DK'|'2017-01-20T12:22:00.000+02:00'
'0ef7c5fa2da1d95a7688f7992b504789985582fb'|'RPT-UPDATE 2-One dead, several injured after car crashes into pedestrians in Australian city Melbourne'|'Industrials - Thu Jan 19, 2017 - 10:57pm EST RPT-UPDATE 2-One dead, several injured after car crashes into pedestrians in Australian city Melbourne (Repeats to more subscribers) By Tom Westbrook and Jamie Freed SYDNEY Jan 20 One person was killed and 20 injured when a car hit pedestrians in the centre of Australia''s second-largest city Melbourne on Friday, police and emergency services said. Australian media reported that the car was driving erratically before the incident, which occurred during the city''s busy lunchtime, and at least one shot was fired. Police have locked down the city and suspended tram services after the incident in the heart of the popular Bourke Street shopping mall area. Australia, a staunch U.S. ally, has been on heightened alert for attacks by home-grown radicals since 2014 and authorities have said they have thwarted a number of plots. There have been several "lone wolf" assaults, including a 2014 cafe siege in Sydney that left two hostages and the gunman dead. "At this stage it is believed a man driving a vehicle has struck a number of pedestrians in Bourke and Queen St just before 2 pm," Victoria state police said in a statement posted on their official twitter account. Police confirmed that one person was dead and that a man had been arrested. Emergency services are treating the incident as a "mass casualty event" and hospitals have been put on "Code Red" to accept casualties. Melbourne is currently hosting the Australian Open tennis grand slam and is packed with thousands of extra tourists, only a few blocks from where the incident occurred. Victoria police said that the tennis tournament was open and operating normally. (Writing By Jane Wardell.; Editing by Michael Perry) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/australia-police-idUSL4N1FA1SF'|'2017-01-20T10:57:00.000+02:00'
'8e65354017b167a5c42b5f795ec3e4612f5b7f49'|'China seen posting steady fourth quarter GDP growth of 6.7 percent'|'Business News - Thu Jan 19, 2017 - 6:08pm EST China seen posting steady fourth quarter GDP growth of 6.7 percent Workers build scaffolding at a construction site on a hazy day in Beijing, China, December 31, 2016. REUTERS/Thomas Peter By Kevin Yao - BEIJING BEIJING Boosted by higher government spending and record bank lending, China is expected to report on Friday that its economy grew by a steady 6.7 percent in the fourth quarter, giving it a solid tailwind heading into what is expected to be a turbulent 2017. But Beijing''s decision to double down on spending to meetits official growth target may have come at a high price, aspolicymakers will have their hands full this year trying todefuse financial risks created by an explosive growth in debt. The world''s second-largest economy also faces increased uncertainties from a cooling housing market and the government''s bid to push through painful structural reforms, which could help deal with the root-cause of rising debt and housing risks but may weigh on near-term growth. China''s sluggish exports also could come under freshpressure this year if U.S. President-elect Donald Trump follows through on pledges to impose tough protectionist measures. "While Chinese growth looks stable into early 2017, a moremarked slowdown by the second quarter appears inevitable," GeneFrieda, global emerging markets strategist at asset managementgiant PIMCO, said in a note this week. "Growth has been stabilized only after massive fiscal andcredit stimulus. China’s total government and private sectordebt will likely surpass 285 percent of GDP this year, a 90percent increase since 2008." While China''s economy appears to be on much better footing than a year ago, the expected fourth-quarter growth rate would still be near the weakest since the global crisis. Economists polled by Reuters estimated GDP grew 1.7 percent in October-December from the previous three-month period, versus 1.8 percent in July-October. A surprisingly strong print on Friday would likely boostglobal financial markets, particularly commodities, which havealready been buoyed by China''s record imports of crude oil, ironore, copper and soybeans. A weak outcome would likely raise the risk of morecapital outflows, adding pressure on the yuan currency, which last year hit 8-1/2 year lows. China recentlytightened curbs on outflows as its foreign exchange reservesfell to near six-year lows.. The economy also likely grew around 6.7 percent for 2016 as a whole - roughly in the middle of the government''s target range - as a stimulus-fuelled construction boom breathed new life into its long ailing "smokestack" heavy industries. The head of economic planning said last week that conditions have been generally stable at the start of 2017, continuing the "steadying and good" momentum from the second half of 2016. Amid those signs of stabilisation, policy sources told Reuters that China''s leaders will lower their economic growth target to around 6.5 percent this year from 6.5-7 percent in 2016, giving them more room to push reforms to contain debt risks. The central bank could slightly tighten credit conditions toencourage debt-laden companies to deleverage, but it''s unlikely to rush to raise interest rates despite an expected pick-up in inflation, policy insiders said. Among other major risks this year, analysts point to a cooling property market, after many local governments imposed ortightened restrictions on home purchases to tame speculationwhich some fear is feeding a property bubble. China''s average new home prices surged 12.4 percent in 2016, but gains have moderated in recent months. China''s corporate debt has climbed to 169 percent of GDP andinternational institutions have repeatedly urged Beijing to actquickly to tackle the problem in order to avoid a financialcrisis. (Reporting by Kevin Yao; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-china-economy-idUSKBN15339T'|'2017-01-20T06:08:00.000+02:00'
'2fdc31dd8c15916b6d492bb5e6861d2d163dd430'|'Spain approves law to settle mortgage floor proceedings'|'Financials  39am EST Spain approves law to settle mortgage floor proceedings MADRID Jan 20 The Spanish government said on Friday it has approved a royal decree that will give banks three months to reach agreements with customers who were sold mortgages with an interest rate floor. The royal decree - a law fast-tracked through Parliament - is aimed at enabling clients that were sold unfair mortgages to settle proceedings with their lenders free of charge as well as avoiding costly legal proceedings for lenders. In December, the European Court of Justice said Spanish banks must repay customers - estimated as worth 4 billion euros ($4 billion) by the Bank of Spain - in relation to these mortgages. That overturned a Spanish court ruling that had put a cap on what banks should pay. The affected home loans had an interest rate that could not fall below a certain level, which meant customers missed out when rates dropped below that floor. ($1 = 0.9407 euros) (Reporting by Jesus Aguado; Editing by Paul Day) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/spain-bank-mortgages-idUSE8N1CV02N'|'2017-01-20T18:39:00.000+02:00'
'14c55028b6fde1dfb18eae65743504ed09308f9e'|'Sri Lankan rupee ends firmer in dull trade'|'Financials   7:09am EST Sri Lankan rupee ends firmer in dull trade COLOMBO Jan 20 The Sri Lankan rupee ended slightly higher on Friday due to dollar selling by exporters in shortened trade, dealers said. Rupee forwards were active, with two-week forwards ending at 150.85/00 per dollar, firmer from Thursday''s close of 151.00/10. The spot rupee was quoted around the central bank''s reference level of 150.15, dealers said. "It was a dull day and not much happened," a currency dealer said asking not to be named. The banks closed during the latter half of the day to mark a Hindu religious holiday that fell during the previous weekend. The rupee has been under pressure due to rising imports and net selling of government securities by foreign investors, and a central bank decision to adjust the spot rupee reference rate to a record low of 150.15 rupees to the dollar. Officials from the central bank were not immediately available for comment. Sri Lanka''s central bank sold $233 million worth development bonds on Thursday, and investors say they expect that to ease some pressure on the rupee. The rupee has also been under pressure due to selling of government bonds by foreign investors. Foreign investors have net sold 16.1 billion rupees ($107.3 million) worth government securities in the week to Jan. 11, according to the latest central bank data. (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sri-lanka-forex-idUSL4N1FA45U'|'2017-01-20T19:09:00.000+02:00'
'76804a263b166a4026e808d7de703e03e5d1862e'|'ECB says only government bonds will be bought under deposit rate'|'FRB   9:48am EST ECB says only government bonds will be bought under deposit rate FRANKFURT The European Central Bank said it would not buy any private debt that yields less than its deposit rate and it would give priority to bonds above that yield level even when purchasing public-sector bonds. "No purchases below the deposit facility rate (DFR) will be conducted under the third covered bond purchase program (CBPP3), the asset-backed securities purchase program (ABSPP), or the corporate sector purchase program (CSPP)," the ECB said. "With regard to the public sector purchase program (PSPP), for each jurisdiction, priority will be given to purchases of assets with yields above the DFR. "This means that the amount of purchases that have to be made at yields below the DFR will vary among jurisdictions. This amount may also change over time, reflecting changes in market interest rates relative to the DFR." (Reporting By Francesco Canepa)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-ecb-policy-bonds-idUSKBN15328I'|'2017-01-19T21:40:00.000+02:00'
'470f1efc0bccf83b2cef94c39a3ad0c5ff80bfbd'|'UPDATE 1-Erdogan aide says interest rate weapon "on table" for Turkish cenbank'|'Bonds News   4:57am EST UPDATE 1-Erdogan aide says interest rate weapon "on table" for Turkish cenbank (Adds quote, details, background) ANKARA Jan 19 Turkey''s lira firmed slightly on Thursday after a senior adviser to President Tayyip Erdogan said interest rates were "on the table" as an option for the central bank, bolstering hopes the bank could tighten policy at next week''s meeting. International investors have grown wary of Erdogan over monetary policy. He has declared himself an "enemy" of interest rates, favouring cheap credit to spur the economy. Investors say the central bank needs aggressive rate increases to put a floor under the lira, which has fallen 7 percent already this year, hurt by perceptions the central bank is less than independent. Erdogan has said the bank is independent but he is free to criticise it. "The central bank could also use the rate tool, it''s also on the table. The central bank''s hands are not tied," Cemil Ertem said in an interview on broadcaster NTV. The lira firmed after his comments although it later lost some momentum. At 0957 GMT it was a touch firmer from Wednesday''s close, trading at 3.7917 to the dollar. Separately, Deputy Prime Minister Mehmet Simsek said the central bank would do "what is necessary" on interest rates. The central bank has rolled out a series of measures since last week - culminating in the introduction of forex swap auctions on Wednesday - in an effort to support the currency. The moves have significantly reduced volatility in the markets, Ertem said. (Reporting by Nevzat Devranoglu and Ece Toksabay; Writing by David Dolan; Editing by Daren Butler) Next In Bonds News CEE MARKETS-Bonds ease on Yellen, before auctions in Hungary, Romania * Bond yields rise across the region as Yellen signals rate hikes * Hungary, Romania hold bond auctions, yields seen up By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, Jan 19 Central European government bond yields rose on Thursday, ahead of bond auctions in Bucharest and Budapest, after Federal Reserve Chair Janet Yellen signaled continuing rate hikes in the U.S. Fed rate hikes make bonds in the region relatively less appealing. The region''s central banks are al'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/turkey-lira-idUSL5N1F92B2'|'2017-01-19T16:57:00.000+02:00'
'1447040fe8c4d1ee2a44c78333b69d77489c837d'|'Russia''s Sberbank will have half of current employees in 2025 - CEO'|'Financials  28am EST Russia''s Sberbank will have half of current employees in 2025 - CEO MOSCOW Jan 19 Russia''s biggest bank Sberbank will have around half of its current 330,000 employees in 2025, Chief Executive German Gref said at the World Economic Forum in Davos on Thursday. Gref was speaking on a panel about the challenges of shaping a national digital strategy. (Reporting by Alexander Winning; editing by Polina Devitt) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/davos-meeting-sberbank-staff-idUSR4N1CI01S'|'2017-01-19T17:28:00.000+02:00'
'97d1d9dcfeb37c0e0788ff0200759a0683ff71ee'|'New Vale pact seeks dispersed share ownership in six years: sources'|'By Tatiana Bautzer and Guillermo Parra-Bernal - SAO PAULO SAO PAULO Leading shareholders of Vale SA are close to endorsing a plan to turn the world''s No. 1 iron ore producer into a company with dispersed share ownership within six years, two people familiar with the talks said.Bradespar SA, Mitsui & Co and several Brazilian pension funds are negotiating a new shareholder accord that would give Vale dispersed share ownership- where no major shareholder controls decision making at the company - once the agreement expired in six years time, according to the people, who asked for anonymity since talks are underway. Negotiations could be concluded by late February or early March, these people said.The current 20-year shareholder accord expires in April. Holding company Bradespar ( BRAP4.SA ) and pension fund Previ [PREVI.UL] proposed the conversion of Vale''s different types of stock into a single common one as the first step toward transforming the mining giant into a company with dispersed share ownership, the first person said.By changing Vale''s corporate structure radically, Bradespar and Previ want to boost the company''s allure to investors. The plan could result in enhanced transparency and limited government meddling - an aspect that weighed down Vale''s stock during President Dilma Rousseff''s five years in office that ended with her impeachment last year."The situation is advantageous to the controlling bloc, because the shareholders acknowledge that there is so much value to be captured with this initiative," said the first person.If shareholders can agree on the new six-year accord, the plan would be presented to Vale''s board around March and to shareholders briefly after, the people said. It prevents Bradespar and Mitsui from paying a large premium to Previ, Vale''s No. 1 shareholder, to keep sharing decision-making powers, the people said.So far, there are no ongoing discussions between Vale''s top shareholders to replace Chief Executive Officer Murilo Ferreira, whose term expires halfway through the second quarter, the people said.One of the people said they may propose that Ferreira, who took the helm of Vale in May 2011, stay on for at least another year.Vale confirmed in a statement on Thursday morning that a new agreement was under discussion among shareholders, without giving further details. It said the dispersing of share capital was not being discussed at company level.The media offices of Bradespar, owned by Banco Bradesco SA, and Previ did not have an immediate comment. Efforts to speak to Mitsui''s press office outside working hours in Japan were unsuccessful.The improved corporate governance framework stemming from a new shareholder accord could help Vale''s shares soar, cutting their gap in relation to global mining peers, Banco BTG Pactual analyst Leonardo Correa said in a client note.The move could unleash up to $18 billion in value for shareholders of the Rio de Janeiro-based miner, he said.Preferred shares ( VALE5.SA ), Vale''s most widely traded class of stock, gained 3.3 percent to 29.44 reais on Wednesday, while common shares ( VALE3.SA ) added 5 percent to 32.11 reais.The premium to which common shares trade relative to the preferred ones moved significantly after newspaper Valor Economico reported on the plan on Wednesday.Other members of the bloc that controls Vale via investment holding company Valepar SA include pension funds Petros Fundação, Funcef and Fundação Cesp, as well as state development bank BNDES.The strategy would replicate the move that helped put planemaker Embraer SA out of the government''s control in 2006, the people said.In the case of Embraer ( EMBR3.SA ), the share conversion was done simultaneously with the scrapping of the planemaker''s shareholder accord, although the government kept a so-called "golden share" that vetoes any type of hostile takeover.The Brazilian government also has a golden share in Vale.(Additional reporting by Aluísio Alves in São Paulo and Marta Nogueira in Rio de Janeiro; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vale-sa-equity-agreement-idINKBN1531L5'|'2017-01-19T08:29:00.000+02:00'
'0c336eb83a26e3009b6be856105b5d5d28e956af'|'Credit Suisse CEO sees conditions improving in 2017: Bloomberg TV'|'Business News   5:07am EST Credit Suisse CEO sees conditions improving in 2017: Bloomberg TV Tidjane Thiam, CEO of the Credit Suisse bank attends the World Economic Forum (WEF) annual meeting of the Forum in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich ZURICH Credit Suisse ( CSGN.S ) Chief Executive Tidjane Thiam sees market conditions improving during 2017 as the bank''s reorganization gathers pace and its efficiency drive continues. Switzerland''s second-biggest lender has accelerated its transformation and achieved "a lot" in 12 months, Thiam told Bloomberg TV in an interview from Davos on Tuesday. "After a year in 2016 where you saw revenues really go down (across the sector)...hopefully 2017 will be better but all this is markets permitting," he said. "Certainty we see a strength in fixed income, you can see that. You can see the securitized products market going. You can see generally global credit products growing. You can see leveraged finance still at a reasonable level of activity," he said, while the equities business would have a "reasonable" year. Credit Suisse was now in a decent capital position and was progressing at "full speed" toward the flotation of its Swiss bank unit later this year, Thiam said. (Reporting by John Revill; Editing by Michael Shields) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-creditsuisse-ceo-idUSKBN151160'|'2017-01-17T17:07:00.000+02:00'
'0fa44f5c0970d81b6e33af09bf508bad74308770'|'China unveils new measures to further open economy to foreign investment'|'Business  31am GMT China unveils new measures to further open economy to foreign investment A 100 Yuan note is seen in this illustration picture in Beijing March 7, 2011. REUTERS/David Gray/File Photo BEIJING China''s State Council on Tuesday issued new measures to further open the world''s second-largest economy to foreign investment. China will lower restrictions on foreign investment in banking, securities, investment management, futures, insurance, credit ratings and accounting sectors, the Cabinet said in a statement posted on its website. China will allow foreign-invested firms to list on the Shanghai and Shenzhen exchanges and a new third board, and also allow them to issue corporate and convertible bonds, it added. (Reporting by Beijing Monitoring Desk; Editing by Jacqueline Wong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-economy-foreign-investment-idUKKBN15110W'|'2017-01-17T16:31:00.000+02:00'
'30207d9ce63abf76125713205582478c07c57b3a'|'Theresa May’s cabinet: pretty rich, but nothing on Trump’s - Business - The Guardian'|'T he NHS winter crisis may be growing but at least Jeremy Hunt can console himself with a reported £14.5 payout. The health secretary helped set up the online education listings business Hotcourses in 1996, and it is reported to have been sold for more than £30m. It will make him the richest member of the cabinet, although Britain’s pales in comparison with the cabinet Donald Trump is amassing , so far worth a collective $4.5bn (£3.7bn). Here are some of the cabinet’s relative paupers.Philip Hammond The former Guardian-reading teenage goth , now chancellor, is thought to be worth upwards of £8m, thanks to Castlemead , a property-development company he helped set up. It started in housing before moving into building for the healthcare sector and consultancy work. He was paid £1.8m in dividends in 2007.Sajid Javid Reports have suggested the communities and local government secretary, and son of an immigrant bus driver, was making up to £3m a year in his previous job as a banker (never confirmed by Javid). He has properties in London reported to be worth upwards of £6m.Amber Rudd Not much about the home secretary’s finances are known (“I think we have to think very carefully about the balance between transparency and privacy,” she said last year when MPs were coming under pressure to publish their tax returns ), but before entering parliament and her steep rise through the ranks, Rudd was an investment banker and venture capitalist. In September last year, it was revealed Rudd had been a director of two offshore companies based in the Bahamas between 1998 and 2000, although there is no suggestion of any wrongdoing on her part .Boris Johnson The man who memorably said the £250,000 he got a year for his Telegraph column was “chicken feed” . In the tax year 2014-15, Johnson’s accounts revealed the newspaper paid him £266,000, and he received nearly £225,000 from book royalties. His income will have taken a hit since then – he no longer has his £143,000-a-year London mayor salary and stopped his column upon becoming foreign secretary. However, his wife, Marina Wheeler, was made a QC last year and probably earns just as much as her husband, if not more.Theresa May Who knows? She set up a blind trust when she became prime minister. Run by independent trustees, it is designed to avoid any conflicts of interest – but it also means a lack of transparency. It seems unlikely – despite Philip May’s wealth from decades working in finance – that she is in her future US counterpart’s league. Or maybe even her health secretary’s.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/shortcuts/2017/jan/17/theresa-mays-cabinet-pretty-rich-but-nothing-on-trumps'|'2017-01-17T16:00:00.000+02:00'
'd4de3cfd4e07b1a99e8199d3252b1a6b2daf48f7'|'Turkish central bank does not open repo auction for fourth day'|'Financials  11am EST Turkish central bank does not open repo auction for fourth day ISTANBUL Jan 17 The Turkish central bank did not open a one-week repo auction for the fourth consecutive day on Tuesday as it tightened lira liquidity to shore up the currency, which has lost as much as 10 percent of its value against the dollar this year. In addition to halting the daily auctions at 8 percent, the bank on Monday withdrew price quotations for the Borsa Istanbul repo market after providing some funding at 8.5 percent, forcing banks to borrow using its "late liquidity window" at 10 percent, bankers said. (Writing by Daren Butler; Editing by Nick Tattersall) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/turkey-lira-repo-idUSI7N1EW00V'|'2017-01-17T14:11:00.000+02:00'
'06a51c4bbf4874d30a2f143472ccd8a0ef3bab36'|'China''s Xi says Chinese economy to keep growing steadily'|'Global Energy  20am GMT China''s Xi says Chinese economy to keep growing steadily Chinese President Xi Jinping watches during a gift handover ceremony at the United Nations European headquarters in Geneva, Switzerland, January 18, 2017. REUTERS/Denis Balibouse By Tom Miles - BERN BERN China''s economy will remain stable and keep growing steadily while resisting protectionism, President Xi Jinping told Swiss executives on Monday. "We are confident" Xi said, adding that there were headwinds facing the global economy, which is still weak. "Overall China''s economy is performing steadily. In 2016, last year, GDP is expected to grow by 6.7 percent on a year-on-year basis, and that means we missed our set target, but that expectation according to some international institutions will be among the highest among major economies." "Protectionism, populism and de-globalisation are on the rise. It’s not good for closer economic cooperation globally," he said. Xi, on a state visit to Switzerland before a keynote speech at the World Economic Forum in Davos, said China''s economy, with growth expected at 6.7 percent in 2016, was entering a "new normal", and Swiss firms could help it improve quality, and become more efficient, equitable and sustainable. “The restructuring of China’s economy and the upgrading of our industries will generate huge new demand.” Xi said. "In terms of intellectual manufacturing, finance, insurance, energy conservation, environmental protection, energy generation, electricity, food and medicine, Switzerland has advanced technology and... expertise and could be a new partner for innovation for China.” China owed its economic development to opening up, and Switzerland and China would work together to reject all forms of protectionism, he said. “We will expand the openness of our service sector and general manufacturing industry to provide more investment opportunities for foreign businesses and create a sound legal and policy environment a legal playing field.” China has become Swiss engineering company ABB''s ( ABBN.S ) second biggest single market, behind only the United States, amid demand for high voltage transmission equipment for the country''s burgeoning power grid and factory robots for the Middle Kingdom''s car industry. Elevator maker Schindler ( SCHP.S ) has designs on rivalling bigger Kone ( KNEBV.HE ) and Otis, a unit of U.S.-based United Technologies ( UTX.N ), in China, where it has made acquisitions and expanded manufacturing facilities for elevators and escalators. China is the world''s biggest elevator market, accounting for about 60 percent of all new equipment orders, and Schindler said it is scouting for more acquisitions. Swiss drug and chemical makers are also fanning out in China. Novartis ( NOVN.S ) just completed a $1 billion research campus in Shanghai, while Clariant ( CLN.S ) is pinning its hopes on rising Chinese consumer demand for products including ingredients for soaps. Meanwhile, China''s state-owned China Construction Bank got its Swiss banking license in 2015 and signed a renminbi clearing agreement with Swiss-based Zuercher Kantonalbank just last September. Switzerland is seeking to become a hub of renminbi trading, as China seeks to internationalize its currency and reduce reliance on other nations'' money for trade. (Reporting by Tom Miles, additional reporting by John Miller in Zurich, Editing by Angus MacSwan) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-swiss-idUKKBN15416F'|'2017-01-20T17:20:00.000+02:00'
'e5cc64266e8944429c659452ba4e0dd74aab9c8f'|'Kazakh Halyk bank says in deal talks with Kazkommertsbank'|'Financials  46am EST Kazakh Halyk bank says in deal talks with Kazkommertsbank ALMATY Jan 20 Halyk Bank , Kazakhstan''s No.2 lender by assets, is in talks with Kazkommertsbank, the country''s No.1 bank, and Kazkommertsbank''s majority shareholder, about a potential transaction, Halyk said on Friday. Halyk did not provide any details of the potential deal. Sources close to the talks told Reuters in November that the two lenders were discussing a merger. (Reporting by Olzhas Auyezov; editing by Maria Kiselyova) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/kazkommertsbank-halyk-bank-idUSFWN1FA07K'|'2017-01-20T17:46:00.000+02:00'
'362be734c6628c186c3200e40da8c5514a457545'|'BRIEF-India''s NPCI says directs PhonePe and Flipkart to comply with UPI rules'|'Financials   9:46am EST BRIEF-India''s NPCI says directs PhonePe and Flipkart to comply with UPI rules Jan 20 (Reuters) - * India''s NPCI says PhonePe and Flipkart apps are in contravention of the UPI guidelines of interoperability * NPCI says has directed PhonePe and Flipkart to comply with UPI guidelines and allow payments from UPI handles of all banks on their apps Source text for Eikon: [Based on a review by National Payments Corporation of India (NPCI) on ICICI Bank''s action to block Unified Payments Interface (UPI) transactions made through PhonePe App, NPCI has noted that PhonePe and Flipkart Apps are in contravention of the UPI guidelines of interoperability. Hence, NPCI has directed PhonePe and Flipkart to comply with the UPI guidelines and allow payments from UPI handles of all banks on their Apps. Simultaneously, ICICI Bank has been requested to allow UPI transactions from PhonePe App as soon as PhonePe and Flipkart start complying with the UPI guidelines on interoperability.] (Mumbai newsroom) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FA4LZ'|'2017-01-20T21:46:00.000+02:00'
'db876682d5e3e97abeaa5170d8833a0d516b79d6'|'Schlumberger posts smaller fourth-quarter loss'|'Money News - Fri Jan 20, 2017 - 5:35pm IST Schlumberger posts smaller fourth-quarter loss The exterior of a Schlumberger Corporation building is pictured in West Houston January 16, 2015. REUTERS/Richard Carson/Files Schlumberger NV, the world''s No.1 oilfield services provider, reported a smaller fourth-quarter loss than a year earlier, when it recorded more than $2 billion in restructuring and asset impairment charges. Net loss attributable to Schlumberger fell to $204 million, or 15 cents per share, in the three months ended Dec. 31, from $1.02 billion, or 81 cents per share, a year earlier. The latest quarter included a $536 million restructuring charge as well as a $139 million charge related to Schlumberger''s acquisition of Cameron International Corp and a currency devaluation loss in Egypt. Schlumberger''s revenue fell to $7.11 billion from $7.74 billion. ( bit.ly/2jGqJn7 ) (Reporting by Arathy S Nair in Bengaluru; Editing by Savio D''Souza) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/schlumberger-results-idINKBN1541IY'|'2017-01-20T19:05:00.000+02:00'
'0edabbb713c9a5f32eabfc7210f69b3d683abdb7'|'Societe Generale to pay $50 million to settle U.S. fraud claims'|'Fri Jan 20, 2017 - 6:34pm GMT Societe Generale to pay $50 million to settle U.S. fraud claims The logo of Societe Generale Private Banking is seen at an office building in Zurich, Switzerland October 13, 2016. REUTERS/Arnd Wiegmann NEW YORK Societe Generale ( SOGN.PA ) agreed to pay a $50 million civil fine to settle U.S. claims that it defrauded investors in connection with the marketing and sale of residential mortgage-backed securities. The U.S. Department of Justice announced the settlement on Friday, and said the French bank acknowledged having committed misconduct. (Reporting by Jonathan Stempel in New York; Editing by James Dalgleish) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-societegenerale-settlement-idUKKBN1542HS'|'2017-01-21T01:28:00.000+02:00'
'20e7ac91290cd54e8af8552219c0acbd299a9fb5'|'China asks regions to spell out how they will crack down on low-grade recycled steel'|'Environment - Fri Jan 20, 2017 - 6:17pm IST China asks regions to spell out how they will crack down on low-grade recycled steel Smog billows from chimneys and cooling towers of a steel plant during hazy weather in Taiyuan, Shanxi province, China, December 28, 2016. REUTERS/Stringer BEIJING China has asked local authorities to provide a list of producers of a highly-polluting kind of low-end steel product, with details of specific measures and a timetable for phasing out its production, as part of China''s drive to tackle smog. The state economic planner, the National Development & Reform Commission (NDRC), requested local authorities to submit the list to relevant central government agencies by Jan. 20, according to a statement on the website of the National Energy Administration. The government has pledged to halt production of the polluting low-end steel product by the end of June and has sent 12 inspection groups to areas including Hebei, Henan, Guangxi and Heilongjiang to oversee the move, state media Xinhua has reported. The move is part of the government''s efforts to tackle smog as well as to cut excess steel production capacity. News of the renewed crackdown pushed China''s steel rebar prices to three-week highs last week. The low-grade steel produced in small low-tech furnaces, often using recycled material, has been identified as not only as a source of pollution but also a major safety hazard because the steel products are easy to break. The crackdown will affect about 4 percent of the country''s steel output, according to Xinhua. China has launched a campaign to shut down substandard steel production as part of its war on pollution and industrial overcapacity. It is planning to close 100-150 million tonnes of annual steel production capacity over the 2016-2020 period. Donald Trump, due to be sworn in as U.S. president later on Friday, has stacked his trade transition team with veterans of the U.S. steel industry''s battles with China, signalling a potentially more aggressive approach to U.S. complaints of unfair Chinese subsidies for its exports and barriers to imports. (Reporting by Chen Aizhu; Editing by Adrian Croft) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-china-steel-pollution-idINKBN1541MV'|'2017-01-20T19:37:00.000+02:00'
'83be5f8df712aa81a3c3eb9855fc323460ed05b0'|'UPDATE 1-CIMB Thai Bank aims to return to profit in 2017'|'Financials   1:55am EST UPDATE 1-CIMB Thai Bank aims to return to profit in 2017 (Adds details) Jan 20 CIMB Thai Bank Pcl expects to return to profitability in 2017 as it targets a modest loan growth and stable interest rate margins, the bank''s chief executive said on Friday. The lender reported a net loss of 629.5 million baht ($17.82 million) in 2016 due to a 66.6 percent increase in cash set aside to cover bad loans amid an economic slump. "The bank targets a modest loan growth of 5 to 10 percent," the bank''s president and CEO, Kittiphun Anutarasoti, told reporters. The lender''s loan growth last year was 3.7 percent. "We are confident of returning the bank to profitability in 2017." The bank said it also aims to reduce the non-performing loan ratio to no more than 5 percent this year, down from 6.1 percent in 2016. Kittiphun said the bank''s registered capital will be increased to 15.14 billion baht this year from 12.39 billion baht. Tengku Dato'' Sri Zafrul Aziz, CIMB Group CEO, extended support to the lender''s plans. "We are fully supportive of CIMB Thai''s business plans," he said. ($1 = 35.32 baht) (Reporting by Manunphattr Dhanananphorn; Writing by Patpicha Tanakasempipat; Editing by Amrutha Gayathri) Next In Financials UPDATE 1-China cuts reserve ratios for big 5 banks temporarily amid cash crunch-sources SHANGHAI, Jan 20 China has allowed its five biggest banks to temporarily lower the amount of money that they must hold as reserves to relieve pressure in its financial system as demand for cash surges ahead of the Lunar New year holiday, three sources with direct knowledge of the matter said.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/cimb-thai-bank-targets-idUSL4N1FA2DV'|'2017-01-20T13:55:00.000+02:00'
'2defe398e4655d2d3e283c6f145fb6018e65815b'|'Investment Focus: History suggests Trump month will be stocks down, dollar up'|'Business News   9:18am EST Investment Focus: History suggests Trump month will be stocks down, dollar up FILE PHOTO - Republican U.S. presidential candidate Donald Trump poses for a photo after an interview with Reuters in his office in Trump Tower, in the Manhattan borough of New York City, U.S., May 17, 2016. REUTERS/Lucas Jackson/File Photo By Jamie McGeever and Marc Jones - LONDON LONDON For financial markets, the Trump era begins on Monday, and if history is any guide the following month should be a rocky one for Wall Street but positive for the dollar. The S&P 500 .SPX has fallen a median 2.7 percent in the month after each new president has taken the keys to the White House since Herbert Hoover did so in January 1929, according to Reuters analysis. Only four presidents have seen Wall Street rise in their first month in power: Hoover (+3.8 percent), John F. Kennedy in 1961 (+6 pct), George H. W. Bush in 1989 (+5.3 pct) and Bill Clinton in 1993 (0.8 pct). The market has fallen in the first month under every other incoming president since Hoover. Even Ronald Reagan and Barack Obama, who ultimately presided over 120 percent and 165 percent rallies on Wall Street during their two terms, respectively, saw initial slides of 4.8 percent and 15 percent. The dollar tends to fare better. Analysis going back to the early 1970s when the currency was taken off the gold standard shows it has risen an average 2.2 percent in the first month of a first-time president. Donald Trump takes office as the 45th president of the United States with investor apprehension over an incoming president has rarely been higher. "There are two sides to Trump, the one side focusing on U.S. stimulus which drives up global growth and the other side, the protectionist Donald Trump that could do the opposite. So the big question is which will we get?," said State Street Global Advisors'' EMEA head of currencies James Binny. Markets latched on after Trump won the November election to his reflationary and pro-growth stance: stocks rose to new highs, the bond selloff deepened, and the dollar clocked a 14-year peak against the euro. But as the inauguration has drawn closer, that momentum has faded. This week, the Dow Jones .DJI and dollar .DXY hit six-week lows, the 10-year U.S. Treasury yield its lowest since late November US10YT=RR, and gold rose to its highest in two months XAU=. Some investors are playing safe. "We are neutral, because we don''t know exactly what direction Trump will take," said Lukas Daadler, chief investment officer of investment solutions at Robeco, a subsidiary of Robeco Group. The latter has 269 billion euros in assets under management. "There is some extreme positioning out there, so there''s the risk of a short squeeze. But we''ve taken a neutral stance, and we might see more detail on his plans next week." Much of that positioning is in the U.S. bond market and the dollar. Speculators have amassed record bets against 10-year Treasuries, and according to Bank of America Merrill Lynch''s January fund manager survey, the most overcrowded trade in the world now is the pro-dollar trade. BAML strategists said on Friday that although there has been a clear cooling of "Trump trade" bets in recent weeks, overall investor sentiment is its highest in three months. They recommend sticking with they call the "Icarus trade" - one last 10 percent rise in stocks and commodities before the rally ends. For graphic on markets one month into presidency: reut.rs/2k8p0Ui The Presidential Touch: tmsnrt.rs/2j1OyVe (Graphic by Vikram Subhedar; Editing by Jeremy Gaunt) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-markets-idUSKBN1541WV'|'2017-01-20T21:18:00.000+02:00'
'051fe63794e6166b63e2dddc14fdbfbfc327c4c1'|'Citi sees 10 pct net new money growth near term in Asia wealth business'|'Money - Fri Jan 20, 2017 - 3:39am EST Citi sees 10 percent net new money growth near term in Asia wealth business A Citigroup office is seen at Canary Wharf in London, Britain May 19, 2015. REUTERS/Suzanne Plunkett By Sumeet Chatterjee - HONG KONG HONG KONG Citigroup said a focus on rich young Asians and new products has helped accelerate net new money growth at its Asia-Pacific consumer wealth business in 2016 to about 10 percent, and a similar annual growth is expected over the next few years. Anand Selvakesari, Citi''s Asia-Pacific head for consumer banking, told Reuters that growth in net new money, a key measure of profitability of the wealth business, improved in 2016 from around mid-single digit levels in the last four to five years. The bank has expanded its digital offerings to tap more young clientele, and has also launched new products, Selvakesari said in an interview. He did not disclose net new money dollar figures. Private bankers and wealth managers usually are guarded in giving out numbers of any kind because of client privacy concerns and competitive reasons. Asia has emerged as the main battleground for global wealth managers, with higher economic growth, rapidly rising wages and a thriving entrepreneurial ecosystem producing rich clients at a pace faster than the western world. That trend helped Citi''s regional wealth business add 8-12 percent new customers last year, the executive said. In Asia, the Citi wealth business, as part of its consumer banking unit headed by Selvakesari, taps people with investable assets of between $50,000 and $10 million. Those with more than $10 million are clients of the bank''s private banking unit. Citigroup''s top three wealth markets in Asia by revenue are Hong Kong, Singapore and Taiwan. The bank''s other fast-growing markets in the region include China, India, South Korea and Australia. "There is continuous wealth generation happening - a growing emerging affluent segment. At the top of the pyramid, wealth continues to grow in these big markets," Selvakesari said. "The potential is there for double-digit growth given the demographics in these markets." In 2016, Asia-Pacific posted a rise of 4.5 percent in total household wealth to $80 trillion, as per Credit Suisse Research Institute''s annual global wealth report, versus 2 percent growth in North America and a negative 1.7 percent in Europe. Wealth per adult in Asia-Pacific increased by 2.9 percent in 2016, the fastest pace among all regions, it said, adding wealth in Asia-Pacific will likely grow by 6.3 percent annually, reaching $109 trillion by 2021. Citi posted on Wednesday a 7 percent rise in its global net income to $3.57 billion. [nL4N1F846S] The bank''s Asia consumer banking revenue rose 4 percent from a year ago to $1.7 billion, helped by growth in the wealth management and cards businesses, it said in a presentation. The bank does not break down regional wealth management revenue. Citi has tied up with e-commerce companies in Asia such as ride-hailing firm Grab and online retailer Lazada Group to boost its credit card business in the region. Selvakesari said one in four credit cards for the bank are now acquired through digital platforms such as China''s mobile social media network WeChat and Japan''s Line instant messaging service, with plans to ramp it up to 50 percent in the next three years. (Reporting by Sumeet Chatterjee; Editing by Muralikumar Anantharaman) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-citigroup-asia-idUSKBN1540W8'|'2017-01-20T15:37:00.000+02:00'
'442d672d62f08d900ae442b69b605127cea73af4'|'Paying for care at home: how to negotiate the minefield - Money'|'H ow much should you pay for care in your own home as you get older – from getting in and out of bed to taking medication or help with shopping? And how do you find a carer? With adult social care in crisis as local authorities struggle to meet soaring demand at a time of cutbacks, Guardian Money tested prices and services in a town with a high density of older people: Eastbourne in East Sussex.Pinning down providers about their precise charges, however, proved tougher than we expected. Someone needing personal care for just one hour a day could be billed more than £7,500 a year by an agency. But we also found high-quality services for half that – with the emergence of independent “personal assistants” who contract directly with the individual, often at much below the rate charged by the big agencies. The highest bills we saw were for a live-in care assistant. One agency told us the annual cost starts at £1,500 a week, equal to £78,000 a year.Several agencies, some local to Eastbourne but others operating across the UK, declined to give us prices. Many insist on meeting a potential client in their home before agreeing a price, which while understandable given the wide variety of needs that an older person may have, makes it difficult for families to carry out proper cost comparisons. On top of that, care is not just about cost – personal recommendations can be crucial, as well as the overall quality of care.Here we guide you through how to get a free care assessment, and the financial assessment that follows. Note that if you qualify, the money can be paid directly to the individual, who is then free to choose the care assistance they need. But should you choose an agency, or opt for a personal assistant that you deal with directly? There are pros and cons for both.Using an agency These cost more – our survey found that prices start at around £18 an hour but rise to £22.50 at weekends, and as much as £45 an hour on bank holidays. Personal assistants are cheaper, but agencies are better able to guarantee care, usually able to find someone to come out even if the regular person they send falls sick or is holiday.Ian Cottrell of Home Instead’s Eastbourne and Hailsham branch told us: “Our visits to clients are always at least an hour, often more, because we believe that good-quality, companionship-based care can’t be delivered in less. We aim to meet the ‘mum test’ – care we would want our own family and loved ones to receive.”He said it always pays its carers above the national living wage, currently £7.20 an hour, rising to £7.50 from April.We also spoke to a carer who worked for an agency a year ago in the Eastbourne area, although not one of the ones named in this article. She spoke on condition of anonymity: “We were paid around £7 an hour but were charged out at nearly £25. We did not have much time to get from one appointment to the next, and you often felt that you were rushing clients. The sad thing is that the clients often didn’t know who they were getting, sometimes with different people one week to the next.”Using a personal assistant The NHS says personal assistants offer all you would get from an agency worker, but you get continuity, familiarity and an ongoing relationship. However, if you employ a personal assistant, you then have the legal responsibility of an employer. This will include arranging cover for when they are ill or on holiday. The Rowan Organisation is a charity that can advise on these issues.To find a personal assistant, we used the Support With Confidence database of approved care providers. It operates in East Sussex, Oxfordshire, Berkshire, Nottinghamshire, Surrey and a few other locations around England. It’s then up to you to contact the assistant directly and arrange care. They are cheaper than agencies, at around £10-£15 an hour, although when we rang we found many were already fully booked.“It’s the best of all worlds,” said one male aged 60, who took early retirement then retrained as a personal assistant and now works part-time with male clients. “Gentlemen of a certain age sometimes feel a greater afinity with another chap for company. As a man, arguably, I am also better able to cope with the physical aspects of dealing with a bulkier client. The arrangement is made directly with me. I mostly do weekdays, but at weekends I take a client to a football match. I do a lot of respite care, which means giving the regular carer, often the wife, a break.” If a PA is unavailable – because of holidays or illness – it can be possible to arrange an alternative personal assistant to take his place, using informal contacts locally. “It’s a zero hours contract – if I’m not there, then the person is not charged.” He chooses not to offer assistance with medication, thereby highlighting one of the issues when choosing a carer: you very much have to discuss the parameters of what they will, or are qualified, to do. “They are mostly really grateful for someone to be there - and it’s a very rewarding job,” he says.What they charge All the prices we obtained were for at-home care services in Eastbourne. Many of the national chains work on a franchise basis, and rates may vary markedly across the UKEverycare Twenty locations across England, Wales and Scotland, offering all aspects of at-home personal care, holiday escorting and outings. In Eastbourne it has a minimum charge of £37.80 per week.• Weekday hour: £18.90• Weekday hour after 6pm: £20• Weekend hour: £22.50• Weekend hour after 6pm: £25• Bank holiday hour: £32• Night sleeper (carer has bed and is disturbed no more than twice in night): £125 weekdays, £145 weekends.• Night sitter (carer stays awake): £175 weekdays, £200 weekends.Home Instead The biggest home care provider in the UK, operating from 170 locations. Globally it has around 1,000 offices from Topeka to Tokyo. Prices listed below are for its “companionship and home help” service. For “personal care” the price is an extra 50p an hour.• Weekday hour: £20• Weekday hour after 7pm: £22• Weekend hour: £22• Weekend hour after 7pm: £22• Sleepover (carer must achieve at least four hours continuous sleep, or extra charges will be applied): £170.Prestige Nursing+Care This agency has 45 company-owned and franchised branches across most of the UK, with more than 2,500 nurses and care workers. It did not give us a full price list for its Eastbourne branch, but gave the following information:• Weekday hour: £18 for healthcare assistant or £40 for a nurse.• Weekend hour: “Rates are typically 10% higher”, eg, £19.60 for a healthcare assistant and £44 for a nurse.• Live-in care: “It is difficult to give an exact cost for 24-hour care as every client’s needs are unique. Our costs would typically start from £1,500 per week.”Support with Confidence This is the service offered by East Sussex County Council, which lists approved personal care providers. Some are agencies, but many are individual personal assistants that the elderly can personally contract with. Available online at Eastsussex.gov.uk , it lists 57 providers within the Eastbourne area. Each sets their own rate, so we had to rely on individual calls to carers. Not all will provide full care services – some, for example, offer medication assistance, but others do not.• Hourly rate: £10-£15. Extra for weekends and bank holidays.What you pay – and what the council pays Facebook Twitter Pinterest You don’t always have to pay for all your care – council help is often available. Photograph: Terry Vine/Getty Images/Blend Images Don’t assume the local council will fund your at-home care costs. If you have more than £23,250 in savings and live in England – or £23,750 in Wales and £25,250 in Scotland – you won’t receive a penny towards them. If you have less than this you will be means-tested and may still have to pay something. In total, of the four million people over 65 who are estimated to have care needs, only around 850,000 qualify for state help.The first step is to request a care needs assessment from your local authority. There’s no charge and you’re entitled to one regardless of your income and savings.The assessment will take place in your home, usually by an occupational therapist, social worker and nurse. They will explore any issues you have with your everyday activities such as washing, dressing, managing your toilet needs and living safely at home. They should take into account your emotional and social needs, as well as physical difficulties you may have.The next stage is the financial assessment, when the council looks at your savings and any income you have. It won’t take into account the value of your home – although a second property does count as savings.Couples are treated as individuals, with the assessment based on the financial details of the person receiving care and support, not their partner.The rules set out income councils can’t take into account, which is supposed to ensure you can pay for essentials such as food and utilities without being affected by care costs. Rent and mortgage payments are also taken into account. The general rule is that you retain 125% of your basic income support/pension guarantee credit level, usually referred to as your “protected income”.The actual means-test calculation then carried out is fiendishly complicated. For example, for each £250 in savings you have above £14,250, the council counts it as £1 a week in income, in what is called the “tariff income”.Given that our price test above was undertaken in Eastbourne, this is the example of a weekly charge that is supplied by East Sussex County Council. It is based on a single person (let’s call him Jack) aged 65, living at home.Jack has a weekly income of £286.95. He gets a state pension of £107.65; a private pension of £89; and £82.30 in attendance allowance. On top of that he gets a pension credit of £8, but this is not taken into account by the council, making a total of £278.95.He also has £13,750 in a building society account plus £1,250 of shares, making a total of £15,000. The council ignores the first £14,250, which leaves £750 to be assessed. Based on the tariff income of £1 for every £250, that works out at £3. So Jack’s income is now assessed at £278.95 plus £3, which is a total of £281.95.Then the council looks at Jack’s costs. It finds that his gas and electricity bill is £15 a week (but this is excluded) and his council tax is £18. He also spends £26.50 on disability-related expenditure, bringing his expenses total to £44.50. This is alongside his protected income amount, which is £189. So the final calculation is:Total income £281.95Minus expenses £44.50Minus protected income £189Final figure: £48.45This final figure is the maximum Jack will pay weekly towards his at-home care. So if he is assessed as needing five 45-minute visits a week, from an agency charging £17 a visit (£85 a week), he will pay the first £48.45 and East Sussex will pay the remaining £36.55.Yes, we told you it was complicated.There are two good websites for further information: Ageuk.org.uk and Themoneyadviceservice.org.uk . The good news? The government promised to lift the savings cap from £23,250 to £118,000 from April 2017. The bad news? The new cap has been delayed until at least April 2020 , as councils say they can’t afford it under the current austerity regime.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/21/paying-for-care-at-home-cost-help-paying-for-it'|'2017-01-21T14:00:00.000+02:00'
'0d56434b80ec60515706a2404bdebc5fd969a0ef'|'BRIEF-UK''s CMA says consulting on changes to investigations in smaller markets'|'Financials  15am EST BRIEF-UK''s CMA says consulting on changes to investigations in smaller markets Jan 23 UK''s CMA: * Is consulting on changes to reduce the number of mergers it investigates in smaller markets * Proposal to raise threshold for markets generally considered as sufficiently important to justify a merger reference to above £15 million from current 10 million stg * Proposes changing the figure for markets generally considered not sufficiently important from below £3 million to below £5 million * The consultation is open until 13 February 2017 * Expected that the changes will reduce the number of mergers that are subject to investigations - in particular those subject to initial Phase 1 examination Source text for Eikon: ( bit.ly/2jQ0KcN ) (Bengaluru Newsroom: +91 80 6749 1136) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FD0CT'|'2017-01-23T19:15:00.000+02:00'
'8131bfa84d9d3692ec8f52290d70ecdddeb8ab4e'|'BRIEF-IFCI says disinvestment of stake in Hardicon'|'Financials -  27am EST BRIEF-IFCI says disinvestment of stake in Hardicon Jan 23 Ifci Ltd * Says disinvestment of stake in Hardicon Source text: ( bit.ly/2k8bnFA )   Financials * Banc of California board provides update on independent investigation; plans improvements to corporate governance policies MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FD0J9'|'2017-01-23T20:27:00.000+02:00'
'f0db69f6bc5f6e33892d4a9a9e3ac7dab09408df'|'Fitch Affirms East West Bancorp''s IDRs at ''BBB/F2''; Outlook Stable'|'Financials   3:45pm EST Fitch Affirms East West Bancorp''s IDRs at ''BBB/F2''; Outlook Stable (The following statement was released by the rating agency) NEW YORK, January 23 (Fitch) Fitch Ratings has affirmed East West Bancorp, Inc.''s (EWBC) ratings at ''BBB/F2'' reflecting its solid earnings profile, good asset quality, and a distinctive franchise. This is primarily offset by historically strong loan growth, which has not fully seasoned, and a regulatory agreement regarding BSA compliance. The Rating Outlook is Stable. The rating action follows a periodic review of the midtier regional banking group, which includes BankUnited Inc. (BKU), BOK Financial Corp. (BOKF), Cathay General Bancorp (CATY), East West Bancorp (EWBC), First Republic Bank (FRC), First Horizon National Corp. (FHN), First National of Nebraska Inc. (FNNI), Fulton Financial Corp. (FULT), Hilltop Holdings, Inc. (HTH), Synovus Financial Corp. (SNV), TCF Financial Corp. (TCB), Trustmark Corp. (TRMK), UMB Financial Corp. (UMBF) and Wintrust Financial Corp. (WTFC). Company-specific rating rationales for the other banks are published separately, and for further discussion of the midtier regional bank sector in general, refer to the special report titled ''U.S. Banks: Midtier Regional Bank Periodic Review,'' to be published shortly. KEY RATING DRIVERS IDRs and VRs EWBC''s solid earnings profile is a primary ratings driver. The company''s recent earnings continue to benefit from modest overhead expenses, good spread income, and low credit costs. EWBC has historically reported stronger earnings than peers, even during the financial crisis years (excluding 2008), albeit with a high reliance on spread income. Further, Fitch notes that over the past 10 quarters, EWBC has reported both stronger earnings than almost all of the peers, but also with less volatility over this time period. EWBC also appears the best positioned for a rising rate scenario with projected net interest income to increase the most in the midtier peer group. While interest rate risk simulation results are highly dependent on modeling assumptions including future interest rate increases and deposit betas, EWBC''s asset profile suggests the company stands to reap ample benefits from rate increases in 2017. For example, at Sept. 30, 2016, EWBC calculates that 82% of its loans had maturities or repricing terms of less than one year. However, Fitch expects future interest rates increases will likely be gradual in nature. As such, much of the modelled earnings improvement may not be realized over the near term. EWBC''s ratio of nonperforming assets (NPAs; inclusive of accruing TDRs) to loans and foreclosed real estate is amongst the lowest in the midtier peer group (excluding purchased credit impaired loans). More recently, NPA balances have remained well below peak levels, though there continues to be some growth in nonaccrual balances for C&I loans. Fitch also notes C&I charge-offs in the third quarter of 2016 (3Q16) were higher than the past several quarters and higher relative to other asset classes as well as peers. C&I nonaccruals could drive some prospective volatility in net charge-offs (NCOs). EWBC has demonstrated strong loan growth in C&I and CRE balances, far outpacing industry and peer averages over the past several years. In Fitch''s view, this may suggest that EWBC may be increasing its risk appetite. However, C&I and CRE loan growth has slowed over the past 12 months, as compared to the prior year period, and the company has a much more balanced loan mix now than pre-crisis. EWBC''s capital is considered adequate, with a Fitch Core Capital ratio of 10.8% and a CET1 ratio at 10.9% as of Sept. 30, 2016, slightly below the peer median. Capital ratios in general have been increasing modestly over the past 12 months, which Fitch views as prudent, especially given strong loan growth over the past several years. In 2017, Management plans to continue to grow EWBC''s capital to be more in line with peers. EWBC pays a common stock dividend of $0.20 per share or $29 million quarterly, unchanged from the prior year. Since 2014, the company has not engaged in common stock repurchase activity and we do not expect any change prospectively, especially in light of management''s intention to grow capital. EWBC is unique in that it is the only bank of its size to have a notable presence in China, and the only Asian-American focused bank with full service banking offices in the U.S. and China. EWBC''s deposit base reflects the company''s niche market focus on the Chinese-American community. Although these deposits have shown stability, they come at costs slightly higher than the midtier median, driven primarily by time deposit and money market offerings. Liquidity metrics relative to peers generally remain favourable as evidenced by a below peer-median loan-to-deposit ratio (87% vs. peer median 92%), a good level of non-interest bearing deposits to total deposits relative to peers (33% vs. peer median 29%), and modest use of wholesale funding sources relative to total liabilities (6% vs. peer median 12%). Fitch notes that holding company cash coverage of its obligations over four quarters is currently less than 1x. We believe the holding company will draw on ample bank dividend capacity to ensure at least 1x coverage by year-end 2018. Following a Written Agreement entered in late 2015 with the Federal Reserve Bank of San Francisco, the company continues to make progress with its action plan to remediate deficiencies in its BSA/AML compliance program. Fitch expects EWBC to fully remediate its Written Agreement over the near to intermediate term. HYBRID SECURITIES Hybrid capital issued by EWBC and its subsidiaries are all notched down from the VR in accordance with Fitch''s assessment of each instrument''s respective non-performance and relative loss severity risk profiles. Legacy Tier 1 securities are generally rated four notches below the VR, made up of two notches for high loss severity relative to average recoveries, and two further notches for non-performance risk, reflecting the fact that coupon omission is not fully discretionary. LONG- AND SHORT-TERM DEPOSIT RATINGS EWBC''s uninsured deposit ratings at the subsidiary bank are rated one notch higher than the company''s IDR and senior unsecured debt because U.S. uninsured deposits benefit from depositor preference. U.S. depositor preference gives deposit liabilities superior recovery prospects in the event of default. HOLDING COMPANY EWBC''s IDR and VR are currently equalized with those of East West Bank, reflecting its role as the bank holding company, which is mandated in the U.S. to act as a source of strength for its bank subsidiaries. Ratings are also currently equalized reflecting the very close correlation between holding company and subsidiary failure and default probabilities. SUPPORT RATING AND SUPPORT RATING FLOOR EWBC and East West Bank have a Support Rating of ''5'' and Support Rating Floor of ''NF''. In Fitch''s view, EWBC and East West Bank are not systemically important and therefore, the probability of support is unlikely. IDRs and VRs do not incorporate any support. RATING SENSITIVITIES IDRs and VRs Positive rating momentum is limited in the near term given the bank''s historically strong loan growth, which has not fully seasoned, and capital levels below midtier peers. Fitch notes the company''s heightened C&I nonaccrual inflows and charge-offs during 2016 and will continue to assess C&I asset quality for signs of sustained deterioration in 2017. If loan growth does not consistently moderate or asset quality begins to show signs of sustained deterioration, particularly in newly originated commercial loans, negative credit action could occur. Fitch views there to be more negative rating pressure currently than upside potential. EWBC''s ratings are also highly sensitive to its capital levels. Negative rating action could result if capital is managed down, especially within the context of outsize loan growth. Superior credit performance of recently originated C&I and CRE loans during the next asset quality downturn could provide support for positive ratings momentum. At the same time, Fitch would expect a superior earnings profile and capital levels above midtier peers. In general, a higher level of non-interest income could also provide support for positive ratings momentum. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for EWBC and its operating companies'' subordinated debt and preferred stock are sensitive to any change to EWBC''s VR. The securities'' ratings are also sensitive to a change in their notching, which could arise if Fitch changes its assessment of the probability of their non-performance relative to the risk captured in the issuers'' VRs. This may reflect a change in capital management in the group or an unexpected shift in regulatory buffer requirements, for example. LONG- AND SHORT-TERM DEPOSIT RATINGS The long-and short-term deposit ratings are sensitive to any change to EWBC''s Long-and Short-Term IDR. HOLDING COMPANY Should EWBC begin to exhibit signs of weakness, there is the potential that Fitch could notch the holding company IDR and VR from the ratings of the operating companies. Further, if holding company cash coverage of its obligations over four quarters remains less than 1x by year-end 2018 and/or gradual bank dividends are not observed on a go-forward basis, Fitch would likely notch the holding company IDR and VR down from the ratings of East West Bank. SUPPORT RATING AND SUPPORT RATING FLOOR Since EWBC''s and East West Bank''s Support and Support Rating Floors are ''5'' and ''NF'', respectively, there is limited likelihood that these ratings will change over the foreseeable future. Fitch has affirmed the following ratings: East West Bancorp, Inc. --Long-Term IDR at ''BBB''; Outlook Stable; --Short-Term IDR at ''F2''; --Viability Rating at ''bbb''; --Support at ''5''; --Support Floor at ''NF''. East West Bank --Long-Term IDR at ''BBB''; Outlook Stable; --Long-term deposits at ''BBB+''; --Short-Term IDR at ''F2''; --Short-term deposits at ''F2''; --Viability Rating at ''bbb''; --Support at ''5''; --Support Floor at ''NF''. East West Capital Statutory Trust III, East West Capital Trust IV, V, VI, VII, VIII & IX --Trust preferred securities at ''BB-''. Contact: Primary Analyst Stefan Kahandaliyanage, CFA Associate Director +1-646-582-4918 Fitch Ratings, Inc. 33 Whitehall St. New York, NY 10004 Secondary Analyst Julie Solar Senior Director +1-312-368-5472 Committee Chairperson Christopher Wolfe Managing Director +1-212-908-0771 Media Relations: Hannah James, New York, Tel: + 1 646 582 4947, Email: hannah.james@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017938 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials Fitch Takes Rating Actions on U.S. Midtier Regional Banks Following Peer Review (The following statement was released by the rating agency) CHICAGO, January 23 (Fitch) Fitch Ratings has completed its review of its U.S. midtier regional bank peer group. Following the review, which generally covers banks with assets between $10 billion and $50 billion, Fitch downgraded UMB financial (UMBF) and revised the Rating Outlook to Stable from Negative. At the same time, Fitch revised the Outlooks for BOK Financial (BOKF) to Stable from Negative and revised the Outlook for First'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987387'|'2017-01-24T03:45:00.000+02:00'
'8a89b30079b10497d22db1791afbdb8341fa7b40'|'Trump is sued over foreign government payments to his firms'|'Money News   9:19pm IST Trump is sued over foreign government payments to his firms U.S. President Donald Trump hosts a meeting with business leaders in the Roosevelt Room of the White House in Washington January 23, 2017. REUTERS/Kevin Lamarque NEW YORK A group of prominent constitutional and ethics lawyers sued U.S. President Donald Trump on Monday, accusing him of violating the U.S. Constitution by allowing his hotels and other businesses to accept payments from foreign governments. The lawsuit filed in Manhattan federal court by Citizens for Responsibility and Ethics in Washington contended the Constitution''s "emoluments" clause forbids such payments and seeks to stop Trump from accepting them. Morgan Lewis & Bockius, a law firm representing the president on ethics matters, did not immediately respond to requests for comment. The lawsuit is part of a wave of litigation expected from liberal advocacy groups against Trump, a Republican who took office on Friday. Earlier this month Trump said he would maintain ownership of his global business empire but hand off control to his two oldest sons while president. Trump adviser Sheri Dillon, a partner at Morgan Lewis, said profits generated at Trump''s hotels by foreign governments will be donated to the U.S. Treasury. The suit alleges that foreign governments'' payments for such things as leases at Trump Tower in New York, hotel stays at Trump''s properties and rights to rebroadcast or create their own versions of Trump''s reality TV show "The Apprentice" are illegal. According to the complaint, the Constitution''s framers intended to ban such payments, believing that "private financial interests can subtly sway even the most virtuous leaders, and entanglements between American officials and foreign powers could pose a creeping, insidious threat to the Republic." The plaintiff said it had standing to sue, having been "significantly injured" by being forced to expend resources on the lawsuit rather than elsewhere. Among the lawyers who worked on the complaint are constitutional scholars Laurence Tribe and Erwin Chemerinsky, as well as Richard Painter, a former White House ethics lawyer under Republican President George W. Bush. (Reporting by Jonathan Stempel in New York; Editing by Frances Kerry) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trump-lawsuit-idINKBN15725J'|'2017-01-23T22:49:00.000+02:00'
'7485045db0e713e2f958d4b0112f1103aba3fe93'|'Goldman CEO says still unclear on Brexit relocation plans - Bloomberg'|' 54am GMT Goldman CEO says still unclear on Brexit relocation plans - Bloomberg Goldman Sachs Group, Inc. Chairman and Chief Executive Officer Lloyd Blankfein smiles as he participates in a panel discussion during the White House Summit on Working Families in Washington June 23, 2014. REUTERS/Jonathan Ernst/File Photo LONDON Goldman Sachs ( GS.N ) Chief Executive Lloyd Blankfein said on Thursday that he still doesn''t know if there will be just one location the bank will relocate operations to in order to deal with Britain''s exit from the European Union. Blankfein said in an interview with Bloomberg television at the World Economic Forum in Davos that the firm will be able to make whatever changes it needs to within two years. He said that the bank has also slowed down the rate at which it is moving operations into Britain following the country''s vote to leave the EU. On Wednesday, German newspaper Handelsblatt said the bank is considering moving 1,000 jobs to Frankfurt to deal with Britain''s exit from the European Union. (Reporting by Anjuli Davies; Writing by Rachel Armstrong; editing by Carolyn Cohn)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-davos-meeting-goldman-idUKKBN1531MK'|'2017-01-19T18:54:00.000+02:00'
'3b68641ef26b9061fb002dec9e0dd65e02cb6965'|'Strong demand lets Australia have record A$9.3 bln bond sale'|'Financials  34pm EST Strong demand lets Australia have record A$9.3 bln bond sale By Cecile Lefort - SYDNEY SYDNEY Jan 19 Australia sold a record A$9.3 billion ($7 billion) of debt this week thanks to strong demand, with investors unfazed by risks the nation might lose its triple-A rating due to protracted budget deficits. With around 60 investors on board, the five-year offer received more than A$15 billion in bids at the final price, allowing the government to pay a margin at the lower end of the marketing range. The issue was priced at 23 basis points over the yield implied by 3-year bond futures, and the initial spread was 22 to 25 basis points. The bonds mature on Dec. 21, 2021. "We thought A$7 billion to A$8 billion would be a reasonable size, so it was a good outcome," Robert Nicholl, chief executive of the Australian Office of Financial Management (AOFM) said on Thursday. AOFM, the federal government''s funding agency, hired ANZ Bank, Citi, UBS and Westpac to jointly manage the sale. The offer even beat the government''s A$7.6 billion 30-year bond debut in October, then a record. Around 70 percent of the new paper was sold in Australia, the AOFM said. By type of investors, banks accounted for more than half, fund managers took 28 percent of the total issue and hedge funds 12 percent. Nicholl said he was particularly pleased with participation of foreign central banks, which took 4 percent of the book. "We had not seen that in a while and shows their interest for the five-year part of the curve," he said. STILL ATTRACTIVE About 30 percent of the bonds were sold offshore, with Asia taking the lion''s share, followed by Europe, the UK, North America and Japan. Supporting demand was the issue''s attractive yield of 2.24 percent, far above sub-zero returns in Japan, Germany and France and just 0.5 percent in the UK. James Alexander, head of fixed income at Nikko Asset Management, said the issue size showed investors shrugged off the danger of a sovereign ratings downgrade. Last year, S&P Global Ratings warned of a downgrade to Australia''s coveted triple-A credit rating if the government couldn''t put its fiscal house in order by May, when the annual budget is unveiled. "Even if it is downgraded to double-A plus, it is a minor difference," Alexander said. "Australia is still an attractive place to invest with a strong and diverse economy, the rule of law and a good institutional framework." Alexander, who manages A$11 billion in fixed income, said he thought it likely the rating would be cut after May. Australia has A$466 billion of debt outstanding and is one of only a dozen countries rated triple-A by S&P and Moody''s. ($1 = 1.3296 Australian dollars) (Reporting by Cecile Lefort; Editing by Richard Borsuk) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-bond-idUSL4N1F85SD'|'2017-01-19T11:34:00.000+02:00'
'e780adfbec701dcf0521ec1ee7bab1e55fe162ed'|'Synergy wins U.S. approval for constipation drug'|'Health  40pm EST Synergy wins U.S. approval for constipation drug The U.S. Food and Drug Administration said on Thursday it had approved Synergy Pharmaceuticals Inc''s drug to treat chronic idiopathic constipation (CIC). ( bit.ly/2k5wNlA ) CIC is a type of gastrointestinal disorder where individuals have difficult and infrequent bowel movements. The once-daily tablet, plecanatide, is the company''s first to win regulatory clearance. The drug is also being evaluated to treat patients suffering from irritable bowel syndrome with constipation. Synergy''s plecanatide is expected to generate peak sales of $348.8 million by 2021, according to Thomson Reuters Cortellis. (Reporting by Divya Grover in Bengaluru; Additional reporting by Dipika Jain in Bengaluru; Editing by Maju Samuel) Next In Health News Merck CEO sees Keytruda in pole position in cancer race DAVOS, Switzerland Merck & Co''s Keytruda cancer drug, which last week won a speedy review from U.S. regulators for use with chemotherapy in lung cancer, is in an increasingly strong position in a fiercely competitive market, the company''s CEO said on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-synergy-pharma-fda-idUSKBN15334X'|'2017-01-20T04:34:00.000+02:00'
'9b5734dbc325ec112e4143e495d8afa661e9eee5'|'Fitch Downgrades Costa Rica to ''BB''; Outlook Revised to Stable'|'Financials  42am EST Fitch Downgrades Costa Rica to ''BB''; Outlook Revised to Stable (The following statement was released by the rating agency) NEW YORK, January 19 (Fitch) Fitch Ratings has downgraded Costa Rica''s Long-Term Foreign- and Local-Currency IDRs to ''BB'' from ''BB+''. The Outlooks were revised to Stable from Negative. The issue ratings on Costa Rica''s senior unsecured Foreign- and Local-Currency bonds are also downgraded to ''BB'' from ''BB+''. The Country Ceiling was downgraded to ''BB+'' from ''BBB-''. The Short-Term Foreign- and Local-Currency IDRs are affirmed at ''B''. KEY RATING DRIVERS The downgrade reflects Costa Rica''s deteriorating debt dynamics driven by large fiscal deficits and continued institutional gridlock preventing progress on reforms to correct fiscal imbalances. Costa Rica''s central government fiscal deficits have grown over the last five years, reaching 5.7% of GDP in 2015 (the general government deficit reached 4.6% of GDP in 2015, which incorporates surpluses of public pension funds). Despite the estimated 0.6% of GDP improvement in 2016 (due largely to administrative measures), the fiscal deficit is expected to rise over the next two years as a result of a higher interest burden and spending rigidities. The government''s tax reform proposals to rein in the fiscal deficits have made little progress in Congress given its fragmented structure and the cumbersome legislative process. The outlook for passage of the crucial VAT and income tax proposals (estimated to provide close to 2% of GDP in additional revenues) has significantly diminished as the February 2018 congressional and presidential elections approach. Fitch''s new baseline scenario does not incorporate passage of any meaningful tax reform measures in the forecast period through 2018. As a result of the large fiscal imbalances, Costa Rica''s debt burden has risen rapidly over the last decade. Gross general government debt doubled to an estimated 41% of GDP in 2016 from 20% of GDP in 2008 (Fitch''s general government figures net out around 4% of GDP in public pension holdings of government debt). The debt burden will continue to rise in the absence of meaningful tax measures, with debt expected to reach over 60% of GDP within the next decade. The Stable Outlook reflects Costa Rica''s resilient growth and financing flexibility in the captive local market, which has been able to accommodate the large fiscal deficits, mitigating Fitch''s previous concerns over the financing flexibility of the sovereign. A dynamic and diversified export base and a vibrant tourism sector have underpinned Costa Rica''s solid economic performance, with GDP growth estimated to have reached 4.2% in 2016. Fitch forecasts growth of above 4% in both 2017 and 2018. In 2016, Costa Rica was largely able to meet its financing needs in the local market by tapping sizeable liquidity among various public-sector entities, after congressional authorization for external bond issuance ended in 2015. Furthermore, the fall in the oil price and the buoyancy of export and tourism receipts have underpinned an improvement in Costa Rica''s external finances, with the current account deficit falling to an estimated 3.5% of GDP in 2016 from 4.5% in 2015. Inflation averaged 0.7% in 2016, well below the central bank''s 3%+/-1pp target due to the fall in oil prices at the beginning of 2016 and a relatively steady exchange rate (until the latter part of the year). As a result, the central bank''s monetary policy has remained accommodative over the last 12 months with policy rates on hold after a cumulative 350 basis point cut in 2015-Jan 2016. Inflation is expected to converge to the central bank''s target in 2017. High fiscal deficits, limited exchange rate flexibility, high financial dollarization and quasi-fiscal losses at the central bank continue to constrain monetary policy. Costa Rica''s ''BB'' ratings are supported by structural indicators that are strong relative to peers, including high per capita income, social development and governance standards. The ratings are also supported by the country''s successful economic model centered around high value-added service and manufacturing activities, which supports robust growth and foreign direct investment inflows. SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO) Fitch''s proprietary SRM assigns Costa Rica a score equivalent to a rating of ''BBB+'' on the LT FC IDR scale. In accordance with its rating criteria, Fitch''s sovereign rating committee decided to adjust the rating indicated by the SRM by more than the usual maximum range of +/- 3 notches because of the extent of Costa Rica''s intractable political gridlock and sharply rising debt burden. Fitch''s sovereign rating committee adjusted the output from the SRM to arrive at the final LT FC IDR by applying its QO, relative to rated peers, as follows: --Structural: -2 notches, to reflect a long track record of institutional gridlock that is not captured in the county''s high governance indicators, as reflected by repeated failure to produce meaningful fiscal reform because of congressional fragmentation and judicial injunctions. --Fiscal: -2 notches, to reflect our expectation that debt will continue to rise over the medium- to long-term in the absence of more substantive fiscal reform, as well as a rigid expenditure profile dominated by indexed salaries, rising interest payments, and constitutionally mandated spending in such areas as education, which makes fiscal consolidation difficult. The SRM is Fitch''s proprietary multiple regression rating model which employs 18 variables based on three-year centered averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch''s QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output in assigning the final rating, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM. RATING SENSITIVITIES The following risk factors individually, or collectively, could trigger a positive rating action: --An easing of political gridlock that improves overall fiscal management, including passage and implementation of meaningful tax reforms; --Meaningful progress on a fiscal consolidation strategy that improves the prospects for debt stabilization; --Higher growth that improves fiscal and government debt dynamics. Future developments that could individually, or collectively, result in a negative rating action include: --Significant fiscal slippage that leads to a sharper deterioration in debt dynamics; --Evidence of sovereign financing constraints; --A deterioration in prospects for foreign investment and growth. KEY ASSUMPTIONS Fitch assumes that in absence of authorization of a Eurobond issuance, Costa Rica will be able to meet its high deficit financing needs in 2017-2018 through reliance on the local market and/or through alternative external financing sources. Fitch forecasts that U.S. growth and continued lower oil prices will support economic growth in Costa Rica in 2017-2018. Contact: Primary Analyst Richard Francis Director +212-908-0858 Fitch Ratings, Inc. 33 Whitehall Street New York, NY 10004 Secondary Analyst Todd Martinez Associate Director +1-212-908-0897 Committee Chairperson Tony Stringer Managing Director +44 203-530-1219 Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email: elizabeth.fogerty@fitchratings.com. Additional information is available at www.fitchratings.com Applicable Criteria Country Ceilings (pub. 16 Aug 2016) here Sovereign Rating Criteria (pub. 18 Jul 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017771 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987179'|'2017-01-19T23:42:00.000+02:00'
'bf14a801a84a0a6435e6861b90973c0dca82ff89'|'Dollar slips, stocks on defensive after Trump''s protectionist address'|'Business News - Mon Jan 23, 2017 - 12:42am GMT Dollar slips, stocks on defensive after Trump''s protectionist address Visitors looks at an electronic board showing the Japan''s Nikkei average at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, February 9, 2016. REUTERS/Issei Kato/Files By Hideyuki Sano - TOKYO TOKYO The dollar slipped and Asian shares were on the defensive on Monday as worries about President Donald Trump''s protectionist policies outweighed optimism that he will follow through on promises of tax cuts and other stimulus. Japan''s Nikkei .N225 dropped 1.3 percent while shares in South Korea and Australia dropped 0.3 percent, though dollar-denominated MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was flat. U.S. stock futures ESc1 dipped 0.2 percent, erasing gains made on Friday. In his inaugural address, Trump pledged to end what he called an "American carnage" of rusted factories and vowed to put "America first". "His speech sounded protectionist. It''s something markets were already expecting but wasn''t really a catalyst for risk-on trading," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. Trump also said on Sunday he plans talks soon with the leaders of Canada and Mexico to begin renegotiating the North American Free Trade Agreement (NAFTA). Prior to that, his administration said on his first day in the office that its trade strategy to protect American jobs would start with withdrawal from the 12-nation Trans-Pacific Partnership (TPP) trade pact. "The market is getting nervous about the possibility that the world''s trade might shrink," said Koichi Yoshikawa, executive director of financial markets at Standard Chartered Bank in Tokyo. "Many of his policies, including tax cuts and infrastructure spending, needs approval from the Senate and (may not be) that easy to realise. So it is hard to expect rosy news that would please markets," he added. "The markets that had been led by expectations on his policy since the election are now the dragged down by the reality," he said. The dollar had soared late last year on expectations that his pledges to cut taxes and hike infrastructure spending would boost the U.S. economy, but it has since lost steam. In early Monday trade, the dollar fell 0.7 percent against the yen to 113.86 yen JPY= , edging towards its seven-week low of 112.57 yen touched on Wednesday. The euro rose 0.1 percent to $1.0721 EUR= , its highest level since Dec. 8. The 10-year U.S. Treasuries yield US10YT=RR fell to 2.445 percent, after having risen briefly on Friday to 2.513 percent, its highest since Jan. 3. The two-year yield US2YT=RR, which is more sensitive to the Fed''s policy outlook, dropped sharply to 1.184 percent from Thursday''s three-week high of 1.250 percent, giving back much of gains made after Wednesday''s upbeat comments from Federal Reserve Chair Janet Yellen. The Mexican peso, however, rose 0.3 percent on Monday to at 21.520 per dollar MXN=D2 , after having risen 1.7 percent on Friday, its biggest gains in two months. Oil prices held firm after ministers from OPEC and non-OPEC countries said they have made a strong start to lowering their oil output under the first such pact in more than a decade. International benchmark Brent crude futures LCOc1 rose 0.1 percent to $55.74 per barrel, building on Friday''s 2.5 percent gains. (Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN157021'|'2017-01-23T07:42:00.000+02:00'
'5aa526d9e2dfbfbf8afdf6b5fe7b80186866a71a'|'Saudi infrastructure freeze may be easing as Jeddah projects announced'|' 31am EST Saudi infrastructure freeze may be easing as Jeddah projects announced DUBAI Jan 23 Saudi Arabian authorities have announced three public transport projects in the port city of Jeddah, a sign that a freeze on new infrastructure work in the kingdom may be easing as the government slows its austerity drive. The projects are a tram line along Jeddah''s northern corniche, a marine taxi service and a bridge linking two of the city''s neighbourhoods, the Saudi Gazette reported on Monday, quoting an official statement. The projects are open to participation of the private sector, the statement said, reflecting a new effort by the government to save money by persuading private investors to share the financial burden of building infrastructure. The statement did not give a value for the projects or reveal other details. Few new projects were announced in the kingdom last year as the government, its finances strained by low oil prices, clamped down on spending. This year, oil prices are about $10 a barrel higher than last year''s average and with the government''s deficit projected to narrow, the 2017 state budget is slightly less austere. Spending on infrastructure and transport is slated to rise 39 percent from last year''s actual level. Prince Khaled al-Faisal, governor of the Mecca region, stressed in the statement that public transport projects in the area were crucial to meet the government''s goal of sharply increasing the number of foreign pilgrims visiting Mecca. A study by consultants Faithful+Gould, released last week, estimated project awards by the government would total $27 billion this year, compared with about $20 billion last year and $35.5 billion in 2015. This year''s total could hit $32 billion if a project to build a metro system in the city of Mecca, which was originally expected to be awarded in 2016, goes through this year, the consultants said. At the same time, at least $13.3 billion of other Saudi state projects are at risk of being cancelled this year as the government responds to financial pressures and changing priorities, the study added. (Reporting by Andrew Torchia Editing by Jeremy Gaunt) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/saudi-infrastructure-jeddah-idUSL5N1FD1U1'|'2017-01-23T16:31:00.000+02:00'
'18984cfbf15577daaea367d23d7012fe9d33662a'|'Federal judge blocks Aetna Inc''s plan to buy rival Humana'|'Deals - Mon Jan 23, 2017 - 12:10pm EST Federal judge blocks Aetna Inc''s plan to buy rival Humana A trader points up at a display on the floor of the New York Stock Exchange August 20, 2012. REUTERS/Brendan McDermid/File Photo By Diane Bartz A U.S. federal judge blocked on Monday health insurer Aetna Inc''s proposed $34 billion merger with rival Humana, saying it was illegal under antitrust law. Judge John Bates of the U.S. District Court for the District of Columbia said the proposed deal would "substantially lessen competition in the sale of individual Medicare Advantage plans in 364 counties identified in the complaint and in the sale of individual commercial insurance on the public exchanges in three counties in Florida."The Justice Department filed a lawsuit on July 21, 2016 to block Aetna''s acquisition of Humana and Anthem Inc''s purchase of Cigna Corp, saying the two deals would lead to higher prices. Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-humana-aetna-antitrust-idUSKBN1572BF'|'2017-01-24T00:10:00.000+02:00'
'8832d8876ac23e1581959b8417971783e3d74930'|'L''Oreal, Founders Factory to invest in five cosmetics start-up firms'|' 21am GMT L''Oreal, Founders Factory to invest in five cosmetics start-up firms The logo of French cosmetics group L''Oreal is seen on a sales counter at a department store in Paris April 20, 2015. REUTERS/Charles Platiau PARIS French cosmetics giant L''Oreal said on Monday it had chosen to invest in five tech start-up firms in the beauty products sector along with partner Founders Factory, as L''Oreal steps up its ventures in this area. In 2012, L''Oreal set up an internal start-up unit in Silicon Valley and in May last year it invested in Founders Factory, a digital incubator, co-founded by Brent Hoberman, former chief executive and co-founder of lastminute.com. L''Oreal and Founders Factory announced on Monday they had chosen the companies InsitU, Preemadonna, Tailify, Veleza and Cosmose for their incubator fund, to help the companies develop. All five companies use Internet and mobile technology to promote their products, with Veleza and Cosmose founded by Lithuanian and Polish entrepreneurs respectively. L''Oreal made more than 5 percent of its sales online in 2015. Its digital team, which counted some 150 people five years ago, now totals more than 1,000, with hundreds hired in 2016. In 2015, L''Oreal spent 25.5 percent of its advertising budget on digital communications and the proportion is expected to grow as more consumers, particularly in regions such as the Middle East, use the Internet for beauty tips and purchases. (Reporting by Sudip Kar-Gupta; Editing by Dominique Vidalon)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-l-oreal-digital-idUKKBN1570ZQ'|'2017-01-23T16:21:00.000+02:00'
'186c64bb7e4db5eda80ffdc166927ff81cd79044'|'UPDATE 1-SGS plans 250 mln Sfr share buyback, FY net profit falls'|'Industrials   2:51am EST UPDATE 1-SGS plans 250 mln Sfr share buyback, FY net profit falls (Recasts, adds detail, premarket indication) ZURICH Jan 23 Testing and inspection group SGS plans to buy back up to 250 million Swiss francs ($250.4 million) worth of its own shares, it said on Monday while posting an unexpected fall in full-year net profit. Along with the share buyback, further details of which SGS said would be announced "in due time", the company proposed raising its dividend to 70 francs per share from 68. Analysts in a Reuters poll had estimated a dividend of 68.9 francs The Swiss company said 2016 profit attributable to equity holders fell 1.1 percent 543 million francs, compared with the average estimate of 600 million francs in the Reuters poll of nine analysts. Adjusted profit edged up 0.6 percent to 629 million, in line with the poll average of 631 million. Earnings were impacted by a variety of factors including IT investments, pressure on its energy-related business and acquisitions made over the course of the year, SGS said. Revenues for the year rose to 5.99 billion francs from 5.71 billion in 2015. Shares were seen opening down 0.7 percent in premarket indications by Julius Baer, a slightly steeper drop than the broader Swiss market. On its outlook for 2017, Geneva-based SGS said: "The group expects to deliver solid organic revenue growth and higher adjusted operating income on a constant currency basis, and generate robust cash flow." SGS said it was on course to meet revenue growth projected in the company''s 2020 strategic plan. ($1 = 0.9986 Swiss francs) (Reporting by Joshua Franklin, editing by Michael Shields) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/sgs-sa-results-idUSL5N1FD124'|'2017-01-23T14:51:00.000+02:00'
'f169c3568b9d85f753d2b170740e523a9f3de072'|'EpiPen rival to be offered free to many but high price for insurers'|'U.S.  34pm EST EpiPen rival to be offered free to many but high price for insurers By Bill Berkrot Privately held drugmaker Kaleo on Thursday said it would offer its Auvi-Q emergency allergy auto-injector at no cost to many consumers, but set a list price for the EpiPen rival that will be used as the benchmark cost to insurance companies at a whopping $4,500. EpiPen maker Mylan NV came under intense criticism last year when it raised the price for a pair of its life-saving auto-injectors to $600, putting it out of reach for many consumers. It has since said it will sell its own generic EpiPen for about half that price. Kaleo, which plans to relaunch Auvi-Q on Feb. 14 following a product recall, appears to have come up with a strategy to avoid the ire of mothers whose children depend on the product and others prone to potentially deadly allergic reactions. Consumers with commercial or government insurance will be able to obtain Auvi-Q at no charge, the company said. It will also make the product available for free to patients with no insurance and a household income of less than $100,000. Auvi-Q will be sold at a cash price of $360 for those who do not qualify for the emergency treatment at no charge, the Richmond, Virginia-based company said. However, the starting price from which health insurance companies will negotiate discounts or rebates will be $4,500. It remains to be seen how payers will respond to the strategy. "In order to help ensure Auvi-Q is available as an option to eligible patients for $0 out-of-pocket, we set the list price at $4,500," Kaleo Chief Executive Spencer Williamson said in an e-mailed statement. "It''s important to note that nobody pays the list price, and that the most important price is the price to the patient," Williamson said. "No epinephrine auto-injector, branded or even generic, will cost a commercially insured patient less out-of-pocket than Auvi-Q." EpiPen has had a virtual monopoly on the emergency allergy treatments with more than a 90 percent market share. Auvi-Q was originally sold in partnership with French drugmaker Sanofi, but was pulled from the market over manufacturing problems. Sanofi has since returned full rights to Auvi-Q to Kaleo. (Reporting by Bill Berkrot) U.S. judge delays Texas plan to cut Planned Parenthood funding AUSTIN, Texas A U.S. judge issued a temporary restraining on Thursday halting Texas'' plan to cut Medicaid funding for Planned Parenthood to give him more time to consider thousands of pages of documents filed in the politically charged case, court records showed.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-kaleo-epipen-idUSKBN1533BY'|'2017-01-20T06:31:00.000+02:00'
'080ca3e0944a9a7531d76ebca0d1929ae60d4380'|'TABLE-Foreign trading in South Korean stocks'|' 24am EST TABLE-Foreign trading in South Korean stocks SEOUL, Jan 20 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0723 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 20 -48.5 40.5 5.5 ^January 19 146.0 -282.9 128.8 January 18 -19.3 87.4 -72.3 January 17 -8.4 90.3 -83.0 January 16 -239.4 184.7 40.0 January 13 -108.4 163.5 -58.5 January 12 31.4 -10.4 -32.1 January 11 485.5 -55.1 -430.0 January 10 99.6 -249.8 128.6 January 9 254.4 -457.4 193.4 January 6 171.3 -136.5 -28.8 January 5 84.1 -164.8 65.5 January 4 214.2 -358.3 127.2 January 3 171.1 -175.0 -11.2 January 2 27.4 -84.7 38.6 Month to date 1,260.8 -1,408.4 11.7 Year to date 1,260.8 -1,408.4 11.7 ^ January 19 figures revised. ($1 = 1,168.8500 won) (Reporting by Jeong-eun Lee) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southkorea-stocks-trading-idUSL4N1FA2UA'|'2017-01-20T14:24:00.000+02:00'
'ac0745e2f5f08fd343519c355ded4b2ee333aa0e'|'Japan trade minister says not considering Toshiba rescue plan'|'TOKYO Japan''s minister for economy, trade and industry, Hiroshige Seko, said on Friday a rescue plan for embattled conglomerate Toshiba Corp ( 6502.T ) was not under consideration at his ministry.Seko told reporters after a cabinet meeting that he would closely monitor the steps taken by Toshiba''s management.Toshiba is under pressure to come up with cash as it faces a bigger-than-expected writedown for its U.S. nuclear business that local media have said could come in at $6 billion.(Reporting by Ami Miyazaki; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-ministry-idINKBN15407E'|'2017-01-19T23:24:00.000+02:00'
'c04a81cbee585f1c5898b0b0fdbf82622e908d65'|'Volvo Cars CEO says IPO is an option: manager magazin'|'FRANKFURT Hakan Samuelsson, Chief Executive of Volvo Cars, said a stock market listing is an option for the Swedish carmaker, Germany''s Manager Magazin said on Friday."A stock market listing is an option," Samuelsson told the magazine, adding that there are no current plans for such a move and that it would be up to parent company Geely Holding [GEELY.UL] to decide.Last month, Volvo raised 5 billion Swedish crowns ($532 million) from a group of Swedish institutional investors by selling newly-issued preference shares that would have "an immaterial dilutive effect" on Geely''s 100 percent ownership."Today''s move is another step toward Volvo Cars'' long expressed ambition to act as a listed company," Volvo said in a statement in December.(Reporting by Edward Taylor; Editing by Christoph Steitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-volvocars-ipo-idINKBN1541OF'|'2017-01-20T10:01:00.000+02:00'
'1be1f37f2cba1531feff85723b3b6f3ce7385ddf'|'Toshiba starts process to sell stake in chip business: Kyodo'|'TOKYO Toshiba Corp ( 6502.T ) has started the process to sell a minority stake in its profitable flash memory chip business, expecting to fetch several billion dollars as it faces a bigger-than-expected writedown for its U.S. nuclear business, Kyodo News reported.European private equity fund Permira and U.S. fund Bain Capital are interested in the bid for what is expected to be the sale of 20-30 percent of the memory chip business, which Toshiba is expected to split off, Kyodo said, citing sources.Earlier this week, the troubled conglomerate confirmed it was discussing a spin-off of its memory chips business, but that nothing had been decided yet.Toshiba''s financial crisis deepened as media reported it may unveil a bigger-than-expected $6 billion writedown for its U.S. nuclear business, driving its shares down 16 percent on Thursday.The shares extended their loses on Friday, opening down 6.3 percent at 227.1 yen.(Reporting by Kaori Kaneko; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-idINKBN15401S'|'2017-01-19T21:29:00.000+02:00'
'75efbe444c788895bbd93fca5d7666e0d1cde057'|'Weak European productivity requires action: ECB''s Coeure'|'Business News   9:46am EST Weak European productivity requires action: ECB''s Coeure Benoit Coeure, member of the Executive Board of the European Central Bank (ECB), attends a Lamfalussy Lectures Conference in Budapest, Hungary February 1, 2016. REUTERS/Laszlo Balogh FRANKFURT Europe''s productivity growth is sluggish and insufficient to raise living standards, requiring government action, European Central Bank Executive Board member Benoit Coeure said on Friday. "One thing that is clear is that government support for innovation matters: in Europe differences in innovation capacity across countries are closely related to public spending on R&D, particularly in basic research," Coeure said in Davos. "Hence such spending needs to be prioritized in national budgets and in the EU budget, and in particular in situations of fiscal consolidation," Coeure said. "Spending on higher education is also key: the US spends about twice as much on tertiary education per pupil as we do in Europe." (Reporting by Balazs Koranyi; Editing by Andreas Framke) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-ecb-policy-coeure-idUSKBN1541ZL'|'2017-01-20T21:42:00.000+02:00'
'554d276903b206e3a1ffc2e8e7084afea65f876f'|'PRESS DIGEST - Wall Street Journal - Jan 20'|'Jan 20 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Joaquin "El Chapo" Guzman, the drug lord who staged two spectacular escapes from maximum-security prisons in Mexico, has arrived in New York to face trial, U.S. officials said Thursday. on.wsj.com/2jeuWLl- A $1 billion financing deal with Chinese firms Shanghai Film Group Corp and Huahua Media promises Viacom Inc''s struggling Paramount Pictures some much-needed funds and a foothold in the world''s second-largest box-office market. on.wsj.com/2jeBNV7- A Chinese consortium led by China Oceanwide Holdings Group Co reached a deal to buy International Data Group Inc, the data and marketing company that also runs venture-capital firm IDG Ventures. on.wsj.com/2jevNMa- China''s flagship state-owned chip maker Tsinghua Unigroup said it plans to build a $30 billion memory-chip factory in Nanjing, its latest investment as China moves to diminish its dependence on U.S. chip manufacturers. on.wsj.com/2jeE7LL- U.S. regulators closed a probe of a fatal crash involving a Tesla Motors Inc car driving itself, concluding the Silicon Valley auto maker''s semi-automated technology didn''t contain a safety defect. on.wsj.com/2jeEpSQ- JPMorgan Chase & Co Chief Executive Jamie Dimon will receive $28 million in total compensation for 2016, up 3.7 percent - or $1 million - from 2015, according to a Thursday securities filing. on.wsj.com/2jezEsp- South Korea''s Hyundai Merchant Marine Co Ltd said it will buy a fifth of the company that runs the biggest container terminal at Long Beach, Calif., the U.S.''s second-largest port. on.wsj.com/2jeCGNr- Uber Technologies Inc agreed Thursday to pay $20 million to resolve Federal Trade Commission allegations that it misled drivers about potential earnings and vehicle financing. on.wsj.com/2jev9Oy (Compiled by Abinaya Vijayaraghavan in Bengaluru)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1FA2B5'|'2017-01-20T08:25:00.000+02:00'
'4372a24e5e649e40d2521b4c97ca4b0172f990da'|'Nikkei edges up on short covering; market cautious before Trump inauguration'|'Company News   1:35am EST Nikkei edges up on short covering; market cautious before Trump inauguration TOKYO Jan 20 Japanese stocks edged up on Friday as investors covered their short positions, but gains were tempered and volume was low as markets remained cautious before the inauguration of U.S. President-elect Donald Trump. The Nikkei ended 0.3 percent higher at 19,137.91. For the week, it dropped 0.8 percent. The broader Topix gained 0.4 percent to 1,533.46, with only 1.79 billion shares changing hands, compared to average trading volume of 2.06 billion shares in the past 30 days. The JPX-Nikkei Index 400 added 0.4 percent to 13,747.11. Takata Corp dived by the limit down level for a second day, ending 21 percent lower as investors grappled with the management efforts to restructure the embattled air bag maker. A source told Reuters that bidders for Takata are pushing for a court-mediated turnaround for the firm''s domestic business. (Reporting by Ayai Tomisawa; Editing by Shri Navaratnam) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1FA2IL'|'2017-01-20T13:35:00.000+02:00'
'4085de4933c4eb1bd48f5a530ab7d05bd87474b0'|'Societe Generale to pay $50 mln to settle U.S. fraud claims'|'Company News  24pm EST Societe Generale to pay $50 mln to settle U.S. fraud claims NEW YORK Jan 20 Societe Generale agreed to pay a $50 million civil fine to settle U.S. claims that it defrauded investors in connection with the marketing and sale of residential mortgage-backed securities. The U.S. Department of Justice announced the settlement on Friday, and said the French bank acknowledged having committed misconduct. (Reporting by Jonathan Stempel in New York; Editing by James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/societegenerale-settlement-idUSFWN1FA0SG'|'2017-01-21T01:24:00.000+02:00'
'0ea123cd7a4cb16e4d663502d2c488796ea11b0f'|'Stocks, bond yields rise ahead of Trump inauguration'|'  3:52pm GMT Stocks, bond yields rise ahead of Trump inauguration left right Traders work on the floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., January 19, 2017. REUTERS/Stephen Yang 1/3 left right A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo 2/3 left right People are reflected in a display showing the Nikkei average (top in L) and the NASDAQ average of the U.S outside a brokerage in Tokyo, Japan, November 7, 2016. REUTERS/Kim Kyung-Hoon 3/3 By Sinead Carew - NEW YORK NEW YORK U.S. stocks rose along with Treasury yields on Friday, the last day of a choppy trading week, as investors awaited Donald Trump''s Presidential inauguration later in the day. The dollar, which has lost some of its momentum in recent weeks, was off 0.03 percent against six major currencies .DXY. There has been a pause in the post-election market rally in risky assets such as equities amid questions over how Trump''s administration will carry out ambitious campaign promises of lower taxes, more government spending and looser regulations. The MSCI all world stock index .MIWD PUS was up modestly by 0.38 percent but was poised for a weekly decline. Caution ahead of the former reality TV star''s impending inauguration speech offset better-than-expected economic data from China and comments from Federal Reserve Chair Janet Yellen, in which she sounded less hawkish than the previous day. "All eyes will be on the content and style of Trump''s inauguration speech," Morgan Stanley strategists led by Hans Redeker wrote in a note. "The more ''presidential'' this speech comes across, the better the outcome for markets," the strategists wrote. Tens of thousands of law enforcement officers and miles of barriers were in place in Washington D.C. as it braced for hundreds of thousands of people planning to celebrate or protest the inauguration of Trump. At 10:39 a.m. ET, the Dow Jones Industrial Average .DJI was up 88.02 points, or 0.45 percent, at 19,820.42, the S&P 500 .SPX gained 9.9 points, or 0.44 percent, to 2,273.59 and the Nasdaq Composite .IXIC added 22.83 points, or 0.41 percent, to 5,562.91. The benchmark S&P 500 was on track to end the week down slightly, and both the Dow and Nasdaq were each set for weekly declines. The S&P 500 .SPX has fallen a median 2.7 percent in the month after each new president has taken the keys to the White House since Herbert Hoover did so in January 1929, according to Reuters analysis. Benchmark 10-year notes US10YT=RR fell 7/32 in price to yield 2.48 percent, up from 2.46 percent late on Thursday and a low of 2.31 percent on Tuesday. New Treasury supply to finance an expected bump up in government spending may drag further on bond prices and send yields higher. “Clients believe that what you are going to see down the road is more supply by this administration, whether it’s a 50-year bond or just more supply to finance what they want to do in infrastructure and how they want to move the economy along,” said Tom di Galoma, managing director at Seaport Global in New York. European stocks were little changed, up a tad by 0.16 percent, reversing earlier losses amid caution ahead of Trump''s inauguration. However, Europe''s benchmark index was poised for its worst week since early December. Precious metals funds saw their first inflows in 10 weeks, according to data from fund tracker EPFR and Bank of America-Merrill Lynch while money was pulled from funds focused on financials stocks and high-yield bonds. Spot gold XAU=, on track for a fourth straight week of gains, fell 0.04 percent on Friday to $1,204.3 per ounce. Oil prices rose for the second day in a row on expectations a weekend meeting of the world''s top oil producers would demonstrate compliance to a global output cut deal. Brent crude LCOc1, the international benchmark, rose 2 percent to $55.30. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading up 2.3 percent at $52.57 per barrel. (Additional reporting by Karen Brettell in New York, Vikram Subhedar in London,; Editing by Bernadette Baum) Next In Business News Fears of economic ''race to bottom'', strong dollar in Davos DAVOS, Switzerland A strengthening dollar and a "race to the bottom" on taxes, deregulation and trade policy are the major risks to an otherwise brightening global economy, financial leaders said on the final day of the World Economic Forum in Davos.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN154041'|'2017-01-20T22:51:00.000+02:00'
'eb83a7467a49c25d2783f83b1eaa2237f1dd0ee9'|'Interview: India''s top bank SBI eyes up to $1.5 billion capital raising next fiscal year'|'By Angeline Ong and Sujata Rao - DAVOS, Switzerland DAVOS, Switzerland India''s biggest lender by assets, State Bank of India, could tap capital markets next fiscal year to raise up to $1.5 billion, its chief said on Friday, though it first needs to complete a planned merger with its subsidiary banks.In an interview with Reuters on the sidelines of the World Economic Forum in Davos, Arundhati Bhattacharya also said the lender would look to raise funds from stake sales in its life insurance unit that could list in a year to 18 months, and by paring its holding in UTI Asset Management Co, which is also looking to go public."We do plan to raise some capital. However, this is also dependent on the fact that there is a merger that we are planning to do," said Bhattacharya, 60, who has been at the helm of SBI as its chairman since late 2013.SBI, which is merging its five subsidiary banks with itself and also taking over a small state-run lender for women, previously expected the merger to be completed by March.The deals could now get delayed by a quarter, Bhattacharya said, as banks are still busy replacing withdrawn banknotes after India''s sudden move in November to cancel 86 percent of its currency. India''s fiscal year starts in April."As long as the merger is not over and done with, it could be difficult to approach the capital markets," Bhattacharya said, adding the lender could look to raise between $1 billion and $1.5 billion from the markets.SBI last sold shares in January 2014 to raise $1.2 billion.Bhattacharya said activities were "slowly getting back to normal" as effects of the banknote ban subside, although it would still take until the end of February to fully gauge the impact.Bhattacharya hoped recent lending rate cuts by banks including SBI, after they were flush with billions of dollars of deposits following the banknote ban, would help "kickstart" credit growth, which is hovering near two-decade lows."We feel that credit growth will pick up ... definitely by the second half of next (fiscal) year we should see substantial pick up," she said.Ratings agency Fitch estimates India''s banks will need about $90 billion to meet global Basel III rules which are due to be fully implemented by March 2019.Indian banks face a March deadline from the country''s central bank to identify and make provisions for the troubled assets.But Bhattacharya said: "It''s unlikely now to be finished by March 2017, but probably in another quarter or two it should be at least many of the large ones would have found some kind of resolution."BNP Paribas Cardif, SBI''s partner in its life insurance arm, was no longer interested in picking up 10 percent more in SBI Life at current valuations, Bhattacharya said.The two sides had been in talks over the stake after India allowed higher foreign holdings in the insurance sector. In separate deals, SBI last month agreed to sell stakes in SBI Life to KKR and Temasek($1 = 68.1400 Indian rupees)(Writing and additional reporting by Devidutta Tripathy in Mumbai; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/davos-meeting-state-bank-india-idINKBN1541ZJ'|'2017-01-20T11:46:00.000+02:00'
'2b073612983dbe11bca30051a57f5535fffb0747'|'AmEx profit misses estimates on higher marketing spend'|'By Nikhil Subba American Express Co ( AXP.N ) posted a lower-than-expected quarterly profit on Thursday as the credit card issuer boosted spending on marketing and promotion to fend off rising competition.The company said it now expects full-year 2017 earnings to be between $5.60-$5.80 per share. AmEx had previously expected to achieve at least $5.60 per share in 2017."That outlook is built on a set of priorities designed to put us in a strong position for 2018 and the years ahead," Chief Executive Kenneth Chenault said.AmEx''s stock has rallied since the U.S. election as investors hope Trump will usher in a new era of looser bank regulations along with economic growth which should drive increased spending among AmEx customers.The company''s shares were down about 1 percent in after-hours trading.Chief Financial Officer Jeffrey Campbell, on a call with analysts, cautioned that quarterly earnings and revenue would be uneven in 2017, with lower growth in the first quarter.During the quarter, AmEx added 1.6 million cards across its U.S. issuing businesses and 2.4 million on a worldwide basis, Campbell said."...we have now effectively replaced Costco as a distribution channel with our own proprietary activities," Campbell added.AmEx, which has long catered to affluent customers, has struggled since the loss of a lucrative partnership with Costco Wholesale Corp ( COST.O ). The portfolio accounted for about 8 percent of the spending on AmEx cards in 2015.Net income attributable to common shareholders fell to $825 million, or 88 cents per share, in the fourth quarter ended Dec. 31, from $899 million, or 89 cents per share, a year earlier.Total revenue, net of interest expense, fell to $8.02 billion from $8.39 billion last year.Analysts on average had estimated a profit of 97 cents per share, according to Thomson Reuters I/B/E/S.Up to Thursday''s close, AmEx stock had risen about 15.5 percent since the U.S. election.(Reporting by Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/american-express-results-idINKBN1533AL'|'2017-01-19T20:15:00.000+02:00'
'efb59981769c38be6b11bfd90259845f4363711e'|'Families of MH370 victims to lobby Malaysian minister in Australia'|'By Harry Pearl - SYDNEY SYDNEY Relatives of victims onboard missing Malaysia Airlines flight MH370 said on Sunday they plan to deliver personal letters to Malaysian Transport Minister Liow Tiong Lai while he visits Australia, urging him to resume the search for the missing jet.Liow held informal talks with Australian Transport Minister Darren Chester in the Western Australian capital of Perth on Sunday, Chester’s office said, five days after the two ministers and their Chinese counterpart suspended a three-year hunt for the plane.The Boeing 777 jet disappeared in March 2014 en route to Beijing from the Malaysian capital of Kuala Lumpur, with 239 people on board, sparking one of the world''s great aviation mysteries.Voice370, a group representing families of the crew and passengers, said a representative would deliver the letters to Liow on either Sunday or Monday."We want them to resume the search. They can’t let this go," Danica Weeks, an Australia-based spokeswoman for Voice370, said.Chester and Liow will welcome the search vessel, Fugro Equator, back to Fremantle on Monday, putting an end to a recovery operation that has scoured a 120,000-sq-km (46,000-sq-mile) area of the Indian Ocean sea floor.Malaysia, Australia and China agreed in July to suspend the $145 million search if the plane was not found, or if new evidence that might offer a clue as to its whereabouts was not uncovered, once that area had been checked.“The tripartite decision to suspend the search in the absence of any credible new evidence leading to the specific location of the aircraft was not taken lightly,” Chester said in a statement to Reuters.Australia has not ruled out a future underwater search for plane and Malaysia said this week it would pay a reward if the fuselage was found by a credible private company. [nL4N1FA2WM]Malaysia holds ultimate responsibility for the search given Malaysia Airlines is registered there. The aircraft is thought to have crashed west of Australia, placing it in its maritime zone of responsibility.Twelve of the 239 on board were crew. According to the flight manifest, 152 passengers were Chinese, 50 Malaysian, seven Indonesian, six Australian, five Indian, four French and three were American.(Reporting by Harry Pearl; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/malaysia-airlines-mh-idINKBN156088'|'2017-01-22T02:55:00.000+02:00'
'fe8911148515aeac92845844c1718e225d9e8a81'|'MIDEAST STOCKS-Q4 earnings misses may pull down Saudi'|'Financials - Sun Jan 22, 2017 - 12:35am EST MIDEAST STOCKS-Q4 earnings misses may pull down Saudi DUBAI Jan 22 Weak fourth-quarter earnings at several major Saudi Arabian companies may pull down stocks in that market on Sunday, while other Gulf markets may have a moderately firm tone after oil prices and global equities ended last week on a strong note. Savola Group, Saudi Arabia''s largest food products company, swung to a net loss of 964.3 million riyals ($257.2 million) in the three months to the end of December from a profit of 515.3 million riyals a year ago. The company said it did not plan to pay quarterly dividends in 2017, attributing the profit drop to lower gross profits, higher financial charges, and non-recurring items booked during the quarter. Analysts polled by Reuters had on average forecast Savola would make a quarterly profit of 53.6 million riyals. Several banks also missed estimates, partly because of rises in provisions for credit losses in a weak Saudi economy. Alawwal Bank swung to a net loss of 249.3 million riyals from a net profit of 451.3 million riyals; Alistithmar Capital and EFG Hermes had forecast a profit of 330.5 million and 438.0 million riyals. Saudi British Bank posted a 35 percent drop in fourth-quarter net profit, Banque Saudi Fransi reported a 61 percent drop, and Samba Financial Group reported a 12 percent fall. All three missed analysts'' forecasts. (Reporting by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1FB0JS'|'2017-01-22T12:35:00.000+02:00'
'e5fbda271a295c502fd55cb9f8071a2707b8f1f5'|'Saudi''s SABIC to acquire remaining stake in Saudi JV with Shell for $820 million'|'Business News - Sun Jan 22, 2017 - 7:29am GMT Saudi''s SABIC to acquire remaining stake in Saudi JV with Shell for $820 million A man walks past the headquarters of Saudi Basic Industries Corp (SABIC) in Riyadh, Saudi Arabia October 27, 2013. REUTERS/Faisal Al Nasser/File Photo DUBAI Saudi Basic Industries Corp (SABIC) 2010.SE has signed an agreement to acquire the remaining stake of its joint venture with Shell Arabia, a unit of Royal Dutch Shell ( RDSa.L ) in Saudi Arabia for $820 million (662.79 million pounds), SABIC said on Sunday. The agreement which is expected to be complete before the end of this year is subject to regulatory measures, SABIC said. It said it signed another memorandum of understanding on Sunday with Shell Arabia to boost cooperation in international and local investment opportunities. (Reporting by Hadeel Al Sayegh; Writing by Reem Shamseddine; Editing by Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sabic-shell-idUKKBN15609T'|'2017-01-22T14:29:00.000+02:00'
'7e104e24855a034a0bfea350c7ec24f722b1b8c0'|'Weak European productivity requires action - ECB''s Coeure'|'  3:14pm GMT Weak European productivity requires action - ECB''s Coeure Benoit Coeure, member of the Executive Board of the European Central Bank (ECB), attends a Lamfalussy Lectures Conference in Budapest, Hungary February 1, 2016. REUTERS/Laszlo Balogh FRANKFURT Europe''s productivity growth is sluggish and insufficient to raise living standards, requiring government action, European Central Bank Executive Board member Benoit Coeure said on Friday. "One thing that is clear is that government support for innovation matters: in Europe differences in innovation capacity across countries are closely related to public spending on R&D, particularly in basic research," Coeure said in Davos. "Hence such spending needs to be prioritised in national budgets and in the EU budget, and in particular in situations of fiscal consolidation," Coeure said. "Spending on higher education is also key: the US spends about twice as much on tertiary education per pupil as we do in Europe." (Reporting by Balazs Koranyi; Editing by Andreas Framke) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-coeure-idUKKBN15421W'|'2017-01-20T22:14:00.000+02:00'
'6c8bfa733e42225ec7c3d582f04758ba7fd5ea67'|'UPDATE 1-Qatar''s Doha Bank Q4 net profit falls 85 pct'|' 48am EST UPDATE 1-Qatar''s Doha Bank Q4 net profit falls 85 pct (Adds analyst estimates) DUBAI Jan 22 Doha Bank, Qatar''s fifth-largest lender by assets, reported a 84.8 percent decline in fourth-quarter net profit on Sunday, according to Reuters calculations, missing analyst expectations. The bank earned a net profit of 35 million riyals ($9.61 million) in the three months to Dec. 31 against 231.4 million riyals in the same period of the previous year, Reuters calculations showed, using financial statements in lieu of a quarterly earnings breakdown. Three analysts polled by Reuters had forecast on average the bank would make a quarterly net profit of 215.58 million riyals. The bank posted annual 2016 net profit of 1.05 billion riyals, lower than the 1.37 billion riyals it reported in 2015, according to its statement. The bank did not provide reasons for the decline. Lenders across the Gulf are struggling against the fallout from a prolonged dip in energy prices, which has hurt lending growth and tightened liquidity. The bank said on Nov. 17 it would recommend to shareholders to raise the capital of the bank by 20 percent during the first half of 2017 by issuing new shares to shareholders. Several other Gulf banks have taken similar steps to boost capital in recent months as economic growth slows and they look to prepare for looming global regulations requiring banks to beef up their reserves. The bank''s statement added its board was recommending a cash dividend of 3 riyals per share for 2016, the same for 2015. Doha Bank picked banks for a conventional bond issue, banking sources told Reuters on Nov. 16. ($1 = 3.6408 Qatar riyals) (Reporting by Hadeel Al Sayegh; Editing by Mark Potter) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/doha-bank-results-idUSL5N1FC0PS'|'2017-01-22T22:48:00.000+02:00'
'3839002606cf99f98adf9d53df2b305bb745527c'|'Iraq announces sale of $1 bln in bonds guaranteed by U.S.'|'Company News - Sun Jan 22, 2017 - 6:30am EST Iraq announces sale of $1 bln in bonds guaranteed by U.S. BAGHDAD Jan 22 Iraq announced the sale of $1 billion in bonds guaranteed by the United States, paying an interest of 2.1 percent, far below the price the country is paying for its non-guaranteed debt. The U.S.-guaranteed five-year bonds were issued on Wednesday, the finance ministry said in a statement. The Iraqi government, which relies almost exclusively on oil income, has struggled to pay its bills since crude prices dropped in 2014, the same year that Islamic State militants seized a third of the country''s territory. (Reporting by Maher Chmaytelli; Editing by Mark Potter) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/iraq-bonds-idUSL5N1FC0E2'|'2017-01-22T18:30:00.000+02:00'
'c877911a0472c466c892688b1ebf7957429498da'|'Brexit drives push for bigger Frankfurt role in exchange merger'|'By Andreas Kröner and John O''Donnell - FRANKFURT FRANKFURT Germany and the European Central Bank are pushing harder for Deutsche Boerse ( DB1Gn.DE ) and the London Stock Exchange ( LSE.L ) to give Frankfurt a greater role once they merge, now Britain is leaving the European Union, people involved said.As it stands, London is due to be the home of the main holding company of the merged exchanges and the joint board would also be in Europe''s financial capital but Brexit may upset the plans in favor of Frankfurt.German regulators, politicians and the European Central Bank (ECB) all want more control over the company and for that to work after Britain leaves the EU, at least some of the critical holding company may have to be based in Germany.The growing divisions over the holding company''s location are hanging over the deal to create Europe''s biggest stock market, despite high hopes when it was announced last February that the strong commitment from both sides gave it a good chance of succeeding."Germany must have a full regulatory grasp of the holding company of the merged exchanges," said a regulator in Germany, which has the power to block the deal."That would only be possible if the holding company is either entirely based in or has a dual base in Germany."Other regulators and people involved in the deal who spoke to Reuters on condition of anonymity expressed similar concerns about the need for a German base.Eric Menges, who heads a group called FrankfurtRheinMain, which is backed by local German politicians and aims to promote Frankfurt to businesses, summed up the mood."Wherever you look across all political parties, there is no support for a London holding," Menges said.DOUBLE TROUBLE?A dual holding company split between Frankfurt and London could address the concerns of regulators, the people involved in the talks said, but such a move has been resisted in London.That structure would represent an erosion of power for London following Brexit as oversight of the exchange would have to be shared fully with the ECB and German authorities.The issue has become even more pressing just two months before the European Commission is due to wrap up its antitrust review of the deal now that Britain has said it plans to leave the European single market.British Prime Minister Theresa May''s comments on Tuesday formed the backdrop for a meeting between LSE Chief Executive Xavier Rolet, Deutsche Boerse head Carsten Kengeter and Volker Bouffier, one of Germany''s most influential politicians.Bouffier, an ally of German chancellor Angela Merkel, has signaled in the past that he wants Frankfurt not London to be the main headquarters for the merged company.The European Central Bank based in Frankfurt has also weighed into the debate. Typically at pains to stay at arm''s length from decisions by private companies, the ECB recently took the highly unusual step of commenting about the merger."The United Kingdom''s withdrawal may lead to a loss of oversight," ECB President Mario Draghi wrote to a European lawmaker."It will be important to find solutions that at least preserve, or ideally enhance, the current level of supervision and oversight," Draghi wrote.He said the ECB would analyze the merger carefully, without addressing the issue of where its main headquarters should be.HARD TIMEOne of the chief concerns for the ECB is that London-based LCH Clearnet, which is majority owned by the London Stock Exchange, clears more than half of all interest rate swaps traded around the world, many of which are in euros.That means as soon as Britain leaves the European Union, the clearing of euro transactions will be outside the European Union altogether and in the hands of British regulators."Kengeter knows what we think. For us, the clearing is the important part. They have to come up with a solution," a person familiar with ECB thinking said."We are not going to stop the deal but we can give them a hard time on a daily basis and they know this."Advisers and company executives are divided about whether London''s status in the deal as the main headquarters can be changed. Some people involved argue it could require a new vote by shareholders of both companies, which could upset the deal.It is not the first time a planned merger between the London and Frankfurt bourses has run into difficulties. There have been four attempts, two public and two informal, to combine the two exchanges during the past decade.For now, both companies are sticking to their guns. On Monday, the London Stock Exchange said it had no intention of moving LCH to Germany and that regulatory arrangements would remain in place.Deutsche Boerse also said the merger was "not about relocating businesses".Speaking at Deutsche Boerse''s New Year reception on Monday evening, Kengeter said the exchange would be "supporting Europe''s future cohesion" by maintaining vital bridges between the region''s two biggest economies.Privately, however, people involved in the talks are growing pessimistic. "I believe the chances of success for this deal are now below 50 percent," said one.($1 = 0.9383 euros)(Additional reporting by Arno Schuetze, Francesco Canepa, Andreas Framke and Edward Taylor in Frankfurt; writing by John O''Donnell; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-lse-m-a-deutsche-boerse-idINKBN1512OQ'|'2017-01-17T15:22:00.000+02:00'
'02ff0d78e74950e8168c11e7be8c8c57c70c02db'|'No longer ''rising'', Africa pushed to the margin at Davos'|'Money News   10:26pm IST No longer ''rising'', Africa pushed to the margin at Davos An attendee leaves the Congress Hall during the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 20, 2017. REUTERS/Ruben Sprich By Sujata Rao - DAVOS, Switzerland DAVOS, Switzerland In this Swiss Alps town where the global elite have gathered to debate the world''s problems, there seems to be little room on the radar for Africa, a continent of over a billion people where a commodity-fuelled growth boom has soured with a vengeance. Sub-Saharan Africa''s economies, described a few years ago by consultancy McKinsey as "lions on the move", likely expanded just 1.6 percent last year according to the World Bank - the slowest rate in two decades and one that lags the continent''s galloping population growth. This week, investors were reminded afresh of Africa''s fragile record on democracy and governance - joint African forces are preparing to oust Gambian leader Yahya Jammeh who has refused to step down after losing elections. And a debt default in once-promising Mozambique could be the first of many across the continent in coming years. These issues seem a world away from the rich slopes of Davos, particularly this year when many political and business leaders are preoccupied with the inauguration of U.S. president-elect Donald Trump on Friday and fractures in Europe. "I think people are shell-shocked after 2016," Kenyan central bank governor Patrick Njoroge said in a reference to events such as the Brexit vote and Trump''s election victory. "It is clear we have to deal with lots of issues ourselves ... the UK and U.S. are busy doing their own thing." Other forum attendees also acknowledged a change in focus from addressing the problems of the developing world, as Western leaders struggle with popular rage against company bosses, bankers and migration. "A combination of politics and populism is continuing to take precedence on a worldwide basis compared to Africa," Robert Moritz, global chairman of consultancy PWC, told the Reuters Global Markets Forum in Davos. "Africa has a lot of long-term potential but people are questioning how quickly they can realise that potential so they are not spending as much time on that compared to the rest of the world," Moritz added. That shift coincides with a lacklustre economic picture. PWC''s annual survey released at the summit showed Africa was the only region where company chief executives said they had waning short-term confidence, bucking the robust mood in other emerging economies. Currency risks, the availability of talent and the possibility of social unrest or corruption were cited as reasons. This is exactly why Africa warrants more focus, said Mukhisa Kituyi, secretary general of U.N. trade and development agency UNCTAD. "There''s a lack of Africa-centric issues (at Davos). It''s a big gulf this year," Kituyi told Reuters. "We are seeing countries which are on the brink of default on debt. If (U.S.) interest rates rise quickly many countries ... will quickly move into insolvency. The knock-on effects will be very substantial" CONTRAST Not too long ago, in around 2010-2014, Davos attendees were captivated by the Africa Rising narrative. Inspired by buoyant oil and commodity revenues, investors seized on faster economic growth than in the past and compared with the developed world, rising incomes and even peaceful political transitions, as proof of a structural shift. Now, that optimism has reversed. Nigeria, Africa''s biggest economy, is in recession, and in danger of a currency crisis. The continent''s most industrialised economy, South Africa, celebrated for its post-apartheid democratic transformation, is struggling with sluggish growth and political squabbles that could see it lose its investment grade credit rating this year. There have also been outbreaks of violence, even in Ethiopia and Ivory Coast - the African success stories of recent years. "People like simple stories and the simple story was that commodity prices rose, many African countries did better on the back of that and some people then dressed it up as Africa Rising," Devan Kaloo, global head of equities at Aberdeen Asset Management, said on the sidelines of the WEF. Ratings agency Moody''s last year cut the credit ratings of a third of the 19 countries it rates in sub-Saharan Africa. It warned this month more downgrades were likely in 2017. Governments must work harder to lure investment, said Nigerian tycoon Aliko Dangote - Africa''s richest man - whose empire straddles several African countries and sectors. "What we don''t like as investors in Africa is that governments say: ''Come and invest, I will give you tax holidays, I''ll give you this and that.'' Dangote told a WEF panel. "But the moment you take the risk, if things turn out well, the government will say: ''Let me remove this tax holiday." NOT ALL BAD But many of those who rejected the Africa Rising narrative are not convinced Africa is sunk. "We have gone from everyone thinking it was a fantastic story to everyone thinking it''s a terrible one," Kaloo said. "(African countries) are slowly changing, ultimately disciplined by the market. They sooner or later will come around to what the market wants because of the cost of capital." Recent U.N. data showed that while stock and bond investment into Africa collapsed in 2016, "direct" bricks-and-mortar investment held steady at $82 billion. The CEO of private equity firm Abraaj told Reuters that Africa was core to its investment plan and he would be keen to buy Barclays'' Africa business. Charles Robertson, global chief economist at Renaissance Capital, compares East African states Rwanda, Kenya, Tanzania, Uganda and Ethiopia to South Korea in 1960, poverty-stricken before its industrial boom. Annual growth is running at a solid 5-7 percent in those five countries. "There are some African countries I''d write off for 15 years," Robertson said. "There are 9-10 countries that won''t go anywhere but the rest are going to advance." (Additional reporting by Martinne Geller; Editing by Pravin Char) Next In Money News Fairfax may sell 25 percent of India''s ICICI Lombard in up to $1 billion deal - sources MUMBAI Fairfax Financial Holdings is in early talks to sell 25 percent of India''s largest private general insurer ICICI Lombard in a deal that could fetch up to $1 billion, as the Canadian firm looks to cash out and start a new insurance joint venture, sources familiar with the matter said. Japan threatens India with WTO on steel as Trump era heralds rising trade tensions TOKYO Japan is threatening to take India to the WTO over restrictions that nearly halved its steel exports to the South Asian nation over the past year, a step that could trigger more trade spats as global tensions over steel and other commodities run high. LONDON HSBC has begun cutting around 100 senior jobs in its investment banking division worldwide this week, according to sources with direct knowledge of the matter. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/davos-meeting-africa-idINKBN1542AV'|'2017-01-20T23:56:00.000+02:00'
'9125c8ac52228b6cf3fabe9e3db6d4f15d917c69'|'Automated mining will cost jobs and tax income: it''s time for governments to act - Guardian Sustainable Business'|'F rom a distance, everything looks normal at Rio Tinto’s Yandicoogina and Nammuldi mines in Pilbara, Western Australia . Huge trucks trundle along the mines’ reddish-brown terraced sides laden with high-grade iron ore. Back and forth, almost endlessly.Watch for long enough, however, and you’ll see that no-one ever steps out of the cab. No lunch stops. No toilet breaks. No change of shift. That’s because these house-sized trucks are being remotely operated by ‘drivers’ based 1,200 kilometres away in Perth. Automation is fast becoming a reality in the world of mining. Rio Tinto is reportedly trialling driverless trains and robotic drilling at its Pilbara sites too. Tele-remote ship loaders, automated rock breakers and semi-autonomous crushers are just some of the high-tech equipment now being rolled out by the sector’s leading edge companies. The idea of 21 st century mines being run from centralised control centres far from the dust of the coalface has several significant selling points. Automation is arguably greener, safer and – after the initial up-front investment – has cheaper running costs. Mining, manufacturing and fruit picking: can automation save Mackay jobs? Read more Mine workers, local suppliers and government tax agencies are justified in being a tad sceptical, however. More robotic technology potentially means fewer low-skilled workers, less local contracting and lower mine-related tax receipts.“If you’re moving from mines that employ 5,000 to 10,000 people down to 500 or 1,000, then you’re obviously not going to get the same amount of local jobs,” says Howard Mann, senior adviser on international law at International Institute for Sustainable Development (IISD) and co-author of a recent study on the impact of automation in the mining sector. According to the report’s findings, mine automation is set to hit resource-rich countries in the developing world hardest, with national gross domestic product potentially reducing by as much as 4% in some cases. It’s not just local jobs that might go. Local procurement in poor countries could dramatically reduce too. Based on data from two multinational mining companies, the report’s authors calculate that large mine operators in low-income countries spend about one fifth (21%) of their procurement locally. For OECD countries, that figure is closer to 91%.“The ‘shared value’ paradigm was intended to reduce that gap and give developing countries the opportunity to close those ratios. What automation is going to do is just step in the way and block that from happening in a significant way,” says Mann. Revealed: Rio Tinto''s plan to use drones to monitor workers'' private lives Read more The notion of ‘shared value’ lies at the crux of the debate around how best to manage automation’s impacts for mining. Now a staple in the corporate social responsibility lexicon, the term describes the mutual benefits that can ideally accrue from mineral extraction. By generating value for host countries, the argument runs, Big Mining can justify expatriating large chunks of value elsewhere – not least to shareholders in rich countries.For Mann, automation has come like a “bolt out of the blue” for governments and mining companies alike. With the deployment of automated technologies expected to peek in 10-15 years, now is the time to rethink how the mining pie is currently sliced up.“The mining sector model is almost a colonial model. The mining companies own the resources, they own the land and they own all the benefits of harvesting the resources,” he says. “‘What share of taxes and royalties should governments get?’ used to be the baseline question. I think we’re going to see a reversal of that in the coming years.” In other words, in a more automated future, national governments should think about how to restructure the mining sector so as to best compensate for lost jobs and income. In Mann’s view, policymakers need to consider a greater role for state-owned companies, tighter profit-sharing agreements and more service-oriented (rather than ownership) concessions, among other measures. Aidan Davy, chief operating officer at the International Council for Mining and Metals, is wary about rewriting the rule book just yet. Automation is as likely to result in the redeployment of jobs within the mining sector, as it is the removal of those jobs. Nor will automation be rolled out universally. The speed and spread of uptake will depend heavily on local issues, such as mineral type and availability of necessary skills.All the same, he concedes that companies could potentially do more to help diversify local economies away from mining – a major recommendation of the IISD report. Helping to open up new markets for people in mining areas by maximising rail, road and other mining-related infrastructure investments would be one way to do so. Directing state revenues from mining to economic diversification projects is another possible option, Davy suggests: “You can make the case for saying that perhaps it is appropriate that there is a diversion of at least a proportion of that to the broadening of economic opportunity in producing areas on the basis that there is less direct opportunity associated with employment within the mine.” Can democracy survive the fourth industrial revolution? Should it? Read more Yet efforts to promote economic diversification take mining companies out of their comfort zone. It’s not impossible, though. Davy points towards the example of Cerro Verde copper concession in Peru, where US-based mine operator Freeport-McMoRan has helped poultry farmers and artisan weavers build up their businesses. Such as they exist, however, most job creation schemes tend to focus on integrating local businesses into mining companies’ own supply chains.Another option is to focus on building local capacity. Automated technology is not about to go away. So emerging economies heavily dependent on mining should consider how best to obtain the skills and technical know-how to best exploit it.So argues Nahom Ghebrihiwet, a PhD candidate at VU University Amsterdam and a specialist in technology and knowledge “spillovers” related to foreign direct investment projects. Large mining companies already invest in universities and other specialist research centres in mature markets such as Australia. With the right incentives, similar initiatives could take root elsewhere too, he argues. “Other sectors will also benefit from these sorts of skills, so it makes sense for the government to invest in this ... and if companies are convinced of the fact that they can establish these centres, then the next step obviously will be that the company themselves will begin to transfer skills to [local people] and train them,” he says. A case in point is Rio Tinto’s Analytics Excellence Center in Pune, India, which is run jointly with information technology service provider IGATE Patni. The purpose of the research hub is to predict and prevent engine breakdowns and other downtime events by analyzing equipment data from Rio’s worldwide operations.Revealed: Rio Tinto''s plan to use drones to monitor workers'' private lives Read more Peter Knights, head of the mining engineering division at Australia’s Queensland University, goes further, arguing host governments in developing countries could mandate local knowledge transfer. He compares it to similar requirements for US defense companies that have sales contracts with Australia. “If we’re going to look at developing autonomous mining in developing countries then including offsets to upskill local people is probably a legitimate request,” he says. It’s not just low-income countries where research and upskilling is required, however. Educators in advanced economies are still puzzling over precisely what skills and management strategies mining professionals will need in a more automated future. “In many ways, we are still nutting what these new roles will be. In Australia, for example, we’ve seen a number of companies invest in what we call Remote Operation Centres, which have created a whole class of jobs that were not previously available in the mining industry,” says Knights. Automation’s impact on the global mining sector is unlikely to be either smooth or homogenous. But one thing looks certain: if its claims to shared value are to remain valid into the future, it will have to ditch its ‘colonial’ model for a more collaborative, confederate one instead.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jan/20/autonomous-mining-will-cost-jobs-and-tax-income-its-time-for-governments-to-act'|'2017-01-20T08:34:00.000+02:00'
'eec684ddd80a6e4a36261aa7f0f4237c0272b207'|'Lagarde warns of ''race to bottom'' on trade, regulation, taxes'|'Davos - Fri Jan 20, 2017 - 6:08am EST Lagarde warns of ''race to bottom'' on trade, regulation, taxes Christine Lagarde, Managing Director, International Monetary Fund (IMF) attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland January 18, 2017. REUTERS/Ruben Sprich DAVOS, Switzerland The head of the International Monetary Fund said on Friday that one of the biggest risks to the global economy in 2017 was "a race to the bottom" on taxes, regulations and trade, in an indirect reference to the policy plans of the incoming U.S. administration. "If the disruptions we are expecting for 2017 as a result of what has happened in 2016 prove to be all negative and we are to end up in a race to the bottom on the tax front, on the trade front, on the financial regulation front, then that for me would be a really big black swan that would have devastating effects," managing director Christine Lagarde told the World Economic Forum in Davos. (Reporting by Noah Barkin and Dmitry Zhdannikov) Next In Davos'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-davos-meeting-outlook-idUSKBN1541D5'|'2017-01-20T18:08:00.000+02:00'
'2799e24f8833c657a600f25e2bc85e715404e82d'|'Wells Fargo to merge international business with wholesale banking'|'By Dan Freed Wells Fargo & Co ( WFC.N ), the third-largest U.S. bank by assets, said on Thursday it would merge its international business with its wholesale banking unit that serves corporate clients.The bank also named Richard Yorke, who previously headed the international group, as chief operating officer for the wholesale banking business.Spokesman Alan Elias said the international business previously stood on its own since it was so small that it needed more individual attention. The bank began to build its international operations in earnest after its acquisition of Wachovia at the start of 2009.Wells Fargo derives just 4 percent of its revenues from outside the United States. That is a much smaller portion than rivals like JPMorgan Chase & Co ( JPM.N ), Bank of America Corp ( BAC.N ) and Citigroup Inc ( C.N ).Still, the international presence grew considerably following acquisitions from General Electric Co ( GE.N ) last year. Wells Fargo now has operations in 42 countries and territories with close to 3,000 employees in Asia Pacific, Europe and the United Kingdom.Before he takes on his new role, Yorke will assume an interim post as a senior member of a team of executives helping Wells Fargo plan for its possible bankruptcy. Joining that team on a permanent basis will be Scott Zaret, an executive from the bank''s risk division.Wells Fargo failed its resolution planning process in December and will have to submit a new plan to regulators in March. [L1N1E81RC]Elias said the decision to move the international business inside the wholesale unit was not a response to December''s failure.(Reporting by Dan Freed in New York; Additional reporting by Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta and Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-wells-fargo-restructuring-idINKBN15335J'|'2017-01-19T20:00:00.000+02:00'
'3e01e1dc6bb84a9691a45eaf9a84defbf3fbb677'|'UPDATE 1-Cheering better growth, ECB still to keep policy, stimulus unchanged'|'Bonds News - Thu Jan 19, 2017 - 4:22am EST UPDATE 1-Cheering better growth, ECB still to keep policy, stimulus unchanged * Rates, QE seen unchanged * Growth improving but fraught with risk * Decision at 1245, Draghi at 1330 (Adds quote, Fed) By Balazs Koranyi and Francesco Canepa FRANKFURT, Jan 19 Even as euro zone growth and inflation slowly pick up pace, the European Central Bank is set to argue on Thursday that its extra-easy policy stance is still needed to keep the recovery on course. The ECB is all but certain to leave current monetary policy in place and maintain a promise for lengthy stimulus, having extended its bond-buying programme just last month. ECB President Mario Draghi can argue the bank has done its part to mend growth, but he will also likely note the recovery is not self-sustaining, underlying inflation is weak and markets could become more volatile as the Federal Reserve gradually raises rates. So turning down the taps now is inappropriate, Draghi is expected to say, once again underscoring diverging policy paths between the ECB and the Federal Reserve, whose chair, Janet Yellen, signalled further interest rate increases on Wednesday. "Draghi seems to be comfortable to allow inflation to drift higher before declaring full victory over deflation," David Kohl an economist at Swiss private bank Julius Baer, said. On the face of it, Draghi should be relaxed. Inflation hit a three year high last month, manufacturing activity is accelerating and confidence indicators are firming, all pointing to solid growth at the end of last year. Indeed, euro zone business growth was the fastest in more than five years in December, order books are surging on export demand, and consumption is holding up, despite rising energy costs, all pointing to the sort of resilience not seen since before the bloc''s debt crisis. The underlying picture is mixed, however, giving Draghi plenty of arguments to bat back criticism, particularly from Germany, the bloc''s biggest economy and the ECB''s top policy foe. Inflation is still just half of the bank''s 2 percent target and the jump is mostly down to higher oil prices while underlying price growth remains dangerously weak. The market euphoria after Donald Trump''s surprising U.S. election win is also yet to be backed up concrete policy action and the threat of more protectionist policies from the United States and possibly Britain could reverse market sentiment. The ECB announces its rate decision at 1245 GMT and Draghi holds a news conference at 1330 GMT. GERMAN ANGST The ECB last month agreed to cut its asset buys by a quarter from April but extended the 2.3 trillion euro scheme, known as quantitative easing, until the end of the year, promising substantial accommodation and extended market presence. The extension threatens to reignite tensions between the bank and Berlin, particularly as Germany heads towards an election in the fall and with Finance Minister Wolfgang Schaeuble often pointing the finger at the ECB for problems. Berlin argues that super cheap borrowing costs negate pressure on inefficient euro zone members to reform but unduly punish frugal German savers, who have seen the return on their savings evaporate. Indeed, with German inflation rates above the euro zone average and government bond yields in negative territory across much of the yield curve, real rates are negative for many savers, pushing some voters towards the rightist Alternative for Germany party. Still, cutting back stimulus may be a double edged sword, even for Germany, which is struggling with a bloated and inefficient bank sector. Higher ECB rates would not only cost the budget billions of euros in extra spending but would risk thwarting a still fledgling lending growth. "The lending channel is no longer clogged up, but it is not completely free either and progress has only been possible thanks to massive measures by the ECB," Commerzbank said. "If monetary policy were to be tightened again, and the burdens from existing loans were to increase once more, the lending channel would close and the economic picture would worsen considerably again," Commerzbank added. The risk for now is if the oil stabilises at a relatively high level, eventually feeding into core inflation and raising the risk that inflation could even overshoot the ECB''s target. Still, it would take years such a pass through and all indication is that Draghi would happily tolerate a modest overshoot after facing the threat of deflation for years. (Editing by Jeremy Gaunt) Hammond: UK''s budget stance is "steady as she goes" DAVOS, Switzerland Jan 19 British finance minister Philip Hammond said on Thursday he saw no case right now for using some of the room he reserved last year for the government to borrow more, ahead of his annual budget on March 8.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ecb-policy-idUSL5N1F923U'|'2017-01-19T16:22:00.000+02:00'
'ff1ae12c4cdfa505dca1a416c8c2704a2f3a7262'|'UPDATE 2-Order books on Argentina bond hit US$14bn'|'(Adds background, Quote: s)By Paul KilbyNEW YORK, Jan 18 (IFR) - Order books on Argentina''s two-part US dollar bond have already swelled to US$14bn ahead of expected pricing on Thursday.Demand is expected to grow substantially overnight as investors turn their attention away from the string of sovereign trades seen in the market on Wednesday and focus on Argentina."There are a lot of large accounts that were busy with today''s new issues and had not placed orders yet, since this is tomorrow''s business," one source told IFR.The country set initial price thoughts of high 5% on a five-year bond and low 7% on a 10-year. At those levels, Argentina is seen offering as much as 50bp in new issue premiums.At 5.875%, the spread over Treasuries on a new five-year would be around 400bp versus a 350bp G-spread on the existing 2021s, noted one banker.The 10-year is coming slightly tighter, assuming that low 7% translates into a Treasury spread of 475bp versus a G-spread of 433bp on the existing 2026s, the banker said.Newman puts fair value on a new five year at 5.625%, and 7.125% on the 10-year tenor. "Inside that and we would not be too keen," he said.Others still see value inside those levels given how much markets have rallied of late."If a 10-year came in the high 6s, that is still a lot of yield in today''s credit market given how much emerging markets and US high yield have tightened," said Mark Hughes, a research analyst at Western Asset.Even so, the buyside''s willingness to bend on pricing may depend on their faith in the government''s ability to keep a cap on external dollar supply this year."The big question will be: ''How much do they want to print?''" said Eddy Sternberg, EM portfolio manager at Loomis Sayles & Company.The government appears to be managing expectations after announcing last week that it plans to sell between US$3bn-US$5bn - down from the US$10bn reported earlier in the year."They came out last week saying they are not planning to issue as much foreign currency debt as the market had expected," said Hughes. "That was positive for the credit."How much Argentina issues in the external market may depend in part on the depth of its domestic market, which the government has worked to develop since it took office last December.There are reasons to believe that the government goal of raising US$14bn through local instruments is achievable.Not only are inflows from a recent tax amnesty expected to be invested in that market, but Argentina''s inclusion on JP Morgan''s emerging currency bond index will help bolster demand there.Bookrunners are BBVA, Citigroup, Deutsche Bank, HSBC, JP Morgan and Santander. (Reporting by Paul Kilby; Editing by Marc Carnegie and Shankar Ramakrishnan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-bonds-orderbooks-idINL1N1F825E'|'2017-01-18T19:27:00.000+02:00'
'4c5f84a277976a9768b157eeb5ccad799d52792e'|'ECB survey sees steeper upward trend in inflation expectations'|' 19am GMT ECB survey sees steeper upward trend in inflation expectations The European Central Bank (ECB) headquarters is pictured in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski FRANKFURT Higher oil prices have increased near-term inflation expectations in the euro zone but long term projections remained unchanged, the European Central Bank''s Survey of Professional Forecasters showed on Friday. Inflation, now running at 1.1 percent, is expected to average 1.4 percent this year, 1.5 percent in 2018, and 1.6 percent in 2019, slowly rising towards the ECB''s target of just below 2 percent. Underlying inflation, or inflation excluding food and energy prices, is expected to increase to 1.1 percent this year, 1.3 percent in 2018 and 1.5 percent in 2019, the survey showed. Developments in core inflation are expected to determine when the ECB will scale down and eventually stop its 2.3 trillion euro asset buying programme and increase interest rates. Long-term inflation projections remain well anchored near the European Central Bank''s target, with the survey of 57 forecasters showing expectations holding at 1.8 percent for 2021. GDP growth this year is seen at 1.5 percent for 2017, 2018 and 2019. By 2021, growth is seen accelerating to 1.6 percent, in line with the survey''s expectation from three months ago. Projections for the rate of unemployment were revised down to 9.5 percent this year, 9.2 percent next year and 8.9 percent next year. For 2021, the unemployment rate also was cut to 8.5 percent. For more detailed data on the survey, click on: here (Reporting by Andreas Framke; Editing by Balazs Koranyi)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-survey-idUKKBN154107'|'2017-01-20T16:19:00.000+02:00'
'5ce15f21f5f06c8228932508b6a2db8d4bf6c149'|'AIG, Berkshire Hathaway unit enter reinsurance pact'|'American International Group Inc ( AIG.N ) said it would pay $9.8 billion to National Indemnity Co, a unit of Berkshire Hathaway Inc ( BRKa.N ), to cover most of AIG''s U.S. Commercial "long-tail exposures" for accidents that occurred in 2015 and prior.The agreement covers 80 percent of AIG''s U.S. Commercial long-tail exposures - liabilities for claims that take a long time to be settled.AIG will have to make the payment by June 30. It will be placed into a collateral trust account as security for NICO''s claim payment obligations to AIG operating subsidiaries, AIG said.AIG, which is expected to report its quarterly results after market close on Feb. 14, said it expected to take a related charge in the fourth quarter.AIG will retain sole authority to handle and resolve claims, and NICO has various access, association and consultation rights.(Reporting by Richa Naidu and Nikhil Subba in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aig-reinsurance-berkshire-hatha-idINKBN1541TS'|'2017-01-20T10:51:00.000+02:00'
'4d879d3ce8163725adf402a71484db162372c038'|'Siemens gets first H-class turbine order from greater China'|' 25am EST Siemens gets first H-class turbine order from greater China FRANKFURT Jan 20 German industrial group Siemens received its first order from greater China for its flagship H-class gas turbine, its most powerful and efficient turbine. Siemens will supply the turbine to Castle Peak Power, a joint venture of China Southern Power Grid and CLP Power Hong Kong, for the Black Point Power Station in Hong Kong. On the Chinese mainland, Siemens faces tough competition from domestic rivals including Shanghai Electric. The Hong Kong order is Siemens'' 80th for an H-class gas turbine worldwide. (Reporting by Georgina Prodhan; Editing by Victoria Bryan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/siemens-china-turbine-idUSFWN1FA068'|'2017-01-20T15:25:00.000+02:00'
'0302e6d649034734b4b55b64294edfe3818f3947'|'Poland hopes to buy EDF''s local assets by year-end'|'RYBNIK, Poland A consortium of Polish state-run energy firms will hopefully buy the Polish assets of France''s EDF ( EDF.PA ) by the end of 2017, Deputy Energy Minister Grzegorz Tobiszowski said on Friday."I hope that this project, I mean the purchase of these assets, should be finalised by the end of the year," Tobiszowski told reporters.In December the Polish government prevented EDF from selling the plants to two private investors - Australia''s IFM Investors and Czech utility EPH, citing concerns for the long- term security of energy supplies.EDF has agreed to talks with a consortium of Polish utilities about selling its local power plants. The consortium consists of Enea ENAE.WA, Energa ENGP.WA, PGE PGE.WA, and a unit of PGNiG PGN.WA.(Reporting by Wojciech Zurawski; Writing by Marcin Goclowski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-edf-m-a-poland-idINKBN15413R'|'2017-01-20T06:52:00.000+02:00'
'802817ba23904c0380ff72af8f44e2dd43107561'|'South Korea prosecutor says summoned Samsung Electronics executive'|'Technology News - Fri Jan 20, 2017 - 4:29am EST South Korea prosecutor says summoned Samsung Electronics executive FILE PHOTO - A man walks behind a logo of Samsung Electronics at the company''s headquarters in Seoul April 30, 2010. REUTERS/Jo Yong-Hak/File Photo SEOUL South Korea''s special prosecutor''s office said on Friday it has summoned a Samsung Electronics Co Ltd executive for questioning amid a widening graft scandal involving President Park Geun-hye. The office said it had summoned Executive Vice President Hwang Sung-soo for questioning at 2 p.m. (0500 GMT) on Friday, adding he was classified as a witness. It did not elaborate. (Reporting by Se Young Lee; Editing by Robert Birsel) Next In Technology News U.S. regulator finds no evidence of defects after Tesla death probe WASHINGTON U.S. auto safety regulators said on Thursday they found no evidence of defects in a Tesla Motors Inc car involved in the death of a man whose Model S collided with a truck while he was using its Autopilot system. Uber to pay $20 million to settle U.S. claims it misled drivers WASHINGTON Ride-hailing company Uber Technologies Inc has agreed to pay $20 million to settle claims by the U.S. government that it exaggerated prospective earnings in seeking to recruit drivers and downplayed the costs of buying or leasing a car, documents filed with a federal court on Thursday showed. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-southkorea-politics-samsung-group-idUSKBN15411I'|'2017-01-20T16:29:00.000+02:00'
'e74511642f26685abc966c3dacee5b0d85bef46d'|'United flights delayed after computer glitch grounds U.S. planes'|'Business  37am GMT United flights delayed after computer glitch grounds U.S. planes FILE PHOTO - Two ground crew members walk past a United Airlines airplane as it sits at a gate at Newark Liberty International Airport in Newark, New Jersey, June 18, 2011. REUTERS/Gary Hershorn/File Photo A computer problem forced United Airlines to ground all domestic flights for about an hour on Sunday evening, causing a cascade of delays and annoying customers throughout the United States. The "ground halt", which the unit of United Continental Holdings Inc disclosed in a tweet at 8:06 pm ET and lifted about an hour later, follows a series of problems at United and other airlines last year. International flights were not affected, the Federal Aviation Administration said. The number of flights that were affected was not known. "The ground stop has been lifted. We''re working to get flights on their way," United said in a tweet. bit.ly/2jQRW6B . United said it would waive change fees for passengers with a ''travel waiver'' but passengers took their frustration to social media and the Chicago-based airline started responding to their tweets. "This has been the worst customer service experience and worst flying service ever experienced in 30+ years," one passenger tweeted. "My minor son, the one stuck in Tampa with a tumor in his skull? You just told him he can''t stay in a hotel. What''s your plan?", another passenger tweeted to which the company responded asking for her son''s travel details. "We are working as quickly as possible to resolve this issue and get out customers to their final destinations," a company spokeswoman Maddie King said in an emailed statement earlier. In October, thousands of United passengers were delayed worldwide after a computer glitch temporarily halted departures. In June, software needed to dispatch United''s flight plan briefly lost functionality and in July, the same airline''s flights were disrupted after a computer problem blocked access to reservations records. Last week, Air Canada and Toronto-based Porter Airlines also experienced brief glitches that prompted some flight cancellations. (Reporting by Dustin Volz in Washington, Peter Henderson in San Francisco, Ismail Shakil and Vishal Sridhar in Bengaluru and Suzanne Barlyn in New York, Additional reporting by Frank Mcgurty in New York; Editing by Lisa Von Ahn and Gopakumar Warrier) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ual-flights-idUKKBN1570F0'|'2017-01-23T11:37:00.000+02:00'
'f374ce2f3c3acd2face368015b673beb6567a419'|'British banks'' optimism hits crisis-era low on Brexit uncertainty'|'  1:24am GMT British banks'' optimism hits crisis-era low on Brexit uncertainty Sunlight reflecting off a building is seen during a foggy morning in the Canary Wharf financial district of London, Britain, December 28, 2016. REUTERS/Andrew Winning LONDON Optimism about the business environment for Britain''s financial services firms fell for a fourth consecutive quarter, according to a survey published on Monday, the longest decline since the global financial crisis. The latest quarterly survey of 103 financial services firms by business lobby CBI and consultancy PwC found sentiment about Britain''s overall business climate fell the most since December 2008, with banks especially pessimistic. 90 percent of banks surveyed said preparing for the impact of Britain''s exit from the European Union was their top challenge. "Uncertainty has contributed to the low levels of optimism reported by many financial services companies, particularly by the banks," Andrew Kail, Head of Financial Services at PwC, said in the report. Banks have begun signaling how they will put plans into action to cope with a "hard" exit by Britain from the EU, after Prime Minister Theresa May said Britain will leave the single market. Kail also said that greater clarity on the UK position on Brexit from the Prime Minister''s speech this week was welcome, not least a commitment to a period of phased implementation. The survey revealed a more optimistic outlook for hiring, with 18 percent of financial firms saying they had increased employment in the period compared with 10 percent showing a decrease. IT was the biggest area for new jobs. The survey also said firms considered increasing their dialogue with regulators as the biggest priority as Britain negotiates its EU exit. (Reporting By Lawrence White. Editing by Jane Merriman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-banks-outlook-idUKKBN15703Y'|'2017-01-23T07:07:00.000+02:00'
'3af8f02512aded21dbad9cfe32daae3cfbaf10bc'|'German government holds 2017 growth forecast at 1.4 percent - sources'|' 24pm GMT German government holds 2017 growth forecast at 1.4 percent - sources German Economy Minister Sigmar Gabriel (L) and Chancellor Angela Merkel attend the weekly cabinet meeting in Berlin, Germany, January 18, 2017. REUTERS/Hannibal Hanschke BERLIN The German government will leave its 2017 forecast for economic growth unchanged at 1.4 percent despite uncertainties surrounding the policies of U.S. President Donald Trump, coalition sources told Reuters on Monday. Economy Minister Sigmar Gabriel will present the latest forecast to Chancellor Angela Merkel''s cabinet on Wednesday. "The (growth) expectation is 1.4 percent," said a coalition source with access to the report. In October the government lowered its 2017 forecast from 1.5 percent to 1.4 percent. In November, the government''s panel of economic advisers lowered its forecast to 1.3 percent from a previous estimate of 1.6 percent. Europe''s largest economy expanded at the fastest pace in five years in 2016, growing by 1.9 percent thanks to rising private and state spending, according to the Federal Statistics Office. (reporting by Gernot Heller; writing by Erik Kirschbaum; editing by Joseph Nasr) Next In Business News  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-idUKKBN1571X5'|'2017-01-23T21:24:00.000+02:00'
'86df5529bfef87f2052be1d8c01bd58d0d4074e4'|'Exclusive: Blackstone readies new Asia real estate fund of at least $5 billion - sources'|'Mon Jan 23, 2017 - 9:03am GMT Exclusive: Blackstone readies new Asia real estate fund of at least $5 billion: sources The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid - RTSDKHE By Sumeet Chatterjee and Elzio Barreto - HONG KONG HONG KONG Blackstone Group LP ( BX.N ) is readying a new Asia-focused real estate fund that aims to raise a record $5 billion or more, betting on strong returns from property investments in the region, people familiar with the plans told Reuters. The world''s biggest alternative asset manager will likely launch the fund in the next 12-16 months, the people said. It has invested more than 70 percent of the $5.08 billion it raised in its first Asia-focused property fund, a threshold when buyout firms typically start considering and preparing for follow-up capital raising. New York-based Blackstone intends to boost investments in assets such as warehouses and shopping malls in China, India, Southeast Asia and Australia, one of the people said. Global investors have shown robust appetite for shopping malls, warehouses and other property assets in Asia as they have sought the relative safety and stable returns of real estate, buoyed by growing urbanization and rising incomes in its two most populous countries of China and India. Underscoring this trend, 22 Asia-focused property funds raised a total of $10.6 billion in 2016, data provider Preqin said. There''s already $33 billion of unused capital, or dry powder, in such Asia-focused real estate funds, it said. Blackstone declined to comment on plans for a new Asia-focused real estate fund. But when commenting on the fundraising outlook for 2017 in the company''s third quarter earnings conference call, Blackstone''s Chief Financial Officer Michael Chae said there were "significant" fundraises coming up next year, including a possible new Asia fund. The people declined to be named because details of the new Asia fund aren''t yet public. Blackstone''s first Asia-focused property fund, the $5.08 billion Blackstone Real Estate Partners (BREP) Asia that closed in 2014, is the biggest such fund to focus wholly on Asia, Preqin data shows. The new fund could exceed the first one in size. The first Blackstone fund invested in Japanese residential real estate, office space in Australia and Chinese shopping malls, posting an internal rate of return of 17 percent through September 2016, according to Blackstone''s most recent earnings report. In China, the company has a joint venture with developer China Vanke Co Ltd ( 2202.HK ) for logistics investments. Blackstone sold $1.9 billion of commercial property to Vanke last year. Blackstone is also one of the largest owners of office space in India. Embassy Office Park REIT, which Blackstone co-owns with local developer Embassy Group, is awaiting approval from authorities to launch the country''s first ever real estate investment trust (REIT), which Thomson Reuters publication IFR reported could raise $500 million-$1 billion in a 2017 initial public offering. (Reporting by Sumeet Chatterjee and Elzio Barreto; Editing by Muralikumar Anantharaman) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-blackstone-fundraising-exclusive-idUKKBN1570XD'|'2017-01-23T16:00:00.000+02:00'
'29862d8e3e5f7532ff91139d574d2f8eb13cab9e'|'Australia shares to kick off stronger on energy boost; NZ down'|'Financials   4:17pm EST Australia shares to kick off stronger on energy boost; NZ down Jan 23 Australian shares are expected to rise on Monday, with oil and gas stocks set to bounce after ministers of OPEC and non-OPEC countries applauded a strong start to output cuts. At their first meeting on oil deal compliance on Sunday, energy ministers said producers had made a good start in curbing their oil output under the first such deal in more than a decade. Oil prices jumped over 2 percent on Friday, ahead of the meeting on expectations of positive comments from the world''s top oil producers. Australian share price index futures rose 0.5 percent, a 26.8-point discount to the underlying S&P/ASX 200 index close. The benchmark index fell 1.2 percent last week. A positive lead from Wall Street could also lend support to Aussie shares in their first trading session since the inauguration of U.S.President Donald Trump. New Zealand''s benchmark S&P/NZX 50 index edged down 0.17 percent in early trade. For a summary of overnight action across global markets, double click on For a digest of the day''s business stories in Australian newspapers, double click on (Reporting by Anusha Ravindranath in Bengaluru; Editing by Andrew Roche) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-morning-idUSL4N1FC0G9'|'2017-01-23T04:17:00.000+02:00'
'506a65768745313b5aef53bd849518b25c7ec968'|'Saudi''s Arab National Bank gets regulatory nod for derivatives trading unit'|'Financials - Sun Jan 22, 2017 - 8:17am EST Saudi''s Arab National Bank gets regulatory nod for derivatives trading unit DUBAI Jan 22 Saudi Arabia''s Arab National Bank said on Sunday it had received central bank approval to set up a fully owned subsidiary that could trade derivatives and repo agreements. Establishing the subsidiary, located in the Cayman Islands, will have no impact on the company''s current financial statements, the bank said. Another Saudi bank, Alawwal Bank, said on Thursday it had received regulatory approval to launch a subsidiary that could trade derivatives and repo agreements. (Reporting by Tom Arnold; Editing by Mark Potter) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/arab-nat-bank-derivatives-idUSD5N1F6003'|'2017-01-22T20:17:00.000+02:00'
'0717eb27748cc0b9ee5c545fa208b4aa37b79000'|'OPEC, non-OPEC producers meet to discuss compliance with oil cut deal'|'Commodities - Sun Jan 22, 2017 - 4:25am EST OPEC, non-OPEC producers meet to discuss compliance with oil cut deal A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria December 10, 2016. REUTERS/Heinz-Peter Bader By Rania El Gamal and Vladimir Soldatkin - VIENNA VIENNA A committee of OPEC and non-OPEC countries responsible for monitoring compliance with a global agreement to reduce oil output is set to meet for the first time in Vienna on Sunday. The committee is expected to discuss how to best monitor compliance with the deal reached late last year as well as what level of compliance would be acceptable, Kuwaiti oil minister Essam Al-Marzouq said in Vienna on Saturday. Kuwait chairs the five-member committee which also includes Algeria, Venezuela, Russia and Oman. Asked about compliance with the deal so far, Saudi energy minister Khalid al-Falih said it had been "very good". Russian Energy Minister Alexander Novak on Sunday also said he was satisfied with the level of compliance shown. The Organization of the Petroleum Exporting Countries and non-OPEC producers on Dec. 10 reached their first deal since 2001 to curtail oil output jointly by nearly 1.8 million barrels per day (bpd) and ease a global glut after more than two years of low prices. Russia has cut its oil output by around 100,000 bpd, Novak told Russia''s TASS news agency. Falih said last week that 1.5 million bpd in crude production had already been taken out of the market. (Writing by Ahmad Ghaddar in London; editing by Jason Neely) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-opec-meeting-idUSKBN1560CI'|'2017-01-22T16:25:00.000+02:00'
'370a227d9023c4960a37ae44e43f3688f928864d'|'Israel''s Modiin Energy plans to buy North Sea drilling rights'|'Business News - Sun Jan 22, 2017 - 1:25pm GMT Israel''s Modiin Energy plans to buy North Sea drilling rights TEL AVIV Modiin Energy ( MDINp.TA ) said on Sunday it signed a letter of intent to buy 25 percent of the oil drilling rights in a site in shallow North Sea waters in British territory. Modiin will pay the seller, who was not identified, $175,000 (£141,460) to cover previous expenses, Modiin said in a statement. The seller will continue to serve as operator and retain the remaining rights. Modiin will pay a third of the costs associated with the first drill in the site. The deal is conditioned on completion of due diligence by Modiin and the signing of an operating agreement with the seller. Modiin is controlled by Yitzhak Sultan and IDB Development Corp. The partnership also holds stakes in Israel''s Shimshon and Daniel sites. (Reporting by Tova Cohen)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-energy-modiin-energy-northsea-idUKKBN1560NN'|'2017-01-22T20:25:00.000+02:00'
'8aefe197b970a1aa22a6a2827dd66e9441aa517c'|'Peruvian police detain first suspect in Odebrecht bribe case'|'Business News - Sat Jan 21, 2017 - 2:59pm GMT Peruvian police detain first suspect in Odebrecht bribe case Headquarters of the Odebrecht Brazilian construction conglomerate is seen in Lima, Peru, January 5, 2017. REUTERS/Mariana Bazo LIMA Peruvian police detained a former government official accused of taking bribes from Brazilian conglomerate Odebrecht in exchange for a contract to build the Lima metro, prosecutors said on Saturday. Edwin Luyo, who led a committee to auction off the Metro in 2009 when Alan Garcia was President, was identified thanks to information obtained from Odebrecht as part of a preliminary leniency deal, Peru''s prosecutors'' office said on Twitter. The detention, the first involving Odebrecht in Peru, occurred on Friday night after a police operation that also raided the home of Garcia''s former vice minister of communications Jorge Cuba, who was not found, the prosecutors'' office said. A spokeswoman said the detention was preliminary and Luyo would be released on Saturday night unless prosecutors requested and received more time from a judge. Odebrecht, the largest construction firm in Latin America, admitted to paying bribes in 12 countries, including $29 million in Peru over the course of three presidencies, as part of a settlement with the U.S. Department of Justice last month. While it is under investigation in other countries, the case is more advanced in Peru than anywhere outside of Brazil. Peru''s President Pedro Pablo Kuczysnki has said Odebrecht should pay at least 90 million soles (£22 million) to settle in Peru. Odebrecht paid $7 million (£5.6 million) to win a contract for Line 1 of Lima''s Metro, which started operating in 2011, according to Hamilton Castro, the lead Peruvian prosecutor on the case. The Brazilian Supreme Course Justice presiding over the case that has seen dozens of high-profile executives and politicians arrested in Brazil, died in a plane crash on Thursday, just weeks before he was due to unveil explosive testimony from Odebrecht executives. (Reporting by Marco Aquino; Writing by Caroline Stauffer, Editing by Franklin Paul) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-peru-corruption-odebrecht-idUKKBN1550L8'|'2017-01-21T21:59:00.000+02:00'
'9bbfd15789c2e6dbf771166cd8ae8b70831da7fd'|'Las Vegas Sands pays $7 mln to end US criminal bribery case'|'U.S.  22pm EST Las Vegas Sands pays $7 million to end U.S. criminal bribery case Las Vegas Sands Corp agreed to pay a $6.96 million criminal penalty to end a U.S. Department of Justice probe into whether it violated a federal anti-bribery law by paying a consultant to help it do business in China and Macau. In a statement on Thursday, the Justice Department said the casino operator run by billionaire Sheldon Adelson also entered a non-prosecution agreement. Sands'' settlement follows the company''s related $9 million civil settlement last April with the U.S. Securities and Exchange Commission. (Reporting by Jonathan Stempel in New York; Editing by Sandra Maler) Next In U.S. Mexico extradites top drug lord ''El Chapo'' to U.S. CIUDAD JUAREZ, Mexico Mexico extradited top drug lord Joaquin "El Chapo" Guzman to New York on Thursday, ending a career that included two jail breaks and a leading role in a national drug war, the day before Donald Trump assumes the U.S. presidency.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lasvegassands-settlement-idUSKBN154016'|'2017-01-20T07:21:00.000+02:00'
'1b794df66b1f9889c345690fe31f89307b28375c'|'Toshiba starts process to sell stake in chip business: Kyodo'|' 29pm EST Toshiba starts process to sell stake in chip business: Kyodo A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, January 19, 2017. REUTERS/Toru Hanai TOKYO Toshiba Corp ( 6502.T ) has started the process to sell a minority stake in its profitable flash memory chip business, expecting to fetch several billion dollars as it faces a bigger-than-expected writedown for its U.S. nuclear business, Kyodo News reported. European private equity fund Permira and U.S. fund Bain Capital are interested in the bid for what is expected to be the sale of 20-30 percent of the memory chip business, which Toshiba is expected to split off, Kyodo said, citing sources. Earlier this week, the troubled conglomerate confirmed it was discussing a spin-off of its memory chips business, but that nothing had been decided yet. Toshiba''s financial crisis deepened as media reported it may unveil a bigger-  for its U.S. nuclear business, driving its shares down 16 percent on Thursday. The shares extended their loses on Friday, opening down 6.3 percent at 227.1 yen. (Reporting by Kaori Kaneko;  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-toshiba-accounting-idUSKBN15401S'|'2017-01-20T07:29:00.000+02:00'
'0f564147eae72c52f6fa0d427ab4992310bca4e6'|'Elections don''t cloud improving euro zone outlook - ECB''s Villeroy'|'  12:11pm GMT Elections don''t cloud improving euro zone outlook - ECB''s Villeroy Governor of the Bank of France Francois Villeroy de Galhau attends a press conference after the Franco-German Financial Council meeting in Berlin, Germany, September 23, 2016. REUTERS/Axel Schmidt PARIS A series of elections in major European countries this year like France and Germany will not derail the improving euro zone economic outlook, ECB governing council member Francois Villeroy de Galhau said in a Bloomberg television interview on Friday. "Clearly (the euro zone economy) is firming. All signs point to the same direction and I don''t feel that the electoral cycle will change this economic mood," he said in the interview on the sidelines of the meeting of business and economic leaders in Davos, Switzerland. (Reporting by Leigh Thomas; editing by Michel Rose) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-davos-meeting-ecb-villeroy-idUKKBN1541JK'|'2017-01-20T19:11:00.000+02:00'
'5e883aacdbfd760b31a460f59ee9272f863ccd54'|'Gambia''s Jammeh heads to exile in Equatorial Guinea -ECOWAS'|'Cyclical Consumer Goods  20pm EST Gambia''s Jammeh heads to exile in Equatorial Guinea -ECOWAS DAKAR Jan 21 Gambia''s former authoritarian leader Yahya Jammeh was heading to exile in Equatorial Guinea with a stop in Guinea after he stepped down in the face of pressure from West African states to recognize his election defeat, the regional bloc ECOWAS said on Saturday. ECOWAS sent 7,000 troops into Gambia on Thursday, but would halt operations while leaving some troops in the country to ensure security, Marcel de Souza, president of the ECOWAS commission, told a news conference in Dakar. (Reporting by Emma Farge; writing by Matthew Mpoke Bigg, editing by G Crosse) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/gambia-politics-ecowas-idUSL5N1FB0RQ'|'2017-01-22T06:20:00.000+02:00'
'1b54587b70a1b8a2e9de6aae110fca038c442e75'|'BBC is going to find middle way hard to follow - Media - The Guardian'|'S ee how the media mood music shifts on front pages and websites. Last week, the Britain of elderly, frail, sick people waiting on hospital trolleys suddenly became Mrs May’s Britain of “ pioneers and innovators who will shape the world ahead ”. So the 60% of over-65s who had voted to leave the EU had become players in a “bold, strong, open, outward-looking” national future. Hail to the Times’s “Tungsten Theresa”, displaying all the “steel of the new Iron Lady”. At least according to the Daily Mail .Ah! “Brexodus” … heaved the Bun. “It was a magnificent, historic speech. We couldn’t have written it any better.” The Telegraph had its old columnist Boris back in place, promising a queue of global powers offering juicy trade deals. The Express turned swiftly huffy over a “spiteful” front page when “ Die Welt , a German newspaper, pasted Mrs May on to a photo of the union flag, along with the caption: ‘Little Britain’.”What about the “togetherness” that May wanted, what about a truly United Kingdom marching out of Europe? More moody music. You might have glimpsed some prospect of that in a Times editorial praising the PM’s “clever, nuanced and arguably fine speech”. You might even have paused over the Guardian’s verdict on the “huge success” of this “political manoeuvre” because “in Downing Street, they think Leave voters are still comfortable with what they did in June while a significant number of Remain voters have now accepted that Brexit is going to happen”. Perhaps press divisions of six months ago don’t seem quite so visceral after a “speech that has strengthened Mrs May’s authority both in her party and in the country” (the Guardian again). As ever, events in the real world bring changes of stance.The City is coming to terms with Brexit, which means the Financial Times is growing more reflective. The Labour party is wallowing back and forth, which means that the Mirror has lost any real edge to it pieties. “We want the very best for Britain as do all who voted in the Brexit referendum, whether they cast their ballot to leave or remain in the European Union.” Peace in our time, then? Only, alas, if you believe that the attack dogs of Fleet Street have lost their snarl. “Guess what? Silly Lily (Allen) and the Bremoaners still don’t get it” – and the Mail still sees no reason to let them forget it. “Mrs May faces fierce opposition in Europe,” according to Peter Oborne.”Her own civil servants are mutinous and many diplomats are in denial. A cross-party coalition of Clegg, George Osborne and Peter Mandelson is plotting. Teamed up with big business and a recalcitrant House of Lords, it’s clear that the British establishment is out on manoeuvres.” Oh! those sinister forces of yesteryear are gathering.All of which indicates only the briefest interludes before pitched battle recommences. “Everything I liked about my country – tolerance, moderation, courtesy, sensibleness, pragmatism, irony – seems to have disappeared,” tweets a disconsolate Robert Harris (in loco Cicero). “If Remoaners (like him) don’t stop their wild hyperbole – and vilification – they’ll end up damaging Britain,” replies Stephen Glover (in loco Dacre). “Will the last country leaving the EU turn out the lights?” burbles the Sun (in loco Rupert).Which brings any media tour of this cloudy horizon straight back to the biggest information player of the lot, the BBC, and to its new governance structure. By happenstance, the new chairman of the BBC’s new board, Sir David Clementi , was getting a polite grilling from the culture select committee just as Theresa May walked into Lancaster House a few hundred yards away.Of course, Sir David, waiting to take up the job, jumped his committee hurdle with ease. He was a new boy to broadcasting. How could he say much about priorities when they all seemed “important”? Generalities, charmingly framed, were his first recourse. But one thing, he claimed, was much more important than anything else. His BBC had to be trusted, impartial and independent. It had to find a “middle way”.He himself was a political neutral, he said. “ The BBC is nothing if it doesn’t carry the trust of the people to be impartial and accurate … Above all, the BBC needs to be seen as the medium of record in the era of fake news and post-truth. The BBC has a real role to ensure it is seen as the place where people go to make sure they can distinguish between fact and fiction.”A very traditional posture, in sum; one welded into place by its new chairman. But also one needing a great deal of scrutiny at this moment of change.“I know it can seem a bit obsessive and of course everyone wants things to go well – but if you stay silent when liars win, they lie bigger,” tweeted James O’Brien, of LBC and Newsnight in the aftermath of May.That’s the theme that needs examining now. Clementi thinks the BBC “did a good job (of reporting the referendum) in a set of very difficult circumstances”. It’s not a universally popular view. Every time I write about the corporation these days, the online commenters gather in full trashing mode down below.The BBC didn’t do a good job over Europe, it seems, with too few porkies on either side laid bare. The BBC is already being described as “another beauty” (like CNN) as President Trump gathers steam. Last week’s heavily contested BBC Trust finding that Laura Kuenssberg wasn’t “impartial” by using a Jeremy Corbyn interview answer out of context will only light more flames. The worst car crashes are in the middle of the road.And the hardest question on all these fronts simply asks what kind of conventional impartiality is possible in these direly divisive days? The days of Trump and Boris and Juncker and Jeremy. You can do he said/she said journalism by the yard – but it’s mostly a reporting nullity, increasingly derided. You can shift and shuffle your centre of reporting gravity to trail public opinion. (Polling approval for May means gentler treatment). You can lollop along, head down, attempting to split the Brussels/Westminster difference between BBC board and Ofcom regulation.But today’s prevailing mood music is harshly unforgiving. It wants enlightenment, not obfuscation. It needs to know what you think, what you conclude, assume and believe. That’s a terrible call for state-regulated broadcasting. It’s not what the statutes say. But truth, like actual independence in a post-truth society, is more than an anxious assemblage of facts.It is a fundamental public service as the mood music stops.'|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/media/2017/jan/22/bbc-will-find-middle-way-hard-to-follow'|'2017-01-22T02:00:00.000+02:00'
'4c123c8e37fa489e48edf840b651e415ec05e655'|'Congress moves to cede federal lands, jeopardizing billions in revenue and 6.1m jobs - Environment - The Guardian'|'I n the midst of highly publicized steps to dismantle insurance coverage for 32 million people and defund women’s healthcare facilities , Republican lawmakers have quietly laid the foundation to give away Americans’ birthright: 640m acres of national land. In a single line of changes to the rules for the House of Representatives , Republicans have overwritten the value of federal lands, easing the path to disposing of federal property even if doing so loses money for the government and provides no demonstrable compensation to American citizens.At stake are areas managed by the Bureau of Land Management (BLM), National Forests and Federal Wildlife Refuges, which contribute to an estimated $646bn in economic stimulus from recreation on federal lands and 6.1m jobs. Transferring these lands to the states, critics fear, could decimate those numbers by eliminating mixed-use requirements, limiting public access and turning over large portions for energy or property development.Repealing Obamacare would leave 32m without health coverage, analysis finds Read more According to the Outdoor Alliance, US public land is the government’s second largest source of income after taxes. In addition to economic stimulus in outdoor activities, federal land also creates revenue through oil and gas production, logging and other industrial uses. According to the BLM, in 2016, it made $2bn in royalty revenue from federal leases.Ignoring those figures, the new language for the House budget, authored by Utah Republican representative Rob Bishop, who has a history of fighting to transfer public land to the states, says that federal land is effectively worthless. Transferring public land to “state, local government or tribal entity shall not be considered as providing new budget authority, decreasing revenues, increasing mandatory spending or increasing outlays.” Essentially, the revised budget rules deny that federal land has any value at all, allowing the new Congress to sidestep requirements that a bill giving away a piece of federal land does not decrease federal revenue or contribute to the federal debt.Republican eagerness to cede federal land to local governments for possible sale, mining or development is already moving states to act. Western states, where most federal land is concentrated, are already introducing legislation that pave the way for land transfers.In Wyoming, for example, the 2017 senate has introduced a joint resolution that would amend the state constitution to dictate how public land given to the state by the federal government after 2019 is managed. It has little public support, but Wyoming Senate President Eli Bebout said that he though the state should be preemptively thinking about what it would do with federal land.Healthcare without Planned Parenthood: Wisconsin and Texas point to dark future Read more The Congressional devaluation of national property is the most far-reaching legislative change in a recent push to transfer federal lands to the states. Because of the Republican majority in Congress, bills proposing land transfers could now swiftly diminish Forest Service and BLM lands across the country.“We didn’t see it coming. I think it was sneaky and underhanded. It exemplifies an effort to not play by the rules,” said Alan Rowsome, senior director of government relations at The Wilderness Society . “This is the worst Congress for public lands ever.”Rowsome said he’s not exactly sure how the rule will be used, but he thinks the first places to come under attack might include areas adjacent to the majestic Grand Canyon National Park in Arizona and Minnesota’s Boundary Waters Canoe Area Wilderness. Those areas hold uranium and copper, respectively.Rowsome said he’s worried that sensitive tracts of public land, like the oil-rich Arctic National Wildlife Refuge , could soon be up for sale. Some 60% percent of Alaska is made up of national land, and the state’s representatives have tried to pass laws claiming parts of it for state use as recently as 2015. “It’s amazing ecosystem and worthy of protection, and it’s very likely that House Republican majority will open that up for drilling,” Rowsome said.Facebook Twitter Pinterest If transferred to the state, Alaska’s Arctic National Wildlife Refuge could be opened up to drilling. Photograph: Fitz Cahall This latest effort comes on the heels of a bill adopted in 2016 that directs the Department of Agriculture to transfer 2m acres of eligible Forest Service lands to each state. Giving away national land has been part of the Republican Party platform since the mid-80s, after Reagan declared himself a Sagebrush Rebel, but it’s regained steam in the past few years as 20 states have introduced some form of legislation suggesting that federal property be given to local governments. In 2015, Bishop and fellow Utah representative Chris Stewart formed the Federal Land Action Group, a congressional team with the specific intent to come up with a framework for transferring public land. “Washington bureaucrats don’t listen to people,” Bishop said in a statement. “Local governments do.”But Rowsome argues that’s a populist message without any popular support, pushed by a small faction of legislators with support from industries like mining and energy.“Western Republicans that are perpetuating the idea are very well funded by the oil and gas industry during their campaign,” Rowsome said. “It’s special interests wielding power for an agenda that will advance their goal. Nearly 90% of BLM lands are already open, but they can’t stop trying to get more.”A 2016 Colorado College survey of seven western states found that 60% of voters rejected both the sale of public lands to states and giving states control without sale.In 2012, Arizona voters struck down a proposal two pieces of legislation that would have turned over federal land to the state, including one that claimed the Grand Canyon as state land.Barack Obama designates two national monuments in west despite opposition Read more Opponents fear that local governments, especially in states with small budgets, won’t be able to invest in management and will sell off land to make money. Last summer, the Forest Service was spending $240m a week to suppress wildfires, and the Department of Interior estimates the cost of deferred maintenance, like updating roads, at around $11bn.In December, Wyoming Governor Matt Mead said that transferring public land to his state was legally and financially impractical. He cited firefighting costs on public land as something that the state budget wouldn’t have room for.Historically, when federal lands have been transferred to states, they have become less accessible. Idaho sold off almost 100,000 acres of its public land between 2000 and 2009. In Colorado, access has been limited the public can only use 20% of state trust land for hunting and fishing.John Gale, conservation director for Backcountry Hunters and Anglers, said that he’s worried about access for sportsmen. He believes that there’s a further danger is in segmenting ecosystems through state-by-state development.“70% of the headwaters of our streams and rivers in the West are on public lands,” he said. “Rivers and migratory corridors don’t follow state boundaries.”The incoming administration hasn’t been clear about where it falls on transfers. Montana Congressman Ryan Zinke, tapped to be the next Secretary of Interior, voted for the rules package, but in the past he’s been against land transfers. President-elect Donald Trump has spoken out against reallocating federal land, but he’s also met with prominent pro-land transfer groups.Nevertheless, bills proposing land transfer will now have an easy route to passage, as they won’t need to be backed by any financial justification.The entire rules package passed on party lines, but it runs counter to legislation that passed both the House and Senate in November, the Outdoor Recreation Jobs and Economic Impact Act of 2016. Signed into law in December, the legislation requires the Department of Commerce to count the over half a trillion dollars from the outdoor recreation economy in the country’s GDP for the first time.“It’s not just natural resources that are on the auction block, but jobs,” said Gale. “For a party that prides itself on being fiscally conservative ... they’re talking out of both sides of their mouth.”'|'theguardian.com'|'http://www.theguardian.com/business/oil/rss'|'https://www.theguardian.com/environment/2017/jan/19/bureau-land-management-federal-lease'|'2017-01-19T21:39:00.000+02:00'
'35bacd79df45092b8ec258afa0e48b35027db57c'|'UK''s Brexit plans mean border controls unlikely - Ireland''s Noonan'|'World   1:19pm GMT UK''s Brexit plans mean border controls unlikely - Ireland''s Noonan Irish Minister for Finance Michael Noonan arrives for the funeral service of Munster rugby coach Anthony Foley at St. Flannan''s Church in Killaloe, Ireland October 21, 2016. REUTERS/Clodagh Kilcoyne By Ben Hirschler - DAVOS, Switzerland DAVOS, Switzerland British   May''s Brexit plans are unlikely to lead to the re-establishment of a physical border or customs controls between Northern Ireland and the Irish Republic, Ireland''s Finance Minister Michael Noonan told Reuters. May said this week that Britain would not remain a full member of the European Union''s customs union, potentially meaning a tighter border between the British province of Northern Ireland and the Irish Republic, which will be Britain''s only land frontier with the EU once it leaves the bloc. However, May has pledged to find a practical solution to preserving a common travel area between Britain and Ireland that predates their EU membership, while also limiting immigration. Asked if this would make customs controls likely along a border that 30,000 people cross each day to go to work, Noonan told Reuters: "I don''t think so and it''s far too early to say." "If you look at Mrs May''s speech, she committed to the free travel area (between Ireland and the UK). She wasn''t as strong on what she would like from the customs union; she said it might be associate membership," Noonan said in an interview on the sidelines of the World Economic Forum in Davos on Thursday. "In other words, she opened up a negotiating space around the customs union and it is where that lands that will decide whether goods have to be checked on the border. But a lot of this can be done electronically now and it wouldn''t necessarily mean a hard border." Ireland''s economy is widely considered at being most at risk from the departure of its key trading partner, but Noonan said trade data suggested there was no immediate impact and he expected an economic growth rate of "around 3.5 percent" to continue into the early 2020s. In its most recent forecasts in October, Noonan''s department said that gross domestic product (GDP) growth of 3.5 percent predicted for this year would slow to 2.8 percent by 2020 and 2.6 percent in 2021. Noonan, who along with Prime Minister Enda Kenny is meeting senior executives in Davos to explore potential investment into Ireland, said Dublin had received around 100 "hard inquiries" from financial firms considering moving operations post-Brexit. He said he was not concerned that President-elect Donald Trump could attack U.S. companies that continue to invest in Ireland and that there was no clear evidence of firms putting off investment while they await details of Trump''s tax plans. "There''s a very strong pipeline of American investors coming into Ireland... now whether hidden in the statistics there are companies that are holding back slightly, I wouldn''t know yet." (Writing by Padraic Halpin in Dublin; Editing by Alexander Smith) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-davos-meeting-ireland-idUKKBN1531XC'|'2017-01-19T20:13:00.000+02:00'
'7b37a7855f1b1a4e36c0fae5eb4917de92e5c8f1'|'Union Pacific CEO- "we are opposed to" major railroad mergers'|'Company   12:07pm EST Union Pacific CEO- "we are opposed to" major railroad mergers DETROIT Jan 19 The top executive at Union Pacific Corp said on Thursday that the No. 1 U.S. railroad remains opposed to mergers between major railroads in the United States. Speaking after news that former Canadian Pacific Hunter Harrison was in advanced talks to team up with a former Pershing Square Capital partner in a bid to shake up rival railroad CSX Corp led to speculation that Harrison would renew past efforts to consolidate the U.S. rail industry, Union Pacific CEO Lance Fritz told Reuters that "we still think Class 1 mergers in the United States are not a good idea." (Reporting By Nick Carey; Editing by Chizu Nomiyama) Next In Company News UPDATE 1-U.S. 30-year mortgage rates fall to lowest since Dec -Freddie (Adds background, table, graphics link) NEW YORK, Jan 19 Interest rates on U.S. 30-year fixed-rate mortgages declined for the third straight week to their lowest since early December, mortgage finance agency Freddie Mac said on Thursday. Mortgage rates have fallen in step with lower U.S. Treasury yields as investors have reduced their bets on rising inflation and interest rates while they await details on tax cuts, trade, infrastructure spending and looser regulations from'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/unionpacific-ma-idUSL1N1F91BB'|'2017-01-20T00:07:00.000+02:00'
'd90832d95051320026217eb8b95800d2e6f8cc94'|'McDonald’s will need more than a bigger Big Mac to supersize profits - Business'|'E ver thought a Big Mac was not big enough? Me neither. But McDonald’s clearly does, as it is introducing a new Grand Mac, which apparently has to be eaten with two hands. To be fair it is also adding the Mac Jr – presumably for those who eat with one hand.The move is part of a plan to boost its struggling business, which has also included letting franchisees put aloo masala in a burger bun in India and – controversially – introduce nuts to its menu in Canada. It has also sold or is selling off stakes in its Chinese and Japanese operations, aiming to own just 5% of its 36,000 outlets in future.The problem is McDonald’s sales are currently more Jr than Grand. Third-quarter sales grew by just 1.3%, and some analysts believe fourth-quarter figures on Monday could see a drop of around 1.4%. They have been hit by bad weather, growing competition and general sluggishness in the sector. This was partially mitigated by promotions and a bout of cost-cutting, which may help earnings edge higher. But the first three months of 2017 could see a sales decline of up to 1.9%, given there is no extra leap day this year.What would Ray Kroc, the man behind its rapid expansion – currently being immortalised on film by Michael Keaton in The Founder – think? After all, some of its food may still be supersized, but McDonald’s itself is looking decidedly downsized.Making America great robots again Donald Trump’s desire to “encourage” carmakers to built plants in the US rather than say, Mexico, for vehicles sold in the county is part of his attempt to protect American jobs. But it may not work out like that, some analysts believe because … of robots.If companies face higher costs in the US, they were more likely to increase their use of automation than employ more workers, said Panmure Gordon analyst Sanjay Jha.But one UK company which could benefit is engineering group Renishaw, which specialises in precision measurement products that aid in the automation process, and reports half-year figures on Thursday. “I expect more US companies to invest in automation and growing automation will help Renishaw’s industrial side,” said Jha.Morgan Stanley analysts said: “Renishaw [is] a world-leading technology company whose technology offers customers the ability to transform manufacturing efficiencies by raising product quality as well as improved medical procedures and patient outcomes in healthcare.”The tightly held shares can be volatile, given lumpy nature of its order intake, but the company admirably takes the long view.Sky’s no limit for Fox this timeAt In Davos last week Theresa May spoke to Bloomberg TV about the possibility of a national interest test in overseas takeovers.The prime minister said: “We’re looking … at the question of critical national infrastructure, and at the question of national security [and] we will be publishing proposals in due course.”She was probably not referring to satellite broadcaster Sky, which is again being pursued by Rupert Murdoch’s 21st Century Fox. Analysts believe there is little political will to block the deal, which failed last time amid the phone-hacking scandal.On Thursday, Sky will report its first results since the latest Fox move was announced, and the City will be looking at its customer numbers – especially the number leaving versus the number joining – as well as its performance in Germany and Italy.UBS said: “Evidence of improving operating momentum, particularly in the UK, could give independent shareholders (of which Fox needs acceptance from 75%) more confidence in the stand-alone fundamentals.”UBS said the 1075p offer price from Fox was a floor rather than a ceiling, but the shares remain well below that level, suggesting some doubt that a higher offer will emerge.'|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/business/2017/jan/22/mcdonalds-grand-mac-burger-profits-down'|'2017-01-22T02:00:00.000+02:00'
'05673fd7e903e102d96ba255332d8511cf57bd87'|'Abu Dhabi creates $125 billion fund by merging Mubadala, IPIC - Reuters'|'By Stanley Carvalho - ABU DHABI ABU DHABI Abu Dhabi''s government merged two of its top investment funds on Saturday to strengthen their financial clout in an era of low oil prices, creating a company with assets totalling about $125 billion.The new fund, Mubadala Investment Co, was formed by merging Mubadala Development Co and International Petroleum Investment Co, which own corporate stakes in the energy industry and other sectors across the world.The new firm''s assets will total about $125 billion, based on valuations at the end of 2015, make it the world''s 14th largest sovereign fund, according to data from the Sovereign Wealth Fund Institute, which tracks the industry.Mubadala Investment will be run by Chief Executive Khaldoon al-Mubarak, United Arab Emirates state news agency WAM reported, adding that a board had been appointed. Mubarak, a prominent executive who sits on several companies’ boards, was chief executive of Mubadala Development.With oil prices at about half their levels in mid-2014, sovereign funds across the rich Gulf Arab oil exporting states are having to adjust policies to cope with lower inflows of petrodollars. Mubadala Development did not receive new cash from the government in 2015 for the first time in at least eight years.The new firm''s large size should improve its ability to raise money from international markets, a source close to the merger told Reuters when the plan was originally announced last June.As part of its drive to strengthen strategic financial firms, Abu Dhabi is in the process of merging its two biggest banks, National Bank of Abu Dhabi and First Gulf Bank. Bankers in the emirate say more mergers are likely.Mubadala Investment will have a total of 68,000 employees globally with partnerships and businesses in 30-plus countries, it said in a statement.Its assets include stakes in General Electric and private equity firm Carlyle, Spanish energy firm Cepsa and Austrian energy firm OMV, and Unicredit, Virgin Galactic and UAE construction firm Arabtec.IPIC is locked in a dispute with Malaysian state fund 1MDB, after the Malaysian fund defaulted on interest payments for bonds which IPIC had guaranteed; IPIC is claiming about $6.5 billion. 1MDB has been the subject of money-laundering investigations in at least six countries.(Additional Reporting by Ahmed Tolba and Tom Finn; Writing by Andrew Torchia; Editing by Larry King)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emirates-abudhabi-funds-idINKBN1550Q5'|'2017-01-21T15:04:00.000+02:00'
'3768af2bc1fae1c8ee934b520f371f7229284e5b'|'Safran launches 10 bln euro friendly takeover of Zodiac Aerospace - Le Figaro'|'  4:39pm EST Safran launches 10 bln euro friendly takeover of Zodiac Aerospace - Le Figaro PARIS Jan 18 French aircraft engine maker Safran has launched a friendly takeover worth about 10 billion euros ($10.6 billion) for Zodiac Aerospace, the French daily Le Figaro reported on Wednesday, citing unidentified sources. The paper said the merged corporation would have a turnover of about 21 billion euros. ($1 = 0.9405 euros) (Reporting by John Irish; Editing by Kevin Liffey) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/safran-zodiac-ma-idUSL5N1F86QL'|'2017-01-19T04:39:00.000+02:00'
'7829889a8d696b22bea2eb7e1b9d80739536de30'|'Royal Mail maintains forecasts after strong Christmas'|' 37am GMT Royal Mail maintains forecasts after strong Christmas A Royal Mail postal worker returns to his van near Manchester northern England, April 7, 2016. REUTERS/Phil Noble Britain''s Royal Mail Plc said on Thursday it was on track to achieve its cost savings targets for the current year and revenues in the first nine months were in line with expectations after a strong performance over Christmas. The former monopoly postal firm said revenue for the nine months ended Dec. 25 was flat overall, as 9 percent growth in its international unit offset a 2 percent decline in revenue at its domestic parcels and letters unit where it continued to face stiff competition. However, it said in a trading statement that Christmas had been even better than the previous year, with 138 million parcels handled in December alone, boosting UK parcels revenue and volumes, which were up 3 percent and 2 percent respectively over the nine months. Benefiting from a good performance over the peak Christmas period and an "usually strong" third quarter, addressed letter volumes in the first nine months of the year were down 6 percent, in line with the numbers reported at the end of the first half. "Our outlook for UK letters and parcels trends and other guidance remain unchanged from that set out.. (at) the half year," Royal Mail said in the statement. (Reporting by Esha Vaish in Bengaluru; Editing by Greg Mahlich)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-royal-mail-outlook-idUKKBN1530RW'|'2017-01-19T14:37:00.000+02:00'
'a703027863b6f0e4c68855ca6f54b7d9bfd74cb1'|'Indonesian watchdog says former Garuda CEO a bribery suspect'|'Industrials  02am EST Indonesian watchdog says former Garuda CEO a bribery suspect By Cindy Silviana and Fransiska Nangoy - JAKARTA JAKARTA Jan 19 Indonesia''s anti-corruption agency said on Thursday it was treating the former chief executive of airline PT Garuda Indonesia Tbk as a suspect in a bribery case related to British plane engine manufacturer Rolls-Royce. Indonesia''s Corruption Eradication Commission (KPK) said in a statement the CEO of Garuda from 2005 to 2014 was suspected of taking bribes related to the purchase of planes and machines from Rolls-Royce and an aircraft manufacturer. The KPK did not refer to the CEO by name but, as is its custom, used initials - in this case "ESA". The CEO of Garuda from 2005 to 2014 was Emirsyah Satar, who is now chairman of Indonesian conglomerate Lippo Group''s e-commerce platform MatahariMall.com. Satar and his assistant did not respond to Reuters'' requests for comment. MatahariMall said it supported the legal process in Indonesia, but declined further comment. The KPK said it found evidence that "ESA" had received 20 billion rupiah ($1.5 million) of cash and items worth $2 million in Singapore and Indonesia from another suspect, "SS". KPK Chairman Agus Rahardjo said at a news briefing its probe was directed against individuals, and would not affect Garuda''s operations. Garuda''s vice president for corporate communication, Benny S. Butarbutar, said the airline would cooperate with the KPK, adding the investigation "has no connection to our corporate activities." Rolls-Royce agreed to pay authorities more than $800 million to resolve charges of bribing officials in six countries in schemes that lasted more than a decade, the U.S. Justice Department and Britain''s Serious Fraud Office said in statements on Tuesday. Rolls-Royce was not immediately available for comment on Thursday. ($1 = 13,368.00 rupiah) (Reporting by Cindy Silviana and Fransiska Nangoy; Writing by Eveline Danubrata; Editing by Mark Potter) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/rolls-royce-hldg-fraud-indonesia-idUSL4N1F93I3'|'2017-01-19T19:02:00.000+02:00'
'272458b8ce0273ccfc218707a079749e6ecc1fae'|'UPDATE 1-Oreo maker Mondelez to sell Vegemite brand to Bega Cheese'|'Deals   6:18pm EST Oreo maker Mondelez to sell Vegemite brand to Bega Cheese The logo of Mondelez International is pictured at the company''s building in Zurich November 14, 2012. REUTERS/Michael Buholzer Mondelez International Inc ( MDLZ.O ) said on Wednesday it will sell most of its grocery business in Australia and New Zealand, including the popular Vegemite food spread brand, to Bega Cheese Ltd ( BGA.AX ) for A$460 million ($345.28 million). Shares of Mondelez were up about 1 percent at $45.49 after the bell. Bega shares were up 10.3 percent at A$4.94 in early trading on the Australian Securities Exchange. Mondelez said it was selling most of its grocery business to focus on core brands such as Oreo cookies and Cadbury chocolates. The company has been divesting a few of its small brands and production facilities in other countries to focus on its mainstay brands. Mondelez said it will also sell its ZoOsh, Bonox brands and other products that use the Kraft brand under license, to Bega Cheese under the agreement. Sydney-listed dairy producer Bega will own Mondelez''s Port Melbourne manufacturing facility and also receive a license to use the Dairylea brand in Australia and New Zealand under the deal. Mondelez said the deal is expected to close in the coming months. The Oreo maker recently said it was selectively raising prices across its brands, as it grapples with higher commodity costs and a weaker British pound. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Shounak Dasgupta) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mondelez-intl-divestiture-bega-cheese-idUSKBN152368'|'2017-01-19T06:14:00.000+02:00'
'aa5ffcbed246f31c029f2056fafe77692d348431'|'Swiss stocks - Factors to watch on Jan 19'|'ZURICH Jan 19 The following are some of the main factors expected to affect Swiss stocks on Thursday:UBSChairman Axel Weber has said that around 1,000 of the Swiss bank''s 5,000 employees based in London could be impacted by Britain''s exit from the European Union.For more click onCREDIT SUISSECredit Suisse formally agreed to pay $5.3 billion to settle with U.S. authorities over claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis. As part of the settlement, announced by the U.S. Department of Justice on Wednesday, the Zurich-based bank acknowledged that home loans it pooled into the securities did not meet underwriting guidelines, with some described by employees as "complete crap" and " tter complete garbage."For more click onCOMPANY STATEMENTS* Galenica said preparations for the division of the group planned for 2017 are on track and that Jörg Kneubuehler, current CEO of Galenica Santé, has been designated future chairman of the Board of Directors of Galenica Santé, and Jean-Claude Clémençon, current head retail business sector, as its future CEO. The changes will come into effect following the planned IPO of Galenica Santé. It also said consolidated net sales rose 8.6 percent in 2016 to 4.118 billion Swiss francs ($4.09 billion) while confirming the profit and EBIT forecasts for 2016 communicated in October.* Liechtensteinische Landesbank said it expects a net profit of about 104 million Swiss francs for 2016.* Looser Holding said full-year net revenues were 434.3 million Swiss francs, 0.5 percent below the prior year level, adding that it continues to expect earnings growth and an increase in EBITDA margin for the full financial year 2016.* Arbonia posted net revenue of 995.3 million Swiss francs for the full year, an increase of 5.7 percent in comparison to the previous year.* Investis Holding on Wednesday said it successfully issued a 140 million Swiss francs fixed-rate bond with a coupon of 0.25 percent and a tenor of two years in market.* WISeKey International Holding said it would partner with Stratumn to provide enterprise grade process security software based on blockchain technologies.ECONOMYSwiss producer and import prices for December to be released at 0815 GMT. ($1 = 1.0072 Swiss francs) (Reporting by Zurich newsroom)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/markets-swiss-stocks-idUSL5N1F90HH'|'2017-01-19T09:28:00.000+02:00'
'6f4ca2487d53b271d2ad49eb893f15051a3d5c2a'|'Danish December retail sales volume unchanged yr/yr'|'Financials   3:11am EST Danish December retail sales volume unchanged yr/yr COPENHAGEN, Jan 20 The Danish retail sales index was unchanged in December from a year earlier, the statistics office said on Friday. Retail sales fell 1.1 percent in December from the previous month, Statistics Denmark said. Dec 2016 Nov 2016 Pct. change yr/yr +0.0 +2.6 Pct. change mth/mth -1.1 -0.1** ** Revised from an initial figure of +0.2 percent. For further details in Danish, Thomson Reuters Eikon users can click on www.dst.dk (Reporting by Jacob Gronholt-Pedersen, editing by Terje Solsvik) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/denmark-retail-idUSEONH1H0RV'|'2017-01-20T15:11:00.000+02:00'
'a51ccb590c3b8c6aeaa678560cb0c1f1738324ea'|'Orix agrees to buy $290 million of RBS shipping loans - sources'|'  4:55am GMT Orix agrees to buy $290 million of RBS shipping loans - sources People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo TOKYO Japanese financial services firm Orix Corp has agreed to buy $290 million (235 million pounds) worth of shipping loans from Royal Bank of Scotland, sources with direct knowledge of the deal told Reuters on Friday. RBS, which is more than 70 percent state-owned, is still in the throes of a restructuring, which includes asset sales, job cuts and tackling multi-billion dollar charges to settle litigation and pay regulatory fines for past misconduct. Reuters reported last month the British bank was close to selling at least $600 million worth of shipping loans to financial institutions including Orix. Most of the loans Orix is buying from RBS are of investment grade and made to Greek borrowers, said the sources, who were not authorised to discuss the matter publicly. An Orix spokesman declined to comment. RBS officials were not immediately reachable for comment. RBS initially tried to sell its entire Greek shipping business, which was valued at $3 billion at the time and held talks with Orix. They could not reach an agreement. European banks, major lenders to the shipping industry, have been reducing exposure to the sector amid stricter banking rules and a weak shipping market. Orix sees the situation as presenting an opportunity to cheaply buy loans made to healthy borrowers, sources said, adding that the firm was already in similar talks with other lenders to the shipping sector. (Reporting by Taiga Uranaka; Editing by Himani Sarkar)   Britain seeks bids for 2.75 billion pound high speed train contract LONDON Britain opened the bidding on Friday for a 2.75 billion pound contract to build a fleet of trains for a new high speed railway project to link London with the north of England, work on which is due to begin this year.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rbs-shipping-orix-idUKKBN1540DA'|'2017-01-20T11:55:00.000+02:00'
'9944889de2e3ee72898844e0fd923c1987e2eed8'|'Britain seeks bids for 2.75 billion pound high speed train contract'|'Business News - Fri Jan 20, 2017 - 12:10am GMT Britain seeks bids for 2.75 billion pound high speed train contract LONDON Britain opened the bidding on Friday for a 2.75 billion pound contract to build a fleet of trains for a new high speed railway project to link London with the north of England, work on which is due to begin this year. The government was looking to order up to 60 trains, which could each seat over 1,000 passengers and travel at around 225 miles per hour, and planned to award the contract in 2019, Transport Minister Chris Grayling said. "We have held discussions with UK suppliers to make sure they are in the best possible position to win contracts," Grayling said in a statement. Britain''s 56 billion pound High Speed 2 railway will connect London to cities in the country''s central and northern regions, with a first phase planned to open in 2026 and a second by 2033. The first phase of the project, which has divided opinion in Britain because of its rising costs and the potential impact on the countryside and local communities, is due to get final approval shortly, the Department for Transport (DfT) said. Calling it Europe''s largest infrastructure project, the DfT said construction would start this spring, with building creating 25,000 jobs, helping to stimulate Britain''s economy when it faces uncertainty and possible job losses as the country withdraws from the EU over the next two years. The contract up for grabs on the HS2 trains would cover the design, building and maintenance of the fleet, said the DfT. Train supply deals in Britain have been politically sensitive in the past, with a 2011 contract awarded to Germany''s Siemens ( SIEGn.DE ) resulting in hundreds of job losses in Britain. But UK-based train factories have been boosted since. In 2013, Britain awarded Hitachi ( 6501.T ) a 1.2 billion pound order for trains to be built at a factory in County Durham, north east England. The following year, it handed a 1 billion pound contract to Canadian-owned Bombardier ( BBDb.TO ), securing jobs at a factory in Derby, northern England. Bombardier also won another 1 billion pound contract in August 2016. The DfT said that Friday marked the indicative notice which gave potential bidders advance warning of the formal start of the process this spring. (Reporting by Sarah Young; Editing by Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-trains-hs-idUKKBN15400K'|'2017-01-20T07:10:00.000+02:00'
'5b3812de8ce9cbbc989b94cbaffc06d883e67302'|'Indian regulator may bolster rules on removing company directors - CNBC-TV18'|'Cyclical Consumer Goods   7:04am EST Indian regulator may bolster rules on removing company directors - CNBC-TV18 MUMBAI Jan 22 India''s market regulator is looking to tighten regulations related to the appointment and removal of directors from company boards amid an ongoing spat between the Tata group and its ousted chairman Cyrus Mistry, CNBC-TV 18 cited sources as saying on Sunday. The news channel did not provide much detail on the steps it said were being considered by the Securities and Exchange Board of India (SEBI). The bitter boardroom battle between Tata Sons and Mistry, who has complained of mismanagement and corporate governance failures within the company, has also seen the ousting of Nusli Wadia, one of the group''s outspoken independent directors, after he publicly backed the former chairman. The spat has put the spotlight on the vulnerability of independent company directors in India who stand-up to, or take on, a dominant shareholder. A SEBI spokesperson did not have an immediate comment on the story. (Reporting by Suvashree Dey Choudhury; Editing by Mark Potter) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/tata-india-sebi-idUSL4N1FC0AJ'|'2017-01-22T19:04:00.000+02:00'
'2da9783cec25ffee7de7ded61794a78dba385182'|'Anglo sees incremental gains as trading unit hits cruising speed'|'Commodities - Mon Jan 23, 2017 - 5:55am EST Anglo sees incremental gains as trading unit hits cruising speed The Anglo American logo is seen in Rusternburg October 5, 2015. Picture taken October 5, 2015. REUTERS/Siphiwe Sibeko/File Photo By Clara Ferreira-Marques - SINGAPORE SINGAPORE Anglo American Plc ( AAL.L ), which broke with tradition when it set up a focused commercial unit, sees modest improvements ahead after an early boost to profits, as it gets closer to clients, even offering shelter from volatile markets with fixed-price contracts. Anglo, like many miners, shied away from directly trading its own material for decades, selling instead largely through intermediaries such as established trading houses. That changed in 2013 under Chief Executive Mark Cutifani, as Anglo sought a direct connection with customers to get more value from every tonne of material sold, a move which added more than $400 million to underlying operating profit in two years. The value of sales made to intermediaries - and not direct to end users - fell from 60 percent in 2012 to less than 10 percent of the total in 2015 - roughly the current level, according to Peter Whitcutt, the Anglo veteran who became chief executive of marketing a year ago. The group is now close to the limit of the extra cash it can squeeze out per tonne sold, Whitcutt said in an interview last week. But it can still get closer to the needs of commodity end-users, particularly in opaque markets like thermal coal, or targeted markets like minor platinum group metals. "There is more we can do as we improve the resource-to-market connection and make the most of what we have in the ground," he said, speaking at the group''s Singapore office, the base for much of its trading activities. Demand for fixed-price contracts, for example, has prompted Anglo to develop its capabilities in financial derivatives. "We sell on a floating price basis, but some customers want a fixed price, so we can put that back to our ''risk neutral'' position using financial markets," he said. Anglo says it will not trade commodities it does not mine and has no plan to invest in warehouses or vessels, though it now has a shipping desk and sees more value to be extracted from better use of those ships. "We are not expanding into handling third party material or using financial instruments just for the sake of it," Whitcutt said. It does still see some scope to trade material mined by others. "We have a real capability rooted in Anglo American’s mines and our desire to get full value for our resource." Anglo is one of several mining companies that have turned to the philosophy of extracting as many marginal gains as possible across operations to improve overall performance at a time of weak prices. (Reporting by Clara Ferreira Marques and Gavin Maguire; Editing by Christian Schmollinger) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-anglo-american-trading-idUSKBN15718H'|'2017-01-23T17:55:00.000+02:00'
'eee67d4b5fe489c10a804ea784a49da7456d3c48'|'Barra quits Xiaomi: The job took ''toll on my life'''|'Hugo Barra quits Xiaomi: The job took a ''huge toll on my life'' by Rishi Iyengar @Iyengarish January 23, 2017: 5:56 AM ET Xiaomi brings Mi Box to the US Xiaomi''s breakneck pace of growth has claimed a high-profile casualty: Hugo Barra is leaving the Chinese company to return to Silicon Valley. The former Google executive, who helped the little known smartphone maker earn comparisons with Apple, said Monday he would leave Xiaomi in February to be closer to friends and family. "The last few years of living in such a singular environment have taken a huge toll on my life and started affecting my health," Barra said in a Facebook post. "Seeing how much I''ve left behind these past few years, it is clear to me that the time has come to return." Barra made headlines in August 2013 when he left his job as vice president of Google''s ( GOOGL , Tech30 ) Android to join Xiaomi as international vice president charged with leading an aggressive push into global markets. In the years that followed, the company not only topped the Chinese market but also expanded into markets such as India, Indonesia, Singapore, Malaysia and Brazil. Its offerings have expanded beyond smartphones to laptops, air purifiers, smart televisions and several other products. Related: These smartphone makers are beating Apple in China Just 10 days ago, Xiaomi founder Lei Jun admitted the company had tried to grow too fast. He said it needed to slow down to "ensure sustainable growth for a long-term future." In 2014, the Beijing-based private firm was knocking on Apple ( AAPL , Tech30 ) ''s door. Smartphone sales topped 60 million and the company had a valuation of $45 billion. But domestic rivals Huawei, Oppo and Vivo soon surpassed Xiaomi in smartphone sales, and by early last year analysts were flagging concerns about the company''s decline. Supply chain problems didn''t help. Xiaomi now has less than 10% of the Chinese market, and those three domestic rivals have also pushed it out of the global top five, according to the latest rankings by research firm IDC. Still, Barra expressed pride at what he called the "greatest and most challenging adventure" of his life. "Xiaomi is in a very good place on its global expansion path," he said. "If there was ever going to be a good time for me to come back home, that time is now." The Brazilian executive said Lei has asked him to remain an advisor to Xiaomi. Related: Nokia is trying to make a smartphone comeback, starting in China In a Facebook post of his own, Xiaomi co-founder and president Bin Lin thanked Barra for helping turn the Chinese brand into a global player. He also announced that senior vice president Xiang Wang — a former Qualcomm ( QCOM , Tech30 ) executive who joined Xiaomi in 2015 — will lead the company''s global expansion efforts. As for what Barra will do next? "I will take some much needed time off before embarking on a new adventure back in Silicon Valley," he said. CNNMoney (New Delhi) First published January 23, 2017: 5:39 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/23/technology/xiaomi-hugo-barra-leaving/index.html'|'2017-01-23T17:52:00.000+02:00'
'cff32c57fc038b333d1462eb051a2d12d4ea757e'|'Nikkei drops more than 1 pct on stronger yen, Trump''s ''America first'' policy'|'* Mothers, Jasdaq gain* Toshiba soars on news co may sell stake in chip business* Takata untraded with glut of sell ordersBy Ayai TomisawaTOKYO, Jan 23 Japan''s Nikkei share average dropped more than 1 percent on Monday as shares of exporters fell on a stronger yen, while sentiment was subdued on concerns over newly sworn-in U.S. President Donald Trump''s protectionist trade view.The Nikkei dropped 1.3 percent to 18,886.00 in midmorning trade.Exporters dropped, with Toyota Motor Corp falling 1.3 percent, Honda Motor Co shedding 1.9 percent and Hitachi Ltd declining 1.2 percent after the dollar slumped 0.9 percent to 113.54, edging towards the seven-week low of 112.57 yen hit last week.Trump, in his first address as the president on Friday highlighted "America first" policies that were short on specific proposals, disappointing investors hoping for details on his plans to stoke growth, spend on infrastructure and reduce taxes."Since Trump repeats ''America first'' so many times, investors in Japan are being defensive," said Hiroyuki Nakai, chief strategist at Tokai Tokyo Research Center.In a Reuters poll conducted last month, thirty of 33 analysts said Trump''s plans to withdraw the United States from the Trans-Pacific Partnership (TPP) trade pact will have an adverse impact on Japan.While cyclical stocks and major shares take a hit as investors become risk averse, small-to-mid caps and start-up companies attract investors, analysts said."Not all sectors are negative. Stocks that are less affected by global events are attracting buyers," said Hikaru Sato, a senior technical analyst at Daiwa Securities.The Mothers index was up 0.1 percent, while the Jasdaq market added 0.3 percent. Risk consulting services provider Eltes Co jumped 8.7 percent while manufacturing support service provider JMC Corp gained 3.9 percent.Toshiba Corp soared 6.6 percent after sources said that the company has begun preparations to sell a minority stake in its core chip business.Meanwhile, Takata Corp, which dove to the limit down in the past two trading sessions on worries about the possibility of a court-led turnaround for its Japan business, remained, was untraded with a glut of sell orders.The broader Topix dropped 1.2 percent to 1,515.33, and the JPX-Nikkei Index 400 slipped 1.3 percent to 13,572.78. (Reporting by Ayai Tomisawa; Editing by Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1FD1KA'|'2017-01-22T23:56:00.000+02:00'
'f2fd81b5bb430daf494d22dc580dc1cfc266116d'|'TREASURIES-U.S. yields slip before debt supply on Trump trade stance'|'* Trump''s trade stance stokes safe-haven bids for bonds * U.S. to auction $88 bln in coupon-bearing debt * Companies to sell $20-$25 bln in high-grade debt -IFR By Richard Leong NEW YORK, Jan 23 U.S. Treasury yields slipped on Monday as investor jitters over President Donald Trump''s tough stance on trade spurred safe-haven demand for bonds ahead of $88 billion in government debt supply this week. Moves to restrict trade, and scant details on proposed tax cuts, infrastructure spending and deregulation, have prompted some investors reassess the level of possible future government stimulus to bolster the U.S. economy. On Monday, Trump told U.S. manufacturing executives he would impose a hefty border tax on firms that import products to the United States after moving American factories overseas. He also plans to sign an executive order to renegotiate the free trade agreement between the U.S., Canada and Mexico, NBC News reported. "The market might want to see tax cuts and infrastructure spending first, but this shouldn''t be a surprise. Renegotiation of trade agreements is what he campaigned on," said Mike Lorizio, senior fixed-income trader at Manulife Asset Management in Boston. The yield on benchmark 10-year Treasury notes was down 2 basis points at 2.450 percent, while 30-year yield dipped 1 basis point to 3.032 percent. There have been signs some investors have scaled back on bearish bond bets due to the prospects for faster growth and inflation under a Trump administration and a Republican-controlled Congress. Speculators reduced net shorts in U.S. five-year and 10-year T-note futures from record high levels last week, according to Commodity Futures Trading Commission data on Friday. The safety bid for Treasuries was mitigated by upcoming sales of coupon-bearing government debt supply. The U.S. Treasury Department will sell $26 billion in two-year notes on Tuesday; $34 billion in five-year debt on Wednesday and $28 billion in seven-year notes on Thursday. Treasuries issuance will compete with another wave of investment-grade corporate bond supply, estimated at $20 billion to $25 billion this week, according to IFR, a Thomson Reuters unit. January 23 Monday 10:06AM New York / 1506 GMT Price US T BONDS MAR7 151-12/32 0-19/32 10YR TNotes MAR7 124-128/256 0-72/256 Price Current Net Yield % Change (bps) Three-month bills 0.495 0.5025 0.005 Six-month bills 0.605 0.6152 -0.003 Two-year note 100-42/256 1.1638 -0.033 Three-year note 99-198/256 1.4531 -0.035 Five-year note 100-122/256 1.8982 -0.040 Seven-year note 100-28/256 2.2328 -0.035 10-year note 96-52/256 2.4375 -0.030 30-year bond 97-36/256 3.0211 -0.025 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 31.75 0.00 spread U.S. 3-year dollar swap 23.25 0.50 spread U.S. 5-year dollar swap 6.50 0.25 spread U.S. 10-year dollar swap -10.75 -0.25 spread U.S. 30-year dollar swap -44.75 0.25 spread (Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FD13U'|'2017-01-23T12:18:00.000+02:00'
'09010b121709c68ac60494be403ce88a4bd14ad3'|'Highlights - Donald Trump in first full week as U.S. president'|'President Donald Trump addresses business and trade issues on Monday. Highlights of the day follow:BUSINESSTrump tells leaders of companies ranging from Lockheed Martin Corp to Under Armour Inc that his administration can cut U.S. regulations on businesses by 75 percent and that those planning to build factories in the United States will get quick approval.TRADETrump could sign an executive order on Monday intended to renegotiate the free trade agreement between the United States, Canada and Mexico, NBC News reported.Canadian Prime Minister Justin Trudeau begins a retreat with his Cabinet focusing mainly on the best approach to take with Trump, whose vow to renegotiate NAFTA could damage the nation''s economy.Japanese Prime Minister Shinzo Abe, saying Trump understands the value of free trade, vows to keep pitching a multinational pact that Trump''s administration has vowed to exit.British May will champion free trade and also voice her support for the Iran nuclear deal when she meets Trump later this week, her spokeswoman said.Mexico is ready to renegotiate trade rules with the United States but any change in U.S. policy that affected imports would be countered with a "mirror action" in Mexico.FOREIGN LEADERSThe Kremlin expects to agree soon on a date for the first phone call between President Vladimir Putin and Trump, but there is no word on when they will meet.Gulf Arab states are quietly applauding the arrival in the White House of a hawkish leader opposed to their adversary Iran, even if they suspect Trump might at times heighten tensions in the Middle East.LAWSUITA group files suit against Trump, accusing him of violating the "emoluments" clause of the U.S. Constitution by allowing his hotels and other businesses to accept payments from foreign governments.MARKET IMPACTFor financial markets, the Trump era begins on Monday. If history is any guide, the following month should be a rocky one for Wall Street but positive for the dollar.CABINETSenator Ben Cardin, the most senior Democrat on the Foreign Relations Committee, says he will not support Trump''s nominee for secretary of state, Rex Tillerson.(Compiled by Bill Trott; Editing by Lisa Von Ahn and Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-trump-highlights-idINKBN15723V'|'2017-01-23T12:27:00.000+02:00'
'6febc448d757fefe32297b096af946dafcbc692c'|'Japan''s Mitsubishi Regional Jet maker delays first delivery by two more years'|'  6:20am GMT Japan''s Mitsubishi Regional Jet maker delays first delivery by two more years An aerial view shows Mitsubishi Aircraft Corp''s Mitsubishi Regional Jet (MRJ) taking off for a test flight at Nagoya Airfield in Toyoyama town, Aichi Prefecture, central Japan, in this photo released by Kyodo November 11, 2015. REUTERS/Kyodo TOKYO Mitsubishi Aircraft Corp said on Monday deliveries of the Mitsubishi Regional Jet (MRJ) will be delayed by another two years to adjust the aircraft''s systems and electrical configuration. The latest postponement, the fifth since the programme began, means the first customer, Japan''s ANA Holdings Inc, will not receive its first aircraft until mid-2020, the subsidiary of Mitsubishi Heavy Industries Ltd said in a press release. The aircraft maker has so far secured 233 firm orders with a further 194 options. (Reporting by Tim Kelly and Maki Shiraki; Editing by Randy Fabi)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mhi-mrj-idUKKBN1570KC'|'2017-01-23T13:20:00.000+02:00'
'1496a8a185f93882f4c4ed3b7272ba2beaef54a1'|'China''s COSCO to boost stake in Qingdao port operator'|'Money News - Sun Jan 22, 2017 - 9:57pm IST China''s COSCO to boost stake in Qingdao port operator Containers from China Ocean Shipping Company (COSCO) are pictured at a port in Shanghai, China, February 17, 2016. REUTERS/Aly Song/File Photo BEIJING COSCO Shipping Ports will acquire a 16.82 percent stake in Qingdao Port International (QPI), operator of China''s sixth busiest port, the company said on Sunday, expanding COSCO''s port network. Under the agreement, Shanghai China Shipping Terminal Development, a subsidiary of COSCO Shipping Ports, will pay 5.8 billion yuan ($844 million) for the shares in QPI. The deal, to be settled through a combination of equity and cash, will boost COSCO''s share in the Qingdao firm to 18.41 percent, added the company in a statement. COSCO has been extending its port network with several large deals around the world in recent years. The companies also agreed to cooperate to develop Qingdao port into an international shipping hub in Northeast Asia and to co-invest in overseas terminal projects including the Khalifa Port Container Terminal II project in Abu Dhabi. ($1 = 6.8729 Chinese yuan renminbi) (Reporting by Dominique Patton; Editing by Mark Potter) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-cosco-qingdao-port-idINKBN1560T4'|'2017-01-22T23:27:00.000+02:00'
'4dcd8ac1af8a4a4550b27e9a094db7a51136e654'|'China Moly to help BHR acquire stake in Congo''s Tenke copper mine'|'KINSHASA Jan 22 China Molybdenum Co Ltd (CMOC) said on Sunday that it has signed an agreement with Chinese private equity firm BHR to support BHR''s acquisition of a 24 percent stake in Democratic Republic of Congo''s giant Tenke copper mine.CMOC says it is the majority owner of Tenke after completing a $2.65 billion purchase of a 56 percent stake in the mine, one of the world''s largest, from Freeport McMoRan Inc in November. BHR agreed to buy a minority stake from Canada''s Lundin Mining in November for about $1.14 billion.Congo state mining company Gecamines, which has a 20 percent stake, has tried for months to block both sales, arguing it has a right to pre-empt them.Gecamines representatives and Congo''s mines minister could not be immediately reached for comment on Sunday."CMOC will provide financial guarantees and other assistance to BHR to ensure that BHR''s acquisition of Lundin''s 24 percent indirect stake in (Tenke) completes successfully in a timely manner," CMOC said in a statement.It added that CMOC and BHR have entered into an agreement, which would give CMOC the right to purchase BHR''s stake at a pre-agreed price if BHR leaves the project.Congo is Africa''s largest copper producer, mining about 1 million tonnes of the metal in 2014 and 2015. Tenke has proven and probable reserves of 3.8 million tonnes of contained copper, according to CMOC. (Reporting By Aaron Ross; Editing by Joe Bavier and Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/congo-mining-idINL5N1FC0KG'|'2017-01-22T10:31:00.000+02:00'
'f7414572c21a8ef361f13c193b7e1473906f45aa'|'Apple files $1 billion lawsuit against chip supplier Qualcomm'|'Internet   9:13pm GMT Apple files $1 billion lawsuit against chip supplier Qualcomm People line up at an Apple store shortly before it opens in Beijing, China, January 3, 2017. REUTERS/Thomas Peter (WASHINGTON) - Apple Inc filed a $1 billion lawsuit against supplier Qualcomm Inc on Friday, following a U.S. government lawsuit which accused the chip maker of using anti-competitive tactics to maintain its monopoly of a key semiconductor used in mobile phones. In the lawsuit, Apple accused Qualcomm of overcharging for its chips and for refusing to pay some $1 billion in promised rebates for chip purchases. Apple said in its complaint that Qualcomm withheld the rebates because of Apple''s discussions with South Korea''s antitrust regulator. (Editing by Alan Crosby)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-apple-lawsuit-qualcomm-idUKKBN1542SG'|'2017-01-21T04:12:00.000+02:00'
'f18001242c97557e2b0fd20070df6b92fa0839b6'|'BOJ Kuroda: Steady U.S. growth may push up rates, dollar'|'Business News -  58pm GMT BOJ Kuroda: Steady U.S. growth may push up rates, dollar Haruhiko Kuroda, Governor of the Bank of Japan attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 20, 2017. REUTERS/Ruben Sprich DAVOS, Switzerland Bank of Japan Governor Haruhiko Kuroda said on Friday U.S. economic growth and inflation may accelerate in coming years, which may push up interest rates and the value of the dollar. "The U.S. economy is likely to accelerate growth this year and next year, and price inflation may somewhat rise. All of (these factors) may make interest rates rise and the dollar might also appreciate," Kuroda told reporters after attending a session of the World Economic Forum. "But exchange rate movement is very difficult to predict. You can not say anything definite because exchange rates are affected by so many factors, not just interest rates (and) economic growth," he said. (Reporting by Martinne Geller in DAVOS and Leika Kihara in TOKYO) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-davos-meeting-boj-kuroda-idUKKBN1541TM'|'2017-01-20T20:54:00.000+02:00'
'c9f7c7c42544b7628e07a6db55c5075bc0774b7d'|'Italy''s Generali buys three percent of Italian bank Intesa in defensive move'|'MILAN Assicurazioni Generali ( GASI.MI ) said on Monday it had bought voting rights equal to 3.01 percent of Intesa Sanpaolo''s ( ISP.MI ) share capital, effectively blocking the lender from acquiring a large stake in Italy''s biggest insurer.The move comes after newspaper La Stampa said that Intesa, one of Italy''s biggest banks, was considering buying a stake in Generali and this could possibly be part of a broader deal between Intesa and Germany''s Allianz ( ALVG.DE ).Under the scheme, the paper said, the German insurer could buy some of Generali''s assets while Intesa would buy a stake worth between 5 and 6 billion euros to protect Italian interests in the insurer. Intesa and Allianz declined to comment.However, Generali''s move, made through a securities lending transaction, would prevent Intesa from making such an investment. The stake Generali has acquired in Intesa is worth 1.2 billion euros, according to Thomson Reuters data.According to Italy''s cross-shareholding regulations, a company cannot hold more than 3 percent of another entity''s voting rights if the latter already has a stake of more than 3 percent in that company.This means Intesa could still buy more than 3 percent of Generali but its voting rights would be capped at 3 percent and it would be obliged to sell any stake above that level within a year. However, the limits would no longer apply should Intesa launch a takeover bid for at least 60 percent of Generali''s share capital.Generali''s shares rose more than 7 percent on Monday after the press reports and closed up 3.94 percent at 14.25 euros.The insurer''s market value of 21 billion euros is less than half what it was at the onset of the financial crisis in 2007-2008. The company has repeatedly been at the center of takeover speculation, with France''s AXA ( AXAF.PA ) often mentioned in media reports as a possible buyer.La Stampa said Allianz had already looked at making a bid for Generali last summer but had decided not to pursue it because of AXA''s interest.The chief executive of Allianz, the third-largest insurer in the Italian market after Generali and UnipolSai Assicurazioni ( US.MI ), said earlier this month he favored a "big takeover" because buying small companies would not make sense.Analysts were sceptical about a possible three-way tie-up, saying it would likely trigger antitrust concerns in Italy for both the German company and the Italian bank, which also has an insurance business, Intesa Sanpaolo Vita."Given the market share that Intesa Sanpaolo has reached in the life business a deal could raise antitrust problems," broker ICBPI said in a note.Generali''s biggest shareholder and Intesa''s domestic rival is Milanese investment bank Mediobanca ( MDBI.MI ), which has pledged to cut its 13 percent stake in the insurer to 10 percent and has said it could reduce it even further.Jean-Pierre Mustier, CEO of Mediobanca''s major shareholder UniCredit ( CRDI.MI ), said in an interview this month that it was important for the country that Generali remained Italian and that Mediobanca had to preserve the insurer''s independence.(Additional reporting by Agnieszka Flak and Paola Arosio; Editing by Jane Merriman, Greg Mahlich)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-generali-m-a-intesa-allianz-idUSKBN1572DE'|'2017-01-23T22:16:00.000+02:00'
'bc6c4c7d1377d3ac2ef500c63ef20909269a2a09'|'Foxconn CEO says investment for display plant in U.S. would exceed $7 billion'|'Business News - Sun Jan 22, 2017 - 11:58am GMT Foxconn CEO says investment for display plant in U.S. would exceed $7 billion left right FILE PHOTO Terry Gou, founder and chairman of Taiwan''s Foxconn Technology, is shown on a screen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China November 17, 2016. REUTERS/Aly Song/File Photo 1/2 left right Terry Gou, chairman of Hon Hai Precision Industry, better known as Foxconn, poses for a photo with Sharp Corp''s Aquos TV at a Sharp showroom in New Taipei City, Taiwan June 22, 2016. REUTERS/Tyrone Siu 2/2 TAIPEI Foxconn, the world''s largest contract electronics maker, is considering setting up a display-making plant in the United States in an investment that would exceed $7 billion (£5.6 billion), company chairman and chief executive Terry Gou said on Sunday. The plans, which would be carried out with its unit Sharp Corp ( 6753.T ), still depend on many factors such as investment conditions that would have to be negotiated at the U.S. state and federal levels, Gou told reporters on the sidelines of a company event. The plans come as U.S. President Donald Trump pledged to put "America First" in his inauguration speech on Friday, reinforcing concerns of a U.S. protectionist agenda that has cast a cloud over the outlook for global trade. Foxconn is formally known as Hon Hai Precision Industry Co ( 2317.TW ). (Reporting by J.R. Wu; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-taiwan-foxconn-idUKKBN1560JB'|'2017-01-22T18:58:00.000+02:00'
'a903d7d424619c0c2b0dd35a4d551ccebd9e013f'|'Fitch Affirms BankUnited, Inc.''s IDRs at ''BBB/F2''; Outlook Stable'|'Financials   3:52pm EST Fitch Affirms BankUnited, Inc.''s IDRs at ''BBB/F2''; Outlook Stable (The following statement was released by the rating agency) NEW YORK, January 23 (Fitch) Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDRs) at ''BBB'' and Short-Term IDRs at ''F2'' for BankUnited, Inc. (BankUnited) and BankUnited, N.A. The Rating Outlook is Stable. See the full list of rating actions at the end of this release. The rating action follows a periodic review of the mid-tier regional banking group, which includes BankUnited Inc. (BKU), BOK Financial Corp. (BOKF), Cathay General Bancorp (CATY), East West Bancorp (EWBC), First Republic Bank (FRC), First Horizon National Corp. (FHN), First National of Nebraska Inc. (FNNI), Fulton Financial Corp. (FULT), Hilltop Holdings, Inc. (HTH), Synovus Financial Corp. (SNV), TCF Financial Corp. (TCB), Trustmark Corp. (TRMK), UMB Financial Corp. (UMBF) and Wintrust Financial Corp. (WTFC). Company-specific rating rationales for the other banks are published separately, and for further discussion of the mid-tier regional bank sector in general, refer to the special report titled ''U.S. Banks: Mid-tier Regional Bank Periodic Review,'' to be published shortly. KEY RATING DRIVERS IDRS, VRs, AND SENIOR DEBT The ratings reflect BankUnited''s developing franchise with a growing position in the New York multifamily market and solid foundation in the Florida commercial market. The rating also reflects a seasoned management team with a solid reputation in the company''s core markets, good earnings performance supported by a relatively good cost structure, and solid asset quality. Fitch views the company''s capital adequacy and liquidity as consistent with the rating level and overall risk appetite. Rating constraints include BankUnited''s comparatively short operating history under current management, above-peer-level loan growth, comparatively narrow geographic exposure, low proportion of non-interest income versus peers, and, in Fitch''s view, modest key man risk. Fitch believes BankUnited has an experienced executive management team and considers it a key credit strength. The company''s regional management team is deep and stable with a number of senior managers having solid commercial banking experience on both the lending and deposit-taking sides of the business. Effective Jan. 1, Raj Singh, BankUnited''s Chief Operating Officer, succeeded John Kanas as President and Chief Executive Officer. Singh, along with Kanas, was one of the founders of BankUnited in 2009. Fitch believes that key man risk is mitigated by Singh''s appointment to CEO, continued management bench strength, and Kanas retaining the role of Chairman. Ultimately, Singh''s appointment to CEO brings further clarity to succession planning, which we believe should be viewed positively overall. The company''s high-growth model and manageable branch footprint/cost structure in New York and Florida has led to good profitability metrics. However, going forward, we expect profitability to come under pressure as the covered loan portfolio runs off and the company grows deposits in a rising interest rate environment. In addition, revenue diversification is viewed as a rating constraint given the company is very spread reliant. BankUnited reported non-interest income-to-total revenues of about 9% compared to the mid-tier peer median of 31%. BankUnited''s non-performing asset (NPA) ratio in the non-covered loan portfolio was 96bps at third quarter 2016 (3Q16), which compares well to mid-tier peers and supports the current ratings. However, Fitch recognizes that industry-wide credit performance has been supported by relatively benign credit conditions during this phase of the cycle. For the industry, Fitch anticipates some reversion to long-run averages of non-performing loans and losses from current unsustainably low levels. For many loan classes, asset quality is at or close to peak performance. BankUnited has seen increased nonaccrual inflows in its C&I portfolio driven by its New York City taxi medallion exposure ($192 million or 1% of total loans and 8% of tangible common equity). Although Fitch believes the loan loss reserve level and charge-offs related to the taxi medallion portfolio could increase, due to the small size of the portfolio relative to total loans, earnings would likely be modestly affected rather than capital. Fitch views BankUnited''s capital adequacy and liquidity metrics as consistent with the rating level and the company''s overall risk appetite. Fitch expects capital adequacy and liquidity metrics to improve as the company focuses on its national commercial deposit growth strategy in 2017, while actively slowing loan growth. Fitch considers BankUnited''s capital to be adequate for the current rating level with Common Equity Tier 1 risk-based capital of 11.6% at Sept. 30, 2016, slightly above the mid-tier median of 11.4%. BankUnited, N.A.''s Tier 1 leverage ratio was 9.3% at 3Q16, above the OCC requirement of 8% (the requirement dates back to the bank''s FDIC-assisted acquisition in 2009). To support capital levels, management expects to continue to opportunistically raise debt capital. Historically, the company''s high loan growth model has been funded by modest growth in deposits, FHLB advances, and senior unsecured debt. Deposit growth especially in competitive markets such as New York and Florida has led to deposit cost more than 30bps above the median peer deposit cost. As BankUnited''s national commercial deposit gathering initiative unfolds in 2017, this should decrease wholesale funding reliance and stabilize the loan-to-deposit ratio. BankUnited''s loan-to-deposit ratio is currently 101%, which is high compared to the median mid-tier peer of 92%. The company''s strategy is focused on growing loans and gathering deposits in New York and Florida with its national platform providing additional asset growth and potential diversification. Although Fitch recognizes the overall strengths of these markets, particularly the company''s focus on relatively top-performing metropolitan areas, BankUnited''s geographic concentration remains high compared to Fitch''s mid-tier peer universe. LONG- AND SHORT-TERM DEPOSIT RATINGS BankUnited''s uninsured deposit ratings at the subsidiary banks are rated one notch higher than the company''s IDR and senior unsecured debt because U.S. uninsured deposits benefit from depositor preference. U.S. depositor preference gives deposit liabilities superior recovery prospects in the event of default. HOLDING COMPANY BankUnited''s IDR and Viability Rating (VR) are equalized with those of BankUnited, N.A., reflecting its role as the bank holding company, which is mandated in the U.S. to act as a source of strength for its bank subsidiaries. Ratings are also equalized reflecting the very close correlation between holding company and subsidiary failure and default probabilities. SUPPORT RATING AND SUPPORT RATING FLOOR BankUnited and BankUnited, N.A. have a Support Rating of ''5'' and Support Rating Floor of ''NF''. In Fitch''s view, BankUnited and BankUnited, N.A. are not systemically important and therefore, the probability of support is unlikely. IDRs and VRs do not incorporate any support. RATING SENSITIVITIES IDRS, VRs, AND SENIOR DEBT Fitch believes the ratings are currently well positioned and sees limited upside over the near-to-intermediate term. The ratings are sensitive to earnings deterioration or asset quality falling below similarly rated Fitch mid-tier peer averages. In the near term, we expect earnings to come under pressure as the covered loan portfolio runs off and as the company grows deposits in a rising interest rate environment. Longer term, as core lending markets become more competitive, there is risk that underwriting standards could come under pressure, potentially leading to diminished asset quality, higher provisioning, and lower future earnings. Further, we note BankUnited''s loan growth is above peer averages. Although not anticipated, Fitch could undertake a review of the ratings should there be a material reduction in balance sheet liquidity as evidenced by loans-to-deposits increasing to the 105%-110% range, increased leverage, or adverse regulatory findings. Longer term, positive ratings momentum could be driven by successful execution of the company''s deposit growth strategy, increased scale, or improved diversity among geographies and loan products, non-interest revenue sources, or as top-quartile performance through the cycle is demonstrated. Given the emphasis Fitch places on senior management at BankUnited, the ratings are sensitive to key man risk. Material unexpected departures or changes in senior management at either the holding company or bank could prompt a review of the ratings. However, Fitch acknowledges that key man risk is partially mitigated by a deep bench of seasoned executives at the bank level as well as Raj Singh''s appointment to CEO, which brings clarity to succession planning at the executive level. LONG- AND SHORT-TERM DEPOSIT RATINGS The long- and short-term deposit ratings are sensitive to any change to BankUnited''s long- and short-term IDR. HOLDING COMPANY Should BankUnited begin to exhibit signs of weakness, demonstrate trouble accessing the capital markets, or have inadequate cash flow coverage to meet near-term obligations, there is the potential that Fitch could notch the holding company IDR and VR from the ratings of the operating companies. SUPPORT RATING AND SUPPORT RATING FLOOR Since BankUnited''s and BankUnited, N.A.''s Support and Support Rating Floors are ''5'' and ''NF'', respectively, there is limited likelihood that these ratings will change over the foreseeable future. Fitch has affirmed the following ratings: BankUnited, Inc. --Long-Term IDR at ''BBB''; Outlook Stable; --Senior Debt at ''BBB''; --Short-Term IDR ''F2''; --Viability Rating at ''bbb''; --Support Rating at ''5''; --Support Floor at ''NF''. BankUnited, N.A. --Long-Term IDR at ''BBB''; Outlook Stable; --Short-Term IDR at ''F2''; --Long-term Deposits at ''BBB+''; --Short-term Deposits at ''F2''; --Viability Rating at ''bbb''; --Support Rating at ''5''; --Support Floor at ''NF''. Contact: Primary Analyst Stefan Kahandaliyanage, CFA Associate Director +1-646-582-4918 Fitch Ratings, Inc. 33 Whitehall St. New York, NY 10004 Secondary Analyst Johannes Moller Associate Director +1-646-582-4954 Committee Chairperson Christopher Wolfe Managing Director +1-212-908-0771 Media Relations: Hannah James, New York, Tel: + 1 646 582 4947, Email: hannah.james@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017940 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials Fitch Takes Rating Actions on U.S. Midtier Regional Banks Following Peer Review (The following statement was released by the rating agency) CHICAGO, January 23 (Fitch) Fitch Ratings has completed its review of its U.S. midtier regional bank peer group. Following the review, which generally covers banks with assets between $10 billion and $50 billion, Fitch downgraded UMB financial (UMBF) and revised the Rating Outlook to Stable from Negative. At the same time, Fitch revised the Outlooks for BOK Financial (BOKF) to Stable from Negative and revised the Outlook for First'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987385'|'2017-01-24T03:52:00.000+02:00'
'74a59b27ebd81d620605bebf5cd7df4ab5108450'|'Mexico''s Jose Cuervo planning February IPO: sources'|'MEXICO CITY Jose Cuervo, the world''s biggest tequila producer, is planning a Feb. 8 pricing for its long-delayed initial public offering (IPO), two sources familiar with the matter said on Monday.The company, which put its IPO on hold late last year after the election of U.S. President Donald Trump weighed on Mexico''s peso, is seeking to raise up to $1 billion, the people said.The news was first reported by Bloomberg earlier on Monday.Cristobal Mariscal, general counsel and corporate affairs director for Jose Cuervo, declined to comment.(Reporting by Christine Murray and Alexandra Alper; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mexico-jose-cuervo-idINKBN1572MA'|'2017-01-23T17:01:00.000+02:00'
'10c239d0bf1a8404017c3de64bc2fc4aab040142'|'BRIEF-Banc of California names Robert Sznewajs Chairman of the Board'|'Market News -  44am EST BRIEF-Banc of California names Robert Sznewajs Chairman of the Board Jan 23 Banc Of California Inc * Banc of California names Robert Sznewajs Chairman of the Board; commences CEO succession process * Banc of California - Office of CEO / president will be composed of Hugh Boyle, Chief Risk Officer, who will additionally assume title of interim CEO * Banc of California Inc- Steven Sugarman''s resignation from his role as chairman and Chief Executive Officer * Banc of California Inc - Office of CEO / president will also be composed of J. Francisco A. Turner, Chief Strategy Officer * Turner will partner with Boyle and assume title of interim Chief Financial Officer and President * Banc of California Inc says board is undertaking a search to identify internal or external candidate to lead company Source text for Eikon:   Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSASB0AW70'|'2017-01-23T20:44:00.000+02:00'
'f143153b02cb68fa3018fe310fed0e217b8bf7b9'|'Insight - How Russia sold its oil jewel — without saying who bought it'|'Deals - Tue Jan 24, 2017 - 8:05pm GMT How Russia sold its oil jewel - without saying who bought it left right Russian President Vladimir Putin speaks during a news conference after a meeting with his Moldovan counterpart Igor Dodon at the Kremlin in Moscow, Russia, January 17, 2017. REUTERS/Sergei Ilnitsky/Pool 1/2 left right Workers stand next to a logo of Russia''s Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin 2/2 By Katya Golubkova , Dmitry Zhdannikov and Stephen Jewkes - MOSCOW/LONDON/MILAN MOSCOW/LONDON/MILAN More than a month after Russia announced one of its biggest privatizations since the 1990s, selling a 19.5 percent stake in its giant oil company Rosneft, it still isn''t possible to determine from public records the full identities of those who bought it. The stake was sold for 10.2 billion euros to a Singapore investment vehicle that Rosneft said was a 50/50 joint venture between Qatar and the Swiss oil trading firm Glencore. Unveiling the deal at a televised meeting with Rosneft''s boss Igor Sechin on Dec. 7, President Vladimir Putin called it a sign of international faith in Russia, despite U.S. and EU financial sanctions on Russian firms including Rosneft. "It is the largest privatization deal, the largest sale and acquisition in the global oil and gas sector in 2016," Putin said. It was also one of the biggest transfers of state property into private hands since the early post-Soviet years, when allies of President Boris Yeltsin took control of state firms and became billionaires overnight. But important facts about the deal either have not been disclosed, cannot be determined solely from public records, or appear to contradict the straightforward official account of the stake being split 50/50 by Glencore and the Qataris. For one: Glencore contributed only 300 million euros of equity to the deal, less than 3 percent of the purchase price, which it said in a statement on Dec. 10 had bought it an "indirect equity interest" limited to just 0.54 percent of Rosneft. In addition, public records show the ownership structure of the stake ultimately includes a Cayman Islands company whose beneficial owners cannot be traced. And while Italian bank Intesa SanPaolo leant the Singapore vehicle 5.2 billion euros to fund the deal, and Qatar put in 2.5 billion, the sources of funding for nearly a quarter of the purchase price have not been disclosed by any of the parties. "The main question in relation to this transaction, as ever, still sounds like this: Who is the real buyer of a 19.5 percent stake in Rosneft?" Sergey Aleksashenko, a former deputy head of Russia''s central bank, wrote in a blog last week. Glencore would not comment on the identity of the Cayman Islands firm or give a further explanation of how ownership of the 19.5 percent stake was divided. The Qatari Investment Authority said it would not comment on the deal, beyond confirming that it has participated in it. Rosneft declined to respond to questions posed by Reuters, including a request for comment on how ownership of the 19.5 percent stake was divided, information about the identity of the Cayman Islands buyer, or details of the source of any undisclosed sources of funds. The Kremlin did not respond to a list of questions about the deal sent by Reuters. MATRYOSHKA DOLL Like many large deals, the Rosneft privatization uses a structure of shell companies owning shell companies, commonly referred to in Russia as a "matryoshka", after the wooden nesting dolls that open to reveal a smaller doll inside. Following the trail of ownership leads to a Glencore UK subsidiary and a company that shares addresses with the Qatari Investment Authority, but also to a firm registered in the Cayman Islands, which does not require companies to record publicly who owns them. The Singapore-registered investment vehicle that holds the newly privatized 19.5 percent stake in Rosneft is called QHG Shares. It is owned by a London-registered limited liability partnership, QHG Investments, which in turn lists as one of its two owners another London-registered limited liability partnership, QHG Holding, created on Dec. 5. One of the partners in QHG Holding is QHG Cayman Limited, registered at an address of the Cayman Islands office of Walkers, an international law firm. Jack Boldarin, Walkers managing partner in London, told Reuters the law firm would not be able to confirm whether any company was its client, or comment further. The use of an offshore company is by itself no indication of wrongdoing, but it can make it impossible to determine the true owner of an asset from public records. The Singapore vehicle is also the borrower for Intesa''s 5.2 billion euro loan, and QHG Holdings, the London partnership that includes the Cayman Islands firm, is a guarantor of that debt. Banking experts say Intesa would be required by "know your customer" rules to verify the borrowers'' identities. Regulators would exercise heightened scrutiny because of the size of the deal and the need to comply with sanctions on Russia. Reuters asked Intesa whether it knew who the beneficial owners of the Cayman company were. The bank replied with a statement: "Intesa Sanpaolo does not comment on the details of its client operations. But we wish to reiterate that the financing was completed with strict adherence to the regulations applicable to embargoes. Italian authorities found nothing that would prohibit such an operation." The Italian central bank, which serves as Italy''s banking regulator, declined to comment. (For a graphic showing the ownership of the privatized stake, click on: tmsnrt.rs/2jJvBpk ) MYSTERY FINANCING If the full identity of the new owners of the Rosneft stake is a mystery, so too is the complete source of the funds with which they bought it. Although Qatar has never publicly confirmed how much it has contributed to the deal or the size of the stake that it bought, Glencore and Rosneft say it contributed 2.5 billion euros. Along with the 300 million from Glencore and the 5.2 billion loaned by Intesa, that still leaves a shortfall of 2.2 billion euros. Glencore has said this additional money came from other, undisclosed banks, including Russian banks, but has given no further details. The Qataris and Rosneft have declined to comment on the source of this funding. The purpose of Russia''s privatization program is to attract overseas money to cover a budgetary shortfall caused by low oil prices and Western sanctions. Putin has therefore banned Russian state-owned banks from participating in the financing of privatization deals, which would defeat the aim of bringing in foreign capital. But public records in Singapore show that Russia''s second-largest bank, state-controlled VTB, loaned the Singapore vehicle QHG Shares the full 10.2 billion euros that it paid to the Russian state last month to buy the stake. VTB held the 19.5 percent Rosneft stake as collateral for that loan for part of December, before relinquishing it back to Rosneft''s state-owned parent company Rosneftegaz, which in turn relinquished it back to the Singapore vehicle when Intesa''s loan arrived in January. VTB and Rosneft say VTB''s role in the deal was solely to reduce market turbulence which would have arisen if the 10.2 billion euros had arrived abruptly from abroad to be converted to roubles on the open market. Apart from saying that its role was to reduce market volatility, VTB declined to comment further, including when asked if the full 10.2 billion euros was paid back, or by whom. FINDING A BUYER Rosneft is the world''s biggest listed oil company by output and, along with natural gas export monopoly Gazprom, one of two crown jewels of the Russian state. Even at the best of times without the added risk of Western sanctions, there would only be a few foreign investors with deep enough pockets to buy a big stake. Glencore, one of the main buyers of Rosneft''s crude, has Qatar''s $335 billion sovereign wealth fund, the QIA, as its largest shareholder. Russia and Qatar have backed opposite sides for years in the war in Syria, but as the world''s two leading natural gas exporters they have good reason to cooperate on energy issues and bury some of their differences over Middle East policy. "The idea looked appealing to Qatar. They like investing in energy. They saw upside in Rosneft. They saw upside in building relations with Russia, whose role in the Middle East politics is only set to rise," said one source involved in talks among members of the Qatar/Glencore consortium about the purchase. According to a source close to Rosneft''s management board, the deal came as a surprise to Rosneft''s shareholders, including Britain''s BP ( BP.L ), which itself owns 19.75 percent of Rosneft and is represented on its board. The Rosneft board learned about the sale from Sechin himself only on Dec. 7, several hours after Sechin recorded his televised meeting with Putin announcing it, the source said. In response to questions from Reuters, BP said: "Matters of the board of directors are confidential." Two sources in the Russian government said the deal was also a surprise there: it had been agreed between Sechin and Putin''s Kremlin, above the cabinet. "Sechin did it all on his own - the government did not take part in this," one of the sources said. Prime Minister Dmitry Medvedev''s spokeswoman Natalia Timakova said: "All documents and procedures needed for privatization were prepared and executed on time." ($1 = 59.2518 roubles) (Additional reporting by Peter Graff in LONDON, Valentina Za in MILAN, Tom Finn in DOHA, Vladimir Soldatkin, Oksana Kobzeva, Darya Korsunskaya, Polina Nikolskaya, Andrey Ostroukh and Vladimir Abramov in MOSCOW; Writing by Dmitry Zhdannikov and Peter Graff) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-russia-rosneft-privatisation-insight-idUKKBN1582OH'|'2017-01-25T03:15:00.000+02:00'
'b5c2eedbff187158dc6b367c2b0fb1898b0eb443'|'Argentina central bank holds policy rate steady for 8th straight week'|'Financials   3:18pm EST Argentina central bank holds policy rate steady for 8th straight week BUENOS AIRES Jan 24 Argentina''s central bank kept its monetary policy rate unchanged at 24.75 percent for the eighth consecutive week on Tuesday, again citing expectations for falling core inflation in the coming months despite "mixed signals" for inflation in January. Consumer prices rose about 40 percent in 2016 with the economy in recession. The central bank is targeting inflation of between 12 percent and 17 percent in 2017, though economists see it at above 20 percent. The central bank said the estimates and indicators it monitors "show mixed signals regarding the evolution of prices so far in the month of January" in explaining its decision to leave rates unchanged, the same language it used last week. But it said core inflation was likely to decline in the coming months, as regulated prices were likely to rise more than the rest of the consumer price index. "The central bank will continue with a clear anti-inflationary bias to make sure the disinflation process reaches its goal," the statement said. (Reporting by Luc Cohen; Editing by Tom Brown) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/argentina-cenbank-idUSL1N1FE5JF'|'2017-01-25T03:18:00.000+02:00'
'453172b92da4d9a22afa9279e6b58cf46376b7bd'|'UPDATE 1-Indian car parts firm Motherson Sumi to buy Finland''s PKC for $609 mln'|'Cyclical Consumer Goods   4:19am EST UPDATE 1-Indian car parts firm Motherson Sumi to buy Finland''s PKC for $609 mln (Adds detail, comments, share price reaction) HELSINKI Jan 19 India-based car parts maker and engineering group Motherson Sumi Systems Ltd has made a 571 million-euro ($609 million)offer to buy Finland''s PKC Group, a maker of wiring harnesses for trucks, the companies announced late on Thursday. At 23.55 euros per PKC share, the offer price is 51 percent above PKC''s last closing share price. The shares were up 48 percent at 23.11 euros by 0917 GMT on Friday. "(PKC) are experts in the commercial vehicle segment and we are strong in passenger vehicles, so there''s a tremendous amount of synergies that can be created," Motherson Chairman Vivek Chaand Sehgal told a news conference in Helsinki. Shares in Motherson Sumi, which also makes rear view mirrors, bumpers and dashboards, were up 0.5 percent, valuing the company at around $6.7 billion. PKC, which last year had sales of about 846 million euros and a core profit of 64 million euros, said its board backs the offer. "We consider approval of the offer very likely and the price per share very good," market analysis firm Inderes said in a note to investors. (Reporting by Jussi Rosendahl and Tuomas Forsell; Editing by Leslie Adler, Greg Mahlich) Next In Cyclical Consumer Goods Germany to insist that U.S. abides by trade accords - Schaeuble in Spiegel BERLIN, Jan 20 German Finance Minister Wolfgang Schaeuble said he does not expect a trade war with the United States despite President-elect Donald Trump''s criticism of German car makers, but said Germany would insist the United States stick to international accords.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/pkc-group-ma-mothersonsumi-idUSL5N1FA1BI'|'2017-01-20T16:19:00.000+02:00'
'30b237dd9a96cd21fb854bfb7b2702f27beabe20'|'French court fines easyJet over refusal to let disabled passenger board - Business'|'A French court on Thursday fined British low-cost airline easyJet €60,000 (£52,000) for having refused to allow a disabled passenger to board for “security” reasons.The criminal court in Bayonne, southern France , heard that staff at the budget carrier refused to allow Joseph Etcheveste, 55, to board an Easyjet flight in Biarritz in July 2010 because he was “unaccompanied”.“EasyJet refused to let my client board because it deemed there were security problems. They still have not been able to explain what they were,” said his lawyer Anne-Marie Mendiboure.It was not the first time easyJet has fallen foul of French discrimination laws.In December 2015 the company was fined €70,000 for refusing access to three people with disabilities for the same reasons.BBC''s Frank Gardner hits out at airlines'' treatment of disabled passengers Read more There were also similar rulings in the two previous years.The airline said it had merely imposed “internal rules”.Etcheveste was an associate of former Basque separatist leader Philippe Bidart and was partially paralysed when he was shot in the spine as he was being arrested by French police in 1987.EasyJet lawyer Maud Marian told AFP she was not surprised at the court judgement while stressing that the airline “never intended to discriminate against the plaintiff” and was unlikely to appeal the decision.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/20/french-court-fines-easyjet-over-refusal-to-let-disabled-passenger-board'|'2017-01-20T10:58:00.000+02:00'
'c6eb447f302e32a5cf6a06846abe3e04258afa4c'|'West African troops near Gambia''s capital - witnesses'|'Cyclical Consumer Goods   8:57am EST West African troops near Gambia''s capital - witnesses BANJUL Jan 22 Scores of West African soldiers were seen preparing to make a ferry crossing to Gambia''s capital, Banjul, on Sunday, several witnesses said, as part of a mission to secure the country and allow new President Adama Barrow take up his office. Yahya Jammeh, the authoritarian leader who had ruled the tiny nation since taking power in a coup 22 years ago, fled into exile late on Saturday as the military operation was poised to remove him. (Reporting by Tim Cocks; Writing by Joe Bavier; Editing by Mark Potter) Next In Cyclical Consumer Goods Indian regulator may bolster rules on removing company directors - CNBC-TV18 MUMBAI, Jan 22 India''s market regulator is looking to tighten regulations related to the appointment and removal of directors from company boards amid an ongoing spat between the Tata group and its ousted chairman Cyrus Mistry, CNBC-TV 18 cited sources as saying on Sunday. INSIGHT-Crumbling lira pressures Turkish retailers as economy slows ISTANBUL, Jan 22 Turkish businessman Tekin Acar had contracts to open branches of his leading cosmetics chain in ten new shopping malls this year. A few days ago he cancelled nine of them after sharp falls in the lira meant he would struggle to afford the rents. TAIPEI, Jan 22 Foxconn, the world''s largest contract electronics maker, is considering setting up a display-making plant in the United States in an investment that would exceed $7 billion, company chairman and chief executive Terry Gou said on Sunday. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/gambia-politics-military-idUSL5N1FC0MC'|'2017-01-22T20:57:00.000+02:00'
'490d83c65afcfb38d767199276927eefbe3b6314'|'China''s COSCO to boost stake in Qingdao port operator'|'Industrials - Sun Jan 22, 2017 - 9:24am EST China''s COSCO to boost stake in Qingdao port operator BEIJING Jan 22 COSCO Shipping Ports will acquire a 16.82 percent stake in Qingdao Port International (QPI), operator of China''s sixth busiest port, the company said on Sunday, expanding COSCO''s port network. Under the agreement, Shanghai China Shipping Terminal Development, a subsidiary of COSCO Shipping Ports, will pay 5.8 billion yuan ($844 million) for the shares in QPI. The deal, to be settled through a combination of equity and cash, will boost COSCO''s share in the Qingdao firm to 18.41 percent, added the company in a statement. COSCO has been extending its port network with several large deals around the world in recent years. The companies also agreed to cooperate to develop Qingdao port into an international shipping hub in Northeast Asia and to co-invest in overseas terminal projects including the Khalifa Port Container Terminal II project in Abu Dhabi. ($1 = 6.8729 Chinese yuan renminbi) (Reporting by Dominique Patton; Editing by Mark Potter) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-cosco-qingdao-port-idUSL4N1FC0CP'|'2017-01-22T21:24:00.000+02:00'
'eb87ee7fa61f78ffacc07ba6730d4aec377edbe5'|'Weak pound lures American tourists to Britain, but Europeans unmoved'|'Business   1:41pm GMT Weak pound lures American tourists to Britain, but Europeans unmoved Tourists on a sightseeing bus pass the Houses of Parliament, in London January 9, 2009. REUTERS/Stephen Hird By Andy Bruce - LONDON LONDON North American tourists flocked into Britain to take advantage of the weak pound after last year''s Brexit vote, but spending by European tourists - far greater in number - slipped compared with a year earlier. Taken as a whole, Thursday''s official data suggested there was little immediate boost from the weak pound to Britain''s tourism industry during the three months after June 23''s referendum, typically the busiest period of the year. Domestic and foreign tourism accounts directly for about 4 percent of Britain''s economy, according to official statistics, though the industry says the broader contribution is larger. Britain''s economy has exceeded most forecasters'' expectations since the vote to leave the European Union, which sent the pound to a record low against a basket of currencies. While this has already produced clear signs of inflation, evidence for a boost to exports - and now tourism - has been mixed so far. Total spending by overseas tourists, seasonally adjusted, fell to 5.4 billion pounds ($6.7 billion) for July to September from 5.6 billion pounds in the second quarter, the Office for National Statistics said. Meanwhile, the actual number of visitors increased only marginally to 10.655 million from 10.5 million a year earlier. But there were big shifts in the composition of visitors from different countries. The number of North American tourists visiting Britain during the third quarter rose to 1.543 million from 1.397 million a year earlier - a more than 10 percent increase. Their spending increased by 202 million pounds to 1.359 billion pounds, a 17 percent rise that is roughly equivalent to the pound''s depreciation against the U.S. dollar between the third quarters of 2015 and 2016. "(This) does suggest that there was some boost coming from the plunge in the pound against the dollar following the late-June Brexit vote," said Howard Archer, economist at IHS Markit. "There were reports that retail sales were boosted over the summer by foreign visitors taking advantage of the weak pound to buy expensive items such as jewellery and watches." However, there was little sign the weaker pound did much to attract European visitors, who usually account for about three-quarters of all tourists in Britain. Their spending edged down to 3.289 billion pounds from 3.348 billion pounds a year earlier, despite the pound having weakened against the euro by around 14 percent during that period. The number of visitors from other European countries was little changed at about 7 million.   May has described tourism as "vitally important" to Britain and wants to make the country a more attractive destination as it leaves the EU. ($1 = 0.8110 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-tourism-idUKKBN1531YU'|'2017-01-19T20:41:00.000+02:00'
'7a545f9591bcfd4bba0c0eea717b8ea93b9fe7b3'|'UK offshore wind costs fall nearly a third in four years – report'|'Business News - Tue Jan 24, 2017 - 12:06pm GMT UK offshore wind costs fall nearly a third in four years – report Two fishermen sit in their boat at the Gunfleet Sands Offshore Wind Farm near Clacton-on-Sea, Britain May 16, 2014. REUTERS/Suzanne Plunkett/File Photo LONDON The cost of producing electricity from wind farms off the coast of Britain has fallen 32 percent in the past four years, meeting a government target four years early, an industry report released on Tuesday said. Britain plans to increase its offshore wind capacity to help bridge a looming electricity supply gap as old nuclear plants and coal-fired power stations close. Offshore wind farm costs fell to an average of 97 pounds ($120.82) per megawatt-hour (MWh) in the 2015-2016 financial year, from 142 pounds/MWh four years earlier, the report commissioned by the Offshore Wind Programme Board said. This means the industry has met ahead of schedule a government target to cut costs to below 100 pounds/MWh by 2020. It also puts the cost of offshore wind close to that of new nuclear plants, with the government contract awarded to France''s EDF for its Hinkley C reactor project in southwest England at 92.50 pounds/MWh. "Thanks to the efforts of developers, the UK''s vigorous supply chain and support from government, renewables costs are continuing to fall," Britain''s energy minister Jesse Norman said in a statement with the report. "Offshore wind will continue to help the UK to meet its climate change commitments, as well as delivering jobs and growth across the country," he said. Britain has a legally binding target to cut emissions of harmful greenhouse gases, such as those produced by fossil-fuel-based power plants, by 80 percent from 1990 levels by 2050. Developers of offshore wind projects, such as DONG Energy, have driven down costs rapidly over the past few years by increasing the size of turbines. However, critics say that even with recent cost reductions, offshore wind remains much more expensive than traditional fossil-fuel electricity generation, while some environmental groups say the huge structures could harm marine life. Norman said offshore wind would be an important part of the government''s new industrial strategy, which was unveiled on Monday and includes delivering affordable, low-carbon energy growth. More than 9.5 billion pounds ($11.8 billion) has been invested in offshore wind in the United Kingdom since 2010, the report said, with another 18 billion pounds due by 2021. ($1 = 0.8028 pounds) (Reporting by Susanna Twidale; Editing by Dale Hudson) Next In Business News Sterling falls after UK Supreme Court rules on Brexit LONDON Sterling fell and London''s FTSE 100 index rose on Tuesday in a volatile response to a UK Supreme Court ruling that the government must go through parliament, but not its regional assemblies, to trigger talks on leaving the European Union.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-windfarm-costs-idUKKBN1581GK'|'2017-01-24T19:06:00.000+02:00'
'c35cef4a4afd1f9bbb828ab3d74da319b7881f1a'|'Futures flat as earnings season gathers pace'|'  7:29am EST Futures flat as earnings season gathers pace Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 23, 2017. REUTERS/Brendan McDermid By Yashaswini Swamynathan U.S. stock index futures were little changed on Tuesday as investors assessed quarterly earnings reports, while seeking more clarity on President Donald Trump''s economic policies. * Trump''s focus on protectionism over fiscal stimulus since taking office on Friday has disappointed investors, who had driven up Wall Street to record highs following his election. * Wall Street dipped on Monday after Trump warned of border taxes and signed orders to withdraw the United States from the Trans-Pacific trade deal. * The dollar turned positive after falling to a seven-week low on Tuesday. Oil prices were flat, while gold declined for the first time in four days. * Data due on Tuesday includes a report on existing home sales, which likely fell to 5.52 million in December from 5.61 million the previous month. * Shares of General Motors ( GM.N ), Ford ( F.N ) and Fiat Chrysler ( FCAU.N ) rose in premarket trading. Trump is expected to meet the executives of the auto makers to discuss U.S. jobs. * Johnson & Johnson dropped 2.5 percent to $111.11 after the company reported a quarterly revenue that missed analysts'' expectations. * Apple ( AAPL.O ) was off 0.71 percent on a Barclays downgrade to "equal-weight" from "overweight". Of the 49 brokerages covering the stock, only eight have a "hold" or equivalent rating. * Yahoo ( YHOO.O ) rose 2.9 percent to $43.54 after the company reported better-than-expected quarterly profit and revenue and said the sale of its core internet business to Verizon ( VZ.N ) should be completed in the second quarter. Futures snapshot at 6:54 a.m. ET: * Dow e-minis 1YMc1 were up 4 points, or 0.02 percent, with 17,054 contracts changing hands. * S&P 500 e-minis ESc1 were down 0.25 points, or 0.01 percent, with 76,667 contracts traded. * Nasdaq 100 e-minis NQc1 were up 1.25 points, or 0.02 percent, on volume of 14,557 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN1581J9'|'2017-01-24T19:29:00.000+02:00'
'64e102ab99b2952f882c186992bf83da325aaa7b'|'Britain can discuss but not seal trade deals while still in EU - executive'|'Business News - Tue Jan 24, 2017 - 10:39am GMT Britain can discuss but not seal trade deals while still in EU - executive European Commission First Vice-President Frans Timmermans addresses the European Parliament during a debate on the commission work Programme for 2017, in Strasbourg, France, October 25, 2016. REUTERS/Vincent Kessler VALLETTA Britain can discuss but not seal bilateral trade deals while it remains a member of the European Union, the deputy head of the bloc''s executive, which will lead the technical negotiations on Brexit, said on Tuesday. Frans Timmermans'' words raised the prospect of obstacles and delays for Britain''s plan to pursue trade pacts with the United States and other nations as it prepares to leave the bloc. Prime Minister Theresa May had promised to start the divorce proceedings in March - though the timing of the exit was called into question on Tuesday when a top court ruled she must first seek approval from parliament. "It''s a very simple legal situation," said Timmermans, First Vice-President of the European Commission. "Everybody can talk to everyone, but you can only sign a trade agreement with a third country once you have left the EU. You can''t do that before," Timmermans told reporters. His comments seemed slightly less rigid that those of his boss, the Commission''s President Jean-Claude Juncker, who said last year he did not like the idea of Britain negotiating trade agreements on its own while Brexit has not materialised. The line has been echoed by Italy''s Europe minister, Sandro Gozi, also attending a meeting of EU ministers and officials in Malta: "It is clear that trade is an exclusive competence (of central EU institutions on behalf of member states). As long as UK remains member of the EU, it should respect the EU law." EU regulations give both sides two years from the moment the exit clause is triggered to negotiate and agree the divorce before it comes to fruition. (Reporting by Gabriela Baczynska; Editing by Andrew Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-trade-idUKKBN15817A'|'2017-01-24T17:39:00.000+02:00'
'c309c2f9522b28fadc866008cdc53537e38acb8e'|'Toronto biotech raises $200 million ahead of ADHD drug decision'|'Business  24pm EST Toronto biotech raises $200 million ahead of ADHD drug decision TORONTO Highland Therapeutics Inc has raised $200 million from Morgan Stanley ( MS.N ) ahead of the U.S. drug regulator''s decision for a new drug that manages attention deficit hyperactivity disorder (ADHD), the Toronto-based biotech startup said on Tuesday. The drug HLD200, which underwent two Phase 3 studies last year, is under review and awaiting approval by the U.S. Food and Drug Administration. Part of the financing is contingent on the FDA decision, which is expected on July 30. HLD200 is designed to be taken once a day at night and uses a delayed and extended-release technology to help control ADHD symptoms throughout the day, but particularly when the patient wakes up in the morning, an especially challenging time of day, the company said. ADHD is a brain disorder that interferes with functioning and development, causing problems such as extreme restlessness or impulsiveness that interfere with school or work, according to the National Institute of Mental Health. The $200 million private placement was secured through Highland''s subsidiary, Ironshore Pharmaceuticals & Development Inc, and is expected to help the company commercialize the drug. Drugs to treat the disorder are a multibillion-dollar industry. Top-selling ADHD drugs such as Shire Plc''s ( SHP.L ) Vyvanse can be a big revenue driver for pharmaceutical companies. "We believe HLD200 has the potential to become the standard of care in the treatment of ADHD," Ironshore president Craig Lewis said in a statement. (Reporting by Solarina Ho; Editing by Jonathan Oatis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-biotech-adhd-idUSKBN1582IV'|'2017-01-25T01:17:00.000+02:00'
'fee3edde9f79d78cc810a461d8a043a5671466d5'|'TrailStone buys Cargill''s power and gas group - sources'|'Global Energy   9:53pm GMT TrailStone buys Cargill''s power and gas group - sources A Cargill logo is pictured on the Provimi Kliba and Protector animal nutrition factory in Lucens, Switzerland, September 22, 2016. REUTERS/Denis Balibouse By Catherine Ngai and Liz Hampton - HOUSTON HOUSTON Commodities trader and investor TrailStone Group has purchased Cargill Inc''s gas and power trading group, three sources familiar with the deal said this week. The move, first reported by Sparkspread, comes amid a reshuffling in the power and natural gas industry as private equity firms and hedge funds pour into the space, filling a void left by banks and other longtime players. The banks and others have been pulling back over the past several years as natural gas prices have reached lows not seen in a decade, due to abundant U.S. shale gas and increasingly strict capital requirements and regulations that have pressured banks to reduce their involvement in physical commodities markets. Swiss-based commodities trader Gunvor Group Ltd this year opened a natural gas trading desk in Connecticut, headed by a former director of natural gas for Freepoint Commodities. Last September, Hartree Partners lost its head of natural gas trading, and in May, U.S. investment bank Goldman Sachs Group Inc snagged Mercuria Energy Trading''s head of natural gas and power trading. TrailStone already had natural gas and power trading operations in the United States. TrailStone did not respond to a request for comment, and Cargill declined to comment. (Reporting by Catherine Ngai and Liz Hampton in Houston; additional reporting by Scott DiSavino in New York; editing by Jonathan Oatis) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cargill-inc-m-a-trailstone-idUKKBN1542TR'|'2017-01-21T04:53:00.000+02:00'
'03017d0362196d4fde475ff8a364b1f5382eaf36'|'JPMorgan raises Dimon''s pay 3.7 pct to $28 mln'|'Company  09pm EST JPMorgan raises Dimon''s pay 3.7 pct to $28 mln NEW YORK Jan 19 JPMorgan Chase & Co directors paid Chief Executive Jamie Dimon $28 million in total compensation for 2016, a 3.7 percent increase from the prior year, the company said on Thursday. His package includes a base salary of $1.5 million as well as cash and stock-related instruments that are tied to Dimon''s performance, the filing with the U.S. Securities and Exchange Commission said. (Reporting by David Henry in New York; Editing by Jonathan Oatis) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/jpmorgan-dimon-compensation-idUSL1N1F90VE'|'2017-01-20T05:09:00.000+02:00'
'ba755bf89a403264776e2222c3249a73381c7155'|'Investors curb their enthusiasm ahead of Trump era'|'Economic  50am IST Investors curb their enthusiasm ahead of Trump era U.S. President-elect Donald Trump stands with his wife Melania, daughter Ivanka (2nd R) and son Eric (2nd L), as members of the U.S. Army Band pass by at the ''''Make America Great Again! Welcome Celebration'''' at the Lincoln Memorial in Washington, U.S., January 19, 2017. REUTERS/Mike Segar By Richard Leong - NEW YORK NEW YORK A month ago, the dollar and stock markets were riding high as investors bet that the Trump administration, together with the Republican-controlled Congress, would usher in an era of lower taxes, more government spending and looser regulations. But as questions mount about how the new administration would carry out such an ambitious agenda and Trump himself sends mixed signals, investors are wondering whether Trump will end up actually being a game changer once he takes office as the U.S. president on Friday. In the weeks after the Nov. 8 election, Wall Street''s major indexes were on a tear. The benchmark S&P 500 gained around 6 percent in that period and posted a series of record highs. Longer-dated Treasury yields, which move inversely to the price of bonds, jumped to their highest levels in more than two years on fears about a spike in federal borrowing and inflation stemming from Trump''s policies. The dollar hit a 14-year high against other major currencies on bets that Trump would adopt expansionary fiscal policies that would lead to higher interest rates, and gold, a traditional safe haven, fell to its lowest level in a decade. Investors are now coming back to earth - and bringing market valuations with them. "Now we are nearing the inauguration, how much of this can really get done?" BMO Private Bank''s chief investment officer, Jack Ablin, said. He estimated the S&P 500 is about 20 percent over-valued. Valuations for equities and the dollar now appear stretched, and some investors have scaled back their bullish bets. In turn, they have piled back into bonds and gold as they reassess how many of Trump''s perceived pro-growth policies would likely be enacted. “We made modifications to our portfolios based on potential changes to the fundamentals from Trump policies by analyzing their near- and long-term impact on growth and inflation," said Amit Chopra, portfolio manager at Western Asset Management Co in Pasadena, California, with $444.5 billion under management. Chopra said his firm saw value in Treasuries following a selloff that knocked nearly $2 trillion in bond market value across the globe. "Our clients are fairly neutral now," he said. PERHAPS IT''S ONLY A PAUSE Not everyone thinks the bull market is over. Investors who made "Trumpflation" trades - a term coined by traders for market bets that would benefit from both faster economic growth and inflation - are sticking with them in the belief that even a modicum of fiscal change by Trump would benefit their bets. "It''s more of a pause than a big reversal in the reflation trade," said Ed Campbell, portfolio manager at QMA, a $116 billion multi-asset manager wholly-owned by Prudential Financial, in Newark, New Jersey. Speculators including hedge funds built record net short positions in Treasury bond and interest rates futures last week, signaling their confidence that inflation will rise and the Federal Reserve will raise rates further to keep the economy in check, according to data from the Commodity Futures Trading Commission. This massive bet against bonds suggests that "rising U.S. bond yields remains among hedge funds'' major convictions," Societe Generale analysts wrote in a note this week. WAIT FOR DETAILS Still, the Dow''s struggle to advance above the historic 20,000 milestone and the dollar''s pullback, some analysts say, reflect frustration among investors over the lack of details on tax reform, infrastructure spending and deregulations from Trump. "The market has priced in a lot of good news. Now there are increasing concerns that Trump can''t pass his entire agenda," said Paresh Upadhyaya, director of currency strategy at Pioneer Investments in Boston. Instead of forging his economic message into a legislative agenda, Trump has fired off comments on a scattershot of subjects that at times have contradicted his own policy goals and confused investors. The latest example was Trump''s critical comment about a strong dollar "killing us" in a Wall Street Journal interview last weekend. It walloped the dollar index to a six-week low on Tuesday, when markets reopened after a long holiday weekend. "There''s a little less confidence that if you try to change everything that anything specific will change," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey. Until clarity from the incoming administration emerges, investors are taking some chips off the table as they see some choppy times ahead. "I think volatility will rise. I think this is a lull before his ability to actually take actions," Meckler said. (Additional reporting by Chuck Mikolajczak, Sinead Carew in New York, Jamie McGeever in London; Editing by Dan Burns and Leslie Adler) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trump-investment-idINKBN1540BU'|'2017-01-20T11:20:00.000+02:00'
'695c0d29afb01faa7d8a3a028e1f0c302492811c'|'UPDATE 1-China Moly to help BHR acquire stake in Congo''s Tenke copper mine'|'(Adds mines minister confirmation of CMOC majority stake)KINSHASA Jan 22 China Molybdenum Co Ltd (CMOC) said on Sunday it had signed an agreement with Chinese private equity firm BHR to support BHR''s acquisition of a 24 percent stake in Democratic Republic of Congo''s giant Tenke copper mine.Congo''s mines minister Martin Kabwelulu, meanwhile, confirmed CMOC had become the majority owner of Tenke after state miner Gecamines dropped its objections to CMOC''s purchase in May of a 56 percent stake from Freeport McMoRan Inc for $2.65 billion.Gecamines, which holds a 20 percent stake, has tried to block the sale to CMOC as well as BHR''s purchase of a minority stake from Canada''s Lundin Mining in November for about $1.14 billion, arguing it has a right to pre-empt them.It was not clear if Gecamines had also dropped its objections to BHR''s purchase. Gecamines representatives could not be immediately reached for comment."CMOC will provide financial guarantees and other assistance to BHR to ensure that BHR''s acquisition of Lundin''s 24 percent indirect stake in (Tenke) completes successfully in a timely manner," CMOC said in a statement.It added that CMOC and BHR had entered into an agreement that would give CMOC the right to purchase BHR''s stake at a pre-agreed price if BHR leaves the project.Congo is Africa''s largest copper producer, mining about 1 million tonnes of the metal in 2014 and 2015. Tenke has proven and probable reserves of 3.8 million tonnes of contained copper, according to CMOC. (Reporting by Aaron Ross; Editing by Joe Bavier and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/congo-mining-idINL5N1FC0NS'|'2017-01-22T12:06:00.000+02:00'
'8dedacf4733e54e9e8a078cd9f8938847b9163cd'|'At least 26 killed as Indian train derails'|'Industrials   10:32pm EST At least 26 killed as Indian train derails MUMBAI Jan 22 At least 26 people were killed and 50 injured on Saturday night when nine coaches of a passenger train derailed in eastern India, in the latest disaster to hit the vast and accident-prone state railways, police said. The express train from Jagdalpur to Bhubaneswar derailed near Kuneri station, in the state of Andhra Pradesh, around 30 km (18 miles) outside the town of Raigarh. "Nine bogies were derailed of which three have turned and fallen off the track," said local Superintendent of Police L.K.V. Ranga Rao. "Most of the casualties and deaths are from the three sleeper class compartments." (Reporting by Douglas Busvine and Suvashree Choudhury; Editing by Simon Cameron-Moore) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/india-crash-idUSL4N1FC02J'|'2017-01-22T10:32:00.000+02:00'
'2fb9c0b38751eb86ef701e549941cade7a664a8e'|'TABLE-Abu Dhabi December inflation drops to 0.8 percent'|'Jan 23 The Abu Dhabi Statistics Centre released the following December consumer price data for the Gulf Arab emirate on Monday. ABU DHABI CONSUMER INFLATION 12/16 11/16 12/15 pct change month/month -0.5 0.5 n/a pct change year/year 0.8 2.3 4.8 NOTE. Previous figures are revised. For 2016 as a whole, the inflation rate was 2.0 percent. Food and beverage prices fell 0.1 percent while housing and utilities rose 5.6 percent, and transport fell 1.7 percent. (Reporting by Andrew Torchia; editing by John Stonestreet)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emirates-inflation-abudhabi-idINL5N1F75W6'|'2017-01-23T07:46:00.000+02:00'
'8a6bc3030a8ae23f07aa7a70ef85e162b61e1a53'|'Police charge driver in Australia rampage with five counts of murder'|'World News - Mon Jan 23, 2017 - 4:24am EST Police charge driver in Australia rampage with five counts of murder Members of the public look at flowers that have been placed in central Melbourne, Australia, January 21, 2017 as a tribute to the victims killed and injured when a man drove into pedestrians on Friday. Picture taken January 21, 2017. AAP/Tracey Nearmy/via REUTERS By James Regan - SYDNEY SYDNEY A man who authorities say drove into a crowd of pedestrians, killing five and injuring more than 20 in the center of Melbourne, has been charged with five counts of murder, Australian police said on Monday. Police alleged the 26-year-old acted deliberately and said he had been remanded to appear in court in August and faced additional charges. On Sunday, a baby boy became the fifth person to die after the 26-year-old smashed into a crowd of pedestrians on a busy street in Australia''s second-biggest city, according to police. The police rammed his car and the driver was shot in the arm before being dragged from the vehicle. Taken to hospital for treatment, he was released to appear before a judge on Monday. Police have said the incident was not terrorism related. In the wake of the incident, the government of the state of Victoria, where Melbourne is located, said it would set up a night court to hear after-hours bail requests after it emerged the alleged driver was out on bail when he drove into the crowd. The accused killer was recently freed by a bail judge despite police opposition, over an alleged assault, according to the Police Association of Victoria. "If changes are needed to be made, based on the facts, they will be made," said the state''s premier and top politician, Daniel Andrews. "Resources will not be an issue, expense will not be an issue." Melbourne''s Bourke Street Mall, near the site of the incident, has become a makeshift shrine for the victims and was adorned with flowers on Monday. Thousands also gathered at Melbourne''s Federation Square to pay tribute to the victims. (Reporting by James Regan; Editing by Clarence Fernandez) Next In World News Diplomat says China would assume world leadership if needed BEIJING China does not want world leadership but could be forced to assume that role if others step back from that position, a senior Chinese diplomat said on Monday, after U.S. President Donald Trump pledged to put "America first" in his first speech.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-australia-police-idUSKBN1570ZV'|'2017-01-23T16:16:00.000+02:00'
'fb8001b58b88f77b8dc8c801a80db1848a0f3640'|'Safe Harbor Marinas buys peer as it mulls IPO: sources'|'By Greg Roumeliotis and Lauren Hirsch Safe Harbor Marinas has acquired peer Brewer Yacht Yard Group, roughly doubling its size and making itself the world''s largest owner and operator of marinas, as it considers an initial public offering, people familiar with the matter said on Sunday.The deal comes less than two years after investment firm American Infrastructure MLP Funds formed Safe Harbor. It underscores the financial appeal of marinas, which can produce strong, reliable cash flows thanks to the membership fees that they charge boat owners and sailing enthusiasts.Dallas-based Safe Harbor is also in preliminary talks with investment banks to explore the possibility of an IPO that could value the company at between $500 million and $1 billion, the people said, cautioning that no decision has been made yet as to whether the company will go public.Accounting for the deal with Brewer Yacht Yard, Safe Harbor generates 12-month revenue of around $200 million, the people added.As part of the deal with Brewer Yacht Yard, which is expected on be announced on Monday, investment firms Guggenheim Partners and Weatherford Partners have also invested in Safe Harbor, the people said. American Infrastructure Funds remains the majority owner of the company, the people added.The sources asked not to be named because the deal is not yet public.With the acquisition of Brewer Yacht Yard, Safe Harbor now owns 63 properties across 17 U.S. states. Many of its marinas offer amenities that include restaurants, playgrounds and pools.Founded in 1879 by R.G. Brewer as a chandlery and hardware store for boat owners and fishermen in Mamaroneck, New York, Brewer Yacht Yard expanded into marinas starting in the 1950s. The founder''s great-grandson, Jack Brewer, now owns a minority stake in the combined company following the deal with Safe Harbor, according to the sources.Safe Harbor President Baxter Underwood has been appointed CEO of the combined company, succeeding Marshall Funk, who has been named chief strategy officer and will still sit on the company''s board, according to the sources.(Reporting by Greg Roumeliotis and Lauren Hirsch in New York; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brewer-yacht-yard-group-m-a-safe-harb-idINKBN15700L'|'2017-01-22T21:19:00.000+02:00'
'222daf4b68a1610b77c37c115840443b839840a4'|'Halliburton warns of weakness in international markets'|'Commodities - Mon Jan 23, 2017 - 7:18am EST Halliburton warns of weakness in international markets The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas April 6, 2012. REUTERS/Richard Carson/File Photo Halliburton Co ( HAL.N ), the world''s No. 2 oilfield services provider, on Monday warned of weakness in markets outside of North America, echoing comments made by larger rival Schlumberger ( SLB.N ) last week. Halliburton reported a better-than-expected quarterly adjusted profit as oil producers put more rigs back to work in North American shale fields. Shale producers, encouraged by a rise in crude prices after a slump of more than two years, have been drilling and completing more wells in North America. "Despite the positive sentiment surrounding the North American land market, it is important to remember that our world is still a tale of two cycles," Chief Executive Dave Lesar said in a statement. "The North America market appears to have rounded the corner, but the international downward cycle is still playing out." International markets are yet to recover with most oil companies reluctant to increase spending on expensive deepwater and mature oilfields. Net loss attributable to Halliburton widened to $149 million, or 17 cents per share, in the fourth quarter ended Dec. 31, from $28 million, or 3 cents per share, a year earlier. The current quarter included impairment and other charges of $169 million, compared with $282 million last year. Excluding items, the company earned 4 cents per share in the latest reported quarter, beating the average analyst estimate of 2 cents, according to Thomson Reuters I/B/E/S. The company''s revenue fell 20.9 percent to $4.02 billion, missing analysts'' estimate of $4.09 billion. (Reporting by Arathy S Nair in Bengaluru; Editing by Maju Samuel) Next In Commodities Anglo sees incremental gains as trading unit hits cruising speed SINGAPORE Anglo American Plc , which broke with tradition when it set up a focused commercial unit, sees modest improvements ahead after an early boost to profits, as it gets closer to clients, even offering shelter from volatile markets with fixed-price contracts.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-halliburton-results-idUSKBN1571GT'|'2017-01-23T19:18:00.000+02:00'
'122b42743190debd568ebfce2c5bc24f47979e84'|'U.S. bankruptcy judge denies request for Peabody equity committee'|'Commodities   5:05pm EST U.S. bankruptcy judge denies request for Peabody equity committee A dragline excavator moves surface dirt into a 240 ton haul truck during a tour of Peabody Energy''s North Antelope Rochelle coal mine near Gillette, Wyoming, U.S. June 1, 2016. REUTERS/Kristina Barker/File Photo ST LOUIS A U.S. bankruptcy judge denied on Thursday a request to order the appointment of an official equity committee in chapter 11 of coal miner Peabody Energy Corp. (Reporting by Tom Hals in Wilmington, Delaware; editing by G Crosse) Next In Commodities Oil edges up from one-week low as IEA sees tighter market NEW YORK Oil prices edged higher on Thursday, but swelling U.S. crude stockpiles limited the rebound from a one-week low after the International Energy Agency said oil markets had been tightening even before cuts agreed by OPEC and other producers took effect.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-peabody-energy-bankruptcy-shareholder-idUSKBN15336B'|'2017-01-20T05:03:00.000+02:00'
'88092fde041ab930a9e36e7c1adab722ee009b91'|'For stock performance under Trump, don''t look to prior transitions'|'Fri Jan 20, 2017 - 6:20am GMT For stock performance under Trump, don''t look to prior transitions left right An electoral poster of Donald Trump is displayed on the floor of the New York Stock Exchange (NYSE) the morning after the U.S. presidential election in New York City, U.S., November 9, 2016. REUTERS/Brendan McDermid 1/2 left right U.S. President-elect Donald Trump is broadcast on a screen on the floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 27, 2016. REUTERS/Andrew Kelly 2/2 By Lewis Krauskopf and Chuck Mikolajczak - NEW YORK NEW YORK As he is sworn in as the 45th U.S. president on Friday, Donald Trump will mark one of the best performances for the American stock market for any presidential transition period of the modern era. But the market''s 5.8 percent rise since his Nov. 8 election may not portend much for stocks once the Republican takes office. For guidance, investors need only recall the oscillations under the outgoing administration. Democratic President Barack Obama''s transition period, which came amid the throes of the 2008 financial crisis, also overlapped a 15.5 percent fall for the S&P 500 .SPX from his election to the day of his inauguration. That swoon - which was as much as 25.2 percent at one point - is by far the worst performance for U.S. equities during a presidential transition. Since then, Obama has presided over the second-best run for the stock market under any president since Republican Dwight Eisenhower, with the benchmark S&P rising nearly 170 percent while he was U.S. leader from 1953 to 1960. Democratic President John Kennedy, meanwhile, had the best transition period for stocks, which rose 8.5 percent between his November 1960 election and January 1961 inauguration. After that, the market rose a paltry 19.8 percent during his administration, which was cut short by his assassination on Nov. 22, 1963. "People put a lot of weight into what they said on the campaign trail, as if they are going to get these things through exactly as they said or even propose them exactly as they said," said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. "The reality of the office is people forget it is politics – politics is all about making a deal." Stocks tend to rise regardless of which party holds power. Two exceptions were both Republicans: Stocks fell 20.1 percent under Richard Nixon and 36.7 percent under George W. Bush. Bush had the most days with the stock market trading below where it closed on his inauguration day: 1,608 days, or almost 80 percent of his presidency. Democratic President Lyndon Johnson''s tenure tells a rosier story for equities investors. The stock market traded higher than it closed on Johnson''s 1963 inauguration for every day he was in office, 1,346 days in all. The market''s best performance during a president since the Eisenhower administration came under Democrat Bill Clinton, with stocks soaring nearly 210 percent. Action in the options market on Wednesday indicated investors were exercising caution ahead of Trump''s inauguration, with a massive trade in SPDR S&P 500 ETF Trust ( SPY.P ) puts. Presidents "only have so much power, and if (Trump) can’t get Congress, even though it is all one party, if they can’t agree on what it is they want to push through, it is going to be very, very difficult," said Kinahan. (Additional reporting by Saqib Ahmed; Editing by Dan Burns and Jonathan Oatis) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-inauguration-markets-idUKKBN1540I2'|'2017-01-20T13:19:00.000+02:00'
'f1d3cc5f1f6af9122250de9a6256c92ee70acbf1'|'Nason, former Treasury official, being vetted for Fed role -sources'|'By Patrick Rucker and Olivia Oran - WASHINGTON/NEW YORK WASHINGTON/NEW YORK Jan 19 David Nason, a General Electric executive and former Treasury Department official, is the front runner to become the Federal Reserve''s top Wall Street regulator under President-elect Donald Trump, sources familiar with the screening said on Thursday.Nason leads GE''s Energy Financial Services division, which funds worldwide energy development, mostly from thermal and renewable sources.In 2008, Nason was a deputy to Treasury Secretary Henry Paulson as U.S. regulators tried to stabilize Wall Street and prevent an economic meltdown after the housing market collapsed.Trump will have a chance to nominate the Fed''s vice chair for supervision - a role conceived in the wake of the financial collapse to watchdog Wall Street.If Nason is tapped for the role, he would be the most senior rule-writer for Wall Street with a large say in how leading banks are supervised day to day.In recent weeks, other names have been floated as vice chair candidates who can boast support from Wall Street.Representative French Hill, an Arkansas Republican and former banker, has been favored by some in the banking industry while some Washington lobbyists have favored Paul Atkins, a former commissioner with the Securities and Exchange Commission.While no final decision has been made on who should fill the job, Nason has Paulson''s backing and has become the front runner in recent weeks, the sources said.In the last several weeks, Nason has met with Trump''s senior economic advisers Gary Cohn and Steve Mnuchin, according to one source familiar with the meetings.A Trump spokesperson declined to comment.Trump has named Cohn as head of the White House National Economic Council and nominated Mnuchin as Treasury secretary.Both Cohn and Mnuchin held senior roles at Goldman Sachs , and they have heard directly from Paulson, the company''s former chief executive, that Nason is a solid pick, according to another source familiar with the screening.Nason did not immediately respond to a call for comment. A spokesman for Paulson declined to comment.In Paulson''s memoir, "On the Brink," the former cabinet secretary singles Nason out for praise during the financial crisis. (Reporting by Patrick Rucker in Washington and Olivia Oran in New York; Additional reporting by Emily Stephenson in Washington; Editing by Linda Stern, Lauren LaCapra and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-nason-idINL1N1F92DE'|'2017-01-19T23:26:00.000+02:00'
'c16dd77f798d3ab1e0ceec81926eb7b35acc036d'|'China cuts reserve ratios for big five banks temporarily amid cash crunch - sources'|'Business News - Fri Jan 20, 2017 - 7:22am GMT China cuts reserve ratios for big five banks temporarily amid cash crunch - sources FILE PHOTO: A woman walks past the headquarters of the People''s Bank of China (PBOC), the central bank, in Beijing, China June 21, 2013. REUTERS/Jason Lee/File Photo SHANGHAI China has allowed its five biggest banks to temporarily lower the amount of money that they must hold as reserves to relieve pressure in its financial system as demand for cash surges ahead of the Lunar New year holiday, three sources with direct knowledge of the matter said. The People''s Bank of China (PBOC) has cut the reserve requirement ratio (RRR) for the banks by a full percentage point, taking the ratio down to 16 percent, the sources said. The central bank''s move, its first reduction in RRR in nearly a year, comes after it pumped a record amount of liquidity into markets this week in a bid to avert a cash crunch heading into the country''s biggest holiday of the year. Short-term funding costs had spiked to their highest levels in nearly 10 years earlier this week on fears that liquidity was sharply tightening, sparking a jump in the yuan currency. But China watchers polled by Reuters had not been expected a cut in RRR until the third quarter of 2017, as that would put more pressure on the ailing yuan. Key funding and money market rates had shown signs of easing on Friday after the PBOC''s massive injections, but remained well above normal levels. "Today’s move seems to suggest that liquidity conditions are tighter than authorities’ expectations, as capital outflows remain strong," said Zhou Hou, senior emerging markets economist at Commerzbank in Singapore. "But in the meantime, an outright easing will add pressure on the yuan exchange rate as well. That could be the reason behind today’s strange move, and till now the central bank has not yet verified this piece of news." The central bank will restore the RRR for the five banks to the normal level at an appropriate time after the holiday, according to the sources. "This is a temporary adjustment, and is mainly in response to the cash withdrawal, tax payment and reserve payment. (The RRR) will go back to the normal rate after the Lunar New Year holiday," one source said. Liquidity always tightens in China ahead of the Lunar New Year holiday, which starts on Jan. 27 and ends on Feb. 2 this year, as households and companies usually withdraw huge amounts of cash from banks. The central bank typically responds by injecting ample funds into the market, but some traders say its injections have barely been keeping up with heavier demand this year. This year, the holiday also extends over the month-end, when corporate cash demand increases and some tax payments are due, adding to the strain. The five biggest lenders are Industrial and Commercial Bank of China, China Construction Bank, Bank of China, Bank of Communications Co (BoCom) and Agricultural Bank of China. The banks did not immediately comment on the matter, and the central bank has yet to respond to a request for comments. The last time the central bank cut RRR was Feb. 29, 2016. Analysts estimate that every 50 basis point cut in RRR systemwide effectively injects an estimated $100 billion worth of long-term cash into the economy, which recorded its slowest growth in 26 years last year. (Reporting by Reuters China newsroom; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-rrr-idUKKBN1540NI'|'2017-01-20T14:22:00.000+02:00'
'1e0b2b6e43bb0937cc0b5f68dc4e224e504cad6b'|'Democrats ask U.S. brokerages if they support delay to fiduciary rule'|'Money - Thu Jan 19, 2017 - 6:29pm EST Democrats ask U.S. brokerages if they support delay to fiduciary rule U.S. Senator Elizabeth Warren (D-MA) questions Wells Fargo CEO John Stumpf (not pictured) during his testimony before a Senate Banking Committee hearing on the firm''s sales practices on Capitol Hill in Washington, U.S., September 20, 2016. REUTERS/Gary Cameron NEW YORK One of the strongest proponents of the Democrats on financial regulation demanded on Thursday that big brokerages come clean about whether they would support delaying a new rule by the U.S. Department of Labor if President-elect Donald Trump''s administration makes a move to do so. The Labor Department''s fiduciary rule, set to take effect in April, would require brokers to provide investment advice that is in the best interest of retirement savers. Though the rule''s start date is less than three months away, Senator Elizabeth Warren wrote that she is "troubled" by reports that Trump''s administration has plans to delay the regulation as early as Monday. Trump has not commented on the rule publicly, but his assistant Anthony Scaramucci has said the administration would work to delay or repeal the rule. Warren, a Democrat from Massachusetts, said she sent the letter to 33 wealth management firms including Morgan Stanley, Raymond James Financial and Bank of America Merrill Lynch, because they have already spent millions to be compliant with the rule. The letter asked the firms if they planned to reverse the changes they had made to become compliant, including for some lowering fees on certain products, if the Trump administration delayed the rule. A Morgan Stanley spokeswoman said the bank had received the letter and was reviewing it. Bank of America and Raymond James did not respond to requests for comment. Last year, Merrill Lynch said it would stop offering retirement services that paid advisers commissions, eliminating the possibility that advisers might push one investment product over another based on the commission they could earn. Morgan Stanley and others have opted to keep commissions-paying accounts, but have strengthened training and compliance standards to meet the rule''s higher standards. (Reporting By Elizabeth Dilts; editing by Diane Craft) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-wealth-fiduciary-idUSKBN1533BM'|'2017-01-20T06:29:00.000+02:00'
'299d7da9c12604d9b3d21c1dcb0ca94835949b9b'|'De Mol launches rival bid for De Telegraaf, Netherlands'' largest paper'|'  6:39am GMT De Mol launches rival bid for De Telegraaf, Netherlands'' largest paper AMSTERDAM Dutch tycoon John de Mol said Monday he would launch a 5.90 euro per share bid for Telegraaf Media Group (TMG), owner of the Netherlands'' largest newspaper, that values the company at around 273 million euros (236.5 million pounds). In December, a Belgian consortium led by Mediahuis said it would offer 5.25 euros per share for TMG. De Mol''s cash bid will be made through his Talpa investment vehicle, which holds a stake of 20.59 percent in Telegraaf. (Reporting by Toby Sterling; Editing by Christian Schmollinger) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tmg-m-a-de-mol-idUKKBN1570M4'|'2017-01-23T13:39:00.000+02:00'
'0c85c158fe65ff7bdaa0a73817ecd43bb8b156bc'|'Samsung Elec says battery caused Note 7 fires, may delay new phone launch'|'Technology  30am GMT Samsung Electronics says battery caused Note 7 fires, may delay new phone launch A flag bearing the logo of Samsung Electronics is pictured at its headquarters in Seoul, South Korea, November 29, 2016. REUTERS/Kim Hong-Ji/File Photo - RTX2V5PF By Hyunjoo Jin - SEOUL SEOUL Samsung Electronics Co Ltd indicated on Monday that its latest flagship Galaxy S smartphone could be delayed as it pledged to enhance product safety following an investigation into the cause of fires in its premium Note 7 devices. Wrapping up its months-long probe into the cause of the Note 7 debacle, the world''s top smartphone maker said faulty batteries from two suppliers were to blame for a product failure that wiped $5.3 billion off its operating profit. Samsung mobile chief Koh Dong-jin said procedures had been put in place to avoid a repeat of the fires, as investors look to the launch of the South Korean tech giant''s first premium handset since the Note 7, the Galaxy S8, some time this year. "The lessons of this incident are deeply reflected in our culture and process," Koh told reporters at a press briefing. "Samsung Electronics will be working hard to regain consumer trust." However Koh said the Galaxy S8 would not be unveiled at the Mobile World Congress (MWC) trade show in Barcelona, which begins on Feb. 27, the traditional forum for Samsung premium product launches. He did not comment on when the company planned to launch the new handset. Investors have been looking to the investigation into the Note 7 failure to reassure consumers that the company is on top of the problem and can be trusted to fix it. Samsung''s reputation took a hammering after it announced a recall of fire-prone Note 7s, only for reports to emerge that replacement devices also caught fire. Images of melted Samsung devices spread on social media and airlines banned travellers from carrying them on flights. The handset, Samsung''s answer to Apple Inc''s iPhones, was withdrawn from sale in October less than two months after its launch, in one of the biggest tech failures in tech history. SHORT CIRCUITS Investigations by internal and independent experts ruled out problems with the Note 7''s hardware and software, Samsung said. Instead, manufacturing and design defects in Note 7 batteries caused short-circuiting, Koh said. Samsung Electronics did not name the battery suppliers on Monday but previously identified them as affiliate Samsung SDI Co Ltd and China''s Amperex Technology Ltd (ATL). SDI said in a statement it would invest 150 billion won ($128.56 million) to improve product safety and expected to continue to supply batteries for Samsung phones. Samsung said it accepted responsibility for asking battery suppliers to meet certain specifications and did not plan to take legal action against them. The company touted longer battery life and fast charging as major improvements when it launched the Note 7. Among other measures to boost safety, Samsung said it had implemented an eight-point battery check system to avoid any such problems going unnoticed in future. While Samsung Electronics'' mobile division is expected to have bounced back from the Note 7 failure during the fourth quarter, investors remained cautious about the outlook for sales of future flagship devices. "I think they did enough to convince most consumers that they knew what happened and can prevent future issues," said Patrick Moorhead, president of technology analyst and advisory firm Moor Insights & Strategy. Samsung Electronics shares were up 0.6 percent, while the wider market was down 0.1 percent as of 0341 GMT. The South Korean firm expects fourth-quarter operating profit to hit a more than three-year high, driven by booming chip sales. That forecast pushed Samsung''s share price to a record high this month. Samsung will announce its final earnings figures on Tuesday. ($1 = 1,166.8000 won) (Reporting by Hyunjoo Jin and Se Young Lee; Additional reporting by Dahee Kim; Editing by Stephen Coates) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-samsung-elec-smartphones-galaxy-s-idUKKBN15708J'|'2017-01-23T11:28:00.000+02:00'
'5d02238784eef43550549069e6ca18714b88d96a'|'US STOCKS-Wall St rises as Trump inauguration kicks off'|'Company News - Fri Jan 20, 2017 - 11:32am EST US STOCKS-Wall St rises as Trump inauguration kicks off * Dollar firms up, oil rises more than 2 pct * P&G top stock on S&P and Dow following results * Dow set to snap five-day losing streak * Indexes up: Dow 0.47 pct, S&P 0.44 pct, Nasdaq 0.35 pct (Adds details, comments, updates prices) By Yashaswini Swamynathan Jan 20 U.S. stocks rose amid gains across sectors on Friday as Donald Trump gets set to become the 45th president of the United States. Trump will be sworn in by U.S. Supreme Court Chief Justice John Roberts in Washington. Investors will focus on Trump''s inaugural speech to get more insight into his economic policies. "There is a lot of optimism and renewed hope for better things to come," said Sean O''Hara, president of Pacer ETFs. "People view soon-to-be President Trump as a person who understands the way businesses work." Trump''s campaign promises of tax and regulatory reforms and higher infrastructure spending had driven Wall Street to multiple highs post-election. However, the Trump trade had been unraveling in recent weeks as investors wait to see how he will carry out his ambitious plans. The S&P 500 has fallen by a median 2.7 percent in the month after each new president has taken the keys to the White House since Herbert Hoover did so in January 1929, according to a Reuters analysis. The dollar index slipped into negative territory, while a 2 percent rise in oil prices pushed up energy stocks. At 10:55 a.m. ET (1555 GMT), the Dow Jones Industrial Average was up 92.05 points, or 0.47 percent, at 19,824.45, and was on track to snap a five-day losing streak. The S&P 500 was up 10.04 points, or 0.44 percent, at 2,273.73 and the Nasdaq Composite was up 19.25 points, or 0.35 percent, at 5,559.33. Ten of the 11 major S&P indexes were higher, with technology giving the biggest bump to the broader index. Industrials, which have risen for the past two days, were down 0.2 percent. A thrush of quarterly earnings reports from Dow components also kept investors busy. Procter & Gamble was the top stock on the S&P and the Dow, rising 3.6 percent after the consumer products maker reported quarterly sales and profit above expectations. Merck rose 3.7 percent to $65.59 after Bristol-Myers said it would not seek accelerated U.S. approval for a combination of its two immunotherapy drugs as an initial treatment for lung cancer, giving Merck an advantage in the lucrative market. Bristol-Myers'' stock was down 9.2 percent. Advancing issues outnumbered decliners on the NYSE by 1,901 to 859. On the Nasdaq, 1,674 issues rose and 944 fell. The S&P 500 index showed 19 new 52-week highs and three new lows, while the Nasdaq recorded 53 new highs and 20 new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1FA4N1'|'2017-01-20T23:32:00.000+02:00'
'a1d3c7e50c3aeae4caa4a12af4a578782e2e52e2'|'Spirit AeroSystems mulls sending U.S. supply chain jobs overseas'|'Money  53am IST Spirit AeroSystems mulls sending U.S. supply chain jobs overseas By Alwyn Scott - SEATTLE SEATTLE Spirit AeroSystems Holdings Inc, a major supplier to aircraft maker Boeing Co, is considering outsourcing up to 85 U.S. supply chain jobs, possibly to a company overseas, according to three people familiar with the plan. The Wichita, Kansas-based maker of aerospace components notified workers in December that the supply chain work "could possibly be sub-contracted in the near future," according to a letter seen by Reuters. One source said Spirit was considering outsourcing the jobs to a company in India. Donald Trump, who will be sworn in as U.S. president on Friday, has repeatedly criticized U.S. companies for not doing more to keep manufacturing jobs in the United States and has threatened "retribution or consequences" for companies that move operations out of the country. The jobs Spirit is considering moving are not manufacturing positions. Spirit confirmed that it had asked outside vendors about their capabilities and interest in bidding to handle purchase-order administration. It also has asked the union representing the potentially affected workers for a plan to keep the jobs where they are while saving up to $7 million a year. Spirit said no decision has been made to move forward with the plan. As a major supplier, Spirit builds 42 fuselages a month for Boeing 737 planes, and makes parts for other Boeing and Airbus jetliners. Spirit also supplies parts to major defense contractors such as Boeing, Northrop Grumman Corp and Lockheed Martin Corp''s Sikorsky unit. Spirit''s shares closed up 1 percent at $57.25. Spirit spokesman Jarrod Bartlett said it was the first time the company, which was spun off from Boeing in 2005, had considering moving supply chain jobs. "It''s too soon to speculate" on potential supply chain risks from the move or the future location of the work, he added. The jobs involved "executing back-end work on supply agreements" on all company purchases, he said, including raw materials such as aluminum and titanium, parts and components and office supplies. The work of negotiating supplier agreements, managing supplier performance and choosing suppliers is not part of its study of moving purchase-order work, he said. Outsourcing to a foreign company could complicate Spirit''s defense work, and runs counter to the trend at some defense firms, said Franklin Turner, a Washington, D.C.-based lawyer at McCarter & English who represents prime contractors and sub-contractors in the supply chain. "It''s a reality of globalization that companies are trying to find the cheapest rates to get work done," he said. But "companies I deal with are shying away from that practice. Anytime something like that is performed outside the United States, there''s an increased risk to the integrity of the operation." Aerospace companies and other manufacturers carefully manage their supply chains to keep assembly lines running. Any hiccup in the millions of pieces Spirit handles potentially threatens production of finished Boeing and Airbus aircraft. Spirit has a history of on-time delivery, but other suppliers have caused costly factory delays at Boeing and Airbus in recent years. "Spirit is operating in an extremely competitive global marketplace, and we are always looking for ways to improve efficiencies and provide value to our customers," Spirit said in its statement. In the letter, Spirit said workers had 60 days to offer an alternative plan that could save $5 million to $7 million per year. The union representing the workers, the Society of Professional Engineering Employees in Aerospace, declined to comment. (Reporting by Alwyn Scott; Editing by Lisa Shumaker and Matthew Lewis) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/spirit-aerosystm-suppliers-idINKBN1540BY'|'2017-01-20T11:23:00.000+02:00'
'bdb1e8666fbe6782d53e0fd7252a744247bc2b86'|'China fourth quarter GDP grows 6.8 percent year on year, slightly better than expectations'|'Fri Jan 20, 2017 - 2:08am GMT China Q4 GDP grows 6.8 percent year-on-year, slightly better than expectations FILE PHOTO - A building under construction is seen amidst smog on a polluted day in Shenyang, Liaoning province November 21, 2014. REUTERS/Jacky Chen BEIJING China''s economy grew 6.8 percent in the fourth quarter from a year earlier, slightly more than expected, supported by higher government spending and record bank lending that has stoked concerns about an explosive rise in debt. The world''s second-largest economy expanded 6.7 percent in 2016, the National Bureau of Statistics said on Friday, roughly in the middle of the government''s 6.5-7 percent growth target but still the slowest pace in 26 years. Economists polled by Reuters had expected China would report 6.7 percent growth for both the fourth quarter and the full year. The economy grew 6.7 percent in the third quarter. While China is on more solid economic footing than this time last year, it faces increasing uncertainties in 2017, with a housing frenzy showing signs of cooling and the impact of previous stimulus measures expected to fade. China''s sluggish exports also could come under fresh pressure if U.S. President-elect Donald Trump takes a more protectionist stance on trade, while its yuan currency is widely expected to depreciate further, weighing on its foreign exchange reserves. Gross domestic product (GDP) in October-December rose 1.7 percent quarter-on-quarter from the previous three months, compared with growth of 1.8 percent in July-September, the bureau said. Analysts had expected quarterly growth would ease marginally to 1.7 percent. (Reporting by Kevin Yao; Editing by Kim Coghill) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-gdp-idUKKBN15406C'|'2017-01-20T09:07:00.000+02:00'
'9806923946c49b5432101ca11c5a11c49206f5d1'|'China seen posting steady fourth-quarter GDP growth of 6.7 percent, but debt risk fears grow'|' 35pm GMT China seen posting steady fourth-quarter GDP growth of 6.7 percent, but debt risk fears grow A general view shows Beijing''s skyline on a sunny day, China January 10, 2017. REUTERS/Jason Lee By Kevin Yao - BEIJING BEIJING Boosted by higher government spending and record bank lending, China is expected to report on Friday that its economy grew by a steady 6.7 percent   giving it a solid tailwind heading into what is expected to be a turbulent 2017. But Beijing''s decision to double down on spending to meet its official growth target may have come at a high price, as policymakers will have their hands full this year trying to defuse financial risks created by an explosive growth in debt. The world''s second-largest economy also faces increased uncertainties from a cooling housing market and the government''s bid to push through painful structural reforms, which could help deal with the root-cause of rising debt and housing risks but may weigh on near-term growth. China''s sluggish exports also could come under fresh pressure this year if U.S. President-elect Donald Trump follows through on pledges to impose tough protectionist measures. "While Chinese growth looks stable into early 2017, a more marked slowdown by the second quarter appears inevitable," GeneFrieda, global emerging markets strategist at asset management giant PIMCO, said in a note this week. "Growth has been stabilized only after massive fiscal and credit stimulus. China’s total government and private sectordebt will likely surpass 285 percent of GDP this year, a 90 percent increase since 2008." While China''s economy appears to be on much better footing than a year ago, the expected fourth-quarter growth rate would still be near the weakest since the global crisis. Economists polled by Reuters estimated GDP grew 1.7 percent in October-December from the previous three-month period, versus 1.8 percent in July-October. A surprisingly strong print on Friday would likely boost global financial markets, particularly commodities, which have already been buoyed by China''s record imports of crude oil, iron ore, copper and soybeans. A weak outcome would likely raise the risk of more capital outflows, adding pressure on the yuan currency CNY=CFXS , which last year hit 8-1/2 year lows. China recently tightened curbs on outflows as its foreign exchange reserves fell to near six-year lows.. The economy also likely grew around 6.7 percent for 2016 as a whole - roughly in the middle of the government''s target range - as a stimulus-fuelled construction boom breathed new life into its long ailing "smokestack" heavy industries. The head of economic planning said last week that conditions have been generally stable at the start of 2017, continuing the "steadying and good" momentum from the second half of 2016. Amid those signs of stabilisation, policy sources told Reuters that China''s leaders will lower their economic growth target to around 6.5 percent this year from 6.5-7 percent in 2016, giving them more room to push reforms to contain debt risks. The central bank could slightly tighten credit conditions to encourage debt-laden companies to deleverage, but it''s unlikely to rush to raise interest rates despite an expected pick-up in inflation, policy insiders said. Among other major risks this year, analysts point to a cooling property market, after many local governments imposed or tightened restrictions on home purchases to tame speculation which some fear is feeding a property bubble. China''s average new home prices surged 12.4 percent in 2016, but gains have moderated in recent months. China''s corporate debt has climbed to 169 percent of GDP and international institutions have repeatedly urged Beijing to act quickly to tackle the problem in order to avoid a financial crisis. (Reporting by Kevin Yao; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-idUKKBN1533BW'|'2017-01-20T06:35:00.000+02:00'
'a34ecf8fd1fee055b3f9d8492f43fe57f8b978d5'|'UPDATE 1-Merck, Bristol-Myers agree to settle Keytruda patent suit'|'Health News  22pm EST Merck, Bristol-Myers agree to settle Keytruda patent suit Merck & Co said it agreed to enter into a settlement and license agreement with Bristol-Myers Squibb Co and Ono Pharmaceutical Co Ltd to resolve all global patent-infringement litigation related to its cancer drug, Keytruda. Merck will make an initial payment of $625 million to Bristol and Japan''s Ono. The company will also pay a 6.5 percent royalty rate on Keytruda sales from January 2017 to December 2023, and a 2.5 percent rate for the subsequent three years. Bristol will get 75 percent of the royalties and Ono will get the rest. Bristol and Ono, which co-developed the first PD-1 antibody called Opdivo, filed the suit against Merck in September 2014, alleging that its sale of Keytruda, also a PD-1 antibody, infringed their patents in markets including the United States, parts of Europe, Australia and Japan. Merck said the $625 million payment will be recorded in the company’s fourth-quarter and full-year 2016 results. The settlement comes a day after Bristol-Myers said it wouldn''t seek faster approval for a combination of its two immunotherapy drugs as an initial treatment for lung cancer, further solidifying Merck''s leading position in the burgeoning immuno-oncolgy field. Bristol''s shares closed down 11 percent on Friday, but rose marginally in extended trading after the settlement agreement. Merck''s shares, which closed up 3.6 percent, were unchanged after the bell. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Maju Samuel) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-merck-settlement-bristolmyers-idUSKBN1542VO'|'2017-01-21T05:20:00.000+02:00'
'1edac2a019d3f413656ccee0ea954cf421b7eb0f'|'New concerns over BPA as workers exposed to levels 70 times the average - Guardian Sustainable Business'|'H ealth concerns over Bisphenol A (BPA), a chemical commonly found in plastic packaging and the lining of food cans, are well documented . Previous studies have linked low levels of BPA to a variety of potential health issues , including obesity, diabetes and fertility problems. A 2008 ruling by the Federal Drug Administration (FDA) found that low exposure to the chemical is safe because it is generally ingested orally and thus eliminated from the body quickly, although research is ongoing to determine the chemical’s impact on human hormones.Food companies move away from potentially toxic chemicals in cans Read more However, a new study – the first of its kind in the US – has looked at the exposure levels of people who come into contact with high doses of BPA, and found that employees who directly handle the plasticizing chemical had urine levels of BPA around 70 times greater than that of the average US adult.The federal study, carried out by the National Institute for Occupational Safety and Health (Niosh) , looked at BPA levels in the urine of 78 American manufacturing workers employed at six companies that either manufacture BPA or use it to make other products.BPA is used in the production of plastic food containers, the lining of food and soda cans, and in thermal receipt paper. Because of the ubiquity of BPA in food containers, and its ability to leach into food or drink, the estrogen-mimicking chemical can be found in the urine of most of the US population. In addition to finding it in urine, studies have found the chemical in breast milk and umbilical cord blood . BPA was originally researched as a potential source of synthetic estrogen before its current use in plastic manufacturing.“The Niosh study is a wake-up call about the dangers of workplace exposure to BPA,” says Noah Sachs, a professor at the University of Richmond School of Law and director of the Merhige Center for Environmental Studies. “Every company that manufacturers BPA or uses it as a raw material has a responsibility to workers to prevent such excessive BPA exposures. Business-as-usual is putting BPA workers at risk.”Studies surrounding the long term effects of BPA on health and reproduction have previously centered on consumer exposure. Pressure from consumer advocates led to manufacturers voluntarily removing the chemical from baby bottles and sippy cups in the US . The FDA eventually also banned it from baby formula packaging. Outside the US, a law prohibiting the use of BPA in food packaging of any kind went into effect in France in 2015 . The US has attempted to pass similar legislation outlawing the use of BPA in all food containers, most recently with the introduction of the Ban Poisonous Additives Act of 2016 .While the Niosh study highlights the high levels of BPA found in US manufacturing workers, it does not assess any potential health effects from that exposure.Previous studies in Chinese manufacturing workers, who had similar levels of BPA in their urine to the workers in the Niosh study, found that male employees who handled BPA had lower levels of testosterone , decreased semen quality and higher levels of self-reported sexual dysfunction .While the Niosh study raises serious concerns, before there are any policy changes, regulatory bodies will require more research with a larger pool of subjects to show the consequences of BPA exposure in manufacturing workers, explained Lori Hoepner, assistant professor at Suny Downstate Medical Center School of Public Health .Currently, the Occupational Safety and Health Association (Osha) does not set any workplace exposure limit for BPA. Without Osha exposure limits for the chemical, manufacturing workers who are concerned by their exposure to BPA don’t have any real recourse when to avoiding the chemical on the job. “Workers could request reassignment or more protective BPA handling equipment, but they could face retaliation or getting fired,” says Sachs.To help convince Osha of the potential dangers of BPA exposure for manufacturing workers, a longitudinal study showing the impact of the endocrine disrupting chemical over time would be needed. But longitudinal studies are notoriously expensive and getting manufacturers to agree to the studies would be difficult, explains Hoepner. For example, collecting urine samples multiple times during the workday, as in the Niosh study, is disruptive for companies.Any kind of policy change from Osha will take years, says Sachs. “We know from past experience that an Osha rulemaking to set a permissible exposure limit can often take five to seven years, with industry challenging it every step of the way.”Ideally, Osha should initiate that rule making on its own because it is obligated by law to set a standard that assures, to the extent feasible, no “material impairment” of worker health, even if a worker is exposed to that substance for a lifetime.Shoppers must use their purchasing power to lead green products revolution Read more While there may not be enough evidence yet for Osha to set limits for worker exposure to BPA, amid growing consumer concern over the chemical, scientists and manufacturers have explored alternatives. BPA substitutes like bisphenol F (BPF) and Bisphenol S (BPS) have been used in plastics that are labeled BPA-free to appeal to consumers. “BPA free is a misnomer,” explains Hoepner. “It should really say BPA substitute.” BPF and BPS are very similar in terms of chemical structure to BPA and there are indicators that they may have similar health effects .Another alternative that has been studied by scientists is using plastic made from plants. “Studies have determined that it is possible to economically and beneficially switch to plant-based plastic,” Hoepner says. “It costs a lot at the start to make the switch but it pays for itself over time.”Because of the large economic investment needed to make the switch, companies have been reticent to switch their plastic production. But as companies continue to face pressure to switch away from BPA, and consumers become more savvy and discerning about their plastic consumption, manufactures may eventually make the switch as a way to appeal to customers.For now, there are no new guidelines around BPA exposure for manufacturing workers around the corner, though Sachs is hopeful that the Niosh study will prompt advocates to file petitions with Osha to set permissible exposure limits for BPA.But, when it comes to any immediate changes, Sachs warns: “I’m not optimistic about any new BPA regulations under the Trump administration, which has already shown that it disregards scientific conclusions.”'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jan/22/bpa-plastics-chemicals-safety-health-concerns'|'2017-01-22T22:00:00.000+02:00'
'5b806a3b3d0fc21536cbc38d2cb3ad17aa6ef6bc'|'U.S. says will prevent China taking over territory in international waters'|' 53pm EST U.S. says will prevent China taking over territory in international waters WASHINGTON Jan 23 The new U.S. administration of President Donald Trump vowed on Monday that the United States would prevent China from taking over territory in international waters in the South China Sea. "I think the U.S. is going to make sure that we protect our interests there," White House spokesman Sean Spicer told a news briefing. "It''s a question of if those islands are in fact in international waters and not part of China proper, then yeah, we''re going to make sure that we defend international territories from being taken over by one country." Spicer was responding to a question as to whether Trump agreed with comments by his Secretary of State nominee, Rex Tillerson, last week that China should not be allowed access to islands it has built in the contested South China Sea. (Reporting by David Brunnstrom and Matt Spetalnick)  '|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-china-southchinasea-idUSW1N1DW01D'|'2017-01-24T02:53:00.000+02:00'
'bc5126278f32f60fb81c923fd3332a63afdb2a58'|'BRIEF-Bank of Marin Bancorp Q4 EPS $0.93'|'Market News -  39am EST BRIEF-Bank of Marin Bancorp Q4 EPS $0.93 Jan 23 Bank Of Marin Bancorp * Bank of marin bancorp reports record annual earnings of $23.1 million * Q4 earnings per share $0.93 * Q4 earnings per share view $0.83 -- Thomson Reuters I/B/E/S * Bank of marin bancorp- net interest income totaled $18.0 million in q4 of 2016 compared to $19.4 million in prior quarter and $17.2 million in same quarter a year ago Source text for Eikon:   Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSASB0AW6G'|'2017-01-23T20:39:00.000+02:00'
'0375a9c29106dcd4edec045a0c6f2f4c6194105e'|'Australia shares end at 1-month low as Brambles cuts profit forecast; NZ up'|'Financials   12:54am EST Australia shares end at 1-month low as Brambles cuts profit forecast; NZ up (Updates to close) Jan 23 Australian shares ended at a one-month low on Monday, with industrials the biggest drag on the benchmark after Brambles Ltd cut its annual profit forecast. The S&P/ASX 200 index ended down 0.8 percent, or 43.75 points, at 5,611.0. The benchmark closed 0.7 percent lower on Friday. Logistics company Brambles Ltd fell as much as 17.6 percent, accounting for a quarter of the losses on the index. The stock posted its biggest intraday percentage loss in nearly nine years. The company expects constant-currency sales revenue and underlying profit growth for year ending 30 June 2017 to be below its current guidance range. Financials were the second biggest drag on the benchmark, with the "big four" banks falling between 0.1 percent and 0.4 percent. Healthcare stocks also fell, with CSL Ltd accounting for most of the losses, declining 2.7 percent. New Zealand''s benchmark S&P/NZX 50 index rose 0.3 percent, or 19.38 points, to 7,067.85. Utilities and Industrials pushed the benchmark up, with Meridian Energy Ltd and Auckland International Airport Ltd gaining 1.5 percent and 0.7 percent, respectively. (Reporting by Sindhu Chandrasekaran in Bengaluru; Editing by Kim Coghill) Next In Financials Canada''s   CALGARY, Alberta,  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-close-idUSL4N1FD224'|'2017-01-23T12:54:00.000+02:00'
'33f73757687bb2218788297241ab8f9c5013f077'|'BRIEF-Banc of California board provides update on independent investigation'|'Market News -  41am EST BRIEF-Banc of California board provides update on independent investigation Jan 23 Banc Of California Inc * Banc of California board provides update on independent investigation; plans improvements to corporate governance policies * Banc of California Inc says board has separated roles of board chair and Chief Executive Officer, effective immediately * Banc of California - On Oct 18, 2016, anonymous blog post "raised questions about related party transactions and other issues with respect to company" * Banc of California - SEC issued a formal order of investigation directed at certain of issues that special committee is reviewing * Banc of California Inc - On January 12, 2017, SEC issued a subpoena seeking certain documents from company * Banc of California - SEC issued subpoena seeking certain documents primarily relating to Oct 18, 2016 press release and associated public statements * Banc of California Inc - Currently expects to timely file its annual report on form 10-K for year ended December 31, 2016 * Banc of California - Intends to file unaudited quarterly report on form 10-Q for quarter ended September 30, 2016 on or prior to timely filing its 10-K * Banc of California Inc - Board approved a separation of compensation, nominating and corporate governance committee into two separate committees Source text for Eikon:   Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSASB0AW72'|'2017-01-23T20:41:00.000+02:00'
'6b22bf8337c8c596d6bc30e24878e2507bc1f0ec'|'Protesting farmers cover EU summit centre with milk powder'|'Business News - Mon Jan 23, 2017 - 1:36pm GMT Protesting farmers cover EU summit centre with milk powder left right A milk producer tries to extinguish a flare as farmers spray powdered milk to protest against dairy market overcapacity outside a meeting of European Union agriculture ministers in Brussels, Belgium, January 23, 2017. REUTERS/Francois Lenoir 1/10 left right A woman walks past the entrance of the European Union Council building after it was sprayed with powdered milk by farmers protesting against dairy market overcapacity in Brussels, Belgium, January 23, 2017. REUTERS/Francois Lenoir 2/10 left right Milk producers spray powdered milk to protest against dairy market overcapacity outside a meeting of European Union agriculture ministers in Brussels, Belgium, January 23, 2017. REUTERS/Francois Lenoir 3/10 left right Milk producers spray powdered milk to protest against dairy market overcapacity outside a meeting of European Union agriculture ministers in Brussels, Belgium, January 23, 2017. REUTERS/Francois Lenoir 4/10 left right A Belgian milk producer sprays powdered milk next to a model of a cow to protest against dairy market overcapacity outside a meeting of European Union agriculture ministers in Brussels, Belgium, January 23, 2017. REUTERS/Francois Lenoir 5/10 left right Milk producers spray powdered milk to protest against dairy market overcapacity outside a meeting of European Union agriculture ministers in Brussels, Belgium, January 23, 2017. REUTERS/Francois Lenoir 6/10 left right A model of a cow is pictured on a tractor after milk producers sprayed powdered milk to protest against dairy market overcapacity outside a meeting of European Union agriculture ministers in Brussels, Belgium, January 23, 2017. REUTERS/Francois Lenoir 7/10 left right Milk producers light a flare as farmers spray powdered milk to protest against dairy market overcapacity outside a meeting of European Union agriculture ministers in Brussels, Belgium, January 23, 2017. REUTERS/Francois Lenoir 8/10 left right A man runs for cover as milk producers spray powdered milk to protest against dairy market overcapacity outside a meeting of European Union agriculture ministers in Brussels, Belgium, January 23, 2017. REUTERS/Francois Lenoir 9/10 left right Belgian police officers watch as milk producers spray powdered milk to protest against dairy market overcapacity outside a meeting of European Union agriculture ministers in Brussels, Belgium, January 23, 2017. REUTERS/Francois Lenoir 10/10 BRUSSELS Dairy farmers protesting low milk prices sprayed a tonne of milk powder onto a building used by EU leaders for summits in Brussels on Monday, saying a planned sale of milk powder stocks would depress prices in Europe and abroad. The European Union has bought large quantities of skimmed milk powder to stabilise the market but said in November it would start disposing of some of it after prices had improved. Hundreds of farmers protesting in front of the European Council''s Justus Lipsius building, where EU governments regularly meet, said they feared that putting the milk powder back onto the market would depress prices in the EU and abroad. Protesters used farm machinery to cover the building and nearby police officers in a thick coat of the sticky, white powder. "The milk powder is very symbolic because its the excess which is killing us and emerging countries," said milk farmer Adrien Lefevre who came from northern France to join the protest. The European Commission said only a small amount of the total milk powder stock of 354,000 tonnes was for sale and sales would be made without affecting prices or market stability. "Accusing the Commission of deliberately distorting the dairy market is tantamount to scaremongering," a spokesman for the European Commission said. (Reporting by Robert-Jan Bartunek and Hortense de Roffignac, editing by Louise Heavens) Next In Business News Bank of England to keep rates on hold until 2019 at least - Reuters poll LONDON The Bank of England will leave its record-low interest rates and other stimulus measures unchanged at least until 2019, even though it is likely to revise up its 2017 growth predictions again next week, a Reuters poll found on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-dairy-protests-idUKKBN1571SM'|'2017-01-23T20:36:00.000+02:00'
'da42b36a6f89e84bea82ae31ffc40a1343e4afc7'|'Exclusive: Warburg Pincus hires Goldman Sachs to sell Safetykleen Europe'|'By Andrés González and Arno Schuetze - MADRID/FRANKFURT MADRID/FRANKFURT U.S. private equity fund Warburg Pincus [WP.UL] has hired Goldman Sachs to sell Safetykleen Europe [WARBPS.UL], which provides used oil collection, recycling and parts cleaning services, four sources with knowledge of the matter said.The firm, which was acquired by Warburg Pincus in 2008 for 565 million pounds ($695.57 million) could fetch around 640 million pounds, including debt, at a multiple of around eight times core earnings, two of the sources said.Warburg Pincus and Goldman Sachs declined to comment.Safetykleen Europe had earnings before interest, taxes, depreciation and amortisation (EBITDA) of 60 million pounds in 2015.One of the sources said core earnings were expected to reach 70 million pounds in 2016 and 80 million pounds in 2017, helped by a rebound of the industrials unit''s business.The sale was likely to attract bids from Europe, the U.S. and China, the source also said.Safetykleen Europe has 1,500 staff working in 70 locations in Europe, Turkey, Brasil, China and Hong Kong.(Changes currency from euros to pounds in fifth paragraph)(Editing by Julien Toyer and Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-safetykleen-sale-idINKBN1570QN'|'2017-01-23T05:25:00.000+02:00'
'bac1d51cee22d7f6b4678f6f3cf574991acdcedc'|'BRIEF-Qatar Cinema & Film Distribution FY net profit falls'|' 37pm EST BRIEF-Qatar Cinema & Film Distribution FY net profit falls Jan 23 Qatar Cinema & Film Distributio : * FY net profit 4.3 million riyals versus 14.3 million riyals year ago * Board recommends FY cash dividend of 1 riyal per share Source: ( bit.ly/2jeXZB7 )   (Bengaluru Newsroom; +1 646 223 8780) Next In Financials Morning News Call - India, January 23 To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_01232017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 11:00 am: Bharti AXA Life Insurance to brief media on new services in Mumbai. 3.00 pm: Commerce Minister Nirmala Sitharaman to interact with media in New Delhi. 6:15 pm: RBI Deputy MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FD1ZM'|'2017-01-23T11:37:00.000+02:00'
'62b06721d5385a4df0183eb87fffa3a96225b193'|'British Gas to pay 9.5 million pound for customer billing failings - Ofgem'|'Business News - Tue Jan 24, 2017 - 11:07am GMT British Gas to pay 9.5 million pound for customer billing failings - Ofgem A British Gas sign is seen outside its offices in Staines in southern England, July 31, 2014. REUTERS/Toby Melville Centrica-owned ( CNA.L ) British Gas has to pay 9.5 million pounds ($11.9 million) in compensation to customers who faced billing problems after the household energy supplier upgraded its system in 2014, UK energy market regulator Ofgem said on Tuesday. Ofgem said British Gas, Britain''s biggest energy supplier, had shown failings in its registrations, complaints handling and billing processes for business customers and over 6,000 new customers had experienced delays registering with the supplier. The 9.5 million pounds comprises payments to affected customers and payments to a charity to help energy customers in need, Ofgem added. British Gas said it voluntarily reported the issues to Ofgem after it introduced the new IT billing system. "We invested in a new billing system so we could improve the service we provide to our business customers," British Gas said in a statement. "At the time, this was a major undertaking - merging nearly 100 different systems into one. It didn’t go as smoothly as we would have liked so we reported this to Ofgem as a priority," it added. British Gas said the issues have now been resolved and it has restored a "very good quality of customer service". ($1 = 0.8009 pounds) (Reporting by Esha Vaish in Bengaluru; editing by Nina Chestney) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-centrica-british-gas-regulator-idUKKBN1581AG'|'2017-01-24T18:07:00.000+02:00'
'233c9bf952cdb138ec8ba23b7433df203a26ba59'|'Goldman Sachs files $1 billion countersuit against Indonesian businessman'|'Business News - Tue Jan 24, 2017 - 1:02am EST Goldman Sachs files $1 billion countersuit against Indonesian businessman The logo of Goldman Sachs is displayed in their office located in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo JAKARTA Goldman Sachs filed a $1 billion counter lawsuit on Tuesday against an Indonesian businessman who is seeking damages from the U.S. bank for conducting what he called "unlawful" trades in the shares of a property firm. Benny Tjokrosaputro, president director of Indonesian property developer PT Hanson International Tbk ( MYRX.JK ), filed a lawsuit in a Jakarta court on Sept. 8 against Goldman''s unit, Goldman Sachs International. Tjokrosaputro, who says that he owned the 425 million Hanson shares that Goldman traded, is seeking 15 trillion rupiah ($1.1 billion) in compensation from Goldman Sachs International and wants its assets frozen in Indonesia and overseas. Goldman had said in response that Goldman Sachs International was the legal owner of the Hanson shares. (Reporting by Eveline Danubrata; Editing by Stephen Coates) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-indonesia-goldman-sachs-lawsuit-idUSKBN1580FA'|'2017-01-24T13:02:00.000+02:00'
'90115706fbab1a81458697ba7c20177432050a78'|'Uniper wants to grow on its own, is no M&A target: CEO'|'BERLIN Uniper ( UN01.DE ), the power plant and energy trading unit spun off by German utility E.ON ( EONGn.DE ), wants to grow in its own, its chief executive said on Tuesday, dismissing market views that the group was a takeover target."Naturally, we have the aim and the desire to develop Uniper in a reasonable way on its own. That is our strategy," Klaus Schaefer told Reuters in an interview on Tuesday. "It can''t be the goal of a company to be a takeover candidate."Uniper is cutting jobs and investments as it fights a crisis at its generation business which is so dramatic that the firm was recently declared a "takeover target" by Goldman Sachs.(Reporting by Tom Kaeckenhoff, Vera Eckert and Christoph Steitz; Editing by Arno Schuetze)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-uniper-ceo-m-a-idINKBN1581XH'|'2017-01-24T11:18:00.000+02:00'
'c4526e1ba6f1f825deb7212676f7d0f3de77dd7c'|'Samsung Elec fourth-quarter profit jumps as record chip earnings mask Note 7 failure'|' 24am GMT Samsung Elec fourth-quarter profit jumps as record chip earnings mask Note 7 failure An exchanged Samsung Electronics'' Galaxy Note 7 is seen at the company''s headquarters in Seoul, South Korea, October 13, 2016. REUTERS/Kim Hong-Ji/File Photo SEOUL Samsung Electronics Co Ltd ( 005930.KS ) on Tuesday said fourth-quarter operating profit jumped 50 percent to its highest in over three years, as record earnings in its chips business masked the negative impact of its failed Note 7 phones. Samsung also said it plans to buy back 9.3 trillion won worth of shares this year. The South Korean electronics manufacturer is counting on the booming chip market to continue driving growth as it works to recover from its biggest product recall crisis involving fire-prone Note 7 smartphones. Samsung expected earnings to decline in the current quarter from the preceding quarter because of "increased marketing expenses in the mobile business and a sales decrease of TVs due to weak seasonal demand". The world''s biggest maker of smartphones and memory chips said October-December operating profit was 9.22 trillion won ($7.93 billion), compared with prior guidance of 9.2 trillion won. Revenue remained flat at 53.3 trillion won from the same period a year earlier, versus its estimate of 53 trillion won. The chips division was the quarter''s cash cow, with operating profit jumping 77 percent to 4.95 trillion won from a year earlier. In its mobile business, operating profit rose 12 percent to 2.5 trillion won as models such as the Galaxy S filled the void following the discontinuation of the fire-prone Note 7 in October. Samsung said on Monday that defective batteries caused Note 7 handsets to overheat and catch fire, and indicated that it may delay the launch of its next premium Galaxy S smartphone. But its shares have been resilient, hitting a series of record-highs this month despite the Note 7 fiasco and an ongoing investigation into Samsung executives over their alleged involvement in a political scandal. Prosecutors have said they will pursue their bribery case against Samsung Group scion Jay. Y Lee even if they are not granted permission to arrest him. ($1 = 1,162.1900 won) (Reporting by Hyunjoo Jin; Editing by Stephen Coates)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-samsung-elec-results-idUKKBN1572XJ'|'2017-01-24T07:24:00.000+02:00'
'7a8009603172953d687b8fd129baf14113636dd3'|'LPC-Banks line up approx 630m debt for Allfunds sale'|'Big Story 10  36am EST LPC: Banks line up approx €630million debt for Allfunds sale By Claire Ruckin - LONDON LONDON Banks have committed up to €630m of debt financing to back a potential sale of Allfunds Bank mutual fund platform owned by Santander Asset Management and Intesa Sanpaolo as interested buyers get shortlisted, banking sources said. Santander Asset Management and Intesa, which own 50% each of the Madrid-based firm, have decided to sell their shares, hiring Bank of America Merrill Lynch and Morgan Stanley to advise on the process, which is being carried out as a competitive auction, the sources said. BAML and Morgan Stanley have provided a staple financing totaling around €630m, which equates to roughly 5.5x Allfunds’ approximate €115m Ebitda, the sources said. The staple financing is made up of an all-senior high-yield bond financing. Private equity firms Bain Capital and Advent, Hellman & Friedman as well as Permira are thought to have made it through to the second round of the bidding process, alongside China’s Legend Holding, after first round bids were submitted on January 13, the sources said. Bain and Advent have often teamed up over the years to secure joint control of several European financial services and payment firms, most recently Concardis. Prior tie-ups resulted in the acquisitions of Worldpay and Nets, which both listed on European stock markets, as well as Italy''s Istituto Centrale delle Banche Popolari (ICBPI). “The staple financing is similar to the ICBPI debt financing,” one of the sources said. Private equity firms Bain Capital and Permira and SAM declined to comment. Advent, Hellman & Friedman, Legend Holding, Allfunds Bank, Grupo Santander and Intesa were not immediately available to comment. Mid-sized asset managers appeal to private equity investors as they generate stable returns and offer scope for growth over a three- to five-year period. Established in 2000 to provide access to open architecture investment funds market, Allfunds has more than €200bn of assets under management. It offers more than 47,000 funds and has an extensive network of more than 503 clients including commercial and private banks, fund managers and insurers. (Editing by Christopher Mangham)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-allfunds-loans-idUSKBN15824H'|'2017-01-24T22:35:00.000+02:00'
'08a489fcd216f66f11d4acca5c6ff870e81c20f7'|'Wall St Week Ahead-Optimism among S&P 500 CEOs as Trump takes power'|'Funds News   1:00pm EST Wall St Week Ahead-Optimism among S&P 500 CEOs as Trump takes power (Repeats story first published on Friday with no changes to text) By Noel Randewich SAN FRANCISCO Jan 20 U.S. President Donald Trump''s administration is only hours old, but already a small parade of S&P 500 companies'' chiefs have voiced optimism that his promised tax cuts, stimulus spending and deregulation will boost corporate profits. In the days ahead of Friday''s inauguration, senior executives from Morgan Stanley, Delta Air Lines and other major U.S. corporations said the Trump White House has already sparked a brighter outlook for business. "There is certainly more reason to be optimistic as we enter 2017 than there was at the beginning of 2016," Morgan Stanley CEO James Gorman said on Tuesday after his bank said profit doubled in the fourth quarter. He pointed to factors including a surge in consumer confidence after the Nov. 8 election and lower taxes promised by Trump. Just under way, fourth-quarter earnings reporting season is providing a glimpse of what major large companies expect under Trump, and their take is largely positive so far. Over a dozen S&P 500 companies reporting results in the last week have signaled optimism about potential tax cuts, infrastructure spending, employee benefit costs and reduced regulation. With corporate earnings already on the mend after a slump in oil prices and a strong dollar last year, S&P 500 companies are expected on average to grow their earnings by 6.3 percent in the December quarter and 13.6 percent in the March quarter, according to Thomson Reuters I/B/E/S. Since the November election, the S&P 500 has rallied 6 percent to record highs, in part due to expectations Trump will pass policies that stimulate the economy. Banks have led gains, with investors betting Trump will roll back regulations passed by President Barack Obama following the 2008 financial crisis, which many investors say went too far. After United Continental Holdings on Tuesday posted lower December-quarter profits, airline President Scott Kirby told analysts on a call, "It feels like we are on a really good path. It felt to me like there was an inflection point after the election for business demand." An also upbeat Delta Air Lines Chief Executive Ed Bastian told analysts this month that he was excited about potential infrastructure spending promised by Trump, as well as a chance to make his case about unfair competition from Middle Eastern airlines heavily subsidized by governments. Vince Delie, Chief Executive of F.N.B., which own First National Bank, said on a quarterly conference call on Thursday that he was saw more confidence among commercial customers and a potential pickup in lending. "There are at least conversations occurring about larger capex opportunities within our customer base, which didn''t happen before," Delie said. Not everyone is over the moon, however. Kansas City Southern''s CEO bemoaned an uncertain environment on Friday after the cross-border railroad reported lower quarterly profits, hurt by a slump in Mexico''s peso since Trump''s election. "Obviously the political and economic uncertainty is probably first and foremost on most of our minds, and the irony of us reporting earnings on the Inauguration Day of the 45th President is not entirely lost on us," Chief Executive Patrick Ottensmeyer told analysts. Indeed, some business leaders and lobbyists in Washington who were initially enthusiastic about Trump''s victory have begun to exhibit some hesitance over his agenda amid confusing messages on healthcare, taxes and trade. SURGING CONFIDENCE Still, while Trump''s views on immigration and a range of other issues are at odd with many Americans, most small businesses and consumers do see a brighter future as he launches his presidency. An index of small business confidence in December hit a 12-year high, according to the National Federation of Independent Business. The U.S. consumer confidence index in December hit its highest level since August 2001, a month before the Sept. 11 attacks. Following strong stock gains in November and December, many on Wall Street are concerned that Trump may fail to deliver on all of his promises. A Republican-controlled Congress might balk at infrastructure spending or tax reductions that significantly widen the federal budget deficit. Other investors worry that Trump could follow through on campaign-trail threats to tear up global trade deals and crack down on illegal immigrants from Mexico who provide low-wage labor in agriculture, restaurants and other industries. "Folks are potentially underestimating the degree to which Trump is serious about real reform on trade an immigration," warned Jon Adams, senior investment strategist at BMO Global Asset Management. "Investors, in general, are hopeful Trump will take a more pragmatic approach on those issues." Over the past two months, Trump has publicly targeted and threatened a range of multinationals, including Ford Motor , General Motors, Boeing Co and Lockheed Martin. That may have left CEOs wary of publicly disagreeing with his policies. "You don''t want to step on a mine. So the best course of action is to be somewhat optimistic, positive but also somewhat noncommittal so you''re not trapped one way or another," said Robert Pavlik, chief market strategist at Boston Private Wealth in New York. Trump''s frequent use of Twitter to single out companies for criticism or praise has created volatile spikes in trading of their shares, which is good for online brokers including Charles Schwab and TD Ameritrade. "Each time, it''s a new market event and a potential trading opportunity for our clients. Like everyone else, we''re watching it with interest," TD Ameritrade Director of Finance Jeff Goeser said on a conference call on Wednesday after the company reported an increase in quarterly profits. (Reporting by Noel Randewich, additional reporting by Caroline Valetkevitch in New York; editing by Dan Burns and Nick Zieminski) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-stocks-weekahead-repeat-scheduled-co-idUSL1N1FA1XP'|'2017-01-23T01:00:00.000+02:00'
'006e7a63580479b21a9ed73e2c8ad4cdb6e75132'|'Analysis - As nuclear loss grows, Toshiba needs chip investors, soon'|'Business News - Sun Jan 22, 2017 - 12:28am GMT Analysis - As nuclear loss grows, Toshiba needs chip investors, soon FILE PHOTO - Workers prepare the new year''s eve numerals above a Toshiba sign in Times Square in Manhattan, New York City, U.S., December 26, 2016. REUTERS/Andrew Kelly/File Photo By Makiko Yamazaki and Kentaro Hamada - TOKYO TOKYO With mounting writedowns from its nuclear business, Japan''s Toshiba Corp ( 6502.T ) is looking to sell part of its core semiconductors business, a world No.2 in the flash memory chips used in smartphones. But its rush to plug a hole in its U.S. nuclear business that Japanese media now estimate at as much as $6 billion may complicate any asset sale. Toshiba, which warned last month of multi-billion dollar charges for U.S. nuclear project cost overruns, wants to boost its capital base by the end of the financial year in March. Failure to offset the nuclear hit could wipe out already thin shareholder equity and push the company into negative net worth - jeopardising its role in public infrastructure projects and its place on the Tokyo Stock Exchange''s ''first section'', for larger companies. Following a 2015 accounting scandal, the conglomerate is barred from raising fresh funding on equity markets. Selling assets, though, could help it win broader financial support from its main banks. Toshiba could sell 20-30 percent of its chip business, according to media reports. The business, worth more than $10 billion, is the world''s second largest after Samsung Electronics ( 005930.KS ) in flash memory chips - and it''s Toshiba''s most profitable. Operating profit is forecast at 130 billion yen (913.35 million pounds) for the year to end-March, accounting for the bulk of overall group profit, forecast at 180 billion yen. Those forecasts were made before its December warning of the U.S. nuclear charges. People with knowledge of the matter said Toshiba has begun preparations to sell a minority stake in its chip business. One person said non-disclosure agreement forms have been sent to some private equity funds. Other people familiar with the matter have said potential buyers of a stake include Western Digital Corp ( WDC.O ), both a rival and a business partner, with a pledge to invest $5 billion to jointly produce memory chips. Western Digital, a California-based data storage company which operates a Japanese NAND flash memory plant with Toshiba, has declined to comment. Any deal with Western Digital, however, could trigger a time-consuming antitrust review. "The short timeframe (for raising funds) could be a hurdle as (such) a capital infusion could raise antitrust concerns," a Toshiba executive said, noting such a review could take more than a year to complete. The person declined to be named due to the sensitivity of the issue. "Investors with no antitrust concerns will be preferable, but they tend to seek quick returns, so there are difficulties here as well." Selling part of the chips business, formally called Storage & Electronic Devices Solutions, may also fuel concerns of earnings dilution. "For some investors, the semiconductor business may be a central part of Toshiba''s appeal," Goldman Sachs analysts wrote last week. "If Toshiba were to divest a stake in this business, we see a risk that the parent company''s profile could become less attractive to these investors." SMALLER, MORE POWERFUL CHIPS Buoyed by its chip business, Toshiba shares had risen 85 percent last year before its warning on its nuclear business. The stock ended 2016 up just 13 percent. With clients including Apple Inc ( AAPL.O ) and Chinese smartphone makers, Toshiba''s memory chips are the division''s biggest earners. The company has around 20 percent market share globally in NAND flash memory chips, trailing Samsung''s 35 percent, according to research firm IHS. Toshiba scored a success last year in the race to make chips smaller and more powerful, beating Samsung in producing sample shipments of so-called 64-layer 3D flash memory chips. "It used to be said we were two years behind Samsung (in 3D chips)," Yasuo Naruke, head of Toshiba''s chip business, told Reuters last month. "But we were faster in (64-layer chip) sample shipments, so we believe we''ve caught up with Samsung technology-wise." Naruke noted, though, that Toshiba still has less experience in mass producing the new chip. A stake sale could help with that, as Toshiba plans to increase its investment in chips to around 1 trillion yen ($8.7 billion) for the three years from April 2019, up from 860 billion yen for the previous three years. As Toshiba has ruled out ceding control of the chips business, it may also seek state help, as other troubled Japanese technology companies have done in previous restructurings, the sources said. "We need to have various options on the table as the scale of the (nuclear) impairment charge has not yet been finalised. But we''ll never give away a majority," the Toshiba executive said. Another person familiar with the matter said the state-run Development Bank of Japan is among several funds Toshiba may approach for possible investment in its chip business, though the bank could be put off by the size of investment needed. (Reporting by Makiko Yamazaki and Kentaro Hamada; Writing by Miyoung Kim; Editing by Ian Geoghegan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-semiconductors-ana-idUKKBN156009'|'2017-01-22T07:28:00.000+02:00'
'5615bf1e815515f0baf2113cd7761f19eddd2ecc'|'Samsung says batteries caused Note 7 fires, may delay new phone launch'|'Technology   9:49am GMT Samsung says batteries caused Note 7 fires, may delay new phone launch By Hyunjoo Jin and Se Young Lee - SEOUL SEOUL Samsung Electronics Co Ltd indicated on Monday that its latest flagship Galaxy S smartphone could be delayed as it pledged to enhance product safety following an investigation into the cause of fires in its premium Note 7 devices. Wrapping up its months-long probe, the world''s top smartphone maker said faulty batteries from two suppliers were to blame for a product failure that wiped $5.3 billion off its operating profit. Samsung mobile chief Koh Dong-jin said procedures had been put in place to avoid a repeat of the fires as the South Korean firm prepares to launch the Galaxy S8, its first premium handset since the Note 7''s demise. "The lessons of this incident are deeply reflected in our culture and process," Koh told reporters at a press briefing. "Samsung Electronics will be working hard to regain consumer trust." Koh said the Galaxy S8 would not be unveiled at the Mobile World Congress trade show in Barcelona beginning Feb. 27, the traditional forum for Galaxy S series launches. He did not comment on when the company planned to launch the handset, though analysts expect it to start selling by April. Investors have said Samsung needs to reassure consumers that it is on top of the Note 7 problem and can be trusted to fix it. Samsung''s reputation took a hammering after it announced a recall of fire-prone Note 7s, only for reports to emerge that replacement devices also caught fire. Images of melted Samsung devices spread on social media and airlines banned travellers from carrying them on flights. The handset, Samsung''s answer to Apple Inc''s iPhones, was withdrawn from sale in October less than two months after its launch, in one of the biggest failures in tech history. Samsung said later on Monday it has not decided whether to reuse parts in the recovered Note 7s or resell any recalled phones. A person familiar with the matter told Reuters reselling some Note 7s as refurbished phones was an option. The firm said it has recovered 96 percent of the 3.06 million Note 7s sold to consumers. SHORT CIRCUITS Investigations by internal and independent experts ruled out problems with the Note 7''s hardware and software. Instead, they said the batteries, which came from two suppliers, featured different manufacturing defects or design flaws that caused them to short-circuit. "The odds that two different suppliers had issue with the same phone is an extremely low likelihood and may signal we have reached an inflection point in smartphone battery technology," said Patrick Moorhead, president of technology analyst and advisory firm Moor Insights & Strategy. Samsung did not name the suppliers on Monday but previously identified them as affiliate Samsung SDI Co Ltd and China''s Amperex Technology Ltd (ATL). SDI said separately it would invest 150 billion won ($129 million) to improve product safety and expected to continue supplying batteries for Samsung phones. ATL declined to comment. Samsung said it accepted responsibility and would not take legal action against suppliers. The company touted longer battery life and fast charging as major improvements when it launched the Note 7. "The current situation is not largely different from that of the first recall, when Samsung pointed the finger at battery defects," said Park Chul-wan, a former director of the Centre for Advanced Batteries at the Korea Electronics Technology Institute. BATTERY CHECKS Among other measures to boost safety, Samsung said it had implemented an eight-point battery check system to avoid any such problems going unnoticed again. While Samsung''s mobile division is widely expected to have bounced back from the Note 7 failure during the fourth quarter, experts remained cautious about the outlook for sales of future flagship devices. "Consumers will accept the results (of the probe) only if there are no problems with the S8," said Park. Moorhead, however, said he thought Samsung had done enough to convince consumers that it can prevent future issues. Samsung Electronics shares ended up 2.3 percent in a flat wider market. Analysts said the rise was mainly due to a healthy outlook for makers of tech components such as memory chips but also boosted by hopes the firm will be able to put the Note 7 fiasco behind it. The firm expects fourth-quarter operating profit to hit a more than three-year high when it reports earnings on Tuesday, driven by booming chip sales. ($1 = 1,166.8000 won) (Reporting by Hyunjoo Jin and Se Young Lee; Additional reporting by Dahee Kim in SEOUL and Sijia Jiang in HONG KONG; Editing by Stephen Coates) A flag bearing the logo of Samsung Electronics is pictured at its headquarters in Seoul, South Korea, November 29, 2016. REUTERS/Kim Hong-Ji Next In Technology News JP Morgan sees U.S. telecom sector consolidation, T-Mobile deal U.S. telecom sector could be on the brink of a major consolidation under President Donald Trump''s likely more merger-friendly administration, said JP Morgan Securities, which now sees a 90 percent chance of T-Mobile US being involved in a strategic transaction in the next five years.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-samsung-elec-smartphones-battery-idUKKBN157034'|'2017-01-23T16:07:00.000+02:00'
'4f8a10674181e3711d35842a4670ddfc155c29df'|'BRIEF-United flights grounded nationwide amid computer system issue; international flights unaffected - CNBC'|'Company News - Sun Jan 22, 2017 - 7:41pm EST BRIEF-United flights grounded nationwide amid computer system issue; international flights unaffected - CNBC Jan 22 (Reuters) - * United flights grounded nationwide amid computer system issue; international flights unaffected - CNBC Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FA0R4'|'2017-01-23T07:41:00.000+02:00'
'f5b0519ac95602e6586b0208fda0ac2ca8e22a98'|'Judges to approve Nortel Networks bankruptcy plan'|'Deals  45pm EST Judges to approve Nortel Networks bankruptcy plan WILMINGTON, Del. The Canadian and U.S. judges overseeing Nortel Networks'' 2009 bankruptcy proceeding said on Tuesday they would approve the plan by the former telecommunications company to repay its creditors, clearing the way for more than $7 billion to be distributed. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Chris Reese) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-nortelnetworks-bankruptcy-idUSKBN1582TO'|'2017-01-25T04:39:00.000+02:00'
'af311818fc3418baceef74a58ec7c786828b3411'|'BRIEF-Navient Corp''s Q4 press release'|'Market News   4:17pm EST BRIEF-Navient Corp''s Q4 press release Please click on the link below for Navient Corp''s quarterly earnings press release: Source text: Next In Market News Jan 24 Plains All American Pipeline LP said on Tuesday it bought a crude oil gathering system in the Permian Basin for about $1.2 billion. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FE5DD'|'2017-01-25T04:17:00.000+02:00'
'0597436d7c0580bc76993878de272add69eb8a30'|'BT shareholders will remember profit warning for years - Nils Pratley - Business'|'N ot every BT shareholder, one suspects, will have been aware the company has a meaningful presence in Italy. But they all know now. A unit that last year contributed only 1% of group profits has blown a hole in this year’s numbers and shredded BT’s reputation for solidity. The BT chief executive, Gavin Patterson, may see bonuses clawed back from past years, an action that investors might regard as just. All the gains in the share price on Patterson’s three-year watch have evaporated with Tuesday’s 20% tumble. This profit warning will be remembered for years.BT shares plunge 20% as Italian accounting scandal deepens – business live Read moreIt is evident that BT has been taken completely by surprise by the Italian revelations. Back in October, “inappropriate management behaviour” in Italy was said to be leading to a “non-cash” write-down of £145m . That behaviour has now been upgraded to “improper” – which amounts to an allegation of fraud – and the bill will definitely be felt. The adjustments will be £530m, of which £500m will be in cash as working capital transactions are unwound.BT says it has taken “immediate steps to strengthen the financial processes and controls in that business”, but that doesn’t explain why the controls were weak in the first place and why BT has a whistleblower to thank for a tipoff.The annual reports of the past two years describe how “full-scope audit work” was conducted in Italy, including visits in each year by the auditors PricewaterhouseCoopers. What went wrong? Why were two different teams of forensic accountants needed to get the full story? It is not only BT’s remuneration committee that should be examining “the wider implications” – so should the audit committee.The other half of the profit warning related to a slowdown in UK public sector work and orders from international companies. That is outside management’s control, but the effect is that BT, having managed to inject growth into its business, is once again talking about flat group revenues. In terms of cash, the news is probably worse: by BT’s estimates, over the course of this financial year and next, the group will generate £1bn less than previously thought.Amid the storm, BT is sticking to its promise that the dividend will keep rising by at least 10%. At face value, that looks affordable, even on the revised forecasts. But it wouldn’t take much for the numbers to look horribly tight. Pension contributions are set to rise substantially next year and the pension trustees, overseeing a fund with a deficit of £6.2bn at the last count, won’t be impressed by the non-appearance of £1bn in the sponsor’s coffers. On the regulatory and political front, the pressure for Openreach to step up investment in ultrafast fibre broadband will only intensify.Then there’s the attempt to challenge Sky’s dominance in football. Until now, investors have regarded the adventure as high risk but have trusted management’s judgment. They may not be so tolerant in future. BT hadn’t had a profit warning for almost a decade, but now, in one statement, it looks a different business. Patterson will find the BT Sport question gets tougher, as it should. If you want to spend squillions on football rights do not score spectacular own goals elsewhere.'|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/jan/24/bt-profit-warning-shareholders-italian-unit-gavin-patterson-chief-executive'|'2017-01-25T01:47:00.000+02:00'
'd6933b91aaea53fa0c0251540bc0acaff08f953d'|'UPDATE 1-Sainsbury''s chairman reprimanded for using employee on country home'|'Financials  44am EST UPDATE 1-Sainsbury''s chairman reprimanded for using employee on country home (Adds detail) LONDON Jan 23 The board of Sainsbury''s reprimanded its chairman David Tyler for using an employee of the British supermarket and a supplier to help revamp his country house, it said on Monday. Tyler, who has been chairman of Sainsbury''s since 2009, was given a warning letter by the company''s board and made a 5,000 pound ($6,200) contribution to charity as recompense for the staff member''s time. No further action was taken by the company. The case, first reported by The Guardian, related to Tyler''s use of a Sainsbury''s staffer and a supplier to help with the development and installation of an underfloor heating system at his barn conversion in East Sussex, southern England. "This is a historical issue dating back to 2013. The chairman volunteered the information and the board conducted a thorough investigation in line with company policy, as they would with any other colleague in the same circumstances," Sainsbury''s said in a statement. "As a result of the investigation, the chairman was given a warning but the board concluded that his failure to comply with company policy was unintentional, that he did not act dishonestly and made no financial gain." Tyler is also chairman of property firm Hammerson and was finance director of GUS when it owned Argos and Burberry. Last year Sainsbury''s bought Argos owner Home Retail in a 1.1 billion pound deal. (Reporting by James Davey, editing by Stephen Addison) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sainsbury-management-idUSL5N1FD2N8'|'2017-01-23T18:44:00.000+02:00'
'8177aa5af94f77d9c3ddf235385d40387c6d9e7a'|'Bristol-Myers won''t seek accelerated Opdivo lung cancer approval'|'Company News  49pm EST Bristol-Myers won''t seek accelerated Opdivo lung cancer approval Jan 19 Bristol-Myers Squibb Co on Thursday said it has decided not to seek accelerated U.S. approval for its combination of two immunotherapy drugs as an initial treatment for lung cancer. Bristol cited "a review of data available at this time" for the decision to hold off on filing for approval of the combination of its cancer drugs Opdivo and Yervoy. The move helps secure Merck & Co Inc''s lead in the development of combination lung cancer treatments. Merck last week said U.S. regulators had agreed to an accelerated review of its application to combine immune system-boosting drug Keytruda with chemotherapy as an initial therapy for advanced lung cancer. (Reporting By Deena Beasley; Editing by Alan Crosby) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bristol-myers-pharmaceuticals-opdivo-idUSL1N1F92MB'|'2017-01-20T06:49:00.000+02:00'
'59de6fc2bfc2d74ce9ff716e17a5a15741f047f4'|'Trading house says Samsung seeks $429 million in LCD panel supply dispute'|'Business News - Fri Jan 20, 2017 - 11:45am GMT Trading house says Samsung seeks $429 million in LCD panel supply dispute Employees walk in the main office building of Samsung Electronics in Seoul, South Korea, in this file photo taken on January 6, 2016. REUTERS/Kim Hong-Ji TOKYO A Japanese electronics trading house said Samsung Electronics Co ( 005930.KS ) has filed a request for arbitration with the International Chamber of Commerce (ICC) over an LCD panel maker''s decision to stop supplies to the South Korean company. In a statement, Kuroda Electric Co ( 7517.T ) said Samsung filed the request for ICC arbitration in New York against it and two other companies, seeking $429 million. Kuroda did not identify the two companies or the panel maker. Kuroda said it had been the supplier of LCD panels for TV sets made by the maker and Samsung is seeking arbitration for damages stemming from the panel maker''s decision to stop the supply. In December Japan''s Sharp Corp ( 6753.T ) and Taiwan''s Foxconn ( 2317.TW ) decided to stop supplying LCD panels through their lossmaking joint venture to Samsung, a person familiar with the matter said. Officials at Sharp, Foxconn and Samsung declined to comment. (Reporting by Taiga Uranaka and Makiko Yamazaki; Additional reporting by Se Young Lee in SEOUL) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-samsung-elec-lcd-arbitration-idUKKBN1541AR'|'2017-01-20T18:45:00.000+02:00'
'3c598e2717b8176ee172e8e18350a89905be5e3c'|'UK Stocks-Factors to watch on Jan 20'|'Company News   1:26am EST UK Stocks-Factors to watch on Jan 20 Jan 20 Britain''s FTSE 100 index is seen opening up 9 points at 7,217 on Friday, according to financial bookmakers. * The UK blue chip index closed down 0.54 percent at 7208.44 points on Thursday, dragged down by British parcel and postal firm Royal Mail, whose results were badly received. * ROYAL BANK OF SCOTLAND: Japanese financial services firm Orix Corp has agreed to buy $290 million worth of shipping loans from Royal Bank of Scotland, sources with direct knowledge of the deal told Reuters on Friday. * ANTOFAGASTA: Chilean copper miner Antofagasta said on Thursday it would sell its 40 percent stake in the Alto Maipo hydroelectric power project to partner AES Gener, exiting the project entirely. * VODAFONE: The Czech telecoms regulator CTU is pushing O2 Czech Republic and Vodafone to cut wholesale prices for mobile internet services (LTE) charged to virtual operators, warning they could lose frequencies won in a past auction. * BREXIT: European Union trade commissioner Cecilia Malmstrom said on Thursday it would likely take a couple of years to negotiate a trade deal with the United Kingdom after it leaves the bloc. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Close Brothers Group PLC First-half Pre-close Trading Update TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Esha Vaish in Bengaluru; Editing by Sherry Jacob-Phillips) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1FA2AS'|'2017-01-20T13:26:00.000+02:00'
'cb750558c0a7b4990ccce5e621506dc21de31024'|'U.S. bankers tell Europeans to think positively on Trump'|'Davos -  40pm GMT U.S. bankers tell Europeans to think positively on Trump U.S. President-elect Donald Trump listens to questions from reporters while appearing with Alibaba Executive Chairman Jack Ma after their meeting at Trump Tower in New York, U.S., January 9, 2017. REUTERS/Mike Segar By Carmel Crimmins and Pamela Barbaglia - DAVOS, Switzerland DAVOS, Switzerland U.S. bankers, buoyed by a resurgence in profits, are advising their counterparts in Europe to think positively about the new administration of U.S. President-elect Donald Trump. But many Europeans still need convincing. At the annual gathering of the world''s political and business elites in the Swiss resort of Davos, U.S. financiers told investors and overseas'' rivals to focus less on Trump''s anti-globalization rhetoric and more on his cabinet picks, comprising of Wall Street veterans and corporate bosses. Many European bankers fear Trump, who campaigned on an "America first" platform and who has threatened to impose punitive tariffs on Chinese imports, could trigger a trade war with the world''s second-largest economy. Jose Vinals, chairman of Standard Chartered Bank ( STAN.L ) and a former deputy governor of the Spanish central bank, said there was a lot of unease over whether the Republican''s campaign rhetoric would translate into his policies as president. "In Europe, there is concern and trepidation about Trump''s administration and how his politics will affect global trade and finance," he told Reuters. "Any form of protectionism will likely ultimately make the U.S. economy less competitive and be bad news for the world," said Vinals, who has previously built up an expertise on Asian markets, including China, while working as a senior official at the International Monetary Fund. But Mary Callahan Erodes, who runs the asset management arm of U.S. bank JPMorgan ( JPM.N ), sought to assuage concerns about the incoming White House administration. She told the World Economic Forum that Trump''s officials, including former Goldman Sachs bankers Steven Mnuchin and Gary Cohn, would push a pro-business agenda that would drive economic growth. "We are going to have to get used to thinking very pro-actively and getting excited about growth," she said. "It is a pendulum swing and it is going to be positive for business. It just is." Anthony Scaramucci, a hedge fund manager who has been appointed by Trump to liaise with the business community, was the only member of the new U.S. administration to attend the Davos forum. He spoke publicly about how Trump would be good for the global economy and, according to banking sources, followed this up with private discussions with European bankers. But the sources said industry players in Europe wanted more clarity on key U.S. economic policies from Trump himself. Banks on both sides of the Atlantic might be happy at having a leader in the White House who has pledged to cut tax rates and ease restrictions imposed on banks'' risk-taking in the wake of the financial crisis. TRADING STRENGTH At private lunches and evening cocktail receptions in the swish ski resort, some U.S. financiers expressed concern about the impact from Trump''s blunt re-evaluation of key foreign policy principles and his penchant for castigating American companies on Twitter. Most bankers expect volatile market swings in 2017 after investors, having driven up stock prices in anticipation of tax cuts and spending hikes, grow impatient for action. Increased volatility plays to Wall Street banks'' greater strength in trading bonds, stocks and currencies. U.S. investment banks have already reported bumper fourth-quarter results following a surge in trading volumes across commodities, interest rate products and foreign exchange as investors reworked their portfolios in response to Donald Trump''s surprise victory and the Federal Reserve''s interest rate hike. Goldman Sachs, the bank most dependent on trading, has seen its stock rise nearly 30 percent since the Nov. 8 election. European banks have not yet reported fourth-quarter earnings but their shares have also have been boosted by the U.S. developments. The region''s banking index .SX7P is up 15 percent as investors bet banks such as Barclays and Deutsche, which have U.S. investment banking operations, will get a boost from increased trading and deal action. To be sure, some European bankers reflected that sunnier outlook in Davos, saying Trump was good news for banks. "He wants banks to have more say in economic growth and I fundamentally think that is an inextricable link combination, you don''t have strong economies in the long run without strong banks, and vice versa," said Antonio Horta-Osorio, the chief executive of Britain''s Lloyds ( LLOY.L ). "Banks are for the economies like blood is for the body and, therefore, I see that as very positive." (Additional reporting by Lawrence White in London; Editing by Pravin Char) Next In Davos'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-davos-meeting-banks-idUKKBN1541S0'|'2017-01-20T20:38:00.000+02:00'
'0abf4b5f1c6e73a768538e7bb13b6648cf56adf2'|'Fitch Plans to Withdraw Ratings of Busan Bank'|'Financials   7:37pm EST Fitch Plans to Withdraw Ratings of Busan Bank (The following statement was released by the rating agency) SINGAPORE, January 19 (Fitch) Fitch Ratings - [Singapore- 20 January 2017]: Fitch Ratings plans to withdraw the ratings on Busan Bank for commercial reasons on or about 24 February 2017, which is approximately 30 days from date of this commentary. Fitch currently rates Busan Bank as follows: - Long-Term Issuer Default Rating (IDR) at ''BBB+''; Outlook Stable - Short-Term IDR at ''F2'' - Viability Rating at ''bbb+'' - Support Rating at ''2'' - Support Rating Floor at ''BBB'' Fitch reserves the right in its sole discretion to withdraw or maintain any rating at any time for any reason it deems sufficient. Fitch believes investors benefit from increased rating coverage by Fitch and is providing the market with approximately 30 days'' notice of the rating withdrawal. Ratings are subject to analytical review and may change up to the time Fitch withdraws the ratings. Fitch''s last rating action for Busan Bank was on 17 August 2016. The Long-Term IDR and Viability Rating were affirmed and the Outlook revised to Stable from Negative. Contact: Sing Chan Ng Managing Director Head of Business Origination Asia Pacific +65 6796 7210 singchan.ng@fitchratings.com Fitch Ratings Singapore Pte Ltd. One Raffles Quay South Tower #22-11 Singapore 048583 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Additional information is available on www.fitchratings.com ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986874'|'2017-01-20T07:37:00.000+02:00'
'1bcf662c2d143a0ff0bfb220c99f32300f7d5e99'|'Trump son-in-law Kushner cleared to serve as White House adviser - NY Times'|'WASHINGTON Jan 21 The U.S. Department of Justice has decided that President Donald Trump can hire his son-in-law Jared Kushner as a senior White House adviser without breaking federal anti-nepotism laws, The New York Times reported on Saturday.The department has found that the president has special hiring authority that exempts White House positions from federal laws barring the president from appointing relatives to lead a federal agency, the newspaper reported, citing an opinion from the department''s Office of Legal Counsel dated Jan. 20. (Reporting by Lisa Lambert; editing by Kevin Drawbaugh, G Crosse)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/usa-trump-kushner-idUSL1N1FB0FR'|'2017-01-21T21:30:00.000+02:00'
'da03b5c826a0fe1a62d699fac0f2c46302a12e2a'|'Trump order paves way for agencies to weaken health law - Reuters'|'By David Morgan and Susan Cornwell - WASHINGTON WASHINGTON President Donald Trump is ordering federal agencies to undermine Obamacare through regulatory action, a move that could weaken enforcement of the requirement for Americans to buy health coverage and give insurers leeway to drop some benefits.Trump''s first executive order, signed hours after taking office on Friday, directs the federal government to scale back regulations, taxes and penalties under President Barack Obama’s healthcare law, the Affordable Care Act (ACA).Republican lawmakers, who are working on new legislation to repeal and replace Obamacare, praised the order as showing Trump’s commitment to gutting the program and lowering steep healthcare costs they blame on the law.Trump did not specify which parts of the program would be affected by his order, and any changes are unlikely to affect the government-funded or subsidized insurance plans covering more than 20 million people in 2017.Trump’s nominee to head the U.S. Department of Health and Human Services, Georgia Representative Tom Price, has said there was no plan for “pulling the rug out” on millions of Americans’ healthcare as a replacement is designed.But the scope of Trump''s order drives home the uncertainties of that process, healthcare experts said."The order could affect virtually anything in the law, provided it is couched as a delay in implementing the law," said Stuart Butler, a senior fellow at the Brookings Institution.Trump''s administration could decide to delay or not enforce the individual mandate, a requirement that Americans buy health coverage if they do not already have benefits from their employer or the government, as well as a similar requirement for employers of a certain size to insure their workers, experts said.Others say those changes, if not handled carefully, could force insurance premiums higher and make healthcare less affordable for Americans - outcomes that Trump and Republicans say they are trying to avoid."The administration has to run a really fine line here," said Dan Mendelson, chief executive of the Washington-based consulting firm Avalere Health. "They''re not going on record as saying what they''re going to do at this point."The administration could also alter, or fail to enforce, requirements that insurers cover a basic set of health benefits in all of their plans, from maternity and newborn care to mental health services."This could be a signal to the insurance industry that they could offer new products that, for example, didn''t include maternity benefits, in order to attract more sales from people who would prefer a slimmer package," said Joe Antos of the American Enterprise Institute think tank.''FLEXIBILITY'' URGEDRepublican Lamar Alexander, chairman of the Senate Health Committee, said last week that Price, once confirmed, could relax requirements for U.S. states to get exemptions from the law, as well as make it easier for states to get waivers on the Medicaid health plan for low-income households."Allow states more flexibility to determine the essential health benefits ... that''s probably the single most important step that could be taken to create a market where more insurers are likely to sell policies," Alexander said.His committee is one of several in the House and Senate working on repealing and replacing Obamacare.Three of the largest health insurers – Aetna Inc, UnitedHealth Group Incand Humana Inc – have essentially pulled out of the market offering health insurance to individuals under Obamacare, citing financial losses for covering a population that was sicker than they had expected.The remaining players include Anthem Inc, as well as insurers that specialize in administering lower-cost Medicaid plans, such as Molina Healthcare Inc.Ana Gupte, a senior healthcare analyst at the investment bank Leerink Partners, said Trump''s executive order could reassure people in the market that Obamacare will be dismantled one way or another.That could be positive for insurers who would no longer face the law''s health insurance tax, she said. But it could negatively impact acute-care hospitals that have seen more customers and insurers that sell policies to state Medicaid programs, which could shrink in size."It''s clear that Congress is looking to repeal the law and that it''s poised to happen with a replacement. This is one more avenue to make sure their agenda is executed," Gupte said.(Reporting by David Morgan; Editing by Kevin Drawbaugh and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-healthcare-trump-idINKBN1550WH'|'2017-01-21T20:31:00.000+02:00'
'7b08a875f4d2b755b9ee2d3c6b2a4859ece60ade'|'Saudi''s SABIC to acquire remaining stake in Saudi JV with Shell for $820 million - Reuters'|'DUBAI Saudi Basic Industries Corp (SABIC) 2010.SE has signed an agreement to acquire the remaining stake of its joint venture with Shell Arabia, a unit of Royal Dutch Shell ( RDSa.L ) in Saudi Arabia for $820 million, SABIC said on Sunday.The agreement which is expected to be complete before the end of this year is subject to regulatory measures, SABIC said.It said it signed another memorandum of understanding on Sunday with Shell Arabia to boost cooperation in international and local investment opportunities.(Reporting by Hadeel Al Sayegh; Writing by Reem Shamseddine; Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sabic-shell-idINKBN15609J'|'2017-01-22T04:24:00.000+02:00'
'b8601394285e55816e5c3eeb22c9108fdc76725c'|'Hiring a carer for my mother was a huge learning curve, but help is available - Money'|'I t’s hard to pinpoint the moment we knew we needed to find carers to come and help my mother. That’s the nature of a progressive condition. Symptoms creep up on you, bringing new care needs just when you thought everything was working well.After struggling with her balance for some time and suffering a series of falls, our mother, Jenny, was initially diagnosed with Parkinson’s around eight years ago in her mid-60s. As new symptoms presented themselves, the diagnosis was changed to progressive supranuclear palsy , which results in difficulty with balance, movement, vision, speech and swallowing.Since then, my mother – already widowed at the time – my brother and I have tried to navigate the ins and outs of converting her home in Warwickshire and hiring home carers. Everyone’s circumstances are different and I realise we were very lucky in several respects: Jenny had savings and her teacher’s pension to cover some costs and her home was big enough to convert. With that in mind, here is some of what we have learned along the way.My mother is in the late stages of this awful condition and living at home with carers coming in from early morning until late at night. We employ four.The first thing to do is seek advice from those with more experience. We’ve had help from specialist nurses, GPs and charities – specifically the PSP Association . Age UK was also a source of support for converting the house . My mother’s GP was able to point us to what help was available in terms of occupational therapists (for help with grab rails and the right bed), physiotherapists, speech therapists and nutritionists.When it came to hiring carers, we initially employed some ladies via Age UK to come and do small jobs around the house that were a struggle for Jenny, such as ironing and cooking. When her dogs were still alive, the brilliant Cinnamon Trust set up a roster of volunteer dog-walkers. As her condition worsened we looked to hire what are generally called “personal assistants”, or PAs – carers that come to your home.Here again, it is worth looking for outside advice. Social services recommended we get help from a Warwickshire-based group called the Rowan Organisation , which also covers other counties. It has helped, for small fees, with recruiting PAs and with our payroll services. When advertising the roles, it advised us on what you can legally say in a job advert and at interview – for example, you can’t specify someone must be a non-smoker. We used its site and the Gumtree website to post job adverts. The payroll service provides payslips and calculates our tax and national insurance bill.When directly employing carers, you need employers’ liability insurance to cover you if one of your employees gets ill or injured because of their work. You will need written contracts with each PA, you must adhere to national living wage rules and you may need to put them into a pension scheme under auto-enrolment rules . When it comes to making a decision about who to hire, remember you will probably need weekend care as well as on weekdays. Carers, like all employees, are entitled to annual leave. Care hours can be unsocial, so you may want more than one carer and to share out the late shifts and weekends. Use the interviews to talk about this. Carers may need keys to the house and will be alone with your vulnerable relative. So do the right checks and call their referees.Finally, the costs of care at home are likely to rise with time, and while state support is available in some cases, in the form of continuing care , you cannot be sure you will qualify for it.In short, there is quite a lot to consider – home care is not the cheapest option and it can all feel very overwhelming at times, leaving little emotional capacity to deal with the illness itself. But help is out there. My biggest takeaway from the whole process? Reach out to experts sooner rather than later.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/21/hiring-carer-learning-curve-insurance-contracts-pensions'|'2017-01-21T14:00:00.000+02:00'
'9531d9dc02e8fda26cc7811e62f521817c5d9f7d'|'Two China real estate consultancies halt monthly home price data'|'Business  16am GMT Two China real estate consultancies halt monthly home price data Residential buildings are seen in Beijing, China, January 10, 2017. REUTERS/Jason Lee BEIJING At least two major Chinese private providers of home price data have stopped publishing the figures, at a time when economists are split whether the red-hot property market will remain a driver of the economy in 2017. The China Index Academy, a unit of U.S.-listed Fang Holdings ( SFUN.N ), has stopped distributing monthly housing price index data for 100 cities that it usually issued at the start of the month. The academy told Reuters on Friday it had suspended distribution indefinitely, without giving a reason for the suspension. "I don''t know who exactly is making the order, and it''s not mandatory," said a source with knowledge of the matter, who declined to be identified as the topic is a sensitive one. Home price data from private providers tends to show sharper increases than official data from the National Bureau of Statistics (NBS), which publishes monthly and annual percentage changes in 70 major cities. New-home prices grew the most last year since 2011, NBS data published on Friday show. Growth moderated in December as 12 of 15 cities previously singled out by authorities as overheating saw price declines, an increase from November. Since last summer, the government has levied curbs on buying and ownership to rein in soaring prices and limit asset bubble risks. E-house China, another influential private real estate consultancy, has also indefinitely suspended its monthly housing price index for 288 cities. "Judged by current conditions, we won''t publish it in the future," said Cherilyn Tsui, a public relations officer at CRIC, the consultancy''s real estate research branch. "We stopped distributing prices data a few months ago. At first it was just no external distribution, but now even internally we don''t distribute any more," she told Reuters. Tsui said she did not know the reason for the halt, but data on sales volumes and inventories would still be published. "Housing prices are an extremely sensitive matter right now," a second source with knowledge of the matter said on condition of anonymity. E-house''s last data release in November said new home prices in Beijing and Shanghai rose 1.32 percent and 1.09 percent in October, respectively, on the month. The NBS reported an increase of 0.5 percent. In China Index Academy''s last data release in December, new home prices in Beijing and Shanghai rose 0.84 percent and 0.88 percent in November, while the NBS reported prices unchanged. The NBS usually publishes price data around the 19th of the month, and private providers issue it earlier. The NBS denied it had ordered the data suspension. "We didn''t ask that. It''s not true," an NBS representative told Reuters by telephone, when asked if it had asked private real estate consultants to halt distribution. (Reporting by Yawen Chen and Ryan Woo; Editing by Clarence Fernandez) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-property-idUKKBN15415U'|'2017-01-20T17:16:00.000+02:00'
'05ab7509c0140ad93655a71d3432bb97276f9e27'|'Trumponomics may be wrong medicine for U.S. economy today'|' 10am GMT Trumponomics may be wrong medicine for U.S. economy today U.S. President-elect Donald Trump talks to members of the media at Mar-a-Lago estate in Palm Beach, Florida, U.S., December 21, 2016. REUTERS/Carlos Barria By Howard Schneider - WASHINGTON WASHINGTON Tax cuts, deregulation and more federal spending advocated by the incoming Trump administration are a classic remedy for economic stagnation and long unemployment lines. But that medicine may be too strong for an economy that has grown for eight years, with wages now rising and the jobless rate near what many economists consider "full" employment. A Reuters analysis of regional jobs data and historic trends suggests that stimulus could boost demand for workers in areas where labor is already tight. That in turn, could stoke inflation, force the Federal Reserve to raise rates faster than expected, and make recession a greater threat. (Graphic: tmsnrt.rs/2jnYC9V ) What the country needs now, labor economists and Fed officials say, is small-bore surgery - policies focused on depressed regions in its rural areas and industrial heartland, which fell out of sync with the global economy and emerged as Donald Trump''s power base, helping him win the presidency. "When you think of what Trump is inheriting, it is an economy in which much of the recent crisis has been solved," said Jed Kolko, chief economist for the job site indeed.com. "The challenges that remain are the ones that are harder to fix," he said, citing as examples the decline of the nation''s coal belt or the rise in drug abuse in "middle America''s" depressed communities. Trump takes office on Friday promising to strengthen the middle class and put millions of sidelined workers back to work by spending big on the nation''s aging infrastructure, playing tough on trade, and cutting taxes to spur investment. There is an argument to be made about using a burst of spending to give the economy a jolt after a long spell of tepid growth that has rarely exceeded 2 percent. TOO MUCH GROWTH? Yet Fed officials are increasingly worried that since the U.S. economy is already performing close to its potential, such a growth spurt could lead to labor shortages, unsustainable wage hikes and too much rather than too little inflation. In the weeks since the Nov. 8 election, the focus of central bankers has shifted from how to parse out gradual rate increases that could sustain unemployment around its current levels, to the risks of growth that comes on too fast. The periods where unemployment has gone too low, without a Fed response, "have ended in some kind of recession," Atlanta Federal Reserve bank president Dennis Lockhart said in Naples, Florida, last week. Uncertainty as to how far the jobless rate can drop could make the central bank wait for too long or slam on the brakes too hard, Lockhart said. The current jobless rate of 4.7 percent is roughly in line with what Fed Chair Janet Yellen cited as full employment in remarks this week in which she also mentioned the risk of recession if the Fed had to raise rates too fast.. Trump has dismissed the official jobless figure, saying it overlooks millions of Americans who have stopped looking for work and who he feels could be brought back to the job market with hundreds of billions of dollars in public projects and private investment. Some economists seem to agree, citing estimates of the number of sidelined workers as evidence the labor market has more slack than the headline numbers might suggest, and that the Fed thus has more policy leeway. Out of about 61 million men in the prime working years between 25 and 54, 88 percent were working or looking for work in 2015 compared with 94 percent in 1978. That means there would be over two million more men in the labor pool today if their participation held at an average rate for that entire period. However, a Reuters analysis of state-level employment data suggests there may be industry- or region-specific reasons why that army cannot be readily mobilized. Past economic cycles also suggest even keeping the jobless rate where it is will be a challenge. STARK DIFFERENCES Jobs data show deep regional differences, reflecting shifts in industries and populations that a one-size-fits-all strategy is ill-equipped to address. For example, labor market participation of prime working age men in Iowa has fallen just 2.2 percentage points since 1978; by contrast it tumbled 12 percentage points in Kentucky as a result of the coal industry''s decline. Some parts of the country are already struggling with labor shortages, while others remain depressed. In parts of Florida, entrepreneurs have cited trouble hiring workers because of the rising housing costs. "Teachers, nurses, cannot find places to live," while hotel and restaurant operators are bringing foreign workers on special visas, said Kristi Bartlett, vice president of economic development at the Greater Naples Chamber of Commerce. According to various studies, including one commissioned by the U.S. Treasury Department last year, major infrastructure needs are clustered around big coastal urban areas; an overhaul that targeted the most beneficial projects could make regional disparities even bigger. Recent history suggests a big spending push or tax cuts this late in the business cycle might in fact bring forward the end of the current expansion. Since the Fed in 1977 was given a "maximum employment" mandate, the jobless rate has fallen below 5 percent for an extended period twice. In the 1990s, when the tech boom and rising productivity helped produce inflation-free economic growth, the unemployment rate stayed low for more than four years. During the property-driven expansion early this century, unemployment held below 5 percent for 24 months before a wave of mortgage defaults triggered a financial crisis and a recession that put millions out of work. The jobless rate has now been below 5 percent for a year and potential tax cuts and deficit spending may confront the Fed with a similar challenge as it faced in the late 1980s, said Roberto Perli, analyst at Cornerstone Macro and a former Fed economist. Back then, the Ronald Reagan administration added tax cuts to already strong demand and a high budget deficit; the Fed countered with a faster than expected round of rate increases. A recession followed in 1990. "With the labor market already tight and little resource slack, the Fed would very likely view demand-side fiscal policies as inflationary and would tighten policy faster than markets expect," Perli wrote. (Reporting by Howard Schneider; Editing by Tomasz Janowski) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-economy-analysis-idUKKBN1540H7'|'2017-01-20T13:09:00.000+02:00'
'25988851fc2c2301c38a605faea604bba7b44c49'|'South Africa''s Gupta brothers allege political scheme to damage them'|'JOHANNESBURG South Africa''s Gupta brothers said in court documents on Friday that they were the victims of a political campaign to damage their business interests, the latest stage in a long-running controversy over their ties to President Jacob Zuma.The Gupta family filed an affidavit on Friday in response to one issued by Finance Minister Pravin Gordhan in October linking them and their firm to suspicious transactions.Gordhan has said 6.8 billion rand ($501 million) in payments made by Indian-born Ajay, Atul and Rajesh Gupta, and companies they control and other individuals with the same surname, had been reported to authorities as suspicious since 2012.He has asked the High Court in Pretoria for a declaratory judgment that he cannot interfere with decisions by South Africa''s major banks to cut their ties with businesses owned by the Gupta brothers. Gordhan said they had repeatedly asked him to intervene to have their accounts reopened.Between December 2015 and April 2016, FirstRand, Standard Bank, Nedbank and Barclays Africa terminated the accounts of companies controlled by the Gupta family''s Oakbay Investments.FirstRand said in an affidavit filed in December that suspicions of money-laundering lay behind its decision. At the time, Barclays and Nedbank said they would file legal applications similar to FirstRand''s.In their affidavit, the Gupta family said the minister''s application was "riddled with factual and legal errors", and that there was not enough information about the transactions to conclude they were suspicious."The timing of the minister''s application supports the Oakbay Group''s suspicions that the application is politically motivated and is part of the minister’s ongoing plan to diminish the Oakbay Group," the affidavit reads.Gordhan was not available to comment."We cannot comment on this because it a legal matter that is before the courts," said Treasury spokeswoman Yolisa Tyantsi.Allegations that the Gupta brothers wielded undue influence over Zuma were investigated last year by the Public Protector, a constitutionally mandated anti-corruption watchdog. It stopped short of reaching conclusive findings but recommended that the president order a judicial inquiry, which has yet to happen.Zuma has denied granting inappropriate influence to the brothers, and they have denied seeking it.($1 = 13.5600 rand)(Reporting by Mfuneko Toyana; Editing by James Macharia)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/safrica-gupta-idINKBN15429F'|'2017-01-20T13:34:00.000+02:00'
'ade460e6f9b4e90a678a1bc193634491049c5e37'|'Sainsbury''s chairman reprimanded for using staff on country home'|'Financials  22am EST Sainsbury''s chairman reprimanded for using staff on country home LONDON Jan 23 The board of Sainsbury''s reprimanded its chairman David Tyler for using the British supermarket''s staff and suppliers to help revamp his country house, it said on Monday. Tyler, who has been chairman of Sainsbury''s since 2009, was given a warning letter by the company''s board but no further action was taken. The case, first reported by The Guardian, related to Tyler''s use of Sainsbury''s employees and suppliers to help with the development and installation of an underfloor heating system at his barn conversion in East Sussex, southern England. "This is a historical issue dating back to 2013. The chairman volunteered the information and the board conducted a thorough investigation in line with company policy, as they would with any other colleague in the same circumstances," Sainsbury''s said in a statement. "As a result of the investigation, the chairman was given a warning but the board concluded that his failure to comply with company policy was unintentional, that he did not act dishonestly and made no financial gain." Tyler is also chairman of property firm Hammerson and was finance director of GUS when it owned Argos and Burberry. Last year Sainsbury''s purchased Argos owner Home Retail in a 1.1 billion pounds ($1.37 billion) deal. ($1 = 0.8030 pounds) (Reporting by James Davey, editing by Louise Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sainsbury-management-idUSL5N1FD1G1'|'2017-01-23T15:22:00.000+02:00'
'8de72095565bbfdd97d8e554fc184c73629ecf9b'|'Swiss Re receives branch license to sell reinsurance in India'|' 22am EST Swiss Re receives branch license to sell reinsurance in India ZURICH Jan 23 Swiss Re has obtained regulatory approval to open a branch in India, the world''s second largest reinsurer said on Monday, part of the Swiss company''s growth aspirations in the world''s second most populous country. The branch, which opens operations on Feb. 1 in Mumbai, has been licensed to sell non-life, life and health reinsurance solutions directly to clients and brokers in India, the Swiss reinsurer said. "This is a significant milestone for us," Swiss Re''s head of reinsurance in Asia, Jayne Plunkett, said in a statement. "Our new India branch, together with Swiss Re Global Business Solutions centered in Bangalore, represent our commitment and investment in India''s long term future, and our ambition to be part of this dynamic high growth market." (Reporting by Brenna Hughes Neghaiwi) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/swiss-re-india-idUSFWN1FD09C'|'2017-01-23T16:22:00.000+02:00'
'844d79303ea04230a65a7281a49115c44e899a6a'|'UPDATE 1-Australia to boost protection of critical infrastructure'|' 26pm EST UPDATE 1-Australia to boost protection of critical infrastructure (Recasts, updates with additional context) SYDNEY Jan 23 The Australian government is drawing up a list of key infrastructure assets, including power grids and ports and has set up a new body that will scrutinise foreign-led bids to see if there are national security issues, it said on Monday. The newly established Critical Infrastructure Centre will conduct risk assessments, advise on transactions and help prevent sabotage, espionage and coercion, the government said in a statement. Its creation follows a series of controversial foreign investment rulings that prompted the Chinese government to label Australia "protectionist". The Foreign Investment Review Board is currently considering whether to approve the $5.5 billion acquisition of DUET Group by a consortium led by Hong Kong''s Cheung Kong Infrastructure Holdings (CKI). DUET''s assets include the Dampier-to-Bunbury gas pipeline in Western Australia, which provides fuel for half of the power generation in the country''s biggest export state. Australia last year rejected separate bids by CKI and China''s State Grid Corp to buy all of Ausgrid, the biggest power grid in the nation''s most populous state, New South Wales, on national security grounds. The government has since imposed foreign investment restrictions on the sales process for a smaller power grid, Endeavour Energy. (Reporting by Jamie Freed; Editing by Michael Perry and Edwina Gibbs)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/australia-ma-protectionism-idUSL4N1FD020'|'2017-01-23T08:26:00.000+02:00'
'30db05f46f15e7f734e12ca15cca7ebe1fc812c0'|'London Metal Exchange chief resigns - HKEX statement'|'Business   5:56am GMT London Metal Exchange chief resigns - HKEX statement London Metal Exchange (LME) Chief Executive Garry Jones speaks during LME Week Asia in Hong Kong, China June 14, 2016. REUTERS/Bobby Yip HONG KONG London Metal Exchange (LME) Chief Executive Garry Jones is stepping down just over three years after being appointed to run the world''s largest and oldest metals market, parent company Hong Kong Exchanges and Clearing Ltd (HKEX) said on Monday. Jones is retiring from all his positions within the HKEX Group, including his positions at the LME and LME Clear, with immediate effect. He will be replaced in the interim by Matthew Chamberlain, the LME''s 34-year-old chief operating officer, until a permanent replacement is found, the bourse said in a stock exchange filing. Andrew Dodsworth, the LME’s head of market operations, has been appointed interim COO. Jones will serve as an advisor to the LME until the end of the year, the bourse said. HKEX appointed Jones, a well-known industry veteran, CEO of the LME in August 2013, selecting the former top executive at the NYSE Liffe to help drive its expansion into commodities and beyond. Jones, with 30 years of experience in exchanges and financial services, but limited experience in metals, inherited a difficult role at a time when the LME was caught in a controversy over warehousing metals and its impact on consumers. The former NYSE Liffe executive also courted controversy during his tenure after the LME moved a year ago to hike fees by an average of 31 percent, angering the bourse''s members. (Reporting by Michelle Price; additional reporting by Josephine Mason in Beijing; Editing by Stephen Coates) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lme-ceo-idUKKBN1570IR'|'2017-01-23T12:56:00.000+02:00'
'555082a5e7cded40e2a1c9f3be1142944eb2213e'|'BRIEF-SHANGHAI NEW HUANG PU REAL ESTATE sees FY 2016 net profit outlook down 55 pct'|' 18pm EST BRIEF-SHANGHAI NEW HUANG PU REAL ESTATE sees FY 2016 net profit outlook down 55 pct Jan 23 SHANGHAI NEW HUANG PU REAL ESTATE CO.,LTD. : * Sees net profit for FY 2016 to decrease by 55 percent * Says the net profit of FY 2015 was 226.7 million yuan * Comments that decreased investment income is main reason for the forecast Source text in Chinese: goo.gl/lqEEZO   (Beijing Headline News)  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FD1Y3'|'2017-01-23T11:18:00.000+02:00'
'4ad506a38f287722a4bb2480ab638c7e963be159'|'BRIEF-Qatar''s Ahli Bank FY net profit falls'|' 17pm EST BRIEF-Qatar''s Ahli Bank FY net profit falls Jan 23 Ahli Bank : * FY net profit 631.7 million riyals versus 647.7 million riyals year ago * Board resommends annual distribution of cash dividend of 10 pct, gratuitous shares 5 pct from capital shares of bank Source: ( bit.ly/2jH2imZ )   (Bengaluru Newsroom; +1 646 223 8780)  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FD1XT'|'2017-01-23T11:17:00.000+02:00'
'd413dc65a8a01d8063b9f7a55326245f15c35af4'|'UPDATE 1-HSH Nordbank invites indicative bids from potential buyers'|'(Adds NordLB to take a look at HSH)FRANKFURT Jan 23 Shipping finance provider HSH Nordbank has launched its planned sale, inviting expressions of interest from potential buyers, the bank organising the process said on Monday.HSH''s owners - the German states of Schleswig-Holstein and Hamburg jointly hold 85 percent - have to privatise the bank under European state-aid rules by the end of February 2018, and have hired Citigroup to organise the process.Fellow state-backed regional bank NordLB is planning to make an indicative offer and to take a look at HSH''s books, two people close to the matter said, adding the Hanover-based lender was unlikely to bid for all of HSH''s assets.NordLB, which like HSH is weighed down by its large exposure to the struggling shipping sector, has said it wants to reduce its ship loan portfolio to 12-14 billion euros ($13-15 billion) from a current 17 billion by 2019.HSH Nordbank and NordLB declined to comment.In late 2016, HSH managers also held meetings on the planned privatisation with Chinese banks such as Bank of China , as well as buyout firms including Apollo and Lone Star.First-round bids are due by the end of March, Citi said on Monday, with the sellers'' clear preference being for a sale of all of HSH in one go.HSH, which had total assets of 73 billion euros as of September and made a pretax of 183 million euros in the first nine months of 2016, sought backing from its owners after risky assets turned sour in 2008.It got hit further by the slump in global trade after the financial crisis and the core bank currently has 7 billion euros in ship loans on its books.The European Commission, HSH and its owners negotiated for years over a plan to restore HSH to health and avoid future state aid.($1 = 0.9302 euros) (Reporting by Andreas Kröner and Maria Sheahan; Writing by Arno Schuetze; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hsh-nordbank-sale-idINL5N1FD3SS'|'2017-01-23T12:08:00.000+02:00'
'b1226409641361faaff0d67a00fccbc3bb8f76a7'|'UPDATE 1-South Africa''s rand, stocks lifted by commodity prices'|'Financials   11:12am EST UPDATE 1-South Africa''s rand, stocks lifted by commodity prices * Rand in favour as cenbank keeping rates steady * Precious metal producers rally. * Anglo American Platinum leads blue-chips (Adds latest prices, analyst comments) JOHANNESBURG, Jan 23 South Africa''s rand and stocks rallied on Monday as emerging markets were helped by buoyant commodity prices and as uncertainty over U.S. President Donald Trump''s fiscal policies hit the dollar. By 1540 GMT the rand had gained 0.74 percent to 13.49 per dollar, dipping below the 13.50 technical resistance mark that could trigger further gains. The unit is up more than 1.5 percent in January on the back of improved global demand for gold and platinum, which South Africa exports, as well as bets that the Reserve Bank (SARB) will avoid cutting its benchmark lending rate in 2017. All 27 economists survey by Reuters last week expect the SARB to leave rates at 7 percent at Tuesday''s policy meeting, keeping returns at levels that remain attractive to investors in search of high yields despite poor growth prospects. On the bourse, precious metal producers led the way as benchmark JSE Top-40 index rose 1 percent to 46,237 points, while the broader All-share index also climbed 1 percent to 53,040. Gold and platinum group metals miners rallied as both bullion and palladium touched 2-month highs. A weaker dollar makes precious metals cheaper for holders of other currencies. Anglo American Platinum was the biggest gainer among the blue-chips, advancing 9.3 percent to 338.75 rand. Shares in Sibanye Gold, a bullion producer with a growing portfolio of platinum assets, rose 6.4 percent to 29.29 rand. MTN, which counts Nigeria as its biggest market, gained after Nigeria''s communications minister told Reuters in the government must not scare the telecommunications firm away. Shares in MTN rose 1.3 percent to 127.11 rand. Trading was below par, with 185 million shares changing hands, compared to the last year''s daily average of 296 million, according to preliminary bourse data. Bonds weakened, with the benchmark government issue due in 2026 adding 4 basis points to 8.77 percent. (Reporting by Mfuneko Toyana and TJ Strydom; Editing by Joe Brock) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/safrica-markets-idUSL5N1FD41E'|'2017-01-23T23:12:00.000+02:00'
'511fff1251f637b828a1752dc3dcc6c9176228f1'|'Oil edges up after producer meeting, but high U.S. output weighs'|'  2:01am GMT Oil edges up after producer meeting, but high U.S. output weighs A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver By Henning Gloystein - SINGAPORE SINGAPORE Oil prices edged up on Monday, supported by statements from oil producers over the weekend that an output cut was being successfully implemented, but markets were held back by a surge in drilling that suggested U.S. production would rise further. Brent crude futures, the international benchmark for oil prices, were trading at $55.57 per barrel at 0016 GMT, up 8 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 8 cents at $53.30 a barrel. "Oil rallied strongly as oil producers met to discuss the adherence to the production cut agreement. Saudi Arabian Energy Minister Khalid al-Falih said that producers have cut 1.5 million barrel per day so far in 2017," ANZ bank said on Monday. "Prices reversed these gains after data showed another pickup in drilling activity," it added. U.S. energy companies last week added the most rigs drilling for new production in almost four years. Drillers added 29 rigs in the week to Jan. 20, bringing the total count up to 551, the most since November 2015, energy services firm Baker Hughes said on Friday. U.S. oil production levels have risen over 6 percent since mid-2016, and although they remain 7 percent below their historic 2015 peak, they are back to levels of late 2014, when high U.S. crude output contributed to a crash in oil prices. (This version of the story corrects last paragraph to show U.S. oil production has risen 6 percent since mid-2016, not mid-2017) (Reporting by Henning Gloystein; Editing by Joseph Radford)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN15701O'|'2017-01-23T09:01:00.000+02:00'
'64eee9e43b7c1cf9abccbca8c0bb951523b41c51'|'Republic of France announces maturity for debut euro Green OAT'|' 29am EST Republic of France announces maturity for debut euro Green OAT By Alice Gledhill LONDON, Jan 23 (IFR) - The Republic of France has announced that its debut euro-denominated Green OAT will be a long 20-year maturity, according to a lead. France mandated Barclays, BNP Paribas, Credit Agricole, Morgan Stanley, Natixis and Societe Generale as joint lead managers earlier this month. The final maturity for the benchmark deal, rated Aa2/AA/AA, is 25 June 2039. The transaction will be launched by syndication in the near future, subject to market conditions. (Reporting by Alice Gledhill; Editing by Natalie Harrison) Next In Financials Fitch Rates Autonomous Community of Asturias''s Bonds ''BBB'' (The following statement was released by the rating agency) BARCELONA, January 23 (Fitch) Fitch Ratings has assigned the Autonomous Community of Asturias''s (Asturias; BBB/Stable/F2) senior unsecured debt a long-term local currency rating of ''BBB''. The rating also applies to the region''s following bonds: - EUR19.2m 0.654% fixed-rate, with bullet repayment and five-year maturity - EUR20m 0.654% fixed-rate, with bullet repayment and five-year maturity - EUR102m 0.862% fixed-rate, with periodic r'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/france-bonds-idUSL5N1FD26B'|'2017-01-23T17:29:00.000+02:00'
'5b4bf3cdee4970e7b58d5433087fe790c461099c'|'China''s "Hedge Fund Brother No.1" sentenced to 5-1/2 years in prison - court'|'Business  01am GMT China''s "Hedge Fund Brother No.1" sentenced to 5-1/2 years in prison - court SHANGHAI Xu Xiang, the Chinese hedge fund manager detained in the wake of the country''s stock market crash in 2015, was sentenced on Monday to 5-1/2 years imprisonment for market manipulation. Xu, general manager of Shanghai-based Zexi Investment, who earned nicknames like "Hedge Fund Brother No.1" and "China''s Carl Icahn" in local media, was detained in November 2015. Between 2010 and 2015, Xu colluded with 13 listed companies in driving up their share prices, using non-public information, and made huge profit from such illegal activities, Qingdao Intermediate People''s Court, in the eastern province of Shandong, said in a statement on its official microblog. Xu, and two other accomplices, pleaded guilty to manipulating the market, according to the statement. China''s stock market tumbled over 40 percent in the summer of 2015, sending shockwaves across global financial markets. Chinese authorities blamed market manipulation and "malicious" trading in stock futures for stoking share volatility, and launched investigations that netted journalists, senior brokerage executives, foreign and local hedge fund managers and even securities regulators. The Chinese financial news website Caixin said at the time of his arrest that the low-profile Xu had been respected "as a legendary punter with a knack for successfully timing investment moves according to volatile stock market swings". It said his funds had scored annual yields of 160 to 323 percent as of October 2015. (Reporting by Samuel Shen and John Ruwitch; Editing by Simon Cameron-Moore) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-stocks-manipulation-arrest-idUKKBN1570DY'|'2017-01-23T11:01:00.000+02:00'
'36e41c56b02fcddc823a381b82d9b2495bb5cffd'|'Yahoo revenue rises 15.4 pct amid Verizon deal uncertainty'|'Company News  22pm EST Yahoo revenue rises 15.4 pct amid Verizon deal uncertainty Jan 23 Yahoo Inc reported a 15.4 percent rise in quarterly revenue on Monday, ahead of a proposed sale of its core internet business to Verizon Communications Inc . The fate of the deal was thrown into doubt after Yahoo disclosed two major data breaches last year. The company said on Monday that it was continuing to work with Verizon on the sale, and added that the deal was now expected to close in the second quarter. The deal was earlier expected to close in the first quarter. The internet pioneer said in December it had uncovered a massive cyber attack in 2013 affecting more than 1 billion user accounts, double the number compromised in a 2014 breach that Yahoo disclosed in September. Verizon executives have said they see a strong strategic fit with Yahoo and will review the impact of the data breaches, but sources have told Reuters that the deal terms could be renegotiated. Yahoo''s revenue rose to $1.47 billion in the fourth quarter ended Dec. 31 from $1.27 billion a year earlier. After deducting fees paid to partner websites, revenue fell to $960.1 million from $1 billion. Net income attributable to Yahoo was $162 million, or 17 cents per share, compared with a loss of $4.43 billion, or $4.70 per share, a year earlier. The year-ago quarter included a $4.46 billion write-down to account for the lower value of some units. The company said last week it would not hold a conference call or webcast after the release of the results, citing the pending deal. This is the second straight quarter that Yahoo is not holding a post-earnings call. (Reporting by Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/yahoo-results-idUSL4N1FD5BM'|'2017-01-24T04:22:00.000+02:00'
'15af0f03c5c387a7cf66ff2f02c47acd1ca88bc1'|'MOVES- Aon Hewitt, Robeco, Credit Suisse'|'Market News   3:58pm EST MOVES- Aon Hewitt, Robeco, Credit Suisse Jan 23 The following financial services industry appointments were announced on Monday. To inform us of other job changes, email moves@thomsonreuters.com. AON HEWITT The unit of Aon Plc has appointed William Parry as a senior consultant to the retirement and investment practice in its fiduciary management unit. ROBECO NV Dutch money manager appointed Graham Elliot as head of Asia Pacific and Middle East distribution. CREDIT SUISSE GROUP AG Matthew Masso has been tapped by the Swiss bank to head the commercial real estate finance group, replacing former chief Mark Brown, a person familiar with the matter told IFR. (Compiled by Sruthi Shankar in Bengaluru) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/financial-moves-idUSL4N1FD52L'|'2017-01-24T03:58:00.000+02:00'
'c73fc7d0868098f415c4ff9fd5cd63f0025ca602'|'Generali shares fly on report of possible Intesa offer'|'  8:42am GMT Generali shares fly on report of possible Intesa offer Assicurazioni Generali logo is seen in Florence, Italy March 1, 2016. REUTERS/Tony Gentile/File Photo MILAN Shares in Italy''s biggest insurer, Assicurazioni Generali ( GASI.MI ), soared 11 percent on Tuesday on speculation that banking major Intesa Sanpaolo ( ISP.MI ) could mount a bid. Generali had announced on Monday that it had acquired a 3 percent stake in Intesa Sanpaolo, a move widely seen as a defensive measure against a hostile bid. Under an Italian law on cross-shareholdings, Generali''s move effectively discourages Intesa Sanpaolo from doing anything but making a full offer. Italy''s La Stampa daily said at the weekend that Intesa could seek to build a large stake in Generali, possibly as part of a broader deal with German insurer Allianz ( ALVG.DE ). La Repubblica newspaper reported on Tuesday that Intesa was considering a share-based offer for Generali and could make a move in coming days. Intesa declined to comment. Intesa shares fell more than 3 percent in early trade on Tuesday. (Reporting by Valentina Za; Writing by Agnieszka Flak; Editing by Mark Bendeich)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-generali-m-a-intesa-sp-idUKKBN1580T2'|'2017-01-24T15:42:00.000+02:00'
'241006cc7e12a0d64c63bff66742fcefdbcfd0cd'|'UPDATE 1-Iraq announces sale of $1 bln in bonds guaranteed by U.S.'|'(Adds yield on outstanding debt, country rating, context)BAGHDAD Jan 22 Iraq announced the sale of $1 billion in bonds guaranteed by the United States, paying an interest of 2.1 percent, far below the 9 percent yield on the country''s non-guaranteed debt.The U.S.-guaranteed five-year bonds were issued on Wednesday, the finance ministry said in a statement on Sunday.The Iraqi government, which relies almost exclusively on oil income, has struggled to pay its bills since crude prices dropped in 2014, the same year that Islamic State militants seized a third of the country''s territory.The Iraqi government in November said it plans to issue $2 billion worth of bonds on international markets to help narrow its budget deficit in 2017.The bonds will be sold in two equal tranches of one billion dollars each, one of them with a U.S. guarantee that would reduce its cost of borrowing, it said.Iraq has a speculative rating of B/B- from both S&P and Fitch. It has a $2.7 billion in international bonds due in 2028 with a coupon of 5.8 percent, currently yielding about 9 percent IQ024029557=. (Reporting by Maher Chmaytelli; Editing by Mark Potter and Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/iraq-bonds-idINL5N1FC0EX'|'2017-01-22T08:59:00.000+02:00'
'e8c64cdfe2224424c7823d9c9a90981c14da27ac'|'Foxconn CEO says investment for display plant in U.S. would exceed $7 billion'|'By J.R. Wu - TAIPEI TAIPEI Foxconn, the world''s largest contract electronics maker, is considering setting up a display-making plant in the United States in an investment that would exceed $7 billion, company chairman and chief executive Terry Gou said on Sunday.The plans come after U.S. President Donald Trump pledged to put "America First" in his inauguration speech on Friday, prompting Gou to warn about the rise of protectionism and a trend for politics to underpin economic development.Foxconn''s proposal to build a display plant, which would be planned with its Sharp Corp ( 6753.T ) unit, depend on many factors, such as investment conditions, that would have to be negotiated at the U.S. state and federal levels, Gou told reporters on the sidelines of a company event.Gou said that Foxconn, formally known as Hon Hai Precision Industry Co ( 2317.TW ), had been considering such a move for years but the issue came up when Foxconn business partner Masayoshi Son, head of Japan''s SoftBank Group Corp ( 9984.T ), talked to Gou before a December meeting Son had with Trump.As a result of the meeting, Son pledged a $50 billion of investment in the United States and inadvertently disclosed information showing Foxconn''s logo and an unspecified additional $7 billion investment. At the time, Foxconn issued a brief statement saying it was in preliminary discussions to expand its U.S. operations, without elaborating."Son is a good friend," Gou said, adding that Son had asked for his views about investing in the United States.Gou said he told Son that the United States has no panel-making industry but it is the second-largest market for televisions. An investment for a display plant would exceed $7 billion and could create about 30,000-50,000 jobs, Gou told Son."I thought it was a private conversation, but then the next morning it was exposed," Gou said. "There is such a plan, but it is not a promise. It is a wish."Foxconn has existing cooperation and operations in Pennsylvania, which is a state Foxconn would prioritize, depending on land, water, power, infrastructure and other investment conditions, he said.Gou added that Foxconn would also remain active in China, dispelling talk that Beijing may be pressuring Foxconn about its investments.Taiwan''s tech-dominated manufacturers have been nervous about potential U.S. trade policies because Trump has threatened to raise tariffs on imports from some countries, notably China.Foxconn is one of the biggest employers in China, where it operates factories that churn out most of Apple Inc''s ( AAPL.O ) iPhones.(Editing by Mark Potter and David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-taiwan-foxconn-idINKBN1560JP'|'2017-01-22T10:46:00.000+02:00'
'ede8dc50035c43b4e6d8996b7af0d101acef8c18'|'Hudson Valley loan hits bond deal with huge loss'|'Bonds News  49pm EST Hudson Valley loan hits bond deal with huge loss By Joy Wiltermuth NEW YORK, Jan 19 (IFR) - A struggling Hudson Valley Mall about 100 miles from New York City suffered a roughly 86% loss on its debt this week and inflicted the biggest hit yet on a commercial mortgage bond created since the financial crisis. This week, three classes of the CMBS 2.0 bond from Cantor Commercial Real Estate were fully written down, and a US$7.2m hit was taken on the E class, which was originally Triple B-minus rated, according to a Wells Fargo report. Just one other US CMBS deal created since the crash has had losses reach into notes originally rated Triple B minus, according to bond analytics firm Trepp LLC. CMBS came with a 2.0 tag after the financial crisis to signal their rebirth as more pristine products compared to those sold before the 2008-2009 mortgage melt-down. Losses suffered in the Hudson Valley deal are thus surprising though many in the market expect more such results. "This welcomes in the first substantial loss in CMBS 2.0 and we anticipate more losses in 2.0 loans as they reach their five to seven year anniversaries," said Edward Shugrue, CEO at Talmage, a New York based CMBS investor and special servicer. The Hudson Valley loan was bundled with other mortgages into a US$634.5m commercial mortgage bond securitization called CFCRE 2011-C1. The near 90% loss comes six years after Cantor lent US$52.5m on the mall, which was then valued at US$86.9m. But in January, Georgia-based Hull Property Group purchased the mall for just US$8.1m, the company told IFR. That sale price was far lower than what loan servicer LNR Partners had telegraphed as likely before the loan was liquidated. LNR had reduced the mall''s value by just US$12.2m in its servicing reports, according to Trepp. An LNR affiliate was also the original buyer of the bond deal''s B-piece securities, according to deal documents viewed by IFR. The B-piece securities were fully written down this week. It is unclear how much of those notes LNR still owned when the losses rolled in. A spokesperson for the company declined to comment. MORE PAIN The fate of the Hudson Valley loan could be a harbinger of more pain for bonds backed by retail properties, said analysts. Of the US$203.3bn total of CMBS issued post-crisis, some US$56.4bn is backed by anchored retail properties, according to Trepp. JC Penny shuttered its store at the Hudson Valley Mall about two years ago and Macy''s followed suit in 2016. That left the property with large dark swaths of retail and 33% vacant overall as of December, according to a Kroll Bond Rating Agency report. "When these malls fail, they go down hard," Kroll analyst Steve Kuritz told IFR. Kroll, which did not rate the deal but conducts ongoing surveillance of bonds in the sector, last April flagged the property for a possible 82% loss. Their analysis noted not only the store closures, but also low, recent distressed sale prices of nearby malls. The three rating agencies on the trade have already downgraded portions of the deal, with its Triple B minus class rated below junk. "CMBS is underwritten on a spot basis, not the future," Shugrue said. "This is the job of bondbuyers. As always, caveat emptor." (Reporting by Joy Wiltermuth; Editing by Shankar Ramakrishnan) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-corpbonds-cmbs-idUSL5N1F95M5'|'2017-01-20T05:49:00.000+02:00'
'240acc2eb03bc5333749778adcd6faa8727291dd'|'Foxconn CEO says investment for display plant in U.S. would exceed $7 billion'|'Technology News   1:46pm GMT Foxconn CEO says investment for display plant in U.S. would exceed $7 billion FILE PHOTO Terry Gou, founder and chairman of Taiwan''s Foxconn Technology, is shown on a screen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China November 17, 2016. REUTERS/Aly Song/File Photo By J.R. Wu - TAIPEI TAIPEI Foxconn, the world''s largest contract electronics maker, is considering setting up a display-making plant in the United States in an investment that would exceed $7 billion, company chairman and chief executive Terry Gou said on Sunday. The plans come after U.S. President Donald Trump pledged to put "America First" in his inauguration speech on Friday, prompting Gou to warn about the rise of protectionism and a trend for politics to underpin economic development. Foxconn''s proposal to build a display plant, which would be planned with its Sharp Corp ( 6753.T ) unit, depend on many factors, such as investment conditions, that would have to be negotiated at the U.S. state and federal levels, Gou told reporters on the sidelines of a company event. Gou said that Foxconn, formally known as Hon Hai Precision Industry Co ( 2317.TW ), had been considering such a move for years but the issue came up when Foxconn business partner Masayoshi Son, head of Japan''s SoftBank Group Corp ( 9984.T ), talked to Gou before a December meeting Son had with Trump. As a result of the meeting, Son pledged a $50 billion of investment in the United States and inadvertently disclosed information showing Foxconn''s logo and an unspecified additional $7 billion investment. At the time, Foxconn issued a brief statement saying it was in preliminary discussions to expand its U.S. operations, without elaborating. "Son is a good friend," Gou said, adding that Son had asked for his views about investing in the United States. Gou said he told Son that the United States has no panel-making industry but it is the second-largest market for televisions. An investment for a display plant would exceed $7 billion and could create about 30,000-50,000 jobs, Gou told Son. "I thought it was a private conversation, but then the next morning it was exposed," Gou said. "There is such a plan, but it is not a promise. It is a wish." Foxconn has existing cooperation and operations in Pennsylvania, which is a state Foxconn would prioritize, depending on land, water, power, infrastructure and other investment conditions, he said. Gou added that Foxconn would also remain active in China, dispelling talk that Beijing may be pressuring Foxconn about its investments. Taiwan''s tech-dominated manufacturers have been nervous about potential U.S. trade policies because Trump has threatened to raise tariffs on imports from some countries, notably China. Foxconn is one of the biggest employers in China, where it operates factories that churn out most of Apple Inc''s ( AAPL.O ) iPhones. (Editing by Mark Potter and David Goodman) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-taiwan-foxconn-idUKKBN1560JP'|'2017-01-22T20:42:00.000+02:00'
'87f55c127ca1c96403ca78d3cdb9f213014166b4'|'UK high street retailers race to keep up with online demand'|'  9:08am GMT UK high street retailers race to keep up with online demand left right A Marks & Spencer logo is seen in front of one of their food stores in Paris, France, November 8, 2016. REUTERS/Christian Hartmann 1/2 Online clothing retail delivery in the UK 2/2 By Kate Holton - LONDON LONDON British fashion retailers will switch their spending firepower to technology from the high street in 2017 after online shopping became the key driver of sales growth over the all-important festive period. Marks & Spencer ( MKS.L ) is investing in apps, its website and logistics, while spending 350 million pounds over five years to close 10 percent of clothing and home space. Department store John Lewis said it was cutting staff bonuses in part to enable it to invest in its online operations after 40 percent of its Christmas sales came from the web. And Next ( NXT.L ), which failed to keep up with rivals for a second Christmas in a row, will spend 10 million pounds to improve its online operations and marketing. "They will have to invest in infrastructure and it will weigh on margins, but if you get it right you have a profitable online business," said one large institutional investor in UK retail who asked not to be named due to company policy. "And you can engage on multiple platforms." The renewed drive in technology comes as British web-only players ASOS ( ASOS.L ) and Boohoo ( BOOH.L ) continue to race ahead, helping Britons to embrace online shopping more quickly than their European cousins. And the pressure is relentless. ASOS, with nearly 5 million active users in the UK, said it would increase its own capital expenditure to keep ahead of the pack after it posted 18 percent UK sales growth in the four months to the end of the year. Boohoo grew British sales by 31 percent in the same period. Online sales have been booming in Britain for years, with ecommerce accounting for nearly a quarter of all purchases in December, according to the British Retail Consortium. In the 52 weeks to Dec. 18, overall fashion sales fell 2 percent, according to market research firm Kantar Worldpanel, while pure online players grew 7 percent as fashion lovers snapped up goods through simple apps on their mobile. While trading updates show that traditional retailers grew their sales by selling additional goods to customers picking up online orders in store, the move online also brings new challenges such as the high number of goods that are returned. The signs of the change can be seen across the country, on small high streets where independent shops have shut - hurt by high business rates - and on the stock market where the share price of Boohoo has jumped by 500 percent in two years. Pick-up lockers at railway stations and petrol pumps mean parcels can be picked up at any time, while changing rooms in standalone sites in the centre of towns allow purchases to be tried on and instantly sent back if not wanted, making it as easy to shop online as it is to wander down a high street. The industry estimates that around 30 percent of womenswear items bought online are returned. Traditional retailers have harnessed the web by persuading customers to pick up online-ordered goods instore, forcing firms to speed up delivery logistics and increase storage space in their shops. "The role of the shop does change," said Charlie Mayfield, chairman of the employee-owned John Lewis Partnership. "We are still opening shops but we will be opening fewer going forward and we will be investing more in changing existing shops so they can fulfil that different role more." THINKING DIGITAL The 133-year-old Marks & Spencer, which has struggled for years to grow its clothing business, beat forecasts for Christmas trading as investment in its app for iPad and mobile devices helped boost online sales. More than 60 percent of all goods sold online were picked up in store - known as click and collect. Seeking to adapt the business to meet the new demand, its said in November it would not return additional cash to shareholders in the second half. Debenhams, Britain''s No. 2 department store chain, also beat forecasts as those customers shopping online and in-store spent about two and a half times more than a shopper in one place. The group, which appointed Sergio Bucher as CEO in October, is set to unveil its plans for the future in April and analysts at Liberum have said that could entail higher spending. And Britain''s biggest department store John Lewis, one of the leading retailers online over the last 15 years, said it would speed up its internet strategy after 40 percent of its Christmas sales came from the web, up from 36 percent last year. "You might have expected to see a slowdown in the rate of growth but it has basically continued on the same trajectory," Mayfield said. "And we''ve got very good data which shows the relationship between shops and online sales is strong." But the cost to transform the business is clear, with operating profit down 31 percent in the six months to end July. John Lewis said trading profit would come under pressure this year and the need to invest, plus the weaker pound, meant staff bonuses would be "significantly" lower. Thomson Reuters data shows that 2017 full-year pretax profit at M&S and Debenhams is also expected to fall around 18 and 12 percent respectively. Despite the high costs, the experience of retailer Next ( NXT.L ) shows that the big names have little choice but to follow their online peers if they want to remain competitive. Next will invest to improve its website and online marketing in a recognition that it may have fallen behind the standard of some competitors, where sites carry more content including video and numerous photographs to show how an item would look. "If it''s not convenient and the check out process is not good or you don''t portray the product in the right way, then people will just open up another app and order somewhere else," the institutional investor said. "It''s as simple as that these days." ($1 = 0.8113 pounds) (Additional reporting by Paul Sandle, Sarah Young and James Davey; editing by Anna Willard)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-retail-online-idUKKBN1560BW'|'2017-01-22T16:08:00.000+02:00'
'0c0e51f2029e0b207d7596be42618a9a402c1f53'|'Wall St Week Ahead-Optimism among S&P 500 CEOs as Trump takes power'|'(Repeats story first published on Friday with no changes to text)By Noel RandewichSAN FRANCISCO Jan 20 U.S. President Donald Trump''s administration is only hours old, but already a small parade of S&P 500 companies'' chiefs have voiced optimism that his promised tax cuts, stimulus spending and deregulation will boost corporate profits.In the days ahead of Friday''s inauguration, senior executives from Morgan Stanley, Delta Air Lines and other major U.S. corporations said the Trump White House has already sparked a brighter outlook for business."There is certainly more reason to be optimistic as we enter 2017 than there was at the beginning of 2016," Morgan Stanley CEO James Gorman said on Tuesday after his bank said profit doubled in the fourth quarter. He pointed to factors including a surge in consumer confidence after the Nov. 8 election and lower taxes promised by Trump.Just under way, fourth-quarter earnings reporting season is providing a glimpse of what major large companies expect under Trump, and their take is largely positive so far.Over a dozen S&P 500 companies reporting results in the last week have signaled optimism about potential tax cuts, infrastructure spending, employee benefit costs and reduced regulation.With corporate earnings already on the mend after a slump in oil prices and a strong dollar last year, S&P 500 companies are expected on average to grow their earnings by 6.3 percent in the December quarter and 13.6 percent in the March quarter, according to Thomson Reuters I/B/E/S.Since the November election, the S&P 500 has rallied 6 percent to record highs, in part due to expectations Trump will pass policies that stimulate the economy. Banks have led gains, with investors betting Trump will roll back regulations passed by President Barack Obama following the 2008 financial crisis, which many investors say went too far.After United Continental Holdings on Tuesday posted lower December-quarter profits, airline President Scott Kirby told analysts on a call, "It feels like we are on a really good path. It felt to me like there was an inflection point after the election for business demand."An also upbeat Delta Air Lines Chief Executive Ed Bastian told analysts this month that he was excited about potential infrastructure spending promised by Trump, as well as a chance to make his case about unfair competition from Middle Eastern airlines heavily subsidized by governments.Vince Delie, Chief Executive of F.N.B., which own First National Bank, said on a quarterly conference call on Thursday that he was saw more confidence among commercial customers and a potential pickup in lending."There are at least conversations occurring about larger capex opportunities within our customer base, which didn''t happen before," Delie said.Not everyone is over the moon, however. Kansas City Southern''s CEO bemoaned an uncertain environment on Friday after the cross-border railroad reported lower quarterly profits, hurt by a slump in Mexico''s peso since Trump''s election."Obviously the political and economic uncertainty is probably first and foremost on most of our minds, and the irony of us reporting earnings on the Inauguration Day of the 45th President is not entirely lost on us," Chief Executive Patrick Ottensmeyer told analysts.Indeed, some business leaders and lobbyists in Washington who were initially enthusiastic about Trump''s victory have begun to exhibit some hesitance over his agenda amid confusing messages on healthcare, taxes and trade.SURGING CONFIDENCEStill, while Trump''s views on immigration and a range of other issues are at odd with many Americans, most small businesses and consumers do see a brighter future as he launches his presidency.An index of small business confidence in December hit a 12-year high, according to the National Federation of Independent Business.The U.S. consumer confidence index in December hit its highest level since August 2001, a month before the Sept. 11 attacks.Following strong stock gains in November and December, many on Wall Street are concerned that Trump may fail to deliver on all of his promises. A Republican-controlled Congress might balk at infrastructure spending or tax reductions that significantly widen the federal budget deficit.Other investors worry that Trump could follow through on campaign-trail threats to tear up global trade deals and crack down on illegal immigrants from Mexico who provide low-wage labor in agriculture, restaurants and other industries."Folks are potentially underestimating the degree to which Trump is serious about real reform on trade an immigration," warned Jon Adams, senior investment strategist at BMO Global Asset Management. "Investors, in general, are hopeful Trump will take a more pragmatic approach on those issues."Over the past two months, Trump has publicly targeted and threatened a range of multinationals, including Ford Motor , General Motors, Boeing Co and Lockheed Martin. That may have left CEOs wary of publicly disagreeing with his policies."You don''t want to step on a mine. So the best course of action is to be somewhat optimistic, positive but also somewhat noncommittal so you''re not trapped one way or another," said Robert Pavlik, chief market strategist at Boston Private Wealth in New York.Trump''s frequent use of Twitter to single out companies for criticism or praise has created volatile spikes in trading of their shares, which is good for online brokers including Charles Schwab and TD Ameritrade."Each time, it''s a new market event and a potential trading opportunity for our clients. Like everyone else, we''re watching it with interest," TD Ameritrade Director of Finance Jeff Goeser said on a conference call on Wednesday after the company reported an increase in quarterly profits.(Reporting by Noel Randewich, additional reporting by Caroline Valetkevitch in New York; editing by Dan Burns and Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-weekahead-repeat-scheduled-co-idINL1N1FA1XP'|'2017-01-22T15:00:00.000+02:00'
'a18c954f3929962dde50621989a4431af8d04638'|'OPEC, non-OPEC producers meet to discuss compliance with oil cut deal'|'By Rania El Gamal and Vladimir Soldatkin - VIENNA VIENNA A committee of OPEC and non-OPEC countries responsible for monitoring compliance with a global agreement to reduce oil output is set to meet for the first time in Vienna on Sunday.The committee is expected to discuss how to best monitor compliance with the deal reached late last year as well as what level of compliance would be acceptable, Kuwaiti oil minister Essam Al-Marzouq said in Vienna on Saturday.Kuwait chairs the five-member committee which also includes Algeria, Venezuela, Russia and Oman.Asked about compliance with the deal so far, Saudi energy minister Khalid al-Falih said it had been "very good".Russian Energy Minister Alexander Novak on Sunday also said he was satisfied with the level of compliance shown.The Organization of the Petroleum Exporting Countries and non-OPEC producers on Dec. 10 reached their first deal since 2001 to curtail oil output jointly by nearly 1.8 million barrels per day (bpd) and ease a global glut after more than two years of low prices.Russia has cut its oil output by around 100,000 bpd, Novak told Russia''s TASS news agency.Falih said last week that 1.5 million bpd in crude production had already been taken out of the market.(Writing by Ahmad Ghaddar in London; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/opec-meeting-oil-deal-idINKBN1560C9'|'2017-01-22T06:17:00.000+02:00'
'64b0ef31270ef72f474d37713ba67ec2f34f774e'|'Iraq has cut 180,000 bpd as part of OPEC oil deal - minister'|'Money News - Mon Jan 23, 2017 - 5:04pm IST Iraq has cut 180,000 bpd as part of OPEC oil deal - minister FILE PHOTO: A worker checks the valves at Al-Sheiba oil refinery in Basra, Iraq, January 26, 2016. REUTERS/Essam Al-Sudani/File Photo LONDON Iraq has reduced its oil production by around 180,000 barrels per day and plans to cut a further 30,000 bpd before the end of the month, the OPEC member''s oil minister said on Monday. The cut came from a 4.75 million bpd level, Jabar Ali al-Luaibi told reporters at an industry event at Chatham House in London. (Reporting by Ahmad Ghaddar; Editing by Dale Hudson) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/opec-meeting-iraq-idINKBN1571CP'|'2017-01-23T18:34:00.000+02:00'
'1ce66e6484d0a322b2210a694762a3f0942422b3'|'REFILE-Safe Harbor Marinas buys peer as it mulls IPO -sources'|'(Fixes attribution in headline)By Greg Roumeliotis and Lauren HirschJan 22 Safe Harbor Marinas has acquired peer Brewer Yacht Yard Group, roughly doubling its size and making itself the world''s largest owner and operator of marinas, as it considers an initial public offering, people familiar with the matter said on Sunday.The deal comes less than two years after investment firm American Infrastructure MLP Funds formed Safe Harbor. It underscores the financial appeal of marinas, which can produce strong, reliable cash flows thanks to the membership fees that they charge boat owners and sailing enthusiasts.Dallas-based Safe Harbor is also in preliminary talks with investment banks to explore the possibility of an IPO that could value the company at between $500 million and $1 billion, the people said, cautioning that no decision has been made yet as to whether the company will go public.Accounting for the deal with Brewer Yacht Yard, Safe Harbor generates 12-month revenue of around $200 million, the people added.As part of the deal with Brewer Yacht Yard, which is expected on be announced on Monday, investment firms Guggenheim Partners and Weatherford Partners have also invested in Safe Harbor, the people said. American Infrastructure Funds remains the majority owner of the company, the people added.The sources asked not to be named because the deal is not yet public.With the acquisition of Brewer Yacht Yard, Safe Harbor now owns 63 properties across 17 U.S. states. Many of its marinas offer amenities that include restaurants, playgrounds and pools.Founded in 1879 by R.G. Brewer as a chandlery and hardware store for boat owners and fishermen in Mamaroneck, New York, Brewer Yacht Yard expanded into marinas starting in the 1950s. The founder''s great-grandson, Jack Brewer, now owns a minority stake in the combined company following the deal with Safe Harbor, according to the sources.Safe Harbor President Baxter Underwood has been appointed CEO of the combined company, succeeding Marshall Funk, who has been named chief strategy officer and will still sit on the company''s board, according to the sources. (Reporting by Greg Roumeliotis and Lauren Hirsch in New York; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brewer-yacht-yard-group-ma-safe-harbor-c-idINL1N1FC1FA'|'2017-01-22T20:37:00.000+02:00'
'd28194994bc8440408371e3d7665b0adaced7e2c'|'China''s preliminary 2016 fiscal deficit $413 bln, exceeding budget target'|' 50am EST China''s preliminary 2016 fiscal deficit $413 bln, exceeding budget target BEIJING Jan 23 China''s preliminary fiscal deficit for 2016 was 2.83 trillion yuan ($413 billion) exceeding the budget target of 2.18 trillion yuan, according to a Reuters calculation based on data from the finance ministry. Fiscal expenditure in 2016 rose 6.4 percent from 2015, while revenue increased 4.5 percent, the Ministry of Finance said on Monday. China has relied on government spending to stabilise economic growth in the past year as private companies pull back, but concerns about the country''s debt load are increasing. ($1 = 6.8525 Chinese yuan) (Reporting by Beijing Monitoring Desk; Editing by Richard Borsuk) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-economy-fiscal-idUSENNH150SS'|'2017-01-23T15:50:00.000+02:00'
'55dd7dd647946ba79f8824187111718cdeef3b82'|'Takata shares lose nearly half their value in less than a week'|'Japan - Tue Jan 24, 2017 - 2:00am GMT Takata shares lose nearly half their value in less than a week A sign with the TAKATA logo is seen outside the Takata Corporation building in Auburn Hills, Michigan May 20, 2015. REUTERS/Rebecca Cook/File Photo TOKYO Takata Corp''s ( 7312.T ) shares have lost nearly half their value in less than a week, hit by a report that bidders are seeking a court-mediated turnaround for the embattled Japanese air bag maker. The stock has been hit by a glut of sell orders since the Nikkei business daily said on Thursday that Swedish air bag maker Autoliv Inc ( ALV.N ) and a group led by U.S. auto parts supplier Key Safety Systems, two bidding groups for Takata, would present proposals for a court-led restructuring. A Reuters source later confirmed the plan. The stock lost 5 percent in Tuesday morning trade and is down 48 percent since Wednesday''s close. When a stock is untraded due to a glut of orders, it closes limit down according to Tokyo stock exchange rules. (Reporting by Tim Kelly; Editing by Edwina Gibbs) Next In Japan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-takata-restructuring-stocks-idUKKBN158063'|'2017-01-24T08:57:00.000+02:00'
'cf073d312ffdc7991bba0c64695db4d7e8ec386e'|'Miner Teck eyes sharing port with Anglo American in Chile'|'VANCOUVER Jan 23 Teck Resources has held talks with fellow miner Anglo American Plc about sharing port infrastructure at their neighboring copper mines in Chile, Teck''s chief executive officer said on Monday, arguing for more industry partnerships.Sharing infrastructure between Teck''s Quebrada Blanca copper mine and Anglo''s Collahausi copper mine, both of which are weighing expansions, would help reduce costs for both companies as well as reduce their environmental footprint, Teck CEO Don Lindsay said."They are looking at expansion. We are too. We are building two ports 5 kilometers (3 miles) apart. This is ridiculous," Lindsay said, speaking at a mining conference in Vancouver."We''ve got to stop doing that as an industry," he said, adding that host countries appreciate miners working together to reduce their environmental impact.There are clusters of ore bodies all over the world owned by different companies but well suited for joint development, Lindsay said.Teck, which also mines coal and gold, formed a joint venture with fellow Vancouver-based gold producer, Goldcorp in 2015 to jointly develop their neighboring mines, Relincho and El Morro, which are also in Chile.Lindsay said he had spoken with Anglo CEO Mark Cutifani about sharing infrastructure."We''ll sort something out," he said.Last week, Goldcorp CEO David Garofalo said the world''s biggest gold miners need to forge partnerships to share the financial and other risks of developing large gold deposits. (Reporting by Nicole Mordant; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/teck-res-anglo-american-chile-idINL1N1FD23M'|'2017-01-23T19:55:00.000+02:00'
'2a06dd2fdf3090b330213fd3dfc0a25d33685236'|'HDFC Bank third-quarter profit up 15 percent, beats estimates'|'Asia  21pm IST HDFC Bank third-quarter profit up 15 percent, beats estimates FILE PHOTO - Customers read a notice pasted outside a closed HDFC bank in Kolkata, November 9, 2016. REUTERS/Rupak De Chowdhuri/File Photo MUMBAI HDFC Bank Ltd, India''s third-biggest lender by assets, on Tuesday reported a 15 percent rise in third-quarter net profit, above analyst estimates, due to higher interest and fee income. Net profit was 38.70 billion rupees ($567.91 million) for the three months to Dec. 31, compared with 33.57 billion rupees reported a year ago, said HDFC Bank, India''s most valuable bank. Analysts on average had expected a net profit of 37.88 billion rupees, according to data compiled by Thomson Reuters. Gross bad loans as a percentage of total loans were 1.05 percent in the December quarter, versus 1.02 percent in the September quarter. HDFC Bank has far lower bad loans than its bigger rivals, thanks to its stronger retail business and smaller exposure to project finance. India''s banking industry has been hit by the government''s shock cancellation in November of 86 percent of its currency in circulation, which forced many institutions to scramble to replace the high-value banknotes. The banking sector also continues to battle record sour assets with the regulator setting a March deadline for a clean up. Despite the banknote ban hitting credit demand in many sectors, HDFC Bank said its domestic advances as of end-December grew about 17.5 percent from a year earlier. That helped net interest income for the quarter grow 18 percent to 83.09 billion rupees, HDFC Bank said. Net interest margin for the quarter was 4.1 percent. Shares in HDFC Bank, which has a market capitalisation of about $47 billion, were flat after the results in a Mumbai market that was up 0.4 percent. ($1 = 68.1450 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Randy Fabi) Next In Asia'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hdfc-bank-results-idINKBN158201'|'2017-01-24T15:16:00.000+02:00'
'103d8a9627f4d76dfb837c97c888d81cd3292078'|'TREASURIES-U.S. bond yields rise as stocks regain shine'|'* Treasuries lose appeal as stocks bounce on improved outlook * U.S. Treasury sells $26 bln 2-year notes to mediocre demand * U.S. yields initially climb on Brexit ruling, euro zone data (Adds market action after U.S. 2-year auction) By Richard Leong NEW YORK, Jan 24 U.S. Treasury yields rose on Tuesday as investors snapped up equities on improved outlook on corporate profits, trimming their safe-haven demand for bonds spurred by U.S. President Donald Trump''s protectionist trade stance. The rise in bond yields, which reversed Monday''s decline, brought only a moderate bid to a $26 billion auction of two-year notes, part of this week''s $88 billion in coupon-bearing U.S. government debt supply, analysts said. "We are mostly in a holding pattern until we get more clarity on the fiscal side," said Gennadiy Goldberg, interest rate strategist at TD Securities in New York. On Tuesday, Trump urged U.S. carmaker executives to build more vehicles domestically and signed executive orders to speed up the building of the Keystone XL and Dakota oil pipelines. These moves aimed to create jobs and investments followed Trump''s actions on Monday to revamp deals with its Asian and North American trading partners which investors fear would hurt exports and raise business costs. Treasury yields initially climbed in step with their European counterparts, following a high court ruling on Britain''s decision to bolt from the European Union and encouraging data on euro zone manufacturing data. The court ruled Prime Minister Theresa May must get parliament''s approval before she begins Britain''s formal exit from the EU. It reduced the chances of a "hard Brexit" which Britain would embark on a quick divorce from the economic bloc, analysts said. Britain''s possible swift exit from the EU is seen as a drag on Europe''s and its own economy. "What this vote does is that it creates a lot of friction in the process. The likelihood of a hard Brexit outcome has diminished," said Bruno Braizinha, interest rate strategist at SG Corporate & Investment Banking in New York. The yield on benchmark 10-year Treasury notes was up 6 basis points at 2.465 percent. German 10-year Bund and British 10-year Gilt yields were up about 4 basis points. The S&P 500 and Nasdaq hit record highs. Bond yields'' early increase was also underpinned by IHS Markit''s Euro Zone Flash Composite Purchasing Managers'' Index, seen as a gauge on regional growth, only dipped from December''s five-year high of 54.4 to 54.3. The market selloff enticed yield-minded investors to buy Tuesday''s two-year note supply, but the overall demand was seen average. The ratio of bids to the two-year notes offered was 2.68, up from 2.44 at the prior auction which was the weakest since December 2008. Tuesday, Jan 24 at 1415 EST (1915 GMT): Price US T BONDS MAR7 150-19/32 -1-13/32 10YR TNotes MAR7 124-68/256 -0-140/256 Price Current Net Yield Change (pct) (bps) Three-month bills 0.5025 0.5101 -0.005 Six-month bills 0.6 0.6102 0.000 Two-year note 100-26/256 1.1965 0.049 Three-year note 99-174/256 1.4855 0.054 Five-year note 100-84/256 1.9298 0.063 Seven-year note 99-240/256 2.2597 0.069 10-year note 95-248/256 2.4652 0.064 30-year bond 96-132/256 3.0538 0.066 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 30.25 -1.75 spread U.S. 3-year dollar swap 21.75 -1.50 spread U.S. 5-year dollar swap 5.50 -1.75 spread U.S. 10-year dollar swap -11.25 -1.50 spread U.S. 30-year dollar swap -44.50 -0.75 spread (Reporting by Richard Leong; Editing by Nick Zieminski and Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FE585'|'2017-01-24T16:29:00.000+02:00'
'0f0b365b5e8b7905d83160c51b0fbaaf167b277f'|'Euro zone unblocks short-term debt relief for Greece'|'BRUSSELS Euro zone governments unblocked short-term debt relief measures for Greece on January 20, the euro zone bailout fund ESM said in a statement on Monday, paving the way for a reduction of the country''s debt-to-GDP ratio and its gross financing needs.The European Stability Mechanism suspended the measures last December, after Athens raised concerns it would not stick to its bailout commitments by paying out a Christmas bonus for pensioners and keeping a lower value added tax on some islands."The measures approved by the governing bodies... are an important step toward improving Greek debt sustainability," the bailout fund head Klaus Regling said in a statement."We estimate that when implemented in full, they should lead to a cumulative reduction of Greece’s debt-to-GDP ratio of around 20 percentage points until 2060," he said."We also expect Greece’s gross financing needs to fall by almost five percentage points in the same time horizon," he said.(Reporting By Jan Strupczewski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eurozone-greece-idINKBN15724L'|'2017-01-23T12:37:00.000+02:00'
'cee9c51b5647e7309bc130059f2b5e2122649a60'|'Japan government keeps its economic assessment in January'|' 18am GMT Japan government keeps its economic assessment in January TOKYO Japan''s government has kept unchanged the overall assessment of the economy made last month - that it is recovering gradually though pockets of weakness remain. Wages and labour conditions are improving, the government said while warning of uncertainties in the global economy plus fluctuations in financial and capital markets. "The economy is on a moderate recovery, while delays in improvement can be seen in some parts," the Cabinet Office said its monthly economic report released on Monday. The government maintained the view taken last month, when it upgraded its economic assessment for the first time since March 2015. On all topics assessed - which include household spending, exports and business sentiment - the government kept its view from December. Consumers'' mindsets are improving and exports to Asia are recovering, the report said, using the same expressions as last month. Japanese manufacturers'' morale rose for a fifth straight month in January to a 2-1/2 year high and the service sector''s mood jumped to its highest levels since mid-2015, a Reuters poll showed, thanks to a weak yen and buoyant share prices. Japan''s core consumer prices were expected to slow their rate of decline in December and exports were seen to have risen   15 months, a Reuters poll showed, a positive sign for the economy. The Bank of Japan last month held off on expanding stimulus, underscoring a market view that it will stand pat unless a severe external shock threatens to derail economic recovery. The central bank holds its next rate review on Jan. 30-31. (Reporting by Minami Funakoshi; Editing by Richard Borsuk)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-report-idUKKBN1571AK'|'2017-01-23T18:18:00.000+02:00'
'4a7bf23d4e6b7c6bb6b988803a3e250fdc5ef45f'|'Hugo Barra to leave Xiaomi'|'  6:56am GMT Hugo Barra to leave Xiaomi Xiaomi''s Vice President Hugo Barra looks on in front of the company''s logo during a group interview after the launching ceremony of Redmi Note 3 in Hong Kong, China March 21, 2016. REUTERS/Bobby Yip Xiaomi''s global vice-president Hugo Barra announced his departure from the Chinese technology company after a four year-run. In a Facebook post on Monday, Barra, who was poached from Google, said the time is apt for his Silicon Valley return. He did not disclose his next move. bit.ly/2jnO0af (Reporting by Vishal Sridhar in Bengaluru; Editing by Sunil Nair) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-xiaomi-hugo-barra-exit-idUKKBN1570N2'|'2017-01-23T13:56:00.000+02:00'
'a080039140abdde4021f879f10798e4d85ddf28f'|'BRIEF-India''s math learning startup Cuemath raises $15 mln from CapitalG, Sequoia India'|'Private Equity  17am EST BRIEF-India''s math learning startup Cuemath raises $15 mln from CapitalG, Sequoia India Jan 23 Cuemath * Math learning startup Cuemath raises $15 million from CapitalG and Sequoia India Source text: Math learning startup Cuemath has raised $15 million in its Series B round of funding from CapitalG and Sequoia India. CapitalG (formerly known as Google Capital), the growth equity investment fund of Alphabet (Google''s parent company), led this round of funding. Next In Private Equity REFILE-Safe Harbor Marinas buys peer as it mulls IPO -sources Jan 22 Safe Harbor Marinas has acquired peer Brewer Yacht Yard Group, roughly doubling its size and making itself the world''s largest owner and operator of marinas, as it considers an initial public offering, people familiar with the matter said on Sunday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FD00N'|'2017-01-23T14:17:00.000+02:00'
'fcad2039f605ecfbf3280ca9692cda9b098550a1'|'Paddy Power Betfair to meet FY guidance on underlying strength'|' 37am GMT Paddy Power Betfair to meet FY guidance on underlying strength DUBLIN Paddy Power Betfair estimated on Monday that its full-year earnings hit the mid-point of its guidance despite a run of adverse sports results at the end of the year, pointing to the underlying strength of the recently merged business. The gambling company in November raised its full-year core earnings (EBITDA) forecast to a range of 390-405 million pounds from a previous range of 365-385 million citing a boost in the sterling value of its euro revenue, last year''s merger and favourable sporting results. However results favoured punters across the industry in the fourth quarter, which the Dublin-headquartered firm said cost it around 40 million pounds before gamblers bet with any winnings, including a 5 million pound loss on the U.S. presidential election. "This outcome disguises a better underlying performance than we were forecasting," Davy Stockbrokers analyst David Jennings, who had expected EBITDA of 408.8 million pounds, wrote in a note. "From analysing the statement, we estimate that had results been "normal", EBITDA for the year would have landed north of 420 million pounds." Online betting exchange Betfair and Paddy Power, which has a chain of shops as well as an online business, said its online revenue fell 3 percent but were up 18 percent in its Australian business, which Jennings said bode well for 2017. Rival William Hill said this month that its annual profits would fall to the bottom of its forecast range while the recently merged Ladbrokes Coral Group said it would meet its guidance. (Reporting by Padraic Halpin; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-paddy-power-results-idUKKBN1570VB'|'2017-01-23T15:37:00.000+02:00'
'3f623b9d72325e7e9b820979b839900e34f219a3'|'Chinese banks told to issue dollar-denominated debt-sources'|'Financials   9:58pm EST Chinese banks told to issue dollar-denominated debt-sources By Ina Zhou HONG KONG, Jan 23 (IFR) - China''s central bank is said to have encouraged banks to issue more offshore US dollar bonds at a time of steep declines in the country''s foreign reserves, raising supply prospects for the sector. The People''s Bank of China (PBoC) encouraged banks at a meeting late last month to issue more US dollar bonds, according to two market sources. The guidance was verbal and no specific measures were mentioned, they said. "PBoC''s stance was quite supportive (on the issuance of US dollar bonds)," said one of the sources. "In heeding the call, banks will probably issue more US dollar bonds at a faster pace this year." Financial institutions already account for around half of new US dollar bond issues in China. While the PBoC has not explained its reasons, market participants think it aims to curb renminbi depreciation by keeping US dollar outflows within the Chinese financial system. Mainland banks will be able to onlend the proceeds to corporate clients, while dollar issuance will also offer Chinese investors an alternative to buying wholly foreign securities. The PBoC guidance follows a drop in China''s foreign reserves of nearly $320 billion to S$3.011 trillion last year, on top of a record fall of $513 billion in 2015, fuelling speculation that authorities are stepping up the fight against capital outflows at all costs. "Letting Chinese banks issue more US dollar bonds can help keep the US dollars held by Chinese residents and corporations within the ''China circle''," said a Hong Kong-based fixed-income analyst, noting that Chinese money supported most of the US dollar bonds of Chinese issuers. "From the regulators'' point of view, declines in foreign reserves will not look so scary if the money remains under the PBoC''s control, rather than flowing to the US or Europe," he said. The PBoC''s move did not come as a surprise, as the National Development and Reform Commission (NDRC), a key regulator of offshore debt, was seen encouraging Chinese issuers to raise offshore US dollar debt last year, during which the renminbi fell 6.6 percent against the greenback. Cost does not appear to be the primary concern for either regulators or Chinese issuers. Local government financing vehicles (LGFVs), for example, raised S$7.59 billion in the offshore market in 2016, even though most had no overseas operations and domestic funding costs were lower for most of the year. Compared to LGFVs and most Chinese companies, banks, especially the big four, are believed to have wider appeal to investors in search of US dollar assets - thanks to their higher ratings. Therefore, banks are considered to more effective vehicles to attract US dollars from Chinese investors looking to invest in offshore assets. FOREIGN FUNDING Another debt capital markets banker at a big Chinese lender said the PBoC''s push to encourage banks to sell more US dollar bonds was also meant to support the offshore activities of state-owned enterprises (SOEs), some of which were finding it increasingly difficult to raise funds offshore. "The PBoC must have known that big Chinese banks are better-known internationally and, as such, are able to raise debt at relatively lower cost than most Chinese companies," he said. "Having Chinese banks raise US dollars and lend the proceeds to SOEs for refinancing or M&A makes more sense than having SOEs directly borrowing from the international market," he said. He expected new offerings from Chinese financial institutions, predominantly banks, to grow further in 2017. "On the most conservative estimate, I''d say the growth will be 10% over the volume of last year. In a moderate estimate, the rate will be 30%," he said. Earlier this month, China Development Bank printed a large offering of multi-tranche bonds in US dollars and euros, becoming the first Chinese bank to tap the offshore market this year. (Reporting by Ina Zhou; Editing by Daniel Stanton and Steve Garton) Next In Financials Fitch Confirms Siam Commercial Bank''s MTN Programme at ''BBB+'' (The following statement was released by the rating agency) BANGKOK/SINGAPORE, January 22 (Fitch) Fitch Ratings has confirmed the rating on The Siam Commercial Bank Public Company Limited''s (SCB; BBB+/Stable) USD3.5bn medium-term note (MTN) programme at ''BBB+'', following an update to the terms of the programme. Senior notes under the MTN programme will represent direct, unconditional, unsecured, and unsubordinated obligations of the bank. Notes issued under the programme may be in any curr Taiwan stocks higher on buying ahead of long holiday break TAIPEI, Jan 23 Taiwan stocks rose on Monday trying to stay above the key 9,400 level hit earlier this month ahead of a long holiday break. The local stock market will be shut at the end of trade Tuesday for the Lunar New Year holidays. It will reopen on Feb. 2. The main TAIEX index rose 0.9 percent to 9,417.82 as of 0147 GMT, after closing up 0.1 percent in the previous session. The index closed at 9,410.18 on Jan. 12, which at that time was a closing high unseen in about a TAMPA, Fla., Jan 22 A dangerous weekend weather system has killed at least 18 people in the U.S. South, as Georgia officials on Sunday reported more than a dozen deaths after severe thunderstorms and tornadoes buffeted several states. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-outflows-bonds-idUSL4N1FD1NI'|'2017-01-23T09:58:00.000+02:00'
'7b20764c9b9de6d990705e264cde3535a661cce3'|'UPDATE 1-Iraq has cut 180,000 bpd as part of OPEC oil deal - minister'|'Commodities  25am EST Iraq has cut 180,000 bpd as part of OPEC oil deal: minister OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina/File Photo By Ahmad Ghaddar - LONDON LONDON Iraq has reduced its oil production by around 180,000 barrels per day and plans to cut a further 30,000 bpd before the end of the month, the OPEC member''s oil minister said on Monday. The cut came from a 4.75 million bpd level, Jabar Ali al-Luaibi told reporters at an industry event at Chatham House in London. "We are abiding by OPEC policy and the OPEC agreement," Luaibi said. Iraq agreed to lower its production by 210,000 bpd under a deal struck in December between the Organization of the Petroleum Exporting Countries and other producers led by Russia. The Middle Eastern country, OPEC''s second-largest producer, had originally sought to be exempt from any cuts, saying it needed the revenue to fight an Islamic State insurgency. "We are cutting from all Iraq," Luaibi said, although he added that cuts to production started at fields operated by national oil companies. He said the ministry had contacted international oil companies operating in the country about the cuts and so far received a "good response" from most of them. He said Russia''s Lukoil, which operates the West Qurna-2 oilfield, told him recently that the company was prepared to lower output by 20,000 bpd without compensation. "BP as well and some other companies are responding," he added. "So far everything is moving smoothly as far as the oil companies are concerned." (Reporting by Ahmad Ghaddar; Editing by Dale Hudson) Next In Commodities Anglo sees incremental gains as trading unit hits cruising speed SINGAPORE Anglo American Plc , which broke with tradition when it set up a focused commercial unit, sees modest improvements ahead after an early boost to profits, as it gets closer to clients, even offering shelter from volatile markets with fixed-price contracts.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-opec-meeting-iraq-idUSKBN1571D2'|'2017-01-23T19:23:00.000+02:00'
'2667cbe99dc2f3795da2d6e7ece79b06664476f8'|'BRIEF-UK''s CMA clears Shearwell Data-Ketchum Manufacturing deal'|'Private Equity  04am EST BRIEF-UK''s CMA clears Shearwell Data-Ketchum Manufacturing deal Jan 23 UK''s CMA (Competition and Markets Authority): * Not to refer acquisition by Shearwell Data Limited of the entire issued share capital of Ketchum Manufacturing Limited to a phase 2 investigation Source text for Eikon: (Bengaluru Newsroom: +91 806 749 1136) Next In Private Equity Canada''s Trudeau, ministers to discuss Trump plans for NAFTA CALGARY, Alberta, Jan 23 Canada''s Prime Minister Justin Trudeau will begin a two-day retreat with his cabinet on Monday, focused mainly on the best approach to take with new U.S. President Donald Trump, whose vow to renegotiate NAFTA could damage Canada''s economy.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FD0BH'|'2017-01-23T18:04:00.000+02:00'
'60e89bc7e0fc123c60eb99885c263af897bc1473'|'UPDATE 2-As Trump takes over, U.S. ends plan to cut mortgage premiums'|'(Adds Schumer comment, closing share prices, background)By Sarah N. LynchWASHINGTON Jan 20 The Trump administration, hours after taking office on Friday, suspended a plan to cut mortgage insurance premiums on federally insured home loans that the U.S. government had estimated would save eligible homeowners an average of $500 a year.The move immediately drew fire from Democrats, and it offered an early example of the potential conflicts ahead as Republican President Donald Trump rolls back measures put in place by his Democratic predecessor, Barack Obama."In one of his first acts as president, President Trump made it harder for Americans to afford a mortgage," U.S. Senate Minority Leader Chuck Schumer said in a statement."Actions speak louder than words," Schumer said. "One hour after talking about helping working people and ending the cabal in Washington that hurts people, he signs a regulation that makes it more expensive for new homeowners to buy mortgages."Trump officials did not reply to emailed questions.The reduction in Federal Housing Administration (FHA)mortgage insurance premiums was announced just last week by the Obama administration and had been due to take effect on Jan. 27.The reduction "has been suspended indefinitely," pending further research, the Department of Housing and Urban Development (HUD) said in a letter to participants in FHA loan programs. The letter was signed by Deputy Assistant Secretary for Housing Genger Charles.When asked for more information, a HUD spokesman referred back to the letter, which said that "more analysis and research are deemed necessary."Obama''s HUD Secretary Julian Castro said on Jan. 9 that the premiums would be cut to share with U.S. homeowners recent gains in FHA''s Mutual Mortgage Insurance Fund, which has recovered from the financial crisis almost a decade ago.FHA, part of HUD, offers mortgage insurance, often to first-time home buyers and those on low incomes. The insurance protects lenders in case of defaults. HUD said cutting the premiums would help about 1 million households.HUD''s decision to lower the premiums by a quarter-percentage point earlier this month divided lawmakers, with Republicans accusing the Obama administration of putting taxpayers at risk of a potential bailout of the FHA."Just three years ago the taxpayers had to spend $1.7 billion to bail out the FHA," House of Representatives Financial Services Committee Chairman Jeb Hensarling said on Jan. 9 when the premium cut was announced."Playing politics with the FHA through cynical, surprise 11th hour rule changes is irresponsible," Hensarling said.HUD had projected that the reduced premiums would have saved FHA-insured homeowners an average of $500 in 2017.Ben Carson, Trump''s nominee to head HUD, told Congress last week during a hearing on his nomination that the incoming administration planned to examine the decision closely.Shares of mortgage insurers MGIC and Radian closed up less than 1 percent on the New York Stock Exchange. (Additional reporting by Daniel Burns in New York and Richard Cowan in Washington; Editing by Kevin Drawbaugh and Daniel Wallis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-housing-premiums-idINL1N1FA1CR'|'2017-01-20T20:54:00.000+02:00'
'9ee6caa5289436d687e33c25b98033f334c45db5'|'Abu Dhabi creates $125 billion fund in merger; Khaldoon al-Mubarak is CEO'|'Business News - Sat Jan 21, 2017 - 4:10pm GMT Abu Dhabi creates $125 billion fund in merger; Khaldoon al-Mubarak is CEO ABU DHABI Abu Dhabi''s government on Saturday merged two of its top investment funds, Mubadala Development Co and International Petroleum Investment Co, to strengthen their financial clout in an era of low oil prices. The new fund, Mubadala Investment Co, will be run by chief executive Khaldoon al-Mubarak, United Arab Emirates state news agency WAM reported, adding that a board had been appointed. The merged fund will have assets worth around $125 billion (£101 billion), based on valuations at the end of 2015, officials said. The government originally announced in June last year that it planned the merger. (Reporting by Ahmed Tolba, Stanley Carvalho and Tom Finn; Writing by Andrew Torchia) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-emirates-abudhabi-funds-idUKKBN1550MW'|'2017-01-21T23:10:00.000+02:00'
'acc1d391b319e60085b4d085a15ac15f651d3f70'|'Trump trade strategy starts with quitting Asia pact - White House'|'Business   3:53am GMT Trump trade strategy starts with quitting Asia pact: White House Newly inaugurated U.S. President Donald Trump pumps his fist at the conclusion of his inaugural address during ceremonies swearing him in as the 45th president of the United States on the West front of the U.S. Capitol in Washington, U.S., January 20, 2017. REUTERS/Carlos Barria By David Brunnstrom - WASHINGTON WASHINGTON The new U.S. administration of President Donald Trump said on Friday its trade strategy to protect American jobs would start with withdrawal from the 12-nation Trans-Pacific Partnership (TPP) trade pact. A White House statement issued soon after Trump''s inauguration said the United States would also "crack down on those nations that violate trade agreements and harm American workers in the process." The statement said Trump was committed to renegotiating another trade deal, the North American Free Trade Agreement (NAFTA), which was signed in 1994 by the United States, Canada and Mexico. "For too long, Americans have been forced to accept trade deals that put the interests of insiders and the Washington elite over the hard-working men and women of this country," it said. "As a result, blue-collar towns and cities have watched their factories close and good-paying jobs move overseas, while Americans face a mounting trade deficit and a devastated manufacturing base." The statement said "tough and fair agreements" on trade could be used to grow the U.S. economy and return millions of jobs to America. "This strategy starts by withdrawing from the Trans-Pacific Partnership and making certain that any new trade deals are in the interests of American workers." If NAFTA partners refused to give American workers a fair deal in a renegotiated agreement, "the President will give notice of the United States’ intent to withdraw from NAFTA," the statement added. The TPP, which the United States signed but has not ratified, had been the main economic pillar of the Obama administration''s "pivot" to the Asia-Pacific region in the face of a fast-rising China. Proponents of the pact have expressed concerns that abandoning the project, which took years to negotiate, could further strengthen China''s economic hand in the region at the expense of the United States. Australia''s position that a change of heart remains possible in the U.S. and that the trade deal can proceed, is unchanged despite the White House statement, Damon Hunt spokesman for the Australian prime minister, told Reuters on Saturday. Trump has criticized China''s trade practices and threatened to impose punitive tariffs on Chinese imports. The Chinese government said on Thursday that China and the United States could resolve any trade disputes through talks, while a Chinese newspaper warned that U.S. business could be targets for retaliation in any trade war ushered in by Trump. Trump has sparked worries in Japan and the rest of the Asia-Pacific with his opposition to the TPP and his campaign demands for allies to pay more for their security. (This version of the story was refiled to correct day of China government comment in 13th paragraph) (Reporting by David Brunnstrom; Editing by Chizu Nomiyama & Shri Navaratnam) Next In Business News Fears of economic ''race to bottom'', strong dollar in Davos DAVOS, Switzerland A strengthening dollar and a "race to the bottom" on taxes, deregulation and trade policy are the major risks to an otherwise brightening global economy, financial leaders said on the final day of the World Economic Forum in Davos.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-trade-idUKKBN1542NR'|'2017-01-21T09:37:00.000+02:00'
'23bc7ac37a4dd74e33c0a72047c92c6f82925fc5'|'Puerto Rico governor cites ''sharp contrast'' with island''s overseers'|'Jan 20 Puerto Rico Governor Ricardo Rossello on Friday criticized a set of recommendations by the federal board in charge of managing the U.S. territory''s finances, signaling a potential power struggle between the government and the board on how to pull the island out of economic crisis.In a letter to the board on Friday, Rossello said he does not support raising taxes or focusing on layoffs as a primary means of reducing government spending. He said his government would try to repay bondholders if possible, while the board has said the island may only be able to repay 21 percent of what it owes. (Reporting by Nick Brown; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-oversightboard-idINL1N1FA1QL'|'2017-01-20T18:11:00.000+02:00'
'da5d3899db7cf29aba75b0afcc650b73c11705c5'|'The reality of 2017 is that the world lacks the hope the global goals require - Global Development Professionals Network'|'S o much of what’s happening today in the world mirrors the 1930s, the period that gave rise to fascism, the second world war and the Holocaust. At the time, there was rising inequality, failing economies and far-right populism, as nation states retreated from the global stage in an effort to shore-up support at home. Sound familiar?These are not the ideal conditions to embark on the ambitious UN’s sustainable development goals (SDGs), with targets including ending poverty and achieving gender equality by 2030.We need the optimistic conditions of the late 1940s, not the 1930s, to take on the goals. The post-war period ushered in global cooperation never before seen: the Universal Declaration of Human Rights , the sympathetic Marshall Plan, the UN charter, the Geneva conventions. All of these recognised that our wellbeing relied on minimum standards, shared ambition and interdependency.Tragically, the dark clouds of the 1930s hover ominously above us. In times of trouble, people turn inwards. The Daily Mail’s persistent attack on aid has generated mistrust, eroding the UK’s long-standing sympathy for people in the developing world. Similar trends are happening in the US, Germany and elsewhere. We’re hanging on to our 0.7% pledge , but only by a very fragile thread.In some ways, things appear worse now than in the 1930s: the types of programmes for refugees available back then showed far more compassion than we’re seeing now as western governments pull up the drawbridge, leaving human disaster and misery in their wake. There’s the threat of retreat from long-established global institutions that have been the mainstay of the post-war period – Nato and the UN, among others. And modern times have added climate change to the mix, striking us with a destructive triple whammy.The SDGs are a product of the 1990s. They come from a time of relative calm in the global economySo, in these difficult circumstances, why are we still trying to meet the SDGs? The reason is this: humans are better at living in the past than they are in the present. The SDGs are a product of the 1990s. They come from a time of relative calm in the global economy – at least in the west – a time when political scientist Francis Fukuyama declared that the “end of history” had been reached.Fukuyama argued that liberal democracy and neoliberal economics were the end-point of our evolution. The SDGs are merely the outcome of more than 20 years of negotiations embedded in that era. Take the Brundtland report and the Rio Earth Summit as examples. They are not a reflection of the reality of 2017. Rather they are a vision of a past gone by that we haven’t been able to let go of, a mythical bubble as divorced from reality as Donald Trump’s tweets.We need to exit from our bubble and adapt. It is possible that some of the goals may be realised at the local level, under certain conditions. China, for one, has invested more in renewable energy than any other country, in an effort to lower emissions and combat air pollution, contributing towards SDGs on climate change .Does Trump''s election mark the end of compassion in aid? Read more But to expect the SDGs to succeed in full would be folly in the current context. We need to accept the new reality, and find alternative paths forward. Europe and the US have their own battles to fight and international cooperation isn’t in the lexicon of ways to fight these battles at home. So where else can leverage be had? What else can we do to enable success, at least in some areas?Seventy years after the Universal Declaration was signed, we’re still a long way from realising those “universally protected” human rights in practice. The golden age of cooperation may be in retreat, but development practitioners, as always, will forge ahead against the odds. They may be delusional, but better to have a vision, to try and fail than never to have tried at all. History teaches us that.Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter. Join the conversation with the hashtag #Dev2030 .'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jan/21/reality-2017-world-lacks-hope-global-goals-require'|'2017-01-21T17:00:00.000+02:00'
'7fb23522581a0ab768f370ddb95efcc18ad6670d'|'UPDATE 2-Puerto Rico governor cites ''sharp contrast'' with island''s overseers'|'(Adds detail on healthcare, higher education spending)By Nick BrownJan 20 Puerto Rico Governor Ricardo Rossello on Friday criticized a set of recommendations by the federal board in charge of managing the U.S. territory''s finances, signaling a potential power struggle between the government and the board on how to pull the island out of economic crisis.In a letter to the board on Friday, Rossello said that while he supports reducing government spending, he would not focus on layoffs as a primary means of saving money.He also took a more moderate stance on reducing repayments to holders of the island''s $70 billion in debt, saying his administration had a "fundamental willingness to pay based upon available resources."The board, in a letter to the governor on Wednesday, said the island may have only $800 million available annually for debt service, just 21 percent of what it owes.The board''s letter had called for Puerto Rico to save more than $4.5 billion a year through a mix of savings and new revenues, including by "right-sizing government" through a 30 percent reduction in payroll and other means.The board also said it favored extending some key deadlines that could give Rossello''s administration more time to negotiate consensual restructuring deals with creditors.In addition to its debt from a myriad of public issuers, Puerto Rico is struggling with a 45 percent poverty rate and unemployment that is more than twice the mainland U.S. average.The bipartisan, seven-member oversight board was created under the federal Puerto Rico rescue law known as PROMESA, passed by the U.S. Congress last year. It is charged with helping the island manage its finances and negotiate restructuring deals with creditors.Rossello''s adversarial tone could score him political points on an island where many locals view the oversight board as an extension of U.S. imperialism.However, his policies and the board''s vision may be more aligned than not. For instance, both stress the need for the island to reduce spending and create new revenue sources.That is a departure from Rossello''s predecessor, former Governor Alejandro Garcia Padilla, who called for dramatic repayment cuts in favor of maintaining government services.Rossello and the board may clash on healthcare spending, with the board calling for $1 billion a year in savings.Puerto Rico''s Medicare and Medicaid insurance programs are in financial trouble, due in part to federal government reimbursement levels that are disproportionately smaller than what is given to U.S. states.Rossello said he felt "highly confident" his administration would convince Congress to increase that funding."There is no single political leader in the world that would want to be responsible for ... endangering the health and wellbeing of 3.5 million of its citizens," the governor said.The board also called on Puerto Rico to annually save $300 million in higher education spending and $200 million in pension costs.Rossello said he would implement means-testing for tuition rates at the University of Puerto Rico, move pension benefits into private accounts, and implement rules to treat some pension benefits as taxable ordinary income. (Reporting by Nick Brown; Editing by Daniel Bases and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-oversightboard-idINL1N1FA1XI'|'2017-01-20T19:48:00.000+02:00'
'64a4094dc53943f568f9bc547932d62468a082bf'|'World trade chief warns against ''talking ourselves into a crisis'''|'DAVOS, Switzerland The world should be wary of creating a crisis amid talk of trade wars, World Trade Organization chief Roberto Azevedo said after a meeting of trade ministers at the World Economic Forum in Davos on Friday."I’ve heard a lot in Davos about trade wars. That would destroy jobs, not create jobs," he said, after the meeting attended by 29 WTO members. "We must definitely avoid talking ourselves into a crisis."(Writing by Tom Miles; Editing by Mark Trevelyan)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/davos-meeting-trade-idINKBN1541VZ'|'2017-01-20T11:08:00.000+02:00'
'eeae9955e245226efed361408a8adc62d4e508ab'|'UPDATE 1-Edenred shares fall as major investor Colony exits via stake sale'|'Hot Stocks   4:19am EST UPDATE 1-Edenred shares fall as major investor Colony exits via stake sale * Edenred shares worst stock on Paris'' SBF-120 * Colony Capital sells entire stake in Edenred * Edenred also raises stake in Union Tank Eckstein (Adds details, quotes, combines with UTA deal) By Dominique Vidalon PARIS, Jan 20 Shares in French voucher and prepaid card provider Edenred slid lower on Friday after its second-largest shareholder Colony Capital sold its entire 11.2 stake in the company. Colday E, a vehicle of private equity firm Colony Capital, said 5.53 percent of the capital had already been sold off-market to an unnamed investor, and it would sell the remaining 5.68 percent via a private placement to institutional investors. It added that the 5.68 percent stake was sold at 19.41 euros per share, a 3 percent discount from Thursday''s closing price of 20.01 euros, for 257.5 million euros ($275 million). A source close to the matter said the off-market transaction was also sold at a price of around 19.41 euros, bringing the total value of the deal to around 500 million euros. Edenred declined to comment on the deal. Edenred shares were down 2.3 percent at 19.55 euros in early session trading. The stock was the worst-performer on Paris'' SBF-120 equity index, which was up 0.2 percent. Colony was Edenred''s second-largest investor after Capital Group Companies, which owns a 19.83 percent stake. "As a long-time shareholder, Colony has supported the creation of Edenred and has accompanied its growth since its listing in 2010," Nadra Moussalem, head of Europe at Colony NorthStar, said in a statement. "As we exit its share capital, Edenred has a renewed management team and ambitious strategy. We are confident in Edenred''s ability to keep generating a long-term and profitable growth," he added. Edenred, which competes with caterers Sodexo and Compass, as well as credit card networks MasterCard and Visa, sells prepaid meal vouchers that employers offer to staff. It was listed in 2010 and priced at the time at 11.40 euros after being split from its parent AccorHotels, in which Colony has been invested since 2005. New Edenred chairman and chief executive Bertrand Dumazy has been in place since October 2015, with the group moving into new areas such as fuel cards, a sector growing faster than other employee benefit schemes - notably in recession-hit Brazil - as companies seek to control business expenses more effectively. Highlighting this approach, Edenred said on Friday it now held 51 percent of Union Tank Eckstein, the number two Europe-wide player in multi-brand fuel cards, after raising its stake.. Edenred shares are up around 4 percent so far in 2017. ($1 = 0.9363 euros) (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta and Jean-Michel Belot) Next In Hot Stocks'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/edenred-colony-idUSL5N1FA1D7'|'2017-01-20T16:19:00.000+02:00'
'28f37f800c76c6df29fad82782730676fa2924b4'|'France''s Roquette counts on expanding Canada''s pea output'|'By Rod Nickel - WINNIPEG, Manitoba WINNIPEG, Manitoba Jan 20 France''s Roquette, which is building the world''s largest pea protein plant in Manitoba, is counting on the province''s farmers to boost their production to supply the C$400 million ($300 million) factory, the company said on Friday.Roquette raised eyebrows this week when it said it would build the plant in Portage la Prairie, Manitoba, rather than Saskatchewan, which grows 14 times more peas.The plant would consume the equivalent of nearly all of Manitoba''s current pea production.Family-owned Roquette picked Manitoba for reasons that include transportation links and access to hydroelectric power, said spokeswoman Carole Petitjean."We are confident that, in good collaboration with local farmers, local production in Manitoba will increase substantially in the next five years," she said in an email. Petitjean did not say how much Roquette expects Manitoba pea production to grow but said the plant would process more than 100,000 tonnes of the crop annually once it opens in 2019.Roquette will also rely on neighboring Saskatchewan, Petitjean said.The Manitoba plant will help meet fast-growing demand for vegetable protein in food and pharmaceutical products. Pea protein, extracted from yellow peas, is used in nutrition bars, soups, sauces, pasta, biscuits and meat alternatives.Canada is the world''s biggest pea producer.Manitoba grew 164,200 tonnes of peas last year, the most in 14 years, but a fraction of Saskatchewan''s 2.3 million tonne crop, according to Statistics Canada.Francois Labelle, executive director of Manitoba Pulse & Soybean Growers association, said price would determine how much more peas farmers will plant. The crop could displace sowings of wheat, canola and soybeans, Labelle said.It is unclear whether the plant will stimulate more Manitoba pea output, with soybeans also becoming a more popular choice for farmers, said Brian Clancey, publisher of agriculture website STAT Communications. But Roquette probably will not have trouble finding enough supply, he said.Regina, Saskatchewan-based AGT Food and Ingredients , a major pea processing competitor, does not buy many peas from Manitoba, said Chief Executive Officer Murad Al-Katib."Roquette announcing that (plant) is great for Western Canadian pulse growers, and ultimately you can''t ignore the trend," he said. "Gluten-free, high-protein, high-fiber non-(genetically modified) ingredients are viable food."($1 = 1.3337 Canadian dollars) (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/france-roquette-canada-idINL1N1FA0TM'|'2017-01-20T14:07:00.000+02:00'
'11b6ba21dc6738c1fe563d4e51ca7c8b6fbffa68'|'UPDATE 2-China cuts reserve ratios for big 5 banks temporarily amid cash crunch-sources'|'Business News  38am EST China cuts reserve ratios for big five banks temporarily amid cash crunch: sources A woman walks past the headquarters of the People''s Bank of China (PBOC), the central bank, in Beijing, June 21, 2013. REUTERS/Jason Lee/File Photo SHANGHAI China has allowed its five biggest banks to temporarily lower the amount of money that they must hold as reserves to relieve pressure in its financial system as demand for cash surges ahead of the Lunar New Year holiday, three sources with direct knowledge of the matter said. The People''s Bank of China (PBOC) has cut the reserve requirement ratio (RRR) for the banks by a full percentage point, taking the ratio down to 16 percent, the sources said. The central bank''s move, its first reduction in RRR in nearly a year, comes after it pumped a record amount of liquidity into markets this week in a bid to avert a cash crunch heading into the country''s biggest holiday of the year. Earlier this week, short-term funding costs had spiked to their highest levels in nearly 10 years on fears that liquidity was sharply tightening, sparking a jump in the yuan currency. But China watchers polled by Reuters had not expected a cut in RRR until the third quarter of 2017, as such a move would put more pressure on the ailing yuan. Key funding and money market rates had shown signs of easing on Friday after the PBOC''s massive injections, but remained well above normal levels. ''A STRANGE MOVE'' "Today''s move seems to suggest that liquidity conditions are tighter than authorities'' expectations, as capital outflows remain strong," said Zhou Hau, senior emerging markets economist at Commerzbank in Singapore. "But in the meantime, an outright easing will add pressure on the yuan exchange rate as well. That could be the reason behind today''s strange move." The central bank will restore the RRR for the five banks to the normal level at an appropriate time after the holiday, according to the sources. "This is a temporary adjustment, and is mainly in response to the cash withdrawal, tax payment and reserve payment. (The RRR) will go back to the normal rate after the Lunar New Year holiday," one source said. The PBOC said later on Friday that it will provide temporary liquidity support for several major commercial banks for 28 days to ensure adequate liquidity ahead of the Lunar New Year, according to a notice posted on its official microblog. The funding cost for the liquidity support will be about the same as the open market operations rate over the same period, the PBOC said, without specifying any requirement for collateral. ANNUAL TIGHTNESS Liquidity always tightens in China ahead of the Lunar New Year holiday, which this year starts on Jan. 27 and ends on Feb. 2, as households and companies usually withdraw huge amounts of cash from banks. The central bank typically responds by injecting ample funds into the market, but some traders say its injections this year have barely been keeping up with heavier demand. This year, the holiday also extends over the month-end, when corporate cash demand increases and some tax payments are due, adding to the strain. The five biggest lenders are Industrial and Commercial Bank of China ( 601398.SS ), China Construction Bank ( 601939.SS ), Bank of China ( 601988.SS ), Bank of Communications Co (BoCom) ( 601328.SS ) and Agricultural Bank of China ( 601288.SS ). The banks did not immediately comment on the matter. The last time the central bank cut RRR was Feb. 29, 2016. Analysts estimate that every 50 basis point cut in RRR systemwide effectively injects an estimated $100 billion worth of long-term cash into the economy, which recorded its slowest growth in 26 years last year. (Reporting by Reuters China newsroom; Editing by Kim Coghill and Richard Borsuk) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-china-economy-rrr-idUSKBN15412A'|'2017-01-20T16:36:00.000+02:00'
'6a6f4148c067a9379be82cc8718ca2e335abb984'|'Philippine cenbank tightens anti-money laundering rules'|'Financials   2:04am EST Philippine cenbank tightens anti-money laundering rules MANILA Jan 20 The Philippine central bank is tightening its surveillance of money-remittance firms to ensure they would not be used to launder dirty money and facilitate terrorist financing. The Bangko Sentral ng Pilipinas (BSP) on Friday approved new rules requiring money service businesses to register with a government body set up to fight money laundering and report suspicious trades and transactions. In June, the central bank revoked the licence of a remittance company that anti-money laundering investigators said was used to transfer some of the $81 million hackers looted from the Bangladesh central bank. To enhance oversight, the central bank said it would introduce classifications of money service firms depending on the size of their business and would impose a minimum capital requirement for each type. Nestor Espenilla, central bank deputy governor in charge of banking supervision, said there was a need to update and upgrade the regulations "given rising volume of activity and innovations being observed in the sector." The enhanced framework would also help combat terrorist financing and "slow down" shadow banking activities, Espenilla said. The new rules would limit money service businesses'' ability to transact in cash. The central bank also placed a cap on the amount of foreign currency that can be sold by money changers. The Southeast Asian nation had more than 18,000 BSP-registered money service businesses, 6,700 of which are BSP-authorised pawnshops, as of June 2016, central bank data showed. (Reporting by Neil Jerome Morales; Editing by Gopakumar Warrier) Next In Financials UPDATE 1-China cuts reserve ratios for big 5 banks temporarily amid cash crunch-sources SHANGHAI, Jan 20 China has allowed its five biggest banks to temporarily lower the amount of money that they must hold as reserves to relieve pressure in its financial system as demand for cash surges ahead of the Lunar New year holiday, three sources with direct knowledge of the matter said.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/philippines-cenbank-moneylaundering-idUSL4N1FA1OH'|'2017-01-20T14:04:00.000+02:00'
'dc933b2d8c0548215f1056c97df37ce6807de4d7'|'India pressed ahead with banknote ban despite RBI concerns'|'Money News - Fri Jan 20, 2017 - 6:38pm IST India pressed ahead with banknote ban despite RBI concerns left right People queue outside an ATM of State Bank of India to withdraw cash in Ahmedabad, India, November 27, 2016. REUTERS/Amit Dave/Files 1/4 left right A security guard reads a newspaper inside an ATM counter as a notice is displayed on an ATM in Guwahati, India, November 27, 2016. REUTERS/Anuwar Hazarika/Files 2/4 left right A man displays 500 Indian rupee notes during a rally organised by India’s main opposition Congress party against the government''s decision to withdraw 500 and 1000 Indian rupee banknotes from circulation, in Ajmer, India, November 24, 2016. REUTERS/Himanshu Sharma/Files 3/4 left right A man holds 2000 Indian rupees notes as he gets out of a bank in Mumbai, India, November 24, 2016. REUTERS/Danish Siddiqui/Files 4/4 By Rajesh Kumar Singh and Suvashree Choudhury - NEW DELHI/MUMBAI NEW DELHI/MUMBAI India pushed ahead with its decision to scrap banknotes even as the Reserve Bank of India''s (RBI) own board expressed concern whether the cash could be replaced quickly enough, the central bank has said in written testimony to parliament. The revelation comes amid growing criticism about whether the central bank and the government had sufficiently assessed the potential fallout from the Nov. 8 ban of about 86 percent of the cash then in circulation. Prime Minister Narendra Modi''s shock move caused a severe cash shortage that brought large parts of the economy to a virtual standstill, as the central bank struggled to print new 500-rupee and 2,000-rupee notes to replace the old currency. A copy of the private testimony to a parliament panel, seen by Reuters, showed the central bank had also warned the government of "possible inconvenience to the public for some time," among the potential consequences of the massive exercise. Despite its own doubts, the testimony showed, the RBI board approved the plan to ban 500-rupee and 1,000-rupee notes, as it believed the move would rein in counterfeiting and reliance on cash, and pull unaccounted cash into the financial system. "It might not immediately be possible to replace these notes fully in terms of both value and volume," the board felt at a meeting ahead of Modi''s Nov. 8 announcement, according to the central bank submission. But the RBI''s board ultimately believed that "corrective" action could be taken and decided to recommend the move, the document showed. The RBI also believed the impact of such an exercise would be "transitory", given its efforts to quickly replace the old notes, it said in the testimony. The RBI''s endorsement of the government action has drawn strong criticism from several former policymakers, including former Prime Minister Manmohan Singh, the architect of India''s 1991 financial reforms and a former central bank governor. The document also notes the proposal to ban the cash had come from the government, in a letter a day before the announcement that advised the RBI to "immediately" put the plan before its board for approval. Under India''s RBI Act, such a move was necessary. The central bank did not immediately respond to Reuters'' request for comments on its submission to parliament. "PAINFUL" FOR RBI Since Modi declared the ban, the central bank has been forced to announce a barrage of measures to soften the impact, including several high-profile reversals, undermining confidence in it. In a letter to RBI Governor Urjit Patel, unions of central bank employees called such criticism "painful", and accused the government of steering decisions behind the replacement of the banned notes, saying that "blatantly encroaches" on the central bank''s jurisdiction. The government, however, has denied it was taking the decisions during the implementation, saying that it was merely cooperating with the RBI and reiterating that it fully respected the autonomy of the central bank. Power and Coal Minister Piyush Goyal said such cooperation was necessary, since it involved an unprecedented "exercise" and that the flurry of action showed India''s flexibility in taking the necessary measures. "They never had got an experience of this kind of a war-type situation," Goyal said, referring to the RBI. "So, every organization which is doing this is doing it for the first time. You will learn as you go along." Previous banknote bans have not had such a dramatic impact as they removed only a small fraction of cash from circulation. ($1=68.2300 Indian rupees) (Editing by Rafael Nam and Clarence Fernandez) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/rbi-independence-demonitisation-idINKBN1541PA'|'2017-01-20T20:08:00.000+02:00'
'56e8efbc945b65ac0eb5809842a8d92d3f98bb57'|'Sweden''s Telia mulling bid for Danish peer TDC: Dagens Industri'|'STOCKHOLM Swedish telecom operator Telia ( TELIA.ST ) is mulling a bid for Denmark''s TDC ( TDC.CO ), Swedish business daily Dagens Industri reported on Thursday, citing unnamed sources.Copenhagen-listed TDC, with a market capitalization of 30 billion Danish crowns ($4.29 billion), would become the biggest acquisition ever by a listed Swedish company if the deal where to go through, according to the newspaper.Telia, valued just above four times higher with a market capitalization of 159 billion Swedish crowns ($17.74 billion), would likely have to make a share rights issue to finance the deal, Dagens Industri reports.Sweden holds a 37 percent stake in Telia and the government''s willingness to do a deal is unknown.(Reporting by Johan Ahlander; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-telia-company-m-a-tdc-idINKBN15400V'|'2017-01-19T21:23:00.000+02:00'
'34f0b1272dbeab0fc660990a1921641799dfd83f'|'Top Trump aide plans talks in Canada with Trudeau team - source'|'CALGARY, Alberta A top adviser to U.S. President Donald Trump plans to hold talks in Canada on Tuesday with members of Prime Minister Justin Trudeau''s team, a source familiar with the matter said on Monday.Jared Kushner, Trump''s son-in-law, will travel to Calgary, Alberta, where Trudeau and his cabinet are holding a two-day retreat focused largely on the new U.S. administration.(Reporting by David Ljunggren; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/canada-politics-trump-idINKBN1571WC'|'2017-01-23T11:14:00.000+02:00'
'd7f093d1e1b7cd23749f95cf758c20f6428e28c6'|'As attacks grow, EU mulls banking stress tests for cyber risks'|' 16am GMT As attacks grow, EU mulls banking stress tests for cyber risks Flags are seen inside the European Council headquarters on the eve of a EU Summit in Brussels, Belgium December 14, 2016. REUTERS/Yves Herman By Francesco Guarascio - BRUSSELS BRUSSELS The European Union is considering testing banks'' defences against cyber attacks, EU officials and sources said, as concerns grow about the industry''s vulnerability to hacking. Cyber attacks against banks have been growing in numbers and sophistication in recent years, with criminals finding new ways to target banks beyond trying to illicitly obtain details of their customers'' online accounts. Last February $81 million (65.2 million pounds) was taken from the Bangladesh central bank when hackers broke into its system and gained access to the SWIFT international transactions network. Global regulators have tightened security requirements for banks after that giant cyber fraud, one of the biggest in history, and in some countries have carried out checks on lenders'' security systems. But complex cyber attacks have kept rising, as revealed in November by SWIFT in a letter to client banks and by the theft of 2.5 million pounds from Tesco Plc''s banking arm in the first mass hacking of accounts at a Western lender. Banks "are struggling to demonstrate their ability to cope with the rising threat of intruders gaining unauthorised access to their critical systems and data," a report of the European Banking Authority (EBA) warned in December. The next step from European regulators to boost security could be an EU-wide stress test. The European executive commission is assessing "additional initiatives that could be developed to counter cyber attacks," a commission official told Reuters. "These include cyber-threat information sharing or penetration and resilience testing of systems." The European Central Bank announced last year it would set up a database to register incidents of cyber crime at commercial banks in the 19-country euro zone. But exchanges of information among national authorities on cyber incidents remains scant. The Commission is studying whether EU-wide tests would help step up security, a source at the EU executive said. This would be in addition to controls already carried out in Britain and other EU states by national authorities. EBA, which is in charge of stress-testing the bloc''s banks, is expected to detail in summer the checks it intends to conduct in the next exercise planned in mid 2018. EBA tests banks'' capital cushions and can conduct checks on specific issues. Last year it monitored risks caused by fines, as EU lenders faced sanctions from U.S. regulators. An EBA official said cyber security was on the agency''s radar but no decision had been made over a possible stress test. The body''s chairman, Andrea Enria, has urged EU states to stress-test their financial institutions for cyber risks.  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-cyber-finance-idUKKBN1570YS'|'2017-01-23T16:16:00.000+02:00'
'dbc6de6ffbf4028b3d690f70b10b724e08ae381f'|'UPDATE 1-Essentra sees FY operating profit near lower end of forecast'|'Basic Materials   3:57am EST UPDATE 1-Essentra sees FY operating profit near lower end of forecast (Adds shares, details) Jan 23 Essentra Plc, a supplier of speciality plastic and packaging components, warned that full-year adjusted operating profit would miss or could come in at the lower end of its forecast, citing challenging business conditions in health and personal care packaging unit. The company''s stock fell as much as 12.5 percent to 387 pence, before reversing some of the losses, making it one of the worst performers on the FTSE mid cap index. Essentra said on Monday it expected adjusted operating profit to be at, or modestly below, the lower end of its guidance range of 137 million-142 million pounds ($169.3 million-$177 million) for the year ended Dec. 31, 2016. The company, which has warned multiple times of a challenging 2016 and cut its full-year profit guidance in November, has lost more than 45 percent in share value over the last twelve months. In November, the company said its integrated sites in health and personal care packaging in the United States and the UK did not see the expected rate of month-on-month growth in revenue and operating profit. The health and personal care packaging unit saw a further significant decline in revenue and profitability in the last two months of 2016, Essentra said on Monday, adding a near-term improvement was not expected. The unit brought in about 36 percent of its 2015 total revenue. Essentra, whose filter products are used in tobacco, health and personal care and consumer goods, also said on Monday that Chief Executive Paul Forman, who joined the group in October, has commenced a strategic review of the company. ($1 = 0.8024 pounds) (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri) Next In Basic Materials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/essentra-outlook-idUSL4N1FD2VE'|'2017-01-23T15:57:00.000+02:00'
'0d275498ef83771b8756b4a38676c1ebeed02ec9'|'Pound eyes $1.25 as traders bet British government to lose Brexit case'|'  12:07pm GMT Pound eyes $1.25 as traders bet British government to lose Brexit case A bank employee counts pound notes at Kasikornbank in Bangkok, Thailand October 12, 2010. REUTERS/Sukree Sukplang/File Photo By Jemima Kelly - LONDON LONDON Investors have largely priced in the British government losing its Supreme Court appeal on whether it can trigger Brexit talks without parliamentary approval, but traders - both human and computer models - will scour the ruling for clues on whether regional assemblies will get a say. British Prime Minister Theresa May will learn at 0930 GMT on Tuesday whether the court has upheld a High Court decision in November that her government must get approval from fellow lawmakers before triggering of Article 50 of the Lisbon Treaty, the formal means of exiting the bloc. The government is widely expected to lose its appeal - online spreadbetter Betfair is showing a 90 percent probability that the Supreme Court will uphold the previous ruling. But analysts said the ruling could contain many as-yet-unknowns, meaning sterling volatility - which has been elevated in recent months and drove the biggest one-day rise in the currency since the 1990s last week - is likely to spike around the time of the court ruling. Key words that algorithm-driven trading models - which take up an increasingly large slice of currency markets - have been programmed to react to in a binary manner are likely to act as the initial sterling triggers, with human traders, who need more reaction time, following behind. "It''s not just a case of which way they rule – the exact wording of what sort of involvement parliament will have will be important," said MUFG currency strategist Lee Hardman. "The knee-jerk reaction will probably be to see the pound strengthen, but the upside would probably be fairly modest on the back of that," he added. Crucial among the unknown risks in Tuesday''s ruling - and therefore likely trigger points, analysts said - would be whether the Supreme Court rules that lawmakers not just in Westminster but also in devolved parliaments across Britain would have to approve Article 50 being triggered. While the thrust of the case centers on whether the British parliament has to give its assent, the judges also heard arguments from the Scottish government and lawyers for Northern Irish challengers that Britain''s devolved assemblies must give their approval too. Should the court agree - an outcome ministers believe is unlikely - an ongoing political breakdown in Northern Ireland could derail May''s timetable, following the collapse of the province''s power-sharing government. "A key risk would be if the court were to give Scotland’s and Northern Ireland''s assemblies a say, as that could trigger a potential constitutional crisis," Citi currency analyst Nishtha Asthan wrote in a note to clients. If that ruling were to simply lead to a delay in the triggering of Article 50, however, without a crisis, investors said that could boost the pound. "Anything that’s going to disrupt (the government’s plans) would be sterling-positive," said Ian Gunner, currency fund manager at hedge fund Altana. STERLING AT 5-WEEK HIGH May has said she will trigger Article 50 by the end of March, and last week detailed her vision for a clean break with the EU by quitting its single market. Though that effectively meant Britain would undergo the "hard Brexit" many investors have feared, May''s relatively conciliatory tone and the fact that she had removed a layer of uncertainty was interpreted as a positive by markets - sterling soared by 3 percent on the day of the speech against the dollar GBP=D4 . It was up as much as 0.8 percent on Monday at a five-week high of $1.2472 GBP=D4 ahead of the Supreme Court ruling. Against the euro, sterling rose 0.4 percent to 86.16 pence EURGBP=D4. "While the Supreme Court ruling that the parliament needs to approve Article 50 is probably in the price, should the Supreme Court rule that parliament needs a say in the exit strategy details, sterling could get a further lift," said ING''s global head of EMEA research, Chris Turner. "We are very bearish on sterling/dollar this quarter, but are wary that this week could see a correction into the $1.25-26 region." (Editing by Jeremy Gaunt) Investors gird for impact of Trump healthcare measures An order by President Donald Trump that could scale back enforcement of some Obamacare provisions is unlikely to sink health insurance stocks, but shares of hospitals and Medicaid providers could be under pressure over fears more poor people would lose coverage, analysts said.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-markets-sterling-idUKKBN1571I5'|'2017-01-23T19:06:00.000+02:00'
'e9f4b86e89a852d94bbc4e12aec78d05f69260b0'|'Japan''s PM says will keep seeking Trump''s understanding on TPP'|'TOKYO Japanese Prime Minister Shinzo Abe said on Monday he believed U.S. President Donald Trump understood the value of free trade and that he would keep pitching a multinational trade pact that Trump''s administration has vowed to exit."I believe President Trump understands the importance of free and fair trade, so I''d like to pursue his understanding on the strategic and economic importance of the TPP (Trans-Pacific Partnership) trade pact," Abe told a session of parliament''s lower house.Abe also said he wanted to strengthen the U.S.-Japan security alliance, based on mutual trust with Trump."When we met last time, I believed him to be trustworthy, this belief has not changed today," Abe added, referring to his November meeting with then-president-elect Trump.Abe also said Tokyo wanted to explain how its companies have contributed to the U.S. economy, a stance the Japanese government has adopted to try to fend off threats of a "border tax" on imports into the United States.Japanese Chief Cabinet Secretary Yoshihide Suga said separately that Tokyo would closely monitor any impact of the new U.S. administration''s policies on its companies and that he wanted to deepen economic ties between the two countries.Trump took office as the 45th president of the U.S. on Friday and pledged to end what he called an "American carnage" of rusted factories and crime in an inaugural address that was a populist and nationalist rallying cry.The new Trump administration said on Friday its trade strategy to protect American jobs would start with withdrawal from the 12-nation Trans-Pacific Partnership (TPP) trade pact.The trade deal, which the United States signed but has not ratified, was a pillar of former president Barack Obama''s pivot to Asia, and Abe has touted it as an engine of economic reform, as well as a counter-weight to a rising China.(Reporting by Kaori Kaneko and Oliview Fabre; writing by Linda Sieg; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-usa-trump-japan-idINKBN1570OO'|'2017-01-23T04:19:00.000+02:00'
'340c976c46ad26c63178e96d383336f78c426b08'|'US theater chain AMC to buy Stockholm-based Nordic Cinema for $929 mln'|'Funds  17am EST US theater chain AMC to buy Stockholm-based Nordic Cinema for $929 mln Jan 23 U.S. movie theater chain AMC Entertainment Holdings Inc said on Monday it would buy Nordic Cinema Group, the largest theater operator in Sweden, Finland, Estonia, Latvia and Lithuania, for the equivalent of $929 million in cash. AMC is buying Stockholm-based Nordic Cinema from European private equity firm Bridgepoint and Swedish media group Bonnier Holding. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D''Souza) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/nordic-cinema-ma-amc-entmt-holdgs-idUSL4N1FD403'|'2017-01-23T19:17:00.000+02:00'
'a6ce356b5527916f369ad6f4e657e4b47c05d52b'|'Australian realtor McGrath tips earnings miss on weak listings, departures'|'Financials   5:30pm EST Australian realtor McGrath tips earnings miss on weak listings, departures SYDNEY Jan 23 McGrath Ltd, Australia''s only listed residential realtor, said on Monday it expects earnings in the current financial year to be below analyst forecasts because of soft listing volumes and an unusually high number of agents leaving. The company said in a statement that "unprecedented low volumes of listings" had not improved since it last warned of the problem in November 2016, and that it lost 36 sales agents from its offices segment. The company added that it was recruiting new agents but "the usual time for an agent to become fully productive means these new agents will not match the volumes required to maintain our previously expected second-half earnings". (Reporting by Byron Kaye; Editing by Paul Simao) Next In Financials Australia shares to kick off stronger on energy boost; NZ down Jan 23 Australian shares are expected to rise on Monday, with oil and gas stocks set to bounce after ministers of OPEC and non-OPEC countries applauded a strong start to output cuts. At their first meeting on oil deal compliance on Sunday, energy ministers said producers had made a good start in curbing their oil output under the first such deal in more than a decade. Oil prices jumped over 2 percent on Friday, ahead of the meeting on expectations of positive comments from t'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mcgrath-ltd-results-idUSL4N1FC0JU'|'2017-01-23T05:30:00.000+02:00'
'd85e61de3818007d4be79640b09532ff9c18af48'|'U.S. SEC probing Yahoo over previously disclosed cyber breach - filing'|'Mon Jan 23, 2017 - 3:07am GMT SEC probing Yahoo over previously disclosed cyber breach: filing A photo illustration shows a Yahoo logo on a smartphone in front of a displayed cyber code and keyboard on December 15, 2016. REUTERS/Dado Ruvic/File Illustration By Suzanne Barlyn The U.S. Securities and Exchange Commission is investigating a previously disclosed data breach at Yahoo Inc, the company said in a filing. Yahoo said in a November 2016 quarterly filing that it was “cooperating with federal, state and foreign” agencies, including the SEC, that were seeking information and documents about a "security incident and related matters." The SEC is investigating whether two massive data breaches at Yahoo should have been reported sooner to investors, the Wall Street Journal reported on Sunday, citing people familiar with the matter. An SEC spokesman declined to comment. A Yahoo spokesman directed Reuters to the company''s November filing. Yahoo has faced pointed questions about exactly when it knew about a 2014 cyber attack it announced in September that exposed the email credentials of half a billion accounts. In December, Yahoo said it had uncovered yet another massive cyber attack, saying data from more than 1 billion user accounts was compromised in August 2013. The SEC issued requests for documents in December, as it probes whether the technology company’s disclosures about the cyber attacks complied with civil securities laws, the people said, according to the Journal. Securities industry rules require companies to disclose cyber breaches to investors. Although the SEC has long-standing guidance on when publicly traded companies should report hacking incidents, companies that have experienced known breaches often omit those details in regulatory filings, according to a 2012 Reuters investigation.(reut.rs/2dblx5S) Democratic U.S. Senator Mark Warner asked the SEC in September to investigate whether Yahoo and its senior executives fulfilled obligations to inform investors and the public about the 2014 hacking attack. The disclosures from Yahoo about both breaches came after the company agreed to sell its main business to Verizon Communications Inc in July, triggering questions about whether the deal would still be viable and, if so, at what price. Other agencies looking into the data breach include the Federal Trade Commission, the U.S. Attorney’s Office in Manhattan and “a number of State Attorneys General,” Yahoo said in the November filing. (Reporting by Suzanne Barlyn in New York; Editing by Peter Cooney) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-yahoo-sec-probe-idUKKBN15709O'|'2017-01-23T10:02:00.000+02:00'
'ca87e18297a327fa815fdde9156baa66677399c1'|'U.S. SEC says shipowner OSG, former CFO, charged over tax evasion'|'Business News - Mon Jan 23, 2017 - 4:08pm EST U.S. SEC says shipowner OSG, former CFO, charged over tax evasion A woman waits for an elevator in the foyer of the Fort Worth Regional Office of the Securities and Exchange Commission (SEC) in Fort Worth, Texas June 28, 2012. REUTERS/Mike Stone WASHINGTON The U.S. Securities and Exchange Commission said it charged on Monday shipping conglomerate Overseas Shipholding Group (OSG) and its former chief financial officer Myles Itkin with failing to recognize some $512 million in tax liabilities. OSG, which filed for bankruptcy protection in 2012 after the discovery of the tax liabilities, has agreed to pay a $5 million penalty subject to bankruptcy court approval, and Itkin agreed to pay a $75,000 penalty, the SEC said in a statement. (Reporting by Eric Walsh; Editing by Eric Beech) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-osg-taxevasion-idUSKBN1572OW'|'2017-01-24T04:08:00.000+02:00'
'223b39ac2c8aeadbd2d7385f66366fb02dcdff8c'|'BRIEF-Time Inc to acquire Adelphic Inc- WSJ'|'Company  46pm EST BRIEF-Time Inc to acquire Adelphic Inc- WSJ Jan 23 (Reuters) - * Time Inc to acquire automated ad buying platform Adelphic Inc,terms weren''t disclosed- WSJ Source on.wsj.com/2kkBcFo Next In Company News UPDATE 2-Citi subsidiaries to pay $28.8 mln over giving U.S. homeowners ''runaround'' -watchdog WASHINGTON, Jan 23 The U.S. consumer financial watchdog said on Monday it had fined subsidiaries of Citigroup Inc $28.8 million for giving "the runaround to borrowers" on mortgage servicing by keeping them in the dark about options to avoid foreclosure or making it difficult for them to apply for relief. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FD0OQ'|'2017-01-24T02:46:00.000+02:00'
'17057a4ea2c24a0cd9c0fae3bbb1440d101308eb'|'Deals of the day-Mergers and acquisitions'|'Financials   3:56pm EST Deals of the day-Mergers and acquisitions Jan 23 The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Monday: ** A U.S. judge blocked on Monday health insurer Aetna Inc''s proposed $34 billion acquisition of smaller peer Humana Inc, raising the stakes for rival Anthem Inc as it battles to clear a $54 billion deal to buy Cigna Corp. ** Former shareholders of Brazil''s CPFL Energia SA have handed over ownership of their stakes to State Grid Corp of China on Monday, which will automatically trigger a buyout of minority stakeholders, a person familiar with the matter said. ** Assicurazioni Generali said on Monday it had bought voting rights equal to 3.01 percent of Intesa Sanpaolo''s share capital, effectively blocking the lender from acquiring a large stake in Italy''s biggest insurer. ** Germany''s Ottobock, the world''s largest maker of artificial limbs, has attracted interest from private equity groups including KKR and CVC for a 20 percent stake in its core business, people familiar with the matter said on Monday. ** Eurobank has hired HSBC and Mediobanca to help it find a "strategic partner" for its Romanian subsidiary, a source at the Greek bank said on Monday. ** French carmaker PSA Group, the maker of Peugeot and Citroen cars, will announce a return to India this week through a manufacturing venture with New Delhi-based CK Birla Group, Les Echos reported on Monday. ** British housebuilders Bovis and Berkeley see little logic in a merger, sources close to the companies told Reuters, after a media report said an influential Bovis shareholder wrote to Berkeley asking it to consider such a step. ** Acquisitive Chinese conglomerate HNA, the owner of Hainan Airlines Co, is in final talks over the purchase of Hahn airport in western Germany, the airport''s state owners said on Monday. ** AMC Entertainment Holdings Inc, the No. 1 U.S. theater operator, said it would buy Nordic Cinema Group, the largest cinema chain in the Nordic and Baltic countries, for the equivalent of $929 million in cash. ** Russia is expected to sell discounted rights to one of the world''s largest untapped gold deposits this week to a joint venture of miner Polyus and a state conglomerate, industry sources and analysts said, after sanctions and restrictions discouraged other bidders. ** Siam Commercial Bank Pcl (SCB) has begun to formally seek bids for its life insurance business in a sale that could raise about $3 billion for Thailand''s third-biggest lender, said people with knowledge of the process. ** French cosmetics giant L''Oreal said on Monday it had chosen to invest in five tech start-up firms in the beauty products sector along with partner Founders Factory, as L''Oreal steps up its ventures in this area. ** Dutch tycoon John de Mol said Monday he would launch a 5.90 euro per share bid for Telegraaf Media Group (TMG), owner of the Netherlands'' largest newspaper, that values the company at around 273 million euros ($294 million). ** Shipping finance provider HSH Nordbank has launched its sales process, inviting expressions of interest from potential buyers, according to a statement issued by Citigroup on Monday. ** South Korea''s LG Corp, the holding company of LG Group, said in a filing on Monday it agreed to sell a stake in silicon wafer producer LG Siltron Inc to SK Holdings Co for 620 billion won ($531.9 million). ** China Molybdenum Co Ltd (CMOC) said on Sunday it had signed an agreement with Chinese private equity firm BHR to support BHR''s acquisition of a 24 percent stake in Democratic Republic of Congo''s massive Tenke copper mine. ** COSCO Shipping Ports will acquire a 16.82 percent stake in Qingdao Port International (QPI), operator of China''s sixth busiest port, the company said on Sunday, expanding COSCO''s port network. ** Modiin Energy said on Sunday it signed a letter of intent to buy 25 percent of the oil drilling rights in a site in shallow North Sea waters in British territory. ** Saudi Basic Industries Corp (SABIC) has signed an agreement to acquire the 50 percent that it does not already own in its petrochemical venture with Shell Arabia, a unit of Royal Dutch Shell, for $820 million, SABIC said on Sunday. ** Abu Dhabi''s government merged two of its top investment funds on Saturday to strengthen their financial clout in an era of low oil prices, creating a company with assets totalling about $125 billion. (Compiled by Sruthi Shankar in Bengaluru) Next In Financials Fitch Takes Rating Actions on U.S. Midtier Regional Banks Following Peer Review (The following statement was released by the rating agency) CHICAGO, January 23 (Fitch) Fitch Ratings has completed its review of its U.S. midtier regional bank peer group. Following the review, which generally covers banks with assets between $10 billion and $50 billion, Fitch downgraded UMB financial (UMBF) and revised the Rating Outlook to Stable from Negative. At the same time, Fitch revised the Outlooks for BOK Financial (BOKF) to Stable from Negative and revised the Outlook for First UPDATE 4-Canada has ''very special status,'' not a NAFTA target -Trump adviser CALGARY, Alberta, Jan 23 Canada has a "very special status" and is unlikely to be hit hard by changes the United States wants to make to the NAFTA trade accord, the head of a business advisory council to U.S. President Donald Trump said on Monday. Fitch Affirms BankUnited, Inc.''s IDRs at ''BBB/F2''; Outlook Stable (The following statement was released by the rating agency) NEW YORK, January 23 (Fitch) Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDRs) at ''BBB'' and Short-Term IDRs at ''F2'' for BankUnited, Inc. (BankUnited) and BankUnited, N.A. The Rating Outlook is Stable. See the full list of rating actions at the end of this release. The rating action follows a periodic review of the mid-tier regional banking group, which includes BankUnited Inc. (BKU), BOK Financial Corp. (BOKF), C MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/deals-day-idUSL4N1FD51J'|'2017-01-24T03:56:00.000+02:00'
'f16ea71510ea306e9a078146eb4ae57ad93c9f70'|'Sierra Nevada issues recall over chipped glass'|'Sierra Nevada beer issues 36-state recall over chipped glass by Aaron Smith @AaronSmithCNN January 23, 2017: 9:41 AM ET Sierra Nevada Brewing Co. is recalling eight brands of beer, including these, from its North Carolina brewery because of the risk of chipped glass. Sierra Nevada is recalling its beer in 36 states because glass can break off and fall into the bottle. The company said an inspection of its brewery in Mills River, North Carolina, "detected a very limited number of bottles with a flaw that may cause a small piece of glass to break off and possibly fall into the bottle, creating a risk for injury." The recall applies to beer sold from Maine to Florida and across the Midwest, as far west as Texas and South Dakota. The brewer named eight brands at risk for chipped glass: the flagship brand Pale Ale, Beer Camp Golden IPA, Sidecar Orange Pale Ale, Torpedo Extra IPA, Tropical Torpedo, Nooner, Hop Hunter and Otra Vez. Related: Craft beer made this home brewer a billionaire Sierra Nevada said anyone who has purchased it is eligible for a refund. The company is removing the beer from stores. Mike Bennett, the chief supply chain officer, said in a statement that he believes only one in about 10,000 bottles is affected, and the company has not received reports of injuries. Sierra Nevada is based in California, where it has a brewery in Chico. The label on the Chico-brewed beer, which is not part of the recall, is marked with a C, while the Mills River beer is marked with an M.  41 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/23/news/companies/sierra-nevada-beer-recall/index.html'|'2017-01-23T21:49:00.000+02:00'
'95bb3302e50d1ec0aa4fabf652b6311404a61371'|'Protectionism is a "bad idea" - ECB''s Coeure'|'  6:45am GMT Protectionism is a "bad idea" - ECB''s Coeure Benoit Coeure, member of the Executive Board of the European Central Bank (ECB), gestures during the session ''The Global Economic Outlook'' in the Swiss mountain resort of Davos January 24, 2015. REUTERS/Ruben Sprich PARIS European Central Bank Executive Board member Benoit Coeure said on Monday that economic protectionism was a bad idea, as he commented on new U.S. President Donald Trump, who has backed protectionist policies. "Protectionism, at this current moment, is clearly a bad idea," Coeure told France''s Radio Classique, while adding it was too early to comment more specifically because the newly inaugurated U.S. head of state had yet to clarify his precise economic policies. Coeure also reiterated that it was too early for the ECB to change its ultra-loose monetary policy, and that it was important that monetary conditions in the euro zone were set to be the "most appropriate" for the euro zone economy. On Jan 19, the ECB decided to keep its policy stance unchanged, wanting to see further improvements in growth and inflation. In December, it scaled down its monthly purchases by a quarter to 60 billion euros (51.5 billion pounds) from April but extended the programme until the end of 2017. (Reporting by Sudip Kar-Gupta; Editing by Andrew Callus) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-coeure-idUKKBN1570MD'|'2017-01-23T13:45:00.000+02:00'
'15162e287a11a07519b510065954390e9a246088'|'Brazil''s CPFL stake handover to State Grid to trigger minority buyout: source'|'SAO PAULO Former shareholders of Brazil''s CPFL Energia SA ( CPFE3.SA ) have handed over ownership of their stakes to State Grid Corp of China on Monday, which will automatically trigger a buyout of minority stakeholders, a person familiar with the matter said.The formal handover of stakes from Camargo Correa SA and several pension funds that were CPFL Energia''s majority shareholders before the June deal to State Grid was signed earlier in the day, said the person, who requested anonymity because the plan remains private.CPFL plans to inform details of the transaction and the ensuing minority buyout in a securities filing to be published later in the day, the person said.(Reporting by Tatiana Bautzer; Writing by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cpfl-energia-m-a-buyout-idINKBN1572LJ'|'2017-01-23T16:43:00.000+02:00'
'1034c711b7bcfa4316ecb7ed59636cab90ad273f'|'Insight - How Russia sold its oil jewel — without saying who bought it'|'By Katya Golubkova , Dmitry Zhdannikov and Stephen Jewkes - MOSCOW/LONDON/MILAN MOSCOW/LONDON/MILAN More than a month after Russia announced one of its biggest privatisations since the 1990s, selling a 19.5 percent stake in its giant oil company Rosneft, it still isn''t possible to determine from public records the full identities of those who bought it.The stake was sold for 10.2 billion euros to a Singapore investment vehicle that Rosneft said was a 50/50 joint venture between Qatar and the Swiss oil trading firm Glencore.Unveiling the deal at a televised meeting with Rosneft''s boss Igor Sechin on Dec. 7, President Vladimir Putin called it a sign of international faith in Russia, despite U.S. and EU financial sanctions on Russian firms including Rosneft."It is the largest privatisation deal, the largest sale and acquisition in the global oil and gas sector in 2016," Putin said.It was also one of the biggest transfers of state property into private hands since the early post-Soviet years, when allies of President Boris Yeltsin took control of state firms and became billionaires overnight.But important facts about the deal either have not been disclosed, cannot be determined solely from public records, or appear to contradict the straightforward official account of the stake being split 50/50 by Glencore and the Qataris.For one: Glencore contributed only 300 million euros of equity to the deal, less than 3 percent of the purchase price, which it said in a statement on Dec. 10 had bought it an "indirect equity interest" limited to just 0.54 percent of Rosneft.In addition, public records show the ownership structure of the stake ultimately includes a Cayman Islands company whose beneficial owners cannot be traced.And while Italian bank Intesa SanPaolo leant the Singapore vehicle 5.2 billion euros to fund the deal, and Qatar put in 2.5 billion, the sources of funding for nearly a quarter of the purchase price have not been disclosed by any of the parties."The main question in relation to this transaction, as ever, still sounds like this: Who is the real buyer of a 19.5 percent stake in Rosneft?" Sergey Aleksashenko, a former deputy head of Russia''s central bank, wrote in a blog last week.Glencore would not comment on the identity of the Cayman Islands firm or give a further explanation of how ownership of the 19.5 percent stake was divided.The Qatari Investment Authority said it would not comment on the deal, beyond confirming that it has participated in it.Rosneft declined to respond to questions posed by Reuters, including a request for comment on how ownership of the 19.5 percent stake was divided, information about the identity of the Cayman Islands buyer, or details of the source of any undisclosed sources of funds.The Kremlin did not respond to a list of questions about the deal sent by Reuters.MATRYOSHKA DOLLLike many large deals, the Rosneft privatisation uses a structure of shell companies owning shell companies, commonly referred to in Russia as a "matryoshka", after the wooden nesting dolls that open to reveal a smaller doll inside.Following the trail of ownership leads to a Glencore UK subsidiary and a company that shares addresses with the Qatari Investment Authority, but also to a firm registered in the Cayman Islands, which does not require companies to record publicly who owns them.The Singapore-registered investment vehicle that holds the newly privatised 19.5 percent stake in Rosneft is called QHG Shares. It is owned by a London-registered limited liability partnership, QHG Investments, which in turn lists as one of its two owners another London-registered limited liability partnership, QHG Holding, created on Dec. 5.One of the partners in QHG Holding is QHG Cayman Limited, registered at an address of the Cayman Islands office of Walkers, an international law firm.Jack Boldarin, Walkers managing partner in London, told Reuters the law firm would not be able to confirm whether any company was its client, or comment further.The use of an offshore company is by itself no indication of wrongdoing, but it can make it impossible to determine the true owner of an asset from public records.The Singapore vehicle is also the borrower for Intesa''s 5.2 billion euro loan, and QHG Holdings, the London partnership that includes the Cayman Islands firm, is a guarantor of that debt.Banking experts say Intesa would be required by "know your customer" rules to verify the borrowers'' identities. Regulators would exercise heightened scrutiny because of the size of the deal and the need to comply with sanctions on Russia.Reuters asked Intesa whether it knew who the beneficial owners of the Cayman company were. The bank replied with a statement: "Intesa Sanpaolo does not comment on the details of its client operations. But we wish to reiterate that the financing was completed with strict adherence to the regulations applicable to embargoes. Italian authorities found nothing that would prohibit such an operation."The Italian central bank, which serves as Italy''s banking regulator, declined to comment.(For a graphic showing the ownership of the privatised stake, click on: tmsnrt.rs/2jJvBpk )MYSTERY FINANCINGIf the full identity of the new owners of the Rosneft stake is a mystery, so too is the complete source of the funds with which they bought it.Although Qatar has never publicly confirmed how much it has contributed to the deal or the size of the stake that it bought, Glencore and Rosneft say it contributed 2.5 billion euros. Along with the 300 million from Glencore and the 5.2 billion loaned by Intesa, that still leaves a shortfall of 2.2 billion euros.Glencore has said this additional money came from other, undisclosed banks, including Russian banks, but has given no further details. The Qataris and Rosneft have declined to comment on the source of this funding.The purpose of Russia''s privatisation programme is to attract overseas money to cover a budgetary shortfall caused by low oil prices and Western sanctions. Putin has therefore banned Russian state-owned banks from participating in the financing of privatisation deals, which would defeat the aim of bringing in foreign capital.But public records in Singapore show that Russia''s second-largest bank, state-controlled VTB, loaned the Singapore vehicle QHG Shares the full 10.2 billion euros that it paid to the Russian state last month to buy the stake.VTB held the 19.5 percent Rosneft stake as collateral for that loan for part of December, before relinquishing it back to Rosneft''s state-owned parent company Rosneftegaz, which in turn relinquished it back to the Singapore vehicle when Intesa''s loan arrived in January.VTB and Rosneft say VTB''s role in the deal was solely to reduce market turbulence which would have arisen if the 10.2 billion euros had arrived abruptly from abroad to be converted to roubles on the open market.Apart from saying that its role was to reduce market volatility, VTB declined to comment further, including when asked if the full 10.2 billion euros was paid back, or by whom.FINDING A BUYERRosneft is the world''s biggest listed oil company by output and, along with natural gas export monopoly Gazprom, one of two crown jewels of the Russian state.Even at the best of times without the added risk of Western sanctions, there would only be a few foreign investors with deep enough pockets to buy a big stake.Glencore, one of the main buyers of Rosneft''s crude, has Qatar''s $335 billion sovereign wealth fund, the QIA, as its largest shareholder.Russia and Qatar have backed opposite sides for years in the war in Syria, but as the world''s two leading natural gas exporters they have good reason to cooperate on energy issues and bury some of their differences over Middle East policy."The idea looked appealing to Qatar. They like investing in energy. They saw upside in Rosneft. They saw upside in building relations with Russia, whose role in the Middle East politics is only set to rise," said one source involved in talks among members of the Qatar/Glencore consortium about the purchase.According to a source close to Rosneft''s management board, the deal came as a surprise to Rosneft''s shareholders, including Britain''s BP, which itself owns 19.75 percent of Rosneft and is represented on its board.The Rosneft board learned about the sale from Sechin himself only on Dec. 7, several hours after Sechin recorded his televised meeting with Putin announcing it, the source said.In response to questions from Reuters, BP said: "Matters of the board of directors are confidential."Two sources in the Russian government said the deal was also a surprise there: it had been agreed between Sechin and Putin''s Kremlin, above the cabinet. "Sechin did it all on his own - the government did not take part in this," one of the sources said.Prime Minister Dmitry Medvedev''s spokeswoman Natalia Timakova said: "All documents and procedures needed for privatisation were prepared and executed on time."(Additional reporting by Peter Graff in LONDON, Valentina Za in MILAN, Tom Finn in DOHA, Vladimir Soldatkin, Oksana Kobzeva, Darya Korsunskaya, Polina Nikolskaya, Andrey Ostroukh and Vladimir Abramov in MOSCOW; Writing by Dmitry Zhdannikov and Peter Graff)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uk-russia-rosneft-privatisation-insight-idINKBN1582PH'|'2017-01-24T17:15:00.000+02:00'
'986b84ea10bd773f1234c12dc304a3549db918f9'|'Fairfax may sell 25 percent of India''s ICICI Lombard in up to $1 billion deal - sources'|'  12:07pm GMT Fairfax may sell 25 percent of India''s ICICI Lombard in up to $1 billion deal - sources left right Fairfax Financial Holdings Ltd. Chairman and Chief Executive Officer Prem Watsa speaks during the company''s annual meeting in Toronto April 11, 2013. REUTERS/Aaron Harris/File Photo 1/2 left right Fairfax Financial Holdings Ltd. Chairman and Chief Executive Officer Prem Watsa speaks during the company''s annual meeting in Toronto April 11, 2013. REUTERS/Aaron Harris/File Photo 2/2 By Euan Rocha and Devidutta Tripathy - MUMBAI MUMBAI Fairfax Financial Holdings ( FFH.TO ) is in early talks to sell 25 percent of India''s largest private general insurer ICICI Lombard in a deal that could fetch up to $1 billion, as the Canadian firm looks to cash out and start a new insurance joint venture, sources familiar with the matter said. ICICI Lombard is a joint venture formed in 2001 between ICICI Bank ( ICBK.NS ), India''s second largest bank, and Fairfax, which is led by Canadian billionaire Prem Watsa. Fairfax, which owns a 35 percent stake in the venture, has seen the value of its investment surge over the past five years, as India''s general insurance market and ICICI Lombard have grown at a compounded annual rate of over 16 percent. Vehicle ownership in the country has surged and the market remains under-penetrated. Reducing its stake to 10 percent will allow the Canadian firm to start a new general insurance joint venture in India, which it aims to do, one of the sources said, adding foreign investors cannot own more than 10 percent of two insurance companies, as per Indian regulations. Private equity firms, including Blackstone Group ( BX.N ) and KKR & Co ( KKR.N ), as well as some Canadian pension funds have expressed interest in Fairfax''s stake, the sources said. ICICI may also look to sell a 10 percent stake in the unit at the same time, one source said. Buyers are likely to pay a larger premium for a stake in ICICI Lombard if they are able to get as much as a third of the company, the sources said. Two sources said a deal is likely to be finalised in the next two months. Fairfax may redeploy some of the proceeds to fund its $4.9 billion takeover of Swiss insurer Allied World ( AWH.N ), a source said. ICICI, Fairfax, Blackstone and KKR did not respond to requests for comment. The sources, who declined to be named as they are not authorized to publicly discuss the matter, said discussions are in the early stages and it was not yet clear what any final deal would look like. Fairfax has not yet chosen a bank to run a sale process, they said. ICICI Lombard, with an 8.8 percent market share, is a major player in the vehicle, home, health and travel insurance space with gross written premiums of $1.2 billion in fiscal 2016. Fifteen months ago, ICICI Lombard was worth $2.5 billion, based on the value of a stake ICICI sold to Fairfax at the time. Now, two of the sources pegged its value at about $4 billion, while a third said ICICI Lombard is worth about $3.2 billion. The range puts the value of a 25 percent interest in the insurer at between $800 million and $1 billion. NEW INSURANCE VENTURE Fairfax has already submitted an initial proposal to India''s insurance industry regulator, IRDA, for a new general insurance joint venture and met with the regulator this week, three sources said. The Canadian firm would be more inclined to proceed with the ICICI Lombard partial stake sale if it gets a nod from IRDA to move forward on the venture, the sources said. Fairfax plans to keep a 45 percent stake in the new venture, which will initially focus on the travel insurance market, one of the sources said. Kamesh Goyal, a former senior executive at Allianz ( ALVG.DE ), would spearhead the new venture and own a 15 percent stake in it with other investors buying up the rest, the source said. The overall initial investment in the venture is likely to be $50 million, the source said. Indian regulations allow foreign investors to own up to 49 percent in Indian insurers. (Editing by Paritosh Bansal and Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fairfax-fin-m-a-icicilombard-idUKKBN1541GY'|'2017-01-20T19:07:00.000+02:00'
'8aa359fd93456d1db193017ea9eab5790c6dee21'|'Abu Dhabi creates $125 bln fund in merger; Khaldoon al-Mubarak is CEO'|'Financials   11:08am EST Abu Dhabi creates $125 bln fund in merger; Khaldoon al-Mubarak is CEO ABU DHABI Jan 21 Abu Dhabi''s government on Saturday merged two of its top investment funds, Mubadala Development Co and International Petroleum Investment Co, to strengthen their financial clout in an era of low oil prices. The new fund, Mubadala Investment Co, will be run by chief executive Khaldoon al-Mubarak, United Arab Emirates state news agency WAM reported, adding that a board had been appointed. The merged fund will have assets worth around $125 billion, based on valuations at the end of 2015, officials said. The government originally announced in June last year that it planned the merger. (Reporting by Ahmed Tolba, Stanley Carvalho and Tom Finn; Writing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/emirates-abudhabi-funds-idUSL5N1FB0IU'|'2017-01-21T23:08:00.000+02:00'
'7c44176ad89023fa3e6f06b6c5a6f85aec93ae67'|'Why the secret to productivity isn’t longer hours - Money'|'Alex Soojung-Kim Pang is a consultant in Silicon Valley and a visiting scholar at Stanford University. He writes about technology and its cultural impact. His latest book, Rest: Why You Get More Done When You Work Less , is an empirical argument in favour of more limited working hours and greater understanding of the benefits of active rest as a means of raising creativity and productivity.What made you decide to write the book? I’ve been working as a technology forecaster and a consultant in Silicon Valley for about 15 years, and a few years ago, after lots of long projects and multitasking and travel, I started to feel the classic effects of burnout. My first response to this was to try to fit more into the day, to try to work harder. But when I was on sabbatical at Microsoft Research in Cambridge, I found that in three months I got an enormous amount of stuff done and did an awful lot of really serious thinking, which was a great luxury, but I also had what felt like an amazingly leisurely life. I didn’t feel the constant pressure to look busy or the stress that I had when I was consulting. And it made me think that maybe we had this idea about the relationship between working hours and productivity backward. And [we should] make more time in our lives for leisure in the classic Greek sense, not playing a lot of video games.Up until you wrote the book, you thought the more you worked the more productive you were? Yes, there was a straight line going up. More hours equalled more productivity. This is an assumption – a mistake – that we’ve been making for a very long time. And now there’s more than a century’s worth of work that overwork in the long run is bad for people and organisations and also bad for productivity. It’s something that can be sustained for periods of a few weeks but after that you start creating more problems than you solve.You focus on creativity. Do you think our attitudes to work have a similarly deleterious effect on work that is not creative? Work involves more improvisation and creativity than we recognise. Unless you’re doing a job that literally involves following a set of instructions that have been written out for you, the odds are your job is going to require dealing with exceptions and problems that will demand some ingenuity. Having said that, the research is very clear that no matter what kind of work you do, overwork is going to impact your productivity for the worse. The studies show that it’s not creative people who are affected by these things. It’s human beings who are affected by them.The most restorative type of rest is active: exercise and engaging hobbies do more for you than sitting on the couchWe’re now living in a digital age where theoretically there is a great deal of flexibility in our modes of work but at the same time we’re more connected than ever to work. Can you foresee employers enforcing more detachment from work? I think we have tended to be less critical and questioning of the virtues of new technologies, particularly communication technologies, than perhaps we should. After a generation’s experience with email, a decade’s experience with smartphones, we are discovering that these technologies do not automatically make us more productive or give us more time with our kids. Rather, they have tended to grind work down to a fine powder that spreads out right through our day. Is it possible to dial this back?The answer is there are companies that are already doing so. There are a growing number of companies in Silicon Valley, for example, often founded by people who are veterans of Facebook, Google, Cisco, Apple… places where the reigning assumption is, if you’re not working 70 hours a week then you’re a slacker. Companies like Basecamp and Treehouse have been limiting email contact in the evening and reducing the length of the working day. Just as Henry Ford showed 100 years ago that you can have people doing an eight-hour day rather than a 10-hour day and still have people doing good work and being productive, I think these companies show that it is not inevitable that communications technologies have to keep us connected 24/7.Historically there have been very different working cultures in the United States and Europe. We have longer holidays and shorter working weeks than the US and have been told that we’re lagging behind in productivity. But are you saying that maybe Europe was right all along? More often than Americans like to admit, Europe has been right. I think when you look at the statistics on the relationship between working hours and productivity in the developed world, one of the striking things you find is that it’s not as clear and linear a relationship as you think. Countries like Mexico and South Korea have longer working weeks and longer working years than Scandinavia and France or even Germany, but they have lower productivity rates. As easy as it is for Americans to make fun of the European economic environment as one that is beset with stifling regulation, the idea that it’s important to maintain better work-life balance turns out in the long run to have a lot going for it.We tend to think of rest as supine. But you say rest can be defined in wider terms than that… We think of rest as a negative space defined by absence of work but it’s really much more than that. The counterintuitive discovery is that many of the most restorative kinds of rest are actually active. Things like exercise or walks or serious, engaging hobbies do more for you than sitting on the couch binge-watching television. The more supine kinds of rest certainly have their place but active rest delivers the greatest benefits. It also provides occasion for creative reflection.You talk about the importance of “deep play”. Is that a recognised psychological concept? The term deep play comes originally from Jeremy Bentham but a cultural anthropologist called Clifford Geertz popularised it. People who are really ambitious and think about their work an awful lot will have these hobbies that look like they absorb gigantic amounts of time and energy. There are all kinds of different terms for roughly the same kind of thing – serious leisure. That there is no one term for this activity reflects the fact that there is no clear idea of its importance. But what I came to see is that these kind of activities – like, for example, climbing Mount Everest – have a deeper value that make the investment of time and energy worthwhile.Why time management is ruining our lives – podcast Read more What about sleep? If you don’t care about your mental development or your body, then forget about sleep. Otherwise sleep is the original rest. Scientists still haven’t found the one thing that explains why if you have a nervous system you need to sleep, and even if you don’t have a nervous system you need to sleep – plants do something similar. But it’s incredibly important for brain maintenance. When we sleep the brain takes time to clear out plaques and toxins that have built up during the hours we are awake. Even though we’re not aware of it, sleep also helps us push forward on questions and problems we’re working on during our waking hours.What’s the most surprising insight or fact you came across in your research? The big thing that I took away from this book is it’s completely changed the way that I think about creativity. I had a romantic notion in the 19th-century sense that creativity was something that was irrational and chaotic, that proceeds from a bolt from the blue, where you get inspired and then start working. And what you see in lots of creative lives is a completely different model of working. As Picasso said: “Inspiration exists but it has to find you at work.” People who have long creative lives, who do really great work for decades, they don’t get inspired and start work. They start work and get inspired. And they do this every day. That was a real revelation.• Rest is published by Penguin (£12.99). To order a copy for £11.04 go to bookshop.theguardian.com or call 0330 333 6846. Free UK p&p over £10, online orders only. Phone orders min p&p of £1.99'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/22/alex-soojung-kim-pang-interview-rest-why-you-get-more-done-when-you-work-less'|'2017-01-22T15:00:00.000+02:00'
'd47c328240b9cf781f7f9b09ee2de4c0650215f1'|'UPDATE 1-Trump''s health nominee says has no plans to privatize Medicare'|'Financials - Tue Jan 24, 2017 - 3:33pm EST UPDATE 1-Trump''s health nominee says has no plans to privatize Medicare (Adds details from hearing) By Toni Clarke and Susan Cornwell Jan 24 President Donald Trump''s nominee to run the U.S. Department of Health and Human Services told a U.S. congressional panel on Tuesday that he does not support the privatization of Medicare. Speaking before the Senate Committee on Finance, one of two committees that oversee the health department, Representative Tom Price, a Georgia orthopedic surgeon, also said his position reflects that of Trump, who has stated he does not want to cut Medicare. Price, who has previously backed privatization of Medicare, told lawmakers his role as health secretary would be very different from his role as a congressman and that his job would be to execute the wishes of Congress. "I would just convey to the Medicare population of this nation, they don''t have reason to be concerned," he said. "We look forward to assisting them in getting the care and coverage that they need." Democrats also grilled Price on his plans for Medicaid. A senior Trump adviser, Kellyanne Conway, said in an interview on NBC''s "Sunday Today" show that Trump''s plan to replace the Affordable Care Act will include fixed payments from the government to the states to care for Medicaid patients. These payments, known as block grants, contrast with the current system in which states share the actual cost of Medicaid enrollees with the federal government. Conway said converting to a block grant system would ensure that people in charge of administering the program are "those who are closest to the people" who need care. Price has long advocated block grants for Medicaid but declined on Tuesday to overtly re-state his position, saying only that he would work to make sure "people have better healthcare, not less healthcare." Price declined to say whether he supports the repeal of Medicaid expansion under the Affordable Care Act, better known as Obamacare, but said "any reform or improvement" would include the opportunity to gain access to quality healthcare. Medicare is the federal health program for the elderly while Medicaid covers the poor. (Reporting by Toni Clarke and Susan Cornwell in Washington; additional reporting by Caroline Humer in New York; Editing by Tom Brown) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-congress-price-idUSL1N1FE5HL'|'2017-01-25T03:33:00.000+02:00'
'19331b5a41d779d2e5a30a47cf13138b4b6d519b'|'Sterling dips after Supreme Court rules on Brexit'|'Foreign Exchange Analysis - Tue Jan 24, 2017 - 10:17am GMT Sterling dips after Supreme Court rules on Brexit A bank employee counts pound notes at Kasikornbank in Bangkok, Thailand October 12, 2010. REUTERS/Sukree Sukplang/File Photo LONDON Sterling fell and London''s FTSE 100 index rose on Tuesday after Britain''s supreme court ruled the government must legislate through parliament to trigger the start of talks on leaving the European Union. The pound traded higher as the first parts of the judges'' decision backed giving a say to MPs, which markets hope will lead to a push for a "softer" Brexit that puts more emphasis on retaining access to the EU''s lucrative single market. But that decision had been widely expected and prices quickly flipped around, also helped by the ruling that devolved assemblies in pro-EU Scotland and Northern Ireland would not have to be consulted. By 0953 GMT, sterling was trading 0.6 percent lower on the day at $1.2458. It was also down 0.3 percent at 86.10 pence per euro. "The market was not surprised by the result. Classic buy the rumour sell the fact," said Neil Jones, head of hedge fund currency sales at Mizuho in London. "Sterling''s rally looks limited post (the) decision." The FTSE 100 rose 0.4 percent on the day to 7172.64. "The court ruling is a slap on the face of the British government," said Jawaid Afsar, senior trader at Securequity. "However, parliament is likely to give its approval and the Brexit timeline could remain on track. As far as investors are concerned, one more uncertainty is now out of the way and they can focus on other things." (Reporting by Patrick Graham, Marc Jones, Jemima Kelly, David Milliken and Atul Prakash; Editing by Nigel Stephenson) Next In Foreign Exchange Analysis Euro edges up to more than one-month high vs dollar TOKYO The euro rose to a more than one-month high in early Asian trade on Monday, as investors locked in gains on the dollar''s recent rise as they awaited newly sworn-in U.S. President Donald Trump to offer details on his promised stimulus.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-markets-idUKKBN15814E'|'2017-01-24T17:17:00.000+02:00'
'359b369eee8a719d3c14fe0abffea1d78f7cf7c6'|'Indirect bidders snap up U.S. 2-year note supply'|'Funds  18pm EST Indirect bidders snap up U.S. 2-year note supply NEW YORK Jan 24 Fund managers, central banks and other indirect bidders purchased their biggest share of U.S. two-year Treasury note supply at an auction in eight months, Treasury data showed. This group of investors bought 48.82 percent of the $26 billion of two-year note offered compared with 32.74 percent at the prior two-year auction held in December and the largest since the two-year note sale in May 2016. (Reporting by Richard Leong, editing by G Crosse) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-auction-debt-idUSL1N1FE55L'|'2017-01-25T01:18:00.000+02:00'
'8d9ca2a21752b13b67772f0564935f0b87a74bd4'|'Etihad''s CEO is out. What''s next for the carrier?'|'Etihad''s CEO is out. What''s next for the gulf carrier? by Ivana Kottasova @ivanakottasova January 24, 2017: 6:45 AM ET The benefits of airline partnerships The boss at Etihad Airways is on his way out. His ambitious expansion strategy could be next to go. Etihad announced Tuesday that group CEO James Hogan will step down in the second half of 2017 as the company conducts a strategic review of the growth model he pioneered. "We must ensure that the airline is the right size and the right shape," said board chairman Mohamed Mubarak Fadhel Al Mazrouei. Hogan has been the head of the Abu Dhabi airline since 2006. Under his leadership, it grew into one of three key gulf carriers, competing with Qatar Airways and Emirates. Etihad''s rapid expansion was fueled by a novel strategy: Instead of forming codeshare alliances with other carriers, Hogan invested in them. In total, he took stakes in seven carriers including Air Berlin and Italy''s Alitalia. But not all of the investments paid off. "Where Etihad has had success with Air Serbia and Air Seychelles, it has battled hard to try and turn around Air Berlin and Alitalia," said Saj Ahmad, an aviation analyst at StrategicAero Research. Related: Airbus isn''t giving up on its A380 superjumbo The company has struggled with industry-wide problems, including lower profits per passenger and fierce competition from low-cost carriers. Etihad said it is already looking for a replacement for Hogan and CFO James Rigney, who is also leaving the company. Ahmad said that Etihad, with a fleet of 120 aircraft, remains well positioned. But it might move forward under a different strategy. "Whether the new leadership team follow this model remains to be seen," he said. CNNMoney (London) First published January 24, 2017: 6:45 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/24/news/etihad-airways-ceo-james-hogan/index.html'|'2017-01-24T18:48:00.000+02:00'
'357a1f5bc61344d599364b5af15b850d83e97d67'|'China''s central bank lifts two of its lending rates to rein in debt'|' 02pm IST China''s central bank lifts two of its lending rates to rein in debt FILE PHOTO: Chinese 100 yuan banknotes are seen on a counter of a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo By Winni Zhou and John Ruwitch - SHANGHAI SHANGHAI China''s central bank raised interest rates on a key funding tool, the medium-term lending facility (MLF), on Tuesday in its latest bid to cut debt levels and bolster financial stability. Policymakers are trying to keep the world''s second-largest economy sufficiently greased to counter an economic slowdown while also managing risks created by an explosive growth in debt that has fueled a housing boom. China''s benchmark bond futures prices fell at the end of the trading day on the higher rates, as the People''s Bank of China (PBOC) also rolled over maturing MLF loans. The central bank raised the interest rate for one-year and six-month MLFs by 10 basis points each to 3.1 percent and 2.95 percent, respectively. The move was designed "to maintain basic stability in the banking system", the PBOC said in a statement. Analysts suspected this increase in the cost of one of the main money market funding avenues for banks was in line with the central bank''s broader objective of reining in speculative investment in the economy. The MLF is a supplementary policy tool the central bank uses to manage liquidity conditions and medium-term interest rates in the banking system and money markets. Tuesday''s move was the first rate rise in years, catching many market participants off guard. Xia Haojie, a bond futures analyst at Guosen Futures, said higher MLF rates were intended to encourage deleveraging. "Low interbank yields don''t reflect real borrowing costs in the real economy and have to trend higher, otherwise easy funding would only be used by financial institutions to make speculative arbitrage," Xia said." Meanwhile, yuan depreciation pressure also puts upward pressure on Chinese yields." TIGHT LIQUIDITY A trader at a Chinese bank in Shanghai was surprised about the timing, given the generally tight liquidity conditions ahead of the week-long holiday. "I have no idea why the bank released such bad news ahead of the holiday. The purpose of raising the interest rates on MLFs is still to cut leverage at financial institutions," said the trader, who could not be identified by name because she was not authorised to speak to the media. The authorities have been tweaking policy settings to discourage excessive borrowing and deter capital outflows, including last year''s introduction of longer tenor open market funding operations and increased reporting requirements for overseas cash transfers. The last time the PBOC adjusted interest rates on MLF loans was February 2016, when it lowered offered rates for six-month and one-year tenors. And the last explicit policy tightening was in 2011, when the central bank raised benchmark lending rates. But Tommy Xie, a Singapore-based economist at OCBC Bank, said it might be too early to conclude that China had embarked upon a fresh tightening cycle. "The next important thing to monitor is the interest rate for open market operations. Our forecast for 2017 benchmark lending and deposit rates remains unchanged for now," he wrote in a report. On Tuesday, the PBOC said it lent 245.5 billion yuan ($35.8 billion) to 22 financial institutions via MLFs. The central bank sent queries to banks last week on the demand for the MLF loans when it did not announce any new issue of these loans as two batches totaling 216.5 billion yuan came due. The PBOC usually pumps more funds into money markets at the Lunar New Year, China''s biggest holiday, when demand for cash surges. But some traders said its injections have barely been keeping up with heavier demand this year. Ten-year treasury bond futures prices for June delivery slumped just before the end of trade, closing at 94.900 yuan from as high as 95.075 yuan earlier in the day. Some 435.5 billion yuan worth of MLF loans are due to mature in January, and an additional 205 billion yuan will mature in February, according to Reuters calculations. (Additional reporting by Samuel Shen; Editing by Jacqueline Wong) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-markets-mlf-idINKBN1581JX'|'2017-01-24T19:32:00.000+02:00'
'7b742ff261e057920f523a3729114bb5550034c0'|'EnQuest buys stake in BP''s Magnus field in North Sea'|' 36am GMT EnQuest buys stake in BP''s Magnus field in North Sea FILE PHOTO - Signage for a BP petrol station is pictured in London July 29, 2014. REUTERS/Luke MacGregor/File Photo LONDON North Sea-focused oil producer EnQuest ( ENQ.L ) has agreed to buy a 25 percent stake in BP''s ( BP.L ) Magnus oil field and further interests in the Sullom Voe oil terminal and surrounding infrastructure, the company announced on Tuesday. The deal is valued at $85 million (67.8 million pounds) but will be paid through revenue from the assets, of which EnQuest will also become operator. EnQuest also said it expects 2017 production to rise by up to 28 percent to a range of 45,000-51,000 barrels per day (bpd), mainly thanks to the expected second-quarter start-up of its Kraken field, compared with 39,751 bpd in 2016. (Reporting by Karolin Schaps; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-enquest-bp-deals-idUKKBN1580N9'|'2017-01-24T14:36:00.000+02:00'
'8558273ef71a1e99f34d39569811e183c0617391'|'Philips discloses conflict with US over defibrillators; Q4 earnings miss estimates'|'Money News - Tue Jan 24, 2017 - 12:20pm IST Philips discloses conflict with US over defibrillators; Q4 earnings miss estimates By Toby Sterling - AMSTERDAM AMSTERDAM Medical equipment maker Philips on Tuesday disclosed a conflict with the U.S. government over defibrillators it sold in 2015 and before, along with fourth-quarter earnings in which it missed analysts'' estimates. Philips repeated its medium-term financial targets of 4 percent to 6 percent average comparable sales growth and a 1 percent improvement in adjusted EBITA margin per year despite the defibrillator matter, which it said was civil, not criminal, in nature and would "have a significant impact" on that business. "We are currently in discussions on a civil matter with the Department of Justice representing the U.S. Food and Drug Administration, arising from past inspections in and before 2015, primarily on our external defibrillator business," CEO Frans van Houten said in a statement. "While the discussions have not yet concluded, we anticipate a meaningful impact on the operations of this business." Philips was forced to close a plant in Cleveland in 2014 that made high-end medical scanners due to U.S. government concerns over quality control in its supply chain. The company is still recovering from that incident, which badly dented earnings, with production ramping to full capacity in the course of 2015 and margins at its Diagnosis division continuing to recover. Van Houten said on Tuesday the company was committed to quality and had "over the last years made investments to enable significant progress in this area." The company reported fourth-quarter adjusted earnings before interest, taxes and amortisation (EBITA) of 1 billion euros ($1.08 billion) compared with 842 million euros in the same period a year earlier. Sales rose 3 percent to 7.24 billion euros. Analysts polled for Reuters forecast the EBITA figure at 1.04 billion euros and sales at 7.28 billion euros. ($1 = 0.9301 euros) (Reporting by Toby Sterling; Editing by Christian Schmollinger) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/philips-results-idINKBN1580HF'|'2017-01-24T13:50:00.000+02:00'
'4e3738cfe881a42a8882ebd9c278ca6868d7ef59'|'Singapore Dec headline CPI rises 0.2 percent from year earlier'|'SINGAPORE Singapore''s headline consumer prices index rose from a year earlier due to an increase in private road transport cost, data showed on Monday.The all-items consumer price index (CPI) in December rose 0.2 percent from a year earlier. The median forecast in a Reuters poll was for headline CPI to rise 0.1 percent from a year earlier.In November, headline CPI showed zero inflation, coming off a deflationary trend for the first time in two years.Singapore''s core CPI rose slightly less than expected at 1.2 percent in December from a year earlier. The median forecast was a rise of 1.3 percent.All items CPI was -0.5 percent for the whole of 2016.(Reporting by Fathin Ungku; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/singapore-economy-inflation-idINKBN1570II'|'2017-01-23T02:54:00.000+02:00'
'71a24e1669f5a65a521c606a446e8ddd0ba2f677'|'The psychologists'' guide to networking - Guardian Small Business Network'|'T he idea of introducing themselves to a room of strangers fills many business owners with dread. They know networking is important for growing their business, however they loathe it all the same. But what is it that makes people feel so uncomfortable ?Paul Russell is the co-founder of training company Luxury Academy and has an MSc in occupational psychology. He says people get nervous before networking events because of a fear of rejection. The danger is that this fear can itself create an awkward situation. “It’s human nature to visualise what will happen in the future. It is part of our internal self-preservation mechanism to imagine what will happen in a difficult or frightening situation,” Russell says. “But those who perceive themselves as socially anxious are more likely to imagine or predict that they will embarrass themselves in hypothetical stressful social situations. The challenge with this is that it can become a self-fulfilling prophecy.”Hate networking? Perhaps you''re doing it wrong Read more Dr Lynda Shaw works as a cognitive neuroscientist and psychologist, advising business people and entrepreneurs. She says fear releases stress hormones, which play havoc with the cognitive functions that are crucial to networking success. “Fear causes cortisol to be released into the brain, which makes it harder to think creatively and remember things,” she says.However, the prognosis isn’t as bad as it sounds. For those who feel they are forever about to make a faux pas, psychologists have made a discovery that should bring some comfort. The “ pratfall effect ”, first popularised by Harvard University psychologist Elliot Aronson, shows that displays of weakness and fallibility make us more likeable. Richard Shotton, deputy head of research at media agency Manning Gottlieb , agrees that a touch of modesty will go a long way at networking event, but warns that there are limits to this technique. “The weakness shouldn’t involve your core competence – that would be like a restaurant admitting its food tastes bad. Also, if you do admit a weakness, you need to have already established a general level of competence. Aronson’s experiment showed that while successful people who admitted a weakness became more appealing, those who were [already] seen as incompetent beforehand became less appealing.”Shotton says admitting weakness is the basis of many advertising campaigns, but the choice of confession is highly tactical. The “good things come to those that wait” campaign by drinks brand Guinness is a good example. “It’s best to admit a weakness that is the mirror image of your strength. Guinness may take longer to pour but boy, it’s worth it,” he says. Making conversation One of the hardest parts of networking is entering the room and knowing where to start. Shaw tends to head for the drinks table, where many conversations are naturally struck up. However, if that fails, she suggests scanning the room and observing the body language of those present. “If people are in a tight huddle then they don’t want to be disturbed. But if you see two people facing outwards, it should be fairly easy to join them,” she says.The worst thing that can happen is you don''t make a connection and you never see these people againChristine Buske Shaw suggests reading up on news and events prior to the event to ensure you have a few things to talk about. She’ll also admit she “doesn’t know anyone here” and says this can often create a “me too” response, or the offer of a few introductions. Remember, she adds, not every conversation is crucial. A few light-hearted meetings and shared jokes can help get you in the right frame of mind and make the event more productive. “As you enjoy yourself, your brain releases dopamine, the motivator, and serotonin, the happy chemical. Others will also enjoy your company more,” says Shaw. Russell teaches a three-pronged approach to networking called the ARE strategy, which stands for anchor, reveal and encourage. Find common ground with someone (anchor), reveal something about yourself and encourage others to talk. “Everyone’s favourite subject is themselves,” he adds. Dr Christine Buske has lectured in neuroscience and studied behavioural psychology and is now product manager at academic social media platform Mendeley . She says, until her early 20s, she was incredibly shy and was afraid of public speaking and mixer events. However, Buske’s career ambitions forced her to confront her anxieties until she became “desensitised”. Though introverts will always feel some trepidation at networking meetings, she says, practice will help them perform better. “You can’t change your personality, but you can change your behaviour and your reactions to a given situation,” says Buske. “If you are very nervous about networking, the best thing you can do is to do more of it. “Adults at business meetings don’t normally laugh at people. The worst thing that can happen is that you don’t make a connection and you never see these people again.”Dos Preparation can help overcome anxiety. Get a list of attendees, do some research on those you want to meet beforehand and read up on recent news and events. Think positively and relax. Remember the worst case scenario of a networking event is not that bad. Make the aim of the event helping others and making connections. “Humans are social creatures and we herd together for mutual benefit. If someone helps us, we feel bound to repay the favour,” Buske says.Be prepared to admit that you don’t know anyone and be open to revealing shortcomings, especially if it implies a strength. Practise. Don’ts Talk about yourself all night. No one wants to listen to the self-obsessed. Hand out business cards without good reason. “Take my card” is a cliche, only hand them to people you want to meet again. Forget to listen. Showing interest in others is key as it makes the speakers feel good and enables us to learn. Remain in a huddle with people you know. It’s easy to stay in your comfort zone but you will not make new contacts. Forget to follow up. If you say you are going to call then you should. People respect those who are true to their word. Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jan/23/psychologists-guide-networking-events-advice'|'2017-01-23T14:15:00.000+02:00'
'7dac59eec0a5d46d12d08ec53dac136ec4c276d0'|'Most German companies expect little to no impact from Brexit - poll'|'Business News - Mon Jan 23, 2017 - 12:37pm GMT Most German companies expect little to no impact from Brexit - poll A Union flag flies next to the flag of the European Union in London, Britain, January 20, 2017. REUTERS/Toby Melville BERLIN A large majority of German companies expect Britain''s divorce from the European Union to have little to no effect on their business, according to a poll published by the Cologne Institute for Economic Research (IW) on Monday. More than 90 percent of the 2,900 companies surveyed either said they expected no damage at all or very little harm, the survey entitled "Brexit, so what?" found. Only two to three percent said they expected Brexit to have a major impact on their investments and workforce. (Reporting by Matthias Sobolewski; Writing by Joseph Nasr; Editing by Andrew Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-germany-idUKKBN1571LR'|'2017-01-23T19:37:00.000+02:00'
'5a116bbc6d5f55f8bbeb60db24e8fbca01daca23'|'REFILE-Safe Harbor Marinas buys peer as it mulls IPO -sources'|'Deals - Sun Jan 22, 2017 - 7:19pm EST Safe Harbor Marinas buys peer as it mulls IPO: sources By Greg Roumeliotis and Lauren Hirsch Safe Harbor Marinas has acquired peer Brewer Yacht Yard Group, roughly doubling its size and making itself the world''s largest owner and operator of marinas, as it considers an initial public offering, people familiar with the matter said on Sunday. The deal comes less than two years after investment firm American Infrastructure MLP Funds formed Safe Harbor. It underscores the financial appeal of marinas, which can produce strong, reliable cash flows thanks to the membership fees that they charge boat owners and sailing enthusiasts. Dallas-based Safe Harbor is also in preliminary talks with investment banks to explore the possibility of an IPO that could value the company at between $500 million and $1 billion, the people said, cautioning that no decision has been made yet as to whether the company will go public. Accounting for the deal with Brewer Yacht Yard, Safe Harbor generates 12-month revenue of around $200 million, the people added. As part of the deal with Brewer Yacht Yard, which is expected on be announced on Monday, investment firms Guggenheim Partners and Weatherford Partners have also invested in Safe Harbor, the people said. American Infrastructure Funds remains the majority owner of the company, the people added. The sources asked not to be named because the deal is not yet public. With the acquisition of Brewer Yacht Yard, Safe Harbor now owns 63 properties across 17 U.S. states. Many of its marinas offer amenities that include restaurants, playgrounds and pools. Founded in 1879 by R.G. Brewer as a chandlery and hardware store for boat owners and fishermen in Mamaroneck, New York, Brewer Yacht Yard expanded into marinas starting in the 1950s. The founder''s great-grandson, Jack Brewer, now owns a minority stake in the combined company following the deal with Safe Harbor, according to the sources. Safe Harbor President Baxter Underwood has been appointed CEO of the combined company, succeeding Marshall Funk, who has been named chief strategy officer and will still sit on the company''s board, according to the sources. (Reporting by Greg Roumeliotis and Lauren Hirsch in New York; Editing by Paul Simao) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-brewer-yacht-yard-group-m-a-safe-harb-idUSKBN15700L'|'2017-01-23T06:37:00.000+02:00'
'd36c915e3c8a00152262bde0188236a51a0dcc1b'|'Sainsbury''s chairman reprimanded for using staff on country home'|'Business News - Mon Jan 23, 2017 - 8:25am GMT Sainsbury''s chairman reprimanded for using staff on country home FILE PHOTO: A Sainsbury''s supermarket sign is seen in London, Britain, January 11, 2012. REUTERS/Stefan Wermuth/File Photo LONDON The board of Sainsbury''s ( SBRY.L ) reprimanded its chairman David Tyler for using the British supermarket''s staff and suppliers to help revamp his country house, it said on Monday. Tyler, who has been chairman of Sainsbury''s since 2009, was given a warning letter by the company''s board but no further action was taken. The case, first reported by The Guardian, related to Tyler''s use of Sainsbury''s employees and suppliers to help with the development and installation of an underfloor heating system at his barn conversion in East Sussex, southern England. "This is a historical issue dating back to 2013. The chairman volunteered the information and the board conducted a thorough investigation in line with company policy, as they would with any other colleague in the same circumstances," Sainsbury''s said in a statement. "As a result of the investigation, the chairman was given a warning but the board concluded that his failure to comply with company policy was unintentional, that he did not act dishonestly and made no financial gain.” Tyler is also chairman of property firm Hammerson ( HMSO.L ) and was finance director of GUS when it owned Argos and Burberry. Last year Sainsbury''s purchased Argos owner Home Retail in a 1.1 billion pounds deal. (Reporting by James Davey, editing by Louise Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sainsbury-management-idUKKBN1570UD'|'2017-01-23T15:25:00.000+02:00'
'1d88baf9ad166ca5f2b6553aa8aa9a113063204b'|'Bank of England to keep rates on hold until 2019 at least - Reuters poll'|' 10pm GMT Bank  : Reuters Poll Pedestrians walk past the Bank of England in the City of London, Britain, May 15, 2014. REUTERS/Luke MacGregor/File Photo By Jonathan Cable - LONDON   All but one of the 67 economists polled by Reuters in the last few days said the Bank would keep its policy unchanged when it announces the outcome of the latest meeting of its rate-setters on Feb. 2. After Britain voted last June to leave the European Union, the Bank cut borrowing costs to a record low of 0.25 percent and restarted its quantitative easing program as it responded to initial signs that the economy was slowing sharply. But the economy has so far fared much better than feared, and two-thirds of the respondents in the Reuters poll said the Bank would raise its growth forecasts again in its latest Quarterly Inflation Report. The others said they would be left unaltered. In November, the Bank made its biggest ever forecast upgrade when it raised its expectation for British economic growth in 2017 to 1.4 percent from the previous 0.8 percent made in August, although it lowered its forecasts for 2018 and 2019 on higher inflation and weaker business investment. "In normal times, the current data might point to a rate rise in the UK but times are not normal, and the bar for a hike is high," said Liz Martins at HSBC. "With Brexit-related uncertainty, slower growth and weaker consumption in prospect, we think rates stay on hold." The poll gave only a median 20 percent chance of borrowing costs increasing this year and just a 15 percent likelihood they''ll fall, the poll found. The highest chance of a hike given by anyone was 70 percent and the highest of a cut was 60 percent. Few expected any change to the Bank''s target of holding 435 billion pounds of British government bonds and 10 billion pounds of corporate bonds before the end of December 2018, the forecast horizon. Three thought the size of the bond-buying programs would be raised and one said they would be cut. Fifteen of 31 respondents said the Bank would raise its forecast for inflation over the next two years. It has already begun to climb following the pound''s slump and rising oil prices. Twelve said the inflation forecast would be unchanged and four said it would be lowered. "Inflation forecast likely to be revised up as sterling depreciation effects come through more quickly than previously expected," said Stephen Lewis at ADM Investor Services. June''s shock EU referendum result wiped as much as 20 percent off the pound''s value GBP= against the U.S. dollar. A Reuters poll last week predicted Britain''s economy would grow 1.2 percent this year and 1.3 percent in 2018. It also said inflation would be 2.5 percent this year and next. (Polling by Krishna Eluri and Vartika Sahu)   Investors gird for impact of Trump healthcare measures An order by President Donald Trump that could scale back enforcement of some Obamacare provisions is unlikely to sink health insurance stocks, but shares of hospitals and Medicaid providers could be under pressure over fears more poor people would lose coverage, analysts said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-boe-policy-poll-idUKKBN1571Q2'|'2017-01-23T20:07:00.000+02:00'
'8b06cc96b826f295a5a1024ec85d60adfc444752'|'TrailStone buys Cargill''s power and gas group: sources'|'By Catherine Ngai and Liz Hampton - HOUSTON HOUSTON Commodities trader and investor TrailStone Group has purchased Cargill Inc''s gas and power trading group, three sources familiar with the deal said this week.The move, first reported by Sparkspread, comes amid a reshuffling in the power and natural gas industry as private equity firms and hedge funds pour into the space, filling a void left by banks and other longtime players.The banks and others have been pulling back over the past several years as natural gas prices have reached lows not seen in a decade, due to abundant U.S. shale gas and increasingly strict capital requirements and regulations that have pressured banks to reduce their involvement in physical commodities markets.Swiss-based commodities trader Gunvor Group Ltd this year opened a natural gas trading desk in Connecticut, headed by a former director of natural gas for Freepoint Commodities.Last September, Hartree Partners lost its head of natural gas trading, and in May, U.S. investment bank Goldman Sachs Group Inc snagged Mercuria Energy Trading''s head of natural gas and power trading.TrailStone already had natural gas and power trading operations in the United States. TrailStone did not respond to a request for comment, and Cargill declined to comment.(Reporting by Catherine Ngai and Liz Hampton in Houston; additional reporting by Scott DiSavino in New York; editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cargill-inc-m-a-trailstone-idINKBN1542TE'|'2017-01-20T18:39:00.000+02:00'
'bac6f1eb29d0c18ed1676b574aa8225180f31c5c'|'Federal judge blocks Aetna Inc''s plan to buy rival Humana'|'Regulatory News   12:06pm EST Federal judge blocks Aetna Inc''s plan to buy rival Humana WASHINGTON Jan 23 A U.S. federal judge blocked on Monday health insurer Aetna Inc''s proposed $34 billion merger with rival Humana, saying it was illegal under antitrust law. Judge John Bates of the U.S. District Court for the District of Columbia said the proposed deal would "substantially lessen competition in the sale of individual Medicare Advantage plans in 364 counties identified in the complaint and in the sale of individual commercial insurance on the public exchanges in three counties in Florida." The Justice Department filed a lawsuit on July 21, 2016 to block Aetna''s acquisition of Humana and Anthem Inc''s purchase of Cigna Corp, saying the two deals would lead to higher prices. (Reporting by Diane Bartz; Editing by Chizu Nomiyama) Next In Regulatory News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/humana-aetna-antitrust-idUSL1N1FD1DK'|'2017-01-24T00:06:00.000+02:00'
'bc84e58fee2e15f7c7464a93699c71811bb81987'|'Mozambique default on eurobond was ''unnecessary'' - creditor group'|'Business   6:04am GMT Mozambique default on eurobond was ''unnecessary'' - creditor group LONDON Mozambique''s default on a coupon payment for its dollar-denominated bond last week was "unnecessary" and a step backwards for the country''s relationship with the holders of the debt, a group of creditors said in a statement on Monday. Mozambique announced a week ago it would not make the $59.8 million (48.1 million pounds) payment to holders of its 2023 bond due on Jan. 18 because A deteriorating economic and fiscal situation made its ability to repay debt this year extremely limited. "This development is a retrograde step for the prospects of Mozambique engaging in good faith negotiations with bondholders," the Committee of Mozambique''s Bondholders said in a statement. "The default was unnecessary, given the improvement since October in Mozambique''s economic and financial situation," the statement said. It added that Maputo was continuing to service other external debt, which signalled "a strategic default targeted at the bondholders." The committee was formed in November and includes AllianceBernstein, Franklin Templeton Investment Management and Greylock Capital Management as well as NWI Management and Pharo Management. It says it represents 60 percent of the holders of Mozambique''s so-called "tuna bond". The southern African country, one of the world''s poorest, has seen its currency and investor confidence collapse since April, when the International Monetary Fund (IMF) halted a loan after uncovering previously undisclosed debts. The additional debt burden came to light only days after bondholders had agreed to a restructuring. In its statement, the committee reiterated there was nothing to negotiate until it saw an international audit of state firms'' loans requested by the IMF and an outline of what sort of engagement the fund would envisage going forward. It also repeated that Mozambique needs to accept "intercreditor equity" - referring to equal treatment for loan and bond creditors as well as bilateral lenders. "While negotiations are premature, the committee has been prepared to discuss its views and analysis of all aspects of the situation facing Mozambique. To date, neither the government nor its advisors has engaged with the committee on such initial discussions," the statement said. On Friday, Fitch said Mozambique''s failure to pay the interest on the bond pointed to an extended period of uncertainty. (Reporting by Karin Strohecker; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mozambique-eurobond-creditors-idUKKBN1570JF'|'2017-01-23T13:04:00.000+02:00'
'b251bbc29311b4b3c5f1cf8441bd5d8d7b4746d2'|'GE profit rises 35.7 percent'|'Money   5:20pm IST GE profit rises 35.7 percent The General Electric logo is pictured on the General Electric offshore wind turbine plant in Montoir-de-Bretagne, near Saint-Nazaire, western France, November 21, 2016. REUTERS/Stephane Mahe/Files General Electric Co reported on Friday a 35.7 percent rise in quarterly profit, helped by strength in its power and renewable energy businesses. Earnings from continuing operations attributable to GE shareholders rose to $3.48 billion in the fourth quarter ended Dec. 31 from $2.57 billion a year earlier. Earnings per share from continuing operations rose to 39 cents from 26 cents, the company said. ( invent.ge/2jTRUYK ) On an adjusted basis, GE earned 46 cents per share. Total revenue fell 2.4 percent to $33.09 billion. The maker of power plants, aircraft engines, locomotives and other industrial equipment reiterated its 2017 operating earnings per share forecast. (Reporting by Ankit Ajmera in Bengaluru; Edited by Martina D''Couto) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ge-results-idINKBN1541FL'|'2017-01-20T18:50:00.000+02:00'
'9399661cf5cb1e0a76e472611eeccf9cad1a19d2'|'Indian shares fall 1 pct; Axis Bank slumps after results'|'Financials  30am EST Indian shares fall 1 pct; Axis Bank slumps after results Jan 20 Indian shares fell 1 percent on Friday to post their first weekly fall in four as Axis Bank slumped after it posted disappointing results, dragging down other lenders. The broader NSE index closed down 1.02 percent at 8349.35, while the benchmark BSE index ended down 1 percent at 27,034.50. The NSE index slipped around 0.6 percent for the week, while the BSE dropped 0.7 percent. Axis Bank ended down 6.83 percent. For midday report, click here (Reporting by Shivam Srivastava in Bengaluru; Editing by Sherry Jacob-Phillips) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-stocks-idUSL4N1FA3Q8'|'2017-01-20T17:30:00.000+02:00'
'84a717d185bc2ce29877f55054c776214f74622b'|'Oil rises for second day as supply tightens, but U.S. stocks weigh'|'Business News - Fri Jan 20, 2017 - 12:56am GMT Oil rises for second day as supply tightens, but U.S. stocks weigh Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, in this March 24, 2016 file photo. REUTERS/Nick Oxford SINGAPORE U.S. oil climbed for a second day on Friday underpinned by expectations of tighter supply, but prices remained in a range as they were pressured by rising U.S. inventories. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading up 20 cents at $51.57 per barrel at 0038 GMT. Brent crude LCOc1 was yet to trade. The International Energy Agency (IEA) said that while it was "far too soon" to gauge OPEC members'' compliance with promised cuts, commercial oil inventories in the developed world fell for a fourth consecutive month in November, with another decline projected for December. But U.S. crude inventories rose unexpectedly last week as refineries sharply slowed production, while gasoline stocks soared amid weak demand, the Energy Information Administration said on Thursday. Crude inventories USOILC=ECI rose 2.3 million barrels in the week to Jan. 13, compared with analyst expectations for an increase of 342,000 barrels. The data showed much larger-than-expected builds in gasoline with inventories of the motor fuel on the U.S. East Coast swelling to the highest weekly levels on record for this time of year, when refiners typically begin storing barrels ahead of summer driving season. "Crude oil prices were range-bound despite the EIA''s weekly report showing a gain in inventories," ANZ said in a note. "OPEC continued its commentary around a strong adherence to the production cut agreement as the monitoring committee meetings to discuss progress." Brent as well WTI futures were on track for a second week of declines. OPEC, which is cutting oil output alongside independent producer Russia, wants a lasting partnership with Moscow, Saudi Energy Minister Khalid al Falih told Reuters. He said the deal need not be extended for a full year if the market rebalances. Oil stocks around the world need to decline by at least another 270 million barrels to reach a five-year industry average for OPEC to be able to say the markets are becoming balanced, OPEC Secretary General Mohammed Barkindo told Reuters. (Reporting by Naveen Thukral; Editing by Joseph Radford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN15403U'|'2017-01-20T07:56:00.000+02:00'
'03e47b992cb07ea4d3a38e73a4b6455675f991d0'|'U.S. consortium reveals failed bid for Nottingham Forest'|'Business News - Fri Jan 20, 2017 - 9:50am GMT U.S. consortium reveals failed bid for Nottingham Forest Football - Nottingham Forest v Swansea City - Pre Season Friendly - The City Ground - 15/16 - 25/7/15Nottingham Forest chairman Fawaz Al HasawiAction Images / Alan Walter Nottingham Forest owner Fawaz Al Hasawi has rejected an improved bid from the U.S.-based consortium that is trying to take over the struggling English Championship club. Ex-San Diego Padres owner John Jay Moores and fellow entrepreneur Charles Noell, who head the consortium, said in a statement that Al Hasawi, who took over Forest in 2012, had turned down their latest offer. "We have been firmly committed to completing the acquisition since we opened negotiations in August and we remained optimistic throughout that the sale would be completed," they added. "That the deal remains incomplete is not due to any lack of immediately available capital, belief, desire, action or ability on the part of either ourselves or our advisory team. "We will remain interested in following Forest''s performance with a view to perhaps re-engaging with the ownership about acquiring the club in the future." Former double European Cup winners Forest are three points above the relegation zone in England''s second-tier and sacked manager Philippe Montanier last week after just seven months in charge. Al Hasawi issued an open letter to Forest''s supporters on the club''s website on Thursday, saying he is committed to securing Forest''s success on and off the pitch and announcing the appointment of Samantha Gordon as Chief Financial Officer. "I know that there have been a number of rumours circulating on the takeover talks over the last few days," he added. "Unfortunately I am not able to go into detail about those talks due to confidentiality restrictions; however I would like to publicly reiterate my dedication to the club and its fans." (Reporting by Simon Jennings in Bengaluru; editing by Sudipto Ganguly) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-soccer-england-forest-idUKKBN15413J'|'2017-01-20T16:50:00.000+02:00'
'b68888dd9be1ee24d775380504b96af91a0688ce'|'Indonesia watchdog says former CEO of airline Garuda a bribery suspect'|'Fri Jan 20, 2017 - 3:22am GMT Indonesian watchdog says former Garuda CEO a bribery suspect left right FILE PHOTO Former CEO PT Garuda Indonesia Emirsyah Satar talks to reporters during a news confrence at Garuda Indonesia''s head office in Tangerang, Indonesia, December 12, 2014. Picture taken December 12, 2014. REUTERS/Beawiharta/File photo 1/3 left right FILE PHOTO Workers clean the body of a Garuda Indonesia Airbus A320 aircraft inside Hangar 4 of PT Garuda Maintenance Facility (GMF) Aero Asia at Soekarno-Hatta airport in Jakarta, September 28, 2015. REUTERS/Beawiharta/File photo - RTSW94I 2/3 left right FILE PHOTO Former Chief Executive Officer of Indonesia''s Garuda airline Emirsyah Satar, accompanied by airline crew, speaks to reporters during the airline''s initial public listing in Jakarta February 11, 2011. REUTERS/Enny Nuraheni/File Photo 3/3 By Cindy Silviana and Fransiska Nangoy - JAKARTA JAKARTA Indonesia''s anti-corruption agency said on Thursday it was treating the former chief executive of airline PT Garuda Indonesia Tbk ( GIAA.JK ) as a suspect in a bribery case. Indonesia''s Corruption Eradication Commission (KPK) said in a statement the CEO of Garuda from 2005 to 2014 was suspected of taking bribes related to the purchase of planes and machines from Rolls-Royce ( RR.L ) and Airbus ( AIR.PA ). The KPK did not refer to the CEO by name but, as is its custom, used initials - in this case "ESA". The CEO of Garuda from 2005 to 2014 was Emirsyah Satar, who is now chairman of Indonesian conglomerate Lippo Group''s e-commerce platform MatahariMall.com. Satar and his assistant did not respond to Reuters'' requests for comment. MatahariMall said it supported the legal process in Indonesia, but declined further comment. Rolls-Royce and Airbus did not immediately respond to requests for comment. The KPK said it found evidence that "ESA" had received 20 billion rupiah ($1.5 million) of cash and items worth $2 million in Singapore and Indonesia from another suspect. KPK Chairman Agus Rahardjo said at a news briefing its probe was directed against individuals, and would not affect Garuda''s operations. Garuda''s vice president for corporate communication, Benny S. Butarbutar, said the airline would cooperate with the KPK, adding the investigation "has no connection to our corporate activities." Rolls-Royce agreed to pay authorities more than $800 million to resolve charges of bribing officials in six countries in schemes that lasted more than a decade, the U.S. Justice Department and Britain''s Serious Fraud Office (SFO) said in statements on Tuesday. Britain''s SFO last year launched an investigation into suspected fraud, bribery and corruption in some Airbus aeroplane sales, following discrepancies found during an internal company audit of applications for UK government export credits. Neither the UK authorities nor Airbus has said which airlines'' aircraft are affected by the probe. ($1 = 13,368.00 rupiah) (Reporting by Cindy Silviana, Fransiska Nangoy and Tim Hepher; Writing by Eveline Danubrata; Editing by Mark Potter/Keith Weir) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-rolls-royce-hldg-fraud-indonesia-idUKKBN15409I'|'2017-01-20T13:15:00.000+02:00'
'ffa27b0767960fa906b49d8d9d6ce92ac87ac358'|'Peru seeks trade deal with Britain as Brexit looms - minister'|' 20pm GMT Peru seeks trade deal with Britain as Brexit looms - minister LIMA Peru wants to negotiate a free trade agreement with Britain as the country prepares to leave the European Union, the Peruvian trade minister said on Thursday after meeting his British counterpart. Peru signed a trade agreement with the European Union in 2012, but trade barriers with Britain that have eased since then would go back up once London quits the EU single market, the world''s largest trading bloc. "The possibility of a bilateral trade agreement is important," Trade Minister Eduardo Ferreyros said in a statement on his meeting with Lord Price, Britain''s Minister of State for Trade Policy. The trade ministry said it was studying potential products and services that might be covered in a deal. Peru''s exports of grapes, blueberries, pomegranates, quinoa, wood, jewelry and clothing would likely benefit, as well as restaurant chains that operate abroad. Peru, with about 30 million people, is a leading producer of copper, gold and fishmeal. The vast majority of its exports are sent to China and the United States. Trade between Peru and Britain was worth $783 million (£635 million) in the first 11 months of last year, up 44 percent from the same period in 2015, the ministry said. As one of Latin America''s most open and fastest-growing economies, Peru has been an outspoken advocate for free trade since a wave of protectionist sentiment swept elections in Britain and the United States last year. On Wednesday, Peru announced it would soon start formal talks with India on a free trade deal. The Andean country has also agreed to update its trade agreement with its top trade partner China and a tariff-reducing deal it struck with Honduras went into effect at the start of the year. (Reporting by Mitra Taj; editing by Grant McCool)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-peru-britain-trade-idUKKBN1533AW'|'2017-01-20T06:20:00.000+02:00'
'd03f27c24e791866472a568f494f194e98ae2017'|'Warburg Pincus hires Goldman Sachs to sell Safetykleen Europe'|'  3:52pm IST Warburg Pincus hires Goldman Sachs to sell Safetykleen Europe FILE PHOTO - The logo of Dow Jones Industrial Average stock market index listed company Goldman Sachs (GS) is seen on the clothing of a trader working at the Goldman Sachs stall on the floor of the New York Stock Exchange, United States, in this April 16, 2012 file photo. REUTERS/Brendan McDermid/File Photo By Andrés González and Arno Schuetze - MADRID/FRANKFURT MADRID/FRANKFURT U.S. private equity fund Warburg Pincus has hired Goldman Sachs to sell Safetykleen Europe, which provides used oil collection, recycling and parts cleaning services, four sources with knowledge of the matter said. The firm, which was acquired by Warburg Pincus in 2008 for 565 million pounds ($695.57 million) could fetch around 640 million pounds, including debt, at a multiple of around eight times core earnings, two of the sources said. Warburg Pincus and Goldman Sachs   Safetykleen Europe had earnings before interest, taxes, depreciation and amortisation (EBITDA) of 60 million pounds in 2015, when its debt was 635 million pounds. One of the sources said core earnings were expected to reach 70 million pounds in 2016 and 80 million pounds in 2017, helped by a rebound of the industrials unit''s business. Warburg Pincus owned 295 million pounds of the debt at end-2015 though preference shares and subordinated debt which has to be paid back in case of a sale. It obtained returns of 60 million pounds on those instruments in 2015. The sale was likely to attract bids from Europe, the United States and China, the source also said, adding that Britain''s vote to leave the European Union had potentially played a role as Warburg had invested in Safetykleen from a dollar fund and the value of the pound was a concern. Safetykleen Europe has 1,500 staff working in 70 locations in Europe, Turkey, Brasil, China and Hong Kong. ($1 = 0.8023 pounds) (Editing by Julien Toyer and Louise Heavens) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/safetykleen-sale-idINKBN15715M'|'2017-01-23T17:22:00.000+02:00'
'6119804c2dc65d48b080c09d4053ea5fd0cbbf73'|'Fitch Upgrades Prologis'' IDR to ''BBB+''; Outlook Stable'|'Financials   2:12pm EST Fitch Upgrades Prologis'' IDR to ''BBB+''; Outlook Stable (The following statement was released by the rating agency) NEW YORK, January 23 (Fitch) Fitch Ratings has upgraded the ratings of Prologis, Inc. (NYSE: PLD) and its operating partnership Prologis, L.P and Prologis Tokyo Finance Investment, L.P. (collectively Prologis), including the Issuer Default Rating (IDR) to ''BBB+'' from ''BBB''. The Rating Outlook is Stable. A full list of rating actions follows at the end of this release. KEY RATING DRIVERS The upgrade reflects Fitch''s expectation that the company''s pro rata leverage will sustain at approximately 6.0x over the next 12-24 months, a level that is consistent with the ''BBB+'' rating. Further, the company has sufficient cushion to engage in larger debt-funded acquisitions or transactions relative to Fitch''s 6.5x negative rating sensitivity. Trailing 12 months (TTM) Sept. 30, 2016 pro rata leverage was 6.6x, compared with 7.3x for the annualized quarter ended Dec. 31, 2015. Fitch expects leverage reduction via continued positive same-store net operating income (SSNOI) growth and cash flows from development. Improving Fundamentals and Fixed Charge Coverage: Prologis continues to benefit from strong occupancies and positive leasing spreads driven primarily by e-commerce demand, while macro industrial indicators such as manufacturing activity, housing starts and homebuilder confidence indicate that industrial space demand should continue to outpace supply. The company''s average net effective GAAP rent change on lease rollovers has averaged 17.6% year-to-date (YTD) 2016, up from 13.1% on average during 2015 and 9.2% on average in 2014. These positive lease rollovers have been driven by below-market rents combined with rising rents generally. Occupancy was 96.6% as of Sept. 30, 2016, up 60 basis points (bps) from the same period end in 2015. PLD''s share of GAAP SSNOI has grown by an average of 6.4% in each of the last five quarters. Fitch projects leasing spreads in the high-single digits that will support 3%-4% SSNOI growth over the next several years. This should result in fixed-charge coverage (FCC) approaching 4.0x, which is strong for the rating. Pro rata FCC for the TTM ended Sept. 30, 2016 was 3.3x, up from 2.9x in 2015 and 2.3x in 2014. Adequate Liquidity; No Corporate Debt Maturities Until 2019: Fitch anticipates that the company will roughly match-fund its development expenditures with dispositions and contributions to managed entities. Timing differences and whether the company adjusts development starts appropriately if dispositions and contributions were to slow would determine whether the company experiences a liquidity shortfall. Maintaining sufficient liquidity before this match-funding strategy reduces the risks to unsecured bondholders during periods of capital markets dislocation. The company''s liquidity coverage ratio is 2.1x for the period Oct. 1, 2016 to Dec. 31, 2018. Fitch defines liquidity coverage as liquidity sources divided by uses. Liquidity sources include pro rata unrestricted cash, pro rata availability under unsecured revolving credit facilities, and projected retained cash flows from operating activities and recurring distributions from managed entities after dividends. Liquidity uses include pro rata debt maturities after extension options at PLD''s option, projected recurring capital expenditures, and pro rata cost to complete development. Internally generated liquidity is good, as the company''s adjusted funds from operations (AFFO) payout ratio was 84% for the TTM ended Sept. 30, 2016. Based on the current payout ratio, the company would retain over $650 million in annual cash flow. Excellent Capital Access: The company has issued $7.9 billion and EUR3.2 billion in unsecured bonds since 2009 (principally using the proceeds to refinance and repurchase bonds and for general corporate purposes) and $6.3 billion of follow-on common equity. The company also has a $750 million at-the-market (ATM) equity offering program, of which $735 million remains available for use. Strategic capital is another important source of funding for PLD. The company recently rationalized and restructured certain of its investment ventures to increase the permanency of its capital (e.g., FIBRA Prologis, Nippon Prologis REIT and its recently-announced Europe Logistics Venture/Targeted Logistics Fund consolidation) and simplify the overall enterprise, which Fitch views favorably. Unremarkable Unencumbered Asset Coverage: Prologis has slightly below-average contingent liquidity with a stressed value of unencumbered assets (3Q''16 unencumbered NOI divided by a stressed 8% capitalization rate) to net unsecured debt of 1.8x. When applying a 50% haircut to the book value of land held and a 25% haircut to construction in progress, unencumbered asset coverage improves to 2.1x. While Fitch recognizes that there are additional unencumbered assets held in the joint ventures, there could be factors that may limit or impede PLD''s ability to access this contingent liquidity such as partner approval for asset sales or encumbrances, though PLD could sell its interest. As such, Fitch has not explicitly considered these assets in its unencumbered asset calculations. Total Development Exposure Down; Consistent Speculative Development: PLD''s strategy of developing industrial properties centers on value creation and complements the company''s core business of collecting rent from owned assets. After construction and stabilization, the company either holds such assets on its balance sheet or contributes them to managed co-investment ventures. PLD endeavors to match-fund development expenditures and acquisitions with cash from dispositions or contributions of assets to the ventures. If the company does not anticipate disposition or contribution volumes, PLD management has stated that the company would scale back development starts and acquisitions accordingly, though the sector has a mixed track record of forecasting market cycles. The company''s development platform is substantially smaller today than in the previous upcycle with cost to complete equal to 3% of undepreciated assets at Sept. 30, 2016 (2.2% pro rata) compared with 17.9% at year-end 2007 (19.5% pro rata). However, a considerable portion of development remains speculative at more than half of total development each of the last three years, which implies elevated lease-up risk. Fitch expects PLD''s development strategy to remain consistent but the significant reduction in exposure to its development projects should provide downside protection for bondholders. Pro Rata Metrics More Descriptive: Fitch looks primarily at pro rata leverage rather than consolidated metrics given Fitch''s expectation that PLD may in the future support or recapitalize unconsolidated entities despite entity debt not being legally recourse to PLD, its agnostic view toward property management for consolidated and unconsolidated assets, and its focus on pro rata portfolio and debt metrics. Fitch believes the scale, size and importance of the strategic capital segment to PLD would incentivize the company to support these entities. Preferred Stock Notching: The two-notch differential between PLD''s IDR and preferred stock rating is consistent with Fitch''s criteria for corporate entities with an IDR of ''BBB+''. Based on Fitch research titled ''Treatment and Notching of Hybrids in Nonfinancial Corporate and REIT Credit Analysis'', these preferred securities are deeply subordinated and have loss absorption elements that would likely result in poor recoveries in the event of a corporate default. KEY ASSUMPTIONS Fitch''s key assumptions within our rating case for the issuer include: --Low-single-digit SSNOI growth through 2019; --$1 billion, $1.25 billion and $1.25 billion annual development capex 2017-2019, respectively; --Acquisitions of $750 million, $1 billion, and $750 million in 2017-2019, respectively; --Dispositions/contributions of $1 billion, $1 billion, and $750 million in 2017-2019, respectively; --$500 million annual distributions from unconsolidated investments for 2017-2019; --$350 million of annual non-controlling interest distributions for 2017-2019; --$400 million unsecured bond issuance in each year for 2017-2019; --Secured mortgage maturities refinanced with unsecured debt through forecast period. RATING SENSITIVITIES The following factors may result in an upgrade to ''A-'': --Fitch''s expectation of pro rata leverage sustaining below 5.5x (pro rata 3Q''16 run rate leverage was 6.5x); --Fitch''s expectation of pro rata FCC sustaining above 3.5x (this ratio was 3.3x for the TTM ended Sept. 30, 2016); --Adoption of more conservative financial policies, such that larger acquisitions or transactions have minimal short-term impact on primary credit ratios. The following factors may result in negative action on the ratings and/or Rating Outlook: --Fitch''s expectation of pro rata leverage sustaining above 6.5x; --Fitch''s expectation of liquidity coverage sustaining below 1.0x (ratio is 2.1x for Oct. 1, 2016-Dec. 31, 2018 period); --Fitch''s expectation of FCC sustaining below 2.5x. FULL LIST OF RATING ACTIONS Fitch has upgraded the following ratings: Prologis, Inc. --Issuer Default Rating (IDR) to ''BBB+'' from ''BBB''; --Preferred stock to ''BBB-'' from ''BB+''. Prologis, L.P. --IDR to ''BBB+'' from ''BBB''; --Global senior credit facility to ''BBB+'' from ''BBB''; --Senior unsecured notes to ''BBB+'' from ''BBB''; --Multi-currency senior unsecured term loan to ''BBB+'' from ''BBB''. Prologis Tokyo Finance Investment Limited Partnership --Senior unsecured guaranteed notes to ''BBB+'' from ''BBB''; --Senior unsecured revolving credit facility to ''BBB+'' from ''BBB''; --Senior unsecured term loan to ''BBB+'' from ''BBB''. Contact: Primary Analyst Steven Marks Managing Director +1-212-908-9161 Fitch Ratings, Inc. 33 Whitehall Street New York, NY 10004 Secondary Analyst Stephen Boyd, CFA Senior Director +1-212-908-9153 Committee Chairperson Jason Pompeii Senior Director +1-312-368-3210 Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email: sandro.scenga@fitchratings.com. Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Fitch calculates Prologis'' EBITDA, as well as leverage and coverage metrics using the pro rata method; --Historical and projected recurring operating EBITDA is adjusted to add back non-cash stock based compensation and include operating income from discontinued operations and distributions from joint venture operations; --Fitch has adjusted the historical and projected net debt by assuming the issuer requires $75 million of cash for working capital purposes which is otherwise unavailable to repay debt. Additional information is available on www.fitchratings.com. Applicable Criteria Criteria for Rating Non-Financial Corporates (pub. 27 Sep 2016) here Treatment and Notching of Hybrids in Non-Financial Corporate and REIT Credit Analysis (pub. 29 Feb 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017916 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987344'|'2017-01-24T02:12:00.000+02:00'
'0ef0e1cc868747b47b96e067235c7dee7358560e'|'IMF warns wave of U.S. protectionism would offset any stimulus gains'|'  4:21pm IST IMF warns wave of U.S. protectionism would offset any stimulus gains Christine Lagarde, Managing Director, International Monetary Fund (IMF) attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland January 18, 2017. REUTERS/Ruben Sprich DAVOS, Switzerland Protectionist policies from the new U.S. administration of President Donald Trump will probably have a negative impact on the economy, overshadowing any positive gains from economic stimulus measures, the head of the IMF said on Friday. "Overall, it probably won''t be net positive," managing director Christine Lagarde told a panel at the World Economic Forum in Davos. (Reporting by Noah Barkin and Dmitry Zhdannikov)  '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-davos-meeting-economy-idINKBN15417T'|'2017-01-20T17:34:00.000+02:00'
'25694854b4f7f91adaee333056b88d11c29b7c38'|'Toshiba shares extend losses on accounting woes'|' 26pm EST Toshiba shares extend losses on accounting woes Workers prepare the New Year''s eve numerals above a Toshiba sign in Times Square in Manhattan, New York City, U.S., December 26, 2016. REUTERS/Andrew Kelly TOKYO Shares in Japan''s Toshiba Corp ( 6502.T ) extended losses on Friday, weighed down by concern over a potentially bigger-  triggered by cost overruns at its U.S. nuclear business. The shares were down 6 percent in early trade and pared some losses to trade down around 4 percent by 0012 GMT. Toshiba''s shares have almost halved since the group first announced in December the prospect of a nuclear writedown. (Reporting by Clara Ferreira Marques;  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-toshiba-accounting-stocks-idUSKBN15401P'|'2017-01-20T07:26:00.000+02:00'
'a184206cd90e590eac8a6f015bb798652026af54'|'Goldman Sachs rejects Indonesian businessman''s $1.1 billion claim over share trade'|'Business News - Fri Jan 20, 2017 - 9:39am EST Goldman Sachs rejects Indonesian businessman''s $1.1 billion claim over share trade A view of the Goldman Sachs stall on the floor of the New York Stock Exchange July 16, 2013. REUTERS/Brendan McDermid/File Photo By Eveline Danubrata - JAKARTA JAKARTA Goldman Sachs has rejected allegations by an Indonesian businessman who is seeking $1.1 billion in damages from the U.S. bank for making what he called "unlawful" trades in the shares of a property firm. The U.S. bank said the legal dispute may affect foreign investor sentiment toward Southeast Asia''s biggest economy. Indonesia''s government has recently raised investor concerns by cutting business ties with JPMorgan over a negative research report and partially reversing a mining policy. Benny Tjokrosaputro, president director of Indonesian property developer PT Hanson International Tbk ( MYRX.JK ), filed a lawsuit in a Jakarta court on Sept. 8 against Goldman''s unit, Goldman Sachs International. Tjokrosaputro was the owner of the 425 million Hanson shares that Goldman traded, according to a statement on his lawyer''s website. "(The) transaction was conducted unlawfully and/or without the consent of our client." ( bit.ly/2k8op50 ) In an emailed statement on Friday, Goldman said Goldman Sachs International bought the shares from New York hedge fund Platinum Partners in a series of "valid" transactions on the Indonesia Stock Exchange between February 2015 and March 2016. Top executives of Platinum Partners were arrested in December and charged with running a $1 billion fraud. Tjokrosaputro is seeking 15 trillion rupiah ($1.1 billion) in compensation from Goldman Sachs International and wants its assets frozen in Indonesia and overseas. Citibank, a custodian bank for Goldman Sachs International, was named as a co-defendant in his lawsuit. Goldman said in response that Goldman Sachs International was the legal owner of the Hanson shares. "Any business dealings or deal made between Mr. Tjokrosaputro and Platinum Partners before this have no bearing or obligation on Goldman Sachs," it said. The bank would take "all necessary action to protect itself and recover damages from Mr. Tjokrosaputro," it said, without elaborating. It also said that Tjokrosaputro''s "unfounded actions" risked undermining Indonesia''s effort to attract international investment and threatened the integrity of Indonesia''s stock market. "All investors in Indonesia should be free to trade with confidence, without fear that legitimately executed trades will later be subject to spurious legal action by unconnected third parties," Goldman said. Tjokrosaputro and his lawyer did not respond to requests for comment on Friday. Citibank was not immediately available for comment. (Reporting by Eveline Danubrata in JAKARTA; Additional reporting by Michelle Price in HONG KONG and Fransiska Nangoy in JAKARTA; Editing by Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-indonesia-goldman-sachs-lawsuit-idUSKBN1541YO'|'2017-01-20T21:39:00.000+02:00'
'c220b78f2fc78bb5cd420008a45059921b68a08e'|'For stock performance under Trump, don''t look to prior transitions'|' 20am EST For stock performance under Trump, don''t look to prior transitions left right An electoral poster of Donald Trump is displayed on the floor of the New York Stock Exchange (NYSE) the morning after the U.S. presidential election in New York City, U.S., November 9, 2016. REUTERS/Brendan McDermid 1/2 left right   is broadcast on a screen on the floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 27, 2016. REUTERS/Andrew Kelly 2/2 By Lewis Krauskopf and Chuck Mikolajczak - NEW YORK NEW YORK As he is sworn in as the 45th U.S. president on Friday, Donald Trump will mark one of the best performances for the American stock market for any presidential transition period of the modern era. But the market''s 5.8 percent rise since his Nov. 8 election may not portend much for stocks once the Republican takes office. For guidance, investors need only recall the oscillations under the outgoing administration. Democratic President Barack Obama''s transition period, which came amid the throes of the 2008 financial crisis, also overlapped a 15.5 percent fall for the S&P 500 .SPX from his election to the day of his inauguration. That swoon - which was as much as 25.2 percent at one point - is by far the worst performance for U.S. equities during a presidential transition. Since then, Obama has presided over the second-best run for the stock market under any president since Republican Dwight Eisenhower, with the benchmark S&P rising nearly 170 percent while he was U.S. leader from 1953 to 1960. Democratic President John Kennedy, meanwhile, had the best transition period for stocks, which rose 8.5 percent between his November 1960 election and January 1961 inauguration. After that, the market rose a paltry 19.8 percent during his administration, which was cut short by his assassination on Nov. 22, 1963. "People put a lot of weight into what they said on the campaign trail, as if they are going to get these things through exactly as they said or even propose them exactly as they said," said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. "The reality of the office is people forget it is politics – politics is all about making a deal." Stocks tend to rise regardless of which party holds power. Two exceptions were both Republicans: Stocks fell 20.1 percent under Richard Nixon and 36.7 percent under George W. Bush. Bush had the most days with the stock market trading below where it closed on his inauguration day: 1,608 days, or almost 80 percent of his presidency. Democratic President Lyndon Johnson''s tenure tells a rosier story for equities investors. The stock market traded higher than it closed on Johnson''s 1963 inauguration for every day he was in office, 1,346 days in all. The market''s best performance during a president since the Eisenhower administration came under Democrat Bill Clinton, with stocks soaring nearly 210 percent. Action in the options market on Wednesday indicated investors were exercising caution ahead of Trump''s inauguration, with a massive trade in SPDR S&P 500 ETF Trust ( SPY.P ) puts. Presidents "only have so much power, and if (Trump) can’t get Congress, even though it is all one party, if they can’t agree on what it is they want to push through, it is going to be very, very difficult," said Kinahan. (Additional reporting by Saqib Ahmed; Editing by Dan Burns and Jonathan Oatis)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-inauguration-markets-idUSKBN1540I2'|'2017-01-20T13:20:00.000+02:00'
'ba9445f19181beddd599e5005a673eb8e5ef17a7'|'BT cuts 2017 and 2018 outlook on Italian accounting errors'|' 16am GMT BT cuts 2017 and 2018 outlook on Italian accounting errors The logo for the British Telecom group is seen outside of offices in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville LONDON Britain''s BT cut its revenue, earnings and free cash flow forecasts for 2017 and 2018 on Tuesday after finding that inappropriate accounting behaviour in its Italian business went far deeper than previously thought. BT, which had announced an initial investigation into historical accounting practices in Italy in October, said a review had found a complex set of improper sales, purchase and leasing transactions. As a result, the size of the write down on the business has increased from 145 million pounds to around 530 million pounds. For 2016/17 it expects a decrease in adjusted revenue of around 200 million pounds, a decrease in adjusted core earnings of around 175 million pounds, and a decrease of up to 500 million pounds of normalised free cash flow. For 2017/18, it expects a similar annual impact to adjusted revenue and adjusted core earnings. (Reporting by Kate Holton; editing by Guy Faulconbridge)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bt-outlook-italy-idUKKBN1580L6'|'2017-01-24T14:16:00.000+02:00'
'2693ba13d42a5e1315c3e51998ef1a782e170312'|'Lloyds a victim of cyber attack that hit banking services'|'UK - Mon Jan 23, 2017 - 11:34am GMT Lloyds a victim of cyber attack that hit banking services A man walks past a Lloyds Bank branch in central London, Britain February 25, 2016. REUTERS/Paul Hackett LONDON Lloyds Banking Group ( LLOY.L ) is working with law enforcement agencies to trace who may be behind a cyber attack that caused intermittent outages for customers of its personal banking websites almost two weeks ago, according to a source familiar with the incident. Britain''s largest mortgage lender was hit by a distributed denial of service (DDoS) attack on Jan. 11, which carried on for two days, according to the source. The disruption, which involved bombarding the websites with huge volumes of traffic from multiple systems so they overload a server, left some customers temporarily unable to use services such as checking their balance or sending payments. DDoS attacks have become common tools for cyber criminals trying to cripple businesses and organisations with significant online activities. Such campaigns may be part of attempts to extract ransom from these organisations or part of efforts to distract security teams in order to find other ways to break into an organisation’s network in order to grab customer data or steal money from accounts. Lloyds said it would not speculate on the cause of the attack. No customers suffered any losses. "Only a small number of customers experienced problems," the bank said in a statement. "In most cases if customers attempted another log in they were able to access their accounts." Other banks have been hit by service outages in the past two years after their systems were breached by cyber attacks. Tesco Bank, owned by Britain''s biggest retailer Tesco ( TSCO.L ), halted online transactions from all current accounts in November after money was stolen from 20,000 of them in the country''s first such cyber heist. British lawmakers have criticised both banks and regulators for doing too little to improve cyber security after a string of technical failures and breaches of banking systems. (Reporting by Andrew MacAskill, editing by Anjuli Davies and Louise Heavens) Next In UK'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lloyds-cyber-idUKKBN1571CB'|'2017-01-23T18:34:00.000+02:00'
'efe53d0328431fce2b4e9cb90c29c9eaa7f325d1'|'UPDATE 1-France stretches maturity of nascent sovereign Green market'|'Financials   5:49am EST UPDATE 1-France stretches maturity of nascent sovereign Green market (Adds context throughout) By Alice Gledhill and Michael Turner LONDON, Jan 23 (IFR) - The Republic of France has announced that its debut Green OAT will be a long 20-year maturity, making this the longest sovereign Green trade by some margin. The benchmark-size euro deal will mature on 25 June 2039, a far stretch from the only other sovereign Green bond printed to date - a five-year sold by Poland in December 2016. Poland raised 750m and paid around 10bp over its regular curve for the Green debt. Barclays, BNP Paribas, Credit Agricole, Morgan Stanley, Natixis and Societe Generale are joint lead managers on France''s trade, which will be rated Aa2 by Moody''s, AA by S&P and Fitch, and AAA by DBRS. (Reporting by Alice Gledhill and Michael Turner; Editing by Julian Baker) Next In Financials SE Asia Stocks-Singapore up on CPI; Philippines at 3-month high By Hanna Paul Jan 23 Singapore stocks touched their highest in over 14 months on Monday after encouraging consumer price data, while the Philippines closed at its highest in three months on positive economic sentiment. Singapore stocks ended 0.5 percent up - their highest close since November 2015 - as the annual headline consumer price index in December gained for the first time in more than two years. (http://bit.ly/2j43YoS) The all-items CPI rose 0.2 percent from a y Fitch: New S2 Data to Reveal Insurers Most Exposed to Low Rates (The following statement was released by the rating agency) LONDON, January 23 (Fitch) Solvency II (S2) ratios excluding the benefit of transitional measures will shed new light on insurers'' exposure to low bond yields, when they are published for the first time later this year, Fitch Ratings says in a new report. Fitch will strip out the impact of transitional measures on technical provisions (TMTPs) to analyse insurers'' underlying S2 ratios, starting with the German life sector, where lar FRANKFURT, Jan 23 German inflation could hit 2 percent in January due to higher energy prices, the Bundesbank said on Monday, hitting the European Central Bank''s elusive target for the first time in four years. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/france-bonds-idUSL5N1FD2A4'|'2017-01-23T17:49:00.000+02:00'
'b19f366fdcb220f356d8712fe96d60099bcf5f21'|'Fed''s Yellen says unwise to allow U.S. economy to run ''hot'''|' 03pm EST Fed''s Yellen says unwise to allow U.S. economy to run ''hot'' left right Federal Reserve Chairman Janet Yellen delivers the semi-annual testimony on the ''Federal Reserve''s Supervision and Regulation of the Financial System'' before the House Financial Services Committee in Washington, U.S., September 28, 2016. REUTERS/Joshua Roberts - RTSPVG8 1/2 left right United States   Yellen holds a news conference following the two-day Federal Open Market Committee meeting in Washington, U.S., September 21, 2016. REUTERS/Gary Cameron 2/2 PALO ALTO, Calif. With monetary policy still modestly accommodative, the U.S. central bank should continue to raise interest rates slowly to keep jobs plentiful and inflation low,   Yellen said on Thursday. "I think that allowing the economy to run markedly and persistently “hot” would be risky and unwise," Yellen said in remarks prepared for delivery to the Stanford Institute for Economic Policy Research. While there are no signs as yet that the Fed is behind the curve or the economy is in danger of a sudden surge in inflation, she said, "I consider it prudent to adjust the stance of monetary policy gradually over time." The Fed last month raised its short-term interest-rate target for only the second time in a decade, but signaled it would likely speed up the pace of   Rates are currently targeted at between 0.5 percent and 0.75 percent. With unemployment, at 4.7 percent, near what many economists including Yellen see as its long-run sustainable level, and inflation closing in on the Fed''s 2-percent goal, most Fed officials expect to lift rates three times over the course of the next 12 months. Some left-leaning economists and activists have urged the Fed to keep rates low to provide more opportunities for the jobless and to push up on wages, whose growth has been tepid. Meanwhile Republican Donald Trump, who is set to become the next U.S. President on Friday, has promised a set of economic policies including tax and regulatory reform aimed at boosting economic growth. Yellen for the second time in two days warned that a delay in tightening monetary policy could drive up inflation and force the Fed to jack up rates in response, sending the economy into a tailspin that might have been avoided if the rate hikes had been more gradual. But, she said, it "will not be easy" to find a path of rate hikes that can foster strong jobs growth and 2-percent inflation, given the uncertainties of global growth, slow domestic productivity growth, and a change in fiscal policies, among others. In addition, the downward pressure that the Fed''s $4.5 trillion balance sheet has been exerting on rates for the last several years is declining, she said, making calibrating rate hikes more complicated. The Fed consults a range of policy rules, including one developed by Stanford Professor John Taylor, to guide its decisions on rates, Yellen said. But those rules cannot be mechanically implemented because they do not take into account the lack of flexibility the Fed has in dealing with shocks when rates are low, nor many other important factors, she said. (Reporting by Ann Saphir; editing by Diane Craft)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-fed-yellen-idUSKBN154043'|'2017-01-20T08:03:00.000+02:00'
'11cf083f572ec96c54fd35389c4d72e314305989'|'BRIEF-Bank of Hawaii Q4 EPS $1.02'|'Market News -  43am EST BRIEF-Bank of Hawaii Q4 EPS $1.02 Jan 23 Bank Of Hawaii Corp * Bank of hawaii corporation 2016 financial results * Q4 earnings per share $1.02 * Q4 earnings per share view $1.02 -- Thomson Reuters I/B/E/S * Bank of hawaii corp - board of directors increases dividend to $0.50 per share * Bank of hawaii corp - net interest income, on taxable-equivalent basis, for q4 of 2016 was $110.1 million, an increase of $3.2 million compared to q3 of 2016 Source text for Eikon:   Market News BRIEF-Kalytera Therapeutics announces private placement * Kalytera Therapeutics Inc - offering of up to 24 million common shares at a price of per share of $0.50'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSASB0AW6I'|'2017-01-23T20:43:00.000+02:00'
'788636d1da5eededa4fd9f7ed657fb53d52e57b8'|'Dollar slips, shares wobbly after Trump''s protectionist address'|'  3:27am GMT Dollar slips after Trump''s protectionist address, Asia shares resilient People are seen behind an electronic board showing stock prices after the New Year opening ceremony at the Tokyo Stock Exchange (TSE), held to wish for the success of Japan''s stock market, in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon By Hideyuki Sano - TOKYO TOKYO The dollar slipped broadly on Monday after U.S. President Donald Trump struck a protectionist tone in his inauguration speech, offsetting optimism that he will follow through on promises of tax cuts and other stimulus. Japan''s Nikkei dropped 1.1 percent while shares in Australia dropped 0.7 percent after the Trump administration, on its first day in office, declared its intention to withdraw from the Trans-Pacific Partnership (TPP), a 12-nation trade pact that Japan and Australia also have signed up for. Other Asian shares were resilient, however, in part due to a relief that there was no negative surprises, with Trump refraining from labelling China as a currency manipulator for now, an accusation he made while campaigning. Hong Kong shares rose 0.6 percent and Taiwan shares rose 0.8 percent, helping to boost MSCI''s broadest index of Asia-Pacific shares outside Japan 0.4 percent. U.S. stock futures dipped 0.2 percent, erasing gains made on Friday. In his inaugural address, Trump pledged to end what he called an "American carnage" of rusted factories and vowed to put "America first", laying out two simple rules - buy American and hire American. Trump also said on Sunday he plans talks soon with the leaders of Canada and Mexico to begin renegotiating the North American Free Trade Agreement (NAFTA). "The market is getting nervous about the possibility that the world''s trade might shrink," said Koichi Yoshikawa, executive director of financial markets at Standard Chartered Bank in Tokyo. "Many of his policies, including tax cuts and infrastructure spending, need approval from the Senate and that (may not be) easy," he said. "The markets that had been led by expectations on his policy since the election are now the dragged down by the reality." The dollar had soared late last year on expectations that Trump''s pledges to cut taxes and hike infrastructure spending would boost the U.S. economy, but it has since lost steam. The dollar fell as much as 1.1 percent against the yen to 113.435 yen, edging towards its seven-week low of 112.57 yen touched on Wednesday. The euro gained 0.4 percent to $1.0746, its highest level since Dec. 8. Most emerging market currencies gained. The Mexican peso, which has weakened the most on Trump''s protectionist and anti-immigration stance, rose 0.6 percent to a two-week high of 21.44 per dollar. The rise came after its 1.7 percent gains on Friday, its biggest in two months. The 10-year U.S. Treasuries yield fell to 2.432 percent, after having risen briefly on Friday to 2.513 percent, its highest since Jan. 3. The two-year yield, which is more sensitive to the Fed''s policy outlook, dropped sharply to 1.180 percent from Thursday''s three-week high of 1.250 percent, giving back much of gains made after Wednesday''s upbeat comments from Federal Reserve Chair Janet Yellen. Oil edged up after statements over the weekend from OPEC and other producers that they have been successfully implementing output cuts, but gains were limited by a surge in U.S. drilling. International benchmark Brent crude futures rose 0.2 percent to $55.58 per barrel, building on Friday''s 2.5 percent gains. (Editing by Simon Cameron-Moore) Dollar drops as investors await details of Trump''s policies TOKYO The dollar skidded in Asian trade on Monday, with the euro hitting its highest levels in more than a month as investors locked in gains on the greenback''s recent rise as they waited for U.S. President Donald Trump to offer details of his promised stimulus.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN157023'|'2017-01-23T13:48:00.000+02:00'
'7a6ce0726be4b3ce7a1dbe05bf98671722a25685'|'German inflation rate could reach 2 percent in January - Bundesbank'|'Business News  03am EST German inflation rate could reach two percent in January: Bundesbank FRANKFURT German inflation could hit 2 percent in January due to higher energy prices, the Bundesbank said on Monday, hitting the European Central Bank''s elusive target for the first time in four years. Germany''s relatively quick inflation pick up has increased calls on the ECB to scale back its extensive stimulus measures as real savings rates turn negative and fears mount that the bank would now overshoot its target of close to but below 2 percent. The ECB has pushed back, however, arguing that it looks at inflation across the euro zone, not just one member, and it needs to see a broad based, sustained rise in prices before lowering its guard. "Due to a considerable increase in the daily average prices of oil products, the (inflation) rate could well reach 2 percent in January," the Bundesbank said in its monthly report. Inflation was 1.1 percent across the 19-member euro zone in December and 1.7 percent in Germany, the bloc''s biggest economy and also home to the ECB. But elsewhere, like Ireland, Cyprus, Greece and Italy, price growth is either negative or just above zero. The ECB has agreed to scale back its monthly bond purchases by a quarter from April but also extended the program until the end of 2017. An ECB survey last week also showed that underlying inflation, a key indicator watched by rate setters, will remain weak for the years to come, suggesting that the ECB is still far away from reducing its unprecedented stimulus measures. (Reporting by Andreas Framke; Editing by Balazs Koranyi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-germany-economy-bundesbank-idUSKBN15719G'|'2017-01-23T18:00:00.000+02:00'
'e02f3aaa8463a74494aaad8c4c68cb3f1ce0c8bd'|'BRIEF-DDM places EUR 50 mln of senior secured bonds'|'Financials  15am EST BRIEF-DDM places EUR 50 mln of senior secured bonds Jan 23 DDM HOlding AG : * Said on Friday subsidiary DDM Debt had successfully placed 50 million euros ($53.75 million) of senior secured bonds in the Nordic market * The bonds will be issued with a final maturity in Jan. 2020, paying a fixed coupon of 9.5 pct Source text for Eikon: ($1 = 0.9305 euros) (Gdynia Newsroom) Next In Financials LG says to sell LG Siltron stake to SK Holdings for $532 mln SEOUL, Jan 23 South Korea''s LG Corp, the holding company of LG Group, said in a filing on Monday it agreed to sell a stake in silicon wafer producer LG Siltron Inc to SK Holdings Co for 620 billion won ($531.9 million).'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FD19Y'|'2017-01-23T15:15:00.000+02:00'
'ae0019b86af3ab8726d1d1a3fd70e089a54407f9'|'China''s HNA in final talks to buy German airport Hahn'|'Deals   9:45am EST China''s HNA in final talks to buy German airport Hahn The control tower of Frankfurt Hahn airport is pictured 100 kilometers (60 miles) west of Frankfurt, Germany June 6, 2016. REUTERS/Ralph Orlowski FRANKFURT Acquisitive Chinese conglomerate HNA is in final talks over the purchase of Hahn airport in western Germany, the airport''s state owners said on Monday. HNA, the owner of Hainan Airlines Co ( 600221.SS ), has been active in the travel industry, buying caterers Gate Group ( GATE.S ) and a stake in Servair, plus hotels group Hilton ( HLT.N ) and a stake in Brazilian airline Azul, among some of its recent deals. It has teamed up with local German company ADC, run by former politician Siegfried Englert, for the bid. The federal state of Rhineland-Palatinate had previously agreed to sell loss-making Hahn airport, a former military base now used mainly by Ryanair ( RYA.I ), to a Chinese company but the sale collapsed after the bidder failed to make any payments. Rhineland Palatinate owns an 82.5 percent stake in Hahn, with the rest owned by the neighboring state of Hesse. It said three bids had been received in the latest sale process and after auditors had reviewed the offers, it had decided to enter into final-stage negotiations with ADC and HNA. Hahn is around 120 kilometers from Frankfurt, Germany''s largest airport, but unlike Frankfurt, has a 24-hour operating license, making it attractive for freight flights. (Reporting by Peter Maushagen; Writing by Victoria Bryan; Editing by Louise Heavens) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-germany-airport-hahn-hna-idUSKBN1571Z7'|'2017-01-23T21:44:00.000+02:00'
'1b3fc17e0a5ea2663a2d8550a28632ac623f293d'|'CME Group suspends trading in European cocoa contracts'|'Company News  48pm EST CME Group suspends trading in European cocoa contracts CHICAGO Jan 23 CME Group Inc said on Monday it will suspend trading in all CME Europe cocoa contracts starting with the May 2017 contact. The suspensions take effect from the close of trading on Monday, CME said in a notice to customers. The March 2017 contract will remain available for trading and any open interest in that contact will be unaffected, according to the notice. (Reporting by Tom Polansek) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cme-group-cocoa-trading-idUSL1N1FD1GE'|'2017-01-24T00:48:00.000+02:00'
'f96cc1bb9f2358759d4594e00d076ce941ce1a2c'|'Juncker says EU states should set minimum wages, revenues'|'  4:51pm GMT Juncker says EU states should set minimum wages, revenues European Commission President Jean-Claude Juncker attends a debate on the priorities of the incoming Malta Presidency of the EU for the next six months at the European Parliament in Strasbourg, France, January 18, 2017. REUTERS/Christian Hartmann BRUSSELS European Commission President Jean-Claude Juncker said on Monday that European states should establish a minimum salary and minimum revenues for their citizens. Juncker said that these measures should be part of the European social policy, but stressed that the level of minimum wages and revenues should be set by each state. Speaking at a conference in Brussels on social policies, Juncker said a stepped-up role on social issues for the EU should first focus on the 19-country euro zone. (Reporting by Francesco Guarascio; Editing by Alissa de Carbonnel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-labor-juncker-idUKKBN15729W'|'2017-01-23T23:51:00.000+02:00'
'bed537b84d9fdb808b6d0cc86443f9073fac6904'|'Emirates to start Dubai-Athens-Newark flights, likely to irk U.S. carriers'|'Business News   5:33am EST Emirates to start Dubai-Athens-Newark flights, likely to irk U.S. carriers An Emirates plane is seen at Lisbon''s airport, Portugal June 24, 2016. REUTERS/Rafael Marchante By Alexander Cornwell - DUBAI DUBAI Emirates is to start flying to the United States with a stop for passengers in Greece, its second so-called fifth freedom flight and a move that could anger U.S. competitors who accuse it of competing unfairly through state subsidies. The world''s largest long-haul airline said Monday it would start daily flights to New Jersey''s Newark Liberty International Airport via Athens on March 12. Dubai-based Emirates already operates four daily flights to John F. Kennedy International Airport in New York, with a stop off in Milan. Fifth freedom rights allow an airline to fly between foreign countries as a part of services to and from its home country. Delta ( DAL.N ) and other U.S. airlines have accused major Gulf carriers -- Emirates, Abu Dhabi''s Etihad Airways and Qatar Airways - of receiving tens of billions of dollars in unfair subsidies, and urged the former Obama Administration to halt the Open Skies agreement. The Gulf carriers deny the allegations. The Obama Administration ultimately declined to take action against the Gulf carriers who are owned by governments of Middle East allies Qatar and the United Arab Emirates. U.S. airline lobby group Open & Fair Skies has said its optimistic the new administration of President Donald Trump would "enforce our trade agreements and fight for American jobs”. “We look forward to briefing President-elect Donald Trump and his new administration on the massive, unfair subsidies that the UAE and Qatar give to their state-owned Gulf carriers,” said Jill Zuckman, chief spokesperson for the Partnership for Open and Fair Skies, on Nov. 9. The lobby group is likely to put pressure on authorities to stop the Dubai-Athens-Newark route before it starts, said Will Horton, senior analyst at CAPA - Centre for Aviation. However, the U.S. carriers will have a hard time arguing that the Emirates flight is damaging given that U.S. carriers do not fly to Greece year-round, Horton said in emailed comments. Emirates President Tim Clark said the Greek government approached the airline "some time ago" to start a flight between Athens and New York, according to an airline statement. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-emirates-airline-fifthfreedom-idUSKBN15716K'|'2017-01-23T17:28:00.000+02:00'
'89cc732f17461d4009e4be4236b7dfe6bd70b565'|'Japan''s PM says will keep seeking Trump''s understanding on TPP'|'Mon Jan 23, 2017 - 7:19am GMT Japan''s PM says will keep seeking Trump''s understanding on TPP Japan''s Prime Minister Shinzo Abe makes a policy speech at the start of the ordinary session of parliament in Tokyo, Japan, January 20, 2017. REUTERS/Toru Hanai TOKYO Japanese Prime Minister Shinzo Abe said on Monday he believed U.S. President Donald Trump understood the value of free trade and that he would keep pitching a multinational trade pact that Trump''s administration has vowed to exit. "I believe President Trump understands the importance of free and fair trade, so I''d like to pursue his understanding on the strategic and economic importance of the TPP (Trans-Pacific Partnership) trade pact," Abe told a session of parliament''s lower house. Abe also said he wanted to strengthen the U.S.-Japan security alliance, based on mutual trust with Trump. "When we met last time, I believed him to be trustworthy, this belief has not changed today," Abe added, referring to his November meeting with then-president-elect Trump. Abe also said Tokyo wanted to explain how its companies have contributed to the U.S. economy, a stance the Japanese government has adopted to try to fend off threats of a "border tax" on imports into the United States. Japanese Chief Cabinet Secretary Yoshihide Suga said separately that Tokyo would closely monitor any impact of the new U.S. administration''s policies on its companies and that he wanted to deepen economic ties between the two countries. Trump took office as the 45th president of the U.S. on Friday and pledged to end what he called an "American carnage" of rusted factories and crime in an inaugural address that was a populist and nationalist rallying cry. The new Trump administration said on Friday its trade strategy to protect American jobs would start with withdrawal from the 12-nation Trans-Pacific Partnership (TPP) trade pact. The trade deal, which the United States signed but has not ratified, was a pillar of former president Barack Obama''s pivot to Asia, and Abe has touted it as an engine of economic reform, as well as a counter-weight to a rising China. (Reporting by Kaori Kaneko and Oliview Fabre; writing by Linda Sieg; Editing by Kim Coghill) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-japan-idUKKBN1570OO'|'2017-01-23T14:17:00.000+02:00'
'5468cf24662556d94552bb0dd3a01a44eb9b171f'|'Essentra sees FY operating profit near lower end of forecast'|'Basic Materials   2:49am EST Essentra sees FY operating profit near lower end of forecast Jan 23 Essentra Plc, a supplier of speciality plastic and packaging components, warned that full-year adjusted operating profit would miss or meet only the lower end of its forecast, citing challenging market conditions in health and personal care packaging unit. The company said it expects adjusted operating profit to be at, or modestly below, the lower end of its guidance range of 137 million-142 million pounds ($169.3 million-$177 million) for the year ended Dec. 31. The company had cut its full-year profit guidance in November. Essentra, whose filter products are used in tobacco, health and personal care and consumer goods, also said on Monday that Chief Executive Paul Forman has commenced a strategic review of the company. ($1 = 0.8024 pounds) (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri) Next In Basic Materials To save forests, Tanzania considers tax on charcoal DAR ES SALAAM, Tanzania, Jan 23 (Thomson Reuters Foundation) - Tanzania is considering putting a tax on charcoal with the aim of discouraging the use of the fuel, which is a big source of energy for cooking but also a major contributor to deforestation.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/essentra-outlook-idUSL4N1FD2T9'|'2017-01-23T14:49:00.000+02:00'
'af0bc8bad1dbd5da06dff83f32aac988b8f35406'|'McDonald''s U.S. restaurant sales fall after five quarters of gains'|'Mon Jan 23, 2017 - 7:22pm GMT McDonald''s U.S. restaurant sales fall after five quarters of gains left right The logo of Dow Jones Industrial Average stock market index listed company McDonald''s (MCD) is seen in Los Angeles, California, U.S. on April 22, 2016. REUTERS/Lucy Nicholson/File Photo 1/2 left right The sign outside a McDonalds restaurant is seen in Westminster, Colorado, U.S. January 23, 2017. REUTERS/Rick Wilking 2/2 By Lisa Baertlein and Gayathree Ganesan McDonald''s Corp''s ( MCD.N ) sales at established U.S. restaurants fell for the first time in six quarters as the novelty of all-day breakfast failed to overcome competition from supermarkets and other food sellers. Shares of McDonald''s were down 0.5 percent at $121.60 after the world''s biggest fast-food chain released its fourth-quarter report on Monday. McDonald''s and other U.S. restaurant operators are battling competition from convenience stores, supermarkets and meal kit delivery services such as Blue Apron. The challenge from grocers has been particularly daunting. Supermarkets have been passing lower food costs on to shoppers, while restaurants are raising menu prices to offset the impact of minimum wage increases. McDonald''s is "mindful of the disparity" in pricing, Chief Financial Officer Kevin Ozan said on a conference call. He and other executives laid out plans to boost traffic by speeding up service, offering limited-time burger specials, testing home delivery, remodeling restaurants and investing in technology like automated ordering and payment through self-service kiosks and mobile devices. Traffic has fallen more than 10 percent over the last four years at restaurants in the United States, McDonald''s most profitable market, according to a client note from RBC Capital Markets analyst David Palmer. The decline coincided with McDonald''s marketing shift away from its popular but profit-squeezing Dollar Menu. Sales at U.S. McDonald''s restaurants open at least 13 months fell 1.3 percent in the fourth quarter, squeaking by analysts'' estimates of a 1.4 percent drop, according to research firm Consensus Metrix. International results also beat analysts'' expectations, due to strength at restaurants in the UK, China, Japan and certain markets in Latin America. U.S. restaurants introduced all-day breakfast in October 2015 as part of Chief Executive Officer Steve Easterbrook''s plan to reverse lagging sales. Sales did benefit, which made year-earlier comparisons in the latest quarter difficult, McDonald''s said in a statement. "These changes were supposed to drive a steady and sustainable uplift in (consumer) spending rather than a one-off spike in sales, but it is increasingly clear that this strategy is not delivering," Neil Saunders, head of retail analyst firm Consuming, said in an email. McDonald''s fourth-quarter revenue fell nearly 5 percent to $6.03 billion, mainly due to the sale of restaurants to franchisees as part of Easterbrook''s turnaround plan. Excluding special items, earnings were $1.43 per share, exceeding the analysts'' average estimate by 2 cents, according to Thomson Reuters I/B/E/S. (Reporting by Gayathree Ganesan in Bengaluru and Lisa Baertlein in Los Angeles; Editing by Lisa Von Ahn) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-mcdonalds-results-idUKKBN1571P6'|'2017-01-24T01:30:00.000+02:00'
'59215b6db8e06be097b484236dcd5b64f4f005f3'|'Heineken in talks over Kirin''s struggling Brazil business'|'By Philip Blenkinsop - BRUSSELS BRUSSELS Heineken ( HEIN.AS ), the world''s second largest brewer, said on Friday it was in talks regarding a possible deal for the Brazilian operations of Japan''s Kirin Holdings Co Ltd ( 2503.T ).Brasil Kirin operates 12 breweries and was created in 2011 after Kirin paid 6.3 billion reais ($1.97 billion) for Brazil''s Schincariol brand.Heineken said in a brief statement that discussions were ongoing and that there could be no certainty that an agreement would be reached.Kirin said it continued to focus primarily on expanding in Brazil, but was considering alternatives, including a strategic partnership or sale."We are considering every option, including a discussion with Heineken," a Kirin spokesman said.The company has lost market share in Brazil with sales down last year while a weakened Brazilian real raised the price of some raw materials.Japan''s Nikkei business daily reported that Heineken would pay around 100 billion yen ($872 million) for the business.Such a price would reflect the current weak state of the Brazilian market which would allow Heineken to become the second largest brewer in Brazil at a relative bargain.Andrew Holland, beverage analyst at Societe Generale, said he believed Heineken''s main incentive in looking to expand in Brazil was to become a stronger rival in a heartland of AB InBev just as the latter has pushed into Heineken''s markets elsewhere."I think that''s the paramount consideration. It needs to stack up financially as well, but if you''re sitting in Amsterdam with a map of the world with pins in it, you''re mindful this would be helpful in terms of expanding the options available," he said.Heineken established a presence in Latin America''s biggest country through its 2010 acquisition of the brewing business of Mexico''s FEMSA. Its main beer there is Kaiser, with the Heineken brand also gaining market share.Brazilian beer sales are dominated by AB InBev ( ABI.BR ), the world''s largest brewer, which holds some two-thirds of the market.After AB InBev paid nearly $100 billion for rival SABMiller Kirin rival Asahi ( 2502.T ) spent $10 billion last year buying European assets from AB InBev.Heineken struck a 403 million pound ($497 million) deal last month to buy and break up British pub group Punch Taverns ( PUB.L ).($1 = 114.6400 yen)($1 = 3.1960 reais)($1 = 0.8111 pounds)(Reporting by Philip Blenkinsop; additional reporting by Martinne Geller in London, Ritsuko Shimizu in Tokyo; editing by Robert-Jan Bartunek and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kirin-holdings-m-a-heineken-nl-idINKBN154120'|'2017-01-20T06:33:00.000+02:00'
'3f223d1e2e1e5c3a821e9494a3205f1fe32a0106'|'UK''s May looks to boost technology industry as she eyes life after Brexit'|'  7:53pm IST UK''s May looks to boost technology industry as she eyes life after Brexit Britain''s Prime Minister Theresa May speaks on the BBC''s Andrew Marr Show in this photograph received via the BBC in London, Britain, January 22, 2017. Jeff Overs/Courtesy of the BBC/Handout via REUTERS LONDON The government''s plan to reshape Britain''s economy to adapt to Brexit will be announced next week, Prime Minister Theresa May said on Sunday, highlighting technology as one growth sector and setting out a new technical education strategy. May has made rebalancing the heavily services-based economy one of her top priorities since coming to office last July, as a way to deal with the economic impact of Britain''s exit from the European Union and re-engage with disillusioned working class voters. On Monday ,she is due to publish an outline of the government''s plans for a "modern industrial strategy" in a consultation document which will seek the views of industry. "What the modern industrial strategy will be about will be saying ''What is the shape of the economy that we want for the future?''" she told the BBC on Sunday. "Where are the successful sectors that we can help to encourage to grow? But also, what are the sectors that we need to look to for the future too?" She cited examples such as battery technology, where she believed Britain had a competitive advantage, but said there was a lot more that could be done to boost science and innovation. On Sunday, May also announced renewed focus and extra spending for technical education, aimed at addressing a shortage of basic skills in areas such as mathematics. (Reporting by William James; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-industry-idINKBN1560O8'|'2017-01-22T21:23:00.000+02:00'
'425448e2ef5740f56c59b70feb652f526eb76ec6'|'Fox needs Patriots'' popularity to drive Super Bowl ratings'|'Sports News  23pm EST Fox needs Patriots'' popularity to drive Super Bowl ratings Jan 22, 2017; Foxborough, MA, USA; New England Patriots quarterback Tom Brady (12) celebrates with the Lamar Hunt Trophy after defeating the Pittsburgh Steelers in the 2017 AFC Championship Game at Gillette Stadium. Mandatory Credit: Winslow Townson-USA TODAY Sports By Tim Baysinger - NEW YORK NEW YORK Fox will have to rely on the popularity of the New England Patriots as they face the less-celebrated Atlanta Falcons if it wants to draw a record U.S. television crowd for the Super Bowl. The 21st Century Fox unit is set to broadcast the 51st edition of the National Football League’s title game on Feb. 5 in what is traditionally the most-watched TV show of the year with viewership of more than 100 million. Big Super Bowl ratings are particularly important this year as the NFL is coming off a season in which it saw its average TV audience drop by 8 percent. The league was hoping the playoffs would continue its post-U.S. election turnaround but the post-season has been filled with one-sided match-ups, with an average margin of victory of 15.7 points. Heading into Sunday''s conference championships games, NFL playoff games have averaged 33.2 million viewers, down more than 3 percent from last year. This year’s title game in Houston pits the four-time Super Bowl champion Patriots against the Falcons, who are making only their second Super Bowl appearance. Fox is getting more than $5 million for 30 seconds of commercial time and as high as $700,000 for a spot in the online livestream of the game, according to Fox Sports’ chief executive Eric Shanks. Fox has not sold its entire ad inventory for the game yet, hoping to command a premium from any last-minute buyers, although a Falcons-Patriots matchup may not command quite as a high a rate. While the Falcons have quarterback Matt Ryan, a favorite to win the NFL’s Most Valuable Player award, Fox missed out on a chance of having Patriots quarterback Tom Brady square off against Green Bay’s superstar quarterback Aaron Rodgers after the Packers were defeated by the Falcons on Sunday. This came a week after the Packers eliminated the Dallas Cowboys from the playoffs. A Cowboys-Patriots Super Bowl was widely considered to be the most enticing TV match-up. Four of the five most-viewed games this season featured the Cowboys and their one playoff game brought in 48.5 million viewers, the most for any TV show since last year’s Super Bowl. "They just have an incredibly strong national following," said Jason Maltby, director of national broadcast TV at ad agency MindShare. “Losing Dallas is definitely a minus for them.” The Falcons have little national presence. In their first Super Bowl appearance in 1999, they were easily defeated by the Denver Broncos in what was the least-viewed Super Bowl of the past 20 years with 83.7 million viewers. “Atlanta just hasn’t been there a lot, and while Matt Ryan is definitely a premiere QB ... he’s just not as well known,” Maltby said. The advertising market has been slower this year due to the lower TV ratings and increased advertiser spending on the U.S. presidential election and Summer Olympics in 2016, according to a media buyer with knowledge of the negotiations. Fox did not immediately respond when asked for an update on ad sales. (Reporting by Tim Baysinger; Editing by Bill Trott) Next In Sports News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nfl-superbowl-ratings-idUSKBN1572C6'|'2017-01-24T00:18:00.000+02:00'
'96513c8d8f5c9e05eaa3142a82ae1ac0de782a64'|'Paris tests driverless bus service to fight pollution, congestion'|' 52pm EST Paris tests driverless bus service to fight pollution, congestion PARIS Jan 23 Paris on Monday launched its first driverless electric shuttle bus service, aiming to curb congestion and pollution that many Parisians blame for coughing, eye irritation and runny noses. Sensors and cameras tell the EZ10 bus when to stop and start, how fast to go and in which direction. The 130-metre (142-yard) test route links Gare de Lyon and Austerlitz train stations, two of the city''s busy transport hubs on either side of the Seine river. Other routes will be introduced this year, the city authority said in a statement. Lyon in central France has also been testing a driverless bus service. Separately on Monday, Paris introduced a colour-coded sticker scheme to cut down the number of cars in the city centre. (Reporting by Bate Felix and Lucien Libert; Editing by Louise Ireland)  '|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/france-selfdriving-bus-idUSL5N1FD5I1'|'2017-01-24T02:52:00.000+02:00'
'ef2f09811524593a4c4ba9a9092cd07f820c96ef'|'Essentra sees full year operating profit near lower end of forecast'|'Business News - Mon Jan 23, 2017 - 7:52am GMT Essentra sees full year operating profit near lower end of forecast Essentra Plc, a supplier of speciality plastic and packaging components, warned that full-year adjusted operating profit would miss or meet only the lower end of its forecast, citing challenging market conditions in health and personal care packaging unit. The company said it expects adjusted operating profit to be at, or modestly below, the lower end of its guidance range of 137 million-142 million pounds for the year ended Dec. 31. The company had cut its full-year profit guidance in November. Essentra, whose filter products are used in tobacco, health and personal care and consumer goods, also said on Monday that Chief Executive Paul Forman has commenced a strategic review of the company. (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-essentra-outlook-idUKKBN1570RL'|'2017-01-23T14:52:00.000+02:00'
'6b714df3a50146ab589a4a1d4f5d9706302c93b9'|'UPDATE 1-UK Stocks-Factors to watch on Jan 23'|'Company   2:29am EST UPDATE 1-UK Stocks-Factors to watch on Jan 23 (Adds company news item and futures) Jan 23 Britain''s FTSE 100 index is seen opening down 31 points at 7,168 on Monday, according to financial bookmakers, with futures down 0.14 percent ahead of the cash market open. * The UK blue chip index slipped 0.14 percent to close at 7198.44 points on Friday, posting its biggest weekly loss since before Donald Trump won the U.S presidential election in November, as investors grew cautious before his inauguration. * BOVIS/BERKELEY: Bovis Homes Group Plc investor Schroder Investment Management has written to Berkeley Group Holdings Plc, urging the London builder to consider an all-share merger with its smaller rival, the Sunday Times reported. * HOCHSCHILD MINING: Hochschild Mining Plc said it would restart operations at its Pallancata silver mine in Peru on Jan. 25, after reaching an agreement with members of a local community who blocked a road and demanded renegotiation of agreements. * SHELL: Saudi Basic Industries Corp (SABIC) has signed an agreement to acquire the 50 percent that it does not already own in its petrochemical venture with Shell Arabia, a unit of Royal Dutch Shell, for $820 million, SABIC said on Sunday. * JOHNSTON PRESS: The interim chairman of newspaper publisher Johnston Press Plc has asked Rothschild to examine refinancing options in an attempt to navigate the debt-saddled company through a potential financial crunch, the Telegraph reported on Sunday, citing City sources. bit.ly/2jP54ZR * UK REFERENDUM: Britain will on Monday outline a new, interventionist approach to balancing its heavily services-based economy for the post-Brexit era, seeking to reinvigorate industrial production and stimulate investment in technology and R&D. * UK FINANCIAL SERVICES: Optimism about the business environment for Britain''s financial services firms fell for a fourth consecutive quarter, according to a survey published on Monday, the longest decline since the global financial crisis. * BREXIT: U.S. banks Morgan Stanley and Citigroup have identified many of the roles that will need to be moved from Britain following its exit from the European Union, sources involved in the processes told Reuters. * OIL: Oil edged up on Monday on statements over the weekend from OPEC and other producers that they have been successfully implementing output cuts, but gains were limited by a surge in U.S. drilling. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Esha Vaish in Bengaluru, Editing by Sunil Nair) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1FD2RT'|'2017-01-23T14:29:00.000+02:00'
'7a099770dfe5101c3d2b76c0f09d7382c89461a1'|'BRIEF-India cenbank says Suryoday Small Finance Bank commences ops'|'Financials  03am EST BRIEF-India cenbank says Suryoday Small Finance Bank commences ops Jan 23 Reserve Bank of India: * RBI - Suryoday Small Finance Bank Limited commences operations Source text - ( bit.ly/2jooLUX ) Next In Financials Jan 23 U.S. movie theater chain AMC Entertainment Holdings Inc said on Monday it would buy Nordic Cinema Group, the largest theater operator in Sweden, Finland, Estonia, Latvia and Lithuania, for the equivalent of $929 million in cash. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FD0HL'|'2017-01-23T19:03:00.000+02:00'
'd4152ab8e9b8bc9613cd2fb8c6538cf4a72a8db5'|'BRIEF-Shenzhen Wongtee International Enterprise to set up business management JV'|'Financials  04am EST BRIEF-Shenzhen Wongtee International Enterprise to set up business management JV Jan 23 Shenzhen Wongtee International Enterprise Co Ltd : * Says it to set up a business management JV in Zhejiang with partner * Says the JV will with registered capital of 10 million yuan and the co to hold 51 percent stake in it Source text in Chinese: goo.gl/L2DsTn Further company Coverage: (Beijing Headline News) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FD3ZL'|'2017-01-23T19:04:00.000+02:00'
'dcdaa0e0a23dda13a9a10a4d26f2ef6b14dd9b0c'|'U.S. judge orders arrest of ex-fund employee who skipped trial'|'By Nate Raymond - NEW YORK NEW YORK A U.S. judge ordered the arrest of a former analyst at Dell Inc founder Michael Dell''s investment fund on Monday after he refused to show up for trial to face charges that he made $1.5 million engaging in insider trading.U.S. District Judge Paul Engelmayer in Manhattan issued a bench warrant for John Afriyie, a former MSD Capital employee, after a defense lawyer, Ezra Spilke, said that his client was in New Jersey and would not agree to come to court."He is going to need to bring his toothbrush," Engelmayer said in court. "Under the circumstances, while I will be happy to hear argument for bail when he is picked up, his non-appearance and non-willingness to appear is a bad fact."The judge said the he still planned to have the trial go forward later in the day.Afriyie had been free on a $200,000 bond since his initial arrest in April 2016 in what was one of the latest insider trading cases to be announced by Manhattan U.S. Attorney Preet Bharara''s office.Prosecutors said that in early 2016, Afriyie learned about plans by Apollo Global Management LLC ( APO.N ) to acquire security company ADT Corp after the private equity firm approached MSD to discuss providing debt financing for the deal.After he and other MSD employees were emailed about a restriction imposed on trading in ADT stock, Afriyie accessed a shared folder on MSD''s network server and obtained information about Apollo''s pending deal, prosecutors said.He then bought ADT call options for $24,254 through a brokerage account in his mother''s name, enabling him to earn $1.53 million when the transaction was announced, prosecutors said.Afriyie has pleaded not guilty to charges of securities fraud and wire fraud.The case is U.S. v. Afriyie, U.S. District Court, Southern District of New York, No. 16-cr-337.(Reporting by Nate Raymond in New York; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-insidertrading-idINKBN15728X'|'2017-01-23T13:38:00.000+02:00'
'302e56dc82691a26f825ae0d79ef50b2f9bbbcc2'|'Japan Air Commuter takes first ATR in quest for foreign tourists'|' 31pm EST Japan Air Commuter takes first ATR in quest for foreign tourists By Tim Hepher - TOULOUSE, France TOULOUSE, France Jan 20 Japan Air Commuter (JAC) took delivery of its first European ATR turboprop airplane on Friday, gambling on attracting foreign tourists to a little-visited archipelago as Japan bids to place Amami and Ryukyu islands on UNESCO''s World Heritage list. The first direct sale of ATR turboprops to Japan is seen as a breakthrough for the Franco-Italian manufacturer in a national market dominated mainly by North American suppliers. So far, just one ATR flies in Japan, through a leasing deal. JAC, majority-owned by Japan Airlines, has ordered nine 48-seat regional ATR 42 models, worth some $22 million each at list prices, and has the right to purchase another 14. Built by a joint-venture between Airbus and Leonardo of Italy, the ATR aircraft will replace smaller Saab turboprops. The airline''s partly subsidised operations serve residents and mainland businesses providing services and medical care. But it is looking for a boost from foreign visitors to the mangrove-clad region to offset a declining islander population. "Amami is not famous yet but will become World Heritage in a few years, and many tourists from other countries will visit," Hiroki Kato, president of Japan Air Commuter, told reporters. "If in the future we have tourists from abroad it might be a chance for us." Kato said JAC could upgrade to the 70-plus-seat ATR-72 model if foreign tourist traffic grows quickly enough. But he acknowledged stiff competition from high-speed rail on its inland routes and some pressure from rising oil prices. The rise in fuel values could negatively affect parent JAL''s performance in 2017/18, he said. "So far there is no big impact, but maybe for the next fiscal year it may impact our profit." The group''s fiscal year runs from April to March. Kato said the JAL group was not worried about delays to the MRJ regional jet. JAL has ordered 32 of the jets, Japan''s first home-grown passenger plane since the 1960s. Chief architect Mitsubishi Aircraft is expected to announce a fifth delay to the project next week. ATR''s family of two sizes of turboprop aircraft competes mainly with the Q400 of Canada''s Bombardier. Japan Air Commuter also operates nine of those aircraft, but no decision on whether to renew or replace them is expected before 2020. In another turboprop battle, Bombardier said last month it had won a deal from Hawaii-based Island Air, knocking out ATR as the airline''s sole aircraft supplier. (Additional reporting by Allison Lampert; Editing by James Dalgleish)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-airlines-atr-idUSL5N1FA5HM'|'2017-01-21T06:31:00.000+02:00'
'57689b85da98471dc8296a514854c9c0206a5c53'|'BHP says reached settlement agreement with Brazil over Samarco'|'Business News - Thu Jan 19, 2017 - 5:59am GMT BHP says reached settlement agreement with Brazil over Samarco SYDNEY BHP Ltd, its partner Vale SA and Samarco have reached an agreement with Brazil authorities to settle a $47.5 billion (38.7 billion pounds) civil claim over the Samarco iron ore mine disaster, the companies said on Thursday. Operations at the Samarco mine were suspended in 2015 after the collapse of a dam holding mining waste, or tailings. The rupture killed 19 people and caused Brazil''s worst environmental disaster. All three companies have agreed to pay substantial amounts to cover social and environmental impacts and remediation. (Reporting By Jane Wardell; Editing by Sonali Paul) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bhp-billiton-samarco-idUKKBN1530I3'|'2017-01-19T12:59:00.000+02:00'
'e1fc015eca708ddfbd5c02ee4c3400e0acd33802'|'RPT-China commercial banks sell net $46.3 bln of forex in Dec - FX regulator'|'Financials - Wed Jan 18, 2017 - 9:28pm EST RPT-China commercial banks sell net $46.3 bln of forex in Dec - FX regulator (Repeats to attach to alerts) BEIJING, Jan 19 China''s commercial banks sold a net $46.3 billion of foreign exchange in December, compared with a net sale of $33.4 billion in November, the foreign exchange regulator said on Thursday. For the January to December period, net forex sales stood at $337.7 billion, the State Administration of Foreign Exchange said in a statement on its website. Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-economy-forex-idUSB9N1EZ01F'|'2017-01-19T09:28:00.000+02:00'
'2a11b1c693db0385a74044ed36633af461c6e6d4'|'OPEC, non-OPEC producers meet to discuss compliance oil cut deal'|'By Rania El Gamal and Vladimir Soldatkin - VIENNA VIENNA A committee of OPEC and non-OPEC countries responsible for monitoring compliance with a global agreement to reduce oil output is set to meet for the first time in Vienna on Sunday.The committee is expected to discuss how to best monitor compliance with the deal reached late last year as well as what level of compliance would be acceptable, Kuwaiti oil minister Essam Al-Marzouq said in Vienna on Saturday.Kuwait chairs the five-member committee which also includes Algeria, Venezuela, Russia and Oman.Asked about compliance with the deal so far, Saudi energy minister Khalid al-Falih said it had been "very good".Russian Energy Minister Alexander Novak on Sunday also said he was satisfied with the level of compliance shown.The Organization of the Petroleum Exporting Countries and non-OPEC producers on Dec. 10 reached their first deal since 2001 to curtail oil output jointly by nearly 1.8 million barrels per day (bpd) and ease a global glut after more than two years of low prices.Russia has cut its oil output by around 100,000 bpd, Novak told Russia''s TASS news agency.Falih said last week that 1.5 million bpd in crude production had already been taken out of the market.(Writing by Ahmad Ghaddar in London; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opec-meeting-idINKBN1560CI'|'2017-01-22T06:25:00.000+02:00'
'755e135847a5bbb2cb410448f4a5a68976e1a329'|'Qatar''s Doha Bank Q4 net profit falls 85 pct'|' 43am EST Qatar''s Doha Bank Q4 net profit falls 85 pct DUBAI Jan 22 Doha Bank, Qatar''s fifth-largest lender by assets, reported a 84.8 percent decline in fourth-quarter net profit on Sunday, according to Reuters calculations. The bank earned a net profit of 35 million riyals ($9.61 million) in the three months to Dec. 31 against 231.4 million riyals in the same period of the previous year, Reuters calculations showed, using financial statements in lieu of a quarterly earnings breakdown. The bank posted annual 2016 net profit of 1.05 billion riyals, lower than the 1.37 billion riyals it reported in 2015, according to its statement. The bank did not provide reasons for the decline. Lenders across the Gulf are struggling against the fallout from a prolonged dip in energy prices, which has hurt lending growth and tightened liquidity. The bank said on Nov. 17 it would recommend to shareholders to raise the capital of the bank by 20 percent during the first half of 2017 by issuing new shares to shareholders. Several other Gulf banks have taken similar steps to boost capital in recent months as economic growth slows and they look to prepare for looming global regulations requiring banks to beef up their reserves. The bank''s statement added its board was recommending a cash dividend of 3 riyals per share for 2016, the same for 2015. Doha Bank picked banks for a conventional bond issue, banking sources told Reuters on Nov. 16. ($1 = 3.6408 Qatar riyals) (Reporting by Hadeel Al Sayegh; Editing by Mark Potter) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/doha-bank-results-idUSD5N1EF02A'|'2017-01-22T22:43:00.000+02:00'
'ea94d642479d686e1d08aedfd2869b00e4d43134'|'Hurrah for the industrial strategy. At last Britain has a plan - Business - The Guardian'|'T he government is this week scheduled to unveil its industrial strategy for Britain. It promises to be a fascinating document. Although this industrial strategy has received far less publicity than Brexit, it could have a more significant long-term impact on Britain then leaving the European Union . But that impact depends on the government not only producing a substantial plan but also sticking to it over years and parliaments, which will not be an easy task.Until Theresa May made her speech on Brexit last week, there were growing fears in the business world that the industrial strategy could be a damp squib. It is understood that there have been splits within government about how detailed the industrial strategy should be – because of fears that it could show Britain’s hand too early in negotiations with the EU on Brexit.So while Greg Clark, the business, energy and industrial strategy secretary, understandably wanted to produce a weighty plan, those in the department for exiting the European Union were wary about the government telling the world which industries it considers most important.In her speech, the prime minister said not only that Britain intended to leave the single market, but that she wanted the country to be a cheerleader for global free trade – and she cited key sectors for this, including car manufacturing and financial services. By outlining Britain’s approach to Brexit negotiations, May gave the industrial strategy a platform to build on.The contents of the strategy are likely to focus on what sectors the government believes have potential, how they will be supported, and how it intends to develop skills, infrastructure and research and development.The prime minister established the new Department for Business, Energy and Industrial Strategy soon after she succeeded David Cameron in July. That move in itself was a notable step away from Cameron’s approach.Sajid Javid , Cameron’s business secretary, had expressed his dislike for government intervention and avoided the phrase industrial strategy altogether. His argument was that industries and companies who were not part of the strategy felt isolated.Nonetheless, almost nine out of 10 business leaders surveyed by the influential Institute of Directors (IoD) said that they were in favour of an industrial strategy. Javid’s predecessors in the role of business secretary, Lord Mandelson and Sir Vince Cable , both happily adopted the concept.Although their industrial strategies were never put into writing, they formed task forces in the automotive and aerospace sectors made up of government figures and industry leaders. These so-called councils allowed the government to communicate regularly with chief executives in sectors it considered important, and to develop joint policies. It should be remembered that Javid’s laissez-faire approach ended in a tangle when he was forced to step in and offer financial support for the steel industry as thousands of jobs hung on the line. Clark used to work for Boston Consulting Group, so drawing up a strategy should not be a problem for him. He has already provided clues about areas the industrial strategy will focus on.Last September, Clark told the IoD conference in London that the industrial strategy had to focus on local areas and that “for too long government policy has treated everywhere like it is identical” . He added: “Many of the policies and decisions that form our industrial strategy will not be about particular industries or sectors, but will be cross-cutting.”Then, in November, he said at a speech at Jaguar Land Rover that making Britain a world-leading hub for next-generation electric vehicles would be at the heart of the new strategy . He described the automotive sector, particularly electric vehicles, driverless cars and battery storage, as an “emblematic area of focus”.We will find out this week how Clark and the government plan to electrify the economy. Even if the industrial strategy is just one page long, it will provide more clarity than Javid offered.Facebook Twitter Pinterest Rolls-Royce: a tarnished brand? Photograph: Rolls Royce/PA SFO has done a good job on Rolls-Royce. But it shouldn’t stop there Apart from the banks, it is hard to think of a bigger British corporate scandal than Rolls-Royce in the past two decades. If Brexit and Trump weren’t happening, the tale of bribery and corruption at Rolls-Royce over three decades would have been front-page news for days. To recap: a company long deemed one of the UK’s finest agreed to pay £671m in penalties via a deferred prosecution agreement (DPA) with the Serious Fraud Office and parallel agreements in Brazil and the US. Rolls-Royce’s behaviour amounted to “egregious criminality,” according to the senior judge who approved the agreement.Sir Brian Leveson’s comments and the statement of facts were admirably clear on what happened – such as the handing of $2.25m and a Rolls-Royce Silver Spirit car to an individual in Indonesia in exchange for a “favour to Rolls-Royce” – but silent on who was responsible. The silence was because individuals could still be prosecuted.But note one aggravating feature described by Leveson: “The conduct involved senior (on the face of it, very senior) Rolls-Royce employees.” In another passage, the lawbreaking was said to implicate “senior management and, on the face of it, controlling minds of the company”.The obvious question is whether any prosecutions will materialise. Due process must be followed, of course. But public confidence in DPAs – used by the SFO since 2013 – will be maintained only if they are not seen as allowing a company to make a legal problem go away by writing a large cheque.For Rolls-Royce – whose board was praised for its full cooperation with the SFO – that must mean one of two outcomes. Either the relevant senior managers should be prosecuted where possible; or the SFO must provide compelling reasons why not.A fudged outcome, in which the question of individual prosecutions is perpetually delayed, would undermine faith in DPAs. The SFO was rightly praised last week for securing the settlement, but its work is not finished.Some of the things Soros says have to come true George Soros , hedge fund speculator extraordinaire, has not become a star turn in Davos by being dull. His current opinions, shared with the gilded set at the Swiss shindig, were suitably bold. Donald Trump is a “would-be dictator” who is “going to fail”. Theresa May “will not last” and British people are “in denial” about the cost of Brexit. Financial markets will “not do very well”.He may well turn out to be right in some or all of his views. But timing in markets is everything, as Soros, who made a fortune by betting against the pound on Black Wednesday in 1992, knows. A week after the UK referendum, he said the result had “unleashed a crisis in the markets comparable in severity only to that of 2007-08”. The squall passed and the FTSE 100 and Dow Jones are close to record highs. Never mind, Soros grabbed attention –the chief requirement at Davos.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/22/government-industrial-strategy-greg-clark-car-industry'|'2017-01-22T02:00:00.000+02:00'
'95b04238e024169458dd031e379dfa413260fef7'|'ECB probed by watchdog over ties with bankers in G30 group'|'Business News   4:10pm GMT ECB probed by watchdog over ties with bankers in G30 group European Central Bank (ECB) President Mario Draghi addresses a news conference at the ECB headquarters in Frankfurt, Germany, January 19, 2017. REUTERS/Kai Pfaffenbach By Francesco Canepa - FRANKFURT FRANKFURT The European Union''s ethics watchdog has opened an inquiry into the participation of European Central Bank President Mario Draghi and senior ECB officials in the work of an exclusive group that includes bankers and fund managers. The European Ombudsman''s probe relates to ties between ECB officials and the Group of Thirty, a private organisation where policymakers, economists, bankers and fund managers meet behind closed doors to discuss economic and monetary affairs. Ties between the ECB and financial sector firms have been in the spotlight since 2015, when a top official discussed the bank''s money-printing plans at a private event with hedge funds. The new inquiry was triggered by a complaint by activist group Corporate Europe Observatory, which says proximity between ECB officials and the G30 is incompatible with Frankfurt''s role as the euro zone''s top banking watchdog. Members of the G30 include several former and current central bankers, including Bank of England governor Mark Carney and the Bank of Japan''s Haruhiko Kuroda, as well as Nobel prize winner Paul Krugman. But it also includes the chairmen of several commercial banks, such as JPMorgan''s Jacob A. Frenkel and UBS''s Axel Weber. Both firms have small units in the euro zone that are directly supervised by the ECB. The G30 publishes policy recommendations on a wide range of financial issues including banking supervision. Ombudsman Emily O''Reilly, who watches for lapses in ethics or transparency at European institutions and can make non-binding recommendations, is now asking the ECB to hand over documents illustrating its ties with the group. "As a first step in my inquiry, I would ask that the ECB facilitate an inspection of all relevant ECB-held documents which will help my Office gain a fuller understanding of the extent and range of the ECB''s overall involvement with the G30," O''Reilly said in a letter to Draghi. In the letter, she also asks for meetings with the officials involved. No deadline has been set for the ECB''s response. Draghi has been a member of the G30 since 2006, when he was still the governor of the Bank of Italy. ECB vice president Vitor Constancio and Sabine Lautenschlaeger, who represents the ECB''s supervisory arm on the board, have also spoken at G30 meetings. Their speeches were published on the ECB''s website. ECB senior supervisor Julie Dickson contributed to a G30 paper on banking conduct, albeit only as an external observer. "The Treaty requires the ECB to maintain a dialogue with external stakeholders," an ECB spokesperson said. "We see (the G30) as a relevant forum to engage with, always remembering that we have a range of rules and instruments in place to avoid apparent or potential conflicts of interest." A similar complaint lodged by the same activist group in 2012 was rejected by then-Ombudsman Nikiforos Diamandouros. The ECB has since taken over supervision of the euro zone''s largest banks, a change O''Reilly referred to in her letter. "At this early stage in my inquiry, I acknowledge the need to reflect on this new context," she said. "However, I have taken no position in relation to any of these matters except to consider that they warrant further inquiry." The ECB heeded a recommendation by O''Reilly in 2015 and tightened its policy on publishing information and meeting market participants. (Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-banks-ethics-idUKKBN15427L'|'2017-01-20T23:10:00.000+02:00'
'fe82d68f6189de93328e7528500c624f458dd750'|'Iraq announces sale of $1 bln in bonds guaranteed by U.S. - Reuters'|'BAGHDAD Jan 22 Iraq announced the sale of $1 billion in bonds guaranteed by the United States, paying an interest of 2.1 percent, far below the price the country is paying for its non-guaranteed debt.The U.S.-guaranteed five-year bonds were issued on Wednesday, the finance ministry said in a statement.The Iraqi government, which relies almost exclusively on oil income, has struggled to pay its bills since crude prices dropped in 2014, the same year that Islamic State militants seized a third of the country''s territory. (Reporting by Maher Chmaytelli; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/iraq-bonds-idINL5N1FC0E2'|'2017-01-22T08:30:00.000+02:00'
'4925b8ca927ecb9027a97b58c1401f7656197540'|'Is the FTSE heading for the crash of 2017? - Money'|'A lmost exactly a year ago, economists at Royal Bank of Scotland advised clients to sell everything ahead of a stock market crash . They forecast a “cataclysmic” year with a 20% slump in shares and oil plunging to $16 a barrel. “Sell everything except high quality bonds,” they said. It turned into one of the best-read stories o n the Guardian’s business pages – and RBS was hopelessly, gloriously wrong.On 12 January 2016, at the time of RBS’s forecast, the FTSE 100 index stood at 5929. One year later, on 12 January 2017, the index was at 7337 – an all-time high. Rather than crashing by 20%, the market jumped by 24%. If a client with £100,000 had followed RBS’s advice, pouring all their money into quality corporate bonds, it would today be worth around £106,000 – and probably much less after paying transaction costs. If they had left it tracking the FTSE 100 it would be worth around £124,000.And the oil price? As RBS made its forecast it was plunging to fresh lows, with Brent crude hitting $29 in January 2016. A year later it is $54 a barrel.RBS’s forecast will go down as one of the most woeful in history, although my personal favourite is the City analyst who sent me a note in August 2007 when Northern Rock shares were around 600p, rating them a “buy”. A month later they were worthless.Remember, these are the absurdly paid experts who the casino (AKA investment banks) threaten to shift to Paris or Frankfurt after Brexit. Goodbye.This week I received a new warning of impending doom, albeit from a firm of investment managers rather than one of the casino banks. “Could the FTSE 100 fall by 40%” was the headline on a note from Adrian Lowcock at Architas, part of the giant Axa group. It came amid the FTSE closing at a record high for the 14th day in a row, the longest such stretch in history. The note warned how during the dot.com bubble in December 1999, the FTSE 100 peaked at 6930, but collapsed to just 3436 three years later – a fall of 50.4%.In October 2007, in the last days before the great financial crash, the FTSE peaked once again, at 6730, before slumping 47% to 3512 by March 2009.Is it about to happen again? Lowcock says: “It is too easy to get caught up in the excitement of rising markets. Just because the FTSE 100 has reached new all-time highs does not mean that a crash is imminent; however it is often a good idea to hope for the best and plan for the worst.”But my feeling is that as more and more analysts have been employed in the City, on Wall Street and in Hong Kong, the worse the forecasts have become. How many predicted the crash in 2008? A handful at best. The oil price crash of 2014? Or that interest rates would fall to near zero and stay there for nearly a decade? None. As much as I enjoy the eloquence of economist Howard Archer’s oft-quoted thoughts in the financial press, back in 2011 he was predicting (along with most others) that the Bank of England base rate, then 0.5%, would be back at 4.5% by the end of 2017. It is 0.25% today.We should have as much confidence in the quality of market punditry as we now have in political polling companies after they were so wide of the mark on the Tory outright majority, the Brexit result and Trump’s triumph over Clinton.So what am I doing about the risk of the FTSE crashing? Zilch. Like the vast majority of Brits, my fortune is almost entirely wrapped up in a company pension scheme. It’s a very broad mix of shares, bonds and property, mostly in the form of cheap index trackers. I, and the scheme’s managers, Legal & General, can have no more knowledge about the future direction of markets than anyone else. All savers can really do is ensure they are diversified, and as they approach retirement maybe tilt into “safer” investments. As for market timing? You’re heroic if you get it right. But you are also in a tiny minority.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/blog/2017/jan/21/is-ftse-heading-for-crash-2017'|'2017-01-21T14:00:00.000+02:00'
'f1ec73a19a3d0e47e62bfdba8c2afd2847ffb338'|'Hungarian and Italian authorities begin investigations into deadly bus accident'|'Industrials   6:22am EST Hungarian and Italian authorities begin investigations into deadly bus accident * Bus was carrying Hungarian students returning from ski holiday * Accident killed 16; two with life-threatening injuries * Could take days to identify victime -minister By Sandor Peto BUDAPEST, Jan 22 Authorities in Italy and Hungary have begun investigations into the cause of the bus crash near Verona around midnight on Friday, which left 16 dead and two people with life threatening injuries. Hungarian Foreign Minister Peter Szijjarto said on Sunday that investigations were under way and confirmed that the bus carrying Hungarian students returning from a ski holiday had 56 people on board when it crashed and burst into flames, but that it could take days to identify the victims because of severe burns. Italian authorities have taken DNA samples from some of the parents who have arrived in Verona, which will help to identify the victims, Szijjarto said. "Two people are in critical condition and have not yet been identified. One of the injured has suffered third-degree burns on 60 percent of his body," Szijjarto said. The minister added that, based on current information, the two people with critical injuries are both adults. Four other people remain in a severe condition, he said. Police officials are expected to hold a news conference in Verona later on Sunday. (Additional reporting by Krisztina Fenyo in Budapest and Giulia Segreti in Milan; Editing by David Goodman) Next In Industrials Families of MH370 victims to lobby Malaysian minister in Australia SYDNEY, Jan 22 Relatives of victims onboard missing Malaysia Airlines flight MH370 said on Sunday they plan to deliver personal letters to Malaysian Transport Minister Liow Tiong Lai while he visits Australia, urging him to resume the search for the missing jet.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/italy-bus-accident-idUSL5N1FC0BS'|'2017-01-22T18:22:00.000+02:00'
'366ae331a3819b7403f81cf2324b72153cd45d1c'|'Mitsubishi to postpone jet delivery for fifth time - sources'|'Business  02am GMT Mitsubishi to postpone jet delivery for fifth time - sources An aerial view shows Mitsubishi Aircraft Corp''s Mitsubishi Regional Jet (MRJ) taking off for a test flight at Nagoya Airfield in Toyoyama town, Aichi Prefecture, central Japan, in this photo released by Kyodo November 11, 2015. REUTERS/Kyodo TOKYO Mitsubishi Aircraft Corp will delay delivery of its Mitsubishi Regional Jet (MRJ) by about two years from the previously expected mid-2018, in the fifth postponement since announcing plans for the aircraft, two sources told Reuters on Friday. A further delay in Japan''s first commercial passenger plane in half a century could hurt the company''s chances of winning fresh orders in the regional jet market, dominated by Canada''s Bombardier Inc and Brazil''s Embraer SA. The MRJ was originally slated for delivery in 2013. Mitsubishi Aircraft and its parent company, Mitsubishi Heavy Industries Ltd, last month said they were reviewing the MRJ''s entire schedule, from testing to delivery. Mitsubishi Heavy declined to comment, saying it would provide details on the MRJ business at a news conference with Mitsubishi Aircraft on Monday. Reuters'' sources, who have direct knowledge of the matter, declined to be named as the latest plan was not yet public. The MRJ, which made its maiden test flight in November, represents Japan''s long-held ambition to re-establish a commercial aircraft industry that was dismantled by the United States after Japan''s defeat in World War Two. (Reporting by Maki Shiraki, Writing by Chang-Ran Kim; Editing by Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mitsubishi-jet-idUKKBN1540LQ'|'2017-01-20T14:02:00.000+02:00'
'59849278648cdd56487baba6adf117be10168cf4'|'Balkan push for new coal-fired plants raises environmental concerns'|'Environment  22pm EST Balkan push for new coal-fired plants raises environmental concerns Coal miners wait for the start of their shift next to a coal digging machinery in Lazarevac, Serbia September 14, 2010. REUTERS/Marko Djurica By Maja Zuvela - SARAJEVO SARAJEVO A Chinese company began work on Monday on a $715 million expansion of a Serbian coal mine and a new power plant, part of a wave of investment in new coal-fired plants in the Balkans that is at odds with EU policy of reducing coal use. China Machinery and Engineering Corp''s project to expand Kostolac, Serbia''s second biggest coal mine, and build a new 350 megawatt (MW) unit at a nearby power plant is the first new electricity capacity built in Serbia in nearly 30 years. "Elektroprivreda Srbije (EPS) is opening a new chapter," Milorad Grcic, chief executive of Serbian power utility EPS, said in a statement marking the start of construction. The investment, majority financed by China''s Export Import Bank [EXIMC.UL], secured the future of the mine and power plant for half a century, he said. Western Balkan countries, including Bosnia, Kosovo, Montenegro and Serbia, plan to invest billions of euros in building new coal-fired plants to meet rising demand for electricity as old plants are being phased out. A total of 2,600 MW of new coal generating capacity is planned in the region in the next decade. But environmentalists fear the investment in coal could backfire as governments may be forced to invest hundreds of millions of euros more to upgrade plants to meet EU environmental standards as countries progress toward membership of the bloc. EU regulators set out a blueprint in November for renewable to power half of Europe by 2030 and for phasing out coal subsidies as part of its plans to cut emissions and meet climate change goals. EU aspirants Serbia, Bosnia, Kosovo, Macedonia and Montenegro must implement EU laws to qualify for membership. Of the 37 coal-fired units operating in the five Balkan countries, with an installed capacity of 8,658 MW, no fewer than 34, with 7,662 MW of capacity, still need to either implement investments to bring them into line with an EU anti-pollution law or be closed in the next few years. ENVIRONMENTAL CONCERNS The expansion of the Drmno opencast mine near the northeastern town of Kostolac by a third to 12 million tonnes of lignite a year will cost $123 million, said EPS. "Expanding the coal mine to feed the new plant is particularly worrying, as no environmental impact assessment process has been carried out for the increased production," Pippa Gallop, research coordinator at CEE Bankwatch Network, an EU-funded advocacy group, told Reuters. The Energy Community, a body in charge of harmonizing Western Balkans energy markets with those of the EU, said it had received a complaint about potential state aid being granted for the Kostolac B power plant in the form of loans, guarantees and exemptions from customs duties and value-added tax. Lignite - the most polluting type of coal - is widely available in the Balkans, making it appealing to governments seeking ways to ensure security of supply and keeping energy prices low while also placating influential mining lobbies. Coal - mainly domestic lignite - accounts for more than half of energy consumption in Serbia, Kosovo, Macedonia and Montenegro. But as the EU, World Bank and other organizations cut back on coal financing, Western Balkan countries are encountering difficulties in securing finance for their projects, and are increasingly turning to Chinese institutions and contractors. The China Development Bank [CHDB.UL] financed construction of a 300 MW coal-fired plant in Bosnia that came online in September last year. But some of the region''s major projects are on hold until finance is secured, putting countries at risk of becoming dependent on expensive imports if new capacities are not built. In Montenegro, Skoda Praha, a unit of Czech power firm CEZ, failed to secure financing for a major new coal-fired power plant in October. In Kosovo, plans to build a new 600 MW coal-fired power plant are on hold pending a World Bank decision on whether to fund the project. If it backs the scheme, it would mark a shift in the bank''s policy to support cleaner alternatives to coal. (Editing by Ivana Sekularac and Adrian Croft) Next In Environment Small cities unprepared for population flood, warns urban expert TEPIC, Mexico (Thomson Reuters Foundation) - As the world''s giant cities fill up, the brunt of migration to urban areas will fall on smaller cities that are not ready to deal with big influxes of people, a specialist on Latin America''s cities has warned.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-serbia-energy-coal-idUSKBN1572G7'|'2017-01-24T01:06:00.000+02:00'
'5b32227f37df0feab440c6f2701e606bc21d1bfd'|'Struggling UK steel sector needs broad govt support - MPs'|'Business   4:14pm GMT Struggling UK steel sector needs broad govt support - MPs A general view shows the Tata steelworks in Port Talbot, Wales, Britain April 26, 2016. REUTERS/Rebecca Naden/File Photo LONDON Britain''s steel industry needs a comprehensive government strategy to boost the sector, which must be a priority in negotiations on Britain''s exit from the European Union, a cross-party parliamentary report said on Monday. The "Steel 2020" report urged the government to take 43 actions to revive the sector, including cutting energy costs for the industry, fighting cheap Chinese imports and ensuring British steel is used in public projects. Launching the report, Labour member of parliament Stephen Kinnock said steel had to be a priority sector as "the key foundation industry" underpinning other manufacturing. Also on Monday, the government outlined its industrial strategy to develop core industries, such as car-making, heavily reliant on steel, but did not include steel itself. Kinnock''s constituents include workers at the Port Talbot plant, Britain''s biggest steel facility, owned by Tata Steel UK ( TISC.NS ), which faces an uncertain future as talks continue on a possible merger with Germany''s Thyssenkrupp. ( TKAG.DE ) He said the sector was in "an existential crisis" because of a flood of imports at low prices from China, which 10 years ago accounted for about a quarter of global production and now is responsible for around half. The size of British industry has shrunk by 59 percent since 1995, Monday''s report found, to around 34,000 employees including in processing. The Steel 2020 report by the University of Leeds Business School said Britain''s decision to leave the EU had presented opportunities as well as threats, estimating the post-Brexit fall in sterling had made steel exports 15 percent cheaper on average and increased the cost of Chinese steel by 15 percent. But trade defence measures were vital to the industry''s survival and it called for the design of "a new trade defence strategy for the steel industry on our own terms". Industry body UK Steel had supported remaining in the European Union and, like the report, said the steel industry needed to secure the best possible access to the EU single market. Gareth Stace, director of UK Steel, said the government''s publication of an industrial strategy was an important first step. "It’s clear that much still needs to be done in reaching a sector deal," he said. (Reporting by Eric Onstad and Barbara Lewis; Editing by Dale Hudson; Editing by Dale Hudson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-steel-idUKKBN1571GU'|'2017-01-23T23:14:00.000+02:00'
'89111af0fba8c1f243c2a787fdef09c77a9a1aa0'|'Event: Are slum-free cities achievable? - Global Development Professionals Network'|'The global population is projected to rise to 9.7bn people by 2050 , and it is estimated that around 66% of that total will be living in cities, with the majority of urban growth expected to take place in developing regions in Africa, Asia and Latin America.On the one hand, slums give people opportunities, allowing them to move to cities, driving economic growth and lifting societies out of extreme poverty; however, they can also lead to overcrowding and squalid conditions resulting in problems of inadequate sanitation, poor health and social unease.In October 2016 a New Urban Agenda was adopted at the Habitat III Summit in Quito to provide global standards for the achievement of sustainable urban development; but how should developing countries effectively respond to the challenge of surging city populations and the growth of slums? Is it possible to have slum-free cities and should developing countries be focusing on upgrading slums or eradicating them?Details Date: Tuesday 31 January 2017Time: 6-8pmLocation: John Snow Theatre, London School of Hygiene and Tropical Medicine, Keppel Street, LondonCost: £5.50Panellists: Professor Julio D DavilaJulio D Davila is a professor of urban policy and international development and director at University College London’s development panning unit. He is a civil engineer and urban development planner with over 25 years’ experience in research and consultancy projects in Latin America, the Middle East, Africa and Asia. Follow @DavilaJulio on Twitter. Paula LucciPaula Lucci is a senior research fellow at the Overseas Development Institute. Her current areas of interest include the sustainable development goals, urbanisation, urban poverty and inclusive growth. Follow @PDLucci on Twitter. Himanshu ParikhHimanshu Parikh is a structural engineer who has worked in the UK and India. He has held various positions outside his practice, including professor at school of planning, Centre for Environmental Planning and Technology in Ahmedabad , visiting lecturer at Cambridge University and member of the Indian government’s council for the department of science and technology.Representative of Arup International Development TbcBibi van der Zee (chair) Bibi van der Zee is a writer and editor at the Guardian who specialises in development and environmental issues. She edits the Guardian’s Global Development Professionals Network and is also author of The Protester’s Handbook. Please register for tickets here .Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jan/23/event-are-slum-free-cities-achievable'|'2017-01-23T02:00:00.000+02:00'
'ca00b7f127c981d23d703023d7b279ed65e901d2'|'United domestic flights grounded due to ''IT issue'''|' 38pm EST United domestic flights grounded due to ''IT issue'' Jan 22 United Airlines said it had grounded all domestic flights due to an "IT issue" on Sunday, company spokeswoman Maddie King said. "We are working as quickly as possible to resolve this issue and get out customers to their final destinations," King said in an emailed statement. (Reporting by Ismail Shakil in Bengaluru and Suzanne Barlyn in New York; Editing by Lisa Von Ahn)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ual-flights-idUSL4N1FD183'|'2017-01-23T08:38:00.000+02:00'
'fd0ab6735c811bd74fb826c0d94376f23c213299'|'BRIEF-Shenzhen Wongtee International Enterprise unit to buy 90 pct stake in management firm'|'Financials  02am EST BRIEF-Shenzhen Wongtee International Enterprise unit to buy 90 pct stake in management firm Jan 23 Shenzhen Wongtee International Enterprise Co Ltd : * Says its unit to acquire 90 percent stake in a Shenzhen-based housing construction management firm for 7.7 million yuan Source text in Chinese: goo.gl/SzKNvq Further company Coverage: (Beijing Headline News) Next In Financials Jan 23 U.S. movie theater chain AMC Entertainment Holdings Inc said on Monday it would buy Nordic Cinema Group, the largest theater operator in Sweden, Finland, Estonia, Latvia and Lithuania, for the equivalent of $929 million in cash. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FD3Z8'|'2017-01-23T19:02:00.000+02:00'
'053376322005b0c186aba032d6d2f0ced3ae0f5d'|'Top BT investor Royal London says surprised by scale of Italy scandal'|'Financials   8:52am EST Top BT investor Royal London says surprised by scale of Italy scandal LONDON Jan 24 One of the biggest investors in BT said it was surprised after the firm issued a profit warning on Tuesday, and particularly by the scale of an accounting scandal in Italy. Richard Marwood, senior fund manager at Royal London Asset Management, said the news was an unwelcome addition to existing concerns about BT''s pension liabilities and relationship with the industry regulator, OFCOM. "Today''s announcement from BT surprises us on a number of counts. Firstly, BT is a strong company with a relatively predictable business and so not generally prone to these kinds of warnings," Marwood said in a statement. "Secondly, given the modest scale of the Italian business, the magnitude of the hit it has caused is concerning. Finally, the warning that spending by government and corporate customers has shown some signs of softening is the sting in the tail of the announcement." Royal London Asset Management said it currently holds 89,305,993 shares in BT worth over 340 million pounds, giving it a 0.9 percent stake in the group. This would make it one of the 10 biggest investors in BT, data from Reuters showed. (Reporting by Simon Jessop, Editing by Maiya Keidan) Next In Financials Fitch Affirms Sparebanken Vest at ''A-''; Withdraws Ratings (The following statement was released by the rating agency) LONDON, January 24 (Fitch) Fitch Ratings has affirmed Sparebanken Vest''s (SV) Long-Term Issuer Default Rating (IDR) at ''A-'' with Stable Outlook, Short-Term IDR at ''F2'' and Viability Rating (VR) at ''a-''. Fitch has simultaneously withdrawn the ratings of SV for commercial reasons. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERS IDR, VR AND SENIOR DEBT The ratings reflect SV''s strong re'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/bt-investor-rlam-idUSL5N1FE4L3'|'2017-01-24T20:52:00.000+02:00'
'532441122aed830a4310290d1553119d7d0a8ecf'|'After U.S. exit, Asian nations try to save TPP trade deal'|' 24am GMT After   left right FILE PHOTO - U.S. President Barack Obama holds meeting with Trans-Pacific Partnership (TPP) leaders at the APEC Summit in Lima, Peru November 19, 2016. REUTERS/Kevin Lamarque/File photo 1/2 left right U.S. President Donald Trump plays host to a reception and meeting with U.S. congressional leaders including Senate Minority Leader Chuck Schumer (D-NY) (L) and House Speaker Paul Ryan (R-WI) (2nd L) in the State Dining Room at the White House in Washington, U.S. January 23, 2017. REUTERS/Jonathan Ernst 2/2 By Charlotte Greenfield and Stanley White - WELLINGTON/TOKYO   The TPP, which the United States had signed but not ratified, was a pillar of former U.S. President Barack Obama''s policy to pivot to Asia. Japanese Prime Minister Shinzo Abe has touted it as an engine of economic reform, as well as a counter-weight to a rising China, which is not a TPP member. Fulfilling a campaign pledge, Trump signed an executive order in the Oval Office on Monday pulling the United States out of the 2015 TPP agreement and distancing the United States from its Asian allies. Australian Prime Minister Malcolm Turnbull said he had held discussions with Abe, New Zealand Prime Minister Bill English and Singaporean Prime Minister Lee Hsien Loong overnight about the possibility of proceeding with the TPP without the United States. "Losing the United States from the TPP is a big loss, there is no question about that," Turnbull told reporters in Canberra on Tuesday. "But we are not about to walk away ... certainly there is potential for China to join the TPP." Obama had framed TPP without China in an effort to write Asia''s trade rules before Beijing could, establishing U.S. economic leadership in the region as part of his "pivot to Asia". China has proposed a counter pact, the Free Trade Area of the Asia Pacific (FTAAP) and has championed the Southeast Asian-backed Regional Comprehensive Economic Partnership (RCEP). MEETINGS PLANNED New Zealand''s English said the United States was ceding influence to China and the region''s focus could switch to alternative trade deals. "We''ve got this RCEP agreement with Southeast Asia, which up until now has been on a bit of a slow burn, but we might find the political will for that to pick up if TPP isn''t going to proceed," English said. Malaysia''s trade minister said negotiators from the remaining TPP countries would be in "constant communication" to decide the best way forward. "Notwithstanding the current position of the new U.S. Administration on (TPP), we will continue to engage with our American colleagues to strengthen our bilateral trade and economic relations, given the U.S.’s importance as our third-largest trading partner and a major source of investment," Mustapa Mohamed said in a statement. The TTP, which has been five years in the making, requires ratification by at least six countries accounting for 85 percent of the combined GDP of the member nations. Australia held open the possibility of China, the world''s top exporter, joining a revised deal. "The original architecture was to enable other countries to join," Australian Trade Minister Steven Ciobo told the Australian Broadcasting Corporation on Tuesday. "Certainly I know that Indonesia has expressed interest and there would be scope for China if we are able to reformulate it." Japan has led the push for the partnership, which also includes Brunei, Canada, Chile, Malaysia, Mexico, Peru and Vietnam. "There is no change to our view that free trade is the source of economic growth," Japanese Economy Minister Nobuteru Ishihara told reporters. When asked whether Japan would be open to negotiating a bilateral trade pact with the United States, Ishihara said it was still uncertain whether U.S. trade officials would start such negotiations. Japanese Deputy Chief Cabinet Secretary Koichi Hagiuda said separately that Japan was not considering moves with other TPP members based on a lack of U.S. involvement. "As Prime Minister Abe has made clear, TPP without the United States is meaningless and the balance of interests would crumble," he told a news conference, adding Tokyo would keep explaining the benefits of the pact for America. Abe had made TPP a core of his economic growth policies and along with the Obama administration, viewed TPP as strategically vital in the face of a rising China Trump took office on Friday and pledged to end what he called an "American carnage" of rusted factories and crime. He vowed to bring jobs back by renegotiating what he called bad multilateral trade deals in favor of bilateral ones. New Zealand Trade Minister Todd McClay said he had talked with a number of TPP-member ministers at the World Economic Forum in Davos last week and he expected they would meet over the coming months. "The agreement still has value as a FTA (Free Trade Agreement) with the other countries involved," McClay said in an emailed statement to Reuters. (Additional reporting by Swati Pandey in SYDNEY, Ami Miyazaki and Linda Sieg in TOKYO, Liz Lee in KUALA LUMPUR and Ben Blanchard in BEIJING; Editing by Lincoln Feast and Neil Fullick) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-asia-idUKKBN15800V'|'2017-01-24T15:34:00.000+02:00'
'b7ad8c0c4105c2dd7a38c3d171e633e7e206755e'|'Volvo Cars CEO says IPO is an option-manager magazin'|' 24am EST Volvo Cars CEO says IPO is an option-manager magazin FRANKFURT Jan 20 Hakan Samuelsson, Chief Executive of Volvo Cars, said a stock market listing is an option for the Swedish carmaker, Germany''s Manager Magazin said on Friday. "A stock market listing is an option," Samuelsson told the magazine, adding that there are no current plans for such a move and that it would be up to parent company Geely Holding to decide. Last month, Volvo raised 5 billion Swedish crowns ($532 million) from a group of Swedish institutional investors by selling newly-issued preference shares that would have "an immaterial dilutive effect" on Geely''s 100 percent ownership. "Today''s move is another step towards Volvo Cars'' long expressed ambition to act as a listed company," Volvo said in a statement in December. (Reporting by Edward Taylor; Editing by Christoph Steitz) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/volvocars-ipo-idUSFWN1FA0HD'|'2017-01-20T19:24:00.000+02:00'
'6d36c3590f5e9e5c76b7b80971a70955ddcabc68'|'Edenred shares fall as major investor Colony exits via stake sale'|' 39am GMT Edenred shares fall as major investor Colony exits via stake sale By Dominique Vidalon - PARIS PARIS Shares in French voucher and prepaid card provider Edenred slid lower on Friday after its second-largest shareholder Colony Capital sold its entire 11.2 stake in the company. Colday E, a vehicle of private equity firm Colony Capital, said 5.53 percent of the capital had already been sold off-market to an unnamed investor, and it would sell the remaining 5.68 percent via a private placement to institutional investors. It added that the 5.68 percent stake was sold at 19.41 euros per share, a 3 percent discount from Thursday''s closing price of 20.01 euros, for 257.5 million euros (222.7 million pounds). A source close to the matter said the off-market transaction was also sold at a price of around 19.41 euros, bringing the total value of the deal to around 500 million euros. Edenred declined to comment on the deal. Edenred shares were down 2.3 percent at 19.55 euros in early session trading. The stock was the worst-performer on Paris'' SBF-120 equity index, which was up 0.2 percent. Colony was Edenred''s second-largest investor after Capital Group Companies, which owns a 19.83 percent stake. "As a long-time shareholder, Colony has supported the creation of Edenred and has accompanied its growth since its listing in 2010," Nadra Moussalem, head of Europe at Colony NorthStar, said in a statement. "As we exit its share capital, Edenred has a renewed management team and ambitious strategy. We are confident in Edenred''s ability to keep generating a long-term and profitable growth," he added. Edenred, which competes with caterers Sodexo and Compass, as well as credit card networks MasterCard and Visa, sells prepaid meal vouchers that employers offer to staff. It was listed in 2010 and priced at the time at 11.40 euros after being split from its parent AccorHotels, in which Colony has been invested since 2005. New Edenred chairman and chief executive Bertrand Dumazy has been in place since October 2015, with the group moving into new areas such as fuel cards, a sector growing faster than other employee benefit schemes - notably in recession-hit Brazil - as companies seek to control business expenses more effectively. Highlighting this approach, Edenred said on Friday it now held 51 percent of Union Tank Eckstein, the number two Europe-wide player in multi-brand fuel cards, after raising its stake.. Edenred shares are up around 4 percent so far in 2017. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta and Jean-Michel Belot)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-edenred-colony-idUKKBN15412G'|'2017-01-20T16:39:00.000+02:00'
'18666e81ee0f870015a409e0cb584a7bb30c9e8a'|'UPDATE 2-AmEx profit misses estimates on higher marketing spend'|'(Adds CFO Quote: , updates shares)By Nikhil SubbaJan 19 American Express Co posted a lower-than-expected quarterly profit on Thursday as the credit card issuer boosted spending on marketing and promotion to fend off rising competition.The company said it now expects full-year 2017 earnings to be between $5.60-$5.80 per share. AmEx had previously expected to achieve at least $5.60 per share in 2017."That outlook is built on a set of priorities designed to put us in a strong position for 2018 and the years ahead," Chief Executive Kenneth Chenault said.AmEx''s stock has rallied since the U.S. election as investors hope Trump will usher in a new era of looser bank regulations along with economic growth which should drive increased spending among AmEx customers.The company''s shares were down about 1 percent in after-hours trading.Chief Financial Officer Jeffrey Campbell, on a call with analysts, cautioned that quarterly earnings and revenue would be uneven in 2017, with lower growth in the first quarter.During the quarter, AmEx added 1.6 million cards across its U.S. issuing businesses and 2.4 million on a worldwide basis, Campbell said."...we have now effectively replaced Costco as a distribution channel with our own proprietary activities," Campbell added.AmEx, which has long catered to affluent customers, has struggled since the loss of a lucrative partnership with Costco Wholesale Corp. The portfolio accounted for about 8 percent of the spending on AmEx cards in 2015.Net income attributable to common shareholders fell to $825 million, or 88 cents per share, in the fourth quarter ended Dec. 31, from $899 million, or 89 cents per share, a year earlier.Total revenue, net of interest expense, fell to $8.02 billion from $8.39 billion last year.Analysts on average had estimated a profit of 97 cents per share, according to Thomson Reuters I/B/E/S.Up to Thursday''s close, AmEx stock had risen about 15.5 percent since the U.S. election.(Reporting by Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/american-express-results-idINL4N1F95EH'|'2017-01-19T20:08:00.000+02:00'
'd9f8960d02f814c5341b1440291006439cb58ad8'|'Hong Kong stocks snap 3-week winning streak before Trump''s inauguration'|'Energy   3:19am EST Hong Kong stocks snap 3-week winning streak before Trump''s inauguration Jan 20 Hong Kong stocks ended a thinly-traded week down and snapped three weeks of gains on Friday, as investors were wary ahead of Donald Trump''s inauguration as the 45th U.S. president later in the day. The benchmark Hang Seng index fell 0.7 percent, to 22,885.91 points at the close, while the China Enterprises Index lost 0.8 percent, to 9,715.72 points. The benchmark index lost a modest 0.2 percent this week. "The key risk is Trump''s trade policy. The external risk of China is obviously heightened, at the same time how Fed will move policy rates in the U.S," said Raymond Yeung, chief economist of Greater China for ANZ in Hong Kong. There was little reaction to late afternoon news that China''s five biggest banks have been approved to temporarily lower the amount of cash that they must hold as reserves, to ease seasonal liquidity tightness ahead of the Lunar New Year holiday. Interest-sensitive stocks including property developers and utilities firms retreated more than 0.8 percent on Friday, after Federal Reserve Chair Janet Yellen said that the U.S. central bank should continue to raise interest rates gradually to keep jobs plentiful and inflation low. The city''s interest rates usually follow the United States, thanks to a currency peg to the greenback. The energy sector extended Thursday''s losses and fell more than 1.2 percent, partially dragged by index heavyweight PetroChina Co Ltd and CNOOC Ltd. (Reporting by Jackie Cai and John Ruwitch; Editing by Shri Navaratnam) Next In Energy'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-stocks-hongkong-close-idUSZZN2NXG00'|'2017-01-20T15:19:00.000+02:00'
'dafc155837d26d32f68abd13bb5b4385f3c24b68'|'ChemChina seeks U.S. anti-trust approval for Syngenta deal'|'BEIJING China National Chemical Corp [CNNCC.UL], or ChemChina, said on Friday it has sought the U.S. anti-trust regulator''s approval for its planned $43 billion acquisition of Swiss crop protection and seed group Syngenta AG ( SYNN.S )."We have filed an HSR Act with the FTC after good communications with the case team. We believe the U.S. anti-trust process is on track," ChemChina said in an email, referring to the U.S. anti-trust Hart-Scott-Rodino Act and the Federal Trade Commission, which oversees mergers.A Syngenta spokesperson also confirmed the companies had recently submitted the transaction to the FTC after a constructive engagement with the authorities."ChemChina and Syngenta remain fully committed to the transaction and are confident of its closure," Syngenta said.Sources close to the deal expected an approval soon, given the small revenue that ChemChina generates from the U.S. via Adama ( ADAM.N ), a maker of generic versions of pesticides without patent protection, and its minor overlap with Syngenta products.The deal has already won approvals from regulators in several markets, including a U.S. national security panel and Australia''s competition watchdog.Earlier this month, companies proposed minor concessions to the European Commission''s competition watchdog with one source close to the deal estimating the overall divestment from Adama at less than $500 million.Recently, the European Commission extended the deal review to April 12, and a top Syngenta executive said earlier this week that it was "highly optimistic that by the date we will have made sufficient progress in the U.S. and EU to be going forward".(Reporting by Chen Aizhu; Additional reporting by Zurich newsroom; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-chemchina-syngenta-us-idINKBN1540Y4'|'2017-01-20T06:43:00.000+02:00'
'11b3a3f70487654d69edbfd50b8b415238b61991'|'CANADA STOCKS-TSX posts two-week high as commodity prices rise'|'Company News  15pm EST CANADA STOCKS-TSX posts two-week high as commodity prices rise (Adds portfolio manager quotes and details throughout and updates prices) * TSX closes up 138.07 points, or 0.9 percent, at 15,547.88 * Index posts its highest close since Jan. 5 * Eight of the TSX''s 10 main groups rose * Index rises 0.3 percent for the week By Fergal Smith TORONTO, Jan 20 Canada''s benchmark stock index rose to a two-week high on Friday, led by financial and resource stocks as commodity prices rose, with investors brushing off a more uncertain outlook for NAFTA after the inauguration of Donald Trump as U.S. president. A White House statement issued soon after the inauguration said Trump was committed to renegotiating the North American Free Trade Agreement, under which Canada sends more than 75 percent of its exports to the United States. Unless there is a "real lockdown" on trade, acceleration in global growth can help stocks grind higher, said Greg Eckel, senior vice president at Morgan Meighen & Associates. "It hasn''t just been the U.S. election (result), things have been on the upswing for some time." China''s economy grew 6.8 percent in the fourth quarter from a year earlier, slightly more than expected, while investors are betting that Trump''s plans to cut taxes, spend on infrastructure and deregulate banks will boost U.S. growth. Cyclical stocks that tend to benefit from a pickup in growth made gains. Financials rose nearly 1 percent, industrials advanced 0.7 percent and the materials group, which includes precious and base metals miners and fertilizer companies climbed 1.6 percent. Toronto-Dominion Bank advanced 1.3 percent to C$67.45, Canadian National Railway Co rose nearly 2 percent to C$93.45 and Potash Corporation of Saskatchewan Inc jumped 4.8 percent to C$25.23. Gold futures gained 0.7 percent to $1,208.8 an ounce as the U.S. dollar fell and U.S. Treasury yields came off their highs after Trump was sworn in. U.S. crude oil futures settled $1.05 higher at $52.42 a barrel on expectations that this weekend''s meeting of the world''s top oil producers would demonstrate compliance with a global output cut deal. The energy group rose 0.8 percent, with Canadian Natural Resources Ltd climbing 1.4 percent to C$40.96. The Toronto Stock Exchange''s S&P/TSX composite index closed up 138.07 points, or 0.9 percent, at 15,547.88, its highest close since Jan. 5, when it reached a more than two-year high. Eight of the index''s 10 main groups ended higher. For the week, the index rose 0.3 percent. Several lumber companies, the focus of a long-running trade dispute between the United States and Canada, were lower, with Western Forest Products Inc down 2.2 percent at C$1.81. Canada''s annual inflation rate rose less than expected in December, while a small retail sales gain in November was also underwhelming compared with economists'' forecasts. (Additional reporting by Alastair Sharp; Editing by Jonathan Oatis and James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1FA12P'|'2017-01-21T05:15:00.000+02:00'
'99f6db3cd6a510c042e3c04b110477dccc327c3d'|'UK high street retailers race to keep up with online demand'|'Company News - Sun Jan 22, 2017 - 4:00am EST UK high street retailers race to keep up with online demand By Kate Holton - LONDON LONDON Jan 22 British fashion retailers will switch their spending firepower to technology from the high street in 2017 after online shopping became the key driver of sales growth over the all-important festive period. Marks & Spencer is investing in apps, its website and logistics, while spending 350 million pounds over five years to close 10 percent of clothing and home space. Department store John Lewis said it was cutting staff bonuses in part to enable it to invest in its online operations after 40 percent of its Christmas sales came from the web. And Next, which failed to keep up with rivals for a second Christmas in a row, will spend 10 million pounds to improve its online operations and marketing. "They will have to invest in infrastructure and it will weigh on margins, but if you get it right you have a profitable online business," said one large institutional investor in UK retail who asked not to be named due to company policy. "And you can engage on multiple platforms." The renewed drive in technology comes as British web-only players ASOS and Boohoo continue to race ahead, helping Britons to embrace online shopping more quickly than their European cousins. And the pressure is relentless. ASOS, with nearly 5 million active users in the UK, said it would increase its own capital expenditure to keep ahead of the pack after it posted 18 percent UK sales growth in the four months to the end of the year. Boohoo grew British sales by 31 percent in the same period. Online sales have been booming in Britain for years, with ecommerce accounting for nearly a quarter of all purchases in December, according to the British Retail Consortium. In the 52 weeks to Dec. 18, overall fashion sales fell 2 percent, according to market research firm Kantar Worldpanel, while pure online players grew 7 percent as fashion lovers snapped up goods through simple apps on their mobile. While trading updates show that traditional retailers grew their sales by selling additional goods to customers picking up online orders in store, the move online also brings new challenges such as the high number of goods that are returned. The signs of the change can be seen across the country, on small high streets where independent shops have shut - hurt by high business rates - and on the stock market where the share price of Boohoo has jumped by 500 percent in two years. Pick-up lockers at railway stations and petrol pumps mean parcels can be picked up at any time, while changing rooms in standalone sites in the centre of towns allow purchases to be tried on and instantly sent back if not wanted, making it as easy to shop online as it is to wander down a high street. The industry estimates that around 30 percent of womenswear items bought online are returned. Traditional retailers have harnessed the web by persuading customers to pick up online-ordered goods instore, forcing firms to speed up delivery logistics and increase storage space in their shops. "The role of the shop does change," said Charlie Mayfield, chairman of the employee-owned John Lewis Partnership. "We are still opening shops but we will be opening fewer going forward and we will be investing more in changing existing shops so they can fulfil that different role more." THINKING DIGITAL The 133-year-old Marks & Spencer, which has struggled for years to grow its clothing business, beat forecasts for Christmas trading as investment in its app for iPad and mobile devices helped boost online sales. More than 60 percent of all goods sold online were picked up in store - known as click and collect. Seeking to adapt the business to meet the new demand, its said in November it would not return additional cash to shareholders in the second half. Debenhams, Britain''s No. 2 department store chain, also beat forecasts as those customers shopping online and in-store spent about two and a half times more than a shopper in one place. The group, which appointed Sergio Bucher as CEO in October, is set to unveil its plans for the future in April and analysts at Liberum have said that could entail higher spending. And Britain''s biggest department store John Lewis, one of the leading retailers online over the last 15 years, said it would speed up its internet strategy after 40 percent of its Christmas sales came from the web, up from 36 percent last year. "You might have expected to see a slowdown in the rate of growth but it has basically continued on the same trajectory," Mayfield said. "And we''ve got very good data which shows the relationship between shops and online sales is strong." But the cost to transform the business is clear, with operating profit down 31 percent in the six months to end July. John Lewis said trading profit would come under pressure this year and the need to invest, plus the weaker pound, meant staff bonuses would be "significantly" lower. Thomson Reuters data shows that 2017 full-year pretax profit at M&S and Debenhams is also expected to fall around 18 and 12 percent respectively. Despite the high costs, the experience of retailer Next shows that the big names have little choice but to follow their online peers if they want to remain competitive. Next will invest to improve its website and online marketing in a recognition that it may have fallen behind the standard of some competitors, where sites carry more content including video and numerous photographs to show how an item would look. "If it''s not convenient and the check out process is not good or you don''t portray the product in the right way, then people will just open up another app and order somewhere else," the institutional investor said. "It''s as simple as that these days." ($1 = 0.8113 pounds) (Additional reporting by Paul Sandle, Sarah Young and James Davey; editing by Anna Willard) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-retail-online-idUSL5N1F632P'|'2017-01-22T16:00:00.000+02:00'
'9ab1ff2f526006e18f6fddde841be59ceb5a2a38'|'FTC not sold on Walgreens'' plan to win nod for Rite Aid deal: Bloomberg'|'The U.S. Federal Trade Commission is not satisfied with Walgreens Boots Alliance Inc''s ( WBA.O ) plan to divest stores to win antitrust clearance for its acquisition of Rite Aid Corp ( RAD.N ), Bloomberg reported, citing people familiar with the matter.The FTC isn''t convinced that Walgreen''s proposal to sell 865 drugstores to Fred''s Inc ( FRED.O ) would do enough to preserve competition that would be lost in the $9.4 billion tie-up, Bloomberg reported on Friday. ( bloom.bg/2iJXpwf )The FTC is also unlikely to complete its review of the deal before the deadline of Jan. 27 to close the transaction, Bloomberg reported.Walgreens will have to pay Rite Aid a termination fee of $325 million if the FTC blocks the deal.Walgreens declined to comment. Rite Aid, Fred''s and the FTC could not be immediately reached for comment.Walgreens shares were down 2 percent in heavy trading. Rite Aid shares tumbled about 14 percent and Fred''s shares fell 5.8 percent.(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rite-aid-m-a-walgreens-boots-idINKBN15429T'|'2017-01-20T14:09:00.000+02:00'
'f5a828642151803c476e3f60842ba0d3f24957a6'|'Lloyds a victim of cyber attack that hit banking services'|'Technology News - Mon Jan 23, 2017 - 5:21pm GMT Lloyds a victim of cyber attack that hit banking services People walk past a branch of Lloyds Bank on Oxford Street in London, Britain July 28, 2016. REUTERS/Peter Nicholls/File Photo LONDON Lloyds Banking Group is working with law enforcement agencies to trace who may be behind a cyber attack that caused intermittent outages for customers of its personal banking websites almost two weeks ago, according to a source familiar with the incident. Britain''s largest mortgage lender was hit by a distributed denial of service (DDoS) attack on Jan. 11, which carried on for two days, according to the source. The disruption, which involved bombarding the websites with huge volumes of traffic from multiple systems so they overload a server, left some customers temporarily unable to use services such as checking their balance or sending payments. DDoS attacks have become common tools for cyber criminals trying to cripple businesses and organizations with significant online activities. Such campaigns may be part of attempts to extract ransom from these organizations or part of efforts to distract security teams in order to find other ways to break into an organization''s network in order to grab customer data or steal money from accounts. Lloyds said it would not speculate on the cause of the attack. No customers suffered any losses. "Only a small number of customers experienced problems," the bank said in a statement. "In most cases if customers attempted another log in they were able to access their accounts." Other banks have been hit by service outages in the past two years after their systems were breached by cyber attacks. Tesco Bank, owned by Britain''s biggest retailer Tesco, halted online transactions from all current accounts in November after money was stolen from 20,000 of them in the country''s first such cyber heist. British lawmakers have criticized both banks and regulators for doing too little to improve cyber security after a string of technical failures and breaches of banking systems. (Reporting by Andrew MacAskill, editing by Anjuli Davies and Louise Heavens) Next In Technology News Xiaomi executive Barra, who drove smartphone maker''s global push, steps down BEIJING Hugo Barra, the most prominent global executive at China''s Xiaomi Inc [XTC.UL], has left the smartphone maker citing health concerns and a new job, dealing a fresh setback to a firm that is struggling to recover ground ceded to rivals.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-lloyds-cyber-idUKKBN1571C8'|'2017-01-23T18:34:00.000+02:00'
'd533b6e2cd758d8f5c0e7b222042cab5da397927'|'MIDEAST STOCKS - Factors to watch - Jan 23'|'DUBAI Jan 23 Here are some factors that may affect Middle East stock markets on Monday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Dollar slips after Trump''s protectionist address, Asia shares resilient* MIDEAST STOCKS-Kuwait''s market surges in strong Gulf, tax fears continue to hit Egypt* Oil edges up after producer meeting, but high U.S. output weighs* PRECIOUS-Gold rises to two-month high on Trump policy uncertainty, dollar drop* Ministers laud strong start to OPEC, non-OPEC oil output cuts* Syrian army and allies take village from Islamic State* Two suspected al Qaeda members killed in drone strike in Yemen -officials* Iraq announces sale of $1 bln in bonds guaranteed by U.S.* Islamic State blows up hotel to prevent landing in west Mosul, witnesses say* Turkish police capture suspect in Istanbul rocket attacks - police sources* ANALYSIS-Syrian rebels bitterly divided before new peace talks* Losing in Iraq, Islamic State seeks to shore up Syria presence* Syria''s warring sides gather for new attempt to break deadlock* INSIGHT-Crumbling lira pressures Turkish retailers as economy slows* Losing in Iraq, Islamic State seeks to shore up Syria presence* Four more bodies found in rubble of collapsed building in Iran* Trump invites Netanyahu to Washington for visit -White House* Israel lifts restrictions on building more homes in East Jerusalem* Three suspected al Qaeda members killed in drone strikes in YemenEGYPT* Yields on Egyptian T-bills mixed at weekly auction* Egypt to allow Italian experts to examine CCTV footage in Regeni murder investigation* Egypt''s military to enter pharmaceutical industry* Egypt''s Museum of Islamic Art welcomes first visitors since 2014 bombing* Egypt extends participation in Yemen conflictSAUDI ARABIA* Saudi''s SABIC to acquire remaining stake in Saudi JV with Shell for $820 mln* Saudi finance ministry says no to fees on foreign workers'' remittances* Saudi Electricity Company staff accused in corruption case* Saudi November imports shrink 22 pct y/y, non-oil exports drop* Saudi''s PetroRabigh to restart petchem complex gradually after brief shutdown* Saudi Arabia''s Falih says 1.5 mln barrels/day cut from market in January* Saudi''s Arab National Bank gets regulatory nod for derivatives trading unit* BUZZ-Saudi''s Savola plunges on shock Q4 loss; stock drops below 200-day average* BUZZ-Saudi bank shares slide on Q4 earnings missesUNITED ARAB EMIRATES* TABLE-UAE M3 money supply, bank lending growth pick up in December* TABLE-Abu Dhabi Q4 earnings estimates* TABLE-Dubai Q4 earnings estimatesQATAR* TABLE-Qatar Q4 earnings estimates* Qatar''s Doha Bank Q4 net profit falls 85 pctKUWAIT* Kuwait Oil Company announces state of emergency after oil leak* OPEC, non-OPEC monitoring committee to meet next after March 17 -Kuwait* TABLE-Kuwait Q4 earnings estimatesBAHRAIN* TABLE-Bahrain Q4 earnings estimates (Compiled by Dubai newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL5N1FC0MT'|'2017-01-23T01:43:00.000+02:00'
'480d53a81ba7856c014e046edad3acbaa94e5d71'|'UPDATE 1-China''s preliminary 2016 fiscal deficit $413 bln, exceeding target'|'Business News   6:00am EST China''s preliminary 2016 fiscal deficit $413 billion, exceeding target A 100 Yuan note is seen in this illustration picture in Beijing March 7, 2011. REUTERS/David Gray/File Photo BEIJING China had a significantly larger fiscal deficit in 2016 than it targeted, according to a Reuters calculation based on preliminary data released on Monday by the Finance Ministry. The preliminary deficit was 2.83 trillion yuan ($413 billion), which Reuters calculates to be 3.8 percent of gross domestic product. China had budgeted for a deficit last year of 2.18 trillion yuan - equivalent to 3 percent of GDP. Beijing has relied on government spending to stabilize economic growth in the past year, but concerns about the country''s debt load are increasing. Fiscal expenditures in 2016 rose 6.4 percent from the previous year, while revenue increased 4.5 percent, the ministry said. The figures are subject to revisions. In early 2016, its preliminary figures put the 2015 deficit at 2.355 trillion yuan. But the final figures showed a deficit of only 1.62 trillion yuan, or 2.3 percent of GDP. In 2016, value-added tax (VAT) revenue jumped 30.9 percent from the previous year, while business tax revenue fell 40.4 percent, the ministry said. The combined VAT and business tax revenue rose 5.4 percent last year, it said. China made a full switch to a VAT system from a flat business tax for companies last year, which the government had said would save companies 500 billion yuan in taxes for 2016. (Reporting by Beijing Monitoring Desk and Kevin Yao; Editing by Richard Borsuk) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-china-economy-fiscal-idUSKBN15718R'|'2017-01-23T17:53:00.000+02:00'
'8af4a41777fa53c17f8dd573908667a6dfed1ce4'|'Equatorial Guinea says presents offer to become OPEC member in 2017'|'JOHANNESBURG Africa''s no. 3 oil producer Equatorial Guinea has presented an offer to join the Organisation of the Petroleum Exporting Countries (OPEC) this year and has agreed to production cuts, its energy ministry said on Monday.If Equatorial Guinea was to join OPEC, it would become the cartel''s 14th member and the sixth from Africa, further raising the continent''s influence and profile in the corridors of global oil production and pricing."We firmly believe that Equatorial Guinea''s interests are fully aligned with those of OPEC in serving the best interests of the industry," Mines and Hydrocarbons Minister Gabriel Mbaga Obiang was Quote: d as saying in a statement.The offer was made when Obiang traveled to Vienna on Friday to meet with OPEC officials but the statement provided no further details about the west African nation''s bid for OPEC membership.Oil prices fell one percent on Monday as signs of a strong recovery in U.S. oil drilling activity outweighed news that OPEC and non-OPEC producers were on track to meet output reduction goals set in December.Equatorial Guinea was one of the non-OPEC nations that signed up to those production cuts.Ministers representing members of OPEC and non-OPEC producers said at a meeting on Sunday that of almost 1.8 million barrels per day (bpd) they had agreed to be taken out of the market, 1.5 million bpd had already gone."There is a consensus amongst producers that an oversupply of oil has been dragging down the price of the barrel. Equatorial Guinea is doing its part to ensure stability in the market and that the industry continues to invest in exploring and developing our resources," Obiang said.(Reporting by Ed Stoddard; Editing by James Macharia)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/equatorial-opec-idINKBN1571G9'|'2017-01-23T08:58:00.000+02:00'
'b97a7fb6fca1f56872c6d8cde4332f95522e9362'|'Factbox - Impact on banks from Britain''s vote to leave the EU'|'Money News   9:15pm IST Factbox - Impact on banks from Britain''s vote to leave the EU A Union flag flies next to the flag of the European Union in London, Britain, November 4, 2016. REUTERS/Toby Melville/Files Global banks have warned they could move thousands of jobs out of Britain to prepare for the expected disruption caused by the country''s exit from the European Union, posing a risk to London''s status as a major financial centre. Leading financial firms warned for months before last June''s Brexit referendum that they would have to move some jobs if there was a leave vote, and have been working on plans for how they would do so for the past six months. More details are starting to emerge after Prime Minister Theresa May confirmed Britain would leave the European single market, ending banks'' hopes they might retain "passporting" rights that let them sell their services across the EU out of their London hubs. Below are comments and reports on banks about their potential Brexit plans HSBC Stuart Gulliver, CEO of HSBC, Europe''s biggest bank, said his bank will relocate staff responsible for generating around a fifth of its UK-based trading revenue, or around 1,000 people, to Paris. BARCLAYS Barclays Chief Executive Jes Staley told BBC Radio in an interview in Davos that the bank will keep the bulk of its activities in Britain after the UK leaves the European Union, saying that any changes to how the bank operates will be small and manageable. UBS Swiss bank UBS''s Chairman Axel Weber said at the World Economic Forum in Davos in January that about 1,000 of the Swiss bank''s 5,000 employees in London could be affected by Brexit. Separately, Chief Executive Sergio Ermotti said that UBS has a degree of flexibility if its UK outpost looks set to lose its ability to operate across the European Union once Britain leaves the bloc. The world''s biggest wealth manager has also set up a bank in Frankfurt to consolidate most of its European wealth management operations, after Britain''s vote to leave the European Union dashed London''s chances of being the host city. CREDIT SUISSE Credit Suisse''s Chief Executive Tidjane Thiam said in September that his bank was relatively well placed to deal with the impact of Brexit and that only around 15-20 percent of volumes in the investment bank would be impacted. LLOYDS Lloyds Banking Group, Britain''s largest mortgage lender and the only major British retail lender without a subsidiary in another EU country, is considering setting up a subsidiary in Frankfurt as Britain prepares to leave the European Union, a person familiar with the plans told Reuters. GOLDMAN SACHS U.S bank Goldman Sachs is considering moving up to 1,000 staff from London to Frankfurt because of concerns over Britain''s vote to leave the European Union, Germany''s Handelsblatt newspaper reported in January, citing financial sources. The bank is considering halving its London staff to 3,000 and moving key operations to New York and continental Europe, particularly Frankfurt, the paper reported. Three people familiar with the matter told Reuters in November that Goldman Sachs is considering shifting some of its assets and operations from London to Frankfurt. MORGAN STANLEY U.S. bank Morgan Stanley has identified many of the roles that will need to be moved from Britain following its exit from the European Union, sources involved in the processes told Reuters. Morgan Stanley, which bases the bulk of its European staff in Britain, will have to move up to 1,000 jobs in sales and trading, risk management, legal and compliance, as well as slimming the back office in favour of locations overseas, one source told Reuters. CITIGROUP Citigroup, which has also identified roles that will need to be moved out of the UK and has a large banking unit in Dublin, will need to shift 100 positions in its sales and trading business, sources with knowledge of the matter said. JPMORGAN JPMorgan Chase & Co could be forced to move 4,000 of its 16,000 staff currently based in Britain if the country loses access to the single market, bank CEO Jamie Dimon warned in June. "It looks like there will be more job movement than we hoped for," Dimon told Bloomberg TV in an interview at the World Economic Forum in Davos in January. BOFA Bank of America Corp said in August that its businesses and results could be adversely affected and it may have to incur additional costs if Britain''s exit from the European Union limits the ability of its UK entities to conduct business in the bloc. (Compiled by Noor Zainab Hussain in Bengaluru) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-banks-idINKBN157259'|'2017-01-23T22:45:00.000+02:00'
'a847ec17f1613d39a715a6f62eb6efb8d9f0f622'|'Citi subsidiaries to pay $28.8 mln over giving U.S. homeowners ''runaround'' -CFPB'|'Company   1:38pm EST Citi subsidiaries to pay $28.8 mln over giving U.S. homeowners ''runaround'' -CFPB WASHINGTON Jan 23 The U.S. Consumer Financial Protection Bureau said on Monday it had fined subsidiaries of Citigroup $28.8 million for giving "the runaround to borrowers" on mortgage servicing, by keeping borrowers in the dark about options to avoid foreclosure or making it difficult for them to apply for relief. CitiMortgage will pay an estimated $17 million to compensate wronged consumers, as well as a civil penalty of $3 million, the CFPB said. CitiFinancial Services will refund approximately $4.4 million to consumers, and pay a civil penalty of $4.4 million. (Reporting by Lisa Lambert; Editing by Chris Reese) Next In Company News UPDATE 1-Citi subsidiaries to pay $28.8 mln over giving U.S. homeowners ''runaround'' -CFPB WASHINGTON, Jan 23 The U.S. Consumer Financial Protection Bureau said on Monday it had fined subsidiaries of Citigroup Inc $28.8 million for giving "the runaround to borrowers" on mortgage servicing, by keeping borrowers in the dark about options to avoid foreclosure or making it difficult for them to apply for relief. UPDATE 1-Emirates'' Dubai-Athens-New York flight violates U.S. aviation agreement, say U.S. airlines DUBAI, Jan 23 Emirates'' announcement on Monday that it would start flying to the United States with a stop for passengers in Greece sparked a strong reaction from a lobby group representing U.S. competitors who accused it of competing unfairly through state subsidies. UPDATE 3-Canada is not the main target in U.S. trade focus -Trump adviser CALGARY, Alberta, Jan 23 Canada is not the main target of U.S. President Donald Trump''s push to renegotiate the NAFTA trade accord and is unlikely to be hit hard by any changes to the deal, the head of a business advisory council to Trump said on Monday. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/citi-mortgages-fine-idUSL1N1FD1KQ'|'2017-01-24T01:38:00.000+02:00'
'cc3a37a2ca88251d3bc88c2f495a9cc085ab5957'|'Exclusive: Zodiac family silver key to $9 billion Safran tie-up'|'Business News - Tue Jan 24, 2017 - 6:35pm GMT Exclusive: Zodiac family silver key to $9 billion Safran tie-up left right The logo of French aircraft seats and equipment manufacturer Zodiac Aerospace is seen during the company''s first half of the 2015/2016 fiscal year presentation in Paris, France, April 20, 2016. REUTERS/Benoit Tessier/File Photo 1/3 left right A Safran employee works during the delivery of the first series-production LEAP-1A propulsion systems by Aircelle for the A320neo aircraft Airbus family at the Aircelle plant in Colomiers near Toulouse, Southwestern France, April 15, 2016. REUTERS/Regis Duvignau/File Photo 2/3 left right Employees of Safran attend the delivery of the first series-production LEAP-1A propulsion systems by Aircelle for the A320neo aircraft Airbus family at the Aircelle plant in Colomiers near Toulouse, Southwestern France, April 15, 2016. REUTERS/Regis Duvignau/File Photo 3/3 By Tim Hepher - PARIS PARIS France''s Safran has crafted a deal to persuade family investors in Zodiac Aerospace to give up control in a merger that would create the world''s third largest aerospace supplier. But in a rare two-stage deal Safran must first convince ordinary investors, who hold 68 percent of the company, to sell their shares in the company for cash. If more than half of those investors accept, the deal will proceed to the second phase. This would offer the handful of families with historic ties a chance to keep shareholdings and industrial links while maintaining longstanding tax breaks - key to getting the families on board. The families lead a group that hold 32 percent of Zodiac voting rights and spurned Safran''s first approach six years ago. The dual deal structure reflects how Safran is caught between the need to make the deal attractive to markets and keep long-term investors on board. Safran, which is 14 percent owned by the French state, wants to create a new aerospace champion and the tax umbrella reflects the policy of successive governments to smooth the path for such deals. Without that structure, the Safran deal with Zodiac would collapse, legal experts and people involved in the deal said. "It has to be done this way or there is no deal," a person directly involved in the negotiations told Reuters. A Zodiac spokesman and Safran spokeswoman both declined to comment on the discussions. But the unusual split structure has puzzled some ordinary Zodiac investors, who could collectively block the deal, according to people briefed on the discussions. Under the deal, Safran is first offering cash worth $9 billion or $29.47 a share for Zodiac, aimed at most investors. It does not allow shareholders outside the core group to exchange their own Zodiac shares for stock in the new Safran. "Some shareholders are saying ''Why should we have to take cash? If the story is so good, why shouldn''t we be able to take up shares? Why exclude us from the club?''," said a European analyst, asking not to be named because of company policy. The analyst said he had been told this by his clients who are investors in Zodiac. WEALTH TAX Safran''s backers say that is offset by a hefty 26 percent premium compared to Zodiac shares prices before the offer. Changing part two of the deal to a classic share offer would expose descendants of Zodiac''s founders to French wealth taxes and other penalties that one analyst estimated could reach hundreds of millions of euros. "The problem ... is the wealth tax. If you don''t find a way to make the deal interesting for the families, it can''t happen...That is why a merger was chosen rather than a simple share swap," said a person close to the group of families. While France''s tax system pounces on gains from selling shares for either cash or stock, shareholders tied together by a special pact don''t face the same exposure when companies merge. That is not the reason bringing the two firms together, but is one factor Safran hopes will prevent the deal falling apart. After five weeks of intensive and secretive talks, held in rented rooms and protected by code names, the two companies last week unveiled a deal designed to satisfy two very different shareholder bases. Their offer aimed to reconcile two red lines: Zodiac''s families wanted to be able to maintain their fiscally neutral shareholder pact and preserve their role as stable partners. And Safran wanted to avoid just taking majority control of Zodiac with a large minority block in place that might make it harder to get synergies needed to justify its tie-up with a company only just emerging from industrial problems. Full mergers typically lead to bigger cost cuts such as closing one company''s headquarters. LOOKING FOR A SWEETENER Tax is not the only issue, people involved in the talks said. Zodiac''s core shareholders were also unwilling to fritter away double voting rights accumulated over many years, and negotiated the right to keep them in the enlarged group, those people said. Finally, Zodiac Chairman Didier Domange stressed the families wanted to stay involved industrially with Safran. The families also made concessions. They will be locked in for two years, limiting options at a volatile time, and the deal is structured to give them a slight discount. On Tuesday the merger ratio, 0.485 Safran shares for each Zodiac one, implied a 2.6 percent discount to the cash offer after stripping out a special Safran dividend adjusted for tax. Even so, success is only assured if Safran wins three quarters of Zodiac''s freely traded stock in the cash bid. Sensing Safran''s potential difficulty, some investors see a chance to put pressure on it to raise its bid. "We consider this group of shareholders could push for a sweetener in order to take the cash offer," Barclays said. Safran betrays no sign of being prepared to raise the offer and analysts say it could walk away with less egg on its face than Zodiac''s ordinary shareholders if the deal fails. "Zodiac is nice to have, but not a must-have for Safran," a person familiar with the company''s strategy said. While embracing Zodiac as an industrial partner, Safran appears to be gambling that the risk of Zodiac shares dropping sharply if the deal fails, with no new partner for the industrially stretched company in sight, will bring in votes. Under the merger, the French state plans to join a pact with the current core shareholders in Zodiac, which employs 7,000 workers in France. Some analysts view the state with suspicion. Two days before the deal became public, its four main architects - the CEOs and chairman of both firms - visited the Elysee palace to talk to President Francois Hollande. But while Hollande later welcomed the creation of a French aerospace giant, securing jobs ahead of elections in April, insiders said the government only joined talks in the final stages and did not try to steer the deal one way or the other. "There was never any state interference," one said. (Additional reporting by Gilles Guillaume, Cyril Altmeyer, Matthieu Protard; editing by Anna Willard) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-zodiac-aero-m-a-safran-exclusive-idUKKBN1582JI'|'2017-01-25T01:35:00.000+02:00'
'15bfd74959b1e460e8caf36d63741a15f42d9f97'|'UPDATE 1-Australian realtor McGrath tips earnings miss on listings slump'|'Financials  32pm EST UPDATE 1-Australian realtor McGrath tips earnings miss on listings slump * McGrath says "unprecedented low volumes" persisting * Expects H2 results will be weaker than H1 * Shares drop 17 pct (Adds analyst forecast, shares) SYDNEY, Jan 23 McGrath Ltd, Australia''s only public residential realtor, said on Monday it expects earnings in the current financial year to be below analyst forecasts due to a drop in home sale listings and an unusually high number of agents leaving. Its shares sank as much as 17 percent to a record low after the warning. The company said in a statement that "unprecedented low volumes of listings" had not improved since it last warned of the problem in November 2016, and that it lost 36 sales agents from its offices segment. The company added that it was recruiting new agents but "the usual time for an agent to become fully productive means these new agents will not match the volumes required to maintain our previously expected second-half earnings". Analysts had forecast McGrath would report a net profit of A$11.6 million ($9 million) for the year to June 30, 2017, down from A$14.6 million in 2016, its first result as a listed company, according to Thomson Reuters I/B/E/S. The company, which says it has 225 agents in its company owned segment, has not itself issued a forecast for 2017. On Monday, it said early indications suggested earnings were in line with analyst expectations for the first half, "however we believe the second half results will be weaker than the first half, which would make those full year analyst estimates look high". McGrath shares sank as low as A$0.71 in early trading on Monday, while the broader market was up 0.2 percent. Since listing in December 2015, the stock has never traded above its A$2.10 issue price. The company reports earnings for the six months to Dec. 31, 2016, on Feb. 23. ($1 = 1.3233 Australian dollars) (Reporting by Byron Kaye; Editing by Paul Simao and Sonali Paul) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mcgrath-ltd-results-idUSL4N1FC0KO'|'2017-01-23T06:32:00.000+02:00'
'b090225fee97a4c63af64f94a627e9d6e82843dc'|'Toshiba shares slump on reports of U.S. nuclear business loss'|' 10am IST Toshiba shares slump on reports of U.S. nuclear business loss The logo of Toshiba Corp is seen behind trees at its headquarters in Tokyo, Japan, November 6, 2015. REUTERS/Yuya Shino/File Photo TOKYO Toshiba Corp ( 6502.T ) shares slumped on Thursday after a media report said the industrial conglomerate will post a loss of more than 500 billion yen ($4.36 billion) at its U.S. nuclear reactor business. Toshiba said in a press release through the Tokyo Stock Exchange that it had not announced the reactor business loss, reported by the Nikkei business daily, or a separate report by public broadcaster NHK that it will sell other business units and assets to raise 300 billion yen. Toshiba''s shares fell as much as 9.5 percent in to 261 yen in Tokyo after trading was initially suspended. That compares with a 0.9 percent gain in the benchmark Nikkei 225 index. (Reporting by Tim Kelly; Editing by Michael Perry) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/toshiba-stocks-idINKBN15307Q'|'2017-01-19T08:40:00.000+02:00'
'6fb3820c0d1514305dae05500fbfe4ddada210f9'|'IMF warns wave of U.S. protectionism would offset any stimulus gains'|'Davos - Fri Jan 20, 2017 - 10:31am GMT IMF warns wave of U.S. protectionism would offset any stimulus gains Christine Lagarde, Managing Director, International Monetary Fund (IMF) attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland January 18, 2017. REUTERS/Ruben Sprich DAVOS, Switzerland Protectionist policies from the new U.S. administration of President Donald Trump will probably have a negative impact on the economy, overshadowing any positive gains from economic stimulus measures, the head of the IMF said on Friday. "Overall, it probably won''t be net positive," managing director Christine Lagarde told a panel at the World Economic Forum in Davos. (Reporting by Noah Barkin and Dmitry Zhdannikov) Next In Davos'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-davos-meeting-economy-idUKKBN15417T'|'2017-01-20T17:30:00.000+02:00'
'76dcae300080086679d6a82d66cfb41bfff4f103'|'CORRECTED-EpiPen rival to be offered free to many but high price for insurers'|'Company News - Mon Jan 23, 2017 - 9:15am EST CORRECTED-EpiPen rival to be offered free to many but high price for insurers (In Jan. 19 item, corrects in 4th paragraph to delete reference to government) By Bill Berkrot Jan 19 Privately held drugmaker Kaleo on Thursday said it would offer its Auvi-Q emergency allergy auto-injector at no cost to many consumers, but set a list price for the EpiPen rival that will be used as the benchmark cost to insurance companies at a whopping $4,500. EpiPen maker Mylan NV came under intense criticism last year when it raised the price for a pair of its life-saving auto-injectors to $600, putting it out of reach for many consumers. It has since said it will sell its own generic EpiPen for about half that price. Kaleo, which plans to relaunch Auvi-Q on Feb. 14 following a product recall, appears to have come up with a strategy to avoid the ire of mothers whose children depend on the product and others prone to potentially deadly allergic reactions. Consumers with commercial insurance will be able to obtain Auvi-Q at no charge, the company said. It will also make the product available for free to patients with no insurance and a household income of less than $100,000. Auvi-Q will be sold at a cash price of $360 for those who do not qualify for the emergency treatment at no charge, the Richmond, Virginia-based company said. However, the starting price from which health insurance companies will negotiate discounts or rebates will be $4,500. It remains to be seen how payers will respond to the strategy. "In order to help ensure Auvi-Q is available as an option to eligible patients for $0 out-of-pocket, we set the list price at $4,500," Kaleo Chief Executive Spencer Williamson said in an e-mailed statement. "It''s important to note that nobody pays the list price, and that the most important price is the price to the patient," Williamson said. "No epinephrine auto-injector, branded or even generic, will cost a commercially insured patient less out-of-pocket than Auvi-Q." EpiPen has had a virtual monopoly on the emergency allergy treatments with more than a 90 percent market share. Auvi-Q was originally sold in partnership with French drugmaker Sanofi, but was pulled from the market over manufacturing problems. Sanofi has since returned full rights to Auvi-Q to Kaleo. (Reporting by Bill Berkrot) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/kaleo-epipen-idUSL1N1FD0YV'|'2017-01-23T21:15:00.000+02:00'
'19bd20328ea7e9c512a92c7eb5ffdd1dd7d19197'|'BRIEF-Noodle Companies LLC raises $8 million in equity financing'|'Market News   9:15am EST BRIEF-Noodle Companies LLC raises $8 million in equity financing Jan 23 Noodle Companies LLC : * Noodle Companies LLC says it has raised $8 million in equity financing - sec filing Source text: ( bit.ly/2jTlHnB ) Next In Market News * Smtc corp - announced resignation of Sushil Dhiman as president and chief executive officer of SMTC MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FD0MM'|'2017-01-23T21:15:00.000+02:00'
'5cf411ab868bddce38ea029ee0b423c17bda2f48'|'Peruvian police detain first suspect in Odebrecht bribe case'|'Big Story 10 - Sat Jan 21, 2017 - 10:25am EST Peruvian police detain first suspect in Odebrecht bribe case LIMA Peruvian police detained a former government official accused of taking bribes from Brazilian conglomerate Odebrecht in exchange for a contract to build the Lima metro, prosecutors said on Saturday. Edwin Luyo, who led a committee to auction off the Metro in 2009 when Alan Garcia was President, was identified thanks to information obtained from Odebrecht as part of a preliminary leniency deal, Peru''s prosecutors'' office said on Twitter. The detention, the first involving Odebrecht in Peru, occurred on Friday night after a police operation that also raided the home of Garcia''s former vice minister of communications Jorge Cuba, who was not found, the prosecutors'' office said. A spokeswoman said the detention was preliminary and Luyo would be released on Saturday night unless prosecutors requested and received more time from a judge. Odebrecht, the largest construction firm in Latin America, admitted to paying bribes in 12 countries, including $29 million in Peru over the course of three presidencies, as part of a settlement with the U.S. Department of Justice last month. While it is under investigation in other countries, the case is more advanced in Peru than anywhere outside of Brazil. Peru''s President Pedro Pablo Kuczysnki has said Odebrecht should pay at least 90 million soles ($26.7 million) to settle in Peru. Odebrecht paid $7 million to win a contract for Line 1 of Lima''s Metro, which started operating in 2011, according to Hamilton Castro, the lead Peruvian prosecutor on the case. The Brazilian Supreme Course Justice presiding over the case that has seen dozens of high-profile executives and politicians arrested in Brazil, died in a plane crash on Thursday, just weeks before he was due to unveil explosive testimony from Odebrecht executives. (Reporting by Marco Aquino; Writing by Caroline Stauffer, Editing by Franklin Paul) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-peru-corruption-odebrecht-idUSKBN1550LX'|'2017-01-21T21:55:00.000+02:00'
'7f16616fc1a068c5d202f98b3f55906f3d81499d'|'Saudi''s SABIC to acquire remaining 50 percent of Shell venture for $820 million'|'Deals   8:54am GMT Saudi''s SABIC to acquire remaining 50 percent of Shell venture for $820 million A man walks past the headquarters of Saudi Basic Industries Corp (SABIC) in Riyadh, Saudi Arabia October 27, 2013. REUTERS/Faisal Al Nasser/File Photo KHOBAR, Saudi Arabia/DUBAI Saudi Basic Industries Corp (SABIC) 2010.SE has signed an agreement to acquire the 50 percent that it does not already own in its petrochemical venture with Shell Arabia, a unit of Royal Dutch Shell ( RDSa.L ), for $820 million, SABIC said on Sunday. "As per the partnership agreement between the two companies that stipulates the right of SABIC to renew or end the partnership by the end of 2020...SABIC decided to acquire the full stake of Shell, which is 50 percent," it said. SABIC, one of the world''s largest petrochemical firms, said the $820 million figure was based on the net value of the venture''s assets. It said the acquisition was in line with a strategy to develop its successful investments. The venture, known as SADAF, was established in 1980 and operates six petrochemical plants with total annual output of over 4 million tonnes year of chemicals. It makes products including ethylene, crude industrial ethanol and styrene at a complex in Jubail, on the Gulf coast of Saudi Arabia. The acquisition agreement is expected to be carried out before the end of this year, SABIC said, adding that it signed another memorandum of understanding with Shell Arabia on Sunday to boost the companies'' cooperation in unspecified international and local investments. "We will continue to explore potential future opportunities with SABIC," Graham van’t Hoff, executive vice-president of chemicals at Shell, said in an emailed statement to Reuters. In 2014, SABIC and Shell shelved plans to expand SADAF as the results of feasibility studies were not encouraging. The expansion was to have added production of polyols, propylene oxide and styrene monomer. Shell is involved in other downstream activities in Saudi Arabia; it has a crude oil refinery with Saudi Aramco in Jubail. (Reporting by Reem Shamseddine and Hadeel Al Sayegh; Writing by Reem Shamseddine; Editing by Andrew Torchia) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-sabic-shell-idUKKBN15609J'|'2017-01-22T15:33:00.000+02:00'
'bf434101cd98d118f88cc10961e5f1214271041c'|'Chief of Taiwan''s Foxconn says rise of protectionism unavoidable'|'Business News - Sun Jan 22, 2017 - 3:17am GMT Chief of Taiwan''s Foxconn says rise of protectionism unavoidable The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan March 29, 2016. REUTERS/Tyrone Siu/File Photo TAIPEI The head of Foxconn, the world''s largest contract manufacturer of electronic goods and a major Apple Inc supplier, said on Sunday that the rise of protectionism is unavoidable. Terry Gou, chairman of Foxconn, formally known as Hon Hai Precision Industry Co, warned that uncertainties for this year make it tough to have a very clear analysis and outlook, but he said it was clear politics would underpin economic development. His remarks came after U.S. President Donald Trump pledged to put ''America First'' in his inauguration speech Friday, reinforcing concerns of a U.S. protectionist agenda that has cast a cloud over the outlook on global trade. [nL1N1FA0FO] "The rise of protectionism is unavoidable," Gou said. "Secondly, the trend of politics serving the economy is clearly defined." Gou, who did not directly refer to Trump, gave his remarks in a speech to an audience of employees and senior company executives at an annual company event on Sunday. Taiwan''s tech-dominated manufacturers are nervous about potential U.S. trade policies because Trump has threatened to raise tariffs on imports from some countries, notably China. Foxconn is one of the biggest employers in China where it operates factories that churn out most of Apple''s iconic iPhones. In December, Foxconn said it was in preliminary discussions to expand its U.S. operations. [nL4N1E22CK] (Reporting by J.R. Wu; Editing by Christian Schmollinger) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-taiwan-foxconn-idUKKBN15603O'|'2017-01-22T10:15:00.000+02:00'
'a8960934f48b8663ab3faede1d7b46b21230dc66'|'Italy''s Generali buys three percent of Italian bank Intesa in defensive move'|'By Valentina Za - MILAN MILAN Assicurazioni Generali ( GASI.MI ) said on Monday it had bought voting rights equal to 3.01 percent of Intesa Sanpaolo''s ( ISP.MI ) share capital, effectively blocking the lender from acquiring a large stake in Italy''s biggest insurer.The move comes after newspaper La Stampa said that Intesa, one of Italy''s biggest banks, was considering buying a stake in Generali and this could possibly be part of a broader deal between Intesa and Germany''s Allianz ( ALVG.DE ).Under the scheme, the paper said, the German insurer could buy some of Generali''s assets while Intesa would buy a stake worth between 5 and 6 billion euros to protect Italian interests in the insurer. Intesa and Allianz declined to comment.However, Generali''s move, made through a securities lending transaction, would prevent Intesa from making such an investment. The stake Generali has acquired in Intesa is worth 1.2 billion euros, according to Thomson Reuters data.According to Italy''s cross-shareholding regulations, a company cannot hold more than 3 percent of another entity''s voting rights if the latter already has a stake of more than 3 percent in that company.This means Intesa could still buy more than 3 percent of Generali but its voting rights would be capped at 3 percent and it would be obliged to sell any stake above that level within a year. However, the limits would no longer apply should Intesa launch a takeover bid for at least 60 percent of Generali''s share capital.Generali''s shares rose more than 7 percent on Monday after the press reports and closed up 3.94 percent at 14.25 euros.The insurer''s market value of 21 billion euros is less than half what it was at the onset of the financial crisis in 2007-2008. The company has repeatedly been at the center of takeover speculation, with France''s AXA ( AXAF.PA ) often mentioned in media reports as a possible buyer.La Stampa said Allianz had already looked at making a bid for Generali last summer but had decided not to pursue it because of AXA''s interest.The chief executive of Allianz, the third-largest insurer in the Italian market after Generali and UnipolSai Assicurazioni ( US.MI ), said earlier this month he favored a "big takeover" because buying small companies would not make sense.Analysts were sceptical about a possible three-way tie-up, saying it would likely trigger antitrust concerns in Italy for both the German company and the Italian bank, which also has an insurance business, Intesa Sanpaolo Vita."Given the market share that Intesa Sanpaolo has reached in the life business a deal could raise antitrust problems," broker ICBPI said in a note.Generali''s biggest shareholder and Intesa''s domestic rival is Milanese investment bank Mediobanca ( MDBI.MI ), which has pledged to cut its 13 percent stake in the insurer to 10 percent and has said it could reduce it even further.Jean-Pierre Mustier, CEO of Mediobanca''s major shareholder UniCredit ( CRDI.MI ), said in an interview this month that it was important for the country that Generali remained Italian and that Mediobanca had to preserve the insurer''s independence.(Additional reporting by Agnieszka Flak and Paola Arosio; Editing by Jane Merriman, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-m-a-intesa-allianz-idINKBN1572DE'|'2017-01-23T16:16:00.000+02:00'
'5b16e3f86dbfa8aee0cde5f707497b0d52a9596f'|'China''s HNA in final talks to buy German airport Hahn'|'FRANKFURT Acquisitive Chinese conglomerate HNA is in final talks over the purchase of Hahn airport in western Germany, the airport''s state owners said on Monday.HNA, the owner of Hainan Airlines Co ( 600221.SS ), has been active in the travel industry, buying caterers Gate Group ( GATE.S ) and a stake in Servair, plus hotels group Hilton ( HLT.N ) and a stake in Brazilian airline Azul, among some of its recent deals.It has teamed up with local German company ADC, run by former politician Siegfried Englert, for the bid.The federal state of Rhineland-Palatinate had previously agreed to sell loss-making Hahn airport, a former military base now used mainly by Ryanair ( RYA.I ), to a Chinese company but the sale collapsed after the bidder failed to make any payments.Rhineland Palatinate owns an 82.5 percent stake in Hahn, with the rest owned by the neighboring state of Hesse. It said three bids had been received in the latest sale process and after auditors had reviewed the offers, it had decided to enter into final-stage negotiations with ADC and HNA.Hahn is around 120 kilometers from Frankfurt, Germany''s largest airport, but unlike Frankfurt, has a 24-hour operating license, making it attractive for freight flights.(Reporting by Peter Maushagen; Writing by Victoria Bryan; Editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-germany-airport-hahn-hna-idINKBN1571Z7'|'2017-01-23T11:45:00.000+02:00'
'e462323bc566f6cf03cfa10aaf60b52d0c52d592'|'China''s property, financial sectors'' growth slower in fourth quarter despite uptick in services'|'  8:59am GMT China''s property, financial sectors'' growth slower in fourth quarter despite uptick in services Residential buildings are seen in Beijing, China, January 10, 2017. REUTERS/Jason Lee - RTSVZUJ BEIJING Growth in China''s real estate and financial sector slowed in the fourth quarter of 2016, despite an uptick in the overall service sector that contributed to better-than-expected GDP growth in the quarter, National Bureau of Statistics (NBS) data showed on Saturday. China reported on Friday that its economy expanded by 6.8 percent in the fourth quarter thanks to strong consumer spending and record bank lending to stimulate the economy, despite rising debt concerns. [nL5N1FA07P] A detailed breakdown in economic growth by industry issued by the NBS showed China''s red-hot property market, which accounts for about 15 percent of GDP, saw its growth slow to 7.7 percent in the fourth from 8.8 percent in the third quarter, adding to concerns that a cooling housing market would drag on economic growth. It also highlighted a sharp slowdown in the financial sector, which decelerated from 5.8 percent growth in the July-September to 3.8 percent in the fourth quarter. Growth in the construction sector also slowed marginally in the fourth quarter to 5.9 percent from 6.0 percent in the third quarter, despite a rebound in market confidence with new housing starts unexpectedly rising 12.5 percent in December compared to a month ago.[nL4N1FA1FC] But the overall services sector remained strong in the quarter, growing 8.3 percent compared to 7.6 percent in the third quarter. "Other services" overtook the real estate sector to become the fastest growing segment of the economy, with growth of 10.6 percent in the fourth quarter, up from 8.8 percent in the third. Other services includes many consumer services such as media and education, but also scientific research, social services and utilities. Growth in transportation, storage and postal services accelerated to 9.9 percent in the fourth quarter, compared to a 6.5 percent rise in the third quarter, Saturday''s data showed. The retail and wholesale sector also improved marginally to 7.2 percent for October-December from 7.0 percent in the third quarter as China''s consumers kept spending. (Reporting by Yawen Chen, Elias Glenn, and Kevin Yao; Editing by Simon Cameron-Moore)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-gdp-idUKKBN1560BQ'|'2017-01-22T15:36:00.000+02:00'
'fc750db7f084b840bd083a1bfaae11692bad364e'|'Saudi finance ministry says no fees on remittances out of the country'|' 45am EST Saudi finance ministry says no fees on remittances out of the country RIYADH Jan 22 The Saudi finance ministry said on Sunday there would be no fees applied on remittances out of the country, days after the kingdom''s advisory Shura Council said it was considering a proposal to impose a 6 percent levy on expatriate remittances. Saudi Arabia is "committed to the principle of free movement of capital in and out of the kingdom, in line with international standards," the ministry''s official Twitter account said. (Reporting by Katie Paul. Editing by Jane Merriman) Next In Financials Americans won''t lose coverage in health law reform - Trump aide WASHINGTON, Jan 22 The Trump administration will not allow 20 million people who rely on the Affordable Care Act for their health insurance to go without coverage when the law, known as Obamacare, is repealed and replaced with a new plan, a senior White House official said on Sunday. UPDATE 1-Syrian rebels call on Russia to help defend ceasefire ASTANA, Jan 22 A Syrian rebel group called on Russia to withstand pressure from Iran and the Syrian government to help ensure that a ceasefire agreed last month holds, the head of a delegation at peace talks told Reuters on Sunday. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/saudi-tax-remittances-idUSL5N1FC0P7'|'2017-01-22T22:45:00.000+02:00'
'30b97509df59af435a157177b2f18810a5fea54b'|'Russia may start building up Reserve Fund in second-half of 2017 - Finance Minister'|'Business News - Sat Jan 21, 2017 - 12:34pm GMT Russia may start building up Reserve Fund in second-half of 2017 - Finance Minister Russian Finance Minister Anton Siluanov speaks during a session of the Gaidar Forum 2017 ''''Russia and the World: Setting Priorities'''' in Moscow, Russia, January 13, 2017. REUTERS/Sergei Karpukhin MOSCOW Russia may start building up its Reserve Fund in the second half of 2017, Finance Minister Anton Siluanov said on Saturday. He added that if oil prices average $50 per barrel and rouble rate remains at current levels, the budget could get additional 1 trillion roubles (£13.5 billion) in oil and gas revenues, resulting in a budget deficit of around 2 percent of gross domestic product in 2017. (Reporting by Darya Korsunskaya and Polina Nikolskaya; writing by Katya Golubkova; Editing by Toby Chopra) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-budget-reserve-fund-idUKKBN1550GT'|'2017-01-21T19:34:00.000+02:00'
'6760add4d6cd53fc2301c10abbc557248f8c85a1'|'Fitch Affirms Pacific & Orient Insurance at IFS ''BBB+''; Outlook Stable'|' 10pm EST Fitch   POI''s rating is constrained by its focus on the small niche market and its volatile reserving experience amid Malaysia''s industry-wide underwriting deficit for third-party motor insurance. POI''s underwriting performance improved in the financial year to end-September 2016 (FY16). Lower gross premiums from stiff market competition were offset by a significant reversal in net claim liabilities due to a strengthened claim reserve in FY15. This improved POI''s combined ratio to 85% in FY16, from 103% in FY15. Fitch expects top-line growth to remain under pressure in FY17 due to the increasingly competitive landscape for motor premiums and uncertainty caused by the planned detariffication of motor rates from July 2017. Nonetheless, we expect overall underwriting performance to be stable due to management''s emphasis on bottom-line profitability. POI maintained its regulatory capital ratio above 200% at end-FY16, well above the 130% regulatory minimum. Net leverage fell to 2.6x at end-FY16, compared with 3.5x a year ago, as the company maintaining consistent surplus growth amid falling premiums. Fitch does not expect this trend to continue as premium growth normalises. POI derives close to 80% of its gross premiums from the motor class and had a 2.1% non-life market share in Malaysia in 2015, as measured by gross premiums. Its reserving experience has been volatile over the last five years due to an industry push to close out older claims and changes in actuarial claim liability assessments. Fitch will continue monitoring POI''s reserving practices amid potential underwriting volatility in its niche motor business. The company''s investment mix remains prudent and highly liquid, with more than 80% of invested assets placed in cash and deposits in FY16. We expect a moderate shift away from deposits in the near-term as POI intends to optimise investment returns on a risk-adjusted basis. RATING SENSITIVITIES Key rating triggers for a downgrade include deteriorating underwriting performance, with the combined ratio persistently above 97%; a sustained increase in financial leverage to above 35%; weaker capitalisation, with net premiums/adjusted equity consistently above 2x; or significant capital deterioration as measured by Fitch''s Prism Factor-Based Capital Model. We do not expect an upgrade for POI in the near term. However, the company''s rating could be upgraded over the medium term if it broadens its market presence and improves business diversification while maintaining its combined ratio below 90%. Contact: Primary Analyst Christopher Han Associate Director +65 6796 7224 Fitch Ratings Singapore Pte Ltd. One Raffles Quay South Tower #22-11 Singapore 048583 Secondary Analyst Jeffrey Liew Senior Director +852 2263 9939 Committee Chairperson Siew Wai Wan Senior Director +65 6796 7217 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available at www.fitchratings.com Applicable Criteria Insurance Rating Methodology (pub. 15 Sep 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017810 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit985452'|'2017-01-20T11:10:00.000+02:00'
'f242a77b931517e260be7bba59f3044ef1a81954'|'Nason, former Treasury official, being vetted for Fed role - sources'|'Business News - Fri Jan 20, 2017 - 2:29am GMT Nason, former Treasury official, being vetted for Fed role - sources Former U.S. Assistant Secretary for Financial Institutions, U.S. Department of the Treasury, David Nason speaks during the ''''TARP: A Look at What Happened From Inside the Treasury Department '''' panel at the 2009 Milken Institute Global Conference in Beverly Hills, California... REUTERS/Phil McCarten By Patrick Rucker and Olivia Oran - WASHINGTON/NEW YORK WASHINGTON/NEW YORK David Nason, a General Electric executive and former Treasury Department official, is the front runner to become the Federal Reserve''s top Wall Street regulator under President-elect Donald Trump, sources familiar with the screening said on Thursday. Nason leads GE''s Energy Financial Services division, which funds worldwide energy development, mostly from thermal and renewable sources. In 2008, Nason was a deputy to Treasury Secretary Henry Paulson as U.S. regulators tried to stabilise Wall Street and prevent an economic meltdown after the housing market collapsed. Trump will have a chance to nominate the Fed''s vice chair for supervision - a role conceived in the wake of the financial collapse to watchdog Wall Street. If Nason is tapped for the role, he would be the most senior rule-writer for Wall Street with a large say in how leading banks are supervised day to day. In recent weeks, other names have been floated as vice chair candidates who can boast support from Wall Street. Representative French Hill, an Arkansas Republican and former banker, has been favoured by some in the banking industry while some Washington lobbyists have favoured Paul Atkins, a former commissioner with the Securities and Exchange Commission. While no final decision has been made on who should fill the job, Nason has Paulson''s backing and has become the front runner in recent weeks, the sources said. In the last several weeks, Nason has met with Trump''s senior economic advisers Gary Cohn and Steve Mnuchin, according to one source familiar with the meetings. A Trump spokesperson declined to comment. Trump has named Cohn as head of the White House National Economic Council and nominated Mnuchin as Treasury secretary. Both Cohn and Mnuchin held senior roles at Goldman Sachs, and they have heard directly from Paulson, the company''s former chief executive, that Nason is a solid pick, according to another source familiar with the screening. Nason did not immediately respond to a call for comment. A spokesman for Paulson declined to comment. In Paulson''s memoir, "On the Brink," the former cabinet secretary singles Nason out for praise during the financial crisis. (Reporting by Patrick Rucker in Washington and Olivia Oran in New York; Additional reporting by Emily Stephenson in Washington; Editing by Linda Stern, Lauren LaCapra and Leslie Adler) Next In Business News Britain seeks bids for 2.75 billion pound high speed train contract LONDON Britain opened the bidding on Friday for a 2.75 billion pound contract to build a fleet of trains for a new high speed railway project to link London with the north of England, work on which is due to begin this year.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-nason-idUKKBN15407M'|'2017-01-20T09:29:00.000+02:00'
'9443b7a80ad636ba61f5bfced6dcf0e13afef19c'|'COLUMN-Copper market focus shifts back to unpredictable supply: Andy Home'|' 00pm EST COLUMN-Copper market focus shifts back to unpredictable supply: Andy Home (Repeats Jan. 20 story with no changes to text. The opinions expressed here are those of the author, a columnist for Reuters.) By Andy Home LONDON Jan 20 Last year it was the strength of demand that caught the copper market by surprise. Everyone had braced themselves for an expected hard metallic landing in China, the driver of global copper usage. But that''s not how things played out. China itself, it seems, was not quite ready for the promised shift from the old model of fixed asset investment to what was touted as the "new normal" of slower, more consumer-oriented growth. Infrastructure and property investment boomed again, as did the country''s appetite for copper. Imports of both unwrought copper and mined concentrate probably hit record highs last year, judging by the preliminary figures released last week. As for the supply side of the pricing equation, the biggest surprise was the relative lack of surprises. The amount of global copper supply lost due to unscheduled production losses was 3.5 percent, compared with the historical norm of around 5-6 percent, according to research from Citi. ("Copper - a possible return to normal mine disruption in 2017", Jan. 10, 2017). It was, in other words, a year of collectively good performance by the world''s producers. Can they keep it up this year against an expected backdrop of much slower, if not flat, mined supply growth? Judging by the production guidance given by Rio Tinto , the answer would appear to be no. The company, which has stakes in some of the world''s biggest mines, expects to produce between 525,000 and 665,000 tonnes of mined copper this year, compared with actual output of 523,000 tonnes in 2016. That''s a wide range, wide enough in fact to encompass many analysts'' global market balance calculations for the coming year. Rio has given no further details but its own production uncertainty speaks to the potential for a more "normal" year, to quote Citi, in terms of mine supply disruption. INDONESIAN UNCERTAINTY One contributor to Rio''s "mind-the-gap" production guidance may well be the Grasberg mine in Indonesia. Export shipments from Grasberg are again suspended as the mine''s majority owner and operator, Freeport McMoRan, navigates yet another rewrite of Indonesia''s resource rules. An existing requirement to build a copper smelter within five years has been supplemented with a proposed shift to a new operating permit and the need to sell a 51-percent stake to local investors. A new export licence should be possible while talks are continuing but as of right now it''s still sitting in the mining ministry''s in-tray. Underneath all this regulatory uncertainty is straightforward mining uncertainty. Freeport downgraded its sales guidance at both its Q2 and Q3 quarterlies with third-quarter production at Grasberg below expectations due to "lower mining rates that affected the timing of access to higher grade ore and a deferral of production into future periods resulting from labor productivity issues and a 10-day work stoppage beginning in late September." Rio has a complicated participation in Grasberg, being entitled to 40 percent of output above a pre-determined level of mine throughput from expansions since 1998. It defers to Freeport in terms of reporting actual production at Grasberg but it noted that "productivity issues" continued in the fourth quarter to the extent that the mining threshold was not reached last year. Rio has therefore stripped 20,000 tonnes of notional attributable production back out of its January-September figures. STRIKE THREATS Two other pillars of Rio''s copper portfolio are its 30-percent stake in Escondida, the world''s largest copper mine in Chile, and the wholly-owned Kennecott operations in the United States. Both have looming labour contract expiries. And although Rio''s guidance won''t have factored in the potential for lost production due to strike action, the market is closely following events at Escondida, where the current contract expires later this month. Union leaders are unhappy and already talking tough about the potential for a walk-out. All part of the negotiating process or an ominous sign of things to come? Time will tell but the sheer size of Escondida, which produced just under a million tonnes of copper last year, means potential price volatility, upwards in the event of a strike, however short-lived, and downwards in the event of a peaceful settlement. The contract at Rio''s Kennecott division expires in March by which time there will also have been contract deadlines at Vale''s Sudbury and Teck''s Highland Valley mines in Canada, according to Citi. Indeed, Citi estimates that some 3.5 million tonnes of copper supply, equivalent to around 17 percent of expected output this year, is subject to labour contract renewal. "We believe this represents the highest volume of mine capacity affected by contract renewals for 4-5 years, with the last year of significant strike-related losses being 2011 where around 170,000t of mined production was lost due to strikes." The fact that copper prices are rising again brings potential negotiating gaps between unions anxious to keep the rewards earned in the good times and companies still in cost-cutting mode. A DELICATE BALANCE? The market''s renewed focus on supply and specifically the potential for supply to under-perform relative to plan reflects a changed view about copper''s underlying supply-usage dynamic. The much-feared wall of copper supply, resulting from a combination of new mines and expansions, seems to have already peaked. The International Copper Study Group is forecasting mine supply growth to drop from four percent in 2016 to zero this year. For its part, Citi is forecasting just one percent growth. The raw materials part of the copper supply chain is starting to tighten again, evidenced by the drop in smelter treatment and refining charges on 2017 supply contracts, still the best indicator as to what is happening in the copper concentrates market. This wasn''t supposed to happen so fast but last year saw not just existing producers largely perform well but new capacity come on much more efficiently than might reasonably have been expected. That was, with hindsight, the big supply surprise for the copper market last year. This year the "surprise" could be a different one, if copper reverts to its past form of predictable unpredictability. (Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/copper-supply-ahome-idUSL5N1FA2C4'|'2017-01-23T08:00:00.000+02:00'
'a3a45e831d77f7d3d9745bece0e6acee41b762be'|'RPT-INSIGHT-Crumbling lira pressures Turkish retailers as economy slows'|' 30am EST RPT-INSIGHT-Crumbling lira pressures Turkish retailers as economy slows (Repeats with no changes) * Lira has fallen by a quarter since mid-2016 * Several foreign brands have pulled out of Turkey * Retailers see rents, cost of goods rise with lira fall * Mall developers with foreign debts also suffering By Ceyda Caglayan ISTANBUL, Jan 22 Turkish businessman Tekin Acar had contracts to open branches of his leading cosmetics chain in ten new shopping malls this year. A few days ago he cancelled nine of them after sharp falls in the lira meant he would struggle to afford the rents. Turkey''s currency has lost around a quarter of its value since the middle of last year, causing havoc for retailers selling imported goods or paying rent pegged to the U.S. dollar. Many were already suffering from a sharp economic slowdown and dwindling tourism numbers after a spate of deadly bombings. Foreign brands in Turkey are also suffering. Dutch clothing chain C&A, Britain''s Topshop, German cosmetics firm Douglas and U.S.-based dietary supplement retailer GNC have disappeared from shopping centres in recent months. Retail spaces in some of Istanbul''s biggest malls stand empty. "Since many brands have closed up stores one by one, people don''t notice it," said Acar, who founded the cosmetics chain that bears his name in 1979 and has 76 stores across Turkey. "In my 46-year career, it''s the first time I''m having trouble paying my rent, utilities and salaries. I''ve put all my income from other businesses into this, I''ve increased capital but it isn''t enough. I''m not George Soros, this is it for me." Hundreds of malls sprung up across Turkey in the past two decades, symbols of the rapid consumption-led growth that helped build President Tayyip Erdogan''s reputation when he was prime minister from 2003-2014. But that growth has left structural weaknesses in the economy, and the suffering retail sector and wider economic malaise come at an awkward time for Erdogan. He is expected to seek popular support in a spring referendum for bolstering the powers of his office and can ill-afford a sharp slowdown. Acar''s business has been further hit by a hike last week in import taxes on some cosmetics and by restrictions on the products for which credit card payments can be taken in instalments, part of a drive to boost Turkey''s savings rate. Many of the new malls were financed with dollar and euro loans and their owners, who have seen their debt burden rise as the lira fell, charge rent in hard currency to offset the risk. The payback period for shopping mall developers in Istanbul has risen in recent years to an average of 22 years from 15-16, largely due to exchange rate risk and uncertainty about rental incomes, according to Hulusi Belgu, head of the Turkish Council of Shopping Centres (AYD). His association estimates that $53 billion has been invested in the country''s 377 shopping malls over the past few decades, 70 percent of it financed through debt, much of it dollar and euro-denominated. There was "constant demand" from retailers to seek rent reductions because of the weaker lira, Belgu told Reuters, and mall developers - despite their own financial pressures - were having to do their best to help. "In the end, the mall investors look at the rent to turnover ratios and act accordingly. We pull the rents to healthy ratios that allow (the retailers) to survive," he said. FALLING CONFIDENCE The lira has fallen as much as 10 percent against the dollar since the start of 2017, making it the world''s worst performing major currency. That comes on top of double-digit falls both last year and the year before. Erdogan has urged Turks to sell dollars to prop up the lira, calling for a "sense of national mobilisation", while the central bank has taken steps to tighten lira liquidity. Financial market investors say only a sharp interest rate hike when the central bank meets on Jan. 24 will put a floor under the lira''s losses, although Erdogan has long been opposed to such a move, fearing it will further slow growth. The lira''s fall has been a major blow to middle-class Turks, for whom life is largely dollar-denominated. Fuel prices and private school fees, clothing and electronics have all risen in price with the lira''s decline, denting consumer sentiment. Economic growth in the third quarter, the latest data available, turned negative for the first time in seven years and is forecast at just 3.2 percent for 2016, a far cry from the high single-digit rates on which Erdogan built his reputation as prime minister from 2003-14. "It''s crucial for retailers to reduce the cost of rent during tumultuous times as the decline in sales puts a stress on our financials and rent is among the largest fixed costs for our sector," said Ahmet Can Tarkan, head of Dilasima Group, a boutique fashion retailer. Dilasima, which operates 43 stores in five cities, imports Italian brands including MaxMara, Furla and Marella, meaning its cost of goods has risen in lira terms, as well as its rents. "We try not to reflect small appreciations in foreign currencies onto prices but we can only absorb increases up to 5 percent," he said. "We need to be able to replace our goods with new merchandise every 6 months, so we do push up prices when the appreciation is higher than 5 percent." For more affordable brands, passing on the rising costs to more price-sensitive consumers is far harder. C&A sold its stores to DeFacto, a Turkish retailer, last June amid what it described as "challenging" market conditions. Topshop said it had closed its physical stores in Turkey due to lease expirations but was servicing the market online and was looking for new sites. Parent company Arcadia Group, which also owns brands including Dorothy Perkins and Miss Selfridge, is still active in Turkey. GNC said in October it had closed 85 stores in the country, while Douglas, which first opened in Turkey in 2006, said it closed its 11 stores the same month. A Douglas spokeswoman said the company withdrew because it did not expect its small market share to show a major improvement "in the foreseeable future". Despite being at loggerheads over rent, what mall developers and retailers do agree on is that the lira''s volatility, rather than its weakness alone, is the biggest challenge. "In the long term, we''re more concerned about consumer morale than the appreciation in foreign currencies. The consumer will be willing to pay a higher price in lira terms if they feel confident about the state of Turkish economy," Tarkan said. "Stability in foreign exchange rates is key to creating that confidence among consumers." (Additional reporting by Can Sezer and Nick Tattersall in Istanbul, Tuvan Gumrukcu in Ankara, Emma Thomasson in Berlin; Writing by Nick Tattersall; editing by Anna Willard) Next In Company News UK   Holdi'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/turkey-economy-lira-retail-repeat-insigh-idUSL5N1FC0GM'|'2017-01-23T13:30:00.000+02:00'
'52b61e1b40a40edcf14f324a584c2b979f9432ba'|'Rig builder Lamprell sees lower revenue, to tighten purse strings'|'Energy  45am EST Rig builder Lamprell sees lower revenue, to tighten purse strings Jan 23 Oil-rig builder Lamprell Plc said it would continue to maintain a tight reign on costs as it stuck to its guidance of lower 2017 revenue. The company, which mainly focuses on contracts around the United Arab Emirates, said it expected 2017 revenue to be between $400-$500 million, with the current market pointing towards the lower half of the range. Lamprell also said it expected full-year 2016 revenue to be about $700 million, lower than the $871.1 million it reported in 2015. Lamprell, which has taken on cost-reduction activities to address an expected fall in revenue for 2016 and 2017, reduced its overall headcount by 4,000 people at the end of 2016. Oil services and equipment companies have suffered from contract cancellations as explorers and producers fetched lower prices since the fall in oil prices in mid-2014. The rig-builder said in a statement on Monday that while it recognises the likelihood of stronger product pricing in 2017, most of its customers already have their 2017 capital budgets in place, leaving "little expansive flexibility". "The company continues to believe that 2017 will prove a particularly cautious environment, and will continue to maintain tight control over expenditure and expenses," Executive Chairman John Kennedy said. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair) Next In Energy'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/lamprell-outlook-idUSL4N1FD2SI'|'2017-01-23T14:45:00.000+02:00'
'7f26658ad8973ea41727e122aa58e775fcc2f5d4'|'Fitch: Commission''s Letter Highlights Fiscal Pressures on Italy'|'Financials   9:08am EST Fitch: Commission''s Letter Highlights Fiscal Pressures on Italy (The following statement was released by the rating agency) LONDON, January 23 (Fitch) The European Commission''s letter demanding the adoption of additional deficit-reducing measures by the Italian government highlights the competing pressures the sovereign faces in reducing its high stock of government debt, Fitch Ratings says. We think the government will seek to avert the opening of an excessive deficit procedure, but will also want to avoid weakening Italy''s modest economic recovery by tightening fiscal policy. The European Commission last week asked the government to adopt additional budgetary measures delivering a structural effort of 0.2% of GDP (around EUR3.4bn) for 2017. It says such measures are needed to "reduce the gap to broad compliance" with the preventive arm of the Stability and Growth Pact in 2017 and therefore "avoid the opening of an excessive deficit procedure for non-compliance with the debt-rule based on notified data for 2015." The Commission has asked Italy''s government to respond by 1 February. One of the drivers of our revision of the Outlook on Italy''s ''BBB+'' sovereign rating to Negative last October was fiscal slippage and the resulting deterioration in the public debt dynamics. The Italian government estimates that the structural balance deteriorated by 0.5% of GDP in 2016, which is more than the Commission has allowed the country under the Stability and Growth Pact. Italy''s 2017 draft budget implies a further structural easing. We forecast gross general government debt to peak at 133.3% of GDP in 2017, and to decline only slowly. The EUR20bn of funds authorised by parliament in December to support the banking sector would add around 1.2% to the debt/GDP ratio, if used in full. Such high debt, well above the ''BBB'' range median of around 40%, leaves Italy exposed to potential adverse shocks and limits space for counter-cyclical fiscal policy. The political backdrop may affect the government response. A recent poll indicated that the Five-Star Movement had similar public support to Prime Minister Paolo Gentiloni''s Democratic Party. The government may resist tax rises or spending cuts that could boost support for opposition and populist political parties. We think Italy''s track record of repeated delay and back-loading of fiscal consolidation is reducing fiscal credibility. Italy''s economy grew faster than Germany and France''s in 3Q16 (0.3% qoq), having stagnated during the previous quarter. Yoy growth was 1%. Nevertheless, growth prospects remain subdued. Ample spare capacity following a lengthy recession is weighing on business investment, banks'' stock of non-performing loans is high at around 20% of GDP, and wage growth is sluggish. We forecast 0.9% GDP growth this year. Weak growth makes it harder to reduce government debt, bank NPLs and unemployment. Our next scheduled review of Italy''s sovereign rating is due on 21 April 2017. <a href="https://www.fitchratings.com/site/re/889519">Italy Full Rating Report Contact: Michele Napolitano Senior Director, Sovereigns +44 203 530 1882 Fitch Ratings Limited 30 North Colonnade London E14 5GN Ed Parker Managing Director, Sovereigns +44 20 530 1176 Mark Brown Senior Analyst, Fitch Wire +44 203 530 1588 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article can be accessed at www.fitchratings.com. All opinions expressed are those of Fitch Ratings. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987444'|'2017-01-23T21:08:00.000+02:00'
'18c301e26c4916b9850c6c64c7abceb89617b237'|'Trump tells manufacturers he will cut regulations, taxes'|'Business News - Mon Jan 23, 2017 - 4:03pm GMT Trump tells manufacturers he will cut regulations, taxes U.S. President Donald Trump speaks during the Inaugural Law Enforcement Officers and First Responders Reception in the Blue Room of the White House in Washington, U.S., January 22, 2017. REUTERS/Joshua Roberts By Roberta Rampton - WASHINGTON WASHINGTON U.S. President Donald Trump met with a dozen prominent American manufacturers at the White House on Monday, promising them he would slash regulations and cut corporate taxes, but warning them of penalties if they moved production outside the country. Trump, who took office on Friday, promised to bring manufacturing plants back to the United States during his campaign, and has not hesitated to call out by name companies that he thinks should bring outsourced production back home. He told the chief executives of Ford, Dow Chemical, Dell Technologies, Tesla and others that he would like to cut corporate taxes to the 15 percent to 20 percent range, down from current statutory levels of 35 percent - a pledge that will require cooperation from the Republican-led U.S. Congress. But he said business leaders have told him that reducing regulations is even more important. "We think we can cut regulations by 75 percent. Maybe more," Trump told business leaders in the Roosevelt Room. "When you want to expand your plant, or when Mark wants to come in and build a big massive plant, or when Dell wants to come in and do something monstrous and special – you''re going to have your approvals really fast,” Trump said, referring to Mark Fields, CEO of Ford, who sat around the boardroom style table. The new president told companies that they were welcome to negotiate with governors to move production between states, but said those businesses that choose to move factories outside the country would pay a price. "We are going to be imposing a very major border tax on the product when it comes in," Trump said. "A company that wants to fire all of its people in the United States, and build some factory someplace else, and then thinks that that product is going to just flow across the border into the United States - that’s not going to happen," he said. Trump was scheduled to hold a meeting later on Monday with labor leaders and U.S. workers, the White House said. Trump, a Republican who took over from former Democratic President Barack Obama, was also expected to sign executive orders to renegotiate the free trade agreement between the United States, Canada and Mexico, and to formally withdraw the United States from the 12-nation Trans-Pacific Partnership. Between winning the presidential election in November and taking office, Trump hosted a number of U.S. CEOs in meetings in New York, including business leaders from defense, technology and other sectors. He also met with leaders of several labor unions, including the AFL-CIO. Trump, a real estate developer, has particularly focused on manufacturing, lamenting during his inaugural address on Friday about "rusted-out factories scattered like tombstones across the landscape of our nation" and vowing to boost U.S. industries over foreign ones. (Reporting by Doina Chiacu, Susan Heavey, Roberta Rampton and David Shepardson; Editing by Frances Kerry) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-business-idUKKBN1571FD'|'2017-01-23T22:55:00.000+02:00'
'5b73f0a27ae598d405690636dd1832d76409abf6'|'Danish consumer confidence rose to 4.5 points in January'|'Financials  09am EST Danish consumer confidence rose to 4.5 points in January COPENHAGEN, Jan 23 Denmark''s consumer confidence index rose to 4.5 points in January from minus 0.3 points in December, the statistics office said on Monday. Jan 2016 Dec 2016 FY 2016 Consumer confidence 4.5 -0.3 3.1 The monthly survey asks a cross section of Denmark''s population its views on current personal and national economic trends, along with consumer intentions for the coming months. For further details in Danish, Thomson Reuters Eikon users can click on www.dst.dk (Reporting by Nikolaj Skydsgaard; editing by Jacob Gronholt-Pedersen) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/denmark-consumersentiment-idUSEONH1I0RT'|'2017-01-23T15:09:00.000+02:00'
'd5f07e332794fed205c448586a7ed3fdd28fc670'|'Dutch tycoon de Mol plans counter-offer for media group TMG'|'Dutch billionaire John de Mol plans to make a bid for Telegraaf Media Group (TMG) ( TLGNc.AS ) that values the Dutch newspaper publisher at 273 million euros ($293 million), potentially sparking a bid battle with a rival suitor.The media tycoon said on Monday he planned to make a 5.90 euros per share bid for TMG through his investment vehicle Talpa, topping a 5.25 euros per share proposal made in December by a consortium led by Belgium''s Mediahuis.Shares in TMG, which publishes the popular Telegraaf daily and also owns Sky Radio and several leading magazine titles, rose as much as 3 percent to a high of 5.979 euros in early trading, signaling investors are hopeful of a higher offer.TMG, which hasn''t made a recommendation on either proposal yet, said it was "carefully reviewing and considering the Talpa proposal in comparison to the stand alone strategy and other strategic alternatives." It added it was still in talks with Mediahuis and its partner VP Exploitatie.Mediahuis said it was studying the situation.VP Exploitatie is TMG''s biggest shareholder, with a 40 percent stake, and Mediahuis said in December it had also secured the support of other TMG shareholders, Delta Lloyd ( DLL.AS ) and Navitas.KBC Securities said this meant Mediahuis had the support of 59 percent of TMG''s shareholders for its proposal.However, ESN/NIBC markets analyst Johan van den Hooven said it was possible Delta Lloyd and Navitas could reconsider their support."You cannot rule out that ''in extremis'' they would switch sides and back the higher offer," KBC analyst Ruben Devos said.John de Mol, best known as the creator of hit television show Big Brother, holds a stake of about 20 percent in TMG which he pledged not to sell, according to Devos.That could block Mediahuis from reaching a 95 percent threshold needed to delist TMG.(Reporting by Wout Vergauwen; Editing by Anthony Deutsch and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tmg-m-a-de-mol-idINKBN1571PR'|'2017-01-23T10:08:00.000+02:00'
'3353da669e966933ff45d845b968e4f7bde8c176'|'South Korea prosecutors to investigate other conglomerates after Samsung probe'|'Technology   6:01am GMT South Korea prosecutors to investigate other conglomerates after Samsung probe SEOUL South Korea''s special prosecutor''s office said on Monday it plans to investigate other conglomerates after completing its probe of Samsung Group [SAGR.UL], whose leader has been named a suspect in a graft scandal involving President Park Geun-hye. Prosecution office spokesman Lee Kyu-chul did not elaborate on when the probe into Samsung may end or what other conglomerates the office plans to investigate. (Reporting by Ju-min Park; writing by Se Young Lee; Editing by Nick Macfie) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-southkorea-politics-conglomerates-idUKKBN1570IN'|'2017-01-23T12:57:00.000+02:00'
'000fdf9d0a596952d65a7380b33b3fbf727479ec'|'Fitch Confirms Siam Commercial Bank''s MTN Programme at ''BBB+'''|'  Fitch Confirms Siam Commercial Bank''s MTN Programme at ''BBB+''   BANGKOK/SINGAPORE, January 22 (Fitch) Fitch Ratings has confirmed the rating on The Siam Commercial Bank Public Company Limited''s (SCB; BBB+/Stable) USD3.5bn medium-term note (MTN) programme at ''BBB+'', following an update to the terms of the programme. Senior notes under the MTN programme will represent direct, unconditional, unsecured, and unsubordinated obligations of the bank. Notes issued under the programme may be in any currency aside from Thai baht. KEY RATING DRIVERS The programme is rated at the same level as SCB''s Long-Term Issuer Default Rating (IDR) of ''BBB+''. The bank''s IDR is in turn based on its Viability Rating, which reflects the standalone strength of the entity. RATING SENSITIVITIES Any change to SCB''s Long-Term IDR would have a similar effect on the MTN programme''s rating. For further details on SCB''s key rating drivers and rating sensitivities, refer to the rating action commentary, <a href="https://www.fitchratings.com/site/pr/1004588">Fitch Affirms Thailand''s Four Largest Commercial Banks, dated 17 May 2016. The other ratings of SCB are unaffected by this action, and are as follows: Long-Term Foreign-Currency IDR: ''BBB+''; Outlook Stable Short-Term Foreign-Currency IDR: ''F2'' Viability Rating: ''bbb+'' Support Rating: ''2'' Support Rating Floor: ''BBB-'' National Long-Term Rating: ''AA+(tha)''; Outlook Stable National Short-Term Rating: ''F1+(tha)'' Long-term foreign currency senior unsecured debt: ''BBB+'' National short-term senior unsecured debt programme: ''F1+(tha)'' National long-term subordinated debt: ''AA(tha)'' Contacts: Primary Analyst Ambreesh Srivastava Senior Director +65 6796 7218 Fitch Ratings Singapore Pte Ltd. 6 Temasek Boulevard #35-05 Suntec Tower Four Singapore 038986 Secondary Analyst Parson Singha, CFA Senior Director +662 108 0151 Committee Chairperson Jonathan Cornish Managing Director +852 2263 9901 Date of Relevant Rating Committee: 16 May 2016 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Note to Editors: Fitch''s National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated ''AAA'' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as ''AAA(tha)'' for National ratings in Thailand. Specific letter grades are not therefore internationally comparable. Additional information is available on www.fitchratings.com ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit977699'|'2017-01-23T09:27:00.000+02:00'
'5661105b096ce07e1945a9ab10c90c31854cdef7'|'ATR chief says in no hurry to develop larger aircraft'|'Industrials - Mon Jan 23, 2017 - 12:05am EST ATR chief says in no hurry to develop larger aircraft TOULOUSE, France Jan 23 Franco-Italian turboprop maker ATR is likely to develop a larger version of its aircraft family in the future, but is in no hurry to act, its chief executive said. ATR is jointly owned by aerospace groups Airbus and Leonardo, which are seen as split over whether to focus on the existing family of two models seating 42 to 78 people, or build a new model with 100 seats to keep up with demand for more capacity. "My personal view is that a larger ATR is a question of when rather than if," CEO Christian Scherer told Reuters, adding that any decision would be a matter for joint shareholders. "If you want to take a more conservative stance, and I can imagine myself in the shoes of both shareholders, there is nothing wrong with ATR today. It is a very nice franchise and profitable contribution and we don''t see any chess moves that should fundamentally modify the game. So we can go on; there is no urgency," he said. "Do I as ATR have the ambition to continue to introduce new features, new airplanes, new products to grow? Absolutely. I am happy to see that we have one shareholder who is of the same opinion. The other one is exercising a perfectly rational business judgment and saying ATR is doing very well, keep on going." Scherer, a former Airbus commercial strategy and defence executive, was appointed to run ATR in November. His predecessor, Patrick de Castelbajac, told Flightglobal last July that Airbus wanted to revamp the existing ATR 42/72 series with new engines, while Italy''s Leonardo was keen on expanding the family with an all-new 100-seat model. Both projects could happen at different times, he said. Airbus and Leonardo each owns half of ATR. Leonardo has indicated it would like to take greater control of ATR, while Airbus is said to be interested in Leonardo''s stake in MBDA, the European missile maker in which Airbus already has a share. Officials on both sides say they have held informal talks but that discussions are not advanced. Analysts say 35-year-old ATR is profitable, partly because the cost of developing its main models was absorbed long ago. But figures published on Monday show that while deliveries have trebled in the past decade, the number of years of production in its backlog has fallen from over five years to fewer than three, spurring a debate about how it should secure its growth. (Reporting by Tim Hepher; Editing by Paul Simao) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/atr-aircraft-idUSL5N1FC13L'|'2017-01-23T12:05:00.000+02:00'
'6c60609565e0c040598413a3689695ca237fce6e'|'Argentina avoids Trump uncertainty with bond sale, finmin tells paper'|'BUENOS AIRES Jan 22 Argentina shielded itself from potential market volatility after the election of U.S. President Donald Trump by selling a more-than-expected $7 billion in bonds on Thursday, Finance Minister Luis Caputo said in an interview published in the Clarin newspaper.The sale of five- and ten-year bonds likely means Argentina will not need to sell additional dollar bonds this year, he said upon returning from a road show to promote the bond sale."With these funds we have saved ourselves from the uncertainty of the so-called Trump effect," said Caputo, who had said $3 billion to $5 billion would be sold in dollar bonds."In principal there will not be new emissions. There could still be something in yen, euros or Swiss francs or another emission in dollars in order to settle an expiration but the stock of dollar bonds will not grow."The bonds sold on Thursday were more than three times oversubscribed, with total orders for some $22 billion. Caputo said that Argentina did not sell more than the $7 billion to maintain market credibility."Credibility is at stake. If we took $12 billion we could have aroused suspicions and the investors could have been against us," he said in the interview on Saturday. "In addition, if complications appear in the rest of the year we have scope to obtain those funds."Caputo said that total issuance in 2017 would be half those of 2016, when the federal government sold $20 billion, provinces sold $7 billion and companies around $5 billion."This year the federal government will emit just $7 billion, the provinces no more than $3.5 billion and companies at most the same as last year," he told Clarin. (Reporting by Caroline Stauffer; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-bonds-idINL1N1FC1E9'|'2017-01-22T14:30:00.000+02:00'
'94e8ecf791e5f9cd3a871595fa3e1efa3a09aad6'|'Takata shares lose nearly half their value in less than a week'|'TOKYO Takata Corp''s shares have lost nearly half their value in less than a week, hit by a report that bidders are seeking a court-mediated turnaround for the embattled Japanese air bag maker.The stock has been hit by a glut of sell orders since the Nikkei business daily said on Thursday that Swedish air bag maker Autoliv Inc and a group led by U.S. auto parts supplier Key Safety Systems, two bidding groups for Takata, would present proposals for a court-led restructuring. A Reuters source later confirmed the plan.The stock lost 5 percent in Tuesday morning trade and is down 48 percent since Wednesday''s close.When a stock is untraded due to a glut of orders, it is given a closing price by the Tokyo stock exchange that reflects the balance of buy and sell orders. When the glut is big, it will often be the daily limit allowed for the stock.(Reporting by Tim Kelly; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/takata-restructuring-stocks-idINKBN1580AU'|'2017-01-24T00:54:00.000+02:00'
'e20ce296f867bd7827cb42f238f4e1f266135f8d'|'Indonesia ''will not negotiate'' with Freeport over new rules -mining ministry official - Reuters'|'JAKARTA Jan 21 Indonesia will not negotiate with Freeport McMoRan Inc on new rules requiring its local unit to convert its ''contracts of work'' to a new ''special mining permit'' in order to resume copper concentrate exports, a mining ministry official said on Saturday."There will be no negotiation," Coal and Minerals Director General Bambang Gatot told reporters.The president and mining minister have signed regulations on the matter, and Freeport "should just follow the regulations," Deputy Energy and Mineral Resources Minister Arcandra Tahar added.Freeport''s shipments of copper concentrate from Indonesia have been stopped since January 12, in accordance with rules on domestic mineral processing.(Reporting by Agustinus Beo Da Costa; Writing by Fergus Jensen; Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-mining-freeport-mcmoran-idINL4N1FB056'|'2017-01-21T05:55:00.000+02:00'
'3890209ce01dc27e54af7716e839f2e5035d3004'|'Merger activity for independent U.S. wealth managers up 10 percent: study'|'NEW YORK Merger activity among independent wealth management firms in the United States hit an all-time high in 2016 as more of the industry''s aging workforce retired, the economy strengthened and more advisers were able to obtain financing for acquisitions, according to new study.The report, published this week by the industry consultant firm Echelon Partners, found that 138 independent advisory firms completed deals last year, a 10 percent increase over 2015 and the fourth consecutive year the figure has gone up.The actual number is likely much higher, the study found. Deals are difficult to track because private firms do not have to report them, and acquisitions that occur within firms or between small firms are often not publicized.About 43 percent of advisers are 55 or older, and many older advisers opt to sell their business before they retire so they can work with clients for a few years to make a smooth transition.This, combined with the continued strength of the stock market, pushed many entrepreneurial advisers to view 2016 as an optimum time to sell their businesses for the most money, said Dan Seivert, Echelon''s chief executive.While the study tracked deals for firms that managed $100 million or more in client money, a full third of the firms had more than $1 billion in assets under management.Most often the buyers were other independent wealth management firms.However, more than 60 private equity firms were involved in deals in 2016, and most of them were for billion-dollar or larger firms."(Private equity) is playing a larger role," Seivert said, adding it will likely make the independent wealth management industry more cutthroat."Because they have expectations around their returns and growth rates, they are more forceful in making growth happen. That makes for more powerful competitors."There are roughly 11,400 investment advisers registered with the U.S. Securities and Exchange Commission, according to a 2015 report by industry groups the Investment Advisor Association and National Regulatory Services.(Reporting by Elizabeth Dilts; Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-wealth-m-a-usa-idINKBN1542XK'|'2017-01-20T20:08:00.000+02:00'
'8a7bdf3f42609c170f50e53571955911172097a4'|'China asks regions to spell out how they will crack down on low-grade recycled steel'|'BEIJING China has asked local authorities to provide a list of producers of a highly-polluting kind of low-end steel product, with details of specific measures and a timetable for phasing out its production, as part of China''s drive to tackle smog.The state economic planner, the National Development & Reform Commission (NDRC), requested local authorities to submit the list to relevant central government agencies by Jan. 20, according to a statement on the website of the National Energy Administration.The government has pledged to halt production of the polluting low-end steel product by the end of June and has sent 12 inspection groups to areas including Hebei, Henan, Guangxi and Heilongjiang to oversee the move, state media Xinhua has reported.The move is part of the government''s efforts to tackle smog as well as to cut excess steel production capacity.News of the renewed crackdown pushed China''s steel rebar prices to three-week highs last week.The low-grade steel produced in small low-tech furnaces, often using recycled material, has been identified as not only as a source of pollution but also a major safety hazard because the steel products are easy to break.The crackdown will affect about 4 percent of the country''s steel output, according to Xinhua.China has launched a campaign to shut down substandard steel production as part of its war on pollution and industrial overcapacity. It is planning to close 100-150 million tonnes of annual steel production capacity over the 2016-2020 period.Donald Trump, due to be sworn in as U.S. president later on Friday, has stacked his trade transition team with veterans of the U.S. steel industry''s battles with China, signalling a potentially more aggressive approach to U.S. complaints of unfair Chinese subsidies for its exports and barriers to imports.(Reporting by Chen Aizhu; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/china-steel-pollution-idINKBN1541M8'|'2017-01-20T09:37:00.000+02:00'
'f4546eb3645df105d4e23a94690668fe25bb17e1'|'Exclusive: Vivendi open to restart talks with Mediaset if it drops legal action - sources'|'By Gwénaëlle Barzic , Sophie Sassard and Giulia Segreti - PARIS/LONDON/MILAN PARIS/LONDON/MILAN French media group Vivendi ( VIV.PA ) could resume talks with Mediaset ( MS.MI ) but only if the Italian broadcaster drops legal action against it, several sources said on Friday.The focus of any talks would have to be determined, they told Reuters, but would involve Mediaset''s Premium TV unit and possibly other assets of the Italian group controlled by the family of former prime minister Silvio Berlusconi.Vivendi and Mediaset have been at legal loggerheads since July, when the French group led by raider Vincent Bollore antagonized the Berlusconis by pulling out of a deal to take over Premium TV.Mediaset chief executive Pier Silvio Berlusconi, the son of the ex-premier, had opened the door to a deal with Vivendi on Wednesday although he said the French group had yet to come forward with an adequate proposition.However, he clarified on Friday that with the first court hearing coming up at the end of March, the dispute with Vivendi had to be resolved legally.One source familiar with the situation said Vivendi was waiting for "concrete evidence" that Mediaset is ready for another round of talks. "They have to put an end to the judicial saga," the source said.Another source close to the matter said Mediaset could consider dropping its legal action if Vivendi were ready to pay 1.5 billion euros ($1.6 billion). In August, the Italian broadcaster sought this sum in damages for backtracking on the pay-TV deal struck in April.Since first filing the lawsuit against Vivendi to enforce the sale agreement, the French group has upped its stake in Mediaset to 28.8 percent - further angering Italy and the Berlusconis as it became the second biggest shareholder after the powerful family. This has fueled speculation, denied by Vivendi, that it may be plotting a hostile takeover of Mediaset.PROLONGED STANDOFFThe broadcaster also launched a new strategy for the pay-TV unit, rethinking its business, making it less costly and less centered on airing soccer matches."Vivendi''s decision to backtrack has also made it more difficult to sell the pay-TV unit ... though this is not impossible," Pier Silvio Berlusconi said, adding that no negotiations over the unit were underway.Mediaset also asked a Milan court to order Vivendi to pay 50 billion euros for every month of delay in the deal, adding that if it fell through it would incur in damages of at least 1.5 billion euros.Sector bankers following the situation expect a prolonged standoff between the two groups, and said it was not in Mediaset''s interest to drop the legal action because that is its sole bargaining tool against the French raider.One banker raised the possibility that the Berlusconis might dispose of the entire group. "Time is on Bollore''s side, the situation is ideal for a typical Bollore-play and there is a good chance that the Italians will eventually sell," the banker said.Another banker said a possible scenario could be that Telecom Italia ( TLIT.MI ), in which Vivendi has a 24 percent stake, bought Mediaset Premium to distribute exclusive content to its large clients base. Vivendi, which is seeking to build up a media powerhouse in southern Europe, would then snap up Mediaset Espana, which is performing very well.Under such a scenario, Mediaset would retain its free-to-air TVs and could merge its production unit Medusa with Vivendi''s Studiocanal, said the banker, who asked to be named because the deliberations are private.(This version of the story corrects sum in 11th paragraph to 50 million euros)(editing by David Stamp)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mediaset-vivendi-idINKBN15427Z'|'2017-01-20T13:33:00.000+02:00'
'963e82e1727dddec4e94e38c57d845a55ef85e63'|'Japan steel industry fears protectionism from Trump: industry official'|'TOKYO Japan''s steel industry is concerned over the risks of a U.S. exit from the Trans-Pacific Partnership deal and reform of the North American Free Trade Agreement by the incoming Trump administration, a Japanese industry official said on Friday."We are worried about the risks of the Trump administration taking protectionism actions or policies," Kosei Shindo, chairman of the Japan Iron and Steel Federation, told a news conference.Shindo is also president of Nippon Steel & Sumitomo Metal Corp ( 5401.T ), Japan''s biggest steelmaker.(Reporting by Yuka Obayashi; Editing by Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-japan-steel-trump-idINKBN1540KM'|'2017-01-20T03:42:00.000+02:00'
'd59f2b30db2e51e2635b390bea2f3525a7593c7d'|'Trump to get first sign of U.S. economic health'|'  3:49pm GMT Trump to get first sign of U.S. economic health U.S. President-elect Donald Trump speaks during a USA Thank You Tour event in Hershey, Pennsylvania, U.S., December 15, 2016. REUTERS/Lucas Jackson By Philip Blenkinsop - BRUSSELS BRUSSELS Donald Trump''s policy plans in his first days in office are likely to dominate headlines in the coming week, but the new president himself will also get a first read-out on the health of the U.S. economy. And for all his call to make American great again, data should confirm that the economy is clipping along at a healthy rate even before Trump''s promised tax cuts and infrastructure spending. While Trump has talked of a feverish first full day - with orders and notifications to withdraw from the TPP trans-Pacific trade pact, cancellation of restrictions of energy production and curbs on illegal immigrants - the economic diary is light. Further details of a stimulus package, which could be watered down by Congress, could be the dominant economic event. Other than that, a week before the monetary policy meetings of the Federal Reserve, the Bank of England and the Bank of Japan and a week after a European Central Bank sitting, the stand-out figures are likely to be first estimates for U.S. growth on Friday and for British growth a day earlier. The U.S. economy is seen expanding by an annualized rate of 2.2 percent in the final quarter of 2016, easing from the 3.5 percent of third quarter as net trade turns negative, but with solid consumption growth and a reduced drag from the energy price collapse that hit investment. "We''re seeing a lot of momentum in some areas of the economy," said Laura Rosner, economist at BNP Paribas. "It''s a bit of a step down, but is still very healthy and really should support expectations for further growth and expansion." "It''s an important number but at the same time markets are focused on the outlook, particularly given all the potential policy changes," she added. Rosner, like other economists, sees U.S. growth accelerating this year and next, buoyed by the fiscal stimulus. Harm Bandholz, chief U.S. economist at UniCredit, sees the effect of that being at the end of 2017, but says there is then a risk increased consumption hikes imports, leading to a call for growth-draining trade protection. According to a Reuters poll in the past week, the top risk to U.S. growth is that Trump keeps his protectionist promises. BREXIT HIT FOR UK ECONOMY IN 2017? In Britain, it is the week after Prime Minister Theresa May''s big speech on Britain''s plans to leave the European Union. The chief Brexit news is likely to be Tuesday''s supreme court ruling on parliamentary involvement in triggering the EU''s Article 50 exit clause. Britain too will report a first estimate for economic growth in the fourth quarter. Like the United States, GDP is seen easing, to 0.5 percent quarter-on-quarter from 0.6 percent in the July-Sept period. James Knightley, ING senior economist, said the report is likely to confirm that the UK economy grew faster than that of the United States, the euro zone and Japan in 2016. However, the outlook for 2017 is less rosy. "Inflation is going to rise, driven by import costs for energy and food, particularly as hedged positions end. This should weaken consumer spending, while the triggering of Article 50 could lead to business being more cautious," Knightley said. For the euro zone, purchasing manager indexes should confirm continued steady growth across industry and services in January. In Europe''s largest economy, business sentiment is forecast to push slightly beyond December''s near three-year high in Ifo''s report on Wednesday, with both the assessment of current conditions and expectations ticking higher. The mood among German analysts and investors improved slightly in January, figures showed on Tuesday, with rising expectations "a leap of faith for 2017" after a stronger-than-expected economic performance by Germany last year. Elsewhere, Turkey is one of few countries where central bank policymakers will meet faced, like many emerging markets, with a challenge from the strong dollar. Its central bank will undergo a credibility test, with investors hoping for a significant interest rate hike after attempts to defend the Turkish lira with liquidity measures proved ineffective. (Reporting By Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-economy-idUKKBN15425R'|'2017-01-20T22:48:00.000+02:00'
'e4f2bc524f28e4cc5323808d10023b83e746feab'|'Peru to work with China, others on TPP alternative - president'|'Business  30pm GMT Peru to work with China, others on TPP alternative - president Peru''s President Pedro Pablo Kuczynski holds a news conference at the conclusion of the APEC (Asia-Pacific Economic Cooperation) Summit in Lima, Peru November 20, 2016. REUTERS/Paco Chuquiure LIMA Peru will work with China and other Asian and Pacific Rim countries to incorporate elements of the Trans-Pacific Partnership into a new agreement after the United States pulled out, President Pedro Pablo Kuczynski said on Tuesday. Australia and New Zealand said they would try to salvage TPP by encouraging China and other Asian countries to join because new U.S. President Donald Trump signed an executive order on Monday withdrawing from the pact. "We are going to take the best things out of TPP and get the not-so-good stuff out," Kuczynski said on broadcaster RPP, explaining rules involving the sale of pharmaceuticals could be altered. Besides Peru, fellow Latin American countries Chile and Mexico had also been part of the 12-nation agreement. Mexican President Enrique Pena Nieto said he would fight for trade with NAFTA partners Canada and the United States and seek bilateral deals with countries that signed the TPP. Mexico would also work more closely with other Latin American countries such as Brazil and Argentina, Pena Nieto said on Monday. Chile, meanwhile, has invited ministers from other TPP members and China and South Korea to a summit in March to discuss how to proceed, Foreign Minister Heraldo Munoz said on Monday. He said Chile would continue to pursue bilateral and other regional trade deals. (Reporting By Mitra Taj; Writing by Caroline Stauffer; editing by Grant McCool) Next In Business News Le Pen nerves hit French debt but euro impact unclear LONDON Nerves around France''s presidential election are starting to play out in debt markets, although the euro seems as yet unruffled by a vote which could pose the biggest existential threat to the single currency bloc since the 2011/2012 debt crisis. Euro group chief warns Britain against tax haven temptation AMSTERDAM The head of the council of euro zone finance ministers said Britain would be taking a "crazy step backwards" if it opted to turn itself into a tax haven after leaving the European Union, warning that such a move would hurt both Britain and the EU. LONDON Britain''s top share index rose on Tuesday, with a sharp dollar-induced rally in mining companies outpacing a slump in BT Group after a profit warning by the telecoms business. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-peru-trade-idUKKBN15829T'|'2017-01-24T23:30:00.000+02:00'
'af363759ae5604d16e86f785098729c39841d005'|'BRIEF-India''s math learning startup Cuemath raises $15 mln from CapitalG, Sequoia India'|'Jan 23 Cuemath* Math learning startup Cuemath raises $15 million from CapitalG and Sequoia India Source text:Math learning startup Cuemath has raised $15 million in its Series B round of funding from CapitalG and Sequoia India. CapitalG (formerly known as Google Capital), the growth equity investment fund of Alphabet (Google''s parent company), led this round of funding.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1FD00N'|'2017-01-23T04:17:00.000+02:00'
'61400d1a98862f89aa8e2bcdf0685ef12272d499'|'Australia shares set to gain; NZ slightly up'|'Financials   4:13pm EST Australia shares set to gain; NZ slightly up Jan 25 Australian shares were set to trade higher on Wednesday, mirroring Wall Street, as investors shifted focus away from U.S. President Donald Trump''s protectionist stance on trade to U.S. corporate earnings. Gains in financial and technology stocks lifted all three major U.S. indexes, with S&P 500 and Nasdaq touching intraday record highs. The local share price index futures rose 0.7 percent, or 37 points, to 5,631, a 19.1-point discount to the underlying S&P/ASX 200 index close. The benchmark ended 0.7 percent higher on Tuesday. New Zealand''s benchmark S&P/NZX 50 index was slightly up, at 7,070.36 points in early trade. For a summary of overnight action across global markets, double click on For a digest of the day''s business stories in Australian newspapers, double click on (Reporting by Krishna V Kurup in Bengaluru; Editing by Gareth Jones) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-morning-idUSL4N1FE54F'|'2017-01-25T04:13:00.000+02:00'
'52966dc38115246d420ae8c2ff1f08dd61fdc209'|'Ryanair fears UK could lose access to EU ''Open Skies'''|'Business News - Tue Jan 24, 2017 - 11:28am GMT Ryanair fears UK could lose access to EU ''Open Skies'' Ryanair Chief Executive Officer Michael O''Leary attends a Ryanair press conference in Dublin, Ireland April 12, 2016. REUTERS/Clodagh Kilcoyne DUBLIN Ryanair ( RYA.I ) fears Britain could lose access to the European Union''s ''Open Skies'' deregulated aviation market in as little as two year''s time when it is due to leave the bloc, Chief Executive Michael O''Leary said on Tuesday. "We worry that the price of remaining in Open Skies will be UK accepting freedom of movement of people ... I think that may be unlikely in which case we may be heading for a very hard Brexit," O''Leary told journalists in Dublin. "I don''t think it is possible to get interim arrangements through 27 European parliaments in a two year period, so the British will fall off a cliff in two years time," he said. (Reporting by Conor Humphries; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-ryanair-idUKKBN1581C4'|'2017-01-24T18:28:00.000+02:00'
'a6ac7094a0a95ed43c98a4c5574062f0424a6bbe'|'BRIEF-Shui On Land updates on offering of senior notes by Shui On Development'|' 38pm EST BRIEF-Shui On Land updates on offering of senior notes by Shui On Development Jan 24 Shui On Land Ltd : * On 23 Jan company and shui on development entered into a purchase agreement with standard chartered bank and deutsche bank * Intends to use net proceeds from notes to repay existing indebtedness with near term maturities * deal for aggregate principal amount of us$500mln 5.70% senior notes due 2021. * estimated net proceeds of notes issue, after deduction of fees, commissions and expenses, will amount to approximately us$492 million   5-Deadly storm batters Eastern U.S. with wind and heavy rain WASHINGTON, Jan 23 A powerful storm system plowed up the U.S. Eastern seaboard with torrential showers and high winds on Monday, hindering airline and rail travel, after killing at least 21 people in the South, many in mobile homes demolished by tornadoes.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FD0ST'|'2017-01-24T07:38:00.000+02:00'
'63db6aa46c7f2565d1580529a85cb77711962b16'|'Greek Eurobank seeks strategic partner for Romania''s Bancpost -source'|'ATHENS Jan 23 Eurobank has hired HSBC and Mediobanca to help it find a "strategic partner" for its Romanian subsidiary, a source at the Greek bank said on Monday.Major Greek banks are looking to reduce their exposure abroad and strengthen their capital base under the terms of the country''s latest multi-billion euro financial bailoutBancpost, with total assets of 2.8 billion euros, has a network of 147 branches in Romania, which is one of Eurobank''s biggest markets outside Greece."Our target is for the whole process to conclude in a year from now," the source said, without providing further details of what sort of deal was being considered.Eurobank, Greece''s third largest lender by assets, is also present in Bulgaria, Serbia and Cyprus. (Reporting by Lefteris Papadimas; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurobank-romania-bancpost-idINL5N1FD2Q7'|'2017-01-23T13:08:00.000+02:00'
'f6f88334b016483a0673110d4a0a47794e21750e'|'Trump to sign orders to renegotiate NAFTA, pull out of TPP - NBC'|' 25pm GMT Trump to sign orders to renegotiate NAFTA, pull out of TPP - NBC U.S. President Donald Trump speaks during the Inaugural Law Enforcement Officers and First Responders Reception in the Blue Room of the White House in Washington, U.S., January 22, 2017. REUTERS/Joshua Roberts WASHINGTON U.S. President Donald Trump could sign an executive order as early as Monday intended to renegotiate the free trade agreement between the United States, Canada and Mexico, NBC News reported, citing an unidentified White House official. In addition to wanting to renegotiate the North American Free Trade Agreement (NAFTA), the new Republican president also intends to sign an executive order pulling out of the Trans-Pacific Partnership (TPP), NBC reported. Trump, who was sworn in as the 45th U.S. president on Friday, targeted both trade pacts during his White House campaign. Officials were not immediately available to confirm the report to Reuters. Trump''s official schedule includes a 10:30 a.m. EST (1530 GMT) signing of executive orders in the Oval Office. The president said on Sunday he planned talks soon with the leaders of Canada and Mexico to begin renegotiating NAFTA. "We will be starting negotiations having to do with NAFTA," Trump said at a swearing-in ceremony for his top White House advisers. "We are going to start renegotiating on NAFTA, on immigration and on security at the border." Trump said during the campaign he wanted to secure more favourable terms for the United States in the NAFTA pact. NAFTA, which took effect in 1994, and other trade deals became lightning rods for voter anger in the U.S. industrial heartland states that swept Trump to victory. CNN reported the first executive action Trump intended to sign was to pull out of the TPP, the trade agreement among 11 Pacific Rim countries that Democratic President Barack Obama strongly backed but was never ratified by the Republican-controlled Congress. (Reporting by Roberta Rampton and Ayesha Rascoe; Writing by Doina Chiacu; Editing by Chizu Nomiyama and Jeffrey Benkoe)   Bank   - Reuters poll  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-nafta-idUKKBN1571RK'|'2017-01-23T20:25:00.000+02:00'
'f2fba6d8649c3e4d368b8b7982d8d7387c9adba6'|'Fitch Rates Siam Commercial Bank''s Senior Notes at ''BBB+(EXP)'''|'Financials  28pm EST Fitch Rates Siam Commercial Bank''s Senior Notes at ''BBB+(EXP)'' (The following statement was released by the rating agency) BANGKOK/SINGAPORE, January 22 (Fitch) Fitch Ratings has assigned an expected ''BBB+(EXP)'' rating to The Siam Commercial Bank Public Company Limited''s (SCB; BBB+/Stable) proposed US-dollar denominated senior unsecured notes, which will be issued under the USD3.5bn medium-term note (MTN) programme by the bank''s Cayman Islands branch. The proposed tenure for the notes will be up to 5.5 years and the total issue size will be up to USD500m. SCB plans to use the issuance for general corporate and funding purposes. The final rating is subject to the receipt of final documentation conforming to information already received. KEY RATING DRIVERS The senior notes are rated at the same level as SCB''s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ''BBB+'', as they will represent the bank''s unsecured and unsubordinated obligations. RATING SENSITIVITIES The rating of the senior unsecured notes would be directly affected by changes in SCB''s Long-Term Foreign-Currency IDR. For further details on SCB''s key rating drivers and rating sensitivities, refer to the rating action commentary, <a href="https://www.fitchratings.com/site/pr/1004588">Fitch Affirms Thailand''s Four Largest Commercial Banks, dated 17 May 2016. SCB''s other ratings are unaffected by this rating action are as follows: Long-Term Foreign-Currency IDR: ''BBB+''; Outlook Stable Short-Term Foreign-Currency IDR: ''F2'' Viability Rating: ''bbb+'' Support Rating: ''2'' Support Rating Floor: ''BBB-'' National Long-Term Rating: ''AA+(tha)''; Outlook Stable National Short-Term Rating: ''F1+(tha)'' Senior unsecured USD3.5bn MTN programme: ''BBB+'' Long-term foreign currency senior unsecured debt: ''BBB+'' National short-term senior unsecured debt programme: ''F1+(tha)'' National long-term subordinated debt: ''AA(tha)'' Contact: Primary Analyst Ambreesh Srivastava Senior Director +65 6796 7218 Fitch Ratings Singapore Pte Ltd. 6 Temasek Boulevard #35-05 Suntec Tower Four Singapore 038986 Secondary Analyst Parson Singha, CFA Senior Director +662 108 0151 Committee Chairperson Jonathan Cornish Managing Director +852 2263 9901 Date of Relevant Rating Committee: 16 May 2016 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Exposure Draft: Global Bank Rating Criteria (pub. 14 Apr 2016) here Exposure Draft: Global Non-Bank Financial Institutions Rating Criteria (pub. 14 Apr 2016) here Global Bank Rating Criteria - Effective from 20 March 2015 to 15 July 2016 (pub. 20 Mar 2015) here Global Non-Bank Financial Institutions Rating Criteria -- Effective 4/28/2015 to 7/15/2016 (pub. 28 Apr 2015) here National Scale Ratings Criteria (pub. 30 Oct 2013) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit977563'|'2017-01-23T10:28:00.000+02:00'
'ec2f25055d709264635a1f94db914f98a1725bb4'|'EpiPen rival to be offered free to many but high price for insurers'|'Market News   9:19am EST EpiPen rival to be offered free to many but high price for insurers Next In Market News * Smtc corp - announced resignation of Sushil Dhiman as president and chief executive officer of SMTC MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/kaleo-epipen-idUSL1N1F92LD'|'2017-01-23T21:15:00.000+02:00'
'e0753e2b5f4564530f63c4de91ebee803dd9fd46'|'Federal judge blocks Aetna Inc''s plan to buy rival Humana'|'WASHINGTON A U.S. federal judge blocked on Monday health insurer Aetna Inc''s proposed $34 billion merger with rival Humana, and Aetna said it was considering an appeal.Judge John Bates of the U.S. District Court for the District of Columbia said the proposed deal would "substantially lessen competition" in the sale of some Medicare Advantage plans in 364 counties that the Justice Department identified in their complaint and in individual insurance on the Obamacare exchange in three Florida counties."We''re reviewing the opinion now and giving serious consideration to an appeal after putting forward a compelling case," Aetna spokesman T.J. Crawford said.The order came as President Donald Trump began the process of attempting to dismantle the Affordable Care Act, popularly known as Obamacare. On Friday, shortly after being sworn in, he directed government agencies to freeze regulations and take steps to weaken the program.The Justice Department filed a lawsuit on July 21, 2016 to block Aetna''s acquisition of Humana and Anthem Inc''s purchase of Cigna Corp, saying the two deals would lead to higher prices.(Reporting by Diane Bartz; Editing by Chizu Nomiyama and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-humana-aetna-antitrust-idINKBN1572BF'|'2017-01-23T14:31:00.000+02:00'
'18831f4c309ee5b56fda0bc03d043dfc021c57e5'|'European futures open lower after Trump''s speech, For more see the equities LiveMarkets blog'|'Financials  20am EST European futures open lower after Trump''s speech, For more see the equities LiveMarkets blog MILAN Jan 23 Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: ** European shares seen lower after Trump''s inauguration speech ** Equity index futures trading down around 0.5 pct ** Eyes on SGS as profit falls; study miss could weigh on Actelion ** M&A reports could put UK builders, European insurers in focus ** STOXX 600 fell almost 1 percent last week Next In Financials TABLE-Foreign trading in South Korean stocks SEOUL, Jan 23 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0723 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 23 116.3 -109.1 -11.7 ^January 20 -46.5 38.0 6.7 January 19 146.0 -282.9 128.8 January 18'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FD136'|'2017-01-23T14:20:00.000+02:00'
'01619ddb989feda3a456706700bc31dbaecf19ab'|'China central bank''s temporary liquidity support a new tool, sends neutral policy signal - paper'|'  1:59am GMT China central bank''s temporary liquidity support a new tool, sends neutral policy signal - paper FILE PHOTO: A woman walks past the headquarters of the People''s Bank of China (PBOC), the central bank, in Beijing, China June 21, 2013. REUTERS/Jason Lee/File Photo SHANGHAI A move by China''s central bank to provide temporary liquidity support marks the creation of a new policy tool designed to ease seasonal cash shortages, while sending the signal that monetary policy remains stable and neutral, the Financial News said in a front-page commentary on Monday. The use of the "Temporary Liquidity Facility (TLF)", announced by the central bank last Friday, is expected to inject several hundred billion yuan into the banking system, according to the publication, which is affiliated with the People''s Bank of China (PBOC). The PBOC made the funds available to the country''s five biggest banks after short-term funding costs spiked to near 10-year highs heading into the long Lunar New Year holiday starting on Jan. 27, sparking fears of a cash squeeze. The central bank has avoided cutting banks'' required reserve ratios (RRRs) too frequently, because the move would inject a large amount of liquidity into banking system, pushing down yields, fuelling expectations of monetary policy loosening, and increasing depreciation pressure on the yuan, the newspaper said. TLF is a another gadget in the central bank''s expanding toolkit and will continue to play an important role in the future, according to the article. On Friday, the central bank said it would provide temporary liquidity support for several major commercial banks for 28 days, with funding cost under TLF about the same as the open market operations rate over the same period. The move came after the PBOC had injected a record weekly amount of funds. "This action is new and unusual, and perhaps ad hoc," economists at ANZ said in a note on Friday afternoon. "Given a stable GDP and rising inflationary momentum, we do not see a macroeconomic reason for a broad-based monetary policy easing which would have sent the wrong policy signal to the economy....They may also launch other tools if certain segments of the economy require their support in the future." China''s economy grew a faster-than-expected 6.8 percent in the fourth quarter, boosted by higher government spending and record bank lending. (Reporting by Samuel Shen and John Ruwtich; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-market-liquidity-idUKKBN15705S'|'2017-01-23T08:59:00.000+02:00'
'43b3a0c6e5f4de538391ba51c8a3d289932286a5'|'Trump signs order withdrawing U.S. from Trans-Pacific trade deal'|'  5:02pm GMT Trump signs order withdrawing U.S. from Trans-Pacific trade deal left right U.S. President Donald Trump signs an executive order on U.S. withdrawal from the Trans Pacific Partnership while flanked by Vice President Mike Pence (L) and White House Chief of Staff Reince Priebus (R) in the Oval Office of the White House in Washington January 23, 2017. REUTERS/Kevin Lamarque 1/2 left right U.S. President Donald Trump holds up the executive order on withdrawal from the Trans Pacific Partnership after signing it as White House Chief of Staff Reince Priebus stands at his side in the Oval Office of the White House in Washington January 23, 2017. REUTERS/Kevin Lamarque 2/2 WASHINGTON President Donald Trump signed an executive order formally withdrawing the United States from the 12-nation Trans-Pacific Partnership trade deal on Monday, following through on a promise from his campaign last year. In an Oval Office ceremony, Trump also signed an order imposing a federal hiring freeze and a directive banning U.S. non-governmental organizations receive federal funding from providing abortions abroad. Trump called the TPP order a "great thing for the American worker." (Reporting By Steve Holland)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-executiveorders-idUKKBN1572AJ'|'2017-01-23T23:59:00.000+02:00'
'3d450e3c969df82b4d4fb2edee7021846f0f8ec4'|'Nearly 19 mln Americans live where car insurance is unaffordable-study'|'Cyclical Consumer Goods  23pm EST Nearly 19 mln Americans live where car insurance is unaffordable-study By Suzanne Barlyn Jan 23 Nearly 19 million Americans live in areas where auto insurance is unaffordable including a large number in the New York region, according to a first-of-its kind study by the U.S. Treasury Department. The study, conducted by the department''s Federal Insurance Office (FIO), found that car insurance is generally unaffordable in 845 U.S. areas, as defined by postal codes, that are typically home to minorities and people with low-to-moderate incomes. More than 40 percent of Americans living in areas with unaffordable insurance reside in New York, New Jersey and Connecticut. States with the greatest number of residents facing unaffordable insurance include New York (5.2 million), Florida (2.8 million), New Jersey (2.3 million), Michigan (1.7 million), Pennsylvania (1.1 million) and Texas (873,000). Congress established the FIO in 2010 as part of the Dodd-Frank financial reform law, tasking the office with monitoring whether underserved communities have access to affordable non-health insurance products such as life and property insurance. The study, published on Friday, was the FIO''s first to target auto insurance affordability. It noted that Americans who cannot afford coverage are at a disadvantage, because drivers tend to have more economic opportunities including employment. Nearly all states require drivers to buy some type of auto insurance. "The government can''t force people to buy products in the private marketplace but pay no attention to whether the prices are sufficiently affordable that people can comply with these laws," said J. Robert Hunter, director of insurance for the Consumer Federation of America, in a statement. "Unaffordable" insurance, as defined by FIO, costs more than 2 percent of the median household income within a zip code. The study analyzed population and insurance premium data to create an index that consumers and policymakers can use to examine affordability over time. The FIO plans to collect more data and refine its results in future studies, it said. (Reporting by Suzanne Barlyn; Editing by Lauren Tara LaCapra and Cynthia Osterman) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/insurance-pricing-study-idUSL1N1FD1TW'|'2017-01-24T04:23:00.000+02:00'
'78f280b607e4324a513166833b9fbb50e6742dd6'|'Top banks'' Q4 commodities revenue jumps 20-25 pct-report'|'Money   10:01am EST Top banks'' fourth-quarter commodities revenue jumps 20-25 percent: report A sign for Bank Street and high rise offices are seen in the financial district in Canary Wharf in London, Britain, October 21, 2010. REUTERS/Luke Macgregor/File Photo LONDON Commodities-related revenue at the 12 biggest investment banks rebounded in the fourth quarter due to stronger activity in the energy sector, a report by financial industry analytics firm Coalition said on Monday. Revenue from commodity trading, selling derivatives to investors and other activities in the sector jumped by 20-25 percent in the final three months of 2016 compared with the same period the previous year, it said in a preliminary report, without giving a figure in dollars. The rise was largely due to "structured deal activity in U.S. natural gas and improved conditions in oil trading", it said. Commodity revenue in the first nine months of last year fell 22 percent to $3.1 billion due to weak industrial metals trading and lackluster investor interest, Coalition said in November. Coalition tracks Bank of America Merrill Lynch, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Societe Generale and UBS. (Reporting by Eric Onstad)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-banks-commodities-idUSKBN157205'|'2017-01-23T21:25:00.000+02:00'
'5b04079ee4db6e215c254dd6a80a0bfb9235f2e7'|'Italy to post weak but stable growth this year - central bank'|'Financials   9:11am EST Italy to post weak but stable growth this year - central bank * Italy GDP seen rising 0.9 pct in 2016, 2017 * Central bank says debt hit new high last year * Italy consistently grows less than its partners By Gavin Jones ROME, Jan 20 Italy''s economy will continue to grow this year at roughly the same weak rate as seen in 2016 and 2015, the Bank of Italy said on Friday, while warning that the outlook was more likely to deteriorate than to improve. The euro zone''s third largest economy has been one of the most sluggish performers in the currency bloc for more than a decade and the gap with its peers is unlikely to close this year, according to the central bank''s projections. Gross domestic product, adjusted for number of days worked, probably increased 0.9 percent last year and will post an identical increase in 2017, the Bank of Italy said in its quarterly economic bulletin. "Overall the risks for growth are still on the downside," the bulletin said, citing difficult conditions for Italy''s banks and warning that global growth could be weaker than expected due to possible protectionist policies. The forecasts were broadly in line with the BoI''s previous estimates, made in July last year, and are close to those of the government, which sees growth of 0.8 percent last year and 1.0 percent in 2017, not adjusted for days worked. Growth probably weakened slightly in the fourth quarter of last year, the bulletin said, estimating a 0.2 percent quarterly GDP rise following the 0.3 percent rate seen in the July-to-September period. Forward indicators suggest "moderate" growth will continue in the first three months of this year, the bank said. National statistics institute ISTAT will issue fourth quarter 2016 GDP data on Feb. 14 and full-year data on March 1. Looking further ahead, the BoI said that at the end of 2019 Italy''s GDP will still be four percentage points lower than it was at the end of 2007, before the start of the global financial crisis. The bank, which has consistently over-estimated Italy''s growth in recent years, forecast an expansion of 1.1 percent in both 2018 and 2019. Italy''s budget deficit last year was probably slightly below the government''s latest target of 2.4 percent of GDP, the bulletin said, but it forecast the public debt hit another record high, rising about half a percentage point from the previous year. At around 133 percent of GDP, Italy''s public debt is the highest in the euro zone after Greece''s, and has continued to climb despite repeated government pledges to get it on a downward path. Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-economy-cenbank-idUSR1N19101E'|'2017-01-20T21:11:00.000+02:00'
'216cfe097084da6367e7be2253b4615fad8343ee'|'Kenya central bank committed to flexible exchange rate - central bank governor'|'Financials  43am EST Kenya central bank committed to flexible exchange rate - central bank governor By Sujata Rao - DAVOS DAVOS Switzerland Jan 20 Kenya''s central bank is committed to a flexible exchange rate regime and will not deviate from that policy despite the recent weakening of the shilling, according to governor Patrick Njoroge. Speaking to Reuters on the sidelines of the World Economic Forum in Davos on Thursday, Njoroge said he was not worried about the exchange rate of the Kenyan shilling. The currency has already weakened 1.5 percent against the dollar so far this year, mainly due to seasonal demand from importers and a firmer greenback globally. "We are fully committed to flexible exchange rate regime. We know the benefits of that and we are not deviating from that," said Njoroge, adding that the bank only intervened to smooth out excess volatility. The weakness of the currency has prompted fears that the depreciation could feed into consumer prices. But Njoroge said inflation was "well within margin" and that the pass-through from a 2.5 percent currency depreciation was not material. Data released at the end of the year showed that Kenya''s inflation rate fell to 6.35 percent year-on-year in December from 6.68 pct year-on-year in November. Kenya''s central bank has a short-term inflation target of 5 percent, with a 2.5 percent band either side of that. Some investors have expressed concerns about the strength of inflows from exports and tourism due to an ongoing drought and a presidential election set for August. Tourism along with tea, horticulture and remittances are Kenya''s leading sources of foreign exchange. Official reserves stood at $6.94 billion at the end of last week, equivalent to 4.55 months'' worth of import cover. The governor said he expected the current account deficit to be "in the order of 5.3 percent", although the numbers were yet to be finalised and were due to be released within weeks. The deficit was at 6.8 percent in 2015. The central bank''s Monetary Policy Committee will hold its next meeting on Jan 30. The bank held its benchmark lending rate at 10 percent at its last meeting, in November. Njoroge said that a rule imposed by the government last September capping commercial bank lending rates - a move he opposed - was a "temporary aberration" and that it was too early to gauge its effect. The cap, set at 400 basis points above the central bank rate, was intended to spur personal and corporate investment by holding down interest rates. The rule, which was imposed in September, sent bank shares tumbling. (Writing by Alexis Akwagyiram and Karin Strohecker; Editing by Hugh Lawson) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/davos-meeting-kenya-idUSL5N1F96EM'|'2017-01-20T17:43:00.000+02:00'
'257202316827406009fd89b2b1f95412b95228f0'|'UPDATE 1-Las Vegas Sands pays $7 mln to end U.S. criminal bribery case - Reuters'|'(Adds details of allegations and settlements, background, byline)By Jonathan StempelJan 19 Las Vegas Sands Corp agreed to pay a $6.96 million criminal penalty to end a U.S. Department of Justice probe into whether it violated a federal anti-bribery law by making payments to a consultant to help it do business in China and Macau.The casino operator run by billionaire Sheldon Adelson on Thursday also entered a non-prosecution agreement, in which it admitted that executives knowingly failed to set up accounting controls to ensure that the payments were legitimate, and were properly recorded in its books and records.From 2006 to 2009, Las Vegas Sands transferred about $60 million to the consultant to promote its business and brands, and paid him about $5.8 million without any "discernable legitimate business purpose," according to settlement papers.The resolution of the Foreign Corrupt Practices Act case follows Las Vegas Sands'' related $9 million civil settlement last year with the U.S. Securities and Exchange Commission over its dealings with the consultant.Investigators said the consultant was used in part to conceal the company''s effort to buy a team in the Chinese Basketball Association, which barred gaming companies from ownership, and part of a Beijing building despite a casino gambling ban there.Thursday''s fine is 25 percent below the minimum recommended under federal guidelines, in part reflecting Las Vegas Sands'' cooperation and "extensive" remedial measures, including revamped compliance controls, the Justice Department said.Las Vegas Sands did not immediately respond to requests for comment. Following last year''s settlement, Adelson said his company was committed to having a "world class" compliance program.Adelson, 83, was not accused of wrongdoing. He is worth $31 billion, according to Forbes magazine.Las Vegas Sands'' properties include the Venetian and the Palazzo in Las Vegas, the Venetian in Macau, and the Marina Bay Sands in Singapore, among others. (Reporting by Jonathan Stempel in New York; Editing by Sandra Maler and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lasvegassands-settlement-idINL1N1FA00Z'|'2017-01-19T22:15:00.000+02:00'
'b8c1f4a9030121787780addcfb010ad9126b4b10'|'U.S. exports fill Asia''s LNG demand gap as market tightens'|'  5:18am GMT U.S. exports fill Asia''s LNG demand gap as market tightens FILE PHOTO: A LNG (Liquefied Natural Gas) tanker is anchored off a port in Yokohama, south of Tokyo December 5, 2012. REUTERS/Yuriko Nakao/File Photo By Henning Gloystein - SINGAPORE SINGAPORE U.S. liquefied natural gas exporters sending tankers to Asia to fill a gap in the region''s demand as markets have tightened more-than-expected on surging consumption in China and Pakistan as well as Australia''s continuing struggles to ramp up scheduled production. Benefiting from the Panama Canal expansion last year that allows bigger ships to cross from the Gulf of Mexico into the Pacific, around a dozen LNG cargoes from the United States have gone to Asia since December. Data in Thomson Reuters Eikon currently shows two LNG tankers, carrying a combined 280,000 cubic metres of gas, are currently crossing to Asia from Louisiana. The U.S. LNG exports are coming from Cheniere Energy''s Sabine Pass, Louisiana, facility that opened last year as the first U.S. export terminal outside Alaska. U.S. spot natural gas costs just $3.21 per million British thermal units (mmBtu), while Asian spot LNG prices have soared over 80 percent since June last year to almost $10 per mmBtu. "This run up in prices definitely took everyone by surprise. In mid-2016, I don''t think anyone expected LNG prices to double to reach $10 per mmBtu," said Chong Zhi Xin, principal Asia LNG analyst at consultants Wood Mackenzie. "Cheniere definitely did well (out of filling the supply gap), as they have been selling on a spot basis." Shipping brokerage Arctic Securities said this week that this Asian LNG premium meant "LNG traders (are) netting $1 million plus per U.S.-Asia cargo." Along with Cheniere, Royal Dutch Shell, and Spain''s Gas Natural Fenosa (GNF) have been active exporters from Louisiana to Asia. "LNG exports out of U.S. to Asia... is clearly an attractive deal which is benefiting the likes of Cheniere Marketing, and Shell/GNF, who own volumes at the first two trains," Arctic Securities said. TIGHTER ASIA The juicy arbitrage route is a result of Asian demand rising faster than expected. Commodity trader Gunvor has won a major tender to supply 60 LNG shipments to Pakistan over a five-year period, starting this year, while Italy''s Eni will supply the country with 180 LNG cargoes over a 15-year period, a Pakistani energy official told Reuters this week. The expected surge in Pakistani demand is occurring as colder-than-normal winter weather in North Asia has increased LNG requirements. China''s 2016 LNG imports surged 30 percent from 2015 to over 25 million tonnes a year, making it the world''s third-biggest LNG importer behind Japan and South Korea. Including India and Taiwan, the world''s five largest LNG consumers are now in Asia, using about 70 percent of globally traded LNG, according to the International Gas Union (IGU). Meanwhile, demand is stagnant in Europe, the next biggest import region. Asia faster-than-expected demand is happening amid delays and outages at new export sites. Chevron''s Gorgon export facility, which was launched last year in Western Australia, has had several outages due to technical trouble. Upcoming projects like Shell''s Prelude, the world''s biggest ever floating liquefaction vessel, and Ichthys - led by Japan''s Inpex - have had delays in expected first exports. Still, the LNG market remains well supplied, with available LNG capacity standing 45 percent above demand last year, according to Eikon data. (Reporting by Henning Gloystein; Editing by Christian Schmollinger)   Britain seeks bids for 2.75 billion pound high speed train contract LONDON Britain opened the bidding on Friday for a 2.75 billion pound contract to build a fleet of trains for a new high speed railway project to link London with the north of England, work on which is due to begin this year.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-asia-lng-idUKKBN1540EM'|'2017-01-20T12:18:00.000+02:00'
'9250f25c5f25b8610499ccf3517846aeca9b8720'|'Itaú Unibanco postpones acquisition of Colombia''s CorpBanca'|'Deals   6:12pm EST Itaú Unibanco postpones acquisition of Colombia''s CorpBanca SAO PAULO Itaú Unibanco Holdings SA ( ITUB4.SA ), Brazil''s largest private sector lender, said on Friday it has reached an agreement to postpone to January 2022 the acquisition of shares of Colombia''s CorpBanca. Itaú''s deal for CorpBanca would give the Brazilian bank the fifth post among the Andean country''s largest retail banks. Initially Itaú Unibanco was to acquire CorpBanca shares on Jan. 29. No reason for the postponement was disclosed. Itaú plans to buy Colombia''s CorpBanca using its Chilean arm Itaú CorpBanca. (Reporting by Alberto Alerigi Jr) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-itau-unibco-hldg-corpbanca-idUSKBN1542XU'|'2017-01-21T06:05:00.000+02:00'
'b04e7e6974d7878d6d5a31e8e18cc9ecb80b7cb2'|'Pokémon quietly launches new gaming app'|'Pokémon quietly launches new gaming app by Selena Larson @selenalarson  50 PM ET Strangers are making eye contact because of Pokemon Go The latest Pokémon mobile game launched on Tuesday with little fanfare. Described as a "strategy board game," Pokémon Duel lets you fight teams of six Pokémon characters with players around the world. And it has big shoes to fill -- last year, Niantic''s Pokémon Go broke App Store download records . But it''s likely Pokémon Duel won''t have the same impact as Pokémon Go. While the latest app will appeal to fans of the franchise, Pokémon Go showed how mobile gaming can make you interact with the real world, thanks to augmented reality technology. Businesses promoted themselves as Pokémon hotspots, and a study from Microsoft found users were taking 26% more steps than usual. Augmented reality headsets like Microsoft''s HoloLens promise to change the way we interact with people and spaces, but Pokémon Go''s use of the technology showed its potential being seamlessly integrated into our lives. Meanwhile, Pokémon Duel is just a standard smartphone game that''s available for free on iOS and Android. CNNMoney (San Francisco)   1:50 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/24/technology/pokemon-duel-game-pokemon-go/index.html'|'2017-01-25T01:50:00.000+02:00'
'0388ac437225fe7f9201f0f225b7cc70b9a2946f'|'Peabody Energy stands by current reorganization plan: court papers'|'Peabody Energy Corp ( BTUUQ.PK ), the world''s largest private sector coal producer, stood by its current bankruptcy exit plan on Tuesday, saying in court papers that no alternative proposal satisfies its reorganization goals.Peabody''s plan to slash $5 billion of debt via a private placement and rights offering has the support of the vast majority of its creditors but is opposed by Indiana, Missouri, environmental groups and certain former employees, creditors and shareholders.In a filing with the U.S. Bankruptcy Court in St. Louis, Peabody said it had received a series of alternative proposals from certain noteholders that do not back the current reorganization plan, but said its own "is presently the only plan that provides a certain and timely exit" from Chapter 11.Peabody has said it hopes to emerge from Chapter 11 in April, a year after a slump in coal prices and high leverage forced it to file for bankruptcy along with other large U.S. coal companies Arch Coal Inc ( ARCH.N ) and Alpha Natural Resources.(Reporting by Tracy Rucinski; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-peabody-energy-bankruptcy-idINKBN1582LH'|'2017-01-24T16:06:00.000+02:00'
'2aa15ab4be1ea5906e799520f8d259f3ba4ffdc9'|'U.S. eggs crack Korean market as Seoul fights worst bird flu outbreak'|' 33am EST U.S. eggs crack Korean market as Seoul fights worst bird flu outbreak * S.Korea expects to import 25 mln eggs by week''s end * Egg prices have rocketed 70 pct since bird flu hit * New hens won''t start producing till H2 2017 By Jane Chung SEOUL, Jan 23 U.S. white-shelled eggs landed on South Korean supermarket shelves beside local brown-shelled eggs on Monday as the country scrambled to boost imports to relieve a shortage amid its worst-ever bird flu outbreak. Some 6 million eggs, mainly from the United States, are set to hit the shelves this week as South Korea launched emergency import measures after egg prices shot up 70 percent ahead of the Lunar New Year holiday this weekend. Thirty U.S. eggs cost 8,470 won ($7.27) at Lotte Mart, one of South Korea''s major discount stores, which began selling the imports on Monday. That was down from the average retail price for local eggs of 9,285 won as of Jan. 20. Prices stood at around 5,438 won when the first bird flu case was confirmed in November, according to state-run Korea Agro-Fisheries & Food Corp. "U.S.-origin eggs are good, but I prefer to use Korean eggs because the Lunar New Year holiday is a Korean traditional holiday. Even if local eggs are more expensive, I would buy them," said Park Hee-kil, a 64-year-old lady who was shopping at a Lotte Mart store in Seoul. In the wake of the bird flu epidemic, Asia''s fourth-largest economy culled more than 32 million farm birds, or nearly a fifth of its poultry population, mostly egg-laying hens. The country''s egg production is expected to decline 12.7 percent to 559,000 tonnes in 2017 from a year earlier, according to the state-run Korea Rural Economics Institute (KREI). "Egg imports may be needed through the first half of this year," said Ji Seon-U, a researcher at the state-run think tank, adding that the volume would depend on how soon egg prices and output stabilised. The Korean government expected a total of 1,500 tonnes, or roughly 25 million eggs, to be imported mainly from the United States before the holiday season. That compared with a total of 1,856 tonnes of egg products worth about $12 million imported last year, according to customs office data. As of Sunday, 444 tonnes of shell eggs and 217 tonnes of egg products had been shipped to Korea since Jan.5, according to the agriculture ministry. The ministry also plans to import a total of 200,000 baby chickens and parent stock for egg-laying hens from five bird flu-free countries, including the United States, Australia and Spain, to rebuild flocks. "However we can''t start it right away because farms have to be virus-free for three months," Ji said. Given it takes at least six months for the offspring of parent stock birds to start laying eggs, the new hens would only start producing in the second half of this year, he said. ($1 = 1,165.4000 won) (Reporting by Jane Chung; Additional reporting by Choi Ji Won; Editing by Sonali Paul) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/health-birdflu-southkorea-idUSL4N1F6396'|'2017-01-23T16:33:00.000+02:00'
'196066573aab6ce3569954cc1ac9bf43aa27658d'|'Exclusive: Shell exploration boss to step down'|'Commodities - Mon Jan 23, 2017 - 5:08am EST Exclusive: Shell exploration boss to step down A Shell logo is seen reflected in a car''s side mirror at a petrol station in west London, Britain, January 29, 2015. REUTERS/Toby Melville/File Photo LONDON Royal Dutch Shell''s ( RDSa.L ) head of exploration Ceri Powell will step down next month, capping three years in office marked by sharp cutbacks in the company''s search for new oil and gas reserves amid the industry''s deep downturn since mid-2014. Powell, a geologist who joined Shell in 1990, will depart on February 13 and become managing director of Brunei Shell Petroleum the following month, according to a Shell spokeswoman. Powell will be replaced by upstream strategy vice president Marc Gerrits, who started his career in Shell in 1986 as an exploration geologist in Australia. (Reporting by Ron Bousso; editing by Jason Neely) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-shell-moves-idUSKBN157145'|'2017-01-23T17:08:00.000+02:00'
'c708d2d051d3b76ce95846e1f079b6fdf0994bd0'|'U.S. deficit to shrink to $559 billion in fiscal year 2017 - CBO'|'  4:00pm GMT U.S. deficit to shrink to $559 billion in fiscal year 2017 - CBO FILE PHOTO: A man pushes his shopping cart down an aisle at a Home Depot store in New York, July 29, 2010. REUTERS/Shannon Stapleton By Emily Stephenson - WASHINGTON WASHINGTON The U.S. budget deficit is expected to dip in fiscal year 2017 but expand later in the decade, the nonpartisan Congressional Budget Office said in a report on Tuesday that showed President Donald Trump inheriting a tricky long-term deficit picture. The CBO projected the deficit to fall slightly to $559 billion (446.77 billion pounds) in fiscal year 2017 compared to $587 billion a year earlier, and it was seen lower still in 2018 at $487 billion. After that, according to the CBO, deficits are expected to grow steadily due to costs associated with the retiring baby-boom generation. The CBO also forecast U.S. real gross domestic product growth in calendar year 2017 at 2.3 percent, slowing to 2 percent in 2018. Swelling deficits will be a challenge for Trump and congressional Republicans after many in the party for years advocated budget restraint. Trump has promised tax cuts, massive new infrastructure projects, and a military expansion plan projected to cost hundreds of billions of dollars. During his presidential campaign, Trump promised to slash government spending elsewhere but never detailed where the cuts would occur. He signed an executive order on Monday imposing a federal government hiring freeze. The CBO said the dip in projected deficits in 2017 was partly due to a quirk in the calendar in which the first day of the fiscal year fell on a weekend, meaning some payments were shifted. (Reporting by Emily Stephenson; Editing by Chizu Nomiyama and Will Dunham)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-congress-budget-idUKKBN15827U'|'2017-01-24T23:00:00.000+02:00'
'dbba754db8ef3cc6b26843bd2fb64ea42eaa92f2'|'How Russia sold its oil jewel - without saying who bought it'|'Commodities - Tue Jan 24, 2017 - 3:05pm EST How Russia sold its oil jewel - without saying who bought it left right Russian President Vladimir Putin speaks during a news conference after a meeting with his Moldovan counterpart Igor Dodon at the Kremlin in Moscow, Russia, January 17, 2017. REUTERS/Sergei Ilnitsky/Pool 1/2 left right Workers stand next to a logo of Russia''s Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin 2/2 By Katya Golubkova , Dmitry Zhdannikov and Stephen Jewkes - MOSCOW/LONDON/MILAN MOSCOW/LONDON/MILAN More than a month after Russia announced one of its biggest privatizations since the 1990s, selling a 19.5 percent stake in its giant oil company Rosneft, it still isn''t possible to determine from public records the full identities of those who bought it. The stake was sold for 10.2 billion euros to a Singapore investment vehicle that Rosneft said was a 50/50 joint venture between Qatar and the Swiss oil trading firm Glencore. Unveiling the deal at a televised meeting with Rosneft''s boss Igor Sechin on Dec. 7, President Vladimir Putin called it a sign of international faith in Russia, despite U.S. and EU financial sanctions on Russian firms including Rosneft. "It is the largest privatization deal, the largest sale and acquisition in the global oil and gas sector in 2016," Putin said. It was also one of the biggest transfers of state property into private hands since the early post-Soviet years, when allies of President Boris Yeltsin took control of state firms and became billionaires overnight. But important facts about the deal either have not been disclosed, cannot be determined solely from public records, or appear to contradict the straightforward official account of the stake being split 50/50 by Glencore and the Qataris. For one: Glencore contributed only 300 million euros of equity to the deal, less than 3 percent of the purchase price, which it said in a statement on Dec. 10 had bought it an "indirect equity interest" limited to just 0.54 percent of Rosneft. In addition, public records show the ownership structure of the stake ultimately includes a Cayman Islands company whose beneficial owners cannot be traced. And while Italian bank Intesa SanPaolo leant the Singapore vehicle 5.2 billion euros to fund the deal, and Qatar put in 2.5 billion, the sources of funding for nearly a quarter of the purchase price have not been disclosed by any of the parties. "The main question in relation to this transaction, as ever, still sounds like this: Who is the real buyer of a 19.5 percent stake in Rosneft?" Sergey Aleksashenko, a former deputy head of Russia''s central bank, wrote in a blog last week. Glencore would not comment on the identity of the Cayman Islands firm or give a further explanation of how ownership of the 19.5 percent stake was divided. The Qatari Investment Authority said it would not comment on the deal, beyond confirming that it has participated in it. Rosneft declined to respond to questions posed by Reuters, including a request for comment on how ownership of the 19.5 percent stake was divided, information about the identity of the Cayman Islands buyer, or details of the source of any undisclosed sources of funds. The Kremlin did not respond to a list of questions about the deal sent by Reuters. MATRYOSHKA DOLL Like many large deals, the Rosneft privatization uses a structure of shell companies owning shell companies, commonly referred to in Russia as a "matryoshka", after the wooden nesting dolls that open to reveal a smaller doll inside. Following the trail of ownership leads to a Glencore UK subsidiary and a company that shares addresses with the Qatari Investment Authority, but also to a firm registered in the Cayman Islands, which does not require companies to record publicly who owns them. The Singapore-registered investment vehicle that holds the newly privatized 19.5 percent stake in Rosneft is called QHG Shares. It is owned by a London-registered limited liability partnership, QHG Investments, which in turn lists as one of its two owners another London-registered limited liability partnership, QHG Holding, created on Dec. 5. One of the partners in QHG Holding is QHG Cayman Limited, registered at an address of the Cayman Islands office of Walkers, an international law firm. Jack Boldarin, Walkers managing partner in London, told Reuters the law firm would not be able to confirm whether any company was its client, or comment further. The use of an offshore company is by itself no indication of wrongdoing, but it can make it impossible to determine the true owner of an asset from public records. The Singapore vehicle is also the borrower for Intesa''s 5.2 billion euro loan, and QHG Holdings, the London partnership that includes the Cayman Islands firm, is a guarantor of that debt. Banking experts say Intesa would be required by "know your customer" rules to verify the borrowers'' identities. Regulators would exercise heightened scrutiny because of the size of the deal and the need to comply with sanctions on Russia. Reuters asked Intesa whether it knew who the beneficial owners of the Cayman company were. The bank replied with a statement: "Intesa Sanpaolo does not comment on the details of its client operations. But we wish to reiterate that the financing was completed with strict adherence to the regulations applicable to embargoes. Italian authorities found nothing that would prohibit such an operation." The Italian central bank, which serves as Italy''s banking regulator, declined to comment. (For a graphic showing the ownership of the privatized stake, click on: tmsnrt.rs/2jJvBpk ) MYSTERY FINANCING If the full identity of the new owners of the Rosneft stake is a mystery, so too is the complete source of the funds with which they bought it. Although Qatar has never publicly confirmed how much it has contributed to the deal or the size of the stake that it bought, Glencore and Rosneft say it contributed 2.5 billion euros. Along with the 300 million from Glencore and the 5.2 billion loaned by Intesa, that still leaves a shortfall of 2.2 billion euros. Glencore has said this additional money came from other, undisclosed banks, including Russian banks, but has given no further details. The Qataris and Rosneft have declined to comment on the source of this funding. The purpose of Russia''s privatization program is to attract overseas money to cover a budgetary shortfall caused by low oil prices and Western sanctions. Putin has therefore banned Russian state-owned banks from participating in the financing of privatization deals, which would defeat the aim of bringing in foreign capital. But public records in Singapore show that Russia''s second-largest bank, state-controlled VTB, loaned the Singapore vehicle QHG Shares the full 10.2 billion euros that it paid to the Russian state last month to buy the stake. VTB held the 19.5 percent Rosneft stake as collateral for that loan for part of December, before relinquishing it back to Rosneft''s state-owned parent company Rosneftegaz, which in turn relinquished it back to the Singapore vehicle when Intesa''s loan arrived in January. VTB and Rosneft say VTB''s role in the deal was solely to reduce market turbulence which would have arisen if the 10.2 billion euros had arrived abruptly from abroad to be converted to roubles on the open market. Apart from saying that its role was to reduce market volatility, VTB declined to comment further, including when asked if the full 10.2 billion euros was paid back, or by whom. FINDING A BUYER Rosneft is the world''s biggest listed oil company by output and, along with natural gas export monopoly Gazprom, one of two crown jewels of the Russian state. Even at the best of times without the added risk of Western sanctions, there would only be a few foreign investors with deep enough pockets to buy a big stake. Glencore, one of the main buyers of Rosneft''s crude, has Qatar''s $335 billion sovereign wealth fund, the QIA, as its largest shareholder. Russia and Qatar have backed opposite sides for years in the war in Syria, but as the world''s two leading natural gas exporters they have good reason to cooperate on energy issues and bury some of their differences over Middle East policy. "The idea looked appealing to Qatar. They like investing in energy. They saw upside in Rosneft. They saw upside in building relations with Russia, whose role in the Middle East politics is only set to rise," said one source involved in talks among members of the Qatar/Glencore consortium about the purchase. According to a source close to Rosneft''s management board, the deal came as a surprise to Rosneft''s shareholders, including Britain''s BP ( BP.L ), which itself owns 19.75 percent of Rosneft and is represented on its board. The Rosneft board learned about the sale from Sechin himself only on Dec. 7, several hours after Sechin recorded his televised meeting with Putin announcing it, the source said. In response to questions from Reuters, BP said: "Matters of the board of directors are confidential." Two sources in the Russian government said the deal was also a surprise there: it had been agreed between Sechin and Putin''s Kremlin, above the cabinet. "Sechin did it all on his own - the government did not take part in this," one of the sources said. Prime Minister Dmitry Medvedev''s spokeswoman Natalia Timakova said: "All documents and procedures needed for privatization were prepared and executed on time." ($1 = 59.2518 roubles) (Additional reporting by Peter Graff in LONDON, Valentina Za in MILAN, Tom Finn in DOHA, Vladimir Soldatkin, Oksana Kobzeva, Darya Korsunskaya, Polina Nikolskaya, Andrey Ostroukh and Vladimir Abramov in MOSCOW; Writing by Dmitry Zhdannikov and Peter Graff) Next In Commodities Saudi oil output, exports to drop in January: sources, data DUBAI/LONDON Saudi Arabia''s oil output is likely to drop to around 9.9 million barrels per day in January and exports are down from December, according to industry sources and shipping data, as the OPEC heavyweight plays its part in a global supply-cut deal. Glencore eyes more Brazil mills after recent acquisition: sources SAO PAULO Swiss commodities trader Glencore Plc is considering additional sugar and ethanol mills takeovers in Brazil, where it recently bought a second plant, to ramp up operations in the world''s No. 1 sugar producer, three people familiar with the plan said on Tuesday. Peabody Energy Corp , the world''s largest private sector coal producer, stood by its current bankruptcy exit plan on Tuesday, saying in court papers that no alternative proposal satisfies its reorganization goals. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-russia-rosneft-privatisation-insight-idUSKBN1582OH'|'2017-01-25T03:05:00.000+02:00'
'a55e01be06ef139503c855f27825f27a934fa89c'|'Greece names ex-business leaders to run state holding fund'|'Business   10:12am GMT Greece names ex-business leaders to run state holding fund ATHENS Greece has picked two former business leaders to run the fund it set up last year to speed up privatizations and make the best use of the country''s assets to comply with its international bailout. Athens was meant to appoint the board of directors for the fund, which will oversee the country''s privatization agency (HRADF) and its bank rescue fund (HFSF), and have it fully operational by the end of last year. Greece and its lenders did agree a five-member supervisory board for the privatization and investment fund in October and this has now appointed George Diamantopoulos, former Chief Executive at Kraft Foods in Greece, as chairman. Rania Aikaterinari, an engineer and former deputy CEO at Greece''s dominant power utility Public Power Corp. ( DEHr.AT ), is taking over as Chief Executive Officer, the fund said on Friday. Privatizations, a key pillar of Greece''s bailouts, have raised little so far since the country''s first international rescue in 2010 due to political resistance, red tape and a strongly-unionized public sector. Proceeds from will be used to reduce the country''s debt, which at 180 percent of GDP is the highest in the eurozone, and boost investments. The board members will have a four-year term, while its full composition will be announced next week. (Reporting by Angeliki Koutantou; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-greece-privatisations-board-idUKKBN1550BS'|'2017-01-21T17:06:00.000+02:00'
'396642f0a1e2b2012cd21b88158ca05caf4bbf32'|'Japan threatens India with WTO on steel as Trump era heralds rising trade tensions'|' 52am GMT Japan threatens India with WTO on steel as Trump era heralds rising trade tensions left right Kosei Shindo, chairman of the Japan Iron and Steel Federation and president of Nippon Steel & Sumitomo Metal Corp, attends a news conference in Tokyo, Japan, January 20, 2017. REUTERS/Kim Kyung-Hoon 1/3 left right Chimneys of a steel factory are pictured at an industrial area in Kawasaki, Japan, January 16, 2017. REUTERS/Kim Kyung-Hoon 2/3 left right A chimney of a steel factory is pictured at an industrial area in Kawasaki, Japan, January 16, 2017. REUTERS/Kim Kyung-Hoon 3/3 By Yuka Obayashi - TOKYO TOKYO Japan is threatening to take India to the WTO over restrictions that nearly halved its steel exports to the South Asian nation over the past year, a step that could trigger more trade spats as global tensions over steel and other commodities run high. Such action is rare for Japan. The world''s second-biggest steel producer typically tries to smooth disputes quietly through bilateral talks, but with global trade friction increasing, Japan''s defence of an industry that sells nearly half of its products overseas is getting more vigorous. Besides concern over India''s protection of its domestic steel industry, Japan is also worried about the more rough and tumble climate for global trade being engendered by incoming U.S. President Donald Trump, and feels it must make a strong stand for open and fair international markets. "We need to stop unfair trade actions from spreading," said a Japanese industry ministry official, explaining a Dec. 20 request for WTO dispute consultations with India over steel safeguard duties and a minimum import price for iron and steel products. India imposed duties of up to 20 percent on some hot-rolled flat steel products in September 2015, and set a floor price in February 2016 for steel product imports to deter countries such as China, Japan and South Korea from undercutting local mills. "If consultations fail to resolve the dispute, we may ask adjudication by a WTO panel," the industry ministry official said. Such action could come as soon as 60 days - in February - after its consultation request was filed in December. Tokyo says India''s actions are inconsistent with WTO rules and contributed to the plunge in its steel exports to India, which dropped to 11th-largest on Japan''s buyer list in 2016 through November, down from sixth-largest in 2015. "We are following the WTO guidelines," said a top official at India''s steel ministry, though adding that New Delhi is ready to sit across the table for trade talks. As of Friday, the date of a WTO-led consultation had not been set. GROWING GLOBAL TRADE DISPUTES There has been a series of trade disputes over the past few years amid massive exports of cheap steel products from China, the world''s top producer, with Vietnam, Malaysia and South Africa taking or planning measures to block incoming shipments. China''s steel exports dropped by 3.5 percent in 2016 to 108 million tonnes, still about as much as Japan produces in a year. Japan is also monitoring its small volume of imports for signs of dumping, fearing that steel products with nowhere to turn because of import restrictions may head to it own market. "All trade need to be fair. If there are trades that violate the rules, we will take necessary actions while consulting with our government," Kosei Shindo, chairman of the Japan Iron and Steel Federation, told a news conference on Friday. But in an environment where a new U.S. president is threatening to tear up trade treaties and impose import duties in the world''s biggest economy, Tokyo may be at risk of helping to set off a trade war it is trying to avoid. "We may see a battle of trade litigations especially after Trump takes the helm in the U.S.," said Kazuhito Yamashita, research director at Canon Institute for Global Studies. (Reporting by Yuka Obayashi; Additional reporting by Neha Dasgupta in NEW DELHI; Editing by Tom Hogue)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-india-steel-idUKKBN1541H4'|'2017-01-20T18:52:00.000+02:00'
'54bbd59f0e420ce9e34ef8aa0bed30e63fd92da0'|'China stocks up on stronger Q4 GDP growth; HK down, all eyes on Trump'|'Energy  59pm EST China stocks up on stronger Q4 GDP growth; HK down, all eyes on Trump * SSEC +0.5 pct, CSI300 +0.7 pct, HSI -0.6 pct * China Q4 GDP grows 6.8 pct, slightly better than expected * Trade friction concerns rise ahead of Trump''s inauguration SHANGHAI, Jan 20 China stocks rebounded on Friday morning as data showing stronger-than-expected fourth quarter GDP growth bolstered blue-chips, while bargain hunting helped small-caps recover much of the losses suffered earlier in the week. But underlying caution prevailed ahead of Donald Trump''s inauguration as the 45th U.S. president later in the day, reflecting worries about the new U.S. administration''s potentially detrimental China policy - a concern that dented Hong Kong shares. The blue-chip CSI300 index rose 0.7 percent, to 3,352.25 points at the end of the morning session, which would mean a weekly loss of roughly 1 percent. The Shanghai Composite Index gained 0.5 percent, to 3,118.03 points. At the end of a volatile week, market sentiment improved after China reported economic growth of 6.8 percent in the fourth quarter, exceeding market expectations. The data raised expectations of solid corporate results as markets also look to looming earnings season. Still, some analysts were wary of the headwinds in a Trump-led White House, potentially sparking trade friction with China during his term. "The key risk is Trump''s trade policy. The external risk of China is obviously heightened, at the same time how Fed will move policy rates in the U.S," said Raymond Yeung, chief economist of Greater China for ANZ in Hong Kong. That view was echoed by Zhang Qi, analyst at Haitong Securities, who said companies in eastern China will likely face greater pressure on exports if Trump carries through with his protectionist policies. All sector in the mainland market made modest gains by the lunch break, with consumer discretionary stocks among the best performers, with an index tracking the sector up around 1.3 percent. China''s start-up tech-heavy ChiNext rebounded strongly, up 2.5 percent as recent sharp falls attracted bargain hunting. Hong Kong In Hong Kong, the benchmark Hang Seng index dropped 0.6 percent, to 22,907.86 points, while the Hong Kong China Enterprises Index lost 0.6 percent, to 9,734.38 points. The benchmark index has lost 0.1 percent so far this week, threatening to snap a three-week winning streak if losses aren''t pared in the afternoon. Interest-sensitive stocks including property developers and utilities firms retreated around 0.7 percent at midday, after Federal Reserve Chair Janet Yellen said that the U.S. central bank should continue to raise interest rates slowly to keep jobs plentiful and inflation low. The city''s interest rates usually follow the United States, thanks to a currency peg to the greenback. Energy sector extended Thursday''s losses and fell more than 1.2 percent, partially dragged by index heavyweight PetroChina Co Ltd and CNOOC Ltd. (Reporting by Jackie Cai and John Ruwitch; Editing by Shri Navaratnam) Next In Energy China Dec coal output hits 1-year high on winter demand BEIJING, Jan 20 China''s December coal output rose 1 percent from November to hit its highest level in a year, as miners cranked out more product to meet government orders amid increased demand from utilities during the cold winter months, data showed on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-stocks-midday-idUSL4N1FA1ZW'|'2017-01-20T11:59:00.000+02:00'
'90fedfe7c6af7b590103e9518aa63da03888c32e'|'RPT-UPDATE 1-Freeport seeks guarantees from Indonesia amid mining shake-up'|'(Repeats with pictures coding, no changes to text)* Freeport wants legal guarantees over new rules* Company may have to pay more tax under new system* Miners looking to restart metal ore exportsBy Fergus JensenJAKARTA, Jan 20 The Indonesian unit of Freeport-Mcmoran Inc is seeking fiscal and legal guarantees from the government over mining rules issued last week, a spokesman for the copper mining giant said late on Thursday.The Southeast Asian nation has been pushing miners to build smelters to process ore locally, with concentrate shipments stopped since Jan. 12 under laws introduced in 2014.But new regulations announced last week mean that Freeport and some other miners could be allowed to keep exporting ore if they meet conditions including shifting from their current ''contracts of work'' to so-called ''special mining permits'', a move that could leave them liable to paying more in taxes.The latest rules also require foreign mining companies to divest at least 51 percent of their holdings in Indonesia.Freeport spokesman Riza Pratama said in a statement that the company had told the government it would shift away from a contract of work and develop an additional smelter within five years as long as it obtains "a stability agreement providing the same rights and the same level of legal and fiscal certainty provided under its contract of work".He said Freeport expects to be allowed to resume concentrate exports while the new licence and requested guarantees were finalised."There is no requirement to pay export duties on concentrates or to conduct further divestments (under the company''s existing contract)," Pratama added.As of Friday, the mining ministry had not issued a recommendation for Freeport to obtain an export permit. According to Coal and Minerals Director General Bambang Gatot, Freeport will have to receive its new mining licence before the government will issue an export permit.Energy and Mineral Resources Minister Ignasius Jonan said it would take a "maximum of 14 days" for Freeport to obtain its new mining licence, once all necessary documents were submitted.The head of the finance ministry fiscal policy office said on Wednesday that he expected Freeport to pay "slightly" more in taxes once it obtains the new mining permit.(Additional reporting by Wilda Asmarini; Editing by Susan Thomas and Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-mining-freeport-mcmoran-repeat-idINL4N1FA2CO'|'2017-01-20T02:41:00.000+02:00'
'e616126572ffaa7638ba00fb7b33f2f3056f6c9d'|'Germany to insist that U.S. abides by trade accords - Schaeuble in Spiegel'|' 58pm IST Germany to insist that U.S. abides by trade accords - Schaeuble in Spiegel German Finance Minister Wolfgang Schaeuble attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich BERLIN German Finance Minister Wolfgang Schaeuble said he does not expect a trade war with the United States despite President-elect Donald Trump''s criticism of German car makers, but said Germany would insist the United States stick to international accords. "The United States also signed international agreements," Schaeuble told German news magazine Der Spiegel. "I don''t think a big trade war will break out tomorrow, but we will naturally insist that agreements are upheld." In an interview published on Monday, Trump had criticised German car makers for failing to produce more cars on U.S. soil and warned that he would impose a border tax of 35 percent on vehicles imported to the U.S. market. [nL5N1F61VQ] (Reporting by Andrea Shalal; Editing by Michelle Martin) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trump-germany-trade-idINKBN154117'|'2017-01-20T16:28:00.000+02:00'
'a52a45bd08bd36f53a2d012493bad9a2769178e1'|'''Don''t damage trade'', emerging market leaders tell Trump from Davos'|'  12:25pm GMT ''Don''t damage trade'', emerging market leaders tell Trump from Davos Pravin Gordhan, Minister of Finance of South Africa attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich By Sujata Rao - DAVOS, Switzerland DAVOS, Switzerland Globalization is good. That''s the message leaders of developing countries want to send from the Davos forum to U.S. President-elect Donald Trump, who takes office on Friday. Any return to protectionism, they fear, could bring the sky down on decades of trade-based economic growth that has lifted countless millions out of poverty. And for all the problems of blue-collar workers, globalization has helped to achieve low inflation and low unemployment for Americans too, they argue. Elected on an anti-immigration, protectionist platform, Trump has already caused ructions on the financial markets of many developing countries with threats to scrap trade agreements and impose "a very big border tax" on some imports. That message has resonated especially in Mexico due to fears that U.S. companies producing goods there for export will face pressure to withdraw, potentially costing hundreds of thousands of jobs and billions of dollars in export revenue. Mexican policymakers were not in evidence at Davos this year, perhaps kept at home as they battle to steady the peso which has fallen to record lows amid the Trump threats. But there were plenty of others at hand to sound the alarm. "The African continent''s position is: don''t damage trade," South African finance minister Pravin Gordhan said during a panel discussion. "Don''t damage the growth potential in developing countries which is crucial to inclusivity. These are the expectations the new administration needs to hear." Many emerging economies have been transformed by a three-decade long global trade boom, unleashed by China''s ascent and "offshoring", as Western companies flocked to produce goods for export in lower-wage countries. Some of that impulse has ebbed. Sluggish economies have created protectionist pressures in the West while automation has eroded the wage competitiveness of poorer countries. World trade volumes grew last year by 1.2 percent, the third slowest rate in 30 years, United Nations data showed this week. Trump''s policies could reverse some long-standing trends. Globalization - as the explosion in cross-border investment, trade and labour movement is termed - pushed capital into the developing world, creating growth and jobs. But since the 2008 global financial crisis, cross-border capital flows are down 60 percent from their peaks, coinciding with an ebbing of globalization, according to UBS estimates. "My greatest fear is that the policies the U.S. may put in place will push emerging markets into recession," Kenyan central bank governor Patrick Njoroge said. "That would be like the sky falling on our heads." Njoroge quoted from a 17th century work by English poet John Donne to make his point - that Trump needs to realise the U.S. economy does not function in isolation, and would suffer if emerging economies were seriously damaged. "I''d like to remind him of what John Donne said - no man is an island," Njoroge told Reuters. "And the U.S. is not an island." DARK ROOM The most vigorous defence of globalization and trade came from Chinese President Xi Jinping. He likened protectionism to "locking oneself in a dark room" and warned governments not to prioritise their own development at others'' expense. China has arguably been the main winner from globalization, becoming the world''s biggest export economy. But that came partly at the expense of U.S. workers, with almost a third of its manufacturing jobs estimated lost from 2000 to 2010. It was unsurprising therefore that Trump''s promises to "bring jobs back" resonated among blue-collar voters, even though overall U.S. unemployment has tumbled under outgoing President Barack Obama to 4.7 percent. Trade was not a one-way street, the leaders at Davos said, noting benefits to Western consumers too. "The bottom line is the low level of unemployment in the United States and the whole population is taking advantage of lower prices," Brazilian finance minister Henrique Meirelles said. "Having said that, there is a group of people who are not receiving the benefits of globalization and that''s a problem to be dealt with by those governments in terms of compensation or (job) training or creating safety nets," Meirelles added. Investors contrast the lurch toward protectionism in the United States and Europe with that of Latin America where two of the biggest economies, Argentina and Brazil, are opening up under sweeping reforms. Argentine Treasury Minister Nicolas Dujovne was keen to highlight lessons learned from a decade of populism which battered his country''s economy and raised poverty. "The experiment of trying to avoid competition, avoid the process of openness ... was not good for Argentina," he said at a panel discussion. Commerce aside, emerging market leaders in Davos also called on Trump to maintain America''s leadership role in security and politics. Trump has stirred unease in Europe, for instance, by calling the NATO alliance "obsolete". "We are hoping the U.S. will continue to be engaged with the rest of the world in terms of combating terrorism and extremism," Turkey''s deputy prime minister Mehmet Simsek said. And Ukraine''s President Petro Poroshenko, amid fears in Kiev that Trump will backtrack on U.S. support in its dispute with Russia, urged Washington to maintain trans-Atlantic unity. "America should be great again," he said, borrowing from Trump''s campaign slogan. (editing by David Stamp)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-davos-meeting-emerging-idUKKBN1541LD'|'2017-01-20T19:25:00.000+02:00'
'3d0e02968564f0caedf1d3cd645eab76e432e9ed'|'Holiday on ice as coal mines get skates on to beat Beijing curbs'|' 47am GMT Holiday on ice as coal mines get skates on to beat Beijing curbs FILE PHOTO - A worker speaks as he loads coal on a truck at a depot near a coal mine from the state-owned Longmay Group on the outskirts of Jixi, in Heilongjiang province, China, October 24, 2015. REUTERS/Jason Lee/File Photo By Meng Meng and Josephine Mason - BEIJING BEIJING Chinese coal miners are so determined to cash in on a window of high prices that many are slashing holiday leave for workers and raising pay through the Lunar New Year celebrations before government introduces limits on output again. Prices in China, the world''s biggest coal user, have slipped back 16 percent from their two-year peak of 610 yuan ($88.83) per tonne two months ago, but they are still profitably high after a couple of barren years for miners. "At current price levels, we would love to have 73 hours in a day, so that we can produce as much as possible," a private coal mine owner based in Wuhai, Inner Mongolia, told Reuters. That urgency reflects a broad expectation among analysts and mining executives that Beijing will order them to reduce output after the festivities, once winter heating demand has peaked. In April 2016, with many miners failing to turn a profit, government ordered mines to limit the number of days they operate each year to 276 days from 330 as part of its effort to cut inefficient surplus capacity. By November, however, it was forced to ditch that policy to avert a winter energy crisis after a double-digit percentage drop in output triggered a sharp rally in prices. Now miners are determined not to be caught on the hop, and are racing to get their coal to market, aware that Beijing still aims to slash 500 million tonnes of output by 2020, just over 16 percent of current levels. Major producers including Shanxi Kaijia Energy Group, ChinaCoal and Shandong Yulong Group in Shandong, Hebei, Shanxi and Shaanxi, are allowing workers an average of seven days'' leave for the festival this year, according to China Sublime Information Group, which surveyed 30 companies. That is well down on the last two years, when prices were below break-even for many miners, who in response typically gave workers a generous 45-60 days off for the occasion, mining executives and analysts said. "In 2015 and 2016, most of the coal mines we visited were shut down starting Jan. 1. This year, they are postponing the holiday to as late as January 27," said Zhang Min, coal analyst at Sublime. GLOBAL IMPACT Reuters spoke to five coal mines in Inner Mongolia, China''s largest producing region, and they, too, said they had cut leave to around 10-20 days for the festivities, which officially begin on Jan. 27 and last for a week, down from about 30 days in 2016. Two of them said they were raising wages by 30 and 50 percent through the period, too. The consequences for such price fluctuations are felt globally, as the fundamentals of China''s coal market determine world prices. Last year international miners boosted shipments to China by a quarter as Beijing''s output restraints drained supply. "Price fluctuations in the domestic Chinese market as policymakers adjust output and prices to their desired levels will likely be a key driver of the international markets over the months ahead," said Adrian Lunt, commodities research head at Singapore Exchange, in a note. But this year, though analysts and mining executives expect government to announce restraints again before March, they think policymakers will take a more flexible approach, chastened by the wild price lurches in 2016. Lunt said Beijing may be prepared to tweak the limits if prices breach certain thresholds around 535 yuan per tonne, which was the basis price for annual supply contracts that miners signed with utilities. In the meantime, workers in the industry are in two minds about their employers'' big push. “I cannot make the reunion with my family until the Lunar New Year eve. That’s unusually late for me," said Li Zhuang, a coal worker in Inner Mongolia, who will travel about 1,000 kilometres (625 miles) back to his family home in Shandong province. "The good thing is each of us get around 6,000-9,000 yuan in extra bonus this year,” he added. (Reporting by Josephine Mason and Meng Meng; Editing by Will Waterman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-coal-idUKKBN1540RW'|'2017-01-20T15:47:00.000+02:00'
'13950cf821ee71bd252e4c1113554a436d9e7e5b'|'Majority of Japan firms plan no wage hike, a blow to Abenomics - Reuters poll'|'Business News - Sun Jan 22, 2017 - 11:15pm GMT Majority of Japan firms plan no wage hike, a blow to Abenomics - Reuters poll Japan''s Prime Minister Shinzo Abe arrives for a press conference in Hanoi, Vietnam January 16, 2017. REUTERS/Kham By Tetsushi Kajimoto - TOKYO TOKYO Nearly two-thirds of Japanese companies do not plan to hike their workers'' wages this year, a Reuters poll showed, a blow to Prime Minister Shinzo Abe''s campaign for higher pay to spur a recovery and a way to end two decades of deflation. The Reuters Corporate Survey, conducted Jan. 4-17, also found that most wage gains over the past four years since Abe came to power have been minimal and that nearly one-quarter of firms have implemented none at all. In each of those four years, just before labour and management kick off their annual "shunto" talks - which set the tone for broader wages - Abe has urged companies to raise wages to boost households'' purchasing power and stimulate spending. But Japan Inc has generally resisted Abe''s plea. Although the yen has weakened recently, many companies were hurt badly by last year''s spike in the currency and are loath to commit to higher wages in the face of uncertainty amid threats about trade barriers by new U.S. President Donald Trump. "Manufacturers'' profits may expand this year given the current yen weakening, but that could change depending on what Trump says and does," said Hidenobu Tokuda, senior economist at Mizuho Research Institute, who reviewed the survey results. As such, companies appear to opt to reward employees with one-off bonus payments after profits are secured, rather than promising a base pay raise. "Without base pay rise, wage growth is unlikely to accelerate. On the other hand, prices may increase as oil prices rebound, which will curb (inflation-adjusted) real wages and hurt households'' purchasing power," Tokuda said. The monthly poll of 531 big and mid-size firms, in which about 240 responded, found 63 percent said they were not planning a base pay hike. In Japan, an increase is pivotal for sustainable wage growth as the base salary accounts for the bulk of monthly wages. Base pay rises had been virtually frozen for over a decade since the early 2000s, until Abe swept to power in late 2012 with a pledge to reboot the moribund economy. Prices as measured by core consumer inflation excluding fresh food have risen roughly 3.5 percent over the past four years. But much of that came from the 2014 sales tax hike to 8 percent from 5 percent. But wage gains have so far been insufficient to offset higher costs of living, with real wages down 0.9 percent in 2015, sliding four straight years and undermining private consumption. The Corporate Survey also asked companies how much they have raised wages since 2012. Some 23 percent said they have kept overall wages unchanged, while 51 percent have raised them around 0.5-1.5 percent. Only 26 percent said wages had risen by about 2 percent or more. "We cannot afford to raise base salaries, but we have no choice but to do so given government policy," wrote a manager of a transport equipment firm, who intends to offer a smaller raise than last year. Managers answered on condition of anonymity in the survey, which was conducted for Reuters by Nikkei Research. (Reporting by Tetsushi Kajimoto; Additional reporting by Izumi Nakagawa; Editing by Richard Borsuk) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-companies-wages-idUKKBN156161'|'2017-01-23T06:15:00.000+02:00'
'75fd82d5a28cafd3f644a39589c37315650605c5'|'U.S. judge approves VW dealers $1.2B settlement'|'Business News  17pm EST U.S. judge approves Volkswagen dealers $1.2 billion settlement A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia, Poland, September 9, 2016. REUTERS/Kacper Pempel/File Photo WASHINGTON U.S. District Judge Charles Breyer on Monday granted final approval to Volkswagen AG''s (VOWG_p.DE) settlement worth up to $1.21 billion with 652 U.S. dealers over its diesel emissions scandal. VW''s dealers will receive an average of $1.85 million each over 18 months under the settlement. VW also agreed to keep making volume-based incentive payments to dealers, and will allow them to defer capital improvements for two years. In total, VW has now agreed to spend up to $22 billion in the United States to address claims from owners, environmental regulators, U.S. states and dealers stemming from the excess vehicle emissions. (Reporting by David Shepardson; Editing by Jonathan Oatis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-volkswagen-emissions-idUSKBN1572SC'|'2017-01-24T05:15:00.000+02:00'
'de3ba6f76921fffb9bfdcd781571aa6accae2856'|'Trump urges U.S. automakers to make big push for new plants'|' 48pm GMT Trump urges U.S. automakers to make big push for new plants U.S. President Donald Trump pulls out a chair for General Motors CEO Mary Barra as he hosts a meeting with U.S. auto industry CEOs at the White House in Washington, U.S., January 24, 2017. REUTERS/Kevin Lamarque By David Shepardson and Roberta Rampton - WASHINGTON WASHINGTON U.S. President Donald Trump pushed the chief executives of General Motors Co ( GM.N ), Ford Motor Co ( F.N ) and Fiat Chrysler Automobiles NV ( FCHA.MI ) on Tuesday to increase production in the United States and boost American employment. Trump opened a meeting with GM CEO Mary Barra, Ford CEO Mark Fields and Fiat Chrysler CEO Sergio Marchionne at the White House, saying he wants to see new auto plants built in the United States. "We have a very big push on to have auto plants and other plants," he told reporters. The new Republican president, who took office last Friday, vowed to cut regulations and taxes to make it more attractive for businesses to operate in the United States. "I want new plants to be built here for cars sold here!" Trump said in a tweet ahead of the meeting with automakers, saying he would discuss U.S. jobs with the chief executives. U.S. automakers have been reluctant to open new U.S. auto plants in recent years, but they have expanded some operations at existing plants. Trump has criticized automakers for building cars in Mexico and elsewhere and has threatened to impose 35 percent tariffs on imported vehicles. The meeting is the latest sign of Trump''s uncommon degree of intervention for a U.S. president into corporate affairs as he has repeatedly pressured automakers and other manufacturers to "buy American and hire American." Tuesday''s gathering was the first time the CEOs of the big three automakers have met jointly with a U.S. president since a July 2011 session with former Democratic President Barack Obama to tout a deal to nearly double fuel efficiency standards to 54.5 miles per gallon by 2025. Fiat Chrysler is the Italian-American parent of the former Michigan-based Chrysler. White House spokesman Sean Spicer said on Monday that Trump was looking forward at the meeting "to hearing their ideas about how we can work together to bring more jobs back to this industry." U.S. and foreign automakers have been touting plans to boost American jobs and investments in the face of Trump''s comments. Trump, a New York real estate developer, often singled out Ford''s Mexico investments for criticism during his election campaign. (Reporting by David Shepardson; Additional reporting by Susan Heavey; Editing by Jeremy Gaunt and Frances Kerry) Next In Business News Euro    '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-autos-idUKKBN1581CE'|'2017-01-24T21:48:00.000+02:00'
'650369cb47d07ba124e7d33fcd945d8185de666c'|'Toshiba to unveil extent of U.S. nuclear business writedown on February 14'|' 38am GMT Toshiba to unveil extent of U.S. nuclear business writedown on February 14 The logo of Toshiba Corp is seen behind trees at its headquarters in Tokyo, Japan January 23, 2017. REUTERS/Toru Hanai TOKYO Japan''s Toshiba Corp said it will unveil the extent of the writedown on its U.S. nuclear business on Feb. 14 when it reports its results for the quarter ended Dec. 31. The laptops-to-engineering conglomerate, still recovering from a $1.3 billion (1.04 billion pounds) accounting scandal two years ago, shocked investors in December by announcing major cost overruns at the U.S. nuclear business it bought in 2015. "We will explain the reasons why this occurred in the nuclear business and offer measures to prevent a repeat," Toshiba said on Tuesday in a press release through the Tokyo Stock Exchange. Last week, media reported the troubled Japanese firm may unveil a writedown of as much as 700 billion yen (4.9 billion pounds) for its U.S. nuclear business. To cope with its financial crunch, Toshiba has said it plans to sell part of its core chip business. The firm ranks second after Samsung Electronics in the global market for flash memory chips that are used in smartphones. Separately, rating agency Standard and Poor''s downgraded Toshiba''s debt to CCC+, or vulnerable to nonpayment, from B- and put the company''s credit watch on negative. (Reporting by Tim Kelly;  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-writedown-idUKKBN1580VP'|'2017-01-24T16:18:00.000+02:00'
'e9a910bdf47c7cae548dc96df27220b852b8e280'|'Toshiba board to approve plans to split off chip business on Friday -source'|'By Taro Fuse - TOKYO TOKYO Jan 24 Toshiba Corp''s board will meet on Friday to approve plans to make its chip business a separate company and hopes to raise more than 200 billion yen ($1.8 billion) by selling a 20 percent stake in it, a person with direct knowledge of the matter said.The drastic measures are part of its efforts to offset an upcoming multibillion dollar writedown for its U.S. nuclear business.Toshiba Chief Executive Satoshi Tsunakawa told its main creditors of the plans when visiting them earlier on Tuesday, said the person, who was not authorised to discuss the matter publicly and declined to be identified.The laptops-to-nuclear conglomerate estimates the value of its chip business at 1 trillion yen to 1.5 trillion yen ($8.8 billion to $13.2 billion), the person said, adding that it was also looking at selling other businesses.Toshiba is finalising the amount of writedown for its U.S. nuclear business, which could exceed 500 billion yen, separate sources have said. Domestic media have reported that the writedown could be as much as 700 billion yen.Toshiba officials declined to comment. ($1 = 113.2800 yen) (Reporting by Taro Fuse; Writing by Taiga Uranaka; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toshiba-accounting-idINL4N1FE2XN'|'2017-01-24T06:36:00.000+02:00'
'b513b3a477bf681667518df722d8147e7fc0e341'|'Trump aide Kushner scraps plan for Canada visit -Canada official'|'CALGARY, Alberta Jan 23 A senior aide to U.S. President Donald Trump has scrapped plans to visit Canada for talks with officials in Prime Minister Justin Trudeau''s team, a Canadian government source said on Monday.The source said the planned visit by Trump son-in-law Jared Kushner had hit logistical problems. A separate source had earlier said Kushner intended to meet Trudeau aides on the margins of a cabinet retreat in Calgary. (Reporting by David Ljunggren; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-politics-kushner-idINL1N1FD25Z'|'2017-01-23T19:42:00.000+02:00'
'3c69486aee95048923541e8689f9b5dd75d424cb'|'Packaging company WestRock to buy smaller rival for $1.39 billion'|'Packaging company WestRock Company ( WRK.N ) will buy Multi Packaging Solutions International Ltd ( MPSX.N ) for about $1.39 billion to boost its portfolio of products that serve the spirits, confectionary, and cosmetics markets.The offer price of $18 per share represents a premium of 25 percent to Multi Packaging Solutions'' Monday close $14.39.(Reporting by Rachit Vats in Bengaluru; Editing by Sayantani Ghosh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-multi-packaging-m-a-westrock-idINKBN1581FO'|'2017-01-24T08:58:00.000+02:00'
'a7e014b056f681383b49786a5ea5a4bb2eb698c8'|'Trump urges U.S. automakers to make big push for new plants'|'By David Shepardson and Roberta Rampton - WASHINGTON WASHINGTON U.S. President Donald Trump pushed the chief executives of General Motors Co, Ford Motor Co and Fiat Chrysler Automobiles NV on Tuesday to increase production in the United States and boost American employment.Trump opened a meeting with GM CEO Mary Barra, Ford CEO Mark Fields and Fiat Chrysler CEO Sergio Marchionne at the White House by saying he wants to see new auto plants built in the United States.The new Republican president vowed to cut regulations and taxes to make it more attractive for businesses to operate in the United States. He promised frequently during his election campaign to be a job-creating president and stressed that message in his inaugural speech last Friday."We have a very big push on to have auto plants and other plants - many other plants," he told reporters at the start of the meeting with auto executives. "It''s happening."The meeting was the latest sign of Trump''s uncommon degree of intervention for a U.S. president into corporate affairs as he has repeatedly pressured automakers and other manufacturers to "buy American and hire American."Marchionne told reporters after the meeting that Trump did not give them specifics on what regulations he would cut.GM, Ford and Fiat Chrysler have all announced recent new jobs and investments in the United States, but are still investing in Mexico. Fields said automakers wanted to work with Trump to create a "renaissance in American manufacturing.""We''re very encouraged by the president and the economic policies that he''s forwarding," Fields told reporters, praising Trump''s decision to withdraw from the Trans-Pacific Partnership agreement, which Fields said did not address intervention in currency valuations by trading partners. "As an industry we''re excited about working together with the president," he said.Barra said there was a "huge opportunity" to work together with the government to "improve the environment, improve safety and improve the jobs creation."Trump has criticized automakers for building cars in Mexico and elsewhere and has threatened to impose 35 percent tariffs on imported vehicles.GM said in 2014 it would invest $5 billion in Mexico through 2018, a move that would allow it to double its production capacity, and Barra has said the automaker is not reconsidering the plan.Earlier this month, Ford scrapped plans to build a $1.6 billion plant in Mexico and said it would instead invest $700 million in a factory in Michigan. Ford will still move production of Focus small cars to Mexico from Michigan, but will cut total production of the cars by consolidating their assembly in an existing Mexican plant.U.S. automakers have been reluctant to open new U.S. auto plants in recent years, but they have expanded operations at existing U.S. plants. GM and Ford last built new U.S. assembly plants in 2004, while Fiat Chrysler opened a new transmission plant in Indiana in 2014.FLATTENING AUTO SALESWith flattening U.S. auto sales and some excess capacity, U.S. automakers may be reluctant to agree to open new plants, which likely would not come online for several years.Tuesday''s meeting included the former Republican governor of Missouri, Matt Blunt, who heads a U.S. automaker trade association. Vice President Mike Pence, White House chief of staff Reince Priebus and other senior administration officials also attended the meeting.Auto stocks rose on the meeting. U.S.-listed shares of Fiat Chrysler rose 6.3 percent to $10.93, up 0.65, while Ford was up 1.6 percent and GM rose 1.3 percent.Tuesday''s gathering was the first time the CEOs of the big three automakers have met jointly with a U.S. president since a 2011 session with Barack Obama to tout a deal to nearly double fuel efficiency standards by 2025. Fiat Chrysler is the Italian-American parent of the former Michigan-based Chrysler.Automakers have urged the Trump administration to rethink those aggressive fuel efficiency mandates.Barclays auto analyst Brian Johnson said in a note Tuesday that he thinks "automakers will be willing to make a deal that would bring back jobs to the U.S. (whether by voluntary commitments or tariffs or border taxes is less clear) in return for a slower ramp of (fuel efficiency) targets and related state-level mandates.U.S. and foreign automakers have been touting plans to boost American jobs and investments in the face of Trump''s comments. Trump, a New York businessman, often singled out Ford''s Mexico investments for criticism during his election campaign.While automakers are adding U.S. jobs they are also cutting U.S. small car production. On Monday, GM ended two shifts of production of small cars in Ohio and Michigan, cutting about 2,000 jobs.(Reporting by David Shepardson; Additional reporting by Susan Heavey; Editing by Alistair Bell and Frances Kerry)U.S. President Donald Trump plays host to a reception and meeting with U.S. congressional leaders including Senate Majority Leader Mitch McConnell (R-KY) (L-R), Senate Minority Leader Chuck Schumer (D-NY), House Speaker Paul Ryan (R-WI), Vice President Mike Pence,... REUTERS/Jonathan Ernst'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-trump-autos-idINKBN1581CQ'|'2017-01-24T14:51:00.000+02:00'
'46c29aab501880691ae7c3ad4278f6d8244028fb'|'Nikkei falls on strong yen; Trump''s protectionism weighs'|'* Banks lower on falling U.S. yields* Report on Mnuchin''s comment on dollar weighs on market - analyst* Electronic parts makers rise on strong earnings expectationsBy Ayai TomisawaTOKYO, Jan 24 Japan''s Nikkei share average fell on Tuesday morning after the dollar weakened to a seven-week low against the yen overnight, while concerns about the impact of U.S. President Donald Trump''s protectionist views continued to weigh on sentiment.The Nikkei dropped 0.1 percent to 18,877.71 at the midday break, after dropping 1.3 percent on the previous day.While Trump promised "massive" cuts in taxes and regulations on Monday, he also formally withdrew from the Trans-Pacific Partnership (TPP) trade deal and talked of big border taxes.Automakers were battered in particular, hit both by a strong yen and negative sentiment after the Nikkei reported that Trump said that Japan was engaging in unfair practices on auto imports and exports.Toyota Motor Corp fell 1.0 percent, Honda Motor Co shed 1.6 percent and Nissan Motor Co declined 1.3 percent."Right now, the main concern is America''s protectionist trade stance," said Nobuhiko Kuramochi, a strategist at Mizuho Securities.The dollar was up 0.2 percent at 112.92 yen but notched a low of 112.52 earlier in the session, its weakest since Nov. 30, and well below its overnight high of 114.45.Banks were battered by falling U.S. yields. The benchmark 10-year yield posted its biggest one-day drop in more than two weeks as concerns about the fallout of Trump''s tough stance on trade spurred safe-haven demand for bonds.Mitsubishi UFJ Financial Group dropped 2.9 percent and Sumitomo Mitsui Financial Group shed 2.3 percent.Traders said that while Japanese stocks were pressured by a strong yen, some investors find buying opportunities in companies with strong earnings expectations.Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities, said that hedge funds had sold the dollar and bought the yen earlier after Bloomberg reported that Trump''s nominee for Treasury Secretary Steven Mnuchin was Quote: d as saying that an excessively strong dollar was negative in the short term."The Japanese market started on a weak note but clearly some investors are trading on fundamentals," Fujito said.The Nikkei reported that total orders for six major Japanese electronic parts makers rose about 3 percent on the year to around 1.42 trillion yen in the October-December period, the first gain in five quarters.Murata Manufacturing rose 0.8 percent, TDK Corp added 0.7 percent, Kyocera Corp advanced 0.6 percent, Nidec Corp soared 1.8 percent, Alps Electric surged 2.9 percent and Nitto Denko gained 1.5 percent.The broader Topix shed 0.3 percent to 1,510.40 and the JPX-Nikkei Index 400 declined 0.3 percent to 13,532.89. (Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1FE1H9'|'2017-01-23T23:42:00.000+02:00'
'331714cbebecba6a38796032e1d94e2244cb0693'|'MOVES-Harvard to hire Slocum as CIO as it reorganizes investment arm'|'Funds News  15pm EST MOVES-Harvard to hire Slocum as CIO as it reorganizes investment arm BOSTON Jan 25 Harvard University will hire Rick Slocum as chief investment officer at its investment arm, Harvard Management Company, as the school overhauls the way it manages its endowment. N.P. Narvekar, the recently hired chief executive of the investment arm, said Slocum, who had been chief investment officer at the Johnson Company family office, will join in March. Vir Dholabhai, Adam Goldstein and Charlie Saravia will join as a managing directors. (Reporting by Svea Herbst-Bayliss; Editing by Alan Crosby) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/harvard-moves-slocum-idUSL1N1FF18R'|'2017-01-26T01:15:00.000+02:00'
'cd080688782af69224f517218e93036ab2c80dc0'|'Exclusive: Warburg Pincus hires Goldman Sachs to sell Safetykleen Europe'|'Business News - Mon Jan 23, 2017 - 7:41am GMT Exclusive: Warburg Pincus hires Goldman Sachs to sell Safetykleen Europe MADRID/FRANKFURT U.S. private equity fund Warburg Pincus has hired Goldman Sachs to sell Safetykleen Europe, which provides used oil collection, recycling and parts cleaning services, four sources with knowledge of the matter said. The firm, which was acquired by Warburg Pincus in 2008 for 565 million pounds could fetch around 640 million pounds, including debt, at a multiple of around eight times core earnings, two of the sources said. Warburg Pincus and Goldman Sachs declined to comment. (Reporting by Andres Gonzalez and Arno Schuetze; Editing by Julien Toyer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-safetykleen-sale-idUKKBN1570QQ'|'2017-01-23T14:41:00.000+02:00'
'd6d71b35852b7e17914c0e029b107f84e651c5c4'|'Japan PM wants Trump to recognise Japan firms'' contribution to U.S. economy'|'Business News - Mon Jan 23, 2017 - 5:10am GMT Japan PM wants Trump to recognize Japan firms'' contribution to U.S. economy Japan''s Prime Minister Shinzo Abe makes a policy speech at the start of the ordinary session of parliament in Tokyo, Japan, January 20, 2017. REUTERS/Toru Hanai TOKYO Japanese Prime Minister Shinzo Abe said on Monday that he wants to explain to U.S. President Donald Trump Japanese companies'' contribution to the U.S. economy and gain his understanding. Abe, speaking to parliament, said there was no change to his view that Trump was a trustworthy leader and that he wanted to meet him as soon as possible. (Reporting by Kaori Kaneko; Editing by Chang-Ran Kim) Next In Business News Dollar drops as investors await details of Trump''s policies TOKYO The dollar skidded in Asian trade on Monday, with the euro hitting its highest levels in more than a month as investors locked in gains on the greenback''s recent rise as they waited for U.S. President Donald Trump to offer details of his promised stimulus. Majority of Japan firms plan no wage hike, a blow to Abenomics: Reuters poll TOKYO Nearly two-thirds of Japanese companies do not plan to hike their workers'' wages this year, a Reuters poll showed, a blow to Prime Minister Shinzo Abe''s campaign for higher pay to spur a recovery and a way to end two decades of deflation. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-abe-idUKKBN1570GF'|'2017-01-23T12:03:00.000+02:00'
'8dea6b5635df46d88484c59cccfe656ca52c45f1'|'Fitch: New S2 Data to Reveal Insurers Most Exposed to Low Rates'|'Financials  02am EST Fitch: New S2 Data to Reveal Insurers Most Exposed to Low Rates (The following statement was released by the rating agency) LONDON, January 23 (Fitch) Solvency II (S2) ratios excluding the benefit of transitional measures will shed new light on insurers'' exposure to low bond yields, when they are published for the first time later this year, Fitch Ratings says in a new report. Fitch will strip out the impact of transitional measures on technical provisions (TMTPs) to analyse insurers'' underlying S2 ratios, starting with the German life sector, where large asset-liability duration gaps on business with long-term investment guarantees generate significant exposure to low yields. Until now, this exposure has been largely hidden by local accounting and the widespread use of TMTPs, which mitigate the increase in provisions for interest-sensitive business under S2. S2 ratios excluding TMTPs should be reasonably comparable between German life insurers, giving a meaningful indication of their relative capital strength, reflecting their exposure to interest-rate risk. This should help to inform our overall view of their capital. We will dig deeper into any insurer whose underlying S2 ratio relative to peers'' is out of line with our expectations. If this leads to a material change in our capital assessment, we may change ratings. Even excluding transitional measures, S2 ratios may not always be readily comparable. Some German life insurers hold material peripheral eurozone sovereign debt, but the S2 standard formula does not differentiate between this and ''AAA'' German sovereign debt, treating all eurozone sovereigns as risk-free. Differences between internal models and the standard formula, and the 4.2% ultimate forward rate to extrapolate the curve for valuing long liabilities, also affect comparability. Insurers must publish Quantitative Report Templates based on end-2016 data by 20 May 2017 for solo entities and 1 July 2017 for groups. These reports will show own funds and solvency capital requirements excluding the benefit of the 16-year TMTPs. S2 equivalence remains a key obstacle to the direct use of S2 metrics in ratings. For example, Aegon, Allianz, AXA and Prudential have large US operations, for which they feed US-based regulatory capital metrics into their group S2 ratios. This reflects the S2 equivalence granted to the US by the EC, which avoided the potentially awkward imposition of S2 on US businesses. However, US regulatory capital calculations differ significantly from S2, and group S2 ratios based on a blend of US and S2 numbers may be far from true S2. We continue to assess insurers'' capital based primarily on our Prism Factor-Based Capital Model (see www.fitchratings.com/prismfbm), as we believe Prism scores are more comparable across markets than S2 metrics. We are not using S2 metrics directly in our ratings, but we evaluate S2 disclosures as supplementary information to enhance our understanding of insurers'' risk profiles. In the longer term, if S2 calculation methods stabilise and converge or become more comparable, we may place more weight on S2 metrics. The report "New Solvency II Data to Reveal Insurers Most Exposed to Low Bond Yields" is available at www.fitchratings.com or by clicking on the link above. Contact: David Prowse Senior Director Insurance +44 20 3530 1250 Fitch Ratings Limited 30 North Colonnade London E14 5GN Sam Mageed Director Insurance +44 20 3530 1704 Simon Kennedy Senior Analyst Fitch Wire +44 20 3530 1387 Media Relations: Athos Larkou, London, Tel: +44 203 530 1549, Email: athos.larkou@fitchratings.com. The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article can be accessed at www.fitchratings.com. All opinions expressed are those of Fitch Ratings. Related Research New Solvency II Data to Reveal Insurers Most Exposed to Low Bond Yields here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986950'|'2017-01-23T18:02:00.000+02:00'
'1d5d25c7c7f8b0db7305e9c6d4d36325ec2a069a'|'Top banks'' fourth-quarter commodities revenue jumps 20-25 percent - report'|' 30pm GMT Top banks'' fourth-quarter commodities revenue jumps 20-25 percent - report left right The logo of Barclays is seen on the top of one of its branch in Madrid, Spain, March 22, 2016. REUTERS/Sergio Perez/File Photo 1/4 left right A logo of BNP Paribas is seen outside its Tokyo headquarters, Japan, January 7, 2016. REUTERS/Yuya Shino/File Photo 2/4 left right FILE PHOTO -- People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. REUTERS/Robert Galbraith/File Photo 3/4 left right The logo of Germany''s largest business bank, Deutsche Bank is seen in front of one of the bank''s office buildings in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach 4/4 LONDON Commodities-related revenue at the 12 biggest investment banks rebounded in the fourth quarter due to stronger activity in the energy sector, a report by financial industry analytics firm Coalition said on Monday. Revenue from commodity trading, selling derivatives to investors and other activities in the sector jumped by 20-25 percent in the final three months of 2016 compared with the same period the previous year, it said in a preliminary report, without giving a figure in dollars. The rise was largely due to "structured deal activity in U.S. natural gas and improved conditions in oil trading", it said. Commodity revenue in the first nine months of last year fell 22 percent to $3.1 billion due to weak industrial metals trading and lacklustre investor interest, Coalition said in November. Coalition tracks Bank of America Merrill Lynch ( BAC.N ), Barclays ( BARC.L ), BNP Paribas ( BNPP.PA ), Citigroup ( C.N ), Credit Suisse ( CSGN.S ), Deutsche Bank ( DBKGn.DE ), Goldman Sachs ( GS.N ), HSBC ( HSBA.L ), JPMorgan ( JPM.N ), Morgan Stanley ( MS.N ), Societe Generale ( SOGN.PA ) and UBS ( UBSG.S ). (Reporting by Eric Onstad)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-banks-commodities-idUKKBN1571XM'|'2017-01-23T21:30:00.000+02:00'
'1bb35ef167c30096e4f72e703da32229c0d28821'|'AB InBev offers voluntary severance in South Africa - newspaper'|'  7:05am GMT AB InBev offers voluntary severance in South Africa - newspaper A man walks past the logo of Anheuser-Busch InBev at the brewer''s headquarters in Leuven, Belgium February 26, 2014. REUTERS/Francois Lenoir/File photo JOHANNESBURG Anheuser-Busch InBev ( ABI.BR ), the world''s largest brewer, has offered more than 1,000 employees in South Africa voluntary severance following its merger with SABMiller, the Business Day newspaper reported on Monday, citing an internal memo. AB InBev bought nearest rival SABMiller for 79 billion pounds last year in one of the largest corporate mergers in history and taking the company into Africa for the first time. As part of the merger conditions, AB InBev was required to maintain the number of employees in SABMiller''s South African operations for five years after the date of the merger and not implement forced retrenchments. The paper said AB InBev could not confirm the number of job cuts it was targeting through the voluntary severance, which has only been offered to management employees. Spokeswoman Robyn Chalmers did not respond to telephone requests for comment but she is quoted in the paper confirming that Ab InBev has started the programme. "The voluntary severance offer, which is entirely voluntary, has been made available only to mid-level employees and above," Business Day quoted her as saying. "We understand that during this period of change some employees may wish to voluntarily exit the business, which is why we have introduced a voluntary severance offer." (Reporting by Olivia Kumwenda-Mtambo)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ab-inbev-redundancies-safrica-idUKKBN1570NI'|'2017-01-23T14:05:00.000+02:00'
'1914cd3a89266d1268c3a810411d436cfc51b72f'|'UPDATE 1-UK PM May criticised for handling of Trident test malfunction report'|'Industrials  31pm EST UPDATE 1-UK PM May criticised for handling of Trident test malfunction report (Adds quotes, reaction) By Kylie MacLellan and William James LONDON Jan 23 British Prime Minister Theresa May said on Monday she was briefed about the successful certification of a nuclear submarine as she came under increasing pressure over her handling of reports its unarmed Trident missile misfired. The Sunday Times reported a test firing of the missile from a submarine malfunctioned last June, sending it veering off in the wrong direction, shortly before May asked parliament to spend 40 billion pounds ($50 billion) on new submarines. The report triggered fierce criticism about a perceived lack of transparency from May and prompted lawmakers to demand answers from her defence minister in parliament. CNN, citing a U.S. defence official with direct knowledge of the incident, also reported on Monday a missile test involving Britain''s nuclear deterrent failed off the coast of Florida. Asked four times during a BBC interview on Sunday whether she knew about the misfire before the vote in parliament, May repeatedly declined to answer directly. On Monday, she again failed to give a clear answer. "I''m regularly briefed on national security issues, I was briefed on successful certification of HMS Vengeance and her crew," she told BBC television, saying the government did not comment on operational details for national security reasons. The controversy overshadowed the launch on Monday of May''s "Modern Industrial Strategy", a central plank of her plans to rebalance Britain''s economy as it leaves the EU. SHROUDED IN SECRECY The so-called "demonstration and shakedown operation" happened in June, shortly before May became prime minister. In her first major speech to parliament as prime minister the following month, she asked lawmakers to approve the building of four new submarines, a vote that was passed by 472 to 117. During more than an hour of questions to defence minister Michael Fallon in parliament on Monday, lawmakers criticised the government''s handling of the issue, although several said it wouldn''t have changed the way they voted. "While accepting that the nuclear deterrent needs to be shrouded in secrecy, it also needs to deter," said Julian Lewis, a lawmaker in May''s Conservatives and chair of parliament''s defence committee. "Once stories get out there that a missile may have failed, isn''t it better to be quite frank about it? Especially if it has no strategic significance?" Fallon said if the government had had any doubts about the capability or effectiveness of the missiles it would not have asked parliament to vote on them. Opposition Labour lawmaker and former defence spokesman Vernon Coaker said: "A leak to a Sunday newspaper, followed, frankly, by government stonewalling doesn''t enhance support for that deterrent, it undermines it." (Editing by Stephen Addison) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/britain-missiles-may-idUSL5N1FD3IZ'|'2017-01-24T00:31:00.000+02:00'
'1914af0e782391670da2419a2193bbd15a6945f5'|'Turboprop maker ATR says deliveries fell 9 pct in 2016'|'TOULOUSE, France Jan 23 The world''s largest commercial turboprop maker, Franco-Italian ATR , said on Monday deliveries fell 9 percent last year as demand for regional aircraft slows in response to a weakening global economy.Deliveries fell to 80 aircraft from the previous year''s 88, a record performance that ATR had originally hoped to repeat in 2016, and the first step backwards in deliveries since 2010."They are a little less than we expected a year ago," recently appointed ATR Chief Executive Christian Scherer said."That reflects demand that has considerably softened in aviation in general, but the smaller segment has a tendency to react more violently to market fluctuations," he said.Scherer said some customers had delayed taking aircraft, the latest sign of vulnerability as the aerospace cycle turns lower.Orders for new ATRs dropped by more than half to 36, their lowest level since 2009 and deepening a slowdown in orders that began in 2015.The backlog of jets sold but not yet delivered fell 18 percent to 212 aircraft, just under three years of production.Revenue at ATR, co-owned by Airbus and Leonardo , fell 10 percent to $1.8 billion. Scherer said ATR still contributed healthy margins, but did not give details.Once obscured by the jet age, turboprops have seen a six fold rise in deliveries since high oil prices and reductions in cabin noise restored their popularity in the middle of last decade.Manufacturers say they are more efficient than jets on short routes, especially when oil costs rise. But recent demand has been hit by economic malaise and the 2014-15 oil price slump.Now that oil is rebounding somewhat, ATR believes demand will gradually pick up, especially as economic development reaches isolated markets. Some 100 new routes open each year.Scherer said there was room for turboprop demand to grow in the United States, where ATR is talking to one carrier and where dozens of regional jets have been idled, and in China, where the focus of growth is moving away from the main cities.For now, ATR has trimmed its ambitions for future deliveries, while Canadian rival Bombardier is shedding costs."We are stabilising the output right now in the 80s and that is a very decent cruise altitude for our company against a turboprop market that ... is approximately 100 a year," Scherer said.A year ago, his predecessor at Toulouse-based ATR had said it alone aimed to reach 100 annual deliveries in coming years.ATR outsells its main competitor Bombardier and the upcoming MA700 from China in the market for turboprops, which is part of a market for planes up to 90 seats, also served by small jets. (Reporting by Tim Hepher. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/atr-aircraft-idINL5N1FC0M4'|'2017-01-23T02:00:00.000+02:00'
'd0daf403e677430bc2841421d0b674ef307a76c2'|'German inflation rate could reach 2 percent in January - Bundesbank'|' 12am GMT German inflation rate could reach 2 percent in January - Bundesbank People carry bags outside a department store on the last day of Christmas shopping in Berlin, December 23, 2013. REUTERS/Thomas Peter FRANKFURT German inflation could hit 2 percent in January due to higher energy prices, the Bundesbank said on Monday, hitting the European Central Bank''s elusive target   four years. Germany''s relatively quick inflation pick up has increased calls on the ECB to scale back its extensive stimulus measures as real savings rates turn negative and fears mount that the bank would now overshoot its target of close to but below 2 percent. The ECB has pushed back, however, arguing that it looks at inflation across the euro zone, not just one member, and it needs to see a broad based, sustained rise in prices before lowering its guard. "Due to a considerable increase in the daily average prices of oil products, the (inflation) rate could well reach 2 percent in January," the Bundesbank said in its monthly report. Inflation was 1.1 percent across the 19-member euro zone in December and 1.7 percent in Germany, the bloc''s biggest economy and also home to the ECB. But elsewhere, like Ireland, Cyprus, Greece and Italy, price growth is either negative or just above zero. The ECB has agreed to scale back its monthly bond purchases by a quarter from April but also extended the programme until the end of 2017. An ECB survey last week also showed that underlying inflation, a key indicator watched by rate setters, will remain weak for the years to come, suggesting that the ECB is still far away from reducing its unprecedented stimulus measures. (Reporting by Andreas Framke; Editing by Balazs Koranyi)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-bundesbank-idUKKBN15719E'|'2017-01-23T18:12:00.000+02:00'
'b35e1132185336ed92fcb7d3ecbf5f107cf99a94'|'Fitch Rates Autonomous Community of Asturias''s Bonds ''BBB'''|' 39am EST Fitch Rates Autonomous Community of Asturias''s Bonds ''BBB'' (The following statement was released by the rating agency) BARCELONA, January 23 (Fitch) Fitch Ratings has assigned the Autonomous Community of Asturias''s (Asturias; BBB/Stable/F2) senior unsecured debt a long-term local currency rating of ''BBB''. The rating also applies to the region''s following bonds: - EUR19.2m 0.654% fixed-rate, with bullet repayment and five-year maturity - EUR20m 0.654% fixed-rate, with bullet repayment and five-year maturity - EUR102m 0.862% fixed-rate, with periodic repayment and nine-year maturity The bonds have been used to refinance existing obligations. KEY RATING DRIVERS The bonds'' ratings are aligned with Asturias''s Long-Term Issuer Default Rating as the notes constitute senior and unsecured debt of the region. Asturias''s IDRs reflect weak fiscal performance, a moderately high direct debt burden and financial support from the central government. The Stable Outlook incorporates Fitch''s expectations that the region''s fiscal performance will gradually improve, limiting direct debt growth to 107%-110% of current revenue through to 2017, versus 106% in 2015. RATING SENSITIVITIES A rating action on Asturias would be mirrored on the bonds'' rating. Contact: Primary Analyst Julia Carner Analyst +34 93 323 8401 Fitch Ratings Espana, S.A.U. Av. Diagonal, 601, Barcelona 08028 Secondary Analyst Guilhem Costes Senior Director +34 93 323 8410 Committee Chairperson Raffaele Carnevale Senior Director +39 02 87 90 87 203 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria International Local and Regional Governments Rating Criteria - Outside the United States (pub. 18 Apr 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017886 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986910'|'2017-01-23T17:39:00.000+02:00'
'a5eebe4104fe6820d8208507b3d831d0b5e65501'|'Residents evacuated, airport closed and power cut off in Tahiti flooding'|'World   9:27pm EST Residents evacuated, airport closed and power cut off in Tahiti flooding SYDNEY Heavy flooding in French Polynesia has forced many residents to evacuate, cut off power to thousands of homes, and closed Tahiti''s international airport. The French Polynesia High Commission said three people were injured, one seriously, while more than 100 homes were destroyed. Major roads were damaged by landslides. The floods were most severe on the islands of Tahiti and Moorea. An Air France flight was diverted to the Cook Islands because the runway was flooded, and international flights were canceled. "The weather forecast predicts rain until Tuesday," Frederic Poisot, cabinet director of the French Polynesia Haut Commissariat told Reuters, adding authorities had not decided when to re-open the airport. Poisot said more than 6,000 households had been without electricity, although power now been restored to most of them. He said the army was helping clear roads and repair damaged facilities. Tahiti is the largest island in French Polynesia with a population of around 276,000 and 180,000 tourist arrivals a year. (Reporting by Cecile Lefort; Editing by Eric Meijer) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-tahiti-floods-idUSKBN157074'|'2017-01-23T09:16:00.000+02:00'
'9063a9b677ff6d1085611e40613dd62556cfb19c'|'Fitch Takes Rating Actions on U.S. Midtier Regional Banks Following Peer Review'|'Financials   3:56pm EST Fitch Takes Rating Actions on U.S. Midtier Regional Banks Following Peer Review (The following statement was released by the rating agency) CHICAGO, January 23 (Fitch) Fitch Ratings has completed its review of its U.S. midtier regional bank peer group. Following the review, which generally covers banks with assets between $10 billion and $50 billion, Fitch downgraded UMB financial (UMBF) and revised the Rating Outlook to Stable from Negative. At the same time, Fitch revised the Outlooks for BOK Financial (BOKF) to Stable from Negative and revised the Outlook for First Horizon Corp. (FHN) to Positive from Stable. The ratings of these two banks were affirmed. Fitch also affirmed the ratings and Cathay General Corp. (CATY) and First National of Nebraska Corp. (FNNI) and maintained Positive Outlooks for each. Fitch affirmed and maintained Stable Outlooks for the following other banks within the midtier regional peer group: --BankUnited Inc. (BKU) --East West Bancorp, Inc. (EWBC) --First Republic Bank (FRC) --Fulton Financial Corp (FULT) --Hilltop Holdings (HTH) --Synovus Financial Corp. (SNV) --TCF Financial Corp. (TCB) --Trustmark Corp. (TRMK) --Wintrust Financial Corp (WTFC) Fitch has published Rating Action Commentaries for each of the midtier regional banks, which are available on www.fitchratings.com. These include each issuer''s key rating drivers and rating sensitivities and lists of all rating actions taken. For further discussion of the large regional bank sector in general, refer to the special report title ''U.S. Banks: Periodic Midtier Regional Peer Review'' to be published in the near term. Contact: Bain K. Rumohr, CFA Director +1-312-368-3153 Fitch Ratings, Inc. 70 West Madison Street Chicago, IL 60602 Christopher Wolfe Managing Director +1-212-908-0771 Joo-Yung Lee Managing Director +1-212-908-0560 Media Relations: Hannah James, New York, Tel: + 1 646 582 4947, Email: hannah.james@fitchratings.com. Additional information is available at ''www.fitchratings.com''. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987526'|'2017-01-24T03:56:00.000+02:00'
'379f50760c48cc8d10963b2b2d365f129cad50ea'|'Deutsche Bank considers listing asset management unit: sources'|'Business News - Tue Jan 24, 2017 - 6:29pm GMT Deutsche Bank considers listing asset management unit: sources FILE PHOTO: A green traffic light is seen next to the logo of Germany''s largest business bank, Deutsche Bank in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach/File Photo By Andreas Kröner - FRANKFURT FRANKFURT Deutsche Bank ( DBKGn.DE ) is considering a Luxembourg registration and a partial initial public offering of its asset management unit as part of its strategic revamp, people close to the matter said on Tuesday. The deliberations are still at an early stage, the sources added. Luxembourg has clear advantages from a taxation and regulation standpoint, one of the sources said. Deutsche Bank declined to comment. The move is aimed at freeing up capital, following a record payout over toxic mortgages it sold in the United States, the sources added. The bank is expected to present a strategy update to investors in spring and after international banking supervisors reach a deal on new capital rules. Germany''s biggest bank last week finalised a $7.2 billion U.S. settlement over the mortgage securities that soured in the 2008 financial crisis, giving it breathing space to refine its strategy. The asset management unit has been touted as a potential divestment target various times in the past. However, Deutsche Bank has so far always said that it will not shed the business. Later on Tuesday, the Handelsblatt daily cited insiders as saying that Deutsche Bank puts a market value of at least 6 billion euros ($6.5 billion) on the asset management unit, adding it could sell a stake of at least 25 percent. Chief Executive John Cryan said last week at the gathering of policy makers and business executives in Davos that asset management remained "absolutely core". "People forget how big it is and it''s a very lovely steady stream of predictable profits and revenues for us, so we like it very much, so we’ll keep that," he said last week. The Deutsche Bank unit had 715 billion euros in assets under management as of September 2016. Deutsche''s capital plans will also determine whether Deutsche Bank will reintegrate its retail unit Postbank, which it had put up for sale to lift its capital ratios, but would prefer to keep, people close to the bank said last week. A capital issue, however, is not Deutsche Bank''s base case plan, Cryan indicated last week. He said in Davos that the bank''s strong preference was not to raise fresh capital, adding: "But I know never to say never." Separately, Deutsche Bank is expected to outline a slimming down of its core investment banking unit as part of its strategic review after a rapid expansion in the business since the 1990s. (Additional reporting by Arno Schuetze, editing by Emma Thomasson/Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-bank-asset-management-ipo-idUKKBN1582EJ'|'2017-01-25T01:29:00.000+02:00'
'ad317e06eb036fb97dd382011c2f803308c56971'|'RPT-Indirect bidders snap up U.S. 2-year note supply'|'Funds  21pm EST RPT-Indirect bidders snap up U.S. 2-year note supply (Repeats with no changes to headline or text.) NEW YORK Jan 24 Fund managers, central banks and other indirect bidders purchased their biggest share of U.S. two-year Treasury note supply at an auction in eight months, Treasury data showed. This group of investors bought 48.82 percent of the $26 billion of two-year note offered compared with 32.74 percent at the prior two-year auction held in December and the largest since the two-year note sale in May 2016. (Reporting by Richard Leong, editing by G Crosse) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-auction-debt-idUSL1N1FE56I'|'2017-01-25T01:21:00.000+02:00'
'07f2d8da8f6a0c75ba732642153d64fee39d476b'|'Colony Capital exits Carrefour''s capital'|'PARIS Private equity firm Colony Capital has exited the capital of Carrefour ( CARR.PA ), some ten years after first investing in Europe''s largest retailer.French stock market watchdog AMF said in a regulatory filing on Tuesday that Colony Capital, which previously held just over 5 percent of Carrefour''s shares, had told AMF it no longer held shares in the company.The move comes as Colony, who has said its average investment in France was a decade long, sold its entire 11.2 percent stake in French voucher and prepaid card holder Edenred ( EDEN.PA ) last week.Edenred was listed in 2010 after being split from parent company AccorHotels ( ACCP.PA ), in which Colony has been invested since 2005.Carrefour has started searching for a successor to its chairman and chief executive Georges Plassat, whose mandate at the helm of Carrefour expires in May 2018.The Moulin family, owner of French department store Galeries Lafayette, is Carrefour''s top shareholder with an 11.51 percent stake, followed by Groupe Arnault, with an 8.74 percent stake.The family of Brazilian retail tycoon Abilio Diniz, has an 8.05 percent stake in Carrefour.Groupe Arnault and Colony first invested in Carrefour in 2007 through an alliance known as Blue Capital, for over 40 euros per share. Carrefour shares closed up 0.04 percent at 23.59 euros on Tuesday.In 2013, Groupe Arnault and Colony decided to abandon the joint structure and split their stake in Carrefour between them while continuing to carry out a concert and a common policy toward Carrefour.(Reporting by Dominique Vidalon; Editing by Ingrid Melander)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-carrfour-colony-idINKBN1582DL'|'2017-01-24T14:17:00.000+02:00'
'00e04d06eaba395cd289740d9d95db936156d11b'|'BRIEF-Yunnan Metropolitan Real Estate Development to set up JV in Hong Kong'|'Financials - Wed Jan 25, 2017 - 3:25am EST BRIEF-Yunnan Metropolitan Real Estate Development to set up JV in Hong Kong Jan 25 Yunnan Metropolitan Real Estate Development Co Ltd : * Says it to invest 6 million yuan to set up a JV in Hong Kong, with a management firm * Says the JV will with registered capital of 20 million yuan and the co to hold 30 percent stake in it Source text in Chinese: goo.gl/1WYJbR Further company Coverage: (Beijing Headline News) Next In Financials Fitch Withdraws Ratings on Askrindo (The following statement was released by the rating agency) SINGAPORE/JAKARTA, January 25 (Fitch) Fitch Ratings has withdrawn PT (Persero) Asuransi Kredit Indonesia''s (Askrindo) Insurer Financial Strength (IFS) rating of ''BBB-'' with Stable Outlook. At the same time, Fitch Ratings Indonesia has withdrawn the National IFS rating of ''AA+(idn)'' with Stable Outlook. KEY RATING DRIVERS Fitch has withdrawn the rating as Askrindo has chosen to stop participating in the rating process. Therefore, Fit Fitch Rates Taikang Group''s Senior Unsecured Bonds Final ''BBB+'' (The following statement was released by the rating agency) HONG KONG, January 25 (Fitch) Fitch Ratings has assigned Taikang Insurance Group Inc.''s (Taikang Group; Issuer Default Rating: A-/Stable) USD800m 3.5% senior unsecured bonds due 2022 a final rating of ''BBB+''. The assignment of the final rating follows the receipt of final documents conforming to information already received. The final rating is in line with the expected rating assigned on 5 January 2017. KEY RATING DRIVERS The bonds MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FF2XE'|'2017-01-25T15:25:00.000+02:00'
'bb1335f550f7441e768e49a38470dd7bb23dd259'|'EU clears Abbott acquisition of Alere subject to divestments'|'BRUSSELS European Union antitrust regulators cleared Abbott Laboratories'' ( ABT.N ) proposed $5.8 billion acquisition of diagnostic test maker Alere ( ALR.N ) on Wednesday, subject to the divestment of some of Alere''s operations.However, Abbott said last month it had moved to terminate the proposed acquisition citing a "substantial loss" in the value of Alere since they struck a deal a year ago.The European Commission, which is in charge of competition policy in the European Union, said there were overlaps in analyzers used in testing of blood gases and cardiac markers.The Commission said it had accepted Abbott''s offer to divest Alere''s global Epoc, Triage and BNP reagents businesses."Doctors and patients worldwide rely on fast and accurate tests to detect and monitor medical conditions. Today''s decision ensures that they will continue to benefit from choice and competitive prices in the fast developing market for small and portable test analyzers," EU Competition Commissioner Margrethe Vestager said in a statement.(Reporting By Philip Blenkinsop; editing by Julia Fioretti)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alere-m-a-abbott-eu-idINKBN1591WD'|'2017-01-25T12:20:00.000+02:00'
'81bed7e533bedc8a3cbb9fc60d43e873de50ac01'|'Harvard to spin off team that manages real estate investments'|'BOSTON Jan 25 Harvard University plans to outsource most of its investment management activities and cut more than a hundred jobs, marking a dramatic overhaul in how the Ivy League school''s $35.7 billion endowment is managed.Harvard Management Co''s new chief executive officer N.P. Narvekar announced the plans in a letter on Wednesday, noting that the investment arm will shut down its internal hedge funds and let traders go by the middle of 2017.The story was first reported by The Wall Street Journal. (Reporting by Svea Herbst-Bayliss, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/harvard-investment-idINL1N1FF17N'|'2017-01-25T15:06:00.000+02:00'
'6e72c87e9119f55b8a3c83a6f3b7f45721ee4f67'|'Bidding at U.S. 5-year note sale lowest since July'|'NEW YORK Jan 25 A gauge of investor and bond dealer demand at Wednesday''s auction of $34 billion in U.S. five-year Treasury notes fell to its weakest level since July, according to Treasury data.The ratio of bids to the amount of five-year government debt offered was 2.38, below 2.72 at the prior five-year auction in December and the lowest since 2.27 last July. (Reporting by Richard Leong; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-5year-idINL1N1FF18W'|'2017-01-25T15:15:00.000+02:00'
'264d9ee0ed3fcbf72523f97d5c8c0564a327482a'|'YOUR MONEY-Early financial aid letters shake up college decisions'|'Financials  30am EST YOUR MONEY-Early financial aid letters shake up college decisions By Beth Pinsker - NEW YORK NEW YORK Jan 25 The road to college has turned into an autobahn for some high school seniors this year. While the official deadline for making a college decision is May 1, thousands of students across the United States already have been admitted to the schools of their choice. Many also have received financial aid offers, thanks to a new timetable from the Department of Education, which moved up the start date for the Free Application for Federal Student Aid (FAFSA) to Oct. 1 from Jan. 1. Yet making an educated decision about which school to attend is hard for admitted students because financial aid information is not available from all of them. "My families are just freaking out. It''s almost too much time to be waiting," says college financial aid consultant Jodi Okun. ( here ) Traditionally, colleges distributed financial aid letters to admitted students in mid-March. But some institutions, such as Kalamazoo College in Michigan and the University of Denver, moved up their financial aid award notifications as well, sending out letters to admitted students immediately. College funding expert Mark Kantrowitz, publisher at Cappex.com, estimated that half to two-thirds of colleges are sending out some kind of real award letters to already-accepted students. Schools with admitted students at this point in the year would be those with rolling admissions as well as early decisions (a binding commitment) and action (which can wait until May 1). The majority of students, however, will not receive acceptances until March or later, with their financial aid packages arriving shortly after. It has not been easy for schools to juggle the new deadlines. The College of Wooster, a Scottish-Presbyterian institution in Wooster, Ohio, had to accelerate all sorts of other deadlines in order to get aid letters out in January to the first batch of accepted students. That included moving up auditions for competitive scholarships, which caused a bit of a space crunch when it came to bagpipers needing an indoor space to try out in January, as opposed to being able to do it outdoors in March. "It was an organizational challenge," said W. Scott Friedhoff, Wooster''s vice president for enrollment and college relations. And not just for the institution: "Now families have to be a little more alert about deadlines that have changed." NEGOTIATING AID The intention of the new timeline is to provide a bigger window for consideration of financial options. In particular, families can appeal for more aid if they feel the award is not adequate, Kantrowitz said. Carroll University in Waukesha, Wisconsin, is making it easier for admitted students to talk over their financial aid offers this year. It had a visiting day last Saturday with slots every 20 minutes to ask questions, and filled every one. The timeline benefits some schools too. Indiana Wesleyan University in Marion, Indiana, is using the new calendar to counter competitors who give out merit aid. In the past, the students it coveted were already spoken for by the time the school sent out need-based offers. "This levels the playing field for bottom-dollar costs," said Thomas Ratliff, the school''s associate vice president. More time also gives high school seniors a chance to re-visit schools and do all-important things like taste the food, which Kantrowitz urges students to take seriously. "It is a real consideration for some," he said. "They arrive on campus and form a first impression. More time will allow them to make a more deliberative, informed impression." But the early aid offers have drawbacks too, most notably, accelerating the age-old senior slide. "You get in, you get a great offer, it gives you more time to slack off," Kantrowitz warned. "Offers of admission are conditional - they are dependent on final grades. If you have a serious slump, the school could rescind the offer." Another potential negative exists for the type-A student who is driven, anxious and unable to wait. Okun has a client who got into her dream school, the University of San Francisco, and received her award letter. But she is not celebrating yet because she has to wait for award letters from the other six schools on her list. "I keep telling her, ''I know it''s hard,''" Okun said. "But talk to the school, revisit, and decide if you can really afford it." (Editing by Lauren Young and Paul Simao) Next In Financials Fitch: BNY Mellon Continues to Generate Good Operating Leverage (The following statement was released by the rating agency) NEW YORK, January 25 (Fitch) The Bank of New York Mellon Corporation (BK) reported net income of $822 million in the fourth quarter of 2016 (4Q16) on revenue of $3.79 billion, according to Fitch Ratings. BK''s 4Q16 net income equated to a 0.96% annualized return on average assets (ROAA) down from 1.10% sequential quarter but up from 0.69% a year ago. Compared to the level a year ago, BK''s performance benefited from increased operat'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/money-college-financialaid-idUSL1N1FD1NX'|'2017-01-25T21:30:00.000+02:00'
'835974e72da858617f2055bcfa0f3ea45a0fa87d'|'Dubai developer Deyaar Q4 net profit falls 52 pct'|'Financials   1:19am EST Dubai developer Deyaar Q4 net profit falls 52 pct DUBAI Jan 25 Dubai''s Deyaar Development reported a 52.4 percent fall in fourth-quarter net profit on Wednesday, according to Reuters calculations * The company made a profit of 48.3 million dirhams ($13.2 million) in the three months to Dec. 31, based on Reuters calculations. * This compares to a profit of 101.5 million dirhams in the corresponding period of 2015. * The developer said it made 216.1 million dirhams for the full year 2016, compared with 291.4 million dirhams in 2015, according to a bourse statement. * Full-year revenue was 428.3 million dirhams, up from 257.1 million dirhams in 2015. * The company said full-year revenue increased because of progress on its The Atria and Mont Rose projects. It did not give a reason for the net profit fall. (Reporting by Alexander Cornwell; Editing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/deyaar-results-idUSS8N1EZ00K'|'2017-01-25T13:19:00.000+02:00'
'2531fb3ffb55fc00afc28950fcb8e750d38cffff'|'Fitch Rates Egypt''s New USD Bonds ''B'''|'Financials  46am EST Fitch Rates Egypt''s New USD Bonds ''B'' (The following statement was released by the rating agency) HONG KONG, January 25 (Fitch) Fitch Ratings has assigned Egypt''s new senior unsecured bonds issued under the sovereign''s Global Medium-Term Note programme ''B'' ratings. The issues are as follows: USD1.75bn 6.125% bonds maturing 31 January 2022 USD1bn 7.5% bonds maturing 31 January 2027 USD1.25bn 8.5% bonds maturing 31 January 2047 KEY RATING DRIVERS The ratings are in line with Egypt''s existing senior unsecured ratings and its Long-Term Foreign-Currency Issuer Default Rating (IDR) of ''B'', which has a Stable Outlook. The IDR was last affirmed on 15 December 2016. RATING SENSITIVITIES The ratings of the bonds are sensitive to changes in Egypt''s Long-Term Foreign-Currency IDR. Contact: Primary Analyst Toby Iles Director +852 2263 9832 Fitch (Hong Kong) Limited 68 Des Voeux Road Central Hong Kong Secondary Analyst Ed Parker Managing Director +44 20 3530 1176 Committee Chairperson Tony Stringer Managing Director +44 20 3530 1219 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Date of Relevant Rating Committee: 14 December 2016 Additional information is available on www.fitchratings.com Applicable Criteria Country Ceilings (pub. 16 Aug 2016) here Sovereign Rating Criteria (pub. 18 Jul 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch''s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987744'|'2017-01-25T19:46:00.000+02:00'
'fec17336166cd01dc0eb43f805581bcdfb0ecfdf'|'RPT-Pipeline opponents face high legal hurdles challenging Trump'|'(Repeats story published Tuesday with no changes)By Joseph AxNEW YORK Jan 25 Opponents of two controversial oil pipelines face a long and difficult legal path if the U.S. government approves their construction, experts said after the Trump administration issued orders on Tuesday intended to advance the Keystone XL and Dakota Access projects.U.S. President Donald Trump issued a pair of memoranda to several agencies paving the way to revive Keystone XL, which would bring oil from Canada, and Dakota Access, a nearly completed pipeline which had sought to build under a lake near a Native American reservation in North Dakota. Both projects stalled under former President Barack Obama."Presidents are by and large entitled to take their agencies in a different direction and serve their policy goals," said Wayne D''Angelo, an energy and environmental lawyer with Kelley Drye & Warren in Washington.Nevertheless, several groups immediately said they would challenge in court any attempt to resume the projects, which have become hot-button political issues at the intersection of environmentalism, Native American tribal rights and energy needs.The two pipelines could present different legal obstacles for environmentalists and other groups intent on halting them.As a cross-border project, the $8 billion Keystone XL requires a presidential permit to proceed. Obama denied such a permit to pipeline operator TransCanada Corp in 2015, arguing it would undermine the United States'' ability to act as a world leader on climate change policy.Trump''s Keystone order on Wednesday invited TransCanada to re-apply.Presidential authority to grant such permits is generally accepted by the courts, said James Rubin, an energy and environmental attorney at Dorsey & Whitney in Washington.Even with presidential approval, TransCanada would need permits from other government agencies, including the U.S. Department of the Interior and the U.S. Army Corps of Engineers, to navigate federal waters and lands. Any of those permits could be legally challenged by opponents as improperly issued.But courts would not review whether the government''s decisions were correct. Instead, they would consider whether the conclusions were "arbitrary and capricious" or inconsistent with the evidence before the agencies."If the agency issuing the permit has taken all the right steps and made a reasonable determination, it''s hard to overturn them," Rubin said. "The court can''t tell an agency what to do. It can only make sure that it did it right. It''s a review of the process, not the substance."In the case of the 1,179-mile (1,900-km) Keystone XL pipeline, the U.S. government previously completed an environmental impact statement that concluded the pipeline would have no significant effect on climate change, making it more difficult for a legal challenge to succeed, D''Angelo said.Energy Transfer Partners LP''s Dakota project, meanwhile, was halted in December when the Army Corps denied an easement to tunnel under a section of the Missouri River after weeks of protests by the Standing Rock Sioux tribe and its supporters.Trump''s Dakota order on Tuesday did not instruct the corps to change its position. But the president ordered the agency to consider "whether to rescind or modify" its December determination.If the corps abruptly reverses its decision, opponents could argue the agency had no justification for changing course in the absence of any new evidence. Earthjustice, the nonprofit that has led legal challenges to the Dakota project, said it would fight any attempt by the corps to step back from its December decision."If the corps issues the easement, it will violate its own prior findings, and we will likely seek court review of that decision," the group said in a statement.But D''Angelo pointed out that the corps'' December decision was itself a reversal of one in July granting the easement before the protests became widespread. Courts have traditionally taken into account that new presidential administrations may bring different priorities to executive agencies."I don''t know anyone in the world that believes that the late-breaking changes on those projects were anything but political," he said.The Standing Rock Sioux are also suing the government for not consulting with the tribe before approving the route. Last year, a judge denied the tribe''s request for an injunction stopping the work, a signal the judge did not view its claim as likely to succeed.(Reporting by Joseph Ax; Editing by Anthony Lin and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-pipeline-legal-idINL1N1FF014'|'2017-01-25T09:00:00.000+02:00'
'5267ba7b47b56faef8e367e76872f62c236b03c2'|'Italy''s Intesa SanPaolo confirms examining possible tie-up with Generali'|'Deals - Tue Jan 24, 2017 - 3:17pm EST Italy''s Intesa SanPaolo confirms examining possible tie-up with Generali The headquarters of Italy''s biggest insurer Assicurazioni Generali is seen in Rome, Italy, February 8, 2016. REUTERS/Alessandro Bianchi/File Photo MILAN Italian banking and insurance group Intesa SanPaolo ( ISP.MI ) confirmed on Tuesday it was examining a possible tie-up with insurer Assicurazioni Generali ( GASI.MI ). In a statement, the lender said that its management "carefully examines and will examine any possible opportunities to strengthen its positioning and performance... including possible industrial combinations with Assicurazioni Generali." It was the first comment made by the bank since reports emerged at the weekend that the lender was interested in building a stake in Generali, Italy''s biggest insurer. (Reporting by Giulia Segreti)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-generali-m-a-intesa-sp-idUSKBN1582PN'|'2017-01-25T03:17:00.000+02:00'
'eb54395f44892655b2f2c668a9a6e588751c6e8a'|'Mining firms see little appeal in Egypt''s gold exploration terms'|'  4:06pm GMT Mining firms see little appeal in Egypt''s gold exploration terms left right FILE PHOTO: Egypt''s national flag is seen across the Hamama Camp site set up on the Alexander Nubia concession in the Eastern Desert near the southern province of Luxor,Egypt May 20, 2016. Picture taken May 20, 2016. REUTERS/Amr Abdallah Dalsh/ 1/4 left right FILE PHOTO: Geologist Leonard Karr uses a flashlight inside an old abandoned mine in the Eastern Desert near the southern province of Luxor,Egypt May 20, 2016. Picture taken May 20, 2016. REUTERS/Amr Abdallah Dalsh/File Photo 2/4 left right FILE PHOTO: Geologist Rick Cavaney works near collected core samples in the Eastern Desert near the southern province of Luxor, Egypt May 20, 2016. Picture taken May 20, 2016. REUTERS/Amr Abdallah Dalsh/File photo 3/4 left right FILE PHOTO: Geologist Leonard Karr shows the core samples in the Eastern Desert near the southern province of Luxor, Egypt May 20, 2016. Picture taken May 20, 2016. REUTERS/Amr Abdallah Dalsh/File photo 4/4 By Eric Knecht - CAIRO CAIRO The gold beneath Egypt''s desert could make it a top global producer, but the investment terms on offer are driving away small explorers whose skills the country needs to unlock its mineral wealth. The Egyptian government launched its first international tender for gold mining concessions in eight years last week, potentially an exciting opportunity for global miners to help develop a relatively untapped gold-mining frontier. Though it has a history of gold-mining stretching back to the pharaohs, Egypt today has a single commercial gold mine, Centamin''s ( CEY.L ) Sukari, which produced 551,036 ounces last year. In Egypt''s mineral-rich Eastern Desert alone, some exploration companies estimate potential gold reserves could be higher than 300 tonnes, although the government declines to give an estimate. But mining companies active in Egypt and Africa say the new exploration round, which offers five concession areas and closes on April 20, is unlikely to lure investors because of commercial terms they say are among the least attractive in the world. A poor response from the mining firms would be a setback for Egypt, which has struggled to lure foreign investors ever since a 2011 uprising and subsequent turmoil drove many away. The gold tender terms include a six percent royalty payment, only partial cost-recovery before the start of production-sharing, and three bonus payments to Egypt''s mining agency, EMRA, including one of at least $1 million. At least 50 percent of any gold revenues companies generate would have to be shared with the government. The country''s three main foreign players -- Centamin, Aton Resources ( AAN.V ), and Thani Stratex Resources -- have all told Reuters they would not bid under the current terms. Centamin, which pays a three percent royalty on Sukari, said the new terms collectively "create a non-commercial operating environment for any mining investor". HOPES DASHED The terms of the new exploration round have dashed investors'' hopes, raised by a more flexible 2014 mining law and a government goal of expanding the mining sector to 5 percent of GDP by 2024, compared with a fraction of one percent now. Miners say the terms price out the most critical early investors: junior explorers that operate like venture capital, raising funds to take high-risk bets in the hope of stumbling on a commercially viable discovery. "I''ve been really excited about them making changes. But unfortunately the terms don''t seem to be getting any better," said Omar El-Alfy, head of precious metals at Qalaa Holdings, which has invested in exploration in nearby Ethiopia but so far shunned its home market Egypt. "The framework that''s currently on offer in Cairo isn''t really attractive for the smaller players to really get involved and hence the reason you''ve only got one gold mine." Miners say the international norm is a royalty and tax regime where the government takes a small royalty fee from production revenues, a model that has created booming industries from Chile to Ethiopia. But EMRA head Omar Teama told Reuters the government has no intention of applying this model and expects a "beyond excellent" turnout in the round. "For those who find the bid round suitable for them under these terms, they are welcome in Egypt. For those who don''t find them suitable, I don''t want to hear anyone''s advice," said Teama. Egypt''s Petroleum and Mineral Resources Ministry declined comment. David Hall, CEO of Thani Stratex Resources, said juniors like his firm are unlikely to enter the round based on the high bonus payments alone. "(Juniors) don''t want to pay money for signing-on bonuses... they''d rather put that money in the ground," he said. "You see the cash generated by Sukari, and if you make one of those discoveries every four to five years you have the ability to generate billions of dollars, but you''ve got to get the company to take the risk to do the exploration to see if the potential is there first." (editing by Lin Noueihed and Adrian Croft)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-egypt-gold-idUKKBN158252'|'2017-01-24T23:06:00.000+02:00'
'1e6092d806694dc9b50707c60102c2851be4064f'|'Vodafone wins German court victory over Telekom duct charges'|'Technology   5:43pm GMT Vodafone wins German court victory over Telekom duct charges Branding for Vodafone is seen on the exterior of a shop in London, Britain, September 10, 2015. REUTERS/Toby Melville BERLIN Germany''s highest federal court handed Vodafone ( VOD.L ) a victory on Tuesday in a dispute with Deutsche Telekom ( DTEGn.DE ) over how the former state monopoly charges for the use of cable ducts, Vodafone said. The dispute concerns around 400 million euros ($430 million) that Vodafone says Telekom has overcharged it in rent for using the cable network that Deutsche Telekom built before it had to spin it off as part of its privatization. A Vodafone spokeswoman said the Federal Court of Justice had overturned a ruling of a lower court in favor of Deutsche Telekom and referred the case back to that court to determine whether and to what extent Vodafone''s claims were founded. "In our opinion, Telekom is abusing its dominant position with the high rental fees for the use of cable ducts," the spokeswoman said. The Federal Court of Justice was not reachable after office hours. Deutsche Telekom said it was confident the lower court would again find in its favor. "We expect that the higher regional court will agree with our view that the size of the demand is not justified," a spokesman said. (Reporting by Peter Maushagen; Writing by Emma Thomasson; Editing by Georgina Prodhan) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-vodafone-group-deutsche-telekom-idUKKBN1582FS'|'2017-01-25T00:41:00.000+02:00'
'1ff0bd6a4e916ddf996a6135f0c2aaa268dd1e88'|'Global Economy Weekahead - to get first sign of economic health -'|'By Philip Blenkinsop - BRUSSELS BRUSSELS Donald Trump''s policy plans in his first days in office are likely to dominate headlines in the coming week, but the new president himself will also get a first read-out on the health of the U.S. economy.And for all his call to make American great again, data should confirm that the economy is clipping along at a healthy rate even before Trump''s promised tax cuts and infrastructure spending.While Trump has talked of a feverish first full day - with orders and notifications to withdraw from the TPP trans-Pacific trade pact, cancellation of restrictions of energy production and curbs on illegal immigrants - the economic diary is light.Further details of a stimulus package, which could be watered down by Congress, could be the dominant economic event.Other than that, a week before the monetary policy meetings of the Federal Reserve, the Bank of England and the Bank of Japan and a week after a European Central Bank sitting, the stand-out figures are likely to be first estimates for U.S. growth on Friday and for British growth a day earlier.The U.S. economy is seen expanding by an annualised rate of 2.2 percent in the final quarter of 2016, easing from the 3.5 percent of third quarter as net trade turns negative, but with solid consumption growth and a reduced drag from the energy price collapse that hit investment."We''re seeing a lot of momentum in some areas of the economy," said Laura Rosner, economist at BNP Paribas. "It''s a bit of a step down, but is still very healthy and really should support expectations for further growth and expansion.""It''s an important number but at the same time markets are focused on the outlook, particularly given all the potential policy changes," she added.Rosner, like other economists, sees U.S. growth accelerating this year and next, buoyed by the fiscal stimulus.Harm Bandholz, chief U.S. economist at UniCredit, sees the effect of that being at the end of 2017, but says there is then a risk increased consumption hikes imports, leading to a call for growth-draining trade protection.According to a Reuters poll in the past week, the top risk to U.S. growth is that Trump keeps his protectionist promises. [ECILT/US]BREXIT HIT FOR UK ECONOMY IN 2017?In Britain, it is the week after Prime Minister Theresa May''s big speech on Britain''s plans to leave the European Union. The chief Brexit news is likely to be Tuesday''s supreme court ruling on parliamentary involvement in triggering the EU''s Article 50 exit clause.Britain too will report a first estimate for economic growth in the fourth quarter. Like the United States, GDP is seen easing, to 0.5 percent quarter-on-quarter from 0.6 percent in the July-Sept period.James Knightley, ING senior economist, said the report is likely to confirm that the UK economy grew faster than that of the United States, the euro zone and Japan in 2016. However, the outlook for 2017 is less rosy."Inflation is going to rise, driven by import costs for energy and food, particularly as hedged positions end. This should weaken consumer spending, while the triggering of Article 50 could lead to business being more cautious," Knightley said.For the euro zone, purchasing manager indexes should confirm continued steady growth across industry and services in January.In Europe''s largest economy, business sentiment is forecast to push slightly beyond December''s near three-year high in Ifo''s report on Wednesday, with both the assessment of current conditions and expectations ticking higher.The mood among German analysts and investors improved slightly in January, figures showed on Tuesday, with rising expectations "a leap of faith for 2017" after a stronger-than-expected economic performance by Germany last year.Elsewhere, Turkey is one of few countries where central bank policymakers will meet faced, like many emerging markets, with a challenge from the strong dollar. Its central bank will undergo a credibility test, with investors hoping for a significant interest rate hike after attempts to defend the Turkish lira with liquidity measures proved ineffective.(Reporting By Philip Blenkinsop)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/global-economy-idINKBN1542WL'|'2017-01-20T19:38:00.000+02:00'
'f209e370efe44132cab84dfe211878883328ead5'|'Yahoo revenue rises 15.4 percent amid Verizon deal uncertainty'|'  9:29pm GMT Yahoo revenue rises 15.4 percent amid Verizon deal uncertainty A photo illustration shows a Yahoo logo on a smartphone in front of a displayed cyber code and keyboard on December 15, 2016. REUTERS/Dado Ruvic/File Illustration Yahoo Inc ( YHOO.O ) reported a 15.4 percent rise in quarterly revenue on Monday, ahead of a proposed sale of its core internet business to Verizon Communications Inc ( VZ.N ). The fate of the deal was thrown into doubt after Yahoo disclosed two major data breaches last year. The company said on Monday that it was continuing to work with Verizon on the sale, and added that the deal was now expected to close in the second quarter. The deal was earlier expected to close in the first quarter. The internet pioneer said in December it had uncovered a massive cyber attack in 2013 affecting more than 1 billion user accounts, double the number compromised in a 2014 breach that Yahoo disclosed in September. Verizon executives have said they see a strong strategic fit with Yahoo and will review the impact of the data breaches, but sources have told Reuters that the deal terms could be renegotiated. Yahoo''s revenue rose to $1.47 billion (1.18 billion pounds) in the fourth quarter ended Dec. 31 from $1.27 billion a year earlier. After deducting fees paid to partner websites, revenue fell to $960.1 million from $1 billion. Net income attributable to Yahoo was $162 million, or 17 cents per share, compared with a loss of $4.43 billion, or $4.70 per share, a year earlier. The year-ago quarter included a $4.46 billion write-down to account for the lower value of some units. The company said last week it would not hold a conference call or webcast after the release of the results, citing the pending deal. This is the second straight quarter that Yahoo is not holding a post-earnings call. (Reporting by Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-yahoo-results-idUKKBN1572PW'|'2017-01-24T04:25:00.000+02:00'
'a664f6ca7488265784881f492c04772e21811f9e'|'United domestic flights grounded due to ''IT issue'' - Reuters'|'Jan 22 United Airlines said it had grounded all domestic flights due to an "IT issue" on Sunday, company spokeswoman Maddie King said."We are working as quickly as possible to resolve this issue and get out customers to their final destinations," King said in an emailed statement.(Reporting by Ismail Shakil in Bengaluru and Suzanne Barlyn in New York; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ual-flights-idINL4N1FD183'|'2017-01-22T22:38:00.000+02:00'
'4c803b1b32f9dcee02f923d27a227c375c6f01e7'|'European shares cut losses after hitting 3-week low. For more see the equities LiveMarkets blog'|'Financials  34am EST European shares cut losses after hitting 3-week low. For more see the equities LiveMarkets blog MILAN Jan 23 Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: ** European shares reduce losses after hitting lowest since end-December ** STOXX down 0.2 pct after, FTSE 100 down 0.4 pct ** Antofagasta helps miners lead sectoral gainers; financials still top drag ** M&A reports buoy shares in insurer Generali, UK builders ** Warning hits Essentra; SGS, Philips Lighting down after results ** But Citi raises year-end target for STOXX index Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FD2PO'|'2017-01-23T18:34:00.000+02:00'
'49bf3ba6acfdacbc23b86b2ade7a85eca976d4e6'|'RPT-INVESTMENT FOCUS-History suggests Trump month will be stocks down, dollar up'|'(Repeats from Friday without changes)* Graphic: One month in: reut.rs/2j1xrmu* Graphic: The Presidential Touch: tmsnrt.rs/2jtEpzi* Stock performance in previous transitions:* Trump trades fade as inauguration looms:By Jamie McGeever and Marc JonesLONDON, Jan 20 For financial markets, the Trump era begins on Monday, and if history is any guide the following month should be a rocky one for Wall Street but positive for the dollar.The S&P 500 has fallen a median 2.7 percent in the month after each new president has taken the keys to the White House since Herbert Hoover did so in January 1929, according to Reuters analysis.Only four presidents have seen Wall Street rise in their first month in power: Hoover (+3.8 percent), John F. Kennedy in 1961 (+6 pct), George H. W. Bush in 1989 (+5.3 pct) and Bill Clinton in 1993 (0.8 pct).The market has fallen in the first month under every other incoming president since Hoover. Even Ronald Reagan and Barack Obama, who ultimately presided over 120 percent and 165 percent rallies on Wall Street during their two terms, respectively, saw initial slides of 4.8 percent and 15 percent.The dollar tends to fare better. Analysis going back to the early 1970s when the currency was taken off the gold standard shows it has risen an average 2.2 percent in the first month of a first-time president.Donald Trump takes office as the 45th president of the United States with investor apprehension over an incoming president has rarely been higher."There are two sides to Trump, the one side focusing on U.S. stimulus which drives up global growth and the other side, the protectionist Donald Trump that could do the opposite. So the big question is which will we get?," said State Street Global Advisors'' EMEA head of currencies James Binny.Markets latched on after Trump won the November election to his reflationary and pro-growth stance: stocks rose to new highs, the bond selloff deepened, and the dollar clocked a 14-year peak against the euro.But as the inauguration has drawn closer, that momentum has faded. This week, the Dow Jones and dollar hit six-week lows, the 10-year U.S. Treasury yield its lowest since late November, and gold rose to its highest in two months.Some investors are playing safe."We are neutral, because we don''t know exactly what direction Trump will take," said Lukas Daadler, chief investment officer of investment solutions at Robeco, a subsidiary of Robeco Group. The latter has 269 billion euros in assets under management."There is some extreme positioning out there, so there''s the risk of a short squeeze. But we''ve taken a neutral stance, and we might see more detail on his plans next week."Much of that positioning is in the U.S. bond market and the dollar. Speculators have amassed record bets against 10-year Treasuries, and according to Bank of America Merrill Lynch''s January fund manager survey, the most overcrowded trade in the world now is the pro-dollar trade.BAML strategists said on Friday that although there has been a clear cooling of "Trump trade" bets in recent weeks, overall investor sentiment is its highest in three months.They recommend sticking with they call the "Icarus trade" - one last 10 percent rise in stocks and commodities before the rally ends.(Graphic by Vikram Subhedar; Editing by Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-markets-repeat-investment-focu-idINL5N1FD1S1'|'2017-01-23T06:05:00.000+02:00'
'249da2522e3a66db33b1a99a01fdaa5fdf652bdc'|'JP Morgan sees U.S. telecom sector consolidation, T-Mobile deal'|'U.S. telecom sector could be on the brink of a major consolidation under President Donald Trump''s likely more merger-friendly administration, said JP Morgan Securities, which now sees a 90 percent chance of T-Mobile US ( TMUS.O ) being involved in a strategic transaction in the next five years.T-Mobile could be involved in tie-up with Sprint Corp ( S.N ), or be acquired by a cable company, JP Morgan said, adding that a transaction involving Dish Network Corp ( DISH.O ) or a sale to a foreign player that wants a foothold in the U.S. wireless market is also likely.Sprint dropped its bid to acquire smaller rival T-Mobile in August 2014 due to continued regulatory resistance. ( reut.rs/2ffrEYW )A potential combination of Sprint and T-Mobile is seen as the most compelling, with the likelihood of a deal between the two wireless carriers now at more than 35 percent, up from 10 percent in September, with a 70 percent chance of approval, if announced, JP Morgan analyst Philip Cusick said.Japan''s Softbank Group ( 9984.T ), which owns more than 80 percent in Sprint, had pledged investment in the United States last year, reviving speculation that Sprint and T-Mobile may rekindle merger talks.JP Morgan upgraded Deutsche Telekom ( DTEGn.DE ), which owns almost 65 percent in T-Mobile, to "overweight" from "neutral" and raised its price target to 19.50 euros from 16.20 euros to reflect a 35 pct probability of a U.S. transaction."We believe that parents Softbank and Deutsche Telekom have increased their preference for a tie-up in the last six months and that the value of about $5 billion of annual synergies is enough to smooth over most disagreements on relative value," Cusick said.Deutsche Telekom Chief Executive Tim Hoettges said in November that the company was "not in the mood" to sell T-Mobile, although it was watching for any change in the U.S. regulatory environment under Trump''s administration.Cusick estimated a 20 percent chance of T-Mobile continuing to operate as a standalone business in the next five years.Shares of T-Mobile closed at $59.62 and Sprint at $8.93 on Friday. Deutsche Telekom shares closed at 16.42 euros.(Reporting by Derek Francis and Geetha Panchaksharam in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-t-mobile-us-research-idINKBN1570UN'|'2017-01-23T05:36:00.000+02:00'
'35b31570b1d3608deed785664669a0e45a4da7e3'|'British banks'' optimism hits crisis-era low on Brexit uncertainty'|'Business News - Mon Jan 23, 2017 - 12:07am GMT British banks'' optimism hits crisis-era low on Brexit uncertainty A general view of the Shard, the London Eye and Tower Bridge on the skyline of London, Britain January 19, 2017. Picture taken January 19, 2017. REUTERS/Kevin Coombs LONDON Optimism about the business environment for Britain''s financial services firms fell for a fourth consecutive quarter, according to a survey published on Monday, the longest decline since the global financial crisis. The latest quarterly survey of 103 financial services firms by business lobby CBI and consultancy PwC found sentiment about Britain''s overall business climate fell the most since December 2008, with banks especially pessimistic. 90 percent of banks surveyed said preparing for the impact of Britain''s exit from the European Union was their top challenge. "Uncertainty has contributed to the low levels of optimism reported by many financial services companies, particularly by the banks," Andrew Kail, Head of Financial Services at PwC, said in the report. Banks have begun signalling how they will put plans into action to cope with a "hard" exit by Britain from the EU, after Prime Minister Theresa May said Britain will leave the single market. Kail also said that greater clarity on the UK position on Brexit from the Prime Minister''s speech this week was welcome, not least a commitment to a period of phased implementation. The survey revealed a more optimistic outlook for hiring, with 18 percent of financial firms saying they had increased employment in the period compared with 10 percent showing a decrease. IT was the biggest area for new jobs. The survey also said firms considered increasing their dialogue with regulators as the biggest priority as Britain negotiates its EU exit. (Reporting By Lawrence White. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-banks-outlook-idUKKBN157003'|'2017-01-23T07:07:00.000+02:00'
'6efdcd03b569fd91ee980e1b8bfb55a152b8271d'|'HSH Nordbank invites indicative bids from potential buyers'|' 23am EST HSH Nordbank invites indicative bids from potential buyers FRANKFURT Jan 23 Shipping finance provider HSH Nordbank has launched its sales process, inviting expressions of interest from potential buyers, according to a statement issued by Citigroup on Monday. HSH''s owners - the northern German states of Schleswig-Holstein and Hamburg jointly hold 85 percent - have to privatise the bank by the end of February 2018 and have mandated Citi to organise the process. Indicative bids are due by the end of March, Citi said on Monday, with the sellers'' clear preference being for a sale of all of their shares in HSH. HSH, which had total assets of 73 billion euros ($78.5 billion) and posted a pretax profit of 183 million euros as of September, sought backing from its owners after risky assets turned sour in 2008. It got hit further by the slump in global trade after the financial crisis. The EU Commission, HSH and its owners negotiated for years over a plan to restore HSH to health and avoid future state aid. ($1 = 0.9302 euros) (Reporting by Maria Sheahan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hsh-nordbank-sale-idUSL5N1FD0LJ'|'2017-01-23T13:23:00.000+02:00'
'60e51fb1da635a8df2097d39a4ea90c68f731147'|'Fed''s Lacker favors faster rate hike path to curb inflation'|'Business News - Mon Jan 23, 2017 - 1:08pm EST Fed''s Lacker favors faster rate hike path to curb inflation File photo of Federal Reserve Bank of Richmond President Jeffrey Lacker taken on Capitol Hill in Washington June 26, 2013. REUTERS/Yuri Gripas Jeffrey Lacker, the hawkish president of the Federal Reserve Bank of Richmond, said on Monday he is worried inflation could surge unless the U.S. central bank raises interest rates faster than his fellow policymakers anticipate. "Right now I think we are at risk of getting behind the curve, so lately I''ve been an advocate of pushing rates up a little more aggressively than my colleagues," Lacker said in an interview on WCVE, a Richmond public radio station. Most of the Fed''s policymakers see the central bank raising rates three times this year. Lacker, who plans to retire on Oct. 1, has for the last several years argued that the Fed should raise rates to prevent a spike in inflation even though it has lingered well below the central bank''s 2 percent target for most of that period. The Fed''s policy-setting committee will meet next week. It is not expected to raise rates after lifting them by a quarter of a percentage point in December. (Reporting by Ann Saphir; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-fed-lacker-idUSKBN1572FD'|'2017-01-24T01:08:00.000+02:00'
'efaa8f57f61313d38264ea458ab80863dee5c53a'|'Futures fall on Trump''s protectionist address'|'Business News - Mon Jan 23, 2017 - 7:43am EST Futures fall on Trump''s protectionist address Traders gather for Keane Group, Inc.''s IPO on the floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., January 20, 2017. REUTERS/Stephen Yang U.S. stock index futures slipped on Monday as investors around the world sought safe-haven assets such as gold and U.S. Treasuries in response to the protectionist sentiments expressed by President Donald Trump in his inauguration speech. * Trump pledged to put "America first" by laying out two simple rules - buy American and hire American. * Wall Street has hit a series of record highs after Trump''s election in November as investors expected the economy to get a boost from his proposals for tax and regulatory reforms and higher infrastructure spending. * However, investors are worried about the lack of detail on his economic policies and the impact of his isolationist stance on world trade. * Trump has made it clear that he plans to hold talks with leaders of Canada and Mexico to renegotiate the North American Free Trade Agreement (NAFTA) and intends to withdraw from the 12-nation trade pact of the Trans-Pacific Partnership. * The dollar .DXY fell to a six-week low on Monday, while prices of safe-haven gold rose. * Wall Street ended higher, the first in over 50 years under a new president, helped by a thrush of strong quarterly corporate earnings. * Dow component McDonald''s ( MCD.N ) is expected to report results before market opens and Yahoo ( YHOO.O ) after the close. * Nearly 65 percent of S&P 500 companies that have reported earnings so far have beaten analysts'' expectations, according to Thomson Reuters I/B/E/S. * Halliburton ( HAL.N ) slipped 0.27 percent to $56.30 premarket after the world''s No. 2 oilfield services provider reported a bigger loss in the latest quarter. * Perrigo ( PRGO.N ) was off 1.7 percent at $73.76 after Jefferies cut its price. * No major economic data is scheduled for the day. Futures snapshot at 6:58 a.m. ET: * Dow e-minis 1YMc1 were down 12 points, or 0.06 percent, with 17,626 contracts changing hands. * S&P 500 e-minis ESc1 were down 3.5 points, or 0.15 percent, with 107,097 contracts traded. * Nasdaq 100 e-minis NQc1 were down 10 points, or 0.2 percent, on volume of 19,127 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN1571MI'|'2017-01-23T19:43:00.000+02:00'
'9b67ea98662eb921993a7151cc91b900b202cb22'|'U.S. bankruptcy court judge OKs $425 million for Avaya loan'|'Deals  29pm EST U.S. bankruptcy court judge OKs $425 million for Avaya loan The sign at Avaya Inc. offices and lab in Westminster, Colorado is seen January 23, 2007. REUTERS/Rick Wilking By Jessica DiNapoli - NEW YORK NEW YORK A U.S. bankruptcy court judge granted Avaya Inc approval on Friday to tap $425 million of the $725 million loan proposed to carry the telecommunications company through its restructuring, funds the company said were essential to continue operations. Avaya filed for Chapter 11 bankruptcy protection on Thursday to cut its debt of about $6 billion after efforts to sell its call center business and reach a consensual deal with creditors failed. The bankruptcy underscored the challenges telecoms companies face as they transition to software and services from hardware. "The company has taken a decisive step to rightsize its balance sheet," Pat Nash, one of the company''s attorneys, told Judge Stuart Bernstein at the U.S. Bankruptcy Court for the Southern District of New York. Nash said Avaya would be "marrying a balance sheet restructuring with an operational transformation." The company''s lawyers said a significant portion of the $725 million loan, extended by an affiliate of Citigroup Inc ( C.N ) for up to a year, was funded by Avaya''s existing lenders. Avaya plans to return to U.S. bankruptcy court on Monday for approval on other expenses. Buyout firm Clayton, Dubilier & Rice LLC (CD&R) had been in the lead to acquire Avaya''s call center business for about $4 billion. But Avaya and CD&R could not agree on price, terms or how the deal would effect Avaya''s pension obligations, a person familiar with the matter said on Thursday. Avaya has liabilities totaling about $1.5 billion stemming from its pension and other promised post-employment benefits. The Santa Clara, California-based company faced potential penalties from lenders on Jan. 28 after it did not turn in its annual financial statements for its fiscal year on Dec. 29. Avaya has consistently reported losses, stemming in part from costs related to its debt. It was taken private in 2007 for $8.2 billion by private equity firms Silver Lake Partners LP and TPG Capital LP. (Reporting by Jessica DiNapoli; Editing by Daniel Wallis) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-avay-bankruptcy-loan-idUSKBN1542W3'|'2017-01-21T05:26:00.000+02:00'
'250784488199c3e80f7dd6dbf77884ae00418dc8'|'UPDATE 1-Ryanair fears UK could lose access to EU''s Open Skies'|'Industrials - Tue Jan 24, 2017 - 6:53am EST UPDATE 1-Ryanair fears UK could lose access to EU''s Open Skies (Adds background, quote on impact across Europe) DUBLIN Jan 24 Ryanair fears that Britain''s plans for withdrawal from the European Union could result in the loss of access to the EU''s Open Skies deregulated aviation market in as little as two years, Chief Executive Michael O''Leary said on Tuesday. The flexibility afforded by the Open Skies policy introduced in 1997 has been key to Ryanair''s growth into Europe''s largest airline by passenger numbers. A third of Ryanair''s 120 million passengers fly from UK airports. "We worry that the price of remaining in Open Skies will be the UK accepting freedom of movement of people ... I think that may be unlikely, in which case we may be heading for a very hard Brexit," O''Leary told journalists in Dublin. "I don''t think it is possible to get interim arrangements through 27 European parliaments in a two-year period, so the British will fall off a cliff in two years'' time." O''Leary said that Ryanair will continue to move capacity to other parts of Europe but warned that uncertainty around Brexit could affect demand across the continent. "There will be slower UK growth but also slower European growth," he said, adding that a so-called hard Brexit would be "a catastrophe for the UK economy but also for neighbouring economies". (Reporting by Conor Humphries; Editing by David Goodman) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/britain-eu-ryanair-idUSL5N1FE399'|'2017-01-24T18:53:00.000+02:00'
'e934732dadcf92eb3e30787088b2b5a8510a637b'|'Japan trade min says not considering Toshiba rescue plan'|'Industrials  12pm EST Japan trade min says not considering Toshiba rescue plan TOKYO Jan 20 Japan''s minister for economy, trade and industry, Hiroshige Seko, said on Friday a rescue plan for embattled conglomerate Toshiba Corp was not under consideration at his ministry. Seko told reporters after a cabinet meeting that he would closely monitor the steps taken by Toshiba''s management. Toshiba is under pressure to come up with cash as it faces a bigger-than-expected writedown for its U.S. nuclear business that local media have said could come in at $6 billion. (Reporting by Ami Miyazaki; Editing by Himani Sarkar) Next In Industrials Toshiba starts process to sell stake in chip business -Kyodo TOKYO, Jan 20 Toshiba Corp has started the process to sell a minority stake in its profitable flash memory chip business, expecting to fetch several billion dollars as it faces a bigger-than-expected writedown for its U.S. nuclear business, Kyodo News reported. UPDATE 5-U.S. regulator finds no evidence of defects after Tesla death probe WASHINGTON, Jan 19 U.S. auto safety regulators said on Thursday they found no evidence of defects in a Tesla Motors Inc car involved in the death of a man whose Model S collided with a truck while he was using its Autopilot system. * Probe found battery was main cause for Note 7 fires -source (Updates with comments from Samsung, background on the Galaxy Note 7) MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/toshiba-accounting-ministry-idUST9N1EA006'|'2017-01-20T09:12:00.000+02:00'
'58196e42aeb72e8b8ed16f9c7e307e90c00baed4'|'Bank of Israel issues permit to Meitav Dash to hold 7.5 pct of banks'|'Financials   9:00am EST Bank of Israel issues permit to Meitav Dash to hold 7.5 pct of banks TEL AVIV Jan 24 The Bank of Israel on Tuesday issued the first permit to a financial group managing customer funds to hold up to 7.5 percent of the means of control in a banking corporation. Investment bank Meitav Dash, which received the permit, said this increase will provide it with the flexibility it did not have until now regarding banking shares, which are an important part of institutional investors'' portfolios. Additional requests submitted to the Bank of Israel are still being examined, the central bank said in a statement. The change in the policy -- under which there was a 5 percent upper threshold for bank equity holdings of financial groups -- enables the controlling shareholders in such institutions to hold up to 7.5 percent of a bank, subject to receiving a permit. "The easing refers to such institutions in their capacity as entities acting on behalf of the general public and acting for financial, rather than strategic, motives," the statement said, noting the previous limit negatively impacted the tradability of bank stocks and indirectly on banks'' market value. In a majority of advanced economies, including the United States, United Kingdom and France, the holding percentage that requires a permit is 10 percent and in some countries it is even 15 percent, the statement said. (Reporting by Tova Cohen) Next In Financials German SPD chief: no comment on report he won''t run against Merkel BERLIN, Jan 24 German Social Democrat (SPD) chairman Sigmar Gabriel declined to comment on Tuesday on a report on the Meedia website saying he had told Stern magazine he would not run against conservative Chancellor Angela Merkel in the September election.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/israel-banks-stake-idUSL5N1FE3XW'|'2017-01-24T21:00:00.000+02:00'
'09d8206cf1ef70499a802025427425125eb203e6'|'Possible $400 million military sale to Britain approved -Pentagon'|'Business News  16pm EST Possible $400 million military sale to Britain approved: Pentagon A U.S. Air Force Boeing C-17 Globemaster sits on display at the Singapore Airshow at Changi Exhibition Center February 17, 2016. REUTERS/Edgar Su WASHINGTON The U.S. State Department has approved a possible $400 million military sale to Britain for C-17 aircraft logistics support services and equipment, the Pentagon said on Monday in a notification to Congress. The British government has requested continued logistics support and services for eight Boeing C-17 Globemaster military transport planes, the Pentagon''s Defense Security Cooperation Agency said in a statement. Britain''s current support contract for the planes expires in September, DSCA said. (Reporting by David Alexander)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-defense-britain-idUSKBN1572S8'|'2017-01-24T05:03:00.000+02:00'
'e56e91550ec19720aa570482349e539fc04f12a0'|'Citi to make decision on Brexit plans in first half - Europe chief'|'Tue Jan 24, 2017 - 1:07pm GMT Citi to make decision on Brexit plans in first half: Europe chief A Citibank ATM is seen in Los Angeles, California, March 10, 2015. REUTERS/Lucy Nicholson DUBLIN U.S. bank Citigroup will make a decision on its Brexit contingency plans in the first half of the year and choose from a number of potential EU counties to relocate some investment banking business, the bank''s European chief said on Tuesday. "We will be making a decision in the first half of this year, it''s a decision that every bank has to make in the first six months of this year," James Cowles, Citi''s Chief Executive Officer for Europe, the Middle East & Africa (EMEA) told the European Financial Forum conference in Dublin. Along with fellow U.S. bank Morgan Stanley, Citi has identified many of the roles that will need to be moved from Britain following its exit from the European Union, sources involved in the processes told Reuters last week. Cowles said the bank was looking at where to establish a new broker dealer by either creating a new EU entity or through building up one of its existing entities. "Our issue is with our broker dealer which is located in the U.K and it will lose, presumably, passporting rights," Cowles said. "We''ve reached out, we''ve talked to regulators and people at government across many countries in Europe, including Ireland, Italy, Spain, France, Germany and the Netherlands and we''re in the process of evaluating each one of them." Citi, which has almost 60 percent of its European headcount based outside Britain, will need to shift 100 positions in its sales and trading business, sources with knowledge of the matter said last week. It already has a large banking unit in Dublin, which is regulated by the European Central Bank and employs around 2,500 people in Dublin. Cowles said Citi would continue to have good, steady employment growth in Ireland. (Reporting By Padraic Halpin, editing by Anjuli Davies) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-citigroup-idUKKBN1581N2'|'2017-01-24T20:07:00.000+02:00'
'79d8d876f5f207d951cc68e6c26e3e986fa9007f'|'UPDATE 1-Congo central bank injects $50 million into market to prop up franc'|'Financials  36am EST UPDATE 1-Congo central bank injects $50 million into market to prop up franc (Adds quote, background) KINSHASA Jan 24 Democratic Republic of Congo''s central bank injected $50 million into the interbank exchange market on Tuesday to prop up the Congolese franc, which has lost nearly 40 percent of its value in the last year, the bank''s spokesman said. The bank injected $50 million into the market five times in 2016 and hiked interest rates but the franc continued to slide. Low oil and mineral prices over the last two years in Africa''s top copper producer have heaped pressure on the franc and driven inflation from less than 1 percent in 2015 to over 11 percent last year. The oil and mining sectors provide 95 percent of the country''s export earnings. Congo''s GDP growth slowed to an estimated 2.5 percent last year from 6.9 percent in 2015. The bank expects growth of 2.9 percent this year. (Reporting By Aaron Ross; Editing by Matthew Mpoke Bigg) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/congo-economy-currency-idUSL5N1FE58L'|'2017-01-24T22:36:00.000+02:00'
'e32afcf4f1b6815fff061b7314f4f2444f15dae7'|'Busch announces $1 billion cash offer for Pfeiffer Vacuum'|'FRANKFURT German vacuum pump maker Busch said on Tuesday it would launch an all-cash offer for Pfeiffer Vacuum ( PV.DE ) at 96.20 euros per share, valuing its rival at around 949 million euros ($1.02 billion).Family-owned Busch already holds 27.2 percent of Pfeiffer''s stock and has secured additional shares taking its holding to 29.98 percent stake, the cusp of the threshold at which it will be forced to make a public offer for all outstanding stock, the group said.Shares in Pfeiffer, which have gained around 20 percent over the past year, were up 7.2 percent at 99.50 euros by 1105 GMT.Busch manager Sami Busch told Reuters that the idea was not necessarily to secure full ownership of Pfeiffer."We want both companies to operate independently and Pfeiffer to remain stock exchange listed," Busch said.Pfeiffer makes pumps used by manufacturers including semiconductor firms and makers of analytical devices such as electron microscopes. Busch describes itself as one of the world''s largest makers of vacuum pumps, blowers and compressors supplying all industry sectors.Busch has already received firm commitments from lender LBBW to finance the deal, which is not conditional upon any minimum acceptance threshold.A spokesman for Pfeiffer said Busch''s move came as a surprise. Management and Pfeiffer''s supervisory board will have to examine the offer and make a recommendation to shareholders.(Reporting by Maria Sheahan and Anneli Palmen; editing by Jason Neely and Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-pfeiffer-vacuum-m-a-busch-idINKBN1581EE'|'2017-01-24T08:46:00.000+02:00'
'68a3039930a50705f8f78da561a8c24389e2808a'|'PIMCO sees slowing UK economy but worst over for sterling'|'Business News - Tue Jan 24, 2017 - 12:18pm GMT PIMCO sees slowing UK economy but worst over for sterling A worker inspects a Land Rover Discovery on the production line at their factory in Solihull, central England, February 28, 2012. REUTERS/Darren Staples/File Photo By Kirsten Donovan - LONDON LONDON After a court ruled on Tuesday that the legal process for Brexit cannot be triggered without parliament''s approval, sterling portfolio manager Mike Amey of Pacific Investment Management Co (PIMCO) said the British economy was likely to slow in 2017. According to the supreme court ruling, Prime Minister Theresa May must give parliament a vote before she can formally start Britain''s exit from the European Union, giving lawmakers who oppose her plans a shot at amending them. Speaking in the Reuters Global Markets Forum, Amey also said that the pound could see further weakness and that he had become more cautious on fixed-income assets. Here are excerpts from the conversation: Question: Let''s start by quickly getting your view on this morning''s ruling from the Supreme Court. Has anything changed? Answer: No - I think the ruling was in line with expectations, although I think the market was more sensitive to the risk of the devolved assemblies needing a vote rather than the government overturning the initial ruling." Q: What is your outlook for the UK economy going forward? A: Our outlook for the UK economy is that we will see a slowdown over 2017. The good news is that the economy has entered 2017 with good momentum. Our base case is that consumer spending slows, but that GDP still holds in around 1-1.5 percent over 2017. Q: Has sterling seen the worst already, namely against the euro? A: Our view is that the pound could still see some further weakness, probably more against the U.S. dollar than the euro but that this is as much about the dollar as the pound. Q: What changes, if any, have you made to your broad investment strategy since the vote in June? A: We saw the big rally in UK yields immediately after the Brexit vote, which we were fortunate enough to be on the right side of. However, over the last month or two we have become more cautious on UK interest rates, in part because the economy has held up much better than expected and in part to take a more defensive stance after the rally. Q: What timeframe are you going for in terms of final Brexit - is two years achievable? A: We think the government''s strategy is to enter the negotiations on the assumption that the UK leaves the single market and the customs union. Then if there is no room for negotiation the two-year window would become the period whereby businesses would plan for the post-Brexit world. If there is a willingness for a negotiated exit, then the two-year window would likely extend, but our working assumption at this point is that the UK leaves by the end of Q1 2019. Q: Has the multi-year bull market for bonds peaked already? A: We think that yields will not rise sharply, in large part because we think the challenges of high levels of gross debt, aging populations and tighter restrictions on banks will continue to act as drags on global growth. That will limit the scope for interest-rate rises. That does not mean that you cannot get a cyclical rise in policy rates -- as we will likely see in the U.S. -- but for a secular rise in yields materially greater than what is priced into the market, we are more sceptical. (This interview was conducted in the Reuters Global Markets Forum, a chat room hosted on the Eikon platform. For more information on the forum or to join the conversation, follow this link: here ) (Editing by Raissa Kasolowsky)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-forum-brexit-pimco-idUKKBN1581HF'|'2017-01-24T19:18:00.000+02:00'
'7ce43521e292e701aa0a3661c8c3327730dcdd71'|'UPDATE 1-Real Madrid logo won''t feature Christian cross in Middle East clothing deal'|'Cyclical Consumer Goods  54pm EST UPDATE 1-Real Madrid logo won''t feature Christian cross in Middle East clothing deal (Adds that Marka says Real Madrid has two versions of its crest for the Middle East) By Alexander Cornwell DUBAI Jan 24 The club crest of Spanish soccer team Real Madrid will not feature the traditional Christian cross on clothing sold in some Middle East countries under a regional deal. Marka, a retailing group in the United Arab Emirates, has been granted exclusive rights to "manufacture, distribute and sell Real Madrid products" in the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain and Oman, the company said in a statement on Tuesday. But Marka Vice Chairman Khaled al-Mheiri told Reuters by phone Real Madrid has two versions of the crest for the Middle East market and that Marka would use the one without the Christian cross due to cultural sensitivities. "We have to be sensitive towards other parts of the Gulf that are quite sensitive to products that hold the cross," said al-Mheiri, who owns a Real Madrid cafe in Dubai. The six Gulf Arab countries where Marka will sell and distribute Real Madrid products are all Muslim-majority. The redesigning of the crest would require only a minor change. The original features a very small Christian cross at the top of a crown on the crest. The agreement allows Marka to sell clothing such as t-shirts, polo shirts and swim wear featuring the Real Madrid name and crest. Sales will start by March, al-Mheiri said. The deal does not cover replica jerseys, which are sold in Dubai featuring the cross. Real Madrid did not immediately respond to an emailed request for comment. But it is not the first time the symbol has been altered. In 2014, Real Madrid removed the Christian cross from its crest when used by its sponsor the National Bank of Abu Dhabi . Dubai-based airline Emirates is Real Madrid''s main shirt sponsor, whilst the club is also sponsored by Abu Dhabi investment fund IPIC. (Additional reporting by Richard Martin Editing by Jeremy Gaunt/Ruth Pitchford) Next In Cyclical Consumer Goods HIGHLIGHTS-The Trump presidency on Jan. 24 Jan 24 U.S. President Donald Trump met with auto executives on Tuesday and also gave the energy industry a boost with action on pipelines. Highlights of the day follow: PIPELINES Trump signs two orders to move forward with construction of the controversial Keystone XL and Dakota Access pipelines, rolling back key Obama administration environmental policies in favor of expanding energy infrastructure. AUTO INDUSTRY Citing a pledge to cut taxes and regulation'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/religion-soccer-realmadrid-idUSL5N1FE6LY'|'2017-01-25T01:54:00.000+02:00'
'8ac7a2e0e7addd86ecc046be2c2fdd4663168c91'|'Euro group chief warns Britain against tax haven temptation'|' 54pm GMT Euro   Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem arrives at a euro zone finance ministers meeting in Brussels, Belgium December 5, 2016. REUTERS/Francois Lenoir   "It would be bad for Europe, but also bad for England, bad for the United Kingdom, to end up as a kind of tax paradise off the European coast," Jeroen Dijsselbloem told Dutch RTL television on Tuesday. "In the current climate, where we are working closely with the British to tackle tax evasion, it would be a crazy step backwards." Dijsselbloem, who is also Dutch finance minister, said he had had discussions with London-based banks looking to relocate from London to the Netherlands after Brexit, adding that they seemed undeterred by strict Dutch rules on banking bonuses. "The strict regulations we have are aimed to protect Dutch clients," he said. "The law already says that the strict conditions don''t apply to international banks working from the Netherlands." (Reporting By Thomas Escritt; Editing by Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-dijsselbloem-idUKKBN158208'|'2017-01-24T21:54:00.000+02:00'
'dce729c9ccfc56b0c33c9e8cc5d6fb2eb1845234'|'Fitch Rates Siam Commercial Bank''s USD Senior Notes Final ''BBB+'''|' 47am EST Fitch Rates Siam Commercial Bank''s USD Senior Notes Final ''BBB+'' (The following statement was released by the rating agency) BANGKOK/SINGAPORE, January 25 (Fitch) Fitch Ratings has today assigned a final rating of ''BBB+'' to Siam Commercial Bank Public Company Limited''s (SCB; BBB+/Stable) USD400m senior unsecured notes maturing in July 2022. The notes are issued by SCB''s Cayman Islands branch, under the bank''s USD3.5bn medium-term note programme. The rating action follows the completion of the note issue, as well as the receipt of final documents conforming to information previously received. The final rating is the same as the expected rating assigned on 22 January 2017. KEY RATING DRIVERS The senior notes are rated at the same level as SCB''s Long-Term Foreign-Currency Issuer Default Rating (IDR), as they represent unsecured and unsubordinated obligations of the bank. RATING SENSITIVITIES The rating on the notes would be directly impacted by any changes in SCB''s Long-Term Foreign-Currency IDR. For further details on SCB''s key rating drivers and rating sensitivities, refer to the rating action commentary, <a href="https://www.fitchratings.com/site/pr/1004588">Fitch Affirms Thailand''s Four Largest Commercial Banks, dated 17 May 2016. SCB''s other ratings are unaffected by this rating action and are as follows: Long-Term Foreign-Currency IDR: ''BBB+''; Outlook Stable Short-Term Foreign-Currency IDR: ''F2'' Viability Rating: ''bbb+'' Support Rating: ''2'' Support Rating Floor: ''BBB-'' National Long-Term Rating: ''AA+(tha)''; Outlook Stable National Short-Term Rating: ''F1+(tha)'' Senior unsecured USD3.5bn MTN programme: ''BBB+'' Long-term foreign currency senior unsecured debt: ''BBB+'' National short-term senior unsecured debt programme: ''F1+(tha)'' National long-term subordinated debt: ''AA(tha)'' Contacts: Primary Analyst Ambreesh Srivastava Senior Director +65 6796 7218 Fitch Ratings Singapore Pte Ltd. 6 Temasek Boulevard #35-05 Suntec Tower Four Singapore 038986 Secondary Analyst Parson Singha, CFA Senior Director +662 108 0151 Committee Chairperson Jonathan Cornish Managing Director +852 2263 9901 Date of Relevant Rating Committee: 16 May 2016 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Exposure Draft: Global Bank Rating Criteria (pub. 14 Apr 2016) here Exposure Draft: Global Non-Bank Financial Institutions Rating Criteria (pub. 14 Apr 2016) here Global Bank Rating Criteria - Effective from 20 March 2015 to 15 July 2016 (pub. 20 Mar 2015) here Global Non-Bank Financial Institutions Rating Criteria -- Effective 4/28/2015 to 7/15/2016 (pub. 28 Apr 2015) here National Scale Ratings Criteria (pub. 30 Oct 2013) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials RPT-INSIGHT-How Russia sold its oil jewel -- without saying who bought it MOSCOW/LONDON/MILAN, Jan 24 More than a month after Russia announced one of its biggest privatisations since the 1990s, selling a 19.5 percent stake in its giant oil company Rosneft, it still isn''t possible to determine from public records the full identities of those who bought it.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987604'|'2017-01-25T13:47:00.000+02:00'
'558443f7abab450d1aeecf58fa193af8978c0323'|'Harvard expected to outsource most endowment management - WSJ'|'Funds News  54pm EST Harvard expected to outsource most endowment management - WSJ Jan 25 Harvard University''s investment arm is expected to outsource management of most of its $35.7 billion endowment and lay off roughly half the 230 staff, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. Harvard Management Co, which oversees America''s largest endowment, will close its internal hedge funds and lay off traders by mid-year, the report said, citing one of the people. Other layoffs will occur by the end of 2017, according to the report. The shakeup is part of a sweeping change by the university''s new endowment chief, N.P. Narvekar, the Journal said. ( goo.gl/FPTSfE ) Harvard Management Co did not immediately respond to a request for comment. (Reporting by Ankit Ajmera in Bengaluru; Editing by Ted Kerr) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/harvard-management-co-restructuring-idUSL4N1FF4UO'|'2017-01-26T00:54:00.000+02:00'
'93009aa0011c195819805fd2863077f7154c0f10'|'Bank of England''s Carney sees systemic risks as fintech booms'|'Business News - Wed Jan 25, 2017 - 5:21pm GMT Bank of England''s Carney sees systemic risks as fintech booms Britain''s Bank of England Governor Mark Carney listens after delivering a speech at the London School of Economics in London, Britain, January 16, 2017. REUTERS/Toby Melville LONDON The fast-growing financial technology sector presents potentially major "systemic risks" that need to be addressed by bank regulators around the world, Bank of England Governor Mark Carney said on Wednesday. Speaking at a conference at Germany''s central bank, Carney said financial innovation could reduce costs and improve efficiency. But it could also pose risks to the stability of bank funding, credit quality and even the broader economy. Carney said authorities had to focus more intensely on regulation and prudential requirements and ensure a "more disciplined management of operational and cyber risks". The Financial Stability Board (FSB), which pools bank regulators from around the world, is assessing how suitable existing rules are for addressing fintech risks and would report its findings to Group of 20 leaders in July, Carney said. "The challenge for policymakers is to ensure that fintech develops in a way that maximises the opportunities and minimises the risks for society," Carney said in his speech. "After all, the history of financial innovation is littered with examples that led to early booms, growing unintended consequences, and eventual busts." (Writing by Jemima Kelly; Editing by William Schomberg) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-carney-idUKKBN15927F'|'2017-01-26T00:03:00.000+02:00'
'6b2bbd5a07171a15ff1638b52f13fb79a477a099'|'CSX shareholder backs Harrison for CEO as activist swoops in'|' 21pm EST CSX shareholder backs Harrison for CEO as activist swoops in CEO Hunter Harrison of CP answers shareholders questions during the company''s annual general meeting in Calgary, Alberta, May 14, 2015. REUTERS/Todd Korol By Michael Flaherty and Allison Lampert - NEW YORK/MONTREAL NEW YORK/MONTREAL A Neuberger Berman LLC portfolio manager has thrown her support behind a plan to put railroad industry veteran Hunter Harrison into CSX Corp''s ( CSX.O ) CEO chair with the help of an activist investor. Harrison, the outgoing chief executive of Canadian Pacific Railway Ltd ( CP.TO ), is partnering with activist investor Paul Hilal''s new fund, Mantle Ridge LP. The fund is acquiring a large stake in CSX in the hope of installing Harrison to turn around the U.S. railroad’s performance, people familiar with the matter have said. "I think it''s a win-win. He''s demonstrated, time and again, a unique gift to run a railroad," said Sandy Pomeroy, a portfolio manager at Neuberger Berman, which owned 1.2 percent of CSX shares as of Sept. 30 and is the company''s 10th largest shareholder. "It''s hard to imagine he can''t go into CSX and improve operations faster," said Pomeroy, one of several Neuberger portfolio managers who own CSX shares. While Hilal, a former partner at Pershing Square, and Harrison have not announced a formal plan, any push to quickly replace CSX''s existing CEO, who plans to retire in 2019, would need to get done before the company''s Feb. 10 director nomination deadline. If the two sides fail to strike a deal, Hilal may be forced to nominate a slate of directors who can put Harrison, 72, in the CEO seat. Mantle Ridge has raised more than $1 billion for its CSX stake, according to people familiar with the matter. Harrison and Hilal could not be reached on Wednesday for comment. Harrison''s track record of cutting operating costs and driving up profitability at the helm of CP and at Canadian National Railway Co ( CNR.TO ) has boosted CSX shares 30 percent since news of the Mantle Ridge plan surfaced last week. Investors are betting that Harrison can engineer similar improvements at the third-largest U.S. railroad and hope his quest to consolidate the industry could result in a deal for CSX. Harrison led an unsuccessful $28 billion bid last year by CP for U.S. railroad Norfolk Southern Corp ( NSC.N ). Harrison''s efforts have inspired investors to put the performance of the two East Coast U.S. railroads under greater scrutiny. However, CSX presents a different set of challenges than the Canadian railroads. Norfolk Southern and CSX’s networks have been described by analysts as “a bowl of spaghetti,” which would make it more difficult to run trains at higher speeds to save money. Declining coal volumes also have weighed heavily on CSX and Norfolk Southern''s revenues. CSX "welcomes the views of all of our shareholders,” a company spokesman said by email on Wednesday. “Likewise, its board and management team remain supportive of the company’s strategic growth strategy, which has started to deliver sustainable value for shareholders." CSX said its 2016 operating ratio, a key metric, was 69.4, while Norfolk Southern on Wednesday reported an operating ratio of 68.9. By comparison, CP said its 2016 operating ratio was 58.6, while CN reported an operating ratio of 55.9 for the year. The lower the ratio, which measures operating costs as a percentage of revenue, the more efficient the railroad. Harrison and Hilal could face resistance from CSX, which already has a strategy to improve its operating ratio to the mid-60s and fended off an activist attempt from TCI Management and 3G Capital Partners in 2008. Harrison is also expected to face pushback from organized labor at CSX after clashing with unionized workers at CP. During Harrison’s four-year tenure at CP, grievances have skyrocketed among unionized railroad workers in western Canada, rising to 5,000 in 2016 from 400 in 2012, according to the Teamsters Canada Rail Conference. "I can''t imagine that we''d be anything but opposed," said John Risch, legislative director of the Sheet Metal, Air, Rail and Transportation Workers (SMART) union, which represents CSX conductors, engineers, trainmen and yardmasters. "The Hunter Harrison approach is short-term profit." Harrison, who last week resigned earlier than expected from Canadian Pacific, has confirmed that he is working with Mantle Ridge. (Reporting by Michael Flaherty in New York and Allison Lampert in Montreal, additional reporting by Nick Carey in Louisiana; Editing by Meredith Mazzilli) Next In Deals Novartis launches $5 billion share buyback, mulls Alcon spin-off BASEL, Switzerland Swiss drugmaker Novartis said on Wednesday it will buy back up to $5 billion worth of shares over the next 12 months and may spin off the Alcon eye care business as it navigates a tough year before an expected return to growth in 2018.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-csx-ceo-idUSKBN1592N1'|'2017-01-26T03:21:00.000+02:00'
'cb792aa91feeecb0e176e59b3701eb22f3c43398'|'Credit Suisse, USS agree direct-lending finance joint venture'|'Deals  35am EST Credit Suisse, USS agree direct-lending finance joint venture FILE PHOTO - A Swiss bank Credit Suisse sign is pictured in Geneva, Switzerland, March 11, 2016. REUTERS/Denis Balibouse/File Photo LONDON Investment bank Credit Suisse CSGN.VX and Universities Superannuation Scheme have agreed a deal to provide senior debt finance to funds active in the growing direct-lending market. The venture will be seeded with an initial $3.1 billion in outstanding loans that were originated by Credit Suisse in 2014 and 2015, all of which are secured by underlying portfolios of loans to medium-sized European firms, they said in a statement. (Reporting by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-credit-suisse-gp-uss-credit-idUSKBN1591QM'|'2017-01-25T21:19:00.000+02:00'
'84665b689203bf69d890e5521b6d67f2af425c0a'|'Ryanair CEO says Brexit contingencies include ''Armageddon'' scenario'|'  5:34pm GMT Ryanair CEO says Brexit contingencies include ''Armageddon'' scenario left right Ryanair Chief Executive Officer Michael O''Leary attends a Ryanair press conference in Dublin, Ireland April 12, 2016. REUTERS/Clodagh Kilcoyne 1/2 left right Ryanair chief executive Michael O''Leary poses in front of a projection screen following a news conference in London, Britain August 31, 2016. REUTERS/Toby Melville 2/2 By Conor Humphries and Victoria Bryan - DUBLIN DUBLIN Ryanair ( RYA.I ) is planning for major disruption in its business as a result of Brexit including the outside possibility it may have to move its entire UK fleet to continental Europe, Chief Executive Michael O''Leary told Reuters in an interview. Europe''s largest airline by passenger numbers, the Irish carrier flies one-third of its 120 million passengers from UK airports, leaving it among the most exposed in the industry to Britain''s decision to leave the European Union. An "Armageddon" scenario, in which a hard-line approach from both sides leaves planes unable to fly between Britain and the EU at the end of two years of divorce talks is "unlikely, but a possibility," O''Leary said. "We have a plan, we think, for every eventuality," he said. "But the reality is no one bloody knows." Even in the best-case scenario in which Britain retained access to the EU''s "open skies" deregulated aviation market, Ryanair does not plan to deploy to the United Kingdom any of the 65 planes it has due for delivery during Brexit talks. Open Skies, which allows EU airlines to fly to and from any airport within the bloc, has been a key element in Ryanair''s business model. The first problem for the aviation industry is the short lead-in time to Brexit, which may not provide enough time for an EU-UK bilateral aviation agreement. Like other airlines Ryanair plans its schedule 12 months in advance. The second is politics. The impact of leaving the European Union on aviation will be among the most visible to the British public and may be a tempting tool for EU leaders keen to pressure Britain to soften its position, he said. "If the Europeans want to be difficult with the British, and I think they do, I think ''Open Skies'' is where they will first cause trouble," he said. "(German Chancellor Angela) Merkel cannot give Britain an easy exit from the EU." HARD BREXIT The worst case scenario, which O''Leary said "unlikely but a possibility" is a hard Brexit in which flights between Britain and the European Union simply cease on the day after Brexit. "It would be inconvenient for the Europeans, but the UK would get completely screwed," he said. That could require Ryanair to move its 13 UK bases, which employ over 3,000 people and operate over 100 planes, to bases in continental Europe. "If we had 12 months'' notice, we could re-house 100 aircraft into continental Europe - I mean we have 84 bases," he said. "But it would mean significant over-capacity (on intra-EU routes) ...and there would be downward pressure on pricing and on profits for a year or two." If a bilateral deal is agreed in time, Ryanair would still likely have to set up an entity with a British Air Operator''s Certificate (AOC) in Britain to fly internal routes, which currently represent around 1 percent of its flights. Ryanair could only own 49 percent or less in the entity under EU rules, he said. "There are 500 different scenarios, some of them involve us closing them [the UK routes] down, most of them don''t," he said. easyJet ( EZJ.L ) and British Airways owner International Airlines Group (IAG) ( ICAG.L ) would likely have to set up separate entities in the EU and Britain with each entity owning less than 49 percent of the other, he said. easyJet has said it is in the process of setting up an AOC in an EU country and IAG has said it does not foresee problems with its ownership structure. O''Leary said he was focusing on contingency planning rather than lobbying because "most of the industry is in denial... and the UK are just talking to themselves." He said he was hopeful that once British negotiators present a draft agreement, British public opinion might begin to change and strengthen the hand of those pushing for a soft Brexit or to remain in Europe. Ryanair will take its full schedule of deliveries from Boeing ( BA.N ) and hit its target of 200 million passengers by 2024, even if it has to take lower profits, he said. (Reporting by Conor Humphries and Victoria Bryan; Editing by Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-ryanair-idUKKBN1592B7'|'2017-01-26T00:34:00.000+02:00'
'71dcab0a498464353d41a87046560b7c78d2b238'|'Peru''s Grana says it plans to sell $300 mln in assets'|'Market News   9:46am EST Peru''s Grana says it plans to sell $300 mln in assets LIMA Jan 25 Grana y Montero , Peru''s largest construction group, said on Wednesday that it would ask its board to approve the sale of $300 million in assets to help it meet its obligations after it lost a key contract this week amid a graft scandal. Grana was a junior partner on corruption-plagued Brazilian builder Odebrecht''s natural gas pipline project in Peru, which is in the process of being returned to the state because it missed a key financing deadline. (Reporting by Marco Aquino; Editing by Lisa Von Ahn) Next In Market News TREASURIES-U.S. yields rise further as Dow breaks above 20,000 mark NEW YORK, Jan 25 U.S. Treasury yields briefly added to their gains on Wednesday as the Dow Jones Industrial Average traded above 20,000 for the first time, underpinned by investor optimism about rising company profits due to policies under a Trump administration.'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/peru-grana-y-montero-idUSP3N17F01Q'|'2017-01-25T21:46:00.000+02:00'
'bde2559b1834ece5e52d030891f00fdf0e63e2ac'|'Dixons Carphone beats forecasts for Christmas trading'|' 38am GMT Dixons Carphone beats forecasts for Christmas trading FILE PHOTO - The headquarters of Carphone Warehouse is seen in west London May 15, 2014. REUTERS/Toby Melville/File Photo LONDON Dixons Carphone, Britain''s largest electricals and mobile phone retailer, on Tuesday beat forecasts for trading in its key Christmas quarter and kept its profit outlook for the full year. The firm, which trades as Currys, PC World and Carphone Warehouse in Britain, Elkjop and Elgiganten in Nordic countries and Kotsovolos in Greece, said sales at stores open over a year rose 4 percent in the 10 weeks to Jan. 7. That compared with analysts'' consensus forecast of a rise of 2.5 percent and a first half increase of 4 percent. "We believe that we have outperformed the market during the period," said Chief Executive Seb James, adding he was looking forward to another year of growth. Like-for-like sales in the UK and Ireland rose 6 percent versus analysts'' consensus forecast of 3.5 percent growth. Underlying sales increased 5 percent in the southern Europe division but fell 1 percent in the Nordics, where the firm focused on optimising profit margins. Dixons Carphone forecast a 2016-17 underlying pretax profit of 475-495 million pounds, up from 447 million pounds in 2015-16. Though the firm has had a strong run of trading statements over the last year, its shares have still fallen 28 percent, reflecting its exposure to high-cost goods and perceived vulnerability to any consumer spending squeeze this year. Last month, Dixons Carphone reported a 19 percent rise in first-half profit, but said it was planning for the possibility of more uncertain times ahead. The stock closed Monday at 336 pence, valuing the business at 3.8 billion pounds. (Reporting by James Davey; Editing by Sarah Young and Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-dixons-carphone-outlook-idUKKBN1580LV'|'2017-01-24T14:22:00.000+02:00'
'4024a4f4c4b60d7624d9595c098208832af4f1ea'|'MOVES- OppenheimerFunds, Standard Life Investments'|'Funds   3:06pm EST MOVES- OppenheimerFunds, Standard Life Investments Jan 24 The following financial services industry appointments were announced on Tuesday. To inform us of other job changes, email moves@thomsonreuters.com. OPPENHEIMERFUNDS The asset manager named Alex Depetris as chief operating officer and Mo Haghbin as head of product for its Beta Solutions business. STANDARD LIFE INVESTMENTS UK-based investment manager has appointed Deborah Gilshan as governance and stewardship director to strengthen its ESG investment team. (Compiled by Sruthi Shankar in Bengaluru) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/financial-moves-idUSL4N1FE53I'|'2017-01-25T03:06:00.000+02:00'
'78e45173f6aa5bd94ee8e2c8aa2f1a93c669deb6'|'German regulator clears HERE stake purchases by Intel, NavInfo'|'Funds News   3:59am EST German regulator clears HERE stake purchases by Intel, NavInfo DUESSELDORF, Germany Jan 24 Germany''s Federal Cartel Office said on Tuesday it had approved stake purchases in German digital mapping firm HERE by U.S. chip maker Intel and China''s NavInfo. "The plan will not have negative consequences for competition," the antitrust regulator''s President Andreas Mundt said. Intel is taking a 15 percent stake in HERE, controlled by Germany''s leading carmakers, who are seeking to build their presence in automated driving technology. Last month, two Chinese companies including NavInfo, as well as Singapore''s sovereign wealth fund GIC agreed to buy a 10 percent stake in HERE. (Reporting by Matthias Inverardi; Writing by Maria Sheahan; Editing by Ludwig Burger) Next In Funds News U.S. fund managers betting Trump fails to rewrite Obamacare By David Randall NEW YORK, Jan 24 Some prominent U.S. fund managers are betting that former President Barack Obama''s signature healthcare law will not undergo the widespread changes that President Donald Trump promised on the campaign trail. Portfolio managers from Fidelity, Gamco, Thornburg and other large firms say they see the broad outlines of the Affordable Care Act - commonly known as Obamacare - remaining intact despite Trump''s signing of an executive order on Friday,'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/here-equity-antitrust-idUSFWN1FE06A'|'2017-01-24T15:59:00.000+02:00'
'd41e91ad9583640a766cb0e1fcf97a3c99b2df77'|'More businesses must work with suppliers to curb climate change: study'|'Business News - Tue Jan 24, 2017 - 5:06am GMT More businesses must work with suppliers to curb climate change: study The GM logo is seen at the General Motors Warren Transmission Operations Plant in Warren, Michigan October 26, 2015. Photo taken October 26. REUTERS/Rebecca Cook - RTX1TGK7 OSLO Too few businesses are working with their suppliers to reduce greenhouse gas emissions, according to study that praised 29 companies including General Motors( GM.N ), Sky ( SKYB.L ) and Sony Corp ( 6758.T ) for taking the lead. "The supply chain is the new frontier in environmental responsibility – an area rich with opportunity that remains mostly unexplored," non-profit group CDP, formerly known as the Carbon Disclosure Project, wrote in its report published on Tuesday. Many companies set their own goals to limit climate change but omit greenhouse gas emissions related to products they buy from others, such as metal components, electronic parts, timber or crops, said CDP, describing supply chains as a "missing link for sustainability". "The vast majority of emissions of the average company are in the supply chain," Dexter Galvin, head of CDP''s supply chain programme, told Reuters. "Too few companies have engaged with their suppliers." Other companies among those it praised for addressing climate change with their suppliers include Bank of America B.ACN, Nestle ( NESN.S ) and AkzoNobel ( AKZO.AS ). Overall, it found that only 22 percent of 4,300 companies surveyed were working with their suppliers to reduce emissions. The report, which also reviewed action to improve use of water, said that respondents reported cuts in emissions equivalent to 434 million tonnes of carbon dioxide in 2016. They also reported cost savings of $12.6 billion in 2016, mostly related to improved energy efficiency, almost double reported savings of $6.6 billion from 2015. "Action on climate change and water is not only the right thing to do, but the smart thing to do," Patricia Espionage, head of the U.N. Climate Change Secretariat, wrote in a preface to the report. She said that the 22 percent rate of involvement by companies on climate change "is not enough", especially when the world was setting new temperature records. Last year was the hottest on record for the third year in a row. (Reporting By Alister Doyle; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-climatechange-companies-idUKKBN1580D8'|'2017-01-24T12:06:00.000+02:00'
'aef2bce494f1ee95707b2da45dca5016d7c1619f'|'Lighthouse Partners backs second BlueCrest trader in two months'|'Business News - Thu Jan 26, 2017 - 9:55am GMT Lighthouse Partners backs second BlueCrest trader in two months By Maiya Keidan - LONDON LONDON A former trader from hedge fund BlueCrest has received backing from U.S.-based Lighthouse Investment Partners to start Space Capital, an equities hedge fund, two sources close to the matter said. A number of traders who worked at British billionaire Michael Platt''s BlueCrest fund have launched new ventures since BlueCrest closed on Dec. 1, 2015, including portfolio manager Ardy Hashemi who received $200 million (158.39 million pounds) from Lighthouse to launch a hedge fund. Lighthouse, which manages approximately $8.5 billion in assets, is giving its backing to ex-BlueCrest equities portfolio manager Silvia Pace less than two months after Hashemi, the sources said. It is not known how much Lighthouse is giving Pace for her new hedge fund, which will be initially closed to external investors, one of the sources said. A spokesman at Lighthouse declined to comment on Space. A spokeswoman at BlueCrest did not respond to requests for comment. Space will adopt a "long/short" equities strategy, which includes a tactic hedge funds employ where they borrow a stock, betting that the price will fall. Pace, 37, spent over three years at BlueCrest as a portfolio manager before leaving in August to start Space, the sources said. She is joined by Aron Ceccarelli, who specialised in chemical and airline stocks at BlueCrest during his six-month tenure at the now-shuttered firm. Pace previously traded equities at Nomura International, hedge fund Theorema Advisors and Societe Generale ( SOGN.PA ), filings from Britain''s financial regulator showed. The sectors she focussed on were consumer staples, discretionary and chemicals. (Reporting by Maiya Keidan. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hedgefunds-launch-spacecapital-idUKKBN15A12A'|'2017-01-26T16:55:00.000+02:00'
'60db840f3889a4863fb7553ecd380078f13508f6'|'Qatar investment in Russia to bolster OPEC, non-OPEC ties - Barkindo'|'* Russia, OPEC have teamed up in global oil output cut* Qatar, Glencore bought 19.5 percent stake in RosneftBy Olesya AstakhovaMOSCOW, Jan 26 Qatar''s investments in Russia will further strengthen ties between the Organization of the Petroleum Exporting Countries and non-member oil producers, OPEC Secretary-General Mohammed Barkindo told Reuters.The Qatar Investment Authority (QIA) and global commodities trader Glencore have bought a 19.5 percent stake in Russia''s Rosneft, the world''s top listed oil company by output.At a meeting with the heads of Glencore, Italian bank Intesa and the sovereign wealth fund QIA in the Kremlin on Wednesday, Russian President Vladimir Putin said Qatar would take part in hydrocarbon production in Russia."This investment project will further strengthen OPEC and non-OPEC relations," Barkindo told Reuters in written comments on Thursday. "The investment (Rosneft deal) is very strategic for all the parties involved."In an effort late last year to boost oil prices, Russia and OPEC agreed to cut crude production jointly in the first such pact in more than a decade.This month, Russia will reduce its output by 100,000 barrels per day as part of the deal."It''s teamwork. Everybody worked very hard, especially Russia," Barkindo said. (Writing by Katya Golubkova; Editing by Dale Hudson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/russia-opec-rosneft-idINR4N1D301I'|'2017-01-26T06:30:00.000+02:00'
'0f1b20f166f3573f6e588f594c3670772c79ac87'|'UPDATE 1-St. James''s Place gets Q4 asset boost from inflows, market gains'|'Financials  30am EST UPDATE 1-St. James''s Place gets Q4 asset boost from inflows, market gains * Net Q4 inflows 2.1 bln stg * Net Q4 investment gains 1.9 bln stg * Total funds under management 75.3 bln stg (Adds detail from statement, background) By Simon Jessop LONDON, Jan 26 British wealth manager St James''s Place said funds under management rose to 75.3 billion pounds ($95.19 billion) in the fourth quarter, boosted by record net inflows across its business and strong investment gains. The group, which provides a range of investment services to affluent savers, including mutual funds, pensions and tax planning, said fourth-quarter net inflows were 2.1 billion pounds, up 26 percent. Net investment gains during the quarter were 1.9 billion pounds, it added. This was helped by strong performances across a number of stock markets during the period, with the FTSE 100 up more than 3 percent. "Alongside these fund flows, we''ve continued to expand our capacity to attract new clients and build upon our existing client relationships, both in the UK and in Asia, and this bodes well for our future growth," Chief Executive David Bellamy said in a statement. The firm was also helped by strong client retention of 95 percent, and said the number of qualified advisors who provide its face-to-face financial advice rose 10 percent on the year to 3,415. ($1 = 0.7911 pounds) (Reporting by Simon Jessop; editing by Carolyn Cohn and Susan Thomas) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/st-jamess-place-results-idUSL5N1FG1H6'|'2017-01-26T14:30:00.000+02:00'
'fb2e03fde5794661d0f0e6d6e3894e062d9ec103'|'ITE Group says Turkey attacks, India note ban hurt bookings'|'Exhibition organiser ITE Group Plc said on Thursday the unrest in Turkey and the scrapping of high-value banknotes in India could affect some planned events but added it was comfortable with the market revenue expectations for the year.ITE shares fell as much as 6 percent in early trade on Thursday. They were down 4 percent at 160 pence at 0901 GMT.The company, which organises exhibitions and conferences, said the attacks in Turkey hurt its international events bookings in the key region, its second biggest revenue earner after Russia.ITE said it could also cancel or postpone a number of events in India in sectors including real estate, fashion and construction, due to uncertainty following the scrapping of high-value currency notes.Investec analysts downgraded ITE stock to "hold" from "add", citing continued uncertainty in some of its key markets.ITE said revenue for the three months ended Dec. 31 rose to 35 million pounds from 34.8 million pounds a year earlier. Like-for-like revenue was down 4 percent due to weakness in its Central Asia market and lower oil prices during the period.Group revenue booked for the full year as of Jan. 20, was at 99 million pounds ($125 million), representing about 72 percent of market expectations for the full year. Revenue booked for 2017 rose about 2 percent on a like-for-like basis.($1 = 0.7918 pounds)(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri and Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/ite-group-results-idINKBN15A10K'|'2017-01-26T06:37:00.000+02:00'
'8bd8ac4922a43075fb0b40d1e3d1023581b8b6e0'|'Spreadbetting firm CMC sees sector challenges from regulatory clampdown'|'Company News   3:10am EST Spreadbetting firm CMC sees sector challenges from regulatory clampdown Jan 26 Spreadbetting group CMC Markets Plc on Thursday warned of continued uncertainty from a regulatory clampdown on spread betting, but said client trading activity in the third quarter had seen "some" improvement from the previous quarter. Britain''s financial watchdog in December joined other European regulators to protect individuals in the fast-growing 3.5 billion pound ($4.4 billion) industry, where it said most retail investors lose money. Shares in CMC were down 6.7 percent at 105.01 pence at 0808 GMT on the London Stock Exchange, making it the bottom performer on the FTSE Midcap Index. CMC, which listed on the London stock market in February, said net operating income for the three months ended Dec. 31 was unchanged from a year earlier, with active clients numbers rising 13 percent from a year earlier. The rise in client numbers, however, was offset by a 13 percent fall in revenue per client, the company said, adding it was not possible to tell whether the recent improvement in client activity would be sustained in the final quarter. "The regulatory changes that will be implemented later in the year will undoubtedly present the Group with some short-to medium-term challenges as clients and the industry adjust," CMC''s Chief Executive Peter Cruddas said. However, that CMC''s competitive position will be strengthened in the longer term, when compared to competitors whose business model is more focused towards inexperienced clients, he added. CMC was set up nearly three decades ago by Cruddas, who is also one of the City of London''s most prominent supporters of Britain''s exit from the European Union. The company''s rivals include Plus500 Denmark''s Saxo Bank and FXCM Inc . Operating in an industry which is regulated by European Union rules which have no caps on leverage, CMC on Thursday joined rival IG Group in offering clients "Limited Risk" accounts, which mean they can lose no more than their deposit. (Reporting by Noor Zainab Hussain in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cmc-markets-outlook-idUSL5N1FG1PK'|'2017-01-26T15:10:00.000+02:00'
'dd518c71fd13b9c2c97bda2d4e9924e7f9989844'|'Aberdeen says backs Imperial Brands decision to ditch pay policy plan'|'  1:02pm GMT Aberdeen says backs Imperial Brands decision to ditch pay policy plan View of a sign outside the Imperial Tobacco Seita cigarette plant in Carquefou, near Nantes, April 15, 2014. REUTERS/Stephane Mahe/File Photo LONDON British fund firm Aberdeen Asset Management ( ADN.L ) said on Thursday it welcomed a decision by Imperial Brands ( IMB.L ) to ditch a proposal to change pay plans for its directors at the firm''s impending annual meeting. Imperial''s announcement earlier on Thursday that it would not put a planned resolution to the vote on Feb. 1, in response to shareholder concerns, had come "rather late in the day", said Aberdeen''s deputy head of UK and European Equities, James Laing. "Remuneration policies need to be simple and reflect the broad context. Hopefully when it comes to formulating the revised remuneration policy this will be fully reflected in the engagement with shareholders," he   Aberdeen is the 12th biggest investor in Imperial Brands, with a 1.44 percent stake, Thomson Reuters data showed. Imperial Brands said in the earlier statement that its directors would continue to be assessed according to the metrics agreed by shareholders at its annual general meeting in 2015. "While we received considerable support, it is clear that views have changed over time and that the right course now is to withdraw resolution," Imperial''s chairman, Mark Williamson, said. (Reporting by Simon Jessop; editing by Carolyn Cohn)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-imperial-brands-aberdeen-salary-idUKKBN15A1OR'|'2017-01-26T20:02:00.000+02:00'
'b4fb5c8091f8fd38a30a8865fad328740efdeb12'|'Lego rooster to feature in Hong Kong''s Lunar New Year parade'|'Cyclical Consumer Goods  19am EST Lego rooster to feature in Hong Kong''s Lunar New Year parade HONGKONG Jan 26 A Lego rooster made of 220,000 red, white, yellow and green toy bricks will be the centrepiece of a float in Hong Kong''s Lunar New Year parade to usher in the Year of the Rooster. Andy Hung, the territory''s only certified Lego professional builder, was commissioned by the Hong Kong Tourism Board to create the two-metre (6.5 ft) tall bird. "I wanted to use Lego pieces that resonate with people from the East and impress my audience," Hung told Reuters Televison. The rooster, which took 5 people 1-1/2 months to build, is one of several Lego statues on the float, including a life-sized farmer holding a rake, a tuxedo-clad waiter and a race car driver clutching his helmet. The night-time parade takes place on Saturday, the first day of the Lunar New Year, when 10 floats will light up the streets of Hong Kong''s famous Tsim Sha Tsui shopping district. Hung, a full-time artist with studios in Hong Kong and Beijing, is one of Asia''s three certified Lego professionals. The group comprises adult hobbyists who have turned their passion into a professional activity, Lego says on its website. (Reporting by Joyce Zhou, Writing by Karishma Singh, Editing by Darren Schuettler) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/lunar-newyear-hongkong-lego-idUSL4N1FG25O'|'2017-01-26T15:19:00.000+02:00'
'5ca283ba16403f70bf76a6ad8596fdf039c7220b'|'Xiaomi executive Barra joins Facebook to lead virtual reality business'|'Business News - Thu Jan 26, 2017 - 5:32am GMT Xiaomi executive Barra joins Facebook to lead virtual reality business Xiaomi Vice President Hugo Barra speaks at the WSJD Live conference in Laguna Beach, California October 28, 2014. REUTERS/Lucy Nicholson Facebook Inc has hired Hugo Barra, the most prominent global executive at Chinese smartphone maker Xiaomi Inc, to lead its virtual reality business including the Oculus unit, Chief Executive Mark Zuckerberg said. The 32-year-old Facebook founder has spoken about virtual reality as an important part of the company''s future business, especially as the technology becomes less expensive and its uses clearer. Facebook acquired Oculus in 2014, believing it to be the next major computing platform. "Hugo shares my belief that virtual and augmented reality will be the next major computing platform. They''ll enable us to experience completely new things," Zuckerberg said in a post on Facebook. Earlier this week, Barra said he was stepping down as Xiaomi''s vice president after three-and-a-half-years, citing health concerns and a new job. His exit comes at a time when Xiaomi is trying to adjust its strategy. The company pulled back from several overseas markets, including Singapore and Brazil, in 2016. It is increasing its offline retail presence and aims to develop artificial intelligence and internet finance as growth areas. (Reporting by Abinaya Vijayaraghavan in Bengaluru and Miyoung Kim in SINGAPORE; Editing by Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-facebook-management-idUKKBN15A0FT'|'2017-01-26T12:32:00.000+02:00'
'9caef2f0472f3b54d444aaabb77cb460c7302b79'|'Intuitive Surgical sees slower 2017 procedure growth, buys back shares'|'Intuitive Surgical Inc ( ISRG.O ) on Tuesday posted fourth-quarter profits that beat Wall Street expectations, but cautioned that growth in use of its da Vinci surgical robots will be slower next year due to changes in hospital trends and competitive factors.Intuitive also announced an accelerated plan to buy back $2 billion of its common stock, and shares were up about 1 percent at $672 after hours.(Reporting by Deena Beasley, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-intuitive-results-idINKBN1582WY'|'2017-01-24T19:39:00.000+02:00'
'e391870ad4c0775ea14bb34e30db5f4384249c4f'|'U.S. agency calls for safer lithium-ion batteries after Samsung fires'|'Company News  56pm EST U.S. agency calls for safer lithium-ion batteries after Samsung fires Jan 24 Safety standards for lithium-ion batteries need to be modernised following a massive recall of Samsung Electronics Co Ltd phones after faulty batteries caused fires, a U.S. government agency said on Tuesday. "Consumers should never have to worry that a battery-powered device might put them, their family or their property at risk," Consumer Product Safety Commission Chairman Elliot Kaye said in a statement. The agency reached agreement with Samsung to recall 2.5 million Note 7 phones in early September. While most recalls have a "dangerously low" consumer response rate, 97 percent of Samsung''s Note 7 phones have been returned, Kaye said. The U.S. consumer-safety regulator and Samsung are working with the industry to update the voluntary standard for lithium-ion batteries in smartphones, the commission said. "At a minimum, industry needs to learn from this experience and improve consumer safety by putting more safeguards in place during the design and manufacturing stages to ensure that technologies run by lithium-ion batteries deliver their benefits without the serious safety risks," Kaye said. (Reporting by Komal Khettry in Bengaluru; Editing by Lisa Shumaker) Next In Company News EMERGING MARKETS-Mexico stocks in biggest one-day rise since Trump election By Bruno Federowski and Miguel Angel Gutierrez SAO PAULO/MEXICO CITY, Jan 24 Mexico''s blue-chip stock index on Tuesday saw its largest one-day rise since the election of President Donald Trump, just one day before key negotiations on trade with the United States begin. The IPC rose 2.19 percent, its third consecutive day of gains, as Mexico prepared to discuss changes in trade rules about a product''s country of origin to try to avoid a disruptive fight with the United States'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tech-batteries-safety-idUSL1N1FF013'|'2017-01-25T07:56:00.000+02:00'
'49a78bcdd9e4a9915674136103be443ca6321a87'|'Chile''s Codelco suspends Andina copper mining operations after worker dies'|'Company News - Thu Jan 26, 2017 - 1:00pm EST Chile''s Codelco suspends Andina copper mining operations after worker dies SANTIAGO Jan 26 Chile''s state-owned miner Codelco suspended mining operations at its Andina copper mine after a worker died in an accident, the company said on Thursday. Chile is the world''s largest copper producer. (Reporting by Fabian Cambero; Writing by Luc Cohen) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chile-codelco-idUSE6N1C301V'|'2017-01-27T01:00:00.000+02:00'
'b5e3677045809658ea2024e167cb26b60ec0c690'|'UPDATE 1-Malaysia''s Sime Darby to spin off plantation, property businesses'|'Cyclical Consumer Goods   7:56am EST UPDATE 1-Malaysia''s Sime Darby to spin off plantation, property businesses (Updates with background, analyst) KUALA LUMPUR Jan 26 Sime Darby Bhd, the world''s largest palm oil company by land size, will spin off its plantations and property businesses in separate listings on the local stock exchange, the Malaysian conglomerate said on Thursday. The listing of the plantation business, which accounted for a major share of Sime Darby''s 44 billion ringgit ($9.9 billion) revenue last year, could be the largest plantations listing since Felda Global Ventures in 2012. The conglomerate said it would keep its trading and logistics business in the parent company, that would retain its listed status. "The transaction is not expected to result in any major disruption to the Sime Darby Group''s existing operations," it said in a statement, adding the move would maximise value for shareholders. "The proposed pure-play strategy will enable each business to focus on their respective core activities and pursue their different and distinct aspirations." The conglomerate announced in November it could list its plantation business as it looks to monetise assets. It had earlier looked at listing its motors division, but put its plans on the backburner due to weak business sentiment in the automotive sector. Sime Darby''s plantations and property arms accounted for nearly 70 percent of its profits during its 2016 fiscal year. Sime Darby reported net earnings of 2.4 billion ringgit that year. The spin offs will be called Sime Darby Plantation Bhd and Sime Darby Property Berhad, while businesses that remain under Sime Darby Berhad include its industrial, motors, logistics and healthcare divisions. An analyst report by UOB Kay Hian estimated the plantation division valuation at 50.9 billion ringgit, and the property division''s at 11.6 billion ringgit. Sime Darby and its plantation division produces approximately 2.4 million tonnes or 4 percent of the world''s annual crude palm oil (CPO) output, according to its website. Benchmark palm oil is currently trading at over four year highs as output is still seeing the lingering effects from a crop damaging El Nino weather event. It closed the trading day 1.2 percent lower on Thursday evening at 3,087 ringgit a tonne. Sime Darby was listed in 2007, creating the world''s largest listed palm oil producer and Malaysia''s largest property developer by land bank. Sime Darby shares closed 1.4 percent higher, outpacing the local stock index which was up 0.5 percent. For the full statement: bit.ly/2jinZbu ($1 = 4.4270 ringgit) (Reporting by Emily Chow; Editing by Susan Thomas and Mark Potter) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sime-drby-listing-idUSL4N1FG3KW'|'2017-01-26T19:56:00.000+02:00'
'd1b41807ad325e4cb6ad1e01d2e4994f26a205a2'|'Dutch court delays bankruptcy ruling on subsidiaries of Brazil''s Oi: sources'|'SAO PAULO A court in the Netherlands on Thursday postponed until Feb. 2 a decision on whether to enforce bankruptcy proceedings against two subsidiaries of phone carrier Oi SA ( OIBR4.SA ), which is under creditor protection in Brazil, said two sources briefed on the matter who were not authorized to discuss it publicly.The ruling was expected to be made on Thursday, according to a statement from Oi on Jan. 12. One of the sources said the reasons for the delay were unclear. The second source declined to elaborate.Court administrators filed a petition in an Amsterdam court last year to convert the legal status of Oi Brasil Holdings Coöperatief UA and Portugal Telecom International Finance BV from "suspension of payments" into bankruptcy.(Reporting by Ana Mano; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-oi-sa-restructuring-idINKBN15A20C'|'2017-01-26T11:51:00.000+02:00'
'31e622825b093123177b1fc538e0528fc9d689bd'|'Banco Santander launches 1.5bn senior non-preferred'|'Financials - Thu Jan 26, 2017 - 7:08am EST Banco Santander launches 1.5bn senior non-preferred By Helene Durand LONDON, Jan 26 (IFR) - Banco Santander has launched a 1.5bn five-year debut senior non-preferred bond at 120bp over mid-swaps on orders of around 4.25bn according to a lead. The trade via lead managers Barclays, Santander, HSBC and Natixis will come at the tight end of the 120bp-125bp guidance, and well inside the 135bp area initial price thoughts set earlier on Thursday. The so-called "second ranking senior notes" are intended to be TLAC/MREL eligible instruments once the proposed TLAC/MREL EU regulations have been approved. The bonds, which mature February 2022, are expected to be rated Baa2/BBB+/A-. Santander is rated A3/A-/A-. The transaction will be priced later today. (Reporting By Laura Benitez) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/banco-santander-bonds-idUSL5N1FG400'|'2017-01-26T19:08:00.000+02:00'
'179c595634c3ac2c7a48acbe3526190dfdfe05c5'|'J&J plans more price transparency; eyes U.S. tax, healthcare changes'|'Money   11:38pm IST J&J plans more price transparency; eyes U.S. tax, healthcare changes A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake By Bill Berkrot - NEW YORK NEW YORK Johnson & Johnson''s chief executive officer said on Tuesday that responsible drug pricing is a priority and discussed changes he would like to see on the U.S. tax code and healthcare policy, one day after meeting with President Donald Trump. The diversified healthcare group got off to a rocky start to the year, forecasting 2017 sales and profit below Wall Street estimates and reporting 2016 fourth-quarter sales short of expectations. J&J shares fell 2.1 percent to $111.52 It also said it was reviewing strategic options, including the possible sale, for some diabetes care businesses. High prices for prescription medicines have come under extreme criticism from health insurers and politicians, and J&J was the first major healthcare company to report results since Trump''s scathing remarks on the subject. J&J said it has generally limited annual product price increases to the single digits in percentage terms, something other companies have begun to pledge to do. "It''s important to price responsibly. We believe that has been our practice," CEO Alex Gorsky said on a conference call. The company is planning to release what it is calling a pharmaceutical transparency report. It will include expanded disclosures on U.S. pricing, research and development expenses, and compassionate care programs, Gorsky said. Lack of transparency in how companies price medicines has been a major sore point among industry critics. ''DEGREE OF CONSERVATISM'' Gorsky was among business leaders who met with Trump on Monday in Washington, and on Tuesday outlined his priorities, including lower taxes to help U.S. companies better compete with overseas rivals and being allowed to bring back cash held abroad at a lower tax rate. With Congress and Trump determined to repeal and replace the Affordable Care Act (ACA), Gorsky said he hoped any new plan would retain health coverage for people with pre-existing conditions. He would also like to see a continued move toward value-based care and a focus on wellness and preventive care. J&J said it did not see a significant business uptick as a result of former President Barack Obama''s health care law, commonly referred to as Obamacare, and does not expect changes to have a negative effect. It said current fees and costs associated with the law were included in its 2017 forecasts. J&J forecast 2017 adjusted earnings of $6.93 to $7.08 per share on revenue of $74.1 billion to $74.8 billion, below the average analyst estimate for a profit of $7.11 per share on revenue of $75.10 billion. "We think the outlook reflects a degree of conservatism rather than a reflection of caution on fundamentals," Barclays analyst Geoff Meacham said in a research note. The company said it expected a slower growth rate for pharmaceuticals this year. Gorsky declined to comment on J&J''s exclusive talks to buy Actelion Ltd, Europe''s biggest biotech, but said the $4.3 billion acquisition of Abbott Laboratories'' eye-care business would likely close this quarter. The company is looking into a potential sale, partnerships or other options for LifeScan Inc, Animas Corp and Calibra Medical Inc, units that sell blood glucose monitoring and insulin delivery devices. Diabetes devices had sales of $462 million for the quarter and were down 7.2 percent in 2016. The review does not involve J&J''s big-selling diabetes drugs. Fourth-quarter sales rose 1.7 percent to $18.11 billion, shy of the average analyst estimate of $18.28 billion, according to Thomson Reuters I/B/E/S. Excluding items, J&J earned $1.58 per share, beating the average estimate by 2 cents. (Additional reporting by Natalie Grover in Bengaluru; Editing by Sriraj Kalluvila and Jeffrey Benkoe) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/johnson-johnson-results-idINKBN1582HQ'|'2017-01-25T01:08:00.000+02:00'
'7be4c146bd2b9be85dde5411d4ded7849ee4bd4c'|'Chinese court sentences former Sinopec president to 15 and half years in prison'|'Money   11:53am IST Chinese court sentences former Sinopec president to 15 and half years in prison FILE PHOTO - Sinopec Director and President Wang Tianpu attends a news conference announcing the annual results in Hong Kong April 7, 2008. REUTERS/Bobby Yip/File Photo BEIJING A Chinese court has jailed Wang Tianpu, the former president of Sinopec Group, for 15 and a half years for graft, state television said on Tuesday citing a court verdict. Sinopec Group is the parent of oil major Sinopec Corp. (Reporting by Beijing Monitoring Desk; Editing by Randy Fabi) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-corruption-sinopec-idINKBN1580H2'|'2017-01-24T13:23:00.000+02:00'
'7ee3f85936478d8cc55581b6f3afe6bc0e618049'|'easyJet says first quarter in line with expectations, forward bookings ahead'|' 20am GMT easyJet says first quarter in line with expectations, forward bookings ahead FILE PHOTO - An EasyJet passenger aircraft prepares for take off from Gatwick Airport in southern England, Britain, October 9, 2016. REUTERS/Toby Melville/File Photo LONDON British low-cost airline easyJet posted first-quarter revenue, cost and passenger numbers in line with its expectations and said forward bookings were ahead of last year. easyJet, Europe''s no.2 no-frills carrier behind Ryanair, warned however that the weak pound since the June 23 Brexit vote meant that its 2017 profit would take a larger-than-expected 105 million pound hit. (Reporting by Sarah Young; editing by Costas Pitas)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-easyjet-outlook-idUKKBN1580LK'|'2017-01-24T14:20:00.000+02:00'
'ff13689a25e76939fbf6fe2a4ecc342fbd7424a3'|'Generali CFO Minali preparing to resign: source'|'MILAN Generali ( GASI.MI ) Chief Financial Officer Alberto Minali is preparing to hand in his resignation and a board meeting on Wednesday will discuss his position, a source with knowledge of the matter told Reuters on Monday.The source said Minali''s decision was due to disagreements with Chief Executive Philippe Donnet, who took over the helm at Italy''s largest insurer last year following the sudden departure of former CEO Mario Greco to rival Zurich Insurance ( ZURN.S ).Minali was already CFO when Donnet took over but was then also appointed managing director in addition to his previous responsibilities.A second source with knowledge of the matter confirmed that Generali will hold a board meeting on Wednesday, but did without elaborating.Minali did not immediately respond to an emailed request for comment. Speculation over Minali''s pending departure was first reported by daily La Stampa over the weekend.(Reporting by Gianluca Semeraro, writing by Agnieszka Flak, editing by Silvia Aloisi)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-generali-cfo-idUSKBN1572NR'|'2017-01-23T23:49:00.000+02:00'
'baa1be6518b246f04eb89117870aa40f9d4eeb4e'|'PRESS DIGEST - Wall Street Journal - Jan 24'|'Jan 24 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- President Donald Trump started his first full workday at the White House focused on the economy, trade and jobs, withdrawing from the Trans-Pacific Partnership (TPP) agreement and promising to tax firms that move operations overseas. on.wsj.com/2klQzOb- A federal judge Monday blocked the proposed merger of health insurers Aetna and Humana on antitrust grounds, a potentially fatal legal blow to the $34 billion deal. on.wsj.com/2klXsis- The Senate confirmed Representative Mike Pompeo of Kansas as director of the Central Intelligence Agency, putting a Republican lawmaker in charge of the nation''s top spy agency. on.wsj.com/2km04wI- A government watchdog group filed a lawsuit alleging President Trump is violating the U.S. Constitution by maintaining ownership of businesses that accept payments from foreign governments. on.wsj.com/2km3yzq- Yahoo, subject of two huge data breaches that have cast a shadow over its deal with Verizon Communications., pushed back its expected closing date for the transaction, citing "work required to meet closing conditions." on.wsj.com/2km3Ar2- The lending arm of Ford Motor Co has tapped a San Francisco startup to make it easier for its customers to buy and finance a car without going into a showroom. on.wsj.com/2km2c7R- Sprint Corp will buy one-third of Tidal, the streaming-music service run by rap mogul Jay Z, the latest content deal secured by a network provider. on.wsj.com/2klTrue- The Syrian regime and the rebel opposition ended the first day of peace talks on Monday without reaching agreement on how to monitor a shaky cease-fire, but the sides continued trying to hammer out details of a potential deal. on.wsj.com/2klUZV7(Compiled by Vishal Sridhar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1FE2FY'|'2017-01-24T03:42:00.000+02:00'
'27d93d79e6a051ed308fb88cdb3aeb6554b00cb9'|'Gap says Banana Republic head to leave, CEO to oversee brand'|'Company News  47pm EST Gap says Banana Republic head to leave, CEO to oversee brand Jan 24 Gap Inc said the global president of its Banana Republic unit would leave the company as the apparel retailer looks to stem a relentless decline in sales at the brand. Andi Owen, global president of Banana Republic, will leave the company in late February, Gap said in a statement. Chief Executive Art Peck, who took over as chief executive in 2015, will directly oversee the brand, while the company searches for Owen''s replacement. Sales in the Banana Republic unit have declined for seven straight quarters. Under Peck, Gap has been trying to replicate the success of its low-end Old Navy brand at its Gap and Banana Republic brands. The company said last May it would shut 75 Old Navy and Banana Republic stores outside the United States. (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gap-moves-banana-republic-idUSL4N1FE5OU'|'2017-01-25T05:47:00.000+02:00'
'61070b97fbf93c81acd1d2ddf0dad87a092b3b1b'|'Exclusive - Deutsche to settle Russia trades probe as soon as Tuesday: sources'|' 36pm GMT Exclusive: Deutsche to settle Russia trades probe as soon as Tuesday - sources A green traffic light is seen next to the logo of Germany''s largest business bank, Deutsche Bank in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach By Arno Schuetze , Kathrin Jones and Andreas Kröner - FRANKFURT FRANKFURT Deutsche Bank ( DBKGn.DE ) is nearing agreements with British and U.S. authorities to settle probes into so-called mirror trades by Russian clients, sources told Reuters. This involved clients buying stocks in Moscow in roubles and then selling them almost simultaneously in London in other currencies, including U.S. dollars. A settlement with the New York State Department of Financial Services (DFS) and Britain''s Financial Conduct Authority (FCA), may be announced as soon as Tuesday, the sources said. The deal will cost Deutsche Bank significantly less than the 1 billion euros ($1.1 billion) in provisions it had set aside for the case, the sources said. Deutsche Bank, the DFS and the FCA all declined to comment. (Additional reporting by Karen Freifeld, Anjuli Davies; Editing by Alexander Smith) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-deutsche-bank-russia-litigation-exclu-idUKKBN15E24Q'|'2017-01-31T00:35:00.000+02:00'
'7cf88b176e93b52de8990e1a4b2a147be7e13d67'|'PRESS DIGEST - Wall Street Journal - Jan 30'|'Jan 30 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- CSX Corp is discussing a settlement with Hunter Harrison and the activist investor backing him that could make the railroad-industry veteran its chief executive, less than two weeks after they launched a campaign for influence over the company. on.wsj.com/2k7lvi1- Delta Air Lines Inc extended a freeze on many domestic departures following computer problems that extended to flights flown by its regional airline partners. on.wsj.com/2k7AWXE- Brazilian businessman Eike Batista said late on Sunday he''s returning to Brazil to turn himself in to police days after being named a fugitive in a bribery case. on.wsj.com/2k7GCks- Alphabet Inc''s Google, Apple Inc, Facebook Inc, Microsoft Corp, Uber Technologies Inc and other companies expressed concern about the immigration order''s effect on their employees, with some executives saying the ban violated their personal and company principles. on.wsj.com/2k7Fg9d- A U.S. service member was killed and several were wounded during an operation Saturday against al Qaeda militants in Yemen that marked the first known commando mission authorized by President Donald Trump. on.wsj.com/2k7zTqr- A shooting at a Quebec City mosque has claimed multiple lives and sent other victims to the hospital, Quebec City police said. Police said they had made arrests at the Centre Culturel Islamique de Quebec on Sunday night, but declined to confirm the number of dead and wounded and did not provide any details on the arrests. on.wsj.com/2k7mE9j (Compiled by Bhanu Pratap in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1FK0O9'|'2017-01-30T02:44:00.000+02:00'
'df763209081db4e02ca38ce7b18b21d239001f80'|'French hydro reservoirs at lowest level in at least 10 years -RTE'|'Company News  20am EST French hydro reservoirs at lowest level in at least 10 years -RTE PARIS Jan 30 French reservoirs used for hydropower are at their lowest levels in 10 years because of low rain and snowfall this winter, grid operator RTE said on Monday. There has been no impact yet on the French electricity network nor on the grid operator''s winter outlook, a spokesman for RTE said. Data on RTE''s website showed that hydro reservoir levels in the fourth week of January were at their lowest in the 10 years for which RTE has records. A representative of state-controlled utility EDF, which operates France''s hydropower stations, was not available to comment. (Reporting by Bate Felix; Editing by David Goodman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/france-power-hydro-idUSL5N1FK4OH'|'2017-01-30T23:20:00.000+02:00'
'3d731f31cc5d3cdb646a3f3121021f54fef9eeb4'|'Sweden drops objections to port striking Nord Stream deal'|'STOCKHOLM Sweden''s government has dropped its objections to a plan by Russia''s Gazprom ( GAZP.MM ) to use the port of Karlshamn in southern Sweden as a base for the construction of its Nord Stream 2 gas pipeline, Swedish public radio reported on Monday.Officials in Karlshamn, on the Baltic sea, will take the formal decision on Tuesday, but are likely to vote yes to an agreement after the government tempered its previous objections to a deal.Late last year, the island of Gotland rejected a similar deal to support the construction of the pipeline after the government expressed worries about national security.Public broadcaster Swedish Radio reported assurances had been given that authorities would be able to keep tabs on activities at the port and that Karlshamn already handles a large number of Russian ships.The government will tell the municipality at a meeting later on Monday that an agreement with the Nord Stream 2 project''s subcontractor is not deemed to pose a security or defense risk.A spokesman for Foreign Minister Margot Wallstrom said that she and the defense minister would present the government''s view at a press conference later on Monday.Both the Baltic Sea harbors at Karlshamn and Slite, Gotland, are situated in strategically sensitive areas, with Karlshamn around 50 kilometers from the large naval base at Karlskrona.Russian military activity in the Baltic Sea has increased in the wake of country''s annexation of Crimea in 2014 and last year Sweden permanently posted military forces on Gotland for the first time in more than a decade.Gazprom plans to double the capacity of the existing Nord Stream pipeline under the Baltic Sea. This has met resistance, above all from Ukraine, which could lose transit earnings, and sparked concerns over European over-reliance on Russian gas.(Reporting by Niklas Pollard and Daniel Dickson; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sweden-nordstream-idINKBN15E1RI'|'2017-01-30T12:11:00.000+02:00'
'893eb029d6d161d158ed4d9e2143d75e5f156dcd'|'UPDATE 1-Swedish government: won''t oppose port making Nord Stream deal'|'Utilities  37pm EST UPDATE 1-Swedish government: won''t oppose port making Nord Stream deal (Adds government news conference) STOCKHOLM Jan 30 The Swedish government said on Monday it would not hinder Russia''s Gazprom in its plan to use a southern Swedish port as a base for construction of a gas pipeline project that has raised security concerns. The government had earlier expressed concerns about Gazprom''s plans to use the port of Karlshamn for construction of its Nord Stream 2 gas pipeline. Sweden''s military has also questioned the plan. Officials in Karlshamn, on the Baltic Sea, are likely to vote ''yes'' to an agreement after the government said additional security measures at the port would allow the plan to go ahead. Late last year, the island of Gotland rejected a similar deal citing government worries. "If Karlshamn chooses to proceed this will not threaten defence policy interests," Foreign Minister Margot Wallstrom told a news conference. "We have had a good dialogue with the municipalities and they have been receptive to the information they have received from the government." Public broadcaster Swedish Radio reported earlier on Monday that local authorities had given assurances that they would be able to keep tabs on activities at the port, adding that Karlshamn already handles a large number of Russian ships. Both the Baltic Sea harbours at Karlshamn and Slite, Gotland, are in strategically sensitive areas, with Karlshamn around 50 km (30 miles) from the large naval base at Karlskrona. Russian military activity in the Baltic Sea has increased since the annexation of Crimea in 2014 and last year Sweden permanently posted military forces on Gotland for the first time in more than a decade. Gazprom plans to double the capacity of the existing Nord Stream pipeline under the Baltic Sea. This has met resistance, above all from Ukraine, which could lose transit earnings, and heightened concerns of European over-reliance on Russian gas. (Reporting by Niklas Pollard and Daniel Dickson; Editing by Mark Potter/Ruth Pitchford) Next In Utilities'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/sweden-nordstream-idUSL5N1FK4GF'|'2017-01-31T02:37:00.000+02:00'
'9320f542accc520965878bcc00ab00e83f293721'|'Prosthetics maker Ottobock draws private equity interest'|'Company News  14pm EST Prosthetics maker Ottobock draws private equity interest By Arno Schuetze - FRANKFURT FRANKFURT Jan 23 Germany''s Ottobock, the world''s largest maker of artificial limbs, has attracted interest from private equity groups including KKR and CVC for a 20 percent stake in its core business, people familiar with the matter said on Monday. The suitors for the stake in its core healthcare division also include buyout firms BC Partners and Advent, the people told Reuters. The stake would be worth around 250 million euros ($268.5 million), one of them said. The privately held company, owned by the founder''s grandson Hans Georg Naeder, said on Friday it was targeting private equity firms, affluent families and technology funds as potential buyers in a deal to be completed by the end of June, ahead of an initial public offering at a later stage. Ottobock, an official partner of the International Paralympic Committee, is seeking financial backing to develop more bionic devices; prosthetic limbs and orthotic braces closely modelled on natural mechanisms. The deal would help it to pursue "even quicker profitable growth and groundbreaking innovations for the people suffering a handicap", Naeder said in the statement. The company, which started in 1919 as a maker of prosthetics for World War One veterans, said on Friday it was currently valued at about 3 billion euros and that it was being advised by J.P. Morgan in the planned stake sale. That would equate to a multiple of 12 times its expected 2017 earnings before interest, tax, depreciation and amortization of 250 million euros, a discount to some rivals as the business includes its lower-margin wheelchair business, one of the people said. Peer Iceland''s Ossur trades at 14.7 times its expected core earnings. The investment firms and Ottobock declined to comment. The company said last October it was considering the sale for up to 240 million euros of its Ottobock Kunststoff division, a maker of engineering foams, to focus on healthcare. Ottobock reported sales of 1.031 billion euros for 2015, of which 847.7 million euros came from its main healthcare unit. The company said in July 2015 it wanted to go public in 2017, possibly floating a stake of 25 percent with Naeder staying in control. It declined to provide a more specific timeline for the IPO on Monday. ($1 = 0.9310 euros) (Writing by Ludwig Burger; Additional reporting by Alexander Huebner; eidting by Susan Thomsa) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ottobock-stake-idUSL5N1FD4P5'|'2017-01-24T00:14:00.000+02:00'
'7a0347578b28fb0d219808552534030a1275820f'|'Japan''s Orix looking for more European shipping debt after buying RBS loans'|'  3:10pm GMT Japan''s Orix looking for more European shipping debt after buying RBS loans left right The logo of the Royal Bank of Scotland (RBS) is seen at an office building in Zurich March 27, 2015. REUTERS/Arnd Wiegmann/File Photo 1/2 left right Orix Corp Chief Executive Officer Makoto Inoue poses in front of the company logo after an interview with Reuters in Tokyo April 7, 2015. REUTERS/Toru Hanai 2/2 LONDON Japanese financial services firm Orix Corp ( 8591.T ) said it was looking to buy more shipping loans in Europe after confirming on Monday that it would purchase $289 million (232 million pounds) worth of such debt from Royal Bank of Scotland ( RBS.L ) in a landmark deal. European banks, major lenders to the shipping industry, have been reducing exposure to the sector because of the slump in the shipping industry and to meet stricter banking rules. Orix said it had agreed to acquire the loans from RBS, confirming a Reuters story on Friday, in what is likely to be the first major purchase of shipping loans in Europe by a Japanese player in recent years. "Orix views these current market conditions as a favourable investment opportunity," it said in a statement. "And therefore, Orix aims to increase activity in investment grade shipping-related loans held primarily in Europe, such as those involved in the current acquisition, as well as to expand its business operations in the shipping sector." Sources had told Reuters on Friday that RBS had concluded agreements to sell at least $600 million worth of shipping loans from its portfolio as part of efforts to exit the sector and that Orix had agreed to buy $290 million worth of the loans. Germany''s Berenberg Bank would purchase around $300 million of loans, the sources said. RBS on Monday also confirmed the sale of shipping loans to Orix. The Japanese company said it was taking advantage of the downturn in the shipping sector, which some had likened to a "perfect storm", it said. RBS initially tried to sell its entire Greek shipping business, which was valued at $3 billion at the time, and held talks with Orix and Berenberg among others. The Edinburgh-based bank announced last September it was winding down its global shipping business after earlier sales efforts were not successful. Although 90 percent of world trade is transported by sea, the shipping industry is stuck in its deepest slump on record, as international trade slows and freight rates fall in a market with too many vessels. RBS, which is more than 70 percent state owned, is in the middle of a restructuring, which includes asset sales, job cuts and tackling multi-billion dollar charges to settle litigation and pay regulatory fines for past misconduct. The bank, which has had eight years of annual losses, was rescued with a more than 45 billion pound ($56 billion) bailout at the height of the financial crisis. (Reporting by Jonathan Saul; Editing by Susan Fenton) Next In Business News Bank of England to keep rates on hold until 2019 at least - Reuters poll LONDON The Bank of England will leave its record-low interest rates and other stimulus measures unchanged at least until 2019, even though it is likely to revise up its 2017 growth predictions again next week, a Reuters poll found on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-orix-rbs-shipping-idUKKBN157219'|'2017-01-23T22:10:00.000+02:00'
'0af5e3cc65a87f39808be6664bef04b5fa820acb'|'China cbank''s temporary liquidity support a new tool, sends neutral policy signal-paper'|' 55pm EST China cbank''s temporary liquidity support a new tool, sends neutral policy signal-paper SHANGHAI Jan 23 A move by China''s central bank to provide temporary liquidity support marks the creation of a new policy tool designed to ease seasonal cash shortages, while sending the signal that monetary policy remains stable and neutral, the Financial News said in a front-page commentary on Monday. The use of the "Temporary Liquidity Facility (TLF)", announced by the central bank last Friday, is expected to inject several hundred billion yuan into the banking system, according to the publication, which is affiliated with the People''s Bank of China (PBOC). The PBOC made the funds available to the country''s five biggest banks after short-term funding costs spiked to near 10-year highs heading into the long Lunar New Year holiday starting on Jan. 27, sparking fears of a cash squeeze. The central bank has avoided cutting banks'' required reserve ratios (RRRs) too frequently, because the move would inject a large amount of liquidity into banking system, pushing down yields, fuelling expectations of monetary policy loosening, and increasing depreciation pressure on the yuan, the newspaper said. TLF is a another gadget in the central bank''s expanding toolkit and will continue to play an important role in the future, according to the article. On Friday, the central bank said it would provide temporary liquidity support for several major commercial banks for 28 days, with funding cost under TLF about the same as the open market operations rate over the same period. The move came after the PBOC had injected a record weekly amount of funds. "This action is new and unusual, and perhaps ad hoc," economists at ANZ said in a note on Friday afternoon. "Given a stable GDP and rising inflationary momentum, we do not see a macroeconomic reason for a broad-based monetary policy easing which would have sent the wrong policy signal to the economy....They may also launch other tools if certain segments of the economy require their support in the future." China''s economy grew a faster-than-expected 6.8 percent in the fourth quarter, boosted by higher government spending and record bank lending. (Reporting by Samuel Shen and John Ruwtich; Editing by Kim Coghill) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-market-liquidity-idUSL4N1FD1AG'|'2017-01-23T08:55:00.000+02:00'
'd4330c9d909d5da631a62272f0bed2e3dec812b6'|'Bovis, Berkeley see little logic in a merger - sources'|'  3:40pm GMT Bovis, Berkeley see little logic in a merger - sources left right A builder works at a Bovis homes housing development near Bolton, Britain, July 9, 2008. REUTERS/Phil Noble/Files 1/2 left right Carpenter Richard Helad adjusts a door in a new apartment constructed by Berkeley Homes in Hackney, northeast London July 22, 2014. REUTERS/Luke MacGregor 2/2 By Costas Pitas - LONDON LONDON British housebuilders Bovis ( BVS.L ) and Berkeley ( BKGH.L ) see little logic in a merger, sources close to the companies told Reuters, after a media report said an influential Bovis shareholder wrote to Berkeley asking it to consider such a step. A source close to Berkeley said there were better fits for Bovis when asked about a report in The Sunday Times newspaper which said a fund manager at Schroder Investment Management ( SDR.L ) had written to London-focused builder Berkeley asking it to consider an all-stock merger. A source close to Bovis also saw little reason for the housebuilders to merge. "It is unlikely because the land market is so benign at the market. You don''t need to buy another housebuilder to get your hands on land," the source told Reuters when asked about the media report. Bovis has been searching for a new permanent chief executive since David Ritchie quit this month after the company warned on profit in December, saying it had failed to complete the number of homes it expected during the year. Bovis shares rose 4.1 percent by 1512 GMT on Monday following the report but remain the weakest performers of the major British housebuilders since Britons voted on June 23 to leave the European Union. Berkeley shares rose 2.6 percent. Schroders, which holds a 6.4 percent stake in Bovis, according to analyst UBS, did not immediately respond to a request for comment. The source close to Berkeley said merger speculation was inevitable given Bovis'' underperformance in recent months but a merger would not be in keeping with Berkeley''s past behaviour. "Berkeley has never made a corporate acquisition of this nature. There are a lot more strategic fits out there (for Bovis) than Berkeley," the source said. The Telegraph newspaper reported fellow housebuilders Redrow ( RDW.L ) and Persimmon ( PSN.L ) "could still be in the frame to buy Bovis." Both firms declined to comment. Richard Marwood, a senior fund manager at Royal London Asset Management, which invests in Berkeley, said he was not surprised to hear talk of corporate activity around Bovis. "Clearly, Bovis has had operational issues and it does trade at one of the lowest prices to book in their sector, and so there''s maybe a view that if you could get what would be perceived to be better management running those assets, you''d make more money," he told Reuters. However, he said he was surprised Berkeley had been suggested as a potential partner, given its focus on London and the southeast of England. The British property market has been generally resilient since the Brexit vote, defying economists'' predictions of a downturn. The last major consolidation in the market occurred nearly a decade ago when companies Taylor Woodrow and George Wimpey merged to form Taylor Wimpey ( TW.L ), becoming Britain''s biggest housebuilder at the time. In recent years, British housebuilders have reported rising profits and gradually expanded output, benefiting from government schemes to support home ownership and a lack of supply which has pushed up prices. (Additional reporting by Simon Jessop; editing by Adrian Croft) Next In Business News Bank of England to keep rates on hold until 2019 at least - Reuters poll LONDON The Bank of England will leave its record-low interest rates and other stimulus measures unchanged at least until 2019, even though it is likely to revise up its 2017 growth predictions again next week, a Reuters poll found on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bovis-homes-grp-m-a-berkeley-idUKKBN15724I'|'2017-01-23T22:40:00.000+02:00'
'd535abe4724dcbff97f3c7350e0099165e29829d'|'UPDATE 1-EU states should guarantee minimum income for citizens - Juncker'|'Financials  11pm EST UPDATE 1-EU states should guarantee minimum income for citizens - Juncker (writes through, adds quotes, background) By Francesco Guarascio BRUSSELS Jan 23 The European Commission wants all EU member states to introduce minimum wages and incomes for their workers and unemployed, the head of the EU executive president said on Monday, in an effort to combat growing social inequality and poverty. The Commission, which has limited powers in the area of social policy, is preparing an overhaul of the EU''s functions and targets and wants it to include tackling social and economic injustices that have often been successfully exploited by right-wing eurosceptic parties across the 28-nation bloc. "There should be a minimum salary in each country of the European Union," Jean-Claude Juncker told a conference on social rights in Brussels, adding that those seeking work should also have a guaranteed minimum level of income. Juncker, a former prime minister of Luxembourg, said each state should be free to set its own minimum wage, but added: "There is a level of dignity we have to respect." Living standards and costs vary widely across the EU, and some parts of the EU, especially in southern Europe, are suffering very high levels of unemployment. Juncker urged companies to adopt a minimum wage to help counter "social dumping" - a term that describes the employment of cheaper labour, sometimes involving migrants or moving production to lower-wage countries. Juncker said reforming EU social policy should start within the bloc''s 19-country euro zone, which already shares a single currency and fiscal supervision. The Commission will present its reform proposals in the coming weeks, before a summit in Rome on March 25 that will celebrate the 60th anniversary of the Treaty of Rome, which laid the foundations of today''s European Union. (Reporting by Francesco Guarascio; Editing by Gareth Jones) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/eu-labour-juncker-idUSL5N1FD500'|'2017-01-24T01:11:00.000+02:00'
'495bab01fbc3bbf9d2bf10ff5167c9d6d5235478'|'Japan Inc believes Abe, Trump don''t want to see excessive yen weakness: Reuters poll'|' 21pm EST Japan Inc believes Abe, Trump don''t want to see excessive yen weakness: Reuters poll left right An employee of a foreign exchange trading company wears a jacket near monitors showing U.S. President-elect Donald Trump speaking on TV news, and the Japanese yen''s exchange rate against the U.S. dollar (top R) in Tokyo, Japan, November 9, 2016. REUTERS/Toru HanaI/File Photo 1/2 left right A man stands in front of electronic boards showing stock prices and exchange rate between Japanese Yen and U.S dollar outside a brokerage in Tokyo, Japan, January 20, 2017. REUTERS/Kim Kyung-Hoon /File Photo 2/2 By Tetsushi Kajimoto - TOKYO TOKYO Japanese companies believe that neither U.S. President Donald Trump nor Japan   a Reuters poll showed,   The Reuters Corporate Survey, conducted Jan. 4-17, also found that Japanese firms want Abe to push Trump hard on trade issues, while nearly a third cited national security concerns as the most pressing issue Abe should bring up with the new president. The latest survey highlights caution over how U.S. policy will develop under Trump, who was sworn in as president on Friday, with his protectionist agenda casting a cloud over the outlook on global trade. Trump has complained that the dollar''s strength is hurting trade relations with China. He has also vowed to make sweeping changes to U.S. trade policy and protect American jobs, threatening to levy punitive tariffs on Chinese imports and renegotiate the North American Free Trade Agreement with Mexico and Canada. The monthly   found that 73 percent said that Trump   "I think the U.S. will try to arrest excessive strength in the dollar in order to promote protectionism," wrote a manager at a machinery company. Managers answered on condition of anonymity in the survey, which was conducted for Reuters by Nikkei Research. Around 240 answered questions on Trump. The dollar surged at the end of last year on expectations that fiscal stimulus proposed by Trump would boost growth and inflation and lead to accelerated U.S. interest rate hikes. But the greenback fell to six-week lows against major currencies last week after Trump complained about dollar strength. He has criticized Japan as well as China and Mexico for running trade surpluses with the United States. "Given the irregularity of Trump''s remarks, many companies seem to worry about when a weaker yen becomes the target of his criticism," said Hidenobu Tokuda, senior economist at Mizuho Research Institute, who reviewed the survey results. A weaker yen helps Japan''s exporters because it boosts repatriated income from abroad. But it also lifts prices of imports such as oil and food that can hurt households. Bank of Japan Governor Haruhiko Kuroda warned of a potential hit to households when the dollar rose to around 125 yen in mid-2015. That has led markets to believe Tokyo won''t tolerate a dollar rise above that level, known as the "Kuroda line". The survey showed that 31 percent of firms want Abe to press Trump on multilateral trade pacts such as the   and NAFTA in order to avert protectionism. Another 31 percent urged Abe to push Trump to maintain the U.S.-Japan security ties amid concerns over Trump''s criticism of Japan for being a free rider on the bilateral alliance. Thirteen percent called for efforts to keep China in check. "TPP and the free trade framework are vital," said an official at an electrical machinery firm," but our utmost concern is geopolitical risks when promoting trade." Graphic link to Corporate Survey: here (Reporting by Tetsushi Kajimoto; Additional reporting by Izumi Nakagawa; Editing by Jacqueline Wong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-japan-companies-yen-reuterspoll-idUSKBN15702X'|'2017-01-23T08:21:00.000+02:00'
'388af0c2776c5a658dfa6f7ad7536ec72c2456dd'|'RPT-India pressed ahead with banknote ban despite central bank concerns'|'Financials  40pm EST RPT-India pressed ahead with banknote ban despite central bank concerns (Repeats story issued late on Friday with no changes) * Govt advised central bank to abolish banknotes - RBI submission * Documents show RBI warned of potential fallout * RBI expected impact of ban to be "transitory" By Rajesh Kumar Singh and Suvashree Choudhury NEW DELHI/MUMBAI, Jan 20 India pushed ahead with its decision to scrap banknotes even as the Reserve Bank of India''s (RBI) own board expressed concern whether the cash could be replaced quickly enough, the central bank has said in written testimony to parliament. The revelation comes amid growing criticism about whether the central bank and the government had sufficiently assessed the potential fallout from the Nov. 8 ban of about 86 percent of the cash then in circulation. Prime Minister Narendra Modi''s shock move caused a severe cash shortage that brought large parts of the economy to a virtual standstill, as the central bank struggled to print new 500-rupee and 2,000-rupee notes to replace the old currency. A copy of the private testimony to a parliament panel, seen by Reuters, showed the central bank had also warned the government of "possible inconvenience to the public for some time," among the potential consequences of the massive exercise. Despite its own doubts, the testimony showed, the RBI board approved the plan to ban 500-rupee and 1,000-rupee notes, as it believed the move would rein in counterfeiting and reliance on cash, and pull unaccounted cash into the financial system. "It might not immediately be possible to replace these notes fully in terms of both value and volume," the board felt at a meeting ahead of Modi''s Nov. 8 announcement, according to the central bank submission. But the RBI''s board ultimately believed that "corrective" action could be taken and decided to recommend the move, the document showed. The RBI also believed the impact of such an exercise would be "transitory", given its efforts to quickly replace the old notes, it said in the testimony. The RBI''s endorsement of the government action has drawn strong criticism from several former policymakers, including former Prime Minister Manmohan Singh, the architect of India''s 1991 financial reforms and a former central bank governor. The document also notes the proposal to ban the cash had come from the government, in a letter a day before the announcement that advised the RBI to "immediately" put the plan before its board for approval. Under India''s RBI Act, such a move was necessary. The central bank did not immediately respond to Reuters'' request for comments on its submission to parliament. "PAINFUL" FOR RBI Since Modi declared the ban, the central bank has been forced to announce a barrage of measures to soften the impact, including several high-profile reversals, undermining confidence in it. In a letter to RBI Governor Urjit Patel, unions of central bank employees called such criticism "painful", and accused the government of steering decisions behind the replacement of the banned notes, saying that "blatantly encroaches" on the central bank''s jurisdiction. The government, however, has denied it was taking the decisions during the implementation, saying that it was merely cooperating with the RBI and reiterating that it fully respected the autonomy of the central bank. Power and Coal Minister Piyush Goyal said such cooperation was necessary, since it involved an unprecedented "exercise" and that the flurry of action showed India''s flexibility in taking the necessary measures. "They never had got an experience of this kind of a war-type situation," Goyal said, referring to the RBI. "So, every organization which is doing this is doing it for the first time. You will learn as you go along." Previous banknote bans have not had such a dramatic impact as they removed only a small fraction of cash from circulation. ($1=68.2300 Indian rupees) (Editing by Rafael Nam and Clarence Fernandez) Next In Financials Fitch Rates Siam Commercial Bank''s Senior Notes at ''BBB+(EXP)'' (The following statement was released by the rating agency) BANGKOK/SINGAPORE, January 22 (Fitch) Fitch Ratings has assigned an expected ''BBB+(EXP)'' rating to The Siam Commercial Bank Public Company Limited''s (SCB; BBB+/Stable) proposed US-dollar denominated senior unsecured notes, which will be issued under the USD3.5bn medium-term note (MTN) programme by the bank''s Cayman Islands branch. The proposed tenure for the notes will be up to 5.5 years and the total issue size will be up to USD5'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-cenbank-independence-idUSL4N1FD1TI'|'2017-01-23T10:40:00.000+02:00'
'7cc86dadc61333be9a37fd974fc7218858c83c01'|'MIDEAST STOCKS-Gulf may have firm tone, Kuwait has momentum'|'Financials   12:43am EST MIDEAST STOCKS-Gulf may have firm tone, Kuwait has momentum DUBAI Jan 23 Gulf stock markets may have a firm tone on Monday after Saudi Arabia rebounded from early losses on Sunday and Kuwait rocketed 3.2 percent in its heaviest trading volume since mid-2013. With a trailing price/earnings ratio near 15 times, Kuwait is not cheap compared with its neighbours or emerging markets globally. But so far there has been no technical sign of its bull run ending, and the huge turnover suggests the uptrend has considerable momentum. The global environment is marginally positive, with MSCI''s broadest index of Asia-Pacific shares outside Japan up 0.3 percent and Brent crude oil futures up 0.2 percent at $55.58 a barrel. In Qatar, however, Doha Bank may see selling after it reported an 84.8 percent decline in fourth-quarter net profit to 35 million riyals ($9.6 million). Three analysts polled by Reuters had forecast on average the bank would make a quarterly net profit of 215.58 million riyals. (Reporting by Andrew Torchia) Next In Financials Canada''s   CALGARY, Alberta,  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-emirates-idUSL5N1FD0GS'|'2017-01-23T12:43:00.000+02:00'
'ba0fda16a4187f2fd68cac75372f1c160f21c388'|'Australia shares hit 1-month low as industrials, healthcare weigh'|' 36pm EST Australia shares hit 1-month low as industrials, healthcare weigh Jan 23 Australian shares gave up early gains on Monday, falling to a 1-month low, as industrial and healthcare stocks pushed the index down and Brambles Ltd disappointed by slashing its annual profit forecast. In its first trading session since U.S. President Donald Trump''s inauguration, the S&P/ASX 200 index lost 0.4 percent or 22.05 points to 5627.2 by 01:23 GMT. The industrial sector was the worst performer as supply-chain logistics company Brambles dived to its lowest in more than 11 months. The company said its annual constant-currency sales revenue and underlying profit growth would be below its current guidance range. "We had some positive leads, but gains have quickly evaporated," said Christopher Conway, head of research and trading at Australian Stock Report. "I think local traders will now be more focused on the rest of the U.S. earnings season and next month''s Australian earnings. The Trump presidency will sort of recede into the background," he added. Healthcare stocks moved into the red with shares of CSL Ltd posting their biggest percentage loss in more than a week. Conway said traders were booking some profit from CSL after it rose quite significantly in the last two sessions. Materials also posted losses, tracking weak metal prices. BlueScope Steel Ltd shed 1.7 percent and nickel miner Western Areas Ltd dropped 4.2 percent. Energy stocks offered some support as prices edged up after energy ministers of OPEC and non-OPEC countries applauded a strong start to output cuts. Oil majors Caltex Australia Ltd and Woodside Petroleum Ltd added 0.8 percent and 0.6 percent each. The gold index rose as much as 1.8 percent after a weaker U.S. dollar drove up gold prices on Friday. Financials, the biggest index component, lost their initial momentum with the "Big Four" banks paring some of their early gains. New Zealand''s benchmark S&P/NZX 50 index saw lacklustre trade, just three points up at 7051.49 by 01:32 GMT. Comvita Ltd was the top loser on the benchmark, slipping 18.3 percent by 01:34 GMT, after it lowered its profit guidance. (Reporting by Anusha Ravindranath in Bengaluru; Additional reporting by Geo Tharappel; Editing by Eric Meijer) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-midday-idUSL4N1FD0QG'|'2017-01-23T08:36:00.000+02:00'
'036a2584c91db08632216a5dadaa41aa5d54a270'|'Italy''s Intesa SanPaolo confirms examining possible tie-up with Generali'|'MILAN Italian banking and insurance group Intesa SanPaolo ( ISP.MI ) confirmed on Tuesday it was examining a possible tie-up with insurer Assicurazioni Generali ( GASI.MI ).In a statement, the lender said that its management "carefully examines and will examine any possible opportunities to strengthen its positioning and performance... including possible industrial combinations with Assicurazioni Generali."It was the first comment made by the bank since reports emerged at the weekend that the lender was interested in building a stake in Generali, Italy''s biggest insurer.(Reporting by Giulia Segreti)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-m-a-intesa-sp-idINKBN1582PN'|'2017-01-24T17:17:00.000+02:00'
'77e8550b102e94c852aff6610892e2e0065d9a5b'|'Zodiac family silver key to $9 billion Safran tie-up'|'Deals - Europe - Wed Jan 25, 2017 - 12:03am IST Zodiac family silver key to $9 billion Safran tie-up left right The logo of French aircraft seats and equipment manufacturer Zodiac Aerospace is seen during the company''s first half of the 2015/2016 fiscal year presentation in Paris, France, April 20, 2016. REUTERS/Benoit Tessier/File Photo 1/3 left right A Safran employee works during the delivery of the first series-production LEAP-1A propulsion systems by Aircelle for the A320neo aircraft Airbus family at the Aircelle plant in Colomiers near Toulouse, Southwestern France, April 15, 2016. REUTERS/Regis Duvignau/File Photo 2/3 left right Employees of Safran attend the delivery of the first series-production LEAP-1A propulsion systems by Aircelle for the A320neo aircraft Airbus family at the Aircelle plant in Colomiers near Toulouse, Southwestern France, April 15, 2016. REUTERS/Regis Duvignau/File Photo 3/3 By Tim Hepher - PARIS PARIS France''s Safran has crafted a deal to persuade family investors in Zodiac Aerospace to give up control in a merger that would create the world''s third largest aerospace supplier. But in a rare two-stage deal Safran must first convince ordinary investors, who hold 68 percent of the company, to sell their shares in the company for cash. If more than half of those investors accept, the deal will proceed to the second phase. This would offer the handful of families with historic ties a chance to keep shareholdings and industrial links while maintaining longstanding tax breaks - key to getting the families on board. The families lead a group that hold 32 percent of Zodiac voting rights and spurned Safran''s first approach six years ago. The dual deal structure reflects how Safran is caught between the need to make the deal attractive to markets and keep long-term investors on board. Safran, which is 14 percent owned by the French state, wants to create a new aerospace champion and the tax umbrella reflects the policy of successive governments to smooth the path for such deals. Without that structure, the Safran deal with Zodiac would collapse, legal experts and people involved in the deal said. "It has to be done this way or there is no deal," a person directly involved in the negotiations told Reuters. A Zodiac spokesman and Safran spokeswoman both declined to comment on the discussions. But the unusual split structure has puzzled some ordinary Zodiac investors, who could collectively block the deal, according to people briefed on the discussions. Under the deal, Safran is first offering cash worth $9 billion or $29.47 a share for Zodiac, aimed at most investors. It does not allow shareholders outside the core group to exchange their own Zodiac shares for stock in the new Safran. "Some shareholders are saying ''Why should we have to take cash? If the story is so good, why shouldn''t we be able to take up shares? Why exclude us from the club?''," said a European analyst, asking not to be named because of company policy. The analyst said he had been told this by his clients who are investors in Zodiac. WEALTH TAX Safran''s backers say that is offset by a hefty 26 percent premium compared to Zodiac shares prices before the offer. Changing part two of the deal to a classic share offer would expose descendants of Zodiac''s founders to French wealth taxes and other penalties that one analyst estimated could reach hundreds of millions of euros. "The problem ... is the wealth tax. If you don''t find a way to make the deal interesting for the families, it can''t happen...That is why a merger was chosen rather than a simple share swap," said a person close to the group of families. While France''s tax system pounces on gains from selling shares for either cash or stock, shareholders tied together by a special pact don''t face the same exposure when companies merge. That is not the reason bringing the two firms together, but is one factor Safran hopes will prevent the deal falling apart. After five weeks of intensive and secretive talks, held in rented rooms and protected by code names, the two companies last week unveiled a deal designed to satisfy two very different shareholder bases. Their offer aimed to reconcile two red lines: Zodiac''s families wanted to be able to maintain their fiscally neutral shareholder pact and preserve their role as stable partners. And Safran wanted to avoid just taking majority control of Zodiac with a large minority block in place that might make it harder to get synergies needed to justify its tie-up with a company only just emerging from industrial problems. Full mergers typically lead to bigger cost cuts such as closing one company''s headquarters. LOOKING FOR A SWEETENER Tax is not the only issue, people involved in the talks said. Zodiac''s core shareholders were also unwilling to fritter away double voting rights accumulated over many years, and negotiated the right to keep them in the enlarged group, those people said. Finally, Zodiac Chairman Didier Domange stressed the families wanted to stay involved industrially with Safran. The families also made concessions. They will be locked in for two years, limiting options at a volatile time, and the deal is structured to give them a slight discount. On Tuesday the merger ratio, 0.485 Safran shares for each Zodiac one, implied a 2.6 percent discount to the cash offer after stripping out a special Safran dividend adjusted for tax. Even so, success is only assured if Safran wins three quarters of Zodiac''s freely traded stock in the cash bid. Sensing Safran''s potential difficulty, some investors see a chance to put pressure on it to raise its bid. "We consider this group of shareholders could push for a sweetener in order to take the cash offer," Barclays said. Safran betrays no sign of being prepared to raise the offer and analysts say it could walk away with less egg on its face than Zodiac''s ordinary shareholders if the deal fails. "Zodiac is nice to have, but not a must-have for Safran," a person familiar with the company''s strategy said. While embracing Zodiac as an industrial partner, Safran appears to be gambling that the risk of Zodiac shares dropping sharply if the deal fails, with no new partner for the industrially stretched company in sight, will bring in votes. Under the merger, the French state plans to join a pact with the current core shareholders in Zodiac, which employs 7,000 workers in France. Some analysts view the state with suspicion. Two days before the deal became public, its four main architects - the CEOs and chairman of both firms - visited the Elysee palace to talk to President Francois Hollande. But while Hollande later welcomed the creation of a French aerospace giant, securing jobs ahead of elections in April, insiders said the government only joined talks in the final stages and did not try to steer the deal one way or the other. "There was never any state interference," one said. (Additional reporting by Gilles Guillaume, Cyril Altmeyer, Matthieu Protard; editing by Anna Willard) Next In Deals - Europe'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-zodiac-aero-m-a-safran-insight-idINKBN1582JG'|'2017-01-25T01:30:00.000+02:00'
'576c095b8b6a708aba3ebed0cb6bcf8260e4fbb1'|'Top execs of Abu Dhabi''s Etihad airline group to quit amid strategy review'|'ABU DHABI Jan 24 The longtime chief executive of Abu Dhabi''s Etihad Aviation Group, which owns one of the Middle East''s top airlines, will leave this year as the group reviews its strategy in a challenging market, Etihad said on Tuesday.James Hogan will step down as president and CEO of the group in the second half of 2017. Chief financial officer James Rigney will also leave later this year, Etihad said.Chairman Mohamed Mubarak Fadhel al-Mazrouei said the airline, which has seven equity partnerships with other carriers around the world including Air Berlin and Alitalia , would "progress and adjust" those links. (Reporting by Stanley Carvalho; Writing by Andrew Torchia)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/etihad-airways-ceo-idUSD5N19L00N'|'2017-01-24T09:57:00.000+02:00'
'e669f789acd857703217ad219c476ea01e56a1f9'|'Theresa May''s industrial strategy: what took them so long? - Guardian Small Business Network - The Guardian'|'F or just twenty years, from the early 1960s until the early 80s, the politicians and officials responsible for economic policy in the UK thought it was important to have an institution embodying long term thinking and strategic aims. There was nothing unusual in this.Almost all developed economies and many emerging markets had and still have such a body. Even those which shun the idea of government involvement in the economy, like the US, in practice provide much long-term strategic assistance to key industries, through government funding of research and public procurement policy.Theresa May’s industrial plan signals shift to more state intervention Read more The UK has been unusual therefore in disdaining a government role in the structure of the economy for all but that short period, the heyday of the National Economic Development Office (Neddy). Modelled on a French equivalent, it was formed in 1962, prominent until the late 70s, ignored by the Thatcher governments and abolished in 1992. Britain’s policy disasters of the 1970s: the industrial disputes, the cost of rescuing lame duck industries and some bad technology bets, fatally damaged Neddy. The policy failures also cast their shadow over several generations of policymakers. Any whisper of interest in intervention to support specific industries or technologies has since been derided as “picking winners”.However, this period of neglect also coincided with the emergence of a structural current account deficit; and with a centralisation of the British state and economy that has no parallel in other Organisation for Economic Coooperation and Development member countries. The UK is London-centric. With notable exceptions, many non-metropolitan communities have experienced significant economic decline since the early 1980s, did not share in the narrow boom of the 2000s, and have not experienced any real growth or security in their economic outlook for a decade. Government can improve economic outcomes through measures such as co-ordinating private sector efforts, investing in research and infrastructure, and enabling businesses to reach viable scale. It has been a terrible error to claim for years that there was no need for strategic economic policies.So the government’s announcement that it is developing an industrial strategy is enormously welcome – the main question being only what took so long? The previous government’s city devolution agenda, including George Osborne’s high profile Northern Powerhouse plan, was perhaps the first sign of recognition that the national economy needs more than one engine. Many high growth and high value industries (including services) in the modern economy are intrinsically urban because they depend on face-to-face contact to exchange ideas and build markets. However, all places matter. The UK has three or four city regions that need to turn into powerhouses including the Manchester-Sheffield-Leeds area, the West Midlands and the Bristol region. It also has many smaller towns with specific expertise, such as Derby and Cambridge, that need to be linked into high value supply chains. Mapping these economic assets around the country will be an important part of developing an effective industrial strategy.Small businesses are key components of successful supply chains, as the auto industry and creative sector demonstrate. More successful sectors will multiply the opportunities for smaller firms.The sophisticated products and services that Britain needs to manufacture and export, particularly in the wake of the future Brexit shock to existing trading relationships, also involve a wide range of people, infrastructure assets and institutions. For example, a supply chain in advanced manufacturing involves small and large companies, universities and research labs, the entire education and skills supply, transport and broadband connections, and financial services. We need to understand these links, though a good start has been made with the government-sponsored science and innovation audits . The institutional framework for an industrial strategy needs careful thought.Although government has for more than 30 years ignored industrial strategy, researchers have not, and there is much knowledge to tap into, especially about overseas experience. There is much to learn too. The Universities of Sheffield and Manchester are launching an Industrial Strategy Commission in the wake of Theresa May’s announcement (made in Warrington) to assemble the evidence and make recommendations about how this welcome policy turn can benefit the whole of the UK.Diane Coyle is a professor of economics at the University of Manchester and a member of the new Industrial Strategy Commission. Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jan/24/theresa-may-industrial-strategy-long-overdue-decline'|'2017-01-24T16:23:00.000+02:00'
'df41b04d0b67f7d406d9b6085b55155e7240e461'|'FedEx CEO calls Trump''s withdrawal from trade deal ''unfortunate'''|'Business  08pm GMT FedEx CEO calls Trump''s withdrawal from trade deal ''unfortunate'' left right FILE PHOTO - Fedex CEO Fred Smith is pictured at a business roundtable meeting of company leaders and U.S. Republican Presidential candidate Mitt Romney in Washington, June 13, 2012. REUTERS/Jason Reed/File Photo 1/2 left right A Federal Express truck on delivery is pictured in downtown Los Angeles, California October 29, 2014. REUTERS/Mike Blake 2/2 WASHINGTON U.S. President Donald Trump should reconsider his positions on international trade and work to embrace China and its vast market, FedEx Corp''s ( FDX.N ) chief executive officer said on Tuesday, one day after Trump made good on a campaign promise to pull out of a major trade deal with Asian allies. CEO Fred Smith, in separate media appearances on Tuesday, questioned Trump''s decision to formally withdraw from the Trans-Pacific Partnership (TPP). The package and business services company employs thousands of people whose jobs depend on international trade. "The United States being cut off from trade would be like trying to breathe without oxygen," Smith said in an interview with Fox Business Network''s Maria Bartiromo. Trump''s protectionist tone boosted his popularity with white, working class voters during the election, who helped him win some traditionally Democratic areas even as his words put him at odds with Republican orthodoxy on free trade. Smith on Tuesday argued that some 40 million Americans have jobs as a result of trade, whose benefits are more "diffuse" and harder to see than the "pain" in areas like manufacturing. "It''s an essential part of our economy. I think the decision to pull out of TPP is unfortunate because the real beneficiary of that is China. And China has been very mercantilist, very protectionist," Smith said. "We need to try to stop those things and get the Chinese to open up their 1.3 billion person market, not cut them off. We have the opportunity to sell huge amounts of goods into China." Smith''s criticisms risk placing him in the president''s crosshairs as Trump has shown a willingness to rip into companies or individuals who displease him. "I wouldn''t be surprised if Trump pushes back," said Republican strategist David Carney. "Trump''s a new sheriff in town. The niceties of diplomacy and international trade... it''s just not the Trump way." Trump also risks friction with members of his own party who support free trade, said Republican strategist Tom Doherty. On Monday, Trump signed an executive order to formally withdraw from the TPP as China''s influence in the region grows. The Republican president has been critical of China, which was not a party to the TPP. Trump also said he would renegotiate the North American Free Trade Agreement at an "appropriate time," following another campaign pledge to redo the NAFTA trade pact with Canada and Mexico. Smith, who met with Trump in New York following his November election victory, urged the new president to reconsider his position toward the Asian powerhouse despite China''s historic protectionism during an earlier interview on CBS'' "This Morning." "To some degree, the administration''s positions are a little bit out of date with reality of China today. They want to open their markets today," Smith told CBS. Since well before November''s election, Smith, 72, criticized the positions of both Trump and Democratic rival Hillary Clinton, saying he hoped cooler heads would prevail after the election. In June 2016, he told analysts on an earnings conference call, that anti-trade rhetoric and anti-business positions expressed on the campaign trail were "very worrisome." FedEx, with revenues topping $50 billion last year, employs more than 400,000 people globally, according to its website. Smith founded the global freight, package and business service company in 1971. (Reporting by Susan Heavey; additional reporting by Luciana Lopez; Writing by Nick Zieminski; Editing by Jeffrey Benkoe and Alan Crosby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-trade-fedex-idUKKBN1581SJ'|'2017-01-25T03:08:00.000+02:00'
'e2dbb639c4a78e2321b169257e1859130bcc72ba'|'Sri Lankan finance minister blames previous government for debt trap'|'COLOMBO Sri Lanka''s public debt repayments will grow to a record $4 billion in 2019, the finance ministry said on Thursday, blaming "colossal borrowing" by the previous government."Sri Lanka is embroiled in a gigantic debt trap," Finance Minister Ravi Karunanayake said in a statement.The cost of repaying and servicing foreign-held debt will jump more than 32 percent this year to $2.42 billion from 2016''s 1.83 billion, rising to $2.56 billion next year, it said."The main reason is that loans obtained by the previous regime for infrastructure development have not brought any return on their investment," the ministry said in the statement, adding that domestic revenues and export earnings had fallen between 2011 and 2014.In addition to the official public debt, the ministry said the previous government had obtained loans worth around 2 trillion rupees ($13 billion) via state-owned enterprises without including them on the country''s balance sheet.The former president, Mahinda Rajapaksa, has defended large-scale borrowing, saying it was needed to rebuild infrastructure after a 26-year civil war, investing in things such as ports, railways, highways and power plants, mostly through financed by Chinese loans.President Maithripala Sirisena, who unseated Rajapaksa in an election two years ago, is in the process of converting the debts of a loss-making $1.5 billion Chinese-built port into equity to reduce the debt burden.($1 = 150.0500 Sri Lankan rupees)(Reporting by Shihar Aneez; Editing by Robin Pomeroy)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/srilanka-debt-idINKBN15A2RD'|'2017-01-26T16:40:00.000+02:00'
'bc4618c704f79de35845a164f753daa67970ecfb'|'Italian senators tell government to keep Generali Italian'|'Financials  50am EST Italian senators tell government to keep Generali Italian ROME Jan 26 More than 100 Italian senators - many from the ruling Democratic Party - have tabled a question in parliament asking the government what steps it plans to take to protect insurer Generali from any foreign takeover. Generali, Italy''s biggest insurer, has seen recent leadership changes amid mounting talk that foreign companies such as France''s AXA and Germany''s Allianz are interesting in the group. One of the senators, Francesco Russo, said in a statement on Thursday that the parliamentary question had been presented to Economy Minister Pier Carlo Padoan. Italy''s biggest retail bank Intesa SanPaolo said this week it was considering a tie-up with Generali. (Reporting by Giuseppe Fonte, writing by Gavin Jones) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/generali-ma-senators-idUSR1N1EG011'|'2017-01-26T22:50:00.000+02:00'
'5ea5802f66136547bc979aa370790774b4462a9b'|'UPDATE 1-Peru to auction rights to Michiquillay copper project this year'|'Company News - Thu Jan 26, 2017 - 10:46am EST UPDATE 1-Peru to auction rights to Michiquillay copper project this year (Adds comment from Proinversion about projects next year, context on Michiquillay) LIMA Jan 26 Peru plans to award the rights to develop the Michiquillay copper deposit in a public tender this year, one of 16 public-private projects worth $4 billion that it intends to auction in 2017, the head of the state bidding agency said on Thursday. In 2018, some fifteen projects that would cost up to $10.35 billion will be tendered, including a new commuter train line in the city of Lima, said Alvaro Quijandria, the new chief of Proinversion. London-based miner Anglo American Plc returned its contract for operating Michiquillay to Peru in late 2014 due to capital constraints. The company had estimated that it would produce some 200,000 tonnes of copper per year. Peruvian polymetallic miner Milpo said in 2015 that it would like to develop Michiquillay. Proinversion said several companies have expressed interest in the project. (Reporting by Mitra Taj; Editing by Jeffrey Benkoe) Next In Company News Freeport-McMoRan paid Congo''s Gecamines $33 mln to settle Tenke dispute KINSHASA, Jan 26 Freeport-McMoRan Inc paid $33 million to resolve claims brought against it by Congo state miner Gecamines over the sale of its majority stake in the Tenke copper mine to China Molybdenum Co Ltd (CMOC), it said in a statement.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/peru-mining-idUSL1N1FG0ZV'|'2017-01-26T22:46:00.000+02:00'
'02f8560efc07098d0f0f8ad0b42dc20dfe03143d'|'Italian prosecutors launch probe into BT''s local unit - sources'|' 21am EST Italian prosecutors launch probe into BT''s local unit - sources MILAN Jan 24 Milan prosecutors have opened an investigation into BT''s Italian unit over alleged false accounting and embezzlement, two sources with knowledge of the matter said, hours after the parent company issued a profit warning linked to the scandal. BT lost a fifth of its market value on Tuesday when the Italian accounting irregularities compounded a sudden slowdown in its British government work, forcing the telecoms group to cut forecasts for the next two years. The telecoms group said a review had found a complex set of improper sales, purchase and leasing transactions at the Italian unit, leaving it with a 530 million pound ($663 million) black hole in its accounts. No one has been placed under investigation by the Milan prosecutors for the time being, the sources told Reuters. ($1 = 0.7992 pounds) (Reporting by Emilio Parodi, writing by Agnieszka Flak) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/bt-outlook-italy-probe-idUSI6N1F2028'|'2017-01-24T23:21:00.000+02:00'
'292d156d3ded6a80854c9940f5b7eba146a5c4ab'|'Sailing-America''s Cup enters new era with post-Bermuda team deal'|'Market News - Wed Jan 25, 2017 - 9:00am EST Sailing-America''s Cup enters new era with post-Bermuda team deal * America''s Cup teams strike "framework agreement" * Emirates Team New Zealand has not yet signed up * America''s Cup will be on a two-yearly cycle * Plan is for 2019, 2021 events after Bermuda in 2017 By Alexander Smith LONDON, Jan 25 America''s Cup teams have agreed a new framework for sport''s oldest trophy which aims to make it easier to meet the multi-million dollar costs of hi-tech boats, raise sponsorship and give clarity for sailors, fans and broadcasters. Although five of the six competitors in the 35th America''s Cup in Bermuda in May and June have signed up to the plan for subsequent events, Emirates Team New Zealand (ETNZ), have not. ETNZ skipper Glenn Ashby expressed misgivings in July about signing up to what was then still just a proposal, saying the team was concerned about the restrictions it could impose. "We remain optimistic that they (ETNZ) will come on board in the future and it is clear that cooperation is better for all of the stakeholders in the America''s Cup," Martin Whitmarsh, CEO of Land Rover BAR, said in a statement on Wednesday. A shift to super-fast "foiling" catamarans has transformed the America''s Cup, which was last won by Larry Ellison''s Oracle Team USA in a dramatic head-to head finale with ETNZ in San Francisco Bay in 2013. "It''s high octane, seat of the pants racing with plenty of action and plenty of drama. It can be very unpredictable but it''s a true test of machines, technology and people and the racing now is a hell of a lot better than it''s ever been before," Dean Barker, skipper of SoftBank Team Japan, said. The agreement signed by defender Oracle Team USA, Artemis Racing, Team France, Land Rover BAR and SoftBank Team Japan and their respective yacht clubs marks a major shift for the "Auld Mug", which is governed by a Deed of Gift. "For the first time in more than 165 years, the teams have got together for the benefit of not only themselves but for the America''s Cup," said Russell Coutts, a five-time America''s Cup winner who now leads the organisation that runs the event. REDUCE COSTS The new framework will determine the format of the next two America''s Cup cycles, its protocols and its class rules. Until now the winning yacht club and its team have become the event''s trustees, responsible for outlining the terms of the next edition. This had often ended in long pauses and resulted in lengthy and costly legal battles. "There is now a clear plan in place that confirms the format for the competition using existing boats and equipment as much as possible to reduce costs," Jimmy Spithill, Oracle Team USA''s skipper, said. The target cost to field a competitive new team would now be $30 million to $40 million, which would represent a "significant reduction" from existing budgets, Whitmarsh added. Land Rover BAR, which was set up by Britain''s Ben Ainslie, has spent more than 80 million pounds ($101 million), setting up a team and base in Portsmouth. ($1 = 0.7955 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/sailing-americascup-idUSL4N1FF3T5'|'2017-01-25T21:00:00.000+02:00'
'445050943f70c7d98dc8e40a28b076682a4752ae'|'Abu Dhabi Commercial Bank says majority shareholder stake now 62.52 pct'|'Financials - Thu Jan 26, 2017 - 12:53am EST Abu Dhabi Commercial Bank says majority shareholder stake now 62.52 pct DUBAI Jan 26 Abu Dhabi Commercial Bank (ADCB) said on Thursday its majority shareholder the Abu Dhabi Investment Council has increased its ownership in the lender to 62.52 percent after a capital reduction. The Abu Dhabi Investment Council, an investment arm of the Abu Dhabi government, had owned 58.08 percent of the Abu Dhabi lender prior to the capital reduction, ADCB said in a bourse statement. (Reporting by Hadeel Al Sayegh; Editing by Tom Arnold) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/adcb-equity-changes-idUSD5N1F0015'|'2017-01-26T12:53:00.000+02:00'
'fdcab2a59c2a7afc44cf2a533df24f62f31576db'|'St. James''s Place posts record Q4 net inflows of 2.1 bln stg'|'Financials  12am EST St. James''s Place posts record Q4 net inflows of 2.1 bln stg LONDON Jan 26 British wealth manager St James''s Place said on Thursday total funds under management rose to 75.3 billion pounds in the fourth quarter, boosted by record net inflows across its business and strong investment gains. The group saw fourth-quarter net inflows of 2.1 billion pounds, up 26 percent in the quarter. The firm was also helped by strong client retention of 95 percent, and said the number of qualified advisors who provide its face-to-face financial advice rose 10 percent on the year to 3,415. (Reporting by Simon Jessop; editing by Carolyn Cohn) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/st-jamess-place-results-idUSFWN1FG0BW'|'2017-01-26T14:12:00.000+02:00'
'028d9e7e1379bc54b8c8b84455b4251bd963ab85'|'Exclusive: UK''s Guardian could go tabloid, switch to rival''s presses: sources'|' 46pm EST Exclusive: UK''s Guardian could go tabloid, switch to rival''s presses: sources Copies of the Guardian newspaper are displayed at a news agent in London August 21 2013. REUTERS/Suzanne Plunkett By Paul Sandle - LONDON LONDON Britain''s Guardian newspaper is considering becoming a tabloid and outsourcing printing to a rival such as Rupert Murdoch''s News UK as one of a series of options to cut costs, sources told Reuters. Publisher Guardian Media Group (GMG) said last year it needed to make savings of 20 percent to stem underlying losses that widened to 62.6 million pounds ($78 million) for the year to April 3. It said it was aiming to break even in three years. "The company is working on a whole range of efficiency projects and the print program fits into that," one source close to the company said on Monday. GMG prints both the Guardian and its Sunday stablemate The Observer on special presses bought more than 11 years ago when it switched from a broadsheet to the mid-sized Berliner format. Editorially, the left-leaning Guardian has clashed with Murdoch''s ( NWSA.O ) British newspapers, notably in bringing to light the phone-hacking scandal that resulted in the closure of his News of the World tabloid in 2011 On a business level, however, the two groups are collaborating, along with Trinity Mirror ( TNI.L ) and Telegraph Media Group, on Project Rio, a plan to pool newspaper advertising sales. Daily Mail publisher DMGT ( DMGOa.L ) pulled out of the initiative this month, according to reports. "The discussions explored a number of other areas of co-operation," one source said. Another source said GMG was considering a plan to move production to News UK''s presses later this year, and change the format to a tabloid in the process. Rival publishers'' presses are set up to print in broadsheet and tabloid formats. The Berliner format can still be produced using cutting equipment, although it would increase costs, the other source said. Any saving in production costs from moving to a tabloid if the group decided to change printers would need to be weighed against the cost of redesigning the paper, the source said. GMG is owned by The Scott Trust, created in 1936 to safeguard its flagship newspaper. SCOOPS The newspaper''s scoops include U.S. whistleblower Edward Snowden''s revelation about mass surveillances as well as the phone hacking scandal, and its online edition is one of the most popular in the world. A deterioration in the advertising market has led to widening losses, however, and the group cut jobs last year under a turnaround plan led by editor in chief Katharine Viner and Chief Executive David Pemsel. The Guardian abandoned the broadsheet size in 2005, but unlike its rivals The Independent and The Times which went tabloid, it choose the Berliner, a format long established in continental Europe but little known in Britain. GMG spent 50 million pounds ($62 million) on presses from German engineer Man Roland, according to a Guardian article published in 2009, and another 30 million on new print sites in London''s Stratford and in Trafford Park in Manchester. Print sales of the newspaper rose following the change and an associated redesign, but the boost was short lived. Its average sale in October was 157,778 copies, according to ABC, fewer than half the number of copies sold in 2005, resulting in underutilized presses. A spokesman for the Guardian declined to comment on speculation regarding future print allocation. News UK''s NewsPrinters operation has sites in Broxbourne, near London, Knowsley in north-west England and Motherwell, Scotland, where it prints The Sun, The Times and The Sunday Times, as well as The Daily Telegraph, The Sunday Telegraph and the Financial Times for other publishers. A News UK spokeswoman said: "NewsPrinters is an active industry printer and is always looking at new opportunities. "However, we don''t comment on any business matters that may relate to third-party contracts." ($1 = 0.8015 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-guardian-tabloid-idUSKBN1572WT'|'2017-01-24T06:46:00.000+02:00'
'eb781e4dfad86040a50d7df56aeb40fbd8821219'|'Japan Jan flash manufacturing PMI shows fastest expansion in almost 3 years'|'Business News - Tue Jan 24, 2017 - 6:02am IST Japan January flash manufacturing PMI shows fastest expansion in almost three years Chimneys of a steel factory are pictured at an industrial area in Kawasaki, Japan, January 16, 2017. Picture taken January 16, 2017. REUTERS/Kim Kyung-Hoon TOKYO Japanese manufacturing activity expanded in January at the fastest pace in almost three years as export orders surged, suggesting that overseas demand is not as weak as some economists and business leaders had feared. The Markit/Nikkei Japan Flash Manufacturing Purchasing Managers Index (PMI) rose to a seasonally adjusted 52.8 in January from a final 52.4 in the previous month. The index remained above the 50 threshold that separates expansion from contraction for the third consecutive month and showed that activity expanded at the fastest since March 2014. "The Japanese manufacturing sector started the New Year on a strong footing," said Amy Brownbill, economist at IHS Markit, which compiles the survey. "The rise in total incoming new orders was driven in part by a sharp increase in international demand, as new export orders rose at the quickest rate in over a year." The preliminary index for new export orders rose to 53.2 from a final 51.1 in December, indicating the fastest gain in 14 months. The flash index for new orders, which measures both domestic and external demand, rose to 54.1 from 53.2 in the previous month, the highest in 13 months. Some economists have expressed concern about Japan''s economic outlook because its exports could suffer if U.S. President Donald Trump adopts protectionist trade policies. Trump took office only last week, and there is still a lot of uncertainty about the specific economic policies he will pursue. The flash PMI index offers evidence that global trade is picking up, which is a benefit for Japan''s export-focused economy. (Reporting by Stanley White; Editing by Kim Coghill; ((stanley.white@thomsonreuters.com; +81 3 6441 1984 twitter.com/stanleywhite1; Reuters Messaging: stanley.white.reuters.com@reuters.net))) Next In Business News Australia and New Zealand pledge to salvage TPP after U.S. exit SYDNEY/WELLINGTON Australia hopes to salvage the Trans-Pacific Partnership (TPP) by encouraging China and other Asian nations into the agreement in the wake of U.S. President Donald Trump''s decision to pull his country out of the pact, its trade minister said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-japan-economy-pmi-idINKBN15801G'|'2017-01-24T07:35:00.000+02:00'
'3ac78eedce52b180a8c9daf8b79b3ddfb450bcc7'|'Italy''s Carige aims to sell 1 bln euros of bad loans by end-February'|' 28am EST Italy''s Carige aims to sell 1 bln euros of bad loans by end-February MILAN Jan 24 Italian mid-tier lender Banca Carige aims to sell a first tranche of bad loans with a total nominal value of 1 billion euros by the end of February, a source close to the matter told Reuters on Tuesday. "The sale of a first batch could come soon, in about a month," said the source, adding the aim is to take advantage of a state-backed guarantee mechanism. The Genoa-based lender has a total of 7.1 billion euros problem loans, 3.7 billion of which are unlikely to ever be paid back. The bank has to present a strategic plan and a timeline to reduce its deteriorated loans to the European Central Bank also by the end of February. Shares in Banca Carige were up 9 percent at 1616 GMT. (Reporting by Andrea Mandala, writing by Giulia Segreti) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FE5U3'|'2017-01-24T23:28:00.000+02:00'
'23d5f94a006ac24610684d7339dbf2956afe90d1'|'UPDATE 1-South Africa''s rand firmer after central bank keeps rates on hold'|'Financials   11:00am EST UPDATE 1-South Africa''s rand firmer after central bank keeps rates on hold (Updates with closing prices) JOHANNESBURG Jan 24 South Africa''s rand firmed on Tuesday, supported by a globally vulnerable dollar and the central bank''s decision to keep key lending rates steady as it warned of risks to the inflation outlook. Stocks gained, lead by platinum producers that got a lift from higher spot prices, and that gave the rand support as the precious metal is a key export earner. At 1523 GMT, the rand traded at 13.3200 per dollar, 1.19 percent firmer from its New York close on Monday. South African Reserve Bank kept its benchmark repo rate unchanged at 7 percent, saying the near-term outlook of inflation has deteriorated while the domestic growth outlook remained constrained. Worries over the impact of U.S. President Donald Trump''s protectionist trade stance weighed on the dollar, helping lure investors to emerging markets. Government bonds firmed alongside the currency, and the yield for the benchmark instrument due in 2026 dipped 8 basis points to 8.69 percent. In equities, the benchmark Top-40 index rose 0.49 percent to 46,461.91 while the wider All-share index closed 0.57 percent higher at 53,342.04. Big advancers on the day included Impala Platinum, which jumped 7.8 percent to 55 rand, while Anglo American Platinum added 5.5 percent to 357.51 rand. Palladium was up 1.2 percent at $785.58 an ounce after hitting $795.60, its highest since May 2015, in the previous session. (Reporting by Olivia Kumwenda-Mtambo and Ed Stoddard; Editing by Tom Heneghan) Next In Financials UPDATE 2-Israel plans 2,500 new settlement homes in occupied West Bank JERUSALEM, Jan 24 Israel announced plans on Tuesday for 2,500 more settlement homes in the occupied West Bank, the second such declaration since U.S. President Donald Trump took office signalling he would be less critical of such projects than his predecessor.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/safrica-markets-idUSL5N1FE5J8'|'2017-01-24T23:00:00.000+02:00'
'48132de1564d4cec698cdbdcca7effbd07e2a6b4'|'ANALYSIS: Britain''s Brexit plans unlikely to be slowed by Article 50 defeat'|' 34pm IST ANALYSIS: Britain''s Brexit plans unlikely to be slowed by Article 50 defeat Prime Minister Theresa May holds a regional cabinet meeting in Runcorn, Cheshire, as she launched her industrial strategy for post-Brexit Britain with a promise the Government will ''''step up'''' and take an active role in backing business, Britain, January 23, 2017. REUTERS/Stefan Rousseau/Pool By Michael Holden and William James - LONDON LONDON Prime Minister Theresa May''s plans to start the process of Britain leaving the European Union by the end of March are unlikely to be hindered or slowed by Tuesday''s Supreme Court ruling the government must seek parliamentary approval. In the ruling, judges on Britain''s top judicial body upheld an earlier High Court decision that lawmakers had to give their assent before May can invoke Article 50 of the Lisbon Treaty which formally starts two-years of divorce talks. However, the legal defeat, while an inconvenience and embarrassment for the government, is not expected to delay its Brexit timetable or, as some investors and pro-EU supporters hope, make it possible to stop Britain leaving the bloc. Part of this is because the opposition is divided. "We will not block Article 50," Jeremy Corbyn, leader of the main opposition Labour Party which campaigned against Brexit, said last week. "All Labour MPs (members of parliament) will be asked to vote in that direction next week, or whenever the vote comes up." Not all Corbyn''s colleagues may go along, but May can get the votes she needs for overall passage. However, what the decision could do is give an opportunity for Labour and other lawmakers who oppose a "hard Brexit" - an agreement with the EU that puts immigration curbs above access to the single market - to have a greater influence on what the final deal should look like. Senior ministers in May''s Conservative government, which had been expecting to lose the case, have already drawn up a series of options, including a short, tight bill which will quickly be put before parliament''s lower chamber, the House of Commons. Although before June''s referendum the vast majority of MPs in the Commons backed staying in the EU, most now say they would back Brexit, especially those in England and Wales whose constituents had strongly backed leaving the bloc. MPs voted overwhelmingly to support the timetable of May''s Conservative government for invoking Article 50 before April in a non-binding vote in December. Sources from both May''s ruling Conservatives and the opposition Labour Party have told Reuters there was scope for a bill to be accelerated through parliament, without restricting debate, to ensure it could pass before the end of March. Labour, though, faces a particular problem as many of its traditional working class supporters voted to leave the bloc and have been wooed in recent years by the anti-EU UK Independence Party (UKIP). Whilst not blocking Brexit, Corbyn, who himself was an EU critic for many years, has said he would fight for Britain to have full access to the single market "with reasonable management of migration". Labour could try to amend any bill to ensure this, attracting support from some Conservative MPs, who oppose a "hard Brexit", and other smaller parties such as the Scottish Nationalists and Liberal Democrats. The greatest potential threat to May comes from parliament''s unelected upper chamber, the House of Lords, where many peers remained strongly opposed to Brexit and do not have voters to worry about. If the Lords were to vote against approving the triggering of Article 50, the Brexit timetable could be severely delayed. However, the government is confident the bill will pass through the Lords because there would be a constitutional crisis if unelected peers were to thwart the will of the people expressed both through the referendum and from their representatives in the Commons. (editing by Guy Faulconbridge/Jermey Gaunt) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-article50-impact-idINKBN1581VA'|'2017-01-24T21:04:00.000+02:00'
'463d9a8cc71dc2f7e249ea082b65bb9ad8b0e19c'|'LPC-Banks battle it out to finance 1.1bn Cerba buyout'|'Private Equity   8:55am EST LPC-Banks battle it out to finance 1.1bn Cerba buyout By Claire Ruckin - LONDON LONDON Jan 24 Banks are battling it out to get a mandate on a 1.1bn debt financing backing the buyout of European medical laboratory services operator Cerba, banking sources said on Tuesday. Partners Group and PSP Investments agreed to acquire European medical laboratory services operator Cerba from PAI Partners, the companies announced on Sunday. The acquisition followed an auction process. During the auction process, JP Morgan and Natixis, alongside BNP Paribas, Credit Agricole and Credit Suisse provided a staple financing package totalling 1.1bn, made up of senior leveraged loans and both senior secured and subordinated high-yield bonds. However, not all the staple banks are expected to be included on the final mandate as more banks try to secure a role on the deal, the sources said. "The staple financing was there to provide certainty of funds during the auction process but the staple is now there to be beaten," a senior leveraged finance banker said. Although the size and structure of the debt financing is expected to remain the same, banks will be competing to offer the most attractive and least restrictive terms to the borrowers as well as the tightest pricing. Docs have been getting more aggressive in Europe''s leveraged loan market as banks and investors compete for paper, following a lack of event-driven financings. A decision on the final bank line up is expected in the coming days, the sources said. Cerba and PSP Investments were not immediately available to comment, Partners Group declined to comment. Cerba employs almost 4,300 people, including 350 biologists and generated revenues of approximately 630m in 2016. (Editing by Christopher Mangham) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/cerba-loans-idUSL5N1FE3QI'|'2017-01-24T20:55:00.000+02:00'
'c06bdae55f5aa11082426a89f216dfc63ad70032'|'VW ex-CEO sticks to denial of early knowledge of scandal'|'Business   3:08pm GMT VW ex-CEO sticks to denial of early knowledge of scandal Former Volkswagen chief executive Martin Winterkorn leaves after testifying to a German parliamentary committee on the carmaker''s emissions scandal in Berlin, Germany, January 19, 2017. REUTERS/Hannibal Hanschke BERLIN Former Volkswagen ( VOWG_p.DE ) Chief Executive Martin Winterkorn maintains that he did not learn of the carmaker''s manipulations of emissions tests earlier than VW has officially admitted, his lawyer said in a statement. Prosecutors in Braunschweig earlier on Friday said they are investigating the former Volkswagen CEO over suspicions of fraud, citing indications that Winterkorn may have known about the cheat software sooner than he has said publicly. "For now, Winterkorn is sticking with the statement he made before a German parliamentary committee of inquiry (into the scandal) on Jan. 19," a Frankfurt-based lawyer for Winterkorn said in an emailed statement. In that hearing, Winterkorn refused to say when he first learned about systematic exhaust emissions cheating but said it was no earlier than VW has officially admitted. (Reporting by Andreas Cremer; Editing by Christoph Steitz) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-wikileaks-idUKKBN15B1LQ'|'2017-01-27T22:08:00.000+02:00'
'40fcb1264662c13b634451bf3b0eb4ffca04e22c'|'Fitch Withdraws Ratings on Askrindo'|'Financials - Wed Jan 25, 2017 - 3:24am EST Fitch Withdraws Ratings on Askrindo (The following statement was released by the rating agency) SINGAPORE/JAKARTA, January 25 (Fitch) Fitch Ratings has withdrawn PT (Persero) Asuransi Kredit Indonesia''s (Askrindo) Insurer Financial Strength (IFS) rating of ''BBB-'' with Stable Outlook. At the same time, Fitch Ratings Indonesia has withdrawn the National IFS rating of ''AA+(idn)'' with Stable Outlook. KEY RATING DRIVERS Fitch has withdrawn the rating as Askrindo has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the rating. Accordingly, Fitch will no longer provide ratings or analytical coverage for the insurer. RATING SENSITIVITIES No longer relevant as the rating has been withdrawn. Contact: Primary Analyst Christopher Han (International Rating) Associate Director +65 6796 7224 Fitch Ratings Singapore Pte Ltd. One Raffles Quay South Tower #22-11 Singapore 048583 Ghaida Gunarti (National Rating) Analyst +62 21 2988 6814 PT Fitch Ratings Indonesia DBS Bank Tower 24th Floor Suite 2403 Jl. Prof. Dr. Satrio Kav 3-5 Jakarta, Indonesia 12940 Secondary Analyst Jessica Nina Pratiwi (International Rating) Analyst +62 21 2988 6816 Committee Chairperson Jeffrey Liew Senior Director +852 2263 9939 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Note to editors: Fitch''s National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated ''AAA'' and other credits are rated only relative to this risk. 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'd2484f2f978f2754ceba155bcc8dba08db56e351'|'Textron to buy ATV maker Arctic Cat, posts profit drop'|'Cyclical Consumer Goods   6:46am EST Textron to buy ATV maker Arctic Cat, posts profit drop Jan 25 Cessna aircraft maker Textron Inc reported a 4.4 percent fall in quarterly profit, and said it would buy snowmobile and all-terrain vehicle maker Arctic Cat Inc for $247 million in cash. "With our recent product introductions in the outdoor recreational vehicle market under the Stampede name, we believe Arctic Cat ... provides an excellent platform to expand our portfolio," Textron said. Textron''s income from continuing operations fell to $215 million, or 78 cents per share, in the fourth quarter ended Dec. 31, from $225 million, or 81 cents per share, a year earlier, hurt by lower business jet sales. Textron said it recorded a pre-tax restructuring charge of $8 million in the quarter. Total revenue fell 2.5 percent to $3.83 billion. (Reporting by Ankit Ajmera in Bengaluru) Next In Cyclical Consumer Goods Japan''s Line swings to full-year profit on higher ad revenue TOKYO, Jan 25 Japanese messaging app operator Line Corp announced on Wednesday it swung to a full-year net profit on the back of growth in advertising revenue, although operating profit undershot forecasts due to higher operating costs and payment settlement issues.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/textron-results-idUSL4N1FF3QG'|'2017-01-25T18:46:00.000+02:00'
'd01b0e7b3b3caf1c11079e05a2f1183c3af63938'|'Hargreaves Lansdown appoints Philip Johnson as CFO'|'Financials  48am EST Hargreaves Lansdown appoints Philip Johnson as CFO LONDON Jan 25 Hargreaves Lansdown said on Wednesday it had appointed Philip Johnson as chief financial officer, replacing Chris Hill, who steps up to become chief executive officer. Johnson, previously CFO at Jupiter Fund Management, will join the company on Feb. 20, while current CEO Ian Gorham will step down following the company''s interim results, subject to regulatory approvals. "After a thorough search and assessment process we are delighted to welcome Philip as the Group''s CFO. He has a highly relevant financial services background and will bring new skills and expertise to the Board and leadership team," Mike Evans, chairman of Hargreaves Lansdown, said. (Reporting by Simon Jessop; editing by Maiya Keidan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hargreaves-ceo-idUSFWN1FF0RC'|'2017-01-25T19:48:00.000+02:00'
'8df417560a035bc203d0c718e4dbe0ae49ae4f17'|'Wear high heels or go home - UK report finds sexist dress codes rife'|'Industrials   6:24am EST Wear high heels or go home - UK report finds sexist dress codes rife * Sexist dress codes commonplace in some sectors -lawmakers * Women made to wear heels, dye hair, wear revealing outfits * Report calls for urgent action such as bigger fines By Estelle Shirbon LONDON, Jan 25 You must wear shoes with heels 2-4 inches (5-10 cm) high at all times when you are at work. You must wear make-up and regularly re-apply it. You must wear tights, but not opaque ones. Those were some of the rules in a dress code imposed by a British recruitment agency on its female workers before one of them, Nicola Thorp, refused to wear high heels one morning and was sent home without pay. After Thorp, 27, started a petition against compulsory high heels on parliament''s website that garnered 152,420 signatures, her rebellion became a national talking-point and led to an inquiry by lawmakers into workplace dress codes in Britain. They reported on Wednesday that sexist dress codes were rife in some industries and women were routinely being forced to wear high heels in jobs where they were on their feet all day and their shoes were causing them pain and health problems. "This may have started over a pair of high heels, but what it has revealed about discrimination in the UK workplace is vital," said Thorp, commenting on the report. Under Britain''s equality law, company dress codes must make equivalent requirements for women and men, but the lawmakers said breaches of the law were widespread in sectors including hotels, travel, temporary work agencies, hospitality and retail. The report said women facing discriminatory dress codes tended to be young and in low-paid jobs with precarious contracts, making it difficult for them to challenge company practices. It called on the government to take urgent action including raising financial penalties against employers found to be in breach of the law, and promotion of awareness campaigns targeted at companies, workers and students. The lawmakers set up an online forum for one week in June last year, and 730 people came forward with stories. While high heels were the most prominent issue, the lawmakers also heard from women who had been required by companies to dye their hair blonde or wear revealing outfits. "I came in one morning and my manager was cracking down on uniform and informed me that I had to look ''sexy'', which entailed wearing heels," wrote one retail worker, who gave her name as Jasmine. Jasmine complied, but her job involved standing and walking all day and she found high heels extremely painful. "When I asked my manager if it would be OK if I changed to flats she replied saying ''what girl can''t wear heels?'' and continued to tell me I was being pathetic," she wrote. (Editing by Stephen Addison) Next In Industrials German police search homes in crackdown on far-right extremists BERLIN, Jan 25 About 200 German police searched a dozen homes in six states on Wednesday as part of an investigation into a far-right extremist group suspected of planning armed attacks against police, Jews and asylum seekers, the chief prosecutor''s office said.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/britain-women-heels-idUSL5N1FF24Y'|'2017-01-25T18:24:00.000+02:00'
'58ed2c64919ed752c4428483e1531778a055988a'|'BT Group faces U.S. lawsuits as Italian accounting scandal deepens'|'Business   9:33pm GMT BT Group faces U.S. lawsuits as Italian accounting scandal deepens A man speaks on a mobile phone underneath a BT logo outside of offices in the City of London, Britain, January 24, 2017. REUTERS/Toby Melville By Jonathan Stempel - NEW YORK NEW YORK BT Group Plc ( BT.L ) was hit on Wednesday with at least two shareholder lawsuits in the United States, after one-fifth of the telecommunications company''s market value was wiped out in a single day amid a growing accounting scandal in Italy. The lawsuits accusing the British company and three top executives of securities fraud were filed in the U.S. District Courts in Manhattan and in nearby Newark, New Jersey, on behalf of BT investors over the last few years. Both lawsuits were brought by individuals seeking class-action status, and also name Chief Executive Gavin Patterson, his predecessor Ian Livingston, and Finance Director Tony Chanmugam as defendants. A spokeswoman for BT declined to comment on behalf of the defendants. BT had launched an internal probe into its Italian business after a whistleblower flagged concerns. The price of BT''s shares in London and American depositary receipts in New York fell nearly 21 percent on Tuesday. This came after BT boosted an expected writedown tied to its Italian division to 530 million pounds from 145 million pounds, with Patterson expressing disappointment with the "inappropriate behaviour" uncovered. BT on Tuesday also reported slowing demand from government and corporate customers following last June''s vote by Britons to leave the European Union. It said that slowdown, together with the accounting problems, would weigh on results for two years. The lawsuits accuse BT of having concealed or made misleading statements about the accounting practices in Italy, causing it to inflate earnings and its stock price. Both lawsuits seek unspecified damages. The New York case was brought on behalf of investors in ADRs, while the New Jersey case also covers other securities. It has become harder to pursue U.S. securities fraud lawsuits targeting non-U.S. companies over securities issued outside the country, since the U.S. Supreme Court in 2010 narrowed the reach of U.S. securities laws. Companies are frequently sued in the United States after releasing negative news that investors say they did not expect. The cases are Sarraf v BT Group Plc et al, U.S. District Court, Southern District of New York, No. 17-00558; and Christian v. BT Group Plc et al, U.S. District Court, District of New Jersey, No. 17-00497. (Reporting by Jonathan Stempel in New York; Editing by Alan Crosby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bt-group-lawsuits-idUKKBN1592Q8'|'2017-01-26T04:33:00.000+02:00'
'f36fcec5c738f55bd0c91c78f45d4c2e6e4476cb'|'Saudi builder Khodari says delayed projects at $83.4 mln end-2016'|' 15am EST Saudi builder Khodari says delayed projects at $83.4 mln end-2016 DUBAI Jan 26 Saudi Arabian construction firm Abdullah Abdul Mohsin al-Khodari and Sons said on Thursday that the total value of its delayed projects as of Dec. 31 last year was 312.7 million riyals ($83.4 million). It estimated the total value of its backlog of uncompleted work as of the same date at 2.85 billion riyals. Its total contract value was 7.85 billion riyals. ($1 = 3.7491 riyals) (Reporting By Tom Arnold; Editing by Biju Dwarakanath) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/al-khodari-contract-idUSD5N1F0016'|'2017-01-26T13:15:00.000+02:00'
'de8d35343d0707d205fc4c5712eb11be7bab20f7'|'BRIEF-Perennial Real Estate Holdings proposes disposal of 20.2 pct equity stake'|'Financials   6:22pm EST BRIEF-Perennial Real Estate Holdings proposes disposal of 20.2 pct equity stake Jan 26 Perennial Real Estate Holdings Limited : * Proposed disposal of a 20.2 per cent. equity stake in Tripleone Somerset * Perennial leads consortium to divest 70% stake in Tripleone Somerset, Singapore * Perennial''s divestment of 20.2% stake delivers gain of about S$34.3 million * Perennial''s divestment of 20.2% stake delivers gain of about S$34.3 million * Consideration for Perennial''s divestment amounts to approximately S$101 million * Is expected to register a pre-tax gain of approximately S$34.3 million from divestment of its 20.2% stake   Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FF14P'|'2017-01-26T06:22:00.000+02:00'
'3058aa137994ce5d55bb59650e4492c83281100c'|'UPDATE 1-As Fitch downgrade looms, S&P cuts Turkey outlook to negative'|'Business News  55pm EST As Fitch downgrade looms, S&P cuts Turkey outlook to negative Bussiness and financial district of Levent, which comprises leading Turkish companies'' headquarters and popular shopping malls, is seen from the Sapphire Tower in Istanbul, Turkey May 3, 2016. REUTERS/Murad Sezer/File Photo ISTANBUL Ratings agency Standard & Poor''s on Friday cut its outlook for Turkey to "negative" from "stable", citing growing constraints on policymakers'' ability to contain inflation and shore up the tumbling lira currency. The lowered outlook was an unexpected move on a day when markets are anticipating that rival agency Fitch will cut Turkey''s sovereign debt to junk - depriving a major emerging market of its only investment grade rating. S&P, which has a "BB/B" rating, also cited concerns about domestic politics following the failed July 15 coup and President Tayyip Erdogan''s push for an executive presidency, which it said could limit parliamentary and judicial oversight of government decisions. "We are revising our outlook to negative to reflect what we consider to be rising constraints on policymakers'' ability to tame inflationary and currency pressures," S&P said in its statement. "Talk about kicking someone when they are down, S&P changes BB outlook to negative. Rating already low, so this not expected. Fitch to come," said economist Timothy Ash on Twitter. The lira TRYTOM=D3 has fallen some 8 percent so far this year, making it one of the worst-performing major emerging market currencies. Economists have said a substantial rate hike is necessary to put a floor under the lira and contain inflation that is expected to hit double-digits in the first quarter. The central bank raised rates this week, but not enough to stop the lira from weakening further. President Tayyip Erdogan, who wants cheap credit to bolster the economy, has described himself as an "enemy" of interest rates, leading to concern the central bank is less than independent. (Reporting by Kanika Sikka in Bengaluru and David Dolan in Istanbul; editing by John Stonestreet) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-turkey-ratings-s-p-idUSKBN15B1Z5'|'2017-01-28T00:38:00.000+02:00'
'f7528d0dd55360ba1a1e05a210b4a062b6fcffb4'|'Germany should seize opportunities if U.S. drops trade deals - minister'|' 48pm GMT Germany should seize opportunities if U.S. drops trade deals-minister Economy Minister Sigmar Gabriel addresses the lower house of parliament Bundestag in Berlin, Germany, January 26, 2017. REUTERS/Fabrizio Bensch BERLIN Europe and the United States will remain core to German foreign policy, but Berlin should be ready to seize new opportunities in Asia as Washington steps away from global trade deals, the new foreign minister said on Friday. Sigmar Gabriel outlined his priorities in a first speech to diplomats after taking office from Frank-Walter Steinmeier, saying he looked forward to meeting U.S. Secretary of State-designate Rex Tillerson as soon as possible. He did not confirm plans reported by the Handelsblatt newspaper for him to visit Washington next week and hold talks with President Donald Trump''s administration after relations between Berlin and the new U.S. leader got off to a cool start. "Whatever noises we''re hearing from the United States, transatlantic ties must remain a key orientation," he said. "Our hand should remain outstretched for respectful cooperation based on...openness, honesty and what our constitutions stand for - freedom, democracy and the rule of law, as well as mutual responsibility." But he said Germany and Europe should stand ready to fill the void created by Trump''s cancellation of a major trade deal with Asia, and other protectionist measures. "We will have to self-confidently use the spaces that may be created through a departure from the United States from international cooperation and international trade," he said. For instance, he said Germany should rebuild ties with China on a new and more fair basis, expand relations with India, and provide an alternative to the Association of Southeast Asian Nations (ASEAN) after Trump''s decision to withdraw from the Trans-Pacific Partnership trade deal on Monday. Trump''s predecessor, Barack Obama, enjoyed a close relationship with German Chancellor Angela Merkel, but Trump''s views on torture, free trade, NATO and his promise to lift Russian sanctions have raised concerns among German officials. Steinmeier, who is to take over the largely ceremonial post of German president next month, highlighted some differences in an interview published on Friday. He warned Trump against dismantling the 2015 nuclear accord with Iran. Gabriel, who serves as Germany''s vice chancellor and traveled to Iran in October, will also meet Vice President Mike Pence and visit the United Nations during his U.S. trip, Handelsblatt reported, citing government sources. He did not in his speech address Russia, which will be the focal point of a telephone call expected between Merkel and Trump on Saturday, a source said. Gabriel and his Social Democrats historically favor more dialogue with Moscow and have been more open to the idea of gradually reducing sanctions than Merkel and her conservative Christian Democrats. Gabriel said he will begin his new post with a short trip to France on Saturday to underscore the importance of European cooperation and unity. (Reporting by Andrea Shalal and Erik Kirschbaum, Editing by Angus MacSwan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-foreign-idUKKBN15B1SE'|'2017-01-27T23:48:00.000+02:00'
'3570e44795f4585f1e41fc0090adbb209730917e'|'Fitch: Global Ratings Outlook Weaker Than Last Year'|'Financials  07am EST Fitch: Global Ratings Outlook Weaker Than Last Year (The following statement was released by the rating agency) Link to Fitch Ratings'' Report: The Credit Outlook 1Q17 here LONDON, January 25 (Fitch) Global rating outlooks are more negative than a year ago across most rating sectors, Fitch Ratings says in its latest global Credit Outlook report. "The greatest challenges are undoubtedly faced by emerging market issuers in all sectors, but this is a global trend - the outlook bias is also negative for developed-market entities across the majority of sectors," said Monica Insoll, Managing Director, in Fitch''s Credit Market Research team. <a href="https://www.fitchratings.com/web_content/pages/lon_des/credit_outlooks_1Q1 7/index.html">The Credit Outlook 1Q17 - Interactive Version Our sovereign ratings have the greatest share of Negative Outlooks on a net basis, at 21%. This points to the likelihood of a third consecutive year in which downgrades outnumber upgrades in this sector, possibly by a wide margin. Pressures include a strengthening US dollar, global trade weakness and policy uncertainty. Many commodity export-dependent countries in the Middle East and Africa also still struggle to adjust to the dramatic decline in prices, despite the recent recovery. The negative outlook bias is 10% for corporates and 11% for banks. The industries facing the greatest challenges include natural resources and traditional retail. The expected boost to US economic growth would be positive for corporates but the increased likelihood of rising interest rates is not. In contrast, financial institutions stand ready to benefit from rising rates, which should allow a widening of their net interest margin. Banks in Europe face still slow economic growth and high NPLs in some countries (notably Italy and Portugal). Low rates remain a challenge for earnings, but do limit impairment charges. <iframe src="//e.infogr.am/9e4b110f-205e-4573-8544-eca805111d51?src=embe d" title="170009 The Credit Outlook - Table - Net Outlook Changes since end-2015" width="607" height="" scrolling="no" frameborder="0" style="border:none;"> The more bearish rating outlook contrasts with our more optimistic outlook for global economic growth in 2017. We forecast a rise to 2.9% from 2.5% last year due to a recovery in US investment, a broad easing of developed market fiscal policy and recessions ending in Brazil and Russia. The eurozone and China are important exceptions, with growth reducing to 1.4% (from 1.6%) and 6.4% (from 6.7%), respectively. Our six-monthly credit outlook report provides an overview of Fitch Ratings'' outlooks across all rated sectors and regions, identifying the main macro factors that will drive credit trends over the next 12-24 months. It focuses on outlook outliers - negative and positive - as the vast majority of ratings are typically stable by definition. The Credit Outlook is published semi-annually, It is available at www.fitchratings.com or by clicking the link above, along with an interactive version of the report. Contact: Monica Insoll Managing Director +44 20 3530 1060 Fitch Ratings Limited 30 North Colonnade London E14 5GN Eileen Fahey Chief Credit Officer +1 312 368 5468 Media Relations: Athos Larkou, London, Tel: +44 203 530 1549, Email: athos.larkou@fitchratings.com. Additional information is available on www.fitchratings.com ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986532'|'2017-01-25T21:07:00.000+02:00'
'218d1de8f3fafaac0e3aa196e03098c6aeeb2821'|'China banking sector''s total assets up 15.8 pct y/y at end Dec'|'Financials - Wed Jan 25, 2017 - 12:26am EST China banking sector''s total assets up 15.8 pct y/y at end Dec BEIJING Jan 25 The value of assets held by China''s banking sector rose 15.8 percent to 226.26 trillion yuan as of end-December compared with the same period a year earlier, the China Banking Regulatory Commission (CBRC) said on its website on Wednesday. The value of liabilities rose 16 percent to 208.92 trillion yuan. (Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSB9N1FA00K'|'2017-01-25T12:26:00.000+02:00'
'23f01395c54b00abdec63d907c1839ce95967749'|'BRIEF-Honkarakenne: final results of voluntary public cash tender offer'|'Fitch Withdraws Ratings on Askrindo (The following statement was released by the rating agency) SINGAPORE/JAKARTA, January 25 (Fitch) Fitch Ratings has withdrawn PT (Persero) Asuransi Kredit Indonesia''s (Askrindo) Insurer Financial Strength (IFS) rating of ''BBB-'' with Stable Outlook. At the same time, Fitch Ratings Indonesia has withdrawn the National IFS rating of ''AA+(idn)'' with Stable Outlook. KEY RATING DRIVERS Fitch has withdrawn the rating as Askrindo has chosen to stop participating in the rating process. Therefore, Fit Fitch Rates Taikang Group''s Senior Unsecured Bonds Final ''BBB+'' (The following statement was released by the rating agency) HONG KONG, January 25 (Fitch) Fitch Ratings has assigned Taikang Insurance Group Inc.''s (Taikang Group; Issuer Default Rating: A-/Stable) USD800m 3.5% senior unsecured bonds due 2022 a final rating of ''BBB+''. The assignment of the final rating follows the receipt of final documents conforming to information already received. The final rating is in line with the expected rating assigned on 5 January 2017. KEY RATING DRIVERS The bonds MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FF0BR'|'2017-01-25T15:28:00.000+02:00'
'6408a463284df7c7a40e74e400119c811c15fd8b'|'BRIEF-First Connecticut Bancorp reports Q4 EPS $0.27'|'Market  14pm EST BRIEF-First Connecticut Bancorp reports Q4 EPS $0.27 Jan 25 First Connecticut Bancorp Inc - * Reports fourth quarter 2016 earnings of $0.27 diluted earnings per share * Q4 earnings per share $0.27 * Q4 earnings per share view $0.25 -- Thomson Reuters I/B/E/S * Net interest rate margin was 2.75% in q4 of 2016 compared to 2.74% in linked quarter and 2.76% in prior year quarter Source   Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSASB0AWQE'|'2017-01-26T04:14:00.000+02:00'
'58e0cfc70d8741782a766128fecad27018da7ca8'|'AXA UK says travel policies to cover those hit by U.S. ban'|'  12:19pm GMT AXA UK says travel policies to cover those hit by U.S. ban Logo of France''s biggest insurer Axa is seen in front the compagny headquarter in Paris, France, August 4, 2016. REUTERS/Jacky Naegelen/File Photo LONDON The UK division of French insurer AXA ( AXAF.PA ) said its travel policies would cover those denied access to the United States due to a U.S. travel ban on people from seven Muslim-majority countries. An executive order by U.S. President Donald Trump halted travel by people with passports from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen for 90 days. "Although not technically covered, we view the current situation as unprecedented and unforeseen and as such we are extending the cover under our (travel) policies," AXA UK said in a statement. (Reporting by Carolyn Cohn; Editing by Rachel Armstrong)   Oil steady but U.S. drilling weakens deal to cut output LONDON Oil prices were steady on Monday, but news of another increase in U.S. drilling activity spread concern over rising output just as many of the world''s oil producers are trying to comply with a deal to pump less in an attempt to prop up prices.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-immigration-axa-sa-idUKKBN15E19K'|'2017-01-30T19:19:00.000+02:00'
'2cb6bf5d52d3d04dd679fccec857b52c796e70db'|'U.S. will change course on climate policy, Trump official says'|'Energy  34am EST U.S. will change course on climate policy, Trump official says LONDON Jan 30 The United States will switch course on climate change and will pull the country out of a global pact to cut emissions, said Myron Ebell, who headed U.S. President Donald Trump''s Environmental Protection Agency (EPA) transition team until his inauguration. "(Trump) could do it by executive order tomorrow or he could do it as part of a larger package," Ebell told a conference in London on Monday. "I have no idea of the timing." Trump''s administration has asked the EPA to temporarily halt all contracts, grants and interagency agreements pending a review, according to sources. (Reporting by Nina Chestney; editing by Louise Heavens) Next In Energy UPDATE 1-Trump travel ban stirs faint corporate outcry beyond Silicon Valley (Adds comments from Goldman Sachs'' chief executive) By Devika Krishna Kumar and Ross Kerber NEW YORK/BOSTON, Jan 30 Most U.S. corporate bosses have stayed silent on President Donald Trump''s immigration curbs, underscoring the sensitivities around opposing policies that could provoke a backlash from the White House. While the leaders of Apple Inc, Google and Facebook Inc emailed their staff to denounce the suspension of the U.S. refugee program and the halting of arri'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-trump-epa-idUSL5N1FK2AK'|'2017-01-30T21:34:00.000+02:00'
'0154df41f9edb9412aa053a974cdf98189d04e2c'|'McDonald''s fourth-quarter U.S. comparable store sales fall less than expected'|' 05pm GMT McDonald''s fourth-quarter U.S. comparable store sales fall less than expected The logo of Dow Jones Industrial Average stock market index listed company McDonald''s (MCD) is seen in Los Angeles, California, U.S. on April 22, 2016. REUTERS/Lucy Nicholson/File Photo McDonald''s Corp''s ( MCD.N ) U.S. comparable restaurant sales fell less than analysts had expected in the fourth quarter as strong demand for its all-day breakfast brought more people to its restaurants. Sales at established McDonald''s restaurants in the United States declined 1.3 percent in the three months ended Dec. 31, hurt in part by the high bar set by the debut of the all-day breakfast in October 2015. Analysts on average were expecting a drop of 1.4 percent, according to research firm Consensus Metrix. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Savio D''Souza)   Bank of England to keep rates on hold until 2019 at least - Reuters poll LONDON The Bank of England will leave its record-low interest rates and other stimulus measures unchanged at least until 2019, even though it is likely to revise up its 2017 growth predictions again next week, a Reuters poll found on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mcdonalds-results-idUKKBN1571P9'|'2017-01-23T20:05:00.000+02:00'
'e29b6774bebdd677e7bd5b123636ac69f4c75145'|'Wells Fargo to stop giving branches advance notice of inspections'|'Business News - Tue Jan 24, 2017 - 2:33pm EST Wells Fargo to stop giving branches advance notice of inspections A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith By Dan Freed Wells Fargo & Co ( WFC.N ) will eliminate its policy of notifying branches a day in advance before they are visited by internal inspectors, a bank spokeswoman said on Tuesday. The decision comes after the Wall Street Journal reported on the advance notice, describing how it gave employees time to cover up problematic sales practices by shredding documents and forging signatures. Mary Eshet, a spokeswoman for the third-largest U.S. bank by assets, confirmed that Wells Fargo will halt the practice. She had no immediate response to allegations outlined in the Journal, which cited unnamed current and former Wells Fargo employees and executives. Wells Fargo is conducting a broad internal review of its sales practices after it settled charges that it created as many 2 million credit card and checking accounts without customer authorization. The $190 million settlement, announced in September, hammered the bank''s share price and led to the resignation of then-Chief Executive John Stumpf. The shares have recovered amid a broad-based banking sector rally following the November U.S. presidential election. (Reporting by Dan Freed in New York; Editing by Alan Crosby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-wells-fargo-accounts-branch-visits-idUSKBN1582N4'|'2017-01-25T02:33:00.000+02:00'
'8f4f6fd346f8c71b938e9490a287ba3436ac1bc7'|'Trump tells carmakers he''s an environmentalist on same day he revives oil pipelines - US news'|'The US president, Donald Trump , offered auto executives the carrot and the stick on Tuesday, promising to reduce “out of control” environmental regulation while threatening tariffs on those that build cars abroad.Auto industry''s Trump fear: ''Everyone dreads being subject of a tweet'' Read moreIn a boardroom-style meeting with General Motors chief executive officer Mary Barra, Ford head Mark Fields and Fiat Chrysler boss Sergio Marchionne , Trump said he wanted “regulation that means something” and that companies looking to build new factories in the US would find his administration “hospitable”.“They can’t get their environmental permit over something that nobody ever heard of before,” Trump said. “I am to a large extent an environmentalist, I believe in it, but it’s out of control.”Trump has attacked all the major car companies over plans to import vehicles, particularly from Mexico, for sale in the US. Ahead of Detroit’s annual auto show earlier this month, Trump singled out GM.“General Motors is sending Mexican-made model of Chevy Cruze to US car dealers-tax free across border. Make in USA or pay big border tax!” Trump warned via Twitter.“We have a very big push on to have auto plants and other plants, many other plants, you’re not being singled out, Mary, believe me” – he said, indicating Barra – “but to have a lot of plants a lot of different items built in the United States. It’s happening, it’s happening big league. We had Whirlpool up yesterday.Resurrection of Keystone and DAPL cements America''s climate antagonism Read more“You’re going to find us to be from very inhospitable to extremely hospitable,” Trump said.As soon as he was inaugurated on Friday, Trump ordered the heads of every executive-branch department and agency to stop sending new regulation to the Federal Register . On Monday, Trump announced a hiring freeze, drawing the ire of union leaders.Private industry remains friendly to Trump: Barra attended his inauguration, and Fields praised the president for withdrawing from the Trans-Pacific Partnership, a complex multilateral trade deal between 12 nations including the US. Industry lobbying group the Alliance of Auto Manufacturers sent Trump a letter asking him to ease regulations from the National Highway Safety and Transportation Administration and the Environmental Protection Agency.The Alliance represents car companies including GM, Ford and Volkswagen, which is currently on the hook for tens of billions in fines after its emissions-cheating software became an international scandal.'|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/us-news/2017/jan/24/donald-trump-automakers-environmental-regulations'|'2017-01-25T01:53:00.000+02:00'
'948558cb03087e2cd68c1d8ff162b4ee86d52145'|'Exclusive: Italian prosecutors launch probe into BT''s local unit - sources'|'Business News - Tue Jan 24, 2017 - 5:33pm GMT Exclusive: Italian prosecutors launch probe into BT''s local unit - sources The logo for BT is seen outside of offices in the City of London, Britain, January 24, 2017. REUTERS/Toby Melville By Emilio Parodi - MILAN MILAN Milan prosecutors have opened an investigation into BT''s ( BT.L ) Italian unit over alleged false accounting and embezzlement, two sources said, hours after the parent company issued a profit warning citing a hole in the firm''s accounts. BT lost a fifth of its market value on Tuesday as the alleged Italian accounting irregularities compounded a sudden slowdown in its British government work, forcing the telecoms group to cut forecasts for the next two years. The telecoms group said a review had found a complex set of improper sales, purchase and leasing transactions at the Italian unit, leaving it with a 530 million pound ($660 million) writedown. No one has been placed under investigation by the Milan prosecutors for the time being, the sources with knowledge of the matter told Reuters. The embezzlement allegation by the Milan magistrates is the first suggestion that managers at BT in Italy may have directly benefited from the accounting scandal. BT declined to comment. The prosecutors have had no contact with BT since the company first reported irregularities at the unit last October. BT has suspended a number of BT Italy''s senior management team, who have now left the business, and appointed a new BT Italy CEO who will take charge on Feb. 1. ($1 = 0.7992 pounds) (Writing by Agnieszka Flak; Editing by Silvia Aloisi/Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bt-outlook-italy-probe-idUKKBN1582DH'|'2017-01-25T00:18:00.000+02:00'
'cbf7909a3be958a10356abb7bb92beac1744c772'|'LG Display says 2016 profit $1.1 bln, down 19 pct on year'|'Industrials   5:15pm EST LG Display says 2016 profit $1.1 bln, down 19 pct on year SEOUL Jan 24 South Korea''s LG Display Co Ltd said on Tuesday its 2016 operating profit fell 19 percent from a year earlier. The world''s biggest liquid crystal display maker said its operating profit last year was 1.3 trillion won ($1.12 billion). In the October-December quarter, LG Display made an operating profit of about 904 billion won, according to Reuters calculations. ($1 = 1,162.2100 won) (Reporting by Joyce Lee; Editing by Chris Reese) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/lg-display-results-idUSS6N1DX003'|'2017-01-24T05:15:00.000+02:00'
'7568846c81a36091bdf1c074d2c698ded1949be9'|'Chinese court sentences former Sinopec president to 15 and half years in prison'|'Tue Jan 24, 2017 - 3:41am GMT Chinese court sentences former Sinopec president to 15 and half years in prison Sinopec Vice Chairman and President Wang Tianpu attends a news conference in Hong Kong March 28, 2011. REUTERS/Bobby Yip BEIJING A Chinese court has jailed Wang Tianpu, the former president of Sinopec Group, for 15 and a half years for graft, state television said on Tuesday citing a court verdict. Sinopec Group is the parent of oil major Sinopec Corp ( 600028.SS ) ( 0386.HK ). (Reporting by Beijing Monitoring Desk; Editing by Randy Fabi) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-corruption-sinopec-idUKKBN1580AA'|'2017-01-24T10:40:00.000+02:00'
'36fa4bea275a605f02c53bb62a830457c4062691'|'Greece, lenders must show ''realism, flexibility'' in bailout review - central banker'|' 27pm GMT Greece, lenders must show ''realism, flexibility'' in bailout review - central banker Governor of the Central Bank of Greece Yannis Stournaras speaks during an interview with Reuters at the bank''s headquarters in Athens, Greece, November 8, 2016. REUTERS/Alkis Konstantinidis ATHENS Greece and its foreign lenders must both show "realism and flexibility" to swiftly complete a review of the country''s bailout programme, Greek Central Bank Governor Yannis Stournaras said on Wednesday. The review has dragged on for months amid disagreements on labour reforms and fiscal targets and a rapid conclusion would "strengthen the forecast for Greek economic growth from 2017 onwards," Stournaras told a conference, according to a transcript of his speech. Stournaras spoke ahead of a meeting of euro zone finance ministers on Thursday, although euro zone officials have already ruled out reaching a deal on the review there. One said on Wednesday creditors could approve its completion in February. Greece wants to wrap up the review soon in order to participate in the European Central Bank''s quantitative easing programme within the first quarter. "A necessary precondition for economic recovery is primarily the completion of the second review and determined implementation of the structural reforms outlined in the new (bailout) programme," Stournaras said. "At the same time, special emphasis should be given to removing obstacles to privatisations that have already been agreed and the further promotion of the privatisation programme and utilisation of public assets." Privatisation has been a key condition of Greece''s international bailouts since 2010, but political resistance and bureaucratic snags mean few have gone ahead so far. (Reporting by Karolina Tagaris and Lefteris Papadimas; Editing by Janet Lawrence and Mark  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-centralbanker-idUKKBN1592JQ'|'2017-01-26T02:18:00.000+02:00'
'8414238648eb95633e1da31156cd4dd5b8306b0c'|'Democratic senators want AT&T to detail Time Warner deal benefits'|'By David Shepardson - WASHINGTON WASHINGTON Thirteen Democratic senators on Wednesday asked AT&T Inc ( T.N ) to explain how its planned $85.4 billion takeover of Time Warner Inc ( TWX.N ) is in the public interest, as the company hopes to avoid a review of the deal by the primary U.S. telecommunications agency.Earlier this month, AT&T said in a securities filing it expected to bypass the U.S. Federal Communications Commission in its acquisition of the owner of HBO, CNN, Turner Broadcasting and Warner Brothers and only face U.S. Justice Department review.AT&T does not plan to acquire a Time Warner TV station in Atlanta that has an FCC license, which would automatically trigger a review.Democratic senators Al Franken, Elizabeth Warren, Bernie Sanders, Ed Markey and nine others urged AT&T and Time Warner in a letter to submit a public interest statement to them by Feb. 17 that would required as part of an FCC review "detailing how you plan to ensure that the transaction benefits consumers, promotes competition, remedies all potential harms, and further serves the public interest."The senators added they have concerns about how the merger could impact competition. The deal could give the combined company "both the incentive and ability to use its platform to harm competitors, and as a result, consumers. The combined company could promote its own programming above that of other content companies."AT&T said in statement on Wednesday it was happy to answer questions about the merger and will follow all legal requirements, "including the extensive Hart-Scott-Rodino review process at the Department of Justice through which we will produce millions of documents, and extensive analyses."AT&T added the deal "will create more competition for cable TV providers, giving consumers more options and accelerating next generation wireless broadband."The merger faces other potential hurdles.Then-presidential candidate Donald Trump said in October he opposed the merger. But earlier this month, he told website Axios that "I have been on the record in the past of saying it''s too big and we have to keep competition. So, but other than that, I haven''t, you know, I haven''t seen any of the facts, yet."Time Warner shareholders will meet on Feb. 15 to decide whether to approve the deal.AT&T, which has repeatedly clashed with the FCC over major industry regulations, said in October that one benefit of its purchase is that Time Warner is "lightly regulated compared to much of AT&T''s existing operations."(Reporting by David Shepardson; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-time-warner-m-a-at-t-idINKBN1592NE'|'2017-01-25T17:31:00.000+02:00'
'eb8b0fb51fb0fe69314496596f0ae95c9d440ebf'|'Generali finance chief to leave, takeover talk mounts'|'By Stephen Jewkes - MILAN MILAN Italy''s Assicurazioni Generali ( GASI.MI ) said on Wednesday its chief financial officer Alberto Minali would be leaving at the end of the month, at a time of uncertainty for the country''s biggest insurer.The departure of Minali comes a day after Italy''s biggest retail bank Intesa Sanpaolo ( ISP.MI ) said it was considering the idea of a tie-up with Generali in a move that could reshape the country''s financial landscape.Generali, whose biggest shareholder is influential investment bank Mediobanca ( MDBI.MI ), said on Monday it had bought voting rights equal to 3.01 percent of Intesa, in a defensive move.In a statement, Generali said Minali, who is also general manager at the group, would be replaced as CFO by head of corporate finance Luigi Lubelli.It added Minali would receive a severance package of around 5.78 million euros ($6.2 million), plus a payment related to his long-term bonus package that was yet to be quantified, and said his role as general manager would not be replaced.Last year, Minali lost out to Philippe Donnet in the race to replace Mario Greco as CEO of Europe''s No. 3 insurer and sources close to the matter told Reuters tensions have built up between the two.Recent leadership changes at Generali and political weakness in Rome have helped kindle bid talk about the 186-year-old company which for years has been at the crossroads of Italian finance.Italian newspapers have said Intesa''s move is in part aimed at fending off interest in Generali from foreign companies such as France''s AXA ( AXAF.PA ) and Germany''s Allianz ( ALVG.DE ).Donnet was formerly an executive of AXA.Generali and Allianz have declined to comment, while AXA CEO Thomas Buberl said in remarks published Wednesday he was not interested in a bid for Generali.Italian market regulator Consob, which met Intesa managers on Wednesday, is due to meet on Thursday executives of Generali and lender UniCredit CDRI.MI, the top investor in Mediobanca.Like other European insurers, Generali has had to cope with falling investment returns and stiffer competition.The company, which generates most of its revenues and earnings in Italy, France and Germany, said in November it was looking to leave unattractive markets and cut costs to improve profits and boost capital.(Reporting by Stephen Jewkes and Valentina Za; Editing by Valentina Za and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-m-a-cfo-idINKBN1592MH'|'2017-01-25T17:03:00.000+02:00'
'be19773f00babf5e5994efdbdab566d5f681d5f9'|'BT Group faces U.S. lawsuits as Italian accounting scandal deepens'|'Technology  18pm EST BT Group faces U.S. lawsuits as Italian accounting scandal deepens A man speaks on a mobile phone underneath a BT logo outside of offices in the City of London, Britain, January 24, 2017. REUTERS/Toby Melville By Jonathan Stempel - NEW YORK NEW YORK BT Group Plc was hit on Wednesday with at least two shareholder lawsuits in the United States, after one-fifth of the telecommunications company''s market value was wiped out in a single day amid a growing accounting scandal in Italy. The lawsuits accusing the British company and three top executives of securities fraud were filed in the U.S. District Courts in Manhattan and in nearby Newark, New Jersey, on behalf of BT investors over the last few years. Both lawsuits were brought by individuals seeking class-action status, and also name Chief Executive Gavin Patterson, his predecessor Ian Livingston, and Finance Director Tony Chanmugam as defendants. A spokeswoman for BT declined to comment on behalf of the defendants. BT had launched an internal probe into its Italian business after a whistleblower flagged concerns. The price of BT''s shares in London and American depositary receipts in New York fell nearly 21 percent on Tuesday. This came after BT boosted an expected writedown tied to its Italian division to 530 million pounds (US$669 million) from 145 million pounds (US$183 million), with Patterson expressing disappointment with the "inappropriate behavior" uncovered. BT on Tuesday also reported slowing demand from government and corporate customers following last June''s vote by Britons to leave the European Union. It said that slowdown, together with the accounting problems, would weigh on results for two years. The lawsuits accuse BT of having concealed or made misleading statements about the accounting practices in Italy, causing it to inflate earnings and its stock price. Both lawsuits seek unspecified damages. The New York case was brought on behalf of investors in ADRs, while the New Jersey case also covers other securities. It has become harder to pursue U.S. securities fraud lawsuits targeting non-U.S. companies over securities issued outside the country, since the U.S. Supreme Court in 2010 narrowed the reach of U.S. securities laws. Companies are frequently sued in the United States after releasing negative news that investors say they did not expect. The cases are Sarraf v BT Group Plc et al, U.S. District Court, Southern District of New York, No. 17-00558; and Christian v. BT Group Plc et al, U.S. District Court, District of New Jersey, No. 17-00497. (Reporting by Jonathan Stempel in New York; Editing by Alan Crosby) Next In Technology News Cisco to buy AppDynamics for $3.7 billion in growth push SAN FRANCISCO Cisco Systems Inc said on Tuesday that it agreed to buy U.S. business software company AppDynamics Inc for about $3.7 billion, making one of its largest deals of recent years as it searches for growth beyond its core networking business.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-bt-group-lawsuits-idUSKBN1592PY'|'2017-01-26T04:18:00.000+02:00'
'e66354022d581cd13a3779cee1548ee507203b2a'|'India likely to need higher sugar imports, says leading refiner'|'Economic  14pm IST India likely to need higher sugar imports, says leading refiner A labourer carries a sack filled with sugar in a store at a wholesale market in Kolkata, India, February 15, 2016. REUTERS/Rupak De Chowdhuri/Files By Mayank Bhardwaj   India''s sugar production is likely to be lower than government estimates this season, raising the possibility of higher imports by the world''s biggest consumer of the sweetener, the chief executive of leading Indian refiner Shree Renuka Sugars told Reuters. The government has forecast production of 22.5 million tonnes for the 2016/17 season and lower output could force New Delhi to cut or axe the 40 percent import tax to facilitate cheaper purchases from the likes of Brazil, Thailand and Australia. Increased overseas purchases could potentially jack up benchmark prices in New York, where eyes are focused on India, the world''s second-biggest sugar producer. "Our estimate is that production will remain close to 20 million tonnes in the 2016/17 season, largely because of Maharashtra, Karnataka and Tamil Nadu," said Renuka''s Narendra M Murkumbi, referring to India''s leading sugar-producing states. The Indian Sugar Mills Association on Wednesday cut its output forecast to 21.3 million tonnes, the lowest in seven years and down 9 percent from its previous estimate. After a meeting of representatives from India''s top sugar cane producing states, India''s Food Ministry on Tuesday kept its estimate at 22.5 million tonnes. Though the government''s forecast of 22.5 million tonnes remains unchanged for now, the Food Ministry will reassess the situation in two weeks, government sources said on Wednesday. Even a small drop in output could be a tipping point for India''s import requirements. "It looks like that imports will be required," Murkumbi said. Indians consume about 25 million tonnes of sugar a year and on Oct. 1, when the 2016/17 sugar season began, stocks at mills totalled 7.75 million tonnes. Government ministers have ruled out lowering the import tax for now, but Murkumbi believes that it will India will have to scrap the duty entirely. "If prices are to be maintained at the current level, the import duty needs to be brought down to zero," Murkumbi said. Sugar prices in the local market have risen by more than 10 percent in a month on an expected drop in production after back-to-back droughts ravaged the cane crop in Maharashtra. Since sugar is a politically sensitive commodity in India, the government often resorts to measures such as scrapping the import tax and banning futures trading on commodity exchanges. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-sugar-estimates-idINKBN1591Z5'|'2017-01-25T22:44:00.000+02:00'
'ebb3be92dbed28bf9cfc57452cb717d89a631498'|'VW set to plead guilty in U.S. diesel emissions case'|'Business News - Thu Jan 26, 2017 - 4:32pm GMT VW set to plead guilty in U.S. diesel emissions case Electric Volkswagen cars are plugged into a recharging point in central London, Britain January 19, 2017. REUTERS/Stefan Wermuth WASHINGTON Volkswagen AG ( VOWG_p.DE ) is set to plead guilty on Feb. 24 in Detroit to three felony counts as part of a plea agreement with the U.S. Justice Department to resolve an excess diesel emissions investigation, a court filing shows. As part of a $4.3 billion settlement with U.S. regulators, the German automaker has agreed to sweeping reforms, new audits and oversight by an independent monitor for three years to resolve diesel emissions cheating investigations. Under the settlement of charges it installed secret software in U.S. vehicles to allow them to emit up to 40 times the amount of legally permitted pollution, Volkswagen agreed to change the way it operates in the United States and other countries. The Justice Department charged VW with conspiring for nearly 10 years to cheat on diesel emissions tests. The German automaker agreed to pay $4.3 billion in U.S. civil and criminal fines. In total, VW has now agreed to spend up to $22 billion in the United States to address claims from owners, environmental regulators, U.S. states and dealers, and offered to buy back about 500,000 polluting vehicles. (Reporting by David Shepardson; Editing by Bernadette Baum) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN15A29M'|'2017-01-26T23:32:00.000+02:00'
'59aa0c0f4433222abe53fab280990d7663b4fb8f'|'Barclays to make Dublin its EU headquarters after Brexit - source'|'Thu Jan 26, 2017 - 2:24pm GMT Barclays to make Dublin its EU headquarters after Brexit: source The logo of Barclays is seen on the top of one of its branch in Madrid, Spain, March 22, 2016. REUTERS/Sergio Perez/File Photo LONDON Barclays ( BARC.L ) is preparing to make Dublin its EU headquarters for when Britain leaves the European Union, according to a source familiar with the matter on Thursday. Global banks and insurers have begun signaling how they will put plans into action to cope with a "hard" exit from the European Union, after Prime Minister Theresa May said that Britain would leave the single market. Barclays already has a small unit in Dublin with around 100 people. "We have made clear repeatedly that we will plan for a range of Brexit contingencies, including building greater capacity into our existing operations in Dublin," a spokesman for Barclays in London told Reuters. "Identifying available office space is a necessary and predictable part of that contingency planning process." Bloomberg News reported that Barclays would add around 150 staff to its operations in the Irish capital. (Reporting By Anjuli Davies; Editing by Rachel Armstrong) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-barclays-idUKKBN15A1TS'|'2017-01-26T21:00:00.000+02:00'
'f392878dd0630004830e643625341351ea4b527d'|'Italian senators tell government to keep Generali Italian'|'ROME More than 100 Italian senators - many from the ruling Democratic Party - have tabled a question in parliament asking the government what steps it plans to take to protect insurer Generali from any foreign takeover.Generali, Italy''s biggest insurer, has seen recent leadership changes amid mounting talk that foreign companies such as France''s AXA ( AXAF.PA ) and Germany''s Allianz ( ALVG.DE )are interesting in the group.One of the senators, Francesco Russo, said in a statement on Thursday that the parliamentary question had been presented to Economy Minister Pier Carlo Padoan.Italy''s biggest retail bank Intesa SanPaolo ( ISP.MI ) said this week it was considering a tie-up with Generali.(Reporting by Giuseppe Fonte, writing by Gavin Jones)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-generali-m-a-senators-idUSKBN15A29G'|'2017-01-26T19:29:00.000+02:00'
'41dfabc7dc01bdf0e3dd05f6750b3e13e426a5df'|'Northrop profit up 14.4 pct on higher aerospace systems sales'|'Thu Jan 26, 2017 - 7:05am EST Northrop profit up 14.4 percent on higher aerospace systems sales A UAV helicopter build by Northrop Gruman is on deck aboard the soon to be commissioned littoral combat ship USS Coronado during a media tour in Coronado, California April 3, 2014. REUTERS/Mike Blake/File Photo U.S. weapons maker Northrop Grumman Corp ( NOC.N ) reported a 14.4 percent rise in quarterly profit, driven by higher sales in its aerospace systems business, which makes the center sections for F-35 fighter jets. The company''s net earnings rose to $525 million, or $2.96 per share, in the fourth quarter ended Dec. 31, from $459 million, or $2.49 per share, a year earlier. Total sales rose to $6.40 billion from $5.69 billion, a year earlier. (Reporting by Ankit Ajmera in Bengaluru and Mike Stone in Washington; Editing by Savio D''Souza) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-northrop-grumman-results-idUSKBN15A1H5'|'2017-01-26T18:57:00.000+02:00'
'03fb39762c00e9105532fcf06b6c19d03d875827'|'China''s Lander Sports agrees to buy stake in Saints'|'SHANGHAI Chinese stadium builder Lander Sports Development said on Thursday that it has agreed to buy a stake in Southampton Football Club, making it the latest English Premier League team to do a deal with Chinese investors.Lander said in a statement to the Shenzhen Stock Exchange that it had signed an agreement with Southampton''s owner, Katharina Liebherr, to buy a stake in the soccer club''s holding company, without disclosing financial details.The size of the stake in the club, which on Wednesday night beat Liverpool to reach the final of England''s League Cup, was not known.Chinese entities and individuals have ploughed more than $3 billion into overseas soccer investments over the past year or so, encouraged by avid fan President Xi Jinping who wants the country to become a soccer superpower.Currently placed 11th in the English Premier League, Southampton would join Aston Villa, West Bromwich Albion, Birmingham City and Wolverhampton Wanderers as English football clubs that now have Chinese investors.Shares in Lander, which builds stadiums and organises sporting competitions, have been suspended since Oct. 14. Reports of its interest in Southampton began swirling last year.(Reporting by Brenda Goh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/soccer-china-southampton-idINKBN15A15C'|'2017-01-26T07:26:00.000+02:00'
'82ed852b20b3a77bef0f7fa54a1556f52b121585'|'German insurers'' premium growth to pick up in 2017'|'Big Story 10   5:15am EST German insurers'' premium growth to pick up in 2017 BERLIN German insurers'' premiums will likely grow by at least 1 percent this year, after edging up by only 0.2 percent in 2016, their slowest growth rate in five years, amid low interest rates, trade body GDV said on Thursday. The decline in life insurance premiums will slow to around 0.5 percent after a 2.2 percent slide in 2016, while property and casualty (P&C) will grow by 2.1 percent this year compared with 2.9 percent last year, GDV said. Overall 2016 premiums were 194.2 billion euros ($208 billion). GDV''s members include some of Europe''s largest insurance sector companies, such as Allianz, Munich Re and Talanx. (Reporting by Klaus Lauer; Writing by Maria Sheahan; editing by Susan Thomas) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-germany-insurance-idUSKBN15A14L'|'2017-01-26T17:09:00.000+02:00'
'd846ca9ad9d540bb7f175753d211d9e41701ffab'|'Brexit effect on German insurers to be manageable - trade body GDV'|'Business News   6:59am EST Brexit effect on German insurers to be manageable: trade body GDV BERLIN Britain''s exit from the European Union will have a limited impact on German insurers as only 3.8 percent of their capital investments, or 29 billion euros ($31 billion), are in Britain, trade body GDV said on Thursday. "The direct affect is manageable," GDV President Alexander Erdland told journalists at a news conference. (Reporting by Klaus Lauer; Writing by Maria Sheahan; Editing by Victoria Bryan) Next In Business News ''Show me the money'': divorce first, then trade deal, EU tells UK BRUSSELS Since Prime Minister Theresa May set out her Brexit goals last week, interest in Britain has focused on the future trade deals she may one day strike with the United States and other powers, as well as with the European Union. Brexit fallout to hit Britain in 2017, 2018: EU''s Moscovici BRUSSELS The British economy will pay higher costs this year and next for the uncertainty created by its vote to leave the European Union, the EU economics commissioner said on Thursday, though he recognized Britain had so far fared well since the referendum. Exclusive: Millions of barrels of Venezuelan oil stuck at sea in dirty tankers HOUSTON/PUNTO FIJO, Venezuela More than 4 million barrels of Venezuelan crude and fuels are sitting in tankers anchored in the Caribbean sea, unable to reach their final destination because state-run PDVSA cannot pay for hull cleaning, inspections, and other port services, according to internal documents and Reuters data. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-britain-eu-germany-insurance-idUSKBN15A1FI'|'2017-01-26T18:54:00.000+02:00'
'e28dec4aaebdf4f2c353ca3d863c7afc4d222c00'|'Fund firms plan to get tough on excessive pay at Britain''s top firms'|'By Simon Jessop - LONDON LONDON Some of the biggest holders of UK stocks plan to get tougher on executive pay, as the government turns up the heat over the yawning income gap between bosses and employees following Britons'' vote to leave the European Union.Doubts remain over whether shareholders will force through many major changes. Nevertheless, three of the five biggest investors in companies on the FTSE 350 index have set out fresh guidance on setting top pay, or say they plan to do so before votes at annual general meetings (AGMs) this spring.Fund managers typically worry about how incentive schemes will encourage executives to achieve better returns for shareholders, and not necessarily about the amount the bosses take home - the often startling sums which grab media headlines.So far, investors have had little public success in forcing company boards to change executive pay arrangements by accepting their guidance, and often their complaints about excessive handouts have fallen on deaf ears.But now, with Prime Minister Theresa May championing those Britons who are struggling to get by, more is at stake.The fund arm of insurer Legal & General, the number two investor in FTSE 350 stocks, issued new guidance last autumn and says it won''t be alone in holding firms to greater account."We believe more scrutiny will arise both for companies and investors in the 2017 AGM season," Sacha Sadan, Legal and General Investment Management''s director of Corporate Governance, told Reuters."This is due to a combination of social, political and financial pressure on companies to address the widening differential between executive teams and employees," he said.According to the High Pay Centre, a campaign group, the median annual pay of bosses at the 100 biggest London-listed companies stands at just under 4 million pounds ($5 million).It declared Jan. 4 as "Fat Cat Wednesday 2017", estimating that by midday, chief executives had already earned more than the average British worker will make all year: 28,200 pounds.Criticism of "Fat Cats" goes back decades but last June''s EU referendum exposed a deep divide between those at the top of corporate and political life, and the wider public.Highlighting this resentment, May has proposed reforms to curb excessive pay and improve accountability to shareholders. "It is essential for business to demonstrate leadership - to show that, in this globalised world, everyone is playing by the same rules, and that the benefits of economic success are there for all our citizens," she told the World Economic Forum in Davos last week.BLACKROCK WARNINGU.S. fund manager Blackrock - which holds around $1.6 trillion of UK stocks and is the biggest investor in the FTSE 350 - warned last week it would vote against boards which failed to meet its new guidelines on pay policy.These include ensuring that executives'' pay rises no more than salaries of the workers they employ, and that it is linked to long-term performance. The High Pay Centre reported a 10 percent increase in chief executives'' pay in 2015, far outstripping the 2.4 percent growth of British average earnings.Norges Bank Investment Management - the investment arm of Norway''s sovereign wealth fund and the fourth-biggest FTSE 350 investor, told Reuters it also expects to issue fresh guidelines in the coming weeks.Vanguard Group, the third-biggest investor, and Capital Group, the fifth-biggest, said they were both reviewing their plans. The smaller M&G Investments published pay guidelines for the for the first time in November.The two main types of pay votes at AGMs are on executive remuneration for the previous year, held annually and which are non-binding, and on the policy framework to be used in setting future pay. These policy votes must be held at least every three years, and have been binding since 2014.While some companies have updated their policies since 2014, most have waited for the triennial vote to come round again and are therefore planning to do so this year.Investors have scored some symbolic victories. For example, they rejected a $20 million pay deal for BP Chief Executive Bob Dudley, but the vote was non-binding.Last year 42 companies in the FTSE 350 had more than 20 percent of their shareholders vote against either executive pay or the policy for setting it. However, few changes have since been announced to their managements'' pay arrangements.Weir Group did lose a binding vote on its pay policy and was forced to abandon a change that would have lowered the maximum payout to senior management but removed performance criteria.Along with BP, Smith & Nephew and Paysafe Group also lost non-binding votes on 2015 pay and said they would consult shareholders on the matter.Anglo American, Babcock International and others flagged their intention to set out new plans at AGMs this year to be put to shareholders.BIGGER SLICEBosses'' total pay dipped slightly in 2015 but company earnings fell more, meaning they took home a bigger slice of profits, continuing a decade-long trend.Investors complain it''s often hard to see how incentive packages are supposed to work. "It''s first and foremost the complexity: is there a clear link between results and payment?" said Egril Matsen, who is in charge of supervising Norway''s $885 billion wealth fund. "The transparency of these packages seems to have worsened over time."Change will be difficult to achieve. Many fund managers own only a small part of a company, with some afraid to challenge too much for fear that their access to managements will be reduced. Others, in some cases, find it hard to argue for pay restraint given their own often large salaries.The Pensions and Lifetime Savings Association (PLSA) says few investors ever vote against keeping the board members in charge of setting the pay structure - the Remuneration Committee (RemCo) chair - in position for another year."There''s not been enough individual accountability in the past," said Luke Hildyard, who helps set guidance for PLSA members. "We feel it''s time to escalate our approach to holding companies to account over this, and to start voting against the RemCo chair when voting against the remuneration policy."Support for a wholesale change of tack isn''t universal. Schroders, Aberdeen Asset Management and Columbia Threadneedle all said they had no plans to change their approach to pay across the board this year; the remaining top-15 investors in the FTSE 350 all declined to comment or did not respond when contacted by Reuters."This year is an important year because of the triennial vote," said Sarah Wilson CEO of proxy voting adviser Manifest. "But is it going to be the case where companies don''t take it seriously until a Remuneration Committee chairman loses their job?"($1 = 0.8012 pounds)(Additional reporting by Rob Bousso and Barbara Lewis; editing by David Stamp)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-funds-agms-idINKBN1590JE'|'2017-01-25T04:09:00.000+02:00'
'2d7e0a56c0f461e757f111e04ee26f1e5626a4f7'|'New York prosecutor drops charges against Fiat heir'|'Business News   9:33am EST New York prosecutor drops charges against Fiat heir A Fiat car logo is pictured at the European Motor Show in Brussels, Belgium, January 13, 2017. REUTERS/Francois Lenoir NEW YORK New York prosecutors have dropped charges that Lapo Elkann, grandson of late Fiat patriarch Gianni Agnelli, falsely reported that he had been kidnapped in November in an effort to get ransom money, the prosecutors'' office said on Wednesday. The Manhattan District Attorney''s Office said it had declined to prosecute the case but provided no further details. (Reporting by David Ingram and Nate Raymond; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-elkann-idUSKBN1591Q1'|'2017-01-25T21:33:00.000+02:00'
'5e7c1e4384464320a31bc86120afc79b2ade3a8a'|'Verizon exploring deal with cable company Charter: WSJ'|'Technology News - Thu Jan 26, 2017 - 9:28am EST Verizon exploring deal with cable company Charter: WSJ The Verizon logo is seen on one of their retail stores in San Diego, California, U.S. April 21, 2016. REUTERS/Mike Blake/File Photo Verizon Communications Inc is exploring a combination with cable company Charter Communications Inc, the Wall Street Journal reported, citing people familiar with the matter. Verizon, the No. 1 U.S. wireless carrier, has a market capitalization of $203 billion, while Charter is valued at nearly $84 billion, according to Thomson Reuters data. Charter declined to comment, while Verizon did not immediately respond to a request for comment on the report. on.wsj.com/2jVgPf8 Charter''s shares were up 10 percent at $342 in premarket trading on Thursday. Verizon''s shares were down 1.6 percent at $49. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D''Souza) Next In Technology News China girlfriend rental app gets leg up from Lunar New Year demand BEIJING As millions in China head home to celebrate the Lunar New Year holiday with their families, 24-year-old Luoluo is busy answering messages on a mobile app from desperate men looking to hire an instant girlfriend whom they can present to mom and dad. Apple sues Qualcomm in Beijing seeking 1 billion yuan WASHINGTON Apple Inc filed a lawsuit against Qualcomm Inc in Beijing, alleging the chip supplier abused its clout in the chip industry and seeking 1 billion yuan ($145.32 million) in damages, Beijing''s Intellectual Property Court said in a statement on Wednesday. Qualcomm Inc reported a lower-than-expected 3.9 percent rise in quarterly revenue on Wednesday, and defended its licensing model in the face of multiple legal challenges over its alleged "anticompetitive" tactics. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-charter-commns-m-a-verizon-idUSKBN15A1Y2'|'2017-01-26T21:28:00.000+02:00'
'1ada5ae5d5086e98d80e371f951322e386d3699c'|'UPDATE 1-Buyout firm Blackstone Q4 earnings beat forecasts on broad gains'|'(Adds details)NEW YORK Jan 26 Blackstone Group LP, the world''s biggest alternative asset manager, posted better-than-expected fourth-quarter earnings on Thursday as its investments rose across the board, in line with gains in the stock market.The firm said it earned an economic net income - a key earnings metric for U.S. private equity firms that accounts for unrealized investment gains or losses - of $811.6 million after taxes between October and December, up 86 percent from $435.7 million a year earlier.That translated to an economic net income of 68 cents per share. Analysts had expected Blackstone to post earnings of 64 cents, according to Thomson Reuters I/B/E/S.However, distributable earnings, which shows cash that is available to pay dividends, was down by about a fifth at $691.8 million compared with a year ago.The New York-based firm said private equity investments, which account for about a quarter of the $366.6 billion that it manages, appreciated 10.7 percent in 2016, roughly in line with a 9.5 percent gain in the S&P 500 stock index.The firm''s real estate business, the biggest and most lucrative of all its units, posted gains of 11.1 percent in 2016, as economic income more than doubled to $395.4 million in the fourth quarter.Returns in credit investments enjoyed the steepest gains for the year, climbing between 18 percent and 23 percent, helped by appreciation in energy holdings.Hedge funds, which had a troubled year, reported gains of 3.5 percent for the year.Indeed, Blackstone confirmed last month that it had started winding down its "big bet" hedge fund Senfina Advisors LLC after it faced mounting double-digit losses on its investments in 2016.The biggest among U.S. private equity firms by the amount of cash it manages, Blackstone''s roughly $100 billion real estate arm is the largest of its kind in the business and helps to differentiate it from its peers. (Reporting by Koh Gui Qing; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/blackstone-results-idINL1N1FG0NE'|'2017-01-26T10:50:00.000+02:00'
'63c661ec0d53a99e027ce44710e0d52cb8aeec2d'|'easyJet shareholder Stelios plans protest vote against fleet expansion'|'Industrials - Tue Jan 24, 2017 - 7:05am EST easyJet shareholder Stelios plans protest vote against fleet expansion LONDON Jan 24 easyJet''s biggest shareholder Stelios Haji-Ioannou said he would use some of his shares to vote against the re-election of the company''s chairman, as part of a protest against the low cost airline''s plan to expand its fleet. Haji-Ioannou, who owns about 33 percent of the company, said on Tuesday that he would use 3 percent of his holding to vote against chairman John Barton at the company''s annual meeting on Feb. 9. "In our view the best way to increase the earnings per share and send the share price up again is to reduce the incremental aircraft in the fleet from 2018 onwards," Haji-Ioannou said in a statement. easyJet earlier on Tuesday said that it planned to add capacity into the market at the rate of 9 percent this year, and it has a long-term plan to add more planes to its fleet, even as air fares fall. Its shares traded down 9.4 percent at 1158 GMT. (Reporting by Sarah Young, editing by James Davey) Next In Industrials UPDATE 1-Ryanair fears UK could lose access to EU''s Open Skies DUBLIN, Jan 24 Ryanair fears that Britain''s plans for withdrawal from the European Union could result in the loss of access to the EU''s Open Skies deregulated aviation market in as little as two years, Chief Executive Michael O''Leary said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/easyjet-outlook-shareholders-idUSL5N1FE3IH'|'2017-01-24T19:05:00.000+02:00'
'67eb6a7ea8af11590ee859873c0bfd67a4e6048b'|'REFILE-Public backstop for banks in euro zone necessary: ECB''s Praet'|'Business News  43am EST Public backstop for banks in euro zone necessary: ECB''s Praet European Central Bank executive board member Peter Praet attends the 2016 Institute of International Finance (IIF) Spring Membership meeting in Madrid, Spain, May 25, 2016. REUTERS/Susana Vera FRANKFURT A euro zone-wide public backstop for banks is necessary and bailouts should not be ruled out even when investors are forced to pay for some losses, European Central Bank Executive Board Member Peter Praet said on Tuesday. Imposing losses on creditors and shareholders was trumpeted as the centerpiece of Europe''s response to the financial crisis but some are questioning whether the new rules will be fully applied after the Italian government''s rescue of the troubled Monte dei Paschi di Siena BMPS.MI. "A certain level of public risk sharing is necessary to create confidence in the overall financial system and thereby unlock the potential of private risk-sharing," Praet, the ECB''s chief economist, said in a speech in Rome. "Even well-capitalized banks can fall victim to runs and contagion." He added: "Looking ahead, it will be essential to establish a common fiscal backstop to ensure that the Single Resolution Fund has sufficient resources to support any necessary resolution measures." (Reporting by Balazs Koranyi; Editing by Francesco Canepa) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-eurozone-banks-ecb-idUSKBN15825H'|'2017-01-24T22:39:00.000+02:00'
'c01de74c2e4cbb88b147027e2f6b2a3836bdf64e'|'UPDATE 1-Peru sees much weaker economic growth in 2017 on graft scandal'|'(Adds comments on new measures)LIMA Jan 25 Peru''s economy might grow by 3.8 percent instead of 4.8 percent this year as previously forecast by the government as a massive graft scandal slows public work projects and deters new investments, the country''s finance minister said on Wednesday.Alfredo Thorne told a press conference that he was preparing new measures to offset the impacts on the economy from an ongoing inquiry into bribes that Brazil''s Odebrecht has acknowledged distributing to win billions in contracts in Peru.Some 5 billion soles ($1.51 billion) will be disbursed for public investments by March 31, building on an injection of 3.89 billion soles to help local governments develop infrastructure in all of 2017, Thorne said.State bidding agency Proinversion is also aiming to award projects this year worth between $3.3 billion and $5.5 billion that would be financed mostly by the private sector, Thorne added. (Reporting By Mitra Taj; Editing by David Gregorio and Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/peru-economy-growth-idUSL1N1FF1UA'|'2017-01-26T01:07:00.000+02:00'
'8313371952c4bafa4a47f71fc3a43a775cf08388'|'Hong Kong securities brokers hit by cyber attacks, may face more -regulator'|'Technology News  33pm EST Hong Kong securities brokers hit by cyber attacks, may face more: regulator FILE PHOTO - A lock icon, signifying an encrypted Internet connection, is seen on an Internet Explorer browser in a photo illustration in Paris April 15, 2014. REUTERS/Mal Langsdon HONG KONG Hong Kong''s securities regulator said brokers in the city had suffered cyber attacks and warned of possible further incidents across the industry. Regulators in Hong Kong have been stepping up efforts over the past year to combat the growing menace of cyber attacks on companies. A survey in November showed the average number of such attacks detected by firms in mainland China and Hong Kong grew a whopping 969 percent between 2014 and 2016. [nL4N1DU35T] In a circular to licensed firms late on Thursday, the Securities and Futures Commission (SFC) said it had been informed by the Hong Kong police that brokers had encountered so-called "distributed denial of service" (DDoS) attacks targeting their websites and received blackmails from criminals. "The DDoS attacks have caused service disruption to the brokers for a short period. It is possible that similar cyber security incidents would be observed across the securities industry," the SFC said in the notice. Distributed denial of service (DDoS) attacks, among the most common on the Internet, involve cyber criminals using hijacked and virus-infected computers to target websites with data requests, until they are overwhelmed and unable to function. The SFC urged firms in the financial center to implement protective measures, including reviews of the IT systems and DDoS mitigation plans. (Reporting by Michelle Price; Editing by Himani Sarkar) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-hongkong-regulator-cyber-idUSKBN15B09R'|'2017-01-27T11:24:00.000+02:00'
'f8ed62b9cd2bbd516429dc28dce5a2501904b65c'|'European shares lower as UBS weighs on banks; Tesco surges'|'Hot Stocks   12:13pm EST European shares lower as UBS weighs on banks; Tesco surges * STOXX 600 down 0.3 pct, weighed down by banks * Swiss bank UBS drops after underwhelming results * Tesco rallies on Booker acquisition * Index posts weekly gain on M&A, earnings, Trump boost (Updates prices at close) By Kit Rees and Danilo Masoni MILAN, Jan 27 European shares pulled back on Friday with UBS dragging bank stocks lower after posting a drop in full-year profit, while Britain''s biggest supermarket Tesco surged after a 3.7 billion-pound takeover deal to buy a supplier. The pan-European STOXX 600 index was down 0.3 percent at its close, while the UK''s FTSE 100 rose 0.3 percent, supported by Tesco, which soared 9.3 percent after agreeing to buy wholesale supplier Booker in a deal that cements its dominant position in the UK. Booker shares hit a record high and were the top STOXX gainer, up almost 16 percent. "At first glance Tesco''s merger with Booker makes perfect sense. Tie up the end-to-end wholesale/retail business and make savings in the process," said ETX Capital analyst Neil Wilson. Investors also cheered the news that the UK supermarket expects to restart paying dividends again. UBS, however, fell 4.5 percent. The world''s biggest wealth manager posted a 47 percent fall in 2016 net profit but struck a more optimistic tone for 2017 as its fourth-quarter net profit came in well ahead of market expectations. Baader Helvea analyst Tomasz Grzelak said UBS delivered a solid update thanks to very strong investment banking results, but outflows at its wealth management operations disappointed. "Considering that the ... negatives are to be seen as phasing out in 2017, the results support our buy rating," he added. Losses in UBS helped drag Europe''s bank index down 0.8 percent, to be among the weakest sectors. UniCredit fell 5.2 percent after a report said the Italian lender may start its multi-billion-euro capital hike on Feb. 6. In spite of Friday''s weakness, the STOXX 600 remains close to its highest level in more than one year and ended the week with a gain of around 1 percent. The surge reflects support from merger and acquisition activity, optimism over U.S. President Donald Trump''s growth-boosting policies and a good start to the earnings season. According to JP Morgan, 59 percent of the STOXX companies that have reported so far beat earnings per share estimates, with growth running at 11 percent year-on-year, while more than two thirds beat revenue forecasts. Among other positive updates on Friday, Finnish ship engine and power plant maker Wartsila climbed 7.2 percent, buoyed by stronger than expected results. Among the biggest losers of the day was online lottery firm Zeal Network. Its shares tumbled more than 24 percent with traders citing disappointment over its dividend plans and a below-consensus guidance. (Reporting by Kit Rees and Danilo Masoni; Editing by Elaine Hardcastle) Next In Hot Stocks'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1FH4XB'|'2017-01-28T00:13:00.000+02:00'
'd51e958fcba0318a7f56fc35128c925f0a8715df'|'GM to cut 625 auto jobs in Canada, move to Mexico: union'|'Business News - Fri Jan 27, 2017 - 12:21pm EST GM to cut 625 auto jobs in Canada, move to Mexico: union The GM logo is seen in Warren, Michigan, U.S. on October 26, 2015. REUTERS/Rebecca Cook/File Photo TORONTO General Motors Co will cut 625 jobs at its auto assembly plant in Ingersoll, Ontario by the end of July and move the production work to Mexico, the president of Canada''s largest auto workers union said on Friday. "This came right out of left field," said Jerry Dias, the president of the union, Unifor, in a phone interview. (Reporting by Susan Taylor, writing by Alastair Sharp; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-gm-canada-mexico-idUSKBN15B1VN'|'2017-01-28T00:21:00.000+02:00'
'16561f8609fcb76932c57e4334cdd83ca5ef4253'|'Tesla sues ex-Autopilot head over recruiting Tesla engineers for new gig'|'Aerospace & Defense - Thu Jan 26, 2017 - 4:53pm EST Tesla sues ex-Autopilot head over recruiting Tesla engineers for new gig A Tesla Model S charges at a Tesla Supercharger station in Cabazon, California, U.S. May 18, 2016. REUTERS/Sam Mircovich/File Photo By Alexandria Sage - SAN FRANCISCO SAN FRANCISCO Tesla sued the former head of its Autopilot system on Thursday, alleging the executive tried to recruit Tesla engineers for his new venture with the ex-head of Google''s self-driving program while still working at the electric car company. Tesla Motors Inc ( TSLA.O ) claims that Sterling Anderson, who until early January was the non-technical program manager of Tesla''s Autopilot semi-autonomous driving system, made employment offers to at least a dozen of his colleagues at Tesla. Anderson''s recruiting efforts for a new startup with Chris Urmson - who shepherded Alphabet''s ( GOOGL.O ) self-driving project for seven and a half years before leaving in August - occurred despite a non-soliciting agreement in his contract, Tesla said. The lawsuit, filed in Superior Court of California for Santa Clara County, underscores the competitive landscape in Silicon Valley''s automotive sector, where Tesla, established carmakers and unknown start-ups are all battling to be first to bring self-driving to the masses. Tesla has been at the vanguard of innovation. Its high-profile Autopilot allows cars to steer and stay in their lanes without hands on the wheel in certain circumstances. Telsa, citing what it called a "get-rich-quick environment" in the sector, listed in the complaint the recent acquisition by General Motors of Cruise Automation in July for nearly $1 billion, suggesting Anderson and Urmson sought the same goal with their new Silicon Valley company, Aurora Innovation. Urmson and Aurora Innovation are also named as co-defendants in the lawsuit, which alleges breach of contract and other civil claims. Tesla is seeking injunctive relief and unspecified damages. Aurora said the lawsuit was without merit and "reveals both a startling paranoia and an unhealthy fear of competition." "This abuse of the legal system is a malicious attempt to stifle a competitor and destroy personal reputations. Aurora looks forward to disproving these false allegations in court and to building a successful self-driving business," Aurora said in a statement. The lawsuit alleges that Anderson also downloaded "some of Tesla''s most competitively sensitive information" to his laptop, then erased and doctored files and wiped his iPhone of data "in an attempt to conceal his misdeeds." Tesla said Anderson was terminated on Jan. 4. (Reporting by Alexandria Sage; Editing by Leslie Adler) Next In Aerospace & Defense'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-tesla-lawsuit-idUSKBN15A321'|'2017-01-27T04:53:00.000+02:00'
'd19be268849c08e34df43d07117482a5b7881ca7'|'Arthur Sadoun to take over as CEO of ad firm Publicis Groupe'|'Market News  43pm EST Arthur Sadoun to take over as CEO of ad firm Publicis Groupe By Tim Baysinger Jan 26 Arthur Sadoun will take over as chief executive of advertising company Publicis Groupe SA from longtime CEO Maurice Levy on June 1, the company said on Thursday. Paris-based Publicis Groupe is the third-largest ad company in the world, part of what is considered the "Big Four" agency companies, along with WPP PLC, Interpublic Group of Companies Inc and Omnicom Group Inc. Currently, Sadoun oversees all of Publicis'' creative agencies, including Saatchi & Saatchi and Leo Burnett. Levy was set to retire this year - the company said he will become chairman when Sadoun takes over - and the identity of his successor was something many in the ad industry were paying close attention to. Sadoun had been considered among the front-runners along with Publicis Media CEO Steve King, who will also join the board. Much like longtime rival, WPP CEO Sir Martin Sorrell, Levy is considered to be one of the most-influential advertising executives. Under Levy''s leadership, Publicis went on a massive buying spree, particularly in recent years snapping up digital agencies as the industry has been more and more reliant on technology. Changing consumer habits have also forced large advertising agencies into a more holistic approach in serving their clients'' varying needs. Sadoun will become the third different chief executive for the French-owned company, following Levy and the company''s founder, Marcel Bleustein-Blanchet. "I''m taking on this new role with confidence, determination and one objective in mind: accelerating our transformation and development through The Power of One to continue to make Publicis shine like Marcel and Maurice have done for the past 90 years," said Sadoun, in a statement. Last year, along with the three other major ad companies, Publicis revealed that subsidiaries received subpoenas from the U.S. Department of Justice as part of an investigation into video production practices in the industry. (Reporting by Tim Baysinger; Editing by Alan Crosby) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/publicis-groupe-ceo-idUSL1N1FG1VC'|'2017-01-27T02:43:00.000+02:00'
'22faa201b1c1f340e1bfc0202615b178f3f084ef'|'IMF wants to participate in Greek bailout in full -Eurogroup head'|'Business News  16am EST IMF wants to participate in Greek bailout in full: Eurogroup head Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem arrives at a euro zone finance ministers meeting in Brussels, Belgium December 5, 2016. REUTERS/Francois Lenoir BRUSSELS The International Monetary Fund wants to fully participate in the latest Greek bailout, the head of euro zone finance ministers Jeroen Dijsselbloem told reporters on Thursday. He was responding to media reports that euro zone countries, which are now handling the bailout on their own, were ready to give up on IMF involvement because of problems agreeing a common stance on Greek reforms, fiscal targets and debt relief. "I spoke to (IMF Managing Director Christine) Lagarde quite recently and she reassured me that the IMF has still strong intentions to remain part of the program and to take that step and to participate to the program in full," Dijsselbloem said. Last week the German finance ministry said it still expected the IMF to participate in the bailout, rejecting a newspaper report that Berlin was preparing for a deal without the global lender. The latest Greek bailout, the third since 2010, started in the middle of 2015 and is due to end in mid-2018. (Reporting By Jan Strupczewski and Francesco Guarascio; Editing by Catherine Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-eurozone-greece-imf-idUSKBN15A1WJ'|'2017-01-26T21:15:00.000+02:00'
'fe660347d9200251a1151a617fda016bf03e549f'|'Alibaba''s Ant Financial in overseas push with MoneyGram deal'|'By Sweta Singh , Richa Naidu and Anna Irrera Ant Financial Services Group, the world''s largest financial technology company, said on Thursday that it would acquire U.S. money-transfer company MoneyGram International Inc ( MGI.O ) for about $880 million in a deal that is expected to shake up the international payments landscape.Ant, the payment affiliate of Chinese e-commerce giant Alibaba Group Holding Ltd ( BABA.N ), dominates the online payments industry in China. With this acquisition it will significantly expand its presence overseas, as competition from major domestic rival Tencent Holdings Ltd''s ( 0700.HK ) Wechat payment system heats up at home.The offer of $13.25 per share is at a premium of 11.5 percent to MoneyGram''s Wednesday''s close. MoneyGram''s shares were trading up around 9 percent at $12.95 in afternoon trading.MoneyGram, alongside competitor Western Union Co ( WU.N ), has long dominated the money transfer industry with its large network of retail locations. It has about 350,000 outlets in retail shops, post offices and banks in nearly 200 countries and territories.Over the past few years, however, brick and mortar incumbents have been facing growing competition from more tech-savvy companies that are able to offer cheaper services online.The combination of Ant''s technological expertise and MoneyGram''s large network of agents and established brand could be a game-changer for the industry by leading to more consumers, including migrant workers sending remittances home, to use online transfer services rather than taking cash to storefronts, experts said."The combination is a powerful one: leading edge technology with global reach and a significant physical footprint.Innovation and trust in one bundle," said Warren Mead, global co-head of fintech at KPMG. "I expect to see the ever increasing convergence of fintech and the more traditional financial services sector."REMITTANCES ''A REALLY INTERESTING BRIDGE''China''s financial technology companies are on the rise, boosted by rapid digitization and the rise of a mass middle class at home.Chinese fintech "dragons" accounted for 46 percent of all venture capital investments in fintech globally in the first nine months of 2016, according to a report by Citigroup Inc ( C.N ).Ant raised $4.5 billion in a record funding round in April, valuing the company at about $60 billion, the same as American Express Co ( AXP.N ) or insurer Chubb Ltd ( CB.N ) and more than any other privately held fintech company.It has been using its financial firepower to expand at home and overseas as it prepares for a planned initial public offering this year. ( reut.rs/2dbbviE ) This would be its second acquisition in the United States. Last year, the company bought EyeVerify, a maker of optical verification technology used by U.S. banks."The large Chinese fintechs have been active across the developing markets for quite some time now," said Imran Gulamhuseinwala, global head of fintech at EY. "We expected them to come to the U.S. and Europe and the remittance space represents a really interesting bridge between the two."Ant''s acquisition of Dallas-based Moneygram comes against a backdrop of rising tensions between China and the United States over President Donald Trump’s willingness to re-evaluate key foreign policy conventions such as the "One China" principle. He has also threatened to impose punitive tariffs on Chinese imports.Trump has, however, met with Jack Ma, the billionaire founder of Alibaba since his election, describing Ma as "smart" and "open-minded".REMITTANCESThe deal also comes as the Trump administration commences a crackdown on illegal immigration, which could impact remittances, the money that migrants workers send home. Prior to taking office, Trump threatened to halt money transfers from Mexican nationals unless Mexico agreed to pay for the massive wall he plans build on the U.S. southern border to keep out illegal immigrants.Daumantas Dvilinskas, chief executive of money-transfer startup TransferGo, said restrictions on immigration would have a negative impact on outflows from the specific country implementing the change, but that it was unlikely to have significant impact on the global $550 billion remittances market."I don''t believe it will stop the prevailing growth of the global migrant segment," Dvilinskas said.MoneyGram''s biggest shareholder, private equity firm Thomas H. Lee Partners, which has a 44.5 percent stake, agreed to vote in favor of the deal, the companies said.The company faced a serious liquidity crunch in 2008 after investing in subprime and other risky asset-backed securities, but it was rescued through a $1.5 billion equity and debt deal clinched with Goldman Sachs Group Inc ( GS.N ) and Thomas H. Lee Partners.Ant Financial said it would assume or refinance MoneyGram''s outstanding debt, which stood at $937.3 million on a net basis as of Sept. 30, according to a regulatory filing.Alex Holmes will remain MoneyGram''s chief executive and the company will continue to be based in Dallas.Citi is Ant Financial''s financial adviser, while Simpson Thacher & Bartlett LLP is its legal adviser.MoneyGram is being advised by BofA Merrill Lynch and legal firm Vinson & Elkins LLP.The companies said the acquisition was expected to close in the second half of 2017.(This story corrects to fix spelling of Dvilinskas in paragraphs 14, 15.)(Additional reporting by Rishika Sadam; editing by Carmel Crimmins and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-moneygram-intl-m-a-ant-financial-idINKBN15A2V4'|'2017-01-26T18:33:00.000+02:00'
'e66d39354786313516f4ace7b96c42c67ac6ce9d'|'Verizon has not proposed an acquisition to Charter: sources'|'NEW YORK Verizon Communications Inc, the No. 1 U.S. wireless carrier, has not proposed an acquisition to Charter Communications Inc, according to sources.Earlier on Thursday, the Wall Street Journal reported that Verizon was exploring a combination with the cable company, citing sources familiar with the situation.(Reporting by Greg Roumeliotis, Anjali Athavaley and Pamela Barbaglia; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-charter-commns-m-a-verizon-idINKBN15A1Y2'|'2017-01-26T12:20:00.000+02:00'
'addd32fba8113f0baaecd4a071839ef6c3d11d2b'|'Hong Kong stocks rise to 3-month high on Wall Street strength'|'Industrials  23am EST Hong Kong stocks rise to 3-month high on Wall Street strength Jan 26 Hong Kong stocks rose for a fourth day in a row on Thursday, reaching their highest close in three months after the Dow Jones Industrial Average breached the 20,000-point level for the first time. Sentiment was also helped by a weaker U.S. dollar, easing fears of capital outflows from Hong Kong. The dollar index slid to a seven-week low, hurt by U.S. Donald Trump''s protectionist stance. The benchmark Hang Seng index rose 1.4 percent, to 23,374.17, posting its biggest daily gain in three weeks. The China Enterprises Index gained 1.2 percent, to 9,854.36 points. The Hang Seng is up 2.1 pct so far this week, and has gained 6.2 percent this month. The Dow surged on Wednesday as solid earnings and optimism over Trump''s pro-growth initiatives revitalised a post-election rally in the U.S.. In Hong Kong, sectors across the board climbed, with tech stocks among the best performers, up 1.8 percent. The market will be open Friday morning, and then close through Tuesday, Jan. 31 for the Lunar New Year holiday. Trading will resume on Feb. 1. (Reporting by Jackie Cai, Samuel Shen and John Ruwitch; Editing by Richard Borsuk) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-stocks-hongkong-close-idUSZZN2NXM00'|'2017-01-26T15:23:00.000+02:00'
'd214da54c13c035e49b5ac4060ee04102ca2b589'|'Toy seller tests renewed appetite for Russia with planned $435 million IPO'|'MOSCOW Russian children''s goods retailer Detsky Mir said on Thursday it expected to sell shares worth up to $435 million in a public offering in Moscow, capitalizing on an improvement in investor sentiment toward Russian assets.Detsky Mir plans to sell up to 248 million shares in a 85-105 roubles ($1.42-1.76) range, raising between 21.1 billion and 26.0 billion roubles (up to $435 million) for the selling shareholders, it said in a statement on Thursday."Detsky Mir is excited to be coming to market at this time when Russia is re-rating," the company said.Investor sentiment toward Russia, which is under Western sanctions for a fourth year over the Ukraine crisis, has improved recently as prices for oil, Russia''s biggest source of revenue, recovered.The election of Donald Trump as U.S. President in November also helped investor sentiment toward Russia, with markets betting the new administration could ease sanctions.The Detsky Mir shares are being sold by Sistema ( SSAq.L ), the Russia-China Investment Fund and certain managers. The sale is expected to value the company at 62.8-77.6 billion roubles ($1.30 billion) and its free float would be around 33.55 percent, the company said.Detsky Mir, Russia''s largest children''s good retailer, is expected to price the offering on Feb. 8, a financial market source said. It announced its intention to float on Jan. 16.(Reporting by Maria Kiselyova and Olga Popova; Editing by Christian Lowe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-detsky-mir-ipo-range-idINKBN15A17Y'|'2017-01-26T07:53:00.000+02:00'
'6f4d18a5dfeb8c6baffa4e34dc084bf598ce52c3'|'Fitch Affirms Russian City of Tula at ''BB-''; Outlook Stable'|'Financials  15pm EST Fitch Affirms Russian City of Tula at ''BB-''; Outlook Stable (The following statement was released by the rating agency) MOSCOW, January 27 (Fitch) Fitch Ratings has affirmed the Russian City of Tula''s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ''BB-'' with Stable Outlooks and Short-Term Foreign Currency IDR at ''B''. The city''s National Long-Term rating has been affirmed at ''A+(rus)'' with Stable Outlook and withdrawn. The affirmation reflects the city''s projected satisfactory fiscal performance and the expected containment of its direct risk below 40% of current revenue in the medium term. The ratings are constrained by a weak institutional framework for Russian local and regional governments (LRGs). The National-scale rating is being withdrawn because Fitch has withdrawn its Russian National-scale ratings in response to a new regulatory framework for credit rating agencies in Russia (see Fitch Ratings Withdraws National Scale Ratings in the Russian Federation dated 23 December 2016). KEY RATING DRIVERS Weak institutions in Russia lead to lower predictability of LRGs'' budgetary policies, narrow their planning horizon and hamper long-term development plans. The City of Tula''s policies tend to be shaped by frequent changes in allocation of revenue and expenditure responsibilities between the tiers of government. We project Tula to post an operating margin of 3%-5% over the medium term (2016: 3.3%), on the back of both stable taxes and current transfers from Tula Region (BB/Stable). We also expect the city''s deficit before debt variation to remain modest at 3%-4% of total revenue in 2017-2019, close to the 2016 deficit of 2.7%, underpinned by operating expenditure control. Fitch expects the city''s operating expenditure to remain rigid, with 78% pertaining to inflexible staff costs and current transfers of various kinds in 2016. Revenue in Tula is likely to remain almost equally supported by taxes and current transfers over the medium term. The city''s operating revenue in 2016 comprised 51% taxes and 41% current transfers from the regional budget. Fitch expects Tula to contain growth of its direct risk over the medium term at below 40% of current revenue. We also expect the city to retain use of bank loans as the prime source of deficit financing in 2017-2019, supplemented by budget loans from the region. The city''s direct risk at end-2016 was 95% composed of bank loans with maturity in 2018, followed by budget loans from Tula Region (5%). Immediate refinancing risk on market-originated debt has eased after Tula contracted new loans in 2016 with maturities in May to December 2018. The city''s liquidity position also improved, with cash holding amounting to RUB574m at end-2016 (2015: RUB220m). With a population of 551,270 inhabitants, the city is Tula Region''s capital and largest metropolitan area. The region''s economy is fairly well-diversified with a sound industrial profile; in 2015 the regional economy grew 4.7%, in contrast to the national GRP decline of 3.7%. Economically Tula benefits from its close proximity to the City of Moscow (BBB-/Stable), the country''s capital and its largest market. The region''s wealth metrics are close to the Russian median: its GRP per capita was 93% of the national median in 2014. Fitch forecasts national GDP to have declined 0.5% in 2016, followed by sluggish growth in 2017-2018, which in turn could weigh on both the region''s and the city''s economic and budgetary performance. RATING SENSITIVITIES Stable operating surplus of 5% of operating revenue and maintaining moderate direct risk at below 50% of current revenue, with sufficient coverage of interest payments, would lead to an upgrade. Material growth of direct risk above 50% of current revenue, along with deterioration in fiscal performance leading to a weak operating balance that is insufficient to cover interest payments, would lead to a downgrade. Contact: Primary Analyst Konstantin Anglichanov Director +7 495 956 9904 Fitch Ratings CIS Ltd 26 Valovaya Street Moscow 115054 Secondary Analyst Elena Ozhegova Associate Director +7 495 956 2406 Committee Chairperson Guido Bach Senior Director +49 69 768076 111 Media Relations: Julia Belskaya von Tell, Moscow, Tel: +7 495 956 9908, Email: julia.belskayavontell@fitchratings.com; Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Fitch has made a number of adjustments to the official accounts to make the LRG internationally comparable for analytical purposes. These adjustments include: - Transfers of capital nature received were re-classified from operating revenue to capital revenue; - Transfers of capital nature disbursed were re-classified from operating expenditure to capital expenditure. - Goods and services of capital nature were re-classified from operating expenditure to capital expenditure. Additional information is available on www.fitchratings.com Applicable Criteria International Local and Regional Governments Rating Criteria - Outside the United States (pub. 18 Apr 2016) here National Scale Ratings Criteria (pub. 30 Oct 2013) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1018250 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials UPDATE 1-Senator says U.S. Labor Dept dismantled website for Wells Fargo workers WASHINGTON, Jan 27 Democratic Senator Elizabeth Warren on Friday accused the U.S. Labor Department of dismantling a website designed to help Wells Fargo workers file whistleblower retaliation and other complaints against the bank after Donald Trump became president, an accusation denied by the department.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986906'|'2017-01-28T00:15:00.000+02:00'
'4b922c0c3625c48c7cc109940eac23bb2041581e'|'Fitch: Japan''s Mega Banks Face Challenges from Unconventional Policies, Market Volatility'|'Financials  24pm EST Fitch: Japan''s Mega Banks Face Challenges from Unconventional Policies, Market Volatility (The following statement was released by the rating agency) Link to Fitch Ratings'' Report: 2017 Outlook: Japanese "Mega" Banks here TOKYO, January 26 (Fitch) Fitch Ratings'' negative sector and rating outlooks for Japanese "mega" banks reflect our expectation that the operating environment for the Japanese banks will continue to be challenging - with GDP growth below 1%, a low inflation rate despite the introduction of a negative policy interest rate in 2016, and volatile stock and foreign-exchange markets reflecting global uncertainties. Fitch expects the banking sector''s profitability will continue to be pressured, although the mega banks are in a better position than other domestically focused banks - given their more diversified sources of revenue. Asset quality will remain manageable, although with a slight increase in credit costs. Fitch believes that capital positions will remain intact with reduced vulnerability to market volatilities as they continue to trim their investment exposure, although with slower growth due to pressure on profitability. We expect the banks'' overseas loan growth to slow with the rising costs of foreign-currency funding, some deceleration of economic activity abroad, and with more stringent regulatory capital standards. They are likely to invest more selectively overseas. The banks face greater foreign-currency liquidity management needs, although their overall liquidity position remains strong. The report "2017 Outlook: Japanese "Mega" Banks" is available at www.fitchratings.com or by clicking the link in this media release. Contact: Kaori Nishizawa Director +813 3288 2783 Fitch Ratings Japan Limited Kojimachi Crystal City East Wing 3F 4-8 Kojimachi, Chiyoda-ku Tokyo 102-0083 Japan Naoki Morimura Director +813 3288 2868 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987419'|'2017-01-27T11:24:00.000+02:00'
'2e0aad154d9762b7bb15017f8e7d25a2de0e4eaa'|'Italy''s Banco BPM explores sale of asset manager Aletti: sources'|'By Pamela Barbaglia , Maria Pia Quaglia and Andrea Mandala - LONDON/MILAN LONDON/MILAN Newly-formed Banco BPM ( BAMI.MI ) is considering a sale of its asset manager Aletti Gestielle SGR as it seeks to "optimize" the Italian bank''s assets, sources told Reuters on Thursday.Italy''s third largest bank, formed last year by the merger of cooperative lenders Banco Popolare and Banca Popolare di Milano, has asked Barclays to kick off a "general review of the business", a spokeswoman for the bank said, adding that this was not focused on any specific unit.The sources said Aletti Gestielle is likely to pursue a combination with Anima Holding, another Italian asset manager in which BPM is the leading investor with a 14.67 percent stake, although other bids would be sought.Formal negotiations have yet to kick off, they added.Anima Holding and Barclays declined to comment.Aletti Gestielle, formerly part of Banco Popolare, has around 17 billion euros ($18 billion) of assets under management and could fetch about 500 million euros, the sources said.The business, which has more than doubled its assets under management over the past five years, may be sold before the summer, one of the sources said.Anima, which one of the sources described as a "natural buyer" for Aletti Gestielle, ranks as Italy''s largest independent asset manager with almost 73 billion euros of assets under management and a market value of 1.7 billion euros.Anima''s Chief Executive Marco Carreri told Reuters in July that his firm was looking at Aletti Gestielle as well as Arca as possible M&A targets.Anima, which has Poste Italiane as another big investor with a 10.32 percent stake, shares the same domestic focus and a similar business model to Aletti Gestielle, the sources said.However, Banco BPM is expected to sound out other bigger industry players such as Amundi ( AMUN.PA ) and Aberdeen Asset Management ( ADN.L ).Amundi, which has a market value of 8.7 billion euros, recently outbid a consortium of Anima, Poste Italiane and Italy''s state lender Cassa Depositi e Prestiti in the takeover battle for UniCredit''s ( CRDI.MI ) Pioneer.Mid-sized asset managers in Europe are joining forces as they scramble to gain global scale, streamline operations and cope with declining fees and tougher regulatory scrutiny.In Britain asset manager Henderson Group ( HGGH.L ) agreed to buy U.S. rival Janus Capital Group ( JNS.N ) in October in a $6 billion deal to cut costs and boost profits amid growing competition from index funds.(Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-banco-bpm-m-a-aletti-gestielle-idINKBN15A2P0'|'2017-01-26T16:14:00.000+02:00'
'e1efd061cf8679ac9ef04b59a597c7ffc83ee1dd'|'Siemens to pick banks for Healthineers listing: sources'|'By Arno Schuetze and Georgina Prodhan - FRANKFURT FRANKFURT German industrial group Siemens ( SIEGn.DE ) will shortly start picking banks to organize a stock market listing of its healthcare business, three people close to the matter said.Siemens will invite investment banks in early April to pitch for roles in the initial public offering (IPO), the people said, adding that Goldman Sachs ( GS.N ) had already been asked to look after some preparatory tasks for the IPO."Goldman Sachs will very likely emerge as one of the global coordinators of the Healthineers IPO," one of the sources said, adding that Healthineers would be listed in late 2017 provided equity markets were favorable.Siemens and Goldman Sachs declined to comment.The business, Siemens''s most profitable, is estimated by analysts to have an enterprise value of around 36 to 37 billion euros ($39 to $40 billion).Barclays Capital, which rates Siemens "equal weight", estimates that that represents around 15 times 2018 earnings before interest, tax and amortization (EBITA), compared with 10.4 times for the trains-to-turbines group as a whole."This is quite a high multiple factoring the strong cash generation and stable margin. However, top line growth has been muted and there are some headwinds ahead in both the U.S. and China, in our view," Barclays analyst James Stettler said.(Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-siemens-healthineers-ipo-idINKBN15921F'|'2017-01-25T12:58:00.000+02:00'
'e396f70bafc73dd24b7329fb8a2547237dc07851'|'Crabtree & Evelyn owner Nan Hai buys Chinese cinema business'|' 45am EST Crabtree & Evelyn owner Nan Hai buys Chinese cinema business HONG KONG Jan 25 Chinese investment company Nan Hai Corp Ltd has agreed to buy a Chinese cinema business from Orange Sky Golden Harvest Entertainment Holdings Ltd (OSGH) for 3.3 billion yuan ($480 million) as it expands in the country''s movie sector. Nan Hai, which bought the personal care brand Crabtree & Evelyn for $175 million in December 2015, in a statement on Wednesday said it will purchase 100 percent of City Entertainment Corp Ltd, a subsidiary of Hong Kong cinema operator and film production firm OSGH, in a cash deal. Nan Hai''s shares were up more than 1 percent on Wednesday after the announcement, outpacing a flat overall market. The move by Nan Hai, which also owns China''s second-largest cinema investment and management firm, Dadi Cinema Group, comes as the country''s film industry is expected to pick up this year after a lacklustre 2016. City Entertainment operates and manages 76 cinemas with 531 screens across China, according to the statement. ($1 = 6.8775 Chinese yuan renminbi) (Reporting by Julie Zhu) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/osgh-ma-nan-hai-corp-idUSL5N1FF0E4'|'2017-01-25T13:45:00.000+02:00'
'96d0758f6ed5ef25b29650985c41858c26072a5a'|'German G20 policy to stay constant after cabinet changes - spokesman - Reuters'|'BERLIN Germany''s Presidency of the G20 will not be affected by alterations in German Chancellor Angela Merkel''s cabinet related to changes within the ranks of her Social Democrat (SPD) junior coalition partner."The continuity of the lines of our foreign and economic policy will remain," government spokesman Steffen Seibert said at a regular government news conference when asked about the G20 presidency."We are working together on the basis of the coalition deal we agreed.. There will be continuity," he said.Economy Minister Sigmar Gabriel is expected to switch to the foreign ministry provided Foreign Minister Frank-Walter Steinmeier is elected to the largely ceremonial role of German president next month. SPD veteran Brigitte Zypries is expected to take over as economy minister, moving up from her position as deputy minister.(Reporting by Madeline Chambers; Editing by Michael Nienaber)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/germany-g-idINKBN1591GY'|'2017-01-25T09:54:00.000+02:00'
'73e9a92d8975e4d380b4f7ccbd1f53d02641b071'|'BT''s Global Services head Alvarez to oversee Europe - source'|'Wed Jan 25, 2017 - 1:32pm GMT BT''s Global Services head Alvarez to oversee Europe: source A man speaks on a mobile phone underneath a BT logo outside of offices in the City of London, Britain, January 24, 2017. REUTERS/Toby Melville LONDON Luis Alvarez, the well-regarded head of BT''s ( BT.L ) multi-national corporate division, will take also responsibility for its European business following an accounting scandal in Italy, a person familiar with the situation said. The British telecom firm warned on profits on Tuesday, in part due to the discovery of a 530-million-pound ($667 million) black hole at its Italian operations. The person familiar with the situation said BT''s current head of Europe Corrado Sciolla was expected to leave the firm, but that no changes had yet been finalised. Alvarez was appointed CEO of BT Global Services in 2012 and has helped transform the unit after it reported profit warnings in 2008 and 2009. (Reporting by Kate Holton, Editing by Paul Sandle) Up Next Cisco to buy AppDynamics for $3.7 billion in growth push SAN FRANCISCO Cisco Systems Inc said on Tuesday that it agreed to buy U.S. business software company AppDynamics Inc for about $3.7 billion, making one of its largest deals of recent years as it searches for growth beyond its core networking business.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-bt-outlook-italy-idUKKBN1591KQ'|'2017-01-25T20:29:00.000+02:00'
'ac967722c00e79669af46ceed6bc34486e360f2b'|'EU mergers and takeovers (Jan 25)'|'Funds   12:12pm EST EU mergers and takeovers (Jan 25) BRUSSELS Jan 25 The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- U.S. medical devices maker Abbott Laboratories to acquire U.S. diagnostics company Alere (approved Jan. 25) -- Canada-listed holding company Fairfax and Sagard Holdings, a subsidiary of Power Corporation of Canada, to acquire joint control of sports good manufacturer PSG (approved Jan. 24) -- Swedish private equity fund Altor Fund IV to acquire rest of customer service provider Transcom Worldwide (approved Jan. 24) -- Predica, an insurance unit of Credit Agricole, and Macquarie take joint control of Groupe Pisto, which manages installations to store and transfer oil products (approved Jan. 24) NEW LISTINGS FIRST-STAGE REVIEWS BY DEADLINE JAN 30 -- ArcelorMittal Distribution Services France and Cellino to create a joint venture Steelcame Srl active in industrial sheet metal workshop and steel distribution (notified Dec. 16/deadline Jan 30) JAN 31 -- Austria''s Alpha Bank and investment management firm Centerbridge to take joint control of debt management service coordinator Kaican (notified Dec. 19/deadline Jan 31/simplified) FEB 2 -- REI Germany Cross Docks, a unit of NN Group, and CBRE Group Inc together with Poste Vita to acquire indirect joint control of over 10 real estate assets in Germany (notified Dec. 21/deadline Feb. 2/simplified) FEB 3 -- Private equity firm Cerberus Group to buy majority stake in Staples Europe from Staples (notified Dec. 22/deadline Feb. 3/simplified) -- UK private equity fund adviser Apax Partners to take sole control of diagnostic service provider Unilabs (notified Dec. 22/deadline Feb. 3/simplified) FEB 6 -- TPG Capital to acquire majority stake in Intel Corp''s cyber security unit (notified Dec. 23/deadline Feb. 6/simplified) -- Bunge to buy two European oilseed processing facilities in France and the Netherlands from Cargill (notified Dec. 23/deadline Feb. 6) FEB 7 -- U.S. factory automation equipment maker Emerson Electric Co to buy pump manufacturer Pentair Plc''s valves and controls business (notified Jan. 3/deadline Feb. 7) FEB 9 -- Sumitomo Rubber Industries Ltd to buy UK firm Micheldever Group (notified Jan. 5/deadline Feb. 9/simplified) FEB 10 -- Private equity firm Onex Corp to acquire Parkdean Resorts, a British operator of caravan holiday parks (notified on Jan. 6/deadline Feb. 10/simplified) FEB 14 -- Japan''s Sumitomo Corp to buy Ireland''s Fyffes (notified Jan. 10/deadline Feb. 14/simplified) FEB 15 -- U.S. conglomerate Koch Industries Inc to acquire equity securities of certain affiliates of U.S. business applications provider Infor Enterprises Applications L.P., which is controlled by private equity fund Golden Gate Private Equity Inc (notified Jan. 11/deadline Feb. 15/simplified) -- China''s Weichai Power Co raises its stake in German industrial vehicle and supply chain system maker Kion (notified Jan. 11/deadline Feb. 15/simplified) -- General Electric Co to acquire rotor blade maker LM Wind Power Holding Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/eu-mergers-idUSL5N1FF64M'|'2017-01-26T00:12:00.000+02:00'
'bc100166ebed13858a75261a5ee3889c496af21f'|'Russia central bank says will buy FX for finance ministry "evenly"'|'Bonds News  54pm EST Russia central bank says will buy FX for finance ministry "evenly" MOSCOW Jan 25 The Russian central bank said on Wednesday that it would buy foreign currency for the finance ministry evenly throughout trading days as the bank would not target a particular rouble rate. The central bank said the so-called budget rule, which envisages purchases of foreign currency and is designed to limit the impact of global market fluctuations, would not impede the central bank''s target of bringing annual inflation to 4 percent this year. The central bank has not specified the amount of foreign currency operations that it will carry out for the finance ministry starting from February. (Reporting by Andrey Ostroukh; writing by Polina Devitt; editing by Dominic Evans) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/russia-finmin-forex-cenbank-idUSR4N1FC00D'|'2017-01-26T00:54:00.000+02:00'
'cafcb9bfc5cb6526ccf258b08e6e1e0678067d66'|'ECB has told several banks to submit plans on bad loan by end-Feb - source'|'Business News - Mon Jan 30, 2017 - 1:08pm GMT ECB has told several banks to submit plans on bad loan by end-Feb - source The European Central Bank (ECB) headquarters is pictured in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski MILAN The European Central Bank has asked several banks to submit a plan by the end of February spelling out how they intend to reduce their problematic loans, a source familiar with the matter said on Monday. The source, who declined to name the banks involved, said the request was a follow-up to the ECB''s new guidance on non-performing loans issued last year. Italy''s biggest bank by assets UniCredit ( CRDI.MI ) earlier on Monday said it had been requested to present such a plan by Feb. 28. Genoa-based Banca Carige ( CRGI.MI ) must also submit its own plan by that deadline. Italian banks are saddled with 356 billion euros ($378 billion) of soured debts, a third of the euro zone''s total, accumulated during a long recession. (Reporting by Silvia Aloisi, editing by Luca Trogni) Next In Business News Oil steady but U.S. drilling weakens deal to cut output LONDON Oil prices were steady on Monday, but news of another increase in U.S. drilling activity spread concern over rising output just as many of the world''s oil producers are trying to comply with a deal to pump less in an attempt to prop up prices.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-ecb-badloans-idUKKBN15E1EI'|'2017-01-30T20:08:00.000+02:00'
'33ef31df3e761cf4e908974f7aa8990c3cc4a649'|'RPT-China''s HNA expands in Hong Kong with second land purchase'|'Industrials - Wed Jan 25, 2017 - 9:50pm EST RPT-China''s HNA expands in Hong Kong with second land purchase (Repeats to more subscribers, with no change to text) HONG KONG Jan 26 HNA Group Co Ltd, owner of Hainan Airlines Co Ltd, will pay HK$5.53 billion ($713 million) for residential land in Hong Kong, the Chinese conglomerate''s second major purchase in the city in the last three months. In November, a subsidiary of HNA Group agreed to pay HK$8.8 billion for 11,300 square metres of residential land, almost double market forecasts. The transaction, HNA''s first land acquisition in Hong Kong, was one of the most expensive land deals in 2016. HNA''s Hong Kong International Construction Investment Management Group Co Ltd said late on Wednesday it had won the tender for a site measuring 7,318 square metres. The company beat rivals including China Overseas Land & Investment Ltd, Vanke Property Overseas Ltd, Poly Property Group Co Ltd, Sun Hung Kai Properties Ltd, Cheung Kong Property Holdings Ltd, New World Development Co Ltd and Sino Land Co Ltd , the Hong Kong government said. HNA has also been active in the travel industry, buying caterer Gategroup Holding Ltd and stakes in Servair, hotels group Hilton Worldwide Holdings Inc and Brazilian airline Azul. HNA is in final talks over the purchase of Hahn Airport in western Germany. ($1 = 7.7574 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Randy Fabi) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/hna-group-hongkong-idUSL4N1FG1JU'|'2017-01-26T09:50:00.000+02:00'
'c12d07f526e23f6bc5b503ad07dd75b9b97c79d4'|'J&J to buy Actelion for $30 billion'|'Thu Jan 26, 2017 - 6:34am GMT J&J to buy Actelion for $30 billion left A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake 1/2 left right FILE PHOTO: A general view shows Swiss biotech group Actelion Headquarters in Allschwil, Switzerland, April 23, 2011. REUTERS/Christian Hartmann/File Photo 2/2 ZURICH Swiss biotech company Actelion ( ATLN.S ) said on Thursday it had agreed to be purchased by Johnson & Johnson ( JNJ.N ) in a $30 billion deal. The all-cash offer, to acquire all of the outstanding shares of Actelion for $280 per share, payable in U.S. dollars, was unanimously approved by the Boards of Directors of both companies, Actelion and Johnson & Johnson said in a joint statement. (Reporting by John Revill) TransCanada has not yet broached Keystone XL with shippers: CEO WHISTLER, British Columbia TransCanada Corp has yet to discuss the Keystone XL oil pipeline with shippers and is not certain if all were still in support of it, the company''s CEO said on Wednesday in his first public comments since President Donald Trump revived the project.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-actelion-johnson-johnson-idUKKBN15A0KM'|'2017-01-26T13:32:00.000+02:00'
'b066224e82f9b4e30b14111e07dbbc2d18ca9d58'|'Dubai''s Mashreq board proposes cash dividend of 40 pct for 2016'|'Financials - Thu Jan 26, 2017 - 12:04am EST Dubai''s Mashreq board proposes cash dividend of 40 pct for 2016 DUBAI Jan 26 Mashreq, Dubai''s third-biggest bank by assets, said on Thursday its board had proposed a cash dividend of 40 percent of the bank''s paid up capital for 2016. The payout would be the same as the proposed cash dividend for the previous year. On Wednesday, Mashreq reported a 20.7 percent fall in fourth-quarter net profit. (Reporting By Tom Arnold; Editing by Biju Dwarakanath) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mashreqbank-dividend-idUSD5N1F601K'|'2017-01-26T12:04:00.000+02:00'
'3e0152a95044bc7ce4bdf84b65117eef36177734'|'Asia rises after Dow tops 20,000 for first time, dollar on defensive'|' 28am GMT Asia rises after Dow tops 20,000 for first time, dollar on defensive left right A man cycles in front of electronic boards showing Japan''s Nikkei average (R) and the Dow Jones average (L top) outside a brokerage in Tokyo, Japan, November 10, 2016. REUTERS/Toru Hanai - RTX2SX78 1/3 left right A panel displays the benchmark Hang Seng Index after the launch of Shenzhen Connect at the Hong Kong Exchanges in Hong Kong, China December 5, 2016. REUTERS/Bobby Yip 2/3 left right A worker walks in front of a stock market poster at Sudirman Business District compound in Jakarta, Indonesia, January 9, 2017. REUTERS/Beawiharta 3/3 By Shinichi Saoshiro - TOKYO TOKYO Asian stocks gained early on Thursday, cheered by the Dow Jones Industrial Average breaching past the 20,000-level threshold for the first time though concerns about U.S. President Donald Trump''s protectionist stance kept the dollar on the defensive. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS tacked on 0.3 percent. Australian stocks added 0.4 percent and Japan''s Nikkei .N225 brushed aside a stronger yen to rise 1.1 percent. The Dow .DJI closed atop the 20,000 mark for the first time overnight as solid earnings and optimism over Trump''s pro-growth initiatives revitalized a post-election rally. [.N] Safe-haven U.S. Treasuries were duly sold as risk aversion ebbed and the benchmark 10-year note yield US10YT=RR rose to a four-week high on Wednesday. Subdued investor demand at a five-year auction also hurt Treasuries. The dollar, which often draws support from higher Treasury yields, failed to follow suit, with an index tracking the greenback against a basket of major currencies .DXY sliding to a seven-week low of 99.335 on Wednesday. Unlike equities, the currency markets focused more on Trump''s trade protectionism and the negative impact it could have on the dollar. "The problem that the greenback is having right now is two fold - first Trump has been talking down the currency and second, his policies make foreign investors nervous," wrote Kathy Lien, managing director of FX strategy for BK Asset Management. "Until the market comes to terms with the risk/benefits of Trump policy, the dollar may have a tough time mimicking the one way moves in stocks and bonds." The dollar was little changed at 113.420 yen JPY= after losing 0.45 percent overnight. It had soared to a 10-month high of 118.660 in mid-December at the apex of the dollar-boosting Trump trade, when market focus was on bets of more fiscal stimulus and reflationary measures under the new administration. The euro was steady at $1.0748 EUR= after gaining 0.2 percent the previous day. The common currency had risen to a 1-1/2-month high of $1.0775 on Tuesday against the struggling dollar. The pound hovered near a six-week high of $1.2640 GBP=D4 touched earlier on Thursday. Sterling has drawn its latest boost from expectations that British Prime Minister Theresa May''s upcoming meeting with Trump would pave the way for a rapid U.S. trade deal. In commodities, crude oil prices bounced amid the dollar''s weakening after falling the previous day on data showing a build in U.S. crude inventories. U.S. crude CLc1 was up 0.5 percent at $53.02 a barrel after losing 0.8 percent the previous day. A weaker greenback tends to favor non-U.S. buyers of dollar-denominated commodities like crude. (Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN15A01A'|'2017-01-26T07:24:00.000+02:00'
'64703f9a52d25693fdd65f38f69af049ce039d56'|'PRESS DIGEST- British Business - Jan 26'|'Company  27pm EST PRESS DIGEST- British Business - Jan 26 Jan 26 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times * Nathan Bostock, chief executive of Santander UK, said the Spanish-owned lender was taking a "cautious" approach to unsecured lending as he pointed to the very low rates of interest now offered by some banks. bit.ly/2jyP6zY * Roland Junck, the former chief executive of European giant Arcelor Mittal, who is executive chairman of the Scunthorpe plant and associated operations, said that the business was looking at a turnaround of at least 200 million pounds ($252.64 million) in its fortunes under new management. bit.ly/2jyMIJA The Guardian * A 400 million pound skyscraper, 1 Leadenhall, has been given the green light by City of London planners and will be built next to the historic Leadenhall Market, which featured in the Harry Potter films. bit.ly/2jyUX8d * Global demand for oil will still be growing in 2035 even with an enormous growth in electric cars in the next two decades, with numbers on the road rising from 1 million to 100 million, BP has predicted. bit.ly/2jyVkjm The Telegraph * BT is being targeted by the shareholder litigation specialists behind massive damages claims against Tesco and Volkswagen, after nearly 8 billion pounds was wiped off the telecoms giant''s stock market valuation by an accounting scandal and contract slump. Bentham Europe, which provides funding for out-of-pocket investors to sue companies, has opened talks with BT shareholders in the last 24 hours. bit.ly/2jyQZwr * The single currency is failing to bring its economies closer together, with the strong core nations pulling ever further ahead of the weak periphery - leaving the eurozone as a whole set for years of stagnation and political crises, according to analysts at credit ratings agency Moody''s. bit.ly/2jz5Fvt Sky News * The state-backed Royal Bank of Scotland is to announce within days that it is taking another multibillion pound charge for mis-selling mortgage-backed securities -- a move that will catapult it to one of its biggest losses since the 2008 financial crisis, according to Sky News. bit.ly/2jy4egV * The Norwich and Peterborough building society is to close 100,000 current accounts under a shake-up that places hundreds of jobs at risk. bit.ly/2jyMoKz The Independent * Yoshiko Shinohara, the 82-year-old founder of multinational temporary work agency Temp Holdings, has become Japan''s first self-made female billionaire. ind.pn/2jyG71A * German utility E.ON, which owns billions of euros worth of wind parks in the United States, said global efforts to tackle climate change were suffering serious setbacks, singling out the election of Donald Trump as a key obstacle. ind.pn/2jyZ58a ($1 = 0.7916 pounds) (Compiled by Parikshit Mishra in Bengaluru; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL1N1FG00L'|'2017-01-26T07:27:00.000+02:00'
'09c56e329843650505560bf464eeafa851b8f423'|'Fitch Revises Wharf Holdings'' Outlook to Positive; Affirms at ''A-'''|'Financials - Tue Jan 24, 2017 - 12:06am EST Fitch Revises Wharf Holdings'' Outlook to Positive; Affirms at ''A-'' (The following statement was released by the rating agency) HONG KONG, January 24 (Fitch) Fitch Ratings has revised Hong Kong-based The Wharf (Holdings) Limited''s Outlook to Positive from Stable. The Long-Term Issuer Default Rating (IDR) has been affirmed at ''A-''. The full list of rating actions is at the end of this commentary. The Positive Outlook is driven by Wharf''s improved financial profile and the increasing stability of its China portfolio. Higher China risk exposure than its peers has been a constraint on Wharf''s ratings, offsetting the strong credit profile and resilient rental income of its Hong Kong retail properties portfolio, which are comparable to those of higher rated peers like Hongkong Land Holdings Limited (A/Stable) and Swire Properties Limited (Swire Properties, A/Stable). The disposal of Wharf T&T (Wharf''s telecom business) has strengthened its cash position and we expect this to have reduced its ratio of net debt to the value of its investment properties to the mid-teens by end-2016, which is comparable to that of Swire Properties. KEY RATING DRIVERS Expanding China Leasing Portfolio: Wharf''s retail revenue from its Chengdu IFS mall in southwestern China has continued to rise, increasing 9% yoy in 1H16. The company''s earnings from leasing operations in China are likely to improve further as Chengdu IFS mall matures and the Chongqing IFS and Changsha IFS malls open in 2017. China Development Properties Self-Sufficient: We estimate operating cash flow for Wharf''s China property development business has been positive due to the growth in contracted sales and slower new land acquisitions. Wharf''s contracted sales in 1H16 of CNY16bn were already 67% of its full-year target; while its land acquisition expenditure has been declining since 2011. Wharf focuses on prime locations in Tier-1 cities and top Tier-2 cities where both gross floor area sold and average selling price (ASP) have seen healthy increases. As of June 2016, Wharf had 7.5 million square metres (sq m) of land in China for property development and property investment. More rapid expansion of its property development business in China, while not part of our rating case, may put pressure on Wharf''s ratings. Leverage Reduces Further: We estimate that Wharf''s net debt to investment property value to have declined to 15% by end-2016 and will remain below 20% thereafter as the company continues to exercise its prudent financial policy. The proceeds of HKD9.5bn from the disposal of Wharf T&T in November 2016 would have lowered the company''s 2016 leverage. Resilient HK Retail: Wharf was able to achieve a close to 10% positive rental reversion for its retail leasing business in 1H16, despite weakness in Hong Kong''s retail sector. This was due to the company''s experienced management team, asset enhancement, tenant refinement and promotional activities. This is in contrast to some of its peers who have had negative rental reversion. As a result, Wharf''s leading position in the Hong Kong retail leasing segment has not changed. In addition, the decline in its tenants'' retail sales has slowed since 1H16. We expect Wharf''s malls to achieve 12% positive rental reversion in 2016 and 10% in 2017. KEY ASSUMPTIONS Fitch''s key assumptions within our rating case for the issuer include: - Positive rental reversion of 12% in 2016 and 10% in 2017 and 2018 in its Hong Kong retail portfolio - Stable EBITDA margin of 80%-90% for the Hong Kong property leasing portfolio in 2016-17 - China property leasing EBITDA margin of 50%-60% for 2016-2019. - China property development EBITDA margin to remain at 13% for 2016-2019 - Capex for investment properties of HKD10bn-12bn a year RATING SENSITIVITIES Positive: Future developments that may, individually or collectively, lead to positive rating action include: -Sustained positive free cash flow for its China business (development and investment properties) -Wharf''s China investment property operation reaches maturity with stable occupancy rates and EBITDA margins, and reduced capex - Its financial profile does not deteriorate below the 2014 level Negative: Future developments that may, individually or collectively, lead to negative rating action include: - If the company fails to meet the positive sensitivities over the next 12-18 months, Fitch will revise the Outlook to Stable. LIQUIDITY Sufficient Liquidity: At end-June 2016, Wharf had cash balances of HKD19bn (end-2015: HKD24bn) and committed undrawn credit facilities of HKD16bn against short-term borrowings of HKD14bn. Wharf''s investment property portfolio of HKD319bn is mainly unencumbered, providing it further financial flexibility. FULL LIST OF RATING ACTIONS The Wharf (Holdings) Limited Long-Term Issuer Default Rating affirmed at ''A-''; Outlook revised to Positive from Stable Ratings on senior unsecured notes affirmed at ''A-'' Wharf Finance Limited Ratings on senior unsecured notes affirmed at ''A-'' Contact: Primary Analyst Winnie Guo Associate Director +852 2263 9969 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Chloe He Associate Director +86 21 5097 3015 Committee Chairperson Su Aik Lim Senior Director +852 2263 9914 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com. Applicable Criteria Criteria for Rating Non-Financial Corporates (pub. 27 Sep 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017964 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch''s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986605'|'2017-01-24T12:06:00.000+02:00'
'f1f36c642d2209f9f8925f03e34e8e4375bbf909'|'Fitch Rates Santander''s Second Ranking Senior Notes ''A-(EXP)'''|'Financials  59pm EST Fitch Rates Santander''s Second Ranking Senior Notes ''A-(EXP)'' (The following statement was released by the rating agency) BARCELONA, January 25 (Fitch) Fitch Ratings has assigned Banco Santander, S.A.''s (Santander) upcoming issue of second ranking senior notes an expected long-term rating of ''A-(EXP)''. The assignment of the final rating is contingent on the receipt of final documents conforming to the information already received. The introduction of this new debt class does not affect the ''A-'' long-term rating on the bank''s outstanding senior debt, which becomes senior to this new issue and named senior higher priority liabilities in Santander''s prospectus. Once the Insolvency Harmonisation Directive has been implemented in Spain, the second ranking senior notes will become senior non-preferred debt and the senior higher priority liabilities will become senior preferred debt. Under its criteria, Fitch requires a high burden of proof to notch senior debt up or down a bank''s Issuer Default Rating (IDR) based on recovery prospects, particularly at high rating levels. This is because the structure of a bank''s balance sheet is likely to be very different at the point of failure and that default is unlikely to result in liquidation for systemically important banks. Additionally, Fitch believes the difference in default risk between the second ranking senior notes and senior higher priority debt will initially be very small until the bank has larger buffers of second ranking (or non-preferred) senior and junior debt. Over time, a build-up of senior non-preferred notes in combination with the bank''s qualifying junior debt could result in a level of protection for senior preferred notes warranting a long-term rating one notch higher than the bank''s Long-Term IDR and senior non-preferred debt ratings. For the senior preferred notes to achieve a one notch uplift, the buffer of qualifying junior debt and senior non-preferred debt would need to exceed our estimate of a ''recapitalisation amount''. This amount is likely to be around or above the bank''s minimum pillar 1 total capital requirement. KEY RATING DRIVERS The second ranking senior notes are rated in line with Santander''s Long-Term IDR (A-/Stable) and existing senior debt ratings. Fitch views the likelihood of default on the second ranking senior notes as the same as the likelihood of default of the bank. Second ranking senior debt constitutes a contractually new senior debt class. In accordance with the issue characteristics, second ranking senior obligations are senior to subordinated debt and subordinated to existing senior debt, which becomes senior higher priority liabilities (senior preferred debt) and continues to rank in line with certain other senior liabilities. The new second ranking senior notes will be bailed in before senior higher priority debt in the event of insolvency or resolution. RATING SENSITIVITIES The rating of second ranking senior notes is primarily sensitive to a change in the Long-Term IDR of Santander. Contact: Primary Analyst Josu Fabo, CFA Director +34 93 494 3464 Fitch Ratings Espana, S.A.U. Av. Diagonal, 601, 2nd Floor 08028 Barcelona Secondary Analyst Roger Turro Director +34 93 323 8406 Committee Chairperson Olivia Perney Guillot Senior Director +33 1 44 29 91 74 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1018115 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch''s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987802'|'2017-01-26T00:59:00.000+02:00'
'5afd4630c0aafd376d59c1a476d87db7bae59ca5'|'AppDynamics deal shows buyouts more lucrative in anemic IPO market'|'Technology News - Wed Jan 25, 2017 - 2:39pm EST AppDynamics deal shows buyouts more lucrative in anemic IPO market The logo of Dow Jones Industrial Average stock market index listed company Cisco is seen in San Diego, California April 25, 2016. REUTERS/Mike Blake/File Photo By Sweta Singh and Ankur Banerjee Cisco Systems Inc''s ( CSCO.O ) surprise and costly acquisition of business software firm AppDynamics Inc just two days ahead of its market debut suggests that U.S. tech startups are finding more value in buyouts amid a still-tepid IPO market. Cisco said on Tuesday it agreed to buy AppDynamics, which makes software to manage and analyze applications, for $3.7 billion. The offer price is more than double what the company would be valued at - $1.7 billion - if its shares were priced at the top end of its estimated IPO price range. The deal will allow AppDynamics investors to exit their holdings completely, compared with a roughly 10 percent exit if the company listed its shares. The M&A route may be more attractive not only for tech startups whose valuations have taken a hit over the past year, but also for traditional tech companies such as Cisco, which are looking to boost revenue through deals as they struggle to grow organically. "I think this does reflect that the valuations are still relatively conservative," said Richard Truesdell, co-head of global capital markets at law firm Davis Polk & Wardwell. "Certainly (AppDynamics) seems to have hit the jackpot ... this is the most dramatic disparity in valuation between the two markets that I can think of seeing recently." Cisco''s announcement comes a week after Hewlett Packard Enterprise Co ( HPE.N ) said it would buy cloud startup SimpliVity for $650 million in cash. This is not to say that 2017 will be a disappointing year for IPOs. In fact, social media company Snap Inc is all set to debut this year and several smaller tech companies have pinned their hopes on a rebounding U.S IPO market, coming off a forgettable 2016 marred by political and economic uncertainty. Only 20 technology companies went public in 2016, the fewest since 2008, according to Thomson Reuters data. "Decacorns" - companies valued at tens of billions of dollars - including Uber and Airbnb are also expected to file to list their shares this year, allowing high-profile backers including BlackRock and Sequoia Capital to cash in their investments. For now, startups are likely to be sweet on buyouts. "I expect that the U.S. IPO market will have more activity this year than last, but very few tech companies will go public because companies such as Cisco Systems and Oracle are willing to pay top dollar," said Jay Ritter, IPO expert and professor at the University of Florida. (Reporting by Ankur Banerjee and Sweta Singh in Bengaluru; Editing by Sayantani Ghosh) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-ipo-valuation-idUSKBN1592L1'|'2017-01-26T02:39:00.000+02:00'
'075f0221356934027085a444618eab273b829757'|'BRIEF-Sprott Resource says shareholders approve combination with Adriana Resources'|'Market  11pm EST BRIEF-Sprott Resource says shareholders approve combination with Adriana Resources Jan 25 Sprott Resource Corp * Shareholders approve business combination with Adriana Resources Inc. Source   Market News * Cimpress reports second quarter fiscal year 2017 financial results MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FF117'|'2017-01-26T04:11:00.000+02:00'
'1e7c98b7ed0cdeb84cc418d177a7108239223806'|'RBS challenges investors on costs as rights issue trial nears'|'Financials  38pm EST RBS challenges investors on costs as rights issue trial nears By Kirstin Ridley and Andrew MacAskill - LONDON LONDON Jan 25 Royal Bank of Scotland is demanding that thousands of shareholders suing the bank over a 12 billion pound ($15 billion) cash call in 2008 prove they have appropriate insurance cover to meet the hefty risks of a trial now slated for May. RBS said the RBoS Action Group, a 27,000-strong group of retail shareholders backed by around 100 institutions, had so far declined to give the bank assurances that they had adequate legal expenses insurance to cover their costs if they lose the case, according to court documents seen by Reuters. State-controlled RBS offered five investor groups a total of 800 million pounds last month to draw a line under allegations of omissions and mistatements to shareholders during an emergency rights issue at the height of the 2008 credit crisis. Four separate investor groups accepted the offer, leaving the RBoS Shareholder Action Group the last claimants to shoulder the costs of proceeding to a trial that has now been delayed and shortened as both sides hone their arguments. The RBoS Action group, which is demanding damages of around 850 million pounds, has suggested that the case can be heard over 12 weeks from May 22, according to court documents. A lawyer for the action group urged RBS to "put up or shut up" at a pre-trial hearing on Wednesday, calling questions about "after the event (ATE)" insurance, which protects against paying opponents'' costs if legal cases are lost, "extremely destabilising and distracting". "We can''t see any conceivable basis on which the defendants are entitled to have information about the ATE position," said Jonathan Nash, for the claimant group. "Still less do we think there is any proper basis for an application for security for costs to be made in this case." RBS declined to comment. The claimants, who plan to call disgraced former RBS chief executive Fred Goodwin to court, say they have funding from a variety of sources, including private individuals and professional litigation funders. Goodwin asked shareholders to stump up 12 billion pounds in May 2008 to bolster the bank''s capital position just months before the bank imploded at the height of the credit crisis, forcing a taxpayer bailout. Shareholders, many of whom were long-term RBS employees, lost around 80 percent of their investment. ($1 = 0.7945 pounds) (Reporting by Kirstin Ridley; Editing by Ruth Pitchford) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/rbs-lawsuit-investors-idUSL5N1FF5QA'|'2017-01-26T00:38:00.000+02:00'
'5238d5aedcc0fd02aedce76c19f25e6d8fba4bee'|'Trade war between China and the U.S. is a lose-lose - state media'|'Business News - Wed Jan 25, 2017 - 3:03am GMT Trade war between China and the U.S. is a lose-lose - state media A U.S. flag is tweaked ahead of a news conference between U.S. Secretary of State John Kerry and Chinese Foreign Minister Wang Yi at the Ministry of Foreign Affairs in Beijing, Wednesday, Jan. 27, 2016. REUTERS/Jacquelyn Martin/Pool BEIJING A trade war between China and the United States would harm both countries, the overseas edition of the state run People''s Daily said on Wednesday, reflecting concerns over the protectionist, and anti-China stance taken by new U.S. President Donald Trump. "If a trade war developed between the two countries, both China and the U.S. would be negatively impacted," the newspaper said in a commentary. "In the end neither side would win, it would bring harm to other countries and that harm would be brought to others without benefits to the U.S. or China." As both China and the U.S. are major players in global supply chains and value chains, numerous countries would be gravely impacted from a trade war, the article added. "At present, China and the U.S. are bound together by trade, investment, finance and other spheres," the article quoted Zhang Jianping, head of the Research Center for Regional Cooperation under China''s Ministry of Commerce, as saying. "As the two largest economies in the world, maintaining positive trade relations is beneficial both to China and the U.S. and also the global economy." (Reporting by Sue-Lin Wong; Editing Simon Cameron-Moore) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-us-trade-idUKKBN15908L'|'2017-01-25T10:00:00.000+02:00'
'61603bae2c1fe06fbc8b95ca1d3c339d7c596f4a'|'Cerba Healthcare sold to Partners Group and PSP Investments'|'Cerba Healthcare sold to Partners Group and PSP Investments Deal values operator of clinical pathology laboratories at about €2bn Read next by: Javier Espinoza PAI Partners has agreed the sale of Cerba Healthcare, the laboratory testing company, to Partners Group and PSP Investments, one of Canada’s largest pension managers. The deal is valued at about €2bn, according to one person familiar with the terms, and is subject to regulatory approvals. Bought in 2010 from another private equity owner , IK Investment Partners, PAI stands to make more than twice its original investment, the person said. The transaction follows PAI’s sale of Xella, the German-based building materials maker, to Lone Star, the buyout group, last month. Founded in 1967 and with its headquarters in Paris, France, Cerba employs close to 4,300 people and generated about €630m in revenue last year. It is a leading operator of clinical pathology laboratories, which carry out processes such as blood tests, and is number one in its field in France, with strong market positions in Belgium and Luxembourg. Kim Nguyen, a managing director at Partners Group, said: “Cerba is a resilient market leader in a highly attractive and fragmented sub-sector of the healthcare industry. The unique fully integrated business model means that Cerba is ideally positioned to further consolidate the French market and accelerate organic growth.” Partners and PSP said that they will work with Cerba’s management team to support the “numerous growth opportunities” of the business. These include the continuation of the company’s M&A strategy within the French market and internationally, as well as the development of other business segments. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/health'|'https://www.ft.com/content/b763db80-e0ce-11e6-9645-c9357a75844a'|'2017-01-23T01:47:00.000+02:00'
'635a8dc47cb92c495bdb36f7b893025525c59835'|'Russian planes bomb Islamic State in Syria''s Deir al-Zor - TASS'|'Industrials - Wed Jan 25, 2017 - 7:34am EST Russian planes bomb Islamic State in Syria''s Deir al-Zor - TASS MOSCOW Jan 25 Six long-range Russian bombers struck Islamic State targets in Syria''s Deir al-Zor province on Wednesday, the TASS news agency reported, citing Russia''s Defence Ministry. TASS said the planes had taken off from Russian territory to launch the latest in several strikes on militants in the same area in recent days. (Reporting by Polina Devitt; Writing by Denis Pinchuk; Editing by Andrew Osborn) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/mideast-crisis-syria-russia-strike-idUSR4N1FC004'|'2017-01-25T19:34:00.000+02:00'
'45c63a743bda84b27da31ce28e03790c86f341d1'|'LG Electronics reports first quarterly operating loss in six years'|'Business News - Wed Jan 25, 2017 - 6:18am GMT LG Electronics reports first quarterly operating loss in six years FILE PHOTO - The LG company logo is seen following an event during the annual Consumer Electronics Show (CES ) in Las Vegas, Nevada January 6, 2014. REUTERS/Robert Galbraith/File Photo SEOUL South Korea''s LG Electronics Inc said on Wednesday it swung to an operating loss of 35 billion won (24 million pounds) in the fourth quarter, in line with its guidance earlier this month. LG''s first quarterly operating loss in six years is partly due to weaker earnings in its mobile business, analysts said. Revenue for the October-December period rose 1.5 percent from a year earlier to 14.8 trillion won. (Reporting by Joyce Lee; Editing by Randy Fabi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lg-elec-results-idUKKBN1590G2'|'2017-01-25T13:18:00.000+02:00'
'ac7e3e2692c931eae0795aca8edb08b332f3547f'|'CSX shareholder backs Harrison for CEO as activist swoops in'|'By Michael Flaherty and Allison Lampert - NEW YORK/MONTREAL NEW YORK/MONTREAL A Neuberger Berman LLC portfolio manager has thrown her support behind a plan to put railroad industry veteran Hunter Harrison into CSX Corp''s ( CSX.O ) CEO chair with the help of an activist investor.Harrison, the outgoing chief executive of Canadian Pacific Railway Ltd ( CP.TO ), is partnering with activist investor Paul Hilal''s new fund, Mantle Ridge LP. The fund is acquiring a large stake in CSX in the hope of installing Harrison to turn around the U.S. railroad’s performance, people familiar with the matter have said."I think it''s a win-win. He''s demonstrated, time and again, a unique gift to run a railroad," said Sandy Pomeroy, a portfolio manager at Neuberger Berman, which owned 1.2 percent of CSX shares as of Sept. 30 and is the company''s 10th largest shareholder."It''s hard to imagine he can''t go into CSX and improve operations faster," said Pomeroy, one of several Neuberger portfolio managers who own CSX shares.While Hilal, a former partner at Pershing Square, and Harrison have not announced a formal plan, any push to quickly replace CSX''s existing CEO, who plans to retire in 2019, would need to get done before the company''s Feb. 10 director nomination deadline. If the two sides fail to strike a deal, Hilal may be forced to nominate a slate of directors who can put Harrison, 72, in the CEO seat.Mantle Ridge has raised more than $1 billion for its CSX stake, according to people familiar with the matter. Harrison and Hilal could not be reached on Wednesday for comment.Harrison''s track record of cutting operating costs and driving up profitability at the helm of CP and at Canadian National Railway Co ( CNR.TO ) has boosted CSX shares 30 percent since news of the Mantle Ridge plan surfaced last week.Investors are betting that Harrison can engineer similar improvements at the third-largest U.S. railroad and hope his quest to consolidate the industry could result in a deal for CSX. Harrison led an unsuccessful $28 billion bid last year by CP for U.S. railroad Norfolk Southern Corp ( NSC.N ).Harrison''s efforts have inspired investors to put the performance of the two East Coast U.S. railroads under greater scrutiny. However, CSX presents a different set of challenges than the Canadian railroads.Norfolk Southern and CSX’s networks have been described by analysts as “a bowl of spaghetti,” which would make it more difficult to run trains at higher speeds to save money. Declining coal volumes also have weighed heavily on CSX and Norfolk Southern''s revenues.CSX "welcomes the views of all of our shareholders,” a company spokesman said by email on Wednesday.“Likewise, its board and management team remain supportive of the company’s strategic growth strategy, which has started to deliver sustainable value for shareholders."CSX said its 2016 operating ratio, a key metric, was 69.4, while Norfolk Southern on Wednesday reported an operating ratio of 68.9.By comparison, CP said its 2016 operating ratio was 58.6, while CN reported an operating ratio of 55.9 for the year. The lower the ratio, which measures operating costs as a percentage of revenue, the more efficient the railroad.Harrison and Hilal could face resistance from CSX, which already has a strategy to improve its operating ratio to the mid-60s and fended off an activist attempt from TCI Management and 3G Capital Partners in 2008.Harrison is also expected to face pushback from organized labor at CSX after clashing with unionized workers at CP. During Harrison’s four-year tenure at CP, grievances have skyrocketed among unionized railroad workers in western Canada, rising to 5,000 in 2016 from 400 in 2012, according to the Teamsters Canada Rail Conference."I can''t imagine that we''d be anything but opposed," said John Risch, legislative director of the Sheet Metal, Air, Rail and Transportation Workers (SMART) union, which represents CSX conductors, engineers, trainmen and yardmasters. "The Hunter Harrison approach is short-term profit."Harrison, who last week resigned earlier than expected from Canadian Pacific, has confirmed that he is working with Mantle Ridge.(Reporting by Michael Flaherty in New York and Allison Lampert in Montreal, additional reporting by Nick Carey in Louisiana; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-csx-ceo-idINKBN1592N1'|'2017-01-25T17:21:00.000+02:00'
'624e51acfd2d6746ec13891434f8b8535a20c7ed'|'China QFII quota remains $87.31 bln at Jan 25 - FX regulator'|' 43am EST China QFII quota remains $87.31 bln at Jan 25 - FX regulator BEIJING Jan 25 The outstanding amount of China''s dollar-denominated Qualified Foreign Institutional Investor (QFII) programme remained at $87.31 billion as of Jan. 25, unchanged from the end of December, the foreign exchange regulator said on Wednesday. The QFII scheme was created by China to allow foreigners to invest in Chinese capital markets. (Reporting by Beijing Monitoring Desk; Editing by Richard Borsuk) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-investment-qfii-idUSB9N1FA00S'|'2017-01-25T14:43:00.000+02:00'
'ee1adb68c030b17f0dad02d1ae687966adaaf21d'|'Surprise China MLF rate rise weighs on bonds; yuan and money rates fall'|'  11:14pm EST Surprise China MLF rate rise weighs on bonds; yuan and money rates fall SHANGHAI Jan 25 China''s surprise increase in interest rates on medium-term loans weighed on bond prices on Wednesday, while the yuan weakened after the central bank set a weaker daily fixing in response to a rebound in the U.S. dollar overnight. Money market rates fell as traders focused instead on further cash injections by the central bank as it tries to ease liquidity worries heading into the long Lunar New Year holiday starting on Friday. But some traders were clearly rattled by China''s first-ever increase in interest rates for its medium-term lending facility (MLF) loans, which was seen as signalling that shorter-term funding costs will move higher eventually as authorities try to cool an explosive increase in debt. The People''s Bank of China (PBOC) on Tuesday raised the interest rate for one-year and six-month tenors of medium-term lending facility (MLF) loans by 10 basis points each to 3.1 percent and 2.95 percent, respectively. It also lent 245.5 billion yuan ($36 billion) via MLFs on the same day, in an apparent move to reassure markets it would keep liquidity ample. It was the PBOC''s first increase in the MLF interest rate since its debuted the liquidity tool in 2014, and first time it has raised one of its policy interest rates since July 2011. The last time the PBOC adjusted interest rates on MLF loans was in February 2016, when it lowered them. One trader at a Chinese bank in Shanghai reckoned the rate increase was "bad news" because it raised the cost of funding at a time of seasonally tight liquidity heading into the week-long New Year holiday. "The MLF loans meet market demand for funds, but the cost is going higher... The central bank is still aiming to reduce leverage at financial institutions," she said. Economists at ANZ said the PBOC will likely maintain generally supportive liquidity conditions, but at higher rates as it looks to prevent potential financial risks. Earlier on Tuesday, some Chinese media had reported credit growth could surge again in January, after higher-than-expected bank lending growth in December. "With MLF rates moving higher, the market may view this as a signal that either the PBOC wants to have a steeper curve, or a higher curve across the tenors," ANZ said in a note after the rise increase. The MLF rate move, while very modest, hammered bond futures prices. China''s benchmark 10-year treasury futures for June delivery fell nearly 1 percent. Yields on 10-year treasury bonds rose 2.4 basis point (bps) to 3.340 percent. But the benchmark seven-day repo traded in the interbank market dipped 15 bps to 2.4871 percent as the latest in a series of PBOC cash injections eased fears of a cash crunch that had flared up last week. The volume-weighted average rate is considered the best indicator of general liquidity in China. In currency markets, the PBOC set the yuan midpoint rate at 6.8596 per dollar prior to the market open, weaker than the previous fix of 6.8331. The weakness followed a rebound in the U.S. dollar overnight after several days of losses in the wake of President Donald Trump''s inaugural speech. In the spot market, the yuan opened at 6.8652 per dollar and was changing hands at 6.8758 as of 0241 GMT, 173 pips weaker than the previous late session close and 0.24 percent softer than the midpoint. Traders noted that activity was rapidly thinning ahead of the holiday, with the daily trading volume shrinking to $5.38 billion as of 0250 GMT. ($1 = 6.8780 Chinese yuan renminbi) (Reporting by Winni Zhou and John Ruwitch; Editing by Kim Coghill) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-yuan-midday-idUSL4N1FF1MP'|'2017-01-25T11:14:00.000+02:00'
'c42876da6960ec11fec7bf8543285a4fd3054e36'|'No unemployed, please: The dating app aimed exclusively at professionals - Guardian Small Business Network - The Guardian'|'“W ho would you rather date?” asks BeLinked’s Instagram feed . The man on the left slouched in a bean bag, clutching a games console controller, or the man on the right, buttoning up a slim-fitted black suit, pouting at the camera.BeLinked markets itself as a dating app for professionals. To qualify, you must be “ambitious, career focused and excited about life,” says founder and CEO Max Fischer. But it has gone a step further – the dating app “unapologetically ‘weeds out’ the unemployed and those with dead-end jobs”, according to its press release. Niche online dating is not new but there has been criticism from the press about BeLinked’s attitude towards “undesirables”. Fischer has been quoted saying : “if you are unemployed or ‘between jobs’ you really shouldn’t be spending your time dating”.But despite the PR puff around claiming to exclude less suitable suitors, there’s actually no fancy algorithm that favours those on a more successful career path than others. In fact, anyone with a professional LinkedIn account can use the app.LinkedIn has come under fire in recent years for facilitating unwanted contact from people searching for more than a business connection. In 2015, British barrister Charlotte Proudman’s complaint went viral when she posted a sexist comment sent to her by a senior partner in a law firm over the platform.But Fischer, who is a former investment banker, has turned the network’s potential for more intimate connections into a business. He got the idea when he was approached himself. “I noticed a woman looking at my LinkedIn page on a regular basis, through the popular ‘who’s viewed your profile’ feature,” he says. “So I decided to ask her for coffee. And it turned out to be a successful dating experience.“I realised some of my friends had been on dates through LinkedIn too … I figured if Tinder could be built on Facebook [data], maybe I could build something similar on top of LinkedIn.”Of course, BeLinked has the benefit of users having to opt into the service, presumably because they’re single and looking for love. There is no official partnership with LinkedIn, but BeLinked has permission to access its API (application programmer interface). Fischer claims there’s a higher quality of user, because of the calibre of professional using the network. Of LinkedIn’s 467 million users worldwide , an estimated 44% have incomes over $75,000, and 75% earn more than $50,000. Half of all users have some form of higher education.Fischer went to high school with Tinder co-founder Justin Mateen and there are similarities in the apps’ interfaces. With BeLinked, users sign in using their LinkedIn accounts and build a profile based on the information the network holds, such as their first name, industry, and profile picture. This can be personalised by adding an age, extra photos, hobbies and partner preferences. Users then swipe left or right on displayed profiles, depending on whether or not they are impressed, and are told if they have any LinkedIn connections in common.Since launching just over two years ago, the BeLinked app has been downloaded in more than 100 countries, although Fischer is reluctant to reveal how many users they have today. He does say members, on average, use the app more than three times a day, for seven minutes per session. London is their fourth biggest market, beaten only by New York, Los Angeles (where Fischer is based) and San Francisco. He believes it’s most popular in large cities such as these, because it’s part of the culture to consider someone’s job before agreeing to date them.“Everyone’s trying to gauge who you are as a person,” he adds. “People could say that is superficial but I’ve never been on a date with a woman where they didn’t ask me what I did for a living.”BeLinked is Fischer’s first foray into the startup market, an endeavour he says has been filled with challenges. The firm also originally launched as LinkedUp in March 2014, but had to change its name six months later, reportedly at the request of LinkedIn itself. Fischer says he’s found advice from mentors, including an ex-managing editor of Forbes, helpful in navigating the entrepreneurial process.“You have to stay hopeful and keep believing … you’ll make it to the other side,” he says. “There’s definitely been days we thought the app would run out of money … and [in the early days] the servers couldn’t handle the amount of traffic. It was a good problem to have, but still a problem.”As far as niche dating apps go, Fischer feels BeLinked’s criteria are easily met and have created “a better atmosphere of users to date. If people are looking for something real, they absolutely [need to raise the bar]. What someone does for a living or where they went to school shows a lot about someone’s psychology and how good a match they might be for you in terms of life values,” he says.“Someone’s occupation is more than 80% of what they do during the waking hours of their week and it’s what they talk about when they’re done with their work. It’s definitely much more than just knowing what someone looks like.” Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/jan/25/no-unemployed-please-dating-app-aimed-exclusively-professionals'|'2017-01-25T02:00:00.000+02:00'
'13879c3d90b4b760e1c17a422f2a783909b283b8'|'UPDATE 1-Polish oil refiner PKN reports better than expected recovery in profits'|'Financials  09am EST UPDATE 1-Polish oil refiner PKN reports better than expected recovery in profits (Adds analyst comment and background) WARSAW Jan 26 PKN Orlen, Poland''s biggest oil refiner, reported on Thursday it made a net profit of 1.79 billion zlotys ($443 million) in the last quarter of 2016, beating analysts'' forecasts. Analysts polled by Reuters had expected a net profit of 1.68 billion zlotys for the quarter, which compared with a loss of 81 million zlotys in the same period a year ago, thanks to higher sales and throughput. The group''s adjusted operating profit under the so-called LIFO accounting method, came in at 2.26 billion zlotys. ahead of the 1.80 billion zlotys expected by analysts. "PKN''s results are slightly better than expected, mainly due to the better result achieved by its refineries," said Krzysztof Pado, an analyst with DM BDM brokerage. He expected that PKN may outperform the market on Thursday, after the state-run company''s market value fell 3.4 percent to $8.66 billion since beginning of the year. ($1 = 4.0445 zlotys) (Reporting by Anna Koper; Writing by Marcin Goclowski; Editing by Greg Mahlich) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/pkn-orlen-poland-results-idUSL5N1FG1NZ'|'2017-01-26T15:09:00.000+02:00'
'a0a3cc17b8be13ea59133b75434ee6be3cdec607'|'Kraft Heinz, Oprah form JV to develop new line of food products'|'Heinz ketchup maker Kraft Heinz Co and media mogul Oprah Winfrey said on Wednesday they would form a joint venture to develop a new line of food products in the United States.The joint venture, Mealtime Stories LLC, will initially make ready-to-eat refrigerated products across multiple categories and 10 percent of its profits will be donated to charities focusing on eradicating hunger.Kraft Heinz will initially develop, manufacture, market and sell this new line of food products.(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/kraft-heinz-oprah-idINKBN15A0P7'|'2017-01-26T04:33:00.000+02:00'
'1ffaddb16145ec689e2d02a6a000be7dfb3df2cd'|'Novartis weighs Alcon spinoff, launches share buyback'|'Business News - Wed Jan 25, 2017 - 6:28am GMT Novartis weighs Alcon spinoff, launches share buyback A Novartis logo is pictured on its headquarters building in Mumbai February 6, 2014. REUTERS/Danish Siddiqui BASEL, Switzerland Novartis AG may spin off its struggling Alcon eye care business and is launching a share buyback of up to $5 billion (4 billion pounds), the Swiss drugmaker said on Wednesday while reporting fourth-quarter results that lagged market expectations. Fourth-quarter core net income was $2.66 billion, short of the $2.72 billion expected on average by analysts in a Reuters poll. Sales of heart drug Entresto for the full year were $170 million, short of Novartis''s own target of $200 million. (Reporting by John Miller, Editing by Michael Shields) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-novartis-results-idUKKBN1590GG'|'2017-01-25T13:28:00.000+02:00'
'8cdfbfe1453e569213590d3a55fbdd223ed53d54'|'Germany''s BDI industry body says Trump economics to boost global growth'|'Economic News   3:18pm IST Germany''s BDI industry body says Trump economics to boost global growth U.S. President Donald Trump signs an executive order to advance construction of the Keystone XL pipeline at the White House in Washington January 24, 2017. REUTERS/Kevin Lamarque BERLIN Germany''s BDI industry association said on Wednesday that corporate and income tax cuts planned by U.S. President Donald Trump could provide an impetus for the German and global economies, warning however that protectionism harbours dangers. It said such measures, including an expected hike in U.S. defence spending, would push the dollar up by 5-10 percent against main global currencies, which could in turn moderately boost exports and investments in the euro zone and Japan. It expects the German economy to grow 1.5 percent this year, and the global economy to expand by 3.5 percent. (Reporting by Joseph Nasr and Madeline Chambers) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/germany-economy-bdi-idINKBN1590ZB'|'2017-01-25T16:48:00.000+02:00'
'a7586a71767d0fde468c8ea824754423d6d33cef'|'Banco Popular at pains to protect AT1 coupons'|'* Bank confident will pay coupons* Erosion of ADIs* Bonds hold steady in secondaryBy Alice GledhillLONDON, Jan 25 (IFR) - Spain''s Banco Popular is being forced dip into reserves to ensure it can pay coupons on its Additional Tier 1 bonds in 2017 as the threat of significant losses looms large.Banks pay coupons on their AT1 bonds, the most subordinated debt they can sell, out of a pool known as Available Distributable Items (ADIs). In Banco Popular''s case, that stood around 3.5bn at the end of 2015 (the most recently reported).However, the Spanish lender told IFR that its ADIs would be reduced on the back of expected losses in Q4 2016, but remains confident that it will able pay the coupons."As discussed with a number of market participants in the past, we can and will transfer share-premium to reinforce the level of ADIs so that the overall volume remains unchanged versus September''s level even after the extraordinary losses of the quarter," a spokesman said. "Thus, it won''t be an issue."The share premium is the difference between the nominal value of a share and the price paid for it. Moving equity between reserves in this way is unusual, and rules vary by country, but there is precedent from the likes of Santander.Spanish press reports of 3bn accounting losses for 2016 - higher than the 2.5bn consensus - have stoked fears that the 3.5bn ADI pool could fall short to make the approximate 120m of AT1 coupon payments due in 2017.The bank also said this week that it expects to make a 229m provision to reimburse mortgage customers."Our base case is that it should be able to continue to service its AT1 coupons," CreditSights analysts wrote in a note. "Its ADIs could, however, become uncomfortably small, and conceivably be wiped out."Banco Popular''s move is the latest example of a bank going to great lengths to make sure that it can make interest payments on its Additional Tier 1 debt even though optional, non-cumulative coupons are meant to provide lenders with breathing room in hard times.In early January Italian lender UniCredit set itself a tight timeline to raise 13bn of capital, which will enable the bank to pay coupons on its AT1 debt so long as it is completed on time.Debt investors will be keeping a close watch on Banco Popular''s ADI disclosure in its upcoming full year results, almost exactly a year after concerns around Deutsche Bank''s ability to pay AT1 coupons sent that market into a tailspin.HANGING IN THEREDespite speculation around a potential coupon skip, Banco Popular''s outstanding AT1 bonds have rallied in recent weeks and remain bid well above their low of 72 at the height of last February''s sell-off. The 750m 8.25% perp non-call 2020s were bid around 90 on Tuesday afternoon.But the lender, rated Ba1/B+/BB- and saddled by toxic assets, is seen as the weak link in Spain''s banking sector. It raised 2.5bn of equity last May to increase coverage of bad assets from 38% to 50%, but its clean up efforts remain lacklustre."The back-and-forth with the Banco de Espana on the setting up of the bad bank has been rather disappointing," said Filippo Alloatti, a senior credit analyst at Hermes Investment Management.Another rights issue a year on from the last looks unlikely, however. "I think they better should put a sticker on their front-door saying ''for sale''," he added.The bank must also address its shortfall of Tier 2 to boost its total capital ratio and give more comfort around future AT1 coupons, analysts said."We, as many other European financial institutions, will have to issue Tier 2 capital eventually, we are not under any pressure to do so," Banco Popular''s spokesman said."We will do so whenever we deem the market conditions are right and there is more clarity around MREL [minimum requirement for own funds and eligible liabilities]." (Reporting by Alice Gledhill, editing by Helene Durand, Sudip Roy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/banco-popular-es-bonds-idINL5N1FD4PO'|'2017-01-25T11:46:00.000+02:00'
'1f57d2a9768c5f9b7688df95a4c8b77eb9b95581'|'China Merchants Bank tightens rules for mainlanders opening HK accounts'|'Financials   1:11am EST China Merchants Bank tightens rules for mainlanders opening HK accounts SHANGHAI Jan 25 China Merchants Bank (CMB) will next week sharply tighten eligibility rules for mainlanders to open accounts at its Hong Kong branches, the latest move by Chinese lenders to curb capital outflows as Beijing steps up efforts to temper a slide in the yuan. Starting Feb 1, applicants for account opening at CMB''s Hong Kong branches, as well as at Wing Lung Bank, controlled by CMB, must have assets at the bank averaging 5 million yuan ($727,018.93) each day over the past three months, a 100-fold increase from the 50,000 yuan threshold previously, CMB said in a notice. The notice, distributed by CMB''s headquarters to its nationwide outlets that handle applications from mainland clients, was obtained by Reuters, and confirmed by the bank''s client service department. Chinese banks, under pressure from the country''s foreign exchange regulators, have already taken a series of measures to restrict capital outflows, in a bid to ease depreciation pressure on the yuan. The yuan fell nearly 7 percent against the dollar last year, the biggest decline since 2009 as worries about the economy and expectations of a faster pace of U.S. interest rate increase triggered an outflow of funds. In November, China''s forex watchdog started vetting outbound payments worth $5 million or more, and starting Jan 1, individuals purchasing forex at banks were banned from using the money for investment purposes, such as buying overseas properties and certain types of insurance. Privately, wealth managers say once the money is in Hong Kong accounts, it would be difficult for regulators to track how the money is used afterwards. But opening accounts in Hong Kong is also getting more difficult for Chinese individuals. Mainland applicants need to wait for four to five months to open Hong Kong accounts via Industrial and Commercial Bank of China (ICBC), according to ICBC''s Shanghai branch, and three of the city''s outlets. CMB, which already strengthened approval for mainlanders'' Hong Kong account openings last December, said that starting next month, the bar would be further raised. "Clients who don''t meet the asset requirement (of 5 million yuan) are banned from this business," according to the notice. ($1 = 6.8774 Chinese yuan renminbi) (Samuel Shen and John Ruwitch) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-frx-hkaccount-idUSL4N1FF1XP'|'2017-01-25T13:11:00.000+02:00'
'ad0cc1358b91d766c44d47b0f997116edf409c49'|'Finnair to trial China''s Alipay for in-flight shopping'|'Internet News - Wed Jan 25, 2017 - 11:58am GMT Finnair to trial China''s Alipay for in-flight shopping left An Alipay logo is seen at a cashier in Shanghai January 12, 2017. REUTERS/Ali Song 1/2 left right A Finnair Airbus A320 aircraft takes off at the Charles de Gaulle airport in Roissy, France, August 9, 2016. REUTERS/Jacky Naegelen 2/2 HELSINKI Finnair will become the first airline to allow travelers to pay for in-flight shopping and services with Chinese online payment app Alipay, the company said on Wednesday. The airline, which uses its Helsinki hub to bring Asian travelers to European destinations, said it will trial Alipay on its flights between Shanghai and Helsinki. "As the number of travelers grows between Asia and Northern Europe, the need for a familiar and convenient payment platform has never been greater," Finnair Chief Digital Officer Katri Harra-Salonen said in a statement. Alipay, an affiliate of Alibaba Group Holding, China''s biggest e-commerce company, has formed a number of foreign partnerships in its push to capture the growing market of Chinese consumers traveling abroad. The service has more than 450 million active users in China. Though other airlines, such as Delta, accept Alipay on their booking websites, Finnair says it will be the first to allow passengers to use the payment app during flights. State-controlled Finnair has struggled in recent years with tough competition from discount carriers, but cost savings and a focus on Asia helped the company swing into profit in 2015. (Reporting by Tuomas Forsell; Editing by Jussi Rosendahl and David Goodman) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-finnair-alipay-idUKKBN1591BP'|'2017-01-25T18:58:00.000+02:00'
'151cb0883f721f25a640192da28c3ebe39d55691'|'Plains All American in $1.22 billion deal to expand Permian presence'|'Plains All American Pipeline LP ( PAA.N ) said it would buy a crude oil gathering system in the Permian Basin for about $1.22 billion, bolstering its presence in the top U.S. oil field.The gathering system, called the Alpha Crude Connector, is located in the northern portion of the Delaware Basin and is supported by acreage dedications from several producers, the company said on Tuesday.In a separate deal, Targa Resources Corp ( TRGP.N ) said it would buy Outrigger Energy''s assets in the Delaware and Midland basins, two of the main portions of the Permian Basin, for up to $1.5 billion.The Permian basin has seen a jump in land acquisitions as producers scramble to gain or expand positions in the oil field, where drilling costs are low, as oil prices recover."We expect aggregate crude oil production on the dedicated acreage to double over the next two to three years," Plains All American Chief Executive Greg Armstrong said in a statement.Concho Resources Inc ( CXO.N ), which in 2014 formed the ACC in a joint venture with Frontier Midstream Solutions, said it expects to receive net cash proceeds of about $800 million.Gathering volumes in the ACC system averaged about 70,000 barrels per day in the fourth quarter and shipper nominations for January 2017 totaled about 85,000 barrels per day, Plains All American said.The Houston-based pipeline company also said it had agreed to sell assets for about $380 million as part of a larger program. These include two pending transactions and the completion of a third in January.Jefferies LLC served as PAA''s financial adviser, while Norton Rose Fulbright provided legal advice.(Reporting by Komal Khettry in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-plains-all-amer-deals-idINKBN1582W4'|'2017-01-24T19:28:00.000+02:00'
'2c58c9506cc5dc833f95e1851e70b9b51b59cd77'|'IMF wants to participate in Greek bailout in full - Eurogroup head'|' 28pm GMT IMF wants to participate in Greek bailout in full - Eurogroup head Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem arrives at a euro zone finance ministers meeting in Brussels, Belgium December 5, 2016. REUTERS/Francois Lenoir BRUSSELS The International Monetary Fund wants to fully participate in the latest Greek bailout, the head of euro zone finance ministers Jeroen Dijsselbloem told reporters on Thursday. He was responding to media reports that euro zone countries, which are now handling the bailout on their own, were ready to give up on IMF involvement because of problems agreeing a common stance on Greek reforms, fiscal targets and debt relief. "I spoke to (IMF Managing Director Christine) Lagarde quite recently and she reassured me that the IMF has still strong intentions to remain part of the programme and to take that step and to participate to the programme in full," Dijsselbloem said. Last week the German finance ministry said it still expected the IMF to participate in the bailout, rejecting a newspaper report that Berlin was preparing for a deal without the global lender. The latest Greek bailout, the third since 2010, started in the middle of 2015 and is due to end in mid-2018. (Reporting By Jan Strupczewski and Francesco Guarascio; Editing by Catherine Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-imf-idUKKBN15A1WL'|'2017-01-26T21:18:00.000+02:00'
'8343641321685dd2c5e83edb99fefc9bdf4ce56f'|'Actelion says R&D company will launch with 1 bln Sfr cash'|'ZURICH Jan 26 Actelion said the new research and development company to be created following the $30 billion takeover by Johnson & Johnson will be launched with 1 billion Swiss francs ($1.00 billion)in cash.The unit will be spun out into a standalone company based and listed in Switzerland and will be led by Actelion Chief Executive and founder Jean-Paul Clozel, with Johnson & Johnson taking a 16 percent stake with rights to another 16 percent via a convertible note.($1 = 0.9994 Swiss francs) (Reporting by John Revill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/actelion-ma-johnsonjohnson-newco-idINFWN1FG0DD'|'2017-01-26T05:22:00.000+02:00'
'bef1a57867e041826f363e131fb547a888572e45'|'UK retail sales unexpectedly shrink in January, dragged down by grocers - CBI'|' 17am GMT UK retail sales unexpectedly shrink in January, dragged down by grocers - CBI A woman shops at a Sainsbury''s store in London, Britain December 3, 2015. REUTERS/Neil Hall LONDON British retail sales fell unexpectedly in January, dragged down by the biggest decline in groceries sales since 2004, an industry survey showed on Thursday. The Confederation of British Industry''s monthly retail sales balance fell to -8 from +35 in January - the biggest one-month drop in the index since records dating back to 1983, and representing a small outright fall in sales volumes. A Reuters poll of economists had forecast a smaller decline in the index +22, which would still have reflected solid growth. The CBI figures, which cover the post-Christmas sales season from Dec. 28 to Jan. 13, contrast with mostly positive recent trading statements from major retailers. "This month''s decline was mostly driven by falling food sales and seems set to be short-lived, with retailers expecting sales to return next month," CBI economist Anna Leach said. But she added that the prospects for the rest of 2017 were not so cheery given cost pressures on retailers from sterling''s near 20 percent decline against the dollar after June''s vote   "Headwinds are on the horizon, as past falls in sterling are expected to push up inflation over the course of this year, which will be a real squeeze on household incomes. Retailers will be under the cosh for some time yet." Official data last month showed British retail sales suffered their biggest slump in more than four years in December, denting what had been a promising fourth quarter. Bank of England Governor Mark Carney has said he will keep a close eye on how Britons are spending their money this year, given the economy looks increasingly reliant on consumers to drive its growth. Official data earlier on Thursday showed consumers drove a robust pace of economic growth in the fourth quarter, with no signs of a slowdown after June''s Brexit vote. ((Reporting by Andy Bruce, editing by David Milliken))  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-retail-idUKKBN15A1AL'|'2017-01-26T18:17:00.000+02:00'
'8f5a05ecc8a6f30ecfa5a023c770371dffa17fef'|'Chinese court sentences former Sinopec president to 15 and half years in prison'|'Business   10:41pm EST Chinese court sentences former Sinopec president to 15 and half years in prison Sinopec Vice Chairman and President Wang Tianpu attends a news conference in Hong Kong March 28, 2011. REUTERS/Bobby Yip BEIJING A Chinese court has jailed Wang Tianpu, the former president of Sinopec Group, for 15 and a half years for graft, state television said on Tuesday citing a court verdict. Sinopec Group is the parent of oil major Sinopec Corp ( 600028.SS ) ( 0386.HK ). (Reporting by Beijing Monitoring Desk; Editing by Randy Fabi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-china-corruption-sinopec-idUSKBN1580AA'|'2017-01-24T10:41:00.000+02:00'
'13ecb453e398abf06180a2832b726b306217be4f'|'Fitch Rates Times Property''s USD Senior Notes Final ''B+'''|'Financials  16am EST Fitch Rates Times Property''s USD Senior Notes Final ''B+'' (The following statement was released by the rating agency) HONG KONG/SHANGHAI, January 24 (Fitch) Fitch Ratings has assigned Times Property Holdings Limited''s (B+/Positive) USD375m 6.25% senior notes due 2020 a final rating of ''B+'' and Recovery Rating of ''RR4''. The notes are rated at the same level as Times Property''s senior unsecured rating because they constitute direct and senior unsecured obligations of the company. The assignment of the final rating follows the receipt of documents conforming to information already received. The final rating is in line with the expected rating assigned on 15 January 2017. The China homebuilder''s ratings are supported by its good execution track record but constrained by the need to consistently replenish its land bank with quality sites, which results in fluctuation in leverage. Fitch may take further positive rating action if Times Property is able to maintain leverage, measured by net debt to adjusted inventory, below 45% and keep its land bank sufficient for three years of development. KEY RATING DRIVERS Larger Scale, Strong Sales: Times Property''s contracted sales rose 50% in 2016 to CNY29.3bn, beating its annual target of CNY21.5bn by more than 35%. The average selling price (ASP) for contracted sales climbed to CNY11,860/square metre (sq m) in 2016 from CNY9,010/sq m in 2015, mostly due to better market performances in Foshan and Zhuhai. Fitch estimates that Times Property would have maintained high sales efficiency with contracted sales/total debt at 1.4x at end-2016 (1.4x at end-June 2016). Improving Land Bank: Times Property had 12 million sq m of land as of end-June 2016, with 19% located in Guangzhou, 38% in Guangdong''s Tier-2 cities (Foshan, Zhuhai and Zhongshan), and the rest in less-developed noncore cities - Qingyuan, Dongguan and Changsha. Fitch estimates the company increased its land bank in its core markets (Guangzhou, Foshan and Zhuhai) to 2.9 years of development activity at end-2016 from 2.3 years at end-2015. High-Cost Acquisitions: Times Property started to acquire higher-priced land parcels in its core markets from 2015 to expand the share of products that appeal to upgraders and to solidify its foothold in Guangzhou and core Tier 2 cities, such as Foshan and Zhuhai. It bought several land parcels in Foshan and Zhuhai at above CNY12,000/sq m, resulting in an weighted average land acquisition cost of more than CNY8,500/sq m in 2016, compared with around CNY6,000/sq m in 2015 and less than CN3,000/sq m before 2014. However, Fitch expects Times Property to add two to three projects from urban redevelopment sites annually, to complement high-cost land acquisitions from public auctions. Higher Leverage: As a result of higher-cost acquisitions, leverage increased to 40% at end-June 2016 from 35% at end-2015. Fitch expects leverage to fluctuate while Times Property expands, particularly as the government has implemented a series of policies since October 2016 to curb excessive increases in housing prices. The company''s maintenance of sales at current levels would be key to managing the fluctuations in leverage. Fitch will consider taking positive rating action if Times Property is able to maintain its leverage below 45%. Concentration in Guangdong Province: Times Property is a regional property developer focused on Guangdong Province in southern China. Guangzhou, Foshan and Zhuhai together accounted for more than 85% of the total contracted sales in the past three years. We believe that Times Property will concentrate on expanding within Guangdong Province and is unlikely to expand into other provinces in the near term. KEY ASSUMPTIONS Fitch''s key assumptions within our rating case for the issuer include: - Contracted sales sustained above CNY30bn in the next three years - Gross profit margin (including capitalised interests) maintained at 20%-25% over 2017-2019 - Attributable land premium around 45% of total contracted sales in the next three years. RATING SENSITIVITIES Positive: Future developments that may, individually or collectively, lead to positive rating action include: - Net debt/adjusted inventory sustained below 45% - Contracted sales/total debt sustained above 1.5x - EBITDA margin sustained above 20%. (1H16: 20%) - Land bank sufficient for 3 years of development Negative: Future developments that may lead to the Outlook reverting to Stable: - Failing to maintain the positive guidelines Contact: Primary Analyst Vanessa Chan Director +852 2263 9559 Fitch (Hong Kong) Limited 19F, Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Chloe He Associate Director +86 21 5097 3015 Committee Chairperson Su Aik Lim Senior Director +852 2263 9914 Date of Relevant Rating Committee: 11 January 2017 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Criteria for Rating Non-Financial Corporates (pub. 27 Sep 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987409'|'2017-01-24T14:16:00.000+02:00'
'0c04538cb945d44249c0d5c715d06ae20922ffcc'|'Deutsche Bank fails to end BlackRock, Pimco mortgage debt lawsuit'|' 15am GMT Deutsche Bank fails to end BlackRock, Pimco mortgage debt lawsuit A green traffic light is seen next to the logo of Germany''s largest business bank, Deutsche Bank in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach/File Photo A U.S. judge on Monday narrowed but refused to dismiss a lawsuit seeking to hold Deutsche Bank AG ( DBKGn.DE ) liable to investors, including dozens of portfolios from BlackRock Inc ( BLK.N ) and Pacific Investment Management Co, for losses on poorly underwritten residential mortgage-backed securities. The proposed class-action lawsuit sought to recover "significant monetary damages" arising from Deutsche Bank''s alleged "failure to discharge its essential duties" as trustee of 62 trusts created between 2004 and 2008, and which issued notes backed by about $90.3 billion of home loans. In a docket entry, U.S. District Judge Jesse Furman in Manhattan granted Deutsche Bank''s bid to dismiss conflict-of-interest claims but denied its request to dismiss representations-and-warranties, servicer-notification and event-of-default claims. The judge said he would explain his reasoning at a Feb. 2 hearing and consider additional claims he has yet to decide. Deutsche Bank did not immediately respond to requests for comment. According to their amended complaint, the plaintiffs own more than $2.6 billion of notes issued by the 62 trusts. Furman took over the case in June from U.S. District Judge Richard Berman, who had dismissed other claims last January. Among the other plaintiffs are funds run by Prudential Investments, court records show. The lawsuit is one of many accusing bond trustees such as Deutsche Bank of shirking their responsibilities, including notifying lenders of loan defects and telling investors when defaults occur. It is separate from Deutsche Bank''s completion last week of a $7.2 billion settlement with the U.S. Department of Justice over its sale of defective mortgage securities prior to the 2008 financial crisis. The case is BlackRock Core Bond Portfolio et al v Deutsche Bank National Trust Co et al, U.S. District Court, Southern District of New York, No. 14-09367. (Reporting by Jonathan Stempel in New York; Editing by Cynthia Osterman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutschebank-lawsuit-idUKKBN15800K'|'2017-01-24T07:15:00.000+02:00'
'b7a03d4a236e16dc3f449e4215bbda4cd760f2c9'|'UPDATE 2-Insurer Travelers profit beats as investment earnings rise'|'(Adds details from conf call, analyst Quote: )By Nikhil SubbaJan 24 Property and casualty insurer Travelers Cos Inc reported a better-than-expected quarterly profit on Tuesday, as gains from its investments more than offset higher auto accident claims.The rise in auto claims was mainly due to a larger number of accidents caused by distracted driving, driving at higher speeds and on highways and at intersections, company executives said on a conference call.St. Paul, Minnesota-based Travelers said it would take pricing and other actions to improve profitability from its auto insurance business.The weak auto results will weigh on investor sentiment for more than just a day, Deutsche Bank Market Research analyst Joshua Shanker said in a note.Travelers, the only property and casualty insurer in the Dow Jones Industrial Average, is often seen as a bellwether for the sector.The insurer said its net income rose 8.9 percent to $943 million, or $3.28 per share, in the fourth quarter ended Dec. 31.On an operating basis, the company earned $3.20 per share, beating analysts'' average estimate of $2.73, according to Thomson Reuters I/B/E/S.The insurer said its net investment income rose about 16 percent to $627 million in the quarter, helped by higher returns in the non-fixed income portfolio.The underlying combined ratio, the percentage of premium revenue an insurer has to pay out in claims, rose to 92 percent from 90.7 percent.During 2017, the company expects underlying combined ratio to be consistent with those in 2016, Chief Operating Officer Brian MacLean said on the call.A ratio below 100 percent means an insurer earns more in premiums than it pays out in claims.Gains from underwriting, before tax, fell to $590 million from $773 million a year earlier, reflecting impacts of higher-than-expected personal auto bodily injury losses and higher catastrophe losses.Pretax catastrophe losses, net of reinsurance, rose to $137 million from $46 million due to hurricane Matthew and the fires in Tennessee, the company said.Travelers, whose shares were down 0.5 percent at $118.79, competes with American International Group Inc for the title of the biggest U.S. P&C insurer.Up to Monday''s close, Travelers'' stock had risen 14.45 percent in the last 12 months. (Reporting by Nikhil Subba in Bengaluru, additional reporting by Sweta Singh; Editing by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/travelers-results-idINL4N1FE40Y'|'2017-01-24T13:38:00.000+02:00'
'e86bf272725d8833457d0881ceff89b2e44c845c'|'British Steel to reverse salary cut for workers agreed under Tata - Business'|'British Steel will reinstate the salary it was paying workers before they accepted a pay cut last year, after predicting a return to full-year profits just months after it appeared on the verge of collapse.The Scunthorpe firm, one of the last two steelworks in the UK, was sold to investment group Greybull Capital by Tata Steel in June last year , as the Indian-owned firm shrunk its British operations in the face of heavy losses.But British Steel said the plant has returned to profit in the first nine months of its financial year, in an update that will raise hope that new life can be breathed into steelmaking in the UK.British Steel put the improvement down to cost cuts and “significant” contracts, including a £2m agreement to supply the steel for the new Hinkley Point C nuclear power plant in Somerset.The plant is believed to have lost £80m in the final year of Tata’s ownership, but is on course to make enough to cover £39m of investment and still turn a profit.Greybull is understood to believe it can reach an underlying profit of more than £100m by its third year of ownership.Facebook Twitter Pinterest British Steel’s executive chairman Roland Junck. Photograph: Lindsey Parnaby/AFP/Getty Images British Steel’s revived fortunes have resulted in it pledging to reverse a 3% salary cut agreed with 4,400 employees to help save the steelworks. Restoring workers’ salaries will cost the company about £9m and is due to take effect in June.“We’ve shown we’re fighters, we’ve shown we’re survivors and now we’ve got to show that we can become industry and national champions,” said Paul McBean, British Steel multi-union chairman.Executive chairman Roland Junck said: “I’m pleased to report that after our first seven months of trading, we are building on our promising start to life as British Steel.”Junck previously said the business became profitable again just 100 days after Greybull bought Tata’s long products division for £1 and revived the dormant British Steel brand , vowing to invest £400m.In an update on Wednesday, he said the business was still trading in the black and could grow thanks to the Hinkley Point supply deal and contracts to make rails for the Algerian and Italian train networks.“Having implemented the first stage of our turnaround plan, returning the business to profit and putting it on a sustainable footing, we are now well positioned to implement the next stage of the plan,” he said. “We’re already making good progress with significant contract awards from both new and existing customers.”Greybull bought the company after the UK steel industry had been under pressure for several years due to factors including a flood of cheap Chinese products on to the market, which sent prices tumbling.The crisis threatened the future of several major steelworks including Tata-owned Port Talbot, whose staff are shortly due to vote on a cost-cutting plan that would see their final salary pension scheme closed .But Junck said British Steel could still carve out a bright future, despite ongoing pressure on the industry. “Domestically we are in a unique position to provide large quantities of steel for developments through the UK, whether that be major infrastructure projects such as HS2 and Heathrow, or smaller projects such as the building of new schools or hospitals.”He said the company was enjoying support from the governments of the UK and France, where it also has a comparatively small business.Junck has previously claimed Tata Steel had “lost interest” in the Scunthorpe steelworks before it was sold to Greybull.The investment group celebrated the takeover by restoring the name British Steel, which disappeared in 1999 when its predecessor merged with a Dutch rival to become Corus.Corus was later bought by Tata Steel before the firm, part of Indian conglomerate Tata, began looking for a way out of the UK steel business.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/25/british-steel-greybull-capital-to-reverse-salary-cut-for-workers-agreed-under-tata'|'2017-01-26T01:41:00.000+02:00'
'51b447f4a7a118b587d7e10b8a8db12deea74a21'|'Ex-Jefferies trader guilty on one fraud count, acquitted on nine'|'Funds News   10:54am EST Ex-Jefferies trader guilty on one fraud count, acquitted on nine NEW HAVEN, Conn. Jan 27 A federal jury on Friday found former Jefferies Group bond trader Jesse Litvak guilty on one count of cheating his customers on bond prices, while acquitting him on nine other counts. The verdict by jurors in New Haven, Connecticut came nearly three years after another jury found Litvak guilty of the same fraud counts and other charges in March 2014, and sentenced him to two years in prison. That verdict was later overturned on appeal. (Reporting by Andy Thibault in New Haven, Connecticut; Editing by Chizu Nomiyama) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/jefferies-group-litvak-idUSFWN1FH0UH'|'2017-01-27T22:54:00.000+02:00'
'975a2460c00f6aa83b70643629ae0246f132a905'|'BTG Pactual considers split listing for investment bank and private equity unit'|'SAO PAULO Jan 27 Grupo BTG Pactual SA is considering separate stock market listings for its investment bank and private equity businesses, Brazil''s largest independent investment banking company said in a securities filing on Friday.The two units, Banco BTG Pactual SA and BTG Pactual Participations, have convened shareholder meetings for Feb. 13 and Feb. 3 respectively, the filing said. (Reporting by Bruno Federowski; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/btg-pactual-sa-listing-idINE6N1DJ02A'|'2017-01-27T08:58:00.000+02:00'
'3aa48b1e2913b7d8c1ec3b5502a7d96e2e6be7a9'|'UPDATE 1-Euro zone lending picks up, driven by cheap ECB cash'|'Business News  10am EST Euro zone lending picks up, driven by cheap ECB cash The European Central Bank (ECB) headquarters is pictured in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski FRANKFURT Euro zone lending inched up to multi-year highs in December, fresh data showed, indicating that the European Central Bank''s cheap cash is slowly making its way through the economy, if not fast enough for policy to be tightened soon. Hoping to revive lending to fuel growth and inflation, the ECB has cut rates into negative territory, offered banks free loans and has bought 1.5 trillion euros'' worth of assets, keeping borrowing costs at record lows. Inflation in the euro zone jumped to 1.1 percent in December from 0.6 percent in November, and hawks have argued for reduced stimulus. But ECB President Mario Draghi last week made clear that he was not convinced the inflation recovery is sustainable, so there has been no discussion yet about ending the bank''s policy of easy money. "It''s good that banks are lending more to companies. But the whole thing is still fragile, because of the weak growth in Europe," said Dirk Gojny, an economist with National Bank in Essen. "This will not make Mario Draghi deviate from his expansionary stance in the foreseeable future." In December, bank loans to euro zone companies grew by 2.3 percent after a revised 2.1 percent increase one month earlier, the fastest pace since mid-2009, ECB data showed on Friday. Household lending growth meanwhile accelerated to 2.0 percent last month from 1.9 percent in November, the fastest since mid-2011. "This is clearly not that strong in absolute terms, but it continues to be a big improvement on the last couple of years," JPMorgan economist Greg Fuzesi said. "Lending trends are also positive in most countries." The annual growth rate of the M3 measure of money circulating in the euro zone, which has in the past often predicted economic activity, rose to 5.0 percent last month from 4.8 percent in November, slightly beating forecasts of 4.9 percent. (Reporting by Andreas Framke and Frank Siebelt; editing by Andrew Roche) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-eurozone-lending-ecb-idUSKBN15B10O'|'2017-01-27T18:07:00.000+02:00'
'cd26e031b805a957dd5b923f260249f6375f8945'|'Ex-Rabobank traders seek reversal in U.S. of Libor convictions'|'Business News - Thu Jan 26, 2017 - 10:15pm GMT Ex-Rabobank traders seek reversal in U.S. of Libor convictions File Photos: Combination photo showing Former Rabobank employee Anthony Allen (L) exiting federal court in Manhattan, New York, October 13, 2015 and Anthony Conti exiting federal court in Manhattan, New York, November 5, 2015. REUTERS/Staff/File Photo By Nate Raymond - NEW YORK NEW YORK A U.S. appeals court on Thursday questioned whether two former Rabobank [RABO.UL] traders'' rights were violated in what became the first case by U.S. Justice Department to go to trial spilling out of global probes into the manipulation of Libor. Over 1-1/2 hours, the 2nd U.S. Circuit Court of Appeals in New York weighed whether to overturn the 2015 convictions of Anthony Allen and Anthony Conti, two former British traders at the Dutch bank. The traders argued their case became tainted after Paul Robson, an ex-Rabobank trader turned cooperating witness, reviewed testimony that a UK regulator compelled Allen and Conti to give in a related probe. Michael Schachter, Allen''s lawyer, said that may have influenced any information Robson provided U.S. authorities or at trial, causing their statements to be used against them in violation of the U.S. Constitution. U.S. Circuit Judge Gerard Lynch asked how the court could be sure that did not happen, since no record existed of what Robson would have said about any wrongdoing. "He may have actually seen it, but we have a record where he did not actually testify to it until after he had been exposed to the immunized testimony," Lynch said. John Pellettieri, a Justice Department lawyer, said prosecutors took steps to ensure the case did not become tainted. But he said such caution was unnecessary since a foreign government obtained the testimony. Circuit Judge Jose Cabranes said under that theory, "if a foreign sovereign beats the hell out of somebody and compels the testimony, since it''s a different sovereign, you''re able to use that compelled testimony in a federal court." Libor, or the London interbank offered rate, underpins trillions of dollars of financial products and is based on what banks say they believe they would pay if they borrowed from other banks. Probes into whether banks manipulated Libor have led to roughly $9 billion (7 billion pounds) in global settlements with financial institutions and U.S. and UK cases against several people. Allen, Rabobank''s former global head of liquidity and finance, and Conti, a former senior trader, were indicted a year after Rabobank in 2013 reached a $1 billion deal to resolve U.S. and European probes. A jury convicted them on conspiracy and wire fraud charges in 2015 for participating in a scheme to rig the U.S. dollar and yen Libor rates. Allen, 45, and Conti, 47, were sentenced to two years and one year in prison, respectively. The case is U.S. v. Allen et al, 2nd U.S. Circuit Court of Appeals, No. 16-898. (Reporting by Nate Raymond in New York; Editing by Lisa Shumaker) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rabobank-libor-idUKKBN15A33E'|'2017-01-27T05:15:00.000+02:00'
'f1334756c19aac06e961ae17811e57cbb1794353'|'After stronger 2016, Greece hopes lenders will drop austerity demands'|' 43am GMT After stronger 2016, Greece hopes lenders will drop austerity demands Greek Finance Minister Euclid Tsakalotos delivers a speech during a parliamentary session before a budget vote in Athens, Greece, December 10, 2016. Picture taken December 10, 2016. REUTERS/Alkis Konstantinidis - By Lefteris Papadimas - ATHENS ATHENS Greece hopes stronger than expected public accounts in 2016 will convince its lenders to sign off on a bailout review without demanding more austerity, government officials said on Thursday. After meeting his euro zone counterparts in Brussels, Finance Minister Euclid Tsakalotos said that last year''s primary surplus - which excludes debt servicing costs - reached 2 percent of gross domestic product, beating a target of 0.5 percent of GDP set in its bailout plan. A Greek government official said earlier that due to this over-performance Athens was "making a much better start in 2017" in terms of state revenues. Greece''s progress was discussed at the so-called Eurogroup meeting, which urged both Athens and its creditors to resume negotiations and reach an agreement on the review. The leftist-led government, which signed up to a new bailout programme in 2015, wants to conclude the review swiftly to join the European Central Bank''s bond buying programme, which would cut its borrowing costs. It also wants to return to bond markets by the end of 2017, one year before its rescue programme ends. But the EU and the International Monetary Fund are at odds over Greece''s targets after 2018, and the disagreements have rekindled fears of a new crisis in the country. Despite EU assurances, the IMF, which has yet to decide whether it will participate in Greece''s third rescue programme, says Athens will not achieve a 3.5 percent of GDP target in the medium-term - a period which has yet to be defined - unless it adopts more austerity measures and is granted more debt relief. The Greek government which is sagging in opinion polls, says it will not pass any more revenue-raising measures beyond what has been agreed in its bailout package. IMF spokesman William Murray said earlier on Thursday that the fund''s view on Greece had not changed. "If Greece and its European partners decide on a higher primary surplus (target) for a temporary period, we would need to evaluate the policies that could credibly support that target," he said. Tsakalotos urged the IMF to review its stance following Greece''s over-performance, which he said shows that Athens does not need to take new measures to meet its targets. Greece must achieve a primary surplus of 1.75 percent of GDP this year and a 3.5 percent of GDP surplus in 2018. Although Athens does not face large repayments until the third quarter, the completion of the review is important to keep up reform momentum and projections of a strong return to growth. "A further delay in the (review) negotiations ... beyond the first quarter, must be avoided since it could put the 2016 positive momentum at risk," National Bank economist Nikos Magginas said. (Additional reporting by Renee Maltezou in Athens and David Lawder in Washington; Editing by John Stonestreet and Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-primarysurplus-idUKKBN15B02Y'|'2017-01-27T07:43:00.000+02:00'
'ec10b4e5b6995ca0a7f70c621897812867fc2cc3'|'UK Stocks-Factors to watch on Jan 27'|'Jan 27 Britain''s FTSE 100 index is seen opening down 5 points at 7,156 on Friday, according to financial bookmakers. * The UK blue chip index closed down 0.04 percent at 7161.49 points on Thursday as earning updates provided a mixed picture with Diageo surging after strong sales data but Daily Mail and Unilever hit by disappointing numbers. * BATS: British American Tobacco (BAT) has reached a principle agreement to acquire the tobacco assets of Bosnian holding firm Fabrika Duhana Sarajevo (FDS) from an Austrian fund, the two companies said in a joint statement on Thursday. * SHELL: A Nigerian court has ordered the temporary forfeiture of assets and the transfer of operations of a long-disputed oilfield owned by Shell and Eni, among others, to the federal government, court papers released on Thursday showed. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: BT Group Plc Q3 Paragon Group of Companies Plc Q1 TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL4N1FH1ML'|'2017-01-27T03:29:00.000+02:00'
'c4f638948eb290191416a7566fded208b0922fe1'|'TABLE-Foreign trading in South Korean stocks'|'Financials  18am EST TABLE-Foreign trading in South Korean stocks SEOUL, Jan 26 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0727 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 26 349.2 -180.3 -214.8 ^January 25 209.1 -375.7 109.3 January 24 -13.1 9.2 -12.5 January 23 116.7 -109.3 -11.8 January 20 -46.5 38.0 6.7 January 19 146.0 -282.9 128.8 January 18 -19.3 87.4 -72.3 January 17 -8.4 90.3 -83.0 January 16 -239.4 184.7 40.0 January 13 -108.4 163.5 -58.5 January 12 31.4 -10.4 -32.1 January 11 485.5 -55.1 -430.0 January 10 99.6 -249.8 128.6 January 9 254.4 -457.4 193.4 January 6 171.3 -136.5 -28.8 Month to date 1,924.7 -2,066.9 -117.0 Year to date 1,924.7 -2,066.9 -117.0 ^ January 25 figures revised. ($1 = 1,157.5600 won) (Reporting by Nataly Pak) Next In Financials Fitch Rates Chengdu Xingcheng Investment''s USD Notes Final ''BBB+'' (The following statement was released by the rating agency) HONG KONG, January 26 (Fitch) Fitch Ratings has assigned Chengdu Xingcheng Investment Group Co., Ltd.''s (CXIG) USD300m 3.25% senior unsecured notes due 2021 a final rating of ''BBB+''. The assignment of the final rating follows the receipt of documents conforming to information already received. The final ratings are in line with the expected ratings assigned on 16 November 2016. The net proceeds of the bond issue will be used for g'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southkorea-stocks-trading-idUSL4N1FG2JJ'|'2017-01-26T15:18:00.000+02:00'
'827a9cf734b40a0a1689a13d1336d18ae91c40e5'|'Santander Brasil expects gradual recovery in Brazil'|'Regulatory News   7:40am EST Santander Brasil expects gradual recovery in Brazil SAO PAULO Jan 26 Banco Santander Brasil SA expects the Brazilian economy to undergo a gradual recovery, which should allow the nation''s largest foreign bank to keep growing in lending for smaller firms and financial services. In a call to discuss fourth-quarter results, Chief Executive Officer Sergio Rial said he plans to implement metrics to measure client satisfaction. Lending and credit spreads are seen undergoing steady expansion in coming quarters, other executives said in the call. (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama) Next In Regulatory News RPT-UPDATE 2-TransCanada has not yet broached Keystone XL with shippers-CEO WHISTLER, British Columbia, Jan 25 TransCanada Corp has yet to discuss the Keystone XL oil pipeline with shippers and is not certain if all were still in support of it, the company''s CEO said on Wednesday in his first public comments since President Donald Trump revived the project. Jan 26 Dow Chemical Co reported a 14 percent increase in quarterly revenue, helped by its move to take full control of Dow Corning, which was previously a joint venture with Gorilla glass maker Corning Inc. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/bco-santander-br-results-outlook-idUSE6N1DJ028'|'2017-01-26T19:40:00.000+02:00'
'47415a5adf053a3304c41caac6142703944178f0'|'Unipetrol Q4 profits jump after units restarted, impairment reversed'|' 08am EST Unipetrol Q4 profits jump after units restarted, impairment reversed PRAGUE Jan 26 Czech downstream oil group Unipetrol''s fourth-quarter net profit jumped to 4.17 billion crowns ($166.15 million) after the restart of shutdown units and the reversal of an impairment allowance, the company said in a presentation on Thursday. The net figure was well above the average estimate of 2.71 billion crowns seen in a Reuters poll, helped by Unipetrol reversing an impairment of 1.9 billion crowns for downstream assets. Last quarter, Unipetrol relaunched a steam cracker unit that had been out of service for around a year after a fire. The company, majority owned by Poland''s PKN Orlen, said it had recognized 7.9 billion crowns in 2016 financial statements related to the insurance claim. ($1 = 25.0980 Czech crowns) (Reporting by Jason Hovet and Petra Vodstrcilova; Editing by Biju Dwarakanath) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/unipetrol-results-idUSP7N1AK01Q'|'2017-01-26T13:08:00.000+02:00'
'863bed68f5a1b164f4fbf009512e140465507823'|'Brexit fallout to hit Britain in 2017, 2018 - EU''s Moscovici'|'Business News - Thu Jan 26, 2017 - 11:09am GMT Brexit fallout to hit Britain in 2017, 2018 - EU''s Moscovici European Commissioner for Economic and Financial Affairs Pierre Moscovici presents the European Union executive''s autumn economic forecasts during a news conference at the EU Commission headquarters in Brussels, Belgium November 9, 2016. REUTERS/Yves Herman BRUSSELS The British economy will pay higher costs this year and next for the uncertainty created by its vote to leave the European Union, the EU economics commissioner said on Thursday, though he recognised Britain had so far fared well since the referendum. Britain''s gross domestic product rose at a quarterly rate of 0.6 percent between October and December, the country''s Office for National Statistics said earlier on Thursday, maintaining the above-average pace seen in the first three months after June''s Brexit referendum. "The uncertainty will have a more tangible effect on the British economy in 2017 and 2018," Pierre Moscovici told a conference in Brussels, after acknowledging that Britain had performed better than expected in the immediate aftermath of the Brexit vote. His remarks confirmed earlier forecasts by the executive European Commission that showed Britain''s GDP growth would halve this year. The Commission forecast in November that Britain''s GDP would increase by 1.9 percent in 2016, but that growth would nearly halve in 2017 to 1.0 percent. That is much lower than the 1.9 percent estimated last May by the Commission, which issues three economic forecasts a year. In preliminary estimates, released in July in the immediate aftermath of the Brexit vote, the Commission had predicted a much more acute slowdown for the British economy, saying that a recession was seen as possible this year in the worst scenario. (Reporting by Francesco Guarascio; Editing by Gareth Jones) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-moscovici-idUKKBN15A16C'|'2017-01-26T17:35:00.000+02:00'
'dd90b8a95b44127d14fb21f6b2996b7ab42ebc92'|'UPDATE 3-Alibaba''s Ant Financial in overseas push with MoneyGram deal'|'(Updates with context and industry reaction)By Sweta Singh, Richa Naidu and Anna IrreraJan 26Ant Financial Services Group, the world''s largest financial technology company, said on Thursday that it would acquire U.S. money-transfer company MoneyGram International Inc for about $880 million in a deal that is expected to shake up the international payments landscape.Ant, the payment affiliate of Chinese e-commerce giant Alibaba Group Holding Ltd, dominates the online payments industry in China. With this acquisition it will significantly expand its presence overseas, as competition from major domestic rival Tencent Holdings Ltd''s Wechat payment system heats up at home.The offer of $13.25 per share is at a premium of 11.5 percent to MoneyGram''s Wednesday''s close. MoneyGram''s shares were trading up around 9 percent at $12.95 in afternoon trading.MoneyGram, alongside competitor Western Union Co, has long dominated the money transfer industry with its large network of retail locations. It has about 350,000 outlets in retail shops, post offices and banks in nearly 200 countries and territories.Over the past few years, however, brick and mortar incumbents have been facing growing competition from more tech-savvy companies that are able to offer cheaper services online.The combination of Ant''s technological expertise and MoneyGram''s large network of agents and established brand could be a game-changer for the industry by leading to more consumers, including migrant workers sending remittances home, to use online transfer services rather than taking cash to storefronts, experts said."The combination is a powerful one: leading edge technology with global reach and a significant physical footprint. Innovation and trust in one bundle," said Warren Mead, global co-head of fintech at KPMG. "I expect to see the ever increasing convergence of fintech and the more traditional financial services sector."REMITTANCES ''A REALLY INTERESTING BRIDGE''China''s financial technology companies are on the rise, boosted by rapid digitization and the rise of a mass middle class at home. Chinese fintech "dragons" accounted for 46 percent of all venture capital investments in fintech globally in the first nine months of 2016, according to a report by Citigroup Inc.Ant raised $4.5 billion in a record funding round in April, valuing the company at about $60 billion, the same as American Express Co or insurer Chubb Ltd and more than any other privately held fintech company.It has been using its financial firepower to expand at home and overseas as it prepares for a planned initial public offering this year. ( reut.rs/2dbbviE ) This would be its second acquisition in the United States. Last year, the company bought EyeVerify, a maker of optical verification technology used by U.S. banks."The large Chinese fintechs have been active across the developing markets for quite some time now," said Imran Gulamhuseinwala, global head of fintech at EY. "We expected them to come to the U.S. and Europe and the remittance space represents a really interesting bridge between the two."Ant''s acquisition of Dallas-based Moneygram comes against a backdrop of rising tensions between China and the United States over President Donald Trump''s willingness to re-evaluate key foreign policy conventions such as the "One China" principle. He has also threatened to impose punitive tariffs on Chinese imports.Trump has, however, met with Jack Ma, the billionaire founder of Alibaba since his election, describing Ma as "smart" and "open-minded".REMITTANCESThe deal also comes as the Trump administration commences a crackdown on illegal immigration, which could impact remittances, the money that migrants workers send home. Prior to taking office, Trump threatened to halt money transfers from Mexican nationals unless Mexico agreed to pay for the massive wall he plans build on the U.S. southern border to keep out illegal immigrants.Daumantas Dvilinkas, chief executive of money-transfer startup TransferGo, said restrictions on immigration would have a negative impact on outflows from the specific country implementing the change, but that it was unlikely to have significant impact on the global $550 billion remittances market."I don''t believe it will stop the prevailing growth of the global migrant segment," Dvilinkas said.MoneyGram''s biggest shareholder, private equity firm Thomas H. Lee Partners, which has a 44.5 percent stake, agreed to vote in favor of the deal, the companies said.The company faced a serious liquidity crunch in 2008 after investing in subprime and other risky asset-backed securities, but it was rescued through a $1.5 billion equity and debt deal clinched with Goldman Sachs Group Inc and Thomas H. Lee Partners.Ant Financial said it would assume or refinance MoneyGram''s outstanding debt, which stood at $937.3 million on a net basis as of Sept. 30, according to a regulatory filing.Alex Holmes will remain MoneyGram''s chief executive and the company will continue to be based in Dallas.Citi is Ant Financial''s financial adviser, while Simpson Thacher & Bartlett LLP is its legal adviser.MoneyGram is being advised by BofA Merrill Lynch and legal firm Vinson & Elkins LLP.The companies said the acquisition was expected to close in the second half of 2017. (Additional reporting by Rishika Sadam; editing by Carmel Crimmins and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/moneygram-intl-ma-ant-financial-idINL1N1FG1DA'|'2017-01-26T17:19:00.000+02:00'
'683e8775e69a4a2d5cffa32d8f478c8ca446d5ea'|'LVMH sounds note of caution after turning in record results'|'Business News - Thu Jan 26, 2017 - 8:09pm GMT LVMH sounds note of caution after turning in record results The logo of French luxury group Louis Vuitton is seen on a handbag at a store in Paris, France, January 26, 2017. REUTERS/Jacky Naegelen By Dominique Vidalon - PARIS PARIS LVMH ( LVMH.PA ), the world''s biggest luxury group, posted record revenue and profits for 2016 which beat expectations thanks to strong sales in the United States and Europe and a pick-up in demand in Asia. Chairman and CEO Bernard Arnault thought the first half of 2017 should be "relatively easy" for the group, but warned that tougher year-ago comparisons and uncertainties ranging from the impact of Brexit to the new Trump administration could make the second-half "more difficult". He also said stocks of its cognac and Louis Vuitton products are running low and could curb growth this year. "My sentiment for 2017 is one of caution. When everything is going so well, one must be very vigilant," Bernard Arnault told a news conference. The group, whose key brands include Louis Vuitton, Dior, and Hennessy cognac, said 2016 profit from recurring operations rose 6 percent to 7.03 billion euros (6 billion pounds), beating the 6.8 billion euros median estimate in a Reuters poll of 12 analysts. Fourth quarter sales rose to 11.27 billion euros, a like-for like growth of 8 percent, above analysts'' estimates for 5.6 percent growth. LVMH''s fashion and leather division, which accounts for the bulk of its sales and profits and is home to the Louis Vuitton, Fendi and Givenchy brands, had like-for-like revenue growth of 9 percent in the fourth quarter - above forecasts of 5 percent. Its wines and spirits division also reported a 7 percent rise in sales, helped by good growth in the U.S. and a rebound of cognac sales to China and other Asian markets. "Hennessy cognac is a great success and stocks are now at their lowest levels, so this could slow our business," Arnault said. LVMH''s rivals in the luxury industry, such as Cartier owner Richemont ( CFR.S ) and British luxury brand Burberry ( BRBY.L ), have also signalled better demand in mainland China and improving tourist spending in the last part of the year. Several analysts expect the luxury goods sector to benefit in 2017 from improved consumer sentiment in China, tax cuts under the new Trump administration and robust Middle Eastern demand due to higher oil price. Growth in the luxury goods market had shown signs of a slowdown, notably in the second half of 2015 after attacks in Paris put off tourists travelling to Europe, where many luxury brands make a significant proportion of their sales. Global spending on luxury goods by tourists was up in December for the first time since February, lifted by strong business in Britain and France, a study by tax-refund services firm Global Blue showed. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta and Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lvmh-results-idUKKBN15A2TN'|'2017-01-27T03:09:00.000+02:00'
'7446926fee1bb8017b3d75869480ffb6bcd95d22'|'Italy''s Banco BPM explores sale of asset manager Aletti - sources'|' 46pm GMT Italy''s Banco BPM explores sale of asset manager Aletti - sources By Pamela Barbaglia , Maria Pia Quaglia and Andrea Mandala - LONDON/MILAN LONDON/MILAN Newly-formed Banco BPM ( BAMI.MI ) is considering a sale of its asset manager Aletti Gestielle SGR as it seeks to "optimise" the Italian bank''s assets, sources told Reuters on Thursday. Italy''s third largest bank, formed last year by the merger of cooperative lenders Banco Popolare and Banca Popolare di Milano, has asked Barclays to kick off a "general review of the business", a spokeswoman for the bank said, adding that this was not focused on any specific unit. The sources said Aletti Gestielle is likely to pursue a combination with Anima Holding, another Italian asset manager in which BPM is the leading investor with a 14.67 percent stake, although other bids would be sought. Formal negotiations have yet to kick off, they added. Anima Holding and Barclays declined to comment. Aletti Gestielle, formerly part of Banco Popolare, has around 17 billion euros (14 billion pounds) of assets under management and could fetch about 500 million euros, the sources said. The business, which has more than doubled its assets under management over the past five years, may be sold before the summer, one of the sources said. Anima, which one of the sources described as a "natural buyer" for Aletti Gestielle, ranks as Italy''s largest independent asset manager with almost 73 billion euros of assets under management and a market value of 1.7 billion euros. Anima''s Chief Executive Marco Carreri told Reuters in July that his firm was looking at Aletti Gestielle as well as Arca as possible M&A targets. Anima, which has Poste Italiane as another big investor with a 10.32 percent stake, shares the same domestic focus and a similar business model to Aletti Gestielle, the sources said. However, Banco BPM is expected to sound out other bigger industry players such as Amundi ( AMUN.PA ) and Aberdeen Asset Management ( ADN.L ). Amundi, which has a market value of 8.7 billion euros, recently outbid a consortium of Anima, Poste Italiane and Italy''s state lender Cassa Depositi e Prestiti in the takeover battle for UniCredit''s ( CRDI.MI ) Pioneer. Mid-sized asset managers in Europe are joining forces as they scramble to gain global scale, streamline operations and cope with declining fees and tougher regulatory scrutiny. In Britain asset manager Henderson Group ( HGGH.L ) agreed to buy U.S. rival Janus Capital Group ( JNS.N ) in October in a $6 billion deal to cut costs and boost profits amid growing competition from index funds. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-banco-bpm-m-a-aletti-gestielle-idUKKBN15A2RP'|'2017-01-27T02:46:00.000+02:00'
'40e9cdb30e295eaace4927bd46aa22c8f48f40d7'|'MSCI welcomes Saudi reforms, repeats it may launch EM inclusion review in June'|' 12am EST MSCI welcomes Saudi reforms, repeats it may launch EM inclusion review in June DUBAI Jan 26 International equity index compiler MSCI said it welcomed reforms of the Saudi Arabian stock market and reiterated that it could launch in June a review of whether to include Saudi Arabia in its emerging market index. "MSCI specifically recognizes the extent and the pace of change undertaken by the Saudi Arabian authorities to open the local equity market to international institutional investors. MSCI will continue to monitor these positive developments," it said in a statement late on Wednesday. On the possibility of classifying Saudi Arabia as an emerging market, which would draw billions of dollars of international funds to the bourse, MSCI said: "Such a proposal could be considered for inclusion in the review list as part of the upcoming cycle that will be launched in June 2017. The inclusion in the review list would be conditional on positive early feedback received from market participants on their effective experience of investing in Saudi Arabian equities." Over the past 12 months, Saudi Arabia has announced fresh steps to make its market more attractive to foreign investors. Among them, the Saudi Stock Exchange has said it aims to extend settlement of trades to within two working days of execution, from same-day settlement, before June. It has asked the public for comments by Feb. 8 on draft rules for introducing covered short-selling and the borrowing and lending of stocks. After the launch of a review, MSCI usually takes 11 months before announcing a decision, and actual inclusion in an index then tends to come one year later. This could mean Saudi Arabia entering the emerging market index in mid-2019, though MSCI has the flexibility to move faster if it wishes. Rival index compiler FTSE has said it will decide this September whether to upgrade Saudi Arabia to the status of a secondary emerging market. (Reporting by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/saudi-stocks-msci-idUSL5N1FG0RH'|'2017-01-26T13:12:00.000+02:00'
'00359b4d3631091abadd4bc4b4e9db939593f3a5'|'UPDATE 1-Comcast profit, subscriber additions top estimates; stock up'|'(Adds stock split, analyst comment, CEO comment, stock price)By Anjali AthavaleyJan 26 Comcast Corp on Thursday reported quarterly profit and revenue that topped estimates as the No. 1 U.S. cable operator posted higher sales from its NBCUniversal cable channels and broadcast networks.The Philadelphia-based company also said it will buy back $5 billion in stock during 2017 and increased its dividend by 15 percent. It also announced a 2-for-1 stock split in the form of a dividend payable to shareholders in February.Shares rose 2.2 percent to $75.05 in Thursday morning trading.Comcast is grappling with competition from cheaper streaming options such as Netflix Inc, which last week reported strong subscriber numbers in the last quarter of 2016.Revenue at NBCUniversal, which Comcast acquired in 2011, rose 13 percent, helped by "Thursday Night Football" and primetime shows such as "This Is Us."In the cable business, revenue was up 7 percent as the company added 385,000 broadband subscribers and 80,000 video subscribers in the quarter. In November, Comcast made Netflix available through the cable operator''s X1 set-top box.Phil Cusick, an analyst at JPMorgan, called it a strong quarter and said video and broadband subscriber numbers were better than expected.Comcast gave more details on the wireless service it plans to launch this year. On a conference call with investors, Comcast Chief Executive Officer Brian Roberts said the service, which will run on Verizon Communication Inc''s wireless network, would be bundled with other products and that the company would be measured in its rollout."The goal of the business is to have better bundling with some of our customers who want to save some of their bill and get a world class product," Roberts said. "If you can achieve that we''ll see that the economics really work."Net income rose 16.5 percent to $2.3 billion, or 95 cents a share, during the fourth quarter.Excluding items, earnings were 89 cents per share. Revenue rose 9.2 percent to $21.03 billion.Analysts expected earnings of 87 cents per share on revenue of $20.68 billion, according to Thomson Reuters I/B/E/S.Investors are close watching whether the company faces new competition if AT&T Inc''s proposed $85.4 billion acquisition of Time Warner Inc is approved by regulators. AT&T said on Wednesday it expects approval for the deal later this year.(Reporting by Anjali Athavaley in New York; Editing by Lisa Shumaker and Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/comcast-results-idINL1N1FG0TY'|'2017-01-26T12:23:00.000+02:00'
'd56415e75d884cfc31486cd7b47376ba30ee0220'|'Hyundai Motor''s profit skids for a 12th quarter, sedan discounts drag'|'Wed Jan 25, 2017 - 5:45am GMT Hyundai Motor''s profit skids for a 12th quarter, sedan discounts drag The logo of Hyundai is pictured at at the 37th Bangkok International Motor Show in Bangkok, Thailand, March 22, 2016. REUTERS/Chaiwat Subprasom/File Photo SEOUL Hyundai Motor''s ( 005380.KS ) profits fell for a twelfth straight quarter over the three months ended December, as steep discounts on its smaller sedans that are losing ground in South Korea and the United States chipped away at the automaker''s earnings. At its peak in 2011, more than one car in every 20 sold in the U.S. was a Hyundai, driven by sales of Elantra and Sonata sedans. But the South Korean firm''s mainstay sedans have lost their appeal to rival offerings such as Honda''s ( 7267.T ) Civic in the United States and Renault''s ( RENA.PA ) SM6 in South Korea. Exacerbating the situation is the fact that gas-guzzling sport utility vehicles (SUVs) seem to be all the rage now in a world of low oil prices. The landscape has been muddied further by worries protectionism under U.S. President Donald Trump could lead to higher tariffs on vehicles shipped in to what is Hyundai''s No.2 market. Hyundai Motor, the world''s No.5 automaker combined with affiliate Kia Motors Corp ( 000270.KS ), said its net profit for the fourth quarter was 1 trillion won ($858.07 million), down 39 percent from a year ago. Analysts polled by Thomson Reuters I/B/E/S had on an average expected a 1.5 trillion won profit. Quarterly profits for the company have been on the wane on a year-on-year basis since the first quarter of 2014. Its profit for the full year, 2016, fell 16 percent to 6.4 trillion won, a fourth consecutive annual drop. Hyundai Motor said uncertainty is expected to persist over the auto industry this year, citing growing trade protectionism and rising competition. Hyundai Motor''s fourth-quarter sales fell 0.9 percent to 24.5 trillion won, while operating profit dropped 33 percent from year-ago levels to 1 trillion won. Higher U.S. incentive spending - which Autodata Corp said jumped 30 percent to $2,582 per vehicle in December from a year ago for Hyundai, above the industry''s average gain of 23 percent - dragged on the company''s results for the quarter. In South Korea, its lucrative home market, Hyundai Motor saw sales fall 18 percent in the fourth quarter on slowing demand after a cut in excise tax expired in June. Hyundai Motor shares, which dropped for a third straight year in 2016, were down 1.4 percent after the results, versus a flat wider market .KS11 . (Reporting by Hyunjoo Jin; Editing by Himani Sarkar) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-hyundai-motor-results-idUKKBN1590DB'|'2017-01-25T12:44:00.000+02:00'
'4b7c5db9261d58c384f8e5c137f7b0cd3ed06dff'|'Corporates lead way in renewed LatAm bond supply surge'|'By Paul Kilby NEW YORK, Jan 25 (IFR) - The Latin American primary markets were enjoying another burst of activity on Wednesday as corporates led the way following a deluge of sovereign supply last week.Brazilian aerospace company Embraer and the Central America Bottling Company are both expected to price on Wednesday, while utility AES Argentina is readying a deal for Thursday.Airport concessionaire Aeropuertos Argentina 2000 has also kicked off roadshows, while food company Sigma will soon meet European investors ahead of what could be the first crossborder bond to come out of Mexico this year.The rush of deals come amid a broader positive market tone after the Dow Jones Industrial Average hit 20,000 for the first time on Wednesday.The Central American Bottling Company''s new US$500m 10-year non-call five bond is expected to receive a welcome reception among investors who like the sector."People like the cash flow generation of these credits," said the first banker. "If you can buy a bottling company in the high 5%, that is not bad."The company, rated Ba2/BB/BB+, has already tightened guidance to 5.875%-6% from initial price thoughts of low 6%.Should leads land the deal at the tight end of that range, the issuer will come at a spread of around 337.5bp over Treasuries, or less than 100bp back to the Guatemalan sovereign which has a 10-year trading at a G-spread of around 250bp.At that level the bottler would also come well inside the 437.5bp-450bp fair value that the syndicate banker calculated for a 10-year from Guatemala''s Banco Industrial (BB/BB).Embraer, meanwhile, has also tightened to guidance of 5.50% (+/-10bp) on a 10-year bond, compared to initial price thoughts of high 5% area.With its existing 5.05% 2025s trading at a G-spread of 270bp, the syndicate banker estimated fair value on a new 10-year at Treasuries plus 287.5bp, or a yield of around 5.375%.AES Argentina, meanwhile, is coming with the country''s third utility bond this month - a US$300m seven-year non-call five that is offering initial price thoughts at low to mid 8%.At that level, pricing is coming somewhere between the larger utility Pampa Energia, whose new 10-year is trading at around 7.65%, and energy company Genneia whose shorter-dated five year is being Quote: d at 8.125%.And the primary markets are expected to remain busy in the near term.Sigma Alimentos will soon test appetite for Mexican credits with what could be that country''s first crossover deal of the year - a debut seven-year euro denominated bond.The company starts investor meeting next week as US President Donald Trump moves forward with promises to renegotiate the North American Free Trade Agreement and build a wall on the Mexican border.The company, which is part of Mexico''s Alfa conglomerate, is positioning itself as a multinational food company with operations in Europe, the US and Latin America."As far as Mexican corporates are concerned, I would consider Sigma as one of the more global names, but it is a Mexican corporate," said the syndicate banker."It will be interesting to see how investors respond to it."SOME FATIGUEThere is some indigestion developing after Latin American sovereigns last week sold over US$12bn of bonds in what some bankers described as a record week for emerging market primaries.But corporate borrowers are still pushing ahead with deals this week amid uncertainty about the impact of US President Trump''s policy actions and direction of rates in coming months."The tone is softer because of all the supply in the market (last week) and people are unsure of policy in the US and rate volatility is weighing a bit," said a banker.Colombian glass company Tecnoglass appeared to struggle on Monday when it printed a smaller than expected US$210m five non-call three bond at 8.5% - flat to initial price thoughts.Even so, the bond has held up to trade at 99.00-99.50, according to MarketAxess, up from a reoffer price 98.798."Dollar prices are lower because of the move in Treasuries to 2.5% but in spread terms they have held up well," said a syndicate banker. (Reporting By Paul Kilby; editing by Shankar Ramakrishnan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/latam-bonds-idINL1N1FF187'|'2017-01-25T15:28:00.000+02:00'
'f86a1a009712e2f5d549550e48f8a1c20a7febfc'|'United Technologies posts fourth-quarter profit on demand for aircraft engines'|'Business News - Wed Jan 25, 2017 - 7:16am EST United Technologies posts fourth-quarter profit on demand for aircraft engines The ticker symbol for United Technologies is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) February 23, 2016. REUTERS/Brendan McDermid United Technologies Corp ( UTX.N ), the maker of Otis Elevators and Carrier air conditioners, posted a fourth-quarter profit, compared with a year-ago loss, driven by better sales at its Pratt & Whitney aircraft engines unit. The company''s net income from continuing operations attributable to shareholders was $1.02 billion, or $1.26 per share, in the quarter ended Dec. 31. The company''s attributable loss from continuing operations was $256 million, or 30 cents per share, a year earlier. United Technologies'' net sales rose 2.5 percent to $14.66 billion. (Reporting by Rachit Vats in Bengaluru; Editing by Savio D''Souza) Next In Business News Cisco to buy AppDynamics for $3.7 billion in growth push SAN FRANCISCO Cisco Systems Inc said on Tuesday that it agreed to buy U.S. business software company AppDynamics Inc for about $3.7 billion, making one of its largest deals of recent years as it searches for growth beyond its core networking business. Toyota Motor to add 400 jobs at Indiana assembly plant TOKYO/WASHINGTON Toyota Motor Corp on Tuesday said it would add 400 jobs to build more SUVs at one of its U.S. plants, highlighting its expansion plans just as U.S. President Donald Trump calls on manufacturers to build more cars in the country. MUMBAI Apple Inc said on Wednesday it appreciates the open and constructive dialogue that it held with Indian officials, around the expansion of its local operations in the country. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-utc-results-idUSKBN1591D8'|'2017-01-25T19:16:00.000+02:00'
'cca5042e3eebd6e529af20535de261fdac712ef4'|'WH Smith sees full-year profit slightly ahead expectations'|'Business News - Wed Jan 25, 2017 - 7:46am GMT WH Smith sees full-year profit slightly ahead expectations FILE PHOTO - A company logo is pictured outside a branch of WH Smith in Manchester northern England, March 17, 2016. REUTERS/Phil Noble/File Photo British books, newspaper and stationery retailer WH Smith Plc said it expects full-year profit growth to be slightly ahead of expectations as it posted strong sales in its travel business over the Christmas period. WH Smith, which has more than 1,300 stores, mostly in the UK, said comparable sales were up 1 percent in the 21 weeks to Jan. 21, with total sales rising 2 percent. Total sales at its travel business, made up of outlets at airports, railways stations, motorway services, hospitals and workplaces, rose 10 percent partly aided by currency movements. (Reporting by Rahul B in Bengaluru, editing by Louise Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-wh-smith-outlook-idUKKBN1590N0'|'2017-01-25T14:46:00.000+02:00'
'e98edfa826b584ab01399881144d97d3211c6137'|'Britain, Turkey sign defence deal to develop Turkish fighter jet'|'  2:34pm GMT Britain, Turkey sign defence deal to develop Turkish fighter jet Britain''s Prime Minister Theresa May shakes hands with Turkish President Tayyip Erdogan after their meeting at the Presidential Palace in Ankara, Turkey, January 28, 2017. REUTERS/Umit Bektas ANKARA Britain and Turkey signed a defence deal worth more than 100 million pounds on Saturday to develop Turkish fighter jets, opening the way to deeper cooperation over the lifetime of the project. In Ankara to strengthen ties with Turkey as she navigates Britain''s departure from the European Union, Prime Minister Theresa May hailed the deal, saying it showed "that Britain is a great, global, trading nation and that we are open for business". The deal, announced by May and Turkish Prime Minister Binali Yildirim, involves BAE Systems and TAI (Turkish Aerospace Industries) working together to develop the TF-X Turkish fighter programme. BAE Systems chief executive, Ian King, said the deal was the next step in deepening defence cooperation. "It will also pave the way for a deeper defence partnership and could effectively make the UK Turkey''s partner of choice, positioning it as a key aerospace technology exporter to Turkey," he said in a statement. "The wider programme could see the UK win contracts to provide engines, weapons, radars and sensors." ($1 = 0.7971 pounds) (Reporting by Elizabeth Piper; Editing by David Dolan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-turkey-bae-idUKKBN15C0IM'|'2017-01-28T21:34:00.000+02:00'
'dc792de2b6e72fa8866d79d4b7a4b112379ba141'|'Ecclestone selling shares in Formula One'|'Business News - Thu Jan 26, 2017 - 9:17pm GMT Ecclestone selling shares in Formula One Formula One F1 - U.S. Grand Prix - Circuit of the Americas, Austin, Texas, U.S., 22/10/16. Bernie Ecclestone, Chief Executive of the Formula One Group, speaks to the media following the qualifying session. REUTERS/Adrees Latif By Alan Baldwin - LONDON LONDON Bernie Ecclestone is set to make a quick $29 million (23 million pounds) from Liberty Media''s takeover of Formula One after being deposed as the sport''s commercial supremo this week. Liberty completed their $8 billion takeover on Monday and a subsequent filing to the U.S. Securities and Exchange Commission (SEC) showed 86-year-old Ecclestone was offloading 950,599 shares. The Series C Liberty Formula One common stock shares were trading at around $30.73 on Thursday. Other associates of Ecclestone, including Martin Sorrell who is the chief executive of advertising agency WPP and served as an independent director of Formula One''s parent company, are also cashing in. A total of 1,357,700 of the Nasdaq-listed shares are being sold immediately. Ecclestone, who was replaced by Chase Carey as chief executive on Monday, will retain a holding of 896,639 shares after the offer. The prospectus, posted on the Liberty Media website, also revealed financial details about the series that had hitherto been kept confidential. Formula One recorded total revenue of $1.7 billion for the year ended Dec. 31, 2015, with the majority (primary revenue) derived from race promotion, broadcasting and sponsorship arrangements. Gross profit in 2015 was $557 million, compared to $571 million in 2014. The revenue from television rights agreements in 2015 represented 32.3 percent of the total. Primary revenue for the nine months to Sept 30, 2016, increased by $47 million on the corresponding period of 2015 with race promotion fees $39 million higher due mainly to variances in the calendar. Last season had a record 21 races whereas 2015 had 20. Broadcasting revenue over the nine months was up by $18 million following renewals with three broadcasters and other ''contractual uplifts''. As of September 30, Formula One had cash and cash equivalents of $675 million with the sport paying interest of $189 million. No dividends were declared or paid over the nine month period. Payments to teams in 2015 came to $904 million, up from a previous $863 million. The prospectus revealed that "the consent of a majority of certain teams" is required for there to be more than 20 races in a season or in excess of 17 where more than 60 percent of the total is outside of Europe, the U.S. and Canada. Among the risks highlighted were terrorist acts and the possibility of a rival series being established. "The general risk of a terror attack has increased recently in a number of the countries in which events are held," it noted. (Reporting by Alan Baldwin, editing by Pritha Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-motor-f1-takeover-idUKKBN15A2Z8'|'2017-01-27T04:17:00.000+02:00'
'e6d36b19d2a82ded60bf95f802880f4d5d6911d2'|'Etihad Airways says veteran CEO James Hogan to step down this year'|'Business News - Tue Jan 24, 2017 - 11:23am GMT Etihad Airways says veteran CEO James Hogan to step down this year Etihad Chairman and CEO James Hogan talks during a joint news conference with Alitalia''s Chairman Luca Cordero di Montezemolo to present their new partner company Alitalia SAI in Rome January 20, 2015. REUTERS/Tony Gentile By Stanley Carvalho and Victoria Bryan - ABU DHABI/FRANKFURT ABU DHABI/FRANKFURT The veteran chief executive of Abu Dhabi''s Etihad Aviation Group will leave this year, the company announced on Tuesday, but said it remained committed to his strategy of extending the airline''s reach by taking stakes in foreign airlines. Australian James Hogan, 60, who over the past 10 years has developed Etihad Airways into an aggressive rival to Dubai''s Emirates and Qatar Airways, will step down as president and CEO of the group in the second half of 2017. Etihad''s Australian chief financial officer, James Rigney, will also leave this year, Etihad said. Chairman Mohamed Mubarak Fadhel al-Mazrouei said Etihad was continuing a "company-wide strategic review" which could include adjustments to the network of equity partnerships with other carriers that Hogan used to engineer rapid growth at Etihad. Two of the major airlines in which Etihad invested, Air Berlin ( AB1.DE ) and Alitalia [CAITLA.UL], are losing money, adding to pressure on Etihad''s earnings caused by slowing growth in the Middle East''s aviation market. However, Mazrouei said state-owned Etihad was not abandoning the equity partnership model, which along with code-sharing tie-ups had delivered 5.5 million passengers onto its flights in 2016. "We must ensure that the airline is the right size and the right shape. We must continue to improve cost efficiency, productivity and revenue. We must progress and adjust our airline equity partnerships even as we remain committed to the strategy,” he said. An Etihad spokesman told Reuters there was no link between the strategic review and Hogan''s departure, which had been planned for many months. INVESTMENTS Etihad owns stakes in seven airlines around the world: Air Berlin ( AB1.DE ), Alitalia [CAITLA.UL], Air Serbia, Air Seychelles, Etihad Regional in Switzerland, India''s Jet Airways ( JET.NS ) and Virgin Australia ( VAH.AX ). In 10 years, Etihad grew from a 22-plane regional carrier into a global operation with 120 aircraft and 26,000 staff. Its growth helped attract visitors to Abu Dhabi as the wealthy emirate, seeking to diversify its economy beyond oil, developed a tourism industry. But in recent months, a slowing regional economy, overcapacity in the airline industry and a strong U.S. dollar have hurt Etihad. In December, the group said it was cutting jobs in some parts of its business, but did not give a number. An industry source familiar with matter told Reuters that Hogan''s departure was unlikely to mean any change to the current restructuring plan for Air Berlin, which had already obtained board approval. "However if future injections of cash are needed, it may look very different,” the source said. Alitalia, in which Etihad has a 49 percent stake, said on Monday that it planned to cut non-labour related costs by at least 160 million euros ($172 million) this year as it tried to become profitable. Industry sources told Reuters that the Italian carrier''s restructuring might include up to 2,000 job cuts and the grounding of planes. On Tuesday, Etihad said it had started a global search for a new group CEO and a new CFO. It said it was grateful to Hogan and that he and Rigney, who is 49 years old, would join a Europe-based investment company, which it did not name. Etihad reported a consolidated net profit of $103 million for 2015. Abu Dhabi is one of the richest governments in the world and could easily finance any earnings slump at the airline, but it has been seeking to make many of its assets more efficient in an era of low oil prices. Etihad''s two main regional rivals, also state-owned, have adopted different expansion strategies. Emirates has not emphasised equity alliances, while Qatar Airways has made some investments but focused on financially stronger partners. For example, it owns a major stake in British Airways owner IAG, one of Europe''s most profitable carriers. "We will look at other acquisitions of airlines but we look at airlines that don''t take the resources of Qatar, or attention of Qatar management, to fix issues. We will always go after goldsmiths, not scrap dealers," Qatar Airways CEO Akbar Al Baker said in 2015. (Writing by Andrew Torchia; Editing by Mark Potter, Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-etihad-airways-ceo-idUKKBN1581BU'|'2017-01-24T18:23:00.000+02:00'
'd8c976c9cb7825d70cc5690cc1fb836dfa27bb90'|'Rio Tinto sells coal assets to China''s Yancoal for up to $2.45 billion'|'  8:49am GMT Rio Tinto sells coal assets to China''s Yancoal for up to $2.45 billion FILE PHOTO - A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo SYDNEY Rio Tinto Plc ( RIO.AX ) ( RIO.L ) said it agreed to sell Australian unit Coal & Allied Industries Ltd to Chinese government-controlled Yancoal Australia Ltd ( YAL.AX ) for up to $2.45 billion (1.9 billion pounds) in cash. "This sale delivers outstanding value for our shareholders and is consistent with our strategy of reshaping our portfolio to ensure the most effective use of capital," said Rio Tinto CEO Jean-Sébastien Jacques in a statement. (Reporting by Byron Kaye; Editing by Randy Fabi)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rio-tinto-m-a-yancoal-idUKKBN1580TS'|'2017-01-24T15:49:00.000+02:00'
'3565144a258f15327f6703f1ae73d1fff34daaea'|'Dubai''s Mashreq Q4 net profit slides 20.7 pct'|'Financials  19am EST Dubai''s Mashreq Q4 net profit slides 20.7 pct DUBAI Jan 25 Mashreq, Dubai''s third-biggest bank by assets, reported a 20.7 percent fall in fourth-quarter net profit on Wednesday. The lender made a net profit of 441 million dirhams in the three months to Dec. 31, it said in a statement, a decrease on the 556 million dirhams recorded for the corresponding period of 2015. For the full-year of 2016, the bank reported a net profit of 1.9 billion dirhams, down from 2.4 billion dirhams a year earlier. (Reporting By Tom Arnold; Editing by Susan Fenton) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mashreqbank-results-idUSD5N1F600N'|'2017-01-25T19:19:00.000+02:00'
'250608a069c81ada9359c1c6b5af25932349610c'|'UPDATE 1-Cemex says to sell up to 23 pct stake in Grupo Cementos de Chihuahua'|'(Adds history of offering, background)MEXICO CITY Jan 25 Mexican cement giant Cemex said on Wednesday it will offer to sell up to a 23 percent stake it owns in Grupo Cementos de Chihuahua, as part of Cemex''s plan to shed certain assets.Cemex said in a statement that the eventual size and timing of the sale, which will take place locally and also be open privately to foreign investors, will be dependent on market conditions.Cemex, one of the world''s largest cement producers, first announced plans to sell its 23 percent stake in September, when it sought regulatory approval for the move.Cemex said on Wednesday that the Grupo Cementos de Chihuahua shares it owns are currently valued between 95 and 115 pesos per share. The company said it could offer as many 76.5 million Grupo Cementos de Chihuahua shares in the offering.In recent years, Cemex has been looking to sell billions of dollars worth of assets as it looks to improve its creditworthiness.In the wake of Donald Trump''s U.S. election win, various Mexican companies have postponed stock offerings due to uncertainty over his policies that could hurt Mexico.However, this week, two sources said Jose Cuervo, the world''s biggest tequila producer which had twice stalled its initial public offering, is planning a Feb. 8 pricing for its IPO in a bid to raise up to $1 billion.Trump, who took office last week, has promised to renegotiate or scrap the North American Free Trade Agreement, and has threatened to slap hefty taxes on companies shipping products from Mexico to U.S. markets. (Reporting by Bangalore Newsroom and Gabriel Stargardter in Mexico City; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cemex-sale-idINL4N1FF47Q'|'2017-01-25T10:55:00.000+02:00'
'0cebbe3f4a281e378fbc0cf74d9515eea60826d3'|'UPDATE 1-Crabtree & Evelyn owner Nan Hai to buy Chinese cinema business'|' 28am EST UPDATE 1-Crabtree & Evelyn owner Nan Hai to buy Chinese cinema business * To buy cinema business from Orange Sky Golden Harvest * Agreed to pay $480 mln for City Entertainment * City Entertainment manages 76 cinemas in China (Adds company comments) By Julie Zhu HONG KONG, Jan 25 Chinese investment company Nan Hai Corp Ltd has agreed to buy a Chinese cinema business from Orange Sky Golden Harvest Entertainment Holdings Ltd (OSGH) for 3.3 billion yuan ($480 million) as it expands in the country''s movie sector. Nan Hai, which bought the personal care brand Crabtree & Evelyn for $175 million in December 2015, in a statement on Wednesday said it will purchase 100 percent of City Entertainment Corp Ltd, a subsidiary of Hong Kong cinema operator and film production firm OSGH, in a cash deal. The move by Nan Hai, which also owns China''s second-largest cinema investment and management firm, Dadi Cinema Group, comes as the country''s film industry is expected to pick up this year after a lacklustre 2016. Yu Xin, an executive committee member of Nan Hai and chief executive officer of Dadi Cinema, told Reuters that the takeover will help Dadi better penetrate China''s tier one and two mega cities, where City Entertainment operates and manages 76 cinemas with 531 screens. "As Dadi''s cinemas focus on smaller Chinese cities from tiers two to four, this deal will greatly supplement our current network in China, and further strengthen our market position," she said. Dadi Cinema, which ran 350 cinemas with almost 2000 screens in the world''s second-largest movie market as of the end of 2016, will continue to acquire smaller cinema operators at home, Yu said. The company plans to acquire and build more than 200 cinemas over the next three years. Nan Hai expects to complete the deal by the middle of the year, according to Yu. Nan Hai''s shares were up more than 1 percent on Wednesday after the announcement, outpacing a flat overall market. ($1 = 6.8775 Chinese yuan renminbi) (Reporting by Julie Zhu) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/osgh-ma-nan-hai-corp-idUSL4N1FF2E6'|'2017-01-25T14:28:00.000+02:00'
'50d8b245d0d3c58e925ca94cd911cd1fb23712a7'|'Any UK-U.S. trade deal will put Britain first - May'|' 29pm GMT Any UK-U.S. trade deal will put Britain first - May Britain''s Prime Minister Theresa May leaves Number 10 Downing Street in London, Britain, January 25, 2017. REUTERS/Stefan Wermuth LONDON British Prime Minister Theresa May said on Wednesday any trade deal agreed with the United States would put British interests and values first. Speaking in parliament, May said her meeting with newly inaugurated U.S. President Donald Trump later this week was a sign of the strength of the special relationship between the two countries. "We will be looking for a UK-U.S. trade deal that improves trade between our two countries that will bring prosperity and growth to this country ... and I can assure ... that in doing that we will put UK interests and UK values first," she said. She also said she was "not afraid to speak frankly to a president of the United States" when asked whether she was concerned by Trump''s comments about women. (Reporting by Kylie MacLellan, writing by Elizabeth Piper, editing by William James)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-may-visit-idUKKBN1591EN'|'2017-01-25T19:29:00.000+02:00'
'3c265b3c141d68b3beac9b35271b490ab377d9ec'|'Redefining a ''special relationship'': Trump and May to talk trade'|' 48pm GMT Redefining a ''special relationship'': Trump and May to talk trade left right Prime Minister Theresa May holds a regional cabinet meeting in Runcorn, Cheshire, as she launched her industrial strategy for post-Brexit Britain with a promise the Government will ''step up'' and take an active role in backing business, Britain, January 23, 2017. REUTERS/Stefan Rousseau/Pool 1/3 left right U.S. President Donald Trump arrives for a roundtable meeting with labor leaders at the White House in Washington, U.S. January 23, 2017. REUTERS/Jonathan Ernst 2/3 left right British Prime Minister Theresa May looks over toward President Barack Obama during the luncheon at the United Nations General Assembly in New York September 20, 2016. REUTERS/Kevin Lamarque 3/3 By Elizabeth Piper - LONDON LONDON Trade will dominate the first talks between the new leaders of the United States and Britain this week, with both hoping commitments to a future deal will redefine their ''special relationship'' in a new world order. For British Prime Minister Theresa May - who will be the first foreign leader to meet new U.S. President Donald Trump - even a simple promise to deepen trade ties between the two countries could strengthen her hand in divorce talks with the European Union. Trump might use the meeting to go some way to winning concessions from Britain and bolster his vision of the United States exporting its way to prosperity. But for both, the road to any firm trade deal is littered with pitfalls and could end up causing strains on the historically close relations between the countries, ties that have been almost driven as much by the personalities of their leaders as national interests. Differences over genetically modified food, on meat production and public-sector procurement, and fears in Britain that U.S. companies might want to buy into its prized public health service could all hamper any swift movement on a deal. Plus, while Trump has said a deal can be done "very quickly", both he and May both say they will put their respective countries'' interests first. One British source, who spoke on condition of anonymity, signaled that the government was taking a cautious approach, first wanting to get to know Trump''s negotiating team and find out what a "quick" trade deal looked like. "What determines the speed of deals is the level of engagement from the top (of the U.S. administration)," the source said. May will meet Trump in Washington on Friday after stopping off in Philadelphia to meet senior Republican leaders from Congress at a retreat the day before. The prime minister will be keen to press her Brexit message that she wants to build a "truly global Britain". But with the EU clear that Britain must not sign trade deals with other countries until it has left and British officials expressing concern over Trump''s shift toward protectionism, May will probably be reluctant about making any binding commitments. ''FUND OF GOODWILL'' Trump has played up traditionally close ties with Britain, distancing himself from his predecessor Barack Obama who said the country would be at "the back of the queue" for a trade deal with the United States if it left the EU. And London has made a strong play to court Trump after an initial diplomatic glitch when, soon after his U.S. election victory, he irritated UK officials by meeting British anti-EU campaigner Nigel Farage, a critic of May, and saying he would be a good choice for Britain''s ambassador to Washington. Following a secret trip by May''s two most senior aides to the United States in December, British foreign minister Boris Johnson met Trump''s close advisers this month and told parliament he had found a "huge fund of goodwill" for Britain. But experts and former officials suggest that goodwill may run out fast, not only on trade, but over other areas where Trump and May have potential to disagree, such as climate change, women''s rights and the Iranian nuclear deal. "Beware of Donald Trump bearing gifts," former government minister and United Nations deputy secretary-general, Mark Malloch Brown, told Reuters, suggesting that the U.S. president was not a "fan" of trade deals. Trump formally withdrew the United States from the Trans-Pacific Partnership trade deal this week and is also working to renegotiate the North American Free Trade Agreement to provide more favorable terms. BACK-FOOT BRITAIN Britain has yet to launch its exit negotiations with the European Union, promising to do so before the end of March, and faces some of the toughest talks it has waged since World War Two to end a relationship of more than 40 years. May says she will leave the EU''s single market of 500 million consumers, instead focusing on winning a free trade deal with the bloc and agreements with other countries such as the United States, India, New Zealand and Australia. By making clear she will cut ties with the EU unless she wins a good deal, some experts say she has handed the United States and other countries the upper hand in any future talks. "If the EU-UK discussion goes badly, the UK is going to be left in a position of being very exposed, and wanting to find new partners quickly. Who''s going to be sitting there at that point? The U.S.," said a former trade official in the Obama administration, who spoke on condition of anonymity. After a U.S.-EU trade deal, the Trans-Atlantic Trade and Investment Partnership (TTIP), ground to a halt last year, Washington might press for Britain to drop its resistance to U.S. genetically modified foods and to smooth over regulatory differences for product safety, food and pharmaceuticals. The two sides could also find a way to reduce regulation on financial services, although with New York and London as rival centres, any such agreement could be difficult, the former Obama trade official said. In Britain, opposition lawmakers have already challenged May on whether she will lower health and safety standards to allow imports of U.S. beef that contains growth hormones, chicken washed in chlorinated water and genetically modified organisms. "We will be looking for a UK-U.S. trade deal that improves trade between our two countries that will bring prosperity and growth to this country," May told parliament on Wednesday. "And I can assure ... that in doing that we will put UK interests and UK values first." (Additional reporting by Steve Holland, David Lawder and Yara Bayoumy in Washington; Editing by Pravin Char)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-britain-idUKKBN15925W'|'2017-01-25T23:41:00.000+02:00'
'db2b9ce8f7fb7c50ca870d74b7f1cdbe321d4162'|'PRESS DIGEST-Canada - Jan 25'|'Company  25am EST PRESS DIGEST-Canada - Jan 25 Jan 25 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** U.S. President Donald Trump''s order to revive the Keystone XL pipeline was celebrated in Alberta on Tuesday as good news for a slowly healing provincial economy. However, important hurdles remain before TransCanada Corp can actually lay the pipe across two provinces and three states. tgam.ca/2kstsgJ ** Aviva Canada is being called out by the Insurance Brokers Association of Ontario for its increasingly visible push to sell insurance directly to consumers, as well as through traditional brokers, under the same name brand - an approach its peers have avoided. tgam.ca/2ksnyMt ** Canada is talking with a wide range of Asian countries about options for new trade deals after the collapse of the Trans Pacific Partnership. Trade Minister Francois-Philippe Champagne said he''s taking stock of Canada''s options, but it is clear many Asian countries are eager to deepen their trade links with Canada. tgam.ca/2ksapmA NATIONAL POST ** Northleaf Capital Partners has closed a C$950 million ($724 million) pooled infrastructure fund, the second to target direct long-term investments in OECD countries. bit.ly/2ksjAUk ** The chief executive of Canadian National Railway Co said the Canadian automotive sector could be in the "crosshairs" of any protectionist measures taken by U.S. President Donald Trump, but the railway isn''t overly worried about its own business. bit.ly/2kscvD8 ** Postmedia Network, Canada''s largest newspaper company and the owner of the National Post, has begun issuing layoff notices as part of a previously announced plan to reduce staffing costs by twenty percent. bit.ly/2ksp55b ($1 = C$1.3121) (Compiled by Shalini Nagarajan in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL4N1FF3IN'|'2017-01-25T17:25:00.000+02:00'
'fb89fe9c5c26a547ebded1bbb89ccb5fa9c1ec5f'|'Ryanair in cooperation talks with AlItalia, to fight Lufthansa deal'|' 13pm GMT Ryanair in cooperation talks with AlItalia, to fight Lufthansa deal A Ryanair aircraft lands at Ciampino Airport in Rome, Italy December 24, 2016. REUTERS/Tony Gentile By Victoria Bryan and Conor Humphries - DUBLIN DUBLIN Ryanair ( RYA.I ) is in talks about providing connecting flights to AlItalia''s long-haul services and has raised objections with German authorities about a Lufthansa-Air Berlin tie-up, as it tries to ease its expansion in continental Europe. The Irish airline, Europe''s largest by passenger numbers, is looking to add 11 million passengers in the year to March 2018 and has frozen expansion in top market Britain in the wake of its decision to leave the European Union. But it is unlikely to look to acquisitions to fuel that growth due to inefficiencies at rivals and the fact most have Airbus ( AIR.PA ) fleets, rather than Boeing ( BA.N ) planes as used by Ryanair, CEO Michael O''Leary told Reuters in an interview. Ryanair is currently in talks with AlItalia about providing feeder flights to its long-haul hubs in a deal that could help the Italian flag carrier curb losses on short-haul flights. AlItalia is undergoing restructuring amid uncertainty around major shareholder Etihad, which this week said it would review its European investment strategy following the departure of its chief executive James Hogan. "We can help them by offering them cheap feed, low-cost feed into their hubs ... but that means taking out aircraft, people, and that''s very difficult politically in Italy," O''Leary said. "We are still talking to them." FEEDER FLIGHTS Ryanair, which exclusively operates short-haul point-to-point services, is hoping to pilot a system of feeding long-haul flights in the coming months. O''Leary said he hoped such plans with Norwegian Air Shuttle ( NWC.OL ) and Aer Lingus ( ICAG.L ) could start in May. The integration of their booking systems has delayed the signing of deals, he said. Ryanair is offering long-haul carriers the ability to book its seats for resale at the same prices offered to customers on its own website. The long-haul carriers would take full responsibility for missed connections, though Ryanair would pay fines under EU rules for flights over three hours late, he said. In addition to Italy, Ryanair is targeting Germany, Europe''s second-largest aviation market after Britain, and O''Leary said he planned to fight Lufthansa''s ( LHAG.DE ) recent agreement to lease 38 crewed planes from low-cost Air Berlin for six years. O''Leary said the lease was a "fig leaf" to mask the acquisition of its main domestic competitor, which he said would raise their combined market share to 63 percent. "It is nothing other than a takeover," O''Leary said. Ryanair has submitted its concerns to Germany''s competition authority, which said on Wednesday it would make a decision by the end of the month on whether to review the deal. "They have been very receptive," O''Leary said. OVERCAPACITY Overcapacity in the short-haul market will continue to force fares lower in Europe in the coming year, but the rate may slow from a high single digit percentage drop to a low-single digit one, O''Leary said, while adding there were many variables. "The outcome for fares depends on what happens on Brexit and economic confidence in UK and Europe, what happens to oil, and unforeseen security events," he said. Ryanair, which is due to release results for the three months ending December, its fiscal third quarter, on Feb. 6, will continue to return cash to shareholders so long as profits continue to grow, he added. "As long as profitability continues to rise from 1.25 billion (euros) last year, in line with traffic, ... I see no reason why share buy backs shouldn’t continue, absent unforeseen shocks," O''Leary said. Ryanair may also tap bond markets again if rates remain low, he added. (Additional reporting by Peter Maushagen; Editing by Mark  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ryanair-outlook-idUKKBN1592HR'|'2017-01-26T02:13:00.000+02:00'
'56609a8e5e562b8304d1046f4c38e8e86ed11fe1'|'Japan''s Orix says ready to spend up to $1 bln for shipping loan deals'|'Financials  29pm EST Japan''s Orix says ready to spend up to $1 bln for shipping loan deals TOKYO Jan 25 Orix Corp would consider deals to the scale of $1 billion each to buy shipping loans from European banks, an executive said, as the Japanese financial conglomerate plans to increase exposure to a slowly recovering shipping sector. "We want to buy investment-grade ones from European lenders'' portfolios," said Kiyoshi Fushitani, Orix''s corporate executive vice president, told Reuters. "We''ve been approached many times for such talks (to buy shipping loans)," he said, declining to elaborate on details. The comments come as European banks - major shipping lenders - reduce exposure to a sector stricken by several years of weak demand partly because of tough ocean freight market conditions, but also to meet stricter banking rules. Earlier this month, Orix agreed to buy $290 million worth of shipping loans from Royal Bank of Scotland Group PLC (RBS) . RBS initially tried to sell its entire Greek shipping business, valued at $3 billion at the time, and held talks with Orix and Germany''s Berenberg Bank. Although 90 percent of world trade is transported by sea, shippers have been stuck in their deepest slump on record, as international trade slows while freight rates fall in a market with too many vessels. As a result, "there are deals that meet our profit target levels," said Fushitani, referring to shipping loans, which were originally extended by European lenders and are being sold on. Orix has been active in ship financing for over 40 years but drastically reduced exposure before the 2008 global financial crisis which triggered the shipping sector''s slump. "We don''t expect significant downside from where the market is now," Fushitani said. "It''s an opportunity for us given there are not many competitors." He said through buying loans to healthy shippers, Orix hopes to sell other services such as shipbrokering, or acting as an intermediary between shipowners and charterers. Orix can also serve as a go-between for shippers and Japanese institutional investors interested in shipping finance, Fushitani said. (Reporting by Taiga Uranaka; Editing by Christopher Cushing) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/orix-shipping-idUSL4N1FD1JV'|'2017-01-25T09:29:00.000+02:00'
'81546a8e17fe1adca9d022c88cf4a419eee3b17e'|'CANADA STOCKS-TSX just short of all-time high as financials, energy stocks gain'|'Company News  16pm EST CANADA STOCKS-TSX just short of all-time high as financials, energy stocks gain (Adds strategist comment, updates prices to close) * TSX ends up 33.15 points, or 0.21 percent, at 15,643.84 * Index nears 15,685.13, its all-time high hit in September 2014 * Six of the TSX''s 10 main groups move higher By Alastair Sharp TORONTO, Jan 25 Canada''s main stock index edged toward an all-time high on Wednesday, boosted by financial stocks as bond yields rose and by energy stocks in the wake of U.S. President Donald Trump''s move to advance two major pipeline projects. The Toronto Stock Exchange''s S&P/TSX composite index closed up 33.15 points, or 0.21 percent, at 15,643.84, just off its September 2014 record peak of 15,685.13. The move towards that record came as the Dow Jones Industrial Average closed above 20,000 for the first time, helped by solid earnings and as optimism over Trump''s pro-growth initiatives revitalized a post-election rally. "Canada will benefit from a better U.S. economic environment," said Kevin Headland, senior investment strategist at Manulife Investments. "The pro-pipeline stance is just another benefit that I think Trump and the Republican Party is going to provide to Canada." TransCanada Corp rose 0.4 percent to C$64.47, adding to an all-time high the stock hit on Tuesday, when Trump''s executive order put its Keystone XL pipeline back into play. The pipeline would help Canadian oil sands producers tap the world''s largest refining market for their oil and boost the price they get for their crude. The broader energy group also rose 0.4 percent, even as oil prices slipped on signs that growing U.S. shale production would reduce the impact of cuts by OPEC and other major exporters. The most influential gainers on the index included some of its biggest banks and insurers, with Royal Bank of Canada up 0.7 percent to C$93.99 and Manulife Financial Corp advancing 1.5 percent to C$25.38. "Most insurance companies in Canada typically trade off the U.S. Treasury curve," Headland said. "We saw the 10-year move up higher, that helps the Canadian insurers." Benchmark U.S. yields hit a four-week high as Wall Street''s key indexes posted record highs amid investor optimism about the economy and the policies of the administration of President Donald Trump. The financials group, which accounts for more than a third of the index''s weight, gained 0.7 percent. Gold miners held the Canadian index back, as investors shunned bullion, typically seen as a safe haven. Shares in Canadian National Railway Co fell 2.5 percent to C$91.38, as the country''s largest railway company reported earnings that beat expectations but pointed to moderate volume growth in 2017. Six of the TSX''s 10 main groups rose, with two advancers for every decliner and 22 stocks posting new 52-week highs. (Reporting by Alastair Sharp; Editing by Alistair Bell and James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1FF1X6'|'2017-01-26T05:16:00.000+02:00'
'0c29800ccff51a5f810fd208dec143b5c8f471a1'|'Microsoft''s quarterly profit rises 3.6 percent'|'Technology  13pm GMT Microsoft''s quarterly profit rises 3.6 percent A sign marks the Microsoft office in Cambridge, Massachusetts, U.S. January 25, 2017. REUTERS/Brian Snyder/File Photo Microsoft Corp reported a 3.6 percent rise in quarterly profit on Thursday, powered by a surge in demand for the company''s flagship cloud platform Azure. The company''s net income rose to $5.20 billion, or 66 cents per share, in the second quarter ended Dec. 31, from $5.02 billion, or 62 cents   ( bit.ly/2kpo0w6 ) Adjusted revenue rose to $26.07 billion from $25.51 billion. Since taking charge in 2014, Chief Executive Satya Nadella has steered the company toward cloud services and mobile applications away from its slowing traditional software business. Microsoft''s Azure platform competes with offerings from companies including Amazon.com, Alphabet Inc''s Google, IBM Corp and Oracle Corp. (Reporting by Narottam Medhora   Sriraj Kalluvila) Next In Technology News Speculation builds on a Verizon-Charter tie-up, no offer made Verizon Communications Inc is interested in exploring a combination with U.S. cable company Charter Communication Inc as part of a long list of acquisition targets but no proposal has been made for a tie-up between the two companies, sources told Reuters on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-microsoft-results-idUKKBN15A2YU'|'2017-01-27T04:13:00.000+02:00'
'21bd7e467001c1a6eee832df69e42c16f24c9092'|'Arrest warrant issued for fallen billionaire'|'Arrest warrant issued for fallen Brazilian billionaire by Flora Charner @CNNMoney January 26, 2017: 2:03 PM ET How Brazil''s richest man lost billions Authorities in Brazil have issued an arrest warrant for former billionaire Eike Batista, the latest business leader implicated in a giant corruption investigation. Batista, once ranked by Forbes as the world''s seventh-richest man, is the most recent target of Operation Car Wash, an alleged multi-billion-dollar kickback scheme that has led to the arrest of hundreds of politicians and business moguls. Federal police issued the warrant and raided Batista''s Rio de Janeiro mansion early Thursday but said he was not found. A lawyer for Batista, Fernando Martins, said Batista was in New York and would turn himself in as soon as possible, the state news agency Agencia Brasil reported. Lawyers have not said whether Batista will contest charges. Federal prosecutors accuse him of laundering money and bribing state officials in exchange for lucrative construction and mining contracts. Related: Endgame for Brazil''s ex-billionaire? At a press conference, investigators said Batista paid former Rio de Janeiro governor Sergio Cabral $16.5 million in bribes in 2010, when Cabral was in office. The payments were funneled through illegal contracts with one of Batista''s mining companies and deposited into overseas accounts, they said. Nine other people have been implicated in the investigation, including Cabral, who is in jail on other corruption charges. Batista, once Brazil''s richest man with an estimated worth of $30 billion, lost most of his wealth with the crash of commodity prices in 2012. His mining and oil conglomerates collapsed. In 2013, Batista declared bankruptcy and was forced to dismantle his EBX Group empire to pay off his debts. In 2014, he was accused of insider trading and manipulating the markets, but the trial was suspended. In late 2015, a judge issued a ruling barring him from taking on any management duties for his remaining companies for five years. More than 100 people have been implicated and arrested since the Operation Car Wash investigation was launched in 2014, including a construction tycoon and a former House speaker. CNNMoney (Rio De Janeiro) First published January 26, 2017: 1:38 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/26/news/eike-batista-brazil-billionaire-arrest-warrant/index.html'|'2017-01-27T01:47:00.000+02:00'
'f31d0d8ad4383bea98c74e109b6922c4b8bde46c'|'Kier says half-year underlying organic growth stays strong'|' 46am GMT Kier says half-year underlying organic growth stays strong British construction and support services company Kier Group said it had continued to experience good underlying organic growth over the last six months of 2016. Kier, whose activities range from building power stations to outsourcing work for local councils, said its construction and services order book had been maintained at about 9 billion pounds by the end of Dec. 31. The figure excludes potential further renewals and extensions valued in excess of 2.5 billion pounds, it added. "The strength of the property pipeline, the good forward sold position in the residential division and the combined construction and services order book..., positions the group well for the future," Kier said in a statement. (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-kier-group-outlook-idUKKBN15A0QB'|'2017-01-26T14:46:00.000+02:00'
'ef2f7643bb41c02895b73b6c2947631f3d60ca5f'|'Singapore Q4 private home prices fall 0.5 pct q/q, down 3.1 pct in 2016'|'Financials  37pm EST Singapore Q4 private home prices fall 0.5 pct q/q, down 3.1 pct in 2016 SINGAPORE, Jan 26 Singapore''s Urban Redevelopment Authority released detailed estimates for the change in private home prices in the fourth quarter of 2016: Quarter-on-quarter, percentage price change: Quarter Q4/2016 Q3/2016 Singapore -0.5 -1.5 private home prices - For the whole of 2016, private residential property prices fell 3.1 percent, after a 3.7 percent decline in 2015. - For the whole of 2016, rentals of private residential properties fell 4.0 percent, compared with a 4.6 percent decline in 2015. (Reporting by Masayuki Kitano; Editing by Kim Coghill) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/singapore-property-idUSS7N1CF01C'|'2017-01-26T07:37:00.000+02:00'
'6da950620120ebe913db86c43a9d3bb32ed1af40'|'UPDATE 1-Peru''s Grana says it plans to sell $300 mln in assets'|'Market News - Wed Jan 25, 2017 - 10:46am EST UPDATE 1-Peru''s Grana says it plans to sell $300 mln in assets (Adds comments from company, context) LIMA Jan 25 Grana y Montero , Peru''s largest construction group, said Wednesday that it would ask its board to approve the sale of $300 million in assets to help it meet its obligations after it lost a key contract in a graft scandal. Grana was a junior partner on corruption-plagued Brazilian builder Odebrecht''s $5 billion natural gas pipeline project in Peru, which returned to state control after the group missed a financing deadline on Monday. Grana said it must pay off some $330 million in debt and guarantees related to the pipeline concession, and is aiming to do so before a public auction of the project''s assets. Grana expects to recover at least 95 percent of its investments in the project from the auction within a year, including the $220 million that the company paid for a 20 percent stake in the project in 2015. A divestiture plan will be presented to the company board on Thursday, Grana said. Odebrecht, a family-owned engineering conglomerate at the center of a growing graft scandal in Latin America, said Tuesday that a $500 million irrigation project that it was building with Grana has been frozen since December pending a government permit. Peruvian President Pedro Pablo Kuczynski said that Odebrecht must sell its projects and leave the country, after the company acknowledged distributing $29 million in bribes in Peru. (Reporting by Marco Aquino, Writing by Mitra Taj; Editing by Lisa Von Ahn and Alistair Bell) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/peru-grana-y-montero-idUSL1N1FF0S9'|'2017-01-25T22:46:00.000+02:00'
'527fe387497073620ad413c4fc993fbf50da0839'|'Nikkei hits near 3-wk high on Wall Street gains; financials up'|'Company News   1:08am EST Nikkei hits near 3-wk high on Wall Street gains; financials up TOKYO Jan 26 Japan''s Nikkei share average surged to a near three-week high on Thursday tracking strength in Wall Street, while financial stocks were in demand after U.S. yields rose. The Nikkei gained 1.8 percent to 19,402.39, the highest closing level since Jan. 6. The broader Topix gained 1.5 percent to 1,545.01 and the JPX-Nikkei Index 400 advanced 1.6 percent to 13,859.63. (Reporting by Ayai Tomisawa; Editing by Amrutha Gayathri) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1FG26Q'|'2017-01-26T13:08:00.000+02:00'
'06f4e740a3ddb4d5e9545be0dda39af8ab459f70'|'St. James''s Place gets fourth quarter asset boost from inflows, market gains'|'  7:32am GMT St. James''s Place gets fourth quarter asset boost from inflows, market gains By Simon Jessop - LONDON LONDON British wealth manager St James''s Place ( SJP.L ) said funds under management rose to 75.3 billion pounds in the fourth quarter, boosted by record net inflows across its business and strong investment gains. The group, which provides a range of investment services to affluent savers, including mutual funds, pensions and tax planning, said fourth-quarter net inflows were 2.1 billion pounds, up 26 percent. Net investment gains during the quarter were 1.9 billion pounds, it added. This was helped by strong performances across a number of stock markets during the period, with the FTSE 100 .FTSE up more than 3 percent. "Alongside these fund flows, we''ve continued to expand our capacity to attract new clients and build upon our existing client relationships, both in the UK and in Asia, and this bodes well for our future growth," Chief Executive David Bellamy said in a statement. The firm was also helped by strong client retention of 95 percent, and said the number of qualified advisors who provide its face-to-face financial advice rose 10 percent on the year to 3,415. (Reporting by Simon Jessop; editing by Carolyn Cohn and Susan Thomas)   BT Group faces U.S. lawsuits as Italian accounting scandal deepens NEW YORK BT Group Plc was hit on Wednesday with at least two shareholder lawsuits in the United States, after one-fifth of the telecommunications company''s market value was wiped out in a single day amid a growing accounting scandal in Italy.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-st-james-s-place-results-idUKKBN15A0P3'|'2017-01-26T14:32:00.000+02:00'
'a8d2902e899686c533a6b1d241b4a87e6988e3dc'|'Fears over euro zone inflation resurgence exaggerated: Villeroy'|'Business News   7:02am EST Fears over euro zone inflation resurgence exaggerated: Villeroy Governor of the Bank of France Francois Villeroy de Galhau attends a press conference after the Franco-German Financial Council meeting in Berlin, Germany, September 23, 2016. REUTERS/Axel Schmidt MUNICH, Germany Fears over a resurgence of inflation in the euro zone are exaggerated so it is not yet time to discuss an exit from the European Central Bank''s unprecedented stimulus program, Governing Council Member Francois Villeroy de Galhau said on Thursday. German inflation may soon peak over 2 percent, the ECB''s target, but it will ease back and average below 2 percent this year, Villeroy said in Munich, responding to German criticism of the ECB''s exceptionally loose policies. "It is not our aim to keep interest rates low for too long: low interest rates are not a goal in themselves, they are merely the necessary condition today for gradually returning toward our inflation target" Villeroy said. "But, although quantitative easing will obviously not last forever, we clearly did not discuss tapering or any exit strategy. (Reporting by Joern Poltz; Writing by Balazs Koranyi) Next In Business News ''Show me the money'': divorce first, then trade deal, EU tells UK BRUSSELS Since Prime Minister Theresa May set out her Brexit goals last week, interest in Britain has focused on the future trade deals she may one day strike with the United States and other powers, as well as with the European Union. Brexit fallout to hit Britain in 2017, 2018: EU''s Moscovici BRUSSELS The British economy will pay higher costs this year and next for the uncertainty created by its vote to leave the European Union, the EU economics commissioner said on Thursday, though he recognized Britain had so far fared well since the referendum. Exclusive: Millions of barrels of Venezuelan oil stuck at sea in dirty tankers HOUSTON/PUNTO FIJO, Venezuela More than 4 million barrels of Venezuelan crude and fuels are sitting in tankers anchored in the Caribbean sea, unable to reach their final destination because state-run PDVSA cannot pay for hull cleaning, inspections, and other port services, according to internal documents and Reuters data. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-ecb-policy-villeroy-idUSKBN15A1GS'|'2017-01-26T18:55:00.000+02:00'
'32ec959f18dfcb8117637614681bcaf9984be301'|'Cisco to buy AppDynamics for about $3.7 bln'|'Market News - Tue Jan 24, 2017 - 7:47pm EST Cisco to buy AppDynamics for about $3.7 bln Jan 24 Cisco said on Tuesday it intends to acquire AppDynamics Inc for about $3.7 billion in cash and assumed equity awards. Appdynamics, a U.S. business software company, will continue to be led by David Wadhwani, Cisco said in a statement. (Reporting by Sangameswaran S in Bengaluru; Editing by Sandra Maler) Next In Market News RPT-INSIGHT-How Russia sold its oil jewel -- without saying who bought it MOSCOW/LONDON/MILAN, Jan 24 More than a month after Russia announced one of its biggest privatisations since the 1990s, selling a 19.5 percent stake in its giant oil company Rosneft, it still isn''t possible to determine from public records the full identities of those who bought it. UK Stocks-Factors to watch on Jan 25 Jan 25 Britain''s FTSE 100 index is seen opening 13 to 19 points higher, or up as much as 0.3 percent on Wednesday, according to financial bookmakers. * The UK blue chip index , which touched a three-week low the previous day, had a volatile session after the UK Supreme Court ruled that Prime Minister Theresa May must gain parliament''s approval before she begins Britain''s formal exit from the European Union. The top share index ended little changed on Tuesday. * BHP BIL MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/appdynamics-ma-cisco-systems-idUSL4N1FF07V'|'2017-01-25T07:47:00.000+02:00'
'3807f7ad559179eb19186f4a2bff65453a84e507'|'Polish BZ WBK Q4 profit rises 66 pct y/y, above forecasts'|' 38am EST Polish BZ WBK Q4 profit rises 66 pct y/y, above forecasts WARSAW Jan 25 Polish lender Bank Zachodni WBK , a unit of Spain''s Banco Santander , reported on Wednesday a 66-percent annual rise in its fourth-quarter net profit due to lack of guarantee fund costs that dented its results a year earlier. Poland''s third-largest bank in terms of assets, BZ WBK said its net profit rose to 461 million zlotys ($113.20 million) in the fourth quarter and came above analysts'' expectations of 424 million zlotys. ($1 = 4.0725 zlotys) (Reporting by Marcin Goclowski; Editing by Lidia Kelly) Next In Financials RPT-INSIGHT-How Russia sold its oil jewel -- without saying who bought it MOSCOW/LONDON/MILAN, Jan 24 More than a month after Russia announced one of its biggest privatisations since the 1990s, selling a 19.5 percent stake in its giant oil company Rosneft, it still isn''t possible to determine from public records the full identities of those who bought it.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/bz-wbk-results-idUSFWN1FF06Y'|'2017-01-25T13:38:00.000+02:00'
'851b99d0d4163333d397b143d466dcacabf0f990'|'BRIEF-Ardepro to issue corporate bonds worth 4.8 bln yen'|'  10:55pm EST BRIEF-Ardepro to issue corporate bonds worth 4.8 bln yen Jan 25 Ardepro Co Ltd : * Says it to issue its 3rd series unsecured corporate bonds worth 4.8 billion yen with interest rate of 3.5 percent * Says payment date of Jan. 24, 2017 and maturity date of Jan. 23, 2018 Source text in Japanese: goo.gl/SJv0sX Further company Coverage: (Beijing Headline News) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FF1TP'|'2017-01-25T10:55:00.000+02:00'
'361e5da1f551cfe8ea75d1e399aaf6546b2f057c'|'Santander profit weathers currency storms, lifting shares'|'Money News   3:15pm IST Santander profit weathers currency storms, lifting shares FILE PHOTO - A logo of Santander, the euro zone''s largest lender by market value, is seen on a branch in the Andalusian capital of Seville, southern Spain January 27, 2016. REUTERS/ Marcelo del Pozo/File Photo By Jesús Aguado and Angus Berwick - MADRID MADRID Strong underlying profit growth at Banco Santander in 2016 and a better-than-expected performance in the last quarter drove its shares higher on Wednesday as it weathered the impact of falls in the pound and the Mexican peso. The euro zone''s largest bank by market value kicked off Spain''s bank reporting season with a 4 percent rise in 2016 net profit to 6.2 billion euros ($6.65 billion) as results in Brazil improved for the fourth quarter in a row. Santander''s shares rose 4.5 percent to a 17-month high and were at the top of Spain''s blue-chip Ibex index. They have outperformed Europe''s STOXX banking index over the past year with a 8.3 percent rise. Fourth quarter net profit was 1.6 billion euros, compared to 25 million euros a year earlier when Santander was hit by a 600-million-euro mis-selling compensation bill in Britain. An average of analyst forecasts calculated by Reuters was for a 2016 profit of 6.1 billion euros, while analysts said the bank''s fourth quarter results were 9 percent ahead of consensus. Santander said business in its largest market Brazil helped it through a squeeze on margins in Europe that is pressuring its peers, as well as softening the impact of currency devaluations. "Stripping out the effect of the currency depreciation in the UK we have seen a recovery in profit and the market is welcoming that performance," Nuria Alvarez, an analyst at Madrid-based brokerage Renta 4, said. In Britain, its second largest market, Santander''s 2016 profit was down almost 15 percent over the year, mainly due to the fall in sterling, which has sunk to a near three-decade low since Britons voted to leave the European Union in June. A slide in the peso to a historic low virtually meant net profit rose by just 0.1 percent in Mexico, which accounts for 8 percent of Santander''s total profit, whereas it would have been up 17.5 percent without currency fluctuations. However, net profit in Brazil rose for the fourth quarter in a row and net interest income for the third consecutive quarter after a deep recession there caused returns to tumble last year. VOLATILE BUT PROFITABLE Santander''s Executive Chairman Ana Botin said she expected a volatile year ahead but that business would be stronger than in 2016 in key markets and she saw opportunities for profitable growth. "In 2016, we have been able to offset a lot of the unexpected adverse conditions from Brexit, to lower than anticipated rates, higher taxes and some others," Botin told analysts on a conference call. For 2016, Santander''s total net interest income, a measure of earnings on loans minus deposit costs, was 31.1 billion euros, down 3.4 percent from a year ago, mirroring pressure on margins experienced by other Spanish banks. Analysts had expected NII to come in around 30.8 billion euros. But unlike most other Spanish banks, Santander will not be hit by a European court ruling that may force them to reimburse up to 4 billion euros to mortgage customers. Santander reaffirmed its 2018 targets such as boosting its fully-loaded core capital ratio, a closely watched measure of a bank''s strength, to just above 11 percent, after it ended the year with a ratio of 10.55 percent. ($1 = 0.9326 euros) (Editing by Stephen Coates and Alexander Smith) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/santander-results-idINKBN1590Z3'|'2017-01-25T16:45:00.000+02:00'
'822196200b1c2fe48279a8912005bb06016f1cb6'|'UPDATE 1-China c.bank official defends rapid foreign reserves use to keep yuan steady'|'Business News - Wed Jan 25, 2017 - 4:48am EST China central bank official defends rapid foreign reserves use to keep yuan steady A man uses his mobile phone while walking past the headquarters of the People''s Bank of China (PBOC), the central bank, in Beijing, November 20, 2013. REUTERS/Jason Lee/File Photo BEIJING A senior official at China''s central bank has defended authorities'' rapid use of foreign exchange reserves to keep the yuan currency stable, saying the benefits "outweighed the drawbacks", according to a state newspaper. "The use of foreign reserves has kept the yuan stable and prevented market overshooting," the Ren Min Zheng Xie Bao paper quoted Yi Gang, a vice governor of the People''s Bank of China (PBOC), as saying. The paper is owned by political advisory body the China''s People''s Political Consultative Conference (CPPCC), of which Yi is a member. The yuan CNY=CFXS fell 6.6 percent against the dollar last year, its biggest loss since 1994, under pressure from sluggish economic growth and a strong dollar, which have spurred capital outflows. China has spent $1 trillion in foreign reserves in the past two years as it tried to stabilize the faltering currency, the newspaper said. China''s foreign reserves shrank to near six-year lows in December, but held just above the critical $3 trillion level, sparking speculation over how long authorities would be able to continue defending the currency. The government has turned to other administrative and regulatory measures in recent weeks to curb outflows and clamp down on speculation. Yu said the yuan''s inclusion in the International Monetary Fund''s basket of reserve currencies known as Special Drawing Rights, or SDR, has brought "profound changes" for the currency, as the yuan has become more internationalized and can be held as official reserve currency by other countries. "We must realize the situation that yuan currently faces has changed profoundly compared to the past, before we could discuss what an appropriate level is for foreign reserves," Yi said. (Reporting by Kevin Yao and Yawen Chen; Editing by Clarence Fernandez and Kim Coghill) Next In Business News Trump talks to U.S. automakers, pushes for new American plants WASHINGTON U.S. President Donald Trump urged the chief executives of the Big Three U.S. automakers on Tuesday to build more cars in the country, pressing his pledge to bring jobs to America and discourage the car industry from investing in Mexico.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-china-economy-forex-idUSKBN1590Z7'|'2017-01-25T16:40:00.000+02:00'
'4c61f1deae1a40ca7bd70ed03cef51a6790a6218'|'France agrees second power link with UK, despite Brexit'|' 22pm GMT France agrees second power link with UK, despite Brexit The sun sets behind pylons of high-tension electricity power lines on a cold winter day outside Strasbourg, France, January 18, 2017. REUTERS/Christian Hartmann PARIS French energy markets regulator CRE has approved a planned second power link between France and the United Kingdom after consulting stakeholders, saying the project was still viable and needed despite Britain''s decision to leave the EU. CRE withheld approval for the project in December and launched a public consultation to assess the impact of Brexit on the 1,000 megawatt (MW) power cable project that is estimated to cost 750 million euros ($800 million). "The various promoters believe that the economic fundamentals of the projects remain the same whether the UK is in the European Union or not, and the consequences of Brexit on the project remain very limited," the regulator said in a decision published on its website on Wednesday. It said the project will bring a net benefit to the European Union even if Britain withdraws from some of the advantages. CRE said the final investment decision for the project would be left to French grid operator RTE, which will decide before end-2018. RTE is developing the power link called Interconnexion France-Angleterre (IF2) with Britain''s National Grid. The link is expected to be completed by 2020, and will become the second between Britain and France aimed at increasing power transmission capacity between the two after the 2,000 MW IFA high voltage link that was commissioned in 1986. ($1 = 0.9311 euros) (Reporting by Bate Felix; Editing by Ruth Pitchford)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-france-energy-idUKKBN159240'|'2017-01-25T23:22:00.000+02:00'
'7a6a675558e7d95b27b9822df0bce5df063a0228'|'UPDATE 1-Weak Chinese market may hit elevator maker Kone in 2017'|' 52am EST Weak Chinese market may hit elevator maker Kone in 2017 HELSINKI Sales and profits at Finnish elevator maker Kone Oyj ( KNEBV.HE ) may fall this year due to a weak Chinese market, it said on Thursday, sending its shares as much as 7 percent lower. Kone reported record sales and operating profit for 2016 as growth in other regions offset a cooling business in China, where the company made about 30 percent of its sales. But this year, it said sales were likely to be in a range of down 1 percent to up 3 percent from 8.78 billion ($9.42 billion) in 2016, while operating income is seen at 1.18-1.30 billion euros, compared with 1.29 billion last year. "In monetary value, the (Chinese) market declined clearly (in the fourth quarter) due to the intense price pressure as well as the continued shift in customer preferences toward lower-specification products," Chief Executive Henrik Ehnrooth said in a statement. "In 2017, we expect the (Chinese) market to decline by 0-5 percent in unit terms and the competition to remain intense." At 1130 GMT, Kone shares were down 6.9 percent at 42 euros, the biggest fall by a European blue-chip stock .FTEU3 , after touching a six week low of 41.68 euros. One analyst said Kone seemed to be both lowering prices and losing market share in China. "The stock is still attractive as a long-term investment, but at its current price and with pressure from China it may have reached its short term peak," said Juha Kinnunen at Inderes Equity Research, who has a "reduce" rating on the shares. Kone is the world''s second-biggest elevator maker after Otis, a unit of U.S. company United Technologies ( UTX.N ). Rivals also include Swiss company Schindler ( SCHP.S ) and Germany''s ThyssenKrupp ( TKAG.DE ). (Reporting by Jussi Rosendahl and Tuomas Forsell; Editing by Gwladys Fouche and Mark Potter) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-kone-results-idUSKBN15A175'|'2017-01-26T18:39:00.000+02:00'
'3ad136d86ddd304c1de9294f56953c1e2f290822'|'Japan PM says it''s not so easy to change Trump''s mind on TPP'|'Business  15am GMT Japan PM says it''s not so easy to change Trump''s mind on TPP Japanese Prime Minister Shinzo Abe speaks during a press conference in Hanoi, Vietnam January 16, 2017. REUTERS/Hoang Dinh Nam/Pool TOKYO Japanese Prime Minister Shinzo Abe said on Friday that it is not so easy to change U.S. President Donald Trump''s mind on the Trans-Pacific Partnership (TPP). Trump will seek quick progress towards a bilateral trade agreement with Japan in place of the TPP deal he abandoned this week, when Abe visits the White House next month, an official in the Trump administration said on Thursday. (Reporting by Kaori Kaneko; Editing by Chris Gallagher) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-japan-abe-idUKKBN15B06M'|'2017-01-27T09:15:00.000+02:00'
'b57952e1cdf15033c61a87b771065bede8ac30c3'|'Bosch, Cisco, BNY Mellon, others launch new blockchain consortium'|'Technology News  40pm EST Bosch, Cisco, BNY Mellon, others launch new blockchain consortium The logo of Dow Jones Industrial Average stock market index listed company Cisco is seen in San Diego, California April 25, 2016. REUTERS/Mike Blake/File Photo By Anna Irrera - NEW YORK NEW YORK Cisco Systems Inc ( CSCO.O ), Bosch Ltd ( BOSH.NS ) and several other companies, have set up a consortium to work on how blockchain can be used to secure and improve "internet of things" applications, as sectors beyond finance seek to benefit from bitcoin’s underlying technology. The group, which also includes Bank of New York Mellon Corp ( BK.N ), Foxconn Technology Group, security company Gemalto and blockchain startups Consensus Systems (ConsenSys), BitSE and Chronicled Inc said on Friday that they will collaborate to develop a shared blockchain protocol for the internet of things - the concept that everyday objects, from washing machines to shipping containers, will be connected to the internet and will be able to send and receive data. While having more devices connected to the internet presents some advantages for consumers and businesses, it also increases the scope of devices which could be hacked. Blockchain is a tamper-proof distributed record of transactions that is maintained by a network of computers on the internet and secured through advanced cryptography. Proponents of the nascent technology believe it could be used to provide additional security and better identity management features to internet of things applications. "We are seeing tremendous potential for the application of blockchain in industrial use cases," said Dirk Slama, chief alliance officer at Bosch Software Innovations. "Being able to create a tamperproof history of how products are manufactured, moved and maintained in complex value networks with many stakeholders is a critical capability ..." The consortium is one of several collaborative efforts by large companies aimed at advancing the development of blockchain technology. Around 40 banks are members of a blockchain consortium run by startup R3 CEV, while technology firms such as IBM Corp ( IBM.N ) and Hitachi Ltd ( 6501.T ) are part of a consortium led by the Linux Foundation. Companies in different sectors are looking at the technology, but some financial firms have forged ahead, recently announcing plans to deploy new blockchain systems this year. The new internet of things consortium highlights how companies could make bigger moves in blockchain this year. "Securing identity for physical property and packaging is going to be a big business opportunity over the next decade, high value parts of logistics supply chains and regulated industries like energy, pharmaceuticals, and cold chain could all see a blockchain component over the next decade," said Joe Pindar, director of product strategy at Gemalto. As investment into blockchain continues to grow, skeptics have warned that the technology may be hyped and that it may take several years before companies can reap its benefits. (Reporting by Anna Irrera; Editing by Bernard Orr) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-blockchain-iot-idUSKBN15B2D7'|'2017-01-28T04:37:00.000+02:00'
'30e64112b6c7448738e3ba3cc89c82d049f71931'|'BRIEF-Shenzhen Forms Syntron Information expects FY 2016 net profit to increase by 35 to 55 pct'|'Financials  20pm EST BRIEF-Shenzhen Forms Syntron Information expects FY 2016 net profit to increase by 35 to 55 pct Jan 27 Shenzhen Forms Syntron Information Co Ltd : * Says net profit of FY 2016 expected to increase by 35 percent to 55 percent, or to be 68.4 million to 78.5 million yuan * Says the net profit of FY 2015 was 50.6 million yuan Source text in Chinese: goo.gl/GA1hvY Further company Coverage: (Beijing Headline News) Next In Financials Morning News Call - India, January 27 To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_01272017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 10:30 am: Finance Minister Arun Jaitley and Revenue Secretary Hasmukh Adhia at tax event in New Delhi. 5:00 pm: RBI to release weekly foreign exchange data in Mumbai. LIVECHAT-MARKE Toshiba decides to split off core chip business, sell stake TOKYO, Jan 27 Toshiba Corp''s board on Friday approved plans to make its core chip business a separate company and seek outside investment in it, aiming to avoid being crippled by an upcoming multi-billion dollar writedown for its U.S. nuclear business. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FH1GF'|'2017-01-27T11:20:00.000+02:00'
'c825016ccba5ba1cbabe05043f50fd05ebf895a6'|'Microsoft to continue to invest over $1 bln a year on cyber security'|'Technology   7:00am EST Microsoft to continue to invest over $1 billion a year on cyber security A sign marks the Microsoft office in Cambridge, Massachusetts, U.S. January 25, 2017. REUTERS/Brian Snyder By Tova Cohen - TEL AVIV TEL AVIV U.S. software firm Microsoft Corp ( MSFT.O ) will continue to invest over $1 billion annually on cyber security research and development in the coming years, a senior executive said. This amount does not include acquisitions Microsoft may make in the sector, Bharat Shah, Microsoft vice president of security, told Reuters on the sidelines of the firm''s BlueHat cyber security conference in Tel Aviv. "As more and more people use cloud, that spending has to go up," Shah said. While the number of attempted cyber attacks was 20,000 a week two or three years ago, that figure had now risen to 600,000-700,000, according to Microsoft data. Long known for its Windows software, Microsoft has shifted focus to the cloud where it is dueling with larger rival Amazon.com ( AMZN.O ) to control the still fledgling market. In October it said quarterly sales from its flagship cloud product Azure, which businesses can use to host their websites, apps or data, rose 116 percent. In addition to its internal security investments, Microsoft has bought three security firms, all in Israel, in a little over two years: enterprise security startup Aorato, cloud security firm Adallom, and Secure Islands, whose data and file protection technology has been integrated into cloud service Azure Information Protection. Financial details of these deals were not disclosed. "If you are talking about an ecosystem with more than 400 start-ups it''s not really a coincidence. Israel is huge in security," said Secure Islands founder Yuval Eldar. Microsoft''s venture arm has also made three cyber security investments in Israel, including this week an undisclosed amount in Illusive Networks, which uses deception technology to detect attacks and has been installed at banks and retailers. Earlier this month Microsoft said it invested in Israel''s Team8, which created Illusive Networks. Though Microsoft does not have any near-term plans to implement deception technology, "we look at lots of different technologies that might be of use in the future," Shah said. Shah believes that in the next year or so progress should be made in moving toward broader implementation of user authentication without need for a password. Microsoft''s Windows 10 operating system includes Windows Hello, which allows users to scan their face, iris or fingerprints to verify their identity and sign in. (Reporting by Tova Cohen; Editing by Steven Scheer and Adrian Croft) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-tech-cyber-microsoft-idUSKBN15A1GA'|'2017-01-26T18:56:00.000+02:00'
'12e91a042ff4d882083e212c5d91f93c3ebedea1'|'LVMH 2016 profit beats forecasts as U.S. and Asia show solid demand'|' 33pm IST LVMH 2016 profit beats forecasts as U.S. and Asia show solid demand The logo of French luxury group Louis Vuitton is seen at a store in Paris, France, January 26, 2017. REUTERS/Jacky Naegelen By Dominique Vidalon - PARIS PARIS LVMH, the world''s biggest luxury group, posted a forecast-beating rise in 2016 profit, as solid demand in the United States and improving trends in Asia lifted sales in the final quarter. LVMH, which raised its dividend by 13 percent, added it was cautiously confident over its prospects for 2017. The group, whose key brands include Louis Vuitton, Dior, and Hennessy cognac, said 2016 profit from recurring operations rose 6 percent to 7.03 billion euros ($7.5 billion). This compared with the 6.8 billion euros median estimate in a Reuters poll of 12 analysts. Fourth quarter sales rose to 11.27 billion euros, a like-for like growth of 8 percent, above analysts'' estimates for 5.6 percent growth. LVMH''s fashion and leather division, which accounts for the bulk of its sales and profits and is home to the Louis Vuitton, Fendi and Givenchy brands, had like-for-like revenue growth of 9 percent in the fourth quarter - above market forecasts.Analysts had expected growth of 5 percent in the quarter for the fashion and leather part of the LVMH business. Its wines and spirits division also reported a 7 percent rise in sales, helped by stronger cognac sales in China. LVMH''s rivals in the luxury industry, such as Cartier owner Richemont ( CFR.S ) and British luxury brand Burburry, have also signalled better demand in mainland China and improving tourist spending in the last part of the year. Growth in the luxury goods market had shown signs of a slowdown, notably in the second half of 2015 after attacks in Paris put off tourists travelling to Europe, where many luxury brands make a significant proportion of their sales. Global spending on luxury goods by tourists was up in December for the first time since February, lifted by strong business in Britain and France, a study by tax-refund services firm Global Blue showed. "Despite a climate of geopolitical and currency uncertainties, LVMH is well-equipped to continue its growth momentum across all business groups in 2017," LVMH said in a statement. ($1 = 0.9379 euros) (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/lvmh-results-idINKBN15A2I5'|'2017-01-27T01:03:00.000+02:00'
'1bdcb51e5285bc1259145a416d6b654dddba543d'|'No Brexit shock to U.K. economy... yet'|'No Brexit shock to U.K. economy... yet by Ivana Kottasova @ivanakottasova January 26, 2017: 5:05 AM ET UK Chancellor wants trade partnerships with the world The U.K. economy grew steadily in 2016 -- but there''s plenty to worry about. The first official estimate of fourth quarter GDP published Thursday showed the economy grew by 0.6% over the third quarter, the same pace as the two previous quarters. For 2016 as a whole the economy grew 2%, down from 2.2% in 2015 and 3.1% in 2014. But warning signs are piling up. Retail spending fell slightly in December -- typically a strong month for sales -- investments have been put on hold because of uncertainty over Britain''s relationship with the European Union after Brexit, and some big banks have said they will start moving thousands of jobs away from London. "Every major sector of the economy grew last year, which is further evidence of the fundamental strength and resilience of the U.K. economy," said Chancellor of the Exchequer Philip Hammond. "There may be uncertainty ahead as we adjust to a new relationship with Europe, but we are ready to seize the opportunities to create a competitive economy that works for all." The pound is still 15% down against the dollar compared to the EU referendum day in June. The slump is boosting British exporters, but hurting consumers at home. Prices on a wide range of consumer goods from chocolate bars and beer to iPhones and toys are rising as a result. "Retail data for [December] has shown some signs of slowing spending among consumers and if the upcoming number for this month also confirm the same trend, we could be heading towards serious trouble," said Naeem Aslam, chief market analyst at Think Markets U.K. Investment in the auto sector slumped to £1.66 billion ($2.1 billion) in 2016 from £2.5 billion ($3.2 billion) in 2015, according to the Society of Motor Manufacturers and Traders. Related: Trump says he wants a U.K. trade deal The government expects to borrow an extra £58.7 billion ($72.6 billion) over the next five years because of an economic slowdown. The Office of Budget Responsibility, an independent government agency, said that growth will slump to just 1.4% in 2017, the weakest since 2009, according to IMF data. Prime Minister Theresa May wants to start the formal process of leaving the EU by the end of March. May is meeting President Trump at the White House on Friday, hoping to start discussions about a future trade deal between the two countries. Trump said he would put the U.K. at the front of the queue for a trade deal, but experts warn an agreement is far from certain , and will take years to achieve. CNNMoney (London)   5:05 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/26/news/economy/uk-gdp-economy-brexit/index.html'|'2017-01-26T17:05:00.000+02:00'
'f0d1b49b50dc64e28be18f9ab30871c85cd683ae'|'China''s 2016 industrial profits rise most in three years on commodities recovery'|'Business News - Thu Jan 26, 2017 - 2:11am GMT China''s 2016 industrial profits rise most in three years on commodities recovery Employees work at a production line inside a factory of Saic GM Wuling, in Liuzhou, Guangxi Zhuang Autonomous Region, China, June 19, 2016. REUTERS/Norihiko Shirouzu/File Photo BEIJING Profits for China''s industrial firms rose 8.5 percent in 2016, the most in three years, as a construction boom fueled a months-long rally in prices of building materials from steel to cement, giving companies more flexibility to start chipping away at a mountain of debt. Strong profit growth last year suggests there may be a solid pick-up in industrial investment in 2017, though many analysts still expect China''s overall economic growth to cool to around 6.5 percent this year from 6.7 percent in 2016. Industrial profits fell 2.3 percent in 2015. Profits in December rose 2.3 percent from a year earlier to 844.4 billion yuan (97.2 billion pounds), the National Bureau of Statistics (NBS) said on Thursday, easing from growth of 14.5 percent in November. But the earnings recovery remained uneven across the industrial sector, with coal miners and processors such as steel mills and oil refiners continuing to see sharper gains than other firms. Profits in the coal mining sector surged 223.6 percent in 2016, while those for iron and steel production and processing companies rose 232.3 percent. Baoshan Iron and Steel (Baosteel) said last week that it expected its net profit to rise 770 percent in 2016 from a year earlier. Baosteel Group is taking over rival Wuhan Steel to create the world''s second-largest steelmaker, in the government''s biggest effort yet to consolidate its fragmented steel industry. Profits at China''s state-owned firms rose 1.7 percent in 2016 from a year earlier, compared with a 2.8 percent rise in the first 11 months of the year, the Ministry of Finance said earlier on Thursday. Total profits at state firms stood at 2.3 trillion yuan for the year, while revenue rose 2.6 percent to 45.9 trillion yuan. State firms'' total liabilities rose 10 percent year-on-year to 87 trillion yuan at the end of December, it said. COMMODITY PRICES RALLY China''s producer prices surged the most in more than five years in December, bolstered by soaring prices of coal and raw materials and contributing to a reflationary pulse seen across the global manufacturing sector. Government efforts to force bloated "smokestack" industries to shut excess and inefficient capacity also helped feed the rally by reducing supply. But some analysts worry the strong price gains may have been fueled by growing speculation in China''s commodity futures markets, adding to the risk of asset bubbles in the economy which the central bank has vowed to prevent in 2017. Chinese futures prices for steel reinforcing bars used in construction have risen more than 10 percent so far this month, on top of a gain of more than 60 percent in 2016. (Reporting by Beijing Monitoring Desk; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-industrial-profits-idUKKBN15A06L'|'2017-01-26T09:11:00.000+02:00'
'6b0cadb61acf0e8b86526c5edd7ff1f847f3100e'|'Shell set to sell $3 billion North Sea assets to Chrysaor - sources'|'Business News - Fri Jan 27, 2017 - 11:53am GMT Shell set to sell $3 billion North Sea assets to Chrysaor - sources A Shell oil and gas sign is pictured near Nowshera, Pakistan''s northwest Khyber-Pakhtunkhwa Province September 8, 2010. REUTERS/Morteza Nikoubazl/File Photo LONDON Royal Dutch Shell ( RDSa.L ) is nearing the sale of a large part of its North Sea oil and gas assets for $3 billion (2.39 billion pounds) to a private equity-backed firm, several banking sources said. The deal will mark a major milestone in the Anglo-Dutch company''s drive to reduce its heavy debt pile following the $54 billion acquisition of BG Group in February 2016. Chrysaor, a North Sea-focused oil company backed by private equity fund EIG Partners, will acquire from Shell a mix of older fields, new developments and infrastructure in a move that could breath new life into one of the world''s oldest offshore basins where production has been in a steady decline since the late 1990s. The deal is expected to be announced in the coming days to coincide with Shell''s full-year results on Feb. 2, several sources said. (Reporting by Ron Bousso; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-m-a-northsea-idUKKBN15B14C'|'2017-01-27T18:53:00.000+02:00'
'3e7e22214db5676eb253f20d1cbe77933d719c8d'|'Trump says he wants to cut the price of submarines -Fox News interview'|'Market News  29pm EST Trump says he wants to cut the price of submarines -Fox News interview WASHINGTON Jan 26   Trump said the United States needs more submarines but he wants to buy them at a lower cost. "We''re lacking submarines and we''re going to build new submarines but the price is too high so I''m cutting the prices way down," Trump said in an interview on Fox News to be broadcast later on Thursday. (Reporting by Eric Beech) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-trump-submarines-idUSW1N1EM029'|'2017-01-27T07:29:00.000+02:00'
'e838f5e43ce6f9a7cf700ed9bdd02a82691ed6e3'|'India markets regulator sets listing rules for exchanges'|' 46am EST India   MUMBAI   The rules come as BSE Ltd gears up to list on bigger rival National Stock Exchange on Feb. 3, after its up to 12.4 billion rupees ($182.23 million) initial public offering was heavily oversubscribed. Among the new measures, SEBI said exchanges may appeal to an independent panel at the bourse in which they are listed when it feels "aggrieved" by a source of potential conflict. The exchange can also submit any complaints to an independent panel to be set up by SEBI to provide "independent oversight and review" and to monitor potential conflicts on a regular basis. Concerns over conflicts of interest rose after the National Stock Exchange appealed to SEBI to be allowed to list on its own exchange, saying listing on another bourse would expose it to regulation by a rival. SEBI, however, rejected that appeal, and NSE last month went ahead with an application on the BSE. The application has yet to win SEBI approval. ($1 = 68.0442 Indian rupees) (Reporting by Rafael Nam; Editing by Biju Dwarakanath) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-sebi-exchanges-idUSL4N1FH2J3'|'2017-01-27T19:46:00.000+02:00'
'92163ac04c20751e11f4c5633ceb6e670bf11bd7'|'Brazil''s CCR seeks $1.27 billion in share offering'|'By Guillermo Parra-Bernal - SAO PAULO SAO PAULO CCR SA ( CCRO3.SA ), Brazil''s largest toll road operator, plans to raise up to 4.025 billion reais ($1.27 billion) from investors through a share offering, becoming the latest local company to return to the equity markets for fresh capital.The plan involves the sale of as many as 221.23 million common shares in a so-called restricted-efforts offering, CCR said in a Friday securities filing.The offer could be increased by 15 percent in the event of robust investor demand, it said.Reuters reported last week that CCR was in talks with banks regarding an offer to finance potential acquisitions. Sources told Reuters on Thursday that about 4 billion reais could be raised, depending on market conditions.CCR estimated the total value of the transaction based on Thursday''s closing price for the common shares, at 15.82 reais each. Existing shareholders will be given priority in the deal, the filing said.The company expects to price the offering by Feb. 9. Proceeds will go to the company''s coffers entirely, the filing said, noting that they will be used to strengthen CCR''s balance sheet and fund purchases of operating licenses.The deal underscores newfound confidence in Brazil among investors, reflecting government efforts to rebalance public finances and revive an economy struggling with its worst recession ever.Brazil''s busiest pipeline of bond and equity offerings in at least six years is being fueled by optimism in the country''s ability to emerge from a two-year recession.In the current window, which opened in mid-January and may extend for another two weeks, Brazilian companies have raised almost $7 billion.At least two initial public offerings worth about 2.5 billion reais are slated in coming weeks. Movida Participações SA''s IPO is slated to price on Feb. 6, and that of peer Unidas SA could be finalized three days later.Public offerings with restricted efforts differ from standard equity offerings in that a company does not have to request registration of the plan with securities industry watchdog CVM, only qualified investors can participate, and the deals cannot be marketed through road shows or the media.CCR hired the investment banking unit of Banco Bradesco SA to manage the deal, alongside those of Grupo BTG Pactual SA, JPMorgan Chase & Co, Banco do Brasil SA, Itaú Unibanco Holding SA and Banco Santander Brasil SA.(Editing by Alonso Soto and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ccr-stocks-offering-idINKBN15B0W5'|'2017-01-27T07:18:00.000+02:00'
'70eb6896a17d948e9b9b0e81d631eea1d91f42ba'|'EU calls for China to take ''concrete'' steps in opening market'|'Business News  46am EST EU calls for China to take ''concrete'' steps in opening market EU Ambassador to China Hans Dietmar Schweisgut speaks at a news conference in Beijing, China, May 9, 2016. REUTERS/Jason Lee BEIJING The European Union urged China on Wednesday to make "concrete progress" in opening its markets to global investment, after Chinese President Xi Jinping decried protectionism in a speech at the recent World Economic Forum in Davos, Switzerland. "A speech is a speech and actions are actions," said Hans Dietmar Schweisgut, EU Ambassador to China, adding that he would be "surprised" if Xi was unable to translate words into action. At Davos last week, Xi called for "inclusive globalization" and for global unity, saying "self-isolation will benefit no-one", two days before the inauguration of U.S. President Donald Trump. During that week, China''s cabinet issued measures to further open the economy to foreign investment, including easing limits on investment in banks and other financial institutions. No further details were provided, nor a timetable for their implementation. So far, the EU has not seen "sufficient signs that China will be willing to grant reciprocity of market access to European companies," Schweisgut told reporters in Beijing. In June 2016, the European Chamber of Commerce in China warned that foreign companies face an increasingly hostile environment in China, with fewer than half its members saying they planned to expand operations in the world''s second-largest economy. Billionaire investor Wilbur Ross, Trump''s choice for commerce secretary, has called China the "most protectionist" country in the world, and said China''s officials "talk much more about free trade than they actually practice." Trump has previously criticized China''s trade practices and threatened to impose punitive tariffs on Chinese imports, and while he did not mention China at his inauguration, he pledged to put "America first" in a nationalist speech. Schweisgut played down chances of a trade war between China and the United States, saying it would be "self-defeating" and that to speculate about the risk is to "look too far down the road". China has said it is confident it can resolve trade disputes with the new U.S. government, though some state media and government advisors have warned that U.S. aircraft manufacturers, automobile companies and agricultural products could be caught in the cross-fire of increased trade tensions. When asked whether Europe saw any opportunities in China''s warnings of punitive measures against the U.S., Schweisgut said this was "interesting speculation" but that he did not know enough about Trump''s trade policy plans to comment. (Reporting by Christian Shepherd; Editing by Simon Cameron-Moore) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-china-eu-diplomacy-idUSKBN1590MR'|'2017-01-25T14:22:00.000+02:00'
'f79511e50abce25bb083d723938ac5c11e749200'|'Boeing expects to deliver more planes in 2017'|'Boeing Co said on Wednesday it expects to deliver between 760 and 765 commercial aircraft in 2017, higher than 748 deliveries in 2016.The world''s biggest maker of jetliners said it expected 2017 core earnings, which exclude some pension and other costs, in the range of $9.10-$9.30 per share on revenue of $90.5 billion-$92.5 billion.Boeing forecast operating cash flow of about $10.75 billion in 2017. The company reported cash flow of $10.50 billion in 2016.The company''s core earnings rose to $2.47 per share in the fourth quarter ended Dec. 31 from $1.60 a year earlier.Revenue fell 1.2 percent to $23.29 billion.(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/boeing-results-idINKBN1591H4'|'2017-01-25T09:55:00.000+02:00'
'257160bb6ddc94ea4434920847c9678baab22cec'|'Toshiba writedown for U.S. nuclear business to be $6 billion - Mainichi'|'Business News - Thu Jan 26, 2017 - 2:06am GMT Toshiba writedown for U.S. nuclear business to be $6 billion - Mainichi The logo of Toshiba Corp is seen at its headquarters in Tokyo, Japan January 23, 2017. REUTERS/Toru Hanai TOKYO Toshiba Corp''s upcoming writedown for its U.S. nuclear business that has been hit by cost overruns will be 680 billion yen ($6 billion), the Mainichi newspaper reported, without citing sources. Other domestic media have reported that the figure could be as much as 700 billion yen, while sources have previously told Reuters it could be more than 500 billion yen (3.5 billion pounds). A Toshiba spokesman said that nothing concrete has been decided yet. It plans to announce the size of the writedown on Feb. 14 with its third-quarter results. Toshiba is rushing to raise funds by the end of the financial year in March as a massive charge could wipe out shareholders equity that has shrunk to just $3 billion in thewake of a 2015 accounting scandal. The conglomerate''s board will meet on Friday to approve plans to make its core chip business a separate company and hopes to raise more than 200 billion yen by selling a 20 percent stake in it, a person with direct knowledge of the matter said. (Reporting by Junko Fujita; Editing by Edwina Gibbs)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN15A070'|'2017-01-26T09:06:00.000+02:00'
'1460e54f34a2e3b666df3d47af55baa5066f18f5'|'Asia stocks hit 3-1/2-month high on Dow''s surge, dollar slips'|'Business News - Thu Jan 26, 2017 - 6:10am GMT Asia stocks hit 3-1/2-month high on Dow''s surge, dollar slips By Shinichi Saoshiro - TOKYO TOKYO Asian stocks rose to 3-1/2-month highs on Thursday, cheered by the Dow Jones Industrial Average breaching the 20,000-level for the first time, though concerns about U.S. President Donald Trump''s protectionist stance kept the dollar on the defensive. Spreadbetters forecast European stocks would follow, seeing a higher open for Britain''s FTSE, Germany''s DAX and France''s CAC MSCI''s broadest index of Asia-Pacific shares outside Japan rose 0.8 percent to its highest since Oct. 11. South Korea''s Kospi advanced 1 percent, Hong Kong''s Hang Seng climbed 1.3 percent and Shanghai edged up 0.2 percent ahead of China''s week-long Lunar New Year holiday. Japan''s Nikkei brushed aside a stronger yen to rise 1.7 percent. "Today''s excitement mainly comes from strong U.S. stocks overnight, but people are also positive about Japanese companies'' earnings especially machinery manufacturers," said Takuya Takahashi, a strategist at Daiwa Securities in Tokyo. The Dow closed atop the 20,000 mark for the first time overnight as solid earnings and optimism over Trump''s pro-growth initiatives revitalised a post-election rally. Safe-haven U.S. Treasuries were duly sold as risk aversion ebbed and the benchmark 10-year note yield rose to a four-week high on Wednesday. Subdued investor demand at a five-year auction also hurt Treasuries. The dollar, which often draws support from higher Treasury yields, failed to follow suit. An index tracking the greenback against a basket of major currencies slid to a seven-week low of 99.793 on Thursday. Unlike equities, the currency markets focused more on Trump''s trade protectionism and the negative impact it could have on the dollar. "The problem that the greenback is having right now is two fold - first Trump has been talking down the currency and second, his policies make foreign investors nervous," wrote Kathy Lien, managing director of FX strategy for BK Asset Management. "Until the market comes to terms with the risk/benefits of Trump policy, the dollar may have a tough time mimicking the one way moves in stocks and bonds." The dollar was little changed at 113.375 yen after losing 0.5 percent overnight. It had soared to a 10-month high of 118.660 in mid-December at the apex of the dollar-boosting Trump trade, when the market focus was on bets of more fiscal stimulus and reflationary measures under the new administration. The euro was steady at $1.0754 after gaining 0.2 percent the previous day. The common currency had risen to a 1-1/2-month high of $1.0775 on Tuesday against the struggling dollar. The pound extended its overnight rally and touched a six-week high of $1.2663 . Sterling has drawn its latest boost from expectations that British Prime Minister Theresa May''s upcoming meeting with Trump would pave the way for a rapid U.S. trade deal, which may offset some of the damage from its looming divorce with the European Union. In commodities, crude oil prices bounced amid the dollar''s weakening after falling the previous day on data showing a build in U.S. crude inventories. U.S. crude was up 0.8 percent at $53.18 a barrel after losing the same amount the previous day. Brent added 0.8 percent to $55.53 a barrel. A weaker greenback tends to favour non-U.S. buyers of dollar-denominated commodities like crude. Gold was on track for a third straight day of losses as the risk-on mood in the global markets reduced demand for the precious metal. Spot gold was down 0.15 percent at $1,197.96 an ounce, pulled back from a two-month high of $1,219.59 scaled on Tuesday. (Reporting by Shinichi Saoshiro; Additional reporting by Ayai Tomisawa in Tokyo; Editing by Shri Navaratnam and Kim Coghill) A woman walks past electronic board showing stock prices and Japanese Yen''s exchange rate outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. REUTERS/Kim Kyung-Hoon Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN15A01C'|'2017-01-26T13:10:00.000+02:00'
'bfc4241486c252230a97dcbae7d13c777db1d205'|'U.S. judge approves VW dealers $1.2 billion settlement'|'  10:22pm GMT U.S. judge approves VW dealers $1.2 billion settlement A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia, Poland, September 9, 2016. REUTERS/Kacper Pempel/File Photo WASHINGTON U.S. District Judge Charles Breyer on Monday granted final approval to Volkswagen AG''s (VOWG_p.DE) settlement worth up to $1.21 billion (969.63 million pounds) with 652 U.S. dealers over its diesel emissions scandal. VW''s dealers will receive an average of $1.85 million each over 18 months under the settlement. VW also agreed to keep making volume-based incentive payments to dealers, and will allow them to defer capital improvements for two years. In total, VW has now agreed to spend up to $22 billion in the United States to address claims from owners, environmental regulators, U.S. states and dealers stemming from the excess vehicle emissions. (Reporting by David Shepardson; Editing by Jonathan Oatis)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN1572SE'|'2017-01-24T05:22:00.000+02:00'
'237c4f88ab2a5ce65740592b87c8a40e40f38398'|'MIDEAST STOCKS - Factors to watch - Jan 29 - Reuters'|'DUBAI Jan 29 Here are some factors that may affect Middle East stock markets on Sunday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Stocks slip on earnings, data; dollar advances* MIDEAST STOCKS-Gulf mixed, Egypt surges on international bond issue success* Oil prices fall as U.S. drillers add rigs* PRECIOUS-Gold prices steady but head for first weekly drop of 2017* Middle East Crude-Dubai gains on Chinaoil''s purchases* OPEC January oil output shows high compliance with supply cut deal -Petro-Logistics* Saudi Aramco''s oil reserves confirmed by external audit -sources* ''Case by case'' approach for U.S. green card holders under Trump''s new order* British PM May says does not agree with Trump on immigration* Trump ban causes U.S. immigration chaos, draws fury of Muslims, Iran* Trump talks to Putin, other world leaders about security threats* Iraq to double oil export capacity at terminal to 1.2 mln bpd-official* Libyan oil production up to 700,000 BPD after repairs at Sarir oilfield* OMV buys Occidental stake in Libya''s Nafoura oil field -Libyan oil officials* Lebanon relaunches first oil and gas licensing round* Oil producer cuts should reach 1.8 mln bpd by Feb - Algeria minister* Algeria top gas supplier to Spain in 2016, eyes more EU exports* Algeria''s Sonatrach sees 2017 gas exports up to 57 bcm* First Iranian-owned oil tankers head to Rotterdam post-sanctions* Turkmenistan says ready for more talks with Iran in gas dispute* Jordan''s King Abdullah to visit U.S. from Monday* French foreign minister heads to Iran amid Trump uncertainty* Trump''s hopes for Syria safe zones may force decision on Assad* Britain "open-minded" on timescale for exit of Syria''s Assad* Russia hopes for long-term cooperation with Turkey, Iran on Syria* Syrian army seizes Damascus water source as rebels withdraw - pro-gov''t media, monitor* Turkey sees Nusra Front as terrorist group, acts accordingly -source* Trump administration debates designating Muslim Brotherhood as terrorist group* EXCLUSIVE-Syria''s million-tonne Russian wheat deal in jeopardy - Reuters* WFP, short of funds, halves food rations to displaced Iraqis* Fear in interrogation room, death in the street: Iraq roots out Islamic State* UAE says it destroyed Iranian-built drone in Yemen* Morocco arrests seven suspected militants and seizes weapons* Morocco growth seen at 4.5 pct in 2017 vs 1.6 pct last year - finance ministry* Libya needs FX policy change to ease cash crunch, says deputy PM* Tripoli force suspects eastern military backers in car bomb blast* Merkel says migrant deal with Libya needed, but not possible yet* EU executive says "confident" migration deal with Turkey will hold* Tunisia aims to cut 50,000 public sector jobs, starting this year* Tunisia to start roadshow for 1 bln Eurobond, sees more issues late* Jordan''s Arab Bank group says 2016 net profit rose 20 percentEGYPT* Egypt''s GASC buys 410,000 tonnes of Russian wheat* Yields drop on Egypt''s six-month and one-year T-bills in weekly auction* Egyptian rights lawyer says he''s banned from travel* Israel advises citizens in Egypt''s Sinai to leave, cites attack riskSAUDI ARABIA* Delayed projects ease slightly for Saudi builder Khodari* OPEC cuts will not impact Saudi oil supply to Japan -Saudi official* Malaysia''s Petronas says RAPID project remains on track after Aramco''s snubUNITED ARAB EMIRATES* Dubai''s Mashreq board proposes cash dividend of 40 pct for 2016QATAR* Qatar International Islamic Bank Q4 net profit slips 7.2 pct* Qatar investment in Russia to bolster OPEC, non-OPEC ties - BarkindoOMAN* Oman''s Bank Dhofar proposes lower 2016 dividend (Compiled by Dubai newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL5N1FG5NG'|'2017-01-29T00:23:00.000+02:00'
'a22811885e22dc2ada5038fa899691b7204bbc05'|'MIDEAST STOCKS-Gulf to consolidate; few positive cues'|'Financials - Sun Jan 29, 2017 - 12:50am EST MIDEAST STOCKS-Gulf to consolidate; few positive cues DUBAI Jan 29 Gulf stock markets look set to move sideways on Sunday in the absence of fresh positive factors and with the global market environment lacklustre. MSCI''s world equities index edged down at the end of last week while Brent crude oil stayed around $55.50 a barrel. Saudi Arabia''s index, last at 7,135 points, faces technical resistance at the January peak of 7,290 points and its pull-back from intra-day highs on Thursday suggested it may not break that level in the short term at least. Telecommunications firm Viva Kuwait may attract some interest after it reported a 6.8 percent rise in fourth-quarter net profit to 10.8 million dinars ($35.4 million); SICO Bahrain had forecast 9.44 million dinars. (Reporting by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1FJ02W'|'2017-01-29T12:50:00.000+02:00'
'bb661af2d5e1af16da6de499c4a2ded6d8ff29ee'|'Booker Tesco deal has hedge funds in a funk - Business'|'G iven that it is still trying to get over having mis-stated its profits by £263m during 2014, it seems rather apt that Tesco is buying a business best-known for sponsoring a fiction prize.Yes, Britain’s largest supermarket group is acquiring Booker, the UK’s largest food wholesaler and the company behind the Londis and Budgens convenience chains.The £3.7bn deal, which was unveiled on Friday, will supposedly create the UK’s leading food business in a £195bn market. The companies claim that will “bring benefits for consumers, independent retailers, caterers, small businesses, suppliers, and colleagues, as well as delivering significant value to shareholders”.From this week, we might start to see if shareholders and regulators agree, as documents are made available and the process of addressing possible competition concerns begins.There may be another process gathering some pace this week, too – that of a few hedge fund managers desperately trying to justify why they thought it was clever to bet on a fall in Tesco’s shares, just as news of the deal prompted a 10% increase.Delores Holdings, Marshall Wace and Pelham Long/Short Master Fund all shorted the grocer’s stock (the first two did so in the past fortnight), so they have until tomorrow to devise some plausible line explaining why.The Conn school of corporate calamities If you find yourself standing next to Iain Conn this week, move. Sharpish. The chief executive of British Gas owner Centrica is fast establishing a reputation as the chap in the City who is always in the wrong place at the wrong time.Obviously there was British Gas’s £9.5m fine last week for IT failures that landed business customers with incorrect and late bills. But elsewhere, Conn really is in the middle of a seriously unfortunate trot.He was the senior independent director at Rolls-Royce in 2010 – and he was on the board from 2005 to 2014 – which suddenly looks awkward following Lord Justice Leveson’s judgment this month that the company was aware in 2010 of corruption allegations within the company, but decided not to notify the Serious Fraud Office.Then there is Conn’s directorship at BT Group, where last week an accounting scandal in the telco’s Italian arm blew up, prompting the shares to be written down by 20%. Conn sits on BT’s audit committee.All of which must leave shareholders in Centrica facing a nervous few weeks. The firm reports results next month.Don’t bet on the future of gambling machines “In a casino, the cardinal rule is to keep them playing and keep them coming back. The longer they play, the more they lose. In the end we get it all.” As this page is fond of pointing out, that’s how Robert De Niro’s character, Ace Rothstein, explained the gambling industry in the 1995 film Casino. Remember his words this week, when the Fixed Odds Betting Terminals (FOBT) All Party Parliamentary Group publishes its report on those controversial betting machines in bookies’ shops, which allow punters to gamble on games such as roulette.Each of these terminals makes about £1,000 profit a week (though no shop can have more than four) and they are so addictive (to bookies and punters) that they have often achieved Ace’s aim and taken a punter for everything.When the group produced its interim report in December , it said “the government now has a prima facie case for significantly reducing the £100 stake ... The group sees a strong case for the stake being set at £2”.It seems unlikely to soften that position this week – and few will shed any tears about that. Still, in an intriguing footnote, the companies funding this work include Bacta – the amusement arcades trade body – and Hippodrome Casino, both of which might want to nobble bookmakers.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/29/tesco-booker-deal-hedge-funds-shares'|'2017-01-29T14:00:00.000+02:00'
'41e4498746c021b1dcbed1c6d08cbcd2a84da74e'|'Puerto Rico governor wants new debt policy as creditor talks ramp up'|'By Nick Brown Jan 24 Puerto Rico''s new governor wants to replace a law that allows the U.S. territory redirect revenues earmarked for bondholders to pay for essential services, the latest move to court holders of $70 billion in debt ahead of high-stakes restructuring talks.Ramon Rosario, a spokesman for Governor Ricardo Rossello, told reporters in San Juan on Tuesday the government planned to introduce legislation on the so-called debt moratorium law by Wednesday.Rosario gave few details on the legislation, leaving an open question on whether it would allow the government to keep revenue streams it has already redirected or "clawed back."The moratorium was signed last year by then-Governor Alejandro Garcia Padilla, who did not run for re-election.As he prepares to embark on months of likely arduous talks to restructure debt, Rossello seems willing to work with creditors, promising to pay as much debt as resources allow after belt-tightening measures like government consolidation.But the governor will have to get on the same page with a federal oversight board created last year under the Puerto Rico rescue law known as PROMESA.The board has to approve all restructuring deals, but has met with skepticism from both the island''s government and some creditors.Rossello and the board share a holistic vision to save Puerto Rico through a combination of debt restructuring, spending cuts and revenue measures.Still, Rossello has talked tough, saying he disagrees with some of the board''s initiatives, rhetoric that could curry political favor with many voters who see the board as an unwelcome extension of U.S. imperialism.Some creditors have privately criticized the board''s hiring of attorney Martin Bienenstock because he previously represented the island''s government in efforts to cut debt. "That annoyed me," one creditor source said, noting that the board has still not hired an executive director. "The board needs to bring in people that can knock some heads together, get people to move."PROMESA offers mechanisms for both out-of-court restructuring talks and an in-court option akin to U.S. bankruptcy.Keeping talks out of court may be tough, given time constraints. PROMESA imposed a freeze on lawsuits as a way to foster consensual negotiations, but it ends on Feb. 15. The board will likely extend the freeze, but only to May 1.July 1 is also a benchmark for potential litigation, particularly with holders of more than $15 billion of so-called COFINA bonds which are backed by sales tax revenues.Each fiscal year, Puerto Rico''s sales tax is earmarked for COFINA debt until the year''s COFINA debt service is accounted for, which takes a few months.Puerto Rico must begin servicing COFINA debt on July 1, a burden for a cash-strapped island that could spark a new round of lawsuits if a COFINA restructuring deal is not complete by then.Getting to a deal with COFINA will not be easy. Advisers for COFINA holders have been proactive in pushing restructuring proposals during meetings with the government and the board in recent weeks, according to a source close to the talks.But the proposals likely will not gain much traction with the government until the group''s bondholders settle internal conflicts over how to divide payouts among different subsets of COFINA bondholders, the source said.Senior most COFINA holders, led by funds like Tilden Park and GoldenTree, have proposed accepting 95 cents on the dollar, but a more subordinated class, which includes OppenheimerFunds and Franklin Advisers, is pushing for steeper haircuts for seniors, in the neighborhood of 20 percent, according to the source.COFINA also faces a lawsuit from holders of Puerto Rico''s $17 billion in general obligation bonds, which the island''s constitution says it must pay before any other expenses.With sales tax backing their debt, COFINA creditors say this separate revenue stream leaves them exempt from clawback. Attempts by general obligation holders "to challenge the Puerto Rico statutes that created liens for COFINA bondholders are self-serving and built on deceptive half-truths," COFINA''s senior bondholder group said in a statement on Tuesday.(Reporting by Nick Brown; Editing by Daniel Bases and Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-restructuring-idINL1N1FD2A1'|'2017-01-24T20:57:00.000+02:00'
'7b2507cf40790dabfe6b09461caa737286626264'|'Trade war between China and the U.S. is a lose-lose: state media'|'BEIJING A trade war between China and the United States would harm both countries, the overseas edition of the state run People''s Daily said on Wednesday, reflecting concerns over the protectionist, and anti-China stance taken by new U.S. President Donald Trump."If a trade war developed between the two countries, both China and the U.S. would be negatively impacted," the newspaper said in a commentary."In the end neither side would win, it would bring harm to other countries and that harm would be brought to others without benefits to the U.S. or China."As both China and the U.S. are major players in global supply chains and value chains, numerous countries would be gravely impacted from a trade war, the article added."At present, China and the U.S. are bound together by trade, investment, finance and other spheres," the article Quote: d Zhang Jianping, head of the Research Center for Regional Cooperation under China''s Ministry of Commerce, as saying."As the two largest economies in the world, maintaining positive trade relations is beneficial both to China and the U.S. and also the global economy."(Reporting by Sue-Lin Wong; Editing Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-china-us-trade-idINKBN15908L'|'2017-01-25T06:05:00.000+02:00'
'84866bed6b6a6230783765f52b1fb6a8e7c18423'|'Deutsche Bank investors cheer possible asset management flotation'|' 11pm GMT Deutsche Bank investors cheer possible asset management flotation FILE PHOTO: The headquarters of Germany''s Deutsche Bank is seen in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo By Andreas Kröner and Arno Schuetze - FRANKFURT FRANKFURT Deutsche Bank ( DBKGn.DE ) investors on Wednesday cheered a report the lender was considering listing its asset management unit on the stock exchange, a move that could make a cash call to shareholders less likely. Reuters reported on Tuesday the bank was weighing a partial initial public offering (IPO) of its asset management unit as part of an overhaul following its record payout over toxic mortgages in the United States. [nL5N1FE6C2] Shares in Germany''s flagship lender soared more than 6 percent to a 12-month high of 19.50 euros, almost double their level in late September when they were weighed down by worries that Deutsche''s legal bills could prove fatal. "The idea (of an IPO of the unit) is not new but becomes more realistic now," a trader in Frankfurt said. "The rationale behind (it) is to show value of the unit to release capital." According to analysts, the asset management unit, which includes Deutsche Bank''s mainstay DWS retail asset management brand, could be valued at 8 billion euros ($8.6 billion) in a potential IPO, meaning floating 25 percent would free up 2 billion euros in capital. "It''s a smart entrepreneurial decision," a source close to the matter said, while another source said deliberations were still at an early stage. Prior to a potential listing, the unit would seek to get its main registration moved to Luxembourg, which has clear tax and regulatory advantages, the sources said. Deutsche Bank declined to comment. The bank is expected to give a strategy update to investors in the spring, after publishing 2016 results on Feb. 2. According to a consensus estimate published on Deutsche Bank''s website on Wednesday, analysts expect the lender to post a net 2016 loss of 882 million euros, weighed down by its U.S. mortgages settlement. Deutsche Bank last week finalised a $7.2 billion U.S. settlement over the mortgage securities that soured in the 2008 financial crisis. [nL5N1F81KW] Not all Deutsche Bank investors, however, approve of a potential partial sale of the asset management unit. "A sale of the cash cow would be an adhoc action that would reap some money now, but down the line the bank will forgo revenues," a top Deutsche Bank investor said. The asset management unit has been touted as a potential divestment target repeatedly. However, Deutsche Bank has always said that it would not shed the business. Chief Executive John Cryan said last week at a gathering of policymakers and business executives in Davos that asset management remained "absolutely core". "People forget how big it is and it''s a very lovely steady stream of predictable profits and revenues for us, so we like it very much, so we’ll keep that," he said. The asset management unit had 715 billion euros in assets under management as of September 2016, far less than competitors such as Blackrock ( BLK.N ) or UBS ( UBSG.S ). It has seen some outflows as customers worried about the size of Deutsche''s litigation bill, which had weighed on staff morale, an employee of the unit told Reuters. "The more independence we get the better," that person said. ($1 = 0.9308 euros) (Additional reporting by Kathrin Jones and Danilo Massoni; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-bank-asset-management-ipo-idUKKBN159234'|'2017-01-25T23:11:00.000+02:00'
'a33d153f6788cf155044acf47e46552da3ca5632'|'Intesa Sanpaolo board won''t discuss Generali on Friday: CEO'|'Deals - Thu Jan 26, 2017 - 12:18pm EST Intesa Sanpaolo board won''t discuss Generali on Friday: CEO The Intesa Sanpaolo logo is seen in Milan, Italy, in this January 18, 2016 file photo. REUTERS/Stefano Rellandini TURIN, Italy Intesa Sanpaolo ( ISP.MI ) will not discuss a possible tie-up with the country''s largest insurer Assicurazioni Generali ( GASI.MI ) at a board meeting on Friday, the Italian bank''s Chief Executive Carlo Messina said on Thursday. "Absolutely not," Messina said when asked if the board would talk about Generali. Intesa said on Tuesday it was examining potential "industrial combinations" with Generali, following a report that it was studying a possible takeover bid. (Reporting by Gianni Montani; writing by Francesca Landini, editing by Valentina Za) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-generali-m-a-intesasp-board-idUSKBN15A2E3'|'2017-01-27T00:18:00.000+02:00'
'f0589edebc21076bab42d9447c8bea40e38b02c1'|'Buffett''s BNSF cuts ethanol shipper costs amid push for safer train cars'|'Business News - Wed Jan 25, 2017 - 2:43pm EST Buffett''s BNSF cuts ethanol shipper costs amid push for safer train cars A train makes its way along the Burlington Northern Santa Fe (BNSF) rail line outside of Williston, North Dakota March 12, 2013. REUTERS/Shannon Stapleton (UNITED STATES) - Tags: BUSINESS TRANSPORT) - RTR3EXPB By Jarrett Renshaw and Chris Prentice - NEW YORK NEW YORK BNSF Railway Co will start offering discounts to ethanol shippers this April if they agree to use new, safer train cars, as it pushes to scrub puncture-prone ones from its rail lines at a faster pace than required by U.S. regulations. The move by Warren Buffett''s Berkshire Hathaway ( BRKa.N ) rail company comes even as ethanol shippers have been slow to embrace the new train cars mandated by sweeping new regulations enacted in 2015 after a series of fiery crude oil derailments. BNSF is offering shippers discounts of $300 per carload if they use newer model tank cars, called DOT 117s, according to a shipping notice seen by Reuters. Ethanol shippers are not required to use those newer cars until 2025, a longer timeline than given to crude oil shippers. Ethanol shippers were given more time than crude shippers because a typical shipment of the biofuel, which is blended into gasoline, was seen as less dangerous and companies said they needed more time to overhaul the cars. A recent decline in rail volumes has given the industry more flexibility to overhaul its cars. There were 35,252 tank cars hauling ethanol in September, and 84 percent, or 29,597, were DOT 111s, according to the Association of American Railroads. The newer-model DOT 117s accounted for just 6 percent of the ethanol fleet, AAR data shows. "BN (BNSF) is trying to expedite the process of switching over, (but) it''s unclear if it will really work," said Neil Shah, a trader with Biourja Trading LLC in Houston. Fuel train derailments pose significant risk to BNSF, which has a high-deductible insurance policy designed to protect against catastrophic incidents. Also, derailments leave lines shut and deliveries delayed, costing money. There have been at least 16 significant ethanol or crude oil derailments since 2006, and nearly all involved DOT 111s, according to the National Transportation Safety Board. Accident investigators have said DOT 111s cars tend to puncture during derailments, sometimes causing fires. The oil train that derailed and exploded, leveling part of the Quebec town of Lac-Megantic and killing 47 people in 2013, was made up of DOT-111 tank cars. ''BIGGER DISCOUNTS'' Tom Williamson, a railcar broker and owner of Transportation Consultants, said BNSF''s actions have boosted interest from shippers, who could save $60,000 a month if they make two trips with 100 cars per train. "Obviously, clients would like to take advantage of the discount, said Williamson, adding that some clients have decided to trade in their DOT 111s early for newer models in exchange for extending their leases. He said monthly lease rates for the new rail cars have increased by $200, to roughly $650 a month, the biggest jump in some time. DOT 111s are currently leasing at roughly $250 a month, he said. "BNSF is telling the market that they are willing to consider bigger discounts if this doesn''t work," Williamson said. BNSF declined to comment on the reasons for the move, saying the shipping notice speaks for itself. No other major U.S. railroads CSX ( CSX.O ), Norfolk Southern ( NSC.N ) and Union Pacific Corp. ( UNP.N ) said they were offering similar discounts. A spokeswoman for Union Pacific, the largest U.S. railroad, said the company is currently not offering a broad incentive program because it recognizes the DOT 117s may not be practical for all customers. Scrutiny of DOT 111s grew alongside the growth of crude rail shipments, which surged due to the lack of pipeline infrastructure in the Bakken fields of North Dakota before declining in recent months. The latest federal figures show crude rail volumes have dropped to roughly 400,000 barrels per day, while roughly 580,000 bpd of ethanol moves on U.S. rails, EIA data shows. In 2009, DOT 111 tank cars carrying ethanol derailed and exploded in Illinois, killing one woman. (Reporting by Jarrett Renshaw and Chris Prentice; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ethanol-rail-bnsf-idUSKBN1592KD'|'2017-01-26T02:43:00.000+02:00'
'34d9522d73a7561fdda1164b0e6ad210fec9479f'|'Climate change efforts under siege after Trump election - E.ON CEO'|' 50am GMT Climate change efforts under siege after Trump election - E.ON CEO CEO of E.ON Climate and Renewables Johannes Teyssen attends the annual news conference in Essen, western Germany March 9, 2016. REUTERS/Ina Fassbender BERLIN German utility E.ON, which owns billions of euros worth of wind parks in the United States, said global efforts to tackle climate change were suffering serious setbacks, singling out the election of Donald Trump as a key obstacle. "President Trump has clearly distanced himself from climate protection during his election campaign: for him it does not appear to be much more than a disguised attack by the Chinese on American jobs," E.ON Chief Executive Johannes Teyssen said. "How this will translate into concrete government policies is still unclear. But no one seriously believes that President Obama''s climate action plan will simply continue," he told the Handelsblatt energy conference on Wednesday. Teyssen said he agreed with minimum price proposals for CO2 emissions rights that would create more Europe-wide incentives for carbon-cutting measures, adding Germany''s system of funding the expansion of renewables should not be financed by consumer levies but via tax revenues. (Reporting by Christoph Steitz and Vera Eckert; Editing by Maria Sheahan)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-e-on-ceo-trump-idUKKBN1590TP'|'2017-01-25T15:50:00.000+02:00'
'bee60ab671f19e3a10680e831a9ae19bff0c766e'|'Tesco faces new legal action over accounting scandal'|'Business News - Tue Jan 24, 2017 - 10:37pm GMT Tesco faces new legal action over accounting scandal A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. REUTERS/Phil Noble/File Photo LONDON Britain''s biggest retailer Tesco PLC ( TSCO.L ) is facing a new claim for damages from an investor about its 2014 profit overstatement, the company said on Tuesday. A spokesman for the supermarket group said it was aware of a claim filed by Manning & Napier, the U.S. fund manager, and would be filing a defence shortly. Manning & Napier declined to comment. However, the Financial Times reported that the fund manager said it suffered losses of $212 million because of Tesco''s accounting irregularities. Tesco is already defending a more than 100 million pounds claim from a group of 125 institutional investors that was filed last October. Tesco issued a statement to the Stock Exchange on Sept. 22,2014, saying that during its final preparations for an interim results announcement it had identified a 250 million pound overstatement of first-half profit, mainly because it booked commercial deals with suppliers too early. The discovery led to the suspension of eight senior members of staff, sent Tesco''s shares tumbling and plunged the company into the worst crisis in its near 100-year history. Three former senior executives of Tesco accused of fraud and false accounting are due to stand trial in September. Christopher Bush, who was managing director of Tesco UK, Carl Rogberg, who was UK finance director, and John Scouler, who was UK food commercial director, were charged by the Serious Fraud Office (SFO) last September with one count of fraud by abuse of position and one count of false accounting. Late last year it emerged that Philip Clarke, the former chief executive of Tesco and Kevin Grace, its former group commercial director, would not face charges. The SFO''s more than two-year-long investigation into Tesco remains active. The profit overstatement, identified three weeks after Dave Lewis took over as CEO from Clarke, was later raised to 263 million pounds. In November 2015 Tesco agreed to pay $12 million to settle a U.S. shareholder lawsuit. The retailer denied wrongdoing in agreeing to settle. (Reporting by James Davey; editing by Grant McCool) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-tesco-litigation-idUKKBN1582WI'|'2017-01-25T05:37:00.000+02:00'
'd058327e4d321d71d10e82c911957faab2693ddf'|'WTO says $1 trln global trade treaty about to come into force'|' 38pm GMT WTO says $1 trln global trade treaty about to come into force left right World Trade Organization (WTO) Director-General Roberto Azevedo gestures during an interview with Reuters in Geneva, Switzerland, January 26, 2017. To match Interview WTO-AZEVEDO/ REUTERS/Pierre Albouy 1/4 left right World Trade Organization (WTO) Director-General Roberto Azevedo gestures during an interview with Reuters in Geneva, Switzerland, January 26, 2017. To match Interview WTO-AZEVEDO/ REUTERS/Pierre Albouy 2/4 left right World Trade Organization (WTO) Director-General Roberto Azevedo gestures during an interview with Reuters in Geneva, Switzerland, January 26, 2017. To match Interview WTO-AZEVEDO/ REUTERS/Pierre Albouy 3/4 left right World Trade Organization (WTO) Director-General Roberto Azevedo poses before an interview with Reuters in Geneva, Switzerland, January 26, 2017. To match Interview WTO-AZEVEDO/ REUTERS/Pierre Albouy 4/4 By Tom Miles - GENEVA GENEVA A trade accord that will boost global exports by $1 trillion (0.79 trillion pounds) is expected to come into force in the next two weeks, the head of the World Trade Organization said on Thursday, despite concerns over a more protectionist United States under Donald Trump. The WTO''s Trade Facilitation Agreement (TFA), which will standardise and simplify customs procedures around the world, needs two more ratifications to legally take effect, WTO chief Roberto Azevedo said, adding that Chad, Jordan and Kuwait were all poised to ratify it. "In the WTO''s history, it is the biggest agreement we ever reached," Azevedo told Reuters in an interview. "There are estimates that once fully implemented, this could have an impact of around 2.7 percentage points on trade expansion throughout the world every year until say 2030, and half a percentage point of GDP growth around the world." Three-quarters of the estimated $1 trillion boost to world exports is expected to be in developing countries, especially for small firms which are stymied by red tape, corruption and border delays. The United States, where Trump took office last Friday after fighting an election campaign on promises of protecting U.S. industry, has already ratified the TFA. Other major global economies including China, Japan and the EU have also ratified. "If it’s truly implemented and done well, there will be almost no contact between the client and the (customs) authority," Azevedo said. "When that happens the room for corruption basically disappears. And we know that at the border, corruption is a problem for many countries." Where a product may previously have taken 6-7 weeks to arrive, the waiting time should be cut to a few days. "Things are going to cross the border much more easily, much more transparently and at lower costs," Azevedo said. Asked if the deal was the high point of global trade liberalisation, the veteran Brazilian trade negotiator said there was still a "rich agenda" of potential trade reforms. Azevedo said it was too early to tell whether the new U.S. administration would be on board with those reforms, adding that much of what was being said about Trump''s plans for trade was speculation inferred from his previous comments. "A lot of concerns I’ve heard in recent political debates in the United States can be addressed by tools that we have here in the WTO," he added. (Reporting by Tom Miles; Editing by Gareth Jones)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-wto-azevedo-idUKKBN15A2LV'|'2017-01-27T01:38:00.000+02:00'
'93b888a9fc1bbdb40b0894d3d9f9a6f15e36909c'|'MOVES-JPMorgan investment banker Stephen Berenson retires'|'Market News  58pm EST MOVES-JPMorgan investment banker Stephen Berenson retires Jan 26 Stephen Berenson, a vice chairman of investment banking at JPMorgan Chase & Co, has retired after more than three decades with the firm, according to an internal memo seen by Reuters. Berenson joined JPMorgan in 1984 and for the last 12 years has worked globally across industry groups on investment banking relationships, the memo said. (Reporting by Olivia Oran in New York; Editing by Tom Brown) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/jpmorgan-moves-berenson-idUSL1N1FG23W'|'2017-01-27T03:58:00.000+02:00'
'855a602b63076744b7839a4ed10c9139baafb7e3'|'Saudi Aramco selects U.S. firms to audit reserves for IPO: sources'|'DUBAI/KHOBAR, Saudi Arabia/LONDON State oil giant Saudi Aramco [IPO-ARMO.SE] has tasked two U.S. industry leaders in oil reserves auditing to review the content of its deposits as it pushes ahead with a share listing next year, industry sources said on Thursday.Aramco, whose fields are estimated to contain 15 percent of the world''s oil, has asked a unit of oil services firm Baker Hughes - Gaffney, Cline and Associates - to carry out the review, three sources familiar with the move told Reuters.Two separate sources said Aramco had also asked Dallas-based DeGolyer and MacNaughton, one of the world''s oldest names in reserves auditing, to perform some work.Baker Hughes and Aramco declined to comment. DeGolyer did not immediately respond to a request for comment.The listing, expected to be the world''s biggest initial public offering (IPO), is a centerpiece of a Saudi Arabian government plan to transform the kingdom by enticing investment and diversifying the economy away from a reliance on oil.Aramco, once U.S.-based and run by Americans, has long been a Saudi state corporation. It dwarfs all others in the industry by production and reserves, with crude reserves of 265 billion barrels.The plan to list Aramco, the kingdom''s crown jewel, is being championed by Deputy Crown Prince Mohammed bin Salman, who oversees energy and economic policy in the world''s top oil-exporting nation.He is leading a reform drive, called Vision 2030, to address falling oil revenue and fiscal deficits by boosting the private sector, ending government waste and diversifying the economy.Last year, Prince Mohammed said he expected the IPO would value Aramco at a minimum of $2 trillion, but that he thought the figure might end up higher.Any valuation would account for oil price expectations and the size of Saudi Arabia''s proven crude reserves.Industry sources say the right to own the reserves is a sovereign issue retained by the Saudi government, while Aramco is most likely to keep its concession, meaning it would have direct access to those reserves with sole rights of exploration and production.The main question is how much of the oil reserves would be reflected in Aramco''s financial books after an independent audit as a result of the concession, the sources say."Aramco is in talks with a company to audit its reserves and another one to audit its finances," another Saudi-based industry source said."Whether (all) the oil reserves would be IPO-ed or not, that''s still being discussed."The Wall Street Journal was first to report that Aramco had hired Gaffney, Cline & Associates to assess its oil reserves, citing sources.MILESTONESSaudi officials and their advisers are aiming for two key milestones in 2017 as they push ahead with the flotation.Saudi-based industry sources say 2018 remains the planned date and up to 5 percent is the stake size being considered for the offer, though this could be raised depending on oil prices and market reaction to the listing."There are two key milestones this year. Choosing banks for the IPO and choosing an exchange," said a senior industry source familiar with the IPO plans."Aramco is looking at all options – ranging from North America, Europe and Asia. In terms of deadlines, 2018 is still the plan to list the company."Aramco had said it was considering several options for the flotation, including a single domestic stock exchange listing and a dual listing with a foreign market.Officials from the oil firm plan "discovery trips" to foreign exchanges in the next few months and have invited banks to pitch for an advisory position in the IPO, the sources said.Morgan Stanley and HSBC are among the banks that have received a request for proposals. The invitation was to evaluate Aramco''s business and help it with measures surrounding the share sale.(Additional reporting by Dmitry Zhdannikov in London; Editing by Dale Hudson)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-saudi-aramco-ipo-idUSKBN15A27X'|'2017-01-26T19:20:00.000+02:00'
'c4e5520f91ad0e95f264e1fb2fa1ef54d6a4bc2d'|'Malaysia''s Sime Darby to spin off plantation, property businesses'|'Financials   6:46am EST Malaysia''s Sime Darby to spin off plantation, property businesses KUALA LUMPUR Jan 26 Malaysia''s Sime Darby Bhd will spin off its plantations and property businesses in separate listings on the local stock exchange, while retaining its trading and logistics business, it said on Thursday. The plantations to property conglomerate said the move would allow each business to take advantage of potential growth opportunities and maximise value for all shareholders. "The transaction is not expected to result in any major disruption to the Sime Darby Group''s existing operations," it said in a statement. "The proposed pure-play strategy will enable each business to focus on their respective core activities and pursue their different and distinct aspirations." Sime Darby, the world''s largest palm oil plantation operator by land size, announced in November it could list its plantation business as it looks to monetise assets. It had earlier looked at listing its motors division, but put its plans on the backburner due to bleak business sentiment in the automotive sector. For the full statement: bit.ly/2jinZbu (Reporting by Emily Chow; Editing by Susan Thomas) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sime-drby-listing-idUSL4N1FG3HI'|'2017-01-26T18:46:00.000+02:00'
'5145ce6a3d4602dcc1a815fd574caf3611c2d6cb'|'Johnnie Walker maker Diageo toasts £460m boost from weak pound - Business'|'The company behind Johnnie Walker, Smirnoff and Guinness has enjoyed a £460m increase in operating profit as the sharp drop in the value of the pound since the Brexit vote ramped up revenues from the US and other foreign countries.Diageo shares rose by 4.6% to £22.40, the best performer in the FTSE 100, after the company said favourable exchange rates would flatter full-year sales by about £1.4bn and operating profit by about £460m.The drinks multinational does well from weak sterling because a high proportion of its earnings are taken in dollars from overseas sales. Shares have risen by about one-fifth since the EU referendum last June.UK manufacturers upbeat as weak pound boosts exports Read moreIn the first half of Diageo’s financial year to the end of December, a struggling pound helped drive up sales by 14.5% to £6.4bn. Profit increased by 28% to £2.1bn.Stripping out the impact of the exchange rate boost, sales and profit were up 4.4%, beating analysts’ expectations, as consumers splashed out on their favourite tipples.Ivan Menezes, the Diageo chief executive, said its US spirits business and scotch brands performed particularly well in the first half, helped by marketing campaigns and an improvement in logistics. In the UK, sales were broadly flat, but revenues rose by 11% in continental Europe.“We are identifying consumer trends faster, expanding the reach of our products across markets and developing trade channels to capture these growth opportunities,” Menezes said.Despite the boost from the pound, Diageo left results expectations unchanged for the full financial year.Steve Clayton, a fund manager at Hargreaves Lansdown, said the results reflected a solid underlying performance that was “hugely flattered” by lower sterling.“Consumers around the world have been faced with a series of extraordinary events, from Brexit to the election of President Trump and even the demonetisation of the Indian economy. Whatever the events, it appears their reaction was to pour a larger than usual measure while they sat back and tried to figure out what on earth was going on.”'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/jan/26/johnnie-walker-diageo-profits-pound-smirnoff-guinness-dollar'|'2017-01-26T19:58:00.000+02:00'
'350cd7e2f2fba13ec76e014c9aabb325856fb58e'|'Unilever ends the year with sales growth below estimates'|'  7:28am GMT Unilever ends the year with sales growth below estimates FILE PHOTO - Toast with Marmite, a Unilever brand, sits on a kitchen counter in Manchester, Britain October 13, 2016. REUTERS/Phil Noble/File Photo LONDON Unilever ( ULVR.L ) ( UNc.AS ) reported lower-than-expected fourth-quarter sales on Thursday, hurt by demonetisation in India and an economic slowdown in Brazil. The maker of Dove soap, Knorr soup and Marmite spread said underlying sales rose 2.2 percent in the quarter. That compared with analysts'' average expectation of 2.8 percent, according to a consensus compiled by the company, and growth of 3.2 percent in the third quarter and 4.7 percent in the first half of the year. For the full year, sales growth was 3.7 percent, below the 3.9 percent analysts were expecting. Unilever Chief Financial Officer Graeme Pitkethly told Reuters the company was targeting growth in the range of 3 to 5 percent for 2017, but that the first quarter would be below that, due to the issues in Brazil and India, and the timing of Easter. (Reporting by Martinne Geller; editing by Susan Thomas)   BT Group faces U.S. lawsuits as Italian accounting scandal deepens NEW YORK BT Group Plc was hit on Wednesday with at least two shareholder lawsuits in the United States, after one-fifth of the telecommunications company''s market value was wiped out in a single day amid a growing accounting scandal in Italy.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-unilever-nv-results-idUKKBN15A0OP'|'2017-01-26T14:28:00.000+02:00'
'571ae6e2c5fdd2cff1b8b9a30794268297e737fc'|'UPDATE 2-Trump names Ohlhausen as acting chair of Federal Trade Commission'|'(Adds background)By Diane BartzWASHINGTON Jan 25 Commissioner Maureen Ohlhausen, a Republican on the Federal Trade Commission, has been named the FTC''s acting chairman, the agency said on Wednesday.In addition to Ohlhausen, the commission has two Democrats, outgoing Chairwoman Edith Ramirez who steps down early next month and Democrat Terrell McSweeny. It has two vacancies.The appointment was made by a White House order, the FTC said on its website."I am deeply honored that President Trump has asked me to serve as acting chairman of the FTC and to preserve America''s true engine of prosperity: a free, honest, and competitive marketplace," Ohlhausen said in a statement.Ohlhausen became a commissioner in April 2012 with her term set to expire in 2018, according to the FTC website. The commission works with the Justice Department to enforce antitrust law and pursues companies involved in deceptive advertising as well as those accused of fraud.As a member of the Republican minority in the commission, she has often dissented, sometimes arguing that there was insufficient evidence to justify FTC action.In the past few days, she dissented on a $20 million settlement with the ride-hailing app Uber, which was accused of luring drivers with promises of inflated earnings, and the decision to sue Qualcomm for allegedly using its market power to maintain a monopoly on key semiconductors.Also this month, she dissented on the FTC''s decision to file lawsuits against two companies accused of striking deals aimed at delaying generic medicines from coming to market.Ohlhausen has also been skeptical of the Federal Communications Commission''s move to oversee aspects of security and privacy in the Internet, arguing the FTC should do the job.But she signed on to an FTC lawsuit against Wyndham Hotels for being sloppy in its treatment of consumer data. The chain suffered three data breaches in less than two years, and subsequently settled.She also voted against the FTC''s lawsuit to stop food distribution giant Sysco Corp from buying US Foods Inc, a fight the agency won in court.She voted in favor of the lawsuit to stop office supplies superstore Staples Inc from buying Office Depot Inc, which was also successful.Before becoming a commissioner, Ohlhausen was a partner at the law firm Wilkinson Barker Knauer, LLP.Ohlhausen has had a long list of posts at the FTC, including director of the Office on Policy Planning and attorney adviser for a former commissioner. (Reporting by Diane Bartz; Editing by Bernard Orr and Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ftc-ohlhausen-acting-idINL1N1FF1SO'|'2017-01-25T19:53:00.000+02:00'
'fc4a19dac09200cef62926098a2bc87abd169d90'|'Record low inflation growth reflects the bizarre times we live in - Greg Jericho - Business'|'T he latest inflation figures released by the Australian Bureau of Statistics yesterday show that despite a sharp increase in petrol prices at the end of last year, overall price growth remains subdued. But while underlying inflation is at record lows there is little sense that the Reserve Bank will cut rates further.With a rise in 2016 of a mere 1.5%, the consumer price index growth last year was the lowest in a calendar year since 1998:The RBA’s underlying inflation measures of the “trimmed mean” and the “weighted median” also came in at rock bottom levels. The trimmed mean annual growth of 1.6% is the lowest ever recorded:The figures were lower than expected and as the value of the dollar rises and falls with expectations of rate rises or cuts, the value of the dollar fell half a cent in value from US$0.759 to US$0.754. That the drop was quite small given the extraordinary low figures tells you what bizarre times we live in. The inflation growth remains well below the RBA’s inflation target range of 2%-3%. The underlying inflation rate of 1.6% also came in right near the bottom of the RBA’s projection for 2016 of 1.5%-2.5%. Australian treasurer Scott Morrison urges EU not to punish UK over Brexit Read more And yet there is next to no expectation of a rate cut. The inflation target range has pretty clearly become a target ceiling. Underlying inflation has been below the target range for over a year now. In that time the RBA has cut rates twice, but now would seem to have decided there is little left for it to be able to do to stimulate demand. As it is, the market fully expects the next rate move to be an increase – although not till either later this year, or more likely next year. A big driver of inflation in the December quarter was tobacco. And as the ABS has now shifted tobacco from being counted as a “tradable” good – ie one whose price is largely determined on the world market – to a non-tradable one, there was a solid 0.8% increase in non-tradable prices in that quarter – offset somewhat by a 0.1% fall in the price of tradable products.But even with a bit of a jump in prices in the last quarter of the year, the prices of non-tradable products is growing at extremely low rates:Such a level certainly would stop the RBA from thinking about raising rates, but given the rate of non-tradables has increased to 2.1% from the low of 1.6% in the middle of last year, there is also enough in these figures to have the RBA thinking there was no need for a cut either. The impact of tobacco prices in driving inflation highlights yet again that if you want to avoid cost of living rises, avoiding smokes is a very good way to do it. While overall inflation rose 1.5% in 2016, excluding alcohol and tobacco saw inflation rise by a tiny 1.1% The issue isn’t so much alcohol, but tobacco, which due to regular excise increases has far outstripped inflation over the past five years:The rise in inflation was not uniform across the nation, and the figures reflect the greater strength in the economies of NSW and Victoria compared to the current situation in Western Australia.While prices in Sydney grew by (a still very low) 1.8% in 2016, in Perth they grew by just 0.4% – the lowest annual growth experienced in either Sydney, Melbourne, Brisbane, Adelaide or Perth since 1998: The impact of the end of the mining boom can be clearly seen in the change in prices of the rents in Perth compared to Sydney. Sydney’s rents grew on average by just 2.5% last year – the fastest in the nation, but still well below the 6.2% growth experience in 2011 or the 8.1% growth of 2008. In Perth however, the average price for rent fell 7.2% in the past year – the lowest annual growth ever recorded for rents in any state capital: Less explainable by the state of the economy is the change in the price of petrol. Over the past year, petrol prices grew fastest in Melbourne, while Sydney experienced the second biggest fall, with only Hobart having a bigger price fall in 2016:The drop in petrol prices however looks mostly a thing of the past. Prices in the December quarter rose sharply across the nation, reflecting the increase in oil prices at the time:The data would suggest that while the drop in oil prices in 2015-16 did see a fall in petrol prices, the fall was not a great as could be expected. But likewise the increase in what we pay for petrol has not thus far fully reflected the 73% increase in the price of oil since January last year. Inflation is scarily low – but it''s Morrison who needs to act, not the RBA Read more The December figures of course don’t count the more recent price increase – such as the 20 cents per litre rise in price in Canberra since Christmas – so it wouldn’t be surprising to see petrol prices again rise in the March quarter. And so overall we look set to remain in the low inflation period for a while longer yet. It is now six and half years since underlying inflation growth was above the RBA target range of 3%. So long has inflation growth been low that now not even record low growth is enough to stir interest in a rate cut. And given the government’s ongoing desire to cut the deficit and keep its AAA credit rating, it would also appear that neither is such meagre inflation growth doing anything to cause the government to believe it needs to step in to spur demand in the economy.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/grogonomics/2017/jan/26/record-low-inflation-growth-reflects-the-bizarre-times-we-live-in'|'2017-01-26T06:53:00.000+02:00'
'0c59011849ed7a1324abaee29df68548130fd3e1'|'Japan PM says free trade talks with U.S. possible'|'Business News - Thu Jan 26, 2017 - 5:24am GMT Japan PM says free trade talks with U.S. possible FILE PHOTO - Japan''s Prime Minister Shinzo Abe speaks during a news conference at his official residence in Tokyo, Japan, October 6, 2015. REUTERS/Yuya Shino/File Photo TOKYO Japanese Prime Minister Shinzo Abe said on Thursday it was possible Tokyo and Washington could hold bilateral free trade talks in the wake of U.S. President Donald Trump''s withdrawal from the Trans-Pacific Partnership (TPP) this week. Fulfilling a campaign pledge Trump signed an executive order on Monday pulling the United States out of the TPP and distancing Washington from its Asian allies. Trump said the TPP would rob Americans of jobs and investment. "Japan will continue to stress the U.S. the importance of the TPP but it is not totally unfeasible for talks on EPA(Economic Partnership Agreement) and FTA (Free Trade Agreement)" with the United States, Abe told parliament after asked about trade talks between the two nations. Asked about talks on a U.S.-Japan trade deal on Wednesday, Abe said he would refrain from speculating about Trump''s trade policy until his cabinet line-up was approved and policies became clearer. Trump has made clear he favors two-way trade deals over multilateral ones. The remaining 11 TPP nations -- Japan, Australia, New Zealand, Canada, Brunei, Chile, Malaysia, Mexico, Peru, Singapore and Vietnam -- are expected to hold talks in March to try and salvage the multilateral trade pact. Australia has suggested China as a possible TPP member, replacing the United States, but Beijing has its own multilateral trade pact and Japan is cool on the idea. Many Asian nations had seen the TPP as a counterbalance to China''s growing power in the region. (Reporting by Takashi Umekawa, writing by Kaori Kaneko; Editing by Michael Perry) Next In Business News Exclusive: Millions of barrels of Venezuelan oil stuck at sea in dirty tankers HOUSTON/PUNTO FIJO, Venezuela More than 4 million barrels of Venezuelan crude and fuels are sitting in tankers anchored in the Caribbean sea, unable to reach their final destination because state-run PDVSA cannot pay for hull cleaning, inspections, and other port services, according to internal documents and Reuters data.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-tpp-idUKKBN15A0GZ'|'2017-01-26T12:11:00.000+02:00'
'ac86bf51d5e09e009d97adb7fe5fe262949f6c3d'|'Nordea raises dividend, Q4 profit beats forecast'|' 10am EST Nordea raises dividend, Q4 profit beats forecast STOCKHOLM Jan 26 Swedish banking group Nordea proposed on Thursday to raise its dividend more than expected for 2016 as profits for the fourth quarter exceeded analyst expectations. The bank raised its proposed dividend to 0.65 euro per share, up from 0.63 euro last year and a tad higher than the 0.64 euro per share seen by analysts. The bank''s ambition is to achieve a yearly increase in dividend. Nordea, the Nordic region''s biggest bank, said operating profit in the quarter rose to 1.25 billion euros ($1.34 bln) from 1.03 billion a year ago, above an average forecast of 1.08 billion in a Reuters poll of analysts. ($1 = 0.9297 euros) (Reporting by Johan Ahlander) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/nordea-results-idUSS3N0YW00R'|'2017-01-26T13:10:00.000+02:00'
'394417e292bd7b06dc6b5062e4fc81fe9ac0d42f'|'BRIEF-Buffett, Gates speak to students in New York'|'Financials  22pm EST BRIEF-Buffett, Gates speak to students in New York Jan 27 (Reuters) - * Warren Buffett, asked about current U.S. political environment, says is confident that ''America will move ahead'' -- Columbia University event * Bill Gates, at same event, says premature to assess Trump administration budget priorities, but American innovation is ''strong,'' largely bipartisan * Buffett says current environment much easier than in decades past for bright people to obtain financing to fund innovative ideas * Buffett says tough to get politicians to focus on country''s long-term interests if in the short-term it could cost them reelection * Buffett says U.S. was built through immigration and has been "blessed" by immigrants * Gates says more government resources are needed for healthcare, citing needs to provide access to treatment and control costs * Gates sees a lot of "unhappiness" in U.S. because of state of health care * Buffett, asked if U.S. should focus on its own problems before those in other countries, says ''every life is of equal value'' * Buffett says people outside the country can be helped with fewer dollars than it would cost to address same issues at home * Buffett says the influence of money in politics is "bad news" for the country Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FH0Y7'|'2017-01-28T04:22:00.000+02:00'
'47a9955bd7851e4d0d8ea8071d8926653f1b581c'|'Brazil''s CCR seeks $1.27 bln in share offering'|'Company News  05am EST Brazil''s CCR seeks $1.27 bln in share offering SAO PAULO Jan 27 CCR SA, Brazil''s largest toll road operator, plans to raise up to 4.025 billion reais ($1.27 billion) from investors through a share offering, becoming the latest local company to return to the equity markets for fresh capital. The plan involves the sale of as many as 221.23 million common shares in a so-called restricted-efforts offering, CCR said in a Friday securities filing. The offer could be increased by 15 percent in the event of robust investor demand, it said. (Reporting by Guillermo Parra-Bernal; editing by Alonso Soto and Jason Neely) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ccr-stocks-offering-idUSE4N1CH01P'|'2017-01-27T16:05:00.000+02:00'
'c60bb8de95452e21491f5e131c6222cd948fdb58'|'Indian shares rise; NSE index set for biggest weekly gain in 8 mths'|'* NSE index up 0.7 pct, BSE index 0.8 pct higher* Financial sector drives NSE index* Sentiment positive ahead of Feb. 1 federal budgetBy Aby Jose KoilparambilJan 27 Indian shares rose for a fourth consecutive session, helped by a rally in financial firms and optimism ahead of the annual federal budget next week, with the broader NSE index poised to post its biggest weekly gain in eight months.Recent corporate results have been better than expected, analysts said, while investors are also anticipating giveaways and incentives to help nurse an economy hit by the shock ban on higher-value banknotes late last year."Results (at financial firms) have positively surprised the markets so far," said Ankit Agarwal, fund manager and senior vice president at Centrum Wealth Management Ltd."The negative impact of demonetisation was probably not as bad as it was initially thought."The broader NSE index was up 0.7 percent at 8,662.00 by 0552 GMT. It has risen 3.75 percent so far this week despite markets being shut for a public holiday on Thursday. The index is set to post its best weekly gain since May 27, 2016.The benchmark BSE index was 0.8 percent higher at 27,939.59, and was headed for a 3.4 percent increase on the week.Financial stocks led by Axis Bank, Housing Development Financial Corp and HDFC Bank contributed around 50 percent to the gains on the NSE index on Friday.Axis Bank, Bank of Baroda and ICICI Bank were up as much as more than 3 percent. (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Biju Dwarakanath)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-stocks-idUSL4N1FH1IQ'|'2017-01-27T08:56:00.000+02:00'
'4ed1439ceaa4cec530168077021f9b9e79b7d83a'|'Exclusive: Trade show operator Emerald Expositions mulls $2 billion sale: sources'|'Deals - Wed Jan 25, 2017 - 6:27pm EST Exclusive: Trade show operator Emerald Expositions mulls $2 billion sale: sources By Lauren Hirsch and Liana B. Baker Emerald Expositions LLC, the largest operator of business-to-business trade shows in the United States, is exploring a sale that could value the company at close to $2 billion, including debt, people familiar with the situation said on Wednesday. A deal for Emerald at such a price would underscore the value that business executives place on face-to-face meetings and networking, despite the advent of electronic communications such as video conferencing and instant messaging. Private equity firm Onex Corp ( ONEX.TO ) has hired Bank of America Corp ( BAC.N ) to run an auction for Emerald, the people said. Onex may pursue an initial public offering of Emerald if it is not satisfied with the acquisition offers it receives, the people added. Emerald has roughly $160 million in 12-month earnings before interest, tax, depreciation and amortization, the people said. The sources asked not to be identified because the details are confidential. Bank of America and Onex did not immediately respond to requests for comment. Emerald declined comment. San Juan Capistrano, California-based Emerald''s nearly 50 trade shows span industries that include jewelry, apparel, healthcare and military. It runs 30 of the top 250 trade shows in the United States, according to the company''s website. Onex acquired Emerald from information and measurement company Nielsen Holdings PLC ( NLSN.N ) for $950 million in 2013, when it operated under the name Nielsen Expositions. Under Onex''s ownership, Emerald has made a number of acquisitions, including its acquisition of George Little Management LLC for $335 million, which closed in 2014. George Little''s trade shows include Surf Expo in Orlando, Florida, and the National Stationary Show in New York. There has been demand for trade show businesses in recent years. In 2014, British communications and events company UBM Plc ( UBM.L ) bought Advanstar Communications Inc, best known for its semi-annual Magic fashion trade show in Las Vegas, for $972 million. (Reporting by Lauren Hirsch in New York and Liana Baker in San Francisco, editing by G Crosse) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-emerald-expositions-m-a-idUSKBN1592X8'|'2017-01-26T06:27:00.000+02:00'
'72f5c0b91f91589becd130cea577b182c581e377'|'U.S. court issues injunction on assistance for dialysis patients'|'U.S.   3:20am EST U.S. court issues injunction on assistance for dialysis patients FRANKFURT A U.S. court has issued a preliminary injunction on a new federal rule that dialysis providers have said would prevent patients from using charitable assistance to buy private health insurance, Fresenius Medical Care (FMC) said on Thursday. The decision upholds a temporary hold on the rule and is a victory for dialysis providers FMC, DaVita Inc and U.S. Renal Care Inc, which had filed a lawsuit to block the rule. "The preliminary injunction is indefinite in duration and therefore will remain in effect as long as the court does not change it," FMC said. The rule, announced by the U.S. Department of Health and Human Services on Dec. 14, would require dialysis providers to disclose to insurers any charitable assistance their patients are receiving for their care. The providers said insurers would use that information to refuse coverage to their patients. Davita said in a statement the rule was still a threat to patients and urged the new U.S. administration and the Centers for Medicare and Medicaid Services to eliminate it and take action to prevent insurance companies from discriminating against patients. (Reporting by Maria Sheahan; Editing by Ludwig Burger) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-regulation-dialysis-idUSKBN15A0SX'|'2017-01-26T15:15:00.000+02:00'
'2e2f0583ed8f997b2909769ed98eeebdb9774574'|'MIDEAST STOCKS-Saudi rises, most of Gulf moves little in early trade'|'Financials  24am EST MIDEAST STOCKS-Saudi rises, most of Gulf moves little in early trade DUBAI Jan 26 Saudi Arabia''s stock market continued its uptrend of the past few days in early trading on Thursday while other Gulf bourses moved little, with Kuwait''s bull run stalling in heavy trade. The Saudi index climbed 0.5 percent in the first hour as petrochemical giant Saudi Basic Industries rose 0.8 percent. Nama Chemicals jumped 9.6 percent after announcing the main elements of a recovery plan after accumulated losses exceeded 75 percent of its capital. The plan includes eventually increasing capital to finance production of specialty chemical products and boost capacity, and the sale of assets of an investment affiliate, with proceeds to be used to finance operations, repay debt or distribute dividends. Kuwait, which has been rising sharply for most of this month as regional investors seek to catch the market''s momentum, edged down 0.1 percent, although the blue chip National Bank of Kuwait rose 1.4 percent after reporting strong fourth-quarter earnings this week. Dubai''s index edged up 0.1 percent as real estate firm Deyaar, which dropped 5.0 percent on Wednesday after its fourth-quarter profit more than halved, rebounded 0.8 percent. Qatar''s index edged down 0.2 percent. Qatar International Islamic Bank rose 2.7 percent despite reporting a 7 percent fall in fourth-quarter net profit to 118.4 million riyals ($32.5 million), slightly below QNB Financial Services'' forecast of 126.2 million riyals. Qatar Cement climbed 3.3 percent after annual net profit expanded to 475.1 million riyals from 463.6 million. Its board proposed an annual cash dividend of 40 percent, and a 10 percent bonus share issue. (Reporting by Andrew Torchia; Editing by Kevin Liffey) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1FG1ZJ'|'2017-01-26T15:24:00.000+02:00'
'453da07ce1227e3eb6146159474f67a51721d9af'|'UK financial regulator calls for new global market access regime'|' 12pm GMT UK financial regulator calls for new global market access regime By Huw Jones - LONDON LONDON Banks, insurers and traders that comply with reinforced global financial sector rules should be allowed to operate unhindered across the world to spur economic growth and trade, a top British regulator said on Thursday. Andrew Bailey, chief executive of the Financial Conduct Authority, said granting access to foreign markets in return for complying with globally agreed regulation would stop fragmentation in capital markets and increase competition. In a speech that did not mention Brexit or Britain''s decision to leave the European Union, Bailey sketched out a plan for how financial services firms could operate more easily across borders in future. British Prime Minister Theresa May has said Britain will quit the EU single market when it leaves the bloc after negotiations expected to last two years. This means that banks in London which want to continue serving European customers are unlikely to keep their EU "passport". They therefore face having to continue complying in full with the bloc''s rules, a regime known as "equivalence", but without Britain having any say in the rules. If enacted, Bailey''s plan would make it harder for the EU or other major markets like the United States to refuse access to British financial firms that abide by globally agreed rules, since the EU and United States are usually party to such regulations. "I want to pose the question, would it be possible to take a different approach and to base market access on common recognition of higher-level global standards which are transparent and subject to regular review?" Bailey said in a speech in Berlin. After the 2007-09 financial crisis, a welter of global rules were introduced to try to avoid more taxpayer bailouts of banks. But these rules are non-binding and Bailey acknowledged that, in their current form, they could not provide an alternative to an EU "passport" or to the bloc''s "equivalence" regime. He is not the first to suggest underpinning global rules. David Wright, when secretary general of IOSCO, the global securities rule-making body, suggested some form of international treaty to reinforce rules, but he was quickly shot down. Countries like the United States are loathe to relinquish regulatory sovereignty to a global set of rules. Bailey, who said his plan was a personal proposal and does not reflect the views of British regulatory bodies, said global rules allowing market access would be limited to areas like core bank capital requirements, winding up failed financial firms, and cracking down on market practices that could undermine financial stability. "If the body of global standards were to be judged sufficient, it could provide a broader basis on which market access decisions could be made. This would of course need to be supported by consideration of how such standards would be created, implemented and then overseen," Bailey   Huw Jones; Editing by Adrian Croft)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-markets-regulations-idUKKBN15A2IZ'|'2017-01-27T01:12:00.000+02:00'
'd3ceb852da5220a2b257f00b4e84e43817d1fcbd'|'Facebook''s new VR chief is coming from China'|'Facebook''s new VR chief is a Google alum who''s been working in China by Rishi Iyengar @Iyengarish January 26, 2017: 3:22 AM ET See Zuckerberg''s dog Beast in VR, future of Oculus in :60 Hugo Barra is swapping China for Facebook. After leaving Google ( GOOGL , Tech30 ) nearly four years ago to work at Chinese startup Xiaomi, the tech executive is returning to Silicon Valley to become head of virtual reality at Facebook ( FB , Tech30 ) . The social network''s CEO, Mark Zuckerberg, announced the news in a post late Wednesday with a photo of the two men''s virtual avatars posing in an office together, which he said seemed "fitting." Facebook spent around $2 billion in 2014 to buy virtual reality gaming company Oculus VR, with Zuckerberg saying at the time it would help his company build a "new communication platform." He reiterated that view on Wednesday, declaring that virtual and augmented reality will "enable us to experience completely new things and be more creative than ever before." Barra has a strong resume in the global tech industry. At Google, he helped develop the Android operating system. He left in mid 2013 to lead the international expansion at Xiaomi, a Chinese smartphone maker that''s been compared with Apple but has also struggled to manage its rapid growth. Barra announced earlier this week that he would be leaving Xiaomi to return to the U.S., saying that "the last few years of living in such a singular environment have taken a huge toll on my life and started affecting my health." He said he''d be taking "some much needed time off before embarking on a new adventure back in Silicon Valley." That new adventure will involve bringing virtual reality to millions of people around the world. Barra said he will begin his tenure at Facebook a "couple of months" from now. "I look forward to building the future of immersive technology," he added. CNNMoney (New Delhi)   26, 2017: 3:06 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/26/technology/hugo-barra-facebook-vr-xiaomi/index.html'|'2017-01-26T15:10:00.000+02:00'
'5aca9f11014a8cae75a0d025887801232ff894f3'|'Exclusive: Top coconut water maker Vita Coco exploring sale - sources'|'Deals - Thu Jan 26, 2017 - 12:31pm EST Exclusive: Top coconut water maker Vita Coco exploring sale - sources By Martinne Geller and Lauren Hirsch - LONDON/NEW YORK LONDON/NEW YORK Vita Coco, the world''s leading brand of coconut water, is exploring a sale of the company that could value it at up to $1 billion, according to sources familiar with the matter. Vita Coco''s parent company -- whose investors include celebrities Madonna and Matthew McConaughey -- has hired JP Morgan to advise it on a sale, three sources said. They declined to be identified as the matter is private. Any sale of U.S.-based Vita Coco would come as traditional fizzy drink sales continue to slow and consumers increasingly turn to healthier drinks like coconut water. The business could attract interest from beverage companies such as PepsiCo ( PEP.N ), Coca-Cola ( KO.N ) or Dr Pepper Snapple ( DPS.N ), which late last year paid $1.7 billion for anti-oxident drink maker Bai Brands. PepsiCo and Coke are already the No. 2 and 3 producers of coconut water. Founded in 2004 by two childhood friends in New York, Vita Coco now has sales in 30 countries and is the global leader in coconut water, with 26 percent of a market worth $2.5 billion, according to data tracker Euromonitor International. Extracted from young, green coconuts, coconut water now enjoys prime placement in coolers across North America and Europe and was the world''s fastest-growing cold drink last year, according to Euromonitor, with sales up 19 percent. "The surging demand for packaged, convenient and enhanced water products is the new engine for the beverages industry," said Euromonitor analyst Howard Telford. "Energy drinks, ready-to-drink brewed beverages and super-premium juices – most notably, coconut water – were all top global performers." Vita Coco and JP Morgan declined to comment on a possible sale. Private investment company Verlinvest, which owns a significant stake in the company, was not immediately available for comment. Verlinvest, the family office of one of the Belgian families related to Anheuser Busch InBev ( ABI.BR ), took a stake in Vita Coco in 2007. In 2014, Vita Coco sold a 25 percent stake to the owner of Red Bull China in a deal that brought the drink to the world''s most populous country, and valued its parent company, All Market, at $665 million. Verlinvest, founded in 1995, manages assets worth more than 1.4 billion euros, in sectors including food and beverages, e-commerce and retail. Its current food and drink investments include Popchips snacks, Le Blon cachaca and Swedish oat drink Oatly. It was an early investor in vitamin water maker Glaceau, which Coca-Cola acquired for $4.1 billion in 2007. (Reporting by Martinne Geller; Editing by Susan Fenton) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-vitacoco-m-a-idUSKBN15A2FM'|'2017-01-27T00:31:00.000+02:00'
'84bd370a2d2025b33c6364cb4af51fe5277070dd'|'Italy cannot intervene in Generali-Intesa saga - ministry source'|'Financials - Thu Jan 26, 2017 - 12:36pm EST Italy cannot intervene in Generali-Intesa saga - ministry source BRUSSELS Jan 26 Italy''s Economy Ministry cannot take a stance on the talks between Intesa SanPaolo and Assicurazioni Generali about a possible tie-up because the state owns no shares in either company, a ministry source said on Thursday. Intesa, Italy''s biggest retail bank, said this week that it was considering a possible takeover of Generali in a move that could reshape the country''s financial landscape. Italian newspapers have said Intesa''s move is in part aimed at fending off interest in Generali from foreign companies such as France''s AXA and Germany''s Allianz. (Reporting by Francesco Guarascio, writing by Steve Scherer in Rome; Editing by Crispian Balmer) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/generali-ma-italy-ministry-idUSR1N1EG01M'|'2017-01-27T00:36:00.000+02:00'
'92c55451d4b914efa4f15737af3fb7488f6b15ad'|'China''s banking regulator issues guidelines on outbound investment'|'Big Story 10  54am EST China''s banking regulator issues guidelines on outbound investment A 100 Yuan note is seen in this illustration picture in Beijing March 7, 2011. REUTERS/David Gray/File Photo BEIJING China''s banking regulator issued on Wednesday guidelines to strengthen risk controls by financial institutions undertaking outbound investment. The China Banking Regulatory Commission instructed the country''s commercial banks to strengthen their management of anti-money laundering and anti-terrorist financing, the guidance said. The guidelines also call for Chinese banks to strengthen country risk management and their supervision of offshore branches. (Reporting by Beijing Monitoring Desk; Editing by Christian Schmollinger) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-china-banking-risk-control-idUSKBN159106'|'2017-01-25T16:53:00.000+02:00'
'f2fc06a5be2cba13be51f41c3f3bf0087e52a993'|'UPDATE 1-Australia''s Ichthys LNG dealt blow as major contractor pulls plug'|'Utilities  32am EST UPDATE 1-Australia''s Ichthys LNG dealt blow as major contractor pulls plug * CIMIC pulls out of building power station to supply Ichthys LNG * Ichthys operator Inpex says power station 89 pct complete * Ichthys LNG Jul-Sept 2017 start-up likely to be delayed (Adds comment, details) By Henning Gloystein SINGAPORE, Jan 25 Australia''s over $35 billion Ichthys liquefied natural gas (LNG) export project has been dealt a blow as engineering firm CIMIC, involved in building the facility''s power station, announced on Wednesday it was pulling the plug. "CIMIC Group advises that the ... consortium (building the power station) ... has terminated its contract with JKC Australia LNG Pty Ltd for the design, construction and commissioning of the Ichthys Combined Cycle Power Plant (CCPP) project," CIMIC said in a statement to the Australian Securities Exchange Ltd (ASX) on Wednesday. CIMIC spokeswoman Fiona Tyndall said "we are not going beyond what we have said in that ASX statement." The power station is designed to supply the Ichthys LNG export facility with electricity. A spokesman for Japan''s Inpex, the majority owner of Ichthys LNG, said the power station was 89 percent complete. And while the spokesman said Inpex did not see this cancellation as "critical" to Ichthys and that it would have "no fatal influence" on its launch, the cancellation will almost certainly delay the project''s production ramp-up and add further costs, which was scheduled for July to September this year. Australia''s $200 billion LNG production ramp-up is one of the biggest increases in supply the industry has ever seen, and will lift Australia over Qatar as the world''s biggest LNG exporter. Even so, most of Australia''s LNG projects currently under construction, including Chevron''s huge Gorgon facility and Royal Dutch Shell''s floating Prelude production vessel, are having trouble keeping within budget and sticking to schedules, and more delays are expected. "All projects currently being built or expanded in Australia are having trouble with time and cost control. They will almost certainly see further delays," a source advising LNG producers said on condition of anonymity. Once completed, Ichthys will produce 8.4 million tonnes of LNG per year. Inpex holds 72.8 percent of the project, France''s Total 24 percent, with the rest spread over Japanese utilities Tokyo Gas, Osaka Gas, and Toho Gas . CIMIC gained the power station and infrastructure contracts for Ichthys after taking over Australian engineering firm UGL last year. UGL said in its last annual report that "unfortunately, the projects continued to be impacted by significant client delays and disruption resulting in additional costs incurred." CIMIC said the termination of the contract will not have any "material impact" on its 2016 and 2017 financial results. (Reporting by Henning Gloystein; Additional reporting by Osamu Tsukimori in TOKYO and Tom Westbrook in SYDNEY; Editing by Tom Hogue and Christian Schmollinger) Next In Utilities'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/australia-lng-ichthys-idUSL4N1FF2PN'|'2017-01-25T15:32:00.000+02:00'
'22ac9b18cc8a4676aebcecf7db2ddff6bd083281'|'Exclusive: Keysight Technologies explores acquisition of Ixia: sources'|'By Liana B. Baker and Greg Roumeliotis Keysight Technologies Inc ( KEYS.N ), a provider of software and equipment to the electronics and wireless communications industries, is in talks to acquire U.S. data technology company Ixia ( XXIA.O ), according to people familiar with the matter.A deal would come as the increasing volume of data traffic flowing through social media, smartphones and cloud computing tests the resilience and integrity of networks, making Ixia''s equipment and applications more popular with its clients and coveted by its peers.Keysight is not the only bidder participating in an auction for Ixia, and there is no certainty that its bid will prevail, the people said this week. The negotiations are expected to continue for several more days, the people added.The sources asked not be identified because the negotiations are confidential. Ixia, which has a market capitalization of $1.4 billion, declined to comment. Keysight did not immediately respond to a request for comment.Based in Calabasas, California, Ixia makes equipment that monitors and tests networks so enterprise customers can have their data travel smoothly without bottlenecks. Its customers include the world''s largest networking gear maker, Cisco Systems Inc.Ixia also makes hardware that helps secure networks. Its chief executive officer said on its latest earnings conference call that 35 percent of its total business was tied to security products.Ixia was founded by Errol Ginsberg in 1997 and went public in 2000, as internet traffic started to increase.Ixia''s former chief executive, Vic Alston, resigned in 2013 for misstating academic credentials and other details such as his age and job history, the company said at the time. The company recruited a senior networking executive from Hewlett Packard, Bethany Meyer, to be its chief executive in 2014.Ixia generated revenue of $123.9 million in the third quarter, down from $125.9 million in the same quarter a year earlier.Based in Santa Rosa, California, Keysight helps companies test products that have electronic components. It has a market capitalization of $6.3 billion.Reuters first reported last month that Ixia was exploring a sale.(Reporting by Liana B. Baker in San Francisco and Greg Roumeliotis in New York; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ixia-m-a-keysighttechnologies-exclusi-idINKBN15900A'|'2017-01-24T21:05:00.000+02:00'
'52b85079f9a096e85248e5442ec6fa2716d15f67'|'Australia shares edge up on financials, materials; NZ slightly up'|' 27pm EST Australia shares edge up on financials, materials; NZ slightly up Jan 25 Australian shares edged up on Wednesday, bolstered by gains in materials and financials, while gold stocks suffered as the U.S. dollar stabilised after several days of losses. The S&P/ASX 200 index rose 0.3 percent, or 16.1 points to 5,666.20 by 0106 GMT. "The Australian market is tracking gains from Wall Street, and there were also some good leads from the oil sector," said Evan Lucas, market strategist at IG Markets. U.S. stocks recovered strongly after Monday''s dip and the S&P 500 and Nasdaq set record highs in a broad rally as investors shifted focus to U.S. corporate earnings from Trump''s protectionist stance on trade. "We also saw a jump back in bond yields which is healthy for the financial sector over in the U.S.," said Lucas. Locally, Australian consumer prices rose by less than expected last quarter while annual core inflation stayed stuck at an all-time low, keeping alive the risk of yet another cut in interest rates. "I don''t see a rate hike, neither do I see a rate cut for next 12 months from January to December," Lucas added. The ASX financial index was up 0.7 percent, with the "Big Four" Aussie banks rising 0.6 percent to 1 percent. The Australian metals & mining index gained as much as 1.7 percent, to its highest since September 2014. BHP Billiton rose 1.8 percent, after it reported strong second quarter earnings, hitting its highest since June 2015. The miner said it was on track to meet its fiscal 2017 iron ore production target of 265 million-275 million tonnes. Rival miner Rio Tinto rose almost 3 percent to its highest in 29 months. Rio agreed to sell its Australian unit Coal & Allied Industries Ltd to Chinese government-controlled Yancoal Australia Ltd for up to $2.45 billion in cash. Shares of Yancoal Australia were up 4.2 percent. Meanwhile gold stocks took a hit after two straight gaining days, with Newcrest Mining, Northern Star Resources and Evolution Mining falling 1.1 percent to 2 percent. New Zealand''s benchmark S&P/NZX 50 index gained marginally, supported by healthcare and industrial stocks. Fisher & Paykel Healthcare Corp Ltd rose 1.4 percent, while Auckland International Airport Ltd was up 0.7 percent. (Reporting by Krishna V Kurup in Bengaluru; Additional reporting by Suhail Hassan Bhat; Editing by Eric Meijer) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-midday-idUSL4N1FE5UH'|'2017-01-25T08:27:00.000+02:00'
'5b93ab29269511879205074eb7586d4370053e9c'|'Australia shares end higher on materials and financials; NZ up'|'Financials   1:09am EST Australia shares end higher on materials and financials; NZ up (Updates to close) Jan 25 Australian shares closed modestly higher on Wednesday, supported by financial stocks that rose on positive leads from U.S. counterparts, and by materials that were underpinned by higher commodity prices. The S&P/ASX 200 index rose 0.4 percent, or 21.40 points, to end at 5,671.50. The S&P 500 and Nasdaq set record highs on Tuesday in a broad rally led by financial and technology stocks. Australia''s local financial index snapped six sessions of losses, with the ''Big four'' up between 0.4 percent and 1.1 percent. The metals and mining index rose as much as 2.4 percent to its highest in over two years. Steel and iron ore futures in China rose for a second day on Wednesday, supported by hopes that demand for both commodities will strengthen after the Lunar New Year holiday. Mining giant BHP Billiton Ltd rose as much as 3.5 percent to its highest since June 2015. The world''s biggest miner reported a 9 percent rise in iron ore output in its fiscal second quarter. Rival Rio Tinto Ltd gained as much as 3.8 percent, its highest in over two and a half years, after it agreed to sell its unit Coal & Allied Industries Ltd to Yancoal Australia Ltd for up to $2.45 billion in cash. New Zealand''s benchmark S&P/NZX 50 index closed 0.4 percent, or 26.75 points higher, at 7,090.91, its highest close in over three months. Industrials led gains, with Port Of Tauranga ending 2.3 percent higher. (Reporting by Sindhu Chandrasekaran in Bengaluru; Editing by Kim Coghill) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-close-idUSL4N1FF1YU'|'2017-01-25T13:09:00.000+02:00'
'c5ce323781c4dccf648e9cc49f80dd9a710c7b98'|'GIC leads $1.04 bln investment in office tower in downtown Manhattan'|'SINGAPORE Jan 25 Singapore sovereign wealth fund GIC Pte Ltd and Paramount Group have formed a joint venture to acquire office tower "60 Wall Street" in downtown Manhattan for $1.04 billion.The JV, in which GIC has a 95 percent share, is paying $640 per square foot for the 47 storey tower that also serves as the U.S. headquarters of Deutsche Bank, a joint statement said.GIC, which is among the more established real estate investors in the world, has more than 350 property-related investments in over 40 countries.These include investments in the Time Warner Centre in New York and assets in the United Kingdom, Japan and Australia.(Reporting by Saeed Azhar; Editing by Michael Perry)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/gic-property-idINL4N1FF060'|'2017-01-24T21:54:00.000+02:00'
'9e60ec2f58c3efe9bb89400867529ca587f6b524'|'Japanese govt not considering support for Toshiba-Jiji'|'Industrials   7:05pm EST Japanese govt not considering support for Toshiba-Jiji TOKYO Jan 27 Japan is not considering providing support for embattled Toshiba Corp, minister of economy, trade and industry Hiroshige Seko said on Friday according to Jiji Press. Toshiba was expected to offer on Friday an initial estimate of the multibillion-dollar charge it must take on its U.S. nuclear business. (Reporting by Chris Gallagher; Editing by Stephen Coates) Next In Industrials UPDATE 4-Alibaba''s Ant Financial in overseas push with MoneyGram deal Jan 26 Ant Financial Services Group, the world''s largest financial technology company, said on Thursday that it would acquire U.S. money-transfer company MoneyGram International Inc for about $880 million in a deal that is expected to shake up the international payments landscape. COLUMN-How companies should respond to Trump''s attacks - and praises Jan 26 In a meeting with automakers on the fourth day of his presidency, Donald Trump appeared eager to cooperate with executives. But that tone was in stark contrast to his messaging on Twitter and at a pre-presidential news conference, where he targeted some businesses for attack and embraced others. * Lawyers say Batista abroad, will turn himself in (Adds statements from Batista representatives, OSX, MMX) MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/toshiba-accounting-seko-idUST9N1F103G'|'2017-01-27T07:05:00.000+02:00'
'275216fec349cfbabef63067b5798397c38be9f7'|'BRIEF-Fund Creation Group says change of corporate auditor'|'Financials   10:07pm EST BRIEF-Fund Creation Group says change of corporate auditor Jan 27 Fund Creation Group Co Ltd : * Says it appoints Grant Thornton Taiyo LLC as corporate auditor to replace BDO Toyo & Co. * Says effective date on Feb. 27 Source text in Japanese: goo.gl/z0fi15 Further company Coverage: (Beijing Headline News) Next In Financials Fitch: US Protectionism Tops TPP Demise as Threat to APAC Growth (The following statement was released by the rating agency) HONG KONG/SINGAPORE, January 26 (Fitch) The rising possibility that the US will shift towards trade protectionism - beyond the likely collapse of the Trans-Pacific Partnership (TPP) - has become a credible downside risk to the economic outlook for the Asia-Pacific (APAC) region, says Fitch Ratings. There is a growing risk that APAC economies will be negatively affected by a US shift toward trade protectionism. President Donald Trump MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FH1BC'|'2017-01-27T10:07:00.000+02:00'
'c7f6c470b2eda16c93beb9d080cd45b63048e94a'|'Oaktree sells about 10 pct stake in UK''s Countryside -bookrunner'|'Jan 27 An entity controlled by investor Oaktree Capital Management LP has sold an about 10 percent stake in British property developer Countryside Properties Plc via a placing, one of the bookrunners said on Friday.The bookrunner said 45 million shares, sold through an accelerated bookbuild process, had been priced at 230 pence per share, which represented a discount of about 3.6 percent to Countryside''s close on Thursday.Oaktree entity would have raised roughly 103.5 million from the sale, Reuters calculations showed, and is no longer the majority investor of the London-listed firm.The placement came a day after Countryside reported first-quarter results, and said outlet growth and net reservation rates had remained strong over the 13 weeks from Oct. 1 to Dec. 31, 2016.Although the UK property market experienced some turbulence after Britons voted on June 23 to leave the European Union, the market has recovered since then.Following the placing, Oaktree would continue to hold about 207.4 million ordinary shares, or roughly a 46.1 percent stake, in Countryside, the bookrunner said on Friday.Countryside returned to the London market last February in a listing priced at 225 pence per share, following more than a decade in private hands.Oaktree bought a controlling stake in the company, which traded as a public company from 1972 to 2005, from Lloyds Banking Group in 2013.Barclays Bank Plc and Numis Securities Ltd were the joint bookrunners and Peel Hunt LLP was the lead manager for the placing. (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/countryside-stake-sale-oaktree-capital-idINL4N1FH1V8'|'2017-01-27T04:57:00.000+02:00'
'0543c7a7623d2828f332df924396329396125387'|'Rio Tinto sale to Yancoal resets mood for Australian coal mine deals'|'By James Regan and Jamie Freed - SYDNEY SYDNEY Chinese-owned Yancoal''s ( YAL.AX ) $2.45 billion purchase of the Coal & Allied division of Rio Tinto ( RIO.AX ) is setting the stage for more big-ticket coal mining acquisitions in Australia, where more than $10 billion in assets are waiting to be sold.Deals stalled last year when coal prices rocketed to nearly five-year highs and miners raised their expectations on bids for their assets, but with coal prices in retreat, deals are more likely to get done, merger and acquisition advisers said.Asian buyers are likely to be in the forefront, they said."Now that coal prices are no longer going up, both buyers and sellers are taking more realistic views on valuations," said K&L Gates lawyer Robert Milbourne, who specializes in mining.Desperate to cut debt, Anglo American ( AAL.L ) put its prized Grosvenor and Moranbah mines, which produce coking coal used in steel-making, up for sale about a year ago. But after coking coal prices tripled, it spurned an offer worth more than $2 billion from a team led by private equity firm Apollo Global Management ( APO.N )."They decided (Moranbah and Grosvenor) were too good to sell because of the higher coking coal price...The balance sheet fixed itself," said a Sydney-based investment banker with coal expertise.With Anglo holding on to those mines, the biggest deal pending is Australian conglomerate Wesfarmers'' ( WES.AX ) sale of its Curragh mine and its 40 percent interest in the Bengalla mine, which industry sources say could fetch more than $1.5 billion all together.Anglo American still has other coal mines it wants to sell. Peabody Energy, Vale ( VALE5.SA ) and possibly BHP Billiton ( BHP.AX )( BLT.L ) could also look to unload thermal coal mines.Cashed up private equity players, like Apollo, Denham-backed Pembroke Resources and EMR Capital, are hunting for assets, and as the Rio deal showed, there is still strong appetite for coal mines from Asian buyers.BIGGEST POST-BOOM DEALPrior to Yancoal agreeing to pay up to $2.5 billion for Rio Tinto''s suite of mostly thermal coal assets in Australia''s Hunter Valley, the biggest post-boom purchase was $606 million -- paid by New Hope Coal ( NHC.AX ) in 2015 for Rio Tinto''s stake in its Bengalla mine.Yancoal may also buy Mitsubishi Corp''s ( 8058.T ) 32 percent stake in the Hunter Valley Operations sold by Rio Tinto."We had quite a few small transactions go through last year," said the investment banker. "We will see some bigger ones this year. The increase in the coal price last year slowed things down."Coking coal prices have contracted by a third to less than $200 a tonne, while thermal coal <0#GCLNWCPFBAVc> has come back from a peak of $100 a tonne in November to trade at $84.In a sign that sellers want to get deals done, Rio Tinto gave Yancoal flexibility on paying $2.45 billion in one go, or $1.95 billion up front followed by $500 million split in annual installments over five years."The structure of Rio''s sale suggests they were more willing to deal," UBS mining analyst Glyn Lawcock said. "They are prepared to say you can pay us the last $500 million over five years. That''s not very common."The price for Coal & Allied underscores China''s willingness to pay up for high quality coal assets abroad as its domestic industry winds back. UBS valued the assets at $1.8 billion, while RBC valued them at $2.2 billion at current coal prices.Rio held out for a strong price throughout the coal market slump over the past few years, rebuffing approaches from Glencore Plc ( GLEN.L ) to merge its assets with Coal & Allied in mid-2014.After that, Glencore sought an outright acquisition that also included Rio Tinto''s Kestrel and Hail Creek mines in neighboring Queensland state. Both attempts failed.(Reporting by James Regan and Jamie Freed; Editing by Sonali Paul)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rio-tinto-m-a-yancoal-idINKBN1590RK'|'2017-01-25T05:44:00.000+02:00'
'bc4f51f24c3c2ed95d698b39a3020610224b5a1a'|'Intesa Sanpaolo may launch 12 billion euro cap hike in bid for Generali - report'|' 06am GMT Intesa Sanpaolo may launch 12 billion euro cap hike in bid for Generali - report The Intesa Sanpaolo logo is seen in Milan, Italy, January 18, 2016. REUTERS/Stefano Rellandini MILAN Italy''s Intesa Sanpaolo ( ISP.MI ) could launch a 12 billion euro (10.4 billion pounds) capital increase reserved to Assicurazioni Generali''s ( GASI.MI ) shareholders as part of a potential takeover on the insurer, Il Messaggero reported. Intesa Sanpaolo confirmed on Tuesday it was examining a possible tie-up with Generali, in its first comment since reports emerged at the weekend that it was interested in building a stake in Italy''s biggest insurer. Among the options being reviewed, the most probable is a cash and share offer by Intesa on 60 percent of Generali, the paper said, adding that the bid would include a cash portion of 3 billion euros and a reserved cash call for around 12 billion euros. The daily newspaper added that UBS would advise Intesa on the operation, although the mandate had yet to be formalised. Intesa was not immediately available for comment, while UBS had no immediate comment. (Reporting by Francesca Landini in Milan and Michael Shields in Zurich, editing by Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-generali-m-a-intesa-report-idUKKBN1590PE'|'2017-01-25T15:06:00.000+02:00'
'c449d0d47a1aab903607838e6db987521ff6ca25'|'Uganda negotiating $2.3 bln loan with China to fund rail line'|'Financials - Thu Jan 26, 2017 - 6:36am EST Uganda negotiating $2.3 bln loan with China to fund rail line By Elias Biryabarema - KAMPALA KAMPALA Jan 26 Uganda is negotiating a $2.3 billion loan with China''s Exim Bank to fund an initial 273 km stretch of rail line the east African country is planning to build for faster and cheaper transportation, an official said on Thursday. Landlocked Uganda eventually wants to construct a 1,700 km standard gauge railway network to connect with similar lines being built in neighbouring Kenya. The rail links are expected to help to boost the volume and efficiency of trade between Kenya''s Indian Ocean seaport of Mombasa and its vast hinterland stretching to South Sudan, eastern Democratic Republic of Congo (DRC), Rwanda and Burundi. "The construction of the eastern route ... will cost $2.3 billion," Standard Gauge Railway project head Kasingye Kyamugambi told Reuters, referring to the 273 km stretch between the capital Kampala and Malaba on the border with Kenya. "Uganda is negotiating with Exim Bank of China to secure financing for the project and begin construction." Kyamugambi did not say when a deal is expected to be finalised but said that construction -- slated to start once funds are secured -- will take 42 months. Once fully completed, the railway will have several arms connecting it to Congo, Rwanda and South Sudan. Both Uganda and Kenya have been using a decrepit, narrow-gauge railway line built about a century ago by the British. That old line in both countries is being operated by a private investor under a concession that runs until 2032. In recent years officials in the east African region have been eager to invest in modern transportation and communications links such as railways, expressways and internet cables. Once complete, the new electric rail network is expected to save Uganda an estimated $2 billion a year through lower freight costs and shorter shipment times. Kyamugambi said the Ugandan government will contribute 15 percent to the cost of the Malaba-Kampala stretch and also pay for land for the railway corridor. Last month a Kenyan official said that work on the country''s Mombasa-Nairobi stretch of the new railway link, also financed by China, was 98 percent complete and that it would begin commercial operations in January 2018. (Editing by George Obulutsa and David Goodman) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/uganda-railway-idUSL5N1FG36Q'|'2017-01-26T18:36:00.000+02:00'
'913b1af5754d3969d1eb22ad0c75b95607d0e04a'|'UPDATE 1-Johnson & Johnson bln'|'(Adds detail, background)ZURICH Jan 26 said in a $30 billion all-cash deal, following weeks of speculation a deal was imminent.The offer boards of directorsThe offer represented a 23 percent premium to Actelion''s closing price on Wednesday of 227.4 Swiss francs.Actelion has been the subject of takeover speculation for weeks after J&J launched and then halted discussions with the Swiss company. French drugmaker Sanofi, had also been interested sources said, but was sidelined after Johnson & Johnson returned, and began exclusive negotiations in December.Acquiring the Swiss biotech firm would boost J&J''s drug pipeline and diversify its prospects. J&J''s biggest product, the arthritis drug Remicade, faces cheaper competition from Pfizer .J&J said it expected the transaction to be immediately accretive to its adjusted earnings per share and accelerate its revenue and earnings growth rates. It will fund the transaction with cash held outside the United States."We believe this transaction offers compelling value to both Johnson & Johnson and Actelion shareholders," Alex Gorsky, chairman and chief executive officer of Johnson & Johnson, said in the statement.Actelion will spin out its research and development unit into a standalone company based and listed in Switzerland, under the name of R&D NewCo and led by Actelion founder and current CEO Jean-Paul Clozel, the companies said.The shares of R&D NewCo will be distributed to Actelion''s shareholders as a stock dividend upon closing of the tender.J&J will initially hold a 16 percent stake in R&D NewCo and will have rights to an additional 16 percent of the company''s equity through a convertible note. It will also receive an option on ACT-132577, a product within R&D NewCo being developed for resistant hypertension currently in phase 2 clinical development.J&J said it expected to retain Actelion''s presence in Switzerland. (Reporting by Silke Koltrowitz and John Revill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/actelion-johnsonjohnson-idINL5N1FG0X1'|'2017-01-26T03:57:00.000+02:00'
'7125b47a3ce1bd150f0050c5216766805322d421'|'"Show me the money": divorce first, then trade deal, EU tells UK'|'Thu Jan 26, 2017 - 8:10am GMT ''Show me the money'': divorce first, then trade deal, EU tells UK Britain''s Prime Minister Theresa May delivers a speech on leaving the European Union at Lancaster House in London, January 17, 2017. REUTERS/Kirsty Wigglesworth/Pool By Alastair Macdonald and Jan Strupczewski - BRUSSELS BRUSSELS Since Prime Minister Theresa May set out her Brexit goals last week, interest in Britain has focused on the future trade deals she may one day strike with the United States and other powers, as well as with the European Union. In Brussels and European capitals, that looks like putting the cart before the horse. "They''re talking about their future relationships," said one EU official preparing for talks with London. "But first we need to get divorced. This is not going to be easy. Frankly, it''s going to be very, very messy." In diplomatic language, the European Commission''s spokesman Margaritis Schinas told a news conference this week: "First, one needs to agree on the terms for an orderly separation and then, on the basis of this, build a future new, good relationship." As with other divorces, the bitterest battle may be over money. And there is no certainty that any settlement can be agreed at all. "Britain’s payments to the EU budget and the issue of the EU quickly starting talks on an FTA (free trade agreement) with Britain will be linked," said a second senior EU official. "There cannot be discussions of a future relationship without first regulating the issue of an orderly separation." EU negotiators reckon Britain has a weak hand to play; May must accept a two-year guillotine on talks that she hopes will end with a deal to keep "maximum" British access to EU markets while pulling Britain out of the single market and its obligations. Put simply, if May wants to draft an FTA in only two years as she says -- a goal that prompts head-shaking in Brussels -- continentals think they can hold her hostage with the threat of trade tariffs from 2019 unless she settles British debts. Many discount as bluster May''s warning that she would rather have no deal than a bad deal, walking away without free trade and daring continentals to take a hit to their own exports. But some diplomats voice concern that London may be tempted to flounce out without paying EU bills worth tens of billions. YOUR BILL: 60 BILLION EUROS May insists Britain wants to remain a friend and constructive partner for the EU. It would hardly enhance Britain''s reputation among future global trade partners to flee with bills unpaid. The other EU member states want it to pay its share of the spending commitments that were agreed when it was a member, stretching out some years, as well as possibly funds to cover the pensions of British EU staff. There will, however, be differences over the size of the bill, estimated informally by EU officials at very roughly 60 billion euros -- more than Britain spends on defense each year. "I can see this turning very bloody over money," said a person who has had preliminary contact with negotiators on both sides. EU officials have prepared arguments to counter suggestions that Britain should be credited with a share of EU assets -- buildings, say -- to offset what it will owe Brussels on leaving. The bloc''s negotiators will argue that Britain was not asked to pay extra for a share of existing EU assets when it joined in 1973, so it has no right to demand repayment of any share now. Filling the hole left by the bloc''s second biggest economy in the EU budget is already causing jitters as the remaining 27 brace for the seven-yearly blood ritual of financial planning. German leaders see a grim prospect of picking up the biggest tab, while the ex-communist eastern states, who are the major net beneficiaries of EU spending, fear they will lose out. British officials say they can use the money card to divide the 27. On the EU side, diplomats are saying that if London tries that, it will find its hopes of a quick free trade deal put on hold. Other knotty issues to be settled in the withdrawal treaty include border arrangements, notably in Ireland, and the rights of EU and British expatriates. Brussels has accused May of underestimating the problem by calling for a deal on that right now. (Writing by Alastair Macdonald; Editing by Kevin Liffey) Up Next Exclusive: Millions of barrels of Venezuelan oil stuck at sea in dirty tankers HOUSTON/PUNTO FIJO, Venezuela More than 4 million barrels of Venezuelan crude and fuels are sitting in tankers anchored in the Caribbean sea, unable to reach their final destination because state-run PDVSA cannot pay for hull cleaning, inspections, and other port services, according to internal documents and Reuters data.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-divorce-idUKKBN15A0RP'|'2017-01-26T15:03:00.000+02:00'
'090d6c5d6b0a638f94b94d4f52ef2e484cf0f676'|'Missile maker Raytheon''s sales fall 1.4 percent'|'Aerospace & Defense   6:58am EST Missile maker Raytheon''s sales fall 1.4 percent A sign marks the Raytheon offices in Woburn,   Raytheon Co ( RTN.N ) reported a 1.4 percent fall in quarterly revenue, hurt by slower sales in its units that make missile systems and tracking and navigation sensors used in aircraft and missiles. The maker of Patriot missiles forecast 2017 sales of $24.8 billion-$25.3 billion, below analysts'' average estimate of $25.55 billion, according to Thomson Reuters I/B/E/S. The company said sales in its missile systems unit, which makes Paveway smart bombs and medium-range air-to-air missiles, rose 1 percent to $1.90 billion in the fourth-quarter ended Dec. 31, the slowest rise in six quarters. The missile systems unit, which is Raytheon''s biggest business, accounted for 29.4 percent of its 2016 revenue. Sales in Raytheon''s space and airborne systems business, its second-biggest unit by revenue, recorded the slowest growth in four quarters, with a 2 percent rise. The unit contributed 25.6 percent to its full-year sales. The company''s total sales fell to $6.24 billion from $6.33 billion a year earlier. Raytheon said there were four fewer work days in the fourth quarter, compared with the same period a year earlier, reducing its sales by about $100 million per day. Income from continuing operations attributable to Raytheon shareholders fell 2.5 percent to $544 million, or $1.84 per share, in the fourth quarter from $558 million, or $1.85 per share, a year earlier. Raytheon said its tax-related earnings were reduced by 4 cents per share as it made a $500 million pretax discretionary pension plan contribution in the quarter. The company, which adopted a new revenue recognition standard from Jan. 1, said it expected earnings from continuing operations of $7.20-$7.35 per share for 2017. Raytheon said the impact of adopting the new accounting standard on the company''s 2015 and 2016 net sales and operating income was not material. Bookings fell 3.6 percent to $7.58 billion in the fourth quarter, but were up 10.3 percent to a record $27.84 billion for the full year. Bookings is a forward-looking metric that measures the value of firm orders won by Raytheon. Raytheon''s shares had risen 23.9 percent in the past 12 months up to Wednesday''s close of $146.87, compared with a 29.7 percent increase in the Dow Jones U.S. Aerospace & Defense index .DJUSAE. (Reporting by Mike Stone in Washington and Ankit Ajmera in Bengaluru) Next In Aerospace & Defense'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-raytheon-results-idUSKBN15A1FR'|'2017-01-26T18:58:00.000+02:00'
'cf943d1509d30ebd91f1818217a0e9fe71fdeb3b'|'Mexico''s Jose Cuervo tequila IPO aims to raise over $700 million'|'MEXICO CITY Mexican tequila maker Jose Cuervo will seek to raise more than $700 million in an initial public offering, with Singapore''s Temasek Holdings Ltd taking 20 percent of the offer, an investor presentation showed on Wednesday.Jose Cuervo will offer 476.6 million shares, priced at between 30 to 34 pesos per share, in its delayed Feb. 8 initial public offering, the presentation said.The world''s biggest tequila maker put its IPO on hold twice last year after the election of U.S. President Donald Trump sent the peso to record lows and spurred fears of an economic slowdown in Latin America''s second-largest economy.Some 15 percent of the offering will be an "overallotment option" provided to international investors based on demand for the offer, whose proceeds will go toward general corporate purposes and potential acquisitions to fuel global expansion.Aranda, a subsidiary of Temasek, committed to subscribing to 20 percent of the offer, as long as the price per share remained within the range.Cuervo will be bolstered by Aranda''s pre-IPO commitment. Such deals are common in major Asian flotations, providing stability to companies by locking in buyers amid market uncertainty.Jose Cuervo declined to comment. A spokeswoman for Temasek confirmed the 20 percent commitment valued at about $175 million.Trump, who took office last week, has promised to renegotiate or scrap the North American Free Trade Agreement with Mexico and Canada, and has threatened to slap hefty taxes on companies shipping products from Mexico to U.S. markets.MetAnalisis analyst Gerardo Copca said the timing of the move could be due to an upcoming acquisition that will require a cash boost or the more pro-dialogue approach from Trump towards Mexico than previously feared which has boosted Mexican shares."The governments of Mexico and the United States are going to dedicate themselves to negotiation and that creates confidence. Mexico''s stock market has shown that recently," Copca said.Mexico''s IPC index .MXX has notched three straight days of gains, approaching levels not seen since early November.In a prior IPO filing with regulators, Jose Cuervo warned the U.S. election could lead to renegotiation of trade deals, which could have a serious impact on its business.Started by Jose Antonio de Cuervo in 1758 before Mexican independence from Spain, Jose Cuervo says it is North America''s oldest continuous producer of spirits.With origins in the picturesque town of Tequila in Jalisco state, the business -- which controls 30 percent of the global tequila market -- is now controlled by the Beckmann family, which will remain the majority shareholder after the IPO.(Reporting by Roberto Aguilar, additional reporting by Alexandra Alper; Christine Murray and Lauren Hirsh; Editing by Sandra Maler and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mexico-jose-cuervo-idINKBN1592MR'|'2017-01-25T20:36:00.000+02:00'
'103755e12c5c4f94ea1d53de0d2feede099040b6'|'MOVES-Insurer Lancashire appoints chief for Cathedral Underwriting'|'Financials  29am EST MOVES-Insurer Lancashire appoints chief for Cathedral Underwriting Jan 27 Property and casualty insurer Lancashire Holdings Ltd said it had appointed Andrew McKee as chief of its Cathedral Underwriting business with effect from June 26. McKee, who was most recently CEO of MS Amlin''s Lloyd''s business, has also worked at Chubb Insurance and Mitsui Sumitomo Insurance Underwriting at Lloyd''s, Lancashire said. Lancashire, which writes policies for heavy-duty assets such as oil rigs, ships and aircraft, announced the departure of Cathedral''s CEO and CFO in 2015. The insurer appointed a finance head for its Cathedral arm last year. (Reporting by Noor Zainab Hussain in Bengaluru) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/lancashire-moves-cathedral-idUSL4N1FH20W'|'2017-01-27T15:29:00.000+02:00'
'01e12c0c8f8ee246452aba5676e9ccab10a452be'|'BRIEF-Emerita provides a further update on Aznalcóllar appeal'|' 57pm EST BRIEF-Emerita provides a further update on Aznalcóllar appeal Jan 26 Emerita Resources Corp * Emerita Resources a further update on the Aznalcóllar appeal * Emerita Resources - Spain''s federal police obtained documents related to Aznalcóllar tender process from Direccion General De Industria, Energía Y Minas * Emerita Resources - federal police have also requisitioned critical documentation from Andalusian Mining Agency relating to Aznalcóllar tender process    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AX3M'|'2017-01-27T04:57:00.000+02:00'
'719cb44b2ecbe61cec04149671bd447552eae4ce'|'Shell set to sell $3 billion North Sea assets to Chrysaor: sources'|'LONDON Royal Dutch Shell ( RDSa.L ) is nearing the sale of a large part of its North Sea oil and gas assets for $3 billion to a private equity-backed firm, several banking sources said.The deal will mark a major milestone in the Anglo-Dutch company''s drive to reduce its heavy debt pile following the $54 billion acquisition of BG Group in February 2016.Chrysaor, a North Sea-focused oil company backed by private equity fund EIG Partners, will acquire from Shell a mix of older fields, new developments and infrastructure in a move that could breath new life into one of the world''s oldest offshore basins where production has been in a steady decline since the late 1990s.The deal is expected to be announced in the coming days to coincide with Shell''s full-year results on Feb. 2, several sources said.(Reporting by Ron Bousso; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shell-m-a-northsea-idINKBN15B14M'|'2017-01-27T08:50:00.000+02:00'
'0932570d0446fb9e21880cc9b79c738f8a328003'|'Fitch Rates Chengdu Xingcheng Investment''s USD Notes Final ''BBB+'''|'Financials  14am EST Fitch Rates Chengdu Xingcheng Investment''s USD Notes Final ''BBB+'' (The following statement was released by the rating agency) HONG KONG, January 26 (Fitch) Fitch Ratings has assigned Chengdu Xingcheng Investment Group Co., Ltd.''s (CXIG) USD300m 3.25% senior unsecured notes due 2021 a final rating of ''BBB+''. The assignment of the final rating follows the receipt of documents conforming to information already received. The final ratings are in line with the expected ratings assigned on 16 November 2016. The net proceeds of the bond issue will be used for general corporate purposes. KEY RATING DRIVERS The bonds were issued directly by CXIG and are rated at the same level as its Issuer Default Rating (BBB+/Stable) as they will constitute direct, unconditional, unsubordinated and unsecured obligations of CXIG and rank pari passu with all its other senior unsecured obligations. The ratings of CXIG are credit-linked but not equalised to Fitch''s internal assessment of the creditworthiness of Chengdu Municipality. This is because the municipality owns 100% of the entity, there is strong government oversight of CXIG''s financials, and the strategic importance of the entity''s operation to the municipality. These factors result in a high likelihood the municipal government would provide extraordinary support to the entity, if needed. CXIG is one of the primary investment and financing vehicles of Chengdu Municipality and implements the municipal government''s blueprint for urban planning, city infrastructure construction and social affordable housing. CXIG is also the exclusive concessionaire of primary land development in the eastern and southern parts of the city, according to CXIG. RATING SENSITIVITIES Rating action on CXIG would lead to similar action on the rating of its US dollar notes. Links with Chengdu Municipality: An upgrade of Fitch''s internal assessment on the creditworthiness of Chengdu Municipality may trigger positive rating action on CXIG. A positive rating action may also stem from a stronger or more explicit municipal government support commitment. A weakening of CXIG''s strategic importance to the municipality, weakening of the municipal government''s controlling shareholding, and/or reduced municipal support may result in a widening of notching from the sponsor. A downgrade may also stem from weaker fiscal performance or increased indebtedness of the municipality, leading to deterioration of Fitch''s internal assessment of the creditworthiness of Chengdu Municipality. Contact: Primary Analyst Terry Gao Director +852 2263 9972 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Ark Huang Analyst +86 21 5097 3153 Committee Chairperson Guido Bach Senior Director +49 69 768076 111 Date of Relevant Rating Committee: 15 November 2016 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available at www.fitchratings.com Applicable Criteria International Local and Regional Governments Rating Criteria - Outside the United States (pub. 18 Apr 2016) here Rating of Public-Sector Entities - Outside the United States (pub. 22 Feb 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . 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All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit983935'|'2017-01-26T15:14:00.000+02:00'
'1b98a9c368433155e7dc93173c2e33d849c4ce3a'|'Walgreens working to finalize Rite Aid deal, clear antitrust hurdles'|'WASHINGTON The chief executive of Walgreens Boots Alliance Inc ( WBA.O ) said Thursday that the biggest U.S. drug store chain was pressing on with its purchase of smaller Rite Aid Corp ( RAD.N ), which was announced in October 2015 and has not closed.Rite Aid Corp said on Dec. 20 that it would sell 865 stores to Fred''s Inc ( FRED.O ) for $950 million to satisfy antitrust concerns on the deal, which was valued at $9.4 billion when it was announced in October 2015.The Federal Trade Commission is assessing the proposed merger to ensure it complies with antitrust law."During the year, we also continued in our effort to get regulatory approval for our acquisition," said Stefano Pessina, Walgreens Boots Alliance chief executive, at an annual shareholders meeting in New York City.Pessina declined to detail issues raised in the review: "The only thing I can repeat is that we are actively engaged in dialogue with the FTC and we are doing everything we can to support their work," he said.Pessina said Walgreens was also talking to Rite Aid. "These discussions include taking into account anything required to gain approval for the transaction," he said.It could take two months for the agency to assess a proposed divestiture of that size since it would look at the proposed sales, store by store, and in detail, said David Balto, a former FTC official now in private practice."Retail market divestitures are very complex. It''s unrealistic to assume that they could get through a divestiture that''s this significant in a few weeks," said Balto.The purchase is a big expansion for Fred''s. The chain has more than 650 discount stores in the southeastern United States with 350 pharmacies, according to its website.Walgreens has 13,200 stores, nearly 60 percent of which are in the United States, while Rite Aid has 4,570 stores in the United States.The FTC may be doubly careful after it was stung by the failure of an earlier retail divestiture. It allowed regional grocer Haggen to buy 146 stores as part of a deal to allow Albertsons to buy Safeway in early 2015, only to have Haggen file for bankruptcy that same year. Albertsons bought dozens of the stores.The FTC is also in transition. President Donald Trump named Commissioner Maureen Ohlhausen the acting chair on Wednesday. Another commissioner, former Chairwoman Edith Ramirez, leaves early next month.(Reporting by Diane Bartz and Siddharth Cavale; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rite-aid-m-a-walgreens-boots-idINKBN15A2LY'|'2017-01-26T15:40:00.000+02:00'
'18a280cbe6b8ca9140a841acc492926e1df3c502'|'UPDATE 1-Grana y Montero posts quarterly loss, cites Odebrecht project'|'(Adds comments from company on divestiture plan, net profit without impacts from pipeline, context on Odebrecht scandal)LIMA Jan 27 Grana y Montero , Peru''s biggest construction conglomerate, reported a fourth-quarter net loss of 130 million soles ($39.4 million) on Friday after it lost a major contract due to corruption concerns about its partner.For the fourth quarter of 2015, the company posted 82 million soles in net profit.This week Peru terminated Brazilian builder Odebrecht''s $5 billion natural gas pipeline contract in which Grana had owned a 20 percent stake, capping months of uncertainty that sank Grana''s share value.The company said that without the effects from the pipeline project, net profit would have risen 55 percent in 2016. Instead, it dropped 90 percent to 8.6 million soles.To quickly pay off debt and guarantees linked to the collapse of the contract, Grana''s board approved a plan to divest $300 million in certain assets.Grana, which has described its partnership with Odebrecht on the pipeline and other projects as a mistake, said earlier this month that it was weighing its legal options.Odebrecht has been at the center of a growing graft scandal in Latin America since it acknowledged in late December that it distributed hundreds of millions of dollars in bribes across the region, including $29 million in Peru. (Reporting by Mitra Taj; Editing by Chizu Nomiyama and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/peru-grana-y-montero-idINL1N1FH0IZ'|'2017-01-27T10:33:00.000+02:00'
'70c93c062f5b80b51eb346d6dc79ad1350dd09bb'|'McDonald''s to open at least 50 new restaurants in Russia in 2017'|'MOSCOW McDonald''s ( MCD.N ) plans to open more than 50 restaurants in Russia this year and hopes to sign more franchising deals to expand in existing and new regions, the local unit''s chief executive said on Tuesday.The fast-food chain opened 73 restaurants in Russia last year, exceeding its forecast. Of the newly-opened restaurants, 65 are company-owned, Khamzat Khasbulatov, head of McDonald''s Russia, told a news conference.Khasbulatov said the target for new outlets in 2017 did not signify the company was slowing the pace of its expansion."(The situation) has not got better or worse, 50 is not a small number, we are just giving more freedom to our partners and time to gather pace," said Khasbulatov.McDonalds currently has three franchisees in Russia, two of which have been opening its outlets in the Urals and Siberia. Franchisees operate 92 restaurants out of its total of 609."The (franchising) program will develop, we are looking for new partners," Khasbulatov said.He added the company aimed to bring the share of local suppliers to almost 100 percent by the end of 2018 from the current 85 percent and was encouraging suppliers to develop production in Russia - a move likely to shield it from currency swings and any import restrictions.In 2014 Russia banned many food imports in retaliation to Western sanctions over Moscow''s role in the Ukraine crisis. The food embargo, which is still in place, has driven up prices and gave a boost to the Russian agriculture industry.(Reporting by Maria Kiselyova and Olga Sichkar; Editing by Christian Lowe)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-mcdonalds-russia-idUSKBN15F111'|'2017-01-31T14:08:00.000+02:00'
'358632620b385ea98d647e88405b6665750f3721'|'BRIEF-Ringkjoebing Landbobank FY pre-tax profit up at DKK 661 million'|' 16am EST BRIEF-Ringkjoebing Landbobank FY pre-tax profit up at DKK 661 million Jan 31 Ringkjoebing Landbobank A/S : * FY profit before tax increased by 12 percent to 661 million Danish crowns ($95 million) * FY core earnings increased to 617 million crowns, an increase of 5 percent * Expectations for core earnings of 515 million - 615 million crowns in 2017, plus result for portfolio * FY proposed dividend raised from 30 crowns to 36 crows per share * New buy-back programme for up to 170 million crowns is also proposed, increasing total pay-out ratio to 62 percent     ($1 = 6.9560 Danish crowns) (Gdynia Newsroom) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FK0X6'|'2017-01-31T14:16:00.000+02:00'
'3875e36a293d37ae287c26835b0b7474eec62f75'|'Euro zone growth, inflation pick up, but no ECB moves seen yet'|'Business News - Tue Jan 31, 2017 - 11:39am GMT Euro zone growth, inflation pick up, but no ECB moves seen yet FILE PHOTO: A man walks past driver cabins in the truck production plant of German truck and bus maker MAN AG in Munich, Germany, July 30, 2015. REUTERS/Michaela Rehle/File Photo By Jan Strupczewski and Francesco Guarascio - BRUSSELS BRUSSELS Euro zone inflation jumped in January, economic growth picked up and unemployment fell to a seven-year low, but the rebound looks unlikely to prompt any early rethink of the ECB''s stimulus programme as rises in core prices were modest. Inflation in the 19 countries sharing the euro accelerated to 1.8 percent year-on-year, Eurostat estimated, up from 1.1 percent in December, putting it within range of the European Central Bank''s medium-term target of below but close to 2 percent. It was the highest rate since February 2013. Core inflation, which excludes volatile prices of energy and unprocessed food and which the ECB focuses on in its policy decisions, was stable at 0.9 percent year-on-year, however. ECB President Mario Draghi said last Thursday he would look past energy price fluctuations until underlying inflation picked up in a "convincing" way. "With core inflation still weak, it seems unlikely that this will cause the ECB to change course" on its bond-buying programme, said Bert Colijn, economist at ING bank. Barring some "serious upside surprise" in core inflation, he did not expect the ECB to start tapering the programme until next year. Energy prices jumped 8.1 percent year-on-year in January after a 2.6 percent increase in December and unprocessed food was 3.3 percent more expensive than a year earlier. Separately, the statistics agency said euro zone gross domestic product rose 0.5 percent quarter-on-quarter in the last three months of 2016, as expected, for a 1.8 percent year-on-year rise. In the whole of 2016, euro zone GDP rose 1.7 percent, down from a five-year high of 2.0 percent in 2015. "We suspect the euro zone may find it difficult to sustain this momentum amid appreciable political uncertainties during 2017 and likely reduced consumer purchasing power due to higher inflation," said Howard Archer, economist at IHS Global Insight. Archer sees euro zone GDP growth of 1.6 percent in both 2017 and 2018. Stronger economic growth also helped bring down the bloc''s unemployment rate to 9.6 percent in December, the lowest since May 2009 before Greece''s debt crisis broke out. "This starts to get closer to figures that would justify more wage pressures, but it seems unlikely that this will happen in a meaningful way in the first half of 2017," Colijn said. "Nevertheless, the ECB will look at this batch of data with a mix of joy and concern as it does show that the economy is moving in the right direction, but it will probably bring out the hawks early," he said. (Reporting By Jan Strupczewski, Francesco Guarascio and Philip Blenkinsop; editing by John Stonestreet) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-idUKKBN15F10X'|'2017-01-31T18:39:00.000+02:00'
'07c815759033dbe15fde7b0a0a5f13265a897b3c'|'Feedvisor raises $20 mln in private funding round'|'Financials  07am EST Feedvisor raises $20 mln in private funding round JERUSALEM, Jan 31 (Reuters) - * U.S.-Israeli algo-commerce firm Feedvisor said on Tuesday it raised $20 million in a Series B funding round. * The round was led by venture capital fund manager General Catalyst and included participation from existing investors Square Peg Capital, Jal Ventures, Oryzn Capital and Titanium Investments. * To date, Feedvisor has raised $33 million. * The funds will be used to expand Feedvisor''s product offering and accelerate the growth of its U.S. operations, it said. * Feedvisor said it plans to double its staff, currently 96, at its three locations in New York, Seattle and Tel Aviv. (Reporting by Steven Scheer) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/tech-israel-feedvisor-idUSL5N1FL5K5'|'2017-01-31T22:07:00.000+02:00'
'098e283a5b91a38d4fbf4d65ffaa6fbc49220b6d'|'UK finance hails new opportunities despite Brexit uncertainty'|'Business   2:28pm GMT UK finance hails new opportunities despite Brexit uncertainty Workers walk to work during the morning rush hour in the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh By Huw Jones and Andrew MacAskill - LONDON LONDON Britain''s finance industry can benefit from new global opportunities allowing it to remain a world leading financial center after Brexit, top industry officials said on Tuesday, in a softening of their tone toward leaving the trading bloc. After Britain''s vote last June to leave the European Union, banks warned that London''s future as a top global financial center was in doubt without continued full "passporting" rights to the bloc''s single market. Passporting is the ability under EU rules for any financial firm to serve the whole region from a single base, cutting costs and red tape. But this month Britain''s Prime Minister Theresa May said the UK would not be part of the single market after Brexit, meaning continued full passporting rights were not possible. Top officials reflected this new reality on Tuesday in a hearing in parliament. Anthony Browne, chief executive of the British Bankers'' Association, Chris Cummings, chief executive of the Investment Association, and Gary Campkin, director of policy at TheCityUK told lawmakers they wanted a "mutual market access" trading deal with the EU in future. "There are huge opportunities here absolutely," Browne told the International Trade Committee. This would stop short of passporting, but still allow financial firms in the UK and EU based customers to do business with each other. The CityUK was also upbeat on the "once-in-a-generation opportunity" to reframe Britain''s trade policy and not just focusing solely on negotiating new trading terms with the EU. "It''s important that we look creatively at new deals and new arrangements. I don''t think it''s a question of saying which is more important, it''s a question of looking at it in the round," Campkin said. Browne said there will be new opportunities to strike new free trade deals and negotiate new market access for financial service companies. He said the most lucrative opportunities may be in more advanced nations rather than faster growing emerging markets that tend to have restricted economies. "You may find some of the more established markets are lower hanging fruit in terms of removing obstacles to trade," he said. When asked by a lawmaker if he was now bullish on Brexit, he replied the exit from the trading bloc presented challenges and reasons for optimism. "It does present opportunities and one thing I have learnt in life, particularly in this job, is we should embrace the inevitable," Browne said. Browne said it was important that the government prioritizes negotiating market access first and then decides what EU laws it can dispense with. Banks may be able to secure market access by so-called equivalence, whereby banks in Britain would have access if they abide by rules similar to those in force in the bloc. "What I don''t think would be in our national interest is to tear up some bit of local regulation we don''t live and say ha we have done this and then find no one wants to trade with us," Browne said. (Reporting by Huw Jones and Andrew MacAskill, editing by Louise Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-banks-idUKKBN15F1RT'|'2017-01-31T21:27:00.000+02:00'
'e0aee52c9aa87e76575c2beda5ad2d2e3443f733'|'British consumers slow their borrowing ahead of expected Brexit pinch'|'Business News - Tue Jan 31, 2017 - 10:40am GMT British cnsumers slow their borrowing ahead of expected Brexit pinch A bank employee counts pound notes at Kasikornbank in Bangkok, Thailand October 12, 2010. REUTERS/Sukree Sukplang/File Photo By William Schomberg and David Milliken - LONDON LONDON British consumers slowed the pace of their borrowing in December for the first time in five months, a potential sign that households might be reining in their spending as last year''s Brexit vote pushes up inflation. Unsecured consumer lending - borrowing without collateral - rose by a net 1.0 billion pounds ($1.24 billion) in December - much less than an increase of 1.7 billion pounds forecast in a Reuters poll of economists and down from an increase of nearly 2 billion pounds in November. Spending by households helped Britain rack up the fastest growth in 2016 among the world''s biggest rich economies, despite the shock of the vote in June to leave the European Union. But the Bank of England expects growth to slow in 2017 as rising inflation, triggered by the post-Brexit vote fall in the value of the pound, eats into the spending power of consumers. Furthermore, Britons are saving less than at any time in the last eight years, raising questions about how long they are likely to continue borrowing so freely. The annual growth rate in borrowing slowed to 10.6 percent from 10.8 percent in November, which had been the fastest growth in 11 years. It was the first fall in the annual rate since July and the biggest slowdown since December 2013. Net credit card borrowing showed its smallest increase in cash terms since October 2015. "It may well be that consumers were buying big-ticket items in previous months ahead of increases in prices, but it''s very hard to tell from one month''s numbers," Philip Shaw, an economist with Investec, said. Previous official data had shown the biggest fall in monthly retail sales in over four years in December, slowing for a second month after bumper sales in October. Shaw said a sharp fall in the value of the pound against the U.S. dollar GBP= after the data might reflect a slightly weaker than expected increase in mortgage approvals in December. Despite being wrong-footed by the strength of the economy since the referendum, the BoE is expected to keep interest rates on hold until at least 2019 as it sticks to its view that high inflation will hit consumer spending. BoE Governor Mark Carney said on Jan. 16 that British growth had relied heavily on consumers, rather than business investment or exports, which made it vulnerable as household spending could not outpace wage growth indefinitely. A survey published overnight showed households might be starting to scale back on spending as last year''s Brexit vote pushes up inflation. Tuesday''s figures from the BoE showed that the number of mortgages for house purchase approved by lenders increased to 67,898, a bit below the median forecast of 69,000 in the Reuters poll but still the most since March 2016. The BoE forecast in November that mortgage approvals would slow to a monthly average of 65,000 over the next six months, and major lenders expect weaker house price growth. Net mortgage lending, which lags approvals, rose by 3.8 billion pounds in December, the BoE said, stronger than a forecast of 3.3 billion pounds in the Reuters poll. The BoE also said foreign investors were net sellers of British government bonds for the first time since July after the strongest purchases on record in the previous three months. Net sales totalled 2.97 billion pounds in December compared with purchases of 15.58 billion pounds in November. (Editing by Jeremy Gaunt) Exclusive: Japan eyes U.S. job, investment initiative ahead of Abe-Trump summit TOKYO Japan is hammering out plans to show U.S. President Donald Trump its firms are ready to create U.S. jobs, according to a document whose contents were revealed to Reuters, as Prime Minister Shinzo Abe prepares for a summit where automotive trade will be high on the agenda.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-lending-idUKKBN15F0WS'|'2017-01-31T17:31:00.000+02:00'
'0a9ab89aac6175e5f4e675db1910dda3d0568d1b'|'LPC-Kenya''s syndicated loan delayed-bankers'|'Financials - Tue Jan 31, 2017 - 8:23am EST LPC-Kenya''s syndicated loan delayed-bankers By Sandrine Bradley - LONDON LONDON Jan 31 The Kenyan government''s efforts to raise an internationally syndicated loan has been delayed by uncertainty surrounding a second US$250m loan made by The Eastern and Southern African Trade and Development Bank (PTA Bank) to the sovereign, bankers close to the situation said. Banks submitted bids in response to a request from Kenya in December for bonds or loans totalling up to US$1bn, and earlier this month the government mandated Standard Chartered, Standard Bank, Citigroup and Rand Merchant Bank to lead a loan that is expected to total around US$800m. The confusion has arisen because there is uncertainty about whether the US$250m provided by PTA Bank will be syndicated to the market or not. If it is offered to banks, it could have significant consequences for the four lenders looking to syndicate the larger loan, bankers said. There is only a relatively small pool of banks available to lend to Kenya, and bankers say that lenders would only be able to lend to one of the two loans, but not both, because of exposure issues. "The deal with PTA is confusing all of us. We thought it was a bilateral and not a market transaction. You cannot have two transactions in the market at the same time. It will not necessarily stop the deal but it raises serious questions," said one banker. Until lenders receive clarification of what will happen with the PTA loan, the situation has now reached a ''stalemate'', a second banker said. "If PTA syndicates at the same time [as the larger loan] it complicates the whole process. None of the arranging banks would have proposed what they proposed if they knew the existence of the other syndication," another banker said. Subsequent bank meetings to discuss the loan, including one which took place in Nairobi on January 19 and another on January 30, did not clarify the situation, the bankers said. "It is frustrating that an African sovereign is behaving like this. It was a fantastically run RFP (request for proposals) process - clear and transparent -- and then this happens. It doesn''t make sense," the third banker said. PTA Bank and the Kenyan government did not respond to requests for comment by telephone and by email. Kenyan economic growth is expected to slip to 5.7% in 2017 from about 5.9% in 2016, the central bank said on Tuesday. (Editing by Christopher Mangham) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/kenya-loans-idUSL4N1FL2HC'|'2017-01-31T20:23:00.000+02:00'
'd1395ca2e606446d1d3e3a5d6216695091435307'|'Santander senior non-preferred debut gets over 3.25bn of demand'|'Financials - Thu Jan 26, 2017 - 6:13am EST Santander senior non-preferred debut gets over 3.25bn of demand By Helene Durand LONDON, Jan 26 (IFR) - Books on Banco Santander''s debut five-year senior non-preferred bond are in excess of 3.25bn, according to a lead. Barclays, Santander, HSBC and Natixis have revised guidance to 120bp-125bp over mid-swaps, the tight end of the 135bp area over initial price thoughts. The so-called "second ranking senior notes" are intended to be TLAC/MREL eligible instruments once the proposed TLAC/MREL EU regulations have been approved. The bonds, which mature February 2022, are expected to be rated Baa2/BBB+/A-. Santander is rated A3/A-/A-. The transaction will be priced later today. (Reporting by Helene Durand; editing by Alex Chambers) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/banco-santander-bonds-idUSL5N1FG3C3'|'2017-01-26T18:13:00.000+02:00'
'b5a2e99a3a349fc52faf6ac5ece291e8ba4296e0'|'Fitch: SpareBank 1 Alliance Banks'' Performance Resilient despite Oil Pressure'|'Financials  40am EST Fitch: SpareBank 1 Alliance Banks'' Performance Resilient despite Oil Pressure (The following statement was released by the rating agency) Link to Fitch Ratings'' Report: The Major Sparebanken of the SpareBank 1 Alliance here LONDON, January 26 (Fitch) Fitch Ratings says in a new report that the prospects for the three largest Norwegian savings banks in the Sparebank 1 Alliance - SpareBank 1 SR-Bank (SR) (A-/Stable), SpareBank 1 SMN (SMN) (A-/Stable), and SpareBank 1 Nord-Norge (SNN) (A/Stable) - remain strong in 2017 despite continued pressure from low oil prices on economic activity and certain loan portfolios. Strong regional franchises will continue to support stable revenue generation and strong pre-impairment profitability. Fitch expects higher loan impairment charges for SR and SMN in 2016 and 2017, mainly from offshore service vessel (OSV) lending, but these should be easily absorbed by earnings. Mortgage lending margins have come under pressure recently but we expect a slight rebound in 2017. The banks benefit from their Alliance membership through cost efficiencies and wider income diversification. They remain focused on retail and SME customers and are reducing concentration risk relating to larger customers. We expect oil-related asset quality pressure to remain contained to OSV lending, where a combination of high fixed costs and reduced demand has forced both SR and SMN to make significant restructurings. A more widespread contagion effect is a risk to the banks, in particular for SR given its concentration to the Stavanger region, but recent signs point to an increase in economic activity and improved consumer confidence. The banks'' oil- and gas-related exposures vary significantly as a result of their regional footprints, but Fitch believes they are well-managed and supported by good local customer knowledge and strong underwriting standards. Risk-weighted capital ratios are sound and leverage is low for all banks. As with most of their Nordic peers, the banks rely on wholesale funding to varying degrees. Fitch believes the banks will retain large liquidity portfolios to mitigate refinancing risk. The ratings are primarily sensitive to deteriorating asset quality particularly if prolonged low oil prices lead to higher unemployment, deterioration in commercial real estate exposure or a significant house price correction, if the banks are unable to absorb losses via earnings. Upgrades to the banks'' ratings are unlikely given the already high ratings in the context of their company profiles, size and geographical and lending concentrations. For more details, see "The Major Sparebanken of the SpareBank 1 Alliance", published today at www.fitchratings.com or by clicking the link above. Contact: Bjorn Norrman Senior Director +44 20 3530 1330 Fitch Ratings Limited 30 North Colonnade London E14 5GN David Bengtsson Analyst +44 20 3530 1664 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available on www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986246'|'2017-01-26T23:40:00.000+02:00'
'a8894a4550744d37483fe7f58027a24ab048879e'|'BAT agrees purchase of Bosnian FDS tobacco business from Austrian fund'|'Deals   12:06pm EST BAT agrees purchase of Bosnian FDS tobacco business from Austrian fund People walk past the British American Tobacco offices in London, Britain October 21, 2016. REUTERS/Stefan Wermuth SARAJEVO British American Tobacco (BAT) ( BATS.L ) has reached a principle agreement to acquire the tobacco assets of Bosnian holding firm Fabrika Duhana Sarajevo (FDS) FDSS.SJ from an Austrian fund, the two companies said in a joint statement on Thursday. Using financing provided by BAT, Austria''s CID Adriatic Investments (CID) had bought a 78.7 percent stake in FDS for the total of 84.3 million Bosnian marka ($46.3 million). It first bought a 39.9 percent stake from the regional government in September and then in December an additional 38.8 percent stake from small shareholders and funds. The final agreements will be signed in the next few days and the transaction is expected to be completed in the first half of this year, following an FDS shareholder approval vote and the relevant regulatory approvals, the statement said. FDS has banking and real estate operations as well as tobacco interests. "BAT will acquire all FDS tobacco brands and retail business (Tobacco Press) from FDS," the statement said. "BAT will also enter into a contract manufacture agreement with FDS for the continued production of the acquired brands by FDS in Sarajevo." CID will continue to develop the non-tobacco parts of FDS independently, it said. BAT last week agreed a $49.4 billion takeover of U.S. rival Reynolds American Inc, creating the world''s biggest listed tobacco company. (Reporting by Daria Sito-Sucic; Editing by David Evans) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-bosnia-privatisation-bat-idUSKBN15A2BX'|'2017-01-27T00:06:00.000+02:00'
'b81f862f896d5c60dffe2d85e491b6a74ba72aac'|'Looser euro zone fiscal stance not in line with rules, sustainability - IMF'|'BRUSSELS The International Monetary Fund clashed on Thursday with the European Commission, saying it advocated a neutral fiscal stance for the euro zone as a whole rather than an expansionary one as suggested by the EU executive arm.The view was presented in a regular assessment of the economy of the 19 countries sharing the euro, at a meeting of euro zone finance ministers on Thursday."The sum of our current fiscal policy advice to each euro area member implies a broadly neutral aggregate fiscal stance for the euro area," the IMF said.The European Commission said last year that the aggregate fiscal stance of the euro zone should be expansionary to the tune of 0.5 percent of GDP to address the euro zone''s negative output gap.But the IMF said a looser fiscal stance to address that would not be consistent with fiscal sustainability at the individual country level nor with EU budget rules -- the Stability and Growth Pact."Instead, a more accommodative overall stance would require the creation of a central fiscal capacity (CFC), which the monetary union needs to offset large, adverse country-specific shocks," the IMF said, referring to a politically very sensitive idea of creating a separate euro zone budget."But this will take time, and building political support will depend on the credible enforcement of existing fiscal rules," it said.The Fund said the existing rules were to complex and should instead focus on a single fiscal anchor and a single operational target, together with more automatic enforcement."The rules could also be reinforced by making access to central funds conditional on compliance," it said.(Reporting By Jan Strupczewski)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/eurozone-imf-fiscal-idINKBN15A2OJ'|'2017-01-26T16:07:00.000+02:00'
'bc9c2a465cf0ca079bb2fcdecc228354320b26b9'|'Ontario regulator names first fintech advisory committee'|'Financials - Thu Jan 26, 2017 - 12:50pm EST Ontario regulator names first fintech advisory committee TORONTO Jan 26 The Ontario Securities Commission announced the members of its first Fintech Advisory Committee on Thursday as part of its efforts to address the regulatory challenges involved with financial technology startups. The commission, Canada''s largest securities regulator, said the 16-member group would meet quarterly to advise it on developments and issues in financial technology but did not provide other details. Regulators have been grappling with how to apply rules to new technology that is transforming the financial sector. The commission created Launchpad last fall, a group that helps fintech startups navigate complex regulations and, where possible, get to market quicker. Launchpad head Pat Chaukos will chair the fintech committee. Members include venture capitalists, academics, digital currency technology experts, consultants and entrepreneurs representing a cross-section of the industry. Fintech is one of the fastest growing startup sectors in Canada, where investments last year in young companies reached levels not seen since the dotcom boom. The securities commission recognizes the need to modernize and remove barriers if necessary, Chaukos said in an interview last month. The commission has been in talks to develop cooperation with regulatory bodies. Last November it signed an agreement with the Australian Securities and Investments Commission to support fintechs and help get startups to market faster in their respective jurisdictions. (Reporting by Solarina Ho; Editing by Lisa Von Ahn) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/canada-regulator-fintech-idUSL1N1FG18K'|'2017-01-27T00:50:00.000+02:00'
'faeb99b24a3885c641ecb5212aa58449439dcb6e'|'EU gets tougher with its members over policing carmakers'|'Thu Jan 26, 2017 - 3:14pm GMT EU gets tougher with its members over policing carmakers Cars for sale stand in a sales lot at a dealer in Vienna January 16, 2013. REUTERS/Heinz-Peter Bader By Alissa de Carbonnel - BRUSSELS BRUSSELS The European Commission issued guidance on Thursday on how EU members should be policing carmakers, a move EU officials said would likely lead to legal action against countries that fail to clamp down on cheating of diesel emissions regulations. The EU executive is frustrated that member states, which are responsible for regulating carmakers, have not taken a tougher stance against the industry, despite discovering in the wake the Volkswagen''s emissions test cheating that many cars spew up to five times legal pollution limits outside of regulatory tests. The Commission believes countries are pandering to the powerful auto industry and in December began legal action against Germany, Britain and five other EU members. National governments, however, have criticized EU law for being too vague, saying it allows carmakers to dial down emissions control systems under certain circumstances, such as if they might damage a vehicle''s engine. Officials said on Thursday the Commission''s guidance was an attempt to clarify how existing rules should be implemented. "A large number of car manufacturers use strategies that increase emissions outside of the test cycle," EU Industry Commissioner Elzbieta Bienkowska said in a statement. "This is illegal unless technically justified in exceptional cases, and the burden of proof lies with the carmaker. Cheating cannot be tolerated." While the 11-page guidance is not legally binding, it could form the basis for legal action against member states that do not crack down on excessive, health-harming vehicle emissions. "Germany and others want to say the law is bad so let''s sweep all past transgressions under the rug," one EU official said. "But that''s not the end of the story." "Most likely legal action will follow," another said. The guidance includes a table outlining suspicious emissions behavior in vehicle testing, such as higher emissions in hot engine starts than in cold, which it says should serve as a red flag for national authorities. EU sources said the table should give national regulators an indication of whether they have been abiding by the EU executive''s definition of the rules. In order to justify modulations of emissions controls, the guidance calls on car manufacturers to provide proof of a risk of irreparable engine damage and that the latest available emissions treatment technology has been used. It says emissions controls used to save on maintenance cost are not acceptable. (Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-eu-idUKKBN15A22P'|'2017-01-26T22:13:00.000+02:00'
'8c177c37ae68e0e74dd415103efc0816323d24c7'|'Germany''s EWE, Deutsche Telekom in talks over broadband expansion'|'BERLIN EWE AG [LANDWE.UL] aims to expand its business with fast internet connections, its CEO said, adding the German utility is in talks with Deutsche Telekom ( DTEGn.DE ), which is desperate for partners to reach its national broadband targets."We want to invest 1.2 billion euros ($1.3 billion) in the expansion of fiber-optic cables," Matthias Brueckmann told Reuters during the Handelsblatt energy conference, adding the group wants to connect 1 million households as a result.The investment will be made over a period of 10 years.(Reporting by Christoph Steitz and Tom Kaeckenhoff; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ewe-telecoms-idINKBN15A11Y'|'2017-01-26T06:50:00.000+02:00'
'9a32274398d8d248d2d6d03e7a792ec1ac1c7b5c'|'Under new CEO, Ericsson cuts dividend after quarterly loss'|'Technology News - Thu Jan 26, 2017 - 10:36am GMT Under new CEO, Ericsson cuts dividend after quarterly loss A general view of an office of Swedish telecom giant Ericsson is seen in Lund, Sweden, September 18, 2014. REUTERS/Stig-Ake Jonsson/TT News Agency/File Photo By Helena Soderpalm and Olof Swahnberg - STOCKHOLM STOCKHOLM Mobile telecom equipment maker Ericsson cut its annual dividend by 73 percent, with its new CEO saying the Swedish company would prioritize profitability after it suffered an operating loss in the last three months of 2016. The dividend cut is Ericsson''s first since 2008 and caps a difficult year which has seen the firm''s shares fall 35 percent. The 1.00 Swedish crown dividend was well below expectations of 1.73 crown in a Reuters poll. Veteran board member Borje Ekholm took over as CEO this month and most analysts say he faces a tough task in leading Ericsson through its worst crisis in a decade, grappling with shrinking markets and fierce competition from China''s Huawei and Finland''s Nokia. The company has been hit by a drop in spending by telecoms firms, with demand for next-generation, 5G technology still years away, and weak emerging markets. "In the near term, stability will be key to establishing a strong base for future growth. This means prioritizing profitability over growth," CEO Borje Ekholm said in a statement. He added in a conference call that he believed it was "extremely important" to continue to pay dividends. Ericsson shares were up 2.6 percent at 0930 GMT, helped by company comments it would try to raise dividends in the future. Ericsson said sales in North America, its biggest market, had fallen 13 percent year-on-year, while sales dropped 21 percent in Western and Central Europe. Overall sales at Ericsson were down 11 percent year-on-year. RATINGS FEAR Last year was brutal for Ericsson with former CEO Hans Vestberg ousted, a profit warning in October which shocked investors and the announcement of sweeping staff cuts. Ericsson''s CFO Carl Mellander said concern about its credit rating was one of the factors behind the cut in dividend. The company also said the dividend cut was due to the current weak market outlook. "It''s important to us with investment grade rating. The rating companies have told us they think the level of dividend is important," Mellander told Reuters. Ekholm said investment priorities would be reevaluated. Ericsson is one of the top global suppliers in mobile infrastructure, while its media segment has a small share in a very fragmented market. "Emphasis will be on refining the strategy to focus investments into areas where we both can and must win," Ekholm said. "Building on the suggestion from the famous ice hockey player Wayne Gretzky; We will focus on skating where the puck will be, not where it has been." Operating income was a loss of 300 million Swedish crowns compared to a 11.0 billion profit in the year-ago quarter and below a mean forecast of a 417 million crowns profit in a Reuters poll of analysts. Sales were 65.2 billion crowns, above a forecast of 59.2 billion, helped by hardware deliveries previously planned for the first quarter coming ahead of schedule. "A positive surprise was higher sales than expected," said Greger Johansson, an analyst at Redeye. "Negative surprises were the low dividend, the somewhat weak gross margin and the margin within Global Services. Overall we will probably adjust our estimates downwards." (Reporting by Olof Swahnberg and Helena Soderpalm; Editing by Alistair Scrutton/Keith Weir) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ericsson-results-idUKKBN15A16K'|'2017-01-26T17:05:00.000+02:00'
'd1c9820c18cd527f6c9e88f74b4b2dd6b1d136e8'|'Qatar Insurance reports 9 pct drop in Q4 net profit'|'Financials - Wed Jan 25, 2017 - 12:46am EST Qatar Insurance reports 9 pct drop in Q4 net profit DUBAI Jan 25 Qatar Insurance reported a 9 percent fall in fourth-quarter net profit on Wednesday, according to Reuters calculations.  Net profit of 319.2 million Qatari riyals ($87.7 million) in the three months ending Dec. 31, versus 350.4 million riyals a year earlier.  Reuters calculated based on financial statements in lieu of a quarterly breakdown.  EFG Hermes forecast: 306.70 mln riyals.  Qatar Insurance 12-month net profit 1.03 billion riyals, down from 1.04 billion riyals a year ago, a bourse statement said.  The board has recommended a full-year cash dividend of 1.5 riyals per share and a stock dividend of 3 shares for every 20 shares (Reporting by Alexander Cornwell; Editing by Andrew Torchia) Next In Financials Sri Lankan rupee down; cbank revises spot ref rate to record low COLOMBO, Jan 25 The Sri Lankan rupee traded weaker on Wednesday as dollar demand from importers outpaced sluggish greenback sales by exporters, while the central bank revised the spot rupee reference rate by 10 cents to a record low of 150.25 per dollar, dealers said.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/qic-results-idUSD5N1EF02Q'|'2017-01-25T12:46:00.000+02:00'
'23283dd77e184e6b5ac7396f190228647868cd1c'|'Apple says dialogue with India on local expansion plans was ''constructive'''|'MUMBAI Apple Inc said on Wednesday it appreciates the open and constructive dialogue that it held with Indian officials, around the expansion of its local operations in the country.Cupertino, California-based Apple, is keen to assemble its signature iPhones in India, one of the world''s fastest growing smartphone markets where it still has only a tiny market share.Apple has demanded a series of tax and sourcing concessions from India, before it begins to assemble iPhones in the country, Reuters reported last week. Sources familiar with the matter had told Reuters that Apple executives were supposed to meet with officials from the industry, information technology and finance departments on Wednesday to discuss their demands."We''ve been working hard to develop our operations in India," Apple said in a brief statement. "We appreciate the constructive and open dialogue we''ve had with government about further expanding our local operations."(Reporting by Sankalp Phartiyal; Editing by Euan Rocha)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/apple-india-idINKBN15915C'|'2017-01-25T07:40:00.000+02:00'
'c57f0085ad334f5ec170b138f05c50093d56e048'|'UPDATE 1-Marcato Capital urges Virtus to use cash to buy RidgeWorth'|'(Adds information from Marcato presentation)By Michael FlahertyNEW YORK Jan 24 Activist hedge fund Marcato Capital Management LP said on Tuesday that Virtus Investment Partners Inc should fund its $513 million purchase of RidgeWorth Investment with cash to maximize returns.The deal could add more than 50 percent to Virtus'' earnings, significantly more than the fund manager''s expectation of more than 15 percent, if cash at hand was used to fund the deal, Marcato said.Virtus, an investment management company, said in December that it would buy investment manager RidgeWorth to widen its client base.Virtus said at the time that it expected to finance the deal using existing balance sheet resources and a combination of debt and equity. But the Hartford, Connecticut-based firm has yet to disclose full details on how it pay for RidgeWorth."As a significant Virtus shareholder, we are sensitive to the company''s limited disclosure on how it plans to finance the proposed acquisition," Shawn Badlani, a partner at Marcato, said in a statement.Marcato said in a presentation released on Tuesday that the RidgeWorth deal allows Virtus to improve its diversification, earnings and cash flows.The San Francisco-based hedge fund, founded by ex-Pershing Square Partner Mick McGuire, said Virtus already has $475 million of debt financing committed by Morgan Stanley and Barclays Plc.Virtus can finance the deal with cash and debt, without having to issue equity, and still de-lever its balance sheet in four years, Marcato said.Marcato owns a 1.4 percent stake in Virtus, making it the company''s 16th largest shareholder as of Sept. 30, Thomson Reuters data show.(Additional reporting by Sweta Singh in Bengaluru; Editing by Maju Samuel and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ridgeworthinvestments-ma-marcato-idINL4N1FE5MC'|'2017-01-24T20:30:00.000+02:00'
'6978391b386115dde3bee9f769569825184e8199'|'RPT-New China cbank move points to gradual policy tightening for now'|'Financials  39pm EST RPT-New China cbank move points to gradual policy tightening for now (Repeats story issued late on Wednesday) By Elias Glenn and Kevin Yao BEIJING Jan 25 China''s central bank delivered a pointed reminder to financial markets and businesses this week that it is moving to a tightening policy bias, but analysts expect benchmark interest rates to remain unchanged and say any further measures will be limited as economic growth slows. The People''s Bank of China (PBOC) surprised markets on Tuesday by raising the interest rate it charges banks to borrow funds under its medium-term lending facility (MLF), which has been its tool of choice over the past year to channel funds more effectively to more vulnerable parts of the economy. While the move was a very modest 10 basis points, it was the PBOC''s first increase in the MLF interest rate since its debuted the liquidity tool in 2014, and first time it has raised one of its policy interest rates since July 2011. The rate increase came after the central bank made its largest weekly liquidity injection on record into money markets last week as China geared up for the long Lunar New Year holiday, fuelling speculation that it was loosening its stance. "The PBOC''s move is to show it is still on the tightening side. It doesn''t want people to interpret too much (that last week''s) injection means easing," said Chen Long, China economist at Gavekal Dragonomics in Beijing. PROCEED WITH CAUTION Speculation that Beijing was considering a shift away from its loose policy stance has intensified since May last year, when an "authoritative person" warned in the People''s Daily that China may suffer a financial crisis and economic recession if the government relies too much on debt-fuelled stimulus. Even as China''s banks extended a record 12.56 trillion yuan ($1.82 trillion) of loans last year to help the government meet its official economic growth target, the PBOC has been slowly moving to raise the costs of funding by tightening liquidity in the interbank market. This was also in line with Beijing''s objective to tackle asset speculation and to control financial risks. Over the course of last year, analysts have warned of irrational exuberance in Chinese markets ranging from housing to commodities and government debt, with a reliance on cheap interbank funding seen as one of the key factors fuelling the risks. In August, the central bank switched to offering longer-term funding to banks through its open market operations, which carry a higher interest rate. Other moves in more recent months have also added to views that authorities are trying to coax debt-laden companies to deleverage by raising borrowing costs. STEADIER ECONOMIC GROWTH GIVING POLICYMAKERS MORE ROOM The MLF rate increase weighed on bonds on Wednesday, with the 10-year treasury futures for June delivery falling nearly 1 percent, though the benchmark seven-day repo dipped as the PBOC''s recent cash injections eased fears of a cash crunch. Unlike early last year, when China got off to a shaky start, the world''s second-largest economy is entering 2017 on much more solid footing. Retail sales are growing in the double digits, corporate profits are rising and producer prices have increased rapidly, giving policymakers more room to manoeuvre. But the central bank is not expected to be in any rush to tighten conditions too quickly, which could risk a sharper knock to economic growth ahead of a key party meeting in the autumn when a new generation of leaders will be picked. "We cannot interpret this as a policy change. It is a fine-tuning. The general policy tone is prudent and neutral," said Xu Hongcai, deputy chief economist at China Center for International Economic Exchanges (CCIEE), a well-connected think-tank in Beijing. One concern over higher rates is that it will be more expensive for China''s corporate sector to service its mountain of debt - equivalent to 169 percent of gross domestic product. A rise in debt defaults had already been predicted this year. It would also increase financing costs for the government, which is expected to continue to ramp up its fiscal spending. "I don''t think the government will really tighten monetary policy... It will cause problems very soon. You need to issue government bonds, carry out expansionary policy," Yu Yongding, a professor at the China Academy of Social Sciences and a former member of the PBOC''s monetary policy committee, said in an interview last week. But the limited measures so far do not point to higher borrowing costs in the real economy or for the heavily-indebted state firms, said Andrew Fennell of Fitch Ratings. "In our view, the benchmark one-year lending rate remains a more meaningful gauge of borrowing costs for the real economy... Despite the liberalization of interest rates, in practice, borrowing costs in China continue to be heavily influenced by benchmark rates," said Fennell. Gavekal''s Chen agreed that the central bank''s room to tighten could be limited, as authorities worry about the risks from a slowing property market and a possible escalation in trade disputes with the United States under new President Donald Trump. Chen also does not expect strong producer price inflation to last very long. "I call this marginal tightening...I think it will last maybe until summer at best. It won''t be too long." (Reporting by Elias Glenn and Kevin Yao; Additional reporting by Winni Zhou and John Ruwitch in SHANGHAI; Editing by Kim Coghill) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-markets-mlf-idUSL4N1FG05C'|'2017-01-26T07:39:00.000+02:00'
'e2d69d3c44c64a174fa7c0a1812035ff46878245'|'Algerian firm signs $300 million farming deal with U.S. group'|'ALGIERS An Algerian company has signed a deal with a U.S. group to set up agricultural projects worth $300 million in the North African country as it seeks to reduce dependence on imports, Algeria''s agriculture ministry said on Wednesday.Under the deal, privately-owned Algerian dairy company Tifralait and the American International Agriculture Group (AIAG) will set up a joint venture to develop projects over an area of 25,000 hectares covering cereals, potato, fertilizers, dairy and cattle feed, the ministry said.Algeria imports most of its agriculture-related products because of weak domestic output, but has promised to develop the farming sector as part of efforts to diversify the economy away from oil and gas after a drop in oil prices hit state finances.It has also approved a new investment law offering incentives to foreign and local private firms willing to invest in the non-oil sector.Foreign investors often find Algeria a complex market to enter because of heavy state bureaucracy and a regulation requiring Algerian partners to hold 51 percent in any joint venture with foreign companies.The North African state''s economy is slowly emerging from years of socialist-inspired state centralization and protectionism that following independence from France in 1962. A decade of war with armed Islamists in the 1990s also left Algeria''s economy underdeveloped.Oil and gas earnings still account for 60 percent of the state budget and 95 percent of total exports for the OPEC member nation as it has struggled to diversify.Tifralait will hold a 51 percent stake in the joint venture, with AIAG owning the remaining 49 percent.The farming projects, planned for the southern province of Adrar, are aimed at producing 22,000 tonnes of cereal, 105,000 tonnes of cattle feed, 190 million liters of milk and 20,000 tonnes of red meat per year.(Reporting by Hamid Ould Ahmed; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-algeria-usa-agriculture-idINKBN1591MB'|'2017-01-25T10:48:00.000+02:00'
'1011ac441fe92bd1d5a20561287f7906eda44d83'|'Cisco to buy AppDynamics for about $3.7 bln'|'Business News  59pm EST Cisco to buy AppDynamics for about $3.7 billion The Cisco Systems logo is seen as part of a display at the Microsoft Ignite technology conference in Chicago, Illinois, May 4, 2015. REUTERS/Jim Young/File Photo Cisco said on Tuesday it intends to acquire AppDynamics Inc for about $3.7 billion in cash and assumed equity awards. Appdynamics, a U.S. business software company, will continue to be led by David Wadhwani, Cisco said in a statement. (Reporting by Sangameswaran S in Bengaluru; Editing by Sandra Maler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-appdynamics-m-a-cisco-systems-idUSKBN15903Q'|'2017-01-25T07:47:00.000+02:00'
'f59960f80077119499dd2b358c520e1f95905e43'|'Peru says economy may grow by 3.8 pct instead of 4.8 pct in 2017'|'Company  32pm EST Peru says economy may grow by 3.8 pct instead of 4.8 pct in 2017 LIMA Jan 25 Peru''s economy might grow by 3.8 percent instead of 4.8 percent this year as a massive graft scandal slows public work projects and deters new investments, the country''s finance minister said on Wednesday. Alfredo Thorne told a press conference that the government of President Pedro Pablo Kuczynski was preparing new measures to offset the impacts on the economy from an ongoing inquiry into bribes that Brazilian engineering conglomerate Odebrecht has acknowledged distributing to win contracts in Peru over a decade-long period. (Reporting By Mitra Taj; Editing by David Gregorio) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/peru-economy-growth-idUSL1N1FF1P6'|'2017-01-26T04:32:00.000+02:00'
'f0f0487ac8a30ab4d41b608ad9a3d88dd54b2b88'|'Apple sues Qualcomm in Beijing seeking 1 billion yuan'|' 46pm GMT Apple sues Qualcomm in Beijing seeking 1 billion yuan left right An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, U.S., December 5, 2016. REUTERS/Brendan McDermid 1/2 left right FILE PHOTO - One of many Qualcomm buildings is shown in San Diego, California, U.S. on November 3, 2015. REUTERS/Mike Blake/File Photo 2/2 By Diane Bartz - WASHINGTON WASHINGTON Apple Inc filed a lawsuit against Qualcomm Inc in Beijing, alleging that the chip supplier abused its clout in the chip industry and seeking 1 billion yuan (115.22 million pounds) in damages, Beijing''s Intellectual Property Court said in a statement on Wednesday. Apple also filed a second lawsuit against Qualcomm which accused it of failing to live up to promises made to license "standard essential patents" broadly and inexpensively. Qualcomm is a major supplier to both Apple and Samsung Electronics Co Ltd for "modem" chips that connect phones to wireless networks. The two companies together accounted for 40 percent of Qualcomm''s $23.5 billion in revenue in its most recent fiscal year. The lawsuits follow a decision by the U.S. Federal Trade Commission to file a complaint on Jan. 17 in which it accused Qualcomm of using anticompetitive tactics to maintain its monopoly of a key semiconductor used in mobile phones. Apple followed with a related lawsuit last Friday. It asked a federal court in California for $1 billion in promised rebates and accused Qualcomm of overcharging for chips. Qualcomm did not immediately reply to a request for comment. The company said previously that it would contest both the FTC and the Apple lawsuit filed in the United States. The chip maker faces legal challenges across the globe. South Korea''s antitrust regulator fined Qualcomm 1.03 trillion won ($854 million) in December for what it called unfair practices in patent licensing, a decision the U.S. chipmaker said it will challenge in court. In February 2015, Qualcomm paid a $975 million fine in China following a 14-month probe, while the European Union in December 2015 accused it of abusing its market power to thwart rivals. (Reporting by Diane Bartz Additional reporting by Matthew Miller in Beijing; Editing by James Dalgleish)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-apple-qualcomm-china-idUKKBN159262'|'2017-01-25T23:46:00.000+02:00'
'2d54b874a38f5548c72a08f4df23a5d689d71396'|'Bidding at U.S. 5-year note sale lowest since July'|'Funds News  15pm EST Bidding at U.S. 5-year note sale lowest since July NEW YORK Jan 25 A gauge of investor and bond dealer demand at Wednesday''s auction of $34 billion in U.S. five-year Treasury notes fell to its weakest level since July, according to Treasury data. The ratio of bids to the amount of five-year government debt offered was 2.38, below 2.72 at the prior five-year auction in December and the lowest since 2.27 last July. (Reporting by Richard Leong; Editing by Chris Reese) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-auction-5year-idUSL1N1FF18W'|'2017-01-26T01:15:00.000+02:00'
'5b23df32604d312f48bdde5178e4f392f929663f'|'Rio Tinto sale to Yancoal resets mood for Australian coal mine deals'|'Financials - Wed Jan 25, 2017 - 3:29am EST Rio Tinto sale to Yancoal resets mood for Australian coal mine deals * Coal price retreat to spur deals * $10 billion in assets up for sale * Anglo American, Wesfarmers, Peabody mines on block * Private equity, Asians seen as buyers By James Regan and Jamie Freed SYDNEY, Jan 25 Chinese-owned Yancoal''s $2.45 billion purchase of the Coal & Allied division of Rio Tinto is setting the stage for more big-ticket coal mining acquisitions in Australia, where more than $10 billion in assets are waiting to be sold. Deals stalled last year when coal prices rocketed to nearly five-year highs and miners raised their expectations on bids for their assets, but with coal prices in retreat, deals are more likely to get done, merger and acquisition advisers said. Asian buyers are likely to be in the forefront, they said. "Now that coal prices are no longer going up, both buyers and sellers are taking more realistic views on valuations," said K&L Gates lawyer Robert Milbourne, who specialises in mining. Desperate to cut debt, Anglo American put its prized Grosvenor and Moranbah mines, which produce coking coal used in steel-making, up for sale about a year ago. But after coking coal prices tripled, it spurned an offer worth more than $2 billion from a team led by private equity firm Apollo Global Management. "They decided (Moranbah and Grosvenor) were too good to sell because of the higher coking coal price...The balance sheet fixed itself," said a Sydney-based investment banker with coal expertise. With Anglo holding on to those mines, the biggest deal pending is Australian conglomerate Wesfarmers'' sale of its Curragh mine and its 40 percent interest in the Bengalla mine, which industry sources say could fetch more than $1.5 billion all together. Anglo American still has other coal mines it wants to sell. Peabody Energy, Vale and possibly BHP Billiton could also look to unload thermal coal mines. Cashed up private equity players, like Apollo, Denham-backed Pembroke Resources and EMR Capital, are hunting for assets, and as the Rio deal showed, there is still strong appetite for coal mines from Asian buyers. BIGGEST POST-BOOM DEAL Prior to Yancoal agreeing to pay up to $2.5 billion for Rio Tinto''s suite of mostly thermal coal assets in Australia''s Hunter Valley, the biggest post-boom purchase was $606 million -- paid by New Hope Coal in 2015 for Rio Tinto''s stake in its Bengalla mine. Yancoal may also buy Mitsubishi Corp''s 32 percent stake in the Hunter Valley Operations sold by Rio Tinto. "We had quite a few small transactions go through last year," said the investment banker. "We will see some bigger ones this year. The increase in the coal price last year slowed things down." Coking coal prices have contracted by a third to less than $200 a tonne, while thermal coal has come back from a peak of $100 a tonne in November to trade at $84. In a sign that sellers want to get deals done, Rio Tinto gave Yancoal flexibility on paying $2.45 billion in one go, or $1.95 billion up front followed by $500 million split in annual installments over five years. "The structure of Rio''s sale suggests they were more willing to deal," UBS mining analyst Glyn Lawcock said. "They are prepared to say you can pay us the last $500 million over five years. That''s not very common." The price for Coal & Allied underscores China''s willingness to pay up for high quality coal assets abroad as its domestic industry winds back. UBS valued the assets at $1.8 billion, while RBC valued them at $2.2 billion at current coal prices. Rio held out for a strong price throughout the coal market slump over the past few years, rebuffing approaches from Glencore Plc to merge its assets with Coal & Allied in mid-2014. After that, Glencore sought an outright acquisition that also included Rio Tinto''s Kestrel and Hail Creek mines in neighbouring Queensland state. Both attempts failed. ($1 = 1.3278 Australian dollars) (Reporting by James Regan and Jamie Freed; Editing by Sonali Paul) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/rio-tinto-ma-yancoal-idUSL4N1FF1XX'|'2017-01-25T15:29:00.000+02:00'
'c4bcf7455d2346b6c00a3b1d231a16d591c6f3e5'|'MIDEAST STOCKS-Saudi continues rebound, Egypt pulls back'|'Financials   4:04am EST MIDEAST STOCKS-Saudi continues rebound, Egypt pulls back DUBAI Jan 24 Saudi Arabia''s stock market continued rebounding in early trade on Tuesday, while Egypt pulled back amid selling by foreign investors. The Saudi index climbed 1 percent in the first 80 minutes, adding to Monday''s 1.7 percent gain. Mouwasat Medical Services jumped 4 percent after saying its board was recommending a cash dividend of 2.5 riyals per share for 2016, up from 2 riyals in the previous year. The company reported an estimate-beating 34.2 percent rise in fourth-quarter profit last week. Food maker Savola surged 4.1 percent. It had dropped 2 percent on Sunday after reporting a shock fourth-quarter net loss, but jumped 5.4 percent on Monday. With the fourth-quarter earnings reporting season more or less over, many Saudi companies have posted flat or weak profits because of government austerity measures and a sluggish economy. More than half a dozen major firms, including Savola and several banks, missed analysts'' estimates by large margins. But stocks in most companies which missed estimates have recovered strongly, suggesting investors are looking towards improvement in the non-oil economy this year as the government''s introduction of austerity measures slows. Kuwait''s index edged up 0.3 percent in heavy trade. The index is up more than 16 percent since the end of last year, causing funds and individual speculators to pile into the market to catch the momentum. Dubai''s index was up 0.3 percent as Gulf Finance House, a speculative favourite and the most heavily traded stock, jumped 7.9 percent. It also soared during the day on Monday but gave up all its gains by the close. In Qatar, the index gained 0.7 percent as Islamic bank Masraf Al Rayan rose 4.1 percent. Egypt sank 1.6 percent as bourse data showed non-Arab foreign investors, who have been net buyers of stocks since the Egyptian pound was floated on Nov. 3, were sellers by a small margin. Sidi Kerir Petrochemicals jumped 6.4 percent to 19.25 pounds, however. Last week Beltone Financial raised its fair value estimate for the stock to 32.3 pounds from 17.68 pounds, citing stronger global oil prices among other factors. (Reporting by Andrew Torchia, editing by Louise Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1FE1VC'|'2017-01-24T16:04:00.000+02:00'
'0d19ce18007d87303d3a0c3b0e904a08b26d4d46'|'UPDATE 1-Top execs of UAE''s Etihad to quit but airline says committed to strategy'|'Industrials  28am EST UPDATE 1-Top execs of UAE''s Etihad to quit but airline says committed to strategy (Adds details, context, analysis) By Stanley Carvalho ABU DHABI Jan 24 The veteran chief executive of Abu Dhabi''s Etihad Aviation Group, which owns one of the Middle East''s top airlines, will leave this year, but the carrier remains committed to a system of equity alliances that he developed, Etihad said on Tuesday. Australian James Hogan, 60, who over the past 10 years built Etihad into an aggressive competitor to Dubai''s Emirates and Qatar Airways, will step down as president and CEO of the group in the second half of 2017. Chief financial officer James Rigney will also leave this year, Etihad said. Chairman Mohamed Mubarak Fadhel al-Mazrouei said Etihad was continuing a "company-wide strategic review" which could include adjustments to the network of equity partnerships with other carriers that Hogan used to engineer rapid growth at Etihad. "We must ensure that the airline is the right size and the right shape. We must continue to improve cost efficiency, productivity and revenue. We must progress and adjust our airline equity partnerships even as we remain committed to the strategy," he said. However, an Etihad spokesman told Reuters there was no link between the review and Hogan''s departure, which had been planned for many months. Etihad owns stakes in seven airlines around the world: Air Berlin, Alitalia, Air Serbia, Air Seychelles, Etihad Regional, India''s Jet Airways and Virgin Australia. In 10 years, Etihad grew from a 22-plane regional carrier into a global operation with 120 aircraft. But in recent months, a slowing regional economy, overcapacity in the industry and a strong U.S. dollar have pressured its earnings. Company and industry sources told Reuters in December that Etihad was reviewing its policy of investing in European airlines after continued losses at Air Berlin and Alitalia. That month, Etihad said it was cutting jobs in some parts of its business, but did not give a number. On Monday, Alitalia, in which Etihad has a 49 percent stake, said it planned to cut non-labour related costs by at least 160 million euros ($172 million) this year as it tried to become profitable again. The Italian carrier is going through a heavy restructuring which sources said may include up to 2,000 job cuts and the grounding of planes. On Tuesday, Etihad said it had started a global search for a new group CEO and a new CFO. It said it was grateful to Hogan and that he and Rigney would join an investment company, which it did not name. (Reporting by Stanley Carvalho; Writing by Andrew Torchia; Editing by Mark Potter) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/etihad-airways-ceo-idUSL5N1FE0VG'|'2017-01-24T15:28:00.000+02:00'
'b4bd077531b46d1d94e5e0de99cde35c63990d55'|'U.S. muni bond market sales drop to $4.4 bln next week'|'Jan 27 U.S. states, cities, schools and other issuers in the municipal market are expected to sell about $4.4 billion of bonds and notes next week, down from about $7 billion this week, according to preliminary Thomson Reuters data.Infrastructure deals rank high on next week''s sales, led by $478.5 million of revenue and refunding bonds from the Oklahoma Turnpike Authority. New York City Municipal Water Finance Authority plans to sell $330 million of water and sewer system second generation resolution revenue bonds. There''s also $300 million of District of Columbia Water and Sewer Authority public utility senior lien revenue bonds.Large education deals will also go to market next week. There''s $381 million of Board of Regents of Texas Tech University System taxable refunding and improvement bonds, and $323.6 million of general obligation bonds from North Clackamas School District No. 12. The University of Colorado Hospital Authority plans to sell $300 million of revenue bonds.All of the top sales next week come from the negotiated calendar, which in total is expected to bring $3.4 billion to the market. An estimated $1 billion will hail from the competitive calendar.The municipal market was a bit weaker on Thursday as munis posted losses in various spots along the yield curve, reported Janney Fixed Income on Friday. The benchmark 10-year and 30-year rates each increased by 1 basis point to finish at 2.39 percent and 3.19 percent. Municipal fund inflows were positive for the third consecutive week.(Reporting By Robin Respaut; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-municipals-deals-idINL1N1FH153'|'2017-01-27T14:58:00.000+02:00'
'761c6bf2db6e7f83bafb3584a73de1c934a4bf70'|'Citigroup quietly launches small business lending website'|'By Dan Freed Jan 26 Citigroup Inc has quietly launched a website to make small business loans of up to $1 million, the latest effort by a big bank to make the process of smaller loans more technology-friendly.Citigroup''s online toe in the water comes after similar moves by several other banks. For example, JPMorgan Chase & Co announced a partnership with online lender On Deck Capital Inc in December 2015 and Wells Fargo & Co launched a fast-decision online small business loan product some eight months ago.Banks have been cautious about entering the online lending space despite the proliferation of online non-bank lenders such as On Deck, LendingClub Corp Prosper Marketplace and other startups. Early optimism about prospects for such companies soured after LendingClub''s CEO resigned over a loan-selling scandal.Citigroup''s website is run by Biz2Credit, a New York-based startup. Borrowers visiting the Citigroup website are directed to a separate website run by Biz2Credit where they fill out an online worksheet before following up with a Citigroup small business banker.Biz2Credit CEO Rohit Arora said being online makes it easier for Citigroup to fulfill its obligations to small and underserved borrowers under the Community Reinvestment Act because it allows access for customers who live far from a branch.Citigroup and Biz2Credit chose not to publicize the effort because it is still in very early stages, Arora said."If you make a premature announcement the expectations go very high and then you''re in the public eye all the time," he said.A Citigroup spokesman declined to comment.Separately, a small business lending website backed by Citigroup and the U.S. Treasury Department and run by Biz2Credit will shut down. Launched in May 2015, DCSmallBizLoans.com was intended to bring online lending technology to small businesses in underserved Washington D.C. communities.The website matched up small businesses with four Community Development Financial Institutions (CDFIs), government-backed lenders that serve low-income communities. Citigroup had agreed to fund the website for two years, after which it was expected to become self-sustaining, said Steve Glaude, president and chief executive officer of the Coalition for Nonprofit Housing and Economic Development, a non-profit that organized the effort.Though it would only have cost each CDFI about $1,000 per month to keep the site operating, there was not enough interest to warrant even so small an investment, according to Glaude."In some ways I think we were ahead of our time," he said. (Reporting by Dan Freed in New York; Edited by Carmel Crimmins and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/citigroup-loans-internet-idINL1N1FG2H3'|'2017-01-27T18:15:00.000+02:00'
'ea9350228101abd8e7314428306d93b3e6b8fd50'|'UK lender Paragon reports Q1 profit in-line with its expectations'|'Jan 27 Lender Paragon Group of Companies said its first-quarter underlying operating profit was in line with its expectations, driven in part by high-margin business wins and cost control, despite regulatory changes and uncertainty due to Britain''s vote to leave the European Union.Paragon, which has been diversifying its business from its core buy-to-let mortgage market, reported underlying operating profit of 33.1 million pounds ($41.51 million) in the quarter ended Dec. 31.Throughout the final months of 2016 the buy-to-let market saw lenders tightening criteria ahead of the Prudential Regulation Authority''s (PRA) underwriting changes, Paragon said in a statement."...As market criteria tightened during the last quarter, the Group''s pipeline continued to grow from its low point in the summer," the company said.The company said it was too early to determine the full extent of the PRA and other regulatory changes on the market, but added that its "strong" pipeline would allow it to achieve new business volumes in 2017. ($1 = 0.7974 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/paragon-group-outlook-idINL4N1FD3R6'|'2017-01-27T04:38:00.000+02:00'
'a474ea21048d683db1636b0ad6a43c14fb0bedba'|'Chance that missing MH370 may be north of last search zone - media'|'Industrials  46am EST Chance that missing MH370 may be north of last search zone - media SYDNEY Jan 23 There is a possibility missing Malaysia Airlines flight MH370 is north of the area where investigators last week called an end to a three-year search, the head of the Australian Transport Safety Bureau said on Monday, according to media reports. The jet disappeared in March 2014 en route to Beijing from the Malaysian capital of Kuala Lumpur, with 239 people on board, sparking one of the world''s great aviation mysteries. A joint search mission by Australia, Malaysia and Australia was suspended indefinitely six days ago with little hard evidence of the aircraft''s whereabouts. ATSB chief commissioner Greg Hood told reporters in Perth that experts have a fair idea where the Boeing 777''s wreckage might be located, despite ending the search. "It''s highly likely that the area now defined by the experts contains the aircraft, but that''s not absolutely for certain," Hood said, according to Australian Broadcasting Corp. Asked by reporters why authorities would not expand the search if experts thought they knew where the plane was located, Hood said, "That''s a question for governments." Last month the ATSB reported the Boeing 777 could be within an area of 25,000 sq km (9,653 square miles) to the north of the 120,000-sq-km (46,332-square-mile) official underwater search zone in the southern Indian Ocean. Malaysia, Australia and China agreed in July to suspend the $145-million search if the plane was not found, or if new evidence that might offer a clue as to its whereabouts was not uncovered, once that area had been checked. Malaysian Transport Minister Liow Tiong Lai told reporters "more credible evidence" was needed before moving to the next search area, Australian Associated Press said. Liow on Monday met a group representing families of the missing passengers in Perth, the West Australian state capital. Sheryl Keen, from Aircrash Support Group Australia, which represents Australian victims, handed about 100 letters to Liow at what she said was a "positive meeting," adding that he showed interest in continuing investigations. About 25 pieces of debris have been collected from Africa''s east coast and more was expected to wash ashore, Liow said. Three pieces have been confirmed as definitely being from MH370, five are considered "most certainly" to be from the plane and the rest are still being evaluated, he added. (Reporting by James Regan; Editing by Clarence Fernandez) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/malaysiaairlines-mh-idUSL4N1FD3YC'|'2017-01-23T19:46:00.000+02:00'
'abf23e5320ad84f659750fc4a03082eda8b13328'|'UK Court ruling on Brexit will dampen investment - Germany''s DIHK'|'Economic  55pm IST UK Court ruling on Brexit will dampen investment - Germany''s DIHK Britain''s Attorney General, Jeremy Wright, speaks outside the Supreme Court following the decision of a court ruling that Theresa May''s government requires parliamentary approval to start the process of leaving the European Union, in Parliament Square, central London,... REUTERS/Stefan Wermuth BERLIN Germany''s DIHK Chambers of Commerce said a UK Supreme Court ruling that the British government must get parliament''s approval to start an exit from the bloc raised new questions about the way forward and would further dampen investment. "Now there is doubt about whether (British Prime Minister Theresa May) can hold her course. There are new question marks over the path to Brexit," said Volker Treier, the DIHK''s head of foreign business. "That is unsettling German firms. As without clarity and predictability regarding Brexit, industry will hold back even more with investment." (Reporting by Gernot Heller; Writing by Madeline Chambers; Editing by Michelle Martin) Next In Economic News Demonetisation drive to favour country''s big gold jewellery store chains - WGC MUMBAI India''s drive to bring transparency to bullion trading, along with the rise of branded gold jewellery, could help major retailers raise their share of the world''s second-biggest gold market to 40 percent by 2020, the World Gold Council (WGC) said.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-germany-industry-idINKBN15815W'|'2017-01-24T17:25:00.000+02:00'
'de0e965c0680c72340cc9b3486a722c356fefb0e'|'German regulator clears HERE stake purchases by Intel, NavInfo'|'  9:02am GMT German regulator clears HERE stake purchases by Intel, NavInfo The logo of Intel is seen during the annual Computex computer exhibition in Taipei, Taiwan June 1, 2016. REUTERS/Tyrone Siu DUESSELDORF, Germany Germany''s Federal Cartel Office said on Tuesday it had approved stake purchases in German digital mapping firm HERE by U.S. chip maker Intel ( INTC.O ) and China''s NavInfo ( 002405.SZ ). "The plan will not have negative consequences for competition," the antitrust regulator''s President Andreas Mundt said. Intel is taking a 15 percent stake in HERE, controlled by Germany''s leading carmakers, who are seeking to build their presence in automated driving technology. Last month, two Chinese companies including NavInfo, as well as Singapore''s sovereign wealth fund GIC agreed to buy a 10 percent stake in HERE. (Reporting by Matthias Inverardi; Writing by Maria Sheahan; Editing by Ludwig Burger)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-here-equity-antitrust-idUKKBN1580UK'|'2017-01-24T16:02:00.000+02:00'
'c1f95b59305c85635e317ad516df89eed23494b6'|'UPDATE 1-Ex-Goldman programmer''s code theft conviction revived by NY court'|'(Recasts, adds details from decision, background, comments, case citation, byline)By Jonathan StempelNEW YORK Jan 24 A New York state appeals court on Tuesday reinstated the criminal conviction of former Goldman Sachs Group Inc programmer Sergey Aleynikov for stealing computer code from the bank as he prepared to jump to a high-speed trading start-up.The 5-0 decision by the Appellate Division in Manhattan reinstated a May 2015 jury verdict that had later been overturned by the trial judge.It means Aleynikov, 46, who had won the overturning of two criminal convictions in a 7-1/2-year legal odyssey, will be resentenced unless he wins permission to ask the state''s Court of Appeals in Albany for another reversal.Kevin Marino, Aleynikov''s lawyer, said he is "seeking immediate leave to appeal" the decision, "which contravenes settled law as to the meaning of the statutory requirements of a ''tangible'' reproduction and the ''intent to appropriate.''"Aleynikov is a dual U.S. and Russian citizen whose tale helped inspire Michael Lewis'' bestselling book "Flash Boys" on the rise of high-frequency trading in the U.S. equity market.Prosecutors accused the former Goldman vice president of illegally copying Goldman trading code in 2009 as he prepared to join Teza Technologies LLC in Chicago.Aleynikov said he intended the code only for his own use.Arrested in July 2009 on federal charges, Aleynikov was convicted and spent 11 months in prison before a U.S. appeals court voided that conviction in February 2012, saying his activity was not a crime under federal corporate espionage laws.Vance charged Aleynikov under state law six months later.In July 2015, Aleynikov''s trial judge said the second conviction, for unlawful use of secret scientific material, must be voided because prosecutors did not prove that Aleynikov committed "this particular obscure crime."But the appellate division said the judge appeared to have wrongly believed that stolen source code needed to be printed on paper for Aleynikov to be guilty."The fact that defendant made the reproduction onto a physical hard drive, rather than onto a piece of paper, is of no consequence," Justice Rosalyn Richter wrote.Aleynikov faces up to four years in prison.In a statement, Vance said theft of intellectual property "is indeed a crime" in New York, "regardless of the physical means used to spirit the data away from its source."No company wants to do business in a market where someone can steal its work product without consequences," he added.Aleynikov has incurred more than $8 million in bills fighting the criminal charges, and is trying to force Goldman to cover some costs.The case is New York v Aleynikov, New York State Supreme Court, Appellate Division, First Department, No. 4447/12.(Reporting by Jonathan Stempel, Karen Freifeld and Brendan Pierson in New York; Editing by Cynthia Osterman and Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/goldman-sachs-aleynikov-idINL1N1FE5BI'|'2017-01-24T17:12:00.000+02:00'
'58c21324790f0f9925940ea6a2aea88b250612fd'|'China c.bank raises interest rate on 1-year MLF - Caixin'|'Financials  26am EST China c.bank raises interest rate on 1-year MLF - Caixin SHANGHAI Jan 24 China''s central bank on Tuesday raised the interest rate on its one-year medium-term lending facility (MLF) loans, financial magazine Caixin reported citing unidentified sources. The People''s Bank of China (PBOC) increased the interest rate for the one-year tenor by 10 basis points, taking it to 3.1 percent. The MLF is a supplementary policy tool the central bank uses to manage conditions and medium-term interest rates in the banking system and money markets. (Reporting by Winni Zhou and John Ruwitch; Editing by Jacqueline Wong) Next In Financials TABLE-Foreign trading in South Korean stocks SEOUL, Jan 24 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0722 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 24 -12.1 9.4 -10.1 ^January 23 116.7 -109.3 -11.8 January 20 -46.5 38.0 6.7 January 19 IG Group H1 pretax profit up on higher activity in volatile mkts Jan 24 IG Group Holdings Plc, a British online trading company, reported a 7 percent rise in first-half pretax profit on higher trading activity amid market volatility leading up to Britain''s vote to leave the European Union and the U.S. presidential election. * Says its subsidiary Systex Solutions (HK) Limited sold entire 14.7 million shares of Shenzhen Forms Syntron Information at 794.7 million yuan MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-markets-mlf-idUSB9N1F700E'|'2017-01-24T14:26:00.000+02:00'
'ce01b503e624cad923187d17be27646867b2951e'|'Intesa Sanpaolo considering share-based bid for Generali: sources'|'MILAN Italy''s biggest retail bank Intesa Sanpaolo ( ISP.MI ) is considering a share-based offer to buy a majority stake in insurer Assicurazioni Generali ( GASI.MI ), two sources close to the matter said on Tuesday.The sources, speaking on condition of anonymity, said Intesa''s two main foundation shareholders - Compagnia di San Paolo and Fondazione Cariplo - backed the move even if it could temporarily reduce dividends for the bank''s current investors.One of the sources said Intesa aimed to take control of Italy''s biggest insurer with a view to reorganize the group and sell some assets.Under Italian rules on cross-shareholdings, Intesa would have to launch an offer on at least 60 percent of Generali, which on Monday said it had taken a 3.01 percent stake in the bank in a pre-emptive strike against any hostile offer.Intesa''s board meets on Friday. A bank''s spokesman reiterated that the bank does not comment on rumors. La Repubblica daily first reported on Tuesday that the bank was considering a share swap offer on Generali.(Reporting by Paola Arosio and Gianluca Semeraro, writing by Silvia Aloisi, editing by Valentina Za)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-m-a-intesa-idINKBN1581BE'|'2017-01-24T08:18:00.000+02:00'
'bff804e317a64595b0aaf66425d18bb538cc3d96'|'UPDATE 1-SAP nudges up multi-year outlook after posting in-line 2016 results'|'* Sees 2017 oper profit at 6.8-7.0 bln vs 6.7-7.0 previously* Q4 oper. profit at light side of analyst estimates* Growth in Germany offsets currency-hit U.S. business* Shares indicated at top of DAX index pre-market (Adds details on results, background)By Harro Ten Wolde and Eric AuchardWALLDORF, Germany, Jan 24 SAP, Europe''s most valuable technology firm, on Tuesday posted 2016 results on the lower side of analysts'' expectations, while edging up its 2017 sales and profit guidance and signalling slightly higher revenue ambitions four years out.Fourth-quarter operating profit, excluding special items, for the German software maker rose 4 percent to 2.37 billion euros ($2.55 billion), as growth in its German businesses offset its currency-hit U.S. business, the company said in a statement.These results were on the light side of estimates ranging from 2.28-2.60 billion euros, according to a Reuters poll of 21 analysts. SAP Finance Chief Luka Mucic indicated last month the company would meet 2016 targets.Marking progress moving its customer base to newer cloud-based internet platforms from classic packaged software products it has sold for decades, SAP said new cloud bookings jumped 40 percent in the quarter and backlog for unbilled cloud services rose 47 percent to 5.4 billion euros at year-end.The software maker, whose customers include many of the world''s biggest multinational companies, specialises in applications used in business planning, ranging from accounting to human resources to supply-chain management.SAP has made strides in recent years relative to entrenched rivals such as Oracle in moving its customer base to newer cloud-based internet platforms from classic packaged software products it has sold for decades.Its move to sell software as internet services rather than in packages has also helped SAP fend off newer cloud rivals like Salesforce.com and Workday Inc.Still, SAP''s classical software licence and support business held up well during the final period of 2016, its most important quarter of the year when the lion''s share of licences are up for renewal in that period.SAP said it expects revenue for 2017 of 23.2 billion to 23.6 billion euros, a modest rise from the 23.0 billion to 23.5 billion euros it forecast a year ago for the current year and an increase of 6 percent over 2016, based on the midpoint of the guidance.These forecasts were shy of the mean 2017 revenue estimate of 23.65 billion euros, based on a Reuters poll of 20 analysts.It said it expected 2017 operating profit of 6.8 billion to 7.0 billion euros in constant currencies, tightening its prior estimate of 6.7 billion to 7.0 billion euros. This would represent roughly a 4 percent rise over 2016."Our strong backlog paired with our robust pipeline position us for yet another year of profitable growth in 2017," Mucic said in a statement, adding that these factors allowed the company to confidently raise its financial ambitions for 2020.SAP raised its 2020 total revenue outlook to between 28 billion and 29 billion euros, up from a range of 26 billion to 28 billion previously, while looking for operating profit at the high end of its prior outlook.The company said that about three quarters of its business would come from long-term contracts in 2020. At the end of 2016 this so-called predictable business stood at 61 percent.Shares in SAP were up 0.8 percent at the top of Germany''s blue-chip DAX index in pre-market trade at brokerage Lang & Schwarz.($1 = 0.9300 euros) (Editing by Maria Sheahan and Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sap-results-idINL5N1FE0N2'|'2017-01-24T03:53:00.000+02:00'
'82b1bf50b10a9bc3366620c609ecc1d63f98f727'|'BRIEF-Enanta pharmaceuticals says EMA grants accelerated assessment for Abbvie''s investigational HCV regimen of Glecaprevir/Pibrentasvir'|'Company  44am EST BRIEF-Enanta pharmaceuticals says EMA grants accelerated assessment for Abbvie''s investigational HCV regimen of Glecaprevir/Pibrentasvir Jan 24 Enanta Pharmaceuticals Inc * Says EMA grants accelerated assessment for Abbvie''s investigational HCV Regimen Of Glecaprevir/Pibrentasvir * Says if approved, Abbvie''s G/P regimen could become available for marketing in European Union in second half of 2017 * Says Abbvie also announced they remain on track to submit a new drug application for G/P in Japan in Q1 2017 Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FE04Y'|'2017-01-24T16:44:00.000+02:00'
'e3ec085e75ab8cc999d07b77be122efb2cab2c5e'|'Egypt updates pricing and sizes for US dollar triple-tranche'|'Financials  30am EST Egypt updates pricing and sizes for US dollar triple-tranche By Robert Hogg Jan 24 (IFR) - The Arab Republic of Egypt has provided updates on sizes and pricing for a triple-tranche US dollar bond deal, according to a lead. The sovereign has set yield on an expected US$1.75bn five-year bond at 6.125%. The notes were initially marketed at 6.375-6.625%. Guidance for a 10-year tranche with an expected US$1bn size has been set at 7.50-7.625%, to price in range. The notes were initially marketed at 7.625-7.875%. Guidance for a 30-year tranche with an expected US$1.25bn size has been set at 8.375-8.50%, to price in range. That compares to an initial marketing level at 8.625-8.875%. Combined order books are in excess of US$13.5bn, with a skew towards the five-year. The 144A/Reg S offering is being run by BNP Paribas, Citigroup, JP Morgan and Natixis. The sovereign is rated B3/B (Moody''s/Fitch). (Reporting by Robert Hogg; editing by Sudip Roy) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/egypt-bond-idUSL5N1FE1PN'|'2017-01-24T22:30:00.000+02:00'
'492fb107f79a229610ca1e27bdf20757506c26d0'|'BP sees potential for gas purchases from Rosneft of up to 20 bcm/year'|'Business News  20pm GMT BP sees potential for gas purchases from Rosneft of up to 20 bcm/year An attendant holds a gas pump at a Rosneft petrol station in St.Petersburg October 23, 2012. REUTERS/Alexander Demianchuk VIENNA Global oil major BP ( BP.L ) may receive gas supplies of between 7 billion and 20 billion cubic metres per year under an agreement last year with Russia''s largest producer Rosneft ( ROSN.MM ), a BP official told Reuters on Wednesday. Vladimir Drebentsov, chief economist for BP in Russia and the former Soviet Union, said these were hypothetical supplies because Kremlin-controlled gas giant Gazprom ( GAZP.MM ) currently holds exclusive rights for pipeline gas exports for Russia. "This is only an intention, there are no concrete plans," he said on the sidelines of European Gas conference in Vienna. BP owns a 19.75 percent stake in Rosneft. On Tuesday, daily RBC said Rosneft and BP were in talks over a long-term gas supply contract that could deliver BP 160 bcm in total over 16 years. It said Rosneft''s chief executive officer Igor Sechin has asked President Vladimir Putin to break Gazprom''s monopoly rights. Kremlin spokesman Dmitry Peskov and Rosneft declined to comment. (Reporting by Vladimir Soldatkin; Editing by Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-rosneft-bp-gas-idUKKBN1591P8'|'2017-01-25T21:20:00.000+02:00'
'f1d0e30ddc13362a4be7f68fa4b385639de45d8c'|'Indian regulator bars liquor tycoon Mallya from capital markets'|'Industrials   11:58am EST Indian regulator bars liquor tycoon Mallya from capital markets By Sankalp Phartiyal - MUMBAI MUMBAI Jan 25 India''s capital markets regulator on Wednesday barred liquor tycoon Vijay Mallya and six others from participating in the country''s securities market for allegedly diverting funds from whiskey maker United Spirits Ltd (USL). The Securities and Exchange board of India (SEBI) said it appeared Mallya and six others erstwhile United Spirits employees had routed funds to other companies in Mallya''s United Breweries group, including the now defunct Kingfisher Airlines. "Neither have I had any communication with SEBI nor have I ever been afforded a hearing before this purported action has been taken," Mallya said in a statement. "I have always strongly denied all allegations made by USL." Mallya, the flamboyant owner of a Formula One team and dubbed by media as the "King of the Good Times," was on Tuesday charged with conspiracy and fraud connected to a 9 billion rupee loan granted by a state-run bank. Mallya moved to Britain last March after being pursued in courts by banks seeking to recover about $1.4 billion the Indian authorities claim is owed by his Kingfisher airline. The SEBI said in an order posted on its website that the alleged diverting of funds had larger implications on the safety of the securities market. "It would therefore not be in the interest of the securities market and the interest of investors to allow persons of such doubtful demeanour to continue to act as KMPs [key management personnel] in the company or in other listed companies or allow them to deal in the securities market," the order said. The regulator has also asked United Spirits to provide, within 21 days, the steps taken to recover 18.81 billion rupees ($276 million) diverted out of the company. ($1 = 68.0699 Indian rupees) (Reporting by Sankalp Phartiyal; Editing by Mark Potter) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-mallya-idUSL4N1FF4PM'|'2017-01-25T23:58:00.000+02:00'
'1493d4bb2a350ff37c7ec8273354a8e6d37133cc'|'Tesco faces new legal action over accounting scandal'|'Business News - Tue Jan 24, 2017 - 5:37pm EST Tesco faces new legal action over accounting scandal A Tesco supermarket is seen, in west London on September 30, 2008. REUTERS/Toby Melville/Files LONDON Britain''s biggest retailer Tesco PLC ( TSCO.L ) is facing a new claim for damages from an investor about its 2014 profit overstatement, the company said on Tuesday. A spokesman for the supermarket group said it was aware of a claim filed by Manning & Napier, the U.S. fund manager, and would be filing a defense shortly. Manning & Napier declined to comment. However, the Financial Times reported that the fund manager said it suffered losses of $212 million because of Tesco''s accounting irregularities. Tesco is already defending a more than 100 million pounds ($125 million) claim from a group of 125 institutional investors that was filed last October. Tesco issued a statement to the Stock Exchange on Sept. 22,2014, saying that during its final preparations for an interim results announcement it had identified a 250 million pound overstatement of first-half profit, mainly because it booked commercial deals with suppliers too early. The discovery led to the suspension of eight senior members of staff, sent Tesco''s shares tumbling and plunged the company into the worst crisis in its near 100-year history. Three former senior executives of Tesco accused of fraud and false accounting are due to stand trial in September. Christopher Bush, who was managing director of Tesco UK, Carl Rogberg, who was UK finance director, and John Scouler, who was UK food commercial director, were charged by the Serious Fraud Office (SFO) last September with one count of fraud by abuse of position and one count of false accounting. Late last year it emerged that Philip Clarke, the former chief executive of Tesco and Kevin Grace, its former group commercial director, would not face charges. The SFO''s more than two-year-long investigation into Tesco remains active. The profit overstatement, identified three weeks after Dave Lewis took over as CEO from Clarke, was later raised to 263 million pounds. In November 2015 Tesco agreed to pay $12 million to settle a U.S. shareholder lawsuit. The retailer denied wrongdoing in agreeing to settle. (Reporting by James Davey; editing by Grant McCool) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-tesco-litigation-idUSKBN1582WP'|'2017-01-25T05:37:00.000+02:00'
'088ec1fa0dbeab05c60a04c42986dc58f186e165'|'Mark Carney: internet-only lenders pose risk to UK financial system - Business'|'The Bank of England governor has warned that a new breed of internet-only lenders are beginning to pose risks to the financial system and without tighter regulation they could trigger the next financial crash.Mark Carney said high street banks were being displaced by online lenders that were untested in a recession, when bankruptcies might make their loans worthless.Cyber-attacks could also strip customers of digital money, leaving them to face huge losses without the traditional protection offered by regulators, he said.The warning follows a speech last year by Adair Turner, the former chief financial regulator , who said losses on loans made over the internet could make the worst bankers look like “lending geniuses”.Speaking at a conference in Germany, Carney said digital money held out the prospect of allowing millions of people excluded from the mainstream banking system to access loans securely. Threadneedle Street has several initiatives under way to allow peer-to-peer online lenders access to central bank funds and facilitate transactions.But he expected the authorities “to pursue a more intense focus” on financial regulations, lending rules “and a more disciplined management of operational and cyber risks” as the price of the industry’s growing influence.In the UK, about 14% of new lending last year to small and medium-sized businesses was by so-called fintech lenders, which typically offer loans with funds provided directly by investors.He likened the growth in recent months to the explosion in securitised loans used by banks such as Northern Rock before the 2008 financial crash.“It is not clear the extent to which P2P lending can grow without business models evolving in ways that introduce conventional risks. Were these changes to occur, regulators would be expected to address such emerging vulnerabilities,” he said.The UK is expected to become a global leader in online lending, putting pressure on the Bank to adopt regulations that protect customers without stifling a still young industry.Facebook Twitter Pinterest Bitcoin’s value has increased in recent months. Photograph: Getty Bitcoin is the best known digital currency , but swings in its value have undermined consumer confidence and limited its growth.The currency has a fixed number of coins which can be used to buy goods and services from providers that accept them. A recovery in Bitcoin’s value in recent months and the popularity of the blockchain electronic wallet , which mimics a bank account, has prompted some analysts to predict it will take off this year.“Payment services traditionally relied on cash, debit and credit cards, and wire transfers. Now fintech companies are providing domestic and cross-border payment services on significant scale through digital wallets or pre-funded eMoney,” Carney said.“Tech firms take a slice of payment revenues and, in many cases, the totality of customer transaction data. In the process, they are systematically capturing the type of knowledge I used to gain from my daily interactions with customers in the bank branch,” he said, referring to his first job as a bank teller.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/25/mark-carney-internet-only-lenders-risk-uk-financial-system'|'2017-01-26T01:24:00.000+02:00'
'ca63cb6cf92c485ff23ecc60ddb41d0eac68f66b'|'German regulators call banks to Frankfurt for Brexit talks - sources'|' 52pm GMT German regulators call banks to Frankfurt for Brexit talks - sources The logo of Germany''s Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) is pictured outside the former finance ministry building in Bonn, Germany, Germany, April 5, 2016. REUTERS/Wolfgang Rattay By John O''Donnell , Anjuli Davies and Andreas Kröner - FRANKFURT/LONDON FRANKFURT/LONDON German regulators will meet more than 20 banks on Monday to spell out requirements for relocating some operations to Frankfurt, people familiar with the matter said, as the city accelerates plans to win over business from London after Brexit. The meeting, the first such gathering of its kind in Germany, is being hosted by financial supervisor Bafin to cope with increasingly detailed inquiries from banks as Britain prepares to trigger EU divorce talks, said people involved. "Bafin wants to give the participants an overview of the main issues for those who want to move businesses to Germany after Brexit," said one of the people involved. Bafin would make it clear that no letter-box operations would be accepted and that banks would have to have significant risk management arrangements and senior executives based in Frankfurt, the sources added. Other people said officials from the German central bank and the European Central Bank would also attend. Bafin, which has close ties to the finance ministry, confirmed that the meeting would take place but declined to give further details. The Bundesbank and the ECB declined to comment. (Writing By John O''Donnell; editing by David Stamp)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-frankfurt-idUKKBN1591ML'|'2017-01-25T20:52:00.000+02:00'
'594fc5b3170df55c4fdd8634b67e6a6ecf43642d'|'Ryanair in cooperation talks with AlItalia, to fight Lufthansa deal'|'Business News - Wed Jan 25, 2017 - 1:44pm EST Ryanair in cooperation talks with AlItalia, to fight Lufthansa deal Ryanair Chief Executive Officer Michael O''Leary addresses a news conference in Brussels, Belgium, November 27, 2013. REUTERS/Yves Herman/File Photo By Victoria Bryan and Conor Humphries - DUBLIN DUBLIN Ryanair ( RYA.I ) is in talks about providing connecting flights to AlItalia''s long-haul services and has raised objections with German authorities about a Lufthansa-Air Berlin tie-up, as it tries to ease its expansion in continental Europe. The Irish airline, Europe''s largest by passenger numbers, is looking to add 11 million passengers in the year to March 2018 and has frozen expansion in top market Britain in the wake of its decision to leave the European Union. But it is unlikely to look to acquisitions to fuel that growth due to inefficiencies at rivals and the fact most have Airbus ( AIR.PA ) fleets, rather than Boeing ( BA.N ) planes as used by Ryanair, CEO Michael O''Leary told Reuters in an interview. Ryanair is currently in talks with AlItalia about providing feeder flights to its long-haul hubs in a deal that could help the Italian flag carrier curb losses on short-haul flights. AlItalia is undergoing restructuring amid uncertainty around major shareholder Etihad, which this week said it would review its European investment strategy following the departure of its chief executive James Hogan. "We can help them by offering them cheap feed, low-cost feed into their hubs ... but that means taking out aircraft, people, and that''s very difficult politically in Italy," O''Leary said. "We are still talking to them." FEEDER FLIGHTS Ryanair, which exclusively operates short-haul point-to-point services, is hoping to pilot a system of feeding long-haul flights in the coming months. O''Leary said he hoped such plans with Norwegian Air Shuttle ( NWC.OL ) and Aer Lingus ( ICAG.L ) could start in May. The integration of their booking systems has delayed the signing of deals, he said. Ryanair is offering long-haul carriers the ability to book its seats for resale at the same prices offered to customers on its own website. The long-haul carriers would take full responsibility for missed connections, though Ryanair would pay fines under EU rules for flights over three hours late, he said. In addition to Italy, Ryanair is targeting Germany, Europe''s second-largest aviation market after Britain, and O''Leary said he planned to fight Lufthansa''s ( LHAG.DE ) recent agreement to lease 38 crewed planes from low-cost Air Berlin for six years. O''Leary said the lease was a "fig leaf" to mask the acquisition of its main domestic competitor, which he said would raise their combined market share to 63 percent. "It is nothing other than a takeover," O''Leary said. Ryanair has submitted its concerns to Germany''s competition authority, which said on Wednesday it would make a decision by the end of the month on whether to review the deal. "They have been very receptive," O''Leary said. OVERCAPACITY Overcapacity in the short-haul market will continue to force fares lower in Europe in the coming year, but the rate may slow from a high single digit percentage drop to a low-single digit one, O''Leary said, while adding there were many variables. "The outcome for fares depends on what happens on Brexit and economic confidence in UK and Europe, what happens to oil, and unforeseen security events," he said. Ryanair, which is due to release results for the three months ending December, its fiscal third quarter, on Feb. 6, will continue to return cash to shareholders so long as profits continue to grow, he added. "As long as profitability continues to rise from 1.25 billion (euros) last year, in line with traffic, ... I see no reason why share buy backs shouldn’t continue, absent unforeseen shocks," O''Leary said. Ryanair may also tap bond markets again if rates remain low, he added. (Additional reporting by Peter Maushagen; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ryanair-outlook-idUSKBN1592HE'|'2017-01-26T01:44:00.000+02:00'
'f7aaf1ed7688883d6c7b1be7ea943aab15703a9b'|'Starbucks nominates Microsoft CEO Nadella to its board'|'Business News - Wed Jan 25, 2017 - 7:42pm GMT Starbucks nominates Microsoft CEO Nadella to its board Satya Nadella, CEO of Microsoft Corporation attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 17, 2017. REUTERS/Ruben Sprich Starbucks Corp ( SBUX.O ) nominated Microsoft Corp ( MSFT.O ) Chief Executive Satya Nadella to its board at a time when the company is increasingly focussing on technology to drive sales. The announcement comes a month after former Microsoft executive Kevin Johnson was named Starbucks CEO to replace co-founder Howard Schultz. Schultz, who will step down in April, will remain as executive chairman. The world''s biggest coffee chain is investing heavily on expanding its digital capabilities. About 8 percent of the company''s transactions in the United States are now made on its mobile app - up from 6 percent in the fourth quarter, Starbucks said at its investor day last month. The company also laid out plans to equip 80 percent of its more than 25,000 stores around the world with digital enhancements such as mobile order, mobile pay and personalisation by 2019. "Satya Nadella will bring extensive experience and an understanding of how technology will be used and experienced around the world," Starbucks said in a statement. The company also said it nominated Rosalind Brewer, chief executive of Wal-Mart Stores Inc''s ( WMT.N ) Sam''s Club division and Jørgen Vig Knudstorp, executive chairman of the LEGO Brand Group, to its board. The appointments will expand the size of the board to 14 from 12. The nominees will be subject to a shareholder vote at the company''s annual meeting on March 22. Jamie Shennan, a long time Starbucks director, will be retiring before the annual meeting, the company said. (Reporting by Gayathree Ganesan and Siddharth Cavale in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-starbucks-board-idUKKBN1592K8'|'2017-01-26T02:42:00.000+02:00'
'72ba898b63985e98631c9c75d11486625f2ae9ae'|'3i Group posts 24 percent third quarter return on assets'|'  7:30am GMT 3i Group posts 24 percent third quarter return on assets LONDON Investment company 3i Group''s ( III.L ) total return on assets reached 24.1 percent in its third quarter to Dec 31, it said on Thursday, helped by strong performance in its private equity division. The group, which has private equity, infrastructure and debt management divisions investing in northern Europe and North America, saw a rise in its diluted net asset value per share, a key performance indicator, to 558 pence from 551 pence in the previous quarter. "Our portfolio remains well positioned, with our key assets continuing to deliver consistently robust performance," chief executive Simon Borrows said in a statement, adding that 3i was "set for a strong close to the current financial year." (Reporting by Carolyn Cohn; Editing by Rachel Armstrong)   BT Group faces U.S. lawsuits as Italian accounting scandal deepens NEW YORK BT Group Plc was hit on Wednesday with at least two shareholder lawsuits in the United States, after one-fifth of the telecommunications company''s market value was wiped out in a single day amid a growing accounting scandal in Italy.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-3i-group-results-idUKKBN15A0OW'|'2017-01-26T14:30:00.000+02:00'
'827ea5a389563c491c73e9748aaf515174690a67'|'Want accurate data on people with disabilities? Ask them - Global Development Professionals Network'|'G lobally, there is a staggering dearth of accurate and comparable data on disability. Censuses and other surveys have provided some general estimates, but the reality is that many governments and policymakers don’t have an accurate picture of how many people with disabilities live in their countries.They don’t know where they live, whether they work or vote or can access health or education. This lack of data means policies and services are developed in ways which exclude people with disabilities by not taking their needs into account.Development organisations often don’t know how many people with disabilities are accessing programmes and how they’re benefiting, if at all. There is an assumption that if a programme targets “the poor” or “the vulnerable”, that all groups will benefit equally. The reality, demonstrated by the millennium development goals, which left the most vulnerable behind , is that this isn’t the case. Without clear data and specific policy decisions people with disabilities do not benefit equally from mainstream development programmes.The lack of accurate data is a critical development issue, leading to decisions that reinforce existing inequalitiesThe sustainable development goals (SDGs) with the focus on “ leave no one behind ” recognise the need to change this. But in order to measure progress, disability disaggregated data is essential. The lack of accurate data is a critical development issue, leading to decisions that reinforce existing inequalities and discrimination, rather than addressing them.Following a commitment to “ do the heavy lifting ” to make sure disabled people around the world are included in education and other development programmes, the UK government’s Department for International Development (DfID) is challenging itself and its partners to collect disability disaggregated data. Initially and internally this will focus on data which can be disaggregated on the basis of sex, age, disability status and geography.DfID is also joining technical conversations about how the data revolution can support WHO’s #YouthTrackChange . This is an idea to follow those born in 2005 up to 2030 (the adults who inherit the post-SDG world) and involve them in discussions about the world they want and how to make that a reality.Facebook Twitter Pinterest Collecting data in Bhopal. Photograph: SightsaversNGO Sightsavers is working on improving data on people with disabilities. One of the challenges is that the notion of disability is complex and understood differently by individuals, cultures, specialists and academics all over the world. The UN’s Washington Group ’s questions on disability status provide a solution to this with a standard global definition and method to measure disability.Rather than use yes/no answers, The Washington Group’s questions ask respondents to position themselves on a four-point scale according to their level of difficulty and focus on six functional areas. Data collectors can ask the Washington Group’s questions without any medical knowledge, following short training on understanding stigma and discrimination.Sightsavers used the Washington Group’s questions to analyse data from over 24,000 patients in a slum eye-care programme in Bhopal, India and just under 1,500 in a neglected tropical diseases programme in Tanzania. Disability was defined using the Washington Group’s recommendation which is “at least one domain is a lot of difficulty or unable to do it at all”.India’s 2011 census reported 2.21% of the population as disabled, but we found that when respondents were asked the Washington Group’s questions, 16.7% said they experienced severe difficulties functioning while only 0.6% responded positively to the census question “are you disabled?”.The process of collecting data on disability by itself created both demand for and supply of more inclusive projectsWe also found that in India, female patients had a greater likelihood of reporting functional limitations but a lower likelihood of self-identifying as “disabled” than men.Most interestingly though, we found that just the the process of collecting data on disability has transformed attitudes. There was a significant change in health provider attitudes to disability and their relationship with patients responding to the Washington Group questions.Patients described the questions on disability as an open door that allowed them to talk about their lives. Service providers reported feeling closer to the community and also felt that they had a responsibility to provide people who report difficulties with information on services available. They also started providing additional services, referring people to health facilities and having wheelchairs at the reception.Disabled people to get more from UK aid, says development minister Read moreWhat was surprising is that all of these changes happened before data analysis began. The process of collecting data on disability created both demand for and supply of more inclusive projects by itself.This demonstrates the power of collecting data on disability. The UN’s new Global Action Plan for Sustainable Development Data on how to measure the SDGs doesn’t go far enough to bridge the gaps in disability data. We hope in the future that it addresses these issues in a more concrete and systematic way and that it calls on the UN to improve its own data systems.At DfID and Sightsavers we are building on commitments already made to disaggregating data by age, sex and disability with a long-term vision that partners will eventually be able to do so for all the SDG areas.Collecting better disability data is critical to ensuring the SDGs have a lasting impact for the most marginalised people across the world and fulfil their promise to leave no one behind. We hope that by sharing our learning, we can contribute to meeting this challenge, and support others to do the same.Kim Bradford Smith is senior statistics and evidence lead at the UK’s Department for International Development (DfID) and Dominic Haslam is director of policy and programme strategy at Sightsavers.Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter. Join the conversation with the hashtag #Dev2030 .'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/global-development-professionals-network/2017/jan/26/want-accurate-data-on-people-with-disabilities-ask-them'|'2017-01-26T17:57:00.000+02:00'
'dedf9c60ed189b3881b3cf7d6dda952dd2807ce2'|'India plans expansive budget despite growth, revenue worries'|'Business News - Thu Jan 26, 2017 - 12:42am GMT India plans expansive budget despite growth, revenue worries left right Finance Minister Arun Jaitley addresses a delegation while speaking on the Goods and Services Tax (GST) issues during the Vibrant Gujarat investor summit in Gandhinagar, January 11, 2017. REUTERS/Amit Dave 1/2 left right India''s Prime Minister Narendra Modi gestures as he reads a joint statement with Myanmar''s State Counsellor Aung San Suu Kyi (not pictured) at Hyderabad House in New Delhi, India October 19, 2016. REUTERS/Adnan Abidi 2/2 By Manoj Kumar - NEW DELHI NEW DELHI India''s finance minister is likely to borrow more than originally planned when he presents the budget on Feb. 1, senior aides and officials said, despite counting on revenues from a national sales tax whose launch date is still unknown. Arun Jaitley is looking at how to fund giveaways to taxpayers and higher public investment to help nurse Asia''s third-largest economy back to health after the government''s shock decision in November to abolish high-value banknotes. That is raising concern among some economists and investors that the government will take too many fiscal risks. Yet officials say that, given the choice, they would choose growth sustained by state investment over a fiscal straitjacket. "Some degree of flexibility on fiscal discipline should not be seen as irresponsible fiscal management," one senior government official told Reuters, requesting anonymity due to the sensitivity of the matter. A fiscal advisory panel, which includes central bank head Urjit Patel, has advocated widening the budget deficit to "slightly over" 3 percent of gross domestic product to free up funds for road, railway and irrigation projects. "It is not possible to keep up the pace of capital expenditure without increasing the fiscal deficit beyond 3 percent of GDP," another official, briefed on the committee''s findings, added. New Delhi earlier aimed to cut the federal deficit to 3 percent of GDP over the next two fiscal years, compared with 3.5 percent in the year now drawing to a close. Independent economists are also pencilling in a higher federal deficit in the coming fiscal year, at 3.3-3.4 percent of GDP, creating room for the government to invest an extra $6 billion (4.76 billion pounds). That has drawn a warning from ratings agency Standard & Poor''s, which says that slowing the pace of fiscal consolidation could delay India''s chances of an upgrade due to its high and rising debt levels. HEROIC ASSUMPTIONS Jaitley''s team forecasts a recovery in nominal GDP growth, the key driver of tax revenues, to around 12 percent in 2017/18. Yet that assumes oil prices of $55-60 per barrel and a long-delayed Goods and Services Tax being implemented in July. And the economy is still getting over the shock of Prime Minister Narendra Modi''s decision in November to scrap 86 percent of cash in circulation in a bid to purge the economy of illicit "black money". The International Monetary Fund has chopped a percentage point off India''s forecast of real economic growth to 6.6 percent in the current fiscal year to March, meaning China regains the crown as the world''s fastest-growing large economy. The Washington-based lender has also shaved 0.4 of a percentage point off its forecast for the coming fiscal year. Finance ministry officials remain tight-lipped about how quickly they expect growth to bounce back after it slowed following so-called demonetisation. International prices for crude oil, India''s most expensive import item, could meanwhile overshoot the finance ministry''s expectations as exporting nations curb output, hurting the growth and revenue outlook. "This budget is presented in a very uncertain situation," said N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a New Delhi think-tank that is partly funded by the government. Modi faces the imminent verdict of voters in five regional elections, most importantly in the battleground state of Uttar Pradesh that is home to more than 200 million people. A setback there for his nationalist party could harm his chances of winning a second term in 2019. Election authorities have barred the government from offering targeted budget ''sops'' to buy votes. And even if the government does ramp up public investment in Jaitley''s fourth budget, it has little room for manoeuvre - nearly nine in every 10 rupees it spends go on servicing debt or paying wages and subsidies. "It will not be a populist, but a pragmatic budget," said a senior finance ministry official with direct knowledge of budget planning. (Additional reporting by Rajesh Kumar Singh and Douglas Busvine; Editing by Mike Collett-White) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-india-budget-idUKKBN15A01U'|'2017-01-26T07:42:00.000+02:00'
'd7566e6179abec9768ad5d6cc1fbd07cafa8da03'|'Chipmaker Qualcomm''s revenue misses estimates'|'Technology   9:11pm GMT Chipmaker Qualcomm''s revenue rises 3.9 percent amid legal challenges One of many Qualcomm buildings is shown in San Diego, California, U.S. on November 3, 2015. REUTERS/Mike Blake/File Photo Qualcomm Inc reported a 3.9 percent rise in quarterly revenue, boosted by strong demand for its chips used in smartphones, at a time when the company is facing multiple legal challenges over its alleged "anticompetitive" tactics. Net income attributable to the company more than halved to $682 million, or 46 cents per share, in the first quarter ended Dec. 25, from $1.50 billion, or 99 cents per share, a year earlier. The quarter included a $868 million charge related to the Korea Free Trade Commission (KFTC) investigation, the company said on Wednesday. Revenue rose to $6 billion from $5.78 billion. bit.ly/2jqEoha The U.S. Federal Trade Commission and Apple Inc have sued Qualcomm accusing the chipmaker of resorting to "anticompetitive" tactics to maintain a monopoly over key semiconductors in mobile phones. Apple also filed a lawsuit against Qualcomm in Beijing on Wednesday, alleging that the chip supplier abused its clout in the chip industry and is seeking 1 billion yuan ($145.32 million) in damages. South Korea''s antitrust regulator, The Korea Fair Trade Commission, fined Qualcomm 1.03 trillion won ($854 million) in December for what it called unfair business practices in patent licensing and modem chip sales. Qualcomm is a major supplier to both Apple and Samsung Electronics Co Ltd, with the two accounting for 40 percent of the company''s $23.5 billion in revenue in 2016. The Qualcomm Technology Licensing (QTL) business, which contributed about 85 percent of the company''s earnings before taxes in 2016, generates royalties earned through the licensing of wireless patents to the mobile industry. (Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-qualcomm-results-idUKKBN1592P7'|'2017-01-26T04:35:00.000+02:00'
'd4a22d67f6368d35087d7692ae82d3eabae199c8'|'Dollar wallows near seven-week lows on Trump protectionism'|'Business News - Wed Jan 25, 2017 - 7:52pm EST Dollar wallows near seven-week lows on Trump protectionism left right Light is cast on a U.S. one-hundred dollar bill next to a Japanese 10,000 yen note in this picture illustration shot February 28, 2013. REUTERS/Shohei Miyano/Illustration/File Photo 1/3 left right U.S. dollar and British pound notes are seen in this November 7, 2016 picture illustration. Picture taken November 7. REUTERS/Dado Ruvic/Illustration 2/3 left right An employee of a bank counts US dollar notes at a branch in Hanoi, Vietnam May 16, 2016. REUTERS/Kham 3/3 By Yuzuha Oka - TOKYO TOKYO The dollar struggled near seven-week lows on Thursday on growing concerns over U.S. President Donald Trump''s protectionist policies including an executive order to construct a U.S.-Mexican border wall. The dollar index .DXY, which tracks the greenback against a basket of major currencies, was last down 0.2 percent at 99.839. It dipped to 99.835 on Wednesday, its lowest level since Dec. 8. The dollar was generally weaker despite U.S. shares gaining and the Dow Jones Industrial Average .DJI closing atop the 20,000 mark for the first time. [.N] Trump has made several business-friendly decisions since taking office on Friday, including signing executive orders to reduce regulatory burden on domestic manufacturers and clearing the way for the construction of two oil pipelines. However, the president''s broad but divisive plans to reshape U.S. immigration and national security policy rattled some investors partly as the U.S. needs foreign capital to finance its large current account deficit. Trump on Wednesday ordered construction of a U.S.-Mexican border wall and punishment for cities shielding illegal immigrants while mulling restoring a CIA secret detention program. "Amid concerns over Trump''s protectionism, the correlation between U.S. Treasury yields and the dollar has gotten weaker," said Junya Tanase, chief currency strategist at JPMorgan Chase Bank. The dollar last stood at 113.21 yen JPY= against the yen, near two-month low of 112.52 yen touched on Tuesday even as U.S. Treasuries yields stayed near four-week highs. U.S. benchmark 10-year Treasury yields last stood at 2.510 percent US10YT=RR, close to a 4-week high of 2.538 percent hit on Wednesday. "It''s similar to the U.S.-Japan trade conflicts in 1990s. Back then, the dollar was weak despite the high U.S. interest rates. Dollar would remain weak if Trump pushes his protectionist rhetoric," said JPMorgan Chase''s Tanase. Sterling was last down 0.1 percent at $1.2627 after hitting a six-week high of $1.2638 GBP=D4 on Wednesday. The pound was helped by hopes for a trade deal between Britain and the United States, which Prime Minister Theresa May said on Wednesday would "put UK interests and UK values first." The euro traded at $1.0755 EUR=EBS against the dollar, slightly below Tuesday''s seven-week high of $1.0775 and down 0.1 percent from late U.S. levels. (Reporting by Yuzuha Oka; Editing by Shri Navaratnam) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-forex-idUSKBN15A032'|'2017-01-26T07:52:00.000+02:00'
'6661fdfd600c121fc421a9c545577c6d2080cc54'|'Oaktree sells about 10 pct stake in UK''s Countryside -bookrunner'|'Jan 27 An entity controlled by investor Oaktree Capital Management LP has sold an about 10 percent stake in British property developer Countryside Properties Plc via a placing, one of the bookrunners said on Friday.The bookrunner said 45 million shares, sold through an accelerated bookbuild process, had been priced at 230 pence per share, which represented a discount of about 3.6 percent to Countryside''s close on Thursday.Oaktree entity would have raised roughly 103.5 million from the sale, Reuters calculations showed, and is no longer the majority investor of the London-listed firm.The placement came a day after Countryside reported first-quarter results, and said outlet growth and net reservation rates had remained strong over the 13 weeks from Oct. 1 to Dec. 31, 2016.Although the UK property market experienced some turbulence after Britons voted on June 23 to leave the European Union, the market has recovered since then.Following the placing, Oaktree would continue to hold about 207.4 million ordinary shares, or roughly a 46.1 percent stake, in Countryside, the bookrunner said on Friday.Countryside returned to the London market last February in a listing priced at 225 pence per share, following more than a decade in private hands.Oaktree bought a controlling stake in the company, which traded as a public company from 1972 to 2005, from Lloyds Banking Group in 2013.Barclays Bank Plc and Numis Securities Ltd were the joint bookrunners and Peel Hunt LLP was the lead manager for the placing. (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/countryside-stake-sale-oaktree-capital-idUSL4N1FH1V8'|'2017-01-27T10:57:00.000+02:00'
'a7b1dc96953c22d55de72076b61d265762c1c5f6'|'Deals of the day-Mergers and acquisitions'|'(Adds Shell, Harris, Enbridge; Updates Tesco)Jan 27 The following bids, mergers, acquisitions and disposals were reported by 1530 GMT on Friday:** Britain''s biggest retailer Tesco has agreed to buy leading wholesaler Booker for 3.7 billion pounds ($4.6 billion), reasserting its dominance in food with a bold move into the faster-growing catering market.** Royal Dutch Shell is nearing the sale of a large part of its North Sea oil and gas assets to private equity-backed Chrysaor for $3 billion, banking sources said, marking a milestone in its drive to reduce debt after buying BG Group.** Vita Coco, the world''s leading brand of coconut water, is exploring a sale of the company that could value it at up to $1 billion, according to sources familiar with the matter.** Harris Corp, whose technology is used by the U.S. defense, said it would sell its government IT services business to an affiliate of private equity investment firm Veritas Capital for $690 million in cash to focus on its other businesses.** Enbridge Inc said it would pay about $170 million to take private Midcoast Energy Partners LP, which also has a stake in natural gas pipelines owned by Enbridge Energy Partners LP.** Spain''s Telefonica has fended off a bid by Mexico to slap the telecoms giant with a 30 billion Mexican peso ($1.42 billion) tax bill and is in talks with local tax officials to resolve over 20 other open audits, people familiar with the matter said.** Verizon Communications Inc is interested in exploring a combination with U.S. cable company Charter Communication Inc as part of a long list of acquisition targets, but no proposal has been made for a tie-up between the two companies, sources told Reuters on Thursday.** Lionsgate has initiated talks to sell its stake in Epix to the premium U.S. cable channel''s other two shareholders, MGM Holdings Inc and Paramount, a unit of Viacom Inc, according to people familiar with the matter.** Sportswear retailer Finish Line Inc said on Thursday it would sell its unprofitable JackRabbit business to CriticalPoint Capital LLC, two months after announcing that it would explore strategic alternatives for the specialty running gear unit.** Deluxe Entertainment, a U.S. company which makes visual effects for Hollywood movies and television shows such as HBO''s Game of Thrones, said it had hired an investment bank to look for partnership opportunities in China, the world''s second-largest movie market.** American Airlines Group Inc and Australia''s Qantas Airways Ltd may reapply to the U.S. Transportation Department for permission to coordinate prices and flight schedules now the Trump administration is in charge, Qantas Chief Executive Alan Joyce said.** Digital Bridge Holdings LLC, a firm that invests in data centers, has agreed to acquire Vantage Data Centers Management Co LLC from buyout firm Silver Lake Partners for well over $1 billion, including debt, people familiar with the matter said on Thursday.** Malaysia''s state oil firm Petroliam Nasional Berhad (Petronas) is pushing ahead with plans to start operations in 2019 at a large refining and petrochemical complex in the southeast of the country despite Saudi Aramco ditching plans for a joint venture. (Compiled by Vishaka George in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1FH2ZY'|'2017-01-27T13:10:00.000+02:00'
'bc7cf883e7a435c1d6335a95f5d325afca7cd529'|'Two London traders get 19 years for conspiring to defraud Russian bank'|' 21pm GMT Two London traders get 19 years for conspiring to defraud Russian bank LONDON Two London traders who conspired to defraud a Russian bank of more than 141 million pounds in a series of complex scams were sentenced on Friday to a total of 19 years in jail, police said on Friday. Georgy Urumov, 37, was jailed for 12 years and Vladimir Gersamia, 33, for seven years after being found guilty of multiple fraud offences following a four-month trial at Southwark Crown Court. The first part of the fraud was carried out in 2011, prosecutors said. Urumov joined the Russian-owned company Otkritie Securities Ltd (OSL) and manipulated the firm into paying him approximately 20 million pounds under the false impression that it would be distributed to others also joining the firm. In the event, Urumov held on to the vast majority of the money, the Crown Prosecution Service (CPS) said. Urumov committed more offences by trading Argentine debt products and fooling his employer into believing that they had been bought at four times their true cost, the CPS said. He then pocketed the difference and transferred the gains to bank accounts out of the UK. Urumov used Gersamia, an employee of investment management firm Threadneedle Asset Management, to help cover his tracks. The CPS said the men had stood to gain another 121 million pounds from their activities. Detective Superintendent Maria Woodall of City of London Police said the defendants were respected figures in their industry. "They went to great lengths to try and launder the money by using the international banking system," she said in a statement. CPS Specialist Prosecutor Alistair Dickson said: "Due to the international scale of this fraud, the prosecution team considered millions of pieces of evidence and made arrangements to call witnesses from across the world in order to present a compelling case to the jury." Otkritie Holding Chairman Alexey Karakhan said in a statement that his group was working with law enforcement authorities in other countries, including Switzerland, Israel and Russia to pursue others involved in the fraud. "We are more than satisfied with the jury’s verdict and the strong message sent by the lengthy prison term given to Urumov," he added. "From the outset we pledged to do everything possible to ensure that justice would be done and that the fraudsters would be held responsible for their heinous conduct. This verdict completely vindicates our approach." (Reporting by Stephen Addison; editing by Michael Holden)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-russia-traders-idUKKBN15B1MW'|'2017-01-27T22:21:00.000+02:00'
'aa11f2568c17351fdb740956e131c8015338f462'|'UPDATE 1-Euronext suspends rapeseed futures to review specifications'|' 53pm EST UPDATE 1-Euronext suspends rapeseed futures to review specifications (Adds details, background) PARIS Jan 31 Euronext said on Tuesday it was temporarily suspending its rapeseed futures and options contracts to review their technical specifications with industry players. The rapeseed futures and options contracts for the August 2019 expiry month and onwards, which were due to be listed on Feb. 1, will not be made available to trade, the exchange said in a statement. Euronext is waiting to complete discussions with the industry on the issue and also for the outcome of a meeting of an expert committee in the spring, it said in an emailed statement. "This temporary suspension aims to analyse whether enhancements to the contract specifications are required," it said. It declined to give further details. Industry players such as France''s largest rapeseed buyer Saipol, have been pushing for a rise in the oil content basis of rapeseed contracts to 42 percent from 40 percent currently to bring it closer to French rapeseed''s oil content. Saipol changed the terms of its own contracts last year - a move criticised by many suppliers who wanted to be paid a premium for the additional oil content. Saipol also said it would also seek a change in the futures contract. (Reporting by Sybille de La Hamaide and Valerie Parent. Editing by Jane Merriman) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/oilseeds-euronext-rapeseed-idUSL5N1FL6ML'|'2017-02-01T01:53:00.000+02:00'
'2b054f5f9c0376f7aef3a06fbdc10f2112c666cc'|'In nod to index funds, Agg bond benchmark changing rules'|'By Trevor Hunnicutt - NEW YORK NEW YORK Jan 31 One of the most widely tracked market indexes is raising its admission standards, potentially offering relief to index-fund managers and pressuring bonds that failed to make the cut.Starting April 1, the Bloomberg Barclays U.S. Aggregate Bond Index will hold most kinds of debt only if at least $300 million of the bond remains on the market, up from $250 million.The rule change pushes $304 billion in bonds out of the index, nearly 2 percent of its value, while allowing funds to sidestep the process of buying or trying to match the performance of bonds in short supply, analysts said."It has to be easier for a portfolio manager to track this index if the smaller, less liquid names were removed," said Elisabeth Kashner, director of exchange-traded fund research at FactSet Research Systems Inc, adding that many portfolio managers "struggle to fully replicate their indexes."The performance of at least hundreds of billions of investments are judged against the "Agg." Nearly $80 billion in ETFs track the index directly, according to Morningstar Inc, with investors increasingly buying relatively cheap funds that strive to mimic benchmarks, not beat the market.The largest such funds include the $42 billion iShares Core U.S. Aggregate Bond ETF and the $32 billion Vanguard Total Bond Market ETF. Though both funds track Agg, neither must match the index''s holdings exactly.Josh Barrickman, Vanguard Group''s Americas head of fixed-income indexing, said the asset manager may hold the smaller sets of bonds even as they leave the index "if we think they have value."Karen Schenone, a fixed-income strategist at iShares , said she anticipates "minimal" activity as a result of the change.The bonds set to be removed, including debt in the utilities, real-estate, energy and healthcare sectors, are selling off already, Bank of America Corp said in a research note.Some investors avoid the U.S.-dollar, investment-grade index because of its extensive Treasury and mortgage-related holdings, which are especially likely to hemorrhage if interest rates move higher. U.S. Federal Reserve policymakers have telegraphed that they plan to hike rates three times this year.In an additional nod to index funds, Agg owner Bloomberg L.P. will provide an additional closing price for the index at 4 p.m. ET, when many funds calculate their value.The difference in bond prices between the index''s 3 p.m. close and 4 p.m. means that index funds often report significantly different performance than their benchmark over short periods. (Reporting by Trevor Hunnicutt; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/funds-passive-bonds-idINL1N1FG1MW'|'2017-01-31T10:51:00.000+02:00'
'f77687af93c8d50b685d74a3dffa9a99e4f6564c'|'As Trump thunders, investors watch for rain'|'Money - Tue Jan 31, 2017 - 2:19pm EST As Trump thunders, investors watch for rain Traders work on the main trading floor of the New York Stock Exchange shortly after the opening bell of the trading session in New York January 15, 2016. REUTERS/Brendan McDermid By Ross Kerber - BOSTON BOSTON A dizzying stream of market-moving tweets and policy talk by President Donald Trump is finding a hopeful but anxious audience among professional investors looking to make stockpicking great again. After years of losing ground to index funds, portfolio managers and wealth advisers say Trump''s assertive moves, like singling out individual companies, may create a chance to set their investment strategies apart - even if they think some of Trump''s verbal assaults are just bluster. "If he’s going to create volatility, we''re going to take advantage of it," said Ross Gerber, president of California wealth management firm Gerber Kawasaki Inc. Professional stockpickers are under pressure to improve returns as investors increasingly turn to cheaper passive investments – redirecting tens of billions of dollars each month. Trump''s pledge to shake up regulations affecting sectors such as finance, autos and healthcare, as well as his promise to cut taxes, could create big corporate winners and losers. That could give active fund managers an opportunity, in theory, to showcase their skills. "This administration was elected with many people hoping for change, and that''s going to upset the apple cart with old losers coming back in favor," said Scott Schermerhorn, chief executive of Granite Investment Advisors in New Hampshire. So far, Schermerhorn has made few changes to his portfolios, like the Granite Value Fund. With Trump in office less than two weeks, he is waiting for clearer signs on what new policies will be introduced. Schermerhorn also said he has talked some clients out of bailing on stocks such as Boeing or drugmakers after Trump criticized them publicly on Twitter - tweets Schermerhorn said he read as simply negotiating positions. Gerber has already acted on Trump. After the then-president-elect slammed Lockheed Martin''s F-35 fighter jet program as too expensive on Dec. 12, Gerber bought Lockheed shares. Trump said on Monday his administration was able to cut $600 million from its latest contract for the jet, but Gerber said the case for the stock remains its longer-term outlook. "Bullying companies ultimately won''t change the economics," he said. DISPERSION The turn to passive management reflects how many active managers have failed to produce the higher returns that would justify their more costly fees. In theory, if Trump produces winners and losers in corporate America, then active managers could be helped by a rise in "dispersion," a measure of the gap in returns among stocks. During December, dispersion in the S&P 500 index was 14 percent, the lowest in two years, according to S&P Dow Jones Indices. "The friend of active management is high dispersion, and transitions. We think we have both of those," said Collin Bell, a managing director at Goldman Sachs'' asset management division. But dispersion is a double-edged sword if fund managers wind up on the wrong side of a trade – a distinct possibility given Trump''s willingness to talk policy on social media and re-evaluate key foreign policy principles. His recent move to curb immigration has sent major U.S. stock indexes plummeting. "Trying to react to his tweets, for a long-term investor, I think is a very dangerous game to play," said John Linehan, portfolio manager of the $23 billion T. Rowe Price Equity Income Fund. He said he spends more time following policy discussions, after years in which Washington''s actions did not affect particular stocks so much. Linehan cited the on-again, off-again talk of a "border adjustment tax" as the sort of issue to keep an eye on. A recent jump in volatility has been a boon for day traders, who have a short-term horizon. But Trump''s tweets are too sporadic for many of the quantitative strategists from hedge funds and banks, who track patterns and trends. Indeed, higher dispersion could provide a business opportunity for active stockpickers'' arch-rivals, the passive funds. To shield investors from stock gyrations, Michael LaBella, portfolio manager at Legg Mason Inc''s QS Investors unit, said it encourages investors to consider diversification products like its Low Volatility High Dividend ETF in case promised policy changes do not actually emerge. "Because there is so much policy uncertainty, you can''t differentiate what''s policy and what''s just bluster," he said. (Reporting by Ross Kerber; Editing by Dan Grebler) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-usa-trump-investors-idUSKBN15F2EU'|'2017-02-01T02:09:00.000+02:00'
'bf84d30f2da4d973fdab595cf442dc44d25ab1b4'|'Oil prices rise on weakening dollar, but plentiful supplies cap gains'|'Business News - Thu Jan 26, 2017 - 2:07am GMT Oil prices rise on weakening dollar, but plentiful supplies cap gains FILE PHOTO: A worker walks atop a tanker wagon to check the freight level at an oil terminal on the outskirts of Kolkata, India November 27, 2013. REUTERS/Rupak De Chowdhuri/File Photo - RTSXE0K By Henning Gloystein - SINGAPORE SINGAPORE Oil prices edged up on Thursday, driven up by a weakening dollar, but gains were capped by plentiful supplies and inventories despite an effort by OPEC and other producers to cut output and prop up the market. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.44 per barrel at 0137 GMT, up 36 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $53.07 a barrel, up 32 cents. Traders said that the increase was largely down to a weakening dollar .DXY, which has lost 3.9 percent in value since its January peak. Since oil is traded in dollar, a cheaper greenback makes fuel purchases less costly for countries using other currencies, potentially spurring demand. However, oil price gains were capped by data from the U.S. Energy Information Administration (EIA) which showed a 2.84 million barrels increase in commercial crude inventories to 488.3 million barrels, which add to a 6.3 percent rise in U.S. oil production since the middle of last year to 8.96 million barrels per day (bpd). "EIA estimates that crude oil and other liquids inventories grew by 2.0 million barrels per day in the fourth quarter of 2016, driven by an increase in production and a significant, but seasonal, drop in consumption," the agency said. Rising U.S. inventories and output are countering efforts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia to cut supplies by a almost 1.8 million bpd during the first half of 2017 in an effort to end a global glut. (Reporting by Henning Gloystein; Editing by Kenneth Maxwell)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN15A072'|'2017-01-26T09:00:00.000+02:00'
'735923c7b57a8af24514fc85864ff0963febffee'|'Cruise operator Royal Caribbean''s profit rises 26 pct'|'Market News - Thu Jan 26, 2017 - 8:18am EST Cruise operator Royal Caribbean''s profit rises 26 pct Jan 26 Royal Caribbean Cruises Ltd, the second-largest U.S. cruise operator, reported a 26 percent rise in quarterly profit, helped by demand for its pricier Caribbean cruises and higher onboard spending. The company''s net income rose to $261.1 million, or $1.21 per share, in the fourth quarter ended Dec. 31, from $206.8 million, or 94 cents per share, a year earlier. Net revenue yields, which take into account the spending per available berth, increased 5.3 percent on a constant-currency basis. The company''s revenue rose marginally to $1.91 billion. (Reporting by Aravind K in Bengaluru; Editing by Maju Samuel) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/royal-carib-crus-results-idUSL4N1FG3VB'|'2017-01-26T20:18:00.000+02:00'
'130abd57767a3ce13351dacce523eac92066129e'|'SEC charges two former Och-Ziff executives in corruption case'|'WASHINGTON The U.S. Securities and Exchange Commission said on Thursday it charged two former executives at Och-Ziff Capital Management Group ( OZM.N ) with masterminding a far-reaching bribery scheme that violated the Foreign Corrupt Practices Act (FCPA).The SEC said in a statement that the complaint filed on Thursday alleges that Michael Cohen, who headed Och-Ziff’s European office, and an investment executive on Africa-related deals, Vanja Baros, caused tens of millions of dollars in bribes to be paid to high-level government officials in Africa.Och-Ziff and two other executives previously settled charges against them in the case, the statement said.(Reporting by Eric Walsh; Editing by David Alexander)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-sec-och-ziff-capital-idUSKBN15A29Z'|'2017-01-26T19:39:00.000+02:00'
'8f311ec2a9e5aa4231843eb6341c80fad6e156b4'|'EFG International CEO says BSI integration entirely on schedule'|'Financials   10:14am EST EFG International CEO says BSI integration entirely on schedule ZURICH Jan 26 EFG International''s integration of BSI Bank, the private bank it bought last year from BTG Pactual, is "entirely on schedule", Chief Executive Joe Straehle said on Thursday. Speaking at a conference organised by Swiss newspaper Finanz und Wirtschaft, Straehle also said he hoped the bank would be able to increase revenues but that this was difficult in the current environment. (Reporting by Joshua Franklin; Editing by Michael Shields) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/efg-intl-bsi-bank-integration-idUSZ8N17V00P'|'2017-01-26T22:14:00.000+02:00'
'1d7d6f00a762bd4466e44d2cf19bcf4c3801cd8d'|'PRESS DIGEST- British Business - Jan 25'|'Jan 25 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* The Italian state rail company has opened the bidding to operate the trains on the High Speed Two line in what is likely to be the most hotly contested competition in the history of the railways. Trenitalia has said that it will put in a bid to run both HS2 and the west coast main line currently operated by Virgin Trains. bit.ly/2juLY8g* The British government is on track to beat its borrowing target this year. Figures from the Office for National Statistics showed that public sector net borrowing, excluding taxpayer-backed banks, was 6.9 billion pounds ($8.65 billion) in December. bit.ly/2juNHuaThe Guardian* Citigroup has set out 25 criteria to weigh up which financial centre in the European Union will house the new operation it expects to set up as a result of Brexit. bit.ly/2juMB1m* British Gas has been ordered to pay 9.5 mln pounds by Energy regulator Ofgem for IT failures that landed business customers with incorrect and late bills. bit.ly/2juHgagThe Telegraph* Businesses across the EU are reeling from the "shockwaves" sent by Theresa May when she announced the UK will leave the single market, the CBI''s director general has warned. bit.ly/2juHoXz* HSBC plans to slash almost 400 jobs after it announced more branch closures around the country as well as further cuts to its IT division to help bring down its costs. bit.ly/2juxhSISky News* British engineering group Doncasters will separate its defence operations ahead of a sale to a Chinese company, according to Sky News. bit.ly/2juwKjG* The new boss of Formula One, Chase Carey, has insisted that Bernie Ecclestone was not "deposed" after 40 years running the sport. bit.ly/2juVurNThe Independent* The Chief operating officer of aircraft giant Airbus , Tom Williams, has warned that his company would be "entering a dangerous phase" if the UK''s vote to leave the European Union disrupts the movement of people and products. ind.pn/2juIcLO* The UK aviation industry could "fall off a cliff" in two years'' time because of the decision to leave the European Union, Ryanair CEO, Michael O''Leary has warned. ind.pn/2juMZgA($1 = 0.7981 pounds) (Compiled by Parikshit Mishra in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/britain-press-business-idUSL1N1FF00T'|'2017-01-25T03:46:00.000+02:00'
'f8b6a90478fb17c9a53e52616732650f950c8ffc'|'Germany''s EWE, Deutsche Telekom in talks over broadband expansion'|'Deals - Thu Jan 26, 2017 - 4:50am EST Germany''s EWE, Deutsche Telekom in talks over broadband expansion The logo of German telecommunications giant Deutsche Telekom AG is seen at a Telekom store at the company''s headquarters in Bonn February 25, 2016. REUTERS/Wolfgang Rattay/File Photo BERLIN EWE AG [LANDWE.UL] aims to expand its business with fast internet connections, its CEO said, adding the German utility is in talks with Deutsche Telekom ( DTEGn.DE ), which is desperate for partners to reach its national broadband targets. "We want to invest 1.2 billion euros ($1.3 billion) in the expansion of fiber-optic cables," Matthias Brueckmann told Reuters during the Handelsblatt energy conference, adding the group wants to connect 1 million households as a result. The investment will be made over a period of 10 years. (Reporting by Christoph Steitz and Tom Kaeckenhoff; Editing by Maria Sheahan) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-ewe-telecoms-idUSKBN15A11Y'|'2017-01-26T16:50:00.000+02:00'
'62bcfc0ca168ab7dffd6529d0e8e145dedd5af33'|'Last year''s big tech IPO is struggling in 2017'|'The biggest tech IPO of 2016 is having a terrible start to 2017 by Sherisse Pham @Sherisse January 26, 2017: 4:55 AM ET Line: Japan''s most popular messaging app Popular messaging app company Line''s strong stock market debut is quickly becoming a distant memory. Line ( LN ) pulled off the biggest tech IPO of last year , raising $1.3 billion from selling shares that soared when they started trading on markets in New York and in Tokyo. Fast forward to the start of 2017 and things aren''t looking so pretty. Line shares plunged 11% in New York on Wednesday and 10% in Tokyo on Thursday to their lowest levels since the IPO. The reason? An earnings report that fell short of expectations and revealed that the app is losing users. Related: Forget Ireland. Snapchat picks London as its international HQ Line shed 3 million monthly activeusers globally during the fourth quarter of last year, dropping from 220 million to 217 million. Line''s management touted " big opportunities " for the app during the IPO, including expanding to other geographic regions. But the latest numbers don''t bear that out. The company''s user numbers are stronger in the countries where its app was already popular: Japan, Thailand, Indonesia and Taiwan. It did report profits of 7.56 billion yen ($66.5 million) for 2016, compared with a net loss of 7.58 billion yen the previous year. But analysts and investors'' were scrutinizing Line''s user and sales growth, and expected more from the messaging empire. "Our impression is negative," JPMorgan analyst Haruka Mori wrote in a note to investors. Related: Why Snapchat''s owner is hiring in China Line''s messaging platform offers a range of "content services" like mobile payments, on-demand taxis, and music and video streaming. While Line is the fourth highest grossing app in Japan, according to analytics firm App Annie, revenue from content services was lower last year than in 2015. The company also reported slower growth from games and digital stickers. Line''s moneymaker last year was ads, accounting for nearly 40% of revenue. The company said it expects advertising to deliver "steady growth" in the coming months. But analysts remain wary. "We expect investors will need confirmation of strong growth in performance ads before turning bullish," Mori said. CNNMoney (Hong Kong)   4:55 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/26/technology/line-stock-down-earnings-disappoint/index.html'|'2017-01-26T17:05:00.000+02:00'
'8268fd0812894e609e21af627babdc1f9c2641c9'|'Borrowers hesitate even as buyside eyes Mexico'|'By Paul Kilby NEW YORK, Jan 26 (IFR) - While cheap valuations have put Mexico back on bond investors'' radar, the country''s borrowers are far from ready to jump in, due to unease over US trade policies and soaring funding costs.Mexican credits have been notably absent from the recent issuance surge in the region, which has seen more than US$20bn in new US dollar supply over the past three weeks.Food company Sigma Alimentos has been the only name to dip its toes in the water, and even it is looking to issue in euros rather than greenbacks."Borrowers don''t need to force something through right now while there is so much uncertainty stemming from the macro level," one banker told IFR."Sigma in euros, I guess, could be insulated."The Mexican credit space has had a bumpy ride since Donald Trump was elected US president on November 8 amid a pledge to dismantle the North American Free Trade Agreement.The G-spread on the sovereign''s 2026 bonds gapped as high as 208bp on November 28 - up from 143bp before the election - and was still bouncing around 183bp on Thursday.Mexico (A3/BBB/BBB+) now trades wide to most of its peers, including lower-rated Colombia (Baa2/BBB/BBB), which printed a new 10-year last week at T+160bp - a good 10bp tight to Mexico."Mexico had been well through Colombia and it is now well behind everyone," said the banker.It is a similar story with Mexico''s five-year CDS, which are trading around 167bp, close to the 182bp for Russia, a country with a lower Ba1/BB+/BBB- rating but one seen benefiting from Trump policies.Such moves reflect the uncertainty over how Nafta negotiations - and plans for a wall on the US/Mexico border - will play out in coming months.The three major rating agencies have the country on negative watch, which has hurt confidence in the sovereign as well as the credit standing of Mexican corporates.Markets were further bent out of shape on Thursday when Mexico''s President Enrique Pena Nieto canceled a summit with Trump, who insisted Mexico would pay for the wall.Yet while borrowers are sitting on the sidelines, international accounts are nevertheless showing a greater interest in Mexico."It used to be the focus was on Argentina, but right now it seems most banks are going on investor trips to Mexico," said the banker. "Investors lack information, which is gold."The sell-off has been seen as a buying opportunity for many investors who like secondary levels on bonds issued by Mexico and quasi-sovereigns such as state-controlled oil company Pemex."I like the fact that I can buy Pemex at a lower price," said Klaus Spielkamp, head of fixed-income sales at Bulltick. " was too expensive before Trump."Sean Newman, senior portfolio manager at Invesco, takes a similar view on the sovereign and Pemex at these levels, while also acknowledging that potential pitfalls lie ahead."There are certainly risks to this trade as they go through the 22 chapters of Nafta," he said. "We have to clarify what that might entail."Such clarity is a prerequisite for some investors waiting to step back into the market, especially given that prices are still off November''s lows."The selling pressure hasn''t translated into a big underperformance," said Ricardo Navarro, a portfolio manager at asset management firm Noctua."So we are still a bit more hesitant - and don''t think it is worth jumping in at these prices."With Mexico facing potential electoral upheaval as leftist candidate Andres Manuel Lopez Obrador runs for president in 2018, the country''s borrowers face a tough year ahead.But bankers think opportunities will come."Rolling out Trump''s protectionist measures will take longer than people think," said the banker. "That will create a window for borrowers to get things done." (Reporting by Paul Kilby; Editing by Marc Carnegie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mexico-bonds-idINL5N1FG6YM'|'2017-01-26T17:25:00.000+02:00'
'964fee2a4e4c06242cbde665b3f687baa7ad8a99'|'Japan exports up for first time in 15 months, U.S. protectionism poses risks'|'Business News - Wed Jan 25, 2017 - 12:22am GMT Japan''s annual exports up for first time in 15 months on global demand A worker rides a bicycle past containers at a port in Tokyo August 19, 2015. REUTERS/Issei Kato/File Photo By Tetsushi Kajimoto - TOKYO TOKYO Japan''s annual exports rose for the first time in 15 months in December, led by shipments of car parts and electronics, underscoring a pickup in global demand and adding momentum to the export-reliant economy''s recovery. Ministry of Finance data showed on Wednesday that exports rose 5.4 percent year-on-year in December, compared with a 1.2 percent annual increase expected by economists in a Reuters poll. It followed an annual 0.4 percent decline in November. Shipments in terms of volume also rose 8.4 percent from a year earlier, up for a second straight month, underlining a pickup in external demand. The trade data should be encouraging to the Bank of Japan, which is seen maintaining an upbeat view on the world''s third largest economy at a policy review next week on prospects of improving global growth However, worries about protectionism under U.S. President Donald Trump have raised uncertainty over the outlook as he formally withdrew the United States from the Trans-Pacific Partnership trade deal on Monday, distancing America from its Asian allies. (Reporting by Tetsushi Kajimoto; Editing by Shri Navaratnam) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-trade-idUKKBN1582ZT'|'2017-01-25T09:00:00.000+02:00'
'39a9dec76685e76323dc7a244ca5238a60c9132e'|'Johnson & Johnson fourth-quarter sales up 1.7 percent, plans to divest diabetes care division'|'Business News - Tue Jan 24, 2017 - 6:53am EST Johnson & Johnson fourth-quarter sales up 1.7 percent, plans to divest diabetes care division The logo of healthcare company Johnson & Johnson is seen in front of an office building in Zug, Switzerland July 20, 2016. REUTERS/Arnd Wiegmann Johnson & Johnson ( JNJ.N ) reported a 1.7 percent rise in fourth-quarter sales, due to a strong demand for its newer products. The diversified healthcare company''s sales rose to $18.11 billion in the fourth quarter from $17.81 billion a year earlier. Net earnings rose to $3.81 billion, or $1.38 per share, from $3.22 billion, or $1.15 per share. The band-aid maker also said on Tuesday that it was looking to divest its diabetes care division. (Reporting by Natalie Grover in Bengaluru; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-johnson-johnson-results-idUSKBN1581F8'|'2017-01-24T18:53:00.000+02:00'
'78de1c72f27481dcf1e983e42833ec6fcb8424b3'|'BRIEF-Muthoot Microfinance raises equity funding from Creation Investments'|'Jan 24 Muthoot Microfinance:* Raises equity funding from Creation Investments* Company proposes to open 500 new branches in the next 3 years* Promoters have committed to infuse a total of INR 1.50 billion capital to company by march 2018 Source text: [Muthoot Pappachan Group, a diversified financial services conglomerate with presence in various other sectors spanning across hospitality, automotive, realty, IT services, healthcare, global services and alternate energy, has raised growth capital for its microfinance business from Chicago-based PE Fund Creation Investments - thereby making it the first-ever Private Equity round of funding for any of its Group companies]'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1FE0B5'|'2017-01-24T07:15:00.000+02:00'
'96b5b2adff815c40abc5dcabb2c609e6a963ac43'|'UK-based FX trading rises on year in October - BOE survey'|'Business News - Tue Jan 24, 2017 - 2:22pm GMT UK-based FX trading rises on year in October - BOE survey FILE PHOTO: Commuters walk past the Bank of England in London, Britain, October 7, 2016. REUTERS/Peter Nicholls/File Photo LONDON Foreign exchange trading out of London rose 3 percent in October 2016 compared with a year earlier, but at $2.18 trillion a day it was still down from the equivalent six months earlier, a semi-annual survey by the Bank of England showed on Tuesday. The survey also showed that the vigorous trading in the pound since Britain''s surprise decision last June to leave the European Union drove an 8 percent rise in trading of the currency against the dollar, to an average of $281 billion a day. Overall volumes were depressed by a continuing fall off in spot currency trading, the report''s data showed. (Reporting by Patrick Graham; editing by Marc Jones) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-currencies-idUKKBN1581XV'|'2017-01-24T21:22:00.000+02:00'
'dcd4af1537612d398e564e03ab59332c8ec010f3'|'FedEx CEO urges Trump to rethink trade, embrace China'|'Tue Jan 24, 2017 - 1:41pm GMT FedEx CEO urges Trump to rethink trade, embrace China Fred Smith asks a question for U.S. President Barack Obama at the quarterly meeting of the Business Roundtable in Washington, December 3, 2014. REUTERS/Larry Downing WASHINGTON U.S. President Donald Trump should reconsider his positions on international trade and work to embrace China and its vast market, FedEx Corp ( FDX.N ) CEO Fred Smith said on Tuesday, one day after Trump made good on his campaign pledge to pull out of the Trans-Pacific Partnership trade deal with Asian allies. Smith, in an interview on CBS'' "This Morning" program, said "to some degree, the administration''s positions are a little bit out of date with reality of China today," adding that Trump''s trade team should work to "open up trade with China, not walk away from it." (Reporting by Susan Heavey; Editing by Chizu Nomiyama) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-trade-fedex-idUKKBN1581RN'|'2017-01-24T20:52:00.000+02:00'
'0e0430f4ee723d1303285ffadc64eb56d0e4e4b1'|'German private sector buoyant in January despite slower growth - PMI'|' 40am GMT German private sector buoyant in January despite slower growth - PMI People walk on a shopping street in the southern German town of Konstanz January 17, 2015. REUTERS/Arnd Wiegmann BERLIN Jan 24 Growth in Germany''s private sector slowed slightly in January, a survey showed on Tuesday, as weaker expansion by companies providing services negated a solid improvement in manufacturing in Europe''s biggest economy. Markit''s flash composite Purchasing Managers'' Index (PMI), which tracks the manufacturing and services sectors that account for more than two-thirds of the economy, edged down to 54.7 in the first month of 2017 from 55.2 in December. The reading, a four-month low, was below the consensus forecast in a Reuters poll of economists but comfortably above the 50 mark that separates growth from contraction. The survey showed activity among manufacturers accelerated more strongly than expected to 56.5, a 36-month high, thanks to stronger demand from home and abroad. The solid reading was not enough to offset a drop in services activity to a four-month-low reading of 53.2. Markit said the slower growth in services was no reason for alarm. "Growth remained solid overall, and firms were sufficiently encouraged to raise employment substantially," said IHS Markit economist Philip Leake. Companies said, however, that cost pressures continued to mount. Input prices rose at the sharpest pace in more than five and a half years mainly on higher oil and metals prices but also a weaker euro resulted in costlier imports. "However, clients are yet to bear the full impact of higher costs," said Leake. "Charges rose more slowly amid stronger competition and price negotiations." The PMI survey added to other data suggesting company executives remaining optimistic despite the political uncertainty linked to Britain''s decision to leave the European Union and the election of Donald Trump as U.S. president. Business morale in Germany rose in December and the mood among German analysts and investors improved this month about the economy''s growth prospects. "Looking ahead, German companies are increasingly optimistic," Leake said. "Both manufacturers and service providers anticipate healthy growth in 2017." He added that Markit expects German growth of 1.9 percent this year, matching last year''s rate. This is higher than the German government''s own estimate of 1.4 percent growth. (Reporting by Joseph Nasr; Editing by Erik Kirschbaum and Toby Chopra)   After U.S. exit, Asian nations try to save TPP trade deal WELLINGTON/TOKYO Australia and New Zealand said on Tuesday they hope to salvage the Trans-Pacific Partnership (TPP) by encouraging China and other Asian nations to join the trade pact after U.S. President Donald Trump kept his promise to pull out of the accord.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-pmi-idUKKBN1580SQ'|'2017-01-24T15:40:00.000+02:00'
'572127170002ccc19e4dd66266f4e2ec5dbbe6e0'|'TABLE-Ooedo Onsen Reit Investment -8 MTH results'|' 27am EST TABLE-Ooedo Onsen Reit Investment -8 MTH results Jan 24 (Reuters) Ooedo Onsen Reit Investment Corporation FINANCIAL HIGHLIGHTS (in billions of yen unless specified) 8 months and 2 days 6 months 6 months ended Nov 30, 2016 to May 31, 2017 to Nov 30, 2017 LATES COMPANY COMPANY RESULTS FORECAST FORECAST Revenues 507 mln 1.02 1.02 (+100.5 pct ) (+0.4 pct ) Net 65 mln 441 mln 413 mln (+571.1 pct ) (-6.4 pct ) Div 373 yen 2,508 yen 2,347 yen To see Company Overview page, click reuters://REALTIME/verb=CompanyData/ric=3472.T Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FE2E2'|'2017-01-24T13:27:00.000+02:00'
'c82495a9b1487ce3d3b46b2932ad1b7e33fb0fbb'|'EU says will not sign off on Greece bailout review on Thursday'|' 35am GMT EU says will not sign off on Greece bailout review on Thursday European Economic and Financial Affairs Commissioner Pierre Moscovici meets with Greek Prime Minister Alexis Tsipras (not pictured) at the Maximos Mansion in Athens, Greece, November 28, 2016. REUTERS/Michalis Karagiannis DUBLIN Euro zone finance ministers will not sign off on a review of Greece''s bailout at a meeting on Thursday, but they hope to do so as soon as possible, EU economic and financial affairs commissioner Pierre Moscovici said. "We will see how we can move to a swift conclusion... but this obviously cannot be achieved on Thursday," Moscovici told journalists in Dublin. "We hope it can be done as soon as possible." (Reporting by Conor Humphries; editing by John Stonestreet)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-idUKKBN15816Q'|'2017-01-24T17:35:00.000+02:00'
'0fee7d67fb587c521f443d2f03dfb1801fe0a9ab'|'Argentina says to reopen 2021 peso bonds on Wednesday'|'BUENOS AIRES Jan 24 Argentina this week will sell up to 12.5 billion pesos ($782 million) worth of reopened inflation-adjusted peso bonds maturing in 2021, the Finance Ministry said on Tuesday.The sale will take place between Wednesday and Thursday, a week after the country sold $7 billion of dollar bonds.The bond will yield 2.5 percent above a reference coefficient linked to the inflation rate. Argentina''s government sees inflation at 17 percent this year, though economists see it exceeding 20 percent."The bonds will accrue interest over adjusted balances as of the issue date at a rate of 2.5 percent per year, which will be payable per semester due on January 22 and July 22 of each year until maturity," the statement said. (Reporting by Caroline Stauffer; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-bonds-idINL1N1FE4Q3'|'2017-01-24T13:41:00.000+02:00'
'f6374fce241ce28655c1257ccf08f6bd9eb9dc26'|'Sri Lankan rupee steady in thin trade'|'Financials - Fri Jan 27, 2017 - 1:37am EST Sri Lankan rupee steady in thin trade COLOMBO Jan 27 The Sri Lankan rupee traded steady in thin volume on Friday as dollar selling by exporters and inward remittances outpaced demand for the U.S. currency from importers, dealers said. Rupee forwards were active, with two-week forwards were trading at 150.85/95 per dollar at 0546 GMT little changed from Thursday''s close of 150.85/90. The spot rupee was quoted around the central bank''s revised reference level of 150.25, dealers said. "We have seen some importer demand, but at the same time there are some inflows because of Middle Eastern salary week. So we see some remittances coming in," a currency dealer said, requesting anonymity. "We expect the rupee to strengthen in the latter part of the day with the (inward) remittances." But dealers said the currency will be under pressure to depreciate due to the seasonal importer demand in the coming months. Asian shares were steady on Friday in holiday-thinned trade and were on track for a solid advance this week, while oil and the dollar retained gains in the wake of strong U.S. corporate earnings. Sri Lankan shares were up 0.1 percent at 6,136.28, as of 0551 GMT. Turnover stood at 221.3 million Sri Lankan rupees ($1.47 million) ($1 = 150.1000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sherry Jacob-Phillips) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sri-lanka-markets-idUSL4N1FH1Q8'|'2017-01-27T13:37:00.000+02:00'
'727effa444163c5b39f8891282150e811a2eedf1'|'CEE MARKETS-Leu eases as government discusses budget, zloty stays strong'|'* Leu weakens, Romanian government to discuss 2017 budget * Zloty trades near 3-and-1/2-month highs vs euro * Polish 10-yr bond yield retreats from highest since May 2014 By Sandor Peto and Marcin Goettig BUDAPEST/WARSAW, Jan 27 The leu and Romanian government bonds eased on Friday ahead of a meeting of the country''s government to approve a 2017 budget plan with ambitious wage and pension hikes and several tax cuts. Investors are worried that the new government does not have adjustment measures lined up which could prevent a deficit rise and sanctions from the European Union. The leu eased 0.1 percent against the euro by 0855 GMT, on the weak side of the 4.5 line around which it has been hovering this year. Romania''s 10-year government bond yield was bid at 3.65 percent, up 5 basis points, at this year''s highest levels. "Our relative value trade recommendation to prefer HGBs (Hungarian bonds) over POLGBs (Poland) and ROMGBs (Romania) is playing out well," Raiffeisen analyst Stephan Imre said in a note. "Should the MinFin (finance ministry), however, present a convincing budget plan today, this definitely could help unlock some value at back-end ROMGBs and set in motion a mini-recovery rally on the local debt market," he added. Hungary''s 10-year yield was steady at 3.48 percent, but the forint eased 0.1 percent against the euro, trading near Thursday''s 6-week lows. It eased against the euro and the zloty after dovish guidance from the Hungarian central bank on Tuesday despite a rebound in inflation across the region. The zloty gained 0.2 percent to 4.34 versus the euro, trading just shy of Thursday''s 3-and-1/2-month highs. "We see no reason for zloty to suddenly weaken today," mBank analysts said in a note, citing improving economic fundamentals. Analysts expect the economy, the biggest in Central Europe, to pick up this year. Warsaw''s blue-chip stock index eased 0.2 percent to 2,075 points, giving up some of this week''s strong gains which brought it to levels last seen in October 2015 when the conservative Law and Justice Party won elections. Its less business-friendly policies triggered a decline in Polish asset prices last year. Polish equities outperformed the region this week, supporting the zloty, tracking a global rise in stock markets as new president Donald Trump pledged economic stimulus in the U.S. "The key may be if WIG20 breaks the 2,100 point-level, which may pave the way for further growth," brokerage BGZ BNP Paribas said in a note. Trump''s vows sent government bond yields higher worldwide. Poland''s 10-year yield rose to its highest levels since may 2014 by Thursday, before retreating 2 basis points on Friday to 3.8255 percent. CEE SNAPS AT 0955 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 10 0% % Hungary 311.5 311.2 -0.09 -0.86 forint 000 300 % % Polish 4.340 4.347 +0.1 1.47% zloty 0 2 7% Romanian 4.502 4.497 -0.12 0.72% leu 5 1 % Croatian 7.482 7.488 +0.0 0.98% kuna 0 0 8% Serbian 123.8 124.0 +0.1 -0.41 dinar 600 000 1% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 937.8 938.0 -0.02 +1.7 6 8 % 6% Budapest 32851 32918 -0.20 +2.6 .53 .47 % 5% Warsaw 2075. 2080. -0.23 +6.5 69 40 % 6% Bucharest 7462. 7401. +0.8 +5.3 09 72 2% 2% Ljubljana 736.7 740.1 -0.45 +2.6 6 1 % 7% Zagreb 2104. 2109. -0.24 +5.4 02 13 % 7% Belgrade <.BELEX15 694.2 697.2 -0.42 -3.22 > 9 3 % % Sofia 612.9 611.6 +0.2 +4.5 7 0 2% 3% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.73 0.03 -009b +3bp > 4 ps s 5-year <CZ5YT=RR -0.17 0.014 +019 +1bp > bps s 10-year <CZ10YT=R 0.461 0 -002b +1bp R> ps s Poland 2-year <PL2YT=RR 1.993 -0.01 +264 -2bps > 5 bps 5-year <PL5YT=RR 3.02 -0.03 +338 -3bps > 4 bps 10-year <PL10YT=R 3.832 -0.04 +335 -4bps R> 7 bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.24 0.22 0.23 0 PRIBOR=> Hungary < 0.28 0.37 0.49 0.25 BUBOR=> Poland < 1.765 1.8 1.895 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1FH26I'|'2017-01-27T06:48:00.000+02:00'
'e480c5ed62b9634ca0c800e2e534e551b5070d80'|'BRIEF-Arthur j. Gallagher reports Q4 earnings per share $0.53'|' 58pm EST BRIEF-Arthur j. Gallagher reports Q4 earnings per share $0.53 Jan 26 Arthur J Gallagher & Co - * Arthur J. Gallagher & Co. announces fourth quarter and full year 2016 financial results * Quarterly gaap earnings per share $0.53 * Quarterly revenues $885.7 million versus $851.8 million * Quarterly adjusted earnings per share $0.66 * Q4 earnings per share view $0.66, revenue view $1.42 billion -- Thomson Reuters I/B/E/S    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AX3T'|'2017-01-27T04:58:00.000+02:00'
'c288e425090bb8c35333641aa1d5a09b4fc17886'|'Japan''s SMFG posts smaller 9-month profit, low interest rates drag'|'Financials  10am EST Japan''s SMFG posts smaller 9-month profit, low interest rates drag TOKYO Jan 27 Sumitomo Mitsui Financial Group (SMFG) on Friday reported a 13 percent drop in net profit for the nine months ended December, hurt by low interest rates. Japan''s third-largest lender by assets said net profit came in at 544.68 billion yen ($4.7 billion) for the April-December period, down from 626.24 billion yen a year earlier. Japanese banks, already wrestling with shrinking loan profitability for years, have been hit hard by the Bank of Japan''s decision to introduce negative interest rates last year. SMFG reiterated its full-year net profit forecast at 700 billion yen, up 8.2 percent from a year ago, when it booked provisions for its consumer finance unit. An average estimate of 17 analysts pegged profit for the full year at 704.5 billion yen, Thomson Reuters data shows. ($1 = 115.2200 yen) (Reporting by Taiga Uranaka and Thomas Wilson; Editing by Himani Sarkar) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/smfg-results-idUSL4N1FF1JG'|'2017-01-27T15:10:00.000+02:00'
'17beb275a66ebdfd662cbb892ba73d6215daa510'|'Italy says aspects of Trump''s stance on trade are worrying'|'Business News  18am EST Italy says aspects of Trump''s stance on trade are worrying Pier Carlo Padoan, Minister of Economy and Finance of Italy attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2017. REUTERS/Ruben Sprich BRUSSELS Signs that U.S. President Donald Trump is ready to adopt protectionist trade policies are a cause for concern and would hurt Europe, Italian Economy Minister Pier Carlo Padoan said on Friday. Speaking to reporters after a meeting with European finance ministers in Brussels, Padoan said he viewed positively Trump''s intention to stimulate the U.S. economy, but his early policy indications on trade had "very worrying aspects". "If protectionism really sets in in the United States this would hurt Europe," Padoan said. Turning to Italy''s public finances, the minister said it would be "a big problem for Italy" if an ongoing tussle between Rome and the European Commission resulted in Brussels opening a formal procedure to force the government to make steeper deficit cuts. (writing by Gavin Jones, editing by Isla Binnie) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-italy-idUSKBN15B16E'|'2017-01-27T19:11:00.000+02:00'
'ff79ed0bee0913ecf7c100e4996b9ba38a8eb1a8'|'Neptune trains crosshairs on buyside as MiFID II looms'|'Financials  30am EST Neptune trains crosshairs on buyside as MiFID II looms By Tom Porter LONDON, Jan 27 (IFR) - Corporate bond utility Neptune anticipates that looming best execution requirements under MiFID II will help it increase the number of buyside participants on its fixed income pricing platform in 2017. Neptune, which enables banks to provide pre-trade axes and inventory data to investors, has 17 dealers live on the network and expects to have upped that to 21 by the end of the first quarter. The banks already committed account for some 85%-90% of European credit volume, according to Byron Cooper-Fogarty, who joined the firm this year to head up sales for Neptune Networks. But alongside a push into the US and emerging markets Neptune''s big focus this year will be on increasing its buyside membership, which should be helped by the impending arrival of the European Union''s MiFID II regulation in a year''s time. "Buyside traders will have to prove best execution under MiFID II," Cooper-Fogarty told IFR. "The best way to do that is by gaining higher quality data and aggregating all the relevant pricing data they have available at the time of the trade." HEAVY LIFTING Neptune now serves around 30 investment firms, who receive information on over 19,000 line items daily, around 85% of which are axes and 15% inventory. MiFID II will require them to be transparent when trading bonds for clients, recording why they chose to buy from a certain dealer at a certain time. Fixed income trades are often influenced by non-price factors such as timing and liquidity, but being able to show the available options at the time will be valuable to firms in proving to regulators they get the best deal for their clients. "Pre-crisis the big asset managers used around 10 dealers, but as banks reduced liquidity provision during and after the crisis, that has grown to 50-plus in some cases," said Cooper-Fogarty. "Whilst the top 10 still accounts for the bulk of trading for these asset managers, a price aggregator takes a lot of the heavy lifting off buyside traders in these more fragmented markets." DESKTOP REAL ESTATE Information leakage has been one of the biggest barriers to the adoption of new technologies in secondary fixed income markets - dealers and investors are reluctant to post information to platforms that could reveal their strategies or move the prices of securities they are looking to trade. As a platform that promotes transparency, Neptune drew early scepticism from some dealers wary of its impact on their ability to make markets, though this was addressed by allowing providers to control the amount of information seen by each subscriber. Nowadays Neptune pitches itself as a utility - a sort of bulletin board for bond prices. It has no ambitions to acquire "desktop real estate", or to be a trade execution venue, said Cooper-Fogarty. "We are about connecting the buyside to the sellside," he said, adding that this is still done primarily via order management systems rather than execution management systems. "Use of an EMS will take off in fixed income eventually, but at the moment trading venues are reluctant to connect to EMS because it diminishes their role, whilst promoting the bank to investor relationship." (Reporting by Tom Porter) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FH242'|'2017-01-27T19:30:00.000+02:00'
'163b2a0ba571121fdc80ccfbba347fdaf5387742'|'BM&FBovespa says CME fully divests from bourse shares'|'Big Story 10  25am EST BM&FBovespa says CME fully divests from bourse shares BRASILIA BM&FBovespa SA, Latin America''s largest financial bourse, said on Friday that CME Group had fully divested its position in shares issued by the Brazilian bourse, but said the accords between both companies remained valid. "The agreements between BM&FBovespa and the CME Group will remain valid and the companies will seek to continue to cooperate strategically in developing products, technology and other areas of mutual interest for both companies," BM&FBovespa said in a filing. (Reporting by Paula Arend Laier; Writing by Alonso Soto) Next In Big Story 10 Pakistan''s Sindh province cracks down on child labor KARACHI, Pakistan (Thomson Reuters Foundation) - Pakistan''s Sindh province has banned children under 14 from working, becoming the third region to limit child labor in a country where millions of minors work in sectors from brick making to carpet weaving, farming to mining.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-bm-fbovespa-cme-group-idUSKBN15B124'|'2017-01-27T18:19:00.000+02:00'
'291dbf7721b26c8008ecf94c0855dc9fb92ecbc9'|'Alliance Trust to buy back shares owned by U.S. activist fund Elliott'|'  7:36am GMT Alliance Trust to buy back shares owned by U.S. activist fund Elliott LONDON Alliance Trust will buy back the 19.75 percent of its shares owned by U.S. activist investor Elliott Management, the Scottish asset manager said on Friday, following pressure from Elliott to improve the fund''s performance. The repurchase requires approval by Alliance''s independent shareholders and would be done at a 4.75 percent discount, Alliance Trust said in the statement. Elliott increased its stake in Alliance Trust on Dec. 28, stepping up the pressure on the fund which Elliott said needs a shake-up to improve performance and close the gap between its shares and the value of the assets it holds. The activist fund forced Alliance Trust Chief Executive Katherine Garrett-Cox, one of the City of London''s most high-profile women in business, to step down from the group''s board in October 2015. Elliott, founded by billionaire Paul Singer, is unusual among U.S. hedge funds in targeting foreign firms for its activist campaigns, in which it buys shares in a company and then agitates for changes to how the investee is run. (Reporting By Lawrence White; editing by Susan Thomas)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-alliance-tr-elliott-idUKKBN15B0K9'|'2017-01-27T14:36:00.000+02:00'
'1753478adb417cbc34a013a23398adc5306e208d'|'BT Europe head leaves after accounting scandal, Italy head appointed'|'  7:07am GMT BT Europe head leaves after accounting scandal, Italy head appointed The logo of BT is seen outside the headquarters in Milan, Italy January 24, 2017. REUTERS/ Stefano Rellandini LONDON BT''s head of continental Europe, Corrado Sciolla, is leaving the company after it revealed an accounting scandal at its Italian operation, the company said on Friday. "Corrado is leaving the business, this happened on his watch," the company said. BT stunned investors earlier this week when it took a 530 million pound writedown of its Italian unit, saying that an accounting scandal at the business was far bigger than first realised. A person familiar with the situation also said that BT was set to appoint Andrea Bono, currently running its Switzerland operations, to become its chief executive of the Italian unit. (Reporting by Kate Holton; editing by Sarah Young)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bt-outlook-italy-changes-idUKKBN15B0HD'|'2017-01-27T14:07:00.000+02:00'
'ebd4efc18d4ad6c9a1fd516adf850b6b47c29ec1'|'United Rentals to buy NES Rentals for $965 mln'|'Deals   5:00pm EST United Rentals to buy NES Rentals for $965 million United Rentals Inc ( URI.N ), the world''s largest equipment rental company, said on Wednesday it would buy NES Rentals Holdings II Inc for about $965 million in cash. United Rentals said the deal is expected to immediately add to its adjusted earnings per share and free-cash flow generation for 2017. Separately, the company also reported better-than-expected fourth-quarter profit and revenue, driven by higher demand for its rental equipment. (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Sriraj Kalluvila) Next In Deals Siemens to pick banks for blockbuster Healthineers listing: sources FRANKFURT German industrial group Siemens will shortly start picking banks to organize a stock market listing of its healthcare business, which could be valued at up to 37 billion euros ($40 billion) including debt, three people close to the matter said.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-nes-rentals-m-a-united-rentals-idUSKBN1592RZ'|'2017-01-26T04:48:00.000+02:00'
'774f19e7db95e7e471d6ec855170db5306274188'|'More businesses must work with suppliers to curb climate change - study - Reuters'|'OSLO Too few businesses are working with their suppliers to reduce greenhouse gas emissions, according to study that praised 29 companies including General Motors, Sky and Sony Corp for taking the lead."The supply chain is the new frontier in environmental responsibility – an area rich with opportunity that remains mostly unexplored," non-profit group CDP, formerly known as the Carbon Disclosure Project, wrote in its report published on Tuesday.Many companies set their own goals to limit climate change but omit greenhouse gas emissions related to products they buy from others, such as metal components, electronic parts, timber or crops, said CDP, describing supply chains as a "missing link for sustainability"."The vast majority of emissions of the average company are in the supply chain," Dexter Galvin, head of CDP''s supply chain programme, told Reuters. "Too few companies have engaged with their suppliers."Other companies among those it praised for addressing climate change with their suppliers include Bank of America, Nestle and AkzoNobel.Overall, it found that only 22 percent of 4,300 companies surveyed were working with their suppliers to reduce emissions.The report, which also reviewed action to improve use of water, said that respondents reported cuts in emissions equivalent to 434 million tonnes of carbon dioxide in 2016.They also reported cost savings of $12.6 billion in 2016, mostly related to improved energy efficiency, almost double reported savings of $6.6 billion from 2015."Action on climate change and water is not only the right thing to do, but the smart thing to do," Patricia Espinosa, head of the U.N. Climate Change Secretariat, wrote in a preface to the report.She said that the 22 percent rate of involvement by companies on climate change "is not enough", especially when the world was setting new temperature records. Last year was the hottest on record for the third year in a row.(Reporting By Alister Doyle; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/climatechange-companies-idINKBN1580D5'|'2017-01-24T02:07:00.000+02:00'
'fcfdb6f5d904ee7852164a3a73cb8c9f614b30e1'|'California utilities seek $1 bln for vehicle electrification'|'Big Story 10  22pm EST California utilities seek $1 billion for vehicle electrification California''s three biggest utilities plan to spend $1 billion to speed the electrification of vehicles, from transit buses to forklifts, in a statewide effort to reduce reliance on fossil fuels, regulatory filings show. Utilities Southern California Edison, Pacific Gas & Electric and San Diego Gas & Electric filed their plans late last week with the California Public Utilities Commission, which must approve them. The commission late last year directed the utilities to submit plans to spur vehicle electrification in their service areas. The state is aiming to meet Gov. Jerry Brown''s ambitious goal to reduce greenhouse gas emissions to 40 percent below 1990 levels by 2030, with a target of 4.2 million zero emissions vehicles on its roads. [L1N1FB03L] The utilities are seeking to recover program costs from customers through rate hikes. Increased use of electric vehicles would also spur demand for the power they sell. Southern California Edison plans to spend more than $570 million on measures that include installing charging infrastructure for trucks, buses and cranes, and monetary rewards for rideshare drivers who use electric vehicles. Pacific Gas & Electric''s $250 million proposal includes $22 million to speed development of stations that can charge an electric vehicle in 20 to 30 minutes. San Diego Gas & Electric is proposing a $226 million five-year budget for 90,000 residential electric vehicle chargers, and an additional $18 million for other measures. (Reporting by Nichola Groom; Editing by Richard Chang) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-california-utilities-idUSKBN1572SQ'|'2017-01-24T05:15:00.000+02:00'
'f9846ec0a5c8ae2a53caf34099c48430e88f6015'|'BREAKINGVIEWS-Panasonic joins ranks of Japan''s buyout bullies'|'(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)By Quentin WebbHONG KONG Jan 24 (Reuters Breakingviews) - It''s time Japan''s reformers tackled the buyout bullies. For all Tokyo has done to make firms better run and more profitable, minority investors remain vulnerable to mistreatment.In principle, it''s heartening to see Japanese blue chips either buy up, or sell out of, listed units that they already control. These parent-child setups, which are common in the Tokyo market, invite conflicts of interest.Reality can be a bit murkier. For example, last month Panasonic, the electronics giant, offered to buy the remaining 45.5 percent of house builder PanaHome. The all-stock deal was worth about 58.4 billion yen ($515 million) as of Monday''s close.Procedurally, everyone did the right thing here. Both sides engaged banks to consider valuation, and the target set up an independent special committee to deal with the parent. The duo say the resulting exchange ratio, at 0.8 Panasonic shares for one PanaHome share, is "appropriate" and "proper".But outsiders are hopping mad. That''s because the valuations seem to ignore the target''s 112 billion yen of net cash. Strip that out, Credit Suisse analysts note, and the deal is worth just 5.6 times forward earnings. Analyst Jon Foster of Smartkarma argues some of the supposedly comparable firms used in this valuation are "random and inappropriate".This would matter less if the bar for success were higher. But Panasonic only requires two-thirds approval to move forward. Management only needs the support of a few sympathetic shareholders and passive-fund managers to carry the day, even if other investors kick up a fuss. Other firms have courted controversy with similar deals - last year, for example, proxy adviser ISS opposed Toyota''s buyout of rival Daihatsu , arguing it was disadvantageous to minority investors.A blizzard of reforms in recent years has improved corporate governance, shareholder returns and investor stewardship, but while progress has been real, it has also been uneven. It is odd that takeover thresholds have yet to be addressed.Imposing higher hurdles would be a helpful next step. In Hong Kong a 10 percent bloc of voting minority investors can veto deals involving related parties. A similar set up in Japan would help the weak stand up to bullies. CONTEXT NEWS- Panasonic said on Dec. 20 it plans to buy the remaining 45.5 percent of subsidiary PanaHome. The all-stock deal offers shareholders 0.8 Panasonic shares for every PanaHome share that they own.- The takeover requires approval from an ordinary general meeting of PanaHome shareholders in June. The duo said they expect the share exchange to take effect on Aug. 1.- Based on Panasonic''s Jan. 23 closing price of 1,187 yen a share, and total consideration of slightly more than 61.5 million shares, the deal values the target''s publicly held shares at about 58.4 billion yen ($515 million).- On Jan. 22, the Financial Times reported that the Government Pension Investment Fund, PanaHome''s largest outside investor, was under intensifying pressure to draw a line in the sand on corporate governance standards in the country.- For previous columns by the author, Reuters customers can click on- SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS: bit.ly/BVsubscribe(Editing by Pete Sweeney and Kate Duguid)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/panahome-ma-breakingviews-idINL4N1FE1G3'|'2017-01-24T00:48:00.000+02:00'
'be0e17363da8863050f26d69a9313c85a7cd3a79'|'SE Asia Stocks-Creep higher; Singapore hits 14-mth high'|'Financials - Mon Jan 23, 2017 - 11:46pm EST SE Asia Stocks-Creep higher; Singapore hits 14-mth high By Shashwat Pradhan Jan 24 Most Southeast Asian stock markets eked out gains on Tuesday, as investors weighed the possible effects of U.S. President Donald Trump formally withdrawing the United States from the Trans-Pacific Partnership (TPP) trade deal. Fulfilling a campaign pledge, Trump signed an executive order pulling the U.S. out of the 12-nation TPP, distancing it from its Asian allies, even as China''s influence in the region rises. "Southeast Asian markets are mostly still up. Everybody is still trying to digest the actual effects of the withdrawal," said Theodore Tan, broker and analyst with AP Securities. Trump, who wants to boost U.S. manufacturing, said he would like to cut corporate taxes, but warned American manufacturers of penalties if they moved production outside the country. "Of course, Trump wants to sound good to the American people on his first day and it has always been his stance to ''put America first'', but it won''t be that easy to penalize companies for building outside America," Tan added. Singapore rose as much as 0.5 percent, hitting a 14-month high, with financials accounting for more than half of the gains. The financial sector was boosted by the city state''s biggest lender by market-cap, DBS Group Holdings, which climbed as much as 1.7 percent to touch a 17-month high. Singapore''s all-items consumer price index (CPI) in December rose 0.2 percent from a year earlier, official data showed on Monday. The consumer price index rose for the first time in more than two years, according to Thomson Reuters Datastream.( bit.ly/2j43YoS ) In other markets, Vietnam edged higher, rising as much as 0.6 percent to hit a 16-week high, driven by gains in financials and utilities. Oil and gas refiner PetroVietnam Gas jumped as much as 3.3 percent, its biggest intra-day percentage gain in more than a month. Indonesia rose more than half a percent with financials and telecom stocks leading the gains. Bucking the trend, the Philippines was back in the red, after closing at a near three-month high on Monday. Conglomerate Ayala Land was the biggest drag on the benchmark, sliding as much as 3.3 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: Change at 0417 GMT Market Current previous Pct Move close Singapore 3039.72 3025.48 0.47 Bangkok 1578.63 1570.79 0.50 Manila 7368.18 7374.35 -0.08 Jakarta 5279.496 5250.968 0.54 Kuala Lumpur 1677.71 1671.31 0.38 Ho Chi Minh 690.8 687.15 0.53 Change this year Market Current End 2016 Pct Move Singapore 3039.72 2880.76 5.52 Bangkok 1578.63 1542.94 2.31 Manila 7368.18 6840.64 7.71 Jakarta 5279.496 5296.711 -0.33 Kuala Lumpur 1677.71 1641.73 2.19 Ho Chi Minh 690.8 664.87 3.90 (Reporting by Shashwat Pradhan; Editing by Vyas Mohan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southeast-asia-stocks-idUSL4N1FE1YS'|'2017-01-24T11:46:00.000+02:00'
'2222a7f35956d41ac3979198fe61b33b2d3f1353'|'BRIEF-Gold Reserve says board member Juster resigns to take position with Trump administration'|'  8:09pm EST BRIEF-Gold Reserve says board member Juster resigns to take position with Trump administration Jan 24 Gold Reserve Inc : * Juster to be deputy assistant to president for international economic affairs * Gold Reserve announces resignation of board member to take position with trump administration * Kenneth Juster has resigned, effective immediately, from board of directors of company  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL5N1FF03R'|'2017-01-25T08:09:00.000+02:00'
'35bd2c57ce374d24b7fa7cbf541bea94a7759d4d'|'Global oil demand to grow into 2040s - BP outlook'|'Global Energy News - Wed Jan 25, 2017 - 2:44pm GMT Global oil demand to grow into 2040s - BP outlook FILE PHOTO - Signage for a BP petrol station is pictured in London July 29, 2014. REUTERS/Luke MacGregor/File Photo By Ron Bousso - LONDON LONDON Global oil demand will keep growing into the 2040s due to higher consumption of plastic goods even as the electric vehicle fleet expands rapidly and technology revolutionises transport, BP ( BP.L ) said in its annual Energy Outlook on Wednesday. The forecast of sustained demand growth for the fossil fuel comes as other oil companies such as Royal Dutch Shell ( RDSa.L ) brace for demand to plateau by the early 2030s while countries gradually shift to less-polluting energy. In its industry benchmark report, BP forecasts a significant slowing of carbon emissions, which remain well in excess of goals set by governments to fight global warming. The British oil and gas company also said current recoverable global oil supplies of around 2.6 trillion barrels are sufficient to meet demand out to 2050 twice over. The abundance of oil could set the stage for a long-term struggle between low-cost producers such as U.S. shale companies, OPEC members in the Middle East as well as Russia and more expensive offshore production in areas such as Brazil, the North Sea and Asia, BP Chief Economist Spencer Dale said. "Low-cost producers will use their competitive advantage to increase their share relative to higher-cost producers," Dale told reporters. He would not provide a forecast for oil prices. According to BP forecasts, oil demand growth over the period is set to slow from around 1 million barrels per day to 400,000 bpd by 2035, when consumption will reach around 110 million bpd. Demand is not expected to peak before the 2040s, Dale said. Oil demand from cars will rise from around 19 million bpd in 2015 to 23 million bpd in 2035, BP said. That will come amid rapid growth in the car fleet and despite improvements in engine efficiencies and an expected 100-fold expansion in the number of electric vehicles to 100 million over the period. Under this scenario, electric vehicles would constitute 5 to 6 percent of the global car fleet. BP increased its forecast for the rise in electric vehicles by 2035 from the 70 million predicted last year due to lower battery costs and higher efficiency standards, Dale said. Technological shifts such as car sharing and self-driving vehicles that increase car usage but reduce the number of cars needed are likely to play a critical role in limiting oil demand. "If you get a combination of a very rapid increase in electric vehicles with a very rapid increase in these new technologies the numbers involved could get bigger and more significant," Dale said. But while oil demand for transportation slows, the rapid growth of developing economies in Asia, Africa and the Middle East means consumption of plastics and fabrics manufactured using oil-based feedstock, will sustain demand growth. "Key growth isn''t to power transportation ... rather oil as an input into other products, particularly into petrochemicals and fabrics," Dale said. BP revised down its forecast for total energy demand into 2035 by almost 1 percent relative to last year, primarily due to a revision of China''s coal demand due to slower growth prospects. BP forecasts growth in carbon emissions to slow significantly over the next 20 years from 2.1 percent per year to 0.6 percent, the slowest rate since 1965. Emissions are projected to rise 13 percent by 2035. Renewable sources of energy such as wind and solar power are expected to quadruple, with non-fossil fuels providing half of the increase in energy consumption. Gas, seen as a less polluting fossil fuel in the transition to cleaner energy, will grow faster than oil and coal at an annual rate of 1.6 percent. (Reporting by Ron Bousso; Editing by Dale Hudson) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bp-outlook-idUKKBN1591QO'|'2017-01-25T21:44:00.000+02:00'
'dc889cc78522a48fe3caa7c8118443f6e5726f80'|'Fitch: Risks to Indian Homebuilders Rise; Sales to Fall in 2017'|'Financials   1:03am EST Fitch: Risks to Indian Homebuilders Rise; Sales to Fall in 2017 (The following statement was released by the rating agency) SINGAPORE/MUMBAI, January 25 (Fitch) Fitch Ratings expects property sales in India to fall by at least 20%-30% in 2017, owing to disruption caused by demonetisation and general caution on the part of buyers. Homebuilders already have high levels of unsold inventory and are likely to cut selling prices as demand weakens. We expect risks to homebuilders to rise further this year, with leverage likely to increase and liquidity to tighten. Homebuilders with access to diversified funding channels are likely to be more insulated from the downturn. We expect home prices to decline this year because demand for residential property has weakened significantly in 4Q16, following the demonetisation of large denomination notes in November last year. Demonetisation has made it harder for home buyers to use undeclared wealth for property payments. The number of residential property units sold in 4Q16 fell by 44% yoy, dragging down overall units sold in 2016 by 9%, based on data compiled by Knight Frank Research. The volume of new units launched fell by 61% yoy. We expect the largest cuts to selling prices in the National Capital Region (NCR) followed by Mumbai, where unsold inventory is the highest at 16 and 10 quarters of sales, respectively, based on market estimates. The NCR is also known to have the largest cash-based economy in the country, and therefore demand is likely to suffer more from the currency demonetisation than other regions. We expect demand for homes in Chennai and Pune to be less affected by the downturn, as unsold inventory is the lowest in these cities, at around 6-7 quarters of sales. Top-tier homebuilders like Indiabulls Real Estate Limited (IBREL, B+/Stable) and Lodha Developers Private Limited (Lodha, B/Negative) - whose sales benefit from their brand strength - have yet to start cutting home prices substantially. However, we understand that smaller and second-tier homebuilders across the country have started offering discounts of around 25%-30% to attract buyers. The worst of the downturn in home sales is likely to occur in 1H17. Demand is likely to recover moderately in 2H17 as the festive season approaches, and because banks have cut interest rates on home loans by 50bp-60bp over the last 12 months to multi-year lows. Fitch continues to expect homebuilders that have a large pipeline of pre-sold projects, such as IBREL and Lodha, to be better off than those that do not. However, even these homebuilders'' credit profiles may weaken if demand does not recover for an extended period. Although property construction was hampered for a few weeks after the demonetisation announcement, we understand that most homebuilders have been able to work around practical issues related to making payments to suppliers and contractors, and that construction has since resumed. Contact: Hasira De Silva, CFA Director, Corporates +65 6796 7240 Fitch Ratings Singapore Pte Ltd One Raffles Quay South Tower #22-11 Singapore 048583 Snehdeep Bohra Associate Director, Corporates +91 22 4000 1732 Daniel Martin Senior Analyst, Fitch Wire +65 6796 7232 Media Relations: Bindu Menon, Mumbai, Tel: +91 22 4000 1727, Email: bindu.menon@fitchratings.com; Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Additional information is available on www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987603'|'2017-01-25T13:03:00.000+02:00'
'52c22c12f2f1f580cc4087e223c4288263f0817d'|'TREASURIES-Stocks rally, weak auction lift U.S. bond yields'|'* Bonds lose luster as Dow breaks 20,000, S&P & Nasdaq hit records * U.S. sells $34 bln 5-year notes to weak demand * U.S. inflation expectations climb to highest since July 2015 (Updates market action, adds Quote: ) By Richard Leong NEW YORK, Jan 25 U.S. Treasury yields increased on Wednesday with benchmark yields hitting a four-week high as Wall Street''s key indexes posted record highs amid investor optimism about the economy and the policies of the administration of President Donald Trump. Investors further scaled back their bond holdings following a poor $34 billion auction of five-year Treasury notes, part of this week''s $88 billion in coupon-bearing government debt supply. U.S. bond yields broke above the trading range set at the start of 2017 as investors assessed the effect of Trump''s early actions on trade, business investment and infrastructure spending on company profits, inflation and federal borrowing, traders and analysts said. "We have gone back and forth with the Trump euphoria trade as markets are watching what Trump can deliver," said Thomas Roth, head of U.S. Treasury trading at MUFG Securities in New York. On Wall Street, the Dow broke above the 20,000-point level for the first time, while the S&P 500 and Nasdaq raced to all-time peaks. The yield on U.S. benchmark 10-year Treasury notes rose 5 basis points to 2.521 percent, below Wednesday''s session high of 2.538 percent earlier, which was its highest since Dec. 28, according to Reuters data. Investors have piled into stocks since Tuesday after Trump urged U.S. automaker executives to build more vehicles domestically and signed executive orders to speed up the building of the Keystone XL and Dakota oil pipelines. These moves, aimed at boosting jobs and investment, followed his actions on Monday to revamp deals with its Asian and North American trading partners which investors fear would hurt exports and raise business costs. As equities roar to record heights, investors dialed back their appetite for low-yielding Treasuries with tentative signs of inflation picking up and after a lackluster $26 billion two-year note sale on Tuesday. In the inflation securities market, the five-year by five-year forward rate, which measures investors'' 10-year inflation outlook, reached 2.18 percent on Monday, the highest since July 2015, according to the St. Louis Federal Reserve. Wednesday''s weak results at the five-year fixed-rate Treasuries and two-year floating-rate note auctions signaled a renewed skittishness among investors to own Treasury debt, an about-face from a week ago. "This is a bond bear market and upticks will continue to be sold," Jefferies & Co money market strategist Tom Simons wrote in a research note. The Treasury Department will sell $28 billion of seven-year notes on Thursday at 1 p.m. EST (1800 GMT). Wednesday, Jan. 25 at 1503 EST: Price US T BONDS MAR7 149-17/32 -1-2/32 10YR TNotes MAR7 123-212/256 -0-100/256 Price Current Net Yield Change (pct) (bps) Three-month bills 0.4925 0.5 -0.010 Six-month bills 0.6 0.6102 -0.003 Two-year note 99-194/256 1.248 0.024 Three-year note 99-152/256 1.5154 0.029 Five-year note 100-18/256 1.9848 0.049 Seven-year note 99-144/256 2.3186 0.052 10-year note 95-128/256 2.5209 0.050 30-year bond 95-136/256 3.1058 0.050 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 27.75 -2.75 spread U.S. 3-year dollar swap 22.25 0.50 spread U.S. 5-year dollar swap 5.25 -0.25 spread U.S. 10-year dollar swap -10.00 0.75 spread U.S. 30-year dollar swap -41.75 2.25 spread (Reporting by Richard Leong, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FF1E4'|'2017-01-25T17:09:00.000+02:00'
'd4bf582182b74ab058d8e79ae830f43c57938823'|'Senate Republicans signal strong support for U.S. SEC nominee Clayton'|'Politics  24pm EST Senate Republicans signal strong support for U.S. SEC nominee Clayton A general exterior view of the U.S. Securities and Exchange Commission (SEC) headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst By Sarah N. Lynch - WASHINGTON WASHINGTON The confirmation process for Republican President Donald Trump''s choice to chair the U.S. Securities and Exchange Commission appears to be moving forward without any hiccups. Jay Clayton, a lawyer whose specialties include mergers and acquisitions, met privately with Senate Banking Committee Chairman Michael Crapo on Tuesday. They discussed the SEC''s role in facilitating capital formation and ways to reduce "unnecessary burdens" for small companies, Crapo said in a statement that he posted on Twitter. "Had a great conversation," Crapo added. In recent days, he and other Senate Republicans have issued glowing statements about Clayton''s qualifications and plans to help companies raise capital. While Democrats will probably raise questions about Clayton''s ties to Wall Street at his confirmation hearing, they will not be able to block him without some support from Republicans. Clayton''s hearing has not yet been scheduled but could come as early as the week of Feb. 6, according to several people familiar with the committee''s plans. Private meetings with senators are typically held in advance of confirmation hearings so that the lawmakers can get a chance to vet the candidate and ask questions. Last week, Clayton met with three other Republican lawmakers on the panel - Senators Richard Shelby of Alabama, Tom Cotton of Arkansas and Patrick Toomey of Pennsylvania. He also met separately on Tuesday with Senator David Perdue of Georgia, who wrote on Twitter: "Jay knows capital formation. He wants to create a level playing field & make things fair and efficient. I fully support his nomination." Clayton is expected to have one-on-one meetings with some of the panel''s Democrats sometime next week, according to one of the sources. Some Democrats on the committee, including Sherrod Brown, the committee''s senior Democrat and Massachusetts Senator Elizabeth Warren, have already expressed reservations about Clayton because of his legal work at Sullivan & Cromwell representing major Wall Street clients such as Goldman Sachs Group Inc, where his wife works as a wealth manager. Before Clayton accepted Trump''s nomination, his family decided his wife would step down from her post at the investment bank if he is confirmed, one of the people familiar with the matter said. In the meantime, the SEC''s lone Republican commissioner, Michael Piwowar, is acting as chairman, according to people familiar with the matter. The SEC, typically a five-member commission, is down to two members until Clayton is confirmed. (Reporting by Sarah N. Lynch; Editing by Lisa Von Ahn) Next In Politics Trump administration could reinstate secret, overseas CIA prisons WASHINGTON U.S. President Donald Trump is expected to issue an executive order that could lead to the reinstatement of a CIA program to interrogate terrorist suspects in secret overseas "black site" prisons using techniques that have been condemned as torture, two U.S. officials told Reuters on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-congress-sec-clayton-idUSKBN1592FM'|'2017-01-26T01:10:00.000+02:00'
'45f2713feea7b42c9375889ef6ada7d36b1afffe'|'SoCalGas says stops natgas withdrawal from Aliso Canyon storage facility'|'Company News  44pm EST SoCalGas says stops natgas withdrawal from Aliso Canyon storage facility Jan 25 Southern California Gas Co (SoCalGas) said on Wednesday that it had ceased withdrawal of natural gas from its Aliso Canyon storage facility but retained the curtailment watch issued earlier this week. Cold weather is expected in the greater Los Angeles region on Wednesday night and into Thursday, which could impact demand for natural gas, the company said. Earlier on Wednesday, SoCalGas, a unit of California energy company Sempra Energy, said it had started withdrawing natural gas from its Aliso Canyon storage facility for a second day in a row to support the reliability of the region''s gas and electricity systems during a cold snap. (Reporting by Vijaykumar Vedala in Bengaluru; Editing by Alan Crosby) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sempra-ener-california-aliso-canyon-idUSL4N1FF4XR'|'2017-01-26T01:44:00.000+02:00'
'cbd9d0ade82bfa63ac735b57da3dd12378741740'|'Dubai Islamic Bank Q4 net profit rises 58.4 pct, beats forecasts'|'Financials  15am EST Dubai Islamic Bank Q4 net profit rises 58.4 pct, beats forecasts DUBAI Jan 25 Dubai Islamic Bank (DIB), the United Arab Emirates'' largest sharia-compliant lender, posted a 58.4 percent increase in fourth-quarter net profit on Wednesday, beating analysts'' forecasts by a considerable margin. The bank made 1.37 billion dirhams ($373 million) in the three months to Dec. 31, according to Reuters calculations. This compares with a profit of 864.7 million dirhams in the corresponding period of 2015. The average forecast of three analysts polled by Reuters was for DIB to make a quarterly profit of 850.4 million dirhams. The bank did not provide a quarterly breakdown. Net profit for the year stood at 4.05 billion dirhams, the bank said, against 3.56 billion dirhams a year earlier. DIB also said its board proposed a 45 per cent cash dividend to shareholders for the year. Its board adopted resolutions to increase the bank''s Tier 1 issued capital by $1 billion, and to issue senior or subordinated sukuk for an amount not exceeding $5 billion. (Reporting by Hadeel Al Sayegh; Editing by Andrew Torchia) Next In Financials TABLE-Foreign trading in South Korean stocks SEOUL, Jan 25 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0721 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 25 211.3 -377.4 109.3 ^January 24 -13.1 9.2 -12.5 January 23 116.7 -109.3 -11.8 January 20'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/dib-results-idUSS8N1EZ00L'|'2017-01-25T14:15:00.000+02:00'
'1e26733667eacf1e7ba1696b723a55aa0f0cdba4'|'Fitch Rates Yuzhou''s USD Notes Final ''BB-'''|'Financials  47am EST Fitch Rates Yuzhou''s USD Notes Final ''BB-'' (The following statement was released by the rating agency) HONG KONG, January 25 (Fitch) Fitch Ratings has assigned Yuzhou Properties Company Limited''s (BB-/Stable) USD350m 6.00% senior notes due 2022 a final rating of ''BB-'' rating. The notes are rated at the same level as Yuzhou''s senior unsecured rating because they constitute direct and senior unsecured obligations of the company. The assignment of the final rating follows the receipt of documents conforming to information already received. The final rating is in line with the expected rating assigned on 17 January 2017. KEY RATING DRIVERS Expansion On Track: Fitch believes Yuzhou''s recent expansion in Shanghai, Nanjing and Hangzhou will help it set up core markets in two regions - the West Strait Economic Zone and the Yangtze River Delta - improve the company''s inventory quality, and diversify its portfolio. Yuzhou is a leading property developer in Fujian province and Hefei, but has acquired eight land parcels in Shanghai and Nanjing since 2015. Contracted sales in the latter two cities reached CNY5.3bn in January-September 2016, or 28% of total contracted sales, compared with CNY1bn, or 7% of total contracted sales, in 2015. Yuzhou also acquired sites in Hangzhou through the purchase of a company for CNY4.1bn in July 2016. Fitch expects the company''s operating scale to continue increasing in the Yangtze River Delta. Leverage Increase to be Reasonable: Fitch expects Yuzhou''s leverage to have increased to 35%-40% by the end of 2016 (1H16: 35%). The increase would have been driven by the high land premiums as the company expanded. The ratio of attributable land cost to contract sales was over 65% in 1H16, which was higher than its peers'' average of 40%-50%. However, a rise in leverage to about 40% by end-2016 would still be reasonable because of the good quality of its recent land purchases and Yuzhou''s enlarged scale. Yuzhou''s contracted sales jumped 116% yoy to CNY18.7bn in January-September 2016. Margin Under Pressure; Still Robust: Yuzhou''s consistently high EBITDA margin of over 30% is likely to come under pressure due to the significant rise in land costs. However, Fitch expects the company to maintain a robust margin because most of the sites purchased are in major cities in the Yangtze River Delta and have high sales potential; the company has a record of achieving higher-than-average selling prices, and it has low selling, general and administrative expenses. Yuzhou''s margin has been high mainly because of its low unit land costs, of about 22% of average selling price in 2014. However, this ratio quickly increased to 30% in 2015 as land costs climbed, and it is likely to rise further in 2016. DERIVATION SUMMARY The China homebuilder''s ratings are supported by its strong contracted sales growth, regional diversification, and favourable margin compared with its peers. Its recent expansion into the Yangtze River Delta will increase its leverage, but Fitch believes a rise to around 40% of net debt-to-adjusted inventory in the next 12 months will be reasonable as it has acquired good quality sites and achieved a much larger operating scale. KEY ASSUMPTIONS Fitch''s key assumptions within our rating case for the issuer include: - Attributable contracted sales to have increased by around 50% in 2016 as Yuzhou continued its expansion into the Yangtze River Delta and West Strait Economic Zone - Higher average selling prices and unit land costs as Yuzhou increases exposure in Tier 1 and Tier 2 cities like Shanghai, Nanjing and Hangzhou - Land acquisitions in line with contracted sales growth in 2016, and account for around 60% of total contract sales RATING SENSITIVITIES Negative: Future developments that may, individually or collectively, lead to negative rating action include: - Net debt/adjusted inventory sustained above 45% (1H16: 35%) - Contracted sales/net inventory sustained below 0.6x (1H16: 0.8x) - EBITDA margin sustained below 20% (1H16: 33%) - Significant drop in contracted sales from current scale (9M16: CNY18.7bn) Positive: Future developments that may, individually or collectively, lead to positive rating action include: - Sustaining a leading status in core markets of both the West Strait Economic Zone and the Yangtze River Delta - Net debt/adjusted inventory sustained below 40% - Contracted sales / net inventory sustained above 0.8x - EBITDA margin sustained above 25% LIQUIDITY Healthy Liquidity: Yuzhou had total cash of CNY15.7bn at end-1H16, which is more than enough to cover its short-term debt of CNY5.7bn, and support its planned expansion. The company has diversified funding channels to ensure the sustainability of its liquidity. Besides bank loans, it has established channels for both onshore and offshore bond issuance, as well as equity placement. Contact: Primary Analyst Rebecca Tang Associate Director +852 2263 9933 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central Hong Kong Secondary Analyst Vicki Shen Director +852 2263 9918 Committee Chairperson Su Aik Lim Senior Director +852 2263 9914 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Date of Relevant Rating Committee: 29 July 2016 Additional information is available on www.fitchratings.com. Applicable Criteria Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage - Effective from 17 August 2015 to 27 September 2016 (pub. 17 Aug 2015) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch''s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987615'|'2017-01-25T19:47:00.000+02:00'
'76761bf888a914a9f7b9b8f20646b9ad7cf0f391'|'Apple says dialogue with India on local expansion plans was "constructive"'|'Technology  28am EST Apple says dialogue with India on local expansion plans was ''constructive'' The Apple logo is seen on the facade of the new Apple Store in Paris, France, January 5, 2017. REUTERS/Charles Platiau MUMBAI Apple Inc APPL.O said on Wednesday it appreciates the open and constructive dialogue that it held with Indian officials, around the expansion of its local operations in the country. Cupertino, California-based Apple, is keen to assemble its signature iPhones in India, one of the world''s fastest growing smartphone markets where it still has only a tiny market share. Apple has demanded a series of tax and sourcing concessions from India, before it begins to assemble iPhones in the country, Reuters reported last week. Sources familiar with the matter had told Reuters that Apple executives were supposed to meet with officials from the industry, information technology and finance departments on Wednesday to discuss their demands. "We''ve been working hard to develop our operations in India," Apple said in a brief statement. "We appreciate the constructive and open dialogue we''ve had with government about further expanding our local operations." (Reporting by Sankalp Phartiyal; Editing by Euan Rocha) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-apple-india-idUSKBN15913Y'|'2017-01-25T17:26:00.000+02:00'
'6e31831bad3e08c6aabd200acee4050381ce9f26'|'Trump energy policy unlikely to have big impact on CO2 fight - BP'|'Company  30am EST Trump energy policy unlikely to have big impact on CO2 fight - BP LONDON Jan 25 Changes to U.S. energy policies under new President Donald Trump are unlikely to have a big impact on global action to curb a rise in greenhouse gas emissions, oil major BP''s chief economist said on Wednesday. On Tuesday, Trump signed orders to smooth the path for the Keystone XL and Dakota Access oil pipelines in a move to expand energy infrastructure and roll back key Obama administration environmental decisions. As part of his election campaign, Trump promised to bolster the U.S. oil, gas and coal industries, partly by undoing federal regulations curbing carbon dioxide emissions. "The actual implications of change in U.S. policy are unlikely to be a big game changer," Spencer Dale, group chief economist at BP, told journalists in London. "The U.S. has played an enormous leadership role together with China in galvanizing international support (for action on climate change) .... Much of that improvement in the outlook for carbon emissions isn''t happening in America," he added. "Improvements within America are due to energy efficiency ... which are still quite valued in an economy that encourages growth and competitiveness." Earlier on Wednesday, the chief executive of German utility E.ON singled out the election of Trump as an obstacle to global efforts to tackle climate change. China has been keen to be seen as leading the way on climate change as Trump has dismissed it as a "hoax" and vowed during his presidential campaign to pull the United States out of the 2015 Paris Agreement which aims to phase out net greenhouse gas emissions in the second half of this century. "What could be a game changer is if the U.S. stops playing a significant (climate) leadership role, it then has significant implication for wider international commitment and that could have greater impact," Dale said. In its annual Energy Outlook report on Wednesday, BP forecast renewable energy would be the fastest growing energy source to 2035, increasing at an average annual rate of 7.6 percent. (Reporting by Ron Bousso and Nina Chestney; Editing by Mark Potter) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bp-outlook-trump-idUSL5N1FF4KF'|'2017-01-25T21:30:00.000+02:00'
'91c6c48317717c0050339b2827cb114aa991e1ff'|'Spain''s Banco Santander posts 4 pct full-year profit rise, beats forecasts'|'Financials   1:11am EST Spain''s Banco Santander posts 4 pct full-year profit rise, beats forecasts MADRID Jan 25 Banco Santander opened Spain''s bank reporting season on Wednesday with a 4 percent rise in its 2016 net profit from a year earlier, above analysts'' forecasts and helped by strong business in its key Brazilian market. Santander, the euro zone''s biggest bank by market value, reported net profit of 6.2 billion euros ($6.65 billion) beating the average of analysts'' estimates calculated by Thomson Reuters of 6.12 billion euros. For the fourth quarter, the lender announced a net profit of 1.6 billion euros. For 2016, net interest income, a measure of earnings on loans minus deposit costs, was 31.1 billion euros, down 3.4 percent from a year ago, mirroring pressure on margins experienced by other Spanish banks. Analysts had expected NII to come in around 30.8 billion euros. ($1 = 0.9326 euros) (Reporting By Jesús Aguado and Angus Berwick; editing by Paul Day) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/santander-results-idUSE8N1CN011'|'2017-01-25T13:11:00.000+02:00'
'561abb7c9c408e5fc927ca1657dc718bda07fb79'|'OPEC January oil output shows high compliance with supply cut deal - Petro-Logistics'|'Business News - Fri Jan 27, 2017 - 4:23pm GMT OPEC January oil output shows high compliance with supply cut deal - Petro-Logistics FILE PHOTO - A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader/File Photo LONDON OPEC oil output is set to fall by 900,000 barrels per day (bpd) this month, a company that tracks OPEC supply said on Friday, pointing to a strong start by the exporter group in implementing a supply cut deal. The Organization of the Petroleum Exporting Countries is cutting its output by 1.2 million bpd from Jan. 1 -- its first such deal since 2008 -- to prop up oil prices LCOc1. "OPEC supply is on track to decrease by 900,000 bpd in January, suggesting a high level of compliance thus far into the production curtailment agreement," Daniel Gerber, chief executive of Petro-Logistics, said in an email. Petro-Logistics (www.petro-logistics.com) is among a number of consultants that estimate OPEC supply. OPEC itself has yet to publish a figure for its January output. (Reporting by Alex Lawler; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN15B1QX'|'2017-01-27T23:23:00.000+02:00'
'b0380a567040c0add13c0338cb5d5c719890f2d5'|'Exclusive - Ford braced for $600 million Brexit currency hit in 2017'|'Business   3:13pm GMT Exclusive - Ford braced for $600 million Brexit currency hit in 2017 A Ford logo is pictured on a wall of a car dealership in Monterrey, Mexico, November 9, 2016. Picture taken November 9, 2016. REUTERS/Daniel Becerril By Laurence Frost - PARIS PARIS Ford''s ( F.N ) 2017 earnings will be hit by a delayed currency impact of at least $600 million (398.53 billion pounds) from Britain''s referendum vote to leave the EU, the U.S. carmaker told Reuters on Friday, putting last year''s record European profit levels beyond reach. Currency hedges that had shielded Ford from the pound''s slump following the June 23 Brexit referendum are expiring in the first three months of 2017, Ford of Europe boss Jim Farley said in an interview. "When Brexit happened we were fully hedged for the first quarter with the stronger pre-Brexit exchange rate," Farley said. "As we enter the rest of the year, especially the second half, we now face the full effects of the weaker sterling." Ford is Britain''s biggest engine maker as well as its top-ranked car brand by sales, with a 12 percent market share. The pound hit a seven-year low against the euro in October and remains almost one-fifth below its value at the end of 2015, when uncertainty over Brexit began to weigh on the currency. GBP= Sterling''s slump is the "only major headwind" Ford currently faces in Europe, Farley said. "We think it could be upwards of $600 million this year." Farley was speaking a day after Ford published 2016 results that included a record $1.2 billion European profit, while reiterating that this year''s global earnings would be lower. Its shares ended 3.3 percent lower on Thursday. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-ford-motor-idUKKBN15B1LK'|'2017-01-27T22:13:00.000+02:00'
'e846ba23fb65cdcdf24268a04e31624324487ac1'|'Oil prices fall as focus shifts to U.S. output'|'Business News - Fri Jan 27, 2017 - 11:31am GMT Oil prices fall as focus shifts to U.S. output left A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson 1/2 left right An oil derrick can be seen in a field near Denver, Colorado May 16, 2008. REUTERS/Lucas Jackson 2/2 By Libby George - LONDON LONDON Oil prices slipped on Friday, giving up gains from earlier in the day, as market shifted its focus towards production increases in the United States from efforts by OPEC and other producers to support prices by cutting supplies. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.55 per barrel at 1050 GMT (5:50 a.m. ET), down 69 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $53.30 a barrel, down 48 cents. U.S. crude is poised to gain nearly 2 percent on the week. "The market is really torn between a relatively healthy compliance from OPEC and non-OPEC countries on the one side, and an increase in the U.S. crude production on the other," PVM Oil Associates analyst Tamas Varga said. Prices had risen during Asian business hours, though activity was low due to the start of the Lunar New Year holiday in most countries of the region, including China and Singapore. The Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, agreed to cut production by almost 1.8 million barrels per day (bpd) for the first half of 2017 to fight a two-year supply overhang. But U.S. oil production has been rising, with the International Energy Agency forecasting total U.S. production growth of 320,000 bpd in 2017 to an average of 12.8 million bpd. Analysts said investors who bet on rising prices were taking profit in advance U.S. rig counts due later in the day from oilfield services provider Baker Hughes, which could signal further increases in U.S. production. Oil research firm PetroMatrix said the rig count data, "will be a weekend risk as another surge will negatively impact the start of next week." There were fundamental factors that impacted prices this week, such as gains in Iran''s monthly oil exports in February and resilient production in Libya. A glitch in North Sea Buzzard crude production provided support. But market participants warned of more volatility ahead as speculators were reacting to even small developments in the physical markets. "Given that speculative net long positions in Brent and WTI are already at a record-high level, the correction potential is therefore growing all the time," Commerzbank analyst Carsten Fritsch said in a note. (Additional reporting by Henning Gloystein; in Singapore. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN15B05W'|'2017-01-27T18:31:00.000+02:00'
'82b58fd806dd7341c2c9c6f2affc167a32251d01'|'Turkey''s $2.6 bln Dardanelles bridge project draws 24 interested parties'|'Cyclical Consumer Goods   2:25am EST Turkey''s $2.6 bln Dardanelles bridge project draws 24 interested parties ANKARA Jan 26 Turkey''s project to build and operate a 10 billion lira ($2.62 billion) suspension bridge over the Dardanelles Straits has drawn interest from 24 parties and a tender will be held on Thursday, a transport ministry official said. "The tender will be held at 1030 a.m. (0730 GMT) today and the winning company will be announced by this evening," the official told Reuters. Turkish Prime Minister Binali Yildirim said in October that Asian and Turkish contractors had shown interest in the project and added that the construction of a 3.7-km (2.3-mile) bridge named "Canakkale 1915" was expected to start on March 18, 2017 - the anniversary of one of the Ottoman Empire''s final victories. Yildirim said it would take around five years to complete. Turkey has forged ahead with ambitious infrastructure projects under President Tayyip Erdogan, including one of the world''s largest suspension bridges across the Bosphorus Strait in Istanbul which opened in August. Turks mark what they call the Canakkale war on March 18, when Ottoman forces repelled an Allied World War One assault on the Dardanelles -- the sole maritime outlet for arch foe Russia -- sinking a French battleship and destroying British warships. ($1 = 3.8192 liras) (Reporting by Ercan Gurses; Writing by Humeyra Pamuk; Editing by Daren Butler) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/turkey-construction-bridge-idUSL5N1FG1HX'|'2017-01-26T14:25:00.000+02:00'
'e1ce44c4c1464abf5479b1f3982f07cb6f019bc1'|'Sky reports dip in first half operating profit on increased soccer costs'|'  7:26am GMT Sky reports dip in first half operating profit on increased soccer costs A Sky logo is seen at the company''s UK headquarters in west London July 25, 2014. REUTERS/Toby Melville/File Photo LONDON Sky, the European pay-TV group that has accepted a buy-out offer from shareholder Rupert Murdoch, reported 679 million pounds in first-half operating profit, down 9 percent, after it absorbed a big hike in Premier League soccer costs. "In a year in which we are absorbing significantly higher programming costs, as a result of the step up in Premier League costs, our financial performance has been good," the company said. First-half revenue rose 6 percent on a constant currency basis to 6.4 billion pounds. Murdoch''s Twenty-First Century Fox agreed a $14.6 billion deal to buy the 61 percent of Sky it does not already own in December. Fox needs to secure regulatory approval in Europe and Britain and win over Sky shareholders before it fulfils its long-held ambition to control a business with 22 million customers in Britain, Ireland, Italy, Germany and Austria. (Reporting by Paul Sandle; editing by Sarah Young)   BT Group faces U.S. lawsuits as Italian accounting scandal deepens NEW YORK BT Group Plc was hit on Wednesday with at least two shareholder lawsuits in the United States, after one-fifth of the telecommunications company''s market value was wiped out in a single day amid a growing accounting scandal in Italy.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sky-plc-results-idUKKBN15A0O7'|'2017-01-26T14:26:00.000+02:00'
'e17e4af6d124ec5eafa5d606ec24b2f2bcca26d6'|'Danske Bank shifts portfolio towards Europe, US stocks'|'Private Equity  56am EST Danske Bank shifts portfolio towards Europe, US stocks COPENHAGEN Jan 27 Danske Bank has increased the portion of its portfolios invested in stocks, mostly in Europe and the United States, as it expects heightened political risk in emerging markets during Donald Trump''s presidency. Improved prospects for the global economy and for corporate earnings prompted Danske Bank, Denmark''s largest, to increase its holding of equities, it said in a newsletter published Friday. The move means an investor with middle risk and a mid-term time horizon would have 50 percent in shares and 50 percent in bonds. "We assess that emerging market shares are more vulnerable to political risks in relation to Trump than European shares," chief strategist Tine Choi said. "A U.S. trade war with China would for example hit emerging markets very negatively," she said. (Reporting by Teis Jensen; editing by Jacob Gronholt-Pedersen) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/danske-bank-investment-idUSL5N1FH44G'|'2017-01-27T21:56:00.000+02:00'
'5232ad26dc15186a154a0e31b4e3722a07852e80'|'LPC-Banks battle it out to finance 1.1bn Cerba buyout'|'By Claire Ruckin - LONDON LONDON Jan 24 Banks are battling it out to get a mandate on a 1.1bn debt financing backing the buyout of European medical laboratory services operator Cerba, banking sources said on Tuesday.Partners Group and PSP Investments agreed to acquire European medical laboratory services operator Cerba from PAI Partners, the companies announced on Sunday. The acquisition followed an auction process.During the auction process, JP Morgan and Natixis, alongside BNP Paribas, Credit Agricole and Credit Suisse provided a staple financing package totalling 1.1bn, made up of senior leveraged loans and both senior secured and subordinated high-yield bonds.However, not all the staple banks are expected to be included on the final mandate as more banks try to secure a role on the deal, the sources said."The staple financing was there to provide certainty of funds during the auction process but the staple is now there to be beaten," a senior leveraged finance banker said.Although the size and structure of the debt financing is expected to remain the same, banks will be competing to offer the most attractive and least restrictive terms to the borrowers as well as the tightest pricing.Docs have been getting more aggressive in Europe''s leveraged loan market as banks and investors compete for paper, following a lack of event-driven financings.A decision on the final bank line up is expected in the coming days, the sources said.Cerba and PSP Investments were not immediately available to comment, Partners Group declined to comment.Cerba employs almost 4,300 people, including 350 biologists and generated revenues of approximately 630m in 2016. (Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cerba-loans-idINL5N1FE3QI'|'2017-01-24T10:55:00.000+02:00'
'10c57669333c273c69c9f1d17114d37cd30dcfca'|'It takes a village to raise a child, but tech giants could play a role in educating one - Guardian Sustainable Business - The Guardian'|'T he Australian chief executive of social enterprise the 40K Group , Clary Castrission, was in a San Francisco cafe, two days before a meeting with the US$45bn Chan Zuckerberg Initiative , when he spoke to the Guardian. It is not hard to imagine what a big deal that meeting is for anyone who runs a social enterprise or charity but Castrission didn’t seem rattled by the prospect. “The meeting has been scheduled for one and a half hours, let’s see how it goes,” he said.The initiative, started by the Facebook chief executive, Mark Zuckerberg, and his wife, Priscilla Chan, is a philanthropic company that aims to advance human potential and promote equality in areas such as health, education, scientific research and energy. It announced its first investment in June 2016 – part of a $24m round of funding into Andela , a startup that aims to train African software developers. Just getting in the door to present your case to the Chan Zuckerberg Initiative is a win. The future of an enterprise could rest on the chance that someone there may take an interest. Roll with it: why more people with disability are not employed by retailers Read more Perhaps the reason Castrission didn’t seem nervous about the meeting is that he had already been to talk to the US$40bn Bill & Melinda Gates Foundation in Seattle the previous week, thanks to an introduction from the Australian director and philanthropist David Gonski.“They [the Gates global development team] said the Chan Zuckerberg Initiative would like to know about something like this as well … They made the connection,” said Castrission, who co-founded 40K 11 years ago to provide a school for primary school-age children in India . “The Gates foundation is like Disneyland for any social entrepreneur,” he says.Over the past four years, Castrission has been converting 40K from its charity beginnings to a social enterprise, in other words a profit-generating business that can fund its social mission.His original intention was to provide a school for the children of the poor granite miners he met in a village in Bangalore when he travelled there as a university student. “As a 23-year-old, when I started it, I thought the only way to do it was through government or charity,” he says.The venture was named 40K because he believed (wrongly, as it turned out) that was the amount of money it would take to build a school for 200 children.Opening in 2010, the school ended up costing $400,000, raised through donations. Instead of being elated, Castrission was devastated to realise how few children could be helped with that large sum.Facebook Twitter Pinterest 40k kids in India excited by the arrival of tablets. Photograph: 40K “After the school opened, we went through this massive low. All you had to do was go to the next village, about one kilometre up the road, and there was another whole set of kids that needed education.”There are about 8 million children in India who are not being educated and, at that cost, Castrission would need to find $20bn to reach them all. The impressive fundraising he had done through his school and university networks turned out to be just a drop in the ocean.Castrission’s plan to make 40K scalable was to get out of the school infrastructure business (40K handed the school over to a local partner) and into open education “pods”, in rented premises, to teach the children English through trained facilitators and $80 Lenovo tablets.The sustainability of this venture, called 40K Plus, comes from fees the Indian families pay to send their children to the after-school-hours classes. The fee amounts to about $2 a month (quarry workers are paid about $3 to $7 a day). The families have become customers, rather than beneficiaries.Sparking change: social enterprise serves up feminism with beer and fashion Read more “When we were out in those villages in 2012, we asked them if they would pay for their children’s education. The answer was yes. That gave us the impetus to change to a social business model.”The families nominated English classes as the subject that would deliver the most value. English is the language of the internet – opening up the world to anyone with access to the technology – and there is a direct correlation between the level of English proficiency and a nation’s level of gross domestic product and place on the Human Development Index . Now 40K Plus has 20 pods in 20 villages, with 1,100 students in total. Castrission plans to add a further 1,000 spots in India this year and have 10,000 children on platform in the next three years.In 2012 Castrission also launched 40K Globe, a business that has taken some 1,500 Australian university students to India to assist as volunteers.Between the money paid by Indian parents, the fees charged to the Australian students and a new third business of licensing the language program to schools, 40K is starting to pay for itself. In educational impact, Castrission says student tracking shows a year of 40K Plus is equivalent to two and a half years’ progression in English literacy for a government-school child. It also delivers the equivalent of an extra year of schooling in English speaking and listening.This year 40K is opening operations for 1,000 children in Cambodia, partnering with the ministry for education and the non-government organisation Room to Read . An Australian software company, Atlassian, is funding the technological adaptation for that project with a $250,000 grant and has provided technical support.Castrission says 40K is now running as a hybrid social enterprise/charity because it still has to raise funding for technology development, which is why he has been talking to the Gates Foundation, the Chan Zuckerberg Initiative and Atlassian.Some time after our initial chat, Castrission said the Chan Zuckerberg Initiative was interested in the project’s development, particularly once he had 10,000 students on the platform. “They are bold and aggressive in their visions – Chan Zuckerberg have said they want to eliminate all disease by 2100 .” Joining forces with Castrission will be an important step towards fulfilling those visions.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/sustainable-business/2017/jan/24/it-takes-a-village-to-raise-a-child-but-tech-giants-could-play-a-role-in-educating-one'|'2017-01-24T02:00:00.000+02:00'
'f40137b18291055375bf9adfa99a71dfd1ae059d'|'U.S. home sales drop as supply tumbles to 17-year low'|'Business News - Tue Jan 24, 2017 - 6:53pm GMT U.S. home sales drop as supply tumbles to 17-year low A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, U.S. October 20, 2014. REUTERS/Larry Downing/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON U.S. home resales fell more than expected in December as the supply of houses on the market dropped to levels last seen in 1999, but the housing market recovery remained intact against the backdrop of a tightening labour market. The National Association of Realtors said on Tuesday existing home sales decreased 2.8 percent to a seasonally adjusted annual rate of 5.49 million units. In addition to the lack of properties to purchase, rising home prices and mortgage rates also likely sidelined some buyers last month. The drop in sales followed three straight months of increases and probably does not signal impending housing weakness, with the labour market near full employment and the economy strengthening. "The dip in housing sales is more a sign of the lack of homes to be bought than the desire to buy homes," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. "It is hard to sell homes that are not for sale." November''s existing sales pace was revised up to 5.65 million units, which was the highest since February 2007, from the previously reported 5.61 million units. Economists had forecast sales declining 1.1 percent to a 5.52 million-unit pace in December. Sales increased 3.8 percent to 5.45 million units in 2016, the highest since 2006 when the housing market peaked. Last month, the number of homes on the market fell 10.8 percent from November to 1.65 million units, the lowest level since December 1999. Supply was down 6.3 percent from a year ago and has now declined for 19 straight months on a year-on-year basis. The dearth of inventory amid rising household formation could put pressure on homebuilders to ramp up construction. Homebuilding is currently running just above a 1.2 million-unit rate. The NAR estimates housing starts and completions should be in a 1.5 million to 1.6 million range to alleviate the chronic shortage. The PHLX housing index .HGX rallied 2.80 percent on expectations that the inventory squeeze would provide a boom for homebuilders, outperforming the broader stock market. Shares in the nation''s largest homebuilder, D.R. Horton ( DHI.N ), surged 6.22 percent. The homebuilder also reported a better-than-expected quarterly profit after selling more homes. Shares in Lennar Corp ( LEN.N ) jumped 5.9 percent and Pultegroup ( PHM.N ) gained 5.7 percent. The dollar slipped against a basket of currencies and prices for U.S. government bonds were lower. BUYERS OUT IN DROVES "Buyers are out touring in droves, ready to pounce on new listings that fit the bill," said Nela Richardson, chief economist at Redfin in Washington. "The only thing missing is homes for sale to satisfy demand, because there just aren''t a lot of homes available to buy right now." Supply could remain a headache as builders continue to complain about a shortage of skilled workers and land. With fewer homes available for sale, house prices continued to rise last month. The median house price increased 4.0 percent from a year ago to $232,200 in December. At the same time, the fixed 30-year mortgage rate increased 43 basis points in December from November to an average of 4.20 percent, according to data from mortgage finance firm Freddie Mac. That was the highest since April 2014. Mortgage rates could rise further as the Federal Reserve has forecast three rate hikes this year. The U.S. central bank raised its benchmark overnight interest rate in December by 25 basis points to a range of 0.50 percent to 0.75 percent. While the Realtors group is forecasting existing home sales increasing one percent this year to 5.52 million units, it expressed concerns over   suspension last Saturday of a plan by the Obama administration to cut mortgage insurance premiums on federally insured home loans. The reduction in Federal Housing Administration (FHA) mortgage insurance premiums, announced in the final days of Barack Obama''s presidency and due to take effect on Jan. 27, had been estimated by the government to save eligible homeowners an average of $500 a year. According to NAR, about 750,000 to 850,000 home buyers would face higher costs, and 30,000 to 40,000 new home buyers would be sidelined without the reduction. Last month, existing home sales fell in the Northeast, the West and the Midwest. They were unchanged in the South. At December''s sales pace, it would take 3.6 months to clear the stock of houses on the market, the fewest since January 2005. That was down from 3.9 months in November. A six-month supply is viewed as a healthy balance between supply and demand. With supply tightening, house prices notched their 58thconsecutive month of year-on-year gains in December. House prices increased 5.2 percent in 2016 to an average of $233,900. Higher prices are increasing equity for homeowners and might encourage some to put their homes on the market. But combined with higher mortgage rates, they could make it increasingly difficult for first-time buyers to purchase homes. First-time buyers accounted for 32 percent of transactions last month, well below the 40 percent share that economists and realtors say is needed for a robust housing market. They accounted for 32 percent of transactions in 2016. (Reporting by Lucia Mutikani; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN158278'|'2017-01-25T01:53:00.000+02:00'
'e20f56c355f72291458f12a141bd8ba771eb26cd'|'CEO of German retailer REWE rules out move to Carrefour'|'BERLIN Alain Caparros, the French chief executive of German retailer REWE, has ruled out a move to France''s Carrefour ( CARR.PA ) to replace Georges Plassat, whose term at the world''s second largest retailer is scheduled to end in 2018.Caparros said in a statement he would not go to Carrefour after speculation in the French media that he might be a candidate for the job.Caparros, who has been REWE CEO since 2006, said he had decided in 2015 to extend his contract at REWE until Dec. 31, 2018 and he plans to fulfill that contract and to organize a smooth transition to a successor at REWE.Carrefour shareholders have identified Best Buy Co Inc ( BBY.N ) CEO Hubert Joly as one of their favorites to replace Plassat, Brazilian newspaper Valor Economico reported on Friday.(Reporting by Emma Thomasson; Editing by Arno Schuetze)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-carrefour-rewe-group-idINKBN15822N'|'2017-01-24T12:20:00.000+02:00'
'3eb95ec5c0e6c65f18cbdeda3a3834dcbb40f5b6'|'Deutsche Bank CEO tells EU financial hubs to seize Brexit chance'|' 28pm GMT Deutsche Bank CEO tells EU financial hubs to seize Brexit chance Deutsche Bank Chief Executive John Cryan attends a news conference in Frankfurt, Germany, January 28, 2016. REUTERS/Kai Pfaffenbach/File Photo BERLIN The European Union''s financial hubs must seize the opportunity of Britain''s exit from the bloc, or risk losing out to New York, Singapore or Shanghai, Deutsche Bank ( DBKGn.DE ) CEO John Cryan said on Thursday. "We are competing on a global basis. If we don''t act, financial hubs in the European Union will not benefit from the chances that Brexit offers," he said in a speech in Berlin. "The answer to this global competition has to be a more integrated capital market in the EU, and as quickly as possible," he added. Global banks and insurers have begun signalling how they will put into action plans to cope with a "hard" exit from the EU, after Prime Minister Theresa May said that Britain would leave the single market. Alternative European financial centres to London, including Frankfurt, Paris, Dublin and Luxembourg, have also been looking at ways of getting businesses to relocate to them when Britain leaves the EU. Barclays, for example, ( BARC.L ) is preparing to make Dublin its EU headquarters for when Britain leaves the European Union, according to a source familiar with the matter. Cryan said London would become less attractive as a result of Brexit, despite its unique characteristics and the infrastructure that has been built up over many decades. But Frankfurt, where Deutsche Bank is based, was a natural winner: "We see our home city as on the ascent - Frankfurt will become more important." (Reporting by Klaus Lauer and Victoria Bryan; Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-deutsche-bank-idUKKBN15A2K5'|'2017-01-27T01:28:00.000+02:00'
'5a240746b64c9873a59735f678ceccab8b9f2206'|'UK''s free trade deal with EU difficult to achieve: ECB''s Villeroy'|'Business News - Thu Jan 26, 2017 - 12:13pm GMT UK''s free trade deal with EU difficult to achieve: ECB''s Villeroy Governor of the Bank of France Francois Villeroy de Galhau attend a news conference held at the close of the G20 Finance Ministers and Central Bank Governors meeting in Chengdu in Southwestern China''s Sichuan province, Sunday, July 24, 2016. REUTERS/Ng Han Guan/Pool MUNICH, Germany Britain''s quest for a free trade deal with the European Union once it leaves the bloc will be difficult to achieve, European Central Bank Governing Council member Francois Villeroy de Galhau said on Thursday. "It is essential to bear one clear principle in mind: the single market is not divisible; access to the single market is inseparable from respecting its rules," Villeroy said in Germany. "This makes a simple free trade agreement such as that proposed by (UK Prime Minister) Theresa May very difficult and there can be no cherry picking with regard to Europe." Britain is expected to start formal divorce proceedings in March and negotiations are expected to take at least two years. May earlier this month said that Britain will quit the single market in a move dubbed ''hard Brexit'' but would seek the greatest possible access to European markets. (Reporting by Joern Poltz; Writing by Balazs Koranyi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-ecb-idUKKBN15A1I4'|'2017-01-26T19:13:00.000+02:00'
'e4433b7a20797784efae4d475676b2f4474b3928'|'Overseas demand drives further recovery in UK commercial property -RICS'|'Jan 26 Demand from overseas investors is expected to support British commercial property this year even as the UK prepares to leave the European Union, an industry survey showed on Thursday.The pound''s slide continued to lure foreign investors over the final quarter of 2016.But the quarterly survey from the Royal Institution of Chartered Surveyors indicated negative growth expectations for London commercial property values amid fears the capital will bear the brunt of any Brexit-led departure of firms.Over the fourth quarter, overall investment enquiries were flat in the London office sector and declined modestly in the London retail segment, in contrast to a second straight quarter of increase in inquiries for the UK, the survey showed.Although the UK commercial property market has largely recovered from an immediate post-Brexit-vote slump, London has underperformed the wider market, with some projects being put on hold, property companies cutting rental growth forecasts and rents beginning to stagnate.Prime Minister Theresa May''s comments last week that Britain will leave the European single market has seen HSBC and UBS saying that they could each move about 1,000 jobs out of London.The RICS survey showed that 18 percent of respondents reported evidence of firms looking to relocate away from the UK in response to Brexit, up from 14 percent seen in the preceding quarterly survey.In central London, 32 percent respondents claimed to have seen evidence, the largest proportion of any single region.MSCI''s UK IPD index, the most widely tracked commercial property index, showed that 2016 property returns rose just 2.8 percent, versus gains of 13.6 percent and 18.6 percent in 2015 and 2014 respectively. However, it performed better than it had during the 2008 financial crisis, when it lost 23 percent.Nevertheless, continued demand from overseas investors meant that prospects for UK property were by no means bleak, RICS said, with 28 percent more respondents expecting to see a rise rather than a fall in property values over the next 12 months."The results... suggest the commercial property market is continuing to attract investor interest despite ongoing concerns about pricing in the capital and the prospects for the economy more generally," RICS Chief Economist Simon Rubinsohn said."Indeed, the feedback we have received is consistent with a renewed appetite from overseas buyers for UK assets." (Reporting by Esha Vaish in Bengaluru; editing by Mark Heinrich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-eu-property-idINL4N1FF3WO'|'2017-01-25T21:00:00.000+02:00'
'82faae128fdab0de28d79dc704836341e12b515b'|'Actelion says R&D company will launch with 1 bln Sfr cash'|'Market News - Thu Jan 26, 2017 - 3:22am EST Actelion says R&D company will launch with 1 bln Sfr cash ZURICH Jan 26 Actelion said the new research and development company to be created following the $30 billion takeover by Johnson & Johnson will be launched with 1 billion Swiss francs ($1.00 billion)in cash. The unit will be spun out into a standalone company based and listed in Switzerland and will be led by Actelion Chief Executive and founder Jean-Paul Clozel, with Johnson & Johnson taking a 16 percent stake with rights to another 16 percent via a convertible note. ($1 = 0.9994 Swiss francs) (Reporting by John Revill) Next In Market News Physical gold demand slides to 7-year low in 2016 -GFMS * Physical gold demand slides 20 pct to 3,349 T in 2016 * Gold market surplus biggest this century * GFMS forecasts gold at $1,259/oz in 2017 By Jan Harvey LONDON, Jan 26 Physical gold demand fell 20 percent last year to its lowest since 2009, GFMS analysts at Thomson Reuters said in a report on Thursday, as a rebound in prices after three straight years of losses blunted appetite for the metal. Buying of jewellery, coins and bars, plus official sector and indu'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/actelion-ma-johnsonjohnson-newco-idUSFWN1FG0DD'|'2017-01-26T15:22:00.000+02:00'
'403f15b46688d49557225e3f4cdd07c438cdd751'|'EMERGING MARKETS-Brazil real weakens on prospects of cenbank intervention'|'Company News   1:09pm EST EMERGING MARKETS-Brazil real weakens on prospects of cenbank intervention SAO PAULO, Jan 31 The Brazilian real weakened on Tuesday after the central bank hinted it could allow some of the currency swaps due in March to expire. The central bank currently holds $26.6 billion reais worth of currency swaps, which function like dollar sales to investors for future delivery, down from over $100 billion by late 2015. It halted the reduction of the outstanding swaps after the surprise election victory of Donald Trump triggered market volatility. On Tuesday, central bank governor Ilan Goldfajn said the bank could resume the process as soon as next month after fully rolling over the $6.4 billion worth of swaps maturing on Wednesday. The real slipped 0.9 percent, the worst performing currency in Latin America. Other currencies seesawed as traders avoided big bets ahead of the U.S. Federal Reserve''s policy meeting on Wednesday. Brazilian stocks rose 0.6 percent, rebounding from a sharp drop the day before. Shares of pulp producer Fibria Celulose SA fell 5.5 percent a day after reporting a quarterly loss. Key Latin American stock indexes and currencies at 1800 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 910.57 -0.28 5.89 MSCI LatAm 2511.10 -0.43 7.75 Brazil Bovespa 64695.52 0.61 7.42 Mexico IPC 47002.94 -0.19 2.98 Chile IPSA 4200.59 -0.22 1.19 Chile IGPA 20997.20 -0.17 1.27 Argentina MerVal 18987.91 1.12 12.24 Colombia IGBC 10169.48 -0.37 0.41 Venezuela IBC 28109.65 -0.28 -11.34 Currencies daily % YTD % change change Latest Brazil real 3.1537 -0.88 3.03 Mexico peso 20.8600 -0.29 -0.56 Chile peso 646.9 0.09 3.68 Colombia peso 2920.2 0.18 2.78 Peru sol 3.276 0.49 4.21 Argentina peso (interbank) 15.8950 0.17 -0.13 Argentina peso (parallel) 16.59 0.66 1.39 (Reporting by Bruno Federowski; Editing by Jeffrey Benkoe) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1FL1GH'|'2017-02-01T01:09:00.000+02:00'
'd805f10f7c7cc987ced296138c5e86ad2877c949'|'BRIEF-The Northwestern Mutual Life Insurance Company reports a 8.4 percent passive stake in Hostess Brands Inc'|' 28pm EST BRIEF-The Northwestern Mutual Life Insurance Company reports a 8.4 percent passive stake in Hostess Brands Inc Jan 31 Hostess Brands Inc : * The Northwestern Mutual Life Insurance Company reports a 8.4 percent passive stake in Hostess Brands Inc - SEC filing Source text: ( bit.ly/2jRfasr )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FL0PQ'|'2017-02-01T00:28:00.000+02:00'
'ba4761d7488ae4c75d392dafdc9e3de08eafc96b'|'Fitch: China''s One Belt, One Road Initiative Brings Risks'|'Financials  19pm EST Fitch: China''s One Belt, One Road Initiative Brings Risks (The following statement was released by the rating agency) Link to Fitch Ratings'' Report: China''s One Belt, One Road Initiative Brings Risks here SINGAPORE/HONG KONG, January 25 (Fitch) China''s One Belt, One Road (OBOR) programme will support domestic demand in some of the economies involved, and may help to resolve some infrastructure inadequacies. However, OBOR is driven primarily by China''s efforts to extend its global influence and relieve domestic overcapacity. There is a risk that projects might not be aimed at addressing the most pressing infrastructure needs and could fail to deliver expected returns, says Fitch Ratings. China''s shift away from an investment-led growth has created pockets of excess capacity across much of its industrial sector. OBOR is in large part a strategy to export this spare capacity and surplus domestic savings. Under the programme, Chinese funding will be used for the construction of a network of transport, energy, and telecommunications infrastructure extending across Asia, eastern Europe and east Africa, as well as less developed parts of China. OBOR and the increasingly international focus of China''s construction companies will create opportunities in the targeted economies. Some of the OBOR projects are large enough to make a significant difference to the performance of the economy in which they are located. OBOR projects might help to address some infrastructure deficiencies in the region, particularly in countries where a shortage of long-term domestic savings is a constraint on investment. Furthermore, Chinese firms bring with them technical expertise that is often lacking in emerging markets. However, there are risks attached to OBOR. Chinese officials have stressed that OBOR will be run with market-based principles and that projects should generate returns for shareholders. In reality, OBOR projects do not have to demonstrate the same level of commercial viability that would be required to attract domestic or foreign investors. Fitch has doubts that China''s banks can identify profitable projects and manage risks better than international commercial banks and multilateral lenders. After all, Chinese banks do not have a track record of allocating resources efficiently at home, especially in relation to infrastructure projects. The implied backing of projects by the Chinese government could also add to complacency. In some cases, genuine infrastructure needs and commercial logic might be secondary to political motivations. OBOR, in addition to being a way of exporting spare capacity, is a component of China''s efforts to expand its strategic international influence, and a means of securing access to key commodities. Meanwhile, local politicians have an incentive to associate themselves with marquee projects. This subjugation of market forces means there is a heightened risk of projects proving unprofitable. Execution risks are also high. Chinese engineering and construction companies have extensive technical experience, but most will be operating in unfamiliar markets and will often need to deal with challenging and unpredictable business environments. Some of the loans are large enough to have an impact on the borrowing country''s public finance profile, particularly if debt-servicing from project proceeds becomes a problem. Fitch-rated sovereigns with identifiable OBOR projects are typically of speculative grade, but as a whole range from the ''B'' to ''BBB'' categories. Further information can be found in the report "China''s One Belt, One Road Initiative Brings Risks", available on www.fitchratings.com or by clicking on the link above. Contact: Kalai Pillay Senior Director Corporates + 65 6796 7221 Fitch Ratings Singapore Pte Ltd. One Raffles Quay South Tower #22-11 Singapore 048583 Andrew Fennell Director Sovereigns +852 2263 9925 Jack Yuan Associate Director Financial Institutions +86 21 5097 3038 Dan Martin Senior Analyst Fitch Wire +65 6796 7232 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article can be accessed at www.fitchratings.com. All opinions expressed are those of Fitch Ratings ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987609'|'2017-01-26T08:19:00.000+02:00'
'797e45230c3f789e1bec8f0c46bca0ffffb8e832'|'Exxon names environmentalist to board of directors'|'Commodities - Wed Jan 25, 2017 - 6:30pm EST Exxon names environmentalist to board of directors An airplane comes in for a landing above an Exxon sign at a gas station in the Chicago suburb of Norridge, Illinois, U.S., October 27, 2016. REUTERS/Jim Young HOUSTON Exxon Mobil Corp, the world''s largest publicly traded oil producer, named an environmentalist to its board of directors on Wednesday. The company named Susan Avery, the former head of the Woods Hole Oceanographic Institution and a former professor at the University of Colorado, Boulder, to its board, effective Feb. 1. Exxon has come under repeated attack in the past year from environmental groups who claim the company hid research on climate change from the public. (Reporting by Ernest Scheyder; Editing by Chris Reese) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-exxon-mobil-board-idUSKBN1592XI'|'2017-01-26T06:30:00.000+02:00'
'6cc4344f079f84d721f4cf9478d3bd348d20d7fa'|'RBS writes off $4 bln for US mortgage mis-selling cases'|'Financials  12am EST RBS writes off $4 bln for US mortgage mis-selling cases LONDON Jan 26 Royal Bank of Scotland has taken a 3.1 billion pound ($3.92 billion) provision as it prepares to settle claims in the United States that it mis-sold toxic mortgage-backed securities in the run up to the 2008 financial crisis. The surprise provision means that RBS is unlikely to make a profit in 2016, the ninth straight year the bank has failed to make an annual profit. RBS is currently in negotiations with the U.S. Department of Justice over the settlement, the timing of which is still uncertain. Chief Executive Ross McEwan has been trying to clean up RBS''s balance sheet and end an array of legal cases so the government can sell its more than 70 percent stake in the lender after a 45.5 billion pound bailout during the financial crisis. The British government has said that the uncertainty about the scale of the penalty is one of the reasons why it halted plans to sell any further shares in the lender. "Putting our legacy litigation issues behind us, including those relating to RMBS, remains a key part of our strategy," McEwan said in a statement. ($1 = 0.7910 pounds) (Reporting By Andrew MacAskill and Lawrence White; Editing by Rachel Armstrong) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/rbs-mortgage-provision-idUSL4N1FG2E6'|'2017-01-26T14:12:00.000+02:00'
'8b0f25ae3e0558b658e71b04412ed058632ecdef'|'BRIEF-Zhuhai Orbita Control Engineering expects FY 2016 net profit to increase by 21.04 to 46.97 pct'|'Financials   BRIEF-Zhuhai Orbita Control Engineering expects FY 2016 net profit to increase by 21.04 to 46.97 pct Jan 25 Zhuhai Orbita Control Engineering Co Ltd : * Says net profit of FY 2016 expected to increase by 21.04 percent to 46.97 percent, or to be 70 million to 85 million yuan * Says the net profit of FY 2015 was 57.8 million yuan Source text in Chinese: goo.gl/xemVZA Further company Coverage: (Beijing Headline News) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FF4MV'|'2017-01-25T22:41:00.000+02:00'
'dc726541a419667ecd1c23ba4fcbd7411bb9680c'|'UPDATE 1-Credit Suisse, pension manager USS in direct-lending finance JV'|'* USS to take majority interest in $3.1 bln loan book* Loans to credit funds, which in turn lent to companies* Credit Suisse says expects more tie-ups to follow (Adds details on Credit Suisse stake, Quote: )By Simon JessopLONDON, Jan 25 The main pension scheme for Britain''s universities is investing in a venture with Credit Suisse to provide senior debt finance to funds active in the direct-lending market, as pension funds look for new ways to diversify their investments.The Universities Superannuation Scheme (USS), one of Britain''s biggest pension schemes, has agreed to buy a majority interest in a $3.1 billion portfolio of loans made by Credit Suisse to the funds, underpinned by loans to companies."This transaction gives USS exposure to top-tier private credit managers through a high-quality portfolio of loans delivering an attractive risk-adjusted cash flow for the benefit of our members," said Ben Levenstein, head of private credit and special situations at USS Investment Management.USS is the main defined benefit pension scheme for British universities and other higher education institutions, with total fund assets of around 56 billion pounds ($70 billion) at end-September.Direct lending by private equity funds and other credit funds has grown since the financial crisis as banks scaled back their lending to small and medium-sized companies as part of efforts to shore up their balance sheets.Under the deal, Credit Suisse will retain a minority economic interest in the loan portfolio and also get a fee for providing services such as credit monitoring, structuring and the origination of new financing facilities to newly formed entities set up USS to manage the portfolio.Credit Suisse said it expected to originate new loans to direct lending funds from the first half of 2017, which could be included in the venture. It also said it expected demand from other investors to invest alongside USS."Credit Suisse anticipates that other institutional investors will seek to join this collaboration with USS, providing the asset managers with access to a diversified pool of long-term institutional capital. These new institutional investors will have the same opportunity as USS to acquire services from Credit Suisse.($1 = 0.7957 pounds) (Editing by Maiya Keidan and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/credit-suisse-gp-uss-credit-idINL5N1FF507'|'2017-01-25T12:16:00.000+02:00'
'321e40aa300e6769980613a244c53b7b8e941fba'|'CORRECTED-Golden Gate Capital to buy Bob Evans Restaurants for $565 mln'|'Company News  50pm EST CORRECTED-Golden Gate Capital to buy Bob Evans Restaurants for $565 mln (Corrects headline and first paragraph to say "Golden Gate Capital" is buying Bob Evans Restaurants not "Golden Globe Capital") Jan 24 Restaurants and packaged food company Bob Evans Farms Inc said it would sell its unit Bob Evans Restaurants to Golden Gate Capital for $565 million. The company said it would also buy Pineland Farms Potato Co for $115 million. (Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bob-evans-farms-divestiture-idUSL4N1FE5DB'|'2017-01-25T05:50:00.000+02:00'
'19b934602e2e780f4ca473be7ca8596f9805651f'|'Fitch: US Banks'' 4Q Strong Capital Markets Results Led by FICC'|'Financials  36am EST Fitch: US Banks'' 4Q Strong Capital Markets Results Led by FICC (The following statement was released by the rating agency) Link to Fitch Ratings'' Report: U.S. Capital Markets Quarterly here CHICAGO, January 26 (Fitch) Increased trading activity following the US election helped to drive US trading banks'' capital markets net revenues to their best fourth-quarter level in five years, says Fitch Ratings. Fixed income currency and commodities (FICC) continued to be the key driver of overall capital markets results, offsetting a typical seasonal slowdown at the end of the year. That said, whether strong fourth-quarter earnings will translate into sustained improvement in capital markets activity across product sectors in 2017 remains to be seen. Capital markets net revenues at the five U.S. Global Trading and Universal Banks - Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley - were up 20% on a year-over-year (yoy) basis in the fourth quarter, totaling an aggregate $24.9 billion. FICC, by far the largest contributor, reported a 48% year-over-year increase, marking a particularly strong fourth quarter when compared against a weak 4Q15. Net revenues were down on a sequential quarter basis, although less so than is typical in the fourth quarter. Client re-engagement and market positioning, particularly in credit and rates and driven by post-election market activity, helped to account for the strong FICC results. Investment banking had comparatively mixed results, with equity underwriting down while debt underwriting was up yoy. Advisory was down yoy but was boosted on a sequential quarter basis by many large deals closing. Management guidance for forthcoming investment banking revenues is optimistic, although Fitch notes that the correlation between guidance and revenues tends to be weak; market volatility is often a better predictor of revenues in this segment. Should the VIX Volatility Index dip lower, indicating lower downside volatility and increased executive management confidence, it could be positive for investment banking revenues. Despite the higher market and client activity, value-at-risk remains near historical lows due to lower inventory positions. Trading results can be episodic and heavily driven by macro or other events. With FICC and equity trading continuing to be the major drivers of capital markets revenues, projecting the extent to which the aggregate capital markets trends seen in 4Q16 will carry into 2017 is difficult. Notably, Fitch believes that structural changes to FICC markets resulting from regulatory changes and reduced inventory may be a factor that could affect revenues and weigh on a sustained cyclical upswing in the segment. Contact: Justin Fuller Senior Director, Financial Institutions +1 312 368-2057 Fitch Ratings 70 West Madison Street Chicago, IL Michael Dodge Associate Director, Financial Institutions +1 212 908-0379 Justin Patrie Fitch Wire +1 646 582-4964 Media Relations: Hannah James, New York, Tel: + 1 646 582 4947, Email: hannah.james@fitchratings.com. The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article can be accessed at www.fitchratings.com. All opinions expressed are those of Fitch Ratings. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials UPDATE 2-Santander Brasil sees room for less Brazil bank regulation SAO PAULO, Jan 26 The Brazilian central bank''s recent decision to ease reserve requirements for commercial lenders could lead to less state oversight of the industry, paving the way for more credit, Banco Santander Brasil SA''s top executive said on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987248'|'2017-01-26T21:36:00.000+02:00'
'98e2698f018af204432c2757881b5b6c0190b930'|'ECB should keep monetary policy loose for extended time'|' 36pm GMT ECB should keep monetary policy loose for extended time Poul Thomsen arrives at the Finance Ministry in Athens March 17, 2014. REUTERS/Yorgos Karahalis BRUSSELS European Central Bank President should continue to keep its monetary policy loose, focusing on inflation in the euro zone as a whole, until there is a sustained rise in price growth, the International Monetary Fund said in an assessment. The document, seen by Reuters, is a regular review of the economy of the 19 countries sharing the euro and was presented by the head of the IMF''s European Department Poul Thomsen to euro zone finance ministers on Thursday. "We continue to strongly support the ECB’s accommodative monetary stance and its firm commitment to achieve its price stability objective," the IMF said. "Subdued underlying inflation and a still negative output gap point to the need for policy to remain accommodative for an extended period," it said. The IMF said that the ECB should look through temporary inflation movements, including transitory episodes of above target inflation, and remain focused on its medium-term objective for the euro zone as a whole, which is price growth below, but close to two percent. "For a sustained recovery of euro area inflation, some countries (such as those where output gaps are mostly closed like Germany), must have inflation above the ECB''s ''below, but close to, 2 percent'' medium-term objective," the IMF said. (Reporting By Jan Strupczewski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-imf-ecb-idUKKBN15A2PY'|'2017-01-27T02:36:00.000+02:00'
'3110ae6d153bcd4b457e07e187179774f20e4940'|'UPDATE 1-Tata Steel''s UK pensions trustee warns deficit to surge'|'Basic Materials  04pm EST UPDATE 1-Tata Steel''s UK pensions trustee warns deficit to surge * Deficit set to balloon to 1-2 billion pounds * Could drive Tata Steel UK into insolvency without action * Pension scheme''s future crucial to merger with Thyssenkrupp (Adds details) By Maytaal Angel and Carolyn Cohn LONDON, Jan 26 Tata Steel UK''s pension scheme deficit is set to balloon to 1-2 billion pounds ($1.25-$2.5 billion) and Britain''s largest steelmaker believes it could face insolvency unless a way can be found to tackle it, the scheme''s trustee has told members. Indian parent company Tata Steel has held talks to merge its European assets with Germany''s Thyssenkrupp, but the success of those talks hinges on Tata being able to separate itself from its British pension scheme. The steelmaker, whose UK unit lost 2 billion pounds in the five years to March 2016, is looking for regulatory approval to spin off the 15 billion pound pension scheme into a standalone entity, cut benefits and continue trading. The trustee for the scheme warned members in a letter that it expects to report the 1 billion-2 billion pound deficit at its next actuarial valuation at the end of March. The last actuarial deficit valuation was 485 million pounds. In the letter seen by Reuters, the trustee said the deficit has surged because Tata Steel UK might no longer be able to get funding from its parent, meaning the trustee would have to make risk-averse investments that would likely cut returns. "A deficit of this magnitude might require contributions of 100-200 million pounds each year for 15 years," said the trustee for Tata Steel''s British Steel Pension Scheme (BSPS). "Tata Steel UK has confirmed it cannot afford to make deficit recovery contributions and indicated that without action, the likely outcome is that it would become insolvent," the trustee added. THYSSENKRUPP FIRM Thyssenkrupp CEO Heinrich Hiesinger told German daily Handelsblatt, in an interview to be published on Friday, that Tata Steel must resolve the pension deficit at its British and Dutch operations before any merger of its steel operations with the German company. The BSPS is one of Britain''s largest final salary pension schemes, with 130,000 members, but only about one in 13 members currently contributes to it. Tata inherited the scheme when it bought Corus, formerly state-owned British Steel, in 2007. If Tata Steel UK fails, its pension scheme would fall into the Pension Protection Fund - a lifeboat for failing schemes which would cut benefit for all members, with those not yet drawing their pensions hardest hit. "The Trustee has therefore been in discussions with Tata Steel, the government, the pensions regulator, the PPF ... about how to separate the BSPS from Tata Steel in a way that secures better outcomes than entry into the PPF," it said. One plan under discussion involves closing the scheme to future accrual, spinning it off from Tata Steel UK, and offering members a choice between staying in it and getting PPF compensation, or moving to a new scheme that, for most members, would offer higher compensation than the PPF would. Tata Steel UK would continue trading under such a plan, but would have to pay a large sum in return for ending its liabilities for the scheme. "If the trustee is satisfied that Tata Steel UK insolvency is otherwise inevitable (as currently seems likely), the trustee believes that separation in the way outlined above would secure the best outcome for BSPS members," it said. ($1 = 0.7942 pounds) (Reporting by Maytaal Angel; Editing by Alexander Smith and Adrian Croft) Next In Basic Materials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/tata-steel-pension-idUSL5N1FG6EG'|'2017-01-27T02:04:00.000+02:00'
'5d1bb8bd6f879a0225739809579ce3a7a124fc35'|'BRIEF-Jiangsu Wujiang Rural Commercial Bank appoints Yi Xianzhu as CFO'|'Financials  02am EST BRIEF-Jiangsu Wujiang Rural Commercial Bank appoints Yi Xianzhu as CFO Jan 26 Jiangsu Wujiang Rural Commercial Bank Co Ltd : * Says it appoints Yi Xianzhu as CFO Source text in Chinese: goo.gl/UidM2I Further company Coverage: (Beijing Headline News) Next In Financials Fitch Rates Chengdu Xingcheng Investment''s USD Notes Final ''BBB+'' (The following statement was released by the rating agency) HONG KONG, January 26 (Fitch) Fitch Ratings has assigned Chengdu Xingcheng Investment Group Co., Ltd.''s (CXIG) USD300m 3.25% senior unsecured notes due 2021 a final rating of ''BBB+''. The assignment of the final rating follows the receipt of documents conforming to information already received. The final ratings are in line with the expected ratings assigned on 16 November 2016. The net proceeds of the bond issue will be used for g * Shogo Suzuki has resigned as chief financial officer of company for personal reasons MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FG2OX'|'2017-01-26T15:02:00.000+02:00'
'8ff396f1de9ae2e3dff365c645ab41a42b88b55f'|'Kingfisher tycoon Vijay Mallya charged in loan default case - CBI'|' 09pm IST Kingfisher tycoon Vijay Mallya charged in loan default case - CBI left right Britain Formula One - F1 - British Grand Prix 2016 - Silverstone, England - 8/7/16Force India team principal Vijay Mallya during the press conferenceAction Images via Reuters / Matthew ChildsLivepic/Files 1/5 left right Kingfisher Airlines Chairman Vijay Mallya speaks on a mobile phone amid his security personnel on guard during a meeting with the debt-laden airline''s pilots in New Delhi March 15, 2012. REUTERS/Parivartan Sharma/Files 2/5 left right Kingfisher Airlines Chairman Vijay Mallya speaks to the media during a news conference in Mumbai November 15, 2011. REUTERS/Vivek Prakash/File photo 3/5 left right Force India team principal Vijay Mallya waves in the paddock during the third practice session of the Indian F1 Grand Prix at the Buddh International Circuit in Greater Noida, on the outskirts of New Delhi, October 27, 2012. REUTERS/Ahmad Masood/Files 4/5 left right Kingfisher Airlines Chairman Vijay Mallya speaks with the media after his meeting with Director General of Civil Aviation E.K. Bharat Bhushan in New Delhi March 20, 2012. REUTERS/Parivartan Sharma/Files 5/5 MUMBAI The Central Bureau of Investigation on Tuesday charged Vijay Mallya, the liquor and aviation tycoon, with having misappropriated a 9 billion rupee ($132 million) loan granted by a government-owned bank, a CBI spokesman said. Mallya moved to Britain in March last year after being pursued in courts by banks seeking to recover about $1.4 billion owed by his defunct Kingfisher airline. The Indian authorities had sought ways to have Mallya, who has said he is living in "forced exile", deported by Britain. The CBI action against Mallya may open the doors for India to begin work on a formal extradition process, after Britain rebuffed India''s deportation request last year. A spokesman for Mallya was not immediately reachable for comment. ($1 = 68.1499 Indian rupees) (Reporting by Douglas Busvine and Rahul Bhatia. Editing by Jane Merriman) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-mallya-idINKBN1581K3'|'2017-01-24T19:39:00.000+02:00'
'098e4279dad96168e32d6da56668ebae74c9d907'|'Trump calls for more U.S. auto jobs, factories ahead of CEO meeting'|'Business News  01pm IST Trump calls for more U.S. auto jobs, factories ahead of CEO meeting U.S. President Donald Trump hosts a meeting with business leaders in the Roosevelt Room of the White House in Washington January 23, 2017. REUTERS/Kevin Lamarque By David Shepardson - WASHINGTON WASHINGTON U.S. President Donald Trump on Tuesday will push the chief executives of General Motors Co ( GM.N ), Ford Motor Co ( F.N ) and Fiat Chrysler Automobiles NV ( FCHA.MI ) to increase production in the United States and boost American employment. "I want new plants to be built here for cars sold here!" Trump said in a tweet ahead of the breakfast meeting with automakers, saying he would discuss U.S. jobs with the chief executives. Trump has criticized automakers for building cars in Mexico and elsewhere and has threatened to impose 35 percent tariffs on imported vehicles. The meeting is the latest sign of Trump''s uncommon degree of intervention for a U.S. president into corporate affairs as he has repeatedly jawboned automakers and other manufacturers to "buy American and hire American." It will be the first time the CEOs of the big three automakers meet jointly with a U.S. president since a July 2011 session with then-president Barack Obama to tout a deal to nearly double fuel efficiency standards to 54.5 miles per gallon by 2025. Fiat Chrysler is the Italian-American parent of the former Michigan-based Chrysler. White House spokesman Sean Spicer on Monday said Trump "looks forward to hearing their ideas about how we can work together to bring more jobs back to this industry." U.S. and foreign automakers have been touting plans to boost American jobs and investments in the face of Trump''s comments. The Republican president made attacks on Ford''s Mexico investments a cornerstone of his campaign. Automakers have praised Trump''s policies, but emphasized that the recent employment moves were the result of business, not political decisions, that had mostly been in the works for a long period. (Reporting by David Shepardson; Additional reporting by Susan Heavey; Editing by Jeremy Gaunt) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-trump-autos-idINKBN1581CA'|'2017-01-24T18:33:00.000+02:00'
'ca5c4fd2b0e19e64331a3beba85956b6e7a7a616'|'Stock index futures point to higher open. For more see the European equities LiveMarkets blog'|'  2:13am EST Stock index futures point to higher open. For more see the European equities LiveMarkets blog LONDON Jan 24 Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: ** Stock index futures up 0.2-0.4 pct in early deals ** SAP nudges up multi-year outlook, posts in-line results ** U.S. judge approves VW dealers $1.2 bln settlement (Reporting by Atul Prakash) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FE14L'|'2017-01-24T14:13:00.000+02:00'
'9d2fd456b1bcc4f146ebdf55312ee6129600f36f'|'Deutsche Bank fails to end BlackRock, Pimco mortgage debt lawsuit'|'Business News - Mon Jan 23, 2017 - 7:14pm EST Deutsche Bank fails to end BlackRock, Pimco mortgage debt lawsuit left right A green traffic light is seen next to the logo of Germany''s largest business bank, Deutsche Bank in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach/File Photo 1/2 left right The BlackRock logo is seen outside of its offices in New York January 18, 2012. B REUTERS/Shannon Stapleton/File Photo 2/2 A U.S. judge on Monday narrowed but refused to dismiss a lawsuit seeking to hold Deutsche Bank AG ( DBKGn.DE ) liable to investors, including dozens of portfolios from BlackRock Inc ( BLK.N ) and Pacific Investment Management Co, for losses on poorly underwritten residential mortgage-backed securities. The proposed class-action lawsuit sought to recover "significant monetary damages" arising from Deutsche Bank''s alleged "failure to discharge its essential duties" as trustee of 62 trusts created between 2004 and 2008, and which issued notes backed by about $90.3 billion of home loans. In a docket entry, U.S. District Judge Jesse Furman in Manhattan granted Deutsche Bank''s bid to dismiss conflict-of-interest claims but denied its request to dismiss representations-and-warranties, servicer-notification and event-of-default claims. The judge said he would explain his reasoning at a Feb. 2 hearing and consider additional claims he has yet to decide. Deutsche Bank did not immediately respond to requests for comment. According to their amended complaint, the plaintiffs own more than $2.6 billion of notes issued by the 62 trusts. Furman took over the case in June from U.S. District Judge Richard Berman, who had dismissed other claims last January. Among the other plaintiffs are funds run by Prudential Investments, court records show. The lawsuit is one of many accusing bond trustees such as Deutsche Bank of shirking their responsibilities, including notifying lenders of loan defects and telling investors when defaults occur. It is separate from Deutsche Bank''s completion last week of a $7.2 billion settlement with the U.S. Department of Justice over its sale of defective mortgage securities prior to the 2008 financial crisis. The case is BlackRock Core Bond Portfolio et al v Deutsche Bank National Trust Co et al, U.S. District Court, Southern District of New York, No. 14-09367. (Reporting by Jonathan Stempel in New York; Editing by Cynthia Osterman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-deutschebank-lawsuit-idUSKBN15800F'|'2017-01-24T07:14:00.000+02:00'
'd854b604ed79113e4cddcde9ba6e89e73a1d9f94'|'BRIEF-SEI Q4 earnings per share $0.55'|'Funds  11pm EST BRIEF-SEI Q4 earnings per share $0.55 Jan 25 SEI Investments Co : * SEI reports fourth-quarter 2016 financial results * Q4 earnings per share $0.55 * Q4 earnings per share view $0.51 -- Thomson Reuters I/B/E/S * SEI Investments - Q4 average assets under management, excluding LSV, increased $11.4 billion, or six percent, to $194.8 billion * SEI Investments Co says average assets under administration increased $57.8 billion, or 14 percent, to $465.7 billion in fourth-quarter 2016 * Qtrly revenues $368.8 million versus $335.4 million Source   Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSASB0AWQU'|'2017-01-26T04:11:00.000+02:00'
'3a7a84fb56dac8bdd566317f56a93a7410145749'|'Japan cool to inviting China into TPP as Abe repeats free trade mantra'|' 01am GMT Japan cool to inviting China into TPP as Abe repeats free trade mantra FILE PHOTO - Japan''s Prime Minister Shinzo Abe speaks next to a map showing participating countries in rule-making negotiations for the Trans-Pacific Partnership (TPP) during a news conference at his official residence in Tokyo March 15, 2013. REUTERS/Toru Hanai/File Photo By Linda Sieg and Izumi Nakagawa - TOKYO TOKYO Japan is cool to the notion of inviting China to join a pan-Pacific trade pact abandoned by U.S. President Donald Trump, fearing such a step would boost Beijing''s clout and water down what was meant to be the ''gold standard'' for rules of trade. Nor are government officials eager to begin two-way trade talks with Washington, despite Trump''s stated preference for bilateral deals as part of his "America First" economic plans, although some said such negotiations could not be ruled out. For now, that has left Prime Minister Shinzo Abe in the unenviable position of pledging yet again to persuade Trump that the Trans-Pacific Partnership (TPP) is in the interests of both the United States and the global economy. The new president signed an executive order withdrawing from the TPP on Monday. "The free trade system based on free and fair common rules is the source of growth for the world economy," Abe told parliament''s upper house on Wednesday. "I think President Trump also understands the importance of free and fair trade, and I want to steadfastly seek his understanding of the strategic and economic significance of the TPP agreement." Asked about talks on a U.S.-Japan trade deal, Abe said he would refrain from speculating about Trump''s trade policy until his cabinet line-up was approved and policies became clearer. Australia and New Zealand said on Tuesday they hoped to salvage the TPP by encouraging China and other Asian countries to join. Chile has invited ministers from other TPP countries and China and South Korea to a summit in March to discuss how to proceed. The TPP cannot take effect without U.S. participation unless rules are changed, so the deal is now in deep freeze. Japan had hoped the TPP would help anchor security ally Washington in Asia and create a rule-based regime that would eventually draw in China. Abe also touted the 12-nation pact as an engine of domestic economic reform and growth. WATERING DOWN? But inviting China to the TPP table now risks boosting Beijing''s clout while weakening the partnership''s rules of trade on matters from intellectual property protection and principles for currency management to support for state-owned enterprises. China has not made clear whether it would be interested in joining the TPP. But Beijing is pushing a proposed 16-nation Regional Comprehensive Economic Partnership (RCEP) that has less ambitious goals on trade rules. Progress so far has been slow. "If TPP is diluted by bringing in China, it will not be worth while investing energy to achieve that," said a Japanese source familiar with government thinking. "Negotiating with China with possibility of changing what was signed is not wise. It will take years and the result may be watering down of ambitions," the source said. Su Xiaohui, a senior researcher at the Chinese foreign ministry-backed China Institute of International Studies, wrote in an article published on Wednesday in the People''s Daily Overseas Edition that Abe was still "unable to accept reality" even after Trump''s executive order. "The reason Abe is unable to accept the current situation is because the TPP is of excessive strategic importance to Japan. From Japan’s perspective, the TPP is a key part of the Japan-U.S. alliance," Su said. "Seeing the disputes surrounding the TPP from the U.S. and Japan, China is even more determined to participate and promote integration in the Asia-Pacific region,” Su said. China also supports a separate Asia-Pacific pact promoted by Southeast Asian nations. TWO-WAY DEALS Trump has made clear he favours two-way trade deals over multilateral ones, although a Republican-dominated Congress might be able to muster the votes to approve TPP if the President were to have a change of heart. Trump has also attacked Japan''s auto market as closed in an echo of criticism heard decades ago. Japanese trade minister Hiroshige Seko this week rejected that criticism, saying Japan does not impose tariffs on U.S. auto imports nor put up discriminatory non-tariff barriers. Bilateral U.S.-Japan negotiations would likely put renewed pressure on politically vocal farmers, some of whose products such as rice would remain protected even under TPP. Bilateral talks "are possible," said another source familiar with Japanese government thinking. "But I think if negotiations began, they''d be very difficult and take a very long time." (Additional reporting by Ami Miyazaki in Tokyo and Sue-Lin Wong in Beijing; Editing by Bill Tarrant)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-tpp-idUKKBN1590NX'|'2017-01-25T15:01:00.000+02:00'
'99506055952eb4c080a547cb0843ac7a0ce0e9de'|'Restaurant Group sees cost pressure this year'|'Business News - Wed Jan 25, 2017 - 7:48am GMT Restaurant Group sees cost pressure this year Britain''s Restaurant Group ( RTN.L ), the owner of the Frankie & Benny''s chain, said it expects rising costs in 2017 due to a hike in Britain''s minimum wage as it reported a 3.9 percent fall in like-for-like sales for the 53 weeks ended Jan. 1. Britain''s finance minister in November raised the minimum wage to 7.50 pounds from 7.20 pounds, taking the edge off a benefits squeeze for low earners. Restaurant Group, which operates more than 500 restaurants and pubs in the UK, said it sees costs rising due to government initiatives such as the apprenticeship levy, proposed increases in business rates and higher energy taxes. The company also pointed to a rise in buying costs due to a weak pound and commodity inflation. Restaurant Group, which ousted its chief executive last year, said trading in the first half of 2017 would remain difficult. (Reporting by Noor Zainab Hussain in Bengaluru, editing by Louise Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-restaurant-grp-outlook-idUKKBN1590NB'|'2017-01-25T14:48:00.000+02:00'
'24a7ad9f19fc51feb57176e821daef21737f9011'|'PepsiCo using Super Bowl to launch new premium water brand'|'  10:01pm GMT PepsiCo using Super Bowl to launch new premium water brand Pepsi soda is shown on display in Compton, California, U.S., January 10, 2017. REUTERS/Mike Blake By Tim Baysinger PepsiCo ( PEP.N ) said on Tuesday it will use its pricey spot during next month’s Super Bowl to unveil a premium bottled water brand, Lifewtr, as the beverage industry faces declining consumption of sugary sodas. Fox, ( FOXA.O ) which will broadcast the game   has been commanding $5 million from advertisers for a 30-second commercial, according to Fox Sports President Eric Shanks. The Super Bowl, to be played on Feb. 5, is expected to draw more than 100 million viewers. PepsiCo did not reveal how much it was spending on the 30-second spot, which will be the new brand’s first television commercial. Water has become a key category for soda companies facing declining sales of their namesake beverages, as consumers try to reduce their intake of calories and sugar. Lifewtr aims to compete with Coca-Cola Co’s ( KO.N ) Smartwater in the lucrative premium water market. The commercial, which features music by Grammy-winning artist John Legend, is linked to Lifewtr’s official release in stores on Feb. 1. “Bottled water will be a bigger category than soda,” Seth Kaufman, chief marketing officer, PepsiCo North America Beverages, told Reuters. “Consumers are moving to water at an unprecedented clip.” Sales of bottled water have more than doubled in volume since 2004, from 1.8 billion cases to almost 4 billion in 2015, according to Beverage Digest data. While carbonated beverages still represent the majority of beverage companies’ sales, per capita consumption hit a 30-year low in 2015. This year''s Super Bowl advertising plans represent a bit of a departure for PepsiCo, which in the past has run multiple spots for its major brands. Last year PepsiCo ran spots for Mountain Dew and its namesake soft drink, as well as the edition of Doritos'' "Crash the Super Bowl" contest, which placed a viewer-made ad in the game. Outside of brief ads promoting the halftime show, for which PepsiCo is the title sponsor, Lifewtr is the only brand getting an actual commercial during the Super Bowl. (Reporting by Tim Baysinger; Additional reporting by Chris Prentice in New York; Editing by Anna Driver and Leslie Adler)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nfl-superbowl-pepsico-idUKKBN1582UG'|'2017-01-25T05:01:00.000+02:00'
'23b29689605af6b01c6306eeef45da86d6ae2dcd'|'Poste Italiane to pay up to 50 mln euros to reimburse clients'|'Financials  33am EST Poste Italiane to pay up to 50 mln euros to reimburse clients MILAN/ROME Jan 24 Poste Italiane could spend up to 50 million euros ($54 million) to reimburse customers who bought into a property fund that has since lost most of its value, the head of the banking division of the Italian post office said on Tuesday. "The cost will be maximum 50 million euros, depending from take-up of the reimbursement proposal," the head of the BancoPosta division Marco Siracusano told Reuters on the margins of a public hearing on the losses suffered by the fund. Poste said last week it had decided to reimburse investors who bought a real estate fund called Invest Real Security (IRS) which was worth less than half its initial value when it expired at the end of last year. Poste Italiane CEO Francesco Caio told the hearing that the group had not yet decided what to do in relation to other three property funds which have been sold to small investors through Poste''s network and which have also lost part of their value but are yet to come to maturity. ($1 = 0.9303 euros) (Reporting by Massimiliano Di Giorgio; writing by Francesca Landini, editing by Valentina Za) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/poste-italiane-reimbursement-cost-idUSI6N1F2026'|'2017-01-24T20:33:00.000+02:00'
'8f944ca4a3b5228ea99f8e98744fae36eb90199e'|'Czech central bank''s FX cap exit likely in mid-2017 -Benda'|'Financials  29am EST Czech central bank''s FX cap exit likely in mid-2017 -Benda PRAGUE Jan 24 The Czech central bank is likely to ditch its cap on the crown in mid-2017, board member Vojtech Benda said on Tuesday, reiterating the bank''s outlook in a presentation published on its website. Benda said the exit depended on economic conditions, and predicted the return to conventional currency policy would not result in the crown firming sharply to "slightly over-valued" levels seen before interventions started in 2013. He added the crown market was overbought. He also said the use of negative interest rates was not a preferred option but the central bank might considered it for supporting the exchange rate commitment. (Reporting by Jason Hovet; editing by John Stonestreet) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/czech-cenbank-benda-idUSP7N1AK01P'|'2017-01-24T20:29:00.000+02:00'
'152266ee09db1df250baef2fe5f9c603e71c7664'|'Aetna and Humana CEOs consider all available options after court loss'|'NEW YORK The top executives of Aetna ( AET.N ) and Humana ( HUM.N ) on Tuesday issued a joint statement saying that they continue to believe in their $34 billion merger deal after a court ruled against it for antitrust reasons, and said that they would consider all available options.Aetna Chief Executive Officer Mark Bertolini and Humana Chief Executive Offer Bruce Broussard said “We continue to believe a combined company will create access to higher-quality and more affordable care, and deliver a better overall experience for those we serve.”(Reporting by Caroline Humer)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-humana-m-a-aetna-idUSKBN1581Z3'|'2017-01-24T17:38:00.000+02:00'
'143b70d32a9727dc5062170981ac17418cd734ba'|'Workers at Audi''s Hungarian arm set up strike committee'|'Business News - Tue Jan 24, 2017 - 8:08am GMT Workers at Audi''s Hungarian arm set up strike committee A worker stands next to a car on the assembly line as serial production of the new Audi TT roadster starts at the Audi plant in Gyor, west of Budapest November 5, 2014. REUTERS/Laszlo Balogh/File Photo BUDAPEST Workers at the Hungarian arm of German carmaker Audi have set up a strike committee to push for higher salaries, the AHFSZ union said, the latest sign of how labour shortages in the country are driving up wage expectations. The production and export of cars by foreign automakers is a key driver of economic growth in Hungary, where wages for skilled workers are well below Western European levels. The car sector accounts for more than a quarter of total industrial output in the eastern European Union member. The AHFSZ union said in a statement published late on Monday that the most recent management offer was "unacceptable" as it proposed to hike wages gradually, while a previously flagged bonus programme was scrapped. The strike committee aims to continue talks with Audi management, the statement said. A press official for Audi could not comment immediately. The action by Audi workers follows a December agreement with unions at rival carmaker Daimler''s Hungarian factory that will see base salaries increase by 10 percent in each of the next two years. Prime Minister Viktor Orban, who faces an election in early 2018, has agreed with employers that the minimum wage will increase by 15 percent this year and another 8 percent in 2018, while the payroll tax will also be lowered. Gross wages in Hungary rose by 6.2 percent year-on-year in the January-November period. The unemployment rate fell to 4.5 percent, the lowest in at least a decade, in September-November from 4.7 percent in August-October. (Reporting by Gergely Szakacs; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-audi-hungary-idUKKBN1580QB'|'2017-01-24T15:08:00.000+02:00'
'0e6802b98bfcc9c044563762c432b29fa0748b9e'|'LG Electronics posts 2016 operating profit of $1.2 billion'|' 22am GMT LG Electronics posts 2016 operating profit of $1.2 billion FILE PHOTO - A man looks at LG Electronics'' TV sets, which are made with LG Display flat screens, at its store in Seoul, South Korea, April 26, 2016. REUTERS/Kim Hong-Ji/File Photo SEOUL South Korea''s LG Electronics Inc reported on Tuesday a 2016 operating profit of 1.34 trillion won ($1.15 billion), up 12 percent from the previous year. In the fourth quarter, the company swung to an operating loss of 35 billion won, according to Reuters calculations, in line with its guidance earlier this month. (Reporting by Hyunjoo Jin; Writing by Joyce Lee;   After U.S. exit, Asian nations try to save TPP trade deal WELLINGTON/TOKYO Australia and New Zealand said on Tuesday they hope to salvage the Trans-Pacific Partnership (TPP) by encouraging China and other Asian nations to join the trade pact after U.S. President Donald Trump kept his promise to pull out of the accord.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lg-elec-results-idUKKBN1580WH'|'2017-01-24T16:22:00.000+02:00'
'73c7c9974dc3d5912c76391ce216d8c7f19e3063'|'S&P downgrades Rolls-Royce credit rating after bribery fine'|'Business News - Tue Jan 24, 2017 - 12:35pm GMT S&P downgrades Rolls-Royce credit rating after bribery fine FILE PHOTO - The setting sun reflects on a building at Rolls-Royce in Derby, central England , November 4, 2014. REUTERS/Darren Staples/File Photo LONDON Ratings agency S&P on Tuesday downgraded Rolls-Royce''s ( RR.L ) long-term corporate credit rating, responding to news last week that the aero-engine maker''s finances would be hit by a 671 million pound ($835 million) fine paid to settle a bribery investigation. S&P said it now rated Rolls-Royce ''BBB+'', down from a previous rating of ''A-'', adding that it now expected the company to show weaker leverage metrics. It said the outlook was stable. ($1 = 0.8033 pounds) (Reporting by Sarah Young, Editing by Paul sandle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rolls-royce-hldg-ratings-idUKKBN1581JJ'|'2017-01-24T19:35:00.000+02:00'
'dff5dacbcf03e1f27636899a7bf783c8af44e3ba'|'Amazon offers to drop e-book clauses to settle EU antitrust probe - source'|' 27am GMT Amazon offers to drop e-book clauses to settle EU antitrust probe - source FILE PHOTO: An Amazon.com Inc driver stands next to an Amazon delivery truck in Los Angeles, California, U.S., May 21, 2016. REUTERS/Lucy Nicholson/File photo BRUSSELS U.S. online retailer Amazon ( AMZN.O ) has offered to drop some clauses from its e-book deals with publishers in a bid to end an EU antitrust investigation and stave off a possible fine, a person familiar with the matter said on Tuesday. The proposal means that Amazon, the biggest e-book distributor in Europe, will not force publishers to give them terms as good as those for rivals, the source said. The European Commission is expected to seek feedback from rivals and customers before deciding whether to accept the proposal or demand more, the person said. The EU competition enforcer, which launched an investigation into the company in June 2015 on concerns that the disputed terms may make it difficult for other e-book publishers to compete, did not respond to an email seeking immediate comment. The investigation focuses on Amazon''s e-books in English and German. Under EU antitrust rules, companies can be fined up to 10 percent of their global turnover for violating laws. The Commission is also probing Amazon over its tax deal with Luxembourg, part of a crackdown on such deals in the 28-country bloc. (Reporting by Foo Yun Chee; editing by Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-amazon-com-antitrust-idUKKBN158162'|'2017-01-24T17:27:00.000+02:00'
'3c10c50eb458e3723de7e0d8dfbd8f275fab73ed'|'BRIEF-IndygoTech Minerals withdraws from issue of series K shares'|'Financials  15am EST BRIEF-IndygoTech Minerals withdraws from issue of series K shares Jan 26 IndygoTech Minerals SA : * Said on Wednesday that its board resolved to withdraw the resolution of its extraordinary general meeting concerning the issue of series K shares * The reason for the withdrawal is the termination by the company of the agreement for preparation of the public offering with pre-emptive rights and applying for admission of shares to trading on the regulated market concluded with a brokerage for reasons attributable to the contractor and the inability to carry out the public offering * The company resolved to issue series K shares on Aug. 9, 2016 Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FG13Y'|'2017-01-26T14:15:00.000+02:00'
'5af9de9dfb6b33943edb778859e6089d440a5c7f'|'UPDATE 1-S.Korea to boost economic cooperation with China amid THAAD concerns'|'* S.Korea to expand meetings, exchanges with China officials* Soprano Sumi Jo''s China tour cancelled with ''no reason'' -Tweet* China foreign ministry stresses its opposition to THAAD (Adds details)By Christine KimSEOUL, Jan 26 Worried that Beijing is punishing it over plans to deploy a U.S. anti-missile system, South Korea on Thursday said it will look to improve communication and cooperation with China to resolve difficulties faced by South Korean companies there.The South Korean government will expand meetings with local businesses doing trade with or in China and engage Chinese officials more frequently in international meetings, South Korea''s finance ministry said in a statement released after a regular government meeting on external economic conditions.Beijing strongly objects to South Korea''s decision last year to allow the United States to base a Terminal High Altitude Area Defence (THAAD) anti-missile battery in the country, worried that the system''s powerful radar can penetrate its territory.South Korea and the United States say THAAD is only intended to curb the missile threat from North Korea.Beijing is widely believed in South Korea to be retaliating over THAAD, including discriminating against some of its companies and cancelling performances by Korean artists without explanation."These measures could not have come out of thin air," a senior finance ministry official, who was not authorised to speak with the media and declined to be identified, told Reuters."It''s on everyone''s minds right now."Finance Minister Yoo Il-ho has said the government was looking into whether China''s recent rejections for South Korean charter flight applications was related to the THAAD deployment.On Thursday, he said uncertainties linked to China, South Korea''s biggest trading partner, could pose a threat to Asia''s fourth-largest economy.Kang Chang-beom, vice president at South Korean battery maker LG Chem Ltd, said in a Thursday earnings presentation that plans were under way to minimise the risk from China as much as possible, such as exporting batteries that it makes in China to offset declining sales there."I think there''s a risk the Chinese government''s discriminatory measures against foreign companies will continue for the time being because of political issues," he said.On Tuesday, renowned South Korean soprano Sumi Jo said on her Twitter account that her China tour had suddenly been cancelled after two years of preparations. It had been China that had initially invited her to perform, she said."It is greatly unfortunate that conflict between countries is now interfering with pure culture and arts," said Jo.Beijing has not confirmed whether such actions were linked to the anti-missile system deployment and Chinese Foreign Ministry spokeswoman Hua Chunying said on Wednesday she did not know anything about the Sumi Jo issue."As for people-to-people exchanges, we have consistently supported China and other countries having friendly people-to-people exchanges, as we think that these exchanges and the deepening of friendships are very important to developing relations between countries," she said."But under these circumstances, we hope South Korea can attach importance to China''s serious concerns and create even better conditions for normal people to people exchanges between the two countries." (Reporting by Christine Kim; Additional reporting by Jane Chung in SEOUL and Ben Blanchard in BEIJING; Editing by Tony Munroe and Nick Macfie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/southkorea-economy-china-idINL4N1FG192'|'2017-01-25T23:52:00.000+02:00'
'0a5c0538625acbdf38cf2f701ea74c4ad5cad77c'|'BREAKINGVIEWS-Panasonic joins ranks of Japan''s buyout bullies'|'FRB - Mon Jan 23, 2017 - 11:56pm EST Panasonic joins ranks of Japan''s buyout bullies Japan''s Panasonic Corp logo is pictured on its office building in Tokyo May 18, 2009. Shares of Panasonic tumbled nearly 9 percent on Monday after the Japanese electronics maker''s bigger-than-expected loss forecast triggered some brokerages to cut their ratings on the stock.... REUTERS/Yuriko Nakao(JAPAN BUSINESS SCI TECH) - RTXIRQP By Quentin Webb - HONG KONG HONG KONG (Reuters Breakingviews) - It''s time Japan''s reformers tackled the buyout bullies. For all Tokyo has done to make firms better run and more profitable, minority investors remain vulnerable to mistreatment. In principle, it''s heartening to see Japanese blue chips either buy up, or sell out of, listed units that they already control. These parent-child setups, which are common in the Tokyo market, invite conflicts of interest. Reality can be a bit murkier. For example, last month Panasonic, the electronics giant, offered to buy the remaining 45.5 percent of house builder PanaHome. The all-stock deal was worth about 58.4 billion yen ($515 million) as of Monday''s close. Procedurally, everyone did the right thing here. Both sides engaged banks to consider valuation, and the target set up an independent special committee to deal with the parent. The duo say the resulting exchange ratio, at 0.8 Panasonic shares for one PanaHome share, is "appropriate" and "proper". But outsiders are hopping mad. That''s because the valuations seem to ignore the target''s 112 billion yen of net cash. Strip that out, Credit Suisse analysts note, and the deal is worth just 5.6 times forward earnings. Analyst Jon Foster of Smartkarma argues some of the supposedly comparable firms used in this valuation are "random and inappropriate". This would matter less if the bar for success were higher. But Panasonic only requires two-thirds approval to move forward. Management only needs the support of a few sympathetic shareholders and passive-fund managers to carry the day, even if other investors kick up a fuss. Other firms have courted controversy with similar deals – last year, for example, proxy adviser ISS opposed Toyota''s buyout of rival Daihatsu, arguing it was disadvantageous to minority investors. A blizzard of reforms in recent years has improved corporate governance, shareholder returns and investor stewardship, but while progress has been real, it has also been uneven. It is odd that takeover thresholds have yet to be addressed. Imposing higher hurdles would be a helpful next step. In Hong Kong a 10 percent bloc of voting minority investors can veto deals involving related parties. A similar set up in Japan would help the weak stand up to bullies. (Editing by Pete Sweeney and Kate Duguid) Next In FRB'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-panahome-m-a-breakingviews-idUSKBN1580CQ'|'2017-01-24T10:48:00.000+02:00'
'cdd9d1541b96c770646d843088c1cf38b333bd64'|'UPDATE 1-Japan''s Mitsubishi Regional Jet maker again delays first delivery'|'Industrials  17am EST UPDATE 1-Japan''s Mitsubishi Regional Jet maker again delays first delivery * First delivery delayed to mid-2020 * MRJ is Japan''s first attempt at a passenger jet in decades * Aircraft''s launch customer is ANA (Adds background, detail) TOKYO, Jan 23 Mitsubishi Aircraft Corp on Monday confirmed deliveries of Japan''s first passenger jet in half a century would be delayed by another two years because the plane''s electrical systems need to be reconfigured. The postponement of the Mitsubishi Regional Jet (MRJ), the fifth since the programme began, means its launch customer, ANA Holdings Inc, will not receive delivery until 2020, the firm said in a press release. Two people with direct knowledge of the matter told Reuters on Friday that the jet would be delayed by around two years. The aircraft maker, which is two-thirds owned by Mitsubishi Heavy Industries Ltd, has so far secured 233 firm orders with 194 options to buy. The $47 million, 90-seat jet, which made its maiden test flight in November, represents Japan''s long-held ambition to revive a commercial aircraft industry dismantled by the United States after Japan''s defeat in World War Two. Production of Japan''s last passenger plane, the 60-seat YS-11, ended half a century ago after it failed to secure enough orders. The latest setback could hurt the Japanese plane maker''s chances of winning fresh orders in a market dominated by Brazil''s Embraer SA and Canada''s Bombardier Inc . Japan''s biggest carmaker, Toyota Motor Corp, and its largest trading company, Mitsubishi Corp, each own 10 percent in the regional jet venture. Other shareholders include Sumitomo Corp and Mitsui & Co Ltd. (Reporting by Tim Kelly and Maki Shiraki; Editing by Randy Fabi) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/mhi-mrj-idUSL4N1FD2DV'|'2017-01-23T14:17:00.000+02:00'
'094fff82cbb6a8f0378dc1fc2e47f048b19d2e9c'|'Italy''s Generali buys 3 pct of Intesa in defensive move'|'Deals  43pm EST Italy''s Generali buys 3 percent of Intesa in defensive move MILAN Italy''s biggest insurer Assicurazioni Generali said on Monday it had bought voting rights equal to 3.01 percent of Intesa Sanpaolo''s share capital, effectively blocking the lender from acquiring a large stake in itself. According to Italy''s cross-shareholding regulations, a company cannot hold more than 3 percent of another entity''s voting rights if the latter already has a stake of more than 3 percent in the former one. Generali''s biggest shareholder is Intesa''s domestic rival investment bank Mediobanca. The move comes after La Stampa daily reported over the weekend that Intesa was studying a possible investment in Generali which could be part of an accord with Germany''s Allianz. (Reporting by Agnieszka Flak; editing by Silvia Aloisi) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-generali-m-a-intesa-stake-idUSKBN1572DE'|'2017-01-24T00:41:00.000+02:00'
'910f37f9f670cca70072d7f4efcd1163f0198ebb'|'Credit Suisse, USS agree direct-lending finance joint venture'|'Private Equity  19am EST Credit Suisse, USS agree direct-lending finance joint venture LONDON Jan 25 Investment bank Credit Suisse and Universities Superannuation Scheme have agreed a deal to provide senior debt finance to funds active in the growing direct-lending market. The venture will be seeded with an initial $3.1 billion in outstanding loans that were originated by Credit Suisse in 2014 and 2015, all of which are secured by underlying portfolios of loans to medium-sized European firms, they said in a statement. (Reporting by Simon Jessop) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/credit-suisse-gp-uss-credit-idUSL5N1FF4RF'|'2017-01-25T21:19:00.000+02:00'
'ef701f6167f4f1748a972232348f6981020b77e7'|'Fitch Rates FWD Limited''s Subordinated Securities Final ''BB+'''|'Financials - Tue Jan 24, 2017 - 10:24pm EST Fitch Rates FWD Limited''s Subordinated Securities Final ''BB+'' (The following statement was released by the rating agency) HONG KONG, January 24 (Fitch) Fitch Ratings has assigned Hong Kong-based insurance group FWD Limited''s (BBB+/Stable) USD250m 6.25% subordinated perpetual securities a final rating of ''BB+''. The assignment of the final rating follows the receipt of documents conforming to information already received. The final rating is in line with the expected rating assigned on 8 January 2017. KEY RATING DRIVERS FWD Limited has issued the subordinated debts to strengthen liquidity and fund the growth of its Hong Kong-based life insurance subsidiary, if needed. Fitch estimates FWD Limited''s consolidated financial leverage would stand at 29% at end-1H16 on a pro-forma basis (end-2015: 30%), following the security issue. The perpetual securities will be eligible for 50% equity credit in calculating financial leverage according to Fitch''s methodology based on their cumulative features. The securities are rated three notches below FWD Limited''s Issuer Default Rating (IDR) due to their subordination status and non-performance risk. The securities are notched down two levels to reflect the poor recovery prospects of subordinated debt issued at a holding company. The rights and claims of security holders in the event of winding-up rank pari-passu with those of any parity obligations, such as the issuer''s preference shares. One additional notch is applied for non-performance risk, which Fitch views as minimal since interest deferral is at the issuer''s sole discretion. RATING SENSITIVITIES Any change to the Insurer Financial Strength Rating of FWD Limited''s subsidiary, FWD Life Insurance Company (Bermuda) Ltd (Insurer Financial Strength A/Stable), will lead to a corresponding change in FWD Limited''s Issuer Default Rating and the rating of the subordinated perpetual securities. For rating sensitivities details for the rating on FWD Limited and its insurance subsidiaries, see <a href="https://www.fitchratings.com/site/pr/1017310 ">Fitch Rates FWD Limited''s Proposed Subordinated Securities ''BB+(EXP), dated 8 January 2017. Contact: Primary Analyst Terrence Wong Director +852 2263 9920 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central Hong Kong Secondary Analyst Mia Yang Analyst +852 2263 9959 Committee Chairperson Jeffrey Liew Senior Director +852 2263 9939 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Insurance Rating Methodology (pub. 15 Sep 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1018046 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987141'|'2017-01-25T10:24:00.000+02:00'
'0ca3893e7a189a4c745c1e8b8e50571447b37cea'|'Siemens to pick banks for Healthineers listing: sources'|'Global Energy  58am EST Siemens to pick banks for Healthineers listing: sources Siemens logo is pictured at a building of the manufacturing plant of Siemens Healthineers in Forchheim near Nuremberg, Germany, October 7, 2016. REUTERS/Michaela Rehle By Arno Schuetze and Georgina Prodhan - FRANKFURT FRANKFURT German industrial group Siemens ( SIEGn.DE ) will shortly start picking banks to organize a stock market listing of its healthcare business, three people close to the matter said. Siemens will invite investment banks in early April to pitch for roles in the initial public offering (IPO), the people said, adding that Goldman Sachs ( GS.N ) had already been asked to look after some preparatory tasks for the IPO. "Goldman Sachs will very likely emerge as one of the global coordinators of the Healthineers IPO," one of the sources said, adding that Healthineers would be listed in late 2017 provided equity markets were favorable. Siemens and Goldman Sachs declined to comment. The business, Siemens''s most profitable, is estimated by analysts to have an enterprise value of around 36 to 37 billion euros ($39 to $40 billion). Barclays Capital, which rates Siemens "equal weight", estimates that that represents around 15 times 2018 earnings before interest, tax and amortization (EBITA), compared with 10.4 times for the trains-to-turbines group as a whole. "This is quite a high multiple factoring the strong cash generation and stable margin. However, top line growth has been muted and there are some headwinds ahead in both the U.S. and China, in our view," Barclays analyst James Stettler said. (Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-siemens-healthineers-ipo-idUSKBN15921F'|'2017-01-25T22:58:00.000+02:00'
'b20db1a4021b93298a89451ffd6ce1d9e9d47124'|'UPDATE 1-Santander to sell debut euro senior non-preferred bond'|'Financials   12:02pm EST UPDATE 1-Santander to sell debut euro senior non-preferred bond (adds background) By Alice Gledhill LONDON, Jan 25 (IFR) - Banco Santander is preparing to sell an inaugural senior non-preferred bond issue as early as this week as it starts to tackle an approximate 30bn issuance target over the next two years. The Spanish bank (rated A3/A-/A-) said earlier this month that it plans to issue 16bn-20bn in 2017 and another 12bn-15.5bn in 2018 of so-called senior non-preferred . This new style of senior debt is expected to become a major asset class for European banks as they respond to regulatory demands to beef up their loss absorbing buffers. Observers had expected the bank to make the most of buoyant market conditions after publishing its full year results on Wednesday, when it reported strong underlying profit growth. It has mandated Barclays and Santander as structuring advisors and Barclays, HSBC, Natixis and Santander as joint lead managers for the euro five-year benchmark, expected to be rated Baa2/BBB+/A-. Though the European Commission endorsed the senior non-preferred format late last year, the legislation permitting this type of issuance is only in place in France and is not expected to be passed elsewhere in Europe before the second half of 2017 at the earliest. But global systemically important banks (GSIBs) like Santander - which must meet a global standard known as total loss-absorbing capacity (TLAC) - cannot necessarily afford to wait that long, and the lender said it was considering using contractual provisions to save time. "Senior notes would include a contractual status clause which would contemplate a senior second ranking (''senior non-preferred'') in resolution and insolvency," the issuer wrote in a presentation. It said on Wednesday that the notes are intended to be eligible for TLAC and Europe''s minimum requirement for own funds and eligible liabilities (MREL), once those proposed regulations have been approved. Santander plans to issue 12bn-14bn of 2017''s target out of the main issuing entity, with another 2bn-3bn apiece from Santander UK and Santander Holdings USA. (Reporting by Alice Gledhill, Editing by Helene Durand) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/banco-santander-bonds-idUSL5N1FF5WI'|'2017-01-26T00:02:00.000+02:00'
'cf95c02e42189d264dac8b3a9ec2ea92d007eb79'|'Poland signs agreement with France''s DCNS to work on building submarines'|'World News   10:22am EST Poland signs agreement with France''s DCNS to work on building submarines WARSAW Poland''s state-run defense firm PGZ has signed a memorandum of understanding with French military shipbuilder DCNS that could allow them to work together on building submarines in Poland, PGZ said in a statement. The agreement marks an improvement in relations between Poland and France after Warsaw last year canceled a preliminary $3.4 billion helicopter deal with France''s Airbus, a decision which has angered Paris. "The signed agreement guarantees PGZ and the shipyards owned by PGZ ... a possibility to co-operate on building submarines in Poland," PGZ''s Chief Executive Arkadiusz Siwko said in a statement published by the company. Both sides expressed their willingness to cooperate on Polish plans to obtain submarines, coastal defense ships and patrol ships able to combat mines, PGZ said. Warsaw plans to devote 61 billion zlotys ($15 billion) by 2022 on acquiring military hardware, including three submarines. "This is a great chance. We are opening the doors to further cooperation, further deepening of our partnership relations," DCNS'' Deputy Chief Executive Alain Fourgeron was quoted as saying in the statement. "DCNS wants to contribute its experience so that Poland in the future is able to carry out its own defense programs," he said, adding there was still a lot of joint work ahead. NATO member Poland is one of the few countries in Europe which meets the alliance''s goal of spending 2 percent of economic output on defense. (Reporting by Marcin Goettig; Editing by Keith Weir) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-poland-france-dcns-idUSKBN1591WN'|'2017-01-25T22:17:00.000+02:00'
'a81c3f4b448ec915f475e659f42b7922123747e7'|'Tycoon Slim says ready to help Mexico negotiate with Trump'|'Politics - Fri Jan 27, 2017 - 2:28pm EST Tycoon Slim says ready to help Mexico negotiate with Trump Billionaire Carlos Slim look on as he listens to former New York City Mayor Michael Bloomberg (not pictured) during a forum in Mexico City, Mexico December 1, 2016. REUTERS/Carlos Jasso MEXICO CITY Mexican billionaire Carlos Slim said on Friday he is willing to help the government negotiate with Donald Trump, and called on Mexicans from all political parties to unite behind President Enrique Pena Nieto in his discussions with the U.S. president. In a rare news conference by the generally media-shy mogul, Slim said Mexico needed to negotiate from a position of strength, noting that Trump, who he called a "great negotiator," represented a major change in how politics is conducted. (Reporting by Christine Murray)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-mexico-slim-idUSKBN15B25Q'|'2017-01-28T02:28:00.000+02:00'
'a5cc291b07c713b843f3e6b205593f087b390428'|'Malcolm Turnbull cools on TPP ratification in face of hostile Senate - Business'|'Malcolm Turnbull has walked back a commitment to ratify the Trans Pacific Partnership agreement in parliament because it is not clear whether the legislation will pass.The Coalition began the week calling for a clear statement from parliament to ratify the agreement. In a statement on Sunday, the trade minister, Steve Ciobo, said “ratification of the agreement is the strongest message we can send on the importance of the TPP”. “It would be a clear statement from the Australian parliament that we reject protectionism and that open markets are the path to long-term sustainable job creation.”Turnbull and TPP: desperately pressing ahead despite negligible benefits - Greg Jericho Read more But Donald Trump formally dumped trade agreement on Tuesday in the final stages of negotiations in the decade long process and Labor has so far refused to commit to ratification until it sees legislation.Asked if the government would still introduce legislation for ratification when parliament returned, Turnbull equivocated on Thursday.“We will make the decision as to when legislation is introduced based on continuing discussions with other countries and, of course, the position in the Senate,” Turnbull said.“It’s not my practice to introduce legislation into the parliament that isn’t going to be passed. We’ll assess that on its merits.”Earlier this week the opposition leader, Bill Shorten, refused to commit Labor to ratifying the agreement in the parliament. Asked if Labor would vote against the TPP, Shorten said the agreement was dead.“The TPP is dead,” Shorten said. “How on earth can Mr Turnbull want to waste the time of the parliament, asking the parliament to ratify an agreement which includes America, when America’s not in it? It is just the peak of delusional absurdity.” Turnbull acknowledged the difficulties of both renegotiating the agreement between the 11 remaining members and ratifying the agreement in the parliament. He accused Shorten of populism and said Labor’s stance was a threat to jobs. “Bill Shorten thinks he can get on a populist bandwagon and be against trade and the absurdity of it is he is going around, in his fluoro vests, going to businesses which depend on trade,” Turnbull said on Thursday.TPP embed According to the final chapter of the TPP , the trade agreement can go ahead only if at least six of its 12 original members have ratified the agreement, and if those six countries represent 85% of the combined GDP of all 12 countries. Without the US or Japan involved there is no way for the remaining signatories to fulfil the 85% requirement.Turnbull described the withdrawal of the US as a very big loss which would require the TPP to be renegotiated among the remaining countries. However he said Japan had encouraged Australia to follow its lead and ratify the agreement anyway.“Japan has ratified the TPP and encouraged us to complete our ratification process, as indeed, have other countries because everyone would like, in the future, the United States to rethink its position and join the TPP,” Turnbull said.“But I don’t think – nothing is impossible – but I don’t think that’s likely in the foreseeable future.”The Guardian view on the Trans-Pacific Partnership: not a good deal - Editorial Read more Turnbull would not comment on Trump’s position but said Australia was highly dependent on trade.“It isn’t rocket science – we are much more dependent on trade than other comparable countries like the United States, for example,” Turnbull said.“So getting those markets open is the difference between having a job, having a better job, having as successful business right around Australia.”The Greens, One Nation and the Nick Xenophon Team are opposed to the TPP in the Senate.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/26/malcolm-turnbull-cools-on-tpp-ratification-in-face-of-hostile-senate'|'2017-01-26T10:58:00.000+02:00'
'fbbe1925397296ae0bff38cae5735cf0c0028098'|'MIDEAST STOCKS-Strong global trend may boost Gulf, Egypt'|'Financials - Thu Jan 26, 2017 - 12:48am EST MIDEAST STOCKS-Strong global trend may boost Gulf, Egypt DUBAI Jan 26 Stock markets in the Gulf and Egypt may generally rise on Thursday in response to a strong global environment, after the Dow Jones Industrial Average breached the 20,000 point-level for the first time on Wednesday. MSCI''s broadest index of Asia-Pacific shares outside Japan is up 0.7 percent to its highest level since Oct. 11 while Brent crude oil has added 0.9 percent to $55.57 a barrel, though it remains within the range of recent weeks. Equities in Saudi Arabia and Kuwait in particular have been in strong uptrends in the past few days. Egypt, reopening after Wednesday''s public holiday, may also be boosted by this week''s news that the government was set to sell $4 billion of Eurobonds in three tranches, raising twice as much as targeted when it began a roadshow last week, and at lower yields than initially expected. That is a vote of confidence from foreign investors in the country and confirmation that it has access to international capital markets to cover its deficits. (Reporting by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1FG0KX'|'2017-01-26T12:48:00.000+02:00'
'705c2be2783e84e342bee4b74f8bc5899defaf6f'|'German military to skip tender for 1.5 billion euro warship purchase'|' 16pm GMT German military to skip tender for 1.5 billion euro warship purchase BERLIN The German Defence Ministry on Thursday said it would skip an open tender for the planned purchase of five more corvettes valued at 1.5 billion euros (1.27 billion pounds) and instead ask the three-company consortium that built the existing warships to submit a bid. "The defence ministry has decided to ask the ARGE K130 consortium to bid for procurement of five additional, nearly identical ships," a ministry spokesman said. German lawmakers have criticised the ministry''s plans to skip a competition, saying it violated basic procurement principles mapped out by Defence Minister Ursula von der Leyen. The ARGE K130 group that built the first five Braunschweig-class corvettes was led by Blohm + Voss GmbH, a Hamburg-based shipyard, with participation of two other shipyards, Friedrich Luerssen Werft in Bremen and SIAG Nordseewerke GmbH. German lawmakers in October announced plans to spend 1.5 billion euros to buy five more of the ships to bolster security in the Baltic Sea and the Mediterranean. Von der Leyen launched reforms to improve the transparency of the military''s procurement process shortly after taking over as defence minister in December 2013, following a series of scandals and problems with earlier weapons programmes. Two of the biggest programmes launched since then have run into delays as they navigate the more rigorous process. The ministry has delayed a 4 billion euro procurement of new multi-role ships by six months, and a bid to build a new medium-range missile defence system came in billions of euros over expected levels, which will likely also cause delays.. (Reporting by Sabine Siebold, Writing by Andrea Shalal, Editing by Angus MacSwan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-navy-idUKKBN15A2P5'|'2017-01-27T02:16:00.000+02:00'
'804e1e08332f6b1963e13ad36901b267fa9f0233'|'Euro group chief warns Britain against tax haven temptation'|' 52am EST Euro group chief warns Britain against tax haven temptation AMSTERDAM Jan 24 The head of the council of euro zone finance ministers said Britain would be taking a "crazy step backwards" if it opted to turn itself into a tax haven after leaving the European Union, warning that such a move would hurt both Britain and the EU. "It would be bad for Europe, but also bad for England, bad for the United Kingdom, to end up as a kind of tax paradise off the European coast," Jeroen Dijsselbloem told Dutch RTL television on Tuesday. "In the current climate, where we are working closely with the British to tackle tax evasion, it would be a crazy step backwards." Dijsselbloem, who is also Dutch finance minister, said he had had discussions with London-based banks looking to relocate from London to the Netherlands after Brexit, adding that they seemed undeterred by strict Dutch rules on banking bonuses. "The strict regulations we have are aimed to protect Dutch clients," he said. "The law already says that the strict conditions don''t apply to international banks working from the Netherlands." (Reporting By Thomas Escritt; Editing by Hugh Lawson) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-eu-dijsselbloem-idUSA5N1BL00K'|'2017-01-24T21:52:00.000+02:00'
'8934afcf99234641aca3e480d5a36abe193463b1'|'BRIEF-Brookfield Canada Office Properties reports qtrly net income of $0.69 per unit'|' 48pm EST BRIEF-Brookfield Canada Office Properties reports qtrly net income of $0.69 per unit Jan 23 Brookfield Canada Office Properties - * Qtrly net income of $0.69 per unit * Qtrly trust FFO for three months ended December 31, 2016 was $0.42 per unit * Qtrly AFFO $0.33 per unit for three months ended December 31, 2016  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FD0LU'|'2017-01-24T05:48:00.000+02:00'
'0b7cae976fa7283f7de6f19b1cd15e8f7f8a568d'|'LPC-Banks battle it out to finance €1.1 billion Cerba buyout'|'Business News - Tue Jan 24, 2017 - 2:00pm GMT LPC-Banks battle it out to finance €1.1 billion Cerba buyout By Claire Ruckin - LONDON LONDON Banks are battling it out to get a mandate on a €1.1bn debt financing backing the buyout of European medical laboratory services operator Cerba, banking sources said on Tuesday. Partners Group and PSP Investments agreed to acquire European medical laboratory services operator Cerba from PAI Partners, the companies announced on Sunday. The acquisition followed an auction process. During the auction process, JP Morgan and Natixis, alongside BNP Paribas, Credit Agricole and Credit Suisse provided a staple financing package totalling €1.1bn, made up of senior leveraged loans and both senior secured and subordinated high-yield bonds. However, not all the staple banks are expected to be included on the final mandate as more banks try to secure a role on the deal, the sources said. “The staple financing was there to provide certainty of funds during the auction process but the staple is now there to be beaten,” a senior leveraged finance banker said. Although the size and structure of the debt financing is expected to remain the same, banks will be competing to offer the most attractive and least restrictive terms to the borrowers as well as the tightest pricing. Docs have been getting more aggressive in Europe’s leveraged loan market as banks and investors compete for paper, following a lack of event-driven financings. A decision on the final bank line up is expected in the coming days, the sources said. Cerba and PSP Investments were not immediately available to comment, Partners Group declined to comment. Cerba employs almost 4,300 people, including 350 biologists and generated revenues of approximately €630m in 2016. (Editing by Christopher Mangham)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cerba-loans-idUKKBN1581UH'|'2017-01-24T21:00:00.000+02:00'
'54efad22d1784abe94a0cc7a60617846d04d0dd5'|'Deutsche Bank mulls listing asset management unit - sources'|' 28pm GMT Deutsche Bank mulls listing asset management unit - sources FILE PHOTO: A green traffic light is seen next to the logo of Germany''s largest business bank, Deutsche Bank in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach/File Photo By Andreas Kröner - FRANKFURT FRANKFURT Deutsche Bank ( DBKGn.DE ) is considering a Luxembourg registration and a partial initial public offering of its asset management unit as part of its strategic revamp, people close to the matter said on Tuesday. The deliberations are still at an early stage, the sources added. Deutsche Bank   The move is aimed at freeing up capital, following a record payout for its missteps in selling mortgages in the United States, the sources added. Chief Executive John Cryan said at the gathering of policy makers and business executives in Davos last week that asset management remained "absolutely core". "People forget how big it is and it''s a very lovely steady stream of predictable profits and revenues for us so we like it very much so we’ll keep that," he said last week.   Arno Schuetze, editing by Emma Thomasson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-bank-asset-management-ipo-idUKKBN1582EJ'|'2017-01-25T00:28:00.000+02:00'
'29224b2e9d8c81707ecea97827b1f1615001fc64'|'UniCredit to set conditions of planned cash call next week: source'|'MILAN The board of Italy''s UniCredit ( CRDI.MI ) will decide next week the price and other conditions of a planned 13 billion euro ($13.9 billion) capital increase, a source close to the matter said on Friday.The source said the board meeting could take place on Feb. 1 or 2, allowing the lender to launch its cash call as soon as Feb. 6.UniCredit, the country''s largest bank by assets, will launch the share offer to boost its capital base as it embarks on a restructuring plan under new CEO Jean Pierre Mustier.(Reporting by Gianluca Semeraro; writing by Francesca Landini; editing by Paola Arosio and Steve Scherer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eurozone-banks-unicredit-cash-call-idINKBN15B11J'|'2017-01-27T08:18:00.000+02:00'
'46001c75306770fd5712a995f6c2db6c8d561aba'|'Euro zone corporate lending accelerates in December'|'  9:14am GMT Euro zone corporate lending accelerates in December Euro coins are seen in front of displayed flag and map of European Union in this picture illustration taken in Zenica, May 28 2015. REUTERS/Dado Ruvic FRANKFURT Bank loans to euro zone companies grew at the fastest pace in 4- 1/2 years last month and a key measure of money circulating, often an indicator of future activity, rose more than expected, the European Central Bank said on Friday. Corporate lending grew by 2.3 percent in December after a revised 2.1 percent increase one month earlier, the data showed. Household lending growth in the 19-member currency bloc accelerated to 2.0 percent from 1.9 percent in November, the biggest gain since mid 2011. The annual growth rate of the M3 measure of money circulating in the euro zone, which has in the past often predicted economic activity, rose 5.0 percent last month from 4.8 percent in November, slightly beating forecasts for 4.9 percent. (Reporting by Andreas Framke; Editing by Francesco Canepa)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-lending-ecb-idUKKBN15B0QE'|'2017-01-27T16:14:00.000+02:00'
'2ebff6e862e3132f1ede3a142c5346fe202fb4b9'|'India''s investors brace for transaction tax hike, less friendly budget'|'Financials - Fri Jan 27, 2017 - 1:52am EST India''s investors brace for transaction tax hike, less friendly budget By Rafael Nam - MUMBAI MUMBAI Jan 27 Investors in India are bracing for higher taxes and fewer incentives from the government''s annual budget on Feb. 1 as the focus shifts to wringing out revenues to finance giveaways and higher public investment. While Prime Minister Narendra Modi''s administration is widely seen as being friendly to businesses and investors, it not expected to announce any dramatic moves at a time when the economy is under pressure from a cash squeeze. Among expected measures are a hike in a transaction tax on stock derivatives trading and a less beneficial approach to long-term capital gains tax exemptions, according to analysts. (For more details, see Factbox ) India is also set to provide guidelines for new rules in April that will crack down on tax havens, while foreign portfolio investors are seeking clarity behind "indirect transfer" rules that could increase tax liabilities for overseas funds. But any negative impact from such measures could easily be offset should the government also lower corporate tax rates or provide incentives to sectors hit by government''s surprise decision in November to abolish high-value banknotes, analysts said. "We can certainly see a sensitivity for investor concerns, and the government wants to do things like ease the cost and complexities of doing business, improve India''s competitiveness rankings and attract foreign investors," said Rajesh H. Gandhi, a tax partner at Deloitte Haskins & Sells. "However, at the same time the government has revenue pressures as it seeks the meet its fiscal targets." Expectations for higher taxes for investors have increased since Modi said in December that market participants needed to make a "fair contribution" to nation-building, without providing any details. Among the potential measures could be a second consecutive annual hike in the Securities Transaction Tax for futures and options markets, currently set at around 0.05 percent for every 10 million trades. India could also lower the time threshold for long-term capital gains. Currently, investments sold after at least a 12-month holding period are exempt from taxes, while anything below that is taxed at up to 20 percent of the gains. For foreign investors, the budget is expected to provide guidelines behind the General Anti Avoidance Rule (GAAR) that will start in April, especially on whether it will take precedence over individual tax treaties such as those with Singapore or Mauritius. Overseas portfolio investors will also seek more details after India''s tax department said in December that foreign companies with more than 50 percent of their assets in India could be liable to pay indirect transfer taxes when exiting from their investments. The comment was seen as potentially ensnaring foreign funds that have more than half of their portfolios invested in India. (Editing by Kim Coghill) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-budget-markets-idUSL4N1FF3F8'|'2017-01-27T13:52:00.000+02:00'
'c72653a1188fd8db42f2e8cdc9de6877ed6f26bc'|'Asia Graphics-Japan, China lead Asia in export exposure to United States'|'Financials  58am EST Asia Graphics-Japan, China lead Asia in export exposure to United States Jan 27 Expectations of more protectionist policies from the new U.S. administration of Donald Trump are likely to hurt Asian countries with more export exposure to the United States. Japan leads the region with about 20 percent exposure, followed by China with 18 percent, based on 2015 data. For a chart on Asian countries'' export exposure to the United States: tmsnrt.rs/2jaCGlz (Reporting By Patturaja Murugaboopathy and Gaurav Dogra in Bengaluru; Editing by Gopakumar Warrier) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/asia-usexposure-graphics-idUSL4N1FH1TC'|'2017-01-27T14:58:00.000+02:00'
'5062c5095523f23775a5676b294510cc3e9af609'|'Merkel - Britain must accept EU''s freedoms to get access to single market'|'  6:46pm GMT Merkel - Britain must accept EU''s freedoms to get access to single market German Chancellor Angela Merkel attends a session of the lower house of parliament Bundestag in Berlin, Germany, January 26, 2017. REUTERS/Fabrizio Bensch GREIFSWALD, Germany German Chancellor Angela Merkel reiterated on Friday her stance that Britain will only get access to the European Union''s Single Market once it leaves the bloc if it accepts the freedom of movement of workers. "We made clear to Britain, which will make a formal application to leave - probably in March - that only those who really accept the fundamental freedoms of the Single Market - and that is the freedom of movement of goods, people and services - can get access to the Single Market," Merkel said at a meeting of her conservative Christian Democrats (CDU) in the northeastern city of Greifswald. (Reporting by Reuters TV; Writing by Michelle Martin; Editing by Dominic Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-germany-merkel-idUKKBN15B22E'|'2017-01-28T01:46:00.000+02:00'
'4f46eea6a3836800d8d3a513d10cc5be37416192'|'This textile firm survived Chinese competition'|'How one textile firm survived Chinese competition by Eleni Giokos @CNNMoney January 24, 2017: 1:11 PM ET Gelvenor was the first company to make a microfiber parachute material popular with sports enthusiasts and the military. Competition from China decimated South African textiles but one firm has found a way to fight back. By specializing in high performance fabrics, Gelvenor Textiles survived a brutal industry shakeout and built a business that now exports to 27 countries around the world... including China. "China hurt our textile industry but we succeeded," said Gelvenor CEO Dicky Coetzee. South Africa''s textile industry employed more than 200,000 people in 2001. That number has since fallen to 80,000. Gelvenor has thrived where others failed by choosing to compete with global textile giants on quality rather than price, innovating constantly to develop existing fabrics. "We use the Apple ( AAPL , Tech30 ) model -- they didn''t invest the cellphone but they mastered its use and that''s what we do when we innovate," said Coetzee. Gelvenor is based near Durban and employs 280 people. The company recently patented what it calls "revolutionary" fabric used to run conveyor belts in the mining sector. It hopes to secure local and international clients. Gelvenor has had most success in the field of aeronautical fabrics -- used to make parachutes and hot air balloons -- ballistic textiles and fire resistant materials. It was the first company in the world to manufacture low bulk, low volume parachutes and the first to use microfiber parachute yarns. The parachute fabric is "thinner, lighter and stronger," which appeals to sports enthusiasts and the military, Coetzee said. Gelvenor''s parachute material is popular with sports enthusiasts and military customers. Gelvenor, based in Hammarsdale near Durban, began life in 1965 manufacturing synthetic fabrics. It now employs 280 people with annual sales of $28 million -- that''s up 50% in five years, according to Coetzee. Its biggest markets are Russia, the United States, Israel, Australia and China. The Middle East was also important but demand collapsed in tandem with oil prices since 2014. U.S.-based Performance Designs was the biggest buyer of Gelvenor parachute fabric in 2016. The South African firm also supplies Russia''s space program. CNNMoney (Johannesburg) First published January 24, 2017: 1:11 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/24/smallbusiness/gelvenor-parachutes-south-africa/index.html'|'2017-01-25T01:19:00.000+02:00'
'2c664b9e998ac89d34e87c98e7281a236dc0ea19'|'Uniper wants to grow on its own, is no M&A target: CEO'|'BERLIN Uniper ( UN01.DE ), the power plant and energy trading unit spun off by German utility E.ON ( EONGn.DE ), wants to grow in its own, its chief executive said on Tuesday, dismissing market views that the group was a takeover target."Naturally, we have the aim and the desire to develop Uniper in a reasonable way on its own. That is our strategy," Klaus Schaefer told Reuters in an interview on Tuesday. "It can''t be the goal of a company to be a takeover candidate."Uniper is cutting jobs and investments as it fights a crisis at its generation business which is so dramatic that the firm was recently declared a "takeover target" by Goldman Sachs.(Reporting by Tom Kaeckenhoff, Vera Eckert and Christoph Steitz; Editing by Arno Schuetze)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-uniper-ceo-m-a-idUSKBN1581XH'|'2017-01-24T17:18:00.000+02:00'
'46f3e31ebdf358ce1f0c9abb6c37ba42b80529e6'|'Zee Entertainment up about 9 pct'|'Jan 24 Zee Entertainment Enterprises Ltd :* Dec-quarter consol net profit 2.51 billion rupees* Dec-quarter consol total 16.39 billion rupees* consol net profit in Dec quarter last year was 2.31 billion rupees as per ind-as; consol total 15.85 billion rupees* says decelartion in ad revenue during the quarter largely attributable to demonetisation* says timing of spends by advertisers been re-calibrated to suit change in dynamics due to demonetization* says ad spends have already started moving up from December levels Source text: ( bit.ly/2j8U2KO (Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/idINFWN1FE06S'|'2017-01-24T06:27:00.000+02:00'
'96982decb4cfddec30403f2bd8e553887e1c3922'|'Post-it notes maker 3M''s quarterly profit rises 11.3 percent'|'Market   Post-it notes maker 3M''s quarterly profit rises 11.3 percent Jan 24 3M Co, the maker of Scotch tape and Post-it notes, reported an 11.3 percent increase in quarterly profit as the company kept a tight lid on costs. Net income attributable to the company rose to $1.15 billion, or $1.88 per share, in the fourth quarter ended Dec. 31, from $1.04 billion, or $1.66 per share, a year earlier. The company''s operating expenses fell 2.3 percent. Net sales fell 0.4 percent to $7.33 billion. (Reporting by Ankit Ajmera and Shashwat Awasthi in Bengaluru; Editing by Maju Samuel) Next In Market News UPDATE 1-Lockheed warns of material weakness in Sikorsky financial statements Jan 24 Lockheed Martin Corp said on Tuesday it delivered fewer F-35 jets in 2016 than it estimated and also said it expected to report a material weakness in internal control over financial reporting at its Sikorsky helicopters business.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/3m-results-idUSL4N1FE45P'|'2017-01-24T19:42:00.000+02:00'
'897f0a8aad7dacaa15d164acda8d6485e62eb741'|'Miners lift FTSE into positive territory as BT slumps'|'Business News - Tue Jan 24, 2017 - 10:59am GMT Miners lift FTSE into positive territory as BT slumps A worker shelters from the rain as he passes the London Stock Exchange in the City of London at lunchtime October 1, 2008. REUTERS/Toby Melville/File Photo By Atul Prakash - LONDON LONDON Britain''s top share index rose on Tuesday, with a sharp dollar-induced rally in mining companies outpacing a slump in BT Group ( BT.L ) after a profit warning by the telecoms business. The blue-chip FTSE 100 index .FTSE , which touched a three-week low in the previous session, was up 0.2 percent at 1040 GMT after the UK Supreme Court ruled that Prime Minister Theresa May must gain parliament''s approval before she begins Britain''s formal exit from the European Union. "The court ruling is a slap in the face of the British government. However, parliament is likely to give its approval and the Brexit timeline could remain on track," said Jawaid Afsar, senior trader at Securequity. "As far as investors are concerned, one more uncertainty is now out of the way and they can focus on other things." Basic resources stocks were in demand, with the UK mining index .FTNMX1770 climbing 3.9 percent to its highest since late 2014 after the dollar traded near its lowest since early December on concerns that U.S. President Donald Trump is more focused on protectionism than pro-growth economic policies. Trump formally withdrew the United States from the Pacific Rim Trans-Pacific Partnership (TPP) on Monday, distancing the United States from its Asian allies. A weaker dollar makes metals cheaper for holders of other currencies and boosts prices of key industrial metals. Anglo American ( AAL.L ), BHP Billiton ( BLT.L ), Antofagasta ( ANTO.L ), Rio Tinto ( RIO.L ) and Glencore ( GLEN.L ), were the top five gainers, rising by between 3.6 percent and 5.9 percent. However, the index''s advance was capped by a sharp fall in BT after it cut revenue, earnings and cashflow forecasts for the next two years, citing the discovery that improper accounting at its Italian business went far deeper than previously thought. Shares in the company dropped more than 17 percent to 315 pence. "The revelation that accounting deficiencies in Italy are worse than previously thought is a bitter and, needless to say, unwelcome pill to swallow for BT investors," said Hargreaves Lansdown analyst George Salmon. "With news that its Business and Public Sector division is coming under pressure, too, worries about the group’s ability to fund its generous dividend policy will surely grow.” BT''s shares were on track for their biggest one-day percentage loss since late 2008. Elsewhere, easyJet ( EZJ.L ) fell by 7.5 percent after the budget airline said that a weaker pound and higher fuel prices would hit profit more than expected this year. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN15819B'|'2017-01-24T17:59:00.000+02:00'
'ab17961db0f677218e823b15343161bcfa825cfb'|'Correction: Fitch Rates Toyota Astra Financial Services'' Bonds ''AAA(idn)'''|'Financials   1:15am EST Correction: Fitch Rates Toyota Astra Financial Services'' Bonds ''AAA(idn)'' (The following statement was released by the rating agency) JAKARTA, January 24 (Fitch) This is a correction of a release published earlier today. The rating on the bonds with maturity of 370 days was incorrect in the Fitch database and this release serves to correct that rating. There is no change to the text of the release. Fitch Ratings Indonesia has assigned ratings to PT Toyota Astra Financial Services'' (TAFS; AAA(idn)/Stable) proposed senior bonds, as follows: - bonds with a maturity of 36 months assigned a National Long-Term Rating of ''AAA(idn)'' - bonds with a maturity of 370 days assigned a National Long-Term Rating of ''AAA(idn)'' TAFS''s proposed bond issuance, the second tranche under bond programme II, will be up to IDR1.6trn in total. Proceeds from the issuance will be used for working capital purposes. ''AAA'' National Ratings denote the highest rating assigned by Fitch on its national rating scale for that country. This rating is assigned to issuers or obligations with the lowest expectation of default risk relative to all other issuers or obligations in the same country. KEY RATING DRIVERS The bond issues under the programme are rated at the same level as TAFS''s National Ratings in accordance with Fitch criteria. TAFS''s ratings reflect its strong support from Toyota Financial Services Corporation (TFSC), one of its two major shareholders. TFSC is a wholly owned subsidiary of Toyota Motor Corporation (TMC; A/Stable), one of the biggest automotive manufacturers in the world. As part of the Toyota group, TAFS benefits from product knowledge and funding support. The latter is derived from TMC''s strong relationship with Japanese banks and Japanese government-backed financial institutions. TAFS provides financing for the purchase of Toyota cars in Indonesia. TAFS also benefits from support from PT Astra International Tbk (AI), the other major shareholder, particularly in dealership networks. AI is a leading car distributor in Indonesia and holds exclusive rights to sell Toyota vehicles in the country. The Stable Outlook reflects Fitch''s expectations that TMC and AI will continue to support TAFS if needed. RATING SENSITIVITIES Any decline in TMC''s ownership would exert downward pressure on TAFS''s ratings, as would a decline in support from both shareholders. However, Fitch sees this prospect as remote in the foreseeable future, given TAFS''s strategic role in providing financing for Toyota cars sold in Indonesia. There is no rating upside as the rating is already at the top of the scale. Any changes in TAFS''s National Long-Term rating would affect these issue ratings. Contact: Primary Analyst Priscilla Tjitra Associate Director PT Fitch Ratings Indonesia DBS Bank Tower 24th Floor, Suite 2403 Jl. Prof. Dr. Satrio Kav 3-5 Jakarta, Indonesia 12940 +62 21 2988 6809 Committee Chairperson Jonathan Lee Senior Director +886 2 8175 7601 Date of Relevant Rating Committee: 6 December 2016 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Note to editors: Fitch''s National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated ''AAA'' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as ''AAA(idn)'' for National ratings in Indonesia. Specific letter grades are not therefore internationally comparable. Additional information is available on www.fitchratings.com Applicable Criteria Global Non-Bank Financial Institutions Rating Criteria (pub. 15 Jul 2016) here National Scale Ratings Criteria (pub. 30 Oct 2013) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987590'|'2017-01-24T13:15:00.000+02:00'
'34b489c7f2f5a0697a3c6c4c2081076034f1060b'|'PRESS DIGEST - Wall Street Journal - Jan 24'|'Jan 24 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- President Donald Trump started his first full workday at the White House focused on the economy, trade and jobs, withdrawing from the Trans-Pacific Partnership (TPP) agreement and promising to tax firms that move operations overseas. on.wsj.com/2klQzOb- A federal judge Monday blocked the proposed merger of health insurers Aetna and Humana on antitrust grounds, a potentially fatal legal blow to the $34 billion deal. on.wsj.com/2klXsis- The Senate confirmed Representative Mike Pompeo of Kansas as director of the Central Intelligence Agency, putting a Republican lawmaker in charge of the nation''s top spy agency. on.wsj.com/2km04wI- A government watchdog group filed a lawsuit alleging President Trump is violating the U.S. Constitution by maintaining ownership of businesses that accept payments from foreign governments. on.wsj.com/2km3yzq- Yahoo, subject of two huge data breaches that have cast a shadow over its deal with Verizon Communications., pushed back its expected closing date for the transaction, citing "work required to meet closing conditions." on.wsj.com/2km3Ar2- The lending arm of Ford Motor Co has tapped a San Francisco startup to make it easier for its customers to buy and finance a car without going into a showroom. on.wsj.com/2km2c7R- Sprint Corp will buy one-third of Tidal, the streaming-music service run by rap mogul Jay Z, the latest content deal secured by a network provider. on.wsj.com/2klTrue- The Syrian regime and the rebel opposition ended the first day of peace talks on Monday without reaching agreement on how to monitor a shaky cease-fire, but the sides continued trying to hammer out details of a potential deal. on.wsj.com/2klUZV7(Compiled by Vishal Sridhar in Bengaluru)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1FE2FY'|'2017-01-24T09:42:00.000+02:00'
'26e1e784b1fcff913f140d51bf134d9a37b9966d'|'China urges U.S. to act and speak cautiously on South China Sea'|'BEIJING Jan 24 China urged the United States on Tuesday to act and speak cautiously on the South China Sea, saying China has irrefutable sovereignty over the Spratly Islands.China''s foreign ministry spokeswoman Hua Chunying made the comments at a daily press briefing in Beijing after the new U.S. administration of President Donald Trump vowed on Monday that the United States would prevent China from taking over territory in international waters in the South China Sea. (Reporting by Ben Blanchard; Writing by Christian Shepherd; Editing by Robert Birsel)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-china-southchinasea-ministry-idUSB9N1FA00R'|'2017-01-24T10:22:00.000+02:00'
'0e84c1ad62e37822b2b990d585b47652492d7bdc'|'WEEKAHEAD-AFRICA-FX-Kenya, Uganda shillings and Ghana cedi seen weaker'|'Financials  03am EST WEEKAHEAD-AFRICA-FX-Kenya, Uganda shillings and Ghana cedi seen weaker NAIROBI, Jan 26 Kenyan and Tanzanian shillings and Ghana''s cedi are seen weakening against the dollar in the coming week, while Nigeria''s naira will hold steady, traders said. KENYA The Kenyan shilling was seen weakening against the dollar in the coming week due to increased dollar demand from oil importers making end month transactions, traders said, adding they would also seek direction from central bank''s rate-setting meeting on Jan. 30. Commercial banks quoted the shilling at 103.85/104.05 to the dollar, compared with 103.75/85 at last Thursday''s close. "We expect end month obligations to place pressure on the shilling going forward," a trader from a commercial bank said. TANZANIA The Tanzanian shilling is seen trading with a weakening tone in the days ahead, undermined by growing appetite for dollars from energy and manufacturing sectors and a slowdown in inflows for greenbacks. Commercial banks quoted the shilling at 2,225/2,235 to the dollar on Thursday, stronger than 2,245/2,255 a week ago. "The shilling is expected to weaken next week after gaining some ground on the U.S. dollar due to end of month inflows," said Moses Kawiche, a trader at CRDB Bank. NIGERIA Nigeria''s naira is seen broadly stable on the parallel and official foreign exchange market next week as international money transfer agents sustain dollar sales to bureau de change operations. The local currency was quoted at 498 to the dollar on the open on the black market, broadly unchanged from 497 a dollar last week, while banks quoted the naira at 315 a dollar, but expected to close around 305 to the dollar the level it has traded at since August last year. "Confidence is gradually returning to the forex market as a result of improved foreign exchange reserves, dollar sales by international money transfer agents and central bank assurance it will continue to support the local currency," one trader said. The central bank said on Tuesday it would continue to provide hard currency, with priority given to manufacturing industries that need to import raw materials and spare parts. GHANA Ghana''s cedi could remain under pressure next week as central bank forex auctions failed to meet a growing dollar demand by local businesses for their imports, analysts say. The local currency has come under pressure since mid-January, relapsing to a previous record low of 4.3550 to the dollar at mid-morning Thursday compared to 4.3375 a week ago. The central bank said it sold $69 million to banks on Wednesday in renewed efforts to stabilise the cedi. "The market is sending a clear signal about the inadequacy of dollar volumes being sold by the central bank ... the cedi could remain under pressure in the week ahead if forex inflows do not improve," analyst Joseph Biggles Amponsah of the Accra-based Dortis Research said. ZAMBIA Zambia''s kwacha is seen extending gains into next week with overall sentiment boosted by a return of rainfall that has eased electricity supply constraints after a severe drought, while companies sell the dollars to meet month-end payments. The kwacha has gained more than 1 percent this week, holding steady at its firmest levels since December, and was trading at 9.7650 per dollar on Thursday compared with its close of 9.8800 last Thursday. "Sentiment has really turned with the return of rainfall, which points to a better harvest in coming months and also a stabilisation of the dam levels. Corporates are also doing well, and all of this supportive of the currency," said a trader in the capital Lusaka. (Reporting by John Ndiso, Fumbuka Ng''wanakilala, Kwasi Kpodo, Oludare Mayowa and Mfuneko Toyana; Compiled by George Obulutsa; Editing by Alison Williams) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/africa-currencies-idUSL5N1FG2D2'|'2017-01-26T20:03:00.000+02:00'
'2c3ce2f5c1c92178fdee7607e754814a89cf3239'|'Irish fin min says AIB share sale likely in May or June'|'New Issues News   9:58am EST Irish fin min says AIB share sale likely in May or June DUBLIN Jan 26 Ireland will likely sell a 25 percent stake in state-owned Allied Irish Banks (AIB) in May or June, Finance Minister Michael Noonan said on Thursday. Last year Ireland pushed back the likely timetable for a partial sale of its 21 billion euro ($22 billion) investment to 2017 from 2016, citing unfavourable market conditions. AIB is 99 percent state-owned. "All the banks are trading profitably and we''re set to organise an IPO, probably in May or June, to sell around 25 percent of it," Noonan told journalists in Brussels. ($1 = 0.9357 euros) (Reporting by Conor Humphries; Editing by Elaine Hardcastle) Next In New Issues News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/aib-ipo-idUSL5N1FG5VF'|'2017-01-26T21:58:00.000+02:00'
'e22dfe86a86578d7556d6fef616fb076085e5844'|'Aberdeen says backs Imperial Brands decision to ditch pay policy plan'|'Big Story 10   7:58am EST Aberdeen says backs Imperial Brands decision to ditch pay policy plan LONDON British fund firm Aberdeen Asset Management said on Thursday it welcomed a decision by Imperial Brands to ditch a proposal to change pay plans for its directors at the firm''s impending annual meeting. Imperial''s announcement earlier on Thursday that it would not put a planned resolution to the vote on Feb. 1, in response to shareholder concerns, had come "rather late in the day", said Aberdeen''s deputy head of UK and European Equities, James Laing. "Remuneration policies need to be simple and reflect the broad context. Hopefully when it comes to formulating the revised remuneration policy this will be fully reflected in the engagement with shareholders," he said in a statement. Aberdeen is the 12th biggest investor in Imperial Brands, with a 1.44 percent stake, Thomson Reuters data showed. Imperial Brands said in the earlier statement that its directors would continue to be assessed according to the metrics agreed by shareholders at its annual general meeting in 2015. "While we received considerable support, it is clear that views have changed over time and that the right course now is to withdraw resolution," Imperial''s chairman, Mark Williamson, said. (Reporting by Simon Jessop; editing by Carolyn Cohn) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-imperial-brands-aberdeen-salary-idUSKBN15A1OB'|'2017-01-26T19:57:00.000+02:00'
'2356be8202021ac96ea9a0d44f89961f5774ef0e'|'Sensex rises; Nifty set for biggest weekly gain in 8 months'|'Money   11:31am IST Sensex rises; Nifty set for biggest weekly gain in 8 months Brokers trade at their computer terminals at a stock brokerage firm in Mumbai, India, August 25, 2015. REUTERS/Shailesh Andrade/Files By Aby Jose Koilparambil Indian shares rose for a fourth consecutive session, helped by a rally in financial firms and optimism ahead of the annual federal budget next week, with the broader NSE index poised to post its biggest weekly gain in eight months. Recent corporate results have been better than expected, analysts said, while investors are also anticipating giveaways and incentives to help nurse an economy hit by the shock ban on higher-value banknotes late last year. "Results (at financial firms) have positively surprised the markets so far," said Ankit Agarwal, fund manager and senior vice president at Centrum Wealth Management Ltd. "The negative impact of demonetisation was probably not as bad as it was initially thought." The broader NSE index was up 0.7 percent at 8,662.00 by 0552 GMT. It has risen 3.75 percent so far this week despite markets being shut for a public holiday on Thursday. The index is set to post its best weekly gain since May 27, 2016. The benchmark BSE index was 0.8 percent higher at 27,939.59, and was headed for a 3.4 percent increase on the week. Financial stocks led by Axis Bank, Housing Development Financial Corp and HDFC Bank contributed around 50 percent to the gains on the NSE index on Friday. Axis Bank, Bank of Baroda and ICICI Bank were up as much as more than 3 percent. (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Biju Dwarakanath) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-stocks-idINKBN15B0D6'|'2017-01-27T13:01:00.000+02:00'
'b8573c296c883a1f82ed8f88d88280867275d9d7'|'Japan government to release new consumer price index excluding fresh food, energy'|'TOKYO Japan''s government said on Friday it will begin releasing a new index on consumer prices that excludes the effect of volatile fresh food and energy costs.The first new index, reporting January data, will be published on March 3.The index, which covers the same type of goods and services as the Bank of Japan''s index, would be useful in tracking consumer price trends as it excludes the effect of one-off factors that lead to temporary price fluctuations, the government said.For monthly consumer price data, the government currently releases the overall (CPI), the core CPI that excludes fresh food prices, and the "core-core" CPI that strips away the effect of all food and energy prices.The new index - to be issued in addition to the government''s existing ones - will include processed food prices.It will be a good measurement of Japan''s broad price trend, given the big impact processed food prices have on consumer inflation, the government said in a statement.On Friday, the government said core CPI in December earlier, the smallest decline in nearly a year.(Reporting by Leika Kihara; Editing by Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/japan-economy-cpi-release-idINKBN15B030'|'2017-01-26T21:44:00.000+02:00'
'eb08b883b68a39960209fd4e746ae16da0b8c3e8'|'BRIEF-Fitch - Japan mega banks face challenges from unconventional policies'|'Financials - Thu Jan 26, 2017 - 11:34pm EST BRIEF-Fitch - Japan mega banks face challenges from unconventional policies Jan 26 Fitch on Japan''s mega banks : * Japan''s mega banks face challenges from unconventional policies, market volatility * Expects the banking sector''s profitability will continue to be pressured * Capital positions will remain intact with reduced vulnerability to market volatilities * Overseas loan growth to slow with the rising costs of foreign-currency funding Source text for Eikon: SE Asia Stocks-Steady tracking strong global markets; S''pore hits 15-mth high By Hanna Paul Jan 27 Southeast Asian stocks were steady on Friday in thin trading, tracking a rally in broader global peers on strong U.S. corporate earnings and an overnight surge in oil prices. MSCI''s world index, which tracks shares in 46 countries, hovered near record highs, cheered by a 2 percent rise in oil prices and a rebound of the greenback from a seven-week low. U.S. President Donald Trump''s pro-growth initiatives also boosted sentiments. "Everybody was a HONG KONG, Jan 27 Hong Kong home prices shattered records for the second consecutive month, reaching yet another life-time high in December, the latest government data released on Friday showed. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FG19I'|'2017-01-27T11:34:00.000+02:00'
'1d1fd437aae23ec68b8740d2dfea84e0467cf080'|'Germany urges EU to speed trade deals after Trump, Brexit'|'Business News - Fri Jan 27, 2017 - 1:55pm GMT Germany urges EU to speed trade deals after Trump, Brexit A rainbow is seen behind European flags during a euro zone EU leaders emergency summit on the situation in Greece at the European Council headquarters in Brussels, Belgium, July 7, 2015. REUTERS/Eric Vidal By Tom Körkemeier - BRUSSELS BRUSSELS Germany called on the European Union on Friday to speed deals to open trade with a dozen or more countries, mainly in Asia, and to boost support for free trade around the world in response to scepticism about it from new U.S. President Donald Trump. In a paper presented to EU finance ministers at a meeting in Brussels and seen by Reuters, the bloc''s leading economic power repeated its view that Trump, along with Britain leaving the EU, posed risks for the world economy. The Union must bolster common policies such as in defense, diplomacy and the economy, it said. It should also "give a timely push against protectionism and for free trading relationships and international cooperation", the paper continued, referring indirectly to Trump''s scepticism on trade agreements. In his first week in office, he signed an order pulling the United States out of the multilateral Trans-Pacific Partnership with Asian states. Listing 12 countries, mainly in Asia, that are at varying stages of talks with Brussels, where the EU executive runs trade policy, the German paper said: "The Commission should seize the initiative now to make decisive progress in these negotiations." It noted potential deals with: Indonesia, the Philippines, Malaysia, India, China, Vietnam, Singapore, Japan, Thailand, Myanmar, Australia and New Zealand. It also noted that talks dating back some 20 years with the six Arab countries of the Gulf Cooperation Council had lately shown little progress. (Writing by Alastair Macdonald; editing by Ralph Boulton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-trade-germany-idUKKBN15B1EG'|'2017-01-27T20:54:00.000+02:00'
'122a0ded8d84e99b7a838c93b5ee87147664cf68'|'Halyk Bank CEO says KKB needs to shed bad assets before deal'|'Financials   12:59am EST Halyk Bank CEO says KKB needs to shed bad assets before deal ALMATY Jan 30 Kazakhstan''s Halyk Bank , which is in talks to take over rival Kazkommertsbank (KKB), wants the latter to get rid of bad assets before a deal is finalised, Halyk Bank Chief Executive Umut Shayakhmetova told Forbes on Monday. Earlier this month, two of the biggest lenders in the oil-rich Central Asian country said they were in talks over a merger and acquisition transaction, but provided no further details. In an interview published by the local edition of Forbes, Shayakhmetova made it clear Halyk was the potential buyer in the deal, but said it was not interested in buying KKB in its current form. "We expect there to be a complicated structure, most likely a slimmed-down bank (KKB) will be acquired," she said. "We are interested in a structure that would provide for the split-off of bad assets. It is possible that the deal will involve state support." Half of KKB''s assets totalling $15.7 billion are tied up in a single loan to BTA, a former bank that is now a distressed asset management company. BTA has so far missed no repayments on that debt, but the outlook is uncertain. (Reporting by Olzhas Auyezov; Editing by Sherry Jacob-Phillips) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/kazkommertsbank-halyk-bank-idUSL5N1FK0H4'|'2017-01-30T12:59:00.000+02:00'
'e77e800b70016b2d1a8810fb801a809331ac0625'|'Hong Kong shares rise, but gains capped without inflows from the mainland'|'Industrials  30am EST Hong Kong shares rise, but gains capped without inflows from the mainland Jan 25 Hong Kong stocks rose on Wednesday, taking their cue from a firmer Wall Street, but market turnover was subdued without support from the mainland as the connect-schemes with Shanghai and Shenzhen did not operate ahead of the Lunar New Year. The Hang Seng index added 0.4 percent, to 23,049.12 points, while the China Enterprises Index lost 0.2 percent, to 9,742.32 points. Market turnover stayed thin as some mainland investors had already gone on leave ahead of the big holiday. The mainland''s exchanges will be closed for a one week starting this Friday. Hong Kong exchanges will be closed on Jan. 30 and 31. Most sectors advanced on Wednesday. Indexes tracking tech , services and raw materials sectors all rose more than 1 percent. (Reporting by Jackie Cai and John Ruwitch; Editing by Richard Borsuk) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-stocks-hongkong-close-idUSZZN2NXL00'|'2017-01-25T15:30:00.000+02:00'
'e757b3f2d069ff921ba371cd43ad3b86870dcce0'|'Nigeria''s central bank - those who oppose foreign exchange policy are unpatriotic'|'By Camillus Eboh - ABUJA ABUJA Nigeria''s central bank said on Thursday that those who oppose its foreign exchange policy are unpatriotic, after it came under criticism for pegging the naira at an artificially strong rate to the dollar despite heavy inflationary pressure.The naira can sell for almost 500 to the dollar on the illegal parallel market, while the government has pegged its value to around 305 to the dollar since June.The Central Bank of Nigeria''s (CBN''s) policies are aimed at conserving foreign exchange, stimulating agriculture and manufacturing and promoting exports, the central bank said in a statement."Intelligence reports at the disposal of the Bank reveal the involvement of some unpatriotic elements funding the push to have the CBN and the Federal Government reverse its forex policy," the bank said, without providing further details of those intelligence reports.The bank said it would ensure inflation remains within manageable limits, intervene in critical sectors of the economy by injecting capital and provide credit to farmers and small businesses at low rates."We will continue to ensure monetary and price stability as well as maintain external reserves to safeguard the international value of the Naira," said the CBN.The CBN has been widely criticised by economic experts and the public alike for not allowing the naira to float freely, which those critics have blamed for a slew of problems, from foreign investment drying up to an inability to import goods.Instead, the central bank in part blamed the "past practice of frittering away huge earnings made from oil sales" for the country''s economic woes."Our decisions on forex management are prompted by the challenge posed by the level of depletion of the country’s reserves, arising from issues such as a drastic reduction in oil earnings, (and) speculative attacks," it said.Indeed, Nigeria has been hit by low global crude prices and attacks on facilities in the restive and oil-rich southeast Delta region by militants.The government relies upon crude exports for roughly 70 percent of its revenues, which heavily contribute to foreign exchange reserves.Foreign currency earnings fell from over $3.2 billion a month in 2013 to below $500 million a month in 2016, when the demand for dollars continued to rise, the CBN said.(Reporting by Camillus Eboh; Writing by Paul Carsten; Editing by Toby Chopra)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/nigeria-cenbank-idINKBN15A2ZE'|'2017-01-26T18:18:00.000+02:00'
'b15fe2beaf17b523111df5c9e9caedcfc4587650'|'Alphabet quarterly revenue rises 22.2 percent'|'Business  15pm GMT Alphabet quarterly revenue rises 22.2 percent A Google search page is seen through a magnifying glass in this photo illustration taken in Berlin, August 11, 2015. REUTERS/Pawel Kopczynski/File Photo Google parent Alphabet Inc ( GOOGL.O ) reported a 22.2 percent increase in quarterly revenue on Thursday as advertisers spent more to reach an expanding user base that spends ever more time on smartphones and on YouTube. Alphabet''s net income rose to $5.33 billion (4 billion pounds), or $7.56 per Class A and B share and Class C capital stock, in the fourth quarter, from $4.92 billion, or $7.06   The company''s consolidated revenue rose to $26.06 billion in the three months ended Dec. 31 from $21.33 billion a year earlier. (Reporting by Anya George Tharakan   Saumyadeb Chakrabarty) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-alphabet-results-idUKKBN15A2YK'|'2017-01-27T04:10:00.000+02:00'
'a55f24426950c6f93bd3f22fc2b376c10e557934'|'Germany''s Schaeuble warns UK against trying to become tax haven'|' 04pm GMT Germany''s Schaeuble warns UK against trying to become tax haven Wolfgang Schaeuble, German Minister of Finance attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 20, 2017. REUTERS/Ruben Sprich By Francesco Canepa - FRANKFURT FRANKFURT Germany''s finance minister on Wednesday warned Britain against trying to turn itself into a tax haven to woo companies after it leaves the European Union, saying any such attempt would go "awry". Britain''s finance minister said last week the government could cut taxes to stay competitive as international banks weigh moving some of their London operations to the continent out of fear Britain would lose access to the European Union''s single market as a result of Brexit. But Schaeuble said that any attempt to retain or attract companies with low taxes would not be tolerated. "You can’t compare Great Britain with the Cayman Islands," Schaeuble said at an event in Wiesbaden, Germany. "If a big country thinks it could have the benefits of a small country...this will go awry. "This will not be tolerated by the rest of the world," he said. "That''s why we have cooperation." The Dutch head of the council of euro zone finance ministers Jeroen Dijsselbloem had also said earlier this week Britain would be taking a "crazy step backwards" if it opted to turn itself into a tax haven. (Additional reporting by Frank Siebelt; Editing by Toby Chopra)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-schaeuble-idUKKBN15922B'|'2017-01-25T23:04:00.000+02:00'
'7eb6672088994e11a661b41518b1292e46d52783'|'EU clears Abbott acquisition of Alere subject to divestments'|'BRUSSELS Jan 25 European Union antitrust regulators cleared Abbott Laboratories'' proposed $5.8 billion acquisition of diagnostic test maker Alere on Wednesday, subject to the divestment of some of Alere''s operations.However, Abbott said last month it had moved to terminate the proposed acquisition citing a "substantial loss" in the value of Alere since they struck a deal a year ago.The European Commission, which is in charge of competition policy in the European Union, said there were overlaps in analysers used in testing of blood gases and cardiac markers.The Commission said it had accepted Abbott''s offer to divest Alere''s global Epoc, Triage and BNP reagents businesses."Doctors and patients worldwide rely on fast and accurate tests to detect and monitor medical conditions. Today''s decision ensures that they will continue to benefit from choice and competitive prices in the fast developing market for small and portable test analysers," EU Competition Commissioner Margrethe Vestager said in a statement. (Reporting By Philip Blenkinsop; editing by Julia Fioretti)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/alere-ma-abbott-eu-idINB5N1CU00R'|'2017-01-25T12:15:00.000+02:00'
'8614f73e37e41bfcfab974ba276a50114925db79'|'Upswing to continue despite Brexit, U.S. risks -German Econ Minister'|'Business News - Wed Jan 25, 2017 - 1:25pm GMT Upswing to continue despite Brexit, U.S. risks -German Econ Minister German Economy Minister Sigmar Gabriel gives an economic outlook for 2017 in Berlin, Germany, January 25, 2017. REUTERS/Fabrizio Bensch BERLIN German Economy Minister Sigmar Gabriel said on Wednesday he expects the upswing in Europe''s biggest economy to continue this year, albeit at a slightly slower rate, and that uncertainties linked to Brexit and future U.S. policies have increased. He told German companies to seize any trade opportunities in China and Asia and that keeping the economy open was the right way to create more jobs and growth. (Reporting by Joseph Nasr and Michael Nienaber; Writing by Madeline Chambers) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-gabriel-idUKKBN1591K6'|'2017-01-25T20:25:00.000+02:00'
'8009e225e528239f53295fa9f3bc89401dcbd926'|'Ryanair fears UK could lose access to EU ''Open Skies'''|'Industrials - Tue Jan 24, 2017 - 6:25am EST Ryanair fears UK could lose access to EU ''Open Skies'' DUBLIN Jan 24 Ryanair fears Britain could lose access to the European Union''s ''Open Skies'' deregulated aviation market in as little as two year''s time when it is due to leave the bloc, Chief Executive Michael O''Leary said on Tuesday. "We worry that the price of remaining in Open Skies will be UK accepting freedom of movement of people ... I think that may be unlikely in which case we may be heading for a very hard Brexit," O''Leary told journalists in Dublin. "I don''t think it is possible to get interim arrangements through 27 European parliaments in a two year period, so the British will fall off a cliff in two years time," he said. (Reporting by Conor Humphries; Editing by Mark Potter) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/britain-eu-ryanair-idUSS8N1D301X'|'2017-01-24T18:25:00.000+02:00'
'348c4695a3d43597b03479abbc4e32798e6b069f'|'Congo central bank injects $50 million into market to prop up franc'|' 42am EST Congo central bank injects $50 million into market to prop up franc KINSHASA Jan 24 Democratic Republic of Congo''s central bank injected $50 million into the interbank exchange market on Tuesday to prop up the Congolese franc, which has lost nearly 40 percent of its value in the last year, bank spokesman Plante Kibadhi told Reuters. Low oil and mineral prices over the last two years in Africa''s top copper producer have heaped pressure on the franc and driven inflation from less than 1 percent in 2015 to over 11 percent last year. (Reporting By Aaron Ross; Editing by Matthew Mpoke Bigg) Next In Financials Euro group chief warns Britain against tax haven temptation AMSTERDAM, Jan 24 The head of the council of euro zone finance ministers said Britain would be taking a "crazy step backwards" if it opted to turn itself into a tax haven after leaving the European Union, warning that such a move would hurt both Britain and the EU.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/congo-economy-currency-idUSL5N1FE54D'|'2017-01-24T21:42:00.000+02:00'
'5b1e5544635f8a38db5901e1d4adc655370b0633'|'Alphabet''s hardware growth adds to strength in core ad business'|'Business   2:57pm GMT Alphabet''s hardware growth adds to strength in core ad business Google CEO Sundar Pichai speaks during the presentation of new Google hardware in San Francisco, California, U.S. October 4, 2016. REUTERS/Beck Diefenbach By Rishika Sadam Alphabet Inc''s ( GOOGL.O ) core advertising business remained strong and its smartphone and home-automation products were gaining traction, analysts said a day after the company missed profit expectations, hurt by a higher tax rate. Shares were down 1 percent at $849.40 in early trading on Friday, after hitting a record high earlier. At least 11 brokerages raised their price targets on Alphabet''s stock, which now has a median price target of $992.50 - indicating a 15.8 percent upside to the stock''s Thursday close. "From a capital allocation standpoint, we appreciate Alphabet is investing in strategic, promising areas like Google Assistant and hardware, while pausing investment in less rewarding areas like Fiber," Jefferies analysts said. Alphabet still gets most of its revenue from its advertising business, which rose 17.4 percent to $22.4 billion in the quarter. "As we reflect upon longer-term trends impacting the company''s core advertising business, trends seem pretty clear with Google reinforcing its co-hegemonic position alongside Facebook ( FB.O ) on an ongoing basis," Pivotal Research Group analyst Brian Wieser Over the past few quarters, the company has highlighted its hardware business and Other Bets, which includes broadband business Google Fiber, home automation products Nest, self-driving technology company Waymo, and X, a research facility that works on "moon shot" ventures. Operating loss in Other Bets narrowed to $1.09 billion from $1.21 billion in the fourth quarter ended Dec 31, while capital expenses rose to $504 million from $193 million a year earlier. "Alphabet is taking control of software and hardware which we think is necessary to ensure an optimal user experience on Android," said Mizuho Securities analyst Neil Doshi, who estimated that the company sold about 1.5 million Pixels, above his estimate of 1 million. Doshi also said he expects YouTube to generate $14 billion to $15 billion in gross revenue this year, making it a possible catalyst for the stock. He cut his price target by $1 to $1,024, to adjust for a slight dip in his 2017 profit expectations. Alphabet''s shares have climbed nearly 17 percent over the past twelve months. Of the 49 brokerages that cover Alphabet, 47 of them have a "buy" or higher rating. The stock trades at roughly 21 times forward earnings, compared with Facebook Inc''s ( FB.O ) price-to-earnings ratio of 32 and Microsoft Corp''s ( MSFT.O ) 22. Shares of Microsoft, which on Thursday reported a 3.6 percent rise in fiscal second-quarter profit, rose 2 percent to an all-time high of $65.64. (Reporting by Rishika Sadam in Bengaluru; Editing by Sayantani Ghosh) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-alphabet-results-research-idUKKBN15B1KQ'|'2017-01-27T21:57:00.000+02:00'
'e5de4cbcad8dc60b8c27bd1bff83cf053acecb8f'|'Japan government: fiscal targets slip further as tax revenue falls'|'Business News  42am GMT Japan government: fiscal targets slip further as tax revenue falls Japan''s national flag is seen in front of a crane at a construction site at a business district in Tokyo, Japan, January 5, 2017. REUTERS/Kim Kyung-Hoon TOKYO Japan''s government said on Wednesday that the primary deficit will worsen in coming years, even according to its most optimistic forecasts, because of falling tax revenue and weak consumer spending. The forecasts, released by the Cabinet Office, show the government is falling behind two important fiscal discipline targets that were intended to eliminate the primary deficit, which excludes debt servicing costs and new bond sales. Chances for a turnaround are slim, some economists say, because Prime Minister Shinzo Abe last year shifted policy to prioritise infrastructure spending over fiscal discipline, raising concerns that Japan''s debt burden will worsen further. Japan''s primary deficit will total 8.3 trillion yen (58.3 billion pounds), or 1.4 percent of nominal gross domestic product in fiscal 2020, the Cabinet Office said on Wednesday. In its previous forecasts published in July, the Cabinet Office said the primary deficit would be 5.5 trillion yen, or 1.0 percent of GDP, in fiscal 2020. In fiscal 2018 the primary deficit will total 13.8 trillion yen, or 2.4 percent of GDP, worse than previous forecasts of 10.5 trillion yen and 1.9 percent, respectively. Abe''s government inherited a plan to achieve a primary surplus in fiscal 2020 to show Japan is trying to lower its debt burden, which is the worst among major countries at more than twice the size of its economy. Abe''s government set an interim target of reducing the primary deficit to 1 percent of gross domestic product in fiscal 2018, but economists widely expect the government to miss this goal after Abe delayed a nationwide sales tax increase. Sources told Reuters last week the government could start debating whether to revise the target for fiscal 2020 because it was becoming less likely to be met. (Reporting by Stanley White; Editing by Jacqueline Wong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-deficit-idUKKBN1590SX'|'2017-01-25T15:42:00.000+02:00'
'58114e7f0735fbb0ae7a969d15f6fd4d3847265c'|'EXCLUSIVE: Germany calls bankers to Frankfurt for Brexit move talks - sources'|'Money   9:23pm IST EXCLUSIVE: Germany calls bankers to Frankfurt for Brexit move talks - sources Protestors with their faces painted pose for a photograph during a ''March for Europe'' demonstration against Britain''s decision to leave the European Union, in central London, Britain July 2, 2016. REUTERS/Neil Hall/Files By John O''Donnell , Anjuli Davies and Andreas Kröner - FRANKFURT/LONDON FRANKFURT/LONDON German regulators will meet more than 20 foreign banks on Monday to spell out requirements for moving some operations to Frankfurt, people familiar with the matter said, as the city accelerates plans to win over business from London after Brexit. The meeting, the first such gathering of its kind in Germany, is being hosted by financial supervisor Bafin to cope with increasingly detailed inquiries from banks as Britain prepares to trigger EU divorce talks, people involved said. "Bafin wants to give the participants an overview of the main issues for those who want to move businesses to Germany after Brexit," said one of the people involved. The sources said Bafin would make it clear that no "letter-box" operations would be accepted and that banks would have to have significant risk management arrangements and senior executives based in Frankfurt. Other people said officials from the German central bank and the European Central Bank would also attend. Bafin, which has close ties to the finance ministry, confirmed that the meeting would take place but declined to give further details. The Bundesbank and the ECB declined to comment. About 40 executives will attend Monday''s gathering, to be held as German Finance Minister Wolfgang Schaeuble discreetly starts supporting Frankfurt''s efforts to attract thousands of bankers from London, according to people familiar with government thinking. Many Germans are sceptical about the practices of largely U.S. and British investment banks, that often run their international operations from London. This view was reinforced when Deutsche Bank - a German bank on Wall Street - had to pay $7.2 billion in U.S. penalties for selling toxic mortgage securities before the 2008 financial crisis. German politicians, however, are increasingly pragmatic as banks in London search for alternative locations in the European Union to continue selling in the bloc once Britain leaves. Banks with large London operations are shifting from contingency planning towards more concrete action after Prime Minister Theresa May said last week that Britain would leave the EU''s single market, a move that would isolate the City of London from many of its clients. May has said her government will invoke Article 50 of the EU treaty, starting two years of negotiations to arrange Britain''s departure, by the end of March. Frankfurt looks set to be one of the biggest winners from any exodus from London, with several major investment banks said to be in talks to base people there. However the likes of Paris and Dublin are also expected to win some jobs - HSBC has said it will move around 1,000 roles to the French capital - while some U.S. banks may shift some positions back to New York. Executives, chiefly those in charge of regulatory issues, from banks including Morgan Stanley, Goldman Sachs and Citigroup are due to attend the meeting in Bafin''s Frankfurt offices, the people said. Those banks declined to comment. The gathering comes after a series of one-on-one meetings involving bank executives, politicians and regulators across EU countries. It follows months-long attempts to persuade bankers of Frankfurt''s appeal, matching smaller rivals such as Ireland, whose prime minister Enda Kenny this week emphasised ease of access to policymakers. OPEN FOR BUSINESS Frankfurt made contingency plans for Brexit even before Britons voted on June 23 to leave the EU. "We''ve been prepared for Brexit in Frankfurt since before the day of the vote," said Hubertus Vaeth, head of Frankfurt Main Finance, a group backed by local government to promote the city. He predicts that 10,000 jobs will move to Frankfurt over five years, starting gradually in 2017 before gathering pace the following year, with investment banks among the early movers. "The demand has been so large from banks that the regulators have to be creative to keep up," said Vaeth. "That''s why we are having the meeting." Stefan Winter, chairman of the Association of Foreign Banks in Germany, whose members include some of Europe''s largest banks, said the mood among politicians in Germany was becoming increasingly welcoming towards banks. "Germany is open for business," he said. "Politicians in Berlin are open to having more banks in Frankfurt, so long as they are properly controlled. That is different to what was the case 12 months ago." While Schaeuble campaigned earlier for a tax on financial market transactions, the issue does not appear on the agenda for Germany''s current presidency of the G20 group of leading global economies. Germany''s economic strength and the fact that Frankfurt is home to the ECB makes it attractive for banks. But it faces some hurdles in attracting foreign bankers. There is a shortage of housing for newcomers, while the region''s 13 international schools are already well subscribed. Nightlife in the city - where many town centre bars are largely empty for much of the week - is also seen as a turn-off for bankers used to London''s offerings. Madjid Djamegari, who owns a night club and cocktail bar in Frankfurt, went to London late last year with a small delegation to persuade business people there of the city''s appeal. However, even he admits Frankfurt''s evening entertainment can appear a little lacklustre. "It''s a bit of a German mentality. They are a bit conservative. We don''t have the habit of going for an after-work drink. This can change if people come from the UK," he said. (Writing by John O''Donnell; editing by David Stamp) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-banks-frankfurt-idINKBN1591ZI'|'2017-01-25T22:53:00.000+02:00'
'ca604eb984e7fb4e8254bfdbb8c919d35db589e5'|'RPT-INSIGHT-Zodiac family silver key to $9 bln Safran tie-up'|'(Repeats with no changes)* Safran seeks market support for $9 bln Zodiac cash bid* Core shareholders to sit out cash bid and merge later* Rare structure preserves controlling family tax breaks* Safran must still win 50 percent through cash offerBy Tim HepherPARIS, Jan 24 France''s Safran has crafted a deal to persuade family investors in Zodiac Aerospace to give up control in a merger that would create the world''s third largest aerospace supplier.But in a rare two-stage deal Safran must first convince ordinary investors, who hold 68 percent of the company, to sell their shares in the company for cash.If more than half of those investors accept, the deal will proceed to the second phase. This would offer the handful of families with historic ties a chance to keep shareholdings and industrial links while maintaining longstanding tax breaks - key to getting the families on board.The families lead a group that hold 32 percent of Zodiac voting rights and spurned Safran''s first approach six years ago.The dual deal structure reflects how Safran is caught between the need to make the deal attractive to markets and keep long-term investors on board. Safran, which is 14 percent owned by the French state, wants to create a new aerospace champion and the tax umbrella reflects the policy of successive governments to smooth the path for such deals.Without that structure, the Safran deal with Zodiac would collapse, legal experts and people involved in the deal said."It has to be done this way or there is no deal," a person directly involved in the negotiations told Reuters.A Zodiac spokesman and Safran spokeswoman both declined to comment on the discussions.But the unusual split structure has puzzled some ordinary Zodiac investors, who could collectively block the deal, according to people briefed on the discussions.Under the deal, Safran is first offering cash worth $9 billion or $29.47 a share for Zodiac, aimed at most investors.It does not allow shareholders outside the core group to exchange their own Zodiac shares for stock in the new Safran."Some shareholders are saying ''Why should we have to take cash? If the story is so good, why shouldn''t we be able to take up shares? Why exclude us from the club?''," said a European analyst, asking not to be named because of company policy.The analyst said he had been told this by his clients who are investors in Zodiac.WEALTH TAXSafran''s backers say that is offset by a hefty 26 percent premium compared to Zodiac shares prices before the offer.Changing part two of the deal to a classic share offer would expose descendants of Zodiac''s founders to French wealth taxes and other penalties that one analyst estimated could reach hundreds of millions of euros."The problem ... is the wealth tax. If you don''t find a way to make the deal interesting for the families, it can''t happen...That is why a merger was chosen rather than a simple share swap," said a person close to the group of families.While France''s tax system pounces on gains from selling shares for either cash or stock, shareholders tied together by a special pact don''t face the same exposure when companies merge.That is not the reason bringing the two firms together, but is one factor Safran hopes will prevent the deal falling apart.After five weeks of intensive and secretive talks, held in rented rooms and protected by code names, the two companies last week unveiled a deal designed to satisfy two very different shareholder bases.Their offer aimed to reconcile two red lines: Zodiac''s families wanted to be able to maintain their fiscally neutral shareholder pact and preserve their role as stable partners.And Safran wanted to avoid just taking majority control of Zodiac with a large minority block in place that might make it harder to get synergies needed to justify its tie-up with a company only just emerging from industrial problems. Full mergers typically lead to bigger cost cuts such as closing one company''s headquarters.LOOKING FOR A SWEETENERTax is not the only issue, people involved in the talks said. Zodiac''s core shareholders were also unwilling to fritter away double voting rights accumulated over many years, and negotiated the right to keep them in the enlarged group, those people said.Finally, Zodiac Chairman Didier Domange stressed the families wanted to stay involved industrially with Safran.The families also made concessions. They will be locked in for two years, limiting options at a volatile time, and the deal is structured to give them a slight discount.On Tuesday the merger ratio, 0.485 Safran shares for each Zodiac one, implied a 2.6 percent discount to the cash offer after stripping out a special Safran dividend adjusted for tax.Even so, success is only assured if Safran wins three quarters of Zodiac''s freely traded stock in the cash bid. Sensing Safran''s potential difficulty, some investors see a chance to put pressure on it to raise its bid."We consider this group of shareholders could push for a sweetener in order to take the cash offer," Barclays said.Safran betrays no sign of being prepared to raise the offer and analysts say it could walk away with less egg on its face than Zodiac''s ordinary shareholders if the deal fails."Zodiac is nice to have, but not a must-have for Safran," a person familiar with the company''s strategy said.While embracing Zodiac as an industrial partner, Safran appears to be gambling that the risk of Zodiac shares dropping sharply if the deal fails, with no new partner for the industrially stretched company in sight, will bring in votes.Under the merger, the French state plans to join a pact with the current core shareholders in Zodiac, which employs 7,000 workers in France. Some analysts view the state with suspicion.Two days before the deal became public, its four main architects - the CEOs and chairman of both firms - visited the Elysee palace to talk to President Francois Hollande.But while Hollande later welcomed the creation of a French aerospace giant, securing jobs ahead of elections in April, insiders said the government only joined talks in the final stages and did not try to steer the deal one way or the other."There was never any state interference," one said. (Additional reporting by Gilles Guillaume, Cyril Altmeyer, Matthieu Protard; editing by Anna Willard)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/zodiac-aero-ma-safran-idINL5N1FE6K5'|'2017-01-25T04:00:00.000+02:00'
'90e723db9b306807e2e500337427156e1c2d0178'|'Asian TPP nations pledge to salvage trade accord after U.S. exit'|'Business News - Tue Jan 24, 2017 - 2:52am GMT Asian TPP nations pledge to salvage trade accord after U.S. exit Japanese Prime Minister Shinzo Abe listens as Australian Prime Minister Malcolm Turnbull talks to members of the media after their bilateral meeting at Kirribilli House in Sydney, Australia, January 14, 2017. REUTERS/Chris Pavlich By Charlotte Greenfield and Stanley White - WELLINGTON/TOKYO WELLINGTON/TOKYO Australia and New Zealand said on Tuesday they hope to salvage the Trans-Pacific Partnership (TPP) by encouraging China and other Asian nations to join the trade pact after U.S. President Donald Trump kept his promise to pull out of the accord. The TPP, which the United States had signed but not ratified, was a pillar of former U.S. President Barack Obama''s pivot to Asia. Japanese Prime Minister Shinzo Abe has touted it as an engine of economic reform, as well as a counter-weight to a rising China, which is not a TPP member. Fulfilling a campaign pledge Trump signed an executive order in the Oval Office on Monday pulling the United States out of the 2015 TPP agreement and distancing the United States from its Asian allies. Australian Prime Minister Malcolm Turnbull said he had held discussions with Abe, New Zealand Prime Minister Bill English and Singaporean Prime Minister Lee Hsien Loong overnight about the possibility of proceeding with the TPP without the United States. "Losing the United States from the TPP is a big loss, there is no question about that," Turnbull told reporters in Canberra on Tuesday. "But we are not about to walk away ... certainly there is potential for China to join the TPP." Obama framed TPP without China in an effort to write Asia''s trade rules before Beijing could, establishing U.S. economic leadership in the region as part of his "pivot to Asia". China has proposed a counter pact, the Free Trade Area of the Asia Pacific (FTAAP) and has championed the Southeast Asian-backed Regional Comprehensive Economic Partnership (RCEP). MEETINGS PLANNED The TTP, which has been five years in the making, requires ratification by at least six countries accounting for 85 percent of the combined gross domestic product of the member nations. Australia help open the possibility of China, the world''s top exporter, joining a revised deal. "The original architecture was to enable other countries to join," Australian Trade Minister Steven Ciobo told the Australian Broadcasting Corporation on Tuesday. "Certainly I know that Indonesia has expressed interest and there would be scope for China if we are able to reformulate it." Japan has led the push for the partnership, which also includes Brunei, Canada, Chile, Malaysia, Mexico, Peru and Vietnam. "There is no change to our view that free trade is the source of economic growth," Japanese Economy Minister Nobuteru Ishihara told reporters. When asked whether Japan would be open to negotiating a bilateral trade pact with the United States, Ishihara said it was still uncertain whether U.S. trade officials would start negotiating for such deals. Trump took office as the 45th president of the United States on Friday and pledged to end what he called an "American carnage" of rusted factories and crime in an inaugural address that was a populist and nationalist rallying cry. He vowed to bring jobs back by renegotiating what he called bad multilateral trade deals in favour of bilateral deals, with his first move scrapping the TPP. The U.S. president made comments critical of Japan''s auto exports to the United States and the dearth of U.S. auto exports to Japan, which poses a threat to Japan''s influential car industry. "We have no tariffs on U.S. cars," Trade Minister Hiroshige Seko said on Tuesday. "In addition, we do not take any other discriminatory measures against U.S. car imports." Australia''s Turnbull said there was still a possibility "that U.S. policy could change over time on this, as it has done on other trade deals," noting some Republican Party members of congress have been "strong supporters." New Zealand trade minister Todd McClay said he had talked with a number of TPP-member ministers when he attended the World Economic Forum in Davos last week and he expected they would meet over the coming months. "The agreement still has value as a FTA (Free Trade Agreement) with the other countries involved," McClay said in an emailed statement to Reuters. (Additional reporting by Swati Pandey in SYDNEY, Ami Miyazaki in TOKYO and Ben Blanchard in BEIJING; Editing by Michael Perry and Lincoln Feast) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-asia-idUKKBN158085'|'2017-01-24T09:52:00.000+02:00'
'e32c540733732fbe9a9c3ab6d36e2cf6c3090622'|'EBRD sees risks to Poland''s budget deficit'|' 45am EST EBRD sees risks to Poland''s budget deficit WARSAW Jan 24 Poland''s move to lower retirement age, higher interest rates and a fallout of Brexit may make it harder for the country to keep budget deficit below 3 percent of gross domestic product (GDP), Sergei Guriev, EBRD''s chief economist said on Tuesday. Poland, an European Union member, is obliged to keep its deficit at below 3 percent of GDP. The year-old ruling Law and Justice party (PiS), has cut retirement age to 65 years for men and 60 for women, starting Oct. 1. "With a current budget deficit at 3 percent of the GDP, Poland is OK, but after lowering of the retirement age, with higher interest rates globally and a fallout of Brexit, the environment may not be as benign and it may get harder," he told reporters. Guriev said that Poland''s current social spending policy can result in public debt hitting 55 percent of GDP. "But having 55 percent GDP ceiling is a good thing as it disciplines the government to live within its means," Guriev said. The European Bank for Reconstruction and Development sees 2017 GDP growth at 3.2 percent for Poland - one of its top markets. "Slowdown in investments affects the GDP growth and it will be seen in the coming years, because it takes some time for it to affect the economy," Guriev said. "There are some resources that Poland and neighbouring countries can utilize by promoting investment that can speed it up." (Reporting Jakub Iglewski; Writing by Lidia Kelly; Editing by Marcin Goclowski) Next In Financials Euro group chief warns Britain against tax haven temptation AMSTERDAM, Jan 24 The head of the council of euro zone finance ministers said Britain would be taking a "crazy step backwards" if it opted to turn itself into a tax haven after leaving the European Union, warning that such a move would hurt both Britain and the EU.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/poland-ebrd-economy-idUSW8N1E3020'|'2017-01-24T21:45:00.000+02:00'
'42c790ca42cfc45748d52e93a964f34666b6606a'|'Greek PM says won''t enact another euro of revenue-raising measures'|'Wed Jan 25, 2017 - 7:57am GMT Greek PM says won''t enact another euro of revenue-raising measures Greece''s Prime Minister Alexis Tsipras arrives at a European Union leaders summit in Brussels, Belgium, December 15, 2016. REUTERS/Francois Lenoir ATHENS Greece will not pass any more revenue-raising measures beyond what is agreed in its bailout package, Prime Minister Alexis Tsipras was quoted as saying on Wednesday, as a stand-off with international lenders ground on. A review of the country''s bailout reforms is currently stalled over differences on fiscal targets as well as labor and energy reforms. Euro zone finance ministers were expected to discuss Greece at a meeting in Dublin on Thursday, but no conclusion to the bailout review was expected. "We have categorically stated that there is no case of legislating even a euro''s worth of additional measures beyond those outlined in the (bailout) agreement, and particularly not for the post-program period," Tsipras told the I Efimerida Ton Syntakton daily in an interview. Greece signed up to a bailout agreement worth up to 86 billion euros (73.4 billion pounds) in 2015 - its third since 2010. EU lenders want Greece to achieve and maintain a primary surplus - after interest payments - of 3.5 percent of GDP beyond 2018, when its program ends. The IMF, which is currently not a participant in the most recent bailout package, says that unless Athens adopts more austerity measures and legislates them upfront the surplus will only reach 1.5 percent. Greece has offered to extend until 2019 a contingency mechanism which would automatically cut outlays to keep fiscal targets but has ruled out anything more permanent, including legislating measures. "Any demand to legislate additional measures, with an element of conditionality, is not only alien to the Greek constitution, but to the rules of democracy," Tsipras said. Tsipras''s left-wing Syriza party swept to power two years ago promising to end austerity, but was forced to cave in months later as the country veered on the brink of bankruptcy and toppling out of the euro zone. It is now trailing the Conservative opposition New Democracy in opinion polls, a fact which occasionally raises speculation of early elections. Tsipras said it was not being considered. "What would be the purpose of elections now? I''m not even sure New Democracy really means it, it makes the call because it is obliged to." (Reporting By Michele Kambas) Trade war between China and the U.S. is a lose-lose - state media BEIJING A trade war between China and the United States would harm both countries, the overseas edition of the state run People''s Daily said on Wednesday, reflecting concerns over the protectionist, and anti-China stance taken by new U.S. President Donald Trump. Japan cool to inviting China into TPP as Abe repeats free trade mantra TOKYO Japan is cool to the notion of inviting China to join a pan-Pacific trade pact abandoned by U.S. President Donald Trump, fearing such a step would boost Beijing''s clout and water down what was meant to be the ''gold standard'' for rules of trade. SINGAPORE Oil edged lower on Wednesday as expectations of an increase in U.S. inventories weighed on the market, offsetting bullish momentum from output cuts announced by OPEC and other producers. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-greece-tsipras-idUKKBN1590OW'|'2017-01-25T14:37:00.000+02:00'
'89c3604c83c90e78a9075a28312516d770d04689'|'UK watchdog publishes value-for-money data to improve insurance market'|' 51am GMT UK watchdog publishes value-for-money data to improve insurance market The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren Britain''s financial watchdog published data on Wednesday in a bid to improve transparency in the general insurance market and help consumers assess whether products offer value for money. The Financial Conduct Authority (FCA) said it had found poor value in products sold by insurance firms, adding that the data will include information on claims frequencies, claims acceptance rates and average claims pay-outs by insurers. bit.ly/2k2xIqJ The pilot scheme, with information from 38 insurers who provided claims data for the year ended August 2016, is designed to influence both consumer and corporate behaviour, incentivising firms to improve the value their products offer to consumers, the FCA said. "We want stakeholders to have access to a wide range of information about the value of general insurance products that goes beyond price," FCA''s Executive Director of Strategy and Competition Christopher Woolard said. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Elaine Hardcastle)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fca-insurance-idUKKBN159162'|'2017-01-25T17:51:00.000+02:00'
'ee2f7f680af5ee7d4bda91237b89a72f865c9f33'|'Boeing expects to deliver more planes in 2017'|'Market News - Wed Jan 25, 2017 - 7:40am EST Boeing expects to deliver more planes in 2017 Jan 25 Boeing Co said on Wednesday it expects to deliver between 760 and 765 commercial aircraft in 2017, higher than 748 deliveries in 2016. The world''s biggest maker of jetliners said it expected 2017 core earnings, which exclude some pension and other costs, in the range of $9.10-$9.30 per share on revenue of $90.5 billion-$92.5 billion. Boeing forecast operating cash flow of about $10.75 billion in 2017. The company reported cash flow of $10.50 billion in 2016. The company''s core earnings rose to $2.47 per share in the fourth quarter ended Dec. 31 from $1.60 a year earlier. Revenue fell 1.2 percent to $23.29 billion. (Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D''Silva) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/boeing-results-idUSL4N1FF392'|'2017-01-25T19:40:00.000+02:00'
'219fe40822816c560525d7d95b1460b425bd1d0c'|'Shares in Generali up 5 percent on report Intesa, Allianz interested'|' 41am GMT Shares in Generali up 5 percent on report Intesa, Allianz interested The Assicurazioni Generali logo is seen in downtown Milan, Italy, February 8, 2016. REUTERS/Stefano Rellandini/File Photo MILAN Shares in Assicurazioni Generali rose strongly on Monday following a report at the weekend about bank Intesa Sanpaolo and Germany''s Allianz being interested in Italy''s biggest insurer. La Stampa daily reported on Saturday Intesa is studying a possible investment in Generali which could be part of an accord with the German insurer. Under the deal, Allianz could take over some assets of the Trieste-based company. Intesa Sanpaolo declined to comment. By 0819 GMT shares in Generali rose 5.1 percent to 14.42 euros after hitting a high of 14.68 euros earlier in the session. Traded volumes are already 60 percent of the daily average of the past month. (Reporting by Valentina Za; editing by Francesca Landini) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-generali-m-a-intesa-allianz-idUKKBN1570VK'|'2017-01-23T15:41:00.000+02:00'
'eaf60417a80b389fa1b05e53303d1f8a9894574f'|'Dow pops 20,000 and raises hopes rally is recharging'|' 08pm EST Dow pops 20,000 and raises hopes rally is recharging left right News of the Dow Jones Industrial average passing 20,000 plays on television at a Fidelity Investments office in Cambridge, Massachusetts, U.S., January 25, 2017. REUTERS/Brian Snyder 1/2 left right Traders work on the floor of the New York Stock Exchange (NYSE) as the Dow Jones Industrial Average passes the 20,000 mark shortly after the opening of the trading session in New York, U.S., January 25, 2017. REUTERS/Brendan McDermid 2/2 By Rodrigo Campos and Chuck Mikolajczak - NEW YORK NEW YORK The Dow Jones Industrial Average .DJI index''s pop over 20,000 on Wednesday crowns a frenetic post-U.S. election rally that featured the second fastest-ever climb between 1,000-point milestones in the Dow''s 120-year history. The rally, driven by enthusiasm over pro-growth policies from newly-minted U.S. President Donald Trump and an optimistic start to earnings season, has led to some speculation that stocks have run up too far. Analysts and investors, however, remain optimistic that the nearly nine-year bull run in equities will continue as long as the economy and corporate profits continue to show growth. "While the Dow hitting 20,000 is one of the least meaningful data points on my screen, it does suggest that the equity rally is pretty broad based," said Michael Purves, chief global strategist and head of derivatives research at Weeden & Co. "What''s important is that the Dow is going up." The 42-session surge from the first close above 19,000 was driven by financial stocks, specifically Goldman Sachs ( GS.N ) and JPMorgan Chase ( JPM.N ), which were together responsible for more than 20 percent of the move. The fastest move between these thousand point milestones was 24 trading days between 10,000 and 11,000, from March 29 to May 3 of 1999. The rise from 18,000 to 19,000 took the Dow 483 trading sessions. Much of the gains have come from stocks expected to benefit as the administration moves to put its policies in place. Banks have been among the best performers since the Nov. 8 election of Trump, as investors bet that his expected fiscal stimulus will trigger inflation and bring higher interest rates. The largest contributor to the index''s run from Nov. 22 was Goldman, which has single-handedly added over 170 points. Goldman is the only Dow component stock that trades above $200, so its influence in the price-weighted index is naturally larger. The President expressed his enthusiasm over the milestone, with a "Great!" tweet on the official Twitter account of the office. The advance has also been fueled by a solid start to quarterly earnings season, which has encouraged investors and helped equities resume their upward trajectory after consecutive weeks of modest declines. "In our view, investors have focused too much on Trump," said Maximilian Kunkel, Ultra High Net Worth Investment Strategist at UBS Wealth Management. "But it is clearly earnings that are driving the rally." Fourth-quarter earnings are now expected to show growth of 6.8 percent, according to Thomson Reuters data, marking the strongest growth in two years. RED FLAGS The rise from Nov. 22, when the Dow first closed above 19,000, has been so steep that the Dow is just over 2 percent away from hitting the level analysts expected at the end of 2017, according to the most recent Reuters poll. The pace of gains has caused some concern and increasingly cautious moves by some traders. The Dow''s trailing price-to-earnings valuation is at 20.6 - the highest level in over seven years. "The big question for us is how much of that better earnings growth, or the anticipation of it, is already reflected in prices," said David Joy, chief market strategist at Ameriprise Financial in Boston. "We need that earnings growth to justify the multiples where they already are," he said. Some analysts have cautioned that stocks could also be held back if the administration''s policies become bogged down in the political process as the year rolls on. Other potential pitfalls would be a strengthening dollar and a Federal Reserve that may move more aggressively than anticipated. "To the extent that there is room for disappointment on the policy side, we may see the market back away from these exuberant highs," said Bruce McCain, chief investment strategist at Key Private Bank, in Cleveland. Even if the Dow remains the proxy for stocks'' performance for the person on the street, its importance as a benchmark has withered over time. A total of just $35.9 billion is indexed against it, compared with $2.1 trillion indexed against the S&P 500 .SPX , according to data from S&P Dow Jones Indices. Market watchers played down the significance of the round number hit as a psychological milestone but not a particularly meaningful one. "It''s like watching your odometer cross over 100,000 or peeking up at the clock and noticing that it''s exactly noon," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. "There are no magic numbers, but we like to pretend that there are." (Reporting by Rodrigo Campos, Lewis Krauskopf, Chuck Mikolajczak and David Randall; Editing by Megan Davies and Nick Zieminski)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-dow-analysis-idUSKBN1592J1'|'2017-01-26T02:08:00.000+02:00'
'7789d47cad088653116145602f2ba564c3a8faf0'|'AppDynamics deal shows buyouts more lucrative in anemic IPO market'|'Company  52pm EST AppDynamics deal shows buyouts more lucrative in anemic IPO market By Sweta Singh and Ankur Banerjee Jan 25 Cisco Systems Inc''s surprise and costly acquisition of business software firm AppDynamics Inc just two days ahead of its market debut suggests that U.S. tech startups are finding more value in buyouts amid a still-tepid IPO market. Cisco said on Tuesday it agreed to buy AppDynamics, which makes software to manage and analyze applications, for $3.7 billion. The offer price is more than double what the company would be valued at - $1.7 billion - if its shares were priced at the top end of its estimated IPO price range. The deal will allow AppDynamics investors to exit their holdings completely, compared with a roughly 10 percent exit if the company listed its shares. The M&A route may be more attractive not only for tech startups whose valuations have taken a hit over the past year, but also for traditional tech companies such as Cisco, which are looking to boost revenue through deals as they struggle to grow organically. "I think this does reflect that the valuations are still relatively conservative," said Richard Truesdell, co-head of global capital markets at law firm Davis Polk & Wardwell. "Certainly (AppDynamics) seems to have hit the jackpot ... this is the most dramatic disparity in valuation between the two markets that I can think of seeing recently." Cisco''s announcement comes a week after Hewlett Packard Enterprise Co said it would buy cloud startup SimpliVity for $650 million in cash. This is not to say that 2017 will be a disappointing year for IPOs. In fact, social media company Snap Inc is all set to debut this year and several smaller tech companies have pinned their hopes on a rebounding U.S IPO market, coming off a forgettable 2016 marred by political and economic uncertainty. Only 20 technology companies went public in 2016, the fewest since 2008, according to Thomson Reuters data. "Decacorns" - companies valued at tens of billions of dollars - including Uber and Airbnb are also expected to file to list their shares this year, allowing high-profile backers including BlackRock and Sequoia Capital to cash in their investments. For now, startups are likely to be sweet on buyouts. "I expect that the U.S. IPO market will have more activity this year than last, but very few tech companies will go public because companies such as Cisco Systems and Oracle are willing to pay top dollar," said Jay Ritter, IPO expert and professor at the University of Florida. (Reporting by Ankur Banerjee and Sweta Singh in Bengaluru; Editing by Sayantani Ghosh) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-ipo-valuation-idUSL4N1FF4G9'|'2017-01-26T01:52:00.000+02:00'
'3d4a119ee618edfaf261722eef244f67b5cce503'|'RBS challenges investors on costs as rights issue trial nears'|'  5:40pm GMT RBS challenges investors on costs as rights issue trial nears People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo By Kirstin Ridley and Andrew MacAskill - LONDON LONDON Royal Bank of Scotland ( RBS.L ) is demanding that thousands of shareholders suing the bank over a 12 billion pound ($15 billion) cash call in 2008 prove they have appropriate insurance cover to meet the hefty risks of a trial now slated for May. RBS said the RBoS Action Group, a 27,000-strong group of retail shareholders backed by around 100 institutions, had so far declined to give the bank assurances that they had adequate legal expenses insurance to cover their costs if they lose the case, according to court documents seen by Reuters. State-controlled RBS offered five investor groups a total of 800 million pounds last month to draw a line under allegations of omissions and mistatements to shareholders during an emergency rights issue at the height of the 2008 credit crisis. Four separate investor groups accepted the offer, leaving the RBoS Shareholder Action Group the last claimants to shoulder the costs of proceeding to a trial that has now been delayed and shortened as both sides hone their arguments. The RBoS Action group, which is demanding damages of around 850 million pounds, has suggested that the case can be heard over 12 weeks from May 22, according to court documents. A lawyer for the action group urged RBS to "put up or shut up" at a pre-trial hearing on Wednesday, calling questions about "after the event (ATE)" insurance, which protects against paying opponents'' costs if legal cases are lost, "extremely destabilising and distracting". "We can''t see any conceivable basis on which the defendants are entitled to have information about the ATE position," said Jonathan Nash, for the claimant group. "Still less do we think there is any proper basis for an application for security for costs to be made in this case." RBS declined to comment. The claimants, who plan to call disgraced former RBS chief executive Fred Goodwin to court, say they have funding from a variety of sources, including private individuals and professional litigation funders. Goodwin asked shareholders to stump up 12 billion pounds in May 2008 to bolster the bank''s capital position just months before the bank imploded at the height of the credit crisis, forcing a taxpayer bailout. Shareholders, many of whom were long-term RBS employees, lost around 80 percent of their investment. ($1 = 0.7945 pounds) (Reporting by Kirstin Ridley; Editing by Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rbs-lawsuit-investors-idUKKBN1592BT'|'2017-01-26T00:40:00.000+02:00'
'193323e6eea030a4b51c92173de6bb27edd73e7b'|'BHP second-quarter iron ore output up 9 percent, year guidance intact'|'By James Regan - SYDNEY SYDNEY BHP Billiton ( BHP.AX ) was on track to meet its iron ore production guidance for fiscal 2017 after reporting a strong second quarter for its most profitable business on Wednesday.The world''s biggest miner reported a 9 percent rise in iron ore output in Western Australia to 70 million tonnes for the December quarter from the same period a year earlier.It maintained full-year guidance of between 265 million and 275 million tonnes.“We have performed well during a period of higherprices, with record iron ore volumes achieved at WAIO (Western Australia Iron Ore)," BHP Billiton Chief Executive Andrew Mackenzie said in the group''s quarterly operations review.Forecasters anticipated a strong quarter for the world no. 3 iron ore miner after figures from the Port Hedland export terminal near its mines reported record shipments of 43.9 million tonnes in December.Close peer Rio Tinto ( RIO.AX ) ( RIO.L ) ended up shipping 327.6 million tonnes in calendar 2016, meeting its own full-year guidance.Later this month, the so-called "third force" in Australian iron ore mining, Fortescue Metals Group ( FMG.AX ), is forecast to report it too is on track to meet full-year production guidance.Iron ore was one of the best-performing commodities in 2016, rising 81 percent on a spot basis, and is expected to fuel strong growth in BHP''s cash flow.Over the first half of fiscal 2017, BHP said it sold its iron ore for an average price of $55 a tonne compared with $44 in the year-ago period.But concern among forecasters is rising that millions of tonnes of additional low cost supply from Australia and Brazil will soon send iron ore prices into retreat.A Reuters poll in mid-December put the average price of iron ore at $54.70 per tonne in 2017, while Barclays expects prices to tumble as low as $50 a tonne by the third quarter of 2017.Copper output fell 7 percent to 357,000 tonnes in the December quarter, partly due to power outages at its Olympic Dam mine in South Australia, which forced BHP to cut full-year guidance by 2 percent to 1.62 million tonnes.Olympic Dam copper production for half-year to Dec. 31 decreased by 30 percent to 78,000 tonnes, BHP said.(Reporting by James Regan; editing by Louise Ireland, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/bhp-billiton-output-idINKBN15900X'|'2017-01-24T21:22:00.000+02:00'
'9439c2713368857139c5256da653017669d4d1a8'|'Indian shares rise for third session, boosted by financials'|'Financials   1:21am EST Indian shares rise for third session, boosted by financials * NSE index up 0.53 pct, BSE 0.47 pct higher * Banks rally ahead of results * Bharti Airtel down after Q3 profit fall By Darshana Sankararaman Jan 25 Indian shares rose for a third consecutive session on Wednesday to hit their highest in nearly 2-1/2 months, as financial stocks continued to rally on the back of quarterly results, while sentiment was aided by optimism ahead of the federal budget. Strong earnings from lenders such as HDFC Bank this week have raised optimism that the impact of India''s move to ban higher-value currency notes could be less than expected. Still, analysts expect India''s annual budget, due on Feb. 1, to provide incentives to some sectors to help support economic growth. "Markets are generally getting excited about results declared by some finance companies as the numbers have not shown any major impact of demonetization," said Dipen Shah, senior vice president, public client group research, Kotak Securities. The broader NSE index was up 0.53 percent at 8,520.65 by 0603 GMT, while the benchmark BSE index was 0.47 percent higher at 27,502.98. Both indexes were trading around their highest levels since Nov. 10, 2016. Indian financial markets will be closed on Thursday for a public holiday. Financials contributed to a majority of the gains on the NSE index, led by a 3 percent rise in Housing Development Finance Corp. Indian Overseas Bank and Bharat Financial Inclusion Ltd rose as much as 5.71 percent and 7.82 percent, respectively, after reporting results late on Tuesday. Shares of Kotak Mahindra Bank Ltd, IDFC Bank Ltd and Indian Bank Ltd were up more than 1.50 percent each ahead of quarterly results later in the day. Biocon Ltd rose as much as 5.21 percent to its highest since Jan. 12 after posting a 65 percent jump in third-quarter consolidated profit on Tuesday. Among decliners, Bharti Airtel Ld fell as much as 3.63 percent after the company on Tuesday reported its lowest profit in four years. (Reporting By Darshana Sankararaman in Bengaluru; Editing by Sunil Nair) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-stocks-idUSL4N1FF230'|'2017-01-25T13:21:00.000+02:00'
'1285f65b9d10e6f0a1bd7f84cbd8f1c0eddea373'|'Rio Tinto sale to Yancoal resets mood for Australian coal mine deals'|'Deals  44am GMT Rio Tinto sale to Yancoal resets mood for Australian coal mine deals FILE PHOTO - A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo By James Regan and Jamie Freed - SYDNEY SYDNEY Chinese-owned Yancoal''s ( YAL.AX ) $2.45 billion purchase of the Coal & Allied division of Rio Tinto ( RIO.AX ) is setting the stage for more big-ticket coal mining acquisitions in Australia, where more than $10 billion in assets are waiting to be sold. Deals stalled last year when coal prices rocketed to nearly five-year highs and miners raised their expectations on bids for their assets, but with coal prices in retreat, deals are more likely to get done, merger and acquisition advisers said. Asian buyers are likely to be in the forefront, they said. "Now that coal prices are no longer going up, both buyers and sellers are taking more realistic views on valuations," said K&L Gates lawyer Robert Milbourne, who specializes in mining. Desperate to cut debt, Anglo American ( AAL.L ) put its prized Grosvenor and Moranbah mines, which produce coking coal used in steel-making, up for sale about a year ago. But after coking coal prices tripled, it spurned an offer worth more than $2 billion from a team led by private equity firm Apollo Global Management ( APO.N ). "They decided (Moranbah and Grosvenor) were too good to sell because of the higher coking coal price...The balance sheet fixed itself," said a Sydney-based investment banker with coal expertise. With Anglo holding on to those mines, the biggest deal pending is Australian conglomerate Wesfarmers'' ( WES.AX ) sale of its Curragh mine and its 40 percent interest in the Bengalla mine, which industry sources say could fetch more than $1.5 billion all together. Anglo American still has other coal mines it wants to sell. Peabody Energy, Vale ( VALE5.SA ) and possibly BHP Billiton ( BHP.AX )( BLT.L ) could also look to unload thermal coal mines. Cashed up private equity players, like Apollo, Denham-backed Pembroke Resources and EMR Capital, are hunting for assets, and as the Rio deal showed, there is still strong appetite for coal mines from Asian buyers. BIGGEST POST-BOOM DEAL Prior to Yancoal agreeing to pay up to $2.5 billion for Rio Tinto''s suite of mostly thermal coal assets in Australia''s Hunter Valley, the biggest post-boom purchase was $606 million -- paid by New Hope Coal ( NHC.AX ) in 2015 for Rio Tinto''s stake in its Bengalla mine. Yancoal may also buy Mitsubishi Corp''s ( 8058.T ) 32 percent stake in the Hunter Valley Operations sold by Rio Tinto. "We had quite a few small transactions go through last year," said the investment banker. "We will see some bigger ones this year. The increase in the coal price last year slowed things down." Coking coal prices have contracted by a third to less than $200 a tonne, while thermal coal <0#GCLNWCPFBAVc> has come back from a peak of $100 a tonne in November to trade at $84. In a sign that sellers want to get deals done, Rio Tinto gave Yancoal flexibility on paying $2.45 billion in one go, or $1.95 billion up front followed by $500 million split in annual installments over five years. "The structure of Rio''s sale suggests they were more willing to deal," UBS mining analyst Glyn Lawcock said. "They are prepared to say you can pay us the last $500 million over five years. That''s not very common." The price for Coal & Allied underscores China''s willingness to pay up for high quality coal assets abroad as its domestic industry winds back. UBS valued the assets at $1.8 billion, while RBC valued them at $2.2 billion at current coal prices. Rio held out for a strong price throughout the coal market slump over the past few years, rebuffing approaches from Glencore Plc ( GLEN.L ) to merge its assets with Coal & Allied in mid-2014. After that, Glencore sought an outright acquisition that also included Rio Tinto''s Kestrel and Hail Creek mines in neighboring Queensland state. Both attempts failed. (Reporting by James Regan and Jamie Freed; Editing by Sonali Paul) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-rio-tinto-m-a-yancoal-idUKKBN1590RK'|'2017-01-25T15:39:00.000+02:00'
'856478ef2a5972eff1057294eacd4c42d2d9e140'|'BUZZ-India''s Bharti Airtel falls after Q3 profit plunge'|'** Bharti Airtel Ltd falls as much as 3.63 pct to 305 rupees; top pct loser on the NSE index** Co on Tuesday reported its lowest profit in four years, below analysts'' forecasts** Entry of Jio, the telecom unit of Reliance Industries with offer of free data has sparked intense competition in the sector** "While 4Q trends are likely to be worse, Airtel continues to counter Jio and we believe actual usage trends will only be visible once Jio becomes a paid service," Citigroup says in a note** 19 of 31 brokerages rate the stock "buy" or higher, 7 "hold" and 5 "sell"** Stock up 6.39 pct in the past 12 months up to Tuesday''s close ($1 = 68.1555 Indian rupees)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/idINL4N1FF1UI'|'2017-01-25T01:31:00.000+02:00'
'543e8c32abb120d1c3a0860376c749c2e8eb3a16'|'Cisco to buy AppDynamics for about $3.7 billion'|'Business News - Wed Jan 25, 2017 - 1:50am GMT Cisco to buy AppDynamics for about $3.7 billion A visitor walks past a Cisco advertising panel as she looks at her mobile phone at the Mobile World Congress in Barcelona February 27, 2014. REUTERS/Albert Gea/File Photo Cisco Systems Inc ( CSCO.O ) said on Tuesday it intends to acquire U.S. business software company AppDynamics Inc for about $3.7 billion (2.9 billion pounds) in cash and assumed equity awards. This is the largest deal for Cisco since it acquired security company Sourcefire for $2.7 billion in 2013. Appdynamics will continue to be led by David Wadhwani, Cisco said in a statement. The company had filed for an IPO of up to $100 million in December last year. IFR reported earlier this month that AppDynamics is scheduled for IPO pricing on Jan. 25 and plans to sell 12 million primary shares at $10 to $12 each. Cisco said it expects the deal to close by the third quarter of 2017. (Reporting by Sangameswaran S and Kanishka Singh in Bengaluru; Editing by Sandra Maler and Lisa Shumaker) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-appdynamics-m-a-cisco-systems-idUKKBN15905S'|'2017-01-25T08:50:00.000+02:00'
'2b78566faa69da5d80a340d2441af24cf14f9c6f'|'Fitch Rates Toyota Astra Financial Services'' Bonds ''AAA(idn)'''|' 02pm EST Fitch Rates Toyota Astra Financial Services'' Bonds ''AAA(idn)'' (The following statement was released by the rating agency) JAKARTA, January 23 (Fitch) Fitch Ratings Indonesia has assigned ratings to PT Toyota Astra Financial Services'' (TAFS; AAA(idn)/Stable) proposed senior bonds, as follows: - bonds with a maturity of 36 months assigned a National Long-Term Rating of ''AAA(idn)'' - bonds with a maturity of 370 days assigned a National Long-Term Rating of ''AAA(idn)'' TAFS''s proposed bond issuance, the second tranche under bond programme II, will be up to IDR1.6trn in total. Proceeds from the issuance will be used for working capital purposes. ''AAA'' National Ratings denote the highest rating assigned by Fitch on its national rating scale for that country. This rating is assigned to issuers or obligations with the lowest expectation of default risk relative to all other issuers or obligations in the same country. KEY RATING DRIVERS The bond issues under the programme are rated at the same level as TAFS''s National Ratings in accordance with Fitch criteria. TAFS''s ratings reflect its strong support from Toyota Financial Services Corporation (TFSC), one of its two major shareholders. TFSC is a wholly owned subsidiary of Toyota Motor Corporation (TMC; A/Stable), one of the biggest automotive manufacturers in the world. As part of the Toyota group, TAFS benefits from product knowledge and funding support. The latter is derived from TMC''s strong relationship with Japanese banks and Japanese government-backed financial institutions. TAFS provides financing for the purchase of Toyota cars in Indonesia. TAFS also benefits from support from PT Astra International Tbk (AI), the other major shareholder, particularly in dealership networks. AI is a leading car distributor in Indonesia and holds exclusive rights to sell Toyota vehicles in the country. The Stable Outlook reflects Fitch''s expectations that TMC and AI will continue to support TAFS if needed. RATING SENSITIVITIES Any decline in TMC''s ownership would exert downward pressure on TAFS''s ratings, as would a decline in support from both shareholders. However, Fitch sees this prospect as remote in the foreseeable future, given TAFS''s strategic role in providing financing for Toyota cars sold in Indonesia. There is no rating upside as the rating is already at the top of the scale. Any changes in TAFS''s National Long-Term rating would affect these issue ratings. Contact: Primary Analyst Priscilla Tjitra Associate Director PT Fitch Ratings Indonesia DBS Bank Tower 24th Floor, Suite 2403 Jl. Prof. Dr. Satrio Kav 3-5 Jakarta, Indonesia 12940 +62 21 2988 6809 Committee Chairperson Jonathan Lee Senior Director +886 2 8175 7601 Date of Relevant Rating Committee: 6 December 2016 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Note to editors: Fitch''s National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated ''AAA'' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as ''AAA(idn)'' for National ratings in Indonesia. Specific letter grades are not therefore internationally comparable. Additional information is available on www.fitchratings.com Applicable Criteria Global Non-Bank Financial Institutions Rating Criteria (pub. 15 Jul 2016) here National Scale Ratings Criteria (pub. 30 Oct 2013) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. 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Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987424'|'2017-01-24T10:02:00.000+02:00'
'10f37d4f3887510950008cbda6482ef3e5e568fc'|'TABLE-Foreign trading in South Korean stocks'|'Financials  25am EST TABLE-Foreign trading in South Korean stocks SEOUL, Jan 24 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0722 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 24 -12.1 9.4 -10.1 ^January 23 116.7 -109.3 -11.8 January 20 -46.5 38.0 6.7 January 19 146.0 -282.9 128.8 January 18 -19.3 87.4 -72.3 January 17 -8.4 90.3 -83.0 January 16 -239.4 184.7 40.0 January 13 -108.4 163.5 -58.5 January 12 31.4 -10.4 -32.1 January 11 485.5 -55.1 -430.0 January 10 99.6 -249.8 128.6 January 9 254.4 -457.4 193.4 January 6 171.3 -136.5 -28.8 January 5 84.1 -164.8 65.5 January 4 214.2 -358.3 127.2 Month to date 1,367.4 -1,510.7 -9.1 Year to date 1,367.4 -1,510.7 -9.1 ^ January 23 figures revised. ($1 = 1,165.6300 won) (Reporting by Yun Hwan Chae) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southkorea-stocks-trading-idUSL4N1FE2G8'|'2017-01-24T14:25:00.000+02:00'
'246364bd9b914df41babfd55955c0a4727e05015'|'Goldman Sachs files $1 billion countersuit against Indonesian businessman'|'Tue Jan 24, 2017 - 6:02am GMT Goldman Sachs files $1 billion countersuit against Indonesian businessman The logo of Goldman Sachs is displayed in their office located in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo JAKARTA Goldman Sachs filed a $1 billion counter lawsuit on Tuesday against an Indonesian businessman who is seeking damages from the U.S. bank for conducting what he called "unlawful" trades in the shares of a property firm. Benny Tjokrosaputro, president director of Indonesian property developer PT Hanson International Tbk ( MYRX.JK ), filed a lawsuit in a Jakarta court on Sept. 8 against Goldman''s unit, Goldman Sachs International. Tjokrosaputro, who says that he owned the 425 million Hanson shares that Goldman traded, is seeking 15 trillion rupiah ($1.1 billion) in compensation from Goldman Sachs International and wants its assets frozen in Indonesia and overseas. Goldman had said in response that Goldman Sachs International was the legal owner of the Hanson shares. (Reporting by Eveline Danubrata; Editing by Stephen Coates) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-indonesia-goldman-sachs-lawsuit-idUKKBN1580FA'|'2017-01-24T12:54:00.000+02:00'
'4c3df8d916d018acfec2764905417e990ae9323e'|'Saudi Aramco asks banks to pitch for world''s largest share sale'|'Business News   5:00pm GMT Saudi Aramco asks banks to pitch for world''s largest share sale A Saudi Aramco employee sits in the area of its stand at the Middle East Petrotech 2016, an exhibition and conference for the refining and petrochemical industries, in Manama, Bahrain, September 27, 2016. REUTERS/Hamad I Mohammed By Reem Shamseddine and Tom Arnold - KHOBAR, Saudi Arabia/DUBAI KHOBAR, Saudi Arabia/DUBAI Oil and gas company Saudi Aramco IPO-ARMO.SE has invited banks to pitch for an advisory position on what is expected to be the world''s biggest initial public offering, sources familiar with the matter told Reuters on Tuesday. Morgan Stanley and HSBC are among banks that have received the request for proposals, one of the sources told Reuters, with the other adding that the invitation was to evaluate Aramco''s business and help it with measures surrounding the share sale. The listing of Aramco is a central plank of the government''s ambitious plan to transform the kingdom by enticing investment and diversifying the economy away from a reliance on oil. Aramco''s chief executive Amin Nasser said in October that 2018 was being targeted for the flotation of up to 5 percent of the company, though the exact size of the offering will be determined by the Saudi Supreme Council. The first source told Reuters that appointment of banks was expected before the end of 2017. Morgan Stanley declined to comment. HSBC declined to comment. Aramco was not immediately available to comment. Speaking in October, Nasser also said Aramco had yet to finalise the location of the listing and was currently reviewing several markets including New York, London, Hong Kong and Japan. Bloomberg reported in April last year that Aramco had selected JPMorgan Chase & Co and Michael Klein as advisers on the IPO. Next In Business News Le Pen nerves hit French debt but euro impact unclear LONDON Nerves around France''s presidential election are starting to play out in debt markets, although the euro seems as yet unruffled by a vote which could pose the biggest existential threat to the single currency bloc since the 2011/2012 debt crisis.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-aramco-ipo-idUKKBN1582CA'|'2017-01-25T00:00:00.000+02:00'
'd27bc8614faf9f3d80aedfc3af6a603e249f8a80'|'Lockheed Martin''s revenue rises 19.4 percent'|'  7:36am EST Lockheed Martin''s revenue rises 19.4 percent Lockheed Martin''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon Lockheed Martin Corp ( LMT.N ), whose F-35 fighter program has been criticized by President Donald Trump as too expensive, posted a 19.4 percent rise in quarterly sales, helped by higher revenue from the F-35 and Sikorsky helicopters businesses. The Pentagon''s No. 1 weapons supplier said it expected 2017 net sales to rise 4.6-7.1 percent, compared with its previous forecast of an increase of 7 percent. Lockheed said net sales rose to $13.75 billion in the fourth quarter ended Dec. 31, from $11.52 billion a year earlier. Net earnings from continuing operations rose to $959 million, or $3.25 per share, from $817 million, or $2.63 per share. (Reporting by Ankit Ajmera in Bengaluru; Editing by Savio D''Souza)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-lockheed-results-idUSKBN1581KD'|'2017-01-24T19:36:00.000+02:00'
'9c9d60cec5ed2a32df593dd05c32761e566fdb6e'|'Nikkei hits near 3-wk high on Wall Street gains; financials up'|'TOKYO Jan 26 Japan''s Nikkei share average surged to a near three-week high on Thursday tracking strength in Wall Street, while financial stocks were in demand after U.S. yields rose.The Nikkei gained 1.8 percent to 19,402.39, the highest closing level since Jan. 6.The broader Topix gained 1.5 percent to 1,545.01 and the JPX-Nikkei Index 400 advanced 1.6 percent to 13,859.63. (Reporting by Ayai Tomisawa; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-close-idINL4N1FG26Q'|'2017-01-26T03:08:00.000+02:00'
'65991b77690b98b9e8f31fa59a202ce5078d6457'|'AltaGas to buy WGL Holdings for about C$8.4 billion'|'Jan 25 Energy infrastructure company AltaGas Ltd said on Wednesday it would buy WGL Holdings Inc in a deal valued at C$8.4 billion ($6.42 billion).WGL Holdings, the parent of natural-gas utility Washington Gas, provides natural gas services in Maryland, Virginia and the District of Columbia.The deal includes the assumption of about C$2.4 billion of debt.The company said the deal would add about 7-9 percent to earnings per common share.($1 = 1.3078 Canadian dollars) (Reporting by Komal Khettry in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/wgl-holdings-ma-altagas-idINL4N1FF5L2'|'2017-01-25T19:02:00.000+02:00'
'f4fddf9b11dfabb2cbc09c63feeb5f48aa800a76'|'BRIEF-Kroger Co moves all its C-store business to McLane Co'|' 55pm EST BRIEF-Kroger Co moves all its C-store business to McLane Co Jan 26 Kroger Co * The Kroger Co, the Cincinnati-based parent company of Loaf ''n Jug, Turkey Hill Minit Market, Tom Thumb, Kwik Shop and Quik Stop moves all its c-store business to mclane company * Mclane Company Inc - announced a service agreement with Cincinnati, Ohio-based Kroger Co. and its 787 C-stores located across 18 states   (Bengaluru Newsroom: +1-646-223-8780)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FG0Z5'|'2017-01-27T04:55:00.000+02:00'
'da87728c2e0c3bd007a9a87f069975f59a880577'|'BRIEF-Stock Exchange of Thailand plans to move to a two-day settlement cycle'|'Financials  25am EST BRIEF-Stock Exchange of Thailand plans to move to a two-day settlement cycle Jan 27 (Reuters) - * plans to move to a two-day settlement cycle (t+2) to reduce operation costs and risks across industry * new settlement cycle is planned to be launched in the first quarter of 2018. Source text for Eikon: Next In Financials BNP Paribas poaches three senior bankers for ECM, cash equities teams PARIS, Jan 27 BNP Paribas has poached three senior bankers for its equity capital markets (ECM) and cash equities teams, and the French bank added that global head of ECM Thierry Olive would take a new role with BNP Paribas in Asia. * Chinese companies snap up 29 pct of new land in past 2 years MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FH0DJ'|'2017-01-27T17:25:00.000+02:00'
'b8f9319c4355f3905abe89c3cb9df929f3dbc132'|'Starbucks curbs 2017 revenue forecast after U.S. store visits drop'|'By Lisa Baertlein - LOS ANGELES LOS ANGELES Starbucks Corp ( SBUX.O ) on Thursday trimmed its full-year revenue forecast and reported a smaller-than-expected rise in quarterly sales at established restaurants in the Americas, sending its shares down 3.8 percent in after-hours trade trade.The world''s biggest coffee seller said visits to U.S. stores region were down in a sign the company may be succumbing to the stubborn slump bedeviling the broader restaurant industry.Starbucks Chief Operating Officer Kevin Johnson told Reuters the disappointing Americas results were primarily due to operational challenges caused by congestion at drink pickup sites after the number of cafes reaping more than 20 percent of transactions from mobile orders doubled to 1,200 during the fiscal first quarter, which ended Jan. 1.Chief Executive Howard Schultz said on a conference call: "This is a great problem to have and a problem that we know how to solve. This is not rocket science."Sales at Americas region cafes open at least 13 months were up 3.0 percent for the first quarter, but missed analysts'' average forecast of a 3.9 percent rise, according to research firm Consensus Metrix.U.S. same-store sales were also up 3.0 percent while the actual number of transactions was down. Starbucks recently changed its loyalty program to focus on dollars spent rather than transactions. Adjusting for that change, Starbucks said traffic was flat.The Seattle company forecast 2017 revenue growth of 8.0 to 10 percent, down from prior call for a double-digit rise.Johnson, the chief operating officer, also pinned some blame on macroeconomic weakness that is causing pain throughout the restaurant industry.Revenue rose to $5.7 billion from $5.4 billion a year earlier as net income attributable to Starbucks rose to $751.8 million from $687.6 million.The revenue was less than the $5.8 billion average target of analysts compiled by Thomson Reuters I/B/E/S. Adjusted earnings per share of 52 cents met expectations."Despite (Starbucks'') relative consistency and outperformance vs. peers, it isn''t completely immune to a meaningful deterioration in retail traffic," Stephens analyst Will Slabaugh said in a client note.The Americas region contributed 62 percent of Starbucks'' total net revenue in the latest fiscal year.Much of that came from the United States, where Starbucks and other chains have been battling direct rivals as well as unusually low grocery prices.Starbucks shares fell $2.20 to $56.26 in extended trade.(Reporting by Lisa Baertlein in Los Angeles and Peter Henderson in San Francisco; Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/starbucks-results-idINKBN15A37Y'|'2017-01-26T21:15:00.000+02:00'
'feb1a2d55ae8d51fa7d8a88c2bd321d60c882e9e'|'Fitch Affirms Sparebanken Vest at ''A-''; Withdraws Ratings'|'Financials   8:56am EST Fitch Affirms Sparebanken Vest at ''A-''; Withdraws Ratings (The following statement was released by the rating agency) LONDON, January 24 (Fitch) Fitch Ratings has affirmed Sparebanken Vest''s (SV) Long-Term Issuer Default Rating (IDR) at ''A-'' with Stable Outlook, Short-Term IDR at ''F2'' and Viability Rating (VR) at ''a-''. Fitch has simultaneously withdrawn the ratings of SV for commercial reasons. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERS IDR, VR AND SENIOR DEBT The ratings reflect SV''s strong regional franchise around the Bergen area, healthy profitability, resilient asset quality, and sound capital ratios. The ratings also factor in significant property price increases in recent years, geographically concentrated lending, and liquidity management in the context of wholesale funding reliance. Fitch expects SV''s asset quality to remain strong, driven by a benign operating environment and prudent underwriting standards. Concentration risk relating to large exposures is being reduced, and Fitch expects SV to continue to implement a low-risk business model, and to focus on retail and small-and medium-sized customers. SV''s direct exposure to the oil and offshore sector is limited. Pre-impairment profitability is good, and the regional franchise supports stable revenue generation. Cost efficiency is acceptable. Fitch expects modest loan impairment charges in 2017, despite continued low oil prices. SV''s capitalisation compares well with those of Norwegian and international peers. Leverage remains low in a European context. As with most Nordic peers, SV is reliant on the wholesale markets for its funding. Maintaining a large liquidity buffer is critical to mitigating refinancing risks. The ''F2'' Short-Term IDR of SV maps to the lower of the two options for a ''A-'' Long-Term IDR. While Fitch believes the bank has good funding and liquidity, its liquidity is not notably better than the rating level would suggest. SUPPORT RATING AND SUPPORT RATING FLOOR SV''s Support Rating of ''3'' and Support Rating Floor of ''BB+'' reflect Fitch''s view of a moderate probability of support, if required, from the Norwegian authorities, given SV''s strong regional franchise, Norway''s exceptionally strong financial flexibility and little progress to date with implementing bank resolution legislation. RATING SENSITIVITIES IDR, VR AND SENIOR DEBT Not applicable SUPPORT RATING AND SUPPORT RATING FLOOR Not applicable The rating actions are as follows: Sparebanken Vest: Long-Term IDR affirmed at ''A-''; Outlook Stable and withdrawn Short-Term IDR affirmed at ''F2'' and withdrawn Viability Rating affirmed at ''a-'' and withdrawn Support Rating affirmed at ''3'' and withdrawn Support Rating Floor affirmed at ''BB+'' and withdrawn Senior unsecured debt affirmed at ''A-''/''F2'' and withdrawn Contact: Primary Analyst Bjorn Norman Senior Director +44 20 3530 1330 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst David Bengtsson Analyst +44 20 3530 1664 Committee Chairperson Olivia Perney Guillot Senior Director +33 1 44 29 91 74 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017978 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. 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Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987475'|'2017-01-24T20:56:00.000+02:00'
'0918b9f295b36563ab9c69bbf3913015a7a3bbb5'|'Japan govt: fiscal targets slip further as tax revenue falls'|'Economic   2:12pm IST Japan govt: fiscal targets slip further as tax revenue falls FILE PHOTO - Japan''s Prime Minister Shinzo Abe speaks during a news conference at his official residence in Tokyo, Japan, October 6, 2015. REUTERS/Yuya Shino/File Photo TOKYO Japan''s government said on Wednesday that the primary deficit will worsen in coming years, even according to its most optimistic forecasts, because of falling tax revenue and weak consumer spending. The forecasts, released by the Cabinet Office, show the government is falling behind two important fiscal discipline targets that were intended to eliminate the primary deficit, which excludes debt servicing costs and new bond sales. Chances for a turnaround are slim, some economists say, because Prime Minister Shinzo Abe last year shifted policy to prioritise infrastructure spending over fiscal discipline, raising concerns that Japan''s debt burden will worsen further. Japan''s primary deficit will total 8.3 trillion yen ($73.1 billion), or 1.4 percent of nominal gross domestic product in fiscal 2020, the Cabinet Office said on Wednesday. In its previous forecasts published in July, the Cabinet Office said the primary deficit would be 5.5 trillion yen, or 1.0 percent of GDP, in fiscal 2020. In fiscal 2018 the primary deficit will total 13.8 trillion yen, or 2.4 percent of GDP, worse than previous forecasts of 10.5 trillion yen and 1.9 percent, respectively. Abe''s government inherited a plan to achieve a primary surplus in fiscal 2020 to show Japan is trying to lower its debt burden, which is the worst among major countries at more than twice the size of its economy. Abe''s government set an interim target of reducing the primary deficit to 1 percent of gross domestic product in fiscal 2018, but economists widely expect the government to miss this goal after Abe delayed a nationwide sales tax increase. Sources told Reuters last week the government could start debating whether to revise the target for fiscal 2020 because it was becoming less likely to be met. [nL4N1F82IH] ($1 = 113.5600 yen) (Reporting by Stanley White; Editing by Jacqueline Wong) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-deficit-idINKBN1590SV'|'2017-01-25T15:42:00.000+02:00'
'cfc4a5147d0885c77ff14421bb2b57daf58a99ca'|'Trump''s approach to trade risks tit-for-tat reaction - ECB''s Praet'|'Tue Jan 24, 2017 - 7:13pm GMT Trump''s approach to trade risks tit-for-tat reaction: ECB''s Praet European Central Bank Executive Board member Peter Praet speaks during a meeting organised by The Economist in Cascais, Portugal, February 18, 2014. REUTERS/Rafael Marchante/File Photo ROME U.S.   approach to international trade issues suggests an inclination for bilateral deals, which risk a backlash from nations who are left out, European Central Bank chief economist Peter Praet said on Tuesday. "I think one has to be very careful because history has told us that when you move in one direction, the other countries will move in the other direction, so you have a tit-for-tat risk in world trade," the ECB Executive Board member said in Rome. (Reporting by Gavin Jones; Writing by Balazs Koranyi; Editing by Louise Ireland) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-policy-trump-idUKKBN1582LN'|'2017-01-25T01:51:00.000+02:00'
'a64426df81ecd26723cd9ba97bf52829001ff81f'|'Trump Treasury nominee wants to loosen limits under Volcker rule -document'|'Politics - Mon Jan 23, 2017 - 6:53pm EST Trump Treasury nominee wants to loosen limits under Volcker rule: document Steve Mnuchin, President-elect Donald Trump''s nominee to be Treasury Secretary, meets with U.S. Senate Majority Leader Mitch McConnell (not pictured) in his office at the U.S. Capitol in Washington, U.S. December 6, 2016. REUTERS/Jonathan Ernst By Lisa Lambert and David Lawder - WASHINGTON WASHINGTON Dialing back the Volcker Rule that limits banks'' ability to engage in speculative investments is a top priority for President Donald Trump''s nominee for U.S. Treasury secretary, Steve Mnuchin, according to a document seen by Reuters on Monday. In written responses to questions posed by members of the U.S. Senate Finance Committee, Mnuchin said he would use his role as head of the interagency Financial Stability Oversight Council to give the Volcker Rule a stricter definition of proprietary trading. In "prop trading" a financial firm uses its own money to invest in privately held companies, hedge funds and similar vehicles. The Volcker rule was designed to limit the type of risk-taking activities that helped land banks in trouble during the financial crisis. "As Chair of FSOC I would plan to address the issue of the definition of the Volcker Rule to make sure that banks can provide the necessary liquidity for customer markets and address the issues in the Fed report," Mnuchin wrote in the document, which also included senators'' questions and was verified by a Senate aide. During his confirmation hearing with the Senate Finance Committee last week, Mnuchin cited a recent Federal Reserve report that found the rule, part of the 2010 Dodd-Frank Wall Street Reform law, was limiting market liquidity. The committee has not yet scheduled a date to vote to send the nomination to the full chamber for approval. Regulators have applied proprietary trading prohibitions to too many activities, he said. The Fed report found that ambiguity and gray areas in the rule were pushing dealers to conservative strategies to ensure they did not cross the line on the prohibitions. In the responses Mnuchin also made it clear he believes the rule should only apply to "a bank that benefits from federal deposit insurance." The Federal Deposit Insurance Corporation guarantees retail deposits at about 6,000 banks, including the consumer banking arms of the country''s largest investment banks. The law currently applies to banks that have access to the Federal Reserve''s discount window or other government backstop. Senator Maria Cantwell, a Democrat who serves on the Finance Committee, wrote that uninsured investment banks also pose risks that the rule, named for former Federal Reserve Chair Paul Volcker, was supposed to address. "As we saw during the financial crisis, when nonbanking affiliates of FDIC insured banks failed, they were rescued by their insured affiliates, which in turn were forced to be rescued by taxpayers," she wrote. "This was the case with State Street Bank, and your former employer, Goldman Sachs, which converted to a bank holding company in order to be eligible for federal bailout funds." Mnuchin reiterated that an updated version of the 1933 Glass-Steagall law that had long separated commercial and investment banking should be instated to reduce risks. The law was repealed in 1999. Mnuchin has not shared details of his "21st Century Glass-Steagall," but hinted it would be looser than the original. "A bright line between commercial and investment banking, although less complicated, may inhibit the necessary lending and capital markets activities to support a robust economy," he wrote. (Reporting by Lisa Lambert; Editing by Linda Stern and Leslie Adler) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-trump-volcker-idUSKBN1572X9'|'2017-01-24T06:40:00.000+02:00'
'b53e11cceb72772d4a739da5629d0ee2ef5c1467'|'Vodafone wins German court victory over Telekom duct charges'|'Technology News - Tue Jan 24, 2017 - 12:43pm EST Vodafone wins German court victory over Telekom duct charges Branding for Vodafone is seen on the exterior of a shop in London, Britain, September 10, 2015. REUTERS/Toby Melville BERLIN Germany''s highest federal court handed Vodafone ( VOD.L ) a victory on Tuesday in a dispute with Deutsche Telekom ( DTEGn.DE ) over how the former state monopoly charges for the use of cable ducts, Vodafone said. The dispute concerns around 400 million euros ($430 million) that Vodafone says Telekom has overcharged it in rent for using the cable network that Deutsche Telekom built before it had to spin it off as part of its privatization. A Vodafone spokeswoman said the Federal Court of Justice had overturned a ruling of a lower court in favor of Deutsche Telekom and referred the case back to that court to determine whether and to what extent Vodafone''s claims were founded. "In our opinion, Telekom is abusing its dominant position with the high rental fees for the use of cable ducts," the spokeswoman said. The Federal Court of Justice was not reachable after office hours. Deutsche Telekom said it was confident the lower court would again find in its favor. "We expect that the higher regional court will agree with our view that the size of the demand is not justified," a spokesman said. (Reporting by Peter Maushagen; Writing by Emma Thomasson; Editing by Georgina Prodhan) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-vodafone-group-deutsche-telekom-idUSKBN1582FS'|'2017-01-25T00:43:00.000+02:00'
'6ea30959a86c541dd61112ea327830a01fe252fa'|'INSIGHT-Zodiac family silver key to $9 bln Safran tie-up'|'Business News   1:33pm EST Zodiac family silver key to $9 billion Safran tie-up left right The logo of French aircraft seats and equipment manufacturer Zodiac Aerospace is seen during the company''s first half of the 2015/2016 fiscal year presentation in Paris, France, April 20, 2016. REUTERS/Benoit Tessier/File Photo 1/3 left right A Safran employee works during the delivery of the first series-production LEAP-1A propulsion systems by Aircelle for the A320neo aircraft Airbus family at the Aircelle plant in Colomiers near Toulouse, Southwestern France, April 15, 2016. REUTERS/Regis Duvignau/File Photo 2/3 left right Employees of Safran attend the delivery of the first series-production LEAP-1A propulsion systems by Aircelle for the A320neo aircraft Airbus family at the Aircelle plant in Colomiers near Toulouse, Southwestern France, April 15, 2016. REUTERS/Regis Duvignau/File Photo 3/3 By Tim Hepher - PARIS PARIS France''s Safran has crafted a deal to persuade family investors in Zodiac Aerospace to give up control in a merger that would create the world''s third largest aerospace supplier. But in a rare two-stage deal Safran must first convince ordinary investors, who hold 68 percent of the company, to sell their shares in the company for cash. If more than half of those investors accept, the deal will proceed to the second phase. This would offer the handful of families with historic ties a chance to keep shareholdings and industrial links while maintaining longstanding tax breaks - key to getting the families on board. The families lead a group that hold 32 percent of Zodiac voting rights and spurned Safran''s first approach six years ago. The dual deal structure reflects how Safran is caught between the need to make the deal attractive to markets and keep long-term investors on board. Safran, which is 14 percent owned by the French state, wants to create a new aerospace champion and the tax umbrella reflects the policy of successive governments to smooth the path for such deals. Without that structure, the Safran deal with Zodiac would collapse, legal experts and people involved in the deal said. "It has to be done this way or there is no deal," a person directly involved in the negotiations told Reuters. A Zodiac spokesman and Safran spokeswoman both declined to comment on the discussions. But the unusual split structure has puzzled some ordinary Zodiac investors, who could collectively block the deal, according to people briefed on the discussions. Under the deal, Safran is first offering cash worth $9 billion or $29.47 a share for Zodiac, aimed at most investors. It does not allow shareholders outside the core group to exchange their own Zodiac shares for stock in the new Safran. "Some shareholders are saying ''Why should we have to take cash? If the story is so good, why shouldn''t we be able to take up shares? Why exclude us from the club?''," said a European analyst, asking not to be named because of company policy. The analyst said he had been told this by his clients who are investors in Zodiac. WEALTH TAX Safran''s backers say that is offset by a hefty 26 percent premium compared to Zodiac shares prices before the offer. Changing part two of the deal to a classic share offer would expose descendants of Zodiac''s founders to French wealth taxes and other penalties that one analyst estimated could reach hundreds of millions of euros. "The problem ... is the wealth tax. If you don''t find a way to make the deal interesting for the families, it can''t happen...That is why a merger was chosen rather than a simple share swap," said a person close to the group of families. While France''s tax system pounces on gains from selling shares for either cash or stock, shareholders tied together by a special pact don''t face the same exposure when companies merge. That is not the reason bringing the two firms together, but is one factor Safran hopes will prevent the deal falling apart. After five weeks of intensive and secretive talks, held in rented rooms and protected by code names, the two companies last week unveiled a deal designed to satisfy two very different shareholder bases. Their offer aimed to reconcile two red lines: Zodiac''s families wanted to be able to maintain their fiscally neutral shareholder pact and preserve their role as stable partners. And Safran wanted to avoid just taking majority control of Zodiac with a large minority block in place that might make it harder to get synergies needed to justify its tie-up with a company only just emerging from industrial problems. Full mergers typically lead to bigger cost cuts such as closing one company''s headquarters. LOOKING FOR A SWEETENER Tax is not the only issue, people involved in the talks said. Zodiac''s core shareholders were also unwilling to fritter away double voting rights accumulated over many years, and negotiated the right to keep them in the enlarged group, those people said. Finally, Zodiac Chairman Didier Domange stressed the families wanted to stay involved industrially with Safran. The families also made concessions. They will be locked in for two years, limiting options at a volatile time, and the deal is structured to give them a slight discount. On Tuesday the merger ratio, 0.485 Safran shares for each Zodiac one, implied a 2.6 percent discount to the cash offer after stripping out a special Safran dividend adjusted for tax. Even so, success is only assured if Safran wins three quarters of Zodiac''s freely traded stock in the cash bid. Sensing Safran''s potential difficulty, some investors see a chance to put pressure on it to raise its bid. "We consider this group of shareholders could push for a sweetener in order to take the cash offer," Barclays said. Safran betrays no sign of being prepared to raise the offer and analysts say it could walk away with less egg on its face than Zodiac''s ordinary shareholders if the deal fails. "Zodiac is nice to have, but not a must-have for Safran," a person familiar with the company''s strategy said. While embracing Zodiac as an industrial partner, Safran appears to be gambling that the risk of Zodiac shares dropping sharply if the deal fails, with no new partner for the industrially stretched company in sight, will bring in votes. Under the merger, the French state plans to join a pact with the current core shareholders in Zodiac, which employs 7,000 workers in France. Some analysts view the state with suspicion. Two days before the deal became public, its four main architects - the CEOs and chairman of both firms - visited the Elysee palace to talk to President Francois Hollande. But while Hollande later welcomed the creation of a French aerospace giant, securing jobs ahead of elections in April, insiders said the government only joined talks in the final stages and did not try to steer the deal one way or the other. "There was never any state interference," one said. (Additional reporting by Gilles Guillaume, Cyril Altmeyer, Matthieu Protard; editing by Anna Willard) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-zodiac-aero-m-a-safran-insight-idUSKBN1582JG'|'2017-01-25T01:25:00.000+02:00'
'6e413da86a2f4f255b3ca4c8995906e0a947480b'|'Fitch: Cheung Kong Property''s Proposed Joint Acquisition Neutral to Rating'|'Financials  49am EST Fitch: Cheung Kong Property''s Proposed Joint Acquisition Neutral to Rating (The following statement was released by the rating agency) HONG KONG, January 24 (Fitch) Fitch Ratings says that Cheung Kong Property Holdings Limited''s (CKP; A-/Positive) participation in a joint venture planning to acquire the Duet Group in Australia is consistent with management''s plans to explore investment opportunities outside Hong Kong and diversify its sources of recurring income. Fitch does not expect the proposed acquisition to have an immediate impact on the ratings. Duet Group primarily owns and operates gas and electricity distribution assets and gas transmission assets in Australia, as well as a 900 megawatt (MW) portfolio of low-CO2-emitting generation assets in Australia, the US and Europe. CKP has partnered Cheung Kong Infrastructure Holdings Limited (CKI, A-/Stable) and Power Assets Holdings (PAH, 38.9%-owned by CKI) to acquire 100% of Duet Group for up to AUD7.5bn (HKD43.1bn), inclusive of transaction costs. CKP will take a stake of around 40% in Duet Group, CKI around 40% and PAH 20%, subject to independent shareholder approvals CKP''s share of the acquisition would be around AUD3bn, which we believe CKP would fund with its available cash on hand. The company has ample liquidity with HKD50.3bn cash on hand at end-June 2016, more than sufficient for the total net cash payable of HKD17bn for this acquisition and the HKD6.3bn for the purchase of an aircraft leasing business announced in December 2016. CKP says it is in a near net cash position and is considering other investment opportunities to generate stable income in the long term. Fitch estimates that CKP''s credit metrics will not be affected by any investment unless the total value of new investments exceeds HKD30bn and assuming the new investments generate stable operating cash flows. Fitch expects CKP''s leverage, as measured by net debt/investment property value, to remain under 20% should the Duet Group acquisition complete as expected, assuming proportional consolidation of the group''s net debt. Fitch views the transaction as neutral to CKP''s rating, as the acquired utilities business will provide stable and predictable returns and it operates in jurisdictions with mature and transparent regulatory frameworks. CKP will collaborate with CKI and PAH in the management and operation of the acquired business. Fitch may review CKP''s ratings in the unlikely event that it acquires a majority stake in Duet Group and fully consolidates the net debt of the Australian company. Contact: Rebecca Tang Associate Director + 852 2263 9933 Fitch (Hong Kong) Limited 19th Floor, Man Yee Building 68 Des Voeux Road Central, Hong Kong Vanessa Chan Director +852 2263 9559 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987576'|'2017-01-24T16:49:00.000+02:00'
'c070b5843b3abf71217f5fb056ea2e562c0bc8ae'|'BRIEF-Guotai Junan Securities issues corporate bonds worth 5 bln yuan'|' 33am EST BRIEF-Guotai Junan Securities issues corporate bonds worth 5 bln yuan Jan 25 Guotai Junan Securities Co Ltd : * Says it issued 2017 first short-term corporate bonds worth 5 billion yuan with a term of 270 days and coupon rate of 4.3 percent Source text in Chinese: Guotai Junan Securities Further company Coverage: (Beijing Headline News) Next In Financials * City Entertainment manages 76 cinemas in China (Adds company comments) MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FF2LP'|'2017-01-25T14:33:00.000+02:00'
'e755f8a6025150214a16f2e0e1b09a7d3001361d'|'Fitch Affirms First Horizon at ''BBB-''; Outlook Revised to Positive'|'Financials   3:47pm EST Fitch Affirms First Horizon at ''BBB-''; Outlook Revised to Positive (The following statement was released by the rating agency) CHICAGO, January 23 (Fitch) Fitch Ratings has affirmed First Horizon National Corp''s (FHN) ratings at ''BBB-/F3''. The Rating Outlook has been revised to Positive from Stable. See the full list of rating actions at the end of this release. The rating action follows a periodic review of the mid-tier regional banking group, which includes BankUnited Inc. (BKU), BOK Financial Corp. (BOKF), Cathay General Bancorp (CATY), East West Bancorp (EWBC), First Republic Bank (FRC), First Horizon National Corp. (FHN), First National of Nebraska Inc. (FNNI), Fulton Financial Corp. (FULT), Hilltop Holdings, Inc. (HTH), Synovus Financial Corp. (SNV), TCF Financial Corp. (TCB), Trustmark Corp. (TRMK), UMB Financial Corp. (UMBF) and Wintrust Financial Corp. (WTFC). Company-specific rating rationales for the other banks are published separately, and for further discussion of the mid-tier regional bank sector in general, refer to the special report titled ''U.S. Banks: Midtier Regional Bank Periodic Review,'' to be published shortly. KEY RATING DRIVERS ISSUER DEFAULT RATINGS (IDRS), VIABILTY RATING (VR) AND SENIOR DEBT Today''s rating affirmation reflects FHN''s strong banking franchise, appropriate capital levels relative to the company''s risk profile, and good revenue mix relative to peers. The affirmation also incorporates the expectation that FHN will continue working through its nonstrategic assets with manageable credit losses going forward, including home equity lines of credit (HELOCs) that are entering their amortization periods. The Positive Outlook reflects Fitch''s expectation that management will continue to execute on its well-communicated, long-term strategies to align FHN''s operating performance with operating targets over the rating time horizon. FHN''s ratings are relatively low as compared to its peer group and to Fitch''s rated bank universe. Fitch believes that FHN has rating upside over time, as reflected in the Positive Outlook. Fitch expects earnings to improve and converge with higher rated peers on a consistent basis while the bank maintains a sound risk appetite. FHN''s core business operations include its regional banking line of business (First Tennessee Bank, NA; FTBNA) and FTN Financial (FTN), the company''s capital markets division. FTBNA has the leading deposit market share in Tennessee with 14% of total deposits as of June 30, 2016, and a growing presence in the company''s other key operating markets. This segment has generated consistent performance over time. FTN provides the overall company with solid revenue mix through its niche capital markets business that caters to smaller, community-bank-sized financial institutions. FTN''s franchise is strong in this space, evidenced by relationships with approximately half of all U.S. banks with investment portfolios over $100 million. While revenue generated out of FTN can be somewhat volatile in various rate and economic environments, over time it has contributed 20% or more of total revenue to FHN. Fitch observes that non-interest income-to-total revenue is consistently above 40%, a stronger portion relative to peers and a positive ratings driver in Fitch''s view. Given the company''s asset sensitivity, FHN''s balance sheet is well-positioned for a rising rate environment. Fitch believes FHN could generate higher relative earnings improvement than peers as short-term rates increase. Around 70% of FHN''s total assets are set to reprice within one year and 67% of total loans are variable-rate, resulting in the highest net asset repricing sensitivity of the peer group. Fitch notes that net interest income sensitivity disclosures, which are highly dependent on deposit repricing assumptions which can vary from bank to bank, point to rate sensitivity more in-line with peers. Moreover, the company''s deposit and funding composition has improved dramatically over recent years to more stable, core sources and away from wholesale and credit-sensitive funds which should aid in allowing FHN to lag deposit pricing. This expectation is incorporated into the rating affirmation and outlook revision to Positive. Fitch observes that FHN has met many of its "Low Rate Environment" targets communicated at its investor day in 2013. In Fitch''s view, this points to management''s ability to successfully execute on targets that have been clearly communicated to various constituents. Fitch also expects execution to remain on a positive trajectory which supports the Outlook revision. Also reflected in today''s outlook revision is Fitch''s view that FHN''s risk management practices are in-line with higher rated and larger banks and should reduce credit and earnings volatility in future cycles. Fitch recognizes the level of investment in risk management systems the bank has made over recent years, most notably the company''s risk adjusted return on capital (RAROC) model which is used in virtually all aspects of FHN''s operations. Fitch views these systems as an integral part of management''s ability to execute on its strategic plan of reducing problem assets, managing capital, maintaining FHN''s franchise and underwriting new loans as the company grows its loan portfolio and seeks acquisition opportunities. At third quarter 2016 (3Q16), FHN reported Basel III Common Equity Tier 1 capital of 9.8% and Fitch core capital-to-risk-weighted assets of 8.94%, both of which are below peer medians. FHN is targeting a CET1 of 8% to 9% over the long term. However, Fitch expects capital ratios to remain relatively stable over the near term. Fitch notes that internal stress testing resulted in a minimum CET1 of 9.1% in the severely adverse scenario, just above the high end of management''s long-term range. In Fitch''s view, this suggests the company can withstand a meaningful economic downturn and supports the view that current capital levels are reasonable for FHN''s risk profile. Constraining the company''s rating over the near term are elevated levels of nonperforming assets (NPAs). Fitch-calculated NPAs through 3Q16 totalled 1.9% of loans and other real estate owned (OREO), above the peer average of around 1.1%. Large balances of restructured residential loans originated out of the company''s former national lending platform continue to account for the majority of the NPAs. Restructured residential loans are generally difficult to remove from the balance sheet, which is why Fitch expects FHN''s NPA ratio to remain elevated relative to peers over the near-to-intermediate time horizon. While NPAs should remain elevated in the near term, Fitch expect the loss content from the NPAs to remain manageable and should not be a drag on earnings and capital given generally higher home prices within FHN''s footprint and throughout the United States. FHN continues to exhibit solid liquidity and funding. As mentioned above, FHN''s funding primarily consists of its large, in-footprint non-interest-bearing deposit base, accounting for nearly 30% of total deposits at 3Q16. FHN also has access to multiple sources of secured borrowing, such as the FHLB. These sources were modestly used at 3Q16 and FHN still has adequate capacity at quarter-end. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES FHN''s preferred stock is notched five levels below its VR of ''bbb-'', two times for loss severity and three times for non-performance. These ratings are in accordance with Fitch''s criteria and assessment of the instruments'' non-performance and loss severity risk profiles and have thus been affirmed due to the affirmation of the VR. LONG- AND SHORT-TERM DEPOSIT RATINGS FHN''s uninsured deposit ratings at the subsidiary banks are rated one notch higher than the company''s IDR and senior unsecured debt because U.S. uninsured deposits benefit from depositor preference. U.S. depositor preference gives deposit liabilities superior recovery prospects in the event of default. HOLDING COMPANY FHN''s IDR and VR are equalized with those of First Tennessee Bank, NA, reflecting its role as the bank holding company, which is mandated in the U.S. to act as a source of strength for its bank subsidiaries. Ratings are also equalized reflecting the very close correlation between holding company and subsidiary failure and default probabilities. SUPPORT RATING AND SUPPORT RATING FLOOR FHN has a Support Rating of ''5'' and Support Rating Floor of ''NF''. In Fitch''s view, FHN is not systemically important and therefore, the probability of support is unlikely. IDRs and VRs do not incorporate any support. RATING SENSITIVITIES VR, IDRs, AND SENIOR DEBT With the Outlook revision to Positive, Fitch believes there is more upside to FHN''s rating over the next 12 to 24 months than downside. While FHN''s NPAs are likely to remain elevated relative to peers due to high balances of restructured residential mortgage loans, positive rating momentum would likely occur if FHN''s other credit metrics, namely credit losses and delinquencies, remain in-line or perform better than peers over the rating time horizon. Fitch notes that net charge-offs to loans through 3Q16 were 14bps versus a peer median of 15bps. Management''s normalized, operating target range is between 20bps-60bps over time, well below what the company experienced during the crisis and in-line with those target ranges of higher rated banks in Fitch''s rated universe. Given enhanced risk management systems and a more diversified loan portfolio, Fitch believes these normalized operating targets are attainable. Furthermore, higher and more consistent earnings, measured by return on average assets (ROAA) and/or pre-provision net revenue-to-average assets (PPNR to ROA) would also lead to positive rating action. As noted above, Fitch expects rising rates to be a tailwind to FHN''s top and bottom line, which could lead to earnings performance consistently. Because FHN has resolved or reserved for most legal issues tied to past practices, Fitch does not expect any significant quarterly settlements that could lead to losses or depressed results. However, to the extent that FHN reports material legal events that point to the reappearance of issues related to past residential mortgage practices, the Outlook may be revised to Stable if Fitch had concerns that capital could be impaired, although this is unlikely. Negative rating action could also occur in the event of material asset quality deterioration in its home equity lines of credit (HELOC) portfolio. Fitch notes that over the next 36 months over 40% of FHN''s HELOC balances still in the draw period are set to convert to fully amortizing loans, which will present repayment risk. Though these maturing balances account for less than 3% of total loans, Fitch will continue to evaluate their performance. Should performance of maturing HELOCs materially decline once in repayment such that outsized provisions are required which hamper earnings performance, negative rating action could be taken. Fitch notes that today''s rating action incorporates the view that FHN may be active in the merger and acquisition (M&A) space going forward as the company pursues expansion into neighboring states and select metropolitan areas that management deem appropriate and in line with FHN''s business model. Fitch would analyze any individual transaction for its strategic and financial implications, which may lead to rating changes. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for FHN and its operating companies'' preferred stock are sensitive to any change to its VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long-and short-term deposit ratings are sensitive to any change to FHN''s long-and short-term IDR. HOLDING COMPANY Should FHN''s holding company begin to exhibit signs of weakness, demonstrate trouble accessing the capital markets, or have inadequate cash flow coverage to meet near-term obligations, there is the potential that Fitch could notch the holding company IDR and VR from the ratings of the operating companies. SUPPORT RATING AND SUPPORT RATING FLOOR Since FHN''s Support and Support Rating Floors are ''5'' and ''NF'', respectively, there is limited likelihood that these ratings will change over the foreseeable future. The rating actions are as follows: Fitch has affirmed the following ratings with Outlooks revised from Stable to Positive: First Horizon National Corporation --Long-Term IDR at ''BBB-''; Outlook Positive; --Viability rating at ''bbb-''; --Short-Term IDR at ''F3''; --Senior Unsecured at ''BBB-''; --Preferred Stock at ''B''; --Support rating at ''5''; --Support Floor at ''NF''. First Tennessee Bank, N.A. --Long-Term IDR at ''BBB-''; Outlook Positive; --Viability rating at ''bbb-''; --Short-Term IDR at ''F3''; --Long-term Deposits at ''BBB''; --Short-term Deposits at ''F3''; --Senior Unsecured at ''BBB-''; --Short-term Senior Unsecured at ''F3''; --Preferred Stock at ''B''; --Support rating at ''5''; --Support Floor at ''NF''. Contact: Primary Analyst Bain K. Rumohr, CFA Director +1-312-368-3153 Fitch Ratings, Inc. 70 W. Madison Street Chicago, IL 60602 Secondary Analyst Julie Solar Senior Director +1-312-368-5472 Committee Chairperson Christopher Wolfe Managing Director +1-212-908-0771 Media Relations: Hannah James, New York, Tel: + 1 646 582 4947, Email: hannah.james@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017939 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch''s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials Fitch Takes Rating Actions on U.S. Midtier Regional Banks Following Peer Review (The following statement was released by the rating agency) CHICAGO, January 23 (Fitch) Fitch Ratings has completed its review of its U.S. midtier regional bank peer group. Following the review, which generally covers banks with assets between $10 billion and $50 billion, Fitch downgraded UMB financial (UMBF) and revised the Rating Outlook to Stable from Negative. At the same time, Fitch revised the Outlooks for BOK Financial (BOKF) to Stable from Negative and revised the Outlook for First'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987368'|'2017-01-24T03:47:00.000+02:00'
'1ae47bde2f88efb24e510b2d4b2e59006be9b0d5'|'ECB could withdraw stimulus if inflation rise sustained - Germany''s Weidmann'|' 19pm GMT ECB could withdraw stimulus if inflation rise sustained - Germany''s Weidmann German Bundesbank President Jens Weidmann speaks during the G20 Germany 2017 Conference in Wiesbaden, Germany, January 25, 2017. REUTERS/Ralph Orlowski FRANKFURT The euro zone economy started the year on a solid footing and the European Central Bank should start plotting an exit from stimulus if the recent inflation rise proves lasting, ECB policymaker Jens Weidmann said on Thursday. Warning against keeping monetary policy too easy for too long, Weidmann, the influential head of Germany''s Bundesbank, said the ECB was at risk of becoming a prisoner of markets or fiscal policy. "I will argue that the economic outlook at the beginning of the year is quite positive and the inflation rate is gradually approaching to the ECB’s definition of price stability," Weidmann, one of the ECB''s top hawks, said. "If this price development is sustainable, the prerequisite for the withdrawal from the loose monetary policy is created," he added. Still, he argued that an expansive monetary policy was currently appropriate. Facing the threat of deflation, the ECB has cut rates deep into negative territory, bought over 1.5 trillion euros of bonds and regularly offers banks free loans, all in the hope of reviving growth and eventually prices. (Reporting by Balazs Koranyi and Andreas Framke Editing by Jeremy Gaunt)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-weidmann-idUKKBN15A2PM'|'2017-01-27T02:19:00.000+02:00'
'60a9b62f9dad2a2ecd77e3460f56c49773632fea'|'BRIEF-Opsens reports Q1 2017 results - focused execution leads to record quarterly revenues'|' 12am EST BRIEF-Opsens reports Q1 2017 results - focused execution leads to record quarterly revenues Jan 26 Opsens Inc * Qtrly fractional flow reserve ("FFR") revenues were $2.8 million compared with $893,000 in same quarter last year * Opsens reports Q1 2017 results - focused execution leads to record quarterly revenues * Qtrly consolidated revenues for Q1 2017 amounted to $3.7 million compared with $1.7 million in Q1 2016 * Qtrly loss per share $0.03 Source text for Eikon: Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AWWX'|'2017-01-26T19:12:00.000+02:00'
'ed4d3b614ca05f73134fc1f8709984ccc053d9f2'|'Tie-up between Intesa and Generali would be ''market operation'': minister'|'BRUSSELS Italian Economy Minister Pier Carlo Padoan said on Thursday that a possible tie-up between the country''s biggest retail lender Intesa Sanpaolo ( ISP.MI ) and its largest insurer Assicurazioni Generali ( GASI.MI ) would be a market affair."I don''t want to comment, it is a market operation," Padoan said on the margins of a meeting of finance ministers in Brussels.(Reporting by Francesco Guarascio; writing by Francesca Landini)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-m-a-intesa-sp-minister-idINKBN15A237'|'2017-01-26T12:17:00.000+02:00'
'160fec216764038d0ef24d756c1db574ee7d22cb'|'Greek economy seen surging this year, but not as much as government, creditors say'|'Thu Jan 26, 2017 - 3:16pm GMT Greek economy seen surging this year, but not as much as government, creditors say By George Georgiopoulos - ATHENS ATHENS Greece''s economy will accelerate at a far faster rate this year than last, ending an eight-year nightmare of recession or stagnation but still performing less well than the government and its creditors project, the IOBE think tank said on Thursday. In a quarterly economic review, the Foundation for Economic and Industrial Research said Greek gross domestic product would grow by 1.5 to 1.8 percent in 2017. While this is slightly less than a previous 1.5 to 2.0 percent forecast, it is far higher than IOBE''s new estimate of 0.4 percent growth last year, a significant upward revision from October''s estimate of a 0.5 percent contraction. It also contrasts strongly with the deep recession that ran from 2008 to 2015 with only a miniscule growth blip in 2014. The IOBE''s 2017 forecast, however, is for much less growth than the more upbeat view taken by the government and its official creditors who project the economy will grow by 2.7 percent. "The goal of 2.7 percent is difficult to attain," said IOBE head Nikos Vettas. "The (expected) rise in imports is underestimated while the delay in concluding the second bailout review also delays Greece''s inclusion in the (ECB''s) quantitative easing." Greece has received three official bailouts from the European Union and International Monetary Fund, money than was accompanied by sometimes harsh austerity. It is currently waiting for clearance of a new tranche. The crisis has also meant that for now, Greece is not eligible for the European Central Bank''s asset-buying scheme. Vettas said IOBE''s projected economic expansion will result in higher imports, containing the contribution of net exports to gross domestic product with some part of income "leaking" abroad. Commenting on the ongoing review of the country''s performance against bailout program targets, which has dragged on for months, Vettas said that official creditors'' demands for high primary budget surpluses reflected a "trust deficit". Greece has said it is willing to guarantee further spending cuts if necessary to break an impasse in its talks with foreign lenders and conclude the review. Finance ministers of the 19 countries sharing the euro zone met on Thursday in Brussels but there hasn''t been sufficient progress in Greek reforms yet for them to sign off on a deal. Talks are expected to continue until the next Eurogroup meeting, which is scheduled on Feb. 20. IOBE expects Greece''s jobless rate, the euro zone''s highest, to ease by about one percentage point to 22.3 percent from 23.4 percent in 2016. "We expect a continued strengthening of activity in export-oriented sectors such as tourism and manufacturing, which will help job creation," said IOBE economist Angelos Tsakanikas. "But it will be a very slow process." (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-greece-economy-idUKKBN15A233'|'2017-01-26T22:05:00.000+02:00'
'd26fe23b129d2e746504bc820890804eebe67022'|'British astronaut Peake to make second space flight'|'Science  38am EST British astronaut Peake to make second space flight British astronaut Tim Peake poses with the Soyuz TMA-19M descent module, the spacecraft which carried him and his crew to and from the International Space Station, at a media event at the Science Museum in London, Britain, January 26, 2017. REUTERS/Toby Melville LONDON British astronaut Tim Peake is to return to the International Space Station to carry out more research, the government said on Thursday. The announcement was made at London''s Science Museum, where the capsule which carried Peake on his previous 186-day ''Principia'' mission to the space station was unveiled for display. "Tim Peake''s Principia mission inspired a generation, and showed just how far science can take you," said business secretary Greg Clark. No timing was announced for the next trip. A former army officer, Peake, 44, is the first British astronaut at the European Space Agency, and the seventh UK-born person in space. "It is only natural to want to return," he told Sky News. "The one thing you miss is the view of planet Earth, of course. It is the most spectacular thing you can possibly see." While aboard the International Space Station last year, Peake famously made a surprise appearance via video link at the Brit Awards to present an award to singer Adele. The UK has committed to contribute around 1.4 billion euros ($1.5 billion) to the European Space Agency over the next four years. (Reporting by Ritvik Carvalho; editing by Stephen Addison) Next In Science News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-britain-space-peake-idUSKBN15A1L7'|'2017-01-26T19:18:00.000+02:00'
'ac5c716f583624abf06304d5c30e76e5b6107632'|'Workers at Chile''s Escondida call wage offer ''absurd,'' strike looms'|'Business News - Tue Jan 24, 2017 - 5:04pm GMT Workers at Chile''s Escondida call wage offer ''absurd,'' strike looms Workers gather during a ceremony at Escondida copper mine near Antofagasta, Chile, April 7, 2016. REUTERS/Fabian Cambero SANTIAGO Unionized workers at BHP Billiton-owned ( BHP.AX ) ( BLT.L ) Escondida, the world''s biggest copper mine, said on Tuesday that they considered the company''s latest wage "absurd," heightening the possibility of a labour conflict. Escondida''s Union No.1, which represents about 2,500 workers, has warned that if collective contract talks with the company are unsuccessful they could go on strike. "The offer is absurd," union President Patricio Tapia told Reuters. BHP Billiton said it would not comment on the matter. Workers will have between Jan. 27 and Jan. 31 to vote on the company''s wage and benefits proposal. According to Chilean labour law, if the direct talks between the company and workers fail, both sides can then request government mediation. Labour talks at Escondida are seen as a benchmark for the copper industry at large. The last wage talks four years ago, when copper prices were considerably higher, ended with Escondida offering each worker a bonus worth some $49,000, the highest ever offered in Chile''s mining industry. Escondida is controlled by BHP Billiton with a 57.5 percent stake, while Rio Tinto ( RIO.AX ) ( RIO.L ) owns 30 percent. (Reporting by Fabian Cambero; Writing by Anthony Esposito) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-chile-copper-escondida-idUKKBN1582CE'|'2017-01-25T00:04:00.000+02:00'
'e0207174b1b48c36ab8215f3e64b975ab1b12882'|'UPDATE 2-Turkey''s Erdogan weighs in against central bank rates policy'|'(Adds Quote: s, funding steps, background)By Daren ButlerISTANBUL Jan 27 Turkish President Tayyip Erdogan declared his opposition to the central bank''s interest rate corridor policy in comments reported on Friday and reaffirmed his view that interest rates cause inflation, "not tomatoes, not pepper".His remarks to journalists on his plane returning from a trip to Africa suggested Erdogan was not going to let up on criticism of monetary policy even as the lira languishes near record lows, partly on concern about central bank independence.The central bank uses a "corridor" of multiple borrowing and lending rates to adjust monetary policy and has faced pressure from Erdogan, a fierce opponent of high interest rates, to keep credit costs down to boost flagging growth."I am somebody who defends the ending of the floor and ceiling interest rate and just leaving the policy rate," the mass circulation Hurriyet newspaper cited Erdogan as SAYING."Raising interest rates influences the exchange rate and inflation in a negative way," he said when asked about his views on the central bank''s latest policy moves and lira weakness.The central bank pushed up the cost of borrowing this week but left its policy rate on hold in an unorthodox move that disappointed investors hoping for a significant rate hike to support the lira.Erdogan''s comments put further pressure on the lira, already weighed down ahead of a review of Turkey''s sovereign rating by ratings agency Fitch on Friday evening, with investors mulling the possibility that it could downgrade the rating to "junk".The lira slipped 0.6 percent to 3.8810 against the dollar by 0915 GMT, approaching its all-time low of 3.9417. The main share index rose 0.25 percent and the 10-year bond yield rose to 11.43 percent from 11.36 on Thursday.MONETARY POLICY"The market''s concern with regard to monetary policy independence is negatively affecting lira today," said Ibrahim Aksoy, HSBC Asset management strategist in Istanbul."After President Erdogan''s comments, the market may further question the effectiveness of the CBRT''s liquidity and swap operations on the lira," he added, referring to the central bank.The government has sought to tame spikes in volatile food prices in recent months, but Erdogan appeared to play down the issue, voicing a stance on interest rates at odds with orthodox economics and also at odds with the mandate of his own central bank."Interest rates are the cause, inflation is the result. Don''t look anywhere else. Not tomatoes, not pepper, it''s all claptrap. The main cause of this is interest rates," he was Quote: d as saying.Turkey''s central bank law mandates that the bank''s primary objective is to maintain price stability. Central banks traditionally use interest rate increases to rein in prices.However, Turkey''s central bank has lately resorted to other, less effective tools to drive up borrowing costs. Such moves, dubbed "covert tightening" by some economists, have heightened the perception the central bank may be less than independent, some market participants have said.The central bank raised its overnight lending rate by 75 basis points to 9.25 percent and its late liquidity window rate by 1 percent to 11 on Tuesday, lifting borrowing costs at the two main channels through which it is now funding the market.The latest moves came after efforts by the bank to implement a simplification of policy last year, narrowing the interest rate corridor with the aim of moving towards a single rate. ($1 = 3.8974 liras) (Additional reporting by Ceyda Caglayan and Behiye Selin Taner; Writing by Daren Butler; Editing by David Dolan and Giles Elgood)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/turkey-cenbank-erdogan-idINL5N1FH0G8'|'2017-01-27T07:59:00.000+02:00'
'4bcbb8e1c24dd085df1de41214700ec11a7d3806'|'Lonmin reports lower output as protesters demand compensation'|'  12:59pm GMT Lonmin reports lower output as protesters demand compensation A mine worker returns from the Lonmin mine at the end of his shift, outside Rustenburg October 5, 2015. REUTERS/Siphiwe Sibeko/File Photo By Zandi Shabalala - LONDON LONDON Lonmin LML.L reported weaker than expected output on Thursday, causing analysts to raise doubts over 2017 production targets, and faced demands for compensation following the shooting of 34 miners at Marikana in South Africa''s platinum belt. The company reiterated its sales guidance for 2017, but said larger shafts, known as generation 2, had disappointed and production from them was 5.2 percent lower in the final three months of last year than in the previous year. The production shortfall added to steep losses for Lonmin''s volatile share price. It was down more than 16 percent by 1230 GMT. The wider sector was roughly flat. .FTNMX1770 Platinum prices XPT=, which rose just one percent last year, have failed to join a rally in other commodities and Lonmin has lagged the wider recovery in the mining sector that started last year. Lonmin said it was maintaining its focus on generation 2 shafts, while trying to cut its capital spending. "We remain committed to delivering sustained productivity improvements at our operations to ensure the long-term viability of the business," Lonmin   Its London AGM attracted a protest demanding the company be held responsible for the incident dubbed the "Marikana Massacre" when in August 2012 South African police shot 34 striking mine workers. A nearly three-year long commission of inquiry in 2015 found Lonmin, police and unions were responsible for the killings. The protesters on Thursday added their voice to calls from civil society groups for compensation for the families of the dead miners, a public apology and a monument. "The corporation has a new chief executive who after the massacre promised would be a new broom, sweeping clean," Andy Higginbottom from the Marikana Miners Solidarity Group said. "All we have seen so far is the new broom sweeping things under the carpet." Analysts at BMO Capital Markets in a note said it remained cautious on Lonmin''s "ability to deliver". It did not assign a target price to Lonmin "due to its highly volatile share price in the current commodity price and operating environment". (Additional reporting by Barbara Lewis, editing by David Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-safrica-mining-lonmin-idUKKBN15A1NG'|'2017-01-26T19:59:00.000+02:00'
'6f9af2467a7047406f3b9d2670751611c8d8e0a2'|'Chinese-owned Club Med to open 15 new resorts by 2019'|'By Dominique Vidalon - PARIS PARIS Holiday company Club Med, owned by Chinese group Fosun ( 0656.HK ), plans to open 15 new resorts worldwide in the next three years, including one in China and one in Japan in 2017, and to upgrade nine of its existing sites.In France alone, still Club Med''s biggest market, the group plans to open one new mountain village resort each year until 2019, Chief Executive Henri Giscard d''Estaing told a news conference."The club has resumed its march forward and is now accelerating," Giscard said, reflecting a new optimism two years after the company was finally bought out.Fosun Group, China''s largest private conglomerate, took control of Club Med in January 2015 after a fierce battle lasting nearly two years with Italian tycoon Andrea Bonomi, the longest takeover fight in French corporate history.Club Med was seen as overly dependent on Europe, home to 70 percent of its revenue and sluggish economic growth. Fosun offered it a chance to accelerate a strategy focused on moving further upmarket and expanding abroad, notably in the booming Chinese market.Club Med now operates 68 holiday villages worldwide, with some 77 percent of its resorts labeled premium or luxury compared with 55 percent in 2010, when Fosun bought an initial 7 percent stake in the company.China is its second largest market after France with 200,000 customers, up from 59,000 in 2010. This compares with 406,000 customers for France, a number broadly unchanged from 2015.Club Med has five resorts in China, in Yabuli, Guilin, Zhuhai Dong''ao Island, Sanya, and Beidahu, and will open a Joyview branded resort in Anji this year, Giscard said.Designed to offer Chinese urban consumers the opportunity to enjoy short holiday breaks, Joyview resorts are located close to China''s major cities. Anji is relatively close to Shanghai.Club Med, which is no longer listed on the stock exchange, reported a 1 percent rise in clients worldwide to 1.26 million in 2016.It also generated a 15 percent rise in Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) despite a 1 percent decline in global revenue to 1.469 billion euros.The revenue decline reflected a 3 percent drop in revenue from Europe, where political turmoil in Turkey and North Africa hurt business. Revenue however rose 6 percent in Asia and 4 percent in America.(Reporting by Dominique Vidalon; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-clubmed-expansion-idINKBN15A271'|'2017-01-26T13:04:00.000+02:00'
'a5896e7e00701c57d5aac21b809b66e3b9031ae8'|'China stocks climb to new 6-week highs; Hong Kong firmer'|'Industrials - Wed Jan 25, 2017 - 11:51pm EST China stocks climb to new 6-week highs; Hong Kong firmer * SSEC +0.1 pct, CSI300 +0.3 pct, HSI +1.4 pct * China''s Dec industrial profits grow at sharply slower pace SHANGHAI Jan 26 China stocks are set for a five-day winning streak, hitting a fresh six-week high on Thursday morning, but gains were curbed after profits earned by industrial firms grew at a sharply slower pace last month. Market turnover stayed thin on the last trading day before the Lunar New Year, China''s biggest holiday, starting on Friday. Markets will be closed for a week and will reopen on Feb. 3. Hong Kong stocks rallied and were poised for four days of gains, drawing inspiration from the Dow Jones Industrial Average breaching the 20,000-point level for the first time on Wednesday. Sentiment was also helped by a weaker U.S. dollar, easing fears of capital outflows from the city. In China, the blue-chip CSI300 index rose 0.3 percent, to 3,387.16 points at the end of the morning session, while the Shanghai Composite Index gained 0.1 percent, to 3,153.77 points. Blue chip shares have gained almost 1 percent so far this week. "Investors are in a holiday mood now," said Cao Xuefeng, head of research at Huaxi Securities in Chengdu, noting the market is traditionally firm ahead of the Lunar New year. But bullish sentiment was partly offset by China''s profit growth earned by industrial firms in December, which eased sharply to 2.3 percent compared with November''s 14.5 percent. Cao said the slower pace was due to a cooling property market and seasonal factors as many workers had already left the factories for their home towns ahead of the new year. "The path of U.S. interest rate rises, Trump''s policies to China, whether he will brand China a currency manipulator, is there going to be a trade war - all these will affect the economy in China this year," Cao said, adding that it was hard to predict Trump''s next move. "He plays against the rules. He isn''t like former U.S. presidents." Sector performance was mixed in China. An index tracking the industrial sector lost 0.1 percent at midday after briefly hitting a two-week high in early trade. Banks were among best gainers on the mainland. An index tracking the sector was up nearly 0.8 percent, after China''s banking regulator reported that commercial banks'' non-performing loan (NPL) ratio stood at 1.74 percent at the end of 2016, basically flat from end of the third quarter. In Hong Kong, the Hang Seng index added 1.4 percent, to 23,365.01 points, while the Hong Kong China Enterprises Index gained 1.4 percent, to 9,875.77 points. The Dow surged on Wednesday as solid earnings and optimism over President Donald Trump''s pro-growth initiatives revitalised a post-election rally. Sectors gained across the board at midday, with tech stocks and real estate developers among the best performers. Hong Kong exchanges will be closed on Jan. 30 and 31 for the Lunar New Year. (Reporting by Jackie Cai and John Ruwitch; Editing by Jacqueline Wong) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-stocks-midday-idUSL4N1FG1TI'|'2017-01-26T11:51:00.000+02:00'
'7d3a89d1c9b9202aa0ffb5f9bd8f64619204f954'|'Anglo American boosts 2016 output overall, copper down in Q4'|'Thu Jan 26, 2017 - 10:33am GMT Anglo American boosts 2016 output overall, copper down in fourth quarter The Anglo American logo is seen in Rusternburg October 5, 2015. Picture taken October 5, 2015. REUTERS/Siphiwe Sibeko/File Photo By Barbara Lewis - LONDON LONDON Anglo American ( AAL.L ) on Thursday reported a sharp production fall at its Los Bronces copper mine in Chile at the end of last year offsetting an overall increase in mineral output across its mines. The dip in output late last year weighed on Anglo American shares, which fell around a percent by 1010 GMT, although analysts said Anglo American''s figures were broadly positive. They remain confident in the global mining sector, which recovered strongly last year led by Anglo American, the top performer in the FTSE 100 index .FTSE as the company''s shares rebounded from a big sell-off in 2015. Anglo American said it had seen operational improvements across its portfolio, but Los Bronces output was difficult, as grade quality deteriorated, weather was bad and contractors carried out "illegal industrial action," Anglo said. "Together with positive contributions from ongoing ramp-ups at Minas-Rio, Grosvenor and Gahcho Kue, we will be reporting a 2 percent increase in copper equivalent production volumes for 2016 as a whole," CEO Mark Cutifani said in a statement. For the final quarter of 2016, the Los Bronces problems led to a 19 percent fall in copper output compared with the same time a year ago. Anglo American has put copper, along with platinum and diamonds, at the heart of its portfolio. Production at its diamond business De Beers rose 10 percent in the last quarter of 2016 compared with a year earlier as output was boosted in line with improved trading conditions relative to a difficult 2015. For platinum, up 2 percent, Anglo American said it continued to "maintain discipline by mining to demand". Bernstein analysts said in a note the news was positive. "Today''s results do not materially change our view on the stock," it said, adding it maintained its "outperform" rating. Also on Thursday, Kaz Minerals ( KAZ.L ), a copper company focused on large scale, low-cost open pit mining in Kazakhstan reported 73 percent year-on-year output growth as new production came online. "We successfully ramped up Bozshakol and the Aktogay oxide plant," Chief Executive Oleg Novachuk said. "Our growth will continue in 2017 as Bozshakol reaches capacity and we commence production from sulfide ore at Aktogay." Kaz Minerals also said full-year gross cash costs would be around 20 percent less than the previous guided range of 140 to 160 U.S. cents per pound of copper. Share prices in the mining sector are broadly speaking extending last year''s rally, but traders took profits in Kaz Minerals as well as Anglo American on Thursday. Reversing earlier small gains, Kaz Minerals was also down around a percent, slightly more than a dip in the overall sector. .FTNMX1770 Copper prices on the London Metal Exchange CMCU3 were roughly flat. They jumped 18 percent last year, the first annual rise since 2012. Copper has been billed as the bulk commodity most likely to run into short supply, although output is still ample for now. (editing by Susan Thomas and Jane Merriman) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-angloamerican-outlook-idUKKBN15A162'|'2017-01-26T17:32:00.000+02:00'
'a23d8bae116bea3a8354fc3d085322a40339a40a'|'Exclusive: Millions of barrels of Venezuelan oil stuck at sea in dirty tankers'|'Business News - Thu Jan 26, 2017 - 6:09am GMT Exclusive: Millions of barrels of Venezuelan oil stuck at sea in dirty tankers The logo of the Venezuelan state oil company PDVSA is seen at a gas station in Caracas, Venezuela January 11, 2017. REUTERS/Marco Bello By Marianna Parraga and Mircely Guanipa - HOUSTON/PUNTO FIJO, Venezuela HOUSTON/PUNTO FIJO, Venezuela More than 4 million barrels of Venezuelan crude and fuels are sitting in tankers anchored in the Caribbean sea, unable to reach their final destination because state-run PDVSA cannot pay for hull cleaning, inspections, and other port services, according to internal documents and Reuters data. About a dozen tankers are being held back because the hulls have been soiled by crude, stemming from several oil leaks in the last year at key ports of Bajo Grande and Jose, which has resulted in delayed operations for loading and discharging. Since debt-laden PDVSA cannot afford to have the ships cleaned, they have to wait for weeks to navigate international waters, delaying shipments. Dirty tankers are the latest of a litany of problems weighing on PDVSA, the source of most of Venezuela''s export revenue and critical to the government''s budget. Oil production and exports are currently at lows not seen in more than two decades. PDVSA''s difficulty with paying creditors and service providers makes pulling itself out of that hole more onerous. That has contributed to a deep, years-long recession in the OPEC country. As of Jan. 25, vessels carrying some 1.4 million barrels of crude, diesel, gasoline, fuel oil and liquefied petroleum gas were anchored in Venezuelan and Caribbean waters waiting for cleaning, according to PDVSA''s trade documents, verified by Reuters shipping data. The company did not respond to a request for comment. "PDVSA almost solved this situation in Bajo Grande in early December because it needed to drain inventories, but it is now taking at least three weeks to complete the cleaning," said an inspector at Lake Maracaibo, who was not authorized to speak to the press. The dozen or so tankers that have not been cleaned are mostly from PDVSA''s fleet of owned and leased vessels, according to a series of PDVSA''s internal operational reports confirmed by Reuters vessel tracking data. In addition, another 11 tankers in early January are being held up for "financial retention," a classification used by PDVSA in its internal reports to identify loaded vessels that have been embargoed or temporarily retained by port authorities, inspection firms or maritime agencies due to unpaid bills. Those tankers, along with several smaller ones retained for other operational delays, are holding a combined 2.9 million barrels, according to the data. The list includes the Aframax Hero, loaded in September with 520,000 barrels of fuel oil bound for China. The cargo is moored in Curacao, delayed by more than 100 days, until a payment to inspection firm Saybolt ( CLB.N ) is made. [nL1N1CY00P] PDVSA''s crude exports fell to 1.59 million barrels per day (bpd) in the last quarter of 2016 from 1.82 million bpd in the first quarter, a 13 percent decline, according to Thomson Reuters trade flows data. [ tmsnrt.rs/2baTeGm ] DIRTY BUSINESS Vessels started to become soiled by crude in PDVSA''s ports last year amid intermittent oil leaks at Bajo Grande terminal in Venezuela''s Lake Maracaibo, according to sources close to that operation. Maritime laws prohibit stained tankers from navigating international waters until hull cleaning is performed. While PDVSA''s debts to cleaning firms grow, the leaks have not been repaired, so dozens of vessels have traveled within the country in recent months, spreading the problem to other terminals, including Puerto la Cruz, La Salina, Cardon and Amuay, the documents state. Cleaning, which is performed at the Guaranao Port, located close to Venezuela''s largest refinery, has taken as much as two months in some cases, an inspector said. A crude spill at Jose in January stained more tankers, this time affecting vessels waiting to load crude for exports. PDVSA last week said the affected dock at Jose resumed operations, but there is a logjam of ships needing cleaning, affecting regular foreign buyers of Venezuelan crude, the inspector and a trader from a firm buying Venezuelan oil said. [nL1N1F71I7][nL1N1F80NG] Some of PDVSA''s joint venture partners in projects in the Orinoco belt have proposed picking up part of the bill, paying cleaning companies in dollars to amortize debts faster and ease the bottleneck, but the state-run firm has refused due to its cash flow constraints, the trader said. (Reporting by Marianna Parraga in Houston and Mircely Guanipa in Punto Fijo, Venezuela; Editing by Marguerita Choy) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-venezuela-pdvsa-tankers-idUKKBN15A0JA'|'2017-01-26T13:08:00.000+02:00'
'83b594fd744e60ad9ba90c73e23eabbc3ae71e62'|'Britain''s 3i Group posts 24 pct Q3 return on assets'|'LONDON Jan 26 Investment company 3i Group''s total return on assets reached 24.1 percent in its third quarter to Dec 31, it said on Thursday, helped by strong performance in its private equity division.The group, which has private equity, infrastructure and debt management divisions investing in northern Europe and North America, saw a rise in its diluted net asset value per share, a key performance indicator, to 558 pence from 551 pence in the previous quarter."Our portfolio remains well positioned, with our key assets continuing to deliver consistently robust performance," chief executive Simon Borrows said in a statement, adding that 3i was "set for a strong close to the current financial year." (Reporting by Carolyn Cohn; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/3i-group-results-idINL5N1FG1K3'|'2017-01-26T04:28:00.000+02:00'
'a82109de2565ff0f9943be0ad9f592cd937a5652'|'RPT-UPDATE 1-Peabody reorganization at risk from Wyoming litigation -court paper'|'(Repeating to fix formatting)By Tracy RucinskiNEW YORK Jan 23 Peabody Energy Corp''s plan to emerge from Chapter 11 bankruptcy faces a "material risk" that the U.S. coal producer could suffer a $1 billion revenue loss due to a disputed lease at the world''s largest coal mine, according to an objection filed to its reorganization plan.The plan by Peabody, the world''s largest private-sector coal company, to cut $5 billion of debt and emerge from bankruptcy in April is supported by most of its creditors, but has faced a series of official objections from other parties.Oil and gas driller Berenergy Corp and Peabody hold overlapping federal mineral leases in Wyoming''s Powder River Basin, where Peabody operates the North Antelope Rochelle mine that provides the bulk of its coal production.In October a Wyoming District Court ruled that Peabody was entitled to mine through Berenergy''s wells as long as it made certain payments to the oil and gas company. An appeal is pending before the state''s Supreme Court.Berenergy said in a court filing that an adverse decision by Wyoming''s high court would prevent Peabody from mining near its wells, potentially causing the coal producer to lose more than $1 billion in revenues it projects in the first five years of its emergence from Chapter 11."Thus, that litigation creates a material risk to Peabody''s post-reorganization financial viability," Berenergy said in an objection to Peabody''s reorganization plan filed with the U.S. Bankruptcy Court in St. Louis.In an emailed statement, Peabody spokesman said the company was evaluating the objection and would respond in due course.Indiana and several environmental groups also objected to Peabody''s reorganization plan on concerns over how it would cover about $1 billion in future mine cleanup costs.At issue is whether Peabody will use third-party bonds to cover future environmental liabilities in place of "self-bonding," a federal practice that exempts large coal companies from setting aside cash or collateral to ensure that mined land is returned to its natural setting, as required by law.A hearing to approve Peabody''s reorganization was scheduled in St. Louis on Thursday.Among other objections, certain creditors and shareholders have opposed the proposed recoveries granted under the plan. And four former executives, including former chief executive officer Gregory Boyce, filed a complaint about their retirement packages.The U.S. Trustee, a government watchdog for bankruptcies, has also objected to parts of the reorganization plan. (Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/peabody-energy-bankruptcy-idINL1N1FD2BE'|'2017-01-23T20:47:00.000+02:00'
'63097d54ea577141275c1bec4ff13f112e579672'|'Euro zone economy started year with solid growth - PMI'|' 07am GMT Euro zone economy started year with solid growth - PMI A worker carries plates with food among shoppers in central Madrid, Spain, January 5, 2016. REUTERS/Susana Vera By Jonathan Cable - LONDON LONDON Jan 24 The euro zone started 2017 by maintaining its recent solid growth as a weaker currency boosted orders for the bloc''s manufactured goods while rising prices failed to dent demand in its services industry, a survey found. Those signs of ongoing inflationary pressures will be welcomed by policymakers at the European Central Bank who for years have been unable to get prices to rise anywhere near as fast as they would like. IHS Markit''s Euro Zone Flash Composite Purchasing Managers'' Index, seen as a good overall growth indicator, only dipped slightly from December''s five-year high of 54.4 to 54.3, comfortably above the 50-point line that indicates growth. A Reuters poll had predicted a modest uptick to 54.5. "Some indices are showing some particularly encouraging signs. The employment index was at its highest since February 2008 so a clear indication firms are expanding at a rate we have not seen since the global financial crisis," said Chris Williamson, chief business economist at IHS Markit. Williamson said the PMI, if maintained, pointed to first quarter economic growth of 0.4 percent, in line with a Reuters poll published earlier this month. A sub index measuring prices charged spent its third month above the break-even mark although it ticked down to 51.6 from December''s 51.7, which was the highest since July 2011. Prices in the 19-member bloc rose 1.1 percent in December on a year earlier. The ECB wants inflation below, but close to 2 percent and has bought more than a trillion euros worth of euro zone government bonds, putting cash into the banking system with the aim of stimulating price rises in the economy. Despite those rising prices, activity in the bloc''s manufacturing industry increased at the fastest pace since April 2011. Its PMI was 55.1, up from 54.9 and above the median forecast of 54.8 in a Reuters poll of 48 economists. An index measuring output, which feeds into the composite PMI, nudged down to 55.9 from December''s 32-month high of 56.1. New export orders, which includes trade amongst member countries, held steady at last month''s 54.8, the highest reading since the start of 2014. "Firms are benefiting from the exchange rate but we are also seeing demand lift higher in a number of countries, the United States in particular but also Asian countries as well," Williamson said. The PMI for the bloc''s dominant service industry slipped to 53.6 from 53.7, confounding the prediction for a rise to 53.9. But suggesting growth will be maintained, demand increased. The new business index rose to 53.6 from 53.5, its highest in a year. (Editing by Toby Chopra) After    '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-pmi-idUKKBN1580UX'|'2017-01-24T16:07:00.000+02:00'
'0b80fc9b859427b57fa95f92514d7c2bc4e2a4c4'|'TRIUMPH BANCORP REPORTS Q4 EARNINGS PER SHARE $0.33'|'Jan 23 Triumph Bancorp Inc* TRIUMPH BANCORP REPORTS FOURTH QUARTER NET INCOME TO COMMON STOCKHOLDERS OF $6.1 MILLION AND 2016 ANNUAL NET INCOME TO COMMON STOCKHOLDERS OF $19.8 MILLION* Q4 EARNINGS PER SHARE $0.33* Q4 EARNINGS PER SHARE VIEW $0.39 -- THOMSON REUTERS I/B/E/S* QTRLY NET INTEREST INCOME FOR QUARTER ENDED DEC 31, 2016 OF $33.5 MILLION COMPARED TO $30.4 MILLION FOR QUARTER ENDED SEPT 30, 2016* NIM ADJUSTED TO EXCLUDE LOAN DISCOUNT ACCRETION WAS 5.15% FOR QUARTER ENDED DEC 31 COMPARED TO 5.53% FOR QUARTER ENDED SEPTEMBER 30, 2016 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINASB0AWBC'|'2017-01-23T19:05:00.000+02:00'
'0620fc1b9e900b92d27e3db68eeb8507576d6090'|'How London is tackling its pollution problem'|'Here''s what London is doing about its pollution problem by Ivana Kottasova @ivanakottasova January 24, 2017: 10:08 AM ET Sadiq Khan makes history in London''s mayoral race An air pollution alert has been issued in ... London?! The post-industrial British capital was forced to issue its first "very high" pollution warning on Monday because of cold and calm weather that prevented emissions from cars and wood fires from dispersing. "This is the highest level of alert and everyone -- from the most vulnerable to the physically fit -- may need to take precautions to protect themselves from the filthy air," said Mayor of London Sadiq Khan. The alert was issued as part of a new monitoring system meant to raise awareness about pollution in London, which suffers from elevated levels of nitrogen dioxide and carbon particles more commonly associated with the industrializing mega cities of Asia. Related: Air pollution could cost global economy $2.6 trillion a year The problem is deadly serious. London surpassed the EU''s annual limit for nitrogen dioxide exposure just five days into the new year, according to King''s College. The university estimates that air pollution is responsible for 9,400 premature deaths in London every year. Khan has made cleaning London''s air one of his top priorities. He wants to modernize the city''s bus fleet so that new buses bought after 2018 will be electric or hydrogen-powered. He is trying to convince other major cities to do the same. Death by pollution: Delhi''s fight for clean air The mayor is also pushing to introduce "ultra low emission zones" by 2019, a year earlier than originally planned. Only the cleanest vehicles would be allowed into these zones, with all other cars and buses facing steep emission charges. The city has been investing in cycling projects and planting more trees for several years. And Khan, who took office in May, has also proposed making Oxford Street, one of London''s top shopping areas, fully pedestrianized. "The government urgently need to do their bit ... and bring in a new Clean Air Act that finally tackles this problem and means that Londoners don''t have to be afraid of the air we breathe," Khan said. The shameful state of London''s toxic air today has triggered a ''very high'' air pollution alert under my new air quality warning system. pic.twitter.com/cjHmNaAsnB — Mayor of London (@MayorofLondon) January 23, 2017 The mayor, however, has already suffered a series of setbacks. The government approved a plan in October that will add a third runway at London''s Heathrow . And the local council has opposed Khan''s plan to pedestrianize Oxford Street, saying it is "unrealistic" and will only serve to divert traffic to surrounding residential streets. A policeman uses flares to guide traffic during a heavy smog in London in 1952. This is not the first time London has battled against pollution. For decades, the city used to be known for its thick "pea soup fog." In 1952, a thick December smog brought the city to a standstill and killed at least 4,000 people. Press reports from the time claimed that cattle had even been asphyxiated by the pollution. The episode forced the government to pass the Clean Air Act of 1956, which banned emissions of black smoke and directed factory owners to use cleaner fuels. London''s inner city coal power stations were closed in the 1980s. CNNMoney (London) First published January 24, 2017: 10:08 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/24/news/economy/london-air-pollution-alert/index.html'|'2017-01-24T22:12:00.000+02:00'
'f456d6290cfa8426962a8b680756003154d96f35'|'Luxembourg to set bar high for UK firms seeking post-Brexit relocation'|'Tue Jan 24, 2017 - 11:48am GMT Luxembourg to set bar high for UK firms seeking post-Brexit relocation By Michelle Price - HONG KONG HONG KONG Companies aiming to relocate from the United Kingdom to Luxembourg ahead of Britain''s exit from the European Union will have to establish a substantial presence in the country, including key decision-makers and functions, the Benelux nation''s financial watchdog told Reuters. Some UK businesses are looking to establish a notional presence in Luxembourg to maintain so-called "passporting rights" that would allow them to continue selling all their services across the 28-nation bloc with minimum cost and disruption. But Jean-Marc Goy, counsel for international affairs of Luxembourg''s Commission de Surveillance du Secteur Financier (CSSF), said it is "out of the question" and "unrealistic" for UK businesses to seek to establish a nominal presence. "EU rules require substance in the jurisdiction where an entity is established and we in Luxembourg are very mindful that that substance complies at all time with the EU rules," Goy told Reuters after attending a CSSF roadshow to the Asia region. Goy said the CSSF would assess each application case by case. "It will depend on the size and the technicality of the activities being relocated, but one thing is for sure: it cannot just be a postal address or a letter-box entity. That would be absolutely unacceptable." The CSSF will require companies to relocate a minimum number of staff, decision-makers and other key functions - covering IT, compliance, risk management and internal audit - and comply with minimum capital requirements, Goy added. His comments followed a long-awaited speech last week by Theresa May in which the British Prime Minister ended months of speculation by outlining her vision for a so-called "hard Brexit" that will take Britain out of the EU single market. May promised to seek the greatest possible access to European markets but her speech put a decisive end to any hope haborbed by London''s financial lobby that the City of London could keep financial passporting rights. Goy said that the CSSF has been in talks with British businesses looking to set up in Luxembourg, one of the world''s largest asset management centers. He declined to provide numbers but said that the watchdog does not anticipate an influx of tens of thousands of UK staff. (Editing by David Goodman) Parliament must vote before UK can trigger Brexit, top court rules LONDON British Prime Minister Theresa May must give parliament a vote before she can formally start Britain''s exit from the European Union, the UK Supreme Court ruled on Tuesday, giving lawmakers who oppose her Brexit plans a shot at amending them.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-luxembourg-idUKKBN1581EU'|'2017-01-24T18:41:00.000+02:00'
'fb9edfcc887f07cf0affe4aa4dd2d594fa971396'|'Japan launches first military communications satellite'|'Company News - Tue Jan 24, 2017 - 4:17am EST Japan launches first military communications satellite TOKYO Jan 24 Japan on Tuesday launched its first military communications satellite to boost the broadband capacity of its Self Defence Forces as they reinforce an island chain stretching along the southern edge of the East China Sea. The satellite lifted off from Japan''s Tanegashima space port aboard an H-IIA rocket at 0744 GMT and successfully entered orbit, said a spokesman for Mitsubishi Heavy Industries , which builds the launcher. (Reporting by Tim Kelly and Nobuhiro Kubo; Editing by Lincoln Feast) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-military-satellite-idUST9N1AW00Q'|'2017-01-24T16:17:00.000+02:00'
'0754ebfe25989d4f6a5fd4c04b7472bd6ebdab0c'|'Samsung Elec fourth-quarter profit jumps as record chip profit masks Note 7 failure - Reuters'|'SEOUL Samsung Electronics Co Ltd ( 005930.KS ) on Tuesday said fourth-quarter operating profit jumped 50 percent, matching its earlier guidance, as record earnings in its chips business masked the negative impact of its failed Note 7 phones.The world''s biggest maker of smartphones and memory chips said October-December operating profit was 9.22 trillion won ($7.93 billion), compared with prior guidance of 9.2 trillion won.Revenue remained flat at 53.3 trillion won from the same period a year earlier, versus its estimate of 53 trillion won.Samsung also said it plans to buy back 9.3 trillion won worth of shares this year.(Reporting by Hyunjoo Jin; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-samsung-elec-results-idINKBN1572XL'|'2017-01-23T21:09:00.000+02:00'
'cdef5c325c3f9950549f269f02e7050cc629e457'|'Fears over euro zone inflation resurgence exaggerated - Villeroy'|'Thu Jan 26, 2017 - 12:02pm GMT Fears over euro zone inflation resurgence exaggerated: Villeroy Governor of the Bank of France Francois Villeroy de Galhau attends a press conference after the Franco-German Financial Council meeting in Berlin, Germany, September 23, 2016. REUTERS/Axel Schmidt MUNICH, Germany Fears over a resurgence of inflation in the euro zone are exaggerated so it is not yet time to discuss an exit from the European Central Bank''s unprecedented stimulus program, Governing Council Member Francois Villeroy de Galhau said on Thursday. German inflation may soon peak over 2 percent, the ECB''s target, but it will ease back and average below 2 percent this year, Villeroy said in Munich, responding to German criticism of the ECB''s exceptionally loose policies. "It is not our aim to keep interest rates low for too long: low interest rates are not a goal in themselves, they are merely the necessary condition today for gradually returning toward our inflation target" Villeroy said. "But, although quantitative easing will obviously not last forever, we clearly did not discuss tapering or any exit strategy. (Reporting by Joern Poltz; Writing by Balazs Koranyi) Up Next ''Show me the money'': divorce first, then trade deal, EU tells UK BRUSSELS Since Prime Minister Theresa May set out her Brexit goals last week, interest in Britain has focused on the future trade deals she may one day strike with the United States and other powers, as well as with the European Union. Brexit fallout to hit Britain in 2017, 2018: EU''s Moscovici BRUSSELS The British economy will pay higher costs this year and next for the uncertainty created by its vote to leave the European Union, the EU economics commissioner said on Thursday, though he recognized Britain had so far fared well since the referendum. Exclusive: Millions of barrels of Venezuelan oil stuck at sea in dirty tankers HOUSTON/PUNTO FIJO, Venezuela More than 4 million barrels of Venezuelan crude and fuels are sitting in tankers anchored in the Caribbean sea, unable to reach their final destination because state-run PDVSA cannot pay for hull cleaning, inspections, and other port services, according to internal documents and Reuters data. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-policy-villeroy-idUKKBN15A1GS'|'2017-01-26T19:01:00.000+02:00'
'66217ba8e612b199e88bb49237db22c635e9e536'|'Tata must fix pension deficits before any deal - Thyssenkrupp CEO'|'BERLIN India''s Tata Steel must first resolve the pension deficit at its British and Dutch operations, before any merger of its steel operations with Thyssenkrupp, the German company''s chief executive told a German newspaper.Thyssenkrupp and Tata have been in talks for about a year to merge their European steel operations to cut costs and overcapacity, but negotiations have been complicated by Tata''s huge pension deficit in the UK."Tata must find a way to decouple the pension deficits of the sites in Ijmuiden and Port Talbot. Only then can we talk," Heinrich Hiesinger told German daily Handelsblatt in an advance excerpt of an interview due to be published on Friday.Earlier on Thursday, Reuters reported that the trustee for Tata Steel UK''s pension scheme is set to tell its members it expects to report a scheme deficit of between 1 billion and 2 billion pounds at its next actuarial valuation at end-March.The paper cited sources as saying that the earliest any deal would occur is the summer due to the complexities involved.Hiesinger also repeated that consolidation is necessary to combat overcapacity in the European steel market and said Thyssenkrupp was doing everything it could to improve the competitiveness of our steel operations."Restructuring will come in any case," he said, with an eye to staff. "If we consolidate, we meet the overcapacity challenge and can achieve improvements in efficiency that we couldn''t on our own."Thyssenkrupp will hold its annual general meeting on Friday.(Reporting by Victoria Bryan; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/tata-thyssenkrupp-idINKBN15A2FQ'|'2017-01-26T14:32:00.000+02:00'
'ec2d4c788ed2025efd10eb47dc246b89a853d598'|'UAE''s NIMR aiming to crack European market for military vehicles'|'Cyclical Consumer Goods - Wed Jan 25, 2017 - 9:13am EST UAE''s NIMR aiming to crack European market for military vehicles PRAGUE Jan 25 United Arab Emirates-based military vehicles maker NIMR Automotive is teaming up with Czech state defence equipment company VOP CZ to try to break into European markets in the coming years, the head of NIMR said in an interview. NIMR, a subsidiary of state-owned Emirates Defence Industries Company (EDIC) and a leading military vehicles manufacturer in the Middle East, is on a push to expand its global reach and boost production of its light- and medium-weight 4x4 and 6x6 vehicles. It wants to get into European markets as the continent''s NATO military alliance members step up defence spending but will be entering a crowded market and competing with the likes of General Dynamics, France''s Nexter or Patria of Finland. NIMR expects a final agreement with VOP in the coming months. VOP is an integrator and supplier of defence equipment and services. It also maintains and retrofits military vehicles, and is already a NIMR supplier. NIMR''s Chief Executive Fahad Harhara said the new partnership with VOP would help it reach European customers and tailor its vehicles, currently best-suited for harsh desert terrain and heat, to the continent''s colder temperatures. He said the two sides were already working to "winterise" NIMR vehicles. "Our ambition is to be with European customers within the next two years," he said in a telephone interview conducted last Thursday. NIMR launched a new production facility last year. It has delivered almost 2,000 vehicles in the past three years. The UAE''s armed forces are its biggest customer and it has also a joint venture for production with Algeria. NIMR''s collaboration with VOP could lead to around 1,000 vehicles being produced in the next three to five years, NIMR said. A VOP spokesman confirmed talks on further cooperation with NIMR but could not respond immediately to further questions. The Czech defence ministry plans to buy armoured vehicles in 2017, including Pandurs produced by General Dynamics and Titus 6x6 vehicles from Nexter. (Reporting by Jason Hovet; Editing by Mark Potter) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/emirates-czech-defence-idUSL5N1FD4MZ'|'2017-01-25T21:13:00.000+02:00'
'6bbd17504cc93282654fab9a98e630f957ceb47c'|'UK manufacturers upbeat as weak pound boosts exports'|'Britain’s factories are gearing up to expand capacity to cope with a surge in homegrown and overseas demand for their products in recent months, the CBI has said.The quarterly health check of industry from the employers’ organisation found that manufacturers were upbeat about their prospects, reporting strong order books and rising output.The CBI said exporters’ competitiveness had been boosted by the fall in the value of the pound since the Brexit vote last June, but more expensive imports would eventually push up prices through their impact on business costs.  Rain Newton-Smith, the CBI chief economist, said: “UK manufacturers are firing on all cylinders right now, with domestic orders up and optimism rising at the fastest pace in two years.“The weaker pound is driving export optimism for the year ahead, but is having a detrimental impact on costs for firms and ultimately for consumers.”Official figures due out on Thursday are likely to show that the economy continued to shrug off the impact of the EU referendum result during the final three months of 2016.Although the chancellor, Philip Hammond, warned in Davos last week that rising inflation will mean slower growth in 2017, the CBI industrial trends survey found that manufacturers are becoming more optimistic about business conditions and the prospects for exports.The poll of 461 manufacturers found that domestic orders rose at their fastest pace since mid 2014 in the three months to January 2017 and companies are confident of a rise in UK and overseas orders in the next three months.After cutting the number of workers in the period immediately after the Brexit vote, businesses have since slightly increased their headcount and reported a severe lack of skilled labour.The CBI said rising output had eaten into spare capacity, pushing the proportion of companies citing expansion as the reason for new investment to a record high.Businesses were planning to increase spending on product innovation and training in the coming 12 months at the fastest pace in two years, while investment plans for building, and plant and machinery, had moved back above their long-run averages, the CBI said.More than one-quarter of companies (27%) said they were more optimistic about the general business climate than three months ago and 12% were less optimistic, giving a rounded balance of +15%.This is the highest figure since January 2015, when the economy was growing strongly ahead of the general election in May that year. Optimism about export prospects for the year ahead rose strongly to +19%.The CBI said the impact of sterling’s fall had been mixed. Domestic prices had risen at an above-average pace for the third quarter in succession, but competitiveness in EU and non-EU markets had seen a marked improvement.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/25/uk-manufacturers-weak-pound-exports-cbi-sterling-brexit'|'2017-01-25T19:38:00.000+02:00'
'90066ccf326f1bc8503f83a8d93871a73ece2c99'|'UPDATE 1-Bulgaria ends 2016 with budget surplus of 1.6 pct of GDP'|'Financials  05am EST UPDATE 1-Bulgaria ends 2016 with budget surplus of 1.6 pct of GDP (Adds details, outgoing PM quote) SOFIA Jan 25 Bulgaria ended 2016 with a fiscal surplus of 1.6 percent of gross domestic product, compared with a budget shortfall of 2.8 percent in 2015, the outgoing centre-right government said on Wednesday. The windfall is the Balkan country''s first since 2008, when the global financial crisis hit. The budget deficit for 2015 was 2.49 billion levs ($1.37 billion), or 2.8 percent of GDP. Sofia had targeted a 2.0 percent deficit for 2016, but delays in administering EU-backed projects reduced capital spending while economic growth exceeded forecasts. Revenues stood at 34 billion levs, up 5.4 percent from an year earlier. Spending was 32.5 billion levs, compared with 34.7 billion levs in 2015. The fiscal reserve, which the EU country is obliged to keep as part of a currency regime that pegs its lev to the euro, stood at 12.9 billion levs at the end of December. "The budget surplus will reach 1 billion levs in January," outgoing Prime Minister Boiko Borisov said on Wednesday. Bulgaria is targeting a deficit of 1.4 percent of GDP this year in a budget that projects higher revenues and spending. However, analysts have cautioned that the prospect of parliamentary elections in the spring will increase fiscal uncertainty in 2017. Expectations are Bulgaria''s economy grew 3.2 percent in 2016, above initial forecasts for 2.6 percent growth. The finance ministry expects 2017 growth of 2.9 percent. ($1 = 1.8202 leva) ($1 = 1.8190 leva) (Reporting by Tsvetelia Tsolova and Angel Krasimirov, editing by Larry King) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/bulgaria-budget-idUSL5N1FF2LU'|'2017-01-25T18:05:00.000+02:00'
'82d7abe232f08ec94155b6f606af864b0d88f22d'|'UK factory order books strongest since 2015, costs growing - CBI'|' 22am GMT UK factory order books strongest since 2015, costs growing - CBI One of the blast furnaces of the Tata Steel plant is seen at sunset in Port Talbot, South Wales, May 31, 2013. REUTERS/Rebecca Naden/File Photo LONDON British manufacturers have reported the strongest inflow of orders in nearly two years but are also seeing their costs rise sharply following last year''s Brexit vote which pushed down the value of sterling, a survey showed on Wednesday. The Confederation of British Industry''s monthly industrial orders balance rose to +5 in January from zero in December, its highest level since April 2015. Economists polled by Reuters had expected a smaller rise to +2. Britain''s economy has so far withstood the shock of June''s vote to leave the European Union. The Bank of England is expected to raise its predictions for growth this year when it meets next week in what would be a second quarterly upgrade, a Reuters poll of economists showed earlier this week. "UK manufacturers are firing on all cylinders right now with domestic orders up and optimism rising at the fastest pace in two years," Rain Newton-Smith, the CBI''s chief economist, said. "The weaker pound is driving export optimism for the year ahead, but is having a detrimental impact on costs for firms and ultimately for consumers." The CBI survey''s reading of prices that manufacturers expect to charge in the next three months rose to +28 from +26, the highest level since June 2011. In a separate quarterly questionnaire, the CBI found a measure of unit costs among manufacturers rose to its highest level since July 2011. (Reporting by William Schomberg, Editing by David Milliken)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-manufacturing-cbi-idUKKBN15918N'|'2017-01-25T18:22:00.000+02:00'
'939b835f57be7b8896eaabc74456bc0fa2f331dc'|'No Trump effect yet on German business sentiment, says Ifo economist'|'  9:52am GMT No Trump effect yet on German business sentiment, says Ifo economist A bull figure is pictured in front of the German share price index DAX board at the German stock exchange in Frankfurt January 25, 2013. REUTERS/Lisi Niesner MUNICH There has been no effect so far on German business sentiment from the first few days in office of U.S. President Donald Trump, Ifo economist Klaus Wohlrabe said on Wednesday. He said German firms were waiting for actions from Trump, not just words and nothing has yet been decided on protectionist measures. "There is no Trump effect seen in this numbers as export expectations have risen, even in the car industry," said Wohlrabe. Trump has warned German car companies such as BMW ( BMWG.DE ) that he plans to impose a border tax of 35 percent on vehicles imported to the U.S. market. Ifo was sticking to its forecast that the German economy would grow by 1.5 percent this year despite an unexpected fall in the business morale index in January. (Reporting by Joern Poltz; Writing by Madeline Chambers; Editing by Joseph Nasr)   Trump talks to U.S. automakers, pushes for new American plants WASHINGTON U.S. President Donald Trump urged the chief executives of the Big Three U.S. automakers on Tuesday to build more cars in the country, pressing his pledge to bring jobs to America and discourage the car industry from investing in Mexico.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-economy-ifo-economist-idUKKBN1590ZK'|'2017-01-25T16:50:00.000+02:00'
'2bb41b9f57bcf739fe9c514c4f9d3be35d260cf9'|'AppDynamics deal shows buyouts more lucrative in anemic IPO market'|'By Sweta Singh and Ankur Banerjee Cisco Systems Inc''s ( CSCO.O ) surprise and costly acquisition of business software firm AppDynamics Inc just two days ahead of its market debut suggests that U.S. tech startups are finding more value in buyouts amid a still-tepid IPO market.Cisco said on Tuesday it agreed to buy AppDynamics, which makes software to manage and analyze applications, for $3.7 billion.The offer price is more than double what the company would be valued at - $1.7 billion - if its shares were priced at the top end of its estimated IPO price range.The deal will allow AppDynamics investors to exit their holdings completely, compared with a roughly 10 percent exit if the company listed its shares.The M&A route may be more attractive not only for tech startups whose valuations have taken a hit over the past year, but also for traditional tech companies such as Cisco, which are looking to boost revenue through deals as they struggle to grow organically."I think this does reflect that the valuations are still relatively conservative," said Richard Truesdell, co-head of global capital markets at law firm Davis Polk & Wardwell."Certainly (AppDynamics) seems to have hit the jackpot ... this is the most dramatic disparity in valuation between the two markets that I can think of seeing recently."Cisco''s announcement comes a week after Hewlett Packard Enterprise Co ( HPE.N ) said it would buy cloud startup SimpliVity for $650 million in cash.This is not to say that 2017 will be a disappointing year for IPOs.In fact, social media company Snap Inc is all set to debut this year and several smaller tech companies have pinned their hopes on a rebounding U.S IPO market, coming off a forgettable 2016 marred by political and economic uncertainty.Only 20 technology companies went public in 2016, the fewest since 2008, according to Thomson Reuters data."Decacorns" - companies valued at tens of billions of dollars - including Uber and Airbnb are also expected to file to list their shares this year, allowing high-profile backers including BlackRock and Sequoia Capital to cash in their investments.For now, startups are likely to be sweet on buyouts."I expect that the U.S. IPO market will have more activity this year than last, but very few tech companies will go public because companies such as Cisco Systems and Oracle are willing to pay top dollar," said Jay Ritter, IPO expert and professor at the University of Florida.(Reporting by Ankur Banerjee and Sweta Singh in Bengaluru; Editing by Sayantani Ghosh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-ipo-valuation-idINKBN1592L1'|'2017-01-25T16:39:00.000+02:00'
'f18725b07a9bfa7d371b9ea9740940e135c62990'|'Egypt begins marketing triple-tranche Eurobond at 6.375 to 8.875 pct'|'CAIRO Jan 24 Egypt began marketing on Tuesday a triple-tranche U.S. dollar-denominated benchmark bond issue with yields ranging between 6.375 and 8.875 percent, bankers involved in the deal said. The five-year tranche of the Eurobond is being marketed at 6.375-6.625 percent, according to a document showing initial price thoughts. The 10-year tranche is being marketed at 7.625-7.875 percent and the 30-year tranche is being marketed at 8.625-8.875 percent.Egyptian officials said they were targeting a Eurobond issuance of $2 billion to $2.5 billion on the eve of their roadshow, which began last week in the United Arab Emirates and took in investors in the United States and United Kingdom.The bonds will be listed on the Luxembourg Stock Exchange. The offering is being run by BNP Paribas, Citigroup, JP Morgan and Natixis.Egypt had planned to begin its roadshow in November but postponed it due to market volatility.The country of over 90 million has been seeking a variety of funding sources, from development loans to foreign grants and aid, to plug its financing needs as it struggles with an acute dollar shortage that has hampered its ability to import.The central bank abandoned its currency peg of 8.8 pounds to the U.S. dollar in November and raised interest rates by 300 basis points in a move it hopes will unlock currency inflows and bring back foreign investors driven away after a 2011 uprising.The currency flotation helped Egypt clinch a $12 billion loan programme from the International Monetary Fund to support plans for sweeping economic reforms. The IMF deal and flotation have helped propel the Egyptian stock market to multi-year highs. (Reporting by Asma AlSharif in Cairo and Robert Hogg in London; Writing by Lin Noueihed; Editing by Tom Heneghan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/egypt-eurobonds-idINL5N1FE292'|'2017-01-24T06:44:00.000+02:00'
'e861d47dba918ae3100788917de6c93a922a629a'|'SAP nudges up multi-year outlook after posting in-line 2016 results'|'Business News - Tue Jan 24, 2017 - 6:33am GMT SAP nudges up multi-year outlook after posting in-line 2016 results FILE PHOTO - A car with the logo of German software group SAP stands near its headquarters in Walldorf, Germany, May 12, 2016. REUTERS/Ralph Orlowski/File Photo WALLDORF, Germany SAP, Europe''s most valuable technology firm, on Tuesday posted 2016 results on the lower side of analysts'' expectations, while nudging up its 2017 sales and profit guidance and signalling slightly higher revenue ambitions four years out. Fourth-quarter operating profit, excluding special items, for the German software maker rose 4 percent to 2.37 billion euros (2.03 billion pounds), the company said in a statement. These results were on the light side of estimates ranging from 2.28-2.60 billion euros, according to a Reuters poll of 21 analysts. SAP Finance Chief Luka Mucic indicated last month the company would meet 2016 targets. But marking progress moving its customer base to newer cloud-based Internet platforms from classic packaged software products it has sold for decades, SAP said new cloud bookings jumped 40 percent in the quarter and backlog for unbilled cloud services rose 47 percent to 5.4 billion euros at year-end. SAP said it expects revenue for 2017 of 23.2 to 23.6 billion euros, a modest rise from the 23.0 to 23.5 billion euros it forecast a year ago for the current year and an increase of 6 percent over 2016, based on the midpoint of the guidance. These forecasts were shy of the mean 2017 revenue estimate of 23.65 billion euros, based on a Reuters poll of 20 analysts. "Our strong backlog paired with our robust pipeline position us for yet another year of profitable growth in 2017," Mucic said in a statement, adding that these factors allowed the company to confidently raise its financial ambitions for 2020. SAP raised its 2020 total revenue outlook to between 28 and 29 billion euros, up from a range of 26 to 28 billion previously, while looking for operating profit at high end of its prior outlook. (Reporting by Harro ten Wolde and Eric Auchard; Editing by Maria Sheahan) Next In Business News Asian TPP nations seek to salvage trade accord after U.S. exit WELLINGTON/TOKYO Australia and New Zealand said on Tuesday they hope to salvage the Trans-Pacific Partnership (TPP) by encouraging China and other Asian nations to join the trade pact after U.S. President Donald Trump kept his promise to pull out of the accord.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sap-results-idUKKBN1580I3'|'2017-01-24T13:33:00.000+02:00'
'f0cd7850b36c75d9826a475c950d3075a3db2066'|'Le Pen nerves hit French debt but euro impact unclear'|'Business News   4:41pm GMT Le Pen nerves hit French debt but euro impact unclear France''s National Front leader Marine Le Pen attends a news conference after a European far-right leaders meeting in Koblenz, Germany, January 21, 2017. REUTERS/Wolfgang Rattay By John Geddie and Jemima Kelly - LONDON LONDON Nerves around France''s presidential election are starting to play out in debt markets, although the euro seems as yet unruffled by a vote which could pose the biggest existential threat to the single currency bloc since the 2011/2012 debt crisis. Investors are concerned the wave of populism behind Britain''s vote to leave the European Union and the election of Donald Trump in the United States could sweep French far-right leader Marine Le Pen into power in 2017. Le Pen wants France out of the euro and while it is unclear if she could even hold, let alone win, a referendum, few think the bloc could survive without its second-biggest power. That threat has pushed the gap - or spread - between French and German government borrowing costs to its widest in nearly three years and there are signs that some of France''s most loyal investors may be deserting them. But options market pricing on Tuesday showed few immediate signs of concern among currency investors about the impact of a possible Le Pen victory on the euro. "What happens in the European sovereign spread space is really where you start to see your earliest warning signs of what''s potentially going on," said Bank of New York Mellon''s head of currency strategy, Simon Derrick, in London. "But the French election is significantly less of a risk (to the euro) than the Brexit referendum or the U.S. election, because there were direct outcomes. Here there''s the complexity of French politics." While polls show Le Pen is likely to make the final two-person runoff in May, with some showing her mustering the most votes in April''s first round, she is expected to ultimately lose to a more moderate candidate - probably the centre-right''s Francois Fillon or independent centrist Emmanuel Macron. Even if she springs a surprise, her "Frexit" ambitions will require constitutional change which experts say will be difficult, especially as her National Front party only has a handful of federal lawmakers. That may explain why, in the context of previous euro zone crises, the recent sell-off in French bonds remains modest. INVESTORS LEAVING In late 2011, when investors fretted about French banks'' exposure to Greek debt as Athens headed for another bailout, France had to pay 2 percentage points more to borrow 10-year money than Germany. It now pays around 0.5 percentage points more. The crisis pushed Spain and Italy, the bloc''s third- and fourth-largest economies, towards bailouts in arguably the biggest test the currency union has faced. A rise in bets against French debt, as suggested by futures markets, hint there may be more pain to come before the election. The open interest on French futures has almost doubled since Trump''s win in November, and as that has been coupled with a fall in the value of the contract, analysts say it suggests investors are taking "short" positions. reut.rs/2kmRttI Also in November, Japanese investors, historically among the biggest foreign buyers of French debt, sold France''s bonds on a scale not seen since mid-2015. reut.rs/2kmPtSl "(The Japanese) will probably go to Australia or the U.S. for the time being, and we are in the same boat," said Ryan Myerberg, portfolio manager at Janus Capital. "We will be very happy to stay like that until we get through the second round of the French election." "PAIN TRADE" Currency traders face not only the uncertainty of the election outcome and the possible risks carried by a Le Pen victory, but also the risk that the euro could rally on such an outcome. That happened during the 2015 Greek crisis, when it was used as a safe haven. "A Le Pen victory would probably be an exogenous shock for the world, so if we were heading into a period where you were expecting the U.S. to raise interest rates at the mid-year point, you would wipe out those moves and perhaps the euro would just go up, perversely," said Richard Benson, co-head of portfolio investments at Millennium Global currency fund. Though Benson said the market consensus was for the euro to fall 5 to 10 percent on a Le Pen victory, that would be contingent on what was going on in the rest of the world. Whereas the Brexit vote had a direct impact on the economy and currency because of Britain''s reliance on foreign investment to fund its huge current account deficit, the fundamental impact on the euro zone, which has a large current account surplus, would be less straightforward. Even in bond markets, some say further market jolts could be a reason to buy back in. "Investors, especially in the UK, would like to make money by short-selling French bonds but it is a pain trade because they are very liquid and always in demand," Nicolas Forest, global head of fixed income at Candriam Investors Group said. "Everyone is betting that there could be a surprise after Trump and Brexit. But that could prove to be a buying opportunity." (Editing by Janet Lawrence) Euro group chief warns Britain against tax haven temptation AMSTERDAM The head of the council of euro zone finance ministers said Britain would be taking a "crazy step backwards" if it opted to turn itself into a tax haven after leaving the European Union, warning that such a move would hurt both Britain and the EU.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-election-markets-idUKKBN1582AS'|'2017-01-24T23:41:00.000+02:00'
'c4c1ffa0726a94e351b6179e9311c913a9ba3783'|'Fitch Rates Lloyd''s Proposed Dated Subordinated Notes ''A-(EXP)'''|'Financials   8:52am EST Fitch Rates Lloyd''s Proposed Dated Subordinated Notes ''A-(EXP)'' (The following statement was released by the rating agency) LONDON, January 24 (Fitch) Fitch Ratings has assigned the Society of Lloyd''s (Issuer Default Rating (IDR) of A+/Stable) proposed issue of subordinated debt securities a rating of ''A-(EXP)''. The notes are rated two notches below the Society of Lloyd''s IDR of ''A+'' to reflect their subordination (one notch) and ''moderate'' risk of non-performance (one notch), in line with Fitch''s notching criteria. KEY RATING DRIVERS The net proceeds of the issue of the notes will be used to provide the issuer with additional solvency capital to meet regulatory capital requirements and for general corporate purposes. The securities are expected to be issued with a term to maturity of 30 years and callable after 10 years. The notes will pay a fixed coupon until the first call date, after which the coupon will reset to a floating rate with a step-up of 100bps. The issue is structured to qualify as Solvency II Tier 2 regulatory capital. The notes rank junior to the issuer''s senior creditors, pari passu with any other Tier 2 securities, and senior to any Tier 1 capital. The level of subordination is reflected in Fitch''s baseline recovery assumption of ''below average'' for the issue, which results in the notes being notched down once from the IDR. The notes include a mandatory interest deferral feature, which would be triggered on a breach of the solvency capital requirement (or minimum capital requirement) for the Lloyd''s market as a whole (but not individual syndicates or members) or for the central assets of the issuer. This results in Fitch''s assessment of ''moderate'' risk of non-performance and consequently a further notch down from the IDR. According to Fitch''s methodology, this subordinated bond is classified as 100% capital within the agency''s own capital assessment, due to the application of the ''regulatory override''. However, given that it is a dated instrument, the notes are treated as 100% debt in Fitch''s financial leverage calculations. The issue will lead to a small increase in the Society of Lloyd''s financial leverage, and a reduction in fixed-charge coverage. However, both metrics are expected to remain commensurate with the rating level. RATING SENSITIVITIES The notes'' rating is subject to the same sensitivities that may affect the Society of Lloyd''s Long-Term IDR (for more details, see ''Fitch Affirms Lloyd''s of London''s IFS at ''AA-''; Outlook Stable'' dated 26 September 2016 at www.fitchratings.com). Contact: Primary Analyst Graham Coutts Director +44 20 3530 1654 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Harish Gohil Managing Director +44 20 3530 1257 Committee Chairperson David Prowse Senior Director +44 20 3530 1250 Media Relations: Athos Larkou, London, Tel: +44 203 530 1549, Email: athos.larkou@fitchratings.com. Date of relevant rating committee: 23 September 2016 Additional information is available on www.fitchratings.com Applicable Criteria Insurance Rating Methodology (pub. 15 Sep 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. 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Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials Fitch Affirms Sparebanken Vest at ''A-''; Withdraws Ratings (The following statement was released by the rating agency) LONDON, January 24 (Fitch) Fitch Ratings has affirmed Sparebanken Vest''s (SV) Long-Term Issuer Default Rating (IDR) at ''A-'' with Stable Outlook, Short-Term IDR at ''F2'' and Viability Rating (VR) at ''a-''. Fitch has simultaneously withdrawn the ratings of SV for commercial reasons. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERS IDR, VR AND SENIOR DEBT The ratings reflect SV''s strong re'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987154'|'2017-01-24T20:52:00.000+02:00'
'7a4901bac5dc8c11a79d7ae493454d8949d85baf'|'J&J fourth-quarter sales up 1.7 percent, plans to divest diabetes care division'|'Johnson & Johnson reported a 1.7 percent rise in fourth-quarter sales, due to a strong demand for its newer products.The diversified healthcare company''s sales rose to $18.11 billion in the fourth quarter from $17.81 billion a year earlier.Net earnings rose to $3.81 billion, or $1.38 per share, from $3.22 billion, or $1.15 per share.The band-aid maker also said on Tuesday that it was looking to divest its diabetes care division.(Reporting by Natalie Grover in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/johnson-johnson-results-idINKBN1581FC'|'2017-01-24T08:57:00.000+02:00'
'2561488ee3b1f662f572a9cfeec1141057ce0726'|'UPDATE 1-Germany is against introduction of joint euro zone bonds - FinMin'|'(Adds details from Handelsblatt report)BERLIN Jan 27 Germany is against the introduction of joint bonds for euro zone countries, a finance ministry spokeswoman said on Friday, following a media report that said the European Commission was discussing such paper to be called ''European Safe Bonds''.Germany has long opposed the idea of common bonds in the euro zone, fearing its reputation for fiscal prudence would be diluted by what many Germans see as spendthrift governments elsewhere, particularly in southern Europe."Generally, the negative attitude of the federal government towards eurobonds has not changed," spokeswoman Nadine Kalwey said in a statement.She added that the ministry had doubts if there would be sufficient demand for such financial instruments, particularly in crisis situations.German newspaper Handelsblatt reported on Friday that the European Commission and central banks in the euro zone were discussing plans to introduce common bonds in the single currency bloc.The newspaper cited a document in which the Commission suggests that the new borrowing instrument should be scrutinized by the European Systemic Risk Board (ESRB), which was set up in response to the global financial crisis.It said that the instrument was a form of securitization of bonds issued by euro zone countries and that these bonds should be mixed together into one single portfolio.The ESRB is responsible for macro-prudential supervision - managing systemic risk - cannot force countries to adopt policies but only make recommendations to the relevant authorities.ESB bonds will amount to bundling bonds issued by the 19 countries sharing the euro under common debt, Handelsblatt said, citing no source.The Commission believes the new debt instrument will minimize the risk of contagion in the banking sector and in the event of a sovereign debt default, the report said. (Reporting by Matthias Sobolewski and Gernot Heller; Writing by Michael Nienaber; Editing by Andrea Shalal)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-germany-idINL5N1FH2EC'|'2017-01-27T07:54:00.000+02:00'
'448967253a3634a9810a74162d855f9cf27a1d0b'|'Fitch Upgrades Bank Zenit to ''BB''; off RWP'|'Financials  22am EST Fitch Upgrades Bank Zenit to ''BB''; off RWP (The following statement was released by the rating agency) MOSCOW, January 27 (Fitch) Fitch Ratings has upgraded Bank Zenit''s (BZ) Long-Term Issuer Default Ratings (IDRs) to ''BB'' from ''BB-'' and removed it from Rating Watch Positive (RWP). The Outlook is Stable. The agency has also downgraded BZ''s Viability Rating (VR) to ''b+'' from ''bb-''. A full list of rating actions is at the end of this commentary. KEY RATING DRIVERS - IDRS, NATIONAL RATINGS, SUPPORT RATING AND SUPPORT RATING FLOOR The upgrade of the IDRs, National and Support Ratings follows the increase of the ownership stake in the bank by oil company PJSC Tatneft (Tatneft, BBB-/Stable) to 50.4% from 49% and Fitch''s expectation that the stake will further increase as a result of an announced RUB14bn equity injection for 1H17, RUB9bn of which will be provided by Tatneft in the form of subordinated debt conversion and the remainder in cash. In Fitch''s view, as a majority shareholder who will consolidate BZ in its financial accounts, Tatneft will now have a higher propensity to support the bank. To date, Fitch has not factored in support from Tatneft directly into BZ''s ratings, although the bank''s credit profile has benefitted from significant liquidity placements and capital injections from the company. The two-notch difference between Tatneft''s and BZ''s IDRs reflects the agency''s view that the bank is a non-core asset for the company, with limited synergies between the two entities, and there would be limited reputational damage for Tatneft in case of BZ''s default. Tatneft''s ''BBB-'' Long-Term IDR is capped by Russia''s sovereign rating. The company''s credit profile is underpinned by low leverage, with funds-from-operations (FFO)-adjusted gross leverage of 0.1x at end-2015. The investments in BZ will not have an impact on Tatneft''s ratings, and potential further support of the bank should be manageable for Tatneft as BZ''s equity accounted for only 17% of Tatneft''s RUB141 billion LTM 3Q16 FFO. The Stable Outlooks on BZ''s IDRs reflect that on Tatneft and the Russian sovereign. The National-scale ratings are being withdrawn in response to the new regulatory framework for credit rating agencies in Russia (see ''Fitch Ratings Withdraws National Scale Ratings in the Russian Federation'' dated 23 December 2016). The Support Rating Floor (SRF) has been withdrawn in line with Fitch''s Global Bank Rating Criteria, as the agency usually does not maintain SRFs on banks whose most likely source of external support would be institutional (shareholder) rather than sovereign. DEBT RATINGS BZ''s senior unsecured debt is rated in line with the bank''s Long-Term IDR. VR The downgrade of BZ''s VR reflects the bank''s weakened and still vulnerable asset quality, continued poor performance and only moderate capital cushion (even after a planned RUB14 billion increase in 1H17) relative to the volume of high-risk/restructured exposures. The VR also takes into account a comfortable liquidity buffer and limited refinancing needs. BZ''s non-performing loans (more than 90 days overdue; NPLs) increased to 7.2% of gross loans at end-9M16 from 5.8% at end-2015, but were fully covered by impairment reserves. However, Fitch identified at least RUB32.5 billion of potentially high-risk exposures (net of reserves, 1.5x of Fitch Core Capital (FCC) at end-9M16), which although not NPLs, may require provisioning in the future. These include: (i) receivables from debt collection companies (RUB6.8 billion, 0.3x) to which the bank sold its bad loans (ii) a poorly collateralised reverse repo exposure to a weak Russian bank (RUB7 billion, 0.3x; reduced to RUB5 billion at end-2016) and (iii) other loans (RUB21 billion, 0.9x) among the 25 largest loans, which are restructured and/or issued to construction companies to finance recently started projects with long tenor or covered by fairly illiquid collateral. Positively, some of these exposures (eg. construction-related) are collateralised with real estate, but given the completion/valuation risks, this is only a moderate mitigant. BZ''s FCC ratio increased to 9.4% at end-9M16 from 7.7% at end-2015 after RUB8bn of capital injection from shareholders (mostly Tatneft) in 2Q16. Regulatory capital ratios are also only moderate, with a Tier 1 ratio of 7.9% (minimum with buffers is 7.3%) and total capital ratio of 13.6% (minimum 9.3%) at end-2016. Adjusting for the expected RUB14bn equity increase would boost the FCC and regulatory Tier 1 ratios by about 500bps, but any increase may be only temporary, as, we believe BZ may use some of this capital to reserve its uncovered high-risk exposures. BZ''s profitability is weak, undermined by a high cost of funding (8% in 9M16) and relatively low loan yields (about 12%) resulting in a weak net interest margin of 2.5%. The bank was only marginally above break-even on a pre-impairment basis in 9M16. Including impairment charges equal to 4% of gross loans the bank reported a loss equal to 35% of its average equity. Pre-impairment results may improve somewhat as funding costs decline, but impairment charges are likely to remain a drag on net income. BZ is funded mainly by customer accounts, which are moderately concentrated (the top 20 made up 30% of total loans at end-3Q16), although most are rather stable. About RUB15 billion or 8% of customer accounts were from Tatneft and related entities, which Fitch views as stable. The bank had a comfortable liquidity buffer (cash and equivalents and bonds repo-able with the Central Bank of Russia) equal to 40% of customer accounts at end-2016 (or 11% net of 2017 market debt repayments). RATING SENSITIVITIES The bank''s IDRs could be downgraded if (i) the Russian Federation, and hence Tatneft, are downgraded; (ii) if Tatneft''s propensity to provide support BZ weakens; or (iii) support received is not sufficient to cover asset quality problems. BZ could be upgraded in case of (i) an upgrade of Tatneft (which in turn would require an upgrade of Russia) or (ii) an extended track record of support for BZ from Tatneft and greater integration between the two entities. Downside pressure on BZ''s VR stems from potential asset quality and performance deterioration, if these result in capital erosion without being offset by new capital injections. Upside is limited and would require a substantial improvement of asset quality or capital. The rating actions are as follows: Bank Zenit Long Term Foreign and Local Currency IDRs: upgraded to ''BB'' from ''BB-''; off RWP; Outlooks Stable National Long Term Rating: upgraded to ''AA(rus)'' from ''A+(rus)''; off RWP; Outlook Stable; Withdrawn Short-Term Foreign Currency IDR: affirmed at ''B'' Viability Rating: downgraded to ''b+'' from ''bb-'' Support Rating Floor: affirmed at ''No Floor''; Withdrawn Support Rating: upgraded to ''3'' from ''5''; off RWP Long-term senior unsecured debt: upgraded to ''BB'' from ''BB-''; off RWP National long-term senior unsecured debt: upgraded to ''AA(rus)'' from ''A+(rus)''; off RWP; Withdrawn Contact: Primary Analyst Anton Lopatin Director +7 495 956 7096 Fitch Ratings CIS Limited 26 Valovaya Street Moscow 115054 Secondary Analyst Ilya Sarzhin Analyst +7 495 956 9983 Committee Chairperson James Watson Managing Director +7 495 956 6657 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com; Julia Belskaya von Tell, Moscow, Tel: +7 495 956 9908, Email: julia.belskayavontell@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1018243 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit988093'|'2017-01-27T23:22:00.000+02:00'
'8f2c3deccc90c38a120ee4f6a4b3fdfa606bcd43'|'Spain''s Banco Sabadell 2016 net profit stalls on mortgage charges'|'Financials - Fri Jan 27, 2017 - 2:00am EST Spain''s Banco Sabadell 2016 net profit stalls on mortgage charges MADRID Jan 27 Spain''s Banco Sabadell on Friday posted a 0.3 percent rise in its 2016 net profit from a year earlier as its bottom line was hit by one-off charges related to mortgage floor clauses. Full-year net profit for 2016 came in at 710 million euros ($757.93 million), below the average of analysts'' estimates calculated by Thomson Reuters of 738 million euros. In the fourth quarter, net profit was 64 million euros, almost 51 percent down from last year. Spain''s fifth largest bank by market value said on Monday it expected a one-time hit of up to 490 million euros from a court ruling that obliges banks to reimburse customers sold unclearly flagged mortgage contracts. Spanish banks are expected to repay customers more than 4 billion euros ($4.2 billion) after Europe''s top court overturned in December a Spanish ruling that capped liabilities relating to these disputed mortgage clauses. (Reporting By Jesús Aguado; Editing by Angus Berwick) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sabadell-results-idUSE8N1CN01J'|'2017-01-27T14:00:00.000+02:00'
'4bf56e8fa9c4c50c3fb05780444c17f33a40cb36'|'BRIEF-L''attrait unit to buy properties'|'Financials   1:20am EST BRIEF-L''attrait unit to buy properties Jan 25 L''attrait Co Ltd : * Says its unit to buy three properties that including plots of land and building located in Japan on Jan. 31, with undisclosed price Source text in Japanese: goo.gl/3ra7iT Further company Coverage: (Beijing Headline News) Next In Financials China Merchants Bank tightens rules for mainlanders opening HK accounts SHANGHAI, Jan 25 China Merchants Bank (CMB) will next week sharply tighten eligibility rules for mainlanders to open accounts at its Hong Kong branches, the latest move by Chinese lenders to curb capital outflows as Beijing steps up efforts to temper a slide in the yuan. * Expects property sales in India to fall by at least 20%-30% in 2017 MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FF2AI'|'2017-01-25T13:20:00.000+02:00'
'6da40f0fc23764237a2f0d39d5d3712cd94ed1f7'|'Saudi''s Alawwal Bank proposes no dividend for 2016'|'Financials - Tue Jan 24, 2017 - 12:15am EST Saudi''s Alawwal Bank proposes no dividend for 2016 DUBAI Jan 24 Alawwal Bank, Saudi Arabia''s oldest lender, said on Tuesday its board had recommended to not pay a dividend for 2016. The bank, which paid a cash dividend of 0.25 riyals ($0.067) per share for 2015, swung to a net loss of 249.3 million riyals in the fourth quarter as operating expenses climbed. ($1 = 3.7487 riyals) (Reporting By Tom Arnold; Editing by Gopakumar Warrier) Next In Financials Fitch Revises Wharf Holdings'' Outlook to Positive; Affirms at ''A-'' (The following statement was released by the rating agency) HONG KONG, January 24 (Fitch) Fitch Ratings has revised Hong Kong-based The Wharf (Holdings) Limited''s Outlook to Positive from Stable. The Long-Term Issuer Default Rating (IDR) has been affirmed at ''A-''. The full list of rating actions is at the end of this commentary. The Positive Outlook is driven by Wharf''s improved financial profile and the increasing stability of its China portfolio. Higher China risk exposure than its peers MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/alawwal-bank-dividend-idUSD5N1E902P'|'2017-01-24T12:15:00.000+02:00'
'be4552a5f2879125e5d23ffe27b487ee62de377a'|'Raiffeisen shareholders approve plan for internal merger'|'Financials  41am EST Raiffeisen shareholders approve plan for internal merger VIENNA Jan 24 Shareholders of Austrian lender Raiffeisen Bank International on Tuesday overwhelmingly approved a planned merger with its parent company, a plan aimed primarily at bolstering the firms'' combined capital buffer. Raiffeisen Bank International (RBI), which operates across central and eastern Europe, and its majority owner Raiffeisen Zentralbank together came third-last in a stress test of 51 major European lenders last year, increasing pressure on Raiffeisen Zentralbank (RZB) to take action. A special meeting of RBI''s shareholders on Tuesday gave final approval for the merger by 99.4 percent to 0.6 percent, with 73.5 percent of the capital represented at the meeting. RZB owns 60.7 percent of RBI and is in turn owned by the cooperative Raiffeisen group''s regional Landesbanken units. (Reporting by Francois Murphy; Editing by Ruth Pitchford) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/raiffeisen-merger-idUSV9N18801Z'|'2017-01-24T22:41:00.000+02:00'
'b1015e35d1edf6a07fee9b8942fead7406ceec32'|'UPDATE 1-India''s Q3 pct,'|'* Net profit 38.70 bln rupees vs 37.88 bln rupees estimate* Gross bad loans 1.05 pct in Dec qtr vs 1.02 pct in Sept qtr (Adds details, updates shares)MUMBAI Jan 24 India''s most valuable bank.GrossHDFC Bank has far lower bad loans than its bigger rivals, thanks to its stronger retail business and smaller exposure to project finance.India''s banking industry has been hit by the government''s shock cancellation in November of 86 percent of its currency in circulation, which forced many institutions to scramble to replace the high-value banknotes.The banking sector also continues to battle record sour assets with the regulator setting a March deadline for a clean up.Despite the banknote ban hitting credit demand in many sectors, HDFC Bank said its domestic advances as of end-December grew about 17.5 percent from a year earlier.That helped net interest income for the quarter grow 18 percent to 83.09 billion rupees, HDFC Bank said. Net interest margin for the quarter was 4.1 percent.Shares in HDFC Bank, which has a market capitalisation of about $47 billion, were flat after the results in a Mumbai market that was up 0.4 percent. (Reporting '|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/hdfc-bank-results-idINL4N1FE2LD'|'2017-01-24T04:51:00.000+02:00'
'f0c8b20ab9bdbb5ebbfd8e5f4dbb0d92f44a8af6'|'EMERGING MARKETS-Latam currencies strengthen as Trump uncertainty lingers'|'(Updates table, first paragraph) SAO PAULO, Jan 23 Latin American currencies strengthened on Monday as the dollar fell to a seven-week low over investor concerns about protectionist pledges by U.S. President Donald Trump. The Mexican peso led gains, strengthening as much as 1.5 percent to a two-week high before paring back advances to close at 21.36 per greenback. The peso''s gains came after Trump refrained from taking initial actions on Monday that would disrupt trade with Mexico, despite saying over the weekend that he planned to talk soon with the leaders of Canada and Mexico to begin discussing the North American Free Trade Agreement(NAFTA). The peso had also strengthened on Friday following an inauguration speech in which the new U.S. president did not specifically mention Mexico after he had threatened to ditch NAFTA during the campaign. Wider emerging markets rallied earlier in the day, with MSCI''s emerging markets index gaining nearly 1 percent. Still, traders warned of volatility in the coming weeks as Trump''s plans become clearer. Mexico''s stock index rose 1.69 percent to a new two-month high, with shares of telecommunications giant America Movil gaining nearly 3 percent. Key Latin American stock indexes and currencies at 2100 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging 902.14 0.99 4.62 Markets MSCI LatAm 2518.09 2.58 7.58 <.MILA PUS > Brazil Bovespa 65748.63 1.9 9.17 Mexico IPC 47116.24 1.69 3.23 Chile IPSA 4258.88 0.01 2.59 Chile IGPA 21227.68 0.03 2.38 Argentina 19470.59 2.26 15.09 MerVal Colombia IGBC 10125.36 0.02 -0.03 Venezuela IBC 28272.44 1.12 -10.83 Currencies daily % YTD % change change Latest Brazil real 3.1678 0.40 2.57 Mexico peso 21.3625 1.01 -2.90 Chile peso 653.5 0.28 2.63 Colombia peso 2925.2 -0.18 2.61 Peru sol 3.283 0.30 3.99 (Reporting by Bruno Federowski and Miguel Angel Gutierrez; Editing by Bernadette Baum and James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-latam-idINL1N1FD26Q'|'2017-01-23T19:57:00.000+02:00'
'ffdf9f4519e87565469aeaf012669e2984fcaf8c'|'IG Group first half pretax profit up on higher activity in volatile markets'|' 27am GMT IG Group first half pretax profit up on higher activity in volatile markets IG Group Holdings Plc, a British online trading company, reported a 7 percent rise in first-half pretax profit on higher trading activity amid market volatility leading up to Britain''s vote to leave the European Union and the U.S. presidential election. The company, which provides online stockbroking and trading services to retail investors, said pretax profit rose to 105.2 million pounds for the six months ended Nov. 30, from 98.6 million pounds a year earlier. IG, which was founded in 1974 as the world''s first spread-betting firm, said net trading revenue rose 14 percent to 244.9 million pounds. (Reporting by Noor Zainab Hussain in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ig-grp-hldgs-results-idUKKBN1580MF'|'2017-01-24T14:27:00.000+02:00'
'8639dde814ab4f497e0bdf9d5310e380b87cebdf'|'Deutsche Bank fails to end BlackRock, Pimco mortgage debt lawsuit'|'Jan 23 A U.S. judge on Monday narrowed but refused to dismiss a lawsuit seeking to hold Deutsche Bank AG liable to investors, including dozens of portfolios from BlackRock Inc and Pacific Investment Management Co, for losses on poorly underwritten residential mortgage-backed securities.The proposed class-action lawsuit sought to recover "significant monetary damages" arising from Deutsche Bank''s alleged "failure to discharge its essential duties" as trustee of 62 trusts created between 2004 and 2008, and which issued notes backed by about $90.3 billion of home loans.In a docket entry, U.S. District Judge Jesse Furman in Manhattan granted Deutsche Bank''s bid to dismiss conflict-of-interest claims but denied its request to dismiss representations-and-warranties, servicer-notification and event-of-default claims.The judge said he would explain his reasoning at a Feb. 2 hearing and consider additional claims he has yet to decide.Deutsche Bank did not immediately respond to requests for comment. According to their amended complaint, the plaintiffs own more than $2.6 billion of notes issued by the 62 trusts.Furman took over the case in June from U.S. District Judge Richard Berman, who had dismissed other claims last January. Among the other plaintiffs are funds run by Prudential Investments, court records show.The lawsuit is one of many accusing bond trustees such as Deutsche Bank of shirking their responsibilities, including notifying lenders of loan defects and telling investors when defaults occur.It is separate from Deutsche Bank''s completion last week of a $7.2 billion settlement with the U.S. Department of Justice over its sale of defective mortgage securities prior to the 2008 financial crisis.The case is BlackRock Core Bond Portfolio et al v Deutsche Bank National Trust Co et al, U.S. District Court, Southern District of New York, No. 14-09367. (Reporting by Jonathan Stempel in New York; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deutschebank-lawsuit-idINL1N1FD2BP'|'2017-01-23T21:11:00.000+02:00'
'a9013979fc5290acaccf4c17bb8263e93c04abdd'|'Russia, Turkey say direct contact important at Astana talks - ministry'|'Industrials  27am EST Russia, Turkey say direct contact important at Astana talks - ministry MOSCOW Jan 24 Russian Foreign Minister Sergei Lavrov and his Turkish counterpart Mevlut Cavusoglu discussed Syria peace talks in the Kazakh capital of Astana by phone on Tuesday, the Russian Foreign Ministry said. Lavrov and Cavusoglu "underlined the importance of establishing direct contact between the Syrian government and representatives of the opposition," the ministry said in a statement. (Reporting by Jack Stubbs; Editing by Katya Golubkova) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/mideast-crisis-syria-talks-lavrov-idUSR4N1F701Y'|'2017-01-24T16:27:00.000+02:00'
'f80ff7f42ed2846fe7a80780193bb295bbcbbaea'|'BRIEF-Merus capital raises $85 mln for venture firm''s third fund'|'Funds News  39am EST BRIEF-Merus capital raises $85 mln for venture firm''s third fund Jan 24 Merus Capital: * Merus capital - raised $85 million for silicon valley venture firm''s third fund Source text for Eikon: Next In Funds News RPT-U.S. fund managers betting Trump fails to rewrite Obamacare By David Randall NEW YORK, Jan 24 Some prominent U.S. fund managers are betting that former President Barack Obama''s signature healthcare law will not undergo the widespread changes that President Donald Trump promised on the campaign trail. Portfolio managers from Fidelity, Gamco, Thornburg and other large firms say they see the broad outlines of the Affordable Care Act - commonly known as Obamacare - remaining intact despite Trump''s signing of an executive order on Friday, * Goldman says Tjokrosaputro has damaged its reputation (Adds comment from Goldman''s lawyer and IDX head) MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FE0GT'|'2017-01-24T19:39:00.000+02:00'
'5cc9ad6dff77e8a6b200a0bde64aa6f22a8a2590'|'CEE MARKETS-Poland outperforms as central bank steps up chase for growth'|'By Marton Dunai BUDAPEST, Jan 25 Poland''s currency and stocks outperformed regional assets on Wednesday morning as the central bank said it could keep policy loose for as long as two years if needed to boost growth. There were smaller gains across Central Europe, a region where policy makers are adopting similar long-term loose policy measures to reinvigorate economies marked by moderate inflation. The zloty added 0.2 percent and Warsaw stocks were 1.1 percent higher. Poland, by far the region''s largest economy and the only one which avoided recession throughout the financial crisis, has struggled with below-average growth that the central bank would like to see pick up before it lifts interest rates. The bank''s Governor Adam Glapinski said on Wednesday Poland may leave interest rates at 1.5 percent for up to two more years if the economy does not pick up. The National Bank of Hungary (NBH) is also expected to hold rates for an extended period as inflation remains mild, even though it has picked up. The NBH held rates at a record low 0.9 percent on Tuesday and also flagged a continuance of non-conventional measures that is has used to fine tune monetary conditions. "(The NBH) sounded dovish," Commerzbank said in a note. "(It) will remain significantly more dovish in coming quarters than, say, the Polish central bank NBP which has more hawks." "We expect HUF to underperform PLN in coming months, and forecast EUR/HUF to gradually rise towards 315." The forint touched a 2017 low against the common currency after the bank maintained its dovish stance on Tuesday, breaching the key level of 310 briefly, Commerzbank noted. CIB Bank added in a note that flat rates are likely through 2017, although it said the room for more non-conventional moves has now narrowed. New comments from Czech central bankers show that Prague is likely to get rid of its long-held cap of 27 crowns per euro in mid-2017, four years after installing it to keep the safe-haven Czech currency from firming and hurting growth prospects. Contrary to market expectations, however, the move will not lead to any sharp firming of the currency, board member Vojtech Benda said on Tuesday. Investor flows into the market have picked up in early 2017 in anticipation of the end of the regime, bolstered by inflation returning to the bank''s 2 percent target. But central bankers have not shown any signals of rushing and have warned investors expecting to cash out gains immediately that they may be surprised given a lack of counterparties. CEE MARKETS SNAPSH AT 0951 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 27.023 27.024 +0.01 -0.06% 0 5 % Hungary 310.25 310.48 +0.07 -0.46% forint 00 00 % Polish zloty 4.3635 4.3715 +0.18 0.93% % Romanian leu 4.4940 4.5006 +0.15 0.91% % Croatian 7.4980 7.5020 +0.05 0.76% kuna % Serbian 123.79 123.92 +0.11 -0.36% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 934.97 930.13 +0.52 +1.45 % % Budapest 32761. 32690. +0.22 +2.37 02 23 % % Warsaw 2035.2 2013.1 +1.10 +4.48 7 7 % % Bucharest 7303.0 7271.0 +0.44 +3.08 3 0 % % Ljubljana 740.76 740.25 +0.07 +3.23 % % Zagreb 2095.6 2092.8 +0.14 +5.06 9 4 % % Belgrade 695.47 699.04 -0.51% -3.05% Sofia 605.88 605.32 +0.09 +3.32 % % BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.618 -0.009 +004b -1bps ps 5-year -0.137 0.064 +027b +5bps ps 10-year 0.461 0.054 +003b +3bps ps Poland 2-year 1.98 0.009 +264b +0bps ps 5-year 2.97 0.029 +338b +2bps ps 10-year 3.753 0.071 +332b +5bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.24 0.23 0.24 0 IBOR=> Hungary <BU 0.31 0.41 0.52 0.27 BOR=> Poland <WI 1.78 1.82 1.9 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1FF29G'|'2017-01-25T07:30:00.000+02:00'
'65917e1c4fbb568b3807319b7614e0ffcb12f1db'|'Banco Santander posts 4 percent full-year profit rise, Britain drags'|'  7:06am GMT Banco Santander posts 4 percent full-year profit rise, Britain drags A woman walks past a Banco Santander branch in downtown Rio de Janeiro August 19, 2014. REUTERS/Pilar Olivares/File Photo By Jesús Aguado and Angus Berwick - MADRID MADRID Banco Santander opened Spain''s bank reporting season on Wednesday with a 4 percent rise in its 2016 net profit, as improved results in Brazil helped offset a weak performance in Britain. Santander, the euro zone''s biggest bank by market value, reported net profit for the full year of 6.2 billion euros (5.3 billion pounds), beating the average of analysts'' estimates calculated by Thomson Reuters of 6.12 billion euros. For the fourth quarter, the lender announced a net profit of 1.6 billion euros compared to a tiny profit of 25 million euros in the same quarter last year when its earnings were hit by a 600-million-euro mis-selling compensation bill in Britain. Unlike most Spanish banks, Santander, along with mid-sized Bankinter which reports its earnings on Thursday, won''t be affected by a recent European court ruling that may force other lenders to reimburse customers up to 4 billion euros over mortgages with interest rate floors that were not clearly explained. Despite falling net profit in Britain, Santander''s second biggest market, its operations in its biggest territory Brazil and other Latin American markets helped it endure a squeeze on margins in Europe that is pressuring its banking peers. In Britain net profit was down almost 15 percent over the year, due mainly to the fall in the value of the sterling, which has sunk to a near three-decade low since Britons voted to leave the European Union last June. For 2016, net interest income, a measure of earnings on loans minus deposit costs, was 31.1 billion euros, down 3.4 percent from a year ago, mirroring pressure on margins experienced by other Spanish banks. Analysts had expected NII to come in around 30.8 billion euros. "Going forward, we have many opportunities to grow profitably in Europe and in the Americas, in an environment which we expect will be volatile but in general better than in 2016 in our principal markets," Santander boss Ana Botin said. Santander reaffirmed on Wednesday its 2018 targets such as boosting its fully-loaded core capital ratio, a closely watched measure of a bank''s strength, to just above 11 percent, after it ended the year with a ratio of 10.55 percent. (Reporting by Jesús Aguado and Angus Berwick; Editing by Stephen Coates)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-santander-results-idUKKBN1590JA'|'2017-01-25T14:06:00.000+02:00'
'6155694a2f321e4980ce2ff27b22417b9e49e9e0'|'Abbott pauses on deals, to focus on St. Jude integration'|'By Natalie Grover Abbott Laboratories ( ABT.N ) said it planned to focus on slashing its debt and integrating its $25 billion acquisition of St. Jude Medical in 2017, in a break from the hectic pace of dealmaking last yearThe company in 2016 also agreed to buy Alere Inc ( ALR.N ) for $5.8 billion and to sell its medical optics division to Johnson & Johnson ( JNJ.N ) for $4.3 billion as it sheds its slow-growth, low-margin businesses and fortifies its presence in cardiovascular devices and diagnostics.Abbott will also hold back on share repurchases, Chief Executive Miles White said on a post-earnings conference call on Wednesday.The company, which is looking to abort the Alere deal, took on $15 billion in debt to finance the St. Jude deal and also assumed the heart device maker''s debt.Abbott reported fourth-quarter sales just shy of estimates, largely due to a strong dollar and waning demand for its nutrition products in China.Global sales of nutrition products, which account for roughly a quarter of Abbott''s net sales, fell 3.7 percent to $1.73 billion in the quarter, including a 1.1 percent hit from a strong dollar.The decline was mainly due to changes in food safety regulations in China that require manufacturers to reregister their baby formulas with the government.This has caused an oversupply in the Chinese market, White said, adding that nutrition growth in the country will be relatively flat in the first quarter but improve over the course of 2017.Abbott also forecast first-quarter adjusted earnings from continuing operations in the range of 42 cents to 44 cents per share, below the average analysts'' estimate of 50 cents.The forecast reflects continued weak nutrition and getting St. Jude up and running, but these are transitory issues, Edward Jones'' analyst John Boylan said.St. Jude''s traditional cardiac rhythm management (CRM) business, which sells pacemakers and defibrillators, continued to struggle in the quarter, as it loses out to rivals with MRI-compatible devices in the United States, Abbott said.Similar approvals for St. Jude are expected shortly, the company said.Abbott also forecast 2017 adjusted earnings from continuing operations in the range of $2.40-$2.50 per share. Analysts on average were expecting $2.46.The company''s net sales of $5.33 billion in the fourth quarter ended Dec. 31, came in just below the Thomson Reuters I/B/E/S estimate of $5.38 billion.Abbott''s shares were marginally down at $40.50 in afternoon trading, recovering from a drop to $39.25 earlier on Wednesday.The stock was the biggest drag on the S&P 500 healthcare index .SPXHC.(Reporting by Natalie Grover in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-abbott-results-idINKBN1591HB'|'2017-01-25T14:17:00.000+02:00'
'7e58a187c4d0e368283982baa0428aad9b0a173d'|'Federal judge blocks Aetna Inc''s plan to buy rival Humana'|'Business News - Mon Jan 23, 2017 - 5:11pm GMT Federal judge blocks Aetna Inc''s plan to buy rival Humana A trader points up at a display on the floor of the New York Stock Exchange August 20, 2012. REUTERS/Brendan McDermid WASHINGTON A U.S. federal judge blocked on Monday health insurer Aetna Inc''s ( AET.N ) proposed $34 billion (27.25 billion pounds) merger with rival Humana, saying it was illegal under antitrust law. Judge John Bates of the U.S. District Court for the District of Columbia said the proposed deal would "substantially lessen competition in the sale of individual Medicare Advantage plans in 364 counties identified in the complaint and in the sale of individual commercial insurance on the public exchanges in three counties in Florida."The Justice Department filed a lawsuit on July 21, 2016 to block Aetna''s acquisition of Humana and Anthem Inc''s ( ANTM.N ) purchase of Cigna Corp ( CI.N ), saying the two deals would lead to higher prices. (Reporting by Diane Bartz; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-humana-aetna-antitrust-idUKKBN1572BL'|'2017-01-24T00:11:00.000+02:00'
'2b63f3e72317a4415fc3ecbc3760f158f189cfe1'|'Saudi Arabia warns on cyber defense as Shamoon resurfaces'|'KHOBAR, Saudi Arabia Saudi Arabia on Monday warned organizations in the kingdom to be on the alert for the Shamoon virus, which cripples computers by wiping their disks, as the labor ministry said it had been attacked and a chemicals firm reported a network disruption.An alert from the telecoms authority seen by Reuters advised all parties to be vigilant for attacks from the Shamoon 2 variant of the virus that in 2012 crippled tens thousands of computers at oil giant Saudi Aramco.Shamoon disrupts computers by overwriting the master book record, making it impossible for them to start up. Former U.S. Defense Secretary Leon Panetta said the 2012 Shamoon attack on Saudi Aramco was probably the most destructive cyber attack on a private business.In the 2012 hacks, images of a burning U.S. flag were used to overwrite the drives of victims including Saudi Aramco and RasGas Co Ltd. In the recent attacks, an image of the body of 3-year-old drowned Syrian refugee Alan Kurdi was used in recent attacks, according to U.S. security researchers.The Shamoon hackers were likely working on behalf of the Iranian government in the 2012 campaign and the more-recent attacks, said Adam Meyers, vice president with cyber security firm CrowdStrike. "It''s likely they will continue," he said.State-controlled Al Ekhbariya TV said on Twitter, using the hash tag #Shamoon, that several Saudi organizations had been targeted in recent cyber attacks.The state news agency, meanwhile, said the labor ministry had been hit by a cyber attack, but that it did not impact its data.Jubail-based Sadara Chemical Co, a joint venture firm owned by Saudi Aramco and U.S. company Dow Chemical, said it had experienced a network disruption on Monday morning and was working to resolve the issue.The company made the disclosure on its official Twitter account after the warning by Al Ekhbariya TV, which cited the telecoms authority.It did not say whether the disruption was due to a cyber attack but said as a precautionary measure it had stopped all services related to the network.Other companies in Jubail, the hub of the Saudi petrochemicals industry, also experienced network disruptions, according to sources who were not authorized to publicly discuss the matter.Those companies sought to protect themselves from the virus by shutting down their networks, said the sources, who declined to identify specific firms.(Reporting by Reem Shamseddine. Additional reporting by Jim Finkle.; Writing By Maha El Dahan; Editing by Mark Potter and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-cyber-idINKBN1571ZR'|'2017-01-23T17:45:00.000+02:00'
'c3c3fc69244842a4fa2322864827f5ff9fcf5465'|'China''s preliminary 2016 fiscal deficit $413 billion, exceeding budget target'|'Business News - Mon Jan 23, 2017 - 8:54am GMT China''s preliminary 2016 fiscal deficit $413 billion, exceeding budget target People cross a bridge at Pudong financial district in Shanghai August 11, 2014. REUTERS/Carlos Barria BEIJING China''s preliminary fiscal deficit for 2016 was 2.83 trillion yuan ($413 billion) exceeding the budget target of 2.18 trillion yuan, according to a Reuters calculation based on data from the finance ministry. Fiscal expenditure in 2016 rose 6.4 percent from 2015, while revenue increased 4.5 percent, the Ministry of Finance said on Monday. China has relied on government spending to stabilise economic growth in the past year as private companies pull back, but concerns about the country''s debt load are increasing. (Reporting by Beijing Monitoring Desk; Editing by Richard Borsuk) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-fiscal-idUKKBN1570WO'|'2017-01-23T15:54:00.000+02:00'
'113ca2ab9641323b8d701d115c62032541142d65'|'Credit Suisse gets new head of commercial real estate finance'|'By Joy Wiltermuth NEW YORK, Jan 23 (IFR) - Matthew Masso has been tapped by Credit Suisse to head the commercial real estate finance group, replacing former chief Mark Brown, a person familiar with the matter told IFR.Credit Suisse ranked third in terms of CMBS originations last year with US$13bn of deals, according to IFR league tables.Brown stays on as a senior advisor to the Credit Suisse real estate team, the person said.He joined in 2013 to restart the bank''s commercial mortgage effort after it was shuttered in the wake of the financial crisis.The bank expects to continue its focus on making large loans and conduit loans for securitization with no strategic shift in its strategy, the person said.To satisfy new risk retention rules Credit Suisse has internal approvals to keep a 5% vertical slice of each new deal, the person said. But the bank prefers to partner with other firms that will hold the risk instead.Banks across Wall Street have been grappling with the rules, which took hold in December and are designed to make CMBS less risky.But rules also have been blamed for the declining market share of CMBS in real estate finance.New CMBS issuance last year fell nearly 25% to US$76.5bn from volumes in 2015, according to data from the Securities Industry and Financial Markets Association.A number of key former Credit Suisse staffers recently reunited at commercial mortgage finance firm World Class Capital Group, which plans to be a lender and CMBS buyer.At Credit Suisse Masso will report to head of asset finance Michael Dryden. Other key staffers on the commercial mortgage team are John Tesoriero, Stefanos Arethas, Dante LaRocca and Chuck Lee. (Reporting by Joy Wiltermuth; editing by Shankar Ramakrishnan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/moves-credit-suisse-masso-idINL5N1FD53U'|'2017-01-23T14:35:00.000+02:00'
'46c954a4ff6592ff10b17c25e38fc3b6a6d953c6'|'Motor racing-Ecclestone rules out any rival series to Formula One'|'LONDON Jan 27 Former chief executive Bernie Ecclestone has dismissed speculation that he could set up a rival series to Formula One and said he would never want to undermine the existing championship.In a statement to Reuters on Friday, the 86-year-old Briton said he wished to clear up rumours that spread after he was replaced at the helm by American Chase Carey on Monday."I have built the championship over the last near 50 years, which is something I am proud of, and the last thing I want is to see it damaged," he said.Ecclestone said he hoped fans appreciated that Formula One''s new owners Liberty Media, who completed their takeover on Monday, intended to put money back into the sport. (Reporting by Alan Baldwin, editing by Pritha Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/motor-f1-ecclestone-idINL5N1FH5B3'|'2017-01-27T14:56:00.000+02:00'
'fc70b87cf8120cf3b66bf342aed02c7af434b6b7'|'Canada Energy East pipeline review to restart under current regulator'|'OTTAWA/CALGARY, Alberta A review of TransCanada Corp''s proposed Energy East pipeline will start again from the beginning, Canada''s National Energy Board (NEB) regulator said on Friday, voiding all decisions from the project''s previous examining panel that has been accused of bias.The new review will be conducted by the NEB in its current form, said the Natural Resources Canada federal agency, despite the ongoing reform of the energy regulator.Last year, the review stalled amid protests by environmentalists and after the resignation of the examining panel due to revelations that members met privately with a TransCanada consultant.Cabinet ministers were upset by the incident and the government may eventually curb the NEB''s power, sources have said.The move to restart the review would appear to spare the Liberal government from making a politically charged decision on the pipeline''s future before the next federal election in October 2019.Approving Energy East, which would take crude oil from Alberta to the Atlantic coast, may anger the progressive base that helped Prime Minister Justin Trudeau win power in late 2015, while rejecting it could alienate voters in Canada''s energy-rich West.However, Energy East''s importance has diminished for TransCanada. U.S. President Donald Trump this week signed an order reviving the company''s Keystone XL pipeline, which would run from Alberta''s oil sands to U.S. refineries."TransCanada now has to calculate if Keystone goes ahead, does it still want to pursue this project?" said University of Toronto politics professor Nelson Wiseman.The project was originally to begin in 2017, but construction now cannot start until at least 2019.Teika Newton of Transition Initiative Kenora, an environmental group that had filed a legal challenge against the pipeline''s review process, welcomed the decision.But she said the NEB should not start a new hearing until Trudeau''s government fulfills a promise to update laws on environmental assessments. Liberals say that will not happen until the end of 2018.The NEB said in a statement the new panel examining the project would decide how to proceed. It will first have to decide whether TransCanada''s application was complete.NEB spokeswoman Sarah Kiley said there was no decision deadline.Once the panel decides to restart the hearings, it has 21 months to complete the process. After that, the federal government has another six months to decide whether the pipeline can be built.TransCanada did not specify its next steps for Energy East, saying only it will review the NEB decision.(Editing by Chris Reese and Matthew Lewis)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-canada-pipelines-energyeast-idUSKBN15B1HY'|'2017-01-28T00:47:00.000+02:00'
'fbd5cb1c07611728058215c6809dd4d42630f00f'|'Dollar perks up from 7-week low, U.S. GDP in focus'|'Foreign Exchange Analysis - Thu Jan 26, 2017 - 8:34pm EST Dollar perks up from seven-week low, U.S. GDP in focus A woman counts U.S. dollars at a bank in Ho Chi Minh City, Vietnam, January 10, 2017. REUTERS/Kham By Yuzuha Oka - TOKYO TOKYO The dollar edged up on Friday, rebounding from a seven-week low on optimism over the U.S. economic outlook and corporate earnings, although U.S. President Donald Trump''s protectionist policies raised uncertainties for global trade. The dollar index, which measures the greenback against six major peers, last stood at 100.47. The index recovered overnight to hit 100.73, after dipping to a seven-week low of 99.793 on Thursday. "The dollar was helped by rising U.S. Treasury yields and strong equities," said Minori Uchida, chief FX analyst at Bank of Tokyo Mitsubishi UFJ. "Trump has signed several executive orders since his inauguration, showing continuity from his campaign days, so the markets expect him to go ahead with the fiscal stimulus as well," Uchida added. While U.S. equities and Treasury yields have continued to rise in the past week, fuelled by a positive U.S. economic outlook and Trump''s signals of new public spending, concerns over potentially new trade barriers have weighed on the dollar in the last two weeks. The greenback is on track to lose 0.2 percent against the basket of currencies of its trade-weighted rivals for the week. It has weakened for two consecutive weeks since the beginning of this year. Investors were also concerned about President Trump''s plans to construct a U.S.-Mexican border wall to stem illegal immigration. The White House said on Thursday that Trump proposed a new 20 percent tax on goods from Mexico to pay for the wall. The news widens a rift with Mexico which scrapped a planned summit between Mexican President Enrique Pena Nieto and Trump over the Republican''s demands that Mexico pay for the border wall. The Mexican peso fell more than 0.5 percent against the dollar in Asian trade following news of the border tax. It fell to 21.3300 per dollar, stepping back from Thursday''s three-week high of 20.8645 to the dollar. The dollar last slipped 0.1 percent against the yen to 114.40 yen. The U.S. currency rebounded overnight from a low of 113.045 to 114.860, gaining 1.1 percent on Thursday. The yen showed limited response to a slightly better-than-expected reading in Japan''s consumer price index (CPI) data. The core CPI fell 0.2 percent from a year earlier in December, less than economists'' forecast of a 0.3 percent fall. The euro last stood at $1.0681 against the greenback, not far from Thursday''s low of $1.0658, after having slipped from the day''s high of $1.0766, a level close to a seven-week high. The dollar earlier trimmed gains against both the yen and euro after a weak set of U.S. economic data, including an increase in initial jobless claims and a fall in new home sales. Investors'' focus is now on U.S. fourth-quarter gross domestic product estimates due later in the day. GDP likely increased at a 2.2 percent annualised rate in the fourth quarter, according to a Reuters survey of economists, after growing at a 3.5 percent pace in the July-September quarter. (Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/uk-global-forex-idUSKBN15B05A'|'2017-01-27T08:28:00.000+02:00'
'cf9632896e4cd553244ef081837b5cec525f67dc'|'UPDATE 1-Raiffeisen shareholders back plan for internal merger'|'Big Story 10   11:31am EST Raiffeisen shareholders back plan for internal merger Raiffeisen Polbank''s bank logo is pictured on their headquarters in Warsaw Poland, November 26, 2016. REUTERS/Kacper Pempel VIENNA Shareholders in Austria''s Raiffeisen Bank International have approved its merger with its majority owner in a plan aimed primarily at strengthening their capital base. Raiffeisen Bank International (RBI), which operates across central and eastern Europe, and its majority owner Raiffeisen Zentralbank [RZB.UL] together came third-last in a stress test of 51 major European lenders last year, increasing pressure on Raiffeisen Zentralbank (RZB) to take action. A special meeting of RBI''s shareholders on Tuesday gave final approval for the merger by 99.4 percent to 0.6 percent, with 73.5 percent of the share capital represented at the meeting. Before the vote, RBI''s management underlined the main rationale - improving RZB''s capital position - which the merger will achieve thanks partly to accounting rules that currently do not let it count all of RBI''s capital as its own. "The elimination of the minority deduction also makes it easier to increase regulatory capital in the future, whether through earnings retention or issuance," RBI Chief Executive Karl Sevelda said, referring to the accounting effect linked to minority deductions. More immediately, the merged company would have a lower capital adequacy ratio and its ability to weather shocks - than RBI''s. The merged bank would have a fully loaded common equity tier 1 (CET 1) ratio of 11.3 percent of risk-weighted assets as of the end of last September, less than RBI''s 12.3 percent at the same point. RZB''s stood at 10.6 percent at the end of June, the last available figure. The combined bank''s target is 12 percent by the end of 2017. The merger would also simplify the group''s complex structure. RZB owns 60.7 percent of RBI, and is in turn mainly owned by the cooperative Raiffeisen group''s regional Landesbanken units. Under the plan RBI will acquire RZB in an all-share deal under which it increase its share capital by 10.9 percent. The Landesbanken will hold 58.8 percent of the merged entity. Although many saw Tuesday''s approval as a foregone conclusion, some smaller shareholders said the plan, known as R2, was not ambitious enough and should have been extended to include the Landesbanken. "Many of us would rather be voting on R3 or as much as R10," said investor Rupert-Heinrich Staller, referring to the number of branches of institutions in the Raiffeisen constellation that could have been included in the merger plan. Walter Rothensteiner, the head of RZB, has said other mergers within the group might happen but only at a later date. (Reporting by Francois Murphy; Editing by Ruth Pitchford, Greg Mahlich) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-raiffeisen-merger-idUSKBN15829Y'|'2017-01-24T22:58:00.000+02:00'
'd55dfac25b8bbf5b6b6d49580a82988775730974'|'Aetna and Humana CEOs consider all available options after court loss'|'NEW YORK The top executives of Aetna ( AET.N ) and Humana ( HUM.N ) on Tuesday issued a joint statement saying that they continue to believe in their $34 billion merger deal after a court ruled against it for antitrust reasons, and said that they would consider all available options.Aetna Chief Executive Officer Mark Bertolini and Humana Chief Executive Offer Bruce Broussard said “We continue to believe a combined company will create access to higher-quality and more affordable care, and deliver a better overall experience for those we serve.”(Reporting by Caroline Humer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-humana-m-a-aetna-idINKBN1581Z3'|'2017-01-24T11:38:00.000+02:00'
'cefe4df1af920f8682a7ab34b6bd87cdb94890b9'|'Novartis weighs Alcon spinoff, launches share buyback'|'BASEL, Switzerland Novartis AG may spin off its struggling Alcon eye care business and is launching a share buyback of up to $5 billion, the Swiss drugmaker said on Wednesday while reporting fourth-quarter results that lagged market expectations.Fourth-quarter core net income was $2.66 billion, short of the $2.72 billion expected on average by analysts in a Reuters poll.Sales of heart drug Entresto for the full year were $170 million, short of Novartis''s own target of $200 million.Novartis has been trying to whip Alcon back into shape and said the division was making progress. Its sales were flat in the fourth quarter."Options being considered range from retaining the business to separation via a capital markets transaction," it said, adding the review would take place during the course of 2017.Novartis proposed raising its dividend by 2 percent to 2.75 Swiss francs per share.It forecast 2017 net sales broadly in line with 2016 levels at constant exchange rates after absorbing the impact of generic competition. Core operating income was expected to be broadly in line or decline at a low-single-digit rate at constant currencies.(Reporting by John Miller, Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-novartis-results-idINKBN1590GE'|'2017-01-25T04:05:00.000+02:00'
'd22b4f065790c003edd4b5e6b3a67cbad7a7745f'|'National Bank of Abu Dhabi to discuss new debt programmes'|' 44am EST National Bank of Abu Dhabi to discuss new debt programmes DUBAI Jan 25 National Bank of Abu Dhabi said on Wednesday its board would meet on Jan. 31 to discuss approving new debt programmes. The bank''s statement did not give any details of the debt plans, or how they would fit into NBAD''s planned merger with First Gulf Bank early this year. The board will also discuss amending some of its existing debt programmes and review the bank''s fourth-quarter and full- year financial results for 2016, according to the bourse statement. (Reporting by Alexander Cornwell; Editing by Andrew Torchia) Next In Financials RPT-INSIGHT-How Russia sold its oil jewel -- without saying who bought it MOSCOW/LONDON/MILAN, Jan 24 More than a month after Russia announced one of its biggest privatisations since the 1990s, selling a 19.5 percent stake in its giant oil company Rosneft, it still isn''t possible to determine from public records the full identities of those who bought it.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/nbad-debt-idUSD5N1F0006'|'2017-01-25T13:44:00.000+02:00'
'ea90fcee835c5f6f4eca208882ec6bdcda6df488'|'Intesa Sanpaolo board won''t discuss Generali on Friday: CEO'|'TURIN, Italy Intesa Sanpaolo ( ISP.MI ) will not discuss a possible tie-up with the country''s largest insurer Assicurazioni Generali ( GASI.MI ) at a board meeting on Friday, the Italian bank''s Chief Executive Carlo Messina said on Thursday."Absolutely not," Messina said when asked if the board would talk about Generali.Intesa said on Tuesday it was examining potential "industrial combinations" with Generali, following a report that it was studying a possible takeover bid.(Reporting by Gianni Montani; writing by Francesca Landini, editing by Valentina Za)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-m-a-intesasp-board-idINKBN15A2E3'|'2017-01-26T14:18:00.000+02:00'
'84ef735c1c481dce217623cd2fd4eb94671fdec0'|'UK, U.S. should look at removing trade barriers before Brexit - PM May'|' 36pm IST UK, U.S. should look at removing trade barriers before Brexit - PM May PHILADELPHIA British Prime Minister Theresa May said on Thursday Britain and the United States could look at areas where both could remove some trade barriers to their mutual advantage while she negotiates the country''s exit from the EU. May told reporters aboard a government plane heading to the United States, where she will meet President Donald Trump on Friday, that Britain was limited in how far "we can go in terms of a formal free trade agreement" while still a member of the European Union. "I think there is much that we can do in the interim in terms of looking at how we can remove some of the barriers to trade in a number of areas. We''re able to see an advantage for both of us even if we haven''t actually been able to sign that legal free trade agreement," she said. May also said it was important that the Iran nuclear deal was enforced and that Trump had told her that he was committed to NATO. (Reporting by Elizabeth Piper; Editing by Chizu Nomiyama) Britain''s Prime Minister Theresa May leaves Number 10 Downing Street in London, Britain, January 25, 2017. REUTERS/Stefan Wermuth Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trump-britain-trade-idINKBN15A2J3'|'2017-01-27T01:06:00.000+02:00'
'42c69784c6703d8ab5d9e68a317d9562db2cc221'|'Poland''s PKN Q4 net at $443 mln, comes above forecasts'|' 11am EST Poland''s PKN Q4 net at $443 mln, comes above forecasts WARSAW Jan 26 Poland''s biggest oil refiner PKN Orlen reported on Thursday a net profit of 1.79 billion zlotys ($442.58 million) in the last quarter of 2016, which came above forecasts. Analysts polled by Reuters had expected the bottom line at 1.68 billion zlotys compared with 81 million zlotys loss a year ago, thanks to higher sales and throughput. The group''s adjusted operating profit, the so-called EBIT LIFO which removes the impact of crude oil price changes, came at 2.26 billion zlotys versus 1.80 billion zlotys expected by analysts. ($1 = 4.0445 zlotys) (Reporting by Anna Koper; Writing by Marcin Goclowski) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/pkn-orlen-poland-results-idUSFWN1FG08Z'|'2017-01-26T13:11:00.000+02:00'
'27630767ba39309786f32d36c91f32b8d06c4fa5'|'Caterpillar forecasts much lower-than-expected 2017'|'Caterpillar Inc, the world''s largest construction and equipment maker, forecast 2017 profit sharply below analysts'' estimates, hurt by sluggish demand in the construction and energy industries. an adjusted profit of about $2.90 per share for the full year, compared with analysts'' average estimate of $3.04,"While we see signs of positive activity in some of our key end markets, the overall economic environment remains challenging," Chief Executive Jim Umpleby said in a statement on Thursday.The company reported a much better- adjusted profit as it kept a tight lid on costs.The company said a glut of used construction equipment in North America would continue to hurt sales in 2017, while sales in Africa and the Middle East would remain soft due to the regions'' reliance on oil revenue.Caterpillar also said its low traffic volume in its rail business and a significant number of idle locomotives were weighing on its transportation business, while weakness in shipbuilding would hurt marine-related sales.The company''s loss ballooned to $1.17 billion, or $2.00 per share, in the fourth quarter ended Dec. 31, from $94 million, or 16 cents per share, a year earlier.The company posted an adjusted fourth-quarter profit of 83 cents per share, ahead of analysts'' average estimate of 66 cents.Net sales fell 13.2 percent to $9.57 billion.Caterpillar''s shares were down 1.2 percent at $96.96 in premarket trading on Thursday.Up to Wednesday''s close, the stock had risen about 16 percent since Donald Trump''s victory in the U.S presidential election.(Reporting by Rachit Vats Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/caterpillar-results-idINKBN15A1VK'|'2017-01-26T12:08:00.000+02:00'
'fe83c19e10494289d025db2de252a086f9e0c7ea'|'STMicro posts in-line Q4 and "sees better than normal" Q1 results'|'Company News   1:23am EST STMicro posts in-line Q4 and "sees better than normal" Q1 results FRANKFURT/PARIS Jan 26 STMicroelectronics , Europe''s third largest semiconductor maker, on Thursday posted solid, in-line results for the final quarter of 2016, driven by phone, automotive and industrial sales and improved factory utilisation. The Franco-Italian-controlled chipmaker forecast "better than normal seasonality" for the first quarter, with only a modest sequential dip in revenue of 2.4 percent, at the midpoint, compared to the fourth quarter, and strong margins. STM reported fourth-quarter net revenue of $1.86 billion, an 11.5 percent increase from the last quarter of 2015 and squarely in line with what analysts, on average, expected, according to a Thomson Reuters poll. Revenue should rise 12.5 percent in the first quarter compared to the first period a year ago, it said. "Based on market forecasts, a positive booking trend, and a strong...performance at our distributors, we see the momentum of the second half of 2016 to continue (as it enters) 2017," STM Chief Executive Carlo Bozotti said in a statement. (Reporting By Eric Auchard and Gwenaelle Barzic; Editing by Sudip Kar-Gupta) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/stmicroelectronics-results-idUSL5N1FF6AY'|'2017-01-26T13:23:00.000+02:00'
'6aa8ca3a41a9b2bc02dbcb5229230ec9a1047ce7'|'Cisco AppDynmaics deal seeks to boost ratio of software revenue'|'By Stephen Nellis Jan 25 Cisco Systems Inc''s decision to acquire software startup AppDynamics for $3.7 billion, nearly double the private-market valuation, reflects Cisco''s struggles in building its software business, according to company financial reports and internal documents.The push by Cisco CEO Chuck Robbins to boost the share of revenues from software stalled in the most recent quarter. Executives on its earnings call said 29 percent of Cisco''s $12.4 billion in fiscal first quarter revenues came from recurring software and services. That was barely up from 28 percent in the previous quarter, which was only a slight increase from 25 percent a year earlier.One of Cisco''s key product lines is dramatically underperforming that software revenue ratio, according to an internal document reviewed by Reuters. Cisco''s N9000 switch uses a mix of hardware and software to route information to data centers. Cisco paid $863 million in 2013 for the technology from a startup named Insieme, hoping to boost software revenue in its networking division.But the document showed that as of the end of fiscal 2016 year last summer, Cisco had $888 million in contracts for N9000 switches, which does include a software component, but only $89 million in connected contracts for the so-called Application Centric Infrastructure software product designed to be sold alongside it.Those numbers suggest a software-to-hardware revenue ratio of about 10 percent, below Cisco''s overall average. A company spokesman would not comment on unreleased financial figures or say what percentage of switch revenue comes from software.While the N9000 switch will be a small part of Cisco''s revenue, the lagging software component could help explain why Cisco was eager to pay a premium for AppDynamics.Cisco spokesman Jim Brady noted that in its most recent quarter, the amount of deferred revenue attributable to recurring software sales grew 48 percent, an indicator that software revenue will grow."As we continue to evolve our business toward a more software-centric, recurring revenue model, we are very pleased with our incremental growth in this area," Brady said."We feel the acquisition of AppDynamics ... will also accelerate our transition toward software-based solutions that deliver predictable and recurring revenue."AppDynamics, whose software helps monitor how fast apps run on servers, had been valued at $1.9 billion in its most recent round of private financing. Cisco swooped in with an all-cash offer for nearly double its valuation just as it was about to go public as AppDynamics Inc. (Reporting by Stephen Nellis; Editing by Jonathan Weber and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cisco-systems-appdynamics-software-idINL1N1FF1J3'|'2017-01-25T20:09:00.000+02:00'
'8684202b5ae80a67e4e2365bb443b86be00c81ad'|'COLUMN-Aluminium''s dangerous dependency on China''s smelter sector: Andy Home'|'Basic Materials   9:01am EST COLUMN-Aluminium''s dangerous dependency on China''s smelter sector: Andy Home (The opinions expressed here are those of the author, a columnist for Reuters.) By Andy Home LONDON, Jan 26 China produced 31.6 million tonnes of aluminium last year. National output in both November and December was running at an annualised 34 million tonnes, a fresh record. The country''s share of global output last month was more than 56 percent, according to figures from the International Aluminium Institute (IAI). Ten years ago it was around 30 percent. The build-out of capacity in the intervening decade has been explosive and is continuing, a new generation of smelters rising out of the deserts of the northwestern province of Xinjiang. China''s increasing dominance of the global supply chain has fuelled resentment among other producing nations. The U.S., which has experienced a sharp contraction in aluminium smelting capacity over the last decade, has launched a formal complaint with the World Trade Organization alleging China has provided parts of its aluminium sector with unfair subsidies. China''s huge capacity and tendency towards over-production may be bad news for other producers, but it has been distinctly good news for aluminium users. Aluminium is one of the fastest growing metals sectors, at least partly due to its recent history of low and relatively low-volatility prices. But that might be about to change. The rest of the world has just received a wake-up call about the dangers of its increasing dependency on Chinese aluminium smelters. Graphic on aluminium production in China and the rest of the world: tmsnrt.rs/2jUH4T1 CUTBACKS? The London aluminium price has this week hit a 20-month high of $1,883 per tonne on speculation about the potential for capacity closures in China. The source of all the excitement appears to be a policy document from the Ministry of Environmental Protection with the not-so-exciting title of "Beijing-Tianjin-Hebei Air Pollution Prevention and Control Action Plan (Opinion Soliciting)". This, according to Chinese media reports, includes the idea of closing around a third of aluminium capacity in the provinces of Shandong, Henan, Hebei and Shanxi over the winter months to help cut emissions and thereby ease Beijing''s notoriously noxious smog. There''s a lot of potential capacity that could be affected, something like 15-16 million tonnes, according to Shanghai Metal Market. There''s even more alumina capacity, which might also be subject to the winter closure idea. Analysts at Goldman Sachs suggest that if 30 percent of capacity were cut, "this would result in losses of at least circa 2.5mt (million tonnes) of annualised production, likely shifting the global aluminium market in 2017 from our forecast of a balanced market into at least a deficit of circa 1.5-2.5mt." ("China supply side reform represents a major upside risk for aluminium," Jan. 18, 2017). You can start to see why the price has got so excited. SUPPLY-SIDE REFORM COMES TO ALUMINIUM? It may of course not happen. The policy document, as the title implies, is a discussion paper and implementation is going to be dependent on feedback. It''s reasonable to expect considerable pushback from both affected producers and regional governments. Aluminium smelters don''t operate off a light switch. They take time both to de- and re-activate and both processes cost money. Aluminium producers are also a key source of tax revenue for local governments. The whole idea might end up being quietly shelved. But the real takeaway is that Beijing''s new mantra of "supply-side" reform is moving beyond steel and coal to other sectors. The nonferrous metals industry was explicitly referenced in a June cabinet statement, which said the government "will encourage enterprises to adjust their development strategy, actively cutting capacity, and implement cross-sector, regional and ownership mergers and acquisitions." Local authorities were ordered to strictly investigate and accelerate closure of illegal new aluminium capacity. The pace of environmental audits, both of smelters and of producers of key raw materials such as carbon anode, appears to have sharply accelerated in recent months. And all this was happening before the U.S. launched its WTO complaint, ratcheting up the pressure on Beijing to rein in its giant aluminium sector. It was precisely the same combination of domestic environmental and foreign trade imperatives that forced Beijing to get serious about steel capacity closures. FUTURE VOLATILITY? Aluminium is unusual by commodity market standards in its relatively low level of supply disruption. There is no raw materials bottleneck such as exists in "hard rock" metals such as copper, where mines are often prone to unexpected production losses whether it be due to accidents, technical breakdowns of strike action. Aluminium is made from bauxite. There''s a lot of it around and its extraction is more akin to quarrying than actual mining. The only times aluminium supply surprises is when a smelter loses power for long enough a time that the molten metal solidifies in the potlines requiring a lengthy restart process. This is what happened to Alcoa''s Portland plant in Australia last December. Such outages, however, are rare and there are plenty of other smelters, not least those in China, able to pick up any slack. This rather boring supply side dynamic may be about to get a lot more interesting if China''s policy-makers are going to start forcing large-volume closures, even if only temporarily. Beleaguered producers elsewhere in the world will no doubt welcome the potential for a period of higher prices. But manufacturers, who have got used to aluminium''s low pricing environment and who have become dependent on the steady flow of excess metal out of China in the form of semi-manufactured products, may take a very different view. (Editing by Alexander Smith) Next In Basic Materials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-aluminium-home-idUSL5N1FG5DF'|'2017-01-26T21:01:00.000+02:00'
'c9a19f64698c62b5cbe07c2293aa028d7ba4044a'|'Alibaba affiliate Ant Financial agrees to buy MoneyGram'|'Ant Financial Services Group, an affiliate of Chinese e-commerce firm Alibaba Group Holding Ltd ( BABA.N ), said on Thursday it would buy U.S. money-transfer company MoneyGram International Inc ( MGI.O ) in a deal valued at about $880 million.The offer of $13.25 per share is pitched at a premium of 11.5 percent to MoneyGram''s Wednesday''s close of $11.88.But the Dallas-based MoneyGram''s shares were trading at $15.50 before the opening bell, up about 31 percent.Ant Financial said it would assume or refinance MoneyGram''s outstanding debt, which stood at $937.3 million on a net basis as of Sept. 30, according to a regulatory filing.MoneyGram''s biggest shareholder, Thomas H. Lee Partners, which has a 44.5 percent stake in the company, has agreed to vote in favor of the deal, the companies said.MoneyGram has a global network of about 350,000 locations where money transfers are sent and received.Ant Financial, whose anchor business is Alipay, China''s largest online payments service, was spun off from Alibaba in 2011.Alex Holmes will remain MoneyGram''s chief executive and the company will continue to be based in Dallas, the companies said.Ant Financial has said it plans an initial public offering this year, although a timetable or location for its listing have not been determined. ( reut.rs/2dbbviE )Citi is Ant Financial''s financial adviser, while Simpson Thacher & Bartlett LLP is its legal adviser.MoneyGram is being advised by BofA Merrill Lynch and legal firm Vinson & Elkins LLP.The Wall Street Journal reported earlier on Thursday that a deal was close.The companies said the acquisition was expected to close in the second half of 2017.(Reporting by Nikhil Subba and Richa Naidu in Bengaluru; Editing by Martina D''Couto and Ted Kerr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-moneygram-intl-m-a-ant-financial-idINKBN15A1Q4'|'2017-01-26T11:05:00.000+02:00'
'd1a84a6ebe6c8b8d7f12ac4655665993555be87a'|'PRESS DIGEST - Wall Street Journal - Jan 26'|'Jan 26 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Technology veteran Hugo Barra will join Facebook Inc to run its virtual-reality efforts, including the Oculus VR team, Chief Executive Mark Zuckerberg said late Wednesday. on.wsj.com/2jruMmy- Tribune Media Co Chief Executive Officer Peter Liguori is resigning after four years at the helm, during which time he slimmed the media company down to focus more on its broadcast and cable-programming holdings. on.wsj.com/2jrNLNJ- Canada''s AltaGas Ltd reached a $6.4 billion deal to buy WGL Holdings Inc, Washington D.C.''s natural-gas utility, more than tripling its customer base. on.wsj.com/2jrxpEB- A South Korean government fine overshadowed improved operating performance for Qualcomm Inc in the latest quarter, underscoring concerns the most profitable part of the chip company''s business is at risk from international legal assaults by regulators and customers. on.wsj.com/2jrvxvU- Facebook Inc is overhauling its "trending topics" box, part of its effort to curb fake news and expose users to a broader range of information. on.wsj.com/2jry09j (Compiled by Abinaya Vijayaraghavan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1FG20R'|'2017-01-26T02:28:00.000+02:00'
'b5abbf076880b906cce857a65be106bbdf2c262d'|'Amazon has an India problem'|'Amazon has an India problem   9:29 AM ET Amazon''s Prime Air makes first drone delivery A series of missteps threatens to hurt Amazon in one of the fastest growing markets in the world. After pouring more than $5 billion dollars into India over the past three years, the company has run into trouble in recent weeks for selling products that have angered many Indians. Two weeks ago, Amazon ( AMZN , Tech30 ) was forced into a hasty apology for selling a doormat bearing the Indian flag. Then the company found itself in hot water over flip-flops carrying the image of iconic freedom fighter Mahatma Gandhi. In both cases, senior Indian government officials made their annoyance public. Amazon,better behave. Desist from being flippant about Indian symbols & icons. Indifference will be at your own peril. — Shaktikanta Das (@DasShaktikanta) January 15, 2017 Amazon is battling local rivals for a bigger share of the promising Indian market, and the damage to its image risks derailing its progress. "Amazon needs to take a step back and really try and understand the culture and behavior of consumers in India," said Miriam Burt, vice president of research for retail at Gartner. A rising sense of Indian patriotism and nationalism fueled by the party of Prime Minister Narendra Modi means foreign firms need to tread even more carefully, Burt said. "Amazon has grown very quickly in India, but if they don''t quickly come to grips with the culture... then their long term viability will be compromised," she said. A third controversy in less than two weeks has already arisen. Pictures of a skateboard bearing the Hindu god Ganesha began doing the rounds last week, sparking more outrage from Indians at home and abroad. A screenshot of the skateboard bearing Hindu god Ganesha on Amazon. The product has since been removed. "The skateboard is used with your feet," Ajay Jagga, a lawyer in the Indian city of Chandigarh, told CNNMoney. "If you keep the picture of Lord Ganesha then it hurts the sentiments of the people." Jagga has written a letter to the Indian government calling for legal action to be taken against Amazon. Amazon CEO Jeff Bezos has his sights set on India. The Universal Society of Hinduism, based in Nevada, has demanded an apology from CEO Jeff Bezos, and highlighted other products -- such as cigarette cases and bedsheets -- that also depict Hindu deities and are still being sold in the U.S. Related: Amazon says it will create 100,000 U.S. jobs Burt said India''s increasingly social-media savvy nationalists are able to hit Amazon where it hurts. "The combined total of millennials and [teens] in India is more than 50% of the population," she said. "It is they who will punch above their weight in shaping how retailers fare in India in the long term." That view is supported by the angry tweets and one-star reviews quickly racked up by offending items like the doormat and the Ganesha skateboard: "Amazon shame on you... If you can''t respect our god, you can''t even be in India," an anonymous reviewer wrote. "I boycott you from this moment," wrote another. Products on Amazon deemed offensive to Indians are quickly flooded with negative reviews. For now, the Seattle-based retail giant appears content to ride out the storm -- an Amazon spokesperson said the offending products have been removed and the company has no further comment. But repeated misjudgments may do sustained damage to its reputation in a market where it is needs to succeed. "Amazon could be on thin ice here," Burt said. "They need to really make sure this doesn''t happen again."   8:45 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/26/technology/amazon-india-products-outrage/index.html'|'2017-01-26T20:45:00.000+02:00'
'035dc0823a0773c423fe4492593144707b16ace0'|'Intesa CEO says insurers need integration with banking network'|'Financials  09pm EST Intesa CEO says insurers need integration with banking network TURIN, Italy Jan 26 Insurers make sense when they are integrated into a banking network, the head of Intesa Sanpaolo said on Thursday, after the Italian bank said this week it was studying possible "industrial combinations" with insurer Assicurazioni Generali. Speaking on the sidelines of an event in Turin, Intesa Sanpaolo CEO Carlo Messina told reporters he saw room for growth in the bancassurance sector. "Provided any transaction does not weaken our capital strength and our ability to reward shareholders, we feel free to look at possible growth options," he said. "We''re analysing various alternatives, it''ll depend on the price. We''ll take our time to make our assessment, we''re in a position of strength," he added. Intesa said on Tuesday its management was examining a tie-up with Generali among possible opportunities, after sources told Reuters the bank was considering a share offer for a majority stake in Italy''s biggest insurer. (Reporting by Gianni Montani, writing by Valentina Za,) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/intesa-sp-generali-messina-idUSI6N1FA00K'|'2017-01-27T02:09:00.000+02:00'
'8ef3f00207424846ef1069721235258885bacde9'|'Buyside dominant price makers on MarketAxess'|'Bonds News - Thu Jan 26, 2017 - 6:38am EST Buyside dominant price makers on MarketAxess By Tom Porter LONDON, Jan 26 (IFR) - Investors have become the dominant liquidity providers on MarketAxess''s Open Trading platform, though rapid growth in participant firms appeared to level off in 2016. Full-year results published on Wednesday showed Open Trading, an ''all-to-all'' platform, had a record fourth quarter, with around 125,000 transactions taking place and an average daily traded volume of US$831m, up 86% from the same period in 2015. Several trading platforms have been created in recent years to address a decline in corporate bond liquidity. Some have employed unconventional trading protocols such as all-to-all rather than the traditional dealer-led principal-at-risk model. Larger asset managers'' bond holdings now dwarf those of investment banks, which have drastically reduced the size of bond inventories in response to capital-intensive post-crisis regulation. Electronic bond trading platforms are unlocking some of this liquidity by allowing asset managers to trade directly with one another, rather than using a dealer as an intermediary. The number of responses to requests on the platform''s Market List continued its strong growth across 2016, while the number of liquidity providers appeared to level off at around 650 in the second half of the year. But a majority of the liquidity provided in Q4 came from long-only investment managers, which accounted for 39% of trade volume, compared with 29% for dealers and 32% for other market participants. (Reporting by Tom Porter; Editing by Ian Edmondson) Next In Bonds News CEE MARKETS-Bonds ease, with Romania''s 2017 budget looking risky * Markets mixed, investors cautious over Trump''s policies * Bonds ease, currencies mixed, stocks rise * Romania to finish 2017 budget draft soon, deficit a concern By Sandor Peto and Bartosz Chmielewski BUDAPEST/WARSAW, Jan 26 Central European government bonds fell on Thursday, with Romania''s new government expected to introduce a draft 2017 budget that might increase its deficit and trigger sanctions from the European Union. The finance ministry released a budg'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FG2XG'|'2017-01-26T18:38:00.000+02:00'
'20298c81ccbb12f6a4b6413e578828eb8711c1fd'|'Volkswagen compliance chief to leave board - Handelsblatt'|'Business News - Thu Jan 26, 2017 - 12:53pm GMT Volkswagen confirms compliance chief to leave board Volkswagen CEO Matthias Mueller (C) and board members Francisco Javier Garcia Sanz (L) and Christine Hohmann-Dennhardt arrive at the annual shareholder meeting in Hanover, Germany June 22, 2016 REUTERS/Fabian Bimmer - RTX2HJ2P FRANKFURT Volkswagen''s ( VOWG_p.DE ) compliance chief Christine Hohmann-Dennhardt will leave the management board at the end of the month, just over a year after joining the carmaker, VW said on Thursday, confirming a report by daily Handelsblatt. Hohmann-Dennhardt has overseen compliance at Volkswagen since Jan. 1, 2016, having previously worked at premium carmaker Daimler ( DAIGn.DE ). She was to help clean up the scandal over Volkswagen''s cheating on emissions tests. (Reporting by Maria Sheahan; Editing by Harro ten Wolde) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-moves-idUKKBN15A1MB'|'2017-01-26T19:45:00.000+02:00'
'c7e8e04c64922fe9f67da73bd60b0eace964418e'|'''Apocalypse Now'' could become a video game'|'Francis Ford Coppola wants to make an ''Apocalypse Now'' video game by Jethro Mullen @CNNTech January 27, 2017: 3:52 AM ET Francis Ford Coppola says the "Apocalypse Now" movie "almost broke me because it was so expensive." Nearly four decades after "Apocalypse Now" came out, Francis Ford Coppola is asking fans of the classic Vietnam War movie to help him turn it into a video game. The legendary director is planning to develop a "psychological horror" role-playing game. Players will see the world through the eyes of Capt. Willard, the U.S. officer played by Martin Sheen in the film who embarks on a mission to assassinate Marlon Brando''s renegade Col. Kurtz. As he did during his cinema career, Coppola says he wants to go outside of the mainstream industry to realize his vision. He and his collaborators launched a Kickstarter campaign this week that''s aiming to raise $900,000. They''re offering rewards for early backers of the project that include props from the movie and opportunities to work with the game developers. — Apocalypse Now (@apocnowgame) January 25, 2017 Fans hoping for a war game filled with lots of shooting, like "Call of Duty," will be disappointed, though. "Some game industry executives told us we should license our film and make a shooter game or do a mobile version, clearly trading only on the iconic title of the film, but that''s the last thing I''d want to do," Coppola says in a video talking about the new project. A photo posted by Apocalypse Now (@apocalypsenowgame) on Nov 28, 2016 at 4:02pm PST The Kickstarter fundraising, which stood at more than $89,000 on Friday, will only cover part of the financing for the game, which is expected to take about three years to produce. Its developers are also planning to raise money on a separate website and will turn to other funding sources if needed -- but Coppola and his team are eager to remain as independent as they can. "The major game publishers have modeled themselves after the big Hollywood studios in that they''re driven to make risk-free, formulaic, tent-pole projects that fit easily into a specific genre," he said. The "Apocalypse Now" video game will nonetheless have industry veterans working on it, including developers of popular titles like "Gears of War" and "Fallout: New Vegas." Related: Nintendo Switch links to the past but feels like the future Let''s hope the finances of the game are better managed than those of the original movie. "''Apocalypse Now'' almost broke me because it was so expensive," Coppola told CNN in 2009. "I had every nickel that I owned riding on a movie that was going rampantly over-budget and I was going to end up with the bill." CNNMoney (Hong Kong)   27, 2017: 3:52 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/27/technology/apocalypse-now-video-game-francis-ford-coppola/index.html'|'2017-01-27T16:34:00.000+02:00'
'29f7c6ae7657b2a59a40497340a475e5bfe7c851'|'Japan Dec core consumer prices fall at slowest pace in nearly a year'|'Economic   8:15am IST Japan Dec core consumer prices fall at slowest pace in nearly a year left right A woman walks out of a shopping mall in Tokyo, Japan, January 23, 2017. Picture taken on January 23, 2017. REUTERS/Kim Kyung-Hoon 1/3 left right A clerk arranges shoes at a shop in Tokyo, Japan, January 23, 2017. Picture taken on January 23, 2017. REUTERS/Kim Kyung-Hoon 2/3 left right People are seen at a market street in Tokyo, Japan, January 23, 2017. Picture taken on January 23, 2017. REUTERS/Kim Kyung-Hoon 3/3 By Leika Kihara - TOKYO TOKYO Japan''s core consumer prices fell at the slowest annual pace in nearly a year in December, a sign that inflation should pick up in coming months on a rebound in oil costs and rising import costs from a weak yen. The data, released on Friday, will be among factors the Bank of Japan will scrutinise at a policy meeting early next week, where it is widely expected to keep monetary policy steady and maintain its upbeat inflation projections. While prospects of accelerating inflation offer some relief for the BOJ, many central bankers remain wary on whether price rises driven by external factors could help speed up inflation to their ambitious 2 percent target. "Consumer prices will start rising ahead. But for inflation to approach 2 percent, companies must more actively distribute profits" to households through wage hikes, said Takeshi Minami, chief economist at Norinchukin Research Institute. Core consumer prices, which include oil products but excludes volatile fresh food prices, slipped 0.2 percent in December from a year earlier, government data showed, roughly in line with a median market forecast for a 0.3 percent fall. It was the 10th straight month of declines but the smallest fall since February, when there was a flat reading, as gasoline and fuel costs rebounded from last year''s lows. Core consumer prices in Tokyo, considered a leading indicator of nationwide trends, also fell less sharply. In January, they declined 0.3 percent from a year earlier, compared with 0.6 percent in December, the biggest annual drop in nearly four years. GROWTH PICK-UP AHEAD? Japan posted a third straight quarter of annual expansion in July-September and analysts expect growth to pick up in coming quarters, thanks to a recent rise in exports and factory output driven by improvements in emerging economies. Policymakers hope that prospects of a sustained recovery will prompt companies to boost wages and household spending, seen as a soft spot in the world''s third-largest economy. Many analysts expect core consumer prices to turn positive in coming months and head toward 1 percent later this year. But some warn that global uncertainties, such as U.S. President Donald Trump''s protectionist streak, may make big manufacturers cautious of raising wages for fear of declining profits. Overall consumer prices rose 0.3 percent in December from a year earlier, as downward pressure from energy costs dissipated. But prices of durable goods, such as television sets and personal computers, continued to fall, a sign consumption remains too weak for retailers to hike prices. The BOJ had blamed slumping oil prices as among factors that hampered achievement of its 2 percent target and argued a steady rise in household income will gradually push up inflation. In an attempt to better gauge Japan''s broad price trend, the government said it will begin releasing a new index on consumer prices that excludes the effect of volatile fresh food and energy costs. (Reporting by Leika Kihara; Editing by Richard Borsuk) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-cpi-idINKBN15A38P'|'2017-01-27T09:45:00.000+02:00'
'ba9a1c163ad80a789d8dd81ce1544e28b9e362f8'|'Innogy expands to Ireland in onshore wind push'|'Global Energy  30pm GMT Innogy expands to Ireland in onshore wind push LONDON Innogy ( IGY.DE ), the recently spun off renewable energy, network and retail arm of German utility RWE, has opened an office in Ireland, where it wants to invest in existing and new onshore wind projects, the company said on Friday. Innogy has 2 billion euros ($2.14 billion) to spend after raising the capital through its German stock listing in October and renewable energy projects are high on the list. Innogy said it wants to grow in Ireland by building new onshore wind farms as well as buying operational ones. "We are actively pursuing a number of different opportunities. Although some of the discussions are at an advanced stage, I am not able to disclose any further details at this time," said Cathal Hennessey, Innogy''s newly appointed managing director for renewables in Ireland. He joined from solar power developer Lightsource. Innogy, Germany''s largest energy company, is one of Europe''s biggest renewable energy investors, owning 3.6 gigawatts (GW) of green energy projects and another 4.4 GW in development. The opening of Innogy''s office in Kilkenny will mark the company''s, including RWE, first entry into Ireland and Hennessey said he will be recruiting staff as the business grows in Ireland. Ireland plans to generate 40 percent of its electricity from renewable energy sources by 2020, a target that requires yearly onshore wind capacity growth of 250 megawatts (MW), according to the Irish government. ($1 = 0.9365 euros) (Reporting by Karolin Schaps; editing by Susan Thomas) Next In Global Energy News RPT-INSIGHT-Red tape chokes off drilling on Native American reservations FORT BERTHOLD, North Dakota, Jan 27 When the U.S. oil boom hit North Dakota a decade ago, wells sprang up quickly on the edges of the Fort Berthold Indian Reservation, an expanse of prairie and rolling hills three times larger than Los Angeles. Red tape chokes off drilling on Native American reservations FORT BERTHOLD, North Dakota When the U.S. oil boom hit North Dakota a decade ago, wells sprang up quickly on the edges of the Fort Berthold Indian Reservation, an expanse of prairie and rolling hills three times larger than Los Angeles. Red tape chokes off drilling on Native American reservations FORT BERTHOLD, North Dakota When the U.S. oil boom hit North Dakota a decade ago, wells sprang up quickly on the edges of the Fort Berthold Indian Reservation, an expanse of prairie and rolling hills three times larger than Los Angeles. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-innogy-ireland-windfarm-idUKKBN15B1CT'|'2017-01-27T20:30:00.000+02:00'
'87019cfcab50953005bc8581b66146964a71ba3a'|'Intesa takeover would be credit negative for Generali: Moody''s'|'MILAN A takeover by Italian biggest retail lender Intesa Sanpaolo ( ISP.MI ) would have a negative impact on the ratings of insurer Assicurazioni Generali ( GASI.MI ), credit rating agency Moody''s said on Friday."A combination with Intesa''s own, much more domestic, insurance business would dilute Generali''s significant geographical diversification, one of its main strengths," Moody''s said.Generali has a Moody''s financial strength rating of Baa1 and a senior unsecured rating of Baa2, with stable outlook.Intesa said on Tuesday its management was examining possible "industrial combinations" with Generali. Sources had earlier told Reuters the bank was mulling a share offer to take a majority stake in Italy''s biggest insurer.(Reporting by Francesca Landini; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-m-a-intesa-sp-moody-s-idINKBN15B288'|'2017-01-27T16:57:00.000+02:00'
'36354da98fb835c6f1d8e1951fb2fd477c363283'|'Harris Corp to sell government IT services unit for $690 million'|'Harris Corp ( HRS.N ), whose technology is used by the U.S. defense, said it would sell its government IT services business to an affiliate of private equity investment firm Veritas Capital for $690 million in cash to focus on its other businesses.Harris said it expected the business to generate revenue of about $1.07 billion in the fiscal year ending June.The business provides IT and engineering-managed services to U.S. government agencies. It supports NASA''s space communications network and deep space network programs.The company''s other businesses provide wireless technology, undersea systems, space protection and intelligence solutions and produces imaging systems and goggles for U.S. and allied warfighters.In November, Harris sold CapRock Communications, a part of its critical networks division that also houses the IT business.Harris, which makes light detection and ranging sensors that measures distance by illuminating a target with a laser light, said on Friday that its air traffic management franchise, primarily serving the Federal Aviation Administration, is not part of the divestiture and will remain with Harris.The company said it would use the proceeds to support its capital allocation strategy, including pension pre-funding and share repurchases.(Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D''Souza and Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-harris-divestiture-veritascapital-idINKBN15B1DY'|'2017-01-27T11:29:00.000+02:00'
'958b578c51eabdc8574c30a741f136d279bbd533'|'Why is Tesco buying Budgens'' owner – and will it affect shoppers? - Business'|'What is Booker? Booker is a grocery wholesaler supplying 125,000 independent convenience stores as well as 468,000 restaurants, pubs and leisure facilities such as cinemas. The group employs 13,000 people, had sales of £5bn and made £155m in operating profit in the year to March 2016.It is the UK’s largest cash-and-carry operator via its 172-store Booker chain and Makro, which has 30 outlets. Booker also controls the Premier, Londis, Family Shopper and Budgens symbol groups which make up about half of the retail clients it supplies. Tesco to buy Budgens and Londis owner Booker in £3.7bn deal Read more Premier is the largest branded group with 3,358 outlets, while Londis has 1,903, Budgens has 150 and Family Shopper 52. Booker doesn’t own these stores – they are all independently run and owned – but it sells them a large proportion of their stock and assists with marketing, IT and a whole range of other services making for a close relationship.The group’s Booker Direct service also delivers grocery supplies to most of the major cinema chains, including Odeon and Cineworld, the national prison service and provides the limited array of non-own label food sold in Marks & Spencer.Booker also supplies 450,000 caterers including major chains such as Wagamama, Carluccios and Byron burgers and 700,000 small businesses.Booker opened its first store in Mumbai in 2009 and now has six wholesale outlets in India, where it also runs the Happy Shopper brand.Tesco to buy Budgens and Londis owner Booker in £3.7bn deal Read more Why does Tesco want to buy Booker? There are four main reasons : • Shoppers are moving away from big supermarkets and locating suitable new sites for its Tesco Express and One Stop chains has become more difficult. Tesco wants to extend its reach by supplying thousands of independent convenience stores.• Buying Booker would also take Tesco into catering supplies – a new fast-growing market as people increasingly opt to dine out or eat takeaways rather than cook at home.• If the deal goes through Tesco will have access to more than 5,000 corner shops where customers can pick up goods ordered online or access Tesco services such as banking and its mobile phone network.• The merger will give it more clout with suppliers and cut costs by merging distribution and other operations. Analysts estimate Booker will add about £2bn-£3bn to Tesco’s current £45bn of buying power. Meanwhile, Tesco estimates it will save £175m a year in costs, £96m of which will come from improved procurement.Facebook Twitter Pinterest Tesco will not own Londis supermarkets if the deal goes ahead – just control their main supplier. Photograph: Sarah Lee for the Guardian Will the competition watchdog back the deal? Tesco already controls nearly 30% of the UK grocery market – nearly twice as big as its closest rival, Sainsbury’s. It operates about 1,750 Tesco Express convenience stores and 780 One Stop outlets in the UK as well as more than 900 supermarkets.The merger would give Tesco access to 5,400 more convenience stores in Booker’s brand groups and a further 2% share of the UK grocery market.Tesco already has a 17% share of the convenience store sector, according to Euromonitor, and the merger with Booker would take that up to 27%. The Co-op, its nearest rival, has a 15% market share.Tesco believes the merger will get the green light from competition authorities because it will not own the thousands of stores supplied by Booker. In theory, it would not be able to control prices in these stores as they are run and owned by independent operators. It may also be hoping that the regulator will look at the grocery market as a whole, rather than separating out the convenience sector. When Tesco bought T&S Stores, the owner of the One Stop chain, in 2002 , the deal was cleared because regulators judged the convenience store market to be separate from the supermarket business. But its view may have changed.However, the deal would add to Tesco’s already massive power with food manufacturers, farmers and brands.What does it mean for shoppers? In theory, Tesco’s better buying clout and more efficient operations should lead to lower prices for shoppers.However, in some areas Tesco could control the supply of groceries and alcohol, not only to its own local supermarket and Tesco Express but to dozens of local independent convenience stores, cinemas and cafes. Such widespread power could reduce competition and keep prices high.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/27/tesco-booker-shoppers-takeover-londis-budgens'|'2017-01-27T21:12:00.000+02:00'
'34db59ad2d8adbefc84bccf6adcd029dfe27c7a2'|'Wall Street ends little changed after two-day rally'|'Business News   4:07pm EST Wall Street ends little changed after two-day rally Traders work on the main trading floor of the New York Stock Exchange (NYSE) as the Dow Jones Industrial Average passes the 20,000 mark shortly after the opening of the trading session in New York, U.S., January 25, 2017. REUTERS/Brendan McDermid NEW YORK The S&P 500 ended little changed on Thursday as investors paused following a two-day rally that pushed the Dow Jones Industrial Average above the 20,000 mark. Based on the latest data, the Dow Jones Industrial Average .DJI was up 32.05 points, or 0.16 percent, to 20,100.56, the S&P 500 .SPX had lost 1.7 points, or 0.07 percent, to 2,296.67 and the Nasdaq Composite .IXIC had dropped 1.16 points, or 0.02 percent, to 5,655.18. (Reporting by Caroline Valetkevitch; Editing by James Dalgleish) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/uk-usa-stocks-idUSKBN15A1JH'|'2017-01-27T04:07:00.000+02:00'
'a5123914d83f8d75006518960104e8e8c27d577d'|'AltaGas to buy WGL Holdings for about C$8.4 billion'|'Jan 25 Energy infrastructure company AltaGas Ltd said on Wednesday it would buy WGL Holdings Inc in a deal valued at C$8.4 billion ($6.42 billion).WGL Holdings, the parent of natural-gas utility Washington Gas, provides natural gas services in Maryland, Virginia and the District of Columbia.The deal includes the assumption of about C$2.4 billion of debt.The company said the deal would add about 7-9 percent to earnings per common share.($1 = 1.3078 Canadian dollars) (Reporting by Komal Khettry in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/wgl-holdings-ma-altagas-idUSL4N1FF5L2'|'2017-01-26T01:02:00.000+02:00'
'921b8ecf22d2fd0cb041f7d87067e8a2b1d0f834'|'Chicago to pay $4.75 mln in police misconduct cases'|'U.S.  24pm EST Chicago to pay $4.75 million in police misconduct cases CHICAGO Chicago will pay $4.75 million in settlements in two cases stemming from police misconduct after the city council voted to approve the payments on Wednesday. Shawn Whirl, who spent nearly 25 years in prison after being tortured into confessing a murder, was awarded a settlement of $4 million. Whirl''s compensation was the latest in a string of city payments linked to torture carried out by disgraced former Chicago police commander Jon Burge and those who worked under him, which have cost the city millions. Burge, a police officer starting in 1970, and the detectives under his command were accused of forcing confessions from black suspects by using electric shocks from a homemade device, suffocation with plastic covers and mock executions. Burge was fired in 1993 and later convicted of lying about police torture in testimony he gave in civil lawsuits. Chicago approve reparations for the victims in 2015 and began paying them last year. Whirl was coerced by a Chicago police detective into confessing to the 1990 murder of Billy Williams on the city''s south side, according to the National Registry of Exonerations. Whirl, who was 20 years old at the time, was sentenced in 1991 to 60 years in prison, but was exonerated in 2015. He filed a lawsuit against the city following his release alleging his was a victim of a "pattern of systemic torture and physical abuse of African-American suspects," according to court documents. Also on Wednesday, the estate of Willie Miller was awarded $750,000. Miller was 25 when he was fatally shot by police in April 2010, according to the Chicago Tribune. Police said that Miller pointed a gun at them during a confrontation. But a gun found around 15 feet from Miller could not be linked to him, the newspaper reported. (Reporting by Timothy Mclaughlin in Chicago, editing by G Crosse) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-chicago-police-idUSKBN15A01G'|'2017-01-26T07:21:00.000+02:00'
'13b547f4eb0a61bc4a0193f1402f8a58573c5120'|'Top executives of Abu Dhabi''s Etihad airline group to quit amid strategy review'|' 02am GMT Top executives of Abu Dhabi''s Etihad airline group to quit amid strategy review James Hogan, CEO of Etihad Airways, speaks during the India Economic Summit 2014 at the World Economic Forum in New Delhi November 6, 2014. REUTERS/Anindito Mukherjee ABU DHABI The longtime chief executive of Abu Dhabi''s Etihad Aviation Group, which owns one of the Middle East''s top airlines, will leave this year as the group reviews its strategy in a challenging market, Etihad said on Tuesday. James Hogan will step down as president and CEO of the group in the second half of 2017. Chief financial officer James Rigney will also leave later this year, Etihad said. Chairman Mohamed Mubarak Fadhel al-Mazrouei said the airline, which has seven equity partnerships with other carriers around the world including Air Berlin and Alitalia, would "progress and adjust" those links. (Reporting by Stanley Carvalho; Writing by Andrew Torchia)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-etihad-airways-ceo-idUKKBN1580K5'|'2017-01-24T14:02:00.000+02:00'
'4aa44accd79fa935addfe9ba4695ff7cbc2eca12'|'South Africa''s rand firmer ahead of interest rate decision'|' 56am EST South Africa''s rand firmer ahead of interest rate decision JOHANNESBURG Jan 24 South Africa''s rand firmed early on Tuesday, extending gains from the previous session ahead of a central bank policy meeting where the regulator is expected to keep rates on hold over concerns of high inflation and low economic growth. * At 0650 GMT, the rand traded at 13.4350 per dollar, 0.24 percent firmer from its New York close of 13.4800. * Market focus on the South African Reserve Bank''s decision on interest rates at 1500 GMT. Reuters poll sees the body leaving lending rate at 7 percent. * Globally, investors turning to emerging currencies and selling dollar on worries over Donald Trump''s protectionist trade stance. * Stocks were set to open higher at 0700 GMT, with the JSE securities exchange''s Top-40 futures index up 0.3 percent. * In fixed income, the yield for the benchmark government bond due in 2026 cut 4 basis points to 8.73 percent. (Reporting by Mfuneko Toyana; Editing by Biju Dwarakanath) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/safrica-markets-idUSL5N1FE0UH'|'2017-01-24T13:56:00.000+02:00'
'7fa99777810fe8d27342039fb7f31ee960a1061b'|'HIGHLIGHTS-The Trump presidency on Jan. 24'|'Cyclical Consumer Goods   9:07am EST HIGHLIGHTS-The Trump presidency on Jan. 24 U.S. President Donald Trump, continuing his intervention in corporate America, meets with auto executives on Tuesday. Highlights of the day follow: AUTO INDUSTRY Trump will meet with the chief executives of General Motors Co, Ford Motor Co and Fiat Chrysler Automobiles NV and push them to increase production in the United States and boost American employment. TRADE Australia and New Zealand hope to salvage the Trans-Pacific Partnership by encouraging China and other Asian countries to join the trade pact after Trump kept a promise to abandon it. FedEx Corp FDX.N CEO Fred Smith says Trump should reconsider his positions on international trade and work to embrace China and its vast market. Germany will take advantage of any trade opportunities in Asia and South America left by a protectionist United States, Vice Chancellor Sigmar Gabriel said, after Trump withdrew from the TPP. WALL STREET Some prominent U.S. fund managers are betting that Obamacare will not undergo the widespread changes that Trump promised on the campaign trail. INFRASTRUCTURE U.S. governors are flagging hundreds of "shovel-ready" projects they regard as high-priority for Trump''s plan to fix the nation''s infrastructure. ENVIRONMENT The Trump administration is drawing heavily from the energy industry lobby and pro-drilling think tanks to staff the Environmental Protection Agency, reinforcing expectations Trump will slash environmental regulation to promote drilling and mining. BANKING Dialing back the Volcker Rule that limits banks'' ability to engage in speculative investments is a top priority for President Donald Trump''s nominee for U.S. Treasury secretary, Steve Mnuchin. MEDIA How Reuters got the photograph that lit up social media by showing the size of the crowd at the Trump inauguration. ENERGY Innogy IGY.DE, Germany''s largest energy group, sees no reason to scrap plans to enter the U.S. onshore wind market, its chief executive said, unimpressed by worries over future support of renewables in the Trump administration. (Compiled by Bill Trott; Editing by Chizu Nomiyama) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-trump-highlights-idUSL1N1FE4CU'|'2017-01-24T21:07:00.000+02:00'
'3d5b2303c101c417ad241169a94725935ad09c8a'|'BT slump weighs on European, UK indexes; Generali rallies'|'  5:08am EST BT slump weighs on European, UK indexes; Generali rallies * STOXX 600 up 0.2 pct * Aryzta, BT slump after results * easyJet also weaker * Generali jumps on deal chatter (Adds quote and detail, updates prices) By Kit Rees LONDON, Jan 24 European earnings season got off to a rocky start on Tuesday with profit warnings from BT Group and Aryzta sending their shares sharply lower, with weakness offset by gains in Italian financials and mining stocks. Overall, the pan-European STOXX 600 index was up 0.2 percent. While basic resources were the biggest sectoral risers, gaining on the back of a weaker dollar, shares in Generali were the biggest gainers, up 9 percent on speculation that Intesa Sanpaolo''s could make a bid for the Italian insurer. Italy''s index was the standout performer, up 1 percent as Generali''s biggest shareholder Mediobanca also rallied 7.4 percent. Intesa declined to comment on a possible share swap offer on Generali. BT fell as much as 19 percent after the telecoms firm cut forecasts for 2017 and 2018 after finding that inappropriate accounting behaviour in its Italian business went far deeper than previously thought. Tuesday''s losses were poised to wipe out more than $8 billion off BT''s market value. "I think companies have been punished ... over the last year for misleading statements, for false accounting," Jonathan Roy, advisory investment manager at Charles Hanover Investments, said. "The worries are, is there anything else that isn''t being managed as it should be?" Charles Hanover Investments'' Roy added. Swiss bakery firm Aryzta was the biggest faller, set to lost almost a third of its market value after issuing a profit warning. Budget airline easyJet was another top faller, down 7.7 percent after reporting its first quarter earnings. "While Q1 could be viewed as a positive start to the year we expect the fuel/currency impact (which is beyond the company''s control) will weigh into the shares negatively (especially given the recent strong performance)," analysts at UBS said in a note. A miss in fourth quarter earnings also weighed on Philips , which dropped 2.6 percent. The medical equipment maker also disclosed a conflict with the U.S. government over defibrillators it sold in 2015 and before. Britain''s blue chip FTSE 100 index turned slightly higher, up 0.3 percent after the UK Supreme Court ruled that Prime Minister Theresa May needed parliament''s approval before triggering Britain''s formal exit from the European Union. (Editing by Vikram Subhedar and Raissa Kasolowsky) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1FE1UX'|'2017-01-24T17:08:00.000+02:00'
'258c8311f2461a80cd2b1cf08211ac0f5bde99de'|'Alibaba''s revenue beats estimates on strong Single Day sales'|'Chinese e-commerce company Alibaba Group Holding Ltd reported a better-than-expected 54 percent rise in third-quarter revenue, helped mainly by higher sales during its Single''s Day shopping event.Alibaba''s revenue was 53.25 billion yuan ($7.67 billion) for the three months ended Dec. 31, compared with analysts'' average estimate of 50.10 billion yuan, according to Thomson Reuters I/B/E/S.Revenue from Alibaba''s core e-commerce business increased 45 percent, more than the 41 percent jump in the previous quarter.Net income attributable to the company''s shareholders increased 43 percent to $2.57 billion, or $1 per share.(Reporting by Supantha Mukherjee in Bengaluru and Catherine Cadell in Beijing; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/us-alibaba-results-idINKBN1581CS'|'2017-01-24T08:34:00.000+02:00'
'c729b38d5097c939fdc743f6637f2028b04d8b44'|'BT warning, poor earnings weigh on European shares; Generali rallies'|'* STOXX 600 ends up 0.2 pct* BT dives after profit warning* Aryzta, easyJet also drop after results* Generali jumps on takeover speculation (Adds details, closing prices)By Kit ReesLONDON, Jan 24 Europe''s earnings season got off to a rocky start on Tuesday with profit warnings from BT Group and Aryzta sending their shares sharply lower.The pan-European STOXX 600 index still managed to eke out a 0.2 percent gain, though, propped up by Italian financials and mining stocks.While basic resources was the biggest sectoral riser, boosted by a weaker dollar, Italian insurer Generali was the biggest individual gainer, jumping 8.2 percent on talk Intesa Sanpaolo could make a bid for it.Sources close to the matter said Intesa was considering a bid for Generali and that its two main foundation shareholders backed the move even if it could temporarily reduce dividends for the bank''s current investors.Italy''s index was the standout performer, up 0.9 percent as Generali''s biggest shareholder Mediobanca also rallied 5.6 percent. Intesa''s chairman, Gian Maria Gros-Pietro, said the bank would not discuss Generali at a board meeting due on Friday but would focus on budget issues.Intesa shares fell 4.4 percent.BT lost a fifth of its market value, hit by an Italian accounting scandal that has compounded a sudden slowdown in its British government work and forced the telecoms group to cut forecasts for the next two years. Shares in the company tumbled by 20.8 percent to 303 pence, their biggest ever one-day fall."I think companies have been punished ... over the last year for misleading statements, for false accounting," Jonathan Roy, advisory investment manager at Charles Hanover Investments, said. "The worries are, is there anything else that isn''t being managed as it should be?"Swiss bakery firm Aryzta was the biggest faller, sliding 31.9 percent after issuing a profit warning.Budget airline easyJet was another top faller, down 8.8 percent after reporting its first-quarter earnings."While Q1 could be viewed as a positive start to the year we expect the fuel/currency impact (which is beyond the company''s control) will weigh into the shares negatively (especially given the recent strong performance)," analysts at UBS said in a note.A miss in fourth quarter earnings also weighed on Philips , which dropped 1.8 percent. The medical equipment maker also disclosed a conflict with the U.S. government over defibrillators it sold in 2015 and before. (Additional reporting by Danilo Masoni; Editing by Raissa Kasolowsky and Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/europe-stocks-idINL5N1FE63D'|'2017-01-24T14:22:00.000+02:00'
'a3f3bccc60ce11454a383326cb7ea175704d0b5b'|'Poland signs agreement with France''s DCNS to work on building submarines'|'WARSAW Jan 25 Poland''s state-run defence firm PGZ has signed a memorandum of understanding with French military shipbuilder DCNS that could allow them to work together on building submarines in Poland, PGZ said in a statement.The agreement marks an improvement in relations between Poland and France after Warsaw last year cancelled a preliminary $3.4 billion helicopter deal with France''s Airbus, a decision which has angered Paris."The signed agreement guarantees PGZ and the shipyards owned by PGZ ... a possibility to co-operate on building submarines in Poland," PGZ''s Chief Executive Arkadiusz Siwko said in a statement published by the company.Both sides expressed their willingness to cooperate on Polish plans to obtain submarines, coastal defence ships and patrol ships able to combat mines, PGZ said.Warsaw plans to devote 61 billion zlotys ($15 billion) by 2022 on acquiring military hardware, including three submarines."This is a great chance. We are opening the doors to further cooperation, further deepening of our partnership relations," DCNS'' Deputy Chief Executive Alain Fourgeron was Quote: d as saying in the statement."DCNS wants to contribute its experience so that Poland in the future is able to carry out its own defence programs," he said, adding there was still a lot of joint work ahead.NATO member Poland is one of the few countries in Europe which meets the alliance''s goal of spending 2 percent of economic output on defence. ($1 = 4.0621 zlotys) (Reporting by Marcin Goettig; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/poland-france-dcns-idINL5N1FF5B9'|'2017-01-25T12:17:00.000+02:00'
'5e530c438f54ca4d321f995e13e3b07efc5a4c54'|'Exclusive - Swiss chemicals group Archroma put up for sale by private equity owner: sources'|'Deals  27pm GMT Exclusive: Swiss chemicals group Archroma put up for sale by private equity owner - sources FRANKFURT Buyout group SK Capital has put Swiss chemicals company Archroma up for sale in a move that could potentially fetch 1.5 billion Swiss francs ($1.5 billion), people close to the matter said. The investor has asked Evercore ( EVR.N ) and HSBC ( HSBA.L ) to find a buyer for a minority or majority stake in the company which it acquired from Switzerland''s Clariant ( CLN.S ) in 2013. SK Capital and HSBC declined to comment, while Evercore was not immediately available for comment. (Reporting by Arno Schuetze; Editing by Mark Potter) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-archroma-m-a-idUKKBN1591PR'|'2017-01-25T21:25:00.000+02:00'
'424e6a83296d6935f3d195a16b8dea43e59dd355'|'Global steel output rises 0.8 percent in 2016 vs 2015'|' 48am GMT Global steel output rises 0.8 percent in 2016 vs 2015 A worker uses a cutting torch near a reheating furnace at the ArcelorMittal steel plant in Ghent, Belgium, July 7, 2016. REUTERS/Francois Lenoir LONDON Global crude steel output rose by 0.8 percent last year, industry data showed on Wednesday, as mills in top producer China churned out more metal to meet higher demand even as Beijing cracked down on excess capacity. Global crude steel output in 2016 reached 1,629 million tonnes in 2016 versus 1,615 a year earlier, with output in China rising 1.2 percent to hit 808 million tonnes, according to the World Steel Association. China accounts for about half the world''s steel output and around half of the excess global steelmaking capacity, estimated at 350 million tonnes. Beijing last year cut 45 million tonnes of steelmaking capacity, but much of it was already idle. As a result, steel output in the country continued to rise as mills were tempted by a 60 percent annual surge in steel prices SRBcv1 that came in part as a result of government rhetoric on steel capacity cuts. China is planning to close 100-150 million tonnes of annual steelmaking capacity over the 2016-2020 period. It has pledged this year to eliminate all low-quality steel production by the end of June - a move that should cut about 4 percent of steel output. "Substantial steel prices rises were seen in all markets in the fourth quarter of 2016. In China, demand last year was supported by a sharp upturn in real estate investment," said Chris Houlden, research manager at consultants CRU. Outside China, WorldSteel data showed output in Japan, the world''s second largest producer, fell 0.3 percent to 105 million tonnes, while output in India, the world''s third largest steelmaker, surged 7.4 percent to 96 million tonnes. Output in the European Union fell by 2.3 percent and remained flat year-on-year in North America, the data showed. (Reporting by Maytaal Angel, editing by Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-steel-idUKKBN15915O'|'2017-01-25T17:48:00.000+02:00'
'f6e812cd6ae945dc3e2d1ef08c01bc3c86f4fcd6'|'WH Smith sees full-year profit slightly ahead expectations'|'Cyclical Consumer Goods   2:39am EST WH Smith sees full-year profit slightly ahead expectations Jan 25 British books, newspaper and stationery retailer WH Smith Plc said it expects full-year profit growth to be slightly ahead of expectations as it posted strong sales in its travel business over the Christmas period. WH Smith, which has more than 1,300 stores, mostly in the UK, said comparable sales were up 1 percent in the 21 weeks to Jan. 21, with total sales rising 2 percent. Total sales at its travel business, made up of outlets at airports, railways stations, motorway services, hospitals and workplaces, rose 10 percent partly aided by currency movements. (Reporting by Rahul B in Bengaluru, editing by Louise Heavens) Next In Cyclical Consumer Goods Japan cool to inviting China into TPP as Abe repeats free trade mantra TOKYO, Jan 25 Japan is cool to the notion of inviting China to join a pan-Pacific trade pact abandoned by U.S. President Donald Trump, fearing such a step would boost Beijing''s clout and water down what was meant to be the ''gold standard'' for rules of trade.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/wh-smith-outlook-idUSL5N1FF19W'|'2017-01-25T14:39:00.000+02:00'
'290c3a695e3437dff02e642a615a667e61145805'|'Putin says he hopes cooperation between Russian and Qatari wealth funds to expand'|'Financials  10am EST Putin says he hopes cooperation between Russian and Qatari wealth funds to expand MOSCOW Jan 25 Russian President Vladimir Putin said on Wednesday he hoped cooperation between the Qatar Investment Authority (QIA) and the Russian Direct Investment Fund would expand. Putin was speaking at a meeting with QIA head Sheikh Abdulla bin Mohammed bin Saud Al-Thani, Glencore Chief Executive Ivan Glasenberg, Intesa CEO Carlo Messina, and Rosneft Chief Executive Igor Sechin. (Reporting by Olesya Astakhova; Writing by Katya Golubkova; Editing by Andrew Osborn) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/russia-putin-qatar-idUSR4N1FC006'|'2017-01-25T21:10:00.000+02:00'
'3b489f14d67aacfc64e55aa00732e7087db725b1'|'ECB policy working, but with a greater lag - ECB research'|'  10:08am GMT ECB policy working, but with a greater lag - ECB research The euro sign landmark is seen at the headquarters (R) of the European Central Bank (ECB) in Frankfurt September 2, 2013. The ECB council will hold its monthly meeting on Thursday, September 5. REUTERS/Kai Pfaffenbach FRANKFURT European Central Bank researchers say monetary policy is working with a longer-than-usual lag in the current economic conditions, although the fundamental nature of inflation has not changed, ECB research released on Wednesday showed. Deciphering years of stubbornly low inflation, some economists argue that standard monetary policy is ineffective because globalisation, the rapid ageing of the population and technological advances have changed how people save and spend, resulting in lower inflation. The ECB paper said such a conclusion was wrong, however, arguing that low inflation was instead caused by a series of shocks, exacerbated by ECB forecasting errors and uncertainty about unconventional monetary policy, rather than a new economic reality. "A key finding of this paper is that the missing inflation was rather due to cyclical factors, both global and domestic," the researchers said, arguing that long-standing models on the inverse relationship between unemployment and inflation, called the Phillips curve, remain valid. Facing the global financial crisis, Europe''s own debt crisis and imploding commodity prices, the ECB has cut interest rates into negative territory and spent more than 1.5 trillion euros ($1.6 trillion) to buy debt, all in the hopes of reviving growth and prices. It has missed its 2 percent inflation target for nearly four years and expects to miss at least through 2018 as underlying price growth remains weak and the bloc is still working through a massive debt pile. The research paper noted that once rates hit their effective bottom, low inflation becomes more difficult to revive, reflecting the negative shocks and the long adjustment of businesses and households to the new realities of unconventional monetary policy, resulting in a slow transmission mechanism. Still, the stabilisation of long term inflation expectations indicates that monetary policy remains effective in achieving its target, the paper concluded. (Reporting by Balazs Koranyi; Editing by Hugh Lawson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-research-idUKKBN15911G'|'2017-01-25T17:08:00.000+02:00'
'c52fb69b0d091e6537bf18100ca543e2cef1ff6a'|'Tanzania opening $290 million bus network in commercial capital'|'Financials   11:46am EST Tanzania opening $290 million bus network in commercial capital DAR ES SALAAM Jan 25 Tanzania opened a new public transport system in its commercial capital on Wednesday, in an effort to ease the journeys of millions of commuters. A city of four million people, Dar es Salaam until now has had only a haphazard transport system, based on mostly private mini-buses. The new network, paid for by a $290 million loan from the World Bank, will comprise more than 100 buses operating on dedicated bus lanes into the centre of the city. "We want Dar es Salaam to become a modern city," Tanzanian President John Magufuli said as he inaugurated the new Dar es Salaam Rapid Transit System. He said plans were also under way to build a 200 km diesel-electric commuter rail network between Dar es Salaam and the nearby town of Morogoro. Magufuli, nicknamed "The Bulldozer" for pushing through projects, was instrumental in implementing the rapid bus transit system when he served as the country''s works minister, before becoming president in November 2015. "The impact of this new high-capacity transportation system on Dar es Salaam will be quite significant as residents continue to adapt to it," said Bella Bird, the World Bank country director for Tanzania. "With its population expected to reach 10 million in 2030, Dar es Salaam needs a well-functioning transit system to relieve congestion and to promote its productivity and competitiveness as a commercial hub, which are vital for further economic growth and improvement of the quality of life of its citizens." (Reporting by Fumbuka Ng''wanakilala; Editing by George Obulutsa, Larry King) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/tanzania-transportation-idUSL5N1FF5MC'|'2017-01-25T23:46:00.000+02:00'
'180465440fc7e6fa89c8d8c967db040a2217715f'|'China''s bitcoin exchanges, eyed by regulators, slap on trading fees'|'Technology  37am GMT China''s bitcoin exchanges, eyed by regulators, slap on trading fees FILE PHOTO: A Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. REUTERS/Benoit Tessier/File Photo SHANGHAI China''s three largest bitcoin exchanges, whose activities have drawn increased scrutiny from the central bank, said they will begin charging trading fees effective Tuesday. BTCC, Huobi and OkCoin said in separate statements on their websites late on Sunday that they will charge traders a flat fee of 0.2 percent per transaction. Each of the statements said assessing fees will "further curb market manipulation and extreme volatility". The absence of trading fees has encouraged volumes and boosted demand at Chinese bitcoin exchanges. The New York Times, citing data by blockchain analysis firm Chainalysis, reported in late June that 42 percent of all bitcoin transactions took place on Chinese exchanges in the first half of the year. The bitcoin price BTC=BTSP soared to near-record highs in the first week of this year, attracting attention from Chinese regulators. During 2016, China''s yuan currency CNY=CFXS weakened 6.6 percent against the dollar, its worst performance since 1994. On Jan. 11, the People''s Bank of China (PBOC) launched spot checks on BTCC, Huobi and OkCoin to look into a range of possible rule violations, amid increasing government efforts to stem capital outflows and relieve pressure on the yuan. A person familiar with the matter said the exchanges had not received direct instructions from the PBOC, but decided to introduce trading fees to align with its wishes to see the bitcoin market cool down. On Monday morning, the price of bitcoin was down around 1 percent on the BTCC exchange to 6,317 yuan, equivalent to around $923. BTCC Chief Executive Bobby Lee said last week that the three exchanges had discussed introducing trading fees. (Reporting by Brenda Goh; Editing by Richard Borsuk) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-bitcoin-idUKKBN1570EZ'|'2017-01-23T11:32:00.000+02:00'
'537d4c6252092f7bd45861ed0fccc4f8b1b7be29'|'UPDATE 1-Czech industry minister to propose buying OKD mines for nominal price'|'(Adds FinMin, details)PRAGUE Jan 23 Czech Industry Minister Jan Mladek said on Monday he would propose to the cabinet that state miner Diamo buy hard coal mining group OKD, the insolvent unit of New World Resources (NWR), for the nominal price of 1 crown ($0.0397).Mladek added he would still prefer a private buyer take over the OKD mines, a major employer in the northeast of the Czech Republic.The company had started a search for a strategic partner in November last year.Finance Minister Andrej Babis immediately spoke against the idea of buying OKD, calling it a "populist step" and said his fellow minister''s proposal could damage the ongoing sale process.Babis is the leader of junior government party ANO, which is leading in polls before a planned election in October this year.Prime Minister Bohuslav Sobotka''s Social Democrats, of which Mladek is a member, are trailing by double digits in the polls.OKD, which has 14,000 workers in the eastern Czech industrial region, has been hit in recent years by sinking global coal prices.It is going through a court-backed reorganisation after filing for insolvency in May last year.In November shareholders of its parent group NWR approved liquidation of NWR. ($1 = 25.1610 Czech crowns) (Reporting by Petra Vodstrcilova; Writing by Jason Hovet; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/czech-okd-idINL5N1FD4NF'|'2017-01-23T13:58:00.000+02:00'
'de73d822b1ad599172723b2d6821a1777384d980'|'BRIEF-Shiftgig raises $20.1 mln in equity financing from total offering amount of $30 mln - SEC filing'|'Market  40pm EST BRIEF-Shiftgig raises $20.1 mln in equity financing from total offering amount of $30 mln - SEC filing Jan 23 Shiftgig Inc - * Shiftgig Inc says it has raised $20.1 million in equity financing from total offering amount of $30 million - SEC filing Source text : ( bit.ly/2j6CK0E ) Next In Market News * Time Inc to acquire automated ad buying platform Adelphic Inc,terms weren''t disclosed- WSJ Source http://on.wsj.com/2kkBcFo   Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FD0OO'|'2017-01-24T02:40:00.000+02:00'
'39608125be42a3b25d10843025d243d0b1edc6ec'|'BRIEF-Zhangjiagang Rural Commercial Bank''s shares to debut trading on Jan 24'|' 54pm EST BRIEF-Zhangjiagang Rural Commercial Bank''s shares to debut trading on Jan 24 Jan 23 Jiangsu Zhangjiagang Rural Commercial Bank Co Ltd * Jiangsu Zhangjiagang Rural Commercial Bank''s shares to debut trading on Jan 24 - Shenzhen stock exchange Source text in Chinese: bit.ly/2jn25EF (Reporting by Hong Kong newsroom)  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FD07X'|'2017-01-23T07:54:00.000+02:00'
'c34d16e640b638f56294d833008934c748592f03'|'Roundup of 2017 prime property predictions'|'Roundup of 2017 prime property predictions Five experts provide their forecasts for the real estate market in the coming year 6 hours ago from left to right: Dan Conn, Liam Bailey, Yolande Barnes, Nathan Brooker, Robin Paterson Dan Conn, chief executive of Christie’s International Real Estate Markets seem willing to overlook the year’s political uncertainty, given the expected pro-business stance of the Trump presidency and other governments. For global buyers, I believe investment in high-end residential property will continue to be viewed as safe and attractive. Currency moves will fuel increased demand in high-end markets in stable environments. On a relative basis, London may be a more attractive location for global buyers in 2017, as will Paris, due to the weakened euro. Read more Yolande Barnes, head of Savills World Research The global challenge for real estate investors is to find value in a world where low interest rates have pushed asset prices, including residential property, to the full. Even private investors are now banking more on what a property can actually provide for them — either in terms of amenity or additional income — than on capital growth. Buyers all over the planet are beginning to recognise that neighbourhoods offering a high quality of life will appreciate in value, not just so many square feet of bricks and mortar. Read more Nathan Brooker, property writer for FT House & Home While rapidly dropping prices in prime central London will probably level off and growth in entrepreneurial cities such as Austin and Portland will probably edge forward, in reality, all bets are off. Since the financial crisis of 2008, growth in prime property markets has been facilitated by international capital flows. As western democracies seem ready to embrace protectionist policies, disruptions to the free movement of capital could seriously destabilise global property markets. Read more Robin Paterson,     But     in   upcoming   Read more Liam Bailey, global head of research at Knight Frank Tax is a growing influence on market performance. Over the past 12 months a number of rules aimed at controlling the destination of investment flows were brought in. Clearly the expansion of so-called cooling measures to control international wealth flows into property shows no sign of easing.'|'ft.com'|'http://www.ft.com/rss/companies/property'|'https://propertylistings.ft.com/propertynews/united-states/4937-roundup-of-2017-prime-property-predictions.html?ftcamp=published_links%2Frss%2Fcompanies_property%2Ffeed%2F%2Fproduct'|'2017-01-23T17:23:00.000+02:00'
'543f29a6c6a84f5fb1b18c956fa2a8601a8632f1'|'Bulgaria extends deadline for Sofia airport tender again'|' 28am EST Bulgaria extends deadline for Sofia airport tender again SOFIA Jan 23 Bulgaria has extended the deadline for bids for the contract for to run Sofia airport until May 19 as the Balkan country prepares for early elections in the spring, the transport ministry said on its website on Monday. The transport ministry launched the tender to operate the Balkan country''s main airport for 35 years in May last year, expecting to bring some 1.2 billion levs ($658.69 million) into state coffers. It has since extended the deadline four times. In November, the centre-right government, which resigned after losing the presidential election, delayed the tender to the end of January following calls from the opposition Socialists to scrap it. The fresh delay will allow a new government expected to take over after early general elections seen likely at the end of March to decide on the tender. Turkey''s Limak Holding, Russia''s VTB Capital and Switzerland''s Flughafen Zuerich were planning to jointly bid for the right to operate the airport, a source familiar with the process had told Reuters. German airport operator Fraport has said it was considering whether to participate and local media has reported that Turkish airports group TAV, in which French Groupe ADP has a 38 percent stake, was also considering a bid. The airport, which was used by 5 million passengers last year, is currently operated by the state. ($1 = 1.8218 leva) (Reporting by Tsvetelia Tsolova, editing by Louise Heavens) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/bulgaria-airport-idUSL5N1FD1RI'|'2017-01-23T16:28:00.000+02:00'
'bc66f34f8193107cc02830ab1ca3327a8d6eb2f5'|'London Metal Exchange chief resigns - HKEX statement'|'Financials   12:55am EST London Metal Exchange chief resigns - HKEX statement * Jones to retire from all HKEX Group roles with immediate effect * LME chief operating officer Chamberlain appointed CEO in interim HONG KONG Jan 23 London Metal Exchange (LME) Chief Executive Garry Jones is stepping down just over three years after being appointed to run the world''s largest and oldest metals market, parent company Hong Kong Exchanges and Clearing Ltd (HKEX) said on Monday. Jones is retiring from all his positions within the HKEX Group, including his positions at the LME and LME Clear, with immediate effect. He will be replaced in the interim by Matthew Chamberlain, the LME''s 34-year-old chief operating officer, until a permanent replacement is found, the bourse said in a stock exchange filing. Andrew Dodsworth, the LME''s head of market operations, has been appointed interim COO. Jones will serve as an advisor to the LME until the end of the year, the bourse said. HKEX appointed Jones, a well-known industry veteran, CEO of the LME in August 2013, selecting the former top executive at the NYSE Liffe to help drive its expansion into commodities and beyond. Jones, with 30 years of experience in exchanges and financial services, but limited experience in metals, inherited a difficult role at a time when the LME was caught in a controversy over warehousing metals and its impact on consumers. The former NYSE Liffe executive also courted controversy during his tenure after the LME moved a year ago to hike fees by an average of 31 percent, angering the bourse''s members. (Reporting by Michelle Price; additional reporting by Josephine Mason in Beijing; Editing by Stephen Coates) Next In Financials Canada''s   CALGARY, Alberta,  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/lme-ceo-idUSL4N1FD27C'|'2017-01-23T12:55:00.000+02:00'
'd0a217098e447d4f4690c7608cdcb1e6958336b0'|'Rosneft CEO asks Putin to meet Glencore, Qatari fund and Intesa'|'Commodities  36am EST Rosneft CEO asks Putin to meet Glencore, Qatari fund and Intesa The logo of Russia''s top crude producer Rosneft is seen at the company''s headquarters, behind the Kremlin wall, in central Moscow, Russia, May 27, 2013. REUTERS/Sergei Karpukhin/File Photo MOSCOW The chief executive of Russia''s biggest oil firm Rosneft on Monday asked President Vladimir Putin to receive the company''s partners Glencore, Intesa and the Qatar Investment Authority (QIA), the Kremlin said. Trading house Glencore and the QIA recently became Rosneft shareholders in a multi-billion-dollar deal partly funded by Italian bank Intesa. Rosneft boss Igor Sechin said at a meeting with Putin on Monday that Rosneft was planning new projects with the three partners and they wanted to tell Putin about the prospects for those projects, the Kremlin said in a statement on its website. (Reporting by Jack Stubbs; Writing by Alexander Winning) Next In Commodities Anglo sees incremental gains as trading unit hits cruising speed SINGAPORE Anglo American Plc , which broke with tradition when it set up a focused commercial unit, sees modest improvements ahead after an early boost to profits, as it gets closer to clients, even offering shelter from volatile markets with fixed-price contracts.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-russia-rosneft-privatisation-putin-idUSKBN1571CR'|'2017-01-23T18:31:00.000+02:00'
'2f3356d60058eac5b306af7bdf2b9d608094a316'|'GLOBAL MARKETS-Dollar slips, stocks on defensive after Trump''s protectionist address'|'Top  42pm EST Dollar slips, stocks on defensive after Trump''s protectionist address People are seen behind an electronic board showing stock prices after the New Year opening ceremony at the Tokyo Stock Exchange (TSE), held to wish for the success of Japan''s stock market, in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon By Hideyuki Sano - TOKYO TOKYO The dollar slipped and Asian shares were on the defensive on Monday as worries about President Donald Trump''s protectionist policies outweighed optimism that he will follow through on promises of tax cuts and other stimulus. Japan''s Nikkei dropped 1.3 percent while shares in South Korea and Australia dropped 0.3 percent, though dollar-denominated MSCI''s broadest index of Asia-Pacific shares outside Japan was flat. U.S. stock futures dipped 0.2 percent, erasing gains made on Friday. In his inaugural address, Trump pledged to end what he called an "American carnage" of rusted factories and vowed to put "America first". "His speech sounded protectionist. It''s something markets were already expecting but wasn''t really a catalyst for risk-on trading," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. Trump also said on Sunday he plans talks soon with the leaders of Canada and Mexico to begin renegotiating the North American Free Trade Agreement (NAFTA). Prior to that, his administration said on his first day in the office that its trade strategy to protect American jobs would start with withdrawal from the 12-nation Trans-Pacific Partnership (TPP) trade pact. "The market is getting nervous about the possibility that the world''s trade might shrink," said Koichi Yoshikawa, executive director of financial markets at Standard Chartered Bank in Tokyo. "Many of his policies, including tax cuts and infrastructure spending, needs approval from the Senate and (may not be) that easy to realize. So it is hard to expect rosy news that would please markets," he added. "The markets that had been led by expectations on his policy since the election are now the dragged down by the reality," he said. The dollar had soared late last year on expectations that his pledges to cut taxes and hike infrastructure spending would boost the U.S. economy, but it has since lost steam. In early Monday trade, the dollar fell 0.7 percent against the yen to 113.86 yen, edging towards its seven-week low of 112.57 yen touched on Wednesday. The euro rose 0.1 percent to $1.0721, its highest level since Dec. 8. The 10-year U.S. Treasuries yield fell to 2.445 percent, after having risen briefly on Friday to 2.513 percent, its highest since Jan. 3. The two-year yield, which is more sensitive to the Fed''s policy outlook, dropped sharply to 1.184 percent from Thursday''s three-week high of 1.250 percent, giving back much of gains made after Wednesday''s upbeat comments from Federal Reserve Chair Janet Yellen. The Mexican peso, however, rose 0.3 percent on Monday to at 21.520 per dollar, after having risen 1.7 percent on Friday, its biggest gains in two months. Oil prices held firm after ministers from OPEC and non-OPEC countries said they have made a strong start to lowering their oil output under the first such pact in more than a decade. International benchmark Brent crude futures rose 0.1 percent to $55.74 per barrel, building on Friday''s 2.5 percent gains. (Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN157023'|'2017-01-23T07:38:00.000+02:00'
'ec6a4ac69bf1c8e0b9974c3f50faa8e64456c955'|'CEO''s discussed tax, regulations and trade with Trump -Liveris'|'Politics  25am EST CEO''s discussed tax, regulations and trade with Trump: Liveris Andrew Liveris, Chairman and CEO The Dow Chemical Company attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich WASHINGTON President Donald Trump and the chief executives of 12 large companies discussed tax, regulations and trade on Monday and the business leaders will return in 30 days with a series of actions to help U.S. manufacturing, Dow Chemical CEO Andrew Liveris said. "We listened very carefully and he listened to us about the agenda that this administration has put forward to really revitalize the American manufacturing economy," Liveris told reporters after the meeting. "The conversation honed in on tax, regulatory and trade." (Reporting by Doina Chiacu and Susan Heavey) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-executives-idUSKBN15726Z'|'2017-01-23T23:16:00.000+02:00'
'ac74591c4f31b19bb8c688f0bd933bdd2485ba9e'|'Fitch: Korean Bank Ratings Could be Hit by Bail-in Plan'|'Financials  12am EST Fitch: Korean Bank Ratings Could be Hit by Bail-in Plan (The following statement was released by the rating agency) SEOUL/SINGAPORE, January 25 (Fitch) Fitch Ratings expects Korean banks to perform slightly better in 2017 than last year, but they face higher uncertainty amid domestic political instability and risks stemming from corporate restructuring. Furthermore, a bank resolution framework that is likely to be introduced in 2017 could lead to a reduction in implicit government support, and may result in negative rating action for some commercial banks. Loose monetary policy is likely to continue to support bank performance in 2017, as low interest rates should ensure that the mortgage and property markets remain strong and will help borrowers meet repayments. Fitch also expects banks to benefit from relatively healthy GDP growth of 2.5%-3.0% this year, which is above the 1.6% median for ''AA'' rated countries. Meanwhile, profits should be boosted by cost cutting, including headcount downsizing, branch consolidation and a shift from seniority-based to performance-based pay. However, the lengthy political crisis that has resulted in the impeachment of Korea''s President Park Geun-hye has added to uncertainty over bank performance and regulatory supervision. Banks also face potentially large credit costs associated with ongoing corporate restructuring. That said, some of the more pressing and significant problems in the shipping and shipbuilding have been tackled. In any case, exposure is concentrated among the policy banks - the Korea Development Bank and the Export-Import Bank of Korea - which account for around three-quarters of loans to these sectors. in the property sector and high household debt - which is equivalent to 174% of disposable income in 1H16 - are risks to bank performance over the longer term, particularly if interest rates eventually start to rise. Regulatory changes are also likely to have an impact on Korean banks in 2017. Fitch expects the introduction of International Financial Reporting Standard (IFRS) 9 in 2018 to put downward pressure on regulatory capital. This is likely to be one factor that continues to weigh on corporate loan growth in 2017 and beyond. Political instability may delay legislation that introduces a bail-in feature as well as a recovery and resolution plan (RRP) and temporary stay into Korea''s bank resolution framework, but Fitch still expects a draft to be available publicly within the next six months. The detail of bail-in legislation and the intent of the Korean authorities could potentially give rise to the removal of support assumptions from bank ratings, which in the case of any support-driven Issuer Default Ratings could lead to negative action. Further information and analysis on the key issues facing Korean banks can be found in the "South Korean Banks Update" presentation available on www.fitchratings.com or by clicking on the link in this media release. Contact: Heakyu Chang Director Financial Institutions +82 2 3278 8363 Fitch Australia Pty Ltd, Korea Branch 9F Kyobo Securities Building 26-4 Youido-Dong, Youngdeungpo-Gu Seoul Dan Martin Senior Analyst Fitch Wire +65 6796 7232 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article can be accessed at www.fitchratings.com. All opinions expressed are those of Fitch Ratings. Related Research South Korean Banks Update - January 2017 here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials TABLE-Foreign trading in South Korean stocks SEOUL, Jan 25 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0721 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 25 211.3 -377.4 109.3 ^January 24 -13.1 9.2 -12.5 January 23 116.7 -109.3 -11.8 January 20'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987753'|'2017-01-25T14:12:00.000+02:00'
'd1c682638d44a9ad9c901838ec0608de1359d71d'|'Two London traders convicted of conspiring to defraud Russian bank of over 141 million pounds'|'Business News - Wed Jan 25, 2017 - 5:58pm GMT Two London traders convicted of conspiring to defraud Russian bank of over 141 million pounds LONDON Two London traders have been convicted of conspiring to defraud a Russian bank of more than 141 million pounds in a series of complex scams, prosecutors said on Wednesday. Georgy Urumov, 37, and Vladimir Gersamia, 33, were found guilty of multiple offences after a four-month trial at Southwark Crown Court. The first part of the fraud was carried out in 2011, the Crown Prosecution Service (CPS) said. Urumov joined the Russian-owned company Otkritie Securities Ltd (OSL) and manipulated the firm into paying him approximately 20 million pounds under the false impression that it would be distributed to others also joining the firm. In the event, Urumov held on to the vast majority of the money, the CPS said. Urumov committed further offences by trading Argentine debt products and fooling his employer into believing that they had been bought at four times their true cost, it said. He then pocketed the difference and transferred the gains to bank accounts out of the UK. Urumov used Gersamia, an employee of investment management firm Threadneedle Asset Management, to help cover his tracks. The CPS said the men had stood to gain another 121 million pounds from their activities. "These men were successful traders, earning very generous salaries and large bonuses but that was not enough for them," said Alistair Dickson, Specialist Prosecutor in the CPS Specialist Fraud Division. "Motivated by greed, they went about committing a fraud involving eye-watering sums of money using a variety of sophisticated methods." He said the help of both Otkritie Securities and Threadneedle Asset Management in providing evidence to the police had been crucial for the prosecution. A third man, Alessandro Gherzi, 37, was acquitted of two counts of conspiracy to defraud, two counts of conspiracy to commit fraud by false representation and one count of conspiracy to commit money laundering. Urumov and Gersamia will be sentenced on Friday. (Reporting by Stephen Addison; editing by William Schomberg) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-russia-traders-idUKKBN1592D2'|'2017-01-26T00:58:00.000+02:00'
'4dcad7443ecfcb3944f55ab346156bd6cdfb1919'|'India plans expansive budget despite growth, revenue worries'|'Business  36pm EST India plans expansive budget despite growth, revenue worries left right India''s Prime Minister Narendra Modi gestures as he reads a joint statement with Myanmar''s State Counsellor Aung San Suu Kyi (not pictured) at Hyderabad House in New Delhi, India October 19, 2016. REUTERS/Adnan Abidi 1/3 left right Finance Minister Arun Jaitley addresses a delegation while speaking on the Goods and Services Tax (GST) issues during the Vibrant Gujarat investor summit in Gandhinagar, January 11, 2017. REUTERS/Amit Dave 2/3 left right India''s Prime Minister Narendra Modi delivers a speech next to Mexican President Enrique Pena Nieto (not pictured), at Los Pinos presidential residence in Mexico City, Mexico, June 8, 2016. REUTERS/Edgard Garrido 3/3 By Manoj Kumar - NEW DELHI NEW DELHI India''s finance minister is likely to borrow more than originally planned when he presents the budget on Feb. 1, senior aides and officials said, despite counting on revenues from a national sales tax whose launch date is still unknown. Arun Jaitley is looking at how to fund giveaways to taxpayers and higher public investment to help nurse Asia''s third-largest economy back to health after the government''s shock decision in November to abolish high-value banknotes. That is raising concern among some economists and investors that the government will take too many fiscal risks. Yet officials say that, given the choice, they would choose growth sustained by state investment over a fiscal straitjacket. "Some degree of flexibility on fiscal discipline should not be seen as irresponsible fiscal management," one senior government official told Reuters, requesting anonymity due to the sensitivity of the matter. A fiscal advisory panel, which includes central bank head Urjit Patel, has advocated widening the budget deficit to "slightly over" 3 percent of gross domestic product to free up funds for road, railway and irrigation projects. "It is not possible to keep up the pace of capital expenditure without increasing the fiscal deficit beyond 3 percent of GDP," another official, briefed on the committee''s findings, added. New Delhi earlier aimed to cut the federal deficit to 3 percent of GDP over the next two fiscal years, compared with 3.5 percent in the year now drawing to a close. Independent economists are also penciling in a higher federal deficit in the coming fiscal year, at 3.3-3.4 percent of GDP, creating room for the government to invest an extra $6 billion. That has drawn a warning from ratings agency Standard & Poor''s, which says that slowing the pace of fiscal consolidation could delay India''s chances of an upgrade due to its high and rising debt levels. HEROIC ASSUMPTIONS Jaitley''s team forecasts a recovery in nominal GDP growth, the key driver of tax revenues, to around 12 percent in 2017/18. Yet that assumes oil prices of $55-60 per barrel and a long-delayed Goods and Services Tax being implemented in July. And the economy is still getting over the shock of Prime Minister Narendra Modi''s decision in November to scrap 86 percent of cash in circulation in a bid to purge the economy of illicit "black money". The International Monetary Fund has chopped a percentage point off India''s forecast of real economic growth to 6.6 percent in the current fiscal year to March, meaning China regains the crown as the world''s fastest-growing large economy. The Washington-based lender has also shaved 0.4 of a percentage point off its forecast for the coming fiscal year. Finance ministry officials remain tight-lipped about how quickly they expect growth to bounce back after it slowed following so-called demonetization. International prices for crude oil, India''s most expensive import item, could meanwhile overshoot the finance ministry''s expectations as exporting nations curb output, hurting the growth and revenue outlook. "This budget is presented in a very uncertain situation," said N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a New Delhi think-tank that is partly funded by the government. Modi faces the imminent verdict of voters in five regional elections, most importantly in the battleground state of Uttar Pradesh that is home to more than 200 million people. A setback there for his nationalist party could harm his chances of winning a second term in 2019. Election authorities have barred the government from offering targeted budget ''sops'' to buy votes. And even if the government does ramp up public investment in Jaitley''s fourth budget, it has little room for maneuver - nearly nine in every 10 rupees it spends go on servicing debt or paying wages and subsidies. "It will not be a populist, but a pragmatic budget," said a senior finance ministry official with direct knowledge of budget planning. (Additional reporting by Rajesh Kumar Singh and Douglas Busvine; Editing by Mike Collett-White) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-india-budget-idUSKBN15A01Y'|'2017-01-26T07:30:00.000+02:00'
'2c5846363c2d7647e5d5cfc39a04c6893d4ec01d'|'BRIEF-Capitaland Retail China Trust says FY net property income was RMB669.8 mln'|'Financials   6:00pm EST BRIEF-Capitaland Retail China Trust says FY net property income was RMB669.8 mln Jan 26 Capitaland Retail China Trust : * Distribution per unit (dpu) for 4q 2016 was 2.37 cents * Net property income for period 1 january 2016 to 31 december 2016 (fy 2016) was rmb669.8 million, 4.1% higher * For fy 2016, gross revenue increased rmb22.4 million, or 2.2% over fy 2015   Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FF14L'|'2017-01-26T06:00:00.000+02:00'
'e7c3fd4b36e932d94517785873ba0079648bfc13'|'Overseas demand drives further recovery in UK commercial property -RICS'|'Private Equity  00pm EST Overseas demand drives further recovery in UK commercial property -RICS Jan 26 Demand from overseas investors is expected to support British commercial property this year even as the UK prepares to leave the European Union, an industry survey showed on Thursday. The pound''s slide continued to lure foreign investors over the final quarter of 2016. But the quarterly survey from the Royal Institution of Chartered Surveyors indicated negative growth expectations for London commercial property values amid fears the capital will bear the brunt of any Brexit-led departure of firms. Over the fourth quarter, overall investment enquiries were flat in the London office sector and declined modestly in the London retail segment, in contrast to a second straight quarter of increase in inquiries for the UK, the survey showed. Although the UK commercial property market has largely recovered from an immediate post-Brexit-vote slump, London has underperformed the wider market, with some projects being put on hold, property companies cutting rental growth forecasts and rents beginning to stagnate. Prime Minister Theresa May''s comments last week that Britain will leave the European single market has seen HSBC and UBS saying that they could each move about 1,000 jobs out of London. The RICS survey showed that 18 percent of respondents reported evidence of firms looking to relocate away from the UK in response to Brexit, up from 14 percent seen in the preceding quarterly survey. In central London, 32 percent respondents claimed to have seen evidence, the largest proportion of any single region. MSCI''s UK IPD index, the most widely tracked commercial property index, showed that 2016 property returns rose just 2.8 percent, versus gains of 13.6 percent and 18.6 percent in 2015 and 2014 respectively. However, it performed better than it had during the 2008 financial crisis, when it lost 23 percent. Nevertheless, continued demand from overseas investors meant that prospects for UK property were by no means bleak, RICS said, with 28 percent more respondents expecting to see a rise rather than a fall in property values over the next 12 months. "The results... suggest the commercial property market is continuing to attract investor interest despite ongoing concerns about pricing in the capital and the prospects for the economy more generally," RICS Chief Economist Simon Rubinsohn said. "Indeed, the feedback we have received is consistent with a renewed appetite from overseas buyers for UK assets." (Reporting by Esha Vaish in Bengaluru; editing by Mark Heinrich) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-eu-property-idUSL4N1FF3WO'|'2017-01-26T07:00:00.000+02:00'
'2814014f27cc9435b0e6a00dfdfacb597d61e4b2'|'Gold falls as equities rally offset U.S. policy concerns'|'Money  17pm IST Gold falls as equities rally offset U.S. policy concerns Gold bars at the Austrian Gold and Silver Separating Plant ''Oegussa'' in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File Photo By Sethuraman N R Gold prices fell on Thursday as a rally in U.S. equities offset support from uncertainty over the new U.S. administration''s policies and a weaker dollar. Spot gold prices were down 0.34 percent at $1,196.12 per ounce at 0745 GMT. On Wednesday, they hit their lowest since Jan. 13 at $1,192.74. U.S. gold futures fell 0.1 percent to $1,195.80. "The bullish impact of a weaker dollar was more than offset by a soaring U.S. equity market where we saw the Dow take out the 20,000 mark for the first time," said INTL FCStone analyst Edward Meir. "We suspect that gold could come under further pressure again on Thursday as the follow-through from the U.S. stock rally reverberates through into other global markets," he added. The Dow closed atop the 20,000-mark for the first time overnight, boosted by solid earnings. [.N] Asian stocks gained on Thursday, lead by the Wall Street rally. [MKTS/GLOB] However, the currency markets focused more on Trump''s trade protectionism and the negative impact it could have on the dollar. [USD/] The dollar index, which measures the greenback against a basket of currencies, held near 7-week lows. "Market will likely remain under pressure with the Chinese out for the next week," MKS PAMP Group trader Jason Cerisola said. Gold hit two-month highs earlier in the week and has rallied about 7 percent since mid-December, fuelled by worries over Trump''s policies. However, physical gold demand in India was weak due to higher prices, while Chinese demand ebbed ahead of the Lunar New Year holiday, traders said. "The market is due for some correction after the rally ... see it as purely a technical one. Lack of Chinese participants too is hurting," a Singapore-based trader said. Spot gold may retest support at $1,197 per ounce, with a good chance of breaking below this level and falling towards the next support at $1,182, according to Reuters technical analyst Wang Tao. [nL4N1FG1BJ] Holdings of SPDR Gold Trust, the world''s largest gold-backed exchange-traded fund, fell 0.63 percent to 799.07 tonnes on Wednesday from 804.11 tonnes on Tuesday. [GOL/ETF] Spot silver fell 0.5 percent to $16.88. Platinum was firm at $978.50. Palladium rose 1.3 percent to $736.98, after hitting a 3-week low of $726.98. It fell over 7 percent in the previous session, its worst one-day fall since April 2013. "We have to suspect that heavy fund selling was a factor," said Meir of FCStone. "The market may also be getting nervous about the increasing trade tensions between the U.S. and Mexico where a substantial amount of car production could be jeopardized by an increase in duties that will inevitably be passed on to consumers." (Reporting by Nallur Sethuraman in Bengaluru; Editing by Joseph Radford and Randy Fabi) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN15A0V6'|'2017-01-26T15:47:00.000+02:00'
'7a831c7f104096e3d35af2618d99e390fe2eb116'|'Artificial intelligence has arrived, but Australian businesses don’t know how to use it - Guardian Sustainable Business'|'A survey of business leaders has found Australian companies are the worst prepared for the arrival of artificial intelligence (AI) technologies among selected major economies, despite spending the second-largest amount of money on automation.Independent research agency Vanson Bourne was commissioned by IT company Infosys (which as a seller of an AI platform has a vested interest in promoting such technology) to poll 1,600 business leaders of companies with more than 1,000 staff and at least US$500m in annual revenue across Australia, China, the United States, Germany, France, India and the UK.According to the survey , released at the World Economic Forum last week, major Australian businesses invested an average of $7.9m last year in AI, behind only the US, but placed last in both the skills required for AI takeup and in plans to integrate AI.The Infosys Australia regional head, Andrew Groth, told the Guardian the survey demonstrates that Australia risks becoming uncompetitive.Automated mining will cost jobs and tax income: it''s time for governments to act Read more“The challenge is the skills situation,” he said. “If not addressed, [our] level of competitiveness could be a challenge, as all companies adopting AI are seeing advantages. We are all competing on the global stage. It’s here and we need to address these challenges.”The survey found 23% of Australian business leaders believe their company completely lacks the skills needed to capitalise on AI.Groth said AI requires proficiency in Stem (science, technology, engineering and mathematics) skills, digital proficiencies, creativity and problem-solving, as well as ongoing learning.He said the lack of skills was relevant to another of the survey’s findings – that Australian business leaders are the most likely to be planning to fire rather than reassign workers whose roles have been made obsolete by AI technology.Two-thirds of Australian businesses polled said they plan to or already have replaced jobs with AI, with a third of those leaders saying the affected workers will be made redundant.Groth was keen to focus on the two-thirds of businesses that intend to reassign rather than sack those in jobs better done by AI.He cited as an example the Fiona Stanley hospital in Perth, which last year brought in an automated pharmaceutical ordering system that utilises robots which scan, move and store $200,000 worth of drugs daily, with the workforce previously responsible reassigned to other tasks.“Using [artificial intelligence] reduced stock availability outages by 70% and freed up nurses for patient care rather than admin of stock,” he said.AI is even impacting on Infosys’ own global workforce. Groth said between 8,000 and 9,000 jobs had been automated at the company over the past year, but almost all affected employees were given other roles within the company.Infosys’ human resources head, Krishnamurthy Shankar, has conceded that, over time, improved AI capabilities will see the company hire less new employees.A 2015 Ceda report found 40% of Australian jobs were under threat from automation. But University of New South Wales professor of AI, Toby Walsh, said that figure was unlikely as as many new jobs would be created as eliminated by automation. He said the jobs wipeout would be felt most by entry-level workers.“We are already seeing the beginning of that trend; companies are not making the difficult decision of letting go of employees, but instead are avoiding bringing in new young workers to fill positions,” he said.Age of automation: what if more work is the problem, not the solution? Read more“That doesn’t have to mean less prosperity however. If machines create more wealth, it is just a matter of distribution.“One popular idea is a universal basic income , for which there are experiments in a number of countries, but that is not the only lever – there could be taxations on corporations and the very rich. Or there’s no fundamental reason the weekend has to be two days’ long – making it three days would ease the jobs shortage.”For the jobs that are safe from automation, AI will still have an impact in improving efficiencies in our professional and personal lives.Censuswide carried out another industry-funded survey across the UK in November/December and found 47% of professionals were willing to hand responsibility for scheduling meetings, booking restaurants and other administrative tasks over to AI personal assistants.The survey of 1,000 people indicated a generational gap in terms of trust in an AI personal assistant – nearly 62% of respondents aged 16 to 24 said they would trust an AI for handling the back and forth emailing of such tasks compared with 35% of those aged 55+.The survey indicated roughly two hours a week would be saved by automating such tasks, with respondents saying they would redeploy this time to pursuits such as taking care of their family (24%), going shopping (21%) and making love (20%).'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/sustainable-business/2017/jan/25/artificial-intelligence-has-arrived-but-australian-businesses-dont-know-how-to-use-it'|'2017-01-25T07:33:00.000+02:00'
'8dbabd5e3826f12987ff514f8db746072e52e59d'|'TABLE-Foreign trading in South Korean stocks'|'Financials  23am EST TABLE-Foreign trading in South Korean stocks SEOUL, Jan 25 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0721 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 25 211.3 -377.4 109.3 ^January 24 -13.1 9.2 -12.5 January 23 116.7 -109.3 -11.8 January 20 -46.5 38.0 6.7 January 19 146.0 -282.9 128.8 January 18 -19.3 87.4 -72.3 January 17 -8.4 90.3 -83.0 January 16 -239.4 184.7 40.0 January 13 -108.4 163.5 -58.5 January 12 31.4 -10.4 -32.1 January 11 485.5 -55.1 -430.0 January 10 99.6 -249.8 128.6 January 9 254.4 -457.4 193.4 January 6 171.3 -136.5 -28.8 January 5 84.1 -164.8 65.5 Month to date 1,577.7 -1,888.3 97.8 Year to date 1,577.7 -1,888.3 97.8 ^ January 24 figures revised. ($1 = 1,165.1500 won) (Reporting by Nataly Pak) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southkorea-stocks-trading-idUSL4N1FF2IW'|'2017-01-25T14:23:00.000+02:00'
'ed675516455454a3ab5b4f673627aeb85ebae8ab'|'Goldman Sachs files $1 bln countersuit against Indonesian businessman'|'JAKARTA Jan 24 Goldman Sachs filed a $1 billion counter lawsuit on Tuesday against an Indonesian businessman who is seeking damages from the U.S. bank for conducting what he called "unlawful" trades in the shares of a property firm.Benny Tjokrosaputro, president director of Indonesian property developer PT Hanson International Tbk, filed a lawsuit in a Jakarta court on Sept. 8 against Goldman''s unit, Goldman Sachs International.Tjokrosaputro, who says that he owned the 425 million Hanson shares that Goldman traded, is seeking 15 trillion rupiah ($1.1 billion) in compensation from Goldman Sachs International and wants its assets frozen in Indonesia and overseas.Goldman had said in response that Goldman Sachs International was the legal owner of the Hanson shares. (Reporting by Eveline Danubrata; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-goldman-sachs-lawsuit-idINJ9N1EZ00J'|'2017-01-24T02:51:00.000+02:00'
'942e906777b654a6ed64b37943ec0c2caabf750a'|'Ford launches brand to sell auto parts to fix competitors'' vehicles'|'Tue Jan 24, 2017 - 5:11am GMT Ford launches brand to sell auto parts to fix competitors'' vehicles left right The Ford logo is seen in a rim of car in Cuautitlan Izcalli, Mexico January 4, 2017. REUTERS/Carlos Jasso 1/2 left right People walk by the Ford display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch 2/2 By Bernie Woodall - DETROIT DETROIT Ford Motor Co ( F.N ), in a bid for a piece of the rapidly growing global auto parts market, is launching a new brand called Omnicraft to sell parts to Ford dealers and independent repair shops to fix competitors'' vehicles. Omnicraft joins Ford''s established Motorcraft which makes parts for Ford vehicles. Frederiek Toney, president of Ford''s customer service division, said the global business for automotive parts, which is now estimated at more than $500 billion, and service will expand by 70 percent in the next six years or so. Toney would not say how much of the global market Ford wants to capture, but said that in 10 years the company would be pleased if 10 percent to 15 percent of its parts sales were from Omnicraft. Suppliers will make the parts, and Ford will sell them at a profit, but says they will be competitively priced, in part to attract independent repair shops as well as its own dealers. Having the parts for non-Ford vehicles will allow dealers to increase repair and service business, as well as offer an opportunity to convince owners to look over new Ford cars and trucks while they are at the dealership. At first, Omnicraft parts will be sold at Ford and Lincoln dealerships, of which there are 3,200 in the United States and 10,500 globally. Omnicraft will be active in Ford''s major markets around the world, Toney said. As the average age of vehicles increases, especially in mature markets like the United States and Europe, there is more of a need for auto parts, said Toney, "which is no secret. It behooves us to try to compete for the life cycle of ownership" and not to focus as Ford has on the early years of that cycle. In the U.S. market, the average age of a vehicle on the road is more than 11 years. (Reporting by Bernie Woodall; Editing by Lisa Shumaker) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ford-motor-parts-idUKKBN1580D3'|'2017-01-24T12:05:00.000+02:00'
'6940a789a2873bdf9a4cac3913621ccbf9eeae9f'|'Canada court dismisses challenge to controversial arms deal'|'Company   1:02pm EST Canada court dismisses challenge to controversial arms deal OTTAWA Jan 24 A Canadian court on Tuesday dismissed a challenge to the government''s controversial arms deal with Saudi Arabia, ruling that the former foreign affairs minister considered the relevant security and human rights factors. Former Foreign Affairs Minister Stephane Dion and the Liberal government came under fire last year for signing off on a $13 billion General Dynamics Corp contract to supply light armored vehicles to Saudi Arabia, despite concerns about the country''s human rights record. The Liberals have argued they had no choice but to honor what they said was a binding contract made in 2014 under the previous Conservative government. Dion signed the key export permits last April. The application for judicial review was brought before the Federal Court last year by Daniel Turp, a professor at the Universite de Montreal and former member of parliament for the separatist Bloc Quebecois. Turp argued that the issuance of the permits was against Canada''s export rules, as well as the Geneva Convention, and that there was a reasonable risk that the armored vehicles would be used against Shi''ite minorities in Saudi Arabia. The government countered that Dion''s sole obligation was to take into account all the relevant factors, which he did. Justice Daniele Tremblay-Lamer found that it was up to Dion to assess whether there was a reasonable risk the vehicles might be used against civilians, noting that there have been no incidents in which light armored vehicles have been used in human rights violations in Saudi Arabia since trade relations began with Canada in the 1990s. "The role of the court is not to pass moral judgment on the minister''s decision to issue the export permits but only to make sure of the legality of such a decision," Tremblay-Lamer wrote. "The court is of the opinion that the minister considered the relevant factors. In such a case, it is not open to the court to set aside the decision." Turp was not immediately available for comment. Joseph Pickerill, a spokesman for current Foreign Affairs Minister Chrystia Freeland, said the minister thanked the court for its decision. Dion was replaced as foreign affairs minister earlier this month by Freeland, who was previously in charge of trade. Tremblay-Lamer dismissed the judicial review without costs. Turp has 30 days to appeal. (Reporting by Leah Schnurr; Editing by Andrew Hay) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-politics-dion-idUSL1N1FD29B'|'2017-01-25T01:02:00.000+02:00'
'61b30e2e6cf82d0f25378f9234b3dcf44ca59b68'|'UPDATE 1-JetBlue operating revenue up 2.9 pct as checked bag fees rise'|'Thu Jan 26, 2017 - 8:11am EST JetBlue operating revenue up 2.9 percent as checked bag fees rise The JetBlue Airways logo is seen on a revolving door entering John F. Kennedy Airport in the Queens borough of New York U.S., January 24, 2017. REUTERS/Shannon Stapleton U.S. budget carrier JetBlue Airways Corp ( JBLU.O ) reported a rise in quarterly operating revenue on Thursday, helped by higher-than-expected checked bag fees. JetBlue said in December it was earning more than expected from checked bag fees and higher-priced fares, and it planned to double the money it would return to shareholders via stock buybacks. The airline said it expects unit costs excluding fuel to rise 3-5 percent in the first quarter of 2017 and capacity to increase 4.5-6.5 percent. The company also reiterated its previously issued 2017 forecast for unit costs excluding fuel and capacity. JetBlue''s unit revenue, a key metric that measures sales against how many seats JetBlue flies and how far it flies them, fell 1.5 percent in the fourth quarter ended Dec. 31. The company''s total operating revenue rose 2.9 percent to $1.64 billion. The airline''s net income dropped to $172 million, or 50 cents per share, in the quarter, from $190 million, or 56 cents per share, a year earlier. Analysts on average were expecting profit of 49 cents per share and revenue of $1.64 billion, according to Thomson Reuters I/B/E/S. JetBlue''s shares were up 1.1 percent at $22 in premarket trading. (Reporting by Arunima Banerjee and Ankit Ajmera and Shashwat Awasthi in Bengaluru; Editing by Savio D''Souza and Martina D''Couto) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-jetblue-airways-results-idUSKBN15A1M5'|'2017-01-26T20:10:00.000+02:00'
'd78589dfee7e40e56956099db2a1dd297bd3757d'|'Barclays to make Dublin its EU headquarters after Brexit - source'|'Business News   8:57am EST Barclays to make Dublin its EU headquarters after Brexit: source The logo of Barclays is seen on the top of one of its branch in Madrid, Spain, March 22, 2016. REUTERS/Sergio Perez/File Photo LONDON Barclays ( BARC.L ) is preparing to make Dublin its EU headquarters for when Britain leaves the European Union, according to a source familiar with the matter on Thursday. Global banks and insurers have begun signaling how they will put plans into action to cope with a "hard" exit from the European Union, after Prime Minister Theresa May said that Britain would leave the single market. Barclays already has a small unit in Dublin with around 100 people. "We have made clear repeatedly that we will plan for a range of Brexit contingencies, including building greater capacity into our existing operations in Dublin," a spokesman for Barclays in London told Reuters. "Identifying available office space is a necessary and predictable part of that contingency planning process." Bloomberg News reported that Barclays would add around 150 staff to its operations in the Irish capital. (Reporting By Anjuli Davies; Editing by Rachel Armstrong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-britain-eu-barclays-idUSKBN15A1TS'|'2017-01-26T20:53:00.000+02:00'
'ea13725c0d1375bf3982463fb3650e885a697816'|'UPDATE 1-Chile''s Codelco suspends Andina copper mining operations after worker dies'|'Company  10pm EST UPDATE 1-Chile''s Codelco suspends Andina copper mining operations after worker dies (Adds details of incident, statement from Codelco) SANTIAGO Jan 26 Chile''s state-owned miner Codelco suspended mining operations at its Andina copper mine after a worker died in an accident, the company said on Thursday. The company said the incident occurred around midday while the worker was performing maintenance tasks in an underground section of the mine. Codelco activated security protocols and launched an investigation to determine the cause of the incident. "Critical production processes are still operating" despite the halt in mining operations, the company told Reuters. Chile is the world''s largest copper producer, and Codelco is the largest company by output. (Reporting by Fabian Cambero; Writing by Luc Cohen; Editing by James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chile-codelco-idUSL1N1FG1M3'|'2017-01-27T01:10:00.000+02:00'
'f1e725e37f9eb9ee33d8e80d243808d74bc79630'|'Sudanese pound jumps against dollar on black market'|'Financials  04pm EST Sudanese pound jumps against dollar on black market Jan 26 The Sudanese pound strengthened on the black market on Thursday to 16 pounds to the dollar from 19, currency traders told Reuters. Sudan''s central bank held the official rate at 6.8 pounds to the dollar. Bankers and traders credited the gains to former president Barack Obama''s decision, just before he left office earlier this month, to ease U.S. sanctions on Sudan. Doing so will lift a 20-year-old trade embargo against Sudan, unfreeze assets and remove financial sanctions. Obama acted in response to Khartoum''s cooperation in fighting Islamic state and other groups. His decision will be delayed for 180 days, pending efforts by Sudan to improve its human rights record and resolve outstanding political and military conflicts. "The results of the sanctions lift have started causing shocks in the parallel market, and speculators will incur losses," Sudanese Industrial Development Bank Manager Musaed Abdel-Karim told Reuters. "The other reason is the reception of the grant from the United Arab Emirates. This could lead the central bank to take additional measures to stabilize the exchange rate," Abdel-Karim said. The United States first imposed sanctions on Sudan in 1997, including a trade embargo and a block on government assets, for human rights violations and on concern over terrorism. It laid on more sanctions in 2006 for what it said was complicity in violence in Darfur. The head of Sudan''s central bank signed an agreement with the Abu Dhabi Fund for Development last week for a $500 million deposit, state news agency SUNA reported. Sudan''s economic problems have been building since the south seceded in 2011, taking with it three-quarters of the country''s oil output, the main source of foreign currency and government income. (Reporting by Khalid Abdelaziz, writing by Nadine Awadalla, editing by Larry King) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sudan-currency-idUSL5N1FG669'|'2017-01-27T00:04:00.000+02:00'
'e866c1a036d8ab91dff81453794678f773ddd12a'|'Apple strategy in "smart home" race threatened by Amazon'|'Business News - Fri Jan 27, 2017 - 1:11pm GMT Apple strategy in ''smart home'' race threatened by Amazon The Amazon Echo, a voice-controlled virtual assistant, is seen at its product launch for Britain and Germany in London, Britain, September 14, 2016. REUTER/Peter Hobson By Stephen Nellis SAN FRANCISCO - In less than a year, Amazon''s combination of the Echo speaker system and the Alexa voice-controlled digital assistant has come close to delivering on the elusive promise of easy-to-use technology that can control gadgets in the home with a few spoken words. Yet Amazon.com Inc''s ( AMZN.O ) surprise success sets up a long-term battle with Apple Inc. ( AAPL.O ) and Alphabet Inc''s Google ( GOOGL.O ) for primacy in the connected household. And the contours of that competition are following a classic tech industry dynamic. Amazon is pursuing an open-systems approach that allows quick development of many features, while Apple is taking a slower route, asserting more control over the technology in order to assure security and ease-of-use. The strategic importance of the "connected home" niche looms large: Amazon wants a way to own its customer interactions -mainly shopping online - without an Apple phone or a Google Web browser as an intermediary. Apple needs to keep the iPhone at the center of customers’ lives, and has built a whole home automation architecture, called Homekit, into its smartphone. Google, for its part, is investing heavily in both intelligent assistant software and home-automation devices like the Nest thermostats and, more recently, the Google Home speaker. But Google is behind in the race, with its speaker only hitting the market in November and compatible with a handful of gadgets beyond Nest and Dropcam, which the company also owns. “When the iPhone rolled out in 2007, everyone developed [software] for that. Right now, everyone is developing for the voice-activated Internet,” said Mark Mahaney, an analyst and managing director with RBC Capital Markets. Mahaney estimates Amazon sold as many as 10 million Alexa-enabled devices over the holiday season. Google hasn''t disclosed sales for its Home speaker. Apple has declined to comment on reports that it has a voice-activated speaker in the works. Apple spokeswoman Trudy Muller said the company is leading the industry by being the first to integrate home automation into a major platform with iOS 10. “The number of HomeKit-compatible accessories continues to grow rapidly with many exciting solutions announced just this month,” she said. For the smart home, the key developer partners are the makers of household devices ranging from lighting systems to refrigerators. There are currently about 250 devices that are certified to work with Alexa, and Amazon has encouraged rapid development of third-party applications with its open-systems approach and even financial incentives for some partners. Apple''s Homekit, by contrast, has about 100 certified devices. And the reasons behind that gap show both the risks and the potential rewards of Apple''s approach. HOW APPLE EXERTS CONTROL To be Homekit-certified, gadget makers must include special chips to work with Apple’s system. Developers that order small volumes of the chips say they can cost an 50 cents to $2, though prices are lower for larger buyers. Apple also requires developers to buy specific WiFi and Bluetooth networking chips that cost more than competitors. The devices have to be made in special factories that are certified by Apple. A confidential Apple document obtained by Reuters lists more than 800 of these factories, but only a few specialize in home automation products. Developers can ask Apple to certify an unlisted factory they want to use. But the limited selection means that device makers can''t always get the best prices or work with their preferred factories. The founder of one startup that considered pursuing HomeKit approval for a device that helps control home temperatures said the company picked a factory with 40,000 employees that was making well known "Star Wars" toys, but it couldn''t use that factory for HomeKit products. "They''re a huge company, a legitimate manufacturer that makes tech household brands. And yet they''re not [Apple] certified," said the founder, who declined to speak on the record because of non-disclosure agreements with Apple. Manufacturers also have to send product samples to Cupertino, where Apple tests them extensively for compatibility. The whole process can take three to five months. During that time, device makers aren''t allowed to say publicly that they''re pursuing HomeKit certification. Some developers say it''s worth it. "They found issues with our product before we released it that we didn''t find in our testing," said Gimmy Chu, CEO of Nanoleaf, a smart lighting system. "We know that after we have the certification that it''s rock solid." AMAZON''S "OPEN" APPROACH Alexa, by contrast, only requires smart home companies to write software code and submit it to Amazon for review. There are no special chips. To earn the "Works with Alexa" label -which isn’t required to function with Alexa but does help promote products on Amazon’s website - startups must have their products physically tested. Amazon does allow that to happen in a third-party lab, however. Once those certifications are in hand, Amazon says it will decide whether or not a device gets the “Works with Alexa” label within 10 days. Apple''s approach has some clear advantages when it comes to privacy, security and ease-of-use. HomeKit gadgets, for example, can operate without being connected to the Internet. (An iPad or Apple TV connected to the Internet is required if you want to control devices when you’re outside the house.) “It also makes for a better user experience,” notes Ahmed Abdallah, a senior engineer at Incipio, which makes HomeKit-compatible devices such as electrical outlets. “You’ll experience some latency if you’re always having to bounce off the cloud” as with Alexa. Apple also has an advantage around setup. iPhone owners open up the Home app and set up a device with just a few taps. With Alexa, customers have to download the gadget’s companion app first, set up the device, then add a “skill” to Alexa in the Alexa app. Apple''s ease of setup lured in some big brands like Hunter Fan Company, the top-selling ceiling fan maker in the U.S. “If that experience isn’t good, it has a strong negative halo on the brand because customers just assume the product is bad,” said John Neilson, the company’s chief marketing officer. Amazon acknowledges that unlike Apple, it can''t guarantee the security of third-party devices. A company spokeswoman did note that sensitive commands like unlocking doors have an extra layer of security such as a voice-controlled PIN. Still, it''s not clear whether Apple''s elaborate but slow-to-develop system will have enough advantages to overcome Amazon''s widening lead. “The danger I see for Apple and the home is they’re assuming that because I have a smartphone that may be an Apple device, that alone is enough of a Trojan horse to establish their mindshare,” said Andreas Stavropoulos, a partner at venture capital firm DFJ. “I wouldn’t say that''s certain yet.” (Editing by Jonathan Weber and Edward Tobin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-apple-amazon-analysis-idUKKBN15B1AE'|'2017-01-27T20:09:00.000+02:00'
'09790743f8132b04e736cf099d9b7771a4d2c4ee'|'Chinese Lunar New Year "ticket snatching" apps raise hackles'|'Cyclical Consumer Goods - Fri Jan 27, 2017 - 12:00am EST Chinese Lunar New Year "ticket snatching" apps raise hackles * Software designed to help customers get train tickets * Demand outstrips supply during Lunar New Year * New apps criticised in state media, by some users * Apps ask people to pay extra to boost chance of seat By Christian Shepherd and Muyu Xu BEIJING, Jan 27 As China gears up for Lunar New Year, when hundreds of millions of people head home, popular software charging extra to improve the odds of getting coveted rail tickets has been criticised by state media and some users as being akin to modern-day touting. Plugged by app developers as a way to simplify purchasing, the use of the "ticket snatching" software has ballooned in recent years as more people buy on mobile devices. "High demand for rail tickets during the New Year season cannot be an excuse for snatching apps to rob consumers, disturb public order and even push up the price," People''s Daily, the official newspaper of the ruling Communist Party, said in a commentary earlier this month. The Chinese authorities say they want to ensure equal access to rail tickets for all during Lunar New Year, which starts on Jan. 28 this year; about three billion trips will be made in the world''s biggest mass migration. The number of buyers outstrips seats available on trains, and leads to long queues and jostling for position when tickets go on sale. When purchasing moved online, "snatching" software sprang up from travel and tech companies hoping to increase users'' chances of making it to the front of the virtual queue. Shuang Xu, who works for a travel company in Beijing, started looking for tickets to her home city of Chongqing two weeks before she planned to leave for the New Year, but the official train booking website, www.12306.cn, kept crashing. Xu paid 60 yuan extra to buy two high-speed train tickets, worth 1,535 yuan, from the capital to the southwestern city. "I had no choice but to try other ways," she said. EXPLOSIVE GROWTH In 2017, almost half of all train tickets are expected to be sold via mobile apps compared to 27 percent in 2016, according to a report by Zhixing Railway Tickets, a booking app company bought by online travel agent Ctrip in 2015. Software provided by the likes of Ctrip.com International Ltd and search engines including Qihoo 360 Technology Co gives users a better chance, though no guarantee, of securing a spot on China''s trains. The cost for improving the odds varies across platforms and can range from an extra 20 to 200 yuan ($2.90-$29). More than 50 Chinese travel and tech companies have rolled out ticket snatching software in recent years, acquiring rival apps to help ensure a piece of the growing market for digital ticket booking services. Ctrip, China''s biggest online travel company, has acquired a number of rival companies with ticket-selling apps, which combined make the company the largest provider of the mobile app software. Most apps, including those by Ctrip, only charge users if they successfully secure tickets, although critics say bundled insurance and other add-ons create price competition regardless of the policy. JUMPING THE QUEUE? Ctrip declined to be interviewed for this article. Qihoo 360''s company policy stated it used "safe, no add-ons, no bundles" ticket snatching. "We have never charged any kind of fee from our users in any way," said Wang Yinhua, chief ticket snatching engineer at 360 Browser, a popular web browser developed by Qihoo 360. He added: "Before the age of online ticket purchases, people had no choice but to queue up through the night at railway stations and ticket windows." Yet the software bears some similarity to ticket touts, according to Zhao Zhanling, a legal adviser to the Internet Society of China, which is a non-governmental body backed by the Ministry of Industry and Information Technology. "Using ticket snatching software is in effect allowing (buyers) to cut in line," he said. "If there are people who use technology to cut in the line, this means more people who use 12306 (without software) do not get tickets." One traveller wrote on the Twitter-like Sina Weibo messaging service: "I didn''t see the difference between snatching apps and scalpers." Touting is illegal in China, and companies cannot charge more than 5 yuan on top of a train ticket''s set price as a service charge. But snatching software is seen as entrusting a third party to buy the ticket on your behalf, so it does not break the rules. National railway operator China Railway Corp did not respond to faxed requests for comment. ($1 = 6.8805 Chinese yuan renminbi) (Editing by Mike Collett-White) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/lunar-newyear-china-trains-idUSL4N1FG1WN'|'2017-01-27T12:00:00.000+02:00'
'fcd368f789aa6ead3d13e2b92114694b6bd635f4'|'BRIEF-Capricorn Business Acquisitions announces proposed consolidation and private placement'|'Market News   6:00pm EST BRIEF-Capricorn Business Acquisitions announces proposed consolidation and private placement Jan 25 Capricorn Business Acquisitions Inc * Announces proposed consolidation and private placement * Intends to seek shareholder approval for a 1-for-3 consolidation * Intends to proceed with a non-brokered private placement offering of up to 3.8 million post-consolidation common shares * Private placement offering of post-consolidation common shares at a price of c$0.08 per post-consolidation common share   Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSASB0AWTV'|'2017-01-26T06:00:00.000+02:00'
'd9336b7ec1baa204f75ce279ecb3e88fd628b4c5'|'Smiths Group sells power business to investment firm Dunes Point'|'Business News - Thu Jan 26, 2017 - 6:08am EST Smiths Group sells power business to investment firm Dunes Point British engineering conglomerate Smiths Group Plc ( SMIN.L ) said on Thursday that it sold the power business of one of its units to private investment firm Dunes Point Capital as a part of a plan to make the company leaner. Smiths Group said it sold Smiths Interconnect''s power business in a deal with an enterprise value of 162 million pounds ($204 million), and that it would reinvest the proceeds. Smiths Interconnect is the conglomerate''s second-smallest unit and the power business accounted for about 3 percent of the company''s total 2016 revenue of nearly 3 billion pounds. Smiths Group had sold its artificial lift business, a part of its John Crane unit in September for $39.2 million. The company''s shares were up 1.1 percent at 1509 pence at 1039 GMT on Thursday on the London Stock Exchange. Harris Williams & Co gave Smiths Interconnect''s power business financial advice. (Reporting by Vidya L Nathan in Bengaluru; Editing by Savio D''Souza) Next In Business News ''Show me the money'': divorce first, then trade deal, EU tells UK BRUSSELS Since Prime Minister Theresa May set out her Brexit goals last week, interest in Britain has focused on the future trade deals she may one day strike with the United States and other powers, as well as with the European Union. Brexit fallout to hit Britain in 2017, 2018: EU''s Moscovici BRUSSELS The British economy will pay higher costs this year and next for the uncertainty created by its vote to leave the European Union, the EU economics commissioner said on Thursday, though he recognized Britain had so far fared well since the referendum. Exclusive: Millions of barrels of Venezuelan oil stuck at sea in dirty tankers HOUSTON/PUNTO FIJO, Venezuela More than 4 million barrels of Venezuelan crude and fuels are sitting in tankers anchored in the Caribbean sea, unable to reach their final destination because state-run PDVSA cannot pay for hull cleaning, inspections, and other port services, according to internal documents and Reuters data. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-smiths-group-divestiture-idUSKBN15A19S'|'2017-01-26T18:06:00.000+02:00'
'f92b29d131ef82c19a28a42aba0cba5d1b676b2b'|'Tie-up between Intesa and Generali would be ''market operation'': minister'|'Deals  17am EST Tie-up between Intesa and Generali would be ''market operation'': minister Pier Carlo Padoan, Minister of Economy and Finance of Italy attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2017. REUTERS/Ruben Sprich BRUSSELS Italian Economy Minister Pier Carlo Padoan said on Thursday that a possible tie-up between the country''s biggest retail lender Intesa Sanpaolo ( ISP.MI ) and its largest insurer Assicurazioni Generali ( GASI.MI ) would be a market affair. "I don''t want to comment, it is a market operation," Padoan said on the margins of a meeting of finance ministers in Brussels. (Reporting by Francesco Guarascio; writing by Francesca Landini) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-generali-m-a-intesa-sp-minister-idUSKBN15A237'|'2017-01-26T22:17:00.000+02:00'
'13f20b293eb1cecbe64248f41411c217003d3043'|'Crisis-hit BT seeks to reassure investors with strong consumer growth'|'  7:19am GMT Crisis-hit BT seeks to reassure investors, points to strong consumer demand A man walks past a BT logo outside of offices in the City of London, Britain, January 24, 2017. REUTERS/Toby Melville LONDON BT ( BT.L ), the telecoms group reeling from an accounting scandal and a slowdown in its government work, said it was seeing record growth in its EE mobile unit and good momentum in consumer operations in a bid to reassure investors. In results overshadowed by the profit warning on Tuesday that wiped out a fifth of its market value, the group said it had added 83,000 broadband customers in its third quarter, while 260,000 switched to faster fibre connections. "I am deeply disappointed with the unacceptable practices by some that we''ve found," Chief Executive Gavin Patterson said. Adjusted core earnings for the quarter rose 18 percent to 1.87 billion pounds, it said. (Reporting by Paul Sandle; editing by Kate Holton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bt-group-results-idUKKBN15B0IP'|'2017-01-27T14:38:00.000+02:00'
'768f2a2c07c59001776d15e8e47aab64f549cef9'|'Finish Line to sell JackRabbit business to CriticalPoint Capital'|'Jan 26 Sportswear retailer Finish Line Inc said on Thursday it would sell its unprofitable JackRabbit business to CriticalPoint Capital LLC, two months after announcing that it would explore strategic alternatives for the specialty running gear unit.JackRabbit, formerly known as Running Specialty Group, is a chain of 65 stores in 17 U.S. states selling running gear under brands such as Brooks, ASICS and Hoka One One.The company did not disclose the deal value.The business generated about $90 million in sales in the fiscal year ended February 2016, accounting for 4.8 percent of the company''s total sales.Finish Line said it expects to book a charge of about $33 million-$36 million related to the sale in the current quarter."As we exit the running specialty business, we dedicate our entire focus to serving our core Finish Line and Finish Line Macy''s customers," Chief Executive Sam Sato said in a statement.Finish Line, whose shares were up 1 percent in post-market trading, said it expects realize a cash tax benefit of about $29 million-$31 million from the sale, a portion of which it expects to receive in the current quarter. (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/finish-line-sale-jackrabbit-idINL4N1FG5J9'|'2017-01-26T20:05:00.000+02:00'
'7a714fb5bb5a8390492205ed22ec8ca7e08f74af'|'With no new bids, Performance Sports to sell assets to Sagard, Fairfax'|'Performance Sports Group Ltd said on Thursday it would seek approval from a U.S. bankruptcy court for the sale of its assets to Sagard Capital Partners LP and Fairfax Financial Holdings Ltd ( FFH.TO ), after it failed to attract other bids.Sagard, Performance''s biggest shareholder, and Fairfax had agreed in October to act as "stalking horse" bidders to buy most of the Bauer ice hockey gear maker''s assets and its North American units for $575 million.A "stalking horse" bid is an opening offer that other interested bidders must surpass if they want to buy the company.The auction scheduled for Jan. 30 will not be held as no qualified bids were submitted by the deadline of Jan. 25, said Performance, which owns Mission Roller Hockey and Maverik Lacrosse brands.The former chairman of Performance, which has filed for bankruptcy protection in October, was in talks with U.S. and Canadian private equity firms about submitting a bid for the company, Reuters had reported then.Performance, which also makes baseball bats and other sports equipment, said it would seek the approval of the courts for the sale at the final sale hearing, scheduled for Feb. 6.The closing is expected to occur on or about Feb. 23 and no later than Feb. 27, the company said.(Reporting by Arathy S Nair in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-performance-bankruptcy-idINKBN15A1OJ'|'2017-01-26T10:00:00.000+02:00'
'95f731d83a92adeac0c0f3a8a51a64b23d262201'|'Italian senators tell government to keep Generali Italian'|'ROME More than 100 Italian senators - many from the ruling Democratic Party - have tabled a question in parliament asking the government what steps it plans to take to protect insurer Generali from any foreign takeover.Generali, Italy''s biggest insurer, has seen recent leadership changes amid mounting talk that foreign companies such as France''s AXA ( AXAF.PA ) and Germany''s Allianz ( ALVG.DE )are interesting in the group.One of the senators, Francesco Russo, said in a statement on Thursday that the parliamentary question had been presented to Economy Minister Pier Carlo Padoan.Italy''s biggest retail bank Intesa SanPaolo ( ISP.MI ) said this week it was considering a tie-up with Generali.(Reporting by Giuseppe Fonte, writing by Gavin Jones)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-m-a-senators-idINKBN15A29G'|'2017-01-26T13:29:00.000+02:00'
'f07c4088627960da0ca2df382ff2de9ef93d335b'|'Greek private sector bank deposits drop in Dec. due to statistical change'|'Financials  24am EST Greek private sector bank deposits drop in Dec. due to statistical change ATHENS Jan 27 Greek private sector bank deposits registered a drop in December after rising in the two previous months, central bank data showed on Friday, with the fall attributed to statistical counting changes. Business and household deposits fell by 3.42 billion euros, or 2.7 percent month-on-month to 121.38 billion euros ($129.8 billion), their lowest level since July 2003. They had increased by 170 million euros to 124.8 billion in November. Starting in December last year, the Bank of Greece stopped counting deposits of 4.2 billion euros held in the Loans & Consignment Fund and another 2.1 billion euros in the Deposit Guarantee Fund (TEKE) as private sector deposits. Its move followed a reclassification by the country''s statistics service ELSTAT, which groups the two institutions under the general government sector. Greek banks have seen small deposit inflows in more than a year after the country clinched a third bailout to stay in the euro zone. They remain dependent on central bank borrowing to plug their funding gaps. The gap between outstanding loans and deposits has forced Greek lenders to rely on borrowing from the European Central Bank and the Bank of Greece to plug their funding holes. Greece''s banking sector saw a 42 billion euro deposit outflow from December to July last year. Capital controls imposed on June 28 last year helped contain the flight but sharply increased banks'' dependence on emergency liquidity assistance (ELA) from the Bank of Greece. The government eased capital restrictions last year after making headway on bailout-mandated reforms and improved confidence in the banking system. As part of the relaxation of controls, "mattress" cash that are returned to banks are not subject to the restrictions, meaning amounts deposited can be fully withdrawn. Banks have been offering higher interest rates to attract back billions of euros that savers pulled out in cash last year, paying up to half a percentage point above what existing time deposits earn. (Reporting by George Georgiopoulos) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/greece-banks-deposits-idUSA8N1DA02O'|'2017-01-27T18:24:00.000+02:00'
'1d16ac2f241a5cbe91fdbe1f2f230cc8f1438bb1'|'Weak exports curb U.S. fourth-quarter economic growth'|'Business News - Fri Jan 27, 2017 - 2:27pm GMT Weak exports curb U.S. fourth-quarter economic growth FILE PHOTO - Shipping containers are seen at the Port Newark Container Terminal near New York City July 2, 2009. REUTERS/Mike Segar By Lucia Mutikani - WASHINGTON WASHINGTON U.S. economic growth slowed sharply in the fourth quarter as a plunge in shipments of soybeans weighed on exports, but steady consumer spending and rising business investment suggested the economy would continue to expand. Gross domestic product increased at a 1.9 percent annual rate, the Commerce Department said on Friday in its first estimate of fourth-quarter GDP. That was a deceleration from the 3.5 percent growth pace logged in the third quarter. As a result, the economy grew only 1.6 percent in 2016, the weakest pace since 2011. Growth last year was constrained by cheap oil and a strong dollar, which hurt company profits and undercut business investment. An inventory correction also eroded growth. Those impediments to growth are mostly out of the way. The economy expanded 2.6 percent in 2015. In the fourth quarter, exports fell at a 4.3 percent rate, reversing the 10 percent increase notched in the third quarter. The fourth-quarter drop in exports was the biggest since the first quarter of 2015. Trade sliced off 1.70 percentage points from GDP growth in the fourth quarter after adding 0.85 percentage point in the prior period. That was the biggest drag since the second quarter of 2010. Most of the hit came from soybean exports, which fired up GDP growth in the third quarter after a poor soy harvest in Argentina and Brazil. Economists polled by Reuters had forecast GDP rising at a 2.2 percent rate in the fourth quarter. Prices for U.S. government debt rose and U.S. interest rates futures turned flat after the data. U.S. stock index futures pared gains while the dollar fell against the euro and yen. OUTLOOK FAIRLY BRIGHT With a labor market at or near full employment starting to lift wages and supporting consumer spending, the outlook for the economy is fairly bright. Growth this year could also get a boost from President Donald Trump''s pledge to increase infrastructure spending, cut taxes and reduce regulations. Although Trump has offered little detail on his economic policy, his promises have been embraced by consumers, businesses and investors. Consumer and business confidence have soared, while the U.S. stock market has rallied to record highs. But uncertainty over the Trump administration''s trade policy poses a risk to the economy. A stronger economy would also mean further interest rate increases from the Federal Reserve. The U.S. central bank has forecast three rate hikes this year. It raised its benchmark overnight interest rate in December by 25 basis points to a range of 0.50 percent to 0.75 percent. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased at a 2.5 percent rate in the fourth quarter. It rose at a 3.0 percent pace in the third quarter. Income at the disposal of households increased 3.7 percent in the fourth quarter after a robust 4.1 percent rise in the prior period. Savings dipped to $791.2 billion from $818.1 billion in the third quarter. With domestic demand increasing steadily, businesses continued to restock. They accumulated inventories at a rate of $48.7 billion in the last quarter, up from $7.1 billion in the third quarter. Inventories added 1.0 percentage point to GDP growth, double the contribution in the third quarter. Business investment shifted into higher gear, with spending on equipment increasing at a 3.1 percent rate after four straight quarterly declines. The gain reflects a surge in gas and oil well drilling, in tandem with rising crude oil prices. Spending on mining exploration, wells and shafts increased at a 24.3 percent rate after declining at a 30.0 percent pace in the third quarter. Energy services firm Baker Hughes said last Friday that U.S. energy companies added 29 oil rigs in the week to Jan. 20, bringing the total count to 551 - the most since November 2015. Investment in nonresidential structures, however, fell at a 5.0 percent pace in the fourth quarter after rising at a 12.0 percent rate in the prior period. Investment in home building rebounded after two straight quarterly declines, contributing to growth. Government spending picked up as a rise in state and local government investment offset a decline in federal government expenditures. For graphic on U.S. GDP click: tmsnrt.rs/1GsAlZi (Reporting by Lucia Mutikani; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-economy-idUKKBN15B0E1'|'2017-01-27T21:26:00.000+02:00'
'c4acfc80ac8ef45db16f70a5b2fb2a3feb562bc5'|'German police raid homes over Volkwagen''s emissions scandal'|'Volkswagen emissions scandal: A timeline German police raided 28 homes and offices this week as they widened an investigation into Volkswagen''s diesel emissions scandal. Former CEO Martin Winterkorn stands accused of knowing about the emissions cheating way before the company came clean. He is being investigated for fraud. "There is sufficient reason to believe that [Winterkorn] was aware of the manipulating software and its effect earlier than he publicly claimed," the state prosecutor said in a statement, referring to confiscated documents and statements from witnesses. Winterkorn resigned after the scandal became public. He has said he was stunned by the scale of the misconduct. In his resignation statement, he accepted responsibility for the scandal, but insisted he had no knowledge of the manipulation of emissions tests. Volkswagen ( VLKAY ) said it was cooperating with the authorities, but did not comment on the probe into Winterkorn. Prosecutors first labeled Winterkorn a suspect in late September 2015, only to reverse position a few days later. In June 2016, they said they were investigating him for manipulating the market in Volkswagen shares. On Friday, they added the accusation that he knew about the scandal. Related: Volkswagen settlement talks to include $4.3 billion and a guilty plea The prosecutor said the number of people under investigation has now risen to 37, including Winterkorn. The news follows a decision by U.S. federal investigators to arrest Volkswagen''s former head of regulatory compliance in the U.S. and charge five other officials. Volkswagen has agreed to pay $4.3 billion in federal fines and took the unusual step of pleading guilty to criminal charges in the U.S. Related: Volkswagen executive arrested in emissions scandal Volkswagen admitted in 2015 that it fitted as many as 11 million diesel vehicles worldwide with software that could cheat nitrogen oxide emissions tests. On Wednesday, the carmaker said that the board member in charge of "integrity and legal affairs" would be leaving the company after just over a year in the post because of a difference of views. Former German supreme court judge Christine Hohmann-Dennhardt was brought in to help the company raise its compliance standards following the emissions scandal. CNNMoney (London)  06 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/01/27/news/volkswagen-investigation-police-raids-winterkorn/index.html'|'2017-01-27T16:06:00.000+02:00'
'db2e3ce8724023366c64e22b761794e28969f9b2'|'European bosses underwhelmed by UK industrial revival plan'|'  6:12am GMT European bosses underwhelmed by UK industrial revival plan Kurt Bock, CEO of German chemical company BASF, attends the annual news conference in Ludwigshafen February 24, 2012. REUTERS/Alex Domanski By Ludwig Burger - FRANKFURT FRANKFURT Britain''s proposed drive to foster manufacturing and technology after leaving the European Union will do little to offset the damage from losing access to the trade bloc, the spokesman for an elite club of some 50 European industry bosses said. Britain''s government this week unveiled a new interventionist approach to boost manufacturing and technology for the post-Brexit era and to rebalance an economy that relies heavily on services. Kurt Bock, head of German chemicals giant BASF who speaks for the European industry chiefs, said, "If we''re talking about an industrial policy that aims to control what should grow and what should shrink, I can''t really see that having been successful in any open society." Bock made the remarks while presenting the European Round Table of Industrialists'' (ERT) annual report on Friday. ERT members oversee more than 2.25 trillion euros (1.9 trillion pounds) in revenues between them. In their report, ERT members warned against protectionism they perceive to be on the rise since the financial crisis of 2007-08, even without taking into account Brexit and trade barriers proposed by new U.S. President Donald Trump. Ahead of Britain''s vote last year to leave the EU, the group warned that the UK would be weaker outside the bloc and that investment and job creation in Europe benefited from EU unity. Bock said tax cuts would do little to lure investments and jobs to Britain. British finance minister Philip Hammond this month hinted at this option should Britain be denied a comprehensive trading deal with the EU after Brexit. "For industries focused on trading, financial markets above all, this may provide a special incentive but if we''re talking about manufacturing, what counts is productivity and the costs of labour and raw materials," Bock said in a telephone interview with Reuters. "It''s certainly not enough to offset the disadvantage from leaving the EU." The ERT also urged European lawmakers to foster innovation and digitisation to close a gap with the United States. Setting better rules for the telecoms industry to encourage investments in much-needed broadband data networks could go some way to support the British economy but even that would be more effective if coordinated with European neighbours, Bock said. "An individual nation can make its mark here if it wants to, but the benefits are limited because it''s of course embedded in a global and European structure," said Bock, who is chairman of ERT''s competitiveness working group. Europe''s digital infrastructure is in dire need of an upgrade, with per capita investments in this area at half the level seen in the United States, the ERT warned. ERT members include CEOs and chairmen of blue chip companies from Turkey to Finland and also leading figures at British household names Vodafone, BP and Rolls-Royce. (Additional reporting by Patricia Weiss; editing by Mark Heinrich)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-trade-idUKKBN15B0ED'|'2017-01-27T13:12:00.000+02:00'
'2780e57d29236a0e31bcb9732a577a909938292c'|'EMERGING MARKETS-Mexico stocks in biggest one-day rise since Trump election'|'Company News  52pm EST EMERGING MARKETS-Mexico stocks in biggest one-day rise since Trump election By Bruno Federowski and Miguel Angel Gutierrez SAO PAULO/MEXICO CITY, Jan 24 Mexico''s blue-chip stock index on Tuesday saw its largest one-day rise since the election of President Donald Trump, just one day before key negotiations on trade with the United States begin. The IPC rose 2.19 percent, its third consecutive day of gains, as Mexico prepared to discuss changes in trade rules about a product''s country of origin to try to avoid a disruptive fight with the United States over commerce. The Mexican peso closed down 0.78 percent at 21.53 per dollar. Brazilian stocks hit a nearly five-year high on Tuesday as rising prices of commodities boosted shares of miner Vale SA and state-controlled oil company Petrobras. Shares of Vale, the world''s largest iron ore producer, rose to their highest since January 2013 as China iron ore futures rebounded after a four-day retreat. Vale shares, among the best performers this year, have also benefited from reports of a governance overhaul once its shareholder agreement is renewed as well as efforts to deleverage. Key Latin American stock indexes and currencies at 0025 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 908.51 -0.01 5.38 MSCI LatAm 2535.10 0.68 8.31 Brazil Bovespa 65840.09 0.14 9.32 Mexico IPC 48149.61 2.19 5.49 Chile IPSA 4276.04 0.4 3.00 Chile IGPA 21344.64 0.55 2.94 Argentina MerVal 19366.94 -0.53 14.48 Colombia IGBC 10222.28 0.96 0.93 Venezuela IBC 27598.70 -2.38 -12.95 (Reporting by Bruno Federowski; Editing by Lisa Von Ahn and Andrew Hay) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1FF01C'|'2017-01-25T07:52:00.000+02:00'
'e384c38a3610d40891fee6517d619fffdf093e56'|'EU calls for China to take ''concrete'' steps in opening market'|'Business News - Wed Jan 25, 2017 - 7:26am GMT EU calls for China to take ''concrete'' steps in opening market Hans Dietmar Schweisgut, the European Union''s Ambassador to China, holds a news conference on EU-China relations in Beijing, China, January 25, 2017. REUTERS/Damir Sagolj BEIJING The European Union urged China on Wednesday to make "concrete progress" in opening its markets to global investment, after Chinese President Xi Jinping decried protectionism in a speech at the recent World Economic Forum in Davos, Switzerland. "A speech is a speech and actions are actions," said Hans Dietmar Schweisgut, EU Ambassador to China, adding that he would be "surprised" if Xi was unable to translate words into action. At Davos last week, Xi called for "inclusive globalisation" and for global unity, saying "self-isolation will benefit no-one", two days before the inauguration of U.S. President Donald Trump. During that week, China''s cabinet issued measures to further open the economy to foreign investment, including easing limits on investment in banks and other financial institutions. No further details were provided, nor a timetable for their implementation. So far, the EU has not seen "sufficient signs that China will be willing to grant reciprocity of market access to European companies," Schweisgut told reporters in Beijing. In June 2016, the European Chamber of Commerce in China warned that foreign companies face an increasingly hostile environment in China, with fewer than half its members saying they planned to expand operations in the world''s second-largest economy. Billionaire investor Wilbur Ross, Trump''s choice for commerce secretary, has called China the "most protectionist" country in the world, and said China''s officials "talk much more about free trade than they actually practice." Trump has previously criticised China''s trade practices and threatened to impose punitive tariffs on Chinese imports, and while he did not mention China at his inauguration, he pledged to put "America first" in a nationalist speech. Schweisgut played down chances of a trade war between China and the United States, saying it would be "self-defeating" and that to speculate about the risk is to "look too far down the road". China has said it is confident it can resolve trade disputes with the new U.S. government, though some state media and government advisors have warned that U.S. aircraft manufacturers, automobile companies and agricultural products could be caught in the cross-fire of increased trade tensions. When asked whether Europe saw any opportunities in China''s warnings of punitive measures against the U.S., Schweisgut said this was "interesting speculation" but that he did not know enough about Trump''s trade policy plans to comment. (Reporting by Christian Shepherd; Editing by Simon Cameron-Moore) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-eu-diplomacy-idUKKBN1590KP'|'2017-01-25T14:26:00.000+02:00'
'32106c46cf276c141fd407e8c43babf50786990c'|'Strong company updates seen supporting stocks. For more see the European equities LiveMarkets blog'|'Financials  14am EST Strong company updates seen supporting stocks. For more see the European equities LiveMarkets blog LONDON Jan 25 Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: ** European equities seen opening higher ** Stock index futures up 0.4 to 0.6 pct ** BHP''s 2nd-quarter iron ore output up 9 pct ** Banco Santander posts 4 pct full-year profit rise (Reporting by Atul Prakash) TABLE-Foreign trading in South Korean stocks SEOUL, Jan 25 Daily net trading in shares on South Korea''s main stock exchange by three major categories of investors as of 0721 GMT, in billions of South Korean won (a negative figure indicates net selling): FOREIGNERS INSTITUTIONS RETAIL January 25 211.3 -377.4 109.3 ^January 24 -13.1 9.2 -12.5 January 23 116.7 -109.3 -11.8 January 20'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FF17E'|'2017-01-25T14:14:00.000+02:00'
'd3234f5b14e4af61fc29c55ef5fc57a7e48c2c76'|'EU mergers and takeovers (Jan 25)'|'BRUSSELS Jan 25 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- U.S. medical devices maker Abbott Laboratories to acquire U.S. diagnostics company Alere (approved Jan. 25)-- Canada-listed holding company Fairfax and Sagard Holdings, a subsidiary of Power Corporation of Canada, to acquire joint control of sports good manufacturer PSG (approved Jan. 24)-- Swedish private equity fund Altor Fund IV to acquire rest of customer service provider Transcom Worldwide (approved Jan. 24)-- Predica, an insurance unit of Credit Agricole, and Macquarie take joint control of Groupe Pisto, which manages installations to store and transfer oil products (approved Jan. 24)NEW LISTINGSNoneEXTENSIONS AND OTHER CHANGESNoneFIRST-STAGE REVIEWS BY DEADLINEJAN 30-- ArcelorMittal Distribution Services France and Cellino to create a joint venture Steelcame Srl active in industrial sheet metal workshop and steel distribution (notified Dec. 16/deadline Jan 30)JAN 31-- Austria''s Alpha Bank and investment management firm Centerbridge to take joint control of debt management service coordinator Kaican (notified Dec. 19/deadline Jan 31/simplified)FEB 2-- REI Germany Cross Docks, a unit of NN Group, and CBRE Group Inc together with Poste Vita to acquire indirect joint control of over 10 real estate assets in Germany (notified Dec. 21/deadline Feb. 2/simplified)FEB 3-- Private equity firm Cerberus Group to buy majority stake in Staples Europe from Staples (notified Dec. 22/deadline Feb. 3/simplified)-- UK private equity fund adviser Apax Partners to take sole control of diagnostic service provider Unilabs (notified Dec. 22/deadline Feb. 3/simplified)FEB 6-- TPG Capital to acquire majority stake in Intel Corp''s cyber security unit (notified Dec. 23/deadline Feb. 6/simplified)-- Bunge to buy two European oilseed processing facilities in France and the Netherlands from Cargill (notified Dec. 23/deadline Feb. 6)FEB 7-- U.S. factory automation equipment maker Emerson Electric Co to buy pump manufacturer Pentair Plc''s valves and controls business (notified Jan. 3/deadline Feb. 7)FEB 9-- Sumitomo Rubber Industries Ltd to buy UK firm Micheldever Group (notified Jan. 5/deadline Feb. 9/simplified)FEB 10-- Private equity firm Onex Corp to acquire Parkdean Resorts, a British operator of caravan holiday parks (notified on Jan. 6/deadline Feb. 10/simplified)FEB 14-- Japan''s Sumitomo Corp to buy Ireland''s Fyffes (notified Jan. 10/deadline Feb. 14/simplified)FEB 15-- U.S. conglomerate Koch Industries Inc to acquire equity securities of certain affiliates of U.S. business applications provider Infor Enterprises Applications L.P., which is controlled by private equity fund Golden Gate Private Equity Inc (notified Jan. 11/deadline Feb. 15/simplified)-- China''s Weichai Power Co raises its stake in German industrial vehicle and supply chain system maker Kion (notified Jan. 11/deadline Feb. 15/simplified)-- General Electric Co to acquire rotor blade maker LM Wind Power Holding'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eu-mergers-idINL5N1FF64M'|'2017-01-25T14:12:00.000+02:00'
'afe4e60856489ccd0e839e7b2a687a67ec0e372b'|'EU mergers and takeovers (Jan 24)'|'BRUSSELS Jan 24 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- EP Investment and EP Investment II to jointly acquire Czech utility Energeticky a prumyslovy holding, a.s. (EPH) (approved Jan. 23)-- Hitachi Chemical Company and Italy''s Fiamm to form joint venture in automotive and industrial lead-acid batteries (approved Jan. 23)NEW LISTINGS-- German engineering company Siemens to acquire U.S. software company Mentor Graphics (notified Jan. 23/deadline Feb. 27)-- Japan''s NKT Cables to acquire Swiss power and automation company ABB''s high voltage cable business (notified Jan. 23/deadline Feb. 27)EXTENSIONS AND OTHER CHANGESNoneFIRST-STAGE REVIEWS BY DEADLINEJAN 25-- U.S. medical devices maker Abbott Laboratories to acquire U.S. diagnostics company Alere (notified Nov. 29/deadline Jan. 25 after commitments submitted)JAN 30-- ArcelorMittal Distribution Services France and Cellino to create a joint venture Steelcame Srl active in industrial sheet metal workshop and steel distribution (notified Dec. 16/deadline Jan 30)JAN 31-- Austria''s Alpha Bank and investment management firm Centerbridge to take joint control of debt management service coordinator Kaican (notified Dec. 19/deadline Jan 31/simplified)FEB 2-- REI Germany Cross Docks, a unit of NN Group, and CBRE Group Inc together with Poste Vita to acquire indirect joint control of over 10 real estate assets in Germany (notified Dec. 21/deadline Feb. 2/simplified)-- Canada-listed holding company Fairfax and Sagard Holdings, a subsidiary of Power Corporation of Canada, to acquire joint control of sports good manufacturer PSG (notified Dec. 21/deadline Feb. 2/simplified)FEB 3-- Private equity firm Cerberus Group to buy majority stake in Staples Europe from Staples (notified Dec. 22/deadline Feb. 3/simplified)-- UK private equity fund adviser Apax Partners to take sole control of diagnostic service provider Unilabs (notified Dec. 22/deadline Feb. 3/simplified)FEB 6-- TPG Capital to acquire majority stake in Intel Corp''s cyber security unit (notified Dec. 23/deadline Feb. 6/simplified)-- Bunge to buy two European oilseed processing facilities in France and the Netherlands from Cargill (notified Dec. 23/deadline Feb. 6)-- Swedish private equity fund Altor Fund IV to acquire rest of customer service provider Transcom Worldwide (notified Dec. 23/deadline Feb. 6/simplified)-- Predica, an insurance unit of Credit Agricole, and Macquarie take joint control of Groupe Pisto, which manages installations to store and transfer oil products (notified Dec. 23/deadline Feb 6/simplified)FEB 7-- U.S. factory automation equipment maker Emerson Electric Co to buy pump manufacturer Pentair Plc''s valves and controls business (notified Jan. 3/deadline Feb. 7)FEB 9-- Sumitomo Rubber Industries Ltd to buy UK firm Micheldever Group (notified Jan. 5/deadline Feb. 9/simplified)FEB 10-- Private equity firm Onex Corp to acquire Parkdean Resorts, a British operator of caravan holiday parks (notified on Jan. 6/deadline Feb. 10/simplified)FEB 14-- Japan''s Sumitomo Corp to buy Ireland''s Fyffes (notified Jan. 10/deadline Feb. 14/simplified)FEB 15-- U.S. conglomerate Koch Industries Inc to acquire equity securities of certain affiliates of U.S. business applications provider Infor Enterprises Applications L.P., which is controlled by private equity fund Golden Gate Private Equity Inc (notified Jan. 11/deadline Feb. 15/simplified)-- China''s Weichai Power Co raises its stake in German industrial vehicle and supply chain system maker Kion (notified Jan. 11/deadline Feb. 15/simplified)-- General Electric Co to acquire rotor blade maker LM Wind Power Holding'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eu-mergers-idINL5N1FE3OV'|'2017-01-24T09:02:00.000+02:00'
'12839356958f9d3776a1ce4e99a904408d3faaa2'|'ATR boss troubled by competition impact of Bombardier bailout'|'Business News - Mon Jan 23, 2017 - 11:31am EST ATR boss troubled by competition impact of Bombardier bailout A plane flies over a Bombardier plant in Montreal, Quebec, Canada on January 21, 2014. REUTERS/Christinne Muschi/File Photo By Tim Hepher - TOULOUSE, France TOULOUSE, France The head of the world''s largest maker of turboprop planes, Franco-Italian ATR, raised concerns on Monday that state cash injections Canada''s Bombardier has received for its jet production could distort competition in the turboprop market. "Since 2015 they have got a billion (dollars)...and are working on another billion from Ottawa. I don''t find that amusing and fair competition at all. I am looking at what it means for us, to what extent it threatens us," Chief Executive Christian Scherer told Reuters in an interview. Scherer''s comments come weeks after Brazil, which is home to Bombardier''s main rival in the jetliner market, Embraer ( EMBR3.SA ), said it would challenge Canada at the World Trade Organization over a total of $2.5 billion in Quebec funding for Bombardier, including $1.5 billion from a public pension fund. Bombardier ( BBDb.TO ) is now negotiating a $1 billion injection from Canada''s federal government, after ballooning costs from two aircraft developments forced it to consider bankruptcy in 2015. The lifeline for Bombardier''s CSeries jet could indirectly lead to unfair pricing in the battle for smaller turboprops, where ATR mainly competes with Bombardier''s Q400, Scherer said. Bombardier denied it was involved in any unfair pricing. ATR, which is half-owned by European planemaker Airbus ( AIR.PA ) and half by Italy''s Leonardo ( LDOF.MI ), earlier said its orders dropped by more than half in 2016, while deliveries fell 9 percent. ATR continues to outsell the Q400, but analysts say competition is fierce, highlighted by Bombardier recently ousting ATR as sole supplier to Hawaii''s Island Air. "What is true is that we have improved our sales and marketing team and have been more actively communicating the superior value of the Q400 to potential customers," a Bombardier spokesman said. Trade analysts consider a formal European Union complaint about support for Bombardier unlikely, since Canada''s system of equity infusions is not unlike some of the measures it has defended in a bitter dispute with the United States involving Airbus and Boeing ( BA.N ). (Additional reporting by Allison Lampert; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-atr-aircraft-bombardier-idUSKBN15727U'|'2017-01-23T23:31:00.000+02:00'
'a787f2a8a2850499a7d850c12413b482f807d0ea'|'Mozambique default on eurobond was ''unnecessary'' -creditor group'|'LONDON Jan 23 Mozambique''s default on a coupon payment for its dollar-denominated bond last week was "unnecessary" and a step backwards for the country''s relationship with the holders of the debt, a group of creditors said in a statement on Monday.Mozambique announced a week ago it would not make the $59.8 million payment to holders of its 2023 bond due on Jan. 18 because A deteriorating economic and fiscal situation made its ability to repay debt this year extremely limited."This development is a retrograde step for the prospects of Mozambique engaging in good faith negotiations with bondholders," the Committee of Mozambique''s Bondholders said in a statement."The default was unnecessary, given the improvement since October in Mozambique''s economic and financial situation," the statement said. It added that Maputo was continuing to service other external debt, which signalled "a strategic default targeted at the bondholders."The committee was formed in November and includes AllianceBernstein, Franklin Templeton Investment Management and Greylock Capital Management as well as NWI Management and Pharo Management. It says it represents 60 percent of the holders of Mozambique''s so-called "tuna bond".The southern African country, one of the world''s poorest, has seen its currency and investor confidence collapse since April, when the International Monetary Fund (IMF) halted a loan after uncovering previously undisclosed debts. The additional debt burden came to light only days after bondholders had agreed to a restructuring.In its statement, the committee reiterated there was nothing to negotiate until it saw an international audit of state firms'' loans requested by the IMF and an outline of what sort of engagement the fund would envisage going forward.It also repeated that Mozambique needs to accept "intercreditor equity" - referring to equal treatment for loan and bond creditors as well as bilateral lenders."While negotiations are premature, the committee has been prepared to discuss its views and analysis of all aspects of the situation facing Mozambique. To date, neither the government nor its advisors has engaged with the committee on such initial discussions," the statement said.On Friday, Fitch said Mozambique''s failure to pay the interest on the bond pointed to an extended period of uncertainty. (Reporting by Karin Strohecker; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mozambique-eurobond-creditors-idINL1N1FC1M6'|'2017-01-23T03:00:00.000+02:00'
'23c5f83e4dcfb129abe07275a61f9d4d10b0041f'|'Court rules Shell can''t be sued in London for Nigeria oil spills'|' 29pm GMT Court rules Shell can''t be sued in London for Nigeria oil spills Crude oil flows at the banks of a river, after a Shell pipeline leaked, in the Oloma community in Nigeria''s delta region November 27, 2014. REUTERS/Tife Owolabi By Karolin Schaps and Libby George - LONDON LONDON Royal Dutch Shell ( RDSa.L ) cannot be sued in London over oil spills in Nigeria, the High Court ruled on Thursday, in a setback to attempts to hold British multinationals liable at home for their subsidiaries'' actions abroad. Villagers from the Bille and Ogale communities in the oil-producing Niger Delta in southern Nigeria had said they were affected by pollution and had sought to take action against Shell in London rather than its subsidiary in Nigeria. If the High Court had ruled in favour of the claimants, others could have been encouraged to pursue legal action against British-based multinationals through the British courts, legal experts have said. The court ruled that Shell, as the parent company, does not have legal responsibility for its Nigerian subsidiary, Shell Petroleum Development Company of Nigeria (SPDC), which is jointly operated with the Nigerian government. The judge, Justice Fraser, said: "There is simply no connection whatsoever between this jurisdiction and the claims brought by the claimants, who are Nigerian citizens, for breaches of statutory duty and/or in common law for acts and omissions in Nigeria, by a Nigeria company." The court also said the claimants should be able to use Nigerian courts, which are now delivering quicker verdicts. The villagers argued that Nigerian courts were unfit to hear their case, but Shell said the matter was a uniquely Nigerian issue and should be heard there. Leigh Day, the law firm representing the villagers, said they would appeal against the ruling. "My clients are very confident they will succeed in an appeal," said Leigh Day partner Daniel Leader, who also represented Nigeria''s Bodo community in another oil spill claim against Shell that ended in a $55 million settlement in 2015. Igo Weli, SPDC''s general manager for external relations, said the firm hoped "the strong message sent by the English court today ensures that any future claims by Nigerian communities concerning operations conducted in Nigeria will be heard in the proper local courts". Shell also denies responsibility for the spills, which it says were due to sabotage and illegal refining. Activists said the judgment would unfairly allow Shell to avoid responsibility for its subsidiary''s actions. "This is an unfair judgement. What has happened in London is that Shell has been given power to do whatever with impunity in Nigeria," said Celestine Akpobari, an activist in Ogaliland, where the claimants come from. Last year, the High Court ruled that a case brought by Zambian villagers against mining company Vedanta Resources ( VED.L ) over environmental pollution could be heard in England. Vedanta has appealed the ruling. (Additional reporting by Tife Owolabi in Yenagoa; editing by Susan Thomas, Adrian Croft and Giles Elgood)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-nigeria-court-idUKKBN15A1K3'|'2017-01-27T02:29:00.000+02:00'
'739b427e609e459c25936040a64c32c2876ce538'|'MIDEAST STOCKS-Gulf mixed, Egypt surges on international bond issue success'|'Financials  09am EST MIDEAST STOCKS-Gulf mixed, Egypt surges on international bond issue success * Falling stocks nearly double gainers in Saudi * Nama Chemicals surges on recovery plan * Government announcement on economic plan may aid Kuwait * Dubai in broad-based rebound * Qalaa Holdings up sharply in Egypt By Andrew Torchia DUBAI, Jan 26 Gulf stock markets were mixed on Thursday, supported by strong global equities and oil prices, while Egypt surged on the back of the success of Cairo''s international sovereign bond issue. The Saudi index edged up 0.1 percent though losing stocks outnumbered gainers by 99 to 52. Petrochemical blue chip Saudi Basic Industries added 1.0 percent, while telecommunications firm Zain Saudi rose 2.9 percent. Nama Chemicals jumped 9.6 percent on announcing the main elements of a recovery plan after accumulated losses exceeded 75 percent of its capital. The plan includes eventually increasing capital to finance production of specialty chemical products and boost capacity, and the sale of assets of an investment affiliate. Construction firm Abdullah Abdul Mohsin al-Khodari and Sons fell 3.2 percent after it said the total value of its delayed work as of Dec. 31 was 312.7 million riyals ($83.4 million), only a slight improvement from the previous quarter. In a statement, international equity index compiler MSCI said it welcomed reforms of the Saudi stock market and reiterated it could launch in June a study on whether to include Saudi Arabia in its emerging market index. Kuwait''s index, which has surged more than 19 percent this month, gained 0.5 percent on Thursday in heavy trade, although decliners outnumbered advancers by 55 to 53. On Monday the government plans to announce details of its long-term economic development plan, which could be positive for the stock market if gives more impetus to big infrastructure projects. Dubai''s index rose 0.6 percent in a broad rally, with all 10 of the most heavily traded stocks gaining. GFH Financial, the most active stock, rebounded 4.9 percent after plunging 9.7 percent on Wednesday. Real estate firm Deyaar, which dropped 5.0 percent on Wednesday after its fourth-quarter profit more than halved, recovered 1.6 percent. Qatar''s index fell 0.4 percent. But Qatar International Islamic Bank rose 3.0 percent despite reporting a 7 percent fall in fourth-quarter net profit to 118.4 million riyals ($32.5 million), slightly below QNB Financial Services'' forecast of 126.2 million riyals. Qatar Cement climbed 4.1 percent after annual net profit expanded to 475.1 million riyals from 463.6 million. Its board proposed an annual cash dividend of 40 percent, and a 10 percent bonus share issue. Egypt''s market, reopening after a public holiday on Wednesday, climbed 1.6 percent in moderate volume after news the government was set to sell $4 billion of Eurobonds in three tranches, raising twice as much as targeted when it began a roadshow last week, and at lower yields than initially expected. It was a vote of confidence from foreign investors in the country and confirmation that Cairo has access to international capital markets to cover its deficits. Investment firm Qalaa Holdings, which has been volatile in recent days, rocketed 9.6 percent. Alexandria Flour Mills and Bakeries Co surged 3.3 percent after saying its first-half net profit rose to 24.4 million Egyptian pounds ($1.3 million) from 19.8 million pounds a year ago. THURSDAY''S HIGHLIGHTS * The index edged up 0.1 percent to 7,135 points. DUBAI * The index rose 0.6 percent to 3,701 points. ABU DHABI * The index added 0.4 percent to 4,624 points. QATAR * The index fell 0.4 percent to 10,990 points. EGYPT * The index climbed 1.6 percent KUWAIT * The index gained 0.5 percent to 6,852 points. OMAN * The index fell 0.2 percent to 5,751 points. BAHRAIN * The index edged down 0.02 percent to 1,300 points. (Editing by Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1FG37M'|'2017-01-26T21:09:00.000+02:00'
'754276deb33659751fd7f673723516a76c91b443'|'Digital Bridge to acquire Vantage Data Centers for $1 billion - sources'|'Technology  20am GMT Digital Bridge to acquire Vantage Data Centers for $1 billion: sources By Liana B. Baker Digital Bridge Holdings LLC, a firm that invests in data centers, has agreed to acquire Vantage Data Centers Management Co LLC from buyout firm Silver Lake Partners for well over $1 billion, including debt, people familiar with the matter said on Thursday. The deal is the latest sign of consolidation in the data center sector. Industry players are seeking scale to cope with U.S. businesses'' burgeoning demand for data and video, which is fueling a revival in fiber optic services and data storage. The deal will be announced once it closes, probably in the coming weeks, the three sources said, asking not to be identified because the matter is not public. Vantage could not be reached for comment, while Digital Bridge and Silver Lake declined to comment. Vantage Data Centers, based in Santa Clara, California, was formed in 2010 when Silver Lake acquired a data center campus formerly owned by Intel Corp. Vantage also operates a data center campus in Quincy, Washington. The transaction marks the latest acquisition by Boca Raton, Florida-based Digital Bridge of a data center company. The firm, which owns and operates telecommunications infrastructure companies, has raised more than $4 billion in debt and equity from institutional investors, corporations and family offices since it was founded in 2013. In July it acquired DataBank Ltd, a private Dallas-based data center company for an undisclosed sum in the "hundreds of millions of dollars." Many technology companies have turned to vendors such as Vantage to host and maintain their servers in a bid to cut costs. Telecommunications firms such as Verizon Communications Inc and CenturyLink Inc divested their data center portfolios last year. Private equity firms or companies that specialize in data centers, such as Equinix Inc and Digital Realty Trust Inc, have been active buyers of assets. Reuters first reported Vantage was up for sale in October. (Reporting by Liana B. Baker in San Francisco; Editing by Lisa Shumaker) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-vantage-m-a-digitalbridge-idUKKBN15B06K'|'2017-01-27T09:19:00.000+02:00'
'51824eb4fffe34cbbb44f85c882ad51bfacf9613'|'Four food firms prepare bids for British cereal maker Weetabix - sources'|'  6:54pm GMT Four food firms prepare bids for British cereal maker Weetabix - sources Packets of Weetabix cereal and other food goods are seen inside the Ocado Customer Fulfilment Centre in Hatfield on the outskirts of London, Britain, April 6, 2016 . REUTERS/Dylan Martinez By Martinne Geller and Pamela Barbaglia - LONDON LONDON America''s third-biggest cereal company, Post Holdings ( POST.N ), and the UK''s Associated British Foods ( ABF.L ) are among a group of four bidders vying for British cereal brand Weetabix, sources familiar with the matter said on Friday. The 84-year-old business could fetch at least 1.5 billion pounds, based on a valuation of more than 11 times Weetabix'' core earnings, the sources said. Weetabix, owned by China''s Bright Food [SHMNGA.UL], has also attracted interest from Cereal Partners Worldwide (CPW), a joint venture between Nestle ( NESN.S ) and General Mills ( GIS.N ), and Italian pasta maker Barilla, the sources said. The parties are working to put the finishing touches to their offers which are due in next week, said the sources, who declined to be identified as the matter is private. Weetabix, ABF, and Nestle declined to comment, while Bright Foods, Post, Barilla and General Mills were not immediately available. Reuters exclusively reported on Dec. 20 that state-owned Bright Food had hired Goldman Sachs to run an auction for the well-known British brand which had earnings before interest, tax, depreciation and amortisation (EBITDA) of 130 million pounds in 2016. The bidders have been asked to submit non-binding offers ahead of a deadline of next week, the sources said, adding that private equity investors had not been invited to the process as they would struggle to compete against industry players who can reap synergies from the combination. Post''s cereal brands include Cocoa Pebbles, Raisin Bran and Grape Nuts. ABF - which trades on a multiple of 10.75 times its EV/EBITDA - owns Jordans and Dorset cereals in the UK as well as Kingsmill bread and Mazola corn oil. Barilla is best known for its pastas and sauces, but also makes Wasa crispbread. Cereal Partners Worldwide sells General Mills brands, such as Cheerios. Bright Food took control of Weetabix from private equity firm Lion Capital in 2012. The cereal industry has continued to struggle since then from mounting competition from other breakfast options like yogurts and smoothies and a shift away from gluten and wheat. (Reporting By Pamela Barbaglia; Editing by Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-weetabix-bright-food-m-a-idUKKBN15B23C'|'2017-01-28T01:54:00.000+02:00'
'128fe86c8b3466b3dcc1d11f0d2f82ecd57e7926'|'Yemen''s wheat reserves down to three months supply -UN official'|'Industrials  31am EST Yemen''s wheat reserves down to three months supply -UN official * Graphic - Yemen''s food crisis: tmsnrt.rs/2hacFyg By Jonathan Saul LONDON Jan 27 Yemen has roughly three months supply of wheat left to draw from, leaving the country exposed to serious disruption as a central bank crisis cuts food imports and starvation deepens, the top U.N. aid official in the country told Reuters. A decision by Yemen''s internationally-recognised government in August to move the central bank out of Sanaa, the capital city controlled by the armed Houthi movement with which it is at war, to the southern port city of Aden has triggered bigger hardships for Yemenis and paralysed the bank. Reuters reported in December that Yemen''s biggest traders had stopped new wheat imports due to a shutdown in trade finance and no import guarantees from the central bank for some months. Jamie McGoldrick, U.N. Humanitarian Coordinator in Yemen, said the Arab peninsula''s poorest country had only three months left of wheat stocks and that was also likely to be the case for other key food grains such as rice. "If we have only got three months supply, there is a possibility there will be a gap for a period of time," he said on the sidelines of a Yemen aid forum in London this week. "One of the big concerns is how do we get liquidity into the system to allow people like importers to bring in these key commodities?," he said. "What happens next, no one is quite sure." Nearly two years of war between a Saudi-led Arab coalition and the Houthi movement, which is aligned to Riyadh''s arch rival Iran, has left two-thirds of the population in need of aid. The situation has become more desperate as many Yemenis face destitution after months of unpaid salaries. "The economy has become part of the conflict equation," said McGoldrick. PRIVATE SECTOR CRUCIAL Since the start of the year some wheat cargoes have been booked for Yemen as importers find ways around the payment freeze. But trade sources say it is not likely to make a major difference given the small quantities involved. McGoldrick said an "informal economy" brought in some food, but it was not enough to meet the basic needs of the population. Yemen''s commercial sector was responsible for up to 90 percent of the country''s imports and diplomats have also reiterated they must play a crucial role. "The entry of commercial goods and humanitarian aid needs to keep flowing and this is the biggest threat," Antonia Calvo Puerta, head of the European Union''s delegation to Yemen, told Reuters separately at the forum. "We need to help the private sector to be able to do what they do best and for that we need a functioning (central) bank," she said, adding that wheat stocks were likely to be even lower than three months worth. Puerta said "trust and confidence building" needed to be built before the two rival central banks could work together. She said the World Bank''s announcement earlier this month to provide $450 million in emergency support for Yemen was a first "brave step". "They are forcing others to put on the table new solutions," she added. The U.N.''s McGoldrick said the Saudi-led coalition still had to be "convinced the problem is that big". "Without the money, starvation is looming large," he said. The U.N. has flagged separately it will need around $2 billion this year for humanitarian work in Yemen in what it says is now the "largest food security emergency in the world". U.N. Emergency Relief Coordinator Stephen O''Brien told the Security Council on Thursday "famine is now a possible scenario for 2017" if no immediate action is taken in Yemen. (Editing by Veronica Brown and David Evans) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/yemen-security-food-idUSL5N1FH24Z'|'2017-01-27T21:31:00.000+02:00'
'0995519f91b32616ed7b1a092e1530dd233317fb'|'McDonald''s to sell Nordic restaurants to Terra Firma founder'|'Jan 27 The world''s largest fast-food retailer McDonald''s Corp said it would sell its Nordic restaurants to British equity firm Terra Firma Capital Partners Ltd''s founder and chairman Guy Hands as part of a turnaround plan it had previously announced.Hands will become the developmental licensee, or the franchiser, for McDonald''s 435 restaurants in Denmark, Norway, Finland and Sweden, the burger chain said in a statement on Friday.McDonald''s had said in 2015 that it would refranchise 4,000 restaurants worldwide by the end of next year to become 95 percent franchised.Hands, through the McDonald''s license and transfer of ownership, will operate the company''s Nordic restaurants, out of which more than 95 percent are already franchised. ( bit.ly/2kufQCF )McDonald''s said in December it had sold its ownership interest in more than 390 restaurants in Singapore and Malaysia to Saudi Arabia''s Lionhorn Pte Ltd, as part of a larger plan to move away from direct ownership in Asia.The Nordic deal comes as McDonald''s agreed earlier this month to sell most of its assets in China and Hong Kong to state-backed conglomerate CITIC Ltd and Carlyle Group LP for up to $2.1 billion, while it retained a 20 percent stake to benefit from exposure to future growth in China. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mcdonalds-divestiture-nordics-idINL4N1FH37S'|'2017-01-27T16:33:00.000+02:00'
'2d9cea12df4913abeb59d9dcaf2c5fab63e90c70'|'Agreement on global banking rules only "once dust settles" in U.S. - EU presidency'|'  8:56am GMT Agreement on global banking rules only ''once dust settles'' in U.S.: EU presidency BRUSSELS An agreement on new global banking rules should wait until the new U.S. administration has made its approach clearer, the chairman of European Union finance ministers said on Friday. Disagreement between the EU and United States has halted for months efforts by the Basel Committee of global financial regulators, which oversees U.S., European and Japanese banks, to reform rules on capital requirements and loss-absorbing buffers. A deadline to reach a deal by the end of last year was missed and no new target date has been proposed. "It is not that we want to delay, but things are changing rapidly," Maltese Finance Minister Edward Scicluna told reporters before a monthly meeting of EU finance ministers in Brussels which will discuss the state of the Basel negotiations. Scicluna, whose country holds the rotating presidency of the EU until July, said it would be wrong to take a decision when things are unclear. Among the reasons for uncertainty, he cited the new U.S. administration of President Donald Trump, whose intentions on financial regulation are unclear. He urged global regulators to reach an agreement only "once the dust settles", to avoid being caught up with a wrong deal. Europe and Japan oppose the reform prepared by the Basel Committee as they feel the review goes too far and increases disproportionately the capital banks must hold against risk. This would increase costs for European and Japanese banks, favoring their U.S. rivals that have already a set of rules similar to those proposed at Basel, EU officials have warned. (Reporting by Francesco Guarascio; Editing by Catherine Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-banks-regulations-idUKKBN15B0P5'|'2017-01-27T15:56:00.000+02:00'
'5a0b1d3c1db4f997c34f5f848693cc2bf4d3590d'|'UK personal insolvencies rise for first time since 2010'|'LONDON Jan 27 The number of people declared insolvent in England and Wales rose last year for the first time since 2010, after hitting a post-financial crisis low in 2015, official figures showed on Friday, raising concern about households'' financial health.Britain''s economy was the fastest-growing major advanced economy last year, despite initial fears that June''s Brexit vote would lead to an immediate downturn. But it has become increasingly reliant on rising consumer borrowing.Friday''s data showed a growing number of individuals were unable to cope with their debts - albeit far fewer than had problems immediately after the 2008-09 financial crisis.Some 90,930 people in England and Wales were declared insolvent in 2015, up 13 percent from 2015 but still lower than any other year in the past decade.Scotland, which has a separate legal system for insolvency, reported its first rise since 2009."The rise in insolvencies in 2016 points to tougher times ahead for UK households," said Joanna Elson, chief executive of the Money Advice Trust. Elson said a debt helpline run by the charity got 17 percent more calls this month than a year ago.Unsecured consumer borrowing rose nearly 11 percent in the year to November, its fastest since 2005, according to Bank of England data, and bank governor Mark Carney has warned the economy could falter as consumer spending outstrips wage growth.Just under 0.2 percent of people in England and Wales went insolvent in 2016, up from 0.18 percent in 2015, though well below a peak of more than 0.3 percent in 2010.Before consumer borrowing accelerated in the run-up to the financial crisis, insolvency affected just 0.1 percent of people in England and Wales each year on average.The number of companies unable to pay their debts also rose, although the government agency responsible for the data said this was mostly down to a one-off effect from the closure of a tax loophole used by contractors. (Reporting by David Milliken; Editing by William Schomberg)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-economy-bankruptcy-idINL5N1FH3VH'|'2017-01-27T12:15:00.000+02:00'
'4470b8a0600c256079a8ba44553c44ce4a31b91c'|'Japan says preparing for all possible U.S. trade contingencies'|'Business News - Fri Jan 27, 2017 - 2:56am GMT Japan says preparing for all possible U.S. trade contingencies Japan''s Chief Cabinet Secretary Yoshihide Suga attends a Thomson Reuters Newsmaker event in Tokyo, Japan August 30, 2016. REUTERS/Kim Kyung-Hoon TOKYO Japan is preparing for all possible contingencies regarding trade talks with the United States, chief government spokesman Yoshihide Suga said on Friday, after U.S. President Donald Trump ditched the Trans-Pacific Partnership this week. Japanese Prime Minister Shinzo Abe will visit Washington next month, and an official in Trump''s administration said Trump would seek quick progress towards a bilateral trade agreement with Japan in place of the broader Asia-Pacific deal. "It is true that we are preparing to be able to respond to any possible situation," Suga told a news conference. He refrained from commenting on U.S. trade policy until it becomes clear. "The alliance and the economy between Japan and the U.S. is very important, so we would like to have talks with various levels with the U.S. (about) how we can develop." Suga also said Japan would continue to monitor closely how the relationship between the United States and Mexico affects Japanese companies. On Thursday, the White House floated the idea of imposing a 20 percent tax on goods from Mexico to pay for a wall at the southern U.S. border, sending the peso plummeting and deepening the crisis between the two neighbours. Japanese manufacturers including major automakers operate factories in Mexico. (Reporting by Kaori Kaneko; Editing by Chris Gallagher and Paul Tait) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-mexico-japan-idUKKBN15B07O'|'2017-01-27T09:56:00.000+02:00'
'78fc45311b75e30a9279881f32d11815769bc29b'|'City of London adds 1 Leadenhall to its towering skyline - UK news'|'A £400m skyscraper has been given the green light by City of London planners and will be built next to the historic Leadenhall market, which featured in the Harry Potter films.The 182.7m, 36-storey building, named 1 Leadenhall for its location, is one of a host of new towers going up in London’s financial district. Facebook Twitter Pinterest 1 Leadenhall pictured next to the historic Leadenhall market. Photograph: PR Company Handout It will be dwarfed by 1 Undershaft, a 73-storey skyscraper nicknamed the Trellis which will be the second-tallest building in western Europe after the Shard, at just under 300 metres. Also in the works is the 255m 22 Bishopsgate, the reworked Pinnacle.The developer behind 1 Leadenhall is Canadian group Brookfield Property Partners, which is also building an office block at 100 Bishopsgate and other projects in the City.The new tower, designed by former Foster + Partners architect Ken Shuttleworth’s Make practice, will have 540,000 sq ft of office space, as well as 50,000 sq ft of shops and cafes on the ground, first and second floors. A public terrace will overlook the roof of the adjacent Grade II-listed Victorian market. Construction is due to start next year and the building is expected to open in 2021.1 Leadenhall, which will replace a 1970s seven-storey office block, has faced strong criticism from Historic Royal Palaces and the Victorian Society, both conservation charities. The latter has described the planned skyscraper as a “glass lump”. Facebook Twitter Pinterest 1 Leadenhall, centre, joins the cluster of towers in the Square Mile. Photograph: PR Company Handout Alex Bowring, conservation adviser for the Victorian Society, said: “We are extremely disappointed by this news. We have objected to these plans as we feel a skyscraper is not appropriate for the site … The proposed skyscraper would mark an absolute break in the skyline and therefore significantly harm the streetscape and leave the lively Leadenhall market looking like a lost relic.”But Martin Jepson, who runs Brookfield’s UK office division, insisted: “1 Leadenhall is a carefully considered design that will complement the architecture of the surrounding buildings and embraces the heritage of its unique setting.”'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/uk-news/2017/jan/25/city-of-london-adds-1-leadenhall-to-its-towering-skyline'|'2017-01-26T01:51:00.000+02:00'
'361d3e848980f3d1a69188b6d7859b4980f2b6c2'|'TABLE-Mesterhus heads list of Norway''s top house builders in 2016'|'Financials - Wed Jan 25, 2017 - 4:28am EST TABLE-Mesterhus heads list of Norway''s top house builders in 2016 OSLO, Jan 25 Norway''s top ten housing constructors in 2016, measured by the number of housing starts, according to the Norwegian Home Builders'' Association (NHBA): 2016 Company Housing starts Placement 2015 1. Mesterhus 1,270 2. 2. Byggman 1,206 5. 3. Blink Hus 1,188 4. 4. OBOS (ex. B.Watne) 1,140 1. 5. Nordbohus 1,133 3. 6. Systemhus 1,006 8. 7. Selvaag Bolig 902 7. 8. Norgeshus 824 6. 9. Boligpartner 746 10. 10. Block Watne (OBOS) 694 9. Full-year sales of new homes rose by 15 percent to 35,621 units, while housing starts were up 4 percent to 31,278 units, NHBA data showed. (Reporting by Camilla Knudsen, editing by Terje Solsvik) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/norway-housing-builders-idUSL5N1FE4D5'|'2017-01-25T16:28:00.000+02:00'
'40c2a6e8778e818f3f6cfeb57c6027f6b2900827'|'Russia''s Novatek says talks with Gazprom hold up its new strategy'|'VIENNA Russia''s second largest gas producer Novatek ( NVTK.MM ) will present its updated strategy once talks with Gazprom ( GAZP.MM ) on the acquisition of gas fields are completed, its chief financial officer Mark Gyetvay told reporters on Wednesday.Novatek, which calls itself the world''s largest non-state gas producer by output, had planned to announce its strategy by the end of 2016. The company shifted its focus to producing more crude oil, contributing to Russia''s record high oil output.The company has been in talks with Gazprom about the acquisition of four Tambey gas fields in the Arctic Yamal region, where Novatek pans to launch a liquefied natural gas plant later this year."The thing on the strategy, there are too many moving parts. As you know, we are talking to Gazprom about the Tambey fields and there are other assets. And once those are concluded, it allows us to be able to develop our plan," Gyetvay told reporters on the sidelines of the European Gas conference in Vienna."We already have the strategy in mind but we need to finish this first before we put it out. We hope to get that sometimes this year," he said.Novatek''s gas output declined by 2.7 percent to 66.1 billion cubic metres in 2016, while gas condensate and oil production jumped by almost 37 percent to 12.44 million tonnes (almost 250,000 barrels per day) as it commissioned new fields.(Reporting by Vladimir Soldatkin, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-novatek-strategy-idINKBN15918P'|'2017-01-25T08:24:00.000+02:00'
'f9d6cb9d392724952b33315ae587ae645690d562'|'Nortel cleared to end bankruptcy, distribute $7 billion to creditors'|'By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. Judges in Delaware and Canada approved on Tuesday a plan to pay more than $7 billion to creditors of Nortel Networks, ending years of litigation over the former telecommunications company that filed for bankruptcy in 2009.The rulings by U.S. Bankruptcy Judge Kevin Gross in Wilmington, Delaware and Frank Newbould of the Superior Court of Justice in Toronto ends one of the longest and most expensive Chapter 11 cases, marked by battles over funds raised by the company''s liquidation.Newbould said it was unfortunate the "case wasn''t settled sooner without the added expense and delay caused by the litigation."The two courts were linked by video, as they have been throughout the proceedings. The coordinated ruling will allow repayment of vendors, retirees in Canada, government agencies and investment funds later this year.Tuesday''s hearing was marked by a brief outburst by Gross directed at Mark Kenney, a lawyer for the U.S. Trustee, the government''s bankruptcy watchdog, as Kenney argued against the plan''s liability releases. Kenney initially refused to cede the podium and only relented when Gross shouted that he would call the guards.Ontario-based Nortel Networks was once among the biggest makers of telecommunications equipment in the world, with 93,000 employees and a market capitalization of $250 billion at the height of the 1990s technology bubble.After an accounting scandal and a series of management missteps, the company filed for bankruptcy in January 2009. Its global businesses were liquidated, raising $7.3 billion.The money from the liquidation soon sparked years of court battles as Nortel businesses in Europe, Canada and the United States fought over the funds.A Canadian judge, Warren Winkler, tried and failed to mediate a settlement in 2013 and called it "one of the most complex transnational legal proceedings in history."Gross and Newbould jointly oversaw a unique cross-border trial in 2014 to decide how to divide the liquidation funds.The judges ruled in 2015 that creditors of every estate should get roughly equal repayment. That sparked appeals and a settlement last year.The case has been one of the most expensive of its kind, with global fees for lawyers and advisers reaching nearly $1.9 billion, according to an analysis of court records by Canadian financial analyst Diane Urquhart.Newbould opened the cross-border trial by saying he was "completely shocked" by the legal fees. "This case is so over-lawyered," he said at the time.Despite the cost, the value of Nortel bonds have roughly increased five-fold during the case as the liquidation generated far more than initially anticipated.Some of the biggest bondholders include George Soros'' investment vehicle Quantum Partners LP and Elliott Management, according to court records.Few bankruptcy cases have lasted as long. At around 2,930 days, the case is the sixth-longest U.S. Chapter 11 corporate bankruptcy, behind those of Ames Department Stores Inc and chemicals company W.R. Grace & Co, according to a database maintained by UCLA Law School professor Lynn M. LoPucki.(Reporting by Tom Hals in Wilmington, Delaware; Editing by Cynthia Osterman and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nortelnetworks-bankruptcy-idINKBN1582TO'|'2017-01-24T19:41:00.000+02:00'
'383136ba2eef3bdb05099e8f2f66b7bf57b25f08'|'Trump to seek quick progress with Japan''s Abe on replacement trade deal'|'Business News - Thu Jan 26, 2017 - 11:12pm GMT Trump to seek quick progress with Japan''s Abe on replacement trade deal Japan''s Prime Minister Shinzo Abe attends the ordinary session of parliament in Tokyo, Japan, January 20, 2017. REUTERS/Toru Hanai By David Brunnstrom and Matt Spetalnick - WASHINGTON WASHINGTON President Donald Trump will seek quick progress toward a bilateral trade agreement with Japan in place of a broader Asia-Pacific deal he abandoned this week, when Japanese Prime Minister Shinzo Abe visits the White House next month, an official in the Trump administration said on Thursday. "I see Abe’s visit being more about finding a follow-through, a replacement for TPP," said the official, referring to the Trans-Pacific Partnership that Trump ditched on Monday. "Given the domestic political capital (Abe''s) expended on TPP, there’s going to be an effort to work with him on a follow-on," the official said, speaking on condition of anonymity. Trump, who took office last Friday, reiterated on Thursday he would strike numerous bilateral deals, as opposed to multilateral accords like the TPP. He said they would include clauses to allow a 30-day termination notice if the United States was not treated fairly. The TPP, which took years to negotiate among 12 countries, has often been described as being, at its core, a deal between the United States and Japan, the world''s largest and third-largest economies respectively. Trump called it bad for American jobs, but proponents worry that abandoning the project could further strengthen China''s economic hand in the region. Japanese media have said Abe is expected to meet Trump in Washington on Feb. 10, although no official announcement has been made as to the timing of the trip. The administration official said it "was clear what the outlines and the contours" of a deal with Japan would be but did not go into details. "I don’t know if there needs to be this protracted long-term negotiation, and there may be some initial steps that are implemented prior to an official Free Trade Agreement," he said. "It’s pretty clear what the problems are on the trade side and it''s pretty clear what the opportunities are. I don’t think it’ll be particularly difficult to get some movement on a couple of different aspects of the trade side relatively quickly." The White House declined comment on the official''s remarks. “We look forward to Prime Minister Abe’s upcoming visit and a productive relationship with Japan," a White House official said. Abe has touted TPP as an engine of economic reform and a counter-weight to a rising China, but Japan''s Kyodo news agency said he appeared on Thursday to signal an openness to working out a free trade or economic partnership agreement with the United States. "We will appeal (to the U.S. administration) on the TPP, but that doesn''t mean we absolutely can''t also (sign) an EPA or FTA," Kyodo quoted Abe as saying in the Japanese Diet. It said Abe also suggested Japan would advocate retaining some form of tariffs on rice and four other key agricultural products in any trade negotiations with the United States. "We will thoroughly protect what we should protect...I want to carry out bilateral negotiations properly, based on the thinking that agriculture is the foundation of this country," it quoted him as saying. (Reporting by David Brunnstrom and Matt Spetalnick; Additional reporting by David Lawder; Editing by Lisa Shumaker) Next In Business News Ex-Rabobank traders seek reversal in U.S. of Libor convictions NEW YORK A U.S. appeals court on Thursday questioned whether two former Rabobank [RABO.UL] traders'' rights were violated in what became the first case by U.S. Justice Department to go to trial spilling out of global probes into the manipulation of Libor.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-japan-idUKKBN15A35Z'|'2017-01-27T06:12:00.000+02:00'
'f0ec2e79eddadb484f3bbd5bbc8e312f1e15d812'|'Tesco to buy Booker for 3.7 billion pounds'|'  7:18am GMT Tesco to buy Booker for 3.7 billion pounds A discarded carrier bag is seen in a shopping trolley outside a Tesco supermarket in London, Britain, January 5, 2015. REUTERS/Luke MacGregor/File Photo LONDON Britain''s biggest supermarket Tesco said it would buy the country''s largest cash and carry wholesale supplier Booker in a recommended share and cash merger which valued Booker at about 3.7 billion pounds. "This merger with Booker will further enhance Tesco''s growth prospects by creating the UK''s leading food business with combined expertise in retail, wholesale, supply chain and digital," Tesco CEO Dave Lewis said in a statement on Friday. Tesco said the deal, which represents a value of 205.3 pence per Booker share, a premium of 12 percent on Thursday''s closing price, would result in Booker shareholders owning about 16 percent of the combined group. (Reporting by Sarah Young, editing by James Davey)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-booker-group-m-a-tesco-idUKKBN15B0IF'|'2017-01-27T14:18:00.000+02:00'
'194c170a25fb4903ef801a03beadcb47a8786a9c'|'Japan watchdog fines Mitsubishi Motors $4.2 million over mileage cheating'|'Business News - Fri Jan 27, 2017 - 9:33am GMT Japan watchdog fines Mitsubishi Motors $4.2 million over mileage cheating The company logo of Mitsubishi Motors is seen behind a traffic sign at its headquarters in Tokyo, Japan, August 2, 2016. REUTERS/Kim Kyung-Hoon TOKYO Japan''s consumer watchdog ordered Mitsubishi Motors Corp ( 7211.T ) on Friday to pay a 480 million yen ($4.2 million) fine for false advertising of its vehicles sold in the domestic market, after the automaker last year admitted to overstating their mileage readings. The government-run Consumer Affairs Agency said that product catalogues and websites for vehicles sold by Japan''s sixth-largest automaker carried misrepresentations of their fuel economies, in accordance with a goods and services labelling law. The fine covers models sold since the law was revised in April, including the eK wagon minicar, the similar Dayz model produced for Nissan Motor Co. ( 7201.T ) and the Outlander SUV. "Mitsubishi Motors claimed that ... its products offered a performance which was markedly better than in reality to attract customers, inhibiting their ability to make purchasing decisions based on fact," the agency said in a statement accompanying its investigation. In a statement, Mitsubishi said it had received the charges order, and would respond appropriately after examination. Mitsubishi is struggling to recover from the cheating scandal, and expects to post an operating loss this year due in part to costs stemming from the falsifications. Its market value has tumbled since the scandal broke in April, and the ordeal prompted the company to seek financial assistance from Nissan, which bought a controlling one-third stake for $2.2 billion (1.8 billion pounds). (Reporting by Naomi Tajitsu; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mitsubishimotors-fine-idUKKBN15B0S4'|'2017-01-27T16:33:00.000+02:00'
'282d567d61afb4e4fbc99306f5bcc5141bd91d29'|'Toshiba decides to split off core chip business, sell stake'|'TOKYO Jan 27 Toshiba Corp''s board on Friday approved plans to make its core chip business a separate company and seek outside investment in it, aiming to avoid being crippled by an upcoming multi-billion dollar writedown for its U.S. nuclear business.Toshiba estimates the value of its chip business - the world''s biggest NAND flash memory producer after Samsung Electronics - at 1-1.5 trillion yen ($9-13 billion), a person with direct knowledge of the matter has told Reuters.The partial sale of its chip business would provide a lifeline for Toshiba as a massive charge could wipe out shareholders equity at the end of the financial year in March.Toshiba has said it will unveil the size of the writedown on Feb. 14 when it reports third-quarter results.Potential investors in the chip business include private equity firms as well as business partner Western Digital Corp and the government-backed Development Bank of Japan (DBJ), sources have said.Toshiba''s memory chip business generated sales of 845.6 billion yen ($7.4 billion) and operating profit of 110 billion yen for the year ended in March 2016. ($1 = 114.8900 yen) (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/toshiba-accounting-semiconductors-idUSL4N1FH1AR'|'2017-01-27T06:19:00.000+02:00'
'7ada1d233194dc2fae99487afa1d3b3b06893044'|'BRIEF-Petrobras announces early tender results and early settlement for cash tender offers'|'Bonds  33am EST BRIEF-Petrobras announces early tender results and early settlement for cash tender offers Jan 26 Petroleo Brasileiro Sa Petrobras * Petrobras announces early tender results and early settlement for cash tender offers * Petroleo brasileiro sa petrobras - early settlement date on which pgf will make payment for old notes accepted in tender offers is expected to be jan 30   Bonds News CEE MARKETS-Bonds ease, with Romania''s 2017 budget looking risky * Markets mixed, investors cautious over Trump''s policies * Bonds ease, currencies mixed, stocks rise * Romania to finish 2017 budget draft soon, deficit a concern By Sandor Peto and Bartosz Chmielewski BUDAPEST/WARSAW, Jan 26 Central European government bonds fell on Thursday, with Romania''s new government expected to introduce a draft 2017 budget that might increase its deficit and trigger sanctions from the European Union. The finance ministry released a budg'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/idUSASB0AWVL'|'2017-01-26T18:33:00.000+02:00'
'5e8056eec6d4a192567aad705b49a6453c39c99e'|'Turkish Deputy PM says wants public banks to forego profit and not recall some loans'|'Financials  53am EST Turkish Deputy PM says wants public banks to forego profit and not recall some loans ANKARA Jan 26 Turkey''s public banks should forego profits and not recall some problematic loans to help the economy, Deputy Prime Minister Numan Kurtulmus said on Thursday. "We want the banks, especially public banks, to make sacrifices from their profits by giving up practices such as calling back credits to help the private sector," Kurtulmus told an interview broadcast live on TGRT news channel. (Reporting by Ece Toksabay; Editing by David Dolan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/turkey-banks-loans-idUSI7N1E602A'|'2017-01-26T17:53:00.000+02:00'
'9a9e6d94446b585ad885bcfcc2f20dc9c3f2b6b3'|'Tesco to buy UK wholesaler Booker for $4.64 billion'|'LONDON Britain''s biggest supermarket Tesco ( TSCO.L ) has agreed to buy Booker ( BOK.L ), the country''s largest cash and carry wholesale supplier, for about 3.7 billion pounds ($4.64 billion), cementing its dominant position in the UK.In a joint statement on Friday Tesco and Booker said the combined group would bring benefits for consumers, independent retailers, caterers, small businesses, suppliers, and staff as well as value to shareholders."This merger with Booker will further enhance Tesco''s growth prospects by creating the UK''s leading food business with combined expertise in retail, wholesale, supply chain and digital," said Tesco Chief Executive Dave Lewis.The deal sees Lewis, who took the helm at Tesco in 2014 when the firm was in crisis and losing market share rapidly, switch to acquisition mode from his strategy of streamlining the sprawling international business.His focus has been on reviving Tesco''s main grocery business in Britain and over the last two years he has sold Tesco''s South Korean arm for $6.1 billion, as well as its Turkish business and the Giraffe restaurant chain.Under the terms of the deal each Booker shareholder will receive 0.861 new Tesco shares and 42.6 pence in cash.Based on Tesco''s closing share price on Thursday of 189 pence the deal represents a value of 205.3 pence per Booker share - a premium of about 12 percent on its Thursday close.The deal will result in Booker shareholders owning approximately 16 percent of the combined group.(Reporting by James Davey; editing by Sarah Young)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-booker-group-m-a-tesco-idINKBN15B0IN'|'2017-01-27T04:40:00.000+02:00'
'3a540cccc113e2b3ff0539562e2a606f0c4d22fe'|'Shell set to sell $3 billion North Sea assets to Chrysaor: sources'|'Deals - Fri Jan 27, 2017 - 6:50am EST Shell set to sell $3 billion North Sea assets to Chrysaor: sources Logos of Shell is pictured at a gas station in the western Canakkale province, Turkey April 25, 2016. REUTERS/Murad Sezer/File Photo LONDON Royal Dutch Shell ( RDSa.L ) is nearing the sale of a large part of its North Sea oil and gas assets for $3 billion to a private equity-backed firm, several banking sources said. The deal will mark a major milestone in the Anglo-Dutch company''s drive to reduce its heavy debt pile following the $54 billion acquisition of BG Group in February 2016. Chrysaor, a North Sea-focused oil company backed by private equity fund EIG Partners, will acquire from Shell a mix of older fields, new developments and infrastructure in a move that could breath new life into one of the world''s oldest offshore basins where production has been in a steady decline since the late 1990s. The deal is expected to be announced in the coming days to coincide with Shell''s full-year results on Feb. 2, several sources said. (Reporting by Ron Bousso; editing by Jason Neely) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-shell-m-a-northsea-idUSKBN15B14M'|'2017-01-27T18:50:00.000+02:00'
'3b53a3c3d7fc5e4687784bf25801f49c316c9009'|'BNP Paribas poaches three senior bankers for ECM, cash equities teams'|'PARIS Jan 27 BNP Paribas has poached three senior bankers for its equity capital markets (ECM) and cash equities teams, and the French bank added that global head of ECM Thierry Olive would take a new role with BNP Paribas in Asia.Andreas Bernstorff has been appointed head of ECM in Europe, Middle East and Africa, while Benedicte Thibord and Phil Griffith have also joined Exane BNP Paribas.Bernstorff joins from Citigroup, Thibord arrives from Kepler Cheuvreux while Griffith joins from Morgan Stanley . Thierry Olive will take a new investment banking role for BNP Paribas in Asia."These major hires reinforce our commitment to building a top quality capital markets, advisory and execution platform, said Sophie Javary, head of Corporate Finance EMEA at BNP Paribas and Vincent Rouviere, Head of Cash Equities at Exane BNP Paribas, in a joint statement. (Reporting by Maya Nikolaeva; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bnp-paribas-markets-idINFWN1FH0D1'|'2017-01-27T07:31:00.000+02:00'
'071d0a18ceebf3d188a7bc951cb8cfa1752949f0'|'Toshiba decides to split off core chip business, sell stake'|'TOKYO Toshiba Corp''s board on Friday approved plans to make its core chip business a separate company and seek outside investment in it, aiming to avoid being crippled by an upcoming multi-billion dollar writedown for its U.S. nuclear business.Toshiba estimates the value of its chip business - the world''s biggest NAND flash memory producer after Samsung Electronics - at 1-1.5 trillion yen ($9-13 billion), a person with direct knowledge of the matter has told Reuters.The partial sale of its chip business would provide a lifeline for Toshiba as a massive charge could wipe out shareholders equity at the end of the financial year in March.Toshiba has said it will unveil the size of the writedown on Feb. 14 when it reports third-quarter results.Potential investors in the chip business include private equity firms as well as business partner Western Digital Corp and the government-backed Development Bank of Japan (DBJ), sources have said.Toshiba''s memory chip business generated sales of 845.6 billion yen ($7.4 billion) and operating profit of 110 billion yen for the year ended in March 2016.($1 = 114.8900 yen)(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/toshiba-accounting-semiconductors-idINKBN15B099'|'2017-01-27T01:11:00.000+02:00'
'990b9620521418732987d4075bce38f4eb1ca0a7'|'Russia''s Gazprom plans two Eurobond issues in March - sources'|' 53am EST Russia''s Gazprom plans two Eurobond issues in March - sources MOSCOW Jan 24 Russian gas producer Gazprom is planning two Eurobond issues in March in U.S. dollars and pounds sterling, two financial market sources told Reuters. Gazprom was not available for comment. (Reporting by Oksana Kobzeva; Writing by Alexander Winning; Editing by Andrew Osborn) Next In Financials EBRD sees risks to Poland''s budget deficit WARSAW, Jan 24 Poland''s move to lower retirement age, higher interest rates and a fallout of Brexit may make it harder for the country to keep budget deficit below 3 percent of gross domestic product (GDP), Sergei Guriev, EBRD''s chief economist said on Tuesday. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/russia-gazprom-eurobonds-idUSR4N1F7028'|'2017-01-24T21:53:00.000+02:00'
'6ad5079e496d73141935982c204bceb75bf8a409'|'Public backstop for banks in euro zone necessary - ECB''s Praet'|'Business News - Tue Jan 24, 2017 - 3:44pm GMT Public backstop for banks in euro zone necessary - ECB''s Praet European Central Bank executive board member Peter Praet attends the 2016 Institute of International Finance (IIF) Spring Membership meeting in Madrid, Spain, May 25, 2016. REUTERS/Susana Vera FRANKFURT A euro zone-wide public backstop for banks is necessary and bailouts should not be ruled out even when investors are forced to pay for some losses, European Central Bank Executive Board Member Peter Praet said on Tuesday. Imposing losses on creditors and shareholders was trumpeted as the centrepiece of Europe''s response to the financial crisis but some are questioning whether the new rules will be fully applied after the Italian government''s rescue of the troubled Monte dei Paschi di Siena BMPS.MI. "A certain level of public risk sharing is necessary to create confidence in the overall financial system and thereby unlock the potential of private risk-sharing," Praet, the ECB''s chief economist, said in a speech in Rome. "Even well-capitalised banks can fall victim to runs and contagion." He added: "Looking ahead, it will be essential to establish a common fiscal backstop to ensure that the Single Resolution Fund has sufficient resources to support any necessary resolution measures." (Reporting by Balazs Koranyi; Editing by Francesco Canepa) Next In Business News Euro group chief warns Britain against tax haven temptation AMSTERDAM The head of the council of euro zone finance ministers said Britain would be taking a "crazy step backwards" if it opted to turn itself into a tax haven after leaving the European Union, warning that such a move would hurt both Britain and the EU.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-ecb-idUKKBN15825L'|'2017-01-24T22:44:00.000+02:00'
'3f526b9eff6eefb74a6afc8fbea1ded668f79772'|'DuPont expects Dow merger to close later than expected'|'Chemicals and seeds producer DuPont ( DD.N ) indicated on Tuesday that its $130-billion merger with Dow Chemical Co ( DOW.N ) will take longer to wrap up than previously expected as the companies await regulatory approvals.This is the second time that the two companies, which are in talks with the European Union antitrust regulators, have had to push back the expected completion.The EU regulators earlier this week gave the companies 10 more working days in connection with the ongoing review and set a March 14 deadline.The regulators were mainly concerned about the companies'' crop protection businesses and DuPont "has been focused on a remedy package", a company executive said on a post-earnings call. He did not provide further details.The merger will create the world''s largest crop protection and seeds company, triggering regulatory concerns that it may reduce competition in these areas.The deal, announced in December 2015, is now expected to close in the first half of the year. The companies had previously hoped to close the transaction in the first quarter.DuPont, which also reported a better-than-expected profit for the sixth straight quarter, said it continued to have constructive discussions with regulators in key jurisdictions.DuPont''s shares were up 2.4 percent at $74.54 in early trading, while Dow''s stock rose 2 percent to $58.29.DuPont said on Tuesday it expected an 18 percent drop in first-quarter profit due to a charge of 15 cents per share related to the Dow deal.Operating profit, which excludes one-time charges, is expected to rise about 8 percent, helped by cost cutting and the timing of seed deliveries.Based on the company''s operating profit of $1.26 per share in the first quarter of 2016, that works out to $1.36.Analysts on average are expecting $1.45 per share, according to Thomson Reuters I/B/E/S.DuPont has moved from selling its farm products to retailers and distributors, focusing instead on selling directly to farmers in the United States.This has pushed out the timing of some seed sales to the first quarter from the fourth.DuPont said it expects first-quarter sales to be "about even" with the $7.41 billion it reported a year earlier.Analysts are expecting $7.74 billion for the current quarter.A fall in planted corn acreage in the United States this year, after a record yield in 2016, is expected to weigh on DuPont''s results.Revenue from its agriculture business, which accounts for more than a quarter of total revenue, fell 10 percent in the fourth quarter ended Dec.31.Excluding items, the company earned 51 cents per share in the quarter, topping analysts'' estimate of 42 cents.Net sales fell 1.7 percent to $5.21 billion, missing analysts'' estimate of $5.29 billion.(Reporting by Arathy S Nair and Swetha Gopinath in Bengaluru; Editing by Anil D''Silva and Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-du-pont-results-idINKBN1581AW'|'2017-01-24T12:36:00.000+02:00'
'7bb628f76d32e1fd792cecb8703993cb4e22eb9d'|'Canada pension fund, U.S. buyout firms eye DH Corp'|'By John Tilak and Matt Scuffham - TORONTO TORONTO Canada Pension Plan Investment Board and several U.S. private equity firms are interested in acquiring Canadian financial technology services provider DH Corp ( DH.TO ), according to people familiar with the situation.TPG, Cerberus Capital Management LP and technology-focused Thoma Bravo are some of the U.S. buyout firms looking at DH, the people said on condition of anonymity because the matter is confidential.The moves come more than a month after DH appointed a special committee as it received expressions of interest. The company hired Credit Suisse and Royal Bank of Canada as financial advisers. It said at the time that it had received no formal offers.Shares in DH rose by as much as 6.8 percent in afternoon trading, having been up 2.2 percent prior to the Reuters report on interest from CPPIB and U.S. firms. The shares were up 3.7 percent to C$23.2 at 1330 ET, valuing the business at C$2.48 billion.The interest in DH came at a point when its shares were in a slump, dropping to a record low last November. Its shares have since risen by more than 60 percent in anticipation of a deal materializing, but are still trading at just over half the record high they hit in July 2015.TPG, CPPIB and Cerberus declined to comment. DH and Thoma Bravo did not immediately respond to requests for comment.CPPIB, Canada''s biggest public pension fund, is directly investing in companies as it looks to diversify capital away from public equity and fixed income markets.Canada''s major financial institutions are investing heavily in financial technology, or fintech, companies in the expectation that new innovations will transform the financial services industry in decades to come. Fintech investments by private equity firms has also surged in recent years.CPPIB is likely to partner with a PE firm if it chooses to proceed, the sources said.Formerly Davis + Henderson Corp, DH has transformed itself from a cheque printing company into a provider of payment and lending services. Its customers include banks and credit unions.It has close to 8,000 customers, including Canada''s five biggest lenders and more than half of the world''s 50 largest banks. Nearly 60 percent of its C$1.5 billion in annual revenue comes from outside the United States.Given DH made a string of acquisitions in the past few years, any potential buyer will look to extract savings by streamlining operations and revamping the business, the people said.(Reporting by John Tilak and Matt Scuffham; Editing by Chris Reese and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dh-m-a-idINKBN15B20W'|'2017-01-27T16:18:00.000+02:00'
'47f53794077d77d0ceb865ad2858d82214086b7d'|'Italy will respect EU budget rules but not risk depressing economy - PM Gentiloni'|'Business News - Fri Jan 27, 2017 - 6:11pm GMT Italy will respect EU budget rules but not risk depressing economy - PM Gentiloni Italy''s Prime Minister Paolo Gentiloni addresses the media at the Chancellery in Berlin, Germany, January 18, 2017. REUTERS/Fabrizio Bensch MADRID Italy will respect European Union rules on public finances but take no measures that could depress its economy, Prime Minister Paolo Gentiloni said on Friday. The European Commission has asked Italy to reduce its budget deficit this year, signalling Brussels wants Rome to reverse plans to overshoot previously agreed targets. "We are negotiating, we are working," Gentiloni said in a joint news conference with Spanish Prime Minister Mariano Rajoy. "As always we will respect the EU''s rules but we will do so without taking any measures that could depress the economy." (Writing by Isla Binnie; editing by Francesca Landini) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-italy-idUKKBN15B206'|'2017-01-28T01:11:00.000+02:00'
'd2004791c123bc50fefa907f4e2739bdc926574f'|'EC draft threatens bank TLAC buffers'|'Bankruptcy News  46am EST EC draft threatens bank TLAC buffers * Outstanding senior debt risks losing TLAC value * Traditional bondholder rights hamper potential bank recaps * Nail-biting wait ahead as negotiations get underway By Helene Durand LONDON, Jan 27 (IFR) - An arcane clause buried deep in a European Commission package finalising Basel III could catch some of the region''s banks offside and make billions of senior bonds issued to meet new regulatory requirements redundant. "Some of the historical issuance of TLAC does not fully comply with certain conditions/criteria that are drafted in the legislation," said Peter Jurdjevic, head of global finance solutions at Barclays. Traditionally, senior debtholders have acceleration rights when banks are wound up or in the case of non-payment of coupons. In the latter instance, they do not have to go through wind-up proceedings to get paid, unlike subordinated debtholders. However, under Article 72b(m) of the Europe Commission Capital Requirement Regulation draft released at the end of 2016, senior debt cannot have acceleration rights outside of insolvency in order to be TLAC-eligible in Europe. "The changes to senior are pretty extraordinary," one lawyer told IFR. The Fed has already grappled with the issue for US banks, stating at the end of 2016 that it would count long-term debt with certain acceleration clauses if it had been issued before the end of that year. "Issuers are hoping that, like the US banks, they will get some relief," said Jurdjevic. "However, there are technical hurdles given the CRR is a binding regulation and there are no obvious ways for banks to get relief." ANXIOUS WAIT Ever since the Financial Stability Board finalised the concept of Total Loss Absorbing Capacity in 2015, banks have been anxious to push on with issuance and try to meet the new requirements quickly. However the rush to issue ahead of the European version of the rules being finalised could now backfire and leave banks that thought they had first mover advantage scrambling to catch up. They face an anxious wait to see if the amendments proposed by the EC under the CRR go through unchanged. Banks in the UK have issued billions of holdco debt that meet the global TLAC criteria, but not the proposed European version. This could create a headache for banks such as HSBC, for example, which raised over US$34bn of TLAC-eligible debt in 2016 alone, with a large chunk coming in the senior format. German lawmakers'' solution, which transformed traditional senior funding into TLAC debt, also falls short of what the EC is proposing. For an institution like Deutsche Bank, the implications are potentially significant. Its 111bn of TLAC debt would lose most of its regulatory value and become pure funding again. "For those banks that already have meaningful amounts of debt outstanding that do not comply with the draft European rules, a favourable grandfathering arrangement like that implemented by the US Fed will be crucial," said Tobias Kessler, a director in HSBC''s hybrid capital structuring team. But regulators want to ensure there is sufficient bail-in-able debt when needed and that losses can be imposed on these instruments. "Investors would of course prefer instruments that offer more protection to them but at the same time, if you''re investing in a TLAC instrument, it is bail-in-able and the traditional features of senior debt are less relevant, especially if there is a substantial stack of capital beneath you," said Kessler. DIVERGING PATHS While negotiations by national regulators in countries where banks are impacted are already underway, some institutions are leaving nothing to chance. Lloyds, for example, has removed acceleration rights from its bond documentation. RBS has chosen a different path and given itself a menu of options as to what features will be included depending on what it needs to issue. Barclays meanwhile has left its documentation untouched. "It''s been a hot topic this year and we are starting to see a split emerging as UK banks have issued senior holdco debt or updated their EMTN programmes," the lawyer said. "At the moment, there isn''t an obvious path but clearly, some banks are sufficiently concerned with paragraph M to make changes to their programmes." (Reporting by Helene Durand, editing by Alex Chambers, Robert Smith and Julian Baker) Next In Bankruptcy News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/banks-bonds-idUSL5N1F85UB'|'2017-01-27T21:46:00.000+02:00'
'7c5d52d065817c95e682eab030986484f8157fd1'|'UBS hopes Trump-led rally will help boost wealth management'|'Fri Jan 27, 2017 - 1:44pm GMT UBS hopes Trump-led rally will help boost wealth management left right FILE PHOTO: The logo of UBS is seen outside the building housing the headquarters of the Swiss bank in San Juan, Puerto Rico, July 31, 2015. REUTERS/Alvin Baez/File Photo 1/2 left right the logo of Swiss bank UBS is seen in Zurich, Switzerland November 10, 2016. REUTERS/Arnd Wiegmann 2/2 By Joshua Franklin - ZURICH ZURICH UBS ( UBSG.S ) hopes a Donald Trump-inspired rally in the United States will help boost earnings at its struggling wealth management business after posting a 47 percent fall in full-year net profit. With profit from its core wealth management business under pressure, the bank pointed to growing investor confidence in the United States towards the end of 2016 as a sign clients could be ready to get off the sidelines and back into the market. "Although macroeconomic uncertainty, geopolitical tensions and divisive politics continue to affect client sentiment and transaction volumes, we have begun to observe improved investor confidence, primarily in the U.S., which may benefit our wealth management businesses," Switzerland''s biggest bank and the world''s biggest wealth manager said in a statement. UBS saw its 2016 net profit fall to 3.3 billion Swiss francs ($3.3 billion) from 6.2 billion in 2015, yet this beat analysts'' forecasts, in part thanks to a better-than-expected showing in its equities business. UBS proposed an unchanged ordinary dividend of 0.60 francs, in line with market expectations. "We see these results as mixed but remain ''Underperform'' as wealth management margins remain under pressure and expect dividends to remain flat for the foreseeable future," analysts at Bank of America Merrill Lynch wrote in a note. Shares were down more than 2 percent in early trading, lagging the European banking sector index .SX7P. In a sign of the challenges in UBS Wealth Management, which does not include North America, transaction-based income fell to the lowest on record in the fourth quarter. The division''s overall operating income also fell for the seventh straight quarter. It suffered net outflows of client assets totaling 4.1 billion francs, which UBS put down to tax amnesty programs in emerging markets and Asia Pacific. The ability to attract new money is seen as an important indicator of future earnings in wealth management. Wealth Management Americas saw $1.3 billion in outflows but still posted a record adjusted pre-tax profit. Fourth-quarter group net profit came in at 738 million francs, well ahead of the median estimate of 339 million in a Reuters poll of 15 analysts. It was down from 949 million francs a year earlier, when results benefited from a net tax benefit of 715 million francs. The bank said it netted 100 million francs in fourth-quarter savings, bringing total net cost cuts since 2013 to 1.6 billion francs. It is targeting net cuts of 2.1 billion francs by the end of 2017. (Reporting by Joshua Franklin; editing by Michael Shields and Jason Neely) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ubs-group-results-idUKKBN15B0D0'|'2017-01-27T20:45:00.000+02:00'
'a1a00bb4031bb24d4352d55f865c9b46675b9886'|'PRESS DIGEST - Wall Street Journal - Jan 27'|'Jan 27 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Toshiba Corp will spin off its computer memory-chip unit at the end of March, the company said Friday, in an effort by the cash-strapped industrial conglomerate to raise fresh capital for the businesses that require large investments. on.wsj.com/2jvBA2f- Verizon Communications Inc is exploring a combination with Charter Communications Inc that would unite two giants in search of growth in a rapidly consolidating media and telecom landscape. on.wsj.com/2jvuzyL- Ant Financial Services Group, which works closely with Alibaba Group Holding Ltd and is controlled by Alibaba founder Jack Ma, announced a deal Thursday to buy U.S. money-transfer provider MoneyGram International Inc for $880 million. on.wsj.com/2jzKUQs- The Securities and Exchange Commission accused two former executives of Och-Ziff Capital Management Group LLC of spearheading a long-running bribery scheme that funneled tens of millions of dollars to high-level officials in Africa. on.wsj.com/2jvBBTZ- Brazilian police on Thursday declared former billionaire businessman Eike Batista a fugitive from the law and said they would ask other countries to help track him down, even as his lawyer said he would return to Brazil as soon as possible. Batista, once Brazil''s richest man, is sought in relation to a wide-ranging corruption scandal. on.wsj.com/2jvlea6- Tesla Motors Inc is accusing the former director of its Autopilot program and the former tech guru behind Google''s self-driving car of improperly recruiting the auto maker''s engineers to create their own autonomous-car startup. on.wsj.com/2jvlOom- Publicis Groupe SA tapped Arthur Sadoun, the advertising giant''s 45-year-old creative chief, to replace longtime Chief Executive Maurice Levy, part of a succession plan to steady a firm buffeted by massive changes in consumer behavior and technology. on.wsj.com/2jvA0O5 (Compiled by Abinaya Vijayaraghavan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1FH1KO'|'2017-01-27T02:28:00.000+02:00'
'c2348294c388bc29ff6503a29ed6dff018ddca92'|'Fiat Chrysler pledges to nearly halve net debt in 2017, shares rise'|'MILAN Jan 26 Fiat Chrysler Automobiles (FCA) expects to nearly halve net debt to below 2.5 billion euros ($2.68 billion) this year - more than expected - as the company is in a race against time to prove it can turn cash positive by the end of 2018.The world''s seventh-largest carmaker already cut debt to 4.59 billion euros by the end of December, beating analysts consensus expectations of 4.86 billion euros, according to a Thomson Reuters poll.The company said adjusted earnings before interest and tax (EBIT) and revenues for the October-December period rose 1 percent to 1.55 billion euros and 29.7 billion euros, respectively, a notch below consensus forecasts.Shares in the company rose sharply after the results and the full-year guidance, trading up 4.5 percent at 10.7 euros by 1057 GMT.The carmaker said it expects 2017 adjusted EBIT of more than 7 billion euros, up from 6 billion euros last year, while sales are expected to rise to between 115-120 billion euros.($1 = 0.9333 euros) (Reporting by Agnieszka Flak)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fiatchrysler-results-idINI6N1FA00D'|'2017-01-26T08:02:00.000+02:00'
'3656d95c851be762d2bcd7c4ed9946fcfea1b63f'|'Kazakhstan, Shell-Eni group continue talks over tax dispute'|'Thu Jan 26, 2017 - 10:20am GMT Kazakhstan, Shell-Eni group continue talks over tax dispute left right Showa Shell Sekiyu''s logo is seen at its gas station in Tokyo, Japan, August 10, 2016. REUTERS/Kim Kyung-Hoon 1/2 left right The logo of Italian energy company Eni is seen at an Agip gas station in Lugano, Switzerland June 3, 2016. REUTERS/Arnd Wiegmann/File Photo 2/2 ASTANA Kazakhstan has agreed to continue talks about a tax dispute with the Karachaganak consortium of oil majors led by Shell ( RDSa.L ) and Eni ( ENI.MI ) despite beginning arbitration proceedings, the Kazakh Energy Ministry said on Thursday. Quoting minister Kanat Bozumbayev, a ministry spokesman said the sides had agreed in December to extend talks by nine months and Kazakhstan might stop the arbitration if it was satisfied with the consortium''s offer. Russia''s Lukoil ( LKOH.MM ) said last April Kazakhstan had filed a $1.6 billion claim against the consortium developing the Karachaganak gas condensate field. The energy ministry has said the dispute was about calculations of the parties'' shares in the field''s output. Eni and Shell ( RDSa.L ) each own 29.25 percent of the Karachaganak project in northwest Kazakhstan, which they jointly operate. State-owned KazMunayGaz owns 10 percent, Chevron Corp ( CVX.N ) 18 percent and Lukoil 13.5 percent. Karachaganak produced 78.8 million barrels of liquid hydrocarbons in the first half of 2016, up 11.3 percent from the same period a year earlier. The field contains 1.2 billion tonnes of oil and gas condensate and more than 1.35 trillion cubic meters of gas, making it one of the world''s largest oil and gas deposits. (Reporting by Raushan Nurshayeva; Writing by Olzhas Auyezov; Editing by Maria Kiselyova) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-kazakhstan-karachaganak-idUKKBN15A14H'|'2017-01-26T17:17:00.000+02:00'
'7b0fcf112464c5c999f2019c2d32a13c41b10112'|'BRIEF-Airbnb became profitable for first time during second half of 2016 - Bloomberg'|'Financials - Thu Jan 26, 2017 - 12:33pm EST BRIEF-Airbnb became profitable for first time during second half of 2016 - Bloomberg Jan 26 (Reuters) - * Airbnb became profitable for the first time during the second half of 2016 - Bloomberg, citing sources * Airbnb sees to maintain profitability in 2017 before interest, taxes and amortization - Bloomberg, citing sources Source text : bloom.bg/2jjqOsD Next In Financials Toshiba reckoning looms with chip decision, nuclear hole unresolved TOKYO, Jan 27 Toshiba Corp faces a day of reckoning on Friday, when it is expected to offer an initial estimate of the multibillion-dollar charge it must take on its U.S. nuclear business, but this will be only a step in a series of tough choices on the Japanese conglomerate''s survival. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FG0Y4'|'2017-01-27T00:33:00.000+02:00'
'c7907b2c08d3cc332a55cc25f5a3ac34421b30bd'|'Irish central bank trims growth forecast, cites external risks'|' 07am GMT Irish central bank trims growth forecast, cites external risks People walk past a discount store in the Moore Street area of Dublin November 7, 2013. REUTERS/Cathal McNaughton DUBLIN Ireland''s central bank trimmed its forecast for economic growth for this year on Thursday, citing a weaker outlook for export growth amid risks that it said were firmly weighted to the downside. Ireland has had the fastest growing economy in the European Union for the past three years and the bank sees gross domestic product growing by 3.3 percent this year, down from a forecast of 3.6 percent three months ago, and then by 3 percent in 2018. Pointing to a softening in consumer sentiment and tax data, it said there were some signs of an easing in consumer spending in the second half of 2016, though the extent was relatively modest with labour market conditions continuing to improve. The outlook for exports is subject to considerable uncertainty, the bank said, including from the potential effects stemming from near neighbour and key trading partner Britain''s decision   The central bank said last year that in its most pessimistic scenario, where increased tariff and non-tariff barriers significantly reduce trade flows between Ireland and the United Kingdom, Irish GDP could be 3.2 percent lower over a period of 10 years. "Looking ahead, while the prospects for sustained, solid growth remain positive, external factors, particularly uncertainties in relation to Brexit, pose risks to the outlook," the central bank said. "External uncertainties are heightening and, given the highly open nature of the Irish economy, risks to the forecasts are firmly weighted to the downside." (Reporting by Padraic Halpin; Editing by Gareth Jones)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-economy-idUKKBN15A18L'|'2017-01-26T18:07:00.000+02:00'
'8ca7525de33246f7f5b7962231fd6ccb653cf997'|'Britain''s 3i Group posts 24 pct Q3 return on assets'|'Private Equity  28am EST Britain''s 3i Group posts 24 pct Q3 return on assets LONDON Jan 26 Investment company 3i Group''s total return on assets reached 24.1 percent in its third quarter to Dec 31, it said on Thursday, helped by strong performance in its private equity division. The group, which has private equity, infrastructure and debt management divisions investing in northern Europe and North America, saw a rise in its diluted net asset value per share, a key performance indicator, to 558 pence from 551 pence in the previous quarter. "Our portfolio remains well positioned, with our key assets continuing to deliver consistently robust performance," chief executive Simon Borrows said in a statement, adding that 3i was "set for a strong close to the current financial year." (Reporting by Carolyn Cohn; Editing by Rachel Armstrong) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/3i-group-results-idUSL5N1FG1K3'|'2017-01-26T14:28:00.000+02:00'
'5be62e929fe182740d1b63c4466de3f525b0fbf9'|'Olympics-Japan exhibitors fear $12 bln hit from media centre plan'|'Cyclical Consumer Goods  20am EST Olympics-Japan exhibitors fear $12 bln hit from media centre plan By Chris Gallagher - TOKYO TOKYO Jan 26 Japan''s trade show association is stepping up calls for Tokyo to abandon plans to transform the country''s largest exhibition hall into the media centre for the 2020 Olympics, warning the industry could lose as much as $12 billion. The Japan Exhibition Association (JEXA) said it had submitted a petition with more than 80,000 signatures to Tokyo Governor Yuriko Koike last week demanding a revision to the plan, and was ready to call on Prime Minister Shinzo Abe and Olympic Minister Tamayo Marukawa next. The closure of the Tokyo Big Sight convention centre in April-October 2020 would cause the cancellation or shrinking of 170 exhibitions regularly held during those months and 1.3 trillion yen ($11.5 billion) in lost revenue, according to JEXA estimates, and the damage could last even longer. "We''re worried a lot of exhibitors will move to places like China, Korea, Singapore and the U.S., and they might not return," JEXA Chairman Tadao Ishizumi told a news conference on Thursday. "The economic benefits from these exhibitions will disappear and it''s the people of Tokyo and Japan who will end up losing out," he said. Some 90,000 companies participated as exhibitors in around 300 trade shows at Tokyo Big Sight each year, according to JEXA. JEXA said the exhibitors, mostly small and medium-sized enterprises, depended on these fairs for a large portion of their revenue, as did the local service industry involved in booths, staffing and food and beverage. Mitsuaki Fushimi, an official with the Tokyo Metropolitan Government''s commerce and industry department, told Reuters that Tokyo was doing all it could to help limit the burden. He noted that Tokyo had agreed to build a temporary venue nearby where trade fairs could be hosted and that it was speeding up the construction of an extension to Tokyo Big Sight. Still, JEXA said that even with those measures it would be left with just 23,000 square metres of exhibition space -- about a quarter of regular capacity. In the petition, JEXA has proposed that a media centre be built elsewhere or that Tokyo construct a temporary convention centre of the same capacity as Big Sight. One idea for a new media centre location is Toyosu, to which the relocation of the Tsukiji fish market has been delayed because of contamination problems. Ishizumi told Reuters that he did not expect environmental factors to be a concern for a media centre, but that safety checks would be need to be conducted if Toyosu were to become a realistic option. ($1 = 113.5 yen) (Reporting by Chris Gallagher) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/olympics-tokyo-mediacentre-idUSL4N1FF2V9'|'2017-01-26T16:20:00.000+02:00'
'c5fb2327d0c34a81201238253c586724ec265f08'|'Four food firms prepare bids for British cereal maker Weetabix: sources'|'By Martinne Geller and Pamela Barbaglia - LONDON LONDON America''s third-biggest cereal company, Post Holdings ( POST.N ), and the UK''s Associated British Foods ( ABF.L ) are among a group of four bidders vying for British cereal brand Weetabix, sources familiar with the matter said on Friday.The 84-year-old business could fetch at least 1.5 billion pounds ($1.88 billion), based on a valuation of more than 11 times Weetabix'' core earnings, the sources said.Weetabix, owned by China''s Bright Food, has also attracted interest from Cereal Partners Worldwide (CPW), a joint venture between Nestle ( NESN.S ) and General Mills ( GIS.N ), and Italian pasta maker Barilla, the sources said.The parties are working to put the finishing touches to their offers which are due in next week, said the sources, who declined to be identified as the matter is private.Weetabix, ABF, and Nestle declined to comment, while Bright Foods, Post, Barilla and General Mills were not immediately available.Reuters exclusively reported on Dec. 20 that state-owned Bright Food had hired Goldman Sachs to run an auction for the well-known British brand which had earnings before interest, tax, depreciation and amortization (EBITDA) of 130 million pounds in 2016.The bidders have been asked to submit non-binding offers ahead of a deadline of next week, the sources said, adding that private equity investors had not been invited to the process as they would struggle to compete against industry players who can reap synergies from the combination.Post''s cereal brands include Cocoa Pebbles, Raisin Bran and Grape Nuts. ABF - which trades on a multiple of 10.75 times its EV/EBITDA - owns Jordans and Dorset cereals in the UK as well as Kingsmill bread and Mazola corn oil.Barilla is best known for its pastas and sauces, but also makes Wasa crispbread. Cereal Partners Worldwide sells General Mills brands, such as Cheerios.Bright Food took control of Weetabix from private equity firm Lion Capital in 2012.The cereal industry has continued to struggle since then from mounting competition from other breakfast options like yogurts and smoothies and a shift away from gluten and wheat.(Reporting By Pamela Barbaglia; Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-weetabix-bright-food-m-a-idINKBN15B235'|'2017-01-27T15:49:00.000+02:00'
'e5195d5f329a831171442ff26e5813996c0800cb'|'Wait-and-see central banks to play second fiddle to Trump'|'Economy   2:54pm GMT Wait-and-see central banks to play second fiddle to Trump FILE PHOTO: A man walks past driver cabins in the truck production plant of German truck and bus maker MAN AG in Munich, Germany, July 30, 2015. REUTERS/Michaela Rehle/File Photo By Jonathan Cable - LONDON LONDON U.S. President Donald Trump will again be center of attention in the coming week with any policy statements, having helped put the Federal Reserve, Bank of England and other central banks in wait-and-see mode. Trump, inaugurated as 45th president on Jan. 20, pushed Republican lawmakers on Thursday for swift action on a sweeping agenda including his planned U.S.-Mexico border wall, tax cuts and repealing Obamacare. The White House also floated the idea of imposing a 20 percent tax on goods from Mexico to pay for the wall, sending the peso tumbling and deepening a crisis between the two neighbors. "Markets will be focused on whether he (Trump) continues to show a high degree of commitment to implementing his pre-election promises and whether he gets onto detailing his fiscal plans," said Victoria Clarke at Investec. A rise in protectionist trade policies is the biggest risk facing the global economy, according to a Reuters poll of hundreds of economists taken earlier this month. Trump has already withdrawn from the Trans-Pacific Partnership (TPP) and threatened to renegotiate - or even scrap - the North Atlantic Free Trade Agreement (NAFTA) with Mexico and Canada. In contrast, speculation Trump will enact bold stimulus and reflationary measures has pushed up U.S. 10-year Treasury yields, lit a fire under the dollar and sent the Dow Jones Industrial Average above the 20,000 mark for the first time. Last month the Fed added 25 basis points to borrowing costs, only its second hike since the Great Recession and a year since the first one. At the time, policymakers signaled as many as three increases in 2017. But no hike is expected on Wednesday and rates will remain at 0.50-0.75 percent until the second quarter, when another 25-basis-point rise is likely, a Reuters poll found. Strong labor market data, due on Friday, would lend credence to those expectations for a second quarter hike. A Reuters poll predicts a pick-up in non-farm payrolls. EUROPE The European Central Bank has had an ultra-loose monetary policy for years, with little chance of any change in the foreseeable future, as it has so far failed to get inflation anywhere near its close to 2 percent target. Euro zone inflation rose to 1.5 percent this month, flash data are expected to show on Wednesday, still a long way from target. Germany''s is expected to rise to 2 percent. But ECB President Mario Draghi has remained relatively comfortable about upward movements and relaxed about German calls for tighter policy as its inflation rate climbs. "We expect inflation releases due this week from several countries to show prices are accelerating further. Oil is the main factor behind rapidly rising inflation; Brent crude was about 65 percent higher year-on-year in January 2017," said Achilleas Chrysostomou at Standard Chartered. An increase in euro zone manufacturing is also expected to be confirmed with the release of purchasing manager indexes. BREXIT BITE A slowdown in growth in Britain''s dominant service industry and among its manufacturers during January, after they finished 2016 strongly, is expected to be reported by Britain''s purchasing managers'' indexes. Britain''s free-spending consumers again confounded warnings that June''s Brexit vote would cause an immediate slowdown in the country''s economy, driving robust growth in the final three months of 2016, data showed on Thursday. Gross domestic product rose at a quarterly pace of 0.6 percent in October-December, keeping up the same above-average pace seen in the initial three months after the referendum decision to leave the European Union. But economists have warned booming inflation and uncertainty around the terms of Britain''s divorce from the EU could curtail growth rates this year. Prime Minister Theresa May has said she will trigger Article 50, starting the two-year countdown to leaving, by end-March. "The Bank of England is expected to leave rates on hold next week and is likely to retain its position that a rate hike is just as likely as an interest rate cut," said James Knightley at ING. "Certainly the recent data flow has been strong and inflation is on the rise, but there are tentative signs of a slowdown in employment growth while business surveys suggest a growing sense of caution surrounding Brexit." A recent Reuters poll suggested the Bank would leave its record-low interest rates and other stimulus measures unchanged at least until 2019. All but one of the 67 economists surveyed said there would be no tweaks in the next policy announcement on Thursday. The BoE will also publish its quarterly Inflation Report. The Bank of Japan, Central Bank of Kenya and the Central Bank of Russia all have policy decisions but none are expected to move. China continues celebrating its Lunar New Year so there will be little news from the world''s second largest economy. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-economy-weekahead-idUKKBN15B1KM'|'2017-01-27T21:54:00.000+02:00'
'146442dd43e1c4b69e425d299d25fb524fd7dde6'|'Asia shares inch down, dollar extends gains in light holiday trade'|'  7:00am GMT Asia shares inch down, dollar extends gains in light holiday trade A woman walks past electronic board showing stock prices and Japanese Yen''s exchange rate outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. REUTERS/Kim Kyung-Hoon By Nichola Saminather - SINGAPORE SINGAPORE Asian shares were fractionally lower on Friday in holiday-thinned trade but were on track for a solid advance this week, while oil and the dollar retained gains in the wake of strong U.S. corporate earnings. European markets were heading for a quiet start, with financial spreadbetter CMC Markets predicting Britain''s FTSE 100 would open flat and France''s CAC 40 would start the day down 0.1 percent. It forecast that Germany''s DAX, which on Thursday closed at its highest level since May 2015, would open 0.2 percent lower. MSCI''s broadest index of Asia-Pacific shares outside Japan slipped 0.1 percent, with several markets closed for the Lunar New Year holiday. It was on track to end the week up 1.85 percent. Japan''s Nikkei closed up 0.3 percent, after data showed December core consumer prices fell at the slowest annual pace in nearly a year, suggesting inflation should pick up in coming months. The Nikkei posted a 1.7 percent gain for the week. Markets in China were shut for the Lunar New Year holiday, and will reopen on Feb. 3. Hong Kong shares barely moved on Friday, when the market closed at midday. Overnight on Wall Street, all three major indices hit life-time intraday highs, with the Dow Jones Industrial Average also rising 0.2 percent to close at a record high after breaching 20,000 on Wednesday. The S&P 500 and the Nasdaq edged back down to end the day a touch below Wednesday''s record close. "U.S. stock markets tend to be a sentiment leader for world markets and in what’s become a familiar pattern over recent years, the quarterly profit reporting season is supporting that sentiment," Ric Spooner, chief market analyst at CMC Markets in Sydney, wrote in a note. "Around a third of companies in the S&P 500 index have now reported and overall earnings are ahead of consensus forecasts," he said. The MSCI World index was steady on Friday. It hit a record intraday high on Thursday before ending the day about 0.1 percent below its previous close. European shares climbed to a one-year high on Thursday, lifted by Johnson & Johnson''s $30 billion deal to buy Swiss biotech firm Actelion. The Mexican peso tumbled about 0.8 percent against the dollar on Friday after the White House said the U.S. might impose a 20 percent tax on Mexican imports to pay for a border wall between the two countries. That followed Mexican President Enrique Pena Nieto''s decision to pull out of a meeting in Washington after his U.S. counterpart Donald Trump tweeted that it would be better for the Mexican leader not to visit if his country wouldn''t pay for the wall. Trump’s office later walked back the idea of a tax, saying that was "one way" of making Mexico pay. The dollar index, which tracks the greenback against its trade-weighted rivals, was up 0.35 percent at 100.73 on Friday. On Thursday, it touched a seven-week low but closed up 0.35 percent. The index is set to end the week flat, after market jitters following Trump''s protectionist inaugural speech weighed on the dollar early in the week. But since then, Trump''s actions show "continuity from his campaign days, so the markets expect him to go ahead with the fiscal stimulus as well," said Minori Uchida, chief FX analyst at Bank of Tokyo Mitsubishi UFJ. The dollar rose 0.4 percent to 115.14 yen, extending Thursday''s 1.3 percent surge and putting it on track for a 0.5 percent weekly gain. The prospect of higher U.S. inflation boosted U.S. 10-year Treasury yields to 2.5158 percent on Friday. On Thursday, they hit 2.555 percent, their highest level this year, before settling back down at 2.508. The euro slid 0.15 percent to $1.06655 on Friday, adding to its 0.6 percent loss from Thursday. In commodities, oil retained its gains from Thursday that were driven by the resurgence of risk appetites. But a jump in U.S. inventories this week capped its advance. U.S. crude was little changed at $53.78 a barrel, after Thursday''s near 2 percent surge. It is poised for a 2.6 percent weekly increase. Global benchmark Brent eased 0.1 percent to $56.19, heading for a rise of 1.3 percent for the week. Gold widened losses on Friday, its fourth straight session of declines, as investors dumped the precious metal for riskier, higher returning assets. Spot gold fell 0.5 percent to $1,182.30 an ounce, heading for a 2.3 percent loss for the week, its first weekly decline in five. (Additional reporting by Yuzuha Oka in TOKYO; Editing by Shri Navaratnam and Richard Borsuk)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN15B042'|'2017-01-27T14:00:00.000+02:00'
'3ba07daed50060b66e9299a00b5495df7ad27979'|'Britain to respect EU rules as it strengthens trade ties with world partners - Hammond'|'  7:31am GMT Britain to respect EU rules as it strengthens trade ties with world partners - Hammond Philip Hammond, Britain''s Chancellor of the Exchequer attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 20, 2017. REUTERS/Ruben Sprich BRUSSELS Britain will respect its obligations under European Union treaties while it seeks to strengthen trade ties with world partners, the British chancellor said on Friday. "Of course we want to strengthen our trade ties with the very many trade partners we have around the world, but we are very mindful of our obligations under the treaty and will follow them precisely," Philip Hammond told reporters arriving to a meeting of EU finance ministers in Brussels. (Reporting by Francesco Guarascio; Editing by Kevin Liffey)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-hammond-idUKKBN15B0JR'|'2017-01-27T14:31:00.000+02:00'
'4ecbf0cf705a2d01c19b61a1eedbb88b740143c8'|'UPDATE 1-Canada trade minister: Can resolve Bombardier funding without WTO'|'  3:19pm EST UPDATE 1-Canada trade minister: Can   (Adds background, quotes; changes dateline, previous OTTAWA) MONTREAL   Trade Minister   Champagne told reporters he had discussed Bombardier with his Brazilian counterpart over dinner at the recent World Economic Forum in Davos. While Canada would defend itself against any WTO action by Brazil over a $2.5 billion injection by the province of Quebec and its largest pension fund in Bombardier, Champagne suggested talking first. "My comment was that of openness," he said on the sidelines of a Montreal Council on Foreign Relation event. "Litigation in my book has always been the last resort," he said. "There might be another way other than litigation to look at the issues he was putting on the table with respect to Bombardier." His comments echoed those of Brazilian Trade Minister Marcos Pereira, who said on Thursday that Canada had signaled it is willing to negotiate. In December, Brazil said it would   support. Brazil has argued that Quebec''s investment, coupled with plans by the Canadian government to inject $1 billion into Bombardier''s CSeries jet program, has allowed aggressive discounts hurting Brazilian rival Embraer <SA EMBR3.SA>, along with Boeing Co and Airbus Group SE. Bombardier and Embraer have battled for decades over the regional jet market. The plane makers traded accusations of unfair subsidies in the late 1990s that their countries hashed out at the WTO. Champagne took over as Canada''s trade minister earlier this month from Chrystia Freeland, who became minister of foreign affairs. (Reporting by Allison Lampert; Editing by Chris Reese and Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/brazil-canada-trade-idUSL1N1FH1HQ'|'2017-01-28T03:19:00.000+02:00'
'ae1f32265e69ccfa35893c20bc94ae7be101ad29'|'BRIEF-TVH says third raised offer of 261 p/shr of Lavendon is final'|'Private Equity  18am EST BRIEF-TVH says third raised offer of 261 p/shr of Lavendon is final Jan 27 TVH Group N.V.: * Announces that third increased offer of 261 pence per share of Lavendon Group Plc is final and offer price will not be increased Source text for Eikon: (Bengaluru Newsroom) Next In Private Equity UPDATE 1-Harris Corp to sell govt. IT services unit for $690 mln Jan 27 Harris Corp, whose technology is used by the U.S. defense, said it would sell its government IT services business to an affiliate of private equity investment firm Veritas Capital for $690 million in cash to focus on its other businesses. NEW YORK, Jan 27 Nyca Partners, the venture capital firm launched by former Visa Inc President Hans Morris, successfully closed fundraising for its second fund to invest in financial technology startups. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FH0OS'|'2017-01-27T22:18:00.000+02:00'
'1d654c6852f85f9ce582fc9201fdb84c5ce11cf4'|'Toshiba chairman Shigenori Shiga ready to step down - Nikkei'|'Business News - Fri Jan 27, 2017 - 5:54pm GMT Toshiba chairman Shigenori Shiga ready to step down - Nikkei Toshiba Corp CEO Satoshi Tsunakawa attends a news conference at the company''s headquarters in Tokyo, Japan January 27, 2017. REUTERS/Toru Hanai Toshiba Corp Chairman Shigenori Shiga is ready to step down to take responsibility for the huge write-downs looming over the Japanese group''s U.S. nuclear power unit Westinghouse Electric Co LLC, the Nikkei business daily reported. Shiga was chairman of Westinghouse when the unit booked charges of $930 million (742 million pounds) in fiscal 2012 and $390 million in fiscal 2013, which Toshiba failed to flag at the time in violation of the Tokyo bourse''s disclosure rules. Toshiba did not immediately respond to a request for comment outside regular business hours. ( s.nikkei.com/2kBzwn3 ) The Japanese conglomerate''s nomination committee will decide on the matter of Shiga''s resignation and an announcement could come as soon as Feb. 14, the Nikkei reported on Friday. Westinghouse Chairman Danny Roderick is also expected to resign as president of Toshiba''s in-house energy systems and solutions company, the Japanese business daily reported. (Reporting by Anya George Tharakan in Bengaluru; Editing by Shounak Dasgupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-chairman-idUKKBN15B1YD'|'2017-01-28T00:54:00.000+02:00'
'a1156f452b9612794b18f3f366169b1566bbbb34'|'Oil prices dip as rising U.S. output offsets OPEC-led cuts'|'Global Energy  34am GMT Oil prices stable as U.S. output gains offset OPEC-led cuts FILE PHOTO: A man pumps petrol for his car at a petrol station in Hanoi, Vietnam December 20, 2016. REUTERS/Kham/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices were stable on Friday, with rising crude output from the United States offsetting efforts by OPEC and other producers to prop up the market by cutting supplies. Brent crude futures, the international benchmark for oil prices, were trading at $56.21 per barrel at 0231 GMT, virtually unchanged from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $53.84 a barrel, up 6 cents. Traders said growth in U.S. output was counteracting efforts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia to reduce a global fuel overhang, resulting in range-bound prices. "U.S. producer hedging via futures and increasing shale production offset the progress OPEC has made with its production cut implementation," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore. "Market participants are hyper-focused on two issues: shale''s response to higher prices and OPEC compliance," Barclays bank said. "Producers and OPEC countries are all talking their books, yet the jury is still out," it added, referring to widespread scepticism over compliance with announced cuts. The British bank said it expected Brent and WTI prices to average $55 and $53 per barrel respectively for the first quarter. OPEC and other producers have agreed to cut production by almost 1.8 million barrels per day (bpd) for the first half of 2017 to fight a supply overhang that has seen between 1 million and 2 million bpd of crude being produced in excess of consumption over the past two years. U.S. oil production, however, has risen by around half a million barrels per day since mid-2016 to 8.96 million bpd. (Reporting by Henning Gloystein; Editing by Joseph Radford and Sonali Paul) Next In Global Energy News Small hole caused Canadian oil pipeline spill -officials Jan 26 A small hole on a weld between two segments of a shallow four-inch pipe has been discovered on a pipeline that leaked some 200,000 liters (52,834 gallons) of oil onto aboriginal land in Saskatchewan last week, provincial officials said on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN15B064'|'2017-01-27T08:58:00.000+02:00'
'24e6e10c56b7f21172509df8a7924b88344fbbb4'|'Alliance Trust to buy back shares owned by U.S. activist fund Elliott'|'LONDON Alliance Trust ( ATST.L ) will buy back the 19.75 percent of its shares owned by U.S. activist investor Elliott Management, the Scottish asset manager said on Friday, following pressure from Elliott to improve the fund''s performance.Elliott said it would take up the buyback offer, clearing the way for the U.S. fund to exit an investment it made five years ago in a bid to shake up how Alliance was run."Elliott welcomes the opportunity to participate in the offer being made to all other shareholders under the buyback programme,” a spokeswoman for the activist investor said in an emailed statement.The repurchase requires approval by Alliance''s independent shareholders and would be done at a 4.75 percent discount, Alliance Trust said in the statement.Elliott increased its stake in Alliance Trust on Dec. 28, stepping up pressure on the fund which Elliott said needs a shake-up to improve performance and close the gap between its shares and the value of the assets it holds.The gap between the value of those shares and the underlying assets has closed from 15 percent to under 5 percent in the five years since Elliott became a shareholder, the investor said on Friday.The activist fund forced Alliance Trust Chief Executive Katherine Garrett-Cox, one of the City of London''s most high-profile women in business, to step down from the group''s board in October 2015.Elliott, founded by billionaire Paul Singer, is unusual among U.S. hedge funds in targeting foreign firms for its activist campaigns, in which it buys shares in a company and then agitates for changes to how the firm is run.Alliance Trust shares were up 0.4 percent at 0805 GMT, narrowly outpacing the FTSE 100 index .FTSE which opened flat.(Reporting by Lawrence White; editing by Susan Thomas and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alliance-tr-elliott-idINKBN15B0MS'|'2017-01-27T05:25:00.000+02:00'
'901e4ca709f61f3d1f7effb615bfed4864838997'|'US STOCKS-Futures flat as investors pause after Dow''s recent rally'|'* Futures: Dow up 8 pts, S&P down 0.25 pts, Nasdaq up 3.5 ptsBy Tanya AgrawalJan 27 U.S. stock index futures were little changed on Friday as investors paused after driving the Dow Jones Industrial Average to three straight days of gains and ahead of a host of economic data and corporate results.* The post-election rally reignited this week following a solid start to earnings season and optimism over President Donald Trump''s pro-growth initiatives, catapulting the Dow above 20,000 for the first time and giving the benchmark S&P 500 its best two-day performance in seven weeks.* All three major indexes were on track to post weekly gains.* Trump''s business-friendly decisions since taking office on Friday include signing executive orders to reduce regulatory burden on domestic manufacturers and clearing the way for the construction of two oil pipelines.* Early fourth-quarter earnings have also boosted sentiment and are now expected to show growth of 7 percent, their biggest increase in two years, according to Thomson Reuters data.* Of the 146 companies that have reported earnings through Thursday morning, 69.2 percent have topped expectations.* General Dynamics, AbbVie and Chevron are scheduled to report before the bell.* Investors'' focus will be on advanced fourth-quarter gross domestic product estimate. Economists are expecting the GDP to have likely increased at a 2.2 percent rate, down from 3.5 percent in the July-September quarter. The data is expected at 8:30 a.m. ET (1330 GMT).* Data from the Commerce Department is likely to show durable goods orders rose 2.6 percent in December after falling 4.5 percent in November.* Oil prices gave up earlier gains as rising crude output from the United States was seen offsetting efforts by OPEC and other producers to prop up the market by cutting supplies.* Starbucks fell 3.8 percent to $56.24 in premarket trading after the world''s biggest coffee seller trimmed its full-year revenue forecast.* Google parent Alphabet was down 1.7 percent at $841.99 after it posted fourth-quarter profit below analysts'' estimates.* Microsoft was up 1.4 percent at $65.20 after the world''s biggest software company reported a rise in quarterly profit.* Wynn Resorts jumped 6.3 percent to $101.50 after its quarterly results came in above estimates.Futures snapshot at 6:33 a.m. ET:* Dow e-minis were up 8 points, or 0.04 percent, with 12,575 contracts changing hands.* S&P 500 e-minis were down 0.25 points, or 0.01 percent, with 63,180 contracts traded.* Nasdaq 100 e-minis were up 3.5 points, or 0.07 percent, on volume of 13,562 contracts. (Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-idINL4N1FH2EQ'|'2017-01-27T09:08:00.000+02:00'
'e56431252c1e66f18395b06efa775e3fdfb73e69'|'ECB''s Villeroy pushes back against calls for QE exit'|' 21pm GMT ECB''s Villeroy pushes back against calls for QE exit FILE PHOTO: Pound and Euro coins are seen in this picture illustration taken January 18, 2017. REUTERS/Dado Ruvic/Illustration MUNICH, Germany Fears of a resurgence of euro zone inflation are exaggerated, so winding down from stimulus has not been discussed, a top European Central Bank policymaker said on Thursday, even as the bank''s top hawks suggested that the exit may be close. Responding to German criticism of the ECB''s ultra-easy policy stance, French central bank chief Francois Villeroy de Galhau said the spike in German inflation will be temporary and argued that policymakers need to look through such swings caused by oil prices. He spoke just as the two Germans on the Governing Council raised the prospect of winding down the bank''s 2.3 trillion-euro (2 trillion pound) asset-buying programme, a taboo topic so far from ECB President Mario Draghi. "Some seem to fear a resurgence of inflation; this is very exaggerated," Villeroy said. "Although quantitative easing will obviously not last forever, we clearly did not discuss tapering or any exit strategy. Having fought the risk of deflation for years, the ECB is now under pressure as higher energy costs feed into other prices, igniting calls for the bank to ease off the accelerator - particularly in Germany, where inflation is already close to the ECB''s 2 percent target. Jens Weidmann, the powerful president of Germany''s central bank, meanwhile, argued that the bloc''s economic outlook is positive and the inflation rate is now gradually approaching the level the ECB would define as price stability, its ultimate mandate. "If this price development is sustainable, the prerequisite for the withdrawal from the loose monetary policy is created," he added. Executive Board member Sabine Lautenschlaeger went even further this week, arguing that preconditions for a stable rise in inflation are in place, so the ECB could soon start to plan an exit from its unprecedented stimulus programme. Still, any exit from stimulus may be far into the future. Draghi made it clear this month that underlying inflation was too weak and surging oil prices are almost exclusively responsive for the recent rise in prices. Reaffirming Draghi''s argument, Villeroy also pushed back at German critics, noting that the ECB was making policy for the entire euro zone, not just one, albeit, big member. "The inflation differences between countries are consistent with their different national economic situations: growth and employment are also stronger in Germany," he said. "It is not our aim to keep interest rates low for too long," Villeroy said. "They are merely the necessary condition today for gradually returning towards our inflation target, and ensuring lastingly higher interest rates in the future." (Reporting by Joern Poltz, Balazs Koranyi and Andreas Framke, editing by Larry King)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-villeroy-idUKKBN15A1G0'|'2017-01-27T02:21:00.000+02:00'
'566868e6d3b139ad2e6bbaeac096da9a997ab881'|'Trump adviser Icahn gains on biofuel rule talk'|'Trump adviser Carl Icahn gains as markets see biofuel rule change Billionaire faces conflict of interest scrutiny over investment in oil refiner Read next Further reading Monday, 22 August, 2016 Carl Icahn, the billionaire activist investor who is the president''s special adviser on regulatory reform © FT montage; Reuters by: Gregory Meyer and Stephen Foley in New York Donald Trump’s election has doubled the value of an energy company owned by billionaire investor Carl Icahn, who was appointed special adviser to the president on regulatory reform. CVR Energy shares have surged on the expectation that the new administration will ease environmental rules including a federal biofuel mandate criticised by Mr Icahn that costs CVR more than $200m a year. Traders betting that the Trump administration will weaken the mandate have driven down prices for US ethanol credits that CVR and other refiners must purchase. The declines snowballed this week after the president imposed a freeze on new federal rules. “It’s true that I would benefit as a refinery owner, but so would every refinery as well as the small gas station owners and as far as I’m concerned the public, because certain of these refineries can now stay alive,” Mr Icahn said in an interview. By serving as an adviser without becoming a federal employee who would be required to separate himself from his investments, Mr Icahn has attracted scrutiny. His holdings span energy, railcars, finance and other regulated businesses. He helped the Trump team vet Scott Pruitt , who has been picked to run the Environmental Protection Agency, which oversees the biofuel mandate. “There’s a huge conflict of interest,” said Bruce Babcock, an energy economist at Iowa State University. Norman Eisen, a former legal ethics adviser for Barack Obama, said Mr Icahn’s title, responsibilities and involvement in personnel choices make him a “de facto special government employee” subject to conflicts rules preventing work on matters relating to his investments. The price of ethanol credits, known as Renewable Identification Numbers (Rins), has proven sensitive to news coming from the Trump team. They fell 8 per cent after Mr Pruitt was selected and another 6 per cent after Mr Icahn’s appointment . On Wednesday they plunged as low as 46 cents, down by more than half since December, according Oil Price Information Service. “This is the Icahn-Pruitt-Trump trade,” said Tom Kloza, global head of energy analysis at Opis. Mr Icahn’s general counsel, Jesse Lynn, called it “ludicrous” to suggest it was wrong for a businessman to offer advice on an industry he knew well. Mr Icahn will not take any actions that trigger government employee status and not be in a position to set policy, “merely to offer his suggestions,” Mr Lynn said. The market value of CVR, 82 per cent owned by Mr Icahn, has increased by $1bn since the election to $2.1bn. Congress passed the biofuel mandate in 2007 in an effort to wean the US from foreign oil. If refiners or importers cannot meet the target — set at 15bn gallons for corn ethanol this year — they must purchase Rins instead. Mr Icahn has criticised the provision, arguing the Rins market was riddled with fraud and that integrated oil companies and large petrol station chains should be required to buy them, not refineries. “Rins are the quintessential example of the absurdity of so many regulations the EPA has issued,” he said. “The EPA, in far too many instances, has run amok. Overregulation is the reason corporations are afraid to invest and as a result there’s a lack of good jobs and productivity in this country.” Under Mr Obama, the EPA looked set to deny petitions to shift the Rin obligation away from refiners, arguing it could increase the complexity of an already complicated programme. The agency faces a test of its position after being sued in a Texas federal court last week by Valero Energy , the world’s biggest independent oil refiner, over the issue. In a confirmation hearing last week Mr Pruitt reassured senators that he would “make sure that the statute is upheld and enforced and not undermined”. Some experts doubted the Trump administration will water down the mandate, not least because it would infuriate the Corn Belt farmers who helped seal his victory. “It would be shocking for the president to cross those voters,” said Scott Irwin, an economist at the University of Illinois. But Barclays, in a research note, said it expected the new administration would cut required ethanol volumes and suggested ethanol Rins would drop further. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/us'|'https://www.ft.com/content/2d4d72ca-e33b-11e6-9645-c9357a75844a'|'2017-01-26T18:00:00.000+02:00'
'95747a962395f29aa2afd9065bf399e26ec0a621'|'Toshiba reckoning looms with chip decision, nuclear hole unresolved'|' 16pm GMT Toshiba reckoning looms with chip decision, nuclear hole unresolved The logo of Toshiba Corp is seen at its headquarters in Tokyo, Japan January 23, 2017. REUTERS/Toru Hanai TOKYO Toshiba Corp ( 6502.T ) faces a day of reckoning on Friday, when it is expected to offer an initial estimate of the multibillion-dollar charge it must take on its U.S. nuclear business, but this will be only a step in a series of tough choices on the Japanese conglomerate''s survival. Toshiba''s board meets to approve plans to spin off its semiconductor business as a separate company, hoping to raise more than 200 billion yen (1 billion pounds) by selling as much as a fifth of the core money-making unit, a person with direct knowledge of the matter said. But as the proceeds would be just a fraction of the hole from cost overruns in its Westinghouse nuclear business - which local media put at 680 billion yen ($6 billion) - the chip sale would only be the start of a solution, which would require help from Toshiba''s banks and possibly the government-backed Development Bank of Japan (DBJ). Toshiba, which declined to comment on plans for its chip business, says it will unveil the writedown on Feb. 14 when it reports third-quarter results. In the meantime, it has been in regular talks with its banks. Potential buyers for the stake in the chip business include private equity firms as well as business partner Western Digital Corp ( WDC.O ), while it has also approached the DBJ for support, sources have said. Toshiba is rushing to raise funds by the end of the financial year in March as a massive writedown could wipe out shareholder equity that has shrunk to just $3 billion in the wake of a 2015 accounting scandal. Whether to sell part of the nuclear business at the heart of its problems is a subject for discussion between Toshiba and its lenders, people close to the situation say. Toshiba estimates the value of its chip business - the biggest NAND flash memory producer after Samsung Electronics ( 005930.KS ) - at 1-1.5 trillion yen ($9-13 billion), said another person with direct knowledge of the matter. Toshiba Chief Executive Satoshi Tsunakawa recently told the company''s main creditors of its plans, this person said, adding Toshiba is also looking at selling other businesses. Toshiba''s main banks have agreed to not call in some loans early for now even as recent downgrades of the firm''s credit ratings violate some provisions in debt agreements, people with direct knowledge of the matter have   Taro Fuse; Writing by William Mallard; Editing by Ian Geoghegan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN15A2JV'|'2017-01-27T01:16:00.000+02:00'
'ca3410b8859a516c408188a5ca8cb85dc092e357'|'Australia shares likely to open flat, NZ little changed'|'Financials  14pm EST Australia shares likely to open flat, NZ little changed Jan 27 Australian shares are set to open flat on Friday, tracking Wall Street, with gains for mining heavyweights from rallying iron ore expected to be tempered by the decline in copper prices, while rising crude should boost energy stocks. U.S. stocks were little changed on Thursday after the two-day rally which pushed the Dow Jones Industrial Average above the 20,000 mark. Chinese steel and iron ore futures extended gains on Thursday on expectations of firm demand following the Lunar New Year holiday, while copper prices declined on a strengthening dollar. Oil prices jumped 2 percent overnight, while gold slipped to a two-week low. [GOL Local share price index futures were flat at 5,649, a 22.5-point discount to the underlying S&P/ASX 200 index close on Wednesday. Australian markets were closed on Thursday for a holiday. New Zealand''s benchmark S&P/NZX 50 index was flat in early trade. For a summary of overnight action across global markets, double click on For a digest of the day''s business stories in Australian newspapers, double click on (Reporting by Geo Tharappel in Bengaluru; Editing by Tom Heneghan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-morning-idUSL4N1FG52H'|'2017-01-27T04:14:00.000+02:00'
'499ecfdb576e11569a3d08edbdb5b966583b94cb'|'American Airlines, Qantas may revive joint venture plan under Trump'|'By Sue-Lin Wong and Jamie Freed - BEIJING/SYDNEY BEIJING/SYDNEY American Airlines Group Inc ( AAL.O ) and Australia''s Qantas Airways Ltd ( QAN.AX ) may reapply to the U.S. Transportation Department for permission to coordinate prices and flight schedules now the Trump administration is in charge, Qantas Chief Executive Alan Joyce said.The pair''s application for a joint venture covering the United States, Australia and New Zealand markets was rejected in November under the Obama administration amid opposition from rival carriers Hawaiian Airlines Inc and JetBlue Airways Corp ( JBLU.O ).During its earnings call on Friday, American said it intended to refile its application for a joint venture with Qantas."We do plan to refile the application with Qantas," said Steve Johnson, American''s Executive Vice President of Corporate Affairs. "It probably is a few weeks down the road ... but we are looking forward to doing that and having another opportunity to make our case."American Airlines shares sagged on Friday after the carrier released its fourth-quarter and full-year 2016 results, as mounting costs and growing wage pressures spooked investors.The alliance would have the largest share of seats between 200 pairs of cities, and account for nearly 60 percent of all seats between the United States and Australia, the department said.U.S. President Donald Trump is expected to boost American industry through lighter regulation and his administration may take a more hands-off approach to anti-trust enforcement."What we need to do is work out the implications, which we are still working through and then talk about what we will do and review our options with the Trump administration," Qantas'' Joyce told Reuters in Beijing on Thursday. "When we do, we will make an announcement of what our intentions are."Citi analyst Anthony Moulder said the inability to coordinate pricing meant the American Airlines flights between Australia and the United States were being sold at lower prices than Qantas flights, pressuring the Australian carrier."I think it has just taken perhaps a little bit longer than (American Airlines) would have hoped to where their offering has similar yields," he said.Regulators in Australia and New Zealand had approved the joint venture before it was rejected by the United States.(Reporting by Sue-Lin Wong, Jamie Freed and Alana Wise in New York, writing by Jamie Freed; editing by Andrew Hay, G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-american-airline-qantas-jointventure-idINKBN15B00L'|'2017-01-27T15:05:00.000+02:00'
'81ed536a1b617b5a43e70fa2f71a635894a6532d'|'Fitch: US Protectionism Tops TPP Demise as Threat to APAC Growth'|'Financials   9:37pm EST Fitch: US Protectionism Tops TPP Demise as Threat to APAC Growth (The following statement was released by the rating agency) HONG KONG/SINGAPORE, January 26 (Fitch) The rising possibility that the US will shift towards trade protectionism - beyond the likely collapse of the Trans-Pacific Partnership (TPP) - has become a credible downside risk to the economic outlook for the Asia-Pacific (APAC) region, says Fitch Ratings. There is a growing risk that APAC economies will be negatively affected by a US shift toward trade protectionism. President Donald Trump has threatened to label China a currency manipulator and to place large tariffs on Chinese imports, and has criticised the US-Korea FTA. Some Republicans are also pushing for tax reforms that would impose a levy on US imports from all countries. Fitch would expect China to respond with counter-measures including, but not necessarily limited to, tariffs on US imports. A ''trade war'' would have adverse spillovers for APAC economies, particularly those that are closely connected to regional supply chains and that are most dependent on exports. We believe this could potentially be more relevant to the APAC economic outlook than US withdrawal from TPP. The TPP, had it been implemented, would have set important foundations for economic integration in APAC, and delivered a significant long-term boost to some economies. That said, US Congressional approval of the TPP was unlikely even before President Trump''s formal withdrawal this week; TPP was not directly factored into Fitch''s baseline growth forecasts or ratings. We also did not view the agreement as a potential game-changer for members'' short-term economic prospects. The TPP would have lowered tariffs among its 12 member countries. It also aimed to address other wide-ranging barriers to trade by setting rules governing intellectual property rights, business competition policies - including those related to state-owned enterprises and public procurement policies - and labour standards. The TPP therefore had the potential to help drive structural reforms that could have raised productivity and lifted foreign investment in a number of economies, particularly those with weaker business environments. Various studies suggested that Vietnam would have been among the biggest beneficiaries of TPP. One study by the US-based Peterson Institute estimates that it would have delivered an 8% boost to Vietnam''s GDP by 2030 - relative to the baseline. Malaysia and Singapore were also expected to be significant beneficiaries - because of their export exposure to TPP members - while Japan was expected to benefit from the agreement serving as a catalyst for domestic structural reform, particularly in the agricultural sector, under the third arrow of Abenomics. Member countries will miss out on potential benefits, but non-participants will be spared the potentially damaging effects that could have ensued from trade and investment being diverted to TPP participants. China, Indonesia, the Philippines and Thailand were notable non-participants in APAC, although some may have come under pressure to join later on (Indonesia had recently signalled an eagerness to join at TPP''s outset). China is pushing its own Regional Comprehensive Economic Partnership (RCEP) as an alternative to the TPP. However, of the other participants - ASEAN, Japan, India and Korea - ASEAN and Korea already have free trade agreements (FTA) with China. Moreover, with its narrow focus on tariffs, the RCEP is unlikely to be the catalyst for structural reform that TPP could have been. Furthermore, it is unclear to what extent RCEP, without the participation of the US and its strong import demand, can replicate the same boost to regional economic growth prospects that was expected under TPP. Contact: Andrew Fennell Director Sovereigns +852 2263 9944 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central Hong Kong Stephen Schwartz Senior Director Sovereigns +852 2263 9938 Dan Martin Senior Analyst Fitch Wire +65 6796 7232 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article can be accessed at www.fitchratings.com. 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Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987951'|'2017-01-27T09:37:00.000+02:00'
'70bc03536e53a91c36cb857d39eeb4536ba5b15a'|'Ghana 91-day bill yield rises to 15.9376 pct'|'Financials - Fri Jan 27, 2017 - 1:39pm EST Ghana 91-day bill yield rises to 15.9376 pct ACCRA Jan 27 The Bank of Ghana said the yield on its weekly 91-day bill rose to 15.9376 percent at an auction on Friday from 15.7952 percent at the last sale, on Jan. 20. The bank said it had accepted 797.54 million cedis ($184 million) worth of bids out of 815.34 million cedis tendered for the 91-day paper, which will be issued on Jan. 30. For full details, click here: here %201522.pdf ($1 = 4.3327 Ghanaian cedis) (Writing by Kwasi Kpodo, editing by Larry King) Next In Financials Nasdaq amends disputed fee proposal for key stock market data NEW YORK, Jan 27 Nasdaq Inc no longer plans to charge additional fees to access key data essential for stock market operations following complaints of price gouging from other exchanges, trading firms and an industry trade group, according to a regulatory filing.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ghana-bonds-yield-idUSL5N1FH5GA'|'2017-01-28T01:39:00.000+02:00'
'0fe4571880dd63cb7a5d9d111bb02020c2c4ac6b'|'Bank of England to sit tight as Brexit cross-winds blow'|'Money - Fri Jan 27, 2017 - 2:32pm GMT Bank of England to sit tight as Brexit cross-winds blow Britain''s Bank of England Governor Mark Carney attends the G20 Germany 2017 Conference in Wiesbaden, Germany January 25, 2017. REUTERS/Ralph Orlowski By William Schomberg - LONDON LONDON Mark Carney, who has spent much of his time in charge of the Bank of England trying to signal what the central bank is planning, will probably say next week that he doesn''t know what its next move will be. Carney and his fellow policymakers are likely to stick to their neutral stance on whether to cut or raise interest rates in future, due to the scale of uncertainty about the impact of last year''s referendum decision to leave the European Union. Economically, Britain has so far coped much better than expected with the shock vote. It was probably the world''s fastest-growing big advanced economy in 2016, confounding forecasts from the BoE and almost everyone else of a swift Brexit hit. Most economists in a Reuters poll published this week said the Bank will raise its economic growth forecast for 2017 for the second consecutive time on Feb. 2, when it is due to deliver its latest thinking on the economy. HSBC economist Liz Martins expects the Bank to say the economy will grow by 1.7 percent this year, up from November''s forecast of 1.4 percent and more than double the 0.8 percent it expected in August, when concerns about a Brexit slump were their strongest. Combined with inflation that looks set to shoot above the Bank''s 2 percent target soon and an 11-year low jobless rate, an upgrade like that would normally suggest the BoE ought to be turning its mind to raising its record-low interest rates. But top Bank officials have said they are bracing for a "slow-motion slowdown" as the Brexit vote eats into the value of sterling and the spending power of consumers. Prime Minister Theresa May''s speech earlier this month, signalling a potentially disruptive "hard Brexit" from the EU and its single market, may add to the cautious approach of Carney and his colleagues. RATE HIKE OR RATE CUT? Some economists say a creeping Brexit effect on the economy will prompt the BoE to cut rates over the next year. That is the opposite expectation to many investors who are pricing in a 50-50 chance of a rate hike by the end of 2017. "The market is desperate to get a hawkish signal," said Ross Walker, an economist with bank RBS. "But I think the Bank will be unwilling to move in either direction for the next six months or this year." Sitting on the fence about whether to cut rates or raise them represents something of a novelty for the BoE since Carney took over as governor in 2013. He sought to show investors that super-low rates would not rise for a long time. But his forward guidance policy struggled to cope with unexpected twists and turns of the economy. On top of the uncertainty about Brexit, it is far from clear what the election of U.S. President Donald Trump, and his calls to get a better deal for the United States in trade deals, means for the world economy. All of which suggests that the Bank next week will stick closely to the neutral stance it adopted in November. Economists take it as a given that it will keep rates at 0.25 percent on Thursday and announce no new extension of its bond-buying programme. "Expectations for next week''s ''Super Thursday'' are pretty low," analysts at Nomura said in a note to clients, referring to the combined announcement of the Bank''s rate decision and publication of minutes of its meeting and its Inflation Report. "We may have to re-name it ''Average Thursday'' for a while." (Writing by William Schomberg)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-idUKKBN15B1ET'|'2017-01-27T21:32:00.000+02:00'
'218d3ba7b3f5ba77191cf17209ca08d595ac6efd'|'Exclusive: Brazil''s Clealco in talks to renegotiate debt, eyes sale: sources'|'Commodities - Fri Jan 27, 2017 - 2:29pm EST Exclusive: Brazil''s Clealco in talks to renegotiate debt, eyes sale: sources By Tatiana Bautzer and Marcelo Teixeira - SAO PAULO SAO PAULO Clealco Açúcar e Alcool SA is in talks with banks to renegotiate terms of about 1.5 billion reais ($473 million) in loans, the latest Brazilian sugar firm restructuring operations amid a heavy debt burden, three people with knowledge of the situation said. Shareholders of Clealco are considering resuming a process to look for a buyer, which could take place simultaneously with the loan renegotiation plan, said the first person, who is not allowed to discuss the plans publicly. Clealco, which owns three mills in São Paulo state with annual combined cane crushing capacity of 10 million tonnes, hired advisory firm Pantalica Partners to advise on talks with banks including Rabobank NA [RABOVR.UL], Itaú Unibanco Holding SA and Banco Santander Brasil SA, the people said. Clealco has yet to propose terms of the plan to creditors, they added. Partners in Clealco expect to fetch up to $500 million if they do sell the whole company, the first person added. Clealco, based in Clementina, Brazil, declined to comment. Rabobank, Itaú, Santander and Pantalica also did not comment. The decision comes two months after Clealco and Swiss commodities trader Glencore Plc suspended year-long talks over a potential sale. Reuters reported on Tuesday that Glencore is eyeing other Brazilian sugar installations, following the November acquisition of a mill from Unialco SA Álcool e Açúcar. The third source said Clealco shareholders'' initial idea was to sell a minority stake in the firm to an investor to raise capital to cut the company''s debt load, but had no success. Glencore declined to comment on what it termed "market rumor or speculation." Commodities firms and private equity funds are scouring for opportunities to buy mills in Brazil, the world''s No. 1 sugar producer, some of which remain mired in debt even as prices for sugar hover around a five-year high. Many mills have restructured their operations and others filed for creditor protection in the wake of a multi-year cycle of low prices that ended in 2015. (Editing by Guillermo Parra-Bernal and Leslie Adler) Next In Commodities Yemen''s wheat reserves down to three months supply: U.N. official LONDON Yemen has roughly three months supply of wheat left to draw from, leaving the country exposed to serious disruption as a central bank crisis cuts food imports and starvation deepens, the top U.N. aid official in the country told Reuters.'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-clealco-restructuring-idUSKBN15B264'|'2017-01-28T02:29:00.000+02:00'
'98bd799987b0851d3d37c9949c4c0a6e87f26ce9'|'India hopes to complete oil storage talks with UAE on Tuesday'|' 58am EST India hopes to complete oil storage talks with UAE on Tuesday NEW DELHI Jan 24 India hopes to conclude negotiations with the United Arab Emirates on Tuesday to fill its strategic oil reserves at Mangalore, in southern India, a foreign ministry official said. Abu Dhabi''s Crown Prince Sheikh Mohamed bin Zayed al-Nahyan is headed to India week as a guest of honour to the annual Republic Day Parade in a warming of ties. Oil-rich Abu Dhabi has been in discussions to finalise a deal to lease part of India''s crude oil storage facilities. India, which imports about 80 percent of its oil needs, is building emergency storage in vast underground caverns to hold some 36.87 million barrels of crude as it seeks to hedge against energy security risks. Amar Sinha, Indian foreign ministry official in charge of economic relations, said the two sides were also expected to sign a pact between the UAE''s sovereign wealth fund and India''s National Investment and Infrastructure Fund. (Reporting by Nidhi Verma, Writing by Sanjeev Miglani; Editing by Malini Menon) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-emirates-reserves-idUSD8N1EA04Q'|'2017-01-24T13:58:00.000+02:00'
'79e176160af9e778d02f736b7c47242ce0558a83'|'J C Penney extends stockholder rights plan to protect tax benefits'|'Jan 23 J C Penney Company Inc* J C Penney extends stockholder rights plan to protect tax benefits* J C Penney Company Inc - extended its existing stockholder rights plan for an additional three years* J C Penney Company Inc - As amended, company''s rights plan will expire on January 25, 2020* Expects to submit extension of plan to a vote at next annual meeting of stockholders in May 2017 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINASB0AWAQ'|'2017-01-23T18:33:00.000+02:00'
'4d8430c345944c45fac8a7be2df876473780253b'|'Starbucks nominates Microsoft CEO Nadella to its board'|' 12pm EST Starbucks nominates Microsoft CEO Nadella to its board Satya Nadella, CEO of Microsoft Corporation attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 17, 2017. REUTERS/Ruben Sprich Starbucks Corp ( SBUX.O ) nominated Microsoft Corp ( MSFT.O ) Chief Executive Satya Nadella to its board at a time when the company is increasingly focusing on technology to drive sales. The announcement comes a month after former Microsoft executive Kevin Johnson was named Starbucks CEO to replace co-founder Howard Schultz. Schultz, who will step down in April, will remain as executive chairman. The world''s biggest coffee chain is investing heavily on expanding its digital capabilities. About 8 percent of the company''s transactions in the United States are now made on its mobile app - up from 6 percent in the fourth quarter, Starbucks said at its investor day last month. The company also laid out plans to equip 80 percent of its more than 25,000 stores around the world with digital enhancements such as mobile order, mobile pay and personalization by 2019. "Satya Nadella will bring extensive experience and an understanding of how technology will be used and experienced around the world," Starbucks said in a statement. The company also said it nominated Rosalind Brewer, chief executive of Wal-Mart Stores Inc''s ( WMT.N ) Sam''s Club division and Jørgen Vig Knudstorp, executive chairman of the LEGO Brand Group, to its board. The appointments will expand the size of the board to 14 from 12. The nominees will be subject to a shareholder vote at the company''s annual meeting on March 22. Jamie Shennan, a long time Starbucks director, will be retiring before the annual meeting, the company said. (Reporting by Gayathree Ganesan and Siddharth Cavale in Bengaluru; Editing by Saumyadeb Chakrabarty)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-starbucks-board-idUSKBN1592JH'|'2017-01-26T02:12:00.000+02:00'
'9b41917ec9c8316a8aa28ec0db82d6b8e10a6f28'|'With no new bids, Performance Sports to sell assets to Sagard, Fairfax'|'Deals   8:00am EST With no new bids, Performance Sports to sell assets to Sagard, Fairfax Performance Sports Group Ltd said on Thursday it would seek approval from a U.S. bankruptcy court for the sale of its assets to Sagard Capital Partners LP and Fairfax Financial Holdings Ltd ( FFH.TO ), after it failed to attract other bids. Sagard, Performance''s biggest shareholder, and Fairfax had agreed in October to act as "stalking horse" bidders to buy most of the Bauer ice hockey gear maker''s assets and its North American units for $575 million. A "stalking horse" bid is an opening offer that other interested bidders must surpass if they want to buy the company. The auction scheduled for Jan. 30 will not be held as no qualified bids were submitted by the deadline of Jan. 25, said Performance, which owns Mission Roller Hockey and Maverik Lacrosse brands. The former chairman of Performance, which has filed for bankruptcy protection in October, was in talks with U.S. and Canadian private equity firms about submitting a bid for the company, Reuters had reported then. Performance, which also makes baseball bats and other sports equipment, said it would seek the approval of the courts for the sale at the final sale hearing, scheduled for Feb. 6. The closing is expected to occur on or about Feb. 23 and no later than Feb. 27, the company said. (Reporting by Arathy S Nair in Bengaluru; Editing by Maju Samuel) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-performance-bankruptcy-idUSKBN15A1OJ'|'2017-01-26T19:57:00.000+02:00'
'0b5894f0ce575ba041ec576b2f612da4e7972126'|'TABLE-Foreign trading in Japan stocks for latest week'|' 06am EST TABLE-Foreign trading in Japan stocks for latest week TOKYO, Jan 26 Weekly net trading in shares on the first section of the Tokyo Stock Exchange, Japan''s main stock exchange, in thousands of yen. A negative figure indicates net selling. Week to: TOTAL Proprietary Brokerage Jan 20 -1,974,372 162,166,932 -164,141,304 Jan 13 -855,001 -43,512,988 42,657,987 Jan 6 6,546,353 142,055,504 -135,509,151 Dec 30 15,308,581 510,376,159 -495,067,578 Dec 22 12,058,753 518,516,896 -506,458,143 Breakdown of brokerage totals: Week to: Institutions Individuals Foreigners Securities Cos Jan 20 -67,514,895 -1,031,370 -95,007,313 -587,726 Jan 13 -67,134,887 -2,661,762 118,667,551 -6,212,915 Jan 6 -103,177,375 -239,910,460 222,260,039 -14,681,355 Dec 30 -297,686,645 -186,084,945 12,766,177 -24,062,165 Dec 22 -94,235,126 -201,580,011 -192,310,766 -18,332,240 Source: Tokyo Stock Exchange (Compiled by Tokyo Newsroom) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/markets-japan-stocks-foreign-idUSL4N1FG26R'|'2017-01-26T13:06:00.000+02:00'
'd3d0fcad4f7c21337621378855e64a691fc47107'|'Ackman''s fund made two new bets but doesn''t identify them'|'Money - Thu Jan 26, 2017 - 5:40pm EST Ackman''s fund made two new bets but doesn''t identify them William Ackman, founder and CEO of hedge fund Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York May 4, 2015. REUTERS/Brendan McDermid NEW YORK Billionaire investor William Ackman''s hedge fund made two new investments in the last months but has declined to identify them. Pershing Square Capital Management, which oversees $10.9 billion in assets, committed 4 percent of its capital to "new undisclosed position #1" late last year and has already made money in it, the company told investors in an update on Thursday. In early 2017, the hedge fund added another position, committing 9 percent of its capital to "new undisclosed position #2." (Reporting by Svea Herbst-Bayliss; Editing by Jonathan Oatis) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-hedgefunds-ackman-idUSKBN15A354'|'2017-01-27T05:40:00.000+02:00'
'8d6772a12da785ccbf973ccbbd6c500e70e45d50'|'Diageo reports better than expected half-year sales growth'|' 44am GMT Diageo reports better than expected half-year sales growth FILE PHOTO - Whisky barrels are seen in the warehouse of the Diageo Cardhu distillery in Scotland March 21, 2014. REUTERS/Russell Cheyne/File Photo LONDON Diageo ( DGE.L ), the world''s largest distilled drinks company, reported on Thursday better than expected sales growth in the last six months, helped by improvements in its U.S. business and the strong U.S. dollar. The maker of Johnnie Walker Scotch and Smirnoff vodka said sales rose 4.4 percent in the six months ended Dec. 31, above the average of analysts'' estimates for growth of 3.4 percent. Earnings per share, before one-off items, rose 21 percent to 62 pence, as higher operating profit and favourable exchange rates more than offset the impact of disposals and a higher tax rate. The company said it remains confident it can achieve its full year goal of "consistent mid-single digit top line growth and 100 basis points of organic operating margin improvement in the three years ending 30 June 2019". (Reporting by Martinne Geller; Editing by Greg Mahlich)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-diageo-results-idUKKBN15A0Q1'|'2017-01-26T14:44:00.000+02:00'
'921fd760c8e750f18622618f79ea3b49b28310cc'|'China''s Lander Sports agrees to buy stake in Saints'|'Business News -  22am GMT China''s Lander Sports agrees to buy stake in Saints Britain Football Soccer - Liverpool v Southampton - EFL Cup Semi Final Second Leg - Anfield - 25/1/17 Southampton''s Shane Long scores their first goal Action Images via Reuters / Jason Cairnduff Livepic SHANGHAI Chinese stadium builder Lander Sports Development ( 000558.SZ ) said on Thursday that it has agreed to buy a stake in Southampton Football Club, making it the latest English Premier League team to do a deal with Chinese investors. Lander said in a statement to the Shenzhen Stock Exchange that it had signed an agreement with Southampton''s owner, Katharina Liebherr, to buy a stake in the soccer club''s holding company, without disclosing financial details. The size of the stake in the club, which on Wednesday night beat Liverpool to reach the final of England''s League Cup, was not known. Chinese entities and individuals have ploughed more than $3 billion (2.4 billion pounds) into overseas soccer investments over the past year or so, encouraged by avid fan President Xi Jinping who wants the country to become a soccer superpower. Currently placed 11th in the English Premier League, Southampton would join Aston Villa, West Bromwich Albion, Birmingham City and Wolverhampton Wanderers as English football clubs that now have Chinese investors. Shares in Lander, which builds stadiums and organises sporting competitions, have been suspended since Oct. 14. Reports of its interest in Southampton began swirling last year. (Reporting by Brenda Goh)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-soccer-china-southampton-idUKKBN15A0YE'|'2017-01-26T16:22:00.000+02:00'
'6c209b170244ef9410c1713743d3936fad85b03a'|'Whirlpool posts flat quarterly profit, hurt by acquisition costs'|'Thu Jan 26, 2017 - 6:12am EST Whirlpool posts flat quarterly profit, hurt by acquisition costs Specialist trader Joe Mastrolia works at the post that trades Whirlpool on the floor at the New York Stock Exchange, July 19, 2013. REUTERS/Brendan McDermid Whirlpool Corp ( WHR.N ), the world''s largest maker of home appliances, said its fourth-quarter profit remained unchanged as acquisition costs offset higher sales from North America, its largest market. Net income available to Whirlpool was flat at $180 million in the quarter ended Dec. 31. Earnings per share rose to $2.36 from $2.28 per share, a year earlier. The maker of several household appliance labels, including KitchenAid, Maytag and the eponymous Whirlpool brand, said sales rose 1.7 percent to $5.66 billion. Whirlpool''s sales had decreased in the previous four quarters due to soft demand, tough competition in the U.S. market and the weak pound after Britain voted in June to leave the European Union. (Reporting by Richa Naidu in Bengaluru; Editing by Savio D''Souza) Up Next AT&T''s results match Street expectations, smartphone subscriber base grows AT&T Inc , the No. 2 U.S. wireless carrier, reported quarterly results that matched analysts'' estimates, as it added more smartphone customers in a saturated wireless market, and said it was confident its deal to buy Time Warner Inc would be approved.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-whirlpool-results-idUSKBN15A1AB'|'2017-01-26T18:10:00.000+02:00'
'f4c45bd53d6c9321e0c993763481613304833b5d'|'Santander opens books on inaugural senior non-preferred bond'|'Financials  40am EST Santander opens books on inaugural senior non-preferred bond By Helene Durand LONDON, Jan 26 (IFR) - Banco Santander has opened books on an inaugural five-year senior non-preferred bond issue at 135bp area over mid-swaps, according to a lead. The Spanish lender (rated A3/A-/A-) announced on Wednesday that it had appointed Barclays and Santander as structuring advisors and Barclays, HSBC, Natixis and Santander as joint lead managers for the euro February 2022 benchmark. The so-called "second ranking senior notes" are intended to be TLAC/MREL eligible instruments once the proposed TLAC/MREL EU regulations have been approved. The bonds are expected to be rated Baa2/BBB+/A-. The transaction is expected to be priced later on Thursday. (Reporting by Helene Durand, editing by Robert Smith) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/banco-santander-bonds-idUSL5N1FG1SF'|'2017-01-26T16:40:00.000+02:00'
'5d0f60003ebf47fc0ae31b6eba0c19c08e718597'|'Fitch Affirms Italian Region of Valle d''Aosta at ''A''; Outlook Negative'|'Financials  03pm EST Fitch Affirms Italian Region of Valle d''Aosta at ''A''; Outlook Negative (The following statement was released by the rating agency) MILAN/PARIS/LONDON, January 27 (Fitch) Fitch Ratings has affirmed the Region of Valle d''Aosta''s (VdA) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ''A'' with Negative Outlooks and Short-Term Foreign Currency IDR at ''F1''. The long-term ratings on the region''s senior unsecured bonds have also been affirmed at ''A''. The affirmation reflects our expectation that VdA''s special status will remain unchanged and that the region''s strong budgetary performance will be maintained in the medium term, despite transitory pressures due to revised revenue attribution as defined by the national government. The affirmation is also supported by our expectation that VdA will continue its trend of moderate direct debt, wealthy although small economy and prudent management. The Negative Outlook reflects that of Italy. KEY RATING DRIVERS Autonomy Underpins Rating VdA is eligible to be rated above the sovereign (BBB+/Negative) by virtue of its institutional strength and high financial autonomy. VdA''s constitutionally granted special status entitles the region to receive 100% of major national taxes (PIT, CIT and VAT). The special status underpins the region''s tax revenue resilience and limits dependence on state transfers, allowing the region to maintain solid budgetary performance while coping with the pressures stemming from Italy''s public finances consolidation. The latter includes changes tax attributions leading to nearly annual EUR140m reduction in 2015-2017 compared with 2014 and contributions to national budget consolidation of about EUR200m annually until 2017. The latter will be reduced by 70% from 2018 onwards, more than offsetting a decline in revenue. Fitch believes that leeway of two notches above the ''BBB+'' sovereign rating captures possible interferences by the state and the subsequent risk of weakening predictability of inter-governmental relations. Robust Operating Performance Fitch expects 2016-2017 operating margin to remain in line with 2015 levels, at about 12% of revenue, down from 18% in 2013-2014, due to the contribution to national budget consolidation, a different attribution of excise duties on beer and energy and import duties, and decreasing transfers that are only partially compensated by a tight grip on operating costs. From 2018, due to a bilateral agreement on lower contributions to the national government, we expect operating margin to return to 2014 levels, while a rebounding economy will raise the region''s tax-generation capacity. The healthcare sector, absorbing less than 30% of operating revenue, is expected to remain balanced with high quality standards, due to increasing regional transfers and structure rationalisation. VdA''s residual budgetary flexibility (about 5% of operating revenue) should maintain an adequate buffer against potential pressure, maintaining the region''s healthy budget and covering almost 4x debt service requirement of about annual EUR50m with the operating balance. Sustainable Risk Despite the region''s decision to self-support its investment plan, mainly through its development company Finaosta, in addition to regional current surpluses, Fitch expects in its central scenario VdA''s direct debt to remain at around EUR200m, or less than 20% of the budget, over the medium term, when net of the sinking fund for bullet bonds (accounting for EUR443m at end-2016). Even including Finaosta''s full financial debt of EUR370m (only partially drawn down for EUR175m in 2016), in Fitch''s view, VdA''s overall risk at around 50% of operating revenue does not significantly affect the region''s creditworthiness. Prudent Management VdA maintains a stable and prudent budgetary policy aimed at reducing financial debt and maintaining a tight grip on costs. Preliminary data for 2016b showed a EUR280m fund balance deficit (EUR200m fund balance surplus in 2015) due to new accounting rules that have led to a revision and reallocation of payables and receivables. Fitch expects VdA to reverse the deficit well ahead of the 30-year deadline allowed by the national government, due to its solid budget. VdA continues to have a robust cash-generating capacity, supported by high tax collection. Solid but Small Economy VdA''s GDP per capita, at nearly 30% above the EU average, makes it one of the wealthiest regions in Italy and Europe, despite its small size territory. Fitch expects VdA''s economy to have grown below 1% in 2016, driven mainly by tourism and, to a smaller extent, by industry, but offset by declining exports (16.5% in 2H16) of metals, machinery and beverage. Fitch expects the unemployment rate to remain at around 8% over the medium term (8.9% at end-2015 and 7.6% in 3Q16), below the national level (10.9% in 3Q16). This, together with a resilient regional economy, should support tax revenue. RATING SENSITIVITIES A downgrade of Italy, a prolonged economic downturn that weakens tax generation, or a structural decline of the operating margin below 10% could result in a downgrade of VdA''s ratings. A downgrade could also be triggered by unfavourable changes in the region''s statute of autonomy. Contact: Primary Analyst Federica Bardelli Associate Director +39 02 879087 261 Fitch Italia SpA Via Morigi 6 - Ingresso Via Privata Maria Teresa, 8 20123 Milan Secondary Analyst Gian Luca Poggi Director +39 02 87 90 87 293 Committee Chairperson Christophe Parisot Managing Director +33 1 44 29 91 34 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria International Local and Regional Governments Rating Criteria - Outside the United States (pub. 18 Apr 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1018247 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987289'|'2017-01-28T00:03:00.000+02:00'
'bbd38bc1bec4f059a7b0222826626d7247b10e3b'|'Ford device to boost connectivity in its models without modems'|'Business News - Fri Jan 27, 2017 - 5:07am GMT Ford device to boost connectivity in its models without modems A Ford logo is pictured at a car dealership in Monterrey, Mexico, November 9, 2016. Picture taken November 9, 2016. REUTERS/Daniel Becerril SAN FRANCISCO Ford Motor Co said on Friday it would sell a plug-in device to enable features like remote start, security alerts, a Wifi hotspot and vehicle location assistance on 2010-2016 model year Ford and Lincoln cars. The device would compete with similar products sold by other companies, including devices from AT&T and Verizon that add a Wifi hotspot to older model cars. The SmartLink technology in the Ford device allows models that do not come pre-equipped with a modem to be more connected, enabling doors to be locked and unlocked remotely and supplying engine management alerts, the company said in a statement. The after-market device, which plugs into the car''s OBD II port below the steering wheel, would be sold at dealerships beginning this summer. Ford did not disclose a price. All U.S. cars built after 1996 model year are mandated by law to have an OBD II port, which has historically been used for onboard diagnostics. Carmakers worry third-party devices can interfere with their own embedded systems, introduce security bugs, and exploit data they say is their own, such as the car''s health or miles driven. (Reporting By Alexandria Sage; Editing by Andrew Hay) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ford-motor-parts-connected-idUKKBN15B0B7'|'2017-01-27T12:06:00.000+02:00'
'f0d3cfb7b3e8cf0d4b8123f77106d8570095f3f7'|'CORRECTED-Tycoon Slim says Mexico ready to help negotiate with Trump'|'Company News - Fri Jan 27, 2017 - 3:04pm EST CORRECTED-Tycoon Slim says Mexico ready to help negotiate with Trump (Corrects headline and text to clarify Slim talking about all Mexicans united to help) MEXICO CITY Jan 27 Mexican billionaire Carlos Slim said on Friday a united Mexico was ready to help the government negotiate with Donald Trump and called on all political parties to support President Enrique Pena Nieto in his discussions with the U.S. president. In a rare news conference by the generally media-shy mogul, Slim said Mexico needed to negotiate from a position of strength, noting that Trump, who he called a "great negotiator," represented a major change in how politics is conducted. (Reporting by Christine Murray) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-slim-idUSE1N1EA01Q'|'2017-01-28T03:04:00.000+02:00'
'e715c34d34b29028fbe17ad82ec5228e664163e3'|'Mexico''s Slim not selling New York Times stock: spokesman'|'Deals - Fri Jan 27, 2017 - 4:00pm EST Mexico''s Slim not selling New York Times stock: spokesman Mexican billionaire Carlos Slim speaks during a news conference in Mexico City, Mexico January 27, 2017. REUTERS/Edgard Garrido MEXICO CITY Mexican billionaire Carlos Slim has not be selling stock in the New York Times Co ( NYT.N ), Slim''s son-in-law and main spokesman, Arturo Elias Ayub, said on Friday after the newspaper''s stock slid on comments made by Slim during a media conference. Elias Ayub told Reuters "it was just a saying" and that Slim was not selling the stock in the paper. (Reporting by Christine Murray)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-mexico-slim-nyt-idUSKBN15B2B7'|'2017-01-28T04:00:00.000+02:00'
'7f565b5746ba33be1784c7d3d6a7ede0c9cd81a2'|'Toshiba to sell less than 20 pct of chip unit, but may opt for IPO later'|'Industrials  25am EST Toshiba to sell less than 20 pct of chip unit, but may opt for IPO later TOKYO Jan 27 Toshiba Corp is currently looking to sell less than 20 percent of its memory chip business as it looks to raise capital to offset an upcoming multi-billion dollar charge, but may eventually list it, executives said on Friday. Toshiba Chief Executive Officer Satoshi Tsunakawa said he will do all he can to ensure the company doesn''t fall into negative net worth as a result of a writedown on its U.S. nuclear unit. The conglomerate will review its overseas nuclear business, Tsunakawa said, but added it has no plans to sell its infrastructure business. Toshiba''s board on Friday approved plans to make its core memory chip business a separate company and seek outside investment in it. (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/toshiba-accounting-chips-idUST9N1F103J'|'2017-01-27T15:25:00.000+02:00'
'3cf372bb167dd83bf7e402c42c15ee8fb3f85b56'|'Safilo CEO says can weather potential LVMH loss'|' 12pm GMT Safilo CEO says can weather potential LVMH loss left right Italian eyewear group Safilo CEO Luisa Delgado holds a pair of sunglasses during Reuters interview in a showroom in Milan, Italy January 27, 2017. REUTERS/Alessandro Garofalo 1/4 left right Italian eyewear group Safilo CEO Luisa Delgado smiles during Reuters interview in a showroom in Milan, Italy January 27, 2017. REUTERS/Alessandro Garofalo 2/4 left right Italian eyewear group Safilo CEO Luisa Delgado poses during Reuters interview in a showroom in Milan, Italy January 27, 2017. REUTERS/Alessandro Garofalo 3/4 left right Italian eyewear group Safilo CEO Luisa Delgado poses during Reuters interview in a showroom in Milan, Italy January 27, 2017. REUTERS/Alessandro Garofalo 4/4 By Valentina Za and Claudia Cristoferi - MILAN MILAN Italian eyewear group Safilo ( SFLG.MI ) can make up for the potential loss of design-to-distribution deals with French luxury group LVMH ( LVMH.PA ) with new licences and by expanding its own brands, its chief executive said on Friday. Shares in Safilo were hit last week by a report that LVMH could buy a stake in spectacles maker Marcolin and grant it licences currently held by Safilo and worth 340 million euros (289 million pounds) of its sales. Safilo recently renewed the key Dior licence with LVMH until 2020 but said it would lose Celine, another brand of the French group, after this year. Licences for Givenchy, Fendi and Marc Jacobs will expire between 2021 and 2024. "Safilo can get reorganised to not just survive but flourish even without LVMH," CEO Luisa Delgado told Reuters in an interview. "Our heart is in our core brands and in being good licensing partners, nimble and easy going. We receive two or three proposals a week," she said, speaking at the group''s Milanese showroom. The eyewear industry is going through a major shake-up with top spectacles maker Luxottica ( LUX.MI ) set to merge with the world''s biggest lens producer Essilor ( ESSI.PA ) in a 46 billion euro deal announced this month. The long-mooted tie-up follows Kering''s ( PRTP.PA ) radical move in 2014 to bring its eyewear business in-house to boost profit margins. The French group set up Kering Eyewear in Padua, Safilo''s hometown, and turned a 350 million euro Gucci licence with Safilo into a four-year production deal starting from Jan. 1, 2017. But Delgado shrugged off any pressure to merge. "We''re an attractive target ... but we want to remain independent, Italian and listed in Milan," she said. Delgado said bringing together lenses and frames made sense but it could be achieved through partnerships. "You don''t need a merger," she said. "We''ve lost licences in the past and we''ve filled the hole in our sales." LVMH CEO Bernard Arnault said on Thursday the group would unveil its new eyewear strategy later this year. He declined to comment on the speculation about Marcolin. Founded in 1934, Safilo is the world''s second biggest eyewear manufacturer with 1.3 billion euros ($1.4 billion) annual sales in 2015 compared with Luxottica''s 9 billion euros. Delgado, who arrived at Safilo in 2013 when former CEO Roberto Vedovotto moved to Kering Eyewear, aims to boost the share of sales from proprietary brands to 40 percent under a plan to 2020 unveiled in March 2015. She said whipping into shape the group''s five brands Safilo, Polaroid, Carrera, Smith and Oxydo had taken longer than initially envisaged. "Growth at our own brands is not yet visible ... but the foundations are now in place, results will follow. The stars are coming together," she said. Delgado said Safilo could expand its brand portfolio with an acquisition. "We''re always on the lookout, we''re buyers not sellers," she said. Analysts say U.S. eyewear brand Maui Jim, Denmark''s Lindberg and Austria''s Silhouette could be attractive targets. Safilo had 72 million euros in liquidity and net debt of 103 million euros at end-June. Next year, the group is set to receive a third and final 30 million euro instalment in compensation agreed with Kering for ending its Gucci licence with Safilo. Safilo last acquired a brand in 2012 buying Polaroid for $88 million thanks to a 44 million euro capital injection by its top shareholder, Dutch investment fund HAL Holding. HAL, which took control of Safilo from Italy''s Tabacchi family back in 2009, remains a long-term investor in the group, Delgado said. (Reporting by Valentina Za and Claudia Cristoferi; editing by Francesca Landini and Jane Merriman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-safilo-m-a-idUKKBN15B24F'|'2017-01-28T02:09:00.000+02:00'
'd077af755980ad63f57b693f3c11729994579775'|'HSH confirms sale of 1.6 bln euros of loans'|'FRANKFURT Jan 27 State-owned German lender HSH Nordbank confirmed on Friday it was selling parts of its 3.2 billion euro ($3.4 billion) loan portfolio and said it was in advanced talks to divest more.HSH''s owners - the German states of Schleswig-Holstein and Hamburg jointly hold 85 percent - have to privatise the bank under European state-aid rules by the end of February 2018 and have been trying to offload parts of its business.The lender said in a statement it was selling a 1.64-billion-euro chunk of its loan portfolio, comprising around 800 million euros of aviation loans going to Australia''s Macquarie Group and around 540 million of commercial real estate loans being bought by Bank of America Merrill Lynch ."The sale is another important milestone on our path to change of ownership," Chief Executive Stefan Ermisch said.The transaction, which was flagged by Reuters on Thursday, will lower the ratio of HSH''s non-performing loans to its overall credit risk by around 1.3 percentage points, from a level of 17 percent at the end of September.The sale still needs regulatory approval and will likely close in the second quarter, HSH said."We are in talks that are already at an advanced stage to sell further packages of this market portfolio," Ermisch said in the statement."These are also non-strategic legacy investments in the energy sector as well as international properties," he added.($1 = 0.9364 euros) (Reporting by Maria Sheahan; Editing by Victoria Bryan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hsh-nordbank-sale-portfolio-idINL5N1FH1TI'|'2017-01-27T05:40:00.000+02:00'
'166ddef90d29fecf870b1f1043e8356b6c657d90'|'TREASURIES-U.S. bond yields fall as Q4 GDP disappoints'|'By Richard Leong NEW YORK, Jan 27 U.S. Treasury yields fell on Thursday, with benchmark yields slipping below 2.50 percent, as data showing a sharper-than-forecast slowing in economic growth in the fourth quarter spurred buying of U.S. government debt. The selling in bonds was tempered by relatively solid readings on consumer spending and business investments, supporting the view the economic expansion remained on track. "The headline figure was softer-than-expected, but it''s mostly due to weaker trade. The underlying figures were better-than-expected," said Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research. Gross domestic product grew at a 1.9-percent annualized pace in the final three months of 2016, compared with a 3.5-percent rate in the third quarter. Analysts polled by Reuters had forecast a 2.2 percent GDP growth pace. Trade subtracted 1.70 percentage points from GDP growth in the last quarter after adding 0.85 percentage point in the third quarter. Benchmark 10-year Treasury yield was down 1 basis point at 2.495 percent, retreating further from a four-week high reached on Thursday. January 27 Friday 9:40AM New York / 1440 GMT Price US T BONDS MAR7 150-3/32 0-10/32 10YR TNotes MAR7 124-24/256 0-32/256 Price Current Net Yield % Change (bps) Three-month bills 0.4975 0.505 0.000 Six-month bills 0.6125 0.6229 0.008 Two-year note 99-208/256 1.2202 -0.004 Three-year note 99-178/256 1.4806 -0.005 Five-year note 99-162/256 1.9524 -0.009 Seven-year note 99-180/256 2.2962 -0.015 10-year note 95-188/256 2.4936 -0.014 30-year bond 96-24/256 3.0761 -0.014 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 29.75 1.00 spread U.S. 3-year dollar swap 24.50 1.25 spread U.S. 5-year dollar swap 6.75 0.50 spread U.S. 10-year dollar swap -8.75 0.50 spread U.S. 30-year dollar swap -40.00 1.00 spread (Reporting by Richard Leong; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FH0RD'|'2017-01-27T11:50:00.000+02:00'
'0d4ca5373850b9f8578b328a4530bd77cb590ee4'|'Fitch Downgrades Costa Rican Banks following Sovereign Downgrade'|'Financials  03pm EST Fitch Downgrades Costa Rican Banks following Sovereign Downgrade (The following statement was released by the rating agency) MONTERREY/SAN SALVADOR, January 27 (Fitch) Fitch Ratings has downgraded the long-term Issuer Default Ratings (IDRs) of the following banks: --Banco BAC San Jose, S.A. (BAC San Jose) --Banco Davivienda (Costa Rica), S.A. (Davivienda CR) --Banco de Costa Rica (BCR) --Banco Internacional de Costa Rica (BICSA) --Banco Nacional de Costa Rica (BNCR) --Banco Popular y de Desarrollo Comunal (BPDC) The Rating Outlooks have been revised to Stable from Negative. Fitch downgraded the Viability Ratings (VRs) of BAC San Jose, BCR, BNCR and BPDC to maintain these VRs at the same level of the sovereign rating, reflecting the high influence of the sovereign and the local operating environment over the financial sector and the credit profiles of these banks. As stated in Fitch''s rating criteria, banks are rarely rated above the sovereign. Fitch also downgraded the Support Ratings (SRs), Support Rating Floors (SRFs) and National Ratings in Panama of some of these institutions. Details follow in the key ratings drivers section. Fitch''s rating actions follow its recent downgrade of Costa Rica''s sovereign rating to ''BB'' from ''BB+'' Outlook revised to Stable from Negative, and the revision of the country ceiling to ''BB+'' from ''BBB-''. (See ''Fitch Downgrades Costa Rica to ''BB''; Outlook Revised to Stable'', dated Jan. 19, 2017, at ''www.fitchratings.com''.) The national scale ratings of these and other financial institutions in Costa Rica remain unaffected as national ratings are local relative rankings of creditworthiness within a particular jurisdiction, and the relative strengths and weaknesses of each bank remain unchanged. KEY RATING DRIVERS IDRs The IDRs of BAC San Jose and Davivienda CR are driven by the support of their respective parents, both rated above the Costa Rican sovereign (Banco de Bogota and Davivienda, both rated ''BBB''/Outlook Negative). BAC San Jose and Davivienda CR''s Foreign Currency IDRs were downgraded as they are constrained by the Costa Rican country ceiling of ''BB+''. In turn, the downgrade of their Local Currency IDRs to ''BBB-'' is consistent with the maximum uplift of two notches above the sovereign rating. The downgrade of the IDRs of BNCR and BCR mirrors the action on the sovereign ratings. These banks'' IDRs are aligned with the sovereign reflecting the explicit guarantee and complete ownership by the Costa Rican government. BICSA''s IDRs are aligned with those of its parent, BCR. BPDC''s IDRs are driven by its VR and have been therefore downgraded accordingly. VRs BAC San Jose''s VR is limited by its operating environment and highly influence by its risk appetite reflecting in its highly dollarized balance sheet. Fitch also considers the bank''s good franchise and consistent financial performance, underpinned by its recurring and well-diversified revenue base as well as by its adequately managed operating and credit costs. The VR also factors the bank''s resilient asset quality, adequate capitalization and broad deposit base. Davivienda CR''s VR reflects the bank''s moderate profitability and good funding and liquidity, as well as its moderate franchise in respect to other national and internationally rated peers. Also, it considers the bank''s good credit quality and moderate capital position. BNCR''s and BCR''s VRs are highly influenced by the Costa Rican operating environment and sovereign ratings, as well as their risk appetite. Their VRs also factor their strong local franchises on both sides of the balance sheet, as well as ample and diversified deposits. These ratings also consider their consistent asset quality, improving profitability and moderate capitalization. BICSA''s VR reflects its highly concentrated funding and tight liquidity that result in a lower financial flexibility compared to its peers and Fitch''s diminished perception of corporate governance effectiveness. The rating also considers the bank''s moderate profitability, good capital ratios and low delinquency. BPDC''s VR and IDR reflect the high influence of the operating environment, the bank''s public nature and the benefits granted by law. Ratings also consider BPDC''s ample loss absorption capacity and consistent profitability, adequate asset quality, ample deposit based funding, and moderate tenure mismatches in its asset and liability structure. KEY RATING DRIVERS SUPPORT RATINGS AND SUPOORT RATING FLOORS BAC San Jose and Davivienda CR''s support ratings were downgraded to ''3'' from ''2'' to reflect their parents'' moderate probability to provide support, if required. The change in these banks'' SRs is mostly driven by the lower country ceiling. Fitch affirmed BCR, BNCR, BPDC, and BICSA''s support ratings at ''3'', reflecting the agency''s view that the probability of support from the Costa Rican sovereign (and from BCR in the case of BICSA) remains unchanged. Fitch revised BNCR''s and BCR''s SRFs to ''BB'' from ''BB+'', consistent with the sovereign downgrade. The SRF is equalized to the sovereign rating, given the explicit guarantee from the government to the bank, and its systemic importance. BPDC''s SRF was revised from ''BB'' to ''BB-'', consistent with the downgrade of the sovereign. Despite the lack of explicit guarantee, Fitch considers that BPDC has a moderate probability of support from the Costa Rican Government, given and systemic importance, but the likelihood of sovereign support is relatively lower than that of its larger state-owned peers, which explains the one notch difference of BPDC''s SRF relative to BNCR''s and BCR''s. NATIONAL RATING The downgrade of the Panamanian national scale ratings of BICSA and BPDC''s senior unsecure debt reflects the change in their relative local creditworthiness compared to other Panamanian entities, considering the downgraded IDRs of these two entities. RATING SENSITIVITIES BAC SAN JOSE AND DAVIVIENDA CR - IDR, VR AND SR BAC San Jose and Davivienda CR''s IDRs, VR and SR could be downgraded if Costa Rica''s sovereign rating and country ceiling are downgraded, although this is not Fitch''s baseline scenario since the sovereign Rating Outlook is currently Stable. BAC San Jose and Davivienda''s IDRs could change if Fitch''s assessment of their parents'' ability or willingness to support its subsidiaries changes. Also, any change in Fitch''s perception towards the strategic importance of these banks to their parents may trigger a review of their Support Rating. However, further sovereign rating actions could also affect these banks'' IDRs, since they are already at the typical maximum uplift for banks with external institutional support, two notches above the sovereign. BAC San Jose''s VR could be pressured downward if the FCC ratio is consistently sustained below 11%. Davivienda CR''s VR could be downgraded in a scenario of significant deterioration of the bank''s profitability and asset quality that erodes its capital and reserves cushion. Alternatively, the VR could be upgraded following a sustained increase in profitability metrics that strengthens the internal capital generation and the bank''s equity levels. BNCR, BCR and BICSA - IDR, VR, SR, SRF, SENIOR DEBT AND NATIONAL RATINGS Changes in Costa Rica''s sovereign rating may trigger similar changes in BNCR and BCR''s IDRs, VR, SR, SRF, and senior debt ratings. Alternatively, a material weakening of the banks'' intrinsic credit fundamentals could result in a downgrade of their VRs, although this is not Fitch''s baseline scenario. BICSA - IDR, VR, SR AND NATIONAL RATINGS BICSA''s IDRs, support and national ratings are sensitive to a change in Fitch''s view, as to BCR''s capacity or willingness to support BICSA. Instead, reductions in the bank''s VR could come from a material increase of the refinancing risk reflected in reductions of funding sources combined with a weaker liquidity cushion. Also a downgrade of the bank''s VR could come from further deterioration in Fitch''s opinion of the corporate governance effectiveness. BPDC - IDR, VR, SR, SRF AND NATIONAL RATINGS BPDC''s IDRs, VR SR and SRF are sensitive to changes in the sovereign rating. Potential upgrades of the BPDC''s IDRs and VR are unlikely in the foreseeable future. Conversely, a downgrade of the bank''s VR and IDRs could also be driven by a significant deterioration in profitability and asset quality that lead to a substantial drop in capital levels. However, the ratings are unlikely to be downgraded below its Support Rating Floor of ''BB-'', inconsideration of potential sovereign support. Fitch has taken the following rating actions: Banco BAC San Jose --Foreign Currency Long-term IDR downgraded to ''BB+'' from ''BBB-''; Outlook revised to Stable from Negative; --Foreign Currency Short-term IDR downgraded to ''B'' from ''F3''; --Local currency long-term IDR downgraded to ''BBB-'' from ''BBB''; Outlook revised to Stable from Negative; --Local currency short-term IDR affirmed ''F3''; --Support rating downgraded to ''3'' from ''2''; --Viability rating downgraded to ''bb'' from ''bb+''. Banco Davivienda (Costa Rica) --Foreign Currency Long-term IDR downgraded to ''BB+'' from ''BBB-''; Outlook revised to Stable from Negative; --Foreign Currency Short-term IDR downgraded to ''B'' from ''F3''; --Local currency long-term IDR downgraded to ''BBB-'' from ''BBB''; Outlook revised to Stable from Negative; --Local currency short-term IDR affirmed ''F3''; --Support rating downgraded to ''3'' from ''2''; --Viability rating affirmed at ''bb-''. Banco de Costa Rica --Foreign Currency Long-term IDR downgraded to ''BB'' from ''BB+'', Outlook revised to Stable from Negative; --Foreign Currency Short-term IDR affirmed at ''B''; --Long-term local currency IDR downgraded to ''BB'' from ''BB+'', Outlook revised to Stable from Negative; --Short-term local currency IDR affirmed at ''B''; --Long-term senior unsecured bonds downgraded to ''BB'' from ''BB+''; --Viability Rating downgraded to ''bb'' from ''bb+''; --Support Rating affirmed at ''3''; --Support Rating Floor revised to ''BB'' from ''BB+''. Banco Internacional de Costa Rica International ratings --Foreign Currency Long-term IDR downgraded to ''BB'' from ''BB+'', Outlook revised to Stable from Negative; --Foreign Currency Short-term IDR affirmed at ''B''; --Viability Rating affirmed at ''b+''; --Support Rating affirmed at ''3''. National ratings --Long-term National rating downgraded to ''A+(pan)'' from ''AA-(pan)''; Outlook revised to Stable from Negative; --Short-term National rating downgraded to ''F1(pan)'' from ''F1+(pan)''; --Senior Unsecured National Long-term Ratings downgraded to ''A+(pan)'' from ''AA-(pan)'' --Commercial Paper downgraded to ''F1(pan)'' from ''F1+(pan)''. Banco Nacional de Costa Rica --Foreign Currency Long-term IDR downgraded to ''BB'' from ''BB+'', Outlook revised to Stable from Negative; --Foreign Currency Short-term IDR affirmed at ''B''; --Long-term local currency IDR downgraded to ''BB'' from ''BB+'', Outlook revised to Stable from Negative; --Short-term local currency IDR affirmed at ''B''; --Long-term senior unsecured bonds downgraded to ''BB'' from ''BB+''; --Viability Rating downgraded to ''bb'' from ''bb+''; --Support Rating affirmed at ''3''; --Support Rating Floor revised to ''BB'' from ''BB+''. Banco Popular y de Desarrollo Comunal --Foreign Currency Long-term IDR downgraded to ''BB'' from ''BB+'', Outlook revised to Stable from Negative; --Foreign Currency Short-term IDR affirmed at ''B''; --Long-term local currency IDR downgraded to ''BB'' from ''BB+'', Outlook revised to Stable from Negative; --Short-term local currency IDR affirmed at ''B''; --Viability Rating downgraded to ''bb'' from ''bb+''; --Support Rating affirmed at ''3''; --Support Rating Floor revised to ''BB-'' from ''BB''. --Senior Unsecured National Long-Term Ratings downgraded to ''A+(pan)'' from ''AA-(pan)''. --Senior Unsecured National Short-Term Ratings downgraded to ''F1(pan)'' from ''F1+(pan)''. Contact: Veronica Chau (Primary Analyst: BAC San Jose and Davivienda CR) Senior Director +52 81 8399-9169 Fitch Mexico, S.A. de C.V. Prol. Alfonso Reyes 2612, Monterrey, N.L. Mexico Bertha Perez (Primary Analyst: BNCR, BCR and BPDC) Associate Director +52 81 8399-9161 Alba Maria Zavala (Primary Analyst: BICSA) Associate Director +52 81 8399-9137 Marcela Galicia (Secondary Analyst: BPDC) Director +503 2516-6616 Rolando Martinez (Secondary Analyst: BNCR and BCR) Director +503 2516-6619 Mario Hernandez (Secondary Analyst: BICSA) Associate Director +503 2516-6614 Luis Guerrero (Secondary Analyst: Davivienda CR) Associate Director +503 2516-6618 Jose Berrios (Secondary Analyst: BAC San Jose) Analyst +503 2516-6612 Committee Chairperson Alejandro Garcia Managing Director +1-212-908-9137 Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email: elizabeth.fogerty@fitchratings.com. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials Florida bitcoin exchange operator''s dad avoids prison NEW YORK, Jan 27 The father of a Florida man who prosecutors said operated an illegal bitcoin exchange avoided prison on Friday after pleading guilty in a case that stemmed from an investigation into a cyber breach at JPMorgan Chase & Co . Nasdaq amends disputed fee proposal for key stock market data NEW YORK, Jan 27 Nasdaq Inc no longer plans to charge additional fees to access key data essential for stock market operations following complaints of price gouging from other exchanges, trading firms and an industry trade group, according to a regulatory filing. * Says new owners will put money back into the sport (Adds detail) MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit988067'|'2017-01-28T02:03:00.000+02:00'
'9ade00688ee83bef5f2ce0604dc551d353e22fc6'|'European shares lower as UBS weighs on banks; Tesco surges'|'Business   8:36am GMT European shares lower as UBS weighs on banks; Tesco surges People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo MILAN European shares inched lower in early trading on Friday with UBS ( UBSG.S ) dragging bank stocks lower after posting a drop in full-year profit, while Britain''s biggest supermarket Tesco surged after agreeing a 3.7 billion-pound takeover. The pan-European STOXX 600 was down 0.2 percent while UK''s FTSE .FTSE was flat, supported by Tesco ( TSCO.L ), which rose more 10 percent after agreeing to buy wholesale supplier Booker ( BOK.L ) in a deal that cements its dominant position in the UK. Booker shares hit a record high and were the top STOXX gainer, up more than 14 percent. UBS ( UBSG.S ) fell 2.6 percent. The world''s biggest wealth manager posted a 47 percent fall in 2016 net profit but struck a more optimistic tone for 2017 as its fourth-quarter net profit came in well ahead market expectations. Baader Bank said UBS delivered a solid set of quarterly results but its wealth management operations disappointed. Losses in UBS dragged Europe''s STOXX bank index .SX7P down 1 percent, making it the biggest sectoral faller in Europe. In spite of the weaker start on Friday, the STOXX 600 remains on track to end the week with a gain of around 1 percent. (Reporting by Danilo Masoni, Editing by Vikram Subhedar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN15B0NQ'|'2017-01-27T15:36:00.000+02:00'
'c8c69f47d4d32e205d8d27565e2c4a91ea2fc67e'|'Australia shares end higher on financials; NZ hits 3-month high'|'(Updates to close)Jan 27 Australian shares ended higher on Friday with financials leading the gains after all three major indices on Wall Street hit life-time intraday highs.The S&P/ASX 200 index rose 0.8 percent or 42.49 points to finish the session at 5,714.00. The index recorded a 1 percent gain this week after two weeks of losses.As the market resumed trading after the Australia Day holiday, investors played catch-up after the Dow Jones Industrial Average topped 20,000 points for the first time on Wednesday.U.S. stocks were flat on Thursday as investors paused following a two-day rally while the Dow stayed above 20,000.The financial index rose 1.3 percent extending gains into a second session with the "Big Four" banks rising between 0.9 percent and 1.8 percent.The metals and mining index, on the other hand, finished down nearly 1 percent after declining as much as 2.2 percent - its biggest intraday percentage loss since Dec. 16.BHP Billiton Ltd slid as much as 2.2 percent to its biggest intraday percentage loss in over a month while its rival Rio Tinto Ltd rose as much as 1.6 percent to its highest in nearly 3 years.London copper futures edged down on Friday, pulling back from a two-month high as the dollar strengthened, with trading volumes lean as the week-long Lunar New Year holiday kicks off in top metals consumer China.Data from the Australian Bureau of Statistics showing export prices surged 12.4 percent in the fourth quarter also helped improve market sentiment.New Zealand''s benchmark S&P/NZX 50 index rose 0.3 percent or 20.93 points to finish the session at 7,134.26, its highest close since Oct. 7.The stock index ended the week 1.2 percent higher extending gains into a sixth week.Telecom and materials stocks led the gains on the index with Spark New Zealand Ltd ending 1.7 percent higher and Fletcher Building Ltd up 1.5 percent. (Reporting by Sindhu Chandrasekaran in Bengaluru; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-close-idUSL4N1FH1LW'|'2017-01-27T09:22:00.000+02:00'
'addc8615d4d0a6417a002aa984dc62e4e54d1c8e'|'In a corner, Patterson fights to keep BT transformation on track'|'  7:03pm GMT In a corner, Patterson fights to keep BT transformation on track left right The logo for BT is seen outside of offices in the City of London, Britain, January 24, 2017. REUTERS/Toby Melville 1/5 left right The company logo for BT is seen on the BT Tower in London, Britain, January 24, 2017. REUTERS/Toby Melville 2/5 left right A BT Sport logo is displayed in an office in the City of London, Britain, January 24, 2017. REUTERS/Toby Melville 3/5 left right A man walks past a BT logo outside of offices in the City of London, Britain, January 24, 2017. REUTERS/Toby Melville 4/5 left right The logo of BT is seen outside the headquarters in Milan, Italy January 24, 2017. REUTERS/ Stefano Rellandini 5/5 By Kate Holton and Paul Sandle - LONDON LONDON Just weeks before a high stakes auction for TV rights to top European soccer, the CEO of Britain''s BT ( BT.L ) is locked in a fight on multiple fronts, leaving the communications giant with little room for manoeuvre. Gavin Patterson, a 49-year-old former marketing man, stunned investors this week when he revealed a sharp slowdown in core markets and tripled the expected hole in BT''s finances from an Italian accounting scandal, wiping a fifth off its market value. Shareholders say they still back Patterson, but they question his control of a group on the cusp of a period that will shape the future of the 171-year-old firm that supplies broadband and TV in Britain and IT services around the world. "Management credibility has taken a hit," one top 10 shareholder said, on condition of anonymity. "We''re trying to understand how this was able to happen. It''s a black mark (after) a 12-month period that turned into a perfect storm." Patterson, a Cambridge-educated exec whose shoulder-length hair and sharp suits mark him out from the crowd, said he had taken decisive action and would continue to do so. He had previously helped to grow the share price by 60 percent before it started to slide at the beginning of 2016. BT will now take on arch rival Sky ( SKYB.L ) in a fight to retain Champions League TV rights in an auction set for March. Patterson also needs to end a damaging regulatory row over its ownership and running of the country''s broadband network and agree a funding plan to tackle its ballooning pension deficit, both legacies of its former life as the state telephone company. All will require injections of cash, just as the firm is balancing a cut to cash flow targets of 20 percent and a pledge to grow dividends by 10 percent this year and next. His first job will be to get to the bottom of what happened at BT Italia, a tiny part of the business which has damaged the wider group. BT said it first realised all was not well in Milan after it was approached by a whistleblower last summer. It asked auditor KPMG to investigate and discovered what it described as a sophisticated and complex web of transactions in Italy conducted by a handful of senior staff to mask the true performance of the business, and designed to go unnoticed. The company was also caught off guard when demand from the British government and multinational corporations slumped in recent months. The twin shocks forced BT to cut its profit and cash targets for the next two years, leaving Patterson with far less firepower than expected for the challenges ahead. "He is fighting on a lot of fronts," Richard Marwood, senior fund manager at shareholder Royal London Asset Management, told Reuters, adding that he backed the management team. "To be dealing with the pension fund or the regulator or the sports rights or Italy in isolation would be distracting. But to have it all going on at the same time, it''s clearly going to be very, very hard work for the board." TOUGH TIMES Following the hit to the business, BT now sees 2017/18 free cash flow at around 3.1 billion pounds. It is expected to commit to pay around 1 billion pounds a year into its pension scheme when it agrees a new funding deal in early 2018, according to shareholders and analysts. That would leave 2.1 billion pounds to cover a planned dividend of 1.7 billion pounds, and meet investment needs. Investors are also keen for BT to resolve a long-running argument with the regulator Ofcom, which had threatened to force BT to spin off the country''s core broadband network into a separate company to spur greater investment and boost speeds. Striking a more conciliatory tone on Friday, Patterson said he hoped the two sides could agree a deal soon, and some shareholders said they would not be surprised if the firm agreed to increase its spending on the network to ease a deal through. Perversely, BT''s weakened position may help it in its battle with Ofcom, because if the regulator forces BT into a costly settlement, hitting cash flow, it could alarm pension trustees to such an extent that they demand higher top ups in the scheme, reducing BT''s cash and leaving it with less to invest. Royal London''s Marwood said shareholders would want BT to be allowed by Ofcom to charge other providers enough to make a reasonable return on its investment in the network. BT''s row with the regulator has led to months of negative headlines, with rivals and politicians lining up to criticise the firm for what they say is a failure to invest enough to provide a decent broadband service. It announced an inflation-busting price rise this month, limiting its options for further increases this year and potentially angering customers if it does not retain the rights to show teams like Barcelona and Bayern Munich in action. FIRST BIG TEST The Champion League will be the first test of its resolve. BT first signalled its willingness to spend big on content to draw in customers when, in 2013, it paid more than double Sky''s previous deal to win all the rights for the European tournament. Since then content inflation has continued at a heady pace, with analysts pencilling in a 30 percent rise in the price to win the rights for the European blue-riband event. Analyst Guy Peddy at Macquarie Capital said Sky had the firepower to bid aggressively to win back Champion League rights, and has pencilled in a bid of 400 million pounds, against the 299 million pounds per season paid by BT last time. "Sky winning the Champions League rights in the UK would seriously dent BT''s Pay TV aspirations and underwrite Sky''s TV strategy," he said in a note. Simon Johnson, who has negotiated sports deals for broadcaster ITV ( ITV.L ) and the Football Association, said the price BT was willing to pay would come down to whether it could risk losing the rights, and still grow the consumer business. "The trick is to work out whether BT Sport can sustain the same premium that they had last time, which was effectively a ''blow the opposition out of the water'' figure," he told Reuters. The multiple demands on a firm that employs more than 100,000 people across Britain and 180 countries worldwide, will fall to Patterson to resolve. Four days on from the sharp fall in the share price, there has been no sign of a recovery. Patterson had won plaudits for his strategy of buying content rights and a mobile business, EE, to retain domestic customers and corporate clients. He has said he is angry that the integrity of BT has been undermined and was improving controls across the group. He urged shareholders to focus on the rest of the business that was thriving under his strategy. "Many of our shareholders are unhappy and they have a right to be," he said. "(But) we need to keep this in perspective." ($1 = 0.7957 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bt-outlook-italy-idUKKBN15B23R'|'2017-01-28T02:03:00.000+02:00'
'df81e27c238f76281ad2ce2a11e823b5fc873e2c'|'British banks'' optimism hits crisis-era low on Brexit uncertainty'|'Business News   8:24pm EST British banks'' optimism hits crisis-era low on Brexit uncertainty Sunlight reflecting off a building is seen during a foggy morning in the Canary Wharf financial district of London, Britain, December 28, 2016. REUTERS/Andrew Winning LONDON Optimism about the business environment for Britain''s financial services firms fell for a fourth consecutive quarter, according to a survey published on Monday, the longest decline since the global financial crisis. The latest quarterly survey of 103 financial services firms by business lobby CBI and consultancy PwC found sentiment about Britain''s overall business climate fell the most since December 2008, with banks especially pessimistic. 90 percent of banks surveyed said preparing for the impact of Britain''s exit from the European Union was their top challenge. "Uncertainty has contributed to the low levels of optimism reported by many financial services companies, particularly by the banks," Andrew Kail, Head of Financial Services at PwC, said in the report. Banks have begun signaling how they will put plans into action to cope with a "hard" exit by Britain from the EU, after Prime Minister Theresa May said Britain will leave the single market. Kail also said that greater clarity on the UK position on Brexit from the Prime Minister''s speech this week was welcome, not least a commitment to a period of phased implementation. The survey revealed a more optimistic outlook for hiring, with 18 percent of financial firms saying they had increased employment in the period compared with 10 percent showing a decrease. IT was the biggest area for new jobs. The survey also said firms considered increasing their dialogue with regulators as the biggest priority as Britain negotiates its EU exit. (Reporting By Lawrence White. Editing by Jane Merriman) Next In Business News Oil edges up after producer meeting, but high U.S. output weighs SINGAPORE Oil prices edged up on Monday, supported by statements from oil producers over the weekend that an output cut was being successfully implemented, but markets were held back by a surge in drilling that suggested U.S. production would rise further. Dollar starts week on back foot as Trump policy detail awaited TOKYO The dollar started the week on the back foot in early Asian trade on Monday, with the euro edging up to its highest in more than a month as investors locked in gains on the dollar''s recent rise as they waited for U.S. President Donald Trump to offer details of his promised stimulus. Majority of Japan firms plan no wage hike, a blow to Abenomics: Reuters poll TOKYO Nearly two-thirds of Japanese companies do not plan to hike their workers'' wages this year, a Reuters poll showed, a blow to Prime Minister Shinzo Abe''s campaign for higher pay to spur a recovery and a way to end two decades of deflation. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-britain-eu-banks-outlook-idUSKBN15703Y'|'2017-01-23T07:01:00.000+02:00'
'595aec2a07b6ac2588f8f5cd876a3d2b96b7ac88'|'India plans expansive budget despite growth, revenue worries'|'By Manoj Kumar - NEW DELHI NEW DELHI India''s finance minister is likely to borrow more than originally planned when he presents the budget on Feb. 1, senior aides and officials said, despite counting on revenues from a national sales tax whose launch date is still unknown.Arun Jaitley is looking at how to fund giveaways to taxpayers and higher public investment to help nurse Asia''s third-largest economy back to health after the government''s shock decision in November to abolish high-value banknotes.That is raising concern among some economists and investors that the government will take too many fiscal risks.Yet officials say that, given the choice, they would choose growth sustained by state investment over a fiscal straitjacket."Some degree of flexibility on fiscal discipline should not be seen as irresponsible fiscal management," one senior government official told Reuters, requesting anonymity due to the sensitivity of the matter.A fiscal advisory panel, which includes central bank head Urjit Patel, has advocated widening the budget deficit to "slightly over" 3 percent of gross domestic product to free up funds for road, railway and irrigation projects."It is not possible to keep up the pace of capital expenditure without increasing the fiscal deficit beyond 3 percent of GDP," another official, briefed on the committee''s findings, added.New Delhi earlier aimed to cut the federal deficit to 3 percent of GDP over the next two fiscal years, compared with 3.5 percent in the year now drawing to a close.Independent economists are also pencilling in a higher federal deficit in the coming fiscal year, at 3.3-3.4 percent of GDP, creating room for the government to invest an extra $6 billion.That has drawn a warning from ratings agency Standard & Poor''s, which says that slowing the pace of fiscal consolidation could delay India''s chances of an upgrade due to its high and rising debt levels.HEROIC ASSUMPTIONSJaitley''s team forecasts a recovery in nominal GDP growth, the key driver of tax revenues, to around 12 percent in 2017/18.Yet that assumes oil prices of $55-60 per barrel and a long-delayed Goods and Services Tax being implemented in July.And the economy is still getting over the shock of Prime Minister Narendra Modi''s decision in November to scrap 86 percent of cash in circulation in a bid to purge the economy of illicit "black money".The International Monetary Fund has chopped a percentage point off India''s forecast of real economic growth to 6.6 percent in the current fiscal year to March, meaning China regains the crown as the world''s fastest-growing large economy.The Washington-based lender has also shaved 0.4 of a percentage point off its forecast for the coming fiscal year.Finance ministry officials remain tight-lipped about how quickly they expect growth to bounce back after it slowed following so-called demonetisation.International prices for crude oil, India''s most expensive import item, could meanwhile overshoot the finance ministry''s expectations as exporting nations curb output, hurting the growth and revenue outlook."This budget is presented in a very uncertain situation," said N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a New Delhi think-tank that is partly funded by the government.Modi faces the imminent verdict of voters in five regional elections, most importantly in the battleground state of Uttar Pradesh that is home to more than 200 million people.A setback there for his nationalist party could harm his chances of winning a second term in 2019.Election authorities have barred the government from offering targeted budget ''sops'' to buy votes.And even if the government does ramp up public investment in Jaitley''s fourth budget, it has little room for manoeuvre - nearly nine in every 10 rupees it spends go on servicing debt or paying wages and subsidies."It will not be a populist, but a pragmatic budget," said a senior finance ministry official with direct knowledge of budget planning. Rajesh Kumar Singh and Douglas Busvine; Editing by Mike Collett-White)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/india-budget-idINKBN15A1SD'|'2017-01-26T10:42:00.000+02:00'
'c55b6eb1e5c8781100471408ddc31cbc171ad764'|'TREASURIES-U.S. yields little changed before 7-year note sale'|'* U.S. Treasury to sell $28 bln 7-year notes at 1 p.m. * Latest 7-year note to fetch highest yield in over 3 years * Record highs on Wall Street curb demand for bonds By Richard Leong NEW YORK, Jan 26 U.S. Treasury yields were little changed on Thursday with benchmark yields hovering at a four-week high in advance of a $28-billion auction of seven-year notes, part of this week''s $88 billion coupon-bearing government debt supply. Investors have reduced their Treasuries holdings since Tuesday in the wake of U.S. President Donald Trump''s actions on domestic business investments, which they view as promoting heftier company profits, and his rhetoric on trade and immigration, which they reckon may push up inflation. Buttressed by growing optimism, investors have preferred stocks over bonds, with the Dow breaking above 20,000 mark on Wednesday and the S&P 500 and Nasdaq also reaching record highs. "The new administration is a big change from the previous one. Political risks have pushed yields up and down," said Boris Rjavinski, senior rate strategist at Wells Fargo Securities in Charlotte, North Carolina. The yield on benchmark 10-year Treasury notes was flat at 2.525 percent after touching 2.551 percent earlier which was its highest since Dec. 28, according to Reuters data. Skittishness about a faster pace of rate increases by the Federal Reserve, if Trump''s economic policies raise growth and inflation, has partly bogged down this week''s Treasuries auctions. Demand for the latest supply two-year fixed and floating-rate notes, as well as five-year Treasuries was poor, analysts said. However, the upcoming seven-year note sale at 1 p.m. (1800 GMT) may entice investors who see bargains at these higher yields, analysts said. "Auction demand has been strong for the seven-year recently, especially among investment funds," Nomura Securities International analysts wrote in a note. In "when-issued" activity, traders expected the latest seven-year note to sell at a yield of 2.332 percent , which would be highest since Dec. 2013, according to Tradeweb. This compared with the 2.284 percent yield at the prior auction in December. January 26 Thursday 9:58AM New York / 1458 GMT Price US T BONDS MAR7 149-19/32 0-4/32 10YR TNotes MAR7 123-204/256 -0-4/256 Price Current Net Yield % Change (bps) Three-month bills 0.495 0.5025 0.002 Six-month bills 0.605 0.6153 0.005 Two-year note 99-198/256 1.2401 -0.004 Three-year note 99-158/256 1.5074 -0.008 Five-year note 99-118/256 1.9888 -0.003 Seven-year note 99-136/256 2.3235 0.002 10-year note 95-120/256 2.5247 0.002 30-year bond 95-160/256 3.1009 -0.008 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 29.25 1.00 spread U.S. 3-year dollar swap 23.75 1.00 spread U.S. 5-year dollar swap 6.00 0.75 spread U.S. 10-year dollar swap -9.25 1.00 spread U.S. 30-year dollar swap -40.50 1.50 spread (Reporting by Richard Leong; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FG10A'|'2017-01-26T12:05:00.000+02:00'
'2942ffb33f1d8b36d0701ff0b266e4fbdee8efc2'|'UPDATE 1-Singapore''s Keppel posts smallest annual profit in a decade'|'Energy  55am EST UPDATE 1-Singapore''s Keppel posts smallest annual profit in a decade * Q4 net profit slumps 65 percent y/y to S$143 mln * Says cutting yard capacity, mothballing two overseas yards * Keppel says in the process of closing three Singapore yards * Does not expect quick recovery for the offshore business * Almost halves final cash dividend (Adds CEO, analyst comments, details) SINGAPORE, Jan 26 Singapore''s Keppel Corp Ltd posted its smallest annual profit in a decade, dented by a lack of orders at its key rig-building business and provisions for impairments, and cautioned that oversupply would continue to drag on the offshore business. The city-state''s offshore and marine industry has been pummelled as clients cut spending to weather a slide in oil prices, hurting Keppel and cross-town rival Sembcorp Marine and forcing them to cut workforce by thousands. "While spending by oil majors is expected to increase, we do not envisage a quick recovery for the offshore business, which continues to be under pressure from weak utilisation of the existing operating fleet, coupled with a supply overhang of new builds," Chief Executive Loh Chin Hua said at a briefing. Keppel, in which Singapore state investor Temasek is the biggest shareholder, on Thursday reported a net profit of S$784 million ($552.11 million) for 2016, the lowest since 2006. This was far short of an average analysts'' estimate of S$895 million, Thomson Reuters data shows. For the October-December quarter, the firm''s net profit came in at S$143 million, down from S$405 million a year ago. Revenue for the quarter dropped 22 percent to S$1.94 billion. Excluding provisions for impairment and one-off items, Keppel''s quarterly net profit would have come in at S$300 million, steady versus a year ago. The company - whose businesses include property development and infrastructure - made provisions for impairment of S$336 million during the year, mainly related to job cuts. For 2016, Keppel reduced its direct workforce by about 10,600, or 35 percent, in its offshore and marine segment. Keppel and Sembcorp have both suffered from an oversupply of offshore oil drilling rigs, with customers delaying existing contracts and staying away from new orders amid weak oil prices that are at about half their 2014 peaks. To ride out the tough conditions, Keppel said it was cutting yard capacity and that it had mothballed two overseas yards. In Singapore, it is closing three yards. Despite a slight recovery in global oil prices, offshore rig utilisation remains low at about 50 percent compared to 70 percent in 2015, brokerage Maybank Kim Eng said last month. Keppel''s offshore and marine (O&M) division, which builds offshore drilling rigs and support vessels, posted a loss of S$138 million in the fourth quarter, versus a S$60 million year-ago loss. The segment''s revenue fell 40 percent. The division recorded a net order book of S$3.7 billion. That excludes orders from one of its biggest customers, rig leaser Sete Brasil Participacoes SA, which filed for bankruptcy protection last year amid a corruption scandal. Keppel''s property division, which in 2015 overtook the O&M segment as the biggest income contributor, posted a 10 percent fall in quarterly revenue, hurt by lower revenue from China. Keppel slashed its final cash dividend to 12 Singapore cents for 2016, from 22 Singapore cents in 2015. ($1 = 1.4200 Singapore dollars) (Reporting by Aradhana Aravindan; Additional reporting by Gaurav Dogra; Editing by Randy Fabi and Himani Sarkar) Next In Energy'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/keppel-corp-results-idUSL4N1FG33I'|'2017-01-26T17:55:00.000+02:00'
'3ebb36b977a7640c9f8618c0bbb39d485bdc0a72'|'Medical couple and butcher''s boy win big from Actelion sale'|'Business News - Thu Jan 26, 2017 - 12:03pm GMT Medical couple and butcher''s boy win big from Actelion sale FILE PHOTO: A long-time exposure shows the headquarters of Swiss biotech company Actelion in Allschwil, Switzerland, December 6, 2016. Reuters/Arnd Wiegmann/File Photo By John Miller - ZURICH ZURICH The 70-year-old son of a Swiss butcher is among the biggest beneficiaries of Johnson & Johnson''s $30 billion (23.76 billion pounds) takeover of Actelion, Europe''s biggest biotech company. For Rudolf Maag, whose 5.1 percent Actelion stake is worth more than $1.5 billion, this is the second time in five years that deep-pocketed J&J''s craving for Swiss medical companies has made him rich. Back in 2012, the U.S. healthcare giant bought Maag''s 15 percent stake in device maker Synthes Stratec in a takeover, making him a billionaire. The biggest European pharma deal in 13 years will also enrich Actelion Chief Executive Jean-Paul Clozel and his wife, Martine, the doctors who founded the company in 1997 and owned 5.03 percent of shares, according to the 2015 annual report. Other winners include BlackRock, which according to a SIX Swiss Exchange filing from December owns 5.2 percent of Actelion, and billionaire U.S. hedge fund manager Dan Och, whose Och-Ziff Capital Management Group amassed nearly 3.2 percent now worth nearly $1 billion in a stake announced before Christmas. European biotechnology has long been a poor relation to the far bigger industry in the United States, but the Clozels broke the mould in developing a fully fledged and profitable business. At Actelion they built molecules they first worked on while employees at Swiss drug giant Roche into what became the blockbuster Tracleer for treating deadly pulmonary arterial hypertension (PAH). With the announcement of J&J''s takeover after more than two months of negotiations, other owners of Actelion are cheering, too. "The structure is very attractive," said Eleanor Taylor Jolidon, a fund manager at Union Bancaire Privee in Geneva, a top-40 Actelion investor. The relative weakness of Europe''s biotechnology sector, despite the region''s strong academic science base, has been blamed on factors such as lack of entrepreneurial spirit and inadequate funding. Under the Clozels'' leadership, Actelion overcome those obstacles, with the husband-and-wife team''s stubborn determination to market on their own Tracleer and follow-on drugs Opsumit and Uptravi, expected to generate more than $4 billion in combined annual revenue. Clozel will remain in the biotech game as CEO of the new R&D business that is being spun out of Actelion under the deal. The new company will be listed and is likely to be valued at around 1-2 billion Swiss francs ($1-2 billion), according to analysts at Berenberg. Its operation will include experimental drugs from Actelion''s laboratories against a range of conditions, including insomnia, severe hypertension and dangerous narrowing of blood vessels associated with brain haemorrhage. J&J, which will control up to 32 percent of the new company along with Actelion investors who get a share for each Actelion share, also gets Tracleer, Opsumit, Uptravi and other drugs already on the market, plus rights to an experimental multiple sclerosis drug and an investigational antibiotic. ''HUGE DEAL'' As CEO, the 61-year-old Jean-Paul Clozel has insisted in the past on the company''s independence, fending off a hostile approach in 2011 from U.S.-based activist fund Elliott Advisers which sought to wrest control of the board in order to put Actelion up for sale. At the time, Maag departed from his traditionally low-profile approach by publicly coming to Clozel''s aid, joining those who thought Elliott was low-balling Actelion''s value and defending the company''s stand-alone strategy. When the familiar face of J&J, with its lucrative offer, arrived on the scene, however, there was no repeat of the defence. In an email to Reuters in December, Maag declined comment on Actelion''s future and he did not respond to inquiries on Thursday seeking comment on the J&J deal. While Maag was a longtime investor, billionaire Och''s big Actelion stake emerged in December as talk of a sale heated up and a flurry of hedge funds piled into Actelion shares on optimism that J&J''s offer would be too big for the Clozels to refuse. "If I can get a premium, I like to take it," said Urs Beck, fund manager at EFG Asset Management. "It''s a huge deal." ($1 = 0.9984 Swiss francs) (Additional reporting by Silke Koltrowitz in; Zurich and Ben Hirschler in London; editing by Anna Willard) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-actelion-m-a-johnson-johnson-payday-idUKKBN15A1ET'|'2017-01-26T19:03:00.000+02:00'
'c79e8cf05c3deca7f98b3ec554d797f903a85321'|'Mortgages approved by UK banks hit nine-month high in December - BBA'|'Business News -  36am GMT Mortgages approved by UK banks hit nine-month high in December - BBA A couple view properties for sale in an estate agents window in London, Britain August 22, 2016. Picture taken August 22, 2016. REUTERS/Peter Nicholls/File Photo LONDON Jan 26 The number of mortgages approved by British banks hit a nine month high in December and consumer credit continued to expand at a robust pace, industry figures showed on Thursday. The British Bankers'' Association (BBA) said banks approved 43,228 mortgages last month, up from 41,003 in November. Despite a strong end to the year, mortgage approvals for 2016 as a whole stood 4.1 percent lower compared with 2015. Consumer credit growth picked up to 6.6 percent year-on-year from 6.4 percent in November. "Overall, we''ve seen high levels of consumer and business borrowing, although there are early indications that 2017 could sees ofter demand for credit from business and households, as they anticipate future interest rate rises and wait for further clarity on Brexit," Rebecca Harding, BBA chief economist, said. "Reduced demand for business borrowing may signal plans for investment are being deferred or funded through retained earnings until there is more certainty on the UK''s economic prospects after Brexit." Bank of England Governor Mark Carney said last week he would keep a close eye on consumer spending, given the economy appeared to be increasingly reliant on this to drive growth. The BBA figures do not include lending by mutually owned building societies, which accounts for around third of mortgages. The next release of the more comprehensive Bank of England lending data is next Tuesday. (Reporting by Andy Bruce, editing by Alistair Smout) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-lending-bba-idUKKBN15A10H'|'2017-01-26T16:36:00.000+02:00'
'c2299275b57a98c285a9fa8ac4f853f848295d72'|'BAT agrees purchase of Bosnian FDS tobacco business from Austrian fund'|'Deals - Thu Jan 26, 2017 - 5:06pm GMT BAT agrees purchase of Bosnian FDS tobacco business from Austrian fund People walk past the British American Tobacco offices in London, Britain October 21, 2016. REUTERS/Stefan Wermuth SARAJEVO British American Tobacco (BAT) ( BATS.L ) has reached a principle agreement to acquire the tobacco assets of Bosnian holding firm Fabrika Duhana Sarajevo (FDS) FDSS.SJ from an Austrian fund, the two companies said in a joint statement on Thursday. Using financing provided by BAT, Austria''s CID Adriatic Investments (CID) had bought a 78.7 percent stake in FDS for the total of 84.3 million Bosnian marka ($46.3 million). It first bought a 39.9 percent stake from the regional government in September and then in December an additional 38.8 percent stake from small shareholders and funds. The final agreements will be signed in the next few days and the transaction is expected to be completed in the first half of this year, following an FDS shareholder approval vote and the relevant regulatory approvals, the statement said. FDS has banking and real estate operations as well as tobacco interests. "BAT will acquire all FDS tobacco brands and retail business (Tobacco Press) from FDS," the statement said. "BAT will also enter into a contract manufacture agreement with FDS for the continued production of the acquired brands by FDS in Sarajevo." CID will continue to develop the non-tobacco parts of FDS independently, it said. BAT last week agreed a $49.4 billion takeover of U.S. rival Reynolds American Inc, creating the world''s biggest listed tobacco company. (Reporting by Daria Sito-Sucic; Editing by David Evans) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-bosnia-privatisation-bat-idUKKBN15A2BX'|'2017-01-27T00:03:00.000+02:00'
'5c433731186b900de99841497e600c5639bbff3c'|'MOVES-MUFG hires two PWC execs to EMEA investment banking team'|'Company News - Thu Jan 26, 2017 - 1:00pm EST MOVES-MUFG hires two PWC execs to EMEA investment banking team Jan 26 Mitsubishi UFJ Financial Group appointed Stuart Randell and Anders Maehre to the leveraged finance team in its EMEA investment banking unit. Randell has been appointed as executive director and head of portfolio management for leveraged finance, while Maehre joins as director for non-investment grade corporate origination. The duo join from PWC and will report to Nick Atkinson, head of Mitsubishi leveraged finance and strategic advisory EMEA team. (Reporting by Vishaka George) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mufg-moves-emea-idUSL4N1FG4JW'|'2017-01-27T01:00:00.000+02:00'
'3ae8da64bc9d648ee9745698d1f981428ce58bc7'|'Russian security service says hackers attacked major banks in 2016 - Ifax'|'Money News - Fri Jan 27, 2017 - 4:03pm IST Russian security service says hackers attacked major banks in 2016 - Ifax left right General view shows the logo on a building of Alfa bank in Minsk, Belarus November 15, 2016. REUTERS/Vasily Fedosenko 1/2 left right A view shows a board advertising Rosbank on the roof in a building in Moscow, Russia, July 4, 2016. Reuters/Maxim Zmeyev/Files 2/2 MOSCOW Russia''s major commercial banks came under cyber attacks in November last year, the country''s Federal Security Service said on Friday, Interfax news agency reported. Lenders such as Sberbank, Rosbank, Alfa Bank, Bank of Moscow, as well as the Moscow Exchange and other institutions were the targets of "a massive attack" from hackers between Nov. 8 and Nov. 14, deputy head of the Security Service Dmitry Shalkov said. "Analysis shows that the number of information attacks at Russian official information resources is on the rise. There were 70 million (such attacks) in 2016," Shalkov said, adding it was a threefold increase from a year earlier. The attacks were countered by banks'' cybersecurity services in coordinations with the Security Service, he said. (Reporting by Andrey Ostroukh; editing by Polina Devitt) Next In Money News FACTBOX: Measures expected from the annual budget that could impact markets MUMBAI Investors in India are bracing for higher taxes and less incentives from the government''s annual budget to be unveiled on Feb. 1 as the focus shifts to wringing out revenues to finance giveaways and higher public investments to support the economy.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/russia-banks-cyberattacks-idINKBN15B0WV'|'2017-01-27T17:33:00.000+02:00'
'e21b6e5fe00f2700f1f5e6b288b1d088a55491e5'|'Finish Line to sell JackRabbit business to CriticalPoint Capital'|'Business News - Thu Jan 26, 2017 - 11:55pm GMT Finish Line to sell JackRabbit business to CriticalPoint Capital Sportswear retailer Finish Line Inc ( FINL.O ) said on Thursday it would sell its unprofitable JackRabbit business to CriticalPoint Capital LLC, two months after announcing that it would explore strategic alternatives for the specialty running gear unit. JackRabbit, formerly known as Running Specialty Group, is a chain of 65 stores in 17 U.S. states selling running gear under brands such as Brooks, ASICS and Hoka One One. The company did not disclose the deal value. The business generated about $90 million (71 million pounds) in sales in the fiscal year ended February 2016, accounting for 4.8 percent of the company''s total sales. Finish Line said it expects to book a charge of about $33 million-$36 million related to the sale in the current quarter. "As we exit the running specialty business, we dedicate our entire focus to serving our core Finish Line and Finish Line Macy''s customers," Chief Executive Sam Sato said in a statement. Finish Line, whose shares were up 1 percent in post-market trading, said it expects realise a cash tax benefit of about $29 million-$31 million from the sale, a portion of which it expects to receive in the current quarter. (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-finish-line-sale-jackrabbit-idUKKBN15A37W'|'2017-01-27T06:55:00.000+02:00'
'5363956787fd5b664f1bf117d231ed7dde2609b5'|'General Dynamics reports 4.3 pct rise in quarterly profit'|'Market News - Fri Jan 27, 2017 - 7:39am EST General Dynamics reports 4.3 pct rise in quarterly profit Jan 27 General Dynamics Corp, one of the leading U.S. defense contractors, reported a 4.3 percent rise in quarterly profit, helped by higher sales in its unit that makes battle tanks and combat vehicles. The company''s net income rose to $797 million, or $2.58 per share, in the fourth quarter ended Dec. 31, from $764 million, or $2.40   Revenue rose 5.4 percent to $8.23 billion. (Reporting by Rachit Vats   Maju Samuel) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/general-dynamics-results-idUSL4N1FH2IW'|'2017-01-27T19:39:00.000+02:00'
'1c838014a21f5d0dc2385dae79ff1f8ecced42a8'|'BT Europe head leaves after accounting scandal, Italy head appointed'|' 03am EST BT Europe head leaves after accounting scandal, Italy head appointed LONDON Jan 27 BT''s head of continental Europe, Corrado Sciolla, is leaving the company after it revealed an accounting scandal at its Italian operation, the company said on Friday. "Corrado is leaving the business, this happened on his watch," the company said. BT stunned investors earlier this week when it took a 530 million pound writedown of its Italian unit, saying that an accounting scandal at the business was far bigger than first realised. A person familiar with the situation also said that BT was set to appoint Andrea Bono, currently running its Switzerland operations, to become its chief executive of the Italian unit. (Reporting by Kate Holton; editing by Sarah Young)  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/bt-outlook-italy-changes-idUSL5N1FH0XE'|'2017-01-27T14:03:00.000+02:00'
'bd73b102d94bddfaf97426c50b8e7abbd20c0193'|'EU scrapes a win in WTO row over Russian duties on vans'|'Business News - Fri Jan 27, 2017 - 4:42pm GMT EU scrapes a win in WTO row over Russian duties on vans A World Trade Organization (WTO) logo is pictured on their headquarters in Geneva, Switzerland, June 3, 2016. REUTERS/Denis Balibouse By Tom Miles - GENEVA GENEVA The European Union scored a few legal hits against Russia in a World Trade Organization ruling on Friday, having launched a challenge in May 2014 against Russian anti-dumping duties on German and Italian light commercial vehicles. But the panel of WTO adjudicators, threw out many of the EU''s arguments. Russia had imposed duties of 29.6 percent on German van imports and 23 percent on imports from Italy in 2013, claiming they were unfairly priced to undermine Russian producers. The case was one of a string of apparently tit-for-tat legal moves between the EU and Russia soon after Russia joined the WTO in 2012, 19 years after it started negotiating its membership. Friday''s ruling, which can be appealed by either side, may help shape Russia''s use of anti-dumping duties or EU attempts to counter them, actions that show no sign of slowing down. European Trade Commissioner Cecilia Malmstrom said the WTO had made a very clear ruling against an unfair, protectionist and anti-competitive measure. "The duties on light commercial vehicles are not in line with commitments by Russia at the time it joined the WTO. Those measures now have to be removed," she said in a statement. WTO members are allowed to impose duties on imports they think are being "dumped", or unfairly priced to compete with their own production, but they have to be able to prove it. The WTO panel upheld the EU''s argument that Russia had not correctly assessed its own market for vans, having defined its domestic industry as consisting of one producer, Sollers ( SVAV.MM ), and excluding another, GAZ ( GAZA.MM ). But other EU arguments, such as a claim that Russia had mixed up data expressed in dollars and roubles, failed to convince the arbitrators. Relations between the EU and Russia reached a low after the overthrow of Ukraine''s Moscow-backed president Viktor Yanukovych in February 2014 and Russia''s annexation of Crimea and backing of a separatist revolt in eastern Ukraine, prompting EU sanctions. (Editing by Stephanie Nebehay and Robin Pomeroy) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-russia-wto-idUKKBN15B1S1'|'2017-01-27T23:42:00.000+02:00'
'6e2c42183f84c01bbd17037463b135f4369c4595'|'BRIEF-Blue Hills Bancorp reports Q4 earnings per share $0.17'|'Market  09pm EST BRIEF-Blue Hills Bancorp reports Q4 earnings per share $0.17 Jan 25 Blue Hills Bancorp Inc * Reports fourth quarter and annual earnings * Q4 earnings per share $0.17 * Q4 earnings per share view $0.10 -- Thomson Reuters I/B/E/S * Blue hills bancorp inc - net interest and dividend income was $16.0 million in q4 of 2016, up $1.5 million, or 10%, from $14.5 million in q3 of 2016 * Blue hills bancorp inc says increase to its quarterly dividend to $0.05 from $0.03 per share Source   Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSASB0AWQP'|'2017-01-26T04:09:00.000+02:00'
'b6366286f71645186a4ed1327e124c3ecdb69013'|'Under Trump shadow, key European body backs EU-Canada trade deal'|'Economy   10:10am GMT Under Trump shadow, key European body backs EU-Canada trade deal Canada''s Prime Minister Justin Trudeau speaks during a news conference in Ottawa, Ontario, Canada, December 12, 2016. REUTERS/Chris Wattie By Philip Blenkinsop - BRUSSELS BRUSSELS A planned EU-Canada free-trade deal moved closer to reality on Tuesday after a key committee advised the European Parliament to give its backing after months of protests and heated debate. The EU-Canada Comprehensive Economic and Trade Agreement (CETA) is seen as a test of Europe''s ability to forge future trade accords and as a counterweight to anticipated protectionism under new U.S. president Donald Trump. "It''s more than just a free-trade treaty with Canada. It''s a statement about how we relate with the rest of the world," said Sorin Moisa, CETA coordinator for the center-left S&Dgroup, whose members have been divided over the pact. "We want to shape rather than withdraw from the world, and all the more so after Trump," he told Reuters in an interview. CETA still needs approval from the European Parliament to enter into force and lawmakers in its international trade committee voted 25-15 urging it to do so. The full parliament is due to give its verdict in mid-February. In a debate on Monday, committee members backing the accord repeatedly warned of the threat of greater protectionism under Trump, who has withdrawn from the Trans-Pacific Partnership and plans to renegotiate the North American Free Trade Agreement with Canada and Mexico. EU Trade Commissioner Cecilia Malmstrom told lawmakers Canada was a welcome partner in uncertain and difficult times. "We have an important friend and ally who seems to be at least partly disengaging from the international scene, promoting less trade, more protectionism," she said of the United States. The EU and Canada concluded negotiations more than two years ago and eventually signed the treaty in October, but only after opposition from a region of Belgium. Even if the 751-seat European Parliament votes for CETA, it would only enter force provisionally, most likely in March or April in the form of import tariff removal, as it also awaits approval from the parliaments of the EU''s 28 member states and Belgium''s regions. Supporters say CETA will increase Canadian-EU trade by 20 percent and boost the EU economy by 12 billion euros ($12.9 billion) a year and Canada''s by C$12 billion ($9.0 billion). CETA and the larger planned EU-U.S. Transatlantic Trade and Investment Partnership (TTIP) have proved contentious, drawing criticism from trade unions and protest groups that say it will give more power to multinationals and lead to a race to the bottom in standards. (Reporting by Philip Blenkinsop; Editing by Tom Heneghan) Next In Economy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-canada-trade-idUKKBN158133'|'2017-01-24T17:04:00.000+02:00'
'4a711e52e0c43de6a7a5295c5330013144b51ff4'|'U.S. Republicans to map out strategy for Trump''s agenda'|'Politics   6:06am EST Republicans to map out strategy for Trump''s agenda President Donald Trump shakes hands with House Speaker Paul Ryan as he is joined by the Congressional leadership and his family as he formally signs his cabinet nominations into law, in the President''s Room of the Senate, at the Capitol in Washington, D.C., U.S., January 20,... REUTERS/J. Scott Applewhite/Pool By David Morgan and Richard Cowan - WASHINGTON WASHINGTON U.S. Republican lawmakers will map out strategy for enacting President Donald Trump''s agenda of repealing and replacing Obamacare and overhauling the tax code as they gather in Philadelphia on Wednesday for a three-day policy retreat. Trump and Vice President Mike Pence are expected to huddle with the lawmakers on Thursday. British Prime Minister Theresa May will also visit on Thursday and is expected to discuss plans for a possible U.S.-U.K. trade deal. House of Representatives Speaker Paul Ryan has set a goal of enacting at least two major pieces of domestic legislation before the congressional recess in August, according to lobbying and congressional sources. During his presidential campaign, Trump offered up an ambitious agenda he said he would quickly pursue in the White House, from building a wall on the border with Mexico to easing Dodd-Frank banking regulations. Obamacare repeal and tax reform are emerging, however, as the top priorities for congressional Republicans. While there is broad enthusiasm about the idea of swift action in those two areas, the challenge for Trump and congressional Republicans will be getting lawmakers to coalesce around specific plans. A Republican aide said House Republicans were "nowhere close" to deciding on a replacement for the Affordable Care Act, former Democratic President Barack Obama''s signature healthcare law known as Obamacare. Congress is under pressure from Trump to act quickly. But some congressional Republicans have expressed concern about starting a repeal without clarity about how to replace a law that has expanded health coverage to millions. U.S. Representative Charlie Dent, a moderate Republican, told reporters on Tuesday he hoped lawmakers would use their retreat to have a "sober discussion" on what is politically possible on replacing Obamacare. MIXED SIGNALS Republicans have called Obamacare federal government overreach and have sought to undermine it in Congress and the courts since it was passed by Democratic majorities in the House and Senate in 2010. Democrats say Obamacare has allowed growing numbers of Americans to get medical insurance and helped slow the rise in healthcare spending. Trump, who took office on Friday, has sent mixed signals about what he wants from a replacement plan for Obamacare. He told the Washington Post he wanted insurance for all, but his staff now says it wants all Americans to have access to affordable healthcare. White House counselor Kellyanne Conway said on Sunday the Trump administration would not allow the 20 million people who rely on Obamacare for their health insurance to go without coverage when the law is repealed and replaced with a new plan.. Republican leaders also have to explain and build support among members for a complex tax reform package, backed by Ryan, that includes an unusual proposal to encourage exports and penalize imports through the tax code. A framework for legislation could surface as early as next month. The retreat will provide an opportunity for Trump and his staff to build a rapport with lawmakers, many of whom have had little contact with the president, a New York businessman with no government experience before taking office. Some lawmakers were rattled this week as the White House grappled with controversies over Trump''s statements over the crowd size at his inauguration and his allegations of voter fraud in the U.S. election. "I hope he gets more focused on policy," Dent said. "Crowd size doesn''t matter." (Writing by Ayesha Rascoe; Editing by Caren Bohan and Peter Cooney) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-congress-republicans-idUSKBN159174'|'2017-01-25T18:00:00.000+02:00'
'849300aadda71906a4998aa7e8334d4f854662d7'|'EBay holiday-quarter revenue up 3.1 percent, jump'|'EBay Inc ( EBAY.O ) reported a 3.1 percent rise in quarterly revenue for the fourth-quarter holiday period, offering signs of improvement at the company''s traditional marketplace business and sending shares up more than 8 percent in extended trading on Wednesday.EBay, once synonymous with online auctions, has been revamping its platform to help it compete better with bigger e-commerce rival Amazon.com Inc ( AMZN.O ) as well as traditional retailers. Fixed-price goods now make up a much larger portion of its listings than previously."It is a turnaround process for the company, and there are some decent metrics in there," for the marketplace division, said BGC Partners analyst Colin Gillis. Earnings and revenue for the quarter both were in line with Wall Street expectations.The company forecast first-quarter adjusted profit of 46 cents to 48 cents per share, below analysts'' average estimate of 50 cents, according to Thomson Reuters I/B/E/S.A full-year forecast of adjusted profit of $1.98 to $2.03 per share missed estimates of $2.06 per share. But the top end of its forecast of $9.3 billion to $9.5 billion in revenue was ahead of the analyst consensus of $9.36 billion.EBay also said it had repurchased $1 billion in shares over the quarter."EBay doubled their quarterly rate of share buybacks in Q4, and 2017 revenue guidance implies a re-acceleration of marketplace growth, which indicates the company is confident their structured data initiative can help stem the rate of market share losses," said Wedbush Securities analyst Aaron Turner.EBay, which spun off its main growth engine PayPal Holdings Inc ( PYPL.O ) in 2015, has revamped its platform to offer a bigger selection of products and brands.The company now also requires sellers to give more details on items to attract younger shoppers and has been cutting listing costs.Although turning around, the marketplace is "still a laggard," added Gillis, noting that 4 percent revenue growth for eBay''s marketplace, accounting for foreign exchange rate changes, paled in comparison to e-commerce growth at an estimated 15 percent.The company said its gross merchandise volume, or the total value of all goods sold on its sites, rose 2.2 percent to $22.34 billion in the quarter.The company''s net income rose to $5.94 billion, or $5.30 per share, in the fourth quarter ended Dec. 31, from $477 million, or 39 cents per share, a year earlier.The boost in net income was driven by a non-cash $4.6 billion income tax benefit related to a change in legal structure, mostly impacting its international entities.(Reporting by Anya George Tharakan in Bengaluru and Jeffrey Dastin in San Francisco; Editing by Shounak Dasgupta, Peter Henderson and Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/us-ebay-results-idINKBN1592RW'|'2017-01-25T19:56:00.000+02:00'
'4d307a18bf78229b1f419d8b6ce5e7af09f4707c'|'Junk borrowers forced to pay double-digit yields'|'By Davide Scigliuzzo NEW YORK, Jan 27 (IFR) - Investors this week forced two Triple C rated issuers to pay some of the highest yields in years to sell their bonds.Canadian miner Baffinland and Ohio-based resins maker Hexion struggled their way through the primary market, ending up paying double-digit yields to get new trades over the line.Baffinland was forced to hike the yield on its junk bond by over 350bp and tweak covenants on Monday to get investors on board after weeks of negotiations with the buyside.The miner, jointly owned by ArcelorMittal and private equity outfit the Energy & Minerals Group, was initially targeting a yield of 9% area when the deal was announced on December 9, three sources familiar with the matter told IFR.But that level was well below investor expectations for such a concentrated bet, considering that the company''s only mine - located in Nunavut''s Baffin Island - had started commercial production just a year earlier.Lead underwriter Goldman Sachs eventually priced the note, which carries a coupon of 12% and is rated Caa1/B1, at 97.5 cents to the dollar to yield 12.69%.Covenants on the offering were also tweaked to include coupon step-ups and additional investor protections.BITING THE BULLETLater in the week, Hexion also bit the bullet and agreed to print one of the highest coupons seen in the US high-yield market since the financial crash.The highly leveraged company, owned by private equity firm Apollo Global Management, paid a steep price to increase the size of its five-year non-call two bond sale to US$710m from the US$460m initially targeted.It raised US$485m through a first-lien bond that priced at a coupon of 10.375% - tight to initial talk of 10.5% area - but was forced to cough up an eye-watering 13.75% to add a US$225m 1.5-lien tranche to the trade."They are price takers," said one portfolio manager who owns some of the company''s debt but decided to pass on the latest deal. "If someone is going to offer them money, they are going to take it."During a call with investors, Hexion said its gross leverage stood at 8.1 times in the 12 months to the third quarter, or 7.7 times on a net basis, according to the investor.The two notes, sold through lead underwriter JP Morgan, were rated Caa1/CCC+ and Caa3/CCC respectively.STILL RISK-ONSome saw the extreme price sensitivity around the two deals as a sign that investors were becoming more selective after a sharp tightening in junk-bond yields in 2016.Spreads on US junk paper have tightened nearly 500bp since their February 11 peak and are now just 58bp above post-crisis lows, according to the Bank of America Merrill Lynch US High Yield index.The average yield on Triple C notes dipped below 11% earlier this month for the first time in two years - a far cry from the 21.68% seen nearly a year ago.Bankers and investors said credit-specific issues explained the pushback that Baffinland and Hexion received, as demonstrated by the fact that other Triple C rated issues have had a much easier time tapping the market in recent weeks.A US$425m bond backing the Carlyle Group''s purchase of speciality chemicals company Atotech cleared the market at 6.25% on Wednesday, while a US$400m deal for TPG''s acquisition of cable companies RCN and Grande printed at 6.625% a week earlier."There has been an uptick in lower-quality issuance," said Tom Stolberg, a portfolio manager at Loomis Sayles. "But by and large, if people can get behind the story, those deals are doing really well."Demand for risky new issues still appears to be strong, especially as supply is expected to remain limited in the near future."We don''t have a big wave of stuff sitting behind us," said one leveraged finance banker. "As far as new commitments go, the list is going to be very short." (Reporting by Davide Scigliuzzo; Editing by Shankar Ramakrishnan and Matthew Davies)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uscorpbonds-issuance-highyield-idINL1N1FG1R4'|'2017-01-27T13:14:00.000+02:00'
'2d80c3f8660b5b5937e09b102ff54234e055db3b'|'Colombia cenbank holds interest rate at 7.5 pct on inflation concerns'|'Financials  16pm EST Colombia cenbank holds interest rate at 7.5 pct on inflation concerns BOGOTA Jan 27 Colombia''s central bank held its benchmark interest rate on Friday amid concerns over still-high inflation figures, even as economic growth estimates head downhill. The seven-member board voted to maintain the lending rate at 7.5 percent. (Reporting by Bogota newsroom) Next In Financials Florida bitcoin exchange operator''s dad avoids prison NEW YORK, Jan 27 The father of a Florida man who prosecutors said operated an illegal bitcoin exchange avoided prison on Friday after pleading guilty in a case that stemmed from an investigation into a cyber breach at JPMorgan Chase & Co . Nasdaq amends disputed fee proposal for key stock market data NEW YORK, Jan 27 Nasdaq Inc no longer plans to charge additional fees to access key data essential for stock market operations following complaints of price gouging from other exchanges, trading firms and an industry trade group, according to a regulatory filing. * Says new owners will put money back into the sport (Adds detail) MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/colombia-cenbank-idUSE3N19102O'|'2017-01-28T02:16:00.000+02:00'
'30b885f2c3de74eec4d53600368c2eab1f9b2137'|'Running a small business on the side? You may still have to declare it - Guardian Small Business Network'|'Many small businesses start out as small operations listing handmade or test products on websites such as eBay and Etsy, or launching a holiday let through Airbnb. But when does online selling become a business?For HM Revenue & Customs (HMRC), this is a big question and one it is answering by targeting online transactions across retail, holiday lets and auction sites to ensure it doesn’t miss out on valuable tax revenue.The Treasury has said it anticipates £860m [pdf] will be recouped in the next four years by ensuring the new generation of online businesses pay their full share of tax. HMRC is able to investigate retrospectively (typically up to six years) if they suspect trading has occurred. Thousands of sellers across the UK can be forced to pay disputed tax or outstanding tax, subject to an inquiry. In a previous crackdown, one eBayer received a two-year prison sentence after £1.4m in undeclared tax was discovered during six years’ trading online. ''Small firms have enough to contend with without HMRC adding to the hassle'' Read more The Finance Act 2016 gave the organisation powers to collect bulk information from internet companies on self-employed sellers it believes are failing to declare income. HMRC’s new £100m Connect computer system gathers information from government and corporate sources to provide accurate profiles of our personal income.HMRC can obtain account data from PayPal – the online payment company owned by eBay – from smartphone app stores run by Apple and Google, and from holiday comparison websites and a host of other online retailers.Even if you’re selling second-hand items or homemade crafts, HMRC will see it as a commercial venture if it can prove you are doing “anything in the nature of trade”, defined by any of the following: You intended to make a profit rather than sell items for enjoyment or to raise emergency funds. There are a number of similar transactions in a short period of time. You cannot prove the goods gave you a “pride of possession” before being sold. The online transactions replicate an existing type of business, such as a clothing retailer. Items are modified before selling them to achieve a greater profit. Items are sold at a fixed price in the same way as a shop or auction house. Money was borrowed to buy an item that could only be repaid upon selling the item. Assets are sold on quickly after acquisition. Items were bought to sell rather than received as a gift or inheritance. The basic rule is that any earnings above an individual’s tax-free personal allowance of £11,000 are taxable if the money made is considered to be a business profit. If your hobby is deemed to be a business, you must declare any profits within a self-assessment tax return and, if your taxable turnover exceeds £83,000 within a year, you must also register for VAT and make VAT returns.Small businesses may end up paying the price for digital tax system Read more If you receive an HMRC letter saying it thinks you are running a business and failing to declare this on your tax return, make sure you have all the facts and records of all transactions. Reply promptly and use the checklist above as a useful guideline.If you don’t, you’ll receive an automatic tax charge, where HMRC makes its own calculations on tax due and demands full payment within three months. You will also be liable for additional interest and penalty charges.It’s good to share, but be aware that the new sharing economy brings new rules and potential pitfalls, especially as the 31 January self-assessment deadline looms on the horizon. Jo Nockels FCCA, is Senior Training and Communications Manager at TaxAssist Accountants . Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jan/27/small-business-etsy-ebay-hmrc-tax-return-self-assessment'|'2017-01-27T20:00:00.000+02:00'
'65748276bec78fbdd12ef367e10b8f9ffdc47af2'|'After the Italian job, BT boss must make sure success doesn’t blow up in his face - Business'|'L ast week was not a good one for BT. In fact, it’s been the worst week for the telecoms company since it was privatised in 1984. BT’s share price fell by more than 20% on Tuesday, their biggest ever fall in a single day, after it revealed an accounting scandal in its Italian division had cost £530m and warned of a slowdown in business from the UK public sector and international corporations.As profit warnings go, it was a monster. BT had already flagged up “inappropriate” management behaviour in its Italian division last October , but had estimated that the impact would be a non-cash writedown of £145m. Just three months later that has become £530m in cash, burning a nasty hole in the group’s finances. The warning about public sector and international corporate work could also have long-term consequences for BT.Investors are rattled – and BT has 700,000 of them, many of them small shareholders. Pension funds and City institutions don’t like surprises, and this profits warning came just three days before BT was scheduled to report its third-quarter results.Gavin Patterson , the chief executive, said shareholders had a right to be angry and that what happened in Italy was “completely unacceptable”.Apart from the Italian business, which accounts for a tiny portion of group profits, BT was in “good health”, Patterson said, and it was important to keep the scandal in perspective.The sharp fall in the share price suggests that investors don’t entirely share his optimism.The history of accounting scandals shows that companies often take a long time to recover from such blows. Tesco, for example, is still under investigation by the Serious Fraud Office and facing a lawsuit from shareholders more than two years after it found a black hole in its accounts. Three former Tesco executives will go on trial in relation to the scandal later this year.But BT will also have to deal with the indirect consequences of the scandal. A huge profit warning like this means shareholders will have less patience with underperformance or high spending elsewhere.The share price drop on Tuesday wiped out all the gains that Patterson had built since he replaced Ian Livingston in September 2013.He has overseen an ambitious strategy, spending billions on the rights to major sporting events and mobile operator EE. Shareholders may stop being be quite so accommodating in allowing Patterson time to build up BT Sport as a contender to Sky. With rights to Europe’s premier football tournament, the Champions League, now up for grabs, the timing is unfortunate.When BT snatched the UK television rights to the Champions League from Sky in 2013, it was a coup that confirmed the company as a major player in sports broadcasting. To see it revert to Sky would be a major setback, but keeping it is likely to be expensive.The Italian scandal also highlights how sprawling BT is as a business. Arguably it is the nearest thing the modern day FTSE 100 has to an industrial conglomerate. The Italian business is a minor part of a telecoms empire that covers infrastructure, mobile phones, television and a wide range of corporate services.Can Patterson and BT really keep on top of all the different divisions and maximise their performance? The prospect of BT spinning off Openreach, which owns the telephone cables that connect Britain, has often been raised by critics. Ofcom, the industry regulator, wants Openreach to invest more in rolling out superfast broadband. BT has had successes under Patterson, but Openreach is not the only legacy issue that hangs over it: it also has a pension deficit of £6.2bn.The boss will glad to see the back of what he has described as a difficult few days. He must now ensure that this is a blip rather than the start of a prolonged period of difficulty for BT.Co-op Bank’s road to recovery leads nowhere While Royal Bank of Scotland was last week grabbing all the attention by taking a £3.1bn knock for its latest run-in with regulators , another bank in the recovery ward was admitting to a few problems.Co-operative Bank – once owned by the mutual grocer and funeral homes operator Co-operative Group – put out an announcement on Thursday to say its capital position was going to slump below 10% and that it would fail to meet the individual regulatory plan it had agreed with the Bank of England until 2020.In reality this makes no difference to its savers and borrowers, but it is another illustration of how long it can take to make repairs to a bank that has run into trouble.RBS, for instance, will next month report its ninth consecutive annual loss – its has already reported losses of more than £50bn since its 2008 bailout – and is a long way from being able to break free from state ownership. Chancellor Philip Hammond admitted he was stuck with the 73% stake.Co-op Bank almost collapsed in 2013 amid a drugs scandal surrounding its former chairman, Paul Flowers, and a black hole in its accounts that kept getting bigger following an ill-fated tie-up with Britannia building society four years earlier.It nearly dragged down its parent, the Co-op Group, which had to cede control of the bank to a group of hedge funds. Co-op Group must now feel stuck with its diminished 20% stake in a bank that is on a very slow path to returning to profitability: it may just squeak into the black next year.There are no easy solutions for either of these banks. Noises are being made (again) about a break-up of the already shrunken RBS. For Co-op the answer may be a takeover.Taking out a proper challenger to the big four on the high street is not easy to advocate, but in this instance it could be the best and fastest way to rejuvenate a once-proud, ambitious and important high-street lender.Top of the food chain? What exactly does it mean to be the UK’s leading food business? It is a question that Tesco and Booker shareholders should be thinking about carefully now that their companies have agreed to a merger.Tesco boss Dave Lewis and Charles Wilson, chief executive of wholesaler Booker, were both, unsurprisingly, enthusiastic about the deal when it was announced, and both companies’ share prices duly rocketed – although this also had much to do with Tesco saying it would start to pay dividends again.But aside from opportunities to cut costs – and bringing together some of the brightest minds in retailing – it is difficult to see how Booker makes Tesco a better retailer and how Tesco makes Booker a better wholesaler.Given that Tesco is the UK’s largest retailer and Booker owns convenience store brands Premier, Budgens and Londis, the Competition and Markets Authority will almost certainly have a look at the deal.But that won’t be the only hurdle this surprising merger has to cross.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/29/bt-italian-scandal-profit-warning-patterson'|'2017-01-29T14:00:00.000+02:00'
'64046c9415898a249fd466d75f22b5c95a918f87'|'Young and bereaved – and now facing cuts to crucial financial support - Money'|'T hey are meant to provide financial support to people whose spouse or civil partner has died. But a shake-up of the system which handles benefits for bereaved families has resulted in accusations that working parents will be deprived of £12,000 each.The government revealed earlier this month how the current system of bereavement support payments will change in April in order, it says, to modernise the structures. But it has provoked a barrage of opposition and criticisms that many parents who are widowed after 5 April will be far worse off. The drop in income these families will suffer means many parents will be forced to increase their working hours while their children are still trying to cope with their loss, bereavement charities predict.Under the current system, when a spouse or civil partner dies there is a £2,000 tax-free sum called the Bereavement Paymen t. For those with children there is the Widowed Parent’s Allowance , a taxable benefit of up to £487.71 a month (£5,852 a year). This is paid until either the youngest child in the household no longer qualifies for child benefit (a maximum of 20 years), or the widowed parent moves in with a new partner, or reaches state pension age.For those who are between 45 and pension age without dependant children there is the Bereavement Allowance , a taxable benefit of up to £112.55 a week paid for 52 weeks. All these payments are based on the national insurance record of the dead spouse – in effect their pension, says Georgia Elms of the charity WAY (Widowed and Young) .How do you tell a child his mother is dying? Read more The changed system, however, will mean that if a spouse or civil partner dies after 5 April there will be a tax-free lump sum of £2,500 if there are no children, or £3,500 if there are. There is then a monthly tax-free payment of £100 if you don’t have children and £350 if you do, for 18 months, regardless of your age or whether or not you marry or move in with a new partner. The new benefits will not automatically rise in line with inflation, unlike payments given under the current system.The changes offer more support for childless widows and widowers, especially those under 45 who may receive up to an extra £2,300 tax-free. Widowed parents with young children will be the hardest hit, with the maximum payout period cut from 20 years to just 18 months. The changes also mean that these bereaved parents will be eligible for an extra £1,500 as a tax-free lump sum, but will lose out on up to £2,478 in benefits payments (which would have been taxed) over the following 18 months, before the payments stop entirely.Research by the Childhood Bereavement Network (CBN) suggests 91% of widowed parents will be supported for a shorter period of time than they would under the current system, which can pay out until the youngest child leaves school. It says the typical working family will lose out on more than £12,000, and expects a working parent with young children to lose even more – £23,500 on average.“We are really worried about these changes,” says spokeswoman Alison Penny. “We fear for the stress this will place on parents trying to support their grieving children.” The charity predicts widowed parents may need to increase their working hours before their children are actually ready for their parent to be less available. It expects this additional strain on families will have a significant negative impact on children’s lives, resulting in worse mental health and educational outcomes.The government also confirmed that cohabiting unmarried couples, including those with children, will continue to be ineligible for any bereavement benefits – despite recommendations last year by the work and pensions select committee to extend eligibility to these families, as the current approach “unfairly penalises the bereaved children of cohabitees”.Carol Reah, a widow, said the allowances she received were vital to managing after the death of her husband. “Because of it, I have been able to work around my son’s school hours – I was widowed when my son was seven. Even after five years he still needs support. He gets, as he calls it, ‘Dad sad’.”The Department for Work and Pensions (DWP) has calculated its reforms will save the government £40m a year from 2020. “The old system, introduced more than 90 years ago, was based on the outdated assumption that a widowed parent relied on their spouse for income, and would never work themselves. This doesn’t reflect people’s lives today,” a spokesperson says.We fear for the stress the changes will place on parents trying to support their grieving childrenAlison Penny, CBN charity “The new Bereavement Support Payment restores fairness to the system and focuses support during the 18-month period after a loved one dies, when they need it the most. It will be easier to claim, won’t be taxed and will be subject to a disregard for benefit claims, helping those on the lowest incomes the most.”Those opposed to the changes, however, say that they work to enforce unfairness. “I don’t think it’s fair that a six-year-old whose dad died in 2016 will be supported until she leaves school, but a six-year-old whose dad dies in 2018 will be supported for only 18 months,” says Penny. “Nor do I think it’s fair that children whose parents weren’t married still won’t benefit from the new system.”Latest figures from the Office for National Statistics show that in 2016, 21% of couples with children are not married. Heather Kennedy, spokesperson for charity Fair Funerals , says: “The government’s decision to deny cohabiting parents the Widowed Parent’s Allowance is completely unacceptable in the 21st century. Why should children who have lost a parent be denied this financial lifeline just because their parents chose not to marry?”In 2015, the Social Security Advisory Committee, the independent statutory body set up to provide the DWP with impartial advice, informed the department that its approach to this issue is incompatible with the definition of “family” adopted by the government in the Family Test.A DWP spokesperson says: “Allowing the surviving members of cohabiting couples to have access to bereavement benefits would significantly increase complexity and require proof of cohabitation, which could be both difficult and intrusive for the bereaved person to establish.”But this is not the position the department takes towards other benefits. “It seems odd to treat cohabiting partners as a couple for means-tested benefits or tax credits when they are both alive, but then refuse to recognise the significance of their relationship when one of them dies,” says Penny.She also points out that many administrative processes around a death could be viewed as intrusive but are recognised as being necessary. “It seems unlikely that families would find making a claim for bereavement benefits any different, particularly if it was going to make a significant financial difference to the family.”‘I don’t know if I’d have coped without it’ It is just over three years since music teacher Andrew Ware, 45, was widowed, leaving him to look after his daughter Katie, 13, and son Thomas, 10. Receiving an allowance to help him after the death of his wife Jane was vital, he says.“At first I tried to carry on working full-time. I realise now I was in shock,” he says. “I wasn’t coping with my own grief, never mind that of my children. Eventually I realised I couldn’t carry on that way. All I wanted to do was scream at the world ‘please let me grieve’.”A friend mentioned the benefits available. “I never even knew they existed. The money, which is based on Jane’s 22 years of national insurance contributions and credits, means I’ve been able to cut down to three days a week. I do practical things like housework and cooking on my days off, so I can be there for the kids when they get home from school. But I also take some time to look after myself. That’s important - it’s gradually made me feel more resilient and able to cope.“It took me about three years to get back on my feet. The second year was actually more of a struggle. I felt so lost, like I was missing my purpose in life. If my bereavement payments had stopped after 18 months I don’t know what I would have done. The money has been essential for my mental health and important for my children. They still miss their mum, but the extra time I’ve been able to spend with them has made a huge difference.”Making plans The death of a partner is something many people will struggle with emotionally, but also financially , writes Shane Hickey . A survey from life insurers Royal London found that over two-thirds of people who had lost their partner over the previous five years were practically unprepared for the monetary loss.The financial after-effects of a death can be harrowing, according to the study. One in five people said the impact of having a lower income was the most difficult element to deal with.This was borne out last year in research carried out for The Observer by Co-op Legal Services, which showed that almost half of people had not made a will, with some people saying they simply did not want to think about death.“Having the ‘big conversation’ is an important first step to getting our plans in place,” says Claire Henry of the National Council for Palliative Care. “We never really stop grieving, but that doesn’t mean we should have to suffer the financial consequences for years as well.”'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/29/young-bereaved-cuts-to-financial-support-12000'|'2017-01-29T14:00:00.000+02:00'
'1266570c7998867b91ee2e01c66085da1e9e9b0f'|'Microsoft to continue to invest over $1 billion a year on cyber security'|'Internet News - Thu Jan 26, 2017 - 12:00pm GMT Microsoft to continue to invest over $1 billion a year on cyber security A sign marks the Microsoft office in Cambridge, Massachusetts, U.S. January 25, 2017. REUTERS/Brian Snyder By Tova Cohen - TEL AVIV TEL AVIV U.S. software firm Microsoft Corp ( MSFT.O ) will continue to invest over $1 billion annually on cyber security research and development in the coming years, a senior executive said. This amount does not include acquisitions Microsoft may make in the sector, Bharat Shah, Microsoft vice president of security, told Reuters on the sidelines of the firm''s BlueHat cyber security conference in Tel Aviv. "As more and more people use cloud, that spending has to go up," Shah said. While the number of attempted cyber attacks was 20,000 a week two or three years ago, that figure had now risen to 600,000-700,000, according to Microsoft data. Long known for its Windows software, Microsoft has shifted focus to the cloud where it is dueling with larger rival Amazon.com ( AMZN.O ) to control the still fledgling market. In October it said quarterly sales from its flagship cloud product Azure, which businesses can use to host their websites, apps or data, rose 116 percent. In addition to its internal security investments, Microsoft has bought three security firms, all in Israel, in a little over two years: enterprise security startup Aorato, cloud security firm Adallom, and Secure Islands, whose data and file protection technology has been integrated into cloud service Azure Information Protection. Financial details of these deals were not disclosed. "If you are talking about an ecosystem with more than 400 start-ups it''s not really a coincidence. Israel is huge in security," said Secure Islands founder Yuval Eldar. Microsoft''s venture arm has also made three cyber security investments in Israel, including this week an undisclosed amount in Illusive Networks, which uses deception technology to detect attacks and has been installed at banks and retailers. Earlier this month Microsoft said it invested in Israel''s Team8, which created Illusive Networks. Though Microsoft does not have any near-term plans to implement deception technology, "we look at lots of different technologies that might be of use in the future," Shah said. Shah believes that in the next year or so progress should be made in moving toward broader implementation of user authentication without need for a password. Microsoft''s Windows 10 operating system includes Windows Hello, which allows users to scan their face, iris or fingerprints to verify their identity and sign in. (Reporting by Tova Cohen; Editing by Steven Scheer and Adrian Croft) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-tech-cyber-microsoft-idUKKBN15A1GA'|'2017-01-26T19:00:00.000+02:00'
'9fbdc032a64d6ecdc60b26be641e0b51ca075241'|'Ryanair to unveil more routes from Frankfurt in 6-8 weeks - executive'|'Business News - Thu Jan 26, 2017 - 9:38am GMT Ryanair to unveil more routes from Frankfurt in 6-8 weeks - executive A Ryanair aircraft lands at Ciampino Airport in Rome, Italy December 24, 2016. REUTERS/Tony Gentile FRANKFURT Irish low-cost carrier Ryanair ( RYA.I ) will announce by around late March how much it will step up its service from Lufthansa''s ( LHAG.DE ) home hub of Frankfurt, Chief Marketing Office Kenny Jacobs told Reuters. "We need another six to eight weeks to finish our planning, and then we will announce new routes," he said, adding Ryanair would add routes to new Mediterranean destinations and to cities popular with business travellers. Ryanair has been working on attracting more business customers. Chief Executive Michael O''Leary told Reuters on Wednesday that the carrier aimed to boost the share of bookings in the "leisure plus" and "business plus" categories to 10 percent from around 4 percent currently within five years. Ryanair had first announced plans to move into Frankfurt in November, stepping up its push into bigger airports and ratcheting up pressure on Lufthansa, which is expanding its own budget flights. It started with two aircraft flying to four tourist destinations in Spain and Portugal but had already said it would bolster its offering in winter 2017/18. "Frankfurt is a strategically important airport," Jacobs told Reuters, adding that fact was not changed by Ryanair''s fight against Lufthansa''s recent agreement to lease crewed planes from low-cost Air Berlin ( AB1.DE ). (Reporting by Peter Maushagen; Additional reporting by Victoria Bryan and Conor Humphries; Writing by Maria Sheahan; Editing by Harro ten Wolde) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ryanair-outlook-germany-idUKKBN15A10U'|'2017-01-26T16:38:00.000+02:00'
'a65320af6138c601bcf48cc9400ccbdff55728c9'|'Russia says sells Sukhoi Log gold deposit to Polyus-Rostec JV'|'Financials  32am EST Russia says sells Sukhoi Log gold deposit to Polyus-Rostec JV MOSCOW Jan 26 Russia has sold the right to develop Sukhoi Log, one of the world''s largest untapped gold deposits, to a joint venture of miner Polyus and state conglomerate Rostec, Russian Natural Resources Minister Sergei Donskoi said on Thursday. The joint venture, SL Zoloto, will buy the deposit for 9.4 billion roubles ($158 million), compared with the starting bid price of 8.6 billion roubles. ($1 = 59.6560 roubles) (Reporting by Polina Devitt; editing by Maria Kiselyova) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/russia-sukhoilog-idUSR4N1C601R'|'2017-01-26T15:32:00.000+02:00'
'2ffe972059bffdb2d4c61237df964411bca453af'|'Asia rises after Dow tops 20,000 for first time, dollar on defensive'|'Business News - Wed Jan 25, 2017 - 7:28pm EST Asia rises after Dow tops 20,000 for first time, dollar on defensive left right A man cycles in front of electronic boards showing Japan''s Nikkei average (R) and the Dow Jones average (L top) outside a brokerage in Tokyo, Japan, November 10, 2016. REUTERS/Toru Hanai - RTX2SX78 1/3 left right A panel displays the benchmark Hang Seng Index after the launch of Shenzhen Connect at the Hong Kong Exchanges in Hong Kong, China December 5, 2016. REUTERS/Bobby Yip 2/3 left right A worker walks in front of a stock market poster at Sudirman Business District compound in Jakarta, Indonesia, January 9, 2017. REUTERS/Beawiharta 3/3 By Shinichi Saoshiro - TOKYO TOKYO Asian stocks gained early on Thursday, cheered by the Dow Jones Industrial Average breaching past the 20,000-level threshold for the first time though concerns about U.S. President Donald Trump''s protectionist stance kept the dollar on the defensive. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS tacked on 0.3 percent. Australian stocks added 0.4 percent and Japan''s Nikkei .N225 brushed aside a stronger yen to rise 1.1 percent. The Dow .DJI closed atop the 20,000 mark for the first time overnight as solid earnings and optimism over Trump''s pro-growth initiatives revitalized a post-election rally. [.N] Safe-haven U.S. Treasuries were duly sold as risk aversion ebbed and the benchmark 10-year note yield US10YT=RR rose to a four-week high on Wednesday. Subdued investor demand at a five-year auction also hurt Treasuries. The dollar, which often draws support from higher Treasury yields, failed to follow suit, with an index tracking the greenback against a basket of major currencies .DXY sliding to a seven-week low of 99.335 on Wednesday. Unlike equities, the currency markets focused more on Trump''s trade protectionism and the negative impact it could have on the dollar. "The problem that the greenback is having right now is two fold - first Trump has been talking down the currency and second, his policies make foreign investors nervous," wrote Kathy Lien, managing director of FX strategy for BK Asset Management. "Until the market comes to terms with the risk/benefits of Trump policy, the dollar may have a tough time mimicking the one way moves in stocks and bonds." The dollar was little changed at 113.420 yen JPY= after losing 0.45 percent overnight. It had soared to a 10-month high of 118.660 in mid-December at the apex of the dollar-boosting Trump trade, when market focus was on bets of more fiscal stimulus and reflationary measures under the new administration. The euro was steady at $1.0748 EUR= after gaining 0.2 percent the previous day. The common currency had risen to a 1-1/2-month high of $1.0775 on Tuesday against the struggling dollar. The pound hovered near a six-week high of $1.2640 GBP=D4 touched earlier on Thursday. Sterling has drawn its latest boost from expectations that British Prime Minister Theresa May''s upcoming meeting with Trump would pave the way for a rapid U.S. trade deal. In commodities, crude oil prices bounced amid the dollar''s weakening after falling the previous day on data showing a build in U.S. crude inventories. U.S. crude CLc1 was up 0.5 percent at $53.02 a barrel after losing 0.8 percent the previous day. A weaker greenback tends to favor non-U.S. buyers of dollar-denominated commodities like crude. (Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN15A01A'|'2017-01-26T07:28:00.000+02:00'
'9649246e127d71b2792e5e54af3988ae188a7f8d'|'RBS to take another multi-billion pound charge for mis-selling - Sky'|'Business News - Wed Jan 25, 2017 - 9:19pm GMT RBS to take another multi-billion pound charge for mis-selling - Sky People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo Royal Bank of Scotland Group Plc (RBS) ( RBS.L ) will announce within days that it is taking another multi-billion pound charge for mis-selling mortgage-backed securities, Sky News reported on Wednesday. bit.ly/2jStQWD Britain''s Treasury and UK Financial Investments (UKFI), which manages taxpayers'' 72 percent stake in the bank, have been informed that RBS directors will discuss the move at a board meeting this week, Sky reported, citing unidentified sources. Sky said the precise size of the provision, to be included in the bank''s 2016 full-year results, was unclear, though it cited another source as saying it could be between $3 billion (2.38 billion pounds) and $4 billion. A formal statement about the charge could come as soon as Thursday, Sky added. RBS and the Treasury declined to comment. UKFI could not immediately be reached for comment. RBS is in the middle of a restructuring, which includes asset sales, job cuts and multi-billion dollar charges to settle litigation and pay regulatory fines for past misconduct. The bank concluded agreements to sell at least $600 million worth of shipping loans from its portfolio as part of efforts to exit the sector, sources with direct knowledge of the deal told Reuters on Friday. (Reporting by Ismail Shakil in Bengaluru and Lawrence White in London; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-royal-bank-scot-sale-government-idUKKBN1592M7'|'2017-01-26T04:19:00.000+02:00'
'cf2eda9dbba58afd222492f45e44fe3bd940825f'|'CEE MARKETS-Bonds ease, with Romania''s 2017 budget looking risky'|'* Markets mixed, investors cautious over Trump''s policies * Bonds ease, currencies mixed, stocks rise * Romania to finish 2017 budget draft soon, deficit a concern By Sandor Peto and Bartosz Chmielewski BUDAPEST/WARSAW, Jan 26 Central European government bonds fell on Thursday, with Romania''s new government expected to introduce a draft 2017 budget that might increase its deficit and trigger sanctions from the European Union. The finance ministry released a budget framework on Monday that it said would keep the government''s deficit below the EU''s 3 percent ceiling. But economists have warned that looser fiscal policy may cause it to exceed the EU limit. A draft budget will be ready on Friday, the government said. On Thursday, Romania''s 10-year debt was bid at 3.63 percent in the secondary market, up 4 basis points. Later on Thursday, Romania will auction new 10-year bonds. The leu was flat at 4.4985 versus the euro at 0943 GMT. Regional assets were mixed amid uncertainty over the impact on the global economy and markets of U.S. President Donald Trump''s policies. Government bonds in the region tracked a slide by U.S. and euro zone debt. Regional stocks rose slightly after U.S. shares gained on optimism over Trump''s plans for domestic economic stimulus. The forint touched a four-week low and traded at 310.70. The Hungarian currency weakened this week as the central bank retained its dovish policy bias at a meeting on Tuesday, despite a rise in inflation across the region. The zloty touched a 2 1/2-month high against the euro and at 0943 GMT traded at 4.3534, up 0.2 percent. Polish central bank Governor Adam Glapinski said on Wednesday the bank may leave interest rates unchanged throughout 2018 if economic growth does not accelerate. Poland''s 10-year government bond yield has risen by 13 basis points since Tuesday to 3.81 percent. Its 2-year yield increased by 7 basis points to 2.01 percent. Traders and analysts said rising yields for global debt rather than a dovish central bank outlook lifted Polish yields. "Glapinski comments ... don''t have much impact on short-term bonds. Longer-term bonds were under the influence of (foreign)markets," Millennium bank analysts said in a note. CEE SNAPS AT 1043 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 10 0% % Hungary 310.7 309.9 -0.25 -0.61 forint 000 150 % % Polish 4.353 4.360 +0.1 1.16% zloty 4 9 7% Romanian 4.498 4.499 +0.0 0.81% leu 5 8 3% Croatian 7.490 7.496 +0.0 0.87% kuna 0 5 9% Serbian 123.8 123.8 +0.0 -0.39 dinar 300 900 5% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 944.5 938.1 +0.6 +2.4 6 6 8% 9% Budapest 32878 32807 +0.2 +2.7 .49 .71 2% 4% Warsaw 2086. 2079. +0.3 +7.1 31 15 4% 0% Bucharest 7423. 7385. +0.5 +4.7 27 98 0% 7% Ljubljana 740.3 738.8 +0.2 +3.1 5 2 1% 7% Zagreb 2095. 2087. +0.3 +5.0 76 78 8% 6% Belgrade <.BELEX15 696.3 698.1 -0.26 -2.93 > 7 9 % % Sofia 611.7 611.3 +0.0 +4.3 8 3 7% 2% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.70 0.003 -006b +0bp > 4 ps s 5-year <CZ5YT=RR -0.16 -0.04 +019 -6bps > 2 5 bps 10-year <CZ10YT=R 0.487 0.005 -001b -2bps R> ps Poland 2-year <PL2YT=RR 2.051 0.034 +270 +3bp > bps s 5-year <PL5YT=RR 3.02 0.034 +337 +2bp > bps s 10-year <PL10YT=R 3.82 0.036 +333 +1bp R> bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.24 0.21 0.22 0 PRIBOR=> Hungary < 0.29 0.39 0.49 0.26 BUBOR=> Poland < 1.765 1.81 1.89 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1FG2V3'|'2017-01-26T08:18:00.000+02:00'
'99015e8ac568cb91ed04f57ceb8eefa97e0b3c1a'|'BRIEF-HBM Healthcare: Two IPOs from HBM portfolio increase net asset value per HBM-share'|'Indian shares rise; NSE index set for biggest weekly gain in 8 mths Jan 27 Indian shares rose for a fourth consecutive session, helped by a rally in financial firms and optimism ahead of the annual federal budget next week, with the broader NSE index poised to post its biggest weekly gain in eight months. ZURICH, Jan 27 UBS, Switzerland''s biggest bank, on Friday posted 738 million Swiss francs ($737.3 million) in fourth-quarter net profit and proposed an unchanged ordinary dividend of 0.60 francs for 2016. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FH0I3'|'2017-01-27T12:35:00.000+02:00'
'3a5f95973c0ec266b0b137161bcb31086a8d8ed4'|'Lionsgate in talks to sell Epix stake to MGM, Viacom: sources'|'By Liana B. Baker and Jessica Toonkel Lionsgate has initiated talks to sell its stake in Epix to the premium U.S. cable channel''s other two shareholders, MGM Holdings Inc and Paramount, a unit of Viacom Inc, according to people familiar with the matter.The move follows Lionsgate''s announcement that it would explore its options for its Epix stake following its $4.4 billion acquisition last month of pay TV network Starz Entertainment LLC.Any deal would likely value Epix, which comes with an online streaming service, somewhere between $1 billion and $2 billion, the people said this week. The outcome could be that MGM and Viacom become 50-50 partners in Epix, the people added, cautioning that no deal was certain.The sources asked not to be identified because the negotiations are confidential. MGM declined to comment. Viacom could not be reached for comment. Spokesmen for both Lionsgate and Epix declined to comment.Currently Viacom and its studio unit, Paramount Pictures, own about 50 percent of Epix, while Lionsgate owns less than 32 percent, and MGM has about 19 percent, according to filings.Epix, whose shows include "Berlin Station" and "Graves," has about 14 million subscribers, according to SNL Kagan. It is available in over 50 million homes. Starz owns a pair of premium cable channels and a streaming service.Months after Bob Bakish, who previously ran Viacom''s international division, became chief executive officer, the company is looking to become a 50-50 partner in Epix.Bakish succeeded Philippe Dauman, who tried to sell Viacom''s stake in Paramount, setting off a courtroom battle with Viacom''s controlling shareholders Sumner and Shari Redstone. Dauman resigned last August.Following that battle, the Redstones pushed for Viacom to merge with CBS Corp, which they also control, but abandoned those efforts late last year.MGM, which owns a film library, has been exploring its options for some time following its emergence from bankruptcy six years ago. It is controlled by hedge funds including Anchorage Capital Partners and Highland Capital Partners.Lionsgate CEO Jon Feltheimer, asked at an investor day this month if Epix was for sale, said the business is “a valuable asset” and was “throwing off cash,” but added that Lionsgate, Viacom and MGM would “realize the value whichever way we all decide is best for our companies.”(Reporting By Liana B. Baker in San Francisco and Jessica Toonkel in New York; Editing by Andrew Hay and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lions-gate-ent-epix-idINKBN15A2X5'|'2017-01-26T19:18:00.000+02:00'
'3cee6b3f96ce1a9741da76fe945fd4c1b64a2aa6'|'New foreign minister - transatlantic ties to remain core of German policy'|'Bonds News  42am EST New foreign minister - transatlantic ties to remain core of German policy BERLIN Jan 27 Germany''s new Foreign Minister Sigmar Gabriel said on Friday that Europe, the country''s transatlantic partnership with the United States, and multilateralism would remain core to the country''s foreign policies. In a speech to diplomats in Berlin after taking office from Frank-Walter Steinmeier, Gabriel also said populist movements were seizing on people''s fears with promises of new nationalist priorities, but it would be "huge mistake" to move in that direction. He said Germany should react with self-confidence to the political changes in the United States. He said he was looking forward to meeting the designated U.S. Secretary of State Rex Tillerson as soon as possible. (Reporting by Erik Kirschbaum; Editing by Andrea Shalal) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/germany-foreign-idUSB4N1C403H'|'2017-01-27T21:42:00.000+02:00'
'96872b0b877cd1cebf60e9379a8b9604e4e547ae'|'Tesco to buy UK wholesaler Booker for $4.64 billion'|'Deals - Fri Jan 27, 2017 - 2:40am EST Tesco to buy UK wholesaler Booker for $4.64 billion A discarded carrier bag is seen in a shopping trolley outside a Tesco supermarket in London, Britain, January 5, 2015. REUTERS/Luke MacGregor/File Photo LONDON Britain''s biggest supermarket Tesco ( TSCO.L ) has agreed to buy Booker ( BOK.L ), the country''s largest cash and carry wholesale supplier, for about 3.7 billion pounds ($4.64 billion), cementing its dominant position in the UK. In a joint statement on Friday Tesco and Booker said the combined group would bring benefits for consumers, independent retailers, caterers, small businesses, suppliers, and staff as well as value to shareholders. "This merger with Booker will further enhance Tesco''s growth prospects by creating the UK''s leading food business with combined expertise in retail, wholesale, supply chain and digital," said Tesco Chief Executive Dave Lewis. The deal sees Lewis, who took the helm at Tesco in 2014 when the firm was in crisis and losing market share rapidly, switch to acquisition mode from his strategy of streamlining the sprawling international business. His focus has been on reviving Tesco''s main grocery business in Britain and over the last two years he has sold Tesco''s South Korean arm for $6.1 billion, as well as its Turkish business and the Giraffe restaurant chain. Under the terms of the deal each Booker shareholder will receive 0.861 new Tesco shares and 42.6 pence in cash. Based on Tesco''s closing share price on Thursday of 189 pence the deal represents a value of 205.3 pence per Booker share - a premium of about 12 percent on its Thursday close. The deal will result in Booker shareholders owning approximately 16 percent of the combined group. (Reporting by James Davey; editing by Sarah Young) Next In Deals Speculation builds on a Verizon-Charter tie-up, no offer made Verizon Communications Inc is interested in exploring a combination with U.S. cable company Charter Communication Inc as part of a long list of acquisition targets, but no proposal has been made for a tie-up between the two companies, sources told Reuters on Thursday.'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-booker-group-m-a-tesco-idUSKBN15B0IN'|'2017-01-27T14:18:00.000+02:00'
'78b24477b33c2150d7e82236d69c5f1c5e68921e'|'UniCredit to set conditions of planned cash call next week - source'|'Deals  18am EST UniCredit to set conditions of planned cash call next week: source Unicredit bank logo is seen on a banner downtown Milan, Italy, May 23, 2016. REUTERS/Stefano Rellandini/File Photo MILAN The board of Italy''s UniCredit ( CRDI.MI ) will decide next week the price and other conditions of a planned 13 billion euro ($13.9 billion) capital increase, a source close to the matter said on Friday. The source said the board meeting could take place on Feb. 1 or 2, allowing the lender to launch its cash call as soon as Feb. 6. UniCredit, the country''s largest bank by assets, will launch the share offer to boost its capital base as it embarks on a restructuring plan under new CEO Jean Pierre Mustier. (Reporting by Gianluca Semeraro; writing by Francesca Landini; editing by Paola Arosio and Steve Scherer) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-eurozone-banks-unicredit-cash-call-idUSKBN15B11J'|'2017-01-27T18:17:00.000+02:00'
'0b8408c7abfe3d91f6ffdd3b4857fcf5857d19ab'|'F&P Healthcare considers Mexico production changes if Trump raises tariffs'|'Business News - Thu Jan 26, 2017 - 7:37pm EST F&P Healthcare considers Mexico production changes if Trump raises tariffs A customer walks past a display for Fisher & Paykel kitchen appliances at a department store in Sydney, Australia, April 28, 2016. REUTERS/David Gray By Charlotte Greenfield - WELLINGTON WELLINGTON New Zealand medical device firm Fisher & Paykel Healthcare ( FPH.NZ ) will consider switching making products bound for the United States from Tijuana to New Zealand if U.S. President Donald Trump''s administration taxes Mexican imports. Changes in freighting costs from the production shifts could trim the company''s profits, according to F&P Healthcare''s CEO, though the firm did not yet know by how much because it was uncertain what the Trump administration''s policies were. "Tariffs are never good," CEO Lewis Gradon said in a phone interview with Reuters. "We''ve got two plants, one in New Zealand and one in Mexico. We have the capacity to supply the United States from New Zealand if that makes more economic sense," he said. Fisher & Paykel would still manufacture products destined for its non-U.S. markets in Mexico, Gradon said. The White House said on Thursday a wall on the southern border could be financed with a new 20 percent tax on goods from Mexico. Jitters over the proposed tax sent shares in the healthcare firm down 2.4 percent on Friday, headed for the largest daily percentage loss in two months. Fisher & Paykel, which produces devices including masks for treating sleep apnea and humidifiers for mechanical ventilation, is scheduled to start work this year on a second factory in Mexico, where it currently employs about 700 people and produces almost a third of its products. The company expects full-year net profit after tax to be between NZ$165 million ($119.44 million) and NZ$170 million, according to forecasts provided in November. (Reporting by Charlotte Greenfield)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-mexico-f-p-healthcare-idUSKBN15B02L'|'2017-01-27T07:37:00.000+02:00'
'1eeeaa648a7e8f5e7ec3d0abde60a3a02ea87565'|'Saudi Aramco''s oil reserves confirmed by external audit - sources'|'Business  27pm GMT Saudi Aramco''s oil reserves confirmed by external audit - sources FILE PHOTO - An oil pipeline is laid next to the Vopak-Dialog oil storage facility (R) and a Refinery and Petrochemical Integrated Development (RAPID) project construction site in Pangerang in Malaysia''s southern state of Johor October 6, 2015. REUTERS/Edgar Su/File Photo By Rania El Gamal , Reem Shamseddine and Alex Lawler - DUBAI/KHOBAR, Saudi Arabia/LONDON DUBAI/KHOBAR, Saudi Arabia/LONDON The first independent audit of Saudi Aramco''s [IPO-ARMO.SE] oil reserves has confirmed the state oil company''s own figures, sources familiar with the situation said, ahead of its planned share market listing next year. The listing, expected to be the world''s biggest initial public offering (IPO), is a centrepiece of a Saudi Arabian government plan to transform the country by enticing investment and diversifying the economy away from oil. Based on a figure of 265 billion barrels, Aramco''s fields contain about 15 percent of the world''s proven reserves. Any finding that the reserves are significantly above or below that could affect the company''s market value in the listing. "The independent audit produced no surprises," a source familiar with the situation said on Friday. "Aramco''s reserves have always been reported internally in line with international practice." Aramco had asked two U.S. oil reserve auditing specialists to review its deposits. These are Gaffney, Cline and Associates, part of Baker Hughes ( BHI.N ) and Dallas-based DeGolyer and MacNaughton. DeGolyer and MacNaughton completed its audit last year, two of the sources said. Aramco and DeGolyer could not be reached for immediate comment on Friday. Gaffney Cline also could not be reached for immediate comment. Saudi Arabia''s proven oil reserves have been listed at about 265 billion barrels in oil industry reference publications such as the BP Statistical Review of World Energy for many years. Aramco said its crude oil and condensate reserves were 261.1 billion barrels in its 2015 annual report. The reserves audit produced figures "definitely not below" those published by Aramco, a second source familiar with the matter said, while a third source said the auditing firm''s estimate was higher than Aramco''s own. The IPO plan is being championed by Deputy Crown Prince Mohammed bin Salman, who oversees energy and economic policy in the world''s top oil-exporting country. Prince Mohammed has said he expects the IPO, which will offer up to five percent of the company, to value Aramco at a minimum of $2 trillion. Senior oil industry figures have welcomed the Aramco IPO for casting more light on Saudi Arabia''s oil reserves. Many of the world''s biggest sovereign reserves holders have not changed their numbers for years. The head of Russian oil company Rosneft ( ROSN.MM ) Igor Sechin said last year the Aramco listing would give transparency over reserves data which had not been updated for 30 years. (Additional reporting by Dmitry Zhdannikov in London; Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-saudi-aramco-reserves-idUKKBN15B1C5'|'2017-01-27T20:27:00.000+02:00'
'3a4360c9ff2f4ed08cebd978d2f3df6d437d8706'|'Mozambique''s president says wants to resume ties with lenders'|'Big Story 10   1:14pm EST Mozambique''s president says wants to resume ties with lenders MAPUTO Mozambican President Filipe Nyusi said his government was committed to winning back the trust of international financial institutions and investors after a debt scandal that came to light last year. The southern African country, one of the world''s poorest, has seen its currency and investor confidence collapse since April 2016, when the International Monetary Fund (IMF) halted a loan after a scandal over undisclosed debts of more than $2 billion in loans that were not approved by parliament. Speaking at the launch on Friday of the new headquarters of the country''s second-largest retail bank, the BCI (Commercial and Investment Bank), Nyusi said that an independent international audit was advancing "at a good pace", state media reported on Saturday. Mozambique''s attorney general in November appointed multinational risk management firm Kroll to probe state firms that hid the loans from government and international creditors. The IMF has said it could agree a new aid program with Maputo if the government made good on promises to renegotiate loans with creditors and allow an independent debt audit. "The international audit is going ahead at a good pace," said Nyusi. "Our government is taking initiatives seeking to re-establish relations with international financial bodies and with our bilateral partners." He urged the Bank of Mozambique, the country''s central bank, to implement measures "to strengthen the stability of the financial sector." Mozambique announced this month it would not make the $59.8 million payment to holders of its 2023 bond due on Jan. 18 because a deteriorating economic and fiscal situation made its ability to repay debt this year extremely limited. (Writing by James Macharia; Editing by Helen Popper) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-mozambique-debt-idUSKBN15C0QD'|'2017-01-29T01:11:00.000+02:00'
'34de0a055609dc710db10f3954d8645298249e0b'|'Britain, Turkey sign defense deal to develop Turkish fighter jet'|'Business News   7:40pm GMT Britain, Turkey sign defense deal to develop Turkish fighter jet Britain''s Prime Minister Theresa May shakes hands with Turkish President Tayyip Erdogan after their meeting at the Presidential Palace in Ankara, Turkey, January 28, 2017. REUTERS/Umit Bektas ANKARA Britain and Turkey signed a defense deal worth more than 100 million pounds on Saturday to develop Turkish fighter jets, opening the way to deeper cooperation over the lifetime of the project. In Ankara to strengthen ties with Turkey as she navigates Britain''s departure from the European Union, Prime Minister Theresa May hailed the deal, saying it showed "that Britain is a great, global, trading nation and that we are open for business". The deal, announced by May and Turkish Prime Minister Binali Yildirim, involves BAE Systems and TAI (Turkish Aerospace Industries) working together to develop the TF-X Turkish fighter program. BAE Systems chief executive, Ian King, said the deal was the next step in deepening defense cooperation. "It will also pave the way for a deeper defense partnership and could effectively make the UK Turkey''s partner of choice, positioning it as a key aerospace technology exporter to Turkey," he said in a statement. "The wider program could see the UK win contracts to provide engines, weapons, radars and sensors." (Reporting by Elizabeth Piper; Editing by David Dolan) Next In Business News ECB inspection of Monte dei Paschi still ongoing - BOI official MODENA, Italy An inspection by the European Central Bank of Monte dei Paschi di Siena''s loan portfolio that had been due to conclude at the end of last year is still under way, a top official at the Bank of Italy told Reuters on Saturday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-turkey-bae-idUKKBN15C0IM'|'2017-01-29T02:40:00.000+02:00'
'4bbe15fb7a384c190a8d82c686dadbdd002b5487'|'Mexico''s Slim not selling New York Times stock: spokesman'|'MEXICO CITY Mexican billionaire Carlos Slim has not be selling stock in the New York Times Co ( NYT.N ), Slim''s son-in-law and main spokesman, Arturo Elias Ayub, said on Friday after the newspaper''s stock slid on comments made by Slim during a media conference.Elias Ayub told Reuters "it was just a saying" and that Slim was not selling the stock in the paper.(Reporting by Christine Murray)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mexico-slim-nyt-idINKBN15B2B7'|'2017-01-27T18:00:00.000+02:00'
'29d09735a1a824cc9375d82aac5df7bc09e61f1c'|'Global casino operators on Japan charm offensive'|' 58am GMT Global casino operators on Japan charm offensive left right FILE PHOTO - View of the logo of the Hard Rock cafe in Paris, France, March 3, 2016. REUTERS/Jacky Naegelen/File Photo 1/3 left right FILE PHOTO - A bus stops outside Sands Macao in Macau, China June 1, 2016. REUTERS/Bobby Yip/File Photo 2/3 left right FILE PHOTO - May 1, 2015; Las Vegas, NV, USA; Exterior view of the MGM Grand hotel and casino following weigh-ins for the upcoming boxing fight between Floyd Mayweather against Manny Pacquiao at the MGM Grand Garden Arena. Mandatory Credit: Mark J. Rebilas-USA TODAY Sports/File Photo 3/3 By Thomas Wilson and Emi Emoto - TOKYO TOKYO Global casino operators are stepping up their efforts to woo local partners and venue hosts in Japan, even though it may be a year before lawmakers lay out the ground rules for what could be the world''s second-biggest casino market. Just weeks after Japan legalised casinos, major operators from MGM Resorts ( MGM.N ) to Hard Rock Cafe International are jostling for pole position, while a team of just three dozen bureaucrats drafts a new law, due by December, on how to regulate the industry and choose operators and locations. The likeliest option, political sources say, is for local authorities to team up with operators and bid for licences to run integrated resorts - complexes with casinos, hotels, shops and conference space - putting the onus on the operators to form consortiums as early as possible. "If the venue government needs to have a partner in place prior to the selection, we have to start moving now," said a manager at a Japanese construction firm, which is looking to be involved in casino development. The political sources predict Japan may initially approve two to three casinos, with locations and operators chosen by 2019 and the casinos open by 2023. Just two casinos could bring in more than $10 billion (8 billion pounds) in annual gaming revenue, forecasts brokerage CLSA, rising to $25 billion if more casinos are approved. Other analysts say Japan''s market could be worth as much as $40 billion a year. With a wealthy population and strong tourist appeal, Japan''s opening up to casinos is welcome news for global operators impacted by China''s crackdown on corruption and currency outflows that has hit revenues in Macau, the world''s biggest gambling hub. Las Vegas Sands ( LVS.N ), Genting Singapore Plc ( GENS.SI ) and MGM lead the chase in Japan, CLSA says, given the strong balance sheets and proven track record required there. Keen to avoid losing out - as it did to Sands and Genting in Singapore a decade ago - MGM will this year boost staff and resources, it told Reuters without elaborating. Japan attracted a record 24 million tourists last year, and sees casinos as a catalyst for more visitors and economic growth after the 2020 Tokyo Olympics. "The opportunity that Japan represents is one of the most significant anywhere in the world," said Alan Feldman, MGM executive vice president of global government and industry affairs. LOBBYING EFFORT International operators have said they will likely seek minority stakes in ventures with Japanese partners, who bring political connections and local expertise. Hard Rock, which operates casinos in the Americas, said it had talks with local firms and banks in Tokyo this month. Aware of widespread public opposition to Japan allowing casinos, the company said it has also discussed social issues such as gambling addiction with politicians. "We should be transparent in explaining both the positive and potential negative impacts of an IR industry for Japan," said Daniel Cheng, the firm''s senior vice president for development in Asia. Tokyo''s prospects of having an integrated resort are hampered by its hosting of the upcoming Olympics and height restrictions likely to deter operators used to developing high-rise resorts. That puts cities such as Osaka and Yokohama in a strong position, casino executives say. In Kyushu, in the south of Japan, travel agency H.I.S. Co Ltd ( 9603.T ) has proposed a casino at a theme park modelled on a 17th century Dutch town. The attraction''s management met casino operators this month, with more talks expected in February, a person with direct knowledge of the matter said. On the northern island of Hokkaido, U.S. company Boyd Gaming Corp ( BYD.N ) has met authorities in Sapporo, two people familiar with the matter said. Boyd Gaming said it has visited Japan and other countries for meetings, and is monitoring developments. "How the selection process plays out will result in different kinds of strategies," said Grant Govertsen, an analyst at Union Gaming in Macau. "Regardless of the structure, there will be significant interest from international developers." (Reporting by Thomas Wilson and Emi Emoto; Editing by Ian Geoghegan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-casinos-idUKKBN15B032'|'2017-01-27T07:58:00.000+02:00'
'1b894945636f8a81f9003c22e1c787c67115ac75'|'Investors upbeat on data, Fed; wary of Trump'|'By Sinead Carew - NEW YORK NEW YORK In an ordinary world, a U.S. Federal Reserve meeting, jobs data and a hefty number of earnings reports next week should provide investors with welcome distraction from speculation about the U.S. President''s policy plans.But the current world is less than ordinary and in the second week after his inauguration as U.S. president, the likelihood is that Donald Trump''s voice will still ring louder in investors'' ears than economic data and the words of Fed chair Janet Yellen.Wall Street has already bet on solid economic data, strong earnings and the pace of Fed interest rate hikes, but investors are still uncertain how to bet on the President."Wall Street''s already figured out that the recovery is in place, that the Fed is going to start getting aggressive. What they haven''t figured out yet is, exactly who is Donald Trump," said Robert Phipps, a director at Per Stirling Capital Management in Austin.While stocks have risen since the Nov. 8 election on hopes for tax cuts, lighter regulation and fiscal stimulus, investors are still waiting for evidence Trump has the willingness and ability to follow through on his pro-business campaign promises.On top of this, add to the uncertainty, fear of his threats to slap massive tariffs on imports and his comments on China''s currency policy.Fed fund futures show bets on a 96-percent chance the Fed leaves rates unchanged when it ends its two-day meeting on Wednesday, according to Reuters data.Investors will watch for hints of policymakers'' plans for the rest of 2017. If their language indicates faster-than-expected hikes, "the equity rally could pause as investors recalibrate," said Paul Christopher, head global market strategist at Wells Fargo Investment Institute in St. Louis.But investors don''t see the Fed rocking the boat next week, at least until it has some clarity on Trump''s policies."Like many of us, the Fed is probably waiting to see what is going to come of all the new policies and changes that can be expected out of the new administration," said Tim Dreiling, senior portfolio manager at the Private Client Reserve at U.S. Bank in Kansas City.Strong fourth-quarter earnings reports and forecasts have been part of the driver for the S&P 500''s .SPX 10-percent increase since Nov. 4 and many big companies are due to report next week.A few weeks into reporting season, analysts now expect quarterly earnings to have risen 6.8 percent, up from an expectation of a 6.1 percent gain on Jan. 1, according to Reuters data. This growth rate would be the fastest in two years.JOBS DATAOn Friday, the U.S. is expected to report 171,000 new non-farm jobs were created in January, up from 156,000 in December. Unless the number is below 100,000 or above 300,000, stocks will likely not move sharply, according to Wells Fargo''s Christopher."If the data coming in are unremarkable, it would tend to turn attention back to Washington," he said.Aside from seeking clarity on Trump''s pro-business policies, the market will also watch for signs of whether the President will help or hurt foreign trade. For example, the administration has said it would tax imports from Mexico to help pay for a new wall to secure the border. But such a tax would push inflation higher, nudging the Fed closer to tightening policy.Investors are also nervous of the implications if Trump officially declares China a currency manipulator, as he has implied he might do.The best-case scenario would be that he instead sits down to negotiate trade concessions with the world''s second-biggest economy, said Wells Fargo''s Christopher."I think Trump is serious about getting things done, but he does have to reckon with the fact that even as the most powerful person in the world he does have to work with others," he said.(Additional reporting by Chuck Mikolajczak; editing by Rodrigo Campos and Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-stocks-weekahead-idINKBN15B29K'|'2017-01-27T17:26:00.000+02:00'
'a49dec6890d0193010ddacc5ec74de9aa2baa222'|'UPDATE 1-UK lender Paragon says Q1 profit in line with its expectations'|'(Adds details, context)Jan 27 Lender Paragon Group of Companies said its first-quarter underlying operating profit was in line with its expectations, driven in part by high-margin business wins and cost control, despite regulatory changes and uncertainty due to Britain''s vote to leave the European Union.Paragon, which has been diversifying its business from its core buy-to-let mortgage market, reported underlying operating profit of 33.1 million pounds ($41.51 million) in the quarter ended Dec. 31.Throughout the final months of 2016 the buy-to-let market saw lenders tightening criteria ahead of the Prudential Regulation Authority''s (PRA) underwriting changes, Paragon said in a statement."...As market criteria tightened during the last quarter, the Group''s pipeline continued to grow from its low point in the summer," the company said.Paragon had tightened lending criteria in January last year as it braced for a turbulent period, leaving it well placed to win business from rivals that revised their criteria later.The company said it was too early to determine the full extent of the PRA and other regulatory changes on the market, but added that its "strong" pipeline would allow it to achieve new business volumes in 2017.Paragon''s buy-to-let lending pipeline rose to 639.8 million pounds at December end from 321.1 million pounds at the end of September.House prices have consistently outpaced a rise in wages for Britons, leading people to rent more, in turn making buy-to-let an attractive investment.The Bank of England also said this month that the availability of mortgage lending was flat in late 2016, although demand for buy-to-let borrowing rose significantly, despite tax changes introduced in April that were partly designed to cool the market.Paragon said total originations and investments rose to 380.7 million pounds from 254.4 million pounds in the previous quarter, but fell from the 460.6 million pounds it reported a year earlier.The lender''s Idem Capital division, a consumer debt buyer and servicer of third-party loans, had a "strong" trading period, with 95.4 million pounds of gross investments, Paragon said.Activity levels at Idem had returned after a post-Brexit hold-off as a majority of expected transactions were put on hold over the summer and activity declined, it said.Paragon''s retail-funded lending bank, which was launched the in 2014 to enable the company to diversify beyond the mortgage market, saw deposit levels rise to 2.03 billion pounds in the quarter from 1.05 billion pounds a year earlier. ($1 = 0.7974 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/paragon-group-outlook-idINL4N1FH1WJ'|'2017-01-27T05:21:00.000+02:00'
'3a60a5e0c336e294fca4d2da3784d04e0e7bb91c'|'UBS turns more optimistic after tough 2016'|'  7:32am GMT UBS turns more optimistic after tough 2016 FILE PHOTO - The logo of Swiss bank UBS is seen in Zurich, Switzerland November 10, 2016. REUTERS/Arnd Wiegmann/File Photo By Joshua Franklin - ZURICH ZURICH UBS, the world''s biggest wealth manager, on Friday struck a more optimistic tone for 2017 on the back of rising U.S. interest rates as it posted a 47 percent fall in full-year net profit. With its flagship wealth management division struggling amid record-low interest rates and a preference among billionaire and millionaire clients for holding cash, 2016 net profit fell to 3.3 billion Swiss francs (2.6 billion pounds) from 6.2 billion in 2015. "Although macroeconomic uncertainty, geopolitical tensions and divisive politics continue to affect client sentiment and transaction volumes, we have begun to observe improved investor confidence, primarily in the U.S., which may benefit our wealth management businesses," Switzerland''s biggest bank said in a statement. Earnings in 2015 had been boosted by a substantial tax benefit but 2016 pre-tax operating profit was still down 24 percent. In the fourth quarter, net profit came in at 738 million francs. This was well ahead of the median estimate of 339 million in a Reuters poll of 15 analysts, in part thanks to lower-than-expected litigation provisions. Quarterly net profit was down from 949 million francs a year earlier, when numbers benefited from a net tax benefit of 715 million francs. Nevertheless, the bank said it would offer an unchanged ordinary dividend of 0.60 francs for 2016, in line with market expectations. Last year, UBS had also paid a special dividend of 0.25 francs per share on the back of an increased revaluation of deferred tax assets. UBS said it had suffered net outflows in the quarter at its Wealth Management and Wealth Management Americas divisions of 4.1 billion francs and $1.3 billion respectively. The bank netted 100 million francs in fourth-quarter savings, bringing total net cost cuts since 2013 to 1.6 billion francs. It is targeting net cuts of 2.1 billion francs by the end of 2017. (Reporting by Joshua Franklin; Editing by Michael Shields)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ubs-group-results-idUKKBN15B0CW'|'2017-01-27T14:32:00.000+02:00'
'6005175439f216644fcfa8d27cebcdefc4ce4f9b'|'UPDATE 1-MOVES-Ross, Oram, Colldahl leave HSBC as IB cuts begin'|'Financials   4:56am EST UPDATE 1-MOVES-Ross, Oram, Colldahl leave HSBC as IB cuts begin (Update with Nils Colldahl departure) By Helene Durand LONDON, Jan 27 (IFR) - Ulrik Ross, HSBC''s global head of public sector and sustainable debt, Luc Oram, a director in the public sector debt business, and FIG DCM director Nils Colldahl are leaving the bank, according to multiple sources. The departures appear to be part of wider changes to its capital markets division. Reuters reported last week that the bank has started cutting around 100 senior jobs in its investment banking division worldwide. HSBC declined to comment. Ross had been at HSBC for almost 10 years, joining the bank from Nomura in August 2007 as head of European public sector origination, and becoming global head in 2011. HSBC''s capital markets business has undergone deep changes since the arrival in May 2016 of Matthew Westerman from Goldman Sachs as co-head of banking. Ross''s departure is the most high profile since Spencer Lake left in September 2016 after 10 years at the bank, during which time he oversaw a substantial build out its capital markets business. He was made vice-chairman of global banking and markets after Westerman joined, but was previously global head of capital financing. Colldahl had been at bank since 2003, according to his LinkedIn profile. His departure follows that of Daniel Shore, who ran the bank''s European debt capital markets FIG franchise and left in March 2016. Ross declined to comment. Oram and Colldahl could not immediately be reached for comment. (Reporting by Helene Durand, editing by Julian Baker) Next In Financials BNP Paribas poaches three senior bankers for ECM, cash equities teams PARIS, Jan 27 BNP Paribas has poached three senior bankers for its equity capital markets (ECM) and cash equities teams, and the French bank added that global head of ECM Thierry Olive would take a new role with BNP Paribas in Asia.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/moves-hsbc-ross-idUSL5N1FH27V'|'2017-01-27T16:56:00.000+02:00'
'863596800db8efa4cf4048255f6f6bfbd139d9fa'|'Hong Kong Dec home prices extend record run'|'Financials - Fri Jan 27, 2017 - 12:11am EST Hong Kong Dec home prices extend record run HONG KONG Jan 27 Hong Kong home prices shattered records for the second consecutive month, reaching yet another life-time high in December, the latest government data released on Friday showed. Private home prices climbed for nine consecutive months, edging up 0.07 percent in December when compared to the previous historic high a month ago, according to provisional data from the Rating and Valuation Department. The Asian financial hub has the world''s least affordable housing, with flats costing 18 times the median household income, according to the Demographia International Housing Affordability Survey published earlier this week. Although making housing more affordable is a top priority for the current government, home prices have surged by almost 50 percent since outgoing leader Leung Chun-ying took office in July 2012, pushing some 200,000 residents to live in cages, industrial buildings and sub-par partitioned units. In an effort to reign in an overheated property market, the government raised stamp duties to 15 percent of the transaction value early in November, exempting first time buyers. Real estate consultants, including JLL and Savills, said late last year they expected residential prices in 2017 to continue rising by 5 percent. (Reporting by Venus Wu; Editing by Shri Navaratnam) Next In Financials SE Asia Stocks-Steady tracking strong global markets; S''pore hits 15-mth high By Hanna Paul Jan 27 Southeast Asian stocks were steady on Friday in thin trading, tracking a rally in broader global peers on strong U.S. corporate earnings and an overnight surge in oil prices. MSCI''s world index, which tracks shares in 46 countries, hovered near record highs, cheered by a 2 percent rise in oil prices and a rebound of the greenback from a seven-week low. U.S. President Donald Trump''s pro-growth initiatives also boosted sentiments. "Everybody was a'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hongkong-property-idUSL4N1FH1JL'|'2017-01-27T12:11:00.000+02:00'
'94862c115fb3411bdc2f33a2928b406cdf9c4e21'|'U.S. drillers add oil rigs for 12th week in 13 -Baker Hughes'|'Jan 27 U.S. energy companies this week added oil rigs for a 12th week in the last 13, extending an eight-month recovery as drillers take advantage of a deal by OPEC to cut production that has kept crude prices over $50 a barrel since early December. Drillers added 15 oil rigs in the week to Jan. 27, bringing the total count to 566, the most since November 2015, energy services firm Baker Hughes Inc said on Friday. RIG-OL-USA-BHI During the same week a year ago, there were 498 active oil rigs. Since crude prices first topped $50 a barrel in May after recovering from 13-year lows in February, drillers have added a total of 250 oil rigs in 31 of the past 35 weeks, the biggest recovery in rigs since a global oil glut crushed the market over two years starting in mid-2014. The Baker Hughes oil rig count plunged from a record 1,609 in October 2014 to a six-year low of 316 in May. U.S. crude collapsed from over $107 a barrel in June 2014 to near $26 in February 2016. U.S. crude futures were trading around $53 a barrel on Friday and set for a sixth increase in the last seven sessions on signs the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers were mostly adhering to planned output cuts announced in November and December. Analysts said they expect U.S. energy firms to boost spending on drilling and pump more oil and natural gas from shale fields in coming years now that energy prices are projected to keep climbing. Futures for the balance of 2017 were trading around $54 a barrel, while calendar 2018 was fetching almost $55. Analysts at Simmons & Co, energy specialists at U.S. investment bank Piper Jaffray, this week forecast the total oil and gas rig count would average 783 in 2017, 898 in 2018 and 1,009 in 2019. Most wells produce both oil and gas. That compares with an average of 683 so far in 2017, 509 in 2016 and 978 in 2015, according to Baker Hughes data. Analysts at U.S. financial services firm Cowen & Co said in a note this week that its capital expenditure tracking showed 30 exploration and production (E&P) companies planned to increase spending by an average of 35 percent in 2017 over 2016. That spending increase in 2017 followed an estimated 48 percent decline in 2016 and a 34 percent decline in 2015, Cowen said, according to the 65 E&P companies it tracks. U.S. production was expected to rise from 8.9 million barrels a day in December 2016 to around 9.0 million bpd in April, 9.1 million in October and 9.2 million in November, the U.S. Energy Information Administration said. (Reporting by Scott DiSavino; Editing by Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-rigs-baker-hughes-idINL1N1FF0RL'|'2017-01-27T15:03:00.000+02:00'
'9a20361bc070c61b4d7b5e56dde3aeb2b1f3fc00'|'Kraft Heinz, Oprah form joint venture to develop new line of food products - Reuters'|'Heinz ketchup maker Kraft Heinz Co ( KHC.O ) and media mogul Oprah Winfrey said on Wednesday they would form a joint venture to develop a new line of food products in the United States.The joint venture, Mealtime Stories LLC, will initially make ready-to-eat refrigerated products across multiple categories and 10 percent of its profits will be donated to charities focusing on eradicating hunger.Kraft Heinz will initially develop, manufacture, market and sell this new line of food products.(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-kraft-heinz-oprah-idUSKBN1592TE'|'2017-01-26T01:16:00.000+02:00'
'df66f579e45bb902acc941d9a8b457a4ac84d284'|'EBay holiday-quarter revenue up 3.1 percent, shares jump'|'EBay Inc ( EBAY.O ) reported a 3.1 percent rise in quarterly revenue for the fourth-quarter holiday period, offering signs of improvement at the company''s traditional marketplace business and sending shares up more than 8 percent in extended trading on Wednesday.EBay, once synonymous with online auctions, has been revamping its platform to help it compete better with bigger e-commerce rival Amazon.com Inc ( AMZN.O ) as well as traditional retailers. Fixed-price goods now make up a much larger portion of its listings than previously."It is a turnaround process for the company, and there are some decent metrics in there," for the marketplace division, said BGC Partners analyst Colin Gillis. Earnings and revenue for the quarter both were in line with Wall Street expectations.The company forecast first-quarter adjusted profit of 46 cents to 48 cents per share, below analysts'' average estimate of 50 cents, according to Thomson Reuters I/B/E/S.A full-year forecast of adjusted profit of $1.98 to $2.03 per share missed estimates of $2.06 per share. But the top end of its forecast of $9.3 billion to $9.5 billion in revenue was ahead of the analyst consensus of $9.36 billion.EBay also said it had repurchased $1 billion in shares over the quarter."EBay doubled their quarterly rate of share buybacks in Q4, and 2017 revenue guidance implies a re-acceleration of marketplace growth, which indicates the company is confident their structured data initiative can help stem the rate of market share losses," said Wedbush Securities analyst Aaron Turner.EBay, which spun off its main growth engine PayPal Holdings Inc ( PYPL.O ) in 2015, has revamped its platform to offer a bigger selection of products and brands.The company now also requires sellers to give more details on items to attract younger shoppers and has been cutting listing costs.Although turning around, the marketplace is "still a laggard," added Gillis, noting that 4 percent revenue growth for eBay''s marketplace, accounting for foreign exchange rate changes, paled in comparison to e-commerce growth at an estimated 15 percent.The company said its gross merchandise volume, or the total value of all goods sold on its sites, rose 2.2 percent to $22.34 billion in the quarter.The company''s net income rose to $5.94 billion, or $5.30 per share, in the fourth quarter ended Dec. 31, from $477 million, or 39 cents per share, a year earlier.The boost in net income was driven by a non-cash $4.6 billion income tax benefit related to a change in legal structure, mostly impacting its international entities.(Reporting by Anya George Tharakan in Bengaluru and Jeffrey Dastin in San Francisco; Editing by Shounak Dasgupta, Peter Henderson and Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/ebay-results-idINKBN1592V5'|'2017-01-25T20:21:00.000+02:00'
'7096cb1abf8faba3f77f00dbc46bb8c15eb07a18'|'Exclusive: Trade show operator Emerald Expositions mulls $2 billion sale: sources'|'By Lauren Hirsch and Liana B. Baker Emerald Expositions LLC, the largest operator of business-to-business trade shows in the United States, is exploring a sale that could value the company at close to $2 billion, including debt, people familiar with the situation said on Wednesday.A deal for Emerald at such a price would underscore the value that business executives place on face-to-face meetings and networking, despite the advent of electronic communications such as video conferencing and instant messaging.Private equity firm Onex Corp ( ONEX.TO ) has hired Bank of America Corp ( BAC.N ) to run an auction for Emerald, the people said. Onex may pursue an initial public offering of Emerald if it is not satisfied with the acquisition offers it receives, the people added.Emerald has roughly $160 million in 12-month earnings before interest, tax, depreciation and amortization, the people said.The sources asked not to be identified because the details are confidential. Bank of America and Onex did not immediately respond to requests for comment. Emerald declined comment.San Juan Capistrano, California-based Emerald''s nearly 50 trade shows span industries that include jewelry, apparel, healthcare and military. It runs 30 of the top 250 trade shows in the United States, according to the company''s website.Onex acquired Emerald from information and measurement company Nielsen Holdings PLC ( NLSN.N ) for $950 million in 2013, when it operated under the name Nielsen Expositions.Under Onex''s ownership, Emerald has made a number of acquisitions, including its acquisition of George Little Management LLC for $335 million, which closed in 2014. George Little''s trade shows include Surf Expo in Orlando, Florida, and the National Stationary Show in New York.There has been demand for trade show businesses in recent years. In 2014, British communications and events company UBM Plc ( UBM.L ) bought Advanstar Communications Inc, best known for its semi-annual Magic fashion trade show in Las Vegas, for $972 million.(Reporting by Lauren Hirsch in New York and Liana Baker in San Francisco, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-emerald-expositions-m-a-idINKBN1592X8'|'2017-01-25T20:27:00.000+02:00'
'0b039644ea7addcf2bc29bc303dc94b7c66494ba'|'BRIEF-Moody''s - Irish mortgage performance and home prices buoy several sectors'|'Financials  42am EST BRIEF-Moody''s - Irish mortgage performance and home prices buoy several sectors Jan 30 Moody''s: * Irish mortgage performance and home prices buoy several sectors, amid arrears concerns * Expect Irish mortgage arrears to slowly decline and house prices to rise by up to 5% over the next 12-18 months Source text for Eikon: TABLE-Ichigo Hotel Reit Investment -6 MTH forecast Jan 30 (Reuters) Ichigo Hotel Reit Investment Corporation EARNINGS ESTIMATES (in billions of yen unless specified) 6 months to 6 months to Jul 31, 2017 Jul 31, 2017 LATEST PRIOR FORECAST FORECAST Revenues 1.67 1.64 Net 767 mln 731 mln Div 2,981 yen'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FJ04E'|'2017-01-30T14:42:00.000+02:00'
'd080ed2a5097aababf1bfd080e7cb7a648d6223b'|'EU should provide incentives to observe EU budget rules - IMF'|'Business News - Mon Jan 30, 2017 - 3:15pm GMT EU should provide incentives to observe EU budget rules - IMF BRUSSELS Government compliance with European Union rules underpinning the euro is poor despite several reforms and will not improve unless it is linked with political and financial incentives, the International Monetary Fund said. In a paper entitled "Fiscal Policies in the Euro Area", the IMF reviewed data on the application of the EU rules, which limit the size of government budget deficits and debt and set goals of balanced books in the 19 countries sharing the euro. The data "reveals a poor record of compliance with the key rules in euro area countries over 1999-2015", the paper said. "If political incentives are not there, the most sophisticated revisions to the framework will not materially improve fiscal outcomes," the IMF document said. It said the EU should make sanctions for breaching the rules, which have never been applied despite some obvious cases of lack of compliance, more politically acceptable. Under the rules, a country that breaks the budget deficit limit of 3 percent of gross domestic product and ignores EU calls to bring the shortfall down again, can eventually face fines of up to 0.2 percent of GDP. The IMF said that fining a country already in fiscal trouble only made matters worse and said financial penalties should be applied before the limit was broken, when the EU takes action to prevent the breach of the ceiling in the first place. "More emphasis should be placed on sanctions under the preventive arm, while non-pecuniary sanctions could also be considered under the corrective arm," the IMF said. The Fund said that, apart from penalties, the EU should also develop incentives for governments to stick to prudent fiscal policies, as was the case when European governments wanted to meet the criteria to join the euro currency and made efforts to put their fiscal house in order. "One possibility involves linking the volume of structural funds and other EU subsidies to compliance with the rules," the IMF said, referring to billions of euros that governments get from the EU budget for various national projects. Also the creation of a specific euro zone budget and linking access to it to compliance with the rules could help. The IMF''s suggestions come at a time when the European Commission is preparing ideas on how to take the currency union forward. The EU executive is to present its paper in March. (Reporting By Jan Strupczewski; editing by Philip Blenkinsop) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-imf-fiscal-idUKKBN15E1RX'|'2017-01-30T22:15:00.000+02:00'
'c09f8533409dc6134424ebe6815776dcc70ae9d3'|'UK economy shows no sign of post-Brexit vote slowdown in late 2016'|' 34am GMT UK economy shows no sign of post-Brexit vote slowdown in late 2016 FILE PHOTO: Commuters walk past the Bank of England in London, Britain, October 7, 2016. REUTERS/Peter Nicholls/File Photo LONDON Jan 26 Britain''s economy maintained its robust momentum in the final three months of 2016, again wrong-footing expectations that June''s vote to leave the European Union would rapidly take its toll on growth. Gross domestic product rose at a quarterly rate of 0.6 percent between October and December, Britain''s Office for National Statistics said, maintaining the above-average pace seen in the first three months after June''s Brexit referendum. Economists polled by Reuters had forecast a slight slowdown to growth of 0.5 percent. Compared with a year earlier, the economy grew by 2.2 percent, again slightly faster than expected. But looking at 2016 as a whole, growth slowed modestly to 2.0 percent from 2.2 percent in 2015. "Strong consumer spending supported the expansion of the dominant services sector and - although manufacturing bounced back from a weaker third quarter - both it and construction remained broadly unchanged over the year as a whole," ONS statistician Darren Morgan said. Britain was probably one of last year''s fastest-growing major advanced economies, and there are some signs this will continue into early 2017, with the Confederation of British Industry reporting strong orders for manufacturers in January. Year-on-year growth in Britain in 2016 exceeded Germany''s, where the economy grew 1.9 percent last year. But most economists predict the economy will suffer this year as sterling''s hefty fall since the referendum pushes up inflation for households and business. Bank of England Governor Mark Carney has warned that growth has become more reliant on consumer spending. Thursday''s figures showed that in the fourth quarter of 2016, services output - which is most sensitive to consumer spending - grew by 0.8 percent. By contrast, industrial output was flat - partly reflecting a slump in oil production due to maintenance work in October - while construction inched up by 0.1 percent. Unbalanced growth could prove a problem for 2017, when the weaker currency is forecast to make itself felt through higher inflation, curbing consumers'' spending power and hitting businesses with higher costs. Figures from Britain''s motor industry released earlier on Thursday showed that despite record production last year, manufacturers had cut investment by a third due to worries about Brexit. In November the BoE forecast growth would slow to 1.4 percent this year as inflation exceeds 2.7 percent by the end of the year. The Bank is widely expected to revise its forecast for inflation up further next week, according to a Reuters poll. Prime Minister Theresa May has said she plans to launch formal divorce talks between Britain and the EU before the end of March, something that is likely to highlight the uncertain outlook for the country''s economy in the years ahead. Her finance minister Philip Hammond has said the resilience of the British economy since the vote means the country will enter the Brexit negotiations from a position of strength. The preliminary estimates of GDP do not include a breakdown of spending, and are heavily based on estimated data. (Reporting by David Milliken and William Schomberg) Up Next ''Show me the money'': divorce first, then trade deal, EU tells UK BRUSSELS Since Prime Minister Theresa May set out her Brexit goals last week, interest in Britain has focused on the future trade deals she may one day strike with the United States and other powers, as well as with the European Union. Exclusive: Millions of barrels of Venezuelan oil stuck at sea in dirty tankers HOUSTON/PUNTO FIJO, Venezuela More than 4 million barrels of Venezuelan crude and fuels are sitting in tankers anchored in the Caribbean sea, unable to reach their final destination because state-run PDVSA cannot pay for hull cleaning, inspections, and other port services, according to internal documents and Reuters data. ATHENS Greece hopes stronger than expected public accounts in 2016 will convince its lenders to sign off on a bailout review without demanding more austerity, government officials said before a meeting of euro zone finance ministers. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-economy-idUKKBN15A10D'|'2017-01-26T16:32:00.000+02:00'
'5e656585df0b7a50f1df97789510a9ddd901b00f'|'RBC woos three senior financials bankers from Deutsche Bank'|'By Lauren Hirsch and Olivia Oran Jan 25 RBC Capital Markets has hired three senior Deutsche Bank AG bankers who focus on advising banks, according to an internal memo from the Canadian firm.Speculation for bank mergers has increased as a surge in stock prices for financials following the U.S. election in November could make firms more likely to use their rebounding shares to pursue deals.The hires include Americas head of Deutsche Bank''s financial institutions group Venkat Badinehal. Badinehal joined Deutsche Bank in 2009 from Merrill Lynch and has worked on deals including advising BB&T Corp on its $1.8 billion acquisition of National Penn Corp and its $2.5 billion acquisition of Susquehanna Bancshares.Badinehal will join RBC as co-head of U.S. financial institutions investment banking alongside current head Jerry Wiant, according to the memo, which was confirmed on Wednesday by an RBC spokeswoman.Managing directors Jason Braunstein and Saurabh Monga, who also joined Deutsche from Merrill alongside Badinehal, were hired at RBC, as well.Financials-focused M&A, which includes giving advice to banks, brokerages, insurance companies and asset managers, saw volumes fall 15.6 percent globally in 2016, according to Thomson Reuters data.Deutsche Bank said last week it would be cutting bonuses drastically for its investment bankers for 2016 after struggling to turn a profit and facing a big bill for litigation. (Reporting by Lauren Hirsch and Olivia Oran in New York; additional reporting by David French in New York; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/rbc-banking-deutsche-bank-idINL1N1FA1NC'|'2017-01-25T15:02:00.000+02:00'
'881f2bb8bf41689746765610639c83d3107a70c3'|'How technology can help disaster response - Global Development Professionals Network'|'1 - Look to next generation technology The international community spends around $25bn [£20bn] per year to provide life-saving assistance to people devastated by wars and natural disasters. According to the United Nations, this is $15bn [£12bn] short of what is urgently needed. Next generation technology like robotics and AI can radically increase the efficiency (time savings) and productivity (cost savings) of humanitarian efforts. Patrick Meier, humanitarian technology consultant, WeRobotics , Washington DC, US, @patrickmeier , @werobotics 2 - Encourage a ‘bottom-up’ approach I firmly believe that technology will be a key enabler in allowing us to make humanitarian response beneficiary-driven – a 180 degree change from the top down approach we currently have. It will give beneficiaries a voice and a tool to self-organise. The big question is how long it will take the humanitarian community to adapt to this changed landscape. Gisli Rafn Olafsson, humanitarian adviser, NetHope , San Francisco, US, @gislio 3 - Share data and collaborate with other organisations Efficiency comes when we open up our data, when we start collaborating more and when we put the beneficiary into the driver’s seat of providing us with data. We must focus on what factors are limiting our ability to respond in an efficient manner. We must improve collaboration. We must increase sharing of information. Technology can help us do that, but unless you want to work with others, and unless you want to share information and tackle the political issues we face within the humanitarian community – then technology is not a magic bullet to solve the problems of humanitarian response. Gisli Rafn Olafsson 4 - Take a rights-based approach We must not lose sight of rights in our quest for improved outcomes. Just because you are a humanitarian organisation, it doesn’t mean the data you collect won’t be used to harm people. In fact, humanitarian organisations collect data on some of the most vulnerable populations in the world, under the most extreme threat models. At Benetech we encourage organisations to adopt end-to-end encryption wherever possible, and to adopt serious security protocols when working with data. Keith Hiatt, vice president, human rights programme, Benetech 5 - Take advantage of tech to speed-up response Cash relief is one of the most efficient and effective forms of humanitarian response, and by taking advantage of technology advances in electronic payments we can reach people in need securely, faster and more cost effectively than many other forms of aid. Daphne Jayasinghe, senior policy and advocacy adviser, economic programmes, International Rescue Committee , London, UK @djayasinghe 6 - Don’t underestimate ‘simple’ innovations The simple adoption of mobile data collection within humanitarian response has been one of the more impactful developments I’ve watched unfold. There’s quite a lot of attention put on to data visualisation and “big data” analytics – but the instant gratification of cutting a once day-long process of data entry into an instant upload shows that sometimes the simplest “innovations” can have the most impact. Rosa Akbari, senior technology for development adviser, Mercy Corps , New York, US, @mercycorps_uk Facebook Twitter Pinterest A drone delivers supplies and medicine in the US. Photograph: Pete Marovich/Bloomberg/Getty Images 7 - Technology is just part of the solution We often put too much focus on the technology – in particular on the bells and whistles of new technology. Of course it is fun to have a shiny new toy and of course, we all want to be able to use the newest buzzwords such as big data, drone etc. Technology is simply a tool that can be used to help solve problems and increase efficiency. Like other tools, if wrongly used, then they don’t increase efficiency and even create more problems than they solve. Gisli Rafn Olafsson Technology will only ever help in humanitarian response if we’re really clear about the nature of the problem. I believe drones can be a useful part of the toolkit for assessment of disasters if they are used to complement existing assessment tools. Kate Hargreaves, director of Crown Agents Foundation, London, UK @crownagents 8 - Improve what is already available A better problem analysis is often needed before the introduction of new technologies. More attention should be paid on how the humanitarian organisations could continually assess the development and potential of technologies and understand their impact on the changing needs of affected populations. Dikolela Kalubi, programme manager, ICRC , Geneva, Switzerland 9 - Understand the power – and pitfalls – of social media Social media can be a useful source of information from communities where they are familiar with this technology. It is also a great way for communities to hold aid agencies to account. In Iraq, for example, many displaced people have been using social media to spread awareness of poor conditions in refugee camps. However, there are millions of people who do not have access to such tools. We need to make sure that an over-reliance on social media doesn’t exclude the most vulnerable.In many of the countries that experience emergencies, social media users tend to be better off, male and urban. This creates a large bias in the social media traffic. The same problem exists for other methods of crowdsourcing information. Agencies should be aware of this risk and limitation. Jean-Martin Bauer, analyst, World Food Programme , Rome, Italy, @bauer_jm , @mobileVAM Progress stalls on getting funds to local humanitarian groups Read more 10 - Leave no one behind We have made major strides in expanding coverage of mobile technology in particular, however there are still many people who are at risk of being left behind. How do we get the next 2 billion people connected and online? The unconnected population is predominantly located in developing world markets, typically on low incomes and lacking basic and digital literacy skills. Women are disproportionately affected by these challenges. Innovation in last mile infrastructure and connectivity, digital literacy, accessibility and affordability are key issues at the policy level, but equally important are the strategies that response agencies/organisations have at the community level to ensure that no one is left behind. Kyla Reid, head of disaster response and digital identity, GSMA Mobile for Development , London, UK 11 - Make sure technology is for good To invoke the Kranzberg’s first law of technology: “Technology is not good; nor is it bad; neither is it neutral.” Tech for good efforts might help, but they might make things worse. There is nothing intrinsic about tech that makes it always helpful or good. We are responsible for the “good” in tech. And that requires a framework, and code, that takes into account dignity, rights, and the humanity of the communities we seek to serve. Keith Hiatt 12 - Tech is only as good as the organisations that use it We need to reshape aid so it is fit for the 21st century. This means being proactive in response to risks, collaborating across organisations, localising response and thinking about all this from the perspective of those who are affected by crises. Tech is only one part of that transformation and it will be as good or as misguided as the institutions and mindsets which utilise it. Luke Caley, crisis anticipation adviser, Start Network , London, UK @LukeCaley Read the full Q&A here Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jan/25/the-future-of-technology-in-disaster-response'|'2017-01-25T22:13:00.000+02:00'
'315c83fc82a1a1a4cd81265c95aa10aa38d448a8'|'BRIEF-Norway wealth fund and Prologis sold three logistics properties'|'Company News   10:06am EST BRIEF-Norway wealth fund and Prologis sold three logistics properties Jan 26 Norges Bank Investment Management, the manager of Norway''s sovereign wealth fund, said: * The partnership between Norges Bank Real Estate Management and Prologis Inc. has sold three logistics properties in the San Francisco Bay area * The buyer of the portfolio was JLL Income Property Trust * Norges Bank Real Estate Management received 38.3 million dollars for its 45 percent ownership interest * The properties were acquired by the partnership during development in May 2015, and Norges Bank Real Estate Management paid 24.3 million dollars for its ownership interest Source text: bit.ly/2jiWH4E (Reporting By Terje Solsvik, editing by Camilla Knudsen) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSO9N1EM00G'|'2017-01-26T22:06:00.000+02:00'
'051dcc9a961c700467605f553c1c4e9893485ab4'|'Brexit effect on German insurers to be manageable - trade body GDV'|'Business News - Thu Jan 26, 2017 - 12:00pm GMT Brexit effect on German insurers to be manageable - trade body GDV BERLIN Britain''s exit from the European Union will have a limited impact on German insurers as only 3.8 percent of their capital investments, or 29 billion euros ($31 billion), are in Britain, trade body GDV said on Thursday. "The direct affect is manageable," GDV President Alexander Erdland told journalists at a news conference. ($1 = 0.9322 euros) (Reporting by Klaus Lauer; Writing by Maria Sheahan; Editing by Victoria Bryan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-germany-insurance-idUKKBN15A1G4'|'2017-01-26T19:00:00.000+02:00'
'062bdc3fd1962cd7f464de69433f047b5bc286c3'|'Swiss private banks see asset influx after U.S. election - Baer CEO'|'Money   8:48am EST Swiss private banks see asset influx after U.S. election: Baer CEO CEO Boris Collardi of Swiss private bank Julius Baer gestures as he addresses a news conference to present the bank''s half-year results in Zurich, Switzerland July 25, 2016. REUTERS/Arnd Wiegmann/File Photo By Brenna Hughes Neghaiwi - ZURICH ZURICH Swiss private banks have profited from rising stock markets and renewed client optimism since the election of U.S. President Donald Trump, Julius Baer Chief Executive Boris Collardi said on Thursday. "We have seen client interest in financial markets increasing," Collardi told Reuters. "With stocks going up, you have assets going up, transaction volumes going up, which is all a positive for the banks because we have more assets, more revenues." Over the medium to long term, banks also stand to gain from deregulation in a sector increasingly saddled with mounting compliance efforts since the 2008 financial crisis, he said. Speaking earlier at a conference in Berne about the implications of Britain''s decision to exit the European Union, Collardi warned Switzerland should not unnecessarily cut off any negotiating possibilities amid a changing political landscape and uncertain future for the EU. While the consequences of Brexit will remain manageable for Swiss banks in the foreseeable future, Switzerland stands little chance of gaining significantly from the weakness of London''s financial center, he said. This year would be a year of many changes and he expected consolidation in Europe''s banking sector over the medium term. "As long as the cost of money remains low and stock valuations go up, we could be in a positive environment for M&A," Collardi said. "We still have overcapacity in the European banking sector. I could imagine that some of the Swiss banks, based on their strength, may continue to take advantage of international M&A opportunities." (Editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-swiss-banks-wealth-idUSKBN15A1SY'|'2017-01-26T20:46:00.000+02:00'
'dfb68d3863f03b2a9b2d0242714c9062dae55536'|'BRIEF-Hong Kong SFC reprimands, fines North Sea Securities for breaching code of conduct'|'Financials  52am EST BRIEF-Hong Kong SFC reprimands, fines North Sea Securities for breaching code of conduct Jan 26 Hong Kong Securities and Futures Commission * Says reprimands and fines North Sea Securities Limited HK$700,000 ($90,236.42) * Says reprimands and fines North Sea Securities for failing to put in place proper controls to monitor and supervise employee dealings Source text in English: bit.ly/2ji5Quf ($1 = 7.7574 Hong Kong dollars) (Reporting by Hong Kong newsroom) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSS7N1BD02F'|'2017-01-26T16:52:00.000+02:00'
'f0d2113e5993b5fffef79de54c9cac380caec37c'|'BRIEF-India finmin report: Universal basic income proposal to cost between 4-5 pct of GDP'|'BRIEF-India finmin report: see demonitisation risk to FY18 GDP growth forecast Jan 31 India''s economy should grow between 6.75 percent and 7.5 percent in the financial year beginning on April 1, a government report forecast on Tuesday. For more details and other highlights from India''s annual economic survey, click here: (Reporting By Delhi Bureau) Jan 31 An upsurge in protectionism poses serious medium-term risk for exports, a key Indian government report said on Tuesday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FL0BC'|'2017-01-31T15:07:00.000+02:00'
'5ab034cd310ccc02b60a797f83457c8a45be2377'|'PRESS DIGEST - Wall Street Journal - Jan 31'|'Jan 31 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- The White House on Monday fired acting Attorney General Sally Yates for telling government lawyers not to defend an executive order signed by President Donald Trump suspending immigration from seven countries out of concerns that terrorists from those countries might enter the United States. on.wsj.com/2joU867- President Donald Trump will amend a recent executive action so he can add Central Intelligence Agency director Mike Pompeo into a role on the National Security Council, White House spokesman Sean Spicer said Monday. on.wsj.com/2joZBdb- President Donald Trump has selected a nominee for the U.S. Supreme Court and will introduce him to a national television audience Tuesday evening, a crucial early moment for his administration that could shape American law for decades. on.wsj.com/2jp2wlT- Facebook Inc''s chances of getting back into China appeared to take a rare turn for the better when an employee noticed an official posting online: Beijing authorities had granted it a license to open a representative office in two office-tower suites in the capital. on.wsj.com/2kb2awz- Just months after completing the breakup of aluminum giant Alcoa Inc, Klaus Kleinfeld is facing calls for his ouster. Several of the largest shareholders of Arconic Inc, the aerospace and automotive parts maker Kleinfeld now leads after its November split from Alcoa, are pressing the company to find a new chief executive. on.wsj.com/2kb46VO- Walgreens Boots Alliance Inc and Rite Aid Corp agreed to reduce the amount Walgreens would pay for its rival by at least $2 billion, after the two companies struggled to get antitrust enforcers to bless the big drugstore deal. on.wsj.com/2kb4sf6- Sony Corp said on Monday it would write down nearly $1 billion on its film and TV studio after a dismal year at the box office. on.wsj.com/2kaRZId (Compiled by Bhanu Pratap in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1FL0VM'|'2017-01-31T02:26:00.000+02:00'
'4a55c5a8cbbf3ff0b62d19127b664cb5ce483bca'|'Water utility Severn Trent sees FY rewards beating forecast'|'Business News - Tue Jan 31, 2017 - 8:26am GMT Water utility Severn Trent sees FY rewards beating forecast A sign hangs on a gate at Severn Trent Water''s Cropston Reservoir, Britain March 18, 2016. REUTERS/Darren Staples British water utility Severn Trent Plc ( SVT.L ) said it expected to exceed its forecast for full-year net customer outcome delivery incentive rewards (ODI) after strong operational performance in the third quarter. The company, which supplies water across the UK''s Midlands, said full-year ODI would be ahead of its previous guidance of 15 million pounds, but said there were two unpredictable winter months still to come. The company said it now expects to at least meet or exceed ODI of 23.2 million pounds for the year ended March 31 on a pretax basis at 2012/2013 prices. Water companies are rewarded when they meet or exceed target, and are penalised if they fail to meet targets. These targets include timely project completions and better customer services. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri) Next In Business News Shell to sell North Sea assets to Chrysaor for $3.8 billion LONDON Royal Dutch Shell has agreed to sell a package of oil and gas fields to private equity-backed Chrysaor for $3.8 billion (3.04 billion pounds), giving the Anglo-Dutch group a major boost in its drive to reduce debt following the acquisition of BG Group.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-severn-trent-outlook-idUKKBN15F0Q3'|'2017-01-31T15:26:00.000+02:00'
'a792ababb811f76a22bad2f34f0a20c0111ad93f'|'Malaysia capsize survivor tells of hanging on to friend''s body'|'South China Sea - Tue Jan 31, 2017 - 1:31am EST Malaysia capsize survivor tells of hanging on to friend''s body KUALA LUMPUR Chinese tourist Fan Li Xia and other passengers held on to the body of a dead friend for as long as they could as they trod water after a catamaran capsized in the cold waters of the South China Sea. The catamaran, carrying 27 Chinese tourists and three crew on a Lunar New Year cruise, sank on Saturday off the coast of Borneo after being battered by heavy waves while en route to the popular Malaysian holiday island of Mengalum. Three of the tourists were found dead on Sunday, while 22 people, including the captain, were rescued, many of them bleeding and heavily sunburnt. Four tourists and one crew member were missing. Fan Li Xia said the group, tied together on the catamaran in life jackets, were swept away by the current and struggled in the cold water for more than 30 hours. "If we were found any later, I don''t think I would have survived," she told reporters at a hospital in Kota Kinabalu, capital of Malaysia’s Sabah state on Borneo. "My friend died. We dragged his body around for half a day, but we couldn''t manage any more so we had to let it go." The Malaysian Maritime Enforcement Agency said the tourists were rescued by fishermen and tugboats. Military ships and aircraft were scouring the choppy waters for the missing five. Fellow survivor Yang Yaoru said their collective will helped them endure the cold. They were sharing the little food they had and urging each other to stay alive. Yang, who was on holiday with her mother, said the survivors huddled together to try to shake off the cold and did not loosen their grip. Yang said she was especially concerned about her mother, who was not a good swimmer. "If I had died, my mother couldn''t have survived by herself...I must bring my mother home," the 24-year-old Yang told Chinese broadcaster CCTV from her hospital bed. Thousands of Chinese visitors flock to Mengalum island during the long Lunar New Year holidays. China is one of Malaysia''s main sources of tourists. Ties between the two countries were strained in 2014 when Malaysia Airlines Flight MH370 went missing on its way from Kuala Lumpur to Beijing. Most of its passengers were from China. The search for the airliner ended this month without success. Boating accidents involving tourists are common off Sabah. Media reports said police arrested the owner of the catamaran and two crew and were investigating. (Reporting by Joseph Sipalan; Editing by Praveen Menon and Nick Macfie) Next In South China Sea'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-malaysia-boat-idUSKBN15F0GO'|'2017-01-31T13:10:00.000+02:00'
'aaf863b0703301e6bf892bdf9d0e90557a373a1f'|'Tesla explains cancelled order with German supplier SHW'|'Business News - Fri Jan 27, 2017 - 5:59pm GMT Tesla explains cancelled order with German supplier SHW Founder and CEO of Tesla Motors Elon Musk speaks during a media tour of the Tesla Gigafactory, which will produce batteries for the electric carmaker, in Sparks, Nevada, U.S. July 26, 2016. REUTERS/James Glover II - RTSJT6T BERLIN Electric car maker Tesla Motors Inc ( TSLA.O ) said it cancelled a large order with Germany''s SHW ( SW1.DE ) because the supplier failed to meet its contractual obligations and Tesla did not want to put the production of its new Model 3 sedan at risk. Tesla boss Elon Musk has warned in the past he would fire suppliers and reorganise internal teams who fail to meet target dates for production of the upcoming Model 3. On Thursday Tesla confirmed it was the customer that cancelled a 100 million euros (85 million pound) order with SHW and denied it had anything to do with the new U.S. administration. The loss of the order sent shares in SHW, which assembles pumps and engine components as well as brake discs, to a four-month low on Tuesday. German media reports said the cancellation resulted from political pressure after U.S. President Trump met chief executives, including Tesla boss Elon Musk, on Monday. Tesla said the order was cancelled because the supplier''s product did not meet its technical standards. "Tesla''s policy is to terminate any supplier that is unable to meet their contractual milestones or violates their non-disclosure agreement," the carmaker said by email on Friday. "We have to be firm in this regard in order to keep the Model 3 program on schedule and prevent plot spoilers," Tesla said. SHW said on Tuesday its customer was disgruntled over the technical specifications for axle-drive pumps which failed to meet its requirements, but SHW said it did not accept the reason. (Reporting by Andreas Cremer; Writing by Victoria Bryan; Editing by Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shw-tesla-idUKKBN15A2WR'|'2017-01-28T00:59:00.000+02:00'
'abfaa2cf76e2ed12986d0eb560175980c9c71517'|'Auction blamed for survival of coal power plants'|'Energy auction blamed for survival of coal power plants Ageing stations expected to win contracts despite plans to phase them out Read next January 29, 2017 by: Nathalie Thomas, Energy Correspondent One of the UK’s main energy policies has been criticised for enabling old and polluting coal-fired power stations to stay open. On Monday the government will hold its latest subsidy auction, which is designed to ensure Britain has enough energy over the winter of 2017-18. Analysts and critics expect a number of ageing coal stations will be successful in winning contracts, even though the government has said it intend to phase out all such stations by 2025. This week’s bidding process, to be held over four days, is taking place because the National Grid has identified a need for extra capacity next winter. It is supplementary to the longer-term T-4 capacity market auctions, which are usually held at the end of each year and involve power generators bidding for contracts they will need to deliver in four years’ time, allowing investors to plan ahead and build new power plants. Coal-powered energy generation has been falling in the UK. Last year, more electricity was generated from wind turbines. However, coal is still heavily relied on during days when there is little wind and high demand for electricity. “There is a much lower gap between supply and demand in this auction compared to the last one [in December 2016] so we are going to need some of the older coal-fired power stations that are less economic,” said Tom Edwards of Cornwall Energy, the consultancy. Among the coal plants that have pre-qualified for the auction are Fiddler’s Ferry in Cheshire, owned by SSE, and Cottam in Nottinghamshire, owned by EDF. Cornwall Energy believes bidding by coal-fired stations could push up the prices at which contracts are settled — the “clearing price”— as they are more inefficient than other, newer forms of generation. The consultancy is anticipating prices of £22-£26 per kilowatt, although previous auctions have been unpredictable. By comparison, last year’s T-4 auction, for the winter of 2020-21, cleared at £22.50/kW. ScottishPower, which last year closed its final coal-fired power station, Longannet in Fife , is urging reform of the capacity market system so bids from more polluting forms of generation, such as coal and diesel, are at a greater disadvantage. The company, owned by Spain’s Iberdrola, says the system has inadvertently allowed many old, inefficient coal plants to keep going, despite the government’s ambition to eradicate coal generation. Changes have already been proposed to the subsidies system that could discourage small-scale diesel power generators, which have been successful in past auctions. But ScottishPower is pressing the government for the introduction of an emissions cap, both to make it difficult for coal to compete and to encourage the construction of large-scale gas plants, which it argues will be needed to provide a stable supply. “There is a kind of paradox going on here where we have a government that is saying we want to take coal plants off the system...but inherently what these auctions are doing is...actually encouraging coal plants to stay on the system,” said Keith Anderson, chief corporate officer at ScottishPower. The Department for Business, Energy and Industrial Strategy said a “significant reduction” was already evident in the role coal will play in the capacity market year on year, “with current auction results showing its use will fall by over 30 per cent between 2018 and 2021”. It added: “This government has been clear that unabated coal should have no place in our future energy mix, and we have set out our proposals to phase it out by 2025.” ScottishPower wants to build a 1.5 gigawatt combined cycle gas turbine (CCGT) plant, plus a 300 megawatt open-cycle plant, at Damhead Creek near Rochester in Kent, but has been unsuccessful at securing a contract in previous capacity market auctions because the prices have been set too low to make the plants affordable. Large-scale CCGTs lie at the heart of debate over whether the capacity market is working. While the auctions have ensured Britain has enough back-up power, no new large-scale CCGTs have yet won a contract.  '|'ft.com'|'http://www.ft.com/rss/world/uk/business'|'https://www.ft.com/content/a2c9c012-e48a-11e6-8405-9e5580d6e5fb'|'2017-01-29T21:53:00.000+02:00'
'e6907ddb003d6b14c3c749e2d36e1cbc8bf96a32'|'Activist fund Oasis pushes to reprice PanaHome'|'Activist fund Oasis pushes to reprice PanaHome valuation House-builder at heart of proxy battle to test Japan’s corporate governance code Read next by: Leo Lewis in Tokyo An activist fund with a history of pressuring Japanese management has emerged as the largest minority shareholder of PanaHome, the housebuilder at the heart of a spiralling proxy battle and pivotal test of Japan’s corporate governance code. As of Friday, Oasis Capital, which is led by Seth Fischer , held 4.83 per cent of PanaHome, putting the fund ahead of Japan’s Government Pension Investment Fund on the shareholder register and creating what other minority investors have called a “focal point” for applying pressure to management. Investors now plan to lobby the proxy advisory group Institutional Shareholder Services. The imbroglio centres on a dispute over what one investor called a “fantasy” low valuation by PanaHome’s majority shareholder, Panasonic . It has revived fears among foreign and domestic investors that Japanese companies have made little more than cosmetic progress on corporate governance. The establishment of Japan’s first corporate governance code in 2015 was hailed in many quarters as tangible success of the “Abenomics” programme of Shinzo Abe, prime minister. Since then, however, even people involved in writing the code have admitted that corporate Japan has yet to make the cultural shift necessary for companies to genuinely cater to shareholder interests. Read more Test for Japanese corporate governance as minorities squeal over pricing in Panasonic deal Sunday, 29 January, 2017 Mr Fischer’s engagement with Japanese management in recent years has included a three-year campaign to convince Kyoto-based Nintendo to pursue growth beyond the traditional console business and release games on mobile phones — an effort that bore fruit in December 2016 with the launch of Super Mario Run . Mr Fisher said: “It is important that prominent companies such as Panasonic take a lead role in applying good corporate governance, rather than undermining it and with it the confidence of all shareholders.” The PanaHome dispute centres on an attempt by Panasonic to buy in the 46 per cent of PanaHome it does not already own. Although the move itself — buying-in a listed subsidiary — is seen by corporate governance proponents as positive, the complaints focus on the proposed price. One investor’s letter to PanaHome management described the proposed transaction as “an affront to the principles of transparency and corporate governance that form the bedrock of Abenomics”. Under the acquisition agreement announced in late December, 0.8 shares of Panasonic will be swapped for each share of PanaHome based on an independent calculation conducted by SMBC Nikko Securities, commissioned by PanaHome. Although that implies a value of ¥1,009 per PanaHome share — above last Friday’s close of ¥979 per share — when net cash is stripped out, the valuation amounts to ¥339 per share. Mr Fischer has argued that in a fair and competitive auction, the PanaHome shares could command a valuation of ¥1,500 per share. That places PanaHome, which sits in the top fifth percentile of the market in terms of 10-year operating profit growth, in the bottom fifth percentile by valuation. One investor, who declined to be named, questioned the methodology of the report. The Government Pension Investment Fund holds a 3.5 per cent stake in PanaHome via multiple fund managers. SMBC Nikko declined to comment, while Panasonic said that the valuation reflected the financial conditions, earnings trends and share price movements of the two companies.  '|'ft.com'|'http://www.ft.com/rss/companies/property'|'https://www.ft.com/content/eaf4a7c8-e5dc-11e6-893c-082c54a7f539'|'2017-01-29T13:44:00.000+02:00'
'3b984775f4d8289f539f374649781ccf2502cd58'|'Canadian tech firms ask Ottawa to give immediate visas after U.S. ban'|'TORONTO Jan 29 A group of Canadian technology company founders, executives and investors on Sunday called in a letter for Ottawa to immediately give temporary residency to those displaced by a U.S. order banning the entry of people from seven Muslim-majority countries.The open letter said U.S. President Donald Trump''s executive order, which temporarily bars travelers from Syria and six other countries and also puts a four-month hold on allowing refugees into the United States, had already "impacted several in our community.""Canadian tech companies understand the power of inclusion and diversity of thought, and that talent and skill know no borders," said the letter, signed by more than 200 industry players."Many Canadian tech entrepreneurs are immigrants, are the children of immigrants, employ and have been employed by immigrants."Signatories included John Ruffolo, head of the venture arm of one of Canada''s biggest pension funds, and Tobias Lutke, chief executive officer of e-commerce software company Shopify, which went public in 2015 and is valued at around $4.6 billion.The Canadian government has not said what, if any, tangible action it could take, but in tweets on Saturday Prime Minister Justin Trudeau said Canada welcomed those fleeing war and persecution and posted an archived picture of him greeting Syrian refugees arriving in Toronto in 2015.Canada is eager to attract skilled tech workers from abroad while also retaining existing workers and students that are often lured away by global tech firms. More than 300,000 Canadians currently work in Silicon Valley in the United States.Last year, Canada benefited from the raucous U.S. election campaign, with new Canadian work permits for highly skilled workers from the United States soaring nearly 54 percent in the first eight months of the year.One Ontario-based software developer, Sortable, ran an ad campaign targeting tech workers that extolled Canada''s calm political climate. In November, Canada introduced new visa measures that would allow tech firms to quickly recruit foreign talent, including fast approvals and 30-day work permits."Policies such as (Trump''s) put everybody in the business community on edge because all global firms have a multicultural work force. But it''s also an opportunity," Jim Balsillie, former co-CEO of BlackBerry Ltd, said in the Globe and Mail newspaper on Saturday."If Canada can quickly implement the global skills visa for tech talent  we can reinforce our country as the place to attract the best talent."The U.S. tech industry, a major employer of foreign workers, hit back on Saturday at the sudden executive order on immigration, with some leaders calling it immoral and un-American. (Reporting by Alastair Sharp; Writing by Amran Abocar; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-immigration-canada-idINL1N1FJ0CU'|'2017-01-29T14:31:00.000+02:00'
'ca4defb1c3cc34644a2516bafc6003dc7848491a'|'Cyber firm SentinelOne raises $70 million bringing total to over $110 million'|'TEL AVIV Cyber security company SentinelOne said on Wednesday it raised an additional $70 million, bringing the total amount it has raised to over $110 million.The Palo Alto-based company was founded by Israelis and has a research and development center in Israel. It plans to use this capital to expand sales and marketing efforts to achieve more than 400 percent sales growth in 2017, while continuing to invest in R&D.U.S. venture capital firm Redpoint Ventures, a new investor and SentinelOne customer, led the round along with new investment from Sound Ventures - actor Ashton Kutcher''s and talent manager Guy Oseary''s investment firm. Existing investors Third Point Ventures, Data Collective, Granite Hill Capital Partners, Westly Group, and SineWave Ventures also participated in the round.SentinelOne uses machine learning and behavior analysis to provide threat prevention, detection and response for endpoints.Redpoint Ventures partner Tom Dyal said endpoint security is a $10 billion market opportunity as businesses migrate away from traditional anti-virus software. SentinelOne customers include Time Inc and it recently signed a North American distribution deal with Avnet Inc ( AVT.N ).(Reporting by Tova Cohen)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tech-cyber-sentinelone-idINKBN1591EY'|'2017-01-25T09:32:00.000+02:00'
'624ea33c2acd19ad3839173325d7db317a00393b'|'Fitch Rates TP ICAP''s GBP500m Senior Bond ''BBB-'''|'Financials  48am EST Fitch Rates TP ICAP''s GBP500m Senior Bond ''BBB-'' (The following statement was released by the rating agency) LONDON, January 25 (Fitch) Fitch Ratings has assigned TP ICAP plc''s (TP ICAP) GBP500m 5.25% fixed rate senior unsecured notes (ISIN: XS1555815494) due in January 2024 a final rating of ''BBB-''. The final rating follows the receipt of documents conforming to information already received and is in line with the expected rating assigned on 19 January 2017. The bond proceeds are being used to refinance a GBP470m drawing on a debt facility that had been put in place to finance the acquisition of NEX Group plc''s (NEX) global voice and hybrid broking business completed on 30 December 2016 (see ''Fitch Affirms NEX Group plc''s Subsidiaries and TP ICAP on Transaction Completion'', dated 10 January 2017 and available on www.fitchratings.com). Consequently, we do not expect the bond issue to lead to a meaningful increase in TP ICAP''s overall cash flow leverage. KEY RATING DRIVERS The senior unsecured bond is rated in line with TP ICAP''s Long-Term Issuer Default Rating (IDR) and existing senior unsecured debt ratings as Fitch views the probability of default on senior unsecured debt as the same as the probability of default of the entity. The bond''s rating is therefore driven by the same considerations that drive TP ICAP''s Long-Term IDR. (See our 10 January 2017 commentary for a summary of TP ICAP''s key rating drivers). RATING SENSITIVITIES The rating of the senior unsecured bond is primarily sensitive to changes in TP ICAP''s Long-Term IDR. Upside to TP ICAP''s Long-Term IDR is limited given higher leverage following the acquisition and our view of continuing pressure on traditional broking revenues. Larger-than-expected revenue declines or material delays in realising cost synergies, which would negatively affect EBITDA, could lead to a downgrade of TP ICAP''s Long-Term IDR. Should TP ICAP''s gross-debt/adjusted EBITDA exceed 2.5x on a sustained basis, this would put pressure on the Long-Term IDR. We expect TP ICAP''s cash-flow leverage to peak at 2.4x in 2017. Although not expected by Fitch, should the bond proceeds not be applied to reduce outstanding drawings on the debt facility, this could put pressure on the entity''s cash flow leverage, Long-Term IDR and consequently senior unsecured debt ratings. Contact: Primary Analyst Christian Kuendig Senior Director +44 20 3530 1399 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Luis Garrido Analyst +44 20 3530 1631 Committee Chairperson Christian Scarafia Senior Director +44 20 3530 1012 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Date of Relevant Rating Committee: 9 January 2017 Additional information is available on www.fitchratings.com Applicable Criteria Global Non-Bank Financial Institutions Rating Criteria (pub. 15 Jul 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987639'|'2017-01-25T19:48:00.000+02:00'
'5e21a62d997042fa012ed3de3727ffb12c408df2'|'China''s share gains capped, Hong Kong''s key index up'|'* SSEC +0.2 pct, CSI300 +0.3 pct, HSI +0.2 pct* China''s c.bank lifts two of its lending rates to rein in debt* Trump''s moves could set course for stock marketSHANGHAI, Jan 25 China stocks erased early losses and edged higher on Wednesday morning, but gains were limited after the central bank raised interest rates on a key funding tool to curb borrowing.Hong Kong''s benchmark stock index also rose, taking its cue from a firmer Wall Street, with tech stocks leading gains.The blue-chip CSI300 index, poised for a fourth day of gains, and rose 0.3 percent, to 3,373.42 points at the end of the morning session, while the Shanghai Composite Index gained 0.2 percent, to 3,149.92 points.China''s insurance regulator, in the latest move to control risk, said on Tuesday that it was reimposing ceilings on funds insurers can put into the stock market. The ruling follows a slew of regulatory measures since late last year that has rattled markets.But Xiao Shijun, analyst at Guodu Securities in Beijing, said market reaction was muted as investors had priced in the regulator''s tightening control on insurers'' leverage buyout.The market was closely monitoring U.S. President Donald Trump''s policies, that could set the tone on trade ties between the world''s two largest economies and consequently affect the stock market, Xiao said."I don''t think he will back off. He makes pretty clear that American interest is the top priority and he wants to restore the glory of the United States," Xiao said.The market''s bullish sentiment was partly countered by China''s central bank raising interest rates on its medium-term lending facility (MLF) on Tuesday, a move seen to be in line with its broader objective of reining in speculative investment in the economy.Most sectors gained ground by the lunch break.An index tracking infrastructure stocks advanced around 0.5 percent, as shares of heavyweight China State Construction Engineering Corp Ltd rose 2.5 percent.Shares of Aluminum Corp of China Ltd, the nation''s top aluminium producer, jumped 3.9 percent by midday, after reports of possible capacity cuts.In Hong Kong, the Hang Seng index added 0.2 percent, to 22,989.62 points, while the Hong Kong China Enterprises Index lost 0.2 percent, to 9,742.21 points.Sentiment was partly lifted by cross-border stock buying.China investors used 31.1 percent of the Shanghai-Hong Kong Stock Connect''s daily quota on Tuesday to buy Hong Kong stocks, the biggest in more than three weeks. But investors had not used the quota at all by midday on Wednesday, the Hong Kong Stock Exchange website showed.(Reporting by Jackie Cai and John Ruwitch; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-stocks-midday-idUSL4N1FF1UQ'|'2017-01-25T07:55:00.000+02:00'
'49429417d00cabaf9c67219b34f1eca1dd47fea0'|'Abbott Labs'' sales rise 2.8 pct'|'Jan 25 Abbott Laboratories reported a 2.8 percent rise in quarterly sales, fueled by demand for its medical devices and diagnostic products.The company said net profit from continuing operations rose to $765 million, or 51 cents per share, in the fourth quarter ended Dec. 31, from $695 million, or 46 cents per share, a year earlier.Net sales rose to $5.33 billion from $5.19 billion.Abbott, which completed its $25 billion acquisition of St. Jude Medical earlier this month, is trying to pull out of its $5.8 billion deal for troubled diagnostics company Alere Inc .(Reporting by Natalie Grover in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/abbott-results-idINL4N1FF45D'|'2017-01-25T09:56:00.000+02:00'
'f822a1f8ba29c324d3956d28aaa9d54e5b3731bc'|'EU countries oppose duty extension on Chinese solar panels - sources'|'Environment   4:27pm GMT EU countries oppose duty extension on Chinese solar panels - sources Employees row a boat as they examine solar panel boards at a pond in Lianyungang, Jiangsu Province, China, in this March 16, 2016 file photo. REUTERS/Stringer/Files BRUSSELS A majority of EU countries on Thursday opposed a European Commission proposal to extend anti-dumping duties on Chinese solar panels for two years, according to EU diplomats. However, the opposition does not mean the duties will necessarily end because the 18 countries that voted against them do not contain a majority of the EU''s population, meaning there would not be a "qualified majority" against. However, it could pressure the European Commission to review its proposal. The EU governments did back a two-year extension of anti-subsidy measures, which are only up to 11.5 percent. (Reporting By Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-china-solar-idUKKBN15A29A'|'2017-01-26T23:27:00.000+02:00'
'133631fa1e9a222e769b883732027e9c996b7d3c'|'Drug distributor McKesson to buy CoverMyMeds for $1.1 billion'|'Drug wholesaler McKesson Corp ( MCK.N ) said it would buy privately held CoverMyMeds for about $1.1 billion to strengthen its technology offerings to pharmaceutical manufacturers, clinicians and health insurers.Net income attributable to McKesson was $633 million, or $2.85 per share, in the third quarter ended Dec. 31, from $634 million, or $2.73 per share, a year earlier.Excluding items, the company earned $3.03 per share, beating average estimate of $2.91, according to Thomson Reuters I/B/E/S.Revenue rose to $50.13 billion from about $47.90 billion, compared with estimates of about $50.50 billion.McKesson, one of the largest U.S. distributors of pharmaceutical drugs, slashed its fiscal year earnings forecast in October as it raised concerns about aggressive pricing tactics from competitors and moderating pace of branded drug price increases.The company''s comments sparked fear of a pricing war rippling through the pharmaceutical supply chain.McKesson said on Wednesday it expects adjusted earnings from continuing operations of $12.60-$12.90 per share for the fiscal year ending March 31, up from its previous forecast of $12.35-$12.85 per share."Although we were unfavorably impacted in the third quarter by weaker branded pharmaceutical pricing than anticipated, we are updating our fiscal 2017 outlook to reflect McKesson''s lower full-year effective tax rate," McKesson CEO John Hammergren said.(Reporting by Ankur Banerjee in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-mckesson-results-idUSKBN1592RA'|'2017-01-26T00:45:00.000+02:00'
'd3a0b71ceb675b68c005ec78dd6e6faa1d31e929'|'WRAPUP 1-Trump fights criticism, protests, legal challenges over travel bans'|'  11:20am EST WRAPUP 1-Trump fights criticism, protests, legal challenges over travel bans By Doina Chiacu and Steve Holland - WASHINGTON WASHINGTON Jan 29 U.S. President Donald Trump fought back on Sunday amid growing international criticism, outrage from civil rights activists and legal challenges over his abrupt order for a halt on arrivals of refugees and people from seven Muslim-majority countries. In his most sweeping action since taking office on Jan. 20, Trump, a Republican, put a 120-day hold on Friday on allowing refugees into the country, an indefinite ban on refugees from Syria and a 90-day bar on citizens from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen. "Our country needs strong borders and extreme vetting, NOW. Look what is happening all over Europe and, indeed, the world - a horrible mess!" Trump wrote on Twitter on Sunday. "Christians in the Middle-East have been executed in large numbers. We cannot allow this horror to continue!" added Trump, who has presented the policy as a way to protect Americans from the threat of Islamist militants. Civil rights and faith groups, activists and Democratic politicians have promised to fight the order, which caused chaos and confusion for affected travelers and sparked protests at several U.S. airports throughout Saturday. U.S. Senate Majority Leader Mitch McConnell, a Republican, voiced muted criticism. Speaking on ABC''s "This Week" program, he said it was a good idea to tighten the vetting of immigrants, but "it''s important to remember that some of our best sources in the war against radical Islamic terrorism, are Muslims, both in this country and overseas ... We need to be careful as we do this." A Republican colleague in the Senate, John McCain, was more critical, saying the order had been a confused process and could give Islamic State propaganda material. Condemnation of the order poured in from abroad, including from traditional allies of the United States. In Germany - which has taken in large numbers of people fleeing the Syrian civil war - Chancellor Angela Merkel said the global fight against terrorism was no excuse for the measures and "does not justify putting people of a specific background or faith under general suspicion", her spokesman said on Sunday. A federal judge in Brooklyn, New York, granted a temporary reprieve late on Saturday evening. The American Civil Liberties Union, representing two Iraqis caught by the order as they flew into the country, successfully argued for a temporary stay that allowed travelers to remain in the United States. The court action did not reverse Trump''s order, but prevented those denied entry into the country from being deported. Anthony Romero, the ACLU''s executive director, predicted in an interview with CNN on Sunday that the case could ultimately land in the U.S. Supreme Court. Separately, a group of state attorneys general were discussing whether to file their own court challenge against Trump''s order, officials in three states told Reuters. Other groups eyed a constitutional challenge claiming religious discrimination. Trump, a businessman who successfully tapped into American fears about attacks by Islamist militants during his campaign, had promised what he called "extreme vetting" of immigrants and refugees from areas the White House said the U.S. Congress deemed to be high risk. He told reporters on Saturday that his order was "not a Muslim ban," adding the measures were long overdue and were working out "very nicely." The Department of Homeland Security said about 375 travelers had been affected by the order, 109 of whom were in transit and were denied entry to the United States. Another 173 were stopped by airlines before boarding. The order "affects a minor portion of international travelers," the department said in a statement, saying the measures "inconvenienced" less than 1 percent of the daily arrivals of foreigners into U.S. airports. The DHS, which issued its statement after the Brooklyn federal judge''s ruling, said the order would stay in place. "No foreign national in a foreign land, without ties to the United States, has any unfettered right to demand entry into the United States," it said. The new rules blindsided people in transit and families waiting for them, and caused havoc for businesses with employees holding passports from the targeted nations and colleges with international students. Mark Krikorian, the director of the conservative Center for Immigration Studies, called lawsuits challenging the order "last ditch efforts" that would only apply to a few individuals, and he said a broader constitutional argument would be hard to win. Some leaders from the U.S. technology industry, a major employer of foreign workers, issued warnings to their staff and called the order immoral and un-American. "This ban will impact many innocent people," said Travis Kalanick, chief executive of Uber Technologies Inc, who said he would raise the issue at a White House meeting on Friday. ''TREATED LIKE DRUG DEALERS'' The new rules upended plans that had been long in the making for some people, such as Iraqi Fuad Sharef and his family. They waited two years for a visa to settle in the United States, selling their home and quitting jobs and schools in Iraq before setting off on Saturday for a new life they saw as a reward for working with U.S. organizations. Sharef, his wife and three children were prevented from boarding their connecting flight to New York from Cairo on Saturday, detained overnight at Cairo airport and forced to board a flight back to the northern Iraqi city of Erbil on Sunday morning. "We were treated like drug dealers, escorted by deportation officers," Sharef told Reuters by telephone from Cairo airport. Iraq''s former ambassador to the United States, Lukman Faily, said Trump''s ban was unfair to a country that itself has been a victim of attacks, and could backfire. Iran vowed to retaliate. Sudan called the action "very unfortunate" after Washington lifted sanctions on the country just weeks ago for cooperation on combating terrorism. A Yemeni official expressed dismay at the ban. Britain''s most successful track athlete, Olympic champion Mo Farah, slammed the policy in a statement. "On 1st January this year, Her Majesty the Queen made me a Knight of the Realm. On 27th January, President Donald Trump seems to have made me an alien," said Farah, who was born in Somalia, came to Britain as a child and who currently lives with his wife and children in Oregon. Confusion abounded at airports on Saturday as immigration and customs officials struggled to interpret the new rules. Some legal residents with green cards, or the right to residency, who were in the air when the order was issued were detained at airports upon arrival. Airlines were blindsided and some cabin crew were barred from entering the country. Emirates, the world''s largest long-haul airline, has had to change flight attendant and pilot rosters on services to the United States because of the ban, an airline spokeswoman said Sunday. Thousands of refugees seeking entry were thrown into limbo. Melanie Nezer of the Hebrew Immigrant Aid Society said she knew of roughly 2,000 who were booked to come to the United States next week. (Reporting by Doina Chiacu, Susan Cornwell and Steve Holland in Washington; Mica Rosenberg, Jonathan Allen, Melissa Fares, Daniel Trotta and David Ingram in New York; Andrea Hopkins, Anna Mehler Paperny in Toronto; Andrea Shalal and Andreas Rilke in Berlin, Paul Sandle in London; Alexander Cornwell in Dubai, Arwa Gaballa, Eric Knecht in Cairo, and Michael Georgy in Erbil; Writing by Frances Kerry; Editing by Mary Milliken)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-immigration-idUSL1N1FJ0B2'|'2017-01-29T23:20:00.000+02:00'
'23d50aceb0abcf46e9f65c7a11da04da4e885b3e'|'European shares seen lower; eyes on Allianz, WS Atkins. For more see the equities LiveMarkets blog'|' 11am EST European shares seen lower; eyes on Allianz, WS Atkins. For more see the equities LiveMarkets blog MILAN Jan 30 Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: ** European stocks seen opening lower ** STOXX still set for 3rd straight month of gains, up 1.4 pct so far in Jan ** M&A reports put Allianz, WS Atkins in focus ** Asian stocks weighed by Trump travel ban (Reporting by Danilo Masoni) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FK0Z5'|'2017-01-30T14:11:00.000+02:00'
'5b9f3e599a837a93bf3ac65d15b3db9b3cba9a78'|'Stumbling sterling heads for first three-day fall of year'|'Foreign Exchange Analysis  18am GMT Stumbling sterling heads for first three-day fall of year A shop cash register is seen with both Sterling and Euro currency in the till at the border town of Pettigo, Ireland October 14, 2016. REUTERS/Clodagh Kilcoyne By Marc Jones - LONDON LONDON Britain''s pound fell on Monday, setting it on course for its first three-day fall against the dollar of the year and putting it on the back foot ahead of Thursday''s first Bank of England meeting of 2017. The BoE is widely expected to revise up its short-term growth and inflation forecasts following reassuring recent UK data, but the uncertainty surrounding soon-to-start Brexit negotiations is expected to keep it cautious. Sterling was quickly down 0.3 percent against the dollar at $1.2510 in London, having slipped off a five-week high at the end of last week. It dipped similar amounts against its other major FX peers, with the euro worth 85.39 pence and the pound fetching 143.64 yen, in what was its first fall against the safe-haven Japanese currency in five sessions. Crédit Agricole FX Strategist Manuel Oliveri said his team expected sterling to struggle following a recent mini-rally, with Brexit uncertainty to remain the main driver and data also likely to weaken. "We don''t think the (BoE) inflation report will be a big shock," he said. "It may sound a bit more hawkish but it still remains cautious." "A lot more is needed to push the needle" for the bank to start considering a move in interest rates, he added. The pound has fallen roughly 19 percent against the dollar since June''s Brexit vote, but for the last few months it has been in a relatively restrained range of between $1.20 and $1.28 and 84 pence and 88 pence per euro. For companies it continues to have mixed effects. Denmark''s Novo Nordisk, the world''s top maker of diabetes drugs, said on Monday it would invest 115 million pounds ($145 million) in a new British research centre. UK airline Flybe said, however, that uncertain consumer confidence had contributed to a poor start to its year. (Reporting by Marc Jones; Editing by Mark Trevelyan) Next In Foreign Exchange Analysis Dollar recovers from seven-week low, gains limited by U.S. policy doubts NEW YORK The dollar rebounded from a seven-week low on Thursday, still feeling the positive effects of a record-setting Dow Jones Industrial Average the day before, although gains were tempered by persistent uncertainty surrounding the new U.S. administration''s economic policy plans.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-sterling-idUKKBN15E0VU'|'2017-01-30T17:18:00.000+02:00'
'92e5418d9ca0579c3d140cc05e5c67c2f854ead8'|'Massachusetts orders LPL to pay $3.7 mln in relief for older investors'|'Money  43am EST Massachusetts orders LPL to pay $3.7 million in relief for older investors BOSTON Massachusetts'' top securities regulator said on Monday he ordered LPL Financial Holdings Inc to offer about $2.5 million in restitution to older investors over the sale of unsuitable insurance products. The order also fines LPL $975,000 and requires disgorgement of $208,000 in commissions on the sales. The order from Secretary of the Commonwealth William Gavin said one of LPL’s advisers misrepresented clients’ ages and net worth to make them appear more suitable for buying variable annuity investments. LPL also failed to detect various red flags and discrepancies which should would have prevented the harm, according to a statement from Galvin''s office. “With the risk of the Department of Labor’s Fiduciary rule being dismantled, it is crucial that the states step in to fill this void,” Galvin said. “The Securities Division and I intend to do that by vigilantly policing this area to protect retirees, and I would also caution Washington not to dismantle Labor’s rule and abandon mom and pop investors." On the campaign trail, U.S. President Donald Trump had said that "70 percent of regulations can go," and one of his top advisers, Anthony Scaramucci, told Reuters the fiduciary rule "would likely be stopped." (Reporting By Tim McLaughlin; Editing by Meredith Mazzilli) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-lpl-hldg-massachusetts-settlement-idUSKBN15E1VB'|'2017-01-30T22:39:00.000+02:00'
'4d1a7b3e85db193f7fbcd316abd4d9d41b073bac'|'U.S. economy slows on wider trade gap; business spending rises'|'Business   6:35pm GMT U.S. economy slows on wider trade gap; business spending rises By Lucia Mutikani - WASHINGTON WASHINGTON U.S. economic growth slowed sharply in the fourth quarter as a plunge in shipments of soybeans weighed on exports, but steady consumer spending and rising business investment pointed to sustained strength in domestic demand. Gross domestic product increased at a 1.9 percent annual rate, the Commerce Department said on Friday in its first estimate of fourth-quarter GDP. The economy grew at a 3.5 percent annual rate in the third quarter. The slowdown masked a surge in home building spending and a rebound in business investment on equipment after four straight quarterly declines. The economy expanded 1.6 percent for all of 2016, the worst performance since 2011, as it struggled with weak oil prices, a strong dollar and efforts by businesses to reduce a large inventory overhang. U.S. President Donald Trump vowed during last year''s election campaign to deliver 4 percent annual GDP growth, largely on the back of a plan to cut taxes, reduce regulations and increase infrastructure spending. "The details of the report were quite sound. The U.S. economic expansion got its mojo back and the momentum appears to be carrying over into 2017," said Scott Anderson, chief economist at Bank of the West in San Francisco. A measure of private domestic demand increased at a 2.8 percent rate last quarter. Economic growth in the third quarter was driven in part by an outsized jump in soybean exports. Excluding soybeans, GDP increased at about a 2.7 percent rate in both the third and fourth quarters, according to analysts. Economists polled by Reuters had forecast GDP rising at a 2.2 percent rate in the fourth quarter. In the first half of 2016, weak corporate profits because of cheaper oil and the robust dollar undercut business spending. The inventory correction resulted in companies placing fewer orders with manufacturers. The economy grew 2.6 percent in 2015. With oil prices rising and global demand picking up, the economy appears set for continued expansion. A labour market at or near full employment also is starting to lift wages and is supporting consumer spending. Although Trump has offered little detail on his economic policy, his promises have been embraced by consumers, businesses and investors. Consumer and business confidence have soared, while the U.S. stock market has rallied to record highs. A separate report on Friday showed consumer sentiment hitting a 13-year high in January. "While the size and the timing of the tax cut, infrastructure spending and regulatory rollback are uncertain, economic growth could double during the second half of the year," said Sung Won Sohn, an economics professor at California State University Channel Islands in Camarillo. But uncertainty over the Trump administration''s trade policy and sustained dollar strength pose a risk to the economy. SOYBEANS REVERSAL In the fourth quarter, exports fell at a 4.3 percent rate, reversing the 10 percent increase notched in the third quarter. The fourth-quarter drop in exports was the biggest since the first quarter of 2015. At the same time, rising domestic demand drew in imports, which increased at their quickest pace in two years. The resulting trade deficit sliced 1.70 percentage points from GDP growth, the biggest drag since the second quarter of 2010. Most of the hit came from soybean exports, which fired up GDP growth in the third quarter after a poor harvest in Argentina and Brazil. Trade added 0.85 percentage point to GDP in the third quarter. The dollar .DXY firmed against a basket of currencies. Stocks on Wall Street were trading mostly lower after surging to record highs during the week. Prices for U.S. government debt rose. A stronger economy would mean further interest rate increases from the Federal Reserve. The U.S. central bank has forecast three rate hikes this year. It raised its benchmark overnight interest rate in December by 25 basis points to a range of 0.50 percent to 0.75 percent. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased at a 2.5 percent rate in the fourth quarter. The moderation from the third quarter''s brisk 3.0 percent pace came amid modest household income gains. Income at the disposal of households after accounting for taxes and inflation increased 1.5 percent in the fourth quarter after rising 2.6 percent rise in the prior period. Savings fell to $791.2 billion from $818.1 billion in the third quarter. With domestic demand rising, businesses accumulated inventories at a rate of $48.7 billion in the last quarter, up from $7.1 billion in the third quarter. Inventories added 1.0 percentage point to GDP growth, double the contribution in the third quarter. Business investment pushed higher, with spending on equipment increasing at a 3.1 percent rate, the first increase in over a year. The gain reflected a surge in gas and oil well drilling, in tandem with rising crude oil prices. Spending on mining exploration, wells and shafts increased at a 24.3 percent rate after declining at a 30.0 percent pace in the third quarter. Energy services firm Baker Hughes said last Friday that U.S. energy companies added 29 oil rigs in the week to Jan. 20, bringing the total count to 551 - the most since November 2015. Investment in nonresidential structures, however, fell at a 5.0 percent pace in the fourth quarter after rising at a 12.0 percent rate in the prior period. Investment in home building rose at a 10.2 percent rate, rebounding after two straight quarterly declines. Government spending picked up as a rise in state and local government investment offset a decline in federal government expenditures. (Reporting by Lucia Mutikani; Editing by Paul Simao) The Port of Long Beach is shown in this aerial photograph taken above Long Beach, California August 5, 2015. REUTERS/Mike Blake Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN15B0DU'|'2017-01-28T01:35:00.000+02:00'
'1316c301742c871863ef71e70b1ff00d5d9426d1'|'Fitch Affirms Oddo and BHF-Bank at ''BBB-''; Outlooks Positive'|'Financials   10:18am EST Fitch Affirms Oddo and BHF-Bank at ''BBB-''; Outlooks Positive (The following statement was released by the rating agency) PARIS/FRANKFURT, January 25 (Fitch) Fitch Ratings has affirmed Oddo et Cie''s (Oddo) and BHF-Bank AG''s (BHF-Bank) Long-Term Issuer Default Ratings (IDRs) at ''BBB-'' with Positive Outlooks. Both banks'' Viability Ratings (VRs) have been affirmed at ''bbb-''. A full list of ratings actions is at the end of this commentary. KEY RATING DRIVERS IDRs, VR, SENIOR DEBT AND DEPOSIT RATINGS ODDO Oddo''s ratings reflect the group''s small but established franchises in private banking, asset management and investment banking, which benefit from the presence of the group in two large European economies, France and Germany. The ratings also take into consideration the challenges to turn around the profitability of Oddo''s large loss-making subsidiary, BHF-Bank, and Fitch''s expectations that BHF-Bank will break even in 2017. Fitch will look for a demonstration of management''s execution capacity while strengthening BHF-Bank''s franchise. A modest risk appetite, combined with healthy asset quality, adequate capitalisation and ample liquid assets support the ratings. Management has delivered on restoring Oddo''s capital ratios following the acquisition of BHF-Bank, with a 13.5% common equity Tier 1 ratio at end-June 2016. The leverage ratio declined sharply to 8% at end-June 2016 because of the acquisition, but the bank has strengthened its equity base. Fitch expects Oddo to maintain capitalisation at least at current levels and to improve it further once the German subsidiary starts to generate capital through improved earnings. Oddo undertook several restructuring measures in 2016 to improve BHF-Bank''s cost efficiency, and 2017 is expected to be a turnaround year for the group. Oddo has been focusing on rapid integration of the German bank, having already been integrated its own management team with that of the subsidiary. Strengthened revenue generation at BHF-Bank would demonstrate improved sales dynamic and a revitalised franchise. We expect wealth management to generate two-thirds of profits, providing the group with some earnings resilience. BHF-Bank accounts for around two-thirds of Oddo''s on-balance sheet assets, but we expect that management will improve earnings without increasing risks. While BHF-Bank has larger credit-related businesses, we expect management to align BHF-Bank''s risk profile to a large extent with that of Oddo. Oddo''s conservative risk appetite is underpinned by the group''s ownership, with a large number of employees holding company shares and Philippe Oddo as unlimited partner being liable for losses on liquidation. Oddo''s businesses expose the group to operational and reputational risks. However, Oddo has a sound track record of managing these risks, with effective protection of its franchise. BHF-BANK BHF-Bank''s IDRs are driven by the standalone strength of the bank, as expressed in its VR. The Positive Outlook reflects our expectation that BHF-Bank''s franchise, strategy and earnings will benefit from the subsidiary''s integration into Oddo. That Oddo''s main owner and Chief Executive is now also BHF-Bank''s Chief Executive supports our expectation of rapid integration. The ratings also reflect our expectation that the combination with Oddo will help to improve BHF-Bank''s weak profitability by exploiting its German franchise more effectively and by offering access to Oddo''s French client base. In our opinion, BHF-Bank''s recently poor performance is mainly due to the bank''s protracted restructuring under former owners and clients'' uncertainty arising from management changes prior to the acquisition. We expect BHF-Bank''s performance to improve and stabilise in the next two to three years because its new owner is managing operating costs tightly, and we expect the bank to benefit from group synergies. The decline of BHF-Bank''s common equity Tier 1 ratio to 14.1% at end-2015 from 17.8% at end-2013 reflects the bank''s weak capital generation and recent loan growth as well as the implementation of Basel III deductions. Capitalisation, however, remains adequate for its robust risk profile. BHF-Bank''s asset quality strongly improved in recent years, which is reflected in the gradual decline of its non-performing loans (NPLs). Most NPLs are covered by export credit guarantees, significantly reducing credit risk. However, due to the small size of BHF-Bank, its asset base remains concentrated. We believe that Oddo does not intend to pursue BHF-Bank''s recent expansion in corporate lending. BHF-Bank has been assigned Deposit Ratings that are aligned with its IDRs because its deposit-driven funding mix results in a small qualifying debt buffer. Consequently, it is far from offering material incremental probability of default protection to depositors or providing comfort that recoveries in a default scenario would be above average. SUPPORT RATING AND SUPPORT RATING FLOOR ODDO AND BHF-BANK While sovereign or institutional support for Oddo and for BHF-Bank is possible, it cannot be relied upon, resulting in the ''5'' Support Ratings and ''No Floor'' Support Rating Floors. This reflects the limited systemic importance of the banks in their respective countries. In addition, in Fitch''s view, legislative, regulatory and policy initiatives (including the implementation of the Bank Resolution and Recovery Directive) have substantially reduced the likelihood of sovereign support for financial institutions in the EU. It is likely that senior creditors will be required to participate in losses, if necessary instead of or ahead of the bank receiving sovereign support. Hence sovereign support, although possible, cannot be relied upon. While possible, potential support for Oddo from the main shareholder, the Oddo family, cannot be relied upon in Fitch''s opinion. In addition, we believe that although Oddo has a high propensity to provide support to BHF-Bank, its ability to provide extraordinary support is limited. BHF-Bank accounts for more than 50% of the combined entity''s total assets, which means that it would be difficult for Oddo to provide support to such a large subsidiary. SUBORDINATED DEBT ODDO The legacy lower Tier 2 subordinated debt of Oddo is notched down once from its VR in accordance with Fitch''s criteria to reflect below-average recoveries for this type of debt. RATING SENSITIVITIES IDRS, VR, SENIOR DEBT AND DEPOSIT RATINGS ODDO Earnings improvement is the key driver of the Positive Outlook on Oddo''s Long-Term IDR. While management has already taken material steps in terms of integration and cost reduction, Fitch expects to upgrade the bank once progress in turning around BHF-Bank''s profit generation is visible. Inability to improve profitability of the combined entity, potentially arising from the bank not being able to capitalise on the expanded and more diversified franchise, would likely result in a revision of the Outlook to Stable. Expansion into higher-risk businesses, which is currently not expected, or weakening in capitalisation could result in a downgrade. BHF-BANK BHF-Bank''s ratings are primarily sensitive to the progress of its integration with Oddo. The Positive Outlook reflects the expected benefits from the bank''s new ownership, in particular in terms of franchise, strategic orientations and earnings generation. No improvement in recurring revenue generation and cost efficiency or a weakening of the bank''s franchise, especially an outflow of assets under management, would result in negative rating pressure. Achieving cost efficiency could become particularly relevant if current market conditions dampen the bank''s customer activity and transaction-driven revenues. BHF-Bank''s Deposit Ratings are primarily sensitive to changes in the bank''s IDRs. Larger subordinated and senior vanilla debt buffers could lead to an upgrade of the Long-Term Deposit Rating to one notch above the Long-Term IDR. SUPPORT RATING AND SUPPORT RATING FLOOR ODDO AND BHF-BANK An upgrade of Oddo''s and BHF-Bank''s Support Ratings and upward revision of the Support Rating Floors would be contingent on a positive change in the systemic importance of the banks and in the sovereigns'' propensity to support their banks. This is highly unlikely, in Fitch''s view. SUBORDINATED DEBT ODDO The rating is sensitive to changes in Oddo''s VR and therefore to the same factors that would drive a change in the VR. The rating actions are as follows: Oddo et Cie Long-Term IDR: affirmed at ''BBB-''; Outlook Positive Short-Term IDR: affirmed at ''F3'' Viability Rating: affirmed at ''bbb-'' Support Rating: affirmed at ''5'' Support Rating Floor: affirmed at ''No Floor'' Senior unsecured debt: affirmed at ''BBB-'' Subordinated (legacy lower tier 2) debt (FR0010494419): affirmed at ''BB+'' Commercial paper: affirmed at ''F3'' BHF-Bank AG Long-Term IDR: affirmed at ''BBB-''; Outlook Positive Short-Term IDR: affirmed at ''F3'' Viability Rating: affirmed at ''bbb-'' Support Rating: affirmed at ''5'' Support Rating Floor: affirmed at ''No Floor'' Deposit Ratings: affirmed at ''BBB-/F3'' Contact: Primary Analysts Olivia Perney Guillot (Oddo et Cie) Senior Director +33 1 44 29 91 74 Fitch France S.A.S. 60 rue de Monceau, 75008 Paris Patrick Rioual (BHF-Bank AG) Director +49 69 7680 76 123 Fitch Deutschland GmbH Neue Mainzer Strasse 46-50 60311 Frankfurt Secondary Analysts Francois-Xavier Deucher (Oddo et Cie) Director +33 1 44 29 92 72 Sebastian Schrimpf (BHF-Bank AG) Analyst +49 69 7680 76 136 Committee Chairperson Christian Scarafia Senior Director +44 20 3530 1326 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1018087 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch''s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987677'|'2017-01-25T22:18:00.000+02:00'
'39f566af100eda5be211b77fea1916f7b193dbe5'|'Putin says Russian business of Glencore, Qatar, Intesa to be successful'|'Business News  16am EST Putin says Russian business of Glencore, Qatar, Intesa to be successful The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, November 20, 2012. REUTERS/Arnd Wiegmann/File Photo 1 MOSCOW President Vladimir Putin told trading giant Glencore ( GLEN.L ), Qatar''s sovereign wealth fund, and Italian bank Intesa ( ISP.MI ) that their business in Russia would be successful after they took part in the privatization of a stake in Rosneft ( ROSN.MM ). "I want to thank you for your trust, for your decision, want to express confidence that your business in Russia will be developing and developing successfully," Putin told a meeting with the investors. (Reporting by Olesya Astakhova; Writing by Denis Pinchuk; Editing by Polina Devitt) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-russia-rosneft-glencore-qatar-intesa-idUSKBN1591O9'|'2017-01-25T21:12:00.000+02:00'
'd0c4e974c1ea9b45de4d31ab89ded4cbef6bbf8b'|'Boeing expects to deliver more planes in 2017'|' 53pm GMT Boeing expects to deliver more planes in 2017 FILE PHOTO: Boeing facilities are seen in Los Angeles, California, U.S. April 22, 2016. REUTERS/Lucy Nicholson/File Photo Boeing Co ( BA.N ) said on Wednesday it expects to deliver between 760 and 765 commercial aircraft in 2017, higher than 748 deliveries in 2016. The world''s biggest maker of jetliners said it expected 2017 core earnings, which exclude some pension and other costs, in the range of $9.10-$9.30 per share on revenue of $90.5 billion-$92.5 billion (72.00 - 73.59 billion pounds). Boeing forecast operating cash flow of about $10.75 billion in 2017. The company reported cash flow of $10.50 billion in 2016. The company''s core earnings rose to $2.47 per share in the fourth quarter ended Dec. 31 from $1.60 a year earlier. Revenue fell 1.2 percent to $23.29 billion. (Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D''Silva)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boeing-results-idUKKBN1591G9'|'2017-01-25T19:53:00.000+02:00'
'600a7b309760625f5015c38dd2231e797758a465'|'Uganda''s Crane Bank assets, liabilities transferred to dfcu - central bank'|'Financials  14am EST Uganda''s Crane Bank assets, liabilities transferred to dfcu - central bank KAMPALA Jan 27 The assets and liabilities of Uganda''s Crane Bank, which was put in receivership because it lacked sufficient capital, have been transferred to dfcu , another mid-tier institution, the central bank governor said on Friday. Bank of Uganda Governor Emmanuel Tumusiime-Mutebile told a news conference that an external auditor appointed after Crane was put under management found liabilities exceeded assets, rendering it insolvent. (Reporting by Elias Biryabarema; Writing by Edmund Blair; editing by Susan Thomas) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/uganda-banks-idUSN6N17G02B'|'2017-01-27T15:14:00.000+02:00'
'109cf13958ce5de938ac37404ee23075a7657eef'|'Toshiba to sell less than 20 percent of chip unit, but may opt for IPO later'|'TOKYO Toshiba Corp ( 6502.T ) is currently looking to sell less than 20 percent of its memory chip business as it looks to raise capital to offset an upcoming multi-billion dollar charge, but may eventually list it, executives said on Friday.Toshiba Chief Executive Officer Satoshi Tsunakawa said he will do all he can to ensure the company doesn''t fall into negative net worth as a result of a writedown on its U.S. nuclear unit.The conglomerate will review its overseas nuclear business, Tsunakawa said, but added it has no plans to sell its infrastructure business.Toshiba''s board on Friday approved plans to make its core memory chip business a separate company and seek outside investment in it.(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-chips-idINKBN15B0N0'|'2017-01-27T05:26:00.000+02:00'
'd5a70f98339ca6ffc599a6327c69f897f5cd03b5'|'Tesco to buy UK wholesaler Booker for $4.64 billion'|'LONDON Britain''s biggest supermarket Tesco said it would buy the country''s largest cash and carry wholesale supplier Booker in a recommended share and cash merger which valued Booker at about 3.7 billion pounds ($4.64 billion)."This merger with Booker will further enhance Tesco''s growth prospects by creating the UK''s leading food business with combined expertise in retail, wholesale, supply chain and digital," Tesco CEO Dave Lewis said in a statement on Friday.Tesco said the deal, which represents a value of 205.3 pence per Booker share, a premium of 12 percent on Thursday''s closing price, would result in Booker shareholders owning about 16 percent of the combined group.($1 = 0.7977 pounds)(Reporting by Sarah Young, editing by James Davey)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/booker-group-m-a-tesco-idINKBN15B0JL'|'2017-01-27T04:27:00.000+02:00'
'5f0fdb613ffb12116ec69ce86756508945901857'|'Microsoft''s market value tops $500 billion again after 17 years'|'Technology   3:04pm GMT Microsoft''s market value tops $500 billion again after 17 years Microsoft Chief Executive Officer (CEO) Satya Narayana Nadella speaks at a live Microsoft event in the Manhattan borough of New York City, October 26, 2016. REUTERS/Lucas Jackson Microsoft Corp''s ( MSFT.O ) market capitalization topped $500 billion for the first time since 2000 on Friday, after the technology giant''s stock rose following another quarter of results that beat Wall Street''s expectations. Shares of the world''s biggest software company rose as much as 2.1 percent to $65.64, an all-time high, in early trading, valuing the company at $510.37 billion. The last time Microsoft was valued more was in March 2000, during the heyday of the dotcom era, when it had a market value of a little above $550 billion, according to Thomson Reuters data. Despite the gains, Microsoft still lags Apple Inc''s ( AAPL.O ) market capitalization of about $642 billion and Google-parent Alphabet Inc''s ( GOOGL.O ) market value of a little more than $570 billion. Microsoft reported second-quarter results on Thursday that beat analysts'' average estimate for both revenue and profit, mainly due to its fast-growing cloud computing business. The company''s profit and revenue have now topped Wall Street''s expectations in seven of the last eight quarters. Chief Executive Satya Nadella has been trying to reinvigorate Microsoft since taking over the lumbering giant nearly three years ago, and has helped build more credibility around the company''s efforts in areas such as cloud-based services. When he took the top job in February 2014, the company''s stock was trading at around $34 and its market value was roughly $315 billion, according to Thomson Reuters data. "The pieces are falling into place as we are starting to see an important shift in the model, with improving profitability in growth segments," RBC Capital Markets analysts wrote in a note. At least 11 brokerages raised their price targets on the stock, boosting the median price target to $68.50 from $68.00. Of the 37 analysts covering the stock, 27 rate it "buy" or higher, eight have a "hold" rating and two "strong sell". (Reporting by Supantha Mukherjee in Bengaluru; Editing by Savio D''Souza) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-microsoft-results-research-idUKKBN15B1L6'|'2017-01-27T22:04:00.000+02:00'
'd50812754a96ee903a49c7c8a8a961cee7d37ca4'|'Fitch Affirms Autonomous Region of Sardinia at ''A-''; Outlook Negative'|'Financials  05pm EST Fitch Affirms Autonomous Region of Sardinia at ''A-''; Outlook Negative (The following statement was released by the rating agency) MILAN/LONDON/PARIS, January 27 (Fitch) Fitch Ratings has affirmed the Autonomous Region of Sardinia''s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ''A-'' and Short-Term Foreign Currency IDR at ''F2''. The Outlook is Negative, reflecting that of Italy. The ''A-'' rating reflects the high financial autonomy of Sardinia due to its special status, underpinning the region''s sound and stable budgetary performance. The affirmation also reflects our expectation that the region''s direct debt will remain low with solid debt ratios and budgetary performance will remain stable over the medium term. The affirmation further takes into account Sardinia''s expected progressive economic recovery, supporting the regional tax base. KEY RATING DRIVERS Autonomy Underpins Ratings Sardinia is rated above the Italian sovereign (BBB+/Negative), as its financial and fiscal autonomy entitles the region to receive fixed shares of major national taxes, ranging from 70% of personal income tax (PIT) to 90% of VAT. Its constitutionally protected special autonomous status underpins the region''s tax resilience, shielding the revenue structure from the risk of unilateral interference from the state, including risks of annual budgetary appropriations. However, stressed sovereign finances mean Sardinia, as with other regions, is a contributor to Italy''s consolidation efforts. Fitch therefore limits the uplift above the sovereign rating to one notch to capture possible interferences by the state and the subsequent risk of weakening predictability of inter-governmental relations. Solid Fiscal Performance Fitch expects Sardinia to post an operating balance of around 7% in 2016-2018, or EUR500m, as declining transfers are offset by tight cost control. The estimate excludes non-recurrent items, such as arrears from the national government. Residual budgetary flexibility accounting for 3% of operating revenue and a robust tax base will also help maintain the region''s healthy budget. Fitch estimates regional investments of EUR3.5bn in 2016-2018, mostly financed by EU funds. The investments focus on hospitals, as well as environment and hydro-geological works, which should support local economic activities. Sustainable Risks, Healthy Liquidity According to preliminary data, Sardinia''s stock of direct debt at end-2016 remained at EUR1.1bn, excluding EUR215m subsidised loans contracted in December to pay down commercial liabilities, and EUR14m debt charged to the state. After the recently revised policy on early debt repayment (to EUR340m in 2015-2019 from EUR450m in 2016-2018), Fitch expects the regional stock of debt to start rising towards EUR1.4bn by 2019, or around 20% of revenue. Direct risk, which includes subsidised loans, will remain at below 25% of the budget, and the payback ratio (debt coverage by the current balance) should be about three years, below the average life of debt of seven years. We believe that cash balance should remain solid at about EUR300m (EUR450m at end-2016, according to preliminary figures), twice the average annual debt service requirement, providing a buffer against unexpected shortfalls. Slow Economic Recovery Sardinia''s socio-economic profile remained weaker than the national economy in 2016, with GDP per capita at 75% of the EU average and the unemployment rate above the national level (15.9% in 3Q16 versus 10.9% nationally), although down 1.6ppts from 2015. Fitch expects slight GDP improvement in 2016-2017, mainly driven by tourism and, to a lower extent, by industry and commerce, offsetting decreasing exports in oil and mining products. Projects from new public infrastructures as well as tax relief and bureaucratic simplifications will be key to revitalising the region''s long-term economy and supporting the regional tax base. Active Management Overcomes Challenges The regional administration has expressed its commitment to streamline operating costs, while revitalising the local economy to strengthen revenue. A solid budget has allowed Sardinia to recover its fund balance deficit of EUR1.4bn at end-2015, gross of loans to pay down payables, by EUR55m in 2016. The healthcare sector continued to post a deficit of EUR290m in 2016 (EUR320m in 2015), mainly due to high pharmaceutical costs and inefficient hospitals structures. The regional administration aims to reverse the sector deficit during 2016-2019 through cost restraint and a rationalisation of structures and processes. Fitch will continue to monitor the three-year recovery plan''s implementation. RATING SENSITIVITIES A downgrade of Italy, a prolonged economic downturn or economic shock with an unemployment rate above 20% that jeopardise tax revenue generation could result in a downgrade of Sardinia. A structural deterioration of the operating margin significantly to below 6% over the medium term, with debt rising sharply above 50% of revenue could also lead to a downgrade. Contact: Primary Analyst Federica Bardelli Associate Director +39 02 87 90 87 261 Fitch Italia SpA Via Morigi 6 - Ingresso Via Privata Maria Teresa, 8 20123 Milan Secondary Analyst Gian Luca Poggi Director +39 02 87 90 87 293 Committee Chairperson Christophe Parisot Managing Director +33 1 44 29 91 34 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria International Local and Regional Governments Rating Criteria - Outside the United States (pub. 18 Apr 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1018248 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch''s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987290'|'2017-01-28T00:05:00.000+02:00'
'624a9c9f7296fefb248be2f86b666678937aa943'|'Hollywood effects firm Deluxe Entertainment looks to China for deal'|'Deals   7:02pm EST Hollywood effects firm Deluxe Entertainment looks to China for deal By Liana B. Baker Deluxe Entertainment, a U.S. company which makes visual effects for Hollywood movies and television shows such as HBO''s Game of Thrones, said it had hired an investment bank to look for partnership opportunities in China, the world''s second-largest movie market. The move comes as Chinese companies and funds step up their investments in U.S. entertainment assets, having acquired companies ranging from acrobatic performance firm Cirque du Soleil to Hollywood studio Legendary Entertainment. "Deluxe is currently evaluating partnership opportunities in China as part of our ongoing strategy to grow and globalize the company," John Wallace, Deluxe''s chief executive, said in a statement to Reuters. A spokesman for MacAndrews & Forbes, the operating company owned by billionaire Ron Perelman which owns Deluxe, said that Goldman Sachs Group Inc ( GS.N ) had been hired to assist in the effort. Deluxe is hoping to find a partner that could provide both capital and new business opportunities in China for its creative services unit, the part of the company that provides sound mixing, film coloring and other post-production services for film projects. This unit competes with Walt Disney Co''s ( DIS.N ) Industrial Light & Magic and France''s Technicolor SA ( TCH.PA ). In 2016, China overtook the United States as the country with the largest number of movie screens, according to China''s film and television regulator. While its box office slowed last year, its share of worldwide movie ticket sales has been increasing steadily, and it is projected to overtake the United States and Canada in ticket sales within the next few years. China contributed $1.8 billion in ticket sales to Hollywood''s 20 highest-grossing films of 2016. As Deluxe''s clients look to China to boost their box office revenue, "it''s only natural that Deluxe would expand along with them," Wallace said. Co-productions between U.S. studios and Chinese studios are also becoming more common, which could boost demand for services that support the local industry. In December, Chinese theaters debuted "The Great Wall," a movie partly filmed in China starring Matt Damon and produced by Legendary Entertainment - the Hollywood studio purchased by China''s Dalian Wanda - along with China Film Group and others. Wanda is also offering film credits to lure U.S. productions to Qingdao, a city on China''s eastern coast that is trying to become China''s Hollywood. MacAndrews & Forbes acquired Deluxe in 2006 for $750 million from British gambling company Rank Group Plc ( RNK.L ). (Reporting by Liana B. Baker in San Francisco; Additional reporting by Lisa Richwine in Los Angeles; Editing by Bill Rigby) Next In Deals Speculation builds on a Verizon-Charter tie-up, no offer made Verizon Communications Inc is interested in exploring a combination with U.S. cable company Charter Communication Inc as part of a long list of acquisition targets, but no proposal has been made for a tie-up between the two companies, sources told Reuters on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-deluxe-entertnmt-m-a-idUSKBN15B008'|'2017-01-27T06:57:00.000+02:00'
'e6e48f8560592cb46670dc5e59f452497982af80'|'Japan December core consumer prices fall at slowest pace in nearly a year'|' 11am GMT Japan December core consumer prices fall at slowest pace in nearly a year left right A clerk arranges shoes at a shop in Tokyo, Japan, January 23, 2017. Picture taken on January 23, 2017. REUTERS/Kim Kyung-Hoon 1/2 left right People are seen at a market street in Tokyo, Japan, January 23, 2017. Picture taken on January 23, 2017. REUTERS/Kim Kyung-Hoon 2/2 By Leika Kihara - TOKYO TOKYO Japan''s core consumer prices fell at the slowest annual pace in nearly a year in December, data showed on Friday, a sign inflation should pick up in coming months on a rebound in oil costs and rising import costs from a weak yen. The data will be among factors the Bank of Japan will scrutinise at its policy meeting early next week, where it is widely expected to keep monetary policy steady and maintain its upbeat inflation projections. The nationwide core consumer price index, which includes oil products but excludes volatile fresh food prices, slipped 0.2 percent in December from a year earlier, government data showed, compared with a median market forecast for a 0.3 percent fall. It was the 10th straight month of declines but the smallest fall since February, when there was a flat reading. Core consumer prices in Tokyo, available a month before the nationwide data, fell 0.3 percent in January from a year earlier, against the median market forecast for a 0.4 percent drop. It followed a 0.6 percent decline in December, the biggest annual drop in nearly four years. Japan posted a third straight quarter of annual expansion in July-September and analysts expect growth to pick up in coming quarters, thanks to a recent pick-up in exports and factory output driven by improvements in emerging economies. Policymakers hope that prospects of a sustained recovery will prompt companies to boost wages and household spending, seen as a soft spot in the world''s third-largest economy. While prospects of accelerating inflation offer some relief for the BOJ, many central bankers remain wary on whether price rises driven by external factors could help speed up inflation to their ambitious 2 percent target. Data showed overall consumer prices rose 0.3 percent in December from a year earlier. (Reporting by Leika Kihara; Editing by Richard Borsuk)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-cpi-idUKKBN15A38J'|'2017-01-27T07:11:00.000+02:00'
'bc6811c4f58d43594cec539553470c7e9e65a051'|'Vodafone says in Indian merger talks with Idea Cellular'|'Mon Jan 30, 2017 - 8:06am GMT Vodafone says in Indian merger talks with Idea Cellular A man speaks on his mobile phone next to a Vodafone advertisement in Kolkata, India, September 26, 2016. REUTERS/Rupak De Chowdhuri LONDON Vodafone ( VOD.L ) said on Monday it was in talks to merge its Indian operations with rival Idea Cellular ( IDEA.NS ) in an all-share deal that could help the groups counter the fierce competition in the market. In a short statement, Vodafone said it was in talks with Idea''s parent, conglomerate Aditya Birla. It said any merger would involve Idea issuing new shares to Vodafone and would result in Vodafone deconsolidating Vodafone India. Shares in Vodafone were up 3.5 percent in early trading. (Reporting by Kate Holton; editing by William Schomberg) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-vodafone-m-a-idea-cellular-idUKKBN15E0MB'|'2017-01-30T15:04:00.000+02:00'
'd1c06a5a30f8ed8a4a76ded5d912958ec73c8d28'|'Swiss vote on multinational tax perks in February referendum'|'  7:13am GMT Swiss vote on multinational tax perks in February referendum left right A Swiss flag is pictured in front of the Federal Palace (Bundeshaus) is pictured in Bern, Switzerland, January 16, 2017. Picture taken on January 16, 2017. REUTERS/Denis Balibouse 1/9 Global and local tax competition 2/9 left right A general view shows the forge at a plant of medical implants maker Zimmer Biomet in Winterthur, Switzerland, January 23, 2017. Picture taken on January 23, 2017. REUTERS/Arnd Wiegmann 3/9 left right The logo of medical implants maker Zimmer Biomet is seen at a plant in Winterthur, Switzerland, January 23, 2017. Picture taken on January 23, 2017. REUTERS/Arnd Wiegmann 4/9 left right Medical implants are displayed at a plant of medical implants maker Zimmer Biomet in Winterthur, Switzerland, January 23, 2017. Picture taken on January 23, 2017. REUTERS/Arnd Wiegmann 5/9 left right An employee takes a glowing piece of metal from a furnace at the forge of medical implants maker Zimmer Biomet in Winterthur, Switzerland, January 23, 2017. Picture taken on January 23, 2017. REUTERS/Arnd Wiegmann 6/9 left right Employees pack medical implant nails in a cleanroom at a plant of medical implants maker Zimmer Biomet in Winterthur, Switzerland, January 23, 2017. Picture taken on January 23, 2017. REUTERS/Arnd Wiegmann 7/9 left right A robot grinds a medical implant at a plant of medical implants maker Zimmer Biomet in Winterthur, Switzerland, January 23, 2017. Picture taken on January 23, 2017. REUTERS/Arnd Wiegmann 8/9 left right Plant Associate Director Andreas Klaeui (R) stands beside CEO Luigi Sorrentino of medical implants maker Zimmer Biomet at a plant in Winterthur, Switzerland, January 23, 2017. Picture taken on January 23, 2017. REUTERS/Arnd Wiegmann 9/9 By John Revill - ZURICH ZURICH U.S. medical implant maker Zimmer Biomet''s ( ZBH.N ) decision on a potential $40 million investment in its Swiss factory has been put on hold until the outcome of a referendum next month on tax reform. A long-standing tax break that has attracted thousands of companies to Switzerland is set to go and the issue for Zimmer and some 24,000 international firms is how the new regime will stack up against other low-tax jurisdictions. That''s not immediately clear as Switzerland''s 26 regions, or cantons, set their business taxes. Consultants KPMG reckon the average Swiss corporate rate will be about 14 percent after the reform, above Ireland''s 12.5 percent, but lower in some cantons. (Graphic on tax rates: tmsnrt.rs/2kdi2Ow ) Switzerland has been in the European Union''s firing line for years because cantons have a special tax status for foreign companies that means some pay virtually no tax over an effective federal tax of 7.8 percent. The country agreed with Brussels in 2014 to abolish this status as it allows some foreign firms to pay far lower tax on overseas earnings, an attractive perk for multinationals looking to lower tax bills. Most Swiss recognize the country needs tax reform to avoid being blacklisted as a low-tax pariah, but the new measures proposed to help companies offset the loss of the special status breaks have created deep divisions. Companies will get tax breaks on research and development (R&D) in Switzerland, profits from patents developed there and deductions for excess company equity. In addition, many cantons say they will also reduce corporate tax rates for all companies to reduce the fiscal burden and dissuade multinationals from leaving. Zug, for example, taxes special status firms at 8 percent to 11 percent and ordinary companies at 14.6 percent. After the reforms, it plans to tax all companies at 12 percent. TOO GENEROUS The No campaign comes from a coalition including the Social Democrat Party, Greens, trade unions and church leaders, as well as some from right-leaning parties that back the proposals. They say the reforms overall will lead to lower tax revenue, and fear the public will bear the brunt through cuts in public services or higher personal taxes. The federal government has pledged to give cantons an extra 1.1 billion Swiss francs ($1.1 billion) to help cover expected budget shortfalls. But critics say the new tax breaks would punch a 3 billion franc hole in budgets. They estimate that in Zurich, citizens would face a 14 percent increase in income tax to cover an expected annual shortfall of 223 million francs. "No one is disputing that there is a need for reform, but with this proposal ordinary people are financing the big companies who are taking record dividends out of Switzerland," said Swiss lawmaker Jacqueline Badran. After parliament approved the measures last year, critics gathered the 50,000 signatures needed to trigger the Feb. 12 referendum, which can overturn the parliamentary vote. Those backing the government say the reforms strike a balance between abolishing the tax breaks criticized by Brussels and new measures that will keep Switzerland competitive. "We believe the tax legislation proposed is a good solution for Switzerland. We would basically see very little impact. Our tax rate would stay relatively stable. We''re hoping for a positive outcome," said Joe Jimenez, chief executive officer of pharmaceutical giant Novartis ( NOVN.S ). UNCERTAINTY Luigi Sorrentino, manager of Zimmer Biomet''s Winterthur site, which is also its European headquarters, reckons the U.S. firm would be more likely to expand its hip and spine implant factory if the public backs the reform and ends the uncertainty. But if voters send the proposals back to the drawing board, other locations may become more attractive. "We have investment plans to install new products and transfer new business to this site but we are waiting to see what happens," said Sorrentino. "We have 30 sites around the world and we are competing with them for investment dollars." After the financial crisis the Organization for Economic Co-operation and Development (OECD) came up with an action plan to tackle so-called base erosion and profit shifting - where multinationals book profits in low-tax jurisdictions from revenue earned elsewhere. The OECD estimates $100 billion to $240 billion of tax is lost each year through such schemes. The EU has investigated tax structures used by Amazon ( AMZN.O ) and a Fiat ( FCAU.N ) subsidiary in Luxembourg, as well as Starbucks ( SBUX.O ) in the Netherlands and it ordered Ireland to recover $14 billion from Apple ( AAPL.O ). In Switzerland, companies pay a cantonal tax on top of the federal tax. Overall, corporate rates range from 12 percent to 24 percent depending on the canton, with Lucerne the lowest and Geneva the highest. But for foreign firms with sizable overseas sales, the special status tax break for so-called holding, domiciliary or mixed companies means their tax rates range from just 7.8 percent to 12 percent. For some companies benefiting from special status, the reforms still look appealing. "We would love to have any benefits from increasing investment, or having investment in R&D. Switzerland is our HQ and most important R&D center," said Bracken Darrell, chief executive of Logitech ( LOGN.S ), which makes products such as computer mice and wireless switches controlling lighting. HIGH STAKES The stakes are high for Switzerland, already coming to terms with the end its long-cherished tradition of banking secrecy. If multinationals pull out, Switzerland''s economy could suffer. The changes also come at a time U.S. President Donald Trump is considering slashing corporate taxes and Britain is making noises about cutting its rates when it leaves the EU. The government says special status firms employ 150,000 people and contribute half of federal corporate taxes. It argues that bringing taxes into line with international norms would make Switzerland more attractive, securing jobs and prosperity. According to research institute BAK Basel Economics, if 3,000 of the most mobile international companies - those with a headquarters, management or commodity trading business - were to leave, the fallout would be significant. It estimates Swiss gross domestic product would shrink by 5.6 percent in the short term and 175,000 jobs would go, and the long-term fallout would be more significant as global tax competition increases. Peter Uebelhart, head of tax at KPMG Switzerland, however, argues, that a tax system that complies with international standards would encourage firms to stay. Pollsters say the outcome of the referendum is too close to call and many voters say they are confused by the issues. "I don''t really understand it, I don''t think the politicians do either, I think hardly anyone does," said Daniel Schiesser, a language teacher from Zurich. "The supporters say hundreds of companies will leave, but that''s pure guess work and ignores the other advantages of them being in Switzerland. The opponents say a counter proposal can be introduced in two years, but that''s doubtful." In Zug, the vote is being watched very closely. The canton is home to 1,800 special status companies which contribute nearly a third of its tax revenue. "If the reforms are rejected nobody knows what will happen ... nobody has a plan B," said Heinz Taennler, Zug''s finance director. "There is very real risk that some companies could leave Zug, which would be very damaging." ($1 = 0.9999 Swiss francs) (Additional reporting by Angelika Gruber and John Miller; editing by David Clarke)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-swiss-tax-analysis-idUKKBN15E0IQ'|'2017-01-30T14:10:00.000+02:00'
'50cacd641d61b7bdd820196cfd46563aa23810d1'|'Nikkei pushes closer to one-year high, on track for weekly gain'|'Company News  29pm EST Nikkei pushes closer to one-year high, on track for weekly gain * Market gets tailwind from dollar''s overnight 1.1 gain vs yen * Mining, oil shares gain, as Wall Street strength lifts sentiment TOKYO Jan 27 Japan''s Nikkei share average edged higher on Friday and looked set for a solid weekly gain as the weaker yen helped push it closer to a one-year high. The Nikkei was up 0.4 percent at 19,474.15 points by midday, and was poised to gain 1.8 percent for the week. It moved closer to the Jan. 5 high of 19,615.40, a break of which would take it to its highest since December 2015. Sentiment was also bolstered by overnight gains on Wall Street, where the Dow Jones Industrial Average rose 0.2 percent and remained above the 20,000 peak scaled for the first time on Wednesday. The dollar gained 1.1 percent against the yen overnight, on optimism over the U.S. economic outlook and corporate earnings despite concerns about U.S. President Donald Trump''s protectionist policies. It last bought 114.93 yen, up 0.4 percent on the day. Japanese markets do not observe the Lunar New Year holiday celebrated in much of Asia. "With Hong Kong and the region beginning their Chinese New Year holidays today, with half trading days and a holiday feel, there are two things that can happen during that period," said Stefan Worrall, director of Japan equity sales at Credit Suisse in Tokyo. Trading "can become quite dull," he said, or else with other markets unable to react to whatever unfolds, "Japan can have an amplified reaction by nature of it being played as a proxy market while the rest of the region is on holiday." There was little market reaction to Japanese inflation data released earlier in the day. Core consumer prices continued to fall in December, though at the slowest annual pace in nearly a year, suggesting that inflation should pick up in coming months on a rebound in oil costs and rising import costs from a weak yen. "Stocks show stability today, and the market ignores the Japanese government''s announcement of a drop in the CPI since their model basket of goods is flawed and does not take into account rises in food or energy prices that consumers are suffering," said Hiroki Allen, chief representative of Superfund Japan in Tokyo. Commodities shares gained, with The Tokyo Stock Exchange''s mining subindex up 4.5 percent and the oil and coal subindex adding 2.2 percent. Industrial robot maker Fanuc Corp pared losses but slipped 0.1 percent, after its upwardly revised full-year operating profit forecast still fell short of forecast by Thomson Reuters analysts Condiment maker Kagome Co rose 3.6 percent after it raised its operating profit forecast for the year which ended in December 2016. The broader Topix was up 0.4 percent at 1,551.09, and the JPX-Nikkei Index 400 was 0.5 percent higher at 13,924.34. (Reporting by Tokyo markets team; Editing by Kim Coghill) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1FH1CW'|'2017-01-27T10:29:00.000+02:00'
'a343cb0d1aab68cef44208a9109ceb9386464dc9'|'UBS says Q4 net profit 738 mln Sfr; offers 0.60 Sfr dividend'|'Fri Jan 27, 2017 - 12:59am EST UBS says fourth-quarter net profit 738 mln Sfr; offers 0.60 Sfr dividend the logo of Swiss bank UBS is seen in Zurich, Switzerland November 10, 2016. REUTERS/Arnd Wiegmann ZURICH UBS ( UBSG.S ), Switzerland''s biggest bank, on Friday posted 738 million Swiss francs ($737.3 million) in fourth-quarter net profit and proposed an unchanged ordinary dividend of 0.60 francs for 2016. The median net profit estimate in a Reuters poll of 15 analysts was for 339 million francs, while expectations were for a dividend of 0.60 francs per share. Net profit was down from 949 million francs in the same quarter last year, which had benefited from a net tax benefit of 715 million francs. "Although macroeconomic uncertainty, geopolitical tensions and divisive politics continue to affect client sentiment and transaction volumes, we have begun to observe improved investor confidence, primarily in the US, which may benefit our wealth management businesses," it said in a statement. (Reporting by Joshua Franklin; Editing by Michael Shields) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-ubs-group-results-idUSKBN15B0D0'|'2017-01-27T12:54:00.000+02:00'
'4670942d5f75da372b865926d90e5b854e3d19da'|'UPDATE 1-UK lender Paragon says Q1 profit in line with its expectations'|'Private Equity  21am EST UPDATE 1-UK lender Paragon says Q1 profit in line with its expectations (Adds details, context) Jan 27 Lender Paragon Group of Companies said its first-quarter underlying operating profit was in line with its expectations, driven in part by high-margin business wins and cost control, despite regulatory changes and uncertainty due to Britain''s vote to leave the European Union. Paragon, which has been diversifying its business from its core buy-to-let mortgage market, reported underlying operating profit of 33.1 million pounds ($41.51 million) in the quarter ended Dec. 31. Throughout the final months of 2016 the buy-to-let market saw lenders tightening criteria ahead of the Prudential Regulation Authority''s (PRA) underwriting changes, Paragon said in a statement. "...As market criteria tightened during the last quarter, the Group''s pipeline continued to grow from its low point in the summer," the company said. Paragon had tightened lending criteria in January last year as it braced for a turbulent period, leaving it well placed to win business from rivals that revised their criteria later. The company said it was too early to determine the full extent of the PRA and other regulatory changes on the market, but added that its "strong" pipeline would allow it to achieve new business volumes in 2017. Paragon''s buy-to-let lending pipeline rose to 639.8 million pounds at December end from 321.1 million pounds at the end of September. House prices have consistently outpaced a rise in wages for Britons, leading people to rent more, in turn making buy-to-let an attractive investment. The Bank of England also said this month that the availability of mortgage lending was flat in late 2016, although demand for buy-to-let borrowing rose significantly, despite tax changes introduced in April that were partly designed to cool the market. Paragon said total originations and investments rose to 380.7 million pounds from 254.4 million pounds in the previous quarter, but fell from the 460.6 million pounds it reported a year earlier. The lender''s Idem Capital division, a consumer debt buyer and servicer of third-party loans, had a "strong" trading period, with 95.4 million pounds of gross investments, Paragon said. Activity levels at Idem had returned after a post-Brexit hold-off as a majority of expected transactions were put on hold over the summer and activity declined, it said. Paragon''s retail-funded lending bank, which was launched the in 2014 to enable the company to diversify beyond the mortgage market, saw deposit levels rise to 2.03 billion pounds in the quarter from 1.05 billion pounds a year earlier. ($1 = 0.7974 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/paragon-group-outlook-idUSL4N1FH1WJ'|'2017-01-27T15:21:00.000+02:00'
'e869bb09a850a50de10aefd4a33900e42a1fbf54'|'Melania Trump on Vanity Fair Mexico cover'|'Melania Trump on Vanity Fair Mexico cover at an awkward time by Aaron Smith @AaronSmithCNN January 27, 2017: 11:16 AM ET Melania Trump is gracing the cover of Vanity Fair Mexico at an awkward time. The first lady is pictured for the February issue of the magazine , poised with a fork over a bowl of jewels, as if preparing to eat them like pasta. One of the cover lines proclaims her the "nueva Jackie Kennedy." Vanity Fair Mexico tweeted the cover and story on Thursday, the same day President Enrique Peña Nieto canceled a meeting with President Trump over his insistence that Mexico pay for the wall he intends to build along the border. Related: Mexican tariff would pay for wall, but hurt Americans Trump administration officials later floated the idea of a 20% tariff on imports from Mexico to pay for the wall, a cost that would be passed in part to American consumers. The Vanity Fair Mexico story and photo are recycled from GQ''s edition last April . GQ and Vanity Fair are owned by the same parent company, Condé Nast. President Trump has feuded with Vanity Fair for years. --CNNMoney''s Jose Pagliery and Patrick Gillespie contributed to this report. CNNMoney (New York)   27, 2017: 11:16 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/27/media/melania-trump-vanity-fair-mexico/index.html'|'2017-01-27T23:19:00.000+02:00'
'966aef3b872df62abb482c37aa0afedb2e78d5ae'|'Pharol rejects Elliott''s alternate plan for Brazil carrier Oi'|'SAO PAULO Jan 27 Pharol SGPS SA, the largest shareholder of Brazilian phone carrier Oi SA, said on Friday it does not back any alternate reorganization plan for the company in bankruptcy protection, including a proposal made by Elliott Management.Pharol said in a written statement to Reuters that it will only back changes to Oi''s current reorganization proposal if they are approved by the carrier''s board. (Reporting by Ana Mano; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oi-sa-restructuring-idINE6N1DF00T'|'2017-01-27T17:08:00.000+02:00'
'eee0f297bbc6796feb7ad05b00f429cdb270bd64'|'UPDATE 1-Certain flight crew barred from U.S. entry after Trump order - IATA memo'|'Company News - Sat Jan 28, 2017 - 11:16pm EST UPDATE 1-Certain flight crew barred from U.S. entry after Trump order - IATA memo (Adds details on ban, airline industry comment) By Jeffrey Dastin Jan 28 A new ban on U.S. travel for nationals of seven Middle Eastern countries caught the airline industry unprepared, with flight crew from those states also barred from entering, the International Air Transport Association said on Saturday. U.S. Customs and Border Protection (CBP) has briefed the global trade group that passport-holders from states such as Iran and Iraq, including cabin crew, will be barred entry to the United States, IATA said in an email to its member airlines, seen by Reuters. The email underscores airlines'' confusion about the situation as well as the challenge some may face from crew scheduling. Airlines also stand to lose business: for instance, around 35,000 travelers from Iran visited the United States in 2015, according to the U.S. Department of Homeland Security. "Much of this development has come over the weekend and at a time when IATA''s Facilitation team has been on duty travel. Unfortunately, our response has been slower than we would have preferred," the email said. "A number (of questions) have yet to be resolved." The executive order by President Donald Trump bans travelers with passports from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen for 90 days. IATA was informed that lawful permanent residents of the United States - or green-card holders - from those countries are not included in the ban. However, a Trump administration official told reporters that green-card holders from the countries need to check with a U.S. consulate to see whether they can return, causing some confusion for airlines, which still plan to follow CBP guidance. Qatar Airways said earlier on its website Saturday that passengers would need a green card or diplomatic visa to enter the United States. (Reporting by Jeffrey Dastin in Redwood City, California; Editing by Bill Rigby and Stephen Coates) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-airlines-idUSL1N1FJ03D'|'2017-01-29T11:16:00.000+02:00'
'7fda0bc1e993d35fa82c4a3e1f8981b680f4d033'|'Etihad, Lufthansa CEOs to hold news conference on cooperation drive'|'Business News - Sun Jan 29, 2017 - 1:52pm GMT Etihad, Lufthansa CEOs to hold news conference on cooperation drive An Etihad Airways Boeing 777-3FX company aircraft takes off at the Charles de Gaulle airport in Roissy, France, August 9, 2016. REUTERS/Jacky Naegelen ABU DHABI/FRANKFURT Abu Dhabi''s Etihad Airways and German carrier Lufthansa LHAD.DE will hold a joint news conference on their cooperation plans in Abu Dhabi on Wednesday, the airlines said on Sunday. Etihad and Lufthansa last month signed a code share pact and said they wanted to explore cooperation in other areas. This came after German carrier signed an agreement with Air Berlin to lease from it 38 crewed planes. Lufthansa said on Sunday the news conference would be on future cooperation. Etihad''s invitation to the event said chief executives of Etihad and Lufthansa, James Hogan and Carsten Spohr respectively, would address the media in Abu Dhabi. Etihad owns minority stakes Air Berlin ( AB1.DE ) and Alitalia CAITLA.UL, both of them loss-making. Despite media speculation over possible moves by Lufthansa to invest in the Italian carrier and taking on more with Air Berlin, Lufthansa executives have repeatedly said in recent weeks that the airline was too busy with the integration of the Air Berlin planes and a takeover of Brussels Airlines. Last week, Etihad Aviation Group, the holding company of the airline, announced Hogan would leave the company in the second half of 2017. (Reporting By Stanley Carvalho in Abu Dhabi and Victoria Bryan in Frankfurt; Editing by Raissa Kasolowsky) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lufthansa-etihad-idUKKBN15D0OC'|'2017-01-29T20:52:00.000+02:00'
'5c353d419f9745a9d184fb607dee430a207afe7a'|'Canada''s Saputo makes bid for rest of Australia''s Warrnambool Cheese and Butter'|'  5:33pm EST Canada''s Saputo makes bid for rest of Australia''s Warrnambool Cheese and Butter SYDNEY Jan 30 Canadian diary company Saputo Inc said on Monday it will make an all-cash takeover offer for the 12 percent of Warrnambool Cheese and Butter it does not already own, valuing the company at A$682 million ($515 million). The A$8.85 per-share offer announced by Saputo in a statement to the Australian Securities Exchange is a 24.8 percent premium to Warrnambool''s Friday closing price of A$7.09. Saputo, which already owns 88.02 percent of Warrnambool shares, said it will fund the acquisition from cash on hand and existing credit facilities. ($1 = 1.3233 Australian dollars) (Reporting by Tom Westbrook; Editing by Lincoln Feast)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/wcb-ma-saputo-idUSL4N1FJ0EY'|'2017-01-30T05:33:00.000+02:00'
'243721885670360b1441d62a94e6fe5fe8db3cf7'|'US Homeland Security says will ''comply with judicial orders'''|'Industrials   2:05am EST US Homeland Security says will ''comply with judicial orders'' Jan 28 The U.S. Department of Homeland Security said in a statement late on Saturday it would "comply with judicial orders" but that   executive action restricting entry into the country from seven Muslim-majority nations remains in place. The statement was issued hours after a federal judge in New York blocked the deportation of dozens of travelers and refugees from those countries who were stranded at U.S. airports. "These individuals went through enhanced security screenings and are being processed for entry to the United States, consistent with our immigration laws and judicial orders," the Homeland Security statement said. (Reporting by Alex Dobuzinskis in Los Angeles;   Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-trump-immigration-homelandsecurity-idUSL1N1FJ06H'|'2017-01-29T14:05:00.000+02:00'
'59569b379404ec0de6c186d578967faf3406ea79'|'UK car insurers braced to raise injury payouts'|'UK motor insurers braced for hit from higher injury payouts Providers fear change to compensation rate when result of review is announced Read next by: Oliver Ralph , Insurance correspondent It has been nine years since a serious traffic accident in the UK left a young girl with life changing injuries. Her father, who asked only to be known as Christy, says that after years of legal wrangling he has been left with a compensation payment that has done little to soothe concerns about his daughter’s financial future. One of the things that particularly stung was the method used to calculate the compensation. The formula used by UK courts left the family with far less than they were expecting. That could change next month, when Liz Truss , the Lord Chancellor, is due to announce the result of a review of the rate used by courts to work out lump sum compensation payments . Any change to the so-called Ogden rate would potentially affect payments worth billions of pounds that are made by the insurance industry — especially motor insurers — and public sector bodies such as the NHS. It would mean that reserves for past claims that have not yet been paid might have to rise, while the costs of future claims would also go up. Analysts at Macquarie have highlighted Admiral and Direct Line as the two insurers most exposed to the change. Direct Line’s latest annual report says a 1 percentage point decrease in the Ogden rate would wipe £190m off its profits. Insurers would be likely to pass any added costs on to customers in the shape of higher premiums. When calculating the size of compensation awards, the courts have to make an assumption about how much interest the money will earn when it is invested. This assumption is known as the discount rate — the higher the rate, the lower the initial lump sum required and vice versa. The rate has been set at 2.5 per cent since 2001, but interest rates have fallen sharply since then. The Association of Personal Injury Lawyers has been campaigning for a change, saying that in a low interest rate world, 2.5 per cent is far too high. “We think the rate has been wrong for many years,” says Neil Sugarman, president of Apil. “It assumes a far greater return than [people] are able to achieve, so they are in grave danger of running out of money.” The Ministry of Justice says the Lord Chancellor has a duty to make sure personal injury claimants are fairly compensated and so has launched a review. The process has been long and controversial. The government ran consultations on the issue in 2012 and 2013 but never released the results. Apil wants to see the Ogden rate lowered to minus 0.5 per cent, reflecting the low investment returns available on safe assets. Analysts doubt the government will go so far, with many pencilling in a reduction to 1 or 1.5 per cent. Even that would have a dramatic effect on insurers. According to James Shuck, an analyst at UBS, about 40 per cent of total claims costs would be influenced by a change in the Ogden rate. “There will be an immediate impact — it could be painful in the short term,” says Kamran Hossain, analyst at RBC Capital Markets. Share prices in the sector have already reacted. Since the Lord Chancellor announced the potential change in early December, Admiral’s shares are down 4 per cent and Direct Line’s are flat, while the FTSE 100 has risen 6 per cent. Related article Personal injury compensation to rise sharply after ruling on discount rates Sunday, 29 January, 2017 The Association of British Insurers has launched a legal challenge, aiming to delay the decision. It says that, while victims should be adequately compensated, the government consultations on the issue have not been properly completed. The ABI lost in the High Court this month and was refused leave to appeal. James Dalton, director of general insurance policy at the ABI, says: “Despite consulting over three years ago and not letting anyone know the outcome of that process, the Lord Chancellor seems to want to rush out a new discount rate at a time of significant global financial uncertainty.” Mr Hossain says the impact of any increase would be felt more widely than the insurers themselves: “In the medium term, pricing will go up. The government is aware that if claims costs go up, prices will follow and they have been wanting to avoid that, for example with the whiplash reforms.” Motor insurance rates have been increasing for two years and, according to figures from the AA released on Tuesday, are up 12 per cent in the past year. Analysts say fresh upwards pressure on premiums would counteract government efforts to keep prices down, through, for example, a tougher stance on fraudulent whiplash claims . Any change to the Ogden rate will come too late to help Christy and his family, who have to hope their compensation will last for the rest of their daughter’s life.  '|'ft.com'|'http://www.ft.com/rss/world/uk/business'|'https://www.ft.com/content/db863c94-e24d-11e6-9645-c9357a75844a'|'2017-01-29T23:37:00.000+02:00'
'65211d737945045a69cc1197c96c9a795818c15b'|'Tata Steel UK''s pensions trustee expects 1-2 billion pound deficit'|'Business News   4:08pm GMT Tata Steel UK''s pensions trustee expects 1-2 billion pound deficit A man walks past a screen displaying Tata Steel logo before the start of a news conference in Mumbai, India May 25, 2016. REUTERS/Danish Siddiqui LONDON The trustee for Tata Steel UK''s ( TISC.NS ) pension scheme is set to tell its members it expects to report a scheme deficit of between 1 billion and 2 billion pounds at its next actuarial valuation at end-March. In a letter to members seen by Reuters, the trustee said Tata Steel UK has confirmed that it does not expect to be able to pay contributions needed to close the deficit. The trustee added that the deficit estimate had increased sharply because the actuary has to take into account the fact that Tata Steel UK might no longer be able to access extra capital from the wider Tata Steel group, which is based in India. (Reporting by Maytaal Angel; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tata-steel-pension-idUKKBN15A26X'|'2017-01-26T23:08:00.000+02:00'
'0560c15bd255d61c400446317fd82ef389af9fbe'|'U.S. jobless claims rise, labor market still tightening'|'Business News   8:32am EST U.S. jobless claims rise, labor market still tightening FILE PHOTO: Applicants fill out forms during a job fair at the Southeast LA-Crenshaw WorkSource Center in Los Angeles November 20, 2009. REUTERS/Mario Anzuoni WASHINGTON Jan 26 The number of Americans filing for unemployment benefits rose more than expected last week, but the underlying trend remained consistent with tightening labor market conditions. Initial claims for state unemployment benefits increased 22,000 to a seasonally adjusted 259,000 for the week ended Jan. 21, the Labor Department said on Thursday. Claims for the prior week were revised to show 3,000 more applications received than previously reported. Claims have now been below 300,000, a threshold associated with a healthy labor market, for 99 consecutive weeks. That is the longest stretch since 1970, when the labor market was much smaller. Last week''s data included the Martin Luther King Jr. holiday, which could have impacted on the data. Claims tend to be volatile around this time of the year because of different timings of the various holidays. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 2,000 to 245,500 last week, the lowest since November 1973. Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 247,000 in the latest week. A Labor Department analyst said there were no special factors influencing last week''s data and no states had been estimated. The labor market is viewed as being at or close to full employment, with the unemployment rate near a nine-year low of 4.7 percent. With the labor market tightening, wage growth is picking up, which should provide a boost to the economy through strong consumer spending and a continued housing market recovery. Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid increased 41,000 to 2.1 million in the week ended Jan. 14. The four-week average of the so-called continuing claims fell 1,250 to 2.1 million. The continuing claims data covered the survey week for January''s unemployment rate. The four-week average of claims increased 49,000 between the December and January survey weeks, suggesting little change in the unemployment rate this month. (Reporting By Lucia Mutikani; Editing by Andrea Ricci) ((Lucia.Mutikani@thomsonreuters.com; 1 202 898 8315; Reuters Messaging: lucia.mutikani.thomsonreuters.com@reuters.net)) TransCanada has not yet broached Keystone XL with shippers: CEO WHISTLER, British Columbia TransCanada Corp has yet to discuss the Keystone XL oil pipeline with shippers and is not certain if all were still in support of it, the company''s CEO said on Wednesday in his first public comments since President Donald Trump revived the project.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-economy-joblesss-idUSKBN15A1RE'|'2017-01-26T20:32:00.000+02:00'
'0020c7d2c9d9b2c215eb78b4653a8e577ecaa694'|'Moody''s puts Novartis on notice over debt-funded buyback plan'|'Bonds News - Thu Jan 26, 2017 - 12:52pm EST Moody''s puts Novartis on notice over debt-funded buyback plan ZURICH Jan 26 Moody''s cut Novartis''s debt rating outlook on Thursday to negative from stable, saying the Swiss drugmaker''s borrowing capacity would be weakened by its debt-financed share buyback at a time of stagnating sales. While affirming Novartis'' Aa3 long-term ratings, Moody''s analysts wrote the proposed buyback "puts further strain on the company''s credit metrics, which were already weak for the Aa3 rating category prior to the announcement". "The buyback is well in excess of the company''s free cash flow ... and will weaken the company''s credit metrics over the next 12 months during a period where the company expects sales to be broadly in line with 2016," wrote analyst Knut Slatten. On Wednesday, Novartis finance chief Harry Kirsch acknowledged that any bolt-on acquisitions approaching the $5 billion limit flagged by Chief Executive Joe Jimenez would force Novartis to issue new debt, just like with the buyback. But Kirsch was confident in Novartis''s financial muscle. "Credit ratings we leave to credit rating agencies, but we have, even with this additional leverage, a very strong balance sheet," he said. Still, Moody''s cautioned that any "debt-funded acquisitions towards the upper end of the targeted range could prove negative for the rating unless mitigated by the company''s financial policies." Novartis does have an ace up its sleeve: The big $13 billion stake in cross-town rival Roche that Novartis has said it could sell, should an appropriate buyer emerge. Moody''s said unloading assets would buy breathing room, provided Novartis directs proceeds to debt reduction rather than shareholder returns. (Reporting by John Miller; Editing by Mark Potter) Next In Bonds News Citigroup sees Mexico keeping global export edge NEW YORK, Jan 26 Citigroup Inc executives are confident about the Mexico economy and their Citibanamex subsidiary because the country''s low labor costs will make it competitive in global exports regardless of potential changes by the U.S. government in trade agreements.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/novartis-debt-moodys-idUSL5N1FG6ZT'|'2017-01-27T00:52:00.000+02:00'
'4b789193af463d2646742113427f55b7d2fcfb81'|'Anglo American boosts 2016 output overall, copper down in fourth quarter'|'Business News   5:33am EST Anglo American boosts 2016 output overall, copper down in fourth quarter The Anglo American logo is seen in Rusternburg October 5, 2015. Picture taken October 5, 2015. REUTERS/Siphiwe Sibeko/File Photo By Barbara Lewis - LONDON LONDON Anglo American ( AAL.L ) on Thursday reported a sharp production fall at its Los Bronces copper mine in Chile at the end of last year offsetting an overall increase in mineral output across its mines. The dip in output late last year weighed on Anglo American shares, which fell around a percent by 1010 GMT, although analysts said Anglo American''s figures were broadly positive. They remain confident in the global mining sector, which recovered strongly last year led by Anglo American, the top performer in the FTSE 100 index .FTSE as the company''s shares rebounded from a big sell-off in 2015. Anglo American said it had seen operational improvements across its portfolio, but Los Bronces output was difficult, as grade quality deteriorated, weather was bad and contractors carried out "illegal industrial action," Anglo said. "Together with positive contributions from ongoing ramp-ups at Minas-Rio, Grosvenor and Gahcho Kue, we will be reporting a 2 percent increase in copper equivalent production volumes for 2016 as a whole," CEO Mark Cutifani said in a statement. For the final quarter of 2016, the Los Bronces problems led to a 19 percent fall in copper output compared with the same time a year ago. Anglo American has put copper, along with platinum and diamonds, at the heart of its portfolio. Production at its diamond business De Beers rose 10 percent in the last quarter of 2016 compared with a year earlier as output was boosted in line with improved trading conditions relative to a difficult 2015. For platinum, up 2 percent, Anglo American said it continued to "maintain discipline by mining to demand". Bernstein analysts said in a note the news was positive. "Today''s results do not materially change our view on the stock," it said, adding it maintained its "outperform" rating. Also on Thursday, Kaz Minerals ( KAZ.L ), a copper company focused on large scale, low-cost open pit mining in Kazakhstan reported 73 percent year-on-year output growth as new production came online. "We successfully ramped up Bozshakol and the Aktogay oxide plant," Chief Executive Oleg Novachuk said. "Our growth will continue in 2017 as Bozshakol reaches capacity and we commence production from sulfide ore at Aktogay." Kaz Minerals also said full-year gross cash costs would be around 20 percent less than the previous guided range of 140 to 160 U.S. cents per pound of copper. Share prices in the mining sector are broadly speaking extending last year''s rally, but traders took profits in Kaz Minerals as well as Anglo American on Thursday. Reversing earlier small gains, Kaz Minerals was also down around a percent, slightly more than a dip in the overall sector. .FTNMX1770 Copper prices on the London Metal Exchange CMCU3 were roughly flat. They jumped 18 percent last year, the first annual rise since 2012. Copper has been billed as the bulk commodity most likely to run into short supply, although output is still ample for now. (editing by Susan Thomas and Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-angloamerican-outlook-idUSKBN15A162'|'2017-01-26T17:33:00.000+02:00'
'ec2eed45e4ef4dff1c37803601d125328669d52e'|'UK economy fundamentally strong, but uncertainty may lie ahead - Hammond'|'Business News - Thu Jan 26, 2017 - 9:59am GMT UK economy fundamentally strong, but uncertainty may lie ahead - Hammond Philip Hammond, Britain''s Chancellor of the Exchequer attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 20, 2017. REUTERS/Ruben Sprich LONDON British finance minister Philip Hammond said on Thursday the economy''s robust performance in the fourth quarter points to its fundamental strength, although he warned uncertainty may lie ahead as the process of Brexit progresses. Official data earlier on Thursday showed the economy grew 0.6 percent in the final three months of 2016, slightly stronger than expected and maintaining the above-average pace seen after the referendum to leave the European Union in June. "There may be uncertainty ahead as we adjust to a new relationship with Europe, but we are ready to seize the opportunities to create a competitive economy that works for all," Hammond said in a statement. (Reporting by Andy Bruce, editing by Alistair Smout) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-hammond-idUKKBN15A12Q'|'2017-01-26T16:59:00.000+02:00'
'c26f3eb9e190f21c8acf1aec0813baf0cb67398d'|'Drug distributor McKesson to buy CoverMyMeds for $1.1 billion'|'Drug wholesaler McKesson Corp ( MCK.N ) said it would buy privately held CoverMyMeds for about $1.1 billion to strengthen its technology offerings to pharmaceutical manufacturers, clinicians and health insurers.Net income attributable to McKesson was $633 million, or $2.85 per share, in the third quarter ended Dec. 31, from $634 million, or $2.73 per share, a year earlier.Excluding items, the company earned $3.03 per share, beating average estimate of $2.91, according to Thomson Reuters I/B/E/S.Revenue rose to $50.13 billion from about $47.90 billion, compared with estimates of about $50.50 billion.McKesson, one of the largest U.S. distributors of pharmaceutical drugs, slashed its fiscal year earnings forecast in October as it raised concerns about aggressive pricing tactics from competitors and moderating pace of branded drug price increases.The company''s comments sparked fear of a pricing war rippling through the pharmaceutical supply chain.McKesson said on Wednesday it expects adjusted earnings from continuing operations of $12.60-$12.90 per share for the fiscal year ending March 31, up from its previous forecast of $12.35-$12.85 per share."Although we were unfavorably impacted in the third quarter by weaker branded pharmaceutical pricing than anticipated, we are updating our fiscal 2017 outlook to reflect McKesson''s lower full-year effective tax rate," McKesson CEO John Hammergren said.(Reporting by Ankur Banerjee in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mckesson-results-idINKBN1592RA'|'2017-01-25T18:45:00.000+02:00'
'ba4f621ec875027200e508d65b9f65e62a9fd93c'|'U.S. Senate panel postpones hearing for Labor nominee Puzder yet again'|'Politics  24pm EST U.S. Senate panel postpones hearing for Labor nominee Puzder yet again Andrew Puzder, CEO of CKE Restaurants, takes part in a panel discussion titled ''''Understanding the Post-Recession Consumer'''' at the Milken Institute Global Conference in Beverly Hills, California April 30, 2012. REUTERS/Fred Prouser By Sarah N. Lynch - WASHINGTON WASHINGTON The U.S. Senate panel tasked with vetting Andrew Puzder to head the Labor Department has postponed its tentative plans to hold his confirmation hearing yet again, a move that some political strategists say could signal trouble for the fast-food executive. An aide for the Senate Committee on Health, Education, Labor and Pensions said on Tuesday that the panel will not "officially" schedule a hearing "until the committee has received his paperwork from the Office of Government Ethics." The committee had planned to hold Puzder''s hearing on Feb. 7. Prior to that, the committee eyed three other possible hearing dates. Puzder, who is the CEO of CKE Restaurants, is one of several of President Donald Trump''s nominees who has faced particularly strong opposition from Senate Democrats and progressive groups. His nomination sparked protests by some CKE fast-food workers and the union-backed "Fight for $15" movement to raise the minimum wage to $15 an hour. George Thompson, a spokesman for Puzder, said Democrats and special interest groups were "obstructing President Trump''s nominees" and that Puzder is "a proven job creator." Puzder has criticized an overtime rule championed by the Obama administration and opposes raising the minimum wage to $15 an hour. Last week, workers at franchised locations of Carl''s Jr. and Hardee''s, which are part of CKE''s restaurant portfolio, filed a range of complaints, alleging wage theft and harassment, among other things. Additionally, some of CKE''s racy advertisements featuring women in bikinis have caused Democrats to ask questions about how Puzder will address sexual harassment in the workplace. "I like our ads. I like beautiful women eating burgers in bikinis," he was quoted as saying in a 2015 article in Entrepreneur magazine. He added that those ads "did take on my personality." Experts say the repeated postponement of Puzder''s hearing and the delays over his ethics paperwork since he was first nominated on Dec. 8 are unusual and could be a sign of problems. "It is a likely sign that the vetting is turning up problems and they are trying to figure out how to deal with them," said Matthew Miller, a partner at the crisis management firm Vianovo. The new delays come on the same day that the same committee voted along party lines to advance Betsy DeVos'' nomination as education secretary to the full Senate floor. On another Senate panel, meanwhile, Democrats boycotted confirmation votes for Treasury Secretary-nominee Steve Mnuchin and Health and Human Services Secretary-nominee Tom Price. (Reporting by Sarah N. Lynch; additional reporting by Robert Iafolla; Editing by Dan Grebler) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-trump-puzder-idUSKBN15F2JC'|'2017-02-01T03:12:00.000+02:00'
'05b952849d4e02c03640ddb5928b45fda022885f'|'U.S. President Trump poses grave risk to world trade -French Finance Minister'|'World News  47am EST U.S. President Trump poses grave risk to world trade: French Finance Minister French Finance Minister Michel Sapin speaks during an interview with Reuters in his office at the Bercy Ministry in Paris, France, October 4, 2016. REUTERS/Jacky Naegelen PARIS U.S. President Donald Trump''s administration poses a grave risk to international trade and Europe will have to stand up to him to prevent the collapse of global economic institutions, French Finance Minister Michel Sapin said on Tuesday. "Our American partner appears to want to take unilaterally protectionist decisions which could destabilise the whole world economy," Sapin said in a speech to an audience of international economists gathered at the French finance ministry. "Decisions by the new U.S. administration are posing a grave risk to the world trade order," he said. "Neither France nor Europe ... can watch helplessly as our economic institutions risk being dislocated," he added. (Reporting by Myriam Rivet; writing by Michel Rose) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-trump-sapin-idUSKBN15F0S1'|'2017-01-31T15:36:00.000+02:00'
'3881896994d81cb273eef0c65536184f38be1b3f'|'Britain''s Flybe notes slow start to final quarter'|'Industrials - Mon Jan 30, 2017 - 2:39am EST Britain''s Flybe notes slow start to final quarter Jan 30 Airline Flybe Group Plc said uncertain customer confidence and poor weather led to a slow start to the current quarter, after tough trading conditions and increased market capacity hit its fleet utilisation in the third quarter. However, the airline, which connects British regional airports to London and other European cities, said on Monday its third-quarter revenue grew, boosted by additional capacity in its network. Passenger revenue grew 13.5 percent in the third quarter ended December 2016, compared with a 5.7 percent increase in the first half. Passenger revenue per seat rose 0.2 percent in the third quarter compared with a decline of 6.9 percent in the first half. Passenger revenue rose 11 percent in the first three weeks of its current quarter compared with a year earlier, but revenue per seat decreased 1 percent, the budget airline said. The company added it would increase regional connectivity over the coming months, with new routes between Edinburgh, Aberdeen and London Heathrow, to allow for connectivity with its codeshare partners. (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/flybe-group-outlook-idUSL4N1FK0WX'|'2017-01-30T14:39:00.000+02:00'
'0cdfd9698597a02bf7b0688aa672703dc61e322c'|'UPDATE 1-Nigeria asks Goldman, Stanbic to help sell debut diaspora bond'|'(Adds bookrunners, background)By Chijioke OhuochaLAGOS Jan 30 Nigeria has asked Goldman Sachs and Stanbic IBTC Bank, the local unit of South Africa''s Standard Bank, to advise it on the sale of a debut "diaspora bond" targeted at Nigerians living abroad, Stanbic said on Monday.Africa''s biggest economy first announced plans to sell bonds targeting Nigerian nationals abroad in 2013 to raise between $100 million to $300 million.Goldman Sachs and Stanbic were due to manage the sale at the time, but the government did not appoint any bookrunners ahead of the election in 2015 that brought President Muhammadu Buhari to power.United Bank for Africa on Monday said the lender had been appointed as one of the bookrunners on the diaspora bond deal. First Bank and Standard Bank were also appointed, a local newspaper reported, quoting the debt office.Nigeria is the world''s fifth-biggest destination for international remittances after China, India, the Philippines and Mexico, with 5 million Nigerians living abroad sending money back to relatives, according to Western Union.Remittances make up the second-largest source of foreign exchange receipts in Nigeria, after oil revenues. Citizens living abroad send at least $10 billion home annually.The diaspora bond will have a maturity of five to seven years and will be issued before the second half of the year, the newspaper reported.A finance ministry source told Reuters this month that the country will look to issue a diaspora bond after completing a $1 billion Eurobond sale this year.Last month the government appointed Citigroup, Standard Chartered Bank and Stanbic IBTC to manage the $1 billion Eurobond sale, which it hopes to carry out in March.Nigeria is in its first recession in 25 years and needs to find money to make up for shortfalls in its budget. Low prices for crude and militant attacks in its oil-producing heartland, the Niger Delta, have slashed its revenues.The government plans to borrow up to $10 billion, with about half of that coming from foreign sources.So far only the African Development Bank has confirmed a budget support package of $1 billion. The government has held talks for months with the World Bank, China and other institutions to fund the budget gaps.The government also plans to issue a debut sovereign sukuk in the local market and is looking to appoint advisers. (Additional reporting by Oludare Mayowa; Editing by Alexander Smith and Hugh Lawson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nigeria-bonds-diaspora-idINL5N1FK3V0'|'2017-01-30T12:15:00.000+02:00'
'c1cc319283dc21e4caa21330d7c961acd13ca1f4'|'MOVES-Steve Ellis named managing director of Legal & General Home Finance'|'Money   10:14am EST Steve Ellis named managing director of Legal & General Home Finance UK-based Legal & General Group Plc appointed Steve Ellis as managing director to Legal & General Home Finance. Ellis, who will be based in Solihull in central England, was previously chief operating officer of the home finance business. (Reporting by Nikhil Subba in Bengaluru) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-legal-general-moves-steveellis-idUSKBN15E1SF'|'2017-01-30T22:06:00.000+02:00'
'32d78a82bd22e68b7ce6f67ada2e22370e7ff3d9'|'BRIEF-Ennis acquires Independent Printing Company Inc in stock purchase transaction'|' 35am EST BRIEF-Ennis acquires Independent Printing Company Inc in stock purchase transaction Jan 30 Ennis Inc : * Ennis acquires independent printing company, inc. In a stock purchase transaction * Ennis acquires independent printing company, inc. In a stock purchase transaction * Ennis Inc- operations will continue under independent and related entity names * Ennis Inc - operations will continue under independent and related entity names * Says company will now have 4 folder facilities in Michigan, Kansas, California and Wisconsin * Ennis Inc- all of locations will continue their normal operations Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/idUSASB0AXB2'|'2017-01-30T18:35:00.000+02:00'
'f26f5cbe5de5fea1ac8303fa05da2696017d594c'|'German rail operator Deutsche Bahn''s chief unexpectedly quits'|'Industrials   9:28am EST German rail operator Deutsche Bahn''s chief unexpectedly quits FRANKFURT Jan 30 The chief executive of German rail operator Deutsche Bahn has unexpectedly stepped down, leaving the state-owned group after eight years in charge, Deutsche Bahn said in a statement on Monday. It said he was departing at his own request and did not elaborate. A supervisory board source told Reuters that a disagreement over Grube''s contract had played a role in the decision. The board wanted to extend his contract by two years this month, but he had sought a three-year extension, the person said. Deutsche Bahn, which has almost 20 billion euros ($21 billion) of debt, has repeatedly fallen short of its targets since Grube took over in 2009 and last year received a 1 billion euro injection of taxpayer funds. The group had planned to partially privatise British subsidiary Arriva and its logistics subsidiary Schenker to raise money to service debts but put the plan on ice in November due to Britain''s decision to leave the European Union. Deutsche Bahn said its finance chief Richard Lutz would act as CEO until a successor was named. ($1 = 0.9401 euros) (Reporting by Maria Sheahan; Additional reporting by Markus Wacket in Berlin; Editing by Ruth Pitchford) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/deutsche-bahn-ceo-idUSL5N1FK3UN'|'2017-01-30T21:28:00.000+02:00'
'793fde46e4f89af65e559fe6d7f1780d8d9cbd88'|'Flybe notes slow start to final quarter'|'  7:43am GMT Flybe notes slow start to final quarter A Flybe aircraft taxis at Manchester Airport in Manchester, Britain June 28, 2016. REUTERS/Andrew Yates Airline Flybe Group Plc ( FLYB.L ) said uncertain customer confidence and poor weather led to a slow start to the current quarter, after tough trading conditions and increased market capacity hit its fleet utilisation in the third quarter. However, the airline, which connects British regional airports to London and other European cities, said on Monday its third-quarter revenue grew, boosted by additional capacity in its network. Passenger revenue grew 13.5 percent in the third quarter ended December 2016, compared with a 5.7 percent increase in the first half. Passenger revenue per seat rose 0.2 percent in the third quarter compared with a decline of 6.9 percent in the first half. Passenger revenue rose 11 percent in the first three weeks of its current quarter compared with a year earlier, but revenue per seat decreased 1 percent, the budget airline said. The company added it would increase regional connectivity over the coming months, with new routes between Edinburgh, Aberdeen and London Heathrow, to allow for connectivity with its codeshare partners. (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-flybe-group-outlook-idUKKBN15E0L6'|'2017-01-30T14:43:00.000+02:00'
'1a4d30200d09c7b6b7a781123800d7c099a451d7'|'France to hold London roadshow to lure finance jobs to Paris'|'  7:52pm GMT France to hold London roadshow to lure finance jobs to Paris French politician Valerie Pecresse, President of the Ile-de-France region, arrives to attend the political council of Les Republicains political party at their headquarters in Paris, France, November 29, 2016. REUTERS/Jacky Naegelen By Maya Nikolaeva , Jean-Baptiste Vey and Michel Rose - PARIS PARIS French authorities will head to London next week for a roadshow to try to lure financial jobs to Paris which will show off the French capital''s advantages versus Frankfurt as an alternative to Britain''s financial centre. Valerie Pecresse, the head of the wider Paris region and Gerard Mestrallet, president of France''s finance industry lobby Europlace, will next Monday meet executives from BlackRock, Bank of America Merrill Lynch and others to present a study by McKinsey, aimed at highlighting the attractions of Paris. In the run up to Britain''s June vote on Brexit, leading financial firms said they would move jobs out of the country if there was a vote to leave but have set out few details since on how many will go or where to. "The battle narrows down to Paris and Frankfurt," a spokesman for Pecresse told Reuters. HSBC, Europe''s biggest bank, has said it could move a part of its operations to Paris. HSBC already has a large subsidiary in Paris that holds most of the licences needed by an investment bank. "There will be others," one French minister, who declined to be named, told Reuters. Paris has a network of international law firms and asset managers and the city is also home to the European markets authority, ESMA and has its own financial supervisor, which looks after some of the largest banks in the eurozone, French officials say. "We have a very good supervisor and that''s important for American banks," a source at the French finance ministry said. Also in Paris''s favour is its status as Europe''s only other "world city" alongside London, with some of the most-visited cultural attractions in the world and the headquarters of many multinational companies, French authorities say. Germany is also on a charm offensive to attract finance jobs from Britain. The country''s senior regulators met about 50 envoys from foreign banks on Monday to explain how they could move business to Europe''s biggest economy after Britain leaves the European Union, German financial watchdog Bafin said. Beyond the financial sector, Paris''s allure has recently been boosted by an influx of investment in its tech sector, with Facebook choosing the French capital to open its first ever start-up incubator. But French officials have acknowledged France''s strict labour laws can put off businesses. The finance ministry source said the French administration was working on ways to allow firms to lay off teams of 50 people or so more easily, but this could not be implemented before the presidential election this spring. Nordine Hachemi, chairman and chief executive of Kaufman & Broad, a France-based property developer and builder, is optimistic about Paris''s attractions but expects any actual moves to take time. "We should be realistic, no-one is going to rush to settle in Paris," Hachemi told Reuters, adding that he saw no impact from Brexit on the property market with regards to companies considering relocation plans. "This will take time ... There is competition with other European cities, there is no impact at this stage," he said. Behind the scenes though, companies and employees are already making enquiries with French institutions about practical matters. Ecole Internationale Bilingue, one of Paris'' most prestigious bilingual schools, told Reuters they received quite a lot of registration requests from British-based families who were concerned about the consequences of Brexit. (Reporting by Maya Nikolaeva, Jean-Baptiste Vey and Michel Rose; Additional reporting by Emmanuel Jarry, Julien Ponthus and Matthieu Protard. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-france-idUKKBN15E2F8'|'2017-01-31T02:52:00.000+02:00'
'78a2261e4f99d3cffa6b87cf2729e69877322246'|'Luxottica buys Brazil retailer Oticas Carol in 110 million euro deal'|'MILAN Italian eyewear group Luxottica ( LUX.MI ) has agreed to buy Brazilian optical chain Oticas Carol in a 110 million euro ($117 million) deal that expands its retail footprint in the South American country.Luxottica, which earlier this month signed a $50 billion merger deal with top lens maker Essilor ( ESSI.PA ), is already present in Brazil with a network of Sunglass Hut shops, a manufacturing plant and its wholesale business.Oticas Carol operates a franchise of around 950 outlets selling both prescription frames and sunglasses, with annual revenue of around 200 million euros. Its main shareholders are investment funds 3i Group, Neuberger Berman and Siguler Guff & Company.Luxottica is due to report full-year sales later on Monday.($1 = 0.9413 euros)(Reporting by Valentina Za)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-luxottica-m-a-brazil-idINKBN15E1GD'|'2017-01-30T10:29:00.000+02:00'
'837a3f9318bfde00a2be27f5808789afa4b43a17'|'UPDATE 1-Canada''s Saputo seeks to mop up Australia''s Warrnambool Cheese and Butter'|'(Adds Quote: , details on wave of M&A activity in dairy industry)SYDNEY Jan 30 Canadian diary company Saputo Inc said on Monday it will make an all-cash takeover offer for the 12 percent of Warrnambool Cheese and Butter it does not already own, valuing the company at A$682 million ($515 million).The A$8.85 per-share offer is at a 24.8 percent premium to Warrnambool''s Friday closing price of A$7.09.Saputo, which already owns 88.02 percent of Warrnambool shares, will fund the acquisition from cash on hand and existing credit facilities, the company in a statement to the Australian Securities Exchange."Saputo have been aiming for full ownership, but there has been that block stake there for a while," said Michael Harvey, senior diary analyst at Rabobank.Saputo acquired its majority stake in Warrnambool Cheese and Butter in 2014, beating local rivals Murray Goulburn Ltd and Bega Cheese Ltd in one of the Australia''s most hotly contested takeover battles.Saputo''s offer is the latest in a series of M&A deals in the Australian dairy industry this year.Bega earlier this month agreed a $460 million deal to acquire Mondelez International''s grocery brands in Australia and New Zealand. ($1 = 1.3233 Australian dollars) (Reporting by Tom Westbrook; Editing by Lincoln Feast)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/wcb-ma-saputo-idINL4N1FJ0G9'|'2017-01-29T19:59:00.000+02:00'
'2eef5c655df6d0369c07dc4340d1e500f47e29d9'|'Fitch: Revenue Pressure Persists for UBS; Overall Sound 4Q16'|' 27pm EST Fitch: Revenue Pressure Persists for UBS; Overall Sound 4Q16 (The following statement was released by the rating agency) LONDON, January 30 (Fitch) Fitch Ratings, London, 27 January 2017: UBS Group AG''s annual 2016 results show persistent revenue pressures in its core businesses, despite a strong 4Q16 for the investment bank segment. The wealth management division, which was the single largest contributor to pre-tax profits in 2016, saw revenues decline 9% in 2016, resulting in a 22% fall in pre-tax profit, adjusted for non-recurring gains on sale. Low (or negative) interest rates are weighing on net interest income in wealth management and the domestic personal & corporate banking (P&C) segments, while subdued client risk appetite and changes in asset allocation are putting pressure on fee income. However, revenue compression was partly mitigated by improved cost efficiency as well as pre-tax income growth in the wealth management Americas (WMA) division. The latter highlights the benefits of the group''s geographical diversification. In 4Q16, the group generated CHF734 million pre-tax income in the quarter, excluding non-recurring gains on sale, markedly higher than in 4Q15 (CHF314 million), primarily reflecting lower litigation expenses, a sustained strong performance in WMA and a strong quarter in debt capital markets. This equalled to a low reported 6.5% return on tangible equity for the quarter, which includes CHF372 million restructuring expenses. Restructuring costs were largely undertaken to reduce the bank''s structural cost base and are expected to continue to be borne into 2017. UBS has made good progress in this programme, reaching CHF1.6 billion pa savings by end-2016, but the full benefits should become fully visible only in 2018. Until then, we expect results to remain under pressure given our expected prolonged revenue pressure in the wealth management and P&C businesses. Net new money (NNM) growth in 4Q16 was negative across the wealth management, WMA and asset management (AM) segments, totalling CHF15 billion net outflows excluding money market flows. This reflected both seasonal factors, as clients typically address their tax requirements at the end of the year and implement fewer investment decisions, and structural factors. We expect some of the structural factors explaining these outflows to persist in 2017, which could put pressure on NNM and fee income generation. In particular, continued shifts in asset allocation towards lower-risk assets, reflecting persistent investor risk aversion, and further steps towards tax transparency, including voluntary disclosure programmes in certain emerging markets, could lead to further outflows. UBS consequently guided it expects NNM growth for 2017 to be towards the lower end of the targeted 3% - 5% range in wealth management. Pre-tax income in the wealth management division fell 2% yoy to CHF368 million for 4Q16, adjusted for non-recurring items, as cost reductions mitigated revenue decline. The unit saw NNM outflows of CHF4.1 billion, led by emerging markets and to a lesser extent Asia Pacific, which, combined with continued client risk aversion, contributed to the 7% yoy reduction in net fee income. Transactional revenue stood at a record low CHF314 million, 2% lower yoy excluding a fee received in 4Q15 for an internal client transfer. Revenue weakness translated to pressure on gross and net AuM margins, which stood at 73bp and 21bp respectively, the weakest levels since 2Q14. Performance was more positive in WMA, as a 9% yoy rise in revenue to CHF2 billion (excluding gains on sale) resulted in a sharp yoy increase in pre-tax income to CHF329 million (excluding gains on sale; CHF14m in 4Q15). Litigation expenses were CHF180 million lower yoy and also affected reported results. Market performance helped invested assets grow to USD1.1 trillion despite NNM outflows of 0.5%, underpinning sound growth in net fee income. Loan growth and higher short-term interest rates in the US also bolstered net interest income. Based on UBS''s disclosure, the net interest income benefit of higher implied forward rates in the US should offset the negative impact of low rates in Switzerland in the coming years, all else being constant and barring higher funding costs, balance sheet changes or management action. The negative impact of low domestic interest rates was visible in the P&C division, where net interest income fell 6% yoy, reflecting lower reinvestment margins. Together with higher costs, partly related to litigation, this resulted in a 10% yoy fall in adjusted pre-tax profit to CHF395 million. The division''s cost/income ratio stood at 58%, at the upper end of the 50% - 60% targeted range. We expect cost management and business volume growth will continue to play a prominent role to support the division''s profitability in the absence of interest rate increases in Switzerland. The investment bank business posted strong results, led by a 9% yoy revenue increase in Corporate Client Solutions, reflecting a good quarter in debt origination. Sales and trading revenues also rose 22% for equities, but fell 12% for foreign exchange, rates and credit. UBS''s fixed income franchise did not benefit as much as US Global Trading and Universal Bank (GTUB) peers from yield curve steepening, partly because of its comparatively small inventory and a business model less geared towards structured credit. Adjusted pre-tax income for the division rose 54% yoy to CHF344 million and accounted for 31% of group earnings. Risk-weighted asset utilisation also rose 8% qoq to CHF70 billion, but remains below the medium-term expectation of CHF85 billion, which the group could reach to meet future client demand. UBS''s asset management division remained a small contributor to group profitability, generating 14% of adjusted pre-tax profit in 4Q16 or CHF156 million, 2% higher yoy. The division''s performance was esilient due to stable management fees, and despite CHF9.8 billion NNM outflows (excluding money markets) partly related to wealth management clients reallocating their portfolios towards passive solutions. UBS suffered a 20bp reduction in its Basel III fully-loaded CET1 ratio in the quarter, primarily due to higher-market risk RWAs, reflecting a higher regulatory value at risk in the quarter. The group''s CET1 ratio stood at 13.8% at end-4Q16, which remains among the strongest in the GTUB peer group. The group surpassed a 3.5% CET1 leverage ratio for the first time, which from 1 January 2020 will be the minimum requirement under revised Swiss too-big-to-fail legislation. Including additional Tier 1 instruments, its regulatory leverage ratio reached 4.6%, which is towards the middle of the range for GTUB peers. The bank indicated that its CET1 leverage ratio may see some volatility between quarters, reflecting for example changes in exchange rates and balance sheet usage. Furthermore, UBS is yet to conclude on its RMBS case with the US Department of Justice. Contact: Claudia Nelson Senior Director +44 20 3530 1191 Fitch Ratings Limited 30 North Colonnade London E14 5GN Luis Garrido Analyst +44 20 3530 1631 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available on www.fitchratings.com. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit988229'|'2017-01-31T00:27:00.000+02:00'
'8db57b2577504b8a19598ce7ca8952bbfd69ae9f'|'Allianz eyes Australia''s QBE Insurance - source'|'Business News - Mon Jan 30, 2017 - 12:19am GMT Allianz eyes Australia''s QBE Insurance - source The logo of insurer Allianz SE is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. REUTERS/Jacky Naegelen/File Photo SYDNEY/FRANKFURT German insurer Allianz ( ALVG.DE ) has made an informal approach to Australian peer QBE Insurance ( QBE.AX ) to canvass its interest in a takeover deal, according to a source familiar with the situation. The source, who was not authorised to speak publicly about the matter, told Reuters no acquisition price had been proposed to QBE, Australia''s biggest insurer. German newspaper Handelsblatt on Sunday reported Allianz had floated an offer of A$15.00 per share, which would value QBE at A$20 billion (12.02 billion pounds). That would represent a 22 percent premium to QBE''s closing price of A$12.33 on Friday. Allianz declined to comment. In a statement emailed to Reuters, QBE said it had a "clearly articulated strategy" which did not include industry consolidation. "There is no basis to speculation either that this strategy is under review or that QBE has received a corporate proposal," the Australian company said. Allianz Chief Executive Oliver Baete has said the German insurer is looking for opportunities to make acquisitions but that it is not easy to find attractive targets at a reasonable price. The company said in November it could return 2.5 billion euros ($2.68 billion) from its budget for acquisitions to shareholders in the form of share buybacks. M&A has cooled off in the insurance sector after a bumper year in 2015, with many players saying valuations had become too high. But Australia is seen an attractive market for foreign insurers because the population and economy are growing faster than in most other developed markets and the regulatory regime is more stable than in emerging markets. (Reporting by Jamie Freed, Harro ten Wolde and Alexander Huebner; Editing by Catherine Evans and Lincoln Feast) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-qbe-ins-grp-m-a-allianz-idUKKBN15E00O'|'2017-01-30T07:19:00.000+02:00'
'ff948eaa8bcbe335935495af0bb4704affda9633'|'UniCredit says to fail ECB capital requirements ahead of cash call'|'Business News - Mon Jan 30, 2017 - 8:12am GMT UniCredit says to fail ECB capital requirements ahead of cash call Unicredit''s bank logo is pictured on block notes and pens at the headquarters in Milan, Italy, February 9, 2016. REUTERS/Stefano Rellandini/File Photo MILAN Italy''s biggest bank UniCredit ( CRDI.MI ) said on Monday its end-2016 capital ratios will not meet requirements set by the European Central Bank as it prepares to launch a 13-billion euro (11 billion pounds) rights issue to boost its financial strength. In a preliminary document for the fund raising the bank said the decline in its capital ratios was due to 12.2 billion euros of one-off charges it plans to book in the fourth quarter to increase its coverage of problematic loans. (Reporting by Silvia Aloisi; editing by Francesca Landini) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-unicredit-capitalincrease-idUKKBN15E0MU'|'2017-01-30T15:11:00.000+02:00'
'54373a73fa9f36a09cad28bb6b19b688c68dd27f'|'UK regulator sought assurances over former head joining StanChart'|'Big Story 10   11:20am EST UK regulator sought assurances over former head joining StanChart LONDON Britain''s financial watchdog has received assurances its former head will not share confidential information gleaned from her time at the regulator when she joins banking group Standard Chartered, the watchdog said on Monday. StanChart on Sunday named Tracey McDermott as its group head of corporate, public and regulatory affairs. She was previously acting chief executive of Britain''s Financial Conduct Authority (FCA) before departing in June last year. Britain''s lawmakers have called for greater scrutiny of moves between watchdogs and the firms they oversee amid concerns they can erode the independence of regulators. The government''s ethics watchdog on Sept. 15 said "regulatory bodies can do more to maintain integrity through processes to mitigate the risks arising from the ''revolving door''" between regulators and financial firms. In a letter to StanChart published on the FCA''s website, the FCA''s current head Andrew Bailey said he had discussed with the bank''s CEO Bill Winters the potential that McDermott''s work at the regulator might give StanChart an advantage over rivals. The letter said Bailey and Winters had agreed McDermott would not share with the bank confidential information gleaned during her time at the FCA. "There are no surprises with this letter, it''s part of the process and entirely right and proper," a spokesman for StanChart said. Banks in recent years have hired a number of former senior regulators and politicians in a bid to improve oversight. Barclays in 2012 hired Hector Sants, the former head of the FCA''s previous incarnation the Financial Services Authority (FSA). Jon Pain, a former top director at the FSA, joined Royal Bank of Scotland in May 2013. (Reporting by Lawrence White; Editing by Mark Potter) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-stanchart-regulator-idUSKBN15E1Y4'|'2017-01-30T23:05:00.000+02:00'
'c41772ef08b617758de1065fb1cfee5e6c13bb2a'|'Visa row overshadows Iranian investment drive and plane deals'|'  8:05pm GMT Visa row overshadows Iranian investment drive and plane deals A IranAir Boeing 747SP aircraft is pictured before leaving Tehran''s Mehrabad airport, Iran, September 19, 2011. REUTERS/Morteza Nikoubazl/File photo By Parisa Hafezi and Tim Hepher - ANKARA/PARIS ANKARA/PARIS A row over U.S. visa bans may further weaken Iranian President Hassan Rouhani''s efforts to attract foreign investors to Iran, particularly if it slows the implementation of deals for Western aircraft, officials and analysts said. The deals for 80 Boeing ( BA.N ) jets and 100 from Europe''s Airbus ( AIR.PA ) struck last year are seen by Western investors as a crucial test as they seek business in Iran in the wake of the nuclear deal that led to the lifting of most sanctions. People involved in the airline deals say it is too early to assess the impact of the U.S. visa ban but worry that hardening rhetoric in Tehran and Washington can only add to a list of complications that could slow, if not endanger, the jet sales. While Airbus planes come from Europe, the administration of U.S. President Donald Trump can veto the sale of all the planes to Iran because of the widespread use of U.S. parts in the aircraft which need U.S. export licences. The visa ban could also prolong a hiatus in talks about financing deliveries of jets, with European and Chinese banks reluctant to put up money to back Iranian jet purchases for fear of a backlash against their U.S. operations. "It will make people more nervous, more risk-averse, more inclined to wait and see," said a senior Western financier, who asked not to be named. Iranian officials say that even before Trump imposed restrictions on travel to the United States from seven mainly Muslim countries, concerns about what the new U.S. president might do had already put the brakes on post-sanctions business. During his election campaign, Trump criticised the nuclear accord six major powers struck with Iran and his victory in November increased uncertainty around Iran''s investment drive. FINAL RULING "The process has been very slow ... foreign investors were very interested to work in Iran, but since Trump''s election the process has almost stopped. Investors are worried about possible U.S. punishments if they work with Iran," a senior economy ministry official told Reuters. Final decisions on whether the plane deals go ahead may well lie with Trump and Iran''s Supreme Leader Ayatollah Ali Khamenei, the ultimate broker in the country''s faction-ridden politics who has the last say on key matters. Since taking office this month, Trump has largely ignored the Iranian jet deals in public, even as he lambasted U.S. aerospace firms including Boeing about other projects. For now, at least, Boeing appears comfortable that Trump won''t automatically block its deal, though questions also remain over further approvals from Iran, two industry sources said. Boeing and Europe''s Airbus declined comment. Still, any long-term U.S. travel curbs could also undermine the case for long-distance jets capable of linking Tehran with expatriate communities in cities such as Los Angeles. Boeing plans to start delivering its large 777 jets in 2018. IranAir has already cancelled orders for Airbus A380 superjumbos, initially meant to signal its ambitions to compete on equal terms with the hubs of Gulf rivals. Besides the Boeing and Airbus orders, state airline IranAir is planning to buy 20 small Franco-Italian ATR turboprops to help expand economic development to smaller Iranian cities. But officials say a final deal has been held up due to uncertainty over some licences for engines made by a Canadian subsidiary of Pratt & Whitney, America''s top military engine maker and supplier to the colossal F-35 fighter project. Pratt & Whitney is seen to be wary of the political risks of dealing with Iran, especially with the F-35 project at the centre of Trump''s criticism of aerospace firms for going over budget. A Pratt & Whitney Canada spokesman said it was, "working closely with ATR to ensure all necessary licenses are in place prior to providing any products or services". SHOWCASE FLIGHTS The renewal of Iran''s unsafe, elderly fleet is also a major political battleground ahead of presidential elections in May as Rouhani''s failure to boost the economy a year after the lifting of sanctions intensifies political infighting. Hardliners blame Rouhani for failing to deliver a swift improvement in domestic living standards following the nuclear deal, at a time when prices for oil exports are low and the promised foreign investment has yet to arrive. They have singled out long-range jets for particular criticism, arguing that they only benefit rich travellers. "The economy is the main factor for most of the Iranian voters ... Rouhani was hoping that the deal with major planemakers will encourage other investors to come to Iran," said political analyst Hamid Farahvashian. "That is why hardliners are mainly focussed on criticising this deal. Basically, Rouhani''s political career depends on this deal." One senior Iranian official said he doubted the aircraft deals would be ditched altogether. "I don''t think the deal will be cancelled because Rouhani signed it with the approval of the Supreme Leader ... but he might be forced to cancel some of the orders to save the deals," said one senior official.Others were more cautious, saying foreign investors would avoid being targeted by Trump for doing business with Iran. "This is good news for Rouhani''s rivals," said another senior official, referring to the U.S. visa restrictions. For now, IranAir appears anxious is get airplanes into the country as an urgent priority ahead of May''s presidential election, demonstrating tangible results from the nuclear deal. But so far, just one aircraft has been delivered: an Airbus A321, paid for in cash. It was promptly deployed widely on domestic routes in an apparent effort to showcase the benefits of the lifting of sanctions. In its first 12 days, Iran''s first brand-new jet in decades covered 46,000 km (29,000 miles) between 15 cities, from the Kurdish city of Kermanshah in the West to the Shi''ite holy city of Mashhad in the northeast, according to FlightRadar24 data. (Additional reporting by Allison Lampert; editing by David Clarke) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-immigration-iran-investment-idUKKBN15E2GH'|'2017-01-31T03:05:00.000+02:00'
'8c70f3e2ba7756b6651d36ae896ec72874dd2379'|'Hungary cbank accepts HUF 75 bln in 3-month depos'|'Financials  14am EST Hungary cbank accepts HUF 75 bln in 3-month depos BUDAPEST Jan 25 The National Bank of Hungary on Wednesday accepted 75 billion forints ($260 million) worth of three-month deposits from commercial banks, below its original 125 billion offer, it said in a statement posted on its website. The central bank has limited the amount of deposits it accepts from banks in an effort to channel more liquidity into bank lending and government debt. It accepts the deposits via regular tenders. Due to 100 billion forints of expiring funds, the total stock of deposits decreased to 875 billion forints from 900 billion forints, the bank added. ($1 = 287.97 forints) (Reporting by Marton Dunai) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hungary-cenbank-idUSB3N19D02R'|'2017-01-25T18:14:00.000+02:00'
'9ef3199c6c2bcfd53dbe3a50a78b9ba36af44483'|'Raymond Ltd posts consol loss'|'Jan 25 Raymond Ltd* Raymond Ltd - dec quarter consol net loss 146.9 million rupees* Raymond Ltd - dec quarter consol net sales 13.07 billion rupees* Raymond Ltd - consol net profit in dec quarter last year was 390.8 million rupees as per Ind-AS; consol net sales was 13.80 billion rupees Source text - ( bit.ly/2j4sP0G ) '|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/idINFWN1FF0PZ'|'2017-01-25T08:54:00.000+02:00'
'39a7208517cfdd2a2d905eb939ad9c58e31b396c'|'BRIEF-Cascade Bancorp reports Q4 earnings per share $0.08'|'Market  14pm EST BRIEF-Cascade Bancorp reports Q4 earnings per share $0.08 Jan 25 Cascade Bancorp * Cascade Bancorp reports fourth quarter 2016 earnings per share of $0.08 driven by robust revenue and loan growth * Q4 earnings per share $0.08 * Cascade Bancorp says return on average assets and return on average tangible assets in q4 were 0.75% and 0.78%, respectively * Q4 adjusted earnings per share $0.095 Source   Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSASB0AWQR'|'2017-01-26T04:14:00.000+02:00'
'ab3e88b10f1f0ef33c3b53d7243c873de82dfc36'|'Textron to buy ATV maker Arctic Cat, posts profit drop'|'Cessna aircraft maker Textron Inc ( TXT.N ) reported a 4.4 percent fall in quarterly profit, and said it would buy snowmobile and all-terrain vehicle maker Arctic Cat Inc ( ACAT.O ) for $247 million in cash."With our recent product introductions in the outdoor recreational vehicle market under the Stampede name, we believe Arctic Cat ... provides an excellent platform to expand our portfolio," Textron said.Textron''s income from continuing operations fell to $215 million, or 78 cents per share, in the fourth quarter ended Dec. 31, from $225 million, or 81 cents per share, a year earlier, hurt by lower business jet sales.Textron said it recorded a pre-tax restructuring charge of $8 million in the quarter.Total revenue fell 2.5 percent to $3.83 billion.(Reporting by Ankit Ajmera in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-textron-results-idINKBN1591B0'|'2017-01-25T08:48:00.000+02:00'
'54c6bd1296264f6539a97ea8c0764d7fafb1e245'|'SE Asia Stocks-Cautious as investors digest Trump''s protectionist policies'|'Financials  06am EST SE Asia Stocks-Cautious as investors digest Trump''s protectionist policies By Hanna Paul Jan 25 Most Southeast Asian stock markets were flat to slightly higher on Wednesday amid signs U.S. President Donald Trump''s protectionist trade policies would help push Asian countries towards their own regional trade alliances. Trump formally withdrew the United States from the Trans-Pacific Partnership trade deal on Monday, distancing America from its Asian allies, with Thailand''s central bank governor saying the pullout could "provide a better opportunity for some of the regional trade agreements." Veerathai Santiprabhob cited as an example the Beijing-favoured Regional Comprehensive Economic Partnership, a proposed free-trade agreement which includes Southeast Asian nations, China, India, Japan, South Korea, Australia and New Zealand - but not the United States. nL5N1FE0VJ "U.S. pulling out of the TPP in fact can be a net positive for Asia considering China or any other Asian country can fill the vacuum and we can renegotiate our own trade partnership," said Victor Felix, an analyst with AB Capital Securities in Manila. Vietnam hit a near 9-year closing high on Wednesday as blue-chips surged. "Investors have a positive outlook for the domestic market for the year," said Tran Minh Hoang, chief economist of Vietcombank Securities. Industrial heavyweight Cotec Construction was up nearly 2 percent, while Vietcombank rose 1.8 percent to hit a nearly 5-mth closing high. "Almost all blue-chips such as Vietcombank and Vinamilk began surging by the end of trade," said Bui Nguyen Khoa, head of macro research at BIDV Securities Company in a report. Thailand, Indonesia and Malaysia ended marginally higher on the day. Philippines fell 0.6 percent on profit-taking and ahead of the release of economic data later in the week. Index heavyweights such as conglomerate Ayala Corp and telecommunication giant PLDT Inc, both down 2.4 percent, dragged down the index. "Speculating the recent rally in prices, people are just profit-taking ahead of the numbers tomorrow.. If the numbers surpass expectations, it should be good tomorrow," said Charles Ang from COL Financial Inc. The Philippines'' gross domestic product is expected to rise a seasonally adjusted 1.6 percent in the fourth quarter from the previous quarter, according to a Reuters poll. Singapore stocks snapped four sessions of gains to end lower, weighed down by real estate and industrial stocks and after global oil prices fell. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: CHANGE ON DAY Market Current Previous Close Pct Move Singapore 3039.94 3041.95 -0.07 Bangkok 1584.29 1578.82 0.35 Manila 7323.36 7370.65 -0.64 Jakarta 5293.782 5292.088 0.03 Kuala Lumpur 1683.93 1680.69 0.19 Ho Chi Minh 697.28 691.36 0.86 Change so far this year Market Current End 2016 Pct Move Singapore 3039.94 2880.76 5.53 Bangkok 1584.29 1542.94 2.68 Manila 7323.36 6840.64 7.06 Jakarta 5293.782 5296.711 -0.06 Kuala Lumpur 1683.93 1641.73 2.57 Ho Chi Minh 697.28 664.87 4.87 (Reporting by Hanna Paul; Editing by Biju Dwarakanath) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southeast-asia-stocks-idUSL4N1FF3GP'|'2017-01-25T18:06:00.000+02:00'
'6cd3eadb47623bc9e2421863e5870e9e0149442e'|'GIC leads $1.04 bln investment in office tower in downtown Manhattan'|'Company News  54pm EST GIC leads $1.04 bln investment in office tower in downtown Manhattan SINGAPORE Jan 25 Singapore sovereign wealth fund GIC Pte Ltd and Paramount Group have formed a joint venture to acquire office tower "60 Wall Street" in downtown Manhattan for $1.04 billion. The JV, in which GIC has a 95 percent share, is paying $640 per square foot for the 47 storey tower that also serves as the U.S. headquarters of Deutsche Bank, a joint statement said. GIC, which is among the more established real estate investors in the world, has more than 350 property-related investments in over 40 countries. These include investments in the Time Warner Centre in New York and assets in the United Kingdom, Japan and Australia. (Reporting by Saeed Azhar; Editing by Michael Perry) Next In Company News EMERGING MARKETS-Mexico stocks in biggest one-day rise since Trump election By Bruno Federowski and Miguel Angel Gutierrez SAO PAULO/MEXICO CITY, Jan 24 Mexico''s blue-chip stock index on Tuesday saw its largest one-day rise since the election of President Donald Trump, just one day before key negotiations on trade with the United States begin. The IPC rose 2.19 percent, its third consecutive day of gains, as Mexico prepared to discuss changes in trade rules about a product''s country of origin to try to avoid a disruptive fight with the United States'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gic-property-idUSL4N1FF060'|'2017-01-25T07:54:00.000+02:00'
'c5cb89b4cb49f605077380edd256d706c0047666'|'Bank debt investors unfazed by acceleration covenant removal'|'By Will Caiger-Smith NEW YORK, Jan 27 (IFR) - Investors have piled into new bank senior bonds this year, shrugging off the removal of certain covenants that in the past have allowed them to demand accelerated repayment.Since the Federal Reserve finalized its Total Loss Absorbing Capacity rules in December 2016, US banks have issued US$29.75bn of senior holdco debt with updated acceleration language.The language removes investors'' ability to demand acceleration in all cases except for payment default, bringing the bonds in line with the final TLAC rules.Some investors say that puts the new bonds at a disadvantage compared to older deals that contain a broader range of covenants that can trigger acceleration."A big part of the senior debt definition is a right to accelerate," said David Knutson, head of credit research for the Americas at Schroders."Without that, it starts to smell like subordinated debt. These new deals are not subordinated debt, but they should come with a premium."However, the removal of those covenants does not seem to have affected pricing or demand for deals issued so far this year.Some tranches offered relatively generous new issue premiums, but market participants put that down to the large deal sizes, saying acceleration was not really an issue."You''re not getting much benefit from having these covenants in the first place, so ultimately their value is not that high," said one US investor."The bigger question around TLAC really concerns the ability of the regulator to put a bank into resolution."The covenants in question range from restrictions on corporate mergers and asset disposals to requirements to maintain offices for notices and payments.The Fed disqualifies debt from counting towards TLAC if it allows acceleration for reasons other than payment default - unless it was issued before the end of 2016.Whether valuable or not, many buysiders said there was no chance of investors demanding a premium for the removal of such covenants while the outlook for banks was so positive."Bond investors are focusing on the positive aspects of bank earnings," said Jon Curran, a portfolio manager at Standard Life."For bondholders, there is a lot to like about the US banks right now - higher rates, a stronger economic backdrop and potential regulatory relief."NO CONCERNEuropean investors are also unfazed about the removal of acceleration rights in US bank debt.Wells Fargo found 2.9bn of demand on Tuesday for a 2bn five-year floater, which priced at three-month Euribor plus 50bp.Wells sold a £500m short seven-year the week before, which also saw robust demand.A lead banker said he did not receive any questions from investors about the new acceleration language.Some buysiders said they had noted the removal of the covenants, but that it made little difference in reality."The thing is, for bank senior paper, there really aren''t any substantial covenants that I could picture us holding the bank to anyway, given that a payment default would still be an acceleration event," said Gregory Turnbull Schwartz, an investment manager at Baillie Gifford."I would prefer not to pay more for the ''lesser'' bond, but in terms of assigning a number of basis points, I think one could properly be accused of forest and tree issues in this instance and would be better off working harder on understanding the issuer fundamentals."This bodes well for the region''s banks, which may also have to remove senior investors'' acceleration rights if the European Commission proposals released in 2016 go through unchanged.The proposals would allow accelerated payment of interest or principal only in the case of a bank insolvency or liquidation.Lloyds Banking Group removed acceleration language from its recent US$2.75bn five and 10-year deal sold earlier this month.Royal Bank of Scotland has not sold a US dollar deal so far this year but has updated its EMTN documentation, according to two sources.Under its updated programme, the bank can toggle between non-restrictive events of default, in line with traditional senior, or restrictive events of default more akin to subordinated debt, whereby investors'' acceleration rights would be stripped out. (Reporting by Will Caiger-Smith; Additional reporting by Alice Gledhill, Natalie Harrison and Helene Durand, editing by Julian Baker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uscorpbonds-banks-bonds-idINL1N1FF0KX'|'2017-01-27T09:06:00.000+02:00'
'f6ca6549576eb99416012581b0bd62b9b99be91f'|'Stocks: 5 things to know before the U.S. open'|'Trump meets Theresa May; U.S. GDP; American Airlines earnings by Alanna Petroff @AlannaPetroff January 27, 2017: 5:13 AM ET Click chart for in-depth premarket data. 1. When Trump met Theresa: President Trump is hosting his first foreign leader Friday -- British Prime Minister Theresa May. They''re expected to talk about improving their trading relationship, among other topics. They''ll hold a press conference at 1 p.m. ET. Currency traders will be among those watching closely -- the pound has fallen sharply against the dollar since the U.K. voted to leave the European Union, and it remains volatile. Trump may talk trade but a deal with the U.K. will take years to conclude. The U.K. is not allowed to begin formally negotiating its own trade deals while it''s still a member of the EU, an obligation Britain will respect, Chancellor of the Exchequer Philip Hammond said Friday. In the meantime, Trump has been alienating other trading partners , in particular Mexico. His administration began outlining options yesterday for how to finance a border wall with Mexico. Mexican President Enrique Peña Nieto responded by canceling a meeting with Trump set for next week. Related: These are America''s top trading partners 2. U.S. growth slowdown?: New numbers set to be released at 8:30 a.m. ET on Friday are expected to show the U.S. economy cooled off in the fourth quarter. Economists expect GDP grew by just over 2% in the final three months of 2016, following strong growth of 3.5% in the third quarter. 3. Earnings: American Airlines ( AAL ) , Chevron ( CVX ) and Honeywell ( HON ) are some of the big companies due to release earnings before the open. Investors will be looking out for any comments they make on Trump''s trade and economic agenda. Meanwhile, shares in UBS ( UBS ) are declining in Europe after the bank reported fourth-quarter results. And Starbucks ( SBUX ) and Alphabet ( GOOGL , Tech30 ) stock are down in extended trading after the companies released earnings on Thursday evening. Google''s parent company Alphabet ( GOOGL , Tech30 ) reported it lost nearly $1.1 billion from its moonshot projects in the fourth quarter of 2016. 4. Global market overview: U.S. stocks hit new records on Thursday but not all the indexes were able to hold onto their gains. The Dow Jones industrial average finished the day at its highest ever closing level. But the S&P 500 and Nasdaq both dipped back down a bit. U.S. stock futures are currently holding steady. European markets are mostly declining in early trading. Most Asian markets ended the day with small gains.'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/27/investing/premarket-stocks-trading/index.html'|'2017-01-27T17:16:00.000+02:00'
'9545a771555c5463a66b0df1e934d4096f9047a0'|'UPDATE 1-UK Stocks-Factors to watch on Jan 30'|'Market News - Mon Jan 30, 2017 - 2:40am EST UPDATE 1-UK Stocks-Factors to watch on Jan 30 (Adds futures, company news item) Jan 30 Britain''s FTSE 100 index is seen opening down 28 points at 7,156 on Monday, according to financial bookmakers, with futures down 0.44 percent ahead of the cash market open. * The UK blue chip index closed up 0.32 percent at 7184.49 points on Friday supported by Tesco, which soared 9.3 percent after agreeing to buy wholesale supplier Booker in a deal that cements its dominant position in the UK. * LLOYDS: The British government has cut its stake in Lloyds Banking Group to just below 5 percent as it aims to return the bank to full private ownership in the next few months. * WS ATKINS: WS Atkins Plc, a British engineering and design consultancy, has been approached by U.S. company CH2M for a possible $4 billion merger, the Times reported. * TESCO/BOOKER: UK''s competition regulator, Competition and Markets Authority, came under pressure to intervene in Tesco''s planned takeover of food and drink wholesaler, Booker, the Times reported. bit.ly/2jtda6e * WEETABIX: America''s third-biggest cereal company, Post Holdings, and the UK''s Associated British Foods are among a group of four bidders vying for British cereal brand Weetabix, sources familiar with the matter said on Friday. * TERRA FIRMA CAPITAL: The world''s largest fast-food retailer McDonald''s Corp said it would sell its Nordic restaurants to British equity firm Terra Firma Capital Partners Ltd''s founder and chairman Guy Hands as part of a turnaround plan it had previously announced. * BRITAIN TRADE: Britain is committed to free and open trade with the United States and Canada, UK Trade Minister Liam Fox said on Friday, though he did not elaborate on whether that would mean bilateral trade talks with the two countries. * BRITAIN ECONOMY: Growth in Britain''s private sector and confidence among consumers remained solid at the turn of the year, according to surveys published on Monday, although both indicators warned about rising inflation in coming months. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sherry Jacob-Phillips) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1FK0XH'|'2017-01-30T14:40:00.000+02:00'
'e06092f4a40b8ae9b28e6b50c9ce720ffd431258'|'Sri Lankan shares close slightly higher in dull trade'|'Basic Materials  20am EST Sri Lankan shares close slightly higher in dull trade COLOMBO Jan 30 Sri Lankan stocks ended marginally higher on Monday in lacklustre trading as bargain-hunting investors picked up battered shares, but political instability and a rise in interest rates capped gains, brokers said. The Colombo stock index ended 0.1 percent higher at 6,140.54. It hit a near 10-month closing low on Wednesday, and lost 0.5 percent last week, its second straight weekly decline. Biggest listed lender Commercial bank of Ceylon Plc rose 2.2 percent while Colombo Cold Stores Plc rose 1.3 percent. "We saw some bargain-hunting, but there were no big trades," said Dimantha Mathew, head of research at First Capital Equities (Pvt) Ltd. Foreign investors net bought 5.95 million rupees ($39,614) worth of equities on Monday, but they have net sold 1.63 billion rupees worth shares so far this year. Turnover stood at 179.3 million rupees, its lowest since Jan. 18. ($1 = 150.2000 Sri Lankan rupees) (Reporting by Ranga Sirilal; Editing by Amrutha Gayathri) Next In Basic Materials Brazil Supreme Court approves Odebrecht graft plea deal testimony BRASILIA, Jan 30 The president of Brazil''s Supreme Court, Carmen Lucia Rocha, has approved plea bargain statements by 77 executives of engineering conglomerate Odebrecht, who are being investigated for paying bribes in the country''s biggest graft scandal, the court said on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sri-lanka-stocks-idUSL4N1FK1E8'|'2017-01-30T19:20:00.000+02:00'
'6c70f4f55bd09aa7bc67e7dda9873f7d65e0143b'|'Indian shares edge lower on caution ahead of budget'|'Financials   12:59am EST Indian shares edge lower on caution ahead of budget * NSE index down 0.14 pct, BSE 0.06 pct lower * India unveils 2017/18 budget on Feb. 1 * IT stocks among top losers By Darshana Sankararaman Jan 30 Indian shares edged lower on Monday after four straight sessions of gains on caution ahead of the federal budget, while broader sentiment was also hit by fears about the impact of U.S. President Donald Trump''s immigration curbs. India''s government is due to present its 2017/18 budget on Wednesday, with shares last week posting their biggest weekly gains in eight months on hopes the government will announce incentives to ease the impact from a bold and risky gamble to outlaw high-value old currency bills. But further caution set in on Monday, especially as Asian shares fell on worries that Trump''s ban on the entry of refugees into the U.S. would prove destabilising for the rest of the world. "Markets are a little wary of what lies in the budget and have probably have rallied too far on the assumption that some good is in the offing," said Saurabh Jain, assistant vice-president of research at SMC Global Securities. The broader NSE index was down 0.14 percent at 8,629.05 by 0546 GMT, while the benchmark BSE index was 0.06 percent lower at 27,866.14. Both indexes had risen more than 3 percent last week in their biggest weekly gains since late May. IT stocks contributed to a majority of the losses on the NSE index. The Nifty IT index fell 1.15 percent, dragged down by Infosys Ltd and Tata Consultancy Services Ltd , which lost over 1.40 percent each. Investors also booked profits in recent outperformers: the Nifty bank index, which led gains last week, fell 0.40 percent, dragged down by HDFC Bank Ltd and Kotak Mahindra Bank Ltd. The index had gained 4.72 percent last week. (Reporting by Darshana Sankararaman in Bengaluru; Editing by Sunil Nair) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-stocks-idUSL4N1FK0MH'|'2017-01-30T12:59:00.000+02:00'
'df28ad37de7500ced923f8f7a9914bf8f05ab7bd'|'UPDATE 1-HgCapital to sell vehicle rental firm Zenith to Bridgepoint'|'Private Equity  41am EST UPDATE 1-HgCapital to sell vehicle rental firm Zenith to Bridgepoint (Adds details from Bridgepoint statement) Jan 30 London-based private equity firm HgCapital Trust Plc has agreed to sell Zenith, a British vehicle leasing business, to peer Bridgepoint in a deal valued at 750 million pounds ($942.08 million), its manager HgCapital said on Monday. The sale delivers a 2.9 times investment multiple and a 46 percent gross internal rate of return over the investment period, HgCapital said in a statement. Leeds-headquartered Zenith has over 500 employees and operates a fleet of about 85,000 vehicles. Its services include funding company cars and commercial vehicles, and providing outsourced fleet management services. HgCapital Trust would realise cash proceeds of about 59 million pounds from the deal, an uplift of 15.4 million pounds, or about 35 percent, on the carrying value of the asset as of Nov. 30, 2016. HgCapital Trust initially invested in Zenith in February 2014 and merged it with Leasedrive, a company it already owned, to achieve economies of scale. Zenith, whose customers have included pub firm Greene King , grocer Asda and financial firm Santander , delivered strong double-digit revenue and core earnings growth over the past year, the trust said on Monday. "We believe that (Zenith) can continue its impressive growth trajectory through its continued focus on customer service, technology and targeted acquisition activity," said Emma Watford, Bridgepoint''s head of business services sector team. HSBC, RBS and Lloyds will provide debt financing for the transaction, Bridgepoint said separately. HgCapital''s advisers on the sale were Evercore, Deloitte, OC&C, KPMG, Weil Gotshal & Manges and Sidley Austin. HSBC & Investec, White & Case, LEK, Deloitte, ERM and EY advised Bridgepoint. ($1 = 0.7961 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hgcapital-trust-divestiture-bridgepoint-idUSL4N1FK11E'|'2017-01-30T15:41:00.000+02:00'
'1f3f35f2efa12fec44f336180c40919d281896d3'|'Dubai''s Aramex expects single-digit profit, revenue growth in 2017'|'Private Equity  25am EST Dubai''s Aramex expects single-digit profit, revenue growth in 2017 DUBAI Jan 30 Dubai-based courier Aramex expects single-digit profit and revenue growth in 2017, chief financial officer Bashar Obeid told a news conference on Monday. Aramex will continue to look out for acquisitions in 2017 and is targeting opportunities in Asia, particularly within "last mile" services, chief executive Hussein Hachem said. "Last mile" describes delivery of people and goods from a transport hub to a final destination at home. Earlier on Monday, the company reported a 129 percent jump in fourth-quarter net profit. Full-year profit rose 37 percent to 426.6 million dirhams ($116.2 million) while revenue climbed 16 percent to 4.34 billion dirhams. (Reporting by Alexander Cornwell; Writing by Tom Arnold; Editing by Andrew Torchia) Next In Private Equity UK Stocks-Factors to watch on Jan 30 Jan 30 Britain''s FTSE 100 index is seen opening down 28 points at 7,156 on Monday, according to financial bookmakers. * The UK blue chip index closed up 0.32 percent at 7184.49 points on Friday supported by Tesco, which soared 9.3 percent after agreeing to buy wholesale supplier Booker in a deal that cements its dominant position in the UK. * WS ATKINS: WS Atkins Plc, a British engineering and design consultancy, has been approached by U.S. company CH2M for a possible $ Trump travel ban stirs faint corporate outcry beyond Silicon Valley By Devika Krishna Kumar and Ross Kerber NEW YORK/BOSTON, Jan 30 Most U.S. corporate bosses have stayed silent on President Donald Trump''s immigration curbs, underscoring the sensitivities around opposing policies that could provoke a backlash from the White House. While the leaders of Apple Inc, Google and Facebook Inc emailed their staff to denounce the suspension of the U.S. refugee program and the halting of arrivals from seven Muslim-majority countries, many of their co MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/aramex-growth-idUSD5N1F601M'|'2017-01-30T15:25:00.000+02:00'
'6c0faedb4f43aabc95353bc4711f23b891ac4cf8'|'Ford, Goldman CEOs criticise Trump travel curbs'|'Business News - Mon Jan 30, 2017 - 8:09pm GMT Ford, Goldman CEOs criticise Trump travel curbs left right People walk by the Ford display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch 1/3 left right Goldman Sachs Chairman and CEO, Lloyd Blankfein, waits to speak at the 10,000 Women/State Department Entrepreneurship Program at the State Department in Washington, March 9, 2015. REUTERS/Gary Cameron 2/3 left right FILE PHOTO - The logo of Dow Jones Industrial Average stock market index listed company Goldman Sachs (GS) is seen on the clothing of a trader working at the Goldman Sachs stall on the floor of the New York Stock Exchange, United States, in this April 16, 2012 file photo. REUTERS/Brendan McDermid/File Photo 3/3 By Olivia Oran and David Shepardson The chief executives of Goldman Sachs Group ( GS.N ) and Ford Motor Co ( F.N ) joined the criticism of President Donald Trump''s order to halt arrivals from several Muslim-majority countries, as equity markets fell and the dollar slipped on Monday. The initial response over the weekend from U.S. corporate leaders to Trump''s order curtailing travel from seven Muslim-majority countries had been fragmented and muted outside the technology sector. However, on Monday, after a weekend of confusion over how the travel restrictions would be enforced, more companies and unions went public with concerns, although most avoided direct attacks on Trump''s policy. United Parcel Service Inc ( UPS.N ), for example, said it "supports policies that enable the legal movement of people across borders, while also understanding the need to protect national security." Goldman Sachs Group Inc ( GS.N ) Chief Executive Lloyd Blankfein was the first major Wall Street CEO to weigh in against the administration''s travel ban. Other financial industry leaders followed on Monday with expressions of concern about the travel order. "This is not a policy we support, and I would note that it has already been challenged in federal court, and some of the order has been enjoined at least temporarily," Blankfein said in a voicemail to employees on Sunday. If the temporary freeze became permanent, he said, it could create "disruption" for the bank and its staff, according to a transcript seen by Reuters. Ford Executive Chairman Bill Ford Jr. and Chief Executive Mark Fields said in a statement to employees that the company does not support what it called a new U.S. travel ban. "We do not support this policy or any other that goes against our values as a company," they said, adding that Ford is not aware of any employees directly affected by the policy. General Motors Co''s ( GM.N ) head of human resources told employees in a memo that a few GM employees are from countries affected by the travel order, and added, “at General Motors, we value and respect individual differences.” Equity markets sold off amid uncertainty over what broader impact the travel ban and the disruption it created could have. The dollar fell more than 1 percent against the Japanese yen. FOCUS ON AUTO INDUSTRY Trump has focussed on the auto industry to promote more manufacturing jobs in industrial states that were critical to his electoral college victory. He met with the heads of the Detroit Three automakers, including Fields, last week. Ford''s situation illustrates the balancing act for companies in many sectors. Ford - like Wall Street banks and other big manufacturers - has much to gain from working with Trump to overhaul the federal tax code and revamp regulation. Fields has cited those potential gains in explaining Ford''s decisions to cancel investments in Mexico that Trump had attacked. Fields met twice with Trump last week to talk about economic issues. Trump harshly Ford criticized during the campaign for moving some production to Mexico, but he has praised the automaker in recent weeks for announcing new U.S. investments. However, Ford has employees who could be affected by immigration curbs, and does business in countries that are majority Muslim, or whose leaders have expressed disapproval of Trump''s policy. Ford is based in Dearborn, Michigan, home to one of the largest Arab-American populations in the United States. Separately, the head of the United Auto Workers union, Dennis Williams, said on Monday the UAW "denounces any policy that judges people based on their religion or nation of origin." Williams, who represents Detroit Three factory workers, has previously supported Trump''s moves to renegotiate or scrap open trade deals. Tesla Motors Inc ( TSLA.O ) CEO Elon Musk asked followers to read the immigration order and propose "specific amendments." He said he would seek a consensus among members of a business advisory council that is expected to meet with President Trump this week. In a response to a comment on his Twitter feed, Musk wrote, "There is no possibility of retraction, but there is possibility of modification ..." Starbucks Corp ( SBUX.O ) Chief Executive Officer Howard Schultz took a different approach to the travel ban, saying on Sunday that the coffee shop chain planned to hire 10,000 refugees over five years in 75 countries. The hiring efforts would start in the United States by initially focussing on individuals who have served with U.S. troops as interpreters and support personnel in countries where the military has asked for such support, Schultz said. Some big industrial companies and financial industry players stayed clear of the controversy. The U.S. hedge fund industry was virtually silent on the immigration restrictions. Representatives for most major firms —including Bridgewater Associates, Renaissance Technologies, Millennium Management and Two Sigma Investments — did not respond to requests for comment over the weekend. Private equity firms, including Blackstone Group LP ( BX.N ), whose CEO, Stephen Schwarzman, chairs Trump''s advisory panel of business leaders, also would not comment on the travel ban. Fiat Chrysler Group NV ( FCHA.MI ), Toyota Motor Corp ( 7203.T ) and Honda Motor Co ( 7267.T ) declined to comment on the immigration order. (Reporting by Olivia Oran in New York and David Shepardson in Washington. Additional reporting by Richa Naidu in Bengaluru and Lawrence Delevingne, David Henry and Trevor Hunnicutt and Devika Krishna Kumar in New York; Editing by Joseph White, Martina D''Couto and Nick Zieminski) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-immigration-companies-idUKKBN15E2GU'|'2017-01-31T03:09:00.000+02:00'
'20bc00738e6579343d913c687a04799ec1242768'|'Wall Street set to open lower after Trump''s travel curbs'|'By Yashaswini Swamynathan U.S. stocks looked set to open lower on Monday, amid uncertainty following President Donald Trump''s orders to curb travel and immigration from certain countries.Trump on Friday signed executive orders to bar admission of Syrian refugees and suspend travel to the United States from Syria, Iraq, Iran and four other countries on the grounds of national security.Thousands of people rallied in major U.S. cities and at airports in protest, while several countries including long-standing American allies criticized the measures as discriminatory and divisive.The promise of tax cuts and simpler regulations had lured investors into equity markets since Trump''s election in November, but some are worried about the potential risk of his protectionist policies.The pullback in futures suggests that the Dow Jones Industrial Average could fall below the 20,000 mark it hit for the first time ever on Wednesday."A new week of trading is getting off on a sour note, as key macro news, Fed action, international and domestic backlash over Trump''s immigration stand are putting investors on the defense," Peter Cardillo, chief market economist at First Standard Financial, wrote in a note."We look for a bumpy to negative ride as the ''Worry Trade'' rules the day."Dow e-minis were down 70 points, or 0.35 percent, at 8:32 a.m. ET (1332 GMT), with 21,512 contracts changing hands.S&P 500 e-minis were down 9.25 points, or 0.4 percent, with 128,685 contracts traded.Nasdaq 100 e-minis were down 21.5 points, or 0.42 percent, on volume of 22,585 contracts.A report from the U.S. Commerce Department showed consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.5 percent after a 0.2 percent gain in November.Shares of big technology companies Microsoft, Alphabet and Netflix were down between 0.60 percent and 0.90 percent in premarket trading on Monday. Apple and Facebook, which are scheduled to report results this week, were also lower.Tempur Sealy dropped 26 percent to $46.70 after the company said it terminated its contracts with mattress retailer Mattress Firm following disagreements over changes in their contracts.Data technology company Ixia rose 5.8 percent to $19.25 after Keysight Technologies said it would buy the company for about $1.6 billion.(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-idINKBN15E1J8'|'2017-01-30T11:03:00.000+02:00'
'68d833272f906d74751d02a630bb28a21b47722a'|'Stocks: 6 things to know before the U.S. open'|'Travel ban fallout; Vodafone exits; Volkswagen takes the crown by Ivana Kottasova @ivanakottasova January 30, 2017: 5:01 AM ET Click chart for in-depth premarket data. 1. Travel ban fallout: Global markets are trading lower after a weekend of confusion and protests over an executive order issued by President Trump that bans travel from seven Muslim-majority nations. The dollar weakened and U.S. stock futures were trading lower ahead of the open. "The U.S. travel clampdown dominated the weekend''s news and resulted in the dollar being marked down by about 0.5% at the start of Asian trading," noted Kit Juckes, a strategist at Societe Generale ( SCGLF ) . Travel stocks were also under pressure early Monday. International Airlines Group, the owner of British Airways and Iberia, was down 1.7%, while Air France-KLM ( AFLYY ) shed 2%. Hotel operator Accor ( ACCYY ) dropped 1.6%. The controversial order has been publicly criticized by top corporate leaders -- especially those from the tech industry . Starbucks ( SBUX ) said it would hire 10,000 refugees over five years in response to the ban. General Electric ( GE ) and JPMorgan Chase ( JPM ) have also expressed concerns about how the order will affect their employees. 2. Volkswagen is back: Volkswagen ( VLKAF ) has toppled Toyota ( TM ) as the world''s top-selling automaker, despite the massive fallout from its emission rigging scandal . Toyota said Monday it sold 10.2 million vehicles worldwide in 2016, falling short of the 10.3 million vehicles Volkswagen delivered. 3. Stock market movers -- Vodafone, Apple: Vodafone ( VOD ) is trading more than 3% higher in London after talks about merging its India business with local rival Idea Cellular. Apple ( AAPL , Tech30 ) shares took a hit premarket trading ahead its results report on Tuesday. 4. Earnings and economics: The U.S. Bureau of Economic Analysis will release December personal income and spending data at 8:30 a.m. ET. December pending home sales figures will follow at 10:00 a.m. ET. Germany will publish its inflation data at 10 a.m. ET. 5. Global market overview: European markets were down in early trading. Asian markets ended the session mixed. Markets in China are closed for most of the week because of Chinese New Year.'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/30/investing/premarket-stocks-trading/index.html'|'2017-01-30T17:03:00.000+02:00'
'9ca0891d2d60d539428528761e9ddc4f62e2b58d'|'Swiss stocks - Factors to watch on Jan 27'|'ZURICH Jan 27 The following are some of the main factors expected to affect Swiss stocks on Friday.NOVARTISMoody''s on Thursday trimmed the Swiss drugmaker''s debt rating outlook to negative, from stable, underscoring how strains on Novartis''s borrowing capacity are being exacerbated by its planned $5 billion, debt-financed stock buyback in 2017 as sales stagnate.For more clickUBSUBS Swiss head Martin Blessing said on Thursday the bank''s biggest challenge this year will be keeping up decent returns.For more click [UBSG.S>ROCHEThe Swiss drugmaker''s new immunotherapy Tecentriq entered the U.S. second-line lung cancer market late last year, cutting Bristol-Meyers Squibb Co''s drug Opdivo''s share by about 40 percent and prompting Bristol to project flat U.S. sales in the indication for this year.For more click [COMPANY STATEMENTS* Schindler Holding AG said it was shaking up the organisation at the level of the board and the Group Executive Committee, including the elevation of Michael Nilles, Chief Digital Officer, to the board of directors come 2018.It said all board members except Rolf Schweiger and Klaus Wellershoff will stand for re-election at the annual meeting in March.ECONOMY(Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL5N1FG75A'|'2017-01-27T02:30:00.000+02:00'
'e00eeea0a7b3a6ab62523367a4bbc8766f9b5be8'|'BOJ seen standing pat as economic recovery picks up steam - Reuters poll'|'Business   8:14am GMT BOJ seen standing pat as economic recovery picks up steam - Reuters poll A Japanese flag flutters atop the Bank of Japan building in Tokyo, Japan, September 21, 2016. REUTERS/Toru Hanai/File Photo TOKYO The Bank of Japan is expected to leave its monetary policy settings unchanged on Tuesday, maintaining the current pace of bond-buying as well as holding its negative interest rate and long-term bond yield target steady amid signs of a more sure-footed economic recovery. Analysts forecast the central bank will keep the current pace of the annual increase in Japanese government bond holdings at around 80 trillion yen (553.5 billion pounds) next week, a Reuters poll of 13 analysts found. They also expect the BOJ will hold its short-term policy interest rate at minus 0.1 percent and the 10-year government bond yield target at around zero percent. "I think the focus will be shifting to the BOJ''s move towards unwinding its monetary stimulus," said Atsushi Takeda, chief economist at Itochu Economic Research Institute. "But the BOJ pledges to buy bonds to keep the long-term government bond yield around zero percent, so it would be difficult for the central bank to cut its bond purchasing for now given that the yields are under upward pressure." On Wednesday, the BOJ caught markets by surprise when it abruptly skipped a widely anticipated buying in shorter maturities and sent their yields soaring, adding to talk the central bank might be preparing to taper its massive stimulus. On Friday, however, the central bank again wrong-footed markets by increasing its buying in five- to 10-year bonds, helping to bring down their yields from 11-month highs touched earlier this week. The benchmark 10-year JGB yield, which tends to move less than other maturities because of the BOJ''s policy to peg it around zero percent, was around 0.075 percent on Friday. Takeda added that the focus at the BOJ meeting will also be on how the central bank views the uncertainties stemming from policies under U.S. President Donald Trump, the Brexit development and their potential impact on Japan. A pick-up in global demand has helped Japanese exports recover since late last year, heightening prospects of a stronger economic recovery. That has in turn reduced the likelihood of any near term easing measures, with some even speculating the BOJ might hike its yield targets this year if inflation accelerates. (Reporting by Kaori Kaneko; Editing by Shri Navaratnam) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-idUKKBN15B0LR'|'2017-01-27T15:14:00.000+02:00'
'ad96b950bba1ab64e182446013d31f2612e7813f'|'Jagged Peak Energy prices $474 million IPO below range: source'|'By Lauren Hirsch Jagged Peak Energy LLC ( JAG.N ) raised $474 million in an initial public offering (IPO) on Thursday, significantly below the roughly $650 million it was targeting, a source familiar with the situation said.The downsized offering is likely to disappoint those hoping that energy IPOs will rebound in 2017, as oil prices CLc1 continue to climb off decade-lows hit a year ago, spurred by an agreement by the Organization of the Petroleum Exporting Countries (OPEC) and other oil producers to curb global output.Denver, Colorado-based Jagged Peak placed 31.6 million shares, fewer than the 38.2 million it anticipated. It priced these shares at $15, below its previously indicated range of $16 to $18 a share, the source said.The source requested anonymity because the pricing is not yet public. Jagged Peak and its private equity owner Quantum Energy Partners did not immediately respond to requests for comment.(Reporting by Lauren Hirsch; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-jagged-peak-energy-ipo-idINKBN15A37L'|'2017-01-26T20:29:00.000+02:00'
'ae16c28a6ddc03b56da0db04499919b84bcbbd6f'|'Royal Albert Hall president to be grilled by MPs over ticket abuse - Money'|'The president of the Royal Albert Hall and the multi-millionaire founder of controversial ticket resale website Viagogo are to be grilled by MPs in the second phase of an inquiry into “ticket abuse”.MPs on the department for culture, media and sport committee are planning a fresh evidence session, after they were told in a previous hearing about the relationship between powerful ticket touts and “secondary” resale websites.High prices, low profile – what we know about Viagogo Read more Royal Albert Hall president Jon Moynihan is among the witnesses likely to be asked to give evidence in the light of revelations that members who own permanent seats at the venue are selling them for profit.At least one MP on the committee is understood to have written to chairman Damian Collins, calling on him to summon Moynihan, who has defended members’ legal right to sell their tickets.The committee is also keen to hear from Viagogo’s secretive founder Eric Baker, amid criticism of the Switzerland-based company’s practices.Baker cannot be compelled to attend because the American is not thought to hold British citizenship.But senior British staff, such as executive Ed Parkinson, can technically be forced to turn up to the committee session.  The committee cannot compel Viagogo founder Eric Baker to give evidence. Photograph: Eamonn McCabe for the Guardian Viagogo has proved particularly controversial among secondary ticketing firms, due to its apparent disregard for artists and venues trying to stop their tickets being resold.It has also come under fire for making a profit on tickets for charity events , such as Peter Kay’s Dance for Life charity event to raise funds for Cancer Research UK.The company did not respond to a request for comment.Ticketmaster, which sent its UK chairman Chris Edmonds to the committee’s first hearing in November, is also likely to be recalled to give fresh evidence.The previous session saw resale sites, which include Viagogo, Stubhub and Ticketmaster-owned Seatwave and GetMeIn, accused of acting like “old-fashioned fences” for helping touts sell tickets.Critics say the secondary ticketing industry shuts out fans and forces up prices because touts are able to harvest tickets in bulk before anyone else can get hold of them.Tickets for in-demand events then appear on resale websites, some of whom have close relationships with the touts , within seconds of first going on sale, often at huge mark-ups on their face value.Recent events to have been targeted include a tour by U2, concerts at Wembley stadium by Adele and the popular hip-hop musical Hamilton, despite efforts by the show’s producers to prevent resale .Security consultant and ticketing expert Reg Walker, who gave evidence at the first hearing on ticket abuse, said MPs should take the opportunity to pose tough questions to Viagogo’s publicity-shy executives.“I’d like to see the committee ask questions, including whether these companies accept that they have to comply with UK legislation regardless of their country of registration.”“How can Viagogo possibly offer non-existent tickets for sale before the real tickets go on sale?”The committee’s second session, expected to take place in early March, comes amid growing scrutiny of ticket touts and resale sites.The Competition and Markets Authority has launched a probe into whether touts are flouting the Consumer Rights Act 2015 by failing to publish their company details and information about the seat they are selling.HMRC has also begun a separate investigation into whether touts are declaring their full income from the trade.Some of the UK’s biggest touts have recently begun rebranding their organisations as the spotlight on them has intensified, an investigation by The Guardian found.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/29/royal-albert-hall-president-grilled-mps-ticket-abuse-viagogo-hamilton'|'2017-01-30T00:39:00.000+02:00'
'80fb78ea07c5d147f8a33af122d4a27896cf1fea'|'US Senate finance committee to vote on Rep. Price on Tuesday'|'Politics  58am EST U.S. Senate finance committee to vote on Rep. Price on Tuesday U.S. Rep. Tom Price (R-GA) takes his seat as he arrives to testify before a Senate Finance Committee confirmation hearing on his nomination to be Health and Human Services secretary on Capitol Hill in Washington, U.S., January 24, 2017.. REUTERS/Carlos Barria WASHINGTON The Republican-majority U.S. Senate Finance Committee will vote on Tuesday on the nomination of Representative Tom Price to head the Department of Health and Human Services, the panel''s chairman, Senator Orrin Hatch, announced on Sunday. Price, a Republican, is an orthopedic surgeon who if confirmed would be given the task of carrying out President Donald Trump''s promise to gut former President Obama''s Affordable Care Act, also called Obamacare. Price''s trading in health company stocks while a lawmaker has been questioned by Democrats, but Price says his actions were legal and ethical. (Reporting by Susan Cornwell; Editing by Susan Fenton) Next In Politics Two Iraqis lead legal fight against Trump order blocking entry NEW YORK A federal judge blocked the deportation on Saturday of dozens of travelers and refugees from seven Muslim-majority nations, stranded at U.S. airports under an order from President Donald Trump, after a lawsuit filed on behalf of two Iraqis with ties to U.S. security forces.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-congress-price-idUSKBN15D0OS'|'2017-01-29T20:51:00.000+02:00'
'58b074b6a8bf678887e4a9e753996e611b9f8909'|'Market permitting, Dubai Investments plans IPOs in 6-9 months -CEO'|' 29am EST Market permitting, Dubai Investments plans IPOs in 6-9 months -CEO By Tom Arnold - DUBAI DUBAI Jan 29 Dubai Investments, a diversified Dubai-based investment group, will press ahead with floating shares in subsidiary companies if a market rally extends over the next six to nine months, its chief executive said on Sunday. Top of the list of candidates for an initial public offering was Emicool, a company that provides cooling systems for buildings by delivering chilled water through pipes. Its IPO has been mooted for several years. "The market has started improving," Khalid Bin Kalban told reporters. "We need to see what momentum the market has and how the market is going to trend, and need six to nine months to gauge it. If it continues for the next six months, for example, then we can go ahead with our plans for IPOs." The Dubai Financial Market general index has climbed around 14.5 percent since Nov. 14, with Kalban seeing recent drivers as annual company results, dividend expectations and speculation. He didn''t elaborate. Dubai Investments was considering listing around 30 percent of Emicool, which it owns in a joint venture with Union Properties, Kalban said. Investment bank Al Mal Capital, which is 60 percent owned by Dubai Investments, was working as a financial adviser on the listing, he said. "When we are positive on the market, then we can go to the Emirates Securities and Commodities Authority (ESCA) for approval for the IPO," said Kalban. The company is also pressing ahead with plans to build industrial zones in Saudi Arabia''s capital Riyadh and Angola similar to its flagship Dubai Investments Park. The company responsible for the Riyadh park is likely to be established by the summer, said Kalban. Dubai Investments is initially investing 600 million dirhams ($163 million) in the Riyadh project to buy the land and build the infrastructure, with its unnamed Saudi partner adding a further 600 million dirhams. Around 500 million dirhams of Dubai Investments'' contribution is likely to be raised from three unnamed Saudi Arabian banks in a deal set to close by the end of February, he said. ($1 = 3.6725 UAE dirham) (Editing by Susan Fenton) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/dubai-investments-ipo-idUSL5N1FJ0EL'|'2017-01-29T21:29:00.000+02:00'
'21a56fbf24a087928c59cebe0626d225058d9fc9'|'Egypt says considers Yen, Yuan bond issuance'|'Financials - Sun Jan 29, 2017 - 10:49am EST Egypt says considers Yen, Yuan bond issuance CAIRO Jan 29 Egypt is considering issuing international bonds in currencies such as the Japanese Yen and the Chinese Yuan, Finance Minister Amr El Garhy said on Sunday. Last week, Egypt sold $4 billion of Eurobonds in three tranches, raising twice as much as targeted and at lower yields than initially expected. Garhy told a news conference on Sunday that Egypt was looking into the possibility of issuing bonds in currencies other than the dollar, singling out the Yen and Yuan for mention. He said it was too early to say when Egypt might next go to the debt market or how much it would seek to borrow. (Writing by Amina Ismail; Editing by Lin Noueihed) Next In Financials British Olympian Mo Farah slams Trump ban, says makes him "alien" in U.S. LONDON, Jan 29 British Olympic champion Mo Farah condemned U.S. President Trump''s curbs on immigrants and visitors as coming "from a place of ignorance and prejudice" and said they would make him an "alien" in the United States, where he trains and lives with his family.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/egypt-debt-foreign-idUSC6N18201C'|'2017-01-29T22:49:00.000+02:00'
'4588639d70b6ec911844a53ead30b8af72b9da79'|'BRIEF-Hudson Bay Capital Management reports 7.54 pct passive stake in Jensyn Acquisition - SEC filing'|'Funds  13pm   reports 7.54 pct passive stake in Jensyn Acquisition - SEC filing Jan 30 Hudson Bay Capital Management L.P. :   Management L.P. reports 7.54   Jensyn Acquisition Corp as of Dec 31, 2016 - SEC filing Source text : ( bit.ly/2kGVCFP )   Funds News Carrefour seeks Brazil unit IPO in second quarter, sources say SAO PAULO, Jan 30 France''s Carrefour SA aims to price the initial public offering of its fast-growing Brazilian unit as early as the second quarter, two people with direct knowledge of the plan said on Monday, a sign demand for new equity offerings in Latin America''s No. 1 economy is gaining traction rapidly.  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FK0IL'|'2017-01-31T01:13:00.000+02:00'
'1c222707c07c1ff56e9ca79929c8daf29dfd9090'|'TABLE-Ichigo Hotel Reit Investment -6 MTH forecast'|'Financials   3:06am EST TABLE-Ichigo Hotel Reit Investment -6 MTH forecast Jan 30 (Reuters) Ichigo Hotel Reit Investment Corporation EARNINGS ESTIMATES (in billions of yen unless specified) 6 months to 6 months to Jul 31, 2017 Jul 31, 2017 LATEST PRIOR FORECAST FORECAST Revenues 1.67 1.64 Net 767 mln 731 mln Div 2,981 yen 2,838 yen To see Company Overview page, click reuters://REALTIME/verb=CompanyData/ric=3463.T Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FK113'|'2017-01-30T15:06:00.000+02:00'
'2b182f31146db92caf94fde6632255de2adb5465'|'Toshiba shares fall after report trust banks preparing to sue'|'Internet News - Mon Jan 30, 2017 - 1:01am GMT Toshiba shares fall after report trust banks preparing to sue The logo of Toshiba Corp is seen behind a traffic signal at its headquarters in Tokyo, Japan January 27, 2017. REUTERS/Toru Hanai TOKYO Shares of Toshiba Corp tumbled as much as 5.8 percent in early trade on Monday after a newspaper report that some trust banks are preparing to sue the company for damages. The Asahi Shimbun reported that several trust banks including Mitsubishi UFJ Trust and Banking Corp [MTFGTB.UL] are set to sue Toshiba after its share price tanked due to a massive accounting scandal that has upended the company. On Friday, Toshiba said it would sell a minority stake in its memory chip business as it urgently seeks funds to offset an imminent multi-billion dollar writedown on its U.S. nuclear business. It said the overseas nuclear division was now under review. The Nikkei business daily separately reported over the weekend that Chairman Shigenori Shiga was ready to step down to take responsibility. (Reporting by Ayai Tomisawa; Editing by Chang-Ran Kim) Next In Internet News Snapchat to reveal financials within a week: sources Snap Inc, the secretive technology company that owns the popular messaging service Snapchat, is due to reveal its financials within a week as it moves toward its eagerly awaited initial public offering (IPO), sources familiar with the situation said on Friday. Apple strategy in ''smart home'' race threatened by Amazon SAN FRANCISCO - In less than a year, Amazon''s combination of the Echo speaker system and the Alexa voice-controlled digital assistant has come close to delivering on the elusive promise of easy-to-use technology that can control gadgets in the home with a few spoken words. Alphabet Inc''s core advertising business remained strong and its smartphone and home-automation products were gaining traction, analysts said a day after the company missed profit expectations, hurt by a higher tax rate. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-stocks-idUKKBN15E02P'|'2017-01-30T07:45:00.000+02:00'
'6fc87715eddebf5e7d663d9948f605ff8e2491f1'|'Dominion Diamond CEO quits; successor sought'|'Company News   10:07am EST Dominion Diamond CEO quits; successor sought Jan 30 Dominion Diamond Corp Chief Executive Officer Brendan Bell has resigned, saying he did not want to relocate to the Canadian miner''s new headquarters, the company said on Monday. Dominion, the world''s third-biggest diamond producer by value, said it had hired executive recruiting firm Korn Ferry to find a replacement. Bell, who has also stepped down from Dominion''s board, has agreed to stay on as CEO until June 30 to ensure a smooth transition. Dominion announced in November that it was moving its head office to Calgary from Yellowknife in Canada''s Northwest Territories, where its diamond operations are based, to cut costs. "For personal reasons, however, this is not the right move for my family," Bell said in a statement. Shares of Dominion, which operates the Ekati Diamond Mine and owns 40 percent of the Diavik Diamond Mine, were down 0.7 percent at C$13.16. The company faced a shareholder revolt 13 months ago from an investor group angry at its falling share price. (Reporting by Nicole Mordant in Vancouver; Editing by Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/dominion-diamond-ceo-idUSL1N1FK0RC'|'2017-01-30T22:07:00.000+02:00'
'338be1dc277aca1ab3c4e9214ae7c40a4c8b5ea3'|'We may have less than five years to change how we learn, earn and care - Guardian Sustainable Business'|'O ver the course of the last year, at the World Economic Forum and elsewhere, I have asked participants two questions. First I ask for a show of hands on whether they feel confident about their current skills taking them through to the end of their careers – about one in five raise their hands. Then I ask if they feel confident about advising their children on their education to prepare for their own futures: none raises their hand. These are some of the most knowledgeable, leading figures in the world and yet they, like many of us, are uncertain about what the future of labour markets looks like.This is not surprising.Globalisation and technology are accelerating both job creation and destruction. Some estimates have put the risk of automation as high as half of current jobs, while others forecast a considerably lower value of 9%. Still, all occupations will go through change: we found that on average one-third of the skillsets required to perform today’s jobs will be wholly new by 2020.At the same time, education and training systems are not keeping pace with these shifts. Some studies suggest that 65% of children now entering primary school will have jobs that do not yet exist and for which their education will fail to prepare them, exacerbating skills gaps and unemployment in the future. Even more urgent, underdeveloped adult training and skilling systems are unable to support learning for the active workforce of nearly 3 billion people.Artificial intelligence has arrived, but Australian businesses are not ready for it Read more In addition, outdated cultural norms and institutional inertia create roadblocks for half of the world’s talent – and are getting worse in the new context. Despite women’s leap forward in education, their participation in the paid workforce remains low; and progress is stalling, with current forecasts for economic parity at 170 years.The near-term outcomes of these dynamics, compounded through other demographic, geopolitical and economic factors, are profoundly challenging. They include skills gaps in the workforce that are difficult for employers and workers alike, unemployment and job displacement, particularly in blue-collar and services work, rising fear of further technological unemployment, insufficient supply of talent for many high-skill occupations, and loss of female talent and potential. Together these factors are exacerbating income inequality and creating a crisis of identity.Yet, most of these dire predictions need not be foregone conclusions. If leaders act now, using this moment of transformation as an impetus for tackling long-overdue reform, they have the ability not only to stem the flow of negative trends but to accelerate positive ones and create an environment in which more than 7 billion people on the planet can live up to their full potential. Instead, in several advanced economies, we are seeing the political and social consequences of short-term, emotive – and sometimes disingenuous – thinking. For those who are losing out from the changes under way, fear is an understandable response. But turning away immigrants, trade or technology itself, and disengaging from the world, is a distraction, at best. At worst, this will create even more negative consequences for those already losing out – and many more. It is up to courageous, responsible and responsive leaders and citizens to take the long view and set out on the path to more fundamental, relevant reforms and an inspiring future.How? By investing in human capital and preparing people for the new opportunities of the fourth industrial revolution. The World Economic Forum has worked with leaders, experts and practitioners to create a common vision and a shared change agenda focused on how we learn, earn and care.Transform education ecosystems Most education systems are so far behind the mark on keeping up with the pace of change today and so disconnected from labour markets that nothing short of a fundamental overhaul will suffice in many economies. The eight key areas of action here are early childhood education, future-ready curricula, a professionalised teaching workforce, early exposure to the workplace, digital fluency, robust and respected technical and vocational education, openness to education innovation, and, critically, a new deal on lifelong learning.Facilitate the transition to a new world of work While there are deeply polarised views about how technology will impact employment, there is agreement that we are in a period of transition. Policy needs to catch up and facilitate this transition. We propose four areas of action: recognition of all work models and agile implementation of new regulations, updated social protection, adult learning and continuous re-skilling, and proactive employment services.Advance the care economy Often undervalued and unregulated, care is one of the most fundamental needs among both young and old populations. It has a strong impact on education, and holds potential for job growth. We propose six areas of action: recognise and value care as a vital sector of the economy, professionalise the care workforce, rebalance paid and unpaid work responsibilities, expand high-quality care infrastructure, create new financial provisions to facilitate care, and use technology as a tool for balancing care and work.To do any of this – and to make it pay off – it is critical that policy design includes agile multi-stakeholder governance, empowerment of the individual, objective measurement, universal access and long-term planning as fundamental tenets.Automated mining will cost jobs and tax income: it''s time for governments to act Read more The rapid pace of change means we need to act urgently. By some estimates, the window of opportunity for action is three to five years. This may sound daunting but there are a large variety of robust success stories to learn from and emulate. There are also substantial new commercial opportunities – such as adult education, care services, employment services – that make this space ripe for public-private collaboration.It’s the harder path to follow, there’s no doubt about it. Transforming education ecosystems, creating a care economy and managing the transition to a new world of work require political will, innovative policy, new financing models and, most importantly, a new mindset.But this is also the only viable path if we want to get ahead of the transition under way and turn this moment of flux into an opportunity for revitalising growth and realising human potential in the age of the fourth industrial revolution.This article first appeared on the World Economic Forum site. The white paper on Realizing Human Potential in the Fourth Industrial Revolution: An Agenda for Leaders to Shape the Future of Education, Gender and Work can be found here .'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jan/30/we-may-have-less-than-five-years-to-change-how-we-learn-earn-and-care'|'2017-01-30T08:06:00.000+02:00'
'3ff1867d99181f1d9b4553e83e078559668ffc90'|'CANADA STOCKS-TSX posts largest drop since September on travel curb jitters'|'Company News  24am EST CANADA STOCKS-TSX posts largest drop since September on travel curb jitters (Adds details throughout on stocks and sectors and updates prices) * TSX down 203.44 points, or 1.31 percent, at 15,372.37 * All of the TSX''s 10 main groups were lower TORONTO, Jan 30 Canada''s main stock index fell to a nearly two-week low on Monday and was on track for its deepest loss since September after a travel ban implemented by U.S. President Donald Trump triggered uncertainty for investors. Wall Street also lost ground after Trump on Friday signed executive orders to bar admission of Syrian refugees and suspend travel to the United States from Syria, Iraq, Iran and four other countries on the grounds of national security. Canada will offer temporary residency to any travelers stranded by the ban. At 11:01 a.m. ET (1601 GMT), the Toronto Stock Exchange''s S&P/TSX composite index fell 203.44 points, or 1.31 percent, to 15,372.37. It last lost more than 1.3 percent on Sept. 13, while it touched its lowest intraday since Jan. 18 at 15,368.80. Lower oil prices were an additional drag on energy stocks, with Canadian Natural Resources Ltd declining 3.9 percent to C$38.74 and the overall energy group slumping to its lowest since mid-November, down 3 percent. The energy group got a boost last week from revived prospects for the Keystone XL pipeline, but investors have been worried about a potential U.S. border adjustment tax. U.S. crude prices were down 1.1 percent at $52.57 a barrel as news of another weekly increase in U.S. drilling activity spread concern over rising output. Some of the most influential weights on the TSX included the country''s major bank stocks. Royal Bank of Canada fell 0.9 percent to C$93.64, while the financials group was down 1.2 percent. All of the index''s 10 main groups were lower, with industrials falling 1.4 percent and information technology sliding 1.9 percent. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.5 percent. Gains for gold stocks tempered losses for the materials group, with Barrick Gold Corp climbing 2.2 percent to C$23.90 as gold rose. Gold futures rose 0.8 percent to $1,197.3 an ounce, supported by political uncertainty. Canadian dairy company Saputo Inc said it will make an all-cash takeover offer for the 12 percent of Australia''s Warrnambool Cheese and Butter it does not already own, valuing the company at A$682 million ($515 million). Saputo''s shares dipped 0.1 percent to C$48.18. Two suspects were under arrest after a shooting at a Quebec City mosque on Sunday evening killed six people and wounded eight, but police declined to give details of their identity or possible motives. (Reporting by Fergal Smith; Editing by Tom Brown) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1FK0ZP'|'2017-01-30T23:24:00.000+02:00'
'df05629984e7a871c55231af088b5d47c7e0e18b'|'U.S. consumer spending increases solidly in December'|' 34am EST U.S. consumer spending increases solidly in December FILE PHOTO - A family shops at the Wal-Mart Supercenter in Springdale, Arkansas June 4, 2015. REUTERS/Rick Wilking/File Photo WASHINGTON U.S. consumer spending rose solidly in December as households bought motor vehicles and a range of services amid rising wages, pointing to sustained domestic demand that is likely to set the economy up for faster growth in early 2017. The Commerce Department said on Monday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.5 percent after an unrevised 0.2 percent gain in November. Economists polled by Reuters had forecast consumer spending climbing 0.5 percent last month. Consumer spending increased 3.8 percent in 2016 after rising 3.5 percent in 2015. When adjusted for inflation, consumer spending increased 0.3 percent last month after rising 0.2 percent in November. The data was included in the fourth-quarter gross domestic product report published on Friday. The economy grew at a 1.9 percent annual rate in the fourth quarter, restrained by a wider trade deficit. Private domestic demand, however, increased at a solid 2.8 percent rate. The economy grew at a 3.5 percent rate in the third quarter. With domestic demand rising, inflation showed some signs of picking up last month. The personal consumption expenditures (PCE) price index rose 0.2 percent after edging up 0.1 percent in November. In the 12 months through December the PCE price index rose 1.6 percent, the biggest increase since September 2014. That followed a 1.4 percent increase in November. Excluding food and energy, the so-called core PCE price index ticked up 0.1 percent after being unchanged in November. The core PCE price index increased 1.7 percent year-on-year after a similar gain in November. The core PCE is the Federal Reserve''s preferred inflation measure and is running below its 2 percent target. However, other inflation measures are above the PCE price indexes. The consumer price index (CPI) is currently at 2.1 percent on a year-on-year basis and the core CPI is up 2.2 percent. Consumer spending last month was buoyed by a 1.4 percent jump in purchases of long-lasting manufactured goods such as automobiles. Spending on services increased 0.4 percent. Personal income advanced 0.3 percent last month after nudging up 0.1 percent in November. Wages and salaries rebounded 0.4 percent after slipping 0.1 percent in November. Income increased 3.5 percent in 2016 after rising 4.4 percent in 2015. Savings fell to $768.4 billion last month, the lowest level since May 2015, from $791.2 billion in November. (Reporting by Lucia Mutikani; Editing by Paul Simao)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-spending-idUSKBN15E1GK'|'2017-01-30T20:34:00.000+02:00'
'5b6ddaa173a1c1e315ffcae9628cf2c81d36c76e'|'As price war rages, Vodafone India seeks merger with rival Idea Cellular'|'Business News - Mon Jan 30, 2017 - 3:02pm GMT As price war rages, Vodafone India seeks merger with rival Idea Cellular left right FILE PHOTO: A man casts silhouette onto an electronic screen displaying logo of Vodafone India after a news conference to announce the half year results in Mumbai, India, November 10, 2015. REUTERS/Shailesh Andrade/File Photo 1/2 left right A man speaks on his mobile phone next to a Vodafone advertisement in Kolkata, India, September 26, 2016. REUTERS/Rupak De Chowdhuri 2/2 By Kate Holton and Sankalp Phartiyal - LONDON/MUMBAI LONDON/MUMBAI Britain''s Vodafone Group confirmed on Monday it was in talks to merge its Indian subsidiary with local rival Idea Cellular in an all-share deal that would create a new market leader better able to contest a brutal new price war. Vodafone, the world''s second-largest cellphone operator, has endured a tumultuous ride since it entered India in 2007, with fierce competition and a high-profile tax battle making a business contributing more than 10 percent of its revenues and profits its most unpredictable by far. "There is no certainty that any transaction will be agreed, nor as to the terms or timing of any transaction," Vodafone said on Monday of its talks with Idea. Last year the market was thrown into fresh turmoil with the launch of Reliance Jio Infocomm, the new 4G mobile broadband network built at a cost of more than $20 billion (£15.98 billion) by India''s richest businessman Mukesh Ambani as part of his Reliance Industries conglomerate. Jio has made an immediate impact with the launch of free voice calls and cut-price data services, forcing the country''s three biggest operators - Bharti Airtel, Vodafone and Idea - to slash prices and accept lower profits. Jio''s aggressive assault on the market forced Vodafone to take a $5 billion writedown on Vodafone India last year, prompting Chief Executive Vitorio Colao to say at the time that the market would have to consolidate. "I think consolidation is the answer," he said. "You cannot defy the rules of economics." According to analysts at Berenberg, a combined Vodafone-Idea group would have around 375 million subscribers and around a 36 percent market share, well ahead of Bharti with around 260 million subscribers. Berenberg also said the two firms would complement each other geographically, although some overlaps could require divestments to satisfy the regulators. Shares in Vodafone were up 2.7 percent at 199 pence by 1211 GMT. Shares in Idea Cellular were up 25 percent, its biggest gain on record, adding 71 billion rupees ($1.05 billion) to its market value, while shares in Reliance Industries were up 2 percent and Bharti Airtel was up 7 percent. Idea said that the initial talks were based on equal rights between its owner, Aditya Birla Group and Vodafone, with Vodafone getting shares in Idea. MARKET TURMOIL Analysts have long expected consolidation in India''s telecoms industry, where the market is divided into 22 geographical areas, or circles. Under the rules, companies are restricted on the percentage of airwaves they can own in each circle to prevent any one group becoming too dominant. Shares in market leader Bharti Airtel surged on hopes for reduced competition after saying last week its net profit for the December quarter slumped to its lowest level in four years because of competition from Jio. "The immediate benefit for the next one to two years for Idea and Vodafone would be to extract synergy values," said a telecoms industry analyst at a domestic brokerage not authorised to talk to the media. He added that a smaller field would also make it easier for Jio to "get a decent market share and make profits." As with some other joint ventures that Vodafone has, a merger would enable the firm to deconsolidate the business, leaving it as a shareholder benefitting from dividend payments. Vodafone also said on Monday that a deal with Idea would not include Vodafone''s 42 percent stake in Indus Towers, the radio masts owner created by Bharti, Vodafone and Idea. Analysts at Morningstar said if successful the deal would reduce Vodafone''s subscriber base by about 40 percent and lower its revenue growth rate. However it would lead to a small increase in its core profit margin because India has lower margins than the wider group. Less than a year ago Vodafone was still planning to float Vodafone India on the local stock exchange, despite a long-running battle with the government over a $2 billion tax claim related to its acquisition of the unit from CK Hutchison in 2007. For Vodafone a sale of the Indian business to Idea could reignite speculation about an eventual tie-up between Vodafone and John Malone''s Liberty Global. The two have held merger talks before but analysts say Vodafone''s ownership of numerous assets in emerging markets had complicated valuations for Liberty, which is mainly interested in the European operations. (Additional writing by Paul Sandle; Editing by Louise Heavens, Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-vodafone-m-a-idea-cellular-idUKKBN15E0M4'|'2017-01-30T22:02:00.000+02:00'
'2c839ad6642e4840441106eca93b8ef1c903b209'|'Trump travel ban stirs faint corporate outcry beyond Silicon Valley'|'Mon Jan 30, 2017 - 5:08am GMT Trump travel ban stirs faint corporate outcry beyond Silicon Valley U.S. President-elect Donald Trump sits with PayPal co-founder and Facebook board member Peter Thiel, Apple Inc CEO Tim Cook, Oracle CEO Safra Catz and Tesla Chief Executive Elon Musk during a meeting with technology leaders at Trump Tower in New York U.S., December 14, 2016.... REUTERS/Shannon Stapleton - RTX2V2DE By Devika Krishna Kumar and Ross Kerber - NEW YORK/BOSTON NEW YORK/BOSTON Most U.S. corporate bosses have stayed silent on President Donald Trump''s immigration curbs, underscoring the sensitivities around opposing policies that could provoke a backlash from the White House. While the leaders of Apple Inc APPL.O, Google ( GOOGL.O ) and Facebook Inc ( FB.O ) emailed their staff to denounce the suspension of the U.S. refugee program and the halting of arrivals from seven Muslim-majority countries, many of their counterparts in other industries either declined comment or responded with company statements reiterating their commitment to diversity. The difference in response shows the pressure large swathes of corporate America faces to avoid tussling publicly with the new administration. Companies such as aircraft maker Boeing Co ( BA.N ) and automakers Ford Motor Co ( F.N ) and General Motors Co ( GM.N ) have already had run-ins with Trump over other issues, and they have much at stake in policy decisions that the administration will make on tax, trade and regulatory matters. Before office, Trump attacked Boeing over the cost of the future Air Force One program. Boeing Chief Executive Officer Dennis Muilenburg met with him earlier this month and said he and Trump had made progress on the Air Force One issue and the potential sale of fighter aircraft. Representatives from Boeing, General Motors and Ford declined to comment on Trump''s immigration curbs. Wall Street, meanwhile, is hoping the new administration will ease some of the regulations introduced in the wake of the 2007-08 financial crisis and adopt a lighter touch in their enforcement. Industries including banking, healthcare and auto manufacturing “see themselves on the cusp of a new era of deregulation, and they do not want to do anything that would offend the new emperor,” said Cornelius Hurley, director of Boston University’s Center for Finance, Law & Policy. Trump had targeted both the tech industry and Wall Street during his presidential campaign, but once elected, he tapped former investment bankers, hedge fund managers and private equity investors to join his administration. With friends in high places, Wall Street may have less reason to be as outspoken about the new restrictions. “Bankers have direct access to this White House,” said Erik Gordon, who teaches at the University of Michigan’s Ross School of Business. "They don’t have to protest publicly." Representatives of Goldman Sachs Group Inc ( GS.N ), Citigroup Inc ( C.N ), Bank of America Corp ( BAC.N ) and Morgan Stanley ( MS.N ) declined to comment on Trump''s immigration order. Wells Fargo & Co ( WFC.N ) said in a statement that it was reviewing the executive order and its implications for staff and its business. JPMorgan Chase & Co''s ( JPM.N ) Operating Committee, which includes CEO Jamie Dimon, sent a note to staff saying it was reaching out to all employees affected and noted that the country was, “strengthened by the rich diversity of the world around us.” To be sure, some CEOs were more outspoken. Nike Inc ( NKE.N ) CEO Mark Parker said the company did not support the executive order. "Nike believes in a world where everyone celebrates the power of diversity," he said in a statement. "Those values are being threatened by the recent executive order in the U.S. banning refugees, as well as visitors, from seven Muslim-majority countries." Brent Saunders, CEO of U.S. drugmaker Allergan Plc ( AGN.N ), tweeted: "Oppose any policy that puts limitations on our ability to attract the best & diverse talent." But many boardrooms kept quiet. Representatives for some energy companies, including Exxon Mobil Corp ( XOM.N ), for example, declined to comment. GOOD CORPORATE CITIZENS As the idea of corporate social responsibility has taken root, so companies have increasingly championed a range of causes, including gay rights, diverse workplaces and a global view. Many in corporate America are still trying to work out how to deal with a new government that takes a more conservative stance on some social issues and has an anti-globalization platform. Those non-tech companies that did issue statements over the weekend tended to emphasize their role as good corporate citizens rather than openly criticize Trump''s policies. Starbucks Corp ( SBUX.O ) CEO Howard Schultz has put the coffee chain in the national spotlight before, asking customers not to bring guns into stores and urging conversations on race relations. In a letter to employees, he said Starbucks was developing plans to hire 10,000 refugees over five years across dozens of countries, but he did not directly criticize Trump''s order. “I am hearing the alarm you all are sounding that the civility and human rights we have all taken for granted for so long are under attack,” he wrote. In his statement, General Electric Co ( GE.N ) CEO Jeff Immelt told staff that the company would engage with the U.S. government. "We will continue to make our voice heard with the new administration and Congress, and reiterate the importance of this issue to GE and to the business community overall," he wrote. One of the most immediate ways for corporate bosses to communicate with Trump about the immigration order will be the first meeting of his advisory panel of business leaders next week. Of the 19 leaders on that panel, only two, Elon Musk, who founded Tesla Motors Inc ( TSLA.O ) and SpaceX, and Travis Kalanick, CEO of Uber Technologies Inc [UBER.UL], have spoken out against Trump''s immigration curbs. A spokeswoman for Stephen Schwarzman, the billionaire chief executive of Blackstone Group LP ( BX.N ) whom Trump tasked to set up and chair the panel, declined to comment. (Additional reporting by Olivia Oran, Dan Freed, Lauren Hirsch, Lawrence Delevingne and Gui Qing Koh in New York, Joe White in Detroit and David Shepardson in Washington; Writing by Carmel Crimmins; Editing by Lisa Von Ahn) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-immigration-companies-idUKKBN15E0CJ'|'2017-01-30T12:04:00.000+02:00'
'157e38c633acbaa14f7b49fec64bd9750359d3db'|'Mitsubishi UFJ Trust to sue Toshiba over 2015 accounting scandal'|'Business News - Mon Jan 30, 2017 - 1:34am GMT Mitsubishi UFJ Trust to sue Toshiba over 2015 accounting scandal FILE PHOTO- A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao/File Phot TOKYO Mitsubishi UFJ Trust and Banking Corp [MTFGTB.UL] is preparing to sue Toshiba Corp ( 6502.T ) for 1 billion yen ($8.7 million) in damages after its share price tanked due to a $1.3 billion (1.03 billion pounds) accounting scandal two years ago. The trust bank is seeking compensation on behalf of its client pension funds, a spokesman said on Monday. The development is an extra headache for the conglomerate which has plunged into crisis again. It said on Friday it will sell a minority stake in its memory chip business as it urgently seeks funds to offset an imminent multi-billion dollar writedown, adding that its overseas nuclear division - the cause of its woes - was now under review. The laptops-to-nuclear conglomerate said in October last year that it had been sued by 15 groups and individuals since it first admitted to reporting inflated profits going back to 2008. (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN15E03G'|'2017-01-30T08:34:00.000+02:00'
'90e87896422c77fb84c739a354aaa5bdfa27c8de'|'Canada''s Saputo makes bid for rest of Australia''s Warrnambool Cheese and Butter'|'SYDNEY Jan 30 Canadian diary company Saputo Inc said on Monday it will make an all-cash takeover offer for the 12 percent of Warrnambool Cheese and Butter it does not already own, valuing the company at A$682 million ($515 million).The A$8.85 per-share offer announced by Saputo in a statement to the Australian Securities Exchange is a 24.8 percent premium to Warrnambool''s Friday closing price of A$7.09.Saputo, which already owns 88.02 percent of Warrnambool shares, said it will fund the acquisition from cash on hand and existing credit facilities. ($1 = 1.3233 Australian dollars) (Reporting by Tom Westbrook; Editing by Lincoln Feast)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/wcb-ma-saputo-idINL4N1FJ0EY'|'2017-01-29T19:33:00.000+02:00'
'834069ff6d42b89d436cd9c6eebd1a40c2928c44'|'UPDATE 2-Dubai''s Aramex sees slower profit, revenue growth in 2017'|'* Sees single-digit revenue, profit growth in 2017* 2016 net profit up 37 pct, revenue up 16 pct (Adds CEO comments, details, background)By Alexander CornwellDUBAI, Jan 30 Dubai-based courier Aramex expects profit and revenue growth to slow to below 10 percent this year, with less of a boost from acquisitions than in 2016 and growth moderating in some markets, it said on Monday.Chief Executive Hussein Hachem told a press conference he was cautious about the business-to-business market, but confident on the business-to-consumer category, in part due to an expected 30 percent rise this year in e-commerce deliveries.Hachem did not identify which markets were slowing. Aramex operates across the world including Asia, Australia, the Middle East and Africa.Earlier on Monday, the company reported a 129 percent jump in fourth-quarter net profit. Full-year profit rose 37 percent to 426.6 million dirhams ($116.2 million) while revenue climbed 16 percent to 4.34 billion dirhams.Quarterly profit grew sharply because of an impairment in the year earlier period, Hachem said, adding that on a normalised basis profit grew 27 percent.Despite its cautious outlook, Aramex will continue looking at acquisitions in 2017 and is targeting opportunities in Asia, particularly in "last mile" services that connect a transport hub with the final destination for deliveries, Hachem said.In July, Dubai billionaire Mohamed Alabbar led two investor groups that bought a combined 16.45 percent stake in Aramex, while Australia Post bought 4.5 percent of Aramex around the same time.An industry source said at the time that was part of a strategy to build an e-commerce platform for the Arab world.Alabbar has since announced two regional e-commerce sites, including Noon, which involves Saudi Arabia''s Public Investment Fund (PIF).Hachem said on Monday Aramex was yet to reach a final agreement on how it would work with Alabbar''s e-commerce sites. (Reporting by Alexander Cornwell; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aramex-results-idINL5N1FK0CO'|'2017-01-30T07:22:00.000+02:00'
'c7d3de2d391e05e9736f06bfb73e70ca6fc78c3a'|'Orascom extends deadline of alternative plan for Brazil''s Oi'|'SAO PAULO Jan 30 Orascom TMT Investments Sarl has voluntarily extended the deadline to consider an alternative in-court reorganization plan for Brazilian phone carrier Oi SA, which in June filed for the nation''s largest bankruptcy protection process ever.In a securities filing on Monday, Oi said the decision will allow management and shareholders to examine Orascom''s suggestions for the reorganization. (Reporting by Guillermo Parra-Bernal; editing by Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oi-sa-restructuring-otmt-idINL1N1FK1QJ'|'2017-01-30T18:20:00.000+02:00'
'4aef270c7f5419b78bcb9dc5c036b5397fc5f136'|'Under U.S. pressure on trade, Japan scrambles ahead of White House visit'|'Business News   8:41am GMT Under U.S. pressure on trade, Japan scrambles ahead of White House visit FILE PHOTO - Akio Toyoda, president of Toyota Motor Corporation, speaks during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Mark Blinch/File Photo By Yoshifumi Takemoto - TOKYO TOKYO Japan is scrambling to respond to intensifying trade pressure from U.S. President Donald Trump, with Prime Minister Shinzo Abe planning to meet the head of Toyota Motor Corp ( 7203.T ) this week and business lobby Keidanren planning a Trump task force. Abe will visit Washington on Feb. 10 for talks with Trump at which the U.S. leader is expected to seek quick progress toward a two-way trade deal with Japan and discuss the automotive sector. Ahead of those talks, Abe will meet with Toyota Chief Executive Akio Toyoda, two sources told Reuters. One of them said the meeting would take place on Friday. Chief Cabinet Secretary Yoshihide Suga denied a meeting had been set for Friday, while Toyota Motor Corp declined to comment. In a phone call with Abe on Saturday, Trump reiterated his pledge to create jobs in the United States and asked that the Japanese auto industry contribute, the Nikkei business daily reported, quoting unidentified Japanese government officials. The two leaders discussed the automotive industry, senior government spokesman Koichi Hagiuda told reporters after the phone call, without giving details. A White House statement said the two "committed to deepen the bilateral trade and investment relationship". Japan needs to craft a plan to show that its firms, car makers especially, will contribute to creating U.S. jobs, a former Japanese diplomat said. "I think that is the only way forward to make the bilateral summit a success," the diplomat said. "Trump only cares about numbers. Everything has to be linked to jobs creation," he added. "Symbolically, autos is a very big player." Abe has left the door open to discussing a free trade agreement (FTA) with the United States, but some officials worry Japan would have little to gain while coming under intense pressure from Washington. Bilateral talks on specific sectors such as autos, however, are an option, officials have said. Trump, who last week dropped out of the 12-nation Trans-Pacific Partnership pushed by his predecessor Barack Obama and favored by Abe, has repeatedly attacked Japan''s auto market as closed, in an echo of criticisms heard two decades ago. Japan has rejected that accusation, saying it does not impose tariffs on U.S. auto imports nor put up discriminatory non-tariff barriers. Over the decades, Japanese automakers have developed SUVs, mini-vans and pick-up trucks specifically targeting American consumers'' taste for bigger cars, while U.S. brands have struggled to make inroads in Japan, where drivers overwhelmingly prefer domestic brands. Foreign-branded cars accounted for only 7 percent of the Japanese passenger car market, led by Germany. American brands collectively made up less than a third of 1 percent of passenger cars sold in Japan last year. TRUMP TASK FORCE Toyota has come under fire from Trump for plans, announced in 2015, to shift production of its Corolla sedan to Mexico from Canada. Earlier this month, Japan''s top automaker said it would invest $10 billion in the United States over the next five years, the same as the previous five years. Toyota says it directly employed about 40,000 American workers as of December 2015, and indirectly more than 200,000 if dealers and suppliers are included. Japan''s biggest business lobby Keidanren wants to beef up its information gathering and analysis of the Trump administration''s policies, while also conveying data on Japan Inc''s importance to the U.S. economy, a Keidanren official said. "We will create a task force, the main purpose of which is to convey correct information about the contribution of Japanese firms in the United States," said another Keidanren official, who declined to be identified because he was not authorized to speak to media. Japan''s government is already trying to give Trump''s administration a crash course on its companies'' contribution to U.S. jobs and growth, with fact sheets showing, among other things, that Japanese companies created 839,000 jobs in America, second only to Britain. Tokyo came under harsh U.S. criticism in the late 1980s and early 1990s, when Japan accounted for up to 60 percent of the U.S. trade deficit. But now its share has shrunk to less than 10 percent, while China''s has ballooned to nearly 50 percent - something Japanese officials are trying to stress to American counterparts. Automobiles and car parts account for about three-quarters of the overall Japan-U.S. trade gap, making it an easy target. Japanese media have begun reminiscing about the heated U.S.-Japan auto talks 20 years ago. A last-minute deal in June 1995 averted U.S. tariffs on Japanese luxury cars when Japan''s automakers crafted "voluntary plans" to boost purchases of American auto parts and expand production in the United States. (Additional reporting by Chris Gallagher, Maki Shiraki, Kiyoshi Takenaka, Ami Miyazaki, Stanley White, Chang-Ran Kim and Tetsushi Kajimoto; Writing by Linda Sieg and Malcolm Foster; Editing by Lincoln Feast and Alex Richardson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-japan-toyota-idUKKBN15E071'|'2017-01-30T15:40:00.000+02:00'
'c587b4624a5bb6e856defa2e03bc97b80799b3fa'|'Italy has done too little on banks'' soured loans - ECB''s Nouy tells paper'|'  7:06am GMT Italy has done too little on banks'' soured loans - ECB''s Nouy tells paper Daniele Nouy, chair of the Supervisory Board of the European Central Bank, speaks at a Thomson Reuters newsmaker event at Canary Wharf in London November 28, 2014. REUTERS/Neil Hall MILAN Italy has done too little in the last three years to reduce non-performing loans weighing on its banks, the European Central Bank''s top bank supervisor told Italian daily la Repubblica on Monday. Daniele Nouy, who has headed the ECB''s supervisory arm since it started overseeing the euro zone''s top banks in 2014, welcomed a move by the Italian government to put aside 20 billion euros (17 billion pounds) to support its weak lenders. Nouy also rejected criticism that ECB adopted a softer treatment for German banks and declined to comment on a possible tie-up between Italy''s biggest retail bank Intesa Sanpaolo ( ISP.MI ) and insures Assicurazioni Generali ( GASI.MI ). "We do not comment on single banks ... we monitor developments very closely when they affect the banks we supervise and we keep in close contact with the other relevant authorities, where appropriate," Nouy saw quoted as saying by la Repubblica. (Reporting by Francesca Landini; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-banks-nouy-italy-idUKKBN15E0J0'|'2017-01-30T14:06:00.000+02:00'
'eb8bcf6f905e27e9cdc8fcd56a5963ca94267ff0'|'U.S. army seeks to cement Trump''s promise to stick by NATO'|'World News   9:27am EST U.S. army seeks to cement Trump''s promise to stick by NATO left right U.S. and Polish army soldiers gather near their tanks after live firing exercise in Zagan, Poland, January 30, 2017. REUTERS/Kacper Pempel 1/15 left right Polish army soldiers stay atop of their Leopard 2A4 tank after live firing exercise in Zagan, Poland, January 30, 2017. REUTERS/Kacper Pempel 2/15 left right U.S. (R to L), Poland''s flags and jack of the President of Poland are seen during the inauguration ceremony of bilateral military training between U.S. and Polish troops in Zagan, Poland, January 30, 2017. REUTERS/Kacper Pempel 3/15 left right Polish and U.S. soldiers speak during the firing exercise after the inauguration ceremony of bilateral military training between U.S. and Polish troops in Zagan, Poland, January 30, 2017. REUTERS/Kacper Pempel 4/15 left right Polish army Leopard 2A4 and U.S. army M1 Abrams tanks attend firing exercise after the inauguration ceremony of bilateral military training between U.S. and Polish troops in Zagan, Poland, January 30, 2017. REUTERS/Kacper Pempel 5/15 left right Polish army Leopard 2A4 tank attends firing exercise after the inauguration ceremony of bilateral military training between U.S. and Polish troops in Zagan, Poland, January 30, 2017. REUTERS/Kacper Pempel 6/15 left right Polish and U.S. soldiers attend the inauguration ceremony of bilateral military training between U.S. and Polish troops in Zagan, Poland, January 30, 2017. REUTERS/Kacper Pempel 7/15 left right Polish army Leopard 2A4 tank fires after the inauguration ceremony of bilateral military training between U.S. and Polish troops in Zagan, Poland, January 30, 2017. REUTERS/Kacper Pempel 8/15 left right Polish and U.S. soldiers attend the inauguration ceremony of bilateral military training between U.S. and Polish troops in Zagan, Poland, January 30, 2017. REUTERS/Kacper Pempel 9/15 left right U.S Army Europe Commanding General Ben Hodges salutes during the inauguration ceremony of bilateral military training between U.S. and Polish troops in Zagan, Poland, January 30, 2017. REUTERS/Kacper Pempel 10/15 left right U.S. general Timothy M. Ray (L) looks on as Poland''s President Andrzej Duda (R) shakes hands with U.S. ambassador in Poland Paul W. Jones during the inauguration ceremony of bilateral military training between U.S. and Polish troops in Zagan, Poland, January 30, 2017. REUTERS/Kacper Pempel 11/15 left right Poland''s President Andrzej Duda speaks at the inauguration ceremony of bilateral military training between U.S. and Polish troops in Zagan, Poland, January 30, 2017. REUTERS/Kacper Pempel 12/15 left right Polish soldiers attend the inauguration ceremony of bilateral military training between U.S. and Polish troops in Zagan, Poland, January 30, 2017. REUTERS/Kacper Pempel 13/15 left right U.S. soldiers attend the inauguration ceremony of bilateral military training between U.S. and Polish troops in Zagan, Poland, January 30, 2017. REUTERS/Kacper Pempel 14/15 left right Soldiers of the German armed forces Bundeswehr take part in farewell ceremony for mechanized infantry Panzergrenadierbataillon 122, to be deployed in Lithuania, in Oberviechtach, Germany January 19, 2017. REUTERS/Michaela Rehle 15/15 By Robin Emmott - ZAGAN, Poland ZAGAN, Poland The United States deployed thousands of soldiers and heavy weaponry to Poland, the Baltic states and southeastern Europe on Monday in its biggest buildup since the Cold War, condemned by Russia as part of an aggressive strategy on its frontiers. The deployment of a full armored brigade, returning U.S. tanks to Europe for the first time since 2013, offers reassurance of U.S. support for east European allies alarmed by Moscow''s military assertiveness towards Ukraine, in the south, and by Russian air, land and sea exercises in the Baltic region. Originally ordered by Barack Obama, the troop arrivals are the first since Donald Trump succeeded him and may go some way to assuage the alarm of 27 allies over his recent description - since modified - of the alliance as "obsolete". His expressed wish to move closer to Russia has also caused dismay. Polish Defence Minister Antoni Macierewicz declared "God bless President Trump" at an opening ceremony with U.S. generals who watched live tank fire at a base near the German border. "The full weight of the U.S. military stands behind these sentinels of freedom," Lieutenant General Tim Ray, deputy commander of U.S. European Command, said of the dozens of U.S. soldiers and tanks lined up in the snow, some of which were still painted in desert colors of the Middle East. WIDER NATO BUILDUP Concern has grown especially in the three formerly Soviet Baltic republics - Lithuania, Estonia and Latvia - since Russia''s annexation of Ukraine in 2014 and the raising of a pro-Russian rebellion in eastern Ukraine that continues to simmer. The presence of 3,500 U.S. soldiers, who will be joined by another 1,600 as well as helicopters and aircraft next month, is part of a wider, multinational build-up of NATO nations. U.S. soldiers will also deploy to Bulgaria and Romania. Lieutenant General Ben Hodges, the U.S. army''s top commander in Europe, said the build-up also underlined reassurance Trump gave to the leaders of Britain, Germany and France in recent days over the importance of NATO. "I don''t see, and I have not heard, anything that would lead me to think that this could be curtailed," Hodges said standing in front of dozens of tanks lined up in the snow. "Our president has spoken with Prime Minister (Theresa) May, Chancellor (Angela) Merkel and President (Francois) Hollande and what I have heard is the affirmation of the importance of NATO and the United States commitment to NATO," Hodges said of Trump''s phone calls and May''s trip to Washington. Britain, Canada and Germany are also sending troops to the Baltic States. "We will deter and defend across the whole spectrum of conflict," U.S. ambassador to Poland Paul Jones said, pledging that the United States, Canada and European allies will "defend every inch of alliance territory together." (Reporting by Robin Emmott; editing by Ralph Boulton) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-nato-russia-idUSKBN15E1LA'|'2017-01-30T21:06:00.000+02:00'
'00af002d4fcdd9d8545330fa7435d250b9cd78d3'|'TREASURIES-Bonds steady ahead of heavy data week, Fed meeting'|'* Fed will conclude January meeting on Wednesday * Heavy week of data including January jobs figures By Karen Brettell NEW YORK, Jan 30 U.S. Treasuries were little changed on Monday, ahead of policy meetings of the U.S. Federal Reserve on Tuesday and Wednesday and a heavy week of data that will culminate in Friday''s jobs report for January. The Fed is expected to leave interest rates unchanged, though traders will be looking for any indications on when the next rate hike is likely at the Fed''s first meeting since Donald Trump was sworn in as U.S. President on Jan. 20. Traders are pricing in only a 4 percent chance of a rate hike this week, after the U.S. central bank raised rates for the first time in a year in December, according to the CME Group''s FedWatch Tool. Friday''s employment report for January will be closely perused for indications on economic strength. Several manufacturing reports are also due this week. Refunding announcements and borrowing projections by the Treasury Department will be a focus for traders. "This week is very busy ... we have a packed data calendar," said Thomas Simons, a money market economist at Jefferies in New York. "I think that may lead to a bit of a malaise to start the week here ... there isn''t a lot to get going on yet." Benchmark 10-year notes gained 1/32 in price to yield 2.48 percent, little changed from Friday. Bonds had little reaction to data on Monday showing that U.S. consumer spending rose solidly in December as households bought motor vehicles and a range of services amid rising wages, pointing to sustained domestic demand that is likely to set the economy up for faster growth in early 2017. The jobs data on Friday is expected to show that employers added 171,000 jobs in the month, according to the median estimate of 72 economists polled by Reuters. (Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FK0OJ'|'2017-01-30T11:20:00.000+02:00'
'0deb2dfda71bdde466c87db0ad2623ce8e907b13'|'Kuwait sovereign fund says it will focus on technology, infrastructure'|'Financials  47pm EST Kuwait sovereign fund says it will focus on technology, infrastructure KUWAIT Jan 30 The two main investment priorities of the Kuwait Investment Authority (KIA) this year are technology and infrastructure, the sovereign wealth fund''s chairman Anas al-Saleh told Reuters on Monday. Saleh, who is also finance minister, said the KIA''s technology portfolio was small but growing. At the same time, it is cautious about valuations, he added. The KIA is one of the world''s biggest sovereign funds with assets estimated at $592 billion, according to the Sovereign Wealth Fund Institute, which tracks the industry. (Reporting by Hadeel Al Sayegh; Writing by Andrew Torchia) Next In Financials Fitch Rates Crown Castle''s Sr. Unsecured Notes ''BBB-''; Outlook Stable (The following statement was released by the rating agency) CHICAGO, January 30 (Fitch) Fitch Ratings has assigned a ''BBB-'' rating to Crown Castle International Corp.''s (Crown) offering of senior unsecured notes due 2027. Crown''s Long-Term Issuer Default Rating (IDR) is ''BBB-''. The Rating Outlook remains Stable. Crown will use the proceeds from the note offering to reduce borrowings on its revolving credit facility (RCF) including borrowings to fund its acquisition of FPL FiberNet Holdings UPDATE 2-Keysight Technologies to buy Ixia for $1.6 billion Jan 30 Keysight Technologies Inc, a provider of software and equipment to the electronics industry, said on Monday it would buy U.S. data technology company Ixia for about $1.6 billion in cash in a bid to increase its software and security portfolio. Jan 30 The chief executives of Goldman Sachs Group and Ford Motor Co joined the criticism of President Donald Trump''s order to halt arrivals from several Muslim-majority countries, as equity markets fell and the dollar slipped on Monday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/kuwait-sovereign-funds-idUSL5N1FK5OE'|'2017-01-31T02:47:00.000+02:00'
'7aa58b06877ae8b1c7dc69616cb0764a65b355b2'|'UPDATE 1-New Gold expects higher mine costs, Rainy River production delay'|'Company News  18am EST UPDATE 1-New Gold expects higher mine costs, Rainy River production delay (Adds details) Jan 30 Canadian miner New Gold Inc said first production from its Rainy River mine in Ontario would be delayed by three months and that it would cost $195 million more to bring the project online. New Gold''s shares were down 11.5 percent at C$4.60 in Monday morning trading on the Toronto Stock Exchange. Randall Oliphant, who stepped down as the company''s executive chairman, had told Reuters in September that there would be no more cost overruns at the mine, days after the company raised its budget for the project by 11 percent to $1.05 billion. Oliphant will remain on the company''s board. Hannes Portmann, who is currently president, will take on the role of chief executive officer, while board member Ian Pearce will become non-executive chairman. The company expects to produce 380,000-430,000 ounces of gold in 2017, potentially higher than the 381,663 ounces it produced in 2016, boosted by the start of production from Rainy River. New Gold said its all-in sustaining costs would be $825-$865 per ounce in 2017, higher than $692 per ounce in 2016. The company also said that it was facing a $100 million funding gap to pay for its operating expenses and to start commercial production at its Rainy River mine in November. Rainy River is one of the few mid- to large-scale gold mines being built worldwide as the industry pulled back from developments after gold prices began falling in late 2011. The gold industry is especially sensitive to cost overruns after a series of cost blowouts on big mine builds in recent years, notably Barrick Gold Corp''s Pascua-Lama project in the Andes, which was put on hold in 2013 after development costs ballooned to $8.5 billion. New Gold said it was looking at a number of options to plug the shortfall, including selling non-core assets and raising debt or equity. "While management is evaluating a number of opportunities to raise the capital, we believe the market will respond negatively to the increased uncertainty caused by the announcement," Canaccord Genuity analysts wrote in a note. (Reporting by Vishaka George in Bengaluru; Editing by Shounak Dasgupta and Martina D''Couto) Next In Company News UPDATE 2-Walgreens delays Rite Aid deal again, cuts offer price Jan 30 Drugstore chain Walgreens Boots Alliance Inc said its deal to buy smaller rival Rite Aid Corp would now take six months longer to close and reduced its offer price, as it expects to divest more stores to gain regulatory approval.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/new-gold-outlook-idUSL4N1FK1ZI'|'2017-01-30T22:18:00.000+02:00'
'a757f4996ddb52ae46ad49893ded61b775460880'|'China stocks rise for 4th day, but gains curbed'|'Industrials  09am EST China stocks rise for 4th day, but gains curbed SHANGHAI Jan 25 China stocks rose for the fourth straight day on Wednesday, although optimism over improving corporate earnings was offset by a surprise increase in rates on medium-term loans. Trading volume in Shanghai shrank to the lowest in four months, as many traders had already left for the week-long Lunar New Year holiday that starts on Friday. The blue-chip CSI300 index rose 0.3 percent, to 3,375.90, while the Shanghai Composite Index gained 0.2 percent to 3,149.55 points. Xiao Shijun, analyst at Guodu Securities in Beijing, said that the market was closely monitoring U.S. President Donald Trump''s policies, which could set the tone on trade ties between the world''s two largest economies and consequently affect the stock market. Sentiment was also curbed by tightening concerns, after China''s central bank raised interest rates on its medium-term lending facility (MLF) on Tuesday, a move seen to be in line with its broader objective of deleveraging. Most sectors gained ground. An index tracking infrastructure stocks advanced around 0.8 percent, as shares of heavyweight China State Construction Engineering Corp Ltd rose 2.2 percent. Shares of Aluminium Corp of China Ltd, the nation''s top aluminium producer, jumped 3.3 percent, after reports of possible capacity cuts. (Reporting by Samuel Shen and John Ruwitch; Editing by Jacqueline Wong) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-stocks-close-idUSZZN2RXL00'|'2017-01-25T14:09:00.000+02:00'
'ed4e04cfd3461f74f4c25bb8eb273a0abe8896b7'|'Exclusive: MSCI head expresses concern on China capital controls'|'Business News - Tue Jan 24, 2017 - 3:06am GMT Exclusive: MSCI head expresses concern on China capital controls FILE PHOTO: Chinese 100 yuan banknotes are seen on a counter of a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo By Trevor Hunnicutt - HOLLYWOOD, Fla. HOLLYWOOD, Fla. China''s progress toward full inclusion of its stocks in global benchmarks could be halted if the world''s second-largest economy cracks down further on people moving money out of the country, index provider MSCI Inc''s ( MSCI.N ) top executive said on Monday. In recent months China has been tightening its grip on individuals and businesses trying to move money out of the country in an effort to stabilize a faltering yuan, though it has sometimes denied the measures were an effort to impose new capital controls. The yuan fell nearly 7 percent against the dollar last year, its biggest loss since 1994, under pressure from sluggish economic growth and a strong dollar. A decision last June by New York-based MSCI to welcome the onshore Chinese stocks called "A shares" into its MSCI Emerging Markets Index could usher in hundreds of billion of dollars from asset managers, pension funds and insurers. "If they reverse course and they restrict the ''out'' door, then how can we?" MSCI Chairman and Chief Executive Henry Fernandez told Reuters. "It''s going to be hard for the MSCI to put the A shares into the index because we will not be doing a good service to our clients." Fernandez said capital controls have not yet affected international investors but nonetheless are the biggest potential issue MSCI is monitoring in China. He spoke to Reuters on the sidelines of Inside ETFs, an industry conference in Florida. Last June, MSCI declined to add the A shares to its global emerging markets benchmark index for the third year running, saying China had more to do to open up its market. "China has made a lot of progress," Fernandez said, citing the extension of a link between Shanghai and Hong Kong''s international market to a $3 trillion market in Shenzhen. That makes it easier for international investors to access the Chinese stocks. Consultations with Chinese authorities will likely start gearing up after China celebrates its New Year later in January, Fernandez said. China Securities Regulatory Commission, the country''s markets regulator, and the State Administration of Foreign Exchange, which controls China''s capital account, could not be immediately reached for comment early in the Asia day. (Reporting by Trevor Hunnicutt; Additional reporting by Michelle Price in Hong Kong; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-msci-indexes-china-idUKKBN15808Z'|'2017-01-24T10:00:00.000+02:00'
'1369639c461ffb730af8b6d9993c52cea32b73af'|'Russia''s TCS Group considers SPO in coming months - sources'|'New Issues News  38am EST Russia''s TCS Group considers SPO in coming months - sources By Olga Popova and Oksana Kobzeva - MOSCOW MOSCOW Jan 24 Russian consumer lender TCS Group is considering holding a secondary public offering (SPO) of its shares in the coming months, three financial market sources told Reuters on Tuesday. One of the sources said the size of the SPO could be around $60 to $70 million, while the other two sources did not say how much the planned share sale could raise. "They want to raise the liquidity of their shares. Most likely it will be a sale of existing shares," the first source said. TCS declined to respond to a Reuters request for comment. It listed its shares in London in 2013 in an IPO that valued the business at $3.2 billion. Founded by Russian entrepreneur Oleg Tinkov, the company posted record profits in 2016 and has said it expects to increase its earnings further in 2017. (Writing by Alexander Winning; Editing by Andrew Osborn) Next In New Issues News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/russia-tcs-group-spo-idUSR4N1F7025'|'2017-01-24T20:38:00.000+02:00'
'12c0cc7789aeecbad6c19a0110d3f0e2c1cbfa36'|'Indian shares rise; post biggest weekly gain in 8 months'|'Financials  26am EST Indian shares rise; post biggest weekly gain in 8 months Jan 27 Indian shares rose for a fourth consecutive sesssion on Friday to post their biggest weekly gain in eight months, helped by a rally in financial firms and optimism ahead of the annual federal budget next week. The broader NSE index ended 0.45 percent higher at 8,641.25. It gained 3.50 percent on the week. The benchmark BSE index closed up 0.63 percent at 27,882.46. It posted a weekly gain of 3.14 percent. Both indexes posted their biggest weekly gains since the week ended May 27, 2016. For the midday report, click (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Biju Dwarakanath) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-stocks-idUSB8N1E403C'|'2017-01-27T17:26:00.000+02:00'
'000dc223eb09f7b01fbedd75b7cfa4246296e0fd'|'UPDATE 1-Muslim-majority Indonesia deeply regrets U.S. immigrant vetting plans'|'Industrials   2:58am EST UPDATE 1-Muslim-majority Indonesia deeply regrets U.S. immigrant vetting plans (Adds statement from Indonesian embassy in Washington, details) By Agustinus Beo Da Costa JAKARTA Jan 29 Indonesian Foreign Minister Retno Marsudi said on Sunday the Muslim-majority nation deeply regrets President Donald Trump''s plans for "extreme vetting" of people from some Muslim countries entering the United States under new immigration orders. In a far-reaching order that caused chaos and confusion after it was signed late on Friday, Trump put a four-month hold on allowing refugees into the United States and temporarily barred travellers from Syria and six other Muslim-majority countries. Indonesia, which has the world''s largest Muslim population, is not among the seven nations whose citizens face restrictions. However, when asked about Trump''s plans for "extreme vetting", Marsudi said in social media message sent to Reuters: "We have deep regrets about the policy." In December 2015, Trump called for a ban on all Muslims entering the United States. The idea drew fire for suggesting a religious test for immigrants that critics said would violate the U.S. Constitution and later evolved into a proposal for "extreme vetting". Most of Indonesia''s 220 million Muslims practise a moderate form of Islam, although the country has some vocal Islamist groups and has suffered in the past from attacks by militants. Indonesia has close relations with the United States and many of its citizens think highly of former U.S. President Barack Obama, who spent part of his childhood in Jakarta. Indonesian President Joko Widodo said after Trump''s inauguration he was optimistic that relations between the countries would strengthen, to the benefit of both. Foreign Minister Marsudi said Indonesians seeking visas to go the United States had not faced any problems so far. She said there were "hundreds of thousands" of Indonesians in the United States. A statement on the website of the Indonesian embassy in Washington ( bit.ly/2kdBJs1 ) urged its citizens in the United States to stay calm, but keep vigilant. It said Indonesian citizens should respect U.S. laws and help ensure public order in their neighbourhoods, but also that they should understand their rights in case of any issues and directed them to the website of the American Civil Liberties Union (ACLU). (www.aclu.org). The ACLU sought and won a temporary stay on Trump''s order to restrict travellers with passports from Syria, Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen. Trump told reporters in the White House''s Oval Office on Saturday that his order was "not a Muslim ban" and said the measures were long overdue. (Writing by Ed Davies; Editing by Paul Tait) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-trump-immigration-indonesia-idUSL4N1FJ02R'|'2017-01-29T14:58:00.000+02:00'
'83176eff67180c2d7695af7815297e8824ba80be'|'Clarks was right out of step when I complained about faulty trainers - Money'|'I’ve been trying to get a £22.40 refund from Clarks since September 2016. In August, while we were on holiday and in a hurry, I bought my six-year old daughter some trainers from its Salford outlet. She adored them, but within two days the sole was coming away. I emailed Clarks to ask if I could return them to its Devon high street shop which is near me, but it insisted I post them back. I did so, along with a printout of the email chain with the customer reference number on it, as well as a copy of the receipt. Clarks then wrote to me claiming there was no letter with the shoes, and asking me to explain why I had returned them? This letter – and quite how they knew where to write to if my letter was missing! – had a different reference number. I phoned, discussed the issue, and resent copies of the paperwork. I then received a voucher for half of what I had paid “because I had not sent the receipt”. When I then complained via the Clarks Twitter account, I was asked to send in my bank details with the promise of a full refund. When I did this, I got yet another customer reference number. Each time I contact them, I have to start again. All I want is my money back. EH, Exeter There was no question about your automatic right to a refund under the terms of the 2015 Consumer Rights Act, as the goods were clearly not “fit for purpose”, so it’s a shame that Clarks’ poor systems and customer service let you down.We contacted Clarks which claimed that it was aware of your complaint and was, apparently, already looking into it. It said: “Clarks takes pride in the quality of its products. Clarks’ shoes and the materials used are subjected to a large number of physical tests designed to ensure comfort, safety and durability. We apologise that the refund of the customer was delayed due to an issue with our payment process and we have, in this instance, offered the customer the value of a new pair of shoes for the inconvenience caused.”In fact, on top of the refund of £22.40 and £3 postage and packing, it has agreed a further payment of £24.60 to round this up to £50 and so you can purchase another pair of shoes. We suspect you won’t be going back to Clarks, however.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/29/clarks-faulty-trainers-refund-refused'|'2017-01-29T14:00:00.000+02:00'
'8de91a9e4b02d2647bfe1d04a3d3c8bc7fd1b6fa'|'Greek privatisation revenues hinge on swift bailout review -official'|'ATHENS Jan 28 Greece''s privatisation revenue targets hinge on the swift conclusion of a crucial review of the country''s bailout progress, a senior official at Greece''s privatisation fund said on Saturday.Talks between Athens and its official creditors on labour and energy reforms and on fiscal issues have dragged on for months, hindering the conclusion of a key bailout review that would help Greece return to bond markets as early as this year.Privatisations are a key term of its international bailout, the third since the debt crisis broke out. Greece must raise 5.3 billion euros from state asset sales by 2018, when its current bailout programme ends."It''s obvious that any delays in the review will also impact the fund''s revenue collection. Therefore, we may see possible revenues being rolled over to the coming years," privatisation agency adviser Lila Tsitsogiannopoulou told Ta Nea newspaper."Once the review is concluded, the whole sentiment for Greece will change," she said.Under its privatisation programme, Greece has agreed to sell stakes in state controlled Public Power Corporation (PPC) , in oil refiner Hellenic Petroleum, and gas distributor DEPA.Tsitsogiannopoulou said advisers for those privatisation projects would be hired in February."We will proceed step by step, solving competition issues first," she said. (By Lefteris Papadimas, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/eurozone-greece-privatisation-idUSL5N1FI0NC'|'2017-01-29T00:03:00.000+02:00'
'a33cbac79aabba6af36e7f460e56cc093d9b22b2'|'UniCredit says to fail ECB capital requirements ahead of cash call'|'Business News   3:12am EST UniCredit says to fail ECB capital requirements ahead of cash call Unicredit''s bank logo is pictured on block notes and pens at the headquarters in Milan, Italy, February 9, 2016. REUTERS/Stefano Rellandini/File Photo MILAN Italy''s biggest bank UniCredit ( CRDI.MI ) said on Monday its end-2016 capital ratios will not meet requirements set by the European Central Bank as it prepares to launch a 13-billion euro (11 billion pounds) rights issue to boost its financial strength. In a preliminary document for the fund raising the bank said the decline in its capital ratios was due to 12.2 billion euros of one-off charges it plans to book in the fourth quarter to increase its coverage of problematic loans. (Reporting by Silvia Aloisi; editing by Francesca Landini) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-unicredit-capitalincrease-idUSKBN15E0MU'|'2017-01-30T15:07:00.000+02:00'
'14316339cf5349c098770200abbddb7b488bc6ff'|'Turkey''s lira revives as investors look past Fitch downgrade'|'Financials  30am EST Turkey''s lira revives as investors look past Fitch downgrade ANKARA Jan 30 The Turkish lira firmed more than 1 percent on Monday, its biggest percentage advance in six sessions, as investors shrugged off a sovereign debt downgrade by Fitch amid central bank efforts to tighten liquidity. Fitch''s downgrade on Friday snuffed out Turkey''s last remaining investment grade rating, underscoring deepening concern about politics and monetary policy in what was once a star emerging market. The decision, although widely expected, came hours after rival agency Standard & Poor''s surprised investors by lowering its outlook to "negative" from "stable". "We expect the negative decoupling of the lira to stop unless there is a new, negative development to the contrary," said one foreign exchange liquidity manager at a bank in Istanbul. The lira firmed 1.4 percent against the dollar and was changing hands at 3.8120 at 1131 GMT. Earlier in the session it strengthened as far as 3.7995. Turkey''s stock market also advanced, bucking a global trend. The benchmark BIST 100 rose 2.4 percent to 85,814 points. Both Fitch and S&P sounded concern about political insecurity after a failed coup last year, as well as pressure on the central bank. More than 100,000 people have been sacked or suspended in the civil service and the private sector since the abortive July 15 putsch. Thousands more have been arrested. Fitch also cautioned that a looming referendum on reforming the constitution and creating an executive presidency - which is expected in April - would "entrench a system in which checks and balances have been eroded". One of President Tayyip Erdogan''s advisers, Bulent Gedikli, on Twitter dismissed the Fitch downgrade as "political and not economic" and called it an "intervention in Turkey''s domestic affairs". Market participants also said the lira was underpinned by the central bank''s recent tightening. The bank this month hiked one of its interest rates by 75 basis points and another by 100, although it kept its benchmark rate on hold. While the increases fell short of investor hopes for sharp rate rises, the bank has also managed to tighten liquidity by closing off some of its funding taps to the market, moves market participants have referred to as "covert tightening". On Monday, the central bank''s weighted average cost of funding spiked to 10.27 percent, its highest in almost three years. "The central bank has made a covert rate hike of 200 basis points, and that''s not something to be overlooked," said the foreign exchange liquidity manager. (Reporting by Nevzat Devranoglu and Ece Toksabay; Writing by David Dolan; Editing by Nick Tattersall and John Stonestreet) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/turkey-lira-idUSL5N1FK2V6'|'2017-01-30T19:30:00.000+02:00'
'd153c1712123203add5661991b834dd4420f700e'|'Indonesia reviewing Freeport request for new mining permit'|' 34am EST Indonesia reviewing Freeport request for new mining permit JAKARTA Jan 30 Indonesia may issue a temporary mining permit to the local unit of Freeport McMoRan Inc, the country''s mining minister said, that would pave the way for the mining giant to resume exports of copper concentrate from its Grasberg mine in Papua. Energy and Mineral Resources Minister Ignasius Jonan said late on Monday that the government is now processing a proposal from Freeport, and may issue a temporary special mining permit for up to 6 months that will allow the company to resume copper exports. "If they satisfy the requirements, including the requirements to build a smelter, we will issue them with a temporary special mining permit and an export (permit) too," Jonan said. (Reporting by Wilda Asmarini; Writing by Fergus Jensen; Editing by Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-idUSL4N1FK1MP'|'2017-01-30T20:34:00.000+02:00'
'a1a575bdb1ea654215e5af510ba631b30a4ff5d2'|'France''s Mediawan in talks to buy TV broadcaster Groupe AB'|'By Matthieu Protard - PARIS PARIS Mediawan ( MDWP_p.PA ), a media acquisition vehicle founded by well-known personalities including telecoms billionaire Xavier Niel and Lazard banker Matthieu Pigasse, is in talks to buy Groupe AB to expand in the television sector.Mediawan has offered 270 million euros ($289 million) to buy the French broadcasting group, it said in a statement on Monday, with French TV group TF1 ( TFFP.PA ) selling its 33.5 percent stake to Mediawan as part of the planned deal."Our plan is a simple one. It''s to use Groupe AB, which will be renamed Mediawan, to create the leading European company in terms of content, and in terms of different areas such as production, catalogs and distribution," Pigasse told Reuters.Mediawan listed on the Paris stock market last year.The company was set up by Pierre-Antoine Capton, founder of French media producer 3e Oeil Productions, and Le Monde newspaper and L''Obs magazine co-owners Xavier Niel and Matthieu Pigasse. Niel also controls and founded telecom group Iliad ( ILD.PA ).Pigasse said Mediawan was in talks with other European media companies over potential deals, and that they hoped to recreate a "Big Bang" in the media sector similar to the wave of deals in London after the "Big Bang" bank deregulation of the late 1980s."We are already in talks with other European companies based outside France, at least five of them. We''re looking to launch the start of a major ''Big Bang'' in the sector," Pigasse said.(Writing by Sudip Kar-Gupta; Editing by Andrew Callus and Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mediawan-tf1-groupe-ab-idINKBN15E0QF'|'2017-01-30T06:07:00.000+02:00'
'f506db9607bbeebf5d88afebcbc87249bacc9ebc'|'RPT-Social media battle lines drawn ahead of Turkish vote'|'Company News - Mon Jan 30, 2017 - 3:55am EST RPT-Social media battle lines drawn ahead of Turkish vote (Repeats story published on Friday) * Erdogan rides nationalist wave after coup, attacks * ''Yes'' vote cast as defending a "strong Turkey" * ''No'' campaigners say they are smeared as traitors * Official campaigning to begin within weeks By Ercan Gurses and Ayhan Uyanik ANKARA/ISTANBUL, Jan 30 Campaigning has not officially started, but a string of video "selfies" by the likes of sports stars, actors and cabinet ministers has already launched a divisive debate on plans that would hand Turkish President Tayyip Erdogan sweeping new powers. His supporters see the move to replace Turkey''s parliamentary democracy with an all-powerful presidency as a guarantee of stability at a time of turmoil. Opponents fear a lurch towards authoritarianism if an April referendum approves the change. In a country where mainstream news channels are saturated by Erdogan''s appearances and speeches by government ministers, and where political demonstrations are tightly restricted, the battle for votes is increasingly being waged online. "Unfortunately the ''No'' supporters don''t have much opportunity to get their message across on television channels or other media," said actor Baris Atay, who was castigated by pro-government newspapers for a social media video in which he says "no to one-man rule, fascism and dictatorship". "Saying ''Yes'', siding with Erdogan, and being a nationalist is thinking of the country''s future, but saying ''No'' is being a provocateur, a traitor and a terrorist - this is the perception they''re trying to establish," he told Reuters. Atay''s video was re-tweeted 23,000 times. Against a backdrop of bombings by Islamic State and Kurdish militants, a failed coup last July, and the sharpest economic slowdown in almost a decade, Erdogan has cast Turkey as under attack and in need of stronger leadership. The reform would enable the president to issue decrees, declare emergency rule, appoint ministers and senior state officials and dissolve parliament - powers that the two main opposition parties say strip away balances to Erdogan''s power. His supporters dismiss such claims and see the issue as a test of patriotism. "Our homeland, our country is passing through a very tough period. A veritable war of independence. We want a strong Turkey. For a strong Turkey, yes, I am in," Ridvan Dilmen, the country''s best-known soccer pundit, said in a video message on Twitter, triggering a chain of celebrity reactions. "Coach Ridvan, I got your call. I''m in for a strong Turkey too," said soccer star Arda Turan, who plays for Barcelona, in a similar post, drawing 10,000 re-tweets in the soccer-mad nation. NATIONALISTS KEY Erdogan assumed the presidency, a largely ceremonial position, in 2014 after more than a decade as prime minister with the ruling AK Party, which he co-founded. Since then, pushing his powers to the limit, he has dominated politics by dint of his personal popularity. Opponents accuse him of increasing authoritarianism with the arrests and dismissal of tens of thousands of judges, police officers, soldiers, journalists and academics since the failed coup. Erdogan is expected in the coming days to officially approve the constitutional reform bill passed by parliament this month that will pave the way for the referendum, likely to be held on one of the first two Sundays in April. He was quoted on Friday as saying campaigning would officially start on Feb. 7. But Foreign Minister Mevlut Cavusoglu and Energy Minister Berat Albayrak, Erdogan''s son-in-law, have already posted selfie videos. "We''re in too for a powerful Turkey," Prime Minister Binali Yildirim chanted with members of the women''s wing of the AK Party in another video on Twitter. Pollsters are divided on how the referendum will play out, though many agree the stance of the nationalist MHP opposition will be key. The AKP has been drumming up nationalist support while the MHP has been divided by a bitter leadership row. "According to our latest polls, two thirds of MHP voters are in the ''Yes'' camp," said Mehmet Ali Kulat, head of pollster Mak Danismanlik, which is seen as close to Erdogan. Hakan Bayrakci of polling firm SONAR disagreed, forecasting a strong majority of MHP supporters would vote ''No''. The MHP last year expelled three of its members who attempted to oust veteran leader Devlet Bahceli. They oppose the constitutional reform, while Bahceli backs it. "LIKE A RAINBOW" The secularist opposition CHP strongly opposes the changes. So does the pro-Kurdish HDP, the second largest opposition party. But a ''No'' campaign by the HDP could help Erdogan by rallying nationalist support behind him. Nationalists view the HDP as deeply tied to the Kurdish PKK militant group and have championed the prosecution under Erdogan of thousands of its members for suspected militant links. That has made the CHP reluctant to campaign on a shared platform with the pro-Kurdish opposition, Ozgur Ozel, a deputy chairman for the CHP, told Reuters, fearing it could undermine support. "The ''No'' side is like a rainbow hosting all colours. There shouldn''t be too many party symbols, just slogans, emblems, phrases and symbols that have been agreed upon," he said. The last time Turkey''s disparate opposition groups tried to forge such unity was during anti-government protests in 2013. Those demonstrations ultimately strengthened Erdogan, who used them to rally supporters and expose opposition splits. For now, the ''No'' campaign is largely fighting back online, with soccer fans particularly vocal. "For a free, equal and secular country we say NO," said the Twitter account of Sol Acik, a group of leftist supporters of Istanbul''s Fenerbahce soccer club. Similar messages followed from fans of its Istanbul rivals Galatasaray and Besiktas. Another video shared widely on social media showed students singing a popular song with alternative lyrics on an Istanbul ferry, mocking Erdogan''s policies and calling for a ''No'' vote. It also showed police waiting on the quayside and trying to detain them as they docked, before other passengers persuaded them not to. (Additional reporting by Gulsen Solaker and Tuvan Gumrukcu in Ankara, Daren Butler in Istanbul; Writing by Nick Tattersall, editing by Peter Millership and Giles Elgood) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/turkey-politics-constitution-idUSL5N1FK1MG'|'2017-01-30T15:55:00.000+02:00'
'9e95a57e3618acecd0762b665b56532735c34b5b'|'Glencore warehouse company says aware of forged warehouse receipts'|' 36am GMT Glencore warehouse company says aware of forged warehouse receipts The logo of Glencore is seen in front of the company''s headquarters in Baar, Switzerland, January 5, 2010. REUTERS/Christian Hartmann/File Photo MELBOURNE A metals warehouse company owned by commodity giant Glencore Plc ( GLEN.L ) said that it has become aware of fake warehouse receipts circulating in its name. Access World in a statement urged holders to seek authentication of the receipts for commodities such as copper and aluminium, which are typically used as collateral for bank finance. Metals markets were rocked more than two years ago by a $3 billion (2.4 billion pounds) fraud at Qingdao port in China, when a firm allegedly duplicated warehouse certificates to pledge metal as collateral for multiple bank loans. "Access World has become aware that there are forged warehouse receipts in our name circulating in the market," the company said in a statement issued late on Friday. "We encourage holders of any Access World warehouse receipts to seek authentication from the relevant issuing office for any warehouse receipts not issued to them directly by Access World." A spokesman for Glencore declined to comment (Reporting by Melanie Burton; Editing by Richard Pullin)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-metals-warehouse-glencore-idUKKBN15E053'|'2017-01-30T09:36:00.000+02:00'
'887264ccd30cd26135362bf787ecd3f572530f84'|'As Teva wins US approval for GSK Advair copy, main fight yet to come'|'Company News  24am EST As Teva wins US approval for GSK Advair copy, main fight yet to come * Teva''s Advair copy not substitutable and only for asthma * Substitutable generics could be approved in March and May By Ben Hirschler LONDON, Jan 30 Israel''s Teva Pharmaceutical Industries has won U.S. approval to market a copy of GlaxoSmithKline''s best-selling Advair inhaler, although the real battle is still to come. Teva''s version of GSK''s blockbuster medicine, called AirDuo RespiClick, is not directly substitutable for Advair and is only approved for asthma, while Advair is also widely used for chronic obstructive pulmonary disease (COPD). Teva said on Monday it would launch AirDuo later this year. It has not said how much its product will cost. AirDuo provides patients with the same two drugs as Advair, fluticasone propionate and salmeterol, but it delivers a lower dose of salmeterol. It also uses Teva''s Respiclick inhaler rather than a copy of GSK''s device. Producing cut-price copies of Advair is a major opportunity for generics companies at a time when fewer blockbuster medicines are losing patent protection. For GSK, it is a challenge since Advair has sold more than $1 billion annually since 2001. Global Advair sales were $5.6 billion in 2015, with half that generated in the United States, although sales are now shrinking. Teva''s product promises to grab some of this business in asthma but the bigger threat will come from fully substitutable generic copies of Advair, which are still pending approval. The U.S. Food and Drug Administration is due to decide whether to approve the first of these, from Mylan, by March 28. A rival version from Hikma and Vectura is close behind, with an approval date of May 10. GSK said that as Teva''s product was not substitutable for or equivalent to Advair it did not "pose the same competitive dynamics as market entry of generic products in the U.S. would." Advair is already available generically in Europe, but demand for copies is expected to take off more swiftly in the United States, where managers of prescription plans can quickly drive conversion to such cheaper products. Investors are watching closely to see how GSK''s Advair sales will fare in the face of new competitors. One big unknown is the scale of discounts that will be offered by generic companies. (Reporting by Ben Hirschler; Editing by Susan Fenton) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL5N1FK4D8'|'2017-01-30T23:24:00.000+02:00'
'de7d057c3eabbe881f7b1c646b6586d3d36776e3'|'UPDATE 1-Ireland to review U.S. customs pre-clearance at Irish airports'|'Industrials - Mon Jan 30, 2017 - 3:27pm EST UPDATE 1-Ireland to review U.S. customs pre-clearance at Irish airports * Irish government seeks meeting with U.S. on arrangements * Passengers can clear customs at Shannon, Dublin airports * Irish PM intends to accept St. Patrick''s Day invitation (Adds details, quotes) By Conor Humphries DUBLIN, Jan 30 Ireland will conduct a complete review of U.S. customs pre-clearance arrangements at its airports following the concern caused by President Donald Trump''s curbs on immigration, the government said on Monday. Ireland''s Dublin and Shannon airports are among a handful of locations outside North America where passengers can clear customs and immigration before travelling to the United States under an international agreement between the two governments. Pre-clearance duties are carried out by U.S. officials who have been carrying out the four-month hold Trump put on allowing refugees into the United States and temporary barring of travellers from Syria, Iran, Iraq, Yemen, Libya, Somalia and Sudan, the U.S. Embassy in Dublin said. "I have asked for a complete review of the pre-clearance facilities here in Ireland. I would say that pre-clearance has been of enormous convenience, so these are issues that we are happy to negotiate upon," Prime Minister Enda Kenny told a joint news conference with British Prime Minister Theresa May. In a statement, the government added that "there is obviously concern" about the change in the U.S. immigration rules introduced by the new administration, and that Dublin had contacted the U.S. government about the matter. The Irish government wants to convene a meeting as soon as possible to discuss the recent developments, the statement said. There has so far been one case where a person was refused pre-clearance to the United States at either airport, a spokesman for the department of transport said. Kenny also said that he intended to accept the annual St. Patrick''s Day invitation of the Irish Prime Minister to meet the U.S. president in the White House despite disagreeing with Trump''s immigration policies. Like May, who has faced calls to cancel an invitation for a state visit to Trump, some members of parliament have said Kenny should not visit the White House and almost 35,000 people signed an online petition saying that if he did meet Trump on the Irish national holiday, he would not do so in their names. "I intend to accept the invitation ... I think it is really important to say face to face with the president the issues that are really important to us. We have had great influence in the U.S. over the years. We still have that influence and we intend to use it," Kenny said. "In respect to the policies introduced by the American government, I disagree with it. Obviously I will say that to the president and the vice president when I meet with them." (Writing by Padraic Halpin; Editing by Alison Williams) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-trump-immigration-ireland-idUSL5N1FK5LM'|'2017-01-31T03:27:00.000+02:00'
'8f623ecdf80651973b1135250f99b58c12ee369e'|'Partial shutdown at gas platform, storage site outage drive prices higher'|'Business News - Mon Jan 30, 2017 - 11:49am GMT Partial shutdown at gas platform, storage site outage drive prices higher British wholesale gas prices rose on Monday as a partial shutdown of the Elgin-Franklin platform in the North Sea and an extended outage at a gas storage facility tightened supplies, traders said. The day-ahead contract rose by 1.65 pence to 53.00 pence per therm by 1137 GMT, lifted by concerns over gas supplies filtering through into contracts across the near and forward curve. Gas for immediate delivery was up 0.75 pence to 53.50 pence per therm. Early on Monday, Total E&P reported that offshore reduction had tripped at its Elgin-Franklin gas platform in the North Sea. "Offshore production has tripped... On restart production will be limited to five million cubic metres/day for an unknown period," Total UK Exploration and Production said in a market message. A company spokesman told Reuters that the Elgin B and West Franklin platforms had been shut down after difficulties drilling a well, but Elgin A and Franklin were unaffected. [GAS/OUT] Further tightening supply was Centrica''s announcement that an outage reducing withdrawals from Britain''s largest gas storage site Rough would be extended by a month until March 1. An unplanned outage at SSE''s Hornsea gas storage site will also reduce withdrawal capacity until Feb. 3, the SSE said. Britain faced a gas shortfall of 26.1 million cubic metres (mcm) on Monday, with demand estimated at 316.1 mcm/day and supplies at 290.7 mcm/day, according to National Grid data. "Sentiment has fed through into the near curve which has seen prices further supported by the extension to the Rough outage," said Nick Campbell, risk manager at Inspired Energy. Average temperatures in Britain are milder than expected on Monday but forecasts for Tuesday and next week indicate colder- than-anticipated weather, according to Thomson Reuters analysts. In the Netherlands, the day-ahead gas price at the TTF hub was up 0.65 euro to 20.35 euros per megawatt hour. In the European carbon market, the benchmark Dec-17 contract was 0.22 euro higher at 5.14 euros a tonne. (Reporting by 0leg Vukmanovic in Milan; editing by Nina Chestney) Next In Business News Oil slides as strong U.S. drilling activity weakens deal to cut output LONDON Oil prices fell on Monday as news of another increase in U.S. drilling activity spread concern over rising oil output just as many of the world''s oil producers are trying to comply with a deal to pump less in an attempt to prop up prices.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-gas-idUKKBN15E16D'|'2017-01-30T18:49:00.000+02:00'
'ce314110e4b1885fe29e23bb1e199046fc20620d'|'MOVES-Ex-Newton CEO Helena Morrissey joins Legal & General fund unit'|'Financials  21am EST MOVES-Ex-Newton CEO Helena Morrissey joins Legal & General fund unit LONDON Jan 30 Helena Morrissey, ex-chief executive of Newton Investment Management and a leading City campaigner for gender equality, is to join the fund arm of insurer Legal & General as head of personal investing. Morrissey will join Legal & General Investment Management, which manages 842 billion pounds ($1.06 trillion) in assets, and report to Chief Executive Mark Zinkula as well as joining the board, LGIM said in a statement on Monday. The newly created role will see Morrissey focus on developing the firm''s digital services for customers who come to it direct, as opposed to through a financial advisor. Morrissey will also continue her work with the Diversity Project, launched in 2016 to encourage a more inclusive culture in the investment and savings industry, it added. "The UK direct savings market is highly competitive and moving very quickly: we are looking to get to the point where we are all using technology to access funds in the same way that we use Amazon to access books," Morrissey said. Morrissey will join LGIM on May 1, subject to regulatory approval. ($1 = 0.7971 pounds) (Reporting by Simon Jessop. Editing by Andrew MacAskill) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/lg-funds-morrissey-idUSL5N1FK1EO'|'2017-01-30T15:21:00.000+02:00'
'7f4895d0d9fcffc82e9e21f0f8da454eb6df0998'|'Saudi government suspends domestic bond issues for fourth month -Maaal'|'Financials   8:58am EST Saudi government suspends domestic bond issues for fourth month -Maaal RIYADH Jan 30 Saudi Arabia''s govermnent has decided to suspend its monthly issue of domestic bonds in January, refraining from issuing local currency bonds for the fourth month in a row, the Maaal financial news service reported on Monday. The suspension is possible because higher oil prices have improved government revenues and the government''s $17.5 billion issue of international bonds last October was successful, Maaal quoted unnamed official sources as saying. Liquidity at banks is now good, after the government started to make delayed payments of its debts to the private sector, and banks would be able to cover any local bond issue if one occurred, the sources added. Although the government needs to cover a large budget deficit, it halted domestic bond issues to ease pressure on banking liquidity and bring down money rates, a strategy which has succeeded. Finance minister Mohammed al-Jadaan told Reuters late last month that Riyadh expected to resume monthly domestic bond sales sometime in the first quarter of 2017 and also planned to tap international debt markets again this year. Bankers believe an international issue could come as soon as in the first quarter. (Reporting by Reem Shamseddine and Marwa Rashad; Writing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/saudi-bonds-idUSL5N1FK3SK'|'2017-01-30T20:58:00.000+02:00'
'a722343153762a93ec989538893f3acb59924961'|'Monsanto sees prolonged delay on GMO corn permits in Mexico'|'Environment   8:03am EST Monsanto sees prolonged delay on GMO corn permits in Mexico A trader works at the post where Monsanto Co. is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 25, 2016. REUTERS/Brendan McDermid/File Photo By David Alire Garcia - MEXICO CITY MEXICO CITY A ban on planting genetically modified corn in Mexico is likely to continue for years as a slow-moving legal battle grinds on, said a top executive of U.S.-based seed and agrochemical company Monsanto Co. Last week, a Mexican court upheld a late 2013 ruling that temporarily halted even pilot plots of GMO corn following a legal challenge over its effects on the environment. "It''s going to take a long while for all the evidence to be presented," Monsanto regional corporate director Laura Tamayo said in an interview. "I think we''re talking years." The impasse comes as yellow corn imports are expected to rise by more than a fifth next season on higher production costs and a weak peso, from about 15 million tonnes in the 2016/2017 cycle that ends in March. While Mexico is self-sufficient in white corn used to make the country''s staple tortillas, it depends on imports of mostly GMO yellow corn from the United States for its livestock. Several years ago, Monsanto submitted two applications for the commercial planting of GMO corn in Mexico. Both sought 700,000 hectares (1.7 million acres) in the northwestern state of Sinaloa, the country''s largest corn-producing area. Both applications are still pending for Monsanto, the subject of a $66 billion takeover by Germany''s Bayer AG. Mexico is the birthplace of modern corn, domesticated about 8,000 years ago and today the planet''s most-produced grain. If new U.S. President Donald Trump upends the North American Free Trade Agreement as he has threatened and U.S. supplies are not longer available, Tamayo said Mexico might have to look to other major corn producers, like Argentina and Brazil. Prominent Mexican politicians, including former President Felipe Calderon, say the nation should consider ending purchases from U.S. corn producers in favor of Brazil and Argentina if Trump applies new taxes on Mexican exports to its northern neighbor. "But there''s no magic wand to do that," she said. It would be "disastrous" in the short term to source from new South American suppliers since that would mean higher transport and other costs, she added. To boost both yellow and white corn output in the near term, Tamayo said Monsanto was about a year and half away from introducing what it dubs "nano corn," a conventional hybrid variety that she says is about 20 percent more productive. The smaller, shorter plant with less foliage aims to divert more growth into the actual fruit, said Tamayo, who previously worked for Coca-Cola Co and commodities trader Cargill. Monsanto''s main business in Mexico is developing and selling conventional corn seeds and vegetable seeds, but Tamayo says the company is determined to defend the benefits of genetically modified crops on scientific grounds. Nevertheless, she noted that for years Monsanto did not see the need to persuade consumers and focused exclusively on convincing farmers to buy its products, allowing some environmental organizations to dominate the debate. Critics say genetically modified corn plantings will contaminate age-old native varieties and that toxins designed to protect the GMO grain against pests may be linked to elevated insect mortality. "We made a mistake; it''s just that simple," Tamayo said. "For 18 years we didn''t explain (to the consumer) what is biotechnology, what''s it for and why it''s safe." (Editing by Dave Graham and Lisa Von Ahn) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mexico-monsanto-idUSKBN15E1DJ'|'2017-01-30T20:00:00.000+02:00'
'0b1f5649a084369199f29a34c125db74fd9b3de4'|'Russia appeals to WTO over EU duties on Russian steel'|'MOSCOW Russia said on Monday it was appealing to the World Trade Organization to settle a dispute with the European Union over anti-dumping duties imposed on its steelmakers.The EU in August introduced duties of up to 36.1 percent on Russian cold rolled steel, a product used in the construction and automotive industries, following allegations Russian steelmakers were exporting at unfairly low prices. It also imposed duties on Chinese cold rolled steel.The Russian Economy Ministry said it had sent a request to the WTO to help resolve the dispute."The reason for the suit was multiple violations of WTO rules committed by the European Commission during its anti-dumping investigation," the ministry said in a statement.Russia''s NLMK ( NLMK.MM ) and Severstal ( CHMF.MM ), two of the country''s largest steelmakers, lodged formal complaints against the European Commission in June, alleging bullying by its officials during their investigation.NLMK, which employs over 2,000 people in Europe, said the investigation was conducted "in flagrant violation of all possible norms and standards.""The decision to impose anti-dumping duties is absurd and NLMK Group continues to deny accusations of dumping on the EU market," the company said in a statement.A spokeswoman for Severstal said the company maintained the EU investigation had been conducted improperly and it supported the economy ministry''s actions.The WTO last week threw out a number of EU complaints in a dispute over Russian anti-dumping duties imposed on German and Italian light commercial vehicles.(Reporting by Jack Stubbs; Editing by Alexander Winning and Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/us-eu-russia-trade-steel-idINKBN15E1BW'|'2017-01-30T09:48:00.000+02:00'
'4b52a2a070726d0e329dc706ac9affd3dbc0bbbe'|'Silicon Valley puts money and muscle into fighting Trump immigrant curbs'|'Business News - Mon Jan 30, 2017 - 1:24am GMT Silicon Valley puts money and muscle into fighting Trump immigrant curbs Tesla Chief Executive Elon Musk in Hong Kong, China January 26, 2016. REUTERS/Bobby Yip By Julia Love and Stephen Nellis - SAN FRANCISCO SAN FRANCISCO Silicon Valley took the lead over the weekend in corporate resistance to President Donald Trump''s clampdown on immigration, financing legal opposition, criticizing the plan, as well as helping employees ensnared by his executive order. In an industry that has long depended on immigrants and celebrated their contributions - as well as championing liberal causes such as gay rights - there was little initial consensus on exactly how to respond to Trump''s move on Friday. But, while most in the tech industry stopped short of directly criticizing the new Republican president, they went much further than their counterparts in other sectors, who were mostly silent over the weekend. Most of the major U.S. banks and auto companies, for example, declined to comment in response to Reuters inquiries. Trump ordered a temporary ban on travellers from seven Muslim-majority countries and a 120-day halt to refugee resettlement. The action triggered a global backlash, and sowed confusion and anger after immigrants, refugees and visitors were kept off flights and left stranded in airports. Bigger companies such as Apple Inc ( AAPL.O ), Google ( GOOGL.O ) and Microsoft Corp ( MSFT.O ) offered legal aid to employees affected by the order, according to letters sent to staff. Several Silicon Valley executives donated to legal efforts to support immigrants facing the ban. And Tesla Chief Executive Elon Musk and Uber head Travis Kalanick both said on Twitter that they would take industry concerns about immigration to Trump’s business advisory council, where they serve. Kalanick has faced opposition on social media for agreeing to be part of the advisory group. Kalanick in a Facebook post on Sunday called the immigration ban "wrong and unjust" and said that Uber would create a $3 million fund to help drivers with immigration issues. Among those affected by the ban was Khash Sajadi, the British-Iranian chief executive of San Francisco-based tech company Cloud 66, who was stuck in London. Like many tech workers, he holds an H1B visa, which enables foreigners with special expertise to work for U.S. companies. Sajadi said he hoped big tech companies such as Google and Facebook would take legal action to protect affected employees. That could help set a precedent for people in similar situations - but at smaller companies. "Ultimately, I think them simply speaking up is not going to move the needle with people" who are not wealthy and do not live on the East or West Coasts, he said. ''TECH AGAINST TRUMP'' PROTEST The response from tech companies has been “as forceful as it possibly can be,” said Eric Talley, a corporate law professor at Columbia Law School. “One of the difficult aspects of reaction to the Trump administration in its first couple of weeks is trying to balance the interest of expressing legitimate concern ... against the potential cost of being out too far ahead of everyone else,” he said. The tech industry also has other issues where it may find itself opposed to Trump, including trade policy and cyber security. The president of Mountain View, California-based startup incubator Y Combinator, Sam Altman, wrote a widely read blog post urging tech leaders to band together against the immigration order. He said he has spoken with a variety of people about organising but remains unsure about the best course of action. “The honest answer is we don’t know yet,” he said. “We are talking with legal groups and tech groups, but this is so unprecedented that I don’t think anyone has a manual.” At Lyft, co-founders John Zimmer and Logan Green pledged on the company’s blog to donate a million dollars over the next four years to the American Civil Liberties Union (ACLU), which won a temporary stay of part of Trump''s executive order on Saturday night. Slack collaboration service co-founder Stewart Butterfield and Union Square Ventures partners Albert Wenger and Fred Wilson promised to match contributions to the ACLU. Michael Dearing, founder of venture capital firm Harrison Metal, started an effort called Project ELLIS, short for Entrepreneurs'' Liberty Link in Silicon Valley, to help startups and smaller tech companies with immigration issues. "ELLIS" is a also a reference to New York Harbor''s Ellis Island, where millions of immigrants arrived. In less than a day, the group has handled two cases, he said. Dearing said the idea was to "get people in touch quickly with the ... resources they would have access to if they were in a Google or an Apple or a Microsoft.” Dave McClure, the founding partner of 500 Startups and an outspoken critic of Trump, said his venture capital firm will soon open its first fund in the Middle East and will shift its attention to supporting entrepreneurs in their native countries, if bringing them to the United States proves impossible. “Investing in entrepreneurs in other countries is probably one of the best things we can do to promote international awareness and understanding,” he said. Rank-and-file employees were already prodding executives to go further over the weekend. Shortly after learning of Trump’s order, Brad Taylor, a 37-year-old engineer for web analytics firm Optimizely, began organising “Tech Against Trump,” a protest scheduled to take place on March 14. In addition to holding a rally in Palo Alto, California, organizers of the event were urging tech workers at companies that have remained silent on Trump to walk out of their offices. Taylor said he was heartened by tech leaders’ statements over the weekend but wants to see the industry go further. “The purpose of this is not to be against tech, but to urge them to be on the right side of history,” he said. (Writing by Jonathan Weber and Peter Henderson; Editing by Jonathan Oatis and Mary Milliken) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-immigration-siliconvalley-idUKKBN15E034'|'2017-01-30T08:24:00.000+02:00'
'f480114196451bfd0e0d81264fd53ceeb6023837'|'Under U.S. pressure on trade, Japan scrambles ahead of White House visit'|'By Yoshifumi Takemoto - TOKYO TOKYO Japan is scrambling to respond to intensifying trade pressure from U.S. President Donald Trump, with Prime Minister Shinzo Abe planning to meet the head of Toyota Motor Corp this week and business lobby Keidanren planning a Trump task force.Abe will visit Washington on Feb. 10 for talks with Trump at which the U.S. leader is expected to seek quick progress toward a two-way trade deal with Japan and discuss the automotive sector.Ahead of those talks, Abe will meet with Toyota Chief Executive Akio Toyoda, two sources told Reuters. One of them said the meeting would take place on Friday. Chief Cabinet Secretary Yoshihide Suga denied a meeting had been set for Friday, while Toyota Motor Corp declined to comment.In a phone call with Abe on Saturday, Trump reiterated his pledge to create jobs in the United States and asked that the Japanese auto industry contribute, the Nikkei business daily reported, quoting unidentified Japanese government officials.The two leaders discussed the automotive industry, senior government spokesman Koichi Hagiuda told reporters after the phone call, without giving details. A White House statement said the two "committed to deepen the bilateral trade and investment relationship".Japan needs to craft a plan to show that its firms, car makers especially, will contribute to creating U.S. jobs, a former Japanese diplomat said. "I think that is the only way forward to make the bilateral summit a success," the diplomat said."Trump only cares about numbers. Everything has to be linked to jobs creation," he added. "Symbolically, autos is a very big player."Abe has left the door open to discussing a free trade agreement (FTA) with the United States, but some officials worry Japan would have little to gain while coming under intense pressure from Washington. Bilateral talks on specific sectors such as autos, however, are an option, officials have said.Trump, who last week dropped out of the 12-nation Trans-Pacific Partnership pushed by his predecessor Barack Obama and favoured by Abe, has repeatedly attacked Japan''s auto market as closed, in an echo of criticisms heard two decades ago.Japan has rejected that accusation, saying it does not impose tariffs on U.S. auto imports nor put up discriminatory non-tariff barriers.Over the decades, Japanese automakers have developed SUVs, mini-vans and pick-up trucks specifically targeting American consumers'' taste for bigger cars, while U.S. brands have struggled to make inroads in Japan, where drivers overwhelmingly prefer domestic brands.Foreign-branded cars accounted for only 7 percent of the Japanese passenger car market, led by Germany. American brands collectively made up less than a third of 1 percent of passenger cars sold in Japan last year.TRUMP TASK FORCEToyota has come under fire from Trump for plans, announced in 2015, to shift production of its Corolla sedan to Mexico from Canada. Earlier this month, Japan''s top automaker said it would invest $10 billion in the United States over the next five years, the same as the previous five years.Toyota says it directly employed about 40,000 American workers as of December 2015, and indirectly more than 200,000 if dealers and suppliers are included.Japan''s biggest business lobby Keidanren wants to beef up its information gathering and analysis of the Trump administration''s policies, while also conveying data on Japan Inc''s importance to the U.S. economy, a Keidanren official said."We will create a task force, the main purpose of which is to convey correct information about the contribution of Japanese firms in the United States," said another Keidanren official, who declined to be identified because he was not authorised to speak to media.Japan''s government is already trying to give Trump''s administration a crash course on its companies'' contribution to U.S. jobs and growth, with fact sheets showing, among other things, that Japanese companies created 839,000 jobs in America, second only to Britain.Tokyo came under harsh U.S. criticism in the late 1980s and early 1990s, when Japan accounted for up to 60 percent of the U.S. trade deficit.But now its share has shrunk to less than 10 percent, while China''s has ballooned to nearly 50 percent - something Japanese officials are trying to stress to American counterparts.Automobiles and car parts account for about three-quarters of the overall Japan-U.S. trade gap, making it an easy target.Japanese media have begun reminiscing about the heated U.S.-Japan auto talks 20 years ago. A last-minute deal in June 1995 averted U.S. tariffs on Japanese luxury cars when Japan''s automakers crafted "voluntary plans" to boost purchases of American auto parts and expand production in the United States.(Additional reporting by Chris Gallagher, Maki Shiraki, Kiyoshi Takenaka, Ami Miyazaki, Stanley White, Chang-Ran Kim and Tetsushi Kajimoto; Writing by Linda Sieg and Malcolm Foster; Editing by Lincoln Feast and Alex Richardson)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-trump-japan-toyota-idINKBN15E0PR'|'2017-01-30T05:50:00.000+02:00'
'612db167dd39f16c2a49e4c568da6caf1358ab70'|'Pennsylvania man pleads guilty to using Twitter to help Islamic State'|'U.S.   2:14pm EST Pennsylvania man pleads guilty to using Twitter to help Islamic State A 20-year-old Pennsylvania man pleaded guilty on Monday to posting the names of approximately 100 U.S. military members online and exhorting his Twitter followers to kill them in an effort to support Islamic State. Jalil Aziz faces up to 25 years in prison after pleading guilty to two terrorism-related charges in federal court in Harrisburg, Pennsylvania. U.S. authorities have brought Islamic State-related charges against more than 100 individuals since 2013. An Arizona man was found guilty at trial on Monday of helping a New York City college student travel to Syria, where he died fighting for Islamic State. Aziz used his Twitter account to release names, addresses, photographs and military branches for the U.S. service members, according to an indictment. He told his followers to "kill them in their own lands, behead them in their own homes, stab them to death as they walk their street thinking that they are safe," prosecutors said. All told, Aziz used at least 71 Twitter accounts to disseminate messages in support of the radical group Islamic State, authorities said. He was initially arrested in December 2015 and charged with trying to help others travel to the Middle East to join Islamic State fighters. Prosecutors said investigators found a "go bag" at his home containing ammunition, a knife and a black mask. (Reporting by Joseph Ax; Editing by Andrew Hay) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-pennsylvania-security-idUSKBN15E2D2'|'2017-01-31T02:00:00.000+02:00'
'3388a7090f7ea1be7191b20a2d244991dfaf1149'|'BRIEF-Hudson Bay Capital Management L.P reports 8 percent passive stake in Landcadia Holdings as of Dec 31, 2016'|'United States Market  15pm   L.P reports 8   Landcadia Holdings as of Dec 31, 2016 Jan 30 Source: Hudson Bay Capital Management, L.P   Management, L.P reports 8   Landcadia Holdings Inc as of December 31, 2016 - sec filing Source text for Eikon:   Market News UPDATE 1-Honda, GM to jointly produce fuel cell power systems in U.S. from 2020 TOKYO/DETROIT, Jan 30 Honda Motor Co Ltd and General Motors Co (GM) will jointly produce pollution-free hydrogen fuel cell power systems in the United States from around 2020, the companies said Monday, despite President Donald Trump''s promises to dismantle U.S. environmental regulations intended to spur green car demand. WASHINGTON, Jan 30 U.S. State Department officials on Monday circulated a draft memo dissenting from President Donald Trump''s executive order on immigration, and U.S. embassies reported on foreign anger about the policy.  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FK0IM'|'2017-01-31T01:15:00.000+02:00'
'ec1088349390f62b4a15e7e8bf775bd0c3500339'|'New euro zone loans to Greece hinge on IMF participation in bailout - ESM'|'  4:29pm GMT New euro zone loans to Greece hinge on IMF participation in bailout - ESM LUXEMBOURG The disbursement of new financial aid from euro zone creditors to Greece is linked to the participation of the International Monetary Fund in the bailout programme, the head of the bloc''s bailout fund said on Monday. Klaus Regling, who chairs the European Stability Mechanism (ESM), said a new tranche of financial aid to Greece can only be unblocked once the IMF decides to be part of the programme. The IMF will hold a board meeting on Feb. 6 to discuss this. Regling said the IMF does not need to provide funds, but its expertise is required. The 86-billion-euro bailout, the third programme for Greece since 2010, is now funded only by euro zone governments. Under the bailout, loans have been disbursed to Greece without formal IMF participation in the scheme, but EU officials say that past payments were exceptional. (Reporting by Francesco Guarascio)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-idUKKBN15E1YE'|'2017-01-30T23:29:00.000+02:00'
'17e4c646216fd34745324e6be9b8120b747e2e7a'|'UPDATE 1-Persistent price pressure take toll on Slim''s Telekom Austria'|'(Adds revenue, roaming impact, outlook)VIENNA Jan 30 Telekom Austria, a unit of Mexican tycoon Carlos Slim''s America Movil, confirmed a fall in its full-year core profit, largely due to tough price competition which it expects to persist in 2017.Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 2.6 percent to 1.35 billion euros ($1.44 billion) in 2016, in line with analysts'' expectations, the telecoms provider said in a statement on Monday.The result was negatively affected by 38 million euros due to falling roaming income, it added.Telekom Austria, which Carlos Slim sees as a base for further expansion into central and eastern Europe, expects a similar impact this year.The European Union has committed to getting rid of roaming charges within the bloc by June, but has struggled to find a way of giving consumers a fair deal without putting mobile operators under undue financial pressure.Telekom Austria expects revenue, which fell 0.5 percent to 4.21 billion euros in 2016, to rise by around 1 percent this year. ($1 = 0.9364 euros) (Reporting by Kirsti Knolle; Editing by Francois Murphy and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/telekom-austria-results-idINL5N1FK58M'|'2017-01-30T15:21:00.000+02:00'
'5c7b784a2a860c6224a1b975e2e0ed9699fb1b4b'|'UPDATE 1-Louis Dreyfus revives shelved euro bond plans'|'(Adds investor and banker comments, expected timing)By Laura BenitezLONDON, Jan 30 (IFR) - Commodity trader Louis Dreyfus will test investor appetite for riskier debt this week, after its previous plans were thwarted by torrid market conditions and soaring funding costs.The unrated borrower is expected to issue a 300m five-year deal as soon as tomorrow, a lead banker said, following an investor call on Monday via BNP Paribas, Credit Agricole, Credit Suisse and HSBC.Soaring funding costs and a challenging backdrop soured the firm''s hopes of selling a bond last year, forcing it to shelve a trade in November.One investor expects the deal to price around 4%, based on the company''s existing bonds and CDS.That would be a marked improvement from the feedback of mid to high 4% that investors gave to lead banks last year. Then, one account expected it to price with an even higher yield of 5%."They should achieve a better cost of funding this time around, but they have to be careful not to push pricing too far. It would be really detrimental to have to pull two deals," one investor looking at the deal said."Their secondaries have improved a lot now, whereas before their bonds were offered only. But that said, it''s a tricky credit and not many accounts can even consider it. I suspect high yield accounts won''t look at it."Its 4% Apr 2020s were bid at 2.83% on Monday morning, having been Quote: d at 4.1% in late November, according to Tradeweb.The company is struggling with ample supply of commodities, lower prices and slower economic growth. Investor concerns last time around centred on struggling operating profits and deteriorating leverage."Louis Dreyfus is a privately-held commodities company without a credit rating, so the trade is not for everyone," a banker on the deal said."But there is a new CFO which will hopefully give investors a roadmap for the future," he added.The commodity trader, controlled by Margarita Louis-Dreyfus through the Akira family trust set up by her late husband Robert, appointed a new CFO in December.Armand Lumens, previously at Royal Dutch Shell, became the latest in a series of leadership changes. (Reporting By Laura Benitez, Editing by Sudip Roy and Julian Baker)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/louis-dryfs-com-bond-idUSL5N1FK2KK'|'2017-01-30T16:34:00.000+02:00'
'7672869d1957b5c97c14c14f9459f3153579e706'|'UPDATE 1-Indonesia says may soon issue Freeport with temporary permit'|'Company News  23am EST UPDATE 1-Indonesia says may soon issue Freeport with temporary permit (Adds quotes, context) By Wilda Asmarini JAKARTA Jan 30 Indonesia may issue a temporary mining permit "in one or two days" to the local unit of Freeport McMoRan Inc, the mining minister said, potentially enabling Freeport to resume exports of copper concentrate from its Grasberg mine in Papua. Indonesia halted Freeport''s exports of concentrate on Jan. 12, a stoppage Freeport said would reduce Grasberg''s copper output by around 70 million pounds per month. New rules issued that day require Freeport to obtain new mining rights before being allowed to resume exports, as part of Indonesia''s push to add value to its minerals and develop domestic industries. Shares of the world''s biggest publicly-listed copper miner tumbled more than 7 percent on Wednesday after it warned it would need to start slashing output and jobs at its Indonesia mine by mid-February if it failed to get a new export permit. Energy and Mineral Resources Minister Ignasius Jonan said late on Monday that the government is now processing a proposal from Freeport, and may issue a temporary special mining permit for up to 6 months that will allow the company to resume copper exports. "If they satisfy the requirements, including the requirements to build a smelter, we will issue them with a temporary special mining permit and an export (permit) too," Jonan said. The temporary permit is being considered to avoid a stoppage to Freeport''s exports while it completes the requirements for a new special mining permit, he added. Without this, Freeport''s (exports) "could stop for 3 months or 6 months, (and) that''s also unfair," Jonan said. If they don''t complete the requirements for a full permit within the timeframe given, the government will revoke their permit, he said. A spokesman for Freeport Indonesia could not be reached for comment on the matter. Previously the company has said it is seeking "a stability agreement providing the same rights and the same level of legal and fiscal certainty provided under its contract of work." Freeport also said it been given "indications" by the government that it will be allowed to resume copper concentrate exports while it negotiates converting its contract, and expects exports from its Indonesian unit to resume "soon". (Reporting by Wilda Asmarini; Writing by Fergus Jensen; Editing by Louise Heavens/Ruth Pitchford) Next In Company News UPDATE 2-Walgreens delays Rite Aid deal again, cuts offer price Jan 30 Drugstore chain Walgreens Boots Alliance Inc said its deal to buy smaller rival Rite Aid Corp would now take six months longer to close and reduced its offer price, as it expects to divest more stores to gain regulatory approval.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-idUSL4N1FK1RD'|'2017-01-30T22:23:00.000+02:00'
'5b8f50a4f036b45e25919726fa41ea43fe6992ff'|'China property investment abroad hits record $33bn'|'China investment in foreign real estate hits record $33bn Institutional purchases rise 53% on big deals from Anbang, China Life and CIC Read next by: Gabriel Wildau in Shanghai Chinese real estate investment abroad rose by more than half last year to a new high, highlighting the potentially disruptive impact of tighter capital controls imposed late in the year to discourage outbound money flows. Overseas investment from China in residential, commercial and industrial property totalled $33bn in 2016, up 53 per cent from a year earlier, according to global real estate group JLL, as Chinese buyers snapped up office buildings, hotels and residential land . The US was the most popular destination for the second consecutive year, drawing $14.3bn of investment, followed by Hong Kong, Malaysia, and Australia. The UK ranked fifth, down one spot from 2015, but in value terms investment rose to $2.2bn, up from $1.8bn in 2015. The UK’s best year was 2014, when it drew $4.9bn to rank first. The biggest deal of the year was Anbang Insurance Group’s $6.5bn purchase of Strategic Hotels and Resorts from private equity group Blackstone. Other big deals included hotel purchases by China Life Insurance and New York office deals by China Investment Corporation, the sovereign wealth fund, JLL said. “We believe that Chinese investors will continue to be major movers of capital into global real estate for many years. But a similar increase in 2017 may be challenging given the recent discussion about China monitoring its capital outflows,” said David Green-Morgan, research director for JLL in Singapore. “Many of the biggest players already have a significant amount of capital outside the country, so their investment decisions are not so reliant on Chinese governmental scrutiny.” In a joint statement last month, four agencies including the People’s Bank of China and the State Administration of Foreign Exchange mentioned real estate among several categories of foreign investment that they would target for greater scrutiny . While hotel, office, and residential land account for the large majority of overseas deals, Chinese investors are increasingly interested in industrial parks and logistics centres. Foreign industrial parks are an element of the government’s “ One Belt, One Road ” plan to establish infrastructure links with Africa, central Asia and the Middle East. The parks are intended to house the operations of Chinese companies operating abroad. In May, President Xi Jinping toured the construction site of a Chinese-backed industrial park in Belarus. Sichuan-based aviation services provider Haite Group has partnered with the Moroccan government to build a $10bn industrial park in Tangier covering 1,200 hectares. The JLL data covers transactions by institutional investors but does not track home purchases by Chinese individuals, who have become a major force in markets such as New York, London, Vancouver and Sydney. Chinese buyers accounted for 27 per cent of all purchases by foreigners of US homes from April 2015 to March 2016, according to the National Association of Realtors, a figure that includes buyers from Hong Kong and Taiwan. Such purchases accounted for $27bn in the period. A survey by the Hurun Report found that property is the most popular form of overseas investment for Chinese with $1.5m or more. Of this group, 60 per cent plan to invest in property over the next three years, implying 800,000 prospective buyers. “Prices in major Chinese cities have risen so fast in the past year that an overseas house seems to offer good bang for your buck,” Rupert Hoogewerf, chairman of the Hurun Report, said in October. But individual purchases could be especially vulnerable to new capital controls. This month authorities tightened enforcement of the $50,000 limit on foreign exchange conversion by individuals. The ability to pool quotas of friends and family was a popular loophole that Chinese buyers exploited to obtain hard currency for overseas home purchases. That is now more difficult.  '|'ft.com'|'http://www.ft.com/rss/companies/property'|'https://www.ft.com/content/d8d80b6e-e381-11e6-8405-9e5580d6e5fb'|'2017-01-29T13:37:00.000+02:00'
'450a5b5723867ba78989e018b7b391630404ea45'|'UPDATE 1-Japan Post not planning to coordinate unit stake sales with gov''t -CEO'|'Financials  38am EST UPDATE 1-Japan Post not planning to coordinate unit stake sales with gov''t -CEO * Gov''t plans additional stake sale in Japan Post Holdings * Japan Post CEO: not planning stake sale in financial units now * Japan Post owns 90 percent of bank, insurance units (Adds CEO comments, background) TOKYO, Jan 30 Japan Post Holdings Co Ltd is not planning to sell more shares in its two financial subsidiaries when the government again sells a stake in the company, Chief Executive Masatsugu Nagato said on Monday. The holding company would instead wait for the appropriate timing to sell shares in Japan Post Bank Co Ltd and Japan Post Insurance Co Ltd, Nagato said at a news conference. "We would like to sell our holdings in the two subsidiaries down to 50 percent as soon as possible, but we need to see how things develop, such as their business performance and share prices," he said. Earlier this month, the government said it had begun the process for a further sale of shares in Japan Post Holdings. It said the timing and scale of the sale would be determined later. The government still owns 80 percent of the holding company after an unprecedented three-way initial public offering (IPO) in November 2015, in which it sold 11 percent each of Japan Post Holdings, Japan Post Bank and Japan Post Insurance. The government plans to raise about 4 trillion yen ($35 billion) through the IPO and additional stake sales to fund the reconstruction of areas devastated by an earthquake and tsunami in 2011. Under the current ownership structure, proceeds from sales of stakes in the banking and insurance companies do not automatically go to the government coffer. In the IPO, the government directly raised 680 billion yen from the public sale of 11 percent of Japan Post Holdings. In turn, Japan Post Holdings raised 730 billion yen from the sale of 11 percent each of the bank and insurance subsidiaries. The holding company then used the proceeds to buy back its own shares from the government. ($1 = 114.7000 yen) (Reporting by Taiga Uranaka; Editing by Sherry Jacob-Phillips and Christopher Cushing) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/japan-post-secondaryissues-idUSL4N1FK0XP'|'2017-01-30T15:38:00.000+02:00'
'1dcec7ff24887e9ccd67326fd0cf02bd0e851994'|'MIDEAST STOCKS-Weak global tone may dampen Gulf; Q4 beat could aid Aramex'|' 42am EST MIDEAST STOCKS-Weak global tone may dampen Gulf; Q4 beat could aid Aramex DUBAI Jan 30 Stock markets in the Gulf may have a soft tone on Monday after global bourses pulled back, partly because of   curbs, which fuelled fears that his ''America First'' policy may destabilise the rest of the world. MSCI''s broadest index of Asia-Pacific shares outside Japan is down 0.4 percent while Brent crude oil has dropped 0.3 percent to $55.34 a barrel. In Kuwait on Monday evening, the government is to announce details of its long-term economic development plan, which could help the stock market if it gives more impetus to big infrastructure projects. The Kuwaiti index has jumped nearly 21 percent this month partly in anticipation of the announcement, but with the news out, the market could become more vulnerable to profit-taking. In Dubai, courier Aramex may attract interest after reporting a 129 percent jump in fourth-quarter net profit to 131.8 million dirhams ($35.9 million); EFG Hermes and SICO Bahrain had forecast 94.0 million dirhams and 77.5 million dirhams respectively. (Reporting by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1FK0DB'|'2017-01-30T12:42:00.000+02:00'
'2b16acb2af93d0c0fb90db4a8cdcc6159296fa4c'|'France''s Mediawan in talks to buy TV broadcaster Groupe AB'|'Deals   9:07am GMT France''s Mediawan in talks to buy TV broadcaster Groupe AB Pierre-Antoine Capton, CEO of Mediawan, poses during a ceremony for the debuts of Mediawan, a company set up to buy European media and entertainment businesses, on Euronext Paris stock market at La Defense business and financial district in Courbevoie near Paris, France,... REUTERS/Jacky Naegelen By Matthieu Protard - PARIS PARIS Mediawan ( MDWP_p.PA ), a media acquisition vehicle founded by well-known personalities including telecoms billionaire Xavier Niel and Lazard banker Matthieu Pigasse, is in talks to buy Groupe AB to expand in the television sector. Mediawan has offered 270 million euros ($289 million) to buy the French broadcasting group, it said in a statement on Monday, with French TV group TF1 ( TFFP.PA ) selling its 33.5 percent stake to Mediawan as part of the planned deal. "Our plan is a simple one. It''s to use Groupe AB, which will be renamed Mediawan, to create the leading European company in terms of content, and in terms of different areas such as production, catalogs and distribution," Pigasse told Reuters. Mediawan listed on the Paris stock market last year. The company was set up by Pierre-Antoine Capton, founder of French media producer 3e Oeil Productions, and Le Monde newspaper and L''Obs magazine co-owners Xavier Niel and Matthieu Pigasse. Niel also controls and founded telecom group Iliad ( ILD.PA ). Pigasse said Mediawan was in talks with other European media companies over potential deals, and that they hoped to recreate a "Big Bang" in the media sector similar to the wave of deals in London after the "Big Bang" bank deregulation of the late 1980s. "We are already in talks with other European companies based outside France, at least five of them. We''re looking to launch the start of a major ''Big Bang'' in the sector," Pigasse said. (Writing by Sudip Kar-Gupta; Editing by Andrew Callus and Louise Heavens) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-mediawan-tf1-groupe-ab-idUKKBN15E0QF'|'2017-01-30T16:04:00.000+02:00'
'2423a94920aed6b0aeeee864ad32907a8d113414'|'Brazil to open airlines, agricultural land to foreign buyers - sources'|'Industrials  12pm EST Brazil to open airlines, agricultural land to foreign buyers - sources BRASILIA Jan 30 President Michel Temer plans to send Congress a bill allowing 100 percent foreign ownership of airlines in Brazil, though investors will be obliged to expand regional flight services, government sources said on Monday. One of the sources said the government will also soon propose a bill lifting a ban on foreign investors buying agricultural land in Brazil on the condition that 10 percent of any purchase is destined to land reform. (Reporting by Leonardo Goy, Anthony Boadle, Lisandra Paraguassu and Alonso Soto; Editing by Daniel Flynn) Next In Industrials UPDATE 2-Keysight Technologies to buy Ixia for $1.6 billion Jan 30 Keysight Technologies Inc, a provider of software and equipment to the electronics industry, said on Monday it would buy U.S. data technology company Ixia for about $1.6 billion in cash in a bid to increase its software and security portfolio.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/brazil-investment-idUSE4N1BR01O'|'2017-01-31T03:12:00.000+02:00'
'a20a8cd2d4fee48626ad845f31297628f1ba48c9'|'Delta grounds domestic U.S. flights after ''automation issue'' -FAA'|'NEW YORK Jan 29 The Federal Aviation Administration on Sunday said all Delta Air Lines Inc''s domestic flights were grounded until 0100 GMT after a request from the company due to an "automation issue."The problem affects all Delta mainline and sub carriers to domestic destinations, but international flights are exempt, the FAA said in an advisory."Delta teams are expeditiously working to fix a systems outage that has resulted in departure delays for flights on the ground," the company said in a statement."Flights in the air remain unaffected. Delta apologizes to customers for the inconvenience."Several passengers took to Twitter to express their dismay, with some saying they had to wait for hours before being told of the problem.Airports across the country were thrown into chaos after President Donald Trump on Friday put a four-month hold on allowing refugees into the United States and temporarily barred travelers from Syria and six other Muslim-majority countries, saying the moves would help protect Americans from terrorist attacks.Confusion abounded at airports as immigration and customs officials struggled to interpret the new rules, with some legal residents who were in the air when the order was issued detained at airports upon arrival.Just last week, United Airlines said it had grounded all domestic flights due to an "IT issue." (Reporting by Devika Krishna Kumar in New York; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/delta-air-flights-idINL4N1FK05P'|'2017-01-29T22:33:00.000+02:00'
'42c0612bdc19f6284b6b7fb620800386bd2e05f8'|'BOJ to keep policy steady, seek to allay tapering fears'|'  11:30pm GMT BOJ to keep policy steady, seek to allay tapering fears Haruhiko Kuroda, Governor of the Bank of Japan attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 20, 2017. REUTERS/Ruben Sprich By Leika Kihara - TOKYO TOKYO The Bank of Japan is set to keep monetary policy steady on Tuesday and seek to allay speculation of an early tapering of its massive stimulus, as recent bond market turbulence puts to the test its revamped policy framework that aims to control the yield curve. Japanese government bond yields spiked last week after the BOJ skipped a much-anticipated auction to buy short-term debt on Wednesday, leaving investors wondering about its intentions and casting doubt on its resolve to cap bond yields. Two days later, it surprised markets again by increasing bond purchases. The BOJ says such adjustments to its market operations are aimed at getting markets accustomed to a decision it made last September, which was to shift its policy focus to interest rates from the pace of bond buying, sources say. The central bank was forced into making the policy revamp after more than three years of aggressive bond buying failed to accelerate inflation to its 2 percent target. But the new framework, dubbed "yield curve control" (YCC), has brought in new challenges. With markets accustomed to huge bond buying by the BOJ, any sign of slowdown in its purchases has heightened market volatility and prompted market speculation it could withdraw stimulus earlier than expected. At a post-meeting news conference, BOJ Governor Haruhiko Kuroda is likely to stress that any tapering of the bank''s huge asset-buying programme would be some time off as inflation remains distant from its 2 percent target. "Kuroda probably won''t want to give markets the impression the BOJ is eyeing an early exit from its ultra-loose policy as that could turn around the current favourable weak-yen trend," said Izuru Kato, chief economist at Totan Research. "The BOJ may consider raising its yield targets later this year, but only if yen declines become excessive and hurt households by pushing up grocery costs." Markets are also focussing on what Kuroda has to say on uncertainty over U.S. President Donald Trump''s economic policies and their impact on Japan. Global bond yields have risen on expectations that Trump''s pledge of big infrastructure spending could lead to higher U.S. inflation, putting upward pressure on Japanese long-term rates. At the two-day rate review ending on Tuesday, the BOJ is set to maintain a pledge to guide short-term rates at minus 0.1 percent and the 10-year bond yield to around zero percent. The BOJ is the first major central bank to commit to directly controlling long-term interest rates. The task has been made more difficult by a loose commitment it keeps to buy government bonds at the current pace, so that the balance of holdings increase at 80 trillion yen (553.88 billion pounds) per year. UPBEAT ON INFLATION The BOJ will also conduct a quarterly review of its growth and price forecasts at the two-day policy meeting. The bank''s nine-member board is likely to raise its growth estimates for the coming years, as exports and output show signs of life on brightening prospects for the global economy. But the central bank is likely to make only minor, if any, upward revisions to its already optimistic inflation forecasts despite external headwinds that push up prices, such as a rebound in oil costs and rising import prices from a weak yen. Despite prospects of accelerating inflation, many central bankers remain wary on whether price rises driven by external factors could transform into sustained price growth backed by strength in the economy. The BOJ now projects core consumer inflation to hit 1.5 percent in the fiscal year beginning in April and accelerate to 1.7 percent the following year. Japan''s economic growth remained anaemic in the first half of last year as private consumption slumped, leaving many market players forecasting the BOJ''s next move would be to ease policy. But a pick-up in global demand has helped exports recover since late last year, heightening prospects of a stronger economic recovery. Some market players now bet the BOJ may hike its yield targets this year if inflation accelerates reflecting strength in the economy. (Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN15D17B'|'2017-01-30T06:30:00.000+02:00'
'f3ec12a728bcd6b63a01d7ddef79acb6019a468a'|'Chinese battery maker CATL buys stake in Finnish car supplier'|'HELSINKI Chinese battery maker Contemporary Amperex Technology Limited (CATL) has bought a 22 percent stake in Finnish auto supplier Valmet Automotive to expand in the European electric car market.The Chinese company, which bought its stake for an undisclosed sum via a new share issue, said on Monday it would partner with the Finnish firm to supply European carmakers with battery packs and drivetrain solutions for electric cars."Our shared aim is to develop a strong position in the European electrical vehicles market," CATL Chief Operating Officer Jia Zhou said in a statement.CATL, which is looking to list on Beijing''s exchange, plans to build a factory in Europe.CATL tripled its production capacity for lithium-ion car batteries last year and plans to grow its battery capacity sixfold by 2020 to 50 gigawatt hours, which could put it ahead of Tesla Motor Inc''s ( TSLA.O ) Gigafactory in Nevada.Valmet Automotive currently builds Mercedes-Benz SUV''s for Daimler AG ( DAIGn.DE ) at its plant in southern Finland where it previously built Fisker''s Karma hybrid luxury cars.Its other owners are private equity firm Pontos and state-owned Finnish Industry Investment.(Reporting by Tuomas Forsell; Editing by Jussi Rosendahl and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-valmet-automotive-m-a-catl-idINKBN15E10U'|'2017-01-30T08:06:00.000+02:00'
'0b21eb9e6dd56c1115f1a4cb1a8493745ed95746'|'Will war on neglected diseases hit target?'|'Will war on neglected diseases hit target? Some fear progress on NTDs will stall if priorities shift in new era Read next January 30, 2017 by: Andrew Jack Five years ago today, the heads of some of the world’s largest pharmaceutical groups gathered in London with leading health experts, donors and governments to commit to an unusual medicines programme. In the London Declaration , they pledged to work together rather than compete in an innovative programme, and to donate rather than charge for supplying large volumes of drugs. Their products were to be used not to treat widespread western illnesses, but instead to work towards the elimination of “ neglected tropical disease ” infections in poor countries by 2020. The impact since has been significant. Yet some are nervous that progress may stall given a shift in global priorities and funding under new political and health leaders, and the challenges of tackling the diseases themselves. “It was a total game changer five years ago,” says Dirk Engels, director of the department of control of Neglected Tropical Diseases (NTDs) at the World Health Organisation. He cites the combination of an NTD “road map with clear goals and deadlines, and the London declaration that rallied all the different multiple diverse partnerships around a single perspective”. The meeting helped sharply accelerate the volume of drug donations by companies and led them to create a system to help co-ordinate and more efficiently transport supplies from their factories directly to government warehouses in the affected countries. “Overall the progress has been very good,” says Andy Wright, vice-president for global health programmes at GSK. The British pharma company has scaled up annual free supplies of its medicine albendazole from 709m tablets to over 1bn since 2012 — at a cost to the company he puts at “several tens of millions” of pounds each year. The drug, distributed through governments and community volunteers, kills the parasites that cause lymphatic filariasis (commonly known as elephantiasis). The result has been a sharp drop in reported cases of the debilitating disease. Global Burden of Disease data show the number of cases of lymphatic filariasis dropped from an estimated 50m in 2010 to 38m in 2015. Sharp falls have also been reported for onchocerciasis (river blindness) and trachoma (which can also cause blindness) — both helped by the mass drug administration programmes. Yet there are mixed results for some of the other NTDs identified in the original WHO road map . “It’s been a global health guacamole,” says Peter Hotez, dean of the National School of Tropical Medicine at Baylor College of Medicine in Houston, Texas. “There have been some real success stories, while others have been more modest.” That partly reflects the different nature of the diseases, not all of which are so easy to tackle through the “chemo-prevention” strategy of prophylactic drug use to prevent and control infection. For most of the conditions, there is a need for accompanying initiatives to develop new drugs and associated diagnostics, and to reduce the risk from the worms, insects and other “vectors” that carry the diseases. For instance, doctors have raised concerns over obstacles to the eradication of Guinea worm, for which there are just a few human cases now reported each year. The worm has been identified in dogs , notably in Chad, adding fresh complexity to the control of its spread. Combating Neglected Diseases Sanitation, education and diagnostic tools are as essential as drugs in fight to control NTDs Most of those who suffer from NTDs live in the most remote and poorly developed regions of relatively rich middle income countries such as Nigeria. Tackling the diseases effectively will also require far wider economic and social development, including improved hygiene, sanitation and education, experts argue. Bruno Gryseels, director of the Institute of Tropical Medicine in Antwerp, cautions: “The main question is sustainability, including integrating treatment into regular health systems. That’s a very long-term effort, in countries with very weak health infrastructure.” Such broader efforts will require greater political and financial commitment from the countries with a heavy disease burden. That is especially true given a global economic slowdown and nationalistic tendencies in some donor countries affecting the UK’s Department for International Development and US aid programmes under President Donald Trump. “This will be a rough time,” says Prof Hotez. “We have to recognise that between Brexit and Trump, we cannot assume that the US and UK governments will be in this forever.” The World Health Organisation itself, which championed efforts to eradicate NTDs under Margaret Chan, the agency’s current director-general, will also be under funding pressure and subject to new priorities when her replacement is chosen in May. When Ms Chan takes stock of progress at a special valedictory meeting in Geneva this April, all those involved in tackling NTDs will be keen for indications that the three shortlisted candidates to succeed her will not neglect them. But at least for now, many of the drug companies remain willing to continue their support through drug donations. “We’ve committed to supply albendazole till the elimination of lymphatic filariasis globally,” says Mr Wright. “We agreed to donate it for intestinal worms till 2020 and we are looking beyond that. I will advocate that we carry on.” Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/health'|'https://www.ft.com/content/9abcd646-e4a5-11e6-8405-9e5580d6e5fb'|'2017-01-30T12:05:00.000+02:00'
'b8deba8a2dab72f993d101da5cb219d34b5c3d15'|'BRIEF-Astra International is raising stake in a Java toll road operator - Nikkei'|'Company News  37pm EST BRIEF-Astra International is raising stake in a Java toll road operator - Nikkei Jan 30 (Reuters) - * Astra International Tbk PT is raising its stake in toll road operator Baskhara Utama Sedaya in Java - Nikkei * Astra International to buy remaining 60% stake in BUS from 2 units of Surya Semesta Internusa in deal valued at around $192 million including debt - Nikkei * Astra to buy remaining 60 percent stake in BUS from 2 units of Surya Semesta Internusa for about 2.57 trillion rupiah, including debt - Nikkei Source text for Eikon: Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FK0II'|'2017-01-31T00:37:00.000+02:00'
'52840fd4f0e9f5e6770e69566c2a76f36901ef73'|'Wall Street heads for worst day in months following migration order - Business'|'Wall Street’s main indexes were set for their worst day in more than three months on Monday, as President Donald Trump’s orders to curb travel and immigration from some countries sparked uncertainty.Trump on Friday signed executive orders to suspend travel to the United States from seven Muslim-majority countries on grounds of national security, while also banning refugees from Syria.Thousands of people rallied in major US cities and at airports in protest. Nike and Starbucks were among the companies that did not support the ban.“The market is reacting negatively right now because of the uncertainty that it creates,” said Robert Pavlik, chief market strategist at Boston Private Wealth. “If it can pull more Republicans off of the president’s following and maybe weaken his strength in Congress then you start to wonder about the other initiatives that may not get passed.” Dow Jones hits record high – is Trump good for stock markets? Read more US equities hit record highs following Trump’s election in November, encouraged by his promise of tax cuts and simpler regulations. However, the potential risk of Trump’s protectionist policies and the lack of clarity since he took office have dampened the enthusiasm. The Dow, which soared 9.2% in the aftermath of Trump’s election, has managed to gain only 1% after his inauguration on 20 January and fell below the historic high of 20,000 that it hit last week. The CBOE Volatility index or Wall Street’s “fear gauge” surged 20%, its biggest rise since 9 September.Trump also signed an executive order that would seek to pare back federal regulations by requiring agencies to cut two existing regulations for every new rule introduced. Five of the nine declining sectors of the S&P 500, including financials and technology, were down more than 1%. Utilities and consumer staples – considered defensive plays – were slightly higher. Facebook and Apple, which are scheduled to report earnings this week, were the top drags on the S&P 500. Other technology stocks trading lower included Alphabet and Microsoft. Airline stocks including American Airlines, United Continental and JetBlue were also down.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/30/wall-street-stock-market-fall-trump-travel-ban'|'2017-01-31T01:26:00.000+02:00'
'6bf392c28335d6cb14ca6fa66e687eef9aac7b3b'|'Trump executive order to slash regulations,'|'Politics - Mon Jan 30, 2017 - 10:11am EST Trump executive order to slash regulations U.S. President Donald Trump holds breakfast meeting with small business leaders at the Roosevelt room of the White House in Washington U.S., January 30, 2017. REUTERS/Carlos Barria WASHINGTON President Donald Trump plans to sign an executive order on Monday that will require that for every new federal regulation proposed, two must be revoked, an administration official said. The order says federal agencies will propose rules they want to eliminate and the White House will review those decisions. The order sets a budget of $0 for new regulations in 2017 and the administration will set a regulation budget each year, the official said on customary condition of anonymity. Trump campaigned on a promise to reduce federal regulations that he said burdened American businesses. (Reporting by Ayesha Rascoe; Writing by Doina Chiacu; Editing by Chizu Nomiyama) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-trump-regulations-idUSKBN15E1QU'|'2017-01-30T22:04:00.000+02:00'
'c2bf106b4e8098be9480c04d9ee28679db78462e'|'UPDATE 1-HgCapital to sell vehicle rental firm Zenith to Bridgepoint'|'(Adds details from Bridgepoint statement)Jan 30 London-based private equity firm HgCapital Trust Plc has agreed to sell Zenith, a British vehicle leasing business, to peer Bridgepoint in a deal valued at 750 million pounds ($942.08 million), its manager HgCapital said on Monday.The sale delivers a 2.9 times investment multiple and a 46 percent gross internal rate of return over the investment period, HgCapital said in a statement.Leeds-headquartered Zenith has over 500 employees and operates a fleet of about 85,000 vehicles. Its services include funding company cars and commercial vehicles, and providing outsourced fleet management services.HgCapital Trust would realise cash proceeds of about 59 million pounds from the deal, an uplift of 15.4 million pounds, or about 35 percent, on the carrying value of the asset as of Nov. 30, 2016.HgCapital Trust initially invested in Zenith in February 2014 and merged it with Leasedrive, a company it already owned, to achieve economies of scale.Zenith, whose customers have included pub firm Greene King , grocer Asda and financial firm Santander , delivered strong double-digit revenue and core earnings growth over the past year, the trust said on Monday."We believe that (Zenith) can continue its impressive growth trajectory through its continued focus on customer service, technology and targeted acquisition activity," said Emma Watford, Bridgepoint''s head of business services sector team.HSBC, RBS and Lloyds will provide debt financing for the transaction, Bridgepoint said separately.HgCapital''s advisers on the sale were Evercore, Deloitte, OC&C, KPMG, Weil Gotshal & Manges and Sidley Austin. HSBC & Investec, White & Case, LEK, Deloitte, ERM and EY advised Bridgepoint. ($1 = 0.7961 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hgcapital-trust-divestiture-bridgepoint-idINL4N1FK11E'|'2017-01-30T05:41:00.000+02:00'
'e89cdb0be8d4c5b7901693b3f6394051bae93f4b'|'MOVES-Former KKR capital markets head Farr joins Carlyle'|'By Davide Scigliuzzo NEW YORK, Jan 30 (IFR) - Carlyle Group has hired Craig Farr, KKR''s former global head of capital markets, as a senior advisor for its credit business, the private equity giant said on Monday.Farr will help Carlyle in developing new initiatives across the firm''s credit business, which invests in products ranging from loans and structured credits to energy and distressed debt.Farr spent nearly a decade at KKR, playing a key role in the establishment of the firm''s capital markets business.He previously worked as co-head of North American equity capital markets and head of US convertible and corporate equity derivative origination at Citigroup. (Reporting by Davide Scigliuzzo; Editing by Natalie Harrison)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/moves-carlyle-group-farr-idINL1N1FK0RL'|'2017-01-30T11:57:00.000+02:00'
'74be7c6c450d5609210d81f78bd4df249de9c39e'|'India''s affordable housing plan won''t fix homelessness, say campaigners'|'Cyclical Consumer Goods  52am EST India''s affordable housing plan won''t fix homelessness, say campaigners By Rina Chandran MUMBAI, Jan 30 (Thomson Reuters Foundation) - The Indian government is doling out incentives to people to buy affordable homes as officials race to meet a 2022 deadline of providing housing for all, but campaigners say the measures won''t fix the problem of homelessness. Prime Minister Narendra Modi last month extended subsidised loans for building or expanding homes in rural areas, as well as for the urban poor. The federal budget, due on Feb. 1, may have even more perks for the sector, analysts say. "There is every reason to expect a significant boost for affordable housing in the upcoming budget," said Anuj Puri, country head of real estate consultancy Jones Lang LaSalle. The government plan, to provide housing for all by 2022, is meant to create 20 million new urban housing units and 30 million rural homes. Builders define affordable homes as costing 2-4 million rupees ($29,400-$59,000). They are generally units of up to 600 sq ft (55 sq metres). The federal scheme initially offered lower interest rates for loans up to 600,000 rupees. Modi last month extended subsidies for loans up to 1.2 million rupees, seen as benefiting young couples who are first-time homebuyers. Yet the pace of implementation of the housing scheme has been slow, with only 2,776 houses built in urban areas from June 2015 to August 2016, according to advocacy group Housing and Land Rights Network (HLRN). In rural areas, more than 1 million homes were built. Meanwhile, evictions of slums in cities have left thousands more homeless. "The slow rate of implementation of the policy, coupled with the destruction of homes makes the housing for all target seem improbable at this stage," said Shivani Chaudhry, executive director at HLRN. "Just giving cheaper loans is not going to solve the problem. What we also need is increased allocations for homeless shelters and social rental housing in urban areas for migrant workers and the poor," she told the Thomson Reuters Foundation. Up to 37 million households - a quarter of India''s urban population - live in informal housing including slums, according to social consultancy FSG. Many of them lack steady incomes and documents essential to secure bank loans, even as a growing population and rapid urbanisation are expected to exacerbate the housing shortage. Analysts expect Finance Minister Arun Jaitley to announce higher public investment on Feb. 1 to boost flagging growth. It may also help burnish India''s credentials in social sector spending, which lags even other developing nations, HSBC said in a report. "Given the mismatch with the election cycles ... India''s quantity and quality of social sector spending is inadequate by global and other emerging market standards," HSBC India said. "This is the tragedy of the social sector." ($1 = 68.1024 Indian rupees) (Reporting by Rina Chandran @rinachandran, Editing by Ros Russell. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women''s rights, trafficking, property rights, climate change and resilience. Visit news.trust.org to see more stories.) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-landrights-housing-idUSL5N1F909Q'|'2017-01-30T18:52:00.000+02:00'
'7192a63b8f0c6ecfba25fd36c4362737ebe04e56'|'MOVES-Bordier UK names two managers to its sales and marketing team'|'Money   10:13am EST Bordier UK names two managers to its sales and marketing team Asset management firm Bordier UK appointed Andrew Clotworthy as business development manager and Andrew Rowlands as marketing manager in its sales and marketing team. Clotworthy joins the firm from Canaccord Genuity Group Inc, where he headed intermediary distribution. Rowland previously worked at Brooks Macdonald, a privately owned investment manager. Bordier UK is the British arm of the Bordier & Cie Group, a privately held bank in Switzerland. (Reporting by Nikhil Subba in Bengaluru) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bordieruk-moves-andrewclotworthy-idUSKBN15E1SB'|'2017-01-30T21:57:00.000+02:00'
'd47ca7b4104ec5edd56785dfbf52f3a86e7ff699'|'Kuwait''s Gulf Bank Q4 net profit up 7.4 pct'|'Financials  37am EST Kuwait''s Gulf Bank Q4 net profit up 7.4 pct DUBAI Jan 30 Gulf Bank, Kuwait''s fourth-largest lender by assets, reported a 7.4 percent rise in fourth-quarter net profit on Monday. * Net profit for the three months to Dec. 31 was 10.1 million dinars ($33.1 million), compared with 9.4 million dinars in the year-earlier period, according to Reuters'' calculations based on financial statements in lieu of a quarterly breakdown. * Net profit was 42.9 million dinars for the full-year of 2016, according to a bourse filing, compared with 39.0 million dinars for the previous year. * The bank''s board proposed a cash dividend of 7 fils per share for 2016. This compares with the 2015 payout of 4 fils per share. ($1 = 0.3048 Kuwaiti dinars) (Reporting by Tom Arnold, editing by Louise Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/gulf-bank-results-idUSL5N1FK1IA'|'2017-01-30T15:37:00.000+02:00'
'bf81cfa977b7992e265b4ff5493247f47eaff429'|'Fibria sees pulp prices holding on to most gains through 2017'|' 11am EST Fibria sees pulp prices holding on to most gains through 2017 SAO PAULO Jan 31 Brazil''s Fibria Celulose SA , the world''s largest producer of eucalyptus pulp, expects the outlook for higher global pulp prices to stretch into the second quarter of 2017, executives told journalists on an earnings call on Tuesday. Chief Executive Marcelo Castelli said he expected prices to be flat or slightly lower in the second half of the year, but he said a sharp drop in prices this year was unlikely. (Reporting by Brad Haynes and Alberto Alerigi Jr.; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fibria-outlook-idUSS0N17F00A'|'2017-01-31T21:11:00.000+02:00'
'bf607760f38abd2baa7b8d11e64bc6cbb65ca240'|'Hong Kong stocks rebound on strong resources; China sluggish on debt woes'|'Basic Materials   11:18pm EST Hong Kong stocks rebound on strong resources; China sluggish on debt woes * SSEC +0.1 pct, CSI300 flat, HSI +0.3 pct * Dollar struggles, pressured by concerns of US protectionism SHANGHAI Jan 24 Hong Kong stocks rose on Tuesday morning thanks to strength in resources shares as U.S President Donald Trump''s trade protectionist stance dented the dollar and tempered concerns over capital outflows. China stocks were roughly flat from two-week highs set in the previous session amid renewed debt worries after Beijing reported a significantly larger fiscal deficit in 2016. In Hong Kong, the benchmark Hang Seng index added 0.3 percent, to 22,969.38 points, while Hong Kong China Enterprises Index gained 0.4 percent, to 9,769.37 points. Trump''s move on Monday to withdraw the United States from the Trans-Pacific Partnership trade deal has weighed on the dollar, making it cheaper to import some raw materials, with an index tracking the sector adding around 3.1 percent by midday. The dollar was on the defensive after hitting a seven-week low against a basket of major currencies on Monday, while futures contracts of rebar gained nearly 4.3 percent at the lunch break. Heavily import-dependent paper maker Nine Dragons Paper Holdings Ltd and Lee & Man Paper Manufacturing Ltd jumped, to around 10 percent and 4 percent respectively, at midday. Shares were also bolstered by Nine Dragons Paper''s surprise earnings upgrade with the company forecasting interim profit to rise over 45 percent. "Looks like the market would face some difficulty to rise above 23,000 points, since it lacks new capital inflows from the outside," said Linus Yip, strategist at First Shanghai Securities Ltd, referring to the tepid inflows in recent weeks. Yip said that Trump''s protectionist stance and consequent lowering of the dollar are lending some support to resource stocks, but he remained cautious about the hurdles on capital inflows to Hong Kong from an expected uptick in U.S. interest rates this year. In China the blue-chip CSI300 index was unchanged at 3,363.21 points at the end of the morning session, while the Shanghai Composite Index gained 0.1 percent, to 3,139.81 points. Beijing reported a significantly larger fiscal deficit in 2016 than it targeted, as the world''s second largest economy has relied on government spending to stabilise economic growth in the past year, raising concerns about China''s mounting debt load. Most sectors retreated modestly, but an index tracking energy stocks advanced 1.3 percent after receiving a boost from heavyweights China Petroleum & Chemical Corp and PetroChina Co Ltd. Both added more than 2 percent by the lunch break on restructuring hopes. (Reporting by Jackie Cai and John Ruwitch; Editing by Shri Navaratnam) Next In Basic Materials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-stocks-midday-idUSL4N1FE1KJ'|'2017-01-24T11:18:00.000+02:00'
'52ce21c7a75e76ec592bf0f37f924ada1c732b42'|'UPDATE 1-AirAsia X cleared for US flights, 1st Asian budget carrier to get nod'|'* Says received FAA nod to fly to any destination within U.S.* Says also mulling resumption of its London route (Updates with spokesman''s comments on London route resumption)KUALA LUMPUR Jan 24 Malaysia''s AirAsia X Bhd said it had become Asia''s first low-cost carrier to receive approval to operate scheduled passenger flights to any destination within the United States.The long-haul airline in a statement said it gained approval from the United States'' Federal Aviation Authority (FAA) and that it was considering flights to several U.S. states, including Hawaii."Our expansion up until now has concentrated on Asia, Australasia and the Middle East, and we are excited about our first foray into an entirely new market as we look beyond Asia Pacific," Group Chief Executive Officer Kamarudin Meranun said in the statement on Tuesday.The announcement comes a day after Emirates Airline , the world''s largest long-haul carrier, said it would add a U.S. route. A U.S. airline lobby group said that move amounted to unfair competition because Gulf carriers received government subsidies.Gulf carriers deny receiving subsidies.AirAsia X also said it was mulling the resumption of flights on its London route. The airline suspended its London flights in March 2012 due to high taxes, but has held on to hopes of continuing the route since."At the moment we are looking at resuming our London routes and are working towards the necessary approvals," a spokesman told Reuters in an email. (Reporting by Liz Lee; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airasia-x-usa-idINL4N1FE2QO'|'2017-01-24T05:22:00.000+02:00'
'fe47b03e0f59f1821539470ceacc04dd7628a70f'|'BRIEF-Saudi Aramco axes plans for petronas joint venture - WSJ, citing sources'|'Financials  41pm EST BRIEF-Saudi Aramco axes plans for petronas joint venture - WSJ, citing sources Jan 24 Saudi Aramco - * Axes plans for Petronas joint venture - WSJ, citing sources * Concluded project led by Petronas, wouldn''t generate sufficient returns after conducting a feasibility study - WSJ, citing sources HIGHLIGHTS-The Trump presidency on Jan. 24 Jan 24 U.S. President Donald Trump met with auto executives on Tuesday and gave the energy industry a boost with action on pipelines. Highlights of the day follow: PIPELINES Trump signs orders smoothing the path for the controversial Keystone XL and Dakota Access oil pipelines, aiming to expand energy infrastructure and roll back key Obama administration environmental actions. IMMIGRATION Trump is expected to sign executive orders starting on Wednesday that SYDNEY, Jan 25 Australia''s AMP Ltd on Wednesday said it has closed its fledgling venture capital arm as the life insurer focuses on improving overall performance after flagging a nearly $1 billion earnings hit. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FE0OQ'|'2017-01-25T09:41:00.000+02:00'
'387529eaea5631a9c1474a8eb4591e641eadccd9'|'Toshiba shares slip ahead of chip business sale approval'|'Technology News - Wed Jan 25, 2017 - 12:37am GMT Toshiba shares slip ahead of chip business sale approval Workers prepare the new year''s eve numerals above a Toshiba sign in Times Square in Manhattan, New York City, U.S., December 26, 2016. REUTERS/Andrew Kelly/File Photo TOKYO Shares of Toshiba Corp ( 6502.T ) slipped in early trading on Wednesday as the company prepared to give the nod to spinning off its chip business. Its shares slumped 2.2 percent to 254 yen, even as the Nikkei stock index .N225 rose 1.7 percent. Toshiba''s board will meet on Friday to approve plans to make its chip business a separate company and hopes to raise more than 200 billion yen ($1.76 billion) by selling a 20 percent stake in it, a person with direct knowledge of the matter said. The sale is part of its efforts to brace itself for an upcoming multi-billion dollar writedown on its U.S. nuclear business, a charge that other sources have said may exceed $4.4 billion. (Reporting by Tokyo markets team; Editing by Stephen Coates) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-stocks-idUKKBN15901S'|'2017-01-25T07:33:00.000+02:00'
'9dbb7201187275713d8e9bb62b28eda1b80bbbcf'|'Danish drugmaker Novo Nordisk bets 115 million pounds on post-Brexit UK science'|'  10:42am GMT Danish drugmaker Novo Nordisk bets 115 million pounds on post-Brexit UK science The logo of Danish multinational pharmaceutical company Novo Nordisk is pictured on the facade of a production plant in Chartres, north-central France, April 21, 2016. REUTERS/Guillaume Souvant/Pool/File Photo By Ben Hirschler - LONDON LONDON Novo Nordisk ( NOVOb.CO ), the world''s top maker of diabetes drugs, is investing 115 million pounds in a new research centre in Britain, undeterred by Brexit. The Danish company said on Monday it would invest the money over 10 years in the centre based at the University of Oxford, which will employ 100 scientists hunting for new ways to treat type 2 diabetes. Britain''s vote last year to leave the European Union was disappointing but did not undermine the case for working with a renowned centre of science, said Mads Krogsgaard Thomsen, Novo''s chief scientist. "There''s no doubt that Brexit created uncertainty for a period in our deliberations," he told Reuters. "It is unfortunate, but we''ve passed that challenge and I''m convinced we''ve no need to worry...Oxford is a worldwide powerhouse in medicine." The decision was welcomed by the government of Prime Minister Theresa May, who last week highlighted life sciences when she laid out a new industrial strategy designed to rebalance Britain''s heavily services-based economy after it leaves the EU. Treasury minister David Gauke said Novo''s move was "a vote of confidence in the UK''s position as a world-leader in science and research". Brexit has raised concerns in the life sciences sector, with academics fretting over a potential gap in funding currently provided by the EU and drugmakers concerned over future medicine regulation. The European Medicines Agency - based in London for now, but likely to move after Brexit - currently offers a one-stop-shop for drug approvals, smoothing the sale of pharmaceuticals across borders. Given these challenges, some drug company executives have warned that Britain could lose its appeal as a centre for research and manufacturing. Novo''s move is therefore reassuring, although the bulk of the company''s work in producing new diabetes treatments, including large-scale drug development and manufacturing, will still be done in Denmark. Significantly, Britain''s two big domestic drugmakers have both committed to new investments in the country recently. AstraZeneca ( AZN.L ) is finishing a $500 million (£399.2 million) headquarters and research centre in Cambridge, while GlaxoSmithKline ( GSK.L ) pledged $360 million to expand manufacturing in Britain in July, just five weeks after the Brexit vote. Novo Nordisk has built a booming business over the last two decades by focusing on diabetes, which is a growing problem worldwide, driven by obesity and sedentary lifestyles. More recently, however, it has struggled with squeezed prices in the key U.S. market. It said James Johnson, currently a professor at the University of British Columbia, had been appointed head of the Novo Nordisk Research Centre Oxford. Johnson is an expert on pancreas biology, insulin action and diabetes. The new set-up will allow for daily interactions between academics at Oxford and Novo''s industrial scientists. (Editing by Ruth Pitchford/Keith Weir)   Oil slides as strong U.S. drilling activity weakens deal to cut output LONDON Oil prices fell on Monday as news of another increase in U.S. drilling activity spread concern over rising oil output just as many of the world''s oil producers are trying to comply with a deal to pump less in an attempt to prop up prices.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-novo-nordisk-britain-idUKKBN15E0ES'|'2017-01-30T17:42:00.000+02:00'
'66afb6a99ab5c359b232b0350753d9b5d40a332d'|'Goldman Sachs CEO says bank does not support Trump travel ban'|' 40am EST Goldman Sachs CEO says bank does not support Trump travel ban A view of the Goldman Sachs stall on the floor of the New York Stock Exchange July 16, 2013. REUTERS/Brendan McDermid By Olivia Oran Goldman Sachs Group Inc ( GS.N ) CEO Lloyd Blankfein told employees that President Donald Trump''s order to halt arrivals from seven Muslim-majority countries was not a policy the bank endorsed, according to a source familiar with the matter. "This is not a policy we support, and I would note that it has already been challenged in federal court, and some of the order has been enjoined at least temporarily," Blankfein told employees in a voicemail on Sunday. Blankfein said Goldman Sachs would work to minimize potential disruptions to employees and their families caused by Trump''s order, according to a transcript seen by Reuters. Most U.S. corporate bosses have stayed silent on Trump''s immigration curbs, underscoring the sensitivities around opposing policies that could provoke a backlash from the White House. While Apple Inc APPL.O, Alphabet Inc''s Google ( GOOGL.O ) and Facebook Inc ( FB.O ) emailed their staff to denounce the order, many of their counterparts in other industries either declined to comment or responded with company statements reiterating their commitment to diversity. (Reporting by Olivia Oran in New York; additional reporting by Richa Naidu in Bengaluru; Editing by Martina D''Couto)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-immigration-companies-goldm-idUSKBN15E1H2'|'2017-01-30T20:40:00.000+02:00'
'45ef4bd35ce31d0758bd670d58f5828b69c22f5d'|'Chevron says to give CEO fewer stock options'|'Global Energy News - Mon Jan 30, 2017 - 7:07am EST Chevron says to give CEO fewer stock options A Chevron gas station sign is pictured at one of their retain gas stations in Cardiff, California October 9, 2013. REUTERS/Mike Blake Oil and natural gas producer Chevron Corp ( CVX.N ) said it would give its top executive fewer stock options after shareholders expressed concern about executive pay. Oil companies have been restructuring pay packages of their top management after a two-year-long slump in oil prices eroded profitability. Chevron said on Monday the average support from shareholders for the company''s compensation package fell to 54 percent in 2016 from the 95 percent it averaged between 2011 and 2015. Stock options give employees the right to buy a specific number of shares in the future at a pre-determined price. Restricted stock units (RSU), once vested, are equal to a share of stock. They vest according to a set distribution schedule after an employee achieves performance goals, or remains with the company for a certain period. Chevron said it held 25 meetings with shareholders, who held about 36 percent of its outstanding stock, and with advisory firms ISS and Glass Lewis. The company said its board approved a grant to Chief Executive John Watson that included 250,000 stock options, 65,340 performance shares and 32,670 restricted stock units in 2017, compared with 964,800 stock options and 73,600 performance shares in 2016. Chevron said the changes would strengthen accountability for project performance, investment discipline and reinforce the link between executive compensation and long-term performance. However, the move would not change the "target award value." (Reporting by Arathy S Nair in Bengaluru; Editing by Maju Samuel) Next In Global Energy News How Russia sold its oil jewel: without saying who bought it MOSCOW/LONDON/MILAN More than a month after Russia announced one of its biggest privatizations since the 1990s, selling a 19.5 percent stake in its giant oil company Rosneft, it still isn''t possible to determine from public records the full identities of those who bought it. Siemens to pick banks for blockbuster Healthineers listing: sources FRANKFURT German industrial group Siemens will shortly start picking banks to organize a stock market listing of its healthcare business, which could be valued at up to 37 billion euros ($40 billion) including debt, three people close to the matter said. Southern and southeastern regions of Europe will face the continent''s most adverse effects from climate change as heatwaves and droughts become more intense and frequent, the European Environment Agency (EEA) said on Wednesday. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-chevron-compensation-idUSKBN15E187'|'2017-01-30T19:07:00.000+02:00'
'a21cddb3bda3548ee830675b5978c25b20d318c1'|'Stock markets hit by US travel ban fears – business live'|'Business live Stock markets hit by US travel ban fears – business live All the day’s economic and financial news, as president Trump’s ban on citizens from seven countries entering the US worries investors Monday 30 January 2017 08.22 GMT View more sharing options 08:20 Markets hit by fears over Trump travel ban Stock markets and the US dollar are both starting the week on the back foot, as Donald Trump’s controversial travel ban worries investors. Shares have fallen in Asia, amid fears that Trump’s policies will hurt the US economy, and trigger a new phase of protectionism. Japan’s Nikkei fell 0.5%, while Australia’s S&P/ASX index shed almost 1%. European stock markets are under pressure too, with London’s FTSE 100 dropping by 55 points, or 0.75%, to 7129 in early trading. The US dollar also retreated against the Japanese yen, dropping by 0.2% to ¥114.88. Eddie van der Walt (@EdVanDerWalt) State of play. pic.twitter.com/MdqrDcsJ8H The selloff comes after Trump imposed a 90-day ban on citizens from Iraq, Syria, Iran, Sudan, Libya, Somalia or Yemen travelling to the US, and temporarily halted America’s refugee programme. The move has sparked heavy criticism around the globe, and protests in several American cities. In Britain, a petition against Trump being granted a state visit to Britain has already attracted almost one million signatures. Theresa May feels heat over travel ban as Donald Trump stands firm Read more Financial analysts are concerned that the backlash against Trump’s plans could have serious economic consequences. Stephen Innes, a senior trader at OANDA, summed the situation up well: “World leaders were quick to condemn President Trump’s executive order to ban U.S. travel from seven Muslim countries. The global reaction has been one of universal condemnation. The fear here is that the market may start to think that personal vendetta is clouding the Oval Office judgment and they could express a huge vote of non-confidence through the markets. “The increase in civil unrest alone should be a concern for investors, and with a lack of clarity on the economic policy front, markets will be cantankerous early in the week as they’re completely uncertain of what’s next from President Trump on the geopolitical landscape.” People chant slogans at the Indianapolis International Airport on Sunday. Photograph: Kelly Wilkinson/AP Updated 07:44 The agenda: Big week for news Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. This is going to be a big week for news, with European growth data being released, two key central bank meetings, and a new healthcheck on America’s jobs market. On Tuesday, we get new eurozone GDP figures showing how the currency bloc fared in the last three months of 2016, plus euro inflation data for January. Wednesday brings a Federal Reserve meeting; the US central bank isn’t expected to raise interest rates, but could hint at a hike in March. Here’s Bloomberg’s take: Joe Weisenthal (@TheStalwart) This is going to be an insane week. On top of political fallout from Friday, a huge week for data. Via @5thrule pic.twitter.com/wQE3sE0AaE January 29, 2017 On Thursday the Bank of England will announce its interest rate decision, and publish its quarterly inflation report. With inflation picking up, the BoE could face pressure to raise rates sooner than expected. Finally, Friday will bring the latest US jobs data, in the Non-Farm Payroll report. That will show if America’s labour market is slowing down, after years of solid growth under Barack Obama. Coming up today.... The week starts with new inflation figures from Germany, at 1pm GMT, and America at 1.30pm GMT. Economists predict that Germany’s inflation rate may have risen to 2% in January, slightly over the eurozone’s target, and ahead of other European countries. German politicians are already anxious that the European Central Bank is too relaxed about the rising cost of living, so today’s data could fuel that debate. Eurozone inflation rates Photograph: Bloomberg TV Analysts at RBC Capital Markets say: The consensus call is that the German inflation rate rose to 2% y/y in January, in line with the ECB’s own target with the likelihood that the rate will rise further in coming months which will likely see further public calls from Germany policy makers and commentators for the ECB to begin to consider normalising policy. We’ll also have an eye on Greece, as talks with its creditors drag on. Experts fear trouble ahead unless the latest phase of Athens’ bailout is signed off by 20 February. Greece has three weeks to deal with ''potentially disastrous'' debt, says IMF Read more We’ll be tracking all the main events through the day.... Share'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/business/live/2017/jan/30/stock-markets-us-dollar-trump-travel-ban-german-inflation-business-live'|'2017-01-30T15:22:00.000+02:00'
'e4418dda17946709e7b8d4cfd40d6771f0b07ae6'|'Weetabix expands manufacturing capacity, warns of price rises'|'Deals   2:44pm GMT Weetabix expands manufacturing capacity, warns of price rises FILE PHOTO: Packets of Weetabix cereal and other food goods are seen inside the Ocado Customer Fulfilment Centre in Hatfield on the outskirts of London, Britain, April 6, 2016. REUTERS/Dylan Martinez/File Photo By Martinne Geller - LONDON LONDON Weetabix, the iconic British cereal brand, is investing 30 million pounds ($37.51 million) to expand its manufacturing capacity, even as its Chinese owner, Bright Foods, explores a sale of the company. Weetabix said on Monday that the investment, across its manufacturing sites in Burton Latimer and Corby, would allow it to match rising demand for its products at home and overseas. Weetabix, an 84-year-old brand that includes cereals and breakfast drinks, was taken over by China''s Bright Food in 2012, when the state-owned firm bought a controlling stake from private equity firm Lion Capital. Weetabix said on Monday that the new investment would boost capacity by 2018 and add an unspecified number of jobs. The investment comes as all cereal makers face pressure from growing competition and changing consumer tastes. "We''ve consistently bucked the market, through our innovation and focus on nutritionally strong products that taste great," said Weetabix Chief Executive Giles Turrell. The company said it now controls more than 16 percent of the UK market for cereal and drinks, gaining share over the past year. Like other packaged food makers, it has been squeezed by last year''s drop in the British currency, which has raised the cost of imported goods or globally traded commodities priced in U.S. dollars. It said on Monday it was in discussions with retailers about price increases. "We would always look to mitigate cost pressure, but unfortunately we are unable to cover all of the cost impacts we''ve been faced with recently," it said in a statement. Several food companies, including Unilever ( ULVR.L ), Premier Foods ( PFD.L ) and Mondelez International ( MDLZ.O ), have sought price increases in the United Kingdom to offset the weakness of the pound, which fell after Britons voted to leave the European Union. Weetabix has repeatedly declined to comment on the sale process, first reported by Reuters in December. Non-binding offers for the business are due this week, according to sources familiar with the matter, who told Reuters that Post Holdings ( POST.N ), Associated British Foods ( ABF.L ), Barilla and Cereal Partners Worldwide, a joint venture between Nestle ( NESN.S ) and General Mills ( GIS.N ) were lining up. (Reporting by Martinne Geller)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-weetabix-investment-idUKKBN15E1NU'|'2017-01-30T21:44:00.000+02:00'
'c26ce488c6bd9d21ba81d7673ad821f5d61e8cc7'|'MOVES-Ray Doody to join HSBC'|'Private Equity   10:56am EST MOVES-Ray Doody to join HSBC By Hannah Brenton Jan 30 JP Morgan veteran Ray Doody is expected leave the firm to take up a senior role in the leveraged finance team at HSBC, a source familiar with the matter said. His departure from JP Morgan follows a restructuring of the US bank''s EMEA leveraged finance team in October last year. An internal memo at the time said that Doody, head of acquisition leveraged finance, was exploring other opportunities within the firm after nearly 20 years with the leveraged finance team. (Editing by Christopher Mangham) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/moves-hsbc-doody-idUSL5N1FK4PZ'|'2017-01-30T22:56:00.000+02:00'
'882e8090b9e3da6218673a936041c43da55dc633'|'Osram says gets German government approval for Lamps sale'|'Funds  52am EST Osram says gets German government approval for Lamps sale FRANKFURT Jan 30 Lighting group Osram has received approval from the German government for the 400 million euro ($425 million) sale of its Lamps unit to a consortium of Chinese bidders, a spokesman said on Monday. The sale of the traditional lamps and lighting unit, which should allow Osram to focus on LED chips and automotive lighting, is still awaiting approval from the U.S. Committee on Foreign Investment in the United States (CFIUS) and from one remaining Chinese authority. CFIUS last year blocked the $3.3 billion sale of Dutch group Philips'' planned sale to Asian buyers of its lighting components division, Lumileds, on security grounds, dealing a setback to its plan to shed its lighting business. As is usual, CFIUS did not give reasons for its decision. Philips eventually agreed to sell the business to U.S. investor Apollo instead for $1.5 billion in cash. Osram agreed last July to sell its biggest unit, now renamed LEDvance with 2 billion euros in sales and 8,800 staff, to IDG Capital Partners, Chinese lighting company MLS Co and financial investor Yiwu State-Owned Assets Operation Center. While the traditional lightbulb business is expected to decline as more energy-efficient technologies such as light-emitting diodes (LEDs) grow, the business is interesting Chinese buyers who want brand and distribution channels in Europe and the United States. ($1 = 0.9409 euros) (Reporting by Georgina Prodhan and Irene Preisinger; Editing by Ruth Pitchford) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/osram-licht-lamps-idUSL5N1FK3SN'|'2017-01-30T20:52:00.000+02:00'
'ff4021e9e6945d0a6cba4493755fa30dcbf07be6'|'German packaging group Mauser targets $319 million New York listing'|'FRANKFURT German packaging group Mauser ( MSR.N ) aims to raise up to $319 million from a stock market listing in New York, the company said in a regulatory filing on Monday.The company, which is owned by private equity firm Clayton Dubilier & Rice (CD&R), is planning to offer its shares in a $20-$22 price range, giving it a market capitalization of up to $1.05 billion.The initial public offering (IPO) is expected to take place as early as late March or early April, people close to the matter said.Separately, CD&R is continuing talks with buyout group Stone Canyon about an outright sale of Mauser for more $2 billion, the sources added.CD&R had bought Mauser in 2014 from Dubai International Capital for about 1.25 billion euros ($1.33 billion) including debt and started preparations for an IPO within a year of the deal.Mauser, which makes packaging equipment such as cans and drums for transporting medical waste and other hazardous chemicals, intends to reduce its debt by about 200 million euros with the proceeds from the IPO.Its total debt stood at 1.3 billion euros in September.Mauser posted earnings before interest, tax, depreciation, and amortization (EBITDA) of 167 million euros on sales of 1.1 billion euros in the first nine months of 2016.It expects to post EBITDA of up to 227 million euros for the whole of 2016.Listed peers are trading at 8-10 times their expected core earnings.Mauser paid CD&R a combined dividend of 185 million euros in 2015 but is planning no further payouts.Bank of America Merrill Lynch, Citi and Credit Suisse are organizing the stock market listing with the help of Deutsche Bank, Baird, Jefferies, BNP, ING Natixis and Nomura.(Reporting by Arno Schuetze; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mauser-ipo-idINKBN15E1Y6'|'2017-01-30T13:21:00.000+02:00'
'b6ccd3612678a166248fbfc74a8d197d44c4ab11'|'Belgian economy accelerates in Q4, weaker for whole of 2016'|'Financials   9:05am EST Belgian economy accelerates in Q4, weaker for whole of 2016 BRUSSELS Jan 30 Belgium''s economy accelerated in the final quarter of 2016, according to a first estimate from the central bank published on Monday, although for the year as a whole growth was at its lowest pace in three years. The euro zone''s sixth largest economy grew by 0.4 percent in the fourth quarter from the third quarter and by 1.1 percent compared to the final three months of 2015. The pick-up from 0.2 percent expansion in the third quarter was in line with market expectations. Eurostat will publish its first estimate for the growth of euro zone gross domestic product (GDP) on Tuesday. It is seen at 0.5 percent in the fourth quarter, from 0.3 percent in the third. For the whole of last year, the Belgian economy grew by 1.2 percent. That compares with 1.5 percent in 2015, 1.7 percent in 2014 and a 0.1 percent contraction in 2013. The central bank has forecast growth this year of 1.4 percent. (Reporting By Philip Blenkinsop; Editing by Alastair Macdonald) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/belgium-economy-gdp-idUSL5N1FK3YE'|'2017-01-30T21:05:00.000+02:00'
'10c19d57d26f5eafde6586dee68c78052e4876bf'|'European shares down on commodities weakness; merger talks offer support'|' 35am GMT European shares down on commodities weakness; merger talks offer support Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, January 27, 2017. REUTERS/Staff/Remote MILAN European shares slipped in early deals on Monday, led by weakness in commodities-related stocks, though deal talks elsewhere offered some support with Vodafone ( VOD.L ) up nearly 3 percent. The STOXX 600 fell 0.6 percent, adding to a slight drop seen on Friday. In spite of the losses the pan-European index remains up nearly 1 percent so far in January, on course for its third month of gains in a row. Vodafone confirmed it was in talks to merge it India unit with Idea ( IDEA.NS ) while British engineering firm Atkins WS ( ATKW.L ) jumped more than 6 percent on a report of a $4 billion merger approach. Europe''s mining .SXDP and oil and gas .SXEP indexes were the biggest laggards, however, both down around 0.9 percent, as crude prices fell and copper eased below eight-week peaks. Among top losers were oil products storage company Vopak ( VOPA.AS ) and refiner Neste ( NESTE.HE ). Goldman Sachs downgraded both stocks to sell. (Reporting by Danilo Masoni, Editing by Vikram Subhedar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN15E0OM'|'2017-01-30T15:35:00.000+02:00'
'b8a9490a605342318d9974762762f4e0093397e7'|'U.S. companies scramble to cope with 7-country immigration ban'|'  10:14pm GMT U.S. companies scramble to cope with 7-country immigration ban left right A woman holds her smart phone which displays the Google home page, in this picture illustration taken February 24, 2016. REUTERS/Eric Gaillard/Illustration/Files 1/2 left right Google CEO Sundar Pichai speaks on stage during a Google event in Delhi, India January 4, 2017. REUTERS/Cathal McNaughton 2/2 SAN FRANCISCO U.S. companies scrambled on Saturday to cope with the fallout from President Trump''s executive order on immigration, with Google urgently calling back employees from overseas and companies rushing to provide legal advice and assistance. Trump''s order bars citizens of seven countries from entering the United States even if they hold valid visas or permanent residence permits, a move that caught many companies off-guard. Google Chief Executive Sundar Pichai said in an email to staff that more than 100 Google employees were affected by the order, according to a Google executive. One Google employee of Iranian nationality with legal U.S. residency made it back to the United States just hours before the order took effect, the executive said. "We''re concerned about the impact of this order and any proposals that could impose restrictions on Googlers and their families, or that could create barriers to bringing great talent to the U.S.," Google, part of Alphabet Inc ( GOOGL.O ), said in a statement. "We''ll continue to make our views on these issues known to leaders in Washington and elsewhere." Microsoft President Brad Smith said in a company-wide email posted on LinkedIn that 76 company employees were citizens of the seven countries in question and held U.S. work visas, and thus were directly affected by the order. He said the company had not determined how many people with green cards, or permanent residence status, might be affected. "As a company, Microsoft believes in a strong and balanced high-skilled immigration system," Smith said in the email. "We also believe in broader immigration opportunities, like the protections for talented and law-abiding young people under the Deferred Access for Childhood Arrivals (DACA) Programme, often called "Dreamers." Smith also said: "We believe in the importance of protecting legitimate and law-abiding refugees whose very lives may be at stake in immigration proceedings." Facebook ( FB.O ) had no comment beyond a Friday blog post from CEO Mark Zuckerberg, in which he said he was "concerned" about the order and voiced support for immigrants. "The executive order on immigration is immoral and antithetical to our values. It''s also deeply flawed as a matter of policy and will undermine our economy and our security in the long term," Aaron Levie, co-founder and CEO, of cloud-based file-storage group Box, said in a company email. (Reporting by Joseph Menn; Writing by Jonathan Weber; Editing by Alan Crosby)   EU   ECB inspection of Monte dei Paschi still ongoing - BOI official MODENA, Italy An inspection by the European Central Bank of Monte dei Paschi di Siena''s loan portfolio that had been due to conclude at the end of last year is still under way, a top official at the Bank of Italy told Reuters on Saturday. MODENA, Italy Italy''s Intesa Sanpaolo will not unveil its plans for a possible deal with insurer Generali over the weekend, the bank''s chairman said on Saturday. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-immigration-companies-idUKKBN15C0TY'|'2017-01-29T05:14:00.000+02:00'
'fc0729713dca40794a5fc65612e2e918b9fcab46'|'UPDATE 2-Certain flight crew barred from U.S. entry after Trump order - IATA memo'|'(Adds Emirates, Etihad statements)By Jeffrey DastinJan 28 A new ban on U.S. travel for nationals of seven Middle Eastern countries caught the airline industry unprepared, with flight crew from those states also barred from entering, the International Air Transport Association said on Saturday.U.S. Customs and Border Protection (CBP) has briefed the global trade group that passport-holders from states such as Iran and Iraq, including cabin crew, will be barred entry to the United States, IATA said in an email to its member airlines, seen by Reuters.The email underscores airlines'' confusion about the situation as well as the challenge some may face from crew scheduling. Airlines also stand to lose business: for instance, around 35,000 travelers from Iran visited the United States in 2015, according to the U.S. Department of Homeland Security."Much of this development has come over the weekend and at a time when IATA''s Facilitation team has been on duty travel. Unfortunately, our response has been slower than we would have preferred," the email said. "A number (of questions) have yet to be resolved."The executive order by President Donald Trump bans travelers with passports from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen for 90 days.IATA was informed that lawful permanent residents of the United States - or green-card holders - from those countries are not included in the ban.However, a Trump administration official told reporters that green-card holders from the countries need to check with a U.S. consulate to see whether they can return, causing some confusion for airlines, which still plan to follow CBP guidance.Gulf airlines Emirates, Etihad Airways and Qatar Airways said earlier on their websites that passengers would need a green card or diplomatic visa to enter the United States.An Emirates spokeswoman said "a very small number" of its passengers had been affected by the ban. (Reporting by Jeffrey Dastin in Redwood City, California, Additional reporting by Alexander Cornwell in Dubai; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-airlines-idINL1N1FJ03D'|'2017-01-29T01:55:00.000+02:00'
'abd983fb899cd3cb202176199d33352eedf6496d'|'This belated Tory conversion to industrial strategy is tragic - Politics'|'‘I f America had a parliamentary system, Donald Trump … would already be facing a vote of no confidence. But we don’t; somehow we’re going to have to survive four years of this.” Thus wrote the Nobel prize-winning economist Paul Krugman in the New York Times recently . Unfortunately, although we in the UK do have a parliamentary system – indeed, the “mother” of them – the signs are that the majority of our parliamentarians are prepared to go along with the prime minister’s plan to invoke article 50 of the Lisbon treaty.It was Edmund Burke who, in his celebrated address to the electors of Bristol, said that MPs should regard themselves as representatives of their constituencies, not delegates. As far as one can gather, although Conservative Brexiters such as John Redwood and Iain Duncan Smith make all the noise, the majority of MPs think Brexit is a crazy idea, with the potential to do enormous harm – and last a lot longer than four years of Trump.The supreme court has now given our sovereign parliament the chance to derail Brexit, and has done so for good constitutional and legal reasons. But the odds are not good.The Liberal Democrats are playing a blinder in their opposition. Unfortunately, they are a tiny minority. And my old friend Ken Clarke constitutes an even tinier minority, being reportedly the only Tory intending to vote against article 50, although a lot more of his fellow Tories are said to agree with him privately.As for the Labour party, it is running scared of Ukip, especially in the north, but at least more than one Labour MP is prepared to stand up and be counted, in the belief that the national interest should be put above prejudice against immigrants in determining the country’s future.Now, we have heard a lot recently about “post-truth” – that is, lies – but the Trump team’s “alternative facts” have certainly captured the public’s imagination. There is of course nothing new in all this: Thucydides and Herodotus were on to the story in ancient Greece, and George Orwell more recently. But the phrase calls to mind the way that Boris Johnson and his Brexit bus were touring the country not so long ago and undoubtedly persuaded some of the electorate to vote Leave as they proclaimed a false prospectus of, well, “alternative facts”.David Davis, who goes by the Beachcomber-like title of secretary of state for exiting the European Union , managed after the supreme court had pronounced to stretch the meaning of language by proclaiming “this judgment does not change the fact [my italics] that the UK will be leaving the European Union”.Well, if he, Mrs May and their band of Brexiters have their way, Brexit may well become a fact: but so far it is merely a prospect – and a distant one, destined to take many gruesome years.Although some prominent Brexiters go on about regaining sovereignty and escaping the European court of justice, it seems to be widely accepted that the Leavers would not have won if they had not made such a fuss about immigration. They want us to sacrifice the future prosperity of this country, with implications for the government’s tax take that will almost certainly exacerbate the social problems associated with austerity, in order to regain control of immigration. Yet, as commentators have pointed out, immigration from non-EU countries, over which the government already has sovereign control, exceeds immigration from the EU. This is a shambles.As Clarke points out in his brilliant memoirs: “The creation of the European single market was probably the biggest single boost to economic modernisation, investment, trade and jobs in the UK that the Thatcher revolution produced.”Another, connected, achievement was the way that government persuaded Nissan and other Japanese companies to make the UK the base for their European operations – entirely because we were members of the EU.Thus in 1980, several years before the single market came into operation, Sir Keith Joseph, secretary of state for industry – and not previously known for his belief in an industrial strategy – wrote a memorandum marked “secret” to Margaret Thatcher in which he stated: “If we were outside the [European] Community, it is very unlikely that Nissan would have given the United Kingdom serious consideration as a base for this substantial investment.”His memorandum has finally been released to the public as part of the Thatcher papers. The timing is coincidental with last week’s announcement of the May government’s plans for an industrial strategy: a departure from the previously fashionable Tory approach of “leaving things to the market”.In another paragraph of his memorandum, Joseph (or his private office, but with his approval) wrote: “Nissan would bring high-technology production methods and successful managerial techniques to this country and could help to demonstrate that high productivity can be achieved in the UK environment.”This was prophetic, and quite a U-turn for Sir Keith, who had once been so anti-interventionist that he thought the department for which he was secretary of state ought to be abolished.But we have reached the stage where the Japanese, among many others, are very concerned about Brexit, and Nissan is already having doubts about what was understood to be an earlier post-referendum commitment to keep investing in the UK.The sad, indeed potentially tragic, thing is that, while it is welcome that the May government avows belief in an industrial strategy, any good from it will be threatened by Brexit.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/politics/2017/jan/29/industrial-strategy-belated-tory-conversion-brexit-tragic'|'2017-01-29T13:59:00.000+02:00'
'9c03d2c02ef3a33ce6a0459e96031fb2981677b9'|'BRIEF-Jordan''s Housing Bank board approves capital increase'|' 52am   board approves capital increase Jan 29 Housing Bank For Trade And Finance : * Board approves capital increase to 315 million dinars from 252 million dinars Source: ( bit.ly/2kARG9E   ) Next In Financials DUBAI, Jan 29 Most Gulf stock markets moved little in early trade on Sunday, although Kuwait continued this month''s bull run in heavy trade. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FH0ZI'|'2017-01-29T16:52:00.000+02:00'
'454b3644000f7acf844a62d8c0212ddb170a0d93'|'Allianz considers takeover of Australia''s QBE: source'|'By Jamie Freed and Alexander Hübner - SYDNEY/FRANKFURT SYDNEY/FRANKFURT German insurer Allianz ( ALVG.DE ) has made an informal approach to Australian peer QBE Insurance ( QBE.AX ) to canvass its interest in a takeover deal, according to a source familiar with the situation.The source, who was not authorized to speak publicly about the matter, told Reuters no acquisition price had been proposed to QBE, Australia''s biggest insurer.German newspaper Handelsblatt on Sunday reported Allianz had floated an offer of A$15.00 per share, which would value QBE at A$20 billion ($15.11 billion). QBE shares rose by 4.7 percent to $A12.91 on Monday.Allianz declined to comment. QBE said in a statement on Monday it was not in discussions with Allianz or any other potential buyer.QBE, one of the world''s 20 biggest insurance companies, operates in North America and Europe as well as in Australia and New Zealand.The company is an attractive target because it will benefit from a higher interest rate environment, said Shaw and Partners analyst David Spotswood.“I don’t think QBE would agree to a A$15 takeover bid," he said. That is not very high. Presumably there would be cost savings and claims management savings. In a two-year view they could probably get to A$15 by themselves.”Allianz Chief Executive Oliver Baete has said the German insurer is looking for opportunities to make acquisitions but that it is not easy to find attractive targets at a reasonable price.The company said in November it could return 2.5 billion euros ($2.68 billion) from its budget for acquisitions to shareholders in the form of share buybacks.M&A has cooled off in the insurance sector after a bumper year in 2015, with many players saying valuations had become too high.But Australia is an attractive market for foreign insurers because the population and economy are growing faster than in most other developed markets and the regulatory regime is more stable than in emerging markets.($1 = 1.3270 Australian dollars)($1 = 0.9336 euros)(Reporting by Jamie Freed and Alexander Huebner and Harro ten Wolde; Editing by Catherine Evans and Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-qbe-ins-grp-m-a-allianz-idINKBN15E01Y'|'2017-01-29T21:44:00.000+02:00'
'19f046e5d5083e4c22497948a7a4bc68bbf4f267'|'Shares in British engineering group WS Atkins rally on merger talk'|'Business News - Mon Jan 30, 2017 - 1:44pm GMT Shares in British engineering group WS Atkins rally on merger talk By Esha Vaish and Parikshit Mishra Shares in British engineering and consultancy firm WS Atkins ( ATKW.L ) jumped almost 8 percent on Monday after the Times newspaper reported the group had been approached by U.S. peer CH2M over a possible $4 billion (£3.19 billion) merger. Atkins has been trying to diversify away from its home market, which accounts for over half of its revenue, by growing its footprint in the United States and Asia. The Times said that privately owned CH2M made an approach for Atkins at a senior level, although it was unclear how far talks had developed. "It is our policy not to comment on rumour and speculation," Atkins said in response to an inquiry by Reuters. CH2M did not immediately respond to a request for comments. The Colorado-based company, which generated revenue of $5.4 billion in 2015 according to its website, has been Atkins'' partner on a number of projects, including Crossrail - London''s new railway link and the current largest infrastructure project in Europe. A merger would follow a trend toward consolidation in the engineering and construction industries globally in the past few years, including a failed attempt by UK company Carillion ( CLLN.L ) to merge with rival Balfour Beatty ( BALF.L ). Shares in Atkins, which had a market capitalisation of about 1.4 billion pounds ($1.8 billion) as of Friday''s close, were up 7.7 percent at 1,509 pence at 1240 GMT on Monday, their highest since Nov. 23 and the top FTSE midcap .FTMC gainer. "The consulting industry where people are going global, they have the geography and the skill set, the attractions of CH2M to WS Atkins is infrastructure, which is a growth area," Peel Hunt analyst Chris Bamberry said. Atkins said in November that it expected to benefit from new U.S. President Donald Trump''s pledge to increase infrastructure spending in the United States by $1 trillion. It has been active in acquiring smaller companies and since 2008, about 89 percent of its M&A deals have been in the United States, according to Thomson Reuters data. "The rationale is that Atkins continually stated that they''d like to decrease the UK proportion of their group... it''d just be about diversifying the group''s activities," Jefferies analyst Sam Cullen said. M&A activity in the engineering and construction sector globally rose 23 percent last year by total deal volume as buyers remained active with smaller or niche acquisitions, according to accountancy firm PwC. "We see upside in the U.S. with potential legislation around infrastructure spend and corporate tax reform increasing interest in U.S. assets both domestically and inbound from buyers looking for growth," PwC said in its report. (Reporting by Parikshit Mishra in Bengaluru; Editing by Peter Cooney and Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ws-atkins-m-a-ch2m-idUKKBN15E1H8'|'2017-01-30T20:44:00.000+02:00'
'ee552ded6b33b85811c39d5cd33b2fd1c13b643f'|'Spain''s Bankia posts 23 fall in 2016 profit, below forecasts'|' 12am EST Spain''s Bankia posts 23 fall in 2016 profit, below forecasts MADRID Jan 30 Spain''s state-owned lender Bankia posted on Monday a 23 percent fall in full-year 2016 net profit due to pressure from ultra-low interest rates and additional charges related to unclearly marketed mortgages. Full-year net profit for 2016 came in at 804 million euros ($758 million), below the average of analysts'' estimates calculated by Thomson Reuters of 850 million euros. In the fourth quarter, net profit was 73 million euros, 60.5 percent down from last year after it set aside 65 million euros in additional provisions in the fourth quarter to compensate for the mortgage clauses. Spanish banks are expected to repay customers more than 4 billion euros after Europe''s top court overturned in December a Spanish ruling that capped liabilities relating to these disputed mortgage clauses. (Reporting By Jesús Aguado; editing by Paul Day) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/bankia-results-idUSE8N1E800E'|'2017-01-30T14:12:00.000+02:00'
'3d322ade3e6692d62af2cbdff2ab213807f04f07'|'Abortion in Pakistan: struggling to support a woman''s right to choose - Global Development Professionals Network'|'S onia woke up in dingy room with searing pain in her stomach. All she remembered was being accompanied by her husband to a clinic for an ultrasound. She’d recently found out she was pregnant; her husband had often been abusive and didn’t react well to the news. Today was supposed to be different: he insisted on going to the clinic so he could see the scan and Sonia hoped that reflected a change of heart.However, slowly Sonia realised she had been drugged and given an abortion without her consent at a private clinic. It took years for her to come to terms with the violence she suffered. NGOs: How will the ''global gag rule'' affect your work? Read more Islamic scholars permit an abortion within 120 days of pregnancy in Pakistan. But despite this framework for permitting abortions, health professionals are reluctant to carry out the procedure . Many women resort to ingesting drugs, using sharp objects, or physically abusing their body resulting in long-term health complications. In 2012, an estimated 623,000 Pakistani women were treated for complications resulting from induced abortions. In Sonia’s case, her ex-husband was able to pay an unqualified provider to conduct a procedure she hadn’t not consented to. Her story highlights the danger to women’s health when the only option for is an unhygienic facility clinic with untrained staff.In such dangerous circumstances, who is filling the gap? Saba Ismail, co-founder of the Pakistani women’s group Aware Girls , launched an abortion hotline in June 2010. Aware Girls has received US Aid funding in the past but now will have to depend on grants from European foundations after President Trump reinstated the global gag rule which prohibits US funding to NGOs which provide information about abortions.“We have not heard any donor withdrawing our funding on this basis yet, but we will become automatically ineligible for US Aid and other state department grants on this basis, and that’s the challenge,” says Ismail. “We fear that Trump’s decision will affect Pakistan because any organisation, hospital or clinic working on abortion will not be able to get any US funding.”A woman told us to stop talking about abortions or contraceptives and instead educate women on how to be better wivesSaba Ismail, co-founder of Aware Girls US Aid spent $54.1m dollars funding family planning and reproductive health in Pakistan in 2015 and Marie Stopes International, the family planning NGO which receives funding from US Aid says that its work in Pakistan over the past decade has “averted 4.6 million unintended pregnancies, 1.9 million unsafe abortions and 6,000 maternal deaths”. Aware Girls provides an anonymous toll-free service called “Saheli” (Urdu for “friend”) to educate on abortions and contraceptives: “When we first launched the helpline we were told that we were promoting murder; that abortion wasn’t about choice but about murder. This stigma and taboo is what bothered us the most.”Over the course of six years Ismail and her colleagues have faced harsh criticism and threats. “In the beginning we started with 30 calls a month and now we average about 180 calls,” she says. “This is because we went into the communities and spoke to women about their health informing them about the helpline. At one of the events a woman approached me, identified herself as a representative of the Taliban, and told us to stop talking about abortions or contraceptives and instead educate women on how to be better wives to their husbands.” This didn’t stop her, although threats forced them to temporarily close down for six months in 2014.The ''Avon ladies'' of Pakistan selling contraception door to door Read more Ismail’s helpline follows the World Health Organisation’s guidelines on safe methods of abortions that can be performed at home for women under nine weeks pregnant. Misoprostol, a drug used to induce abortions, is available over the counter in many countries including Pakistan because it is also used to prevent stomach ulcers. Ismail’s staff asks women to provide details about their health and verify the length of the pregnancy, and takes them through the process of abortion.“People think that most women that call us are sex workers or unmarried women. While we do not judge and only ask reasons for abortion for our research purposes, I can tell you that the we get a large diversity of calls. From women aged 17 to 50, women that are married, who have recently given birth, who already have a lot of children and even women who have been raped by their own family members,” Ismail recalls the story of 21-year-old Sameena who was raped by her own cousin and was refused help at a hospital.An extensive women’s health report conducted in 2012 found that of the 9 million pregnancies in 2012, 4.2 million were unintended; 54% of these unintended pregnancies resulted in induced abortions and 34% in unplanned births. I attend to calls even when I am in a family gathering, in a funeral or anywhere, I never miss a single callTahira Khan, helpline counsellor The vast majority of the helpline’s calls are about abortions, only 4% of the callers ask about contraceptives. Nonetheless, each caller receives information on the use of contraception. The contraceptive prevalence rate is low in Pakistan – out of a population of more than 190 million, only 35% of women aged 15–49 use it . The reasons for this range from lack of sex education and awareness, and the fact that contraception is still considered a taboo and, in some places, seen as a western concept. Last year, Pakistan banned advertising for contraceptives. The counsellors on the helplines are young women with no medical background who are trained with the WHO’s clinical handbook [pdf] on safe abortions. Tahira Khan says the helpline has now become more than just a job: “This hotline is a part of my life now, I attend to calls even when I am in a family gathering, in a funeral or anywhere, I never miss a single call, I always call back. When I help women, I feel satisfaction and happiness. Before starting counselling, I thought I could never do it, but with the passage of time, I am now an expert.”Feminism is breaking through the rigid patriarchy in Pakistan Read more The hotline has received over 25,000 calls so far and this is increasing by the day. Ismail’s organisation can only help women who are under nine weeks pregnant, but in some cases they have to provide referrals for surgical abortions at selective clinics that conduct these procedures under hygienic and medically approved conditions. Ismail is determined to continue her work but she knows she is treating a symptom rather than a root cause. “My fight is against the taboos that tell women that their bodies aren’t theirs,” she says. “Unless women are seen as human beings who have a choice and right to their own body nothing will change.”Some names have been changed. Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter. Join the conversation with the hashtag #SheMatters .'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jan/30/abortion-in-pakistan-struggling-to-support-a-womans-right-to-choose'|'2017-01-30T02:00:00.000+02:00'
'730dcb83aa12a41acc81396d35115f1e1122f9f2'|'Buffett, Gates have hope for America after Trump ascension'|'Business News  21pm EST Buffett, Gates have hope for America after Trump ascension left right Warren Buffett, chairman and CEO of Berkshire Hathaway, is seen on a video screen as Bill Gates and moderator Charlie Rose (R) listen at Columbia University in New York, U.S., January 27, 2017. REUTERS/Shannon Stapleton 1/2 left right Bill Gates is seen on a video screen as Warren Buffett (C), chairman and CEO of Berkshire Hathaway, and moderator Charlie Rose listen at Columbia University in New York, U.S., January 27, 2017. REUTERS/Shannon Stapleton 2/2 By Jonathan Stempel and Jennifer Ablan - NEW YORK NEW YORK Bill Gates and Warren Buffett on Friday expressed optimism that the United States will move ahead as a nation, even as it works through political differences and gets used to the new Trump administration. The world''s two richest people were speaking to students at Columbia University after U.S. President Donald Trump started to unwind the work of his predecessor Barack Obama in a series of executive orders, prompting concern from critics over what the actions mean for Americans and their place in the world. "I am confident that America will move ahead," Buffett said. Gates, meanwhile, said the desire for innovation and support for research are "strong" and "largely bipartisan," despite differences on how to accomplish and fund both. "This administration is new enough; we don''t know how its budget priorities are going to come out," but there is much intensity to ensure that the executive branch and Congress encourage "amazing things," Gates said. Gates co-founded and was the first chief executive of Microsoft Corp ( MSFT.O ), while Buffett runs the conglomerate Berkshire Hathaway Inc ( BRKa.N ). Forbes magazine said on Friday that Gates is worth $85.2 billion and Buffett is worth $73.9 billion. An estimated 1,300 people attended Friday''s event to watch the close friends, who have known each other for a quarter century. Gates is also a Berkshire director, while Buffett is donating much of his wealth to the charitable foundation set up by Gates and his wife, Melinda. Both told students it is important to invest and focus on doing good works over the long term, despite the impulse or perceived need for shorter-term thinking. Gates said this was particularly true in areas such as climate change and vaccinations, calling it just as important to be sure people can get vaccines as it is to develop them. Buffett said: "It''s very hard to have politicians think of something that''s wonderful for the country 20 years from now" if the short-term impact might cost them reelection, with their decisions often tainted by too much money, which he called "bad news." He also stressed the importance of immigration, a central issue for Trump, whom neither Buffett nor Gates discussed. Buffett said the country has been "blessed" by immigrants, and might have come out quite different had the physicists Albert Einstein and Leo Szilard not in 1939 urged U.S. President Franklin Roosevelt to develop a nuclear program to counter threats from Nazi Germany. "If it weren''t for those two immigrants, who knows if we would be sitting in this room," Buffett said. (Reporting by Jennifer Ablan and Jonathan Stempel in New York; editing by Bill Rigby) Next In Business News Tycoon Slim says united Mexico ready for Trump talks MEXICO CITY Mexican billionaire Carlos Slim said on Friday a united Mexico was ready to help the government negotiate with Donald Trump, and tried to calm fears in his country about what the U.S. president''s policies would mean for its economy.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-buffett-gates-idUSKBN15B2FC'|'2017-01-28T05:21:00.000+02:00'
'23d9e90d4f7cba3fca4a46f65a104e01158a247e'|'Germany says expects IMF to participate in Greece''s bailout'|'Business News - Mon Jan 30, 2017 - 1:29pm GMT Germany says expects IMF to participate in Greece''s bailout A piggybank painted in the colours of the Greek flag with a 20 euro banknote in it''s slot, stands amongst various euro coins in this picture illustration taken in Berlin, Germany June 30, 2015. REUTERS/Pawel Kopczynski BERLIN Germany believes the International Monetary Fund will participate in Greece''s bailout and it is too early to start thinking about other arrangements should the IMF bow out, a spokesman for the German finance ministry said on Monday. The IMF said around two years ago that it would take part in Greece''s aid package, the spokesman said at a regular government news conference, and added: "Nothing has changed about that and it''s much too early to think about ''what if''". He was answering a question about a report in the Bild newspaper that said Finance Minister Wolfgang Schaeuble would argue for a Greek exit from the euro zone should the IMF withdraw from the third bailout program. Bild said it had obtained the information from sources in the ruling conservatives, which include Chancellor Angela Merkel''s Christian Democrats and their Bavaria-based allies, the Christian Social Union. The finance ministry spokesman said IMF involvement was a prerequisite for the third bailout program. Talks on labor reforms and fiscal issues between Greece and its official creditors - the European Stability Mechanism (ESM), the European Commission, the European Central Bank and the IMF - have dragged on for months, rekindling fears of a new crisis. Greece has said it would welcome an IMF exit, because that might help it conclude a crucial review of its progress without adopting more austerity. Schaeuble this month floated the idea of a new Greek bailout program without the IMF, saying the Europeans would have to enforce better conditions of any new bailout. This task would be handed to the euro zone''s bailout fund ESM, he added. The IMF, which joined Greece''s first international bailout in 2010, when the debt crisis broke, has yet to decide whether it will fund its third bailout program. Schaeuble has repeatedly argued that Greece would recover faster and regain competitiveness more quickly if it left the euro zone and reinstated the drachma, its former national currency. (Reporting by Joseph Nasr and Gernot Heller, editing by Larry King) Next In Business News Oil steady but U.S. drilling weakens deal to cut output LONDON Oil prices were steady on Monday, but news of another increase in U.S. drilling activity spread concern over rising output just as many of the world''s oil producers are trying to comply with a deal to pump less in an attempt to prop up prices.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-germany-idUKKBN15E1GG'|'2017-01-30T20:29:00.000+02:00'
'71f4483112d383c88c7f1371fd3003a29fdb2e62'|'Snap selects New York Stock Exchange for its IPO - source'|'  4:24pm GMT Snap selects New York Stock Exchange for its IPO - source File Photo: The Snapchat logo is seen on a banner outside the New York Stock Exchange (NYSE) in New York City, U.S., November 16, 2016. REUTERS/Brendan McDermid/File Photo Snap Inc, the owner of the popular messaging service Snapchat, has chosen Intercontinental Exchange Inc''s New York Stock Exchange (NYSE) for its initial public offering (IPO), a person familiar with the matter said on Monday. The selection comes as Snap is preparing to make its earnings public this week ahead of the IPO that is expected in March. It represents a setback for Nasdaq Inc, which was also vying to host Snap''s IPO. The source asked not to be identified because the matter is not public. Snap and Intercontinental Exchange declined to comment, while Nasdaq did not immediately respond to an exchange for comment. CNBC first reported on Snap''s NYSE selection. (Reporting by Lauren Hirsch in New York) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-snap-ipo-nyse-idUKKBN15E1YK'|'2017-01-30T23:24:00.000+02:00'
'd60d6b249c750363b3debc140ad667f5944c7fdc'|'Britain, Turkey sign defence deal to develop Turkish fighter jet'|'Company News - Sat Jan 28, 2017 - 9:30am EST Britain, Turkey sign defence deal to develop Turkish fighter jet ANKARA Jan 28 Britain and Turkey signed a defence deal worth more than 100 million pounds ($125 million) on Saturday to develop Turkish fighter jets, opening the way to deeper cooperation over the lifetime of the project. In Ankara to strengthen ties with Turkey as she navigates Britain''s departure from the European Union, Prime Minister Theresa May hailed the deal, saying it showed "that Britain is a great, global, trading nation and that we are open for business". The deal, announced by May and Turkish Prime Minister Binali Yildirim, involves BAE Systems and TAI (Turkish Aerospace Industries) working together to develop the TF-X Turkish fighter programme. BAE Systems chief executive, Ian King, said the deal was the next step in deepening defence cooperation. "It will also pave the way for a deeper defence partnership and could effectively make the UK Turkey''s partner of choice, positioning it as a key aerospace technology exporter to Turkey," he said in a statement. "The wider programme could see the UK win contracts to provide engines, weapons, radars and sensors." ($1 = 0.7971 pounds) (Reporting by Elizabeth Piper; Editing by David Dolan) Next In Company News German watchdog suspected VW scam on CO2 emissions- report BERLIN, Jan 28 Germany''s motor industry watchdog raised suspicions Volkswagen was using prototype vehicles to lower carbon dioxide (CO2) emissions in tests in 2015, soon after the carmaker''s manipulation of diesel emissions tests was uncovered, the Berliner Zeitung newspaper reported on Saturday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-turkey-bae-idUSL5N1FI079'|'2017-01-28T21:30:00.000+02:00'
'3f1bc8828eea00353442122fc4d862451990a69d'|'Chevron profit miss hurts stock, Dow Jones index - Reuters'|'By Ernest Scheyder Helped by rising oil prices, Chevron Corp ( CVX.N ) swung to a quarterly profit on Friday that still fell short of analyst expectations, dragging down the company''s share price, and with it, the Dow Jones industrial average .DJI index.The results showed that Wall Street analysts overestimated how much the No. 2 U.S. oil producer could improve with cost cuts in the quarter after two years of lacklustre results."Sometimes when things are going well, it''s not uncommon for the Street to be optimistic," said Brian Youngberg, an analyst at Edward Jones.Since the end of 2014, Chevron has laid off 9.500 employees and slashed its annual budget to boost results and protect its dividend, which Chief Executive John Watson said on a Friday call with investors remained his top priority.Most layoffs are "behind us," he said."The trend of spend is down," Watson said, forecasting the company will be cash-flow neutral this year. "We''ve made remarkable progress bringing our costs down."Like many U.S. oil producers, Chevron has benefited from the OPEC oil cartel''s move to curtail production, which has helped lift crude prices CLc1 in recent months.The California-based company posted a net income of $415 million, or 22 cents per share, after a net loss of $588 million, or 31 cents a share, a year earlier.Excluding one-time items, the company earned 21 cents per share. By that measure, analysts expected earnings of 64 cents a share, according to Thomson Reuters I/B/E/S.Despite missing expectations, Chevron still is seen by many as a top-notch oil producer."The overall investment thesis hasn''t changed at all," Youngberg said.Production fell slightly to 2.7 million barrels of oil equivalent per day.Earnings rose in the company''s upstream segments, which pump oil and gas, but dropped in the refining segments due to lower margins and higher taxes.Chevron''s flagship Richmond, Calif., refinery, which is undergoing a $1 billion renovation, also had downtime during the quarter, denting profit.Watson said he expected the company''s Wheatstone liquefied natural gas (LNG) project in Australia to come online this year. The nearby Gorgon LNG facility has shipped 10 LNG tankers since Jan. 1, he said.In the Permian Basin of Texas, where Chevron controls more than 1 million acres of oil-rich land, the company plans to add a new drilling rig every 8 weeks, Watson said.Shares of Chevron fell 2.5 percent to $113.68 in afternoon trading.(Reporting by Ernest Scheyder; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/chevron-results-idINKBN15C013'|'2017-01-27T21:54:00.000+02:00'
'c40d42ce9c929f5643328e028fcae18102385801'|'UK business, consumer morale hold up at start of 2017 - CBI, Deloitte'|' 24am GMT UK business, consumer morale hold up at start of 2017 - CBI, Deloitte FILE PHOTO: Commuters walk past the Bank of England in London, Britain, October 7, 2016. REUTERS/Peter Nicholls/File Photo LONDON Growth in Britain''s private sector and confidence among consumers remained solid at the turn of the year, according to surveys published on Monday, although both indicators warned about rising inflation in coming months. A CBI survey showed growth eased in the three months to January, with the survey balance falling to +10 from +17 in December, but the group, which represents British businesses, said growth remained "solid" going into 2017. "Resilience has been the hallmark of the UK economy since the EU referendum," CBI chief economist Rain Newton-Smith said. "But higher inflation is on the way, which will erode consumer incomes, while the impact of uncertainty since the (Brexit) referendum may cause investment spending to slow this year." The CBI surveyed 753 companies across the manufacturing, distribution and service sectors about output, sales and business volumes to compile its Growth Indicator. A separate survey found that confidence among consumers mirrored the experience of business. Deloitte said its quarterly consumer confidence index dipped to -6 from a series high of -5 three months earlier, but was still above levels seen a year earlier, when few people thought Britain was likely to vote to leave the European Union. "So far, Brexit has not dented consumers'' confidence about the outlook for jobs," Deloitte economist Ian Stewart said. "However the New Year sees the arrival of headwinds that may challenge the current consumer-friendly economic conditions." Consumer price inflation jumped to a two-year high of 1.6 percent in December, and the Bank of England forecasts it will exceed 2.7 percent by the end of the year, as sterling''s post-referendum plunge pushes up the cost of imports. Among the 3,000 Britons surveyed for Deloitte between Dec. 31 and Jan. 2, confidence about disposable income fell compared with a year earlier, breaking a pattern seen since 2012. (Reporting by David Milliken and Paul Sandle; Editing by Andy Bruce and Tom Heneghan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-idUKKBN15E012'|'2017-01-30T07:24:00.000+02:00'
'8a99dd79b9a637c5b02ea4b1ee3f730e005d1a35'|'Back to zero: Companies use 1970s budget tool to cut costs as they hunt for growth'|'Company News - Mon Jan 30, 2017 - 12:00am EST Back   By Tim McLaughlin - BOSTON BOSTON   The upswing in zero-based budgeting (ZBB) signals that a broader cross-section of U.S. companies anticipate turbulence in their revenue growth. They face more pressure on profits, too, as wages and interest rates increase, and a stronger dollar makes their products more expensive overseas. In consumer staples, where sales growth is often capped in the low-to-mid single digits, Campbell Soup Co, Kellogg Co, and Oreo cookie maker Mondelez International Ltd have already rolled out ZBB programs that promise billions of dollars in savings. Other industries, including finance, energy and manufacturing, are now following suit. Use of ZBB in 2017 is expected to increase dramatically in the United States and around the globe, according to consulting experts. Bain & Company reported last year in a survey of 406 North American companies that 38 percent of that group would use ZBB, up from just 10 percent in 2014. "ZBB has taken on a life of its own," said Greg Portell, a partner at consulting firm A.T. Kearney. A ZBB approach requires corporate managers to justify each line item of spending in their budgets, or even build their budgets from scratch. That is a departure from the typical process of using the previous year''s budget as a starting point and adjusting it based on revenue and inflation projections, for example. It often cracks down on the size of a company''s real estate footprint, corporate travel, terms of international assignments, redundant technology and outside consultants. Employees get cut, too. But there are risks. One is that companies focus too keenly on restraining spending and not on reinvestment that promotes new products and revenue growth. "You continuously have to ask what are strategic costs and how can we invest behind the things that drive the highest volume," said Jason Heinrich, a partner in Bain & Company''s Chicago office. FEELING THREATENED ZBB first gained widespread attention in the late 1970s, when Carter, as president, said he would apply the budgeting principles to federal spending. It never fully got off the ground, however, and Ronald Reagan abandoned it when he became president in 1981. Its recent resurgence is due in part to Brazilian buyout firm 3G Capital, which used ZBB when it combined H.J. Heinz with Kraft Foods in 2015. The combined Kraft Heinz now has the best profit margins among its peers with an estimated year-over-year gross margin expansion of 258 basis points, better than twice the average among rivals, according to Morgan Stanley. Kraft Heinz''s stock sports a 2.5-point price-to-earnings-multiple premium over its peers. 3G''s success is one reason the highest adoption rate of ZBB is in the consumer staples sector, which has banked on cost cutting to offset weak sales growth. In the current fourth quarter reporting season, the consumer staples sector is on track to report profit of 6.3 percent off revenue growth of just 3.2 percent, according to Thomson Reuters data. Contrast that with the consumer discretionary sector where sales are seen rising 5 percent but profit just 1.1 percent. Greg Kuczynski, a consumer staples analyst at asset manager Janus Capital, said ZBB is also being used by some to head off agitation from activist shareholders or even takeovers, like the Kraft Heinz deal. "So many of them feel threatened," he said. "They''re desperately implementing ZBB packages." Now the approach is spreading to energy, finance, health care and manufacturing. Cheniere Energy Inc, Huntington Bancshares Inc, Baxter International Inc and Ford Motor Co are some of the latest devotees. "If a company uses zero-based budgeting, I have more confidence it can take out cost faster than peers who do not," said Marc Scott, who helps run the $1 billion American Century All-Cap Growth Fund. TOUGHER THAN IT LOOKS Not everyone is sold on it. It can be an uncomfortable adjustment for managers and companies have to be careful not to alienate customers and business partners, according to analysts. The biggest risk is that companies concentrate only on cutting costs, and don''t put some of that money back to work behind businesses with the potential for growth. One unintended consequence is cutting a product''s marketing budget only to see a rival boost spending for their product and grab market share. "It''s not so simple as some of our other competitors out there make you believe, which has been roughly translated into, ''Let''s cut all the costs as long as we can get away with it to show you better margins for a short period of time. But I can''t promise you any growth along the way,''" Unilever Chief Executive Paul Polman told investors in November. Even Kraft Heinz has had trouble generating consistent growth. Its organic net sales, which excludes the impact of currency fluctuations and other items, declined by 1 percent in the three-month period that ended Oct 2. Still, the cost cutting has caught the attention of investors, particularly when companies scrap product lines that add little value. American Century''s Scott said ZBB was a factor when he evaluated kidney dialysis provider Baxter International, which has used ZBB principles to cancel several programs that added little value. He began building a position in late 2015 when Baxter traded below $35 a share, according to Thomson Reuters data. The fund now owns about 540,000 shares and the stock trades around $46. "It was just another feather in their cap," Scott said about Baxter''s use of ZBB. "It''s not a huge growth play, but we expect their profit margins to nearly double in a couple of years." (Reporting by Tim McLaughlin; Editing by Dan Burns and Paul Thomasch)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-companies-budget-idUSL1N1F9122'|'2017-01-30T12:00:00.000+02:00'
'3ac680d729ddd6afc1513d701865a0ea340f98f9'|'Oil extends decline as rising U.S. output weighs'|' 37am GMT Oil extends decline as rising U.S. output weighs Pump Jacks are seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson TOKYO Oil prices extended declines on Monday, dragged down by signs of growing output in the United States that would partly offset production cuts by OPEC and other producers. London Brent crude for March delivery LCOc1 was down 26 cents at $55.26 a barrel by 0005 GMT (1.05 a.m. BST) after settling down 72 cents on Friday. NYMEX crude for March delivery CLc1 was down 22 cents at $52.95 a barrel. The U.S. weekly oil and gas rig count from Baker Hughes showed that U.S. drillers added 15 oil rigs in the week, the 12th gain in 13 weeks. That brought the total count to 566, the most since November 2015. [RIG/U] The Organization of the Petroleum Exporting Countries and other producers, including Russia, agreed to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017 to relieve a two-year supply overhang. But U.S. oil production has been rising, with the International Energy Agency forecasting total U.S. output growth of 320,000 bpd in 2017 to an average of 12.8 million bpd. "The rise in U.S. output should not be unexpected," ANZ bank said in a note. "However we expect the reductions being made by OPEC will far exceed any rise in the U.S. and quickly reduce the global inventory that has been built up over the past two years," it added. Hedge funds and money managers boosted bullish wagers on U.S. crude oil to the highest level since mid-2014, Commodity Futures Trading Commission (CFTC) data showed on Friday, as agreed output cuts by the world''s top producers began to eat into a global glut. President Donald Trump on Sunday defended his move to ban entry of refugees and people from seven Muslim-majority nations and said the United States would resume issuing visas for all countries in the next 90 days as he faced rising criticism at home and abroad and new protests in U.S. cities. (Reporting by Osamu Tsukimori; Editing by Richard Pullin)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN15E01E'|'2017-01-30T07:37:00.000+02:00'
'07c39428bfa53974baad9286f2b1ab2edafdf3bc'|'TREASURIES-Bonds steady ahead of heavy data week, Fed meeting'|'(Adds details on Microsoft deal, Quote: s, updates prices) * Fed will conclude January meeting on Wednesday * Heavy week of data including January jobs figures * Microsoft debt sale weighs on long bonds By Karen Brettell NEW YORK, Jan 30 Most U.S. Treasury prices were steady on Monday before the Federal Reserve meets on Tuesday and Wednesday and ahead of a heavy week of data, while long-dated bonds were weighed down by Microsoft''s $17 billion debt sale. Friday''s employment report for January will be closely watched for new indications on the strength of the economy with numerous manufacturing releases also due this week. "This week is very busy...we have a packed data calendar," said Thomas Simons, a money market economist at Jefferies in New York. Trading in longer-dated debt on Monday, however, was dominated by Microsoft''s debt sale. The technology company is approaching investors with three, five, seven, 10, 20, 30 and 40-year tranches, according to IFR, a Thomson Reuters service. "Today is all about the Microsoft deal...that is causing an overhang in the market," said Tom Tucci, head of Treasuries trading at CIBC in New York. Thirty-year bonds fell 14/32 in price to yield 3.08 percent, up from 3.06 percent late on Friday. The yield gap between five-year notes and 30-year bonds widened to 115 basis points, the steepest since Dec. 14. Benchmark 10-year notes dipped 2/32 in price to yield 2.49 percent, up from 2.48 percent on Friday. The Federal Reserve is expected to leave interest rates unchanged when it concludes its two-day meeting on Wednesday. Traders will be looking for any new indications on when a rate hike is next likely at the Fed''s first meeting since Donald Trump was sworn in as U.S. President on Jan. 20. "I think the bottom line is its ''steady as she goes'' from the Fed - there''s nothing that pushes them off their path, there''s nothing that speeds them up or slows them down," said Tucci. "Everyone is waiting to see what other policy changes are going to come out of the new administration." Bonds had little reaction to data on Monday showing that U.S. consumer spending rose solidly in December as households bought motor vehicles and a range of services amid rising wages, pointing to sustained domestic demand that is likely to set the economy up for faster growth in early 2017. The growth outlook was further bolstered by other data on Monday showing a jump in contracts to buy previously owned homes. (Editing by Bernadette Baum and Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FK1IB'|'2017-01-30T16:48:00.000+02:00'
'29b45d1b439e48614456d051e1340e74122e8e7f'|'Intesa chairman says nothing will happen at weekend over Generali deal'|'Deals  24am EST Intesa chairman says nothing will happen at weekend over Generali deal MODENA, Italy Italy''s Intesa Sanpaolo ( ISP.MI ) will not unveil its plans for a possible deal with insurer Generali ( GASI.MI ) over the weekend, the bank''s chairman said on Saturday. Intesa said this week it was examining a possible tie-up with Generali in what would be one of Europe''s biggest deals of this kind. "Nothing will happen" over the weekend, Intesa''s Chairman Gian Maria Gros-Pietro told reporters on the sidelines of a financial conference in Modena. He added that Generali would not be on the agenda of Intesa''s board meeting on Feb.3, which will review the bank''s 2016 results. (Reporting by Gianluca Semeraro, writing by Silvia Aloisi) Next In Deals Snapchat to reveal financials within a week: sources Snap Inc, the secretive technology company that owns the popular messaging service Snapchat, is due to reveal its financials within a week as it moves toward its eagerly awaited initial public offering (IPO), sources familiar with the situation said on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-generali-m-a-intesa-sp-idUSKBN15C08M'|'2017-01-28T16:19:00.000+02:00'
'2c910d313e2a493ce21a881b28ad3eb381185c13'|'EU watchdog calls for EU bad bank to tackle soured loans'|' 43pm GMT EU watchdog calls for EU bad bank to tackle soured loans A new 20 Euro banknote is presented at the Austrian national bank in Vienna February 24, 2015. REUTERS/Leonhard Foeger By Francesco Guarascio and Huw Jones - LUXEMBOURG/LONDON LUXEMBOURG/LONDON The European Union should create a publicly-funded asset management company to scoop up some of a trillion euro mountain of bad loans that has become a brake on economic growth, the bloc''s banking watchdog said on Monday. A decade since the start of a financial crisis that forced taxpayers to bail out lenders, the European Banking Authority (EBA) said dealing with so-called non-performing loans or NPLs was "urgent and actionable". Italian banks account for 276 billion euros ($295 billion) of the bloc''s bad loans, by far the largest of any EU banking sector, but 10 EU states have an average bad loan ratio of 10 percent, well above the low single-digit figures seen in the United States and elsewhere. In a speech in Luxembourg on Monday, EBA Chairman Andrea Enria sketched out how banks could sell some of their bad loans to a new, pan-EU "asset management company" or AMC. So far, the sale of NPLs has been hampered by the lack of a proper market for bad loans, which has resulted in too low prices for NPLs, discouraging banks from offloading them. Under the plan, loans would be priced at "real economic value" - an assessed rather than a market price - and the AMC, a concept similar to a "bad bank", would have about three years to sell on the loans at that real economic value. "If that value is not achieved, the bank must take the full market price hit," Enria said, adding EU rules on bank resolutions, known as bail-in rules, would apply if state aid was required to recapitalize ailing banks, hitting their creditors. PUBLIC SUPPORT Support from the public sector would, however, be needed to launch the bad bank and who would pay is not clear yet. "Some sort of state intervention to help start this process is useful," Enria said, urging the deployment of public resources to create an efficient secondary market for NPLs that could attract private capital. Klaus Regling, who heads the European Stability Mechanism, the euro zone''s bailout fund, welcomed Enria''s proposal and confirmed state support would be required. Regling said the new entity should have a target of acquiring up to 250 billion euros of NPLs from EU banks. The EBA''s plan does not envisage the sharing of bank risks among EU states, Enria and Regling said, because if bad loans were not sold and recapitalization were needed, the bill would be footed only by the bank''s creditors and the home state of the lender. Germany, the EU''s largest economy, has long opposed plans to share bank risks, fearing its taxpayers would end up paying for bank rescues in other countries. The EBA''s plan would complement   pressure on euro zone banks to sell their NPLs and a European Commission proposal to amend national insolvency regimes. While the ratio of bad loans to total loans fell slightly in the third quarter of last year to 5.4 percent, EU banks were still slower than their U.S. rivals in tackling soured loans. There is some good news for the bloc''s banks, Enria said. Average core equity capital buffers at banks across the 28-country bloc continue to rise, and reached 13.6 percent of risk-weighted assets by the third quarter of last year when all requirements are also factored in, well above regulatory minimums. (Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-banks-regulations-idUKKBN15E1IW'|'2017-01-30T22:42:00.000+02:00'
'26ff4375296e4e7a2b790bb9d51cc9b8e83bc3c2'|'''A slight typographical error'': how one false credit report turned into a nightmare - World news'|'In June 2014 a man known as KB arrived in Rome for a two-week Italian getaway. After a long flight from Australia he was looking forward to experiencing all the delights of the Mediterranean summer.But when KB reached Rome international airport, things started to go wrong. He tried to make a payment but his credit card was declined. That evening he called American Express and was told that a court had recorded a $7,000 debt against him. His credit card had been suspended and he could make no further purchases on it during his holiday.This might have been quite reasonable. Except the debt wasn’t KB’s at all. It turned out that the court had issued a debt notice against someone with a similar name – the same surname but a different first name – who happened to live in the same apartment complex. The credit reporting agency Veda Advantage Information Services and Solutions had then assumed that this was KB and informed his banks. It took KB months to untangle what had gone wrong and reverse some of the damage it caused.Government knew about discrepancies in data-matching system before reducing human oversight Read more “With no credit on credit cards I had to manage my time in Italy on very limited funds with no scope for shopping or taking side tours,” KB would tell Australia’s privacy commissioner. “In short, a holiday costing over $20,000, booked and planned with much anticipation, was ruined.”KB’s story is outlined in a decision by the privacy commissioner, Timothy Pilgrim . Veda was ordered to pay KB $15,000 in compensation and provide him with a written apology. The privacy commissioner also ordered that the company initiate a review into how it collected and used court proceedings to inform its credit reporting.The companies that control your purse strings In Australia, credit reporting agencies tell the story of your financial life. These companies harvest information to generate credit scores that can then be accessed by banks and financial providers.You may never have heard of Veda, or have spoken to its staff. But odds are if you have a credit card, Veda has something on you. The company bills itself as “the leading provider of credit information in Australia”, with a 96% market share and a database of 16.5 million credit-active Australians. Last February the company was acquired by Equifax Inc, one of the three largest US credit agencies.Gerard Brody, the chief executive officer of the Consumer Action Law Centre, says there are strong legal obligations that govern how credit reporting agencies hold and share information.“If it is incorrect it can have really disastrous consequences for people when they apply for finances. We’ve had issues where a person can’t get a home loan because they’ve had incorrect information,” Brody says.It wasn’t just KB’s holiday that was affected. KB owns two businesses that rely on several suppliers. Veda had also notified Citibank Visa of the supposed debt – a number of his suppliers were paid through the Visa card, and attempted payments were blocked.When KB landed back in Australia in July 2014, substantially less relaxed than he would have liked, he took urgent steps to try to work out what was happening. He requested his credit file from Veda. There are lessons to learn from the Centrelink data-matching fiasco - Helen Hodgson Read more He called Veda on 18 July and asked for the debt to be removed urgently but it refused to do so. It told him to contact the court that had issued the debt notice “and indicated that Veda would not take action until it heard from the court”.KB hired a lawyer who contacted the court. But the court said it had provided the correct information to Veda and would not be changing anything. When KB contacted Veda again it reiterated that the judgment had been recorded as per the court listing; it would take no further action until the court contacted it directly.The court eventually contacted Veda, which removed the judgment from KB’s credit file on 8 August. It wasn’t until 30 September that his credit providers were advised that the listing had been removed.The consequences of the incorrect debt listing for KB were immediate:American Express reduced his credit limit from $40,000 to $13,100. This was $30 less than the current balance, effectively preventing the use of this card. The company then advised him he could not use his cards for six months. Citibank suspended his credit cards from use until further notice. NAB reduced his credit limit by $1,500 to $18,500.Because of the complexities and uncertainty of his situation, some credit limits had still not been restored by May 2016. The restrictions on his cards prompted suppliers to express concern, he says, and he suffered “great financial losses” as a result.He wrote to the privacy commissioner: “On the night of 1st July 2014 (Rome time) I received a call from two suppliers to advise that they have tried to charge the credit card provided but it is not going through and until invoice is paid goods will not be supplied. In fact one supplier asked me if the business was going alright.”Veda said its data-matching process had assumed that the differences between KB’s name and address and the information issued by the court were the result of a “slight typographical error”. Because its system did not consider these differences to be substantial, it matched the debt. There appears to be no human intervention in the data-matching process, which invites comparisons with the “robo-debt” scandal that has engulfed Centrelink.The privacy commissioner found that Veda had interfered with KB’s privacy by failing to keep accurate and up-to-date credit information about him, by using credit information that was false and misleading, and by failing to notify his credit providers in writing about the corrected information.Three simple ways to avoid more IT failures like Centrelink and the census - Tony Healy Read more “The steps that Veda has indicated that it has in place to ensure the accuracy of credit information relating to judgments, in my view, place an undue burden on individuals to identify errors in their credit reports and draw these to Veda’s attention,” Pilgrim wrote. “In this case, both the complainant’s name and address did not match the information provided to Veda by the court. Once Veda became aware that neither the name or the address provided by the court were a match, it should have been on notice that further steps were required to confirm the accuracy of the information it had collected.”A spokesman for Veda told Guardian Australia that in a “very small number of instances” errors could occur in their data matching processes.But he said the company said it “moved quickly – within 24 hours - to remove the adverse information after receiving updated information from the court”.“[The info did find that Veda took reasonable steps to correct the information after it became satisfied that the information was inaccurate,” he said.“We are using the lessons learnt from this case, as well as always working to improve our matching rules.” Right of free access Weeks after KB’s case was released, the privacy commissioner found that Veda had failed to uphold privacy laws by failing to prominently state that consumers could gain free access to their credit files, either online or by phone.The case was effectively a class action brought by consumer groups including the Financial Rights Legal Centre, the Consumer Action Law Centre, Financial Counselling Australia and the Australian Privacy Foundation.Pilgrim also found that Veda had been disclosing the personal information of Australians who sought access to their free credit files for direct marketing purposes, and that it was unreasonably charging consumers for faster delivery of credit reports.Veda did improve some of its processes during the course of the privacy case, but Pilgrim found it “continued to engage in conduct which constitutes an interference with the privacy of class members”.Kat Lane, the acting coordinator of the Financial Rights Legal Centre, said: “This is a big win for consumers who simply want free access to their credit report as is their entitlement under the law. “The privacy commissioner has confirmed that consumers are entitled to a free report, and gaming of the system to advantage the commercial interests of credit reporting agencies is not allowed.”A spokesman for Veda said it had been taking action to improve access for consumers and would allow phone requests for free credit files within six months. It also pledged to refund some customers who had paid $69.95 for an “MyCreditFile express” report.Do you know more about credit reporting agencies? Contact Paul Farrell at paul.farrell@theguardian.com or via the secure messaging app Signal on +61 457 262 172.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/31/slight-typographical-error-one-false-credit-report-turned-into-nightmare'|'2017-01-31T03:05:00.000+02:00'
'f26f4a2f9070e816c66f2f7ac406bbe0a34e31a8'|'ECB to review policy in June, won''t wind down stimulus - Nowotny'|'  12:11pm GMT ECB to review policy in June, won''t wind down stimulus: Nowotny European Central Bank Governing Council member Ewald Nowotny addresses a news conference in Vienna, Austria, Dezember 5, 2016. REUTERS/Heinz-Peter Bader By Shadia Nasralla - VIENNA VIENNA The European Central Bank will probably first review its policy stance in June but stop short of any decision on winding down its huge economic stimulus program, ECB rate setter Ewald Nowotny said on Monday. His comments come amid growing calls in Germany for bringing the ECB''s 2.3 trillion euros ($2.45 trillion) bond purchases to an end as inflation there rebounds, far outpacing price growth in weaker economies such as Italy. Nowotny said rate setters are likely to await the ECB''s June economic forecasts before reassessing their policy stance and, even then, no decision will be made about "tapering" -- or gradually ending -- the program, aimed at boosting inflation in the euro zone. "The discussion about our overall economic assessment will probably (take place) in June," Nowotny, the Austrian central bank governor, said. "But this is not a tapering discussion, but we will just see, we now have an inflation forecast, which assumes that the rate of inflation will increase significantly and then we will be able to better assess how this evolves." (Writing By Francesco Canepa in Frankfurt)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-policy-nowotny-idUKKBN15E18F'|'2017-01-30T19:11:00.000+02:00'
'ed6137f153672f3f62d622a9267f47fa9f8f0d57'|'Deutsche Bank''s future capital needs uncertain - Handelsblatt'|'FRANKFURT Jan 30 There is still some uncertainty over whether Deutsche Bank may need to increase its capital, management board member Christian Sewing was Quote: d as saying in German daily newspaper Handelsblatt."There is still some uncertainty. Only when this is gone will be know exactly what our capital resources look like for the long term," the paper Quote: d Sewing as saying in an interview published on its website on Monday."Currently we fulfil all capital requirements comfortably," Sewing added.Chief Executive John Cryan said earlier this month that his preference was still to avoid issuing new capital to strengthen a balance sheet hit by large fines for legacy criminal behaviour but said he knew "never to say never".Sewing also said the lender needed certainty over future capital requirements before it could decide whether to resume dividend payments to shareholders.Regulators had planned to strike a deal on the future capital rules - dubbed Basel IV - by early January, but have now postponed a decision until March as they struggle to find a compromise between European and American interests.The capital rules will also determine whether Deutsche Bank can afford to reintegrate its retail unit Postbank, which sources have said the lender may want to keep rather than sell.Sewing said Postbank remained up for sale, only for the right price."The market environment was not right for it last year, and I''m not certain whether it will be in 2017," he said.But when asked whether Deutsche Bank would post a profit in 2017, Sewing said the lender was confident it would return to sustainable profits.Analysts on average see Deutsche Bank, which is due to publish fourth-quarter financial results on Thursday, posting a 2017 net profit of 1.25 billion euros ($1.3 billion), after a net loss of 668 million for 2016. Poll: (Reporting by Maria Sheahan; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deutsche-bank-capital-idINL5N1FK5AN'|'2017-01-30T14:52:00.000+02:00'
'fb7b977c4880db22284715aafbeae40e9122957e'|'Visa row overshadows Iranian investment drive and plane deals'|'Company News   2:12pm EST Visa row overshadows Iranian investment drive and plane deals * Rouhani hopes plane deals will attract investors - analyst * Visa row could encourage foreign banks to wait and see * Iran seen keen to speed up deliveries ahead of election * Airbus jet showcases sanctions deal: tmsnrt.rs/2jNW4kA By Parisa Hafezi and Tim Hepher ANKARA/PARIS, Jan 30 A row over U.S. visa bans may further weaken Iranian President Hassan Rouhani''s efforts to attract foreign investors to Iran, particularly if it slows the implementation of deals for Western aircraft, officials and analysts said. The deals for 80 Boeing jets and 100 from Europe''s Airbus struck last year are seen by Western investors as a crucial test as they seek business in Iran in the wake of the nuclear deal that led to the lifting of most sanctions. People involved in the airline deals say it is too early to assess the impact of the U.S. visa ban but worry that hardening rhetoric in Tehran and Washington can only add to a list of complications that could slow, if not endanger, the jet sales. While Airbus planes come from Europe, the administration of U.S. President Donald Trump can veto the sale of all the planes to Iran because of the widespread use of U.S. parts in the aircraft which need U.S. export licences. The visa ban could also prolong a hiatus in talks about financing deliveries of jets, with European and Chinese banks reluctant to put up money to back Iranian jet purchases for fear of a backlash against their U.S. operations. "It will make people more nervous, more risk-averse, more inclined to wait and see," said a senior Western financier, who asked not to be named. Iranian officials say that even before Trump imposed restrictions on travel to the United States from seven mainly Muslim countries, concerns about what the new U.S. president might do had already put the brakes on post-sanctions business. During his election campaign, Trump criticised the nuclear accord six major powers struck with Iran and his victory in November increased uncertainty around Iran''s investment drive. FINAL RULING "The process has been very slow ... foreign investors were very interested to work in Iran, but since Trump''s election the process has almost stopped. Investors are worried about possible U.S. punishments if they work with Iran," a senior economy ministry official told Reuters. Final decisions on whether the plane deals go ahead may well lie with Trump and Iran''s Supreme Leader Ayatollah Ali Khamenei, the ultimate broker in the country''s faction-ridden politics who has the last say on key matters. Since taking office this month, Trump has largely ignored the Iranian jet deals in public, even as he lambasted U.S. aerospace firms including Boeing about other projects. For now, at least, Boeing appears comfortable that Trump won''t automatically block its deal, though questions also remain over further approvals from Iran, two industry sources said. Boeing and Europe''s Airbus declined comment. Still, any long-term U.S. travel curbs could also undermine the case for long-distance jets capable of linking Tehran with expatriate communities in cities such as Los Angeles. Boeing plans to start delivering its large 777 jets in 2018. IranAir has already cancelled orders for Airbus A380 superjumbos, initially meant to signal its ambitions to compete on equal terms with the hubs of Gulf rivals. Besides the Boeing and Airbus orders, state airline IranAir is planning to buy 20 small Franco-Italian ATR turboprops to help expand economic development to smaller Iranian cities. But officials say a final deal has been held up due to uncertainty over some licences for engines made by a Canadian subsidiary of Pratt & Whitney, America''s top military engine maker and supplier to the colossal F-35 fighter project. Pratt & Whitney is seen to be wary of the political risks of dealing with Iran, especially with the F-35 project at the centre of Trump''s criticism of aerospace firms for going over budget. A Pratt & Whitney Canada spokesman said it was, "working closely with ATR to ensure all necessary licenses are in place prior to providing any products or services". SHOWCASE FLIGHTS The renewal of Iran''s unsafe, elderly fleet is also a major political battleground ahead of presidential elections in May as Rouhani''s failure to boost the economy a year after the lifting of sanctions intensifies political infighting. Hardliners blame Rouhani for failing to deliver a swift improvement in domestic living standards following the nuclear deal, at a time when prices for oil exports are low and the promised foreign investment has yet to arrive. They have singled out long-range jets for particular criticism, arguing that they only benefit rich travellers. "The economy is the main factor for most of the Iranian voters ... Rouhani was hoping that the deal with major planemakers will encourage other investors to come to Iran," said political analyst Hamid Farahvashian. "That is why hardliners are mainly focused on criticising this deal. Basically, Rouhani''s political career depends on this deal." One senior Iranian official said he doubted the aircraft deals would be ditched altogether. "I don''t think the deal will be cancelled because Rouhani signed it with the approval of the Supreme Leader ... but he might be forced to cancel some of the orders to save the deals," said one senior official. Others were more cautious, saying foreign investors would avoid being targeted by Trump for doing business with Iran. "This is good news for Rouhani''s rivals," said another senior official, referring to the U.S. visa restrictions. For now, IranAir appears anxious is get airplanes into the country as an urgent priority ahead of May''s presidential election, demonstrating tangible results from the nuclear deal. But so far, just one aircraft has been delivered: an Airbus A321, paid for in cash. It was promptly deployed widely on domestic routes in an apparent effort to showcase the benefits of the lifting of sanctions. In its first 12 days, Iran''s first brand-new jet in decades covered 46,000 km (29,000 miles) between 15 cities, from the Kurdish city of Kermanshah in the West to the Shi''ite holy city of Mashhad in the northeast, according to FlightRadar24 data. (Additional reporting by Allison Lampert; editing by David Clarke) Next In Company News Pennsylvania man pleads guilty to using Twitter to help Islamic State Jan 30 A 20-year-old Pennsylvania man pleaded guilty on Monday to posting the names of approximately 100 U.S. military members online and exhorting his Twitter followers to kill them in an effort to support Islamic State.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-immigration-iran-investment-pi-idUSL5N1FK4CE'|'2017-01-31T02:12:00.000+02:00'
'b607a70102f46f5935cfea35b3045bff50e4d808'|'Weetabix expands manufacturing capacity, warns of price rises'|'By Martinne Geller - LONDON LONDON Weetabix, the iconic British cereal brand, is investing 30 million pounds ($37.51 million) to expand its manufacturing capacity, even as its Chinese owner, Bright Foods, explores a sale of the company.Weetabix said on Monday that the investment, across its manufacturing sites in Burton Latimer and Corby, would allow it to match rising demand for its products at home and overseas.Weetabix, an 84-year-old brand that includes cereals and breakfast drinks, was taken over by China''s Bright Food in 2012, when the state-owned firm bought a controlling stake from private equity firm Lion Capital.Weetabix said on Monday that the new investment would boost capacity by 2018 and add an unspecified number of jobs. The investment comes as all cereal makers face pressure from growing competition and changing consumer tastes."We''ve consistently bucked the market, through our innovation and focus on nutritionally strong products that taste great," said Weetabix Chief Executive Giles Turrell.The company said it now controls more than 16 percent of the UK market for cereal and drinks, gaining share over the past year.Like other packaged food makers, it has been squeezed by last year''s drop in the British currency, which has raised the cost of imported goods or globally traded commodities priced in U.S. dollars. It said on Monday it was in discussions with retailers about price increases."We would always look to mitigate cost pressure, but unfortunately we are unable to cover all of the cost impacts we''ve been faced with recently," it said in a statement.Several food companies, including Unilever ( ULVR.L ), Premier Foods ( PFD.L ) and Mondelez International ( MDLZ.O ), have sought price increases in the United Kingdom to offset the weakness of the pound, which fell after Britons voted to leave the European Union.Weetabix has repeatedly declined to comment on the sale process, first reported by Reuters in December.Non-binding offers for the business are due this week, according to sources familiar with the matter, who told Reuters that Post Holdings ( POST.N ), Associated British Foods ( ABF.L ), Barilla and Cereal Partners Worldwide, a joint venture between Nestle ( NESN.S ) and General Mills ( GIS.N ) were lining up.(Reporting by Martinne Geller)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-weetabix-investment-idINKBN15E1NU'|'2017-01-30T11:44:00.000+02:00'
'5a8ec1a7a00d4adc7a1f1f5b1c656cd4bebd344c'|'UPDATE 2-France''s Fillon and his wife questioned in ''fake work'' probe'|'World News  57am EST France''s Fillon and his wife questioned in ''fake work'' probe Francois Fillon (L), former French prime minister, member of The Republicans political party and 2017 presidential candidate of the French centre-right, and his wife Penelope Fillon stand close at the end of a political rally in Paris, France, January 29, 2017. REUTERS/Pascal Rossignol By Chine Labbé and Gérard Bon - PARIS PARIS French presidential candidate Francois Fillon and his wife are being questioned by investigators as part of a probe into allegations that Penelope Fillon was paid for fake jobs, a source close to the case said on Monday. Francois Fillon, who has denied any wrongdoing, had said after the probe was opened last week that he wanted to be heard by the investigators. Such questioning is a normal step in a preliminary probe and not a sign of culpability. The financial prosecutor''s office, Fillon''s lawyer and his staff were not immediately available for comment on the case, which is sapping the popularity of the former conservative prime minister and could shake up the April-May presidential contest. Satirical weekly Le Canard Enchaine reported last week that Penelope Fillon had been paid 500,000 euros ($534,000)from state funds as a parliamentary assistant to her husband and his successor but that it could find no proof of her having actually done any work. The source close to the case said businessman Marc Ladreit de Lacharriere was also questioned because his Fimalac holding company owns the literary review La Revue des Deux Mondes, which Le Canard Enchaine said paid Penelope Fillon another 100,000 euros for very little work. Fillon, until now the clear favorite to win the two-round election, has said his wife''s work was real, and says he is the victim of a smear campaign. He is facing an increasingly tight race against centrist Emmanuel Macron and far-right party leader Marine Le Pen. An investigation was launched last week into the affair, which has knocked Fillon''s presidential campaign off course and dented the wholesome image the devout Catholic has cultivated. The probe so far is only a preliminary investigation, the first step in the judicial process. The conservative former prime minister has said he would abandon his presidential bid if placed under formal criminal investigation. A Fimalac spokeswoman declined to comment on the questioning of Ladreit de Lacharriere. There was no immediate response to an attempt to reach him by email. An Internet petition saying "Mme Fillon give us back the 500,000 euros" said on Monday afternoon 208,000 people had signed so far. If police find fake work allegations stand up, prosecutors can seek a formal inquiry by an investigating magistrate, which would take months to reach a conclusion. However, prosecutors could also leapfrog that step and go directly to trial, the source close to the case said. Should Fillon drop his presidential bid, time is running out for the conservative Republicans party to choose another candidate. The party only has about two weeks to organize a new primary before it would be too late, as a March 22 deadline approaches for all candidates to officially register for the election, Anne Levade, who oversaw the party''s primary in November, told Le Monde newspaper at the weekend. ($1 = 0.9369 euros) (Writing by Leigh Thomas and Ingrid Melander; Editing by Mark Trevelyan) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-france-election-inquiry-idUSKBN15E11M'|'2017-01-30T22:53:00.000+02:00'
'7614b5d09c137972ba21e8c78c81fc2b0a72c890'|'Australian shares to open slightly higher; NZ lower'|'Financials - Tue Jan 31, 2017 - 4:33pm EST Australian shares to open slightly higher; NZ lower Feb 1 Australian shares are expected to edge up on Wednesday as basic material stocks may get some support from the weakening U.S. dollar and higher oil prices may boost energy stocks. The U.S. dollar nose-dived against key rivals on Tuesday after U.S. President Donald Trump criticised currency devaluation by other countries and his trade adviser accused Germany of using a "grossly undervalued" euro to gain a competitive advantage. The dollar movement aided oil prices, which were further boosted by an output cut by OPEC. The local share price index futures rose 0.4 percent, or 20 points, to 5575, a 45.9 point discount to the underlying S&P/ASX 200 index close. The S&P/ASX 200 index fell 0.72 percent in the previous session. New Zealand''s benchmark S&P/NZX 50 index fell 0.077 percent or 5.44 points, to 7045.31 at 2110 GMT. For a summary of overnight action across global markets, double click on For a digest of the day''s business stories in Australian newspapers, double click on (Reporting by Susan Mathew in Bengaluru; Editing by Kevin Liffey) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-morning-idUSL4N1FL3R9'|'2017-02-01T04:33:00.000+02:00'
'8e147c833fdf30576588ba97357e3c45d2e2730b'|'Government to go for growth in Feb. 1 budget, accept bigger deficit - Reuters poll'|'Economic News - Tue Jan 31, 2017 - 12:41pm IST Government to go for growth in Feb. 1 budget, accept bigger deficit - Reuters poll left right Prime Minister Narendra Modi (3rd L) and President Pranab Mukherjee (C) walk inside the parliament premises as they arrive to attend the first day of the budget session, in New Delhi, January 31, 2017. REUTERS/Adnan Abidi 1/3 left right Prime Minister Narendra Modi speaks with the media inside the parliament premises on the first day of the budget session, in New Delhi, January 31, 2017. REUTERS/Adnan Abidi 2/3 left right Prime Minister Narendra Modi (C) speaks with the media inside the parliament premises on the first day of the budget session, in New Delhi, January 31, 2017. REUTERS/Adnan Abidi 3/3 By Rahul Karunakar - BENGALURU BENGALURU India''s government is expected to unveil a budget on Wednesday aimed at boosting economic growth through additional spending, with borrowing seen rising to 3.3 percent of gross domestic product in the coming fiscal year and 3 percent in the year after that, economists polled by Reuters say. Median forecasts ahead of Finance Minister Arun Jaitley''s budget are broadly in line with figures discussed over the past few days, with deficit forecasts ranging from just under 3 percent to as high as 4 percent for the coming two years. The poll was conducted Jan. 27-30. That will effectively delay by a year an earlier plan of bringing the fiscal gap down to 3 percent of GDP in 2017/18 from the current 3.5 percent budgeted for this year. Twenty-four of 36 economists surveyed said the government''s key theme in the budget will be to use additional borrowing to support growth. Possible measures include reducing personal income and corporate tax as well as higher public investment. Only four economists said the government will choose to dish out more subsidies, while the remaining eight said fiscal consolidation will be the theme. The 2017/18 budget comes less than three months after Prime Minister Narendra Modi''s bold and risky gamble to outlaw high-value old currency bills, which has slammed the brakes on Asia''s third-largest economy and hit the poor particularly hard. With uncertainty over how quickly the economy will recover, economists say the new budget is likely to echo what India has become accustomed to in the past -- expansion of spending programmes rather than fiscal restraint. "As has been the case at times in the past, we think that the government will have to tread very carefully between the need for stimulating demand in a weak economic environment after demonetization and continuing on the path of fiscal consolidation," wrote Nupur Gupta, economist at Goldman Sachs. "We expect the government to budget for a fiscal deficit target of 3.3 percent of GDP, 30 basis points higher than planned in the government''s medium-term fiscal consolidation program." While Standard and Poor''s has warned India needs to maintain its fiscal consolidation path for any prospects of a ratings upgrade, Jaitley is under pressure to boost growth after the government''s shock decision in November sparked a cash crunch. A recent Reuters poll predicted that Asia''s third-largest economy lost considerable momentum in the final three months of 2016 after the move dented consumption and business confidence. (Polling by Shaloo Shrivastava; Editing by Ross Finley and Kim Coghill) Next In Economic News EXCLUSIVE: India''s health budget may rise after minister warns of funding crunch NEW DELHI India''s health ministry is likely to see a substantial increase in funding, after it warned that its programmes were short of cash and sought more than $1.2 billion in additional money, according to government officials and documents seen by Reuters.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-budget-idINKBN15F0JA'|'2017-01-31T14:11:00.000+02:00'
'4fe3019e9f6413e196b601452ecd2f4eaa432a92'|'Canon CFO says difficult to invest in Toshiba chip business'|'Cyclical Consumer Goods  04am EST Canon CFO says difficult to invest in Toshiba chip business TOKYO Jan 31 Investing in Toshiba Corp''s chips business would be a difficult proposition for Canon Inc as it needs to prioritise investment for its own growth, the camera and printer maker''s chief financial officer said Tuesday. Company chief Fujio Mitarai said this month the firm was willing to consider support if there was a request from Toshiba because it is important customer, according to a Kyodo news agency interview. Toshiba said last week it will sell a minority stake in its memory chip business as it urgently seeks funds to offset an imminent multi-billion dollar writedown, adding that its overseas nuclear division - the cause of its woes - was now under review. (Reporting by Kentaro Hamada; Writing by Tim Kelly; Editing by Edwina Gibbs) Next In Cyclical Consumer Goods'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/canon-results-toshiba-idUST9N1AW00U'|'2017-01-31T14:04:00.000+02:00'
'08a4080211a0a11059b2b88bbc3554213970f3c2'|'Hedge fund Raveneur Investment Group shutting down -sources'|'By Svea Herbst-Bayliss - BOSTON BOSTON Jan 30 Raveneur Investment Group, the two-year old hedge fund originally backed by Blackstone Group , is shutting down, according to two people familiar with the situation.New York-based Raveneur was launched in September 2014 by Mark Black with startup capital from Blackstone and PAAMCO, both large hedge fund investors known for spotting rising stars.In the industry, Black was known as a talented distressed investor and he quickly raised $350 million from the two blue-chip investors. He kept a low profile and tried to distinguish himself by seeking longer investment horizons, people familiar with his portfolio said at the time.By late 2016 the fund was reporting losses and both PAAMCO and Blackstone decided to pull their money out, one source said.Calls to Raveneur were not returned.Representatives for Blackstone and PAAMCO declined to comment.Raveneur began trading in 2014 and ended the year with a small loss. Its returns improved in 2015 when the fund ended the year with a 1.6 percent gain even as most hedge funds lost money.At the end of 2015, the firm was managing $491.3 million in regulatory assets as measured by the Securities and Exchange Commission, according to a filing Raveneur made in early 2016.But returns stumbled in early 2016 and again in June 2016, taking a bite out of assets. By the end of September, Raveneur told clients that returns were off by roughly 10 percent for the year and that the firm was managing about $284.9 million.At that time some of Raveneur''s bigger investments included Boston Scientific, Callon Petroleum, Constellation Brands Inc and Charter Communications , the firm told investors. Bets on Lowe''s Cos and SunEdison hurt the firm.Black previously worked at Tricadia Capital Management and Eton Park Capital Management and had generated buzz when he was setting up in 2014. His track record of making money had been strong and he was able to recruit industry veterans, including former Fortress Group chief financial officer Adam Rockfeld, to the startup.But setting up a hedge fund has become increasingly difficult as investors show little patience for poor returns. Industry data suggest hundreds of hedge funds shut down last year, marking the biggest rate of closures since the financial crisis. (Reporting by Svea Herbst-Bayliss; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hedgefunds-raveneur-idINL1N1FK0Y0'|'2017-01-30T18:38:00.000+02:00'
'df8cfc4871822742efe808a831fd313a17ccff17'|'European tech giant SAP reassures staff alarmed by Trump travel ban'|'Mon Jan 30, 2017 - 9:58am GMT European tech giant SAP reassures staff alarmed by Trump travel ban SAP SE CEO Bill McDermott attends the company''s annual results press conference in Walldorf, Germany, January 24, 2017. REUTERS/Ralph Orlowski By Eric Auchard - FRANKFURT FRANKFURT German software maker SAP SE ( SAPG.DE ), Europe''s largest technology company, criticized Donald Trump''s immigration curbs, saying the United States, its biggest market, has drifted away from the nation''s principles of opportunity and equality. In a letter addressed to "all our nervous families wondering about your place in the world" Chief Executive Bill McDermott told SAP''s 84,000 global employees that "we are always in your corner", while emphasizing its own non-discrimination policies. SAP joined U.S. technology leaders from Apple ( AAPL.O ), Facebook ( FB.O ) and Google ( GOOGL.O ) in emailing their employees to denounce the suspension of the U.S. refugee program and the halting of arrivals from seven Muslim-majority countries. McDermott, a New York native and U.S. citizen, described a nation "stitched together by immigrants" and expressed confidence that "America will find its way back to its original identity," which he asserted was based on opportunity and equality for all. SAP is moving gingerly to reassure its employees while also seeking to avoid tussling publicly with the new U.S. administration. The firm, which supplies software planning tools that help multinational companies manage far-flung operations, generates nearly one-third of its revenue in the United States. Twenty-one percent of SAP''s employees were based in the United States, according to its 2015 annual report. Last week, SAP said trade uncertainties presented by the Trump policies could drive sales of its business planning software as it raised its business outlook for the next four years ( reut.rs/2kEKuJD ). McDermott said it was premature to say what impact U.S. policy changes may have on business. While technology firms denounced the travel restrictions, many counterparts in other industries either declined to comment or responded with statements reiterating their company''s commitment to diversity. ( reut.rs/2jME4Ht ) (Reporting by Eric Auchard, editing by Louise Heavens) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-immigration-sap-idUKKBN15E0UF'|'2017-01-30T16:49:00.000+02:00'
'112ad2dfd9e22a67a26f4c04d6867c2059a6a394'|'British government cuts stake in Lloyds to below 5 percent'|'  7:33am GMT British government cuts stake in Lloyds to below 5 percent People walk past a branch of Lloyds Bank on Oxford Street in London, Britain July 28, 2016. REUTERS/Peter Nicholls/File Photo LONDON The British government has reduced its stake in Lloyds Banking Group ( LLOY.L ) to just below 5 percent as it aims to return the bank to full private ownership in the next few months. UK Financial Investments Limited (UKFI), which manages the government''s stake, resumed share sales in October, having halted them for almost a year due to market turbulence. UKFI said it had reduced its stake by about 1 percent to 4.998 percent in an announcement on Monday. The government was left with a 43 percent stake in Lloyds after a 20.5 billion pound taxpayer-funded bailout during the 2007-09 financial crisis. Even though the government is now selling the shares at below the average price it paid for them it has so far received about 18.5 billion pounds back. UKFI is selling about 1 percent of shares on average about every 3 weeks. This means at the current rate the bank should be fully returned to private ownership by around May. The slump in Lloyds shares at the start of last year forced the government to postpone a plan to offer cut-price shares to the public. The new Conservative government has signalled that it will call off that plan entirely. Lloyds has been trying to put its crisis-ridden past behind it. Last month the bank said it would it would spend 1.9 billion pounds buying MBNA, a UK credit card business from Bank of America ( BAC.N ), in its first major acquisition since its bailout. (Reporting By Andrew MacAskill; Editing by Rachel Armstrong and Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lloyds-banking-sale-idUKKBN15E0JI'|'2017-01-30T14:14:00.000+02:00'
'a6356048bf8547d7a8df248a2782bddd5d5175b3'|'MIDEAST STOCKS-Gulf slips on weak global trend but Dubai''s Aramex climbs on Q4 profit leap'|'Financials  34am EST MIDEAST STOCKS-Gulf slips on weak global trend but Dubai''s Aramex climbs on Q4 profit leap DUBAI Jan 30 Major Gulf stock markets were weak in early trade on Monday in response to soft global equities and crude oil prices, although Dubai courier firm Aramex soared on a fourth-quarter earnings beat. Saudi Arabia''s index fell 0.1 percent after 20 minutes of trade. Half of the 14 listed petrochemical makers declined, but Nama Chemicals jumped 8.0 percent after soaring its 10 percent daily limit on the two previous days following its announcement of plan to recover from major losses. In Dubai, Aramex jumped 9.0 percent after reporting a 129 percent jump in fourth-quarter net profit to 131.8 million dirhams ($35.9 million); EFG Hermes and SICO Bahrain had forecast 94.0 million dirhams and 77.5 million dirhams respectively. The main Dubai index, however, edged down 0.1 percent, weighed down by a 0.4 percent decline in heavyweight Emaar Properties. The builder of the tallest tower in the world has not yet reported fourth-quarter results. In neighbouring Abu Dhabi, blue chip National Bank of Abu Dhabi climbed 3.4 percent ahead of Tuesday''s board meeting to discuss its quarterly earnings. The index was up 0.3 percent. (Reporting by Celine Aswad; Editing by Andrew Torchia and Andrew Heavens) Next In Financials TABLE-Ichigo Hotel Reit Investment -6 MTH forecast Jan 30 (Reuters) Ichigo Hotel Reit Investment Corporation EARNINGS ESTIMATES (in billions of yen unless specified) 6 months to 6 months to Jul 31, 2017 Jul 31, 2017 LATEST PRIOR FORECAST FORECAST Revenues 1.67 1.64 Net 767 mln 731 mln Div 2,981 yen'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1FK0U0'|'2017-01-30T14:34:00.000+02:00'
'cfec838e0442b00d378cdde2d202cae544d77c79'|'Honda, GM to jointly produce fuel cell power systems in U.S. from 2020'|' 31pm GMT Honda, GM to jointly produce fuel cell power systems in U.S. from 2020 A flag with the company logo flies outside the Honda Motor Co. plant in Yorii, Saitama prefecture, Japan, March 8, 2016. REUTERS/Thomas Peter By Naomi Tajitsu and Paul Lienert - TOKYO/DETROIT TOKYO/DETROIT Honda Motor Co Ltd ( 7267.T ) and General Motors Co (GM) ( GM.N ) will jointly produce pollution-free hydrogen fuel cell power systems in the United States from around 2020, the companies said Monday, despite President Donald Trump''s promises to dismantle U.S. environmental regulations intended to spur green car demand. At a briefing in Detroit, GM executive Mark Reuss said the fuel cells could be used in autonomous vehicles, as well by ride-sharing companies, such as GM affiliate Lyft. He also said fuel cells could have aerospace and military applications. The companies on Monday said they will invest $85 million to add a production line at a GM battery plant in Brownstown, Michigan, and create 100 jobs. The fuel cell production line will be partly automated and is designed to be quickly scaled up if demand warrants. The companies'' U.S. investment plan is the latest this month from the auto industry after Trump urged car makers to raise production in the United States and vowed to cut regulations, including environmental ones, and taxes to make the U.S. more business friendly. Honda on Monday said fuel cell vehicles (FCVs) remained central to new-energy cars making up two-thirds of its line-up by 2030 from around 5 percent now. "The United States is where demand for fuel cell vehicles is going to be among the highest so we''ve decided to consolidate our manufacturing operations into one location there," Honda spokesman Teruhiko Tatebe said at a joint news briefing in Tokyo. Honda is among a handful of automakers to develop FCVs, which combine hydrogen and oxygen to produce electricity and emit only water. But limited fuelling infrastructure has limited demand while in the United States while low petrol prices have pushed consumer preference toward sport utility vehicles and pick-up trucks. Honda has produced just 118 of its Clarity Fuel Cell cars since its U.S. and Japan launch last year at a relatively high price of 7.66 million yen (53,508.77 pounds). Honda makes that vehicle''s components in Japan but on Monday said it would eventually shift production of fuel cell power systems to the U.S. to cut costs. It said it had not decided whether to continue assembling FCVs at home in the longer term. At GM, research into hydrogen as a fuel stretches as far back as the mid-1960s with a modified Chevrolet Corvair minivan. As part of a development partnership forged in 2013, the latest agreement will see GM and Honda each hold 50 percent of newly formed Fuel Cell System Manufacturing LLC. Their future FCVs will share the same power system from around 2020. (Reporting by Naomi Tajitsu in Tokyo and Paul Lienert in Detroit; Editing by Christopher Cushing and Cynthia Osterman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gm-honda-idUKKBN15E1WK'|'2017-01-31T01:31:00.000+02:00'
'ff1b87d8f39427e88da34d9422b0e1fb4e8ddf07'|'US STOCKS SNAPSHOT-Wall St opens lower with losses across sectors'|'Company News  33am EST US STOCKS SNAPSHOT-Wall St opens lower with losses across sectors Jan 30 U.S. stocks opened lower on Monday with losses across sectors after President Donald Trump''s orders to curb travel and immigration from certain countries triggered uncertainty. The Dow Jones industrial average was down 71.84 points, or 0.36 percent, at 20,021.94, the S&P 500 was down 9.6 points, or 0.418357 percent, at 2,285.09 and the Nasdaq composite was down 26.31 points, or 0.46 percent, at 5,634.47. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1FK1WY'|'2017-01-30T21:33:00.000+02:00'
'8bb5046996e1301a166dbf10bec497d93c40cd59'|'UPDATE 1-U.S. Senate finance committee to vote on Rep. Price on Tuesday'|' 24am EST UPDATE 1-U.S. Senate finance committee to vote on Rep. Price on Tuesday (Adds details, background) WASHINGTON Jan 29 The Republican-majority U.S. Senate Finance Committee will vote on Tuesday on the nomination of Representative Tom Price to head the Department of Health and Human Services, the panel''s chairman, Senator Orrin Hatch, said on Sunday. Price, a Republican, is an orthopedic surgeon who if confirmed would be given the task of carrying out President Donald Trump''s promise to gut former President Obama''s Affordable Care Act, also called Obamacare. Price''s trading in health company stocks while a lawmaker has been questioned by Democrats, but Price says his actions were legal and ethical. Price made his name in Washington as an opponent of Obamacare. For years he has proposed legislation to repeal and replace the 2010 health care law, but his proposal has never been voted on in committee. At a hearing last week before the finance committee, Price minimized the impact he would have on changing the healthcare insurance system if he is confirmed, saying it would be his task to carry out the will of Congress, expressed in legislation. Congress is in the process of working on a repeal of Obamacare and crafting a replacement. Republicans have generally supported Price''s nomination while Democrats have sharply criticized it. At last week''s hearing, the top Democrat on the finance committee, Senator Ron Wyden, said that if Price is confirmed, he would "take America back to the dark days when healthcare was for the healthy and the wealthy." (Reporting by Susan Cornwell; Editing by Susan Fenton and Jeffrey Benkoe) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-congress-price-idUSL1N1FJ09L'|'2017-01-29T21:24:00.000+02:00'
'092eefdddfa37d7150bfdab5a1a236470d65ebf6'|'UPDATE 1-U.S. states discussing lawsuit over Trump immigration order'|'Industrials   2:18am EST UPDATE 1-U.S. states discussing lawsuit over Trump immigration order (Adds quotes from Hawaii attorney general, officials, details and background throughout) By Dan Levine Jan 29 A group of state attorneys general are discussing whether to file their own court challenge against   order to restrict people from seven Muslim-majority countries entering the United States, officials in three states told Reuters. Democrat attorneys general are expected to be a source of fierce resistance to Trump, much as Republican AGs opposed former President Barack Obama. A lawsuit brought by states would heighten the legal stakes surrounding the president''s executive order, signed late on Friday, as courtroom challenges to the ban have so far mostly been filed by individuals. Officials in the offices of attorneys general in Pennsylvania, Washington and Hawaii said on Saturday they were evaluating what specific claims could be filed, and in which court. "We do believe the executive order is unconstitutional," Hawaii attorney general Douglas Chin told Reuters on Saturday. He declined to give further detail. The states could decide not to file, and it is unclear how many states would ultimately sign on for such an effort. "There certainly are conversations underway," said Joe Grace, a spokesman for Pennsylvania attorney general Josh Shapiro. A Trump representative could not be reached immediately for comment. Trump, a businessman who successfully tapped into American fears about terror attacks during his campaign, had promised what he called "extreme vetting" of immigrants and refugees from areas the White House said the U.S. Congress deemed to be high risk. He told reporters in the Oval Office on Saturday that his order was "not a Muslim ban" and said the measures were long overdue. However, his order hit a roadblock late on Saturday when a federal judge in New York said stranded travelers could stay in the country. The American Civil Liberties Union, which sought the emergency court order, said it would help 100 to 200 people with valid visas or refugee status who found themselves detained in transit or at U.S. airports after Trump signed the order. The Department of Homeland Security said in a statement it would comply with judicial orders but that Trump''s immigration restrictions remained in effect. (Reporting by Dan Levine in San Francisco;   Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-trump-ags-idUSL1N1FJ06K'|'2017-01-29T14:18:00.000+02:00'
'bed8d6a3925482f56df407fe942eca9a86aab6b3'|'SEC fines Citigroup, Morgan Stanley over forex trading program'|'Company   1:05pm EST SEC fines Citigroup, Morgan Stanley over forex trading program Jan 24 Citigroup Inc and Morgan Stanley each agreed to pay more than $2.96 million to settle civil charges that they made misleading statements about a foreign exchange trading program they sold to investors, the U.S. Securities and Exchange Commission said on Tuesday. The SEC said neither bank admitted or denied wrongdoing in connection with the marketing of CitiFX Alpha to Morgan Stanley customers in 2010 and 2011, when Citigroup held a 49 percent ownership stake in Morgan Stanley Smith Barney. Each payout includes a $2.25 million civil fine, the SEC said. (Reporting by Jonathan Stempel in New York; Editing by TOm Brown) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/citigroup-morganstanley-sec-idUSEMN3XFYI'|'2017-01-25T01:05:00.000+02:00'
'e7d5bfc186c76df956afe7ac7eb779ee7b2c8243'|'BoE''s Salmon says expects further flash crashes'|'Business News - Tue Jan 24, 2017 - 6:26pm GMT BoE''s Salmon says expects further flash crashes Executive Director of markets for the Bank of England Chris Salmon speaks during an interview with Reuters at the Bank of England in London March 26, 2015. REUTERS/Suzanne Plunkett LONDON The Bank of England''s executive markets director Chris Salmon said on Tuesday he expected further "flash crashes" in core global financial markets similar to the one which caused the British pound to slump in October. "While recent events fortify my confidence in the ability of core financial markets to process identifiable risks, I equally expect flash moves in the self-same markets to continue to surprise us," Salmon said in a speech. He said he was unable to predict precisely when or in what instrument or currency pair the next significant flash crash would occur. (Reporting by Patrick Graham; Writing by William Schomberg) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-flashcrash-idUKKBN1582IX'|'2017-01-25T01:26:00.000+02:00'
'8f837eb1964c2c96f6ed2686336cf9c14b678613'|'Aetna and Humana CEOs consider all available options after court loss'|' 42pm GMT Aetna and Humana CEOs consider all available options after court loss A trader points up at a display on the floor of the New York Stock Exchange August 20, 2012. REUTERS/Brendan McDermid/File Photo NEW YORK The top executives of Aetna ( AET.N ) and Humana ( HUM.N ) on Tuesday issued a joint statement saying that they continue to believe in their $34 billion (27.25 billion pounds) merger deal after a court ruled against it for antitrust reasons, and said that they would consider all available options. Aetna Chief Executive Officer Mark Bertolini and Humana Chief Executive Offer Bruce Broussard said “We continue to believe a combined company will create access to higher-quality and more affordable care, and deliver a better overall experience for those we serve.” (Reporting by Caroline Humer) Euro    '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-humana-m-a-aetna-idUKKBN1581ZD'|'2017-01-24T21:42:00.000+02:00'
'f404a91f01666ac10bb198bd85b9b8fb63be1ce7'|'U.S. deficit to shrink to $559 billion in fiscal year 2017: CBO'|'U.S. - Tue Jan 24, 2017 - 10:05am EST U.S. deficit to shrink to $559 billion in fiscal year 2017: CBO FILE PHOTO: A man pushes his shopping cart down an aisle at a Home Depot store in New York, July 29, 2010. REUTERS/Shannon Stapleton The U.S. budget deficit is expected to dip slightly to $559 billion in fiscal year 2017 compared to $587 billion a year earlier, the Congressional Budget Office said on Tuesday. The non-partison CBO said it forecast U.S. real gross domestic product growth in calendar year 2017 at 2.3 percent, slowing to 2 percent in 2018. (Reporting by Emily Stephenson; Editing by Chizu Nomiyama) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-congress-budget-idUSKBN158217'|'2017-01-24T22:05:00.000+02:00'
'bbb7858602518bcccbfedcedfc856f7f8e5eea3a'|'BRIEF-Aves One AG: Exercise of the Greenshoe option'|' 46am EST BRIEF-Aves One AG: Exercise of the Greenshoe option Jan 24Aves One AG : * Said that quirin bank AG informed co on Monday that it had exercised fully, amounting to 297,000 shares, the Greenshoe Option relating to up to 297,000 shares that was granted to the bank in the context of the capital increase * Greenshoe shares were made available by an existing shareholder via securities lending. Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FE0TL'|'2017-01-24T13:46:00.000+02:00'
'b0bfc121b93b279b42520da288a1aaa2b817e33b'|'Lebanon''s Blom Bank says net profit for 2016 reached $463 mln - statement'|'Financials   11:11am EST Lebanon''s Blom Bank says net profit for 2016 reached $463 mln - statement BEIRUT Jan 30 Lebanon''s Blom Bank said on Monday its net profit for 2016 reached $463 million, up by $59 million from the previous year. The bank''s assets, meanwhile, stood at $29.5 billion, up $431 million from 2015, thanks in part to a "strategy of attaining balanced growth by giving priority to risk and cost control". (Reporting by John Davison; Editing by Alison Williams) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/lebanon-banking-blom-idUSL5N1FK4RU'|'2017-01-30T23:11:00.000+02:00'
'1fe2178b49dd5d2ed65c14798c3f7bb561b63cd5'|'Beauty and destruction: the Amazon rainforest – in pictures - Global Development Professionals Network'|'Beauty and destruction: the Amazon rainforest – in pictures Supported by About this content Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close The Amazon rainforest is the world’s largest, but in the last 40 years at least 20% of it has been destroyed. The Amazon basin covers nine countries in South America, with 60% of it in Brazil, and for a decade local photographer Rodrigo Baleia has documented the beauty and destruction of the region from aboveAll photographs by Rodrigo Baleia, words by Naomi Larsson @naomilars Monday 30 January 2017 12.30 GMT A road through the forest area of Mato Grosso, a large state in west-central Brazil. The Amazon basin is home to the largest rainforest on Earth, and the second longest river (after the Nile). Despite both local and governmental attempts to protect it, in the last 40 years one-fifth of the forest has been razed. Photograph: Rodrigo BaleiaFacebook Twitter Pinterest The remnants of trees after forest fires in Mato Grosso in 2008. Mato Grosso had historically been one of the highest areas for deforestation in the Amazon – by 2008 38% of the area that had originally been forests was cleared. The state government then decided to take action and developed a plan for the control of deforestation and fires . Photograph: Rodrigo BaleiaFacebook Twitter Pinterest A harvester at work in a soya crop in Mato Grosso – soy production has been a main driver of deforestation in the Amazon since the 1990s, especially in this state. Since 2006, leaders in the industry agreed to a moratorium on farming soy on newly cleared land, as a direct result of a Greenpeace campaign. Photograph: Rodrigo BaleiaFacebook Twitter Pinterest Cattle shelter from the sun under a tree in Mato Grosso. Cattle grazing accounts for around 70% of deforestation in the Amazon. According to Mongabay, most of the cattle ranches have low productivity, with much of the driving force behind this to establish land claims. Photograph: Rodrigo BaleiaFacebook Twitter Pinterest Coal ovens in Maranhão, a north-eastern state of Brazil. Coal mining is Brazil’s largest source of non-renewable energy. Nevertheless, Brazil has the largest renewable energy market in Latin America, generating up to 70% of electricity from renewable sources. But this still has its negative impacts on the environment, with hydroelectric dams displacing and destroying livelihoods of indigenous communities. The Belo Monte dam is the most contentious; set to be the world’s fourth largest , it would generate 11,000 MW of energy, but at the cost of the welfare of local communities. Photograph: Rodrigo BaleiaFacebook Twitter Pinterest One of Brazil’s protected trees. Since 2000 Brazil has established the world’s largest network of protected areas to conserve the environment, spanning at least 1.5m sq km. Brazil has seen an 80% reduction of deforestation in the Amazon in the last decade, but in recent years there has been a worrying upturn in deforestation. So in December 2016, the government pledged the ‘largest restoration commitment made by any nation’ to re-establish by 2030 12m hectares of forest land that has been degraded or deforested. Photograph: Rodrigo BaleiaFacebook Twitter Pinterest Logging is a major cause of destruction in the Amazon. Brazil has committed to zero illegal deforestation by 2030. Illegal logging is especially prevalent, and a Greenpeace investigation in 2015 found the Brazilian government’s policies to tackle illegal logging were flawed. Greenpeace found loggers were harvesting timber illegally, and were laundering the wood and labelling it as legal. Photograph: Rodrigo BaleiaFacebook Twitter Pinterest A deforested area in Maranhão. Deforestation has a wide reaching impact. Tropical forests are important carbon sinks, and when they are destroyed carbon is released into the atmosphere, accelerating the rate of climate change. It is estimated that ending deforestation could reduce annual global greenhouse gas emissions by up to 30% . Photograph: Rodrigo BaleiaFacebook Twitter Pinterest The Amazon is home to an estimated 16,000 tree species and 390bn individual trees. But a 2015 study found 57% would be in danger if current rates of deforestation continued. Photograph: Rodrigo BaleiaFacebook Twitter Pinterest Tractors use chains during soil cleaning for soybean crop. In general, soy production has an indirect impact on deforestation – soy expansion drives up land prices, which in turn encourages infrastructure developments and displaces cattle ranchers, both of which lead to deforestation. Photograph: Rodrigo BaleiaFacebook Twitter Pinterest Cattle are raised in the Amazon region before they’re sold to slaughterhouses. Data from the Brazilian government suggests that more than 60% of deforested land ends up as land for cattle. Photograph: Rodrigo BaleiaFacebook Twitter Pinterest Truck transporting logs along a road in Mato Grosso. Much of the produce from the Amazon – beef, leather, timber, soy, for example – are exported to China, Europe and the US. But in recent years private companies have been responsive to consumer demands for more sustainable commodities. Photograph: Rodrigo BaleiaFacebook Twitter Pinterest Many local people are fighting to preserve the forests themselves, but it is often dangerous work. The worst year on record for killings of environmental activists was 2015, with the most deaths (50) in Brazil. Almost 40% of victims were from indigenous groups. Conflicts over mining, agribusiness, hydroelectric dams and logging were the main causes of violence. Photograph: Rodrigo BaleiaFacebook Twitter Pinterest Most people living in the Amazon live in cities or towns, but there are about 240 tribes living in Brazil, making up around 0.4% of Brazil’s population. The government has recognised 690 territories for its indigenous population, almost all of it in the Amazon. A recent study by the World Resources Institute (pdf) found that local people were best placed to look after the forests, and that community-managed forests delivered greater carbon storage. Photograph: Rodrigo BaleiaFacebook Twitter Pinterest A drought in 2010 was considered the worst in the Amazon basin in the last 100 years. It was said to be further evidence of the region’s vulnerability to rising global temperatures. Photograph: Rodrigo BaleiaFacebook Twitter Pinterest'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/gallery/2017/jan/30/state-amazon-rainforest-deforestation-brazil-in-pictures'|'2017-01-30T19:30:00.000+02:00'
'ecd8105d009399a1ec6f8ed0874d1fa64b279680'|'UPDATE 1-Kenya central bank holds main rate at 10.0 pct'|'Financials   9:52am EST UPDATE 1-Kenya central bank holds main rate at 10.0 pct (Adds inflation, comment on drought risk) NAIROBI Jan 30 Kenya''s central bank held its benchmark lending rate at 10.0 percent on Monday, saying inflation was expected to remain in the government''s preferred band in the short term. Eight of 10 analysts polled by Reuters had expected the bank''s Monetary Policy Committee (MPC) to hold the rate. Year-on-year inflation fell to 6.4 percent in December from 6.7 percent in November, remaining within the government''s target of 2.5-7.5 percent. However, the central bank said there were risks from a drought in the country and from developments in global financial markets but said it too early to assess the impact of the rate cap on lending and the economy. The government imposed a limit for commercial bank lending in September of 400 basis points above the central bank rate. Economists said it risked hurting economic growth by discouraging lending to smaller borrowers deemed more risky. The MPC also said it had formally scrapped the Kenya Bankers Reference Rate (KBRR), which was designed as a base for banks to price their loans to customers before the rate cap was imposed. (Reporting by Duncan Miriri; Editing by Edmund Blair) Next In Financials WRAPUP 2-From north to south, euro zone economy steams into 2017 LONDON, Jan 30 The euro zone economy has kicked off the year robustly, data from the Baltic to the Mediterranean showed on Monday, evidence for the European Central Bank that its massive cash stimulus is working but also posing questions about what comes next.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/kenya-rates-idUSL5N1FK480'|'2017-01-30T21:52:00.000+02:00'
'7c83e74cb8329aa6a8ad4acad04ad6bea54babb2'|'UPDATE 1-Ford Motor criticizes Trump immigration order'|'(Adds more details from statement)By David ShepardsonWASHINGTON Jan 30 Ford Motor Co on Monday criticized President Donald Trump''s controversial immigration order, becoming one of the highest profile U.S. manufacturers to question the decision to temporary ban travelers coming from seven predominantly Muslim countries.Ford Executive Chairman Bill Ford Jr. and Chief Executive Officer Mark Fields said in a statement to employees that the company does not support what it called a new U.S. travel ban."We do not support this policy or any other that goes against our values as a company," they said, adding that Ford is not aware of any employees directly affected by the policy.Fields met twice with Trump last week to talk about economic issues. Ford was harshly criticized by Trump during the campaign for moving some production to Mexico, but he has praised the automaker in recent weeks for announcing new U.S. investments.Ford is based in Dearborn, Michigan, home to one of the largest Arab-American populations in the United States.General Motors Co, Fiat Chrysler Group NV, Toyota Motor Corp and Honda Motor Co are among automakers that have declined to comment when asked by Reuters about the immigration order.Tesla Motors Inc CEO Elon Musk has also criticized the order. (Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ford-trump-idINL1N1FK11M'|'2017-01-30T13:44:00.000+02:00'
'b141a1d3edceb994d30b24def6ea72748c27a5f8'|'BRIEF-Standard Chartered appoints Tracey Mcdermott as group head corporate, public and regulatory affairs'|'Company News - Sun Jan 29, 2017 - 4:27pm EST BRIEF-Standard Chartered appoints Tracey Mcdermott as group head corporate, public and regulatory affairs Jan 29 Standard Chartered Plc : * Says has appointed Tracey Mcdermott to group''s management team as group head corporate, public and regulatory affairs Next In Company News Canadian tech firms ask Ottawa to give immediate visas after U.S. ban TORONTO, Jan 29 A group of Canadian technology company founders, executives and investors on Sunday called in a letter for Ottawa to immediately give temporary residency to those displaced by a U.S. order banning the entry of people from seven Muslim-majority countries. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FH0ZU'|'2017-01-30T04:27:00.000+02:00'
'5e67142661821b0a9987be05c0f105b890b2aa9c'|'Keysight Technologies nears acquisition of Ixia: sources'|'By Liana B. Baker and Greg Roumeliotis Keysight Technologies Inc ( KEYS.N ), a provider of software and equipment to the electronics industry, is nearing a deal to acquire U.S. data technology company Ixia ( XXIA.O ) for more than $1.6 billion, according to people familiar with the matter.The deal comes as the increasing volume of data traffic flowing through social media, smartphones and cloud computing tests the resilience and integrity of networks, making Ixia''s equipment and applications more popular with its clients and coveted by its peers.Keysight is finalizing acquisition terms with Ixia after prevailing in an auction for the company, and could announce a deal as early as Monday, the people said on Sunday.While the exact deal price could not be learned, Keysight will pay more than $19 per share for Ixia, the people said. That compares with the roughly $13.50 level Ixia shares traded at before Reuters reported on Dec. 2 that the company was exploring a sale.Ixia shares ended trading on Friday at $18.20.The sources asked not to be identified because the negotiations are confidential. Ixia declined to comment, while Keysight did not immediately respond to a request for comment.Based in Calabasas, California, Ixia makes equipment that monitors and tests networks so enterprise customers can have their data travel smoothly without bottlenecks. Its customers include the world''s largest networking gear maker, Cisco Systems Inc.Ixia also makes hardware that helps secure networks. Its chief executive officer said on its latest earnings conference call that 35 percent of its total business was tied to security products.Ixia was founded by Errol Ginsberg in 1997 and went public in 2000, as internet traffic started to increase.Ixia''s former CEO, Vic Alston, resigned in 2013 for misstating academic credentials and other details such as his age and job history, the company said at the time. The company recruited a senior networking executive from Hewlett Packard, Bethany Mayer, to be its CEO in 2014.Ixia generated revenue of $123.9 million in the third quarter, down from $125.9 million in the same quarter a year earlier.Based in Santa Rosa, California, Keysight helps companies test products that have electronic components. It has a market capitalization of around $6.4 billion.Reuters first reported last Wednesday that Keysight was exploring an acquisition of Ixia.(Reporting by Liana B. Baker in San Francisco and Greg Roumeliotis in New York; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ixia-m-a-keysight-technologies-idINKBN15D0XV'|'2017-01-29T14:07:00.000+02:00'
'7b557216e93a7592403600013e695ad5ecdf7b56'|'Snapchat to reveal financials within a week - sources'|'Technology News - Fri Jan 27, 2017 - 8:36pm EST Snapchat to reveal financials within a week: sources A billboard displays the logo of Snapchat above Times Square in New York March 12, 2015. REUTERS/Lucas Jackson/File Photo By Lauren Hirsch and Liana B. Baker Snap Inc, the secretive technology company that owns the popular messaging service Snapchat, is due to reveal its financials within a week as it moves toward its eagerly awaited initial public offering (IPO), sources familiar with the situation said on Friday. The Venice, California-based company will publish the registration document it secretly filed with U.S regulators last autumn, containing a dossier of tightly held finances and its plans for operating as a public company. The sources, who cautioned that Snapchat''s plans may still change, asked not to be named because the information is private. A spokeswoman for Snap Inc declined to comment. Snap Inc expects to go public as soon as March and could be valued at $20 billion to $25 billion, based on reports of its latest round of funding, which would make it the largest U.S. technology IPO since Facebook Inc''s in 2012. Snapchat has already confidentially filed with the U.S. Securities and Exchange Commission under the U.S. Jumpstart Our Business Startups Act. Under that law, companies with less than $1 billion in revenue can secretly file for an IPO, allowing them to quietly test investor appetite. A company must make its initial IPO prospectus filing, officially known as an S-1, public at least 15 days before beginning its so-called "road show," in which it markets the IPO to investors. The prospectus details a company''s business background, finances and corporate governance for investors. Companies often update the filings several times before their IPOs, adding details such as the amount they expect to raise and the exchange they expect to list on. Snapchat is expected to offer new investors "no-vote" shares as part of its IPO, the sources said. Such a structure will deny investors voting power over the company''s corporate decisions, leaving more control in the hands of its board and co-founders, Evan Spiegel and Bobby Murphy. Keeping tight control is common in companies closely associated with their visionaries, who often prefer to innovate without being questioned by a broad array of investors. Snapchat started in 2012 as a free mobile app that allows users to send photos that vanish within seconds. It has more than 100 million active users, about 60 percent of whom are aged 13 to 24, making it an attractive way for advertisers to reach millennials. But investors worry that Snapchat''s advertising sales, which began last October, is the company''s only significant revenue stream. Recode first reported Snapchat''s plan to publish its registration document on Friday. (Reporting by Lauren Hirsch in New York and Liana B. Baker in San Francisco) Next In Technology News Apple strategy in ''smart home'' race threatened by Amazon SAN FRANCISCO - In less than a year, Amazon''s combination of the Echo speaker system and the Alexa voice-controlled digital assistant has come close to delivering on the elusive promise of easy-to-use technology that can control gadgets in the home with a few spoken words.'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-snap-inc-ipo-idUSKBN15C029'|'2017-01-28T08:32:00.000+02:00'
'b9ee154ef55af61181bb0323b5d62bf2eab10599'|'Any deal between Intesa, Generali would need many authorizations: BOI'|'MODENA, Italy A possible tie-up between Italy''s top retail bank Intesa Sanpaolo ( ISP.MI ) and insurer Generali ( GASI.MI ) would need "many authorizations" from regulators, a top official at the Bank of Italy said on Saturday.Salvatore Rossi, who is the central bank''s director-general and also heads insurance watchdog Ivass, said both institutions were closely monitoring the situation and had contacted the two groups.Intesa said this week it was examining a possible deal with Generali.(Reporting by Luca Trogni, writing by Silvia Aloisi; editing by Philip Pullella)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-m-a-intesa-sp-idINKBN15C0FX'|'2017-01-28T10:23:00.000+02:00'
'd683cd5e118c6956f8c9d8662a0569407d5bffe4'|'Nissan Qashqai owners driven mad by engine failures'|'W hen Ana Keogh spent £28,000 on a brand new Nissan Qashqai in 2015, the last thing she expected was to have the engine rebuilt three times in 18 months with her car off the road for weeks on end. But she is just one of a number of buyers of the Qashqai’s 1.2 litre petrol turbo models who say they are suffering serious problems that left them without their cars for weeks at a time.The Qashqai is one of the UK’s best selling cars, but Nissan has been accused by owners of not admitting to serious problems with models that contain the Renault-supplied 1.2-litre DIG-T petrol engines, introduced in 2014.Keogh, who works as a nanny and is almost nine months pregnant, says she has been without her Qashqai for several months in total, while her local Nissan dealer, Glyn Hopkin, has tried to sort out the repeated problems. She says she has got to the point that she no longer has any trust in the car – and fears having to drive her new baby in it.Keogh’s problems started 10 months after she picked up the vehicle, when a strange noise starting coming from the engine. Under warranty, Nissan replaced the timing chain – a vital piece on the engine that should last a car’s lifetime, but will damage most engines if it fails.Thinking she’d just been unlucky, she was dismayed when the noise resurfaced a couple of months later. This time Nissan staff diagnosed that the Qashqai needed a whole new engine, meaning her car was off the road for almost a month while one was sourced and fitted. It was finally returned, only for the problem to re-emerge just weeks later.Just before Christmas Keogh had to take the car back to the dealer again, and says she was left in tears after being informed that it would require another engine rebuild – just three weeks before she was due to give birth.She says: “I think we have been more than patient, but Nissan and the dealer don’t appear to know what they are doing. How can a car have so many engine rebuilds in such a short period? No explanation is ever offered, and I’m just expected to put up with it, like it’s normal. We spent a lot of money on this car. I’m about to have a baby, I just want a car that works.”She and her husband say they are at the end of their tether and have asked Nissan to buy back the car. But they say all they’ve been offered through Glyn Hopkin is a trade-in of £14,500 for a car they believe is worth more than £19,000 – and only if they buy another Nissan.The Keoghs are by no means alone. Gavin Connolly from Bridgend in south Wales has just had the engine replaced on his 15-month-old 1.2 Qashqai because it was burning too much oil. Connolly, who works in the motor trade but not for Nissan, says the dealer’s staff told him there was a problem with the pistons on a batch of engines.“I took my car in for a service only to be told it was almost empty of oil. It was refilled and I was told to bring it back after 3,000 miles, and it was the same story,” he says. “The dealer’s been great but Nissan’s been woeful. I am aware of other owners with the same problem, including one guy whose car was only driveable for six weeks out of the seven months he owned it. In the end he got so fed up he traded it in at a huge loss, just to get rid of it,” he says.A thread on Qashqaiforums.co.uk suggests the oil consumption problem goes back as far as 2015. Other owners report having their engines replaced as recently as last month. It is the top topic in the “engine” section of the website.For the Keoghs, at least, there is a resolution to the situation. A spokesman for Nissan says: “While there have been issues with their car, we have ensured they have remained mobile at all times with the loan of a vehicle. We pride ourselves on the quality of our products and the service we deliver. Clearly the circumstances of this case fall below our usual high standards, and as such we have offered to replace their car with a brand new vehicle. We are confident this will resolve the matter.”Know your rights When dealing with car dealers it can feel like they hold all the cards. But you do have rights: the Consumer Rights Act means you can reject goods that are of unsatisfactory quality, unfit for purpose or not as described, and get a full refund up to 30 days from purchase.After 30 days and up to six months the dealer has one chance to fix the problem. If an attempt at repair or replacement fails you have the right to reject the goods for a full refund or price reduction (if you wish to keep the car). No deduction can be made from a refund in the first six months following an unsuccessful repair or replacement, although many dealers will simply deny this right exists.After six months it is trickier. The act gives you protection for up to six years from purchase, but the burden is on you to prove the car was faulty at the time of delivery, meaning you may require an expert report. The Motor Ombudsman will arbitrate disputes for free.Buyers should bring claims against the dealer, not the manufacturer. This is who the contract is with.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/28/nissan-qashqai-engine-failure-mechanical-oil-problems'|'2017-01-28T14:00:00.000+02:00'
'616facf9f4769416f02e835f8f9c4acd0125861d'|'CMBS tied to Trump son-in-law sails through market'|'Money  28pm EST CMBS tied to Trump son-in-law sails through market Jared Kushner, senior advisor to President-elect Donald Trump arrives for the Presidential Inauguration of Trump at the U.S. Capitol in Washington, D.C., U.S., January 20, 2017. REUTERS/Saul Loeb/Pool By Joy Wiltermuth NEW YORK (IFR) - Investors on Friday snapped up a new US$1.11bn commercial mortgage bond backed by a highly leveraged loan to refinance a New York property owned by President Donald Trump''s son-in-law. The US$100m loan, part of a big refinance package on a Times Square building owned by Jared Kushner''s real-estate company, is 10% more than the property''s value, according to Kroll Bond Rating Agency. Although that 110% loan-to-value ratio is relatively high, it was not enough to deter investors, whose strong demand made the trade a success. Lead banks Deutsche Bank and Citigroup were able to price the deal cheaply, with 9.82-year Triple A class clearing the market at swaps plus 90bp. Similar bonds priced at 115bp in December, according to IFR data. Both banks declined to comment. SKY HIGH DEBT The loan on 229 West 43rd Street, an 18-story property that includes a popular bowling alley, was the biggest in the collateral underpinning the new bond. Bond documents seen by IFR showed that Deutsche Bank originated much of the property''s US$370m refinancing package - which includes the loan - in October before Trump''s election. On January 3, Kushner notified lenders on the property that he intended to resign from his post as manager of the building on January 19, according to the documents. The mortgage seller told Fitch Ratings that his brother Joshua Kushner would manage the property instead, as part of the credit agency''s vetting of the bond deal. "Loan documents will be amended to provide that both Jared Kushner and (his brother) Joshua Kushner will be guarantors under the non-recourse carve-out guaranty and will individually and collectively constitute key principals for purposes of such documents," Fitch Ratings said in a note. "However, such proposal is not final and may be subject to further change." A call to Kushner Companies for comment was not immediately returned. Kroll assigned the Kushner loan part of the bond a 110.3% loan-to-value ratio, noting that the borrower only pays interest during the full term of the loan and is not required to pay down principal. Interest-only loans are viewed as more likely to default because the entire balance of the loan comes due in one fell swoop at maturity. Fitch meanwhile calculated the LTV ratio at 129.6% and Moody''s Investors Service gave it 127.9%. Alarming levels of leverage have become commonplace in CMBS over the past few years. Last year, however, the average conduit pool''s LTV dipped from record highs to 113%, according to Moody''s. (Reporting by Joy Wiltermuth; Editing by Marc Carnegie and Shankar Ramakrishnan) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-corpbonds-abs-idUSKBN15B2FO'|'2017-01-28T05:28:00.000+02:00'
'38746ee466a17b04c3b828035f35581e1befa2c9'|'Turkish banking sector 2016 profits rise to 38 bln lira - watchdog'|'Big Story 10   9:05am EST Turkish banking sector 2016 profits rise to 38 billion lira: watchdog A money changer counts Turkish lira bills at an currency exchange office in central Istanbul, Turkey, August 21, 2015. REUTERS/Murad Sezer ISTANBUL Net profit across the Turkish banking sector rose to 37.53 billion lira ($9.85 billion) in 2016 from 26.05 billion a year earlier, the BDDK banking watchdog said on Monday. Total assets rose to 2.73 trillion lira last year from 2.36 trillion in 2015, the BDDK said. (Reporting by Birsen Altayli; Writing by Nick Tattersall) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-turkey-banks-idUSKBN15E1JA'|'2017-01-30T20:58:00.000+02:00'
'449efa8c98edc715b773c9b3d73f51bfd27f4c61'|'New Gold warns of higher mine build cost, production delay at Rainy River'|'Jan 30 Canadian miner New Gold Inc said on Monday first production from its Rainy River mine in Ontario would be delayed by three months and that it would cost $195 million more to bring the project online.The company''s shares were down 11.5 percent at C$4.60 in morning trading on the Toronto Stock Exchange.New Gold''s Randall Oliphant, who stepped down as executive chairman on Monday, had told Reuters in September that there would be no more cost over-runs at the mine, days after the company had raised its budget for the project by 11 percent to $1.05 billion.Oliphant will remain on the company''s board. Hannes Portmann, who is currently president, will take on the role of chief executive officer, while board member Ian Pearce will become non-executive chairman.New Gold also warned on Monday that it was facing a $100 million funding gap to pay for its operating expenses, and to start commercial production at its Rainy River mine in November. (Reporting by Vishaka George in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/new-gold-outlook-idINL4N1FK1X2'|'2017-01-30T11:58:00.000+02:00'
'38e4e2eb48134242883971a04e0960b6d50f9622'|'UPDATE 1-Nigeria asks Goldman, Stanbic to help sell debut "diaspora bond"'|'Big Story 10  19am EST Nigeria asks Goldman, Stanbic to help sell debut "diaspora bond" By Chijioke Ohuocha - LAGOS LAGOS Nigeria has asked Goldman Sachs and Stanbic IBTC Bank, the local unit of South Africa''s Standard Bank, to advise it on the sale of a debut "diaspora bond" targeted at Nigerians living abroad, Stanbic said on Monday. Africa''s biggest economy first announced plans to sell bonds targeting Nigerian nationals abroad in 2013 to raise between $100 million to $300 million. Goldman Sachs and Stanbic were due to manage the sale at the time, but the government did not appoint any bookrunners ahead of the election in 2015 that brought President Muhammadu Buhari to power. United Bank for Africa on Monday said the lender had been appointed as one of the bookrunners on the diaspora bond deal. First Bank and Standard Bank were also appointed, a local newspaper reported, quoting the debt office. Nigeria is the world''s fifth-biggest destination for international remittances after China, India, the Philippines and Mexico, with 5 million Nigerians living abroad sending money back to relatives, according to Western Union. Remittances make up the second-largest source of foreign exchange receipts in Nigeria, after oil revenues. Citizens living abroad send at least $10 billion home annually. The diaspora bond will have a maturity of five to seven years and will be issued before the second half of the year, the newspaper reported. A finance ministry source told Reuters this month that the country will look to issue a diaspora bond after completing a $1 billion Eurobond sale this year. Last month the government appointed Citigroup, Standard Chartered Bank and Stanbic IBTC to manage the $1 billion Eurobond sale, which it hopes to carry out in March. Nigeria is in its first recession in 25 years and needs to find money to make up for shortfalls in its budget. Low prices for crude and militant attacks in its oil-producing heartland, the Niger Delta, have slashed its revenues. The government plans to borrow up to $10 billion, with about half of that coming from foreign sources. So far only the African Development Bank has confirmed a budget support package of $1 billion. The government has held talks for months with the World Bank, China and other institutions to fund the budget gaps. The government also plans to issue a debut sovereign sukuk in the local market and is looking to appoint advisers. (Additional reporting by Oludare Mayowa; Editing by Alexander Smith and Hugh Lawson) Next In Big Story 10 India''s affordable housing plan won''t fix homelessness, say campaigners MUMBAI (Thomson Reuters Foundation) - The Indian government is doling out incentives to people to buy affordable homes as officials race to meet a 2022 deadline of providing housing for all, but campaigners say the measures won''t fix the problem of homelessness.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nigeria-bonds-diaspora-idUSKBN15E1T1'|'2017-01-30T22:15:00.000+02:00'
'ebb24bf2c65e99e5db15d02f63d85f2baeb55158'|'France''s Mediawan in talks to buy TV broadcaster Groupe AB'|'Deals   4:07am EST France''s Mediawan in talks to buy TV broadcaster Groupe AB Pierre-Antoine Capton, CEO of Mediawan, poses during a ceremony for the debuts of Mediawan, a company set up to buy European media and entertainment businesses, on Euronext Paris stock market at La Defense business and financial district in Courbevoie near Paris, France,... REUTERS/Jacky Naegelen By Matthieu Protard - PARIS PARIS Mediawan ( MDWP_p.PA ), a media acquisition vehicle founded by well-known personalities including telecoms billionaire Xavier Niel and Lazard banker Matthieu Pigasse, is in talks to buy Groupe AB to expand in the television sector. Mediawan has offered 270 million euros ($289 million) to buy the French broadcasting group, it said in a statement on Monday, with French TV group TF1 ( TFFP.PA ) selling its 33.5 percent stake to Mediawan as part of the planned deal. "Our plan is a simple one. It''s to use Groupe AB, which will be renamed Mediawan, to create the leading European company in terms of content, and in terms of different areas such as production, catalogs and distribution," Pigasse told Reuters. Mediawan listed on the Paris stock market last year. The company was set up by Pierre-Antoine Capton, founder of French media producer 3e Oeil Productions, and Le Monde newspaper and L''Obs magazine co-owners Xavier Niel and Matthieu Pigasse. Niel also controls and founded telecom group Iliad ( ILD.PA ). Pigasse said Mediawan was in talks with other European media companies over potential deals, and that they hoped to recreate a "Big Bang" in the media sector similar to the wave of deals in London after the "Big Bang" bank deregulation of the late 1980s. "We are already in talks with other European companies based outside France, at least five of them. We''re looking to launch the start of a major ''Big Bang'' in the sector," Pigasse said. (Writing by Sudip Kar-Gupta; Editing by Andrew Callus and Louise Heavens) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-mediawan-tf1-groupe-ab-idUSKBN15E0QF'|'2017-01-30T16:02:00.000+02:00'
'f5759986079a0e164ce2bb68f1de8a0646c47c3a'|'European tech giant SAP reassures staff alarmed by Trump travel ban'|'Technology Photos - Mon Jan 30, 2017 - 3:28pm IST European tech giant SAP reassures staff alarmed by Trump travel ban SAP SE CEO Bill McDermott attends the company''s annual results press conference in Walldorf, Germany, January 24, 2017. REUTERS/Ralph Orlowski By Eric Auchard - FRANKFURT FRANKFURT German software maker SAP SE ( SAPG.DE ), Europe''s largest technology company, criticized Donald Trump''s immigration curbs, saying the United States, its biggest market, has drifted away from the nation''s principles of opportunity and equality. In a letter addressed to "all our nervous families wondering about your place in the world" Chief Executive Bill McDermott told SAP''s 84,000 global employees that "we are always in your corner", while emphasizing its own non-discrimination policies. SAP joined U.S. technology leaders from Apple ( AAPL.O ), Facebook ( FB.O ) and Google ( GOOGL.O ) in emailing their employees to denounce the suspension of the U.S. refugee program and the halting of arrivals from seven Muslim-majority countries. McDermott, a New York native and U.S. citizen, described a nation "stitched together by immigrants" and expressed confidence that "America will find its way back to its original identity," which he asserted was based on opportunity and equality for all. SAP is moving gingerly to reassure its employees while also seeking to avoid tussling publicly with the new U.S. administration. The firm, which supplies software planning tools that help multinational companies manage far-flung operations, generates nearly one-third of its revenue in the United States. Twenty-one percent of SAP''s employees were based in the United States, according to its 2015 annual report. Last week, SAP said trade uncertainties presented by the Trump policies could drive sales of its business planning software as it raised its business outlook for the next four years ( reut.rs/2kEKuJD ). McDermott said it was premature to say what impact U.S. policy changes may have on business. While technology firms denounced the travel restrictions, many counterparts in other industries either declined to comment or responded with statements reiterating their company''s commitment to diversity. ( reut.rs/2jME4Ht ) (Reporting by Eric Auchard, editing by Louise Heavens) Next In Technology Photos FBI request for Twitter account data may have overstepped legal guidelines WASHINGTON The FBI appeared to go beyond the scope of existing legal guidance in seeking certain kinds of internet records from Twitter as recently as last year, legal experts said, citing two warrantless surveillance orders the social media company published on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-trump-immigration-sap-idINKBN15E0UF'|'2017-01-30T16:50:00.000+02:00'
'6b433eb684c65b7b0f573be6ef42d92b31c7d51e'|'Keysight Technologies to buy Ixia for $1.6 billion'|'Keysight Technologies Inc ( KEYS.N ), a provider of software and equipment to the electronics industry, said it would buy U.S. data technology company Ixia ( XXIA.O ) for about $1.6 billion, net of cash.The $19.65 per share offer is at a premium of about 8 percent to Ixia''s Friday close.Shares of Calabasas, California-based Ixia were up 5.5 percent at $19.20 in premarket trading on Monday. Ixia''s shares have risen 34.3 percent since Reuters reported that it was exploring a sale in December.Ixia makes equipment that monitors and tests networks so enterprise customers can have their data travel smoothly without bottlenecks. Its customers include the world''s No. 1 networking gear maker, Cisco Systems Inc ( CSCO.O ).Reuters reported last week that the companies were in merger talks.The deal comes as the increasing volume of data traffic flowing through social media, smartphones and cloud computing tests the resilience and integrity of networks, making Ixia''s equipment and applications more popular with its clients and coveted by its peers.Santa-Rosa, California-based Keysight said the transaction would add to its adjusted earnings with annual cost synergies of $60 million.(Reporting by Rishika Sadam in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ixia-m-a-keysight-tech-idINKBN15E17F'|'2017-01-30T09:30:00.000+02:00'
'12d8cab00eb3059ef710bcd38a2fcffa3b8b2629'|'Hormel stops operations at supplier farm after video shows animal abuse'|'Business News - Tue Jan 31, 2017 - 4:20pm EST Hormel stops operations at supplier farm after video shows animal abuse A package of Applegate Farms organic sausage is shown in this illustration photograph in Encinitas, California August 20, 2015. REUTERS/Mike Blake Packaged foods maker Hormel Foods Corp ( HRL.N ) said on Tuesday that it had suspended operations at one its pork suppliers in Oklahoma until it investigates claims that pigs were being abused at the farm. Animal rights group Mercy for Animals released a video last week that showed large number of pigs and piglets constrained in small spaces, being treated cruelly and left to suffer from injuries and illnesses without veterinary care. The video, which is 2 minutes and 26 seconds long and is available on YouTube and on Mercy for Animals'' website, was part of the group''s undercover investigation at the Maschhoffs farm. Hormel said it would send third-party auditors to investigate the claims made in the video. "We have issued a suspension of all the Maschhoffs, LLC Oklahoma sow operations while a thorough investigation is completed", Hormel said. The Maschhoffs farm said in a statement that they had begun their own investigation into the events depicted in the video, and that they would re-train all employees in Oklahoma on proper production procedures. This is not the first instance that an animal activist group has released a video showing animals being treated cruelly at a Hormel supplier. In 2015, Compassion Over Killing released a video showing workers at a Quality Pork Processors Inc plant beating, dragging and slitting the throats of live animals. Hormel also said on Tuesday that its company-owned farm will be gestation crate free in the next 30 days. (Reporting by Sangameswaran S in Bengaluru; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-hormel-foods-livestock-abuse-idUSKBN15F2MW'|'2017-02-01T04:20:00.000+02:00'
'f6791a798199b07c6c3056fb275c5f9dcd763ee2'|'CSX, outgoing Canadian Pacific CEO in settlement talks - WSJ'|'Jan 29 U.S. railroad operator CSX Corp is discussing a settlement with Hunter Harrison, the outgoing chief executive of Canadian Pacific Railway Ltd, and activist investor Paul Hilal that could make Harrison CSX''s CEO, the Wall Street Journal reported.The talks come less than two weeks after Harrison partnered with Hilal''s new fund, Mantle Ridge LP.The parties are discussing Mantle Ridge''s request for more than three CSX board seats, but CSX is said to be unwilling to hand over that many seats, WSJ reported, citing people familiar with the matter. on.wsj.com/2khOUIXThe fund is acquiring a large stake in CSX with the hope of installing Harrison to improve the company''s performance, people familiar with the matter said last week.CSX Corp could not be immediately reached for comment.Any push to quickly replace CSX CEO, Michael Ward, who plans to retire in 2019, would need to occur before the company''s Feb. 10 director nomination deadline. If the two sides fail to strike a deal, Hilal may be forced to nominate a slate of directors who can put Harrison in the CEO seat.Harrison''s track record of cutting operating costs and driving up profitability at the helm of CP and at Canadian National Railway Co has helped CSX shares surge 30 percent since news of the Mantle Ridge plan surfaced.Mantle Ridge has raised more than $1 billion for its CSX stake, Reuters reported earlier this month. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/csx-ceo-idINL4N1FK0BA'|'2017-01-30T00:03:00.000+02:00'
'a412e3448ded8acb7c052e7cad684337574565fd'|'German stocks - Factors to watch on January 30'|'FRANKFURT/BERLIN Jan 30 The following are some of the factors that may move German stocks on Monday:ADIDASChief Executive Kasper Rorsted is very worried about the effects of Europe''s failure to solve its problems, German newspaper Die Welt reported.ALLIANZThe German insurer is in informal talks about the potential acquisition of Australian peer QBE Insurance, German newspaper Handelsblatt reported on Sunday, citing sources.BAYERWeekly Der Spiegel cited an internal memo by German Chancellor Angela Merkel''s office as saying it was doubtful whether Bayer would meet its goal of winning all antitrust approvals for the takeover of Monsanto by the end of this year, given the expected scrutiny. The Chancellor''s office declined to comment. Bayer said it continued to expect completion of the deal by end-2017.DEUTSCHE BANKThe European Union will see growing public discontent in other member states unless leaders take steps to overhaul EU structures and institutions, chief executive John Cryan told German daily newspaper Die Welt.LUFTHANSAAbu Dhabi''s Etihad Airways and Lufthansa will hold a joint news conference on their cooperation plans in Abu Dhabi on Wednesday, the airlines said on Sunday.Separately, a Lufthansa executive told news agency dpa the airline could put jets in a new unit as it tries to bring costs down.VOLKSWAGENGermany''s motor industry watchdog raised suspicions Volkswagen was using prototype vehicles to lower carbon dioxide (CO2) emissions in tests in 2015, soon after the carmaker''s manipulation of diesel emissions tests was uncovered, newspaper Berliner Zeitung reported on Saturday.WIRECARDThe payments processing company reported preliminary full-year earnings before interest, taxes, depreciation and amortisation (EBITDA) of 307.4 million euros, up 35 percent. It confirmed its his forecast for 2017 EBITDA of 382-400 million euros.ENBWThe energy utility plans this year to install 64 new wind turbines across 16 sites with a total generating capacity of more than 200 megawatts (MW), having doubled its wind power capacity in 2016, a top executive told German newspaper "Heilbronner Stimme" on Saturday.SARTORIUSQ4 results due.HSBC TRINKAUSThe bank does not exclude additional capital needs, its finance chief told Boersen Zeitung.ANALYSTS'' VIEWSLEG IMMOBILIEN AG - Deutsche Bank raises to "buy" from "hold"SOFTWARE AG : HSBC raises to "buy" from "hold"TELEFONICA DEUTSCHLAND : HSBC cuts to "hold" from "buy"EX-DIVIDENDTHYSSENKRUPP - dividend 0.15 eur/shrOVERSEAS STOCK MARKETSDow Jones unchanged, S&P 500 -0.1 pct, Nasdaq +0.1 pct at close.Nikkei -0.5 pct, Chinese markets closed.Time: 7.01 GMT.GERMAN ECONOMIC DATAGerman preliminary January inflation data due at 1300 GMT.EUROPEAN FACTORS TO WATCHDIARIESREUTERS TOP NEWS (Reporting by Andreas Cremer, Harro ten Wolde and Ludwig Burger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/germany-stocks-factors-idINL5N1FH1L8'|'2017-01-30T04:01:00.000+02:00'
'33bc20b79d474ffe0b645e1810dcb88e06eaa48c'|'Japan PM Abe to meet with Toyota CEO this week - sources'|' 38am GMT Japan PM Abe to meet with Toyota CEO this week - sources FILE PHOTO - Akio Toyoda, president of Toyota Motor Corporation, speaks during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Mark Blinch/File Photo TOKYO Japanese Prime Minister Shinzo Abe and Toyota Motor Corp Chief Executive Akio Toyoda are planning to meet this week, sources familiar with the matter told Reuters. One of the sources said they would meet on Friday. Kyodo News agency said they were likely to discuss trade issues involving automobiles, as Abe prepares to meet with U.S. President Donald Trump on Feb. 10. (Reporting by Yoshifumi Takemoto and Chris Gallagher; Editing by Michael Perry)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-japan-toyota-idUKKBN15E059'|'2017-01-30T09:38:00.000+02:00'
'406de166ffaf38df1ecc6ccfee977a41d84dd572'|'BRIEF-Charles Stanley says client funds at 22.7 bln stg at end-Dec.'|' 13am EST BRIEF-Charles Stanley says client funds at 22.7 bln stg at end-Dec. Jan 31 Charles Stanley Group Plc * Maintaining positive momentum across all divisions and trading is in line with management expectations * Total funds under management and administration ("FUMA") at 31 December 2016 were 22.7 billion stg representing an increase of 0.9 pct compared to 22.5 billion stg at 30 September 2016 * Revenues in core business for quarter to 31 December 2016 increased, on a like-for-like basis, by 10.8 pct to 35.2 million stg * We are seeing revenues improving across business; driven by favourable market conditions, continuing shift to fee based tariffs and higher trading activity     Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FK0X1'|'2017-01-31T14:13:00.000+02:00'
'dc9ae4f516b46a7e6d0c2004a2271c846b56983f'|'Maersk weighs sale of Brazil oil and gas assets'|'FLORENCE, Italy A.P. Moller-Maersk ( MAERSKb.CO ) is considering selling its oil and gas business in Brazil as the shipping giant''s energy group narrows operations in a restructuring, its chief executive said.While the group has given itself two years to decide on the exact strategy, Maersk Energy is clearly focusing on its two major developments that are planned to start production in 2019 -- Culzean in the UK North Sea and the Statoil-operated Johan Sverdrup in the Norwegian North Sea."We have said that we will focus on fewer geographies and certainly in the North Sea. Norway and the U.K. will be an area of focus for Maersk Oil," Maersk Energy CEO Claus Hemmingsen told Reuters, speaking on the sidelines of the GE Oil and Gas annual meeting in Florence.Maersk''s assets in Brazil''s offshore Campos basin -- a 20 percent stake in the Wahoo field and a 27 percent stake in Itaipu assets -- appear "on the fringe" of the company''s portfolio, Hemmingsen said."It is not being marketed but we are looking through the portfolio."The current value of the assets was unclear. The Danish company acquired three Brazilian blocks from SK Energy for $2.4 billion in July 2011 but in 2014 sold its stake in one and wrote down the value of the business by $1.7 billion.Maersk is in the midst of a major restructuring to shift the company''s focus to its transport and logistics businesses and separate its energy business in the face of a drop in income.Maersk Energy also plans to break up its oil and gas exploration and production business, known as Maersk Oil, and its three other services businesses -- drilling, supply services and tankers, he said."We have three service companies of which many are top quartile if not leaders in their sector. We have three service companies that are all global. We have no intention to limit their presence in their global markets.""However there is little to speak of in terms of synergies so we actually believe three stand-alone companies will be the best outcome. That could be achieved by mergers or de-merging them, that has yet to be decided. "(Reporting by Ron Bousso; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-maersk-oil-brazil-idUSKBN15F134'|'2017-01-31T13:41:00.000+02:00'
'4a6b1d7f8247f2445bb1de4171bbd965704bab36'|'Nintendo lowers full-year operating profit outlook, but returns to quarterly profit'|'Technology  17am GMT Nintendo lowers full-year operating profit outlook, but returns to quarterly profit People stand in front of Nintendo''s logo at the presentation ceremony of its new game console Switch in Tokyo, Japan January 13, 2017. REUTERS/Kim Kyung-Hoon/File Photo OSAKA Nintendo Co Ltd cut its operating profit forecast for the year ending March to 20 billion yen ($176 million) from 30 billion yen, though a weaker yen and revenue from mobile gaming helped the videogames maker to its first quarterly profit in a year. October-December profit reached 32.3 billion yen from 33.5 billion yen a year earlier, the Japanese firm said on Tuesday. That compared with a Thomson Reuters Starmine SmartEstimate of 30.71 billion yen drawn from six analyst forecasts. (Reporting by Makiko Yamazaki; Editing by Christopher Cushing) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-nintendo-results-idUKKBN15F0K9'|'2017-01-31T14:15:00.000+02:00'
'51bdd9d6f1e84cc29e49438d843bd124bdf79a74'|'Snap selects New York Stock Exchange for IPO - source'|'Technology   5:20pm GMT Snap selects New York Stock Exchange for IPO: source File Photo: The Snapchat logo is seen on a banner outside the New York Stock Exchange (NYSE) in New York City, U.S., November 16, 2016. REUTERS/Brendan McDermid/File Photo By Lauren Hirsch Snap Inc, the owner of the popular messaging service Snapchat, has chosen Intercontinental Exchange Inc''s ( ICE.N ) New York Stock Exchange (NYSE) for its initial public offering (IPO), a person familiar with the matter said on Monday. The selection comes as Snap prepares to make its earnings public this week ahead of the IPO that is expected in March. It represents a setback for Nasdaq Inc ( NDAQ.O ), which had also vied to host the listing. The source asked not to be identified because the matter is not public. Snap, Intercontinental Exchange and Nasdaq declined to comment. CNBC first reported on Snap''s NYSE selection. Snap is hoping its IPO could value it at as much as $25 billion, sources have told Reuters. It could be the biggest U.S. technology company IPO since Facebook Inc ( FB.O ) in 2012. Snap''s listing would likely only generate a few hundred thousand dollars in annual fees for NYSE. Yet it carries prestige that could help the exchange land more business, and follows other similar wins by NYSE over Nasdaq, which used to be seen as the natural choice for technology IPOs. Nasdaq commanded 85 percent of technology IPO proceeds in 2012, but by 2014 its share had plunged to just 11 percent, according to Thomson Reuters data. The drop was largely due to a glitch in Facebook''s Nasdaq IPO in 2012. The last high-profile U.S. internet company to go public, Twitter Inc ( TWTR.N ), chose NYSE in 2013. Other large technology companies are expected to seek IPO venues in the coming years, including peer-to-peer lodging company AirBnB Inc and streaming music service Spotify Ltd. NYSE and Nasdaq had been courting Snap in public and behind the scenes. Last November, Nasdaq hired a helicopter to film Manhattan''s skyline using Snap''s new video-camera sunglasses, and sent the aerial footage to its social media followers. NYSE in October draped a large, bright yellow banner outside its Lower Manhattan building to invite Snapchat followers, the same month media reported Snapchat had hired underwriters. Such banners are usually used to celebrate the first listing day of companies. (Reporting by Lauren Hirsch in New York; Editing by Meredith Mazzilli) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-snap-ipo-nyse-idUKKBN15E1WT'|'2017-01-31T00:16:00.000+02:00'
'3344e901666189ec85d7460d9036694fee359f36'|'Brazil plans changes to bankruptcy law to help recovery: source'|'By Alonso Soto and Marcela Ayres - BRASILIA BRASILIA Brazil plans to overhaul its bankruptcy law to help troubled companies survive a two-year recession that has led a record number of them to suspend debt payments, a senior member of the government''s economic team said on Tuesday.President Michel Temer also plans to announce new measures next week to increase productivity and bolster the construction sector, said the official, who requested anonymity to speak freely.The measures could also include creating a new income bracket for applicants of the government-backed home-ownership program known as "Minha Casa Minha Vida."Hamstrung by a crippling fiscal crisis, the Temer administration has relied on various measures to reduce the debt burden of consumers and companies struggling with country''s deepest recession on record.Those measures, as well as other major reforms to the labor and pension legislations, could bolster potential growth to up to 4 percent a year from the current range of 2 percent to 2.5 percent, the official said.A key legislative change involves relaxing the bankruptcy law to allow debt-laden companies to sell healthy assets without transferring part of the credit risk connected to them."The changes would give guarantees and viability to the recovery of these companies by, for example, facilitating the sale of assets," said the official.Bankers and lawyers expect bankruptcies to set a record in 2017, with tight credit and the lingering recession forcing a growing number of large Brazilian companies to seek protection from creditors.A new bankruptcy law is part of the government''s push to improve the business climate. Other efforts include slashing red tape and simplifying the intricate tax system.To increase his dwindling popularity, Temer in December unveiled measures to reduce credit card interest rates and allow workers to draw on severance fund accounts, known as FGTS.Since taking office in May after the removal of his leftist predecessor, Dilma Rousseff, on mismanagement charges, Temer has struggled to revive an economy that not long ago was an emerging-market superstar.The Brazilian economy is expected to grow a meager 0.5 percent in 2017 after shrinking more than 7 percent in the previous two years, according to a weekly central bank poll.(Additional reporting by Daniel Flynn, Maria Pia Palermo and Patricia Duarte; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brazil-economy-bankruptcy-idINKBN15F2C4'|'2017-01-31T15:30:00.000+02:00'
'f4f92cd3fdd3592678956892f55887bdebb2445d'|'Britain, Turkey sign defence deal to develop Turkish fighter jet - Reuters'|'ANKARA Jan 28 Britain and Turkey signed a defence deal worth more than 100 million pounds ($125 million) on Saturday to develop Turkish fighter jets, opening the way to deeper cooperation over the lifetime of the project.In Ankara to strengthen ties with Turkey as she navigates Britain''s departure from the European Union, Prime Minister Theresa May hailed the deal, saying it showed "that Britain is a great, global, trading nation and that we are open for business".The deal, announced by May and Turkish Prime Minister Binali Yildirim, involves BAE Systems and TAI (Turkish Aerospace Industries) working together to develop the TF-X Turkish fighter programme.BAE Systems chief executive, Ian King, said the deal was the next step in deepening defence cooperation."It will also pave the way for a deeper defence partnership and could effectively make the UK Turkey''s partner of choice, positioning it as a key aerospace technology exporter to Turkey," he said in a statement."The wider programme could see the UK win contracts to provide engines, weapons, radars and sensors." ($1 = 0.7971 pounds) (Reporting by Elizabeth Piper; Editing by David Dolan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-eu-turkey-bae-idINL5N1FI079'|'2017-01-28T11:30:00.000+02:00'
'77e60784cde2f52825513863ca743499032a9b62'|'Italy govt fund has room to recapitalise other banks after Monte Paschi-BOI'|'Business News   5:59am EST Italy government fund has room to recapitalize other banks after Monte Paschi: BOI Bank of Italy Governor Ignazio Visco attends the session ''Recharging Europe'' in the Swiss mountain resort of Davos January 23, 2015. REUTERS/Ruben Sprich MODENA, Italy Twenty billion euros earmarked by the Italian government will be enough to help recapitalize other weak banks after Monte dei Paschi di Siena ( BMPS.MI ), the Bank of Italy governor said on Saturday. Ignazio Visco did not name any banks that may need government support to bolster their capital but bankers and analysts say Banca Popolare di Vicenza, Veneto Banca and Genoa-based Carige will likely have to strengthen their balance sheet soon. The government is already expected to inject around 6.6 billion euros in Monte dei Paschi, taking a 70 percent stake in the bank after it failed to raise money from private investors in December. "The injection of public funds into Banca Monte dei Paschi di Siena will presumably use up about a third of the 20 billion euros set aside by the government. There is more than enough room to address the recapitalization needs of any other Italian bank that meets the conditions laid down in the decree" Visco told a financial conference in Modena. "However ... the banks must be willing to apply for public support and deal with the ensuing commitments." Visco said Italian banks, weighed down by low profitability, high costs and a pile of bad loans accumulated during a painful recession, could no longer put off much needed restructuring. In some cases they will have to strengthen their capital, while for medium-sized banks mergers were necessary to cut costs and increase efficiency. Visco said the bulk of Italy''s bad loans were held by banks that were in a sound financial position and therefore did not need to sell them immediately. However, for weaker lenders, getting rid of soured debts was essential. He said that recovery rates for bad loans averaged 43 percent in 2006-2015. The rate fell to 23 percent for en bloc market sales of loans to specialized investors, who demand high returns. (Reporting by Silvia Aloisi; editing by Philip Pullella) Next In Business News Border tax ideas roil oil markets, favor Gulf Coast refiners HOUSTON/NEW YORK As with many industries now fretting over the uncertain future of U.S. trade policy, the oil business is sizing up the potential impact of the various protectionist measures being bandied about Washington - which have sent crude markets into a tizzy. Fed to stop mortgage reinvestments in 2018: Morgan Stanley NEW YORK The U.S. Federal Reserve will stop reinvestments of its mortgage-backed securities holdings in April 2018 in an attempt to shrink its $4.2 trillion balance sheet that had ballooned from bond purchases to combat the last recession, Morgan Stanley analysts said on Friday. NEW YORK U.S. stocks edged lower for a second consecutive session on Friday as some underwhelming corporate earnings and gross domestic product data offset recent enthusiasm over policy actions by President Donald Trump. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-italy-banks-idUSKBN15C0BR'|'2017-01-28T17:52:00.000+02:00'
'90c3ecbbe22ddf4558705f289cad2c0feb014f79'|'UPDATE 1-Jordan''s Arab Bank group says 2016 net profit rose 20 percent'|'Financials   10:59am EST UPDATE 1-Jordan''s Arab Bank group says 2016 net profit rose 20 percent (Adds details and background) AMMAN Jan 28 Jordan''s largest lender, Arab Bank Group, said on Saturday its 2016 net profit rose 20 percent to $533 million, saying the results were due to diversified operations and growth in revenue from core banking activities. The bank, one of the Middle East''s major financial institutions, said its loans book and customer deposits had continued to grow despite exchange-rate fluctuations. Total loans rose 6 percent to $23.7 billion while deposits rose 3 percent to $33.6 billion at the end of last year compared with the same period the previous year. Arab Bank is one of the Arab world''s largest privately owned banks and operates in 30 countries. It owns 40 percent of Saudi Arabia''s Arab National Bank ANB. Chairman Sabih al Masri said the bank''s strong performance was due to its "success in dealing with the challenging and changing operating environment and reflects our prudent policies." Revenue from interest and commission from the bank''s corporate and retail business boosted operating income to over $1.1 billion before provisions and taxes, the bank said. Arab Bank CEO Nemeh Sabbagh said liquidity continued to be robust with a loan-to-deposit ratio of 70 percent. The bank''s provisions coverage ratio for non-performing loans stood in excess of 100 percent. The statement said the bank''s board of directors recommended the distribution of a 30 percent cash dividend on its 2016 results. Arab Bank profits fell in 2015 after putting aside hundreds of millions of dollars to cover a legal settlement in the United States by the lender under the U.S. Anti-Terrorism Act. The terms were not disclosed. (Reporting by Suleiman Al-Khalidi, editing by David Evans) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/jordan-banks-arab-bank-jo-idUSL5N1FI0FY'|'2017-01-28T22:59:00.000+02:00'
'825873965bb3b036b8be7bc7a0f0283128e03e12'|'Intesa chairman says nothing will happen at weekend over Generali deal'|'Business News   9:25am GMT Intesa chairman says nothing will happen at weekend over Generali deal MODENA, Italy Italy''s Intesa Sanpaolo ( ISP.MI ) will not unveil its plans for a possible deal with insurer Generali ( GASI.MI ) over the weekend, the bank''s chairman said on Saturday. Intesa said this week it was examining a possible tie-up with Generali in what would be one of Europe''s biggest deals of this kind. "Nothing will happen" over the weekend, Intesa''s Chairman Gian Maria Gros-Pietro told reporters on the sidelines of a financial conference in Modena. He added that Generali would not be on the agenda of Intesa''s board meeting on Feb.3, which will review the bank''s 2016 results. (Reporting by Gianluca Semeraro, writing by Silvia Aloisi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-generali-m-a-intesa-sp-idUKKBN15C08T'|'2017-01-28T16:25:00.000+02:00'
'e2ba9612aa520c00bcc27909aa97d5713a57e4e6'|'Fitch Rates Crown Castle''s Sr. Unsecured Notes ''BBB-''; Outlook Stable'|'Financials   2:50pm EST Fitch Rates Crown Castle''s Sr. Unsecured Notes ''BBB-''; Outlook Stable (The following statement was released by the rating agency) CHICAGO, January 30 (Fitch) Fitch Ratings has assigned a ''BBB-'' rating to Crown Castle International Corp.''s (Crown) offering of senior unsecured notes due 2027. Crown''s Long-Term Issuer Default Rating (IDR) is ''BBB-''. The Rating Outlook remains Stable. Crown will use the proceeds from the note offering to reduce borrowings on its revolving credit facility (RCF) including borrowings to fund its acquisition of FPL FiberNet Holdings, LLC and certain other NextEra Energy, Inc. subsidiaries (FiberNet). Crown primarily funded the $1.5 billion acquisition with approximately $1 billion of equity issued November 2016, with the revolver used for the remainder. KEY RATING DRIVERS Strong Recurring Cash Flows: Crown''s ratings reflect the strong recurring cash flows generated from its leasing operations, robust EBITDA margins and the scale of its tower portfolio. In addition, a focus on the U.S. market reduces operating risk. The tower business model provides considerable stability to operating performance and free cash flow (FCF) growth. These characteristics have led to a lower business-risk profile for Crown than for most typical corporate credits. Deleveraging Progress: Fitch expects Crown''s 2017 gross leverage to be similar to the 5.6x at the end of 2016. Crown has deleveraged via EBITDA growth following two major acquisitions of towers, or rights to towers, since the end of 2012. These transactions include the $2.5 billion T-Mobile transaction in 2012 and the $4.8 billion AT&T Inc. transaction in 2013, which was primarily financed with equity. Leverage is slightly above our expectations for leverage for a ''BBB-'' rated tower company with Crown''s business and financial risk profile. However, Fitch believes current levels of investment, driven by small-cell investments, will provide for future EBITDA growth, driving leverage down over time. Wireless Broadband Growth: A key factor in Crown''s future revenue and cash flow growth is the relentless rise in the need for mobile broadband wireless network capacity. Growth in 4G LTE data services is driving amendment activity and new lease-up revenues from the major operators, leading to mid-single-digit organic revenue growth prospects for 2017. Crown is active in building small-cells and distributed antenna systems, which should allow it to capture additional share. Consolidation Risk Manageable: Fitch believes that if consolidation in the U.S. wireless market were to occur, there would not be a material effect on Crown''s operations. While relatively modest losses would occur, revenue growth from continued lease activity and contractual escalators would more than offset such losses over time. FiberNet Acquisition: The acquisition strengthens Crown''s small cell business by increasing its fiber footprint in top metro markets. The acquisition adds approximately 11,500 fiber route miles to Crown''s footprint, bringing the pro forma total to approximately 26,500. Primary markets served by FiberNet include Texas and Florida. KEY ASSUMPTIONS --Fitch assumes revenue growth will be in the mid- to high-single digits (on a GAAP basis) in 2017. Over the next two to three years, EBITDA margins will remain relatively stable in the mid-to-high-50% range. --Fitch gross leverage in 2017 will be similar to the 5.6x recorded in 2016. RATING SENSITIVITIES Positive Rating Action: A commitment to leverage of less than 4.7x to 4.8x could lead to a positive rating action. Negative Rating Action: Developments potentially leading to a negative rating action include an increase in leverage above 5.5x for a protracted period of time due to an acquisition funded mostly by debt, or a change in financial policy that targets higher leverage. LIQUIDITY Strong Liquidity: Crown has meaningful cash generation, balance sheet cash, RCF availability and a favorable maturity schedule relative to available liquidity. Cash, excluding restricted cash, was $568 million as of Dec. 31, 2016. Liquidity is provided by an unsecured $2.5 billion RCF maturing in January 2021. The financial covenants within Crown''s unsecured credit agreement include a total net leverage ratio of 6.5x (not to exceed 7x for up to three quarters following a qualified acquisition), a senior secured leverage ratio of 3.5x (on a gross basis) and, if rated below investment grade by two of three rating agencies, consolidated interest coverage of 2.5x. Crown''s FCF is expected to be negative in 2017 and is affected by REIT required distributions as well as the use of cash for discretionary capex. As a REIT, Crown is required to distribute at least 90% of its REIT taxable income, after the use of any net operating losses. Capex was $874 million in 2016, of which approximately $90 million was for sustaining capex, with the balance discretionary in nature. Maturity Profile: Crown''s maturity profile over 2017 to 2019 has no significant maturities. Contact: Primary Analyst John C. Culver, CFA Senior Director +1-312-368-3216 Fitch Ratings, Inc. 70 W. Madison Street Chicago, IL 60602 Secondary Analyst Bill Densmore Senior Director +1-312-368-3125 Committee Chairperson Steven Marks Managing Director +1-212-908-9161 Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email: sandro.scenga@fitchratings.com. Date of Relevant Rating Committee: Sept. 9, 2016. Additional information is available on www.fitchratings.com. Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical mandatory convertible preferred stock is given 100% equity credit. Applicable Criteria Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage - Effective from 17 August 2015 to 27 September 2016 (pub. 17 Aug 2015) here Treatment and Notching of Hybrids in Non-Financial Corporate and REIT Credit Analysis (pub. 29 Feb 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit988220'|'2017-01-31T02:50:00.000+02:00'
'04449284bf0719311c5d406f3370aac8f730e869'|'World’s largest bike maker rides into Manchester'|'World’s largest bicycle maker rides into Manchester Hero Cycles hopes £2m design centre will benefit from Team GB’s Olympic glory Read next by: Andy Bounds in Manchester The world’s largest bicycle manufacturer by volume has set up in Manchester, opening a £2m design centre in the home of British Cycling. Hero Cycles , which builds one out of every 20 of the world’s bicycles and is based in the north Indian city of Ludhiana, chose the northern English city over some of the world’s most bike-friendly ones, including Amsterdam, Copenhagen and Berlin. Hero also plans to open a European factory, with Manchester as the most likely destination. The R&D centre is close to Manchester velodrome, the base of British Cycling, and Hero hopes that the high-end bikes it designs there will be associated with Team GB’s Olympic success. Pankaj Munjal, chairman and managing director, pointed to Manchester’s history of innovation, from computers to the graphene molecule, and its large student population as factors that contributed to the decision. Hero already has a majority stake in Avocet, a Manchester bike designer and distributor that once employed 850 in its factories around the UK. Mr Munjal said the prospect of the UK leaving the EU did not worry him, and that he had decided to make the investment in October. Pankaj Munjal said the prospect of the UK leaving the EU did not worry him © Jon Super “ Brexit or no Brexit we still have strong brands. The British create great brands known around the world,” he said in an interview. “And the talent is available. There is no better place in Europe than Manchester for product design.” There are four universities in Greater Manchester with 105,000 students. Hero manufactures 5.5m bikes a year and supplies many of the brands sold at Argos, Halfords and Tesco stores in the UK. It now wants to concentrate on its own higher-value brands, including Viking and Riddick. It also owns Lectro, an electric bike range. Read more Britain has dominated the Olympic sport. But as allegations of doping and bullying swirl, can the team do it again? Sunday, 29 January, 2017 Mr Munjal said the UK market alone (€1.1bn in 2015) was twice as valuable as the Indian one because of higher prices. “In India you get status if you drive a car,” he said. “In Denmark and London it is more prestigious to own a good bicycle than an Audi 7 series.” The average bicycle price in the Netherlands was €914 in 2015 according to the European Cyclists’ Federation, while the average price in the UK was €300. Mr Munjal said Hero was likely to open a European factory, probably in the UK, within a few years to specialise in more expensive models. “You cannot make a Porsche in a Skoda factory,” he said. Bikes made in India face 14 per cent import tariffs in the EU. Hero, a family-owned group, also makes car parts and has more than €1bn in assets and a staff of 8,000. Steven Walsh, chairman of Avocet, said he had to shut factories in Oldham and Bolton, which made brands such as British Eagle and Falcon, in the early 1990s because of Chinese competition. Hero''s chairman said there was ''no better place in Europe'' than Manchester for product design © Scott Hortop/Alamy “The anti-dumping duties came too late,” he said. The EU now imposes 43 per cent tariffs on Chinese bikes. But he said wage differentials were far lower now, prices higher and bikes expensive to transport. “I think the time is right to start manufacturing in the UK again.” After Raleigh shut its Nottingham factory in 2003 and moved its production line to Taiwan, there are just three mass-market UK-based bicycle builders left. They are the folding Brompton Bicycle in Brentford, west London; Pashley, which makes London’s rental bikes ; and Moulton in Bradford on Avon, Wiltshire.  '|'ft.com'|'http://www.ft.com/rss/world/uk/business'|'https://www.ft.com/content/a8862f02-e487-11e6-8405-9e5580d6e5fb'|'2017-01-28T12:42:00.000+02:00'
'246d3e31fc306df082c220c7c9a18c017d5eda53'|'U.S. auto dealers look to Trump to ease vehicle emissions rules'|'By Nick Carey - NEW ORLEANS NEW ORLEANS U.S. auto dealers gathered for their annual convention in New Orleans said they want President Donald Trump to ease federal regulation of vehicle emissions and consumer lending, reversing action taken by his predecessor.Former President Barack Obama enacted rules requiring automakers to roughly double the average fuel efficiency of their U.S. car and truck fleets to 54.5 miles per gallon by 2025. U.S. consumers, however, are buying more SUVs and trucks amid low gasoline prices and shunning smaller, more fuel-efficient cars.Mark Scarpelli, the National Automobile Dealers Association''s new chairman and owner of General Motors Co dealerships in northern Illinois, said the technology needed to improve fuel efficiency can add $1,500 to $3,000 to a vehicle''s price."You inflate the price of the vehicle and a car that was maybe within reach of being affordable now may not be," Scarpelli said.He added that a "different phase-in period" for the rules could be a better option.U.S. auto dealers have a strong lobby in Washington, due largely to their engagement with and support for local congressmen. They are also aligned on the fuel emissions issue with U.S. automakers."We need to lighten the load because the government is trying to force manufacturers to make cars people don''t even want," said Sidney DeBoer, founder of dealer group Lithia Motors IncSpeaking at the NADA convention, Ford Motor Co Chief Executive Mark Fields said that when he and other auto industry CEOs met with Trump last week they told him that "various studies showed that up to 1 million jobs could be at risk if we’re not given some level of flexibility on that to align with market realities."Oklahoma Attorney General Scott Pruitt, Trump''s choice to lead the Environmental Protection Agency, has said he will review the Obama administration''s decision to lock in the fuel efficiency rules."They''ve got to make regulation more in line with consumer demand so (the automakers) can build what people want and not what the government’s telling them they have to build," said Pete DeLongchamps, vice president of Group 1 Automotive Inc, which owns a networks of dealers.In interviews on the sidelines of the NADA convention, dealers also said they are keen to see a loosening of lending restrictions put in place by the Consumer Financial Protection Bureau (CFPB).The CFPB does not regulate dealers directly, but does regulate the lenders they partner with and has pushed banks and automakers'' finance arms to institute policies aimed at preventing discrimination based on race. These policies could have the effect of limiting the potential profit dealers make on loans they sell.(Reporting By Nick Carey; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-epa-autos-dealers-idINKBN15D11R'|'2017-01-29T16:52:00.000+02:00'
'd736300c2a3fc9ba79a7c7c1787090439c394df9'|'UK personal insolvencies rise for first time since 2010'|' 17pm GMT UK personal insolvencies rise for first time since 2010 LONDON The number of people declared insolvent in England and Wales rose last year for the first time since 2010, after hitting a post-financial crisis low in 2015, official figures showed on Friday, raising concern about households'' financial health. Britain''s economy was the fastest-growing major advanced economy last year, despite initial fears that June''s Brexit vote would lead to an immediate downturn. But it has become increasingly reliant on rising consumer borrowing. Friday''s data showed a growing number of individuals were unable to cope with their debts - albeit far fewer than had problems immediately after the 2008-09 financial crisis. Some 90,930 people in England and Wales were declared insolvent in 2015, up 13 percent from 2015 but still lower than any other year in the past decade. Scotland, which has a separate legal system for insolvency, reported its first rise since 2009. "The rise in insolvencies in 2016 points to tougher times ahead for UK households," said Joanna Elson, chief executive of the Money Advice Trust. Elson said a debt helpline run by the charity got 17 percent more calls this month than a year ago. Unsecured consumer borrowing rose nearly 11 percent in the year to November, its fastest since 2005, according to Bank of England data, and bank governor Mark Carney has warned the economy could falter as consumer spending outstrips wage growth. Just under 0.2 percent of people in England and Wales went insolvent in 2016, up from 0.18 percent in 2015, though well below a peak of more than 0.3 percent in 2010. Before consumer borrowing accelerated in the run-up to the financial crisis, insolvency affected just 0.1 percent of people in England and Wales each year on average. The number of companies unable to pay their debts also rose, although the government agency responsible for the data said this was mostly down to a one-off effect from the closure of a tax loophole used by contractors. (Reporting by David Milliken; Editing by William Schomberg)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-bankruptcy-idUKKBN15B1MI'|'2017-01-27T22:17:00.000+02:00'
'dc8e22c53c7bcdc8d7032a565a5dc9a8a6609891'|'Italy has done too little on banks'' soured loans-ECB''s Nouy tells paper'|'  2:00am EST Italy has done too little on banks'' soured loans-ECB''s Nouy tells paper MILAN Jan 30 Italy has done too little in the last three years to reduce non-performing loans weighing on its banks, the European Central Bank''s top bank supervisor told Italian daily la Repubblica on Monday. Daniele Nouy, who has headed the ECB''s supervisory arm since it started overseeing the euro zone''s top banks in 2014, welcomed a move by the Italian government to put aside 20 billion euros ($21.44 billion) to support its weak lenders. Nouy also rejected criticism that ECB adopted a softer treatment for German banks and declined to comment on a possible tie-up between Italy''s biggest retail bank Intesa Sanpaolo and insures Assicurazioni Generali. "We do not comment on single banks ... we monitor developments very closely when they affect the banks we supervise and we keep in close contact with the other relevant authorities, where appropriate," Nouy saw quoted as saying by la Repubblica. ($1 = 0.9327 euros) (Reporting by Francesca Landini; Editing by Kim Coghill) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ecb-banks-nouy-italy-idUSL5N1FK0O3'|'2017-01-30T14:00:00.000+02:00'
'20ec49b684314684635ef0ec8c019210e7201a8b'|'UPDATE 1-Boeing machinists in S. Carolina to vote in February on unionizing'|'(Adds detail about prior organizing effort)SEATTLE Jan 27 Boeing Co and its largest union said on Friday they had agreed on a February date for a union vote at Boeing''s jetliner factory in South Carolina, setting up what is likely to be a fresh battle between the union and the world''s biggest plane maker.International Association of Machinist and Aerospace Workers spokesman Mike Evans said in a statement that about 2,850 workers at the factory that builds 787 Dreamliners would be eligible to vote on union representation in the Feb. 15 ballot.Boeing spokesman Doug Alder said the company is "strongly encouraging all eligible teammates, roughly 3,000, to be sure to vote."The machinists canceled an earlier vote set for April 2015 citing a "a toxic environment" and violations of workers'' rights to organize, in the strongly anti-union state.At the time, union organizers described the decision as a tactical move, allowing time to build union support. Boeing called the union''s allegations of intimidation "frivolous."South Carolina is a state where employees are not required to join unions or pay dues. It has among the lowest rates of union membership in the United States.Evans, in the statement, cited fresh "intimidation tactics" against organizing by Boeing.Boeing said it has hired a lawyer it used when workers tried to unionize in 2015."Boeing is applying the appropriate resources to protect the competitive advantage created by the Boeing South Carolina (BSC) team," the company said in a statement. (Reporting by Alwyn Scott; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/boeing-union-idINL1N1FI01C'|'2017-01-27T22:24:00.000+02:00'
'2552a1a85555a7023ef52240dbcef42e194f2030'|'RPT-CMBS tied to Trump son-in-law sails through market'|'(Repeats without change)By Joy WiltermuthNEW YORK, Jan 27 (IFR) - Investors on Friday snapped up a new US$1.11bn commercial mortgage bond backed by a highly leveraged loan to refinance a New York property owned by President Donald Trump''s son-in-law.The US$100m loan, part of a big refinance package on a Times Square building owned by Jared Kushner''s real-estate company, is 10% more than the property''s value, according to Kroll Bond Rating Agency.Although that 110% loan-to-value ratio is relatively high, it was not enough to deter investors, whose strong demand made the trade a success.Lead banks Deutsche Bank and Citigroup were able to price the deal cheaply, with 9.82-year Triple A class clearing the market at swaps plus 90bp.Similar bonds priced at 115bp in December, according to IFR data. Both banks declined to comment.SKY HIGH DEBTThe loan on 229 West 43rd Street, an 18-story property that includes a popular bowling alley, was the biggest in the collateral underpinning the new bond.Bond documents seen by IFR showed that Deutsche Bank originated much of the property''s US$370m refinancing package - which includes the loan - in October before Trump''s election.On January 3, Kushner notified lenders on the property that he intended to resign from his post as manager of the building on January 19, according to the documents.The mortgage seller told Fitch Ratings that his brother Joshua Kushner would manage the property instead, as part of the credit agency''s vetting of the bond deal."Loan documents will be amended to provide that both Jared Kushner and (his brother) Joshua Kushner will be guarantors under the non-recourse carve-out guaranty and will individually and collectively constitute key principals for purposes of such documents," Fitch Ratings said in a note."However, such proposal is not final and may be subject to further change."A call to Kushner Companies for comment was not immediately returned.Kroll assigned the Kushner loan part of the bond a 110.3% loan-to-value ratio, noting that the borrower only pays interest during the full term of the loan and is not required to pay down principal.Interest-only loans are viewed as more likely to default because the entire balance of the loan comes due in one fell swoop at maturity.Fitch meanwhile calculated the LTV ratio at 129.6% and Moody''s Investors Service gave it 127.9%.Alarming levels of leverage have become commonplace in CMBS over the past few years.Last year, however, the average conduit pool''s LTV dipped from record highs to 113%, according to Moody''s. (Reporting by Joy Wiltermuth; Editing by Marc Carnegie and Shankar Ramakrishnan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-corpbonds-abs-idINL1N1FH1XE'|'2017-01-27T19:18:00.000+02:00'
'e2bd90e92617831d27f0538953c5afd7ae117e50'|'In double whammy for Turkey, Fitch cuts to junk after S&P slashes outlook'|'Business   10:04pm GMT In double whammy for Turkey, Fitch cuts to junk after S&P slashes outlook Bussiness and financial district of Levent, which comprises leading Turkish companies'' headquarters and popular shopping malls, is seen from the Sapphire Tower in Istanbul, Turkey May 3, 2016. REUTERS/Murad Sezer By David Dolan and Daren Butler - ISTANBUL ISTANBUL Ratings agency Fitch downgraded Turkey''s sovereign debt to "junk" on Friday, snuffing out its last remaining investment grade and underscoring deepening concern about politics and monetary policy in what was once a star emerging market. The ratings cut, although widely expected by the market, came hours after rival agency Standard & Poor''s surprised investors by lowering its outlook for Turkey to "negative" from "stable". Both agencies sounded concern about political insecurity after a failed coup last year, as well as pressure on the central bank. More than 100,000 people have been sacked or suspended in the civil service and the private sector since the July 15 abortive putsch. Thousands more have been arrested. "Political and security developments have undermined economic performance and institutional independence," Fitch said in its statement. It lowered its rating to BB+ from BBB-, the latter being its lowest investment-grade rating. Last year, S&P cut Turkey''s rating further into junk territory. Moody''s later followed suit and cut its own rating to junk, citing worries about the rule of law after the failed coup, and a slowing economy. That left Fitch as the sole major agency providing an investment grade. Conservative investment funds usually require countries to have at least two investment-grade ratings for them to invest. S&P on Friday cut its outlook for Turkey to "negative" from "stable", citing growing constraints on policymakers'' ability to contain inflation and shore up the tumbling lira currency. "Talk about kicking someone when they are down, S&P changes BB outlook to negative. Rating already low, so this not expected," economist Timothy Ash said on Twitter. COSTLY DOWNGRADE Turkey depends on investment flows to fund its current account deficit - one of the biggest in the G20 - and service its foreign debt. Ratings downgrades could force it to pay more to borrow money in international markets. The lira TRYTOM=D3 has fallen some 8 percent so far this year, making it one of the worst-performing major emerging market currencies. Economists have said a substantial rate increase is necessary to put a floor under the lira and contain inflation that is expected to hit double-digits in the first quarter. The central bank raised rates this week, but not enough to stop the lira from weakening further. President Tayyip Erdogan, who wants cheap credit to bolster the economy, has described himself as an "enemy" of interest rates, leading to concern the central bank is less than independent. S&P, which has a "BB/B" rating, also cited concern about domestic politics following the failed coup and Erdogan''s push for an executive presidency, which it said could limit parliamentary and judicial oversight of government decisions. "We are revising our outlook to negative to reflect what we consider to be rising constraints on policymakers'' ability to tame inflationary and currency pressures," S&P said in its statement. (Additional reporting by Kanika Sikka and Abhijith Ganapavaram in Bengaluru; editing by Larry King) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-turkey-ratings-idUKKBN15B2E3'|'2017-01-28T05:04:00.000+02:00'
'57edff81a586e4340c714e22effefc7e9422edb2'|'Fox says committed to free trade with U.S., Canada'|'Business News - Fri Jan 27, 2017 - 8:07pm GMT UK''s Fox says committed to free trade with U.S., Canada Britain''s Secretary of State for International Trade Liam Fox walks back towards 10 Downing Street after leaving a meeting inside, London, January 17, 2017. REUTERS/Peter Nicholls MONTREAL Britain is committed to free and open trade with the United States and Canada, UK Trade Minister Liam Fox said on Friday, though he did not elaborate on whether that would mean bilateral trade talks with the two countries. Fox, speaking at the Montreal Council of Foreign Relations, noted that the UK cannot negotiate trade deals while still part of the European Union, though he said discussions were possible. "The UK is committed to free and open trade with the United States, as we are with Canada," Fox said. Fox was speaking as British Prime Minister Theresa May met with U.S. President Donald Trump. May said on Thursday that Britain and the United States could look at areas where both countries could remove some trade barriers to their mutual advantage. "Our government has been greatly encouraged by the attitude of the new American administration," Fox said. May plans to trigger Britain''s exit from the EU by the end of March, which will start two years of divorce negotiations. Speaking at the same event in Montreal, Canada Trade Minister Francois-Philippe Champagne said the fact that he has met with Fox two times during the last seven days illustrates Canada''s commitment to the UK. "We start with a strong base because we already have CETA," he told reporters on the sidelines of the event, referring to a planned free trade agreement between the EU and Canada. The two countries signed the Comprehensive Economic and Trade Agreement in October, though it still needs approval from the European Parliament. "We may have a CETA-plus down the road," Champagne added, without giving further detail. Canada''s finance minister said in November that a post-Brexit trade deal would use a trade deal between Canada and the European Union as a template. Britain is Canada''s fourth-largest trade partner. (Reporting by Allison Lampert; Editing by Andrew Hay and Lisa Shumaker)   Border tax ideas roil oil markets, favor Gulf Coast refiners HOUSTON/NEW YORK As with many industries now fretting over the uncertain future of U.S. trade policy, the oil business is sizing up the potential impact of the various protectionist measures being bandied about Washington - which have sent crude markets into a tizzy. Fed to stop mortgage reinvestments in 2018: Morgan Stanley NEW YORK The U.S. Federal Reserve will stop reinvestments of its mortgage-backed securities holdings in April 2018 in an attempt to shrink its $4.2 trillion balance sheet that had ballooned from bond purchases to combat the last recession, Morgan Stanley analysts said on Friday. NEW YORK U.S. stocks edged lower for a second consecutive session on Friday as some underwhelming corporate earnings and gross domestic product data offset recent enthusiasm over policy actions by President Donald Trump. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-trade-fox-idUKKBN15B28Y'|'2017-01-28T03:04:00.000+02:00'
'08dc5d29108050b3c23fd6b73162b46b784580d4'|'CMBS tied to Trump son-in-law sails through market'|'By Joy Wiltermuth NEW YORK, Jan 27 (IFR) - Investors on Friday snapped up a new US$1.11bn commercial mortgage bond backed by a highly leveraged loan to refinance a New York property owned by President Donald Trump''s son-in-law.The US$100m loan, part of a big refinance package on a Times Square building owned by Jared Kushner''s real-estate company, is 10% more than the property''s value, according to Kroll Bond Rating Agency.Although that 110% loan-to-value ratio is relatively high, it was not enough to deter investors, whose strong demand made the trade a success.Lead banks Deutsche Bank and Citigroup were able to price the deal cheaply, with 9.82-year Triple A class clearing the market at swaps plus 90bp.Similar bonds priced at 115bp in December, according to IFR data. Both banks declined to comment.SKY HIGH DEBTThe loan on 229 West 43rd Street, an 18-story property that includes a popular bowling alley, was the biggest in the collateral underpinning the new bond.Bond documents seen by IFR showed that Deutsche Bank originated much of the property''s US$370m refinancing package - which includes the loan - in October before Trump''s election.On January 3, Kushner notified lenders on the property that he intended to resign from his post as manager of the building on January 19, according to the documents.The mortgage seller told Fitch Ratings that his brother Joshua Kushner would manage the property instead, as part of the credit agency''s vetting of the bond deal."Loan documents will be amended to provide that both Jared Kushner and (his brother) Joshua Kushner will be guarantors under the non-recourse carve-out guaranty and will individually and collectively constitute key principals for purposes of such documents," Fitch Ratings said in a note."However, such proposal is not final and may be subject to further change."A call to Kushner Companies for comment was not immediately returned.Kroll assigned the Kushner loan part of the bond a 110.3% loan-to-value ratio, noting that the borrower only pays interest during the full term of the loan and is not required to pay down principal.Interest-only loans are viewed as more likely to default because the entire balance of the loan comes due in one fell swoop at maturity.Fitch meanwhile calculated the LTV ratio at 129.6% and Moody''s Investors Service gave it 127.9%.Alarming levels of leverage have become commonplace in CMBS over the past few years.Last year, however, the average conduit pool''s LTV dipped from record highs to 113%, according to Moody''s. (Reporting by Joy Wiltermuth; Editing by Marc Carnegie and Shankar Ramakrishnan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-corpbonds-abs-idINL5N1FH4LI'|'2017-01-27T17:24:00.000+02:00'
'37f20aae6faebb01096cd88cde0618cdbc60b7a6'|'Crisis-hit BT seeks to reassure investors, points to strong consumer demand'|'LONDON BT, the telecoms group reeling from an accounting scandal and a slowdown in its government work, said it was seeing record growth in its EE mobile unit and good momentum in consumer operations in a bid to reassure investors.In results overshadowed by the profit warning on Tuesday that wiped out a fifth of its market value, the group said it had added 83,000 broadband customers in its third quarter, while 260,000 switched to faster fibre connections."I am deeply disappointed with the unacceptable practices by some that we''ve found," Chief Executive Gavin Patterson said.Adjusted core earnings for the quarter rose 18 percent to 1.87 billion pounds, it said.(Reporting by Paul Sandle; editing by Kate Holton)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/bt-group-results-idINKBN15B0IW'|'2017-01-27T04:19:00.000+02:00'
'7729f2b500f2eb40703f06d12cb2b05e93ef83f9'|'BTG Pactual considers split listing for investment bank and private equity unit'|'SAO PAULO Grupo BTG Pactual SA ( BBTG11.SA ) is considering separate stock market listings for its investment bank and private equity businesses, Brazil''s largest independent investment banking company said in a securities filing on Friday.The two units, Banco BTG Pactual SA and BTG Pactual Participations, have convened shareholder meetings for Feb. 13 and Feb. 3 respectively, the filing said.(Reporting by Bruno Federowski; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-btg-pactual-sa-listing-idINKBN15B16W'|'2017-01-27T09:19:00.000+02:00'
'fb4581d486d538eb24ff0e9e17b2a69e2c64694d'|'Uttar Pradesh sugar output to rise 19 percent in 2016/17 - government officials'|'NEW DELHI Sugar output in India''s top producing state of Uttar Pradesh (U.P.) is expected at 8.1 million tonnes in the year to Sept. 2017, up from 6.8 million tonnes in the previous year, two government officials who did not want to be named told reporters on Tuesday.Production in U.P. is likely to go up because of higher cane crop yield, the officials said after a meeting of representatives from India''s leading sugar producing states.(Reporting by Mayank Bhardwaj; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/india-sugar-idINKBN1581FS'|'2017-01-24T09:01:00.000+02:00'
'634c6924176d27941d356da63ccfd0dcf380ebf0'|'BRIEF-Euro Cervantes lowers 2017, 2018 guidance due to higher financial expenses'|' 28am EST BRIEF-Euro Cervantes lowers 2017, 2018 guidance due to higher financial expenses Jan 25 Euro Cervantes SOCIMI SAU : * Said on Tuesday updates its forecast for FY 2017 and 2018 due to increase in financial expenses following a purchase of stake in Barcelona shopping centre and obtaining a loan of 201 million euros ($216 million) * Sees FY 2017 net loss at 16.9 million euros versus loss of 12.3 million euros previously stated * Sees FY 2018 net loss at 26.0 million euros versus loss of 9.7 million euros previously stated'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FF0RU'|'2017-01-25T13:28:00.000+02:00'
'19211aa7a2d5454eaae57e5872aa61318a966b23'|'Office Depot names Lenovo senior exec Gerry Smith as CEO'|'Jan 30 Office Depot Inc, No. 2 U.S. office supplies retailer, appointed Lenovo Group Ltd senior executive Gerry Smith as its chief executive and board member Joseph Vassalluzzo as chairman from Feb. 27.Gerry Smith will replace Roland Smith, who announced his retirement in August, three months after Office Depot''s merger with rival Staples Inc was thwarted by antitrust regulators.Gerry Smith is currently the chief operating officer at Lenovo and joined the company in 2006.Vassalluzzo joined Office Depot''s board in August 2013 and is now Chair of the Finance and Integration Committee. He was previously the vice chairman at Staples.Office Depot, which has posted eight quarters of falling sales, said in November that it expected to slow the decline in sales to businesses in North America as it wins new contracts. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/office-depot-moves-idINL4N1FK1KX'|'2017-01-30T10:24:00.000+02:00'
'cb49a9aaee2d253a66bb4298aed71783074a2794'|'Vodafone says in Indian merger talks with Idea Cellular'|'Business News - Mon Jan 30, 2017 - 3:06am EST Vodafone says in Indian merger talks with Idea Cellular A man speaks on his mobile phone next to a Vodafone advertisement in Kolkata, India, September 26, 2016. REUTERS/Rupak De Chowdhuri LONDON Vodafone ( VOD.L ) said on Monday it was in talks to merge its Indian operations with rival Idea Cellular ( IDEA.NS ) in an all-share deal that could help the groups counter the fierce competition in the market. In a short statement, Vodafone said it was in talks with Idea''s parent, conglomerate Aditya Birla. It said any merger would involve Idea issuing new shares to Vodafone and would result in Vodafone deconsolidating Vodafone India. Shares in Vodafone were up 3.5 percent in early trading. (Reporting by Kate Holton; editing by William Schomberg) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-vodafone-m-a-idea-cellular-idUSKBN15E0MB'|'2017-01-30T15:06:00.000+02:00'
'dc3fbc27a161c4c3ce6eed67cf4d7c434b755241'|'SE Asia Stocks-Flat on lacklustre trade; U.S. travel curbs hurt'|' 56am EST SE Asia Stocks-Flat on lacklustre trade; U.S. travel curbs hurt By Sindhu Chandrasekaran Jan 30 Southeast Asian stock markets edged up on Monday as trading remained subdued with some markets shut for Lunar new year, while concerns over   curbs hurt the sentiment. Trump on Friday barred refugees for four months, with an indefinite ban on refugees from Syria and a 90-day bar on citizens from seven other nations. "Last week Trump made good on promises towards immigration and withdrawing from trade deals," said James Woods, global investment analyst at Rivkin Securities in Sydney, in a note. "The concern for the market is, if he continues to prioritise achieving these policies over his economic policies, the market''s patience will begin to wear thin the longer this takes and that is the key threat to new all-time highs," Woods said. Philippines shares rose as much as 0.6 percent, extending gains into a third session with financials leading the way. Ayala Corp rose 2.1 percent, while Metropolitan Bank and Trust Co gained 2.4 percent. Thailand shares recovered to trade marginally up. Kasikornbank PCL climbed 0.5 percent. Indonesia shares also edged up. Chandra Asri Petrochemical Tbk PT rose 0.7 percent. While the investors are still nervous about the U.S. policies, there is a plethora of key data being released this week including central bank decisions in Japan, the United States and the UK. "All three central banks are expected to keep monetary policy unchanged as they wait and see for progress towards stimulatory policies in the U.S. and the potential flow on effects," analyst Woods said. Vietnam, Malaysia and Singapore markets are closed on account of a public holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS; Change at 0510 GMT Change on the day Market Current previous Pct Move close Bangkok 1591.55 1590.8 0.05 Manila 7370.28 7333.67 0.50 Jakarta 5314.612 5312.84 0.03 Change so far this year Market Current End 2016 Pct Move Bangkok 1591.55 1542.94 3.15 Manila 7370.28 6840.64 7.7 Jakarta 5314.612 5296.711 0.34 (Reporting by Sindhu Chandrasekaran; Editing by Gopakumar Warrier) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southeast-asia-stocks-idUSL4N1FK0FT'|'2017-01-30T12:56:00.000+02:00'
'9e6843ea890802312d8918f3c3f8f73838e66c1a'|'Toyota relinquishes top global sales spot to VW in 2016'|'Japan   6:12am GMT Toyota relinquishes top global sales spot to VW in 2016 left right Visitors walk past a logo of Toyota Motor Corp on a Toyota Prius hybrid vehicle at the company''s showroom in Tokyo August 5, 2014. REUTERS/Yuya Shino/File Photo 1/2 left right The Volkswagen logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch 2/2 TOKYO Toyota Motor Corp''s ( 7203.T ) four-year run as the world''s top-selling automaker has ended as the Japanese company said on Monday its global sales for 2016 fell short of Volkswagen AG''s ( VOWG_p.DE ). Toyota said global sales across its Toyota, Lexus, Daihatsu minicar and Hino Motors Ltd ( 7205.T ) truck brands rose 0.2 percent to 10.18 million last year from 2015. This was less than the 10.3 million sold by Volkswagen, which posted record high global sales despite its diesel emissions scandal. Toyota''s overall global sales were supported by a 5.5 percent rise in domestic sales for the Toyota brand following new launches for models including the Prius, while overseas sales slipped 0.6 percent as demand eased in North America, in and around the Middle East and Africa. Toyota, which had been the world''s top-selling automaker on an annual basis since 2012, estimates global sales to increase to around 10.23 million vehicles in 2017. (Reporting by Naomi Tajitsu; Editing by Amrutha Gayathri) Next In Japan'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toyota-sales-idUKKBN15E0F4'|'2017-01-30T13:05:00.000+02:00'
'decbc09927828e16cbfb04ebda802b3d8fba16e9'|'UK Stocks-Factors to watch on Jan 30'|'Jan 30 Britain''s FTSE 100 index is seen opening down 28 points at 7,156 on Monday, according to financial bookmakers. * The UK blue chip index closed up 0.32 percent at 7184.49 points on Friday supported by Tesco, which soared 9.3 percent after agreeing to buy wholesale supplier Booker in a deal that cements its dominant position in the UK. * WS ATKINS: WS Atkins Plc, a British engineering and design consultancy, has been approached by U.S. company CH2M for a possible $4 billion merger, the Times reported. * TESCO/BOOKER: UK''s competition regulator, Competition and Markets Authority, came under pressure to intervene in Tesco''s planned takeover of food and drink wholesaler, Booker, the Times reported. bit.ly/2jtda6e * WEETABIX: America''s third-biggest cereal company, Post Holdings, and the UK''s Associated British Foods are among a group of four bidders vying for British cereal brand Weetabix, sources familiar with the matter said on Friday. * TERRA FIRMA CAPITAL: The world''s largest fast-food retailer McDonald''s Corp said it would sell its Nordic restaurants to British equity firm Terra Firma Capital Partners Ltd''s founder and chairman Guy Hands as part of a turnaround plan it had previously announced. * BRITAIN TRADE: Britain is committed to free and open trade with the United States and Canada, UK Trade Minister Liam Fox said on Friday, though he did not elaborate on whether that would mean bilateral trade talks with the two countries. * BRITAIN ECONOMY: Growth in Britain''s private sector and confidence among consumers remained solid at the turn of the year, according to surveys published on Monday, although both indicators warned about rising inflation in coming months. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Filtronic Plc Half Year TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL4N1FK0OE'|'2017-01-30T03:30:00.000+02:00'
'e9208d765cb8ed14f6eb226bcef4d12fbbdc3ea6'|'Fitch Rates Bank of Sharjah''s New EMTN Programme ''BBB+'''|' 15am EST Fitch Rates Bank of Sharjah''s New EMTN Programme ''BBB+'' (The following statement was released by the rating agency) DUBAI/LONDON, January 30 (Fitch) Fitch Ratings has assigned Bank of Sharjah''s PJSC (BOS; BBB+/Stable/bb) new Euro Medium Term Note (EMTN) Programme a long-term rating of ''BBB+'' and short-term rating of ''F2''. The ratings of the programme apply only to senior issuance. There is no assurance that notes issued under the programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will have the same rating as the programme. KEY RATING DRIVERS The notes under the programme will be issued by BOS Funding Limited in the Cayman Islands. BOS Funding Limited is a fully owned subsidiary of BOS that is set up solely to act as the issuer of debt funding. The new programme''s ratings are driven by BOS''s Issuer Default Ratings (IDR), reflecting Fitch''s view that default of this senior unsecured obligation would reflect default of the entity in accordance with Fitch''s rating definitions. According to the transaction documents, the payments of principal and interest in respect of the senior notes are unconditionally and irrevocably guaranteed by BOS. The obligations of BOS under the deed of guarantee in respect of the senior notes are direct, unconditional, unsecured and unsubordinated obligations of BOS and rank at least pari passu with all other outstanding present and future unsecured and unsubordinated obligations of the bank. The documentation includes a negative pledge provision and cross default clause with BOS. The notes, the guarantee and all non-contractual obligations arising out of or in connection with the notes will be governed by, and shall be construed in accordance with, English law. RATING SENSITIVITIES The ratings are sensitive to a change in BOS''s IDR. This in turn is sensitive to a change in the perceived ability or willingness of the UAE authorities to provide support to the bank, if needed. Given the robust economy, the authorities'' strong track record of support for local banks and no plans for resolution legislation at this stage, downward pressure on ratings is low. Contact: Primary Analyst Redmond Ramsdale Senior Director +971 4 424 1202 Fitch Ratings Limited Al Thuraya Tower 1, Office 1806, Dubai Media City, Dubai, United Arab Emirates PO Box 502030 Secondary Analyst Gilbert Hobeika Associate Director +44 20 3530 1004 Committee Chairperson Eric Dupont Senior Director +33 1 4429 91 31 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1018291 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987960'|'2017-01-30T16:15:00.000+02:00'
'df248b062a82f1624e7c9debdd54aa0fdad4c229'|'Sony takes $976 million charge on film segment in Oct-Dec'|' 30am GMT Sony takes $976 million charge on film segment in Oct-Dec FILE PHOTO - A reception staff walks under a logo of Sony Corp at its headquarters in Tokyo February 4, 2015. REUTERS/Yuya Shino/File Photo TOKYO Sony Corp ( 6758.T ) said on Monday it booked an impairment charge of 112.1 billion yen ($976 million) on the goodwill value of its film segment in October-December. The impairment charge came mainly as Sony revised down the profit prospects of its DVD sales and other home entertainment operations in line with a market decline, the company said. Sony said the impact on the group''s earnings for the fiscal year ending in March is currently being evaluated and will be disclosed when it releases its third-quarter results on Feb. 2. (Reporting by Makiko Yamazaki; Editing by Himani Sarkar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sony-outlook-idUKKBN15E0NV'|'2017-01-30T15:30:00.000+02:00'
'56d34e2c369346830086d9375f31d1d432fff9b2'|'U.S. companies scramble to cope with 7-country immigration ban'|'SAN FRANCISCO Jan 28 U.S. companies scrambled on Saturday to cope with the fallout from President Trump''s executive order on immigration, with Google urgently calling back employees from overseas and companies rushing to provide legal advice and assistance.Trump''s order bars citizens of seven countries from entering the United States even if they hold valid visas or permanent residence permits, a move that caught many companies off-guard.Google CEO Sundar Pichai said in an email to staff that more than 100 Google employees were affected by the order, according to a Google executive. One Google employee of Iranian nationality with legal U.S. residency made it back to the United States just hours before the order took effect, the executive said."We''re concerned about the impact of this order and any proposals that could impose restrictions on Googlers and their families, or that could create barriers to bringing great talent to the U.S.," Google, part of Alphabet Inc, said in a statement. "We''ll continue to make our views on these issues known to leaders in Washington and elsewhere."Microsoft said in a statement, "We share the concerns about the impact of the executive order on our employees from the listed countries, all of whom have been in the United States lawfully, and we''re actively working with them to provide legal advice and assistance."Facebook had no comment beyond a Friday blog post from CEO Mark Zuckerberg, in which he said he was "concerned" about the order and voiced support for immigrants. (Reporting by Joseph Menn; Writing by Jonathan Weber)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-immigration-companies-idINL1N1FI0F3'|'2017-01-28T17:04:00.000+02:00'
'6022bffa952808d72341f894da1db38f3dde73a9'|'Puerto Rico oversight board taps Citigroup as financial adviser'|'Jan 28 Puerto Rico''s federal oversight board announced at a public meeting on Saturday that it has selected Citigroup Global Markets as its financial adviser, and Ramon Ruiz-Comas as interim executive director.Ruiz-Comas, the former chief executive officer of San Juan-based Triple S Management Corp, will serve until the board selects a permanent executive director, a process "that has proven more difficult than anticipated", board chairman Jose Carrion said. (Reporting by Nick Brown; editing by Mark Heinrich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-oversightboard-idINL1N1FI086'|'2017-01-28T10:10:00.000+02:00'
'709cb84dc0eddb1db84676d2fcdac23050df1870'|'Russia''s Lukoil hopes for Iran oilfield development decision this year'|'Business News  30pm GMT Russia''s Lukoil hopes for Iran oilfield development decision this year FILE PHOTO: A general view shows an drilling rig at the Lukoil company owned Imilorskoye oil field, as the sun rises, outside the West Siberian city of Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin/File Photo DUBAI Lukoil ( LKOH.MM ), Russia''s No.2 oil producer, hopes to reach a decision on developing two new oilfields in Iran and wants to expand its operations further in the Middle East this year, a senior executive said on Sunday. Lukoil is talking with the National Iranian Oil Company (NIOC) on taking part in development of the Abe Timur and Mansuri fields in central-western Iran, said Gati al-Jebouri, vice president and head of upstream operations in the Middle East. "We are in active discussions with them with respect to budget cost structure, and subsequently we will start negotiations on contractual terms if the development plans that we proposed are accepted and agreed by the Iranian party," Jebouri told reporters on Sunday. Lukoil signed several memorandum of understanding with NIOC last year, and "had site visits and have done significant amount of analysis as to how we potentially can develop the project," he said. "We have presented our technical proposals and our views. We are discussing their feedback ... we would like to have some decision during the first half of 2017 from the Iranian side but there are no strict deadlines to this process," he said. Iran hopes its new Iran Petroleum Contract (IPC), part of an effort to sweeten the terms it offers on oil development deals, will attract foreign investors and boost production after years of sanctions. The first tender, which is likely to be for the South Azadegan oil field in southwestern Iran, will take place after January 2017. Earlier this month, Iran named 29 companies - including Lukoil - from more than a dozen countries as being allowed to bid for oil and gas projects using the IPC model. The IPC model has been delayed several times due to opposition from hardline rivals of President Hassan Rouhani. It ends a buy-back system dating back more than 20 years under which Iran did not allow foreign firms to book reserves or take equity stakes in Iranian companies. The new IPC has more flexible terms that take into account oil price fluctuations and investment risks. Jebouri also said Lukoil was "very interested in opportunities in other countries in the Middle East" such as Kuwait, Oman, and Abu Dhabi in the United Arab Emirates. State-run Abu Dhabi National Oil Company (ADNOC) has said it was still looking for partners to take up the remaining 12 percent stake of the 40 percent earmarked for foreign partners in its onshore oil concession. "We know that there are still 12 percent remaining and we will be happy to discuss any opportunities with ADNOC for investments by Lukoil in Abu Dhabi," Jebouri said. Lukoil is developing West Qurna Phase Two oilfield in Iraq, which is currently producing 400,000 barrels per day, he added. The company has another other project in Iraq, which is an exploration project with Japan’s INPEX. Lukoil has completed drilling of its first exploration well in Block 10 and "it has proven to be successful," he said, adding the company plans to drill 1-2 more wells in 2017 to define the amount of reserves in the block. (Reporting by Rania El Gamal; Editing by Tom Heneghan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iran-lukoil-idUKKBN15D0Z5'|'2017-01-30T00:30:00.000+02:00'
'16c5808008179af755cb2e19477331c36435abbb'|'Airlines in Cairo asked to implement Trump travel ban -EgyptAir official'|'Industrials - Sun Jan 29, 2017 - 3:31am EST Airlines in Cairo asked to implement Trump travel ban -EgyptAir official CAIRO Jan 29 Airlines operating at Cairo airport were officially requested on Sunday to prevent U.S. immigration visa holders from seven Muslim-majority countries from boarding flights to the United States, Hossam Hussein, an EgyptAir official, said. Hussein, who is responsible for EgyptAir''s daily flight to New York, said authorities there had notified them hours earlier of the new restrictions. He said green card holders from Sudan, Yemen, Iraq, Iran, Syria, Somalia and Libya would be allowed to board as would holders of diplomatic passports or government officials. (Writing by Lin Noueihed, editing by Larry King) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-trump-immigration-cairo-idUSC6N1BK01G'|'2017-01-29T15:31:00.000+02:00'
'ef4babb12ba361d00f044cd3d05809766b47c099'|'RPT-Social media battle lines drawn ahead of Turkish vote'|'(Repeats story published on Friday)* Erdogan rides nationalist wave after coup, attacks* ''Yes'' vote cast as defending a "strong Turkey"* ''No'' campaigners say they are smeared as traitors* Official campaigning to begin within weeksBy Ercan Gurses and Ayhan UyanikANKARA/ISTANBUL, Jan 27 Campaigning has not officially started, but a string of video "selfies" by the likes of sports stars, actors and cabinet ministers has already launched a divisive debate on plans that would hand Turkish President Tayyip Erdogan sweeping new powers.His supporters see the move to replace Turkey''s parliamentary democracy with an all-powerful presidency as a guarantee of stability at a time of turmoil. Opponents fear a lurch towards authoritarianism if an April referendum approves the change.In a country where mainstream news channels are saturated by Erdogan''s appearances and speeches by government ministers, and where political demonstrations are tightly restricted, the battle for votes is increasingly being waged online."Unfortunately the ''No'' supporters don''t have much opportunity to get their message across on television channels or other media," said actor Baris Atay, who was castigated by pro-government newspapers for a social media video in which he says "no to one-man rule, fascism and dictatorship"."Saying ''Yes'', siding with Erdogan, and being a nationalist is thinking of the country''s future, but saying ''No'' is being a provocateur, a traitor and a terrorist - this is the perception they''re trying to establish," he told Reuters.Atay''s video was re-tweeted 23,000 times.Against a backdrop of bombings by Islamic State and Kurdish militants, a failed coup last July, and the sharpest economic slowdown in almost a decade, Erdogan has cast Turkey as under attack and in need of stronger leadership.The reform would enable the president to issue decrees, declare emergency rule, appoint ministers and senior state officials and dissolve parliament - powers that the two main opposition parties say strip away balances to Erdogan''s power.His supporters dismiss such claims and see the issue as a test of patriotism."Our homeland, our country is passing through a very tough period. A veritable war of independence. We want a strong Turkey. For a strong Turkey, yes, I am in," Ridvan Dilmen, the country''s best-known soccer pundit, said in a video message on Twitter, triggering a chain of celebrity reactions."Coach Ridvan, I got your call. I''m in for a strong Turkey too," said soccer star Arda Turan, who plays for Barcelona, in a similar post, drawing 10,000 re-tweets in the soccer-mad nation.NATIONALISTS KEYErdogan assumed the presidency, a largely ceremonial position, in 2014 after more than a decade as prime minister with the ruling AK Party, which he co-founded. Since then, pushing his powers to the limit, he has dominated politics by dint of his personal popularity.Opponents accuse him of increasing authoritarianism with the arrests and dismissal of tens of thousands of judges, police officers, soldiers, journalists and academics since the failed coup.Erdogan is expected in the coming days to officially approve the constitutional reform bill passed by parliament this month that will pave the way for the referendum, likely to be held on one of the first two Sundays in April.He was Quote: d on Friday as saying campaigning would officially start on Feb. 7. But Foreign Minister Mevlut Cavusoglu and Energy Minister Berat Albayrak, Erdogan''s son-in-law, have already posted selfie videos."We''re in too for a powerful Turkey," Prime Minister Binali Yildirim chanted with members of the women''s wing of the AK Party in another video on Twitter.Pollsters are divided on how the referendum will play out, though many agree the stance of the nationalist MHP opposition will be key. The AKP has been drumming up nationalist support while the MHP has been divided by a bitter leadership row."According to our latest polls, two thirds of MHP voters are in the ''Yes'' camp," said Mehmet Ali Kulat, head of pollster Mak Danismanlik, which is seen as close to Erdogan.Hakan Bayrakci of polling firm SONAR disagreed, forecasting a strong majority of MHP supporters would vote ''No''.The MHP last year expelled three of its members who attempted to oust veteran leader Devlet Bahceli. They oppose the constitutional reform, while Bahceli backs it."LIKE A RAINBOW"The secularist opposition CHP strongly opposes the changes. So does the pro-Kurdish HDP, the second largest opposition party. But a ''No'' campaign by the HDP could help Erdogan by rallying nationalist support behind him.Nationalists view the HDP as deeply tied to the Kurdish PKK militant group and have championed the prosecution under Erdogan of thousands of its members for suspected militant links.That has made the CHP reluctant to campaign on a shared platform with the pro-Kurdish opposition, Ozgur Ozel, a deputy chairman for the CHP, told Reuters, fearing it could undermine support."The ''No'' side is like a rainbow hosting all colours. There shouldn''t be too many party symbols, just slogans, emblems, phrases and symbols that have been agreed upon," he said.The last time Turkey''s disparate opposition groups tried to forge such unity was during anti-government protests in 2013. Those demonstrations ultimately strengthened Erdogan, who used them to rally supporters and expose opposition splits.For now, the ''No'' campaign is largely fighting back online, with soccer fans particularly vocal."For a free, equal and secular country we say NO," said the Twitter account of Sol Acik, a group of leftist supporters of Istanbul''s Fenerbahce soccer club. Similar messages followed from fans of its Istanbul rivals Galatasaray and Besiktas.Another video shared widely on social media showed students singing a popular song with alternative lyrics on an Istanbul ferry, mocking Erdogan''s policies and calling for a ''No'' vote.It also showed police waiting on the quayside and trying to detain them as they docked, before other passengers persuaded them not to. (Additional reporting by Gulsen Solaker and Tuvan Gumrukcu in Ankara, Daren Butler in Istanbul; Writing by Nick Tattersall, editing by Peter Millership and Giles Elgood)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/turkey-politics-constitution-idINL5N1FH538'|'2017-01-29T07:59:00.000+02:00'
'dea7a4ec9000cb763b4a754de9d5bbf79ba43d75'|'Australia''s banks announce reforms amid consumer backlash'|'Financials - Sun Jan 29, 2017 - 1:15am EST Australia''s banks announce reforms amid consumer backlash By Harry Pearl - SYDNEY SYDNEY Jan 29 Australia''s biggest banks announced on Sunday a $1 billion ($754.6 million) investment in a new system to allow real-time transfers and payments as part of reforms aimed at appeasing public dissatisfaction with the financial system. The changes come amid calls from the opposition Labor Party for a judicial inquiry into the broader financial industry, which has been plagued by scandals involving misleading financial advice, insurance fraud and alleged interest-rate rigging. Australia''s "Big Four" banks - Commonwealth Bank of Australia, Australia and New Zealand Banking Group , Westpac Banking Corp and National Australia Bank - have been forced to respond to public anger over the perception they are abusing their power. The four together control 80 percent of lending in Australia and have enjoyed years of record profits thanks largely to their dominance of the mortgage market. "We have heard the concerns of Australians and we are committed to taking action so that banking with all of us is a better experience," Andrew Thorburn, chairman of the Australian Banking Association (ABA) and CEO of National Australia Bank, said in a statement. Real time payments will allow Australian customers to overcome current delays of up to five business days when making transfers. It will also ensure funds are available on a 24/7 basis. Other initiatives announced by the ABA include financial literacy resources for small businesses and farmers, and making it easier for customers to change banks and accounts. Tom Godfrey, spokesperson for consumer advocacy group CHOICE, said the steps did not go far enough. "While all these steps are welcome, there is no substitute for a genuinely independent review of competition in Australia''s banking sector, a review commissioned by government, not the banks themselves," he said. (1 Australian dollar = $0.7546) (Reporting by Harry Pearl; Editing by Stephen Coates) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-banks-idUSL4N1FJ020'|'2017-01-29T13:15:00.000+02:00'
'22755c2a5b102ef76eaf0c01ebe97da381771037'|'HgCapital to sell auto leasing firm Zenith to Bridgepoint for 750 million pounds'|'  7:54am GMT HgCapital to sell auto leasing firm Zenith to Bridgepoint for 750 million pounds London-based private equity firm HgCapital Trust Plc ( HGT.L ) has agreed to sell Zenith, a British vehicle leasing business, to peer Bridgepoint in a deal valued at 750 million pounds, its manager HgCapital said on Monday. The sale delivers a 2.9 times investment multiple and a 46 percent gross internal rate of return over the investment period, HgCapital said in a statement. On completion of the deal, the trust would realise cash proceeds of about 59 million pounds, an uplift of 15.4 million pounds, or about 35 percent, on the carrying value of the asset as at Nov. 30, 2016. Headquartered in Leeds, Zenith has over 500 employees and operates a fleet of about 85,000 vehicles. (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hgcapital-trust-divestiture-bridgepoi-idUKKBN15E0LG'|'2017-01-30T14:54:00.000+02:00'
'99a97237a261744696d25d8dcce33ffdf114a175'|'Senator says U.S. Labor Department dismantled website for Wells Fargo workers'|'Business News  33pm EST Senator says U.S. Labor Department dismantled website for Wells Fargo workers U.S. Senator Elizabeth Warren (D-MA) questions Wells Fargo CEO John Stumpf (not pictured) during his testimony before a Senate Banking Committee hearing on the firm''s sales practices on Capitol Hill in Washington, U.S., September 20, 2016. REUTERS/Gary Cameron By Sarah N. Lynch - WASHINGTON WASHINGTON Democratic Senator Elizabeth Warren on Friday accused the U.S. Labor Department of dismantling a website designed to help Wells Fargo ( WFC.N ) workers file whistleblower retaliation and other complaints against the bank, and asked the department to reinstate it. In her letter to Acting Labor Secretary Edward Hugler, Warren said she noticed on Tuesday that the site (www.dol.gov/wellsfargo) was gone and contained the words "Page Not Found." Labor Department spokesman Steve Barr told Reuters the site was removed on January 9, but did not comment further on the reasons why it was taken down. Former Labor Department Secretary Thomas Perez created the special website last September, shortly after Wells Fargo was ordered to pay $190 million in fines and customer restitution after its high-pressure sales environment led to the opening of as many as two million accounts that customers may not have authorized. Some of the bank''s employees filed whistleblower complaints with the Labor Department''s Occupational Safety and Health Administration, saying they had been fired for reporting the "gaming" of sales quotas by Wells Fargo, while others complained that they were forced to work late. "Taking down this website enables Wells Fargo to escape full responsibility for its fraudulent actions and the department to shirk its outstanding obligations to American workers," wrote Warren, who is a member of the Senate Committee on Health, Education, Labor and Pensions, which oversees the Labor Department. When he launched the site, Perez pledged to Warren he would conduct a top-to-bottom review of all the Wells Fargo complaints the department had received to see how they were handled. The website also offered assistance on issues including proper pay for employees and workplace discrimination. Reuters has reported on issues with some of the whistleblower cases, including one involving a former Wells Fargo employee who waited nearly five years to be interviewed after telling OSHA she was fired for reporting the gaming. On Friday, Warren also asked for an update on the Labor Department''s review. The findings have not been made public, but a person familiar with the review said that OSHA''s San Francisco office, which handled the bulk of the Wells Fargo complaints, faced a particularly high caseload-to-staff ratio. The review also found that OSHA does not have an effective case management system to track what is going on in the field, the person added. Labor spokesman Barr declined to comment on that part of the letter, saying he cannot discuss ongoing investigations. Warren''s concerns could resurface on Feb. 7, when fast-food executive Andrew Puzder is expected to appear for his confirmation hearing to become the next labor secretary. Puzder is already facing a backlash by some of his own workers at CKE Restaurants, who allege they are victims of wage theft. (Reporting by Sarah N. Lynch; editing by Leslie Adler, G Crosse and Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-labor-wells-fargo-idUSKBN15B2FZ'|'2017-01-28T05:33:00.000+02:00'
'63385841d7543e7ca926ef62b24accb9385ef12a'|'UPDATE 1-Conversion fear hits Popolare di Vicenza, Veneto Banca junior debt'|'Financials  46am EST UPDATE 1-Conversion fear hits Popolare di Vicenza, Veneto Banca junior debt * Boards meeting to draft capital plan for ECB * May tap state aid to fill capital shortfall * Junior debt risk conversion into shares under rescue plan (Recasts with comment) MILAN, Jan 31 The threat of Italy''s Popolare di Vicenza and Veneto Banca being forced to convert their junior debt into shares as part of measures to boost capital hit bonds issued by the two troubled regional banks on Tuesday. The two Veneto-based lenders may join bigger rival Banca Monte dei Paschi di Siena in accessing a 20 billion euro ($22 billion) fund Italy set up at the end of last year to help struggling banks. A source familiar with the matter said the pair could qualify for state support under European rules that impose losses on some junior bondholders because they failed stress tests the European Central Bank conducted last year on 56 smaller banks, the results of which were not published. The ECB and the two lenders declined to comment. The boards of the two banks were meeting on Tuesday to draft capital measures they will submit to the ECB. Monte dei Paschi is being rescued by the state under such rules, which avoided losses for senior bondholders, depositors and retail investors holding junior debt. In the case of the Tuscan bank, only institutional investors holding its junior debt will see their bonds converted into shares. Traders said conversion risks on Tuesday pushed investors to dump bonds issued by Popolare di Vicenza and Veneto Banca, which have 950 million euros in junior debt. By 1341 GMT a Popolare di Vicenza Sept. 2025 subordinated bond traded at 40 percent of its face value, yielding 43 percent up from 37 percent on Monday.. Similarly, a Veneto Banca December Dec. 2025 subordinated bond traded at 41 percent of its nominal value for a yield of 40.8 percent, up from 35.9 percent on Monday. Popolare di Vicenza and Veneto Banca were rescued last year by state-sponsored, privately-financed bailout fund Atlante after failing to find buyers for initial share offerings worth 2.5 billion euros. New CEO Fabrizio Viola, brought in by Atlante to oversee a merger requested by ECB supervisors, said in January that the two banks would decide whether they need state support once they had put a figure on their capital needs. They have been told to cut doubtful loans, which totalled 17.3 billion euros in nominal terms at the end of June, and must restructure to lower costs that currently eat up all their income. The two banks were estimated to need another 2.5 billion euros in capital but daily la Repubblica reported on Tuesday their capital shortfall may be as much as 5.7 billion euros. Atlante, financed by Italian banks and insurers, pumped in an additional 938 million euros into the two banks in December as part of future capital raising. It is now left with 1.7 billion euros which it can only use to buy bad loans. ($1 = 0.9342 euros) (Reporting by Valentina Za and Stefano Bernabei; Editing by Keith Weir) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-veneto-banks-conversion-idUSL5N1FL39O'|'2017-01-31T22:46:00.000+02:00'
'0e7a348f9d0a390e95b23dfd671a02150066f587'|'Deutsche Bank fined for $10 billion sham Russian trades'|'Tue Jan 31, 2017 - 12:46pm GMT Deutsche Bank fined for $10 billion sham Russian trades A statue is pictured next to the logo of Germany''s Deutsche Bank in Frankfurt, Germany September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo By Karen Freifeld and Arno Schuetze - NEW YORK/FRANKFURT NEW YORK/FRANKFURT Deutsche Bank ( DBKGn.DE ) has agreed to pay $630 million in fines for organizing $10 billion in sham trades that could have been used to launder money out of Russia, the latest in a string of penalties that have hammered the German lender''s finances. In two detailed reports, U.S. and British regulators criticized the bank for not knowing the customers involved or the source of money for the trades, which helped buoy revenue during a slowdown following the global financial crash. The scheme involved so-called mirror trades carried out between 2011 to 2015 - for instance, buying Russian stocks in roubles for a client and selling the identical value of a security for U.S. dollars for a related customer. The New York Department of Financial Services outlined a web of trades "converting roubles into dollars through security trades that had no economic purpose" and stretched from Moscow, London and New York to Cyprus and the British Virgin Islands. "I have a billion rouble today ... will you be able to find a security for this size," the watchdog cited one party to a deal as telling a Deutsche Bank trader in Moscow. The regulator said the bank had missed numerous opportunities to prevent the scheme. "These flaws allowed a corrupt group of bank traders and offshore entities to improperly and covertly transfer more than $10 billion out of Russia." It said the scheme - in which the parties involved often lost money on the trades due to fees and commissions - could have been used for money laundering. While U.S. and British regulators - which fined Deutsche $425 million and $204 million respectively - penalized the bank for not having adequate controls, they did not say top management was aware of the improper nature of the trades. The fines - which comes weeks after a $7.2 billion U.S. penalty for the sale of toxic mortgage debt - marks another step in Deutsche Chief Executive John Cryan''s attempts to draw a line under the bank''s misdeeds in the wake of the financial crisis, as it sought to carve and then keep a foothold on Wall Street. That has left a costly legacy of billions of euros of fines. Germany''s biggest bank is expected by analysts to report a loss later this week for 2016 of more than 650 million euros. The bank''s shares were up 1 percent at 18.82 euros at 1230 GMT. MISSING DOCUMENTS Karl von Rohr, Deutsche Bank''s chief administrative officer, said the bank regretted its role in the Russian trades scheme and that it had since acted to address shortcomings. He cautioned, however, that other authorities were investigating the trades and that the matter was not yet closed. The U.S. Department of Justice is not part of the deal and is still looking into the trades. A spokesman declined to comment on its inquiry. Among a host of legal claims, two large cases remain: an inquiry into alleged foreign exchange manipulation and an investigation of its processing of some dollar payments in countries under U.S. embargo. The British fine, from the Financial Conduct Authority, is the largest financial penalty for anti money-laundering controls failings yet imposed by the regulator. In a damning report, it said Deutsche had failed to have proper controls to stop customers transferring billions from Russia to offshore bank accounts "in a manner that is highly suggestive of financial crime". It said Deutsche had been unable to determine who many of its customers were, citing missing identification documents, lack of information about corporate ownership and poorly understood foreign-language paperwork. The U.S. regulator found Deutsche Bank''s Moscow traders facilitated the scheme, with most of the trades placed by a single trader representing both sides of the transaction. Traders did not question the suspicious trades because it made for easy commissions, it said. Deutsche Bank has previously said it has taken disciplinary measures against certain employees. It has also cut back on its investment banking activities in Russia. The bank will report its financial results for 2016 on Thursday. (Writing by Georgina Prodhan and John O''Donnell; Editing by Louise Heavens and Pravin Char) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-deutsche-mirrortrade-probe-idUKKBN15F1GT'|'2017-01-31T19:42:00.000+02:00'
'0057f25f771009965e9a6ad7b61f05ecb9e16b69'|'Russia''s Nordgold says considers delisting from London Stock Exchange'|'MOSCOW Jan 31 Russian gold miner Nordgold said on Tuesday it was considering delisting its global depositary receipts from the London Stock Exchange but that no decision had been taken yet."The board of directors continues to consider options for maximising shareholder value, including a potential delisting of the company''s global depositary receipts, although no decision has been taken," Nordgold said in a statement.Russia''s Kommersant newspaper reported on Monday that Nordgold, more than 90 percent owned by billionaire Alexei Mordashov, was unhappy with the low price and liquidity of its shares and could delist or buy out minority shareholders. (Reporting by Andrey Kuzmin; writing by Peter Hobson; Editing by Katya Golubkova)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/russia-nordgold-delisting-idINR4N1FC01X'|'2017-01-31T04:46:00.000+02:00'
'e6349c65f645bd7ad0cff891296a0a9402edde78'|'Profits rise at Ocado, no update on overseas deal'|'Business News   7:41am GMT Profits rise at Ocado, no update on overseas deal A worker packs bags as a conveyer belt transports goods inside the Ocado Customer Fulfilment Centre in Hatfield on the outskirts of London, Britain, April 6, 2016 . REUTERS/Dylan Martinez LONDON British online supermarket Ocado ( OCDO.L ) on Tuesday reported a 3.3 percent rise in full-year core earnings and said it was well positioned for growth, though there was no significant update on a long-awaited overseas deal. The firm, which sells products supplied by upmarket grocer Waitrose [JLP.UL] and also has a distribution agreement with Morrisons ( MRW.L ), said it made earnings before interest, tax, depreciation and amortisation (EBITDA) of 84.3 million pounds in the year to Nov. 27 2016. That compared to analysts'' average forecast of 85.7 million pounds and 81.5 million pounds made in the 2014-15 year. Agreements with retailers in north America and western Europe are seen by analysts as the key influence on Ocado''s stock market valuation. But the company missed its target of securing a deal by the end of 2015 and is still to announce one. The firm said on Tuesday discussions with multiple international retailers regarding adoption of its "Smart Platform solution" technology were continuing. Gross full-year retail sales grew 13.6 percent to 1.27 billion pounds, with growth slowing to 13.1 percent in its fourth quarter. Shares in Ocado have had a rollercoaster ride since listing at 180 pence in 2010. They closed Monday at 244.4 pence, valuing the business at 1.6 billion pounds. The stock took a hit in November when Morrisons extended its relationship with Amazon ( AMZN.O ), offering the online retailer''s customers same-day deliveries of goods from its stores. (Reporting by James Davey; editing by Kate Holton) Next In Business News Shell     has   billion (3.04 billion pounds),  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ocado-group-results-idUKKBN15F0KP'|'2017-01-31T14:41:00.000+02:00'
'dccea95778f565e6fb0ac50b9cc3e3fd78d0b1c5'|'China decides against taking stake in Areva - report'|'Business News   8:02am GMT China decides against taking stake in Areva - report A logo is seen on the Areva Tower (R), the headquarters of the French nuclear reactor maker Areva in Courbevoie, France, March 8, 2016. REUTERS/Christian Hartmann/File Photo PARIS China National Nuclear Corporation (CNNC) [CNNNC.UL] has decided against taking a stake in the capital increase and restructuring of French nuclear group Areva ( AREVA.PA ), BFM Business reported on Tuesday. Officials at state-controlled Areva and the French Economy Ministry could not be immediately reached for comment. Earlier this month, France said it would buy out minority shareholders in Areva and delist the troubled nuclear group, as talks with potential investors in a new nuclear fuel company being spun out of Areva neared a conclusion. The state, which owns 87 percent of Areva, said it would offer 4.5 euros per Areva SA share to minority investors which include Kuwait''s investment fund, French utility EDF ( EDF.PA ) and French energy group Total ( TOTF.PA ). Japan''s Mitsubishi Heavy Industries ( 7011.T ) and JNFL have also been looking into taking a stake in Areva. (Reporting by Matthieu Protard and Sudip Kar-Gupta; editing by Michel Rose) Next In Business News Shell     has   billion (3.04 billion pounds),  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-areva-china-idUKKBN15F0O8'|'2017-01-31T15:02:00.000+02:00'
'ea8677aefa0cc587047a5fb231f22b56192eee2d'|'Ban coal from backup power subsidy scheme, says Scottish Power - Business'|'Ministers should ban coal power stations from a scheme paying their owners subsidies to provide backup power, a leading energy company and green energy group have urged.Scottish Power and RenewableUK said it was an “obvious paradox” and “counterproductive” that the government had committed to closing all coal power stations by 2025 while continuing to support them through the capacity market, its system for ensuring power when supplies are low .Three major coal power plants closed last year , largely because of the impact of the government’s carbon tax. But coal is still expected to win a significant number of contracts in a capacity market auction starting on Tuesday to provide backup power next winter, paid through subsidies levied on household energy bills. Scottish Power , one of the UK’s big six energy companies, said it was time to exclude coal from future auctions, the first of which is due in December.“As coal has to be replaced by 2025, we think that the government should now consider introducing an emissions restriction as part of the qualifying criteria for the next auction in December and any subsequent such auctions,” said Keith Anderson, the chief corporate officer of Scottish Power. As the most carbon-intensive fuel, coal would likely fall foul of any such restriction.“Replacing old coal with new gas is by far the cheapest way of reducing carbon emissions from the power sector and securing supply,” Anderson added. The company wants to build a new gas power station, but lost out for that plant in the last capacity market auction after the price went relatively low, disappointing government hopes of encouraging new gas power stations to be built.Electricity mix 2016 Emma Pinchbeck, the executive director of trade group RenewableUK, echoed the call to end subsidies for coal. “Everyone knows that it’s game over for coal. It would be counterproductive to throw bill-payers’ money away on a dirty technology which the government has quite rightly committed to phasing out by 2025.”She added that the government’s upcoming vision of a more flexible, smarter energy system could show how to keep electricity supplies secure without relying on “old-fashioned, unclean and unreliable” coal. Steve Holliday, the former chief executive of National Grid, which oversees the capacity market auctions, told the Guardian it was important to consider that in the future the power grid would be more flexible and capable of coping with peaks in demand.“By 2022 we should have half-hour metering which means lots more business customers can be flexible on their electricity demand; the government says all homes will have smart meters so even if you’re pessimistic the vast majority will have a smart meter; and there will be a lot more battery storage,” he said. “So let’s not commit to big central generation [such as gas or coal] too soon.”One senior industry figure said the Scottish Power proposals were sensible, but others said it would be better to target diesel generators, which have won lucrative capacity market subsidies . Uniper, the company formed to take care of E.ON’s fossil fuel operations when the German group split its businesses , rejected the idea of a ban. “The capacity auctions to date clearly indicate that a phased closure of coal is already happening and a ban seems neither the best way forward to ensure consumers get the best deal, nor to ensure security of supply,” said a spokeswoman for the company, which runs Ratcliffe coal plant in Nottinghamshire.Analysts predict the auction this week, which is designed to guarantee backup power in the winter of 2017-18, would fetch a higher price than previous ones. Cornwall Energy said it expected a clearing price of £23 to £28 a kilowatt, compared with £22.50 in the last auction , but coal power generators would drive the price down with bids of £20 to £30.“Older, less efficient plants will play a greater role in meeting the envelope [of backup capacity] than we have seen before,” the group said.Coal operators have previously won agreements to provide a considerable 6.1 gigawatts (GW) of capacity in the winter of 2020-21, down from 9.2GW in 2018-19. “We are already seeing a significant reduction in the role that coal will play in the capacity market year on year,” said a government spokesman.Holliday said the use of “Blackout Britain” headlines should end. “We’ve been talking about blackouts for 15 years every time it gets cold, but it’s a scare story,” he told the BBC . The Energy and Climate Intelligence Unit, a UK-based thinktank, said the former grid boss’s comments were refreshing, and noted that none of the UK’s reserve power had been called on this winter.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/30/ban-coal-backup-power-subsidy-scheme-scottishpower'|'2017-01-30T02:00:00.000+02:00'
'09c3807fe43bdace69c2177c597707cdcd57da95'|'U.S. Homeland Security says monitoring litigation over Trump order'|'Industrials   10:01pm EST U.S. Homeland Security says monitoring litigation over Trump order WASHINGTON Jan 28 The Department of Homeland Security said on Saturday it was carefully monitoring litigation to do with U.S. President Donald Trump''s executive order affecting seven Muslim-majority countries but had not yet seen a copy of the emergency stay issued by a U.S. Federal Court. A senior Homeland Security official said of roughly 375 travelers affected by the order, 109 were in transit to the United States and denied entry into the country. Another 173 people were stopped by airlines from boarding an aircraft to the United States, said the official. (Reporting by Lesley Wroughton; Editing by Nick Zieminski) Next In Industrials WRAPUP 4-Trump order halting some Muslim immigrants hits roadblock NEW YORK/WASHINGTON, Jan 28 President Donald Trump''s order to restrict people from seven Muslim-majority countries from entering the United States sparked outrage but hit a roadblock late on Saturday when a federal judge said stranded travelers could stay in the country.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-trump-immigration-travelers-idUSL1N1FJ028'|'2017-01-29T10:01:00.000+02:00'
'a3eab65bcf46082ab304e6e998ab5234600ef2a3'|'Saudi''s National Commercial Bank proposes higher H2 dividend'|'Financials - Sun Jan 29, 2017 - 12:56am EST Saudi''s National Commercial Bank proposes higher H2 dividend DUBAI Jan 29 The board of Saudi Arabia''s National Commercial Bank is recommending a dividend of 1 riyal per share for the second half of 2016, the kingdom''s largest lender said in a bourse filing on Sunday. The payout is higher than the 0.75 riyal which the bank paid for the second half of 2015, according to Thomson Reuters data. (Reporting by Alexander Cornwell; Editing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/nationl-comml-bk-dividend-idUSL5N1FJ02X'|'2017-01-29T12:56:00.000+02:00'
'84423ce7992dc0669ec6b5c385aac7dcb4de5e6a'|'Brazil fund Verde says Trump win accelerates possible China clash'|'Funds News  16pm EST Brazil fund Verde says Trump win accelerates possible China clash SAO PAULO Jan 31 U.S. President Donald Trump''s policies could accelerate the arrival of a possible trade war with China bringing serious impacts to financial markets, the head of Brazil''s largest hedge fund said on Tuesday. Luis Stuhlberger, Chief Executive of Verde Asset Management Ltda, told a seminar sponsored by Credit Suisse Group AG in Sao Paulo that Trump could increase ties with Russia and India to offset China''s rising power. Verde, which has returned almost 12,000 percent to investors since it opened in 1997, oversees 31 billion reais ($9.8 billion) in global assets. ($1 = 3.15 reais) (Reporting by Guillermo Parra-Bernal; editing by Diane Craft) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/verde-currency-trump-idUSE6N1CB01M'|'2017-02-01T04:16:00.000+02:00'
'8394c893967b281b7c24a9921f6059c19cf5aa46'|'Trump''s immigration reform: Are H-1B visas next?'|'Trump''s immigration reform: High-skilled visas may be next by Sara Ashley O''Brien @saraashleyo January 30, 2017: 7:02   President Donald Trump has the tech community outraged over his travel ban. But Trump hasn''t forgotten about revamping the H-1B program too. The H-1B visa is the popular pathway that helps high-skilled foreigners work at companies in the U.S. It''s a program that''s particularly near and dear to the tech community, with many talented engineers vying for one of the program''s 85,000 visas each year. During a White House briefing Monday, Press Secretary Sean Spicer said Trump will continue to talk about reforming the H-1B visa program, among others, as part of a larger push for immigration reform. Spicer said Trump will do so through executive order, as well as by working with Congress. Details on both options are unclear. In a draft executive order dated January 23 obtained by CNNMoney, changes could impact numerous programs. There were no details on how this would impact the H-1B, except to say that there will be a report within 90 days with suggestions on how to make the program more efficient and how to allocate the visas. Currently, the visas are doled out by a lottery, and the number of applicants continues to swell each year. In 2016, demand was three times more than the quota. Related: Bipartisan bill aims to reform H-1B visa system Three new bills have been introduced this year, offering up suggestions for how to reform the program, including to a proposal to give visas to the highest bidders. But there are many other programs mentioned in the draft that are important to the tech community. Programs like the J-1, for summer work travel, and the OPT, for international students to stay in the U.S. after graduating. Both were recently revised under the Obama administration. Also, the E-2 program, which is an investor visa, is subject to change. L-1 visas, which are given to foreign workers who transfer to the U.S. from a company''s office abroad, would be subject to site visits, according to the draft. It says that within six months, Homeland Security will start preforming site visits for all L-1 holders. Within two years, the draft order proposes to expand on-site visitation to all employment-based visa programs. The International Entrepreneurs Rule is also in question. It was passed during the final days of the Obama administration and extends "parole status" to entrepreneurs as a creative alternative to a startup visa -- which the U.S. doesn''t have. While the draft order didn''t specifically name the Enterpreneurs Rule by name, it proposed eliminating all parole use that "circumvents statutory immigration policy," which this rule would fall under. The rule is also under a pending freeze issued during Trump''s first day in office.   7:02 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/30/technology/trump-h1b-visa-immigration-reform/index.html'|'2017-01-31T07:17:00.000+02:00'
'281ac8fa572942dbeff82fa020e9243a16481b39'|'Industrivarden executive in elk hunt bribery probe'|'Top Swedish executive probed for suspected elk hunting bribery Fredrik Lundberg and Swedish ex-minister Anders Borg face investigation Read next by: Richard Milne , Nordic Correspondent One of Sweden’s leading business people and the country’s former finance minister have each been questioned by prosecutors on suspicion of bribery in the latest corporate corruption scandal to rock the Scandinavian nation. Fredrik Lundberg, who as chairman of investment company Industrivarden helps control companies including Handelsbanken , Ericsson and Volvo Group , is under investigation for suspected bribery relating to a series of elk hunts, according to a statement from one of his companies. Anders Borg, the former centre-right finance minister and currently deputy chairman of investment company Kinnevik and a senior adviser to Citigroup, is also being investigated for allegedly accepting a bribe, according to Sweden’s anti-corruption prosecutors. Both men were questioned on Thursday and cautioned, the prosecutors said. The probe is the latest in a series of scandals that have shattered Sweden’s squeaky clean image. Telia, the telecoms operator, is expected to pay about $1.4bn to resolve a bribery probe while the former chief executive of Fingerprint Cards, a once high-flying Swedish technology company, has been charged with insider trading. Nordea, Ericsson and Swedbank have all been caught up in allegations of financial misconduct. The bribery investigation is only the latest setback for Industrivarden. Two years ago, allegations about the frivolous use of business jets by managers both of Industrivarden and the groups in which the investment company has stakes led to wide-ranging personnel changes. In the spring of 2015, the chairman of Industrivarden was ousted, leaving Mr Lundberg to take up that role. Mr Lundberg hosts two to three hunts a year at Holmen, the Swedish forestry group where he is also chairman, according to the company, and prosecutors have been investigating these events since 2015. There is a long tradition of Swedish executives entertaining guests during the elk hunting season and Mr Lundberg has led such hunts at Holmen for more than 20 years. Prosecutors interviewed both Messrs Lundberg and Borg on Thursday and say they have “reasonable suspicion” of bribery. Related article Fredrik Lundberg is seeking to move Industrivarden on from a business jet scandal Sunday, 29 January, 2017 Both men as well as Holmen strenuously denied any wrongdoing. “I am convinced that both Holmen and I have managed everything correctly and that no violations have occurred,” Mr Lundberg said in a statement through his family holding company. “Hunting arranged by Holmen on lands in the Norrköping area is a decades-long tradition and provides an opportunity to meet with Holmen’s employees as well as with external participants,” he added. Hans Strandberg, a lawyer for Mr Borg, said the questioning had to do with a hunt in October 2014, after Mr Borg stopped being finance minister. He said prosecutors homed in on the fact that Mr Borg was invited in the spring of 2014 when he was still finance minister. Prosecutors valued the trip — which Mr Borg did not pay for — at Skr7,000, Mr Strandberg said. “His intention was to pay for it but then he lost the election. There is no reason for the prosecutor to go further with this,” he said, adding that Mr Borg and Mr Lundberg had been friends for 30 years. Mr Borg’s stewardship of Sweden’s economy after the financial crisis garnered praise, and he was named as the best EU finance minister in 2011 by the Financial Times. Mr Lundberg has cemented his power in Sweden on the back of the separate corporate jet scandal, which partly revolved around allegations of lavish hospitality, including hunting. Since becoming chairman of Industrivarden he has led big changes across the sphere of groups in which the investment company is the largest investor, including replacing management and unwinding cross-shareholdings. In a recent interview with the Financial Times, Mr Lundberg described his role: “I try to concentrate on trying to do a good job and act in a way that is value-creating,” he said. “To be able to create value in the way we do, you have to take a long-term view.” Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/europe'|'https://www.ft.com/content/a88bd06a-e455-11e6-8405-9e5580d6e5fb'|'2017-01-27T16:53:00.000+02:00'
'85f5183c80e6f1c2eea9bb11f4111efdbf30ae16'|'UPDATE 1-Emirates says changed pilot, crew rosters on US-bound flights after Trump order'|'Industrials - Sun Jan 29, 2017 - 8:25am EST UPDATE 1-Emirates says changed pilot, crew rosters on US-bound flights after Trump order (Adds comments from airlines)) DUBAI Jan 29 Emirates airline has had to change flight attendant and pilot rosters on services to the United States following the sudden U.S. travel ban on seven Muslim-majority countries, an airline spokeswoman said Sunday. "The recent change to the U.S. entry requirements for nationals of 7 countries applies to all travellers and flight operations crew," the spokeswoman said in emailed comments. "We have made the necessary adjustments to our crewing, to comply with the latest requirements." A separate spokeswoman later told Reuters by phone the impact of the roster changes on the airline would be minimal due to its diverse workforce. Emirates, the world''s largest long-haul airline, employs over 23,000 flight attendants and around 4,000 pilots from around the world including from the U.S., Europe and Middle East, the spokeswoman said. The airline is owned by the government of Dubai, part of Muslim-majority and U.S. ally the United Arab Emirates. It flies daily from Dubai to 11 U.S. cities including New York, Washington D.C. and Los Angeles, and will add a 12th U.S. destination in March. Etihad Airways, based in the UAE''s Abu Dhabi, did not immediately comment on the impact of the ban on its flight crew. A Qatar Airways spokeswoman directed Reuters to a statement on its website that said passengers would need a green card or diplomatic visa to enter the U.S. Emirates and Etihad have a similar statement on their websites. President Donald Trump signed an order on Friday suspending the entry of people from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen for at least 90 days. The ban caught the airline industry off guard, according to the International Air Transport Association. "To date, no Emirates crew has been impacted by the change," the initial spokeswoman said. On Saturday, Emirates said that a "very small number" of its passengers travelling had been affected by the ban. Emirates "continues to comply with the guidance provided to us by the U.S. Customs and Border Protection" and U.S. flights are operating to schedule, the airline said on Sunday. (Reporting by Alexander Cornwell, editing by Larry King and Stephen Powell) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-trump-immigration-emirates-idUSL5N1FJ0F3'|'2017-01-29T20:25:00.000+02:00'
'12a6b259fab618ebe89243f0337c438350a1aa66'|'"I got handcuffed and just started crying": Sudanese student describes U.S. detention'|'Industrials   2:35am EST "I got handcuffed and just started crying": Sudanese student describes U.S. detention By Alex Dobuzinskis Jan 28 A Sudanese student with U.S. legal residency said on Saturday she was briefly handcuffed at a New York airport, following President Donald Trump''s order restricting entry into the United States for people from seven Muslim-majority nations. Nisrin Elamin, 39, a Stanford PhD student in anthropology who has lived in the United States since 1993, said she landed at John F. Kennedy International Airport on Friday night and was detained for about five hours. Trump''s order signed on Friday upended the travel plans of people without U.S. citizenship who were arriving in the United States from those seven countries, including Syria, Iran and Sudan, causing confusion and sparking protests at airports as immigrants and refugees were stranded. Elamin said she had been in Sudan for academic research and boarded a plane on Friday morning. After presenting her U.S. green card, a designation of legal permanent residence, at JFK, she said she was questioned, patted down and handcuffed. "It was an uncomfortable pat down, they touched my breast area and my groin area," Elamin said in a phone interview. "Then I got handcuffed and I just started crying." Elamin said the handcuffs were soon removed and it appeared authorities were using them to escort people between areas of the airport. Elamin was released, but she worried about leaving the country again and about her parents in Sudan, whom she hoped one day to help immigrate to America. "It scares me that I''m not able to see them if I want to," said Elamin, who lives in New Jersey. Trump''s executive order means legal permanent residents who have passports from the seven countries have to be cleared back into the United States on a case-by-case basis, a senior U.S. administration official told reporters. The Department of Homeland Security, which overseas entry at airports, in a statement later said it will "treat all of those we encounter humanely and with professionalism." The executive order also upended the plans of some people planning to leave the United States. Shirana Navabha, 57, a U.S. citizen originally from Iran, said she was scheduled to fly to Iran on Sunday, but will not go after Tehran said it would stop U.S. citizens entering the country in retaliation to Trump''s action. "I told everybody that I''m coming, everyone was so excited and now I''m not going, it''s just frustrating," Navabha, who lives in Dallas, said by phone. (Reporting by Alex Dobuzinskis in Los Angeles; Editing by Stephen Coates) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-trump-immigration-detention-idUSL1N1FJ06C'|'2017-01-29T14:35:00.000+02:00'
'171aca30e6763121fc7f2e99ad5961fa2d64c65e'|'Fighting food waste with an app… and a measuring spoon'|'L isa Edwards is busy unpacking shopping for the following day’s dinosaur-themed birthday party for her toddler Max, but is happy to show Guardian Money into her kitchen and explain – short of actually rifling through her bin – how she and her family have reduced their food waste by more than three quarters over the past year, saving £1,000.“We were definitely wasting some food before we got involved in the project but the problem was that we just didn’t know how much,” she says. After Max chucks a banana on the floor, she weighs it on scales which are connected, via her iPad, to an app called Winnow.The screen tells her that if she throws the banana – which weighs 118g – away, she will have wasted the equivalent of 15p. “I was wasting more than I thought and it certainly adds up,” she says as Max squeals for his banana back. “Not only do we know the value of what we are wasting – and why – but we are also taking steps to reduce it in the first place by planning meals, shopping more carefully, and using our freezer better.”Lisa, 31, and husband Jamie, 34, signed up last year to be part of a ground-breaking £1m Waste Less, Save More trial run by Sainsbury’s to help consumers reduce their food waste and save money.They, and their two young sons, Jake and Max, live in Swadlincote, a market town of 35,000 people in Derbyshire, chosen by Sainsbury’s as its test bed. As one of the “focus families” in the trial, they have used new technology, such as Winnow (currently only used in restaurant kitchens) and Olio, a US food-sharing app (the first time it has been tested outside London).They also kept food diaries, and worked with chefs and nutritionists to go “back to basics” in the way they buy, store, prepare, cook and eat food.The UK churns out 15m tonnes of food waste a year – of which 7m come from households. The estimated retail value of this is a staggering £7.5bn, and the government’s waste advisory body, WRAP, calculates that a typical family wastes £700 of food a year. Depressingly, its most recent figures show it has risen by 0.3m tonnes in three years.Sainsbury’s initially invited towns across the UK to take part in a pilot project on food waste. Oddball ideas such as talking bins, urban wormeries and mushrooms grown from used coffee grounds came flooding in. But Swadlincote was finally chosen because it already had a recycling rate above the national average.As part of the project, staff at Sainsbury’s handed out free packs of simple gadgets to help shoppers reduce waste. Fridge thermometers had already helped residents discover that their fridge is not set at the optimum temperature to preserve food.Shoppers are also given pasta portion measures (we typically cook much more than we eat), measuring spoons and a gadget to squeeze the last out of a tube of tomato puree.Magnetic shopping lists and weekly meal planners, which can be easily fixed and viewed on the front of a fridge, have also been simple but effective solutions.Facebook Twitter Pinterest Lisa Brooks: ‘inspired’ by the project Near the Waste Less, Save More welcome desk is a bank of Olio lockers where shoppers can leave or collect surplus food donated by local restaurants or cafes. Outside, an orange van is parked. It is used by a team of dedicated “food saver champions” who travel around the town, doing cooking demonstrations and sharing tips.Environmental charity Hubbub helped deliver the project. Initially this meant wading through nearly 800 household food collection bins over two weeks, weighing their contents. Findings will be compared when the project ends this week.While it’s thought that the original target of 50% savings is unlikely to be met, it’s expected that some reductions will be significant.Lisa explains that at the start of the project the family was ordered to gradually empty its fridge and freezer before being taken out shopping with a nutritionist, who introduced them to easy but healthy recipes. “My husband had become vegetarian and we were shown how to make things like carrot burgers from scratch. I’m now buying a lot less and I’m using up my leftovers by using my freezer better. The two key rules that I stick to are: always write a meal plan and always write a shopping list.“I recently ended up with a load of really ripe bananas so I made some banana bread and put two on Olio. I try to measure ingredients like pasta and rice into portions so that I am not cooking too much and then chucking it later.”Overall, the family has slashed its weekly food bill by a third and, thanks to Winnow, reduced its food waste to virtually nothing.On the other side of Swadlincote another “focus family” – Lisa Brooks, 41, proudly displays her jars of homemade sauerkraut and quince jam.“I’ve always enjoyed cooking but this project has inspired me to make things I would not have done before. I went on a workshop where I learned to make the sauerkraut from leftover cabbage which doesn’t even need cooking – it ferments and it’s very healthy.”Brooks, married and with 14-month old Luke, reckons she typically spent £200 a month on food, but is saving £20 on her bills, cutting her food waste to virtually nothing. “I use up everything I buy,” she says.Paula Chapman, who lives in the town with her partner and six children, has managed to cut her food bill from £120 to £60 each week – equal to more than £3,000 a year.“There are lots of things I’ve learnt which all add up to make a big difference,” she said. “In general, I’m more aware about what we’ve already got and I’ll shop to make meals around this. That’s not to say we don’t still enjoy an impromptu takeaway, we’re just more mindful to use up the ingredients another day.”Facebook Twitter Pinterest Woodville Junior School pupils Regen Phillpott (left) and Ella Robinson check a guide to storing food Getting the children involved has also proved a big hit, especially in a busy household. She adds: “Instead of raiding the cupboards for a snack, they’ll come and ask what needs using up.“When we trialled Winnow it really brought it home; we realised that eight uneaten sandwich crusts might not seem a lot, but it really adds up over the year. We’ve definitely got more creative in the kitchen and aren’t scared to experiment. We even found a way of making our own pizza bases using natural yoghurt and flour.”Perhaps it is no great surprise that enthusiastic and eco-aware families who are interested in food and savvy with social media have achieved such impressive results. But Sainsbury’s admits that elsewhere results have fallen short of the 50% target.Supermarkets are regularly criticised for not doing more to redistribute edible food to the needy – via food banks and charities – although Sainsbury’s points out that it co-founded FareShare in 1994 with homelessness charity Crisis and supported its launch as an independent charity in 2004.The Swadlincote trial has helped local people facing the hardship of going hungry in other ways, providing refrigerated storage for donated perishable food that might otherwise be thrown away. And the council’s housing department has launched a scheme for new council tenants – often single people with only basic cooking skills.It provides a “welcome pack” including £50 of food, plus a booklet containing simple recipes and tips to reduce food waste and how to compost.The results of the trial will be evaluated by WRAP and published in the spring. Sainsbury’s has pledged to make the findings public and provide a further £1m to help other communities replicate the work in Swadlincote.Paul Crewe, head of sustainability at Sainsbury’s, said: “We’ve seen positive progress on what will be a longer journey. Changing behaviour can be a slow process, so while we might not see every home halving waste we’re really proud of the progress that has been made.“We’re aiming for the stars, so it’ll still be a success if we land on the moon. We’ve heard from families who can afford days out just by being smarter with their shopping, or those who have done home improvements with their savvy savings.“We’re hoping the results from Swadlincote will create a ‘Mexican wave’ around the UK, so we are putting lots of things in place to maintain the legacy in the town and encourage residents to keep up the good work.”The lessons learned 1 Many people stopped peeling veg, finding they were fine when cooked.2 Bread was the most thrown away food item. Households learned to freeze leftovers as quickly as possible.3 A simple plastic device to measure spaghetti before cooking cut out large amounts of waste.4 Leftover fruit was used in bread pudding, while over-ripe bananas became banana bread.5 The biggest gain was from planning what to eat and not overbuying.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/28/reducing-food-waste-app-measuring-spoon-save-hundreds-pounds'|'2017-01-28T13:59:00.000+02:00'
'8c56ca19e27a58224362dbe03b0ff930ba04900d'|'Czech finance minister to transfer his businesses to trust fund, complain to EU'|'  7:35am EST Czech finance minister to transfer his businesses to trust fund, complain to EU PRAGUE Jan 29 Czech Finance Minister Andrej Babis said on Sunday he would transfer his assets a trust fund to comply with new conflict-of- interest legislation, but would also challenge the rules with the European Commission. Babis, the billionaire owner of more than 250 companies, entered parliament and government with his ANO movement in 2013 and is favoured to become prime minister after this October''s election. Many Czechs trust his pledges to weed out graft in the political establishment. As number two on Forbes list of richest Czechs, worth $2.7 billion, Babis has been likened by media to new U.S. President Donald Trump or the former Italian Prime Minister Silvio Berlusconi. The new law, which cleared a final parliamentary vote earlier this month, will ban ownership of media for ministers and prevent companies in which ministers hold more then 25 percent from winning public contracts and discretionary subsidies. Babis''s holdings include food and chemical companies, some of which receive development subsidies and public orders, but also two national newspapers and a radio station. "I will get rid of everything including media, also my internet media," Babis said in a live debate on TV Prima channel on Sunday. "Unlike President Trump, I will not appoint family members to the trust fund," he said, adding that a family member would have an oversight role in the structure. "I will have no influence over the firm." Trump said earlier this month he would maintain ownership of his businesses but hand off control to his two older sons while president. Babis has said the new legislation, approved by votes from the opposition as well as Prime Minister Bohuslav Sobotka''s centre-left Social Democrats, was an attempt to drive him out of politics. He has repeatedly denied any abuse of his position in favour of his business. Babis said on Sunday one of his companies would file a complaint with the European Commission because he believed the legislation violated European law. Martin Plisek, a centre-right opposition TOP 09 party deputy who co-authored the law, said Babis''s transfer of assets to a trust fund was not a clear severing of business links. "I see at is circumventing the law," he said in the television debate. He said the Czech law was similar to an Austrian one, and other European Union countries also regulate the business of ministers. (Reporting by Jan Lopatka, editing by Larry King) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/czech-babis-idUSL5N1FJ0EH'|'2017-01-29T19:35:00.000+02:00'
'40e4cf52f65f4fcabaef59afbfadd24efb85fdd1'|'UPDATE 1-France, Germany concerned about Trump''s moves to limit refugees'|'Market News - Sat Jan 28, 2017 - 8:06am EST UPDATE 1-France, Germany concerned about Trump''s moves to limit refugees (Adds German foreign minister''s comments) By John Irish PARIS Jan 28 France and Germany voiced disquiet on Saturday over U.S. President Donald Trump''s decision to limit immigration and refugees from some Muslim countries, and they reaffirmed a firm line on Russian sanctions. Speaking at a joint news conference in Paris with his German counterpart Sigmar Gabriel, French Foreign Minister Jean-Marc Ayrault said many of Trump''s decisions worried the two U.S. allies, including new immigration restrictions. Trump on Friday signed an executive order that will curb immigration and refugees from some Muslim-majority countries and he separately said he wanted the United States to give priority to Syrian Christians fleeing the civil war there. "This can only worry us, but there are many subjects that worry us," Ayrault said, adding that he would soon invite his future American counterpart Rex Tillerson to Paris to explain Europe''s interests, values and vision of the world. "Welcoming refugees who flee war and oppression is part of our duty," Ayrault said. Germany has taken in more than one million refugees and migrants, mainly from the Middle East, since 2015. Although traditionally open to asylum seekers, France has taken in far fewer refugees than Germany since the migrant crisis erupted. Some in the French government, mostly ex-premier Manuel Valls, criticising Berlin''s open-door policy, as has Trump. "The United States is a country where Christian traditions have an important meaning. Loving your neighbour is a major Christian value, and that includes helping people," said Germany''s Gabriel, who was on his first trip abroad since his nomination as foreign minister. "I think that is what unites us in the West, and I think that is what we want to make clear to the Americans." The two countries also reiterated their position on Russian sanctions, saying they could only be lifted if progress was made in the peace process for eastern Ukraine, where a pro-Russian separatist insurgency began in 2014. They joined British Prime Minister Theresa May in cautioning Trump against premature moves on the issue. "Let''s not forget there was a war, that Russia sought to take over parts of Ukraine," Ayrault said. Trump said on Friday he was only in the early stages of considering whether to lift U.S. sanctions on Russia, but insisted he wanted to follow through on his campaign pledge to pursue better relations with Russia. The French and German ministers also said the United Nations remained the best framework to lead peace talks about Syria in the aftermath of Russian-led efforts in the Kazakh capital Astana that some diplomats say might undermine the UN process. Separately, Germany and France are also continuing to work on creating a joint tactical airlift pool of Lockheed Martin Corp C-130J military transport planes, a spokesman for the German defence ministry said on Saturday. He could not confirm a report in Der Spiegel newsmagazine that the two countries expected to complete work on the deal and present it to U.S. Defense Secretary James Mattis at a meeting of NATO defence ministers in Brussels next month. The magazine said German Defence Minister Ursula von der Leyen hoped to present the joint airlift as evidence of Germany''s willingness to contribute more to NATO. Trump has criticised many European countries for not meeting a NATO target of spending 2 percent of gross domestic product on defence. (Additional reporting by Andrea Shalal in Berlin; writing by Michel Rose; editing by Mark Heinrich) Next In Market News German watchdog suspected VW scam on CO2 emissions- report BERLIN, Jan 28 Germany''s motor industry watchdog raised suspicions Volkswagen was using prototype vehicles to lower carbon dioxide (CO2) emissions in tests in 2015, soon after the carmaker''s manipulation of diesel emissions tests was uncovered, the Berliner Zeitung newspaper reported on Saturday.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-trump-refugees-france-idUSL5N1FI098'|'2017-01-28T20:06:00.000+02:00'
'ff1379b8de458661ba115f199bf50970d39e84da'|'American steel unlikely to get Keystone boost despite Trump order'|'Money News - Sat Jan 28, 2017 - 6:32am IST American steel unlikely to get Keystone boost despite Trump order left right Deer gather at a depot used to store pipes for Transcanada Corp''s planned Keystone XL oil pipeline in Gascoyne, North Dakota, January 25, 2017. REUTERS/Terray Sylvester 1/2 left right A depot used to store pipes for Transcanada Corp''s planned Keystone XL oil pipeline is seen in Gascoyne, North Dakota, January 25, 2017. REUTERS/Terray Sylvester 2/2 By Ernest Scheyder , Catherine Ngai and Terray Sylvester When U.S. President Donald Trump signed orders to revive two controversial energy pipeline projects this week, he pledged to require new pipelines to use American-made steel, a gesture to workers in the hard-hit industry who helped propel him to power. But U.S. steelmakers will receive negligible benefit from the multi-billion dollar Keystone XL project, one of the two projects Trump ordered to proceed, because they have limited ability to meet the stringent materials requirements for the TransCanada ( TRP.TO ) line. Economists said Trump''s order has many loopholes to enforcement and could violate international trade law. Meanwhile, in the quiet prairie town of Gascoyne, North Dakota, deer wander among gleaming stacks of steel tubing intended for the Keystone pipeline. The company bought the material years ago when the U.S. debate was raging over whether the project should go ahead. TransCanada tried for more than five years to build the 1,179-mile (1,897 km) pipeline, until then-President Barack Obama rejected it in 2015. Since the materials were already purchased for Keystone, Trump''s move to revive the project should not result in new large steel orders. The profits for manufacturing that steel were booked by companies with corporate headquarters in Russia, India and Italy. Those companies own the steel mills in the United States that made about half of the pipeline for the $8 billion project. Much of that steel has sat exposed to the elements in several giant stockyards along the pipeline''s route for more than two years. Analysts said some of it will need to be replaced. But that is unlikely to come from U.S. producers, such as U.S. Steel ( X.N ), AK Steel ( AKS.N ) or Steel Dynamics ( STLD.O ), analysts and traders said, because of the specialised steel required for the big-ticket project. Trump''s directive on using U.S.-made steel is likely also inconsistent with long-standing World Trade Organization rules that require imported products to be given the same treatment as domestically produced goods. The directive could well become the target of a challenge under WTO rules. Trump''s order also runs counter to the North American Free Trade Agreement (NAFTA), a pact that he said he wants to renegotiate but one that nevertheless remains in effect. ''NICE GESTURE'' TransCanada resubmitted its application Keystone project on Thursday, two days after Trump signed the orders. The line is designed to link existing pipeline networks in Canada and the United States to bring crude from Alberta and North Dakota to refineries in Illinois en route to the Gulf of Mexico. Around Gascoyne where the tubing has sat idle in a TransCanada yard, there is little sign among residents of the fierce opposition that stopped Keystone and led to the delay of the other controversial pipeline that Trump pushed forward on Tuesday - the Dakota Access Pipeline. But townspeople were sceptical of Trump''s made-in-America order. "It''s a nice gesture, but you can''t renegotiate when the pipe''s been bought already," said Dan Peterson, 47, a contractor from nearby Bowman, North Dakota, who supports the project. About half of the pipe was forged in Arkansas, at a plant owned by India''s Welspun ( WGSR.NS ). About a quarter came from a Russian-owned plant in the Canadian province of Saskatchewan, and the rest came from Italy and India. Alberta-based TransCanada expects to use roughly 821,000 tons of pipe in Canada and 660,000 tons in the United States for the project. TransCanada representatives did not return a request for comment. Trump''s order pertains only to sections of pipelines built in the United States, and it said the directive should be followed to the "maximum extent" possible, which gives the administration wiggle room. Steel manufacturers and analysts said that TransCanada''s stringent requirements for the pipeline, including thickness and pressure requirements, already keeps most U.S.-based steelmakers out, given current forging and manufacturing processes. That includes Nucor ( NUE.N ) and Steel Dynamics, which can make pipeline that is thick enough but may not meet all the pressure parameters. For the main trunk line, experts say that Keystone requires welded line pipe between 36 inches to 42 inches (91 to 107 cm) in diameter. Foreign-owned steelmakers with U.S. operations, such as India''s Welspun and JSW as well as Russia''s Evraz, are best able to produce the pipe. To be sure, U.S. steelmakers have a large part of their business in producing pipe and tube for the oil and gas industry. But, analysts said that to meet Keystone''s requirements, they will need to reinvest and retrofit their plants to reorient production. It''s not clear if other pipeline projects would have the same standards as Keystone. "There are people who make (this type of) steel pipe in the U.S., but they''re mostly Indian and Russian" companies, said Charles Bradford, an analyst at New York-based Bradford Research. (Reporting by Ernest Scheyder in Houston and Catherine Ngai in New York; Additional reporting by Terray Sylvester in Gascoyne, North Dakota; Editing by Cynthia Osterman) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-trump-pipeline-transcanada-idINKBN15C01F'|'2017-01-28T08:02:00.000+02:00'
'909f9be93898eefcddcdb8157a4a97dcaa1a2a31'|'Adidas CEO very concerned about Europe''s political failure - Welt'|'  6:34am GMT Adidas CEO very concerned about Europe''s political failure - Welt Kasper Rorsted, designated chief executive officer of the world''s second largest sports apparel firm Adidas gestures at the annual general shareholder''s meeting of German consumer goods group Henkel in Duesseldorf, Germany, April 11, 2016. REUTERS/Wolfgang Rattay/File Photo BERLIN Adidas ( ADSGn.DE ) Chief Executive Kasper Rorsted is very worried about the effects of Europe''s failure to solve its problems, German newspaper Die Welt reported. European Union leaders are grappling with the challenges of migration, a lingering euro crisis, the rise of right-wing populist parties and the wider ramifications of Britain''s vote to the leave the bloc. "From the viewpoint of business I have no fear, but politically-speaking, I am very concerned that Europe is not capable of solving its problems," Rorsted said in an interview with the daily newspaper published on Saturday. "Europe''s inability to solve problems will punish us even more strongly this year," the CEO said, without being more specific. Germany, France and the Netherlands are all set to hold elections this year. Rorsted also warned that Europe and Britain will suffer if the country''s exit from the EU results in trade restrictions. However, the Adidas CEO was relaxed about the political prospects of the United States under President Donald Trump. "At the end of the day, I believe Trump is a business man. A couple of things may occur that displease us, but this will not be catastrophic," the newspaper quoted Rorsted as saying. (Reporting by Andreas Cremer; Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-adidas-europe-idUKKBN15C054'|'2017-01-28T13:34:00.000+02:00'
'921c532ec41e0ddb53fa7d524f98edcef79f662d'|'Campaigners demand answers after leak closes part of North Sea oil well - Business'|'Questions need to be asked about safety and protection of the environment, campaigners have said, after a leak in a North Sea well being drilled by the oil and gas firm Total.The company may be forced to temporarily abandon part of the well owing to a gas leak beneath the seabed, which has restricted access to the wellhead at its Elgin B platform.“Protecting staff and the marine environment should always be priority number one for the oil and gas industry. Given the previous problems at this site, serious questions need [to be] asked by the relevant authorities as to what is going on,” said WWF Scotland director Lang Banks.“This is a worrying development, as this is the not the first time Total has had problems at its Elgin-Frankin field. Only a few years ago, a leak on its platform complex led to an emergency evacuation and a halt to production for almost a year.”The company was fined a record £1.125m after one of the North Sea’s biggest gas leaks in 2012 .The current leak occurred as workers drilled more than 4,000 metres (13,123ft) below the seabed. Total said the well remained “under full control” at the surface. Only staff involved in drilling the well are now allowed on to the wellhead platform, while the wells from Elgin B have been shut down.A Total spokesman said: “Total has encountered difficulties whilst drilling a well on its Central Graben asset. The well remains under full control at the surface and the situation is under continuous review.“Wireline measurements carried out inside the drill string indicate some flow exists within the well, which means part of the well may need to be plugged and abandoned.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/28/campaigners-demand-answers-leak-closes-part-north-sea-oil-well-total'|'2017-01-28T02:00:00.000+02:00'
'137c79c6e87ce5a3c68ae165968baaa3c7970948'|'Futures flat as investors pause after Dow''s recent rally'|'Business News - Fri Jan 27, 2017 - 7:10am EST Futures flat as investors pause after Dow''s recent rally Traders work on the floor of the New York Stock Exchange (NYSE) as the Dow Jones Industrial Average passes the 20,000 mark shortly after the opening of the trading session in New York, U.S., January 25, 2017. REUTERS/Brendan McDermid By Tanya Agrawal U.S. stock index futures were little changed on Friday as investors paused after driving the Dow Jones Industrial Average to three straight days of gains and ahead of a host of economic data and corporate results. * The post-election rally reignited this week following a solid start to earnings season and optimism over President Donald Trump''s pro-growth initiatives, catapulting the Dow above 20,000 for the first time and giving the benchmark S&P 500 its best two-day performance in seven weeks. * All three major indexes were on track to post weekly gains. * Trump''s business-friendly decisions since taking office on Friday include signing executive orders to reduce regulatory burden on domestic manufacturers and clearing the way for the construction of two oil pipelines. * Early fourth-quarter earnings have also boosted sentiment and are now expected to show growth of 7 percent, their biggest increase in two years, according to Thomson Reuters data. * Of the 146 companies that have reported earnings through Thursday morning, 69.2 percent have topped expectations. * General Dynamics ( GD.N ), AbbVie ( ABBV.N ) and Chevron ( CVX.N ) are scheduled to report before the bell. * Investors'' focus will be on advanced fourth-quarter gross domestic product estimate. Economists are expecting the GDP to have likely increased at a 2.2 percent rate, down from 3.5 percent in the July-September quarter. The data is expected at 8:30 a.m. ET (1330 GMT). * Data from the Commerce Department is likely to show durable goods orders rose 2.6 percent in December after falling 4.5 percent in November. * Oil prices gave up earlier gains as rising crude output from the United States was seen offsetting efforts by OPEC and other producers to prop up the market by cutting supplies. * Starbucks ( SBUX.O ) fell 3.8 percent to $56.24 in premarket trading after the world''s biggest coffee seller trimmed its full-year revenue forecast. * Google parent Alphabet ( GOOGL.O ) was down 1.7 percent at $841.99 after it posted fourth-quarter profit below analysts'' estimates. * Microsoft ( MSFT.O ) was up 1.4 percent at $65.20 after the world''s biggest software company reported a rise in quarterly profit. * Wynn Resorts ( WYNN.O ) jumped 6.3 percent to $101.50 after its quarterly results came in above estimates. Futures snapshot at 6:33 a.m. ET: * Dow e-minis 1YMc1 were up 8 points, or 0.04 percent, with 12,575 contracts changing hands. * S&P 500 e-minis ESc1 were down 0.25 points, or 0.01 percent, with 63,180 contracts traded. * Nasdaq 100 e-minis NQc1 were up 3.5 points, or 0.07 percent, on volume of 13,562 contracts. (Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D''Silva) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN15B15T'|'2017-01-27T19:10:00.000+02:00'
'5f33f581b6c157fe3340b10a34a75afb6e0a72b2'|'Toshiba to sell part of chip business, first step in offsetting huge charge'|'Technology   9:03am GMT Toshiba to sell part of chip business, first step in offsetting huge charge left right The logo of Toshiba Corp is seen behind a traffic signal at its headquarters in Tokyo, Japan January 27, 2017. REUTERS/Toru Hanai 1/6 left right Toshiba Corp CEO Satoshi Tsunakawa bows during a news conference at the company''s headquarters in Tokyo, Japan January 27, 2017. REUTERS/Toru Hanai 2/6 left right FILE PHOTO- A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao/File Photo 3/6 left right Toshiba Corp CEO Satoshi Tsunakawa attends a news conference at the company''s headquarters in Tokyo, Japan January 27, 2017. REUTERS/Toru Hanai 4/6 left right Toshiba Corp CEO Satoshi Tsunakawa attends a news conference at the company''s headquarters in Tokyo, Japan January 27, 2017. REUTERS/Toru Hanai 5/6 left right Workers prepare the new year''s eve numerals above a Toshiba sign in Times Square in Manhattan, New York City, U.S., December 26, 2016. REUTERS/Andrew Kelly/File Photo 6/6 By Makiko Yamazaki - TOKYO TOKYO Toshiba Corp''s ( 6502.T ) board on Friday approved plans to make its core memory chip business a separate company and seek outside investment in it, aiming to avoid being crippled by an upcoming multi-billion dollar writedown for its U.S. nuclear business. The drastic step will be only one of many tough choices the Japanese conglomerate must take, as the proceeds are set to cover just part of the charge for cost overruns at a newly acquired U.S. power plant construction business - a figure that local media has put at 680 billion yen ($6 billion). Toshiba''s memory chip business - the world''s biggest NAND flash memory producer after Samsung Electronics ( 005930.KS ) - is its crown jewel, accounting for the bulk of its operating profit. Toshiba is looking to sell roughly 20 percent for more than 200 billion yen and potential investors include private equity firms, business partner Western Digital Corp ( WDC.O ) and the government-backed Development Bank of Japan, sources have said. It is rushing to complete the sale by the end of the financial year in March as failure to do so will likely mean that shareholder equity - whittled down to just $3 billion in the wake of a 2015 accounting scandal - would be wiped out by the charge. Mark Newman, an analyst at Sanford Bernstein in Hong Kong, said the move would only be a short-term band-aid. "The NAND business is the only one with value, as it makes up all of the semi-conductor profits, which comprise 75 percent of the overall company''s profit. I won''t be surprised if they sell another 20 percent in a few years time and then another 20 percent." It also remains to be seen how well the sale process will go given Toshiba''s tight timeframe to get it done and caution on the part of potential investors. "Partnering with Toshiba could be risky due to uncertainties over its nuclear business," said an official at a global private equity firm. "Chip businesses are highly cyclical and need massive capital investment. Funds are cautious because they have had their fingers burnt with chip investments in the past," said the official, who was not authorised to speak to media and declined to be identified. A raft of private equity funds, including Silver Lake and Permira, have signed non-disclosure agreements with Toshiba, sources said. While Western Digital, which operates a NAND plant in Japan with Toshiba, may seem like a natural buyer of a large stake in the chip business, a sale might be difficult to pull off before March as it would likely invite a review by anti-trust regulators. FOXCONN INTEREST? Toshiba will hold a news conference at 4.30 Tokyo time (0730 GMT). It may give an estimate of the size of the writedown, a person familiar with the matter has said. The final figure for the writedown will be announced on Feb. 14 when it reports third-quarter results. Toshiba estimates the value of its memory chip business at 1-1.5 trillion yen ($9-13 billion), a person with direct knowledge of the matter has told Reuters. The business generated sales of 845 billion yen and operating profit of 110 billion yen in the past financial year. Toshiba Chief Executive Satoshi Tsunakawa recently told the company''s main creditors of its plans, a person with direct knowledge of the matter has said, adding that Toshiba is also looking at selling other businesses. Its main banks have agreed to not call in some loans early for now even as recent downgrades of the firm''s credit ratings violate some provisions in debt agreements, people with direct knowledge of the matter have said. Japanese business weekly Toyo Keizai reported that Terry Gou, chief executive of Foxconn, the world''s largest contract electronics maker, is interested in either taking a stake in or buying some of Toshiba''s businesses. Foxconn, formally known as Hon Hai Precision Industry Co ( 2317.TW ), is interested in Toshiba''s broadcasting equipment business, the weekly said, adding high definition imaging technology for TV networks is likely to be the focus of its interest. A representative for Foxconn had no immediate comment. ($1 = 114.7700 yen) (Reporting by Makiko Yamazaki; Additonal reporting by Umesh Desai in Hong Kong, Junko Fujita, Taro Fuse and Taiga Uranaka in Tokyo; Editing by Edwina Gibbs) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN15A2IT'|'2017-01-27T15:28:00.000+02:00'
'6927bb9bdfcfd3ce0877c92c95ef501dc5e580d9'|'Porsche recalls 16,429 cars for problems with fastening screws'|'Fri Jan 27, 2017 - 4:22pm GMT Porsche recalls 16,429 cars for problems with fastening screws The logo of German car manufacturer Porsche is seen outside a showroom of a Porsche dealer in Beirut, Lebanon November 20, 2016. REUTERS/Jamal Saidi BERLIN Porsche is recalling 16,429 models because of problems with fastening screws, with less than a fifth of affected vehicles in its German home market, the carmaker said. The recall affects 911, Boxster and Cayman models built between October 2015 and September 2016, the Volkswagen ( VOWG_p.DE )-owned manufacturer said on Friday. (Reporting by Andreas Cremer; Editing by Christoph Steitz) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-porsche-recall-idUKKBN15B1QZ'|'2017-01-27T23:19:00.000+02:00'
'b45246f742cd45a06317d36db3f3ff5d40ee6993'|'Exclusive: Telefonica fends off Mexico $1.4 billion tax audit, in talks on others'|'Money   11:37am IST Exclusive: Telefonica fends off Mexico $1.4 billion tax audit, in talks on others The sign of Telefonica building is seen in Caracas, Venezuela July 30, 2016. REUTERS/Carlos Jasso/Files By Alexandra Alper - MEXICO CITY MEXICO CITY Spain''s Telefonica has fended off a bid by Mexico to slap the telecoms giant with a 30 billion Mexican peso ($1.42 billion) tax bill and is in talks with local tax officials to resolve over 20 other open audits, people familiar with the matter said. The audit Telefonica successfully challenged, which was opened in 2013, claimed the telecoms provider had failed to declare all of its income in its 2007 tax filing. Mexican tax agency SAT issued a preliminary assessment of about 30 billion pesos, two of the sources said. But under mediation through Mexico''s independent taxpayer ombudsman, Prodecon, the entire tax bill was wiped out and the audit closed in late 2015, three of the people said. The preliminary assessment, which would have been about 90 percent of Telefonica''s 2015 Mexico revenues, came after the company angered tax authorities by slashing its 2013 tax bill through a merger of some of its Mexican subsidiaries, three sources said. Telefonica was one of a handful of companies in Mexico that merged units to generate losses in the lead-up to 2014 when a rule change forced companies to begin to pay back deferred income tax, three sources said. Telefonica is negotiating with tax authorities over at least two dozen open audits regarding its tax arrangements in Mexico, two of the people familiar with the matter said. SAT and Prodecon declined to comment. In an emailed statement, Telefonica confirmed that authorities had conducted an audit of its 2007 tax filing, which has since been closed after the probe showed the company had acted correctly. "It is a normal procedure for all companies, and it is precisely SAT''s job to review for correct compliance with current tax legislation," it said. "Telefonica is cooperating and collaborating closely with authorities to supply all documentation and information." For Telefonica, the audits are just the latest in a series of headaches in Mexico, where the Spanish company has struggled to become an important player despite a 2013 telecoms reform aimed at taming Carlos Slim''s America Movil, the local heavyweight. After 17 years in Mexico, Telefonica has fewer than 26 million mobile users compared to Slim''s 72 million. Telefonica''s Chief Executive Officer Jose Maria Alvarez Pallete said in October the company was not satisfied with its Mexico situation and was working on alternatives for the operation, which account for under 4 percent of its global revenue. The 2015 mediation deal was a blow to Mexico''s aggressive efforts to boost its tax intake, which, as a percentage of gross domestic product, is the weakest among the 35 members of the Organisation for Economic Co-operation and Development (OECD). Under pressure from a slide in oil tax revenues, Mexico has stepped up efforts to collect more from other sources, boosting its intake by over 60 percent in 2015 compared with 2012, the year President Enrique Pena Nieto took office. MEXICAN HEADWINDS FOR TELEFONICA Telefonica''s battles with SAT have roots in the Spanish company''s entry into Mexico in 2000 by buying four Motorola Inc wireless units for about $1.8 billion. It further widened its network in 2002 by spending about $1.3 billion in debt and equity for a controlling stake in Pegaso PCS, a local mobile operator. Telefonica began consolidating its Mexican earnings a few years later, a source said, taking advantage of rules that allow firms to reduce their overall tax burden in the short term by applying one unit''s losses to its total bill. In 2013, Mexico changed its rules on consolidation and asked firms to begin paying back deferred tax bills. Faced with a hefty bill thanks to the rules change, a source said, Telefonica got approval in December 2013 from Mexico''s telecoms regulator to sell the four units that it had acquired from Motorola to Pegaso PCS, which it also controlled, according to company filings. That allowed the company to declare a loss on the sale, lowering its tax bill and earning SAT''s ire, three sources said. Telefonica financial statements show the company paid 47 million euros in tax in 2013 in Mexico, without specifying the type of tax. After the December 2013 merger, SAT proposed a tax assessment of around $30 billion pesos for Telefonica based on the audit. Telefonica brought the issue to tax ombudsman Prodecon, which acts as an intermediary between SAT and an audited taxpayer. The outcome was a "conclusive agreement" that killed the audit in late 2015, the sources said. ($1 = 21.1582 Mexican pesos) (Editing by Christian Plumb and Edward Tobin) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/mexico-telefonica-idINKBN15B0DW'|'2017-01-27T13:07:00.000+02:00'
'7a8f9d9fcf08b69563d68384535dd84c40c520fe'|'Measures expected from annual budget that could impact markets'|'Money   1:45pm IST Measures expected from annual budget that could impact markets Finance Minister Arun Jaitley addresses a delegation while speaking on the Goods and Services Tax (GST) issues during the Vibrant Gujarat investor summit in Gandhinagar, January 11, 2017. REUTERS/Amit Dave MUMBAI Investors in India are bracing for higher taxes and less incentives from the government''s annual budget to be unveiled on Feb. 1 as the focus shifts to wringing out revenues to finance giveaways and higher public investments to support the economy. For story see Detailed below are the main expectations of measures that could impact markets: GUIDELINES FOR GENERAL ANTI AVOIDANCE RULES (GAAR) - Government set to announce detailed guidelines behind GAAR, which will be implemented starting on April 2017 - GAAR is meant to crack down on tax havens, making it harder to claim some tax exemptions - Key clarification awaited is whether GAAR will take precedence over individual tax treaties, including Singapore and Mauritius TAXES UNDER INDIRECT TRANSFER RULES - Government expected to say whether foreign portfolio investors, private equity funds and venture capitals are liable to pay indirect transfer taxes - Confusion created after tax department said in December such investors could be liable to pay taxes if more than 50 pct of a fund''s or investment vehicle''s assets are based in India under some conditions - Tax department also said indirect transfer tax could be charged under certain ownership and investment levels MASALA BONDS WITHHOLDING TAX - Government may keep in place a 5 percent withholding tax paid by issuers on "masala" bonds, or rupee-denominated debt sold overseas, despite some lobbying for its removal SECURITIES TRANSACTION TAX ON EQUITY MARKETS - STT on futures and options may rise for second year in a row from current levels of 0.05 percent for every 10 million trades, which rises for bigger transactions. REDUCE TIME PERIOD FOR CAPITAL GAINS EXEMPTIONS - Reduce threshold for tax exemptions for capital gains - Currently investments sold after at least a 12-month holding period are exempt from taxes, while anything below that is taxed at up to 20 percent of the gains. (Reporting by Rafael Nam; Editing by Kim Coghill) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-budget-markets-factbox-idINKBN15B0LN'|'2017-01-27T15:15:00.000+02:00'
'8d4033a7a00036dd0dee57919e875f0ccee6d740'|'Fox says committed to free trade with U.S., Canada'|' 05pm GMT Fox says committed to free trade with U.S., Canada Britain''s Secretary of State for International Trade Liam Fox walks back towards 10 Downing Street after leaving a meeting inside, London, January 17, 2017. REUTERS/Peter Nicholls MONTREAL Britain is committed to free and open trade with the United States and Canada, UK Trade Minister Liam Fox said on Friday, though he did not elaborate on whether that would mean bilateral trade talks with the two countries. Fox, speaking at the Montreal Council of Foreign Relations, noted that the UK cannot negotiate trade deals while still part of the European Union, though he said discussions were possible. (Reporting by Allison Lampert; Editing by Jonathan Oatis)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-trade-fox-idUKKBN15B248'|'2017-01-28T02:05:00.000+02:00'
'f09ecd8822615cc021ceeaaae9174b7ef4a113d8'|'UPDATE 1-Plains All American in $1.22 bln deal to expand Permian presence'|'Commodities  28pm EST Plains All American in $1.22 billion deal to expand Permian presence Plains All American Pipeline LP ( PAA.N ) said it would buy a crude oil gathering system in the Permian Basin for about $1.22 billion, bolstering its presence in the top U.S. oil field. The gathering system, called the Alpha Crude Connector, is located in the northern portion of the Delaware Basin and is supported by acreage dedications from several producers, the company said on Tuesday. In a separate deal, Targa Resources Corp ( TRGP.N ) said it would buy Outrigger Energy''s assets in the Delaware and Midland basins, two of the main portions of the Permian Basin, for up to $1.5 billion. The Permian basin has seen a jump in land acquisitions as producers scramble to gain or expand positions in the oil field, where drilling costs are low, as oil prices recover. "We expect aggregate crude oil production on the dedicated acreage to double over the next two to three years," Plains All American Chief Executive Greg Armstrong said in a statement. Concho Resources Inc ( CXO.N ), which in 2014 formed the ACC in a joint venture with Frontier Midstream Solutions, said it expects to receive net cash proceeds of about $800 million. Gathering volumes in the ACC system averaged about 70,000 barrels per day in the fourth quarter and shipper nominations for January 2017 totaled about 85,000 barrels per day, Plains All American said. The Houston-based pipeline company also said it had agreed to sell assets for about $380 million as part of a larger program. These include two pending transactions and the completion of a third in January. Jefferies LLC served as PAA''s financial adviser, while Norton Rose Fulbright provided legal advice. (Reporting by Komal Khettry in Bengaluru; Editing by Sriraj Kalluvila) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-plains-all-amer-deals-idUSKBN1582W4'|'2017-01-25T05:25:00.000+02:00'
'f1d38075a521de645a086072df89f708897f0890'|'Alcoa beats revenue estimates, sees higher aluminium demand'|'Alcoa Corp ( AA.N ) reported higher-than-expected revenue in its first quarterly results after the metals company split into two in November, helped partly by a rise in alumina prices.The producer of aluminium, alumina and bauxite also said it expects a 4 percent growth in global aluminium demand in 2017 even as the market remains modestly oversupplied.The company''s shares were up 2 percent in after-market trading on Tuesday. The stock has risen 42 percent since Donald Trump''s victory in the Nov. 8 U.S. presidential election.Alcoa''s results come at an interesting time for the global aluminium industry.The Chinese government''s stimulus to boost the economy have lifted demand. Added to that, a stimulus package proposed by Trump could further help aluminium producers such as Alcoa.But there is also the risk of a trade war with China after the outgoing Obama administration launched a new complaint earlier this month against Chinese aluminium subsidies at the World Trade Organization.Alcoa said it expects a 6 percent increase in demand from China, driven by packaging, electrical, transportation sectors.Alcoa said it expects bauxite and alumina markets to be relatively balanced in 2017, and "a modest" global aluminium surplus of 400,000-800,000 metric tons due to higher output in top producer China.Alcoa generated $2.54 billion in revenue in the quarter, beating the average analyst estimate of $2.46 billion, according to Thomson Reuters I/B/E/S.The New York-based company reported net loss of $125 million, or 68 cents per share, for the fourth quarter ended Dec. 31."Rising alumina and aluminium prices improved the bottom line," Chief Executive Officer Roy Harvey said in a statement, adding that margins doubled in the company''s alumina segment.Aluminium prices climbed to a 20-month peak earlier on Tuesday after reports of potential capacity cuts in China.Alcoa''s spun-off unit Arconic Inc ( ARNC.N ), which provides aluminium and titanium alloys used in planes and cars, is expected to report on Jan. 31.(Reporting by Sruthi Shankar and Sweta Singh in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/alcoa-results-idINKBN159053'|'2017-01-24T22:28:00.000+02:00'
'0513e2775c08826973328739c0b09d595bd1b459'|'UPDATE 2-UK Stocks-Factors to watch on Jan 30 - Reuters'|'(Adds company news items)Jan 30 Britain''s FTSE 100 index is seen opening down 28 points at 7,156 on Monday, according to financial bookmakers, with futures down 0.4 percent ahead of the cash market open.* The UK blue chip index closed up 0.32 percent at 7184.49 points on Friday supported by Tesco, which soared 9.3 percent after agreeing to buy wholesale supplier Booker in a deal that cements its dominant position in the UK.* RANDGOLD: Gold miner Randgold Resources Ltd said it is negotiating with some of its employees to end their illegal sit-in at its Tongon mine in Ivory Coast demanding annual ex-gratia payments.* HGCAPITAL: London-based private equity firm HgCapital Trust Plc has agreed to sell Zenith, a British vehicle leasing business, to peer Bridgepoint in a deal valued at 750 million pounds ($942.08 million), its manager HgCapital said on Monday.* LLOYDS: The British government has cut its stake in Lloyds Banking Group to just below 5 percent as it aims to return the bank to full private ownership in the next few months.* WS ATKINS: WS Atkins Plc, a British engineering and design consultancy, has been approached by U.S. company CH2M for a possible $4 billion merger, the Times reported.* TESCO/BOOKER: UK''s competition regulator, Competition and Markets Authority, came under pressure to intervene in Tesco''s planned takeover of food and drink wholesaler, Booker, the Times reported. bit.ly/2jtda6e* WEETABIX: America''s third-biggest cereal company, Post Holdings, and the UK''s Associated British Foods are among a group of four bidders vying for British cereal brand Weetabix, sources familiar with the matter said on Friday.* TERRA FIRMA CAPITAL: The world''s largest fast-food retailer McDonald''s Corp said it would sell its Nordic restaurants to British equity firm Terra Firma Capital Partners Ltd''s founder and chairman Guy Hands as part of a turnaround plan it had previously announced.* BRITAIN TRADE: Britain is committed to free and open trade with the United States and Canada, UK Trade Minister Liam Fox said on Friday, though he did not elaborate on whether that would mean bilateral trade talks with the two countries.* BRITAIN ECONOMY: Growth in Britain''s private sector and confidence among consumers remained solid at the turn of the year, according to surveys published on Monday, although both indicators warned about rising inflation in coming months.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL4N1FK0XH'|'2017-01-30T04:58:00.000+02:00'
'a1640d64d2ff4dda00c7689b1f5b5198bf8676fb'|'British government cuts stake in Lloyds to below 5 percent'|' 10am EST British government cuts stake in Lloyds to below 5 percent LONDON Jan 30 The British government has cut its stake in Lloyds Banking Group to just below 5 percent as it aims to return the bank to full private ownership in the next few months. UK Financial Investments Limited (UKFI), which manages the government''s stake, resumed share sales in October, having halted them for almost a year due to market turbulence. In an announcement on Monday, UKFI said it had reduced its stake by about 1 percent to 4.998 percent. (Reporting By Andrew MacAskill; Editing by Rachel Armstrong) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/lloyds-banking-sale-idUSL4N1FK0V7'|'2017-01-30T14:10:00.000+02:00'
'ac9b736f20f0aa6ed1cf15120b645e91feae6dd7'|'Starbucks in crosshairs as Mexico boycott campaign simmers'|'Business News - Fri Jan 27, 2017 - 6:40pm EST Starbucks in crosshairs as Mexico boycott campaign simmers A Starbucks logo is seen at a Starbucks coffee shop in Vienna, Austria, December 27, 2016. REUTERS/Leonhard Foeger/File Photo MEXICO CITY Seeking to quell a social media campaign imploring Mexicans to boycott U.S. companies, Starbucks defended itself on Friday, saying it had invested millions in the country, created more than 7,000 jobs, and that its local unit is Mexican-owned. The statement came after disparate social media campaigns directed at U.S. companies based in Mexico gained traction, following U.S. President Donald Trump''s order to build a border wall along the country''s southern border and promise to make Mexico pay for it. In a statement, Starbucks ( SBUX.O ) said its Mexican operator Alsea ( ALSEA.MX ) has some 560 stores across Mexico, representing an investment of 5 billion pesos ($239 million), and sells Arabica coffee beans harvested in the southern Mexican state of Chiapas around the world. Even so, a campaign urged Mexicans not to buy products from the world''s biggest coffee seller, with the hashtag #AdiosStarbucks trending on Twitter earlier this week. Social media users have also called for boycotts of U.S. companies including McDonald''s ( MCD.N ), Wal-mart ( WMT.N ), and Coca-Cola ( KO.N ). Earlier this month, a Mexican state governor said his administration would no longer buy cars from U.S. auto maker Ford ( F.N ), calling on others to do the same after the company abruptly canceled a planned investment in the country. "It''s time for Mexicans to show what we''re made of," Alejandro Moreno, governor of the southeastern state of Campeche, said. "Actions like this should multiply across the country." On Friday, Mexico''s wealthiest man, Carlos Slim, weighed in on the topic, saying he thought attempts to boycott U.S. companies were wrong. "They are American businesses that have come to invest in Mexico, to give employment in Mexico, to produce in Mexico," Slim said. "What needs to be done really is consuming what the country produces." Shares of Starbucks closed down 4 percent on Friday to $56.12, the lowest level since Jan. 4. (Reporting by Natalie Schachar and Christine Murray; Editing by Sandra Maler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mexico-usa-companies-idUSKBN15B2IS'|'2017-01-28T06:38:00.000+02:00'
'ecbdbe9af1c650192cfa156c6f393508b06ac7dd'|'Keystone pipeline: How many jobs it would really create 27,'|'Trump signs oil pipeline executive actions Donald Trump and other supporters of the Keystone XL pipeline tout it as a major source of jobs. "If we can get that pipeline built. A lot of jobs; 28,000 jobs. Great construction jobs," he said when signing executive orders this week aimed at restarting both Keystone and the Dakota Access pipelines that the Obama administration had blocked. But according to official estimates, constructing the pipeline will generate far fewer construction jobs than that. A State Department report on the pipeline that was issued under the Obama administration found that there would be 3,900 direct construction jobs if it was built over one year, or 1,950 if the work was spread over two years. Related: Trump advances controversial oil pipelines with executive action Once the pipeline opens it would require only 35 full-time permanent jobs to run it, and 15 full-time temporary jobs, according to the state department report. TransCanada, the company seeking to build the pipeline, does not dispute those numbers. The company and other supporters argue that the pipeline would create jobs indirectly for companies that sell products and services used to build the pipeline. The State Department report estimates that there would be a total of 42,000 indirect jobs created, with a total of $2 billion in wages. That comes to an average of about about $47,000 in wages per job. TransCanada also pointed out that there would be benefits beyond the jobs and wages, including "significant property tax revenues, as well as sales and use and other tax revenues, to counties and states along the proposed project route." Related: How often do pipelines blow up Trump insisted that his administration will demand that the pipeline is built with only U.S.-made pipe, further boosting American jobs. "I am very insistent that if we are going to build pipelines in the United States, the pipes should be made in the United States," he said. But the order only specifies that U.S. made pipe being required "to the maximum extent possible and to the extent permitted by law." TransCanada did not commit to using U.S.-made pipe on the project. "We are aware that the Secretary of Commerce will come up with a plan to implement the executive order," said TransCanada spokesperson Terry Cunha. "We will need time to review and analyze the plan when it is released to determine its impact to Keystone XL."   27, 2017: 4:53 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/01/27/news/economy/trump-keystone-jobs/index.html'|'2017-01-27T23:53:00.000+02:00'
'd0da0cc354aee30b65b1f941e7e0d3faa7c16c87'|'BRIEF-Autonomy Spain Real Estate Q4 rental revenue at 1.4 mln euros'|'Financials - Tue Jan 31, 2017 - 2:50am EST BRIEF-Autonomy Spain Real Estate Q4 rental revenue at 1.4 mln euros Jan 31Autonomy Spain Real Estate SOCIMI SU SA : * Said on Monday Q4 total rental revenue 1.4 million euros ($1.5 million) vs 1.5 million euros year ago * Portfolio is valued at 136.0 million euros at end-Dec. 2016 ($1 = 0.9354 euros) (Gdynia Newsroom) Next In Financials * Dec-quarter consol net profit after tax 1.01 billion rupees MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FL1DV'|'2017-01-31T14:50:00.000+02:00'
'a669556d82eef76ae2f4ada540fa0505c33fd9ac'|'Bankruptcy filings for big Brazil firms seen hitting another record'|'Deals  55pm EST Bankruptcy filings for big Brazil firms seen hitting another record By Aluísio Alves - SAO PAULO SAO PAULO A growing number of large Brazilian companies will seek protection from creditors in 2017, hitting a record for a third straight year due to a harsh recession and tight credit conditions, bankers and lawyers said on Monday. New bankruptcy filings from companies with annual revenue surpassing 50 million reais ($16 million) are expected to top the 227 requests last year, as publicly listed homebuilders and energy companies may seek in-court reorganizations, they said. Reuters reported on Nov. 3 that PDG Realty SA Empreendimentos e Participações ( PDGR3.SA ) was considering seeking creditor protection if banks do not refinance the homebuilder''s maturing loans. PDG has repeatedly denied such a decision. A bankruptcy lawyer who asked for anonymity to talk about the situation said PDG is not the only residential developer that could file for bankruptcy protection before June. While declining to elaborate on the potential case, the lawyer said the inability of both builders to sell assets to raise cash could speed up their processes. Last year, a record 1,863 Brazilian companies - most of them oil equipment, construction and manufacturing firms - requested court protection from creditors, about 45 percent more than in 2015, according to data from Experian Plc''s ( EXPN.L ) Brazilian unit. Rating agencies have warned that the risk remained high of more firms facing cash crunches. For homebuilders, which have struggled with weak demand, sales cancellations and high borrowing costs, "we could see a few in-court reorganization cases in the first half alone," said Gilberto de Abreu, president of mortgage lending group Abecip. The outlook presents lingering risks to banks and investors such as pension funds that lent to or bought debt from a myriad of commodity, industrial and services companies earlier this decade after years of robust growth in Latin America''s largest economy. Lenders have cut borrowing costs in recent years and extended maturities for corporate borrowers. Some analysts have said banks may have to refinance or renegotiate terms on more than 100 billion reais in loans over the next 12 months. (Reporting by Aluísio Alves; Writing by Guillermo Parra-Bernal; Editing by David Gregorio) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-brazil-restructuring-bankruptcy-idUSKBN15E2NG'|'2017-01-31T04:49:00.000+02:00'
'01c183907fb40d40c80bee34ca64f876c460efe5'|'German carmakers see no way around post-Brexit tariffs'|'  2:05pm GMT German carmakers see no way around post-Brexit tariffs left right FILE PHOTO: Snowflakes are seen on the badge of a Ford car in Warsaw, Poland, December 17, 2016. REUTERS/Kacper Pempel/File Photo 1/3 left right FILE PHOTO: Workers assemble cars at the plant for the Mini range of cars in Cowley, Britain, June 20, 2016. REUTERS/Leon Neal/Pool/File Photo 2/3 left right FILE PHOTO: A BMW logo is seen on a wheel at the Brussels International Auto Show in Belgium, January 22, 2015. REUTERS/Yves Herman/File Photo 3/3 By Edward Taylor and Costas Pitas - FRANKFURT/LONDON FRANKFURT/LONDON Germany''s auto industry is losing hope that trade tariffs with Britain can be avoided, several executives have told Reuters, despite warnings from British Prime Minister Theresa May that an overly tough stance on post-Brexit commerce would seriously harm the country''s EU partners. "Merkel may force us to walk away from UK profits for the sake of preventing further EU fragmentation," said a senior executive at a German luxury carmaker. The executive, who asked not to be identified because of the subject''s sensitivity, said Brexit looks increasingly likely to be "a disaster" for trade and for German manufacturers. BMW ( BMWG.DE ), along with the Germany-based European arms of GM ( GM.N ) and Ford F.N., which all have UK plants, know trade barriers would bring large, currently incalculable costs. Under World Trade Organization (WTO) rules, British exports of complete vehicles could be subject to tariffs of up to 10 percent. Ford, Britain''s biggest engine maker, warned of 2.7 percent duties on engines ahead of last June''s Brexit referendum. Duties on components such as gear boxes and brakes shipped from Britain would likely vary around the 3.7 percent average currently levied by the EU on similar imports from third countries, according to the WTO, unless a preferential deal is struck. May recently vowed to take Britain out of the EU single market that allows tariff-free trade in order to gain more control over immigration. At the same time May argued for the "greatest possible" market access. But German Chancellor Angela Merkel responded that London should not get an attractive Brexit deal that might encourage other departures. GERMANS WORST HIT Much is at stake for carmakers in general, and the Germans in particular. About every other car built in Britain is destined for another EU market. German-owned brands claim more than one-third of UK car sales. Think tank Civitas estimates that if Britain leaves the EU without a trade deal, German automotive exporters would pay 1.8 billion pounds ($2.3 billion) in tariffs, nearly half the total 3.9 billion pounds faced by EU-based firms. UK-built vehicles and parts, on the other hand, would be hit by tariffs of around 1.3 billion pounds, according to the group. But German car bosses are unwilling to undermine Merkel''s position. Merkel recently reiterated that EU governments would not negotiate Brexit terms until London had triggered the irreversible "article 50" leaving process, before adding pointedly that business leaders should show similar restraint. That sentiment was quickly echoed by Matthias Wissmann, head of Germany''s influential auto industry lobby, the VDA. "Everything must be done to allow the unfettered flow of goods and services," he told reporters. "But there is one clear priority: we must stand together among the 27 EU member states." Wissmann''s counterpart at Britain''s SMMT car industry group also warned UK lawmakers that BMW, Daimler ( DAIGn.DE ) and VW ( VOWG_p.DE ) may not push too hard for free trade. German carmakers see "Europe as more important than the UK market", SMMT chief Mike Hawes told a parliamentary committee in January. "They will align with what is best for Germany." BMW employs in the region of 8,000 workers in Britain, including at its plants which export roughly 2.4 billion pounds of vehicles and engines, most notably a large majority of the Mini and Rolls-Royce cars assembled there. Ford, which has warned against tariffs, builds engines in Dagenham and Bridgend for vehicles assembled in mainland Europe. GM builds Opel/Vauxhall Astras on Britain''s west coast and expects Brexit to have wiped $400 million from 2016 earnings. "We are worried," said a director at the German unit of a major global carmaker. "I don''t expect there will be special deals for any industry." TARIFFS UPON TARIFFS Trade duties on components, which can cross the Channel several times before a vehicle is assembled, would require costly supply-chain upheaval to avoid a compounding of duties. Raw castings from mainland Europe are machined into engine blocks at BMW''s Hams Hall plant near Birmingham. Many are then shipped to Germany and fitted into cars destined for the UK. In all, UK car plants purchase 59 percent of their components overseas, and two-thirds of those from the EU, the SMMT says. Even where cross-Channel supply chains stayed viable, border formalities would hurt delivery timings, raising warehousing costs and ultimately consumer prices. Locally made components would become more attractive for British-built cars, but the UK assembly plants could find it harder to win new vehicle programmes in the first place. Investing in an assembly line for the British market alone - rather than export - becomes viable only above an annual output of about 150,000 vehicles, industry experts explain. For many models, Exane BNP analyst Dominic O''Brien said, "the UK market is not necessarily big enough to sustain its own dedicated plant." Again, consumer choice and prices suffer. Some German carmakers have been more vocal in urging Britain to give ground, stressing attachment to their EU workers'' freedom of movement. "Not only free trade but also cross-border employment opportunities ... are of proven benefit to business," BMW said. Still, huge unknowns remain, including French and German elections this year that could change the direction of Brexit. Already there are some signs of dissent within the governing coalition between Merkel''s conservative CDU and its Social Democrat SPD junior partner. Brexit should be used to spur EU reform, not deter would-be leavers, SPD Economy Minister Sigmar Gabriel said last week. "We should not purely focus on Brexit as a threat," he said. "Should we reach a good result in negotiations with the UK, it could serve as an example for a Europe of different speeds." (Writing by Laurence Frost; Additional reporting by Andreas Cremer in Berlin and Georgina Prodhan in Frankfurt; editing by Janet McBride) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-autos-germany-idUKKBN15F1OP'|'2017-01-31T21:05:00.000+02:00'
'8a6bc713128f129613d4122337a4a9b9545093f5'|'EU antitrust regulators to fine cartel of lead recyclers - sources'|'Commodities  42am EST EU antitrust regulators to fine cartel of lead recyclers: sources BRUSSELS EU antitrust regulators are set to fine world No. 1 lead recycler Ecobat Technologies [ECOBT.UL], Belgian peer Campine and France''s Recylex next month for taking part in a cartel, two people familiar with the matter said on Tuesday. Johnson Controls International will not be sanctioned as it alerted the cartel to the European Commission, the people said. The EU competition enforcer in June 2015 charged five companies of fixing prices of scrap lead-acid batteries in Belgium, France, Germany and the Netherlands over a three-year period to 2012, resulting in lowered prices paid to scrap dealers. It did not name the firms. The Commission subsequently dropped one company from the case, one of the people said. (Reporting by Foo Yun Chee) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-eu-cartel-leadrecycling-idUSKBN15F23R'|'2017-01-31T23:34:00.000+02:00'
'37f34e310235efdbd5dcf6380486ca4902cf4077'|'U.S. oil producer ConocoPhillips raises quarterly dividend'|'Commodities - Tue Jan 31, 2017 - 3:35pm EST U.S. oil producer ConocoPhillips raises quarterly dividend Conocophillips CEO Ryan Lance speaks during an interview with Maria Bartiromo, for her Fox Business Network show ''''Opening Bell with Maria Bartiromo'''' in New York April 8, 2015. REUTERS/Brendan McDermid ConocoPhillips ( COP.N ), the largest U.S. independent oil producer, raised its quarterly dividend by 6 percent to 26.5 cents per share. The Houston, Texas-based company had announced a quarterly dividend of 25 cents per share in October. (Reporting by John Benny in Bengaluru; Editing by Savio D''Souza) Next In Commodities Exxon boosts capital budget but takes $2 billion charge from XTO deal HOUSTON Exxon Mobil Corp boosted its 2017 capital budget on Tuesday on a bet that oil prices have stabilized, but posted its lowest quarterly profit since 1999 as it took a $2 billion charge against the value of natural gas reserves from its buyout of XTO Energy. Gold becomes one of investors'' favorite safe havens with Trump uncertainty NEW YORK Some of Wall Street''s largest fund managers have taken a contrarian bet on gold, wagering that U.S. President Donald Trump''s governing style and upcoming elections in Europe will combine to create more stock market volatility and boost the prices of a metal long seen as a safe haven. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-conocophillips-dividend-idUSKBN15F2J2'|'2017-02-01T03:35:00.000+02:00'
'1e830112b45483f14b44792971fca26c1a94f79f'|'Tech companies to meet on legal challenge to Trump immigration order'|'Technology  12pm EST Tech companies to meet on legal challenge to Trump immigration order A man walks past a logo of Airbnb after a news conference in Tokyo, Japan, November 26, 2015. REUTERS/Yuya Shino/File Photo - RTX2RC1X A group of technology companies is planning to meet on Tuesday to discuss filing an amicus brief in support of a lawsuit challenging   order restricting immigration from   countries, said a spokesperson for GitHub, a company that makes software development tools, which is organizing the meeting. Alphabet Inc''s Google, Airbnb Inc and Netflix Inc are among the companies invited to the meeting, a separate person familiar with the situation said. (Reporting by Dan Levine, Stephen Nellis, Kristina Cooke and Jeffrey Dastin; Editing by Bill Rigby) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-immigration-tech-idUSKBN15F08H'|'2017-01-31T10:05:00.000+02:00'
'ac84ce204819d09cf527976956dd54959632ead6'|'BRIEF-Rizal Commercial Banking Corp updates on payoff of $275 mln senior unsecured bond'|' 06am EST BRIEF-Rizal Commercial Banking Corp updates on payoff of $275 mln senior unsecured bond Jan 31 Rizal Commercial Banking Corp * on jan 31, the bank will payoff its 5.25% 1/31/17 $275 million senior unsecured bond fully without need for refinancing     Next In Financials * Maintaining positive momentum across all divisions and trading is in line with management expectations MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FL08C'|'2017-01-31T14:06:00.000+02:00'
'0155250478aac61bbf66128a53c79779a8c43847'|'CANADA STOCKS-TSX dips as energy shares weigh; Celestica shines'|'Company News   5:10pm EST CANADA STOCKS-TSX dips as energy shares weigh; Celestica shines (Adds portfolio manager quotes, details; updates prices) * TSX closes down 39.71 points, or 0.25 percent, at 15,575.81 * Five of TSX''s 10 main groups end lower By Fergal Smith TORONTO, Jan 27 Canada''s benchmark stock index dipped for a second straight day on Friday as oil prices fell and some heavyweight energy shares lost ground, while electronics manufacturer Celestica Inc jumped to a 12-year high. The energy group retreated 1 percent as oil prices slipped on an increased focus on U.S. production increases. U.S. crude oil futures settled 61 cents lower at $53.17 a barrel. Energy stocks got a boost on Tuesday from revived prospects for the Keystone XL pipeline. But on Monday the group had hit a nearly two-month low amid investor worries about a potential U.S. border adjustment tax. "Prime Minister (Justin) Trudeau has to play his cards pretty carefully here. The last thing you want is have some sort of taxation on oil going into the U.S," said Ian Nakamoto, equity specialist at MacDougall, MacDougall & MacTier, a division of Raymond James. TransCanada Corp fell 1.3 percent to C$62.71 as the country''s energy regulator said it would restart from the beginning a hearing into the company''s proposed Energy East pipeline. Fellow pipeline operator Enbridge Inc declined 2.7 percent to C$56.55 after announcing it would pay about $170 million to take private Midcoast Energy Partners LP. The Toronto Stock Exchange''s S&P/TSX composite index closed down 39.71 points, or 0.25 percent, at 15,575.81. The index had moved intraday on Wednesday within 11 points of its all-time high at 15,685.13, but has since drifted lower. "We are going to have a bit of a vacuum in terms of news, so we might have a bit of a pause, or a slight correction here," Nakamoto said. Five of the index''s 10 main groups ended lower, with the heavyweight financials group dipping 0.2 percent. For the week, the index gained 0.2 percent. Celestica surged 11.4 percent to C$18.60 after its adjusted earnings beat expectations and it said it would exit the oversupplied solar panel manufacturing market. Rogers Communications Inc extended a rally to its highest level since August as investors cheered Thursday''s results that suggested its turnaround was on track. It advanced 1.3 percent to C$56.77. Restaurant Brands International Inc advanced 1.7 percent to C$65.72. The company said it would expand its coffee and doughnut chain, Tim Hortons, into Mexico. The materials group, which includes precious and base metals miners and fertilizer companies, rose 0.2 percent as gold prices steadied and gold stocks gained. Gold futures dipped 0.1 percent to $1,188.30 an ounce. (Additional reporting by Alastair Sharp; Editing by Paul Simao and Lisa Shumaker) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1FH1VB'|'2017-01-28T05:10:00.000+02:00'
'c5c3c8a929346fac29580bba58516146e5c40894'|'Pakistan central bank maintains main policy rate at 5.75 pct - governor'|'Financials - Sat Jan 28, 2017 - 3:43am EST Pakistan central bank maintains main policy rate at 5.75 pct - governor KARACHI, Pakistan Jan 28 Pakistan''s central bank maintained the country''s main policy interest rate at 5.75 percent on Saturday, the bank''s governor said, citing overall macroeconomic stability Governor Ashraf Mahmood Wathra said economic growth was picking up momentum, citing "visible improvement in energy supply and upbeat business sentiment". (Reporting by Raza Hassan; writing by Drazen Jorgic; Editing by Dominic Evans) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/pakistan-rates-idUSN6N10L01H'|'2017-01-28T15:43:00.000+02:00'
'f19689852b6f96e3ff5b7e552ee331c7371a6e63'|'UPDATE 1-Peng Zhao replaces Kevin Turner atop Citadel Securities'|'Company  08pm EST UPDATE 1-Peng Zhao replaces Kevin Turner atop Citadel Securities (Adds background on Turner, Zhao, Citadel Securities) By Lawrence Delevingne NEW YORK Jan 27 Kevin Turner has departed Ken Griffin''s Citadel LLC less than a year after he joined as chief executive officer of the firm''s market-making division, a spokesman said on Friday. Longtime firm executive Peng Zhao was named to replace Turner as CEO of Citadel Securities LLC. Zhao joined Citadel in 2006 and rose to global head of market-making at Citadel Securities. In mid-2016 he became vice chairman and chief scientist of the overall firm. Turner joined Chicago-based Citadel in July after more than a decade at Microsoft Corp. At the time, Griffin cited Turner''s experience in building and managing large, complex businesses as a reason to bring him on board. The reason for Turner''s departure was unclear. In statements on Friday, Griffin and Turner thanked one another. Jamil Nazarali remains head of execution services and Paul Hamill remains global head of fixed income, currencies and commodities at Citadel Securities. Citadel executed approximately 35 percent of all U.S.-listed shares traded on behalf of retail investors as of the first quarter of 2016, according to its website. Citadel Securities reached a $22.6 million settlement with the U.S. Securities and Exchange Commission earlier this month related to charges that it misled customers about the way it priced trades. The activity at issue took place between 2007 and 2010, before Turner joined the firm. (Reporting by Lawrence Delevingne and John McCrank; Editing by Lauren Tara LaCapra and Leslie Adler) Next In Company News EMERGING MARKETS-Latam currencies strengthen after weak U.S. GDP data (Updates table) By Bruno Federowski SAO PAULO, Jan 27 Latin American currencies mostly strengthened on Friday after weaker-than-expected U.S. growth figures dampened expectations of a fast rate-hiking cycle in the coming months. U.S. gross domestic product (GDP) increased at a 1.9 percent annual rate in the fourth quarter, closing the year 1.6 percent higher. That was the weakest pace since 2011, a reflection of cheap oil and a strong dollar. Some investors bet th'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/citadel-moves-idUSL1N1FH20F'|'2017-01-28T07:08:00.000+02:00'
'25a909cedfb442d4b14fd4f287665f7f9fce538e'|'Fitch Rates HSBC Bank plc''s USD10m CLNs ''Asf''; Outlook Stable'|'Financials - Thu Jan 26, 2017 - 11:35pm EST Fitch Rates HSBC Bank plc''s USD10m CLNs ''Asf''; Outlook Stable (The following statement was released by the rating agency) TOKYO, January 26 (Fitch) Fitch Ratings has assigned HSBC Bank plc''s USD10m Credit-Linked Notes due 2024 and linked to the State of Israel (ISIN XS1115379411) an ''Asf'' rating with Stable Outlook. KEY RATING DRIVERS The rating on the notes reflects the first-to-default risk of the two risk-presenting entities in the transactions: HSBC Bank plc (HSBC, AA-/Stable) as the issuer and the State of Israel (Israel, A+/Stable) as the reference entity. The Stable Outlook is driven by those of the Long-Term Issuer Default Ratings (IDRs) on HSBC and Israel. Fitch assesses that the risk of a restructuring credit event is present in the reference entity in this transaction. Therefore, in determining the rating, Fitch applied the Two-Risk CLN Matrix with Restructuring as per its Global Rating Criteria for Single- and Multi-Name Credit-Linked Notes. RATING SENSITIVITIES The rating on the notes is sensitive to changes in the Long-Term IDRs of the two risk-presenting entities. Based on the applicable criteria, a one-notch downgrade of either party would result in a one-notch downgrade of the notes. A one-notch upgrade of the reference entity would lead to a one-notch upgrade of the notes, while a one-notch upgrade of the issuer would not lead to an upgrade of the notes. This sensitivity only describes the matrix-implied rating impact and it should not be used as an indicator of possible future performance. USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS A description of the transaction''s representations, warranties and enforcement mechanisms (RW&Es) that are disclosed in the offering document and which relate to the underlying asset pool was not prepared for this transaction. Offering documents for CLN transactions do not typically include RW&Es that are available to investors and that relate to the asset pool underlying the security. Therefore, Fitch credit reports for CLN transactions will not typically include descriptions of RW&Es. For further information, please see Fitch''s Special Report titled "Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions," dated 31 May 2016. DATA ADEQUACY The risk-presenting entities have ratings from Fitch. Fitch has relied on the practices of the relevant Fitch groups to assess the entities. Overall, Fitch''s assessment of the entity information relied upon for the agency''s rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. SOURCES OF INFORMATION The information below was used in the analysis: Transaction documentation provided by HSBC Securities (Japan) Limited and HSBC Bank plc. Contacts: Primary Analyst Atsushi Kuroda Senior Director +81 3 3288 2692 Fitch Ratings Japan Limited Kojimachi Crystal City East Wing 3rd Floor 4-8 Kojimachi, Chiyoda-ku Tokyo 102-0083 Secondary Analyst Hitoshi Hibino Associate Director +81 3 3288 2631 Committee Chairperson Natasha Vojvodic Senior Director +61 2 8256 0350 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available at www.fitchratings.com. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit988071'|'2017-01-27T11:35:00.000+02:00'
'870ad56a8fafd453bde4295a1eac1b7fd97288b0'|'Brexit, Trump pose considerable risks to global economy - German finance ministry'|' 19am GMT Brexit, Trump pose considerable risks to global economy - German finance ministry U.S. President Donald Trump in Washington, U.S., January 26, 2017. REUTERS/Joshua Roberts BERLIN Britain''s vote to leave the European Union and the new U.S. administration are the main risks to the global economy, the German finance ministry said on Friday, adding that domestic demand will remain the main growth driver in Germany this year. "The risks to the global economy certainly remain remarkable," the ministry said in its monthly report, citing Brexit, the election of U.S. President Donald Trump, monetary policy developments and commodity prices as sources of concern. Construction, consumption and government spending have been the main pillars of growth in Europe''s largest economy recently. replacing exports. In the 2016 and 2017 fiscal years, the government set aside 28.7 billion euros (24 billion pounds) in funding to accommodate and integrate the more than one million asylum seekers who entered the country over the past two years, the ministry said. An additional 14.3 billion euros were earmarked to fight the causes of migration, including funding for development projects in hotspots like Afghanistan, and aid for refugees in Turkey, Lebanon and Jordan. (Reporting by Joseph Nasr Editing by Jeremy Gaunt)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-idUKKBN15B00R'|'2017-01-27T07:19:00.000+02:00'
'c7601e03464987eda9e31f6140b3b9a30331b768'|'Apple shares back in vogue as Wall Street bets on iPhone surge'|'Technology News - Fri Jan 27, 2017 - 12:05pm GMT Apple shares back in vogue as Wall Street bets on iPhone surge The Apple logo is seen on the facade of the new Apple Store in Paris, France, January 5, 2017. REUTERS/Charles Platiau By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Wall Street has regained an appetite for Apple as investors bet that the release of a 10th-anniversary iPhone and pent up customer demand will shore up shrinking sales. The largest component of the S&P 500, Apple remained a core holding of Wall Street throughout a decline in the stock in the first half of last year. But a recent rebound and speculation about an expected new phone have kindled additional investor interest. Apple''s 15-percent rally since mid-November pushed the stock to levels not seen in more than a year and boosted over 100 mutual funds that became shareholders in recent quarters. The gains have come even as Apple struggles with slow global demand for smartphones, made worse by consumers in key growth regions like China and India preferring Android devices selling for under $200. The stock is up 36 percent from lows in May of last year, when it was plagued by worries about iPhone sales, which fell in 2016 for the first time. The shares are now down 8 percent from a record high close in February 2015. Many on Wall Street expect Apple, which reports its fiscal first-quarter results on Tuesday, to mark the 10th anniversary of the iPhone this year with a dramatically improved model. Apple has not disclosed details, but analysts have speculated about potential new features including better haptic technology, wireless charging and a curved display that many believe will attract consumers who have begun to lose interest in smartphones. "We think this is going to be a pretty solid launch, a really big one," said Brian Hennessey, portfolio manager of the Alpine Dynamic Dividend Fund, whose largest holding is Apple. "I think even the bears would probably suggest that this product that''s coming out is going to be pretty interesting and hard to ignore." The number of mutual funds reporting they became Apple shareholders in recent quarterly filings has jumped by 188 percent to 288, while the number of mutual funds liquidating their Apple holdings dropped by 25 percent to 154, according to Morningstar. Strong sales of the iPhone 6S two years ago have arguably left a larger-than-normal base of customers now ready to upgrade to new devices in what several analysts have describe as a "supercyle". Citing recent supply and demand checks, Morgan Stanley analyst Katy Huberty on Jan. 16 cut her estimate for December-quarter iPhone shipments to 75 million units from 79 million, and she warned that Apple would likely give March-quarter guidance below investors'' expectations. But confident about pent up demand, Huberty raised her iPhone estimates for the fiscal year starting in October and said Apple remains a top pick. Apple''s recent stock gain makes the success of its next iPhone all the more crucial, said Trip Miller, managing partner of hedge fund Gullane Capital. Attracted to the healthy balance sheet and a price/earnings multiple that is low versus the S&P 500''s average, the fund added to an existing Apple stake after the stock swooned last year. Apple currently makes up about 5 percent of its portfolio, Miller said. Apple is rushing to expand music streaming and other services that provide recurring revenues in a bid to offset lackluster iPhones sales, which still account for 60 percent of total revenue. "They really need to have a big value-add in the next product they come out with," Miller said. Also sounding a cautious note, Barclays analyst Mark Moskowitz downgraded Apple on Jan. 24 to "equal weight" from "overweight", warning that this year''s new iPhones may not entice consumers increasingly content to keep their devices for three or four years, instead of two or three. Apple''s recent rally has left its stock trading at 12.9 times expected earnings, pricier than its five-year average of about 12.0 times expected earnings but far cheaper than the S&P 500''s multiple of 17.2 times earnings, according to Thomson Reuters Datastream. After three consecutive quarters of declines, Apple in the December-quarter is expected by analysts to report a 2-percent increase in revenue to $77.4 billion, according to Thomson Reuters data. Revenue for fiscal 2017 is expected by analysts to grow 5.5 percent, recovering some of last year''s 7.7 percent decline. (Reporting by Noel Randewich; Editing by Bernard Orr) Next In Technology News With supplies tight, memory chipmakers head into ultra-super-cycle SEOUL The global memory chip industry is heading into what''s been dubbed an ultra-super-cycle, as the challenge of making chips smaller yet more efficient has created supply bottlenecks, while there is soaring demand for data storage - from smartphones and artificial intelligence to autonomous driving and the Internet of Things.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-markets-apple-idUKKBN15B15J'|'2017-01-27T19:05:00.000+02:00'
'e4515493f272b566aa3e861723a051e5d6f845db'|'Houthi-run authorities in Yemen capital condemn Trump ban'|'World News   3:09am EST Houthi-run authorities in Yemen capital condemn Trump ban DUBAI A decision by President Donald Trump to temporarily ban Yemeni citizens from traveling to the United States is "illegal and illegitimate," authorities controlled by the Iran-allied Houthi group in Yemen''s capital said. The war-damaged and impoverished country in the south of the Arabian Peninsula is one of seven majority Muslim countries whose citizens now face a 90-day ban on entering the United States while the U.S. administration says it studies ways to keep militants out. The Houthi-controled news agency SABA quoted a foreign ministry source as saying the ministry was aware that such action is the sovereign right of the U.S. government. But "the source said emphatically that any attempt to classify Yemen or its citizens as a possible source of terrorism and extremism was illegal and illegitimate." Yemen has been divided by nearly two years of civil war. The Iran-allied Houthi group has de facto control of northern areas, including the capital Sanaa and the country''s largest international airport, while the internationally recognized government is based in the south and east. An official in that administration said on Saturday that it was "dismayed" by the visa ban. (Reporting By Noah Browning and Mohammed el-Sherif; Editing by Susan Fenton) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-usa-trump-immigration-yemen-idUSKBN15D0B4'|'2017-01-29T14:54:00.000+02:00'
'74b05b121be47bd08b98d35bb55fe0585ddd6db0'|'URGENT-Myanmar ruling party lawyer shot dead at Yangon airport'|'  7:29am EST Myanmar ruling party lawyer shot dead at Yangon airport By Wa Lone and Shwe Yee Saw Myint - YANGON YANGON A legal adviser for Myanmar''s ruling National League for Democracy was shot dead outside the country''s busiest airport on Sunday after returning from a government-led trip to Indonesia. An unidentified lone gunman killed the veteran lawyer, Ko Ni, and injured two others in front of the main terminal of Yangon International Airport at 5 p.m., according to San Naing, Ko Ni''s assistant. "They shot my boss. He is dead. I am beside his body and there''s blood on the floor," San Naing told Reuters by phone. Images posted on social media appeared to show a pool of blood around the slain lawyer''s head. Police have detained a suspect, but the motive was unknown so far. Ko Ni was a prominent member of Myanmar''s Muslim minority. The shooting comes amid heightened communal tensions in Buddhist-majority Myanmar, where leader Aung San Suu Kyi is under pressure over a security operation in an area of the country''s northwest that is populated mostly by Muslims. A police official in the capital, Naypyidaw, told Reuters a Myanmar citizen from the central Myanmar city of Mandalay had been arrested. The official, who declined to be named as he was not authorized to speak to media, did not provide additional details about the suspect. Ko Ni, an expert in constitutional law who advises the party led by Nobel laureate Suu Kyi, had joined a delegation to Indonesia led by Information Minister Pe Myint, the assistant said. The delegation to Muslim-majority Indonesia - billed as an opportunity to share experiences of national reconciliation - included several Myanmar Muslim leaders, some belonging to the mostly stateless Rohingya minority. (Writing by Simon Lewis, editing by Larry King) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-myanmar-lawyer-idUSKBN15D0KM'|'2017-01-29T19:22:00.000+02:00'
'd7f232212c4bd9b6b9bbac02323b48e002630497'|'Lufthansa deal to lease Air Berlin planes approved by German watchdog'|'BERLIN The German cartel office on Monday approved plans by Lufthansa ( LHAG.DE ) to lease 38 crewed planes from smaller rival Air Berlin ( AB1.DE ), a deal which had drawn criticism from rival Ryanair ( RYA.I ).The deal, agreed last year, brings a much needed financial lifeline to loss-making Air Berlin, which is part-owned by Abu Dhabi-based Etihad Airways, and allows Lufthansa to quickly expand its Eurowings budget unit.Ryanair had raised objections to the deal, with CEO Michael O''Leary telling Reuters it was a "fig leaf" to mask Lufthansa''s acquisition of its main domestic competitor.The cartel office said on Monday that the wet lease deal had to be viewed differently to a takeover and that Lufthansa was only taking on planes, but not slots."Lufthansa has the chance to expand with these planes but that growth is not enough to block the deal," Andreas Mundt, head of the cartel office, said in a statement.(Reporting by Victoria Bryan; Editing by Arno Schuetze)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-air-berlin-lufthansa-idINKBN15E0ZK'|'2017-01-30T07:57:00.000+02:00'
'5ddb6e8516d83ee7a2f89e87d127cf105486edea'|'Siemens chairman to nominate Snabe as successor - Manager Magazin'|'Business News - Mon Jan 30, 2017 - 9:40am GMT Siemens chairman to nominate Snabe as successor - Manager Magazin CEO of German software group SAP Jim Hagemann Snabe attends the company''s balance sheet news conference in Frankfurt January 25, 2012. REUTERS/Lmar Niazman FRANKFURT Siemens'' chairman plans to put forward ex-SAP co-Chief Executive Jim Hagemann Snabe as his successor at the company''s annual shareholder meeting on Wednesday, German business monthly Manager Magazin reported. The 51-year-old Dane was co-CEO of software giant SAP from 2010 to 2014 and has been a member of Siemens'' supervisory board since 2013. The contract of Siemens Chairman Gerhard Cromme runs until 2018. The 73-year-old former CEO and chairman of Thyssenkrupp has been criticised for not producing a succession plan in his decade in the role. Influential board members had persuaded Cromme to nominate a successor, Manager Magazin reported, citing supervisory board sources. Siemens declined to comment on the report. Trains-to-turbines group Siemens is focusing increasingly on industrial software, an area in which it has partnered with SAP and will also increasingly compete with Europe''s most valuable technology company. (Reporting by Georgina Prodhan; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-siemens-chairman-snabe-idUKKBN15E0SR'|'2017-01-30T16:40:00.000+02:00'
'0ffbb6006bb1766f05b4ec95c15bb93ae9d66be9'|'Boat carrying 28 Chinese tourists reported missing off Malaysia'|'World News   10:20pm EST Boat carrying 28 Chinese tourists reported missing off Malaysia KUALA LUMPUR A boat carrying 31 people, including 28 Chinese tourists, is missing off the coast of Borneo, Malaysian maritime authorities said on Sunday. The boat left Kota Kinabalu, the capital of the eastern Malaysian state of Sabah, at about 9 a.m. (0100 GMT) on Saturday, and was headed towards the popular tourist spot of Mengalum island, Sabah and Labuan Malaysian Maritime Enforcement Agency (MMEA) deputy director Rahim Ramli said when contacted. Rahim said the boat was reported missing at about 9.50 p.m. after failing to arrive at the island, and that a search and rescue operation was launched soon after. Bad weather was hampering the search effort, which covers an area of about 400 nautical square miles, he said. "We are looking at strong winds and choppy waters, and have requested assistance from the air force to conduct an aerial search," he said. (Reporting by Rozanna Latiff; Editing by Stephen Coates) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-malaysia-boat-idUSKBN15D03L'|'2017-01-29T10:10:00.000+02:00'
'339d5551793c01776230d0add19d937dcd321665'|'Keysight Technologies nears acquisition of Ixia -sources'|'Deals - Sun Jan 29, 2017 - 12:07pm EST Keysight Technologies nears acquisition of Ixia: sources By Liana B. Baker and Greg Roumeliotis Keysight Technologies Inc ( KEYS.N ), a provider of software and equipment to the electronics industry, is nearing a deal to acquire U.S. data technology company Ixia ( XXIA.O ) for more than $1.6 billion, according to people familiar with the matter. The deal comes as the increasing volume of data traffic flowing through social media, smartphones and cloud computing tests the resilience and integrity of networks, making Ixia''s equipment and applications more popular with its clients and coveted by its peers. Keysight is finalizing acquisition terms with Ixia after prevailing in an auction for the company, and could announce a deal as early as Monday, the people said on Sunday. While the exact deal price could not be learned, Keysight will pay more than $19 per share for Ixia, the people said. That compares with the roughly $13.50 level Ixia shares traded at before Reuters reported on Dec. 2 that the company was exploring a sale. Ixia shares ended trading on Friday at $18.20. The sources asked not to be identified because the negotiations are confidential. Ixia declined to comment, while Keysight did not immediately respond to a request for comment. Based in Calabasas, California, Ixia makes equipment that monitors and tests networks so enterprise customers can have their data travel smoothly without bottlenecks. Its customers include the world''s largest networking gear maker, Cisco Systems Inc. Ixia also makes hardware that helps secure networks. Its chief executive officer said on its latest earnings conference call that 35 percent of its total business was tied to security products. Ixia was founded by Errol Ginsberg in 1997 and went public in 2000, as internet traffic started to increase. Ixia''s former CEO, Vic Alston, resigned in 2013 for misstating academic credentials and other details such as his age and job history, the company said at the time. The company recruited a senior networking executive from Hewlett Packard, Bethany Mayer, to be its CEO in 2014. Ixia generated revenue of $123.9 million in the third quarter, down from $125.9 million in the same quarter a year earlier. Based in Santa Rosa, California, Keysight helps companies test products that have electronic components. It has a market capitalization of around $6.4 billion. Reuters first reported last Wednesday that Keysight was exploring an acquisition of Ixia. (Reporting by Liana B. Baker in San Francisco and Greg Roumeliotis in New York; Editing by Meredith Mazzilli) Next In Deals    '|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-ixia-m-a-keysight-technologies-idUSKBN15D0XV'|'2017-01-29T23:49:00.000+02:00'
'd54ef6bd075ce5d3a09329a356b9c7dcac43eec2'|'UPDATE 1-Nasdaq reports quarterly loss due to one-time costs'|'Tue Jan 31, 2017 - 7:48am EST Nasdaq reports quarterly loss due to one-time costs Pedestrians walk past the NASDAQ MarketSite in New York''s Times Square in this June 4, 2012 file photo. REUTERS/Eric Thayer/Files NEW YORK Transatlantic exchange operator Nasdaq Inc ( NDAQ.O ) on Tuesday reported a fourth-quarter loss due largely to one-time costs, including the rebranding of its Treasury trading business. The net loss was $224 million, or $1.35 per share, compared with year-earlier net income of $148 million, or 88 cents per share. One-time expenses included a non-cash charge of $578 million due to the write-down of the eSpeed trade name, following the rebranding of the U.S. Treasury business. Other charges included $20 million in acquisition costs, and $12 million related to the retirement of former Chief Executive Officer Robert Greifeld. Nasdaq combined its U.S. and European fixed income units, which will now be known as Nasdaq Fixed Income. The company also said it would wind down its NLX interest rate futures business. The changes were aimed at better aligning the exchange operator''s business segments, management, resources and clients, said new CEO Adena Friedman, who took the top job on Jan. 1. "While this had an impact on our quarterly results, we feel it puts us in a stronger position to execute on the market opportunities in front of us," she said in a statement. Stripping out special items, Nasdaq earned 95 cents per diluted share, a penny better than analysts expected, according to Thomson Reuters I/B/E/S. Revenue at the New York-based company was up 12 percent to $599 million. Operating expenses rose to $386 million from $290 million a year earlier, mainly due to acquisition costs. Nasdaq completed four acquisitions in the first half of 2016, including its $1.1 billion purchase of options exchange operator International Securities Exchange (ISE) in June. The company also bought Canadian stock trading venue CXC and news distribution company Marketwired in February. It acquired business communications firm Boardvantage in May. (Reporting by John McCrank; Editing by Lisa Von Ahn and Chizu Nomiyama) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-nasdaq-results-idUSKBN15F1CR'|'2017-01-31T19:41:00.000+02:00'
'8f694470a66626f623d8572604f9b4473cc06533'|'Euro zone steams into 2017 despite political risks'|'Business News  56am GMT Euro zone steams into 2017 despite political risks FILE PHOTO - Cargo wagons are parked at a train station in Munich, Germany, May 6, 2015. REUTERS/Michaela Rehle/File Photo By Jeremy Gaunt - LONDON LONDON The euro zone economy has kicked off the year robustly, data showed on Monday, presenting the European Central Bank with evidence that its massive cash stimulus is working but also posing difficulties about the way forward. There are risks ahead - some political - but for now the 19 member states of the euro zone are doing better than many expected. German inflation looks set to come in strongly after five federal states clocked up annual price rises close to - and in three cases above - the ECB''s just-under 2 percent target for the euro zone as a whole. Spain, the euro zone''s fourth largest economy, reported its output grew last year at 3.2 percent, adding to 3.2 percent and 1.4 percent in the previous two years, signalling strong recovery from a banking-debt crisis and a recession. Manufacturing confidence in the Netherlands - the fifth largest economy - hit its highest level since 2008, while various economic sentiment indexes for the euro zone as a whole came in much better than expected. Bloc-wide economic sentiment, for example, hit a near six-year high. Less heralded, there were also signs of growth among the currency bloc''s smaller economies - Lithuania''s year-on-year GDP was 3.0 percent in the fourth quarter, while Austrian inflation accelerated and its purchasing managers'' index soared. The data comes after a week in which other reports showed relatively strong performances continuing into this year from 2016 for heavyweights Germany and France. "2017 seems to have started on a very solid footing," said Jennifer McKeown, chief European economist at Capital Economics in London. "The economy is performing (well)." HEADWINDS All this will be good news for the ECB, which has so far pumped just over 1.5 trillion euros ($1.6 trillion) into the euro zone economy to try to stave off deflation and kickstart some growth, along with providing negligible interest rates. But it will also add pressure on the ECB to pull back on some of its largesse. German officials in particular take a dim view of the ECB''s free spending and with inflation expected to be higher in Germany, Europe''s biggest economy, than across the euro zone as a whole, the pressure will be on. "If this price development is sustainable, the prerequisite for the withdrawal from the loose monetary policy is created," ECB policymaker and Bundesbank chief Jens Weidmann said last week. The ECB, however, has indicated it is in no rush to turn off the taps. Part of this is because it wants to see sustainable improvement and does not believe it has evidence of this yet. Some inflation, for example, stems from rising energy prices that will soon have played out in the comparative data. But there is also a series of political events that could complicate and even derail the euro zone''s progress. There are a lot of "ifs" involved, but the presidential election in France could result in an administration led by the anti-euro Marine Le Pen, while a similar anti-euro result featuring the 5-Star movement could occur in Italy.. Greece, meanwhile, has so far failed to get the latest tranche of its third international bailout. Two years ago it almost became the first country to fall out of the euro zone. The ECB will be mindful of all this despite the increasing growth. (Editing by Gareth Jones) Oil slides as strong U.S. drilling activity weakens deal to cut output LONDON Oil prices fell on Monday as news of another increase in U.S. drilling activity spread concern over rising oil output just as many of the world''s oil producers are trying to comply with a deal to pump less in an attempt to prop up prices.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-sentiment-idUKKBN15E0VG'|'2017-01-30T17:56:00.000+02:00'
'ad5a3c1446002409a041de19fa416e3cbb333089'|'Lufthansa pilots'' union says mediation has ended without conclusion'|'Aerospace & Defense - Tue Jan 31, 2017 - 7:53am EST Lufthansa pilots'' union says mediation has ended without conclusion A Lufthansa logo is pictured during a pilots strike of the German airline at Frankfurt airport, Germany, November 29, 2016. REUTERS/Ralph Orlowski FRANKFURT Two weeks of mediation between Lufthansa ( LHAG.DE ) and its pilots on pay contracts have come to an end without a conclusion, pilots'' union Vereinigung Cockpit said on Tuesday. Mediator Gunter Pleuger will make his recommendation for how to resolve the row shortly, a spokesman for the union said. Lufthansa had earlier said it would take a few days after talks concluded before the result of the mediation would be announced. (Reporting by Peter Maushagen; Writing by Victoria Bryan; Editing by Maria Sheahan) Next In Aerospace & Defense'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-lufthansa-unions-pilots-idUSKBN15F1I9'|'2017-01-31T19:49:00.000+02:00'
'ccdd64bccf01b6e1ad61fcc67f2666a3b19d1d8f'|'UK funds move further into equities camp'|'Saving And Loans News - Tue Jan 31, 2017 - 12:44pm GMT UK funds move further into equities camp By Sujata Rao - LONDON LONDON British funds upped their equity allocations to eight-month highs in January on expectations that a reflationary spending boost expected under U.S. President Donald Trump will extend stock markets'' outperformance. Reuters'' latest monthly survey of 14 UK-based funds also showed a majority of investors are preparing for Britain to opt for a "hard" Brexit - leaving the European Union without access to its single market. The poll however showed little change in UK investment positions. Overall, investors extended their preference for equities to cover 47.4 percent of global portfolios - a two percentage-point increase from December, according to the poll conducted Jan. 16-30. Bonds and cash dipped, with holdings of the latter falling to 6.3 percent, the lowest in more than a year. Bond allocations fell almost three percentage points to 28.9 percent, a three-month low. "The threat of rising inflation and tightening monetary policy will act as a further negative for bond markets whilst the anticipation for an acceleration in corporate earnings growth should bode well for equities," Peter Lowman, chief investment officer of wealth manager Investment Quorum, said. Trump''s election win on a pro-growth ticket propelled stocks to new highs, deepened a bond sell-off and boosted the dollar. In Europe, German inflation hit 3-1/2 year highs in January, data showed this week, pushing euro zone bond yields to the highest in almost a year p. World stocks are up 3 percent this month, while emerging equities - a classic reflation trade - are set for the biggest monthly gain since last March .MIWD PUS .MSCIEF. "We expect central banks to allow inflation to rise from low levels, suggesting another equity-friendly environment this year," said Trevor Greetham, head of multi-asset at Royal London Asset Management (RLAM). UK funds'' allocations to North American stocks were at 32.8 percent, up almost 7 percentage points from last January. But investors were not unilaterally bullish. The party could be spoiled, for instance, if U.S. interest rates rise by more than the market is pricing in. Of the poll participants who responded to a specific question on the pace of Fed tightening, 60 percent predicted one to two rises this year, and 40 percent expected the U.S. Federal Reserve to move three times. Nor is everyone confident that Trump can deliver on promises to accelerate growth by cutting taxes, easing regulations and spending $1 trillion on infrastructure. Failure may endanger "Trumpflation" trades premised on faster growth and inflation. Ryan Boothroyd, an analyst in the multi-asset team at Henderson Global Investors, has trimmed U.S. equities after a strong performance and "the ebbing momentum of the Trump trade". "We wished to diversify our exposure to the reflation trade away from purely U.S. reflation plays such as the Russell 2000 into cheaper, more globally-oriented reflationary assets such as commodities. Equities are historically expensive relative to real assets," Boothroyd said. Brexit is also seen as a risk, having pushed sterling down 16 percent versus the dollar in 2016. With Prime Minister Theresa May signalling a "hard" EU exit, the hitherto resilient economy may experience a gradual slowdown, Bank of England officials have said. Just a quarter of the funds who responded to a question on the subject said they expected a "soft" Brexit. Investors held UK and Europe equity allocations steady, also citing upcoming elections in the Netherlands, France and Germany. "There is a high risk that the (Brexit) negotiations will simply run out of time, resulting in a harder outcome than either the UK or Europe would like," said Andrew Milligan, head of global strategy at Standard Life Investments. (Additional reporting by Claire Milhench; editing by John Stonestreet) Next In Saving And Loans News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-funds-poll-uk-idUKKBN15F1BI'|'2017-01-31T19:44:00.000+02:00'
'a6779a3bfbd7cb19c141cb5f8f1a10fa0c56d5e8'|'Origin Energy gas production revenue jumps 27 pct in Dec quarter'|'Company News  51pm EST Origin Energy gas production revenue jumps 27 pct in Dec quarter MELBOURNE Jan 31 Origin Energy, Australia''s top energy retailer, reported a 27 percent rise in gas revenue in the December quarter on the previous quarter, thanks to higher prices and the ramp-up of output at the Australia Pacific liquefied natural gas project (APLNG). Origin''s production rose to 80.1 petajoules equivalent (PJe) in the three months to Dec. 31, up 8 percent from the previous quarter, while revenue rose to A$544.3 million ($411.2 million). Output is growing as the company gets set to spin off its conventional gas exploration and production arm in an initial public offering this year, expected to fetch A$1 billion. It plans to hold on to its stake in APLNG. The APLNG project in Queensland is co-owned by operator ConocoPhillips, Origin and China''s Sinopec. APLNG shipped 26 cargoes in the December quarter mainly to Sinopec and Japan''s Kansai Electric Power Co, Origin said, with the second of two production units, called trains, having started up in October. ($1 = 1.3236 Australian dollars) (Reporting by Sonali Paul; Editing by James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/origin-energy-results-idUSL4N1FK04X'|'2017-01-31T05:51:00.000+02:00'
'33f6ca016680d6647c289070b4fde0f8bcdb20e0'|'Pension charge causes quarterly loss at UPS'|'CHICAGO Jan 31 Package delivery company United Parcel Service Inc on Tuesday posted a quarterly loss caused by a mark-to-market pension charge.The Atlanta-based company reported a fourth-quarter net loss of $239 million or 27 cents per share, compared with a net profit of $1.33 billion or $1.48 per share a year earlier. (Reporting By Nick Carey)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ups-results-idINL1N1FL03Y'|'2017-01-31T09:54:00.000+02:00'
'9b318dd774d93dde65e39e715d03c4f5ed3fc341'|'Roche said to consider options for Diabetes unit- Bloomberg'|'Company  35pm EST Roche said to consider options for Diabetes unit- Bloomberg Jan 31 Roche Holding AG is considering options for its diabetes-care business including a sale, Bloomberg reported, citing people familiar with the matter. The alternatives for the unit could include a partial sale or spinoff and the sale could fetch as much as $5 billion, Bloomberg also reported. bloom.bg/2knSjG5 Roche was not immediately available for comment outside regular business hours. (Reporting by Parikshit Mishra in Bengaluru; Editing by Ruth Pitchford) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/roche-holding-divestiture-diabetes-idUSL5N1FL70O'|'2017-02-01T03:35:00.000+02:00'
'8a26b380a7f60e5c49897ab36132a0b44706570a'|'How buying a Bovis home came with hundreds of snags'|'When Helen Batt went to view her recently purchased £389,995 Bovis-built home in Maidstone, Kent, for the first time before Christmas, she was expecting to see a spanking new four-bedroom house.Instead, the property in the Orchard Fields development was barely finished and littered with rubbish – two days before the scheduled completion date of 20 December. “It was a complete shock,” says Batt, a 32-year-old partner in law firm Buss Murton.“There was no turf laid in the back garden, the back door wasn’t hung properly and I could still see daylight through the UPVC. The lounge hadn’t been fully plastered or painted, nor had the house been carpeted. They had installed the wrong kitchen units and splashback and fitted the wrong utility cupboards. The sales adviser who showed me around was the one who had originally selected my kitchen choices … she hadn’t even bothered to pre-warn me.”Facebook Twitter Pinterest How Helen Batt found her house on completion day The National House Building Council , the standard-setting body and main home construction warranty provider for new-builds in the UK, signed the house off shortly after. But Batt claims that it wasn’t fit for habitation. She is just one of a number of homebuyers angry with Bovis, with some listing as many as 200 “snagging” problems after moving in.In Batt’s case, the carpet was laid on 23 December, the day she finally completed. She alleges Bovis was effectively in breach of contract because the house was not habitable until then.To compensate her for extra costs on her mortgage and delayed removal vans, she received a cheque of £450 in the new year – later than promised and, she says, only after a lot of chasing.Her problems did not end there. When she moved in, she says, there was no sealant in the bathroom so the facilities weren’t watertight. “The whole thing was just an absolute joke. It was all rushed – they didn’t allow the plaster to dry before painting it. The heads of nails are poking through the wall, and they just painted over it.”When the power was suddenly cut off, she discovered that the property had not been connected to the mains and was still run on the generator at the Bovis estate.Batt says she still has the wrong kitchen and utility units a month after completion. “The remainder of the issues fall under ‘snagging items’. A buyer is not permitted to delay completion for these items or they will be in breach of contract. Therefore, I had to complete on an unfinished, albeit liveable – just – dwelling,” she says. Her “snagging” list runs to 198 items.A Facebook group called Bovis Homes Victim Group has grown to more than 1,000 members. Common complaints among them are a lack of sound insulation, the wrong kitchen units, dented doors and rushed plaster and paint jobs.The company says it is taking the complaints seriously. It launched a review in November to investigate problems faced by “a small number who had waited extended periods for remedial works to be carried out, or where our customer services had not been to the standard we would want”. A team has been set up to resolve the issues, led by Michael Black, group production and quality control director.Facebook Twitter Pinterest One of Helen Batt’s Bovis ‘snags’ The company faced accusations that it was pressuring customers to move into unfinished homes before Christmas with the offer of cash incentives. Then, days before the new year, it issued a profit warning , and soon after chief executive David Ritchie quit.The firm blamed operational issues when it admitted that it would complete about 180 fewer homes than expected in 2016. One of its top shareholders, Schroders, is reportedly pushing for a £5bn merger with its bigger housebuilding rival, the Berkeley Group.Bovis Homes says its “leadership remains committed to rectifying these issues to ensure customers receive the quality homes and service they expect, and we apologise where this has not been the case”. Additionally, it adds, it is “actively reviewing operational processes to identify the required changes to ensure we consistently deliver a high standard of home and service in the future”.It had previously said that a “limited number of customers were offered an incentive to complete before the year end, and all homes were habitable with the requisite Council of Mortgage Lenders industry certification, with a timetable for outstanding works to be carried out in the new year.” The firm stressed that no one was forced to move in before Christmas and the homes only needed a few finishing touches. It also claimed that offering incentives to complete by a certain date was standard industry practice.One set of buyers given an incentive to move in early were Rob Elmes and his wife, who were purchasing a £320,000 three-bed property in Inkberrow, Worcestershire. They turned down £3,000 to complete by 23 December because, they say, the property was riddled with problems.The couple are seeking compensation equivalent to 10% of the purchase price, citing the length of time it has taken to rectify the problems, the stress caused – he says he has suffered insomnia and anxiety attacks – the time taken off work and extra costs such as storage.Elmes says: “The culture of offering a financial incentive to complete prior to the house actually being complete was not in our best interest, and it became one of the most stressful weeks we have endured throughout this process. Not the Christmas we were hoping for.”Bovis profit warning takes investors by surprise Read more He added that if they had completed before Christmas they would have been liable for mortgage payments despite the house not being ready to live in.Since then, Elmes said they have had a “positive” meeting with Black and Bovis’s interim chief executive, former finance director Earl Sibley, who is running the company until a permanent CEO is found. But, Elmes says, it has taken weeks of emails, phone calls and meetings with Bovis before the issues were rectified. “How is it possible that the house was NHBC signed off? Why didn’t anyone notice the chimney was missing or that the gate was in the wrong place?”Marc Holden, a 33-year-old army veteran turned IT consultant, claims his £490,000 house in Milton Keynes had major defects, including the gas supply installation. He is helping organise a protest outside the company’s annual meeting in May and is expecting at least 100 disgruntled homeowners to turn up. In the meantime Bovis insists it is working with Batt, Elmes and Holden to “resolve any identified issues”.The NHBC says it carries out spot checks at key stages of the build process, which significantly reduce the number of defects “and, importantly, allows us to offer our 10-year Buildmark warranty and insurance cover”. It adds: “Our inspectors are not on site at all times and it is ultimately the builder’s responsibility to ensure that homes conform to the building regulations and NHBC technical standards. Our standards do not include items relating to customer choices and extras such as kitchen specification, carpets and garden gates. These are subject to individual agreements between the homeowner and the builder.”Facebook Twitter Pinterest ‘Snags’ in Robert Elmes’s Bovis home When you buy Show homes can be misleading, as can plans and brochures – so ask for detailed information.Always carry out a pre-move inspection so you can get the builder to fix anything that may be amiss.Get a detailed “snagging” survey done between the end of building work and legal completion.Some defects may not appear until after you move in. Record them all and report them straight away.Check the builder is signed up to the Consumer Code. If, after two years, you find something major is wrong, claim under the 10-year warranty.When things go wrong New homebuyers get a 10-year protection, split between a builder’s guarantee for the first two years (whereby they are responsible for fixing all defects in the home), followed by a warranty issued by NHBC, Premier Guarantee or LABC Warranty for the next eight years.The voluntary, industry-led consumer code for homebuilders was introduced in April 2010 and sets out strict guidelines. Complaints need to be made within two years after legal completion, and disputes are referred to an independent resolution service. The maximum payout is £15,000.Until the consumer code was introduced, a homebuyer who felt that they had a claim against their builder would have had to go to court if the matter was not covered by their home warranty scheme.After two years has elapsed, buyers should go directly to NHBC, Premier Guarantee or LABC Warranty to pursue their claim. If they are not satisfied with the outcome, they take their claim to the financial ombudsman service. There have been calls for a new home ombudsman.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/28/bovis-home-hundreds-of-snags-angry-buyers-unfinished-homes'|'2017-01-28T14:00:00.000+02:00'
'473e5f7ec8d6f934f43613f709aa9251a7383338'|'Intesa chairman says nothing will happen at weekend over Generali deal'|'MODENA, Italy Italy''s Intesa Sanpaolo ( ISP.MI ) will not unveil its plans for a possible deal with insurer Generali ( GASI.MI ) over the weekend, the bank''s chairman said on Saturday.Intesa said this week it was examining a possible tie-up with Generali in what would be one of Europe''s biggest deals of this kind."Nothing will happen" over the weekend, Intesa''s Chairman Gian Maria Gros-Pietro told reporters on the sidelines of a financial conference in Modena.He added that Generali would not be on the agenda of Intesa''s board meeting on Feb.3, which will review the bank''s 2016 results.(Reporting by Gianluca Semeraro, writing by Silvia Aloisi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-m-a-intesa-sp-idINKBN15C08M'|'2017-01-28T06:24:00.000+02:00'
'2ea89be49f10567cc85631eadd06a9515646727f'|'EMERGING MARKETS-Latam currencies strengthen after weak U.S. GDP data'|'Company News  25pm EST EMERGING MARKETS-Latam currencies strengthen after weak U.S. GDP data (Updates table) By Bruno Federowski SAO PAULO, Jan 27 Latin American currencies mostly strengthened on Friday after weaker-than-expected U.S. growth figures dampened expectations of a fast rate-hiking cycle in the coming months. U.S. gross domestic product (GDP) increased at a 1.9 percent annual rate in the fourth quarter, closing the year 1.6 percent higher. That was the weakest pace since 2011, a reflection of cheap oil and a strong dollar. Some investors bet that could drive the central bank to avoid increasing interest rate too quickly, supporting the allure of high-yielding emerging market assets. Still, question marks hover over U.S. monetary policy as traders ponder the economic implications of President Donald Trump''s pledges of heavy spending and protectionism. The Brazilian real strengthened around 1 percent, while the Mexican peso strengthened 1.45 percent to have its best week in almost a year after a phone call between Trump and Mexican President Enrique Pena Nieto. Shares of Mexican-owned Banorte gained nearly 3 percent on Mexico''s IPC index on Friday, following a strong fourth-quarter reporter posted by the bank a day prior. Key Latin American stock indexes and currencies at 2300 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging 915.92 -0.09 6.22 Markets MSCI LatAm 2547.95 0.61 8.86 Brazil Bovespa 66033.99 -0.24 9.64 Mexico IPC 47421.12 -0.4 3.90 Chile IPSA 4275.72 -0.83 2.99 Chile IGPA 21323.88 -0.67 2.84 Argentina MerVal 19215.78 0.18 13.58 Colombia IGBC 10274.83 0.12 1.45 Venezuela IBC 27974.32 0.38 -11.77 Currencies daily % YTD % change change Latest Brazil real 3.1500 0.95 3.15 Mexico peso 20.9100 1.43 -0.79 Chile peso 650.15 -0.05 3.16 Colombia peso 2928.57 0.35 2.49 Peru sol 3.29 0.30 3.77 (Reporting by Bruno Federowski; Editing by Nick Zieminski and Grant McCool) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1FH1YU'|'2017-01-28T06:25:00.000+02:00'
'60ffd3452dbe2d6b456d54dd99a837510722de71'|'Kenya''s Safaricom shifts funding to catch up on fixed-data demand'|'Business News - Sat Jan 28, 2017 - 9:44am GMT Kenya''s Safaricom shifts funding to catch up on fixed-data demand Pedestrians walk past a mobile phone care centre operated by Kenyan''s telecom operator Safaricom in the central business district of Kenya''s capital Nairobi, May 11, 2016. REUTERS/Thomas Mukoya (The Jan. 27 story was refiled to correct the telecom company name in paragraph 3 to Vodafone from Vodacom) By Duncan Miriri NAIROBI Kenya''s Safaricom ( SCOM.NR ) is reallocating funds to build up its fixed-data network to connect homes to the Internet, as demand grows for online streaming services like Netflix, chief executive Bob Collymore told Reuters. The fixed-data market in Kenya is dominated by Wananchi Group''s Zuku brand and Jamii Telecoms. Safaricom, Kenya''s biggest telecoms company, has until recently been focusing on mobile Internet access. It is 40 percent-owned by Britain''s Vodafone ( VOD.L ). "We have been a bit lazy in growing our data business," Collymore said. Safaricom''s Internet provision business grew by about 40 percent in its first half to the end of last September. That was well below the 52 percent growth rate for other African operators and 62 percent in the rest of the world. Collymore said its investments in the fixed data network were a reallocation of its budget and would not add to its planned capital expenditure. Safaricom''s capital expenditure in its year to end March is 32 billion shillings (£245.1 million), Collymore said, without giving a breakdown. "The big investment is in fibre." "We are certainly putting more in fibre than we thought we would do ... It is a change in priorities," he said. Collymore said Safaricom had already connected 6,000 homes to its new fixed-data network, using fibre and poles. "That is a cheaper way of delivering the data requirements of homes because ideally you want to have unlimited data," he said in an interview on Friday. He said the move was driven by growing local demand to download or stream content such as the science fiction drama Sense 8 on Netflix. "We want to give people solutions they can use to access a Netflix movie or a ShowMax movie, not just on the TV, on Tablet or on phone," he said. ShowMax, owned by South Africa''s Naspers ( NPNJn.J ), is an Internet-based video service that has partnered with Safaricom to recruit new customers in Kenya. Safaricom spent $25 million on a license for the provision of fourth generation (4G) Internet and it has rolled out the network to Kenya''s major urban centres. It also has 2G and 3G networks running in parallel for customers who do not have smart phones that can accommodate faster speeds and for customers in the rural areas. Collymore said Safaricom was keeping its earlier guidance of 97 billion shillings in earnings before interest, tax, depreciation and amortisation (EBITDA) in its financial year to the end of March. "The second half is in line with our expectations," he said. Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-kenya-safaricom-idUKKBN15B1HQ'|'2017-01-28T16:44:00.000+02:00'
'82907a9c39a64cf7c708b34391433acf6a09215d'|'Snapchat to reveal financials within a week - sources'|'Business News - Sat Jan 28, 2017 - 1:37am GMT Snapchat to reveal financials within a week - sources A Snapchat sign hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., January 24, 2017. REUTERS/Brendan McDermid By Lauren Hirsch and Liana B. Baker Snap Inc, the secretive technology company that owns the popular messaging service Snapchat, is due to reveal its financials within a week as it moves towards its eagerly awaited initial public offering (IPO), sources familiar with the situation said on Friday. The Venice, California-based company will publish the registration document it secretly filed with U.S regulators last autumn, containing a dossier of tightly held finances and its plans for operating as a public company. The sources, who cautioned that Snapchat''s plans may still change, asked not to be named because the information is private. A spokeswoman for Snap Inc declined to comment. Snap Inc expects to go public as soon as March and could be valued at $20 billion (£16 billion) to $25 billion, based on reports of its latest round of funding, which would make it the largest U.S. technology IPO since Facebook Inc''s ( FB.O ) in 2012. Snapchat has already confidentially filed with the U.S. Securities and Exchange Commission under the U.S. Jumpstart Our Business Startups Act. Under that law, companies with less than $1 billion in revenue can secretly file for an IPO, allowing them to quietly test investor appetite. A company must make its initial IPO prospectus filing, officially known as an S-1, public at least 15 days before beginning its so-called "road show," in which it markets the IPO to investors. The prospectus details a company''s business background, finances and corporate governance for investors. Companies often update the filings several times before their IPOs, adding details such as the amount they expect to raise and the exchange they expect to list on. Snapchat is expected to offer new investors "no-vote" shares as part of its IPO, the sources said. Such a structure will deny investors voting power over the company''s corporate decisions, leaving more control in the hands of its board and co-founders, Evan Spiegel and Bobby Murphy. Keeping tight control is common in companies closely associated with their visionaries, who often prefer to innovate without being questioned by a broad array of investors. Snapchat started in 2012 as a free mobile app that allows users to send photos that vanish within seconds. It has more than 100 million active users, about 60 percent of whom are aged 13 to 24, making it an attractive way for advertisers to reach millennials. But investors worry that Snapchat''s advertising sales, which began last October, is the company''s only significant revenue stream. Recode first reported Snapchat''s plan to publish its registration document on Friday. (Reporting by Lauren Hirsch in New York and Liana B. Baker in San Francisco)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-snap-inc-ipo-idUKKBN15C02B'|'2017-01-28T08:37:00.000+02:00'
'7a0524280924039832ffa27ee9cb786d4420c9e9'|'Euro zone bailout fund - Greek public debt is manageable'|'Business News  00pm GMT Euro zone bailout fund - Greek public debt is manageable The Greek Parliament is seen behind flags displayed for sale during an anti-austerity rally organized by the country''s biggest public sector union ADEDY in Athens, Greece July 15, 2015. REUTERS/Yannis Behrakis BRUSSELS Greece''s public debt can be manageable, the euro zone bailout fund said on Sunday, responding to a leaked report by the International Monetary Fund that the country''s debt will explode to 275 percent of GDP by 2060. A spokesman for the bailout fund, the European Stability Mechanism (ESM), said the path for Greek public finances agreed between Athens and the euro zone was credible and backed by contingency measures in case of unforeseen events. "We believe that Greece''s debt burden can be manageable, if the agreed reforms are fully implemented, thanks to the ESM''s exceptionally favorable loan conditions over the long term and the recently adopted short-term debt relief measures," the ESM said. In the document, seen by the Financial Times, the IMF calculated that Greece’s debt load would reach 170 per cent of gross domestic product by 2020 and 164 per cent by 2022. But it would become explosive thereafter and grow to 275 per cent of GDP by 2060, the paper quoted the report as saying. The spokesman said, however, that the euro zone had promised to offer Greece additional debt relief if Athens delivers on all its reform promises. "As a result, we see no reason for an alarmistic assessment of Greece''s debt situation," the spokesman said. The IMF has long been calling for substantial euro zone debt relief for Athens, but Germany, which faces elections this year, has been strongly opposed to such a move until after 2018, when Greece is to finish all its promised reforms. The IMF assessment of Greek debt developments may make it impossible for the Fund to join the current bailout for Greece, now shouldered only by euro zone governments, because the fund''s policy is to enter programs which in the end allow a country to cope on its own. Euro zone governments want the IMF on board, but do not seem to be ready to provide the debt relief to Greece that is necessary for the Fund to join. (Reporting By Jan Strupczewski; Editing by Stephen Powell) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-greece-debt-idUKKBN15D0XJ'|'2017-01-29T23:42:00.000+02:00'
'9396cfd3efd8841bb478965e38e1f6604bfbefda'|'Former HBOS bankers found guilty in $307 million fraud trial'|'Business News -  37pm GMT Former HBOS bankers found guilty in $307 million fraud trial By Andrew MacAskill - LONDON LONDON Two former HBOS bankers and four other people were found guilty on Monday in a $307 million fraud trial. They are among the first people to have been found guilty for contributing to losses that led to taxpayer-funded rescues of several of Britain''s top banks during the financial crisis. Former HBOS bankers Lynden Scourfield and Mark Dobson, businessmen Michael Bancroft, David Mills and his wife Alison Mills and accountant Tony Cartwright were convicted for various crimes following a five month jury trial in London. Prosecutors had alleged businessmen Bancroft and Mills arranged sex parties, exotic foreign holidays and provided cash in brown envelopes for Scourfield between 2003 and 2007. "Many people have had their lives ruined by the corrupt behavior of Lynden Scourfield, David Mills and their associates," Stephen Rowland, a prosecutor for the Crown Prosecution Service, said in a statement. HBOS, once Britain''s biggest mortgage lender under the Halifax and Bank of Scotland brands, incurred losses of 245 million pounds ($307 million) related to the alleged conspiracy. The bank was rescued in a state-engineered takeover in 2008 by rival Lloyds Banking Group ( LLOY.L ). Lloyds subsequently needed a 20 billion pound bailout of its own. Prosecutors told the court that bankers at HBOS asked struggling business owners to employ a turnaround consultancy as a condition for getting a loan. This company, Quayside Corporate Services, was owned by David Mills. Prosecutors alleged that the businesses were obliged to pay the consultancy high fees for services and, in some cases, hand over ownership. Many of the businesses involved went into liquidation, resulting in job losses and financial hardship, the prosecutors said. "Scourfield worked in a section of his bank which was supposed to help struggling businesses but instead, motivated by greed, he went about stripping them of their assets," Rowland said. Scourfield had pleaded guilty to charges including conspiracy to corrupt, conspiracy to launder the proceeds of crime and four counts of fraudulent trading, while the others said they were not guilty of the charges brought against them. All the individuals are due to be sentenced on Thursday. Music publishers Nikki and Paul Turner, who were victims and helped uncover the fraud, said after the verdict that they had written to Lloyds asking for compensation. When they initially presented their evidence to the bank''s board, first to HBOS and then Lloyds, the bank dismissed their allegations. "We have again written to the chairman of Lloyds asking him to do the right thing and compensate us and other victims for the loss of income, pain and anguish we have all suffered," the couple said in a statement. Lloyds said in a statement following the verdict that although it has previously reviewed customer concerns, it will look into any new information raised during the trial. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-hbos-fraud-idUKKBN15E219'|'2017-01-31T00:38:00.000+02:00'
'e9b85e7406b2f2f6af678d242614a5a8e967f818'|'Weetabix warns it may raise prices due to fall in pound since Brexit vote - Business'|'Weetabix has warned that it may become the latest consumer brand to raise prices this year as a result of the pound’s slump since the Brexit vote. The breakfast cereal manufacturer said if prices were to go up, the increases would probably be in the “low single digits”.During a BBC interview, Giles Turrell, the Weetabix chief executive, said price rises would be a “last resort” .Although the company harvests wheat in Northamptonshire, it is sold in US dollars on global markets, meaning the cost in pounds to buy wheat in the UK has gone up.The Marmite row is the first sign of the true cost of Brexit for food producers Read more Like other packaged food makers, it has been squeezed by the plunging value of sterling since last June, which has raised the cost of imported goods or globally traded commodities priced in US dollars. On Monday, Weetabix said it was in discussions with retailers about price increases. “We would always look to mitigate cost pressure, but unfortunately we are unable to cover all of the cost impacts we’ve been faced with recently,” it said in a statement.Several food companies, including Unilever , which owns Marmite and Magnum ice cream, the Mr Kipling maker Premier Foods , and Mondelez International , the owner of Cadbury, have increased prices in the UK or warned they will do so to offset the weakness of the pound.Unilever’s decision to raise the price of Marmite by 10% last October led to a dispute with Tesco and predictions of further price increases this year .Weetabix, an 85-year-old brand that includes cereals and breakfast drinks, was taken over by Bright Food in 2012, when the Chinese state-owned company bought a controlling stake from private equity firm Lion Capital. The business is reported to be up for sale.The company announced a £30m capital investment programme up to 2018 across its UK manufacturing sites in Burton Latimer and Corby.Food and drink is by far the UK’s largest manufacturing sector , accounting for 16% of total manufacturing by turnover (£83.7bn a year) and directly employing about 400,000 people across 6,620 businesses.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/30/weetabix-warning-price-rises-pound-slump-brexit-vote-breakfast-cereal'|'2017-01-31T00:41:00.000+02:00'
'2d1121caedc4526e3f6f9cba0c3641a3f3712424'|'Eliminating infectious blindness in Nigeria – in pictures - Global Development Professionals Network'|'Eliminating infectious blindness in Nigeria – in pictures Supported by About this content Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Since 2013, NGO Sightsavers has been part of a programme in northern Nigeria to prevent unnecessary sufffering caused by seven neglected tropical diseases (NTDs) – blinding trachoma, bilharzia, elephantiasis, river blindness, hookworm, whipworm and roundworm. It includes training community directed distributors (CDDs) to deliver medicines to remote areas. In 2016, 25 million people received treatment through this programmeTuesday 31 January 2017 11.58 GMT Last modified on Tuesday 31 January 2017 12.12 GMT Zainab Hamza has been a CDD for a year. She used to have problems with her eyes. “I went to hospital and had surgery four years ago. The operations made me appreciate my eyesight more. Before I had surgery I wasn’t happy, but after I feel better. I wanted to become a CDD because I wanted to help my community,” she says. Photograph: Graeme Robertson/SightsaversFacebook Twitter Pinterest Umar Muhammad, 20, is a CDD in Zamfara, Nigeria. “I was informed by the community leader, the district head, that we should come and distribute this medicine or drugs to the people,” he says. “People enjoy the medicine, that’s why I’m happy, they are grateful to me.” Photograph: Graeme Robertson/SightsaversFacebook Twitter Pinterest “I have been doing this job for three years,” says Maryam Ibrahim. “I was interested because I wanted to assist my community. I got the job easily because I can read and write. It’s important a woman does this job, females can enter the house because of our religion and our traditional system. When we go into the house we advise the women to take the medicine because it’s important to their life. Everybody accepts it. The husband has to give permission for the women to take the medicine, but they always do.” Photograph: Graeme Robertson/SightsaversFacebook Twitter Pinterest Hannatu Usman, 22, is married with two children and has been a CDD for two years. “I wanted to help people,” she says. “I heard about the job from the community leader. He said there’s a need for women to come and distribute the medicine to women and children. My husband is happy for me to do the job. At the training I was taught how to distribute the medicine. It was four days long but I found it easy to remember. I give the medicine to men, women, newborn babies and pregnant women. For pregnant women and babies we give them the ointment, and for the women and men we give them the tablets.” Photograph: Graeme Robertson/SightsaversFacebook Twitter Pinterest Nura Rufai, 22, says: “I have been a CDD for two years. It’s an important job. I wanted to do it to help our village. Everywhere we go, there are congratulations, because they are happy.” Photograph: Graeme Robertson/SightsaversFacebook Twitter Pinterest Maryam Hamisu, 18, has been a CDD for two years. “I wanted to assist my community, because the people have a problem with their eyes,” she says. “I see lots of people with problems. When people heard about the treatment they were very happy. It takes one week to distribute the treatment. People look at me differently now because we help them. We talk to people about hygiene, we tell them to stop using one handkerchief, and that two people shouldn’t use the same eyeliner. People take our advice. Females are more troubled than men, because they share makeup.” Photograph: Graeme Robertson/SightsaversFacebook Twitter Pinterest Aisha Mukhtar is married with two children and enjoys her work as a CDD. “I’ve been a CDD for two years,” she says. “In the first year, people were not used to the treatment. In the second year people and become more familiar with it and we were able to do it easily. They remember me from last year. I want to continue to do the job for many years. Sometimes I take my daughter with me, she doesn’t really disturb me from doing the work, she’s not very troublesome.” Photograph: Graeme Robertson/SightsaversFacebook Twitter Pinterest Garba Hullo is a 60-year-old subsistence farmer living in northern Nigeria. Since getting medicine to treat his trachoma his eye sight has improved and he’s preparing to go back to farming. “I have had problems with my eyes for about 20 years – in the early stages it was discomfort, itching, and it was not until later that I couldn’t see clearly,” he says. “But after the drugs I have started seeing people again – before I could not even see them. I couldn’t farm, I couldn’t see the crops.” He is booked in to have trichiasis surgery on his right eye. Photograph: Graeme Robertson/SightsaversFacebook Twitter Pinterest'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/gallery/2017/jan/31/eliminating-infectious-blindness-nigeria-pictures'|'2017-01-31T18:58:00.000+02:00'
'5c484beb0921d534a3d0f44159c8a3644bb27a06'|'After Shell deal, Chrysaor in the market for more North Sea assets'|'LONDON Chrysaor, which has just bought much of Shell''s ( RDSa.L ) UK North Sea assets for up to $3.8 billion, said it was in the market for more North Sea deals to expand its newly acquired position as one of the basin''s biggest independent producers.Overnight, Chrysaor became one of the largest oil and gas producers in Britain with output of 115,000 barrels of oil equivalent per day, snapping up more than half of Shell''s British production capacity, including the Buzzard field which helps to set the global Brent oil benchmark.Chrysaor, backed by private equity fund EIG Partners and Noble Group ( NOBG.SI ) investment firm Harbour Energy, said it will not stop there."Our focus will be in the North Sea on assets that add synergies or help us broaden or deepen our portfolio," said Linda Cook, who has taken over as chairman of Chrysaor. She has previously been managing director at EIG and chief executive of Shell''s gas and power business.Cook said the company was considering acquisitions in the British and other parts of the North Sea.The independent producer''s break into the mature North Sea market mirrors a trend whereby traditional operators such as Shell and BP ( BP.L ) are slowly withdrawing from old basins to focus on new areas where prospects for new big-ticket oil and gas finds are higher.Chrysaor, named after one of Medusa''s sons in Greek mythology, said operating costs across the new assets are below $15 a barrel. Brent crude oil prices are currently trading above $55 a barrel.Around one quarter of its portfolio is now operated assets, meaning Chrysaor is the main manager of the fields."We do have a medium-term plan to build operatorships closer to 50 percent," said Phil Kirk, chief executive of Chrysaor.As oil prices have fallen over the past two and a half years, many large operators have cut costs to the bone, letting staff go and investing much less in finding new fields."We see our philosophy as radically different to that. We see the best way to reducing unit costs is to drive up volumes of hydrocarbons processed," Kirk said.He has already earmarked 6 or 8 new wells which Chrysaor will likely approve for investment, but which would have been unlikely to get approval under Shell, he said.The new owner also plans to withdraw an application for cessation of production at the Armada hub of gas fields and to invest in extending production instead.(Editing by Jane Merriman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-shell-m-a-northsea-chrysaor-idUSKBN15F1AR'|'2017-01-31T14:56:00.000+02:00'
'adad15f567935f0ccc3b46cee32e63e1f503e234'|'Rainbow Rare Earths listing raises funds for Burundi mining project'|'Business News - Mon Jan 30, 2017 - 11:28am GMT Rainbow Rare Earths listing raises funds for Burundi mining project LONDON Rainbow Rare Earths RWBR.L listed on the main London stock market on Monday, raising 8 million pounds ($10 million) to invest in its Gakara project in Burundi, with a view to starting sales to Germany''s Thyssenkrupp ( TKAG.DE ) by year-end. The project''s minerals are weighted towards magnetic rare earths, including neodymium and praseodymium, which are expected to used become increasingly sought after for use in generators, wind turbines and electric vehicles as supply from top producer China dwindles. Rainbow''s shares were placed at 10 pence per share. They opened at 10.75 pence, hit a session high of 12.84 pence and were trading at 11.50 pence by 1030 GMT. The Gakara project has a 10-year distribution and offtake agreement with a division of Thyssenkrupp to take 100 percent of production up to 5,000 tonnes and the option to take anything above that. Rainbow CEO Martin Eales said that Gakara is distinguished by its quality. "Our project boasts an in-situ grade in the range of 47-67 percent TREO (total rare earth oxide), making it one of the highest-grade rare earth element (REE) projects globally," he said. "With recent shifts in the rare earths market, driven by the increasing demand for powerful magnets used for electric vehicles, motors and wind turbines, we believe that now is an optimal time for Rainbow to produce REE concentrate." There are very few pure rare earths players listed in London -- Mkango Resources ( MKA.L ), the only AIM-listed rare earths company, floated its shares in June 2016 -- and the British government is keen to support a revival of mining activity as part of its economic strategy after leaving the European Union. Its industrial strategy offers support for a low-emission vehicles industry, which would require rare earths. Australian-listed Peak Resources ( PEK.AX ), which is developing rare earths in Tanzania, has been granted permission for a rare earths refinery in northeastern England. (Reporting by Barbara Lewis; Additional reporting by Zandi Shabalala; Editing by David Goodman) Next In Business News Oil slides as strong U.S. drilling activity weakens deal to cut output LONDON Oil prices fell on Monday as news of another increase in U.S. drilling activity spread concern over rising oil output just as many of the world''s oil producers are trying to comply with a deal to pump less in an attempt to prop up prices.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rainbow-rare-listing-idUKKBN15E13Z'|'2017-01-30T18:28:00.000+02:00'
'a856af79c4d2db6d36039d64dbc3e6f3f7f21efd'|'Exclusive: Private equity firm Orion to sell royalty portfolio'|'TORONTO U.S. private equity firm Orion Mine Finance Group is in talks to sell a portfolio of 87 mining royalty, streaming and offtake assets, Orion portfolio manager Douglas Silver said on Tuesday.Silver declined to comment on a sales price but people familiar with the matter said the portfolio could fetch as much as $1 billion.(Reporting by John Tilak and Nicole Mordant; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mining-orion-m-a-idINKBN15F2L3'|'2017-01-31T17:55:00.000+02:00'
'6e0966c3788b1499827d3d2eb9c2147d0e9be4ef'|'BRIEF-LXI REIT to raise up to 200 mln stg via IPO'|'Jan 31 LXI REIT:* Intention to raise 200 mln stg* Today announces its intention to launch an initial public offering ("IPO") of ordinary shares in LXI REIT Plc* Will be managed by LJ Capital Limited and advised by LXI REIT advisors* Peel Hunt Llp is acting as sole sponsor, broker, placing agent and intermediaries offer adviser to company* Placing programme will allow company to issue up to 200 million further ordinary shares in 12 months from date of publication of prospectus Source text for Eikon: (Bengaluru Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1FL0AY'|'2017-01-31T07:27:00.000+02:00'
'bbf84df5cf185345127cf7fc2a5533aafd6610a6'|'BlackRock U.S. ETF business tops $1 trillion in assets for 1st time'|'Money  40pm EST BlackRock U.S. ETF business tops $1 trillion in assets for first time The BlackRock logo is seen outside of its offices in New York City, U.S., October 17, 2016. REUTERS/Brendan McDermid BlackRock Inc''s exchange-traded fund unit, iShares, topped $1 trillion in assets in the United States for the first time, a spokeswoman said on Tuesday. The milestone, which happened late last week, came after a dramatic shift in markets since the November U.S. presidential election and is a capstone in a move by investors to lower costs using ETFs. (Reporting by Trevor Hunnicutt in New York; Editing by Jeffrey Benkoe) Next In Money Gold becomes one of investors'' favorite safe havens with Trump uncertainty NEW YORK Some of Wall Street''s largest fund managers have taken a contrarian bet on gold, wagering that U.S. President Donald Trump''s governing style and upcoming elections in Europe will combine to create more stock market volatility and boost the prices of a metal long seen as a safe haven.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-blackrock-etf-flows-idUSKBN15F2GQ'|'2017-02-01T02:37:00.000+02:00'
'eb5a331b15ffbb7fdbb71f96fc69162c0a3d68ba'|'Italy government fund has room to recapitalise other banks after Monte Paschi - BOI'|'Business News - Sat Jan 28, 2017 - 10:59am GMT Italy government fund has room to recapitalize other banks after Monte Paschi: BOI Bank of Italy Governor Ignazio Visco attends the session ''Recharging Europe'' in the Swiss mountain resort of Davos January 23, 2015. REUTERS/Ruben Sprich MODENA, Italy Twenty billion euros earmarked by the Italian government will be enough to help recapitalize other weak banks after Monte dei Paschi di Siena ( BMPS.MI ), the Bank of Italy governor said on Saturday. Ignazio Visco did not name any banks that may need government support to bolster their capital but bankers and analysts say Banca Popolare di Vicenza, Veneto Banca and Genoa-based Carige will likely have to strengthen their balance sheet soon. The government is already expected to inject around 6.6 billion euros in Monte dei Paschi, taking a 70 percent stake in the bank after it failed to raise money from private investors in December. "The injection of public funds into Banca Monte dei Paschi di Siena will presumably use up about a third of the 20 billion euros set aside by the government. There is more than enough room to address the recapitalization needs of any other Italian bank that meets the conditions laid down in the decree" Visco told a financial conference in Modena. "However ... the banks must be willing to apply for public support and deal with the ensuing commitments." Visco said Italian banks, weighed down by low profitability, high costs and a pile of bad loans accumulated during a painful recession, could no longer put off much needed restructuring. In some cases they will have to strengthen their capital, while for medium-sized banks mergers were necessary to cut costs and increase efficiency. Visco said the bulk of Italy''s bad loans were held by banks that were in a sound financial position and therefore did not need to sell them immediately. However, for weaker lenders, getting rid of soured debts was essential. He said that recovery rates for bad loans averaged 43 percent in 2006-2015. The rate fell to 23 percent for en bloc market sales of loans to specialized investors, who demand high returns. (Reporting by Silvia Aloisi; editing by Philip Pullella) Next In Business News Border tax ideas roil oil markets, favor Gulf Coast refiners HOUSTON/NEW YORK As with many industries now fretting over the uncertain future of U.S. trade policy, the oil business is sizing up the potential impact of the various protectionist measures being bandied about Washington - which have sent crude markets into a tizzy. Fed to stop mortgage reinvestments in 2018: Morgan Stanley NEW YORK The U.S. Federal Reserve will stop reinvestments of its mortgage-backed securities holdings in April 2018 in an attempt to shrink its $4.2 trillion balance sheet that had ballooned from bond purchases to combat the last recession, Morgan Stanley analysts said on Friday. NEW YORK U.S. stocks edged lower for a second consecutive session on Friday as some underwhelming corporate earnings and gross domestic product data offset recent enthusiasm over policy actions by President Donald Trump. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-italy-banks-idUKKBN15C0BR'|'2017-01-28T17:55:00.000+02:00'
'fad4daabee46d5c5b9492b86d98777896e9fe216'|'Snapchat to reveal financials within a week: sources'|'By Lauren Hirsch and Liana B. Baker Snap Inc, the secretive technology company that owns the popular messaging service Snapchat, is due to reveal its financials within a week as it moves toward its eagerly awaited initial public offering (IPO), sources familiar with the situation said on Friday.The Venice, California-based company will publish the registration document it secretly filed with U.S regulators last autumn, containing a dossier of tightly held finances and its plans for operating as a public company.The sources, who cautioned that Snapchat''s plans may still change, asked not to be named because the information is private. A spokeswoman for Snap Inc declined to comment.Snap Inc expects to go public as soon as March and could be valued at $20 billion to $25 billion, based on reports of its latest round of funding, which would make it the largest U.S. technology IPO since Facebook Inc''s in 2012.Snapchat has already confidentially filed with the U.S. Securities and Exchange Commission under the U.S. Jumpstart Our Business Startups Act. Under that law, companies with less than $1 billion in revenue can secretly file for an IPO, allowing them to quietly test investor appetite.A company must make its initial IPO prospectus filing, officially known as an S-1, public at least 15 days before beginning its so-called "road show," in which it markets the IPO to investors.The prospectus details a company''s business background, finances and corporate governance for investors. Companies often update the filings several times before their IPOs, adding details such as the amount they expect to raise and the exchange they expect to list on.Snapchat is expected to offer new investors "no-vote" shares as part of its IPO, the sources said. Such a structure will deny investors voting power over the company''s corporate decisions, leaving more control in the hands of its board and co-founders, Evan Spiegel and Bobby Murphy.Keeping tight control is common in companies closely associated with their visionaries, who often prefer to innovate without being questioned by a broad array of investors.Snapchat started in 2012 as a free mobile app that allows users to send photos that vanish within seconds. It has more than 100 million active users, about 60 percent of whom are aged 13 to 24, making it an attractive way for advertisers to reach millennials.But investors worry that Snapchat''s advertising sales, which began last October, is the company''s only significant revenue stream.Recode first reported Snapchat''s plan to publish its registration document on Friday.(Reporting by Lauren Hirsch in New York and Liana B. Baker in San Francisco)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-snap-inc-ipo-idINKBN15C029'|'2017-01-27T22:36:00.000+02:00'
'f8680b471851344f4c73bfad25da60712819a306'|'German engineers see no big hit from Trump, Brexit -VDMA'|'  5:14am GMT German engineers see no big hit from Trump, Brexit: VDMA FRANKFURT German engineers expect no hit to business from the presidency of Donald Trump or Britain''s decision to leave the European Union, the head of industry body VDMA told a German newspaper. "We don''t expect that engineering will be the focus of President Donald Trump and that significant trade barriers will be built in the short-term," VDMA President Carl Martin Welcker told Suedwest Presse in an interview. "One reason is that hardly any American competitors exist for our products." The United States is the most important export market for German engineers, accounting for 11 percent, or 17.8 billion euros ($19.1 billion), the paper said. VDMA said in December it expected muted growth in 2017, with an uncertain outlook for business in the United States and China offsetting a recovery in exports to some markets such as Russia and India. The industry group, which represents large engineering companies such as Siemens ( SIEGn.DE ) as well as thousands of medium-sized industrial goods makers, sees sector sales edging up to 224 billion euros in 2017 from 220 billion in 2016. Welcker also expects no dramatic impact from Brexit, he said. "The industrial base there is no longer strong enough for German machines to be particularly in demand." (Reporting by Christoph Steitz; editing by Ralph Boulton)   Border tax ideas roil oil markets, favor Gulf Coast refiners HOUSTON/NEW YORK As with many industries now fretting over the uncertain future of U.S. trade policy, the oil business is sizing up the potential impact of the various protectionist measures being bandied about Washington - which have sent crude markets into a tizzy. Fed to stop mortgage reinvestments in 2018: Morgan Stanley NEW YORK The U.S. Federal Reserve will stop reinvestments of its mortgage-backed securities holdings in April 2018 in an attempt to shrink its $4.2 trillion balance sheet that had ballooned from bond purchases to combat the last recession, Morgan Stanley analysts said on Friday. NEW YORK U.S. stocks edged lower for a second consecutive session on Friday as some underwhelming corporate earnings and gross domestic product data offset recent enthusiasm over policy actions by President Donald Trump. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-germany-engineering-idUKKBN15C04M'|'2017-01-28T12:12:00.000+02:00'
'f3c4377dee80da076a527f3253cc22f055964b0d'|'Italian regulator to summon Mediaset in early February over Vivendi probe: source'|'MILAN Italian communications authority (AGCOM) will summon private broadcaster Mediaset ( MS.MI ) at the beginning of February over its investigation into the stake-building by France''s Vivendi ( VIV.PA ) in the Milan-based group, a source said on Wednesday.The probe, opened on Dec. 21 following a complaint by Mediaset, has to be completed within 120 days but can be extended by a further 60 days.Italy''s anti-trust regulations prevent companies from having an excessive market share both in telecommunications and media.Vivendi has 29.9 percent of Mediaset''s voting rights and also owns a 24 percent stake in Telecom Italia ( TLIT.MI ).(Reporting by Stefano Bernabei, writing by Giulia Segreti)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mediaset-vivendi-regulator-idINKBN1591X5'|'2017-01-25T12:25:00.000+02:00'
'aef737e16ec7072c45a750125cb94599e13a9826'|'BRIEF-Banner Corporation reports Q4 earnings per share $0.69'|'Market  13pm EST BRIEF-Banner Corporation reports Q4 earnings per share $0.69 Jan 25 Banner Corp - * Banner Corporation earns $85.4 million, or $2.52 per diluted share in 2016; net income totaled $22.8 million, or $0.69 per diluted share, in the fourth quarter of 2016; highlighted by continued revenue growth and an expanded net interest margin * Q4 earnings per share $0.69 * Q4 revenue $117.5 million * Q4 earnings per share view $0.73 -- Thomson Reuters I/B/E/S * Q4 net interest income, before provision for loan losses, increased 4% to $97.2 million Source   Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSASB0AWQF'|'2017-01-26T04:13:00.000+02:00'
'372b78e6a3bd6fac02f52823c2f72eef61278963'|'National Grid confident on prospects for UK-EU power links'|'Business News - Wed Jan 25, 2017 - 1:21pm GMT National Grid confident on prospects for UK-EU power links Participants hold a British Union flag and an EU flag during a pro-EU referendum event at Parliament Square in London, Britain June 19, 2016. REUTERS/Neil Hall/File Photo By Nina Chestney - LONDON LONDON The business case for building power links between Britain and its European neighbours remains good despite Brexit, National Grid''s director of business development told a parliamentary committee on Wednesday. Britain plans new interconnectors with France, Denmark, Belgium and Norway to add up to 14 gigawatts (GW) of capacity to the 4 GW provided by the four interconnectors it already has with Europe. Britain''s decision to leave the European Union has raised concerns that the country could lose its say in EU regulation of networks and power trading, potentially upsetting plans for more power links with the continent. Prime Minister Teresa May''s announcement last week that Britain will leave the EU single market gave no indication of implications for energy markets, but the prospect of a so-called hard Brexit raises the possibility that Britain could leave the bloc''s internal energy market (IEM), which coordinates access to energy across the EU. "The conditions for developing interconnectors remains good," Ian Graves, director of business development at National Grid, told a hearing of the Business, Energy and Industrial Strategy Committee. "Our interconnectors are built as commercial entities. We have an incentive to ensure the links are built and are flexible and ready to use at the right time. That should continue regardless of the Brexit situation." National Grid and French grid operator RTE plan to develop a 1 GW interconnector between the two countries. However, French energy markets regulator CRE is withholding approval to assess the impact of Brexit. A decision is due this month. Graves said that France, which has experienced prolonged nuclear reactor outages and has been forced to import more power from Britain, remains keen on the project. "At times of system risk, having a connection to the UK gives them extra confidence they can maintain supply," he said. Last week, National Grid said that taking Britain out of Europe''s energy market could stymie development of new power links and drive up the cost of imported European electricity. "The current IEM arrangement has provided a solid framework for investments to be made and free trade between markets. We would all advocate that arrangement continues," Graves told the committee. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-energy-idUKKBN1591JT'|'2017-01-25T20:21:00.000+02:00'
'f89e7d0a27bb4e25fc7e98939dbf4330d8b69f59'|'Russia''s VEB says needs $2.5 bln a year in state support until 2021'|'Financials   10:00am EST Russia''s VEB says needs $2.5 bln a year in state support until 2021 MOSCOW Jan 25 Russian state development bank VEB will need around 150 billion roubles ($2.5 billion) in state support every year until the end of 2021 to support its capital as it gradually increases lending, it said in its updated strategy published on Wednesday. VEB is under Western sanctions over the Ukraine conflict and has been grappling with a mountain of bad debt after financing politically expedient projects such as construction for the Sochi Winter Olympics. It received 150 billion roubles in support from the Russian budget in 2016, when its senior management was sacked and replaced by a team of executives from Russia''s biggest commercial bank Sberbank. According to the base scenario in VEB''s new strategy, the bank will lend 110 billion roubles in 2017, growing to 160 billion roubles in 2019 and 200 billion roubles in 2021. Looking further ahead, VEB sees room for it to lend up to 700 billion roubles a year to infrastructure, export projects, industry and high-tech products, although it did not give a time frame for such lending. VEB said it planned to partly or wholly sell Svyaz-Bank, Globex Bank and Prominvestbank in the third or fourth quarters of this year as part of a drive to get rid of non-core assets. It said it would also need subsidies for 2017-2021 to repay foreign debt. ($1 = 59.2822 roubles) (Reporting by Kira Zavyalova and Alexander Winning; Editing by Louise Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/russia-veb-strategy-idUSL5N1FF4O8'|'2017-01-25T22:00:00.000+02:00'
'c19a38aeb86f90c452728dfc8386cc5467fa3769'|'RPT-Tens of thousands in U.S. cities protest Trump immigration policies'|'Industrials   4:32pm EST RPT-Tens of thousands in U.S. cities protest Trump immigration policies (Repeats with no chane in text) By Frank McGurty and Lesley Wroughton NEW YORK/WASHINGTON Jan 29 Tens of thousands of people rallied in U.S. East Coast cities on Sunday afternoon to protest President   order that blocked entry into the country for travelers   nations. In New York, Washington and Boston, a second wave of demonstrations began after spontaneous rallies at many airports on Saturday, when U.S. Customs and Border Protection agents began enforcing the president''s directive. The order, which bars admission of Syrian refugees and suspends travel to the United States from Iraq, Iran, Sudan and four other countries, has led to the detention or deportation of hundreds of people arriving at U.S. airports. One of the largest of Sunday''s protests took place at Battery Park in lower Manhattan, within sight of the Statue of Liberty in New York Harbor, long a symbol of welcome to U.S. shores. The keynote speaker, Democratic Senator Charles Schumer of New York, told the crowd that the Trump order was un-American and ran counter to the country''s core values. "What we are talking about here is life and death for so many people," Schumer said. "I will not rest until these horrible orders are repealed." In Washington, a throng that swelled to more than 2,000 by early afternoon gathered at Lafayette Square near the White House, chanting: "No hate, no fear, refugees are welcome here." At the same time, about 200 protesters chanted on Sunday afternoon at Dulles   near Washington, where a much larger crowd staged a noisy demonstration on Saturday evening. Seating and fences erected for crowd control during Trump''s inauguration on Jan. 20 kept protesters from a street directly in front of the White House. Aria Grabowski, 30, of Washington, was carrying a sign that read: "Never again means never again for everyone." Above the slogan was a photograph of Jewish refugees who fled Germany in 1939 on a ship, the St. Louis, that was turned away from Havana, Cuba, and forced to return to Europe. More than 250 people aboard the ship were eventually killed by the Nazis. "Everyone should have their human rights respected, regardless of nationality or religion," Grabowski said. Steve Barnes, 58, a law school administrator from Pennsylvania, arrived at the White House with a sign that read: "We are all Muslims." "It hurts me to the core. I''ve spent years promoting the U.S. Constitution and now we''ve seen parts being challenged and that''s why I''m here," Barnes said. Organizers estimated that more than 10,000 people were gathering at Boston''s Copley Square to hear speakers including Senator Elizabeth Warren of Massachusetts, a vocal critic of Trump and a leader of the Democratic Party''s liberal wing. Rallies were also planned later on Sunday in other cities, including Houston, Detroit, St. Louis and Los Angeles.   Susan Corwall in Washington and Brian Snyder in Boston; Editing by Peter Cooney) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-trump-immigration-protests-idUSL1N1FJ0IT'|'2017-01-30T04:32:00.000+02:00'
'63188d70630993acd25ca631247c3ed6a09397fe'|'Don’t throw your money on home emergency and key cover insurance – Patrick Collinson'|'W hat a nightmare when your boiler breaks down in the middle of winter, or when you lock yourself out of your car after losing your keys. So how handy to have “home emergency” or “key cover” insurance for that all-important peace of mind. Except that official figures released this week reveal just how many millions of people are overpaying for these policies.The Financial Conduct Authority has for the first time published figures that detail, company by company, the frequency that claims are made , and how much is paid out. For key cover at some of the insurers, the claims rate is equal to less than once in every 100 years. And even if you live as long as Methuselah, and keep paying the premiums, there’s a one in five chance they’ll reject your claim anyway.Key cover is probably the worst value, but the figures reveal that we are almost certainly overpaying – and by a huge amount – on a whole range of insurances.According to the FCA data, Ageas (the company behind Tesco’s car key cover) and esure (which also includes Sheilas’ Wheels) on average receive a claim on only 0.5%-1% of the policies they sell. Granted, they’re not expensive – £10-£20 a year, says esure – but if you take just the £10 option you will on average need to hold it for at least 100 years, and spend £1,000 on premiums, before you make a claim. And then what happens?Ageas accepts only 75%-80% of claims, and pays out an average of between £200 and £250. Esure’s claims acceptance is much better at 90%-95%. Amtrust, which underwrites the RAC’s car key cover, accepts only 70%-75% of claims.Now let’s look at the “home emergency” industry. Millions of people buy these policies, which promise to rush someone out when you are in dire straits after the boiler breaks down in the depths of winter. But the FCA figures again underline the gap between what we pay and what we get back.Take Aviva, Britain’s biggest insurer. It charges £72 a year when sold as an add-on to its home insurance. But its submission to the FCA reveals that fewer than one in 10 of the policies actually results in a claim. And when a claim is made, the average payout is worth only £120-£139.Think about this. The figures suggest the typical customer will be holding a policy for around 10 years before making a claim, therefore paying more than £700 in premiums. For what? A payout worth just one-fifth of that amount.Aviva says it has only recently begun to sell home emergency cover, and that it expects its claims frequency to rise. It also argues that its buying power means it obtains cheaper rates from tradespeople than normal householders who would pay a fortune for an emergency call-out arranged privately.But Guardian Money has consistently argued that it’s much better to put money aside to cover the relatively small risk of a home emergency, rather than paying through the nose for one of these policies. We’re not saying boiler cover or key cover insurance is utterly useless. It will no doubt come to the aid of distressed householders or motorists every now and then. It’s just that the profit margins appear to be insanely high.Home emergency might be good value at £10-£20 as an add-on to your home policy, but not £70. Key cover, rather than £10-£20, should be £1-£2 extra on your car insurance.The trouble with these insurances is that they smell a bit like payment protection insurance. The insurers sell it to a customer they already have in their grip, knowing that claims will be rare, and that even when they do occur the payout won’t be high – and in any case many will be rejected.There are likely to be worse value insurances than home emergency or key cover out there. Do let us know your experience.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/blog/2017/jan/28/worst-insurance-policies-home-emergency-key-cover'|'2017-01-28T14:00:00.000+02:00'
'ed99864398bd6349bd12841c2efd3d2363467f6f'|'Starbucks in crosshairs as Mexico boycott campaign simmers'|'  11:41pm GMT Starbucks in crosshairs as Mexico boycott campaign simmers A woman holds a Frappuccino at a Starbucks store inside the Tom Bradley terminal at LAX airport in Los Angeles, California, United States, October 27, 2015. REUTERS/Lucy Nicholson MEXICO CITY Seeking to quell a social media campaign imploring Mexicans to boycott U.S. companies, Starbucks defended itself on Friday, saying it had invested millions in the country, created more than 7,000 jobs, and that its local unit is Mexican-owned. The statement came after disparate social media campaigns directed at U.S. companies based in Mexico gained traction, following   order to build a border wall along the country''s southern border and promise to make Mexico pay for it. In a statement, Starbucks ( SBUX.O ) said its Mexican operator Alsea ( ALSEA.MX ) has some 560 stores across Mexico, representing an investment of 5 billion pesos (£190 million), and sells Arabica coffee beans harvested in the southern Mexican state of Chiapas around the world. Even so, a campaign urged Mexicans not to buy products from the world''s biggest coffee seller, with the hashtag #AdiosStarbucks trending on Twitter earlier this week. Social media users have also called for boycotts of U.S. companies including McDonald''s ( MCD.N ), Wal-mart ( WMT.N ), and Coca-Cola ( KO.N ). Earlier this month, a Mexican state governor said his administration would no longer buy cars from U.S. auto maker Ford ( F.N ), calling on others to do the same after the company abruptly cancelled a planned investment in the country. "It''s time for Mexicans to show what we''re made of," Alejandro Moreno, governor of the southeastern state of Campeche, said. "Actions like this should multiply across the country." On Friday, Mexico''s wealthiest man, Carlos Slim, weighed in on the topic, saying he thought attempts to boycott U.S. companies were wrong. "They are American businesses that have come to invest in Mexico, to give employment in Mexico, to produce in Mexico," Slim said. "What needs to be done really is consuming what the country produces." Shares of Starbucks closed down 4 percent on Friday to $56.12, the lowest level since Jan. 4. (Reporting by Natalie Schachar and Christine Murray; Editing by Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mexico-usa-companies-idUKKBN15B2IT'|'2017-01-28T06:41:00.000+02:00'
'b6da2e650b79bce5dc69fe3a19006142f7051d74'|'Snapchat to reveal financials within a week - sources'|'Technology News   2:57am GMT Snapchat to reveal financials within a week: sources A billboard displays the logo of Snapchat above Times Square in New York March 12, 2015. REUTERS/Lucas Jackson/File Photo By Lauren Hirsch and Liana B. Baker Snap Inc, the secretive technology company that owns the popular messaging service Snapchat, is due to reveal its financials within a week as it moves toward its eagerly awaited initial public offering (IPO), sources familiar with the situation said on Friday. The Venice, California-based company will publish the registration document it secretly filed with U.S regulators last autumn, containing a dossier of tightly held finances and its plans for operating as a public company. The sources, who cautioned that Snapchat''s plans may still change, asked not to be named because the information is private. A spokeswoman for Snap Inc declined to comment. Snap Inc expects to go public as soon as March and could be valued at $20 billion to $25 billion, based on reports of its latest round of funding, which would make it the largest U.S. technology IPO since Facebook Inc''s in 2012. Snapchat has already confidentially filed with the U.S. Securities and Exchange Commission under the U.S. Jumpstart Our Business Startups Act. Under that law, companies with less than $1 billion in revenue can secretly file for an IPO, allowing them to quietly test investor appetite. A company must make its initial IPO prospectus filing, officially known as an S-1, public at least 15 days before beginning its so-called "road show," in which it markets the IPO to investors. The prospectus details a company''s business background, finances and corporate governance for investors. Companies often update the filings several times before their IPOs, adding details such as the amount they expect to raise and the exchange they expect to list on. Snapchat is expected to offer new investors "no-vote" shares as part of its IPO, the sources said. Such a structure will deny investors voting power over the company''s corporate decisions, leaving more control in the hands of its board and co-founders, Evan Spiegel and Bobby Murphy. Keeping tight control is common in companies closely associated with their visionaries, who often prefer to innovate without being questioned by a broad array of investors. Snapchat started in 2012 as a free mobile app that allows users to send photos that vanish within seconds. It has more than 100 million active users, about 60 percent of whom are aged 13 to 24, making it an attractive way for advertisers to reach millennials. But investors worry that Snapchat''s advertising sales, which began in October 2014, is the company''s only significant revenue stream. Recode first reported Snapchat''s plan to publish its registration document on Friday. (This version of the story corrects year when Snapchat began selling ads to October 2014, not last October in paragraph 11) (Reporting by Lauren Hirsch in New York and Liana B. Baker in San Francisco) Next In Technology News Apple strategy in ''smart home'' race threatened by Amazon SAN FRANCISCO - In less than a year, Amazon''s combination of the Echo speaker system and the Alexa voice-controlled digital assistant has come close to delivering on the elusive promise of easy-to-use technology that can control gadgets in the home with a few spoken words.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-snap-inc-ipo-idUKKBN15C029'|'2017-01-28T09:52:00.000+02:00'
'aad5a090c212ecd4ffb8f5b5786c6491fb076327'|'UPDATE 2-Canada''s Trudeau welcomes refugees, airline rejects U.S.-bound passenger'|'(Rewrites throughout after prime minister''s tweet welcoming refugees to Canada)By David Ljunggren and Anna Mehler PapernyOTTAWA/TORONTO Jan 28 Prime Minister Justin Trudeau welcomed those fleeing war and persecution on Saturday even as Canadian airlines said they would turn back U.S.-bound passengers to comply with an immigration ban on people from seven Muslim-majority countries.A day after U.S. President Donald Trump put a four-month hold on allowing refugees into the United States and temporarily barred travellers from the seven countries, Trudeau said in a tweet: "To those fleeing persecution, terror & war, Canadians will welcome you, regardless of your faith. Diversity is our strength #WelcomeToCanada."A second tweet included an archive photo of Trudeau welcoming a Syrian refugee at a Canadian airport in 2015.Confusion abounded at airports around the world on Saturday as immigration and customs officials struggled to interpret the new U.S. rules.In Canada, WestJet Airlines said it turned back a passenger bound for the United States on Saturday to comply with an executive order signed by Trump on Friday. WestJet spokeswoman Lauren Stewart said the airline would give full refunds to anyone affected by the order. It did not say which country the passenger had come from.The order would help protect Americans from terrorist attacks, the president said.Stewart said WestJet had been informed by U.S. Customs and Border Patrol (CBP) that the ban did not apply to dual citizens who had passports from countries other than those covered by the ban: Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen."U.S. CBP has confirmed it is the citizenship document they present to enter the country, not the country of where they were born," Stewart wrote in an email.Air Canada, the country''s other major airline, said it was complying with the order but did not comment on whether it had yet denied travel to any passengers."We are required to ensure passengers have the required documents for entry into, or transit the countries they are travelling to," said spokeswoman Isabelle Arthur. "In the case of these nationalities, they are not permitted to enter the U.S." (Reporting by David Ljunggren and Anna Mehler Paperny; Writing by Amran Abocar, Editing by Nick Zieminski and Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-immigration-canada-idINL1N1FI0E8'|'2017-01-28T18:29:00.000+02:00'
'8e4c076e064182d514f2bae9e426e530e897ec01'|'BRIEF-Jordan''s Housing Bank FY profit rises'|' 51am   FY profit rises Jan 29 Housing Bank for Trade And Finance * FY net profit 123.8 million dinars versus 121.8 million dinars year ago * FY net operating revenue 364.6 million dinars versus 346.3 million dinars year ago * At December 31, 2016 capital adequacy ratio stood at 17.65 percent Source: ( bit.ly/2jixHiR   Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FH0ZJ'|'2017-01-29T16:51:00.000+02:00'
'9af46935144677d773601bb2690ce336e4bcade4'|'MIDEAST STOCKS - Factors to watch - Jan 29'|' 23pm EST MIDEAST STOCKS - Factors to watch - Jan 29 DUBAI Jan 29 Here are some factors that may affect Middle East stock markets on Sunday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Stocks slip on earnings, data; dollar advances * MIDEAST STOCKS-Gulf mixed, Egypt surges on international bond issue success * Oil prices fall as U.S. drillers add rigs * PRECIOUS-Gold prices steady but head for first weekly drop of 2017 * Middle East Crude-Dubai gains on Chinaoil''s purchases * OPEC January oil output shows high compliance with supply cut deal -Petro-Logistics * Saudi Aramco''s oil reserves confirmed by external audit -sources * ''Case by case'' approach for U.S. green card holders under Trump''s new order * British PM May says does not agree with Trump on immigration * Trump ban causes U.S. immigration chaos, draws fury of Muslims, Iran * Trump talks to Putin, other world leaders about security threats * Iraq to double oil export capacity at terminal to 1.2 mln bpd-official * Libyan oil production up to 700,000 BPD after repairs at Sarir oilfield * OMV buys Occidental stake in Libya''s Nafoura oil field -Libyan oil officials * Lebanon relaunches first oil and gas licensing round * Oil producer cuts should reach 1.8 mln bpd by Feb - Algeria minister * Algeria top gas supplier to Spain in 2016, eyes more EU exports * Algeria''s Sonatrach sees 2017 gas exports up to 57 bcm * First Iranian-owned oil tankers head to Rotterdam post-sanctions * Turkmenistan says ready for more talks with Iran in gas dispute * Jordan''s King Abdullah to visit U.S. from Monday * French foreign minister heads to Iran amid Trump uncertainty * Trump''s hopes for Syria safe zones may force decision on Assad * Britain "open-minded" on timescale for exit of Syria''s Assad * Russia hopes for long-term cooperation with Turkey, Iran on Syria * Syrian army seizes Damascus water source as rebels withdraw - pro-gov''t media, monitor * Turkey sees Nusra Front as terrorist group, acts accordingly -source * Trump administration debates designating Muslim Brotherhood as terrorist group * EXCLUSIVE-Syria''s million-tonne Russian wheat deal in jeopardy - Reuters * WFP, short of funds, halves food rations to displaced Iraqis * Fear in interrogation room, death in the street: Iraq roots out Islamic State * UAE says it destroyed Iranian-built drone in Yemen * Morocco arrests seven suspected militants and seizes weapons * Morocco growth seen at 4.5 pct in 2017 vs 1.6 pct last year - finance ministry * Libya needs FX policy change to ease cash crunch, says deputy PM * Tripoli force suspects eastern military backers in car bomb blast * Merkel says migrant deal with Libya needed, but not possible yet * EU executive says "confident" migration deal with Turkey will hold * Tunisia aims to cut 50,000 public sector jobs, starting this year * Tunisia to start roadshow for 1 bln Eurobond, sees more issues late * Jordan''s Arab Bank group says 2016 net profit rose 20 percent EGYPT * Egypt''s GASC buys 410,000 tonnes of Russian wheat * Yields drop on Egypt''s six-month and one-year T-bills in weekly auction * Egyptian rights lawyer says he''s banned from travel * Israel advises citizens in Egypt''s Sinai to leave, cites attack risk SAUDI ARABIA * Delayed projects ease slightly for Saudi builder Khodari * OPEC cuts will not impact Saudi oil supply to Japan -Saudi official * Malaysia''s Petronas says RAPID project remains on track after Aramco''s snub UNITED ARAB EMIRATES * Dubai''s Mashreq board proposes cash dividend of 40 pct for 2016 QATAR * Qatar International Islamic Bank Q4 net profit slips 7.2 pct * Qatar investment in Russia to bolster OPEC, non-OPEC ties - Barkindo OMAN * Oman''s Bank Dhofar proposes lower 2016 dividend (Compiled by Dubai newsroom)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL5N1FG5NG'|'2017-01-29T10:23:00.000+02:00'
'00af4e2ee432c5fc7ebb117c42d670db71353139'|'Rethink on Trump hits dollar and world stocks'|'Business News - Tue Jan 31, 2017 - 3:16pm GMT Rethink on Trump hits dollar and world stocks FILE PHOTO: A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo By John Geddie - LONDON LONDON The U.S. dollar headed for its worst start to a year in over a decade on Tuesday, while world stocks cemented their biggest losses in six weeks after widespread protests against President Donald Trump''s stringent curbs on travel to the United States. Investors'' hopes for a fiscal boost to the world''s largest economy under Trump have been tempered by controversial and protectionist policies that have seen him suspend travel to the United States from seven Muslim-majority countries. Thousands took to the streets of major U.S. cities to oppose the travel ban, which also halts refugee arrivals, while marches in Britain added to pressure on Prime Minister Theresa May to cancel a planned state visit by Trump. A stream of U.S. policymakers and business executives have also slammed Trump''s stance. The dollar lost more ground against a basket of six major currencies .DXY on Tuesday, on track for a slump of over 2 percent this month - its worst start to the year since 2006. Against the safe haven yen, the dollar slipped to 113.28 yen JPY= , set for a fall of over 3 percent this month. MSCI''s gauge of the world''s top 46 stock markets .MIWD PUS failed to recover any ground on Tuesday, after a 0.6 percent slide on Monday which was its largest loss in a month and a half. Futures showed Wall Street opening around 0.2 percent lower ESc1, with the S&P 500 index set to add to its biggest daily fall in a month, seen on Monday. "His actions over the last few days are another reminder that there were two sides to his campaign and Trump is just as adamant to follow through on those measures that will likely weigh on market sentiment in the coming months," said Craig Erlam, senior market analyst at OANDA. Benchmark German government bond yields edged higher as the euro zone posted better-than-expected inflation and growth data, a trend that plays into the hands of a minority of policymakers calling for an end to the European Central Bank''s ultra-easy stance. ECONALLEZ [GVD/EUR] European bourses clawed back some ground after big losses on Monday, buoyed by strong results from the likes of British online supermarket Ocado ( OCDO.L ). [.EU] MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.6 percent while Japan''s Nikkei .N225 dropped 1.7 percent, its biggest fall in almost three months. Supported by signs of accelerating momentum in the global economy, most stock markets remained up on the month as a whole. MSCI''s ex-Japan Asian shares index was up 5.8 percent this month while its index of world markets was up 2.7 percent. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets DOLLAR RALLY OVER? In other currencies, the euro EUR= edged up to $1.0756 against the U.S. dollar after Trump''s trade adviser told the Financial Times that Germany was benefiting from a "grossly undervalued" exchange rate. It has bounced back from a 14-year low of $1.0340 set on Jan. 3. "We sense the strong U.S. dollar policy is over, a thing of the past," said Mizuho''s head of hedge fund FX sales, Neil Jones. "Recent U.S. concern over a strong U.S. dollar versus China is now feeding into the euro zone with the comment on an undervalued euro." The British pound GBP=D4 fell by almost a full cent after weaker than expected data on consumer credit added to a handful of tentative signs that the UK economy may finally be slowing on the back of last year''s Brexit vote. Elevated uncertainty about Trump''s policies, including a lack of detail so far on his plans for tax cuts and fiscal spending, is tempering optimism on the U.S. economy. Over half of the global investors polled by Reuters this month said they thought Trump''s stimulus plans would fail to meet existing market expectations. Data on Monday showed U.S. consumer spending accelerated in December while inflation showed some signs of picking up last month. The core PCE price index, the Federal Reserve''s preferred inflation measure, rose 1.7 percent on a year-on-year basis after a similar gain in November. The Federal Reserve, which starts its two-day policy meeting on Tuesday, is widely expected to keep interest rates unchanged as it awaits greater clarity on Trump''s economic policies. (Additional reporting by Jemima Kelly in London and Hideyuki Sano in Tokyo; Editing by Mark Trevelyan) Next In Business News London set for largest oil company listing since 2014 price crash LONDON Diversified Gas & Oil, a conventional gas producer in the United States, is set to list on London''s junior AIM market on Friday and raise $50 million, the biggest oil and gas flotation since oil prices started to fall in mid-2014.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN15F03C'|'2017-01-31T22:16:00.000+02:00'
'8de0ec20bbced277d80e0011d9b3527081302de4'|'Deutsche Bank plans new bonus system for senior staff - Handelsblatt'|'FRANKFURT Deutsche Bank ( DBKGn.DE ) is working on a new, more transparent bonus system for its top executives, German newspaper Handelsblatt reported on Tuesday, citing sources.Deutsche Bank will propose the new system to its annual shareholders meeting, which is scheduled for May 18, the newspaper said.The new system will be less complicated and more transparent. Deutsche Bank declined to comment on the report.Deutsche Bank earlier this month decided to cut bonuses drastically as it tries to turn a profit and faces a big bill for litigation.Germany''s biggest bank has finalised a $7.2 billion settlement with the U.S. authorities over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis. It has also agreed to pay $630 million in fines for organising $10 billion in sham Russian trades.Deutsche Bank''s management board has decided to waive its own bonuses for 2016.(Reporting by Harro ten Wolde and Hans Seidenstuecker. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/deutsche-bank-bonuses-idINKBN15F2I1'|'2017-01-31T17:03:00.000+02:00'
'ec36c493164179ff02da6793f7e4ef2feb407c07'|'Exxon Mobil quarterly profit drops after asset write-down'|'Tue Jan 31, 2017 - 8:11am EST Exxon Mobil quarterly profit drops after asset write-down The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. REUTERS/Lucas Jackson/File Photo HOUSTON Exxon Mobil Corp ( XOM.N ), the world''s largest publicly traded oil producer, said on Tuesday its quarterly profit fell 40 percent after it wrote down the value of Rocky Mountain natural gas assets. The company posted fourth-quarter earnings of $1.68 billion, or 41 cents per share, compared with $2.78 billion, or 67 cents per share, in the year-ago period. Production fell 3 percent to 4.1 million barrels of oil equivalent per day. (Reporting by Ernest Scheyder; Editing by Chizu Nomiyama) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-exxon-mobil-results-idUSKBN15F1JR'|'2017-01-31T20:10:00.000+02:00'
'523980ca49af630c6ecc46183881a30ae6846540'|'Norway court to hear appeal in $1.8 bln gas transport tariff row'|'Market News  06am EST Norway court to hear appeal in $1.8 bln gas transport tariff row OSLO Jan 27 A Norwegian court will hear an appeal next week by four firms seeking to overturn a ruling that upheld a government decision to cut offshore gas transportation tariffs. The firms - owned by Allianz, UBS, the Abu Dhabi Investment Authority and the Canada Pension Plan Investment Board - said the slashed tariffs would cost them 15 billion crowns ($1.8 billion) in lost earning by 2028. Solveig Gas, Njord Gas Infrastructure, Silex Gas and Infragas, which hold a combined 44 percent stake in pipeline owner Gassled, said Oslo''s decision was illegal and took it to court, but lost the case in September. The government cut tariffs shortly after the four firms bought their stakes in Gassled in 2011 and 2012 from ExxonMobil , Total, Statoil and Royal Dutch Shell for a total of 32 billion Norwegian crowns ($3.8 bln). Infragas and Njord Gas Infrastructure said they could shy away from new investment in the pipeline infrastructure just as Norway is seeking to expand the network northwards due to discoveries in the Arctic. Norway exports gas from numerous offshore fields via an 8,000-km (5,000-mile) gas pipeline network, the largest offshore pipeline system in the world, to Britain and the continental Europe. The appeal hearing is expected to last from Jan. 31 until April 7, the Borgarting Court of Appeals said in a statement on Friday. ($1 = 8.3633 Norwegian crowns) (Reporting by Nerijus Adomaitis) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/norway-lawsuit-gas-idUSL5N1FH2B3'|'2017-01-27T18:06:00.000+02:00'
'b6462396a4bac6a394fd6a7d21ec7d00151f5793'|'German prosecutors widen VW emissions probe'|'Business News - Fri Jan 27, 2017 - 6:37am EST German prosecutors widen VW emissions probe A Volkswagen (VW) logo covered with mud and dust is seen on the wheel of a car in Grafenwoehr, Germany, October 26, 2016. REUTERS/Michaela Rehle/File Photo BERLIN German prosecutors have expanded an investigation into Volkswagen''s ( VOWG_p.DE ) emissions test-cheating scandal and said the carmaker''s former chief executive may have known about the manipulation sooner than he has so far said publicly. Prosecutors in Braunschweig near Volkswagen''s (VW) Wolfsburg base said on Friday that 28 homes and offices were searched this week in connection with the investigation. They said they had increased the number of people accused in connection with the diesel emissions scandal to 37 from 21, including former chief executive Martin Winterkorn. Prosecutors said they were investigating Winterkorn on suspicion of fraud. The former CEO is already being probed by Braunschweig prosecutors over possible market manipulation. VW has said its executive board did not learn of the software violations until late August 2015 and formally reported the cheating to U.S. authorities in early September that year. Winterkorn told a German parliamentary committee of inquiry into the scandal on Jan. 19 that he did not know about the software cheating earlier. (Reporting by Andreas Cremer; Editing by Maria Sheahan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-probe-idUSKBN15B13B'|'2017-01-27T18:37:00.000+02:00'
'b43a2c4d895b385db6ee300ee67d55a15f48dd49'|'Brazil sees opportunities if Trump pursues protectionism - minister'|'  10:52pm GMT Brazil sees opportunities if Trump pursues protectionism - minister left right Brazilian Trade Minister Marcos Pereira attends an interview with Reuters at his office in Brasilia, Brazil, January 26, 2017. REUTERS/Adriano Machado 1/4 left right Brazilian Trade Minister Marcos Pereira attends an interview with Reuters at his office in Brasilia, Brazil, January 26, 2017. REUTERS/Adriano Machado 2/4 left right Brazilian Trade Minister Marcos Pereira attends an interview with Reuters at his office in Brasilia, Brazil, January 26, 2017. REUTERS/Adriano Machado 3/4 left right Brazilian Trade Minister Marcos Pereira talks on his mobile phone before an interview with Reuters at his office in Brasilia, Brazil, January 26, 2017. To match Interview BRAZIL-TRUMP/TRADE REUTERS/Adriano Machado 4/4 By Anthony Boadle and Alonso Soto - BRASILIA BRASILIA Brazil has an opportunity to strengthen ties with Pacific and European nations that could be targeted if U.S. President Donald Trump pursues protectionist policies, the Brazilian trade minister said on Thursday. In an interview with Reuters, Trade Minister Marcos Pereira pointed to Mexico, a longtime competitor for trade and investment in Latin America, as one of the countries that could develop stronger commercial relations with Brazil. Tensions between Mexico and the United States have risen since Trump took office, with the U.S. president saying he intends to renegotiate the North American Free Trade Agreement and build a wall on the U.S.-Mexico border. Mexican President Enrique Pena Nieto on Thursday scrapped a planned summit with Trump. Pereira also said he hoped Chile and Peru would gravitate toward Brazil and the South American trade bloc Mercosur now that Trump has pulled the United States out of the Trans-Pacific Partnership. He added that Trump''s political ascent and arrival in the White House has prompted the European Union to show greater interest in concluding a trade agreement with Mercosur that has been under discussion for 15 years. At the same time, Brasilia is hoping Trump does not restrict U.S.-Brazilian trade. The United States is Brazil''s second-largest trading partner after China and the largest market for its manufactured goods, including commercial planes. "So far, Brazil has not appeared in Trump''s sights," Pereira said. "I think Brazilian manufacturers will not be hurt and that our trade discussions with Washington will continue to advance." Brazil may not be on Trump''s radar because it buys more from the United States than it sells there - running a $646 million (513 million pound) deficit last year - and is not drawing investment that threatens U.S. jobs. ''BUSY YEAR'' Mired in its worst recession in a century, Brazil is keen to expand its exports and stands ready to pick up the slack in trade with countries that face setbacks in their access to the U.S. market. Trade with Mexico, Latin America''s second largest economy after Brazil, has the potential to grow as the U.S.-Mexican relationship sours. "We see this as an opportunity to expand trade and hope they have the same view," Pereira said. "It would be good for Brazil and especially good for the Mexicans who are under pressure." The minister also came away from the World Economic Forum in Davos last week convinced the EU is keener than ever to reach a deal with Mercosur. He said an agreement could be agreed politically by early next year, leaving thorny issues such as French and Irish resistance to lower agricultural barriers to be worked out later. Brazil is in free trade talks with the European Free Trade Association that groups non-EU states Norway, Iceland, Switzerland and Liechtenstein, as well as with Canada. The Trudeau government in Canada has also signalled it wants to negotiate a solution to a dispute over subsidies for plane-maker Bombardier that Brazil has threatened to complain about to the WTO, Pereira said. "It is going to be a busy year with lots of talks between these players to deal with the protectionism that is coming ... given the stance of the new U.S. president," he said. (Reporting by Anthony Boadle; Editing by Daniel Flynn and Paul Simao)   Ex-Rabobank traders seek reversal in U.S. of Libor convictions NEW YORK A U.S. appeals court on Thursday questioned whether two former Rabobank [RABO.UL] traders'' rights were violated in what became the first case by U.S. Justice Department to go to trial spilling out of global probes into the manipulation of Libor.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-brazil-trump-trade-idUKKBN15A35K'|'2017-01-27T05:52:00.000+02:00'
'13b95652f6b34c1d634215fe3a388c3554276aef'|'German watchdog suspected VW scam on CO2 emissions- report'|'Company   6:54am EST German watchdog suspected VW scam on CO2 emissions- report BERLIN Jan 28 Germany''s motor industry watchdog raised suspicions Volkswagen was using prototype vehicles to lower carbon dioxide (CO2) emissions in tests in 2015, soon after the carmaker''s manipulation of diesel emissions tests was uncovered, the Berliner Zeitung newspaper reported on Saturday. The newspaper quoted the Federal Motor Transport Authority (KBA) as telling VW in a November 2015 email it would choose test models randomly and appoint new experts to carry out testing because of doubts about the independence of the company''s CO2 testing regime. "VW has to give a declaration that they (vehicles submitted to tests) comply with standards for serial production models and were not subject to change in any way," the newspaper quoted the KBA''s email as saying. There was no immediate comment from a VW spokesman or the German Transport Ministry, which is home to the KBA. It was not clear in Saturday''s report whether the KBA remains concerned about the transparency of the carmaker''s CO2 emissions tests. VW admitted in November 2015 that besides rigging diesel emissions tests it had understated the fuel consumption and CO2 emissions of about 800,000 vehicles, only to announce a month later that follow-up tests had shown the CO2 irregularities affected less than 40,000 cars. (Reporting by Andreas Cremer; Additional reporting by Gernot Heller; Editing by Helen Popper) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/volkswagen-emissions-idUSL5N1FI062'|'2017-01-28T18:54:00.000+02:00'
'370c896ba3ed0fcd41558ec2554cec1f1f46963d'|'UPDATE 1-U.S. brings charges over Ponzi scheme, ''Hamilton'' tickets fraud'|'Financials - Fri Jan 27, 2017 - 6:43pm EST UPDATE 1-U.S. brings charges over Ponzi scheme, ''Hamilton'' tickets fraud (New throughout, adds details on case and from court proceedings) By Jonathan Stempel and Nate Raymond NEW YORK Jan 27 U.S. authorities on Friday unveiled criminal charges against two men accused of helping operate a hedge fund as a Ponzi scheme and of swindling investors in a ticket-reselling business for popular events, including the smash Broadway musical "Hamilton." Joseph Meli, who ran the ticket business, and Steven Simmons, the head of an alternative investments at Sideris Capital Partners, were arrested on Friday on securities fraud and wire fraud charges brought by Manhattan federal prosecutors. Meli, 42, and Matthew Harriton, 52, were separately accused by U.S. Securities and Exchange Commission of orchestrating an $81 million Ponzi scheme by raising money from investors to buy and resell tickets for popular shows. Those included "Hamilton," which won 11 Tony Awards last year, and concerts featuring Adele, the SEC said. In court, Assistant U.S. Attorney Josh Naftalis said prosecutors rushed to bring charges after the fund''s co-founder turned cooperating witness and recorded Meli saying he was draining his bank accounts and had gotten his passport. Naftalis also said that after Simmons, 48, was arrested at his Connecticut home, he told Federal Bureau of Investigation agents that he "hoped that Mr. Meli would put two slugs in the back of the cooperator''s head." But defense lawyers swayed U.S. Magistrate Judge James Francis to release each man on $1 million bonds after providing explanations. Michael Bowen, Meli''s lawyer, said anticipating the probe, Meli recently put down a large retainer with his law firm and gave his lawyers his passport. Florian Miedel, Simmons'' attorney, said Simmons was simply stressed upon arrest. Bowen in a statement said Meli would "vigorously defend against the criminal charges." Miedel declined to comment. Harriton did not respond to requests for comment. According to a criminal complaint, the unnamed Connecticut hedge fund had raised funds from, among others, an investment fund that sank $4.2 million into it, only to misappropriate most of the money. After that investor demanded repayment, the cooperating witness turned to Simmons, who raised $850,000 from an investor, and Meli, who provided $3.75 million from an account for Advance Entertainment LLC, court papers said. The SEC said Meli and Harriton through Advance Entertainment and other ticket resale business entities were meanwhile involved in a separate Ponzi scheme. Of the $81 million they raised from 125 investors, $48 million was used to repay earlier investors, while funds were spent on jewelry, private school tuition, gambling, and other expenses, the SEC said. (Reporting by Jonathan Stempel in New York; Editing by Andrew Hay and David Gregorio) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-crime-ponzi-hamilton-idUSL1N1FH1CE'|'2017-01-28T06:43:00.000+02:00'
'46247ca3f797214ab98e90992da648ea9948cd6e'|'Trump''s trade approach could harm world growth -ECB''s Visco'|'Financials - Sat Jan 28, 2017 - 6:06am EST Trump''s trade approach could harm world growth -ECB''s Visco MODENA, Italy Jan 28 U.S. President Donald Trump''s approach to trade issues could trigger retaliation in other countries and harm global economic growth, European Central Bank policy maker Ignazio Visco said on Saturday. "The U.S. administration''s declared intention of slowing down or reversing trade liberalisation processes, and the steps it has already taken in this direction, risk triggering tit-for-tat measures in other countries, with negative repercussions for world growth," Visco, who sits on the ECB Governing Council, told a financial conference. (Reporting by Silvia Aloisi; editing by Philip Pullella) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ecb-trump-visco-idUSS8N15O00I'|'2017-01-28T18:06:00.000+02:00'
'f4a80201265da82d8f602f1ea1ee1a338e7b176d'|'What it takes to get a Corona from Mexico to a U.S. heartland bar'|'Business News - Sat Jan 28, 2017 - 5:20pm GMT What it takes to get a Corona from Mexico to a U.S. heartland bar left right A man walks past the logo of Corona beer (L), produced by Group Modelo, in Mexico City, Mexico January 27, 2017. REUTERS/Henry Romero 1/10 left right The logo of Corona beer, produced by the Group Modelo brewery, is seen on a truck carrying bottles of beer in Mexico City, Mexico January 27, 2017. REUTERS/Henry Romero 2/10 left right Bottles of Corona beer, the flagship brand of Group Modelo, are pictured at a restaurant in Mexico City, Mexico January 27, 2017. REUTERS/Henry Romero 3/10 left right FILE PHOTO -- Bottles of Corona beer, the flagship brand of Group Modelo, are seen in Mexico City, Mexico February 14, 2013. REUTERS/Edgard Garrido 4/10 left right The logo of Corona beer is seen outside the Group Modelo brewery in Mexico City, Mexico January 27, 2017. REUTERS/Henry Romero 5/10 left right Bottles of Corona beer, the flagship brand of Group Modelo, are pictured at a restaurant in Mexico City, Mexico January 27, 2017. REUTERS/Henry Romero 6/10 left right Bottles of Corona beer, the flagship brand of Group Modelo, are pictured at a restaurant in Mexico City, Mexico January 27, 2017. REUTERS/Henry Romero 7/10 left right People walk past the logo of Corona beer outside the Group Modelo brewery in Mexico City, Mexico January 27, 2017. REUTERS/Henry Romero 8/10 left right The logo of Corona beer is seen outside at Group Modelo brewery in Mexico City, Mexico January 27, 2017. REUTERS/Henry Romero 9/10 left right People walk past the logo of Corona beer outside the Group Modelo brewery in Mexico City, Mexico January 27, 2017. REUTERS/Henry Romero 10/10 (The Jan. 27 story was refiled to correct the name of the Mexican city in paragraph 16 to Monterrey from Mexicali) By Nick Carey Ordering a bottle of Corona beer at a bar in the United States is a simple proposition. Getting it there from its brewery in Mexico involves a complex, cross-border supply network that will likely get more complicated if U.S. president Donald Trump follows through on vows to renegotiate the North American Free Trade Agreement (NAFTA) or tax imports. Trump has not outlined specific plans for revising NAFTA, but he has made repeated calls for a levy to discourage companies from moving jobs outside the United States. On Thursday, the White House floated a plan to impose a 20 percent tax on imports. Republican leaders in the U.S. House of Representatives have included a tax on imports in their blueprint for overhauling corporate taxes. The ideas have met opposition in Congress, even inside Trump''s own party. U.S. Senator Lindsey Graham, a republican from South Carolina, took to Twitter on Thursday, saying "Simply put, any policy proposal which drives up costs of Corona, tequila, or margaritas is a big-time bad idea. Mucho Sad." Trump''s rhetoric has also heightened uncertainty over the billions in supply chain and infrastructure investment that a diverse array of companies from automakers and railroads to appliance makers and food producers have made on both side of the U.S.-Mexico border during the past two decades. The stakes are high for brands like Corona, which is entirely brewed in Mexico, and the transport companies such as Union Pacific Corp ( UNP.N ) that make money moving the beer''s raw ingredients and packaging into Mexico, and bringing the finished brew back to the United States. Victor, New York-based Constellation Brands Inc ( STZ.N ), which owns the U.S. rights to Corona, plans to spend $2.5 billion to expand an existing brewery in Nava, just south of the border with Texas and $2 billion on a new brewery in Mexicali by 2021. Just days before the November 8 U.S. election, the company said it would buy a Mexican brewery from Grupo Modelo for $600 million and expand its operations in the country. To qualify as a Mexican beer, Constellation''s beer brands must be made in Mexico. However, about 40 percent of the cost of the company''s Mexican beers are tied to ingredients, supplies and freight services that come from the United States, said David Klein, Constellation''s chief financial officer during a conference call earlier this month. The company - which has seen its market valuation triple to nearly $30 billion since 2013 when it obtained rights to sell Corona and other Mexican beer brands - imports hops, barley and other grains from the United States to brew Corona. The company does not disclose the specific origin of ingredients. "The majority of our glass bottle supply comes from the glass plant at the Nava brewery and other Mexico suppliers. We source less than 20 percent of our glass bottles from the United States. Some raw materials, including hops and grains to brew the beer, do come from the United States," Constellation said in a statement. Farms in the Midwestern and Northwestern United States are major growers of barley in North America, and in 2015 Mexico was the world''s largest importer of U.S. barley. Since 2010, Mexico has been either the world''s largest importer of U.S. hops or second just behind the United Kingdom. Unravelling the NAFTA supply chains of companies such as Constellation, or the big automakers, would lead to higher prices for consumer goods, experts and industry executives say. "Everyone would lose, especially the consumer, it''s that simple," said Brandon Stallard, CEO of Troy, Michigan-based TPS Logistics, which handles tens of thousands of cross-border shipments for customers daily. U.S. companies also benefit from Corona production. Perrysburg, Ohio-based glass maker Owens-Illinois ( OI.N ) formed a joint venture with Constellation to expand a glass bottle plant next to the Nava brewery and subsequently bought a major Mexican glass bottle producer to meet demand. Owens-Illinois declined to comment on where its raw materials come from. Broomfield, Colorado-based Ball Corp ( BLL.N ) has built a plant in Monterrey to make cans for Constellation''s new brewery. Constellation says it imports almost 20 percent of its glass bottles from the United States. The company did not say where those bottles come from, but Lance Fritz, chief executive of No. 1 U.S. railroad Union Pacific often cites the example of glass bottles the company hauls from a plant in Texas to a brewery in Mexico and that those bottles are made from recycled glass Union Pacific hauls from all over America. The railroad has also invested $40 million in cleaning, washing and repair facility for beer-carrying box-cars just north of Constellation''s Nava brewery. Union Pacific hauls U.S. barley, malt and rice for brewing. "The job we have at hand is to help our elected officials see the world from our perspective and then pray for them to make the right decision," said Fritz. (Reporting By Nick Carey; editing by Joe White and Edward Tobin) Next In Business News EU farm chief calls for cut in subsidies after Brexit BERLIN The European Union needs to reduce subsidies as part of pending reforms to cope with an expected 3 billion euro (£2.5 billion) drop in the EU''s agriculture budget once Britain leaves the bloc, EU farm chief Phil Hogan was quoted as saying on Saturday. ECB inspection of Monte dei Paschi still ongoing - BOI official MODENA, Italy An inspection by the European Central Bank of Monte dei Paschi di Siena''s loan portfolio that had been due to conclude at the end of last year is still under way, a top official at the Bank of Italy told Reuters on Saturday. MODENA, Italy Italy''s Intesa Sanpaolo will not unveil its plans for a possible deal with insurer Generali over the weekend, the bank''s chairman said on Saturday. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-mexico-corona-idUKKBN15B2C7'|'2017-01-29T00:20:00.000+02:00'
'86953a438d460a29c7248c19e117cd27787fe085'|'UPDATE 1-Boeing wins $2.1 bln Pentagon contract for 15 KC-46 refueling aircraft'|'(Adds background, Boeing comment)WASHINGTON Jan 27 Boeing Co has been awarded a $2.1 billion U.S. defense contract for 15 KC-46 aerial refueling aircraft, the Pentagon said on Friday.The new agreement is in addition to the initial $4.2 billion contract awarded by the Air Force to develop and test the aircraft, and an earlier $2.8 billion award for 19 planes.Boeing expects to build a substantial business from the tanker, which is based on its twin-aisle 767 commercial jet. Boeing plans to deliver 179 tankers to the U.S. Air Force and expects to sell about 400 in total worldwide.The fixed-cost contract has incurred about $2.4 billion in cost over runs, including a $201 million after-tax charge Boeing announced on Wednesday. Boeing said it expects to deliver the first tankers to the Air Force in late 2017.On Wednesday, Boeing posted fourth quarter profits and operating cash that beat analysts'' estimates and said it expected to generate a record $10.75 billion in operating cash this year. (Reporting by Eric Beech and Alwin Scott; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/boeing-pentagon-idINL1N1FH213'|'2017-01-27T21:03:00.000+02:00'
'a5a2927caea352da8b753caeed8619608e01af6b'|'TABLE-Indonesia sells 22 trln rupiah bonds at auction, above target'|'Financials   3:44am EST TABLE-Indonesia sells 22 trln rupiah bonds at auction, above target JAKARTA, Jan 31 Indonesia''s finance ministry sold 22 trillion rupiah ($1.65 billion) of bonds at an auction on Tuesday, above the indicative target of 15 trillion rupiah. Total incoming bids were 49.44 trillion rupiah, lower than the 53.69 trillion rupiah received in the previous auction on Jan. 17. The highest bid-to-cover ratio was 3.51 for the T-bills maturing in May 2017. Following are results of the auction. Bids are in trillions of rupiah, yields are in percent. T-bills T-bills Bonds Bonds Bonds maturing maturing maturing maturing maturing May 2017 Feb 2018 May 2022 May 2027 Aug 2032 <IDFR006 <IDFR0059= <IDFR007 1=>> 4=> Incoming 19.480 15.480 5.9735 6.8273 1.6824 bids (trln rph) Winning 5.550 9.450 2.250 3.800 0.950 bids (trln rph) - 3.550 8.450 1.575 2.660 0.730 Competitiv e bids (trln rph) - Non 2.000 1.000 0.675 1.140 0.220 competitiv e bids (trln rph) Lowest 4.85000 5.58000 7.20000 7.55000 7.95000 yield (pct) Highest 5.60000 6.70000 7.45000 7.90000 8.20000 yield (pct) Weighted 5.02014 5.90243 7.28987 7.62988 7.99964 avg yield Bid-to-cov 3.51 1.64 2.65 1.80 1.77 er ratio NOTE: The highest and lowest yields refer to incoming bids, not bids absorbed by the ministry. ($1 = 13,340 rupiah) (Compiled by Nilufar Rizki in Jakarta; Editing by Vyas Mohan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/indonesia-economy-debt-idUSL4N1FL118'|'2017-01-31T15:44:00.000+02:00'
'188ddbb79cf6f0ae34b0899e7b6e243f0d95fc4d'|'EXCLUSIVE: Japan eyes U.S. job, investment initiative ahead of Abe-Trump summit'|'Business News - Tue Jan 31, 2017 - 1:08pm IST Exclusive: Japan eyes U.S. job, investment initiative ahead of Abe-Trump summit left right FILE PHOTO - An employee from a Toyota U.S. factory sits in a committee room in Washington February 23, 2010. REUTERS/Kevin Lamarque/File Photo 1/3 left right FILE PHOTO - A Toyota automaker employee moves an engine at the Toyota engine assembly line in Huntsville, Alabama November 13, 2009. REUTERS/Carlos Barria/File Photo 2/3 left right File Photo: Japanese Prime Minister Shinzo Abe delivers his speech during a joint announcement on the return of American military to the island of Okinawa at the Abe''s official resident in Tokyo, Japan December 21, 2016. REUTERS/Toshfumi Kitamura/Pool 3/3 By Takashi Umekawa and Linda Sieg - TOKYO TOKYO Japan is hammering out plans to show U.S. President Donald Trump its firms are ready to create U.S. jobs, according to a document whose contents were revealed to Reuters, as Prime Minister Shinzo Abe prepares for a summit where automotive trade will be high on the agenda. Abe will visit Washington on Feb. 10 for the talks at which Trump is expected to seek quick progress toward a two-way trade deal. An early draft of the document, called "U.S.-Japan Growth and Employment Initiative", listed five areas including infrastructure. The document, which was read to Reuters, did not mention automotive trade, which Trump has targeted as "unfair" in an echo of complaints by Washington decades ago. The document left blanks for the numbers of jobs to be created and the scope of investment but a government source said several hundred thousand jobs could result. It also referred to the idea of buying dollar-denominated "infrastructure bonds", a proposal that has been floated as a way Japan could take part in Trump''s promised upgrade of U.S. infrastructure. Japanese officials said they were still trying to assess just what Trump wants from Japan. In addition to singling out cars, he has also lumped Japan with China and Mexico as big contributors to America''s trade deficit. However, Japan''s share of the U.S. global trade gap has shrunk to 9 percent from more than half in the early 1990s. Automobiles and car parts account for about three-fourths of the overall U.S.-Japan trade gap, making it an easy target. ''BUY AMERICAN'' In a phone call with Abe on Saturday, Trump reiterated his pledge to create jobs in the United States and asked that the Japanese auto industry contribute, the Nikkei business daily reported, quoting unidentified Japanese government officials. Abe is expected to meet Toyoto Motor Corp CEO Akio Toyoda this week, possibly on Friday. "Mr. Trump has made a promise to ''Buy American, Hire American''," said one former Japanese diplomat. ”Symbolically, autos are a very big player." The renewed focus on the automotive trade has some Japanese officials and media reminiscing - and not happily - about heated U.S.-Japan auto talks more than 20 years ago. A last-minute deal in June 1995 averted U.S. tariffs on Japanese luxury cars when Japan''s automakers crafted "voluntary plans" to boost purchases of American auto parts and expand U.S. production. That allowed the Japanese government to maintain its opposition to setting official numerical trade targets while letting U.S. negotiators also claim a win. Yoshihiro Sakamoto, the top Japanese trade bureaucrat in those talks two decades ago, said such plans - drafted behind the scenes by the auto industry and trade ministry - could be a model for addressing the situation now. Some experts pointed out, however, the ministry''s clout had waned since those days. "What America wants is investment," Sakamoto told Reuters. U.S. CAR INVESTMENTS Toyota has come under fire from Trump for plans, announced in 2015, to shift production of its Corolla sedan from Canada to Mexico. Earlier this month, Japan''s top automaker said it would invest $10 billion in the United States over the next five years, the same as the previous five years. On Monday, Honda Motor Co Ltd and General Motors Co said they would jointly produce pollution-free hydrogen fuel cell power systems in the United States from around 2020. The companies said they would invest $85 million to add a production line at a GM battery plant in Brownstown, Michigan, and create 100 jobs. Boosting output in the United States, however, could force Japanese car makers to make tough decisions about reducing production - and jobs - back home. Central Japan Railway Company, or JR Tokai, has given the government estimates of how many jobs would be created by proposed high-speed Shinkansen railways in California and Texas and a high-tech "maglev" railway along the U.S. east coast, a JR Tokai spokeswoman said. She declined to release the figures. Abe, who is close to JR Tokai Chairman emeritus Yoshiyuki Kasai, has touted maglev or magnetic levitation as a "dream technology" that could link New York and Washington in under an hour. (Additional reporting by Kaori Kaneko and Ami Miyazaki; Editing by Bill Tarrant) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-trump-japan-trade-exclusive-idINKBN15F0LD'|'2017-01-31T14:35:00.000+02:00'
'00d1118e46ff874a64a0321e72cbf3e147d4c7f4'|'BRIEF-Intermediate Capital Group assets up 3 pct in December quarter'|' 08am EST BRIEF-Intermediate Capital Group assets up 3 pct in December quarter Jan 31 Intermediate Capital Group Plc * Says total assets under management up 3 percent to 22.6 billion euros in the three months to end December. * Says raised 600 million euros of new third party money in the quarter. * Says third party fee earning assets under management up 5 percebt to 17.3 billion euros. * Says fundraising performance in line with expectations. * Says investment portfolio fell 4 percent in the quarter. * Says investment portfolio performance remains robust and funds performing in line with expectations.     (Reporting By Simon Jessop) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FK0X2'|'2017-01-31T14:08:00.000+02:00'
'1bc9a6c1948a4ffb31d5255cd5b21cb680c6623d'|'FCA hands Deutsche Bank record 163 million pound fine for Russia trades'|'Business  15am GMT FCA hands Deutsche Bank record 163 million pound fine for Russia trades left right FILE PHOTO - The headquarters of Germany''s Deutsche Bank is photographed early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo 1/2 left right A man walks past Deutsche Bank offices in London, Britain, December 5, 2013. REUTERS/Luke MacGregor/File Photo 2/2 LONDON Britain''s financial regulator fined Deutsche Bank 163 million pounds for serious failings in relation to anti-money laundering controls, it said on Tuesday. The fine was the biggest ever imposed by the Financial Conduct Authority or its predecessor, the Financial Services Authority. The regulator said that inadequate controls by Deutsche Bank meant that its Russian subsidiary was able to execute more than $6 billion of so-called "mirror trades", where stocks were bought in roubles and sold at the same time in U.S. dollars, in a manner "highly suggestive of financial crime". It added that a further $3.8 billion in suspicious "one-sided" trades also occurred. On Monday, New York''s banking regulator said Deutsche Bank had agreed to pay it $425 million for the "mirror trading" scheme, saying the lender had conducted its business in an unsafe and unsound manner. (Reporting by Simon Jessop; Editing by Rachel Armstrong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-mirrortrade-probe-fca-idUKKBN15F0J4'|'2017-01-31T14:15:00.000+02:00'
'0b9d525eeac9d8957a328b5909d041ce5151cc14'|'No ''new London'' in EU after Brexit, says Irish central bank head'|' 31pm GMT No ''new London'' in EU after Brexit, says Irish central bank head Philip Lane, Governor of the Central Bank of Ireland speaks at a Reuters Newsmaker event in London, Britain October 28, 2016. REUTERS/Toby Melville - LONDON   Philip Lane, who is also a member of the European Central Bank''s Governing Council, said Europe''s future financial centres may be more fragmented geographically, even if they were integrated as part of a single market. Cities around Europe are already vying for the potential new business, including financial centres in Germany, France, the Netherlands, Luxembourg and Ireland. "There is not going to be any new London in the EU 27. History happened in a certain way. You can''t just lift institutions and drop then somewhere else," Lane said at an event hosted by the London Irish business society in London. "You may well have this fragmented but integrated financial system so location X has a cluster of derivatives trading, location Z has a cluster of insurance etc." (Reporting by John Geddie; Editing by David Milliken)   Britain and the European Union may need to flesh out some kind of intermediate arrangement to ensure central bank cooperation and maintain financial stability after Brexit, Ireland''s central bank governor said on Tuesday.  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-ireland-idUKKBN15F2JU'|'2017-02-01T03:31:00.000+02:00'
'850795954c26a3fab4f2b7d8cfbc1bd8ee30f8b4'|'Energy companies have ''abusive relationship'' with customers, says MP - Business'|'UK consumers are in an “abusive relationship” with the big six energy providers, according to the MP who chairs the Commons business select committee.Iain Wright , the Labour MP who heads the business, energy and industrial strategy select committee, questioned why the public was reluctant to switch suppliers despite poor customer service and the availability of cheaper tariffs.He said: “It’s like an abusive relationship. I can’t believe that customers are being beaten black and blue all the time and yet stay with their existing providers.”CMA energy market report expected to whip up storm of criticism Read more In a lively session with consumer groups and energy providers, MPs were focused on the findings of a two-year investigation into the energy market by the competition watchdog, which concluded last summer .The Competition and Markets Authority found that 70% of domestic customers of the big six companies – British Gas, EDF, E.ON, Npower, Scottish Power and SSE – were on expensive standard variable tariffs and could save more than £300 by switching to a cheaper deal.As a result, customers have been paying £1.4bn a year more than they would in a fully competitive market, the CMA found .Consumer group Which? told the BEIS committee that the response to the report from energy suppliers had been “dismal”, adding that the only sector more mistrusted by the public was used car dealers.Peter Moorey, head of campaigns at Which?, said: “The energy market is still far from working effectively for consumers. Energy prices remain consumers’ number one financial concern. The only sector distrusted more in Which’s latest research is used car dealers. “We would have expected a much bigger response from energy suppliers given that we’ve had this big investigation and it’s found huge problems in the market. Response from suppliers has been dismal.”He said energy companies had failed to engage with those customers who were sticking on the default expensive tariffs for a prolonged period of years.Victoria MacGregor, director of energy at Citizens Advice, said customer service among providers was still “too patchy”, with members of the public having to turn to the service for help with basic issues including problems with bills.Simon Stacey, domestic markets director at Npower, accepted that the industry “has got an issue” but insisted there had been improvements in the market with smaller, challenger suppliers bringing competition and innovation.“I think that what you’ve seen in the last year is a significant amount of switching, high degrees of engagement compared with previous years. That doesn’t mean there isn’t still work to do,” he said. However, Dan Hopcroft, residential sales director at EDF Energy, said branding the major energy providers “dismal” and on a par with used car salesmen was unfair.He said: “The term the big six is used, which we find upsetting. It infers that we’re a club and we get together and that we determine what the prices are going to be and that’s definitely not the case ... so it’s actually quite upsetting to hear that.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/31/energy-companies-customers-service-tariffs'|'2017-01-31T02:00:00.000+02:00'
'6a46a355701f4472df72f80115294011208cb536'|'Odebrecht pulls out of Panama canal bridge tender amid probe'|'Business News - Mon Jan 30, 2017 - 8:16pm EST Odebrecht pulls out of Panama canal bridge tender amid probe A man walks past the corporate logo of Odebrecht in a construction site in Caracas, Venezuela January 26, 2017. REUTERS/Carlos Garcia Rawlins MEXICO CITY Brazilian construction firm Odebrecht, under investigation for paying hundreds of millions in bribes across Latin America, withdrew its bid to build a bridge over the Panama canal, the president of the Central American nation said on Monday. Last week, Panama prosecutors said they had charged 17 people, including several businessmen and former government officials, with money laundering in its bribery case against Odebrecht S.A. Prosecutors have not yet identified the people involved. President Juan Carlos Varela announced Odebrecht''s pull-out via Twitter. The company did not immediately respond to a request for comment. Odebrecht, a family-owned engineering conglomerate, is at the center of a growing corruption scandal in Latin America and has acknowledged distributing hundreds of millions of dollars in bribes across the region. It became one of the most important government contractors under former Panamanian President Ricardo Martinelli and verbally agreed this month to pay $59 million in reparations for bribes it paid in Panama to win business between 2010 in 2014. Martinelli, who is living in the United States, is also under investigation for corruption. The Panamanian government announced last month it would cancel a contract given to the Brazilian firm to build a $1 billion hydroelectric plant and seek to exclude it from new tenders such as the canal bridge and a metro line while the investigation is ongoing. Currently, Odebrecht is carrying out several projects in the country valued at over $ 3.3 billion, including the expansion of Panama City''s airport and the construction of a separate metro line. (Reporting by Elida Moreno; Writing by Enrique Andres Pretel and Alexandra Alper; Editing by Cynthia Osterman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-panama-odebrecht-idUSKBN15F042'|'2017-01-31T08:16:00.000+02:00'
'a73d7a721f4cb5b19e7c908cf05549bb67424b34'|'Tanker firm DHT says net asset value above Frontline''s bid'|'OSLO Jan 31 Tanker firm DHT Holdings estimated its net asset value at $5.7 per share on Tuesday, above a non-binding all-share offer made by competitor Frontline , which is currently worth about $5 per share.Frontline, controlled by shipping tycoon John Fredriksen, made an unsolicited offer for its rival during the weekend to acquire all outstanding shares in U.S. listed DHT.On Tuesday''s DHT''s management generally refrained from making further comments on the Frontline bid during an earnings call.During the call, DHT''s co-CEOs Trygve Munthe and Sveinung Moxnes Harfjeld said they expected a "choppy" market for crude oil tankers in 2017 but added the firm has a very good downside protection in that the company has low cash break-even rates. (Reporting By Ole Petter Skonnord, editing by Terje Solsvik and Gwladys Fouche)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/frontline-dht-holdings-idINL5N1FL51Q'|'2017-01-31T11:44:00.000+02:00'
'3d43f8175b0b57dcc1a119f584b0124a24c0d4b3'|'UK cities’ export data show reliance on EU markets'|'UK cities’ export data show reliance on EU markets Prosperity of metropolitan areas hinges on securing new trade deals Read next by: Andy Bounds and Chris Tighe Hull is the only city in Britain that does not have the EU as its biggest trading partner. Overall, 46 per cent of goods and services exports from the UK’s 62 cities head to the EU, just below the 48 per cent national average, according to analysis by the Centre for Cities think-tank. But some cities are heavily reliant on the EU: the bloc accounts for more than half of exports for 37 cities. Even Derby, the city least reliant on European markets thanks to Rolls-Royce, the global engineering company, sells a quarter of its exports to EU countries. Exeter is the most dependent on the EU, with 70 per cent of exports heading there, partly explained by the presence of the airline, Flybe. Hull, which voted heavily for Brexit, sends 46 per cent of its exports to the US. The medical companies Smith & Nephew and Reckitt Benckiser have big plants there. London sells 43 per cent of its exports into the EU; the capital accounts for 28 per cent of the UK’s exports as a whole. The figures, for 2014-15, are the first to give an export breakdown city by city (the study looked at the UK’s 62 biggest metropolitan areas). They were compiled by taking data from HM Revenue & Customs for regions and allocating sectoral exports by the number of employees in that sector in each city. In contrast to the EU’s dominant role, China accounts for only 4 per cent of UK cities’ exports, the same as non-EU Switzerland. Alexandra Jones, chief executive of Centre for Cities , said: “Securing the best possible EU trade deal will be critical for the prosperity of cities across Britain and should be the government’s top priority as we prepare to leave the single market and potentially the customs union. “It’s also important that the government aims to reach trade agreements covering as many sectors as possible, rather than prioritising deals for high-profile industries based in a small number of places.” To make up for a 10 per cent decrease in exports to the EU, British cities would have to nearly double them to China, or increase exports to the US by nearly one-third (31 per cent). Paul Watson, chairman of the Key Cities grouping and leader of Sunderland council, said the report “brings home the urgency of the task we face. Cities are the lifeblood of the British economy and will no doubt feel the effects of the decision to leave the EU”. Britain’s top exporting city is Sunderland, with £40,650 of exports per worker in 2014, thanks to Nissan , the carmaker. London is the fifth-biggest exporter per worker (£23,470). York has the smallest export base per worker (£3,710) while four other Yorkshire cities are also in the bottom 10 places for total exports, reflecting the region’s poor export performance. The report’s authors said cities such as Sunderland needed to diversify their export base. Goods exports tended to dominate in cities in the north and Midlands, reaching almost 90 per cent of exports in Derby and Hull. Southern cities tended to have a much greater reliance on services. The exception was Edinburgh, where 87 per cent of exports were services, making it the UK city most reliant on that sector for exports. Cities accounted for 62 per cent of Britain’s total exports in 2014. They provided 51 per cent of goods exports but 74 per cent of services exports. There were some surprising trading relationships. For example, Blackpool had the biggest trading relationship with the Middle East and north Africa, accounting for 24 per cent of exports. Japan took 7 per cent of Ipswich’s exports, while 5 per cent of Huddersfield’s exports go to South America. The report includes the annual Cities Outlook, which measures the economy and productivity of UK cities. The authors of that study said it demonstrated the need to spread prosperity across the UK, adding that export growth was vital to improving flagging productivity. Only 15 cities out of 62 had levels of productivity above the British average in 2015. London, Slough and Reading had the highest levels of productivity, with gross value added per worker more than 30 per cent above the average of £54,700. Between 2014 and 2015 productivity increased in 48 out of 62 cities, with Luton recording the highest growth in GVA per worker (8.6 per cent). Productivity in Middlesbrough, Stoke and Northampton fell at least 2 per cent. But cities in the north and Midlands saw the strongest private sector jobs growth. Leeds, Gloucester, Nottingham and Newcastle all beat London with growth of 5 per cent plus. The lowest ratio of private sector to public sector jobs was the university city of Oxford, where half the population works for the public sector. The national average is almost three private to one public. Birkenhead and Blackpool were the only two cities that did not record population growth between 2014 and 2015. Mr Watson said: “Even as we try to generate well-paying and fulfilling jobs for our residents, nine in 10 of our cities have lower productivity than their European counterparts. This report is a timely reminder that we need to focus on those fundamentals.”  '|'ft.com'|'http://www.ft.com/rss/world/uk/business'|'https://www.ft.com/content/62850572-e4b0-11e6-8405-9e5580d6e5fb'|'2017-01-30T18:36:00.000+02:00'
'eaea9fa8bc755d7bc7883ef9be95962f750b6d13'|'Indonesia sells 22 trillion rupiah bonds at auction, above target'|'Financials  28am EST Indonesia sells 22 trillion rupiah bonds at auction, above target JAKARTA Jan 31 Indonesia sold 22 trillion rupiah ($1.65 billion) of bonds at an auction, above the indicative target of 15 trillion rupiah, the finance ministry''s financing and risk management office said on Tuesday. The T-bills, maturing in May 2017, had a weighted average yield of 5.02014 percent, while the T-bills which will mature in February 2018 has a weighted average yield of 5.90243 percent. The bonds maturing in May 2022 has a weighted average yield of 7.28987 percent. The weighted average yield for bonds maturing in May 2027 was 7.62988 percent, higher than 7.50995 percent at the previous auction on Jan. 17. The bonds maturing in August 2032 had a weighted average yield of 7.99964 percent, higher than last auction''s 7.79936 percent. Total incoming bids were worth 49.44 trillion rupiah, lower than the 53.69 trillion rupiah worth of bids received in the auction on Jan. 17. The highest bid-to-cover ratio was 3.51 for T-bills maturing in May 2017. ($1 = 13,342 rupiah) (Reporting by Nilufar Rizki; Editing by Sherry Jacob-Phillips) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/indonesia-economy-debt-idUSJ9N1BP01P'|'2017-01-31T15:28:00.000+02:00'
'd7e3433ef90d050fa8b3a06f4e482be4b66ebaec'|'Greece sets March 24 bid deadline for Thessaloniki port sale: sources'|'ATHENS Greece has given investors until March 24 to submit binding bids for a majority stake in its second biggest port, Thessaloniki Port ( OLTr.AT ), two sources close to the matter said on Tuesday.The sale of the 67 percent stake in the port and other privatisations are a key part of the country''s current EU/IMF international bailout deal, the third since 2010.But the programme has fallen behind schedule due to political resistance and red tape, and has raised only 4 billion euros ($4.3 billion) so far versus an original target of 50 billion euros."The board of the privatisations agency decided that the binding bids for the port will be submitted on March 24," said an official from the agency, who declined to be named.Potential investors include shortlisted Danish container terminal operator APM Terminals [APMOLM.UL], Phillipines-based International Container Terminal Services ICTS ( ICT.PS ), Dubai-based P&O Steam Navigation Company (DP World) DPW.DI and Japan''s Mitsui & Co ( 8031.T ).Past deadlines for the submission of binding bids have been pushed back several times due to differences over the amount of mandatory investment and other issues.Athens has said the buyer will have to invest 180 million euros by 2021 to develop the port.Port workers oppose the sale, saying the size of mandatory investment is low and reducing the value of the port, said Lazaros Tantalidis, their representative on the port''s board.Thessaloniki Port, which currently has a market value of $200.5 million (186 million euros), had a throughput of 344,277 TEUs (twenty-foot equivalent units) last year.(Reporting by Angeliki Koutantou; Editing by Karolina Tagaris and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-greece-privatisation-port-idINKBN15F1M2'|'2017-01-31T10:58:00.000+02:00'
'0efb15a5093035c4fae95ba8532e100eab985565'|'Fitch: Stable Sector Outlook for Levant Banks; Political Tension Still High'|'Financials  45am EST Fitch: Stable Sector Outlook for Levant Banks; Political Tension Still High (The following statement was released by the rating agency) Link to Fitch Ratings'' Report: 2017 Outlook: Banks in the Levant here PARIS/LONDON, January 31 (Fitch) Fitch Ratings says the banking sector outlook is Stable for three Levant countries (Jordan, Egypt and Lebanon) as it expects banks'' financial metrics to remain largely unchanged in stable, albeit very challenging and vulnerable, operating environments. We have a Negative Rating Outlook on Jordanian rated banks, with rated banks in Egypt and Lebanon on a Stable Outlook. Banks in Egypt, Jordan and Lebanon have high exposure to their sovereigns and domestic economies. Potential changes in sovereign creditworthiness and the macroeconomic and geopolitical environments will therefore be key drivers of their ratings in 2017. Government debt accounts for a large share of the banks'' balance sheets in Egypt and Lebanon. These banks finance the government deficit, whereby customer deposits are channelled through the banks into government bonds. Jordanian banks hold fewer government bonds on their balance sheets, but they are largely concentrated to the Jordanian operating environment where lending/financing and funding is mainly domestic, large lending concentrations to the government or government-guaranteed entities exist, and government securities serve as liquid assets. All three sovereigns are suffering from weak public finances and subdued economic growth; all three countries are also exposed to geopolitical tensions. Fitch does not expect GDP growth to reach 4% in any of the three countries in 2017, leaving the banks with few opportunities to deploy their funding base in profitable lending and therefore profitability metrics will be stable. On the positive side, Fitch expects most banks to maintain adequate asset quality in 2017. Local currency liquidity will continue to be supported by large stocks of government securities. Foreign currency liquidity will remain strained in Egypt. Fitch considers that capital ratios will remain weak in 2017 in light of the banks'' high credit concentration risk and significant exposure to the sovereign. For more details, see ''2017 Outlook: Banks in the Levant'', available at www.fitchratings.com or by clicking the link above. Contact: Eric Dupont Senior Director +33 1 44 29 91 31 Fitch France S.A.S. 60 Rue de Monceau Paris 75008 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available at www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials Some firms have confirmed plans for Irish moves post-Brexit - Kenny DUBLIN, Jan 31 Some firms considering moving operations as a result of Britain''s vote to leave the European Union have confirmed they wish to move to Ireland and will make formal announcements in due course, Irish Prime Minister Enda Kenny said on Tuesday'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987631'|'2017-01-31T21:45:00.000+02:00'
'c5df5fc536d988738d1cf3304c9833cabeed898a'|'BRIEF-Soundhound raises $75 million'|'Jan 31 SoundHOund Inc* Soundhound inc. Raises $75 million to drive growth, international expansion of houndify ai voice technology platform and "COLLECTIVE AI"* Soundhound inc says round includes a strategic group of investors including Nvidia GPU ventures, Samsung Catalyst Fund, Nomura Holdings, others Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1FL0OK'|'2017-01-31T11:23:00.000+02:00'
'994e0e07c82da94d916935277d8d667400de7349'|'Nikkei posts biggest daily decline since Nov, hit by Trump worries'|'TOKYO Jan 31 Japan''s Nikkei share average posted the biggest daily decline since November on Tuesday as uncertainty over U.S. President Donald Trump''s policies weighed on investor sentiment.The Nikkei fell 1.7 percent to 19,041.34 points, posting the biggest daily percentage drop since Nov. 9, after Trump was elected as U.S. president.Global stocks had their biggest loss in six weeks after Trump signed an executive order on Friday to ban travel to the United States from seven Muslim-majority countries, including legal residents and visa holders, and temporarily halted the entry of refugees.Over the weekend, thousands of people rallied in major U.S. cities and at airports in protest.Traders said that investors unloaded risky assets by selling both cash stocks and futures, while they were disappointed by weak earnings from some companies.The broader Topix declined 1.4 percent at 1,521.67, while the JPX-Nikkei Index 400 shed 1.5 percent to 13,642.35.NEC Corp shares tumbled 17 percent after the company slashed its profit outlook for the year ending March 31 as delays to projects squeezed revenue.As widely expected, the Bank of Japan kept its policy settings unchanged at its first meeting of the year, maintaining a pledge to guide short-term interest rates at minus 0.1 percent and the 10-year government bond yield to around zero percent.Markets are focusing on what BOJ Governor Haruhiko Kuroda has to say at a 0630 GMT news conference about the risks from Trump''s protectionist trade stance, particularly with Trump taking direct aim at Japan''s powerful auto industry - a mainstay of its economy. (Reporting by Ayai Tomisawa; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/japan-stocks-close-idINL4N1FL11C'|'2017-01-31T03:27:00.000+02:00'
'2626356f375b2d6aed00cae69ecf37a39a166f66'|'Bidders circle insolvent German cocoa firm Euromar - sources'|'HAMBURG Jan 31 Several potential bidders have expressed an interest in German cocoa grinder Euromar Commodities GmbH, which declared insolvency in December, sources with knowledge of the situation said on Tuesday.Some five groups have shown interest, including a Swiss-based trading and cocoa processing house and a Malaysian cocoa processor, they said.A spokesman for insolvency administrator Rolf Rattunde declined to comment.Rattunde has said he will attempt to restructure Euromar and return it to long-term operations.Euromar is a major producer of cocoa products including cocoa butter and cocoa powder at its plant at Fehrbellin near Berlin. The company suffered liquidity problems caused by exchange rate fluctuations in the British pound, in which cocoa is traded, and swings in cocoa prices.A U.S. associate company Transmar Commodity Group Ltd also filed for bankruptcy protection in December.German traders estimate the plant in Fehrbellin can crush 150 tonnes of beans a day, which with full 365 day production means around 54,700 tonnes a year. Germany grinds about 400,000 tonnes of cocoa annually.Euromar''s problems were a factor causing a sudden fall in European cocoa grindings in the fourth quarter of 2016.Euromar has never given official production figures."In the long term I do not expect the Euromar insolvency to have a major impact on the market," a German trader said."The company has always kept its production volumes secret but my feeling is that there is enough capacity in Europe, West Africa and Asia to meet demand if the Euromar processing plant does not return to long-term operations." (Reporting by Michael Hogan; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/euromar-cocoa-idINL5N1FL1LG'|'2017-01-31T05:11:00.000+02:00'
'222eecb835f7e889cb3f7f6587b314b20acb9b0b'|'Energy sector faces struggle to find the female engineers of the future - Business'|'W hile the lack of female chief executives in the UK is a problem, the lack of female engineers is an even bigger concern, as Dorothy Thompson, chief executive of Drax group, knows only too well. The head of the UK’s largest power station is grappling with the question of how to attract more women into the energy sector.Thompson says the six places available on the Drax apprenticeship scheme this year attracted just two female applicants compared with 76 men. The education is partly to blame, she says, but energy companies also need to do much more to change girls’ perceptions.Thompson has overseen Drax’s conversion of its coal-fired boilers to biomass to secure the future of the plant near Selby in North Yorkshire as environmental rules bite. She is one of a tiny pool of women running big UK companies, and an even smaller number at the top of the energy industry. The proportion of women on the boards of energy companies was 9% in 2014, and exactly the same two years later . The gender imbalance is not much better further down the management chain.“We would like to have more female apprentices, more female engineers. We believe in diversity,” she says. “But it is challenging. In our current [recruitment] process, there’s a real paucity of female candidates. We struggle to get sufficient candidates to increase the percentage [of women].”She says that while schools should do more to encourage girls to study science and subjects that could equip them for a career in energy, much of the responsibility in addressing the imbalance lies with the industry.“Part of it is in education but part of it is perception. We as an industry need to be more proactive in explaining how interesting an opportunity we are [to young women],” she says.Thompson is far from alone in recognising the imbalance or trying to do something about it.“This is a huge cultural issue for the industry,” says Joan MacNaughton, who is on the board of Powerful Women , a group helping females advance their career in the sector. “There are expectations of women that I don’t think are 21st century. It’s a very, very male culture.”Facebook Twitter Pinterest Biomass domes at Drax power staition. MacNaughton, who spent five years at French company Alstom’s energy division and sits on the board of Energy Academy Europe, says even energy companies that like to think of themselves as progressive have a problem.“They’re not Jeremy Clarkson [the men]; they’re cultured, well-mannered people. But the assumption in senior circles is that you can all have a conversation about your yachts. As a woman there who doesn’t have a yacht, you just have to walk away.”EDF, which is building Britain’s first new nuclear power station in two decades , has been running a cinema ad campaign as part of its drive to encourage girls and young women to study disciplines that could lead to energy jobs.“To recruit the numbers needed to fulfil demand for the future, we need more girls to study science subjects at school, further education and higher education,” says the French company’s boss, Vincent de Rivaz, in a foreword to a recent EDF jobs report .Dr Jenifer Baxter, head of energy and environment at the Institution of Mechanical Engineers agrees: “Often women don’t see heavy industry as a likely future career. Maybe it’s because of the way we talk about engineering and the way it’s shown on TV and talked about in schools.” The root of the problem is not just in education but society more widely, she adds. “When you’re a teenager you want to fit in, and society doesn’t say to girls, ‘yay, go out and build power plants’.”Sara Bell, founder of technology company Tempus Energy , says while it is still vital to encourage girls to study Stem subjects – science, technology, engineering and mathematics – the industry has to look at how it presents itself.“I used to work in financial markets, which is a pretty testosterone-fuelled environment. The energy sector makes finance look like an equal opportunities employer,” she says. “A lot of 15-year-old girls will look at the role models – middle-aged men, predominantly white – and not see anything they can relate to.”Drax’s Thompson agrees that the lack of role models is an issue. “It is unfortunate that there are not more senior women in energy, because it would make it appear more accessible to women. I think it’s unfortunate because the industry is in fact perfectly accessible.”Alice Gill should know. As a schoolgirl she was taken on a tour of the power station and now, at 22, after taking biology, maths, chemistry and physics A-levels, she has just completed a four-year apprenticeship scheme with Drax.“A lot of women are, like, girly girls, aren’t they?” she says. “I can’t imagine them coming in in overalls with no makeup on, and getting their hands dirty. It’s not necessarily a problem with the industry [the lack of women]; I think the problem is that people just aren’t interested.”The solution, she thinks, is to expose more women to the sector at young age: “Just educate more people about it.”Other remedies proposed for addressing the energy industry’s gender imbalance include better transparency on promotions inside companies, and much closer scrutiny of hiring practices.“Everyone should have to monitor the [gender] figures, the intake and promotion figures into middle management, and from middle management into board,” says MacNaughton. “When you get the transparency, then people start to see the problem and fix it. There will never be a single bullet for such a complex problem.”Facebook Twitter Pinterest Biomass pellets at Drax power station. The power station lost out on subsidies from government in 2014. The Drax dilemma Dorothy Thompson’s 12-year reign at Drax has seen her dramatically transform what it does and where it’s going. She foresaw the end of coal in the UK long before ministers announced in 2015 their plan to phase out all coal power by 2025 .Two of Drax’s coal-fired generators have been converted to burn wood pellets, mostly from North American forests, and the conversion of a third unit is nearly completed. But the company suffered a setback in 2014 when the government ruled that a fourth unit would not be eligible for subsidies, and another in 2015, when the Treasury ended its carbon tax exemption. Drax is lobbying for a rethink, arguing that the UK needs stable low-carbon power to complement increasing amounts of wind and solar energy, but the prospect of a further subsidy is unlikely.The company signalled a new strategy last year with its acquisition of business energy supplier Opus Energy and four gas power stations, and is also looking to buy more wood pellet plants in the US.“It’s all about diversifying our earnings, strengthening their stability, and using our areas of expertise and our commercial position to make us stronger and more sustainable - in every sense of the word,” Thompson told the Observer .But some analysts are sceptical of how profitable this will be. “Drax’s acquisition of Opus Energy heralded the start of a new strategy focusing on securing earnings beyond 2027,” investment bank Jefferies said in a recent note. “We feel optimism regarding the new strategy is overdone and we continue to believe that long-term power prices will remain low.”'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/28/drax-power-station-energy-companies-women'|'2017-01-28T23:00:00.000+02:00'
'913cf4012aa1e3d00aaced6f6309c97d990691fa'|'CORRECTED-Jordan''s Arab Bank group says 2016 net profit rose 20 percent'|'Financials - Sat Jan 28, 2017 - 10:21am EST CORRECTED-Jordan''s Arab Bank group says 2016 net profit rose 20 percent (Corrects rise in loans to 6 percent from 3 percent) AMMAN Jan 28 Jordan''s largest lender, Arab Bank Group, said on Saturday its 2016 net profit rose 20 percent to $533 million, saying the results were due to diversified operations and growth in revenue from core banking activities. The bank, one of the Middle East''s major financial institutions, said its loans book and customer deposits had continued to grow despite exchange-rate fluctuations. Total loans rose 6 percent to $23.7 billion while deposits rose 3 percent to $33.6 billion at the end of last year compared with the same period the previous year. (Reporting by Suleiman Al-Khalidi, editing by David Evans) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/jordan-banks-arab-bank-jo-idUSL5N1FI0EW'|'2017-01-28T22:21:00.000+02:00'
'accaeab626e80aa3f57e5b2147132b8e2294f19d'|'ECB inspection of Monte dei Paschi still ongoing - BOI official'|'  1:41pm GMT ECB inspection of Monte dei Paschi still ongoing - BOI official FILE PHOTO: The main entrance of the Monte dei Paschi bank headquarters is seen in Siena, Italy March 13, 2012. REUTERS/Max Rossi/File photo MODENA, Italy An inspection by the European Central Bank of Monte dei Paschi di Siena''s ( BMPS.MI ) loan portfolio that had been due to conclude at the end of last year is still under way, a top official at the Bank of Italy told Reuters on Saturday. The central bank''s deputy director general, Fabio Panetta, was speaking on the sidelines of a financial conference in Modena. Monte dei Paschi, which needs to plug a capital shortfall of 8.8 billion euros (£7.5 billion), is set to be nationalised after it failed to raise money from private investors last month. The government will likely inject 6.6 billion euros in the bank, taking a 70 percent stake. The bank has said the results of the inspection, which began last May, will be released in the first half of 2017. (Reporting by Giulio Piovaccari, writing by Silvia Aloisi)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-montepaschi-idUKKBN15C0GI'|'2017-01-28T20:41:00.000+02:00'
'cec93d52f70e2377c21b176a0cd2b171396d7c50'|'Vodafone-Idea deal could speed up India telecoms consolidation'|'Technology News - Tue Jan 31, 2017 - 11:32am GMT Vodafone-Idea deal could speed up India telecoms consolidation FILE PHOTO: A man casts silhouette onto an electronic screen displaying logo of Vodafone India after a news conference to announce the half year results in Mumbai, India, November 10, 2015. REUTERS/Shailesh Andrade/File Photo By Sankalp Phartiyal and Devidutta Tripathy - MUMBAI MUMBAI A proposed merger between Vodafone''s ( VOD.L ) India operation and Idea Cellular ( IDEA.NS ) would create a market leader in India''s crowded and hyper-competitive telecoms sector, forcing smaller players into two likely options: merge or exit altogether. Britain''s Vodafone confirmed on Monday it was in talks to merge its Indian subsidiary with its local rival in an all-share deal, driving Idea''s shares to a near six-month high on Tuesday. The combined entity would be a formidable player, with a subscriber base of about 395 million and a revenue market share of around 40 percent in the country''s telecoms sector, although divestments would be needed in certain regions to comply with competition rules, analysts said. Both complement each other. Idea is stronger in rural areas and Vodafone''s Indian unit is more competitive in cities, and they would be able to cut costs mainly through reduced capital spending and network operating costs, analysts added. That synergy would pose a direct threat to current market leader Bharti Airtel ( BRTI.NS ) and Reliance Jio, the upstart launched by billionaire Mukesh Ambani last year that has up-ended India''s telecoms market with free voice and data until the end of March. That kind of intensifying competition would raise the stakes for India''s smaller wireless providers, with analysts predicting a period of consolidation to allow them to better compete against the top three players. The stakes would be especially high for small players such as Telenor ( TEL.OL ) or Tata Teleservices ( TTML.NS ). Videocon Telecom, for example, is already in the process of exiting. "If data (from Jio) is free and the likes of Bharti, Vodafone and Idea have a huge post-paid subscriber base and good products, I wouldn''t be surprised if there is further consolidation in the sector or some smaller players exit," said Naveen Kulkarni, co-head of research at PhillipCapital. Jio''s entry has forced players to offer cheaper plans of their own, cutting deeply into their profits. Deals are already in the works. Reliance Communications ( RLCM.NS ), controlled by Anil Ambani, has agreed to acquire Sistema''s ( SSAq.L ) Indian mobile phone operations. It has also agreed to combine its wireless business with Aircel, majority owned by Malaysia''s Maxis. Meanwhile, Bharti Airtel is in talks to acquire Telenor''s Indian operations, local media has widely reported. Bharti Airtel welcomed the proposed alliance between Vodafone and Idea, saying "consolidation is always good", although it said companies must not be forced into consolidation by an "unfair playing field". But mergers won''t guarantee success in India''s telecoms sector, analysts warned. India remains a capital-intensive market. Spectrum costs are high and big investments in network are needed to cover a vast geography. At the same time margins are wafer-thin, as carriers offer one of the world''s cheapest data and voice prices. "If it eventually becomes a market of three players, good for them. They will make money," said a banker who is not involved in the deal and did not wish to be named. "I don''t see any future for the small ones. They will be taken over or will exit the market." (Writing by Rafael Nam; Editing by Adrian Croft) Next In Technology News Canon unlikely to help Toshiba with investment in memory chip business TOKYO Japan''s Canon Inc said would be difficult to invest in Toshiba Corp''s memory chip business, dousing hopes that the struggling conglomerate could count on its business partner for help as it scrambles for funds to offset a multi-billion dollar writedown. Canada''s Wealthsimple takes on crowded U.S. robo-adviser market TORONTO Wealthsimple, a Canadian-based robo-adviser startup, announced a C$20 million ($15.25 million) investment from Power Financial Corp, and formally launched in the United States on Tuesday, as it looks to compete in a crowded American market dominated by big investment firms. TOKYO Japanese camera and printer maker Canon Inc forecast full-year operating profit to climb 11.4 percent, its first rise in three years, bolstered by earnings from a medical equipment unit it bought from Toshiba Corp last year. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-vodafone-m-a-idea-cellular-idUKKBN15F17U'|'2017-01-31T18:28:00.000+02:00'
'0ca168f08fa30e644ca179e518ead7a5db5c3bfb'|'European shares steady, Ocado rally offsets UPM losses'|'Market News  39am EST European shares steady, Ocado rally offsets UPM losses LONDON Jan 31 European shares steadied in early trading on Tuesday as a rally in companies such as British online supermarket Ocado on strong results was offset by weaker firms like UPM-Kymmene and Givaudan following their updates. The pan-European STOXX 600 index was trading 0.08 percent higher by 0828 GMT, after falling more than 1 percent in the previous session. It has gained 0.4 percent so far in January after rising in the previous two straight months. Ocado shares traded nearly 7 percent higher, the top gainers in the STOXX 600 index, after reporting a 3.3 percent rise in full-year core earnings and saying that it was well positioned for growth. However, Fragrance and flavour maker Givaudan slipped 5 percent after posting weaker-than-expected net profit in 2016 and proposing a dividend below expectations, as slowing demand in emerging markets made underlying sales growth ease towards the end of the year. UPM-Kymmene was down 8.3 percent, the biggest faller in the STOXX 600 index, after the Finnish pulp and paper maker gave a cautious outlook for this year. The company, however, reported its quarterly profits slightly above market forecasts. (Reporting by Atul Prakash; Editing by Dominic Evans) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1FL1KA'|'2017-01-31T15:39:00.000+02:00'
'4d85fde2ea2ac453fc85423def4429e5c07c7d0e'|'Mexico will defend free flow of remittances: finance minister'|'Business News  51am EST Mexico will defend free flow of remittances: finance minister MEXICO CITY Mexico will defend the free flow of remittances, Finance Minister Jose Antonio Meade said on Monday, reflecting concerns that the government of U.S. President Donald Trump will make it harder for immigrants to send money from the United States. Trump''s team last year said that stemming the flow of billions of dollars of remittances was one way of pressuring the Mexican government to pay for a planned border wall. (Reporting by Gabriel Stargardter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mexico-economy-idUSKBN15E1VX'|'2017-01-30T22:48:00.000+02:00'
'6044266588b1f1767f7d75db5f13a2d4b646297b'|'British lender CYBG says first-quarter trading in line with expectations'|'Business News - Mon Jan 30, 2017 - 11:12pm GMT British lender CYBG says first-quarter trading in line with expectations British lender CYBG Plc ( CYBGC.L ), home of Clydesdale Bank and Yorkshire Bank, said on Monday its first-quarter net interest margin was unchanged from a year earlier, in line with its expectations, as asset yields came under pressure. The lender said net interest margin in the three months ended Dec. 31 was flat at 222 basis points, and that its trading in the period was in line with its expectations. "As expected, asset yields came under pressure from the start of the period following the August 2016 base rate reduction, along with increased competition in retail lending markets," CYBG said. "We saw the benefits of deposit repricing begin to offset these pressures towards the end of the period, alongside other measures to reduce funding costs, including a modest drawdown on the Bank of England Term Funding Scheme in December." The challenger bank said its overall deposit balances was 27.3 billion pounds as at Dec. 31, up 4.7 percent on an annualised basis compared with Sept. 30, driven by both business and personal accounts. CYBG, which was spun off from National Australia Bank ( NAB.AX ), said its mortgage book was 22.1 billion pounds as at Dec. 31, a growth of 4.4 percent on an annualised basis. The lender''s common equity tier one capital ratio – a key measure of financial strength – increased to 12.8 percent as at Dec. 31 from 12.6 percent as at Sept. 30. The company said 574 million pounds worth of its lending was to small and medium-sized businesses in the first quarter. CYBG, which is targeting more than 100 million pounds of sustainable cost reductions by 2019, said it was on track to record underlying costs of 690 million to 700 million pounds this fiscal year. The company also maintained its other forecasts for fiscal 2017, including that net interest margin would be broadly flat with the year earlier. (Reporting by Rushil Dutta and Noor Zainab Hussain in Bengaluru; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cybg-results-idUKKBN15E2SN'|'2017-01-31T06:12:00.000+02:00'
'dfe647fe139b6c6abaa73bc2c6ae70bdbb5e9862'|'Soft-drinks maker Britvic first quarter revenue up on strong UK, overseas sales'|'Business News   7:52am GMT Soft-drinks maker Britvic first quarter revenue up on strong UK, overseas sales Bottles of soft drinks made by drinks company Britvic sit on a conveyor belt at Britvic''s bottling plant in London March 25, 2009. REUTERS/Luke MacGregor British soft drinks firm Britvic ( BVIC.L ) said first-quarter revenue rose 4.3 percent on strong sales of its drinks in Britain and international markets. Sales in Britain, which accounted for nearly 60 percent of Britvic''s total revenue in the first quarter, rose 2.2 percent to 209.8 million pounds on strong demand for its carbonates like Pepsi Max, 7UP in the UK. The Robinsons squash maker said international revenue jumped 19.8 percent with its Fruit Shoot drink boosting sales in the U.S. Total revenue for the first quarter rose to 351 million pounds and volumes grew by 3.9 percent. (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair) Next In Business News Shell     has   billion (3.04 billion pounds),  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britvic-outlook-idUKKBN15F0NC'|'2017-01-31T15:15:00.000+02:00'
'c685041f1a53447734f031b04e7c0c7c2454ed45'|'Actelion, Syngenta takeovers set to shake up Swiss SMI index'|'By Rupert Pretterklieber - ZURICH ZURICH The looming foreign takeovers of biotech group Actelion and agrichemicals firm Syngenta look set to trigger the biggest shake-up in the Swiss blue-chip SMI index .SSMI in years just as passive investing makes membership increasingly important.Analysts say specialty chemicals group Lonza ( LONN.S ) may be set to join the Swiss club of the 20 best capitalized and most liquid shares, whose ranks could be thinned even further by the time that the next review takes place in June, analysts say."It is pretty clear that under the current selection list by the Swiss exchange, Lonza could be taken into the SMI," said Thomas Kuehne, fund manager at Liechtensteinische Landesbank.He noted Lonza''s market capitalization of around 10 billion Swiss francs ($10.06 billion), which could increase thanks to its $5.5 billion acquisition of U.S. group Capsugel.Lonza is now ranked 21st by market capitalization. SMI components have a combined market value above 1 trillion francs.Construction chemicals specialist Sika ( SIK.S ) and hearing aid maker Sonova ( SOON.S ) are also in the hunt for an SMI spot after boosting growth with acquisitions."Sika is in second place" after Lonza, said Eric Chassot, portfolio manager at Banque Cantonale Vaudoise, while Kuehne saw them battling for that role."Sonova has a bit more trading volume, while Sika has a higher free float market capitalization," he said.Joining the SMI is more than just a matter of prestige.Exchange-traded funds that build portfolios mirroring the composition of stock indices -- thus cutting costs for investors -- have seen a massive boost in popularity, increasing the importance of belonging to a high-profile index.U.S. healthcare giant Johnson & Johnson ( JNJ.N ) plans to buy Actelion ( ATLN.S ) in a $30 billion all-cash deal while state-owned Chinese firm ChemChina has agreed a $43 billion offer for Syngenta ( SYNN.S ).The SIX Swiss Exchange will decide in June on any modifications that would then take effect in September after Eurex derivatives contracts expire. But out-of-schedule changes are also possible in the wake of unusual events such as mergers or new listings.CHANGING FACE OF INDEXMarket experts said the new share set to be created later this year by the spinoff of Credit Suisse''s ( CSGN.S ) Swiss banking unit had an outside chance of an SMI spot.Chassot said this hinged on details of the flotation, which Credit Suisse has said could list 20 to 30 percent of the unit. Kuehne thought the placement would be too small to heave the stock into the SMI.The SIX Exchange said having two shares from the same group in the SMI was not ruled out.In any event, more than two slots in the SMI may open up this year for the first time since 2009.Shares in private bank Julius Baer ( BAER.S ) and insurer Swiss Life ( SLHN.S ) are on the brink of dropping out of the index after Baer shares dipped to 21st on the volume criterion and Swiss Life''s market value slipped to 23rd."We don''t speculate about which share will join or drop out" of an index, said Serkan Batir of market leader BlackRock. "We will await the official announcement from the exchange and then see what we need to do."In many years there are no or only one change to the SMI, only half of whose constituents were among the founding members of 1988 and often with a new corporate name.(Writing by Michael Shields; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-swiss-smi-idINKBN15F1KI'|'2017-01-31T10:21:00.000+02:00'
'3e3bf19106a202f6c790db9a0538fc411aac8f58'|'TREASURIES-Prices gain as Trump roils dollar, raising uncertainty'|'(Recasts with bond rally, adds Trump comments, Quote: s, updates prices) * Trump''s comments on dollar spark safety buying * Fed begins two-day meeting * Heavy data week anticipated By Karen Brettell NEW YORK, Jan 31 U.S. Treasury prices gained on Tuesday as President Donald Trump expressed concern about the value of the dollar, sending it lower and raising demand for safe haven U.S. bonds. In comments targeted to the pharmaceutical industry, Trump said currency devaluation by other countries had increased drugmakers'' outsourcing their production and called on the companies to make more of their products in the United States. The remarks came after Trump''s new National Trade Council head Peter Navarro suggested that Germany was benefiting from a "grossly undervalued" exchange rate. "It''s a significant change in policy in the dollar," said Lou Brien, a market strategist at DRW Trading in Chicago. " ... It''s destabilizing. The fact that they are talking around (the strong dollar policy) is going to upset the markets." Data on Tuesday also showed consumer confidence fell from a 15-year high in January, driven by a less optimistic outlook on business conditions, jobs and consumer income. A Chicago survey also found that business production in the Midwest grew at a slower pace and was below economists'' expectations in January. "Part of the story was the data," said Brien. Benchmark 10-year notes gained 12/32 in price to yield 2.44 percent, down from 2.48 percent late on Monday and the lowest level since Jan. 24. Investors are preparing for a barrage of data this week, culminating in Friday''s jobs report for January, that they will evaluate for further signs of the strength of the U.S. economy. The data is expected to show employers added 175,000 jobs in the month, according to the median of 102 economists polled by Reuters. The U.S. Federal Reserve is expected to keep interest rates unchanged when it concludes its two-day meeting on Wednesday, in its first policy decision since Trump took office, as the central bank awaits greater clarity on his economic policies. "The Fed tomorrow will be interesting in gauging the near-term policy bias, but no one''s expecting anything in terms of an actual increase or a definitive shift in their rhetoric," said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets in New York. "I think the market is expecting the tone to be more optimistic and on the margin more hawkish," Lyngen said. Treasuries are likely to gain support on Tuesday from demand for them for month-end rebalancing. (Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FL12K'|'2017-01-31T13:05:00.000+02:00'
'fd35d62b282fb2b2cf9154a59c0f4a2d5309d784'|'As Trump thunders, investors watch for rain'|' 21pm GMT As Trump thunders, investors watch for rain Traders work on the main trading floor of the New York Stock Exchange shortly after the opening bell of the trading session in New York January 15, 2016. REUTERS/Brendan McDermid By Ross Kerber - BOSTON BOSTON A dizzying stream of market-moving tweets and policy talk by President Donald Trump is finding a hopeful but anxious audience among professional investors looking to make stockpicking great again. After years of losing ground to index funds, portfolio managers and wealth advisers say Trump''s assertive moves, like singling out individual companies, may create a chance to set their investment strategies apart - even if they think some of Trump''s verbal assaults are just bluster. "If he’s going to create volatility, we''re going to take advantage of it," said Ross Gerber, president of California wealth management firm Gerber Kawasaki Inc. Professional stockpickers are under pressure to improve returns as investors increasingly turn to cheaper passive investments – redirecting tens of billions of dollars each month. Trump''s pledge to shake up regulations affecting sectors such as finance, autos and healthcare, as well as his promise to cut taxes, could create big corporate winners and losers. That could give active fund managers an opportunity, in theory, to showcase their skills. "This administration was elected with many people hoping for change, and that''s going to upset the apple cart with old losers coming back in favour," said Scott Schermerhorn, chief executive of Granite Investment Advisors in New Hampshire. So far, Schermerhorn has made few changes to his portfolios, like the Granite Value Fund ( GVFIX.O ). With Trump in office less than two weeks, he is waiting for clearer signs on what new policies will be introduced. Schermerhorn also said he has talked some clients out of bailing on stocks such as Boeing ( BA.N ) or drugmakers after Trump criticized them publicly on Twitter - tweets Schermerhorn said he read as simply negotiating positions. Gerber has already acted on Trump. After the then-president-elect slammed Lockheed Martin''s F-35 fighter jet programme as too expensive on Dec. 12, Gerber bought Lockheed shares. Trump said on Monday his administration was able to cut $600 million from its latest contract for the jet, but Gerber said the case for the stock remains its longer-term outlook. "Bullying companies ultimately won''t change the economics," he said. DISPERSION The turn to passive management reflects how many active managers have failed to produce the higher returns that would justify their more costly fees. In theory, if Trump produces winners and losers in corporate America, then active managers could be helped by a rise in "dispersion," a measure of the gap in returns among stocks. During December, dispersion in the S&P 500 index was 14 percent, the lowest in two years, according to S&P Dow Jones Indices. "The friend of active management is high dispersion, and transitions. We think we have both of those," said Collin Bell, a managing director at Goldman Sachs'' ( GS.N ) asset management division. But dispersion is a double-edged sword if fund managers wind up on the wrong side of a trade – a distinct possibility given Trump''s willingness to talk policy on social media and re-evaluate key foreign policy principles. His recent move to curb immigration has sent major U.S. stock indexes plummeting. "Trying to react to his tweets, for a long-term investor, I think is a very dangerous game to play," said John Linehan, portfolio manager of the $23 billion T. Rowe Price Equity Income Fund. ( PRFDX.O ) He said he spends more time following policy discussions, after years in which Washington''s actions did not affect particular stocks so much. Linehan cited the on-again, off-again talk of a "border adjustment tax" as the sort of issue to keep an eye on. A recent jump in volatility has been a boon for day traders, who have a short-term horizon. But Trump''s tweets are too sporadic for many of the quantitative strategists from hedge funds and banks, who track patterns and trends. Indeed, higher dispersion could provide a business opportunity for active stockpickers'' arch-rivals, the passive funds. To shield investors from stock gyrations, Michael LaBella, portfolio manager at Legg Mason Inc''s ( LM.N ) QS Investors unit, said it encourages investors to consider diversification products like its Low Volatility High Dividend ETF ( LVHD.O ) in case promised policy changes do not actually emerge. "Because there is so much policy uncertainty, you can''t differentiate what''s policy and what''s just bluster," he said. (Reporting by Ross Kerber; Editing by Dan Grebler)      '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-investors-idUKKBN15F2F2'|'2017-02-01T02:21:00.000+02:00'
'c3f1623dcf30ef1b86bce0381adf6fe1e68f0ffe'|'BRIEF-Roche said to consider options for diabetes unit including sale- Bloomberg'|'Company  33pm EST BRIEF-Roche said to consider options for diabetes unit including sale- Bloomberg Jan 31 (Reuters) - * Roche said to consider options for diabetes unit including sale- Bloomberg, citing sources * Alternatives being weighed also include a partial sale of Roche''s diabetes business or a spinoff; sale could fetch as much as $5 billion- Bloomberg, citing sources Source bloom.bg/2knSjG5 Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FL0VA'|'2017-02-01T03:33:00.000+02:00'
'727919a2e3ac20123be56dfc40a268c574422be0'|'Shell sells Thailand gas field stake to Kuwait''s Kufpec for $900 million'|'Business   5:57am GMT Shell sells Thailand gas field stake to Kuwait''s Kufpec for $900 million A passenger plane flies over a Shell logo at a petrol station in west London, in this January 29, 2015 file photo. REUTERS/Toby Melville/Files SINGAPORE Royal Dutch Shell ( RDSa.L ) said on Tuesday it will sell its stake in Thailand''s Bongkot gas field to Kuwait Foreign Petroleum Exploration Company for $900 million (719.5 million pounds). The transaction will include Shell''s 22.2 percent equity stake in the Bongkot field and adjoining acreage offshore Thailand consisting of Blocks 15, 16 and 17 and Block G12/48, Shell said in a statement. The deal is expected to be completed in the first quarter of 2017, Shell said. (Reporting by Florence Tan; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-thailand-gas-shell-idUKKBN15F0DG'|'2017-01-31T12:57:00.000+02:00'
'b4f020a6ef8a29b20da6b9a67bdc78d9cfdcb2f3'|'UPDATE 1-Kushner divests equity in major NYC property'|'(Adds more detail on divested stake)By Joy WiltermuthNEW YORK, Jan 31 (IFR) - Jared Kushner has divested his equity interest in 666 Fifth Avenue, a 39-story office and retail building on Manhattan''s famed shopping area, according to a spokesperson at Kushner Companies.Kushner said he would step down as CEO of Kushner Companies, a family owned real estate company, and begin to divest himself of substantial assets after he was made a senior White House advisor to US President Donald Trump, his father-in-law."Mr. Kushner divested his equity interest in 666 Fifth Avenue, and has no role in the management or operations of the property," a Kushner Companies spokesperson said in an emailed statement to IFR."Mr. Kushner''s ownership interests were sold using a third-party appraisal for fair market value to a family trust, of which he is not a beneficiary," the spokesperson said.Neither Ivanka Trump nor her and Kushner''s children are beneficiaries to the family trust, the spokesperson also confirmed.When asked by IFR, Kushner Companies declined to give any detail about the sale price of the equity stake and declined to discuss any aspect of the outstanding debt on the property.Kushner bought the property for US$1.8bn in 2007 - the highest price ever paid for a single office building sale in the United States at the time, according to Kroll Bond Rating Agency - but it was last valued well below that level.The last appraisal, completed in 2011 as part of a debt restructuring, valued the building at just US$820m. Kroll, which said the building was 20% vacant as of July 2016, valued the property at US$982.1m.Kushner and his partners in 666 Fifth took out US$1.2bn of senior debt to buy the property, which was later packaged and sold into three CMBS deals.It is not clear what the divestiture means for the debt on the property.The senior debt was restructured in 2011 and extended to February 2019. As part of the restructuring, Kushner brought in Vornado Realty as a partner.A call and email to Vornado was not immediately returned. (Reporting by Joy Wiltermuth; Editing by Natalie Harrison and Shankar Ramakrishnan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-cmbs-kushner-idINL1N1FL1HT'|'2017-01-31T17:02:00.000+02:00'
'73d1b07322b5c4512c789d2c731638f4c09523c1'|'Deutsche to pay $425 million to New York regulator over Russian ''mirror trades'''|'Business News - Mon Jan 30, 2017 - 6:23pm EST Deutsche to pay $425 million to New York regulator over Russian ''mirror trades'' A statue is pictured next to the logo of Germany''s Deutsche Bank in Frankfurt, Germany September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo By Karen Freifeld and Arno Schuetze - NEW YORK/FRANKFURT NEW YORK/FRANKFURT Deutsche Bank AG ( DBKGn.DE ) has agreed to pay $425 million to New York''s banking regulator over a "mirror trading" scheme that moved $10 billion out of Russia between 2011 and 2015, the regulator said on Monday. In addition, Britain''s Financial Conduct Authority is about to penalize the bank roughly $200 million for the suspicious trades, a person familiar with the matter said. The scheme involved clients buying stocks in Moscow in rubles and related parties selling the same stocks shortly thereafter through the bank''s London branch, the New York Department of Financial Services (DFS) said in a statement. The trade of a Russian blue chip stock, typically valued at between $2 million to $3 million an order, was cleared through the bank''s New York operations, with the sellers typically paid in U.S. dollars, the regulator found. The regulator, which licenses and supervises the New York branch, found the bank conducted its business in an unsafe and unsound manner in violation of state banking law. Though the trades appeared to have no legitimate economic purpose, Deutsche''s deficient anti-money laundering controls and know-your-customer policies did not detect and stop the scheme for years, DFS superintendent Maria Vullo said. Deutsche Bank said "it has been unable to identify the actual purpose behind this scheme," according to a consent order between the New York regulator and the bank. "It is obvious, though, that the scheme could have facilitated capital flight, tax evasion or other potentially illegal objectives." In addition to the penalty, Deutsche is required to retain an independent monitor to review the bank''s compliance programs. A spokesperson for the Financial Conduct Authority declined to comment. The source on the FCA''s expected penalty did not want to be identified because the terms were not public. The New York regulator said it worked closely on the investigation with the FCA. Reuters reported on Monday that Deutsche Bank was poised to settle with British and U.S. authorities over the trades. The U.S. Department of Justice, which also has been investigating the suspicious trades, is not party to the deal. A spokesman for the Justice Department declined to comment on the status of its probe. Deutsche Bank disclosed last September that it had taken disciplinary measures against certain employees as part of an investigation of the trades and would continue to do so. The bank also cut back on its investment banking activities in Russia last year. Monday''s consent order found Deutsche Bank''s Moscow traders facilitated the scheme. Deutsche Bank had set aside 1 billion euros ($1.1 billion) in provisions for the Russian case, people close to the matter have told Reuters. A resolution on the mirror trades comes on the heels of a $7.2 billion agreement with the Justice Department for misleading investors in selling mortgage-backed securities in the run-up to the financial crisis. The two probes lift much of the uncertainty swirling around the bank over its exposure to fines and enforcement. The bank is due to report fourth-quarter financial results on Thursday. (Reporting By Karen Freifeld; additional reporting by Kirstin Ridley in London and Kathrin Jones in Frankfurt; Editing by Bernard Orr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-mirrortrade-probe-idUSKBN15E2SP'|'2017-01-31T06:23:00.000+02:00'
'47fb36b130d0a6615f5d18dc5a109eb924d07dd0'|'Banks must plan for ''hard'' Brexit, industry report warns'|'Business News - Tue Jan 31, 2017 - 10:29am EST Banks must plan for ''hard'' Brexit, industry report warns A sign for Bank Street and high rise offices are pictured in the financial district Canary Wharf in London October 21, 2010. REUTERS/Luke MacGregor By Huw Jones and Anjuli Davies - LONDON LONDON Global banks must plan for a "hard" Brexit or risk breaching regulatory requirements and disrupting business, according to an industry report seen by Reuters, the first since Prime Minister May said she would take Britain out of the single market. Banks'' transformation programs are so complex and lengthy that in some cases they may need to devise two-step interim contingency plans in order to mitigate the risks of disruption, the report says. It was prepared by consultancy PwC for industry body the Association for Financial Markets in Europe (AFME). The process will require more clarity from regulators in EU countries where banks might seek a new base and need approval of any interim business models, the report says, noting the lack of visibility on future trading relations between Britain and the EU with negotiations yet to begin. "The report, ‘Planning for Brexit – Operational impacts on wholesale banking and capital markets in Europe’ aims to provide policymakers and other industry stakeholders, both in the EU27 and the U.K., with a fact-based analysis of how these challenges are likely to affect the financial services industry," a spokeswoman for AFME said in an emailed statement. The report analyzed information garnered from 15 banks of varying sizes and from different home regions on their Brexit planning measures and also looked at 8 case studies of banking transformation programs in the past that have taken longer than 2 years. The findings offer stark reading on what lies ahead for banks as they attempt to devise strategies to cope with any impending disruption to their business once Britain leaves the European Union, mapping out 25 key business activities that will be impacted from staffing to establishing new legal entities. Several major banks have already warned that they will each have to move thousands of jobs to another EU country in order to continue providing services to European clients once Britain leaves the bloc, after Prime Minister Theresa May said that Britain would leave the single market. Banks are already implementing "no regrets" contingency measures such as retaining legal entities, the report finds. In order to adapt to the post-Brexit landscape banks will need to set in motion a wide range of interacting transformation programs ranging from restructuring legal entities, gaining regulatory approvals, connecting to new market infrastructure and moving staff to new locations. Some banks'' contingency plans will be achievable within two years whilst others could take at least 4 years to implement, depending on their current European footprint. A transition period of 3 years would alleviate some of the pressures posed in implementing the necessary changes as well as support from regulators in Europe to speed up license approvals and to avoid any uncertainty that could lead to duplication costs and avoidable disruptions. (Reporting by Anjuli Davies; Editing by Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-britain-eu-banks-idUSKBN15F1XQ'|'2017-01-31T22:29:00.000+02:00'
'6faa193db8b0b1989f670c7daa6866c408b1d7e5'|'Brazil wood pulp producer Fibria posts quarterly loss'|'Company News  49pm EST Brazil wood pulp producer Fibria posts quarterly loss SAO PAULO Jan 30 Brazil''s Fibria Celulose SA , the world''s largest eucalyptus pulp producer, reported a fourth-quarter net loss of 92 million reais ($29 million) on Monday, compared to a net profit of 910 million reais a year earlier. Fibria said in a securities filing that earnings before interest, taxes, depreciation and amortization, excluding one-time non-cash effects, a gauge of operating profit known as adjusted EBITDA, fell 50 percent to 804 million reais. Without the adjustments, EBITDA fell 62 percent to 667 million reais. ($1 = 3.13 reais) (Reporting by Brad Haynes; editing by Diane Craft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fibria-results-idUSE6N1CB01K'|'2017-01-31T04:49:00.000+02:00'
'805f3e8a772bd62e85484445887ede959ba31e74'|'BUZZ-India''s ONGC hits more than 19-mth high; Venezuela firm pays part-dividend'|'** Shares of Oil and Natural Gas Corp rise as much as 4.93 pct to highest since June 2015** Stock top pct gainer on the NSE index** ONGC has received the first installment of $19 million from Venezuela''s state oil firm Petroleos de Venezuela towards recovering pending dividend, a senior company official said** Co to also arrange $320 mln loan to boost oil output from Venezuelan field** ONGC to report Dec-qtr results later in the day** Up to Monday''s close, stock had risen nearly 34 pct in the last 12 months'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/idINL4N1FL0P6'|'2017-01-31T01:16:00.000+02:00'
'eda740a75842b84ddeaabaefef40062f93760ac0'|'EU must seek other trade partners if U.S. adopts protectionism: Eurogroup president'|'Business News   3:00pm GMT EU must seek other trade partners if U.S. adopts protectionism: Eurogroup president Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem arrives at a euro zone finance ministers meeting in Brussels, Belgium December 5, 2016. REUTERS/Francois Lenoir AMSTERDAM The European Union will have to establish new global trading partnerships if its traditional economic and political ally the United States heads down a path of protectionism, Eurogroup President Jeroen Dijsselbloem said on Tuesday. "We don''t yet know if that is going to happen," Dijsselbloem told the RTL broadcaster. "Europe must not sit back and blindly wait for what happens in the United States, but move ahead itself, also in the area of trade." (Reporting By Anthony Deutsch; Editing by Janet Lawrence) Next In Business News London set for largest oil company listing since 2014 price crash LONDON Diversified Gas & Oil, a conventional gas producer in the United States, is set to list on London''s junior AIM market on Friday and raise $50 million, the biggest oil and gas flotation since oil prices started to fall in mid-2014.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-europe-trade-idUKKBN15F1UN'|'2017-01-31T22:00:00.000+02:00'
'd39b4793965ac458f3e153ee24619cac31d7a215'|'Oil prices down 5 percent in January as rising U.S. output offsets OPEC-led cuts'|'  1:27am GMT Oil prices down five percent in January as rising U.S. output offsets OPEC-led cuts left right A general view of a crude oil importing port in Qingdao, Shandong province, November 9, 2008. REUTERS/Stringer/File Photo 1/3 A gas station worker fuels a vehicle in Tokyo August 26, 2015. REUTERS/Toru Hanai 2/3 left right An employee rides his bike past barrels of petroleum products at a state-owned Pertamina fuel depot in Jakarta September 9, 2014. REUTERS/Darren Whiteside 3/3 By Henning Gloystein - SINGAPORE SINGAPORE Brent crude oil prices fell around 5 percent from their early January peak as rising U.S. drilling activity offset efforts by OPEC and other producers to cut output in an effort to prop up the market. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.25 per barrel at 0112 GMT, virtually unchanged from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.58 a barrel, down 5 cents from their previous settlement. However, Brent sagged over 5 percent since its peak in early January and WTI is down over 2.5 percent, reflecting a sentiment that efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to cut output by almost 1.8 barrel per day (bpd) in order to end overproduction were so far not big enough to offset rising U.S. drilling. "Crude oil prices continued to struggle as traders remained concerned about increasing drilling activity in the U.S.," ANZ bank said on Tuesday. Following months of rising drilling activity, U.S. oil production C-OUT-T-EIA has risen by 6.3 percent since July last year to almost 9 million bpd, according to data from the U.S. Energy Information Administration. U.S. bank Goldman Sachs estimates that year-on-year U.S. oil "production will rise by 290,000 bpd in 2017" if a backlog on rigs that are still to become operational is accounted for. (Reporting by Henning Gloystein; Editing by Michael Perry) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN15F04F'|'2017-01-31T08:23:00.000+02:00'
'f3466ab9b9ed11f3e37818d22dc86f2fcd4219da'|'AltaGas to buy WGL Holdings for about C$8.4 billion'|'Energy infrastructure company AltaGas Ltd ( ALA.TO ) said on Wednesday it would buy WGL Holdings Inc ( WGL.N ) in a deal valued at C$8.4 billion ($6.42 billion).WGL Holdings, the parent of natural-gas utility Washington Gas, provides natural gas services in Maryland, Virginia and the District of Columbia.The deal includes the assumption of about C$2.4 billion of debt.The company said the deal would add about 7-9 percent to earnings per common share.(Reporting by Komal Khettry in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-wgl-holdings-m-a-altagas-idINKBN1592ST'|'2017-01-25T19:09:00.000+02:00'
'0aef97f3f0a6d8fbc86169e46afc88742fb4f1bf'|'Untidy desk, untidy mind? Time to call in a professional declutterer - Guardian Small Business Network'|'R eceipts hidden in bags, a desk overspilling with stacks of dusty books, boxes full of random paperwork and an inbox with more than 1,000 unread emails. A busy entrepreneur knows better than most that clutter can quickly build up. Ronit Knoble’s home office was all over the place until she hired professional declutterer Juliet Landau-Pope last year.“There was paper everywhere, I was drowning in admin,” Knoble says. “I work from home and there was too much of everyone else’s admin around – I couldn’t see the wood for the trees. I needed someone to help me organise the films I was making.” Landau-Pope helped her categorise the paperwork in her office, get rid of clutter she doesn’t need (such as receipts), and make time every week for filing. The founder of Fantastic Films says her appointments with Landau-Pope are “almost like a therapy session”. She adds: “[Now] there’s a clear divide between my children, me, the house and my company. I often think, why did I used to keep all of this crap?”Did Marie Kondo''s Spark bring me Joy? Read more Knoble is part of a growing wave of small business owners enlisting the help of a professional declutterer. The president of the Association of Declutterers and Organisers (APDO), Ingrid Jansen, says the success of New York Times bestseller The Life-Changing Magic of Tidying Up , by Marie Kondo, has raised awareness of the sector as a whole. APDO’s membership numbers have almost doubled in the past three years to 200 coaches. “When I started six and a half years ago, people hadn’t really heard about decluttering [or they] thought you had to be a hoarder. I always said ‘please call me before it gets that bad,’” Jansen says. “Luckily that has changed over the years. People are starting to realise that a professional organiser is the same as a personal trainer or a dog walker. You don’t have time for everything and we’re here to help.”In the US, a 2015 work management study , cited by the National Association of Professional Organisers (which has 4,000 members), found that 52% of business professionals found missing information the most stressful factor of work. A third (34%) said they were unhappy with work management processes, and project information was commonly stored in one or more emails (59%) or in people’s personal notes (31%), where others cannot access them. Facebook Twitter Pinterest Professional declutterer Juliet Landau-Pope. Photograph: Henrietta Garden Landau-Pope has helped many entrepreneurs organise their work environments over her eight-year career and says her most challenging client ran a travel company from home, “with catalogues, invoices, letters and promotional materials all over her house. The challenge was not only to reduce the amount of paper clutter but also to devise practical and sustainable routines,” she says.“I see clutter as a habit and it’s a habit that can be shifted. It’s not about having a perfect space or being minimalist. It’s about doing the best you can within the space you have, and making the most of your work and your environment.”Getting rid of stacks of paperwork may sound ideal in theory, but entrepreneurs would be right in thinking there are some documents that should be kept. According to advice by the Information Commissioner’s Office, compiled by information security company Shred-it (pdf), company documents should be kept for three years from the creation date for a private company, payroll and wage records for six years from the end of the financial year, and self-assessment returns until the fifth anniversary of the assessment year.Of course, such documents do not have to be kept in paper form. Daniel van Binsbergen, founder of Lexoo , a platform connecting SMEs to 280 lawyers around the world, says: “When we started the business and were thinking of [adopting] a digital-first approach, we looked at whether that was legally possible. It turns out, there aren’t really any paper documents that you need.“Under UK law, you can even agree a contract verbally – it’s just that you then need evidence that it happened. That’s why people contract on paper. But you don’t need a wet ink signature to prove something has been agreed.”To encourage more businesses to go paper free, Lexoo has just released an e-signature solution whereby clients that hire lawyers in their network will sign the contract electronically. Being able to work anywhere is a philosophy that Peter Czapp, co-founder of accounting firm, The Wow Company also adheres to. The company was the first accountants in the UK to accept and promote e-signatures on accounts – a move they had to lobby the Institute of Chartered Accountants in England and Wales to get approval for.“We’ve been going 13 years and we’ve been paperless [in the office] from day one,” Czapp says. “In the early days, we’d have to print off sets of accounts for a signature, someone would stick a bit of pen on it and then we’d scan it in and shred it. It would break my heart every time we did that. It was a waste of bloody time.”As the profession’s reputation grows, Jansen hopes that more businesses will discover the benefits of hiring a decluttering coach. “In Holland, where I’m from, a lot of companies work with declutterers. There’s a lot more to it than ‘oh let’s just tidy a cupboard’. “I’m not saying that people should always have a completely empty desk with nothing on it. [But] a lot of time is lost by stacks of paper, things not being shredded, processes not in place, people not finishing things and thinking they’ll do it another time. I’m definitely a firm believer that if you’ve got a really messy desk, it’s hard to concentrate because you’ve got so many other things to distract you.”How to declutter your workspace: Take time to notice how your physical environment is impacting your mood and productivity. Identify the greatest contributor of paper around the office and find a solution to digitalise that first. Invest in a scanner and a good shredder. Set positive goals, that revolve around creating order, clarity and simplicity. Focus on progress, rather than perfection. Introduce a system that is easy to follow, for your physical and digital clutter. Consider getting professional help – there are people who can save you a lot of time. Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jan/26/untidy-desk-professional-declutterer-business'|'2017-01-26T14:15:00.000+02:00'
'145f15bf9a0f1c6fc35f227cf618d86e2a5eca28'|'HSH Nordbank nears sale of debt portfolio, Macquarie tipped to buy - sources'|'Private Equity   8:45am EST HSH Nordbank nears sale of debt portfolio, Macquarie tipped to buy - sources By Andreas Kröner , Jonathan Saul and Alexander Hübner - LONDON/FRANKFURT LONDON/FRANKFURT Jan 26 State-owned German lender HSH Nordbank is close to concluding the sale of parts of its 3.2 billion euro ($3.4 billion) loan portfolio and Australia''s Macquarie Group is expected to be among the buyers, sources familiar with the matter said. HSH and Macquarie declined to comment. HSH''s owners - the German states of Schleswig-Holstein and Hamburg jointly hold 85 percent - have to privatise the bank under European state-aid rules by the end of February 2018 and have been trying to offload parts of its business. Four finance sources said HSH were close to selling 800 million euros in aviation loans to Macquarie with another buyer set to pick up real estate loans. "This is an important milestone for HSH," one source said. The total aviation portfolio on sale was close to 1 billion euros, 750 million of it non-performing and the remainder performing debt, two sources said. The two sources said there were also 2 billion euros of real estate loans on sale - mostly non-performing - and assets in Britain including near London''s financial district as well as in Germany and other parts of Europe. Another source said HSH was expected to conclude the sale of of around 1.6 billion euros of energy and real estate assets of the overall 3.2 billion euros by mid year. However, due to low offers HSH has dropped efforts to sell 500 million euros of shipping loans in this sales process, the sources said. Many segments of the global shipping sector are struggling with their worst ever market conditions, caused by a glut of ships and slowing global trade, which have battered earnings and led to the collapse of companies including South Korean container line Hanjin last August. "The appetite was low for this segment of the book and shows how toxic the debt on sale was. Shipping is in a distressed state at the moment," another source said. In October, sources told Reuters 20 bidders were in talks for the portfolio which included Deutsche Bank, Credit Suisse and Citigroup C.N, together with asset managers Apollo Global Management, KKR and Oaktree Capital Group. German lenders - among the biggest backers of shipowners over the past 20 years - are estimated to be behind up to a quarter of the world''s $400 billion of outstanding shipping loans and are struggling with an estimated tens of billions of dollars in troubled loans. Earlier this week HSH launched the planned sale of the overall bank. Two sources said fellow state-backed regional bank NordLB was planning to make an indicative offer and to take a look at HSH''s books. ($1 = 0.9331 euros) (Editing by Ruth Pitchford) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hsh-nordbank-sale-portfolio-idUSL5N1FG4AP'|'2017-01-26T20:45:00.000+02:00'
'e83a057aa220956129a884c06a20335e11e6eba9'|'Daily Mail owner cuts outlook for Information unit'|'Business News - Thu Jan 26, 2017 - 8:27am GMT Daily Mail owner cuts outlook for Information unit LONDON The owner of the Daily Mail newspaper cut the revenue outlook for its Information division on Thursday, saying the unit had been hit by a slowdown in the British property market. Shares in Daily Mail and General Trust ( DMGOa.L ) fell 7 percent after it reduced its revenue forecast for the Information unit to mid-single digit growth, from a previous forecast of high-single digit growth. Daily Mail said its overall profit outlook for the year was unchanged and that it was otherwise trading in line with its expectations. First quarter revenue came in at 520 million pounds ($657 million), in line with last year on an underlying basis. The group also said that it had reduced its stake in Euromoney ( ERM.L ), a separate business information company, from around 67 percent to around 49 percent. Euromoney added that it was trading was in-line with the board''s expectations, though underlying revenues fell by 5 percent. (Reporting by Alistair Smout; editing by Kate Holton) Next In Business News BT Group faces U.S. lawsuits as Italian accounting scandal deepens NEW YORK BT Group Plc was hit on Wednesday with at least two shareholder lawsuits in the United States, after one-fifth of the telecommunications company''s market value was wiped out in a single day amid a growing accounting scandal in Italy. "Show me the money": divorce first, then trade deal, EU tells UK BRUSSELS Since Prime Minister Theresa May set out her Brexit goals last week, interest in Britain has focused on the future trade deals she may one day strike with the United States and other powers, as well as with the European Union. ZURICH U.S. healthcare giant Johnson & Johnson will acquire Swiss biotech company Actelion in a $30 billion (23.8 billion pounds) all-cash deal that includes spinning off Actelion''s research and development pipeline, the companies said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-dailymail-results-idUKKBN15A0TG'|'2017-01-26T15:27:00.000+02:00'
'80badddff495cdc372423f7be139ef9228ca6d52'|'BRIEF-Para announces it has entered into a memorandum of understanding with the Miscon Group'|'Market  35am EST BRIEF-Para announces it has entered into a memorandum of understanding with the Miscon Group Jan 26 Para Resources Inc * Para announces it has entered into a memorandum of understanding with the Miscon Group to earn up to 75% of the finaris mine and Lomas de Casma processing plant in Peru * Says Para may earn an additional 25% interest in assets upon achievement of mutually agreed production goals * Para Resources-If Para earns 75% interest in assets, Miscon will have option to sell remaining 25% ownership in assets to Para   Market News UK''s Article 50 Brexit bill to be published at 1230 GMT - PM''s spokesman LONDON, Jan 26 The British government''s bill seeking authorisation from parliament to start the formal Brexit process by triggering Article 50 of the European Union''s Lisbon Treaty will be published at 1230 GMT on Thursday, Prime Minister Theresa May''s spokesman said.'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/idUSASB0AWVI'|'2017-01-26T18:35:00.000+02:00'
'792fd989bb7cf9f412ec3a73244a38f41ad9212e'|'MOVES-Wells Fargo appoints new Asia Pacific head'|'Market News - Wed Jan 25, 2017 - 7:55pm EST MOVES-Wells Fargo appoints new Asia Pacific head Jan 25 Wells Fargo & Co appointed Jafar Amin as new regional president for the Asia Pacific Region. Amin will be succeeding Jim Johnston who served as interim regional president, the company said in a statement. Amin was also appointed head of the bank''s Global Financial Institutions (GFI) which manages the company''s relations with regional financial institutions after former GFI head Jim Ho was named head of the company''s Greater China Business Development and Advisory team. (Reporting by Kanishka Singh in Bengaluru; Editing by Sandra Maler) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/wells-fargo-moves-asia-idUSL4N1FG072'|'2017-01-26T07:55:00.000+02:00'
'f04f44ccf7da2d2208ed53ac32197418b449b73b'|'Greek privatisation revenues hinge on swift bailout review -official'|'Business News   5:31pm EST Greek privatization revenues hinge on swift bailout review: official A Greek flag flutters in the wind as tourists visit the archaeological site of the Acropolis hill in Athens, Greece July 26, 2015. REUTERS/Ronen Zvulun/File Photo ATHENS Greece''s privatization revenue targets hinge on the swift conclusion of a crucial review of the country''s bailout progress, a senior official at Greece''s privatization fund said on Saturday. Talks between Athens and its official creditors on labor and energy reforms and on fiscal issues have dragged on for months, hindering the conclusion of a key bailout review that would help Greece return to bond markets as early as this year. Privatizations are a key term of its international bailout, the third since the debt crisis broke out. Greece must raise 5.3 billion euros from state asset sales by 2018, when its current bailout program ends. "It''s obvious that any delays in the review will also impact the fund''s revenue collection. Therefore, we may see possible revenues being rolled over to the coming years," privatization agency adviser Lila Tsitsogiannopoulou told Ta Nea newspaper. "Once the review is concluded, the whole sentiment for Greece will change," she said. Under its privatization program, Greece has agreed to sell stakes in state controlled Public Power Corporation (PPC) ( DEHr.AT ), in oil refiner Hellenic Petroleum ( HEPr.AT ), and gas distributor DEPA. Tsitsogiannopoulou said advisers for those privatization projects would be hired in February. "We will proceed step by step, solving competition issues first," she said. (By Lefteris Papadimas, editing by David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-eurozone-greece-privatisation-idUSKBN15C0V9'|'2017-01-29T04:03:00.000+02:00'
'd8ba644917a4d4741637d26f1b363ad3597d230e'|'BRIEF-Castellum signs 10-year contract for logistics premises in Gothenburg'|' 12am EST BRIEF-Castellum signs 10-year contract for logistics premises in Gothenburg Jan 31 Castellum AB : * Signs 10-year leasing contract for 28,000 square meters of logistics premises in Gothenburg with Speed Group     (Gdynia Newsroom) Next In Financials * Maintaining positive momentum across all divisions and trading is in line with management expectations MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FK0X5'|'2017-01-31T14:12:00.000+02:00'
'1a52fe0d22ee6b75d1ed54c313619a547dcd1f21'|'BRIEF-Nordnet Q4 net profit in line with forecast'|' 11am EST BRIEF-Nordnet Q4 net profit in line with forecast Jan 31 Nordnet AB * Q4 operating income decreased by 3 percent to SEK 314.0 million vs year-ago 322.4 million * Q4 operating profit decreased by 5 percent to SEK 107.7 million vs year-ago 113.2 million * Profit after tax for the period was unchanged and amounted to SEK 87.4 million vs year-ago 87.5 million * Says board of directors proposes a dividend of SEK 1.00 per share vs year-ago SEK 1.30 * Reuters poll: Q4 net profit was seen at SEK 87 million, dividend at SEK 1.18 per share     Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FL02J'|'2017-01-31T14:11:00.000+02:00'
'89a6a513cf162d57095daf89d1cfc2db561afaa2'|'BRIEF-Redefine International completes 29 mln stg Manchester office disposal'|' 17am EST BRIEF-Redefine International completes 29 mln stg Manchester office disposal Jan 31 Redefine International: * Redefine International completes 29 mln stg Manchester office disposal     (Bengaluru Newsroom: +91 806 749 1136) Next In Financials * Signs 10-year leasing contract for 28,000 square meters of logistics premises in Gothenburg with Speed Group     (Gdynia Newsroom) MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FK0WV'|'2017-01-31T14:17:00.000+02:00'
'7b4636f1df1a38c5d7ef803c10f7d5912d38bbf3'|'Slovak central bank maintains countercyclical buffer for banks at 0.5 pct'|'Financials   8:41am EST Slovak central bank maintains countercyclical buffer for banks at 0.5 pct BRATISLAVA Jan 31 The Slovak central bank decided on Tuesday to maintain a countercyclical capital buffer for banks at a rate of 0.5 percent. Banks must meet the additional buffer starting from August this year after the central bank opted last year to become the first among the euro zone to put the charge in place to tame lending. The bank''s quarterly decisions come in to effect after a year period, meaning Tuesday''s decision is effective from February 2018. (Reporting by Tatiana Jancarikova; Editing by Jason Hovet) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/slovakia-banks-idUSP7N1AK023'|'2017-01-31T20:41:00.000+02:00'
'aadb2ee6db27432181ea52f09c623fb991774970'|'CORRECTED: EXPERT VIEWS - GDP seen growing 6.75 to 7.5 percent in 2017/18 - report'|'(Corrects GDP growth projection to 7.5 pct from 7.75 pct in headline and first graf)BENGALURU India''s economy should grow between 6.75 percent and 7.5 percent in the financial year beginning on April 1, a government report forecast on Tuesday.The projection comes a day before the government is due to unveil its budget for the 2017/18 year.COMMENTSVARUN KHANDELWAL, MANAGING DIRECTOR, BULLERO CAPITAL, DELHI"Broadly, the economic survey seems to be quite sensible. Assumptions on GDP and inflation are reasonable. On GDP my estimates are about 25 basis points lower. Fiscal deficit will be a moving target due to uncertainty coming in from GST in the next fiscal year."Monetary policy will be biased towards moderate easing. I expect cumulative cuts of 25 to 50 basis points this calendar year. Low inflation expectations, recent pass-through of interest rates by banks and a demonetisation driven slowdown - all these factors allow room for rate cuts by the RBI."SAMRAT DASGUPTA, CEO, ESQUIRE CAPITAL INVESTMENT ADVISORS, MUMBAI"There is a lot of uncertainty regarding GST and demonetization, and they have highlighted the risks to growth because of global trade tensions and GST collection. So its a balanced survey - it''s not very optimistic nor very pessimistic."There may be a 25 bps cut (in the upcoming monetary policy review), but it will also depend on what the U.S. does."(Reporting by Samantha Kareen Nair and Darshana Sankaraman; Compiled by Rafael Nam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/india-budget-survey-instant-view-idINKBN15F0MZ'|'2017-01-31T04:55:00.000+02:00'
'311f6e5584dbb8cf3ab388d3bd1eb625294cac8c'|'Exclusive - ECB is happy with UniCredit plan, has made no new request: source'|'Business News   2:59pm GMT Exclusive - ECB is happy with UniCredit plan, has made no new request: source left right Unicredit bank logo is seen on a sign in Milan, Italy, May 23, 2016. REUTERS/Stefano Rellandini/File Photo 1/2 left right Unicredit bank CEO Jean Pierre Mustier poses during the shareholders meeting in Rome, Italy, January 12, 2017. REUTERS/Remo Casilli 2/2 MILAN UniCredit''s ( CRDI.MI ) chief executive told investors on Tuesday the European Central Bank is satisfied with a turnaround plan announced by the bank in December and has made no additional requests, according to a source who attended the meeting. In a preliminary document for an upcoming 13 billion-euro ($14.01 billion) rights issue, the bank said on Monday the ECB had asked it to present a plan to reduce its bad loans by Feb. 28, fuelling concerns among some investors that the regulator could demand extra measures. CEO Jean-Pierre Mustier told a meeting with Italian and foreign investors in Milan that the ECB was "very happy" with the plan already presented by the bank, which includes the sale of 17.7 billion euros of bad loans, according to the source. "There has been no new request from the ECB," the source quoted Mustier as saying. (Reporting by Silvia Aloisi and Paola Arosio; editing by Agnieszka Flak) Next In Business News London set for largest oil company listing since 2014 price crash LONDON Diversified Gas & Oil, a conventional gas producer in the United States, is set to list on London''s junior AIM market on Friday and raise $50 million, the biggest oil and gas flotation since oil prices started to fall in mid-2014.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-unicredit-exclus-idUKKBN15F1UK'|'2017-01-31T21:59:00.000+02:00'
'ece174cff8efebc00312ad884754597888602811'|'LPC-Banks pitch US$900m Albea refi and divi as sale process cools'|'Private Equity  33am EST LPC-Banks pitch US$900m Albea refi and divi as sale process cools By Arno Schuetze and Claire Ruckin - LONDON LONDON Jan 31 Banks are pitching a refinancing and dividend recapitalisation of around US$900m-equivalent for private equity owned French packaging group Albea as a potential sale seems increasingly unlikely, banking sources said on Tuesday. Private equity group Sun Capital put Albea up for sale last year with the help of investment bank Lazard and first-round bids were due in November. Bankers are now pitching alternatives to a sale after Sun Capital struggled to agree a price with front running bidder British packaging group RPC, the sources said. Several sources added the sale process has been called off altogether. Around eight to ten US and European banks are set to be mandated on a refinancing shortly after a request for proposal was sent to up to 15 banks. A financing could also enable Sun Capital to realise some of its investment through a dividend payment, the sources said. Banks are looking at providing up to US$940m-equivalent of debt financing, equating to around 5.4 times Albea''s approximate US$174m Ebitda. Net leverage would total around 4.6-4.7 times, accounting for around a turn of leverage to be cash on balance sheet, the sources said. Debt would be in the form of a cross-border, syndicated leveraged financing, tapping both the dollar and euro markets, the sources said. "This will be like a fresh deal for the syndicated leveraged loan market. Loans would be preferable as they dont come with restrictive non-call periods, which would be useful for the company if they still want to sell at some point," one of the sources said. Lazard and Sun Capital declined to comment. Albea was not immediately available to comment. Albea attempted to issue a US$150m PIK toggle in November 2013 in order to take a dividend, but failed, according to IFR. Albea has outstanding 2019 bonds, having raised a 245m, 8.75% senior secured bond and a US$385m, 8.375% senior secured bond, in October 2012. (Editing by Christopher Mangham) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/albea-loans-idUSL5N1FL5PR'|'2017-01-31T22:33:00.000+02:00'
'4a8ca13f9126bfcbd047c3ae50597a3f19f13b01'|'South Africa''s rand steady, stocks set to open lower'|' 50am EST South Africa''s rand steady, stocks set to open lower JOHANNESBURG Jan 31 South Africa''s rand held steady against the dollar early on Tuesday as data showed credit demand growth quickened more than expected in December, signalling a modest recovery in the economy of Africa''s most industrialised state. * At 0645 GMT, the rand traded at 13.4950 per dollar, barely changed from its New York close of 13.4900 on Monday. * Growth in credit demand by South Africa''s private sector rose to 5.11 percent year-on-year in December from 4.6 percent in November, the central bank said. The market had expected credit demand to largely remain steady, according to a Reuters poll. * Stocks were set to open lower at 0700 GMT, with the JSE securities exchange''s Top-40 futures index down 0.52 percent. * In fixed income, the yield for the benchmark government bond due in 2026 dipped 5 basis points to 8.89 percent. (Reporting by Olivia Kumwenda-Mtambo; Editing by Biju Dwarakanath) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/safrica-markets-idUSL5N1FL0V7'|'2017-01-31T13:50:00.000+02:00'
'39b83d2b7537339ab2d09a27de91841772ef431f'|'European shares set for 3rd month of gains, Ocado soars'|'Market News - Tue Jan 31, 2017 - 7:08am EST European shares set for 3rd month of gains, Ocado soars (Adds detail on earnings and economic data, updates prices) * STOXX Europe 600 index flat by midday * Ocado, Alfa Laval among top gainers * UPM-Kymmene, Seadrill slump after updates By Atul Prakash LONDON, Jan 31 European shares headed for their third straight month of gains on Tuesday, underpinned by a rally in British online supermarket Ocado and Swedish engineer Alfa Laval after encouraging earnings updates. The pan-European STOXX 600 index was trading flat by 1150 GMT, after falling more than 1 percent on Monday. It has gained around 0.5 percent so far in January after rising in the previous two months. Ocado shares were more than 9 percent higher, the top gainer on the index, after reporting a 3.3 percent rise in full-year core earnings and saying that it was well positioned for growth. IHS Markit said on Monday that Ocado was the most shorted European company with earnings this week. "These strong top-line numbers will make rival grocers and German discounters green with envy, especially when pre-exceptional profits before tax grew strongly, implying significant margin expansion," said Mike van Dulken, head of research at Accendo Markets. Alfa Laval, which has been under pressure from low demand in the oil, gas and marine sectors, advanced 7.4 percent to an 18-month high after posting a fourth-quarter order intake and core profit ahead of analyst forecasts. According to Thomson Reuters data, the fourth-quarter results season is looking promising overall, with earnings of companies in the STOXX Europe 600 collectively seen rising by more than 11 percent from a year ago, following a recovery in economic growth and a pick-up in inflation. Other company updates disappointed, however. UPM-Kymmene was down 9.7 percent, the biggest faller in the STOXX 600 and on track for its biggest one-day fall since June last year, after the Finnish pulp and paper maker gave a cautious outlook for this year. Fragrance and flavour maker Givaudan fell around 4 percent after posting weaker-than-expected net profit in 2016 and proposing a dividend below expectations, amid slowing demand in emerging markets. Rig firm Seadrill slumped 15 percent and headed for its biggest daily fall since early 2016 after saying that talks to restructure its $8 billion debt had taken longer than expected. Once the top offshore driller by market capitalisation, Seadrill''s market value has plunged more than 90 percent in the past three years, hit by a halving of crude prices since mid-2014 that has cut demand from oil firms. By sector, European healthcare was down 0.5 percent after U.S. company Pfizer, which closed its $14 billion acquisition of Medivation Inc in September, reported a 3 percent fall in quarterly revenue. (Reporting by Atul Prakash; Editing by Dominic Evans and John Stonestreet) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1FL3O6'|'2017-01-31T19:08:00.000+02:00'
'dd7010de138a3b6a1c9949509a6921b0f03a4039'|'Thoma Bravo explores sale of Global Health Exchange-sources'|'By Liana B. Baker and Carl O''Donnell Buyout firm Thoma Bravo LLC is exploring a sale of Global Health Exchange (GHX), a software company that helps track medical and surgical supplies that could be worth as much as $1.3 billion, including debt, according to people familiar with the matter.Thoma Bravo has hired investment bank Goldman Sachs Group Inc ( GS.N ) to run an auction for GHX, the sources said this week, asking not to be identified because the matter is confidential.GHX generates 12-month earnings before interest, tax, depreciation and amortization of about $100 million, the people said.Thoma Bravo, GHX and Goldman Sachs declined comment.Based in Louisville, Colorado, GHX offers a mix of technology and consulting services to help healthcare companies hold down costs and improve the efficiency of their supply chains.Its most prominent service is a cloud-based electronic trading exchange that hosts transactions between more than 5,000 healthcare providers and nearly 1,000 suppliers in North American and Europe.Thoma Bravo acquired GHX in 2014 for an undisclosed sum from a consortium of 20 owners that included hospitals, group purchasers and medical suppliers.Healthcare technology was one of the liveliest areas of dealmaking in 2016, largely because healthcare IT companies benefited from efforts by healthcare providers to hold down costs and improve efficiency, a push partly prompted by the Affordable Care Act.In the largest healthcare IT deal last year, McKesson Corp ( MCK.N ), a healthcare distributor, sold of most of its healthcare technology unit to ChangeHealth, a health IT firm owned by Blackstone that will become an independent, publicly traded company this year.(Reporting by Liana B. Baker in San Francisco and Carl O''Donnell in New York)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-globalhealthexchange-m-a-idINKBN15F1WX'|'2017-01-31T12:17:00.000+02:00'
'2f62514742600d6757155a730b49808eb6c448c8'|'Fitch: Thai Banks'' Buffers Can Withstand Weak Environment'|'Financials  04pm EST Fitch: Thai Banks'' Buffers Can Withstand Weak Environment (The following statement was released by the rating agency) BANGKOK/SINGAPORE, January 30 (Fitch) Fitch Ratings expects a further deterioration in Thai banks'' performance in 2017, after the full-year results for 2016 showed a rise in impaired loans and a slight decline in profitability. These trends are consistent with our negative outlook on the sector. However, capital and loan-loss buffers continue to rise, and are healthy enough to absorb pressures from the weak operating environment. Full-year 2016 results have been released by 11 listed Thai banks that account for around 85% of total loans. They showed an increase in the average impaired-loan ratio to 3.5% from 3.2%. ''Special mention'' loans were also up. Fitch expects loan impairment to continue to rise. The rapid increase in leverage across the economy, particularly in the household sector, has raised asset-quality risks. Household debt, for example, was equivalent to 81% of GDP at end-1H16, up from 60% at end-2010. The banks are also likely to continue to face an unsupportive operating environment, with GDP growth forecast to slow from 3.2% to 3.0%. The banks have responded to rising asset-quality risks by tightening underwriting standards, which, along with weak loan demand from the corporate sector, has weighed on lending. The 2016 results showed loan growth fell to 3.9%, from 5.8%. We believe this growth bottomed out last year, but it is likely to remain slow in 2017 by the standards of the last five years. Thai banks'' profits are likely to remain under pressure from asset-quality issues and slow fee-income growth - which is likely to be hit by the government''s e-payments initiative. That said, profits have been relatively stable, considering the difficult environment. Banks'' return on equity fell only slightly, to 11.9% from 12.6%. Profits were supported by a rise in net interest income, reflecting reduced reliance on high-cost time deposits and lower competition for deposits amid ample system liquidity and slow loan growth. The banks have adequate buffers to withstand negative sector trends. Loan-loss coverage of listed banks had increased to 136% by end-2016 from 131%. The industry''s standalone Common Equity Tier 1 (CET1) ratio was 14.7% in November 2016, up from 13.9% at end-2015 - based on Bank of Thailand''s data for the entire sector. Fitch expects banks'' average loan loss and CET1 ratios to continue to rise, although less rapidly than in recent years. We have kept the rating outlook of most individual Thai banks at stable, despite the negative sector outlook. Contact: Jackerin Jeeradit Associate Director Financial Institutions Fitch Ratings (Thailand) Limited Park Ventures, Level 17 57 Wireless Road Lumpini, Patumwan Bangkok +66 2108 0163 Parson Singha Senior Director Financial Institutions +66 2108 0151 Dan Martin Senior Analyst Fitch Wire +65 6796 7232 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article can be accessed at www.fitchratings.com. All opinions expressed are those of Fitch Ratings. Related Research 2017 Outlook: Thai Banks here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials UPDATE 1-BOJ set to hold fire, seek to dispel tapering fears TOKYO, Jan 31 The Bank of Japan is set to maintain its massive monetary stimulus on Tuesday and reassure markets any reversal of its ultra-loose policies is some time off, as recent global bond yield gains test its policy of controlling the yield curve.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987957'|'2017-01-31T09:04:00.000+02:00'
'749a5d4402849ec62d0f31439ca72e89bbf7b5cc'|'Trump to meet pharmaceutical representatives at White House on Tuesday'|'Politics  20pm EST Trump to meet pharmaceutical representatives at White House on Tuesday WASHINGTON U.S. President Donald Trump, who has criticized the high prices of prescription drugs, will meet with representatives of the pharmaceutical industry on Tuesday at the White House, the White House said in a statement. The meeting had not been previously announced. It was disclosed on Trump''s daily schedule, which did not provide the names of the people he would meet. Trump said on Jan. 11, while president-elect, that pharmaceutical companies were "getting away with murder" on what they charged the government for medicine and that he would do something about it. (Reporting by Eric Beech; Editing by Peter Cooney) Next In Politics U.S. Senate advances nomination of Tillerson as Secretary of State WASHINGTON The U.S. Senate advanced the nomination of former Exxon Mobil Corp Chief Executive Rex Tillerson on Monday to be President Donald Trump''s secretary of state, moving closer to filling a key seat on the Republican''s national security team despite partisan rancor over Trump''s immigration order.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-trump-pharmaceuticals-idUSKBN15F05Y'|'2017-01-31T09:04:00.000+02:00'
'6ea43539006a56cdade7af8feef1a78ec8be1507'|'CORRECTED-Indian shares fall for 2nd day; econ survey, budget in focus'|' 24am EST CORRECTED-Indian shares fall for 2nd day; econ survey, budget in focus (Corrects to say "more than" six-month high, from "near" six-month high in 10th paragraph) * NSE index down 0.50 pct, BSE 0.38 pct lower * Idea Cellular hits near 6-mth high * IT stocks among top losers By Darshana Sankararaman Jan 31 Indian shares fell for a second consecutive session on Tuesday on caution ahead of an annual economic survey and the federal budget, while risk sentiment was hit as Asian shares fell on worries over U.S. President Donald Trump''s immigration policy. The finance ministry''s chief economic adviser, Arvind Subramanian, will later in the day unveil the economic survey, which will contain assumptions underpinning the annual budget - and float new policy ideas. India''s government is then due to present its 2017/18 budget on Wednesday, less than three months after Prime Minister Narendra Modi''s bold and risky gamble to outlaw high-value old currency notes. "There is a little bit of anxiety now regarding what the economic survey will say and what the budget holds. So, the market is playing it safe," said V.K. Vijayakumar, chief market strategist at Geojit BNP Paribas Financial Services. The broader NSE index was down 0.50 percent at 8,589.30 by 0550 GMT, while the benchmark BSE index was 0.38 percent lower at 27,744.40. Asian shares slipped on Tuesday as stringent curbs on travel to the U.S. ordered by Trump brought home to investors that he is serious about putting his controversial campaign pledges into action. In particular, India''s IT sector has been hit by worries about tighter U.S. visa rules. The Nifty IT index fell as much as 2 percent and was the biggest drag on the NSE index. Software exporters Infosys Ltd and Tata Consultancy Services Ltd lost as much as 1.84 percent and 2.48 percent, respectively. Idea Cellular Ltd gained as much as 14.3 percent to a more than six-month high after Vodafone Group said on Monday it was in talks to merge its Indian unit with Idea. Oil and Natural Gas Corp rose as much as 4.93 pct to its highest since June 2015 after the company received a first instalment from Venezuela towards recovering pending dividend. (Reporting By Darshana Sankararaman in Bengaluru; Editing by Biju Dwarakanath) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-stocks-idUSL4N1FL0WF'|'2017-01-31T13:24:00.000+02:00'
'4717c2aa08ac60e891b0c6737459eb2edb87e1f8'|'UPDATE 1-British lender CYBG says Q1 trading in line with expectations'|'Financials   6:10pm EST UPDATE 1-British lender CYBG says Q1 trading in line with expectations (Adds details) Jan 30 British lender CYBG Plc, home of Clydesdale Bank and Yorkshire Bank, said on Monday its first-quarter net interest margin was unchanged from a year earlier, in line with its expectations, as asset yields came under pressure. The lender said net interest margin in the three months ended Dec. 31 was flat at 222 basis points, and that its trading in the period was in line with its expectations. "As expected, asset yields came under pressure from the start of the period following the August 2016 base rate reduction, along with increased competition in retail lending markets," CYBG said. "We saw the benefits of deposit repricing begin to offset these pressures towards the end of the period, alongside other measures to reduce funding costs, including a modest drawdown on the Bank of England Term Funding Scheme in December." The challenger bank said its overall deposit balances was 27.3 billion pounds ($34 billion) as at Dec. 31, up 4.7 percent on an annualised basis compared with Sept. 30, driven by both business and personal accounts. CYBG, which was spun off from National Australia Bank , said its mortgage book was 22.1 billion pounds as at Dec. 31, a growth of 4.4 percent on an annualised basis. The lender''s common equity tier one capital ratio - a key measure of financial strength - increased to 12.8 percent as at Dec. 31 from 12.6 percent as at Sept. 30. The company said 574 million pounds ($716 million) worth of its lending was to small and medium-sized businesses in the first quarter. CYBG, which is targeting more than 100 million pounds of sustainable cost reductions by 2019, said it was on track to record underlying costs of 690 million to 700 million pounds this fiscal year. The company also maintained its other forecasts for fiscal 2017, including that net interest margin would be broadly flat with the year earlier. ($1 = 0.8016 pounds) (Reporting by Rushil Dutta and Noor Zainab Hussain in Bengaluru; Editing by Savio D''Souza) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/cybg-results-idUSL4N1FK30U'|'2017-01-31T06:10:00.000+02:00'
'5ce6c4f64a7acda96115aa0c1c0603a5ddbcc35e'|'RPT-INSIGHT-Elliott turns up CEO pressure blending activism with buyouts'|'Industrials - Tue Jan 31, 2017 - 7:00am EST RPT-INSIGHT-Elliott turns up CEO pressure blending activism with buyouts (Repeats for wider distribution) By Michael Flaherty and Liana B. Baker NEW YORK/SAN FRANCISCO Jan 31 Eight days after Elliott Management disclosed a 7.6 percent stake in LifeLock Inc , managers of the more than $30 billion hedge fund met with executives at the consumer protection company. Activist investors such as Elliott usually use these initial meetings to lay out a broad plan on how to boost the stock price. But when LifeLock''s managers sat down with Elliott last June, the leader of its new private equity team revealed that Elliott was interested in buying the entire company, according to a December securities filing. Just like that, the auction for LifeLock began. In the end, the winning bid came from Symantec Corp , which also counts Elliott among its major shareholders. LifeLock''s $2.3 billion sale agreement in November handed Elliott an 80 percent return on its five-month investment. The deal shows how the hedge fund is rewriting the activist investor playbook, ramping up its ability to act both as an engaged shareholder and a potential buyer of the whole company. Over the past few decades, activists have primarily focused on buying minority stakes and pushing for changes, which include leadership changes, cash allocation and exploring the sale of the company. Elliott''s private equity push promises greater rewards, but also involves bigger risks. Owning the majority of a company that fails to live up to its potential can hurt the fund''s bottom line and its reputation far more than a minority stake that underperforms. It also creates potential confusion for CEOs and boards wondering which hat Elliott is wearing when it shows up among shareholders. The multi-strategy fund, which also invests in other assets, such as currencies, commodities and government bonds, is alone with its hybrid approach, for now, thanks mainly to its size and resources. Even the largest activists have half or less of Elliott''s capital and usually a dozen or so investment professionals compared with more than 150 that work for Elliott. Elliott''s strategy is paying off for the fund, whose founder Paul Singer has built a reputation as one of the world''s toughest investors, adept at applying relentless pressure on targets that include national governments and some of the largest companies in the world. BLURRING THE LINE Of the 15 companies Elliott has targeted with a more than 5 percent stake since 2015, ten have inked $40 billion worth of deals - including two spin-offs. Activist investor Carl Icahn has disclosed nine similar filings in the same period that included two sales and two spin-offs. Elliott made an average return of around 30 percent on the deals, according to a Reuters analysis of filings and research firm 13D Monitor ( tmsnrt.rs/2iRamAo ). That compares to a 6 percent return from activist funds over a similar period, according to Hedge Fund Research. Still, some investors in public companies may feel uncomfortable blurring the line between the roles of a minority shareholder and a private equity investor, analysts say. "It''s a conflict because as a shareholder, your goal is to get the maximum return on your investment. As a private equity buyer, you want the best possible price," said Charles Elson, a University of Delaware corporate governance professor who also sits on the board of restaurant chain Bob Evans Farms Inc . As a director, he would always wonder if Elliott''s interest was as a shareholder or a buyer, Elson said. "There is no conflict in these situations, because it is the company''s board of directors, not Elliott, that decides whether to sell the company and who to sell it to," an Elliott spokesman said in an emailed statement. Michael Stark, the founder of CrossLink Capital and major LifeLock shareholder, said he had no issue with Elliott acting both as an investor and a bidder, though he was slightly disappointed with the final price Symantec paid. "We got the bottom end of a fair price," Stark said. "As long as shareholders were fairly represented by the board and management team, I''m okay with that." Some activist investors have made buyout bids in the past, but not in a systematic manner. Starboard Value, an activist fund with more than $4 billion in assets, offered in 2014 to buy 3-D technology maker RealD, which sold the following year to private equity. Icahn Enterprises bought auto service and parts chain Pep Boys for $1 billion in early 2016 and is trying to buy Federal Mogul Holdings Corp, another auto parts maker. Advisors to activists told Reuters that several activist funds were considering expanding into private equity but are still assessing whether to make such a move. BUILD UP Last year, New York-based Elliott expanded its tech-focused private equity practice, adding professionals, naming it Evergreen Coast Capital Corp and opening an office in Silicon Valley. Unlike in the past, when it would occasionally bid for majority stakes, the fund now has a dedicated team chasing buyouts of whole companies. Last June, Evergreen teamed up with Francisco Partners to buy Dell''s software assets for more than $2 billion, but Elliott has yet to emerge as the sole owner of any of public companies it offered to buy. While that might raise doubts about Evergreen''s credibility as a potential majority owner, merely having a takeover offer in hand has allowed Elliott to fast-track what typically would be months of trench warfare between activists and reluctant boards. Directors have a fiduciary duty to shareholders to explore a credible takeover proposal and launching an auction is one way to find out its worth. "When you commit to buying a company as a private equity owner, you''re putting your money where your mouth is," said Keith Gottfried, a partner at law firm Morgan Lewis who specializes in defending companies from activists. The establishment of a dedicated buyout team follows a gradual effort that started with the launch of Elliott''s tech investing arm, overseen by Jesse Cohn, who joined the fund in 2004 from Morgan Stanley as a 24-year old. Cohn, who now oversees Evergreen and Elliott''s U.S. activist investments, has developed close relationships with Silicon Valley and Wall Street firms, helping Elliott to strike deals where the fund would keep its stakes in companies going private. ( tmsnrt.rs/2je93zI ) These roll-over stakes allowed Elliot to benefit from the premium a sale would usually command, and later share profits with the private equity firm once it was ready to offload the revamped company. But buyout firms grew reluctant to share the spoils with Elliott. Its latest setback came in early 2015 when buyout firm Thoma Bravo bought software developer Riverbed Technology for $3.5 billion in a sale Elliott helped trigger, but then did not let the fund stay on as a minority investor. After that snub, Elliott''s top executives, including Singer, co-chief investment officer Jon Pollock and Cohn began laying the ground for Evergreen, which would give Elliott more independence in seeking its own private equity deals. Elliott''s investments, including ones made by Evergreen, come from the same general pool of capital shared across the firm, a person familiar with the matter said. Rich McBee, chief executive of business telecommunications company Mitel Communications, in which Elliott has owned shares for nearly a decade, said he valued the regular contacts and Elliott''s readiness to offer strategic suggestions. "They don''t come with an idea that they have not fully investigated or vetted and talked with a lot of people about," McBee told Reuters in an interview. "It''s not a random walk with them." (Reporting by Michael Flaherty in New York and Liana B. Baker in San Francisco; Editing by Greg Roumeliotis and Tomasz Janowski) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/elliott-activism-idUSL1N1FK1NJ'|'2017-01-31T19:00:00.000+02:00'
'598c9877e7564e88a37be74a5dc9e3ba2b97e5f2'|'South Africa''s Post Office to register financial services unit as a bank'|'Financials  33am EST South Africa''s Post Office to register financial services unit as a bank CAPE TOWN Jan 31 South Africa''s Post Office Group will submit an application to register its financial services unit, Postbank, as a bank by July 3, a document handed out in parliament showed. Postbank has 1.4 billion rand ($104 million) in excess capital, enough to meet regulatory minimum requirements for a bank, the document showed. ($1 = 13.5060 rand) (Reporting by Wendell Roelf; Editing by Mark Potter) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/safrica-postoffice-idUSJ8N1F9000'|'2017-01-31T15:33:00.000+02:00'
'11c0eaae531165495aa011565f9a8ed0554f89aa'|'PRESS DIGEST- British Business - Jan 30'|'Jan 30 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* The American consulting engineer playing a key role in Britain''s new High Speed Two rail route, CH2M, has approached UK competitor WS Atkins about a possible $4 billion merger. bit.ly/2jteHJK* The Competition and Markets Authority is expected to confirm plans to look at Tesco Plc''s planned 3.9 billion pound ($4.91 billion) takeover of Booker Group Plc . bit.ly/2jtda6eThe Guardian* Thousands of steelworkers will vote on rescue proposals for the Port Talbot steelworks this week in a definitive moment for the crisis in the industry. Tata Steel has tabled a proposal to save 8,000 job in its UK business, including the Port Talbot steelworks in south Wales, by investing 1 billion pounds into modernising its operations over the next 10 years. bit.ly/2jtdCBK* BT Group Plc has fired the first shot in the battle for Champions League football, saying it is determined to keep a grip on the TV rights to European football''s blue-riband club competition and accusing arch-rival Sky of having too much dominance over pay-TV sport. htt p://bit.ly/2jtn9ZlThe Telegraph* Philip Green is understood to be close to a deal that will see him stump up more than 350 million pounds to fund the pensions of former BHS staff who have been left in limbo since the retail chain''s collapse last year. bit.ly/2khtD22* The maker of the next generation of the black cab is targeting European capitals for sales of its hybrid-powered version of the iconic vehicle. London Taxi Co opens its new 300 million pound factory in Coventry, where it will produce the TX5 taxis, in March, with the vehicles rolling off the production line in the third quarter. bit.ly/2khuH6bSky News* British Bankers'' Association has warned that market stability could be undermined if Brexit is not handled efficiently, according to Sky News. bit.ly/2khuPmb* Theresa May has announced a 100 million pound deal for the development of fighter jets for Turkey, following trade talks with President Recep Tayyip Erdogan. bit.ly/2khuQqg($1 = 0.7945 pounds) (Compiled by Parikshit Mishra in Bengaluru; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL1N1FK013'|'2017-01-29T22:15:00.000+02:00'
'3a595d24fade4c042bd4542ba921e88f76c06bae'|'British Airways says most flights to run as normal during Feb. 5-7 strike'|'Business News   5:15pm GMT British Airways says most flights to run as normal during Feb. 5-7 strike British Airways aircraft taxi at Heathrow Airport near London, Britain October 11, 2016. REUTERS/Stefan Wermuth/File Photo LONDON British Airways said on Tuesday nearly all flights will go ahead as scheduled despite strike action by cabin crew between Feb. 5-7 and only a small number of flights would be merged. All flights to and from Gatwick and London City airports and long-haul flights from Heathrow will run as normal, the airline said. A small number of short-haul flights from Heathrow - less than one percent of the total number planned - are to be combined, meaning some passengers will see a change to their departure time. The Unite union had announced that mixed fleet cabin crew working for British Airways, owned by International Airlines Group, would strike over a pay dispute. Details of flight schedules for a second round of industrial action planned for Feb. 9-11 would be confirmed on Thursday, the airline said. (Reporting by Alistair Smout; editing by Costas Pitas) Next In Business News Banks must plan for ''hard'' Brexit, industry report warns LONDON Global banks must plan for a "hard" Brexit or risk breaching regulatory requirements and disrupting business, according to an industry report seen by Reuters, the first since Prime Minister May said she would take Britain out of the single market.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-strikes-british-airways-idUKKBN15F26E'|'2017-02-01T00:15:00.000+02:00'
'9045f34e36a16f8f4d67a6c2eebf24f733e05d3f'|'Sony takes $1 billion writedown on its movie business'|'Business   4:54am GMT Sony takes $1 billion writedown on its movie business The company logo of Sony Cooperation is seen at the CP+ camera and photo trade fair in Yokohama, Japan, February 25, 2016. REUTERS/Thomas Peter/File Photo By Makiko Yamazaki and Tim Kelly - TOKYO TOKYO Sony Corp ( 6758.T ) will write down the value of its movie business by nearly 112.1 billion yen ($976 million) in the third quarter, blaming weaker film profits as online streaming services sap demand for movie DVDs. In a statement on Monday, the Japanese TV-to-gaming group said it had cut its outlook for earnings from DVD, blu-ray discs and other home entertainment in line with a market decline. Sony, under Chief Executive Kazuo Hirai, has been slashing costs to end years of losses across its sprawling business, writing down over-optimistic valuations. It said on Monday that the pictures segment overall - including television - expected to see profits improve as a result of the changes. It gave no specific details, but a spokeswoman said Sony was pressing ahead with a turnaround plan, strengthening markets outside the United States, including India and China, bolstering income from intellectual property and cutting costs. Sony''s movie studio has recently lagged behind competitors in box office share and big hits, and underperformed its rivals in the global box office. In 2016, Sony films accounted for 8 percent of U.S. and Canadian ticket sales, ranking fifth among major Hollywood studios, according to the Box Office Mojo website. This year, Sony will be counting on films such as "Spider-Man: Homecoming", which it is co-producing with Walt Disney Co''s ( DIS.N ) Marvel Studios, animated movie "Smurfs: The Lost Village" and action flick "Jumanji", starring Dwayne Johnson. But the latest in a string of writedowns for the overall Sony group rattled its shares in Tokyo on Tuesday, sliding almost 4 percent before recovering to trade in line with the market. At 0430 GMT the stock was down around 2 percent. "In our view, it is not easy to stay bullish when Sony makes these announcements so frequently," Jefferies analysts said in a note. "However, we believe these are not new issues but instead are an acknowledgement of its past strategic mistakes." Most of the movie writedown relates to goodwill recorded at the time of Sony''s acquisition of Columbia Pictures in 1989. Monday''s statement, however, also comes just over two weeks after it announced the departure of its long-serving Sony Entertainment chief executive, Michael Lynton, who steps down next month to become chairman of messaging app owner Snap Inc. He will stay on for six months to help find a successor, while Hirai has set up an office in Culver City, California, where the studio is based, to oversee the transition. Snap, the owner of the popular Snap chat app, is expected to go public early this year. A replacement has not been named for Sony Entertainment, which includes both pictures and television. Sony has sold off underperforming businesses and has worked to turn around others, including Sony Entertainment. It said on Monday that the business remained "an important part of Sony". To help cushion the impact of the writedown, Sony said it would sell part of its stake in M3 Inc ( 2413.T ), operator of membership-based medical-related online services, trimming its holding to 34 percent from 39.3 percent. Sony releases its third-quarter results on Feb. 2. (Reporting by Makiko Yamazaki and Tim Kelly; Additional reporting by Clara Ferreira Marques and Lisa Richwine; Editing by Himani Sarkar and Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-sony-outlook-idUKKBN15E0NN'|'2017-01-31T11:53:00.000+02:00'
'ced28f612b732f7e308eec5c320a9b3784103a41'|'Vodafone-Idea deal could speed up India telecoms consolidation'|'By Sankalp Phartiyal and Devidutta Tripathy - MUMBAI MUMBAI A proposed merger between Vodafone''s ( VOD.L ) India operation and Idea Cellular ( IDEA.NS ) would create a market leader in India''s crowded and hyper-competitive telecoms sector, forcing smaller players into two likely options: merge or exit altogether.Britain''s Vodafone confirmed on Monday it was in talks to merge its Indian subsidiary with its local rival in an all-share deal, driving Idea''s shares to a near six-month high on Tuesday.The combined entity would be a formidable player, with a subscriber base of about 395 million and a revenue market share of around 40 percent in the country''s telecoms sector, although divestments would be needed in certain regions to comply with competition rules, analysts said.Both complement each other. Idea is stronger in rural areas and Vodafone''s Indian unit is more competitive in cities, and they would be able to cut costs mainly through reduced capital spending and network operating costs, analysts added.That synergy would pose a direct threat to current market leader Bharti Airtel ( BRTI.NS ) and Reliance Jio, the upstart launched by billionaire Mukesh Ambani last year that has up-ended India''s telecoms market with free voice and data until the end of March.That kind of intensifying competition would raise the stakes for India''s smaller wireless providers, with analysts predicting a period of consolidation to allow them to better compete against the top three players.The stakes would be especially high for small players such as Telenor ( TEL.OL ) or Tata Teleservices ( TTML.NS ). Videocon Telecom, for example, is already in the process of exiting."If data (from Jio) is free and the likes of Bharti, Vodafone and Idea have a huge post-paid subscriber base and good products, I wouldn''t be surprised if there is further consolidation in the sector or some smaller players exit," said Naveen Kulkarni, co-head of research at PhillipCapital.Jio''s entry has forced players to offer cheaper plans of their own, cutting deeply into their profits.Deals are already in the works. Reliance Communications ( RLCM.NS ), controlled by Anil Ambani, has agreed to acquire Sistema''s ( SSAq.L ) Indian mobile phone operations. It has also agreed to combine its wireless business with Aircel, majority owned by Malaysia''s Maxis.Meanwhile, Bharti Airtel is in talks to acquire Telenor''s Indian operations, local media has widely reported.Bharti Airtel welcomed the proposed alliance between Vodafone and Idea, saying "consolidation is always good", although it said companies must not be forced into consolidation by an "unfair playing field".But mergers won''t guarantee success in India''s telecoms sector, analysts warned.India remains a capital-intensive market. Spectrum costs are high and big investments in network are needed to cover a vast geography. At the same time margins are wafer-thin, as carriers offer one of the world''s cheapest data and voice prices."If it eventually becomes a market of three players, good for them. They will make money," said a banker who is not involved in the deal and did not wish to be named."I don''t see any future for the small ones. They will be taken over or will exit the market."(Writing by Rafael Nam; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vodafone-m-a-idea-cellular-idINKBN15F17U'|'2017-01-31T08:32:00.000+02:00'
'32db8546bac20a324ea15bf1b8554ec9d7b9985a'|'BRIEF-Fitch says Thai banks'' buffers can withstand weak environment'|'Bonds News  11pm EST BRIEF-Fitch says Thai banks'' buffers can withstand weak environment Jan 30 Fitch: * Fitch: Thai banks'' buffers can withstand weak environment * Fitch on Thai banks - Expects a further deterioration in Thai banks'' performance in 2017 Source text for Eikon: Jan 30 Billionaire investor William Ackman''s Pershing Square Capital Management has raised its stake in snack maker Mondelez to 6.4 percent. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FL003'|'2017-01-31T09:11:00.000+02:00'
'27ce96bc4494bdf4f62b193b95322b2be2574e67'|'Sri Lankan shares fall on foreign selling amid political uncertainties'|'Basic Materials - Tue Jan 31, 2017 - 7:58am EST Sri Lankan shares fall on foreign selling amid political uncertainties COLOMBO Jan 31 Sri Lankan shares fell on Tuesday to end near a 10-month low as foreign investors sold equities amid political instability and on worries of further interest rate hikes, brokers said. While investors turned cautious after the government''s coalition partners decided to contest local polls separately, a rise in treasury bill yields last week also affected risk appetite, said analysts. Yields on treasury bills rose 2-5 basis points at a weekly auction on Wednesday to a near five-month high after the central bank governor signalled reduced intervention to defend the rupee. Rising interest rates, which move in tandem with T-bill yields, have been a cause for concern, brokers said. The Colombo stock index ended 0.13 percent down at 6,132.68, near its 10-month closing low hit last week, its second straight weekly decline. "Big chunk of today''s trade was foreign-to-foreign transaction. Other than that, there was no major activity as most of the investors are on the sidelines, awaiting direction," said Dimantha Mathew, head of research at First Capital Equities (Pvt) Ltd. Turnover stood at 1.65 billion rupees ($10.99 million), the highest since Dec. 28. Foreign trading accounted for 67 percent of the day''s turnover, as foreign investors net sold 20.77 million rupees ($138,374) worth of equities on Tuesday, extending the year-to-date net foreign outflow to 1.65 billion rupees worth of shares. Shares in Colombo Cold Stores Plc fell 1 percent while Ceylon Tobacco Company Plc fell 0.33 percent. ($1 = 150.1000 Sri Lankan rupees) (Reporting by Ranga Sirilal; Editing by Vyas Mohan) Next In Basic Materials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sri-lanka-stocks-idUSL4N1FL274'|'2017-01-31T19:58:00.000+02:00'
'2b527c99878584be5340f3a15d9e242f871ee16b'|'BRIEF-DP&L reaches agreement with various intervenors in Electric Security Plan case'|'Company   7:58pm EST BRIEF-DP&L reaches agreement with various intervenors in Electric Security Plan case Jan 30 Dayton Power and Light Company- * Filed settlement to its electric security plan pending at public utilities commission of Ohio * Has asked for an extension of hearing date by one week to February 8, 2017 * Co and Sierra Club have reached agreement that will add Sierra Club to list of parties agreeing to settlement Source text for Eikon: Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FK0RN'|'2017-01-31T07:58:00.000+02:00'
'a5618af4e7c49b9e0398fae3b066f04e3493cfb2'|'Inflows into Egypt banks at $9 bln since pound float -c.bank official'|' 52pm EST Inflows into Egypt banks at $9 bln since pound float -c.bank official CAIRO Jan 31 Total inflows into the Egyptian banking system have reached $9 billion since the Egyptian pound was floated in November, assistant central bank sub-governor Rami Aboulnaga said on Tuesday. Import-dependent Egypt has been facing a currency crunch since a popular uprising in 2011 drove away tourists and foreign investors. In an effort to attract inflows, it floated its currency on Nov. 3. (Reporting by Asma Alsharif; Editing by Kevin Liffey) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/egypt-economy-banks-idUSL5N1FL6NU'|'2017-02-01T01:52:00.000+02:00'
'094012810a8a7c3f64465b1b95890c9b88fa2301'|'Hand delivered: will Ocado''s robot soon be picking your shopping? - Business'|'Ocado is testing a robot hand that can pick and pack fruit and vegetables in a move that could reduce its reliance on thousands of warehouse workers.The online grocery retailer has been working in partnership with academic institutions in Germany, Italy and Austria as well as Disney Research – a Zurich-based lab that is part of the US entertainment group behind Mickey Mouse and Frozen.Ocado currently employs about 4,000 people at its warehouses, and grocery picking is a key part of their job as handling of easily damageable and unpredictably shaped objects such as fruits, vegetables or eggs is difficult to mechanise. The latest development will fuel fears about jobs being replaced by technology .The future of shopping: drones, digital mannequins and leaving without paying Read more Automated warehouses have been in use for decades and Ocado, which delivers groceries for Waitrose and Morrisons, already uses a variety of robots in its operations . Even the movement of the people working in its warehouses is guided by technology to ensure they work efficiently. But the variation in shape and fragile nature of fruit and vegetables mean that historically they have been susceptible to damaging or bruising when handled by robots.Facebook Twitter Pinterest Ocado’s SoMa robot arm picking an apple So far, Ocado has tested two different robotic hands: the RBO Hand 2 developed by the Technische Universität in Berlin; and the LBR iiwa14, an “intelligent industrial work assistant” designed by German robotics firm Kuka to work closely with humans for “greater cost-effectiveness and utmost efficiency”.It is also helping to develop a humanoid robot, SecondHands, which uses machine learning to provides assistance to human technicians carrying out warehouse maintenance tasks. Ocado has been investing heavily in technology as it tries to improve the efficiency of its operations and increase profits. It currently has 50 innovations seeking a patent and took on more than 200 extra tech experts last year, taking its total to 950 on top of 200 qualified engineers. This year it expects to hire another 100 IT and engineering professionals as it opens two new warehouses and hopes to attract an international retail partner to use its software and technology.Facebook Twitter Pinterest Ocado’s SoMa robot arm picking a bag of limes Duncan Tatton-Brown, Ocado’s finance director, said the company was looking at using robot hands “over time” but there was no deadline for their introduction. He said the new warehouses would be automated but would “still need lots of people”.“We are not only creating more operational jobs but creating a lot more jobs for software and hardware engineers. We are inventing and patenting things which is good news. We are creating innovations in the UK and we would argue we are a market leader in the world,” Tatton-Brown said.The company, founded by three former Goldman Sachs bankers in 2000, delivered its first profit in February after 15 years of investment in technology and warehouse systems.On Tuesday, the company reported a 22% rise in pre-tax profits to £14.5m, before £2.4m of exceptional items mostly related to the company moving its head office. Sales rose 13.6% to £1.3bn as a rise in customer numbers offset a fall in the average order size as Ocado was forced to cut prices amid heavy competition in the grocery market as major players such as Tesco try to fight off the fast-growing discounters Aldi and Lidl.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/31/hand-ocado-robot-shopping-fruit-vegetables'|'2017-01-31T20:49:00.000+02:00'
'501e0895a3e01524e1547956cfa5e10324c42ae0'|'Imperial Oil profit jumps on C$988 mln asset-sale gain'|'Company News - Tue Jan 31, 2017 - 8:12am EST Imperial Oil profit jumps on C$988 mln asset-sale gain Jan 31 Imperial Oil Ltd''s profit shot up in the fourth quarter, helped by a C$988 million gain from the sale of its retail sites. The company, which is about 70 percent owned by Exxon Mobil Corp, said net income rose to C$1.44 billion ($1.10 billion), or C$1.70 per share, in the fourth quarter, from C$102 million, or 12 Canadian cents per share, a year earlier. Imperial Oil, Canada''s No.2 integrated oil producer and refiner, said last March it would sell its remaining company-owned Esso retail stations to five fuel distributors for about C$2.8 billion. The Calgary-based company''s revenue rose 35.5 percent to C$8.44 billion. ($1 = C$1.31) (Reporting by Ahmed Farhatha in Bengaluru; Editing by Shounak Dasgupta) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/imperial-oil-results-idUSL4N1FL22G'|'2017-01-31T20:12:00.000+02:00'
'123784552320593c8bc3c372bbbb4a4fa0a64c53'|'Turkey''s Garanti Bank 2016 net profit rises to 5 bln lira'|'Financials  21am EST Turkey''s Garanti Bank 2016 net profit rises to 5 bln lira ISTANBUL Jan 31 Turkish lender Garanti Bank on Tuesday posted a net profit of 5.07 billion lira ($1.35 billion) for 2016, up from 3.4 billion lira in 2015 and in line with a Reuters poll forecast of 5.03 billion lira. The bank, which is part owned by Spain''s BBVA, made the statement to Istanbul Stock Exchange. ($1 = 3.7695 liras) (Reporting by Ceyda Caglayan; Writing by Humeyra Pamuk; Editing by Nick Tattersall) Next In Financials UPDATE 2-Trump trade adviser says Germany using "grossly undervalued" euro LONDON, Jan 31 Donald Trump''s top trade adviser accused Germany on Tuesday of using a "grossly undervalued" euro to gain a competitive advantage, drawing a rebuff from German Chancellor Angela Merkel and sending the euro to an eight-week high against the dollar.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/turkey-garanti-idUSI7N1F602K'|'2017-01-31T22:21:00.000+02:00'
'bdb8f6e2de90e62b21774cf3f0343026a6157478'|'UK corporate pensions headache could worsen in 2017'|'Business News   6:31pm GMT UK corporate pensions headache could worsen in 2017 A woman walks past the Wood Green branch of department store chain BHS, after its final closure, in London, Britain August 28, 2016. REUTERS/Peter Nicholls/File Photo By Carolyn Cohn - LONDON LONDON More UK companies are expected to adjust capital or cut dividends to fill growing holes in final salary pension schemes this year. The discovery of huge pension deficits at Tata Steel ( TISC.NS ) and collapsed retailer BHS in 2016 caused scandals and drew attention to the widening gap between the assets held by such schemes and the money they owe to pensioners. British government bonds, or gilts, have been the main assets of defined benefit or final salary pension schemes. But years of low UK interest rates and a flight to safe-haven investments after Britain''s June vote to exit the European Union have depressed yields, leaving shortfalls. Several companies have taken steps in recent months to finance the deficits. Specialist plastics maker Carclo ( C1Y.L ) cut dividends, printing firm Communisis ( CMS.L ) reduced its capital base and fund manager Rathbone ( RAT.L ) raised capital. bit.ly/2j5flkc bit.ly/2ifbiNS bit.ly/2if0pM4 With FTSE 100 company pensions schemes now only 88 percent funded as at Jan 27, 2017, according to consultant Aon''s pension risk tracker, compared with 98 percent at end-2015, more companies are expected to follow suit. The recent actions by the three small and mid-cap firms were "the tip of the iceberg," said Richard Farr, managing director at consultants Lincoln Pensions. "Each year that goes by, the pensions mountain has not got smaller and companies are running out of time." A pensions risk survey by Mercer shows an almost threefold increase in deficits in FTSE 350 companies in 2016. BT ( BT.L ), which has one of Britain''s largest private sector final salary pension schemes, slashed its forecast for free cash flow last week, which consultants said could have a negative impact on the pension deficit. A BT spokesman said: "BT remains a strong company that is able to make contributions into its pension scheme, pay shareholder dividends and invest in the future of the company." Deficits on the balance sheet can also make companies less attractive to potential buyers. A 2014 study by Llewellyn Consulting showed that a 100 pound increase in the reported pension deficit of a FTSE 100 .FTSE company would reduce the company’s value by 160 pounds. Tata Steel is trying to hive off its 15 billion pound UK pension scheme to clear the way for a merger between its European business and Germany''s Thyssenkrupp ( TKAG.DE ) REGULATORY SCRUTINY The billionaire former BHS owner Philip Green is wrangling with regulators over funding for the 571 million pound pension scheme deficit of the company which collapsed with the loss of 11,000 jobs. He sold the loss-making department store chain last year to Dominic Chappell for one pound. The case has put pressure on the pension regulator to be firm with companies with large pension deficits. A government Green Paper consultation on the topic is expected to be published in the next few weeks. A committee in the lower house of parliament has called for fines for large companies which have not honoured contributions to their pension schemes, to act as a "nuclear deterrent". Privatized companies running generous pension schemes left over from their days as state industries - such as BT ( BT.L ) - are particularly under scrutiny this year because of worries about their deficits, pensions consultants said. Balfour Beatty ( BALF.L ) and Tesco ( TSCO.L ) are among other companies with pension schemes under close watch, said Martin Hunter, principal at consultants Punter Southall. A spokesman for Balfour Beatty pointed to a statement from last year which said the company had agreed with trustees a plan for the pension fund to reach self-sufficiency during 2027, three years ahead of the previous plan. A spokesman for Tesco reiterated the guidance the company issued in October when it said it would not increase the size of its annual 270 million pound pension top-up payments agreed with trustees in 2015, despite its deficit jumping to 5.9 billion pounds, from 2.6 billion pounds in Feb 2016. It also said then that it was relaxed about the rise, noting several options in the agreement with trustees, including changing the number of years it is due to make annual payments. Some companies, including BT and Tesco, are due to carry out triennial reviews this year, which set out the level of cash they need to put in to plug deficits. Fifteen-year gilt yields GB15YT=RR, a proxy measure for funding levels according to pensions specialists, have nearly halved since 2014 valuations. Yields have risen in recent weeks. But UK inflation has also risen and is expected to climb further. This could wipe out any gains because annual pension increases are inflation-linked, said Charles de Boissezon, co-head of European equity strategy at Societe Generale in Paris. "As yields pick up, a lot of people think the pension deficit will fade away," de Boissezon said. "What they missed is the importance of inflation picking up, which is a negative for pension positions." (Additional reporting by James Davey, Kate Holton and Esha Vaish; editing by Anna Willard) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-pensions-idUKKBN15F2C6'|'2017-02-01T01:31:00.000+02:00'
'f844e84f33fae18f4a9b9e419f902caca5af3501'|'UPDATE 4-Insurer Aetna sees Obamacare changes ahead; no word on Humana'|'(Recasts first sentence with details on Obamacare, adds CEO and analyst comments, updates stock price)By Caroline Humer and Ankur BanerjeeJan 31 Health insurer Aetna Inc said on Tuesday it lost more money than expected on the Obamacare individual insurance plans, one of the main pillars of the Affordable Care Act that President Donald Trump is working to "repeal and replace."Aetna Chief Executive Officer Mark Bertolini also predicted years of transition in that individual insurance business but said it presents opportunities as new products are developed that appeal to younger and healthier people.Bertolini said the company is weighing how to proceed after a federal court ruled last week against its $34 billion deal for Humana Inc on antitrust grounds. He said Aetna, the No. 3 U.S. health insurer, may decide to appeal or there could be a deal extension, which it will announce before the current Humana agreement''s end date of Feb. 15.Aetna, along with UnitedHealth Group Inc, has largely exited the individual business for 2017, but has remained on exchanges in four states. It has 240,000 customers in individual plans and said it expects to post a loss again this year on the business.Bertolini said in an interview that the Hartford, Connecticut, company will not enter any new markets with exchange Obamacare plans in 2018, and will decide in the next few months if it will re-enter Delaware, Iowa, Nebraska and Virginia, where it now sells these plans.Like many insurers, he said Aetna feels structural changes are needed to account for the higher medical costs of participants in the Obamacare exchange market for individuals. He said the company is talking to lawmakers and regulators about how to make these changes as Trump and Republicans consider new legislation and rules.Aetna said it lost $450 million on the Obamacare business in 2016, including $100 million more than expected during the fourth quarter. The company expects lower losses in 2017.HUMANA STILL IN QUESTIONAetna said it was still deciding how to proceed on Humana, but analysts said they thought it was unlikely a deal would go forward."Investors would want to know if they are extending the agreement or not. Or if they are appealing or not," Leerink Partners analyst Ana Gupte said. "In some ways I think investors don''t want any appeal. They want an accelerated share repurchase and then to just move on."The U.S. Justice Department filed a lawsuit in July to block Aetna''s purchase of Humana and Anthem Inc''s $54 billion deal to buy Cigna Corp, saying they would raise prices. There has been no ruling on Anthem''s deal yet.Earlier on Tuesday, Aetna said fourth-quarter net profit fell to $139 million, or 39 cents per share, from $321 million, or 91 cents per share, a year earlier. That included a $215 million expense for a voluntary early retirement program.Excluding items, Aetna earned $1.63 per share, above the analysts'' average estimate of $1.44, according to Thomson Reuters I/B/E/S.Aetna''s medical benefit ratio, the percent of premiums spent on claims, rose to 82.1 percent from 81.9 percent. The lower that ratio, the more the insurer profits. The ACA mandates the level be no lower than 80 percent.Total revenue rose about 5 percent to $15.73 billion, but missed the analysts'' average estimate of $15.86 billion.The company said it expected 2017 operating earnings of at least $8.55 per share. Analysts'' on average were estimating $8.79.Aetna shares were up 0.5 percent at $117.25 on Tuesday afternoon. (Reporting by Caroline Humer in New York and Ankur Banerjee in Bengaluru; Editing by Lisa Von Ahn and Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aetna-results-idINL4N1FL20C'|'2017-01-31T15:28:00.000+02:00'
'4f628b9dff214f07637f3ccf34e30f9a40df9ea8'|'Saudi 3-month interbank rate below repo rate for first time since April'|'Financials  15am EST Saudi 3-month interbank rate below repo rate for first time since April DUBAI Jan 30 Saudi Arabia''s three-month interbank offered rate fell below the central bank''s repo rate on Monday for the first time since last April, in a fresh sign that a liquidity squeeze due to low oil prices was easing. The three-month rate dropped to 1.999 percent from Sunday''s 2.009 percent. The central bank''s repo rate, which it uses to lend money overnight to commercial banks caught short of funds, is at 2.00 percent. In normal times, short-term money rates tend to trade below the repo rate. That ceiling was breached last year as shrunken petrodollar flows due to cheap oil starved banks of funds, sending money rates soaring. But in recent weeks conditions have eased as the government has raised money through an international bond issue and injected some of those funds into the economy. (Reporting by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/saudi-rates-idUSL5N1FK1CU'|'2017-01-30T15:15:00.000+02:00'
'58abc2805e9467e71ec4c8a6d6f00b204cb478a2'|'DERIVATIVES-VIX shorts hit new record'|'Financials  53am EST DERIVATIVES-VIX shorts hit new record By Helen Bartholomew LONDON, Jan 30 (IFR) - Net short positioning in the CBOE''s VIX volatility index futures has hit record highs, despite Wall Street''s "fear gauge" marking its lowest close for three years as it ended Friday''s session at 10.58. The latest Commitments of Traders report from the CFTC, released on Friday, showed that speculators including hedge funds and asset managers held a net short of -134,224 VIX futures contracts - beating the previous record of -133,731 contracts that was reached in September 2016. The data show that the absolute volume of short contracts actually declined to 282,860 from 291,203 during the week to January 24, but the fall was offset by a larger drop in long positions to 148,224 from 158,784. While extreme positioning is in part a function of hedging activity around structured products, the short volatility carry trade - which monetises the gap between implied and realised - is still proving lucrative despite the VIX recording its second-lowest intra-day print since 2007 as it touched 10.30 on Friday. According to data from Societe Generale, one-month implied volatility on the S&P 500 was trading at 9.2% as of January 24 - a hefty 46% premium to realised vol, which was stuck at 6.3%. Three-month implied volatility on the index traded at a 33% premium to realised. While some believe that investors should be using the current low levels to switch into long volatility trades that position for an array of political uncertainties on the horizon, traders note that the carry trade is typically more profitable during times of low volatility. "Most P&L is made selling vol in a low vol environment," said an equity structuring head at a US house. "Implied vol tends to follow realised vol, but at some point implied finds a level and it never goes lower. At times of low volatility, it''s not impossible to capture a seven-vol spread." Analysts believe that volatility will tick higher through 2017, responding to the myriad uncertainties that include the impact of US President Donald Trump''s pro-growth policies, European elections and the UK''s negotiations to exit the European Union. "While we continue to think a Trump victory likely means higher US growth in 2017 than we would have expected three or six months ago, we still think volatility will be a feature of the year," said Jim Reid, strategist at Deutsche Bank in a client note this morning. "It just seems that there are too many uncertainties, unknowns and major policy changes attached to a Trump presidency for it to be a smooth year." The impact of Trump''s nationalistic policies - which have been largely ignored in equity markets to-date - were evident this morning as the VIX jumped 6% in European trading hours to 11.30. The moves followed a weekend of demonstrations across US airports as Trump''s executive order on immigration took effect, banning people from seven Muslim-majority countries from entering the US. Volatility spikes may be exacerbated by extreme short positioning, as traders discovered in August 2015. At that time, the VIX jumped to a high of 53.29 as sellers rushed to cover their short positions amid a China-induced equity sell-off. Just prior to the events, VIX shorts totalled 175,000 contracts for a net position of -55,000. Within a month, net positions were aggressively reversed, jumping into record positive territory of 38,000 contracts. (Reporting by Helen Bartholomew) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FK2N2'|'2017-01-30T18:53:00.000+02:00'
'd4c9b58a37ec04370e5b7f09cca4b36edf45a523'|'ECB''s Lane says UK and EU may need arrangement for post-Brexit central bank ties'|'Business News - Tue Jan 31, 2017 - 7:27pm GMT ECB''s Lane says UK and EU may need arrangement for post-Brexit central bank ties FILE PHOTO: A European Union flag is held in Parliament Square, central London, Britain July 2, 2016. REUTERS/Paul Hackett/File Photo LONDON Britain and the European Union may need to flesh out some kind of intermediate arrangement to ensure central bank cooperation and maintain financial stability after Brexit, Ireland''s central bank governor said on Tuesday. "The maintenance of financial stability necessarily requires considerable bilateral and multilateral collaboration across major central banks," Philip Lane, also a member of the European Central Bank''s Governing Council, said at an event hosted by the London Irish business society in London. Currently central banks within the EU cooperated more on financial stability than was possible through multilateral bodies like the Bank for International Settlements, and Lane said he hoped this would continue after Britain left the EU. "Let us see if some intermediate-level arrangements between the UK and the EU will be delivered through the upcoming EU-UK negotiations," he said. Lane did not address monetary policy issues in his initial remarks. (Reporting by David Milliken and John Geddie) Next In Business News Trump comments knock dollar to 2017 lows, clip stocks NEW YORK The dollar headed for its worst start to a year in over a decade on Tuesday, while stocks cemented their biggest losses in six weeks as U.S. President Donald Trump added uncertainty to the market following stringent curbs on travel to the United States.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-ecb-idUKKBN15F2FR'|'2017-02-01T02:27:00.000+02:00'
'52e2cfe4895a4b693b7499a71f7fda5e6168951c'|'Indonesia c.bank''s room for benchmark rate cut limited - official'|'JAKARTA Jan 31 The Indonesia central bank''s room for monetary easing has become limited due to rising inflationary pressure, a senior central bank official told an economic forum on Tuesday."There are inflationary pressures coming from adjustment in electricity tariffs and from the global condition, so the room for BI (Bank Indonesia) to lower the benchmark rate has become limited," Juda Agung, executive director of economic and monetary policy, said.In December, the annual inflation rate was 3.02 percent. A Reuters poll projected the January level, to be announced on Wednesday, at 3.11 percent.Agung said BI will continue to make sure banks have enough liquidity so they don''t have to raise their rates, including for lending.BI last year cut its benchmark interest rate six times, by 150 basis points, to 4.75 percent, taking advantage of low inflation rates, a comfortable current account deficit and a largely stable rupiah. (Reporting by Hidayat Setiaji; Writing by Gayatri Suroyo; Editing by Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/indonesia-economy-rates-idUSJ9N1D100Z'|'2017-01-31T07:01:00.000+02:00'
'13d61eee4785e25e004b05c629605027c35fb6a4'|'Fed likely to keep rates steady as it awaits Trump economic plan'|'Business News - Tue Jan 31, 2017 - 1:09am EST Fed likely to keep rates steady as it awaits Trump economic plan A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque/File Photo By Lindsay Dunsmuir - WASHINGTON WASHINGTON The U.S. Federal Reserve is expected to keep interest rates unchanged on Wednesday in its first policy decision since President Donald Trump took office, as the central bank awaits greater clarity on his economic policies. Trump has promised a large infrastructure spending program, tax cuts, a rollback of regulations and a renegotiation of trade deals but has offered few details or a timeline for their roll out since his victory in the Nov. 8 election. The central bank''s latest policy decision is scheduled to be released at 2 p.m. EST (1900 GMT) on Wednesday at the conclusion of a two-day meeting. Fed Chair Janet Yellen is not due to hold a press conference. The policy decision will come a week after Yellen underscored that the U.S. economy is near full employment and warned of a "nasty surprise" on inflation if the Fed is too slow with its rate hikes. Economists polled by Reuters have all but ruled out a rate increase at this week''s meeting. Investors next see an interest rate rise in June, according to Fed futures data compiled by the CME Group. The Fed raised its benchmark interest rate at its last policy meeting in December, the second such move in a decade, to a target range between 0.50 percent and 0.75 percent. It forecast a further three rate increases this year. WAIT-AND-SEE MODE Despite encouraging U.S. economic data, Fed policymakers are currently hampered in assessing how quickly inflation might rise until they have more information on Trump''s economic plans. "At the moment there''s incredible uncertainty surrounding fiscal policy and the potential for stimulus and the composition of that," said Paul Ashworth, an economist at Capital Economics. "The Fed can''t react until it knows what to react to." With the U.S. economy already bumping up against full employment, Trump''s promises on fiscal stimulus and tax reform could quickly spur higher inflation as would imposing tariffs on Mexican imports. That may cause Fed policymakers to raise rates faster. Other policies, such as an immigration crackdown, go against what the Fed argues the U.S. economy needs to grow over the long term. U.S. stocks fell on Monday after Trump curtailed travel and immigration to the United States from seven predominantly Muslim countries. The S&P 500 index .SPX is still up roughly 6 percent since Trump''s victory and the robustness of the domestic economy makes the United States increasingly divergent from Japan, the euro zone and Britain, none of which are expected to raise rates anytime soon. The Fed will likely only make minor tweaks in its policy statement on Wednesday to reflect a string of positive recent economic reports. "Changes to the ... statement should be mostly upbeat," Roberto Perli, an economist at Cornerstone Macro LLC, said in a note to clients. The U.S. unemployment rate is 4.7 percent and business investment has improved, despite a slowdown in fourth-quarter economic growth caused mostly by a widening trade deficit. Consumer spending, which accounts for more than two-thirds of the nation''s economic activity, rose solidly in December, according to Commerce Department data released on Monday. In the same report, the Fed''s closely-watched inflation gauge also edged up to 1.7 percent. (Reporting by Lindsay Dunsmuir; Editing by Paul Simao)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-fed-idUSKBN15F0E8'|'2017-01-31T13:09:00.000+02:00'
'2470b2f4783c0a9209de4b16de366967083156d2'|'ADM to sell crop insurance business to Validus Holdings'|'By Karl Plume - CHICAGO CHICAGO U.S. agricultural commodities trader Archer Daniels Midland Co ( ADM.N ) has agreed to sell its Crop Risk Services (CRS) insurance business for $127.5 million to Validus Holdings Ltd ( VR.N ), the companies announced on Monday.The deal, which is expected to close in the first half of this year pending a regulatory review, includes a services agreement under which ADM will continue to offer insurance products and grain marketing services to CRS customers, the company said.ADM said it expects to record a book gain upon closing.The sale comes amid a commodities market downturn that has squeezed margins for ADM and other agribusinesses and prompted divestments of lower-margin and noncore businesses.Rival Cargill Inc sold its crop insurance unit in December 2015. ADM is in the process of selling its ethanol-producing corn dry mills amid persistently weak margins."We regularly evaluate our portfolio to ensure that our businesses and assets best fit our strategy to maximize long-term returns," said Joe Taets, president of ADM''s Agricultural Services unit."As a result of that ongoing process, we have identified a better strategic fit for the Crop Risk Services business," he said.ADM shares closed down 0.9 percent at $44.13 on Monday, a week ahead of the release of fourth-quarter results. Validus shares were down 0.7 percent at $56.51.(Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-archer-daniels-m-a-vlds-holdg-insuran-idINKBN15E2QE'|'2017-01-30T19:42:00.000+02:00'
'607d431c75766724d313b87f7e0ab20830169da0'|'What really happens when Royal Mail fails to deliver? - Money'|'When Royal Mail fails to deliver an item, perhaps because they are too big or the person is out and a signature is required, what happens to these items next? I presume they’re destroyed. I ask, because last July I was awaiting delivery of a rare vintage lamp, which never turned up. The sender assured me it was not returned. I purchased another vintage item at the end of last year but was working away from home when it was delivered. A red card was left dated 4 November 2016. There is no number to contact and it only says that the item will be returned to sender after 18 days. There was no mention of what to do after 18 days if the item wasn’t returned. I am thinking of taking a small claims action to highlight these constant disposals of peoples’ property. WF, Sternfield, Suffolk Royal Mail told us: “We contacted the customer for more details and established that the item, dating from 4 November, was returned to the sender in line with our policy of returning non-collected items after 18 calendar days at the delivery office.“The customer has informed us that the sender has now received the item and that he and the sender are in contact to agree next steps.“The overwhelming majority of mail is delivered safely to the correct address. If a recipient is not at home, a card is left informing them that their item has been forwarded to the local delivery office to be collected at a convenient time. In the case of non-collection from a delivery office, the item is returned to the sender after 18 calendar days.”The Royal Mail says it does not keep a record of the items which are eventually destroyed, due to the large number of items that the national returns centre in Belfast handles every day.We are clearly not going to get to the bottom of what happens in the bowels of the mysterious returns centre, but if you are awaiting a delivery of some value when you know you’re not going to be home, do make special arrangements.People who know that they will not be at home when an item is expected to be delivered, for example, can use the Royal Mail Keepsafe service which will store mail safely for up to 66 days. The cost varies depending on how long you have it running, but prices start from £13.50 for 17 days.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/31/royal-mail-return-sender-deliver'|'2017-01-31T14:00:00.000+02:00'
'd15d1d3ca5c1f00b1cb5a09066d4a433bed60f9c'|'Bankruptcy filings for big Brazil firms seen hitting another record'|'By Aluísio Alves - SAO PAULO SAO PAULO A growing number of large Brazilian companies will seek protection from creditors in 2017, hitting a record for a third straight year due to a harsh recession and tight credit conditions, bankers and lawyers said on Monday.New bankruptcy filings from companies with annual revenue surpassing 50 million reais ($16 million) are expected to top the 227 requests last year, as publicly listed homebuilders and energy companies may seek in-court reorganizations, they said.Reuters reported on Nov. 3 that PDG Realty SA Empreendimentos e Participações ( PDGR3.SA ) was considering seeking creditor protection if banks do not refinance the homebuilder''s maturing loans. PDG has repeatedly denied such a decision.A bankruptcy lawyer who asked for anonymity to talk about the situation said PDG is not the only residential developer that could file for bankruptcy protection before June.While declining to elaborate on the potential case, the lawyer said the inability of both builders to sell assets to raise cash could speed up their processes.Last year, a record 1,863 Brazilian companies - most of them oil equipment, construction and manufacturing firms - requested court protection from creditors, about 45 percent more than in 2015, according to data from Experian Plc''s ( EXPN.L ) Brazilian unit. Rating agencies have warned that the risk remained high of more firms facing cash crunches.For homebuilders, which have struggled with weak demand, sales cancellations and high borrowing costs, "we could see a few in-court reorganization cases in the first half alone," said Gilberto de Abreu, president of mortgage lending group Abecip.The outlook presents lingering risks to banks and investors such as pension funds that lent to or bought debt from a myriad of commodity, industrial and services companies earlier this decade after years of robust growth in Latin America''s largest economy.Lenders have cut borrowing costs in recent years and extended maturities for corporate borrowers. Some analysts have said banks may have to refinance or renegotiate terms on more than 100 billion reais in loans over the next 12 months.(Reporting by Aluísio Alves; Writing by Guillermo Parra-Bernal; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brazil-restructuring-bankruptcy-idINKBN15E2NG'|'2017-01-30T18:55:00.000+02:00'
'82e5d1c2035124a0dfbb28f01624870ce1550866'|'U.S. President Trump poses grave risk to world trade - French finance minister'|'  8:41am GMT U.S. President Trump poses grave risk to world trade - French finance minister French Finance Minister Michel Sapin speaks during an interview with Reuters in his office at the Bercy Ministry in Paris, France, October 4, 2016. REUTERS/Jacky Naegelen PARIS U.S. President Donald Trump''s administration poses a grave risk to international trade and Europe will have to stand up to him to prevent the collapse of global economic institutions, French Finance Minister Michel Sapin said on Tuesday. "Our American partner appears to want to take unilaterally protectionist decisions which could destabilise the whole world economy," Sapin said in a speech to an audience of international economists gathered at the French finance ministry. "Decisions by the new U.S. administration are posing a grave risk to the world trade order," he said. "Neither France nor Europe ... can watch helplessly as our economic institutions risk being dislocated," he added. (Reporting by Myriam Rivet; writing by Michel Rose)   Shell to sell North Sea assets to Chrysaor for $3.8 billion LONDON Royal Dutch Shell has agreed to sell a package of oil and gas fields to private equity-backed Chrysaor for $3.8 billion (3.04 billion pounds), giving the Anglo-Dutch group a major boost in its drive to reduce debt following the acquisition of BG Group.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-sapin-idUKKBN15F0RN'|'2017-01-31T15:41:00.000+02:00'
'6e727f73c3f60ec0a4560ec81727481fceb09093'|'Exclusive: Glencore challenges Trafigura by ramping up Russian oil'|'Deals - Tue Jan 31, 2017 - 10:42am EST Exclusive: Glencore challenges Trafigura by ramping up Russian oil The logo of commodities trader Glencore is pictured in front of the company''s headquarters in the Swiss town of Baar November 20, 2012. REUTERS/Arnd Wiegmann/File Photo By Gleb Gorodyankin and Olga Yagova - MOSCOW MOSCOW Glencore ( GLEN.L ) has become the largest buyer of Russian Urals oil from Rosneft ( ROSN.MM ), overtaking rival Trafigura after taking a stake in Russia''s biggest oil major last month, a Reuters analysis of trade data showed. Ivan Glasenberg, Glencore’s chief executive, said last week during a meeting with Russian President Vladimir Putin that the company was studying cooperation with Rosneft in a number of areas, including supplies to India and China. Glencore was able to secure the bigger share of Urals oil after it teamed up with the Qatar Investment Authority (QIA) to buy a 19.5 percent stake in Rosneft. As part of the deal, Glencore was given access to additional Rosneft volumes. This has ended a long streak of dominance in the Urals market for Trafigura, which has been buying crude from Rosneft under two long-term agreements. However, Trafigura remains the biggest buyer of Rosneft crude of all blends after China''s CNPC. Data supplied by traders showed Rosneft increased Urals supplies to Glencore by 300,000 tonnes to 1.2 million tonnes in the Baltic Sea this month, while deliveries to Trafigura fell by 280,000 tonnes from December to 740,000 tonnes. "Rosneft has pinched the volumes for Glencore from Trafigura," said one trader. Rosneft, Glencore and Trafigura declined to comment. As part of the agreement with Glencore and QIA, Rosneft has concluded a deal with a company called QHG Trading, linked to the new shareholders, to supply up to 55 million tonnes of crude in total over a 5-year period. Rosneft will supply QHG Trading with 4.5 million tonnes to 11 million tonnes of oil per year, with the price being set according to a formula pegged to global oil prices. The tie-up with Glencore has allowed Rosneft to start supplying oil to Hungary and Slovakia with Glencore, expanding into new markets. Glencore acquired 160,000 tonnes of Urals to ship oil via Druzhba pipeline to those destinations. Glencore started to receive fuel oil volumes from Rosneft under the new deal in January, a market source told Reuters. Trafigura remains the second largest buyer of oil from Rosneft after China''s CNPC, which receives more than 25 million tonnes of Russian crude oil per year by pipeline under a state agreement. In addition to Urals it also acquires Asia-bound ESPO blend and Sokol. The data supplied by traders showed that Rosneft planned to supply Glencore with a total of 1.36 million tonnes of oil this month, with 1.58 million tonnes of oil going to Trafigura. Rosneft has said it also plans to cooperate closely with Trafigura in international trading and crude oil swaps, including through a joint purchase of Indian refiner Essar Oil last year. (Additional reporting by Dmitri Zhdannikov; Writing by Vladimir Soldatkin; Editing by Alexander Smith) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-russia-rosneft-oil-glencore-idUSKBN15F1Y9'|'2017-01-31T22:42:00.000+02:00'
'91dab28d0fc91a85121053832cffc9f398fae0fa'|'GRAPHIC-Franc breakout points to more tolerant SNB -banks'|'Market News - Tue Jan 31, 2017 - 7:44am EST GRAPHIC-Franc breakout points to more tolerant SNB -banks * Franc hits highest since Brexit vs euro * Chart shows breakout from 18-month range: reut.rs/2jQBKit By Patrick Graham and Ruppert Pretterklieber LONDON/ZURICH, Jan 31 Daily surges in the past week have taken the Swiss franc to its highest against the euro since last year''s vote by Britain to leave the European Union, encouraging German and Swiss bank speculation that the currency will be allowed to rise further. As this chart shows, another half cent jump on Monday in the exchange rate took the franc out of the ranges it has held - with the exception of a two-day blip around the Brexit vote - since the start of August 2015. Commerzbank analyst Esther Reichelt said in a note to clients that the moves were a clear sign the Swiss National Bank is ready to accept a stronger franc, two years after the dramatic removal of a cap on its value. "By doing that, it is playing a dangerous game," she said. "The lower the SNB now allows the euro to fall, the more likely it is that market participants will speculate on it, allowing further franc gains, and the more rapidly the euro rate threatens to fall ..., sooner or later the SNB will have to react with increasing interventions again," she added. The Swiss government last month defended the SNB''s ultra-loose monetary policy - aimed at quelling currency strength - from criticism that negative interest rates hurt banks and pension funds and makes life hard for savers. As well as running negative rates, however, the bank has intervened regularly in currency markets to keep a lid on the franc and protect Swiss exporters from the blow to competitiveness that a stronger currency brings. Banks said that the break below 1.0680 francs per euro, opened the way to a fall towards 1.05. After hitting highs on Monday, the franc dipped to 1.0657 per euro on Tuesday. "Of course the SNB will also pay close attention to the market going forward and will know how to prevent a swift fall (in the rate)," analysts from Switzerland''s Thurgauer Kantonalbank said. "But at the moment the direction is clear. The SNB, which has supported the euro exchange rate on a regular basis, is seemingly all right with a strengthening of the Swiss franc at this point in time." (Writing by Patrick Graham; editing by Mark Heinrich) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/global-forex-franc-idUSL5N1FL3D7'|'2017-01-31T19:44:00.000+02:00'
'1878070c279b0ee9d0e27307c75e20610f3317f6'|'Some firms have confirmed plans for Irish moves post-Brexit - Kenny'|'Business News   2:57pm GMT Some firms have confirmed plans for Irish moves post-Brexit - Kenny Ireland''s Prime Minister Enda Kenny attends a joint news conference with Spain''s Prime Minister Mariano Rajoy (not pictured) at Moncloa Palace in Madrid, Spain, January 12, 2017. REUTERS/Susana Vera DUBLIN Some firms considering moving operations as a result of Britain''s vote to leave the European Union have confirmed they wish to move to Ireland and will make formal announcements in due course, Irish Prime Minister Enda Kenny said on Tuesday Ireland is among a handful of countries competing to take jobs from Britain and its central bank has received 100 "hard enquiries" from London-based companies examining moves. Barclays ( BARC.L ) is preparing to make Dublin its EU headquarters, a source familiar with the matter said last week. "Ireland is very active in talking to interests in London who may wish to change location. It has been confirmed to me that particular companies wish to move to this country and in due course will make their decisions formally," Kenny told parliament. (Reporting by Padraic Halpin; Editing by Mark Potter) Next In Business News London set for largest oil company listing since 2014 price crash LONDON Diversified Gas & Oil, a conventional gas producer in the United States, is set to list on London''s junior AIM market on Friday and raise $50 million, the biggest oil and gas flotation since oil prices started to fall in mid-2014.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-ireland-idUKKBN15F1UT'|'2017-01-31T21:57:00.000+02:00'
'a776c9b9a6067b37b2cb228f1d2914482264f553'|'BRIEF-British Land says 7 Clarges Street office over 80 pct let'|' 16am EST BRIEF-British Land says 7 Clarges Street office over 80 pct let Jan 31 British Land Company Plc : * Lettings at 7 Clarges Street on over 80 pct of office space * Office space at 7 Clarges Street is 83 percent let, having secured terms with Capula Investment Management, Quantum Pacific, Fortress Investment Group * CBRE advised British Land on 7 Clarges Street     (Bengaluru Newsroom: +91 806 749 1136) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FK0X8'|'2017-01-31T14:16:00.000+02:00'
'9d9cf62750229df485eeedf6b60035a6ea510715'|'Trump to meet Novartis CEO, other pharma bosses on Tuesday'|'Tue Jan 31, 2017 - 12:13pm GMT Trump to meet Novartis CEO, other pharma bosses on Tuesday Joe Jimenez, the CEO of Swiss pharmaceutical company Novartis AG, addresses a news conference to present the company''s 2016 results in Basel, Switzerland January 25, 2017. REUTERS/Arnd Wiegmann By John Miller U.S. President Donald Trump, who has accused drugmakers of "getting away with murder" on prices, will meet executives from the pharmaceutical industry at the White House on Tuesday. Switzerland''s Novartis ( NOVN.S ) said its chief executive Joe Jimenez, chairman-elect of the Pharmaceutical Research and Manufacturers of America (PhRMA), would be among those attending, after the White House announced the meeting on Monday. Trump and the Republican-majority Congress, as well as raising concerns over medicine prices, have also begun rolling back former President Barack Obama''s signature healthcare legislation. Jimenez said last week that he wanted to talk to Trump about efforts to develop outcomes-based pricing models, which would pay for clinical results rather than a flat price per pill, as well as plans to replace Obama''s Affordable Care Act (ACA), popularly known as "Obamacare". "I''m in Washington quite frequently, because we have a large government affairs group," Jimenez told reporters at the company''s annual press conference. "Obviously, we would love to in the coming months be able to sit down and talk with the administration about how we can be helpful in what is happening in the U.S. around the Affordable Care Act and also show him some of what we have done in terms of outcomes-based pricing and being a leader in that space." Trump spooked investors in the pharmaceuticals and biotech sectors by saying on Jan. 11, while president-elect, that drug companies were "getting away with murder" on what they charged the government for medicine and that he would do something about it. That prompted PhRMA, the industry''s largest lobbying group, to unveil a new TV marketing campaign last week, called "Go Boldly," to improve its image by focusing attention on strides in research. Company executives, meanwhile, have tried to tread a careful line in defending their industry while expressing optimism that the United States would continue to reward scientific advances. "If you provide true medical differentiation coupled with a strong intellectual property position, I think the U.S. will continue to reward this kind of innovation," Roche ( ROG.S ) CEO Severin Schwan told Reuters this month. "If you don''t offer that then, frankly, I think it is the right thing that prices should come down." (Additional reporting by Eric Beech and Ben Hirschler; Editing by Peter Cooney and Susan Fenton) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-pharmaceuticals-novartis-idUKKBN15F13K'|'2017-01-31T19:12:00.000+02:00'
'cf2bf19c9a395b81793e661f7b263da92fdd10f6'|'Sony shares dip on movie business impairment charge'|'Money  36am IST Sony shares dip on movie business impairment charge FILE PHOTO - A reception staff walks under a logo of Sony Corp at its headquarters in Tokyo February 4, 2015. REUTERS/Yuya Shino/File Photo TOKYO Sony Corp''s ( 6758.T ) shares slid as much as 4 percent on Tuesday to 3,362 yen after the company said it had booked a 112.1 billion yen ($986.97 million) impairment charge on the goodwill value of its movie segment in the quarter ended December. The charge announced on Monday reflects a weaker profit outlook at its home entertainment business as online streaming services sap demand for movie DVDs, the company said. Sony said it will disclose any impact on its earnings outlook for the current fiscal year when it releases its third-quarter results on Feb. 2. (Reporting by Tim Kelly; Editing by Stephen Coates) Next In Money News EXCLUSIVE: India''s health budget may rise after minister warns of funding crunch NEW DELHI India''s health ministry is likely to see a substantial increase in funding, after it warned that its programmes were short of cash and sought more than $1.2 billion in additional money, according to government officials and documents seen by Reuters. RBI lifts ATM cash withdrawal limits from Feb 1 NEW DELHI The Reserve Bank of India (RBI) will remove limits placed on daily cash withdrawals from automated teller machines from Feb. 1 and will also lift all curbs on branch withdrawals from current account, cash credit and overdraft accounts with immediate effect, it said in a circular on Monday.   MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/sony-stocks-fall-idINKBN15F03R'|'2017-01-31T08:06:00.000+02:00'
'31ef70c004701d88428ded396a31eec4ea88025a'|'MOVES-Citi reshuffles top bankers in client relationship focus'|'LONDON Jan 31 U.S. bank Citi is moving several senior investment bankers to client focused roles as part of a reshuffle detailed in an internal staff memo seen by Reuters.David Head, who has led or been co-head of Citi''s financial institutions group (FIG), is becoming Chairman of FIG globally, focusing on expanding relationships in the sector.Brad Coleman, who has co-headed global asset managers (GAM) for the past nine years, will become chairman of GAM.Christian Anderson, head of the diversified financials speciality finance and Anthony Diamandakis, who was responsible for financial sponsor coverage for the Europe, Middle East and Africa (EMEA) region will co-head GAM, the memo said.Mark Shafir, head of technology, media and telecoms (TMT) and co-head of global M&A, will give up his TMT management role, while Herb Yeh and Jan Metzger will head the bank''s global investment banking technology franchise.Media and telecom would be combined into a single "Communications Group" which would be led globally by Gordon Kroft, Dan Richards and Wilhelm Schultz, the memo added.Christina Mohr, who has been in mergers and acquisitions (M&A) at the bank for more than two decades, will become Vice Chairman to further develop "C-suite relationships" referring to a corporation''s most important senior executives.The changes, which were confirmed by the bank, would be effective on Wednesday, the memo said. (Reporting by Dasha Afanasieva; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/moves-citi-promotions-idINL5N1FL3T7'|'2017-01-31T09:30:00.000+02:00'
'2387cf61fbfc907b89b00f4ec2af75ba39155993'|'Fitbit: huffing and puffing'|'Save January 31, 2017 After plunging 16 per cent on a profit warning on Monday, the market value of Fitbit, the fitness tracking company, has fallen below that of fellow consumer hardware struggler GoPro. Both have performed abysmally since going public: GoPro down 55 per cent from the offer price in 2014; Fitbit down 70 per cent since its 2015 listing. Fitbit had looked the better bet. As recently as November, it had been expected to make about $1bn of revenues in the fourth quarter, as customers bought the trackers as gifts to try to shame their loved ones into working off the festive excess. On Monday, after already trimming forecasts once, Fitbit said the quarterly sales were less than $580m. Fitbit now predicts a loss for the entirety of 2017 and revenues of $1.5bn-$1.7bn, even lower than 2015. The statements accompanying this calamity are bafflingly upbeat. It is a “temporary slowdown and transition period”, said James Park, chief executive and founder. Yet this has to be taken almost entirely on faith. You have to believe in Fitbit’s ability to create and dominate a new category of health trackers, foster a real online community from its 23m active users, and make inroads in smartwatches which will provoke a more direct confrontation with the mighty Apple . Indeed, Fitbit admitted its Black Friday sales in the US had been particularly disappointing. That was a time when some retailers were discounting the Apple Watch Series 1 to $200, in line with some Fitbit models that boast fewer features. At least Mr Park’s conviction appears to be genuine. Fitbit has been busy acquiring assets in the past few months, including the software from smartwatch pioneer Pebble. And the depleted valuation is not taxing. The one positive figure in the release is a forecast for a cash balance of $700m at the end of the year. Subtract that from the market capitalisation and it gives Fitbit an enterprise value of just $600m, or 0.4 times 2017 sales. That tracks for disaster; sometimes, though, New Year’s resolutions are kept. Email the Lex team at Sample  '|'ft.com'|'http://www.ft.com/rss/companies/technology'|'https://www.ft.com/content/7c3f6e2a-e745-11e6-967b-c88452263daf'|'2017-01-31T07:45:00.000+02:00'
'a795cd4a07f4d484dd1de18306c657dda4b82dc8'|'Trump protectionism will hurt Germany badly - BDI industry body'|' 16pm GMT Trump protectionism will hurt Germany badly - BDI industry body U.S. President Donald Trump meets with Pharma industry representatives at the White House in Washington, U.S., January 31, 2017. REUTERS/Yuri Gripas -   Germany is one of the world''s leading trading nations, deriving nearly half its gross domestic product from exports. In 2015, the United States became Germany''s top trading partner, overtaking France for the first time since 1961, partly owing to the weakening of the euro caused in part by loose European Central Bank monetary policy. "The consequences (of a protectionist United States) affect us Germans as a leading export and import nation particularly hard," BDI chief Dieter Kempf said in a speech in Berlin. Speaking at the same BDI event, German President Joachim Gauck underlined the importance of business relations with the United States for the German economy, Europe''s largest. "With the inauguration of the new American president, it is to be feared that the country that is the most important sales market for German exports could depart from the principles of free trade," Gauck said. Trump signed an executive order last week formally withdrawing the United States from the 12-nation Trans-Pacific Partnership trade deal. He has also threatened to impose a border tax of 35 percent on vehicles that German carmakers import to the U.S. market. On Tuesday, Trump''s top trade adviser, Peter Navarro, stepped up the pressure, accusing Germany of using a "grossly undervalued" euro to gain a competitive advantage. His remarks drew a rebuff from Chancellor Angela Merkel. Kempf urged business leaders and governments to make the new U.S. administration understand the dangers of protectionism, adding that any attempt to reverse globalisation and retreat into nationalism would put a country on the wrong track. Gauck said that nationalistic approaches and unilateralist tendencies were also on the rise in Europe. "If freedom of trade should be restricted, then our prosperity is also called into question," Gauck warned. Senior German government officials such as Vice Chancellor Sigmar Gabriel have also suggested that German companies should take advantage of any trade opportunities in Asia and South America created by a more protectionist United States. (Reporting by Gernot Heller; Writing by Joseph Nasr and Michael Nienaber; Editing by Gareth Jones and Kevin Liffey)   LONDON British consumers slowed the pace of their borrowing in December for the first time in five months, a potential sign that households might be reining in their spending as last year''s Brexit vote pushes up inflation.  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-bdi-idUKKBN15F2EC'|'2017-02-01T02:16:00.000+02:00'
'fc047e2919b771e575a6f612d9905303e39d6af6'|'CFTC orders two E*Trade units to pay $280,000 civil penalty'|'Business News  17pm EST CFTC orders two E*Trade units to pay $280,000 civil penalty WASHINGTON Chicago-based E*Trade Securities LLC and E*Trade Clearing LLC, units of E*Trade Financial Corp ( ETFC.O ), have agreed to pay a $280,000 civil penalty for failing to comply with record-keeping rules, the U.S. Commodities Trading Commission said in a statement on Thursday. The CFTC said it found that E*Trade Securities units did not preserve and maintain some audit trail logs for their customers and E*Trade Clearing did not preserve and maintain customer audit trail logs after becoming registered as a futures commission merchant. (Reporting by David Alexander; Editing by Eric Walsh) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-e-trade-financl-cftc-idUSKBN15A2CY'|'2017-01-27T00:03:00.000+02:00'
'ccb335c9ebb7738a8ac3714585efda9bfadc5c80'|'Starbucks in crosshairs as Mexico boycott campaign simmers'|'Money News - Sat Jan 28, 2017 - 5:11am IST Starbucks in crosshairs as Mexico boycott campaign simmers A Starbucks logo is seen at a Starbucks coffee shop in Vienna, Austria, December 27, 2016. REUTERS/Leonhard Foeger/File Photo MEXICO CITY Seeking to quell a social media campaign imploring Mexicans to boycott U.S. companies, Starbucks defended itself on Friday, saying it had invested millions in the country, created more than 7,000 jobs, and that its local unit is Mexican-owned. The statement came after disparate social media campaigns directed at U.S. companies based in Mexico gained traction, following U.S. President Donald Trump''s order to build a border wall along the country''s southern border and promise to make Mexico pay for it. In a statement, Starbucks ( SBUX.O ) said its Mexican operator Alsea ( ALSEA.MX ) has some 560 stores across Mexico, representing an investment of 5 billion pesos ($239 million), and sells Arabica coffee beans harvested in the southern Mexican state of Chiapas around the world. Even so, a campaign urged Mexicans not to buy products from the world''s biggest coffee seller, with the hashtag #AdiosStarbucks trending on Twitter earlier this week. Social media users have also called for boycotts of U.S. companies including McDonald''s ( MCD.N ), Wal-mart ( WMT.N ), and Coca-Cola ( KO.N ). Earlier this month, a Mexican state governor said his administration would no longer buy cars from U.S. auto maker Ford ( F.N ), calling on others to do the same after the company abruptly cancelled a planned investment in the country. "It''s time for Mexicans to show what we''re made of," Alejandro Moreno, governor of the southeastern state of Campeche, said. "Actions like this should multiply across the country." On Friday, Mexico''s wealthiest man, Carlos Slim, weighed in on the topic, saying he thought attempts to boycott U.S. companies were wrong. "They are American businesses that have come to invest in Mexico, to give employment in Mexico, to produce in Mexico," Slim said. "What needs to be done really is consuming what the country produces." Shares of Starbucks closed down 4 percent on Friday to $56.12, the lowest level since Jan. 4. ($1 = 20.9100 Mexican pesos) (Reporting by Natalie Schachar and Christine Murray; Editing by Sandra Maler) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/mexico-usa-companies-idINKBN15B2IX'|'2017-01-28T06:41:00.000+02:00'
'11f79fc770fded9de7f28b698eb4364e55a44472'|'Is equity release a good way to pay off your home loan?'|'T he number of people raiding the equity locked up in their home to pay off their interest-only mortgage is set to rocket. But is signing up for an equity release plan a good idea? And what are the other options for those who took out an interest-only deal perhaps 20-25 years ago who are now staring down the barrel of a hefty shortfall?The City watchdog has identified 2017-18 as the first of three “peak periods” when large numbers of interest-only mortgages will mature. It estimated that about 85,000 of these home loans are due for repayment this year, and then the same again next year. This has in turn prompted claims that the equity release market stands to benefit hugely.The Financial Conduct Authority has previously warned that many of those with maturing interest-only mortgages may not have enough money to pay what they owe. With this type of home loan, the borrower agrees to pay off the interest each month but makes no capital repayments. Borrowers are expected to make sure they have an investment plan in place – traditionally an endowment policy – to pay off the debt at the end of the term. However, some people are facing a shortfall because their endowment has underperformed. Others never set anything up and have given little or no thought to how they will repay the capital.Equity release levels hit record high among over-55s Read more What lenders are doing In cases where someone with a maturing interest-only mortgage is unable to repay the capital but doesn’t want to sell their home, their lender will sometimes agree to extend the mortgage term at the same time as switching the loan to a repayment basis. However, because the individual will be paying back capital each month as well as interest, their monthly repayments will be higher.Also, their age may well be a big factor, says David Hollingworth at mortgage broker London & Country. Getting on for half of the people whose interest-only loans are maturing this year and next will be over 65. Some lenders have maximum age caps – often it’s 70 or 75. As Hollingworth explains, a homeowner in this situation might be prepared to make such a switch, but if they are then bumping up against their lender’s maximum age limit, this may shorten the mortgage term to such a degree that it means the monthly payments would be unaffordable.However, he says some lenders are more flexible than others on age, and adds that in some cases it might be possible for the borrower to continue on an interest-only basis.For borrowers with limited options equity release might be a solution.The basics Between 40% and 50% of those with no repayment method should find hope within the equity release marketEquity release is a way for older people – the minimum age is usually 55, sometimes 60 – to get cash out of their property without the need to move home. Typically, there are no monthly repayments. Leading providers include Aviva, Legal & General, More 2 Life and LV=.It can prove an expensive way to borrow because the way these schemes usually work means you end up paying interest on interest, so that over 18 years, say, the total owed can easily double.Generally speaking, for most older people the most financially effective way of releasing equity will be to move to a smaller property or a cheaper part of the country.The most common equity release schemes are mortgage-based products secured against your home and repaid – usually from the sale of the property – when you die or go into long-term care. These are known as “lifetime mortgages” and allow you to take out a loan on your property in return for a one-off lump sum or regular smaller sums. Some products give people the option of paying the interest as they go, says Nigel Waterson, chairman of main trade body the Equity Release Council.How much? The amount you can borrow via equity release usually depends on your age, the value of your property and sometimes your health. Let’s take someone aged 72 with a £300,000 house. They could typically borrow a maximum of £123,000 from Just (the new name for the combined Just Retirement and Partnership Assurance), £114,000 from Aviva, or £96,000 from Hodge Lifetime, according to calculators on their websites.Dean Mirfin at independent specialist firm Key Retirement crunched some numbers for Guardian Money. He says someone who wants to release £60,000 as a lump sum upfront could take an equity release loan with More 2 Life which has an interest rate of 4.26%. After 22 years (the average remaining life expectancy in this scenario) the total amount owing – the loan plus interest – would have swelled to £151,635.Earlier this month Key Retirement published a report showing that last year the average equity release customer accessed nearly £78,000 from their property, with more than one in five using the funds to clear an outstanding mortgage.Warning for grandparents raiding their pension pots to help out family Read more How old? The average age of those releasing equity has risen in recent years and now stands at 72, though Mirfin says: “Because of interest-only we are expecting that to fall. A lot of interest-only mortgages were written to age 65.”The downsides All members of the Equity Release Council offer a “no negative equity guarantee” which means customers will never owe more than the value of their home. But that could still mean your family is left with little or nothing from your property when you die.Also, some people with maturing interest-only mortgages won’t be eligible for equity release. Mirfin says: “Our analysis shows that between 40% and 50% of those with no repayment method should find hope within the equity release market. But some will simply have too high a loan-to-value for existing products to help.”Any other options? Yes, possibly. There is the 55+ Mortgage from retirement specialist Hodge Lifetime which, as the name suggests, is exclusively for over-55s, but isn’t an equity release deal – it’s a standard mortgage where you pay the interest on the loan each month and retain 100% ownership of your property. It’s available for house purchases/remortgages, but can also be used to raise capital – ie, to consolidate existing debts. There are three rates available for the 55+ Mortgage: a two-year fix at 3.1%, a 3.3% five-year fix, and a two-year discounted-rate deal with a pay rate of 2.99%.We are seeing a shift to people gifting an inheritance early because the child needs it now more than everA helping hand Could equity release play a bigger role in helping younger people get on the housing ladder? Not all older people are accessing the value locked up in their home in order to pay off debts. Some are doing it to help their children or grandchildren buy a place of their own.Around 24% of people who released equity in 2016 used the money to help family or friends, according to Key Retirement, a leading firm in the sector. Often this will take the form of cash given to younger family members to help towards a deposit, or to help with the cost of a wedding or university.“We are seeing a shift to people gifting an inheritance early because the child needs it now more than ever,” says Alice Watson, head of marketing for equity release at specialist firm Retirement Advantage.Last summer Key Retirement published research showing that more than two-fifths (44%) of those unlocking equity to pass on to family members were gifting £20,000, 18% were paying out more than £50,000, and 6% more than £100,000. It found that where they were helping someone get a foot on the property ladder, the average amount contributed was £33,350.“Many retirees don’t relish the thought of their children and grandchildren going without, and are happy to step in to ease the financial pressures on families just starting out,” the firm said.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/28/is-equity-release-good-way-pay-off-interest-only-home-loan-capital'|'2017-01-28T14:00:00.000+02:00'
'7a25b21a667359773c12372ff9945d2038cdf8c3'|'Facebook CEO, facing wave of criticism, stops attempt to force Hawaii land sale'|'Business News - Fri Jan 27, 2017 - 5:51pm EST Facebook CEO, facing wave of criticism, stops attempt to force Hawaii land sale left right Facebook CEO Mark Zuckerberg gestures while addressing the audience during a meeting of the APEC (Asia-Pacific Economic Cooperation) Ceo Summit in Lima, Peru, November 19, 2016. REUTERS/Mariana Bazo 1/2 left right Facebook CEO Mark Zuckerberg is seen on stage during a town hall at Facebook''s headquarters in Menlo Park, California September 27, 2015. REUTERS/Stephen Lam/File Photo 2/2 By Alex Dobuzinskis Facing mounting criticism from islanders and local lawmakers, Facebook ( FB.O ) CEO Mark Zuckerberg on Friday revealed he was dropping his legal gambit to force the sale of land tracts on his seafront property on the island of Kauai that are claimed by native Hawaiians. "Upon reflection, I regret that I did not take the time to fully understand the quiet title process and its history before we moved ahead," Zuckerberg wrote in Kauai newspaper The Garden Island. "Now that I understand the issues better, it''s clear we made a mistake," the billionaire added. Zuckerberg had previously tried to secure parcels of land within the property by filing quiet title actions, a legal mechanism used to establish ownership and force a sale of land where inheritance rights stretch back generations and formal documentation is lacking. Hawaii state representative Kaniela Ing, a Democrat, in response to the controversy this week introduced a bill that would require mediation in similar disputes involving native Hawaiians. At the time, the lawmaker likened Zuckerberg''s plans to those of sugar barons who took land from native Hawaiians in the 1800s. Business Insider reported some Hawaii residents planned to protest at Zuckerberg''s property on Saturday. The local news article at the top bore the names of Zuckerberg and his wife, Priscilla Chan, as co-authors but it only had Zuckerberg''s name listed at the bottom. "The right path is to sit down and discuss how to best move forward," their article said. Forbes reported Zuckerberg paid close to $100 million for the 700 acres (283 hectares) on the secluded north shores of Kauai in 2014. "I''ve got to give him (Zuckerberg) the benefit of the doubt and say it looks like he''s sincere and trying to reach out to the community," Ing said. But the lawmaker added that he will not withdraw his bill, saying it was needed to help improve Hawaii''s outdated land laws. A representative for Zuckerberg could not immediately be reached for further comment. Zuckerberg in a previous statement said the estate is made up of several properties and while he worked with majority owners of the tracts to reach a fair deal, he filed the actions to identify all partial owners. "For most of these folks, they will now receive money for something they never even knew they had. No one will be forced off the land," Zuckerberg wrote in the previous statement. (Reporting by Alex Dobuzinskis in Los Angeles; Editing by David Gregorio) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-hawaii-land-idUSKBN15B2GZ'|'2017-01-28T05:51:00.000+02:00'
'bea211ce7a562e52774fcef97880c645e2e3c9f4'|'How artificial intelligence could help make the insurance industry trustworthy - Guardian Sustainable Business'|'W ith its complex rules, fine print and lengthy processes, it’s little wonder that the $1.2tn insurance industry has a poor reputation for trust and customer service. In a recent global survey from accounting firm EY, consumers ranked insurance below banks, car manufacturers, online shopping sites and supermarkets for trustworthiness. A newcomer to the field, New York City-based Lemonade hopes to reverse that reputation by using technology and behavioral science to create a faster and more transparent service.The company is working with Dan Ariely, a professor of psychology and behavioral economics at Duke University, to take antagonism out of its relationship with customers. Lemonade set out to create algorithms that make it easy and quick to sign up and approve claims – in minutes rather than days. By automating the service as much as possible, the company, which sells renters and homeowners insurance, hopes to keep costs low.Is an even smaller New York apartment the key to sustainable living? Read more “Lemonade is fast and transparent rather than slow and opaque,” said David Charron, a lecturer at the Haas School of Business at the University of California at Berkeley. “Their success here will be interesting to watch and may depend on acquiring dissatisfied customers from big insurance companies.”Lemonade launched its initial service in New York last September and earlier this month filed for a license to 46 other states and the District of Columbia. It recently raised $34m from investors including GV (formerly Google Ventures) and General Catalysts, bringing the total to $60m.To demonstrate transparency, and informed by its work with Ariely, the insurance startup publicizes how it divvies up the premiums in running its service. Lemonade makes money by keeping a flat fee of 20% of a customer’s premium. It sets aside 40% mainly for buying reinsurance from firms such as Lloyd’s of London to cover major claims that exceed what the premiums can cover. The remaining 40% will cover claims, with whatever is left going to a charity of the customer’s choice at the end of the year.The company, which is registered as a public benefit corporation , includes the charity component to show it’s not just about making profits. This practice is unusual because an insurance company usually keeps all the profit or pays dividends to its shareholders or policyholders, said Justin Sydnor, a behavioral economist and associate professor of risk and insurance at the University of Wisconsin-Madison.The charity component also helps to minimize fraudulent claims, said Lemonade CEO and co-founder Daniel Schreiber.“When they have a common cause that they’re raising money for, the thinking is that if they make a fraudulent claim, they aren’t hurting the insurance company but rather the charity or organization they have chosen to give back unclaimed money to,” Schreiber said, adding customers could feel extra guilty if they are raising money to benefit their communities, such as a school library or soccer field.The ease of sign-up appealed to Aviv Gadot, 33, who opted for the company’s basic renters coverage of $5 per month. He didn’t previously buy renters insurance because, he said, dealing with insurance companies required filling out “endless paperwork” and took too much time. He also didn’t trust that insurers would treat him fairly: “Their incentive is to keep my money and prevent me from claiming, since it goes directly to their bottom line.”Lemonade is part of a trend by insurance companies to improve how they market their services and serve customers online. Berkshire Hathaway, for example, created AirCare , flight insurance that promises immediate payouts for cancellations, delays and baggage loss. Then there’s UK-based Gaggel, which allows friends and family to put cash aside in the event their loved ones damage or lose their mobile phone.These more tech-focused insurance companies raised $2.6bn in funding last year, according to investment bank Financial Technology Partners.The emphasis on speed and ease of use online also reflects the insurance companies’ desire to attract younger customers. According to a 2014 Swiss Re survey , US consumers under age 44 are more than twice likely to buy life insurance on the internet than those over 65. A similar trend is taking hold in Europe and Latin America. Lemonade declined to disclose the number of customers, but it said that 87% of its customers never bought insurance for their homes before and 81% of them are 25-44 years old.Patagonia, Black Diamond take on Utah officials over public land rights Read more Lemonade is able to screen applicants or claims quickly because its software can quickly pull data and cross-reference information about a particular home or neighborhood from a variety of sources. This reduces the need for the company to ask a lot of information from customers, Sydnor said.The startup created two chatbots based on two of its employees, and it expects its algorithms to learn from interactions with customers to improve service over time. The two employees are available to speak with customers by phone and handle more complex cases.“We only use our claim algorithms to help us reach one single decision: should a claim be handled automatically or not,” said Schreiber. “The algorithms will either pay claims instantly or call in the human to take charge.”In a quarterly performance review posted online , Lemonade noted that five of the six claims from 2016 required human intervention. But it touted a particular claim was handled completely by a chatbot: “The first time ever that a claim was handled solely by artificial intelligence – from triage, through fraud mitigation and down to the actual payment by wire. Start to finish, without involving us humans, all done by AI Jim!”A big challenge for Lemonade will come when it faces a flurry of claims from a major natural disaster, Sydnor said.“When you have 100 large claims to process in a town, it may be challenging to meet your customers’ needs with a very small claims-adjuster team,” he added. “On the other hand, there may be ways to improving communications and making initial payments using AI that will make Lemonade faster and more responsive in those times.”'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jan/28/insurance-company-lemonde-claims'|'2017-01-28T22:00:00.000+02:00'
'51ec6d1de97d4e517d5145cead72f6d6c2d4ec1d'|'London set for largest oil company listing since 2014 price crash'|'Business News - Tue Jan 31, 2017 - 1:12pm GMT London set for largest oil company listing since 2014 price crash By Karolin Schaps - LONDON LONDON Diversified Gas & Oil, a conventional gas producer in the United States, is set to list on London''s junior AIM market on Friday and raise $50 million, the biggest oil and gas flotation since oil prices started to fall in mid-2014. Diversified, which produces 4,700 barrels of oil equivalent per day mainly in the U.S. states of Ohio and Pennsylvania, said it will pay shareholders 40 percent of operating cashflow as dividend by June 30. The flotation, bringing the company''s market capitalisation to $86.4 million (£69.17 million), will be the largest London oil and gas IPO since the listing of Savannah Petroleum ( SAVP.L ) in August 2014, which also raised $50 million. Since then, London listings in the sector have been small deals as a dip in oil prices dried up investor interest in niche oil and gas companies. Savannah, a Nigeria-focused oil explorer, has lost 53 percent of its stock market value since its listing. Diversified will place each share at a price of 65 pence. Miraubaud Securities, which acts as broker for Diversified, said the company was well-placed to continue buying low-cost conventional gas acreage in the U.S. as larger companies focus on unconventional shale gas assets and sell off traditional assets. "When the commodity cycle turns, infill wells can be drilled quickly and cheaply and have a high probability of success," Mirabaud said. Diversified, which was founded in 2001 by Rusty Hutson, who remains its chief executive, said its average operating costs were around $9.5 per barrel of oil equivalent. Diversified said it had chosen to list in London because the United States has no comparable junior market. (Editing by Louise Heavens, editing by Louise Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-diversified-ipo-london-idUKKBN15F1JJ'|'2017-01-31T20:12:00.000+02:00'
'ef352edc4cf0a0933c176386164bd4e9a573f0f5'|'U.S. consumer confidence eases off 15-year high; wage growth modest'|'Business News   6:35pm GMT U.S. consumer confidence eases off 15-year high; wage growth modest A woman shops at The Grove mall in Los Angeles November 26, 2013. REUTERS/Lucy Nicholson By Lucia Mutikani - WASHINGTON WASHINGTON U.S. consumer confidence retreated from a 15-year high in January likely as some of the election euphoria fizzled, but households remained upbeat about the labour market, suggesting that the economy would continue to grow this year. Other data on Tuesday showed an acceleration in house prices in November, which should further boost household wealth and support consumer spending even as wage growth remains moderate. Consumer sentiment surged in the aftermath of Donald Trump''s election as president last November. The jump was in tandem with a stock market rally as both consumers and investors focussed on Trump''s pledge to cut taxes and reduce regulations, policy proposals that have been viewed as pro-business and favourable for economic growth. "The moderation in consumer optimism is likely attributable to a return to normalcy following the typical bounce in confidence that follows a presidential election," said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Kalamazoo, Michigan. "The bottom line is that the consumer sector is still... poised for further spending growth in the coming months, providing a key support to the economy as a whole." The Conference Board said its consumer confidence index fell to 111.8 this month from an downwardly revised reading of 113.3 in December, which was still the highest since August 2001. The index was previously reported at 113.7 in December. While consumers'' assessment of current business conditions improved sharply this month, they were less confident about the outlook. Some economists said consumers were likely opting for caution until the Trump administration offers more details on the fiscal stimulus, especially tax cuts. "The Trump rally effect on consumer''s hearts and minds is starting to fade as it is apparent this administration will face a rocky road if it does not tone down its harsh rhetoric," said Chris Rupkey, chief economist at MUFG Union Bank in New York. "The longer it takes the Trump administration to come out with specific proposals and programs to make America great again, consumers will continue to stay cautious." The survey''s so-called labour market differential, derived from data on respondents'' views on whether jobs are plentiful or hard to get, rose to 5.9 percentage points from 3.3 points in December. This measure, which closely correlates to the unemployment rate in the Labour Department''s employment report, suggests that the jobless rate and labour market slack could decline further this year. The reports were released ahead of the start of the Federal Reserve''s two-day policy meeting on Tuesday. The U.S. central bank, which has forecast three rate hikes this year, is not expected to raise rates at this week''s meeting. The Fed hiked its benchmark overnight interest rate in December to a range of 0.50 percent to 0.75 percent. TRUMP ROILS MARKETS U.S. financial markets were little moved by the data, with investor attention focussed on comments by Trump, which appeared to express concerns about the value of the dollar. In comments directed to the pharmaceutical industry, Trump said currency devaluation by other countries had increased drugmakers'' outsourcing of their production and called on the companies to make more of their goods in the United States. The dollar fell against a basket of currencies, while prices for U.S. government bonds rose. Stocks on Wall Street were trading lower, with investors continuing to fret over Trump''s isolationist policies, including travel restrictions to the United States which sparked protests across U.S. cities and criticism from several corporate leaders. Other data on Tuesday showed the S&P CoreLogic Case-Shiller composite index of home prices in 20 metropolitan areas increased 5.3 percent in the 12 months to November after rising 5.1 percent in October. While the acceleration in house prices offers a boost to households, it could restrain home sales. Mortgage rates have risen above 4 percent, while wage growth remains moderate. In a third report, the Labour Department said wages increased 0.5 percent in the fourth quarter after a similar gain in the previous period. That slowed the year-on-year rate of increase to 2.3 percent from 2.4 percent in the year to September. While the quarterly data continues to show moderate wage growth even as the labour market tightens, anecdotal evidence points to an acceleration amid efforts by companies to retain and attract skilled workers. Minimum wage increases being implemented by some states are also boosting wage growth. The Fed''s latest Beige Book showed wages in some districts were being pushed up "a bit" by increases in the minimum wage and that most districts reported that wage pressures had increased. The Fed said information from many districts indicated that labour markets were expected to "continue to tighten in 2017, with wage pressures likely to rise." According to data from job site Glassdoor, wages rose 2.9 percent year-on-year in December, matching the increase in average hourly earnings reported by the government in last month''s employment report. The Atlanta Fed''s "Wage Growth Tracker" shows wages increased 3.5 percent year-on-year in December. "With a near-record job openings and a 4.7 percent unemployment rate, it''s unlikely much slack remains," said Andrew Chamberlain, Glassdoor''s chief economist. "While it''s true many working-age Americans have left the labour market in recent years, and those sidelined workers may be depressing wages somewhat, we expect wage growth to accelerate during the first half of 2017." (Reporting By Lucia Mutikani; Editing by Andrea Ricci) Next In Business News Banks must plan for ''hard'' Brexit, industry report warns LONDON Global banks must plan for a "hard" Brexit or risk breaching regulatory requirements and disrupting business, according to an industry report seen by Reuters, the first since Prime Minister May said she would take Britain out of the single market.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN15F2CB'|'2017-02-01T01:35:00.000+02:00'
'55e060b2bef22a1bfddb149e310999e52e334e1a'|'Oil jumps as OPEC cuts output, dollar dives'|'Business News   6:39pm GMT Oil jumps as OPEC cuts output, dollar dives Pump Jacks are seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson By Devika Krishna Kumar - NEW YORK NEW YORK Oil prices rose more than 1 percent on Tuesday after news that the world''s top producers cut production this month more than forecasters had expected and as the dollar sank. A Reuters survey showed that the Organization of the Petroleum Exporting Countries in January achieved 82 percent compliance with its promised production cuts, well above most market forecasts. "This is very high, a good number," an OPEC source said of the January compliance estimate. The dollar .DXY was down by 0.9 percent versus a basket of currencies, boosting greenback-denominated oil. The dollar was on course for its biggest monthly decline since March. [USD/] Brent crude oil LCOc1 for March was up 58 cents a barrel at $55.81 by 1:20 p.m. EST (7.00 p.m. BST). Brent for April delivery was up as much as 2 percent at the session high. U.S. light crude CLc1 was up 76 cents at $53.39. Prices pared gains slightly after Iraqi Prime Minister Haider al-Abadi said oil prices will not reach "levels desired" by Iraq before the end of 2018 or 2019. Both benchmarks have traded within narrow ranges over the last two months, since OPEC and other big exporters agreed to cut output by almost 1.8 million bpd in an attempt to clear a global glut. "Direct oil market fundamental news seemed more mixed, with Iran claiming output in line with its OPEC agreement when the production level cited was still more than 100,000 bpd above its target and U.S. refiners still shutting more units for planned maintenance work," Tim Evans said. Iran, which was allowed to raise output under the OPEC deal because sanctions had crimped past supply, pumped an additional 20,000 bpd. "March Brent crude oil, February heating oil (ULSD) HOc1, and February RBOB gasoline futures RBc1 all expire today and so book squaring will also be a feature," Evans added. The more active Brent crude futures for April delivery LCOc2 rose nearly 2 percent before paring gains slightly to trade 89 cents higher at $56.21 a barrel. After an initial price rise on hopes that markets would rebalance quickly, Brent and U.S. crude futures have been pressured by evidence of higher U.S. oil drilling and forecasts of a rebound in shale production. U.S. shale output is slowly increasing, helping keep a lid on prices. Brent has been close to $55 a barrel and U.S. crude not far from $52.50 for most of January. U.S. oil production C-OUT-T-EIA has risen by 6.3 percent since July last year to almost 9 million bpd, according to data from the U.S. Energy Information Administration. Strength in Brent versus U.S. crude also pushed the spread to the widest in nearly a year. (Additional reporting by Christopher Johnson in London and Henning Gloystein in Singapore; Editing by David Gregorio) Next In Business News Banks must plan for ''hard'' Brexit, industry report warns LONDON Global banks must plan for a "hard" Brexit or risk breaching regulatory requirements and disrupting business, according to an industry report seen by Reuters, the first since Prime Minister May said she would take Britain out of the single market.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN15F04M'|'2017-02-01T01:39:00.000+02:00'
'87153bdc0eac4608eb6675a19e1d46f9d19c0331'|'Discovery and Sky reach deal in the UK, ending blackout risk'|'Discovery Communication Inc''s ( DISCA.O ) UK unit on Tuesday said it had reached a new carriage deal with Sky Plc ( SKYB.L ), ending an impasse over pricing that had risked a blackout of all Discovery channels from Sky''s platform.Less than a week ago a representative for Sky said that the pay-TV company viewed the price expectations for the Discovery portfolio as unrealistic, saying Sky had overpaid Discovery for years. Discovery said it was paid less by Sky now than it was 10 years ago.All 12 channels in the Discovery portfolio would have disappeared from Sky and NOW TV after Jan.31 if no deal had been reached."The deal has been concluded on the right terms after Discovery accepted the proposal we gave them over a week ago," Stephen van Rooyen, CEO of Sky UK and Ireland, said in an e-mailed statement to Reuters.The deal also includes Discovery''s four pay-TV channels in Germany, Discovery UK said."Our new arrangement enables us to control our destiny in more ways, with even more opportunities to invest and launch channels and consumer services," a Discovery spokesperson said in a statement.(Reporting by Parikshit Mishra in Bengaluru; editing by Richard Lough)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-discovery-communications-sky-deals-idINKBN15F2JO'|'2017-01-31T18:25:00.000+02:00'
'9bb509a110add13ff83293cbaa097e8fe486a823'|'Brazil court upholds decision blocking Petrobras plan for fuels unit'|'Company News  38pm EST Brazil court upholds decision blocking Petrobras plan for fuels unit SAO PAULO Jan 31 A Brazilian federal court rejected an appeal by state-controlled oil firm Petrobras and upheld a decision blocking the company''s plan to sell a stake in fuels distribution unit BR Distribuidora, according to a court document seen by Reuters on Tuesday. Petrobras was trying to revamp the sale process of the unit to share control with the buyer, after failing to sell a minority stake. Analysts at UBS Securities had estimated BR Distribuidora to be worth around $10 billion. (Reporting by Marta Nogueira; Writing by Marcelo Teixeira; editing by Diane Craft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-divestiture-court-idUSE6N1CG04J'|'2017-02-01T02:38:00.000+02:00'
'4939dbdca3f787415265ef00ad72984e2ceef9ad'|'GNC out of Super Bowl after NFL nixes advertisement'|'Company News  30pm EST GNC out of Super Bowl after NFL nixes advertisement By Tim Baysinger Jan 31 GNC Holdings Inc will not advertise during Sunday''s Super Bowl after the National Football League rejected the retailer''s advertisement due to its policy against promoting supplements, the league and GNC confirmed on Tuesday. Fox has been commanding an average of $5 million per 30 seconds of air time, and GNC''s spot was supposed to kick off the company''s turnaround effort. Sales at the vitamin retailer have dropped consistently, including an 8.5 percent fall in same-store sales in domestic company-owned stores during the third quarter of 2016. During the quarterly earnings call, interim CEO Robert Moran described GNC as having "a badly broken business model in need of change." The company closed all its stores for one day in December to re-launch its pricing structure to align in-store and online purchases. "While we are disappointed by Fox Sports/NFL''s late-in-the-game decision to exclude our ad from the Super Bowl, we continue to be excited about the campaign," Jeff Hennion, GNC''s chief marketing officer, said in a statement. The company had released a trio of online teasers for the commercials, which featured inspirational voiceovers of a boxer, a drummer and a swimmer. Hennion added that the campaign will still run on other media outlets. According to USA Today, which first reported the ad''s rejection, GNC is listed under "prohibited companies" on a memo from the NFL and its players union because the company is associated with substances banned by the league. "We have told the network it may not air in Super Bowl or any NFL programming," an NFL spokesperson told Reuters in an email. "This was communicated to the network several weeks ago." While Fox sells the commercial time for the game, the league has final say over advertising during its biggest event. Fox does not comment on which brands buy commercial time during the Super Bowl. It was not clear why, if the league has a policy against advertising supplements, GNC was allowed to buy a spot in the first place. Fox declined to comment. "The NFL is one of many sports governing bodies, all with specific and widely varying policies. At GNC, we follow FDA regulations and our own strict standards," Hennion added in his statement. (Reporting by Tim Baysinger; Editing by Dan Grebler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nfl-superbowl-gnc-idUSL1N1FL1X4'|'2017-02-01T04:30:00.000+02:00'
'a5278daddb5d62e8d9fa314259e755da38a857b1'|'ECB could play role in setting up pan-European debt issuance service'|'Business News - Tue Jan 31, 2017 - 12:42pm GMT ECB could play role in setting up pan-European debt issuance service FRANKFURT The European Central Bank could play an active role in setting up a uniform, pan-European security issuance service aimed at cutting costs and reducing fragmentation within the currency bloc, ECB Executive Board member Yves Mersch said on Tuesday. "It may be worth exploring the establishment of a truly European issuance service – at least for some supranational debt instruments," Mersch told a conference. "We could even think about the ECB/Eurosystem playing an active role in setting up such an issuance service." Mersch added that the ECB could even consider using blockchain technology, originally developed for the bitcoin virtual currency, which uses a decentralized networks to verify transactions, reducing the need for intermediaries, lowering costs and speeding up transactions. (Reporting by Balazs Koranyi; Editing by Robin Pomeroy) Next In Business News Exclusive: Japan eyes U.S. job, investment initiative ahead of Abe-Trump summit TOKYO Japan is hammering out plans to show U.S. President Donald Trump its firms are ready to create U.S. jobs, according to a document whose contents were revealed to Reuters, as Prime Minister Shinzo Abe prepares for a summit where automotive trade will be high on the agenda.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-policy-mersch-idUKKBN15F1GJ'|'2017-01-31T19:35:00.000+02:00'
'da31b27f3806d17f596bb6d5c3db4bcbb95e6c82'|'Saudi Arabia signals end of tax-free living as oil revenues slump - World news'|'Tax-free living will soon be a thing of the past for Saudis after its cabinet on Monday approved an IMF-backed value-added tax to be imposed across the Gulf following an oil slump.A 5% levy will apply to certain goods following an agreement with the six-member Gulf Cooperation Council in June last year.Residents of the energy-rich region had long enjoyed a tax-free and heavily subsidised existence but the collapse in crude prices since 2014 sparked cutbacks and a search for new revenue.Saudi Arabia is the world’s biggest oil exporter and the largest economy in the Arab region. It froze major building projects, cut cabinet ministers’ salaries and imposed a wage freeze on civil servants to cope with last year’s record budget deficit of $97bn. It also made unprecedented cuts to fuel and utilities subsidies.The kingdom is broadening its investment base and boosting other non-oil income as part of economic diversification efforts and aims to balance its budget by 2020.The cabinet “decided to approve the unified agreement for value-added tax” to be implemented throughout the Gulf Cooperation Council (GCC), the official Saudi Press Agency said. “A royal decree has been prepared,” it said.The move is in line with an International Monetary Fund recommendation for Gulf states to impose revenue-raising measures including excise and value-added taxes to help their adjustment to lower crude prices which have slowed regional growth.The GCC countries have already agreed to implement selective taxes on tobacco, and soft and energy drinks this year.'|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/world/2017/jan/31/saudi-arabia-tax-approved-oil-revenues-slump'|'2017-01-31T09:51:00.000+02:00'
'259c09c0f0bcf722713ad75f8c4e8174cc8ca524'|'UN Security Council due to discuss suspected Iran missile launch'|'Industrials -  23am EST UN Security Council due to discuss suspected Iran missile launch UNITED NATIONS Jan 31 The United Nations Security Council scheduled "urgent consultations" for Tuesday to discuss what a U.S. official said was Iran''s weekend test launch of a medium-range ballistic missile. The consultations, called for by the U.S. government, are scheduled to be held after the Council''s scheduled meeting on Syria. A U.S. official, speaking on condition of anonymity, said on Monday that Iran test-launched on Sunday a medium-range ballistic missile that exploded after traveling 630 miles (1,010 km). Iran''s Foreign Minister Javad Zarif neither confirmed nor denied a missile launch. He added that Tehran would never use its ballistic missiles to attack another country and that its missile tests are not part of a nuclear accord with world powers or a U.N. Security Council resolution endorsing the deal. That resolution, ratified in a July 2015 accord between Iran and six world powers under which it scaled back its nuclear program to defuse concerns it could be used to make atomic bombs, provided Tehran relief from crippling economic sanctions. (Reporting by Ned Parker; Editing by Paul Simao) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/iran-un-missiles-idUSL1N1FL0LH'|'2017-01-31T20:23:00.000+02:00'
'4ee2584ec45aa123904cdfe19947328652d82a14'|'Ex-UBS and Citigroup trader jailed over Libor seeks review of case - Business'|'The jailed City trader Tom Hayes is to submit his case to the Criminal Cases Review Commission (CCRC) in an effort to demonstrate his conviction for rigging the Libor interest rate is “unsafe”.The move, which could be made as soon as Tuesday, comes after the former UBS and Citigroup employee failed in a previous attempt to have his conviction overturned , and was then blocked last year from appealing to the supreme court .Hayes, the first person convicted of rigging Libor (the London interbank offered rate), had originally confessed to the Serious Fraud Office (SFO) to running a “dishonest” scheme and agreed to cooperate with the agency. He then changed tack, pleaded not guilty and was convicted in August 2015.The former trader claims he felt under pressure to originally admitting guilt in order to avoid being extradited to the US, where he was wanted to face similar charges, and that the court did not take into account his autism when convicting him.Libor scandal: the bankers who fixed the world’s most important number - Liam Vaughan and Gavin Finch Read more In his latest effort to overturn his sentence, Hayes is asking the CCRC to review “evidence still coming to light and [that] was not available to the jury at my original trial”.In a letter to the Guardian sent from Lowdham Grange prison in Nottinghamshire, Hayes outlined key planks of his defence as well as writing about the personal price he continues to pay, including missing key moments as his young son grows up.“It is my case that little or no independent investigation was constructed by the SFO, which failed to obtain evidence that might exonerate me.” He cites 8m documents he claims are located at UBS headquarters in Switzerland.“As a result I was convicted and given a 14-year prison sentence, later reduced to 11 years – one of the longest any British court has handed out to a nonviolent offender,” he added. “Those senior to me were exonerated by the regulator and have never been interviewed by the Serious Fraud Office .”The SFO said Hayes had independent legal advice at all times when dealing with the agency, while a number of the issues he is raising were dealt with at trial or during his subsequent unsuccessful appeal against conviction.During his City career, Hayes did not submit Libor rates – which are determined by collating a range of submissions from investment banks – but he was convicted because the crown alleged he had been the ringleader in manipulating those who did . In his letter to the Guardian, Hayes continued: “The only time Libor rates were dishonest and inaccurate was during what became known as the ‘lowballing’ period, when senior bankers and central bankers conspired to mislead investors about the banks’ solvency [by suggesting that they could borrow money cheaper than they really could in order to camouflage fears banks’ finances were under strain].”Facebook Twitter Pinterest Tom Hayes with his wife, Sarah. Photograph: Leon Neal/AFP/Getty Images During the trial, Andrew Thursfield, a senior manager at Hayes’s final employer, Citigroup , told the court that the bank did not engage in lowballing “to the best of my knowledge”.However, last year Citibank settled charges with the US Commodity Futures Trading Commission that included “the false reporting of US dollar Libor at times to avoid generating negative media attention and to protect its reputation during the financial crisis from the spring of 2008 through the summer of 2009”.Hayes concluded: “I spent Christmas 2016 in prison, as I did the last, desperately missing my family. As was the case last year, the camaraderie and support of my fellow inmates along with support from the church helped me to cope through the festive season, happy for most but incredibly sad inside. I was devastated that I did not see my young son open his presents on Christmas morning.“This year my son started school, and I continue to watch from the sidelines as he grows up into a child I am deeply proud of. But as I remain trapped in a high security prison, my son is slowly forgetting how it feels to have his father in his daily life. I tell him on every prison visit that I won’t stop fighting to get the truth out, and to win my freedom so I can return home.”The CCRC typically refers about 3.5% of all applications to the appeal courts, which decide on whether the conviction is unsafe or the sentence unfair.UBS and Citigroup declined to comment.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/31/ex-ubs--citigroup-trader-libor-review-tom-hayes'|'2017-01-31T14:00:00.000+02:00'
'bf4b48011ea6449af50063bdcbd7416f5eae1e23'|'Oil prices won''t reach ''desired level'' before 2018, Iraq says'|'Energy - Tue Jan 31, 2017 - 11:37am EST Oil prices won''t reach ''desired level'' before 2018, Iraq says BAGHDAD Jan 31 Oil prices will not reach "levels desired" by Iraq before the end of 2018 or 2019, Iraqi Prime Minister Haider al-Abadi said on Tuesday in Baghdad. "Demand has increased and this has helped raise the prices but it won''t return to the level of 2013" when crude exceeded $100 a barrel, he told a news conference. "Oil will not reach a desired level before 2018 or 2019," he added, without indicating Iraq''s desired price. Iraq is OPEC''s second-largest crude producer, after Saudi Arabia. (Reporting Saif Hameed; Editing by Ruth Pitchford) Next In Energy UPDATE 2-Exxon Mobil boosts capital budget by 14 pct; profit tops estimates HOUSTON, Jan 31 Exxon Mobil Corp, the world''s largest publicly traded oil producer, boosted its 2017 capital budget on Tuesday by about 14 percent, betting that crude prices will continue to rise and that OPEC will honor its production curtailment agreement.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/iraq-oil-crude-idUSL5N1FL5WJ'|'2017-01-31T23:37:00.000+02:00'
'8e3abe5725612e382cf1b71be03a1f9519da4402'|'BOJ set to hold fire, seek to dispel tapering fears'|'  2:31am GMT BOJ set to hold fire, seek to dispel tapering fears A Japanese flag flutters atop the Bank of Japan building in Tokyo, Japan, September 21, 2016. REUTERS/Toru Hanai/File Photo By Leika Kihara - TOKYO TOKYO The Bank of Japan is set to maintain its massive monetary stimulus on Tuesday and reassure markets any reversal of its ultra-loose policies is some time off, as recent global bond yield gains test its policy of controlling the yield curve. Markets are also focusing on what BOJ Governor Haruhiko Kuroda has to say on U.S. President Donald Trump''s protectionist trade stance, particularly with Trump taking direct aim at Japan''s powerful auto industry - a mainstay of its economy. "It would be very problematic if protectionism spreads, but I don''t think that will happen," Kuroda said earlier this month in Davos, Switzerland, pointing to strong commitments G7 and G20 nations have made to promoting global trade. At a two-day rate review ending on Tuesday, the BOJ is set to maintain a pledge to guide short-term rates at minus 0.1 percent and the 10-year bond yield to around zero percent. Global bond yields have risen on expectations that Trump''s pledge of big infrastructure spending could lead to higher U.S. inflation, putting upward pressure on Japanese long-term rates. Japanese government bond yields spiked last week after the BOJ skipped a much-anticipated auction to buy short-term debt on Wednesday, stoking fears it may taper its asset-buying programme earlier than expected. At his post-meeting briefing, Kuroda will likely seek to allay such concerns by stressing the BOJ''s resolve to maintain its ultra-easy policies until inflation exceeds 2 percent. NEW CHALLENGES Data released on Tuesday showed factory output rose for a second straight month in December as automakers boosted production. Manufacturers surveyed by the government expected output to rise in coming months, offering some relief for the BOJ which will also conduct a quarterly review of its growth and price forecasts at the meeting. Its nine-member board is likely to raise its growth estimates for the coming years, as exports rebound on brightening prospects for the global economy. But the central bank is likely to make only minor, if any, upward revisions to its already optimistic inflation forecasts despite external headwinds that push up prices, such as a rebound in oil prices and rising import bills from a weak yen. With domestic demand still weak, many central bankers remain wary on whether price rises driven by external factors could transform into sustained price growth. Japan''s growth remained anaemic in the first half of last year as consumption slumped. But a pick-up in global demand has helped exports recover, giving rise to market bets the BOJ''s next move may be to hike - not cut - rates. The BOJ was forced to revamp its policy last September into one targeting interest rates, rather than the pace of its money printing, after more than three years of aggressive bond buying failed to accelerate inflation to its 2 percent target. But the new framework, dubbed "yield curve control" (YCC), has brought new challenges. With markets accustomed to huge bond buying by the BOJ, any sign of slowdown in its purchases has prompted market speculation it could withdraw stimulus. The central bank''s task has been made more difficult by a loose commitment it will continue to buy Japanese government bonds (JGB) at the current volume, so that the balance of its holdings increases at 80 trillion yen ($699 billion) per year. The BOJ was on course to buy the smallest amount of JGBs in more than two years in January, fanning suspicions it might gradually reduce its purchases. (Additional reporting by Minami Funakoshi; Editing by Eric Meijer) Next In Business News Catastrophe tests show capital risks to London insurers LONDON A major $200 billion (160.22 billion pounds) loss from a combination of a cyber attack, U.S. hurricane and the failure of a reinsurer could strip insurers of up to 120 percent of their net capital base, tests of insurers in London showed. From north to south, euro zone economy steams into 2017 LONDON The euro zone economy has kicked off the year robustly, data from the Baltic to the Mediterranean showed on Monday, evidence for the European Central Bank that its massive cash stimulus is working but also posing questions about what comes next. NEW YORK/FRANKFURT Deutsche Bank AG has agreed to pay $425 million (340.46 million pounds) to New York''s banking regulator over a "mirror trading" scheme that moved $10 billion out of Russia between 2011 and 2015, the regulator said on Monday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN15F06D'|'2017-01-31T09:31:00.000+02:00'
'2b87485060d41b3c09bccb0351560764e0f1e4a8'|'Asia targets tourism, education boost from Trump travel ban'|'  3:17am EST Asia targets tourism, education boost from Trump travel ban By Praveen Menon and Pairat Temphairojana - KUALA LUMPUR/BANGKOK KUALA LUMPUR/BANGKOK Jan 31 Seeking to capitalise on U.S. President Donald Trump''s controversial new travel restrictions, companies and officials in Asia said they would target greater tourism and education ties with Muslims worried about the curbs. Trump''s Friday directive put a 120-day hold on allowing refugees into the country, an indefinite ban on refugees from Syria and a 90-day bar on citizens from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen. In Muslim-majority Malaysia, the group CEO of Asia''s largest budget airline, AirAsia, suggested countries in the 10-member Association of Southeast Asian Nations (ASEAN) could cash in. "With the world now getting more isolationist it''s time for ASEAN to start making it easier for tourists to come," Tony Fernandes said in a tweet on Tuesday. Malaysia is a popular destination for tourists from the Middle East, with nearly 200,000 arriving in 2016 from countries including the United Arab Emirates, Saudi Arabia, Iraq and Qatar. The country is also a key destination for medical tourism and halal tourism, with food and other products largely halal-certified. In neighbouring Thailand, tourism officials said the U.S. ban could lift visitor numbers. "The Middle East is a big market for us, especially in the medical tourism sector. They may choose to visit Thailand more and this may also boost our sector," Tourism Authority of Thailand Governor Yuthasak Supasorn told Reuters. SAFETY AND SECURITY Trump has presented his ban as a way to protect the United States from Islamist militants, but it has been condemned by a growing list of foreign leaders and drawn protests by tens of thousands in American cities. With concerns about safety and security building, some Asians were reconsidering U.S. travel plans and seeking alternatives, even though their countries were not subject to the restrictions. "When you want to travel, especially for leisure, then you want peace of mind," said Alicia Seah, director of public relations and communications at Singapore''s Dynasty Travel. "Right now people are planning for their March-April onwards travel. They will put their travel plans (to the United States) on hold at this juncture in time." Singaporeans may either chose to travel to the United States later in the year or explore alternative locations such as Australia, New Zealand, Canada or within Asia, she said. TOUGHER VETTING Trump has argued tougher vetting of immigrants is needed to protect America from attacks, but critics complain that his order unfairly singles out Muslims and defiles America''s historic reputation as a welcoming place for immigrants. Keysar Trad, president of the Australian Federation of Islamic Councils, said Trump''s travel restrictions were not only hurting innocent people but were "bringing great damage to his own economy and to the standings of Americans internationally". "Everyone who has relatives in America, whether they are from the countries listed or not, they are petrified of what this man is going to do to America and to their relatives," Trad told Reuters. Some education providers had seen early signs of an impact. Rod Jones, CEO of Australian-listed education firm Navitas Ltd, said the company had seen a downturn in inquiries for their U.S.-based English language courses. "We have started to see students back off from the U.S. because of their concerns about potential issues they may face," Jones told analysts on an earnings call. "But they still want to go somewhere," Jones added, identifying Canada and Australia as important alternatives. "The Canadian Prime Minister has come out and said ''if the U.S. doesn''t want you, we''d love to have you'' and I think it is the approach of Australia too." Aulia Adila, 24, a young professional in the media industry in Jakarta, had been considering the United States as an option for postgraduate study. "When Trump had a chance of winning the election this made me reconsider going to the States to study. Now that he won, and with the Muslim ban and the new migrant policy, it''s becoming even more impossible and unsafe to be in America," Adila said. "I''m considering another country where I''ll feel safe." (Additional reporting by Fransiska Nangoy and Ben Weir in Jakarta, Aradhana Aravindan in Singapore, Colin Packham and Claudia Farhart in Sydney; Writing by Lincoln Feast; Editing by Alex Richardson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-immigration-asia-idUSL4N1FL0UV'|'2017-01-31T15:17:00.000+02:00'
'0573655d0dd10f646216f13971e93386f17df0be'|'French election poses "greatest existential risk for Europe" - Credit Suisse'|'Business News - Tue Jan 31, 2017 - 6:52am GMT French election poses "greatest existential risk for Europe" - Credit Suisse Francois Fillon, member of Les Republicains political party and 2017 presidential candidate of the French centre-right, and his wife Penelope attend a political rally in Paris, France, January 29, 2017. REUTERS/Pascal Rossignol PARIS France''s presidential elections pose the "greatest existential risk for Europe," Credit Suisse strategists said on Tuesday, although they added that supportive European Central Bank (ECB) policies could limit the elections'' impact on the market. The Credit Suisse team said a victory for French conservative candidate Francois Fillon - currently under pressure over allegations that his wife had been paid for fake jobs - would be "very positive" for the French economy. They added that they considered centrist candidate Emmanuel Macron, who has been gaining ground in opinion polls, as a "reformist and a positive for the French economy." Credit Suisse also said that even if far-right leader Marine Le Pen won, her powers could be limited as her party was unlikely to have a majority in the lower house of parliament. A poll published on Jan 29 for French newspaper Le Figaro showed Marine Le Pen would come first in the election''s first round in April with 25 percent of the votes, while Fillon would garner 21-22 percent and Macron 20-21 percent. In the runoff on May 7, both Fillon and Macron were seen winning if either was pitted against Le Pen, while Macron would beat Fillon in the knockout, the poll added. (Reporting by Sudip Kar-Gupta; Editing by Michel Rose) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-france-election-markets-idUKKBN15F0I4'|'2017-01-31T13:52:00.000+02:00'
'042d21a48c04553b26a0e646cc6c69efd24aa615'|'UK energy supplier SSE loses another 50,000 customers'|'Business News   7:25am GMT UK energy supplier SSE loses another 50,000 customers LONDON Britain''s second-biggest energy supplier SSE ( SSE.L ) continued losing customers in the third quarter of its financial year, while still and wet weather meant output from its renewable energy plants fell 20 percent year on year, it said on Tuesday. The supplier maintained its full-year earnings per share and dividend guidance, however. SSE, which has frozen household energy prices this winter, said it lost another 50,000 customer accounts in the three months to Dec. 31, leaving a total of 8.08 million, in line with customer losses seen earlier in the year. SSE said renewable energy production was 5.1 terawatt-hours (TWh) in the quarter, down from 6.8 TWh the same time in 2015, while gas- and oil-fired generation nearly doubled to 12.8 TWh from 6.6 TWh in 2015. Centrica''s British Gas, SSE''s largest rival, raised its full-year earnings outlook last month after its trading division benefited from large power price swings. (Reporting by Karolin Schaps; Editing by Mark Potter) Next In Business News Shell     has   billion (3.04 billion pounds),  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sse-outlook-idUKKBN15F0KX'|'2017-01-31T14:25:00.000+02:00'
'bbfbb00bdf15ac6dbb28670af93436f9f1b04db5'|'Secret aid worker: development in Palestine is hostage to politics - Global Development Professionals Network'|'L ike many young development fanatics, making a difference on the ground in an exciting foreign country was what drove me into this career, so naturally I couldn’t believe my luck when I landed a job with a big development organisation in Palestine almost straight out of university. It felt like my opportunity to contribute to overcoming one of the world’s most infamous, protracted and long-running conflicts. Yet after a few months on the job I can’t help but feel like I could have made more of a difference if I’d just stayed at home.USAid in Palestine: ''It''s not about solving the world''s problems but people’s daily ones'' Read more Many people’s youthful naivety faces a reality check when they start working in a developing country, but Palestine must be more frustrating than most. All the usual barriers to development are here of course; government incompetence, agencies bending to donor whims, corruption and regressive social norms. But while in many other places the most critical obstacle to development is a lack of money, Palestine has the highest per capita foreign development funding of any country on earth. So why has nothing changed? In fact, why is the situation getting worse? Consider the problem. Here, I’ve come to the conclusion the obstacle isn’t merely a lack of interest in helping the most vulnerable, it’s an orchestrated and sustained system of oppression, marginalisation and economic obstruction deliberately intended to block any development progress at all. In some cases, development organisations build houses in Gaza, only to have them destroyed in an aerial bombardment. This is the third reconstruction in ten years. In the West Bank, some donors spend years petitioning the Israeli military to build even simple water storage for a Palestinian village, to have their plans buried in years of deliberate bureaucratic stalling and eventual rejection. If donors build even simple structures without Israeli permission, often the Israeli military knocks them down . Meanwhile illegal settlements with swimming pools and power lines and subsidised business opportunities are thrown up with a total disregard for international law. Palestine field post: ''I am not your normal human rights campaigner'' Read more As I sit at my desk writing and researching, making recommendation after recommendation, my overwhelming feeling is that development work is making little difference here. Reports come past my desk time and time again making the same recommendations: end the occupation, lobby the international community for effective action, generate political will. Meanwhile, billions of dollars are being ploughed into projects that just keep the situation ticking over while the occupation becomes more entrenched, the situation for Palestinians deteriorates, and peace becomes a more and more distant dream. Palestinian development is hostage to politics, and no community empowerment project or capacity-building programme is going to change that.Who does have the power to change this situation? It’s governments like my own, thousands of miles away in the centres of global power. Palestinians find it difficult to even leave their own country due to Israeli restrictions. Yet I’ve abandoned my position with the democratic ear of my government to join them in the place where they’ve been making the same complaints for over 50 years, which have gone virtually ignored by my government and others like it.It’s my government that sits on the UN security council, that continues to sell weapons to Israel, and condemns Israel’s settlement building while allowing the import of millions of pounds’ worth of settlement products. And Israel knows this is where their occupation lives or dies. I have friends who are in London, campaigning, supporting political action, sending letters and fighting for Palestinian recognition. Others are journalists exposing the hypocrisy of our leaders in continuing to support Israel’s insidious discrimination. Their work is the real work that will lead to the recognition and creation of an independent Palestinian state. Only when foreign powers decide they’ve had enough of occupation and are willing to place genuine pressure on Israel is anything going to change.Secret aid worker: why I hide my Israeli identity Read more This is not a problem that can be solved by development practitioners like me. The greatest tool at my disposal is not my knowledge of programmatic structures or grant proposal writing, but my western citizenship. While I am here in an echo chamber filled with people who all think and know and want the same thing, my government is sat in my home country, saying very little and doing even less. Last month, Theresa May gave a speech where she described Israel as “a beacon of tolerance”. As I conclude another report about discriminatory urban planning, the revocation of residency rights, parallel military and civilian justice systems for children, or punitive demolitions, I can’t help but feel like I’d be better off at home, making my voice heard where it really matters. Do you have a secret aid worker story you’d like to tell? You can contact us confidentially at globaldevpros@theguardian.com – please put “Secret aid worker” in the subject line. If you’d like to encrypt your email to us, here’s instructions on how to set up a PGP mail client and our public PGP key . Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jan/31/secret-aid-worker-development-in-palestine-is-hostage-to-politics'|'2017-01-31T19:31:00.000+02:00'
'27cca66b83b84e51cd9121698602e16d676e131b'|'U.S. medical students, faculty rally to try to save Obamacare'|'Politics   6:18pm EST Medical students, faculty rally to try to save Obamacare left right A demonstrator holds a sign while taking part in a protest against a proposed repeal of the Affordable Care Act in New York, U.S., January 30, 2017. REUTERS/Lucas Jackson 1/7 left right Demonstrators that include mostly medical students protest a proposed repeal of the Affordable Care Act in New York, U.S., January 30, 2017. REUTERS/Lucas Jackson 2/7 left right Demonstrators that include mostly medical students protest a proposed repeal of the Affordable Care Act in New York, U.S., January 30, 2017. REUTERS/Lucas Jackson 3/7 left right Demonstrators that include mostly medical students protest a proposed repeal of the Affordable Care Act in New York, U.S., January 30, 2017. REUTERS/Lucas Jackson 4/7 left right Demonstrators that include mostly medical students protest a proposed repeal of the Affordable Care Act in New York, U.S., January 30, 2017. REUTERS/Lucas Jackson 5/7 left right Demonstrators that include mostly medical students protest a proposed repeal of the Affordable Care Act in New York, U.S., January 30, 2017. REUTERS/Lucas Jackson 6/7 left right Demonstrators that include mostly medical students protest a proposed repeal of the Affordable Care Act in New York, U.S., January 30, 2017. REUTERS/Lucas Jackson 7/7 By Bob Chiarito - CHICAGO CHICAGO Hundreds of medical students and faculty members gathered at Northwestern University''s school of medicine in Chicago on Monday to voice their opposition to the dismantling of Obamacare. The demonstration was part of a larger White Coats for Coverage effort organized by medical students across the country and came a day before the annual deadline to enroll in the Affordable Care Act (ACA), former President Barack Obama''s healthcare law. “The ACA is not perfect, but pulling the rug out from under the feet of our most vulnerable patients is not the answer," Dr. Bruce Henshaw, a faculty member at Northwestern''s Feinberg School of Medicine, told the group of around 600 people. “We will not stand idly by as our patients lose their rights. We will not stop today. We will write and call our representatives to ensure this doesn’t happen.” Students organized the event. Northwestern University spokeswoman Marla Paul said the school had no official position on the issue. Photos on social media showed students rallying at numerous universities and cities. "Proud to join my Yale colleagues to collectively say #protectourpatients. Improve the ACA, DON''T repeal it," Ryan Murphy, who shared photos of a rally at Yale University, said on Twitter. Republican President Donald Trump''s first executive order, signed hours after taking office, directed the federal government to scale back regulations, taxes and penalties under the ACA. Republican Representative Tom Price, Trump''s nominee to lead the Department of Health and Human Services, has said an overhaul of Obamacare will initially focus on individual health plans sold through online exchanges and the Medicaid health insurance program for low-income Americans. Trump has said he wants to keep some elements of the program, such as allowing young adults to be covered under their parents'' insurance. He favors plans that use health savings accounts and sale of insurance across state lines. More than 8.8 million Americans were signed up for 2017 coverage under the ACA through HealthCare.gov as of Jan. 14, according to the site, up from around 8.7 million sign-ups as of Jan. 14 last year. Arturo Salow, a second year student at Northwestern from Miami, Florida, urged people to sign up for ACA coverage before Tuesday''s deadline, saying more enrollees would make a rollback more challenging for Republicans. "I''d advise any patient to sign up immediately," Salow said. "If they are going to take away coverage, let’s make it as difficult as possible." (Editing by David Gregorio) Trump set to name U.S. high court pick as Democrats plan fight WASHINGTON President Donald Trump said he will announce his nominee to the U.S. Supreme Court on Tuesday as he looks to quickly put his stamp on the court by restoring its conservative majority, even as Democrats geared up for a Senate confirmation fight.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-medical-protests-idUSKBN15E2SJ'|'2017-01-31T06:06:00.000+02:00'
'1d801e8a6727f574e8f0170df09536f49e2f6617'|'UPDATE 2-Deutsche fined $630 mln for failures over Russian money-laundering'|'* Scheme involved mirror trades between Moscow, London, NY* Trades could have facilitated money-laundering -DFS* Shares rise 1.5 percent to top of blue-chip index (Adds UK fine, statement from UK regulator and Deutsche Bank)By Karen Freifeld and Arno SchuetzeNEW YORK/FRANKFURT, Jan 30 Deutsche Bank agreed to pay $630 million in fines to U.S. and UK regulators for failing to prevent around $10 billion in suspicious trades being laundered out of Russia, settling a second major legal case this month.The scheme involved so-called mirror trades between the bank''s Moscow, London and New York offices from 2011 to 2015, in which it bought Russian blue-chip stocks in roubles on behalf of clients and sold the identical quantity of the same stocks at the same price through its London branch shortly afterwards."The offsetting trades here lacked economic purpose and could have been used to facilitate money laundering or enable other illicit conduct," the New York Department of Financial Services said, which fined Deutsche Bank $425 million."The bank missed numerous opportunities to detect, investigate and stop the scheme due to extensive compliance failures, allowing the scheme to continue for years."Britain''s Financial Conduct Authority separately fined Deutsche Bank 163 million pounds ($204 million) for failing to maintain an adequate anti-money laundering controls between 2012 and 2015, allowing customers to transfer billions from Russia to offshore bank accounts "in a manner that is highly suggestive of financial crime".It is the largest financial penalty for anti money-laundering controls failings yet imposed by the FCA or its predecessor, the Financial Services Authority.The Russian case settlements, on the heels of a $7.2 billion agreement with the U.S. Department of Justice earlier this month over the misselling of mortgage-backed securities, lift much of the uncertainty swirling around the bank over its exposure to fines and enforcement.Deutsche Bank said the Russia-related settlement amounts were "materially reflected" in existing litigation reserves. It added, however, it was still cooperating with other regulators and authorities who had their own ongoing investigations.Its shares rose 1.5 percent to the top of Germany''s blue-chip index at 18.88 euros in early trade.The U.S. Department of Justice, which also has been investigating the suspicious trades, is not party to the deal. A spokesman for the department declined to comment on the status of its probe.Reuters reported earlier that Deutsche Bank was poised to settle over the trades.The New York regulator, which licenses and supervises the New York branch, found Deutsche Bank conducted its business in an unsafe and unsound manner in violation of state banking law.The trade of a Russian blue chip stock, typically valued at between $2 million to $3 million an order, was cleared through the bank''s New York operations, with the sellers typically paying in U.S. dollars, DFS said.In addition to the penalty, Deutsche is required to retain an independent monitor to review the bank''s compliance programs.Deutsche Bank disclosed last September that it had taken disciplinary measures against certain employees as part of an investigation of the trades and would continue to do so. It also cut back on its investment banking activities in Russia.Monday''s consent order found Deutsche Bank''s Moscow traders facilitated the scheme, with most of the trades placed by a single trader representing both sides of the transaction.Deutsche''s Moscow traders did not question the suspicious trades because it made for easy commissions when their Russian business had slowed, the regulator found.The bank is due to report fourth-quarter financial results on Thursday. ($1 = 0.8000 pounds) (Reporting by Karen Freifeld and Arno Schuetze; Writing by Karen Freidfeld and Georgina Prodhan; Editing by Bernard Orr and Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deutsche-mirrortrade-probe-idINL1N1FK22F'|'2017-01-31T05:55:00.000+02:00'
'bed4e458ed61ce0a9bc433c6c60285a900a32134'|'BRIEF-Soho Development to merge with its unit Soho Factory'|' 48am EST BRIEF-Soho Development to merge with its unit Soho Factory Jan 31 Soho Development SA : * Said on Monday that it plans to merge with its unit, Soho Factory Sp. z o.o. (Soho Factory) * The merger to be conducted by transferring all assets of Soho Factory to the company without capital increase of the company * Soho Development owns 100 pct stake in Soho Factory Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FL0OF'|'2017-01-31T13:48:00.000+02:00'
'b45adddf2ccf2001286ae8204b0c9e086a985e86'|'UPDATE 2-Under Armour quarterly results miss estimates, shares slump'|'Company News - Tue Jan 31, 2017 - 8:22am EST UPDATE 2-Under Armour quarterly results miss estimates, shares slump (Adds details, background, analyst comment; updates shares)) By Gayathree Ganesan Jan 31 Sportswear maker Under Armour Inc reported lower-than-expected quarterly profit and revenue, hurt by stiff competition and slowing growth in North America, and the company''s shares plunged before the bell. The company also forecast 2017 sales well below analysts'' estimates. Baltimore-based Under Armour''s net sales in North America rose 5.9 percent in the quarter, but was well below the quarterly average growth of about 24 percent it has reported since 2013. The company has been facing intense competition from No. 1 U.S. sportswear maker Nike Inc, which has cut prices on some products to match Under Armour''s. Also, Germany''s Adidas AG doubled its share of the U.S. athletic footwear market to 9 percent in the third quarter compared with a year earlier, according to market research firm NPD. "With Under Armour stepping up promotions ... its major clients Foot Locker and Finish Line citing a tough retail environment, and cautious orders from sports retailers, the sportswear maker is in for a tough year ahead," UBS analyst Michael Binetti wrote in a pre-earnings note. Under Armour shares were down 21 pct in premarket trading, putting them on track to open at a near 3-year low and wipe out roughly $3 billion in market value. The stock has slumped 39 percent over the past year. The company''s shares were a drag on Nike''s stock as well, which was down 2 percent. Under Armour also said on Tuesday that Chip Molloy, its Chief Financial Officer for about a year, would step down for personal reasons. Senior Vice President David Bergman will be acting CFO from Feb. 3. The company forecast 2017 revenue to rise 11 to 12 percent to nearly $5.4 billion. Analysts on average expected $6.05 billion, according to Thomson Reuters I/B/E/S. Revenue for the fourth quarter ended Dec 31. rose about 12 percent to $1.31 billion - the slowest growth in eight years. Analysts on average expected $1.41 billion. Net income fell to $104.9 million from $105.6 million a year earlier. On a per-share basis, earnings fell to 23 cents per for Class A, Class B and Class C shares, from 24 cents a year earlier. Excluding certain items, the company earned 23 cents per share, below analysts'' average estimate of 25 cents per share. (Reporting by Gayathree Ganesan and Siddharth Cavale in Bengaluru; Editing by Martina D''Couto and Sayantani Ghosh) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/under-armour-results-idUSL4N1FL299'|'2017-01-31T20:22:00.000+02:00'
'a4bea3ebf3cf4e7aee78f1e6409a8356050b7b3c'|'Shell agrees UK North Sea, Thai asset sales worth $4.7 billion'|'  11:58am GMT Shell agrees UK North Sea, Thai asset sales worth $4.7 billion Shell''s company logo is pictured at a gas station in Zurich April 8, 2015. REUTERS/Arnd Wiegmann By Karolin Schaps and Ron Bousso - LONDON LONDON Royal Dutch Shell ( RDSa.L ) announced two divestments on Tuesday worth $4.7 billion including selling a chunk of its North Sea assets to private-equity backed Chrysaor which will now become a top three oil and gas producer in Britain. The deals bring Shell''s disposals to $12.5 billion since mid-2015 as it aims for $30 billion in deals by 2018. Shell is reducing debt accrued through its $54 billion acquisition of BG Group last year. Shell agreed to sell a mixture of new and late-life North Sea oil and gas assets, accounting for more than half of Shell''s UK North Sea production, to Chrysaor for up to $3.8 billion. "(The deal is) providing a springboard for Chrysaor to bring new investment and growth into the basin," said Shell Upstream Director Andy Brown. The deal is expected to complete in the second half of the year and will make Chrysaor Britain''s leading independent exploration and production company. Chrysaor is backed by EIG and Noble Group ( NOBG.SI ) investment firm Harbour Energy. BMO Capital Markets Ltd advised the company, while Bank of America Merrill Lynch advised Shell. Major oil companies such as Shell and BP ( BP.L ) are withdrawing from the mature North Sea basin to instead focus on higher-profit areas like Brazil or the Gulf of Mexico. "We do have 6 or 8 wells we would be looking to sanction that the vendor was probably not looking to sanction," Phil Kirk, CEO of Chrysaor, told journalists. The package includes Shell''s interests in Buzzard, north of Aberdeen, a relatively new field that feeds into the global Brent oil benchmark, as well as a 10 percent stake in the BP-operated Schiehallion oilfield. Other fields include Beryl, Bressay, Elgin-Franklin, J-Block, the Greater Armada cluster, Everest, Lomond and Erskine, the companies said. Shell agreed to cover $1 billion of the assets'' total $3.9 billion decommissioning costs, an often contentious issue between buyers and sellers of assets in mature areas. Around 400 Shell staff are expected to transfer to Chrysaor on completion of the deal. Shell also announced the sale of a stake in Thailand''s Bongkot gas field to Kuwait Foreign Petroleum Exploration Company for $900 million. "(These deals) will help Shell move past peak-gearing and contribute to deleveraging," said RBC Capital Markets analyst Biraj Borkhataria, who rates Shell''s stock as ''outperform''. Shell''s London-listed shares were up 0.3 percent at 0910 GMT. (Editing by Jason Neely) Deutsche Bank fined for $10 billion sham Russian trades NEW YORK/FRANKFURT Deutsche Bank has agreed to pay $630 million (£504.43 million) in fines for organising $10 billion in sham trades that could have been used to launder money out of Russia, the latest in a string of penalties that have hammered the German lender''s finances.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-m-a-northsea-idUKKBN15F0N7'|'2017-01-31T18:58:00.000+02:00'
'61f16e7b3b7e717d8f749d7fdf60ba8171aef78f'|'LATAM CLOSE-No deals price in LatAm primary market'|'Company News  47pm EST LATAM CLOSE-No deals price in LatAm primary market * Fitch says default at Venezuela''s PDVSA probable * Argentina-focused energy operator to start roadshows * Mexico''s economy grew 2.3% in 2016, FinMin economist says * Emerging markets in near-record January global bond rush By Mike Gambale and Paul Kilby NEW YORK, Jan 31 (IFR) - There were no new deals priced in the LatAm primary market on Tuesday. Below is a snapshot of sovereign credit spreads across the region. SOVEREIGN 1/30 1/27 1/26 1D 10D YTD 2015/16 HIGH ARGENTINA 441 429 435 12 14 15 - BARBADOS 669 669 666 0 -15 26 659 (2/11/16) BRAZIL 262 258 265 4 5 -40 542 (2/11/16) CHILE 73 73 74 0 -1 -11 143 (2/11/16) COLOMBIA 188 189 191 -1 6 -11 412 (2/11/16) COSTA RICA 388 392 393 -4 -18 -51 587 (2/11/16) DOMINICAN REP 346 348 351 -2 -19 -49 542 (2/11/16) ECUADOR 596 615 627 -19 -37 -58 1765 (2/11/16) EL SALVADOR 592 589 623 3 78 71 840 (2/11/16) GUATEMALA 255 255 253 0 -1 -7 385 (2/11/16) JAMAICA 339 341 345 -2 -21 -24 519 (2/11/15) MEXICO 195 194 195 1 -5 -6 278 (2/11/16) PANAMA 160 158 159 2 3 -21 272 (2/11/16) PERU 152 150 150 2 6 -15 291 (2/10/16) TRINIDAD & TOBAGO 205 206 205 -1 -8 -15 173 (1/15/15) URUGUAY 211 212 212 -1 1 -21 344 (2/11/16) VENEZUELA 2104 2096 2091 8 -154 -190 3713 (2/12/16) Source: Bank of America Merrill Lynch Master Index SPREAD TRENDS: One-day change 10 out of 17 sovereigns flat to wider Ten-day trend 10 out of 17 sovereigns tighter YTD: Barbados wider by 26bp YTD: Ecuador tighter by 58bp YTD: Panama tighter by 21bp PIPELINE Stoneway Capital Corporation, a private company with equity contributed by Siemens AG, formed for the purpose of constructing, owning, and operating four simple-cycle power generating plants in the Buenos Aires region of Argentina, has secured four Power Purchase Agreements through CAMMESA for a 10-year period on each. The company mandated Jefferies as sole global coordinator and Jefferies and Seaport Global as joint-bookrunners to arrange meetings with fixed income investors starting on January 31 for a US$500m US dollar-denominated 144A/Reg S senior secured offering of 10-year maturity. The schedule will be as follows: Wed Feb 1: New York, Thu Feb 2: New York, Fri Feb 3: Los Angeles, Mon Feb 6: Boston, Tue Feb 7: London, Wed Feb 8: London, Thu Feb 9: Frankfurt/Munich. Peruvian mortgage bank Fondo Mivivienda started roadshows this week to market a possible sol and/or dollar denominated bond issue. The company was in London and Lima on Tuesday, and will head to Boston on Wednesday, Los Angeles on Thursday and New York on Friday. Expected ratings are BBB+/BBB+ by S&P and Fitch. Morgan Stanley and Scotiabank have been mandated to organize the fixed-income investor meetings. Fondo Mivivienda is controlled by the government of Peru and is the country''s leading mortgage financing developer and promoter. Compania Latinoamericana de Infraestructura y Servicios (CLISA) kicked off roadshows this week to market a tap of its 9.5% 2023s through BCP Securities and Santander. The Argentine infrastructure firm was in Buenos Aires on January 31, will head to New York on February 1 and 2 and in Boston on February 3. The company issued US$200m of the notes in July last year, pricing them at 98.753 to yield 9.75%. BCP Securities and Santander also acted as leads on that occasion. Ratings are B-/B-. Banco Supervielle, the fifth largest Argentine domestically-owned private bank in terms of assets, has mandated Credit Suisse and Santander to arrange a series of fixed income investor meetings in the US and Europe starting on January 30th. The borrower was in London on Tuesday and will wrap up meetings in New York on February 1. An ARS-denominated (USD-payable) 144A/Reg S senior notes offering with 3.25-year average life, expected to be rated B3 by Moody''s and B by Fitch, may follow, subject to market conditions. Argentina''s Province of Entre Rios wrapped up roadshows on Tuesday ahead of a possible bond sale. The borrower met investors late last year through Citigroup, HSBC and Santander, visiting London, Boston and New York. However, a bond deal never emerged. The same banks are taking it on the road next week. Expected ratings are B-/B by S&P and Fitch. Brazilian railroad operator Rumo will start fixed-income investor meetings next week to market a possible US dollar bond. The borrower will head to Switzerland and Boston on February 1 and the New York area on February 2. Rumo, a subsidiary of Cosan, has mandated BB Securities, Bradesco, BTG Pactual, Itau, Morgan Stanley and Santander on the deal. Expected ratings are BB-/BB-. Sigma Alimentos, a multinational food company with market positions in Europe, the US and Latin America, and sole-owner of Campofrio Food Group, has hired BNP Paribas and JP Morgan as active joint bookrunners and MUFG and Rabobank as Passive Joint Bookrunners to arrange a series of fixed income investor meetings in Europe, commencing on January 30. A debut euro-denominated seven-year fixed-rate benchmark offering, expected to be rated Baa3 by Moody''s, BBB by S&P and BBB by Fitch, is expected to follow. Brazilian power company Neoenergia is considering a possible US dollar bond debut this year after sending out requests for proposals in late 2016, two market sources told IFR. Neoenergia Group''s principal shareholders are Banco do Brasil''s pension fund Previ, with a 49.01% stake, and Spain''s Iberdrola with a 39% stake, according to the company''s website. Paraguay is considering raising up to US$550m in the bond market in March, Reuters quoted Finance Minister Santiago Pena saying. Inversiones Atlantida, the largest financial group in Honduras, has finished roadshows to market a potential debut US dollar bond through Oppenheimer. Expected ratings are B/B by S&P and Fitch. (Reporting by Mike Gambale; Editing by Paul Kilby, Shankar Ramakrishnan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-bonds-emerging-close-idUSL1N1FL111'|'2017-02-01T03:47:00.000+02:00'
'15404cbf607696129ff8412c292776da03feb036'|'As Trump thunders, investors watch for rain'|'By Ross Kerber - BOSTON BOSTON A dizzying stream of market-moving tweets and policy talk by President Donald Trump is finding a hopeful but anxious audience among professional investors looking to make stockpicking great again.After years of losing ground to index funds, portfolio managers and wealth advisers say Trump''s assertive moves, like singling out individual companies, may create a chance to set their investment strategies apart - even if they think some of Trump''s verbal assaults are just bluster. "If he’s going to create volatility, we''re going to take advantage of it," said Ross Gerber, president of California wealth management firm Gerber Kawasaki Inc.Professional stockpickers are under pressure to improve returns as investors increasingly turn to cheaper passive investments – redirecting tens of billions of dollars each month.Trump''s pledge to shake up regulations affecting sectors such as finance, autos and healthcare, as well as his promise to cut taxes, could create big corporate winners and losers. That could give active fund managers an opportunity, in theory, to showcase their skills."This administration was elected with many people hoping for change, and that''s going to upset the apple cart with old losers coming back in favour," said Scott Schermerhorn, chief executive of Granite Investment Advisors in New Hampshire.So far, Schermerhorn has made few changes to his portfolios, like the Granite Value Fund ( GVFIX.O ). With Trump in office less than two weeks, he is waiting for clearer signs on what new policies will be introduced.Schermerhorn also said he has talked some clients out of bailing on stocks such as Boeing ( BA.N ) or drugmakers after Trump criticized them publicly on Twitter - tweets Schermerhorn said he read as simply negotiating positions.Gerber has already acted on Trump. After the then-president-elect slammed Lockheed Martin''s F-35 fighter jet programme as too expensive on Dec. 12, Gerber bought Lockheed shares.Trump said on Monday his administration was able to cut $600 million from its latest contract for the jet, but Gerber said the case for the stock remains its longer-term outlook."Bullying companies ultimately won''t change the economics," he said.DISPERSIONThe turn to passive management reflects how many active managers have failed to produce the higher returns that would justify their more costly fees.In theory, if Trump produces winners and losers in corporate America, then active managers could be helped by a rise in "dispersion," a measure of the gap in returns among stocks. During December, dispersion in the S&P 500 index was 14 percent, the lowest in two years, according to S&P Dow Jones Indices."The friend of active management is high dispersion, and transitions. We think we have both of those," said Collin Bell, a managing director at Goldman Sachs'' ( GS.N ) asset management division.But dispersion is a double-edged sword if fund managers wind up on the wrong side of a trade – a distinct possibility given Trump''s willingness to talk policy on social media and re-evaluate key foreign policy principles. His recent move to curb immigration has sent major U.S. stock indexes plummeting."Trying to react to his tweets, for a long-term investor, I think is a very dangerous game to play," said John Linehan, portfolio manager of the $23 billion T. Rowe Price Equity Income Fund. ( PRFDX.O )He said he spends more time following policy discussions, after years in which Washington''s actions did not affect particular stocks so much. Linehan cited the on-again, off-again talk of a "border adjustment tax" as the sort of issue to keep an eye on.A recent jump in volatility has been a boon for day traders, who have a short-term horizon. But Trump''s tweets are too sporadic for many of the quantitative strategists from hedge funds and banks, who track patterns and trends.Indeed, higher dispersion could provide a business opportunity for active stockpickers'' arch-rivals, the passive funds. To shield investors from stock gyrations, Michael LaBella, portfolio manager at Legg Mason Inc''s ( LM.N ) QS Investors unit, said it encourages investors to consider diversification products like its Low Volatility High Dividend ETF ( LVHD.O ) in case promised policy changes do not actually emerge."Because there is so much policy uncertainty, you can''t differentiate what''s policy and what''s just bluster," he said.(Reporting by Ross Kerber; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/usa-trump-investors-idINKBN15F2I6'|'2017-01-31T17:05:00.000+02:00'
'fbe88f25e2ca947cb39b11fbefc1a1bb65ac47eb'|'BRIEF-Alma Market announces changes in shareholding structure'|' 34am EST BRIEF-Alma Market announces changes in shareholding structure Jan 31Alma Market SA : * Said on Monday that funds managed by Ipopema Towarzystwo Funduszy Inwestycyjnych SA (funds) lowered their stake in the company to 6.35 pct from 14.56 pct stake * Jerzy Mazgaj and Barbara Mazgaj lower their stake in the company to 11.83 pct from 16.76 pct Source text for Eikon:,'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FL0NN'|'2017-01-31T13:34:00.000+02:00'
'2eabc7b7484073037502576368067ae8043c925f'|'OPEC achieves 82 percent of pledged oil output cut in January - Reuters survey'|'Business News - Tue Jan 31, 2017 - 11:07am GMT OPEC achieves 82 percent of pledged oil output cut in January-Reuters survey FILE PHOTO - A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader/File Photo By Alex Lawler - LONDON LONDON OPEC''s oil output is set to fall by more than 1 million barrels per day (bpd) this month, a Reuters survey found on Tuesday, pointing to a strong start by the exporter group in implementing its first supply cut deal in eight years. The Organization of the Petroleum Exporting Countries agreed to cut its output by about 1.20 million bpd from Jan. 1 - the first such deal since 2008 - to prop up oil prices LCOc1 and get rid of a supply glut. Supply from the 11 OPEC members with production targets under the deal in January has averaged 30.01 million bpd, according to the survey based on shipping data and information from industry sources, down from 31.17 million bpd in December. Compared with the levels that the countries agreed to make the reductions from, in most cases their October output, this means the OPEC members have cut output by 958,000 bpd of the pledged 1.164 million bpd, equating to 82 percent compliance. For details of January production by country, see The Reuters survey is based on shipping data provided by external sources, Thomson Reuters flows data, and information provided by sources at oil companies, OPEC and consulting firms. (Additional reporting by Rania El Gamal; Editing by Mark Potter) Next In Business News Deutsche Bank fined for $10 billion sham Russian trades NEW YORK/FRANKFURT Deutsche Bank has agreed to pay $630 million (£504.43 million) in fines for organising $10 billion in sham trades that could have been used to launder money out of Russia, the latest in a string of penalties that have hammered the German lender''s finances.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opec-oil-survey-idUKKBN15F13U'|'2017-01-31T19:52:00.000+02:00'
'3c7c8bf60d930a811fa08b3ab1de2b7fe751a2be'|'After Shell deal, Chrysaor in the market for more North Sea assets'|'Energy - Tue Jan 31, 2017 - 6:54am EST After Shell deal, Chrysaor in the market for more North Sea assets * Shell deal makes Chrysaor largest UK independent producer * Looks for deals across North Sea * To boost share of operated assets to 50 pct * Best way to cut costs is to increase production - CEO * To withdraw production cessation plan for Armada hub By Karolin Schaps LONDON, Jan 31 Chrysaor, which has just bought much of Shell''s UK North Sea assets for up to $3.8 billion, said it was in the market for more North Sea deals to expand its newly acquired position as one of the basin''s biggest independent producers. Overnight, Chrysaor became one of the largest oil and gas producers in Britain with output of 115,000 barrels of oil equivalent per day, snapping up more than half of Shell''s British production capacity, including the Buzzard field which helps to set the global Brent oil benchmark. Chrysaor, backed by private equity fund EIG Partners and Noble Group investment firm Harbour Energy, said it will not stop there. "Our focus will be in the North Sea on assets that add synergies or help us broaden or deepen our portfolio," said Linda Cook, who has taken over as chairman of Chrysaor. She has previously been managing director at EIG and chief executive of Shell''s gas and power business. Cook said the company was considering acquisitions in the British and other parts of the North Sea. The independent producer''s break into the mature North Sea market mirrors a trend whereby traditional operators such as Shell and BP are slowly withdrawing from old basins to focus on new areas where prospects for new big-ticket oil and gas finds are higher. Chrysaor, named after one of Medusa''s sons in Greek mythology, said operating costs across the new assets are below $15 a barrel. Brent crude oil prices are currently trading above $55 a barrel. Around one quarter of its portfolio is now operated assets, meaning Chrysaor is the main manager of the fields. "We do have a medium-term plan to build operatorships closer to 50 percent," said Phil Kirk, chief executive of Chrysaor. As oil prices have fallen over the past two and a half years, many large operators have cut costs to the bone, letting staff go and investing much less in finding new fields. "We see our philosophy as radically different to that. We see the best way to reducing unit costs is to drive up volumes of hydrocarbons processed," Kirk said. He has already earmarked 6 or 8 new wells which Chrysaor will likely approve for investment, but which would have been unlikely to get approval under Shell, he said. The new owner also plans to withdraw an application for cessation of production at the Armada hub of gas fields and to invest in extending production instead. (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/shell-ma-northsea-chrysaor-idUSL5N1FL2X7'|'2017-01-31T18:54:00.000+02:00'
'991410550259bcc2f4be277182a50bd1e10630f1'|'Morning News Call - India, January 31'|'Company  11pm EST Morning News Call - India, January 31 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 10:00 am: NITI Aayog Chief Executive Amitabh Kant, DIPP Secretary Ramesh Abhishek at an event in New Delhi. 11:00 am: Budget session of parliament starts at New Delhi. 12:00 pm: Government to table economic survey in parliament at New Delhi. 1:00 pm: Chief Economic Advisor Arvind Subramanian to brief media after tabling Economic Survey in parliament at New Delhi. 2:00 PM: Hasmukh Adhia and Chairman CBDT Sushil Chandra to brief media at New Delhi. 5:00 pm: Government to release December infrastructure output data at New Delhi. LIVECHAT-DAVOS REFLECTIONS Reflections on Davos and global risk trends for 2017 with with Aengus Collins, Practice Lead, Global Risks at the World Economic Forum at 3:30 pm.To join the conversation, click on the link: here INDIA TOP NEWS  Health budget may rise after minister warns of funding crunch India''s health ministry is likely to see a substantial increase in funding, after it warned that its programmes were short of cash and sought more than $1.2 billion in additional money, according to government officials and documents seen by Reuters.  As price war rages, Vodafone India seeks merger with rival Idea Cellular Britain''s Vodafone Group confirmed on Monday it was in talks to merge its Indian subsidiary with local rival Idea Cellular in an all-share deal that would create a new market leader better able to contest a brutal new price war.  India to explore mining potential with massive aerial survey India will launch its biggest aero geophysical survey of minerals next month to unearth deep-seated resources such as gold and copper, as it seeks to develop its mining industry and reduce its dependence on imports.  RBI lifts ATM cash withdrawal limits from Feb 1 The Reserve Bank of India will remove limits placed on daily cash withdrawals from automated teller machines from Feb. 1 and will also lift all curbs on branch withdrawals from current account, cash credit and overdraft accounts with immediate effect, it said in a circular on Monday.  India cedes top coal importer spot back to China as growth trend stalls: Russell India has surrendered its status as the world''s top importer of coal back to China, with its overseas purchases in 2016 falling to less than 200 million tonnes. GLOBAL TOP NEWS  Trump fires top government lawyer for defiance on immigration order U.S. President Donald Trump fired the federal government''s top lawyer Sally Yates on Monday after she took the extraordinarily rare step of defying the White House and saying the Justice Department would not defend his new travel restrictions targeting   nations.  Trump order targeting business rules leaves key regulations untouched President Donald Trump signed an order on Monday that will seek to dramatically reduce federal regulations, but the policy will not apply to most of the financial reform rules introduced by the Obama administration.  Japan Dec industrial output rises 0.5 percent, beats expectations Japan''s factory output rose for a second straight month in December and household spending fell less than expected, in a welcome - if modest - sign of economic recovery. LOCAL MARKETS OUTLOOK (As reported by NewsRise)  The SGX Nifty Futures was at 8,636.50, down 0.20 pct from its previous close.  The Indian rupee will likely open higher against the dollar, tracking broad weakness in the greenback stemming from   immigration curbs, even as concerns about the impact of his policies on global trade thwarted risk appetite. The rupee ended at 67.95 to the dollar yesterday, also its highest since Jan. 17.  Indian government bonds will likely open steady to lower, as caution persists ahead of the government''s economic survey later today and federal budget for the next fiscal year tomorrow. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.38 pct-6.43 pct band today. The bond had closed at 104.00 rupees, yielding 6.40 pct yesterday. GLOBAL MARKETS  Major U.S. stock indexes posted their largest drop so far in 2017 on Monday as investors worried that a curb on immigration ordered by Donald Trump was a reminder that some of the U.S. president''s policies are not market-friendly.  Asian shares were on the defensive as stringent curbs on travel to the U.S. ordered by President Donald Trump brought home to investors that he is serious about putting his radical campaign pledges into action.  The dollar wobbled after tumbling overnight against the yen, which benefited from its safe-haven status as   tough stance on immigration rattled investors and curbed risk appetite.  Most U.S. Treasuries were steady on Monday before the Federal Reserve meets on Tuesday and Wednesday and ahead of a heavy week of data, while long-dated bonds were weighed down by Microsoft''s $17 billion debt sale.  Brent fell around 5 percent from their early January peak as rising U.S. drilling activity offset efforts by OPEC and other producers to cut output in an effort to prop up the market.  Gold edged up on a weaker dollar and worries over U.S. policy under President Donald Trump, with focus shifting to this week''s meeting of the Federal Reserve. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 68.01/68.04 January 30 $89.51 mln -$0.74 mln 10-yr bond yield 6.7 pct Month-to-date -$180.98 mln -$135.65 mln Year-to-date - - For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 67.95 Indian rupees) (Erum Khaled in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL4N1FL0DS'|'2017-01-31T10:11:00.000+02:00'
'9472a7ca76300d6b58fd1b239a087c58fd9f9a6d'|'Sweden should ease national bank capital rules after Basel III-cbanker'|'Financials   3:50am EST Sweden should ease national bank capital rules after Basel III-cbanker STOCKHOLM Jan 31 Sweden should ease national rules that see its lenders facing additional capital requirements on top of international minimum levels when new Basel III regulations are introduced, Riksbank First Deputy Governor Kerstin af Jochnick said on Tuesday. "It is reasonable, we think, that we review and that we move toward a reduction," af Jochnick told reporters. She said capital requirements for Sweden''s biggest lenders could increase by up to 300 billion Swedish crowns ($34.03 billion) under certain scenarios possible under Basel III which would limit banks'' ability to use internal models to assess risk-weighted assets. ($1 = 8.8164 Swedish crowns) (Reporting by Simon Johnson; Editing by Alistair Scrutton) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sweden-cenbank-regulations-idUSL5N1FL1ZL'|'2017-01-31T15:50:00.000+02:00'
'5d7c5533e2647d09f8eacb5350f1255bc78a640d'|'FCA hands Deutsche Bank record 163 million pound fine for Russia trades'|' 15am EST FCA hands Deutsche Bank record 163 million pound fine for Russia trades left right FILE PHOTO - The headquarters of Germany''s Deutsche Bank is photographed early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo 1/2   Deutsche Bank offices in London, Britain, December 5, 2013. REUTERS/Luke MacGregor/File Photo 2/2 LONDON Britain''s financial regulator fined Deutsche Bank ( DBKGn.DE ) 163 million pounds ($203.70 million) for serious failings in relation to anti-money laundering controls, it said on Tuesday. The fine was the biggest ever imposed by the Financial Conduct Authority or its predecessor, the Financial Services Authority. The regulator said that inadequate controls by Deutsche Bank meant that its Russian subsidiary was able to execute more than $6 billion of so-called "mirror trades", where stocks were bought in roubles and sold at the same time in U.S. dollars, in a manner "highly suggestive of financial crime". It added that a further $3.8 billion in suspicious "one-sided" trades also occurred. On Monday, New York''s banking regulator said Deutsche Bank had agreed to pay it $425 million for the "mirror trading" scheme, saying the lender had conducted its business in an unsafe and unsound manner. (Reporting by Simon Jessop; Editing by Rachel Armstrong)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-mirrortrade-probe-fca-idUSKBN15F0K3'|'2017-01-31T14:15:00.000+02:00'
'd5fbc4e78e7cb42bddce658a8b91ee21749e961e'|'Elliott turns up CEO pressure blending activism with buyouts'|'Business   6:17am GMT Elliott turns up CEO pressure blending activism with buyouts left right A general view of Evergreen Coast Capital Corp. office is seen in Menlo Park, California, U.S., January 14, 2017. REUTERS/Stephen Lam 1/4 left right A general view of Evergreen Coast Capital Corp. office is seen in Menlo Park, California, U.S., January 14, 2017. REUTERS/Stephen Lam 2/4 left right A general view of Evergreen Coast Capital Corp. office is seen in Menlo Park, California, U.S., January 14, 2017. REUTERS/Stephen Lam 3/4 left right A general view of Evergreen Coast Capital Corp. office is seen in Menlo Park, California, U.S., January 14, 2017. REUTERS/Stephen Lam 4/4 By Michael Flaherty and Liana B. Baker - NEW YORK/SAN FRANCISCO NEW YORK/SAN FRANCISCO Eight days after Elliott Management disclosed a 7.6 percent stake in LifeLock Inc ( LOCK.N ), managers of the more than $30 billion hedge fund met with executives at the consumer protection company. Activist investors such as Elliott usually use these initial meetings to lay out a broad plan on how to boost the stock price. But when LifeLock''s managers sat down with Elliott last June, the leader of its new private equity team revealed that Elliott was interested in buying the entire company, according to a December securities filing. Just like that, the auction for LifeLock began. In the end, the winning bid came from Symantec Corp ( SYMC.O ), which also counts Elliott among its major shareholders. LifeLock''s $2.3 billion sale agreement in November handed Elliott an 80 percent return on its five-month investment. The deal shows how the hedge fund is rewriting the activist investor playbook, ramping up its ability to act both as an engaged shareholder and a potential buyer of the whole company. Over the past few decades, activists have primarily focused on buying minority stakes and pushing for changes, which include leadership changes, cash allocation and exploring the sale of the company. Elliott''s private equity push promises greater rewards, but also involves bigger risks. Owning the majority of a company that fails to live up to its potential can hurt the fund''s bottom line and its reputation far more than a minority stake that underperforms. It also creates potential confusion for CEOs and boards wondering which hat Elliott is wearing when it shows up among shareholders. The multi-strategy fund, which also invests in other assets, such as currencies, commodities and government bonds, is alone with its hybrid approach, for now, thanks mainly to its size and resources. Even the largest activists have half or less of Elliott''s capital and usually a dozen or so investment professionals compared with more than 150 that work for Elliott. Elliott''s strategy is paying off for the fund, whose founder Paul Singer has built a reputation as one of the world''s toughest investors, adept at applying relentless pressure on targets that include national governments and some of the largest companies in the world. BLURRING THE LINE Of the 15 companies Elliott has targeted with a more than 5 percent stake since 2015, ten have inked $40 billion worth of deals - including two spin-offs. Activist investor Carl Icahn has disclosed nine similar filings in the same period that included two sales and two spin-offs. Elliott made an average return of around 30 percent on the deals, according to a Reuters analysis of filings and research firm 13D Monitor ( tmsnrt.rs/2iRamAo ). That compares to a 6 percent return from activist funds over a similar period, according to Hedge Fund Research. Still, some investors in public companies may feel uncomfortable blurring the line between the roles of a minority shareholder and a private equity investor, analysts say. "It''s a conflict because as a shareholder, your goal is to get the maximum return on your investment. As a private equity buyer, you want the best possible price," said Charles Elson, a University of Delaware corporate governance professor who also sits on the board of restaurant chain Bob Evans Farms Inc ( BOBE.O ). As a director, he would always wonder if Elliott''s interest was as a shareholder or a buyer, Elson said. "There is no conflict in these situations, because it is the company’s board of directors, not Elliott, that decides whether to sell the company and who to sell it to," an Elliott spokesman said in an emailed statement. Michael Stark, the founder of CrossLink Capital and major LifeLock shareholder, said he had no issue with Elliott acting both as an investor and a bidder, though he was slightly disappointed with the final price Symantec paid. "We got the bottom end of a fair price," Stark said. "As long as shareholders were fairly represented by the board and management team, I''m okay with that." Some activist investors have made buyout bids in the past, but not in a systematic manner. Starboard Value, an activist fund with more than $4 billion in assets, offered in 2014 to buy 3-D technology maker RealD, which sold the following year to private equity. Icahn Enterprises bought auto service and parts chain Pep Boys for $1 billion in early 2016 and is trying to buy Federal Mogul Holdings Corp, another auto parts maker. Advisors to activists told Reuters that several activist funds were considering expanding into private equity but are still assessing whether to make such a move. BUILD UP Last year, New York-based Elliott expanded its tech-focused private equity practice, adding professionals, naming it Evergreen Coast Capital Corp and opening an office in Silicon Valley. Unlike in the past, when it would occasionally bid for majority stakes, the fund now has a dedicated team chasing buyouts of whole companies. Last June, Evergreen teamed up with Francisco Partners to buy Dell''s software assets for more than $2 billion, but Elliott has yet to emerge as the sole owner of any of public companies it offered to buy. While that might raise doubts about Evergreen''s credibility as a potential majority owner, merely having a takeover offer in hand has allowed Elliott to fast-track what typically would be months of trench warfare between activists and reluctant boards. Directors have a fiduciary duty to shareholders to explore a credible takeover proposal and launching an auction is one way to find out its worth. "When you commit to buying a company as a private equity owner, you''re putting your money where your mouth is," said Keith Gottfried, a partner at law firm Morgan Lewis who specializes in defending companies from activists. The establishment of a dedicated buyout team follows a gradual effort that started with the launch of Elliott''s tech investing arm, overseen by Jesse Cohn, who joined the fund in 2004 from Morgan Stanley as a 24-year old. Cohn, who now oversees Evergreen and Elliott''s U.S. activist investments, has developed close relationships with Silicon Valley and Wall Street firms, helping Elliott to strike deals where the fund would keep its stakes in companies going private. ( tmsnrt.rs/2je93zI ) These roll-over stakes allowed Elliot to benefit from the premium a sale would usually command, and later share profits with the private equity firm once it was ready to offload the revamped company. But buyout firms grew reluctant to share the spoils with Elliott. Its latest setback came in early 2015 when buyout firm Thoma Bravo bought software developer Riverbed Technology for $3.5 billion in a sale Elliott helped trigger, but then did not let the fund stay on as a minority investor. After that snub, Elliott''s top executives, including Singer, co-chief investment officer Jon Pollock and Cohn began laying the ground for Evergreen, which would give Elliott more independence in seeking its own private equity deals. Elliott''s investments, including ones made by Evergreen, come from the same general pool of capital shared across the firm, a person familiar with the matter said. Rich McBee, chief executive of business telecommunications company Mitel Communications ( MITL.O ), in which Elliott has owned shares for nearly a decade, said he valued the regular contacts and Elliott''s readiness to offer strategic suggestions. "They don’t come with an idea that they have not fully investigated or vetted and talked with a lot of people about," McBee told Reuters in an interview. "It’s not a random walk with them." (Reporting by Michael Flaherty in New York and Liana B. Baker in San Francisco; Editing by Greg Roumeliotis and Tomasz Janowski) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-elliott-activism-insight-idUKKBN15F0ER'|'2017-01-31T13:17:00.000+02:00'
'2ba4e37b3b0aa2c3458c286fdce0b5e3d2b3ced3'|'Roche said to consider options for Diabetes unit: Bloomberg'|'Roche Holding AG ( ROG.S ) is considering options for its diabetes-care business including a sale, Bloomberg reported, citing people familiar with the matter.The alternatives for the unit could include a partial sale or spinoff and the sale could fetch as much as $5 billion, Bloomberg also reported. bloom.bg/2knSjG5The Swiss drugmaker had said last year that it has no plans to sells its diabetes testing business.Johnson & Johnson ( JNJ.N ) said last week that it is looking to divest its diabetes division, while Bayer AG ( BAYGn.DE ) sold its diabetes business to KKR ( KKR.N ) and Panasonic ( 6752.T ) in 2015, for $1.1 billion.Roche was not immediately available for comment outside regular business hours.(Reporting by Parikshit Mishra in Bengaluru; Editing by Ruth Pitchford and Richard Lough)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-roche-holding-divestiture-diabetes-idINKBN15F2LF'|'2017-01-31T18:28:00.000+02:00'
'32788074207d61d5e86abd798f00a7b81e844874'|'BRIEF-CRCAM Loire Haute-Loire FY consolidated net income group share up 4 pct'|' 11am EST BRIEF-CRCAM Loire Haute-Loire FY consolidated net income group share up 4 pct Jan 31 Caisse Regionale de Credit Agricole Mutuel Loire Haute-Loire : * FY consolidated net income group share 111.3 million euros ($119 million), up 4 percent * FY consolidated gross operating profit 178.5 million euros, down 7.7 percent * FY consolidated net banking income 432 million euros, down 1.2 percent * Basel 3 liquidity ratio 104.03 percent at end of Dec 2016 * Cost of risk contracted significantly (down by 31.7 percent) over FY * Solvency ratio at Sept 30, 2016 at 20.2 percent * Proposes dividend of 2.90 euros     ($1 = 0.9355 euros) (Gdynia Newsroom) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FL02D'|'2017-01-31T14:11:00.000+02:00'
'a39b7e49877f9e06458dea1e95e8da0e25dab73d'|'German inflation pick-up unsettles euro zone bond markets - Reuters'|'By Dhara Ranasinghe - LONDON LONDON Yields on lower-rated euro zone government bonds rose sharply on Monday after data showing inflation in Germany hit a 3 1/2-year high stoked talk of an unwinding of monetary stimulus, though German yields fell as investors sought safety.French government bond yields hit 16-month highs, facing additional upward pressure from uncertainty surrounding upcoming presidential elections, a key political risk event for Europe.In Greece, short-dated bond yields soared to a one-month high around 10 percent GR2YT=TWEB on worries about whether the International Monetary Fund will participate in a bailout program for the indebted southern European country.An unexpectedly high inflation figure from the German state of Saxony triggered fresh selling across euro zone bond markets. Consumer prices in Saxony rose by 2.3 percent year-on-year in January.The European Central Bank targets inflation at close to but less than 2 percent.Nationwide inflation data released at 1300 GMT confirmed that German annual inflation increased further in January to 1.9 percent, but fell short of investors'' expectations.The yield on 10-year German government bonds DE10YT=TWEB were 2 basis points lower at 0.45 percent at 1615 GMT, having hit a high of 0.495 percent earlier in the session."There was a sharp selloff after the Saxony numbers came out but the CPI figure for Germany as a whole was weaker than expected so we have had quite an eventful session," said Mizuho strategist Antoine Bouvet."That combined with stock market weakness pushed German yields back down."European stocks fell over 1 percent on Monday, pulled lower by commodity and bank shares.ING senior rates strategist Martin van Vliet said the taper talk is a double whammy for lower-rated South European bonds, viewed as key beneficiaries of ECB bond-buying stimulus.Italy''s 10-year bond yield was up 8 basis points at 2.31 percent IT10YT=TWEB, its highest since July 2015, and 186 bps above German equivalents. Portuguese yields hit their highest level in about a year PT10YT=TWEB.Austrian and Irish bond yields AT10YT=TWEB IE10YT=TWEB also hit multi-month highs before pulling back.A key gauge of the euro zone''s long-term inflation expectations, the five-year, five-year breakeven forward rate, held near its highest level in over a year EUIL5YF5Y=R.The ECB will probably first review its policy stance in June but stop short of any decision on winding down its huge economic stimulus program, ECB rate setter Ewald Nowotny said on Monday.FRENCH, GREEK JITTERSIn France, additional unease over looming presidential elections pushed 10-year bond yields 7 bps higher at one stage to 1.12 percent FR10YT=TWEB, the highest level since September 2015, though it was back down to 1.05 percent at 1630 GMT.The gap over top-rated German Bund yields exceeded 60 basis points for the first time in three years.The chance of one of France''s two established political parties regaining power in May''s vote was seen diminishing after the Socialists on Sunday picked a hard-left candidate and as Conservative leader Francois Fillon battled to contain a scandal over fake pay."A widening in French bond spreads is very much related to political events," said DZ Bank rates strategist Daniel Lenz.Elsewhere, Greece''s two-year bond yield soared to a one-month high at around 10 percent GR2YT=TWEB on worries about whether the International Monetary Fund will participate in a bailout program for the indebted southern European country.(Additional reporting by Abhinav Ramnarayan, editing by Pritha Sarkar)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-eurozone-bonds-idINKBN15E269'|'2017-01-30T14:52:00.000+02:00'
'75675586dd43aa2763815b657400610160523470'|'Brazil''s Cielo misses profit estimates as costs, expenses climb'|'Market News  50pm EST Brazil''s Cielo misses profit estimates as costs, expenses climb SAO PAULO Jan 30 Cielo SA, Brazil''s largest payments solutions firm, missed fourth-quarter profit estimates after costs and expenses rose faster than revenue and transaction volumes faltered in the face of the country''s longest recession on record. Barueri, Brazil-based Cielo earned net income of 1.064 billion reais ($340 million) last quarter, up 1.2 percent from the prior three months, according to a securities filing. The number came in below the consensus estimate of 1.14 billion reais compiled by Thomson Reuters. Management will discuss results at a conference call with investors on Tuesday. ($1 = 3.1255 reais) (Reporting by Guillermo Parra-Bernal; Editing by Alan Crosby) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/cielo-results-idUSE6N18202C'|'2017-01-31T04:50:00.000+02:00'
'363c23088eabd01700258b7854c4d99cfd15d5eb'|'Dialysis provider FMC settles with U.S. veterans department'|'Company  29am EST Dialysis provider FMC settles with U.S. veterans department FRANKFURT Jan 31 Dialysis provider Fresenius Medical Care (FMC) settled a dispute with the United States Departments of Veterans Affairs and Justice over outstanding payments and expects to book a net income gain of 45 to 50 million euros ($48.2-$53.5 million) as a result. The settlement, which covers healthcare services provided to veterans from January 2009 to February 2011, will also lead to an increase in FMC''s 2017 revenue by about 100 million euros, the German company added. There has been no dispute with the veterans department about any services provided after the time period in question, a spokesman said on Tuesday. ($1 = 0.9347 euros) (Reporting by Ludwig Burger; Editing by Maria Sheahan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fresenius-medi-veterans-settlement-idUSL5N1FL29X'|'2017-01-31T16:29:00.000+02:00'
'28fb497dfd82f62e4f0290ddf6d2ae3520f76a28'|'British consumers slow their borrowing ahead of expected Brexit pinch'|'Money   1:54pm GMT British consumers slow their borrowing ahead of expected Brexit pinch A shopper is reflected on the window of a store in London, Britain, August 25, 2016. REUTERS/Neil Hall By William Schomberg and David Milliken - LONDON LONDON British consumers slowed the pace of their borrowing in December for the first time in five months, a potential sign that households might be reining in their spending as last year''s Brexit vote pushes up inflation. Unsecured consumer lending - borrowing without collateral - rose by a net 1.0 billion pounds ($1.24 billion) in December - much less than an increase of 1.7 billion pounds forecast in a Reuters poll of economists and down from an increase of nearly 2 billion pounds in November. Spending by households helped Britain rack up the fastest growth in 2016 among the world''s biggest rich economies, despite the shock of the vote in June to leave the European Union. But the Bank of England expects growth to slow in 2017 as rising inflation, triggered by the post-Brexit vote fall in the value of the pound, eats into the spending power of consumers. Furthermore, Britons are saving less than at any time in the last eight years, raising questions about how long they are likely to continue borrowing so freely. The annual growth rate in borrowing slowed to 10.6 percent from 10.8 percent in November, which had been the fastest growth in 11 years. It was the first fall in the annual rate since July and the biggest slowdown since December 2013. Net credit card borrowing showed its smallest increase in cash terms since October 2015. "It may well be that consumers were buying big-ticket items in previous months ahead of increases in prices, but it''s very hard to tell from one month''s numbers," Philip Shaw, an economist with Investec, said. Previous official data had shown the biggest fall in monthly retail sales in over four years in December, slowing for a second month after bumper sales in October. Shaw said a sharp fall in the value of the pound against the U.S. dollar GBP= after the data might reflect a slightly weaker than expected increase in mortgage approvals in December. Despite being wrong-footed by the strength of the economy since the referendum, the BoE is expected to keep interest rates on hold until at least 2019 as it sticks to its view that high inflation will hit consumer spending. BoE Governor Mark Carney said on Jan. 16 that British growth had relied heavily on consumers, rather than business investment or exports, which made it vulnerable as household spending could not outpace wage growth indefinitely. A survey published overnight showed households might be starting to scale back on spending as last year''s Brexit vote pushes up inflation. Tuesday''s figures from the BoE showed that the number of mortgages for house purchase approved by lenders increased to 67,898, a bit below the median forecast of 69,000 in the Reuters poll but still the most since March 2016. The BoE forecast in November that mortgage approvals would slow to a monthly average of 65,000 over the next six months, and major lenders expect weaker house price growth. Net mortgage lending, which lags approvals, rose by 3.8 billion pounds in December, the BoE said, stronger than a forecast of 3.3 billion pounds in the Reuters poll. The BoE also said foreign investors were net sellers of British government bonds for the first time since July after the strongest purchases on record in the previous three months. Net sales totalled 2.97 billion pounds in December compared with purchases of 15.58 billion pounds in November. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-lending-idUKKBN15F0VW'|'2017-01-31T20:54:00.000+02:00'
'ff167b5970c746eebade74de3ea004180881cb1f'|'UAE''s du acquires license to operate Virgin Mobile service'|'DUBAI The United Arab Emirates'' second largest telecoms company has acquired a license from British entrepreneur Richard Branson''s privately owned Virgin Group to operate Virgin Mobile-branded services in the country.Emirates Integrated Telecommunications Co (EITC), the holding company of operator du DU.DU, will launch services using the Virgin Mobile brand in the UAE "within weeks," EITC''s chief executive Osman Sultan said on Tuesday.EITC''s license term is for over five years, granting it full rights to ownership, management and operation of the brand in the UAE, Sultan said at a news conference in Dubai. An EITC spokesman told Reuters the license was bought from the Virgin Group.Virgin Mobile will operate using EITC''s network and infrastructure in the same way that du does but be run by a separate business unit under EITC, Sultan said.It will be the only foreign-branded telecom service operating in the UAE.Former Virgin Mobile Saudi Arabia Chief Executive Karim Benkirane has been appointed managing director of the UAE brand and will report to Sultan.The UAE is the third Middle East country to adopt the Virgin Mobile brand after Saudi Arabia and Qatar. Ooredoo ORDS.QA, then branded QTel, was ordered to close its Virgin Mobile Services by the country''s regulator in 2011 while Virgin Mobile Saudi Arabia continues to operate.The UAE Virgin Mobile brand and du will not compete head-to-head, Sultan said, with the Virgin brand to focus on consumers.Du is the UAE''s second largest telecoms network operator after ending rival Etisalat’s ETEL.AD domestic monopoly in 2007.The financial performance of the Virgin Mobile business will contribute to EITC''s quarterly results, the same way that du does, which are published on the Dubai bourse under the name "du," Sultan said, adding that the listing name could be changed going forward.EITC is launching Virgin Mobile amid a months-long restructuring that has seen "tens" of job cuts, Sultan said.The company''s financial performance has been under pressure since late 2014 as the pace of growth in the mobile market is unable to keep up with the increasing royalty rates paid to the government."Streamlining an organization means that you find pockets of efficiency and some positions have been made redundant," Sultan told reporters. "I triggered this process in April/May last year."Sultan also said the government had yet to notify EITC of the royalty rate for 2017.(This version of the story corrects fourth paragraph to read "Sultan said" instead of "he said")(Reporting by Alexander Cornwell in Dubai; Editing by Greg Mahlich)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-du-virgin-idUSKBN15F1A8'|'2017-01-31T15:04:00.000+02:00'
'b69b466ce0a81e5a5d6ecb6366e5b0e743921dc2'|'How Toyota, Target, Best Buy are fighting back against Republican border tax push'|'Business   6:16am GMT How Toyota, Target, Best Buy are fighting back against Republican border tax push FILE PHOTO - The Toyota logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch/File Photo By Ginger Gibson and David Shepardson - WASHINGTON WASHINGTON Days before a group of Republican lawmakers were due to discuss their party''s controversial proposal to tax all imports, Toyota Motor Corp ( 7203.T ) sent an urgent message to its U.S. dealers - tell the politicians the tax would seriously hurt car buyers. Some of Toyota''s 1,500 dealers heeded the call and contacted members of the House of Representatives'' tax-writing Ways and Means Committee, urging them to rethink their proposal, according to people familiar with the effort. Imposing a 20 percent tax on imports would force consumers to pay potentially thousands of dollars more for vehicles, they warned. The Japanese automaker''s mobilization of its army of dealers underscores the growing alarm among some of the world’s largest companies that sell imported goods in the United States. They fear a big tax on imports would hurt their sales and profits and put them at a disadvantage to rivals more reliant on U.S.-made products. "Cost is going to go up, as a result demand is going to go down. As a result, we''re not going to able to employ as many as people as we do today. That''s my biggest fear," Toyota''s North America CEO Jim Lentz said in an interview. Toyota dealers employ more than 97,000 people in the United States. While companies and industry groups frequently lobby Congress, the threat of an import tax has mobilized an unusually broad swath of firms at home and abroad. That lobbying effort is taking place largely out of the public eye partly to avoid potential conflict with President Donald Trump, who has attacked companies for manufacturing abroad for U.S. consumers. Earlier this month Trump targeted Toyota, threatening to impose a hefty fee on the world''s largest automaker if it builds its Corolla cars for the U.S. market at a plant in Mexico. The White House said last week that a border tax is one option under review to pay for a wall with Mexico, although what exactly Trump is planning to do is still not clear. He has pledged to impose a "big border tax" on Mexican imports. The plan proposed by House Republicans would cut corporate income tax to 20 percent from 35 percent, exclude export revenue from taxable income and impose the 20 percent tax on imports. Companies that rely heavily on imports say a border tax will outweigh the benefit of a lower headline corporate tax. As car dealers are reaching out to members of Congress in their districts, Toyota and other automakers are lobbying lawmakers in states where they have large manufacturing plants and employ thousands of workers. The No. 3 vehicle seller in the United States behind General Motors Co ( GM.N ) and Ford Motor Co ( F.N ), Toyota imports about 1.2 million vehicles to the U.S. market annually, half of its 2.4 million U.S. sales. It employs 40,000 people directly. BABY SUPPLIES AND BEER Toyota and the automakers are not alone in this lobbying effort. Target Corp''s ( TGT.N ) chief executive, Brian Cornell, traveled to Washington to meet members of the House Ways and Means Committee. He told them an import tax could impact consumers'' ability to buy essential goods, such as baby supplies that are made overseas and imported to the United States, according to a person familiar with the talks. Target spokeswoman Dustee Jenkins confirmed the visit. The largest U.S. electronics retailer, Best Buy ( BBY.N ), headquartered down the road from Minneapolis-based Target, has circulated a flyer to lawmakers. It cites an analyst forecast that a 20 percent tax would wipe out the company''s projected annual net income of $1 billion and turn it into a $2 billion loss. The flyer, a copy of which was seen by Reuters, argues that foreign Internet sellers like China''s Alibaba.com would be able to avoid the tax by making sales online and shipping to U.S. consumers directly, “undercutting U.S. businesses.” Company officials have been handing out the flyer to lawmakers and their staff on Capitol Hill, Best Buy spokesman Jeff Shelman confirmed. Constellation Brands ( STZ.N ), which brews Corona and Modelo in Mexico, has been pushing lawmakers to exempt products like Mexican beer in any border tax “because it’s inherently a Mexican product," CEO Rob Sands said on an earnings call. But if that effort fails, Constellation is prepared to buy more raw materials from the United States instead of Mexico, Sands said. Koch Industries [KCHIN.UL], the second-largest private U.S. company according to Forbes, said in a statement a border tax would have a "devastating" impact on consumers. The company, owned by Republican donors Charles and David Koch, includes oil refining and manufacturing interests. Tim Phillips, the president of Americans for Prosperity, a conservative political group founded by the billionaire brothers, told Reuters the powerful group has started to educate its network of activists about the tax, so they can lobby against it. AFP says it has two million activists. LOVE AND HATE Not everyone in corporate America is worried about a new border tax. Several aerospace companies including Boeing Co ( BA.N ), United Technologies Corp ( UTX.N ) and Raytheon Co ( RTN.N ) said in earnings calls last week that a border tax could be positive for net exporters like them. “We see the aerospace sector as fundamentally having an advantage in that regard,” Boeing CEO Dennis Muilenburg said. The American International Automobile Dealers Association (AIADA), however, called the proposal "heart stopping," in a letter last week to 9,500 dealers selling vehicles like Toyota, Volkswagen ( VOWG_p.DE ), and BMW ( BMWG.DE ). Opponents of the border tax may have already found some allies. Republican Representative Trey Gowdy of South Carolina, where BMW has a large plant, said the importance of foreign automakers such as BMW and Toyota to the economy needs to be considered when making laws. “I cannot overstate how significant that industry is to my state,” Gowdy said in an interview, adding that he and his wife both drive Toyotas. (Reporting by Ginger Gibson and David Shepardson in Washington, Additional reporting by Mike Stone and Joel Schectman in Washington, Joe White in Detroit, Alwyn Scott in New York, Hyunjoo Jin in Seoul, Stephen Nellis and Jeffrey Dastin in San Francisco. Editing by Soyoung Kim and Ross Colvin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-companies-tax-insight-idUKKBN15F0FK'|'2017-01-31T13:09:00.000+02:00'
'9e5006e310bd7f072a3d019a87bfaf1adef522a0'|'Exclusive: ECB is happy with UniCredit plan, has made no new request - source'|'Business News  56am EST Exclusive: ECB is happy with UniCredit plan, has made no new request - source Unicredit bank logo is seen on a banner downtown Milan, Italy, May 23, 2016. REUTERS/Stefano Rellandini/File Photo MILAN UniCredit''s ( CRDI.MI ) chief executive told investors on Tuesday the European Central Bank is satisfied with a turnaround plan announced by the bank in December and has made no additional requests, according to a source who attended the meeting. In a preliminary document for an upcoming 13 billion-euro ($14.01 billion) rights issue, the bank said on Monday the ECB had asked it to present a plan to reduce its bad loans by Feb. 28, fuelling concerns among some investors that the regulator could demand extra measures. CEO Jean-Pierre Mustier told a meeting with Italian and foreign investors in Milan that the ECB was "very happy" with the plan already presented by the bank, which includes the sale of 17.7 billion euros of bad loans, according to the source. "There has been no new request from the ECB," the source quoted Mustier as saying. (Reporting by Silvia Aloisi and Paola Arosio; editing by Agnieszka Flak) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-eurozone-banks-italy-unicredit-exclus-idUSKBN15F1UO'|'2017-01-31T21:56:00.000+02:00'
'7a38f754c6f5d16c0f2e86368c0775a735ee49ec'|'Fed likely to keep rates steady as it awaits Trump economic plan'|'Business   6:09am GMT Fed likely to keep rates steady as it awaits Trump economic plan A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque/File Photo By Lindsay Dunsmuir - WASHINGTON WASHINGTON The U.S. Federal Reserve is expected to keep interest rates unchanged on Wednesday in its first policy decision since President Donald Trump took office, as the central bank awaits greater clarity on his economic policies. Trump has promised a large infrastructure spending program, tax cuts, a rollback of regulations and a renegotiation of trade deals but has offered few details or a timeline for their roll out since his victory in the Nov. 8 election. The central bank''s latest policy decision is scheduled to be released at 2 p.m. EST (1900 GMT) on Wednesday at the conclusion of a two-day meeting. Fed Chair Janet Yellen is not due to hold a press conference. The policy decision will come a week after Yellen underscored that the U.S. economy is near full employment and warned of a "nasty surprise" on inflation if the Fed is too slow with its rate hikes. Economists polled by Reuters have all but ruled out a rate increase at this week''s meeting. Investors next see an interest rate rise in June, according to Fed futures data compiled by the CME Group. The Fed raised its benchmark interest rate at its last policy meeting in December, the second such move in a decade, to a target range between 0.50 percent and 0.75 percent. It forecast a further three rate increases this year. WAIT-AND-SEE MODE Despite encouraging U.S. economic data, Fed policymakers are currently hampered in assessing how quickly inflation might rise until they have more information on Trump''s economic plans. "At the moment there''s incredible uncertainty surrounding fiscal policy and the potential for stimulus and the composition of that," said Paul Ashworth, an economist at Capital Economics. "The Fed can''t react until it knows what to react to." With the U.S. economy already bumping up against full employment, Trump''s promises on fiscal stimulus and tax reform could quickly spur higher inflation as would imposing tariffs on Mexican imports. That may cause Fed policymakers to raise rates faster. Other policies, such as an immigration crackdown, go against what the Fed argues the U.S. economy needs to grow over the long term. U.S. stocks fell on Monday after Trump curtailed travel and immigration to the United States from seven predominantly Muslim countries. The S&P 500 index .SPX is still up roughly 6 percent since Trump''s victory and the robustness of the domestic economy makes the United States increasingly divergent from Japan, the euro zone and Britain, none of which are expected to raise rates anytime soon. The Fed will likely only make minor tweaks in its policy statement on Wednesday to reflect a string of positive recent economic reports. "Changes to the ... statement should be mostly upbeat," Roberto Perli, an economist at Cornerstone Macro LLC, said in a note to clients. The U.S. unemployment rate is 4.7 percent and business investment has improved, despite a slowdown in fourth-quarter economic growth caused mostly by a widening trade deficit. Consumer spending, which accounts for more than two-thirds of the nation''s economic activity, rose solidly in December, according to Commerce Department data released on Monday. In the same report, the Fed''s closely-watched inflation gauge also edged up to 1.7 percent. (Reporting by Lindsay Dunsmuir; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-idUKKBN15F0E8'|'2017-01-31T13:04:00.000+02:00'
'588b7c49c02965a960fffc819bab0d81e500604e'|'GE Oil and Gas CEO sees offshore activity pick up in 2018-19'|'Market News  06am EST GE Oil and Gas CEO sees offshore activity pick up in 2018-19 FLORENCE Italy Jan 31 Activity in offshore oil and gas fields is expected to pick up in 2018 and 2019 as companies revive investments after several years of low energy prices, Lorenzo Simonelli, chief executive of GE Oil and Gas told Reuters on Tuesday. Simonelli, who said GE was on track to complete the merger of its oil and gas services with Baker Hughes in mid 2017, expects GE''s activity in the sector to slow down this year versus 2016 as the projects pipeline dwindles. "2017 is about rebuilding the backlog as you start seeing projects re-emerge in the second half of 2017," Simonelli told Reuters at the GE Oil and Gas annual meeting in Florence. "We''re already seeing some of our customers look at offshore, look at deepwater and we anticipate as you go out into 2018-19 the projects will start to happen." (Reporting by Ron Bousso; Editing by Mark Potter) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/ge-oilservices-idUSL5N1FL0UU'|'2017-01-31T14:06:00.000+02:00'
'77bf9026dfaf1f9ac9b9747076ebec98cba13867'|'Ackman''s Pershing Square raises Mondelez stake'|'Jan 30 Billionaire investor William Ackman''s Pershing Square Capital Management has raised its stake in snack maker Mondelez to 6.4 percent.The hedge fund previously had a 5.6 percent stake in the maker of Oreo cookies, Trident gum and Milka chocolate. ( bit.ly/2kkV5LI )Mondelez, one of Ackman''s bigger investments, cost Pershing Square 1.4 percent in returns last year.Ackman revealed in 2015 that Pershing Square had built a stake worth about $5.5 billion in Mondelez, in what was seen as an attempt to push the company to boost earnings or sell itself. (Reporting by Anya George Tharakan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/pershing-square-mondelez-intl-stake-idINL4N1FK34K'|'2017-01-30T20:22:00.000+02:00'
'3ed801d01cb36107733d66e52ab03ccc66ffa597'|'Fitch says default at Venezuela''s PDVSA probable'|'By Paul Kilby NEW YORK, Jan 31 (IFR) - A default at PDVSA is probable as the Venezuelan oil company faces a weak liquidity position and relatively high amoritzation schedule in 2017, Fitch said in a report on Tuesday.The state-own entity''s EBITDA after royalties and social expenditures for the last 12 months ending June 2016 was negative, the rating agency calculated.With a default probable, Fitch expects average recovery rates on the company''s bond to be between 31%-50%."Should oil prices remain around current levels, average recovery may lead to additional future defaults to further reduce obligations and allow for necessary transfers to the government," said Lucas Aristizabal, a senior director at Fitch, said. (Reporting By Paul Kilby; editing by Shankar Ramakrishnan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/pdvsa-bonds-idINL1N1FL14L'|'2017-01-31T13:28:00.000+02:00'
'89173d0fda534c1b2f17356d48fdd7b1852b5696'|'Warren Buffett: I bought $12 billion of stock after Trump won'|'By Jonathan Stempel Jan 31 The failure of Warren Buffett''s favored candidate to capture the White House has not dimmed the billionaire''s appetite for stocks.Buffett revealed that he has bought $12 billion of stock for his company Berkshire Hathaway Inc since the Republican Donald Trump beat Democrat Hillary Clinton in the Nov. 8 U.S. presidential election.In an interview with talk show host Charlie Rose that aired on Friday night, Buffett suggested that Berkshire''s post-election stock purchases overall were even higher, reflecting stocks that his deputies Todd Combs and Ted Weschler bought."We''ve, net, bought $12 billion of common stocks since the election," Buffett said. "The guys that work with me, the two fellows, they probably bought a little bit or sold a little bit too."The speed with which Berkshire is buying stocks is unusual. It has spent in fewer than three months roughly half what it spent on equities in the three years ending Sept. 30, 2016.Buffett demurred on whether Berkshire has added to its stakes in the four largest U.S. airlines: American Airlines Group Inc, Delta Air Lines Inc, Southwest Airlines Co and United Continental Holdings Inc.Berkshire revealed those stakes in mid-November, surprising many given Buffett''s long aversion to the sector.Asked why Berkshire dove in, Buffett said: "It was in large part my decision."Berkshire will likely by Feb. 14 disclose some of the stocks it has bought, in a regulatory filing listing most of its U.S. holdings as of year end.The Omaha, Nebraska-based conglomerate owned $102.5 billion of equities as of Sept. 30, excluding its stake in Kraft Heinz Co.U.S. stocks rose after Trump was elected, reflecting investor optimism that his policies might boost economic growth, aided by a Congress also under Republican control.Buffett said Trump is unlikely to reach his goal of 4 percent annual growth, but that growth at half that level would over a generation add $19,000 per person to real gross domestic product."Two percent will produce miracles," Buffett said.The U.S. economy grew by 1.6 percent last year, the lowest since 2011. (Reporting by Jonathan Stempel in New York; Editing by Jennifer Ablan, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/berkshire-buffett-stocks-idINL1N1FL1A2'|'2017-01-31T14:36:00.000+02:00'
'09416a00a5fa24f7ef6d29c202c589d1c0e5ccc7'|'Abe says next BOJ head should carry on Kuroda''s policy stance'|'Business News   6:31am GMT Abe says next BOJ head should carry on Kuroda''s policy stance File Photo: Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan November 1, 2016. REUTERS/Kim Kyung-Hoon/File Photo TOKYO Japanese Prime Minister Shinzo Abe said on Monday the next central bank governor should be someone who would carry on the policy stance taken by incumbent Haruhiko Kuroda. "The BOJ adopted unprecedented monetary easing under governor Kuroda, which has exerted intended effects on prices," Abe told parliament. "Governor Kuroda has my full trust. I hope the next governor would be someone who takes over his policy stance," he said, when asked about the choice of new BOJ governor. Kuroda, hand-picked by Abe to lead the BOJ''s battle to end deflation, will see his five-year term end in April next year. (Reporting by Leika Kihara; Editing by Chris Gallagher) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-abe-boj-idUKKBN15E0GK'|'2017-01-30T13:31:00.000+02:00'